# EDGAR Filing Document

**Accession Number:** 0001653463
**File Stem:** 0001193125-25-309218
**Filing Date:** 2025-12
**Character Count:** 345450
**Document Hash:** d3bfbec5ac93826dc142030af4fefc65
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-309218.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001193125-25-309218

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 53

**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 Fund Inc
- **CENTRAL INDEX KEY:** 0001653463

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23100
- **FILM NUMBER:** 251552075

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-969-10000

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

## Series and Classes Contracts Data

### International Strategic Equities Portfolio (Series ID: S000051865)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000163277 | SCB Class     | STESX           |
| C000163278 | Advisor Class | STEYX           |
| C000163284 | Class Z       | STEZX           |

### International Small Cap Portfolio (Series ID: S000051866)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000163285 | Advisor Class | IRCYX           |
| C000163291 | Class Z       | IRCZX           |
| C000163292 | SCB Class     | IRCSX           |

### Small Cap Core Portfolio (Series ID: S000051867)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000163293 | SCB Class     | SCRSX           |
| C000163294 | Advisor Class | SCRYX           |
| C000163300 | Class Z       | SCRZX           |

?xml version='1.0' encoding='ASCII'? 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: 811-23100

## 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: IRCYX
September 30, 2025

![Image](g922233i86ffba264e69c0164c89.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/IRCYX-A](g922233i2a61c9a5adc8c3407e53.jpg)

Please scan QR code for

Portfolio Information

# International Small Cap Portfolio

## Annual Shareholder Report
This annual shareholder report contains important information about the International Small Cap 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/IRCYX-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 | $120 | 1.09% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
Over the 12-month period ended September 30, 2025, the Portfolio outperformed the Morgan Stanley Capital International All Country World Index ("MSCI ACWI") ex USA Small Cap (the "benchmark"). This was primarily driven by security selection, relative to the benchmark, with a small positive benefit from sector selection and implicit currency selection. The key driver of the outperformance was stock selection in industrials, where the Portfolio's defense sector holdings performed particularly well, along with security selection in financials. In addition, security selection in South Korea was a material contributor to performance over the 12-month period. An underweight to real estate was the primary contributor to positive sector selection, while an underweight to materials detracted from overall performance. Other detractors were primarily centered on company specific newsflow.

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

* The key drivers of performance were stock selection in the defense sector (South Korean companies Hyundai Rotem and Hanwha Aerospace and Sweden's Saab), along with several other non-defense South Korean securities and European banks.

**Top detractors from performance:**

* The primary detractors from performance were centered on company specific newsflow and did not fit into an overall theme. Key detractors from performance were French company Criteo, South African Bidvest and Taiwanese E Ink. The primary detractor from performance in sector selection came from an underweight to materials, specifically gold.

**Advisor Class:** IRCYX

## 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](g922233iaebfe11bf51ef9ec5619.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **MSCI ACWI ex USA Index (net)** | **MSCI ACWI ex USA Small Cap Index (net)** |
| **12/15** | $10000 | $10000 | $10000 |
| **09/16** | $10930 | $10756 | $10993 |
| **09/17** | $13062 | $12865 | $13103 |
| **09/18** | $13262 | $13091 | $13347 |
| **09/19** | $12241 | $12931 | $12595 |
| **09/20** | $12474 | $13319 | $13473 |
| **09/21** | $16243 | $16504 | $17927 |
| **09/22** | $11238 | $12351 | $12740 |
| **09/23** | $13547 | $14869 | $15162 |
| **09/24** | $16989 | $18638 | $18687 |
| **09/25** | $20570 | $21703 | $21664 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | Since Inception 12/21/15 |
| Advisor Class | 21.08% | 10.52% | 7.66% |
| MSCI ACWI ex USA Index (net) | 16.45% | 10.26% | 8.24% |
| MSCI ACWI ex USA Small Cap Index (net) | 15.93% | 9.97% | 8.22% |

---

**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/IRCYX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1186118756 |
| # of Portfolio Holdings | 300 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid (Net) | $10944896 |

---

**Advisor Class:** IRCYX

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g922233i117941aedf61e5dd7516.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 22.0% |
| Financials | 15.7% |
| Information Technology | 14.4% |
| Consumer Discretionary | 10.7% |
| Materials | 8.2% |
| Real Estate | 5.5% |
| Health Care | 5.0% |
| Communication Services | 4.3% |
| Energy | 4.2% |
| Consumer Staples | 4.1% |
| Utilities | 2.9% |
| Short-Term Investments | 4.4% |
| Other Assets Less Liabilities | -1.4% |

---

### **Country Breakdown (% of Net Assets)**![Group By Country Chart](g922233i25cb7f526947f527aacb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 24.8% |
| United Kingdom | 10.9% |
| South Korea | 7.8% |
| India | 6.6% |
| Taiwan | 6.1% |
| Canada | 4.6% |
| France | 3.7% |
| China | 3.0% |
| Germany | 3.0% |
| Australia | 2.5% |
| Brazil | 1.5% |
| Mexico | 1.3% |
| South Africa | 1.3% |
| Sweden | 1.2% |
| Others | 18.7% |
| Short-Term Investments | 4.4% |
| Other assets less liabilities | -1.4% |

