# EDGAR Filing Document

**Accession Number:** 0000832808
**File Stem:** 0001193125-25-309225
**Filing Date:** 2025-12
**Character Count:** 1280264
**Document Hash:** 572591e63d49742aaf68488b31c87c74
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-309225.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001193125-25-309225

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 102

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BERNSTEIN SANFORD C FUND INC
- **CENTRAL INDEX KEY:** 0000832808

**ORGANIZATION NAME:**
- **EIN:** 133464161
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05555
- **FILM NUMBER:** 251552087

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 2129691000

**MAIL ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

## Series and Classes Contracts Data

### California Municipal Portfolio (Series ID: S000011051)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000084881 | California Municipal Class | SNCAX           |
| C000157745 | Advisor Class              | AICYX           |

### Diversified Municipal Portfolio (Series ID: S000011055)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000030490 | AB Intermediate Diversified Municipal Class A | AIDAX           |
| C000030492 | AB Intermediate Diversified Municipal Class C | AIMCX           |
| C000084883 | Diversified Municipal Class                   | SNDPX           |
| C000157746 | Advisor Class                                 | AIDYX           |
| C000202546 | AB Intermediate Diversified Municipal Class Z | AIDZX           |

### Emerging Markets Portfolio (Series ID: S000011056)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000030493 | Emerging Markets Portfolio         | SNEMX           |
| C000164576 | Emerging Markets Portfolio Class Z | EGMZX           |

### AB Core Bond Portfolio (Series ID: S000011057)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000030494 | Core Bond Class            | SNIDX           |
| C000213292 | AB Core Bond Advisor Class | IDPYX           |
| C000213293 | AB Core Bond Class A       | IDPAX           |
| C000213294 | AB Core Bond Class Z       | IDPZX           |

### New York Municipal Portfolio (Series ID: S000011060)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000030502 | AB Intermediate New York Municipal Class A | ANIAX           |
| C000030504 | AB Intermediate New York Municipal Class C | ANMCX           |
| C000084886 | New York Municipal Class                   | SNNYX           |
| C000157747 | Advisor Class                              | ANIYX           |

### Overlay A Portfolio (Series ID: S000027647)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000083494 | Class 1      | SAOOX           |
| C000083495 | Class 2      | SAOTX           |

### Tax-Aware Overlay A Portfolio (Series ID: S000027648)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000083496 | Class 1      | SATOX           |
| C000083497 | Class 2      | SATTX           |

### Overlay B Portfolio (Series ID: S000027649)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000083498 | Class 1      | SBOOX           |
| C000083499 | Class 2      | SBOTX           |

### Tax-Aware Overlay B Portfolio (Series ID: S000027650)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000083500 | Class 1      | SBTOX           |
| C000083501 | Class 2      | SBTTX           |

?xml version='1.0' encoding='ASCII'? Sanford C. Bernstein Fund, Inc.

##### [**Table of Contents**](#toc)

### 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, 2025

#### Date of reporting period: September 30, 2025

------

#### ITEM 1. REPORTS TO STOCKHOLDERS.

# Advisor Class: AICYX
September 30, 2025

![Image](g904720g38d49.jpg)

SCAN ME

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/AICYX-A](g904720g46d94.jpg)

Please scan QR code for

Portfolio 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, 2024 to September 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/AICYX-A. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio 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 | 0.50% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period, all share classes underperformed the Bloomberg 1-10 Year Blend Index (the "benchmark"), but outperformed its Lipper peer group average. Yield-curve positioning detracted, relative to the benchmark. Overall exposure to local general obligation bonds, water revenue bonds and taxable municipals contributed to performance.

The Portfolio used derivatives in the form of interest rate swaps for hedging purposes, which contributed to overall performance.

## Performance Highlights
**Top contributors to performance:**

* During the 12-month period, selections in taxable municipals contributed.

**Top detractors from performance:**

* During the 12-month period, yield-curve positioning detracted from performance.

**Advisor Class:** AICYX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g74j49.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-10 Yr Municipal Bond Blend** |
| **07/16** | $10000 | $10000 | $10000 |
| **09/16** | $9991 | $9987 | $9989 |
| **09/17** | $10019 | $10074 | $10089 |
| **09/18** | $10011 | $10109 | $10070 |
| **09/19** | $10570 | $10974 | $10716 |
| **09/20** | $10849 | $11423 | $11156 |
| **09/21** | $11098 | $11723 | $11304 |
| **09/22** | $10274 | $10375 | $10451 |
| **09/23** | $10611 | $10651 | $10690 |
| **09/24** | $11481 | $11756 | $11484 |
| **09/25** | $11758 | $11919 | $11845 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | Since Inception 7/25/16 |
| Advisor Class | 2.34% | 1.61% | 1.78% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 1.93% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 3.14% | 1.21% | 1.86% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/AICYX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1085834765 |
| # of Portfolio Holdings | 371 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid (Net) | $4418892 |

---

**Advisor Class:** AICYX

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](g904720g91o82.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 8.1% |
| AA | 44.1% |
| A | 23.7% |
| BBB | 8.2% |
| BB | 3.6% |
| B | 0.1% |
| A-1+ | 5.1% |
| Not Rated | 7.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio'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 Portfolio 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. |

---

### State Breakdown (% of Net Assets)
![Group By Country Chart](g904720g85o46.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| California | 90.9% |
| Guam | 2.2% |
| New Jersey | 1.3% |
| Puerto Rico | 0.9% |
| Illinois | 0.6% |
| Kentucky | 0.4% |
| Wisconsin | 0.3% |
| Georgia | 0.2% |
| Ohio | 0.1% |
| Pennsylvania | 0.1% |
| Washington | 0.1% |
| Other | 0.7% |
| Other assets less liabilities | 2.2% |

---

**Advisor Class:** AICYX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/BWM/AICYX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

ICAM-ADV-0153-0925

**Advisor Class:** AICYX

# Municipal Class: SNCAX
September 30, 2025

![Image](g904720g38d49.jpg)

SCAN ME

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SNCAX-A](g904720g90u00.jpg)

Please scan QR code for

Portfolio 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, 2024 to September 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/SNCAX-A. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio 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 | $58 | 0.57% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period, all share classes underperformed the Bloomberg 1-10 Year Blend Index (the "benchmark"), but outperformed its Lipper peer group average. Yield-curve positioning detracted, relative to the benchmark. Overall exposure to local general obligation bonds, water revenue bonds and taxable municipals contributed to performance.

The Portfolio used derivatives in the form of interest rate swaps for hedging purposes, which contributed to overall performance.

## Performance Highlights
**Top contributors to performance:**

* During the 12-month period, selections in taxable municipals contributed.

**Top detractors from performance:**

* During the 12-month period, yield-curve positioning detracted from performance.

**Municipal Class:** SNCAX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g31x40.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Municipal Class** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-10 Yr Municipal Bond Blend** |
| **09/15** | $10000 | $10000 | $10000 |
| **09/16** | $10346 | $10558 | $10340 |
| **09/17** | $10370 | $10650 | $10443 |
| **09/18** | $10356 | $10687 | $10424 |
| **09/19** | $10925 | $11601 | $11093 |
| **09/20** | $11208 | $12076 | $11548 |
| **09/21** | $11456 | $12393 | $11701 |
| **09/22** | $10602 | $10968 | $10818 |
| **09/23** | $10943 | $11260 | $11065 |
| **09/24** | $11832 | $12428 | $11888 |
| **09/25** | $12101 | $12601 | $12261 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | 10 Years |
| Municipal Class | 2.27% | 1.55% | 1.93% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 3.14% | 1.21% | 2.06% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/SNCAX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1085834765 |
| # of Portfolio Holdings | 371 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid (Net) | $4418892 |

---

**Municipal Class:** SNCAX

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](g904720g97o36.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 8.1% |
| AA | 44.1% |
| A | 23.7% |
| BBB | 8.2% |
| BB | 3.6% |
| B | 0.1% |
| A-1+ | 5.1% |
| Not Rated | 7.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio'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 Portfolio 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. |

---

### State Breakdown (% of Net Assets)
![Group By Country Chart](g904720g56d93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| California | 90.9% |
| Guam | 2.2% |
| New Jersey | 1.3% |
| Puerto Rico | 0.9% |
| Illinois | 0.6% |
| Kentucky | 0.4% |
| Wisconsin | 0.3% |
| Georgia | 0.2% |
| Ohio | 0.1% |
| Pennsylvania | 0.1% |
| Washington | 0.1% |
| Other | 0.7% |
| Other assets less liabilities | 2.2% |

---

**Municipal Class:** SNCAX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/BWM/SNCAX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBI-1947-CA-0153-0925

**Municipal Class:** SNCAX

# Advisor Class: AIDYX
September 30, 2025

![Image](g904720g38d49.jpg)

SCAN ME

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/AIDYX-A](g904720g49j57.jpg)

Please scan QR code for

Portfolio 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, 2024 to September 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/AIDYX-A. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio 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 | $43 | 0.42% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period, all share classes underperformed the Bloomberg 1-10 Year Blend Index (the "benchmark"). All share classes, with the exception of Class C, outperformed their Lipper peer group average. Yield-curve positioning detracted, relative to the benchmark. Overall security selection contributed. In particular, security selection within multi-family housing was additive.

The Portfolio used derivatives in the form of interest rate swaps for hedging purposes, which added to overall performance.

## Performance Highlights
**Top contributors to performance:**

* During the 12-month period, security selection contributed to performance.

**Top detractors from performance:**

* During the 12-month period, yield-curve positioning detracted from performance.

**Advisor Class:** AIDYX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g25k25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-10 Yr Municipal Bond Blend** |
| **09/15** | $10000 | $10000 | $10000 |
| **09/16** | $10330 | $10558 | $10340 |
| **09/17** | $10367 | $10650 | $10443 |
| **09/18** | $10317 | $10687 | $10424 |
| **09/19** | $10958 | $11601 | $11093 |
| **09/20** | $11299 | $12076 | $11548 |
| **09/21** | $11622 | $12393 | $11701 |
| **09/22** | $10710 | $10968 | $10818 |
| **09/23** | $11014 | $11260 | $11065 |
| **09/24** | $11920 | $12428 | $11888 |
| **09/25** | $12220 | $12601 | $12261 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | 10 Years |
| Advisor Class | 2.45% | 1.57% | 2.03% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 3.14% | 1.21% | 2.06% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/mutual-funds/fixed-income/ab-intermediate-diversified-municipal-portfolio.Advisor.085568483.html#performance for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $5160184488 |
| # of Portfolio Holdings | 1038 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid (Net) | $17802073 |

---

**Advisor Class:** AIDYX

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](g904720g17e14.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 7.6% |
| AA | 42.9% |
| A | 28.8% |
| BBB | 9.2% |
| BB | 2.5% |
| B | 0.1% |
| A-1+ | 5.0% |
| Not Rated | 3.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio'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 Portfolio 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. |

---

### State Breakdown (% of Net Assets)
![Group By Country Chart](g904720g46x40.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| New York | 11.0% |
| California | 8.7% |
| Texas | 6.1% |
| New Jersey | 5.9% |
| Pennsylvania | 5.7% |
| Florida | 5.4% |
| Illinois | 4.8% |
| South Carolina | 3.7% |
| Alabama | 3.1% |
| Michigan | 3.0% |
| Colorado | 2.9% |
| Georgia | 2.6% |
| Washington | 2.6% |
| Wisconsin | 2.5% |
| Other | 30.3% |
| Other assets less liabilities | 1.7% |

---

**Advisor Class:** AIDYX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/BWM/AIDYX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

IDM-ADV-0153-0925

**Advisor Class:** AIDYX

# Class A: AIDAX
September 30, 2025

![Image](g904720g38d49.jpg)

SCAN ME

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/AIDAX-A](g904720g66b88.jpg)

Please scan QR code for

Portfolio 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, 2024 to September 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/AIDAX-A. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio 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 | $68 | 0.67% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period, all share classes underperformed the Bloomberg 1-10 Year Blend Index (the "benchmark"). All share classes, with the exception of Class C, outperformed their Lipper peer group average. Yield-curve positioning detracted, relative to the benchmark. Overall security selection contributed. In particular, security selection within multi-family housing was additive.

The Portfolio used derivatives in the form of interest rate swaps for hedging purposes, which added to overall performance.

## Performance Highlights
**Top contributors to performance:**

* During the 12-month period, security selection contributed to performance.

**Top detractors from performance:**

* During the 12-month period, yield-curve positioning detracted from performance.

**Class A:** AIDAX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g85r51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (with sales charges)** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-10 Yr Municipal Bond Blend** |
| **09/15** | $9699 | $10000 | $10000 |
| **09/16** | $9998 | $10558 | $10340 |
| **09/17** | $10009 | $10650 | $10443 |
| **09/18** | $9935 | $10687 | $10424 |
| **09/19** | $10531 | $11601 | $11093 |
| **09/20** | $10823 | $12076 | $11548 |
| **09/21** | $11105 | $12393 | $11701 |
| **09/22** | $10209 | $10968 | $10818 |
| **09/23** | $10472 | $11260 | $11065 |
| **09/24** | $11304 | $12428 | $11888 |
| **09/25** | $11566 | $12601 | $12261 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | 10 Years |
| Class A (without sales charges) | 2.26% | 1.33% | 1.78% |
| Class A (with sales charges) | -0.84% | 0.72% | 1.47% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 3.14% | 1.21% | 2.06% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/mutual-funds/fixed-income/ab-intermediate-diversified-municipal-portfolio.A.085568772.html#performance for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $5160184488 |
| # of Portfolio Holdings | 1038 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid (Net) | $17802073 |

---

**Class A:** AIDAX

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](g904720g68p56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 7.6% |
| AA | 42.9% |
| A | 28.8% |
| BBB | 9.2% |
| BB | 2.5% |
| B | 0.1% |
| A-1+ | 5.0% |
| Not Rated | 3.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio'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 Portfolio 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. |

---

### State Breakdown (% of Net Assets)
![Group By Country Chart](g904720g18b12.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| New York | 11.0% |
| California | 8.7% |
| Texas | 6.1% |
| New Jersey | 5.9% |
| Pennsylvania | 5.7% |
| Florida | 5.4% |
| Illinois | 4.8% |
| South Carolina | 3.7% |
| Alabama | 3.1% |
| Michigan | 3.0% |
| Colorado | 2.9% |
| Georgia | 2.6% |
| Washington | 2.6% |
| Wisconsin | 2.5% |
| Other | 30.3% |
| Other assets less liabilities | 1.7% |

---

**Class A:** AIDAX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/BWM/AIDAX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

IDM-A-0153-0925

**Class A:** AIDAX

# Class C: AIMCX
September 30, 2025

![Image](g904720g38d49.jpg)

SCAN ME

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/AIMCX-A](g904720g29n27.jpg)

Please scan QR code for

Portfolio 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, 2024 to September 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/AIMCX-A. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio 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 | $143 | 1.42% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period, all share classes underperformed the Bloomberg 1-10 Year Blend Index (the "benchmark"). All share classes, with the exception of Class C, outperformed their Lipper peer group average. Yield-curve positioning detracted, relative to the benchmark. Overall security selection contributed. In particular, security selection within multi-family housing was additive.

The Portfolio used derivatives in the form of interest rate swaps for hedging purposes, which added to overall performance.

## Performance Highlights
**Top contributors to performance:**

* During the 12-month period, security selection contributed to performance.

**Top detractors from performance:**

* During the 12-month period, yield-curve positioning detracted from performance.

**Class C:** AIMCX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g12u91.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (with sales charges)** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-10 Yr Municipal Bond Blend** |
| **09/15** | $10000 | $10000 | $10000 |
| **09/16** | $10234 | $10558 | $10340 |
| **09/17** | $10168 | $10650 | $10443 |
| **09/18** | $10011 | $10687 | $10424 |
| **09/19** | $10532 | $11601 | $11093 |
| **09/20** | $10751 | $12076 | $11548 |
| **09/21** | $10948 | $12393 | $11701 |
| **09/22** | $9981 | $10968 | $10818 |
| **09/23** | $10170 | $11260 | $11065 |
| **09/24** | $10895 | $12428 | $11888 |
| **09/25** | $11055 | $12601 | $12261 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | 10 Years |
| Class C (without sales charges) | 1.42% | 0.55% | 1.01% |
| Class C (with sales charges) | 0.43% | 0.55% | 1.01% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 3.14% | 1.21% | 2.06% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/mutual-funds/fixed-income/ab-intermediate-diversified-municipal-portfolio.C.085568756.html#performance for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $5160184488 |
| # of Portfolio Holdings | 1038 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid (Net) | $17802073 |

---

**Class C:** AIMCX

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](g904720g38u38.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 7.6% |
| AA | 42.9% |
| A | 28.8% |
| BBB | 9.2% |
| BB | 2.5% |
| B | 0.1% |
| A-1+ | 5.0% |
| Not Rated | 3.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio'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 Portfolio 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. |

---

### State Breakdown (% of Net Assets)
![Group By Country Chart](g904720g69c38.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| New York | 11.0% |
| California | 8.7% |
| Texas | 6.1% |
| New Jersey | 5.9% |
| Pennsylvania | 5.7% |
| Florida | 5.4% |
| Illinois | 4.8% |
| South Carolina | 3.7% |
| Alabama | 3.1% |
| Michigan | 3.0% |
| Colorado | 2.9% |
| Georgia | 2.6% |
| Washington | 2.6% |
| Wisconsin | 2.5% |
| Other | 30.3% |
| Other assets less liabilities | 1.7% |

---

**Class C:** AIMCX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/BWM/AIMCX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

IDM-C-0153-0925

**Class C:** AIMCX

# Class Z: AIDZX
September 30, 2025

![Image](g904720g38d49.jpg)

SCAN ME

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/AIDZX-A](g904720g91i27.jpg)

Please scan QR code for

Portfolio 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, 2024 to September 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/AIDZX-A. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio 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 | $40 | 0.40% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period, all share classes underperformed the Bloomberg 1-10 Year Blend Index (the "benchmark"). All share classes, with the exception of Class C, outperformed their Lipper peer group average. Yield-curve positioning detracted, relative to the benchmark. Overall security selection contributed. In particular, security selection within multi-family housing was additive.

The Portfolio used derivatives in the form of interest rate swaps for hedging purposes, which added to overall performance.

## Performance Highlights
**Top contributors to performance:**

* During the 12-month period, security selection contributed to performance.

**Top detractors from performance:**

* During the 12-month period, yield-curve positioning detracted from performance.

**Class Z:** AIDZX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g72u10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Z** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-10 Yr Municipal Bond Blend** |
| **07/18** | $10000 | $10000 | $10000 |
| **09/18** | $9988 | $9982 | $9992 |
| **09/19** | $10617 | $10836 | $10633 |
| **09/20** | $10943 | $11279 | $11069 |
| **09/21** | $11258 | $11576 | $11216 |
| **09/22** | $10377 | $10244 | $10369 |
| **09/23** | $10674 | $10517 | $10606 |
| **09/24** | $11555 | $11608 | $11395 |
| **09/25** | $11846 | $11770 | $11753 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | Since Inception 7/2/18 |
| Class Z | 2.45% | 1.59% | 2.37% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.27% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 3.14% | 1.21% | 2.25% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.alliancebernstein.com/us/en-us/investments/products/mutual-funds/fixed-income/ab-intermediate-diversified-municipal-portfolio.Z.085568426.html#performance for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $5160184488 |
| # of Portfolio Holdings | 1038 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid (Net) | $17802073 |

---

**Class Z:** AIDZX

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](g904720g76z24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 7.6% |
| AA | 42.9% |
| A | 28.8% |
| BBB | 9.2% |
| BB | 2.5% |
| B | 0.1% |
| A-1+ | 5.0% |
| Not Rated | 3.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio'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 Portfolio 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. |

---

### State Breakdown (% of Net Assets)
![Group By Country Chart](g904720g55i07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| New York | 11.0% |
| California | 8.7% |
| Texas | 6.1% |
| New Jersey | 5.9% |
| Pennsylvania | 5.7% |
| Florida | 5.4% |
| Illinois | 4.8% |
| South Carolina | 3.7% |
| Alabama | 3.1% |
| Michigan | 3.0% |
| Colorado | 2.9% |
| Georgia | 2.6% |
| Washington | 2.6% |
| Wisconsin | 2.5% |
| Other | 30.3% |
| Other assets less liabilities | 1.7% |

---

**Class Z:** AIDZX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/BWM/AIDZX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

IDM-Z-0153-0925

**Class Z:** AIDZX

# Municipal Class: SNDPX
September 30, 2025

![Image](g904720g38d49.jpg)

SCAN ME

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SNDPX-A](g904720g83d83.jpg)

Please scan QR code for

Portfolio 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, 2024 to September 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/SNDPX-A. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio 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 | $50 | 0.49% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period, all share classes underperformed the Bloomberg 1-10 Year Blend Index (the "benchmark"). All share classes, with the exception of Class C, outperformed their Lipper peer group average. Yield-curve positioning detracted, relative to the benchmark. Overall security selection contributed. In particular, security selection within multi-family housing was additive.

The Portfolio used derivatives in the form of interest rate swaps for hedging purposes, which added to overall performance.

## Performance Highlights
**Top contributors to performance:**

* During the 12-month period, security selection contributed to performance.

**Top detractors from performance:**

* During the 12-month period, yield-curve positioning detracted from performance.

**Municipal Class:** SNDPX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g63c84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Municipal Class** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-10 Yr Municipal Bond Blend** |
| **09/15** | $10000 | $10000 | $10000 |
| **09/16** | $10340 | $10558 | $10340 |
| **09/17** | $10379 | $10650 | $10443 |
| **09/18** | $10332 | $10687 | $10424 |
| **09/19** | $10973 | $11601 | $11093 |
| **09/20** | $11301 | $12076 | $11548 |
| **09/21** | $11617 | $12393 | $11701 |
| **09/22** | $10699 | $10968 | $10818 |
| **09/23** | $10999 | $11260 | $11065 |
| **09/24** | $11895 | $12428 | $11888 |
| **09/25** | $12186 | $12601 | $12261 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | 10 Years |
| Municipal Class | 2.44% | 1.52% | 2.00% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 3.14% | 1.21% | 2.06% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/SNDPX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $5160184488 |
| # of Portfolio Holdings | 1038 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid (Net) | $17802073 |

---

**Municipal Class:** SNDPX

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](g904720g55c39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 7.6% |
| AA | 42.9% |
| A | 28.8% |
| BBB | 9.2% |
| BB | 2.5% |
| B | 0.1% |
| A-1+ | 5.0% |
| Not Rated | 3.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio'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 Portfolio 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. |

---

### State Breakdown (% of Net Assets)
![Group By Country Chart](g904720g43y94.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| New York | 11.0% |
| California | 8.7% |
| Texas | 6.1% |
| New Jersey | 5.9% |
| Pennsylvania | 5.7% |
| Florida | 5.4% |
| Illinois | 4.8% |
| South Carolina | 3.7% |
| Alabama | 3.1% |
| Michigan | 3.0% |
| Colorado | 2.9% |
| Georgia | 2.6% |
| Washington | 2.6% |
| Wisconsin | 2.5% |
| Other | 30.3% |
| Other assets less liabilities | 1.7% |

---

**Municipal Class:** SNDPX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/BWM/SNDPX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBI-1947-DM-0153-0925

**Municipal Class:** SNDPX

# Class Z: EGMZX
September 30, 2025

![Image](g904720g88g18.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/EGMZX-A](g904720g01t37.jpg)

SCAN ME

Please scan QR code for

Portfolio Information

# AB Emerging Markets Portfolio

## Annual Shareholder Report
This annual shareholder report contains important information about the AB Emerging Markets Portfolio (the "Portfolio") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/EGMZX-A. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio 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 | $115 | 1.06% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period ended September 30, 2025, the Portfolio outperformed the Morgan Stanley Capital International Emerging Markets ("MSCI EM") Index (net) (the "benchmark"), but the Emerging Markets class underperformed its Lipper peer average group. Security selection was the primary contributor to performance, relative to the benchmark, while sector allocation and currency selection detracted. Specifically, security selection within industrials and real estate contributed, while selection within consumer discretionary and communication services detracted. Underweights to energy and consumer staples offset losses from overweights to consumer discretionary and real estate.

The Portfolio used derivatives in the form of currency forwards, which detracted from performance over the period.

## Performance Highlights
**Top contributors to performance:**

* SK Hyknix (O/W), a South Korean supplier of dynamic random-access memory (DRAM) chips, Pop Mart (O/W), a Chinese toy company, and BYD (O/W), a Chinese EV and battery technology company, contributed the most to performance over the 12-month period.

**Top detractors from performance:**

* Alibaba Group (U/W), a Chinese multinational technology company, Qfin Holdings (O/W), a Chinese AI-driven financial technology company, and GAIL India (O/W), an Indian energy company, detracted from performance over the 12 month period.

**Class Z:** EGMZX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio and a broad-based securities market index over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g67w75.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Z** | **MSCI EM Index (net)** |
| **01/16** | $10000 | $10000 |
| **09/16** | $13188 | $12989 |
| **09/17** | $15882 | $15907 |
| **09/18** | $14552 | $15778 |
| **09/19** | $14457 | $15460 |
| **09/20** | $15372 | $17089 |
| **09/21** | $19300 | $20200 |
| **09/22** | $13812 | $14521 |
| **09/23** | $15552 | $16220 |
| **09/24** | $19124 | $20445 |
| **09/25** | $22529 | $23987 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 1/15/16 |
| Class Z | 17.81% | 7.95% | 8.73% |
| MSCI EM Index (net) | 17.32% | 7.02% | 9.42% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/EGMZX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1287364166 |
| # of Portfolio Holdings | 144 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid (Net) | $11133965 |

---

**Class Z:** EGMZX

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Taiwan Semiconductor Manufacturing Co., Ltd. | $122720774 | 9.5% |
| Tencent Holdings Ltd. - Class H | $74234598 | 5.8% |
| Samsung Electronics Co., Ltd. | $56735049 | 4.4% |
| Alibaba Group Holding Ltd. - Class H | $46917646 | 3.7% |
| NetEase, Inc. - Class H | $35159016 | 2.7% |
| SK Hynix, Inc. | $34558945 | 2.7% |
| PICC Property & Casualty Co., Ltd. - Class H | $30864563 | 2.4% |
| Itau Unibanco Holding SA | $26162530 | 2.0% |
| Xiaomi Corp. - Class H | $22688793 | 1.8% |
| Delta Electronics, Inc. | $21972671 | 1.7% |
| Total | $472014585 | 36.7% |

---

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g904720g20v00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 27.0% |
| Information Technology | 24.4% |
| Communication Services | 11.9% |
| Consumer Discretionary | 9.7% |
| Industrials | 7.5% |
| Real Estate | 3.6% |
| Consumer Staples | 3.1% |
| Materials | 3.1% |
| Utilities | 2.9% |
| Energy | 2.4% |
| Health Care | 2.3% |
| Short-Term Investments | 0.8% |
| Other Assets Less Liabilities | 1.3% |

---

### **Country Breakdown (% of Net Assets)**![Group By Country Chart](g904720g32q22.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 30.0% |
| Taiwan | 14.6% |
| South Korea | 13.2% |
| India | 11.3% |
| Brazil | 6.4% |
| United Arab Emirates | 4.2% |
| Poland | 3.0% |
| Mexico | 2.7% |
| Hong Kong | 2.6% |
| Greece | 2.4% |
| Chile | 1.9% |
| Saudi Arabia | 1.4% |
| Philippines | 1.0% |
| South Africa | 0.8% |
| Others | 2.4% |
| Short-Term Investments | 0.8% |
| Other assets less liabilities | 1.3% |

---

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/BWM/EGMZX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

EM-Z-0153-0925

**Class Z:** EGMZX

# Emerging Markets Class: SNEMX
September 30, 2025

![Image](g904720g88g18.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SNEMX-A](g904720g53w30.jpg)

SCAN ME

Please scan QR code for

Portfolio Information

# AB Emerging Markets Portfolio

## Annual Shareholder Report
This annual shareholder report contains important information about the AB Emerging Markets Portfolio (the "Portfolio") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Portfolio 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 Portfolio 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 | $141 | 1.30% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period ended September 30, 2025, the Portfolio outperformed the Morgan Stanley Capital International Emerging Markets ("MSCI EM") Index (net) (the "benchmark"), but the Emerging Markets class underperformed its Lipper peer average group. Security selection was the primary contributor to performance, relative to the benchmark, while sector allocation and currency selection detracted. Specifically, security selection within industrials and real estate contributed, while selection within consumer discretionary and communication services detracted. Underweights to energy and consumer staples offset losses from overweights to consumer discretionary and real estate.

The Portfolio used derivatives in the form of currency forwards, which detracted from performance over the period.

## Performance Highlights
**Top contributors to performance:**

* SK Hyknix (O/W), a South Korean supplier of dynamic random-access memory (DRAM) chips, Pop Mart (O/W), a Chinese toy company, and BYD (O/W), a Chinese EV and battery technology company, contributed the most to performance over the 12-month period.

**Top detractors from performance:**

* Alibaba Group (U/W), a Chinese multinational technology company, Qfin Holdings (O/W), a Chinese AI-driven financial technology company, and GAIL India (O/W), an Indian energy company, detracted from performance over the 12 month period.

**Emerging Markets Class:** SNEMX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio and a broad-based securities market index over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g97s05.jpg)

---

| | | |
|:---|:---|:---|
| | **Emerging Markets Class** | **MSCI EM Index (net)** |
| **09/15** | $10000 | $10000 |
| **09/16** | $11804 | $11678 |
| **09/17** | $14182 | $14301 |
| **09/18** | $12962 | $14185 |
| **09/19** | $12844 | $13899 |
| **09/20** | $13620 | $15364 |
| **09/21** | $17053 | $18161 |
| **09/22** | $12175 | $13055 |
| **09/23** | $13677 | $14582 |
| **09/24** | $16785 | $18381 |
| **09/25** | $19724 | $21566 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Emerging Markets Class | 17.51% | 7.69% | 7.03% |
| MSCI EM Index (net) | 17.32% | 7.02% | 7.99% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/SNEMX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1287364166 |
| # of Portfolio Holdings | 144 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid (Net) | $11133965 |

---

**Emerging Markets Class:** SNEMX

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Taiwan Semiconductor Manufacturing Co., Ltd. | $122720774 | 9.5% |
| Tencent Holdings Ltd. - Class H | $74234598 | 5.8% |
| Samsung Electronics Co., Ltd. | $56735049 | 4.4% |
| Alibaba Group Holding Ltd. - Class H | $46917646 | 3.7% |
| NetEase, Inc. - Class H | $35159016 | 2.7% |
| SK Hynix, Inc. | $34558945 | 2.7% |
| PICC Property & Casualty Co., Ltd. - Class H | $30864563 | 2.4% |
| Itau Unibanco Holding SA | $26162530 | 2.0% |
| Xiaomi Corp. - Class H | $22688793 | 1.8% |
| Delta Electronics, Inc. | $21972671 | 1.7% |
| Total | $472014585 | 36.7% |

---

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g904720g87b09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 27.0% |
| Information Technology | 24.4% |
| Communication Services | 11.9% |
| Consumer Discretionary | 9.7% |
| Industrials | 7.5% |
| Real Estate | 3.6% |
| Consumer Staples | 3.1% |
| Materials | 3.1% |
| Utilities | 2.9% |
| Energy | 2.4% |
| Health Care | 2.3% |
| Short-Term Investments | 0.8% |
| Other Assets Less Liabilities | 1.3% |

---

### **Country Breakdown (% of Net Assets)**![Group By Country Chart](g904720g05i28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 30.0% |
| Taiwan | 14.6% |
| South Korea | 13.2% |
| India | 11.3% |
| Brazil | 6.4% |
| United Arab Emirates | 4.2% |
| Poland | 3.0% |
| Mexico | 2.7% |
| Hong Kong | 2.6% |
| Greece | 2.4% |
| Chile | 1.9% |
| Saudi Arabia | 1.4% |
| Philippines | 1.0% |
| South Africa | 0.8% |
| Others | 2.4% |
| Short-Term Investments | 0.8% |
| Other assets less liabilities | 1.3% |

---

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/BWM/SNEMX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBI-1947-EM-0153-0925

**Emerging Markets Class:** SNEMX

# Advisor Class: IDPYX
September 30, 2025

![Image](g904720g88g18.jpg)

# Intermediate Duration Portfolio
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/IDPYX-A](g904720g89l42.jpg)

SCAN ME

# Please scan QR code for

# Portfolio Information

## Annual Shareholder Report
This annual shareholder report contains important information about the Intermediate Duration Portfolio (the "Portfolio") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/IDPYX-A. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio 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 | $57 | 0.56% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
Over the 12-month period, all share classes underperformed the Bloomberg US Aggregate Bond Index (the "benchmark"). Yield-curve positioning detracted from performance, relative to the benchmark. In sector allocation, off-benchmark exposure to collateralized mortgage obligation ("CMOs") and emerging-market corporate bonds detracted from results. An underweight to US government treasuries and an off-benchmark position to agency risk-sharing securities added to relative performance. Security selection also added to relative outperformance, mainly due to selections in US agency mortgage-backed securities, US investment-grade corporates and US commercial mortgage-backed securities ("CMBS"). Currency decisions had no overall effect.

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, while currency forwards were used to hedge foreign currency exposure.

## Performance Highlights
**Top contributors to performance:**

* During the 12-month period, security selection, sector allocation and country allocation contributed to relative performance. 

**Top detractors from performance:**

* During the 12-month period, yield-curve positioning and several sector allocation decisions detracted. 

**Advisor Class:** IDPYX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio and a broad-based securities market index over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g58x30.jpg)

---

| | | |
|:---|:---|:---|
| | **Advisor Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **07/19** | $10000 | $10000 |
| **09/19** | $10172 | $10218 |
| **09/20** | $10708 | $10932 |
| **09/21** | $10642 | $10834 |
| **09/22** | $9010 | $9252 |
| **09/23** | $9038 | $9312 |
| **09/24** | $10119 | $10389 |
| **09/25** | $10390 | $10689 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 7/22/19 |
| Advisor Class | 2.59% | -0.61% | 0.62% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.08% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/IDPYX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $4357839717 |
| # of Portfolio Holdings | 730 |
| Portfolio Turnover Rate | 193% |
| Total Advisory Fees Paid (Net) | $14343283 |

---

**Advisor Class:** IDPYX

## Graphical Representation of Holdings

### Portfolio Breakdown (% of Net Assets)
![Group By Country Chart](g904720g25t36.jpg)

---

| | |
|:---|:---|
| | |
| Governments - Treasuries | 30.3% |
| Corporates - Investment Grade | 26.3% |
| Mortgage Pass-Throughs | 20.4% |
| Asset-Backed Securities | 6.2% |
| Collateralized Mortgage Obligations | 5.7% |
| Commercial Mortgage-Backed Securities | 1.5% |
| Inflation-Linked Securities | 1.5% |
| Corporates - Non-Investment Grade | 1.3% |
| Others | 3.7% |
| Short-Term Investments | 12.6% |
| Other Assets Less Liabilities | -9.5% |

---

#### Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/BWM/IDPYX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

IDP-ADV-0153-0925

**Advisor Class:** IDPYX

# Class A: IDPAX
September 30, 2025

![Image](g904720g88g18.jpg)

# Intermediate Duration Portfolio
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/IDPAX-A](g904720g23n72.jpg)

SCAN ME

# Please scan QR code for

# Portfolio Information

## Annual Shareholder Report
This annual shareholder report contains important information about the Intermediate Duration Portfolio (the "Portfolio") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/IDPAX-A. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio 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 | $83 | 0.82% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
Over the 12-month period, all share classes underperformed the Bloomberg US Aggregate Bond Index (the "benchmark"). Yield-curve positioning detracted from performance, relative to the benchmark. In sector allocation, off-benchmark exposure to collateralized mortgage obligation ("CMOs") and emerging-market corporate bonds detracted from results. An underweight to US government treasuries and an off-benchmark position to agency risk-sharing securities added to relative performance. Security selection also added to relative outperformance, mainly due to selections in US agency mortgage-backed securities, US investment-grade corporates and US commercial mortgage-backed securities ("CMBS"). Currency decisions had no overall effect.

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, while currency forwards were used to hedge foreign currency exposure.

## Performance Highlights
**Top contributors to performance:**

* During the 12-month period, security selection, sector allocation and country allocation contributed to relative performance. 

**Top detractors from performance:**

* During the 12-month period, yield-curve positioning and several sector allocation decisions detracted. 

**Class A:** IDPAX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio and a broad-based securities market index over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g53f34.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (with sales charges)** | **Bloomberg U.S. Aggregate Bond Index** |
| **07/19** | $9577 | $10000 |
| **09/19** | $9738 | $10218 |
| **09/20** | $10232 | $10932 |
| **09/21** | $10145 | $10834 |
| **09/22** | $8568 | $9252 |
| **09/23** | $8572 | $9312 |
| **09/24** | $9564 | $10389 |
| **09/25** | $9812 | $10689 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 7/22/19 |
| Class A (without sales charges) | 2.42% | -0.84% | 0.39% |
| Class A (with sales charges) | -1.89% | -1.70% | -0.31% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.08% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/IDPAX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $4357839717 |
| # of Portfolio Holdings | 730 |
| Portfolio Turnover Rate | 193% |
| Total Advisory Fees Paid (Net) | $14343283 |

---

**Class A:** IDPAX

## Graphical Representation of Holdings

### Portfolio Breakdown (% of Net Assets)
![Group By Country Chart](g904720g16i28.jpg)

---

| | |
|:---|:---|
| | |
| Governments - Treasuries | 30.3% |
| Corporates - Investment Grade | 26.3% |
| Mortgage Pass-Throughs | 20.4% |
| Asset-Backed Securities | 6.2% |
| Collateralized Mortgage Obligations | 5.7% |
| Commercial Mortgage-Backed Securities | 1.5% |
| Inflation-Linked Securities | 1.5% |
| Corporates - Non-Investment Grade | 1.3% |
| Others | 3.7% |
| Short-Term Investments | 12.6% |
| Other Assets Less Liabilities | -9.5% |

---

#### Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/BWM/IDPAX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

IDP-A-0153-0925

**Class A:** IDPAX

# Class Z: IDPZX
September 30, 2025

![Image](g904720g88g18.jpg)

# Intermediate Duration Portfolio
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/IDPZX-A](g904720g00q32.jpg)

SCAN ME

# Please scan QR code for

# Portfolio Information

## Annual Shareholder Report
This annual shareholder report contains important information about the Intermediate Duration Portfolio (the "Portfolio") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/IDPZX-A. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio 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 | $49 | 0.48% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
Over the 12-month period, all share classes underperformed the Bloomberg US Aggregate Bond Index (the "benchmark"). Yield-curve positioning detracted from performance, relative to the benchmark. In sector allocation, off-benchmark exposure to collateralized mortgage obligation ("CMOs") and emerging-market corporate bonds detracted from results. An underweight to US government treasuries and an off-benchmark position to agency risk-sharing securities added to relative performance. Security selection also added to relative outperformance, mainly due to selections in US agency mortgage-backed securities, US investment-grade corporates and US commercial mortgage-backed securities ("CMBS"). Currency decisions had no overall effect.

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, while currency forwards were used to hedge foreign currency exposure.

## Performance Highlights
**Top contributors to performance:**

* During the 12-month period, security selection, sector allocation and country allocation contributed to relative performance. 

**Top detractors from performance:**

* During the 12-month period, yield-curve positioning and several sector allocation decisions detracted. 

**Class Z:** IDPZX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio and a broad-based securities market index over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g53j02.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Z** | **Bloomberg U.S. Aggregate Bond Index** |
| **07/19** | $10000 | $10000 |
| **09/19** | $10188 | $10218 |
| **09/20** | $10817 | $10932 |
| **09/21** | $10775 | $10834 |
| **09/22** | $9139 | $9252 |
| **09/23** | $9169 | $9312 |
| **09/24** | $10275 | $10389 |
| **09/25** | $10559 | $10689 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 7/22/19 |
| Class Z | 2.68% | -0.49% | 0.88% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.08% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/IDPZX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $4357839717 |
| # of Portfolio Holdings | 730 |
| Portfolio Turnover Rate | 193% |
| Total Advisory Fees Paid (Net) | $14343283 |

---

**Class Z:** IDPZX

## Graphical Representation of Holdings

### Portfolio Breakdown (% of Net Assets)
![Group By Country Chart](g904720g11j13.jpg)

---

| | |
|:---|:---|
| | |
| Governments - Treasuries | 30.3% |
| Corporates - Investment Grade | 26.3% |
| Mortgage Pass-Throughs | 20.4% |
| Asset-Backed Securities | 6.2% |
| Collateralized Mortgage Obligations | 5.7% |
| Commercial Mortgage-Backed Securities | 1.5% |
| Inflation-Linked Securities | 1.5% |
| Corporates - Non-Investment Grade | 1.3% |
| Others | 3.7% |
| Short-Term Investments | 12.6% |
| Other Assets Less Liabilities | -9.5% |

---

#### Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/BWM/IDPZX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

IDP-Z-0153-0925

**Class Z:** IDPZX

# Intermediate Duration Class: SNIDX
September 30, 2025

![Image](g904720g88g18.jpg)

# Intermediate Duration Portfolio
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SNIDX-A](g904720g55w66.jpg)

SCAN ME

# Please scan QR code for

# Portfolio Information

## Annual Shareholder Report
This annual shareholder report contains important information about the Intermediate Duration Portfolio (the "Portfolio") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Portfolio 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 Portfolio 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 | $48 | 0.47% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
Over the 12-month period, all share classes underperformed the Bloomberg US Aggregate Bond Index (the "benchmark"). Yield-curve positioning detracted from performance, relative to the benchmark. In sector allocation, off-benchmark exposure to collateralized mortgage obligation ("CMOs") and emerging-market corporate bonds detracted from results. An underweight to US government treasuries and an off-benchmark position to agency risk-sharing securities added to relative performance. Security selection also added to relative outperformance, mainly due to selections in US agency mortgage-backed securities, US investment-grade corporates and US commercial mortgage-backed securities ("CMBS"). Currency decisions had no overall effect.

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, while currency forwards were used to hedge foreign currency exposure.

## Performance Highlights
**Top contributors to performance:**

* During the 12-month period, security selection, sector allocation and country allocation contributed to relative performance. 

**Top detractors from performance:**

* During the 12-month period, yield-curve positioning and several sector allocation decisions detracted. 

**Intermediate Duration Class:** SNIDX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio and a broad-based securities market index over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g62f79.jpg)

---

| | | |
|:---|:---|:---|
| | **Intermediate Duration Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **09/15** | $10000 | $10000 |
| **09/16** | $10633 | $10519 |
| **09/17** | $10708 | $10527 |
| **09/18** | $10585 | $10399 |
| **09/19** | $11612 | $11470 |
| **09/20** | $12349 | $12271 |
| **09/21** | $12321 | $12161 |
| **09/22** | $10442 | $10385 |
| **09/23** | $10487 | $10452 |
| **09/24** | $11740 | $11661 |
| **09/25** | $12066 | $11998 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Intermediate Duration Class | 2.77% | -0.46% | 1.90% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/SNIDX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $4357839717 |
| # of Portfolio Holdings | 730 |
| Portfolio Turnover Rate | 193% |
| Total Advisory Fees Paid (Net) | $14343283 |

---

**Intermediate Duration Class:** SNIDX

## Graphical Representation of Holdings

### Portfolio Breakdown (% of Net Assets)
![Group By Country Chart](g904720g08x10.jpg)

---

| | |
|:---|:---|
| | |
| Governments - Treasuries | 30.3% |
| Corporates - Investment Grade | 26.3% |
| Mortgage Pass-Throughs | 20.4% |
| Asset-Backed Securities | 6.2% |
| Collateralized Mortgage Obligations | 5.7% |
| Commercial Mortgage-Backed Securities | 1.5% |
| Inflation-Linked Securities | 1.5% |
| Corporates - Non-Investment Grade | 1.3% |
| Others | 3.7% |
| Short-Term Investments | 12.6% |
| Other Assets Less Liabilities | -9.5% |

---

#### Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/BWM/SNIDX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBI-1947-IDP-0153-0925

**Intermediate Duration Class:** SNIDX

# Class 1: SAOOX
September 30, 2025

![Image](g904720g47z25.jpg)

# Overlay A Portfolio
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SAOOX-A](g904720g45c39.jpg)

SCAN ME

# Please scan QR code for

# Portfolio Information

## Annual Shareholder Report
This annual shareholder report contains important information about the Overlay A Portfolio (the "Portfolio") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Portfolio 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 Portfolio 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 | $105 | 0.99% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
Over the 12-month period ending September 30, 2025, Overlay A underperformed the S&P 500 index (the "benchmark") and the composite benchmark. This underperformance compared to the composite benchmark was primarily due to the duration extension and tactical equity tilts. Global equity markets rallied as 2024 ended following US election results and two Federal Reserve (the "Fed") rate cuts in September and November. Markets turned volatile early in 2025 following US president Donald Trump's back-and-forth announcements on tariffs in April prompting the portfolio to close the overweight position to return seeking assets and move to an underweight. After US administration officials adopted a more tempered approach to trade policy, volatility eased and global stocks rallied with US markets at the forefront on rising optimism for the resumption of Fed rate cuts. This prompted the Portfolio in May to establish an overweight to return seeking assets as confidence continued to surge. US stock indices hit record levels over the summer as investors maintained their enthusiasm for AI-related stocks, but the outlook for Fed rate cuts grew uncertain following conflicting data on US employment and inflation. Poor nonfarm payroll reports for July and August—showing just 73,000 and 22,000 new jobs, respectively, and significant revisions for previous months—raised rate-cut hopes even as inflation ticked higher. The Portfolio maintained an overweight to return-seeking assets for the remainder of the period and was overweight as of September month end.

During the 12-month period, the Portfolio used derivatives such as options, credit default swaps, futures, currency forwards and total return swaps for hedging and investment purposes.

## Performance Highlights
**Top contributors to performance:**

* Options Strategies (long volatility) contributed to overall performance.

**Top detractors from performance:**

* Duration extension and tactical equity tilts detracted from performance. 

**Class 1:** SAOOX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g15r44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 1** | **S&P 500 Index** | **Blended Index** |
| **09/15** | $10000 | $10000 | $10000 |
| **09/16** | $10284 | $11543 | $11249 |
| **09/17** | $11728 | $13691 | $12894 |
| **09/18** | $12340 | $16143 | $14129 |
| **09/19** | $12160 | $16830 | $14454 |
| **09/20** | $12105 | $19380 | $15549 |
| **09/21** | $15272 | $25194 | $19328 |
| **09/22** | $12039 | $21296 | $16001 |
| **09/23** | $12128 | $25900 | $18686 |
| **09/24** | $16033 | $35315 | $23434 |
| **09/25** | $17850 | $41530 | $26700 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class 1 | 11.34% | 8.08% | 5.97% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Blended Index<sup>Footnote Reference(\*)</sup> | 13.94% | 11.42% | 10.32% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(\*)</sup> | &nbsp;&nbsp;47% Russell 3000, 26.4% MSCI ACWI ex-USA IMI (net), 6.6% MSCI ACWI Commodity Producers (net), 10% Bloomberg US Aggregate Bond, and 10% Bloomberg Global Aggregate Bond (USD hedged) |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/SAOOX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $438553694 |
| # of Portfolio Holdings | 244 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid (Net) | $2671227 |

---

**Class 1:** SAOOX

## Graphical Representation of Holdings

### Portfolio Breakdown<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| **Global Equity** | x |
| US | 62.1% |
| Developed International | 14.1% |
| Emerging Markets | 8.6% |
| **Real Assets** | **7.1%** |
| **Global Bond** | x |
| US | 22.9% |
| Developed International | -0.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;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 Portfolio's website at https://www.abfunds.com/link/BWM/SAOOX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBII-OA-1-0153-0925

**Class 1:** SAOOX

# Class 2: SAOTX
September 30, 2025

![Image](g904720g47z25.jpg)

# Overlay A Portfolio
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SAOTX-A](g904720g14o27.jpg)

SCAN ME

# Please scan QR code for

# Portfolio Information

## Annual Shareholder Report
This annual shareholder report contains important information about the Overlay A Portfolio (the "Portfolio") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Portfolio 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 Portfolio 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 | $85 | 0.80% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
Over the 12-month period ending September 30, 2025, Overlay A underperformed the S&P 500 index (the "benchmark") and the composite benchmark. This underperformance compared to the composite benchmark was primarily due to the duration extension and tactical equity tilts. Global equity markets rallied as 2024 ended following US election results and two Federal Reserve (the "Fed") rate cuts in September and November. Markets turned volatile early in 2025 following US president Donald Trump's back-and-forth announcements on tariffs in April prompting the portfolio to close the overweight position to return seeking assets and move to an underweight. After US administration officials adopted a more tempered approach to trade policy, volatility eased and global stocks rallied with US markets at the forefront on rising optimism for the resumption of Fed rate cuts. This prompted the Portfolio in May to establish an overweight to return seeking assets as confidence continued to surge. US stock indices hit record levels over the summer as investors maintained their enthusiasm for AI-related stocks, but the outlook for Fed rate cuts grew uncertain following conflicting data on US employment and inflation. Poor nonfarm payroll reports for July and August—showing just 73,000 and 22,000 new jobs, respectively, and significant revisions for previous months—raised rate-cut hopes even as inflation ticked higher. The Portfolio maintained an overweight to return-seeking assets for the remainder of the period and was overweight as of September month end.

During the 12-month period, the Portfolio used derivatives such as options, credit default swaps, futures, currency forwards and total return swaps for hedging and investment purposes.

## Performance Highlights
**Top contributors to performance:**

* Options Strategies (long volatility) contributed to overall performance.

**Top detractors from performance:**

* Duration extension and tactical equity tilts detracted from performance. 

**Class 2:** SAOTX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g55s16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 2** | **S&P 500 Index** | **Blended Index** |
| **09/15** | $10000 | $10000 | $10000 |
| **09/16** | $10314 | $11543 | $11249 |
| **09/17** | $11790 | $13691 | $12894 |
| **09/18** | $12423 | $16143 | $14129 |
| **09/19** | $12270 | $16830 | $14454 |
| **09/20** | $12240 | $19380 | $15549 |
| **09/21** | $15464 | $25194 | $19328 |
| **09/22** | $12213 | $21296 | $16001 |
| **09/23** | $12332 | $25900 | $18686 |
| **09/24** | $16335 | $35315 | $23434 |
| **09/25** | $18210 | $41530 | $26700 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class 2 | 11.48% | 8.27% | 6.18% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Blended Index<sup>Footnote Reference(\*)</sup> | 13.94% | 11.42% | 10.32% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(\*)</sup> | &nbsp;&nbsp;47% Russell 3000, 26.4% MSCI ACWI ex-USA IMI (net), 6.6% MSCI ACWI Commodity Producers (net), 10% Bloomberg US Aggregate Bond, and 10% Bloomberg Global Aggregate Bond (USD hedged) |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/SAOTX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $438553694 |
| # of Portfolio Holdings | 244 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid (Net) | $2671227 |

---

**Class 2:** SAOTX

## Graphical Representation of Holdings

### Portfolio Breakdown<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| **Global Equity** | x |
| US | 62.1% |
| Developed International | 14.1% |
| Emerging Markets | 8.6% |
| **Real Assets** | **7.1%** |
| **Global Bond** | x |
| US | 22.9% |
| Developed International | -0.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;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 Portfolio's website at https://www.abfunds.com/link/BWM/SAOTX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBII-OA-2-0153-0925

**Class 2:** SAOTX

# Class 1: SBOOX
September 30, 2025

![Image](g904720g47z25.jpg)

# Overlay B Portfolio
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SBOOX-A](g904720g17x55.jpg)

SCAN ME

# Please scan QR code for

# Portfolio Information

## Annual Shareholder Report
This annual shareholder report contains important information about the Overlay B Portfolio (the "Portfolio") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Portfolio 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 Portfolio 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 | $90 | 0.87% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
Over the 12-month period ending September 30, 2025, Overlay B outperformed the Bloomberg Global Aggregate Bond Index (the "benchmark") and underperformed the composite benchmark. This underperformance compared to the composite benchmark was primarily due to the duration extension and tactical equity tilts. Global equity markets rallied as 2024 ended following US election results and two Federal Reserve (the "Fed") rate cuts in September and November. Markets turned volatile early in 2025 following US president Donald Trump's back-and-forth announcements on tariffs in April prompting the Portfolio to close the overweight position to return seeking assets and move to an underweight. After US administration officials adopted a more tempered approach to trade policy, volatility eased and global stocks rallied with US markets at the forefront on rising optimism for the resumption of Fed rate cuts. This prompted the Portfolio in May to establish an overweight to return seeking assets as confidence continued to surge. US stock indices hit record levels over the summer as investors maintained their enthusiasm for AI-related stocks, but the outlook for Fed rate cuts grew uncertain following conflicting data on US employment and inflation. Poor nonfarm payroll reports for July and August—showing just 73,000 and 22,000 new jobs, respectively, and significant revisions for previous months—raised rate-cut hopes even as inflation ticked higher. The Portfolio maintained an overweight to return-seeking assets for the remainder of the period and was overweight as of September month end.

During the 12-month period, the Portfolio used derivatives such as options, credit default swaps, futures, currency forwards and total return swaps for hedging and investment purposes.

## Performance Highlights
**Top contributors to performance:**

* Options strategies (long volatility) contributed to performance.

**Top detractors from performance:**

* Duration extension and tactical equity tilts detracted from performance.

**Class 1:** SBOOX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g99m41.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 1** | **Bloomberg Global Aggregate Bond Index (USD hedged)** | **Blended Index** |
| **09/15** | $10000 | $10000 | $10000 |
| **09/16** | $10583 | $10654 | $10830 |
| **09/17** | $11174 | $10636 | $11392 |
| **09/18** | $11390 | $10723 | $11796 |
| **09/19** | $11817 | $11865 | $12559 |
| **09/20** | $12238 | $12356 | $13419 |
| **09/21** | $13659 | $12287 | $14731 |
| **09/22** | $11461 | $10806 | $12779 |
| **09/23** | $11652 | $11032 | $13703 |
| **09/24** | $13773 | $12205 | $15848 |
| **09/25** | $14660 | $12579 | $17034 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class 1 | 6.44% | 3.68% | 3.90% |
| Bloomberg Global Aggregate Bond Index (USD hedged) | 3.06% | 0.36% | 2.32% |
| Blended Index<sup>Footnote Reference(\*)</sup> | 7.49% | 4.89% | 5.47% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(\*)</sup> | &nbsp;&nbsp;16.9% Russell 3000/9.8% MSCI ACWI ex-US IMI(net)/3.3% MSCI ACWI Commodity Producers(net)/24.5% Bloomberg US Aggregate/24.5% Bloomberg Global Aggregate |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/SBOOX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $308128458 |
| # of Portfolio Holdings | 633 |
| Portfolio Turnover Rate | 140% |
| Total Advisory Fees Paid (Net) | $1974906 |

---

**Class 1:** SBOOX

## Graphical Representation of Holdings

### Portfolio Breakdown<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| **Global Equity** | x |
| US | 22.8% |
| Developed International | 5.2% |
| Emerging Markets | 3.1% |
| **Global Credit** | x |
| Global Credit | 11.6% |
| **Real Assets** | **3.6%** |
| **Global Bond** | x |
| US | 39.4% |
| Developed International | 10.1% |
| **Linkers** | **22.6%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;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 Portfolio's website at https://www.abfunds.com/link/BWM/SBOOX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBII-OB-1-0153-0925

**Class 1:** SBOOX

# Class 2: SBOTX
September 30, 2025

![Image](g904720g47z25.jpg)

# Overlay B Portfolio
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SBOTX-A](g904720g56t70.jpg)

SCAN ME

# Please scan QR code for

# Portfolio Information

## Annual Shareholder Report
This annual shareholder report contains important information about the Overlay B Portfolio (the "Portfolio") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Portfolio 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 Portfolio 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 | $76 | 0.74% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
Over the 12-month period ending September 30, 2025, Overlay B outperformed the Bloomberg Global Aggregate Bond Index (the "benchmark") and underperformed the composite benchmark. This underperformance compared to the composite benchmark was primarily due to the duration extension and tactical equity tilts. Global equity markets rallied as 2024 ended following US election results and two Federal Reserve (the "Fed") rate cuts in September and November. Markets turned volatile early in 2025 following US president Donald Trump's back-and-forth announcements on tariffs in April prompting the Portfolio to close the overweight position to return seeking assets and move to an underweight. After US administration officials adopted a more tempered approach to trade policy, volatility eased and global stocks rallied with US markets at the forefront on rising optimism for the resumption of Fed rate cuts. This prompted the Portfolio in May to establish an overweight to return seeking assets as confidence continued to surge. US stock indices hit record levels over the summer as investors maintained their enthusiasm for AI-related stocks, but the outlook for Fed rate cuts grew uncertain following conflicting data on US employment and inflation. Poor nonfarm payroll reports for July and August—showing just 73,000 and 22,000 new jobs, respectively, and significant revisions for previous months—raised rate-cut hopes even as inflation ticked higher. The Portfolio maintained an overweight to return-seeking assets for the remainder of the period and was overweight as of September month end.

During the 12-month period, the Portfolio used derivatives such as options, credit default swaps, futures, currency forwards and total return swaps for hedging and investment purposes.

## Performance Highlights
**Top contributors to performance:**

* Options strategies (long volatility) contributed to performance.

**Top detractors from performance:**

* Duration extension and tactical equity tilts detracted from performance.

**Class 2:** SBOTX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g76m97.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 2** | **Bloomberg Global Aggregate Bond Index (USD hedged)** | **Blended Index** |
| **09/15** | $10000 | $10000 | $10000 |
| **09/16** | $10592 | $10654 | $10830 |
| **09/17** | $11209 | $10636 | $11392 |
| **09/18** | $11435 | $10723 | $11796 |
| **09/19** | $11889 | $11865 | $12559 |
| **09/20** | $12336 | $12356 | $13419 |
| **09/21** | $13772 | $12287 | $14731 |
| **09/22** | $11581 | $10806 | $12779 |
| **09/23** | $11796 | $11032 | $13703 |
| **09/24** | $13967 | $12205 | $15848 |
| **09/25** | $14876 | $12579 | $17034 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class 2 | 6.51% | 3.82% | 4.05% |
| Bloomberg Global Aggregate Bond Index (USD hedged) | 3.06% | 0.36% | 2.32% |
| Blended Index<sup>Footnote Reference(\*)</sup> | 7.49% | 4.89% | 5.47% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(\*)</sup> | &nbsp;&nbsp;16.9% Russell 3000/9.8% MSCI ACWI ex-US IMI(net)/3.3% MSCI ACWI Commodity Producers(net)/24.5% Bloomberg US Aggregate/24.5% Bloomberg Global Aggregate |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/SBOTX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $308128458 |
| # of Portfolio Holdings | 633 |
| Portfolio Turnover Rate | 140% |
| Total Advisory Fees Paid (Net) | $1974906 |

---

**Class 2:** SBOTX

## Graphical Representation of Holdings

### Portfolio Breakdown<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| **Global Equity** | x |
| US | 22.8% |
| Developed International | 5.2% |
| Emerging Markets | 3.1% |
| **Global Credit** | x |
| Global Credit | 11.6% |
| **Real Assets** | **3.6%** |
| **Global Bond** | x |
| US | 39.4% |
| Developed International | 10.1% |
| **Linkers** | **22.6%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;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 Portfolio's website at https://www.abfunds.com/link/BWM/SBOTX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBII-OB-2-0153-0925

**Class 2:** SBOTX

# Class 1: SATOX
September 30, 2025

![Image](g904720g47z25.jpg)

# Tax-Aware Overlay A Portfolio
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SATOX-A](g904720g83r41.jpg)

SCAN ME

# Please scan QR code for

# Portfolio 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, 2024 to September 30, 2025. You can find additional information about the Portfolio 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 Portfolio 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 | $101 | 0.95% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
Over the 12-month period ending September 30, 2025, Tax-Aware Overlay A underperformed the Standard & Poor's ("S&P") 500 index (the "benchmark") and the composite benchmark. This underperformance compared to the composite benchmark was primarily due to the duration extension and tactical equity tilts. Global equity markets rallied as 2024 ended following US election results and two Federal Reserve (the "Fed") rate cuts in September and November. Markets turned volatile early in 2025 following US president Donald Trump's back-and-forth announcements on tariffs in April prompting the Portfolio to close the overweight position to return seeking assets and move to an underweight. After US administration officials adopted a more tempered approach to trade policy, volatility eased and global stocks rallied with US markets at the forefront on rising optimism for the resumption of Fed rate cuts. This prompted the Portfolio in May to establish an overweight to return seeking assets as confidence continued to surge. US stock indices hit record levels over the summer as investors maintained their enthusiasm for AI-related stocks, but the outlook for Fed rate cuts grew uncertain following conflicting data on US employment and inflation. Poor nonfarm payroll reports for July and August—showing just 73,000 and 22,000 new jobs, respectively, and significant revisions for previous months—raised rate-cut hopes even as inflation ticked higher. The Portfolio maintained an overweight to return-seeking assets for the remainder of the period and was overweight as of September month end.

During the 12-month period, the Portfolio used derivatives such as options, credit default swaps, futures, currency forwards and total return swaps for hedging and investment purposes.

## Performance Highlights
**Top contributors to performance:**

* Options strategies (long volatility) contributed to performance.

**Top detractors from performance:**

* Duration extension and tactical equity tilts detracted from performance.

**Class 1:** SATOX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g06o82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 1** | **S&P 500 Index** | **Blended Index** |
| **09/15** | $10000 | $10000 | $10000 |
| **09/16** | $10237 | $11543 | $11231 |
| **09/17** | $11670 | $13691 | $12879 |
| **09/18** | $12228 | $16143 | $14083 |
| **09/19** | $12072 | $16830 | $14409 |
| **09/20** | $12107 | $19380 | $15562 |
| **09/21** | $15199 | $25194 | $19327 |
| **09/22** | $11984 | $21296 | $15936 |
| **09/23** | $12042 | $25900 | $18582 |
| **09/24** | $15891 | $35315 | $23337 |
| **09/25** | $17752 | $41530 | $26589 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class 1 | 11.72% | 7.96% | 5.91% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Blended Index<sup>Footnote Reference(\*)</sup> | 13.94% | 11.31% | 10.27% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(\*)</sup> | &nbsp;&nbsp;47.2% Russell 3000, 26.5% MSCI ACWI ex-US IMI(net), 6.3% MSCI ACWI Commodity Producers(net), 20% Bloomberg US Aggregate Bond |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/SATOX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $867093571 |
| # of Portfolio Holdings | 257 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid (Net) | $5406094 |

---

**Class 1:** SATOX

## Graphical Representation of Holdings

### Portfolio Breakdown<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| **Global Equity** | x |
| US | 62.3% |
| Developed International | 14.0% |
| Emerging Markets | 8.7% |
| **Real Assets** | **6.5%** |
| **Global Bond** | x |
| US | 21.3% |
| Developed International | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;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 Portfolio's website at https://www.abfunds.com/link/BWM/SATOX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBII-TAOA-1-0153-0925

**Class 1:** SATOX

# Class 2: SATTX
September 30, 2025

![Image](g904720g47z25.jpg)

# Tax-Aware Overlay A Portfolio
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SATTX-A](g904720g72e33.jpg)

SCAN ME

# Please scan QR code for

# Portfolio 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, 2024 to September 30, 2025. You can find additional information about the Portfolio 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 Portfolio 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 | $81 | 0.76% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
Over the 12-month period ending September 30, 2025, Tax-Aware Overlay A underperformed the Standard & Poor's ("S&P") 500 index (the "benchmark") and the composite benchmark. This underperformance compared to the composite benchmark was primarily due to the duration extension and tactical equity tilts. Global equity markets rallied as 2024 ended following US election results and two Federal Reserve (the "Fed") rate cuts in September and November. Markets turned volatile early in 2025 following US president Donald Trump's back-and-forth announcements on tariffs in April prompting the Portfolio to close the overweight position to return seeking assets and move to an underweight. After US administration officials adopted a more tempered approach to trade policy, volatility eased and global stocks rallied with US markets at the forefront on rising optimism for the resumption of Fed rate cuts. This prompted the Portfolio in May to establish an overweight to return seeking assets as confidence continued to surge. US stock indices hit record levels over the summer as investors maintained their enthusiasm for AI-related stocks, but the outlook for Fed rate cuts grew uncertain following conflicting data on US employment and inflation. Poor nonfarm payroll reports for July and August—showing just 73,000 and 22,000 new jobs, respectively, and significant revisions for previous months—raised rate-cut hopes even as inflation ticked higher. The Portfolio maintained an overweight to return-seeking assets for the remainder of the period and was overweight as of September month end.

During the 12-month period, the Portfolio used derivatives such as options, credit default swaps, futures, currency forwards and total return swaps for hedging and investment purposes.

## Performance Highlights
**Top contributors to performance:**

* Options strategies (long volatility) contributed to performance.

**Top detractors from performance:**

* Duration extension and tactical equity tilts detracted from performance.

**Class 2:** SATTX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g07l87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 2** | **S&P 500 Index** | **Blended Index** |
| **09/15** | $10000 | $10000 | $10000 |
| **09/16** | $10261 | $11543 | $11231 |
| **09/17** | $11724 | $13691 | $12879 |
| **09/18** | $12303 | $16143 | $14083 |
| **09/19** | $12165 | $16830 | $14409 |
| **09/20** | $12233 | $19380 | $15562 |
| **09/21** | $15387 | $25194 | $19327 |
| **09/22** | $12159 | $21296 | $15936 |
| **09/23** | $12238 | $25900 | $18582 |
| **09/24** | $16162 | $35315 | $23337 |
| **09/25** | $18109 | $41530 | $26589 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class 2 | 12.05% | 8.16% | 6.12% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Blended Index<sup>Footnote Reference(\*)</sup> | 13.94% | 11.31% | 10.27% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(\*)</sup> | &nbsp;&nbsp;47.2% Russell 3000, 26.5% MSCI ACWI ex-US IMI(net), 6.3% MSCI ACWI Commodity Producers(net), 20% Bloomberg US Aggregate Bond |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/SATTX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $867093571 |
| # of Portfolio Holdings | 257 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid (Net) | $5406094 |

---

**Class 2:** SATTX

## Graphical Representation of Holdings

### Portfolio Breakdown<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| **Global Equity** | x |
| US | 62.3% |
| Developed International | 14.0% |
| Emerging Markets | 8.7% |
| **Real Assets** | **6.5%** |
| **Global Bond** | x |
| US | 21.3% |
| Developed International | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;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 Portfolio's website at https://www.abfunds.com/link/BWM/SATTX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBII-TAOA-2-0153-0925

**Class 2:** SATTX

# Advisor Class: ANIYX
September 30, 2025

![Image](g904720g38d49.jpg)

SCAN ME

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/ANIYX-A](g904720g95h27.jpg)

Please scan QR code for

Portfolio 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, 2024 to September 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/ANIYX-A. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio 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 | 0.50% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period, all share classes of the Portfolio, underperformed the Bloomberg 1-10 Year Blend Index (the "benchmark"). All share classes with the exception of Class C outperformed its Lipper peer group average. Yield-curve positioning detracted, relative to the benchmark, while overall industry selection contributed. In particular, exposure to taxable municipals contributed.

The Portfolio used interest-rate swaps for hedging purposes, which added to overall performance for the period.

## Performance Highlights
**Top contributors to performance:**

* During the 12-month period, selections in taxable municipals contributed. 

**Top detractors from performance:**

* During the 12-month period, yield-curve positioning detracted from performance.

**Advisor Class:** ANIYX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g85e23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-10 Yr Municipal Bond Blend** |
| **07/16** | $10000 | $10000 | $10000 |
| **09/16** | $10006 | $9987 | $9989 |
| **09/17** | $10040 | $10074 | $10089 |
| **09/18** | $9989 | $10109 | $10070 |
| **09/19** | $10590 | $10974 | $10716 |
| **09/20** | $10725 | $11423 | $11156 |
| **09/21** | $11095 | $11723 | $11304 |
| **09/22** | $10234 | $10375 | $10451 |
| **09/23** | $10542 | $10651 | $10690 |
| **09/24** | $11367 | $11756 | $11484 |
| **09/25** | $11605 | $11919 | $11845 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | Since Inception 7/26/16 |
| Advisor Class | 2.03% | 1.58% | 1.63% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 1.93% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 3.14% | 1.21% | 1.86% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/ANIYX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1280994404 |
| # of Portfolio Holdings | 386 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid (Net) | $5297425 |

---

**Advisor Class:** ANIYX

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](g904720g23m27.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 7.3% |
| AA | 54.7% |
| A | 17.1% |
| BBB | 11.6% |
| BB | 2.6% |
| B | 0.4% |
| D | 0.2% |
| A-1+ | 2.9% |
| Not Rated | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio'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 Portfolio 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. |

---

### State Breakdown (% of Net Assets)
![Group By Country Chart](g904720g08h73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| New York | 87.3% |
| Guam | 2.7% |
| New Jersey | 2.1% |
| Michigan | 1.2% |
| Puerto Rico | 1.0% |
| Nebraska | 0.8% |
| Connecticut | 0.7% |
| Alabama | 0.5% |
| South Carolina | 0.4% |
| Wisconsin | 0.3% |
| Georgia | 0.2% |
| Illinois | 0.2% |
| Texas | 0.2% |
| Other | 0.6% |
| Other assets less liabilities | 1.8% |

---

**Advisor Class:** ANIYX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/BWM/ANIYX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

INYM-ADV-0153-0925

**Advisor Class:** ANIYX

# Class A: ANIAX
September 30, 2025

![Image](g904720g38d49.jpg)

SCAN ME

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/ANIAX-A](g904720g13j23.jpg)

Please scan QR code for

Portfolio 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, 2024 to September 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/ANIAX-A. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio 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 | $76 | 0.75% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period, all share classes of the Portfolio, underperformed the Bloomberg 1-10 Year Blend Index (the "benchmark"). All share classes with the exception of Class C outperformed its Lipper peer group average. Yield-curve positioning detracted, relative to the benchmark, while overall industry selection contributed. In particular, exposure to taxable municipals contributed.

The Portfolio used interest-rate swaps for hedging purposes, which added to overall performance for the period.

## Performance Highlights
**Top contributors to performance:**

* During the 12-month period, selections in taxable municipals contributed. 

**Top detractors from performance:**

* During the 12-month period, yield-curve positioning detracted from performance.

**Class A:** ANIAX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g04a55.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (with sales charges)** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-10 Yr Municipal Bond Blend** |
| **09/15** | $9697 | $10000 | $10000 |
| **09/16** | $10050 | $10558 | $10340 |
| **09/17** | $10058 | $10650 | $10443 |
| **09/18** | $9981 | $10687 | $10424 |
| **09/19** | $10555 | $11601 | $11093 |
| **09/20** | $10662 | $12076 | $11548 |
| **09/21** | $11011 | $12393 | $11701 |
| **09/22** | $10124 | $10968 | $10818 |
| **09/23** | $10403 | $11260 | $11065 |
| **09/24** | $11188 | $12428 | $11888 |
| **09/25** | $11393 | $12601 | $12261 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | 10 Years |
| Class A (without sales charges) | 1.77% | 1.32% | 1.62% |
| Class A (with sales charges) | -1.28% | 0.71% | 1.31% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 3.14% | 1.21% | 2.06% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/ANIAX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1280994404 |
| # of Portfolio Holdings | 386 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid (Net) | $5297425 |

---

**Class A:** ANIAX

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](g904720g70e24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 7.3% |
| AA | 54.7% |
| A | 17.1% |
| BBB | 11.6% |
| BB | 2.6% |
| B | 0.4% |
| D | 0.2% |
| A-1+ | 2.9% |
| Not Rated | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio'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 Portfolio 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. |

---

### State Breakdown (% of Net Assets)
![Group By Country Chart](g904720g71z24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| New York | 87.3% |
| Guam | 2.7% |
| New Jersey | 2.1% |
| Michigan | 1.2% |
| Puerto Rico | 1.0% |
| Nebraska | 0.8% |
| Connecticut | 0.7% |
| Alabama | 0.5% |
| South Carolina | 0.4% |
| Wisconsin | 0.3% |
| Georgia | 0.2% |
| Illinois | 0.2% |
| Texas | 0.2% |
| Other | 0.6% |
| Other assets less liabilities | 1.8% |

---

**Class A:** ANIAX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/BWM/ANIAX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

INYM-A-0153-0925

**Class A:** ANIAX

# Class C: ANMCX
September 30, 2025

![Image](g904720g38d49.jpg)

SCAN ME

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/ANMCX-A](g904720g18y07.jpg)

Please scan QR code for

Portfolio 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, 2024 to September 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/ANMCX-A. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio 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 | $151 | 1.50% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period, all share classes of the Portfolio, underperformed the Bloomberg 1-10 Year Blend Index (the "benchmark"). All share classes with the exception of Class C outperformed its Lipper peer group average. Yield-curve positioning detracted, relative to the benchmark, while overall industry selection contributed. In particular, exposure to taxable municipals contributed.

The Portfolio used interest-rate swaps for hedging purposes, which added to overall performance for the period.

## Performance Highlights
**Top contributors to performance:**

* During the 12-month period, selections in taxable municipals contributed. 

**Top detractors from performance:**

* During the 12-month period, yield-curve positioning detracted from performance.

**Class C:** ANMCX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g29a54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (with sales charges)** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-10 Yr Municipal Bond Blend** |
| **09/15** | $10000 | $10000 | $10000 |
| **09/16** | $10288 | $10558 | $10340 |
| **09/17** | $10219 | $10650 | $10443 |
| **09/18** | $10065 | $10687 | $10424 |
| **09/19** | $10564 | $11601 | $11093 |
| **09/20** | $10592 | $12076 | $11548 |
| **09/21** | $10855 | $12393 | $11701 |
| **09/22** | $9905 | $10968 | $10818 |
| **09/23** | $10102 | $11260 | $11065 |
| **09/24** | $10783 | $12428 | $11888 |
| **09/25** | $10896 | $12601 | $12261 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | 10 Years |
| Class C (without sales charges) | 1.01% | 0.56% | 0.86% |
| Class C (with sales charges) | 0.02% | 0.56% | 0.86% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 3.14% | 1.21% | 2.06% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/ANMCX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1280994404 |
| # of Portfolio Holdings | 386 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid (Net) | $5297425 |

---

**Class C:** ANMCX

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](g904720g15n82.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 7.3% |
| AA | 54.7% |
| A | 17.1% |
| BBB | 11.6% |
| BB | 2.6% |
| B | 0.4% |
| D | 0.2% |
| A-1+ | 2.9% |
| Not Rated | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio'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 Portfolio 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. |

---

### State Breakdown (% of Net Assets)
![Group By Country Chart](g904720g02r01.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| New York | 87.3% |
| Guam | 2.7% |
| New Jersey | 2.1% |
| Michigan | 1.2% |
| Puerto Rico | 1.0% |
| Nebraska | 0.8% |
| Connecticut | 0.7% |
| Alabama | 0.5% |
| South Carolina | 0.4% |
| Wisconsin | 0.3% |
| Georgia | 0.2% |
| Illinois | 0.2% |
| Texas | 0.2% |
| Other | 0.6% |
| Other assets less liabilities | 1.8% |

---

**Class C:** ANMCX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/BWM/ANMCX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

INYM-C-0153-0925

**Class C:** ANMCX

# Municipal Class: SNNYX
September 30, 2025

![Image](g904720g38d49.jpg)

SCAN ME

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SNNYX-A](g904720g88j37.jpg)

Please scan QR code for

Portfolio 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, 2024 to September 30, 2025. You can find additional information about the Portfolio 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 Portfolio 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 | 0.56% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period, all share classes of the Portfolio, underperformed the Bloomberg 1-10 Year Blend Index (the "benchmark"). All share classes with the exception of Class C outperformed its Lipper peer group average. Yield-curve positioning detracted, relative to the benchmark, while overall industry selection contributed. In particular, exposure to taxable municipals contributed.

The Portfolio used interest-rate swaps for hedging purposes, which added to overall performance for the period.

## Performance Highlights
**Top contributors to performance:**

* During the 12-month period, selections in taxable municipals contributed. 

**Top detractors from performance:**

* During the 12-month period, yield-curve positioning detracted from performance.

**Municipal Class:** SNNYX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g14l35.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Municipal Class** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-10 Yr Municipal Bond Blend** |
| **09/15** | $10000 | $10000 | $10000 |
| **09/16** | $10390 | $10558 | $10340 |
| **09/17** | $10420 | $10650 | $10443 |
| **09/18** | $10361 | $10687 | $10424 |
| **09/19** | $10986 | $11601 | $11093 |
| **09/20** | $11120 | $12076 | $11548 |
| **09/21** | $11496 | $12393 | $11701 |
| **09/22** | $10589 | $10968 | $10818 |
| **09/23** | $10914 | $11260 | $11065 |
| **09/24** | $11761 | $12428 | $11888 |
| **09/25** | $11983 | $12601 | $12261 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | 10 Years |
| Municipal Class | 1.89% | 1.51% | 1.83% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 3.14% | 1.21% | 2.06% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/SNNYX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1280994404 |
| # of Portfolio Holdings | 386 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid (Net) | $5297425 |

---

**Municipal Class:** SNNYX

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](g904720g74s15.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 7.3% |
| AA | 54.7% |
| A | 17.1% |
| BBB | 11.6% |
| BB | 2.6% |
| B | 0.4% |
| D | 0.2% |
| A-1+ | 2.9% |
| Not Rated | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio'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 Portfolio 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. |

---

### State Breakdown (% of Net Assets)
![Group By Country Chart](g904720g17k80.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| New York | 87.3% |
| Guam | 2.7% |
| New Jersey | 2.1% |
| Michigan | 1.2% |
| Puerto Rico | 1.0% |
| Nebraska | 0.8% |
| Connecticut | 0.7% |
| Alabama | 0.5% |
| South Carolina | 0.4% |
| Wisconsin | 0.3% |
| Georgia | 0.2% |
| Illinois | 0.2% |
| Texas | 0.2% |
| Other | 0.6% |
| Other assets less liabilities | 1.8% |

---

**Municipal Class:** SNNYX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/BWM/SNNYX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBI-1947-NY-0153-0925

**Municipal Class:** SNNYX

# Class 1: SBTOX
September 30, 2025

![Image](g904720g47z25.jpg)

# Tax-Aware Overlay B Portfolio
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SBTOX-A](g904720g90g35.jpg)

SCAN ME

# Please scan QR code for

# Portfolio 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, 2024 to September 30, 2025. You can find additional information about the Portfolio 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 Portfolio 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 | $90 | 0.88% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
Over the 12-month period ending September 30, 2025, Tax-Aware Overlay B outperformed the Bloomberg 5-Year GO Municipal Bond Index (the "benchmark") and underperformed the composite benchmark. This underperformance compared to the composite benchmark was primarily due to the duration extension and tactical equity tilts. Global equity markets rallied as 2024 ended following US election results and two Federal Reserve (the "Fed") rate cuts in September and November. Markets turned volatile early in 2025 following US president Donald Trump's back-and-forth announcements on tariffs in April prompting the Portfolio to close the overweight position to return seeking assets and move to an underweight. After US administration officials adopted a more tempered approach to trade policy, volatility eased and global stocks rallied with US markets at the forefront on rising optimism for the resumption of Fed rate cuts. This prompted the Portfolio in May to establish an overweight to return seeking assets as confidence continued to surge. US stock indices hit record levels over the summer as investors maintained their enthusiasm for AI-related stocks, but the outlook for Fed rate cuts grew uncertain following conflicting data on US employment and inflation. Poor nonfarm payroll reports for July and August—showing just 73,000 and 22,000 new jobs, respectively, and significant revisions for previous months—raised rate-cut hopes even as inflation ticked higher. The Portfolio maintained an overweight to return-seeking assets for the remainder of the period and was overweight as of September month end.

During the 12-month period, the Portfolio used derivatives such as options, credit default swaps, futures, currency forwards and total return swaps for hedging and investment purposes.

## Performance Highlights
**Top contributors to performance:**

* Options strategies (long volatility) contributed to performance.

**Top detractors from performance:**

* Duration extension and tactical equity tilts detracted from performance.

**Class 1:** SBTOX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g34d04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **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** |
| **09/15** | $10000 | $10000 | $10000 |
| **09/16** | $10419 | $10558 | $10683 |
| **09/17** | $11067 | $10650 | $11307 |
| **09/18** | $11273 | $10687 | $11697 |
| **09/19** | $11477 | $11601 | $12279 |
| **09/20** | $11813 | $12076 | $13212 |
| **09/21** | $13244 | $12393 | $14613 |
| **09/22** | $11529 | $10968 | $12946 |
| **09/23** | $11827 | $11260 | $13929 |
| **09/24** | $13784 | $12428 | $15983 |
| **09/25** | $14540 | $12601 | $17247 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class 1 | 5.49% | 4.24% | 3.81% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| 19% Russell 3000/11% MSCI ACWI ex-US IMI(net)/42% Bloomberg 1-10 Year Municipal/28% Bloomberg 1-10 Year US TIPS | 7.91% | 5.47% | 5.60% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/SBTOX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $481671071 |
| # of Portfolio Holdings | 293 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (Net) | $3336562 |

---

**Class 1:** SBTOX

## Graphical Representation of Holdings

### Portfolio Breakdown<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| **Global Equity** | x |
| US | 25.2% |
| Developed International | 5.8% |
| Emerging Markets | 3.4% |
| **Real Assets** | **-%** |
| **Global Bond** | x |
| US | 76.1% |
| Developed International | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;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 Portfolio's website at https://www.abfunds.com/link/BWM/SBTOX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBII-TAOB-1-0153-0925

**Class 1:** SBTOX

# Class 2: SBTTX
September 30, 2025

![Image](g904720g47z25.jpg)

# Tax-Aware Overlay B Portfolio
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SBTTX-A](g904720g44z35.jpg)

SCAN ME

# Please scan QR code for

# Portfolio 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, 2024 to September 30, 2025. You can find additional information about the Portfolio 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 Portfolio 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 | $76 | 0.74% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
Over the 12-month period ending September 30, 2025, Tax-Aware Overlay B outperformed the Bloomberg 5-Year GO Municipal Bond Index (the "benchmark") and underperformed the composite benchmark. This underperformance compared to the composite benchmark was primarily due to the duration extension and tactical equity tilts. Global equity markets rallied as 2024 ended following US election results and two Federal Reserve (the "Fed") rate cuts in September and November. Markets turned volatile early in 2025 following US president Donald Trump's back-and-forth announcements on tariffs in April prompting the Portfolio to close the overweight position to return seeking assets and move to an underweight. After US administration officials adopted a more tempered approach to trade policy, volatility eased and global stocks rallied with US markets at the forefront on rising optimism for the resumption of Fed rate cuts. This prompted the Portfolio in May to establish an overweight to return seeking assets as confidence continued to surge. US stock indices hit record levels over the summer as investors maintained their enthusiasm for AI-related stocks, but the outlook for Fed rate cuts grew uncertain following conflicting data on US employment and inflation. Poor nonfarm payroll reports for July and August—showing just 73,000 and 22,000 new jobs, respectively, and significant revisions for previous months—raised rate-cut hopes even as inflation ticked higher. The Portfolio maintained an overweight to return-seeking assets for the remainder of the period and was overweight as of September month end.

During the 12-month period, the Portfolio used derivatives such as options, credit default swaps, futures, currency forwards and total return swaps for hedging and investment purposes.

## Performance Highlights
**Top contributors to performance:**

* Options strategies (long volatility) contributed to performance.

**Top detractors from performance:**

* Duration extension and tactical equity tilts detracted from performance.

**Class 2:** SBTTX

## Portfolio Performance
The following graph shows the performance of hypothetical $10,000 investments in the Portfolio, a broad-based securities market index and an additional index that corresponds to the Portfolio's investment strategies, over the most recently completed 10 fiscal years of the Portfolio, or since inception, if shorter. The Portfolio's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g904720g09n27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **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** |
| **09/15** | $10000 | $10000 | $10000 |
| **09/16** | $10437 | $10558 | $10683 |
| **09/17** | $11103 | $10650 | $11307 |
| **09/18** | $11327 | $10687 | $11697 |
| **09/19** | $11545 | $11601 | $12279 |
| **09/20** | $11896 | $12076 | $13212 |
| **09/21** | $13365 | $12393 | $14613 |
| **09/22** | $11657 | $10968 | $12946 |
| **09/23** | $11969 | $11260 | $13929 |
| **09/24** | $13977 | $12428 | $15983 |
| **09/25** | $14768 | $12601 | $17247 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class 2 | 5.66% | 4.42% | 3.98% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| 19% Russell 3000/11% MSCI ACWI ex-US IMI(net)/42% Bloomberg 1-10 Year Municipal/28% Bloomberg 1-10 Year US TIPS | 7.91% | 5.47% | 5.60% |

---

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption or sale of Portfolio shares.

Visit https://www.abfunds.com/link/BWM/SBTTX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $481671071 |
| # of Portfolio Holdings | 293 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (Net) | $3336562 |

---

**Class 2:** SBTTX

## Graphical Representation of Holdings

### Portfolio Breakdown<sup>**Footnote Reference 1**</sup>

---

| | |
|:---|:---|
| **Global Equity** | x |
| US | 25.2% |
| Developed International | 5.8% |
| Emerging Markets | 3.4% |
| **Real Assets** | **-%** |
| **Global Bond** | x |
| US | 76.1% |
| Developed International | -% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;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 Portfolio's website at https://www.abfunds.com/link/BWM/SBTTX-A, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBII-TAOB-2-0153-0925

**Class 2:** SBTTX

------

##### [**Table of Contents**](#toc)

#### 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 12(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 Garry L. Moody, Jorge A. Bermudez, Jeffrey R. Holland, R. Jay Gerken and Ms. Carol C. McMullen 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<br>Fees | Tax Fees\* |
|  Intermediate Duration Portfolio | 2024 | $100034 | $1176 | $30663 |
|  | 2025 | $92083 | $807 | $34213 |
|  New York Muni Portfolio | 2024 | $32939 | $1176 | $14976 |
|  | 2025 | $26994 | $807 | $10075 |
|  California Muni Portfolio | 2024 | $25089 | $1176 | $12433 |
|  | 2025 | $22960 | $807 | $7987 |
|  Diversified Muni Portfolio | 2024 | $122720 | $1176 | $40664 |
|  | 2025 | $109069 | $807 | $36424 |
|  Emerging Markets Portfolio | 2024 | $28593 | $1176 | $48211 |
|  | 2025 | $27216 | $807 | $21567 |
|  Overlay A Portfolio | 2024 | $72706 | $— | $51926 |
|  | 2025 | $65435 | $— | $55259 |
|  Tax-Aware Overlay A Portfolio | 2024 | $59488 | $— | $51926 |
|  | 2025 | $53539 | $— | $55271 |
|  Overlay B Portfolio | 2024 | $83205 | $— | $48570 |
|  | 2025 | $70384 | $— | $51449 |
|  Tax-Aware Overlay B Portfolio | 2024 | $76488 | $— | $88507 |
|  | 2025 | $58039 | $— | $51945 |

---

\* 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.

------

##### [**Table of Contents**](#toc)
(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<br>Non-Audit Services<br>Provided to the<br>Portfolio, the Adviser<br>and Service Affiliates | Total Amount of<br>Foregoing Column Pre-<br>approved by the Audit<br>Committee<br>(Portion Comprised of<br>Audit Related Fees)<br>(Portion Comprised of<br>Tax Fees) |
|  Intermediate Duration Portfolio | 2024 | $4442722 | $31839 |
|  |  |  | $(1176) |
|  |  |  | $(30663) |
|  | 2025 | $1120544 | $35020 |
|  |  |  | $(807) |
|  |  |  | $(34213) |
|  New York Muni Portfolio | 2024 | $4427035 | $16152 |
|  |  |  | $(1176) |
|  |  |  | $(14976) |
|  | 2025 | $1096406 | $10882 |
|  |  |  | $(807) |
|  |  |  | $(10075) |
|  California Muni Portfolio | 2024 | $4424492 | $13609 |
|  |  |  | $(1176) |
|  |  |  | $(12433) |
|  | 2025 | $1094318 | $8794 |
|  |  |  | $(807) |
|  |  |  | $(7987) |
|  Diversified Muni Portfolio | 2024 | $4452723 | $41840 |
|  |  |  | $(1176) |
|  |  |  | $(40664) |
|  | 2025 | $1122755 | $37231 |
|  |  |  | $(807) |
|  |  |  | $(36424) |
|  Emerging Markets Portfolio | 2024 | $4460270 | $49387 |
|  |  |  | $(1176) |
|  |  |  | $(48211) |
|  | 2025 | $1107898 | $22374 |
|  |  |  | $(807) |
|  |  |  | $(21567) |
|  Overlay A Portfolio | 2024 | $4462809 | $51926 |
|  |  |  | $— |
|  |  |  | $(51926) |
|  | 2025 | $1140783 | $55259 |
|  |  |  | $— |
|  |  |  | $(55259) |
|  Tax-Aware Overlay A Portfolio | 2024 | $4462809 | $51926 |
|  |  |  | $— |
|  |  |  | $(51926) |
|  | 2025 | $1140795 | $55271 |
|  |  |  | $— |
|  |  |  | $(55271) |
|  Overlay B Portfolio | 2024 | $4459453 | $48570 |
|  |  |  | $— |
|  |  |  | $(48570) |
|  | 2025 | $1136973 | $51449 |
|  |  |  | $— |
|  |  |  | $(51449) |
|  Tax-Aware Overlay B Portfolio | 2024 | $4499390 | $88507 |
|  |  |  | $— |
|  |  |  | $(88507) |
|  | 2025 | $1137469 | $51945 |
|  |  |  | $— |
|  |  |  | $(51945) |

---

(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.
The registrant has a separately designated standing audit committee established in accordance with Section (3)(a)(58)(A) of the Securities Exchange Act of 1934. The audit committee members are as follows:

---

| | |
|:---|:---|
| Jorge A. Bermudez | Garry L. Moody |
| Carol C. McMullen | Jeanette Loeb |
| R. Jay Gerken | Jeffrey R. Holland |
| Emilie D. Wrapp |  |

---

------

##### [**Table of Contents**](#toc)

#### ITEM 6. INVESTMENTS.
Please see Schedule of Investments contained in the Financial Statements included under Item 7 of this Form N-CSR.

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

##### [**Table of Contents**](#toc)
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, 2025

------

##### [**Table of Contents**](#toc)
**Table of Contents**

---

| | |
|:---|:---|
|  [Schedule of Investments](#toc904720_5) | 1 |
|  [Statement of Assets and Liabilities](#toc904720_6) | 76 |
|  [Statement of Operations](#toc904720_7) | 80 |
|  [Statement of Changes in Net Assets](#toc904720_8) | 82 |
|  [Financial Highlights](#toc904720_9) | 87 |
|  [Notes to Financial Statements](#toc904720_10) | 105 |
|  [Other](#toc904720_11) | 140 |

---

**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** 

------

##### [**Table of Contents**](#toc)
Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

#### Emerging Markets Portfolio
September 30, 2025

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| COMMON STOCKS–97.9% | COMMON STOCKS–97.9% | COMMON STOCKS–97.9% |
| Financials–27.0% | Financials–27.0% | Financials–27.0% |
| **Banks–15.7%** | **Banks–15.7%** | **Banks–15.7%** |
|  Abu Dhabi Islamic Bank PJSC | 1505935 | $8939584 |
|  Alior Bank SA | 180877 | 5119228 |
|  Banco do Brasil SA | 1165700 | 4838238 |
|  Bank Negara Indonesia Persero Tbk PT | 19885900 | 4905870 |
|  Bank of Baroda | 1232688 | 3589092 |
|  Bank Polska Kasa Opieki SA | 199473 | 9613270 |
|  China Construction Bank Corp.–Class H | 5502000 | 5277329 |
|  Emirates NBD Bank PJSC | 2073065 | 13714891 |
|  Eurobank Ergasias Services & Holdings SA–Class A | 2163160 | 8367860 |
|  Grupo Financiero Banorte SAB de CV | 1802250 | 18154863 |
|  Hana Financial Group, Inc. | 137360 | 8540348 |
|  HDFC Bank Ltd. | 883590 | 9484102 |
|  ICICI Bank Ltd. | 1016883 | 15421402 |
|  Itau Unibanco Holding SA (Preference Shares) | 3563950 | 26162530 |
|  Kasikornbank PCL | 801400 | 4142401 |
|  KB Financial Group, Inc. | 107499 | 8872521 |
|  Krung Thai Bank PCL–Class A | 5467000 | 4183972 |
|  Metropolitan Bank & Trust Co. | 4238170 | 4953596 |
|  Piraeus Financial Holdings SA(a) | 1456885 | 12375105 |
|  Regional SAB de CV | 611780 | 5493276 |
|  Sberbank of Russia PJSC(a)(b)(c)(d) | 951472 | 0 |
|  Standard Chartered PLC | 262780 | 5099914 |
|  State Bank of India | 1491045 | 14658141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;201907533 |
| **Capital Markets–3.5%** | **Capital Markets–3.5%** | **Capital Markets–3.5%** |
|  B3 SA–Brasil Bolsa Balcao | 3021300 | 7606824 |
|  HDFC Asset Management Co., Ltd.(e) | 255925 | 15919579 |
|  Hong Kong Exchanges & Clearing Ltd.–Class H | 161900 | 9191153 |
|  Huatai Securities Co., Ltd.–Class H(e) | 1390400 | 3665417 |
|  Nuvama Wealth Management Ltd. | 61922 | 4396284 |
|  Samsung Securities Co., Ltd. | 83800 | 4287532 |
|  |  | 45066789 |
| **Consumer Finance–1.0%** | **Consumer Finance–1.0%** | **Consumer Finance–1.0%** |
|  Kaspi.KZ JSC (ADR) | 59930 | 4895082 |
|  LexinFintech Holdings Ltd. (ADR) | 544520 | 2902292 |
|  Muthoot Finance Ltd. | 158065 | 5471215 |
|  |  | 13268589 |
| **Financial Services–0.6%** | **Financial Services–0.6%** | **Financial Services–0.6%** |
|  PNB Housing Finance Ltd.(e) | 768401 | 7464924 |
| **Insurance–6.2%** | **Insurance–6.2%** | **Insurance–6.2%** |
|  AIA Group Ltd.–Class H | 530200 | 5081417 |
| **Company** | **Shares** | **U.S. $ Value** |
|  Co. for Cooperative Insurance (The) | 133200 | $4830462 |
|  DB Insurance Co., Ltd. | 81350 | 8039652 |
|  New China Life Insurance Co., Ltd.–Class H | 458700 | 2716710 |
|  OUTsurance Group Ltd. | 1951313 | 8101282 |
|  People's Insurance Co. Group of China Ltd. (The)–Class H | 6760000 | 5913932 |
|  PICC Property & Casualty Co., Ltd.–Class H | 13682000 | 30864563 |
|  Ping An Insurance Group Co. of China Ltd.–Class H | 1128000 | 7673885 |
|  Samsung Fire & Marine Insurance Co., Ltd. | 19485 | 6271857 |
|  |  | 79493760 |
|  |  | 347201595 |
| Information Technology–24.4% | Information Technology–24.4% | Information Technology–24.4% |
| **Communications Equipment–2.9%** | **Communications Equipment–2.9%** | **Communications Equipment–2.9%** |
|  Accton Technology Corp. | 405000 | 14005390 |
|  Xiaomi Corp.–Class H(a) | 3264600 | 22688793 |
|  |  | 36694183 |
| **Electronic Equipment, Instruments & Components–3.0%** | **Electronic Equipment, Instruments & Components–3.0%** | **Electronic Equipment, Instruments & Components–3.0%** |
|  Compeq Manufacturing Co., Ltd. | 2051000 | 4960380 |
|  Delta Electronics, Inc. | 780000 | 21972671 |
|  Simplo Technology Co., Ltd. | 247000 | 3005414 |
|  Tripod Technology Corp. | 509000 | 5037597 |
|  Zhen Ding Technology Holding Ltd. | 784000 | 4287472 |
|  |  | 39263534 |
| **IT Services–0.6%** | **IT Services–0.6%** | **IT Services–0.6%** |
|  HCL Technologies Ltd. | 398255 | 6220921 |
|  Infosys Ltd. | 86857 | 1413468 |
|  |  | 7634389 |
| **Semiconductors & Semiconductor Equipment–12.5%** | **Semiconductors & Semiconductor Equipment–12.5%** | **Semiconductors & Semiconductor Equipment–12.5%** |
|  MediaTek, Inc. | 10000 | 433697 |
|  Realtek Semiconductor Corp. | 145000 | 2625012 |
|  SK Hynix, Inc. | 139408 | 34558945 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 2825206 | 122720774 |
|  |  | 160338428 |
| **Technology Hardware, Storage & Peripherals–5.4%** | **Technology Hardware, Storage & Peripherals–5.4%** | **Technology Hardware, Storage & Peripherals–5.4%** |
|  Asustek Computer, Inc. | 426000 | 9411300 |
|  Samsung Electronics Co., Ltd. | 946368 | 56735049 |
|  Samsung Electronics Co., Ltd. (Preference Shares) | 78405 | 3721181 |
|  |  | 69867530 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;313798064 |
| Communication Services–11.9% | Communication Services–11.9% | Communication Services–11.9% |
| **Diversified Telecommunication Services–0.3%** | **Diversified Telecommunication Services–0.3%** | **Diversified Telecommunication Services–0.3%** |
|  KT Corp. (Sponsored ADR) | 168240 | 3280680 |
| **Entertainment–2.7%** | **Entertainment–2.7%** | **Entertainment–2.7%** |
|  NetEase, Inc.–Class H | 1157600 | 35159016 |

---

 <br> *2025 Annual Report* *1*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Interactive Media & Services–6.5%** | **Interactive Media & Services–6.5%** | **Interactive Media & Services–6.5%** |
|  Meitu, Inc.–Class H(a)(e)(f) | 4918000 | $5849640 |
|  NAVER Corp. | 20394 | 3913337 |
|  Tencent Holdings Ltd.–Class H | 871200 | 74234598 |
|  |  | 83997575 |
| **Media–0.0%** | **Media–0.0%** | **Media–0.0%** |
|  China South Publishing & Media Group Co., Ltd.–Class A | 600 | 1037 |
| **Wireless Telecommunication Services–2.4%** | **Wireless Telecommunication Services–2.4%** | **Wireless Telecommunication Services–2.4%** |
|  Bharti Airtel Ltd. | 310237 | 6577421 |
|  Etihad Etisalat Co. | 533314 | 9606250 |
|  TIM SA/Brazil | 2355400 | 10400094 |
|  Turkcell Iletisim Hizmetleri AS | 1946860 | 4588162 |
|  |  | 31171927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;153610235 |
| Consumer Discretionary–9.7% | Consumer Discretionary–9.7% | Consumer Discretionary–9.7% |
| **Automobiles–0.5%** | **Automobiles–0.5%** | **Automobiles–0.5%** |
|  Kia Corp. | 94833 | 6806817 |
| **Broadline Retail–4.4%** | **Broadline Retail–4.4%** | **Broadline Retail–4.4%** |
|  Alibaba Group Holding Ltd.–Class H | 2097900 | 46917646 |
|  Allegro.eu SA(a)(e) | 497860 | 4884824 |
|  Pepco Group NV(e) | 672240 | 4800514 |
|  |  | 56602984 |
| **Hotels, Restaurants & Leisure–1.4%** | **Hotels, Restaurants & Leisure–1.4%** | **Hotels, Restaurants & Leisure–1.4%** |
|  Indian Hotels Co., Ltd. (The) | 569323 | 4624080 |
|  MakeMyTrip Ltd.(a) | 37210 | 3482856 |
|  OPAP SA | 421333 | 9829019 |
|  |  | 17935955 |
| **Household Durables–0.9%** | **Household Durables–0.9%** | **Household Durables–0.9%** |
|  Gree Electric Appliances, Inc. of Zhuhai–Class A | 879100 | 4911068 |
|  Hisense Visual Technology Co., Ltd.–Class A | 521300 | 1769348 |
|  Midea Group Co., Ltd.–Class A | 481161 | 4920411 |
|  |  | 11600827 |
| **Specialty Retail–2.0%** | **Specialty Retail–2.0%** | **Specialty Retail–2.0%** |
|  Lojas Renner SA | 2222800 | 6318937 |
|  Pop Mart International Group Ltd.–Class H(e) | 582800 | 19961965 |
|  |  | 26280902 |
| **Textiles, Apparel & Luxury Goods–0.5%** | **Textiles, Apparel & Luxury Goods–0.5%** | **Textiles, Apparel & Luxury Goods–0.5%** |
|  Bosideng International Holdings Ltd.–Class H | 4388000 | 2617566 |
|  Yue Yuen Industrial Holdings Ltd.–Class H | 2019000 | 3433830 |
|  |  | 6051396 |
|  |  | 125278881 |
| Industrials–7.5% | Industrials–7.5% | Industrials–7.5% |
| **Construction & Engineering–1.1%** | **Construction & Engineering–1.1%** | **Construction & Engineering–1.1%** |
|  Indus Towers Ltd.(a) | 832546 | 3228152 |
| **Company** | **Shares** | **U.S. $ Value** |
|  Larsen & Toubro Ltd. | 118736 | $4903144 |
|  Samsung E&A Co., Ltd. | 324876 | 6210513 |
|  |  | 14341809 |
| **Electrical Equipment–1.0%** | **Electrical Equipment–1.0%** | **Electrical Equipment–1.0%** |
|  Contemporary Amperex Technology Co., Ltd.–Class A | 116260 | 6593503 |
|  Zhejiang Huayou Cobalt Co., Ltd.–Class A | 601800 | 5591161 |
|  |  | 12184664 |
| **Ground Transportation–0.0%** | **Ground Transportation–0.0%** | **Ground Transportation–0.0%** |
|  Globaltrans Investment PLC (Sponsored GDR)(a)(b)(d)(g) | 301797 | 0 |
| **Industrial Conglomerates–0.6%** | **Industrial Conglomerates–0.6%** | **Industrial Conglomerates–0.6%** |
|  Jardine Matheson Holdings Ltd. | 84800 | 5351488 |
|  SK Square Co., Ltd.(a) | 15610 | 2248459 |
|  |  | 7599947 |
| **Machinery–2.5%** | **Machinery–2.5%** | **Machinery–2.5%** |
|  HD Hyundai Heavy Industries Co., Ltd. | 14240 | 5230395 |
|  HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | 30510 | 8940021 |
|  Weichai Power Co., Ltd.–Class A | 2728600 | 5387022 |
|  Yutong Bus Co., Ltd.–Class A | 3258500 | 12455490 |
|  |  | 32012928 |
| **Passenger Airlines–1.9%** | **Passenger Airlines–1.9%** | **Passenger Airlines–1.9%** |
|  InterGlobe Aviation Ltd.(e) | 71081 | 4465828 |
|  Latam Airlines Group SA | 357190370 | 8114811 |
|  Latam Airlines Group SA (ADR)(a) | 264690 | 11977223 |
|  |  | 24557862 |
| **Transportation Infrastructure–0.4%** | **Transportation Infrastructure–0.4%** | **Transportation Infrastructure–0.4%** |
|  International Container Terminal Services, Inc. | 708720 | 5747654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96444864 |
| Real Estate–3.6% | Real Estate–3.6% | Real Estate–3.6% |
| **Diversified REITs–0.2%** | **Diversified REITs–0.2%** | **Diversified REITs–0.2%** |
|  Fibra Uno Administracion SA de CV | 2055380 | 3048250 |
| **Real Estate Management & Development–3.4%** | **Real Estate Management & Development–3.4%** | **Real Estate Management & Development–3.4%** |
|  Aldar Properties PJSC | 2350239 | 6070832 |
|  Arabian Centres Co.(e) | 623360 | 3767253 |
|  Ayala Land, Inc. | 4287200 | 1795273 |
|  Emaar Development PJSC | 1442240 | 5284927 |
|  Emaar Properties PJSC | 5507676 | 19568253 |
|  Lodha Developers Ltd.(e) | 518422 | 6664912 |
|  |  | 43151450 |
|  |  | 46199700 |
| Consumer Staples–3.1% | Consumer Staples–3.1% | Consumer Staples–3.1% |
| **Beverages–0.6%** | **Beverages–0.6%** | **Beverages–0.6%** |
|  Eastroc Beverage Group Co., Ltd.–Class A | 175600 | 7503842 |

---

 <br> *2* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Consumer Staples Distribution & Retail–0.6%** | **Consumer Staples Distribution & Retail–0.6%** | **Consumer Staples Distribution & Retail–0.6%** |
|  Cencosud SA | 781130 | $2223105 |
|  Sok Marketler Ticaret AS(a) | 2115863 | 1854620 |
|  Zabka Group SA(a) | 689591 | 4458110 |
|  |  | 8535835 |
| **Food Products–1.8%** | **Food Products–1.8%** | **Food Products–1.8%** |
|  Alfa SAB de CV–Class A | 4982020 | 3996280 |
|  AVI Ltd. | 403560 | 2311532 |
|  Fujian Sunner Development Co., Ltd.–Class A | 1782092 | 4521679 |
|  Muyuan Foods Co., Ltd.–Class A | 544800 | 4062353 |
|  Uni-President China Holdings Ltd.–Class H | 3796000 | 4011607 |
|  WH Group Ltd.–Class H | 3717000 | 4025329 |
|  |  | 22928780 |
| **Personal Care Products–0.1%** | **Personal Care Products–0.1%** | **Personal Care Products–0.1%** |
|  Colgate-Palmolive India Ltd. | 34068 | 855379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39823836 |
| Materials–3.1% | Materials–3.1% | Materials–3.1% |
| **Chemicals–1.2%** | **Chemicals–1.2%** | **Chemicals–1.2%** |
|  Controladora Alpek SAB de CV(a) | 5280000 | 867819 |
|  UPL Ltd. | 654793 | 4850315 |
|  Yunnan Yuntianhua Co., Ltd.–Class A | 2745490 | 10350776 |
|  |  | 16068910 |
| **Construction Materials–0.3%** | **Construction Materials–0.3%** | **Construction Materials–0.3%** |
|  Cemex SAB de CV | 3561600 | 3201132 |
| **Metals & Mining–1.6%** | **Metals & Mining–1.6%** | **Metals & Mining–1.6%** |
|  China Hongqiao Group Ltd.–Class H(a) | 3310500 | 11212112 |
|  Zijin Gold International Co., Ltd.–Class H(a)(f) | 6109 | 94674 |
|  Zijin Mining Group Co., Ltd.–Class H(f) | 2102000 | 8788506 |
|  |  | 20095292 |
|  |  | 39365334 |
| Utilities–2.9% | Utilities–2.9% | Utilities–2.9% |
| **Electric Utilities–1.2%** | **Electric Utilities–1.2%** | **Electric Utilities–1.2%** |
|  Cia Energetica de Minas Gerais (Preference Shares) | 1197600 | 2508946 |
|  Enel Chile SA | 30694580 | 2375729 |
|  Energisa S/A | 484500 | 4629935 |
|  Equatorial Energia SA Ord | 471619 | 3274239 |
|  Power Grid Corp. of India Ltd. | 840511 | 2653180 |
|  |  | 15442029 |
| **Gas Utilities–0.7%** | **Gas Utilities–0.7%** | **Gas Utilities–0.7%** |
|  GAIL India Ltd. | 4585435 | 9105200 |
| **Independent Power and Renewable Electricity Producers–0.4%** | **Independent Power and Renewable Electricity Producers–0.4%** | **Independent Power and Renewable Electricity Producers–0.4%** |
|  NTPC Ltd. | 1280646 | 4914480 |
| **Company** | **Shares** | **U.S. $ Value** |
| **Water Utilities–0.6%** | **Water Utilities–0.6%** | **Water Utilities–0.6%** |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 321562 | $7985504 |
|  |  | 37447213 |
| Energy–2.4% | Energy–2.4% | Energy–2.4% |
| **Oil, Gas & Consumable Fuels–2.4%** | **Oil, Gas & Consumable Fuels–2.4%** | **Oil, Gas & Consumable Fuels–2.4%** |
|  Gazprom PJSC (Sponsored ADR)(a)(b)(c)(d) | 436750 | 0 |
|  LUKOIL PJSC(a)(b)(c)(d) | 80321 | 0 |
|  ORLEN SA | 434920 | 10362786 |
|  PetroChina Co., Ltd.–Class H | 7964000 | 7219884 |
|  Petroleo Brasileiro SA–Petrobras (Preference Shares) | 1438900 | 8505387 |
|  Petronet LNG Ltd. | 1627805 | 5115965 |
|  |  | 31204022 |
| Health Care–2.3% | Health Care–2.3% | Health Care–2.3% |
| **Life Sciences Tools & Services–1.2%** | **Life Sciences Tools & Services–1.2%** | **Life Sciences Tools & Services–1.2%** |
|  Samsung Biologics Co., Ltd.(a)(e) | 4009 | 2857005 |
|  WuXi AppTec Co., Ltd.–Class A | 416700 | 6597107 |
|  WuXi XDC Cayman, Inc.–Class H(a) | 573000 | 5786493 |
|  |  | 15240605 |
| **Pharmaceuticals–1.1%** | **Pharmaceuticals–1.1%** | **Pharmaceuticals–1.1%** |
|  Jiangsu Hengrui Pharmaceuticals Co., Ltd.–Class A | 405700 | 4080559 |
|  Jiangsu Hengrui Pharmaceuticals Co., Ltd.–Class H(a) | 33200 | 376647 |
|  Sino Biopharmaceutical Ltd.–Class H | 9774000 | 10187594 |
|  |  | 14644800 |
|  |  | 29885405 |
| Total Common Stocks <br>(cost $932,642,529) |  | 1260259149 |
| SHORT-TERM INVESTMENTS–0.8% | SHORT-TERM INVESTMENTS–0.8% | SHORT-TERM INVESTMENTS–0.8% |
| **Investment Companies–0.8%** |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 3.97%(h)(i)(j) <br>(cost $10,768,924) | 10768924 | 10768924 |
| **Total Investments—98.7%** <br>(cost $943,411,453) |  | 1271028073 |
|  Other assets less liabilities—1.3% | Other assets less liabilities—1.3% | 16336093 |
| **Net Assets—100.0%** |  | $**1287364166** |

---

 <br> *2025 Annual Report* *3*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | |
|:---|:---|
| **Country Breakdown (% of Net Assets)** | **Country Breakdown (% of Net Assets)** |
|  China | 30.0% |
|  Taiwan | 14.6 |
|  South Korea | 13.2 |
|  India | 11.3 |
|  Brazil | 6.4 |
|  United Arab Emirates | 4.2 |
|  Poland | 3 |
|  Mexico | 2.7 |
|  Hong Kong | 2.6 |
|  Greece | 2.4 |
|  Others | 2.4 |
|  Chile | 1.9 |
|  Saudi Arabia | 1.4 |
|  Philippines | 1 |
|  South Africa | 0.8 |
|  Short-Term Investments | 0.8 |
|  Other assets less liabilities | 1.3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) |
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Bank of America NA | USD | 2953 | CNH | 21119 | 10/16/2025 | $10986 |
|  Bank of America NA | USD | 9752 | IDR | 160232119 | 10/24/2025 | (150814) |
|  Bank of America NA | USD | 60613 | TWD | 1795050 | 11/21/2025 | (1479849) |
|  Bank of America NA | GBP | 2357 | USD | 3222 | 12/05/2025 | 51289 |
|  Barclays Capital, Inc. | BRL | 210405 | USD | 39560 | 10/02/2025 | 27130 |
|  Barclays Capital, Inc. | USD | 39322 | BRL | 210405 | 10/02/2025 | 211376 |
|  Barclays Capital, Inc. | USD | 3454 | KRW | 4749905 | 10/14/2025 | (69801) |
|  Barclays Capital, Inc. | BRL | 210405 | USD | 39019 | 11/04/2025 | (197288) |
|  BNP Paribas SA | KRW | 6134591 | USD | 4422 | 10/14/2025 | 51115 |
|  BNP Paribas SA | CLP | 3452851 | USD | 3588 | 11/13/2025 | (3889) |
|  BNP Paribas SA | TWD | 97559 | USD | 3197 | 11/21/2025 | (16501) |
|  Citibank NA | KRW | 44364280 | USD | 32351 | 10/14/2025 | 743221 |
|  Citibank NA | CNH | 36517 | USD | 5125 | 10/16/2025 | 1 |
|  Citibank NA | PHP | 576657 | USD | 10105 | 10/28/2025 | 227438 |
|  Citibank NA | USD | 56409 | INR | 4963432 | 11/21/2025 | (701937) |
|  Deutsche Bank AG | USD | 3946 | ZAR | 69810 | 10/14/2025 | 92725 |
|  Deutsche Bank AG | USD | 6171 | CNH | 43861 | 10/16/2025 | (15404) |
|  Goldman Sachs Bank USA | USD | 3691 | HUF | 1228219 | 11/19/2025 | (4291) |
|  Goldman Sachs Bank USA | USD | 13518 | MYR | 56946 | 11/21/2025 | 27055 |
|  HSBC Bank USA | INR | 738219 | USD | 8286 | 11/21/2025 | 577 |
|  HSBC Bank USA | TWD | 88839 | USD | 2937 | 11/21/2025 | 10764 |
|  JPMorgan Chase Bank | USD | 7285 | KRW | 10020344 | 10/14/2025 | (145716) |
|  Morgan Stanley Capital Services, Inc. | BRL | 210405 | USD | 38314 | 10/02/2025 | (1219122) |
|  Morgan Stanley Capital Services, Inc. | USD | 39560 | BRL | 210405 | 10/02/2025 | (27130) |
|  Morgan Stanley Capital Services, Inc. | USD | 21670 | ZAR | 391235 | 10/14/2025 | 965269 |
|  Morgan Stanley Capital Services, Inc. | CNH | 21119 | USD | 2955 | 10/16/2025 | (8921) |
|  Morgan Stanley Capital Services, Inc. | MXN | 165743 | USD | 8764 | 10/22/2025 | (267152) |
|  Morgan Stanley Capital Services, Inc. | CLP | 14501297 | USD | 15214 | 11/13/2025 | 129268 |
|  Morgan Stanley Capital Services, Inc. | EUR | 18908 | USD | 22309 | 11/21/2025 | 44457 |
|  State Street Bank & Trust Co. | HKD | 28257 | USD | 3635 | 10/14/2025 | 2864 |
|  State Street Bank & Trust Co. | HKD | 165082 | USD | 21171 | 10/14/2025 | (47630) |

---

 <br> *4* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  State Street Bank & Trust Co. | USD | 6478 | THB | 204504 | 11/13/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;(145765) |
|  UBS | PLN | 88266 | USD | 24385 | 11/19/2025 | 117255 |
|  |  |  |  |  |  | $(1788420) |

---

(a) Non-income producing security.