---

**Advisor Class:** IRCYX

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

ISC-ADV-0153-0925

**Advisor Class:** IRCYX

# Class Z: IRCZX
September 30, 2025

![Image](g922233i86ffba264e69c0164c89.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/IRCZX-A](g922233i60160a3bfa32a7c2802a.jpg)

Please scan QR code for

Portfolio Information

# International Small Cap Portfolio

## Annual Shareholder Report
This annual shareholder report contains important information about the International Small Cap 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/IRCZX-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 | $121 | 1.09% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
Over the 12-month period ended September 30, 2025, the Portfolio outperformed the Morgan Stanley Capital International All Country World Index ("MSCI ACWI") ex USA Small Cap (the "benchmark"). This was primarily driven by security selection, relative to the benchmark, with a small positive benefit from sector selection and implicit currency selection. The key driver of the outperformance was stock selection in industrials, where the Portfolio's defense sector holdings performed particularly well, along with security selection in financials. In addition, security selection in South Korea was a material contributor to performance over the 12-month period. An underweight to real estate was the primary contributor to positive sector selection, while an underweight to materials detracted from overall performance. Other detractors were primarily centered on company specific newsflow.

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

* The key drivers of performance were stock selection in the defense sector (South Korean companies Hyundai Rotem and Hanwha Aerospace and Sweden's Saab), along with several other non-defense South Korean securities and European banks.

**Top detractors from performance:**

* The primary detractors from performance were centered on company specific newsflow and did not fit into an overall theme. Key detractors from performance were French company Criteo, South African Bidvest and Taiwanese E Ink. The primary detractor from performance in sector selection came from an underweight to materials, specifically gold.

**Class Z:** IRCZX

## 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](g922233ie7894d5722fabad41547.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Z** | **MSCI ACWI ex USA Index (net)** | **MSCI ACWI ex USA Small Cap Index (net)** |
| **12/15** | $10000 | $10000 | $10000 |
| **09/16** | $10930 | $10756 | $10993 |
| **09/17** | $13063 | $12865 | $13103 |
| **09/18** | $13264 | $13091 | $13347 |
| **09/19** | $12243 | $12931 | $12595 |
| **09/20** | $12477 | $13319 | $13473 |
| **09/21** | $16248 | $16504 | $17927 |
| **09/22** | $11242 | $12351 | $12740 |
| **09/23** | $13538 | $14869 | $15162 |
| **09/24** | $16979 | $18638 | $18687 |
| **09/25** | $20573 | $21703 | $21664 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | Since Inception 12/21/15 |
| Class Z | 21.17% | 10.52% | 7.66% |
| MSCI ACWI ex USA Index (net) | 16.45% | 10.26% | 8.24% |
| MSCI ACWI ex USA Small Cap Index (net) | 15.93% | 9.97% | 8.22% |

---

**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/IRCZX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1186118756 |
| # of Portfolio Holdings | 300 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid (Net) | $10944896 |

---

**Class Z:** IRCZX

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g922233i16e4ced5689b2ecda8f4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 22.0% |
| Financials | 15.7% |
| Information Technology | 14.4% |
| Consumer Discretionary | 10.7% |
| Materials | 8.2% |
| Real Estate | 5.5% |
| Health Care | 5.0% |
| Communication Services | 4.3% |
| Energy | 4.2% |
| Consumer Staples | 4.1% |
| Utilities | 2.9% |
| Short-Term Investments | 4.4% |
| Other Assets Less Liabilities | -1.4% |

---

### **Country Breakdown (% of Net Assets)**![Group By Country Chart](g922233i1bbaa19b3d083f8176bb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 24.8% |
| United Kingdom | 10.9% |
| South Korea | 7.8% |
| India | 6.6% |
| Taiwan | 6.1% |
| Canada | 4.6% |
| France | 3.7% |
| China | 3.0% |
| Germany | 3.0% |
| Australia | 2.5% |
| Brazil | 1.5% |
| Mexico | 1.3% |
| South Africa | 1.3% |
| Sweden | 1.2% |
| Others | 18.7% |
| Short-Term Investments | 4.4% |
| Other assets less liabilities | -1.4% |

---

**Class Z:** IRCZX

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

ISC-Z-0153-0925

**Class Z:** IRCZX

# SCB Class: IRCSX
September 30, 2025

![Image](g922233i86ffba264e69c0164c89.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/IRCSX-A](g922233i02f78b6201e2aa2dadf0.jpg)

Please scan QR code for

Portfolio Information

# International Small Cap Portfolio

## Annual Shareholder Report
This annual shareholder report contains important information about the International Small Cap 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/IRCSX-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** |
| SCB Class | $147 | 1.33% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
Over the 12-month period ended September 30, 2025, the Portfolio outperformed the Morgan Stanley Capital International All Country World Index ("MSCI ACWI") ex USA Small Cap (the "benchmark"). This was primarily driven by security selection, relative to the benchmark, with a small positive benefit from sector selection and implicit currency selection. The key driver of the outperformance was stock selection in industrials, where the Portfolio's defense sector holdings performed particularly well, along with security selection in financials. In addition, security selection in South Korea was a material contributor to performance over the 12-month period. An underweight to real estate was the primary contributor to positive sector selection, while an underweight to materials detracted from overall performance. Other detractors were primarily centered on company specific newsflow.