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

(c) Restricted and illiquid security.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted & Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Gazprom PJSC (Sponsored ADR) | 10/06/2021–10/21/2021 | $4522921 | $0 | 0.00% |
|  LUKOIL PJSC | 06/22/2012–06/14/2016 | 3192255 | 0 | 0.00% |
|  Sberbank of Russia PJSC | 07/10/2020–09/17/2020 | 2848601 | 0 | 0.00% |

---

(d) Fair valued by the Adviser.

(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, 2025, the aggregate market value of these securities amounted to $80,301,861 or 6.2% of net assets.

(f) Represents entire or partial securities out on loan. See Note 2E for securities lending information.

(g) 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, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Globaltrans Investment PLC (Sponsored GDR) | 06/28/2018–06/09/2021 | $1956351 | $0 | 0.00% |

---

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

(i) Affiliated investments.

(j) 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.

Currency Abbreviations:

BRL—Brazilian Real

CLP—Chilean Peso

CNH—Chinese Yuan Renminbi (Offshore)

EUR—Euro

GBP—Great British Pound

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

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.

 <br> *2025 Annual Report* *5*

------

##### [**Table of Contents**](#toc)
Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

#### California Municipal Portfolio
September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| MUNICIPAL OBLIGATIONS–97.2% | MUNICIPAL OBLIGATIONS–97.2% | MUNICIPAL OBLIGATIONS–97.2% |
| Long-Term Municipal Bonds–90.1% | Long-Term Municipal Bonds–90.1% | Long-Term Municipal Bonds–90.1% |
| **California–83.7%** | **California–83.7%** | **California–83.7%** |
|  Bay Area Toll Authority <br>(Bay Area Toll Authority)<br>Series 2021<br>3.19% (MUNIPSA + 0.30%),<br>04/01/2056(a) | $&nbsp;&nbsp;&nbsp;&nbsp;5000 | $4900179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% (MUNIPSA + 0.41%),<br>04/01/2056(a) | 13415 | 12978707 |
|  Burbank-Glendale-Pasadena Airport Authority Brick Campaign <br>(Burbank-Glendale-Pasadena Airport Authority Brick Campaign)<br>Series 2024-B<br>5.25%, 07/01/2042 | 950 | 1003761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2044 | 8865 | 9261119 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024-B<br>4.00%, 07/01/2039 | 4500 | 4396453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 07/01/2041 | 3000 | 2859305 |
|  California Community Choice Financing Authority <br>(American General Life Insurance)<br>Series 2023-D<br>5.50%, 05/01/2054 | 5000 | 5339057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 08/01/2055 | 7600 | 8193103 |
|  California Community Choice Financing Authority <br>(Athene Annuity & Life Co.)<br>Series 2024<br>5.00%, 01/01/2055 | 10000 | 10589431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2055 | 10000 | 10587371 |
|  California Community Choice Financing Authority <br>(Deutsche Bank AG)<br>Series 2023<br>5.25%, 01/01/2054 | 10000 | 10669122 |
|  California Community Choice Financing Authority <br>(Goldman Sachs Group)<br>Series 2021<br>4.00%, 10/01/2052 | 7015 | 7175381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 12/01/2053 | 9590 | 10208330 |
|  California Community Choice Financing Authority <br>(Morgan Stanley)<br>Series 2021-B<br>4.00%, 02/01/2052 | 4435 | 4545712 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>4.431% (SOFR + 1.63%), 07/01/2053(a) | $5000 | $5024461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.471% (SOFR + 1.67%), 02/01/2054(a) | &nbsp;&nbsp;&nbsp;&nbsp;5000 | 5032633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2054 | 14770 | 15890467 |
|  California Community Choice Financing Authority <br>(New York Life Insurance)<br>Series 2024<br>5.00%, 01/01/2056 | 12250 | 13666477 |
|  California Community Choice Financing Authority <br>(Pacific Life Insurance)<br>Series 2024-F<br>5.00%, 02/01/2055 | 6045 | 6583290 |
|  California Community Choice Financing Authority<br>(Royal Bank of Canada)<br>Series 2024<br>5.00%, 02/01/2055 | 10000 | 10979394 |
|  California Community Housing Agency <br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments)<br>Series 2021-A<br>4.00%, 08/01/2047(b) | 4450 | 3373042 |
|  California Community Housing Agency <br>(California Community Housing Agency Fountains at Emerald Park)<br>Series 2021<br>4.00%, 08/01/2046(b) | 1330 | 1119602 |
|  California Community Housing Agency <br>(California Community Housing Agency Summit at Sausalito Apartments)<br>Series 2021<br>4.00%, 02/01/2050(b) | 3390 | 2535298 |
|  California County Tobacco Securitization Agency<br>(Los Angeles County Securitization)<br>Series 2020-A<br>4.00%, 06/01/2037 | 510 | 496249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2038 | 1000 | 960884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 800 | 825816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 700 | 735094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 500 | 536301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 400 | 426557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 300 | 317794 |
|  California Earthquake Authority <br>(California Earthquake Authority)<br>Series 2022-A<br>5.603%, 07/01/2027 | 1520 | 1539771 |
|  California Educational Facilities Authority <br>(Prerefunded–US Treasuries)<br>Series 2015<br>5.00%, 11/01/2028 | 1545 | 1548183 |
|  California Educational Facilities Authority <br>(St. Mary's College of California)<br>Series 2023<br>5.25%, 10/01/2033 | 1375 | 1479751 |

---

 <br> *6* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  California Enterprise Development Authority <br>(Real Journey Academies Obligated Group)<br>Series 2024-A<br>5.00%, 06/01/2044(b) | $2000 | $1921296 |
|  California Enterprise Development Authority <br>(Rocketship Education Obligated Group)<br>Series 2022<br>4.00%, 06/01/2027(b) | 615 | 613278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2031(b) | 2000 | 1979137 |
|  California Health Facilities Financing Authority<br>(Adventist Health System/West Obligated Group)<br>Series 2024<br>5.00%, 12/01/2034<br>| 1265 | 1390103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 | 1000 | 1078642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 12/01/2032 | 5500 | 6014355 |
|  California Health Facilities Financing Authority<br>(Cedars-Sinai Medical Center)<br>Series 2015<br>5.00%, 11/15/2027 | 6500 | 6524237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 6000 | 6022186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 7000 | 7025967 |
|  California Health Facilities Financing Authority<br>(Children's Hospital Los Angeles)<br>Series 2017-A<br>5.00%, 08/15/2032 | 1215 | 1237885 |
|  California Health Facilities Financing Authority<br>(CommonSpirit Health Obligated Group)<br>Series 2020-A<br>5.00%, 04/01/2034 | 750 | 811977 |
|  California Health Facilities Financing Authority<br>(Prerefunded–Others)<br>Series 2019<br>5.00%, 10/01/2039 | 3000 | 3000000 |
|  California Health Facilities Financing Authority<br>(Sutter Health)<br>Series 2018-A<br>5.00%, 11/15/2029 | 1280 | 1347749 |
|  California Housing Finance Agency <br>(CAHFA 2019-2)<br>Series 2019-2, Class A<br>4.00%, 03/20/2033 | 9911 | 10112078 |
|  California Housing Finance Agency <br>(CAHFA 2021-1)<br>Series 2021-1, Class A<br>3.50%, 11/20/2035 | 9300 | 9082339 |
|  California Housing Finance Agency <br>(CAHFA 2021-2)<br>Series 2021-2, Class A<br>3.75%, 03/25/2035 | 7554 | 7603059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class X<br>0.825%, 03/25/2035(c) | 3777 | 150706 |
|  California Housing Finance Agency <br>(CAHFA 2021-3)<br>Series 2021-3, Class A<br>3.25%, 08/20/2036 | 1878 | 1790933 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  California Infrastructure & Economic Development Bank <br>(California Academy of Sciences)<br>Series 2024<br>3.25%, 08/01/2029 | $4750 | $4824435 |
|  California Infrastructure & Economic Development Bank <br>(Museum Associates)<br>Series 2021<br>3.59% (MUNIPSA + 0.70%), 12/01/2050(a) | 4000 | 3983436 |
|  California Infrastructure & Economic Development Bank <br>(Roseville Sustainable Energy Partner)<br>Series 2024<br>5.00%, 07/01/2042 | 2355 | 2418715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 | 2000 | 2025219 |
|  California Municipal Finance Authority <br>(Ascent 613)<br>Series 2025-A<br>5.25%, 01/01/2045(b) | 2500 | 2447643 |
|  California Municipal Finance Authority <br>(California Municipal Finance Authority)<br>Series 2025-2, Class A1<br>3.537%, 02/20/2041 | 3588 | 3260153 |
|  California Municipal Finance Authority <br>(Emerson College)<br>Series 2017-B<br>5.00%, 01/01/2030 | 1000 | 1032816 |
|  California Municipal Finance Authority <br>(LAX Integrated Express Solutions)<br>Series 2018<br>5.00%, 12/31/2026 | 2200 | 2241131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2028 | 1000 | 1039421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2029 | 1050 | 1088480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2029 | 2150 | 2228347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2031 | 1930 | 1986903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2033 | 1500 | 1534339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2043 | 2000 | 2002462 |
|  California Municipal Finance Authority <br>(PRS-California Obligated Group)<br>Series 2024<br>5.00%, 04/01/2034 | 410 | 450516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 | 720 | 787221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2038 | 500 | 530615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2044 | 1415 | 1428545 |
|  California Municipal Finance Authority <br>(United Airlines, Inc.)<br>Series 2019<br>4.00%, 07/15/2029 | 5000 | 5030914 |
|  California Pollution Control Financing Authority<br>(Channelside Water Resources)<br>Series 2012<br>5.00%, 07/01/2027(b) | 1580 | 1585713 |
|  California Pollution Control Financing Authority<br>(San Diego County Water Authority Desalination Project Pipeline)<br>Series 2019<br>5.00%, 07/01/2029(b) | 2900 | 3006989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039(b) | 2465 | 2518933 |

---

 <br> *2025 Annual Report* *7*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  California Public Finance Authority <br>(California University of Science & Medicine Obligated Group)<br>Series 2019<br>6.25%, 07/01/2054(b) | $1500 | $1540731 |
|  California School Finance Authority <br>(Kipp SoCal Public Schools Obligated Group)<br>Series 2020-A<br>4.00%, 07/01/2040(b) | 1305 | 1202395 |
|  California School Finance Authority <br>(Lighthouse Community Public Schools Obligated Group)<br>Series 2022<br>6.25%, 06/01/2042(b) | 1000 | 1036376 |
|  California School Finance Authority <br>(Partnerships to Uplift Communities<br>Series 2023 Obligated Group)<br>Series 2023<br>5.00%, 08/01/2033(b) | 650 | 670742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2038(b) | 500 | 509635 |
|  California School Finance Authority <br>(Rex & Margaret Fortune School of Education)<br>Series 2024<br>5.00%, 06/01/2044(b) | 2000 | 1867501 |
|  California School Finance Authority <br>(Rocketship Education Obligated Group)<br>Series 2015-A<br>4.25%, 03/01/2028(b) | 570 | 570050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A<br>5.00%, 06/01/2031(b) | 1700 | 1672917 |
|  California State Public Works Board <br>(California State Public Works Board Lease)<br>Series 2017-H<br>5.00%, 04/01/2030 | 2000 | 2076877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 | 2000 | 2074808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032 | 1270 | 1314461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 04/01/2043 | 2000 | 2155716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2044 | 2000 | 2140414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2045 | 2385 | 2541820 |
|  California State Public Works Board <br>(State of California Lease)<br>Series 2022-A<br>5.00%, 08/01/2027 | 7000 | 7334408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>5.00%, 06/01/2026 | 10000 | 10165713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 09/01/2026 | 5000 | 5116189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.05%, 04/01/2032 | 2000 | 2059874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 04/01/2033 | 1000 | 1027126 |
|  California State University <br>(California State University)<br>Series 2017-A<br>5.00%, 11/01/2033 | 5620 | 5827075 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 11/01/2030 | $600 | $668243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 400 | 442914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D<br>1.49%, 11/01/2028 | 1500 | 1396144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>2.274%, 11/01/2034 | 7000 | 5851842 |
|  California Statewide Communities Development Authority <br>(CHF-Irvine LLC)<br>Series 2017-A<br>5.00%, 05/15/2029 | 1210 | 1251043 |
|  California Statewide Communities Development Authority <br>(Emanate Health Obligated Group)<br>Series 2020-A<br>5.00%, 04/01/2027 | 720 | 744974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 | 535 | 566142 |
|  California Statewide Communities Development Authority <br>(John Muir Health Obligated Group)<br>Series 2024-A<br>5.00%, 12/01/2041 | 3250 | 3501476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2040 | 2400 | 2669091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2044 | 2725 | 2909906 |
|  California Statewide Communities Development Authority <br>(Lancer Educational Housing)<br>Series 2016<br>5.00%, 06/01/2036(b) | 3250 | 3258343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 06/01/2034(b) | 755 | 774265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2039(b) | 1800 | 1803876 |
|  California Statewide Communities Development Authority <br>(Loma Linda University Medical Center)<br>Series 2014<br>5.25%, 12/01/2034 | 4500 | 4503102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 12/01/2027(b) | 250 | 258042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033(b) | 1000 | 1021792 |
|  California Statewide Communities Development Authority <br>(NCCD-Hooper Street LLC)<br>Series 2019<br>5.00%, 07/01/2029(b) | 570 | 583971 |
|  California Statewide Communities Development Authority <br>(Redlands Community Hospital Obligated Group)<br>Series 2016<br>5.00%, 10/01/2027 | 2360 | 2389436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 1230 | 1243947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 2135 | 2153590 |
|  California Statewide Communities Development Authority <br>(Southern California Edison)<br>Series 2023<br>4.50%, 11/01/2033 | 6700 | 6981219 |

---

 <br> *8* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Central Valley Energy Authority <br>(Pacific Life Insurance)<br>Series 2025<br>5.00%, 12/01/2055 | $1000 | $1094934 |
|  City of Fremont CA Community Facilities District No. 1 <br>(City of Fremont CA Community Facilities District No. 1)<br>Series 2015<br>5.00%, 09/01/2027 | 1000 | 1007732 |
|  City of Los Angeles CA Wastewater System Revenue <br>(City of Los Angeles CA Wastewater System Revenue)<br>Series 2025-C<br>5.00%, 06/01/2043 | 2000 | 2179276 |
|  City of Los Angeles Department of Airports <br>(City of Los Angeles Dept. of Airports)<br>Series 2017<br>5.00%, 05/15/2029 | 1145 | 1159441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 05/15/2028 | 1440 | 1492721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2031 | 1275 | 1312142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>5.00%, 05/15/2031 | 3000 | 3195711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 | 1190 | 1227836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>4.00%, 05/15/2044 | 4205 | 3870564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 05/15/2038 | 4315 | 4453071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C<br>5.00%, 05/15/2031 | 5000 | 5434810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2039 | 2655 | 2766091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>5.00%, 05/15/2030 | 5020 | 5483851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2033 | 4735 | 5183385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 | 1685 | 1809842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D<br> 4.00%, 05/15/2040 | 2165 | 2099130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 05/15/2036 | 1300 | 1297644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2041 | 1100 | 1048866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2032 | 4000 | 4422456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 05/15/2041 | 6160 | 5873651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 05/15/2026 | 3500 | 3550192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2036 | 1050 | 1171264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2037 | 1065 | 1175875 |
|  City of Los Angeles Department of Airports <br>(Prerefunded–US Treasuries)<br>Series 2021<br>5.00%, 05/15/2033 | 265 | 289931 |
|  City of Roseville CA <br>(City of Roseville CA Fiddyment Ranch Community Facilities District No. 1)<br>Series 2017<br>5.00%, 09/01/2028 | 1010 | 1050537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 1295 | 1339643 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  City of Roseville CA <br>(HP Campus Oaks Community Facilities District No. 1)<br>Series 2016<br>5.00%, 09/01/2031 | $995 | $1009319 |
|  City of San Jose CA Airport Revenue <br>(Norman Y Mineta San Jose Intl Airport SJC)<br>Series 2017-A<br>5.00%, 03/01/2027 | 2480 | 2552244 |
|  City of Santa Rosa CA Wastewater Revenue <br>(City of Santa Rosa CA Wastewater Revenue)<br>AMBAC Series 2002-B<br>Zero Coupon, 09/01/2029 | 3000 | 2717233 |
|  CMFA Special Finance Agency VIII Elan Huntington Beach <br>(CMFA Special Finance Agency VIII Elan Huntington Beach)<br>Series 2021<br>4.00%, 08/01/2047(b) | 340 | 305858 |
|  Compton Community Redevelopment Agency Successor Agency <br>(Compton Community Redevelopment Agency Successor Agency)<br>AG Series 2022-A<br>5.25%, 08/01/2032 | 3925 | 4429379 |
|  Contra Costa Transportation Authority Sales Tax Revenue <br>(Contra Costa Transportation Authority Sales Tax Revenue)<br>Series 2017-A<br>5.00%, 03/01/2030 | 1250 | 1299208 |
|  Coronado Community Development Agency Successor Agency <br>(Coronado Community Development Agency Successor Agency)<br>Series 2018-A<br>5.00%, 09/01/2033 | 675 | 675799 |
|  County of Sacramento CA Airport System Revenue <br>(County of Sacramento CA Airport System Revenue)<br>Series 2025-A<br>5.00%, 07/01/2029 | 1100 | 1179644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 2250 | 2372059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2043 | 1150 | 1213805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2044 | 1500 | 1580352 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 777 Place-Pomona)<br>Series 2021<br>3.60%, 05/01/2047(b) | 1500 | 1216860 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim)<br>Series 2021<br>3.35%, 04/01/2047(b) | 3325 | 2792487 |

---

 <br> *2025 Annual Report* *9*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)<br>Series 2021<br>4.00%, 10/01/2046(b) | $4000 | $3170599 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Altana Apartments)<br>Series 2021<br>3.50%, 10/01/2046(b) | 5000 | 4072951 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments)<br>Series 2021-A1<br>2.875%, 08/01/2041(b) | 3315 | 2986956 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)<br>Series 2021<br>3.375%, 07/01/2043(b) | 1000 | 797925 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Oceanaire Apartments)<br>Series 2021<br>3.20%, 09/01/2046(b) | 5000 | 3511271 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Pasadena Portfolio)<br>Series 2021<br>2.65%, 12/01/2046(b) | 2355 | 1962837 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Theo Apartments)<br>Series 2021<br>3.50%, 05/01/2047(b) | 2000 | 1665842 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Union South Bay)<br>Series 2021-A<br>3.10%, 07/01/2045(b) | 3000 | 2480683 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Vineyard Gardens Apartments)<br>Series 2021<br>4.00%, 10/01/2048(b) | 4000 | 3056544 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Waterscape Apartments)<br>Series 2021-A<br>3.00%, 09/01/2056(b) | 1500 | 1006671 |
|  East County Advanced Water Purification Joint Powers Authority <br>(East County Advanced Water Purification Joint Powers Authority)<br>Series 2024<br>5.00%, 09/01/2026 | 5500 | 5594483 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Fontana Redevelopment Agency Successor Agency <br>(Fontana Redevelopment Agency Successor Agency)<br>Series 2017-A<br>5.00%, 10/01/2031 | $1750 | $1832083 |
|  Foothill-De Anza Community College District <br>(Foothill-De Anza Community College District)<br>AMBAC Series 2007-A<br>Zero Coupon, 08/01/2034 | 1000 | 767711 |
|  Foothill-Eastern Transportation Corridor Agency <br>(Foothill-Eastern Transportation Corridor Agency)<br>Series 2021-A<br>4.00%, 01/15/2046 | 3290 | 3040701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C<br>4.00%, 01/15/2043 | 1889 | 1807915 |
|  Fremont Union High School District <br>(Fremont Union High School District)<br>Series 2024<br>5.00%, 08/01/2026 | 1000 | 1023473 |
|  Golden State Tobacco Securitization Corp. <br>(Golden State Tobacco Securitization Lease)<br>Series 2021<br>2.746%, 06/01/2034 | 3165 | 2807595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.115%, 06/01/2038 | 2500 | 2096523 |
|  Golden State Tobacco Securitization Corp. <br>(Golden State Tobacco Securitization)<br>Series 2021<br>3.85%, 06/01/2050 | 5765 | 5252659 |
|  Long Beach Bond Finance Authority <br>(Bank of America Corp.)<br>Series 2007-A<br>5.50%, 11/15/2037 | 3700 | 4184133 |
|  Los Angeles Department of Water & Power <br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2022-C<br>5.00%, 07/01/2039 | 2500 | 2664194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 07/01/2036 | 2000 | 2229350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 1405 | 1549890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 | 2055 | 2250354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 1845 | 2004769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 07/01/2041 | 1070 | 1145142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D<br>5.00%, 07/01/2043 | 4165 | 4386181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E<br>5.00%, 07/01/2039 | 2000 | 2182077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 07/01/2033 | 3665 | 4178832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 2000 | 2291944 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2025-A<br>5.00%, 07/01/2043 | 1750 | 1854148 |

---

 <br> *10* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Los Angeles Department of Water & Power Power System Revenue <br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2016-A<br>5.00%, 07/01/2036 | $1130 | $1132873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>5.00%, 07/01/2038 | 1000 | 1064373 |
|  Los Angeles Department of Water & Power Water System Revenue <br>(Los Angeles Dept. of Water & Power Water System Revenue)<br>Series 2016-B<br>5.00%, 07/01/2030 | 1495 | 1503415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>5.00%, 07/01/2035 | 1040 | 1167641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 | 2125 | 2253976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 01/01/2030 | 10000 | 10871115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 07/01/2031 | 1625 | 1821645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 1000 | 1133501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 1300 | 1484193 |
|  Los Angeles Unified School District/CA <br>(Los Angeles Unified School District/CA)<br>Series 2016-B<br>5.00%, 07/01/2030 | 2500 | 2546285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>5.00%, 07/01/2029 | 9020 | 9591525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 07/01/2027 | 1045 | 1098565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 07/01/2030 | 1590 | 1803559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 26740 | 31331499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 07/01/2043 | 2000 | 2189552 |
|  M-S-R Energy Authority <br>(Citigroup, Inc.)<br>Series 2009-A<br>6.50%, 11/01/2039 | 5285 | 6475327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-B<br>7.00%, 11/01/2034 | 5555 | 6739935 |
|  Middle Fork Project Finance Authority <br>(Middle Fork Project Finance Authority)<br>Series 2020<br>5.00%, 04/01/2033 | 1650 | 1743829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 1100 | 1156761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 | 1150 | 1203996 |
|  Northern California Energy Authority <br>(Pacific Life Insurance)<br>Series 2024<br>5.00%, 12/01/2054 | 10000 | 10806727 |
|  Pittsburg Successor Agency Redevelopment Agency <br>(Pittsburg Successor Agency Redevelopment Agency)<br>AG Series 2016-A<br>5.00%, 09/01/2027 | 2785 | 2849017 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Port of Los Angeles <br>(Port of Los Angeles)<br>Series 2024-A<br>5.00%, 08/01/2029 | $1295 | $1401778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 | 2110 | 2324470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 2330 | 2629893 |
|  River Islands Public Financing Authority <br>(River Islands Public Financing Authority Cmnty Facs District No. 2003-1 Area 1)<br>Series 2022<br>4.50%, 09/01/2037 | 2905 | 2924451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2042 | 2510 | 2543138 |
|  Riverside County Public Financing Authority <br>(Prerefunded–US Treasuries)<br>Series 2015<br>5.00%, 11/01/2028 | 3395 | 3401937 |
|  Sacramento County Water Financing Authority<br>(Sacramento County Water Agency)<br>NATL Series 2007-B<br>3.54% (CME Term SOFR 3 Month + 0.57%), 06/01/2039(a) | 5700 | 5180031 |
|  San Diego Community College District <br>(Prerefunded–US Treasuries)<br>Series 2016<br>4.00%, 08/01/2041 | 4000 | 4059708 |
|  San Diego County Regional Airport Authority <br>(San Diego County Regional Airport Authority)<br>Series 2021-B<br>5.00%, 07/01/2028 | 5245 | 5541385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 07/01/2041 | 10320 | 10829580 |
|  San Diego Unified School District/CA <br>(San Diego Unified School District/CA)<br>Series 2025-Z<br>5.00%, 07/01/2039 | 875 | 990634 |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue <br>(San Francisco City & County Public Utilities Commission Wastewater Revenue)<br>Series 2024<br>4.655%, 10/01/2027 | 2650 | 2688753 |
|  San Francisco Intl Airport <br>(San Francisco Intl Airport)<br>Series 2019-A<br>5.00%, 05/01/2034 | 11015 | 11537213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 | 1000 | 1042920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-E<br>5.00%, 05/01/2034 | 3450 | 3613562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 | 3275 | 3415561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 | 3385 | 3514566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>2.583%, 05/01/2030 | 1625 | 1529424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 05/01/2035 | 13000 | 14304137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 | 1950 | 2125129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2039 | 5860 | 6214585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2044 | 10000 | 10469069 |

---

 <br> *2025 Annual Report* *11*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  San Joaquin Valley Clean Energy Authority <br>(Goldman Sachs Group)<br>Series 2025<br>5.50%, 01/01/2056 | $2840 | $3259358 |
|  San Mateo Joint Powers Financing Authority <br>(County of San Mateo CA Lease)<br>Series 2019-A<br>5.00%, 07/15/2026 | 3310 | 3380441 |
|  Saugus/Hart School Facilities Financing Authority <br>(Saugus Union School District Community Facilities District No. 06-01)<br>Series 2016<br>5.00%, 09/01/2029 | 1000 | 1007509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 1365 | 1375134 |
|  South San Francisco Unified School District <br>(South San Francisco Unified School District)<br>Series 2025<br>5.00%, 09/01/2026 | 3510 | 3601475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 2160 | 2280946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 1000 | 1114146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 1675 | 1910926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 1380 | 1622777 |
|  Southern California Public Power Authority <br>(American General Life Insurance)<br>Series 2024-A<br>5.00%, 04/01/2055 | 3500 | 3765197 |
|  Southern California Public Power Authority <br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2023<br>5.00%, 07/01/2035 | 2645 | 2965769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 2000 | 2217183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 2000 | 2164138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 | 1100 | 1173246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 07/01/2040 | 3200 | 3468829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 | 1650 | 1758443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 | 1995 | 2089990 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2025<br>5.25%, 07/01/2042 | 2175 | 2387474 |
|  Southern California Public Power Authority <br>(Southern California Public Power Authority)<br>BAM Series 2025<br>5.00%, 07/01/2035 | 1950 | 2247430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2044 | 1200 | 1298951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2045 | 1730 | 1867633 |
|  State of California <br>(State of California)<br>Series 2009<br>7.30%, 10/01/2039 | 1000 | 1169925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 04/01/2039 | 1000 | 1220115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>5.00%, 09/01/2034 | 3500 | 3564156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 04/01/2037 | 615 | 651485 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 09/01/2038 | $10000 | $11132256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2033 | 4000 | 4390732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.15%, 09/01/2034 | 2000 | 2085963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 03/01/2042 | 5000 | 5475759 |
|  Sweetwater Union High School District <br>(Sweetwater Union High School District)<br>Series 2016<br>5.00%, 08/01/2030 | 3205 | 3229575 |
|  Tobacco Securitization Authority of Northern California <br>(Sacramento County Tobacco Securitization)<br>Series 2021<br>4.00%, 06/01/2034 | 1000 | 1008022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2036 | 1015 | 1009225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2038 | 1210 | 1175263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2040 | 1150 | 1091658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 1360 | 1378325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 1500 | 1550386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 1220 | 1283726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 1500 | 1622388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 1300 | 1396048 |
|  Transbay Joint Powers Authority <br>(Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment)<br>Series 2020<br>5.00%, 10/01/2031 | 500 | 528139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 950 | 996875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 600 | 623356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 | 600 | 619848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 800 | 822057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 | 1375 | 1405445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 | 1000 | 1018112 |
|  University of California <br>(University of California)<br>Series 2017-A<br>5.00%, 05/15/2028 | 1000 | 1044322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 | 3000 | 3128691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2031 | 2465 | 2567613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M<br>5.00%, 05/15/2031 | 4000 | 4165210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>4.693%, 05/15/2033 | 6260 | 6385214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 05/15/2026 | 20000 | 20324502 |
|  Washington Township Health Care District <br>(Washington Township Health Care District)<br>Series 2023-A<br>5.00%, 07/01/2040 | 400 | 406401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 | 360 | 362674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 | 350 | 350449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 | 275 | 273584 |

---

 <br> *12* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2023-B<br>4.125%, 08/01/2041 | $750 | $757802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/01/2042 | 275 | 276255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/2043 | 370 | 372893 |
|  Yucaipa Valley Water District Financing Authority<br>(Yucaipa Valley Water District Water & Sewer Revenue)<br>Series 2024-A<br>5.00%, 06/01/2026 | 10000 | 10100304 |
|  |  | 909179414 |
| **American Samoa–0.1%** |  |  |
|  American Samoa Economic Development Authority <br>(Territory of American Samoa)<br>Series 2018<br>6.50%, 09/01/2028(b) | 470 | 494101 |
| **Florida–0.1%** |  |  |
|  City of Tampa FL <br>(State of Florida Cigarette Tax Revenue)<br>Series 2020-A<br>Zero Coupon, 09/01/2033 | 175 | 130276 |
|  County of Osceola FL Transportation Revenue<br>(County of Osceola FL Transportation Revenue)<br>Series 2020-A<br>Zero Coupon, 10/01/2030 | 150 | 124295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2031 | 185 | 146291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2032 | 100 | 75090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2033 | 250 | 178387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2034 | 270 | 183410 |
|  New River Community Development District <br>(New River Community Development District)<br>Series 2006-B<br>5.00%, 05/01/2013(d)(e) | 405 | 4 |
|  |  | 837753 |
| **Georgia–0.2%** |  |  |
|  Municipal Electric Authority of Georgia <br>(Municipal Electric Authority of Georgia)<br>Series 2019<br>5.00%, 01/01/2032 | 460 | 484883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 | 250 | 260989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 | 1590 | 1653560 |
|  |  | 2399432 |
| **Guam–2.2%** |  |  |
|  Antonio B Won Pat International Airport Authority <br>(Antonio B Won Pat Intl Airport Authority)<br>Series 2021-A<br>2.899%, 10/01/2027 | 825 | 801303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 10/01/2028 | 960 | 991307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/01/2034 | 140 | 149848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 10/01/2040 | 275 | 289504 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 10/01/2027 | $155 | $159025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 600 | 639857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 600 | 641335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 450 | 480040 |
|  Guam Department of Education <br>(Guam Dept. of Education COP)<br>Series 2020<br>4.25%, 02/01/2030 | 1500 | 1511387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2040 | 1090 | 1085829 |
|  Guam Education Financing Foundation <br>(Guam Education Financing Foundation COP)<br>Series 2016-B<br>5.00%, 10/01/2026(b) | 1045 | 1045015 |
|  Guam Power Authority <br>(Guam Power Authority)<br>Series 2022-A<br>5.00%, 10/01/2028 | 3000 | 3185400 |
|  Territory of Guam <br>(Territory of Guam)<br>Series 2019<br>5.00%, 11/15/2031 | 355 | 374316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-G<br>5.00%, 01/01/2033 | 1200 | 1315191 |
|  Territory of Guam <br>(Guam Section 30 Income Tax)<br>Series 2016-A<br>5.00%, 12/01/2026 | 1000 | 1019234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 455 | 463942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 730 | 744206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 675 | 686211 |
|  Territory of Guam <br>(Prerefunded–US Treasuries)<br>Series 2015<br>5.00%, 11/15/2030 | 2625 | 2632091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-D<br>5.00%, 11/15/2025 | 1140 | 1143079 |
|  Territory of Guam <br>(Territory of Guam Business Privilege Tax)<br>Series 2021-F<br>5.00%, 01/01/2031 | 1000 | 1085612 |
|  Territory of Guam <br>(Territory of Guam Hotel Occupancy Tax)<br>Series 2021-A<br>5.00%, 11/01/2027 | 795 | 826589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 955 | 1008164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 1000 | 1068741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 820 | 888717 |
|  |  | 24235943 |
| **Illinois–0.6%** |  |  |
|  Illinois Finance Authority <br>(Illinois Institute of Technology)<br>Series 2019<br>5.00%, 09/01/2032 | 100 | 101528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 200 | 201850 |

---

 <br> *2025 Annual Report* *13*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Metropolitan Pier & Exposition Authority <br>(Metropolitan Pier & Exposition Authority)<br>Series 2017-B<br>5.00%, 12/15/2026 | $3250 | $3328766 |
|  Village of Bolingbrook IL Sales Tax Revenue <br>(Village of Bolingbrook IL Sales Tax Revenue)<br>Series 2005<br>6.00%, 01/01/2026(e)(f)(g) | 4450 | 3159500 |
|  |  | 6791644 |
| **Indiana–0.0%** |  |  |
|  City of Fort Wayne IN <br>(Do Good Foods Fort Wayne Obligated Group)<br>10.75%, 12/01/2029(e)(g) | 25 | 2 |
| **Kentucky–0.4%** |  |  |
|  City of Ashland KY <br>(Royal Blue Health Obligated Group)<br>Series 2019<br>5.00%, 02/01/2026 | 230 | 231117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 260 | 265732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 160 | 170896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 200 | 209991 |
|  Kentucky Economic Development Finance Authority <br>(Owensboro Health Obligated Group)<br>Series 2017-A<br>5.00%, 06/01/2029 | 3500 | 3578167 |
|  |  | 4455903 |
| **Missouri–0.0%** |  |  |
|  Howard Bend Levee District <br>(Howard Bend Levee District)<br>XLCA Series 2005<br>5.75%, 03/01/2027 | 150 | 155008 |
| **Nevada–0.0%** |  |  |
|  City of Sparks NV <br>(City of Sparks NV Sales Tax)<br>Series 2019-A<br>2.75%, 06/15/2028(b) | 145 | 142503 |
| **New Jersey–1.3%** |  |  |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Fed Hwy Grant)<br>Series 2016<br>5.00%, 06/15/2027 | 1410 | 1433104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 | 6660 | 6767834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 06/15/2028 | 2710 | 2754171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 | 1290 | 1310887 |
|  Tobacco Settlement Financing Corp./NJ <br>(Tobacco Settlement Financing Corp/NJ)<br>Series 2018-A<br>5.00%, 06/01/2026 | 1000 | 1014411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 1000 | 1055131 |
|  |  | 14335538 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| **New York–0.0%** |  |  |  |
|  New York Transportation Development Corp. <br>(Laguardia Gateway Partners)<br>Series 2016-A<br>5.00%, 07/01/2046 | 220 | $| 217816 |
| **Ohio–0.1%** | **Ohio–0.1%** | **Ohio–0.1%** | **Ohio–0.1%** |
|  Buckeye Tobacco Settlement Financing Authority <br>(Buckeye Tobacco Settlement Financing Authority)<br>Series 2020-A<br>5.00%, 06/01/2036 | 1175 |  | 1223706 |
| **Pennsylvania–0.1%** |  |  |  |
|  Allentown Neighborhood Improvement Zone Development Authority <br>(Allentown Neighborhood Improvement Zone Center City Investment Revenue)<br>Series 2018<br>5.00%, 05/01/2033(b) | 1000 |  | 1027055 |
| **Puerto Rico–0.9%** |  |  |  |
|  Commonwealth of Puerto Rico <br>(Commonwealth of Puerto Rico)<br>Series 2021-A<br>Zero Coupon, 07/01/2033 | 1680 |  | 1199885 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority <br>(Puerto Rico Commonwealth Aqueduct & Sewer Authority)<br>Series 2020-A<br>5.00%, 07/01/2030(b) | 2440 |  | 2545599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035(b) | 1735 |  | 1787221 |
|  Puerto Rico Electric Power Authority <br>(Puerto Rico Electric Power Authority)<br>AG Series 2007-V<br>5.25%, 07/01/2027 | 1720 |  | 1733259 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth <br>(San Juan Cruise Port LLC)<br>Series 2024<br>6.25%, 01/01/2040 | 1665 |  | 1876804 |
|  |  |  | 9142768 |
| **Washington–0.1%** |  |  |  |
|  Washington Health Care Facilities Authority <br>(CommonSpirit Health Obligated Group)<br>Series 2019-A<br>5.00%, 08/01/2031 | 825 |  | 883299 |
| **Wisconsin–0.3%** |  |  |  |
|  Wisconsin Public Finance Authority <br>(UMA Education, Inc.)<br>Series 2019<br>5.00%, 10/01/2025(b) | 730 |  | 730000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026(b) | 770 |  | 778074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027(b) | 805 |  | 823111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028(b) | 700 |  | 722717 |

---

 <br> *14* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029(b) | 320 | $| 333126 |
|  |  |  | 3387028 |
| Total Long-Term Municipal Bonds <br>(cost $989,813,756) | Total Long-Term Municipal Bonds <br>(cost $989,813,756) |  | 978908913 |
| SHORT-TERM MUNICIPAL NOTES–7.1% | SHORT-TERM MUNICIPAL NOTES–7.1% | SHORT-TERM MUNICIPAL NOTES–7.1% | SHORT-TERM MUNICIPAL NOTES–7.1% |
| **California–7.1%** |  |  |  |
|  Anaheim Housing & Public Improvements Authority <br>(City of Anaheim CA Water System Revenue)<br>Series 2024, Class A<br>3.15%, 10/01/2054(h) | 4045 |  | 4045000 |
|  City of Los Angeles CA <br>(City of Los Angeles CA)<br>Series 2025<br>5.00%, 06/25/2026 | 50000 |  | 50960590 |
|  County of Riverside CA <br>(County of Riverside CA)<br>Series 2024-A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/17/2025 | 2500 |  | 2500257 |
|  Irvine Ranch Water District <br>(Irvine Ranch Water District)<br>Series 2009-B<br>2.65%, 10/01/2041(h) | 2300 |  | 2300000 |
|  Nuveen California AMT-Free Quality Municipal Income Fund <br>(Nuveen California AMT-Free Quality Municipal Income Fund)<br>Series 2017<br>3.34%, 10/01/2047(b)(h) | 5000 |  | 5000000 |
|  State of California <br>(State of California)<br>Series 2024-A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/01/2053(h) | 8220 |  | 8220000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/01/2054(h) | 4600 |  | 4600000 |
| Total Short-Term Municipal Notes <br>(cost $77,356,180) | Total Short-Term Municipal Notes <br>(cost $77,356,180) |  | 77625847 |
| Total Municipal Obligations <br>(cost $1,067,169,936) | Total Municipal Obligations <br>(cost $1,067,169,936) |  | 1056534760 |
| COMMERCIAL MORTGAGE-BACKED SECURITIES–0.5% | COMMERCIAL MORTGAGE-BACKED SECURITIES–0.5% | COMMERCIAL MORTGAGE-BACKED SECURITIES–0.5% | COMMERCIAL MORTGAGE-BACKED SECURITIES–0.5% |
| **Agency CMBS–0.5%** |  |  |  |
|  California Housing Finance Agency<br>Series 2021-3, Class X<br>0.793%, 08/20/2036(c) | 3192 |  | 143630 |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates<br>Series 2021-ML10, Class AUS<br>2.032%, 01/25/2038 | 4739 |  | 3831599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class ACA<br>2.875%, 07/25/2036 | 928 |  | 862375 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class XCA<br>0.964%, 07/25/2036(c) | 2504 | $134652 |
| Total Commercial Mortgage-Backed Securities <br>(cost $5,984,686) | Total Commercial Mortgage-Backed Securities <br>(cost $5,984,686) | 4972256 |
| ASSET-BACKED SECURITIES–0.1% | ASSET-BACKED SECURITIES–0.1% | ASSET-BACKED SECURITIES–0.1% |
| **Autos—Fixed Rate–0.1%** |  |  |
|  Lendbuzz Securitization Trust<br>Series 2023-1A, Class A2<br>6.92%, 08/15/2028(b) <br>(cost $573,920) | 574 | 581939 |
| COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% | COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% | COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% |
| **Risk Share Floating Rate–0.0%** | **Risk Share Floating Rate–0.0%** |  |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2016-C02, Class 1M2<br>10.471% (CME Term SOFR + 6.11%), 09/25/2028(a) | 7 | 7133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 1M2<br>11.221% (CME Term SOFR + 6.86%), 08/25/2028(a) | 29 | 29219 |
| Total Collateralized Mortgage Obligations <br>(cost $36,423) | Total Collateralized Mortgage Obligations <br>(cost $36,423) | 36352 |
| **Total Investments—97.8%** <br>(cost $1,073,764,965) |  | 1062125307 |
|  Other assets less liabilities—2.2% |  | 23709458 |
| **Net Assets—100.0%** |  | $**1085834765** |

---

 <br> *2025 Annual Report* *15*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) |  |  |
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** |
|  CDX-NAHY Series 45, 5 Year Index, 12/20/2030\* | (5.00)% | Quarterly | 3.21% | USD | 7600 | $(596319) | $(583526) | $(12793) |

---

\* Termination date

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) |
| | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** | **Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 19630 | 10/15/2028 | CPI# | 2.565% | Maturity | $(144157) | $— | $(144157) |
| USD | 17750 | 10/15/2029 | 2.569% | CPI# | Maturity | 106803 |  | 106803 |
| USD | 17250 | 10/15/2029 | 2.485% | CPI# | Maturity | 173571 |  | 173571 |
| USD | 13425 | 10/15/2029 | 2.516% | CPI# | Maturity | 115015 |  | 115015 |
| USD | 13413 | 10/15/2029 | 2.451% | CPI# | Maturity | 156764 |  | 156764 |
| USD | 13412 | 10/15/2029 | 2.499% | CPI# | Maturity | 125902 |  | 125902 |
| USD | 20620 | 10/15/2030 | CPI# | 2.531% | Maturity | (149372) |  | (149372) |
|  |  |  |  |  |  | $384526 | $— | $384526 |

---

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) |
| | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** | **Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 2000 | 10/15/2030 | 1 Day SOFR | 4.092% | Annual | $61386 | $— | $61386 |
| USD | 10000 | 08/15/2031 | 1 Day SOFR | 4.053% | Annual | 321061 |  | 321061 |
| USD | 13500 | 06/01/2032 | 1 Day SOFR | 3.717% | Annual | 161736 | (517) | 162253 |
| USD | 6200 | 06/15/2034 | 3.543% | 1 Day SOFR | Annual | 42581 | 692 | 41889 |
| USD | 11000 | 08/15/2034 | 3.545% | 1 Day SOFR | Annual | 66209 |  | 66209 |
| USD | 3670 | 08/15/2034 | 3.272% | 1 Day SOFR | Annual | 99772 |  | 99772 |
| USD | 3900 | 02/15/2035 | 3.893% | 1 Day SOFR | Annual | (75619) |  | (75619) |
| USD | 15600 | 09/25/2035 | 3.587% | 1 Day SOFR | Annual | 95854 |  | 95854 |
|  |  |  |  |  |  | $772980 | $175 | $772805 |

---

(a) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2025.

(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, 2025, the aggregate market value of these securities amounted to $82,909,512 or 7.6% of net assets.

(c) IO—Interest Only.

(d) Defaulted matured security.

(e) Non-income producing security.

(f) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2025.

(g) Defaulted.

(h) 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, 2025, 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 3.4% and 0.0%, respectively.

 <br> *16* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
Glossary:

AG—Assured Guaranty Inc.

AMBAC—Ambac Assurance Corporation

BAM—Build American Mutual

CDX-NAHY—North American High Yield Credit Default Swap

CHF—Collegiate Housing Foundation

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

XLCA—XL Capital Assurance Inc.

See notes to financial statements.

 <br> *2025 Annual Report* *17*

------

##### [**Table of Contents**](#toc)
Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

#### Diversified Municipal Portfolio
September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| MUNICIPAL OBLIGATIONS–95.4% | MUNICIPAL OBLIGATIONS–95.4% | MUNICIPAL OBLIGATIONS–95.4% |
| Long-Term Municipal Bonds–87.7% | Long-Term Municipal Bonds–87.7% | Long-Term Municipal Bonds–87.7% |
| **Alabama–3.1%** | **Alabama–3.1%** | **Alabama–3.1%** |
|  Black Belt Energy Gas District <br>(BP PLC)<br>Series 2024-D<br>5.00%, 03/01/2055 | $12000 | $13085056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-E<br>5.00%, 12/01/2055 | 2805 | 3023189 |
|  Black Belt Energy Gas District <br>(Goldman Sachs Group)<br>Series 2023-D<br>4.651% (SOFR + 1.85%), 06/01/2049(a) | 5000 | 5096952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2049 | 11435 | 12255387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 10/01/2055 | 3615 | 3908276 |
|  Black Belt Energy Gas District <br>(Morgan Stanley)<br>Series 2022-C<br>5.25%, 02/01/2053 | 2830 | 3022599 |
|  Black Belt Energy Gas District <br>(Pacific Life Insurance)<br>Series 2024-C<br>5.00%, 05/01/2055 | 3100 | 3364548 |
|  County of Jefferson AL <br>(County of Jefferson AL Sales & Use Tax Revenue)<br>Series 2017<br>5.00%, 09/15/2027 | 4965 | 5140431 |
|  Energy Southeast A Cooperative District <br>(Morgan Stanley)<br>Series 2023-B<br>5.001% (SOFR + 2.20%), 04/01/2054(a) | 10000 | 10218795 |
|  Infirmary Health System Special Care Facilities Financing Authority of Mobile <br>(Infirmary Health System Obligated Group)<br>Series 2021<br>4.00%, 02/01/2039 | 1000 | 951327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2040 | 2680 | 2506279 |
|  Southeast Alabama Gas Supply District (The) <br>(Pacific Life Insurance)<br>Series 2024-A<br>5.00%, 08/01/2054 | 10000 | 10833221 |
|  Southeast Energy Authority A Cooperative District <br>(Athene Annuity & Life Co.)<br>Series 2025-A<br>5.00%, 01/01/2056 | 4920 | 5194295 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Southeast Energy Authority A Cooperative District <br>(BP PLC)<br>Series 2025-F<br>5.25%, 11/01/2055 | 8685 | $| 9644442 |
|  Southeast Energy Authority A Cooperative District <br>(Deutsche Bank AG)<br>Series 2024-A<br>5.00%, 11/01/2035 | 3140 |  | 3309662 |
|  Southeast Energy Authority A Cooperative District <br>(Morgan Stanley)<br>Series 2021-B<br>4.00%, 12/01/2051 | 44385 |  | 45479392 |
|  Southeast Energy Authority A Cooperative District <br>(New York Life Insurance)<br>Series 2025<br>5.00%, 09/01/2035 | 2015 |  | 2217535 |
|  Southeast Energy Authority A Cooperative District <br>(Royal Bank of Canada)<br>Series 2023-B<br>5.00%, 01/01/2054 | 7000 |  | 7486921 |
|  Southeast Energy Authority A Cooperative District <br>(Sumitomo Mitsui Financial Group)<br>Series 2023-A<br>5.25%, 01/01/2054 | 13025 |  | 13807037 |
|  |  |  | 160545344 |
| **American Samoa–0.0%** | **American Samoa–0.0%** | **American Samoa–0.0%** | **American Samoa–0.0%** |
|  American Samoa Economic Development Authority <br>(Territory of American Samoa)<br>Series 2018<br>6.50%, 09/01/2028(b) | 1225 |  | 1287817 |
| **Arizona–2.1%** | **Arizona–2.1%** | **Arizona–2.1%** | **Arizona–2.1%** |
|  Arizona Industrial Development Authority <br>(Equitable School Revolving Fund Obligated Group)<br>Series 2020<br>5.00%, 11/01/2034 | 1000 |  | 1062820 |
|  Arizona Industrial Development Authority <br>(Legacy Cares, Inc.)<br>Series 2020<br>6.50%, 07/01/2026(c)(d)(e) | 2000 |  | 61200 |
|  Arizona Sports & Tourism Authority <br>(Arizona Sports & Tourism Authority)<br>BAM Series 2022<br>5.00%, 07/01/2027 | 5370 |  | 5604772 |
|  Chandler Industrial Development Authority <br>(Intel Corp.)<br>Series 2022<br>5.00%, 09/01/2052 | 16530 |  | 16810897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>4.00%, 06/01/2049 | 12580 |  | 12842565 |

---

 <br> *18* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  City of Glendale AZ <br>(City of Glendale AZ COP)<br>Series 2021<br>2.062%, 07/01/2029 | $2900 | $2688152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.542%, 07/01/2033 | 5000 | 4328208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.642%, 07/01/2034 | 10000 | 8523054 |
|  City of Phoenix Civic Improvement Corp. <br>(City of Phoenix AZ Water System Revenue)<br>Series 2020<br>5.00%, 07/01/2030 | 600 | 671433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 850 | 943929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 825 | 908238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 07/01/2030 | 500 | 559528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 650 | 721828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 400 | 440358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 490 | 535890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>5.00%, 07/01/2039 | 1720 | 1841299 |
|  City of Tempe AZ <br>(City of Tempe AZ COP)<br>Series 2021<br>2.071%, 07/01/2032 | 5000 | 4327534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.171%, 07/01/2033 | 5000 | 4243819 |
|  Gilbert Water Resource Municipal Property Corp. <br>(Town of Gilbert AZ Waterworks & Sewer System Revenue)<br>Series 2022<br>5.00%, 07/15/2037 | 1805 | 1984698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2038 | 5500 | 5999441 |
|  Industrial Development Authority of the City of Phoenix Arizona (The) <br>(Brooks West Rehabilitation Services I)<br>Series 2024<br>5.00%, 10/31/2044 | 13000 | 13454410 |
|  Maricopa County Industrial Development Authority <br>(HonorHealth Obligated Group)<br>Series 2024-D<br>5.00%, 12/01/2025 | 1000 | 1003512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 | 1000 | 1066297 |
|  Salt River Project Agricultural Improvement & Power District <br>(Salt River Project Agricultural Improvement & Power District)<br>Series 2016-A<br>5.00%, 01/01/2030 | 3000 | 3089024 |
|  Sierra Vista Industrial Development Authority <br>(American Leadership Academy)<br>Series 2024<br>5.00%, 06/15/2034(b) | 1250 | 1293088 |
|  State of Arizona Lottery Revenue <br>(Prerefunded–US Treasuries)<br>Series 2019<br>5.00%, 07/01/2027 | 5500 | 5738296 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Yuma Industrial Development Authority <br>(Yuma Regional Medical Center Obligated Group)<br>AG Series 2024<br>5.25%, 08/01/2042 | 2125 | $| 2284747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2043 | 2750 |  | 2934638 |
|  |  |  | 105963675 |
| **Arkansas–0.1%** | **Arkansas–0.1%** | **Arkansas–0.1%** | **Arkansas–0.1%** |
|  Arkansas Development Finance Authority <br>(Hybar LLC)<br>Series 2024<br>7.375%, 07/01/2048(b) | 1900 |  | 2061097 |
|  City of Fayetteville AR Sales & Use Tax Revenue <br>(City of Fayetteville AR Sales & Use Tax Revenue)<br>Series 2022<br>2.875%, 11/01/2032 | 2780 |  | 2766701 |
|  |  |  | 4827798 |
| **California–8.1%** | **California–8.1%** | **California–8.1%** | **California–8.1%** |
|  California Community Choice Financing Authority <br>(American General Life Insurance)<br>Series 2024<br>5.00%, 08/01/2055 | 2500 |  | 2695100 |
|  California Community Choice Financing Authority <br>(Athene Annuity & Life Co.)<br>Series 2024<br>5.00%, 11/01/2055 | 1175 |  | 1244016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 01/01/2056 | 1500 |  | 1606510 |
|  California Community Choice Financing Authority <br>(Deutsche Bank AG)<br>Series 2023<br>5.25%, 01/01/2054 | 10000 |  | 10669122 |
|  California Community Choice Financing Authority <br>(Goldman Sachs Group)<br>Series 2023<br>5.25%, 11/01/2054 | 11115 |  | 12052841 |
|  California Community Choice Financing Authority <br>(Morgan Stanley)<br>Series 2023<br>4.431% (SOFR + 1.63%), 07/01/2053(a) | 5000 |  | 5024461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.471% (SOFR + 1.67%), 02/01/2054(a) | 5000 |  | 5032633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E<br>5.00%, 02/01/2055 | 1400 |  | 1528262 |
|  California Community Choice Financing Authority <br>(New York Life Insurance)<br>Series 2024<br>5.00%, 01/01/2056 | 1360 |  | 1517258 |

---

 <br> *2025 Annual Report* *19*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  California Community Choice Financing Authority <br>(Pacific Life Insurance)<br>Series 2025<br>5.00%, 03/01/2056 | $3840 | $4210715 |
|  California Community Choice Financing Authority <br>(Royal Bank of Canada)<br>Series 2024<br>5.00%, 02/01/2055 | 8015 | 8799984 |
|  California Community Housing Agency <br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments)<br>Series 2021-A<br>4.00%, 08/01/2047(b) | 18035 | 13670294 |
|  California Health Facilities Financing Authority <br>(Adventist Health System/West Obligated Group)<br>Series 2025<br>5.00%, 12/01/2032 | 4650 | 5084864 |
|  California Housing Finance Agency <br>(CAHFA 2019-2)<br>Series 2019-2, Class A<br>4.00%, 03/20/2033 | 9463 | 9654867 |
|  California Housing Finance Agency <br>(CAHFA 2021-1)<br>Series 2021-1, Class A<br>3.50%, 11/20/2035 | 3255 | 3178819 |
|  California Housing Finance Agency <br>(CAHFA 2021-2)<br>Series 2021-2, Class A<br>3.75%, 03/25/2035 | 15579 | 15681310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class X<br>0.825%, 03/25/2035(f) | 9442 | 376764 |
|  California Housing Finance Agency <br>(CAHFA 2021-3)<br>Series 2021-3, Class A<br>3.25%, 08/20/2036 | 3755 | 3581866 |
|  California State University <br>(California State University)<br>Series 2021-B<br>2.374%, 11/01/2035 | 5000 | 4115907 |
|  Central Valley Energy Authority <br>(Pacific Life Insurance)<br>Series 2025<br>5.00%, 12/01/2055 | 8000 | 8759468 |
|  City of Los Angeles CA Wastewater System Revenue <br>(City of Los Angeles CA Wastewater System Revenue)<br>Series 2025-C<br>5.00%, 06/01/2042 | 1500 | 1645589 |
|  City of Los Angeles Department of Airports <br>(City of Los Angeles Dept. of Airports)<br>Series 2023<br>5.00%, 05/15/2030 | 10420 | 11382813 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.25%, 05/15/2044 | $4015 | $4260022 |
|  CMFA Special Finance Agency VIII Elan Huntington Beach <br>(CMFA Special Finance Agency VIII Elan Huntington Beach)<br>Series 2021<br>4.00%, 08/01/2047(b) | 870 | 782638 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 777 Place-Pomona)<br>Series 2021<br>3.60%, 05/01/2047(b) | 13250 | 10748934 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)<br>Series 2021<br>4.00%, 10/01/2046(b) | 5500 | 4359573 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Altana Apartments)<br>Series 2021<br>3.50%, 10/01/2046(b) | 12800 | 10426753 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)<br>Series 2021<br>3.375%, 07/01/2043(b) | 7000 | 5585475 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Union South Bay)<br>Series 2021-A<br>3.10%, 07/01/2045(b) | 3000 | 2480683 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Vineyard Gardens Apartments)<br>Series 2021<br>4.00%, 10/01/2048(b) | 6545 | 5001270 |
|  Golden State Tobacco Securitization Corp. <br>(Golden State Tobacco Securitization)<br>Series 2021<br>3.85%, 06/01/2050 | 6660 | 6068119 |
|  Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue <br>(Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue)<br>Series 2021-A<br>4.00%, 06/01/2037 | 6165 | 6395800 |
|  Los Angeles Department of Water & Power <br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2022<br>5.00%, 07/01/2028 | 1600 | 1702847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>5.00%, 07/01/2038 | 1000 | 1069928 |

---

 <br> *20* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 | $1400 | $1466582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>5.00%, 07/01/2029 | 3080 | 3345750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-E<br>5.00%, 07/01/2038 | 2005 | 2185593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 07/01/2040 | 2680 | 2894199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 07/01/2036 | 2000 | 2229350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 4000 | 4412497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 4640 | 5041805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 07/01/2041 | 2000 | 2140453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D<br>5.00%, 07/01/2043 | 7165 | 7545494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E<br>5.00%, 07/01/2039 | 4530 | 4942405 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2025-A<br>5.25%, 07/01/2044 | 2250 | 2417026 |
|  Los Angeles Department of Water & Power Power System Revenue <br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2016-B<br>5.00%, 07/01/2042 | 1075 | 1075539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B<br>5.00%, 07/01/2039 | 2000 | 2080515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045 | 3040 | 3090596 |
|  Los Angeles Department of Water & Power Water System Revenue <br>(Los Angeles Dept. of Water & Power Water System Revenue)<br>Series 2021-B<br>5.00%, 07/01/2040 | 2075 | 2176392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-D<br>5.00%, 07/01/2041 | 1140 | 1208748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>5.00%, 07/01/2041 | 1285 | 1372331 |
|  Sacramento County Water Financing Authority<br>(Sacramento County Water Agency)<br>NATL Series 2007-B<br>3.54% (CME Term SOFR 3 Month + 0.57%), 06/01/2039(a) | 15000 | 13631661 |
|  San Diego County Regional Airport Authority <br>(San Diego County Regional Airport Authority)<br>Series 2023<br>5.00%, 07/01/2042 | 20735 | 21583567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.25%, 07/01/2041 | 1600 | 1733882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2045 | 1550 | 1639918 |
|  San Francisco Intl Airport <br>(San Francisco Intl Airport)<br>Series 2020-E<br>5.00%, 05/01/2037 | 9645 | 10111591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-E<br>5.00%, 05/01/2029 | 8360 | 8952125 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 | 5000 | $| 5442901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2034 | 22275 |  | 25091680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2035 | 10870 |  | 12143254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 05/01/2038 | 7000 |  | 7485967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2042 | 10000 |  | 10586603 |
|  San Joaquin Valley Clean Energy Authority <br>(Goldman Sachs Group)<br>Series 2025<br>5.50%, 01/01/2056 | 2990 |  | 3431508 |
|  Southern California Public Power Authority <br>(American General Life Insurance)<br>Series 2024-A<br>5.00%, 04/01/2055 | 7000 |  | 7530394 |
|  Southern California Public Power Authority <br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2023<br>5.00%, 07/01/2034 | 1315 |  | 1487520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 2335 |  | 2588561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 6485 |  | 7017219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 | 2355 |  | 2511814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 07/01/2042 | 1000 |  | 1065723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 | 1000 |  | 1047614 |
|  State of California <br>(State of California)<br>Series 2023<br>5.00%, 09/01/2037 | 10000 |  | 11205160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2043 | 10000 |  | 10766360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/01/2029 | 2000 |  | 2071533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2033 | 1000 |  | 1097683 |
|  University of California <br>(University of California)<br>Series 2023-B<br>5.00%, 05/15/2043 | 5000 |  | 5388302 |
|  Yucaipa Valley Water District Financing Authority <br>(Yucaipa Valley Water District Water & Sewer Revenue)<br>Series 2024-A<br>5.00%, 06/01/2026 | 3000 |  | 3030091 |
|  |  |  | 418663411 |
| **Colorado–2.1%** | **Colorado–2.1%** | **Colorado–2.1%** | **Colorado–2.1%** |
|  City & County of Denver CO Airport System Revenue <br>(City & County of Denver CO Airport System Revenue)<br>Series 2022-A<br>5.00%, 11/15/2034 | 2000 |  | 2186931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>5.00%, 11/15/2029 | 3250 |  | 3508000 |
|  City & County of Denver CO Airport System Revenue <br>(Denver Intl Airport)<br>Series 2018-A<br>5.00%, 12/01/2025 | 10000 |  | 10032240 |

---

 <br> *2025 Annual Report* *21*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | $16080 | $16480910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 16105 | 17145691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 9560 | 10106081 |
|  Colorado Educational & Cultural Facilities Authority <br>(Ascent Classical Academy Charter Schools)<br>Series 2024<br>4.75%, 04/01/2034(b) | 2100 | 2124600 |
|  Colorado Health Facilities Authority <br>(CommonSpirit Health Obligated Group)<br>Series 2019-A<br>5.00%, 08/01/2030 | 3000 | 3220047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 1995 | 2090800 |
|  Colorado Health Facilities Authority <br>(Sanford Obligated Group)<br>Series 2019-A<br>5.00%, 11/01/2027 | 2280 | 2381741 |
|  Colorado Housing & Finance Authority <br>(Albion Apartments LLLP)<br>Series 2025<br>3.375%, 07/01/2044 | 3250 | 3283258 |
|  E-470 Public Highway Authority <br>(E-470 Public Highway Authority)<br>Series 2024-B<br>3.537% (SOFR + 0.75%), 09/01/2039(a) | 5200 | 5188924 |
|  Johnstown Plaza Metropolitan District <br>(Johnstown Plaza Metropolitan District)<br>Series 2022<br>4.25%, 12/01/2046 | 2139 | 1845531 |
|  Platte River Metropolitan District <br>(Platte River Metropolitan District)<br>Series 2023-A<br>6.50%, 08/01/2053(b) | 1103 | 1115691 |
|  Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado <br>(Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado)<br>Series 2025-A<br>5.00%, 04/01/2035(b) | 10000 | 10797396 |
|  State of Colorado <br>(State of Colorado COP)<br>Series 2022<br>6.00%, 12/15/2041 | 11000 | 12514668 |
|  Sterling Ranch Community Authority Board <br>(Sterling Ranch Metropolitan District No. 3)<br>Series 2022<br>5.80%, 12/01/2032 | 1630 | 1719634 |
|  Vauxmont Metropolitan District <br>(Vauxmont Metropolitan District)<br>AG Series 2019<br>3.25%, 12/15/2050 | 646 | 496978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2026 | 270 | 277058 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2020<br>5.00%, 12/01/2027 | 305 | 319155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 385 | 417516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 285 | 304977 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2050 | 300 | $| 301263 |
|  |  |  | 107859090 |
| **Connecticut–2.1%** | **Connecticut–2.1%** | **Connecticut–2.1%** | **Connecticut–2.1%** |
|  City of Bridgeport CT <br>(City of Bridgeport CT)<br>Series 2017-A<br>5.00%, 11/01/2028 | 1000 |  | 1046605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>5.00%, 08/15/2026 | 4500 |  | 4595143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 6610 |  | 6896643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 08/15/2026 | 2480 |  | 2532435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 2605 |  | 2717966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 1620 |  | 1688089 |
|  City of Bridgeport CT <br>(Prerefunded–US Treasuries)<br>Series 2017-B<br>5.00%, 08/15/2027 | 755 |  | 790777 |
|  Connecticut State Health & Educational Facilities Authority <br>(University of New Haven)<br>Series 2018-K1<br>5.00%, 07/01/2026 | 1000 |  | 1008166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 1100 |  | 1127110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 1100 |  | 1143337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 1200 |  | 1245750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 1500 |  | 1518111 |
|  Connecticut State Health & Educational Facilities Authority <br>(Yale University)<br>Series 2023-A<br>2.80%, 07/01/2048 | 19535 |  | 19520243 |
|  State of Connecticut <br>(State of Connecticut)<br>Series 2015-F<br>5.00%, 11/15/2027 | 1570 |  | 1574615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A<br>5.00%, 03/15/2029 | 14500 |  | 14666843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C<br>5.00%, 06/15/2026 | 5500 |  | 5592454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 01/15/2040 | 2565 |  | 2689788 |
|  State of Connecticut Special Tax Revenue <br>(State of Connecticut Special Tax Revenue)<br>Series 2021-A<br>5.00%, 05/01/2041 | 2840 |  | 3008664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D<br>4.00%, 11/01/2039 | 1060 |  | 1064468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>5.25%, 07/01/2042 | 10000 |  | 10927278 |
|  Town of Stratford CT <br>(Town of Stratford CT)<br>BAM Series 2019<br>5.00%, 01/01/2030 | 2035 |  | 2096412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 3890 |  | 4007623 |

---

 <br> *22* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 3890 | $| 4002740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 3555 |  | 3651273 |
|  University of Connecticut <br>(University of Connecticut)<br>Series 2022-A<br>5.00%, 05/01/2040 | 7065 |  | 7599908 |
|  |  |  | 106712441 |
| **Delaware–0.0%** | **Delaware–0.0%** | **Delaware–0.0%** | **Delaware–0.0%** |
|  Delaware State Economic Development Authority <br>(Newark Charter School)<br>Series 2020<br>4.00%, 09/01/2030 | 575 |  | 583388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2050 | 1000 |  | 982152 |
|  |  |  | 1565540 |
| **District of Columbia–1.3%** | **District of Columbia–1.3%** | **District of Columbia–1.3%** | **District of Columbia–1.3%** |
|  District of Columbia Income Tax Revenue <br>(District of Columbia Income Tax Revenue)<br>Series 2024-A<br>5.00%, 10/01/2035 | 10000 |  | 11499539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 06/01/2044 | 9000 |  | 9570925 |
|  Metropolitan Washington Airports Authority Aviation Revenue <br>(Metropolitan Washington Airports Authority Aviation Revenue)<br>Series 2024-A<br>5.00%, 10/01/2025 | 1000 |  | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 17600 |  | 19652040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 3100 |  | 3424882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 8500 |  | 9221834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2040 | 1675 |  | 1763887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2044 | 2000 |  | 2048702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 10/01/2035 | 4200 |  | 4679878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 2980 |  | 3285398 |
|  |  |  | 66147085 |
| **Florida–4.8%** | **Florida–4.8%** | **Florida–4.8%** | **Florida–4.8%** |
|  Capital Trust Authority <br>(Shands Teaching Hospital & Clinics Obligated Group)<br>Series 2025-A<br>5.00%, 12/01/2032 | 5500 |  | 6105139 |
|  City of Lakeland FL <br>(Lakeland Regional Health Systems Obligated Group)<br>Series 2024<br>5.00%, 11/15/2043 | 2420 |  | 2516114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2044 | 2000 |  | 2064669 |
|  City of South Miami Health Facilities Authority, Inc. <br>(Baptist Health South Florida Obligated Group)<br>Series 2017<br>5.00%, 08/15/2031 | 5000 |  | 5191559 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 08/15/2035 | $8350 | $9414383 |
|  City of Tampa FL <br>(State of Florida Cigarette Tax Revenue)<br>Series 2020-A<br>Zero Coupon, 09/01/2034 | 650 | 460089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/01/2035 | 650 | 437509 |
|  County of Broward FL Airport System Revenue <br>(County of Broward FL Airport System Revenue)<br>Series 2019-C<br>2.384%, 10/01/2026 | 1250 | 1232298 |
|  County of Broward FL Convention Center Hotel Revenue <br>(County of Broward FL Convention Center Hotel Revenue)<br>Series 2022<br>5.00%, 01/01/2035 | 2685 | 2973259 |
|  County of Lee FL Airport Revenue <br>(County of Lee FL Airport Revenue)<br>Series 2024<br>5.25%, 10/01/2040 | 2460 | 2640156 |
|  County of Miami-Dade FL <br>(County of Miami-Dade FL)<br>Series 2025<br>5.00%, 07/01/2028 | 2110 | 2258003 |
|  County of Miami-Dade FL Aviation Revenue <br>(County of Miami-Dade FL Aviation Revenue)<br>Series 2024-A<br>5.00%, 10/01/2027 | 4650 | 4845991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 2000 | 2233186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 | 23870 | 26385845 |
|  County of Miami-Dade FL Water & Sewer System Revenue <br>(County of Miami-Dade FL Water & Sewer System Revenue)<br>Series 2021<br>4.00%, 10/01/2038 | 2490 | 2518879 |
|  County of Miami-Dade Seaport Department <br>(County of Miami-Dade Seaport Dept.)<br>Series 2023-A<br>5.00%, 10/01/2029 | 5500 | 5898919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 | 2535 | 2681368 |
|  County of Osceola FL Transportation Revenue<br>(County of Osceola FL Transportation Revenue)<br>Series 2020-A<br>Zero Coupon, 10/01/2030 | 735 | 609045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2031 | 905 | 715643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2032 | 500 | 375449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2033 | 1210 | 863391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2034 | 1260 | 855912 |
|  County of Palm Beach FL <br>(Palm Beach Atlantic University)<br>Series 2025<br>5.50%, 10/01/2045(b) | 1000 | 1014621 |

---

 <br> *2025 Annual Report* *23*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  County of Pasco FL <br>(H Lee Moffitt Cancer Center & Research Institute Obligated Group)<br>Series 2023<br>5.00%, 07/01/2030(b) | $25000 | $27106230 |
|  Florida Development Finance Corp. <br>(Brightline Trains Florida)<br>AG Series 2024<br>5.00%, 07/01/2044 | 14420 | 14178999 |
|  Florida Development Finance Corp. <br>(GFL Solid Waste Southeast)<br>Series 2024<br>4.375%, 10/01/2054(b) | 2000 | 2018989 |
|  Florida Development Finance Corp. <br>(Mayflower Retirement Center Obligated Group)<br>Series 2020<br>5.125%, 06/01/2040(b) | 3675 | 3656155 |
|  Florida Development Finance Corp. <br>(Renaissance Charter School Series 2025 Obligated Group)<br>Series 2025<br>6.00%, 06/15/2045(b) | 2250 | 2313995 |
|  Florida Development Finance Corp. <br>(Renaissance Charter School)<br>Series 2023<br>6.50%, 06/15/2038(b) | 2000 | 2136794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 06/15/2043(b) | 2195 | 2319875 |
|  Florida Local Government Finance Commission <br>(BridgePrep Academy Series 2025 Obligated Group)<br>Series 2025<br>6.00%, 06/15/2045(b) | 1365 | 1388488 |
|  Florida Municipal Power Agency <br>(Florida Municipal Power Agency All-Requirements Power Supply Project Revenue)<br>Series 2021<br>1.425%, 10/01/2026 | 3000 | 2925263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 10/01/2027 | 1200 | 1258012 |
|  Florida Municipal Power Agency <br>(Prerefunded–Others)<br>Series 2015-B<br>5.00%, 10/01/2026 | 1750 | 1750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 1015 | 1015000 |
|  Florida State Board of Governors <br>(Florida State University Athletics Association)<br>BAM Series 2024-A<br>5.00%, 10/01/2043 | 10000 | 10558433 |
|  Greater Orlando Aviation Authority <br>(Greater Orlando Aviation Authority)<br>Series 2019-A<br>5.00%, 10/01/2025 | 5700 | 5700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2044 | 2870 | 2902915 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 10/01/2034 | $4285 | $4796015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 | 2000 | 2209178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 1235 | 1350924 |
|  Greater Orlando Aviation Authority <br>(Prerefunded–US Treasuries)<br>Series 2017-A<br>5.00%, 10/01/2029 | 3000 | 3125780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 6250 | 6512042 |
|  Hillsborough County Aviation Authority <br>(Hillsborough County Aviation Authority)<br>Series 2024<br>5.25%, 10/01/2043 | 6500 | 6902737 |
|  Hillsborough County Industrial Development Authority <br>(BayCare Obligated Group)<br>Series 2024<br>5.00%, 11/15/2034 | 2000 | 2295577 |
|  Hillsborough County School Board <br>(Hillsborough County School Board COP)<br>Series 2015<br>5.00%, 07/01/2026 | 1480 | 1482454 |
|  JEA Electric System Revenue <br>(JEA Electric System Revenue)<br>Series 2017-B<br>5.00%, 10/01/2030 | 1185 | 1241438 |
|  JEA Water & Sewer System Revenue <br>(JEA Water & Sewer System Revenue)<br>Series 2024-A<br>5.00%, 10/01/2043 | 1635 | 1733273 |
|  Lee County Industrial Development Authority/FL <br>(Shell Point Obligated Group)<br>Series 2024<br>4.125%, 11/15/2029 | 2975 | 2996145 |
|  Manatee County School District <br>(Manatee County School District COP)<br>Series 2016-A<br>5.00%, 07/01/2028 | 7795 | 7930059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 6215 | 6326881 |
|  Miami-Dade County Educational Facilities Authority <br>(University of Miami)<br>Series 2025-B<br>5.25%, 04/01/2040 | 2860 | 3153604 |
|  Mid-Bay Bridge Authority <br>(Prerefunded–US Treasuries)<br>Series 2015-A<br>5.00%, 10/01/2035 | 8565 | 8565000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2040 | 1345 | 1345000 |
|  North Broward Hospital District <br>(North Broward Hospital District)<br>Series 2017-B<br>5.00%, 01/01/2029 | 3000 | 3099767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 3180 | 3279334 |

---

 <br> *24* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Orange County Convention Center/Orlando <br>(Orange County Convention Center/Orlando)<br>Series 2015<br>5.00%, 10/01/2031 | 2000 | $| 2003925 |
|  Orange County Health Facilities Authority <br>(Orlando Health Obligated Group)<br>Series 2025<br>5.00%, 10/01/2044 | 4800 |  | 4992764 |
|  Orange County Health Facilities Authority <br>(Presbyterian Retirement Communities Obligated Group)<br>Series 2023<br>4.00%, 08/01/2036 | 1000 |  | 971618 |
|  Palm Beach County Health Facilities Authority <br>(Jupiter Medical Center Obligated Group)<br>Series 2025<br>5.00%, 11/01/2034 | 1230 |  | 1349801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2041 | 2055 |  | 2157904 |
|  Polk County Industrial Development Authority/FL <br>(Mineral Development LLC)<br>Series 2020<br>5.875%, 01/01/2033(c)(d)(e)(g)(h) | 1905 |  | 381000 |
|  South Broward Hospital District <br>(South Broward Hospital District Obligated Group)<br>Series 2015<br>5.00%, 05/01/2027 | 3350 |  | 3357257 |
|  Village Community Development District No. 15 <br>(Village Community Development District No. 15 Series 2023 Phase I Special Assmnt)<br>Series 2023<br>4.85%, 05/01/2038(b) | 995 |  | 1015241 |
|  |  |  | 250095293 |
| **Georgia–2.6%** | **Georgia–2.6%** | **Georgia–2.6%** | **Georgia–2.6%** |
|  City of Atlanta GA Airport Passenger Facility Charge <br>(City of Atlanta GA Airport Passenger Facility Charge)<br>Series 2023<br>5.25%, 07/01/2041 | 6000 |  | 6418970 |
|  City of Atlanta GA Department of Aviation <br>(City of Atlanta GA Dept. of Aviation)<br>Series 2022-B<br>5.00%, 07/01/2035 | 1565 |  | 1694948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 2845 |  | 3048598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 2535 |  | 2695823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 2765 |  | 2898336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 7105 |  | 7409420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 | 7460 |  | 7720805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 07/01/2035 | 1125 |  | 1242941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 4000 |  | 4335606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2045 | 1850 |  | 1946956 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Cobb County Kennestone Hospital Authority <br>(WellStar Health System Obligated Group)<br>Series 2021<br>5.00%, 04/01/2026 | $1000 | $1010735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2027 | 250 | 258522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 | 250 | 264241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 | 300 | 323026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | 225 | 246259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 | 250 | 272805 |
|  Development Authority of Cobb County (The) <br>(MT Bethel Christian Academy)<br>Series 2025<br>6.00%, 06/01/2045(b) | 1000 | 1015044 |
|  Fayette County Development Authority <br>(United States Soccer Federation)<br>Series 2024<br>5.00%, 10/01/2026 | 300 | 305553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 270 | 280419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 320 | 337766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 375 | 402077 |
|  Main Street Natural Gas, Inc. <br>(Citadel LP)<br>Series 2022-C<br>4.00%, 08/01/2052(b) | 3500 | 3521330 |
|  Main Street Natural Gas, Inc. <br>(Citigroup, Inc.)<br>Series 2022-B<br>5.00%, 12/01/2052 | 1455 | 1541570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>5.00%, 06/01/2053 | 28965 | 30858793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E<br>5.00%, 05/01/2055 | 2535 | 2771280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 12/01/2055 | 5845 | 6347233 |
|  Main Street Natural Gas, Inc. <br>(Royal Bank of Canada)<br>Series 2023<br>4.487% (SOFR + 1.70%), 12/01/2053(a) | 5000 | 5045700 |
|  Main Street Natural Gas, Inc. <br>(Toronto-Dominion Bank)<br>Series 2024-D<br>5.00%, 04/01/2054 | 4745 | 5136036 |
|  Metropolitan Atlanta Rapid Transit Authority <br>(Metropolitan Atlanta Rapid Transit Authority Sales Tax)<br>Series 2025-B<br>5.00%, 07/01/2037 | 1100 | 1289973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 | 2350 | 2746931 |
|  Municipal Electric Authority of Georgia <br>(Municipal Electric Authority of Georgia)<br>Series 2024<br>5.00%, 01/01/2042 | 1500 | 1559489 |
|  Private Colleges & Universities Authority <br>(Emory University)<br>Series 2023<br>5.00%, 09/01/2033(b) | 25000 | 28696635 |
|  |  | 133643820 |

---

 <br> *2025 Annual Report* *25*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Guam–0.3%** | **Guam–0.3%** | **Guam–0.3%** |
|  Guam Government Waterworks Authority <br>(Guam Waterworks Authority Water And Wastewater System)<br>Series 2025-A<br>5.50%, 07/01/2045 | $1250 | $1323978 |
|  Territory of Guam <br>(Territory of Guam)<br>Series 2019<br>5.00%, 11/15/2031 | 615 | 648462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-G<br>5.00%, 01/01/2030 | 2050 | 2196227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 2500 | 2713726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 1350 | 1479859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 1900 | 2082386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | 2300 | 2532152 |
|  |  | 12976790 |
| **Hawaii–0.2%** | **Hawaii–0.2%** | **Hawaii–0.2%** |
|  City & County Honolulu HI Wastewater System Revenue <br>(City & County Honolulu HI Wastewater System Revenue)<br>Series 2025<br>5.00%, 07/01/2038 | 2200 | 2486051 |
|  City & County of Honolulu HI <br>(City & County of Honolulu HI)<br>Series 2024-A<br>5.25%, 07/01/2043 | 1000 | 1092321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2044 | 1000 | 1086567 |
|  State of Hawaii Airports System Revenue <br>(State of Hawaii Airports System Revenue)<br>Series 2025-C<br>5.00%, 07/01/2041 | 3030 | 3203546 |
|  State of Hawaii Harbor System Revenue <br>(State of Hawaii Harbor System Revenue)<br>Series 2020-A<br>4.00%, 07/01/2035 | 2765 | 2783074 |
|  |  | 10651559 |
| **Illinois–4.7%** | **Illinois–4.7%** | **Illinois–4.7%** |
|  Chicago Board of Education <br>(Chicago Board of Education)<br>Series 2012-B<br>5.00%, 12/01/2033 | 2265 | 2265085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C<br>5.25%, 12/01/2035 | 1000 | 1001619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 12/01/2026 | 1000 | 1013438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>5.00%, 12/01/2037 | 3750 | 3732880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.25%, 04/01/2034 | 2125 | 2325246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>5.00%, 12/01/2034 | 7000 | 7146434 |
|  Chicago O'Hare International Airport <br>(Chicago O'Hare Intl Airport)<br>Series 2016-C<br>5.00%, 01/01/2027 | 3020 | 3035460 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 01/01/2039 | $6000 | $6122278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 01/01/2042 | 3160 | 2971867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 500 | 528484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 800 | 858964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 890 | 973126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2040 | 1850 | 1918988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2041 | 2000 | 2059896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2042 | 2200 | 2250686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 01/01/2036 | 1180 | 1286317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2037 | 2500 | 2700685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2038 | 2500 | 2676215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 | 1600 | 1697656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2040 | 4000 | 4301072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 01/01/2030 | 4745 | 5094729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | 5285 | 5865399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2041 | 2250 | 2412512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E<br>5.00%, 01/01/2029 | 2885 | 3049353 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2017-F<br>4.25%, 01/01/2042 | 2000 | 1944767 |
|  City of Chicago IL <br>(City of Chicago IL)<br>Series 2024-B<br>5.00%, 01/01/2034 | 1350 | 1436944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 01/01/2033 | 4000 | 4263429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2040 | 2000 | 2092814 |
|  County of Cook IL <br>(County of Cook IL)<br>Series 2021-B<br>4.00%, 11/15/2025 | 2140 | 2143236 |
|  Illinois Finance Authority <br>(Bradley University)<br>Series 2024<br>5.00%, 08/01/2026 | 450 | 456557 |
|  Illinois Finance Authority <br>(Centerpoint Joliet Terminal Railroad)<br>Series 2024<br>4.125%, 12/01/2043(b) | 2300 | 2279932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>4.80%, 12/01/2043(b) | 4175 | 4285473 |
|  Illinois Finance Authority <br>(Illinois Institute of Technology)<br>Series 2019<br>5.00%, 09/01/2026 | 675 | 680090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 1000 | 1021949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 600 | 602134 |
|  Illinois Finance Authority <br>(Mercy Health Corp.)<br>Series 2016<br>5.00%, 12/01/2040 | 3200 | 3212949 |

---

 <br> *26* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Illinois Finance Authority <br>(OSF Healthcare System Obligated Group)<br>Series 2015-A<br>5.00%, 11/15/2027 | $1000 | $1001583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 1250 | 1252013 |
|  Illinois Housing Development Authority <br>(Circle Park Preservation)<br>Series 2024-H<br>4.00%, 01/01/2042 | 10000 | 9280697 |
|  Illinois Housing Development Authority <br>(FCR 2019-A)<br>Series 2019-A, Class 1<br>3.87%, 11/15/2035(b) | 23487 | 21390741 |
|  Illinois Housing Development Authority <br>(FCR 2019-C)<br>Series 2019-C, Class 1<br>3.87%, 11/15/2035(b) | 5542 | 5047670 |
|  Illinois Housing Development Authority <br>(FCR 2019-D)<br>Series 2019-D, Class 1<br>3.87%, 11/01/2051(b) | 5061 | 4609046 |
|  Illinois Housing Development Authority <br>(FCR 2019-E)<br>Series 2019-E, Class 1<br>3.87%, 11/15/2035(b) | 3308 | 3012875 |
|  Illinois Municipal Electric Agency <br>(Illinois Municipal Electric Agency)<br>Series 2025-A<br>5.00%, 02/01/2027 | 5200 | 5367052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 4600 | 4953977 |
|  Illinois State Toll Highway Authority <br>(Illinois State Toll Highway Authority)<br>Series 2009<br>6.184%, 01/01/2034 | 2669 | 2857780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 01/01/2041 | 27195 | 28484968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 01/01/2037 | 4380 | 4888887 |
|  Metropolitan Water Reclamation District of Greater Chicago <br>(Metropolitan Water Reclamation District of Greater Chicago)<br>Series 2007-B<br>5.25%, 12/01/2035 | 4835 | 5734037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009<br>5.72%, 12/01/2038 | 2000 | 2094700 |
|  State of Illinois <br>(State of Illinois)<br>Series 2016<br>5.00%, 02/01/2029 | 1100 | 1131890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>4.00%, 11/01/2033 | 9000 | 9147300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.50%, 05/01/2039 | 1500 | 1592054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>5.25%, 10/01/2037 | 4000 | 4343124 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 02/01/2038 | 9000 | $| 9727946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 05/01/2039 | 2250 |  | 2400302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 | 1765 |  | 1868773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2041 | 7530 |  | 7912688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2042 | 8500 |  | 9008178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-E<br>5.00%, 09/01/2043 | 1980 |  | 2047290 |
|  |  |  | 240864234 |
| **Indiana–0.9%** | **Indiana–0.9%** | **Indiana–0.9%** | **Indiana–0.9%** |
|  City of Fort Wayne IN <br>(Do Good Foods Fort Wayne Obligated Group)<br>10.75%, 12/01/2029(c)(e) | 159 |  | 16 |
|  City of Whiting IN <br>(BP PLC)<br>Series 2023<br>4.40%, 11/01/2045 | 14460 |  | 15416967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>4.20%, 06/01/2044 | 1820 |  | 1903291 |
|  Indiana Finance Authority <br>(CWA Authority, Inc.)<br>Series 2024<br>5.00%, 10/01/2028 | 1175 |  | 1263361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 1425 |  | 1564580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 1000 |  | 1119869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 1715 |  | 1962941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 800 |  | 931116 |
|  Indiana Finance Authority <br>(Good Samaritan Hospital Obligated Group)<br>Series 2022<br>5.00%, 04/01/2026 | 790 |  | 793784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2027 | 830 |  | 849547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 | 875 |  | 908625 |
|  Indiana Finance Authority <br>(Indiana University Health Obligated Group)<br>Series 2015<br>4.00%, 12/01/2040 | 11690 |  | 11415192 |
|  Indiana Finance Authority <br>(Ohio Valley Electric)<br>Series 2021-B<br>2.50%, 11/01/2030 | 1895 |  | 1805468 |
|  Indiana Finance Authority <br>(SFP-PUFW I LLC)<br>Series 2024<br>4.25%, 07/01/2044 | 1700 |  | 1551581 |
|  Indianapolis Local Public Improvement Bond Bank <br>(Indianapolis Airport Authority)<br>Series 2023<br>5.00%, 01/01/2026 | 1500 |  | 1508002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 3955 |  | 4376769 |
|  |  |  | 47371109 |

---

 <br> *2025 Annual Report* *27*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Iowa–0.1%** | **Iowa–0.1%** | **Iowa–0.1%** |
|  Iowa Finance Authority <br>(Prerefunded–US Treasuries)<br>Series 2022<br>4.00%, 12/01/2050 | $5450 | $5917945 |
| **Kansas–0.1%** | **Kansas–0.1%** | **Kansas–0.1%** |
|  City of Colby KS <br>(Citizens Medical Center)<br>Series 2024<br>5.50%, 07/01/2026 | 2000 | 2002899 |
|  City of Overland Park KS Sales Tax Revenue <br>(City of Overland Park KS Sales Tax Revenue)<br>Series 2022<br>6.00%, 11/15/2034(b) | 165 | 173531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/2042(b) | 1610 | 1684742 |
|  |  | 3861172 |
| **Kentucky–1.6%** | **Kentucky–1.6%** | **Kentucky–1.6%** |
|  County of Carroll KY <br>(Kentucky Utilities Co.)<br>Series 2019<br>1.75%, 10/01/2034 | 3835 | 3751241 |
|  Kenton County Airport Board <br>(Cincinnati/Northern Kentucky Intl Airport)<br>Series 2024-A<br>5.25%, 01/01/2040 | 2910 | 3129030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2042 | 2860 | 3022266 |
|  Kentucky Economic Development Finance Authority <br>(Baptist Healthcare System Obligated Group)<br>Series 2017-B<br>5.00%, 08/15/2029 | 1000 | 1036862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2041 | 1260 | 1278337 |
|  Kentucky Economic Development Finance Authority <br>(Owensboro Health Obligated Group)<br>Series 2017-A<br>5.00%, 06/01/2028 | 8780 | 8977159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 5870 | 5999389 |
|  Kentucky Public Energy Authority <br>(BP PLC)<br>Series 2024-B<br>5.00%, 01/01/2055 | 20065 | 21739930 |
|  Kentucky Public Energy Authority <br>(Morgan Stanley)<br>Series 2023-A<br>4.781% (SOFR + 1.98%), 04/01/2054(a) | 20000 | 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/2054 | 5280 | 5785846 |
|  Kentucky State Property & Building Commission <br>(Commonwealth of Kentucky Lease)<br>Series 2016-B<br>5.00%, 11/01/2028 | 1005 | 1029736 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Kentucky Turnpike Authority <br>(Kentucky Turnpike Authority)<br>Series 2016-A<br>5.00%, 07/01/2027 | 5075 | $| 5160843 |
|  |  |  | 80910639 |
| **Louisiana–1.4%** | **Louisiana–1.4%** | **Louisiana–1.4%** | **Louisiana–1.4%** |
|  City of New Orleans LA Water System Revenue <br>(City of New Orleans LA Water System Revenue)<br>AG Series 2021<br>2.889%, 12/01/2041 | 2000 |  | 1532329 |
|  Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax <br>(Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax)<br>Series 2015<br>5.00%, 08/01/2027 | 6450 |  | 6461345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 2535 |  | 2538933 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth <br>(LCDA 2023-ELL)<br>Series 2023-ELL, Class A1<br>5.081%, 06/01/2031 | 5533 |  | 5630492 |
|  Louisiana Public Facilities Authority <br>(Acadiana Renaissance Charter Academy)<br>Series 2025<br>5.00%, 06/15/2035(b) | 1000 |  | 1024067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2045(b) | 1000 |  | 1014472 |
|  Louisiana Public Facilities Authority <br>(ElementUS Minerals LLC)<br>Series 2023<br>5.00%, 10/01/2043(b) | 22000 |  | 22028507 |
|  Louisiana Public Facilities Authority <br>(Ochsner Clinic Foundation Obligated Group)<br>Series 2017<br>5.00%, 05/15/2035 | 3365 |  | 3430926 |
|  New Orleans Aviation Board <br>(New Orleans Aviation Board)<br>Series 2024<br>5.00%, 01/01/2029 | 8985 |  | 9516835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | 1835 |  | 2018538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 | 1340 |  | 1412199 |
|  Parish of St. James LA <br>(NuStar Logistics LP)<br>Series 2020<br>6.10%, 06/01/2038(b) | 3030 |  | 3276235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 12/01/2040(b) | 2595 |  | 2807665 |
|  Parish of St. John the Baptist LA <br>(Marathon Oil Corp.)<br>Series 2024<br>3.30%, 06/01/2037 | 1700 |  | 1721599 |

---

 <br> *28* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  State of Louisiana Gasoline & Fuels Tax Revenue <br>(State of Louisiana Gasoline & Fuels Tax Revenue)<br>Series 2022-A<br>3.412% (SOFR + 0.50%), 05/01/2043(a) | 10095 | $| 10071241 |
|  |  |  | 74485383 |
| **Maryland–0.8%** | **Maryland–0.8%** | **Maryland–0.8%** | **Maryland–0.8%** |
|  County of Frederick MD <br>(Prerefunded–US Treasuries)<br>Series 2019-A<br>5.00%, 08/01/2027 | 165 |  | 172356 |
|  Maryland Economic Development Corp. <br>(Purple Line Transit Partners)<br>Series 2022<br>5.00%, 11/12/2028 | 10000 |  | 10091879 |
|  Maryland Health & Higher Educational Facilities Authority <br>(UPMC Obligated Group)<br>Series 2020-B<br>5.00%, 04/15/2031 | 1365 |  | 1484021 |
|  Maryland Stadium Authority <br>(State of Maryland Built to Learn Revenue State Lease)<br>Series 2024<br>5.00%, 06/01/2038 | 3000 |  | 3317886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2041 | 2465 |  | 2650328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2042 | 2335 |  | 2488311 |
|  Maryland Stadium Authority Sports Entertainment Facilities Revenue <br>(Maryland Stadium Authority Sports Entertainment Facilities Revenue State Lease)<br>Series 2025<br>5.00%, 06/15/2035 | 3600 |  | 4114994 |
|  State of Maryland <br>(State of Maryland)<br>Series 2025-B<br>5.00%, 08/01/2028 | 12480 |  | 13392442 |
|  State of Maryland Department of Transportation <br>(Baltimore/Washington Intl Thurgood Marshall Airport)<br>Series 2021<br>5.00%, 08/01/2029 | 700 |  | 751995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2036 | 1000 |  | 1062277 |
|  |  |  | 39526489 |
| **Massachusetts–1.6%** | **Massachusetts–1.6%** | **Massachusetts–1.6%** | **Massachusetts–1.6%** |
|  City of Quincy MA <br>(City of Quincy MA)<br>Series 2025<br>5.00%, 07/24/2026 | 6500 |  | 6625906 |
|  Commonwealth of Massachusetts <br>(Commonwealth of Massachusetts)<br>Series 2017-D<br>5.00%, 02/01/2036 | 4435 |  | 4540545 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>4.11%, 07/15/2031 | $1434 | $1435683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 01/01/2040 | 5000 | 5462042 |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue <br>(Massachusetts Bay Transportation Authority Sales Tax Revenue)<br>Series 2024-A<br>5.00%, 07/01/2043 | 2000 | 2136029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 07/01/2045 | 10000 | 10645362 |
|  Massachusetts Development Finance Agency <br>(Beth Israel Lahey Health Obligated Group)<br>Series 2016-I<br>5.00%, 07/01/2034 | 1935 | 1955379 |
|  Massachusetts Development Finance Agency <br>(Boston Medical Center Obligated Group)<br>Series 2023<br>5.00%, 07/01/2026 | 1000 | 1011871 |
|  Massachusetts Development Finance Agency <br>(Lifespan Obligated Group)<br>Series 2025<br>5.25%, 08/15/2045 | 1000 | 1032206 |
|  Massachusetts Development Finance Agency <br>(Mass General Brigham)<br>Series 2017-S1<br>5.00%, 07/01/2029 | 9000 | 9485385 |
|  Massachusetts Development Finance Agency <br>(President & Fellows of Harvard College)<br>Series 2020-A<br>5.00%, 10/15/2025 | 5000 | 5004665 |
|  Massachusetts Development Finance Agency <br>(Trustees of Boston College)<br>Series 2020-U<br>5.00%, 07/01/2028 | 950 | 1018287 |
|  Massachusetts Development Finance Agency <br>(Tufts Medicine Obligated Group)<br>Series 2019-A<br>5.00%, 07/01/2028 | 1425 | 1471607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 2100 | 2175458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 2000 | 2058625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 2000 | 2050802 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2020-C<br>5.00%, 10/01/2026 | 325 | 331919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 440 | 461525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 500 | 536163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 295 | 323002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 315 | 351568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 375 | 417133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 245 | 269703 |
|  Massachusetts Development Finance Agency <br>(UMass Memorial Health Care Obligated Group)<br>Series 2025<br>5.00%, 07/01/2035 | 12840 | 14350517 |

---

 <br> *2025 Annual Report* *29*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Massachusetts School Building Authority <br>(Prerefunded–Others)<br>Series 2015-C<br>5.00%, 08/15/2027 | 5000 | $| 5005816 |
|  |  |  | 80157198 |
| **Michigan–2.9%** | **Michigan–2.9%** | **Michigan–2.9%** | **Michigan–2.9%** |
|  City of Detroit MI Sewage Disposal System Revenue <br>(Great Lakes Water Authority Sewage Disposal System Revenue)<br>AG Series 2006-D<br>3.65% (CME Term SOFR 3 Month + 0.60%), 07/01/2032(a) | 14000 |  | 13882984 |
|  Detroit Downtown Development Authority <br>(Detroit Downtown Development Authority Catalyst Development Area)<br>Series 2024<br>5.00%, 07/01/2048 | 3295 |  | 3404835 |
|  Great Lakes Water Authority Water Supply System Revenue <br>(Great Lakes Water Authority Water Supply System Revenue)<br>Series 2025-A<br>5.00%, 07/01/2035 | 2365 |  | 2720678 |
|  Michigan Finance Authority <br>(Bronson Health Care Group Obligated Group)<br>Series 2020<br>5.00%, 05/15/2036 | 48585 |  | 49007583 |
|  Michigan Finance Authority <br>(City of Detroit MI)<br>Series 2024<br>5.00%, 11/01/2026 | 3725 |  | 3826817 |
|  Michigan Finance Authority <br>(Michigan Finance Authority Tobacco Settlement Revenue)<br>Series 2020-A<br>3.267%, 06/01/2039 | 4340 |  | 4109760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2035 | 1000 |  | 992375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2036 | 1000 |  | 982415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2037 | 1000 |  | 966793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2038 | 1000 |  | 950611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2039 | 2000 |  | 1878032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 1290 |  | 1306097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 1000 |  | 1048300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 2000 |  | 2126579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 745 |  | 800773 |
|  Michigan Finance Authority <br>(Prerefunded–US Treasuries)<br>Series 2014<br>5.00%, 07/01/2030 | 1600 |  | 1601332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-B<br>5.00%, 07/01/2027 | 4990 |  | 4994154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 2460 |  | 2462048 |
|  Michigan Finance Authority <br>(Public Lighting Authority)<br>BAM Series 2025<br>5.00%, 07/01/2034 | 1100 |  | 1245456 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 1930 | $| 2152811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 1000 |  | 1076969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 | 1750 |  | 1831364 |
|  Michigan Finance Authority <br>(Trinity Health Corp.)<br>Series 2015<br>5.00%, 12/01/2025 | 3000 |  | 3007913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2026 | 4500 |  | 4514062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2027 | 2720 |  | 2732621 |
|  Michigan State Hospital Finance Authority <br>(Ascension Health Credit Group)<br>Series 2019<br>5.00%, 11/01/2025 | 2315 |  | 2318965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2026 | 2000 |  | 2049443 |
|  Michigan Strategic Fund <br>(Michigan Strategic Fund–I 75 Improvement Project)<br>Series 2018<br>5.00%, 12/31/2025 | 2200 |  | 2207106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2026 | 2400 |  | 2425722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2026 | 5770 |  | 5877876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2027 | 7635 |  | 7846404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2027 | 5770 |  | 5983931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2028 | 4645 |  | 4853716 |
|  |  |  | 147186525 |
| **Minnesota–0.3%** | **Minnesota–0.3%** | **Minnesota–0.3%** | **Minnesota–0.3%** |
|  City of St. Cloud MN <br>(CentraCare Health System Obligated Group)<br>Series 2024<br>5.00%, 05/01/2042 | 3250 |  | 3404979 |
|  Minneapolis-St. Paul Metropolitan Airports Commission <br>(Minneapolis-St Paul Metropolitan Airports Commission)<br>Series 2024<br>5.00%, 01/01/2041 | 3250 |  | 3384695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2044 | 2000 |  | 2100556 |
|  Minnesota Municipal Gas Agency <br>(Royal Bank of Canada)<br>Series 2022-A<br>4.00%, 12/01/2052 | 5425 |  | 5551326 |
|  Western Minnesota Municipal Power Agency <br>(Western Minnesota Municipal Power Agency)<br>Series 2019-A<br>3.156%, 01/01/2039 | 1000 |  | 855178 |
|  |  |  | 15296734 |
| **Mississippi–0.1%** | **Mississippi–0.1%** | **Mississippi–0.1%** | **Mississippi–0.1%** |
|  City of Gulfport MS <br>(Memorial Hospital at Gulfport Obligated Group)<br>Series 2025<br>5.00%, 07/01/2033 | 1630 |  | 1794348 |

---

 <br> *30* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  State of Mississippi <br>(Prerefunded–US Treasuries)<br>Series 2015-A<br>4.00%, 10/01/2031 | 5525 | $| 5525000 |
|  |  |  | 7319348 |
| **Missouri–0.4%** | **Missouri–0.4%** | **Missouri–0.4%** | **Missouri–0.4%** |
|  Cape Girardeau County Industrial Development Authority <br>(Mercy Health/MO)<br>Series 2017-A<br>5.00%, 03/01/2028 | 1375 |  | 1414481 |
|  City of Kansas City MO <br>(City of Kansas City MO Lease)<br>Series 2022<br>5.00%, 09/01/2037 | 4000 |  | 4372189 |
|  Health & Educational Facilities Authority of the State of Missouri <br>(BJC Healthcare Obligated Group)<br>Series 2021-A<br>4.00%, 07/01/2039 | 5000 |  | 4955749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C<br>5.00%, 05/01/2052 | 2320 |  | 2455488 |
|  Howard Bend Levee District <br>(Howard Bend Levee District)<br>XLCA Series 2005<br>5.75%, 03/01/2027 | 775 |  | 800873 |
|  Metropolitan St. Louis Sewer District <br>(Metropolitan St. Louis Sewer District)<br>Series 2022-A<br>5.00%, 05/01/2038 | 1710 |  | 1853573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2039 | 3100 |  | 3337720 |
|  |  |  | 19190073 |
| **Montana–0.2%** | **Montana–0.2%** | **Montana–0.2%** | **Montana–0.2%** |
|  Montana Facility Finance Authority <br>(Benefis Health System Obligated Group)<br>Series 2016<br>5.00%, 02/15/2026 | 3190 |  | 3209015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 6950 |  | 7141067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 2375 |  | 2440122 |
|  |  |  | 12790204 |
| **Nebraska–0.4%** | **Nebraska–0.4%** | **Nebraska–0.4%** | **Nebraska–0.4%** |
|  Central Plains Energy Project <br>(Bank of Montreal)<br>Series 2023-A<br>5.00%, 05/01/2054 | 5000 |  | 5356964 |
|  Central Plains Energy Project <br>(Goldman Sachs Group)<br>Series 2022-1<br>5.00%, 05/01/2053 | 10000 |  | 10631008 |
|  Central Plains Energy Project <br>(Royal Bank of Canada)<br>Series 2025-A<br>5.00%, 08/01/2055 | 3005 |  | 3248806 |
|  |  |  | 19236778 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Nevada–0.3%** | **Nevada–0.3%** | **Nevada–0.3%** |
|  City of Las Vegas NV <br>(City of Las Vegas NV)<br>Series 2015-C<br>5.00%, 09/01/2026 | $2930 | $2958459 |
|  County of Clark NV <br>(Regional Transportation Commission of Southern Nevada Motor Fuel Tax Revenue)<br>Series 2024<br>4.00%, 07/01/2041 | 4640 | 4542106 |
|  Las Vegas Valley Water District <br>(Las Vegas Valley Water District)<br>Series 2016-B<br>5.00%, 06/01/2028 | 4590 | 4657464 |
|  Reno-Tahoe Airport Authority <br>(Reno-Tahoe Airport Authority)<br>Series 2024<br>5.00%, 07/01/2035 | 1175 | 1274294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2038 | 1430 | 1555526 |
|  |  | 14987849 |
| **New Hampshire–1.8%** | **New Hampshire–1.8%** | **New Hampshire–1.8%** |
|  National Finance Authority <br>(NFA 2024-3)<br>Series 2024-3, Class A<br>4.163%, 10/20/2051 | 6951 | 6650303 |
|  New Hampshire Business Finance Authority <br>(ARC70 2025-1)<br>Series 2025-1, Class A1<br>4.75%, 06/20/2041 | 1185 | 1200882 |
|  New Hampshire Business Finance Authority <br>(ARC70 II TRUST)<br>Series 2024<br>4.15%, 10/20/2040 | 1998 | 1950821 |
|  New Hampshire Business Finance Authority <br>(Brazoria-Fort Bend County Municipal Utility District No. 3)<br>Series 2024<br>4.875%, 12/01/2033(b) | 427 | 427005 |
|  New Hampshire Business Finance Authority <br>(Bridgeland Water & Utility Districts 490, 491 & 158)<br>Series 2024<br>5.375%, 12/15/2035(b) | 6877 | 6873379 |
|  New Hampshire Business Finance Authority <br>(Collin County Municipal Utility District No. 4)<br>Series 2025<br>5.50%, 12/01/2030(b) | 802 | 810494 |
|  New Hampshire Business Finance Authority <br>(Emberly & Canterra Creek Projects)<br>Series 2024<br>5.375%, 12/01/2031(b) | 956 | 958662 |
|  New Hampshire Business Finance Authority <br>(Greater Raleigh Area Christian Education)<br>Series 2025<br>5.75%, 08/01/2045 | 1750 | 1765246 |

---

 <br> *2025 Annual Report* *31*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  New Hampshire Business Finance Authority <br>(Lakes Fresh Water Supply District of Denton County)<br>Series 2024<br>5.00%, 12/01/2028(b) | $1000 | $1001577 |
|  New Hampshire Business Finance Authority <br>(New Hampshire Business Finance Authority)<br>Series 2025-2<br>5.15%, 09/28/2037 | 1375 | 1368106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>Zero Coupon, 02/01/2035(b) | 2311 | 1278623 |
|  New Hampshire Business Finance Authority <br>(NFA 2020-1)<br>Series 2020-1, Class A<br>4.125%, 01/20/2034 | 8686 | 8733183 |
|  New Hampshire Business Finance Authority <br>(NFA 2022-1)<br>Series 2022-1, Class A<br>4.375%, 09/20/2036 | 23927 | 23653124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class X<br>0.35%, 09/20/2036(f) | 19141 | 371142 |
|  New Hampshire Business Finance Authority <br>(NFA 2022-2)<br>Series 2022-2, Class A<br>4.00%, 10/20/2036 | 9596 | 9207139 |
|  New Hampshire Business Finance Authority <br>(NFA 2024-1)<br>Series 2024-1, Class A<br>4.25%, 07/01/2051 | 5538 | 5375103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class X<br>0.547%, 07/01/2051(f) | 7167 | 261353 |
|  New Hampshire Business Finance Authority <br>(NFA 2024-2)<br>Series 2024-2, Class A<br>3.625%, 08/20/2039 | 4955 | 4636107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class X<br>0.596%, 08/20/2039(f) | 4955 | 195693 |
|  New Hampshire Business Finance Authority <br>(NFA 2025-1)<br>Series 2025<br>5.75%, 04/28/2042 | 1080 | 1113702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 12/15/2033(b) | 3315 | 3335413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A1<br>4.168%, 01/20/2041 | 996 | 959182 |
|  New Hampshire Business Finance Authority <br>(NFA 2025-2)<br>Series 2025-2, Class A1<br>4.216%, 11/20/2042 | 9992 | 9478716 |
|  New Hampshire Business Finance Authority <br>(Reworld Holding Corp.)<br>Series 2018-A<br>4.00%, 11/01/2027(b) | 2250 | 2248533 |
|  New Hampshire Business Finance Authority <br>(Tamarron Project)<br>Series 2024<br>5.25%, 12/01/2035(b) | 688 | 688046 |
|  |  | 94541534 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **New Jersey–5.1%** | **New Jersey–5.1%** | **New Jersey–5.1%** |
|  New Jersey Economic Development Authority <br>(DRP Urban Renewal 4 LLC)<br>Series 2025<br>6.375%, 01/01/2035(b) | $1300 | $1343307 |
|  New Jersey Economic Development Authority <br>(New Jersey Economic Development Authority State Lease)<br>Series 2019<br>5.25%, 04/01/2026(i) | 5930 | 5998931 |
|  New Jersey Economic Development Authority <br>(New Jersey-American Water)<br>Series 2023<br>3.75%, 11/01/2034 | 7755 | 7821342 |
|  New Jersey Economic Development Authority <br>(NYNJ Link Borrower LLC)<br>Series 2013<br>5.50%, 01/01/2026 | 500 | 501046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2027 | 1000 | 1002245 |
|  New Jersey Economic Development Authority <br>(Port Newark Container Terminal)<br>Series 2017<br>5.00%, 10/01/2025 | 2750 | 2750000 |
|  New Jersey Economic Development Authority <br>(Rutgers The State University of New Jersey)<br>Series 2013<br>5.00%, 06/15/2026 | 3500 | 3506208 |
|  New Jersey Economic Development Authority <br>(State of New Jersey Lease)<br>Series 2017-D<br>5.00%, 06/15/2029 | 3500 | 3643138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 03/01/2026 | 5000 | 5046785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-S<br>5.00%, 06/15/2027 | 3000 | 3123077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2033 | 2065 | 2354816 |
| &nbsp;&nbsp;&nbsp;&nbsp; NATL Series 2005-N<br>5.50%, 09/01/2027 | 5000 | 5278469 |
|  New Jersey Economic Development Authority <br>(United Airlines, Inc.)<br>Series 2012<br>5.25%, 09/15/2029 | 2765 | 2768783 |
|  New Jersey Educational Facilities Authority <br>(Trustees of Princeton University)<br>Series 2017-I<br>5.00%, 07/01/2028 | 1910 | 1995397 |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Fed Hwy Grant)<br>Series 2016<br>5.00%, 06/15/2027 | 12830 | 13040230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028 | 975 | 990892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 06/15/2029 | 3050 | 3099383 |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Trust Fund Authority State Lease)<br>Series 2019-B<br>5.00%, 06/15/2033 | 3885 | 4114534 |

---

 <br> *32* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2006-C<br>Zero Coupon, 12/15/2033 | $6600 | $5025833 |
|  New Jersey Transportation Trust Fund Authority <br>(Prerefunded–US Treasuries)<br>Series 2019<br>5.00%, 06/15/2029 | 1525 | 1649781 |
|  New Jersey Transportation Trust Fund Authority <br>(State of New Jersey Lease)<br>Series 2018-A<br>5.00%, 12/15/2027 | 8605 | 9060339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2029 | 38555 | 41383229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2030 | 5885 | 6305040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2032 | 5230 | 5551506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2033 | 7230 | 7639622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>5.00%, 06/15/2041 | 9685 | 10319386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2042 | 2915 | 3082652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2043 | 1505 | 1580812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>4.00%, 06/15/2042 | 7570 | 7150198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2037 | 8000 | 8880951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2042 | 3550 | 3774682 |
|  New Jersey Turnpike Authority <br>(New Jersey Turnpike Authority)<br>Series 2014-A<br>5.00%, 01/01/2027 | 1800 | 1803497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>5.00%, 01/01/2029 | 10000 | 10543149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 01/01/2032 | 11235 | 12740184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 2000 | 2286313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | 2100 | 2416431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 01/01/2043 | 7500 | 7986929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2044 | 2500 | 2650299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 01/01/2045 | 5500 | 5858125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C<br>5.00%, 01/01/2031(j) | 2000 | 2240581 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2005-D3<br>5.25%, 01/01/2026 | 13215 | 13300040 |
|  South Jersey Transportation Authority <br>(South Jersey Transportation Authority)<br>BAM Series 2022<br>5.00%, 11/01/2036 | 450 | 494999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2037 | 400 | 436066 |
|  Tobacco Settlement Financing Corp./NJ <br>(Tobacco Settlement Financing Corp/NJ)<br>Series 2018-A<br>5.00%, 06/01/2026 | 3000 | 3043234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 4000 | 4139655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 2140 | 2257979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2035 | 2620 | 2694477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>5.00%, 06/01/2046 | 9955 | 9709990 |
|  |  | 264384562 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **New Mexico–0.1%** | **New Mexico–0.1%** | **New Mexico–0.1%** |
|  New Mexico Municipal Energy Acquisition Authority <br>(Royal Bank of Canada)<br>Series 2025<br>5.00%, 06/01/2054 | $5000 | $5384119 |
| **New York–9.6%** | **New York–9.6%** | **New York–9.6%** |
|  City of New York NY <br>(City of New York NY)<br>Series 2020-A<br>5.00%, 08/01/2026 | 3130 | 3195008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>1.396%, 08/01/2027 | 18750 | 17932406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-I<br>5.00%, 04/01/2032 | 2000 | 2266671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 08/01/2035 | 1440 | 1660682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 08/01/2028 | 9585 | 10250683 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024-C<br>5.00%, 10/01/2027 | 3250 | 3414582 |
|  County of Nassau NY <br>(County of Nassau NY)<br>Series 2024-A<br>5.00%, 04/01/2042 | 8815 | 9516076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2044 | 4120 | 4376384 |
|  Dutchess County Local Development Corp. <br>(Bard College)<br>Series 2020-B<br>5.918%, 07/01/2039 | 4300 | 4236834 |
|  Hudson Yards Infrastructure Corp. <br>(Hudson Yards Infrastructure)<br>Series 2017-A<br>5.00%, 02/15/2036 | 6880 | 7050817 |
|  Metropolitan Transportation Authority <br>(Metropolitan Transportation Authority)<br>Series 2016-A<br>5.00%, 11/15/2028 | 20070 | 20581857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>5.00%, 11/15/2025 | 7190 | 7207289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 11/15/2029 | 22370 | 23683461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2030 | 13755 | 14553895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 | 5505 | 5809468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2033 | 8500 | 8910310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 11/15/2035 | 2000 | 2281148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2044 | 4060 | 4233273 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2024-A<br>4.00%, 11/15/2048 | 6500 | 5892773 |
|  New York City Municipal Water Finance Authority <br>(New York City Municipal Water Finance Authority)<br>Series 2023<br>5.00%, 06/15/2034 | 10650 | 12431352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2035 | 2000 | 2293580 |

---

 <br> *2025 Annual Report* *33*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  New York City Transitional Finance Authority <br>(New York City Transitional Finance Authority Future Tax Secured Revenue)<br>Series 2024<br>5.00%, 11/01/2037 | $7250 | $8088726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2038 | 17000 | 18885893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2039 | 3400 | 3745236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 05/01/2044 | 3000 | 3180526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2045 | 4985 | 5254845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H<br>5.00%, 11/01/2043 | 1010 | 1078472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2044 | 5140 | 5449302 |
|  New York City Transitional Finance Authority Building Aid Revenue <br>(New York City Transitional Finance Authority Building Aid Revenue State Lease)<br>Series 2017-S<br>5.00%, 07/15/2036 | 10245 | 10536047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-S<br>5.00%, 07/15/2031 | 18035 | 19183613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 | 15945 | 16903047 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue <br>(New York City Transitional Finance Authority Future Tax Secured Revenue)<br>Series 2017-A<br>5.00%, 08/01/2033 | 4860 | 5051081 |
|  NEW York Energy Finance Development Corp. <br>(Athene Annuity & Life Co.)<br>Series 2025<br>5.00%, 07/01/2056 | 2255 | 2408775 |
|  New York Liberty Development Corp. <br>(3 World Trade Center LLC)<br>Series 2014<br>5.375%, 11/15/2040(b) | 400 | 400067 |
|  New York Liberty Development Corp. <br>(One Bryant Park LLC)<br>Series 2019<br>2.45%, 09/15/2069 | 4250 | 3995800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/2069 | 11555 | 10722022 |
|  New York State Dormitory Authority <br>(New York State Sales Tax)<br>Series 2017-A<br>5.00%, 03/15/2039 | 14705 | 15001887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C<br>5.00%, 03/15/2040 | 6990 | 7187683 |
|  New York State Dormitory Authority <br>(State of New York Pers Income Tax)<br>Series 2019-A<br>5.00%, 03/15/2036 | 10000 | 10550774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 03/15/2039 | 1825 | 1826472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E<br>4.00%, 03/15/2037 | 19200 | 19387653 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 03/15/2039 | $3500 | $3502379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 03/15/2042 | 5000 | 5337971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2046 | 2840 | 2961846 |
|  New York State Thruway Authority <br>(State of New York Pers Income Tax)<br>Series 2025-A<br>5.00%, 03/15/2045 | 8980 | 9496332 |
|  New York Transportation Development Corp. <br>(Delta Air Lines, Inc.)<br>Series 2018<br>5.00%, 01/01/2028 | 22110 | 22889877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 27145 | 28091877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.625%, 04/01/2040 | 7000 | 7314537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2035 | 5000 | 5496446 |
|  New York Transportation Development Corp. <br>(JFK Intl Air Terminal)<br>Series 2022<br>5.00%, 12/01/2040 | 4015 | 4116847 |
|  New York Transportation Development Corp. <br>(Laguardia Gateway Partners)<br>Series 2016-A<br>5.00%, 07/01/2046 | 2095 | 2074198 |
|  Port Authority of New York & New Jersey <br>(Port Authority of New York & New Jersey)<br>Series 2018-2<br>5.00%, 09/15/2026 | 4000 | 4077268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2031 | 3475 | 3631843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>4.00%, 11/01/2037 | 2915 | 2903388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2<br>4.00%, 07/15/2037 | 2980 | 2968690 |
|  Suffolk Regional Off-Track Betting Corp. <br>(Suffolk Regional Off-Track Betting)<br>Series 2024<br>5.00%, 12/01/2034 | 1000 | 1025576 |
|  Suffolk Tobacco Asset Securitization Corp. <br>(Suffolk Tobacco Asset Securitization)<br>Series 2021<br>5.00%, 06/01/2027 | 1045 | 1079067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 2080 | 2219819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 2395 | 2560754 |
|  Triborough Bridge & Tunnel Authority <br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)<br>Series 2021-A<br>2.411%, 05/15/2034 | 14725 | 12569117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.591%, 05/15/2036 | 2000 | 1656550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>3.837% (SOFR + 1.05%), 04/01/2026(a) | 14000 | 13999299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 11/15/2041 | 4025 | 4312665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 11/15/2033 | 5000 | 5790261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2035 | 2000 | 2287727 |

---

 <br> *34* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Triborough Bridge & Tunnel Authority <br>(Triborough Bridge & Tunnel Authority)<br>Series 2025-A<br>5.00%, 03/01/2028 | 2500 | $| 2647915 |
|  |  |  | 495628719 |
| **North Carolina–0.5%** | **North Carolina–0.5%** | **North Carolina–0.5%** | **North Carolina–0.5%** |
|  Cumberland County Industrial Facilities & Pollution Control Financing Authority <br>(American Titanium Metal)<br>Series 2024<br>3.75%, 12/01/2027 | 5390 |  | 5390783 |
|  Greater Asheville Regional Airport Authority <br>(Greater Asheville Regional Airport Authority)<br>AG Series 2022-A<br>5.00%, 07/01/2035 | 1740 |  | 1879067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 1500 |  | 1607346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 1250 |  | 1329302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2038 | 1200 |  | 1283660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2039 | 1300 |  | 1381634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2040 | 3220 |  | 3395086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2042 | 1140 |  | 1184458 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2023<br>5.00%, 07/01/2036 | 650 |  | 702465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 1400 |  | 1500117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 | 420 |  | 446065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2041 | 1000 |  | 1052242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2042 | 1000 |  | 1043838 |
|  North Carolina Medical Care Commission <br>(Duke University Health System Obligated Group)<br>Series 2025-A<br>5.00%, 06/01/2029 | 4000 |  | 4350427 |
|  |  |  | 26546490 |
| **North Dakota–0.1%** | **North Dakota–0.1%** | **North Dakota–0.1%** | **North Dakota–0.1%** |
|  County of Ward ND <br>(Trinity Health Obligated Group)<br>Series 2017-C<br>5.00%, 06/01/2028 | 2000 |  | 2033046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 3000 |  | 3043878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 1665 |  | 1685798 |
|  |  |  | 6762722 |
| **Ohio–1.7%** | **Ohio–1.7%** | **Ohio–1.7%** | **Ohio–1.7%** |
|  Buckeye Tobacco Settlement Financing Authority <br>(Buckeye Tobacco Settlement Financing Authority)<br>Series 2020-A<br>4.00%, 06/01/2037 | 2000 |  | 1956854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2038 | 1000 |  | 964653 |
|  Columbus Regional Airport Authority <br>(Columbus Regional Airport Authority)<br>Series 2025<br>5.00%, 01/01/2034 | 3120 |  | 3429726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2045 | 3205 |  | 3319408 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  County of Allen OH Hospital Facilities Revenue <br>(Bon Secours Mercy Health)<br>Series 2017-A<br>5.00%, 08/01/2026 | $2700 | $2752564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 8465 | 8836374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 1955 | 2055915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2042 | 3055 | 3091390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.00%, 12/01/2028 | 5400 | 5780325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 1565 | 1706171 |
|  County of Cuyahoga OH <br>(MetroHealth System/The)<br>Series 2017<br>5.00%, 02/15/2026 | 2745 | 2759933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 2710 | 2773461 |
|  County of Franklin OH <br>(Nationwide Children's Hospital)<br>Series 2017-A<br>5.00%, 11/01/2031 | 1000 | 1048639 |
|  County of Hamilton OH <br>(Christ Hospital Obligated Group)<br>Series 2023<br>5.00%, 06/01/2042 | 4045 | 4093781 |
|  County of Washington OH <br>(Marietta Area Health Care Obligated Group)<br>Series 2022<br>5.50%, 12/01/2027 | 440 | 444992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 12/01/2037 | 5000 | 5336936 |
|  Lancaster Port Authority <br>(Royal Bank of Canada)<br>Series 2024-A<br>5.00%, 02/01/2055 | 1000 | 1074048 |
|  Ohio Air Quality Development Authority <br>(American Electric Power)<br>Series 2024<br>3.70%, 04/01/2028 | 10400 | 10411848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/01/2028 | 1750 | 1751938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/01/2029 | 6000 | 6016760 |
|  Ohio Higher Educational Facility Commission <br>(John Carroll University)<br>Series 2025<br>5.00%, 10/01/2035 | 1195 | 1261144 |
|  Ohio Higher Educational Facility Commission <br>(Oberlin College)<br>Series 2023<br>5.00%, 10/01/2037 | 1270 | 1388689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 | 1335 | 1446372 |
|  Port of Greater Cincinnati Development Authority <br>(Duke Energy Convention Center Project)<br>Series 2024<br>5.00%, 12/01/2029 | 1000 | 1088194 |
|  Reynoldsburg City School District <br>(Reynoldsburg City School District)<br>Series 2013<br>4.919%, 09/01/2030 | 3025 | 3188671 |

---

 <br> *2025 Annual Report* *35*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014<br>4.939%, 09/01/2032 | 3335 | $| 3546228 |
|  State of Ohio <br>(Cleveland Clinic Health System Obligated Group)<br>Series 2024<br>5.00%, 01/01/2035 | 4885 |  | 5567097 |
|  State of Ohio <br>(Prerefunded–US Treasuries)<br>Series 2024<br>5.00%, 01/01/2035 | 115 |  | 132515 |
|  State of Ohio <br>(State of Ohio Fed Hwy Grant)<br>Series 2018-1<br>5.00%, 12/15/2028 | 2000 |  | 2032627 |
|  |  |  | 89257253 |
| **Oklahoma–0.4%** | **Oklahoma–0.4%** | **Oklahoma–0.4%** | **Oklahoma–0.4%** |
|  Comanche County Memorial Hospital <br>(Comanche County Memorial Hospital)<br>Series 2015<br>5.00%, 07/01/2026 | 1235 |  | 1235274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 1280 |  | 1280636 |
|  Oklahoma Development Finance Authority <br>(Oklahoma Development Finance Authority)<br>Series 2022<br>4.38%, 11/01/2045 | 4000 |  | 3812210 |
|  Oklahoma Development Finance Authority <br>(OU Medicine Obligated Group)<br>Series 2022-A<br>5.50%, 08/15/2037 | 4245 |  | 4421039 |
|  Oklahoma Turnpike Authority <br>(Oklahoma Turnpike Authority)<br>Series 2025-A<br>5.00%, 01/01/2045 | 3250 |  | 3442726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 01/01/2032(j) | 2500 |  | 2828143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039(j) | 1055 |  | 1174706 |
|  Tulsa Municipal Airport Trust Trustees/OK <br>(American Airlines, Inc.)<br>Series 2025<br>6.25%, 12/01/2035 | 3225 |  | 3688495 |
|  |  |  | 21883229 |
| **Oregon–0.4%** | **Oregon–0.4%** | **Oregon–0.4%** | **Oregon–0.4%** |
|  Medford Hospital Facilities Authority <br>(Asante Health System Obligated Group)<br>Series 2020-A<br>5.00%, 08/15/2030 | 415 |  | 457661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2031 | 1245 |  | 1360652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 | 1030 |  | 1113298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 | 875 |  | 939607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2035 | 755 |  | 804549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2036 | 1300 |  | 1376026 |
|  Port of Portland OR Airport Revenue <br>(Port of Portland OR Airport Revenue)<br>Series 2022-2<br>4.00%, 07/01/2040 | 7155 |  | 6837660 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.25%, 07/01/2041 | 4455 | $| 4726719 |
|  Salem Hospital Facility Authority <br>(Salem Health Obligated Group)<br>Series 2019<br>5.00%, 05/15/2038 | 2205 |  | 2285772 |
|  Tri-County Metropolitan Transportation District of Oregon <br>(Tri-County Metropolitan Transportation District of Oregon)<br>Series 2018-A<br>5.00%, 10/01/2028 | 2335 |  | 2461541 |
|  Umatilla County School District No. 6R Umatilla <br>(Umatilla County School District No. 6R Umatilla)<br>Series 2023-B<br>Zero Coupon, 06/15/2043 | 2000 |  | 855320 |
|  |  |  | 23218805 |
| **Other–0.5%** | **Other–0.5%** | **Other–0.5%** | **Other–0.5%** |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates <br>(FRETE 2024-ML22)<br>Series 2024-ML22, Class AUS<br>4.685%, 10/25/2040 | 990 |  | 1016001 |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates <br>(FRETE 2024-ML23)<br>Series 2024-ML23, Class AUS<br>4.70%, 04/25/2042(b) | 2093 |  | 2119981 |
|  Federal Home Loan Mortgage Corp. Multifamily VRD Certificates <br>(FHLM)<br>4.759%, 08/25/2041 | 9951 |  | 10222435 |
|  Federal Home Loan Mortgage Corp. Multifamily VRD Certificates <br>(FHLMC Multifamily VRD Certificates)<br>Series 2025-M<br>4.095%, 11/25/2042 | 6475 |  | 6356906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.497%, 06/25/2042 | 4000 |  | 4046425 |
|  |  |  | 23761748 |
| **Pennsylvania–5.6%** | **Pennsylvania–5.6%** | **Pennsylvania–5.6%** | **Pennsylvania–5.6%** |
|  Allegheny County Hospital Development Authority <br>(UPMC Obligated Group)<br>Series 2022<br>3.59% (RFUCCT1Y + 0.70%), 11/15/2047(a) | 10000 |  | 9915799 |
|  Bucks County Industrial Development Authority <br>(Grand View Hospital/Sellersville PA Obligated Group)<br>Series 2021<br>5.00%, 07/01/2040 | 1000 |  | 1020463 |

---

 <br> *36* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Chester County Industrial Development Authority<br>(Collegium Charter School)<br>Series 2022<br>5.00%, 10/15/2032(b) | $775 | $783063 |
|  City of Philadelphia PA <br>(City of Philadelphia PA)<br>Series 2017-A<br>5.00%, 08/01/2028 | 12310 | 12805906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 08/01/2026 | 1420 | 1448000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 08/01/2042 | 4500 | 4802719 |
|  City of Philadelphia PA Airport Revenue <br>(City of Philadelphia PA Airport Revenue)<br>Series 2021<br>5.00%, 07/01/2028 | 10350 | 10915187 |
|  City of Philadelphia PA Water & Wastewater Revenue <br>(City of Philadelphia PA Water & Wastewater Revenue)<br>Series 2016<br>5.00%, 10/01/2025 | 7750 | 7750000 |
|  Hospitals & Higher Education Facilities Authority of Philadelphia (The) <br>(Temple University Health System Obligated Group)<br>AG Series 2022<br>4.00%, 07/01/2038 | 10000 | 9925209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2039 | 10000 | 9800573 |
|  Lancaster Municipal Authority <br>(Garden Spot Village Obligated Group)<br>Series 2024<br>5.00%, 05/01/2031 | 210 | 227053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 | 300 | 326440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033 | 400 | 436159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2034 | 420 | 456704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2044 | 1300 | 1307164 |
|  Montgomery County Higher Education & Health Authority <br>(HumanGood Pennsylvania Obligated Group)<br>Series 2017<br>5.00%, 12/01/2027 | 1415 | 1433326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 2750 | 2804757 |
|  Montgomery County Higher Education & Health Authority <br>(Thomas Jefferson University Obligated Group)<br>Series 2018<br>5.00%, 09/01/2026 | 1400 | 1423165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 1750 | 1826800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 1500 | 1596853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 3000 | 3182644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 3000 | 3180732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 09/01/2030 | 1710 | 1848429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 1200 | 1285632 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Pennsylvania Economic Development Financing Authority <br>(Commonwealth of Pennsylvania Dept. of Transportation)<br>Series 2022<br>5.50%, 06/30/2038 | $3350 | $3570759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/30/2039 | 5455 | 5740525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/30/2040 | 5000 | 5230467 |
|  Pennsylvania Economic Development Financing Authority <br>(PA Bridges Finco LP)<br>Series 2015<br>5.00%, 06/30/2026 | 8540 | 8644172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2026 | 4500 | 4557407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2027 | 12450 | 12608744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2027 | 6000 | 6075577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2028 | 10790 | 10921789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2028 | 8910 | 9015298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2042 | 1015 | 1016266 |
|  Pennsylvania Economic Development Financing Authority <br>(UPMC Obligated Group)<br>Series 2022-C<br>3.59% (MUNIPSA + 0.70%), 11/15/2047(a) | 15140 | 15076208 |
|  Pennsylvania Higher Educational Facilities Authority <br>(Thomas Jefferson University Obligated Group)<br>Series 2024<br>4.00%, 11/01/2042 | 2000 | 1881291 |
|  Pennsylvania Higher Educational Facilities Authority <br>(University of Pennsylvania Health System Obligated Group)<br>Series 2017<br>4.00%, 08/15/2042 | 2720 | 2561032 |
|  Pennsylvania Turnpike Commission <br>(Pennsylvania Turnpike Commission)<br>Series 2016<br>5.00%, 06/01/2026 | 10210 | 10246569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A<br>5.00%, 12/01/2041 | 5000 | 5036962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>5.00%, 06/01/2028 | 7025 | 7286424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 6255 | 6490328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 12/01/2029 | 8000 | 8561256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 12/01/2036 | 1000 | 1110581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 12/01/2038 | 2100 | 2314968 |
|  Pennsylvania Turnpike Commission Registration Fee Revenue <br>(Pennsylvania Turnpike Commission Registration Fee Revenue)<br>Series 2023<br>3.74% (MUNIPSA + 0.85%), 07/15/2041(a) | 24000 | 23966664 |

---

 <br> *2025 Annual Report* *37*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Philadelphia Authority for Industrial Development <br>(MaST Community Charter School III)<br>Series 2021<br>5.00%, 08/01/2030 | 655 | $| 678598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2040 | 3445 |  | 3431645 |
|  Philadelphia Authority for Industrial Development <br>(St. Joseph's University)<br>Series 2020<br>5.00%, 11/01/2027 | 835 |  | 868898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 1000 |  | 1057584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 1000 |  | 1072771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 1750 |  | 1876364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 1685 |  | 1793184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 | 1810 |  | 1915918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2033 | 1750 |  | 1843673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2034 | 2110 |  | 2213024 |
|  Pittsburgh Water & Sewer Authority <br>(Pittsburgh Water & Sewer Authority)<br>AG Series 2023-C<br>3.712% (SOFR + 0.80%),<br>09/01/2040(a)(b) | 26000 |  | 25786901 |
|  School District of Philadelphia (The) <br>(School District of Philadelphia/The)<br>Series 2023-A<br>5.25%, 09/01/2038 | 2000 |  | 2201904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/2039 | 3695 |  | 4034273 |
|  |  |  | 291190801 |
| **Puerto Rico–0.4%** | **Puerto Rico–0.4%** | **Puerto Rico–0.4%** | **Puerto Rico–0.4%** |
|  Commonwealth of Puerto Rico <br>(Commonwealth of Puerto Rico)<br>Series 2021-A<br>Zero Coupon, 07/01/2033 | 1346 |  | 961563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 | 1982 |  | 2120263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>Zero Coupon, 11/01/2043 | 3857 |  | 2550477 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority <br>(Puerto Rico Commonwealth Aqueduct & Sewer Authority)<br>Series 2021-C<br>3.50%, 07/01/2026(b) | 2000 |  | 1949305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/2027(b) | 2000 |  | 1894161 |
|  Puerto Rico Electric Power Authority<br>(Puerto Rico Electric Power Authority)<br>AG Series 2007-V<br>5.25%, 07/01/2031 | 5150 |  | 5250715 |
|  Puerto Rico Housing Finance Authority <br>(El Mirador LLC)<br>Series 2023<br>5.00%, 03/01/2027 | 2250 |  | 2267273 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth <br>(San Juan Cruise Port LLC)<br>Series 2024<br>6.50%, 01/01/2041 | 2000 |  | 2266796 |
|  |  |  | 19260553 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Rhode Island–0.0%** | **Rhode Island–0.0%** | **Rhode Island–0.0%** |
|  Providence Public Building Authority <br>(City of Providence RI Lease)<br>AG Series 2020-A<br>5.00%, 09/15/2032 | $2195 | $2346046 |
| **South Carolina–3.0%** | **South Carolina–3.0%** | **South Carolina–3.0%** |
|  Kershaw County School District/SC <br>(Kershaw County School District/SC) Series 2018-A<br>5.00%, 03/01/2029 | 2000 | 2092405 |
|  Patriots Energy Group Financing Agency <br>(Royal Bank of Canada)<br>Series 2023<br>5.25%, 02/01/2054 | 50000 | 54570935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>4.701% (SOFR + 1.90%), 02/01/2054(a) | 18000 | 18612344 |
|  Patriots Energy Group Financing Agency <br>(Sumitomo Mitsui Financial Group)<br>Series 2023-A<br>5.25%, 10/01/2054 | 7460 | 8127494 |
|  SCAGO Educational Facilities Corp. for Pickens School District <br>(Pickens County School District/SC)<br>Series 2015<br>5.00%, 12/01/2026 | 3000 | 3014194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 2500 | 2511828 |
|  South Carolina Jobs-Economic Development Authority <br>(Bon Secours Mercy Health)<br>Series 2025<br>5.25%, 11/01/2043 | 3500 | 3760529 |
|  South Carolina Jobs-Economic Development Authority <br>(Last Step Recycling LLC)<br>Series 2021<br>6.00%, 06/01/2031(c)(d)(e) | 1445 | 158950 |
|  South Carolina Jobs-Economic Development Authority <br>(Novant Health Obligated Group)<br>Series 2024<br>4.00%, 11/01/2042 | 2890 | 2713209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2034 | 10000 | 11294014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2039 | 18615 | 20055546 |
|  South Carolina Jobs-Economic Development Authority <br>(Prisma Health Obligated Group)<br>Series 2018<br>5.00%, 05/01/2038 | 7500 | 7718374 |
|  South Carolina Ports Authority <br>(South Carolina Ports Authority)<br>Series 2018<br>5.00%, 07/01/2031 | 1945 | 2042729 |
|  South Carolina Public Service Authority <br>(South Carolina Public Service Authority)<br>Series 2016-A<br>5.00%, 12/01/2030 | 1435 | 1455372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 1000 | 1010935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 12/01/2043 | 1800 | 1828703 |

---

 <br> *38* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>5.00%, 12/01/2043 | 6350 | $| 6485367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>4.125%, 12/01/2044 | 1200 |  | 1120357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 12/01/2044 | 3695 |  | 3843709 |
|  |  |  | 152416994 |
| **South Dakota–0.1%** | **South Dakota–0.1%** | **South Dakota–0.1%** | **South Dakota–0.1%** |
|  South Dakota Health & Educational Facilities Authority <br>(Monument Health Obligated Group)<br>Series 2017<br>5.00%, 09/01/2029 | 3400 |  | 3520482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 3625 |  | 3750572 |
|  |  |  | 7271054 |
| **Tennessee–2.0%** | **Tennessee–2.0%** | **Tennessee–2.0%** | **Tennessee–2.0%** |
|  City of Memphis TN <br>(City of Memphis TN)<br>Series 2024-B<br>5.00%, 04/01/2041 | 7040 |  | 7549961 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board <br>(Vanderbilt University Medical Center Obligated Group)<br>Series 2024<br>5.00%, 07/01/2034 | 5500 |  | 6186654 |
|  Metropolitan Government of Nashville & Davidson County TN <br>(Metropolitan Govt of Nashville & Davidson County TN)<br>Series 2024-C<br>5.00%, 01/01/2041 | 5570 |  | 6040209 |
|  Metropolitan Nashville Airport Authority (The) <br>(Metropolitan Nashville Airport Authority/The)<br>Series 2022-B<br>5.50%, 07/01/2039 | 2500 |  | 2708710 |
|  Tennergy Corp./TN <br>(Nomura Holdings, Inc.)<br>Series 2022-A<br>5.50%, 10/01/2053 | 21150 |  | 22825554 |
|  Tennessee Energy Acquisition Corp. <br>(Goldman Sachs Group)<br>Series 2023-A<br>5.00%, 05/01/2053 | 43555 |  | 45469177 |
|  Tennessee Energy Acquisition Corp. <br>(Pacific Life Insurance)<br>Series 2025-A<br>5.00%, 12/01/2035 | 10000 |  | 10814849 |
|  |  |  | 101595114 |
| **Texas–6.1%** | **Texas–6.1%** | **Texas–6.1%** | **Texas–6.1%** |
|  Arlington Higher Education Finance Corp. <br>(BASIS Texas Charter Schools)<br>Series 2024<br>4.125%, 06/15/2034(b) | 850 |  | 838594 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 06/15/2035(b) | $1000 | $1042802 |
|  Arlington Higher Education Finance Corp. <br>(Cypress Christian School)<br>Series 2024-2<br>5.75%, 06/01/2043(b) | 2000 | 2012355 |
|  Arlington Higher Education Finance Corp. <br>(Magellan School/The)<br>Series 2022<br>6.00%, 06/01/2042(b) | 1000 | 1010344 |
|  Board of Regents of the University of Texas System <br>(Board of Regents of the University of Texas System)<br>Series 2022-A<br>4.00%, 08/15/2042 | 1895 | 1843897 |
|  Central Texas Turnpike System <br>(Central Texas Turnpike System)<br>Series 2024-A<br>5.00%, 08/15/2038 | 3100 | 3388297 |
|  City of Austin TX <br>(Prerefunded–US Treasuries)<br>Series 2015<br>5.00%, 09/01/2026 | 8000 | 8015817 |
|  City of Austin TX Airport System Revenue <br>(City of Austin TX Airport System Revenue)<br>Series 2022<br>5.00%, 11/15/2039 | 2260 | 2371251 |
|  City of Dallas TX <br>(City of Dallas TX)<br>Series 2023-A<br>5.00%, 02/15/2039 | 2000 | 2166925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2043 | 6700 | 7024730 |
|  City of Dallas TX Waterworks & Sewer System Revenue <br>(City of Dallas TX Waterworks & Sewer System Revenue)<br>Series 2015-A<br>5.00%, 10/01/2025 | 3885 | 3885000 |
|  City of El Paso TX Water & Sewer Revenue <br>(City of El Paso TX Water & Sewer Revenue)<br>Series 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2037 | 4275 | 4581739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2039 | 3880 | 4106144 |
|  City of Frisco TX <br>(City of Frisco TX)<br>Series 2024<br>5.00%, 02/15/2042 | 1140 | 1209906 |
|  City of Houston TX Airport System Revenue <br>(City of Houston TX Airport System Revenue)<br>Series 2018-C<br>5.00%, 07/01/2029 | 2450 | 2571346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 07/01/2041 | 1140 | 1054870 |

---

 <br> *2025 Annual Report* *39*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 07/01/2033 | $5710 | $6329295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 | 8000 | 8877288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2036 | 4000 | 4490294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2037 | 2000 | 2222241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2038 | 2285 | 2512086 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2023<br>5.00%, 07/01/2032 | 12095 | 13392617 |
|  City of Houston TX Airport System Revenue <br>(United Airlines, Inc.)<br>Series 2018<br>5.00%, 07/15/2028 | 9135 | 9363365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.50%, 07/15/2036 | 5495 | 5969421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/2039 | 3715 | 3956967 |
|  City of Houston TX Combined Utility System Revenue <br>(City of Houston TX Combined Utility System Revenue)<br>Series 2018-D<br>5.00%, 11/15/2043 | 5720 | 5856955 |
|  City of San Antonio TX Electric & Gas Systems Revenue <br>(City of San Antonio TX Electric & Gas Systems Revenue)<br>Series 2024-A<br>5.25%, 02/01/2043 | 5000 | 5368353 |
|  County of Harris TX <br>(County of Harris TX)<br>Series 2025-A<br>5.00%, 09/15/2026 | 5500 | 5631364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2027 | 3515 | 3690422 |
|  Dallas Fort Worth International Airport <br>(Dallas Fort Worth Intl Airport)<br>Series 2023-C<br>5.00%, 11/01/2028 | 6500 | 6893878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 | 5500 | 6111878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.25%, 11/01/2038(j) | 11950 | 13085902 |
|  Denton Independent School District <br>(Denton Independent School District)<br>Series 2016<br>5.00%, 08/15/2027 | 1220 | 1231264 |
|  El Paso County Hospital District <br>(El Paso County Hospital District) AG<br>Series 2024<br>5.00%, 08/15/2039 | 5000 | 5412454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2040 | 2000 | 2147375 |
|  Grand Parkway Transportation Corp. <br>(Grand Parkway Transportation)<br>Series 2013<br>5.80%, 10/01/2045(i) | 4000 | 4226045 |
|  Harris County Cultural Education Facilities Finance Corp. <br>(Memorial Hermann Health System Obligated Group)<br>Series 2022<br>3.74% (MUNIPSA + 0.85%), 07/01/2049(a) | 7545 | 7546864 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 07/01/2034 | $3875 | $4445669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 7300 | 8190401 |
|  Harris County Hospital District <br>(Harris County Hospital District)<br>Series 2016<br>5.00%, 02/15/2027 | 2465 | 2483263 |
|  Harris County Housing Finance Corp. <br>(Kobayashi Baypointe Apartments)<br>Series 2025<br>2.95%, 09/01/2043 | 2000 | 1996959 |
|  Hidalgo County Regional Mobility Authority <br>(Hidalgo County Regional Mobility Authority)<br>Series 2022-A<br>5.00%, 12/01/2028 | 200 | 210268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 500 | 532026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 500 | 538154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 500 | 541431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 795 | 855184 |
|  Irving Hospital Authority <br>(Baylor Medical Center at Irving)<br>Series 2017-A<br>5.00%, 10/15/2026 | 600 | 607429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2029 | 600 | 608088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2030 | 1000 | 1013361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2031 | 1020 | 1032903 |
|  Legacy Denton Public Facility Corp. <br>(LDG Vintage Ranch LP)<br>Series 2022<br>5.00%, 04/01/2043 | 15000 | 15149439 |
|  Longview Independent School District <br>(Prerefunded–US Treasuries)<br>Series 2017<br>4.00%, 02/15/2037 | 2130 | 2190201 |
|  Mission Economic Development Corp. <br>(Natgasoline LLC)<br>Series 2018<br>4.625%, 10/01/2031(b) | 9970 | 9980461 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Children's Health System of Texas Obligated Group)<br>Series 2017-A<br>5.00%, 08/15/2026 | 2000 | 2038277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 2750 | 2864160 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Morningside Ministries Obligated Group)<br>Series 2020<br>5.00%, 01/01/2035 | 1300 | 1276744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 01/01/2032 | 840 | 789524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2037 | 1155 | 1017981 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Prerefunded–Others)<br>Series 2017-A<br>5.00%, 04/01/2028 | 1130 | 1171713 |

---

 <br> *40* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  New Hope Cultural Education Facilities Finance Corp. <br>(SLF CHP LLC)<br>Series 2025<br>5.75%, 07/01/2035(b) | $1500 | $1503656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/2045(b) | 1155 | 1082990 |
|  North Texas Tollway Authority <br>(North Texas Tollway Authority)<br>Series 2024-B<br>5.00%, 01/01/2034 | 23690 | 27054475 |
|  Port of Beaumont Industrial Development Authority <br>(Jefferson 2020 Bond Lessee & Borrower Obligated Group)<br>Series 2021<br>4.10%, 01/01/2028(b) | 6575 | 5899958 |
|  Port of Beaumont Navigation District <br>(Jefferson 2020 Bond Lessee & Borrower Obligated Group)<br>Series 2024<br>5.00%, 01/01/2039(b) | 1285 | 1268239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 07/01/2026(b) | 2000 | 2009121 |
|  Rockwall Independent School District <br>(Rockwall Independent School District)<br>Series 2018<br>5.00%, 02/15/2043 | 3000 | 3052818 |
|  State of Texas <br>(State of Texas)<br>Series 2021-B<br>4.00%, 08/01/2026 | 2335 | 2337532 |
|  Tarrant County Cultural Education Facilities Finance Corp. <br>(Texas Health Resources Obligated Group)<br>Series 2025<br>5.00%, 11/15/2064 | 5000 | 5562774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 11/15/2038 | 4650 | 5108613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2040 | 4650 | 5037060 |
|  Texas Department of Transportation State Highway Fund <br>(Texas Dept. of Transportation State Highway Fund)<br>Series 2015<br>5.00%, 10/01/2025 | 3035 | 3035000 |
|  Texas Municipal Gas Acquisition & Supply Corp. II <br>(JPMorgan Chase & Co.)<br>Series 2007<br>3.751% (CME Term SOFR 3 Month + 1.05%), 09/15/2027(a) | 1430 | 1434288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-C<br>3.528% (CME Term SOFR 3 Month + 0.86%), 09/15/2027(a) | 2890 | 2889340 |
|  Texas Municipal Gas Acquisition & Supply Corp. V <br>(Bank of America Corp.)<br>Series 2024<br>5.00%, 01/01/2055 | 7500 | 8191852 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Texas State University System <br>(Texas State University System)<br>Series 2024<br>5.00%, 03/15/2042 | 2900 | $| 3080381 |
|  Texas Water Development Board <br>(State Water Implementation Revenue Fund for Texas)<br>Series 2023-A<br>5.00%, 10/15/2025 | 1000 |  | 1000894 |
|  University of Houston <br>(University of Houston)<br>Series 2020-A<br>5.00%, 02/15/2027 | 4000 |  | 4141729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 02/15/2040 | 1750 |  | 1861701 |
|  |  |  | 316526402 |
| **Utah–1.3%** | **Utah–1.3%** | **Utah–1.3%** | **Utah–1.3%** |
|  City of Salt Lake City UT Airport Revenue <br>(City of Salt Lake City UT Airport Revenue)<br>Series 2021-A<br>4.00%, 07/01/2040 | 2615 |  | 2499019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 3365 |  | 3616071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 7670 |  | 8360314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>5.00%, 07/01/2032 | 9270 |  | 10264536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 3850 |  | 4234024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 07/01/2035 | 1705 |  | 1891972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 1255 |  | 1378012 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2018-A<br>5.00%, 07/01/2043 | 17000 |  | 17125190 |
|  Grapevine Wash Local District <br>(Grapevine Wash Local District Assessment Area No. 1)<br>Series 2024-A<br>5.25%, 12/01/2044(b) | 1600 |  | 1535657 |
|  Intermountain Power Agency <br>(Intermountain Power Agency)<br>Series 2022-A<br>5.00%, 07/01/2042 | 2360 |  | 2439679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 07/01/2039 | 5000 |  | 5331329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 07/01/2039 | 2915 |  | 3132783 |
|  Utah Transit Authority <br>(Utah Transit Authority Sales Tax)<br>Series 2015-A<br>5.00%, 06/15/2026 | 1305 |  | 1307370 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2006-C<br>5.25%, 06/15/2032 | 1590 |  | 1786587 |
|  |  |  | 64902543 |

---

 <br> *2025 Annual Report* *41*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Virginia–1.1%** | **Virginia–1.1%** | **Virginia–1.1%** |
|  County of Chesterfield VA <br>(County of Chesterfield VA)<br>Series 2025-B<br>5.00%, 01/01/2027(j) | $6150 | $6341341 |
|  County of Fairfax VA <br>(County of Fairfax VA)<br>Series 2024-A<br>5.00%, 10/01/2025 | 2750 | 2750000 |
|  Federal Home Loan Mortgage Corp. VA FEDMFH <br>(FMMV M051)<br>Series M051, Class A<br>2.65%, 06/15/2035 | 4590 | 3934512 |
|  Federal Home Loan Mortgage Corp. VA FEDMFH <br>(Freddie Mac Multifamily Variable Rate Certificate)<br>Series M042, Class A<br>2.60%, 11/15/2033(b) | 9055 | 7929206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M046, Class A<br>2.625%, 06/15/2035 | 9125 | 8071318 |
|  Virginia Beach Development Authority <br>(Westminster-Canterbury on Chesapeake Bay Obligated Group)<br>Series 2023<br>5.375%, 09/01/2029 | 1000 | 1009816 |
|  Virginia College Building Authority <br>(Washington & Lee University)<br>Series 2021<br>3.00%, 01/01/2040 | 4345 | 3675618 |
|  Virginia Small Business Financing Authority <br>(Elizabeth River Crossings OpCo)<br>Series 2022<br>4.00%, 07/01/2030 | 2000 | 2055616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2032 | 5030 | 5166166 |
|  Virginia Small Business Financing Authority <br>(National Senior Communities Obligated Group)<br>Series 2020<br>5.00%, 01/01/2029 | 1400 | 1474639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 1650 | 1744608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 1250 | 1321097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 1750 | 1841755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | 1600 | 1680335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 | 1570 | 1645122 |
|  Virginia Small Business Financing Authority <br>(Pure Salmon Virginia LLC)<br>Series 2024<br>4.00%, 11/01/2052 | 6000 | 6003497 |
|  |  | 56644646 |
| **Washington–2.6%** | **Washington–2.6%** | **Washington–2.6%** |
|  Central Puget Sound Regional Transit Authority <br>(Central Puget Sound Regional Transit Authority Sales & Use Tax)<br>Series 2009-2<br>5.491%, 11/01/2039 | 5000 | 5163179 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Central Puget Sound Regional Transit Authority <br>(Prerefunded–US Treasuries)<br>Series 2015<br>4.00%, 11/01/2050 | $7625 | $7634370 |
|  Energy Northwest <br>(Bonneville Power Administration)<br>Series 2021<br>5.00%, 07/01/2040 | 5120 | 5450570 |
|  Port of Seattle WA <br>(Port of Seattle WA)<br>Series 2018-A<br>5.00%, 05/01/2038 | 4015 | 4041359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 04/01/2034 | 1000 | 1048416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>4.00%, 08/01/2041 | 5000 | 4674157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 5000 | 5432291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 08/01/2042 | 5000 | 5154241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.25%, 07/01/2043 | 4140 | 4400162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 10/01/2030 | 1730 | 1899650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 7430 | 8318435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 1140 | 1264857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 | 7500 | 8234296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 | 4000 | 4343348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2039 | 3445 | 3709500 |
|  Port of Tacoma WA <br>(Port of Tacoma WA)<br>Series 2016-B<br>5.00%, 12/01/2037 | 6835 | 6878726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 | 6775 | 6807622 |
|  Spokane County School District No. 81 Spokane (Spokane County School District No. 81 Spokane)<br>Series 2012<br>3.00%, 12/01/2031 | 10000 | 9907966 |
|  State of Washington <br>(State of Washington)<br>Series 2017<br>5.00%, 08/01/2030 | 5440 | 5680017 |
|  Vancouver Housing Authority <br>(Vancouver Housing Authority)<br>Series 2025<br>4.25%, 02/01/2038 | 2175 | 2179132 |
|  Washington Health Care Facilities Authority <br>(CommonSpirit Health Obligated Group)<br>Series 2017<br>5.00%, 08/15/2027 | 2175 | 2260811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 3700 | 3831389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 | 8005 | 8255460 |
|  Washington State Housing Finance Commission <br>(Seattle Academy of Arts & Sciences)<br>Series 2023<br>5.875%, 07/01/2043(b) | 2025 | 2166284 |

---

 <br> *42* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Washington State Housing Finance Commission <br>(WSHFC 2021-1)<br>Series 2021-1,<br>Class A 3.50%, 12/20/2035 | 4668 | $| 4497214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1,<br>Class X 0.727%, 12/20/2035(f) | 3081 |  | 119090 |
|  Washington State Housing Finance Commission <br>(WSHFC 2024-1)<br>Series 2024-1, Class A<br>4.221%, 03/01/2050 | 3280 |  | 3153101 |
|  Washington State Housing Finance Commission <br>(WSHFC 2025-1)<br>Series 2025-1, Class A1<br>4.078%, 08/20/2063 | 6495 |  | 6127917 |
|  |  |  | 132633560 |
| **West Virginia–0.2%** | **West Virginia–0.2%** | **West Virginia–0.2%** | **West Virginia–0.2%** |
|  Tobacco Settlement Finance Authority/WV <br>(Tobacco Settlement Finance Authority/WV)<br>Series 2020<br>4.875%, 06/01/2049 | 10795 |  | 9845721 |
| **Wisconsin–2.5%** | **Wisconsin–2.5%** | **Wisconsin–2.5%** | **Wisconsin–2.5%** |
|  State of Wisconsin <br>(Prerefunded–US Treasuries)<br>Series 2019-A<br>5.00%, 05/01/2027 | 12500 |  | 12997824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 12000 |  | 12477911 |
|  University of Wisconsin Hospitals & Clinics <br>(University of Wisconsin Hospitals & Clinics Authority Obligated Group)<br>Series 2024-B<br>5.00%, 04/01/2054 | 10000 |  | 11066408 |
|  Wisconsin Center District <br>(Wisconsin Center District)<br>AG Series 2020-C<br>Zero Coupon, 12/15/2028 | 1075 |  | 979745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/2030 | 2140 |  | 1826232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/2032 | 2800 |  | 2206801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/2034 | 2500 |  | 1798096 |
|  Wisconsin Health & Educational Facilities Authority <br>(Advocate Aurora Health Obligated Group)<br>Series 2022<br>3.07% (MUNIPSA + 0.18%), 08/15/2054(a) | 4000 |  | 3975203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 08/15/2054 | 5000 |  | 5077645 |
|  Wisconsin Health & Educational Facilities Authority <br>(Chiara Housing & Services Obligated Group)<br>Series 2024<br>5.00%, 07/01/2035 | 960 |  | 972153 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Wisconsin Health & Educational Facilities Authority <br>(Gundersen Lutheran Obligated Group)<br>Series 2021<br>4.00%, 10/15/2034 | $2500 | $2556054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2035 | 1000 | 1014852 |
|  Wisconsin Health & Educational Facilities Authority <br>(Hospital Sisters Services Obligated Group)<br>Series 2025<br>5.00%, 08/15/2030 | 9380 | 10312765 |
|  Wisconsin Public Finance Authority <br>(Absolute Awakenings)<br>Series 2025-A<br>7.00%, 01/01/2045(b) | 1465 | 1556149 |
|  Wisconsin Public Finance Authority <br>(Alpha Ranch Water Control & Improvement District of Denton & Wise Counties)<br>Series 2024<br>Zero Coupon, 12/15/2038(b) | 2000 | 906477 |
|  Wisconsin Public Finance Authority <br>(Carmelite System Obligated Group)<br>Series 2020<br>5.00%, 01/01/2040 | 3750 | 3776421 |
|  Wisconsin Public Finance Authority <br>(CFC-SA LLC)<br>Series 2022<br>5.00%, 02/01/2042 | 2000 | 2035700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2042(b) | 6955 | 7148876 |
|  Wisconsin Public Finance Authority <br>(Duke Energy Progress LLC)<br>Series 2022<br>3.30%, 10/01/2046 | 5315 | 5329732 |
|  Wisconsin Public Finance Authority <br>(Heritage Bend Project)<br>Series 2025<br>Zero Coupon, 12/15/2042(b) | 5520 | 1646554 |
|  Wisconsin Public Finance Authority <br>(Lackland Project)<br>Series 2024<br>Zero Coupon, 02/01/2031 | 1395 | 966540 |
|  Wisconsin Public Finance Authority <br>(North San Gabriel Municipal Utility District No. 1)<br>Series 2023<br>Zero Coupon, 09/01/2029(b) | 342 | 257983 |
|  Wisconsin Public Finance Authority <br>(Puerto Rico Tollroads LLC)<br>Series 2024<br>5.50%, 07/01/2044 | 1800 | 1823708 |
|  Wisconsin Public Finance Authority <br>(Queens University of Charlotte)<br>Series 2022<br>5.25%, 03/01/2042 | 6000 | 6036801 |

---

 <br> *2025 Annual Report* *43*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority <br>(Signorelli Projects)<br>Series 2024<br>5.375%, 12/15/2032(b) | 2271 | $| 2271342 |
|  Wisconsin Public Finance Authority <br>(Southeast Overtown Park West Community Redevelopment Agency)<br>Series 2024<br>5.00%, 06/01/2041(b) | 1000 |  | 1005523 |
|  Wisconsin Public Finance Authority <br>(Southeastern Regional Medical Center Obligated Group)<br>Series 2021<br>4.00%, 02/01/2035 | 615 |  | 562178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2036 | 3335 |  | 3003298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2038 | 3575 |  | 3123504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2040 | 3945 |  | 3332575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 02/01/2031 | 3375 |  | 3422908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2032 | 2545 |  | 2571728 |
|  Wisconsin Public Finance Authority <br>(UMA Education, Inc.)<br>Series 2019<br>5.00%, 10/01/2025(b) | 3360 |  | 3360000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026(b) | 3605 |  | 3642802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029(b) | 835 |  | 869250 |
|  Wisconsin Public Finance Authority <br>(Waterstone Projects)<br>Series 2024<br>5.50%, 12/15/2038(b) | 1300 |  | 1301887 |
|  Wisconsin Public Finance Authority <br>(Wisconsin Public Finance Authority-MF Affordable Housing)<br>Series 2024-1<br>4.10%, 09/25/2039 | 3070 |  | 3016396 |
|  |  |  | 130230021 |
| Total Long-Term Municipal Bonds <br>(cost $4,543,448,119) |  |  | 4526273979 |
| SHORT-TERM MUNICIPAL NOTES–7.7% | SHORT-TERM MUNICIPAL NOTES–7.7% | SHORT-TERM MUNICIPAL NOTES–7.7% | SHORT-TERM MUNICIPAL NOTES–7.7% |
| **Arizona–0.1%** |  |  |  |
|  Arizona Health Facilities Authority <br>(Banner Health Obligated Group)<br>Series 2017-C<br>3.70%, 01/01/2046(k) | 2785 |  | 2785000 |
| **California–0.6%** | **California–0.6%** | **California–0.6%** | **California–0.6%** |
|  Anaheim Housing & Public Improvements Authority <br>(City of Anaheim CA Water System Revenue)<br>Series 2024, Class A<br>3.15%, 10/01/2054(k) | 1970 |  | 1970000 |
|  City of Los Angeles CA <br>(City of Los Angeles CA)<br>Series 2025<br>5.00%, 06/25/2026 | 23785 |  | 24241953 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Nuveen California AMT-Free Quality Municipal Income Fund <br>(Nuveen California AMT-Free Quality Municipal Income Fund)<br>Series 2017<br>3.34%, 10/01/2047(b)(k) | 5000 | $| 5000000 |
|  |  |  | 31211953 |
| **Colorado–0.8%** | **Colorado–0.8%** | **Colorado–0.8%** | **Colorado–0.8%** |
|  Colorado Educational & Cultural Facilities Authority <br>(Michael Ann Russell Jewish Community Center)<br>Series 2012<br>3.70%, 01/01/2039(k) | 5025 |  | 5025000 |
|  Colorado Health Facilities Authority <br>(Children's Hospital Colorado Obligated Group)<br>Series 2020<br>3.70%, 12/01/2052(k) | 7555 |  | 7555000 |
|  Colorado State Education Loan Program <br>(Colorado State Education Loan Program)<br>Series 2025<br>5.00%, 06/30/2026 | 29100 |  | 29617532 |
|  |  |  | 42197532 |
| **District of Columbia–0.2%** | **District of Columbia–0.2%** | **District of Columbia–0.2%** | **District of Columbia–0.2%** |
|  District of Columbia <br>(MedStar Health Obligated Group)<br>Series 2017-A<br>3.70%, 08/15/2038(k) | 11675 |  | 11675000 |
| **Florida–0.6%** | **Florida–0.6%** | **Florida–0.6%** | **Florida–0.6%** |
|  Hillsborough County Industrial Development Authority <br>(BayCare Obligated Group)<br>Series 2020<br>3.60%, 11/15/2042(k) | 19765 |  | 19765000 |
|  School Board of Miami-Dade County (The) <br>(School Board of Miami-Dade County/The)<br>Series 2025<br>4.00%, 01/07/2026 | 12500 |  | 12541506 |
|  |  |  | 32306506 |
| **Idaho–0.1%** | **Idaho–0.1%** | **Idaho–0.1%** | **Idaho–0.1%** |
|  Idaho Health Facilities Authority <br>(St. Luke's Health System Obligated Group/ID)<br>Series 2018-C<br>3.45%, 03/01/2048(k) | 5025 |  | 5025000 |
| **Illinois–0.1%** | **Illinois–0.1%** | **Illinois–0.1%** | **Illinois–0.1%** |
|  Illinois Finance Authority <br>(OSF Healthcare System Obligated Group)<br>Series 2018<br>3.70%, 11/15/2037(k) | 5000 |  | 5000000 |

---

 <br> *44* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Illinois Finance Authority <br>(University of Chicago Medical Center Obligated Group)<br>Series 2024<br>3.75%, 08/01/2044(k) | 1850 | $| 1850000 |
|  |  |  | 6850000 |
| **Kansas–0.3%** | **Kansas–0.3%** | **Kansas–0.3%** | **Kansas–0.3%** |
|  City of Wichita KS <br>(City of Wichita KS)<br>Series 2024<br>4.00%, 10/15/2025 | 12915 |  | 12921414 |
| **Kentucky–0.0%** | **Kentucky–0.0%** | **Kentucky–0.0%** | **Kentucky–0.0%** |
|  Louisville/Jefferson County Metropolitan Government <br>(Norton Healthcare Obligated Group)<br>Series 2016-B<br>3.75%, 10/01/2039(k) | 2000 |  | 2000000 |
| **Massachusetts–0.4%** | **Massachusetts–0.4%** | **Massachusetts–0.4%** | **Massachusetts–0.4%** |
|  City of Quincy MA <br>(City of Quincy MA)<br>Series 2025<br>5.00%, 09/29/2026 | 19025 |  | 19439775 |
| **Michigan–0.1%** | **Michigan–0.1%** | **Michigan–0.1%** | **Michigan–0.1%** |
|  Grand Traverse County Hospital Finance Authority <br>(Munson Healthcare Obligated Group)<br>Series 2019<br>3.80%, 07/01/2041(k) | 7175 |  | 7175000 |
| **New Jersey–0.8%** | **New Jersey–0.8%** | **New Jersey–0.8%** | **New Jersey–0.8%** |
|  City of Hoboken NJ <br>(City of Hoboken NJ)<br>Series 2025-A<br>4.00%, 03/10/2026 | 15825 |  | 15898430 |
|  City of Jersey City NJ <br>(City of Jersey City NJ)<br>Series 2024-D<br>4.50%, 10/22/2025 | 20000 |  | 20018654 |
|  Township of West Orange/NJ <br>(Township of West Orange/NJ)<br>Series 2024<br>4.00%, 11/05/2025 | 3000 |  | 3003344 |
|  |  |  | 38920428 |
| **New York–1.4%** | **New York–1.4%** | **New York–1.4%** | **New York–1.4%** |
|  City of Rochester NY <br>(City of Rochester NY)<br>Series 2025-I<br>4.00%, 07/30/2026 | 15000 |  | 15179767 |
|  Connetquot Central School District of Islip <br>(Connetquot Central School District of Islip)<br>Series 2025<br>4.00%, 06/18/2026 | 9000 |  | 9090214 |
|  Town of Oyster Bay NY <br>(Town of Oyster Bay NY)<br>Series 2025<br>4.00%, 03/06/2026 | 11330 |  | 11393098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/21/2026 | 19710 |  | 19948641 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Triborough Bridge & Tunnel Authority <br>(Triborough Bridge & Tunnel Authority)<br>Series 2018-2<br>3.50%, 01/01/2031(k) | 3500 | $| 3500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>3.87% (MUNIPSA + 0.98%), 05/01/2026(a) | 15400 |  | 15400000 |
|  |  |  | 74511720 |
| **Ohio–0.4%** | **Ohio–0.4%** | **Ohio–0.4%** | **Ohio–0.4%** |
|  County of Montgomery OH <br>(Premier Health Partners Obligated Group)<br>Series 2019<br>3.85%, 11/15/2045(k) | 14535 |  | 14535000 |
|  State of Ohio <br>(University Hospitals Health System Obligated Group)<br>Series 2018<br>3.80%, 01/15/2046(k) | 3300 |  | 3300000 |
|  |  |  | 17835000 |
| **Oregon–0.1%** | **Oregon–0.1%** | **Oregon–0.1%** | **Oregon–0.1%** |
|  Oregon State Facilities Authority <br>(PeaceHealth Obligated Group)<br>Series 2018-A<br>3.45%, 08/01/2034(k) | 6000 |  | 6000000 |
| **Other–0.6%** | **Other–0.6%** | **Other–0.6%** | **Other–0.6%** |
|  Nuveen AMT-Free Municipal Credit Income Fund<br>(Nuveen AMT-Free Municipal Credit Income Fund)<br>Series 2019<br>3.34%, 03/01/2029(k) | 12955 |  | 12955000 |
|  Nuveen AMT-Free Quality Municipal Income Fund <br>(Nuveen AMT-Free Quality Municipal Income Fund)<br>Series 2021<br>3.34%, 03/01/2029(k) | 15515 |  | 15515000 |
|  |  |  | 28470000 |
| **Pennsylvania–0.1%** | **Pennsylvania–0.1%** | **Pennsylvania–0.1%** | **Pennsylvania–0.1%** |
|  Pennsylvania Higher Educational Facilities Authority <br>(Thomas Jefferson University Obligated Group)<br>Series 2024<br>3.75%, 11/01/2061(k) | 3690 |  | 3690000 |
| **South Carolina–0.7%** | **South Carolina–0.7%** | **South Carolina–0.7%** | **South Carolina–0.7%** |
|  Berkeley County School District <br>(Berkeley County School District)<br>Series 2025-A<br>5.00%, 06/01/2026 | 12000 |  | 12187448 |
|  Orangeburg County School District <br>(Orangeburg County School District)<br>Series 2025<br>5.00%, 08/13/2026 | 25000 |  | 25507750 |
|  |  |  | 37695198 |

---

 <br> *2025 Annual Report* *45*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Texas–0.0%** | **Texas–0.0%** | **Texas–0.0%** |
|  Tarrant County Housing Finance Corp. <br>(One Oaklake VIII LLC)<br>Series 2003<br>2.97%, 02/15/2036(k) | $270 | $270000 |
| **Virginia–0.3%** | **Virginia–0.3%** | **Virginia–0.3%** |
|  Hampton Roads Sanitation District <br>(Hampton Roads Sanitation District)<br>Series 2025-A<br>5.00%, 07/15/2026 | 14500 | 14757097 |
| Total Short-Term Municipal Notes <br>(cost $395,666,096) | Total Short-Term Municipal Notes <br>(cost $395,666,096) | 395736623 |
| Total Municipal Obligations <br>(cost $4,939,114,215) | Total Municipal Obligations <br>(cost $4,939,114,215) | 4922010602 |
| CORPORATES—INVESTMENT GRADE–1.0% | CORPORATES—INVESTMENT GRADE–1.0% |  |
| Industrial–1.0% | Industrial–1.0% |  |
| **Consumer Non-Cyclical–0.9%** | **Consumer Non-Cyclical–0.9%** |  |
|  Baylor Scott & White Holdings<br>Series 2021<br>0.827%, 11/15/2025 | 5835 | 5802149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.777%, 11/15/2030 | 5000 | 4435950 |
|  CommonSpirit Health<br>1.547%, 10/01/2025 | 4513 | 4513000 |
|  Hackensack Meridian Health, Inc.<br>Series 2020<br>2.675%, 09/01/2041 | 7000 | 4998630 |
|  Novant Health, Inc.<br>2.637%, 11/01/2036 | 19100 | 15285348 |
|  Ochsner LSU Health System of North Louisiana Series 2021<br>2.51%, 05/15/2031 | 10000 | 8422800 |
|  Sutter Health<br>Series 20A<br>3.161%, 08/15/2040 | 4000 | 3152360 |
|  |  | 46610237 |
| **Transportation—Airlines–0.1%** | **Transportation—Airlines–0.1%** | **Transportation—Airlines–0.1%** |
|  United Airlines, Inc.<br>4.375%, 04/15/2026(b) | 5000 | 4991300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/15/2029(b) | 2300 | 2265845 |
|  |  | 7257145 |
| Total Corporates—Investment Grade <br>(cost $62,644,444) |  | 53867382 |
| COMMERCIAL MORTGAGE-BACKED SECURITIES–0.6% | COMMERCIAL MORTGAGE-BACKED SECURITIES–0.6% | COMMERCIAL MORTGAGE-BACKED SECURITIES–0.6% |
| **Agency CMBS–0.6%** | **Agency CMBS–0.6%** | **Agency CMBS–0.6%** |
|  California Housing Finance Agency<br>Series 2021-3, Class X<br>0.793%, 08/20/2036(f) | 7675 | 345345 |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates<br>Series 2021-ML10, Class ACA<br>2.046%, 06/25/2038 | 1890 | 1569208 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ML10, Class AUS<br>2.032%, 01/25/2038 | 4739 | $| 3831599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ML12, Class AUS<br>2.34%, 07/25/2041 | 7175 |  | 5976893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class XCA<br>0.964%, 07/25/2036(f) | 1948 |  | 104730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class XUS<br>1.005%, 09/25/2036(f) | 3613 |  | 243084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ML21, Class AUS<br>4.615%, 08/25/2041 | 8337 |  | 8480782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ML24, Class AUS<br>4.30%, 05/25/2041 | 10483 |  | 10233632 |
|  |  |  | 30785273 |
| **Non-Agency Fixed Rate CMBS–0.0%** | **Non-Agency Fixed Rate CMBS–0.0%** | **Non-Agency Fixed Rate CMBS–0.0%** | **Non-Agency Fixed Rate CMBS–0.0%** |
|  New Hampshire Business Finance Authority<br>Series 2022-2, Class X<br>0.691%, 10/01/2036(f) | 9596 |  | 406441 |
|  Washington State Housing Finance Commission<br>Series 2023-1, Class X<br>1.495%, 04/20/2037(f) | 9818 |  | 961863 |
|  |  |  | 1368304 |
| Total Commercial Mortgage-Backed Securities<br>(cost $35,667,429) |  |  | 32153577 |
| CORPORATES—NON-INVESTMENT GRADE–0.1% | CORPORATES—NON-INVESTMENT GRADE–0.1% | CORPORATES—NON-INVESTMENT GRADE–0.1% | CORPORATES—NON-INVESTMENT GRADE–0.1% |
| Industrial–0.1% | Industrial–0.1% |  |  |
| **Communications—Media–0.1%** | **Communications—Media–0.1%** |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.25%, 01/15/2034(b) <br>(cost $7,730,000) | 7730 |  | 6684363 |
| ASSET-BACKED SECURITIES–0.1% |  |  |  |
| **Autos—Fixed Rate–0.1%** | **Autos—Fixed Rate–0.1%** | **Autos—Fixed Rate–0.1%** | **Autos—Fixed Rate–0.1%** |
|  Lendbuzz Securitization Trust<br>Series 2023-1A, Class A2<br>6.92%, 08/15/2028(b) <br>(cost $2,869,601) | 2870 |  | 2909694 |
| COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% | COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% | COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% | COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% |
| **Risk Share Floating Rate–0.0%** | **Risk Share Floating Rate–0.0%** | **Risk Share Floating Rate–0.0%** | **Risk Share Floating Rate–0.0%** |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2016-C01, Class 1M2<br>11.221% (CME Term SOFR + 6.86%), 08/25/2028(a) <br>(cost $104,517) | 102 |  | 103944 |

---

 <br> *46* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| SHORT-TERM INVESTMENTS–1.1% | SHORT-TERM INVESTMENTS–1.1% | SHORT-TERM INVESTMENTS–1.1% |
| **U.S. Treasury Bills–1.1%** | **U.S. Treasury Bills–1.1%** | **U.S. Treasury Bills–1.1%** |
|  U.S. Treasury Bill<br>Zero Coupon, 10/30/2025 <br>(cost $54,815,176) | $55000 | $54820562 |
| **Total Investments—98.3%** <br> (cost $5,102,945,382) |  | 5072550124 |
|  Other assets less liabilities—1.7% |  | 87634364 |
| **Net Assets—100.0%** |  | $**5160184488** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) |  |
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit**<br> **Spread at**<br> **September 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** |
|  CDX-NAHY Series 45,<br>5 Year Index, 12/20/2030\* | (5.00)% | Quarterly | 3.21% | USD 42,240 | $(3314276) | $(3243175) | $(71101) |

---

\* Termination date

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) |
| | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** | **Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 95110 | 10/15/2028 | CPI# | 2.565% | Maturity | $(698457) | $— | $(698457) |
| USD | 83000 | 10/15/2029 | 2.569% | CPI# | Maturity | 499417 |  | 499417 |
| USD | 81000 | 10/15/2029 | 2.485% | CPI# | Maturity | 815029 |  | 815029 |
| USD | 65040 | 10/15/2029 | 2.516% | CPI# | Maturity | 557215 |  | 557215 |
| USD | 64980 | 10/15/2029 | 2.451% | CPI# | Maturity | 759452 |  | 759452 |
| USD | 64980 | 10/15/2029 | 2.499% | CPI# | Maturity | 609982 |  | 609982 |
| USD | 99890 | 10/15/2030 | CPI# | 2.531% | Maturity | (723607) |  | (723607) |
|  |  |  |  |  |  | $1819031 | $— | $1819031 |

---

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) |
| | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** | **Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 21100 | 10/15/2029 | 1 Day SOFR | 3.785% | Annual | $228871 | $— | $228871 |
| USD | 38000 | 10/15/2030 | 1 Day SOFR | 4.092% | Annual | 1166327 |  | 1166327 |
| USD | 57300 | 07/30/2032 | 1 Day SOFR | 3.712% | Annual | 721653 |  | 721653 |
| USD | 15600 | 07/30/2032 | 1 Day SOFR | 3.700% | Annual | 184289 |  | 184289 |
| USD | 61200 | 06/15/2034 | 3.543% | 1 Day SOFR | Annual | 420324 | 6835 | 413489 |
| USD | 67400 | 09/25/2035 | 3.587% | 1 Day SOFR | Annual | 414137 |  | 414137 |
| USD | 36600 | 09/25/2035 | 3.509% | 1 Day SOFR | Annual | 464464 |  | 464464 |
|  |  |  |  |  |  | $3600065 | $6835 | $3593230 |

---

 <br> *2025 Annual Report* *47*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) |  |
|  |  |  | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Swap Counterparty** | **Notional Amount<br>(000)** | **Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| Citibank NA | USD 57,160 | 10/09/2029 | 1.125% | 1 Week SIFMA\* | Quarterly | $3218346 | $— | $3218346 |

---

\* 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, 2025.

(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, 2025, the aggregate market value of these securities amounted to $356,569,891 or 6.9% of net assets.

(c) Non-income producing security.

(d) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.01% of net assets as of September 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Arizona Industrial Development Authority <br>(Legacy Cares, Inc.) <br>Series 2020 <br>6.50%, 07/01/2026 | 06/13/2022 | $2077317 | $61200 | 0.00% |
|  Polk County Industrial Development Authority/FL <br>(Mineral Development LLC)<br>Series 2020 <br>5.875%, 01/01/2033 | 10/23/2020 | 1905000 | 381000 | 0.01% |
|  South Carolina Jobs-Economic Development Authority <br>(Last Step Recycling LLC)<br>Series 2021 <br>6.00%, 06/01/2031 | 10/04/2022 | 1180754 | 158950 | 0.00% |

---

(e) Defaulted.

(f) IO—Interest Only.

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

(h) Fair valued by the Adviser.

(i) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2025.

(j) When-Issued or delayed delivery security.

(k) 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, 2025, 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 5.0% and 0.0%, respectively.

Glossary:

AG—Assured Guaranty Inc.

AMT—Alternative Minimum Tax (subject to)

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

ID—Improvement District

MUNIPSA—SIFMA Municipal Swap Index

NATL—National Interstate Corporation

OSF—Order of St. Francis

RFUCCT1Y—Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year

SOFR—Secured Overnight Financing Rate

UPMC—University of Pittsburgh Medical Center

XLCA—XL Capital Assurance Inc.

See notes to financial statements.

 <br> *48* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

#### New York Municipal Portfolio
September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| MUNICIPAL OBLIGATIONS–98.0% | MUNICIPAL OBLIGATIONS–98.0% | MUNICIPAL OBLIGATIONS–98.0% |
| Long-Term Municipal Bonds–90.0% | Long-Term Municipal Bonds–90.0% | Long-Term Municipal Bonds–90.0% |
| **New York–79.3%** | **New York–79.3%** | **New York–79.3%** |
|  Albany County Airport Authority <br>(Albany County Airport Authority)<br>Series 2020-B<br>5.00%, 12/15/2026 | $855 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875414 |
|  Broome County Local Development Corp. <br>(United Health Services Hospitals Obligated Group)<br>AG Series 2020<br>3.00%, 04/01/2035 | 2220 | 2086022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2036 | 2000 | 1841488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2037 | 1500 | 1349747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2034 | 725 | 739906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2038 | 2900 | 2875463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2040 | 1500 | 1433270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032 | 2000 | 2155709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 | 1000 | 1071720 |
|  Build NYC Resource Corp. <br>(East Harlem Scholars Academy Charter School Obligated Group)<br>Series 2022<br>5.00%, 06/01/2032(a) | 1150 | 1186801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/2042(a) | 2250 | 2276734 |
|  Build NYC Resource Corp. <br>(Grand Concourse Academy Charter School)<br>Series 2022<br>5.00%, 07/01/2042 | 550 | 548367 |
|  Build NYC Resource Corp. <br>(Integration Charter Schools)<br>Series 2021<br>5.00%, 06/01/2041(a) | 800 | 699893 |
|  Build NYC Resource Corp. <br>(Metropolitan College of New York)<br>Series 2014<br>5.00%, 11/01/2025(b)(c) | 1750 | 1225000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2029(b)(c) | 2100 | 1470000 |
|  Build NYC Resource Corp. <br>(Success Academy Charter Schools Obligated Group)<br>Series 2024<br>4.00%, 09/01/2040 | 1060 | 1015435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2041 | 1725 | 1633378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2042 | 1175 | 1097209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2038 | 1485 | 1564404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2039 | 1125 | 1176795 |
|  Build NYC Resource Corp. <br>(TrIPs Obligated Group)<br>Series 2025<br>5.50%, 07/01/2045 | 1535 | 1602605 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  City of New York NY <br>(City of New York NY)<br>Series 2016-C<br>5.00%, 08/01/2028 | $11165 | $11246248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-E<br>5.00%, 08/01/2027 | 1495 | 1526233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 08/01/2026 | 7690 | 7849716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D<br>5.00%, 12/01/2038 | 9665 | 10075179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C<br>4.00%, 08/01/2037 | 3445 | 3497829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2039 | 1450 | 1451228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | 3000 | 3062308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>1.216%, 08/01/2026 | 5360 | 5245488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.396%, 08/01/2027 | 4950 | 4734155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.623%, 08/01/2028 | 3255 | 3052827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F<br>4.00%, 03/01/2040 | 1000 | 990162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 08/01/2036 | 2500 | 2782461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2040 | 1000 | 1074928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2043 | 5000 | 5275475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-E<br>5.25%, 04/01/2044 | 4000 | 4264841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 09/01/2027 | 5000 | 5247796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>4.61%, 09/01/2037 | 2000 | 1966512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2044 | 1000 | 1056571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-I<br>5.00%, 04/01/2034 | 7000 | 8051142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 08/01/2035 | 2000 | 2306503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 08/01/2028 | 9745 | 10421795 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024-A<br>5.00%, 08/01/2026 | 4985 | 5095201 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024-C<br>5.00%, 10/01/2026 | 5310 | 5445096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 1000 | 1050641 |
|  City of New York NY <br>(Prerefunded–US Treasuries)<br>Series 2021<br>1.216%, 08/01/2026 | 640 | 625571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.623%, 08/01/2028 | 745 | 699950 |
|  City of Yonkers NY <br>(City of Yonkers NY)<br>AG Series 2024-A<br>5.00%, 02/15/2037 | 1100 | 1223049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2040 | 1000 | 1083524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2041 | 2120 | 2278425 |
|  County of Nassau NY <br>(County of Nassau NY)<br>Series 2017-C<br>5.00%, 10/01/2026 | 2220 | 2279239 |

---

 <br> *2025 Annual Report* *49*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 04/01/2040 | $5705 | $6281524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2041 | 2855 | 3112148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2043 | 9280 | 9923222 |
|  County of Suffolk NY <br>(County of Suffolk NY)<br>Series 2022<br>5.00%, 09/01/2029 | 1770 | 1949992 |
|  Dutchess County Local Development Corp. <br>(Bard College)<br>Series 2020-A<br>5.00%, 07/01/2040 | 2400 | 2446864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B<br>5.918%, 07/01/2039 | 4355 | 4291025 |
|  Empire State Development Corp. <br>(Prerefunded–US Govt Agencies)<br>Series 2016-A<br>5.00%, 03/15/2028 | 5010 | 5067664 |
|  Empire State Development Corp. <br>(State of New York Pers Income Tax)<br>Series 2017<br>5.00%, 03/15/2031 | 5000 | 5172891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-E<br>5.00%, 03/15/2026 | 10000 | 10112820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 09/15/2029 | 6830 | 7497975 |
|  Hempstead Town Local Development Corp. <br>(Evergreen Charter School)<br>Series 2022-A<br>5.25%, 06/15/2042 | 4000 | 4026235 |
|  Hudson Yards Infrastructure Corp. <br>(Hudson Yards Infrastructure)<br>Series 2017-A<br>5.00%, 02/15/2031 | 17060 | 17628992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 | 5590 | 5767341 |
|  Metropolitan Transportation Authority <br>(Metropolitan Transportation Authority Dedicated Tax Fund)<br>Series 2017-A<br>5.00%, 11/15/2031 | 2060 | 2135760 |
|  Metropolitan Transportation Authority <br>(Metropolitan Transportation Authority)<br>Series 2010<br>6.814%, 11/15/2040 | 1555 | 1725385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-D<br>5.00%, 11/15/2027 | 1210 | 1240793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>5.00%, 11/15/2027 | 5050 | 5296384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 4020 | 4295550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 11/15/2025 | 3250 | 3257815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2027 | 9140 | 9585931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 7400 | 7836506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 1790 | 1895100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 | 29930 | 31585353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C<br>4.75%, 11/15/2045 | 1000 | 994280 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>3.217% (SOFR + 0.43%), 11/01/2026(d) | $735 | $734742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 11/15/2035 | 2815 | 3210715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2044 | 2000 | 2085356 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2021<br>3.587% (SOFR + 0.80%), 11/01/2032(d) | 3715 | 3717862 |
|  Metropolitan Transportation Authority Dedicated Tax Fund <br>(Metropolitan Transportation Authority Dedicated Tax Fund)<br>Series 2022-A<br>4.00%, 11/15/2038 | 3000 | 3008198 |
|  Monroe County Industrial Development Corp./NY <br>(Academy of Health Sciences Charter School)<br>Series 2022<br>5.00%, 07/01/2032(a) | 250 | 257384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2042(a) | 2000 | 1977931 |
|  Monroe County Industrial Development Corp./NY <br>(Eugenio Maria de Hostos Charter School)<br>Series 2024<br>5.00%, 07/01/2044(a) | 3445 | 3146195 |
|  Monroe County Industrial Development Corp./NY <br>(Rochester Regional Health Obligated Group)<br>Series 2020<br>5.00%, 12/01/2028 | 1210 | 1282614 |
|  Monroe County Industrial Development Corp./NY <br>(St. Ann's of Greater Rochester Obligated Group)<br>Series 2019<br>4.00%, 01/01/2030 | 1820 | 1789984 |
|  Monroe County Industrial Development Corp./NY <br>(True North Rochester Prep Charter School)<br>Series 2020<br>5.00%, 06/01/2040(a) | 2265 | 2272312 |
|  Nassau County Local Economic Assistance Corp. <br>(Roosevelt Children's Academy Charter School)<br>Series 2023<br>4.00%, 07/01/2033 | 750 | 753877 |
|  Nassau Health Care Corp. <br>(Nassau Health Care Corp.)<br>Series 2021<br>5.00%, 08/01/2029 | 6000 | 6589608 |
|  New York City Health & Hospitals Corp. <br>(New York City Health & Hospital Lease)<br>Series 2025-A<br>5.00%, 02/15/2041 | 4000 | 4317077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2042 | 1000 | 1068426 |

---

 <br> *50* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  New York City Housing Development Corp. <br>(8 Spruce NY Owner LLC)<br>Series 2024<br>4.00%, 12/15/2031 | $550 | $568679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/2031 | 1070 | 1100612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2031 | 2620 | 2702780 |
|  New York City Municipal Water Finance Authority <br>(New York City Municipal Water Finance Authority)<br>Series 2021<br>5.00%, 06/15/2027 | 10000 | 10050687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>4.00%, 06/15/2039 | 2000 | 2001622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 06/15/2035 | 13345 | 15303913 |
|  New York City Transitional Finance Authority <br>(New York City Transitional Finance Authority Future Tax Secured Revenue)<br>Series 2023<br>5.50%, 05/01/2043 | 5000 | 5495654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.01%, 05/01/2034 | 2000 | 2061502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 05/01/2043 | 5500 | 5872868 |
|  New York City Transitional Finance Authority Building Aid Revenue <br>(New York City Transitional Finance Authority Building Aid Revenue State Lease)<br>Series 2018-S<br>5.00%, 07/15/2031 | 2065 | 2196516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 | 16090 | 17056759 |
|  New York City Transitional Finance Authority Building Aid Revenue <br>(Prerefunded–US Treasuries)<br>Series 2016-S<br>5.00%, 07/15/2034 | 2000 | 2012282 |
|  New York City Transitional Finance Authority Building Aid Revenue <br>(State of New York State Lease)<br>Series 2021-S<br>4.00%, 07/15/2040 | 2500 | 2480793 |
|  New York City Transitional Finance Authority Building Aid Revenue <br>(State of New York)<br>Series 2025-S<br>5.00%, 07/15/2027 | 3745 | 3918608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2028 | 2500 | 2675352 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue <br>(New York City Transitional Finance Authority Future Tax Secured Revenue)<br>Series 2016-B<br>5.00%, 08/01/2031 | 2200 | 2238894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-F<br>5.00%, 05/01/2032 | 1220 | 1264219 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.00%, 11/01/2027 | $2580 | $2718647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E<br>4.00%, 02/01/2038 | 3750 | 3763581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2040 | 12575 | 12346305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 11/01/2026 | 4000 | 4107599 |
|  NEW York Energy Finance Development Corp. <br>(Athene Annuity & Life Co.)<br>Series 2025<br>5.00%, 07/01/2056 | 9115 | 9736579 |
|  New York Liberty Development Corp. <br>(3 World Trade Center LLC)<br>Series 2014<br>5.375%, 11/15/2040(a) | 2000 | 2000334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/2044(a) | 3260 | 3262539 |
|  New York Liberty Development Corp. <br>(One Bryant Park LLC)<br>Series 2019<br>2.45%, 09/15/2069 | 20000 | 18803766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 09/15/2069 | 22240 | 20787561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/2069 | 6470 | 6003590 |
|  New York Liberty Development Corp. <br>(Port Authority of New York & New Jersey)<br>Series 2021-1<br>3.00%, 02/15/2042 | 20000 | 16471110 |
|  New York Power Authority <br>(New York Power Authority SFP Transmission Project)<br>AG Series 2023<br>5.25%, 11/15/2040 | 1000 | 1121475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2041 | 1000 | 1109298 |
|  New York State Dormitory Authority <br>(Catholic Health System Obligated Group)<br>Series 2019<br>5.00%, 07/01/2036 | 1000 | 967189 |
|  New York State Dormitory Authority <br>(Garnet Health Medical Center Obligated Group)<br>Series 2017<br>5.00%, 12/01/2026(a) | 1500 | 1510726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034(a) | 2500 | 2494828 |
|  New York State Dormitory Authority <br>(Icahn School of Medicine at Mount Sinai)<br>Series 2015-A<br>5.00%, 07/01/2026 | 3745 | 3747059 |
|  New York State Dormitory Authority <br>(Iona College)<br>Series 2022-2<br>5.00%, 07/01/2026 | 620 | 629208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 325 | 335637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 500 | 533348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 300 | 324157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 320 | 348756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 280 | 306562 |

---

 <br> *2025 Annual Report* *51*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  New York State Dormitory Authority <br>(Iona University)<br>AG Series 2025<br>5.00%, 07/01/2039 | $1000 | $1087716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 1000 | 1075171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2044 | 1250 | 1349811 |
|  New York State Dormitory Authority <br>(Memorial Sloan-Kettering Cancer Center)<br>Series 2025<br>5.00%, 07/01/2035 | 1000 | 1168876 |
|  New York State Dormitory Authority <br>(Montefiore Obligated Group)<br>Series 2024<br>5.25%, 11/01/2041 | 2150 | 2267000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2043 | 1500 | 1557395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2044 | 2900 | 3058793 |
|  New York State Dormitory Authority <br>(Mount Sinai Hospital Obligated Group)<br>Series 2025<br>5.00%, 07/01/2045 | 5250 | 5275712 |
|  New York State Dormitory Authority <br>(New York & Presbyterian Hospital Obligated Group)<br>Series 2023<br>5.00%, 08/01/2036 | 4250 | 4836535 |
|  New York State Dormitory Authority <br>(New York State Dormitory Authority Lease)<br>Series 2022-C<br>5.00%, 10/01/2025 | 1000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2020<br>5.00%, 10/01/2026 | 3045 | 3121715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 2130 | 2290408 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2023<br>5.00%, 10/01/2025 | 4695 | 4695000 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2022<br>5.00%, 10/01/2025 | 3975 | 3975000 |
|  New York State Dormitory Authority <br>(New York State Sales Tax)<br>Series 2018-C<br>5.00%, 03/15/2040 | 2000 | 2056562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>4.00%, 03/15/2043 | 4350 | 4140024 |
|  New York State Dormitory Authority <br>(New York University)<br>Series 2019-A<br>5.00%, 07/01/2032 | 2975 | 3222344 |
|  New York State Dormitory Authority <br>(Northwell Health Obligated Group)<br>Series 2022<br>4.00%, 05/01/2039 | 2500 | 2437382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2040 | 6000 | 5772139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 05/01/2027 | 2300 | 2385817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 10635 | 11461716 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  New York State Dormitory Authority <br>(NYU Langone Hospitals Obligated Group)<br>Series 2024<br>5.00%, 07/01/2030 | $1600 | $1780411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 1700 | 1969528 |
|  New York State Dormitory Authority <br>(Pace University)<br>Series 2024-A<br>5.25%, 05/01/2039 | 1050 | 1109389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2042 | 1325 | 1365008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2044 | 1050 | 1069760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2049 | 1500 | 1535290 |
|  New York State Dormitory Authority <br>(Prerefunded–US Govt Agencies)<br>Series 2021<br>1.187%, 03/15/2026 | 5500 | 5429077 |
|  New York State Dormitory Authority <br>(Prerefunded–US Treasuries)<br>AG Series 2020<br>5.00%, 10/01/2026 | 5 | 5124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 5 | 5371 |
|  New York State Dormitory Authority <br>(Rochester Institute of Technology)<br>Series 2020-A<br>5.00%, 07/01/2026 | 1000 | 1018223 |
|  New York State Dormitory Authority <br>(St. John's University/NY)<br>Series 2021-A<br>4.00%, 07/01/2031 | 1400 | 1481332 |
|  New York State Dormitory Authority <br>(State of New York Pers Income Tax)<br>Series 2009<br>5.628%, 03/15/2039 | 2430 | 2522477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>5.00%, 02/15/2037 | 5520 | 5658728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 03/15/2026 | 4500 | 4550769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 03/15/2039 | 1000 | 1000807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E<br>4.00%, 03/15/2037 | 4645 | 4690398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 03/15/2039 | 2000 | 2001359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 03/15/2046 | 3000 | 3128711 |
|  New York State Dormitory Authority <br>(Wagner College)<br>Series 2022<br>5.00%, 07/01/2035 | 1000 | 945243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 1000 | 930600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 1500 | 1377365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 | 1630 | 1460655 |
|  New York State Dormitory Authority <br>(White Plains Hospital Obligated Group)<br>Series 2024<br>5.00%, 10/01/2035 | 1300 | 1403084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 1700 | 1817069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 | 1800 | 1905548 |

---

 <br> *52* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  New York State Energy Research & Development Authority <br>(Rochester Gas & Electric)<br>Series 2025<br>4.00%, 05/15/2032 | $6800 | $6947002 |
|  New York State Environmental Facilities Corp.<br>(New York City Municipal Water Finance Authority)<br>Series 2019-B<br>5.00%, 06/15/2027 | 445 | 465311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.125%, 09/01/2050(a) | 1800 | 1875277 |
|  New York State Thruway Authority <br>(New York State Thruway Authority Gen Toll Road)<br>Series 2021-O<br>4.00%, 01/01/2042 | 5750 | 5555356 |
|  New York State Thruway Authority <br>(State of New York Pers Income Tax)<br>Series 2022-A<br>5.00%, 03/15/2039 | 7250 | 7875241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 03/15/2045 | 5645 | 5969576 |
|  New York Transportation Development Corp. <br>(American Airlines, Inc.)<br>Series 2016<br>5.00%, 08/01/2026 | 375 | 375076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>2.25%, 08/01/2026 | 420 | 416134 |
|  New York Transportation Development Corp. <br>(Delta Air Lines, Inc.)<br>Series 2018<br>5.00%, 01/01/2030 | 24485 | 25307777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 2355 | 2420108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 | 2000 | 2031700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.625%, 04/01/2040 | 4165 | 4352150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2035 | 1500 | 1648934 |
|  New York Transportation Development Corp. <br>(Elevated Accessibility Enhancements Holding)<br>Series 2023<br>6.971%, 06/30/2051 | 2000 | 1985725 |
|  New York Transportation Development Corp. <br>(Empire State Thruway Partners)<br>Series 2021<br>4.00%, 10/31/2034 | 500 | 499011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/31/2041 | 2075 | 1890031 |
|  New York Transportation Development Corp. <br>(JFK Intl Air Terminal)<br>Series 2020<br>5.00%, 12/01/2027 | 2210 | 2303203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 1010 | 1097049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 400 | 430391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 1035 | 1104299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 | 1000 | 1048197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 | 1050 | 1093967 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 12/01/2027 | $2115 | $2204196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 2035 | 2220132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 | 4580 | 4728449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 | 3310 | 3393963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 | 2860 | 2891010 |
|  New York Transportation Development Corp. <br>(JFK NTO LLC)<br>Series 2024<br>5.25%, 06/30/2043 | 8500 | 8691419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/30/2044 | 10895 | 11088506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>6.00%, 06/30/2044 | 2650 | 2868900 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2023<br>5.50%, 06/30/2043 | 2250 | 2328571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/30/2044 | 2500 | 2577963 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024<br>4.25%, 06/30/2042 | 10000 | 9721074 |
|  New York Transportation Development Corp. <br>(Laguardia Gateway Partners)<br>Series 2016-A<br>5.25%, 01/01/2050 | 2535 | 2534871 |
|  Niagara Area Development Corp. <br>(Reworld Holding Corp.)<br>Series 2018-A<br>4.75%, 11/01/2042(a) | 1000 | 909358 |
|  Onondaga Civic Development Corp. <br>(Crouse Health Hospital Obligated Group)<br>Series 2024<br>5.00%, 08/01/2033 | 825 | 802388 |
|  Onondaga Civic Development Corp. <br>(Le Moyne College)<br>Series 2022<br>4.00%, 07/01/2034 | 300 | 300704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2036 | 350 | 342115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2039 | 450 | 421068 |
|  Port Authority of New York & New Jersey <br>(Port Authority of New York & New Jersey)<br>Series 2017<br>5.00%, 10/15/2028 | 6925 | 7126836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2<br>5.00%, 09/15/2026 | 1000 | 1019317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2027 | 1000 | 1040953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2028 | 8000 | 8390536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2031 | 5000 | 5225673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2033 | 5335 | 5544737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 11/01/2039 | 9000 | 9241322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2<br>5.00%, 07/15/2033 | 3000 | 3208197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2034 | 4860 | 5165594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2035 | 5095 | 5382328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2<br>5.00%, 08/01/2030 | 7185 | 7856353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 1390 | 1503310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2<br>5.00%, 12/01/2036 | 1750 | 1893420 |

---

 <br> *2025 Annual Report* *53*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 | $2000 | $2125602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 | 1005 | 1046518 |
|  Port Authority of New York & New Jersey <br>(Prerefunded–US Treasuries)<br>Series 2015<br>5.00%, 10/15/2026 | 8405 | 8411565 |
|  Saratoga County Capital Resource Corp. <br>(Washington Saratoga Warren Hamilton & Essex Boces)<br>Series 2025<br>4.875%, 07/01/2044 | 6000 | 6147368 |
|  State of New York <br>(State of New York)<br>Series 2023-A<br>5.00%, 03/15/2026 | 1395 | 1412077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2031 | 5600 | 6396684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2032 | 1815 | 2100769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2033 | 1750 | 2046869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2036 | 1500 | 1712768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2038 | 1500 | 1682974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2039 | 2000 | 2226552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2040 | 2250 | 2487802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C<br>5.00%, 03/15/2037 | 1670 | 1890415 |
|  Suffolk County Economic Development Corp. <br>(Peconic Landing at Southold)<br>Series 2020<br>5.00%, 12/01/2029 | 500 | 514290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 1000 | 1031728 |
|  Suffolk Regional Off-Track Betting Corp. <br>(Suffolk Regional Off-Track Betting)<br>Series 2024<br>5.75%, 12/01/2044 | 4300 | 4346323 |
|  Suffolk Tobacco Asset Securitization Corp. <br>(Suffolk Tobacco Asset Securitization)<br>Series 2021<br>4.00%, 06/01/2035 | 2300 | 2289727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2036 | 2425 | 2386452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2038 | 1000 | 956759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2050 | 1970 | 1777508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 2275 | 2410924 |
|  Triborough Bridge & Tunnel Authority <br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)<br>Series 2021<br>5.00%, 05/15/2050 | 15035 | 15233713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>2.511%, 05/15/2035 | 10000 | 8412292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>3.837% (SOFR + 1.05%), 04/01/2026(d) | 7500 | 7499624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2041 | 1750 | 1855867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.25%, 11/15/2042 | 10420 | 11368825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 11/15/2033 | 3000 | 3474156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 03/15/2027 | 5000 | 5181917 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 03/15/2027 | 10000 | $| 10363834 |
|  Triborough Bridge & Tunnel Authority <br>(Triborough Bridge & Tunnel Authority)<br>Series 2025-A<br>5.00%, 02/01/2028 | 10865 |  | 11524394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | 2500 |  | 2647915 |
|  Troy Capital Resource Corp. <br>(Rensselaer Polytechnic Institute)<br>Series 2020<br>4.00%, 09/01/2040 | 1190 |  | 1137286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 2570 |  | 2808122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 7890 |  | 8588511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 3010 |  | 3244013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 1370 |  | 1464936 |
|  Trust for Cultural Resources of The City of New York (The) <br>(Lincoln Center for the Performing Arts)<br>Series 2016-A<br>5.00%, 12/01/2026 | 13175 |  | 13560469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>4.00%, 12/01/2033 | 1160 |  | 1195288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 1800 |  | 2000688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 2000 |  | 2208116 |
|  Utility Debt Securitization Authority <br>(Utility Debt Securitization Authority)<br>Series 2015<br>5.00%, 12/15/2033 | 2000 |  | 2007019 |
|  Westchester County Local Development Corp.<br>(Kendal on Hudson Obligated Group)<br>Series 2022<br>5.00%, 01/01/2027 | 270 |  | 274145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 520 |  | 550494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2037 | 530 |  | 551999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2041 | 720 |  | 734165 |
|  |  |  | 1015657560 |
| **Alabama–0.5%** | **Alabama–0.5%** | **Alabama–0.5%** | **Alabama–0.5%** |
|  Black Belt Energy Gas District <br>(Pacific Life Insurance)<br>Series 2024-C<br>5.00%, 05/01/2055 | 5000 |  | 5426690 |
|  Southeast Energy Authority A Cooperative District <br>(Athene Annuity & Life Co.)<br>Series 2025-A<br>5.00%, 01/01/2056 | 1000 |  | 1055751 |
|  |  |  | 6482441 |
| **American Samoa–0.1%** | **American Samoa–0.1%** | **American Samoa–0.1%** | **American Samoa–0.1%** |
|  American Samoa Economic Development Authority <br>(Territory of American Samoa)<br>Series 2018<br>6.50%, 09/01/2028(a) | 670 |  | 704357 |