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

* The key drivers of performance were stock selection in the defense sector (South Korean companies Hyundai Rotem and Hanwha Aerospace and Sweden's Saab), along with several other non-defense South Korean securities and European banks.

**Top detractors from performance:**

* The primary detractors from performance were centered on company specific newsflow and did not fit into an overall theme. Key detractors from performance were French company Criteo, South African Bidvest and Taiwanese E Ink. The primary detractor from performance in sector selection came from an underweight to materials, specifically gold.

**SCB Class:** IRCSX

## 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](g922233i538c80532c3d0d993ee4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SCB Class** | **MSCI ACWI ex USA Index (net)** | **MSCI ACWI ex USA Small Cap Index (net)** |
| **12/15** | $10000 | $10000 | $10000 |
| **09/16** | $10920 | $10756 | $10993 |
| **09/17** | $13026 | $12865 | $13103 |
| **09/18** | $13194 | $13091 | $13347 |
| **09/19** | $12135 | $12931 | $12595 |
| **09/20** | $12349 | $13319 | $13473 |
| **09/21** | $16027 | $16504 | $17927 |
| **09/22** | $11057 | $12351 | $12740 |
| **09/23** | $13302 | $14869 | $15162 |
| **09/24** | $16632 | $18638 | $18687 |
| **09/25** | $20098 | $21703 | $21664 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | Since Inception 12/21/15 |
| SCB Class | 20.83% | 10.23% | 7.40% |
| MSCI ACWI ex USA Index (net) | 16.45% | 10.26% | 8.24% |
| MSCI ACWI ex USA Small Cap Index (net) | 15.93% | 9.97% | 8.22% |

---

**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/IRCSX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1186118756 |
| # of Portfolio Holdings | 300 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid (Net) | $10944896 |

---

**SCB Class:** IRCSX

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g922233i54538d1cb073d9421138.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 22.0% |
| Financials | 15.7% |
| Information Technology | 14.4% |
| Consumer Discretionary | 10.7% |
| Materials | 8.2% |
| Real Estate | 5.5% |
| Health Care | 5.0% |
| Communication Services | 4.3% |
| Energy | 4.2% |
| Consumer Staples | 4.1% |
| Utilities | 2.9% |
| Short-Term Investments | 4.4% |
| Other Assets Less Liabilities | -1.4% |

---

### **Country Breakdown (% of Net Assets)**![Group By Country Chart](g922233ib63f2ca51da2cd793d2a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 24.8% |
| United Kingdom | 10.9% |
| South Korea | 7.8% |
| India | 6.6% |
| Taiwan | 6.1% |
| Canada | 4.6% |
| France | 3.7% |
| China | 3.0% |
| Germany | 3.0% |
| Australia | 2.5% |
| Brazil | 1.5% |
| Mexico | 1.3% |
| South Africa | 1.3% |
| Sweden | 1.2% |
| Others | 18.7% |
| Short-Term Investments | 4.4% |
| Other assets less liabilities | -1.4% |

---

**SCB Class:** IRCSX

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

ISC-SCB-0153-0925

**SCB Class:** IRCSX

# Advisor Class: STEYX
September 30, 2025

![Image](g922233i86ffba264e69c0164c89.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/STEYX-A](g922233i1d8e247667534b3eb03e.jpg)

Please scan QR code for

Portfolio Information

# International Strategic Equities Portfolio

## Annual Shareholder Report
This annual shareholder report contains important information about the International Strategic Equities 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/STEYX-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 | $76 | 0.67% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period, all share classes of the Portfolio outperformed the Morgan Stanley Capital International All Country World Index ("MSCI ACWI") ex USA Index (net) (the "benchmark"). Sector allocation contributed modestly positive results, relative to the benchmark, driven primarily by underweights in the consumer staples and materials sectors and an overweight in the industrials sector, which benefited from rising defense budgets in non-U.S. regions. An underweight to technology detracted from performance. However, overall contribution from sector allocation was minimal. Country allocation was also positive, as an underweight to India and overweights to South Korea and Spain each added to performance. The primary driver of outperformance, however, was security selection, which was strong across nearly all sectors and only detracted within health care. The most notable positive contributions came from the financials and industrials sectors.

The Portfolio used derivatives in the form of currency forwards for hedging purposes, which detracted from overall performance

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

* Significant individual stock contributors during the period included Saab, a Swedish aerospace and defense company, which benefited from increasing defense budgets as a share of GDP across European countries; Pop Mart, a Chinese toy manufacturer, which outperformed amid rising consumer demand for its popular Monster plush toy Labubu; and Erste Group Bank, an Austrian financial service provider, which contributed positively on the back of stronger-than-expected earnings growth and continued share repurchase activities.