---

 <br> *54* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **California–0.1%** | **California–0.1%** | **California–0.1%** |
|  California Community Choice Financing Authority <br>(Goldman Sachs Group)<br>Series 2023<br>5.25%, 11/01/2054 | $1215 | $1317517 |
| **Colorado–0.0%** | **Colorado–0.0%** | **Colorado–0.0%** |
|  Vauxmont Metropolitan District <br>(Vauxmont Metropolitan District)<br>AG Series 2020<br>5.00%, 12/01/2050 | 160 | 160674 |
| **Connecticut–0.7%** | **Connecticut–0.7%** | **Connecticut–0.7%** |
|  State of Connecticut <br>(State of Connecticut)<br>Series 2018-C<br>5.00%, 06/15/2027 | 4715 | 4912458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-F<br>5.00%, 09/15/2027 | 4025 | 4215002 |
|  |  | 9127460 |
| **Florida–0.0%** | **Florida–0.0%** | **Florida–0.0%** |
|  County of Osceola FL Transportation Revenue<br>(County of Osceola FL Transportation Revenue)<br>Series 2020-A<br>Zero Coupon, 10/01/2030 | 100 | 82863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2032 | 100 | 75090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2033 | 100 | 71355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2034 | 110 | 74722 |
|  |  | 304030 |
| **Georgia–0.2%** | **Georgia–0.2%** | **Georgia–0.2%** |
|  Municipal Electric Authority of Georgia <br>(Municipal Electric Authority of Georgia)<br>Series 2019<br>5.00%, 01/01/2031 | 905 | 956854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 565 | 595563 |
|  Municipal Electric Authority of Georgia <br>(PowerSouth Energy Cooperative)<br>Series 2019<br>5.00%, 01/01/2035 | 1185 | 1222900 |
|  |  | 2775317 |
| **Guam–2.7%** | **Guam–2.7%** | **Guam–2.7%** |
|  Antonio B Won Pat International Airport Authority <br>(Antonio B Won Pat Intl Airport Authority)<br>Series 2021-A<br>3.099%, 10/01/2028 | 1430 | 1373807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.125%, 10/01/2034 | 250 | 267586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2031 | 1025 | 1106742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2035 | 265 | 283826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 10/01/2033 | 525 | 574189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 10/01/2028 | 325 | 337581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 855 | 908610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 1875 | 2000647 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Guam Government Waterworks Authority <br>(Guam Govt Waterworks Authority)<br>Series 2017<br>5.00%, 07/01/2028 | 1250 | $| 1284221 |
|  Guam Government Waterworks Authority <br>(Guam Waterworks Authority Water & Wastewater System)<br>Series 2024-A<br>5.00%, 07/01/2045 | 1100 |  | 1122256 |
|  Guam Government Waterworks Authority <br>(Guam Waterworks Authority Water And Wastewater System)<br>Series 2025-A<br>5.25%, 07/01/2041 | 1050 |  | 1115373 |
|  Guam Power Authority <br>(Guam Power Authority)<br>Series 2017-A<br>5.00%, 10/01/2025 | 2980 |  | 2980000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 1225 |  | 1249083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 1230 |  | 1279549 |
|  Territory of Guam <br>(Guam Section 30 Income Tax)<br>Series 2016-A<br>5.00%, 12/01/2026 | 1150 |  | 1172119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 770 |  | 785132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 1000 |  | 1019460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 925 |  | 940363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 1725 |  | 1739526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 1250 |  | 1266412 |
|  Territory of Guam <br>(Prerefunded–US Treasuries)<br>Series 2015<br>5.00%, 11/15/2030 | 3580 |  | 3589671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-D<br>5.00%, 11/15/2025 | 1555 |  | 1559200 |
|  Territory of Guam <br>(Territory of Guam Business Privilege Tax)<br>Series 2021-F<br>5.00%, 01/01/2030 | 1250 |  | 1339157 |
|  Territory of Guam <br>(Territory of Guam)<br>Series 2019<br>5.00%, 11/15/2031 | 175 |  | 184522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-G<br>5.00%, 01/01/2032 | 2000 |  | 2192383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 2500 |  | 2739982 |
|  |  |  | 34411397 |
| **Illinois–0.2%** | **Illinois–0.2%** | **Illinois–0.2%** | **Illinois–0.2%** |
|  Illinois Finance Authority <br>(Illinois Institute of Technology)<br>Series 2019<br>5.00%, 09/01/2032 | 365 |  | 370577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 200 |  | 201850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 100 |  | 100356 |

---

 <br> *2025 Annual Report* *55*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Metropolitan Pier & Exposition Authority <br>(Metropolitan Pier & Exposition Authority)<br>Series 2017-B<br>5.00%, 12/15/2028 | 2000 | $| 2081901 |
|  |  |  | 2754684 |
| **Indiana–0.0%** | **Indiana–0.0%** | **Indiana–0.0%** | **Indiana–0.0%** |
|  City of Fort Wayne IN <br>(Do Good Foods Fort Wayne Obligated Group)<br>10.75%, 12/01/2029(b)(c) | 32 |  | 3 |
| **Kentucky–0.1%** | **Kentucky–0.1%** | **Kentucky–0.1%** | **Kentucky–0.1%** |
|  City of Ashland KY <br>(Royal Blue Health Obligated Group)<br>Series 2019<br>5.00%, 02/01/2026 | 350 |  | 351700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 375 |  | 383267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 210 |  | 224300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 275 |  | 288738 |
|  |  |  | 1248005 |
| **Michigan–1.2%** | **Michigan–1.2%** | **Michigan–1.2%** | **Michigan–1.2%** |
|  City of Detroit MI <br>(City of Detroit MI)<br>Series 2018<br>5.00%, 04/01/2029 | 250 |  | 261935 |
|  Michigan Strategic Fund <br>(Michigan Strategic Fund–I 75 Improvement Project)<br>Series 2018<br>5.00%, 12/31/2029 | 8600 |  | 9035427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2030 | 4000 |  | 4190517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2032 | 1690 |  | 1761022 |
|  |  |  | 15248901 |
| **Missouri–0.0%** | **Missouri–0.0%** | **Missouri–0.0%** | **Missouri–0.0%** |
|  Howard Bend Levee District <br>(Howard Bend Levee District)<br>XLCA Series 2005<br>5.75%, 03/01/2027 | 275 |  | 284181 |
| **Nebraska–0.8%** | **Nebraska–0.8%** | **Nebraska–0.8%** | **Nebraska–0.8%** |
|  Central Plains Energy Project <br>(Goldman Sachs Group)<br>Series 2022-1<br>5.00%, 05/01/2053 | 10000 |  | 10631008 |
| **Nevada–0.0%** | **Nevada–0.0%** | **Nevada–0.0%** | **Nevada–0.0%** |
|  City of Sparks NV <br>(City of Sparks NV Sales Tax)<br>Series 2019-A<br>2.75%, 06/15/2028(a) | 195 |  | 191643 |
| **New Jersey–2.1%** | **New Jersey–2.1%** | **New Jersey–2.1%** | **New Jersey–2.1%** |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Fed Hwy Grant)<br>Series 2016<br>5.00%, 06/15/2027 | 5000 |  | 5081929 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 06/15/2028 | 11680 | $| 11870377 |
|  New Jersey Transportation Trust Fund Authority <br>(Prerefunded–US Treasuries)<br>Series 2019-B<br>5.00%, 06/15/2030 | 230 |  | 248820 |
|  New Jersey Transportation Trust Fund Authority <br>(State of New Jersey Lease)<br>Series 2018-A<br>5.00%, 12/15/2030 | 3360 |  | 3599819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 06/15/2042 | 4805 |  | 5109112 |
|  New Jersey Transportation Trust Fund Authority <br>(State of New Jersey)<br>Series 2019-B<br>5.00%, 06/15/2030 | 1270 |  | 1362164 |
|  |  |  | 27272221 |
| **Puerto Rico–1.0%** | **Puerto Rico–1.0%** | **Puerto Rico–1.0%** | **Puerto Rico–1.0%** |
|  Commonwealth of Puerto Rico <br>(Commonwealth of Puerto Rico)<br>Series 2021-A<br>Zero Coupon, 07/01/2033 | 2420 |  | 1728405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 | 760 |  | 813017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>Zero Coupon, 11/01/2043 | 829 |  | 547893 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority <br>(Puerto Rico Commonwealth Aqueduct & Sewer Authority)<br>Series 2020-A<br>5.00%, 07/01/2030(a) | 3090 |  | 3223730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035(a) | 2310 |  | 2379528 |
|  Puerto Rico Electric Power Authority <br>(Puerto Rico Electric Power Authority)<br>AG Series 2007-V<br>5.25%, 07/01/2031 | 1390 |  | 1417183 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth <br>(San Juan Cruise Port LLC)<br>Series 2024<br>6.25%, 01/01/2040 | 1000 |  | 1127210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/01/2041 | 1250 |  | 1416748 |
|  |  |  | 12653714 |
| **South Carolina–0.4%** | **South Carolina–0.4%** | **South Carolina–0.4%** | **South Carolina–0.4%** |
|  South Carolina Public Service Authority <br>(South Carolina Public Service Authority)<br>Series 2020-A<br>5.00%, 12/01/2043 | 1500 |  | 1523919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>4.00%, 12/01/2038 | 2125 |  | 2099093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 | 1000 |  | 1040158 |
|  |  |  | 4663170 |

---

 <br> *56* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Texas–0.2%** | **Texas–0.2%** | **Texas–0.2%** |
|  Texas Municipal Gas Acquisition & Supply Corp. V <br>(Bank of America Corp.)<br>Series 2024<br>5.00%, 01/01/2055 | $2000 | $2184494 |
| **Washington–0.1%** | **Washington–0.1%** | **Washington–0.1%** |
|  Washington State Housing Finance Commission <br>(WSHFC 2021-1)<br>Series 2021-1, Class A<br>3.50%, 12/20/2035 | 934 | 899443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class X<br>0.727%, 12/20/2035(e) | 934 | 36088 |
|  |  | 935531 |
| **Wisconsin–0.3%** | **Wisconsin–0.3%** | **Wisconsin–0.3%** |
|  Wisconsin Public Finance Authority <br>(UMA Education, Inc.)<br>Series 2019<br>5.00%, 10/01/2025(a) | 995 | 995000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026(a) | 1050 | 1061010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027(a) | 1090 | 1114523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028(a) | 900 | 929208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029(a) | 275 | 286280 |
|  |  | 4386021 |
| Total Long-Term Municipal Bonds <br>(cost $1,168,661,626) | Total Long-Term Municipal Bonds <br>(cost $1,168,661,626) | 1153394329 |
| SHORT-TERM MUNICIPAL NOTES–8.0% | SHORT-TERM MUNICIPAL NOTES–8.0% | SHORT-TERM MUNICIPAL NOTES–8.0% |
| **New York–8.0%** |  |  |
|  Build NYC Resource Corp. <br>(Asia Society/The)<br>Series 2015<br>2.95%, 04/01/2045(f) | 1585 | 1585000 |
|  City of Buffalo NY <br>(City of Buffalo NY)<br>Series 2025-A<br>4.00%, 09/30/2026 | 5000 | 5070156 |
|  City of New York NY <br>(City of New York NY)<br>Series 2008-L<br>3.50%, 04/01/2038(f) | 2820 | 2820000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-D<br>3.90%, 08/01/2040(f) | 1800 | 1800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015<br>3.70%, 06/01/2044(f) | 3215 | 3215000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>3.90%, 09/01/2049(f) | 3900 | 3900000 |
|  City of Rochester NY <br>(City of Rochester NY)<br>Series 2025-I<br>4.00%, 07/30/2026 | 2000 | 2023969 |
|  Connetquot Central School District of Islip <br>(Connetquot Central School District of Islip)<br>Series 2025<br>4.00%, 06/18/2026 | 1000 | 1010024 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Dutchess County Industrial Development Agency <br>(Marist College)<br>Series 2008<br>2.95%, 07/01/2038(f) | $1105 | $1105000 |
|  Metropolitan Transportation Authority <br>(Metropolitan Transportation Authority)<br>Series 2015<br>3.22%, 11/01/2026(f) | 230 | 230000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2<br>3.85%, 11/01/2032(f) | 6300 | 6300000 |
|  New York City Health & Hospitals Corp. <br>(New York City Health & Hospitals)<br>Series 2008-D, Class C<br>2.85%, 02/15/2026(f) | 240 | 240000 |
|  New York City Housing Development Corp. <br>(201 Pearl LLC)<br>Series 2006-A<br>2.85%, 10/15/2041(f) | 250 | 250000 |
|  New York City Housing Development Corp. <br>(Hewitt Westchester LP)<br>Series 2011<br>3.10%, 11/01/2048(f) | 3400 | 3400000 |
|  New York City Housing Development Corp. <br>(New York City Housing Development)<br>Series 2012-A<br>2.85%, 09/01/2049(f) | 1000 | 1000000 |
|  New York State Housing Finance Agency <br>(8 East 102nd Street LLC)<br>Series 2023<br>2.80%, 05/01/2044(f) | 5790 | 5790000 |
|  New York State Housing Finance Agency <br>(DD 11th Avenue LLC)<br>Series 2009<br>3.15%, 05/15/2041(f) | 1075 | 1075000 |
|  New York State Housing Finance Agency <br>(Liberty Street Realty LLC)<br>Series 2005<br>2.95%, 05/01/2035(f) | 3473 | 3473000 |
|  New York State Housing Finance Agency <br>(New York State Housing Finance Agency)<br>Series 2006<br>3.17%, 11/15/2036(f) | 7800 | 7800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009<br>2.87%, 05/15/2039(f) | 400 | 400000 |
|  Nuveen New York AMT-Free Quality Municipal Income Fund <br>(Nuveen New York AMT-Free Quality Municipal Income Fund)<br>Series 2017<br>3.34%, 05/01/2047(a)(f) | 7200 | 7200000 |
|  Town of Oyster Bay NY <br>(Town of Oyster Bay NY)<br>Series 2025<br>4.00%, 03/06/2026 | 13000 | 13072398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/21/2026 | 15150 | 15333430 |

---

 <br> *2025 Annual Report* *57*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Triborough Bridge & Tunnel Authority <br>(Triborough Bridge & Tunnel Authority)<br>Series 2023-B<br>3.90%, 01/01/2032(f) | 1900 | $| 1900000 |
|  Trust for Cultural Resources of The City of New York (The) <br>(New York Botanical Garden/The)<br>Series 2009<br>2.89%, 07/01/2032(f) | 6385 |  | 6385000 |
|  Trust for Cultural Resources of The City of New York (The) <br>(Pierpont Morgan Library)<br>Series 2004<br>3.10%, 02/01/2034(f) | 5465 |  | 5465000 |
| Total Short-Term Municipal Notes <br>(cost $101,859,717) | Total Short-Term Municipal Notes <br>(cost $101,859,717) |  | 101842977 |
| Total Municipal Obligations <br>(cost $1,270,521,343) | Total Municipal Obligations <br>(cost $1,270,521,343) |  | 1255237306 |
| GOVERNMENTS—TREASURIES–0.2% | GOVERNMENTS—TREASURIES–0.2% | GOVERNMENTS—TREASURIES–0.2% | GOVERNMENTS—TREASURIES–0.2% |
| **United States–0.2%** |  |  |  |
|  U.S. Treasury Notes<br>2.625%, 02/15/2029(g) <br>(cost $2,435,555) | 2377 |  | 2300676 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| ASSET-BACKED SECURITIES–0.0% | ASSET-BACKED SECURITIES–0.0% | ASSET-BACKED SECURITIES–0.0% |
| **Autos—Fixed Rate–0.0%** |  |  |
|  Lendbuzz Securitization Trust<br>Series 2023-1A, Class A2<br>6.92%, 08/15/2028(a) <br>(cost $573,920) | $574 | $581939 |
| COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% | COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% | COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% |
| **Risk Share Floating Rate–0.0%** |  |  |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2016-C02, Class 1M2<br>10.471% (CME Term SOFR + 6.11%), 09/25/2028(d) | 7 | 7133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 1M2<br>11.221% (CME Term SOFR + 6.86%), 08/25/2028(d) | 63 | 63915 |
| Total Collateralized Mortgage Obligations <br>(cost $71,094) | Total Collateralized Mortgage Obligations <br>(cost $71,094) | 71048 |
| **Total Investments—98.2%** <br> (cost $1,273,601,912) |  | 1258190969 |
|  Other assets less liabilities—1.8% |  | 22803435 |
| **Net Assets—100.0%** |  | $**1280994404** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) |
| | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** | **Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 25120 | 10/15/2028 | CPI# | 2.565% | Maturity | $(184473) | $— | $(184473) |
| USD | 22000 | 10/15/2029 | 2.569% | CPI# | Maturity | 132375 |  | 132375 |
| USD | 21500 | 10/15/2029 | 2.485% | CPI# | Maturity | 216335 |  | 216335 |
| USD | 17177 | 10/15/2029 | 2.516% | CPI# | Maturity | 147160 |  | 147160 |
| USD | 17162 | 10/15/2029 | 2.499% | CPI# | Maturity | 161103 |  | 161103 |
| USD | 17161 | 10/15/2029 | 2.451% | CPI# | Maturity | 200569 |  | 200569 |
| USD | 26380 | 10/15/2030 | CPI# | 2.531% | Maturity | (191098) |  | (191098) |
|  |  |  |  |  |  | $481971 | $— | $481971 |

---

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) |
| | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** | **Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 25000 | 01/15/2027 | 1 Day SOFR | 2.540% | Annual | $(635311) | $— | $(635311) |
| USD | 17500 | 10/15/2029 | 1 Day SOFR | 3.785% | Annual | 189822 |  | 189822 |
| USD | 7600 | 10/15/2030 | 1 Day SOFR | 4.082% | Annual | 230929 |  | 230929 |
| USD | 8200 | 06/15/2034 | 3.543% | 1 Day SOFR | Annual | 56318 | 916 | 55402 |
| USD | 9620 | 08/15/2034 | 3.314% | 1 Day SOFR | Annual | 229885 |  | 229885 |
| USD | 13700 | 02/15/2035 | 3.747% | 1 Day SOFR | Annual | (88866) | (3265) | (85601) |
|  |  |  |  |  |  | $(17223) | $(2349) | $(14874) |

---

 <br> *58* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) |
|  | **Notional** | **Notional** |  | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** |  | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Swap Counterparty** | **Amount<br>(000)** | **Amount<br>(000)** | **Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| Citibank NA | USD | 16980 | 10/09/2029 | 1.125% | 1 Week SIFMA\* | Quarterly | $956045 | $— | $956045 |

---

\* 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, 2025, the aggregate market value of these securities amounted to $42,537,530 or 3.3% of net assets.

(b) Non-income producing security.

(c) Defaulted.

(d) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2025.

(e) IO—Interest Only.

(f) 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.

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

As of September 30, 2025, 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 5.6% and 0.0%, respectively.

Glossary:

AG—Assured Guaranty Inc.

AMT—Alternative Minimum Tax (subject to)

BAM—Build American Mutual

CME—Chicago Mercantile Exchange

SOFR—Secured Overnight Financing Rate

XLCA—XL Capital Assurance Inc.

See notes to financial statements.

 <br> *2025 Annual Report* *59*

------

##### [**Table of Contents**](#toc)
Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

#### Intermediate Duration Portfolio
September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| GOVERNMENTS—TREASURIES–30.3% | GOVERNMENTS—TREASURIES–30.3% | GOVERNMENTS—TREASURIES–30.3% |  |
| **Japan–0.9%** | **Japan–0.9%** | **Japan–0.9%** | **Japan–0.9%** |
|  Japan Government Thirty Year Bond <br>Series 86 <br>2.40%, 03/20/2055 | JPY | 6274350 | $36928231 |
| **United States–29.4%** | **United States–29.4%** | **United States–29.4%** | **United States–29.4%** |
|  U.S. Treasury Bonds<br>1.75%, 08/15/2041 | U.S.$| 46935 | 31807629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/2051 |  | 179238 | 102284799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 |  | 9057 | 6351502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 |  | 12530 | 8347623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 02/15/2042 |  | 11433 | 8463620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/2049 |  | 2885 | 1885055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 |  | 1916 | 1370539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/2046 |  | 23956 | 16815053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2045 |  | 23139 | 17986957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2048 |  | 28274 | 21230752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2049 |  | 26971 | 20172636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 |  | 11593 | 9730254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/2042 |  | 19569 | 16660828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 05/15/2044 |  | 5710 | 4758511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2039 |  | 4254 | 3888588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/15/2053 |  | 27235 | 22474029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/2043 |  | 10205 | 9028236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/2043 |  | 12073 | 10947958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 05/15/2043 |  | 19718 | 17850499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042 |  | 33530 | 30982506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/2053 |  | 30804 | 27819021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2054 |  | 4634 | 4274049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/15/2038 |  | 14232 | 14348393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/2039 |  | 47210 | 46795069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/15/2043 |  | 19182 | 18498181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 |  | 20030 | 19578054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/15/2054 |  | 16704 | 16396216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 |  | 4156 | 4362339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/2043 |  | 17479 | 17654473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/2053 |  | 24746 | 24763800 |
|  U.S. Treasury Notes<br>3.50%, 04/30/2028 |  | 16210 | 16167142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/31/2028 |  | 28384 | 28397405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/2028 |  | 80830 | 81107953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/2027 |  | 75973 | 76403517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/29/2028 |  | 13956 | 14082234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/2029 |  | 73672 | 74495155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 |  | 48407 | 48285983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/31/2029 |  | 8646 | 8779169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/31/2030 |  | 25659 | 26098416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/2032 |  | 37312 | 37752266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029 |  | 15011 | 15301838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/31/2028 |  | 13427 | 13703626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/2028 |  | 47131 | 48161888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/2034 | U.S.$| 19615 | $20071866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/31/2029 |  | 36587 | 37624584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 |  | 17484 | 18079032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/30/2029 |  | 59634 | 61553882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/2028 |  | 95833 | 99276584 |
|  |  |  | 1282869709 |
| Total Governments—Treasuries <br>(cost $1,386,227,117) | Total Governments—Treasuries <br>(cost $1,386,227,117) | Total Governments—Treasuries <br>(cost $1,386,227,117) | 1319797940 |
| CORPORATES—INVESTMENT GRADE–26.3% | CORPORATES—INVESTMENT GRADE–26.3% | CORPORATES—INVESTMENT GRADE–26.3% | CORPORATES—INVESTMENT GRADE–26.3% |
| Industrial–14.1% | Industrial–14.1% | Industrial–14.1% | Industrial–14.1% |
| **Basic–0.4%** | **Basic–0.4%** | **Basic–0.4%** | **Basic–0.4%** |
|  Freeport Indonesia PT <br>4.763%, 04/14/2027(a) |  | 904 | 905808 |
|  Glencore Funding LLC<br>4.907%, 04/01/2028(a) |  | 4150 | 4214698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 04/01/2030(a) |  | 1756 | 1808417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.338%, 04/04/2027(a) |  | 2571 | 2611339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/06/2033(a) |  | 2016 | 2222156 |
|  LYB International Finance III LLC <br>6.15%, 05/15/2035 |  | 1642 | 1711375 |
|  Nexa Resources SA <br>6.75%, 04/09/2034(a) |  | 2053 | 2176180 |
|  Smurfit Westrock Financing DAC <br>5.418%, 01/15/2035 |  | 3723 | 3841875 |
|  |  |  | 19491848 |
| **Capital Goods–1.6%** | **Capital Goods–1.6%** | **Capital Goods–1.6%** | **Capital Goods–1.6%** |
|  Boeing Co. (The) <br>3.25%, 02/01/2028 |  | 4850 | 4739954 |
|  Caterpillar Financial Services Corp.<br>4.45%, 10/16/2026 |  | 10001 | 10063006 |
|  CNH Industrial Capital LLC <br>5.10%, 04/20/2029 |  | 5776 | 5916992 |
|  Flowserve Corp. <br>2.80%, 01/15/2032 |  | 4669 | 4135567 |
|  General Electric Co. <br>4.90%, 01/29/2036 |  | 4323 | 4381317 |
|  Northrop Grumman Corp. <br>5.25%, 07/15/2035 |  | 3296 | 3409185 |
|  Regal Rexnord Corp. <br>6.05%, 02/15/2026 |  | 6295 | 6322698 |
|  Republic Services, Inc. <br>4.75%, 07/15/2030 |  | 10365 | 10616351 |
|  Waste Management, Inc. <br>4.50%, 03/15/2028 |  | 10132 | 10255610 |
|  Westinghouse Air Brake Technologies Corp. <br>4.90%, 05/29/2030 |  | 10353 | 10580870 |
|  |  |  | 70421550 |
| **Communications—Media–0.2%** | **Communications—Media–0.2%** | **Communications—Media–0.2%** | **Communications—Media–0.2%** |
|  Charter Communications Operating LLC/Charter Communications Operating Capital <br>2.25%, 01/15/2029 |  | 3490 | 3246293 |

---

 <br> *60* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Prosus NV<br>3.257%, 01/19/2027(a) | U.S.$| 1724 | $1698140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.027%, 08/03/2050(a) |  | 3458 | 2422779 |
|  Time Warner Cable LLC <br>4.50%, 09/15/2042 |  | 2370 | 1902186 |
|  |  |  | 9269398 |
| **Communications—Telecommunications–0.2%** | **Communications—Telecommunications–0.2%** | **Communications—Telecommunications–0.2%** | **Communications—Telecommunications–0.2%** |
|  AT&T, Inc. <br>4.50%, 05/15/2035 |  | 2034 | 1962545 |
|  T-Mobile USA, Inc. <br>3.875%, 04/15/2030 |  | 1696 | 1662521 |
|  TELUS Corp. <br>7.00%, 10/15/2055 |  | 4120 | 4343016 |
|  |  |  | 7968082 |
| **Consumer Cyclical—Automotive–1.8%** | **Consumer Cyclical—Automotive–1.8%** | **Consumer Cyclical—Automotive–1.8%** | **Consumer Cyclical—Automotive–1.8%** |
|  BMW US Capital LLC<br>4.60%, 08/13/2027(a) |  | 10014 | 10106129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/19/2027(a) |  | 317 | 319682 |
|  Ford Motor Co. <br>3.25%, 02/12/2032 |  | 6003 | 5242780 |
|  Ford Motor Credit Co. LLC<br>2.70%, 08/10/2026 |  | 902 | 886964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.918%, 03/20/2028 |  | 695 | 706989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/08/2034 |  | 3932 | 3951267 |
|  General Motors Financial Co., Inc. <br>5.00%, 07/15/2027 |  | 2061 | 2086247 |
|  Honda Motor Co., Ltd. <br>4.436%, 07/08/2028 |  | 10522 | 10583448 |
|  Hyundai Capital America<br>4.30%, 09/24/2027(a) |  | 625 | 624662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/18/2030(a) |  | 375 | 373189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/08/2027(a) |  | 2195 | 2218552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275%, 06/24/2027(a) |  | 293 | 297574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/19/2027(a) |  | 2599 | 2634840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 09/21/2028(a) |  | 4320 | 4516042 |
|  Mercedes-Benz Finance North America LLC <br>4.80%, 03/30/2026(a) |  | 5380 | 5393288 |
|  Qnity Electronics, Inc. <br>5.75%, 08/15/2032(a) |  | 4955 | 4998059 |
|  Toyota Motor Credit Corp.<br>4.65%, 09/03/2032 |  | 10769 | 10852029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/2030 |  | 10363 | 10613370 |
|  |  |  | 76405111 |
| **Consumer Cyclical—Entertainment–0.1%** | **Consumer Cyclical—Entertainment–0.1%** | **Consumer Cyclical—Entertainment–0.1%** | **Consumer Cyclical—Entertainment–0.1%** |
|  Hasbro, Inc. <br>6.05%, 05/14/2034 |  | 2322 | 2430995 |
| **Consumer Cyclical—Other–0.8%** | **Consumer Cyclical—Other–0.8%** | **Consumer Cyclical—Other–0.8%** | **Consumer Cyclical—Other–0.8%** |
|  DR Horton, Inc.<br>4.85%, 10/15/2030 |  | 3471 | 3540420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2034 |  | 6008 | 6071865 |
|  Flutter Treasury DAC <br>5.875%, 06/04/2031(a) |  | 2755 | 2797565 |
|  Las Vegas Sands Corp.<br>3.90%, 08/08/2029 |  | 7323 | 7085296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 06/15/2028 |  | 2803 | 2865787 |
|  Marriott International, Inc./MD <br>4.20%, 07/15/2027 | U.S.$| 10684 | $10719150 |
|  MDC Holdings, Inc. <br>6.00%, 01/15/2043 |  | 3776 | 3588333 |
|  |  |  | 36668416 |
| **Consumer Cyclical—Restaurants–0.2%** | **Consumer Cyclical—Restaurants–0.2%** | **Consumer Cyclical—Restaurants–0.2%** | **Consumer Cyclical—Restaurants–0.2%** |
|  Starbucks Corp. <br>4.85%, 02/08/2027 |  | 9151 | 9241595 |
| **Consumer Cyclical—Retailers–0.2%** | **Consumer Cyclical—Retailers–0.2%** | **Consumer Cyclical—Retailers–0.2%** | **Consumer Cyclical—Retailers–0.2%** |
|  Ross Stores, Inc. <br>4.70%, 04/15/2027 |  | 7988 | 8016038 |
| **Consumer Non-Cyclical–2.5%** | **Consumer Non-Cyclical–2.5%** | **Consumer Non-Cyclical–2.5%** | **Consumer Non-Cyclical–2.5%** |
|  Altria Group, Inc. <br>3.40%, 05/06/2030 |  | 7300 | 7011504 |
|  BAT Capital Corp.<br>4.625%, 03/22/2033 |  | 2906 | 2875778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 08/15/2032 |  | 6424 | 6645243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/19/2032 |  | 704 | 820857 |
|  Cargill, Inc. <br>5.125%, 10/11/2032(a) |  | 3643 | 3774585 |
|  Cencosud SA <br>5.95%, 05/28/2031(a) |  | 1110 | 1166843 |
|  General Mills, Inc.<br>4.70%, 01/30/2027 |  | 2460 | 2479139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/30/2030 |  | 7545 | 7703898 |
|  Imperial Brands Finance PLC<br>3.875%, 07/26/2029(a) |  | 244 | 239645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/30/2028(a) |  | 848 | 853783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/01/2034(a) |  | 7441 | 7770115 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co/JBS Lux Co. SARL <br>6.75%, 03/15/2034 |  | 3892 | 4302917 |
|  Mars, Inc. <br>4.60%, 03/01/2028(a) |  | 5997 | 6069984 |
|  Mondelez International, Inc. <br>4.50%, 05/06/2030 |  | 6469 | 6521981 |
|  Ochsner LSU Health System of North Louisiana <br>Series 2021 <br>2.51%, 05/15/2031 |  | 5660 | 4767305 |
|  Philip Morris International, Inc.<br>4.875%, 02/13/2026 |  | 2541 | 2545955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/17/2025 |  | 4607 | 4609948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/15/2033 |  | 8162 | 8526188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/17/2029 |  | 829 | 872862 |
|  Roche Holdings, Inc. <br>4.203%, 09/09/2029 (a) |  | 10206 | 10250294 |
|  Takeda US Financing, Inc. <br>5.20%, 07/07/2035 |  | 10525 | 10695926 |
|  Tyson Foods, Inc. <br>5.70%, 03/15/2034 |  | 3052 | 3216167 |
|  Viatris, Inc. <br>2.70%, 06/22/2030 |  | 5162 | 4647349 |
|  |  |  | 108368266 |

---

 <br> *2025 Annual Report* *61*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Energy–2.6%** | **Energy–2.6%** | **Energy–2.6%** | **Energy–2.6%** |
|  ConocoPhillips Co. <br>5.65%, 01/15/2065 | U.S.$| 10063 | $9885791 |
|  Continental Resources, Inc./OK<br>2.875%, 04/01/2032(a) |  | 6461 | 5625270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2028 |  | 1885 | 1873652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031(a) |  | 2866 | 2954932 |
|  Devon Energy Corp.<br>5.20%, 09/15/2034 |  | 5353 | 5330732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/2041 |  | 4914 | 4735474 |
|  Energy Transfer LP <br>5.60%, 09/01/2034 |  | 9646 | 9903162 |
|  Eni SpA <br>5.75%, 05/19/2035(a) |  | 10363 | 10798350 |
|  Kinder Morgan, Inc. <br>5.85%, 06/01/2035 |  | 2361 | 2485354 |
|  Occidental Petroleum Corp. <br>5.20%, 08/01/2029 |  | 2949 | 2996007 |
|  ONEOK, Inc.<br>5.40%, 10/15/2035 |  | 6434 | 6462760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 09/01/2033 |  | 1323 | 1402777 |
|  Plains All American Pipeline LP/PAA Finance Corp.<br>5.60%, 01/15/2036 |  | 628 | 635542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/15/2034 |  | 9697 | 9995765 |
|  Raizen Fuels Finance SA <br>6.70%, 02/25/2037(a) |  | 5945 | 5730207 |
|  Suncor Energy, Inc. <br>6.80%, 05/15/2038 |  | 3011 | 3317610 |
|  Targa Resources Corp.<br>4.90%, 09/15/2030 |  | 1903 | 1933106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/15/2036 |  | 2106 | 2155933 |
|  Var Energi ASA<br>7.50%, 01/15/2028(a) |  | 5044 | 5351230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2032(a) |  | 4495 | 5225123 |
|  Williams Cos., Inc. (The)<br>4.625%, 06/30/2030 |  | 5930 | 5982599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/2029 |  | 4524 | 4602627 |
|  Woodside Finance Ltd.<br>5.40%, 05/19/2030 |  | 1523 | 1563405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/19/2035 |  | 3979 | 4153240 |
|  |  |  | 115100648 |
| **Services–0.4%** | **Services–0.4%** | **Services–0.4%** | **Services–0.4%** |
|  Global Payments, Inc. <br>3.20%, 08/15/2029 |  | 3208 | 3047279 |
|  Mastercard, Inc. <br>4.55%, 01/15/2035 |  | 7332 | 7314916 |
|  Moody's Corp. <br>5.00%, 08/05/2034 |  | 5101 | 5205673 |
|  Sodexo, Inc. <br>5.80%, 08/15/2035(a) |  | 1589 | 1665383 |
|  |  |  | 17233251 |
| **Technology–2.3%** | **Technology–2.3%** | **Technology–2.3%** | **Technology–2.3%** |
|  Apple, Inc. <br>4.10%, 08/08/2062 |  | 5020 | 4047576 |
|  Broadcom, Inc.<br>4.15%, 02/15/2028 | U.S.$| 1661 | $1665800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/15/2032 |  | 873 | 892817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.926%, 05/15/2037(a) |  | 3190 | 3177878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/12/2027 |  | 3689 | 3752783 |
|  Cisco Systems, Inc. <br>4.75%, 02/24/2030 |  | 10247 | 10515779 |
|  Dell International LLC/EMC Corp.<br>4.35%, 02/01/2030 |  | 10401 | 10375725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/2032 |  | 736 | 759633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2035 |  | 1493 | 1542478 |
|  Entegris, Inc. <br>4.75%, 04/15/2029(a) |  | 5311 | 5266388 |
|  Fiserv, Inc.<br>3.50%, 07/01/2029 |  | 9632 | 9359607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/15/2031 |  | 875 | 878307 |
|  Hewlett Packard Enterprise Co. <br>4.40%, 09/25/2027 |  | 4227 | 4244838 |
|  International Business Machines Corp. <br>5.00%, 02/10/2032 |  | 10207 | 10511169 |
|  Kyndryl Holdings, Inc. <br>2.05%, 10/15/2026 |  | 9627 | 9401247 |
|  NXP BV/NXP Funding LLC <br>5.55%, 12/01/2028 |  | 4119 | 4265760 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. <br>3.40%, 05/01/2030 |  | 3313 | 3176372 |
|  Oracle Corp.<br>5.20%, 09/26/2035 |  | 2140 | 2150978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/03/2035 |  | 8428 | 8670642 |
|  TSMC Arizona Corp. <br>3.875%, 04/22/2027 |  | 2710 | 2700401 |
|  Western Digital Corp. <br>2.85%, 02/01/2029 |  | 1351 | 1271953 |
|  |  |  | 98628131 |
| **Transportation—Airlines–0.3%** | **Transportation—Airlines–0.3%** | **Transportation—Airlines–0.3%** | **Transportation—Airlines–0.3%** |
|  AS Mileage Plan IP Ltd.<br>5.021%, 10/20/2029(a) |  | 3671 | 3670523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.308%, 10/20/2031(a) |  | 4045 | 4031287 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd.<br>4.50%, 10/20/2025(a) |  | 283 | 282557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/20/2028(a) |  | 3940 | 3962222 |
|  |  |  | 11946589 |
| **Transportation—Railroads–0.0%** | **Transportation—Railroads–0.0%** | **Transportation—Railroads–0.0%** | **Transportation—Railroads–0.0%** |
|  Lima Metro Line 2 Finance Ltd.<br>4.35%, 04/05/2036(a) |  | 367 | 353676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/05/2034(a) |  | 870 | 899090 |
|  |  |  | 1252766 |
| **Transportation—Services–0.5%** | **Transportation—Services–0.5%** | **Transportation—Services–0.5%** | **Transportation—Services–0.5%** |
|  ENA Master Trust <br>4.00%, 05/19/2048(a) |  | 1235 | 935302 |
|  ERAC USA Finance LLC <br>4.60%, 05/01/2028(a) |  | 2517 | 2548186 |
|  Ryder System, Inc. <br>5.375%, 03/15/2029 |  | 7365 | 7630066 |

---

 <br> *62* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  TTX Co. <br>5.50%, 09/25/2026(a) | U.S.$| 8329 | $8432613 |
|  |  |  | 19546167 |
|  |  |  | 611988851 |
| Financial Institutions–9.9% | Financial Institutions–9.9% | Financial Institutions–9.9% | Financial Institutions–9.9% |
| **Banking–8.2%** | **Banking–8.2%** | **Banking–8.2%** | **Banking–8.2%** |
|  AIB Group PLC<br>5.32%, 05/15/2031(a) |  | 5091 | 5240828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.608%, 09/13/2029(a) |  | 1569 | 1665886 |
|  Ally Financial, Inc.<br>5.543%, 01/17/2031 |  | 1695 | 1729205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.737%, 05/15/2029 |  | 2267 | 2320955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.992%, 06/13/2029 |  | 4741 | 5006543 |
|  American Express Co. <br>5.098%, 02/16/2028 |  | 9109 | 9231061 |
|  Banco Bilbao Vizcaya Argentaria SA<br>5.381%, 03/13/2029 |  | 3200 | 3307200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.883%, 11/15/2034 |  | 800 | 928736 |
|  Banco Santander SA<br>4.175%, 03/24/2028 |  | 3200 | 3195328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 03/14/2034 |  | 3000 | 3218670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.921%, 08/08/2033 |  | 3200 | 3560544 |
|  Bank of America Corp. <br>5.744%, 02/12/2036 |  | 10267 | 10691027 |
|  Bank of Ireland Group PLC <br>5.601%, 03/20/2030(a) |  | 1428 | 1480436 |
|  Banque Federative du Credit Mutuel SA<br>5.538%, 01/22/2030(a) |  | 9994 | 10408851 |
|  Barclays PLC<br>5.088%, 06/20/2030 |  | 1648 | 1668501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.335%, 09/10/2035 |  | 2534 | 2571427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.674%, 03/12/2028 |  | 736 | 750190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.224%, 05/09/2034 |  | 3451 | 3710791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.119%, 06/27/2034 |  | 1360 | 1521310 |
|  BNP Paribas SA<br>2.591%, 01/20/2028(a) |  | 2660 | 2602331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/25/2031(a)(b) |  | 943 | 860139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.792%, 05/09/2029(a) |  | 904 | 912697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.497%, 05/20/2030(a) |  | 6651 | 6878198 |
|  BPCE SA<br>5.389%, 05/28/2031(a) |  | 414 | 424545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%, 01/14/2031(a) |  | 475 | 496252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.293%, 01/14/2036(a) |  | 469 | 502126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.508%, 01/18/2035(a) |  | 8900 | 9453491 |
|  CaixaBank SA<br>4.885%, 07/03/2031(a) |  | 1593 | 1610013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.037%, 06/15/2035(a) |  | 2782 | 2958045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.684%, 09/13/2027(a) |  | 5127 | 5238666 |
|  Capital One Financial Corp.<br>5.468%, 02/01/2029 |  | 1883 | 1930113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.377%, 06/08/2034 |  | 5768 | 6233593 |
|  Capital One NA <br>5.974%, 08/09/2028 |  | 2264 | 2345074 |
|  Citigroup, Inc.<br>4.075%, 04/23/2029 |  | 5373 | 5356666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.503%, 09/11/2031 |  | 431 | 431194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.643%, 05/07/2028 |  | 5011 | 5044474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W<br>4.00%, 12/10/2025(b) | U.S.$| 3243 | $3227012 |
|  Cooperatieve Rabobank UA <br>5.564%, 02/28/2029(a) |  | 7918 | 8153481 |
|  Credit Agricole SA<br>5.222%, 05/27/2031(a) |  | 2885 | 2961078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.251%, 01/10/2035(a) |  | 7161 | 7552778 |
|  Danske Bank A/S <br>4.613%, 10/02/2030 (a) |  | 4420 | 4441525 |
|  Deutsche Bank AG/New York NY<br>2.129%, 11/24/2026 |  | 4221 | 4205593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%, 01/07/2028 |  | 604 | 590730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/04/2031 |  | 4403 | 4442451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.146%, 07/13/2027 |  | 1492 | 1523660 |
|  Goldman Sachs Group, Inc. (The)<br>2.65%, 10/21/2032 |  | 329 | 295886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.937%, 04/23/2028 |  | 5495 | 5559621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V<br>4.125%, 11/10/2026(b) |  | 3016 | 2972539 |
|  HSBC Holdings PLC<br>2.804%, 05/24/2032 |  | 2559 | 2318147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.848%, 06/04/2031 |  | 7601 | 7068322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.399%, 11/13/2034 |  | 5415 | 6165898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.113%, 11/03/2033 |  | 4435 | 5202920 |
|  ING Groep NV <br>6.083%, 09/11/2027 |  | 6267 | 6374040 |
|  Intesa Sanpaolo SpA <br>7.20%, 11/28/2033(a) |  | 4756 | 5416894 |
|  JPMorgan Chase & Co. <br>2.963%, 01/25/2033 |  | 12789 | 11692088 |
|  KBC Group NV<br>4.932%, 10/16/2030(a) |  | 5859 | 5957255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.796%, 01/19/2029(a) |  | 1666 | 1720562 |
|  Lloyds Banking Group PLC<br>4.976%, 08/11/2033 |  | 366 | 371011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.087%, 11/26/2028 |  | 791 | 804945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.462%, 01/05/2028 |  | 656 | 665932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.953%, 11/15/2033 |  | 2446 | 2849443 |
|  Mizuho Financial Group, Inc. <br>5.376%, 05/26/2030 |  | 2363 | 2442090 |
|  Morgan Stanley Bank NA<br>5.016%, 01/12/2029 |  | 351 | 357392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%, 05/26/2028 |  | 6454 | 6596117 |
|  Nationwide Building Society<br>2.972%, 02/16/2028(a) |  | 5154 | 5060507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.537%, 07/14/2036(a) |  | 1575 | 1618533 |
|  NatWest Group PLC<br>3.032%, 11/28/2035 |  | 669 | 611740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.115%, 05/23/2031 |  | 9177 | 9410830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.475%, 06/01/2034 |  | 537 | 564870 |
|  Santander Holdings USA, Inc.<br>5.473%, 03/20/2029 |  | 452 | 460846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.741%, 03/20/2031 |  | 4861 | 5020101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.565%, 06/12/2029 |  | 13 | 13624 |
|  Santander UK Group Holdings PLC<br>4.32%, 09/22/2029 |  | 1279 | 1275623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858%, 09/11/2030 |  | 1481 | 1497780 |

---

 <br> *2025 Annual Report* *63*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.694%, 04/15/2031 | U.S.$| 430 | $448696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.833%, 11/21/2026 |  | 7481 | 7503593 |
|  Skandinaviska Enskilda Banken AB <br>4.50%, 09/03/2030(a) |  | 10732 | 10757435 |
|  Societe Generale SA<br>2.797%, 01/19/2028(a) |  | 4567 | 4469814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%, 06/09/2032(a) |  | 200 | 179330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.249%, 05/22/2029(a) |  | 2991 | 3040740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%, 01/19/2028(a) |  | 4676 | 4735385 |
|  Standard Chartered PLC<br>5.244%, 05/13/2031(a) |  | 6204 | 6371384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.545%, 01/21/2029(a) |  | 676 | 692623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.082% (CME Term SOFR 3 Month + 1.77%), 01/30/2027(a)(b)(c) |  | 300 | 290670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.187%, 07/06/2027(a) |  | 3042 | 3083158 |
|  Sumitomo Mitsui Financial Group, Inc.<br>5.316%, 07/09/2029 |  | 8152 | 8446858 |
|  Sumitomo Mitsui Trust Bank Ltd.<br>4.45%, 09/10/2027(a) |  | 886 | 892246 |
|  Synchrony Financial <br>5.45%, 03/06/2031 |  | 3272 | 3333350 |
|  Toronto-Dominion Bank (The)<br>5.146%, 09/10/2034 |  | 3542 | 3596441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.298%, 01/30/2032 |  | 4709 | 4917938 |
|  UBS Group AG<br>3.091%, 05/14/2032(a) |  | 9944 | 9204166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 06/02/2026(a)(b) |  | 204 | 201295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.194%, 04/01/2031(a) |  | 2852 | 2818289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 08/10/2034(a)(b) |  | 1240 | 1276778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 11/13/2028(a)(b) |  | 723 | 795683 |
|  UniCredit SpA <br>1.982%, 06/03/2027(a) |  | 271 | 266694 |
|  Wells Fargo & Co.<br>3.35%, 03/02/2033 |  | 12130 | 11289148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.584%, 05/22/2028 |  | 2117 | 2097502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB<br>3.90%, 03/15/2026(b) |  | 2664 | 2639678 |
|  |  |  | 356297864 |
| **Brokerage–0.2%** | **Brokerage–0.2%** | **Brokerage–0.2%** | **Brokerage–0.2%** |
|  Charles Schwab Corp. (The) <br>Series I <br>4.00%, 06/01/2026(b) |  | 7570 | 7479766 |
| **Finance–0.2%** | **Finance–0.2%** | **Finance–0.2%** | **Finance–0.2%** |
|  Aircastle Ltd. <br>4.25%, 06/15/2026 |  | 530 | 528723 |
|  Aviation Capital Group LLC<br>1.95%, 01/30/2026(a) |  | 4547 | 4505213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/20/2026(a) |  | 1485 | 1451379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2027(a) |  | 893 | 877060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/14/2027(a) |  | 1112 | 1117571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/2025(a) |  | 1447 | 1447000 |
|  |  |  | 9926946 |
| **Insurance–0.6%** | **Insurance–0.6%** | **Insurance–0.6%** | **Insurance–0.6%** |
|  Athene Global Funding<br>1.985%, 08/19/2028(a) |  | 3079 | 2892197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/19/2030(a) |  | 606 | 550502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.717%, 01/07/2029(a) | U.S.$| 1145 | $1083891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.033%, 07/17/2030(a) |  | 5950 | 6042046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.583%, 01/09/2029(a) |  | 541 | 558783 |
|  MetLife Capital Trust IV <br>7.875% (CME Term SOFR 3 Month + 3.96%), 12/15/2067(a)(c) |  | 5200 | 5806424 |
|  Principal Life Global Funding II <br>5.10%, 01/25/2029(a) |  | 6566 | 6737373 |
|  Swiss Re Finance Luxembourg SA <br>5.00%, 04/02/2049(a) |  | 1600 | 1612160 |
|  UnitedHealth Group, Inc. <br>4.40%, 06/15/2028 |  | 2887 | 2914369 |
|  |  |  | 28197745 |
| **REITs–0.7%** | **REITs–0.7%** | **REITs–0.7%** | **REITs–0.7%** |
|  American Tower Corp.<br>2.10%, 06/15/2030 |  | 1515 | 1365409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/2027 |  | 1936 | 1921945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 02/15/2029 |  | 3698 | 3803430 |
|  Crown Castle, Inc. <br>5.60%, 06/01/2029 |  | 1920 | 1993766 |
|  GLP Capital LP/GLP Financing II, Inc.<br>3.25%, 01/15/2032 |  | 4575 | 4110409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/2031 |  | 1790 | 1711150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2033 |  | 3724 | 3734837 |
|  Omega Healthcare Investors, Inc. <br>5.20%, 07/01/2030 |  | 1797 | 1823973 |
|  Realty Income Corp. <br>5.125%, 04/15/2035 |  | 1136 | 1154574 |
|  Simon Property Group LP <br>4.75%, 09/26/2034 |  | 5987 | 5947366 |
|  Trust Fibra Uno <br>4.869%, 01/15/2030(a) |  | 3548 | 3481546 |
|  |  |  | 31048405 |
|  |  |  | 432950726 |
| Utility–2.3% | Utility–2.3% | Utility–2.3% | Utility–2.3% |
| **Electric–2.3%** | **Electric–2.3%** | **Electric–2.3%** | **Electric–2.3%** |
|  AEP Transmission Co. LLC<br>5.15%, 04/01/2034 |  | 4040 | 4122335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 06/15/2035 |  | 2630 | 2721077 |
|  AES Andes SA <br>6.25%, 03/14/2032(a) |  | 6158 | 6451798 |
|  AES Panama Generation Holdings SRL<br>4.375%, 05/31/2030(a) |  | 1571 | 1484784 |
|  Alexander Funding Trust II <br>7.467%, 07/31/2028(a) |  | 1615 | 1726806 |
|  American Electric Power Co., Inc. <br>6.95%, 12/15/2054 |  | 3588 | 3888316 |
|  CenterPoint Energy Houston Electric LLC<br>4.95%, 04/01/2033 |  | 409 | 416153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/01/2035 |  | 9309 | 9412888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AQ<br>4.95%, 08/15/2035 |  | 621 | 618944 |

---

 <br> *64* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | | **U.S. $ Value** |
|  Duke Energy Carolinas NC Storm Funding LLC <br>Series A-2 <br>2.617%, 07/01/2043 | U.S.$| 3641 |  | $2897144 |
|  Electricite de France SA <br>9.125%, 03/15/2033(a)(b) |  | 1420 |  | 1646305 |
|  Enel Finance International NV<br>4.125%, 09/30/2028(a) |  | 2684 |  | 2677451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/26/2034(a) |  | 6934 |  | 7178077 |
|  Engie Energia Chile SA<br>3.40%, 01/28/2030(a) |  | 3834 |  | 3599168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 04/17/2034(a) |  | 2080 |  | 2213973 |
|  FIEMEX Energia–Banco Actinver SA Institucion de Banca Multiple <br>7.25%, 01/31/2041(a) |  | 2088 |  | 2217863 |
|  Florida Power & Light Co. <br>5.30%, 06/15/2034 |  | 3505 |  | 3658694 |
|  Israel Electric Corp., Ltd. <br>Series G <br>4.25%, 08/14/2028(a) |  | 1580 |  | 1553962 |
|  Kallpa Generacion SA <br>5.875%, 01/30/2032(a) |  | 2662 |  | 2782642 |
|  Niagara Mohawk Power Corp.<br>4.647%, 10/03/2030(a) |  | 7261 |  | 7298757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 01/17/2034(a) |  | 3243 |  | 3305039 |
|  NRG Energy, Inc.<br>4.45%, 06/15/2029(a) |  | 542 |  | 537274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.734%, 10/15/2030(a) |  | 1934 |  | 1933845 |
|  Pacific Gas & Electric Co. <br>5.55%, 05/15/2029 |  | 1713 |  | 1763619 |
|  Public Service Co. of Colorado <br>5.15%, 09/15/2035 |  | 10714 |  | 10857139 |
|  Public Service Co. of Oklahoma <br>5.45%, 01/15/2036 |  | 6 |  | 6130 |
|  Virginia Electric & Power Co. <br>Series C <br>4.90%, 09/15/2035 |  | 9261 |  | 9212287 |
|  Vistra Operations Co. LLC<br>5.05%, 12/30/2026(a) |  | 373 |  | 375648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 10/15/2033(a) |  | 4313 |  | 4807572 |
|  |  |  |  | 101365690 |
| Total Corporates—Investment Grade <br>(cost $1,131,666,969) |  |  |  | 1146305267 |
| MORTGAGE PASS-THROUGHS–20.4% | MORTGAGE PASS-THROUGHS–20.4% | MORTGAGE PASS-THROUGHS–20.4% | MORTGAGE PASS-THROUGHS–20.4% | MORTGAGE PASS-THROUGHS–20.4% |
| **Agency Fixed Rate 30-Year–20.1%** | **Agency Fixed Rate 30-Year–20.1%** | **Agency Fixed Rate 30-Year–20.1%** | **Agency Fixed Rate 30-Year–20.1%** | **Agency Fixed Rate 30-Year–20.1%** |
|  Federal Home Loan Mortgage Corp.<br>Series 2019<br>3.50%, 09/01/2049 |  | 4690 |  | 4359305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2049 |  | 4606 |  | 4279789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2049 |  | 1800 |  | 1671744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>3.50%, 01/01/2050 |  | 3713 |  | 3451693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>2.00%, 03/01/2052 |  | 22055 |  | 17965460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 | U.S.$| 26357 |  | $22566294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 |  | 14088 |  | 12536964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2052 |  | 20402 |  | 17996374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.50%, 11/01/2054 |  | 7482 |  | 7546838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>2.50%, 01/01/2053 |  | 16281 |  | 13778236 |
|  Federal Home Loan Mortgage Corp. Gold<br>Series 2003<br>5.00%, 08/01/2033 |  | 0 | \*\* | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>5.50%, 07/01/2035 |  | 312 |  | 322667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>4.00%, 02/01/2046 |  | 3639 |  | 3555642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>4.00%, 07/01/2044 |  | 2475 |  | 2416184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>4.00%, 08/01/2048 |  | 1805 |  | 1733491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2048 |  | 3194 |  | 3160322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2048 |  | 3107 |  | 3074119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2048 |  | 938 |  | 951002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2048 |  | 1322 |  | 1340700 |
|  Federal National Mortgage Association<br>Series 2001<br>6.50%, 08/01/2031 |  | 1 |  | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003<br>5.50%, 04/01/2033 |  | 270 |  | 278809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2033 |  | 605 |  | 624121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2033 |  | 0 | \*\* | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004<br>5.50%, 04/01/2034 |  | 146 |  | 150295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2034 |  | 134 |  | 138057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2034 |  | 526 |  | 544166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/2034 |  | 1 |  | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005<br>5.50%, 02/01/2035 |  | 720 |  | 743962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006<br>5.50%, 04/01/2036 |  | 135 |  | 140216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>5.50%, 09/01/2036 |  | 258 |  | 266935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008<br>6.00%, 03/01/2037 |  | 2 |  | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010<br>4.00%, 12/01/2040 |  | 1540 |  | 1504745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012<br>3.50%, 02/01/2042 |  | 952 |  | 906014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2042 |  | 10606 |  | 10088926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2043 |  | 1787 |  | 1697195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013<br>3.50%, 04/01/2043 |  | 6241 |  | 5925090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2043 |  | 4658 |  | 4529025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015<br>3.00%, 05/01/2045 |  | 2058 |  | 1875098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2045 |  | 3569 |  | 3244312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>3.50%, 02/01/2048 |  | 2515 |  | 2340698 |

---

 <br> *2025 Annual Report* *65*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2048 | U.S.$| 1043 |  | $972243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2048 |  | 4411 |  | 4358486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>3.50%, 08/01/2049 |  | 1238 |  | 1149771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2049 |  | 1832 |  | 1703574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2049 |  | 4853 |  | 4508252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2049 |  | 3974 |  | 3691789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>3.50%, 01/01/2050 |  | 3553 |  | 3300068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>2.00%, 07/01/2051 |  | 23731 |  | 19264505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2051 |  | 42007 |  | 34060911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2052 |  | 7047 |  | 6029801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>2.00%, 05/01/2052 |  | 11442 |  | 9277260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2052 |  | 15510 |  | 13270912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 |  | 16323 |  | 13963399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2052 |  | 21313 |  | 18233154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2052 |  | 16561 |  | 14742546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 |  | 21331 |  | 18982740 |
|  Government National Mortgage Association<br>Series 2016<br>3.00%, 04/20/2046 |  | 1020 |  | 925314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/2046 |  | 949 |  | 861248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/2046 |  | 275 |  | 249202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.50%, 04/20/2053 |  | 14779 |  | 14971090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/20/2053 |  | 7943 |  | 8046441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>3.00%, 10/01/2055, TBA |  | 11411 |  | 10191897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2055, TBA |  | 4157 |  | 3908401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2055, TBA |  | 58866 |  | 57083685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2055, TBA |  | 48025 |  | 47770011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2055, TBA |  | 13531 |  | 13631399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/2055, TBA |  | 38472 |  | 39131058 |
|  Uniform Mortgage-Backed Security<br>Series 2025<br>2.00%, 10/01/2055, TBA |  | 54968 |  | 44300772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2055, TBA |  | 69193 |  | 58289698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2055, TBA |  | 16763 |  | 14723432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2055, TBA |  | 9401 |  | 8858162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2055, TBA |  | 8559 |  | 8301562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2055, TBA |  | 33691 |  | 33410681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2055, TBA |  | 89997 |  | 90745902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/2055, TBA |  | 67485 |  | 68935048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2055, TBA |  | 25913 |  | 26777947 |
|  |  |  |  | 876330601 |
| **Agency Fixed Rate 15-Year–0.3%** | **Agency Fixed Rate 15-Year–0.3%** | **Agency Fixed Rate 15-Year–0.3%** | **Agency Fixed Rate 15-Year–0.3%** | **Agency Fixed Rate 15-Year–0.3%** |
|  Federal National Mortgage Association<br>Series 2012<br>2.50%, 04/01/2027 |  | 2 |  | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>2.50%, 02/01/2031 |  | 7 |  | 6446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2031 |  | 5 |  | 4747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2031 |  | 21 |  | 20106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2031 |  | 670 |  | 647435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2031 | U.S.$| 237 |  | $228743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/2031 |  | 142 |  | 137623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2031 |  | 782 |  | 755300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2031 |  | 5246 |  | 5066328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2031 |  | 2092 |  | 2018768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2032 |  | 310 |  | 298825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>2.50%, 01/01/2032 |  | 1357 |  | 1309592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2032 |  | 78 |  | 75601 |
|  |  |  |  | 10571398 |
| **Other Agency Fixed Rate Programs–0.0%** | **Other Agency Fixed Rate Programs–0.0%** | **Other Agency Fixed Rate Programs–0.0%** | **Other Agency Fixed Rate Programs–0.0%** | **Other Agency Fixed Rate Programs–0.0%** |
|  Federal National Mortgage Association<br>Series 2009<br>4.50%, 07/01/2029 |  | 81 |  | 81140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2029 |  | 22 |  | 22209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2029 |  | 4 |  | 4256 |
|  |  |  |  | 107605 |
| **Agency ARMs–0.0%** | **Agency ARMs–0.0%** | **Agency ARMs–0.0%** | **Agency ARMs–0.0%** | **Agency ARMs–0.0%** |
|  Federal Home Loan Mortgage Corp.<br>Series 2006<br>7.125% (RFUCCT1Y + 2.50%), 12/01/2036(c) |  | 0 | \*\* | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>6.975% (RFUCCT1Y + 2.10%), 03/01/2037(c) |  | 0 | \*\* | 287 |
|  |  |  |  | 378 |
| Total Mortgage Pass-Throughs <br>(cost $912,203,179) |  |  |  | 887009982 |
| ASSET-BACKED SECURITIES–6.2% | ASSET-BACKED SECURITIES–6.2% | ASSET-BACKED SECURITIES–6.2% | ASSET-BACKED SECURITIES–6.2% | ASSET-BACKED SECURITIES–6.2% |
| **Autos—Fixed Rate–3.5%** | **Autos—Fixed Rate–3.5%** | **Autos—Fixed Rate–3.5%** | **Autos—Fixed Rate–3.5%** | **Autos—Fixed Rate–3.5%** |
|  ACM Auto Trust<br>Series 2024-2A, Class A<br>6.06%, 02/20/2029(a) |  | 2686 |  | 2684800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A<br>5.38%, 06/20/2029(a) |  | 2147 |  | 2140668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A<br>5.55%, 06/20/2028(a) |  | 7715 |  | 7687403 |
|  American Credit Acceptance Receivables Trust <br>Series 2025-2, Class B <br>4.85%, 05/14/2029(a) |  | 9890 |  | 9933793 |
|  Arivo Acceptance Auto Loan Receivables Trust<br>Series 2024-1A, Class A<br>6.46%, 04/17/2028(a) |  | 409 |  | 412191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2<br>4.92%, 05/15/2029(a) |  | 5270 |  | 5274957 |
|  AutoNation Finance Trust <br>Series 2025-1A, Class A2 <br>4.72%, 04/10/2028(a) |  | 10319 |  | 10343546 |
|  Avis Budget Rental Car Funding AESOP LLC<br>Series 2023-3A, Class A<br>5.44%, 02/22/2028(a) |  | 4800 |  | 4869804 |

---

 <br> *66* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5A, Class B<br>6.12%, 04/20/2028(a) | U.S.$| 3817 | $| 3898662 |
|  Carvana Auto Receivables Trust<br>Series 2021-N3, Class C<br>1.02%, 06/12/2028 |  | 318 |  | 308287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N4, Class D<br>2.30%, 09/11/2028 |  | 547 |  | 534394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P4, Class D<br>2.61%, 09/11/2028 |  | 4063 |  | 3901680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P3, Class A2<br>4.61%, 11/10/2027 |  | 1718 |  | 1718321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4, Class A2<br>4.62%, 02/10/2028 |  | 2479 |  | 2481318 |
|  CPS Auto Receivables Trust<br>Series 2021-C, Class D<br>1.69%, 06/15/2027(a) |  | 746 |  | 743210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A<br>5.88%, 02/15/2028(a) |  | 1003 |  | 1005422 |
|  FHF Trust <br>Series 2023-1A, Class A2 <br>6.57%, 06/15/2028(a) |  | 792 |  | 798221 |
|  Flagship Credit Auto Trust <br>Series 2024-3, Class A <br>4.88%, 11/15/2028(a) |  | 2057 |  | 2062377 |
|  Ford Credit Auto Owner Trust <br>Series 2021-1, Class D <br>2.31%, 10/17/2033(a) |  | 5650 |  | 5565682 |
|  GLS Auto Receivables Issuer Trust <br>Series 2024-3A, Class A2 <br>5.35%, 08/16/2027(a) |  | 1612 |  | 1613626 |
|  LAD Auto Receivables Trust <br>Series 2022-1A, Class A <br>5.21%, 06/15/2027(a) |  | 56 |  | 56493 |
|  Lendbuzz Securitization Trust<br>Series 2023-1A, Class A2<br>6.92%, 08/15/2028(a) |  | 2278 |  | 2310006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A2<br>7.09%, 10/16/2028(a) |  | 1497 |  | 1521602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2<br>5.10%, 10/15/2030(a) |  | 7979 |  | 7988453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2<br>5.18%, 05/15/2030(a) |  | 6775 |  | 6793677 |
|  Lobel Automobile Receivables Trust <br>Series 2025-1, Class A <br>5.06%, 11/15/2027(a) |  | 5369 |  | 5377590 |
|  OCCU Auto Receivables Trust <br>Series 2025-1A, Class A2 <br>4.82%, 04/17/2028(a) |  | 10162 |  | 10190176 |
|  Prestige Auto Receivables Trust <br>Series 2025-1A, Class A2 <br>4.87%, 12/15/2027(a) |  | 8329 |  | 8338904 |
|  Research-Driven Pagaya Motor Asset Trust <br>Series 2025-4A, Class A2 <br>5.124%, 04/25/2034(a) |  | 10656 |  | 10706234 |
|  Research-Driven Pagaya Motor Asset Trust VII <br>Series 2022-3A, Class A <br>5.38%, 11/25/2030(a) |  | 210 |  | 209749 |
|  Research-Driven Pagaya Motor Trust <br>Series 2024-1A, Class A <br>7.09%, 06/25/2032(a) | U.S.$| 1721 | $| 1736104 |
|  Santander Drive Auto Receivables Trust<br>Series 2023-3, Class B<br>5.61%, 07/17/2028 |  | 3872 |  | 3891943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class A2<br>5.41%, 07/15/2027 |  | 346 |  | 346377 |
|  SBNA Auto Receivables Trust <br>Series 2025-SF1, Class B <br>5.12%, 03/17/2031(a) |  | 1294 |  | 1295556 |
|  Tesla Auto Lease Trust <br>Series 2024-A, Class A3 <br>5.30%, 06/21/2027(a) |  | 2485 |  | 2492196 |
|  Tricolor Auto Securitization Trust<br>Series 2024-2A, Class A<br>6.36%, 12/15/2027(d) |  | 604 |  | 580662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A<br>4.94%, 02/15/2029(d) |  | 6558 |  | 4823825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A<br>5.12%, 01/16/2029(d) |  | 9430 |  | 6795232 |
|  United Auto Credit Securitization Trust <br>Series 2025-1, Class A <br>4.80%, 06/10/2027(a) |  | 4845 |  | 4849329 |
|  Westlake Automobile Receivables Trust<br>Series 2023-P1, Class C <br>6.44%, 06/15/2027(a) |  | 2202 |  | 2219266 |
|  |  |  |  | 150501736 |
| **Other ABS—Fixed Rate–2.1%** | **Other ABS—Fixed Rate–2.1%** | **Other ABS—Fixed Rate–2.1%** | **Other ABS—Fixed Rate–2.1%** | **Other ABS—Fixed Rate–2.1%** |
|  AB Issuer LLC <br>Series 2021-1, Class A2 <br>3.734%, 07/30/2051(a) |  | 8042 |  | 7607542 |
|  Affirm Asset Securitization Trust<br>Series 2024-X2, Class A<br>5.22%, 12/17/2029(a) |  | 1615 |  | 1616910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-X1, Class A<br>5.08%, 04/15/2030(a) |  | 5531 |  | 5542997 |
|  Amur Equipment Finance Receivables XI LLC <br>Series 2022-2A, Class A2 <br>5.30%, 06/21/2028(a) |  | 393 |  | 393853 |
|  Cajun Global LLC <br>Series 2021-1, Class A2 <br>3.931%, 11/20/2051(a) |  | 841 |  | 829905 |
|  College Ave Student Loans LLC <br>Series 2021-C, Class B <br>2.72%, 07/26/2055(a) |  | 1502 |  | 1409596 |
|  Diamond Infrastructure Funding LLC <br>Series 2021-1A, Class B <br>2.355%, 04/15/2049(a) |  | 3651 |  | 3514638 |
|  Diamond Issuer LLC <br>Series 2021-1A, Class A <br>2.305%, 11/20/2051(a) |  | 7711 |  | 7336255 |
|  Equify ABS LLC <br>Series 2024-1A, Class A <br>5.43%, 04/18/2033(a) |  | 3353 |  | 3356023 |

---

 <br> *2025 Annual Report* *67*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  GCI Funding I LLC <br>Series 2021-1, Class A <br>2.38%, 06/18/2046(a) | U.S.$| 1692 | $| 1568668 |
|  Hardee's Funding LLC<br>Series 2018-1A, Class A23 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 06/20/2048(a) |  | 3116 |  | 3104072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A2<br>3.981%, 12/20/2050(a) |  | 2525 |  | 2434939 |
|  MVW LLC <br>Series 2021-2A, Class B <br>1.83%, 05/20/2039(a) |  | 1127 |  | 1067592 |
|  Neighborly Issuer LLC<br>Series 2022-1A, Class A2<br>3.695%, 01/30/2052(a) |  | 5330 |  | 4990113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2<br>7.308%, 01/30/2053(a) |  | 6468 |  | 6552114 |
|  Nelnet Student Loan Trust<br>Series 2021-BA, Class B<br>2.68%, 04/20/2062(a) |  | 2008 |  | 1793883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B<br>2.53%, 04/20/2062(a) |  | 3421 |  | 3008843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class B<br>2.90%, 04/20/2062(a) |  | 3096 |  | 2780426 |
|  NMEF Funding LLC<br>Series 2022-B, Class A2<br>6.07%, 06/15/2029(a) |  | 148 |  | 148032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2<br>5.15%, 12/15/2031(a) |  | 6584 |  | 6634733 |
|  Oportun Funding Trust<br>Series 2024-3, Class A<br>5.26%, 08/15/2029(a) |  | 1959 |  | 1960848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A<br>4.96%, 08/16/2032(a) |  | 3416 |  | 3420347 |
|  Oportun Issuance Trust <br>Series 2024-2, Class A <br>5.86%, 02/09/2032(a) |  | 572 |  | 572996 |
|  Pagaya AI Debt Grantor Trust<br>Series 2024-5, Class A<br>6.278%, 10/15/2031(a) |  | 1646 |  | 1660016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-9, Class B<br>5.306%, 03/15/2032(a) |  | 6844 |  | 6868461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A2<br>5.365%, 12/15/2032(a) |  | 655 |  | 660170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class A2<br>4.497%, 04/15/2033(a) |  | 2120 |  | 2120561 |
|  Pagaya AI Debt Trust<br>Series 2024-2, Class A<br>6.319%, 08/15/2031(a) |  | 1385 |  | 1393813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A<br>6.258%, 10/15/2031(a) |  | 1925 |  | 1936100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class A2<br>5.373%, 01/17/2033(a) |  | 500 |  | 504334 |
|  Pagaya Point of Sale Holdings Grantor Trust <br>Series 2025-1, Class A <br>5.715%, 01/20/2034(a) |  | 3363 |  | 3402251 |
|  Prosper Marketplace Issuance Trust <br>Series 2024-1A, Class A <br>6.12%, 08/15/2029(a) | U.S.$| 179 | $| 179152 |
|  |  |  |  | 90370183 |
| **Credit Cards—Fixed Rate–0.6%** | **Credit Cards—Fixed Rate–0.6%** | **Credit Cards—Fixed Rate–0.6%** | **Credit Cards—Fixed Rate–0.6%** | **Credit Cards—Fixed Rate–0.6%** |
|  Brex Commercial Charge Card Master Trust <br>Series 2024-1, Class A1 <br>6.05%, 07/15/2027(a) |  | 6026 |  | 6063461 |
|  Mission Lane Credit Card Master Trust<br>Series 2024-A, Class A1<br>6.20%, 08/15/2029(a) |  | 4135 |  | 4172660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A<br>5.88%, 01/15/2030(a) |  | 10160 |  | 10259585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/15/2030(a) |  | 4940 |  | 4997649 |
|  |  |  |  | 25493355 |
| **Other ABS—Floating Rate–0.0%** | **Other ABS—Floating Rate–0.0%** | **Other ABS—Floating Rate–0.0%** | **Other ABS—Floating Rate–0.0%** | **Other ABS—Floating Rate–0.0%** |
|  Pagaya AI Debt Grantor Trust<br>Series 2025-1, Class A<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.156%, 07/15/2032(a) |  | 561 |  | 566230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5, Class A<br>4.994%, 03/15/2033(a) |  | 1260 |  | 1262892 |
|  |  |  |  | 1829122 |
| Total Asset-Backed Securities <br>(cost $274,627,871) |  |  |  | 268194396 |
| COLLATERALIZED MORTGAGE OBLIGATIONS–5.7% | COLLATERALIZED MORTGAGE OBLIGATIONS–5.7% | COLLATERALIZED MORTGAGE OBLIGATIONS–5.7% | COLLATERALIZED MORTGAGE OBLIGATIONS–5.7% | COLLATERALIZED MORTGAGE OBLIGATIONS–5.7% |
| **Risk Share Floating Rate–5.3%** | **Risk Share Floating Rate–5.3%** | **Risk Share Floating Rate–5.3%** | **Risk Share Floating Rate–5.3%** | **Risk Share Floating Rate–5.3%** |
|  Bellemeade Re Ltd.<br>Series 2022-1, Class M1B<br>6.506% (CME Term SOFR + 2.15%), 01/26/2032(a)(c) |  | 431 |  | 431994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class M1A<br>8.356% (CME Term SOFR + 4.00%), 09/27/2032(a)(c) |  | 440 |  | 440906 |
|  Connecticut Avenue Securities <br>Series 2025-R01, Class 1A1 <br>5.306% (CME Term SOFR + 0.95%), 01/25/2045(a)(c) |  | 9137 |  | 9142366 |
|  Connecticut Avenue Securities Trust<br>Series 2021-R02, Class 2M2<br>6.356% (CME Term SOFR + 2.00%), 11/25/2041(a)(c) |  | 3956 |  | 4003371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1M2<br>6.006% (CME Term SOFR + 1.65%), 12/25/2041(a)(c) |  | 3513 |  | 3529340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2<br>6.256% (CME Term SOFR + 1.90%), 12/25/2041(a)(c) |  | 9352 |  | 9482449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M1<br>5.556% (CME Term SOFR + 1.20%), 01/25/2042(a)(c) |  | 711 |  | 710414 |

---

 <br> *68* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M2<br>7.856% (CME Term SOFR + 3.50%), 03/25/2042(a)(c) | U.S.$| 6435 | $6638477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2<br>7.456% (CME Term SOFR + 3.10%), 03/25/2042(a)(c) |  | 1747 | 1794749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M2<br>7.356% (CME Term SOFR + 3.00%), 04/25/2042(a)(c) |  | 5001 | 5134607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M1<br>7.106% (CME Term SOFR + 2.75%), 05/25/2042(a)(c) |  | 4275 | 4375235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M1<br>7.306% (CME Term SOFR + 2.95%), 06/25/2042(a)(c) |  | 4310 | 4421849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M1<br>6.906% (CME Term SOFR + 2.55%), 07/25/2042(a)(c) |  | 4060 | 4163286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1<br>6.756% (CME Term SOFR + 2.40%), 12/25/2042(a)(c) |  | 3190 | 3263695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1<br>6.656% (CME Term SOFR + 2.30%), 01/25/2043(a)(c) |  | 2320 | 2361660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R03, Class 2M1<br>6.856% (CME Term SOFR + 2.50%), 04/25/2043(a)(c) |  | 4418 | 4479122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M1<br>6.656% (CME Term SOFR + 2.30%), 05/25/2043(a)(c) |  | 4756 | 4854302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M1<br>6.256% (CME Term SOFR + 1.90%), 06/25/2043(a)(c) |  | 3685 | 3712320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M1<br>6.056% (CME Term SOFR + 1.70%), 07/25/2043(a)(c) |  | 3276 | 3286091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M1<br>5.456% (CME Term SOFR + 1.10%), 02/25/2044(a)(c) |  | 1776 | 1774674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R03, Class 2M1<br>5.506% (CME Term SOFR + 1.15%), 03/25/2044(a)(c) |  | 3631 | 3631812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R04, Class 1M1<br>5.456% (CME Term SOFR + 1.10%), 05/25/2044(a)(c) |  | 3105 | 3106655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M1<br>5.356% (CME Term SOFR + 1.00%), 07/25/2044(a)(c) |  | 1358 | 1358101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R06, Class 1M1<br>5.406% (CME Term SOFR + 1.05%), 09/25/2044(a)(c) |  | 2135 | 2133273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1A1<br>5.356% (CME Term SOFR + 1.00%), 02/25/2045(a)(c) |  | 2499 | 2502349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R03, Class 2M1<br>5.956% (CME Term SOFR + 1.60%), 03/25/2045(a)(c) |  | 7122 | 7152380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1<br>5.356% (CME Term SOFR + 1.00%), 05/25/2045(a)(c) | U.S.$| 2811 | $2814106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1M1<br>5.556% (CME Term SOFR + 1.20%), 05/25/2045(a)(c) |  | 4614 | 4624348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R05, Class 2M1<br>5.556% (CME Term SOFR + 1.20%), 07/25/2045(a)(c) |  | 10247 | 10278572 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2021-DNA5, Class M2<br>6.006% (CME Term SOFR + 1.65%), 01/25/2034(a)(c) |  | 808 | 810970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M2<br>5.856% (CME Term SOFR + 1.50%), 10/25/2041(a)(c) |  | 8370 | 8392415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class M2<br>6.156% (CME Term SOFR + 1.80%), 11/25/2041(a)(c) |  | 9563 | 9644215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M1<br>5.306% (CME Term SOFR + 0.95%), 12/25/2041(a)(c) |  | 2529 | 2530206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M2<br>6.706% (CME Term SOFR + 2.35%), 12/25/2041(a)(c) |  | 6126 | 6187636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B<br>7.256% (CME Term SOFR + 2.90%), 04/25/2042(a)(c) |  | 2957 | 3042357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1B<br>7.706% (CME Term SOFR + 3.35%), 05/25/2042(a)(c) |  | 5585 | 5795841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1B<br>8.856% (CME Term SOFR + 4.50%), 06/25/2042(a)(c) |  | 9989 | 10565543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M1A<br>6.856% (CME Term SOFR + 2.50%), 03/25/2052(a)(c) |  | 2745 | 2773303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA1, Class M1A<br>6.448% (CME Term SOFR + 2.10%), 03/25/2043(a)(c) |  | 2496 | 2531338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA2, Class M1A<br>6.448% (CME Term SOFR + 2.10%), 04/25/2043(a)(c) |  | 9497 | 9626968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA1, Class M1A<br>6.356% (CME Term SOFR + 2.00%), 05/25/2043(a)(c) |  | 2713 | 2735009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA2, Class M1A<br>6.356% (CME Term SOFR + 2.00%), 06/25/2043(a)(c) |  | 1834 | 1841691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA3, Class A1<br>5.406% (CME Term SOFR + 1.05%), 10/25/2044(a)(c) |  | 5642 | 5653665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA1, Class M1<br>5.606% (CME Term SOFR + 1.25%), 03/25/2044(a)(c) |  | 4055 | 4059089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA2, Class M1<br>5.556% (CME Term SOFR + 1.20%), 08/25/2044(a)(c) |  | 6491 | 6495434 |

---

 <br> *2025 Annual Report* *69*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2021-HQA2 <br>Series 2021-HQA2, Class M2 <br>6.406% (CME Term SOFR + 2.05%), 12/25/2033(a)(c) | U.S.$| 4541 | $4651264 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA1 <br>Series 2025-DNA1, Class A1 <br>5.306% (CME Term SOFR + 0.95%), 01/25/2045(a)(c) |  | 4870 | 4873407 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA2, Class A1<br>5.456% (CME Term SOFR + 1.10%), 05/25/2045(a)(c) |  | 2622 | 2628650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA2, Class M1<br>5.556% (CME Term SOFR + 1.20%), 05/25/2045(a)(c) |  | 2739 | 2742178 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-Dna3 <br>Series 2025-DNA3, Class A1 <br>5.32% (CME Term SOFR + 0.95%), 09/25/2045(a)(c) |  | 10964 | 10970743 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-Hqa1 <br>Series 2025-HQA1, Class A1 <br>5.306% (CME Term SOFR + 0.95%), 02/25/2045(a)(c) |  | 6180 | 6181901 |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2015-C04, Class 1M2<br>10.171% (CME Term SOFR + 5.81%), 04/25/2028(c) |  | 606 | 608114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2<br>10.471% (CME Term SOFR + 6.11%), 09/25/2028(c) |  | 45 | 45652 |
|  Wells Fargo Credit Risk Transfer Securities Trust<br>Series 2015-WF1, Class 1M2<br>9.721% (CME Term SOFR + 5.36%), 11/25/2025(a)(c) |  | 751 | 786118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-WF1, Class 2M2<br>9.971% (CME Term SOFR + 5.61%), 11/25/2025(a)(c) |  | 187 | 196292 |
|  |  |  | 231972502 |
| **Agency Fixed Rate–0.2%** | **Agency Fixed Rate–0.2%** | **Agency Fixed Rate–0.2%** | **Agency Fixed Rate–0.2%** |
|  Federal Home Loan Mortgage Corp. REMICS<br>Series 5008, Class AI<br>3.50%, 09/25/2050(e) |  | 7570 | 1386094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5040, Class AI<br>3.50%, 11/25/2050(e) |  | 5428 | 893244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5043, Class IO<br>5.00%, 11/25/2050(e) | U.S.$| 10871 | $2787104 |
|  Federal National Mortgage Association Grantor Trust <br>Series 2004-T5, Class AB4 <br>4.878%, 05/28/2035 |  | 1073 | 1053899 |
|  Federal National Mortgage Association REMICS <br>Series 2015-30, Class EI <br>5.00%, 05/25/2045(e) |  | 4142 | 560567 |
|  |  |  | 6680908 |
| **Agency Floating Rate–0.1%** | **Agency Floating Rate–0.1%** | **Agency Floating Rate–0.1%** | **Agency Floating Rate–0.1%** |
|  Federal Home Loan Mortgage Corp. REMICS<br>Series 4416, Class BS<br>1.613% (5.99%–CME Term SOFR), 12/15/2044(c)(f) |  | 5302 | 587062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4585, Class DS<br>1.513% (5.89%–CME Term SOFR), 05/15/2046(c)(f) |  | 3402 | 379100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4693, Class SL<br>1.663% (6.04%–CME Term SOFR), 06/15/2047(c)(f) |  | 2203 | 265979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4954, Class SL<br>1.579% (5.94%–CME Term SOFR), 02/25/2050(c)(f) |  | 1493 | 179539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4981, Class HS<br>1.629% (5.99%–CME Term SOFR), 06/25/2050(c)(f) |  | 13154 | 1439514 |
|  Federal National Mortgage Association REMICS<br>Series 2015-26, Class SH<br>1.979% (6.34%–CME Term SOFR), 05/25/2045(c)(f) |  | 4079 | 489931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-106, Class ES<br>1.529% (5.89%–CME Term SOFR), 01/25/2047(c)(f) |  | 2435 | 297501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-62, Class AS<br>1.679% (6.04%–CME Term SOFR), 08/25/2047(c)(f) |  | 3007 | 346903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-97, Class SW<br>1.729% (6.09%–CME Term SOFR), 12/25/2047(c)(f) |  | 4280 | 551012 |
|  Government National Mortgage Association<br>Series 2017-122, Class SA<br>1.95% (6.09%–CME Term SOFR 1 Month), 08/20/2047(c)(f) |  | 3668 | 504718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-134, Class MS<br>1.95% (6.09%–CME Term SOFR 1 Month), 09/20/2047(c)(f) |  | 4201 | 580998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-43, Class ST<br>1.85% (5.99%–CME Term SOFR 1 Month), 03/20/2047(c)(f) |  | 5214 | 658631 |
|  |  |  | 6280888 |

---

 <br> *70* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Non-Agency Floating Rate–0.1%** | **Non-Agency Floating Rate–0.1%** | **Non-Agency Floating Rate–0.1%** | **Non-Agency Floating Rate–0.1%** |
|  Deutsche Alt-A Securities Mortgage Loan Trust <br>Series 2006-AR4, Class A2 <br>4.652% (CME Term SOFR 1 Month + 0.49%), 12/25/2036(c) | U.S.$| 3431 | $1076857 |
|  Federal Home Loan Mortgage Corp. Mscr Trust Mn1 <br>Series 2021-MN1, Class M1 <br>6.356% (CME Term SOFR + 2.00%), 01/25/2051(a)(c) |  | 315 | 313723 |
|  HomeBanc Mortgage Trust <br>Series 2005-1, Class A1 <br>4.772% (CME Term SOFR 1 Month + 0.61%), 03/25/2035(c) |  | 420 | 344051 |
|  JPMorgan Chase Bank NA-CHASE <br>Series 2019-CL1, Class M3 <br>6.372% (CME Term SOFR 1 Month + 2.21%), 04/25/2047(a)(c) |  | 579 | 585568 |
|  Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates <br>Series 2004-1, Class 1A <br>4.872% (CME Term SOFR 1 Month + 0.71%), 04/25/2034(c) |  | 2 | 1802 |
|  |  |  | 2322001 |
| **Non-Agency Fixed Rate–0.0%** | **Non-Agency Fixed Rate–0.0%** | **Non-Agency Fixed Rate–0.0%** | **Non-Agency Fixed Rate–0.0%** |
|  Alternative Loan Trust<br>Series 2005-20CB, Class 3A6<br>5.50%, 07/25/2035 |  | 226 | 149718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A16<br>5.75%, 08/25/2036 |  | 1832 | 890717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J1, Class 1A13<br>5.50%, 02/25/2036 |  | 415 | 278578 |
|  CHL Mortgage Pass-Through Trust <br>Series 2006-13, Class 1A19 <br>6.25%, 09/25/2036 |  | 593 | 257092 |
|  |  |  | 1576105 |
| Total Collateralized Mortgage Obligations <br>(cost $247,943,418) |  |  | 248832404 |
| COMMERCIAL MORTGAGE-BACKED SECURITIES–1.5% | COMMERCIAL MORTGAGE-BACKED SECURITIES–1.5% | COMMERCIAL MORTGAGE-BACKED SECURITIES–1.5% | COMMERCIAL MORTGAGE-BACKED SECURITIES–1.5% |
| **Non-Agency Floating Rate CMBS–1.0%** | **Non-Agency Floating Rate CMBS–1.0%** | **Non-Agency Floating Rate CMBS–1.0%** | **Non-Agency Floating Rate CMBS–1.0%** |
|  ALA Trust <br>Series 2025-OANA, Class A <br>5.894% (CME Term SOFR 1 Month + 1.74%), 06/15/2040(a)(c) |  | 7553 | 7590353 |
|  AREIT Trust <br>Series 2022-CRE6, Class A <br>5.636% (CME Term SOFR + 1.25%), 01/20/2037(a)(c) |  | 6758 | 6758321 |
|  BBCMS Mortgage Trust <br>Series 2020-BID, Class A <br>6.405% (CME Term SOFR 1 Month + 2.25%), 10/15/2037(a)(c) |  | 7708 | 7705591 |
|  BHMS Commercial Mortgage Trust <br>Series 2025-ATLS, Class A <br>6.00% (CME Term SOFR 1 Month + 1.85%), 08/15/2042(a)(c) |  | 7313 | 7333612 |
|  BX Commercial Mortgage Trust<br>Series 2019-IMC, Class D<br>6.096% (CME Term SOFR 1 Month + 1.95%), 04/15/2034(a)(c) | U.S.$| 1772 | $1745591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IMC, Class E<br>6.346% (CME Term SOFR 1 Month + 2.20%), 04/15/2034(a)(c) |  | 6595 | 6430573 |
|  CLNY Trust <br>Series 2019-IKPR, Class D <br>6.613% (CME Term SOFR 1 Month + 2.39%), 11/15/2038(a)(c) |  | 2751 | 2654715 |
|  Natixis Commercial Mortgage Securities Trust <br>Series 2019-MILE, Class A <br>5.73% (CME Term SOFR 1 Month + 1.58%), 07/15/2036(a)(c) |  | 2335 | 2244343 |
|  |  |  | 42463099 |
| **Non-Agency Fixed Rate CMBS–0.5%** | **Non-Agency Fixed Rate CMBS–0.5%** | **Non-Agency Fixed Rate CMBS–0.5%** | **Non-Agency Fixed Rate CMBS–0.5%** |
|  Barclays Commercial Mortgage Trust <br>Series 2019-C3, Class B <br>4.096%, 05/15/2052 |  | 3523 | 3310090 |
|  GS Mortgage Securities Trust <br>Series 2011-GC5, Class D <br>5.314%, 08/10/2044(a) |  | 333 | 244338 |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class A1<br>1.433%, 08/15/2026(d) |  | 2413 | 2395288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2<br>2.435%, 08/15/2026(d) |  | 9371 | 9314491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class AS<br>2.638%, 08/15/2026(d) |  | 249 | 245361 |
|  HFX Funding <br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035(d) |  | 51 | 50453 |
|  JP Morgan Chase Commercial Mortgage Securities Trust <br>Series 2016-JP3, Class B <br>3.397%, 08/15/2049 |  | 3000 | 2793226 |
|  JPMBB Commercial Mortgage Securities Trust<br>Series 2013-C14, Class D<br>4.172%, 08/15/2046(a) |  | 2527 | 1949374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class AS<br>3.634%, 02/15/2048 |  | 3415 | 3198551 |
|  Wells Fargo Commercial Mortgage Trust <br>Series 2019-C51, Class B <br>3.836%, 06/15/2052 |  | 1269 | 1107289 |
|  |  |  | 24608461 |
| Total Commercial Mortgage-Backed Securities <br>(cost $68,665,246) | Total Commercial Mortgage-Backed Securities <br>(cost $68,665,246) | Total Commercial Mortgage-Backed Securities <br>(cost $68,665,246) | 67071560 |

---

 <br> *2025 Annual Report* *71*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| INFLATION-LINKED SECURITIES–1.5% | INFLATION-LINKED SECURITIES–1.5% | INFLATION-LINKED SECURITIES–1.5% |
| **United States–1.5%** | **United States–1.5%** | **United States–1.5%** |
|  U.S. Treasury Inflation Index <br>0.25%, 07/15/2029 (TIPS) <br>(cost $62,613,555) | 66931 | $64923020 |
| CORPORATES—NON-INVESTMENT GRADE–1.3% | CORPORATES—NON-INVESTMENT GRADE–1.3% | CORPORATES—NON-INVESTMENT GRADE–1.3% |
| Industrial–1.2% | Industrial–1.2% | Industrial–1.2% |
| **Basic–0.1%** | **Basic–0.1%** | **Basic–0.1%** |
|  Solstice Advanced Materials, Inc. <br>5.625%, 09/30/2033(a) | 2840 | 2847867 |
| **Capital Goods–0.1%** | **Capital Goods–0.1%** | **Capital Goods–0.1%** |
|  Axon Enterprise, Inc.<br>6.125%, 03/15/2030(a) | 3205 | 3294868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033(a) | 2323 | 2398776 |
|  |  | 5693644 |
| **Communications—Media–0.1%** | **Communications—Media–0.1%** | **Communications—Media–0.1%** |
|  Discovery Communications LLC<br>5.20%, 09/20/2047 | 22 | 14188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/2049 | 857 | 619980 |
|  VZ Vendor Financing II BV <br>2.875%, 01/15/2029(a) | 2093 | 2310293 |
|  Warnermedia Holdings, Inc. <br>3.755%, 03/15/2027 | 2613 | 2574510 |
|  |  | 5518971 |
| **Communications—Telecommunications–0.0%** | **Communications—Telecommunications–0.0%** | **Communications—Telecommunications–0.0%** |
|  Altice France SA <br>3.375%, 01/15/2028(d) | 1024 | 1029480 |
| **Consumer Cyclical—Automotive–0.2%** | **Consumer Cyclical—Automotive–0.2%** | **Consumer Cyclical—Automotive–0.2%** |
|  Nissan Motor Co., Ltd. <br>4.345%, 09/17/2027(a) | 8330 | 8176311 |
| **Consumer Cyclical—Other–0.1%** | **Consumer Cyclical—Other–0.1%** | **Consumer Cyclical—Other–0.1%** |
|  Hilton Domestic Operating Co., Inc.<br>5.875%, 04/01/2029(a) | 2297 | 2343813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/01/2032(a) | 1315 | 1351360 |
|  |  | 3695173 |
| **Consumer Cyclical—Retailers–0.1%** | **Consumer Cyclical—Retailers–0.1%** | **Consumer Cyclical—Retailers–0.1%** |
|  Advance Auto Parts, Inc. <br>7.00%, 08/01/2030(a) | 6172 | 6356790 |
| **Consumer Non-Cyclical–0.2%** | **Consumer Non-Cyclical–0.2%** | **Consumer Non-Cyclical–0.2%** |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC <br>3.50%, 03/15/2029(a) | 3900 | 3707691 |
|  CVS Health Corp.<br>6.75%, 12/10/2054 | 241 | 248873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/10/2055 | 4093 | 4306859 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV <br>2.875%, 04/30/2028(a) | 1420 | 1625190 |
|  |  | 9888613 |
| **Energy–0.1%** | **Energy–0.1%** | **Energy–0.1%** |
|  Sunoco LP <br>5.625%, 03/15/2031(a) | 3775 | $3748198 |
| **Technology–0.2%** | **Technology–0.2%** | **Technology–0.2%** |
|  Kioxia Holdings Corp. <br>6.625%, 07/24/2033(a) | 6333 | 6496518 |
|  |  | 53451565 |
| Utility–0.1% | Utility–0.1% | Utility–0.1% |
| **Electric–0.1%** | **Electric–0.1%** | **Electric–0.1%** |
|  Vistra Corp. <br>7.00%, 12/15/2026(a)(b) | 2589 | 2627032 |
| Total Corporates—Non-Investment Grade <br>(cost $56,179,116) | Total Corporates—Non-Investment Grade <br>(cost $56,179,116) | 56078597 |
| AGENCIES–0.8% | AGENCIES–0.8% | AGENCIES–0.8% |
| **Agency Debentures–0.8%** | **Agency Debentures–0.8%** | **Agency Debentures–0.8%** |
|  Federal Home Loan Banks<br>4.00%, 06/30/2028 | 27220 | 27469335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/08/2028 | 8990 | 9276152 |
| Total Agencies <br>(cost $36,294,925) |  | 36745487 |
| GOVERNMENTS—SOVEREIGN BONDS–0.8% | GOVERNMENTS—SOVEREIGN BONDS–0.8% | GOVERNMENTS—SOVEREIGN BONDS–0.8% |
| **Chile–0.2%** | **Chile–0.2%** | **Chile–0.2%** |
|  Chile Electricity Lux MPC II SARL<br>5.58%, 10/20/2035(a) | 4839 | 4959616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.672%, 10/20/2035(a) | 1383 | 1424656 |
|  |  | 6384272 |
| **Colombia–0.1%** | **Colombia–0.1%** | **Colombia–0.1%** |
|  Colombia Government International Bond <br>3.125%, 04/15/2031 | 2490 | 2166300 |
| **Ecuador–0.2%** | **Ecuador–0.2%** | **Ecuador–0.2%** |
|  Amazon Conservation DAC <br>6.034%, 01/16/2042(a) | 5572 | 5765126 |
|  GPS Blue Financing DAC <br>5.645%, 11/09/2041(d) | 4889 | 4852821 |
|  |  | 10617947 |
| **Mexico–0.1%** | **Mexico–0.1%** | **Mexico–0.1%** |
|  Mexico Government International Bond <br>5.375%, 03/22/2033 | 3485 | 3485352 |
| **Romania–0.2%** | **Romania–0.2%** | **Romania–0.2%** |
|  Romanian Government International Bond <br>5.75%, 09/16/2030(a) | 10020 | 10207875 |
| Total Governments—Sovereign Bonds <br>(cost $32,657,865) | Total Governments—Sovereign Bonds <br>(cost $32,657,865) | 32861746 |

---

 <br> *72* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| COLLATERALIZED LOAN OBLIGATIONS–0.7% | COLLATERALIZED LOAN OBLIGATIONS–0.7% | COLLATERALIZED LOAN OBLIGATIONS–0.7% | COLLATERALIZED LOAN OBLIGATIONS–0.7% |
| **CLO—Floating Rate–0.7%** | **CLO—Floating Rate–0.7%** | **CLO—Floating Rate–0.7%** | **CLO—Floating Rate–0.7%** |
|  AGL CLO 10 Ltd. <br>Series 2021-10A, Class AR <br>5.628% (CME Term SOFR 3 Month + 1.31%), 04/15/2034(a)(c) |  | 3425 | $3428428 |
|  Ballyrock CLO 27 Ltd. <br>Series 2024-27A, Class A1A <br>5.668% (CME Term SOFR 3 Month + 1.35%), 10/25/2037(a)(c) |  | 3533 | 3543216 |
|  Benefit Street Partners CLO XXXVIII Ltd. <br>Series 2024-38A, Class A <br>5.628% (CME Term SOFR 3 Month + 1.31%), 01/25/2038(a)(c) |  | 4053 | 4064974 |
|  Kings Park CLO Ltd. <br>Series 2021-1A, Class A <br>5.717% (CME Term SOFR 3 Month + 1.39%), 01/21/2035(a)(c) |  | 8477 | 8482775 |
|  OCP CLO Ltd. <br>Series 2024-34A, Class A1 <br>5.678% (CME Term SOFR 3 Month + 1.36%), 10/15/2037(a)(c) |  | 2778 | 2789999 |
|  Rad CLO 14 Ltd. <br>Series 2021-14A, Class A <br>5.749% (CME Term SOFR 3 Month + 1.43%), 01/15/2035(a)(c) |  | 829 | 828950 |
|  Regatta XIX Funding Ltd. <br>Series 2022-1A, Class A1 <br>5.645% (CME Term SOFR 3 Month + 1.32%), 04/20/2035(a)(c) |  | 5153 | 5153983 |
| Total Collateralized Loan Obligations <br>(cost $28,140,064) | Total Collateralized Loan Obligations <br>(cost $28,140,064) |  | 28292325 |
| EMERGING MARKETS—CORPORATE BONDS–0.5% | EMERGING MARKETS—CORPORATE BONDS–0.5% | EMERGING MARKETS—CORPORATE BONDS–0.5% | EMERGING MARKETS—CORPORATE BONDS–0.5% |
| Industrial–0.3% | Industrial–0.3% | Industrial–0.3% | Industrial–0.3% |
| **Basic–0.1%** | **Basic–0.1%** | **Basic–0.1%** | **Basic–0.1%** |
|  Braskem Netherlands Finance BV<br>4.50%, 01/10/2028(a) |  | 3602 | 1527068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/31/2030(a) |  | 1724 | 652017 |
|  CSN Resources SA <br>4.625%, 06/10/2031(a) |  | 538 | 436587 |
|  Volcan Cia Minera SAA <br>8.75%, 01/24/2030(a) |  | 595 | 617193 |
|  |  |  | 3232865 |
| **Communications—Media–0.0%** | **Communications—Media–0.0%** | **Communications—Media–0.0%** | **Communications—Media–0.0%** |
|  Globo Comunicacao e Participacoes S/A <br>4.875%, 01/22/2030(a) |  | 2392 | 2309022 |
| **Consumer Cyclical—Other–0.1%** | **Consumer Cyclical—Other–0.1%** | **Consumer Cyclical—Other–0.1%** | **Consumer Cyclical—Other–0.1%** |
|  Wynn Macau Ltd. <br>5.625%, 08/26/2028(a) |  | 2862 | 2856305 |
| **Energy–0.1%** | **Energy–0.1%** | **Energy–0.1%** | **Energy–0.1%** |
|  Ecopetrol SA<br>8.375%, 01/19/2036 | U.S.$| 1940 | $2003050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 01/19/2029 |  | 3534 | 3836864 |
|  Oleoducto Central SA <br>4.00%, 07/14/2027(a) |  | 319 | 313146 |
|  |  |  | 6153060 |
|  |  |  | 14551252 |
| Utility–0.2% | Utility–0.2% | Utility–0.2% | Utility–0.2% |
| **Electric–0.0%** | **Electric–0.0%** | **Electric–0.0%** | **Electric–0.0%** |
|  Terraform Global Operating LP <br>6.125%, 03/01/2026(a) |  | 217 | 215626 |
| **Other Utility–0.2%** | **Other Utility–0.2%** | **Other Utility–0.2%** | **Other Utility–0.2%** |
|  Aegea Finance SARL<br>6.75%, 05/20/2029(a) |  | 1888 | 1927289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 01/20/2036(a) |  | 6547 | 6529978 |
|  |  |  | 8457267 |
|  |  |  | 8672893 |
| Total Emerging Markets—Corporate Bonds <br>(cost $25,539,707) | Total Emerging Markets—Corporate Bonds <br>(cost $25,539,707) |  | 23224145 |
| LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.5% | LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.5% | LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.5% | LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.5% |
| **United States–0.5%** | **United States–0.5%** | **United States–0.5%** | **United States–0.5%** |
|  State Board of Administration Finance Corp. <br>(Florida Hurricane Catastrophe Fund)<br>Series 2020-A<br>1.705%, 07/01/2027 | State Board of Administration Finance Corp. <br>(Florida Hurricane Catastrophe Fund)<br>Series 2020-A<br>1.705%, 07/01/2027 | 6821 | 6567386 |
|  State of California <br>(State of California)<br>Series 2010<br>7.625%, 03/01/2040 |  | 8520 | 10333085 |
|  University of California <br>(University of California)<br>Series 2021-B<br>3.071%, 05/15/2051 |  | 7960 | 5320448 |
| Total Local Governments—US Municipal Bonds <br>(cost $23,336,236) | Total Local Governments—US Municipal Bonds <br>(cost $23,336,236) |  | 22220919 |
| QUASI-SOVEREIGNS–0.3% | QUASI-SOVEREIGNS–0.3% | QUASI-SOVEREIGNS–0.3% | QUASI-SOVEREIGNS–0.3% |
| Quasi-Sovereign Bonds–0.3% | Quasi-Sovereign Bonds–0.3% | Quasi-Sovereign Bonds–0.3% | Quasi-Sovereign Bonds–0.3% |
| **Chile–0.2%** | **Chile–0.2%** | **Chile–0.2%** | **Chile–0.2%** |
|  Corp. Nacional del Cobre de Chile <br>6.44%, 01/26/2036(a) | Corp. Nacional del Cobre de Chile <br>6.44%, 01/26/2036(a) | 7339 | 7933459 |
| **Mexico–0.1%** | **Mexico–0.1%** | **Mexico–0.1%** | **Mexico–0.1%** |
|  Comision Federal de Electricidad<br>4.688%, 05/15/2029(a) |  | 1800 | 1773216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 01/24/2030(a) |  | 4505 | 4575954 |
|  |  |  | 6349170 |
| Total Quasi-Sovereigns <br>(cost $13,815,960) |  |  | 14282629 |

---

 <br> *2025 Annual Report* *73*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| EMERGING MARKETS—SOVEREIGNS–0.1% | EMERGING MARKETS—SOVEREIGNS–0.1% | EMERGING MARKETS—SOVEREIGNS–0.1% |
| **Mexico–0.1%** | **Mexico–0.1%** | **Mexico–0.1%** |
|  Eagle Funding Luxco SARL <br>5.50%, 08/17/2030(a) <br>(cost $4,895,916) | 4908 | $4984074 |
| GOVERNMENTS—SOVEREIGN AGENCIES–0.0% | GOVERNMENTS—SOVEREIGN AGENCIES–0.0% | GOVERNMENTS—SOVEREIGN AGENCIES–0.0% |
| **Kazakhstan–0.0%** | **Kazakhstan–0.0%** | **Kazakhstan–0.0%** |
|  Baiterek National Managing Holding JSC <br>5.45%, 05/08/2028(a) <br>(cost $1,323,645) | 1330 | 1352743 |
| SHORT-TERM INVESTMENTS–12.6% | SHORT-TERM INVESTMENTS–12.6% | SHORT-TERM INVESTMENTS–12.6% |
| **U.S. Treasury Bills–12.6%** | **U.S. Treasury Bills–12.6%** | **U.S. Treasury Bills–12.6%** |
|  U.S. Treasury Bill<br>Zero Coupon, 11/13/2025 | 219959 | $218903128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/04/2025 | 223778 | 222225977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/26/2025 | 110210 | 109195354 |
| Total Short-Term Investments <br>(cost $550,250,825) | Total Short-Term Investments <br>(cost $550,250,825) | 550324459 |
| **Total Investments—109.5%** <br>(cost $4,856,381,614) | **Total Investments—109.5%** <br>(cost $4,856,381,614) | 4772501693 |
|  Other assets less liabilities—(9.5)% | Other assets less liabilities—(9.5)% | (414661976) |
| **Net Assets—100.0%** | **Net Assets—100.0%** | $**4357839717** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| FUTURES (see Note 3) | FUTURES (see Note 3) | FUTURES (see Note 3) | FUTURES (see Note 3) | FUTURES (see Note 3) |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  U.S. Long Bond (CBT) Futures | 96 | December 2025 | $11193000 | $282730 |
|  U.S. T-Note 2 Yr (CBT) Futures | 669 | December 2025 | 139418555 | (84316) |
|  U.S. T-Note 5 Yr (CBT) Futures | 4627 | December 2025 | 505246713 | 955824 |
|  U.S. Ultra Bond (CBT) Futures | 1057 | December 2025 | 126906063 | 2693030 |
| **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  Japan 10 Yr Bond (OSE) Futures | 124 | December 2025 | 113858471 | 735459 |
|  U.S. 10 Yr Ultra Futures | 98 | December 2025 | 11277656 | (87422) |
|  |  |  |  | $4495305 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) |
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Societe Generale | EUR | 3106 | USD | 3665 | 11/21/2025 | $7626 |
|  State Street Bank & Trust Co. | USD | 506 | JPY | 75292 | 10/30/2025 | 5011 |
|  State Street Bank & Trust Co. | JPY | 5856062 | USD | 40217 | 11/10/2025 | 457587 |
|  |  |  |  |  |  | $470224 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) |  |
| | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Notional Amount**<br> (000) | **Notional Amount**<br> (000) | **Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 19060 | 12/13/2029 | 1.537% | 1 Day SOFR | Annual | $1791227 | $1191448 | $599779 |

---

\*\* Principal amount less than 500.

(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, 2025, the aggregate market value of these securities amounted to $1,041,644,658 or 23.9% of net assets.

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

 <br> *74* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2025.

(d) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.69% of net assets as of September 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Altice France SA <br>3.375%, 01/15/2028 | 12/15/2021 | $1142335 | $1029480 | 0.02% |
|  GPS Blue Financing DAC <br>5.645%, 11/09/2041 | 05/18/2023-05/22/2023 | 4894122 | 4852821 | 0.11% |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class A1 <br>1.433%, 08/15/2026 | 10/11/2021-08/03/2023 | 2300013 | 2395288 | 0.06% |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class A2 <br>2.435%, 08/15/2026 | 02/25/2021-09/06/2022 | 9426578 | 9314491 | 0.21% |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class AS <br>2.638%, 08/15/2026 | 02/25/2021-04/01/2021 | 250218 | 245361 | 0.01% |
|  HFX Funding <br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035 | 11/19/2020 | 53299 | 50453 | 0.00% |
|  Tricolor Auto Securitization Trust <br>Series 2025-1A, Class A <br>4.94%, 02/15/2029 | 03/11/2025 | 6557778 | 4823825 | 0.11% |
|  Tricolor Auto Securitization Trust <br>Series 2025-2A, Class A <br>5.12%, 01/16/2029 | 06/10/2025 | 9429336 | 6795232 | 0.16% |
|  Tricolor Auto Securitization Trust <br>Series 2024-2A, Class A <br>6.36%, 12/15/2027 | 05/14/2024 | 604440 | 580662 | 0.01% |

---

(e) IO—Interest Only.

(f) Inverse interest only security.

Currency Abbreviations:

EUR—Euro

JPY—Japanese Yen

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

OSE—Osaka Securities Exchange

REIT—Real Estate Investment Trust

REMIC—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.

 <br> *2025 Annual Report* *75*

------

##### [**Table of Contents**](#toc)
Statement of Assets and Liabilities—*September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **EMERGINGMARKETSPORTFOLIO** | **CALIFORNIAMUNICIPALPORTFOLIO** | **DIVERSIFIEDMUNICIPALPORTFOLIO** |
| ASSETS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers **(a)** | $1260259149 | $1062125307 | $5072550124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 10768924 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies, at value **(b)** | 6865937 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2949442 | 9013359 | 47603614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due from broker | 2570000 | 2236501 | 10382965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold and foreign currency transactions | 15332489 | 1205000 | 1635652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of forward currency exchange contracts | 2712790 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated interest and dividends | 2330384 | 13336446 | 59987019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 221700 | 0 | 3484076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends | 34128 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable due from Adviser | 1736 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of interest rate swaps | 0 | 0 | 3218346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 0 | 22356 | 132724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 142649 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | **1304189328** | **1087938969** | **5198994520** |
| LIABILITIES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due to broker | 310000 | 0 | 3280000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased and foreign currency transactions | 7641233 | 0 | 25378401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation of forward currency exchange contracts | 4501210 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 1724633 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees payable | 1046750 | 196065 | 387920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 959506 | 363211 | 1487454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 432755 | 1370085 | 3681243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee | 100153 | 71329 | 290754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee | 29297 | 7649 | 32990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 0 | 716 | 38485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends to shareholders | 0 | 0 | 3962362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 0 | 113 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 79625 | 95036 | 270423 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | **16825162** | **2104204** | **38810032** |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS** | $**1287364166** | $**1085834765** | $**5160184488** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cost of investments** | &nbsp;&nbsp;&nbsp;&nbsp; **Cost of investments** | &nbsp;&nbsp;&nbsp;&nbsp; **Cost of investments** | &nbsp;&nbsp;&nbsp;&nbsp; **Cost of investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $932642529 | $1073764965 | $5102945382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 10768924 | 0 | 0 |
| NET ASSETS CONSIST OF: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $38382 | $77918 | $369737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 999194012 | 1104676657 | 5268130238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated loss) | 288131772 | (18919810) | (108315487) |
|  | $**1287364166** | $**1085834765** | $**5160184488** |

---

**(a)** Includes securities on loan with a value of $9,340,595, $0 and $0, respectively. (see Note 4).

**(b)** Cost: $6,874,251, $0 and $0, respectively. (Note 1)

 <br> *76* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| | **EMERGING<br>MARKETS<br>PORTFOLIO** | **CALIFORNIA<br>MUNICIPAL<br>PORTFOLIO** | **DIVERSIFIED<br>MUNICIPAL<br>PORTFOLIO** |
| CALCULATION OF MAXIMUM OFFERING PRICE | CALCULATION OF MAXIMUM OFFERING PRICE | CALCULATION OF MAXIMUM OFFERING PRICE | CALCULATION OF MAXIMUM OFFERING PRICE |
| &nbsp;&nbsp;&nbsp;&nbsp; **Emerging Markets Class/Municipal Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Emerging Markets Class/Municipal Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Emerging Markets Class/Municipal Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Emerging Markets Class/Municipal Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $1215760782 | $902040626 | $3665370447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 36249316 | 64730018 | 262645841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $**33.54** | $**13.94** | $**13.96** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets |  |  | $167273825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding |  |  | 11977259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share |  |  | $**13.97** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales charge—3.00% of public offering price |  |  | **0.43** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price |  |  | $**14.40** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class C Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class C Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class C Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class C Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets |  |  | $6992770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding |  |  | 500872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share |  |  | $**13.96** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advisor Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Advisor Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Advisor Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Advisor Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets |  | $183794139 | $479671991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding |  | 13187680 | 34397492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share |  | $**13.94** | $**13.94** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class Z Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class Z Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class Z Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class Z Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $71603384 |  | $840875455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 2132375 |  | 60216008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $**33.58** |  | $**13.96** |

---

See Notes to Financial Statements.

 <br> *2025 Annual Report* *77*

------

##### [**Table of Contents**](#toc)
Statement of Assets and Liabilities—*September 30, 2025 (continued)*

---

| | | |
|:---|:---|:---|
| | **NEW YORK<br>MUNICIPAL<br>PORTFOLIO** | **INTERMEDIATE<br>DURATION<br>PORTFOLIO** |
| ASSETS | ASSETS | ASSETS |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value | $1258190969 | $4772501693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6120806 | 82425672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due from broker | 128008 | 16448386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 14394640 | 31137845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 4230854 | 3513680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of interest rate swaps | 956045 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 73399 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 25000 | 109433120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable due from Adviser | 0 | 346870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of forward currency exchange contracts | 0 | 470224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 0 | 3616 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | **1284119721** | **5016281106** |
| LIABILITIES | LIABILITIES | LIABILITIES |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due to broker | 950000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends to shareholders | 857258 | 4247884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 483388 | 1696393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 419239 | 1480203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees payable | 209042 | 376775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee | 91440 | 345021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 14167 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee | 7411 | 26299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 0 | 649093687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures | 0 | 832177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 0 | 77015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 0 | 20183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 162 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 93210 | 245585 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | **3125317** | **658441389** |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS** | $**1280994404** | $**4357839717** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cost of investments** | $**1273601912** | $**4856381614** |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $95003 | $381906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 1323751735 | 4839634372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated loss | (42852334) | (482176561) |
|  | $**1280994404** | $**4357839717** |

---

See Notes to Financial Statements.

 <br> *78* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| | **NEW YORK<br>MUNICIPAL<br>PORTFOLIO** | **INTERMEDIATE<br>DURATION<br>PORTFOLIO** |
| CALCULATION OF MAXIMUM OFFERING PRICE | CALCULATION OF MAXIMUM OFFERING PRICE | CALCULATION OF MAXIMUM OFFERING PRICE |
| &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Class/Intermediate Duration Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Class/Intermediate Duration Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Class/Intermediate Duration Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $1151927558 | $4355395484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 85427885 | 381692355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $**13.48** | $**11.41** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $69554125 | $572858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 5159344 | 50135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $**13.48** | $**11.43** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales charge—3.00% for New York Municipal Portfolio, 4.25% for Intermediate Duration Portfolio public offering price | **0.42** | **0.51** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price | $**13.90** | $**11.94** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class C Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class C Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class C Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $2637236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 195622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $**13.48** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advisor Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Advisor Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Advisor Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $56875485 | $1861834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 4220188 | 163121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $**13.48** | $**11.41** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class Z Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class Z Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class Z Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets |  | $9541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding |  | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share |  | $**11.42** |

---

See Notes to Financial Statements.

 <br> *2025 Annual Report* *79*

------

##### [**Table of Contents**](#toc)
Statement of Operations—*for the year ended September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **EMERGING<br>MARKETS<br>PORTFOLIO** | **CALIFORNIA<br>MUNICIPAL<br>PORTFOLIO** | **DIVERSIFIED<br>MUNICIPAL<br>PORTFOLIO** |
| INVESTMENT INCOME |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $61 | $36691026 | $175970455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers **(a)** | 34421013 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 548270 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 6875 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income **(b)** | 0 | 7977 | 245160 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | **34976219** | **36699003** | **176215615** |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee (see Note 2A) | 11159645 | 4418892 | 17802073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee (see Note 2B) | 2614569 | 860972 | 3709185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees—Class A | 0 | 115061 | 446386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees—Class C | 0 | 16673 | 80892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Non-Retail Class | 231828 | 26290 | 112057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class A | 0 | 12578 | 54276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class C | 0 | 467 | 2547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Advisor Class | 0 | 38334 | 142671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class Z | 14745 | 0 | 100331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees | 810111 | 137694 | 266294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and tax fees | 56751 | 46194 | 196392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 63904 | 85902 | 132599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 38624 | 44762 | 162502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 35760 | 33270 | 112475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing fees | 27716 | 27460 | 68648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 74288 | 25705 | 30617 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses before bank overdraft expense** | **15127941** | **5890254** | **23419945** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank overdraft expense | 5137 | 74715 | 88295 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | **15133078** | **5964969** | **23508240** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Note 2E and 4) | (25680) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 15107398 | 5964969 | 23508240 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | **19868821** | **30734034** | **152707375** |
| REALIZED AND UNREALIZED GAIN (LOSS) ON<br>INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions **(c)** | 91389193 | (1049370) | (4529499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (5580217) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (30582) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 0 | 1146517 | 2095806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1098510) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) on investment and foreign currency transactions** | **84679884** | **97147** | **(2433693)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments **(d)** | 90153732 | (5748457) | (31144017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (1353358) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 0 | (1674624) | (1195873) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | 64699 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities** | **88865073** | **(7423081)** | **(32339890)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investment and foreign currency transactions** | **173544957** | **(7325934)** | **(34773583)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates (see Note 2E) | 6127 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | $**193419905** | $**23408100** | $**117933792** |

---

**(a)** Net of foreign withholding taxes of $4,121,873, $0 and $0 for the Emerging Markets Portfolio, California Municipal Portfolio and Diversified Municipal Portfolio, respectively.

**(b)** Other income includes a non-recurring reimbursement for overpayment of prior years' omnibus account services, sub-accounting services and related transfer agency expenses (see Note 2D).

**(c)** Net of foreign realized capital gains taxes of $1,238,464, $0 and $0 for the Emerging Markets Portfolio, California Municipal Portfolio, Diversified Municipal Portfolio, respectively.

**(d)** Net of decrease in accrued foreign capital gains taxes on unrealized gains of $5,271,191, $0 and $0 for the Emerging Markets Portfolio, California Municipal Portfolio, Diversified Municipal Portfolio, respectively.

See Notes to Financial Statements.

 <br> *80* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| | **NEW YORK<br>MUNICIPAL<br>PORTFOLIO** | **INTERMEDIATE<br>DURATION<br>PORTFOLIO** |
| INVESTMENT INCOME |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $42466489 | $194401933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income **(a)** | 83795 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | **42550284** | **194401933** |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee (see Note 2A) | 5297425 | 17818535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee (see Note 2B) | 1156224 | 4139851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Non-Retail Class | 33858 | 205268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class A | 24667 | 5322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class C | 716 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Advisor Class | 17770 | 12986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class Z | 0 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees—Class A | 175431 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees—Class C | 19055 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees | 141438 | 264927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 79717 | 165648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and tax fees | 52747 | 172315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 64667 | 77220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 38696 | 95515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing fees | 47097 | 47378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 19172 | 80787 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses before bank overdraft expense** | **7168680** | **23087332** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank overdraft expense | 79381 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | **7248061** | **23087332** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Note 2A) | 0 | (3475252) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7248061 | 19612080 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | **35302223** | **174789853** |
| REALIZED AND UNREALIZED GAIN (LOSS) ON<br>INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions **(b)** | (3820015) | (31121529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 0 | (30342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | (1512183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 321616 | 450817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 0 | 1669515 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized loss on investment transactions** | **(3498399)** | **(30543722)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments **(c)** | (8295454) | (31290800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 0 | 780674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 2792637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 319078 | (85732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | 0 | (30110) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities** | **(7976376)** | **(27833331)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized loss on investment transactions** | **(11474775)** | **(58377053)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | $**23827448** | $**116412800** |

---

**(a)** Other income includes a non-recurring reimbursement for overpayment of prior years' omnibus account services,

sub-accounting services and related transfer agency expenses (see Note 2D).

**(b)** Net of foreign realized capital gains taxes of $0 and $6,769 for the New York Municipal Portfolio and Intermediate Duration Portfolio, respectively.

**(c)** Net of increase in accrued foreign capital gains taxes on unrealized gains of $0 and $67,318 for New York Municipal Portfolio and Intermediate Duration Portfolio, respectively.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *81*

------

##### [**Table of Contents**](#toc)
Statement of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **EMERGING MARKETS**<br> **PORTFOLIO** | **EMERGING MARKETS**<br> **PORTFOLIO** | **CALIFORNIA MUNICIPAL**<br> **PORTFOLIO** | **CALIFORNIA MUNICIPAL**<br> **PORTFOLIO** |
| | YEAR<br> ENDED<br> 9/30/25 | YEAR<br> ENDED<br> 9/30/24 | YEAR<br> ENDED<br> 9/30/25 | YEAR<br> ENDED<br> 9/30/24 |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $19868821 | $18335396 | $30734034 | $28458557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment and foreign currency transactions | 84679884 | 28372186 | 97147 | 2598358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 88865073 | 180765976 | (7423081) | 47362016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates (see Note 2E) | 6127 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | **193419905** | **227473558** | **23408100** | **78418931** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders (a)** | **(23235252)** | **(18118606)** | **(30941134)** | **(28900123)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital-share transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | 90029923 | 99207219 | 334312768 | 437234295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 18038595 | 14277763 | 23298490 | 20964991 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total proceeds from shares sold** | **108068518** | **113484982** | **357611258** | **458199286** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (192261937) | (168720338) | (295051677) | (462131586) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital-share transactions** | **(84193419)** | **(55235356)** | **62559581** | **(3932300)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets** | **85991234** | **154119596** | **55026547** | **45586508** |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beginning of period** | **1201372932** | **1047253336** | **1030808218** | **985221710** |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $**1287364166** | $**1201372932** | $**1085834765** | $**1030808218** |

---

**(a)** See page 86 for share class information on dividend distributions for the Emerging Markets and California Municipal Portfolios.

See Notes to Financial Statements.

 <br> *82* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DIVERSIFIED**<br> **MUNICIPAL PORTFOLIO** | **DIVERSIFIED**<br> **MUNICIPAL PORTFOLIO** | **NEW YORK**<br> **MUNICIPAL PORTFOLIO** | **NEW YORK**<br> **MUNICIPAL PORTFOLIO** |
| | YEARENDED9/30/25 | YEARENDED9/30/24 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $152707375 | $149477888 | $35302223 | $36219704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (2433693) | (16441159) | (3498399) | 171268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (32339890) | 257894056 | (7976376) | 64095176 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | **117933792** | **390930785** | **23827448** | **100486148** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders (a)** | **(152481096)** | **(147262808)** | **(35183837)** | **(35745295)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital-share transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | 1270203026 | 1627801762 | 202459862 | 496131077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 108192886 | 105817259 | 25905923 | 26895400 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total proceeds from shares sold** | **1378395912** | **1733619021** | **228365785** | **523026477** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1227969461) | (1878336352) | (280065784) | (584998456) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital-share transactions** | **150426451** | **(144717331)** | **(51699999)** | **(61971979)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | **115879147** | **98950646** | **(63056388)** | **2768874** |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beginning of period** | **5044305341** | **4945354695** | **1344050792** | **1341281918** |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $**5160184488** | $**5044305341** | $**1280994404** | $**1344050792** |

---

**(a)** See page 86 for share class information on dividend distributions for the Diversified Municipal and New York Municipal Portfolios.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *83*

------

##### [**Table of Contents**](#toc)
Statement of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | **INTERMEDIATE**<br> **DURATION PORTFOLIO** | **INTERMEDIATE**<br> **DURATION PORTFOLIO** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $174789853 | $157290400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investment and foreign currency transactions | (30543722) | (35726580) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities and other assets and liabilities | (27833331) | 298693810 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | **116412800** | **420257630** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders (a)** | **(174512053)** | **(157150760)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital-share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | 725344719 | 974336981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 130472408 | 116531402 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total proceeds from shares sold** | **855817127** | **1090868383** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (594981648) | (471654569) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets from capital-share transactions** | **260835479** | **619213814** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets** | **202736226** | **882320684** |
| NET ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beginning of period** | **4155103491** | **3272782807** |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $**4357839717** | $**4155103491** |

---

**(a)** See page 86 for share class information on dividend distributions for the Intermediate Duration Portfolio.

See Notes to Financial Statements.

 <br> *84* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
|  | **EMERGING MARKETS<br>PORTFOLIO** | **EMERGING MARKETS<br>PORTFOLIO** |
| | YEARENDED<br> 9/30/25 | YEAR<br>ENDED<br> 9/30/24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Class | $(21366488) | $(16217175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (1868764) | (1901431) |
|  | $(23235252) | $(18118606) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CALIFORNIA**<br> **MUNICIPAL PORTFOLIO** | **CALIFORNIA**<br> **MUNICIPAL PORTFOLIO** | **DIVERSIFIED**<br> **MUNICIPAL PORTFOLIO** | **DIVERSIFIED**<br> **MUNICIPAL PORTFOLIO** |
| | YEAR<br>ENDED<br> 9/30/25 | YEAR<br>ENDED<br> 9/30/24 | YEAR<br>ENDED<br> 9/30/25 | YEAR<br>ENDED<br>9/30/24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Class | $(25034821) | $(24325394) | $(116034357) | $(113727803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (1258916) | (1234267) | (5253801) | (5661410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (33186) | (49162) | (176999) | (200681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (4053384) | (3291300) | (15143563) | (14600972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | 0 | 0 | (15872376) | (13071942) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Class | (462148) | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (23240) | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (613) | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (74826) | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | 0 | 0 | 0 | 0 |
|  | $(30941134) | $(28900123) | $(152481096) | $(147262808) |

---

---

| | | |
|:---|:---|:---|
|  | **NEW YORK**<br> **MUNICIPAL PORTFOLIO** | **NEW YORK**<br> **MUNICIPAL PORTFOLIO** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Class | $(31911836) | $(32190707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (1801246) | (1922062) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (34459) | (45728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1436296) | (1586798) |
|  | $(35183837) | $(35745295) |

---

 <br> *2025 Annual Report* *85*

------

##### [**Table of Contents**](#toc)
Statement of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | **INTERMEDIATE**<br> **DURATION PORTFOLIO** | **INTERMEDIATE**<br> **DURATION PORTFOLIO** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intermediate Duration Portfolio | $(174419517) | $(157101198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (24411) | (20530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (67764) | (28675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (361) | (357) |
|  | $(174512053) | $(157150760) |

---

See Notes to Financial Statements.

 <br> *86* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
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 PORTFOLIOEMERGING MARKETS CLASS** | **EMERGING MARKETS PORTFOLIOEMERGING MARKETS CLASS** | **EMERGING MARKETS PORTFOLIOEMERGING MARKETS CLASS** | **EMERGING MARKETS PORTFOLIOEMERGING MARKETS CLASS** | **EMERGING MARKETS PORTFOLIOEMERGING MARKETS CLASS** | **EMERGING MARKETS PORTFOLIOEMERGING MARKETS CLASS** | **EMERGING MARKETS PORTFOLIOEMERGING MARKETS CLASS** | **EMERGING MARKETS PORTFOLIOEMERGING MARKETS CLASS** | **EMERGING MARKETS PORTFOLIOEMERGING MARKETS CLASS** | **EMERGING MARKETS PORTFOLIOEMERGING MARKETS CLASS** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/24 | YEARENDED9/30/23 | YEARENDED9/30/23 | YEARENDED9/30/22 | YEARENDED9/30/22 | YEARENDED9/30/21 | YEARENDED9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | **$** | **29.12** | **$** | **24.14** | **$** | **21.77** | **$** | **33.43** | **$** | **27.17** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)(b)** |  | .49 |  | .43 |  | .31 |  | .38 |  | .50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions |  | 4.49 |  | 4.97 |  | 2.37 |  | (9.10) |  | 6.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates |  | .00 **(c)** |  | 0 |  | 0 |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **4.98** |  | **5.40** |  | **2.68** |  | **(8.72)** |  | **6.82** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (.56) |  | (.42) |  | (.31) |  | (.66) |  | (.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions |  | 0 |  | 0 |  | 0 |  | (2.28) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** |  | **(.56)** |  | **(.42)** |  | **(.31)** |  | **(2.94)** |  | **(.56)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | **$** | **33.54** | **$** | **29.12** | **$** | **24.14** | **$** | **21.77** | **$** | **33.43** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment return based on net asset value **(d)(e)** |  | 17.51% |  | 22.73% |  | 12.33% |  | (28.60)% |  | 25.20% |
| RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) |  | $1215761 |  | $1113924 |  | $951154 |  | $871486 |  | $1225396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $1101150 |  | $1019393 |  | $978225 |  | $1120511 |  | $1252078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements |  | 1.30% |  | 1.30% |  | 1.30% |  | 1.28% |  | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements |  | 1.30% |  | 1.30% |  | 1.30% |  | 1.29% |  | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** |  | 1.69% |  | 1.65% |  | 1.28% |  | 1.34% |  | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 79% |  | 74% |  | 58% |  | 57% |  | 68% |

---

See Footnote Summary on page 103.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *87*

------

##### [**Table of Contents**](#toc)
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:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **EMERGING MARKETS PORTFOLIOCLASS Z** | **EMERGING MARKETS PORTFOLIOCLASS Z** | **EMERGING MARKETS PORTFOLIOCLASS Z** | **EMERGING MARKETS PORTFOLIOCLASS Z** | **EMERGING MARKETS PORTFOLIOCLASS Z** | **EMERGING MARKETS PORTFOLIOCLASS Z** | **EMERGING MARKETS PORTFOLIOCLASS Z** | **EMERGING MARKETS PORTFOLIOCLASS Z** | **EMERGING MARKETS PORTFOLIOCLASS Z** | **EMERGING MARKETS PORTFOLIOCLASS Z** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | **$** | **29.16** | **$** | **24.18** | **$** | **21.81** | **$** | **33.50** | **$** | **27.22** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income From investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income From investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income From investment operations: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)(b)** |  | .52 |  | .45 |  | .30 |  | .45 |  | .59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions |  | 4.53 |  | 5.01 |  | 2.45 |  | (9.11) |  | 6.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates |  | .00 **(c)** |  | 0 |  | 0 |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **5.05** |  | **5.46** |  | **2.75** |  | **(8.66)** |  | **6.91** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (.63) |  | (.48) |  | (.38) |  | (.75) |  | (.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions |  | 0 |  | 0 |  | 0 |  | (2.28) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** |  | **(.63)** |  | **(.48)** |  | **(.38)** |  | **(3.03)** |  | **(.63)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** |  | **$33.58** |  | **$29.16** |  | **$24.18** |  | **$21.81** |  | **$33.50** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment return based on net asset value **(d)(e)** |  | 17.81% |  | 22.96% |  | 12.60% |  | (28.43)% |  | 25.56% |
| RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) |  | $71603 |  | $87449 |  | $96099 |  | $152537 |  | $219793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $73549 |  | $88517 |  | $137783 |  | $198222 |  | $220989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements |  | 1.06% |  | 1.08% |  | 1.04% |  | 1.03% |  | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements |  | 1.06% |  | 1.09% |  | 1.05% |  | 1.04% |  | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** |  | 1.78% |  | 1.74% |  | 1.24% |  | 1.57% |  | 1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 79% |  | 74% |  | 58% |  | 57% |  | 68% |

---

See Footnote Summary on page 103.

See Notes to Financial Statements.

 <br> *88* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CALIFORNIA MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIOMUNICIPAL CLASS** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | **$** | **14.04** | **$** | **13.36** | **$** | **13.28** | **$** | **14.60** | **$** | **14.52** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)** |  | .41 |  | .39 **(b)** |  | .33 |  | .25 |  | .24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions |  | (.10) |  | .68 |  | .10 |  | (1.33) |  | .08 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **.31** |  | **1.07** |  | **.43** |  | **(1.08)** |  | **.32** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (.40) |  | (.39) |  | (.35) |  | (.24) |  | (.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (.01) |  | 0 |  | 0 |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | **$** | **13.94** | **$** | **14.04** | **$** | **13.36** | **$** | **13.28** | **$** | **14.60** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment return based on net asset value **(d)** |  | 2.27% |  | 8.12% |  | 3.23% |  | (7.46)% |  | 2.21% |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) |  | $902041 |  | $860634 |  | $831102 |  | $938638 |  | $1228752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $860972 |  | $853205 |  | $903282 |  | $1116698 |  | $1252402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)** |  | .57% |  | .57% |  | .57% |  | .55% |  | .54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)** |  | .57% |  | .57% |  | .57% |  | .55% |  | .54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 2.94% |  | 2.81% **(b)** |  | 2.44% |  | 1.76% |  | 1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 26% |  | 39% |  | 31% |  | 23% |  | 27% |

---

See Footnote Summary on page 103.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *89*

------

##### [**Table of Contents**](#toc)
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 PORTFOLIOADVISOR CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIOADVISOR CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIOADVISOR CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIOADVISOR CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIOADVISOR CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIOADVISOR CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIOADVISOR CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIOADVISOR CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIOADVISOR CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIOADVISOR CLASS** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | **$** | **14.04** | **$** | **13.36** | **$** | **13.28** | **$** | **14.60** | **$** | **14.52** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)** |  | .41 |  | .40 **(b)** |  | .34 |  | .26 |  | .25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions |  | (.09 |  | .68 |  | .10 |  | (1.33) |  | .08 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **.32** |  | **1.08** |  | **.44** |  | **(1.07)** |  | **.33** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (.41 |  | (.40) |  | (.36) |  | (.25) |  | (.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (.01 |  | 0 |  | 0 |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | **$** | **13.94** | **$** | **14.04** | **$** | **13.36** | **$** | **13.28** | **$** | **14.60** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment return based on net asset value **(d)** |  | 2.34%† |  | 8.19% |  | 3.28% |  | (7.40)% |  | 2.28% |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) |  | $183794 |  | $120177 |  | $107640 |  | $102466 |  | $82692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $136244 |  | $112992 |  | $123025 |  | $85505 |  | $70376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)** |  | .50% |  | .50% |  | .51% |  | .48% |  | .48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)** |  | .50% |  | .50% |  | .51% |  | .48% |  | .48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 3.01% |  | 2.88% **(b)** |  | 2.50% |  | 1.86% |  | 1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 26% |  | 39% |  | 31% |  | 23% |  | 27% |

---

See Footnote Summary on page 103.

See Notes to Financial Statements.

 <br> *90* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DIVERSIFIED MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIOMUNICIPAL CLASS** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | **$** | **14.06** | **$** | **13.39** | **$** | **13.37** | **$** | **14.80** | **$** | **14.67** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)** |  | .43 |  | .41 **(b)** |  | .35 |  | .28 |  | .28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions |  | (.10) |  | .67 |  | .03 |  | (1.44) |  | .13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **.33** |  | **1.08** |  | **.38** |  | **(1.16)** |  | **.41** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (.43) |  | (.41) |  | (.36) |  | (.27) |  | (.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | **$** | **13.96** | **$** | **14.06** | **$** | **13.39** | **$** | **13.37** | **$** | **14.80** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment return based on net asset value **(d)** |  | 2.44% |  | 8.15% |  | 2.80% |  | (7.89)% |  | 2.79% |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) |  | $3665370 |  | $3927063 |  | $3824089 |  | $4296196 |  | $5390502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $3709185 |  | $3847503 |  | $4105175 |  | $5011517 |  | $5276753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements |  | .49% |  | .50% |  | .50% |  | .47% |  | .47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements |  | .49% |  | .50% |  | .50% |  | .47% |  | .47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 3.13% |  | 3.00% **(b)** |  | 2.57% |  | 1.96% |  | 1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 26% |  | 43% |  | 24% |  | 15% |  | 22% |

---

See Footnote Summary on page 103.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *91*

------

##### [**Table of Contents**](#toc)
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 PORTFOLIOCLASS A** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS A** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS A** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS A** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS A** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS A** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS A** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS A** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS A** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS A** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | **$** | **14.07** | **$** | **13.40** | **$** | **13.38** | **$** | **14.81** | **$** | **14.68** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)** |  | .41 |  | .39 **(b)** |  | .32 |  | .25 |  | .25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions |  | (.10 |  | .66 |  | .03 |  | (1.43) |  | .13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **.31** |  | **1.05** |  | **.35** |  | **(1.18)** |  | **.38** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (.41 |  | (.38) |  | (.33) |  | (.25) |  | (.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | **$** | **13.97** | **$** | **14.07** | **$** | **13.40** | **$** | **13.38** | **$** | **14.81** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment return based on net asset value **(d)** |  | 2.26% |  | 7.93% |  | 2.59% |  | (8.06)% |  | 2.59% |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) |  | $167274 |  | $194550 |  | $215352 |  | $261936 |  | $349953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $178554 |  | $205151 |  | $239010 |  | $303281 |  | $319098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements |  | .67% |  | .69% |  | .69% |  | .65% |  | .66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements |  | .67% |  | .69% |  | .69% |  | .65% |  | .66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 2.95% |  | 2.80% **(b)** |  | 2.37% |  | 1.77% |  | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 26% |  | 43% |  | 24% |  | 15% |  | 22% |

---

See Footnote Summary on page 103.

See Notes to Financial Statements.

 <br> *92* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS C** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS C** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS C** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS C** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS C** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS C** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS C** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS C** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS C** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS C** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | **$** | **14.07** | **$** | **13.40** | **$** | **13.37** | **$** | **14.81** | **$** | **14.68** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)** |  | .30 |  | .28 **(b)** |  | .22 |  | .15 |  | .14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions |  | (.11 |  | .67 |  | .04 |  | (1.45) |  | .13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **.19** |  | **.95** |  | **.26** |  | **(1.30)** |  | **.27** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (.30 |  | (.28) |  | (.23) |  | (.14) |  | (.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | **$** | **13.96** | **$** | **14.07** | **$** | **13.40** | **$** | **13.37** | **$** | **14.81** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment return based on net asset value **(d)** |  | 1.42% |  | 7.13% |  | 1.90% |  | (8.81)% |  | 1.82% |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) |  | $6993 |  | $9618 |  | $10185 |  | $13576 |  | $18542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $8089 |  | $9982 |  | $12234 |  | $15772 |  | $28338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements |  | 1.42% |  | 1.44% |  | 1.44% |  | 1.40% |  | 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements |  | 1.42% |  | 1.44% |  | 1.44% |  | 1.40% |  | 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 2.19% |  | 2.05% **(b)** |  | 1.62% |  | 1.02% |  | .96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 26% |  | 43% |  | 24% |  | 15% |  | 22% |

---

See Footnote Summary on page 103.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *93*

------

##### [**Table of Contents**](#toc)
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 PORTFOLIOADVISOR CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIOADVISOR CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIOADVISOR CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIOADVISOR CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIOADVISOR CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIOADVISOR CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIOADVISOR CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIOADVISOR CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIOADVISOR CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIOADVISOR CLASS** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** |  | **$14.05** |  | **$13.38** |  | **$13.36** |  | **$14.79** |  | **$14.66** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)** |  | .44 |  | .42 **(b)** |  | .36 |  | .29 |  | .29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions |  | (.11 |  | .67 |  | .02 |  | (1.44) |  | .13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **.33** |  | **1.09** |  | **.38** |  | **(1.15)** |  | **.42** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (.44 |  | (.42) |  | (.36) |  | (.28) |  | (.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | **$** | **13.94** | **$** | **14.05** | **$** | **13.38** | **$** | **13.36** | **$** | **14.79** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment return based on net asset value **(d)** |  | 2.45% |  | 8.22% |  | 2.85% |  | (7.84)% |  | 2.85% |
| RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) |  | $479672 |  | $494733 |  | $445885 |  | $477015 |  | $456386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $473356 |  | $483738 |  | $453119 |  | $467739 |  | $419891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements |  | .42% |  | .44% |  | .44% |  | .40% |  | .41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements |  | .42% |  | .44% |  | .44% |  | .40% |  | .41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 3.20% |  | 3.06% **(b)** |  | 2.62% |  | 2.04% |  | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 26% |  | 43% |  | 24% |  | 15% |  | 22% |

---

See Footnote Summary on page 103.

See Notes to Financial Statements.

 <br> *94* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS Z** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS Z** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS Z** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS Z** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS Z** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS Z** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS Z** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS Z** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS Z** | **DIVERSIFIED MUNICIPAL PORTFOLIOCLASS Z** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | **$** | **14.07** | **$** | **13.40** | **$** | **13.38** | **$** | **14.81** | **$** | **14.68** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)** |  | .44 |  | .43 **(b)** |  | .36 |  | .29 |  | .29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions |  | (.11) |  | .66 |  | .03 |  | (1.44) |  | .13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **.33** |  | **1.09** |  | **.39** |  | **(1.15)** |  | **.42** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (.44) |  | (.42) |  | (.37) |  | (.28) |  | (.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | **$** | **13.96** | **$** | **14.07** | **$** | **13.40** | **$** | **13.38** | **$** | **14.81** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment return based on net asset value **(d)** |  | 2.45% |  | 8.23% |  | 2.88% |  | (7.81)% |  | 2.87% |
| RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) |  | $840875 |  | $418341 |  | $449844 |  | $470829 |  | $505365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $492992 |  | $430653 |  | $459325 |  | $500681 |  | $485522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements |  | .40% |  | .41% |  | .41% |  | .39% |  | .38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements |  | .40% |  | .41% |  | .41% |  | .39% |  | .38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 3.22% |  | 3.08% **(b)** |  | 2.65% |  | 2.05% |  | 1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 26% |  | 43% |  | 24% |  | 15% |  | 22% |

---

See Footnote Summary on page 103.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *95*

------

##### [**Table of Contents**](#toc)
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 PORTFOLIOMUNICIPAL CLASS** | **NEW YORK MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **NEW YORK MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **NEW YORK MUNICIPAL PORTFOLIOMUNICIPAL CLASS** | **NEW YORK MUNICIPAL PORTFOLIOMUNICIPAL CLASS** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**13.60** | $**12.96** | $**12.88** | $**14.25** | $**14.04** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)** | .37 | .36 **(b)** | .31 | .26 | .27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (.12) | .64 | .08 | (1.37) | .20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates | 0 | 0 | .00 **(c)** | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **.25** | **1.00** | **.39** | **(1.11)** | **.47** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (.37) | (.36) | (.31) | (.26) | (.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**13.48** | $**13.60** | $**12.96** | $**12.88** | $**14.25** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment return based on net asset value **(d)** | 1.89% | 7.75% | 3.07% | (7.89)% | 3.38% |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $1151928 | $1211803 | $1195461 | $1277132 | $1606925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $1156224 | $1212475 | $1258015 | $1497091 | $1623786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)** | .56% | .55% | .56% | .54% | .53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)** | .56% | .55% | .56% | .54% | .53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.77% | 2.69% **(b)** | 2.35% | 1.90% | 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 28% | 33% | 20% | 14% | 18% |

---

See Footnote Summary on page 103.

See Notes to Financial Statements.

 <br> *96* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NEW YORK MUNICIPAL PORTFOLIOCLASS A** | **NEW YORK MUNICIPAL PORTFOLIOCLASS A** | **NEW YORK MUNICIPAL PORTFOLIOCLASS A** | **NEW YORK MUNICIPAL PORTFOLIOCLASS A** | **NEW YORK MUNICIPAL PORTFOLIOCLASS A** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**13.59** | $**12.95** | $**12.88** | $**14.25** | $**14.03** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)** | .35 | .33 **(b)** | .28 | .23 | .24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (.12 | .64 | .08 | (1.37) | .22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates | 0 | 0 | .00 **(c)** | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **.23** | **.97** | **.36** | **(1.14)** | **.46** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (.34 | (.33) | (.29) | (.23) | (.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**13.48** | $**13.59** | $**12.95** | $**12.88** | $**14.25** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment return based on net asset value **(d)** | 1.77% | 7.54% | 2.78% | (8.07)% | 3.26% |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $69554 | $75966 | $79542 | $96286 | $116552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $70172 | $78331 | $89695 | $105328 | $117041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)** | .75% | .74% | .76% | .73% | .73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)** | .75% | .75% | .76% | .73% | .73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.58% | 2.50% **(b)** | 2.14% | 1.71% | 1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 28% | 33% | 20% | 14% | 18% |

---

See Footnote Summary on page 103.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *97*

------

##### [**Table of Contents**](#toc)
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 PORTFOLIOCLASS C** | **NEW YORK MUNICIPAL PORTFOLIOCLASS C** | **NEW YORK MUNICIPAL PORTFOLIOCLASS C** | **NEW YORK MUNICIPAL PORTFOLIOCLASS C** | **NEW YORK MUNICIPAL PORTFOLIOCLASS C** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**13.59** | $**12.95** | $**12.88** | $**14.25** | $**14.03** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)** | .24 | .23 **(b)** | .18 | .13 | .13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (.11 | .64 | .08 | (1.37) | .22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates | 0 | 0 | .00 **(c)** | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **.13** | **.87** | **.26** | **(1.24)** | **.35** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (.24 | (.23) | (.19) | (.13) | (.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**13.48** | $**13.59** | $**12.95** | $**12.88** | $**14.25** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment return based on net asset value **(d)** | 1.01%† | 6.73% | 2.01% | (8.76)% | 2.47% |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $2637 | $2363 | $3597 | $5515 | $8982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $1906 | $2696 | $4655 | $7393 | $15076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)** | 1.50% | 1.50% | 1.51% | 1.48% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)** | 1.50% | 1.50% | 1.51% | 1.48% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.82% | 1.74% **(b)** | 1.38% | .95% | .93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 28% | 33% | 20% | 14% | 18% |

---

See Footnote Summary on page 103.

See Notes to Financial Statements.

 <br> *98* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NEW YORK MUNICIPAL PORTFOLIOADVISOR CLASS** | **NEW YORK MUNICIPAL PORTFOLIOADVISOR CLASS** | **NEW YORK MUNICIPAL PORTFOLIOADVISOR CLASS** | **NEW YORK MUNICIPAL PORTFOLIOADVISOR CLASS** | **NEW YORK MUNICIPAL PORTFOLIOADVISOR CLASS** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**13.59** | $**12.95** | $**12.88** | $**14.24** | $**14.03** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)** | .38 | .37 **(b)** | .32 | .27 | .27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (.11 | .63 | .07 | (1.36) | .21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates | 0 | 0 | .00 **(c)** | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **.27** | **1.00** | **.39** | **(1.09)** | **.48** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (.38 | (.36) | (.32) | (.27) | (.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**13.48** | $**13.59** | $**12.95** | $**12.88** | $**14.24** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment return based on net asset value **(d)** | 2.03%† | 7.81% | 3.04% | (7.77)% | 3.44% |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $56875 | $53919 | $62682 | $61511 | $67388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $51011 | $58761 | $61081 | $64326 | $62323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)** | .50% | .49% | .51% | .48% | .48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)** | .50% | .50% | .51% | .48% | .48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.82% | 2.74% **(b)** | 2.40% | 1.96% | 1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 28% | 33% | 20% | 14% | 18% |

---

See Footnote Summary on page 103.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *99*

------

##### [**Table of Contents**](#toc)
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 PORTFOLIOINTERMEDIATE DURATION CLASS** | **INTERMEDIATE DURATION PORTFOLIOINTERMEDIATE DURATION CLASS** | **INTERMEDIATE DURATION PORTFOLIOINTERMEDIATE DURATION CLASS** | **INTERMEDIATE DURATION PORTFOLIOINTERMEDIATE DURATION CLASS** | **INTERMEDIATE DURATION PORTFOLIOINTERMEDIATE DURATION CLASS** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**11.59** | $**10.79** | $**11.13** | $**13.49** | $**14.02** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)** | .47 **(b)** | .47 **(b)** | .39 | .21 | .25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.18) | .80 | (.34) | (2.23) | (.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **.29** | **1.27** | **.05** | **(2.02)** | **(.03)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (.47) | (.47) | (.39) | (.21) | (.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | 0 | 0 | 0 | (.13) | (.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(.47)** | **(.47)** | **(.39)** | **(.34)** | **(.50)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**11.41** | $**11.59** | $**10.79** | $**11.13** | $**13.49** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment return based on net asset value **(d)** | 2.77% | 12.04% | 0.43% | (15.25)% | (0.23)% |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $4355395 | $4153600 | $3271751 | $3089962 | $3845735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $4139851 | $3705904 | $3218725 | $3542155 | $3818467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .47% | .57% | .58% | .56% | .56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .56% | .57% | .58% | .56% | .56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.22% **(b)** | 4.24% **(b)** | 3.50% | 1.65% | 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate **(g)** | 193% | 195% | 187% | 122% | 123% |

---

See Footnote Summary on page 103.

See Notes to Financial Statements.

 <br> *100* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INTERMEDIATE DURATION PORTFOLIOCLASS A** | **INTERMEDIATE DURATION PORTFOLIOCLASS A** | **INTERMEDIATE DURATION PORTFOLIOCLASS A** | **INTERMEDIATE DURATION PORTFOLIOCLASS A** | **INTERMEDIATE DURATION PORTFOLIOCLASS A** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**11.60** | $**10.80** | $**11.14** | $**13.50** | $**14.03** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)(b)** | .44 | .44 | .35 | .16 | .18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.18) | .80 | (.34) | (2.22) | (.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **.26** | **1.24** | **.01** | **(2.06)** | **(.11)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (.43) | (.44) | (.35) | (.17) | (.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | 0 | 0 | 0 | (.13) | (.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(.43)** | **(.44)** | **(.35)** | **(.30)** | **(.42)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**11.43** | $**11.60** | $**10.80** | $**11.14** | $**13.50** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment return based on net asset value **(d)** | 2.42% | 11.65% | .10% | (15.54)% | (.86)% |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $573 | $602 | $481 | $572 | $1741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $631 | $526 | $537 | $746 | $1438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .82% | .90% | .91% | .90% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 1.95% | 2.53% | 6.62% | 5.51% | 3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 3.87% | 3.91% | 3.14% | 1.26% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate **(g)** | 193% | 195% | 187% | 122% | 123% |

---

See Footnote Summary on page 103.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *101*

------

##### [**Table of Contents**](#toc)
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 PORTFOLIOADVISOR CLASS** | **INTERMEDIATE DURATION PORTFOLIOADVISOR CLASS** | **INTERMEDIATE DURATION PORTFOLIOADVISOR CLASS** | **INTERMEDIATE DURATION PORTFOLIOADVISOR CLASS** | **INTERMEDIATE DURATION PORTFOLIOADVISOR CLASS** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**11.59** | $**10.79** | $**11.13** | $**13.49** | $**14.03** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)(b)** | .46 | .47 | .40 | .20 | .21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.18) | .80 | (.36) | (2.23) | (.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **.28** | **1.27** | **.04** | **(2.03)** | **(.08)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (.46) | (.47) | (.38) | (.20) | (.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | 0 | 0 | 0 | (.13) | (.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(.46)** | **(.47)** | **(.38)** | **(.33)** | **(.46)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**11.41** | $**11.59** | $**10.79** | $**11.13** | $**13.49** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment return based on net asset value **(d)** | 2.59% | 11.94% | .36% | (15.33)% | (.62)% |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $1862 | $892 | $543 | $9 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $1643 | $689 | $139 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .56% | .65% | .66% | .66% | .86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 1.63% | 2.09% | 5.32% | 5.53% | 3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 4.13% | 4.17% | 3.71% | 1.60% | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate **(g)** | 193% | 195% | 187% | 122% | 123% |

---

See Footnote Summary on page 103.

See Notes to Financial Statements.

 <br> *102* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INTERMEDIATE DURATION PORTFOLIOCLASS Z** | **INTERMEDIATE DURATION PORTFOLIOCLASS Z** | **INTERMEDIATE DURATION PORTFOLIOCLASS Z** | **INTERMEDIATE DURATION PORTFOLIOCLASS Z** | **INTERMEDIATE DURATION PORTFOLIOCLASS Z** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**11.59** | $**10.79** | $**11.13** | $**13.49** | $**14.03** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income From investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)(b)** | .47 | .47 | .39 | .21 | .24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.17) | .81 | (.33) | (2.23) | (.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **.30** | **1.28** | **.06** | **(2.02)** | **(.05)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (.47) | (.48) | (.40) | (.21) | (.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | 0 | 0 | 0 | (.13) | (.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(.47)** | **(.48)** | **(.40)** | **(.34)** | **(.49)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**11.42** | $**11.59** | $**10.79** | $**11.13** | $**13.49** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment return based on net asset value **(d)** | 2.68% | 12.05% | .47% **(h)** | (15.26)% **(h)** | (.40)% |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $10 | $9 | $8 | $8 | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $9 | $8 | $8 | $9 | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .48% | .57% | .57% | .57% | .63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .86% | .83% | 3.50% | 3.01% | 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 4.21% | 4.23% | 3.50% | 1.69% | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate **(g)** | 193% | 195% | 187% | 122% | 123% |

---

**(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 investment 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 and September 30, 2022, by 0.01% and 0.07%, respectively.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *103*

------

##### [**Table of Contents**](#toc)
Financial Highlights (continued)

(f) The expense ratios presented below exclude bank overdraft expense:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | YEAR ENDED SEPTEMBER 30, | YEAR ENDED SEPTEMBER 30, | YEAR ENDED SEPTEMBER 30, | YEAR ENDED SEPTEMBER 30, | YEAR ENDED SEPTEMBER 30, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** |
|  **MUNICIPAL CLASS** | **MUNICIPAL CLASS** | **MUNICIPAL CLASS** | **MUNICIPAL CLASS** | **MUNICIPAL CLASS** | **MUNICIPAL CLASS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .56% | .57% | .57% | .55% | .54% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .56% | .57% | .57% | .55% | .54% |
|  **Advisor Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .49% | .50% | .51% | .48% | .48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .49% | .50% | .51% | .48% | .48% |
|  | YEAR ENDED SEPTEMBER 30, | YEAR ENDED SEPTEMBER 30, | YEAR ENDED SEPTEMBER 30, | YEAR ENDED SEPTEMBER 30, | YEAR ENDED SEPTEMBER 30, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** |
|  **MUNICIPAL CLASS** | **MUNICIPAL CLASS** | **MUNICIPAL CLASS** | **MUNICIPAL CLASS** | **MUNICIPAL CLASS** | **MUNICIPAL CLASS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .55% | .55% | .56% | .54% | .53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .55% | .55% | .56% | .54% | .53% |
|  **Class A** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .74% | .74% | .76% | .73% | .73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .74% | .75% | .76% | .73% | .73% |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.50% | 1.50% | 1.51% | 1.48% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.50% | 1.50% | 1.51% | 1.48% | 1.48% |
|  **Advisor Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .49% | .49% | .51% | .48% | .48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .49% | .50% | .51% | .48% | .48% |

---

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

**(h)** 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.

**(i)** Less than .005%.

† During the year ended September 30, 2025, the Adviser reimbursed the Fund for overpayment of prior years' omnibus account services, sub-accounting services and related transfer agency expenses. The impact of the reimbursement to the financial highlights is as follows.

---

| | | | |
|:---|:---|:---|:---|
| CALIFORNIA MUNICIPAL PORTFOLIO | NET<br>INVESTMENT<br> INCOME PER<br> SHARE | NET<br>INVESTMENT<br> INCOME<br>RATIO | TOTAL<br>RETURN |
|  Advisor Class | $.00 **(c)** | .00% **(i)** | .00% **(i)** |
| DIVERSIFIED MUNICIPAL PORTFOLIO | NET<br>INVESTMENT<br> INCOME PER<br> SHARE | NET<br>INVESTMENT<br> INCOME<br>RATIO | TOTAL<br>RETURN |
|  Class A | $.00 **(c)** | .01% | .01% |
|  Class C | $.00 **(c)** | .01% | .01% |
|  Advisor Class | $.00 **(c)** | .01% | .01% |
| NEW YORK MUNICIPAL PORTFOLIO | NET<br>INVESTMENT<br> INCOME PER<br> SHARE | NET<br>INVESTMENT<br> INCOME<br>RATIO | TOTAL<br>RETURN |
|  Class A | $.00 **(c)** | .01% | .01% |
|  Class C | $.00 **(c)** | .01% | .01% |
|  Advisor Class | $.00 **(c)** | .01% | .01% |

---

See Notes to Financial Statements.

 <br> *104* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
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 |

---

\* Bernstein Class

\*\* All outstanding Class A and Class C shares were converted to Advisor Class shares on September 3, 2025

---

| | |
|:---|:---|
| **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. Effective September 3, 2025, Class A and Class C shares of the California Municipal Portfolio were converted to Advisor Class shares of the Portfolio on a relative net assets basis. 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.

**A.** **Portfolio Valuation** 

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.

 <br> *2025 Annual Report* *105*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

("NASDAQ")) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, 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)

 <br> *106* *Sanford C. Bernstein Fund, Inc.*

------

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

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

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

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

The following tables summarize the valuation of the Portfolios' investments by the above fair value hierarchy levels as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EMERGING MARKETS PORTFOLIO**<br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | $96699740 | $250501855 | $0 **(a)** | $347201595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 313798064 | 0 | 313798064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 23287024 | 130323211 | 0 | 153610235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 19630812 | 105648069 | 0 | 125278881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 24432713 | 72012151 | 0 **(a)** | 96444864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 22616503 | 23583197 | 0 | 46199700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 6307812 | 33516024 | 0 | 39823836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 4068951 | 35296383 | 0 | 39365334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 18398624 | 19048589 | 0 | 37447213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 8505387 | 22698635 | 0 **(a)** | 31204022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 29885405 | 0 | 29885405 |
|  Short-Term Investments | 10768924 | 0 | 0 | 10768924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 234716490 | 1036311583 **(b)** | 0 **(a)** | 1271028073 |

---

 <br> *2025 Annual Report* *107*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EMERGING MARKETS PORTFOLIO**<br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Other Financial Instruments (c):** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $0 | $2712790 | $0 | $2712790 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | (4501210) | 0 | (4501210) |
|  **Total** | $**234716490** | $**1034523163** | $**0** **(a)** | $**1269239653** |
| **CALIFORNIA MUNICIPAL PORTFOLIO**<br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Long-Term Municipal Bonds | $0 | $978908913 | $0 | $978908913 |
|  Short-Term Municipal Notes | 0 | 77625847 | 0 | 77625847 |
|  Commercial Mortgage-Backed Securities | 0 | 4972256 | 0 | 4972256 |
|  Asset-Backed Securities | 0 | 581939 | 0 | 581939 |
|  Collateralized Mortgage Obligations | 0 | 36352 | 0 | 36352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 0 | 1062125307 | 0 | 1062125307 |
|  **Other Financial Instruments (c):** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps | 0 | 678055 | 0 | 678055 **(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 0 | 848599 | 0 | 848599 **(d)** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps | 0 | (596319) | 0 | (596319)**(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps | 0 | (293529) | 0 | (293529)**(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 0 | (75619) | 0 | (75619)**(d)** |
|  **Total** | $**0** | $**1062686494** | $**0** | $**1062686494** |
| **DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Long-Term Municipal Bonds | $0 | $4525892979 | $381000 | $4526273979 |
|  Short-Term Municipal Notes | 0 | 395736623 | 0 | 395736623 |
|  Corporates—Investment Grade | 0 | 53867382 | 0 | 53867382 |
|  Commercial Mortgage-Backed Securities | 0 | 32153577 | 0 | 32153577 |
|  Corporates—Non-Investment Grade | 0 | 6684363 | 0 | 6684363 |
|  Asset-Backed Securities | 0 | 2909694 | 0 | 2909694 |
|  Collateralized Mortgage Obligations | 0 | 103944 | 0 | 103944 |
|  Short-Term Investments | 0 | 54820562 | 0 | 54820562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 0 | 5072169124 | 381000 | 5072550124 |
|  **Other Financial Instruments (c):** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps | 0 | 3241095 | 0 | 3241095 **(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 0 | 3600065 | 0 | 3600065 **(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps | 0 | 3218346 | 0 | 3218346 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps | 0 | (3314276) | 0 | (3314276)**(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps | 0 | (1422064) | 0 | (1422064)**(d)** |
|  **Total** | $**0** | $**5077492290** | $**381000** | $**5077873290** |

---

 <br> *108* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NEW YORK MUNICIPAL PORTFOLIO**<br> **INVESTMENT IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Long-Term Municipal Bonds | $0 | $1153394329 | $0 | $1153394329 |
|  Short-Term Municipal Notes | 0 | 101842977 | 0 | 101842977 |
|  Governments—Treasuries | 0 | 2300676 | 0 | 2300676 |
|  Asset-Backed Securities | 0 | 581939 | 0 | 581939 |
|  Collateralized Mortgage Obligations | 0 | 71048 | 0 | 71048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 0 | 1258190969 | 0 | 1258190969 |
|  **Other Financial Instruments<sup>(c)</sup>:** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps | 0 | 857542 | 0 | 857542 **(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 0 | 706954 | 0 | 706954 **(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps | 0 | 956045 | 0 | 956045 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps | 0 | (375571) | 0 | (375571)**(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 0 | (724177) | 0 | (724177)**(d)** |
|  **Total** | $**0** | $**1259611762** | $**0** | $**1259611762** |
| **INTERMEDIATE DURATION PORTFOLIO**<br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Governments—Treasuries | $0 | $1319797940 | $0 | $1319797940 |
|  Corporates—Investment Grade | 0 | 1146305267 | 0 | 1146305267 |
|  Mortgage Pass-Throughs | 0 | 887009982 | 0 | 887009982 |
|  Asset-Backed Securities | 0 | 268194396 | 0 | 268194396 |
|  Collateralized Mortgage Obligations | 0 | 248832404 | 0 | 248832404 |
|  Commercial Mortgage-Backed Securities | 0 | 67071560 | 0 | 67071560 |
|  Inflation-Linked Securities | 0 | 64923020 | 0 | 64923020 |
|  Corporates—Non-Investment Grade | 0 | 56078597 | 0 | 56078597 |
|  Agencies | 0 | 36745487 | 0 | 36745487 |
|  Governments—Sovereign Bonds | 0 | 32861746 | 0 | 32861746 |
|  Collateralized Loan Obligations | 0 | 28292325 | 0 | 28292325 |
|  Emerging Markets—Corporate Bonds | 0 | 23224145 | 0 | 23224145 |
|  Local Governments—US Municipal Bonds | 0 | 22220919 | 0 | 22220919 |
|  Quasi-Sovereigns | 0 | 14282629 | 0 | 14282629 |
|  Emerging Markets—Sovereigns | 0 | 4984074 | 0 | 4984074 |
|  Governments—Sovereign Agencies | 0 | 1352743 | 0 | 1352743 |
|  Short-Term Investments | 0 | 550324459 | 0 | 550324459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 0 | 4772501693 | 0 | 4772501693 |
|  **Other Financial Instruments (c):** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 4667043 | 0 | 0 | 4667043 **(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | 470224 | 0 | 470224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 0 | 1791227 | 0 | 1791227 **(d)** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (171738) | 0 | 0 | (171738)**(d)** |
|  **Total** | $**4495305** | $**4774763144** | $**0** | $**4779258449** |

---

(a) The Portfolio held securities with zero market value at period end.

 <br> *2025 Annual Report* *109*

------

##### [**Table of Contents**](#toc)
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 1.A.

(c) Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments 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.

**D.** **Taxes** 

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, 2025, 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

 <br> *110* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
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, 2025, 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 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" real estate investment trust) 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.

**G.** **Class Allocations** 

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.

 <br> *2025 Annual Report* *111*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

Permanent differences have no effect on net assets. The effects of such permanent differences on each Portfolio, due to contributions from affiliates which are reflected as adjustments to the components of net assets as of September 30, 2025, as shown below:

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **INCREASE (DECREASE)**<br> **TO ADDITIONAL**<br> **PAID-IN CAPITAL** | **INCREASE (DECREASE)**<br> **TO DISTRIBUTABLE<br>EARNINGS/**<br> **ACCUMULATED LOSS** |
|  Emerging Markets Portfolio | $(6127) | $6127 |
|  California Municipal Portfolio | 0 | 0 |
|  Diversified Municipal Portfolio | 0 | 0 |
|  New York Municipal Portfolio | 0 | 0 |
|  Intermediate Duration Portfolio | 0 | 0 |

---

**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.

**J.** **Segment Information** 

Each Portfolio represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Portfolios' President is the CODM. The CODM monitors the operating results of the Portfolios as a whole and the pre-determined Portfolios' long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segments performance versus the Portfolios' comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

---

| | |
|:---|:---|
| **NOTE 2.** | **Investment Management and Transactions with Affiliated Persons**  |

---

**A.** **Management Fee** 

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** | **ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO** | **ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO** | **ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO** | **ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO** | **ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO** |
| **PORTFOLIO** | | | **FIRST**<br> **$2.5 BILLION** | **NEXT**<br> **$2.5 BILLION** | **THEREAFTER** |
| Emerging Markets |  |  | 0.950% | 0.900% | 0.850% |
|  |  | **FIRST**<br> **$1 BILLION** | **NEXT**<br> **$2 BILLION** | **NEXT**<br> **$2 BILLION** | **THEREAFTER** |
| California Municipal and New York Municipal | California Municipal and New York Municipal | 0.425% | 0.375% | 0.325% | 0.275% |
|  | **FIRST**<br> **$1 BILLION** | **NEXT**<br> **$2 BILLION** | **NEXT**<br> **$2 BILLION** | **NEXT**<br> **$2 BILLION** | **THEREAFTER** |
| Diversified Municipal | 0.425% | 0.375% | 0.325% | 0.275% | 0.225% |
|  |  | **FIRST**<br> **$2.5 BILLION** | **NEXT**<br> **$2.5 BILLION** | **NEXT**<br> **$3 BILLION** | **THEREAFTER** |
| Intermediate Duration |  | 0.450% | 0.400% | 0.350% | 0.300% |

---

 <br> *112* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
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, 2025, such reimbursements/waivers amounted to $22,833. The Expense Caps may not be terminated by the Adviser before January 28, 2026. As of December 2, 2024, the Adviser has voluntarily agreed to waive its management fee of the Intermediate Duration Portfolio by an amount equal to 0.10% of the Portfolio's daily average net assets. For the year ended September 30, 2025, such reimbursements/waivers amounted to $3,452,419.

**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. Effective September 2, 2025, the Adviser put in place a voluntary waiver of the Shareholder Servicing fees paid by the Emerging Market Portfolio to the Adviser lowering the effective fee to 0.105 of 1%, annualized, of the average daily net assets attributable to the Bernstein Class during the month.

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, 2025, the compensation retained by ABIS amounted to: Emerging Markets Portfolio, $14,710; California Municipal Portfolio, $18,022; Diversified Municipal Portfolio, $146,618; New York Municipal Portfolio, $18,067; and Intermediate Duration Portfolio $18,005

**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

 <br> *2025 Annual Report* *113*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

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** | **PORTFOLIO** | **PORTFOLIO** |
| | **CALIFORNIA<br>MUNICIPAL** | **DIVERSIFIED<br>MUNICIPAL** | **NEW YORK<br>MUNICIPAL** |
|  Class C | $1341264 | $3291507 | $2429105 |

---

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.

During the year ended September 30, 2025, the Adviser reimbursed the California Municipal, Diversified Municipal, New York Municipal Portfolios $7,977, $245,160 & $83,795 for overpayment of prior years' omnibus account services, sub-accounting services and related transfer agency expenses.

**E.** **Investments in Affiliated Issuers** 

The Emerging Markets Portfolio may invest in AB Government Money Market Portfolio, which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of AB 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 AB 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 AB 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 AB Government Money Market Portfolio, as borne indirectly by the Portfolios as an acquired fund fee and expense. For the year ended September 30, 2025, such waivers amounted to:

---

| | |
|:---|:---|
| **PORTFOLIO** | **AMOUNT** |
|  Emerging Markets | $25591 |

---

A summary of the Emerging Markets Portfolios' transactions in shares of the AB Government Money Market Portfolio for the year ended September 30, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FUND** | **MARKET VALUE9/30/24<br>(000)** | **PURCHASES<br>AT COST(000)** | **SALESPROCEEDS(000)** | **MARKET VALUE9/30/25<br>(000)** | **DIVIDENDINCOME(000)** | |
|  AB Government Money Market Portfolio | $12059 | $326710 | $328000 | $10769 | $548 |  |
|  AB Government Money Market Portfolio\* | 0 | 8297 | 8297 | 0 | 0 | \*\* |
|  Total | Total | Total |  | $10769 | $548 |  |

---

\* Investments of cash collateral for securities lending transactions (see Note 4).

\*\* Amount is less than $500. 

During the year ended September 30, 2025, the Adviser reimbursed the Emerging Markets Portfolio $6,127 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

 <br> *114* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
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, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **FRONT-END<br>SALES<br>CHARGES**<br> **CLASS A** | **CONTINGENT DEFERRED SALES CHARGES** | **CONTINGENT DEFERRED SALES CHARGES** |
| <br>**PORTFOLIO** | **FRONT-END<br>SALES<br>CHARGES**<br> **CLASS A** | **CLASS A** | **CLASS C** |
|  Diversified Municipal | $0 | $49 | $2 |
|  New York Municipal | 0 | 0 | 255 |
|  Intermediate Duration | 7 | 2 | 0 |
|  California Municipal | 0 | 391 | 1000 |

---

**G.** **Directors Fee** 

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 retired prior to their initial anticipated retirement date. These Directors received a one-time retirement benefit payable from the Portfolios and certain other funds overseen by the Directors. The Adviser agreed to waive its fees from the Portfolios and certain other funds overseen by the Directors for the cost of such benefit as follows for the year ended September 30, 2024:

---

| | |
|:---|:---|
| **PORTFOLIO** | |
|  Emerging Markets Portfolio | $43171 |
|  California Municipal Portfolio | 37026 |
|  Diversified Municipal Portfolio | 181280 |
|  New York Municipal Portfolio | 48377 |
|  Intermediate Duration Portfolio | 149243 |

---

---

| | |
|:---|:---|
| **NOTE 3.** | **Investment Security Transactions**  |

---

**A.** **Purchases and Sales** 

For the year ended September 30, 2025, the Portfolios had purchases and sales transactions, excluding transactions in short-term instruments, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **PURCHASES EXCLUDING**<br> **U.S. GOVERNMENT**<br> **SECURITIES** | **PURCHASES OF**<br> **U.S. GOVERNMENT**<br> **SECURITIES** | **SALES EXCLUDING**<br> **U.S. GOVERNMENT**<br> **SECURITIES** | **SALES OF**<br> **U.S. GOVERNMENT**<br> **SECURITIES** |
|  Emerging Markets | $912129602 | $0 | $1021282833 | $0 |
|  California Municipal | 297245088 | 0 | 251525078 | 58545 |
|  Diversified Municipal | 1183320342 | 21609700 | 1170702401 | 1374949 |
|  New York Municipal | 358947749 | 0 | 330715118 | 0 |
|  Intermediate Duration | 915489654 | 7405471146 | 497742950 | 7456938991 |

---

 <br> *2025 Annual Report* *115*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **GROSS UNREALIZED** | **GROSS UNREALIZED** | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)** |
| PORTFOLIO | **COST** | APPRECIATION | (DEPRECIATION) | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)** |
|  Emerging Markets Portfolio | $951378993 | $350877741 | $(32801099) | $318076642 |
|  California Municipal Portfolio | 1073764965 | 15271885 | (25761478) | (10489593) |
|  Diversified Municipal Portfolio | 5103511432 | 73381354 | (95805615) | (22424261) |
|  New York Municipal Portfolio | 1273775784 | 12710263 | (26560891) | (13850628) |
|  Intermediate Duration Portfolio | 4857605062 | 61028250 | (145230068) | (84201818) |

---

**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:

**•** **Futures** 

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, 2025, the Emerging Markets Portfolio held futures for hedging purposes. 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

 <br> *116* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
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 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, 2025, the Emerging Markets Portfolio and Intermediate Duration Portfolio held forward currency exchange contracts for hedging purposes.

**•**  ***Swaps*** 

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, 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

 <br> *2025 Annual Report* *117*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

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, 2025, 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, 2025, the California Municipal Portfolio and Diversified Municipal Portfolio and New York Municipal Portfolio held inflation (CPI) swaps for hedging purposes.

*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.

 <br> *118* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
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, 2025, the Diversified Municipal Portfolio and California Municipal Portfolio held credit default swaps for 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.

During the year ended September 30, 2025, the Portfolios had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EMERGING**<br> **MARKETS PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS<br>AND LIABILITIESLOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETSAND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | $2712790 | Unrealized depreciation on forward currency exchange contracts | $4501210 |
|  Total |  | $2712790 |  | $4501210 |

---

 <br> *2025 Annual Report* *119*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

---

| | | | |
|:---|:---|:---|:---|
| **DERIVATIVE TYPE** | **LOCATION OF GAIN OR (LOSS) ON<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAIN<br>OR (LOSS) ON<br>DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR<br>(DEPRECIATION)** |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $(30582) | $0 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | (5580217) | (1353358) |
|  Total |  | $(5610799) | $(1353358) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CALIFORNIA**<br> **MUNICIPAL PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS<br>AND LIABILITIES<br>LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Credit contracts |  |  | Payable for variation margin on centrally cleared swaps | $12793 \* |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | $1526479 \* | Payable for variation margin on centrally cleared swaps | 369148 \* |
|  Total |  | $1526479 |  | $381941 |

---

\* 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<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAIN<br>OR (LOSS) ON<br>DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR<br>(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $1464161 | $(1661831) |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (317644) | (12793) |
|  Total |  | $1146517 | $(1674624) |

---

 <br> *120* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DIVERSIFIED**<br> **MUNICIPAL PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETSAND LIABILITIESLOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Credit contracts |  |  | Payable for variation margin on centrally cleared swaps | $71101 \* |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | $6834325 \* | Payable for variation margin on centrally cleared swaps | 1422064 \* |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 3218346 |  |  |
|  Total |  | $10052671 |  | $1493165 |

---

\* 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<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAIN<br>OR (LOSS) ON<br>DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR<br>(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $3855125 | $(1216562) |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (1759319) | 20689 |
|  Total |  | $2095806 | $(1195873) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NEW YORK**<br> **MUNICIPAL PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS<br>AND LIABILITIES**<br> **LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | $1563580 \* | Payable for variation margin on centrally cleared swaps | $1096483 \* |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 956045 |  |  |
|  Total |  | $2519625 |  | $1096483 |

---

\* 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. 

 <br> *2025 Annual Report* *121*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

---

| | | | |
|:---|:---|:---|:---|
| **DERIVATIVE TYPE** | **LOCATION OF GAIN OR (LOSS) ON<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAIN<br>OR (LOSS) ON<br>DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR<br>(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $321616 | $319078 |
|  Total |  | $321616 | $319078 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERMEDIATE**<br> **DURATION PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS**<br> **AND LIABILITIES**<br> **LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Interest rate contracts | Receivable for variation margin on futures | $4667043 \* | Payable for variation margin on futures | $171738 \* |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | 599779 \* |  |  |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 470224 |  |  |
|  Total |  | $5737046 |  | $171738 |

---

\* 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<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAIN<br>OR (LOSS) ON<br>DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR<br>(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $(1512183) | $2792637 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | (30342) | 780674 |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 450817 | (85732) |
|  Total |  | $(1091708) | $3487579 |

---

 <br> *122* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
The following tables represent the average monthly volume of the Portfolios' derivative transactions during the year ended September 30, 2025:

---

| | |
|:---|:---|
| **EMERGING MARKETS PORTFOLIO** | |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $3151339 **(a)** |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $246857613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $231755254 |

---

(a) Positions were open for one month during the year.

---

| | |
|:---|:---|
| **CALIFORNIA MUNICIPAL PORTFOLIO** | |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $12395000 **(a)** |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $81218923 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $104833333 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $6516667 |

---

**(a**) Positions were open for eleven month during the year.

---

| | |
|:---|:---|
| **DIVERSIFIED MUNICIPAL PORTFOLIO** | **DIVERSIFIED MUNICIPAL PORTFOLIO** |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $57160000 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $301112308 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $503500000 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $46270769 |

---

---

| | |
|:---|:---|
| **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $16980000 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $102258462 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $133125000 |

---

---

| | |
|:---|:---|
| **INTERMEDIATE DURATION PORTFOLIO** | |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $838545801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $73240093 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $4871158 **(a)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $29104591 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $19060000 |

---

(a) Positions were open for five month during the year.

 <br> *2025 Annual Report* *123*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

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.

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, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **EMERGING MARKETS PORTFOLIO** | **EMERGING MARKETS PORTFOLIO** | **EMERGING MARKETS PORTFOLIO** | **EMERGING MARKETS PORTFOLIO** | **EMERGING MARKETS PORTFOLIO** | **EMERGING MARKETS PORTFOLIO** | |
| **COUNTERPARTY** | **DERIVATIVEASSETS SUBJECTTO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERALRECEIVED\*** | **SECURITY<br>COLLATERALRECEIVED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Bank of America NA | $62275 | $(62275) | $0 | $0 | $0 |  |
|  Barclays Capital, Inc. | 238506 | (238506) | 0 | 0 | 0 |  |
|  BNP Paribas SA | 51115 | (20390) | 0 | 0 | 30725 |  |
|  Citibank NA | 970660 | (701937) | (268723) | 0 | 0 |  |
|  Deutsche Bank AG | 92725 | (15404) | 0 | 0 | 77321 |  |
|  Goldman Sachs Bank USA | 27055 | (4291) | 0 | 0 | 22764 |  |
|  HSBC Bank USA | 11341 | 0 | 0 | 0 | 11341 |  |
|  Morgan Stanley Capital Services, Inc. | 1138994 | (1138994) | 0 | 0 | 0 |  |
|  State Street Bank & Trust Co. | 2864 | (2864) | 0 | 0 | 0 |  |
|  UBS | 117255 | 0 | 0 | 0 | 117255 |  |
|  Total | $2712790 | $(2184661) | $(268723) | $0 | $259406 | ^ |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DERIVATIVE<br>LIABILITIES SUBJECTTO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>PLEDGED\*** | **SECURITY<br>COLLATERAL<br>PLEDGED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>LIABILITIES** | |
|  Bank of America NA | $1630663 | $(62275) | $(1568388) | $0 | $0 |  |
|  Barclays Capital, Inc. | 267089 | (238506) | (28583) | 0 | 0 |  |
|  BNP Paribas SA | 20390 | (20390) | 0 | 0 | 0 |  |
|  Citibank NA | 701937 | (701937) | 0 | 0 | 0 |  |
|  Deutsche Bank AG | 15404 | (15404) | 0 | 0 | 0 |  |
|  Goldman Sachs Bank USA | 4291 | (4291) | 0 | 0 | 0 |  |
|  JPMorgan Chase Bank | 145716 | 0 | 0 | 0 | 145716 |  |
|  Morgan Stanley Capital Services, Inc. | 1522325 | (1138994) | (383331) | 0 | 0 |  |
|  State Street Bank & Trust Co. | 193395 | (2864) | 0 | 0 | 190531 |  |
|  Total | $4501210 | $(2184661) | $(1980302) | $0 | $336247 | ^ |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DIVERSIFIED MUNICIPAL PORTFOLIO** | **DIVERSIFIED MUNICIPAL PORTFOLIO** | **DIVERSIFIED MUNICIPAL PORTFOLIO** | **DIVERSIFIED MUNICIPAL PORTFOLIO** | **DIVERSIFIED MUNICIPAL PORTFOLIO** | **DIVERSIFIED MUNICIPAL PORTFOLIO** | |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECTTO A MA** | **DERIVATIVESAVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET AMOUNT OFDERIVATIVE<br>ASSETS** | |
|  Citibank NA | $3218346 | $0 | $(3218346) | $0 | $0 |  |
|  Total | $3218346 | $0 | $(3218346) | $0 | $0 | ^ |

---

 <br> *124* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** | |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Citibank NA | $956045 | $0 | $(950000) | $0 | $6045 |  |
|  Total | $956045 | $0 | $(950000) | $0 | $6045 | ^ |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **INTERMEDIATE DURATION PORTFOLIO** | **INTERMEDIATE DURATION PORTFOLIO** | **INTERMEDIATE DURATION PORTFOLIO** | **INTERMEDIATE DURATION PORTFOLIO** | **INTERMEDIATE DURATION PORTFOLIO** | **INTERMEDIATE DURATION PORTFOLIO** | |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASHCOLLATERALRECEIVED\*** | **SECURITYCOLLATERALRECEIVED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Societe Generale | $7626 | $0 | $0 | $0 | $7626 |  |
|  State Street Bank & Trust Co. | 462598 | 0 | 0 | 0 | 462598 |  |
|  Total | $470224 | $0 | $0 | $0 | $470224 | ^ |

---

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

---

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

---

**C.** **Currency Transactions** 

The 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).

**D.** **TBA and Dollar Rolls** 

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, 2025, Intermediate Duration Portfolio earned drop income of $2,815,087, which is included in interest income in the accompanying statement of operations.

 <br> *2025 Annual Report* *125*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

---

| | |
|:---|:---|
| **NOTE 4.** | **Securities Lending**  |

---

The Fund may enter into securities lending transactions. Under the Fund's securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If the Fund cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Fund will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a "negative rebate" or fee paid by the borrower to the Fund in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Fund receives non-cash collateral, the Fund will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Fund will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Fund amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Fund will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Fund, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the consolidated statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and AB Government Money Market Portfolio are reflected in the consolidated statement of operations. When the Fund earns net securities lending income from AB Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund's share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

A summary of the Emerging Markets Portfolio transactions surrounding securities lending for the year ended September 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MARKET VALUE OFSECURITIES<br>ON LOAN\*** | **CASH<br>COLLATERAL\*** | **MARKET VALUE OF<br>NON-CASH<br>COLLATERAL\*** | **INCOME FROM<br>BORROWERS** | **AB GOVERNMENT MONEY MARKET<br>PORTFOLIO** | **AB GOVERNMENT MONEY MARKET<br>PORTFOLIO** |
| **MARKET VALUE OFSECURITIES<br>ON LOAN\*** | **CASH<br>COLLATERAL\*** | **MARKET VALUE OF<br>NON-CASH<br>COLLATERAL\*** | **INCOME FROM<br>BORROWERS** | **INCOME<br>EARNED** | **ADVISORY FEE<br>WAIVED** |
| $9340595 | $0 | $9815896 | $6799 | $76 | $89 |

---

\* As of September 30, 2025.

 <br> *126* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **NOTE 5.** | **Distributions to Shareholders**  |

---

The tax character of distributions paid during the fiscal years ended September 30, 2025 and September 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **2025** | **2024** |
|  **Emerging Markets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $23235252 | $18118606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $23235252 | $18118606 |
|  **California Municipal** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $946728 | $1315430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | 946728 | 1315430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax exempt distributions | 29433579 | 27584693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital | 560827 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $30941134 | $28900123 |
|  **Diversified Municipal** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $7588973 | $8764865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | 7588973 | 8764865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax exempt distributions | 144892123 | 138497943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $152481096 | $147262808 |
|  **New York Municipal** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $964191 | $1837686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | 964191 | 1837686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax exempt distributions | 34219646 | 33907609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $35183837 | $35745295 |
|  **Intermediate Duration** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $174512053 | $157150760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $174512053 | $157150760 |

---

 <br> *2025 Annual Report* *127*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

As of September 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **UNDISTRIBUTED<br>ORDINARY<br>INCOME<sup>(a)</sup>** | **UNDISTRIBUTED<br>LONG-TERM<br>CAPITAL GAINS** | **ACCUMULATED<br>CAPITAL AND<br>OTHERLOSSES<sup>(b)</sup>** | **UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<sup>(c)</sup>** | **TOTAL**<br> **ACCUMULATED<br>EARNINGS/<br>(DEFICIT)<sup>(d)</sup>** |
|  Emerging Markets | $17642475 | $0 | $(45864992) | $316354289 | $288131772 |
|  California Municipal | 0 | 0 | (8430217) | (10489593) | (18919810) |
|  Diversified Municipal | 1766305 | 0 | (83570287) | (22549144) | (104353126) |
|  New York Municipal | 640993 | 0 | (28645605) | (13990465) | (41995077) |
|  Intermediate Duration | 9431724 | 0 | (403061599) | (84289104) | (477918979) |

---

(a) Includes tax exempt income as shown below:

---

| | |
|:---|:---|
|  California Municipal | $0 |
|  Diversified Municipal | 1766305 |
|  New York Municipal | 640993 |

---

(b) As of September 30, 2025 certain Portfolios had capital loss carryforwards for federal income tax purposes. As of September 30, 2025 Emerging Markets Portfolio utilized capital loss carryforwards of $87,161,396. As of September 30, 2025 Intermediate Duration Portfolio deferred $1,787,450 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.

(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, 2025, the following Portfolios had net capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **SHORT-TERM**<br> **AMOUNT** | **LONG-TERM<br>AMOUNT** |
|  Emerging Markets | $45864992 | $0 |
|  California Municipal | 8430217 | 0 |
|  Diversified Municipal | 63805377 | 19764910 |
|  New York Municipal | 28083376 | 562229 |
|  Intermediate Duration Portfolio | 130806605 | 270467544 |

---

---

| | |
|:---|:---|
| **NOTE 6.** | **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

 <br> *128* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Portfolio performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

*Credit Risk*—This is the risk that the issuer or the guarantor of a debt security, or the counterparty to a derivatives or other contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The issuer or guarantor may default, potentially causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating, 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 care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. 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 droughts, 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 municipal securities issued by Puerto Rico and its government agencies and municipalities 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.

*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.

*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.

 <br> *2025 Annual Report* *129*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

*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.

*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, less liquid and subject to increased potential for market manipulation and there may be a greater amount of economic, political and social uncertainty. 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 the 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.

*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. 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.

 <br> *130* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
*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.

*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 ("NAV"), 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 securities 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

 <br> *2025 Annual Report* *131*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

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.

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 Portfolio's assets. In addition, an increase in tariffs or trade restrictions, or even the threat of such increased tariffs or restrictions, could lead to a significant reduction in international trade, which could have a negative impact on the global economy and a commensurately negative impact on the Portfolio. The United States government has in the recent past acted to prohibit U.S. persons, such as the Portfolio, 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 Portfolio's opportunities for investment and require the sale of securities at a loss or make them illiquid. Some countries and regions in which the Portfolio invests have strained international relations due to territorial disputes, historical animosities or other defense concerns. Incidents involving a country's or region's security may cause uncertainty in the markets and may adversely affect a Portfolio's investments. For example, the Chinese government is involved in a territorial dispute with Taiwan as well as other territorial disputes; 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 involving Israel and other countries in the Middle East, 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 Portfolio) and investors in other countries viewed as "unfriendly" by Russia, including securities represented by depositary receipts, effectively precluding the Portfolio 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 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 Portfolio invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolio's investments may be negatively affected.

*Tax Risk*—There is no guarantee that the income on the Portfolios' municipal securities will be exempt from regular U.S. federal income, and if applicable, state income taxes. Unfavorable legislation, adverse interpretations by federal or state

 <br> *132* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
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 U.S. 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. The U.S. Congress has 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 small-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources. The prices of securities of small-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.

*Active Trading Risk*—The Portfolio expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Portfolio's return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Portfolio shareholders.

*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.

---

| | |
|:---|:---|
| **NOTE 7.** | **Joint Credit Facility**  |

---

A number of open-end mutual funds managed by the Adviser, including the Portfolios, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short-term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolios did not utilize the Facility during the year ended September 30, 2025.

 <br> *2025 Annual Report* *133*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

---

| | |
|:---|:---|
| **NOTE 8.** | **Capital-Share Transactions**  |

---

The Fund has authorized 17.5 billion shares of common stock, par value $0.001 per share, of which 8.8 billion shares are allocated to the SCB Portfolios. The allocation is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **ALLOCATION OF SHARES (IN MILLIONS)** | **ALLOCATION OF SHARES (IN MILLIONS)** | **ALLOCATION OF SHARES (IN MILLIONS)** | **ALLOCATION OF SHARES (IN MILLIONS)** | **ALLOCATION OF SHARES (IN MILLIONS)** | **ALLOCATION OF SHARES (IN MILLIONS)** | **ALLOCATION OF SHARES (IN MILLIONS)** | **ALLOCATION OF SHARES (IN MILLIONS)** | **ALLOCATION OF SHARES (IN MILLIONS)** |
| <br>**PORTFOLIO** | **BERNSTEIN<br>CLASS<br>SHARES** | **CLASS A<br>SHARES** | **CLASS B<br>SHARES** | **CLASS C<br>SHARES** | **ADVISOR**<br> **CLASS**<br> **SHARES** | **CLASS R**<br> **SHARES** | **CLASS Z**<br> **SHARES** | **CLASS T**<br> **SHARES** | **TOTAL** |
|  Emerging Markets | 200 | 0 | 0 | 0 | 0 | 0 | 300 | 0 | 500 |
|  California Municipal | 200 | 200 | 200 | 200 | 200 | 0 | 200 | 300 | 1500 |
|  Diversified Municipal | 800 | 400 | 400 | 400 | 400 | 0 | 600 | 300 | 3300 |
|  New York Municipal | 400 | 200 | 200 | 200 | 200 | 0 | 200 | 300 | 1700 |
|  Intermediate Duration | 800 | 300 | 0 | 0 | 300 | 0 | 400 | 0 | 1800 |

---

Share transactions for each Portfolio for the years ended September 30, 2025 and September 30, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **EMERGING MARKETS PORTFOLIO** | **EMERGING MARKETS PORTFOLIO** | **EMERGING MARKETS PORTFOLIO** | **EMERGING MARKETS PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br> ENDED<br> 9/30/25 | YEAR<br> ENDED<br> 9/30/24 |
|  **Emerging Markets Class Shares** | **Emerging Markets Class Shares** | **Emerging Markets Class Shares** | **Emerging Markets Class Shares** | **Emerging Markets Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3126374 | 3824924 | $90029923 | $98689134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 585227 | 517189 | 16169832 | 12376333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5708638) | (5498037) | (165482007) | (142066701) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(1997037)** | **(1155924)** | $**(59282252)** | $**(31001234)** |
|  **Class Z Shares** | **Class Z Shares** | **Class Z Shares** | **Class Z Shares** | **Class Z Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 0 | 21268 | $0 | $518085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 67684 | 79491 | 1868763 | 1901430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (934167) | (1076464) | (26779930) | (26653637) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(866483)** | **(975705)** | $**(24911167)** | $**(24234122)** |

---

 <br> *134* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CALIFORNIA MUNICIPAL PORTFOLIO** | **CALIFORNIA MUNICIPAL PORTFOLIO** | **CALIFORNIA MUNICIPAL PORTFOLIO** | **CALIFORNIA MUNICIPAL PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br> ENDED<br>9/30/25 | YEAR<br> ENDED<br>9/30/24 |
|  **Municipal Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 14774861 | 26295912 | $203955177 | $361273562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 1439037 | 1305229 | 19847683 | 18012224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (12776513) | (28523916) | (176281939) | (391232532) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **3437385** | **(922775)** | $**47520921** | $**(11946746)** |
|  **Class A Shares\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 785766 | 1143793 | $10849321 | $15559375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 59727 | 62246 | 822742 | 858967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares converted from Class C | 23205 | 41898 | 322542 | 562475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares converted to Advisor Class | (3338500) | 0 | (46040583) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (920518) | (1093079) | (12617623) | (14894715) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **(3390320)** | **154858** | $**(46663601)** | $**2086102** |
|  **Class C Shares\*** | **Class C Shares\*** | **Class C Shares\*** | **Class C Shares\*** | **Class C Shares\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 20253 | 40895 | $280482 | $559911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 1441 | 2312 | 19863 | 31889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares converted to Advisor Class | (110592) | 0 | (1524737) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares converted to Class A | (23216) | (41890) | (322542) | (562475) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (57560) | (75447) | (797757) | (1032840) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(169674)** | **(74130)** | $**(2344691)** | $**(1003515)** |
|  **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5175800 | 4360075 | $71339926 | $59278972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 189065 | 149417 | 2608202 | 2061911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares converted from Class A | 3338790 | 0 | 46040583 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares converted from Class C | 110572 | 0 | 1524737 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4184795) | (4008555) | (57466496) | (54409024) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase** | **4629432** | **500937** | $**64046952** | $**6931859** |

---

\* Converted to Advisor Class on September 3, 2025.

 <br> *2025 Annual Report* *135*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DIVERSIFIED MUNICIPAL PORTFOLIO** | **DIVERSIFIED MUNICIPAL PORTFOLIO** | **DIVERSIFIED MUNICIPAL PORTFOLIO** | **DIVERSIFIED MUNICIPAL PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br> ENDED9/30/25 | YEAR<br> ENDED9/30/24 |
|  **Municipal Class Shares** | **Municipal Class Shares** | **Municipal Class Shares** | **Municipal Class Shares** | **Municipal Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 40682264 | 93530001 | $563151678 | $1289678611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 6082834 | 5954502 | 84052031 | 82342869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (63376165) | (105790706) | (876528695) | (1457519582) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(16611067)** | **(6306203)** | $**(229324986)** | $**(85498102)** |
|  **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1522261 | 1898653 | $21082028 | $26171257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 235901 | 254815 | 3261770 | 3525873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares converted from Class C | 85754 | 85093 | 1189838 | 1169052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3691276) | (4483687) | (51069947) | (61841524) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(1847360)** | **(2245126)** | $**(25536311)** | $**(30975342)** |
|  **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 37580 | 96779 | $521182 | $1336338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 9929 | 11383 | 137299 | 157478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares converted to Class A | (85773) | (85134) | (1189838) | (1169052) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (144557) | (99586) | (2002923) | (1376462) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(182821)** | **(76558)** | $**(2534280)** | $**(1051698)** |
|  **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 10832422 | 14944087 | $149542939 | $205417867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 685445 | 668732 | 9465085 | 9245694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (12325366) | (13726799) | (170253733) | (188652985) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **(807499)** | **1886020** | $**(11245709)** | $**26010576** |
|  **Class Z Shares** | **Class Z Shares** | **Class Z Shares** | **Class Z Shares** | **Class Z Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 38870273 | 7584419 | $534715361 | $104028637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 815538 | 762365 | 11276701 | 10545345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (9195534) | (12188112) | (126924325) | (167776747) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **30490277** | **(3841328)** | $**419067737** | $**(53202765)** |

---

 <br> *136* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 |
|  **Municipal Class Shares** | **Municipal Class Shares** | **Municipal Class Shares** | **Municipal Class Shares** | **Municipal Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 12390680 | 35241900 | $166136309 | $469614601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 1776990 | 1825316 | 23771829 | 24433295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (17872527) | (40208328) | (239549123) | (535750259) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(3704857)** | **(3141112)** | $**(49640985)** | $**(41702363)** |
|  **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 478705 | 511550 | $6444742 | $6856811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 87023 | 96636 | 1163828 | 1293291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares converted from Class C | 36803 | 89224 | 491109 | 1179567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1032061) | (1250242) | (13801795) | (16631590) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(429530)** | **(552832)** | $**(5702116)** | $**(7301921)** |
|  **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 103614 | 3959 | $1396070 | $53025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 1916 | 2820 | 25622 | 37695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares converted to Class A | (36808) | (89220) | (491109) | (1179567) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (46980) | (21395) | (632415) | (284563) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **21742** | **(103836)** | $**298168** | $**(1373410)** |
|  **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2095450 | 1375768 | $27991632 | $18427073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 70628 | 84614 | 944644 | 1131119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1913739) | (2333393) | (25591342) | (31152477) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **252339** | **(873011)** | $**3344934** | $**(11594285)** |

---

 <br> *2025 Annual Report* *137*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INTERMEDIATE DURATION PORTFOLIO** | **INTERMEDIATE DURATION PORTFOLIO** | **INTERMEDIATE DURATION PORTFOLIO** | **INTERMEDIATE DURATION PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 |
|  **Intermediate Duration Class Shares** | **Intermediate Duration Class Shares** | **Intermediate Duration Class Shares** | **Intermediate Duration Class Shares** | **Intermediate Duration Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 64414540 | 87071641 | $723808613 | $973902553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 11624664 | 10412340 | 130447643 | 116513114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (52872100) | (42205223) | (594356453) | (471579450) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase** | **23167104** | **55278758** | $**259899803** | $**618836217** |
|  **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 14341 | 10860 | $160889 | $121816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 1978 | 1628 | 22225 | 18257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (18160) | (5005) | (204767) | (56228) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **(1841)** | **7483** | $**(21653)** | $**83845** |
|  **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 123608 | 28314 | $1374250 | $312412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 226 | 3 | 2534 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (37670) | (1654) | (420319) | (18786) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase** | **86164** | **26663** | $**956465** | $**293656** |
|  **Class Z Shares** | **Class Z Shares** | **Class Z Shares** | **Class Z Shares** | **Class Z Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 86 | 18 | $967 | $200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 1 | 0 | 6 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (10) | (9) | (109) | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase** | **77** | **9** | $**864** | $**96** |

---

---

| | |
|:---|:---|
| **NOTE 9.** | **Subsequent Events**  |

---

At meetings held on May 6-8, 2025 (the "Meeting"), the Board of Directors of the Fund (the "Board") approved the reorganization of the California Municipal Portfolio and New York Municipal Portfolio (each an "Acquired Portfolio") into newly-created exchange-traded funds (each an "ETF") (a "Conversion"), which will be managed by AllianceBernstein L.P. (the "Adviser"). Pursuant to an Agreement and Plan of Acquisition and Termination, each Acquired Portfolio will be converted into an ETF (an "Acquiring Portfolio"), a newly-created series of AB Active ETFs, Inc., with an identical investment objective, identical fundamental investment policies, identical portfolio management team and identical investment strategies as its respective Acquired Portfolio. The closing date of the California Municipal Portfolio's Conversion into the AB California Intermediate Municipal ETF occurred on October 6, 2025. The closing date of the New York Municipal Portfolio's Conversion into the AB New York Municipal ETF occurred on November 10, 2025. An Information Statement/Prospectus addressing the Conversion was filed on November 10, 2025.

 <br> *138* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
Also at the Meeting, the Adviser recommended, and the Board approved, the following, effective November 7, 2025: (i) a contractual waiver of a portion of the advisory fee paid by the Intermediate Duration Portfolio; and (ii) contractual limits on Intermediate Duration Portfolio operating expenses. In addition, the Board approved: (i) the discontinuance of the offering of Class A and Advisor Class shares of the Portfolio to investors effective May 13, 2025; (ii) the liquidation of the assets of the Portfolio corresponding to such classes of shares; (iii) the making of a final liquidating distribution to the remaining shareholders of each such class on or about November 7, 2025; and (iv) the redemption of all outstanding shares of each such class in the liquidating distribution or immediately thereafter. The Board also approved changes to the Intermediate Duration Portfolio's name and principal strategies which will be effective on or about November 7, 2025, when the Intermediate Duration Portfolio's name will change to "AB Core Bond Portfolio". A Supplement dated May 9, 2025 to the Intermediate Duration Portfolio's Prospectus dated January 31, 2025, has been filed with the Securities and Exchange Commission.

At a Meeting held on August 5-6, 2025, the Adviser recommended, and the Board approved the reorganization of Emerging Markets Portfolio (the "Acquired Portfolio") into AB Emerging Markets Opportunities ETF (the "Acquiring Portfolio," both the "Portfolios"), an existing exchange-traded fund ("ETF"), a series of AB Active ETFs, Inc. (the "Acquisition"). Both the Portfolios have similar investment objectives and identical fundamental investment policies. The closing date of the Acquisition is expected to occur on or about January 23, 2026.

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 other material events that would require disclosure in the Portfolios' financial statements through this date.

 <br> *2025 Annual Report* *139*

------

##### [**Table of Contents**](#toc)
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 AB Core Bond Portfolio (formerly 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, 2025, the related statements of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (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, 2025, 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, 2025 and each of the financial highlights for each of the five years in the period ended September 30, 2025 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, 2025 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 26, 2025

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.

 <br> *140* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
2025 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, 2025. 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 RECEIVEDDEDUCTION %<br>(CORPORATE SHAREHOLDERS)** | **% OF QUALIFIEDINTEREST INCOME(FOREIGN SHAREHOLDERS)** |
|  Emerging Markets | 1.24% | 0.00% |
|  California Municipal | 0.00% | 21.80% |
|  Diversified Municipal | 0.00% | 53.43% |
|  New York Municipal | 0.00% | 11.26% |
|  Intermediate Duration | 0.00% | 77.77% |

---

For the taxable year ended September 30, 2025, each Portfolio designates the following amounts as the maximum amount that may be considered qualified dividend income for individual shareholders:

---

| | |
|:---|:---|
| **PORTFOLIO** | **QUALIFIED<br>DIVIDEND INCOME** |
|  Emerging Markets | $17906168 |

---

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, 2025, 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 TAXESTO PASS THROUGH** | **FOREIGNSOURCE INCOME** |
|  Emerging Markets | $5025181 | $38437449 |

---

For the taxable year ended September 30, 2025, each Portfolio designates the following amounts to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **PORTFOLIO** | **163(J) INTERESTDIVIDENDS** |
|  California Municipal | $450359 |
|  Diversified Municipal | 5391206 |
|  New York Municipal | 339010 |
|  Intermediate Duration | 164223338 |

---

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 2026.

 <br> *2024 Annual Report* *141*

------

##### [**Table of Contents**](#toc)
Board Consideration of Investment Management Arrangement

#### Information Regarding the Review and Approval of the Advisory Agreement in Respect of Each Fund
The disinterested directors (the "directors") of Sanford C. Bernstein Fund, Inc. (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of each of the portfolios listed below (each, a "Fund" and collectively, the "Funds") at a meeting held in-person on August 5-6, 2025 (the "Meeting"):

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Emerging Markets Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp; • Diversified Municipal Portfolio<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New York Municipal Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• California Municipal Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp; • Intermediate Duration Portfolio (effective on or about November 7, 2025 name change to AB Core Bond Portfolio) <br>|

---

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

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

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

#### Nature, Extent and Quality of Services Provided
The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for each Fund. The directors noted that the Adviser from time to time reviews each Fund's investment strategies and from time to time proposes changes intended to improve a Fund's relative or absolute performance for the directors' consideration. They also noted the professional experience and qualifications of each Fund's portfolio management team and other senior personnel of the Adviser. The quality of administrative and other services, including the Adviser's role in coordinating the activities of each Fund's other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to each of the Funds under the Advisory Agreement.

#### Costs of Services Provided and Profitability
The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of each Fund to the Adviser for calendar years 2023 and 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the

 <br> *142* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
profitability information reflected all revenues and expenses of the Adviser's relationships with the Funds, including those relating to its subsidiaries that provide transfer agency and distribution services to the Funds. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser's relationships with the Funds before taxes and distribution expenses. The directors concluded that the Adviser's level of profitability from its relationship with each Fund was not unreasonable.

#### Fall-Out Benefits
The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Funds and the money market fund advised by the Adviser in which Emerging Markets Portfolio invests, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Funds' principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Funds' shares, as applicable, and transfer agency fees paid by the Funds to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser's profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Funds.

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Private Client Class shares of each Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Private Client Class shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2025. The directors discussed with the Adviser the reasons for Diversified Municipal Portfolio's underperformance in certain of the more recent periods reviewed. Based on their review, the directors concluded that the investment performance for each Fund was acceptable.

#### Advisory Fees and Other Expenses
The directors considered the advisory fee rate payable by each Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as such Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared each Fund's contractual effective advisory fee rate with a peer group median and noted that it was lower than the median for each of Emerging Markets Portfolio, California Municipal Portfolio and New York Municipal Portfolio, and equal to the median for Diversified Municipal Portfolio. The directors noted that for Intermediate Duration Portfolio, the Fund's pro forma contractual effective fee (pertaining to the Adviser's proposal to implement effective November 7, 2025, an advisory fee waiver to effectively reduce the Fund's advisory fee from 0.43% to 0.28%) was lower than the median.

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

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Funds relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, each Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory

 <br> *2025 Annual Report* *143*

------

##### [**Table of Contents**](#toc)
Board Consideration of Investment Management Arrangement (continued)

restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Funds, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of each Fund's advisory fee, the directors also considered the total expense ratio of the Private Client Class shares of each Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The expense ratio of each Fund was based on the Fund's latest fiscal year. The information provided for Emerging Markets Portfolio included a pro forma expense ratio for the Fund's latest fiscal year adjusted to reflect the Adviser's proposal to waive a portion of the shareholder servicing fee charged to the Fund's Private Client Class to effectively reduce such fee from 0.25% to 0.105%. The information provided for Intermediate Duration Portfolio included a pro forma expense ratio for the Fund's latest fiscal year adjusted to reflect the Adviser's proposal to implement an advisory fee waiver to reduce the Fund's advisory fee from 0.43% to 0.28% and to implement an expense cap of 0.28%. The directors noted that it was likely that the expense ratios of some of the other funds in each Fund's category were lowered by waivers or reimbursements by those funds' investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser's services because the Adviser is responsible for coordinating services provided to the Funds by others. The directors noted that for California Municipal Portfolio and New York Municipal Portfolio, the expense ratio was below the medians, and that for Emerging Markets Portfolio and Intermediate Duration Portfolio, the pro forma expense ratio was below the medians. They noted that the expense ratio for Diversified Municipal Portfolio was above the medians and discussed the Adviser's explanations of the reasons for this. Based on their review, the directors concluded that the expense ratio for each Fund was acceptable.

#### Economies of Scale
The directors noted that the advisory fee schedule for each Fund contains breakpoints that reduce the fee rates on assets above specified levels and that the net assets of each of New York Municipal Portfolio, California Municipal Portfolio, Diversified Municipal Portfolio and Intermediate Duration Portfolio were above the first breakpoint level. Accordingly, each such Fund's current effective advisory fee rate reflected a reduction due to the breakpoint and would be further reduced to the extent the net assets of the Fund increase. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund's adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund's operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that in the case of New York Municipal Portfolio, California Municipal Portfolio, Diversified Municipal Portfolio and Intermediate Duration Portfolio, the Funds' breakpoint arrangements were acceptable and provide a means for sharing any economies of scale, and in the case of Emerging Markets Portfolio, the Fund's shareholders would benefit from a sharing of economies of scale in the event the Fund's net assets exceed a breakpoint in the future.