**Top detractors from performance:**

* Stock detractors during the period included Novo Nordisk, a Danish pharmaceutical company specializing in obesity and diabetes treatments, which was impacted by intensifying competition from Eli Lilly's GLP-1 products; Wix.com, an Israeli software company, which underperformed following the release of conservative 2025 growth guidance; and Inditex, a Spanish fashion retailer, which lagged due to a slowdown in top-line growth and heightened investor concerns over macroeconomic and tariff risks.

**Advisor Class:** STEYX

## 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](g922233i4dad89ebb1a55be65161.jpg)

---

| | | |
|:---|:---|:---|
| | **Advisor Class** | **MSCI ACWI ex USA Index (net)** |
| **12/15** | $10000 | $10000 |
| **09/16** | $10575 | $10756 |
| **09/17** | $12942 | $12865 |
| **09/18** | $13095 | $13091 |
| **09/19** | $12570 | $12931 |
| **09/20** | $12825 | $13319 |
| **09/21** | $15393 | $16504 |
| **09/22** | $11396 | $12351 |
| **09/23** | $13584 | $14869 |
| **09/24** | $17380 | $18638 |
| **09/25** | $22156 | $21703 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | Since Inception 12/21/15 |
| Advisor Class | 27.48% | 11.55% | 8.48% |
| MSCI ACWI ex USA Index (net) | 16.45% | 10.26% | 8.24% |

---

**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/STEYX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $9472485845 |
| # of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 94% |
| Total Advisory Fees Paid (Net) | $53376092 |

---

**Advisor Class:** STEYX

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g922233ief10279af1c727c73676.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 26.2% |
| Industrials | 21.4% |
| Information Technology | 12.1% |
| Consumer Discretionary | 9.0% |
| Health Care | 8.1% |
| Communication Services | 7.8% |
| Energy | 4.7% |
| Consumer Staples | 3.2% |
| Utilities | 2.8% |
| Real Estate | 1.9% |
| Materials | 1.9% |
| Short-Term Investments | 1.2% |
| Other Assets Less Liabilities | -0.3% |

---

### **Country Breakdown (% of Net Assets)**![Group By Country Chart](g922233ifc67cb5b34e771ee3edd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 14.6% |
| United Kingdom | 13.9% |
| China | 9.5% |
| Italy | 8.3% |
| South Korea | 8.2% |
| Taiwan | 6.2% |
| Spain | 5.6% |
| Hong Kong | 3.7% |
| United States | 3.6% |
| Germany | 3.5% |
| Canada | 3.3% |
| Chile | 2.5% |
| Switzerland | 2.4% |
| France | 2.1% |
| Others | 11.7% |
| Short-Term Investments | 1.2% |
| Other assets less liabilities | -0.3% |

---

**Advisor Class:** STEYX

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

ISE-ADV-0153-0925

**Advisor Class:** STEYX

# Class Z: STEZX
September 30, 2025

![Image](g922233i86ffba264e69c0164c89.jpg)

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![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/STEZX-A](g922233ia4504e237affbe29b745.jpg)

Please scan QR code for

Portfolio Information

# International Strategic Equities Portfolio

## Annual Shareholder Report
This annual shareholder report contains important information about the International Strategic Equities 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/STEZX-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 | $78 | 0.69% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period, all share classes of the Portfolio outperformed the Morgan Stanley Capital International All Country World Index ("MSCI ACWI") ex USA Index (net) (the "benchmark"). Sector allocation contributed modestly positive results, relative to the benchmark, driven primarily by underweights in the consumer staples and materials sectors and an overweight in the industrials sector, which benefited from rising defense budgets in non-U.S. regions. An underweight to technology detracted from performance. However, overall contribution from sector allocation was minimal. Country allocation was also positive, as an underweight to India and overweights to South Korea and Spain each added to performance. The primary driver of outperformance, however, was security selection, which was strong across nearly all sectors and only detracted within health care. The most notable positive contributions came from the financials and industrials sectors.

The Portfolio used derivatives in the form of currency forwards for hedging purposes, which detracted from overall performance

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

* Significant individual stock contributors during the period included Saab, a Swedish aerospace and defense company, which benefited from increasing defense budgets as a share of GDP across European countries; Pop Mart, a Chinese toy manufacturer, which outperformed amid rising consumer demand for its popular Monster plush toy Labubu; and Erste Group Bank, an Austrian financial service provider, which contributed positively on the back of stronger-than-expected earnings growth and continued share repurchase activities.

**Top detractors from performance:**

* Stock detractors during the period included Novo Nordisk, a Danish pharmaceutical company specializing in obesity and diabetes treatments, which was impacted by intensifying competition from Eli Lilly's GLP-1 products; Wix.com, an Israeli software company, which underperformed following the release of conservative 2025 growth guidance; and Inditex, a Spanish fashion retailer, which lagged due to a slowdown in top-line growth and heightened investor concerns over macroeconomic and tariff risks.