 <br> *144* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
![LOGO](g904720g31t33.jpg)

#### Distributor
SANFORD C. BERNSTEIN FUND, INC.

66 HUDSON BOULEVARD EAST, NEW YORK, NY 10001

(212) 756-4097

SCBI-1947-0925

------

##### [**Table of Contents**](#toc)
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, 2025

------

##### [**Table of Contents**](#toc)
**Table of Contents**

---

| | |
|:---|:---|
|  [Schedule of Investments](#toc904701_6) | 1 |
|  [Statement of Assets and Liabilities](#toc904701_7) | 53 |
|  [Statement of Operations](#toc904701_8) | 57 |
|  [Statement of Changes in Net Assets](#toc904701_9) | 59 |
|  [Financial Highlights](#toc904701_10) | 62 |
|  [Notes to Financial Statements](#toc904701_11) | 72 |
|  [Other](#toc904701_12) | 111 |

---

**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** 

------

##### [**Table of Contents**](#toc)
Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

#### Overlay A Portfolio
September 30, 2025

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| COMMON STOCKS–56.9% | COMMON STOCKS–56.9% | COMMON STOCKS–56.9% |
| Information Technology–18.4% | Information Technology–18.4% | Information Technology–18.4% |
| **Communications Equipment–0.4%** | **Communications Equipment–0.4%** | **Communications Equipment–0.4%** |
|  Calix, Inc.(a) | 1480 | $90828 |
|  F5, Inc.(a) | 324 | 104713 |
|  Lumentum Holdings, Inc.(a) | 715 | 116338 |
|  Motorola Solutions, Inc. | 3504 | 1602344 |
|  |  | 1914223 |
| **Electronic Equipment, Instruments & Components–0.2%** | **Electronic Equipment, Instruments & Components–0.2%** | **Electronic Equipment, Instruments & Components–0.2%** |
|  Avnet, Inc. | 1689 | 88301 |
|  Celestica, Inc.(a) | 328 | 80813 |
|  Coherent Corp.(a) | 921 | 99210 |
|  Crane NXT Co. | 1750 | 117372 |
|  IPG Photonics Corp.(a) | 1430 | 113242 |
|  TD SYNNEX Corp. | 800 | 131000 |
|  |  | 629938 |
| **IT Services–0.0%** | **IT Services–0.0%** | **IT Services–0.0%** |
|  Globant SA(a) | 1090 | 62544 |
|  MongoDB, Inc.(a) | 384 | 119186 |
|  |  | 181730 |
| **Semiconductors & Semiconductor Equipment–8.3%** | **Semiconductors & Semiconductor Equipment–8.3%** | **Semiconductors & Semiconductor Equipment–8.3%** |
|  Applied Materials, Inc. | 15631 | 3200291 |
|  Broadcom, Inc. | 23385 | 7714945 |
|  Credo Technology Group Holding Ltd.(a) | 1046 | 152308 |
|  FormFactor, Inc.(a) | 2135 | 77757 |
|  MACOM Technology Solutions Holdings, Inc.(a) | 1016 | 126482 |
|  NVIDIA Corp. | 100750 | 18797935 |
|  NXP Semiconductors NV | 10376 | 2362926 |
|  ON Semiconductor Corp.(a) | 1890 | 93196 |
|  Rambus, Inc.(a) | 1086 | 113161 |
|  Semtech Corp.(a) | 2340 | 167193 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR) | 12671 | 3538884 |
|  Teradyne, Inc. | 893 | 122913 |
|  |  | 36467991 |
| **Software–7.1%** | **Software–7.1%** | **Software–7.1%** |
|  ACI Worldwide, Inc.(a) | 2290 | 120843 |
|  CyberArk Software Ltd.(a) | 190 | 91799 |
|  Guidewire Software, Inc.(a) | 790 | 181590 |
|  HubSpot, Inc.(a) | 2826 | 1322003 |
|  Intuit, Inc. | 4396 | 3002072 |
|  Klaviyo, Inc.–Class A(a) | 3712 | 102785 |
|  Microsoft Corp.(b) | 37524 | 19435556 |
|  Monday.com Ltd.(a) | 302 | 58494 |
|  Nice Ltd. (Sponsored ADR)(a) | 550 | 79629 |
|  Nutanix, Inc.–Class A(a) | 1720 | 127951 |
|  Oracle Corp. | 17087 | 4805548 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Procore Technologies, Inc.(a) | 1999 | $| 145767 |
|  SailPoint, Inc.(a)(c) | 4442 |  | 98079 |
|  Samsara, Inc.–Class A(a) | 2305 |  | 85861 |
|  ServiceNow, Inc.(a) | 1689 |  | 1554353 |
|  |  |  | 31212330 |
| **Technology Hardware, Storage & Peripherals–2.4%** | **Technology Hardware, Storage & Peripherals–2.4%** | **Technology Hardware, Storage & Peripherals–2.4%** | **Technology Hardware, Storage & Peripherals–2.4%** |
|  Apple, Inc.(b) | 40450 |  | 10299783 |
|  |  |  | 80705995 |
| Financials–8.6% | Financials–8.6% | Financials–8.6% | Financials–8.6% |
| **Banks–2.1%** | **Banks–2.1%** | **Banks–2.1%** | **Banks–2.1%** |
|  Bank of America Corp. | 66725 |  | 3442343 |
|  Comerica, Inc. | 1309 |  | 89693 |
|  First BanCorp/Puerto Rico | 4186 |  | 92301 |
|  First Citizens BancShares, Inc./NC–Class A | 73 |  | 130609 |
|  First Hawaiian, Inc. | 3171 |  | 78736 |
|  Flagstar Financial, Inc. | 5360 |  | 61908 |
|  Independent Bank Corp. | 1520 |  | 105138 |
|  Texas Capital Bancshares, Inc.(a) | 1015 |  | 85798 |
|  UMB Financial Corp. | 1200 |  | 142020 |
|  Webster Financial Corp. | 1638 |  | 97363 |
|  Wells Fargo & Co. | 53764 |  | 4506498 |
|  Wintrust Financial Corp. | 840 |  | 111249 |
|  |  |  | 8943656 |
| **Capital Markets–2.8%** | **Capital Markets–2.8%** | **Capital Markets–2.8%** | **Capital Markets–2.8%** |
|  Cboe Global Markets, Inc. | 230 |  | 56407 |
|  Charles Schwab Corp. (The) | 51651 |  | 4931121 |
|  Goldman Sachs Group, Inc. (The) | 5532 |  | 4405408 |
|  Invesco Ltd. | 5866 |  | 134566 |
|  PJT Partners, Inc.–Class A | 683 |  | 121390 |
|  S&P Global, Inc. | 4963 |  | 2415542 |
|  Stifel Financial Corp. | 1914 |  | 217182 |
|  TPG, Inc. | 1965 |  | 112889 |
|  |  |  | 12394505 |
| **Consumer Finance–0.5%** | **Consumer Finance–0.5%** | **Consumer Finance–0.5%** | **Consumer Finance–0.5%** |
|  Capital One Financial Corp. | 10144 |  | 2156412 |
|  Figure Technology Solutions, Inc.–Class A(a) | 1485 |  | 54009 |
|  FirstCash Holdings, Inc. | 383 |  | 60675 |
|  |  |  | 2271096 |
| **Financial Services–2.1%** | **Financial Services–2.1%** | **Financial Services–2.1%** | **Financial Services–2.1%** |
|  Affirm Holdings, Inc.(a) | 1562 |  | 114151 |
|  Chime Financial, Inc.–Class A(a) | 2485 |  | 50122 |
|  Fiserv, Inc.(a) | 9420 |  | 1214521 |
|  HA Sustainable Infrastructure Capital, Inc. | 4010 |  | 123107 |
|  NCR Atleos Corp.(a) | 3310 |  | 130116 |
|  Visa, Inc.–Class A | 22076 |  | 7536305 |
|  Walker & Dunlop, Inc. | 1112 |  | 92985 |
|  |  |  | 9261307 |
| **Insurance–1.1%** | **Insurance–1.1%** | **Insurance–1.1%** | **Insurance–1.1%** |
|  Accelerant Holdings–Class A(a) | 2189 |  | 32594 |

---

 <br> *2025 Annual Report* *1*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  American Financial Group, Inc./OH | 1037 | $| 151112 |
|  Hanover Insurance Group, Inc. (The) | 897 |  | 162922 |
|  Kinsale Capital Group, Inc. | 248 |  | 105464 |
|  Progressive Corp. (The) | 7368 |  | 1819528 |
|  Willis Towers Watson PLC | 6806 |  | 2351133 |
|  |  |  | 4622753 |
|  |  |  | 37493317 |
| Communication Services–6.6% | Communication Services–6.6% | Communication Services–6.6% | Communication Services–6.6% |
| **Diversified Telecommunication Services–0.2%** | **Diversified Telecommunication Services–0.2%** | **Diversified Telecommunication Services–0.2%** | **Diversified Telecommunication Services–0.2%** |
|  Comcast Corp.–Class A | 30113 |  | 946150 |
| **Entertainment–1.0%** | **Entertainment–1.0%** | **Entertainment–1.0%** | **Entertainment–1.0%** |
|  TKO Group Holdings, Inc. | 641 |  | 129456 |
|  Walt Disney Co. (The) | 36616 |  | 4192532 |
|  |  |  | 4321988 |
| **Interactive Media & Services–4.8%** | **Interactive Media & Services–4.8%** | **Interactive Media & Services–4.8%** | **Interactive Media & Services–4.8%** |
|  Alphabet, Inc.–Class C(b) | 48515 |  | 11815828 |
|  Meta Platforms, Inc.–Class A | 12289 |  | 9024796 |
|  Reddit, Inc.–Class A(a) | 409 |  | 94066 |
|  |  |  | 20934690 |
| **Media–0.0%** | **Media–0.0%** | **Media–0.0%** | **Media–0.0%** |
|  Criteo SA (Sponsored ADR)(a) | 3416 |  | 77202 |
|  Nexstar Media Group, Inc. | 681 |  | 134661 |
|  |  |  | 211863 |
| **Wireless Telecommunication Services–0.6%** | **Wireless Telecommunication Services–0.6%** | **Wireless Telecommunication Services–0.6%** | **Wireless Telecommunication Services–0.6%** |
|  T-Mobile US, Inc. | 10303 |  | 2466332 |
|  |  |  | 28881023 |
| Industrials–6.0% | Industrials–6.0% | Industrials–6.0% | Industrials–6.0% |
| **Aerospace & Defense–1.1%** | **Aerospace & Defense–1.1%** | **Aerospace & Defense–1.1%** | **Aerospace & Defense–1.1%** |
|  Curtiss-Wright Corp. | 215 |  | 116732 |
|  Hexcel Corp. | 20639 |  | 1294065 |
|  Kratos Defense & Security Solutions, Inc.(a) | 2087 |  | 190689 |
|  Loar Holdings, Inc.(a) | 1292 |  | 103360 |
|  Rocket Lab Corp.(a) | 3204 |  | 153504 |
|  RTX Corp. | 17832 |  | 2983828 |
|  StandardAero, Inc.(a) | 3409 |  | 93032 |
|  |  |  | 4935210 |
| **Air Freight & Logistics–0.1%** | **Air Freight & Logistics–0.1%** | **Air Freight & Logistics–0.1%** | **Air Freight & Logistics–0.1%** |
|  CH Robinson Worldwide, Inc. | 1055 |  | 139682 |
|  GXO Logistics, Inc.(a) | 2320 |  | 122705 |
|  |  |  | 262387 |
| **Building Products–0.5%** | **Building Products–0.5%** | **Building Products–0.5%** | **Building Products–0.5%** |
|  Armstrong World Industries, Inc. | 681 |  | 133483 |
|  Gibraltar Industries, Inc.(a) | 501 |  | 31463 |
|  Otis Worldwide Corp. | 21501 |  | 1965836 |
|  Zurn Elkay Water Solutions Corp.–Class C | 2275 |  | 106993 |
|  |  |  | 2237775 |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Commercial Services & Supplies–0.5%** | **Commercial Services & Supplies–0.5%** | **Commercial Services & Supplies–0.5%** |
|  MillerKnoll, Inc. | 5177 | $91840 |
|  Veralto Corp. | 19526 | 2081667 |
|  |  | 2173507 |
| **Construction & Engineering–0.1%** | **Construction & Engineering–0.1%** | **Construction & Engineering–0.1%** |
|  Comfort Systems USA, Inc. | 282 | 232701 |
|  Fluor Corp.(a) | 2920 | 122845 |
|  Granite Construction, Inc. | 1279 | 140242 |
|  WillScot Holdings Corp. | 3655 | 77157 |
|  |  | 572945 |
| **Electrical Equipment–1.5%** | **Electrical Equipment–1.5%** | **Electrical Equipment–1.5%** |
|  BWX Technologies, Inc. | 763 | 140675 |
|  Eaton Corp. PLC | 9697 | 3629102 |
|  GE Vernova, Inc. | 4507 | 2771354 |
|  Regal Rexnord Corp. | 870 | 124793 |
|  |  | 6665924 |
| **Ground Transportation–0.7%** | **Ground Transportation–0.7%** | **Ground Transportation–0.7%** |
|  ArcBest Corp. | 1485 | 103757 |
|  CSX Corp. | 81400 | 2890514 |
|  |  | 2994271 |
| **Machinery–0.6%** | **Machinery–0.6%** | **Machinery–0.6%** |
|  CNH Industrial NV | 8110 | 87993 |
|  Crane Co. | 584 | 107538 |
|  Deere & Co. | 4181 | 1911804 |
|  ITT, Inc. | 644 | 115121 |
|  JBT Marel Corp. | 855 | 120085 |
|  Oshkosh Corp. | 1050 | 136185 |
|  Pentair PLC | 1330 | 147311 |
|  |  | 2626037 |
| **Marine Transportation–0.1%** | **Marine Transportation–0.1%** | **Marine Transportation–0.1%** |
|  Kirby Corp.(a) | 1370 | 114326 |
|  Star Bulk Carriers Corp. | 5730 | 106521 |
|  |  | 220847 |
| **Professional Services–0.3%** | **Professional Services–0.3%** | **Professional Services–0.3%** |
|  Booz Allen Hamilton Holding Corp. | 10977 | 1097151 |
|  CACI International, Inc.–Class A(a) | 287 | 143150 |
|  First Advantage Corp.(a) | 6460 | 99419 |
|  FTI Consulting, Inc.(a) | 558 | 90201 |
|  |  | 1429921 |
| **Trading Companies & Distributors–0.5%** | **Trading Companies & Distributors–0.5%** | **Trading Companies & Distributors–0.5%** |
|  Applied Industrial Technologies, Inc. | 425 | 110946 |
|  Core & Main, Inc.–Class A(a) | 2120 | 114120 |
|  GATX Corp. | 680 | 118864 |
|  Herc Holdings, Inc. | 472 | 55063 |
|  United Rentals, Inc. | 1812 | 1729844 |
|  |  | 2128837 |
|  |  | 26247661 |
| Health Care–5.6% | Health Care–5.6% | Health Care–5.6% |
| **Biotechnology–0.7%** | **Biotechnology–0.7%** | **Biotechnology–0.7%** |
|  Akero Therapeutics, Inc.(a) | 1053 | 49997 |

---

 <br> *2* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Apogee Therapeutics, Inc.(a) | 935 | $| 37148 |
|  ARS Pharmaceuticals, Inc.(a)(c) | 1547 |  | 15547 |
|  Ascendis Pharma A/S (ADR)(a) | 240 |  | 47714 |
|  Bridgebio Pharma, Inc.(a) | 1344 |  | 69807 |
|  CG oncology, Inc.(a) | 1313 |  | 52888 |
|  Denali Therapeutics, Inc.(a) | 2276 |  | 33048 |
|  Halozyme Therapeutics, Inc.(a) | 1027 |  | 75320 |
|  Insmed, Inc.(a) | 933 |  | 134361 |
|  Legend Biotech Corp. (ADR)(a) | 1118 |  | 36458 |
|  Merus NV(a) | 580 |  | 54607 |
|  Natera, Inc.(a) | 486 |  | 78231 |
|  Neurocrine Biosciences, Inc.(a) | 717 |  | 100653 |
|  Newamsterdam Pharma Co. NV(a) | 1470 |  | 41807 |
|  Rhythm Pharmaceuticals, Inc.(a) | 595 |  | 60089 |
|  Vertex Pharmaceuticals, Inc.(a) | 5422 |  | 2123472 |
|  Xenon Pharmaceuticals, Inc.(a) | 1034 |  | 41515 |
|  |  |  | 3052662 |
| **Health Care Equipment & Supplies–1.1%** | **Health Care Equipment & Supplies–1.1%** | **Health Care Equipment & Supplies–1.1%** | **Health Care Equipment & Supplies–1.1%** |
|  AtriCure, Inc.(a) | 2411 |  | 84988 |
|  Envista Holdings Corp.(a) | 6030 |  | 122831 |
|  Glaukos Corp.(a) | 1141 |  | 93049 |
|  Globus Medical, Inc.–Class A(a) | 2050 |  | 117403 |
|  Integer Holdings Corp.(a) | 1260 |  | 130196 |
|  Medtronic PLC | 26896 |  | 2561575 |
|  Stryker Corp. | 4015 |  | 1484225 |
|  |  |  | 4594267 |
| **Health Care Providers & Services–1.4%** | **Health Care Providers & Services–1.4%** | **Health Care Providers & Services–1.4%** | **Health Care Providers & Services–1.4%** |
|  BrightSpring Health Services, Inc.(a) | 3409 |  | 100770 |
|  Encompass Health Corp. | 2130 |  | 270553 |
|  Labcorp Holdings, Inc. | 6633 |  | 1904069 |
|  PROCEPT BioRobotics Corp.(a) | 2296 |  | 81944 |
|  Tenet Healthcare Corp.(a) | 861 |  | 174818 |
|  UnitedHealth Group, Inc. | 10401 |  | 3591465 |
|  |  |  | 6123619 |
| **Health Care Technology–0.0%** | **Health Care Technology–0.0%** | **Health Care Technology–0.0%** | **Health Care Technology–0.0%** |
|  Waystar Holding Corp.(a) | 2247 |  | 85206 |
| **Life Sciences Tools & Services–1.4%** | **Life Sciences Tools & Services–1.4%** | **Life Sciences Tools & Services–1.4%** | **Life Sciences Tools & Services–1.4%** |
|  Bio-Techne Corp. | 763 |  | 42446 |
|  ICON PLC(a) | 812 |  | 142100 |
|  IQVIA Holdings, Inc.(a) | 14018 |  | 2662579 |
|  Repligen Corp.(a) | 756 |  | 101054 |
|  Thermo Fisher Scientific, Inc. | 6791 |  | 3293771 |
|  |  |  | 6241950 |
| **Pharmaceuticals–1.0%** | **Pharmaceuticals–1.0%** | **Pharmaceuticals–1.0%** | **Pharmaceuticals–1.0%** |
|  Eli Lilly & Co. | 1863 |  | 1421469 |
|  Merck & Co., Inc. | 15292 |  | 1283457 |
|  Ocular Therapeutix, Inc.(a) | 2285 |  | 26712 |
|  Roche Holding AG (Sponsored ADR) | 36205 |  | 1513731 |
|  |  |  | 4245369 |
|  |  |  | 24343073 |
| Consumer Discretionary–4.9% | Consumer Discretionary–4.9% | Consumer Discretionary–4.9% | Consumer Discretionary–4.9% |
| **Automobile Components–0.0%** | **Automobile Components–0.0%** | **Automobile Components–0.0%** | **Automobile Components–0.0%** |
|  BorgWarner, Inc. | 3165 |  | 139133 |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Broadline Retail–2.3%** | **Broadline Retail–2.3%** | **Broadline Retail–2.3%** |
|  Amazon.com, Inc.(a) | 45235 | $9932249 |
|  Ollie's Bargain Outlet Holdings, Inc.(a) | 782 | 100409 |
|  |  | 10032658 |
| **Diversified Consumer Services–0.1%** | **Diversified Consumer Services–0.1%** | **Diversified Consumer Services–0.1%** |
|  ADT, Inc. | 15946 | 138889 |
|  Duolingo, Inc.(a) | 420 | 135173 |
|  Laureate Education, Inc.(a) | 5180 | 163377 |
|  Stubhub Holdings, Inc.–Class A(a)(c) | 3133 | 52760 |
|  |  | 490199 |
| **Hotels, Restaurants & Leisure–0.3%** | **Hotels, Restaurants & Leisure–0.3%** | **Hotels, Restaurants & Leisure–0.3%** |
|  Cracker Barrel Old Country Store, Inc.(c) | 1270 | 55956 |
|  DraftKings, Inc.–Class A(a) | 2351 | 87928 |
|  Hyatt Hotels Corp.–Class A | 6263 | 888908 |
|  Viking Holdings Ltd.(a) | 1600 | 99456 |
|  Wingstop, Inc. | 374 | 94128 |
|  |  | 1226376 |
| **Household Durables–0.1%** | **Household Durables–0.1%** | **Household Durables–0.1%** |
|  Champion Homes, Inc.(a) | 1160 | 88589 |
|  SharkNinja, Inc.(a) | 1082 | 111609 |
|  Taylor Morrison Home Corp.(a) | 1030 | 67990 |
|  |  | 268188 |
| **Leisure Products–0.0%** | **Leisure Products–0.0%** | **Leisure Products–0.0%** |
|  Brunswick Corp./DE | 1780 | 112567 |
| **Specialty Retail–2.0%** | **Specialty Retail–2.0%** | **Specialty Retail–2.0%** |
|  AutoNation, Inc.(a) | 330 | 72194 |
|  AutoZone, Inc.(a) | 734 | 3149036 |
|  Bath & Body Works, Inc. | 4597 | 118419 |
|  Burlington Stores, Inc.(a) | 379 | 96456 |
|  Group 1 Automotive, Inc. | 161 | 70439 |
|  Home Depot, Inc. (The) | 7537 | 3053917 |
|  Murphy USA, Inc. | 223 | 86582 |
|  RH(a) | 425 | 86343 |
|  TJX Cos., Inc. (The) | 15898 | 2297897 |
|  |  | 9031283 |
| **Textiles, Apparel & Luxury Goods–0.1%** | **Textiles, Apparel & Luxury Goods–0.1%** | **Textiles, Apparel & Luxury Goods–0.1%** |
|  Amer Sports, Inc.(a) | 2848 | 98968 |
|  Birkenstock Holding PLC(a) | 2022 | 91495 |
|  On Holding AG–Class A(a) | 2293 | 97109 |
|  |  | 287572 |
|  |  | 21587976 |
| Consumer Staples–2.5% | Consumer Staples–2.5% | Consumer Staples–2.5% |
| **Beverages–0.7%** | **Beverages–0.7%** | **Beverages–0.7%** |
|  Celsius Holdings, Inc.(a) | 2647 | 152176 |
|  Coca-Cola Co. (The) | 43392 | 2877758 |
|  |  | 3029934 |
| **Consumer Staples Distribution & Retail–1.8%** | **Consumer Staples Distribution & Retail–1.8%** | **Consumer Staples Distribution & Retail–1.8%** |
|  BJ's Wholesale Club Holdings, Inc.(a) | 1790 | 166918 |
|  Costco Wholesale Corp. | 1468 | 1358825 |
|  Dollar Tree, Inc.(a) | 20365 | 1921845 |
|  Walmart, Inc. | 41874 | 4315534 |
|  |  | 7763122 |

---

 <br> *2025 Annual Report* *3*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Food Products–0.0%** | **Food Products–0.0%** | **Food Products–0.0%** |
|  Nomad Foods Ltd. | 7516 | $98835 |
| **Household Products–0.0%** | **Household Products–0.0%** | **Household Products–0.0%** |
|  WD-40 Co. | 518 | 102357 |
|  |  | 10994248 |
| Energy–1.2% | Energy–1.2% | Energy–1.2% |
| **Energy Equipment & Services–0.5%** | **Energy Equipment & Services–0.5%** | **Energy Equipment & Services–0.5%** |
|  Baker Hughes Co. | 40309 | 1963854 |
|  TechnipFMC PLC | 5508 | 217291 |
|  |  | 2181145 |
| **Oil, Gas & Consumable Fuels–0.7%** | **Oil, Gas & Consumable Fuels–0.7%** | **Oil, Gas & Consumable Fuels–0.7%** |
|  EOG Resources, Inc. | 26280 | 2946514 |
|  HF Sinclair Corp. | 995 | 52078 |
|  Magnolia Oil & Gas Corp.–Class A | 4350 | 103834 |
|  Matador Resources Co. | 2316 | 104058 |
|  Northern Oil & Gas, Inc. | 2960 | 73408 |
|  |  | 3279892 |
|  |  | 5461037 |
| Materials–1.1% | Materials–1.1% | Materials–1.1% |
| **Chemicals–1.0%** | **Chemicals–1.0%** | **Chemicals–1.0%** |
|  Avient Corp. | 3070 | 101157 |
|  Corteva, Inc. | 30569 | 2067381 |
|  Linde PLC | 4576 | 2173600 |
|  RPM International, Inc. | 1261 | 148647 |
|  |  | 4490785 |
| **Containers & Packaging–0.1%** | **Containers & Packaging–0.1%** | **Containers & Packaging–0.1%** |
|  Graphic Packaging Holding Co. | 6460 | 126422 |
|  O-I Glass, Inc.(a) | 7540 | 97794 |
|  |  | 224216 |
| **Metals & Mining–0.0%** | **Metals & Mining–0.0%** | **Metals & Mining–0.0%** |
|  Reliance, Inc. | 565 | 158669 |
|  |  | 4873670 |
| Utilities–1.1% | Utilities–1.1% | Utilities–1.1% |
| **Electric Utilities–0.7%** | **Electric Utilities–0.7%** | **Electric Utilities–0.7%** |
|  American Electric Power Co., Inc. | 23446 | 2637675 |
|  IDACORP, Inc. | 1341 | 177213 |
|  NRG Energy, Inc. | 674 | 109155 |
|  |  | 2924043 |
| **Gas Utilities–0.0%** | **Gas Utilities–0.0%** | **Gas Utilities–0.0%** |
|  Chesapeake Utilities Corp. | 476 | 64112 |
|  ONE Gas, Inc. | 1390 | 112507 |
|  |  | 176619 |
| **Multi-Utilities–0.4%** | **Multi-Utilities–0.4%** | **Multi-Utilities–0.4%** |
|  Ameren Corp. | 16001 | 1670184 |
|  |  | 4770846 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **Shares** | **U.S. $ Value** |
| Real Estate–0.9% | Real Estate–0.9% | Real Estate–0.9% | Real Estate–0.9% |
| **Diversified REITs–0.0%** | **Diversified REITs–0.0%** | **Diversified REITs–0.0%** | **Diversified REITs–0.0%** |
|  Broadstone Net Lease, Inc. |  | 3420 | $61115 |
| **Health Care REITs–0.0%** | **Health Care REITs–0.0%** | **Health Care REITs–0.0%** | **Health Care REITs–0.0%** |
|  American Healthcare REIT, Inc. |  | 3230 | 135692 |
| **Hotel & Resort REITs–0.0%** | **Hotel & Resort REITs–0.0%** | **Hotel & Resort REITs–0.0%** | **Hotel & Resort REITs–0.0%** |
|  Ryman Hospitality Properties, Inc. |  | 666 | 59667 |
| **Industrial REITs–0.4%** | **Industrial REITs–0.4%** | **Industrial REITs–0.4%** | **Industrial REITs–0.4%** |
|  Prologis, Inc. |  | 14365 | 1645080 |
|  STAG Industrial, Inc. |  | 2680 | 94577 |
|  |  |  | 1739657 |
| **Office REITs–0.0%** | **Office REITs–0.0%** | **Office REITs–0.0%** | **Office REITs–0.0%** |
|  COPT Defense Properties |  | 4690 | 136291 |
| **Real Estate Management & Development–0.1%** | **Real Estate Management & Development–0.1%** | **Real Estate Management & Development–0.1%** | **Real Estate Management & Development–0.1%** |
|  Jones Lang LaSalle, Inc.(a) |  | 560 | 167037 |
| **Residential REITs–0.0%** | **Residential REITs–0.0%** | **Residential REITs–0.0%** | **Residential REITs–0.0%** |
|  Independence Realty Trust, Inc. |  | 6940 | 113747 |
| **Specialized REITs–0.4%** | **Specialized REITs–0.4%** | **Specialized REITs–0.4%** | **Specialized REITs–0.4%** |
|  CubeSmart |  | 1409 | 57290 |
|  Digital Realty Trust, Inc. |  | 9679 | 1673306 |
|  |  |  | 1730596 |
|  |  |  | 4143802 |
| Total Common Stocks <br>(cost $122,212,906) |  |  | 249502648 |
| INVESTMENT COMPANIES–36.3% | INVESTMENT COMPANIES–36.3% | INVESTMENT COMPANIES–36.3% | INVESTMENT COMPANIES–36.3% |
| **Funds and Investment Trusts–36.3%(d)(e)** | **Funds and Investment Trusts–36.3%(d)(e)** | **Funds and Investment Trusts–36.3%(d)(e)** | **Funds and Investment Trusts–36.3%(d)(e)** |
|  AB Bond Fund, Inc.–AB All Market Real Return Portfolio–Class Z |  | 3008343 | 31106265 |
|  Bernstein Fund, Inc.–International Small Cap Portfolio–Class Z |  | 1021540 | 15609136 |
|  Bernstein Fund, Inc.–International Strategic Equities Portfolio–Class Z |  | 5416536 | 92081104 |
|  Bernstein Fund, Inc.–Small Cap Core Portfolio–Class Z |  | 969814 | 12403921 |
|  Sanford C. Bernstein Fund, Inc.–Emerging Markets Portfolio–Class Z |  | 237185 | 7964674 |
| Total Investment Companies<br>(cost $103,722,657) |  |  | 159165100 |
|  | **Notional Amount** | **Notional Amount** |  |
| PURCHASED OPTIONS—PUTS–2.1% | PURCHASED OPTIONS—PUTS–2.1% | PURCHASED OPTIONS—PUTS–2.1% | PURCHASED OPTIONS—PUTS–2.1% |
| **Options on Equity Indices–2.1%** |  |  |  |
|  Euro STOXX 50 Price EUR Index<br>Expiration: Sep 2026;<br>Contracts: 7,510;<br>Exercise Price: EUR 4,500.00;<br>Counterparty: UBS AG(a) | EUR | 33795000 | 846386 |

---

 <br> *4* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Notional Amount** | **Notional Amount** | **U.S. $ Value** |
|  FTSE 100 Index<br>Expiration: Sep 2026;<br>Contracts: 1,640;<br>Exercise Price: GBP 8,000.00;<br>Counterparty: UBS AG(a) | GBP | 13120000 | $238953 |
|  Nikkei 225 Index<br>Expiration: Sep 2026;<br>Contracts: 100,000;<br>Exercise Price: JPY 36,500.00;<br>Counterparty: UBS AG(a) | JPY | 3650000000 | 722807 |
|  S&P 500 Index<br>Expiration: Sep 2026;<br>Contracts: 60,400;<br>Exercise Price: USD 5,500.00;<br>Counterparty: UBS AG(a) | USD | 332200000 | 7544278 |
| Total Purchased Options—Puts<br>(premiums paid $9,945,455) |  |  | 9352424 |
|  | **Shares** | **Shares** |  |
| SHORT-TERM INVESTMENTS–6.2% | SHORT-TERM INVESTMENTS–6.2% | SHORT-TERM INVESTMENTS–6.2% |  |
| **Investment Companies–6.2%** |  |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 3.97%(d)(e)(f)<br>(cost $26,939,182) |  | &nbsp;&nbsp;&nbsp;&nbsp;26939182 | 26939182 |
| Total Investments Before Security Lending Collateral for Securities Loaned–101.5%<br>(cost $262,820,200) |  |  | 444959354 |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.0% | INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.0% | INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.0% |
| **Investment Companies–0.0%** |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 3.97%(d)(e)(f)<br>(cost $165,511) | 165511 | $165511 |
| **Total Investments—101.5%**<br>(cost $262,985,711) |  | 445124865 |
|  Other assets less liabilities—(1.5)% |  | (6571171) |
| **Net Assets—100.0%** |  | $**438553694** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| FUTURES (see Note 3) |  |  |  |  |
| **Description** | **Number of**<br> **Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Purchased Contracts** |  |  |  |  |
|  Canadian 10 Yr Bond Futures | 438 | December 2025 | $38540979 | $789760 |
|  Euro Buxl 30 Yr Bond Futures | 7 | December 2025 | 940837 | 25701 |
|  Euro STOXX 50 Index Futures | 92 | December 2025 | 5984982 | 54300 |
|  Euro-BOBL Futures | 34 | December 2025 | 4702707 | 2274 |
|  Euro-Bund Futures | 29 | December 2025 | 4377483 | 27125 |
|  FTSE 100 Index Futures | 63 | December 2025 | 7970849 | 59614 |
|  Nikkei 225 (OSE) Futures | 16 | December 2025 | 4867566 | 133297 |
|  S&P 500 E-Mini Futures | 203 | December 2025 | 68398312 | 867436 |
|  U.S. T-Note 2 Yr (CBT) Futures | 226 | December 2025 | 47098047 | (13514) |
|  U.S. T-Note 10 Yr (CBT) Futures | 448 | December 2025 | 50400000 | 163274 |
|  U.S. Ultra Bond (CBT) Futures | 111 | December 2025 | 13326938 | 338944 |
| **Sold Contracts** |  |  |  |  |
|  Australian 10 Yr Bond Futures | 177 | December 2025 | 13275846 | 45158 |
|  E-Mini Russell 2000 Index Futures | 45 | December 2025 | 5524875 | (87927) |
|  Hang Seng Index Futures | 1 | October 2025 | 172913 | (2988) |

---

 <br> *2025 Annual Report* *5*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Japan 10 Yr Bond (OSE) Futures | 29 | December 2025 | $26628191 | $176499 |
|  Long Gilt Futures | 99 | December 2025 | 12094896 | (159885) |
|  MSCI Emerging Markets Index Futures | 19 | December 2025 | 1291715 | (13245) |
|  MSCI Singapore ETS Index Futures | 2 | October 2025 | 69359 | (32) |
|  OMXS 30 Index Futures | 12 | October 2025 | 339692 | (3952) |
|  S&P/TSX 60 Index Futures | 14 | December 2025 | 3566746 | (21353) |
|  SPI 200 Futures | 6 | December 2025 | 880690 | 1066 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;2381552 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) |
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For**<br> (000) | **In Exchange<br>For**<br> (000) | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Bank of America NA | GBP | 13608 | USD | 18600 | 12/05/2025 | $296113 |
|  Barclays Capital, Inc. | USD | 4411 | SEK | 41398 | 11/20/2025 | (29) |
|  Barclays Capital, Inc. | CHF | 8856 | USD | 11252 | 11/21/2025 | 62183 |
|  BNP Paribas SA | CAD | 14573 | USD | 10569 | 11/14/2025 | 76128 |
|  Citibank NA | CAD | 1762 | USD | 1277 | 11/14/2025 | 8304 |
|  Goldman Sachs Bank USA | USD | 4440 | EUR | 3771 | 11/21/2025 | 1112 |
|  HSBC Bank USA | JPY | 674334 | USD | 4560 | 10/30/2025 | (12887) |
|  HSBC Bank USA | USD | 4683 | SEK | 44098 | 11/20/2025 | 15996 |
|  JPMorgan Chase Bank | USD | 10020 | JPY | 1475725 | 10/30/2025 | (11875) |
|  JPMorgan Chase Bank | AUD | 1130 | USD | 746 | 11/07/2025 | (1693) |
|  Morgan Stanley & Co., Inc. | JPY | 73476 | USD | 502 | 10/30/2025 | 3404 |
|  Morgan Stanley & Co., Inc. | USD | 9328 | JPY | 1365795 | 10/30/2025 | (65282) |
|  Morgan Stanley & Co., Inc. | USD | 9811 | CHF | 7744 | 11/21/2025 | (24993) |
|  NatWest Markets PLC | AUD | 2119 | USD | 1372 | 11/07/2025 | (31052) |
|  Societe Generale | USD | 25731 | EUR | 21807 | 11/21/2025 | (53542) |
|  State Street Bank & Trust Co. | JPY | 64899 | USD | 443 | 10/30/2025 | 2929 |
|  State Street Bank & Trust Co. | NZD | 52 | USD | 31 | 11/07/2025 | 599 |
|  State Street Bank & Trust Co. | USD | 429 | AUD | 651 | 11/07/2025 | 1847 |
|  State Street Bank & Trust Co. | USD | 476 | CAD | 657 | 11/14/2025 | (3241) |
|  State Street Bank & Trust Co. | NOK | 535 | USD | 53 | 11/20/2025 | (334) |
|  State Street Bank & Trust Co. | USD | 431 | EUR | 364 | 11/21/2025 | (2178) |
|  State Street Bank & Trust Co. | GBP | 356 | USD | 482 | 12/05/2025 | 2594 |
|  UBS | USD | 590 | AUD | 903 | 11/07/2025 | 7504 |
|  |  |  |  |  |  | $271607 |

---

 <br> *6* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) |
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied**<br> **Credit**<br> **Spread at<br>September 30,<br>2025** | **Notional<br>Amount**<br>(000) | **Notional<br>Amount**<br>(000) | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Sale Contracts** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 45, 5 Year Index, 12/20/2030\* | 5.00% | Quarterly | 3.21% | USD | 17650 | $1384720 | $1349168 | $35552 |

---

\* Termination date

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) |
| **Counterparty & Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Pay Total Return on Reference Obligation** |  |  |  |  |  |
|  Morgan Stanley Capital Services LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity CHF | 726 | 12/19/2025 | $103 |

---

(a) Non-income producing security.

(b) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(c) Represents entire or partial securities out on loan. See Note E for securities lending information.

(d) Affiliated investments.

(e) 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.

(f) 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

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

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

TSX—Toronto Stock Exchange

See notes to financial statements.

 <br> *2025 Annual Report* *7*

------

##### [**Table of Contents**](#toc)
Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

#### Tax-Aware Overlay A Portfolio
September 30, 2025

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| COMMON STOCKS–62.4% | COMMON STOCKS–62.4% | COMMON STOCKS–62.4% |
| Information Technology–20.0% | Information Technology–20.0% | Information Technology–20.0% |
| **Communications Equipment–0.4%** | **Communications Equipment–0.4%** |  |
|  Calix, Inc.(a) | 4695 | $288132 |
|  F5, Inc.(a) | 1030 | 332886 |
|  Lumentum Holdings, Inc.(a) | 2269 | 369189 |
|  Motorola Solutions, Inc. | 5016 | 2293767 |
|  |  | 3283974 |
| **Electronic Equipment, Instruments & Components–0.2%** | **Electronic Equipment, Instruments & Components–0.2%** | **Electronic Equipment, Instruments & Components–0.2%** |
|  Avnet, Inc. | 5364 | 280430 |
|  Celestica, Inc.(a) | 989 | 243670 |
|  Coherent Corp.(a) | 2776 | 299031 |
|  Crane NXT Co. | 5560 | 372909 |
|  IPG Photonics Corp.(a) | 4550 | 360314 |
|  TD SYNNEX Corp. | 2540 | 415925 |
|  |  | 1972279 |
| **IT Services–0.1%** | **IT Services–0.1%** | **IT Services–0.1%** |
|  Globant SA(a) | 3450 | 197961 |
|  MongoDB, Inc.(a) | 1157 | 359110 |
|  |  | 557071 |
| **Semiconductors & Semiconductor Equipment–8.6%** | **Semiconductors & Semiconductor Equipment–8.6%** | **Semiconductors & Semiconductor Equipment–8.6%** |
|  Applied Materials, Inc. | 18096 | 3704975 |
|  Broadcom, Inc. | 48941 | 16146125 |
|  Credo Technology Group Holding Ltd.(a) | 3151 | 458817 |
|  FormFactor, Inc.(a) | 6781 | 246964 |
|  KLA Corp. | 1009 | 1088307 |
|  MACOM Technology Solutions Holdings, Inc.(a) | 3059 | 380815 |
|  NVIDIA Corp. | 215606 | 40227767 |
|  NXP Semiconductors NV | 22445 | 5111400 |
|  ON Semiconductor Corp.(a) | 6010 | 296353 |
|  Rambus, Inc.(a) | 3269 | 340630 |
|  Semtech Corp.(a) | 7050 | 503723 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR) | 20954 | 5852243 |
|  Teradyne, Inc. | 2689 | 370114 |
|  |  | 74728233 |
| **Software–7.8%** | **Software–7.8%** | **Software–7.8%** |
|  ACI Worldwide, Inc.(a) | 7261 | 383163 |
|  Adobe, Inc.(a) | 7403 | 2611408 |
|  CyberArk Software Ltd.(a) | 572 | 276362 |
|  Guidewire Software, Inc.(a) | 2378 | 546607 |
|  HubSpot, Inc.(a) | 4212 | 1970374 |
|  Intuit, Inc. | 1366 | 932855 |
|  Klaviyo, Inc.–Class A(a) | 11180 | 309574 |
|  Microsoft Corp.(b) | 84727 | 43884350 |
|  Monday.com Ltd.(a) | 912 | 176645 |
|  Nice Ltd. (Sponsored ADR)(a) | 1760 | 254813 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Nutanix, Inc.–Class A(a) | 5178 | $| 385191 |
|  Oracle Corp. | 47878 |  | 13465209 |
|  Procore Technologies, Inc.(a) | 6020 |  | 438978 |
|  SailPoint, Inc.(a) | 13377 |  | 295364 |
|  Samsara, Inc.–Class A(a) | 6942 |  | 258590 |
|  ServiceNow, Inc.(a) | 1569 |  | 1443919 |
|  |  |  | 67633402 |
| **Technology Hardware, Storage & Peripherals–2.9%** | **Technology Hardware, Storage & Peripherals–2.9%** | **Technology Hardware, Storage & Peripherals–2.9%** | **Technology Hardware, Storage & Peripherals–2.9%** |
|  Apple, Inc. | 94885 |  | 24160568 |
|  Western Digital Corp. | 6106 |  | 733086 |
|  |  |  | 24893654 |
|  |  |  | 173068613 |
| Financials–9.7% | Financials–9.7% |  |  |
| **Banks–2.5%** | **Banks–2.5%** |  |  |
|  Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163945 |  | 8457923 |
|  Comerica, Inc. | 4160 |  | 285043 |
|  First BanCorp/Puerto Rico | 13318 |  | 293662 |
|  First Citizens BancShares, Inc./NC– Class A | 232 |  | 415085 |
|  First Hawaiian, Inc. | 10070 |  | 250038 |
|  Flagstar Financial, Inc. | 17050 |  | 196928 |
|  Independent Bank Corp. | 4820 |  | 333399 |
|  Texas Capital Bancshares, Inc.(a) | 3233 |  | 273286 |
|  UMB Financial Corp. | 3800 |  | 449730 |
|  Webster Financial Corp. | 5210 |  | 309682 |
|  Wells Fargo & Co. | 115817 |  | 9707781 |
|  Wintrust Financial Corp. | 2660 |  | 352290 |
|  |  |  | 21324847 |
| **Capital Markets–2.9%** | **Capital Markets–2.9%** | **Capital Markets–2.9%** | **Capital Markets–2.9%** |
|  Cboe Global Markets, Inc. | 740 |  | 181485 |
|  Charles Schwab Corp. (The) | 96432 |  | 9206363 |
|  Goldman Sachs Group, Inc. (The) | 14225 |  | 11328079 |
|  Invesco Ltd. | 18624 |  | 427235 |
|  PJT Partners, Inc.–Class A | 2058 |  | 365768 |
|  S&P Global, Inc. | 5326 |  | 2592217 |
|  Stifel Financial Corp. | 5911 |  | 670721 |
|  TPG, Inc. | 5919 |  | 340047 |
|  |  |  | 25111915 |
| **Consumer Finance–0.4%** | **Consumer Finance–0.4%** | **Consumer Finance–0.4%** | **Consumer Finance–0.4%** |
|  Capital One Financial Corp. | 15562 |  | 3308170 |
|  Figure Technology Solutions, Inc.– Class A(a) | 4472 |  | 162647 |
|  FirstCash Holdings, Inc. | 1150 |  | 182183 |
|  |  |  | 3653000 |
| **Financial Services–2.6%** | **Financial Services–2.6%** | **Financial Services–2.6%** | **Financial Services–2.6%** |
|  Affirm Holdings, Inc.(a) | 4704 |  | 343768 |
|  Chime Financial, Inc.–Class A(a) | 7482 |  | 150912 |
|  Fiserv, Inc.(a) | 7528 |  | 970585 |
|  HA Sustainable Infrastructure Capital, Inc. | 12750 |  | 391425 |
|  NCR Atleos Corp.(a) | 10525 |  | 413738 |
|  Visa, Inc.–Class A | 58955 |  | 20126058 |
|  Walker & Dunlop, Inc. | 3539 |  | 295931 |
|  |  |  | 22692417 |

---

 <br> *8* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Insurance–1.3%** | **Insurance–1.3%** | **Insurance–1.3%** |
|  Accelerant Holdings–Class A(a) | 6591 | $98140 |
|  American Financial Group, Inc./OH | 3299 | 480730 |
|  Hanover Insurance Group, Inc. (The) | 2850 | 517646 |
|  Kinsale Capital Group, Inc. | 746 | 317244 |
|  Progressive Corp. (The) | 27655 | 6829402 |
|  Willis Towers Watson PLC | 9305 | 3214412 |
|  |  | 11457574 |
|  |  | 84239753 |
| Communication Services–7.6% | Communication Services–7.6% |  |
| **Diversified Telecommunication Services–0.6%** | **Diversified Telecommunication Services–0.6%** |  |
|  Comcast Corp.–Class A | 157295 | 4942209 |
| **Entertainment–0.8%** | **Entertainment–0.8%** | **Entertainment–0.8%** |
|  TKO Group Holdings, Inc. | 1933 | 390389 |
|  Walt Disney Co. (The) | 56947 | 6520431 |
|  |  | 6910820 |
| **Interactive Media & Services–5.5%** | **Interactive Media & Services–5.5%** | **Interactive Media & Services–5.5%** |
|  Alphabet, Inc.–Class C(b) | 113104 | 27546479 |
|  Meta Platforms, Inc.–Class A | 27379 | 20106590 |
|  Reddit, Inc.–Class A(a) | 1233 | 283578 |
|  |  | 47936647 |
| **Media–0.1%** | **Media–0.1%** | **Media–0.1%** |
|  Criteo SA (Sponsored ADR)(a) | 10862 | 245481 |
|  Nexstar Media Group, Inc. | 2150 | 425141 |
|  |  | 670622 |
| **Wireless Telecommunication Services–0.6%** | **Wireless Telecommunication Services–0.6%** | **Wireless Telecommunication Services–0.6%** |
|  T-Mobile US, Inc. | 23148 | 5541168 |
|  |  | 66001466 |
| Industrials–6.4% | Industrials–6.4% |  |
| **Aerospace & Defense–1.2%** | **Aerospace & Defense–1.2%** |  |
|  Curtiss-Wright Corp. | 648 | 351825 |
|  Hexcel Corp. | 36048 | 2260210 |
|  Kratos Defense & Security Solutions, Inc.(a) | 6285 | 574261 |
|  L3Harris Technologies, Inc. | 3095 | 945244 |
|  Loar Holdings, Inc.(a) | 3891 | 311280 |
|  Rocket Lab Corp.(a) | 9651 | 462379 |
|  RTX Corp. | 29267 | 4897247 |
|  StandardAero, Inc.(a) | 10269 | 280241 |
|  |  | 10082687 |
| **Air Freight & Logistics–0.1%** | **Air Freight & Logistics–0.1%** | **Air Freight & Logistics–0.1%** |
|  CH Robinson Worldwide, Inc. | 3342 | 442481 |
|  GXO Logistics, Inc.(a) | 7360 | 389270 |
|  |  | 831751 |
| **Building Products–0.4%** | **Building Products–0.4%** | **Building Products–0.4%** |
|  Armstrong World Industries, Inc. | 2053 | 402409 |
|  Gibraltar Industries, Inc.(a) | 1603 | 100668 |
|  Otis Worldwide Corp. | 29457 | 2693253 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Zurn Elkay Water Solutions Corp.–Class C | 6851 | $| 322203 |
|  |  |  | 3518533 |
| **Commercial Services & Supplies–0.4%** | **Commercial Services & Supplies–0.4%** | **Commercial Services & Supplies–0.4%** | **Commercial Services & Supplies–0.4%** |
|  MillerKnoll, Inc. | 16450 |  | 291823 |
|  Veralto Corp. | 33568 |  | 3578684 |
|  |  |  | 3870507 |
| **Construction & Engineering–0.3%** | **Construction & Engineering–0.3%** | **Construction & Engineering–0.3%** | **Construction & Engineering–0.3%** |
|  AECOM | 4420 |  | 576677 |
|  Comfort Systems USA, Inc. | 850 |  | 701403 |
|  Fluor Corp.(a) | 9297 |  | 391125 |
|  Granite Construction, Inc. | 3853 |  | 422482 |
|  WillScot Holdings Corp. | 11146 |  | 235292 |
|  |  |  | 2326979 |
| **Electrical Equipment–1.8%** | **Electrical Equipment–1.8%** | **Electrical Equipment–1.8%** | **Electrical Equipment–1.8%** |
|  BWX Technologies, Inc. | 2300 |  | 424051 |
|  Eaton Corp. PLC | 19720 |  | 7380210 |
|  GE Vernova, Inc. | 11931 |  | 7336372 |
|  Regal Rexnord Corp. | 2772 |  | 397616 |
|  |  |  | 15538249 |
| **Ground Transportation–0.6%** | **Ground Transportation–0.6%** | **Ground Transportation–0.6%** | **Ground Transportation–0.6%** |
|  ArcBest Corp. | 4520 |  | 315813 |
|  CSX Corp. | 142081 |  | 5045296 |
|  |  |  | 5361109 |
| **Machinery–0.6%** | **Machinery–0.6%** | **Machinery–0.6%** | **Machinery–0.6%** |
|  CNH Industrial NV | 25950 |  | 281557 |
|  Crane Co. | 1752 |  | 322613 |
|  Deere & Co. | 6092 |  | 2785628 |
|  ITT, Inc. | 1942 |  | 347152 |
|  JBT Marel Corp. | 2710 |  | 380619 |
|  Oshkosh Corp. | 3320 |  | 430604 |
|  PACCAR, Inc. | 2 |  | 197 |
|  Pentair PLC | 7343 |  | 813311 |
|  |  |  | 5361681 |
| **Marine Transportation–0.1%** | **Marine Transportation–0.1%** | **Marine Transportation–0.1%** | **Marine Transportation–0.1%** |
|  Kirby Corp.(a) | 4370 |  | 364677 |
|  Star Bulk Carriers Corp. | 18200 |  | 338338 |
|  |  |  | 703015 |
| **Professional Services–0.3%** | **Professional Services–0.3%** | **Professional Services–0.3%** | **Professional Services–0.3%** |
|  Booz Allen Hamilton Holding Corp. | 18695 |  | 1868565 |
|  CACI International, Inc.–Class A(a) | 915 |  | 456383 |
|  First Advantage Corp.(a) | 20520 |  | 315803 |
|  FTI Consulting, Inc.(a) | 1678 |  | 271249 |
|  |  |  | 2912000 |
| **Trading Companies & Distributors–0.6%** | **Trading Companies & Distributors–0.6%** | **Trading Companies & Distributors–0.6%** | **Trading Companies & Distributors–0.6%** |
|  Applied Industrial Technologies, Inc. | 1282 |  | 334666 |
|  Core & Main, Inc.–Class A(a) | 6720 |  | 361737 |
|  GATX Corp. | 2140 |  | 374072 |
|  Herc Holdings, Inc. | 1510 |  | 176157 |
|  United Rentals, Inc. | 3729 |  | 3559927 |
|  |  |  | 4806559 |
|  |  |  | 55313070 |

---

 <br> *2025 Annual Report* *9*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| Health Care–5.7% | Health Care–5.7% | Health Care–5.7% |
| **Biotechnology–0.9%** | **Biotechnology–0.9%** | **Biotechnology–0.9%** |
|  Akero Therapeutics, Inc.(a) | 3169 | $150464 |
|  Apogee Therapeutics, Inc.(a) | 2816 | 111880 |
|  ARS Pharmaceuticals, Inc.(a) | 4660 | 46833 |
|  Ascendis Pharma A/S (ADR)(a) | 717 | 142547 |
|  Bridgebio Pharma, Inc.(a) | 4048 | 210253 |
|  CG oncology, Inc.(a) | 3955 | 159307 |
|  Denali Therapeutics, Inc.(a) | 6855 | 99535 |
|  Halozyme Therapeutics, Inc.(a) | 3095 | 226987 |
|  Insmed, Inc.(a) | 2812 | 404956 |
|  Legend Biotech Corp. (ADR)(a) | 3378 | 110157 |
|  Merus NV(a) | 1747 | 164480 |
|  Natera, Inc.(a) | 1465 | 235821 |
|  Neurocrine Biosciences, Inc.(a) | 2159 | 303080 |
|  Newamsterdam Pharma Co. NV(a) | 4429 | 125961 |
|  Rhythm Pharmaceuticals, Inc.(a) | 1792 | 180974 |
|  Vertex Pharmaceuticals, Inc.(a) | 12285 | 4811297 |
|  Xenon Pharmaceuticals, Inc.(a) | 3114 | 125027 |
|  |  | 7609559 |
| **Health Care Equipment & Supplies–0.9%** | **Health Care Equipment & Supplies–0.9%** | **Health Care Equipment & Supplies–0.9%** |
|  AtriCure, Inc.(a) | 7260 | 255915 |
|  Edwards Lifesciences Corp.(a) | 15647 | 1216867 |
|  Envista Holdings Corp.(a) | 19170 | 390493 |
|  Glaukos Corp.(a) | 3435 | 280124 |
|  Globus Medical, Inc.–Class A(a) | 6500 | 372255 |
|  Integer Holdings Corp.(a) | 4000 | 413320 |
|  Medtronic PLC | 43516 | 4144464 |
|  Stryker Corp. | 3397 | 1255769 |
|  |  | 8329207 |
| **Health Care Providers & Services–1.6%** | **Health Care Providers & Services–1.6%** | **Health Care Providers & Services–1.6%** |
|  BrightSpring Health Services, Inc.(a) | 10270 | 303581 |
|  Encompass Health Corp. | 6614 | 840110 |
|  Labcorp Holdings, Inc. | 11791 | 3384724 |
|  PROCEPT BioRobotics Corp.(a) | 6916 | 246832 |
|  Tenet Healthcare Corp.(a) | 2720 | 552269 |
|  UnitedHealth Group, Inc. | 24685 | 8523731 |
|  |  | 13851247 |
| **Health Care Technology–0.0%** | **Health Care Technology–0.0%** | **Health Care Technology–0.0%** |
|  Waystar Holding Corp.(a) | 6768 | 256643 |
| **Life Sciences Tools & Services–1.2%** | **Life Sciences Tools & Services–1.2%** | **Life Sciences Tools & Services–1.2%** |
|  Bio-Techne Corp. | 2481 | 138018 |
|  ICON PLC(a) | 2580 | 451500 |
|  IQVIA Holdings, Inc.(a) | 23015 | 4371469 |
|  Repligen Corp.(a) | 2277 | 304367 |
|  Thermo Fisher Scientific, Inc. | 10398 | 5043238 |
|  |  | 10308592 |
| **Pharmaceuticals–1.1%** | **Pharmaceuticals–1.1%** | **Pharmaceuticals–1.1%** |
|  Eli Lilly & Co. | 2541 | 1938783 |
|  Johnson & Johnson | 6318 | 1171483 |
|  Merck & Co., Inc. | 19104 | 1603399 |
|  Ocular Therapeutix, Inc.(a) | 6880 | 80427 |
|  Roche Holding AG (Sponsored ADR) | 59442 | 2485270 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Viatris, Inc. | 23223 | $| 229908 |
|  Zoetis, Inc. | 12821 |  | 1875969 |
|  |  |  | 9385239 |
|  |  |  | 49740487 |
| Consumer Discretionary–5.3% | Consumer Discretionary–5.3% | Consumer Discretionary–5.3% | Consumer Discretionary–5.3% |
| **Automobile Components–0.1%** | **Automobile Components–0.1%** | **Automobile Components–0.1%** | **Automobile Components–0.1%** |
|  BorgWarner, Inc. | 10048 |  | 441710 |
| **Broadline Retail–2.3%** | **Broadline Retail–2.3%** | **Broadline Retail–2.3%** | **Broadline Retail–2.3%** |
|  Amazon.com, Inc.(a) | 87718 |  | 19260241 |
|  Ollie's Bargain Outlet Holdings, Inc.(a) | 2357 |  | 302639 |
|  |  |  | 19562880 |
| **Diversified Consumer Services–0.2%** | **Diversified Consumer Services–0.2%** | **Diversified Consumer Services–0.2%** | **Diversified Consumer Services–0.2%** |
|  ADT, Inc. | 50691 |  | 441519 |
|  Duolingo, Inc.(a) | 1263 |  | 406484 |
|  Laureate Education, Inc.(a) | 16460 |  | 519148 |
|  Stubhub Holdings, Inc.–Class A(a) | 9437 |  | 158919 |
|  |  |  | 1526070 |
| **Hotels, Restaurants & Leisure–0.3%** | **Hotels, Restaurants & Leisure–0.3%** | **Hotels, Restaurants & Leisure–0.3%** | **Hotels, Restaurants & Leisure–0.3%** |
|  Cracker Barrel Old Country Store, Inc. | 4040 |  | 178002 |
|  DraftKings, Inc.–Class A(a) | 7083 |  | 264904 |
|  Hyatt Hotels Corp.–Class A | 12586 |  | 1786331 |
|  Viking Holdings Ltd.(a) | 4822 |  | 299736 |
|  Wingstop, Inc. | 1128 |  | 283895 |
|  |  |  | 2812868 |
| **Household Durables–0.1%** | **Household Durables–0.1%** | **Household Durables–0.1%** | **Household Durables–0.1%** |
|  Champion Homes, Inc.(a) | 3494 |  | 266837 |
|  SharkNinja, Inc.(a) | 3259 |  | 336166 |
|  Taylor Morrison Home Corp.(a) | 3270 |  | 215852 |
|  |  |  | 818855 |
| **Leisure Products–0.0%** | **Leisure Products–0.0%** | **Leisure Products–0.0%** | **Leisure Products–0.0%** |
|  Brunswick Corp./DE | 5670 |  | 358571 |
| **Specialty Retail–2.2%** | **Specialty Retail–2.2%** | **Specialty Retail–2.2%** | **Specialty Retail–2.2%** |
|  AutoNation, Inc.(a) | 1043 |  | 228177 |
|  AutoZone, Inc.(a) | 1350 |  | 5791824 |
|  Bath & Body Works, Inc. | 14597 |  | 376019 |
|  Burlington Stores, Inc.(a) | 1142 |  | 290639 |
|  Group 1 Automotive, Inc. | 511 |  | 223568 |
|  Home Depot, Inc. (The) | 21287 |  | 8625279 |
|  Murphy USA, Inc. | 670 |  | 260134 |
|  RH(a) | 1279 |  | 259842 |
|  TJX Cos., Inc. (The) | 23744 |  | 3431958 |
|  |  |  | 19487440 |
| **Textiles, Apparel & Luxury Goods–0.1%** | **Textiles, Apparel & Luxury Goods–0.1%** | **Textiles, Apparel & Luxury Goods–0.1%** | **Textiles, Apparel & Luxury Goods–0.1%** |
|  Amer Sports, Inc.(a) | 8578 |  | 298085 |
|  Birkenstock Holding PLC(a) | 6090 |  | 275573 |
|  On Holding AG–Class A(a) | 6905 |  | 292427 |
|  |  |  | 866085 |
|  |  |  | 45874479 |

---

 <br> *10* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| Consumer Staples–3.2% | Consumer Staples–3.2% | Consumer Staples–3.2% |
| **Beverages–0.7%** | **Beverages–0.7%** | **Beverages–0.7%** |
|  Celsius Holdings, Inc.(a) | 7972 | $458310 |
|  Coca-Cola Co. (The) | 79546 | 5275491 |
|  |  | 5733801 |
| **Consumer Staples Distribution & Retail–2.2%** | **Consumer Staples Distribution & Retail–2.2%** | **Consumer Staples Distribution & Retail–2.2%** |
|  BJ's Wholesale Club Holdings, Inc.(a) | 5550 | 517538 |
|  Costco Wholesale Corp. | 4812 | 4454132 |
|  Dollar Tree, Inc.(a) | 40544 | 3826137 |
|  Walmart, Inc. | 102284 | 10541389 |
|  |  | 19339196 |
| **Food Products–0.0%** | **Food Products–0.0%** | **Food Products–0.0%** |
|  Nomad Foods Ltd. | 22993 | 302358 |
| **Household Products–0.3%** | **Household Products–0.3%** | **Household Products–0.3%** |
|  Procter & Gamble Co. (The) | 12074 | 1855170 |
|  WD-40 Co. | 1635 | 323076 |
|  |  | 2178246 |
|  |  | 27553601 |
| Energy–1.4% | Energy–1.4% | Energy–1.4% |
| **Energy Equipment & Services–0.5%** | **Energy Equipment & Services–0.5%** | **Energy Equipment & Services–0.5%** |
|  Baker Hughes Co. | 77073 | 3754996 |
|  TechnipFMC PLC | 17237 | 680000 |
|  |  | 4434996 |
| **Oil, Gas & Consumable Fuels–0.9%** | **Oil, Gas & Consumable Fuels–0.9%** | **Oil, Gas & Consumable Fuels–0.9%** |
|  Chevron Corp. | 8864 | 1376491 |
|  ConocoPhillips | 8503 | 804299 |
|  EOG Resources, Inc. | 43621 | 4890786 |
|  HF Sinclair Corp. | 3161 | 165447 |
|  Magnolia Oil & Gas Corp.–Class A | 13830 | 330122 |
|  Matador Resources Co. | 7050 | 316756 |
|  Northern Oil & Gas, Inc. | 8942 | 221762 |
|  |  | 8105663 |
|  |  | 12540659 |
| Utilities–1.1% | Utilities–1.1% | Utilities–1.1% |
| **Electric Utilities–0.6%** | **Electric Utilities–0.6%** | **Electric Utilities–0.6%** |
|  American Electric Power Co., Inc. | 43120 | 4851000 |
|  IDACORP, Inc. | 4256 | 562431 |
|  NRG Energy, Inc. | 2032 | 329082 |
|  |  | 5742513 |
| **Gas Utilities–0.1%** | **Gas Utilities–0.1%** | **Gas Utilities–0.1%** |
|  Chesapeake Utilities Corp. | 1531 | 206210 |
|  ONE Gas, Inc. | 4410 | 356946 |
|  |  | 563156 |
| **Multi-Utilities–0.4%** | **Multi-Utilities–0.4%** | **Multi-Utilities–0.4%** |
|  Ameren Corp. | 33041 | 3448819 |
|  |  | 9754488 |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| Materials–1.1% | Materials–1.1% | Materials–1.1% |
| **Chemicals–0.9%** | **Chemicals–0.9%** | **Chemicals–0.9%** |
|  Avient Corp. | 9283 | $305875 |
|  Corteva, Inc. | 47794 | 3232308 |
|  Linde PLC | 8717 | 4140575 |
|  RPM International, Inc. | 4010 | 472699 |
|  |  | 8151457 |
| **Containers & Packaging–0.1%** | **Containers & Packaging–0.1%** | **Containers & Packaging–0.1%** |
|  Graphic Packaging Holding Co. | 20540 | 401968 |
|  O-I Glass, Inc.(a) | 23950 | 310631 |
|  |  | 712599 |
| **Metals & Mining–0.1%** | **Metals & Mining–0.1%** | **Metals & Mining–0.1%** |
|  Reliance, Inc. | 1800 | 505494 |
|  |  | 9369550 |
| Real Estate–0.9% | Real Estate–0.9% | Real Estate–0.9% |
| **Diversified REITs–0.0%** | **Diversified REITs–0.0%** | **Diversified REITs–0.0%** |
|  Broadstone Net Lease, Inc. | 11004 | 196641 |
| **Health Care REITs–0.0%** | **Health Care REITs–0.0%** | **Health Care REITs–0.0%** |
|  American Healthcare REIT, Inc. | 10270 | 431443 |
| **Hotel & Resort REITs–0.0%** | **Hotel & Resort REITs–0.0%** | **Hotel & Resort REITs–0.0%** |
|  Ryman Hospitality Properties, Inc. | 2121 | 190020 |
| **Industrial REITs–0.4%** | **Industrial REITs–0.4%** | **Industrial REITs–0.4%** |
|  Prologis, Inc. | 25163 | 2881667 |
|  STAG Industrial, Inc. | 8520 | 300671 |
|  |  | 3182338 |
| **Office REITs–0.1%** | **Office REITs–0.1%** | **Office REITs–0.1%** |
|  COPT Defense Properties | 14900 | 432994 |
| **Real Estate Management & Development–0.1%** | **Real Estate Management & Development–0.1%** | **Real Estate Management & Development–0.1%** |
|  Jones Lang LaSalle, Inc.(a) | 1777 | 530044 |
| **Residential REITs–0.0%** | **Residential REITs–0.0%** | **Residential REITs–0.0%** |
|  Independence Realty Trust, Inc. | 21310 | 349271 |
| **Specialized REITs–0.3%** | **Specialized REITs–0.3%** | **Specialized REITs–0.3%** |
|  CubeSmart | 4496 | 182807 |
|  Digital Realty Trust, Inc. | 14283 | 2469245 |
|  |  | 2652052 |
|  |  | 7964803 |
| Total Common Stocks<br>(cost $215,145,931) |  | 541420969 |
| INVESTMENT COMPANIES–36.8% | INVESTMENT COMPANIES–36.8% |  |
| **Funds and Investment Trusts–36.8%(c)(d)** | **Funds and Investment Trusts–36.8%(c)(d)** |  |
|  AB Bond Fund, Inc.–AB All Market Real Return Portfolio–Class Z | 5410171 | 55941168 |
|  Bernstein Fund, Inc.–International Small Cap Portfolio–Class Z | 2643761 | 40396672 |
|  Bernstein Fund, Inc.–International Strategic Equities Portfolio–Class Z | 11277009 | 191709150 |
|  Bernstein Fund, Inc.–Small Cap Core Portfolio–Class Z | 1162319 | 14866059 |

---

 <br> *2025 Annual Report* *11*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **Shares** | **U.S. $ Value** |
|  Sanford C. Bernstein Fund, Inc.–Emerging Markets Portfolio–Class Z |  | 488643 | $16408622 |
| Total Investment Companies<br>(cost $204,774,468) |  |  | 319321671 |
|  | **Notional Amount** | **Notional Amount** |  |
| PURCHASED OPTIONS—PUTS–2.1% | PURCHASED OPTIONS—PUTS–2.1% | PURCHASED OPTIONS—PUTS–2.1% |  |
| **Options on Equity Indices–2.1%** | **Options on Equity Indices–2.1%** | **Options on Equity Indices–2.1%** |  |
|  Euro STOXX 50 Price EUR Index<br>Expiration: Sep 2026;<br>Contracts: 14,830;<br>Exercise Price: EUR 4,500.00;<br>Counterparty: UBS AG(a) | EUR | 66735000 | 1671358 |
|  FTSE 100 Index<br>Expiration: Sep 2026;<br>Contracts: 3,240;<br>Exercise Price: GBP 8,000.00;<br>Counterparty: UBS AG(a) | GBP | 25920000 | 472079 |
|  Nikkei 225 Index<br>Expiration: Sep 2026;<br>Contracts: 199,000;<br>Exercise Price: JPY 36,500.00;<br>Counterparty: UBS AG(a) | JPY | 7263500000 | 1438386 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Notional Amount** | **Notional Amount** | **U.S. $ Value** |
|  S&P 500 Index<br>Expiration: Sep 2026;<br>Contracts: 119,500;<br>Exercise Price: USD 5,500.00;<br>Counterparty: UBS AG(a) | USD | 657250000 | $14926179 |
| Total Purchased Options—Puts<br>(premiums paid $19,680,535) |  |  | 18508002 |
|  | **Shares** | **Shares** |  |
| SHORT-TERM INVESTMENTS–0.1% | SHORT-TERM INVESTMENTS–0.1% | SHORT-TERM INVESTMENTS–0.1% |  |
| **Investment Companies–0.1%** | **Investment Companies–0.1%** | **Investment Companies–0.1%** |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 3.97%(c)(d)(e)<br>(cost $406,154) |  | 406154 | 406154 |
| **Total Investments—101.4%**<br>(cost $440,007,088) | **Total Investments—101.4%**<br>(cost $440,007,088) | **Total Investments—101.4%**<br>(cost $440,007,088) | 879656796 |
|  Other assets less liabilities—(1.4)% | Other assets less liabilities—(1.4)% |  | (12563225) |
| **Net Assets—100.0%** |  |  | $**867093571** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| FUTURES (see Note 3) | FUTURES (see Note 3) | FUTURES (see Note 3) | FUTURES (see Note 3) | FUTURES (see Note 3) |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  Euro STOXX 50 Index Futures | 113 | December 2025 | $7351119 | $19752 |
|  FTSE 100 Index Futures | 113 | December 2025 | 14296920 | 101358 |
|  Nikkei 225 (OSE) Futures | 31 | December 2025 | 9430909 | 258899 |
|  S&P 500 E-Mini Futures | 342 | December 2025 | 115232625 | 1449599 |
|  U.S. T-Note 2 Yr (CBT) Futures | 419 | December 2025 | 87318946 | 2848 |
|  U.S. T-Note 10 Yr (CBT) Futures | 831 | December 2025 | 93487500 | 406884 |
|  U.S. Ultra Bond (CBT) Futures | 200 | December 2025 | 24012500 | 698184 |
| **Sold Contracts** |  |  |  |  |
|  E-Mini Russell 2000 Index Futures | 79 | December 2025 | 9699225 | (154360) |
|  Hang Seng Index Futures | 4 | October 2025 | 691652 | (11952) |
|  MSCI Emerging Markets Index Futures | 126 | December 2025 | 8566110 | (87833) |
|  MSCI Singapore ETS Index Futures | 17 | October 2025 | 589554 | (270) |
|  OMXS 30 Index Futures | 40 | October 2025 | 1132308 | (13177) |
|  S&P Mid 400 E-Mini Futures | 39 | December 2025 | 12816180 | 86441 |
|  S&P/TSX 60 Index Futures | 34 | December 2025 | 8662097 | (72416) |
|  SPI 200 Futures | 16 | December 2025 | 2348505 | 2843 |
|  TOPIX Index Futures | 14 | December 2025 | 2973527 | (3085) |
|  |  |  |  | $2683715 |

---

 <br> *12* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) |
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Bank of America NA | USD | 1085 | AUD | 1670 | 11/07/2025 | $20257 |
|  Bank of America NA | GBP | 31495 | USD | 43049 | 12/05/2025 | 685342 |
|  Barclays Capital, Inc. | USD | 8442 | SEK | 79231 | 11/20/2025 | (56) |
|  Barclays Capital, Inc. | CHF | 18437 | USD | 23428 | 11/21/2025 | 129467 |
|  BNP Paribas SA | CAD | 27245 | USD | 19760 | 11/14/2025 | 142324 |
|  Citibank NA | USD | 1085 | AUD | 1646 | 11/07/2025 | 4691 |
|  Citibank NA | CAD | 5333 | USD | 3865 | 11/14/2025 | 25129 |
|  Goldman Sachs Bank USA | USD | 8839 | EUR | 7508 | 11/21/2025 | 2213 |
|  HSBC Bank USA | JPY | 1419357 | USD | 9599 | 10/30/2025 | (27126) |
|  HSBC Bank USA | USD | 9240 | SEK | 87019 | 11/20/2025 | 31566 |
|  JPMorgan Chase Bank | USD | 20008 | JPY | 2946730 | 10/30/2025 | (23712) |
|  JPMorgan Chase Bank | AUD | 2031 | USD | 1342 | 11/07/2025 | (3043) |
|  JPMorgan Chase Bank | GBP | 664 | USD | 897 | 12/05/2025 | 4456 |
|  Morgan Stanley & Co., Inc. | USD | 17462 | JPY | 2556795 | 10/30/2025 | (122209) |
|  Morgan Stanley & Co., Inc. | USD | 19452 | CHF | 15354 | 11/21/2025 | (49553) |
|  NatWest Markets PLC | AUD | 5597 | USD | 3623 | 11/07/2025 | (81996) |
|  Societe Generale | USD | 46130 | EUR | 39094 | 11/21/2025 | (95986) |
|  State Street Bank & Trust Co. | JPY | 161697 | USD | 1104 | 10/30/2025 | 7290 |
|  State Street Bank & Trust Co. | NZD | 449 | USD | 266 | 11/07/2025 | 5166 |
|  State Street Bank & Trust Co. | NOK | 2465 | USD | 246 | 11/20/2025 | (1540) |
|  |  |  |  |  |  | $652680 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) |
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 45, 5 Year Index, 12/20/2030\* | 5.00% | Quarterly | 3.21% | USD | 34550 | $2710599 | $2641007 | $69592 |

---

\* Termination date

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) |
| **Counterparty & Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** |  |  |  |  |  |
|  Morgan Stanley Capital Services LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 2905 | 12/19/2025 | $412 |

---

 <br> *2025 Annual Report* *13*

------

##### [**Table of Contents**](#toc)
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. Additionally, shareholder reports for AB funds can be obtained by calling 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

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

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.

 <br> *14* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

#### Overlay B Portfolio
September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| GOVERNMENTS—TREASURIES–21.7% | GOVERNMENTS—TREASURIES–21.7% | GOVERNMENTS—TREASURIES–21.7% |  |
| **Australia–0.2%** | **Australia–0.2%** | **Australia–0.2%** |  |
|  Australia Government Bond<br>Series 169<br>4.75%, 06/21/2054(a) | AUD | 773 | $493991 |
| **Austria–0.2%** | **Austria–0.2%** | **Austria–0.2%** |  |
|  Republic of Austria Government Bond<br>0.90%, 02/20/2032(a) | EUR | 494 | 519999 |
| **Belgium–0.1%** | **Belgium–0.1%** | **Belgium–0.1%** |  |
|  Kingdom of Belgium Government Bond<br>Series 100<br>2.85%, 10/22/2034(a) |  | 44 | 50161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 104<br>3.45%, 06/22/2042(a) |  | 263 | 294615 |
|  |  |  | 344776 |
| **Canada–0.6%** | **Canada–0.6%** | **Canada–0.6%** |  |
|  Canadian Government Bond<br>2.75%, 03/01/2030 | CAD | 1929 | 1389575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/01/2055 |  | 759 | 458936 |
|  |  |  | 1848511 |
| **China–0.7%** | **China–0.7%** | **China–0.7%** |  |
|  China Government Bond<br>Series INBK<br>1.61%, 02/15/2035 | CNY | 1890 | 260213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.11%, 08/25/2034 |  | 9720 | 1395400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/25/2055 |  | 2080 | 285030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 04/15/2053 |  | 1170 | 195143 |
|  |  |  | 2135786 |
| **Finland–0.1%** | **Finland–0.1%** | **Finland–0.1%** |  |
|  Finland Government Bond<br>Series 10Y<br>1.50%, 09/15/2032(a) | EUR | 146 | 157661 |
| **France–0.2%** | **France–0.2%** | **France–0.2%** |  |
|  French Republic Government Bond OAT<br>Series OAT<br>3.50%, 11/25/2033(a) |  | 190 | 226334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/25/2035(a) |  | 368 | 430828 |
|  |  |  | 657162 |
| **Germany–0.9%** | **Germany–0.9%** | **Germany–0.9%** |  |
|  Bundesrepublik Deutschland Bundesanleihe<br>2.50%, 08/15/2054(a) |  | 317 | 319546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/15/2041(a) |  | 542 | 598989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/04/2042(a) |  | 1279 | 1530768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TWIN<br>0.00%, 08/15/2031(a) |  | 254 | 260504 |
|  |  |  | 2709807 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Hungary–0.3%** | **Hungary–0.3%** | **Hungary–0.3%** |  |
|  Hungary Government Bond<br>Series 35/A<br>7.00%, 10/24/2035 | HUF | 338270 | $1028312 |
| **Indonesia–0.2%** | **Indonesia–0.2%** | **Indonesia–0.2%** |  |
|  Indonesia Treasury Bond<br>Series 101<br>6.875%, 04/15/2029 | IDR | 7797000 | 490781 |
| **Italy–0.3%** | **Italy–0.3%** | **Italy–0.3%** |  |
|  Italy Buoni Poliennali Del Tesoro<br>Series 10Y<br>4.20%, 03/01/2034(a)<br>| EUR | 408 | 510106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13Y<br>4.05%, 10/30/2037(a) |  | 364 | 442333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 16Y<br>3.25%, 03/01/2038(a) |  | 134 | 149653 |
|  |  |  | 1102092 |
| **Japan–2.5%** | **Japan–2.5%** | **Japan–2.5%** |  |
|  Japan Government Five Year Bond<br>Series 161<br>0.30%, 06/20/2028 | JPY | 411150 | 2728128 |
|  Japan Government Forty Year Bond<br>Series 4<br>2.20%, 03/20/2051 |  | 108150 | 631253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 16<br>1.30%, 03/20/2063 |  | 57650 | 227376 |
|  Japan Government Thirty Year Bond<br>Series 68<br>0.60%, 09/20/2050 |  | 76100 | 303474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 81<br>1.60%, 12/20/2053 |  | 42900 | 210574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 82<br>1.80%, 03/20/2054 |  | 29800 | 153051 |
|  Japan Government Twenty Year Bond<br>Series 140<br>1.70%, 09/20/2032 |  | 49250 | 339243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 183<br>1.40%, 12/20/2042 |  | 157900 | 916468 |
|  Japan Government Ten Year Bond<br>Series 379<br>1.50%, 06/20/2035 |  | 25900 | 173015 |
|  Japan Government Two Year Bond<br>Series 468<br>0.60%, 01/01/2027 |  | 87300 | 588541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 469<br>0.70%, 02/01/2027 |  | 216750 | 1462588 |
|  |  |  | 7733711 |
| **Malaysia–0.1%** | **Malaysia–0.1%** | **Malaysia–0.1%** |  |
|  Malaysia Government Bond<br>Series 0219<br>3.885%, 08/15/2029 | MYR | 711 | 173108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 0318<br>4.642%, 11/07/2033 |  | 797 | 204812 |
|  |  |  | 377920 |

---

 <br> *2025 Annual Report* *15*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Mexico–0.7%** | **Mexico–0.7%** | **Mexico–0.7%** |  |
|  Mexican Bonos<br>Series M<br>8.00%, 02/21/2036 | MXN | 11352 | $584575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 07/31/2053 |  | 11104 | 525304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 02/28/2030 |  | 20704 | 1141702 |
|  |  |  | 2251581 |
| **Poland–0.3%** | **Poland–0.3%** | **Poland–0.3%** |  |
|  Republic of Poland Government Bond<br>Series 0730<br>4.50%, 07/25/2030 | PLN | 3370 | 911640 |
| **South Korea–0.2%** | **South Korea–0.2%** | **South Korea–0.2%** |  |
|  Korea Treasury Bond<br>Series 3412<br>3.00%, 12/10/2034 | KRW | 342890 | 244753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5509<br>2.625%, 09/10/2055 |  | 463820 | 316648 |
|  |  |  | 561401 |
| **Spain–0.6%** | **Spain–0.6%** | **Spain–0.6%** |  |
|  Spain Government Bond<br>3.20%, 10/31/2035(a) | EUR | 1525 | 1782012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/2041(a) |  | 154 | 176185 |
|  |  |  | 1958197 |
| **United Kingdom–0.9%** | **United Kingdom–0.9%** | **United Kingdom–0.9%** |  |
|  United Kingdom Gilt<br>0.875%, 01/31/2046(a) | GBP | 146 | 87376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/22/2031(a) |  | 464 | 614804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/07/2040(a) |  | 566 | 687406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/31/2040(a) |  | 365 | 453541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/07/2035(a) |  | 486 | 643653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/22/2043(a) |  | 340 | 425642 |
|  |  |  | 2912422 |
| **United States–12.6%** | **United States–12.6%** | **United States–12.6%** |  |
|  U.S. Treasury Bonds<br>1.125%, 05/15/2040 | U.S.$| 225 | 143156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 08/15/2040 |  | 3774 | 2377347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/2051(b) |  | 3989 | 2276550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 |  | 112 | 65496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 |  | 471 | 313985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 |  | 875 | 542056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 |  | 452 | 323393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2043 |  | 476 | 372313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2049 |  | 480 | 349819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2052 |  | 1035 | 737659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/2045 |  | 513 | 396822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 |  | 1106 | 807779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 08/15/2043 |  | 1272 | 1108764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/15/2053 |  | 581 | 480058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/15/2053 |  | 462 | 381075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/2043 |  | 1411 | 1279183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042 |  | 790 | 730163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2054 |  | 673 | 620368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/2039(b) |  | 2390 | 2368498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/15/2043 |  | 674 | 649962 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/2043 | U.S.$| 477 | $482092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/2055 |  | 396 | 396751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/2055 |  | 565 | 566501 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 05/15/2030 |  | 189 | 164327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/2030(b) |  | 4652 | 4243861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/30/2030 |  | 4187 | 4213974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/2029 |  | 1018 | 1028968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/2027 |  | 3204 | 3236286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/31/2029 |  | 742 | 752912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029 |  | 798 | 813869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/30/2029 |  | 297 | 302884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 |  | 195 | 196720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/2034 |  | 415 | 424969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/31/2029 |  | 248 | 254827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 |  | 192 | 198126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/30/2028 |  | 4004 | 4117037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/30/2029 |  | 642 | 662768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 04/30/2026 |  | 431 | 433660 |
|  |  |  | 38814978 |
| Total Governments—Treasuries (cost $70,766,095) | Total Governments—Treasuries (cost $70,766,095) |  | 67010728 |
| INFLATION-LINKED SECURITIES–17.4% | INFLATION-LINKED SECURITIES–17.4% | INFLATION-LINKED SECURITIES–17.4% |  |
| **Brazil–0.1%** |  |  |  |
|  Brazil Notas do Tesouro Nacional<br>Series B<br>6.00%, 08/15/2050 | BRL | 265 | 196264 |
| **United States–17.3%** | **United States–17.3%** | **United States–17.3%** |  |
|  U.S. Treasury Inflation Index |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 07/15/2030 (TIPS)(c) | U.S.$| 20509 | 19503235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 07/15/2031 (TIPS) |  | 5204 | 4859893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/15/2029 (TIPS) |  | 9117 | 8843701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 07/15/2033 (TIPS) |  | 6189 | 6094111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 04/15/2030 (TIPS) |  | 1345 | 1365369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/15/2034 (TIPS) |  | 5350 | 5373850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 07/15/2034 (TIPS) |  | 6691 | 6785970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 01/15/2035 (TIPS) |  | 725 | 746453 |
|  |  |  | 53572582 |
| Total Inflation-Linked Securities (cost $52,597,093) | Total Inflation-Linked Securities (cost $52,597,093) |  | 53768846 |
| CORPORATES—INVESTMENT GRADE–15.6% | CORPORATES—INVESTMENT GRADE–15.6% | CORPORATES—INVESTMENT GRADE–15.6% |  |
| Industrial–7.9% | Industrial–7.9% | Industrial–7.9% |  |
| **Basic–0.4%** |  |  |  |
|  Alpek SAB de CV<br>4.25%, 09/18/2029(a)<br>|  | 200 | 191875 |
|  Celulosa Arauco y Constitucion SA 4.25%, 04/30/2029(a) |  | 200 | 195085 |
|  Glencore Capital Finance DAC<br>Series E<br>3.75%, 02/04/2032(a) | EUR | 200 | 237269 |

---

 <br> *16* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Glencore Funding LLC<br>4.907%, 04/01/2028(a) | U.S.$| 148 | $150307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 04/01/2030(a) |  | 65 | 66940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.338%, 04/04/2027(a) |  | 146 | 148291 |
|  LYB International Finance III LLC 6.15%, 05/15/2035 |  | 20 | 20845 |
|  Orbia Advance Corp. SAB de CV<br>6.80%, 05/13/2030(a) |  | 200 | 207951 |
|  |  |  | 1218563 |
| **Capital Goods–0.5%** | **Capital Goods–0.5%** | **Capital Goods–0.5%** |  |
|  Boeing Co. (The)<br>3.25%, 02/01/2028 |  | 77 | 75253 |
|  General Electric Co.<br>4.90%, 01/29/2036 |  | 81 | 82093 |
|  John Deere Financial Ltd.<br>5.05%, 06/28/2029 | AUD | 230 | 155507 |
|  Parker-Hannifin Corp.<br>2.90%, 03/01/2030 | EUR | 118 | 138125 |
|  Regal Rexnord Corp.<br>6.05%, 02/15/2026 | U.S.$| 489 | 491151 |
|  Republic Services, Inc.<br>4.75%, 07/15/2030 |  | 295 | 302154 |
|  Westinghouse Air Brake Technologies Corp.<br>4.90%, 05/29/2030 |  | 295 | 301493 |
|  |  |  | 1545776 |
| **Communications—Media–0.1%** | **Communications—Media–0.1%** | **Communications—Media–0.1%** |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>2.25%, 01/15/2029 |  | 98 | 91157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 12/01/2035 |  | 63 | 63617 |
|  |  |  | 154774 |
| **Communications—Telecommunications–0.1%** | **Communications—Telecommunications–0.1%** | **Communications—Telecommunications–0.1%** |  |
|  Bell Telephone Co. of Canada or Bell Canada<br>5.85%, 11/10/2032 | CAD | 136 | 108334 |
|  TELUS Corp.<br>7.00%, 10/15/2055 | U.S.$| 225 | 237179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CAG<br>5.25%, 11/15/2032 | CAD | 154 | 118565 |
|  Verizon Communications, Inc.<br>4.50%, 08/17/2027(a) | AUD | 50 | 33284 |
|  |  |  | 497362 |
| **Consumer Cyclical—Automotive–0.9%** | **Consumer Cyclical—Automotive–0.9%** | **Consumer Cyclical—Automotive–0.9%** |  |
|  BMW US Capital LLC<br>4.65%, 03/19/2027(a) | U.S.$| 195 | 196650 |
|  Ford Credit Canada Co./Canada<br>6.382%, 11/10/2028 | CAD | 210 | 158996 |
|  Ford Motor Co.<br>3.25%, 02/12/2032 | U.S.$| 715 | 624452 |
|  General Motors Financial Co., Inc.<br>5.00%, 07/15/2027 |  | 8 | 8098 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  General Motors Financial of Canada Ltd.<br>5.10%, 07/14/2028 | CAD | 200 | $149923 |
|  Honda Motor Co., Ltd.<br>4.436%, 07/08/2028 | U.S.$| 299 | 300746 |
|  Hyundai Capital America<br>2.10%, 09/15/2028(a) |  | 211 | 197800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 09/24/2027(a) |  | 10 | 9995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/08/2027(a) |  | 258 | 260768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275%, 06/24/2027(a) |  | 70 | 71093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 09/21/2028(a) |  | 87 | 90948 |
|  Qnity Electronics, Inc.<br>5.75%, 08/15/2032(a) |  | 144 | 145251 |
|  Toyota Finance Australia Ltd.<br>4.65%, 09/17/2029 | AUD | 220 | 146838 |
|  Toyota Motor Credit Corp.<br>4.65%, 09/03/2032 | U.S.$| 305 | 307352 |
|  |  |  | 2668910 |
| **Consumer Cyclical—Other–0.5%** | **Consumer Cyclical—Other–0.5%** | **Consumer Cyclical—Other–0.5%** |  |
|  DR Horton, Inc.<br>4.85%, 10/15/2030 |  | 148 | 150960 |
|  Flutter Treasury DAC<br>4.00%, 06/04/2031(a) | EUR | 138 | 162252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/04/2031(a) | U.S.$| 200 | 203090 |
|  GENM Capital Labuan Ltd.<br>3.882%, 04/19/2031(a) |  | 200 | 184211 |
|  JH North America Holdings, Inc.<br>5.875%, 01/31/2031(a) |  | 59 | 59969 |
|  Las Vegas Sands Corp.<br>5.625%, 06/15/2028 |  | 54 | 55210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/14/2030 |  | 46 | 47905 |
|  MDC Holdings, Inc.<br>6.00%, 01/15/2043 |  | 642 | 610093 |
|  |  |  | 1473690 |
| **Consumer Cyclical—Restaurants–0.1%** | **Consumer Cyclical—Restaurants–0.1%** | **Consumer Cyclical—Restaurants–0.1%** |  |
|  Starbucks Corp.<br>4.85%, 02/08/2027 |  | 272 | 274693 |
| **Consumer Cyclical—Retailers–0.2%** | **Consumer Cyclical—Retailers–0.2%** | **Consumer Cyclical—Retailers–0.2%** |  |
|  Ross Stores, Inc.<br>4.70%, 04/15/2027 |  | 658 | 660310 |
| **Consumer Non-Cyclical–1.4%** | **Consumer Non-Cyclical–1.4%** | **Consumer Non-Cyclical–1.4%** |  |
|  Altria Group, Inc.<br>3.125%, 06/15/2031 | EUR | 205 | 237949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/06/2030 | U.S.$| 595 | 571486 |
|  BAT Capital Corp.<br>4.625%, 03/22/2033 |  | 84 | 83126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 08/15/2032 |  | 117 | 121029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/19/2032 |  | 26 | 30316 |
|  BAT International Finance PLC<br>Series E<br>4.125%, 04/12/2032(a)<br>| EUR | 100 | 121234 |
|  Cargill, Inc.<br>5.125%, 10/11/2032(a) | U.S.$| 305 | 316017 |
|  Eli Lilly & Co.<br>4.00%, 10/15/2028 |  | 103 | 103144 |
|  General Mills, Inc.<br>3.60%, 04/17/2032 | EUR | 102 | 120747 |

---

 <br> *2025 Annual Report* *17*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Imperial Brands Finance PLC<br>5.875%, 07/01/2034(a) | U.S.$| 495 | $516894 |
|  Loblaw Cos. Ltd.<br>6.54%, 02/17/2033(a) | CAD | 110 | 90980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc.<br> 4.50%, 05/06/2030 | U.S.$| 122 | 122999 |
|  Nestle Finance International Ltd.<br>Series E<br>2.80%, 05/29/2035(a) | CNH | 1000 | 142508 |
|  Ochsner LSU Health System of North Louisiana<br>Series 2021<br>2.51%, 05/15/2031 | U.S.$| 810 | 682247 |
|  Pfizer Netherlands International Finance BV<br>2.875%, 05/19/2029 | EUR | 103 | 121615 |
|  Philip Morris International, Inc.<br>0.80%, 08/01/2031 |  | 210 | 214625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/30/2030 | U.S.$| 101 | 101480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/13/2026 |  | 216 | 216421 |
|  Roche Holdings, Inc.<br>4.203%, 09/09/2029(a) |  | 284 | 285233 |
|  Sutter Health<br>Series 2025<br>5.213%, 08/15/2032 |  | 39 | 40437 |
|  Takeda Pharmaceutical Co., Ltd.<br>2.05%, 03/31/2030 |  | 200 | 181650 |
|  |  |  | 4422137 |
| **Energy–1.9%** | **Energy–1.9%** | **Energy–1.9%** |  |
|  BP Capital Markets PLC<br>3.625%, 03/22/2029(a)(d) | EUR | 195 | 228736 |
|  Continental Resources, Inc./OK 2.875%, 04/01/2032(a) | U.S.$| 772 | 672142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031(a) |  | 223 | 229920 |
|  Devon Energy Corp.<br>5.20%, 09/15/2034 |  | 428 | 426220 |
|  Eni SpA<br>5.75%, 05/19/2035(a) |  | 200 | 208402 |
|  Kinder Morgan, Inc.<br>5.85%, 06/01/2035 |  | 45 | 47370 |
|  MPLX LP<br>5.40%, 09/15/2035 |  | 229 | 229563 |
|  Occidental Petroleum Corp.<br>5.20%, 08/01/2029 |  | 234 | 237730 |
|  ONEOK, Inc.<br>4.40%, 10/15/2029 |  | 46 | 45981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/15/2035 |  | 455 | 457034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 09/01/2033 |  | 87 | 92246 |
|  Ovintiv, Inc.<br>7.375%, 11/01/2031 |  | 17 | 18940 |
|  Plains All American Pipeline LP/PAA Finance Corp.<br>5.60%, 01/15/2036 |  | 424 | 429092 |
|  Raizen Fuels Finance SA<br>6.70%, 02/25/2037(a) |  | 400 | 385548 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Targa Resources Corp.<br>4.90%, 09/15/2030 | U.S.$| 58 | $58918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/15/2036 |  | 61 | 62446 |
|  TotalEnergies SE<br>2.00%, 01/17/2027(a)(d) | EUR | 166 | 192006 |
|  Var Energi ASA<br>5.875%, 05/22/2030(a) | U.S.$| 200 | 207946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2032(a) |  | 749 | 870660 |
|  Williams Cos., Inc. (The)<br>4.625%, 06/30/2030 |  | 68 | 68603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/2029 |  | 192 | 195337 |
|  Wintershall Dea Finance BV<br>1.823%, 09/25/2031(a) | EUR | 200 | 208814 |
|  Woodside Finance Ltd.<br>5.40%, 05/19/2030 | U.S.$| 46 | 47221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/19/2035 |  | 111 | 115861 |
|  |  |  | 5736736 |
| **Services–0.2%** | **Services–0.2%** | **Services–0.2%** |  |
|  Alibaba Group Holding Ltd.<br>2.80%, 11/28/2029(a) | CNH | 1500 | 216022 |
|  Mastercard, Inc.<br>4.55%, 01/15/2035 | U.S.$| 306 | 305287 |
|  Moody's Corp.<br>5.00%, 08/05/2034 |  | 145 | 147975 |
|  S&P Global, Inc.<br>4.25%, 05/01/2029 |  | 125 | 125554 |
|  |  |  | 794838 |
| **Technology–0.9%** | **Technology–0.9%** | **Technology–0.9%** |  |
|  Alphabet, Inc.<br>2.50%, 05/06/2029 | EUR | 122 | 142895 |
|  Applied Materials, Inc.<br>4.00%, 01/15/2031 | U.S.$| 308 | 304994 |
|  Baidu, Inc.<br>2.70%, 03/12/2030(a) | CNH | 1400 | 199915 |
|  Broadcom, Inc.<br>4.90%, 07/15/2032 | U.S.$| 88 | 89998 |
|  Cisco Systems, Inc.<br>4.75%, 02/24/2030 |  | 235 | 241164 |
|  Dell International LLC/EMC Corp. 5.50%, 04/01/2035 |  | 157 | 162203 |
|  Entegris, Inc.<br>4.75%, 04/15/2029(a) |  | 429 | 425396 |
|  Fiserv, Inc.<br>4.50%, 05/24/2031 | EUR | 100 | 123802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/15/2031 | U.S.$| 191 | 191722 |
|  International Business Machines Corp.<br>5.00%, 02/10/2032 |  | 235 | 242003 |
|  NXP BV/NXP Funding LLC<br>5.55%, 12/01/2028 |  | 204 | 211269 |
|  Oracle Corp.<br>5.20%, 09/26/2035 |  | 550 | 552821 |
|  |  |  | 2888182 |

---

 <br> *18* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Transportation—Airlines–0.3%** | **Transportation—Airlines–0.3%** | **Transportation—Airlines–0.3%** |  |
|  AS Mileage Plan IP Ltd.<br>5.021%, 10/20/2029(a) | U.S.$| 183 | $182976 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd.<br>4.50%, 10/20/2025(a) |  | 23 | 22786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/20/2028(a) |  | 563 | 566175 |
|  United Airlines, Inc.<br>4.375%, 04/15/2026(a) |  | 60 | 59896 |
|  |  |  | 831833 |
| **Transportation—Railroads–0.1%** | **Transportation—Railroads–0.1%** | **Transportation—Railroads–0.1%** |  |
|  Lima Metro Line 2 Finance Ltd.<br>4.35%, 04/05/2036(a) |  | 329 | 316882 |
| **Transportation—Services–0.3%** | **Transportation—Services–0.3%** | **Transportation—Services–0.3%** |  |
|  ENA Master Trust <br>4.00%, 05/19/2048(a) |  | 891 | 674781 |
|  FedEx Corp.<br>3.50%, 07/30/2032 | EUR | 101 | 118201 |
|  Heathrow Funding Ltd.<br>6.45%, 12/10/2033(a) | GBP | 71 | 101627 |
|  |  |  | 894609 |
|  |  |  | 24379295 |
| Financial Institutions–6.2% | Financial Institutions–6.2% | Financial Institutions–6.2% |  |
| **Banking–5.0%** |  |  |  |
|  ABN AMRO Bank NV<br>4.75%, 09/22/2027(a)(d) | EUR | 200 | 235742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>5.50%, 09/21/2033(a) |  | 100 | 124711 |
|  AIB Group PLC<br>5.32%, 05/15/2031(a) | U.S.$| 236 | 242945 |
|  Ally Financial, Inc.<br>6.992%, 06/13/2029 |  | 315 | 332643 |
|  American Express Co.<br>3.433%, 05/20/2032 | EUR | 105 | 124188 |
|  Australia & New Zealand Banking Group Ltd.<br>5.731%, 09/18/2034(a) | U.S.$| 203 | 209886 |
|  Banco Bilbao Vizcaya Argentaria SA 7.883%, 11/15/2034 |  | 400 | 464368 |
|  Banco Santander SA 4.175%, 03/24/2028 |  | 600 | 599124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 03/14/2034 |  | 200 | 214578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>5.75%, 08/23/2033(a) | EUR | 100 | 125146 |
|  Bank of America Corp. 5.744%, 02/12/2036 | U.S.$| 236 | 245747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>1.667%, 06/02/2029(a) | GBP | 170 | 212222 |
|  Bank of Ireland Group PLC 5.601%, 03/20/2030(a) | U.S.$| 800 | 829376 |
|  Bank of Nova Scotia (The)<br>4.588%, 05/04/2037 |  | 171 | 165514 |
|  Banque Federative du Credit Mutuel SA<br>5.126%, 05/24/2027(a) | AUD | 200 | 133912 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Barclays PLC<br>5.674%, 03/12/2028 | U.S.$| 270 | $275206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>8.407%, 11/14/2032(a) | GBP | 100 | 143319 |
|  BPCE SA<br>5.716%, 01/18/2030(a) | U.S.$| 250 | 258540 |
|  CaixaBank SA<br>4.885%, 07/03/2031(a) |  | 238 | 240542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.037%, 06/15/2035(a) |  | 272 | 289212 |
|  Capital One Financial Corp.<br>5.468%, 02/01/2029 |  | 162 | 166053 |
|  Capital One NA<br>5.974%, 08/09/2028 |  | 300 | 310743 |
|  Citigroup, Inc.<br>4.503%, 09/11/2031 |  | 64 | 64029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.643%, 05/07/2028 |  | 196 | 197309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.592%, 11/19/2034 |  | 133 | 136240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W<br>4.00%, 12/10/2025(d) |  | 307 | 305486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y<br>4.15%, 11/15/2026(d) |  | 204 | 199324 |
|  Commonwealth Bank of Australia<br>3.61%, 09/12/2034(a) |  | 202 | 193888 |
|  Cooperatieve Rabobank UA<br>Series G<br>4.233%, 04/25/2029(a) | EUR | 200 | 243533 |
|  Credit Agricole SA 5.411%, 01/18/2029(a) | AUD | 200 | 136055 |
|  Danske Bank A/S<br>4.613%, 10/02/2030(a) | U.S.$| 280 | 281364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>4.625%, 05/14/2034(a) | EUR | 100 | 122234 |
|  Deutsche Bank AG/New York NY 3.729%, 01/14/2032 | U.S.$| 200 | 187404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%, 01/10/2029 |  | 232 | 236953 |
|  Goldman Sachs Group, Inc. (The)<br>4.937%, 04/23/2028 |  | 103 | 104211 |
|  HSBC Holdings PLC<br>4.899%, 03/03/2029 |  | 286 | 290038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.733%, 05/17/2032 |  | 200 | 210252 |
|  Intesa Sanpaolo SpA 4.198%, 06/01/2032(a) |  | 200 | 189000 |
|  JPMorgan Chase & Co. 2.963%, 01/25/2033 |  | 63 | 57596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>4.457%, 11/13/2031(a) | EUR | 300 | 375018 |
|  KBC Group NV<br>Series E<br>4.375%, 04/19/2030(a) |  | 100 | 123197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 04/25/2033(a) |  | 100 | 122153 |
|  Lloyds Banking Group PLC<br>5.087%, 11/26/2028 | U.S.$| 233 | 237108 |
|  Macquarie Group Ltd.<br>1.935%, 04/14/2028(a) |  | 88 | 84887 |
|  Morgan Stanley<br>3.521%, 05/22/2031 | EUR | 270 | 322417 |
|  Nationwide Building Society<br>2.972%, 02/16/2028(a) | U.S.$| 775 | 760941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.537%, 07/14/2036(a) |  | 400 | 411056 |

---

 <br> *2025 Annual Report* *19*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  NatWest Group PLC<br>3.032%, 11/28/2035 | U.S.$| 468 | $427944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>1.043%, 09/14/2032(a) | EUR | 140 | 159070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.763%, 02/28/2034(a) |  | 115 | 145197 |
|  Royal Bank of Canada/Toronto<br>5.70%, 10/04/2028 | AUD | 120 | 82187 |
|  Santander Holdings USA, Inc.<br>5.473%, 03/20/2029 | U.S.$| 29 | 29567 |
|  Santander UK Group Holdings PLC<br>2.469%, 01/11/2028 |  | 443 | 432758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.534%, 01/10/2029 |  | 229 | 239729 |
|  Societe Generale SA<br>5.249%, 05/22/2029(a) |  | 232 | 235858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.512%, 05/22/2031(a) |  | 235 | 241545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%, 01/19/2028(a) |  | 203 | 205578 |
|  Standard Chartered PLC<br>2.608%, 01/12/2028(a) |  | 255 | 249464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.082% (CME Term SOFR 3 Month + 1.77%), 01/30/2027(a)(d)(e) |  | 300 | 290670 |
|  Swedbank AB<br>Series G<br>3.625%, 08/23/2032(a) | EUR | 292 | 347540 |
|  UBS Group AG<br>4.398%, 09/23/2031(a) | U.S.$| 203 | 202430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/10/2030(a)(d) |  | 200 | 205152 |
|  UniCredit SpA<br>5.861%, 06/19/2032(a) |  | 200 | 203118 |
|  Wells Fargo & Co.<br>Series E<br>3.90%, 07/22/2032(a) | EUR | 200 | 241911 |
|  |  |  | 15475128 |
| **Brokerage–0.2%** | **Brokerage–0.2%** | **Brokerage–0.2%** |  |
|  Charles Schwab Corp. (The)<br>4.776% (SOFR + 0.52%), 05/13/2026(e) | U.S.$| 421 | 421400 |
| **Finance–0.3%** | **Finance–0.3%** | **Finance–0.3%** |  |
|  Air Lease Corp.<br>5.40%, 06/01/2028 | CAD | 266 | 200042 |
|  Aviation Capital Group LLC<br>1.95%, 09/20/2026(a) | U.S.$| 71 | 69393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/14/2027(a) |  | 94 | 94471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/2025(a) |  | 98 | 98000 |
|  Credicorp Capital Sociedad Titulizadora SA<br>10.10%, 12/15/2043(a) | PEN | 725 | 223949 |
|  Temasek Financial I Ltd.<br>Series E<br>2.75%, 08/28/2034(a) | CNH | 1000 | 145485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/28/2054(a) |  | 1000 | 150665 |
|  |  |  | 982005 |
| **Insurance–0.3%** | **Insurance–0.3%** | **Insurance–0.3%** |  |
|  Athene Global Funding<br>1.985%, 08/19/2028(a) | U.S.$| 49 | 46027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/19/2030(a) |  | 15 | 13626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.717%, 01/07/2029(a) |  | 19 | 17986 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.033%, 07/17/2030(a) | U.S.$| 16 | $16248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/07/2030(a) |  | 38 | 39162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.526%, 07/11/2031(a) |  | 266 | 274270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.583%, 01/09/2029(a) |  | 2 | 2066 |
|  New York Life Global Funding<br>5.35%, 09/19/2028(a) | AUD | 200 | 136073 |
|  Swiss Re Finance Luxembourg SA<br>5.00%, 04/02/2049(a) | U.S.$| 200 | 201520 |
|  UnitedHealth Group, Inc.<br>4.40%, 06/15/2028 |  | 55 | 55521 |
|  |  |  | 802499 |
| **REITs–0.4%** | **REITs–0.4%** | **REITs–0.4%** |  |
|  American Tower Corp.<br>5.20%, 02/15/2029 |  | 121 | 124450 |
|  Digital Dutch Finco BV<br>1.00%, 01/15/2032(a) | EUR | 100 | 100859 |
|  Digital Intrepid Holding BV<br>1.375%, 07/18/2032(a) |  | 100 | 101828 |
|  EPR Properties<br>4.50%, 06/01/2027 | U.S.$| 165 | 165003 |
|  GLP Capital LP/GLP Financing II, Inc.<br>4.00%, 01/15/2030 |  | 163 | 157839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/2031 |  | 72 | 68828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2033 |  | 226 | 226658 |
|  Omega Healthcare Investors, Inc.<br>5.20%, 07/01/2030 |  | 53 | 53796 |
|  Swire Properties MTN Financing Ltd.<br>Series E<br>3.40%, 09/03/2029(a) | CNH | 1000 | 143824 |
|  Westfield America Management Ltd.<br>2.625%, 03/30/2029(a) | GBP | 100 | 124461 |
|  |  |  | 1267546 |
|  |  |  | 18948578 |
| Utility–1.5% | Utility–1.5% | Utility–1.5% |  |
| **Electric–1.3%** |  |  |  |
|  AES Panama Generation Holdings SRL<br>4.375%, 05/31/2030(a) | U.S.$| 476 | 449881 |
|  Alexander Funding Trust II<br>7.467%, 07/31/2028(a) |  | 106 | 113338 |
|  American Electric Power Co., Inc.<br>6.95%, 12/15/2054 |  | 189 | 204819 |
|  CenterPoint Energy Houston Electric LLC<br>4.95%, 04/01/2033 |  | 5 | 5087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/01/2035 |  | 110 | 111228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AQ<br>4.95%, 08/15/2035 |  | 61 | 60798 |
|  Duke Energy Carolinas NC Storm Funding LLC<br>Series A-2<br>2.617%, 07/01/2043 |  | 542 | 431269 |
|  EDP Servicios Financieros Espana SA<br>Series E<br>3.50%, 07/16/2030(a) | EUR | 100 | 119680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/21/2031(a) |  | 105 | 125260 |

---

 <br> *20* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Electricite de France SA<br>9.125%, 03/15/2033(a)(d) | U.S.$| 200 | $231874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MPLE<br>5.993%, 05/23/2030(a) | CAD | 77 | 60279 |
|  Enel Finance International NV Series E<br>4.00%, 02/20/2031(a) | EUR | 165 | 202412 |
|  Florida Power & Light Co.<br>5.30%, 06/15/2034 | U.S.$| 81 | 84552 |
|  Israel Electric Corp., Ltd.<br>Series G<br>4.25%, 08/14/2028(a) |  | 402 | 395375 |
|  National Grid PLC<br>Series E<br>0.553%, 09/18/2029(a) | EUR | 113 | 120846 |
|  Niagara Mohawk Power Corp.<br>4.647%, 10/03/2030(a) | U.S.$| 90 | 90468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 01/17/2034(a) |  | 206 | 209941 |
|  NRG Energy, Inc.<br>4.734%, 10/15/2030(a) |  | 44 | 43997 |
|  Pacific Gas & Electric Co.<br>5.55%, 05/15/2029 |  | 74 | 76187 |
|  Public Service Co. of Colorado<br>5.15%, 09/15/2035 |  | 302 | 306035 |
|  Public Service Co. of Oklahoma<br>5.45%, 01/15/2036 |  | 90 | 91947 |
|  SSE PLC<br>Series E<br>8.375%, 11/20/2028(a) | GBP | 56 | 83346 |
|  Virginia Electric & Power Co. Series C<br>4.90%, 09/15/2035 | U.S.$| 259 | 257638 |
|  Vistra Operations Co. LLC<br>5.05%, 12/30/2026(a) |  | 4 | 4028 |
|  |  |  | 3880285 |
| **Natural Gas–0.1%** | **Natural Gas–0.1%** | **Natural Gas–0.1%** |  |
|  Cadent Finance PLC<br>Series E<br>3.75%, 04/16/2033(a) | EUR | 209 | 247150 |
|  National Grid North America, Inc.<br>Series E<br>3.631%, 09/03/2031(a) |  | 100 | 119906 |
|  |  |  | 367056 |
| **Other Utility–0.1%** | **Other Utility–0.1%** | **Other Utility–0.1%** |  |
|  Anglian Water Services Financing PLC<br>Series A5<br>6.293%, 07/30/2030(a) | GBP | 70 | 98113 |
|  Suez SACA<br>Series E<br>4.50%, 11/13/2033(a) | EUR | 200 | 247701 |
|  Veolia Environnement SA<br>Series E<br>1.625%, 09/21/2032(a) |  | 100 | 104849 |
|  |  |  | 450663 |
|  |  |  | 4698004 |
| Total Corporates—Investment Grade<br>(cost $47,402,566) |  |  | 48025877 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Shares** | **U.S. $ Value** |
| INVESTMENT COMPANIES–13.6% | INVESTMENT COMPANIES–13.6% | INVESTMENT COMPANIES–13.6% |  |
| **Funds and Investment Trusts–13.6%(j)** | **Funds and Investment Trusts–13.6%(j)** | **Funds and Investment Trusts–13.6%(j)** |  |
|  AB Bond Fund, Inc.–AB All Market Real Return Portfolio–Class Z(k) |  | 1064197 | $11003793 |
|  iShares Core MSCI EAFE ETF |  | 249082 | 21747349 |
|  iShares Core MSCI Emerging Markets ETF |  | 138734 | 9145345 |
| Total Investment Companies<br>(cost $34,229,454) |  |  | 41896487 |
|  | **Principal Amount (000)** | **Principal Amount (000)** |  |
| MORTGAGE PASS-THROUGHS–9.0% | MORTGAGE PASS-THROUGHS–9.0% | MORTGAGE PASS-THROUGHS–9.0% |  |
| **Agency Fixed Rate 30-Year–8.7%** |  |  |  |
|  Federal Home Loan Mortgage Corp.<br>Series 2019<br>3.50%, 11/01/2049 | U.S.$| 172 | 159915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>3.00%, 05/01/2052 |  | 578 | 510103 |
|  Federal Home Loan Mortgage Corp. Gold<br>Series 2018<br>4.50%, 03/01/2048 |  | 104 | 102866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2048 |  | 282 | 279139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2048 |  | 121 | 122802 |
|  Federal National Mortgage Association<br>Series 2007<br>5.50%, 08/01/2037 |  | 87 | 90310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010<br>4.00%, 12/01/2040 |  | 158 | 154597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012<br>3.50%, 02/01/2042 |  | 91 | 86874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2042 |  | 157 | 149444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2043 |  | 171 | 162775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013<br>3.50%, 03/01/2043 |  | 5 | 4368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2043 |  | 52 | 49601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2043 |  | 432 | 420297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014<br>5.50%, 09/01/2041 |  | 238 | 247585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015<br>3.00%, 05/01/2045 |  | 63 | 57534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2045 |  | 453 | 412062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>4.50%, 09/01/2048 |  | 415 | 410100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>3.50%, 11/01/2049 |  | 376 | 348869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>2.00%, 07/01/2051 |  | 1934 | 1569630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2051 |  | 359 | 290843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2052 |  | 588 | 502696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>2.50%, 03/01/2052 |  | 696 | 595590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2052 |  | 759 | 649084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 |  | 488 | 434361 |