**Class Z:** STEZX

## 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](g922233i88ad922a0d2faaf66ec7.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Z** | **MSCI ACWI ex USA Index (net)** |
| **12/15** | $10000 | $10000 |
| **09/16** | $10585 | $10756 |
| **09/17** | $12951 | $12865 |
| **09/18** | $13104 | $13091 |
| **09/19** | $12577 | $12931 |
| **09/20** | $12831 | $13319 |
| **09/21** | $15407 | $16504 |
| **09/22** | $11400 | $12351 |
| **09/23** | $13594 | $14869 |
| **09/24** | $17384 | $18638 |
| **09/25** | $22162 | $21703 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | Since Inception 12/21/15 |
| Class Z | 27.49% | 11.55% | 8.48% |
| MSCI ACWI ex USA Index (net) | 16.45% | 10.26% | 8.24% |

---

**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/STEZX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $9472485845 |
| # of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 94% |
| Total Advisory Fees Paid (Net) | $53376092 |

---

**Class Z:** STEZX

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g922233ib188cbb702ccf31c0d37.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 26.2% |
| Industrials | 21.4% |
| Information Technology | 12.1% |
| Consumer Discretionary | 9.0% |
| Health Care | 8.1% |
| Communication Services | 7.8% |
| Energy | 4.7% |
| Consumer Staples | 3.2% |
| Utilities | 2.8% |
| Real Estate | 1.9% |
| Materials | 1.9% |
| Short-Term Investments | 1.2% |
| Other Assets Less Liabilities | -0.3% |

---

### **Country Breakdown (% of Net Assets)**![Group By Country Chart](g922233i464a1a360a4a98658389.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 14.6% |
| United Kingdom | 13.9% |
| China | 9.5% |
| Italy | 8.3% |
| South Korea | 8.2% |
| Taiwan | 6.2% |
| Spain | 5.6% |
| Hong Kong | 3.7% |
| United States | 3.6% |
| Germany | 3.5% |
| Canada | 3.3% |
| Chile | 2.5% |
| Switzerland | 2.4% |
| France | 2.1% |
| Others | 11.7% |
| Short-Term Investments | 1.2% |
| Other assets less liabilities | -0.3% |

---

**Class Z:** STEZX

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

ISE-Z-0153-0925

**Class Z:** STEZX

# SCB Class: STESX
September 30, 2025

![Image](g922233i86ffba264e69c0164c89.jpg)

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![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/STESX-A](g922233i7fb8e47daf3bb03d9996.jpg)

Please scan QR code for

Portfolio Information

# International Strategic Equities Portfolio

## Annual Shareholder Report
This annual shareholder report contains important information about the International Strategic Equities 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/STESX-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** |
| SCB Class | $103 | 0.91% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period, all share classes of the Portfolio outperformed the Morgan Stanley Capital International All Country World Index ("MSCI ACWI") ex USA Index (net) (the "benchmark"). Sector allocation contributed modestly positive results, relative to the benchmark, driven primarily by underweights in the consumer staples and materials sectors and an overweight in the industrials sector, which benefited from rising defense budgets in non-U.S. regions. An underweight to technology detracted from performance. However, overall contribution from sector allocation was minimal. Country allocation was also positive, as an underweight to India and overweights to South Korea and Spain each added to performance. The primary driver of outperformance, however, was security selection, which was strong across nearly all sectors and only detracted within health care. The most notable positive contributions came from the financials and industrials sectors.

The Portfolio used derivatives in the form of currency forwards for hedging purposes, which detracted from overall performance

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

* Significant individual stock contributors during the period included Saab, a Swedish aerospace and defense company, which benefited from increasing defense budgets as a share of GDP across European countries; Pop Mart, a Chinese toy manufacturer, which outperformed amid rising consumer demand for its popular Monster plush toy Labubu; and Erste Group Bank, an Austrian financial service provider, which contributed positively on the back of stronger-than-expected earnings growth and continued share repurchase activities.

**Top detractors from performance:**

* Stock detractors during the period included Novo Nordisk, a Danish pharmaceutical company specializing in obesity and diabetes treatments, which was impacted by intensifying competition from Eli Lilly's GLP-1 products; Wix.com, an Israeli software company, which underperformed following the release of conservative 2025 growth guidance; and Inditex, a Spanish fashion retailer, which lagged due to a slowdown in top-line growth and heightened investor concerns over macroeconomic and tariff risks.

**SCB Class:** STESX

## 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](g922233ie5b8d4eacbd067b890a5.jpg)

---

| | | |
|:---|:---|:---|
| | **SCB Class** | **MSCI ACWI ex USA Index (net)** |
| **12/15** | $10000 | $10000 |
| **09/16** | $10575 | $10756 |
| **09/17** | $12902 | $12865 |
| **09/18** | $13013 | $13091 |
| **09/19** | $12463 | $12931 |
| **09/20** | $12688 | $13319 |
| **09/21** | $15196 | $16504 |
| **09/22** | $11226 | $12351 |
| **09/23** | $13338 | $14869 |
| **09/24** | $17033 | $18638 |
| **09/25** | $21658 | $21703 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | Since Inception 12/21/15 |
| SCB Class | 27.15% | 11.29% | 8.22% |
| MSCI ACWI ex USA Index (net) | 16.45% | 10.26% | 8.24% |

---

**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/STESX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $9472485845 |
| # of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 94% |
| Total Advisory Fees Paid (Net) | $53376092 |