---

 <br> *2025 Annual Report* *21*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Government National Mortgage Association<br>Series 2016<br>3.00%, 04/20/2046 | U.S.$| 51 | $46266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/2046 |  | 136 | 123035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 11/20/2052 |  | 1355 | 1356888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>2.50%, 10/01/2055, TBA |  | 1024 | 881493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2055, TBA |  | 1343 | 1199288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2055, TBA |  | 668 | 627824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2055, TBA |  | 1530 | 1483957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2055, TBA |  | 3010 | 2993682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2055, TBA |  | 3372 | 3396672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/2055, TBA |  | 1246 | 1267379 |
|  Uniform Mortgage-Backed Security<br>Series 2025<br>2.00%, 10/01/2055, TBA |  | 46 | 37306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2055, TBA |  | 640 | 539150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2055, TBA |  | 250 | 247920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2055, TBA |  | 2637 | 2659082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/2055, TBA |  | 1465 | 1496107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2055, TBA |  | 770 | 796148 |
|  |  |  | 26963642 |
| **Agency Fixed Rate 15-Year–0.3%** |  |  |  |
|  Federal National Mortgage Association<br>Series 2013<br>2.50%, 03/01/2028 |  | 9 | 8409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/2028 |  | 3 | 2693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014<br>2.50%, 09/01/2029 |  | 37 | 35907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>2.50%, 11/01/2031 |  | 11 | 10310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2031 |  | 682 | 659242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2032 |  | 18 | 17660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>2.50%, 02/01/2032 |  | 61 | 58686 |
|  |  |  | 792907 |
| Total Mortgage Pass-Throughs<br>(cost $28,524,300) |  |  | 27756549 |
| ASSET-BACKED SECURITIES–4.0% | ASSET-BACKED SECURITIES–4.0% | ASSET-BACKED SECURITIES–4.0% |  |
| **Other ABS—Fixed Rate–2.7%** |  |  |  |
|  AB Issuer LLC<br>Series 2021-1, Class A2<br>3.734%, 07/30/2051(a) |  | 1094 | 1034942 |
|  Accelerated LLC<br>Series 2024-1A, Class A<br>4.68%, 08/22/2044(a) |  | 132 | 132007 |
|  Amur Equipment Finance Receivables XI LLC<br>Series 2022-2A, Class A2<br>5.30%, 06/21/2028(a) |  | 63 | 63332 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  APL Finance DAC<br>Series 2025-1A, Class A<br>5.39%, 03/20/2036(a) | U.S.$| 250 | $249997 |
|  Auxilior Term Funding LLC<br>Series 2023-1A, Class A2<br>6.18%, 12/15/2028(a) |  | 93 | 93657 |
|  BHG Securitization Trust<br>Series 2023-A, Class A<br>5.55%, 04/17/2036(a) |  | 55 | 55471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A<br>6.92%, 12/17/2036(a) |  | 36 | 37650 |
|  Cajun Global LLC<br>Series 2021-1, Class A2<br>3.931%, 11/20/2051(a) |  | 235 | 231690 |
|  CCG Receivables Trust<br>Series 2025-1, Class B<br>4.69%, 10/14/2032(a) |  | 100 | 101116 |
|  Clarus Capital Funding LLC<br>Series 2024-1A, Class B<br>4.79%, 08/20/2032(a) |  | 115 | 115279 |
|  College Ave Student Loans LLC<br>Series 2021-C, Class B<br>2.72%, 07/26/2055(a) |  | 212 | 199234 |
|  Dext ABS LLC<br>Series 2023-1, Class A2<br>5.99%, 03/15/2032(a) |  | 171 | 171665 |
|  Diamond Issuer LLC<br>Series 2021-1A, Class A<br>2.305%, 11/20/2051(a)<br>GCI Funding I LLC |  | 1139 | 1083258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A<br>2.38%, 06/18/2046(a) |  | 308 | 285525 |
|  HINNT LLC<br>Series 2024-A, Class A<br>5.49%, 03/15/2043(a) |  | 43 | 43996 |
|  MVW LLC<br>Series 2021-2A, Class B<br>1.83%, 05/20/2039(a) |  | 167 | 157795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A<br>4.97%, 09/22/2042(a) |  | 112 | 113549 |
|  Neighborly Issuer LLC<br>Series 2022-1A, Class A2<br>3.695%, 01/30/2052(a) |  | 812 | 759856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2<br>7.308%, 01/30/2053(a) |  | 1014 | 1027163 |
|  Nelnet Student Loan Trust <br>Series 2021-BA, Class B<br>2.68%, 04/20/2062(a) |  | 140 | 125071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B<br>2.53%, 04/20/2062(a) |  | 499 | 439151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class B<br>2.90%, 04/20/2062(a) |  | 457 | 410418 |
|  NMEF Funding LLC<br>Series 2024-A, Class A2<br>5.15%, 12/15/2031(a) |  | 147 | 147745 |
|  Pagaya AI Debt Grantor Trust <br>Series 2024-5, Class A<br>6.278%, 10/15/2031(a) |  | 36 | 36547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-9, Class B<br>5.306%, 03/15/2032(a) |  | 350 | 351669 |

---

 <br> *22* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Pagaya AI Debt Trust <br>Series 2024-2, Class A<br>6.319%, 08/15/2031(a) | U.S.$| 30 | $30495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class A2<br>5.373%, 01/17/2033(a) |  | 156 | 157628 |
|  PEAC Solutions Receivables LLC<br>Series 2025-1A, Class A2<br>4.94%, 10/20/2028(a) |  | 32 | 32241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B<br>5.20%, 07/20/2032(a) |  | 51 | 51813 |
|  SCF Equipment Leasing LLC<br>Series 2024-1A, Class A2<br>5.88%, 11/20/2029(a) |  | 60 | 60209 |
|  SCF Equipment Trust LLC<br>Series 2025-1A, Class A3<br>5.11%, 11/21/2033(a) |  | 100 | 102347 |
|  Sierra Timeshare Receivables Funding LLC<br>Series 2024-2A, Class A<br>5.14%, 06/20/2041(a) |  | 70 | 70647 |
|  VFI ABS LLC<br>Series 2025-1A, Class A<br>4.78%, 06/24/2030(a) |  | 190 | 191281 |
|  |  |  | 8164444 |
| **Autos—Fixed Rate–1.3%** | **Autos—Fixed Rate–1.3%** | **Autos—Fixed Rate–1.3%** |  |
|  Ally Bank Auto Credit-Linked Notes <br>Series 2024-A, Class A2<br>5.681%, 05/17/2032(a) |  | 135 | 137647 |
|  Avis Budget Rental Car Funding AESOP LLC<br>Series 2023-3A, Class A<br>5.44%, 02/22/2028(a) |  | 399 | 404802 |
|  Carvana Auto Receivables Trust <br>Series 2021-N3, Class C<br>1.02%, 06/12/2028 |  | 46 | 45001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N4, Class D<br>2.30%, 09/11/2028 |  | 37 | 36165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P4, Class D<br>2.61%, 09/11/2028 |  | 596 | 572336 |
|  CPS Auto Receivables Trust <br>Series 2021-C, Class D<br>1.69%, 06/15/2027(a) |  | 109 | 108906 |
|  Ford Credit Auto Owner Trust <br>Series 2021-1, Class D<br>2.31%, 10/17/2033(a) |  | 824 | 811703 |
|  Hertz Vehicle Financing III LLC<br>Series 2025-1A, Class A<br>4.91%, 09/25/2029(a) |  | 145 | 146274 |
|  Hyundai Auto Lease Securitization Trust<br>Series 2025-A, Class B<br>5.15%, 06/15/2029(a) |  | 140 | 141865 |
|  Lendbuzz Securitization Trust <br>Series 2023-1A, Class A2<br>6.92%, 08/15/2028(a) |  | 505 | 511815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2<br>5.18%, 05/15/2030(a) |  | 127 | 127350 |
|  Merchants Fleet Funding LLC<br>Series 2023-1A, Class A<br>7.21%, 05/20/2036(a) |  | 58 | 58318 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  OCCU Auto Receivables Trust <br>Series 2025-1A, Class A2<br>4.82%, 04/17/2028(a) | U.S.$| 199 | $199552 |
|  PenFed Auto Receivables Owner Trust <br>Series 2024-A, Class A3<br>4.70%, 06/15/2029(a) |  | 69 | 69438 |
|  Research-Driven Pagaya Motor Asset Trust<br>Series 2025-4A, Class A2<br>5.124%, 04/25/2034(a) |  | 199 | 199723 |
|  Research-Driven Pagaya Motor Asset Trust VII<br>Series 2022-3A, Class A<br>5.38%, 11/25/2030(a) |  | 34 | 33538 |
|  Research-Driven Pagaya Motor Trust<br>Series 2024-1A, Class A<br>7.09%, 06/25/2032(a) |  | 44 | 44478 |
|  SBNA Auto Receivables Trust<br>Series 2025-SF1, Class B<br>5.12%, 03/17/2031(a) |  | 24 | 24502 |
|  Securitized Term Auto Receivables Trust <br>Series 2025-A, Class B<br>5.038%, 07/25/2031(a) |  | 55 | 55085 |
|  Tesla Auto Lease Trust<br>Series 2024-A, Class A3<br>5.30%, 06/21/2027(a) |  | 62 | 61954 |
|  Tricolor Auto Securitization Trust <br>Series 2024-2A, Class A<br>6.36%, 12/15/2027(f) |  | 17 | 16320 |
|  United Auto Credit Securitization Trust<br>Series 2025-1, Class A<br>4.80%, 06/10/2027(a) |  | 96 | 95964 |
|  Wheels Fleet Lease Funding 1 LLC<br>Series 2023-2A, Class A<br>6.46%, 08/18/2038(a)<br>Series 2024-2A, Class A1 |  | 66 | 66867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 06/21/2039(a) |  | 147 | 148020 |
|  |  |  | 4117623 |
| **Credit Cards—Fixed Rate–0.0%** | **Credit Cards—Fixed Rate–0.0%** | **Credit Cards—Fixed Rate–0.0%** |  |
|  Brex Commercial Charge Card Master Trust <br>Series 2024-1, Class A1<br>6.05%, 07/15/2027(a) |  | 121 | 121752 |
| Total Asset-Backed Securities<br>(cost $12,702,449) |  |  | 12403819 |
| COLLATERALIZED MORTGAGE OBLIGATIONS–3.1% | COLLATERALIZED MORTGAGE OBLIGATIONS–3.1% | COLLATERALIZED MORTGAGE OBLIGATIONS–3.1% |  |
| **Agency Floating Rate–0.3%** |  |  |  |
|  Government National Mortgage Association<br>Series 2017-134, Class SE 1.95% (6.09%–CME Term SOFR 1 Month), 09/20/2047(e)(g) |  | 278 | 36801 |

---

 <br> *2025 Annual Report* *23*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Federal National Mortgage Association REMICS<br>Series 2017-97, Class SW<br>1.729% (6.09%–CME Term SOFR), 12/25/2047(e)(g) | U.S.$| 379 | $48824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-77, Class DS<br>1.529% (5.89%–CME Term SOFR), 10/25/2046(e)(g) |  | 769 | 89415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-97, Class LS<br>1.729% (6.09%–CME Term SOFR), 12/25/2047(e)(g) |  | 742 | 91722 |
|  Federal Home Loan Mortgage Corp. REMICS<br>Series 4693, Class SL<br>1.663% (6.04%–CME Term SOFR), 06/15/2047(e)(g) |  | 962 | 116158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4954, Class SL<br>1.579% (5.94%–CME Term SOFR), 02/25/2050(e)(g) |  | 927 | 111461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4981, Class HS<br>1.629% (5.99%–CME Term SOFR), 06/25/2050(e)(g) |  | 2317 | 253529 |
|  Federal National Mortgage Association REMICS<br>Series 2014-78, Class SE<br>1.629% (5.99%–CME Term SOFR), 12/25/2044(e)(g) |  | 314 | 35798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-62, Class AS<br>1.679% (6.04%–CME Term SOFR), 08/25/2047(e)(g) |  | 365 | 42135 |
|  Government National Mortgage Association<br>Series 2017-65, Class ST<br>1.90% (6.04%–CME Term SOFR 1 Month), 04/20/2047(e)(g) |  | 482 | 61383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-122, Class SA<br>1.95% (6.09%–CME Term SOFR 1 Month), 08/20/2047(e)(g) |  | 367 | 50472 |
|  Federal Home Loan Mortgage Corp. REMICS<br>Series 4719, Class JS<br>1.663% (6.04%–CME Term SOFR), 09/15/2047(e)(g) |  | 298 | 35680 |
|  |  |  | 973378 |
| **Non-Agency Fixed Rate–0.3%** | **Non-Agency Fixed Rate–0.3%** | **Non-Agency Fixed Rate–0.3%** |  |
|  Angel Oak Mortgage Trust <br>Series 2025-4, Class A1<br>5.855%, 04/25/2070(a) |  | 59 | 59518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class A1<br>5.515%, 04/25/2070(a) |  | 68 | 69072 |
|  COLT Mortgage Loan Trust <br>Series 2025-5, Class A1<br>5.536%, 05/25/2070(a) |  | 118 | 118876 |
|  Cross Mortgage Trust <br>Series 2025-H4, Class A1<br>5.596%, 06/25/2070(a) |  | 186 | 187952 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  GCAT Trust <br>Series 2025-NQM2, Class A1<br>5.604%, 04/25/2070(a) | U.S.$| 93 | $94025 |
|  OBX Trust <br>Series 2025-NQM10, Class A1<br>5.453%, 05/25/2065(a) |  | 153 | 154650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM8, Class A1<br>5.472%, 03/25/2065(a) |  | 133 | 134333 |
|  Verus Securitization Trust <br>Series 2025-5, Class A1<br>5.427%, 06/25/2070(a) |  | 96 | 97201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class A1<br>5.417%, 07/25/2070(a) |  | 99 | 99353 |
|  |  |  | 1014980 |
| **Non-Agency Floating Rate–0.1%** | **Non-Agency Floating Rate–0.1%** | **Non-Agency Floating Rate–0.1%** |  |
|  Federal Home Loan Mortgage Corp.<br>Mscr Trust Mn1<br>Series 2021-MN1, Class M1<br>6.356% (CME Term SOFR + 2.00%), 01/25/2051(a)(e) |  | 45 | 44818 |
|  BRAVO Residential Funding Trust<br>Series 2025-NQM5, Class A1<br>5.496%, 02/25/2065(a) |  | 185 | 186190 |
|  COLT Mortgage Loan Trust <br>Series 2025-10, Class A1<br>5.088%, 10/25/2070(a) |  | 100 | 100041 |
|  |  |  | 331049 |
| **Risk Share Floating Rate–2.4%** | **Risk Share Floating Rate–2.4%** | **Risk Share Floating Rate–2.4%** |  |
|  Federal National Mortgage Association<br>Connecticut Avenue Securities<br>Series 2016-C02, Class 1M2 10.471% (CME Term SOFR + 6.11%), 09/25/2028(e) |  | 21 | 21713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 2M2 11.421% (CME Term SOFR + 7.06%), 08/25/2028(e) |  | 13 | 13691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C04, Class 1M2 10.171% (CME Term SOFR + 5.81%), 04/25/2028(e) |  | 203 | 203984 |
|  Federal Home Loan Mortgage Corp.<br>Structured Agency Credit Risk Debt Notes <br>Series 2015-HQA2, Class M3 9.271% (CME Term SOFR + 4.91%), 05/25/2028(e) |  | 37 | 37180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class M2 6.006% (CME Term SOFR + 1.65%), 01/25/2034(a)(e) |  | 117 | 117345 |
|  Connecticut Avenue Securities Trust <br>Series 2022-R04, Class 1M2 7.456% (CME Term SOFR + 3.10%), 03/25/2042(a)(e) |  | 130 | 133088 |
|  Federal Home Loan Mortgage Corp.<br>Structured Agency Credit Risk Debt Notes <br>Series 2022-DNA3, Class M1B 7.256% (CME Term SOFR + 2.90%), 04/25/2042(a)(e) |  | 239 | 246313 |

---

 <br> *24* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Connecticut Avenue Securities Trust <br>Series 2022-R06, Class 1M1 7.106% (CME Term SOFR + 2.75%), 05/25/2042(a)(e) | U.S.$| 265 | $270928 |
|  Federal Home Loan Mortgage Corp.<br>Structured Agency Credit Risk Debt Notes <br>Series 2021-HQA4, Class M2 6.706% (CME Term SOFR + 2.35%), 12/25/2041(a)(e) |  | 415 | 418957 |
|  Bellemeade Re Ltd.<br>Series 2022-2, Class M1A 8.356% (CME Term SOFR + 4.00%), 09/27/2032(a)(e) |  | 83 | 82783 |
|  Connecticut Avenue Securities Trust <br>Series 2023-R02, Class 1M1 6.656% (CME Term SOFR + 2.30%), 01/25/2043(a)(e) |  | 379 | 386188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1<br>6.756% (CME Term SOFR + 2.40%), 12/25/2042(a)(e) |  | 332 | 339283 |
|  Federal Home Loan Mortgage Corp.<br>Structured Agency Credit Risk Debt Notes<br>Series 2021-DNA6, Class M2 5.856% (CME Term SOFR + 1.50%), 10/25/2041(a)(e) |  | 288 | 288717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M1A 6.856% (CME Term SOFR + 2.50%), 03/25/2052(a)(e) |  | 212 | 214076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M1 5.306% (CME Term SOFR + 0.95%), 12/25/2041(a)(e) |  | 320 | 320250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA2, Class M1A 6.448% (CME Term SOFR + 2.10%), 04/25/2043(a)(e) |  | 151 | 153321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1B 7.706% (CME Term SOFR + 3.35%), 05/25/2042(a)(e) |  | 878 | 911305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1B 8.856% (CME Term SOFR + 4.50%), 06/25/2042(a)(e) |  | 769 | 813916 |
|  Connecticut Avenue Securities Trust <br>Series 2024-R04, Class 1M1 5.456% (CME Term SOFR + 1.10%), 05/25/2044(a)(e) |  | 56 | 56141 |
|  Wells Fargo Credit Risk Transfer Securities Trust <br>Series 2015-WF1, Class 1M2 9.721% (CME Term SOFR + 5.36%), 11/25/2025(a)(e) |  | 96 | 100459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-WF1, Class 2M2 9.971% (CME Term SOFR + 5.61%), 11/25/2025(a)(e) |  | 23 | 24433 |
|  Connecticut Avenue Securities Trust <br>Series 2021-R01, Class 1M2 5.906% (CME Term SOFR + 1.55%), 10/25/2041(a)(e) |  | 27 | 27280 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Bellemeade Re Ltd.<br>Series 2022-1, Class M1B 6.506% (CME Term SOFR + 2.15%), 01/26/2032(a)(e) | U.S.$| 36 | $36407 |
|  Connecticut Avenue Securities Trust <br>Series 2022-R02, Class 2M1 5.556% (CME Term SOFR + 1.20%), 01/25/2042(a)(e) |  | 45 | 44543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M1 5.356% (CME Term SOFR + 1.00%), 07/25/2044(a)(e) |  | 36 | 36437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R06, Class 1M1 5.406% (CME Term SOFR + 1.05%), 09/25/2044(a)(e) |  | 20 | 20332 |
|  Federal Home Loan Mortgage Corp.<br>Structured Agency Credit Risk Debt Notes<br>Series 2024-HQA2, Class M1 5.556% (CME Term SOFR + 1.20%), 08/25/2044(a)(e) |  | 420 | 420613 |
|  Connecticut Avenue Securities Trust <br>Series 2023-R03, Class 2M1 6.856% (CME Term SOFR + 2.50%), 04/25/2043(a)(e) |  | 183 | 185910 |
|  Federal Home Loan Mortgage Corp.<br>Structured Agency Credit Risk Debt Notes <br>Series 2024-DNA3, Class M1 5.356% (CME Term SOFR + 1.00%), 10/25/2044(a)(e) |  | 22 | 21528 |
|  Connecticut Avenue Securities Trust <br>Series 2025-R02, Class 1A1<br>5.356% (CME Term SOFR + 1.00%), 02/25/2045(a)(e) |  | 74 | 74374 |
|  Connecticut Avenue Securities<br>Series 2025-R01, Class 1M1 5.456% (CME Term SOFR + 1.10%), 01/25/2045(a)(e) |  | 72 | 71993 |
|  Federal Home Loan Mortgage Corp.<br>Structured Agency Credit Risk Debt Notes 2025-Hqa1<br>Series 2025-HQA1, Class A1<br>5.306% (CME Term SOFR + 0.95%), 02/25/2045(a)(e) |  | 155 | 155081 |
|  Connecticut Avenue Securities Trust <br>Series 2024-R02, Class 1M2 6.156% (CME Term SOFR + 1.80%), 02/25/2044(a)(e) |  | 150 | 151078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R03, Class 2M1 5.956% (CME Term SOFR + 1.60%), 03/25/2045(a)(e) |  | 249 | 250028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1 5.356% (CME Term SOFR + 1.00%), 05/25/2045(a)(e) |  | 92 | 91702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1M1 5.556% (CME Term SOFR + 1.20%), 05/25/2045(a)(e) |  | 157 | 157321 |

---

 <br> *2025 Annual Report* *25*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Federal Home Loan Mortgage Corp.<br>Structured Agency Credit Risk Debt Notes 2025-DNA2<br>Series 2025-DNA2, Class A1<br>5.456% (CME Term SOFR + 1.10%), 05/25/2045(a)(e) | U.S.$| 79 | $| 79514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA2, Class M1 5.556% (CME Term SOFR + 1.20%), 05/25/2045(a)(e) |  | 47 |  | 47029 |
|  Connecticut Avenue Securities Trust <br>Series 2025-R05, Class 2M1 5.556% (CME Term SOFR + 1.20%), 07/25/2045(a)(e) |  | 357 |  | 358309 |
|  |  |  |  | 7383550 |
| Total Collateralized Mortgage Obligations<br>(cost $9,340,140) | Total Collateralized Mortgage Obligations<br>(cost $9,340,140) |  |  | 9702957 |
| COMMERCIAL MORTGAGE-BACKED SECURITIES–2.1% | COMMERCIAL MORTGAGE-BACKED SECURITIES–2.1% | COMMERCIAL MORTGAGE-BACKED SECURITIES–2.1% | COMMERCIAL MORTGAGE-BACKED SECURITIES–2.1% | COMMERCIAL MORTGAGE-BACKED SECURITIES–2.1% |
| **Non-Agency Fixed Rate CMBS–0.7%** | **Non-Agency Fixed Rate CMBS–0.7%** | **Non-Agency Fixed Rate CMBS–0.7%** | **Non-Agency Fixed Rate CMBS–0.7%** | **Non-Agency Fixed Rate CMBS–0.7%** |
|  Commercial Mortgage Trust <br>Series 2010-C1, Class D<br>5.985%, 07/10/2046(a) |  | 676 |  | 668846 |
|  DTP Commercial Mortgage Trust <br>Series 2023-STE2, Class A<br>6.038%, 01/15/2041(a) |  | 116 |  | 119065 |
|  GS Mortgage Securities Trust <br>Series 2011-GC5, Class D<br>5.314%, 08/10/2044(a) |  | 26 |  | 18849 |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class A1<br>1.433%, 08/15/2026(f) |  | 278 |  | 275892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2<br>2.435%, 08/15/2026(f) |  | 1071 |  | 1064542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class AS<br>2.638%, 08/15/2026(f) |  | 39 |  | 38430 |
|  HFX Funding<br>Series 2017-1A, Class A3<br>3.647%, 03/15/2035(f) |  | 9 |  | 9046 |
|  JPMBB Commercial Mortgage Securities Trust<br>Series 2014-C22, Class XA<br>0.551%, 09/15/2047(h) |  | 780 |  | 8 |
|  Wells Fargo Commercial Mortgage Trust <br>Series 2016-LC25, Class C<br>4.471%, 12/15/2059 |  | 125 |  | 118931 |
|  |  |  |  | 2313609 |
| **Non-Agency Floating Rate CMBS–1.4%** | **Non-Agency Floating Rate CMBS–1.4%** | **Non-Agency Floating Rate CMBS–1.4%** |  |  |
|  ALA Trust<br>Series 2025-OANA, Class A 5.894% (CME Term SOFR 1 Month + 1.74%), 06/15/2040(a)(e) |  | 125 |  | 125616 |
|  BBCMS Mortgage Trust <br>Series 2020-BID, Class A<br>6.405% (CME Term SOFR 1 Month + 2.25%), 10/15/2037(a)(e) |  | 1089 |  | 1088660 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  BHMS Commercial Mortgage Trust <br>Series 2025-ATLS, Class A 6.00% (CME Term SOFR 1 Month + 1.85%), 08/15/2042(a)(e) | U.S.$| 100 | $100282 |
|  BOCA Commercial Mortgage Trust <br>Series 2024-BOCA, Class A 6.071% (CME Term SOFR 1 Month + 1.92%), 08/15/2041(a)(e) |  | 280 | 281566 |
|  BX Commercial Mortgage Trust <br>Series 2019-IMC, Class E 6.346% (CME Term SOFR 1 Month + 2.20%), 04/15/2034(a)(e) |  | 430 | 419500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIR2, Class A 5.643% (CME Term SOFR 1 Month + 1.49%), 10/15/2041(a)(e) |  | 106 | 105675 |
|  Great Wolf Trust<br>Series 2024-WOLF, Class A 5.692% (CME Term SOFR 1 Month + 1.54%), 03/15/2039(a)(e) |  | 232 | 232435 |
|  Hawaii Hotel Trust <br>Series 2025-MAUI, Class A 5.543% (CME Term SOFR 1 Month + 1.39%), 03/15/2042(a)(e) |  | 117 | 117073 |
|  HILT Commercial Mortgage Trust <br>Series 2024-ORL, Class A 5.691% (CME Term SOFR 1 Month + 1.54%), 05/15/2037(a)(e) |  | 176 | 176275 |
|  HLTN Commercial Mortgage Trust <br>Series 2024-DPLO, Class A 5.792% (CME Term SOFR 1 Month + 1.64%), 06/15/2041(a)(e) |  | 250 | 249948 |
|  KIND Trust <br>Series 2021-KIND, Class A 5.22% (CME Term SOFR 1 Month + 1.06%), 08/15/2038(a)(e) |  | 99 | 98807 |
|  Natixis Commercial Mortgage Securities Trust <br>Series 2019-MILE, Class A 5.73% (CME Term SOFR 1 Month + 1.58%), 07/15/2036(a)(e) |  | 316 | 303808 |
|  NJ Trust <br>Series 2023-GSP, Class A<br>6.697%, 01/06/2029(a) |  | 165 | 172885 |
|  NRTH Mortgage Trust <br>Series 2024-PARK, Class A 5.791% (CME Term SOFR 1 Month + 1.64%), 03/15/2039(a)(e) |  | 232 | 231491 |
|  ORL Trust <br>Series 2024-GLKS, Class A 5.643% (CME Term SOFR 1 Month + 1.49%), 12/15/2039(a)(e) |  | 100 | 100031 |

---

 <br> *26* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  SWCH Commercial Mortgage Trust<br>Series 2025-DATA, Class A 5.593% (CME Term SOFR 1 Month + 1.44%), 02/15/2042(a)(e) | U.S.$| 269 | $267885 |
|  Wells Fargo Commercial Mortgage Trust <br>Series 2024-MGP, Class A12 5.841% (CME Term SOFR 1 Month + 1.69%), 08/15/2041(a)(e) |  | 94 | 93584 |
|  |  |  | 4165521 |
| Total Commercial Mortgage-Backed Securities<br>(cost $6,602,883) | Total Commercial Mortgage-Backed Securities<br>(cost $6,602,883) | Total Commercial Mortgage-Backed Securities<br>(cost $6,602,883) | 6479130 |
| CORPORATES—NON-INVESTMENT GRADE–1.4% | CORPORATES—NON-INVESTMENT GRADE–1.4% | CORPORATES—NON-INVESTMENT GRADE–1.4% |  |
| Industrial—1.2% | Industrial—1.2% | Industrial—1.2% |  |
| **Basic–0.1%** |  |  |  |
|  INEOS Quattro Finance 2 PLC<br>8.50%, 03/15/2029(a) | EUR | 100 | 117277 |
|  Solstice Advanced Materials, Inc.<br>5.625%, 09/30/2033(a) | U.S.$| 154 | 154427 |
|  |  |  | 271704 |
| **Capital Goods–0.1%** | **Capital Goods–0.1%** | **Capital Goods–0.1%** |  |
|  EMRLD Borrower LP/Emerald<br>Co-Issuer, Inc.<br>6.375%, 12/15/2030(a) | EUR | 100 | 122612 |
|  Luna 2 5SARL<br>5.50%, 07/01/2032(a) |  | 100 | 119381 |
|  |  |  | 241993 |
| **Communications—Media–0.2%** | **Communications—Media–0.2%** | **Communications—Media–0.2%** |  |
|  Discovery Communications LLC<br>5.30%, 05/15/2049 | U.S.$| 29 | 20979 |
|  VZ Vendor Financing II BV<br>2.875%, 01/15/2029(a) | EUR | 320 | 353222 |
|  Warnermedia Holdings, Inc.<br>4.279%, 03/15/2032 | U.S.$| 389 | 356639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141%, 03/15/2052 |  | 22 | 16389 |
|  |  |  | 747229 |
| **Communications—Telecommunications–0.1%** | **Communications—Telecommunications–0.1%** |  |  |
|  Altice France SA<br>3.375%, 01/15/2028(f) | EUR | 173 | 173926 |
|  Fibercop SpA<br>4.75%, 06/30/2030(a) |  | 135 | 161037 |
|  |  |  | 334963 |
| **Consumer Cyclical—Automotive–0.1%** | **Consumer Cyclical—Automotive–0.1%** | **Consumer Cyclical—Automotive–0.1%** |  |
|  Nissan Motor Acceptance Co. LLC<br>1.85%, 09/16/2026(a) | U.S.$| 143 | 137991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/13/2027(a) |  | 59 | 58953 |
|  |  |  | 196944 |
| **Consumer Cyclical—Other–0.1%** |  |  |  |
|  Hilton Domestic Operating Co., Inc.<br>5.875%, 04/01/2029(a) |  | 122 | 124486 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Standard Industries, Inc./NY<br>4.375%, 07/15/2030(a) | U.S.$| 51 | $48910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028(a) |  | 69 | 68432 |
|  Travel & Leisure Co.<br>6.125%, 09/01/2033(a) |  | 117 | 116778 |
|  |  |  | 358606 |
| **Consumer Cyclical—Restaurants–0.0%** | **Consumer Cyclical—Restaurants–0.0%** | **Consumer Cyclical—Restaurants–0.0%** |  |
|  1011778 BC ULC/New Red Finance, Inc.<br>3.875%, 01/15/2028(a) |  | 40 | 39092 |
| **Consumer Cyclical—Retailers–0.1%** | **Consumer Cyclical—Retailers–0.1%** | **Consumer Cyclical—Retailers–0.1%** |  |
|  Advance Auto Parts, Inc.<br>7.00%, 08/01/2030(a) |  | 201 | 207018 |
|  FirstCash, Inc.<br>4.625%, 09/01/2028(a) |  | 40 | 39332 |
|  |  |  | 246350 |
| **Consumer Non-Cyclical–0.2%** |  |  |  |
|  CVS Health Corp.<br>6.75%, 12/10/2054 |  | 19 | 19621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/10/2055 |  | 242 | 254645 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV<br>2.875%, 04/30/2028(a) | EUR | 200 | 228900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 04/30/2028(a) | U.S.$| 200 | 193240 |
|  Tenet Healthcare Corp.<br>5.125%, 11/01/2027 |  | 79 | 78915 |
|  |  |  | 775321 |
| **Energy–0.1%** |  |  |  |
|  NuStar Logistics LP<br>6.00%, 06/01/2026 |  | 28 | 28077 |
|  Sunoco LP<br>5.625%, 03/15/2031(a) |  | 201 | 199573 |
|  Sunoco LP/Sunoco Finance Corp.<br>7.00%, 09/15/2028(a) |  | 77 | 79352 |
|  |  |  | 307002 |
| **Services–0.0%** |  |  |  |
|  Prime Security Services Borrower LLC/Prime Finance, Inc.<br>3.375%, 08/31/2027(a) |  | 30 | 29157 |
| **Technology–0.0%** | **Technology–0.0%** | **Technology–0.0%** |  |
|  Almaviva-The Italian Innovation Co. SpA<br>5.00%, 10/30/2030(a) | EUR | 100 | 119239 |
| **Transportation—Airlines–0.1%** | **Transportation—Airlines–0.1%** | **Transportation—Airlines–0.1%** |  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>5.75%, 04/20/2029(a) | U.S.$| 81 | 81325 |
|  JetBlue Airways Corp./JetBlue Loyalty LP<br>9.875%, 09/20/2031(a) |  | 135 | 137009 |
|  |  |  | 218334 |
|  |  |  | 3885934 |

---

 <br> *2025 Annual Report* *27*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| Utility–0.2% | Utility–0.2% | Utility–0.2% |  |
| **Electric–0.1%** |  |  |  |
|  Vistra Corp.<br>7.00%, 12/15/2026(a)(d) | U.S.$| 384 | $389641 |
| **Other Utility–0.1%** | **Other Utility–0.1%** | **Other Utility–0.1%** |  |
|  Holding d'Infrastructures des Metiers de l'Environnement SAS 4.875%, 10/24/2029(a) | EUR | 100 | 121790 |
|  |  |  | 511431 |
| Total Corporates—Non-Investment Grade<br>(cost $4,406,973) | Total Corporates—Non-Investment Grade<br>(cost $4,406,973) |  | 4397365 |
| COLLATERALIZED LOAN OBLIGATIONS–1.0% | COLLATERALIZED LOAN OBLIGATIONS–1.0% | COLLATERALIZED LOAN OBLIGATIONS–1.0% |  |
| **CLO—Floating Rate–1.0%** |  |  |  |
|  Pikes Peak CLO 15 2023 Ltd. Series 2023-15A, Class A1 6.075% (CME Term SOFR 3 Month + 1.75%), 10/20/2036(a)(e) | U.S.$| 250 | 250350 |
|  Allegro CLO XI Ltd.<br>Series 2019-2A, Class BR 6.225% (CME Term SOFR 3 Month + 1.90%), 01/19/2033(a)(e) |  | 273 | 272885 |
|  Ballyrock CLO 17 Ltd.<br>Series 2021-17A, Class A1A 5.737% (CME Term SOFR 3 Month + 1.41%), 10/20/2034(a)(e) |  | 250 | 250334 |
|  Kings Park CLO Ltd.<br>Series 2021-1A, Class A 5.717% (CME Term SOFR 3 Month + 1.39%), 01/21/2035(a)(e) |  | 250 | 250165 |
|  Clover CLO LLC<br>Series 2021-3A, Class BR 5.768% (CME Term SOFR 3 Month + 1.45%), 01/25/2035(a)(e) |  | 250 | 250205 |
|  Magnetite XIX Ltd.<br>Series 2017-19A, Class B1RR 5.772% (CME Term SOFR 3 Month + 1.45%), 04/17/2034(a)(e) |  | 250 | 249891 |
|  OCP CLO Ltd.<br>Series 2021-23A, Class BR 5.872% (CME Term SOFR 3 Month + 1.55%), 01/17/2037(a)(e) |  | 250 | 249754 |
|  Neuberger Berman Loan Advisers CLO 42 Ltd.<br>Series 2021-42A, Class AR 5.268% (CME Term SOFR 3 Month + 0.95%), 07/16/2036(a)(e) |  | 250 | 250003 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  AGL CLO 13 Ltd.<br>Series 2021-13A, Class A1R 5.373% (CME Term SOFR 3 Month + 1.10%), 10/20/2034(a)(e) | U.S.$| 250 | $250377 |
|  AGL CLO 44 Ltd.<br>Series 2025-44A, Class A 5.103% (CME Term SOFR 3 Month + 1.15%), 10/22/2037(a)(e) |  | 250 | 246175 |
|  Allegany Park CLO Ltd.<br>Series 2019-1A, Class ARR 5.375% (CME Term SOFR 3 Month + 1.10%), 01/20/2035(a)(e) |  | 250 | 250217 |
|  Pikes Peak CLO 18<br>Series 2025-18A, Class A1<br>5.508% (CME Term SOFR 3 Month + 1.22%), 04/20/2038(a)(e) |  | 250 | 250312 |
| Total Collateralized Loan Obligations<br>(cost $3,021,933) |  |  | 3020668 |
| GOVERNMENTS—SOVEREIGN AGENCIES–0.9% | GOVERNMENTS—SOVEREIGN AGENCIES–0.9% | GOVERNMENTS—SOVEREIGN AGENCIES–0.9% |  |
| **Belgium–0.1%** | **Belgium–0.1%** | **Belgium–0.1%** |  |
|  Dexia SA<br>Series E<br>0.00%, 01/21/2028(a) | EUR | 200 | 222433 |
| **Canada–0.2%** | **Canada–0.2%** | **Canada–0.2%** |  |
|  Canada Housing Trust No. 1<br>3.55%, 09/15/2032(a) | CAD | 535 | 395141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/2034(a) |  | 270 | 207539 |
|  |  |  | 602680 |
| **France–0.1%** | **France–0.1%** | **France–0.1%** |  |
|  SNCF Reseau<br>Series E<br>1.125%, 05/25/2030(a) | EUR | 500 | 541402 |
| **Kazakhstan–0.1%** | **Kazakhstan–0.1%** | **Kazakhstan–0.1%** |  |
|  Baiterek National Managing Holding JSC<br>5.45%, 05/08/2028(a) | U.S.$| 200 | 203420 |
| **Netherlands–0.4%** | **Netherlands–0.4%** | **Netherlands–0.4%** |  |
|  BNG Bank NV<br>3.50%, 07/19/2027 | AUD | 1773 | 1165075 |
| Total Governments—Sovereign Agencies<br>(cost $2,664,990) | Total Governments—Sovereign Agencies<br>(cost $2,664,990) |  | 2735010 |
| COVERED BONDS–0.8% | COVERED BONDS–0.8% | COVERED BONDS–0.8% |  |
|  BPCE SFH SA<br>Series E<br>0.01%, 01/29/2029(a) | EUR | 400 | 432398 |
|  Caisse de Refinancement de l'Habitat SA<br>2.75%, 04/12/2028(a) |  | 200 | 236616 |

---

 <br> *28* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Caisse Francaise de Financement Local SA<br>3.25%, 02/19/2029(a) | EUR | 400 | $| 479313 |
|  Credit Agricole Home Loan SFH SA<br>Series E<br>0.875%, 08/31/2027(a) |  | 300 |  | 342790 |
|  Credit Mutuel Home Loan SFH SA<br>Series E<br>3.25%, 10/31/2029(a) |  | 100 |  | 120139 |
|  National Australia Bank Ltd.<br>0.01%, 01/06/2029(a) |  | 461 |  | 498225 |
|  Santander UK PLC<br>Series E<br>3.00%, 03/12/2029(a) |  | 145 |  | 172592 |
|  Societe Generale SFH SA<br>0.125%, 07/18/2029(a) |  | 200 |  | 213933 |
| Total Covered Bonds<br>(cost $2,349,778) |  |  |  | 2496006 |
|  | **Notional Amount** | **Notional Amount** |  |  |
| PURCHASED OPTIONS—PUTS–0.8% | PURCHASED OPTIONS—PUTS–0.8% | PURCHASED OPTIONS—PUTS–0.8% | PURCHASED OPTIONS—PUTS–0.8% | PURCHASED OPTIONS—PUTS–0.8% |
| **Options on Equity Indices–0.8%** |  |  |  |  |
|  Euro STOXX 50 Price EUR Index<br>Expiration: Sep 2026;<br>Contracts: 1,980;<br>Exercise Price: EUR 4,500.00; Counterparty: UBS AG(i) |  | 8910000 |  | 223148 |
|  FTSE 100 Index<br>Expiration: Sep 2026;<br>Contracts: 430;<br>Exercise Price: GBP 8,000.00;<br>Counterparty: UBS AG(i) | GBP | 3440000 |  | 62653 |
|  Nikkei 225 Index<br>Expiration: Sep 2026;<br>Contracts: 26,000;<br>Exercise Price: JPY 36,500.00;<br>Counterparty: UBS AG(i) | JPY | 949000000 |  | 187930 |
|  S&P 500 Index<br>Expiration: Sep 2026;<br>Contracts: 16,000;<br>Exercise Price: USD 5,500.00;<br>Counterparty: UBS AG(i) | USD | 88000000 |  | 1998484 |
| Total Purchased Options—Puts<br>(premiums paid $2,629,115) |  |  |  | 2472215 |
|  | **Principal Amount (000)** | **Principal Amount (000)** |  |  |
| EMERGING MARKETS—CORPORATE BONDS–0.7% | EMERGING MARKETS—CORPORATE BONDS–0.7% | EMERGING MARKETS—CORPORATE BONDS–0.7% |  |  |
| Industrial–0.6% |  |  |  |  |
| **Basic–0.3%** | **Basic–0.3%** | **Basic–0.3%** |  |  |
|  Braskem Netherlands Finance BV<br>4.50%, 01/10/2028(a) | U.S.$| 200 |  | 84790 |
|  Periama Holdings LLC/DE<br>5.95%, 04/19/2026(a) |  | 200 |  | 200700 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Sappi Papier Holding GmbH<br>4.50%, 03/15/2032(a) | EUR | 100 | $115833 |
|  Sasol Financing USA LLC<br>8.75%, 05/03/2029(a) | U.S.$| 200 | 207500 |
|  Stillwater Mining Co.<br>4.00%, 11/16/2026(a) |  | 200 | 197600 |
|  Volcan Cia Minera SAA<br>8.75%, 01/24/2030(a) |  | 71 | 73648 |
|  |  |  | 880071 |
| **Communications—Media–0.1%** | **Communications—Media–0.1%** | **Communications—Media–0.1%** |  |
|  Globo Comunicacao e Participacoes S/A<br>4.875%, 01/22/2030(a) |  | 229 | 221056 |
| **Energy–0.2%** | **Energy–0.2%** | **Energy–0.2%** |  |
|  Ecopetrol SA<br>8.375%, 01/19/2036 |  | 100 | 103250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 01/19/2029 |  | 141 | 153084 |
|  Oleoducto Central SA<br>4.00%, 07/14/2027(a) |  | 528 | 518311 |
|  |  |  | 774645 |
|  |  |  | 1875772 |
| Utility–0.1% | Utility–0.1% | Utility–0.1% |  |
| **Electric–0.0%** |  |  |  |
|  Terraform Global Operating LP<br>6.125%, 03/01/2026(a) |  | 33 | 32791 |
| **Other Utility–0.1%** | **Other Utility–0.1%** | **Other Utility–0.1%** |  |
|  Aegea Finance SARL<br>6.75%, 05/20/2029(a) |  | 200 | 204162 |
|  |  |  | 236953 |
| Total Emerging Markets—Corporate Bonds<br>(cost $2,175,462) | Total Emerging Markets—Corporate Bonds<br>(cost $2,175,462) |  | 2112725 |
| GOVERNMENTS—SOVEREIGN BONDS–0.6% | GOVERNMENTS—SOVEREIGN BONDS–0.6% | GOVERNMENTS—SOVEREIGN BONDS–0.6% |  |
| **Chile–0.2%** |  |  |  |
|  Chile Electricity Lux MPC II SARL<br>5.672%, 10/20/2035(a) |  | 400 | 412048 |
|  Chile Government International Bond<br>3.75%, 01/14/2032 | EUR | 117 | 140541 |
|  |  |  | 552589 |
| **Hong Kong–0.1%** | **Hong Kong–0.1%** | **Hong Kong–0.1%** |  |
|  Hong Kong Government International Bond<br>Series G<br>3.15%, 07/24/2054(a) | CNH | 1000 | 155336 |
| **Mexico–0.2%** | **Mexico–0.2%** | **Mexico–0.2%** |  |
|  Mexico Government International Bond<br>5.375%, 03/22/2033 | U.S.$| 603 | 603061 |
| **Panama–0.0%** | **Panama–0.0%** | **Panama–0.0%** |  |
|  Panama Government International Bond<br>9.375%, 04/01/2029 |  | 85 | 96890 |

---

 <br> *2025 Annual Report* *29*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Romania–0.1%** | **Romania–0.1%** | **Romania–0.1%** |  |
|  Romanian Government International Bond<br>5.75%, 09/16/2030(a) | U.S.$| 530 | $539937 |
| Total Governments—Sovereign Bonds<br>(cost $1,889,191) | Total Governments—Sovereign Bonds<br>(cost $1,889,191) |  | 1947813 |
| LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.6% | LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.6% | LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.6% |  |
| **United States–0.6%** |  |  |  |
|  California Earthquake Authority<br>(California Earthquake Authority) Series 2022-A<br>5.603%, 07/01/2027 |  | 110 | 111431 |
|  Commonwealth Financing Authority (Commonwealth of Pennsylvania Dept. of Education State Lease)<br>Series 2016-A<br>4.144%, 06/01/2038 |  | 80 | 75601 |
|  State Board of Administration Finance Corp.<br>(Florida Hurricane Catastrophe Fund)<br>Series 2020-A<br>1.705%, 07/01/2027 |  | 652 | 627758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.154%, 07/01/2030 |  | 224 | 204924 |
|  University of California<br>(University of California)<br>Series 2021-B<br>3.071%, 05/15/2051 |  | 1130 | 755290 |
| Total Local Governments—US Municipal Bonds<br>(cost $2,154,305) | Total Local Governments—US Municipal Bonds<br>(cost $2,154,305) | Total Local Governments—US Municipal Bonds<br>(cost $2,154,305) | 1775004 |
| AGENCIES–0.4% | AGENCIES–0.4% | AGENCIES–0.4% |  |
| **Agency Debentures–0.4%** |  |  |  |
|  Federal Home Loan Banks<br>4.00%, 06/30/2028 |  | 865 | 872923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/08/2028 |  | 265 | 273435 |
| Total Agencies<br>(cost $1,132,407) | Total Agencies<br>(cost $1,132,407) |  | 1146358 |
| SUPRANATIONALS–0.3% | SUPRANATIONALS–0.3% | SUPRANATIONALS–0.3% |  |
|  European Union<br>Series UFA<br>4.00%, 04/04/2044(a) | EUR | 496 | 600574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 10/05/2054(a) |  | 390 | 408043 |
| Total Supranationals<br>(cost $984,694) | Total Supranationals<br>(cost $984,694) |  | 1008617 |
| EMERGING MARKETS—SOVEREIGNS–0.2% | EMERGING MARKETS—SOVEREIGNS–0.2% | EMERGING MARKETS—SOVEREIGNS–0.2% |  |
| **Dominican Republic–0.1%** |  |  |  |
|  Dominican Republic International Bond<br>5.95%, 01/25/2027(a) | U.S.$| 221 | 224896 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Mexico–0.1%** | **Mexico–0.1%** | **Mexico–0.1%** |  |
|  Eagle Funding Luxco SARL<br>5.50%, 08/17/2030(a) | U.S.$| 250 | $253875 |
| Total Emerging Markets—Sovereigns (cost $468,003) | Total Emerging Markets—Sovereigns (cost $468,003) |  | 478771 |
| QUASI-SOVEREIGNS–0.1% | QUASI-SOVEREIGNS–0.1% | QUASI-SOVEREIGNS–0.1% |  |
| Quasi-Sovereign Bonds–0.1% |  |  |  |
| **Chile–0.1%** | **Chile–0.1%** | **Chile–0.1%** |  |
|  Corp. Nacional del Cobre de Chile<br>5.95%, 01/08/2034(a) (cost $202,087) |  | 200 | 209350 |
| LOCAL GOVERNMENTS—PROVINCIAL BONDS–0.1% | LOCAL GOVERNMENTS—PROVINCIAL BONDS–0.1% | LOCAL GOVERNMENTS—PROVINCIAL BONDS–0.1% |  |
| **Canada–0.1%** |  |  |  |
|  Hydro Quebec Interest Strip |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/15/2042 | CAD | 118 | 41303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/15/2042 |  | 118 | 39756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/15/2044 |  | 118 | 36662 |
|  Province of Ontario Generic Coupon Strip |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 06/02/2039 |  | 119 | 47806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 06/02/2042 |  | 119 | 40459 |
| Total Local Governments—Provincial Bonds<br>(cost $212,909) | Total Local Governments—Provincial Bonds<br>(cost $212,909) |  | 205986 |
| LOCAL GOVERNMENTS—CANADIAN MUNICIPAL BONDS–0.0% | LOCAL GOVERNMENTS—CANADIAN MUNICIPAL BONDS–0.0% | LOCAL GOVERNMENTS—CANADIAN MUNICIPAL BONDS–0.0% | LOCAL GOVERNMENTS—CANADIAN MUNICIPAL BONDS–0.0% |
| **Canada–0.0%** |  |  |  |
|  City of Calgary Canada<br>4.20%, 06/01/2034<br>(cost $51,969) |  | 70 | 52344 |
| **Company** | **Shares** | **Shares** |  |
| SHORT-TERM INVESTMENTS–11.1% | SHORT-TERM INVESTMENTS–11.1% | SHORT-TERM INVESTMENTS–11.1% |  |
| **Investment Companies–11.1%** |  |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 3.97%(j)(k)(l) (cost $34,062,338) |  | 34062338 | 34062338 |
| **Total Investments—105.5%**<br> (cost $320,571,134) | **Total Investments—105.5%**<br> (cost $320,571,134) |  | 325164963 |
|  Other assets less liabilities—(5.5)% |  |  | (17036505) |
| **Net Assets—100.0%** | **Net Assets—100.0%** |  | $**308128458** |

---

 <br> *30* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| FUTURES (see Note 3) |  |  |  |  |
| **Description** | **Number of**<br> **Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Purchased Contracts** |  |  |  |  |
|  Australian 10 Yr Bond Futures | 19 | December 2025 | $1425091 | $(3283) |
|  Canadian 10 Yr Bond Futures | 107 | December 2025 | 9415262 | 197081 |
|  E-Mini Russell 2000 Index Futures | 31 | December 2025 | 3806025 | 21769 |
|  Euro-BOBL Futures | 20 | December 2025 | 2766298 | 681 |
|  Euro-BTP Futures | 8 | December 2025 | 1125586 | 12201 |
|  Euro-Bund Futures | 25 | December 2025 | 3773692 | 23820 |
|  FTSE 100 Index Futures | 14 | December 2025 | 1771300 | 10482 |
|  Mini Japan 10 Yr Government Bond Futures | 4 | December 2025 | 367204 | (2961) |
|  MSCI Emerging Markets Index Futures | 7 | December 2025 | 475895 | 6124 |
|  MSCI Singapore ETS Index Futures | 4 | October 2025 | 138719 | (215) |
|  Nikkei 225 (OSE) Futures | 4 | December 2025 | 1216891 | 31264 |
|  S&P 500 E-Mini Futures | 233 | December 2025 | 78506437 | 1037301 |
|  S&P Mid 400 E-Mini Futures | 8 | December 2025 | 2628960 | (48592) |
|  S&P/TSX 60 Index Futures | 5 | December 2025 | 1273838 | 12539 |
|  U.S. T-Note 2 Yr (CBT) Futures | 249 | December 2025 | 51891211 | (5247) |
|  U.S. T-Note 5 Yr (CBT) Futures | 92 | December 2025 | 10045969 | (1989) |
|  U.S. T-Note 10 Yr (CBT) Futures | 8 | December 2025 | 900000 | (3184) |
| **Sold Contracts** |  |  |  |  |
|  Australian 3 Yr Bond Futures | 8 | December 2025 | 565572 | 1991 |
|  Australian 10 Yr Bond Futures | 52 | December 2025 | 3900249 | 13267 |
|  Canadian 10 Yr Bond Futures | 22 | December 2025 | 1935848 | (43029) |
|  Euro Buxl 30 Yr Bond Futures | 1 | December 2025 | 134405 | (1974) |
|  Euro STOXX 50 Index Futures | 3 | December 2025 | 195162 | (1433) |
|  Euro-Bund Futures | 50 | December 2025 | 7547385 | (20887) |
|  Euro-Schatz Futures | 6 | December 2025 | 753600 | 697 |
|  FTSE 100 Index Futures | 2 | December 2025 | 253043 | (2634) |
|  Japan 10 Yr Bond (OSE) Futures | 12 | December 2025 | 11018562 | 73435 |
|  Long Gilt Futures | 32 | December 2025 | 3909461 | (51586) |
|  OMXS 30 Index Futures | 9 | October 2025 | 254769 | (2965) |
|  SPI 200 Futures | 4 | December 2025 | 587126 | 711 |
|  TOPIX Index Futures | 5 | December 2025 | 1061974 | (1095) |
|  U.S. 10 Yr Ultra Futures | 37 | December 2025 | 4257891 | (21880) |
|  U.S. Ultra Bond (CBT) Futures | 6 | December 2025 | 720375 | (20165) |
|  |  |  |  | $1210244 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) |
| **Counterparty** | **Contracts to<br>Deliver**<br> (000) | **Contracts to<br>Deliver**<br> (000) | **In Exchange<br>For**<br> (000) | **In Exchange<br>For**<br> (000) | **Settlement**<br> **Date** | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  Bank of America NA | CAD | 5017 | USD | 3635 | 11/14/2025 | $23317 |
|  Bank of America NA | GBP | 7435 | USD | 10162 | 12/05/2025 | 161781 |
|  Bank of New York (The) | EUR | 9466 | USD | 11095 | 10/08/2025 | (21955) |
|  Barclays Capital, Inc. | BRL | 23 | USD | 4 | 10/02/2025 | (23) |
|  Barclays Capital, Inc. | USD | 4 | BRL | 23 | 10/02/2025 | (3) |

---

 <br> *2025 Annual Report* *31*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver**<br> (000) | **Contracts to<br>Deliver**<br> (000) | **In Exchange<br>For**<br> (000) | **In Exchange<br>For**<br> (000) | **Settlement**<br> **Date** | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  Barclays Capital, Inc. | IDR | 4777102 | USD | 293 | 10/24/2025 | $6402 |
|  Barclays Capital, Inc. | USD | 4 | BRL | 23 | 11/04/2025 | 22 |
|  Barclays Capital, Inc. | USD | 1125 | SEK | 10554 | 11/20/2025 | (8) |
|  Barclays Capital, Inc. | CHF | 3552 | USD | 4514 | 11/21/2025 | 24944 |
|  BNP Paribas SA | CAD | 3446 | USD | 2500 | 11/14/2025 | 18004 |
|  Citibank NA | BRL | 1083 | USD | 203 | 10/02/2025 | (10) |
|  Citibank NA | USD | 204 | BRL | 1083 | 10/02/2025 | (140) |
|  Citibank NA | KRW | 1222608 | USD | 894 | 10/14/2025 | 23378 |
|  Citibank NA | CNH | 31577 | USD | 4400 | 10/16/2025 | (31903) |
|  Citibank NA | USD | 1614 | CAD | 2226 | 11/14/2025 | (10490) |
|  Goldman Sachs Bank USA | MYR | 1577 | USD | 374 | 11/21/2025 | (749) |
|  Goldman Sachs Bank USA | USD | 1228 | EUR | 1043 | 11/21/2025 | 307 |
|  HSBC Bank USA | IDR | 3680693 | USD | 221 | 10/24/2025 | 160 |
|  HSBC Bank USA | JPY | 211308 | USD | 1429 | 10/30/2025 | (4039) |
|  HSBC Bank USA | USD | 1249 | SEK | 11765 | 11/20/2025 | 4268 |
|  JPMorgan Chase Bank | BRL | 1106 | USD | 208 | 10/02/2025 | 143 |
|  JPMorgan Chase Bank | USD | 208 | BRL | 1106 | 10/02/2025 | (527) |
|  JPMorgan Chase Bank | USD | 2434 | JPY | 358509 | 10/30/2025 | (2885) |
|  Morgan Stanley Capital Services, Inc. | MXN | 34010 | USD | 1798 | 10/22/2025 | (54819) |
|  Morgan Stanley Capital Services, Inc. | JPY | 1298667 | USD | 8870 | 10/30/2025 | 62073 |
|  Morgan Stanley Capital Services, Inc. | AUD | 3718 | USD | 2407 | 11/07/2025 | (54349) |
|  Morgan Stanley Capital Services, Inc. | USD | 2601 | CHF | 2053 | 11/21/2025 | (6627) |
|  Societe Generale | EUR | 6633 | USD | 7827 | 11/21/2025 | 16286 |
|  Societe Generale | USD | 7317 | EUR | 6201 | 11/21/2025 | (15225) |
|  State Street Bank & Trust Co. | USD | 196 | ZAR | 3538 | 10/14/2025 | 8764 |
|  State Street Bank & Trust Co. | CNH | 1033 | USD | 144 | 10/16/2025 | (647) |
|  State Street Bank & Trust Co. | USD | 847 | CNH | 6053 | 10/16/2025 | 2783 |
|  State Street Bank & Trust Co. | USD | 626 | CNH | 4445 | 10/16/2025 | (1940) |
|  State Street Bank & Trust Co. | MXN | 18263 | USD | 992 | 10/22/2025 | (3419) |
|  State Street Bank & Trust Co. | USD | 765 | MXN | 14339 | 10/22/2025 | 15854 |
|  State Street Bank & Trust Co. | USD | 17 | JPY | 2480 | 10/30/2025 | 202 |
|  State Street Bank & Trust Co. | USD | 1300 | JPY | 190436 | 10/30/2025 | (8563) |
|  State Street Bank & Trust Co. | AUD | 121 | USD | 80 | 11/07/2025 | 77 |
|  State Street Bank & Trust Co. | AUD | 990 | USD | 641 | 11/07/2025 | (14799) |
|  State Street Bank & Trust Co. | NZD | 67 | USD | 40 | 11/07/2025 | 773 |
|  State Street Bank & Trust Co. | CAD | 117 | USD | 86 | 11/14/2025 | 1252 |
|  State Street Bank & Trust Co. | HUF | 213749 | USD | 644 | 11/19/2025 | 2749 |
|  State Street Bank & Trust Co. | HUF | 82602 | USD | 248 | 11/19/2025 | (706) |
|  State Street Bank & Trust Co. | PLN | 3294 | USD | 911 | 11/19/2025 | 4978 |
|  State Street Bank & Trust Co. | NOK | 423 | USD | 42 | 11/20/2025 | (264) |
|  State Street Bank & Trust Co. | EUR | 806 | USD | 950 | 11/21/2025 | 1746 |
|  State Street Bank & Trust Co. | EUR | 565 | USD | 664 | 11/21/2025 | (1450) |
|  State Street Bank & Trust Co. | USD | 222 | EUR | 186 | 11/21/2025 | (2224) |
|  UBS | PEN | 752 | USD | 216 | 11/13/2025 | (51) |
|  |  |  |  |  |  | $142448 |

---

 <br> *32* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) |
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Buy Contracts** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 45, 5 Year Index, 12/20/2030\* | (5.00)% | Quarterly | 3.21% | USD | 1380 | $(108279) | $(104717) | $(3562) |
| &nbsp;&nbsp;&nbsp;&nbsp; iTraxx Australia Series 44, 5 Year Index, 12/20/2030\* | (1.00) | Quarterly | 0.66 | USD | 4960 | (81444) | (79497) | (1947) |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia, 12/20/2030\* | (1.00) | Quarterly | 0.43 | USD | 6590 | (180450) | (172725) | (7725) |
| **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 45, 5 Year Index, 12/20/2030\* | 5.00 | Quarterly | 3.21 | USD | 4650 | 364813 | 355447 | 9366 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-NAIG Series 45, 5 Year Index, 12/20/2030\* | 1.00 | Quarterly | 0.52 | USD | 4960 | 114020 | 113632 | 388 |
|  |  |  |  |  |  | $108660 | $112140 | $(3480) |

---

\* Termination date

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) |  |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** | **Termination<br>Date** | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** | **Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 2460 | 04/15/2026 | 2.530% | CPI# | Maturity | $13434 | $— | $13434 |
| USD | 6245 | 07/08/2027 | 2.770% | CPI# | Maturity | 161187 |  | 161187 |
| USD | 6245 | 07/08/2027 | 2.778% | CPI# | Maturity | 158728 |  | 158728 |
| USD | 4160 | 07/15/2027 | 2.753% | CPI# | Maturity | 102489 |  | 102489 |
|  |  |  |  |  |  | $435838 | $— | $435838 |

---

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) |  |
| | | **Termination<br>Date** | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** | **Termination<br>Date** | **Payments made<br>by the Fund**  | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 1990 | 04/27/2026 | 1.570% | 1 Day SOFR | Annual | $49148 | $30311 | $18837 |
| USD | 840 | 10/04/2026 | 1.150% | 1 Day SOFR | Annual | 48233 | 24796 | 23437 |
| USD | 420 | 11/08/2026 | 1.450% | 1 Day SOFR | Annual | 20881 | 12021 | 8860 |
| USD | 420 | 11/09/2026 | 1.505% | 1 Day SOFR | Annual | 20266 | 11741 | 8525 |
| USD | 1040 | 04/04/2027 | 2.240% | 1 Day SOFR | Annual | 29775 | 28461 | 1314 |
| USD | 580 | 04/26/2027 | 2.110% | 1 Day SOFR | Annual | 17536 | 17046 | 490 |
| USD | 10260 | 06/05/2027 | 0.343% | 1 Day SOFR | Annual | 651618 | 600155 | 51463 |
| USD | 6030 | 07/20/2027 | 1.885% | 1 Day SOFR | Annual | 190716 | 224080 | (33364) |
| USD | 1360 | 09/27/2029 | 1.300% | 1 Day SOFR | Annual | 147433 | 122887 | 24546 |
| USD | 1830 | 12/13/2029 | 1.537% | 1 Day SOFR | Annual | 171980 | 114394 | 57586 |
| CNY | 9158 | 02/20/2030 | China 7-Day Reverse Repo Rate | 1.602% | Quarterly | (2314) |  | (2314) |
| CNY | 6221 | 04/03/2030 | China 7-Day Reverse Repo Rate | 1.591% | Quarterly | (1913) |  | (1913) |
| CNY | 5759 | 04/03/2030 | China 7-Day Reverse Repo Rate | 1.583% | Quarterly | (2068) |  | (2068) |
| USD | 15740 | 05/21/2031 | 1.395% | 1 Day SOFR | Annual | 1807788 | 1787355 | 20433 |
| NZD | 1088 | 03/18/2035 | 3 Month BKBM | 4.153% | Quarterly/Semi-Annual | 25967 |  | 25967 |
| NZD | 552 | 03/18/2035 | 3 Month BKBM | 4.155% | Quarterly/Semi-Annual | 13240 |  | 13240 |
| USD | 1010 | 11/10/2035 | 2.390% | 1 Day SOFR | Annual | 127320 | 100473 | 26847 |
|  |  |  |  |  |  | $3315606 | $3073720 | $241886 |

---

 <br> *2025 Annual Report* *33*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) |
| **Counterparty & Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** |
|  Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 484 | 12/19/2025 | $69 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| REVERSE REPURCHASE AGREEMENTS (see Note 3) | REVERSE REPURCHASE AGREEMENTS (see Note 3) | REVERSE REPURCHASE AGREEMENTS (see Note 3) | REVERSE REPURCHASE AGREEMENTS (see Note 3) | REVERSE REPURCHASE AGREEMENTS (see Note 3) | REVERSE REPURCHASE AGREEMENTS (see Note 3) |
| **Broker** | **Currency** | **Principal<br>Amount<br>(000)** | **Interest<br>Rate** | **Maturity** | **U.S. $Value at<br>September 30,<br>2025** |
|  HSBC Securities (USA), Inc.<sup>†</sup> | USD | 1961 | 4.35% |  | $1975226 |

---

<sup>†</sup> The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on September 30, 2025.

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<br>Continuous** | **Up to 30 Days** | **Total** |
|  Inflation-Linked Securities | $1975226 | $– $– $– $| 1975226 |

---

(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, 2025, the aggregate market value of these securities amounted to $75,351,923 or 24.5% of net assets.

(b) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(c) Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

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

(e) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2025.

(f) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.52% of net assets as of September 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid Securities** | **Acquisition Date** | **Cost** | **Market<br>Value** | **Percentage of**<br> **Net Assets** |
|  Altice France SA<br>3.375%, 01/15/2028 | 12/15/2021 | $192992 | $173926 | 0.06% |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class A1<br>1.433%, 08/15/2026 | 09/15/2021-08/03/2023 | 263832 | 275892 | 0.09% |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class A2<br>2.435%, 08/15/2026 | 02/25/2021-09/06/2022 | 1077320 | 1064542 | 0.35% |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class AS<br>2.638%, 08/15/2026 | 02/25/2021-04/01/2021 | 39191 | 38430 | 0.01% |
|  HFX Funding<br>Series 2017-1A, Class A3<br>3.647%, 03/15/2035 | 11/19/2020 | 84616 | 9046 | 0.00% |
|  Tricolor Auto Securitization Trust<br>Series 2024-2A, Class A<br>6.36%, 12/15/2027 | 05/14/2024 | 16989 | 16320 | 0.01% |

---

 <br> *34* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
(g) Inverse interest only security.

(h) IO—Interest Only.

(i) Non-income producing security.

(j) 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.

(k) Affiliated investments.

(l) 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

CNH—Chinese Yuan Renminbi (Offshore)

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Sol

PLN—Polish Zloty

SEK—Swedish Krona

USD—United States Dollar

ZAR—South African Rand

Glossary:

ABS—Asset-Backed Securities

BKBM—Bank Bill Benchmark (New Zealand)

BOBL—Bundesobligationen

BTP—Buoni del Tesoro Poliennali

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

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

TBA—To Be Announced

TIPS—Treasury Inflation Protected Security

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

 <br> *2025 Annual Report* *35*

------

##### [**Table of Contents**](#toc)
Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

#### Tax-Aware Overlay B Portfolio
September 30, 2025

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| MUNICIPAL OBLIGATIONS–68.0% | MUNICIPAL OBLIGATIONS–68.0% | MUNICIPAL OBLIGATIONS–68.0% |
| Long-Term Municipal Bonds–67.2% | Long-Term Municipal Bonds–67.2% | Long-Term Municipal Bonds–67.2% |
| **Alabama–1.9%** | **Alabama–1.9%** | **Alabama–1.9%** |
|  Black Belt Energy Gas District<br>(Pacific Life Insurance)<br>Series 2025-D<br>5.00%, 12/01/2055(a) | $1945 | $2130168 |
|  Southeast Energy Authority A Cooperative District<br>(Athene Annuity & Life Co.)<br>Series 2025-A<br>5.00%, 01/01/2056 | 1000 | 1055751 |
|  Southeast Energy Authority A<br>Cooperative District (BP PLC)<br>Series 2025-F<br>5.25%, 11/01/2055 | 355 | 394217 |
|  Southeast Energy Authority A<br>Cooperative District<br>(Morgan Stanley)<br>Series 2021-B<br>4.00%, 12/01/2051 | 2000 | 2049314 |
|  Southeast Energy Authority A<br>Cooperative District<br>(New York Life Insurance)<br>Series 2025<br>5.00%, 09/01/2035 | 1000 | 1100514 |
|  Southeast Energy Authority A<br>Cooperative District<br>(Royal Bank of Canada)<br>Series 2023-B<br>5.00%, 01/01/2054 | 1000 | 1069560 |
|  Southeast Energy Authority A<br>Cooperative District<br>(Sumitomo Mitsui Financial Group)<br>Series 2023-A<br>5.25%, 01/01/2054 | 1100 | 1166045 |
|  |  | 8965569 |
| **American Samoa–0.1%** |  |  |
|  American Samoa Economic Development Authority<br>(Territory of American Samoa)<br>Series 2018<br>6.50%, 09/01/2028(b) | 520 | 546665 |
| **Arizona–1.5%** |  |  |
|  Arizona Industrial Development Authority<br>(Equitable School Revolving Fund Obligated Group)<br>Series 2020<br>4.00%, 11/01/2038 | 600 | 574769 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2039 | $750 | $712446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2035 | 850 | 897370 |
|  Chandler Industrial Development Authority<br>(Intel Corp.)<br>Series 2022<br>5.00%, 09/01/2052 | 2000 | 2033986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>4.00%, 06/01/2049 | 1000 | 1020872 |
|  City of Glendale AZ<br>(City of Glendale AZ COP)<br>Series 2021<br>2.062%, 07/01/2029 | 1000 | 926949 |
|  City of Tempe AZ<br>(City of Tempe AZ COP)<br>Series 2021<br>2.171%, 07/01/2033 | 1475 | 1251927 |
|  |  | 7418319 |
| **California–14.4%** |  |  |
|  Bay Area Toll Authority<br>(Bay Area Toll Authority)<br>Series 2021<br>3.19% (MUNIPSA + 0.30%), 04/01/2056(c) | 2000 | 1960071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% (MUNIPSA + 0.41%), 04/01/2056(c) | 2000 | 1934954 |
|  California Community Choice Financing Authority<br>(American General Life Insurance)<br>Series 2023-D<br>5.50%, 05/01/2054 | 2000 | 2135623 |
|  California Community Choice Financing Authority<br>(Deutsche Bank AG)<br>Series 2023<br>5.25%, 01/01/2054 | 1000 | 1066912 |
|  California Community Choice Financing Authority<br>(Morgan Stanley)<br>Series 2023<br>4.431% (SOFR + 1.63%), 07/01/2053(c) | 2200 | 2210763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.471% (SOFR + 1.67%), 02/01/2054(c) | 1000 | 1006527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2054 | 1000 | 1075861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E<br>5.00%, 02/01/2055 | 1000 | 1091615 |
|  California Community Choice Financing Authority<br>(Pacific Life Insurance)<br>Series 2025<br>5.00%, 03/01/2056 | 1000 | 1096540 |
|  California Community Choice Financing Authority<br>(Royal Bank of Canada)<br>Series 2024<br>5.00%, 02/01/2055 | 1000 | 1097939 |

---

 <br> *36* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  California Community Housing Agency<br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments)<br>Series 2021-A<br>4.00%, 08/01/2047(b) | $1500 | $1136980 |
|  California Community Housing Agency<br>(California Community Housing Agency Summit at Sausalito Apartments)<br>Series 2021<br>4.00%, 02/01/2050(b) | 595 | 444986 |
|  California Enterprise Development Authority<br>(Rocketship Education Obligated Group)<br>Series 2022<br>4.00%, 06/01/2031(b) | 540 | 534367 |
|  California Health Facilities Financing Authority<br>(Sutter Health)<br>Series 2018-A<br>5.00%, 11/15/2030 | 900 | 947048 |
|  California Housing Finance Agency<br>(CAHFA 2019-2)<br>Series 2019-2, Class A<br>4.00%, 03/20/2033 | 1717 | 1751768 |
|  California Housing Finance Agency<br>(CAHFA 2021-1)<br>Series 2021-1, Class A<br>3.50%, 11/20/2035 | 1860 | 1816468 |
|  California Housing Finance Agency<br>(CAHFA 2021-2)<br>Series 2021-2, Class A<br>3.75%, 03/25/2035 | 1888 | 1900765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class X<br>0.825%, 03/25/2035(d) | 2833 | 113029 |
|  California Municipal Finance Authority<br>(LAX Integrated Express Solutions)<br>Series 2018<br>5.00%, 12/31/2028 | 1700 | 1767016 |
|  California Municipal Finance Authority<br>(Prerefunded–US Treasuries)<br>Series 2015-B<br>5.00%, 10/01/2026 | 1000 | 1000000 |
|  California Municipal Finance Authority<br>(Waste Management, Inc.)<br>Series 2019-A<br>2.40%, 10/01/2044 | 4710 | 4500891 |
|  California Pollution Control Financing Authority<br>(San Diego County Water Authority Desalination Project Pipeline)<br>Series 2019<br>5.00%, 07/01/2029(b) | 385 | 399204 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  California Public Finance Authority<br>(California University of Science & Medicine Obligated Group)<br>Series 2019<br>6.25%, 07/01/2054(b) | $1000 | $1027154 |
|  California School Finance Authority<br>(Classical Academy Obligated Group)<br>Series 2022<br>5.00%, 10/01/2042(b) | 1000 | 1000834 |
|  California School Finance Authority<br>(Fenton Charter Public Schools)<br>Series 2020-A<br>4.00%, 07/01/2030(b) | 510 | 509637 |
|  California School Finance Authority<br>(Rocketship Education Obligated Group)<br>Series 2015-A<br>4.25%, 03/01/2028(b) | 275 | 275024 |
|  California State University<br>(California State University)<br>Series 2020-D<br>1.49%, 11/01/2028 | 400 | 372305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>2.374%, 11/01/2035 | 1000 | 823181 |
|  California Statewide Communities Development Authority<br>(Lancer Educational Housing)<br>Series 2019<br>5.00%, 06/01/2034(b) | 375 | 384569 |
|  California Statewide Communities Development Authority<br>(Loma Linda University Medical Center)<br>Series 2018-A<br>5.00%, 12/01/2028(b) | 500 | 516234 |
|  California Statewide Communities Development Authority<br>(NCCD-Hooper Street LLC)<br>Series 2019<br>5.00%, 07/01/2029(b) | 180 | 184412 |
|  Central Valley Energy Authority<br>(Pacific Life Insurance)<br>Series 2025<br>5.00%, 12/01/2055 | 1000 | 1094934 |
|  City of Fremont CA Community Facilities District No. 1<br>(City of Fremont CA Community Facilities District No. 1)<br>Series 2015<br>5.00%, 09/01/2028 | 1505 | 1516041 |
|  City of Los Angeles Department of Airports<br>(City of Los Angeles Dept. of Airports)<br>Series 2019<br>5.00%, 05/15/2031 | 485 | 516640 |

---

 <br> *2025 Annual Report* *37*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  City of Los Angeles Department of Airports<br>(Prerefunded–US Treasuries)<br>Series 2016-A<br>5.00%, 05/15/2026 | $215 | $217242 |
|  City of Roseville CA<br>(City of Roseville CA Fiddyment Ranch Community Facilities District No. 1)<br>Series 2017<br>5.00%, 09/01/2031 | 1000 | 1031503 |
|  City of Roseville CA<br>(HP Campus Oaks Community Facilities District No. 1)<br>Series 2016<br>5.00%, 09/01/2031 | 305 | 309389 |
|  CMFA Special Finance Agency VIII Elan Huntington Beach<br>(CMFA Special Finance Agency VIII Elan Huntington Beach)<br>Series 2021<br>4.00%, 08/01/2047(b) | 100 | 89958 |
|  Coronado Community Development Agency Successor Agency<br>(Coronado Community Development Agency Successor Agency)<br>Series 2018-A<br>5.00%, 09/01/2033 | 470 | 470557 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority 777 Place-Pomona)<br>Series 2021<br>3.60%, 05/01/2047(b) | 1000 | 811240 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim)<br>Series 2021<br>3.35%, 04/01/2047(b) | 475 | 398927 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)<br>Series 2021<br>4.00%, 10/01/2046(b) | 1000 | 792650 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)<br>Series 2021<br>3.375%, 07/01/2043(b) | 1300 | 1037303 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Pasadena Portfolio)<br>Series 2021<br>2.65%, 12/01/2046(b) | $945 | $787635 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Theo Apartments)<br>Series 2021<br>3.50%, 05/01/2047(b) | 2700 | 2248886 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Vineyard Gardens Apartments)<br>Series 2021<br>4.00%, 10/01/2048(b) | 1000 | 764136 |
|  Los Angeles Department of Water & Power<br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2020-B<br>5.00%, 07/01/2028 | 365 | 388462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 455 | 494259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 07/01/2039 | 1000 | 1086596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 07/01/2037 | 1570 | 1731905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 1000 | 1086596 |
|  Middle Fork Project Finance Authority<br>(Middle Fork Project Finance Authority)<br>Series 2020<br>5.00%, 04/01/2033 | 450 | 475590 |
|  Oakland Unified School District/Alameda County<br>(Oakland Unified School District/Alameda County)<br>Series 2015-A<br>5.00%, 08/01/2026 | 1025 | 1029936 |
|  River Islands Public Financing Authority<br>(River Islands Public Financing Authority Cmnty Facs District No. 2003-1 Area 1)<br>Series 2022<br>4.50%, 09/01/2037 | 1000 | 1006696 |
|  Sacramento County Water Financing Authority<br>(Sacramento County Water Agency)<br>NATL Series 2007-B<br>3.54% (CME Term SOFR 3 Month + 0.57%), 06/01/2039(c) | 5125 | 4657484 |

---

 <br> *38* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  San Joaquin Valley Clean Energy Authority<br>(Goldman Sachs Group)<br>Series 2025<br>5.50%, 01/01/2056 | $| 2000 | $| 2295323 |
|  Saugus/Hart School Facilities Financing Authority<br>(Saugus Union School District Community Facilities District No. 06-01)<br>Series 2016<br>5.00%, 09/01/2027 |  | 750 |  | 755549 |
|  Southern California Public Power Authority<br>(American General Life Insurance)<br>Series 2024-A<br>5.00%, 04/01/2055 |  | 1400 |  | 1506079 |
|  Southern California Public Power Authority<br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2023<br>5.00%, 07/01/2039 |  | 1000 |  | 1082069 |
|  State of California<br>(State of California)<br>Series 2023<br>6.00%, 03/01/2033 |  | 1000 |  | 1097683 |
|  Tobacco Securitization Authority of Southern California<br>(San Diego County Tobacco Asset Securitization)<br>Series 2019<br>5.00%, 06/01/2030 |  | 960 |  | 1032406 |
|  University of California<br>(University of California)<br>Series 2023-B<br>4.693%, 05/15/2033 |  | 1500 |  | 1530003 |
|  |  |  |  | 69426354 |
| **Colorado–0.8%** | **Colorado–0.8%** | **Colorado–0.8%** | **Colorado–0.8%** | **Colorado–0.8%** |
|  City & County of Denver CO Airport System Revenue<br>(Denver Intl Airport)<br>Series 2018-A<br>5.00%, 12/01/2032 |  | 1615 |  | 1690863 |
|  Johnstown Plaza Metropolitan District<br>(Johnstown Plaza Metropolitan District)<br>Series 2022<br>4.25%, 12/01/2046 |  | 544 |  | 469364 |
|  Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado<br>(Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado)<br>Series 2025-A<br>5.00%, 04/01/2035(b) |  | 1000 |  | 1079740 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Vauxmont Metropolitan District<br>(Vauxmont Metropolitan District)<br>AG Series 2019<br>3.25%, 12/15/2050 | $| 140 | $| 107704 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2020<br>5.00%, 12/01/2027 |  | 105 |  | 109873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 |  | 110 |  | 117711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2050 |  | 300 |  | 301263 |
|  |  |  |  | 3876518 |
| **Connecticut–1.8%** | **Connecticut–1.8%** | **Connecticut–1.8%** | **Connecticut–1.8%** | **Connecticut–1.8%** |
|  City of Bridgeport CT<br>(City of Bridgeport CT)<br>Series 2017-A<br>5.00%, 11/01/2029 |  | 1890 |  | 1974601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 |  | 2015 |  | 2106665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 |  | 1335 |  | 1391528 |
|  Connecticut State Health & Educational Facilities Authority<br>(Yale University)<br>Series 2023-A<br>2.80%, 07/01/2048 |  | 3380 |  | 3377446 |
|  |  |  |  | 8850240 |
| **District of Columbia–0.5%** | **District of Columbia–0.5%** | **District of Columbia–0.5%** | **District of Columbia–0.5%** | **District of Columbia–0.5%** |
|  Metropolitan Washington Airports Authority Aviation Revenue<br>(Metropolitan Washington Airports Authority Aviation Revenue)<br>Series 2018-A<br>5.00%, 10/01/2030 |  | 1910 |  | 2014318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 10/01/2035 |  | 390 |  | 434560 |
|  |  |  |  | 2448878 |
| **Florida–3.7%** | **Florida–3.7%** | **Florida–3.7%** | **Florida–3.7%** | **Florida–3.7%** |
|  County of Miami-Dade FL Aviation Revenue<br>(County of Miami-Dade FL Aviation Revenue)<br>Series 2024-A<br>5.00%, 10/01/2031 |  | 1020 |  | 1126224 |
|  County of Osceola FL Transportation Revenue<br>(County of Osceola FL Transportation Revenue)<br>Series 2020-A<br>Zero Coupon, 10/01/2030 |  | 100 |  | 82863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2031 |  | 100 |  | 79077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2032 |  | 200 |  | 150179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2034 |  | 100 |  | 67930 |
|  County of Pasco FL<br>(H Lee Moffitt Cancer Center & Research Institute Obligated Group)<br>Series 2023<br>5.00%, 07/01/2030(b) |  | 1000 |  | 1084249 |

---

 <br> *2025 Annual Report* *39*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Greater Orlando Aviation Authority<br>(Greater Orlando Aviation Authority)<br>Series 2019-A<br>5.00%, 10/01/2044 | $| 1000 | $| 1011468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 10/01/2037 |  | 3000 |  | 3250061 |
|  Hillsborough County Aviation Authority<br>(Hillsborough County Aviation Authority)<br>Series 2024<br>5.25%, 10/01/2042 |  | 1000 |  | 1065614 |
|  Lakewood Ranch Stewardship District<br>(Lakewood Ranch Stewardship District Series 2020 Assessment Country Club East)<br>AG Series 2020<br>2.50%, 05/01/2033 |  | 1830 |  | 1660693 |
|  Miami-Dade County Educational Facilities Authority<br>(University of Miami)<br>Series 2025-B<br>5.25%, 04/01/2040 |  | 1000 |  | 1102659 |
|  North Broward Hospital District<br>(North Broward Hospital District)<br>Series 2017-B<br>5.00%, 01/01/2031 |  | 3590 |  | 3698526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 |  | 2950 |  | 3031589 |
|  Polk County Industrial Development Authority/FL<br>(Mineral Development LLC)<br>Series 2020<br>5.875%, 01/01/2033(e)(f)(g)(h)(i) |  | 950 |  | 190000 |
|  |  |  |  | 17601132 |
| **Georgia–1.4%** | **Georgia–1.4%** | **Georgia–1.4%** | **Georgia–1.4%** | **Georgia–1.4%** |
|  City of Atlanta GA Department of Aviation<br>(City of Atlanta GA Dept. of Aviation)<br>Series 2021-A<br>5.00%, 07/01/2029 |  | 640 |  | 699908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>5.00%, 07/01/2029 |  | 600 |  | 656164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C<br>5.00%, 07/01/2035 |  | 2350 |  | 2519086 |
|  Fayette County Development Authority<br>(United States Soccer Federation)<br>Series 2024<br>5.00%, 10/01/2030 |  | 400 |  | 435144 |
|  Main Street Natural Gas, Inc.<br>(Citigroup, Inc.)<br>Series 2024-C<br>5.00%, 12/01/2054 |  | 2000 |  | 2167125 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Municipal Electric Authority of Georgia<br>(Municipal Electric Authority of Georgia)<br>Series 2019<br>5.00%, 01/01/2028 | $| 180 | $| 189676 |
|  |  |  |  | 6667103 |
| **Guam–1.0%** | **Guam–1.0%** | **Guam–1.0%** | **Guam–1.0%** | **Guam–1.0%** |
|  Antonio B Won Pat International Airport Authority<br>(Antonio B Won Pat Intl Airport Authority)<br>Series 2021-A<br>2.899%, 10/01/2027 |  | 200 |  | 194255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.099%, 10/01/2028 |  | 100 |  | 96071 |
|  Territory of Guam<br>(Guam Section 30 Income Tax)<br>Series 2016-A<br>5.00%, 12/01/2026 |  | 100 |  | 101923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 |  | 245 |  | 249815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 |  | 390 |  | 397590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 |  | 360 |  | 365979 |
|  Territory of Guam<br>(Prerefunded–US Treasuries)<br>Series 2015<br>5.00%, 11/15/2030 |  | 1405 |  | 1408795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-D<br>5.00%, 11/15/2025 |  | 615 |  | 616661 |
|  Territory of Guam<br>(Territory of Guam Hotel Occupancy Tax)<br>Series 2021-A<br>5.00%, 11/01/2040 |  | 1000 |  | 1029733 |
|  Territory of Guam<br>(Territory of Guam)<br>Series 2019<br>5.00%, 11/15/2031 |  | 250 |  | 263603 |
|  |  |  |  | 4724425 |
| **Hawaii–0.2%** | **Hawaii–0.2%** | **Hawaii–0.2%** | **Hawaii–0.2%** | **Hawaii–0.2%** |
|  State of Hawaii Airports System Revenue<br>(State of Hawaii Airports System Revenue)<br>Series 2025-C<br>5.00%, 07/01/2041 |  | 1000 |  | 1057276 |
| **Illinois–2.4%** | **Illinois–2.4%** | **Illinois–2.4%** | **Illinois–2.4%** | **Illinois–2.4%** |
|  Chicago Board of Education<br>(Chicago Board of Education)<br>Series 2010<br>6.319%, 11/01/2029 |  | 1000 |  | 990835 |
|  Chicago O'Hare International Airport<br>(Chicago O'Hare Intl Airport)<br>Series 2024-C<br>5.00%, 01/01/2033 |  | 1500 |  | 1659963 |

---

 <br> *40* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Illinois Finance Authority<br>(Centerpoint Joliet Terminal Railroad)<br>Series 2025<br>4.80%, 12/01/2043(b) | $| 1000 | $| 1026460 |
|  Illinois Finance Authority<br>(Illinois Institute of Technology)<br>Series 2019<br>5.00%, 09/01/2026 |  | 100 |  | 100754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 |  | 100 |  | 101528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 |  | 400 |  | 403700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 |  | 100 |  | 100356 |
|  Illinois Housing Development Authority<br>(Circle Park Preservation)<br>Series 2024-H<br>4.00%, 01/01/2042 |  | 1000 |  | 928070 |
|  Metropolitan Pier & Exposition Authority<br>(Metropolitan Pier & Exposition Authority)<br>Series 2017-B<br>5.00%, 12/15/2030 |  | 1400 |  | 1455724 |
|  State of Illinois<br>(State of Illinois)<br>Series 2017-A<br>5.00%, 12/01/2025 |  | 3810 |  | 3824554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.25%, 05/01/2043 |  | 1000 |  | 1052072 |
|  |  |  |  | 11644016 |
| **Indiana–0.5%** | **Indiana–0.5%** | **Indiana–0.5%** | **Indiana–0.5%** | **Indiana–0.5%** |
|  City of Fort Wayne IN<br>(Do Good Foods Fort Wayne Obligated Group)<br>10.75%, 12/01/2029(g)(h) |  | 27 |  | 3 |
|  City of Whiting IN<br>(BP PLC)<br>Series 2023<br>4.40%, 11/01/2045 |  | 2000 |  | 2132360 |
|  Indiana Finance Authority<br>(Ohio Valley Electric)<br>Series 2021-B<br>2.50%, 11/01/2030 |  | 330 |  | 314409 |
|  |  |  |  | 2446772 |
| **Kentucky–1.3%** | **Kentucky–1.3%** | **Kentucky–1.3%** | **Kentucky–1.3%** | **Kentucky–1.3%** |
|  City of Ashland KY<br>(Royal Blue Health Obligated Group)<br>Series 2019<br>5.00%, 02/01/2026 |  | 325 |  | 326578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 |  | 380 |  | 388377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 |  | 255 |  | 272365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 |  | 295 |  | 309737 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Kenton County Airport Board<br>(Cincinnati/Northern Kentucky Intl Airport)<br>Series 2024-A<br>5.25%, 01/01/2044 | $| 1210 | $| 1264899 |
|  Kentucky Economic Development Finance Authority<br>(Owensboro Health Obligated Group)<br>Series 2017-A<br>5.00%, 06/01/2031 |  | 3445 |  | 3516172 |
|  |  |  |  | 6078128 |
| **Louisiana–0.6%** | **Louisiana–0.6%** | **Louisiana–0.6%** | **Louisiana–0.6%** | **Louisiana–0.6%** |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br>(St. James Place of Baton Rouge)<br>Series 2015-A<br>6.00%, 11/15/2030 |  | 1550 |  | 1551527 |
|  Parish of St. James LA<br>(NuStar Logistics LP)<br>Series 2020<br>6.10%, 06/01/2038(b) |  | 515 |  | 556852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 12/01/2040(b) |  | 500 |  | 540976 |
|  |  |  |  | 2649355 |
| **Massachusetts–1.1%** | **Massachusetts–1.1%** | **Massachusetts–1.1%** | **Massachusetts–1.1%** | **Massachusetts–1.1%** |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue<br>(Massachusetts Bay Transportation Authority Sales Tax Revenue)<br>Series 2025-B<br>5.00%, 07/01/2045 |  | 1000 |  | 1064536 |
|  Massachusetts Water Resources Authority<br>(Massachusetts Water Resources Authority)<br>Series 2024-B<br>5.00%, 08/01/2042 |  | 2000 |  | 2156797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 08/01/2040 |  | 2000 |  | 2200506 |
|  |  |  |  | 5421839 |
| **Michigan–2.8%** | **Michigan–2.8%** | **Michigan–2.8%** | **Michigan–2.8%** | **Michigan–2.8%** |
|  City of Detroit MI<br>(City of Detroit MI)<br>Series 2018<br>5.00%, 04/01/2026 |  | 1200 |  | 1210029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 |  | 2475 |  | 2587196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 |  | 1000 |  | 1047742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 |  | 600 |  | 627826 |
|  Michigan Finance Authority<br>(Michigan Finance Authority Tobacco Settlement Revenue)<br>Series 2020-A<br>3.267%, 06/01/2039 |  | 870 |  | 823846 |

---

 <br> *2025 Annual Report* *41*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Michigan Strategic Fund<br>(Michigan Strategic Fund–I 75 Improvement Project)<br>Series 2018<br>5.00%, 06/30/2030 | $| 2000 | $| 2099331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2033 |  | 1090 |  | 1131484 |
|  South Lyon Community Schools<br>(South Lyon Community Schools)<br>Series 2016<br>5.00%, 05/01/2028 |  | 3640 |  | 3687445 |
|  |  |  |  | 13214899 |
| **Minnesota–0.2%** | **Minnesota–0.2%** | **Minnesota–0.2%** | **Minnesota–0.2%** | **Minnesota–0.2%** |
|  Minneapolis-St. Paul Metropolitan Airports Commission<br>(Minneapolis-St Paul Metropolitan Airports Commission)<br>Series 2024<br>5.25%, 01/01/2044 |  | 1000 |  | 1050278 |
| **Mississippi–0.2%** | **Mississippi–0.2%** | **Mississippi–0.2%** | **Mississippi–0.2%** | **Mississippi–0.2%** |
|  Mississippi Development Bank<br>(Magnolia Regional Health Center)<br>Series 2021<br>4.00%, 10/01/2035(b) |  | 1100 |  | 996897 |
| **Missouri–0.1%** | **Missouri–0.1%** | **Missouri–0.1%** | **Missouri–0.1%** | **Missouri–0.1%** |
|  Howard Bend Levee District<br>(Howard Bend Levee District)<br>XLCA Series 2005<br>5.75%, 03/01/2027 |  | 255 |  | 263513 |
| **Nevada–0.3%** | **Nevada–0.3%** | **Nevada–0.3%** | **Nevada–0.3%** | **Nevada–0.3%** |
|  City of Sparks NV<br>(City of Sparks NV Sales Tax)<br>Series 2019-A<br>2.75%, 06/15/2028(b) |  | 195 |  | 191643 |
|  Las Vegas Valley Water District<br>(Las Vegas Valley Water District)<br>Series 2025-A<br>5.00%, 06/01/2045 |  | 1350 |  | 1430686 |
|  |  |  |  | 1622329 |
| **New Hampshire–1.3%** |  |  |  |  |
|  New Hampshire Business Finance Authority<br>(Bridgeland Water & Utility Districts 490, 491 & 158)<br>Series 2024<br>5.375%, 12/15/2035(b) |  | 955 |  | 954497 |
|  New Hampshire Business Finance Authority<br>(NFA 2020-1)<br>Series 2020-1, Class A<br>4.125%, 01/20/2034 |  | 1634 |  | 1643193 |
|  New Hampshire Business Finance Authority<br>(NFA 2022-1)<br>Series 2022-1, Class A<br>4.375%, 09/20/2036 |  | 1914 |  | 1892250 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class X<br>0.35%, 09/20/2036(d) | $3589 | $69589 |
|  New Hampshire Business Finance Authority<br>(NFA 2022-2)<br>Series 2022-2, Class A<br>4.00%, 10/20/2036 | 1919 | 1841428 |
|  New Hampshire Business Finance Authority<br>(NFA 2024-2)<br>Series 2024-2, Class X<br>0.596%, 08/20/2039(d) | 991 | 39139 |
|  |  | 6440096 |
| **New Jersey–2.2%** |  |  |
|  New Jersey Economic Development Authority<br>(United Airlines, Inc.)<br>Series 2012<br>5.25%, 09/15/2029 | 925 | 926266 |
|  New Jersey Health Care Facilities Financing Authority<br>(Inspira Health Obligated Group)<br>Series 2017-A<br>5.00%, 07/01/2027 | 1325 | 1382435 |
|  New Jersey Transportation Trust Fund Authority<br>(New Jersey Transportation Fed Hwy Grant)<br>Series 2018-A<br>5.00%, 06/15/2029 | 1630 | 1656392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030 | 1675 | 1701637 |
|  New Jersey Transportation Trust Fund Authority<br>(State of New Jersey Lease)<br>Series 2018-A<br>5.00%, 12/15/2029 | 160 | 171737 |
|  New Jersey Turnpike Authority<br>(New Jersey Turnpike Authority)<br>Series 2024-C<br>5.00%, 01/01/2043 | 1000 | 1064924 |
|  Tobacco Settlement Financing Corp./NJ<br>(Tobacco Settlement Financing Corp/NJ)<br>Series 2018-A<br>5.00%, 06/01/2028 | 3450 | 3640200 |
|  |  | 10543591 |
| **New Mexico–0.2%** |  |  |
|  New Mexico Municipal Energy Acquisition Authority<br>(Royal Bank of Canada)<br>Series 2025<br>5.00%, 06/01/2054 | 1000 | 1076824 |

---

 <br> *42* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| **New York–9.6%** | **New York–9.6%** | **New York–9.6%** |
|  Albany County Airport Authority<br>(Albany County Airport Authority)<br>Series 2020-B<br>5.00%, 12/15/2026 | $145 | $148462 |
|  Build NYC Resource Corp.<br>(East Harlem Scholars Academy Charter School Obligated Group)<br>Series 2022<br>5.75%, 06/01/2042(b) | 495 | 500881 |
|  Build NYC Resource Corp.<br>(Integration Charter Schools)<br>Series 2021<br>5.00%, 06/01/2041(b) | 300 | 262460 |
|  Build NYC Resource Corp.<br>(Metropolitan College of New York)<br>Series 2014<br>5.25%, 11/01/2029(g)(h) | 1000 | 700000 |
|  City of New York NY<br>(City of New York NY)<br>Series 2018-E<br>5.00%, 03/01/2031 | 1055 | 1113999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>1.396%, 08/01/2027 | 1385 | 1324607 |
|  Dutchess County Local Development Corp.<br>(Bard College)<br>Series 2020-B<br>5.918%, 07/01/2039 | 860 | 847367 |
|  Empire State Development Corp.<br>(State of New York Pers Income Tax)<br>Series 2022<br>5.00%, 09/15/2029 | 275 | 301895 |
|  Hempstead Town Local Development Corp.<br>(Evergreen Charter School)<br>Series 2022-A<br>5.25%, 06/15/2042 | 1000 | 1006559 |
|  Metropolitan Transportation Authority<br>(Metropolitan Transportation Authority)<br>Series 2016-A<br>5.00%, 11/15/2028 | 1540 | 1579276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 11/15/2029 | 1735 | 1836871 |
|  Monroe County Industrial Development Corp./NY<br>(Academy of Health Sciences Charter School)<br>Series 2022<br>5.00%, 07/01/2032(b) | 370 | 380928 |
|  Monroe County Industrial Development Corp./NY<br>(Rochester Regional Health Obligated Group)<br>Series 2020<br>5.00%, 12/01/2030 | 955 | 1038771 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  New York City Transitional Finance Authority<br>(New York City Transitional Finance Authority Future Tax Secured Revenue)<br>Series 2025<br>5.00%, 05/01/2045 | $1000 | $1054131 |
|  New York City Transitional Finance Authority Building Aid Revenue<br>(New York City Transitional Finance Authority Building Aid Revenue State Lease)<br>Series 2018-S<br>5.00%, 07/15/2031 | 1460 | 1552984 |
|  NEW York Energy Finance Development Corp.<br>(Athene Annuity & Life Co.)<br>Series 2025<br>5.00%, 07/01/2056 | 1000 | 1068193 |
|  New York Liberty Development Corp.<br>(3 World Trade Center LLC)<br>Series 2014<br>5.375%, 11/15/2040(b) | 350 | 350058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/2044(b) | 100 | 100078 |
|  New York Liberty Development Corp.<br>(One Bryant Park LLC)<br>Series 2019<br>2.45%, 09/15/2069 | 2755 | 2590219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 09/15/2069 | 320 | 299102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/2069 | 4620 | 4286953 |
|  New York State Dormitory Authority<br>(Northwell Health Obligated Group)<br>Series 2022<br>4.00%, 05/01/2039 | 1000 | 974953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2040 | 1000 | 962023 |
|  New York State Dormitory Authority<br>(Prerefunded–US Govt Agencies)<br>Series 2021<br>1.187%, 03/15/2026 | 1000 | 987105 |
|  New York State Dormitory Authority<br>(Wagner College)<br>Series 2022<br>5.00%, 07/01/2037 | 1000 | 930600 |
|  New York State Thruway Authority<br>(New York State Thruway Authority Gen Toll Road)<br>Series 2021-O<br>4.00%, 01/01/2038 | 2810 | 2817392 |
|  New York State Thruway Authority<br>(State of New York Pers Income Tax)<br>Series 2025-A<br>5.00%, 03/15/2045 | 1000 | 1057498 |
|  New York Transportation Development Corp.<br>(Delta Air Lines, Inc.)<br>Series 2018<br>5.00%, 01/01/2032 | 1495 | 1536332 |

---

 <br> *2025 Annual Report* *43*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  New York Transportation Development Corp.<br>(JFK Intl Air Terminal)<br>Series 2022<br>4.00%, 12/01/2042 | $2000 | $1777986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 | 1000 | 1025366 |
|  New York Transportation Development Corp.<br>(JFK NTO LLC)<br>AG Series 2024<br>4.25%, 06/30/2042 | 1675 | 1628280 |
|  Port Authority of New York & New Jersey<br>(Port Authority of New York & New Jersey)<br>Series 2019<br>5.00%, 11/01/2031 | 1455 | 1549165 |
|  Suffolk Tobacco Asset Securitization Corp.<br>(Suffolk Tobacco Asset Securitization)<br>Series 2021<br>4.00%, 06/01/2050 | 395 | 356404 |
|  Triborough Bridge & Tunnel Authority<br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)<br>Series 2021-A<br>2.411%, 05/15/2034 | 1000 | 853590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 05/15/2034 | 500 | 561820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 11/15/2033 | 1500 | 1737078 |
|  Troy Capital Resource Corp.<br>(Rensselaer Polytechnic Institute)<br>Series 2020<br>5.00%, 09/01/2031 | 305 | 333260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 415 | 451740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 1000 | 1077745 |
|  Trust for Cultural Resources of The City of New York (The)<br>(Lincoln Center for the Performing Arts)<br>Series 2016-A<br>5.00%, 12/01/2026 | 3130 | 3221576 |
|  |  | 46183707 |
| **Ohio–2.2%** |  |  |
|  Columbus Regional Airport Authority<br>(Columbus Regional Airport Authority)<br>Series 2025<br>5.00%, 01/01/2037 | 1000 | 1080318 |
|  County of Cuyahoga OH<br>(MetroHealth System/The)<br>Series 2017<br>5.00%, 02/15/2028 | 4000 | 4072262 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  County of Montgomery OH<br>(Dayton Children's Hospital Obligated Group)<br>Series 2021<br>5.00%, 08/01/2034 | $1150 | $1257116 |
|  County of Washington OH<br>(Marietta Area Health Care Obligated Group)<br>Series 2022<br>6.375%, 12/01/2037 | 1000 | 1067387 |
|  Ohio Higher Educational Facility Commission<br>(Ashtabula County Medical Center Obligated Group)<br>Series 2022<br>5.00%, 01/01/2034 | 360 | 385582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2035 | 750 | 814764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2038 | 1110 | 1179974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2039 | 780 | 823410 |
|  |  | 10680813 |
| **Oklahoma–1.0%** |  |  |
|  Comanche County Memorial Hospital<br>(Comanche County Memorial Hospital)<br>Series 2015<br>5.00%, 07/01/2026 | 1000 | 1000222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 1000 | 1000497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 1000 | 1000491 |
|  Oklahoma Development Finance Authority<br>(Oklahoma Development Finance Authority)<br>Series 2022<br>4.38%, 11/01/2045 | 1000 | 953052 |
|  Oklahoma Development Finance Authority<br>(OU Medicine Obligated Group)<br>Series 2022-A<br>5.50%, 08/15/2037 | 1000 | 1041470 |
|  |  | 4995732 |
| **Other–0.6%** |  |  |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates<br>(FRETE 2021-ML10)<br>Series 2021-ML10, Class ACA<br>2.046%, 06/25/2038 | 945 | 784604 |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates<br>(FRETE 2024-ML22)<br>Series 2024-ML22, Class AUS<br>4.685%, 10/25/2040 | 990 | 1016001 |
|  Federal Home Loan Mortgage Corp. Multifamily VRD Certificates<br>(FHLM)<br>4.759%, 08/25/2041 | 995 | 1022244 |
|  |  | 2822849 |

---

 <br> *44* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| **Pennsylvania–2.5%** |  |  |  |  |
|  Pennsylvania Economic Development Financing Authority<br>(Commonwealth of Pennsylvania Dept. of Transportation)<br>Series 2022<br>5.50%, 06/30/2041 | $| 3300 | $| 3443398 |
|  Pennsylvania Economic Development Financing Authority<br>(UPMC Obligated Group)<br>Series 2022-C<br>3.59% (MUNIPSA + 0.70%), 11/15/2047(c) |  | 2000 |  | 1991573 |
|  Pennsylvania State University (The)<br>(Pennsylvania State University)<br>Series 2025<br>5.00%, 09/01/2044 |  | 1000 |  | 1064251 |
|  Pennsylvania Turnpike Commission<br>(Pennsylvania Turnpike Commission)<br>Series 2017<br>5.00%, 12/01/2030 |  | 2540 |  | 2660949 |
|  Philadelphia Authority for Industrial Development<br>(MaST Community Charter School III)<br>Series 2021<br>5.00%, 08/01/2030 |  | 540 |  | 559455 |
|  Pittsburgh Water & Sewer Authority<br>(Pittsburgh Water & Sewer Authority)<br>AG Series 2023-C<br>3.712% (SOFR + 0.80%),<br>09/01/2040(b)(c) |  | 2500 |  | 2479510 |
|  |  |  |  | 12199136 |
| **Puerto Rico–1.1%** | **Puerto Rico–1.1%** | **Puerto Rico–1.1%** | **Puerto Rico–1.1%** | **Puerto Rico–1.1%** |
|  Commonwealth of Puerto Rico<br>(Commonwealth of Puerto Rico)<br>Series 2022-C<br>Zero Coupon, 11/01/2043 |  | 86 |  | 56873 |
|  Puerto Rico Electric Power Authority<br>(Puerto Rico Electric Power Authority)<br>AG Series 2007-V<br>5.25%, 07/01/2031 |  | 1240 |  | 1264250 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth<br>(AES Puerto Rico LP)<br>Series 2023-A<br>6.625%, 01/01/2027 |  | 458 |  | 455903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/01/2028 |  | 3494 |  | 3478951 |
|  |  |  |  | 5255977 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| **South Carolina–2.4%** | **South Carolina–2.4%** | **South Carolina–2.4%** |
|  Patriots Energy Group Financing Agency<br>(Royal Bank of Canada)<br>Series 2023<br>5.25%, 02/01/2054 | $5000 | $5457094 |
|  South Carolina Jobs-Economic Development Authority<br>(Novant Health Obligated Group)<br>Series 2024<br>4.00%, 11/01/2042 | 1000 | 938827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2041 | 3000 | 3230228 |
|  South Carolina Public Service Authority<br>(South Carolina Public Service Authority)<br>Series 2024-A<br>5.00%, 12/01/2044 | 1000 | 1038557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>4.125%, 12/01/2044 | 1100 | 1026993 |
|  |  | 11691699 |
| **Tennessee–0.7%** | **Tennessee–0.7%** | **Tennessee–0.7%** |
|  Memphis-Shelby County Airport Authority<br>(Memphis-Shelby County Airport Authority)<br>Series 2021-A<br>5.00%, 07/01/2045 | 1000 | 1010011 |
|  Metropolitan Nashville Airport Authority (The)<br>(Metropolitan Nashville Airport Authority/The)<br>Series 2019-B<br>5.00%, 07/01/2032 | 1205 | 1287857 |
|  Tennessee Energy Acquisition Corp.<br>(Pacific Life Insurance)<br>Series 2025-A<br>5.00%, 12/01/2035 | 1000 | 1081485 |
|  |  | 3379353 |
| **Texas–2.5%** | **Texas–2.5%** | **Texas–2.5%** |
|  City of Austin TX<br>(Prerefunded–US Treasuries)<br>Series 2015<br>5.00%, 09/01/2026 | 2000 | 2003954 |
|  City of Corpus Christi TX Utility System Revenue<br>(Prerefunded–US Treasuries)<br>Series 2015-C<br>5.00%, 07/15/2026 | 1030 | 1030554 |
|  City of Houston TX Airport System Revenue<br>(United Airlines, Inc.)<br>Series 2014<br>5.00%, 07/01/2029 | 390 | 390104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.25%, 07/15/2034 | 1000 | 1070872 |