---

**SCB Class:** STESX

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g922233i6b1a77f490c361469cf2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 26.2% |
| Industrials | 21.4% |
| Information Technology | 12.1% |
| Consumer Discretionary | 9.0% |
| Health Care | 8.1% |
| Communication Services | 7.8% |
| Energy | 4.7% |
| Consumer Staples | 3.2% |
| Utilities | 2.8% |
| Real Estate | 1.9% |
| Materials | 1.9% |
| Short-Term Investments | 1.2% |
| Other Assets Less Liabilities | -0.3% |

---

### **Country Breakdown (% of Net Assets)**![Group By Country Chart](g922233i4d41435a0a23dd31249b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 14.6% |
| United Kingdom | 13.9% |
| China | 9.5% |
| Italy | 8.3% |
| South Korea | 8.2% |
| Taiwan | 6.2% |
| Spain | 5.6% |
| Hong Kong | 3.7% |
| United States | 3.6% |
| Germany | 3.5% |
| Canada | 3.3% |
| Chile | 2.5% |
| Switzerland | 2.4% |
| France | 2.1% |
| Others | 11.7% |
| Short-Term Investments | 1.2% |
| Other assets less liabilities | -0.3% |

---

**SCB Class:** STESX

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

ISE-SCB-0153-0925

**SCB Class:** STESX

# Advisor Class: SCRYX
September 30, 2025

![Image](g922233idfa93efa39dac82c2e34.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SCRYX-A](g922233i8ba7219b9950f97206b0.jpg)

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# Please scan QR code for

# Portfolio Information

# Small Cap Core Portfolio

## Annual Shareholder Report
This annual shareholder report contains important information about the Small Cap Core 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/SCRYX-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 | $91 | 0.89% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period ended September 30, 2025, SCB Class, Advisor Class and Class Z shares of the Portfolio underperformed the Russell 2000 Index (the"benchmark"). From a quantitative perspective, an underweight to residual volatility and overweights to asset turnover and value detracted from performance, relative to the benchmark. While asset turnover and value exposures were detractors during the year, they are correlated with positive performance over the longer term. Similarly, while residual volatility detracted during the current period, it is generally associated with underperformance over the longer term. Conversely, the Portfolio's exposure to companies with positive sentiment and momentum contributed to the Portfolio, along with an underweight to long-term reversal.

The Portfolio used derivatives in the form of futures for hedging purposes, which detracted from performance.

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

* During the 12-month period, from an industry perspective, an overweight exposure to construction & engineering and hotels, leisure, and consumer services contributed. Additionally, an underweight to biotechnology life sciences contributed. 

**Top detractors from performance:**

* During the 12-month period, from an industry perspective, an underweight exposure to precious metals/gold mining and aerospace & defense detracted from the Portfolio. Additionally, an overweight to restaurants detracted. 

**Advisor Class:** SCRYX

## 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](g922233i21d6620c6e22bb048a0f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **S&P 500 Index** | **Russell 2000 Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **09/16** | $10565 | $10606 | $10911 |
| **09/17** | $12287 | $12580 | $13174 |
| **09/18** | $13840 | $14833 | $15181 |
| **09/19** | $12470 | $15464 | $13832 |
| **09/20** | $12075 | $17807 | $13885 |
| **09/21** | $17826 | $23149 | $20506 |
| **09/22** | $14079 | $19568 | $15687 |
| **09/23** | $16107 | $23798 | $17088 |
| **09/24** | $20433 | $32449 | $21661 |
| **09/25** | $21250 | $38159 | $23992 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | Since Inception 12/29/15 |
| Advisor Class | 4.00% | 11.97% | 8.03% |
| S&P 500 Index | 17.60% | 16.47% | 14.70% |
| Russell 2000 Index | 10.76% | 11.56% | 9.38% |

---

**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/SCRYX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $732509031 |
| # of Portfolio Holdings | 275 |
| Portfolio Turnover Rate | 97% |
| Total Advisory Fees Paid (Net) | $5548505 |

---

**Advisor Class:** SCRYX

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| NEXTracker, Inc. - Class A | $6316526 | 0.9% |
| Primoris Services Corp. | $5795326 | 0.8% |
| UMB Financial Corp. | $5692635 | 0.8% |
| Credo Technology Group Holding Ltd. | $5546285 | 0.7% |
| Hims & Hers Health, Inc. | $5448523 | 0.7% |
| SPX Technologies, Inc. | $5344523 | 0.7% |
| Fluor Corp. | $5326483 | 0.7% |
| ACI Worldwide, Inc. | $5020010 | 0.7% |
| AeroVironment, Inc. | $4978411 | 0.7% |
| Bridgebio Pharma, Inc. | $4895864 | 0.7% |
| Total | $54364586 | 7.4% |

---

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g922233i57e9279328b6f4c09f67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 18.5% |
| Financials | 17.3% |
| Information Technology | 15.9% |
| Health Care | 15.7% |
| Consumer Discretionary | 10.2% |
| Real Estate | 5.5% |
| Energy | 4.8% |
| Materials | 3.3% |
| Utilities | 2.9% |
| Communication Services | 2.8% |
| Consumer Staples | 2.1% |
| Short-Term Investments | 1.8% |
| Other Assets Less Liabilities | -0.8% |