---

 <br> *2025 Annual Report* *45*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  City of Houston TX Combined Utility System Revenue<br>(City of Houston TX Combined Utility System Revenue)<br>Series 2018-D<br>5.00%, 11/15/2043 | $| 1000 | $| 1023943 |
|  Dallas Fort Worth International Airport<br>(Dallas Fort Worth Intl Airport)<br>Series 2025-A<br>5.25%, 11/01/2039(a) |  | 1000 |  | 1088974 |
|  Irving Hospital Authority<br>(Baylor Medical Center at Irving)<br>Series 2017-A<br>5.00%, 10/15/2028 |  | 1100 |  | 1114900 |
|  Mission Economic Development Corp.<br>(Natgasoline LLC)<br>Series 2018<br>4.625%, 10/01/2031(b) |  | 940 |  | 940986 |
|  Texas Municipal Gas Acquisition & Supply Corp. IV<br>(BP PLC)<br>Series 2023-A<br>5.50%, 01/01/2054 |  | 2915 |  | 3135781 |
|  |  |  |  | 11800068 |
| **Vermont–0.6%** | **Vermont–0.6%** | **Vermont–0.6%** | **Vermont–0.6%** | **Vermont–0.6%** |
|  State of Vermont<br>(State of Vermont)<br>Series 2023-A<br>4.00%, 08/15/2043 |  | 3135 |  | 3082891 |
| **Virginia–0.6%** | **Virginia–0.6%** | **Virginia–0.6%** | **Virginia–0.6%** | **Virginia–0.6%** |
|  Federal Home Loan Mortgage Corp. VA FEDMFH<br>(FMMV M051)<br>Series M051, Class A<br>2.65%, 06/15/2035 |  | 2158 |  | 1849687 |
|  Virginia Small Business Financing Authority<br>(95 Express Lanes LLC)<br>Series 2022<br>5.00%, 07/01/2038 |  | 1120 |  | 1157233 |
|  |  |  |  | 3006920 |
| **Washington–0.5%** | **Washington–0.5%** | **Washington–0.5%** | **Washington–0.5%** | **Washington–0.5%** |
|  Port of Seattle WA<br>(Port of Seattle WA)<br>Series 2025-B<br>5.00%, 10/01/2034 |  | 1000 |  | 1122547 |
|  Washington State Housing Finance Commission<br>(WSHFC 2021-1)<br>Series 2021-1, Class A<br>3.50%, 12/20/2035 |  | 1074 |  | 1034359 |
|  |  |  |  | 2156906 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| **West Virginia–0.4%** | **West Virginia–0.4%** | **West Virginia–0.4%** |
|  Tobacco Settlement Finance Authority/WV<br>(Tobacco Settlement Finance Authority/WV)<br>Series 2020<br>4.875%, 06/01/2049 | $2055 | $1874290 |
| **Wisconsin–2.0%** | **Wisconsin–2.0%** | **Wisconsin–2.0%** |
|  State of Wisconsin<br>(State of Wisconsin)<br>Series 2021-2<br>5.00%, 05/01/2035 | 750 | 816522 |
|  University of Wisconsin Hospitals & Clinics<br>(University of Wisconsin Hospitals & Clinics Authority Obligated Group)<br>Series 2024-B<br>5.00%, 04/01/2054 | 2000 | 2213282 |
|  Wisconsin Public Finance Authority<br>(CFC-SA LLC)<br>Series 2022<br>5.50%, 02/01/2042(b) | 1400 | 1439026 |
|  Wisconsin Public Finance Authority<br>(Queens University of Charlotte)<br>Series 2022<br>5.25%, 03/01/2042 | 1000 | 1006134 |
|  Wisconsin Public Finance Authority<br>(Southeastern Regional Medical Center Obligated Group)<br>Series 2021<br>4.00%, 02/01/2040 | 1000 | 844759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 02/01/2032 | 1000 | 1010502 |
|  Wisconsin Public Finance Authority<br>(UMA Education, Inc.)<br>Series 2019<br>5.00%, 10/01/2027(b) | 1205 | 1232110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028(b) | 680 | 702068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029(b) | 400 | 416407 |
|  |  | 9680810 |
| Total Long-Term Municipal Bonds <br>(cost $330,951,953) | Total Long-Term Municipal Bonds <br>(cost $330,951,953) | 323842167 |
| SHORT-TERM MUNICIPAL NOTES–0.8% | SHORT-TERM MUNICIPAL NOTES–0.8% | SHORT-TERM MUNICIPAL NOTES–0.8% |
| **California–0.4%** | **California–0.4%** | **California–0.4%** |
|  City of Los Angeles CA<br>(City of Los Angeles CA)<br>Series 2025<br>5.00%, 06/25/2026 | 1790 | 1824389 |

---

 <br> *46* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Colorado–0.4%** | **Colorado–0.4%** | **Colorado–0.4%** | **Colorado–0.4%** |
|  Colorado State Education Loan Program<br>(Colorado State Education Loan Program)<br>Series 2025<br>5.00%, 06/30/2026 | $— | 1750 | $1781123 |
| Total Short-Term Municipal Notes <br>(cost $3,597,531) | Total Short-Term Municipal Notes <br>(cost $3,597,531) |  | 3605512 |
| Total Municipal Obligations <br>(cost $334,549,484) | Total Municipal Obligations <br>(cost $334,549,484) |  | 327447679 |
|  | **Shares** | **Shares** |  |
| INVESTMENT COMPANIES–22.9% | INVESTMENT COMPANIES–22.9% | INVESTMENT COMPANIES–22.9% | INVESTMENT COMPANIES–22.9% |
| **Funds and Investment Trusts–22.9%(j)** | **Funds and Investment Trusts–22.9%(j)** | **Funds and Investment Trusts–22.9%(j)** | **Funds and Investment Trusts–22.9%(j)** |
|  iShares Core MSCI EAFE ETF |  | 418303 | 36522035 |
|  SPDR S&P 500 ETF Trust |  | 110443 | 73574918 |
| Total Investment Companies <br>(cost $50,804,024) |  |  | 110096953 |
|  | **Principal Amount (000)** | **Principal Amount (000)** |  |
| CORPORATES–INVESTMENT GRADE–0.8% | CORPORATES–INVESTMENT GRADE–0.8% | CORPORATES–INVESTMENT GRADE–0.8% | CORPORATES–INVESTMENT GRADE–0.8% |
| Industrial–0.8% | Industrial–0.8% | Industrial–0.8% | Industrial–0.8% |
| **Consumer Non-Cyclical–0.8%** | **Consumer Non-Cyclical–0.8%** | **Consumer Non-Cyclical–0.8%** | **Consumer Non-Cyclical–0.8%** |
|  Baylor Scott & White Holdings<br>Series 2021<br>0.827%, 11/15/2025 | $— | 1075 | 1068948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.777%, 11/15/2030 |  | 1000 | 887190 |
|  Novant Health, Inc.<br>2.637%, 11/01/2036 |  | 1525 | 1220427 |
|  Ochsner LSU Health System of North Louisiana<br>Series 2021<br>2.51%, 05/15/2031 |  | 1000 | 842280 |
| Total Corporates—Investment Grade <br>(cost $4,599,395) | Total Corporates—Investment Grade <br>(cost $4,599,395) |  | 4018845 |
|  | **Notional Amount** | **Notional Amount** |  |
| PURCHASED OPTIONS–PUTS–0.8% | PURCHASED OPTIONS–PUTS–0.8% | PURCHASED OPTIONS–PUTS–0.8% | PURCHASED OPTIONS–PUTS–0.8% |
| **Options on Equity Indices–0.8%** | **Options on Equity Indices–0.8%** | **Options on Equity Indices–0.8%** |  |
|  Euro STOXX 50 Price EUR Index<br>Expiration: Sep 2026;<br>Contracts: 3,090;<br>Exercise Price: EUR 4,500.00;<br>Counterparty: UBS AG(g) | EUR | 13905000 | 348247 |
|  FTSE 100 Index<br>Expiration: Sep 2026;<br>Contracts: 670;<br>Exercise Price: GBP 8,000.00;<br>Counterparty: UBS AG(g) | GBP | 5360000 | 97621 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Notional Amount** | **Notional Amount** | **U.S. $ Value** | **U.S. $ Value** |
|  Nikkei 225 Index<br>Expiration: Sep 2026;<br>Contracts: 42,000;<br>Exercise Price: JPY 36,500.00;<br>Counterparty: UBS AG(g) | JPY | 1533000000 | $| 303579 |
|  S&P 500 Index<br>Expiration: Sep 2026;<br>Contracts: 24,900;<br>Exercise Price: USD 5,500.00;<br>Counterparty: UBS AG(g) | USD | 136950000 |  | 3110141 |
| Total Purchased Options—Puts<br>(premiums paid $4,103,786) | Total Purchased Options—Puts<br>(premiums paid $4,103,786) |  |  | 3859588 |
|  | **Principal Amount (000)** | **Principal Amount (000)** |  |  |
| ASSET-BACKED SECURITIES–0.4% | ASSET-BACKED SECURITIES–0.4% | ASSET-BACKED SECURITIES–0.4% | ASSET-BACKED SECURITIES–0.4% | ASSET-BACKED SECURITIES–0.4% |
| **Other ABS—Fixed Rate–0.3%** | **Other ABS—Fixed Rate–0.3%** | **Other ABS—Fixed Rate–0.3%** |  |  |
|  Commonwealth of Massachusetts<br>Series 2022-B<br>4.11%, 07/15/2031 | $— | 396 |  | 396050 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br>Series 2023-ELL, Class A1<br>5.081%, 06/01/2031 |  | 968 |  | 985336 |
|  |  |  |  | 1381386 |
| **Autos—Fixed Rate–0.1%** | **Autos—Fixed Rate–0.1%** | **Autos—Fixed Rate–0.1%** |  |  |
|  Lendbuzz Securitization Trust<br>Series 2023-1A, Class A2<br>6.92%, 08/15/2028(b) |  | 574 |  | 581939 |
| Total Asset-Backed Securities<br>(cost $1,938,439) |  |  |  | 1963325 |
| CORPORATES—NON-INVESTMENT GRADE–0.3% | CORPORATES—NON-INVESTMENT GRADE–0.3% | CORPORATES—NON-INVESTMENT GRADE–0.3% | CORPORATES—NON-INVESTMENT GRADE–0.3% | CORPORATES—NON-INVESTMENT GRADE–0.3% |
| Industrial–0.3% | Industrial–0.3% | Industrial–0.3% | Industrial–0.3% | Industrial–0.3% |
| **Communications—Media–0.3%** | **Communications—Media–0.3%** | **Communications—Media–0.3%** | **Communications—Media–0.3%** | **Communications—Media–0.3%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.25%, 01/15/2034(b)<br>(cost $1,546,000) |  | 1546 |  | 1336873 |
| COMMERCIAL MORTGAGE-BACKED SECURITIES–0.2% | COMMERCIAL MORTGAGE-BACKED SECURITIES–0.2% | COMMERCIAL MORTGAGE-BACKED SECURITIES–0.2% | COMMERCIAL MORTGAGE-BACKED SECURITIES–0.2% | COMMERCIAL MORTGAGE-BACKED SECURITIES–0.2% |
| **Agency CMBS–0.2%** | **Agency CMBS–0.2%** | **Agency CMBS–0.2%** | **Agency CMBS–0.2%** | **Agency CMBS–0.2%** |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates<br>Series 2021-ML10, Class AUS<br>2.032%, 01/25/2038<br>(cost $1,245,762) |  | 1209 |  | 977058 |

---

 <br> *2025 Annual Report* *47*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
| PREFERRED STOCKS–0.0% | PREFERRED STOCKS–0.0% |  |  |
| Industrial – 0.0% | Industrial – 0.0% |  |  |
| **Energy–0.0%** | **Energy–0.0%** |  |  |
|  AES Guayama Holdings<br>0.00%(e)(f)(g)<br>(cost $1,388,269) | 76842 | $| 223610 |
|  | **Principal Amount (000)** |  |  |
| COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% | COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% | COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% | COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% |
| **Risk Share Floating Rate–0.0%** | **Risk Share Floating Rate–0.0%** |  |  |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2016-C02, Class 1M2<br>Series 2016-C01, Class 1M2<br>11.221% (CME Term SOFR +<br>6.86%), 08/25/2028(c) | $47 |  | 47845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.471% (CME Term SOFR + 6.11%), 09/25/2028(c) | 7 |  | 7133 |
| Total Collateralized Mortgage Obligations (cost $55,170) |  |  | 54978 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Shares** | **U.S. $ Value** |
| SHORT-TERM INVESTMENTS–3.9% | SHORT-TERM INVESTMENTS–3.9% | SHORT-TERM INVESTMENTS–3.9% | SHORT-TERM INVESTMENTS–3.9% |
| **Investment Companies–3.9%** | **Investment Companies–3.9%** | **Investment Companies–3.9%** |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 3.97%(j)(k)(l)<br>(cost $18,701,783) |  | 18701783 | $18701783 |
| **Total Investments—97.3%**<br> (cost $418,932,112) | **Total Investments—97.3%**<br> (cost $418,932,112) | **Total Investments—97.3%**<br> (cost $418,932,112) | 468680692 |
|  Other assets less liabilities—2.7% | Other assets less liabilities—2.7% |  | 12990379 |
| **Net Assets—100.0%** |  |  | $**481671071** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| FUTURES (see Note 3) |  |  |  |  |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Purchased Contracts** |  |  |  |  |
|  E-Mini Russell 2000 Index Futures | 54 | December 2025 | $6629850 | $37920 |
|  FTSE 100 Index Futures | 20 | December 2025 | 2530428 | 14702 |
|  MSCI Emerging Markets Index Futures | 243 | December 2025 | 16520355 | 212591 |
|  MSCI Singapore ETS Index Futures | 4 | October 2025 | 138719 | (215) |
|  Nikkei 225 (OSE) Futures | 8 | December 2025 | 2433783 | 48473 |
|  S&P 500 E-Mini Futures | 177 | December 2025 | 59637937 | 778639 |
|  S&P Mid 400 E-Mini Futures | 15 | December 2025 | 4929300 | (91111) |
|  S&P/TSX 60 Index Futures | 10 | December 2025 | 2547675 | 25077 |
|  U.S. T-Note 2 Yr (CBT) Futures | 9 | December 2025 | 1875586 | (66) |
|  U.S. T-Note 10 Yr (CBT) Futures | 6 | December 2025 | 675000 | 2999 |
|  U.S. Ultra Bond (CBT) Futures | 3 | December 2025 | 360188 | 10441 |
| **Sold Contracts** |  |  |  |  |
|  Euro STOXX 50 Index Futures | 3 | December 2025 | 195162 | (1433) |
|  Hang Seng Index Futures | 2 | October 2025 | 345826 | (5976) |
|  OMXS 30 Index Futures | 13 | October 2025 | 368000 | (4282) |
|  SPI 200 Futures | 6 | December 2025 | 880690 | 1066 |
|  TOPIX Index Futures | 8 | December 2025 | 1699158 | (1759) |
|  |  |  |  | $1027066 |

---

 <br> *48* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) |
| **Counterparty** | **Contracts to<br>Deliver**<br>(000) | **Contracts to<br>Deliver**<br>(000) | **In Exchange<br>For**<br>(000) | **In Exchange<br>For**<br>(000) | **Settlement**<br>**Date** | **Unrealized**<br>**Appreciation**<br>(Depreciation) |
|  Bank of America NA | GBP | 6587 | USD | 9003 | 12/05/2025 | $143330 |
|  Barclays Capital, Inc. | USD | 1786 | SEK | 16764 | 11/20/2025 | (12) |
|  Barclays Capital, Inc. | CHF | 4074 | USD | 5177 | 11/21/2025 | 28611 |
|  BNP Paribas SA | CAD | 5516 | USD | 4001 | 11/14/2025 | 28814 |
|  Citibank NA | USD | 2724 | CAD | 3758 | 11/14/2025 | (17705) |
|  Goldman Sachs Bank USA | USD | 1901 | EUR | 1615 | 11/21/2025 | 476 |
|  HSBC Bank USA | JPY | 319297 | USD | 2159 | 10/30/2025 | (6102) |
|  HSBC Bank USA | USD | 1943 | SEK | 18298 | 11/20/2025 | 6637 |
|  JPMorgan Chase Bank | USD | 3862 | JPY | 568727 | 10/30/2025 | (4576) |
|  Morgan Stanley & Co., Inc. | USD | 2193 | JPY | 321165 | 10/30/2025 | (15351) |
|  Morgan Stanley & Co., Inc. | USD | 4044 | CHF | 3192 | 11/21/2025 | (10302) |
|  Societe Generale | USD | 1838 | EUR | 1558 | 11/21/2025 | (3824) |
|  State Street Bank & Trust Co. | AUD | 1314 | USD | 850 | 11/07/2025 | (19647) |
|  State Street Bank & Trust Co. | NZD | 93 | USD | 55 | 11/07/2025 | 1069 |
|  State Street Bank & Trust Co. | USD | 474 | CAD | 652 | 11/14/2025 | (4607) |
|  State Street Bank & Trust Co. | NOK | 641 | USD | 64 | 11/20/2025 | (401) |
|  |  |  |  |  |  | $126410 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) |
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Buy Contracts** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY<br>Series 45,<br>5 Year Index, 12/20/2030\* | (5.00)% | Quarterly | 3.21% | USD | 11960 | $(938417) | $(918285) | $(20132) |
| **Sale Contracts** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY<br>Series 45,<br>5 Year Index, 12/20/2030\* | 5.00 | Quarterly | 3.21 | USD | 7240 | 568010 | 553427 | 14583 |
|  |  |  |  |  |  | $(370407) | $(364858) | $(5549) |

---

\* Termination date

 <br> *2025 Annual Report* *49*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) |
| | | **Termination<br>Date** | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** | **Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received**<br> **by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 6600 | 01/15/2028 | 1.230% | CPI# | Maturity | $1416106 | $692802 | $723304 |
| USD | 4990 | 01/15/2028 | 0.735% | CPI# | Maturity | 1266544 |  | 1266544 |
| USD | 6831 | 10/15/2029 | 2.451% | CPI# | Maturity | 79837 |  | 79837 |
| USD | 6750 | 10/15/2029 | 2.485% | CPI# | Maturity | 67919 |  | 67919 |
| USD | 7825 | 01/15/2030 | 1.572% | CPI# | Maturity | 1575504 | 329266 | 1246238 |
| USD | 7825 | 01/15/2030 | 1.587% | CPI# | Maturity | 1563800 | 326569 | 1237231 |
| USD | 1550 | 01/15/2030 | 1.714% | CPI# | Maturity | 290010 | 47226 | 242784 |
| USD | 1550 | 01/15/2030 | 1.731% | CPI# | Maturity | 287348 | 46744 | 240604 |
| USD | 6700 | 01/15/2031 | 2.782% | CPI# | Maturity | 578828 | 111633 | 467195 |
| USD | 6210 | 01/15/2031 | 2.680% | CPI# | Maturity | 603935 | 115718 | 488217 |
| USD | 3360 | 01/15/2031 | 2.989% | CPI# | Maturity | 215400 | 59154 | 156246 |
|  |  |  |  |  |  | $7945231 | $1729112 | $6216119 |

---

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) |
| | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Notional Amount**<br> (000) | **Notional Amount**<br> (000) | **Termination**<br> **Date** | **Payments made**<br> **by the Fund** | **Payments received**<br> **by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| USD | 4800 | 10/15/2030 | 1 Day SOFR | 4.092% | Annual | $147326 | $— | $147326 |
| USD | 1600 | 10/15/2030 | 1 Day SOFR | 4.082% | Annual | 48616 |  | 48616 |
| USD | 22400 | 08/15/2031 | 1 Day SOFR | 4.027% | Annual | 686895 |  | 686895 |
| USD | 5300 | 09/15/2031 | 1 Day SOFR | 3.768% | Annual | 90941 |  | 90941 |
| USD | 8400 | 12/03/2031 | 1 Day SOFR | 3.732% | Annual | 83993 |  | 83993 |
| USD | 3420 | 12/03/2031 | 1 Day SOFR | 4.057% | Annual | 106705 |  | 106705 |
| USD | 33000 | 08/15/2033 | 3.407% | 1 Day SOFR | Annual | 348753 |  | 348753 |
| USD | 4500 | 06/15/2034 | 3.543% | 1 Day SOFR | Annual | 30907 | 503 | 30404 |
| USD | 4500 | 06/15/2034 | 3.627% | 1 Day SOFR | Annual | 1490 | 670 | 820 |
| USD | 5640 | 08/15/2034 | 3.718% | 1 Day SOFR | Annual | (41348) |  | (41348) |
|  |  |  |  |  |  | $1504278 | $1173 | $1503105 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| INFLATION (CPI) SWAPS (see Note 3) | INFLATION (CPI) SWAPS (see Note 3) | INFLATION (CPI) SWAPS (see Note 3) | INFLATION (CPI) SWAPS (see Note 3) | INFLATION (CPI) SWAPS (see Note 3) | INFLATION (CPI) SWAPS (see Note 3) | INFLATION (CPI) SWAPS (see Note 3) | INFLATION (CPI) SWAPS (see Note 3) | INFLATION (CPI) SWAPS (see Note 3) | INFLATION (CPI) SWAPS (see Note 3) | INFLATION (CPI) SWAPS (see Note 3) |
|  |  |  |  | **Rate Type** | **Rate Type** |  | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Swap Counterparty** | **Notional Amount<br>(000)** | **Notional Amount<br>(000)** | **Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** |  | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| Barclays Bank PLC | USD | 5400 | 10/23/2029 | 2.388% | CPI | # | Maturity | $405560 | $— | $405560 |
| Barclays Bank PLC | USD | 2000 | 10/23/2029 | 2.388% | CPI | # | Maturity | 150207 |  | 150207 |
| Barclays Bank PLC | USD | 6400 | 12/04/2032 | 2.233% | CPI | # | Maturity | 883915 |  | 883915 |
| Barclays Bank PLC | USD | 3000 | 12/04/2032 | 2.233% | CPI | # | Maturity | 414335 |  | 414335 |
| Citibank NA | USD | 10000 | 07/20/2027 | 2.104% | CPI | # | Maturity | 1509489 |  | 1509489 |
| Citibank NA | USD | 6500 | 07/20/2027 | 2.104% | CPI | # | Maturity | 981168 |  | 981168 |
| JPMorgan Chase Bank NA | USD | 1590 | 11/04/2026 | 2.015% | CPI | # | Maturity | 253961 |  | 253961 |
| JPMorgan Chase Bank NA | USD | 23000 | 12/27/2028 | 2.009% | CPI | # | Maturity | 3552472 |  | 3552472 |
| JPMorgan Chase Bank NA | USD | 22020 | 01/15/2030 | 3.493% | CPI | # | Maturity | 436873 |  | 436873 |
| JPMorgan Chase Bank NA | USD | 2800 | 01/15/2030 | 3.493% | CPI | # | Maturity | 55552 |  | 55552 |

---

 <br> *50* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Swap Counterparty** | **Notional Amount<br>(000)** | **Notional Amount<br>(000)** | **Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| JPMorgan Chase Bank NA | USD | 1620 | 01/15/2032 | 3.325% | CPI | Maturity | $26816 | $— | $26816 |
| Morgan Stanley Capital Services LLC | USD | 6800 | 07/20/2032 | 2.158% | CPI | Maturity | 1042339 |  | 1042339 |
|  |  |  |  |  |  |  | $9712687 | $— | $9712687 |

---

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) | INTEREST RATE SWAPS (see Note 3) |
|  |  |  |  | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Swap Counterparty** | **Notional Amount<br>(000)** | **Notional Amount<br>(000)** | **Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| Citibank NA | USD | 12470 | 10/09/2029 | 1.125% | 1 Week SIFMA \* | Quarterly | $702181 | $— | $702181 |
| Citibank NA | USD | 6655 | 10/09/2029 | 1.125% | 1 Week SIFMA \* | Quarterly | 374740 |  | 374740 |
|  |  |  |  |  |  |  | $1076921 | $— | $1076921 |

---

\* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) | TOTAL RETURN SWAPS (see Note 3) |
| **Counterparty & Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** |
|  Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 726 | 12/19/2025 | $103 |

---

(a) When-Issued or delayed delivery security.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2025, the aggregate market value of these securities amounted to $31,045,439 or 6.4% of net assets.

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2025.

(d) IO—Interest Only.

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

(f) Fair valued by the Adviser.

(g) Non-income producing security.

(h) Defaulted.

(i) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.04% of net assets as of September 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Polk County Industrial Development Authority/FL<br>(Mineral Development LLC)<br>Series 2020<br>5.875%, 01/01/2033 | 10/23/2020 | $950000 | $190000 | 0.04% |

---

(j) 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.

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

(l) Affiliated investments.

 <br> *2025 Annual Report* *51*

------

##### [**Table of Contents**](#toc)
Schedule of Investments (continued)

As of September 30, 2025, 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 3.8% 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

AG—Assured Guaranty Inc.

CBT—Chicago Board of Trade

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

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.

 <br> *52* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
Statement of Assets and Liabilities—*September 30, 2025*

---

| | | |
|:---|:---|:---|
| | **OVERLAY A<br>PORTFOLIO** | **TAX-AWARE<br>OVERLAY A<br>PORTFOLIO** |
| ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers **(a)** | $258855072 | $559928971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 186269793 | 319727825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies, at value **(b)** | 1486313 | 1520260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 807680 | 1672922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due from broker | 1439713 | 2562044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of forward currency exchange contracts | 478713 | 1057901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures | 174468 | 251405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 117605 | 177393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated interest and dividends | 111320 | 192026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable due from Adviser | 103728 | 201430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends | 96870 | 23524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 23616 | 73422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 9738 | 18944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of total return swaps | 103 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 313722 | 631149 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | **450288454** | **888039628** |
| LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for collateral on securities lending at value | 165511 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due to broker | 9800000 | 19104279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 311826 | 616791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 772974 | 108419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation of forward currency exchange contracts | 207106 | 405221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 87951 | 250247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee | 32144 | 53123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee | 4651 | 6178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 352597 | 401799 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | **11734760** | **20946057** |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS** | $**438553694** | $**867093571** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cost of investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $132158361 | $234826466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 130827350 | 205180622 |
| NET ASSETS CONSIST OF: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $37134 | $63109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 232669846 | 344823750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 205846714 | 522206712 |
|  | $**438553694** | $**867093571** |

---

**(a)** Includes securities on loan with a value of $214,530 and 0, respectively. (Note 4)

**(b)** Cost: $1,490,958 and $1,528,557, respectively. (Note 1)

See Notes to Financial Statements.

 <br> *2025 Annual Report* *53*

------

##### [**Table of Contents**](#toc)
Statement of Assets and Liabilities—*September 30, 2025 (continued)*

---

| | | |
|:---|:---|:---|
| | **OVERLAY A<br>PORTFOLIO** | **TAX-AWARE<br>OVERLAY A<br>PORTFOLIO** |
| NET ASSET VALUE PER SHARE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class 1 Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $387254534 | $640437369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 32791921 | 46640662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $**11.81** | $**13.73** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class 2 Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $51299160 | $226656202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 4341927 | 16468322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $**11.81** | $**13.76** |

---

See Notes to Financial Statements.

 <br> *54* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
Statement of Assets and Liabilities—*September 30, 2025 (continued)*

---

| | | |
|:---|:---|:---|
| | **OVERLAY B<br>PORTFOLIO** | **TAX-AWARE<br>OVERLAY B<br>PORTFOLIO** |
| ASSETS | ASSETS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $280098832 | $449978909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 45066131 | 18701783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies, at value **(a)** | 1818521 | 98387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1127988 | 363131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due from broker | 1822163 | 11032272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 1603043 | 4256680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends | 117258 | 66049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold and foreign currency transactions | 5444956 | 130638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 770657 | 47479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures | 349828 | 288103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 0 | 67390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable due from Adviser | 12183 | 3240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of interest rate swaps | 0 | 1076921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of total return swaps | 69 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of inflation swaps | 0 | 9712687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of forward currency exchange contracts | 380263 | 208937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 540 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | **338612432** | **496032709** |
| LIABILITIES | LIABILITIES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due to broker | 2470000 | 10370000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reverse repurchase agreements | 1975226 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased and foreign currency transactions | 24727445 | 3171988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 414590 | 40219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 158946 | 248150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation of forward currency exchange contracts | 237815 | 82527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee | 21038 | 29346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 24540 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 13725 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee | 4834 | 5107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terminated centrally cleared credit default swaps | 0 | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 49 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 435766 | 411935 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | **30483974** | **14361638** |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS** | $**308128458** | $**481671071** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cost of investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $277367961 | $400230329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 43203173 | 18701783 |
| NET ASSETS CONSIST OF: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $31048 | $41654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 433841980 | 440989525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated loss) | (125744570) | 40639892 |
|  | $**308128458** | $**481671071** |

---

**(a)** Cost: $1,858,757 and $99,454, respectively. (Note 1)

See Notes to Financial Statements.

 <br> *2025 Annual Report* *55*

------

##### [**Table of Contents**](#toc)
Statement of Assets and Liabilities—*September 30, 2025 (continued)*

---

| | | |
|:---|:---|:---|
| | **OVERLAY B<br>PORTFOLIO** | **TAX-AWARE<br>OVERLAY B<br>PORTFOLIO** |
| NET ASSET VALUE PER SHARE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class 1 Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $252393192 | $352500827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 25442348 | 30489771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $**9.92** | $**11.56** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class 2 Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $55735266 | $129170244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 5605678 | 11164710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $**9.94** | $**11.57** |

---

See Notes to Financial Statements.

 <br> *56* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
Statement of Operations—*for the year ended September 30, 2025*

---

| | | |
|:---|:---|:---|
| | **OVERLAY A<br>PORTFOLIO** | **TAX-AWARE<br>OVERLAY A<br>PORTFOLIO** |
| INVESTMENT INCOME |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $24475 | $43409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign withholding taxes of $23,095 and $48,463, respectively) | 2617488 | 6013526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 6372945 | 10989307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 864 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | **9015772** | **17046242** |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee (see Note 2A) | 3979145 | 8149810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee (see Note 2B) | 743724 | 1299191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class 1 | 34238 | 39082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class 2 | 4942 | 13447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and tax fees | 124389 | 112505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 46220 | 60521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees | 41418 | 53893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 38270 | 39987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 21489 | 32669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing fees | 13592 | 14280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8768 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses before interest expense/bank overdraft** | **5056195** | **9815385** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense/bank overdraft | 524599 | 1086935 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | **5580794** | **10902320** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Note 2A, 2D and Note 4) | (1307918) | (2743716) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4272876 | 8158604 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | **4742896** | **8887638** |
| REALIZED AND UNREALIZED GAIN (LOSS) ON<br> INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 24958766 | 92395942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Underlying Portfolios | 8393721 | 31561857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (3035068) | (6844101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (5043554) | (20522289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 176089 | 281085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (15178) | 108939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions from Affiliated Underlying Portfolios | 1305287 | 2478479 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain on investment and foreign currency transactions** | **26740063** | **99459912** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (1250966) | (37006784) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Underlying Portfolios | 14102211 | 16446354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 77487 | (116238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 289717 | (3179184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 35815 | 49673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | (74523) | (111525) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities** | **13179741** | **(23917704)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain on investment and foreign currency transactions** | **39919804** | **75542208** |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates (see Note 2D) | 0 | 21662 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | $**44662700** | $**84451508** |

---

See Notes to Financial Statements.

 <br> *2025 Annual Report* *57*

------

##### [**Table of Contents**](#toc)
Statement of Operations—*for the year ended September 30, 2025 (continued)*

---

| | | |
|:---|:---|:---|
| | **OVERLAY B<br>PORTFOLIO** | **TAX-AWARE<br>OVERLAY B<br>PORTFOLIO** |
| INVESTMENT INCOME |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $10479472 | $13155935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign withholding taxes of $5,422 and $0, respectively) | 1070341 | 2150907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 2287186 | 1180821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 0 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | **13836999** | **16488574** |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee (see Note 2A) | 2150667 | 3390659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee (see Note 2B) | 380120 | 561020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class 1 | 31837 | 31730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class 2 | 8735 | 11548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and tax fees | 125214 | 114597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 44021 | 47730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 38734 | 37778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees | 2999 | 57160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 19351 | 23937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing fees | 13710 | 20464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13506 | 19189 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses before interest expense/bank overdraft** | **2828894** | **4315812** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense/bank overdraft | 137477 | 143824 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | **2966371** | **4459636** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Note 2A and 2D) | (175761) | (54097) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2790610 | 4405539 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | **11046389** | **12083035** |
| REALIZED AND UNREALIZED GAIN (LOSS) ON<br> INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions **(a)** | (2534395) | 9825169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Underlying Portfolios | 39773 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (477087) | (1392715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 8329947 | 6404950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 5399089 | 11047249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (350383) | 32811 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain on investment and foreign currency transactions** | **10406944** | **25917464** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments **(b)** | 842707 | (5366441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Underlying Portfolios | 806656 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 990914 | 63958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (2050973) | (3175038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (4166176) | (6056877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | (39960) | (5540) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities** | **(3616832)** | **(14539938)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain on investment and foreign currency transactions** | **6790112** | **11377526** |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates (see Note 2D) | 0 | 4175 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | $**17836501** | $**23464736** |

---

**(a)** Net of foreign realized capital gains taxes of $3,734 and $0, respectively.

**(b)** Net of decrease in accrued foreign capital gains taxes on unrealized gains of $7,331 and $0, respectively.

See Notes to Financial Statements.

 <br> *58* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
Statement of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **OVERLAY A<br>PORTFOLIO** | **OVERLAY A<br>PORTFOLIO** | **TAX-AWAREOVERLAY A PORTFOLIO** | **TAX-AWAREOVERLAY A PORTFOLIO** |
| | YEARENDED<br>9/30/25 | YEARENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $4742896 | $10518776 | $8887638 | $22646007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment and foreign currency transactions | 26740063 | 171843023 | 99459912 | 299329348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 13179741 | (7994617) | (23917704) | 20260568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates (see Note 2A) | 0 | 0 | 21662 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | **44662700** | **174367182** | **84451508** | **342235923** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders (a)** | **(126036718)** | **(4503411)** | **(233592488)** | **(6500740)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital-share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | 16427536 | 25695633 | 28312530 | 33722407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 123363074 | 3408171 | 168934089 | 4317432 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total proceeds from shares sold** | **139790610** | **29103804** | **197246619** | **38039839** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (127474074) | (478622368) | (328541047) | (693884937) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital-share transactions** | **12316536** | **(449518564)** | **(131294428)** | **(655845098)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease in net assets** | **(69057482)** | **(279654793)** | **(280435408)** | **(320109915)** |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beginning of period** | **507611176** | **787265969** | **1147528979** | **1467638894** |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $**438553694** | $**507611176** | $**867093571** | $**1147528979** |

---

**(a)** See page 61 for share class information on dividend distributions for the Overlay A and Tax-Aware Overlay A Portfolios.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *59*

------

##### [**Table of Contents**](#toc)
Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **OVERLAY B<br>PORTFOLIO** | **OVERLAY B<br>PORTFOLIO** | **TAX-AWAREOVERLAY B PORTFOLIO** | **TAX-AWAREOVERLAY B PORTFOLIO** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $11046389 | $15172130 | $12083035 | $13665897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment and foreign currency transactions | 10406944 | 9515754 | 25917464 | 40407144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | (3616832) | 50993673 | (14539938) | 40170669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates (see Note 2A) | 0 | 0 | 4175 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | **17836501** | **75681557** | **23464736** | **94243710** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders (a)** | **(17681772)** | **(13001230)** | **(27601903)** | **(13230943)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital-share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | 21741846 | 44864192 | 15262347 | 17558336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in connection with the Reorganization | 0 | 0 | 0 | 244713130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 13264931 | 9206032 | 18687805 | 9132942 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total proceeds from shares sold** | **35006777** | **54070224** | **33950152** | **271404408** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (113490582) | (292909140) | (188507419) | (385139961) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease in net assets from capital-share transactions** | **(78483805)** | **(238838916)** | **(154557267)** | **(113735553)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease in net assets** | **(78329076)** | **(176158589)** | **(158694434)** | **(32722786)** |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beginning of period** | **386457534** | **562616123** | **640365505** | **673088291** |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $**308128458** | $**386457534** | $**481671071** | $**640365505** |

---

**(a)** See page 61 for share class information on dividend distributions for the Overlay B and Tax-Aware Overlay B Portfolios.

See Notes to Financial Statements.

 <br> *60* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **OVERLAY A<br>PORTFOLIO** | **OVERLAY A<br>PORTFOLIO** | **TAX-AWARE<br>OVERLAY A PORTFOLIO** | **TAX-AWARE<br>OVERLAY A PORTFOLIO** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $(109623974) | $(3586620) | $(174132064) | $(4342531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (16412744) | (916791) | (59460424) | (2158209) |
|  | $(126036718) | $(4503411) | $(233592488) | $(6500740) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **OVERLAY B<br>PORTFOLIO** | **OVERLAY B<br>PORTFOLIO** | **TAX-AWARE<br>OVERLAY B PORTFOLIO** | **TAX-AWARE<br>OVERLAY B PORTFOLIO** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $(13159652) | $(10186457) | $(20026690) | $(9437571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (4522120) | (2814773) | (7575213) | (3793372) |
|  | $(17681772) | $(13001230) | $(27601903) | $(13230943) |

---

See Notes to Financial Statements.

 <br> *2025 Annual Report* *61*

------

##### [**Table of Contents**](#toc)
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<br>PORTFOLIO** | **OVERLAY A<br>PORTFOLIO** | **OVERLAY A<br>PORTFOLIO** | **OVERLAY A<br>PORTFOLIO** | **OVERLAY A<br>PORTFOLIO** |
|  | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**14.70** | $**11.19** | $**11.30** | $**16.01** | $**12.81** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)(b)** | 0.12 | 0.21 | 0.24 | 0.23 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.93 | 3.37 | (0.15) | (3.17) | 3.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **1.05** | **3.58** | **0.09** | **(2.94)** | **3.32** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.07) | (0.20) | (0.34) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (3.75) | 0 | 0 | (1.43) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(3.94)** | **(0.07)** | **(0.20)** | **(1.77)** | **(0.12)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**11.81** | $**14.70** | $**11.19** | $**11.30** | $**16.01** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (c)(d)** | **11.34%** | **32.10%** | **0.74%** | **(21.17)%** | **26.16%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $387255 | $441211 | $647297 | $1121710 | $1596442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $386403 | $513196 | $932709 | $1430298 | $1606920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(e)(f)** | 0.99% | 0.97% | 0.90% | 0.83% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(e)(f)** | 1.29% | 1.29% | 1.23% | 1.16% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 1.05% | 1.68% | 2.08% | 1.67% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 28% | 21% | 19% | 24% | 21% |

---

See Footnote Summary on page 70-71.

See Notes to Financial Statements.

 <br> *62* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **OVERLAY A<br>PORTFOLIO** | **OVERLAY A<br>PORTFOLIO** | **OVERLAY A<br>PORTFOLIO** | **OVERLAY A<br>PORTFOLIO** | **OVERLAY A<br>PORTFOLIO** |
|  | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**14.72** | $**11.21** | $**11.32** | $**16.05** | $**12.84** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)(b)** | 0.14 | 0.27 | 0.26 | 0.25 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.92 | 3.34 | (0.14) | (3.18) | 3.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **1.06** | **3.61** | **0.12** | **(2.93)** | **3.36** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.22) | (0.10) | (0.23) | (0.37) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (3.75) | 0 | 0 | (1.43) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(3.97)** | **(0.10)** | **(0.23)** | **(1.80)** | **(0.15)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**11.81** | $**14.72** | $**11.21** | $**11.32** | $**16.05** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (c)(d)** | **11.48%** | **32.38%** | **0.97%** | **(21.02)%** | **26.34%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $51299 | $66400 | $139969 | $228680 | $320324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $55724 | $90394 | $195550 | $291541 | $323834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(e)(f)** | 0.80% | 0.77% | 0.70% | 0.63% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(e)(f)** | 1.09% | 1.09% | 1.03% | 0.96% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 1.27% | 2.10% | 2.26% | 1.81% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 28% | 21% | 19% | 24% | 21% |

---

See Footnote Summary on page 70-71.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *63*

------

##### [**Table of Contents**](#toc)
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<br>OVERLAY A PORTFOLIO** | **TAX-AWARE<br>OVERLAY A PORTFOLIO** | **TAX-AWARE<br>OVERLAY A PORTFOLIO** | **TAX-AWARE<br>OVERLAY A PORTFOLIO** | **TAX-AWARE<br>OVERLAY A PORTFOLIO** |
|  | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**15.75** | $**11.99** | $**12.15** | $**16.98** | $**13.65** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)(b)** | 0.12 | 0.25 | 0.27 | 0.23 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.22 | 3.56 | (0.20) | (3.41) | 3.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates | .00 **(g)** | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **1.34** | **3.81** | **0.07** | **(3.18)** | **3.47** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.16) | (0.05) | (0.23) | (0.23) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (3.20) | 0 | 0 | (1.42) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(3.36)** | **(0.05)** | **(0.23)** | **(1.65)** | **(0.14)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**13.73** | $**15.75** | $**11.99** | $**12.15** | $**16.98** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (c)(d)** | **11.72%** | **31.88%** | **0.48%** | **(21.15)%** | **25.54%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $640438 | $856885 | $1136154 | $2232773 | $3144804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $673627 | $924175 | $1731661 | $2880460 | $3057954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(e)(f)** | 0.95% | 0.95% | 0.87% | 0.81% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(e)(f)** | 1.25% | 1.26% | 1.23% | 1.14% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 0.94% | 1.83% | 2.18% | 1.53% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 24% | 19% | 17% | 25% | 20% |

---

See Footnote Summary on page 70-71.

See Notes to Financial Statements.

 <br> *64* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TAX-AWARE<br>OVERLAY A PORTFOLIO** | **TAX-AWARE<br>OVERLAY A PORTFOLIO** | **TAX-AWARE<br>OVERLAY A PORTFOLIO** | **TAX-AWARE<br>OVERLAY A PORTFOLIO** | **TAX-AWARE<br>OVERLAY A PORTFOLIO** |
|  | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**15.77** | $**12.02** | $**12.19** | $**17.03** | $**13.69** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)(b)** | 0.14 | 0.27 | 0.30 | 0.26 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.24 | 3.57 | (0.21) | (3.42) | 3.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates | .00 **(g)** | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **1.38** | **3.84** | **0.09** | **(3.16)** | **3.51** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.09) | (0.26) | (0.26) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (3.20) | 0 | 0 | (1.42) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(3.39)** | **(0.09)** | **(0.26)** | **(1.68)** | **(0.17)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**13.76** | $**15.77** | $**12.02** | $**12.19** | $**17.03** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (c)(d)** | **12.05%** **(h)** | **32.07%** | **0.65%** | **(20.98)%** | **25.78%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $226656 | $290644 | $331485 | $642337 | $942706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $231908 | $292476 | $480625 | $854251 | $937234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(e)(f)** | 0.76% | 0.75% | 0.68% | 0.61% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(e)(f)** | 1.06% | 1.06% | 1.03% | 0.94% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 1.13% | 1.95% | 2.37% | 1.73% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 24% | 19% | 17% | 25% | 20% |

---

See Footnote Summary on page 70-71.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *65*

------

##### [**Table of Contents**](#toc)
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<br>PORTFOLIO** | **OVERLAY B<br>PORTFOLIO** | **OVERLAY B<br>PORTFOLIO** | **OVERLAY B<br>PORTFOLIO** | **OVERLAY B<br>PORTFOLIO** |
|  | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**9.80** | $**8.49** | $**8.62** | $**11.92** | $**10.96** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)(b)** | 0.31 | 0.31 | 0.29 | 0.27 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.28 | 1.21 | (0.14) | (1.90) | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **0.59** | **1.52** | **0.15** | **(1.63)** | **1.26** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.47) | (0.21) | (0.28) | (0.40) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | 0 | 0 | 0 | (1.27) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(0.47)** | **(0.21)** | **(0.28)** | **(1.67)** | **(0.30)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**9.92** | $**9.80** | $**8.49** | $**8.62** | $**11.92** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (c)(d)** | **6.44%** **(h)** | **18.20%** | **1.67%** | **(16.10)%** | **11.61%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $252393 | $293900 | $447544 | $750137 | $999357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $259424 | $341630 | $621598 | $908265 | $1021208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(e)(f)** | 0.87% | 0.86% | 0.86% | 0.81% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(e)(f)** | 0.93% | 0.97% | 0.90% | 0.85% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 3.31% | 3.46% | 3.27% | 2.65% | 1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 140% | 160% | 159% | 115% | 98% |

---

See Footnote Summary on page 70-71.

See Notes to Financial Statements.

 <br> *66* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **OVERLAY B<br>PORTFOLIO** | **OVERLAY B<br>PORTFOLIO** | **OVERLAY B<br>PORTFOLIO** | **OVERLAY B<br>PORTFOLIO** | **OVERLAY B<br>PORTFOLIO** |
|  | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**9.83** | $**8.52** | $**8.65** | $**11.96** | $**11.00** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)(b)** | 0.32 | 0.32 | 0.30 | 0.28 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.27 | 1.22 | (0.13) | (1.90) | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **0.59** | **1.54** | **0.17** | **(1.62)** | **1.27** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.48) | (0.23) | (0.30) | (0.42) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | 0 | 0 | 0 | (1.27) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(0.48)** | **(0.23)** | **(0.30)** | **(1.69)** | **(0.31)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**9.94** | $**9.83** | $**8.52** | $**8.65** | $**11.96** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (c)(d)** | **6.51%** | **18.40%** | **1.86%** | **(15.98)%** **(h)** | **11.64%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $55735 | $92558 | $115072 | $150684 | $195068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $71448 | $93742 | $138190 | $181909 | $202314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(e)(f)** | 0.74% | 0.71% | 0.71% | 0.66% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(e)(f)** | 0.79% | 0.82% | 0.75% | 0.70% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 3.44% | 3.58% | 3.44% | 2.80% | 1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 140% | 160% | 159% | 115% | 98% |

---

See Footnote Summary on page 70-71.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *67*

------

##### [**Table of Contents**](#toc)
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<br>OVERLAY B PORTFOLIO** | **TAX-AWARE<br>OVERLAY B PORTFOLIO** | **TAX-AWARE<br>OVERLAY B PORTFOLIO** | **TAX-AWARE<br>OVERLAY B PORTFOLIO** | **TAX-AWARE<br>OVERLAY B PORTFOLIO** |
|  | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**11.49** | $**10.07** | $**10.04** | $**12.36** | $**11.27** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)(b)** | 0.25 | 0.23 | 0.19 | 0.18 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.34 | 1.41 | 0.07 | (1.66) | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates | .00 **(g)** | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **0.59** | **1.64** | **0.26** | **(1.48)** | **1.36** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.22) | (0.22) | (0.23) | (0.19) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (0.30) | 0 | 0 | (0.65) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(0.52)** | **(0.22)** | **(0.23)** | **(0.84)** | **(0.27)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**11.56** | $**11.49** | $**10.07** | $**10.04** | $**12.36** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (c)** | **5.49%** | **16.54%** | **2.59%** | **(12.95)%** | **12.11%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $352501 | $466594 | $479517 | $932107 | $1194517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $382398 | $458098 | $714721 | $1111920 | $1196104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(e)(f)** | 0.88% | 0.89% | 0.86% | 0.83% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(e)(f)** | 0.89% | 0.90% | 0.86% | 0.83% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 2.28% | 2.14% | 1.88% | 1.63% | 1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 13% | 20% | 7% | 12% | 19% |

---

See Footnote Summary on page 70-71.

See Notes to Financial Statements.

 <br> *68* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TAX-AWARE<br>OVERLAY B PORTFOLIO** | **TAX-AWARE<br>OVERLAY B PORTFOLIO** | **TAX-AWARE<br>OVERLAY B PORTFOLIO** | **TAX-AWARE<br>OVERLAY B PORTFOLIO** | **TAX-AWARE<br>OVERLAY B PORTFOLIO** |
|  | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**11.50** | $**10.09** | $**10.07** | $**12.39** | $**11.30** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)(b)** | 0.27 | 0.25 | 0.21 | 0.20 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.34 | 1.42 | 0.06 | (1.66) | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates | .00 **(g)** | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **0.61** | **1.67** | **0.27** | **(1.46)** | **1.38** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.24) | (0.26) | (0.25) | (0.21) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (0.30) | 0 | 0 | (0.65) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(0.54)** | **(0.26)** | **(0.25)** | **(0.86)** | **(0.29)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**11.57** | $**11.50** | $**10.09** | $**10.07** | $**12.39** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (c)** | **5.66%** | **16.77%** | **2.67%** | **(12.78)%** | **12.35%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $129170 | $173771 | $193571 | $378873 | $523749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $139242 | $169853 | $281573 | $478848 | $534158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(e)(f)** | 0.74% | 0.74% | 0.71% | 0.68% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(e)(f)** | 0.75% | 0.75% | 0.71% | 0.68% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 2.43% | 2.27% | 2.04% | 1.78% | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 13% | 20% | 7% | 12% | 19% |

---

See Footnote Summary on page 70-71.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *69*

------

##### [**Table of Contents**](#toc)
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:

**(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 investment 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, 2025 by .10%, the Tax-Aware Overlay A Portfolio for the year ended September 30, 2025 by .11% and the Overlay B Portfolio for the year ended September 30, 2025 by .07%.

**(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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | YEARENDED9/30/25 | YEARENDED9/30/24 | YEARENDED9/30/23 | YEARENDED9/30/22 | YEARENDED9/30/21 |
|  Overlay A Portfolio | .30% | .33% | .35% | .34% | .36% |
|  Tax-Aware Overlay A Portfolio | .31% | .32% | .36% | .33% | .36% |
|  Overlay B Portfolio | .07% | .05% | .05% | .05% | .04% |
|  Tax-Aware Overlay B Portfolio | .03% | .02% | .02% | .03% | .03% |

---

Waiver:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
|  Overlay A Portfolio | .30% | .32% | .34% | .33% | .35% |
|  Tax-Aware Overlay A Portfolio | .30% | .31% | .36% | .32% | .35% |
|  Overlay B Portfolio | .05% | .05% | .04% | .04% | .04% |
|  Tax-Aware Overlay B Portfolio | .01% | .00% **(i)** | .00% **(i)** | .00% **(i)** | .00% **(i)** |

---

**(f)** The expense ratios presented below exclude interest/bank overdraft expense:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
|  **Overlay A Portfolio** |  |  |  |  |  |
|  **Class 1** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .87% | .88% | .82% | .80% | .79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 1.17% | 1.20% | 1.16% | 1.13% | 1.14% |
|  **Class 2** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .68% | .68% | .62% | .60% | .58% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .98% | 1.00% | .96% | .93% | .94% |
|  **Tax-Aware Overlay A Portfolio** |  |  |  |  |  |
|  **Class 1** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .83% | .85% | .79% | .79% | .77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 1.13% | 1.17% | 1.14% | 1.12% | 1.11% |
|  **Class 2** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .64% | .66% | .59% | .59% | .56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .94% | .97% | .94% | .92% | .91% |
|  **Overlay B Portfolio** |  |  |  |  |  |
|  **Class 1** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .83% | .86% | .86% | .81% | .83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .89% | .97% | .90% | .85% | .87% |
|  **Class 2** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .69% | .71% | .71% | .66% | .68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .75% | .82% | .75% | .70% | .72% |

---

See Notes to Financial Statements.

 <br> *70* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/23 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
|  **Tax-Aware Overlay B Portfolio** |  |  |  |  |  |
|  **Class 1** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .86% | .89% | .86% | .83% | .84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .87% | .90% | .86% | .83% | .84% |
|  **Class 2** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .71% | .74% | .71% | .68% | .69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .72% | .75% | .71% | .68% | .69% |

---

**(g)** Amount is less than .005%.

**(h)** 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.

**(i)** Amount is less than .005%.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *71*

------

##### [**Table of Contents**](#toc)
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\* 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 |

---

\* Bernstein Class

---

| | |
|:---|:---|
| **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 9 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.

**A.** **Portfolio Valuation** 

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

 <br> *72* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
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)

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

 <br> *2025 Annual Report* *73*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

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.

 <br> *74* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
The following tables summarize the valuation of the Portfolios' investments by the above fair value hierarchy levels as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OVERLAY A PORTFOLIOINVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** |  |  |  |  |
|  Common Stocks **(a)** | $249502648 | $0 | $0 | $249502648 |
|  Investment Companies | 159165100 | 0 | 0 | 159165100 |
|  Purchased Options—Puts | 0 | 9352424 | 0 | 9352424 |
|  Short-Term Investments | 26939182 | 0 | 0 | 26939182 |
|  Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 165511 | 0 | 0 | 165511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 435772441 | 9352424 | 0 | 445124865 |
|  **Other Financial Instruments (b):** |  |  |  |  |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 2684448 | 0 | 0 | 2684448 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | 478713 | 0 | 478713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps | 0 | 1384720 | 0 | 1384720 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps | 0 | 103 | 0 | 103 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (302896) | 0 | 0 | (302896)**(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | (207106) | 0 | (207106) |
|  **Total** | $**438153993** | $**11008854** | $**0** | $**449162847** |
| **TAX-AWARE OVERLAY A PORTFOLIOINVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** |  |  |  |  |
|  Common Stocks **(a)** | $541420969 | $0 | $0 | $541420969 |
|  Investment Companies | 319321671 | 0 | 0 | 319321671 |
|  Purchased Options—Puts | 0 | 18508002 | 0 | 18508002 |
|  Short-Term Investments | 406154 | 0 | 0 | 406154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 861148794 | 18508002 | 0 | 879656796 |
|  **Other Financial Instruments (b):** |  |  |  |  |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 3026808 | 0 | 0 | 3026808 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | 1057901 | 0 | 1057901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps | 0 | 2710599 | 0 | 2710599 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps | 0 | 412 | 0 | 412 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (343093) | 0 | 0 | (343093)**(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | (405221) | 0 | (405221) |
|  **Total** | $**863832509** | $**21871693** | $**0** | $**885704202** |

---

 <br> *2025 Annual Report* *75*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OVERLAY B PORTFOLIOINVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Governments—Treasuries | $0 | $67010728 | $0 | $67010728 |
|  Inflation-Linked Securities | 0 | 53768846 | 0 | 53768846 |
|  Corporates—Investment Grade | 0 | 48025877 | 0 | 48025877 |
|  Investment Companies | 41896487 | 0 | 0 | 41896487 |
|  Mortgage Pass-Throughs | 0 | 27756549 | 0 | 27756549 |
|  Asset-Backed Securities | 0 | 12403819 | 0 | 12403819 |
|  Collateralized Mortgage Obligations | 0 | 9702957 | 0 | 9702957 |
|  Commercial Mortgage-Backed Securities | 0 | 6479130 | 0 | 6479130 |
|  Corporates—Non-Investment Grade | 0 | 4397365 | 0 | 4397365 |
|  Collateralized Loan Obligations | 0 | 3020668 | 0 | 3020668 |
|  Governments—Sovereign Agencies | 0 | 2735010 | 0 | 2735010 |
|  Covered Bonds | 0 | 2496006 | 0 | 2496006 |
|  Purchased Options—Puts | 0 | 2472215 | 0 | 2472215 |
|  Emerging Markets—Corporate Bonds | 0 | 2112725 | 0 | 2112725 |
|  Governments—Sovereign Bonds | 0 | 1947813 | 0 | 1947813 |
|  Local Governments—US Municipal Bonds | 0 | 1775004 | 0 | 1775004 |
|  Agencies | 0 | 1146358 | 0 | 1146358 |
|  Supranationals | 0 | 1008617 | 0 | 1008617 |
|  Emerging Markets—Sovereigns | 0 | 478771 | 0 | 478771 |
|  Quasi-Sovereigns | 0 | 209350 | 0 | 209350 |
|  Local Governments—Provincial Bonds | 0 | 205986 | 0 | 205986 |
|  Local Governments—Canadian Municipal Bonds | 0 | 52344 | 0 | 52344 |
|  Short-Term Investments | 34062338 | 0 | 0 | 34062338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 75958825 | 249206138 | 0 | 325164963 |
|  **Other Financial Instruments (b):** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 1443363 | 0 | 0 | 1443363 **(b)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | 380263 | 0 | 380263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps | 0 | 478833 | 0 | 478833 **(b)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps | 0 | 435838 | 0 | 435838 **(b)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 0 | 3321901 | 0 | 3321901 **(b)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps | 0 | 69 | 0 | 69 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (233119) | 0 | 0 | (233119)**(b)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | (237815) | 0 | (237815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps | 0 | (370173) | 0 | (370173)**(b)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 0 | (6295) | 0 | (6295)**(b)** |
|  **Total** | $**77169069** | $**253208759** | $**0** | $**330377828** |

---

 <br> *76* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TAX-AWARE OVERLAY B PORTFOLIOINVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Long-Term Municipal Bonds | $0 | $323652167 | $190000 | $323842167 |
|  Short-Term Municipal Notes | 0 | 3605512 | 0 | 3605512 |
|  Investment Companies | 110096953 | 0 | 0 | 110096953 |
|  Corporates—Investment Grade | 0 | 4018845 | 0 | 4018845 |
|  Purchased Options—Puts | 0 | 3859588 | 0 | 3859588 |
|  Asset-Backed Securities | 0 | 1963325 | 0 | 1963325 |
|  Corporates—Non-Investment Grade | 0 | 1336873 | 0 | 1336873 |
|  Commercial Mortgage-Backed Securities | 0 | 977058 | 0 | 977058 |
|  Preferred Stocks | 0 | 0 | 223610 | 223610 |
|  Collateralized Mortgage Obligations | 0 | 54978 | 0 | 54978 |
|  Short-Term Investments | 18701783 | 0 | 0 | 18701783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 128798736 | 339468346 | 413610 | 468680692 |
|  **Other Financial Instruments (b):** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 1131908 | 0 | 0 | 1131908 **(b)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | 208937 | 0 | 208937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps | 0 | 568010 | 0 | 568010 **(b)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps | 0 | 7945231 | 0 | 7945231 **(b)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 0 | 1545626 | 0 | 1545626 **(b)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation (CPI) Swaps | 0 | 9712687 | 0 | 9712687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps | 0 | 1076921 | 0 | 1076921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps | 0 | 103 | 0 | 103 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (104842) | 0 | 0 | (104842)**(b)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | (82527) | 0 | (82527) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps | 0 | (938417) | 0 | (938417)**(b)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 0 | (41348) | 0 | (41348)**(b)** |
|  **Total** | $**129825802** | $**359463569** | $**413610** | $**489702981** |

---

(a) See Schedule of Investments for sector classifications.

(b) Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments 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 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.

 <br> *2025 Annual Report* *77*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

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 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.

**D.** **Taxes** 

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, 2024, 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 real estate investment trust ("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.

 <br> *78* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
**G.** **Class Allocations** 

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** 

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 and contributions from affiliates which are reflected as adjustments to the components of net assets as of September 30, 2025, as shown below:

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **INCREASE (DECREASE)<br>TO ADDITIONAL<br>PAID-IN CAPITAL** | **INCREASE (DECREASE)<br>TO DISTRIBUTABLE<br>EARNINGS/<br>ACCUMULATED LOSS** |
|  Overlay A | $1078815 | $(1078815) |
|  Tax-Aware Overlay A | 13309579 | (13309579) |
|  Overlay B |  |  |
|  Tax-Aware Overlay B | (4175) | 4175 |

---

**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.

**J.** **Segment Information** 

Each Portfolio represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Portfolios' President is the CODM. The CODM monitors the operating results of the Portfolios as a whole and the pre-determined Portfolios' long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segments performance versus the Portfolios' comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

 <br> *2025 Annual Report* *79*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

---

| | |
|:---|:---|
| **NOTE 2.** | **Investment Management and Transactions with Affiliated Persons**  |

---

**A.** **Management Fee** 

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.

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, 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 31, 2026, and then may be extended by the Adviser for additional one year terms. For the year ended September 30, 2025, such reimbursements/waivers for the Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B Portfolio and Tax-Aware Overlay B Portfolio amounted to $0, $0, $0 and $0, 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.

Effective September 2, 2025, the Adviser put in place a voluntary waiver of the Shareholder Servicing fees paid by each Overlay Portfolio to the Adviser lowering the effective fee to 0.105 of 1%, annualized, of the average daily net assets of Class 1 Shares 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.

 <br> *80* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
**D.** **Investments in Affiliated Issuers** 

The Portfolios may invest in other investment companies advised by the Adviser, including AB 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 AB 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 AB 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.

For the year ended September 30, 2025, such waivers amounted to:

---

| | |
|:---|:---|
| **AB GOVERNMENT MONEY MARKET PORTFOLIO** | **AMOUNT** |
|  Overlay A | $112158 |
|  Tax-Aware Overlay A | 67082 |
|  Overlay B | 90357 |
|  Tax-Aware Overlay B | 54097 |
| **AMRR** | **AMOUNT** |
|  Overlay A | $237755 |
|  Tax-Aware Overlay A | 483975 |
|  Overlay B | 85404 |

---

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 31, 2026, 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, 2025, such waivers amounted to:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **SANFORD C.<br>BERNSTEIN<br>FUND, INC. -<br>EMERGINGMARKETSPORTFOLIOCLASS Z** | **BERNSTEINFUND, INC. -<br>INTERNATIONALSTRATEGICEQUITIESPORTFOLIOCLASS Z** | **BERNSTEINFUND, INC. -<br>INTERNATIONALSMALL CAPPORTFOLIOCLASS Z** | **BERNSTEINFUND, INC. -<br>SMALLCAP COREPORTFOLIOCLASS Z** |
|  Overlay A | $80645 | $616733 | $158802 | $101650 |
|  Tax-Aware Overlay A | $191383 | $1421329 | $408835 | $171112 |

---

 <br> *2025 Annual Report* *81*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

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, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO** |
| | | | | | | | **DISTRIBUTIONS** | **DISTRIBUTIONS** |
| **FUND** | **MARKET VALUE<br>9/30/24<br>(000)** | **PURCHASES<br>AT COST<br>(000)** | **SALES<br>PROCEEDS<br>(000)** | **REALIZEDGAIN<br>(LOSS)<br>(000)** | **CHANGE INUNREALIZEDAPPR./(DEPR.)<br>(000)** | **MARKET VALUE<br>9/30/25<br>(000)** | **DIVIDEND<br>INCOME<br>(000)** | **REALIZEDGAINS(000)** |
|  AB Government Money Market Portfolio | $50443 | $167953 | $191457 | $0 | $0 | $26939 | $2444 | $0 |
|  AB Bond Fund, Inc.: AB All Market Real Return Portfolio | 33711 | 823 | 5932 | 141 | 2363 | 31106 | 823 | 0 |
|  Bernstein Fund, Inc.: International Small Cap Portfolio | 16750 | 409 | 3690 | 671 | 1469 | 15609 | 409 | 0 |
|  Bernstein Fund, Inc.—International Strategic Equities Portfolio | 99889 | 2278 | 28005 | 7077 | 10842 | 92081 | 2278 | 0 |
|  Bernstein Fund, Inc.—Small Cap Core Portfolio | 11926 | 1531 | 0 | 0 | (1053) | 12404 | 226 | 1305 |
|  Sanford C. Bernstein Fund, Inc.—AB Emerging Markets Portfolio | 8978 | 193 | 2192 | 505 | 481 | 7965 | 193 | 0 |
|  AB Government Money Market Portfolio\* | 0 | 2066 | 1900 | 0 | 0 | 166 | 1 | 0 |
|  Total |  |  |  | $8394 | $14102 | $186270 | $6374 | $1305 |

---

\* Investments of cash collateral for securities lending transactions (see Note 4).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** |
| | | | | | | | **DISTRIBUTIONS** | **DISTRIBUTIONS** |
| **FUND** | **MARKET VALUE<br>9/30/24<br>(000)** | **PURCHASESAT COST(000)** | **SALES<br>PROCEEDS<br>(000)** | **REALIZED<br>GAIN<br>(LOSS)<br>(000)** | **CHANGE IN<br>UNREALIZED<br>APPR./(DEPR.)<br>(000)** | **MARKET VALUE<br>9/30/25<br>(000)** | **DIVIDEND<br>INCOME<br>(000)** | **REALIZED<br>GAINS<br>(000)** |
|  AB Government Money Market Portfolio | $131139 | $317652 | $448385 | $0 | $0 | $406 | $1505 | $0 |
|  AB Bond Fund, Inc.:<br>AB All Market Real Return Portfolio | 79613 | 1943 | 29382 | (1070) | 4837 | 55941 | 1943 | 0 |
|  Bernstein Fund, Inc.:<br>International Small Cap Portfolio | 42933 | 1049 | 9122 | 1841 | 3696 | 40397 | 1049 | 0 |

---

 <br> *82* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** |
| | | | | | | | **DISTRIBUTIONS** | **DISTRIBUTIONS** |
| **FUND** | **MARKET VALUE<br>9/30/24<br>(000)** | **PURCHASES<br>AT COST<br>(000)** | **SALES<br>PROCEEDS<br>(000)** | **REALIZED<br>GAIN<br>(LOSS)<br>(000)** | **CHANGE IN<br>UNREALIZED<br>APPR./(DEPR.)<br>(000)** | **MARKET VALUE<br>9/30/25<br>(000)** | **DIVIDEND<br>INCOME<br>(000)** | **REALIZED<br>GAINS<br>(000)** |
|  Bernstein Fund, Inc.—International Strategic Equities Portfolio | $244290 | $5571 | $97450 | $27410 | $11888 | $191709 | $5571 | $0 |
|  Bernstein Fund, Inc.—Small Cap Core Portfolio | 22645 | 2907 | 8025 | 1072 | (3733) | 14866 | 429 | 2478 |
|  Sanford C. Bernstein Fund, Inc.—AB Emerging Markets Portfolio | 22921 | 492 | 9071 | 2309 | (242) | 16409 | 492 | 0 |
|  Total |  |  |  | $31562 | $16446 | $319728 | $10989 | $2478 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO** |
| | | | | | | | **DISTRIBUTIONS** | **DISTRIBUTIONS** |
| **FUND** | **MARKET VALUE<br>9/30/24<br>(000)** | **PURCHASES<br>AT COST<br>(000)** | **SALES<br>PROCEEDS<br>(000)** | **REALIZED<br>GAIN<br>(LOSS)<br>(000)** | **CHANGE IN<br>UNREALIZED<br>APPR./(DEPR.)<br>(000)** | **MARKET VALUE<br>9/30/25<br>(000)** | **DIVIDEND<br>INCOME<br>(000)** | **REALIZED<br>GAINS<br>(000)** |
|  AB Government Money Market Portfolio | $27538 | $193874 | $187350 | $0 | $0 | $34062 | $1974 | $0 |
|  AB Bond Fund, Inc.: AB All Market Real Return Portfolio | 12826 | 313 | 2982 | 40 | 807 | 11004 | 313 | 0 |
|  Total |  |  |  | $40 | $807 | $45066 | $2287 | $0 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO** |
| **PORTFOLIO** | **MARKET VALUE<br>9/30/24<br>(000)** | **PURCHASES<br>AT COST<br>(000)** | **SALES<br>PROCEEDS<br>(000)** | **MARKET VALUE<br>9/30/25<br>(000)** | **DIVIDEND<br>INCOME<br>(000)** |
|  AB Government Money Market Portfolio | $6805 | $212939 | $201042 | $18702 | $1181 |

---

During the year ended September 30, 2025, the Adviser reimbursed the Tax-Aware Overlay A and the Tax-Aware Overlay B Portfolios $21,662 and $4,175, respectively, for trading losses incurred due to trade entry errors.

**E.** **Directors Fee** 

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 retired prior to their initial anticipated retirement date. These Directors received a one-time retirement benefit payable from the Portfolios and certain other funds overseen by

 <br> *2025 Annual Report* *83*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

the Directors. The Adviser agreed to waive its fees from the Portfolios and certain other funds overseen by the Directors for the cost of such benefit as follows for the year ended September 30, 2024:

---

| | |
|:---|:---|
| **PORTFOLIO** | **AMOUNT** |
|  Overlay A | $18262 |
|  Tax-Aware Overlay A | 41271 |
|  Overlay B | 13890 |
|  Tax-Aware Overlay B | 23029 |

---

---

| | |
|:---|:---|
| **NOTE 3.** | **Investment Security Transactions**  |

---

**A.** **Purchases and Sales** 

For the year ended September 30, 2025, the Portfolios had purchases and sales transactions, excluding transactions in short-term instruments, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **PURCHASES EXCLUDING**<br> **U.S. GOVERNMENT**<br> **SECURITIES** | **PURCHASES OF**<br> **U.S. GOVERNMENT**<br> **SECURITIES** | **SALES EXCLUDING**<br> **U.S. GOVERNMENT**<br> **SECURITIES** | **SALES OF**<br> **U.S. GOVERNMENT**<br> **SECURITIES** |
|  Overlay A | $110839676 | $0 | $172341414 | $0 |
|  Tax-Aware Overlay A | 208796259 | 0 | 480792521 | 0 |
|  Overlay B | 112802205 | 308438346 | 145486608 | 315148540 |
|  Tax-Aware Overlay B | 61915401 | 1048946 | 224377164 | 15562033 |

---

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **COST** | **GROSS UNREALIZED** | **GROSS UNREALIZED** | **NET UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)** |
| <br>**PORTFOLIO** | **COST** | **APPRECIATION** | **(DEPRECIATION)** | **NET UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)** |
|  Overlay A | $264475075 | $186008394 | $(4994217) | $181014177 |
|  Tax-Aware Overlay A | 440564149 | 446058037 | (6701903) | 439356134 |
|  Overlay B | 320709817 | 12312932 | (7605907) | 4707025 |
|  Tax-Aware Overlay B | 418940550 | 80773943 | (13346286) | 67427657 |

---

**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:

**•**  ***Futures*** 

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.

 <br> *84* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
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, 2025, 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 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, 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 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, 2025, the Portfolios held forward currency exchange contracts for hedging and non-hedging purposes.

**•**  ***Option Transactions*** 

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

 <br> *2025 Annual Report* *85*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

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, 2025, the Portfolios held purchased options for hedging and non-hedging purposes.

**•**  ***Swaps*** 

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, 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.

 <br> *86* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
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, 2025, 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, 2025, 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 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.

 <br> *2025 Annual Report* *87*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

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, 2025, 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, 2025, 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.

 <br> *88* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
During the year ended September 30, 2025, the Portfolios had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OVERLAY A PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS AND<br>LIABILITIES LOCATION** | **FAIR<br>VALUE** | **STATEMENT OF ASSETS AND<br>LIABILITIES LOCATION** | **FAIR<br>VALUE** |
|  Interest rate contracts | Receivable for variation margin on futures | $1568735 \* | Payable for variation margin on futures | $173399 \* |
|  Equity contracts | Receivable for variation margin on futures | 1115713 \* | Payable for variation margin on futures | 129497 \* |
|  Credit contracts | Receivable for variation margin on centrally cleared swaps | 35552 \* |  |  |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 478713 | Unrealized depreciation on forward currency exchange contracts | 207106 |
|  Equity contracts | Investments in securities, at value | 9352424 |  |  |
|  Equity contracts | Unrealized appreciation on total return swaps | 103 |  |  |
|  Total |  | $12551240 |  | $510002 |

---

\* 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) ONDERIVATIVES WITHIN STATEMENTOF OPERATIONS** | **REALIZED GAIN<br>OR (LOSS) ON<br>DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR<br>(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $(10348741) | $1343180 |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | 5305187 | (1053463) |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | (3035068) | 77487 |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | (8155308) | (887571) |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 326839 | 35552 |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (150750) | 263 |
|  Total |  | $(16057841) | $(484552) |

---

 <br> *2025 Annual Report* *89*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TAX-AWARE<br>OVERLAY A PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS AND<br>LIABILITIES LOCATION** | **FAIR<br>VALUE** | **STATEMENT OF ASSETS AND<br>LIABILITIES LOCATION** | **FAIR<br>VALUE** |
|  Interest rate contracts | Receivable for variation margin on futures | $1107916 \* | Payable for variation margin on futures |  |
|  Equity contracts | Receivable for variation margin on futures | 1918892 \* | Payable for variation margin on futures | $343093 \* |
|  Credit contracts | Receivable for variation margin on centrally cleared swaps | 69592 \* |  |  |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 1057901 | Unrealized depreciation on forward currency exchange contracts | 405221 |
|  Equity contracts | Investments in securities, at value | 18508002 |  |  |
|  Equity contracts | Unrealized appreciation on total return swaps | 412 |  |  |
|  Total |  | $22662715 |  | $748314 |

---

\* 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<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAIN<br>OR (LOSS) ON<br>DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on futures;<br>Net change in unrealized appreciation (depreciation) of futures | $(23012773) | $2101486 |
|  Equity contracts | Net realized gain (loss) on futures;<br>Net change in unrealized appreciation (depreciation) of futures | 2490484 | (5280670) |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | (6844101) | (116238) |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | (16089934) | (1818114) |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 637207 | 69592 |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (356122) | (19919) |
|  Total |  | $(43175239) | $(5063863) |

---

 <br> *90* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OVERLAY B PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS ANDLIABILITIES LOCATION** | **FAIR<br>VALUE** | **STATEMENT OF ASSETS AND<br>LIABILITIES LOCATION** | **FAIR<br>VALUE** |
|  Interest rate contracts | Receivable for variation margin on futures | $323173 \* | Payable for variation margin on futures | $176185 \* |
|  Equity contracts | Receivable for variation margin on futures | 1120190 \* | Payable for variation margin on futures | 56934 \* |
|  Credit contracts | Receivable for variation margin on centrally cleared swaps | 9754 \* | Payable for variation margin on centrally cleared swaps | 13234 \* |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | 717383 \* | Receivable/Payable for variation margin on centrally cleared swaps | 39659 \* |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 380263 | Unrealized depreciation on forward currency exchange contracts | 237815 |
|  Equity contracts | Investments in securities, at value | 2472215 |  |  |
|  Equity contracts | Unrealized appreciation on total return swaps | 69 |  |  |
|  Total |  | $5023047 |  | $523827 |

---

\* 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<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAINOR (LOSS) ON<br>DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR<br>(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $(2030540) | $24421 |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | 10360487 | (2075394) |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | (477087) | 990914 |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | (2127141) | (241189) |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 5490113 | (4201303) |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (116151) | 36413 |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 25127 | (1286) |
|  Total |  | $11124808 | $(5467424) |

---

 <br> *2025 Annual Report* *91*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TAX-AWARE<br>OVERLAY B PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS AND<br>LIABILITIES LOCATION** | **FAIR<br>VALUE** | **STATEMENT OF ASSETS AND<br>LIABILITIES LOCATION** | **FAIR<br>VALUE** |
|  Interest rate contracts | Receivable for variation margin on futures | $13440 \* | Payable for variation margin on futures | $66 \* |
|  Equity contracts | Receivable for variation margin on futures | 1118468 \* | Payable for variation margin on futures | 104776 \* |
|  Credit contracts | Receivable for variation margin on centrally cleared swaps | 14583 \* | Payable for variation margin on centrally cleared swaps | 20132 \* |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | 7760572 \* | Payable for variation margin on centrally cleared swaps | 41348 \* |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 208937 | Unrealized depreciation on forward currency exchange contracts | 82527 |
|  Equity contracts | Investments in securities, at value | 3859588 |  |  |
|  Interest rate contracts | Unrealized appreciation on inflation swaps | 9712687 |  |  |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 1076921 |  |  |
|  Equity contracts | Unrealized appreciation on total return swaps | 103 |  |  |
|  Total |  | $23765299 |  | $248849 |

---

\* 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<br>DERIVATIVES WITHIN STATEMENTOF OPERATIONS** | **REALIZED GAIN<br>OR (LOSS) ON<br>DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR<br>(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $(3985814) | $179448 |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | 10390764 | (3354486) |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | (1392715) | 63958 |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | (3875604) | (384962) |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 11419242 | (6081169) |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (346347) | 24189 |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (25646) | 103 |
|  Total |  | $12183880 | $(9552919) |

---

 <br> *92* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
The following tables represent the average monthly volume of the Portfolios' derivative transactions during the year ended September 30, 2025:

---

| | |
|:---|:---|
| **OVERLAY A PORTFOLIO** | |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $304925355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $50838954 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $142496916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $134568686 |
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $398699034 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $31253333 **(a)** |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $1227979 **(b)** |

---

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

(b) Positions were open for ten months during the year.

---

| | |
|:---|:---|
| **TAX-AWARE OVERLAY A PORTFOLIO** | |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $567139938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $91735952 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $282387860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $289813202 |
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $817082517 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $60656667 **(a)** |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $2621369 |

---

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

 <br> *2025 Annual Report* *93*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

---

| | |
|:---|:---|
| **OVERLAY B PORTFOLIO** | |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $215029204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $35152397 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $50628563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $105540195 |
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $111571940 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $46546502 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $26347385 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $15836047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $8326538 |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $422895 **(a)** |

---

(a) Positions were open for eleven months during the year.

---

| | |
|:---|:---|
| **TAX-AWARE OVERLAY B PORTFOLIO** | |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $127763567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $11441481 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $57137459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $61279826 |
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $175917235 |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $19125000 |
|  Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $107165385 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $146301846 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $60054692 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $14329231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $12750000 **(a)** |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $939946 **(b)** |

---

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

(b) Positions were open for seven months during the year.

 <br> *94* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
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.

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, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **OVERLAY A PORTFOLIO** | **OVERLAY A PORTFOLIO** | **OVERLAY A PORTFOLIO** | **OVERLAY A PORTFOLIO** | **OVERLAY A PORTFOLIO** | **OVERLAY A PORTFOLIO** |  |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Bank of America NA | $296113 | $0 | $0 | $0 | $296113 |  |
|  Barclays Capital, Inc. | 62183 | (29) | 0 | 0 | 62154 |  |
|  BNP Paribas SA | 76128 | 0 | 0 | 0 | 76128 |  |
|  Citibank NA | 8304 | 0 | 0 | 0 | 8304 |  |
|  Goldman Sachs Bank USA | 1112 | 0 | 0 | 0 | 1112 |  |
|  HSBC Bank USA | 15996 | (12887) | 0 | 0 | 3109 |  |
|  Morgan Stanley & Co., Inc./ Morgan Stanley Capital Services LLC | 3507 | (3507) | 0 | 0 | 0 |  |
|  State Street Bank & Trust Co. | 7969 | (5753) | 0 | 0 | 2216 |  |
|  UBS AG | 9359928 | 0 | (9359928) | 0 | 0 |  |
|  Total | $9831240 | $(22176) | $(9359928) | $0 | $449136 | ^ |
| **COUNTERPARTY** | **DERIVATIVELIABILITIES SUBJECTTO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERALPLEDGED\*** | **SECURITY<br>COLLATERALPLEDGED\*** | **NET AMOUNT OFDERIVATIVELIABILITIES** |  |
|  Barclays Capital, Inc. | $29 | $(29) | $0 | $0 | $0 |  |
|  HSBC Bank USA | 12887 | (12887) | 0 | 0 | 0 |  |
|  JPMorgan Chase Bank | 13568 | 0 | 0 | 0 | 13568 |  |
|  Morgan Stanley & Co., Inc. | 90275 | (3507) | 0 | 0 | 86768 |  |
|  NatWest Markets PLC | 31052 | 0 | 0 | 0 | 31052 |  |
|  Societe Generale | 53542 | 0 | 0 | 0 | 53542 |  |
|  State Street Bank & Trust Co. | 5753 | (5753) | 0 | 0 | 0 |  |
|  Total | $207106 | $(22176) | $0 | $0 | $184930 | ^ |

---

 <br> *2025 Annual Report* *95*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TAX-AWARE OVERLAY A PORTFOLIO** | **TAX-AWARE OVERLAY A PORTFOLIO** | **TAX-AWARE OVERLAY A PORTFOLIO** | **TAX-AWARE OVERLAY A PORTFOLIO** | **TAX-AWARE OVERLAY A PORTFOLIO** | **TAX-AWARE OVERLAY A PORTFOLIO** |  |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Bank of America NA | $705599 | $0 | $0 | $0 | $705599 |  |
|  Barclays Capital, Inc. | 129467 | (56) | 0 | 0 | 129411 |  |
|  BNP Paribas SA | 142324 | 0 | 0 | 0 | 142324 |  |
|  Citibank NA | 29820 | 0 | 0 | 0 | 29820 |  |
|  Goldman Sachs Bank USA | 2213 | 0 | 0 | 0 | 2213 |  |
|  HSBC Bank USA | 31566 | (27126) | 0 | 0 | 4440 |  |
|  JPMorgan Chase Bank | 4456 | (4456) | 0 | 0 | 0 |  |
|  Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC | 412 | (412) | 0 | 0 | 0 |  |
|  State Street Bank & Trust Co. | 12456 | (1540) | 0 | 0 | 10916 |  |
|  UBS AG | 18508002 | 0 | (18508002) | 0 | 0 |  |
|  Total | $19566315 | $(33590) | $(18508002) | $0 | $1024723 | ^ |
| **COUNTERPARTY** | **DERIVATIVE<br>LIABILITIES SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>PLEDGED\*** | **SECURITY<br>COLLATERAL<br>PLEDGED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>LIABILITIES** |  |
|  Barclays Capital, Inc. | $56 | $(56) | $0 | $0 | $0 |  |
|  HSBC Bank USA | 27126 | (27126) | 0 | 0 | 0 |  |
|  JPMorgan Chase Bank | 26755 | (4456) | 0 | 0 | 22299 |  |
|  Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC | 171762 | (412) | 0 | 0 | 171350 |  |
|  NatWest Markets PLC | 81996 | 0 | 0 | 0 | 81996 |  |
|  Societe Generale | 95986 | 0 | 0 | 0 | 95986 |  |
|  State Street Bank & Trust Co. | 1540 | (1540) | 0 | 0 | 0 |  |
|  Total | $405221 | $(33590) | $0 | $0 | $371631 | ^ |

---

 <br> *96* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** |  |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Bank of America NA | $185098 | $0 | $0 | $0 | $185098 |  |
|  Barclays Capital, Inc. | 31368 | (34) | 0 | 0 | 31334 |  |
|  BNP Paribas SA | 18004 | 0 | 0 | 0 | 18004 |  |
|  Citibank NA | 23378 | (23378) | 0 | 0 | 0 |  |
|  Goldman Sachs Bank USA | 307 | (307) | 0 | 0 | 0 |  |
|  HSBC Bank USA | 4428 | (4039) | 0 | 0 | 389 |  |
|  JPMorgan Chase Bank | 143 | (143) | 0 | 0 | 0 |  |
|  Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc. | 62142 | (62142) | 0 | 0 | 0 |  |
|  Societe Generale | 16286 | (15225) | 0 | 0 | 1061 |  |
|  State Street Bank & Trust Co. | 39178 | (34012) | 0 | 0 | 5166 |  |
|  UBS/UBS AG | 2472215 | (51) | (2470000) |  | 2164 |  |
|  Total | $2852547 | $(139331) | $(2470000) | $0 | $243216 | ^ |
| **COUNTERPARTY** | **DERIVATIVE<br>LIABILITIES SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>PLEDGED\*** | **SECURITY<br>COLLATERAL<br>PLEDGED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>LIABILITIES** |  |
|  Bank of New York (The) | $21955 | $0 | $0 | $0 | $21955 |  |
|  Barclays Capital, Inc. | 34 | (34) | 0 | 0 | 0 |  |
|  Citibank NA | 42543 | (23378) | 0 | 0 | 19165 |  |
|  Goldman Sachs Bank USA | 749 | (307) | 0 | 0 | 442 |  |
|  HSBC Bank USA | 4039 | (4039) | 0 | 0 | 0 |  |
|  JPMorgan Chase Bank | 3412 | (143) | 0 | 0 | 3269 |  |
|  Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc. | 115795 | (62142) | 0 | 0 | 53653 |  |
|  Societe Generale | 15225 | (15225) | 0 | 0 | 0 |  |
|  State Street Bank & Trust Co. | 34012 | (34012) | 0 | 0 | 0 |  |
|  UBS/UBS AG | 51 | (51) | 0 | 0 | 0 |  |
|  Total | $237815 | $(139331) | $0 | $0 | $98484 | ^ |

---

 <br> *2025 Annual Report* *97*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TAX-AWARE OVERLAY B PORTFOLIO** | **TAX-AWARE OVERLAY B PORTFOLIO** | **TAX-AWARE OVERLAY B PORTFOLIO** | **TAX-AWARE OVERLAY B PORTFOLIO** | **TAX-AWARE OVERLAY B PORTFOLIO** | **TAX-AWARE OVERLAY B PORTFOLIO** |  |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Bank of America NA | $143330 | $0 | $0 | $0 | $143330 |  |
|  Barclays Bank PLC/ Barclays Capital, Inc. | 1882628 | (12) | (1790000) | 0 | 92616 |  |
|  BNP Paribas SA | 28814 | 0 | 0 | 0 | 28814 |  |
|  Citibank NA | 3567578 | (17705) | (3549873) | 0 | 0 |  |
|  Goldman Sachs Bank USA | 476 | 0 | 0 | 0 | 476 |  |
|  HSBC Bank USA | 6637 | (6102) | 0 | 0 | 535 |  |
|  JPMorgan Chase Bank NA/ JPMorgan Chase Bank | 4325674 | (4576) | 0 | (4321098) | 0 |  |
|  Morgan Stanley Capital Services LLC/ Morgan Stanley & Co., Inc. | 1042442 | (25653) | (860000) | 0 | 156789 |  |
|  State Street Bank & Trust Co. | 1069 | (1069) | 0 | 0 | 0 |  |
|  UBS AG | 3859588 | 0 | (3859588) | 0 | 0 |  |
|  Total | $14858236 | $(55117) | $(10059461) | $(4321098) | $422560 | ^ |
| **COUNTERPARTY** | **DERIVATIVE<br>LIABILITIES SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>PLEDGED\*** | **SECURITY<br>COLLATERAL<br>PLEDGED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>LIABILITIES** |  |
|  Barclays Bank PLC/ Barclays Capital, Inc. | $12 | $(12) | $0 | $0 | $0 |  |
|  Citibank NA | 17705 | (17705) | 0 | 0 | 0 |  |
|  HSBC Bank USA | 6102 | (6102) | 0 | 0 | 0 |  |
|  JPMorgan Chase Bank NA/ JPMorgan Chase Bank | 4576 | (4576) | 0 | 0 | 0 |  |
|  Morgan Stanley Capital Services LLC/ Morgan Stanley & Co., Inc. | 25653 | (25653) | 0 | 0 | 0 |  |
|  Societe Generale | 3824 | 0 | 0 | 0 | 3824 |  |
|  State Street Bank & Trust Co. | 24655 | (1069) | 0 | 0 | 23586 |  |
|  Total | $82527 | $(55117) | $0 | $0 | $27410 | ^ |

---

\* 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.

**C.** **Currency Transactions** 

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).

 <br> *98* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
**D.** **TBA** 

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 the counterparty, and as such the return of such excess collateral may be delayed or denied. For the period ended September 30, 2025, the carrying value of the payable for the reverse repurchase agreements approximated its fair value. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as a Level 1 investment. For the period ended September 30, 2025, the average amount of reverse repurchase agreements outstanding was $2,717,868 and the daily weighted average interest rate was 4.42%. At September 30, 2025, the Portfolio had reverse repurchase agreements outstanding in the amount of $1,975,226 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, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** |
| **COUNTERPARTY** | **RVP LIABILITIESSUBJECT TO A MRA** | **SECURITIESCOLLATERALPLEDGED<sup>†</sup><sup>\*</sup>** | **NET AMOUNT OFRVP LIABILITIES** |
|  HSBC Securities (USA), Inc. | $1975226 | $(1975226) | $0 |

---

† Including accrued interest.

\* The actual collateral pledged may be more than the amount reported due to overcollateralization. 

---

| | |
|:---|:---|
| **NOTE 4.** | **Securities Lending**  |

---

The Fund may enter into securities lending transactions. Under the Fund's securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If the Fund cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Fund will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a "negative rebate" or fee paid by the borrower to the Fund in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Fund receives non-cash collateral, the Fund will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Fund will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Fund amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Fund will not be able to exercise voting rights

 <br> *2025 Annual Report* *99*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Fund, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the consolidated statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and AB Government Money Market Portfolio are reflected in the consolidated statement of operations. When the Fund earns net securities lending income from AB Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund's share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

A summary of the Overlay A Portfolio transactions surrounding securities lending for the year ended September 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MARKET VALUE OF<br>SECURITIES**<br> **ON LOAN\*** | **CASH<br>COLLATERAL\*** | **MARKET VALUE OF<br>NON-CASH<br>COLLATERAL\*** | **INCOME FROM<br>BORROWERS** | **AB GOVERNMENT MONEY MARKET<br>PORTFOLIO** | **AB GOVERNMENT MONEY MARKET<br>PORTFOLIO** |
| **MARKET VALUE OF<br>SECURITIES**<br> **ON LOAN\*** | **CASH<br>COLLATERAL\*** | **MARKET VALUE OF<br>NON-CASH<br>COLLATERAL\*** | **INCOME FROM<br>BORROWERS** | **INCOME**<br> **EARNED** | **ADVISORY FEE<br>WAIVED** |
| $214530 | $165511 | $57867 | $134 | $730 | $175 |

---

\* As of September 30, 2025.

---

| | |
|:---|:---|
| **NOTE 5** | **Distributions to Shareholders**  |

---

The tax character of distributions paid during the fiscal years ended September 30, 2025 and September 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **2025** | **2024** |
|  **Overlay A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $6147730 | $4503411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 119888988 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $126036718 | $4503411 |
|  **Tax-Aware Overlay A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $11739977 | $6500740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 221852511 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $233592488 | $6500740 |
|  **Overlay B** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $17681772 | $13001230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $17681772 | $13001230 |

---

 <br> *100* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **2025** | **2024** |
|  **Tax-Aware Overlay B** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $18754213 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | 18754213 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax exempt distributions | 8847690 | 13230943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $27601903 | $13230943 |

---

As of September 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **UNDISTRIBUTED<br>ORDINARY<br>INCOME<sup>(a)</sup>** | **UNDISTRIBUTED<br>LONG-TERM<br>GAINS** | **ACCUMULATED<br>CAPITAL AND<br>OTHER<br>LOSSES<sup>(b)</sup>** | **UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<sup>(c)</sup>** | **TOTAL<br>ACCUMULATED<br>EARNINGS/<br>(DEFICIT)<sup>(d)</sup>** |
|  Overlay A | $774343 | $24198874 | $(140173) | $181013670 | $205846714 |
|  Tax-Aware Overlay A |  | 87302421 | (4423529) | 439327820 | 522206712 |
|  Overlay B | 7350044 |  | (137692506) | 4608879 | (125733583) |
|  Tax-Aware Overlay B | 22324757 | 768217 | (49849786) | 67396704 | 40639892 |

---

(a) Includes tax exempt income as shown below:

Tax-Aware Overlay B 6,491,394

(b) As of September 30, 2025, certain Portfolios had capital loss carryforwards for federal income tax purposes. As of September 30, 2025, Overlay B Portfolio and Tax-Aware Overlay B Portfolio utilized capital loss carryforwards of $8,240,764 and $1,189,418, respectively. As of September 30, 2025, Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B Portfolio, Tax-Aware Overlay B Portfolio deferred $140,173, $258,021, $601,853, and $49,849,786 in straddle losses, respectively. As of September 30, 2025, Tax-Aware Overlay A Portfolio had a qualified late-year loss deferral of $4,165,508.

(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 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, 2025, the following Portfolios had net capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **SHORT-TERM<br>AMOUNT** | **LONG-TERM<br>AMOUNT** |
|  Overlay B | $52836194 | $84254459 |

---

 <br> *2025 Annual Report* *101*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

---

| | |
|:---|:---|
| **NOTE 6.** | **Risks Involved in Investing in the Portfolios**  |

---

*Market Risk*—The Portfolios are subject to market risk, which is the risk that securities prices in general or in particular countries or sectors may decline over short or extended periods. Securities 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; inflationary pressures; 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; (including war or civil disturbance and acts of terrorism); cybersecurity events; market disruptions caused by tariffs; trade disputes; measures to address budget deficits; levels of government debt and deficits and measures to address budget deficits; downgrading of sovereign debt; sanctions or other government actions; and other factors.

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. Some countries and regions in which the Portfolios invests have strained international relations due to territorial disputes, historical animosities or other defense concerns. Incidents involving a country's or region's security may cause uncertainty in the markets and may adversely affect a Portfolios' investments. For example, the Chinese government is involved in a territorial dispute with Taiwan as well as other territorial disputes; 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 involving Israel and other countries in the Middle East, 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 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 invests 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.

 <br> *102* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
*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.

 <br> *2025 Annual Report* *103*

------

##### [**Table of Contents**](#toc)
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' NAV, 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 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. 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 municipal securities issued by Puerto Rico and its government agencies and municipalities may have more risks than those of other U.S. issuers of municipal securities. Puerto Rico continues to face a challenging economic and fiscal environment. If the general economic situation in Puerto Rico persists 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.

*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. Changing interest rates may have unpredictable effects on the markets, may result in

 <br> *104* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
heightened market volatility and may detract from Portfolios performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

*Credit Risk*—This is the risk that the issuer or the guarantor of a debt security, or the counterparty to a derivatives or other contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The issuer or guarantor may default, potentially causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating, 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 tariffs and potential responses to those sanctions and tariffs, 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 invests 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, less liquid and subject to increased potential for market manipulation, and there may be a greater amount of economic, political and social uncertainty. 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 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 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

 <br> *2025 Annual Report* *105*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

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; a weakening demand for new office and retail space; 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 and management 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. 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 in which the Portfolios invest.

*Tax Risk*—There is no guarantee that the income on the Portfolios' municipal securities will be exempt from regular U.S. 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 U.S. 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. The U.S. Congress has 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.

 <br> *106* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
*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 7.** | **Joint Credit Facility**  |

---

A number of open-end mutual funds managed by the Adviser, including the Portfolios, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short-term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolios did not utilize the Facility during the year ended September 30, 2025.

---

| | |
|:---|:---|
| **NOTE 8.** | **Capital-Share Transactions**  |

---

As of September 30, 2025, 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.

 <br> *2025 Annual Report* *107*

------

##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

Share transactions for each Portfolio for the years ended September 30, 2025 and September 30, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **OVERLAY A PORTFOLIO** | **OVERLAY A PORTFOLIO** | **OVERLAY A PORTFOLIO** | **OVERLAY A PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 |
|  **Class 1 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1267659 | 1405402 | $14075324 | $17299810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 10518041 | 223203 | 107178838 | 2707457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (9001116) | (29487915) | (104827454) | (369828379) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **2784584** | **(27859310)** | $**16426708** | $**(349821112)** |
|  **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 216756 | 667726 | $2352212 | $8395823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 1589807 | 57815 | 16184236 | 700714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1975139) | (8705853) | (22646620) | (108793989) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(168576)** | **(7980312)** | $**(4110172)** | $**(99697452)** |
|  | **TAX-AWARE OVERLAY A PORTFOLIO** | **TAX-AWARE OVERLAY A PORTFOLIO** | **TAX-AWARE OVERLAY A PORTFOLIO** | **TAX-AWARE OVERLAY A PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
|  | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 |
|  **Class 1 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1802883 | 1990842 | $21914902 | $25897363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 10592770 | 240490 | 126265824 | 3123959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (20174555) | (42593372) | (252846732) | (564418726) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(7778902)** | **(40362040)** | $**(104666006)** | $**(535397404)** |
|  **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 531675 | 616641 | $6397628 | $7825044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 3576552 | 91876 | 42668265 | 1193473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (6064536) | (9869453) | (75694315) | (129466211) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(1956309)** | **(9160936)** | $**(26628422)** | $**(120447694)** |

---

 <br> *108* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 |
|  **Class 1 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1691912 | 2280875 | $15825288 | $20499321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 1015053 | 815307 | 9186230 | 7191007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (7244203) | (25805360) | (67948475) | (230341943) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(4537238)** | **(22709178)** | $**(42936957)** | $**(202651615)** |
|  **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 635700 | 2661862 | $5916558 | $24364871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 450188 | 228202 | 4078701 | 2015025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4894432) | (6976954) | (45542107) | (62567197) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(3808544)** | **(4086890)** | $**(35546848)** | $**(36187301)** |
|  | **TAX-AWARE OVERLAY B PORTFOLIO** | **TAX-AWARE OVERLAY B PORTFOLIO** | **TAX-AWARE OVERLAY B PORTFOLIO** | **TAX-AWARE OVERLAY B PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
|  | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 |
|  **Class 1 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1164012 | 1409421 | $12785540 | $14969807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 1273059 | 629550 | 13952427 | 6585561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (12552748) | (25095884) | (137982739) | (266045732) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in connection with the Reorganization | 0 | 16027973 | 0 | 172225431 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(10115677)** | **(7028940)** | $**(111244772)** | $**(72264933)** |
|  **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 228847 | 246733 | $2476807 | $2588529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 432317 | 243422 | 4735378 | 2547381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4605520) | (11309478) | (50524680) | (119094229) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in connection with the Reorganization | 0 | 6746731 | 0 | 72487699 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(3944356)** | **(4072592)** | $**(43312495)** | $**(41470620)** |

---

---

| | |
|:---|:---|
| **NOTE 9.** | **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

 <br> *2025 Annual Report* *109*

------

##### [**Table of Contents**](#toc)
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<br>OUTSTANDING<br>BEFORE THE<br>REORGANIZATION** | **SHARES<br>OUTSTANDING<br>IMMEDIATELY<br>AFTER THE<br>REORGANIZATION** | **AGGREGATE NET<br>ASSETS BEFORE<br>THE<br>REORGANIZATION** | | **AGGREGATE NET<br>ASSETS<br>IMMEDIATELY<br>AFTER THE<br>REORGANIZATION** |
|  Tax-Aware Overlay C Portfolio | 12433219 | -0- | $130882361 | + | $-0- |
|  Tax-Aware Overlay N Portfolio | 10761579 | -0- | 113830769 | ++ | -0- |
|  Tax-Aware Overlay B Portfolio | 42166571 | 64941392 | 453077319 |  | 697790449 |

---

---

| | |
|:---|:---|
| + | 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, 2025, are as follows:

---

| | |
|:---|:---|
|  Net investment income | $16321156 |
|  Net realized and unrealized gain on investments | 98808145 |
|  Net increase in net assets resulting from operations | $115129301 |

---

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 10.** | **Subsequent Events**  |

---

At meetings held on November 4-5, 2025, the Adviser recommended, and the Board of Directors of the Fund (the "Board") approved, effective November 14, 2025, the Adviser voluntarily waiving its fees and/or bearing certain expenses of the Overlay Portfolios, so that total expenses of the Portfolios do not exceed, on an annualized basis, 0.84% of average daily net assets for Class 1 of the Overlay A and Tax-Aware Overlay A Portfolios and 0.77% of average daily net assets for Class 1 of the Overlay B and Tax-Aware Overlay B Portfolios, respectively.

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 other material events that would require disclosure in the Portfolios' financial statements through this date.

 <br> *110* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
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, 2025, the related statements of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights**** for each of the five years in the period ended September 30, 2025 (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, 2025, 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, 2025 and each of the financial highlights for each of the five years in the period ended September 30, 2025 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, 2025 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 26, 2025

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.

 <br> *2025 Annual Report* *111*

------

##### [**Table of Contents**](#toc)
2025 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, 2025. 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<br>DEDUCTION%**<br> (CORPORATE SHAREHOLDERS) | **% OF QUALIFIED<br>INTEREST INCOME**<br> (FOREIGN SHAREHOLDERS) |
|  Overlay A | 49.38% | 22.18% |
|  Tax-Aware Overlay A | 71.16% | 17.35% |
|  Overlay B | 0.00% | 72.20% |
|  Tax-Aware Overlay B | 5.47% | 70.96% |

---

For the taxable year ended September 30, 2025, each Portfolio designates the following amounts as the maximum amount that may be considered qualified dividend income for individual shareholders.

---

| | |
|:---|:---|
| **PORTFOLIO** | **QUALIFIED<br>DIVIDEND INCOME** |
|  Overlay A | $6147730 |
|  Tax-Aware Overlay A | 11739977 |
|  Overlay B | 1269631 |
|  Tax-Aware Overlay B | 2490113 |

---

For the taxable year ended September 30, 2025, the long-term capital gain distribution is as follows:

---

| | |
|:---|:---|
| **PORTFOLIO** | **LONG-TERM CAPITAL<br>GAIN DISTRIBUTIONS** |
|  Overlay A | $119888988 |
|  Tax-Aware Overlay A | 221852511 |

---

For the taxable year ended September 30, 2025, each Portfolio designates the following amounts to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **PORTFOLIO** | **163(J) INTEREST<br>DIVIDENDS** |
|  Overlay A | $651098 |
|  Overlay B | 3149025 |
|  Tax-Aware Overlay B | 83620 |

---

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 2026.

 <br> *112* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
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.

 <br> *2025 Annual Report* *113*

------

##### [**Table of Contents**](#toc)
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

 <br> *114* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
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

 <br> *2025 Annual Report* *115*

------

##### [**Table of Contents**](#toc)
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**<br> **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 |

---

 <br> *116* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **PORTFOLIO** | **ANNUAL PERCENTAGE OF AVERAGE**<br> **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. |

---

 <br> *2025 Annual Report* *117*

------

##### [**Table of Contents**](#toc)
![LOGO](g904701g31t33.jpg)

#### Distributor
SANFORD C. BERNSTEIN FUND, INC.

66 HUDSON BOULEVARD EAST, NEW YORK, NY 10001

(212) 756-4097

SCBII-1947-0925

------

##### [**Table of Contents**](#toc)

#### 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
There were no shareholder meetings during the reporting period.

#### 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 7 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.

------

##### [**Table of Contents**](#toc)

#### 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.

------

##### [**Table of Contents**](#toc)

#### 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:

---

| | |
|:---|:---|
| EXHIBIT NO. | DESCRIPTION OF EXHIBIT |
| 19(a)(1) | [Code of Ethics that is subject to the disclosure of Item 2 hereof](d904720dex99codeeth.htm) |
| 19(b)(1) | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d904720dex99cert.htm) |
| 19(b)(2) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d904720dex99cert.htm#a) |
| 19(c) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d904720dex99906cert.htm) |

---

------

##### [**Table of Contents**](#toc)
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 28, 2025 |

---

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 28, 2025 |
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |
| Date: | November 28, 2025 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**I.** **Covered Officers/Purpose of the Code** 

The AllianceBernstein Mutual Fund Complex's code of ethics (this "Code") for the investment companies within the complex (collectively, the "Funds" and each, a "Company") applies to each Company's Principal Executive Officer, Principal Financial and Accounting Officer and Controller (the "Covered Officers," each of whom is set forth in Exhibit A) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company. For the purposes of this Code, members of the Covered Officer's family include his or her spouse, children, stepchildren, financial dependents, parents and stepparents.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company's Board of Directors or Trustees (the "Directors") that the Covered Officers may also be officers or employees of one or more of the other Funds or of other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

• not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Company;

• not use material non-public knowledge of portfolio transactions made or
contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

------

There are some conflict of interest situations, whether involving a Covered Officer directly or a member of his family, that should always be discussed with the General Counsel of Alliance Capital Management L.P. (the "General Counsel"), if material. Examples of these include:

• service as a director on the board of directors or trustees of any public or private company (other than a not-for-profit organization);

• the receipt of any non-nominal gifts;

• the receipt of any entertainment from any company with which the Company has current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of the Company's service
providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

• Each Covered Officer should familiarize himself with the disclosure requirements and disclosure controls and
procedures generally applicable to the Company;

• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company
to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental regulators and self-regulatory organizations;

• each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made
by the Funds; and

------

• it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the General Counsel that he has received, read, and understands the Code;

• annually thereafter affirm to the General Counsel that he has complied with the requirements of the Code;

• complete at least annually a questionnaire relating to affiliations or other relationships that may give rise to
conflicts of interest;

• not retaliate against any other Covered Officer or any employee of the Company or their affiliated persons for
reports of potential violations that are made in good faith; and

• notify the General Counsel promptly if he knows of any violation of this Code. Failure to do so is itself a
violation of this Code.

The General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, waivers sought by a Covered Officer will be considered by the Company's Audit Committee (the "Committee").

The Company will follow these procedures in investigating and enforcing this Code:

• the General Counsel will take all appropriate action to investigate any potential violations reported to him;

• if, after such investigation, the General Counsel believes that no material violation has occurred, the General
Counsel is not required to take any further action;

• any matter that the General Counsel believes is a material violation will be reported to the Committee;

• if the Committee concurs that a material violation has occurred, it will inform and make a recommendation to the
Directors, who will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to
dismiss the Covered Officer;

• the Committee will be responsible for granting waivers, as appropriate; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

------

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, the Company's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, it is understood that this Code is in all respects separate and apart from, and operates independently of, any such policies and procedures. In particular, the Company's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-l under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Directors, including a majority of independent directors.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Directors, the investment adviser, their counsel, counsel to the Company and, if deemed appropriate by the Directors of the Company, to the Directors of the other Funds.

**VIII.** **Internal Use** 

The Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

Date: July 22, 2003, as amended March 17, 2004

------

Exhibit A

<u>Persons Covered by this Code of Ethics</u> 

Principal Executive Officer

Principal Financial and Accounting Officer

Controller

## Ex-99.Cert

**Exhibit 19(b)(1)** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

I, Alex Chaloff, President of Sanford C. Bernstein Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of Sanford C. Bernstein Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control 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; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 28, 2025

---

| | |
|:---|:---|
| By: | /s/ Alex Chaloff |
|  | Alex Chaloff |
|  | President |

---

------

**Exhibit 19(b)(2)** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

I, Stephen M. Woetzel, Treasurer and Chief Financial Officer of Sanford C. Bernstein Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of Sanford C. Bernstein Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control 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; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 28, 2025

---

| | |
|:---|:---|
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 19(c)** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE** 

**SARBANES-OXLEY ACT** 

Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of Sanford C. Bernstein Fund, Inc. (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 28, 2025

---

| | |
|:---|:---|
| By: | /s/ Alex Chaloff |
|  | Alex Chaloff |
|  | President |
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.