---

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

SCC-ADV-0153-0925

**Advisor Class:** SCRYX

# Class Z: SCRZX
September 30, 2025

![Image](g922233idfa93efa39dac82c2e34.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SCRZX-A](g922233i1fe27a612f8dda26d0c0.jpg)

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# Please scan QR code for

# Portfolio Information

# Small Cap Core Portfolio

## Annual Shareholder Report
This annual shareholder report contains important information about the Small Cap Core 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/SCRZX-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 | $90 | 0.88% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period ended September 30, 2025, SCB Class, Advisor Class and Class Z shares of the Portfolio underperformed the Russell 2000 Index (the"benchmark"). From a quantitative perspective, an underweight to residual volatility and overweights to asset turnover and value detracted from performance, relative to the benchmark. While asset turnover and value exposures were detractors during the year, they are correlated with positive performance over the longer term. Similarly, while residual volatility detracted during the current period, it is generally associated with underperformance over the longer term. Conversely, the Portfolio's exposure to companies with positive sentiment and momentum contributed to the Portfolio, along with an underweight to long-term reversal.

The Portfolio used derivatives in the form of futures for hedging purposes, which detracted from performance.

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

* During the 12-month period, from an industry perspective, an overweight exposure to construction & engineering and hotels, leisure, and consumer services contributed. Additionally, an underweight to biotechnology life sciences contributed. 

**Top detractors from performance:**

* During the 12-month period, from an industry perspective, an underweight exposure to precious metals/gold mining and aerospace & defense detracted from the Portfolio. Additionally, an overweight to restaurants detracted. 

**Class Z:** SCRZX

## 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](g922233i68b4a8f33c0c1753bf0d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Z** | **S&P 500 Index** | **Russell 2000 Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **09/16** | $10565 | $10606 | $10911 |
| **09/17** | $12280 | $12580 | $13174 |
| **09/18** | $13838 | $14833 | $15181 |
| **09/19** | $12481 | $15464 | $13832 |
| **09/20** | $12077 | $17807 | $13885 |
| **09/21** | $17839 | $23149 | $20506 |
| **09/22** | $14101 | $19568 | $15687 |
| **09/23** | $16124 | $23798 | $17088 |
| **09/24** | $20459 | $32449 | $21661 |
| **09/25** | $21279 | $38159 | $23992 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | Since Inception 12/29/15 |
| Class Z | 4.01% | 11.99% | 8.05% |
| S&P 500 Index | 17.60% | 16.47% | 14.70% |
| Russell 2000 Index | 10.76% | 11.56% | 9.38% |

---

**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/SCRZX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $732509031 |
| # of Portfolio Holdings | 275 |
| Portfolio Turnover Rate | 97% |
| Total Advisory Fees Paid (Net) | $5548505 |

---

**Class Z:** SCRZX

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| NEXTracker, Inc. - Class A | $6316526 | 0.9% |
| Primoris Services Corp. | $5795326 | 0.8% |
| UMB Financial Corp. | $5692635 | 0.8% |
| Credo Technology Group Holding Ltd. | $5546285 | 0.7% |
| Hims & Hers Health, Inc. | $5448523 | 0.7% |
| SPX Technologies, Inc. | $5344523 | 0.7% |
| Fluor Corp. | $5326483 | 0.7% |
| ACI Worldwide, Inc. | $5020010 | 0.7% |
| AeroVironment, Inc. | $4978411 | 0.7% |
| Bridgebio Pharma, Inc. | $4895864 | 0.7% |
| Total | $54364586 | 7.4% |

---

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g922233i3c8131c4c0ec2654dda6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 18.5% |
| Financials | 17.3% |
| Information Technology | 15.9% |
| Health Care | 15.7% |
| Consumer Discretionary | 10.2% |
| Real Estate | 5.5% |
| Energy | 4.8% |
| Materials | 3.3% |
| Utilities | 2.9% |
| Communication Services | 2.8% |
| Consumer Staples | 2.1% |
| Short-Term Investments | 1.8% |
| Other Assets Less Liabilities | -0.8% |

---

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

SCC-Z-0153-0925

**Class Z:** SCRZX

# SCB Class: SCRSX
September 30, 2025

![Image](g922233idfa93efa39dac82c2e34.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SCRSX-A](g922233i6e4c73c670ab0cff046b.jpg)

SCAN ME

# Please scan QR code for

# Portfolio Information

# Small Cap Core Portfolio

## Annual Shareholder Report
This annual shareholder report contains important information about the Small Cap Core 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/SCRSX-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** |
| SCB Class | $115 | 1.13% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period ended September 30, 2025, SCB Class, Advisor Class and Class Z shares of the Portfolio underperformed the Russell 2000 Index (the"benchmark"). From a quantitative perspective, an underweight to residual volatility and overweights to asset turnover and value detracted from performance, relative to the benchmark. While asset turnover and value exposures were detractors during the year, they are correlated with positive performance over the longer term. Similarly, while residual volatility detracted during the current period, it is generally associated with underperformance over the longer term. Conversely, the Portfolio's exposure to companies with positive sentiment and momentum contributed to the Portfolio, along with an underweight to long-term reversal.

The Portfolio used derivatives in the form of futures for hedging purposes, which detracted from performance.

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

* During the 12-month period, from an industry perspective, an overweight exposure to construction & engineering and hotels, leisure, and consumer services contributed. Additionally, an underweight to biotechnology life sciences contributed. 

**Top detractors from performance:**

* During the 12-month period, from an industry perspective, an underweight exposure to precious metals/gold mining and aerospace & defense detracted from the Portfolio. Additionally, an overweight to restaurants detracted. 

**SCB Class:** SCRSX

## 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](g922233i5a0c0668d130719e7b64.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SCB Class** | **S&P 500 Index** | **Russell 2000 Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **09/16** | $10545 | $10606 | $10911 |
| **09/17** | $12230 | $12580 | $13174 |
| **09/18** | $13751 | $14833 | $15181 |
| **09/19** | $12356 | $15464 | $13832 |
| **09/20** | $11933 | $17807 | $13885 |
| **09/21** | $17579 | $23149 | $20506 |
| **09/22** | $13856 | $19568 | $15687 |
| **09/23** | $15805 | $23798 | $17088 |
| **09/24** | $20004 | $32449 | $21661 |
| **09/25** | $20756 | $38159 | $23992 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 1 Year | 5 Years | Since Inception 12/29/15 |
| SCB Class | 3.76% | 11.71% | 7.77% |
| S&P 500 Index | 17.60% | 16.47% | 14.70% |
| Russell 2000 Index | 10.76% | 11.56% | 9.38% |

---

**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/SCRSX-A for the most recent performance information.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $732509031 |
| # of Portfolio Holdings | 275 |
| Portfolio Turnover Rate | 97% |
| Total Advisory Fees Paid (Net) | $5548505 |

---

**SCB Class:** SCRSX

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| NEXTracker, Inc. - Class A | $6316526 | 0.9% |
| Primoris Services Corp. | $5795326 | 0.8% |
| UMB Financial Corp. | $5692635 | 0.8% |
| Credo Technology Group Holding Ltd. | $5546285 | 0.7% |
| Hims & Hers Health, Inc. | $5448523 | 0.7% |
| SPX Technologies, Inc. | $5344523 | 0.7% |
| Fluor Corp. | $5326483 | 0.7% |
| ACI Worldwide, Inc. | $5020010 | 0.7% |
| AeroVironment, Inc. | $4978411 | 0.7% |
| Bridgebio Pharma, Inc. | $4895864 | 0.7% |
| Total | $54364586 | 7.4% |

---

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g922233ia9c9bca1739a253fb246.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 18.5% |
| Financials | 17.3% |
| Information Technology | 15.9% |
| Health Care | 15.7% |
| Consumer Discretionary | 10.2% |
| Real Estate | 5.5% |
| Energy | 4.8% |
| Materials | 3.3% |
| Utilities | 2.9% |
| Communication Services | 2.8% |
| Consumer Staples | 2.1% |
| Short-Term Investments | 1.8% |
| Other Assets Less Liabilities | -0.8% |

---

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

SCC-SCB-0153-0925

**SCB Class:** SCRSX

------

##### [**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 19(a)(1).

(b) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

#### ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's Board of Directors has determined that independent directors 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 Ernst & Young 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\* |
|  Bernstein Fund Inc. Small Cap Core Portfolio | 2024 | $22785 | $1176 | $26792 |
|  | 2025 | $20506 | $807 | $27593 |
|  Bernstein Fund Inc. International Small Cap Portfolio | 2024 | $26250 | $1176 | $60056 |
|  | 2025 | $23618 | $807 | $57963 |
|  Bernstein Fund Inc. International Strategic Equities Portfolio | 2024 | $26250 | $1176 | $130492 |
|  | 2025 | $23618 | $807 | $129607 |

---

\* 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: ("Service Affiliates"):

---

| | | | |
|:---|:---|:---|:---|
|  | | 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) |
|  Bernstein Fund Inc. Small Cap Core Portfolio | 2024 | $4438852 | $27968 |
|  |  |  | $(1176) |
|  |  |  | $(26792) |
|  | 2025 | $1113924 | $28400 |
|  |  |  | $(807) |
|  |  |  | $(27593) |
|  Bernstein Fund Inc. International Small Cap Portfolio | 2024 | $4472116 | $61232 |
|  |  |  | $(1176) |
|  |  |  | $(60056) |
|  | 2025 | $1144294 | $58770 |
|  |  |  | $(807) |
|  |  |  | $(57963) |
|  Bernstein Fund Inc. International Strategic Equities Portfolio | 2024 | $4542552 | $131668 |
|  |  |  | $(1176) |
|  |  |  | $(130492) |
|  | 2025 | $1215938 | $130414 |
|  |  |  | $(807) |
|  |  |  | $(129607) |

---

(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:

---

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

---

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

------

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

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

------

##### [**Table of Contents**](#toc)
BERNSTEIN FUND, INC.

Small Cap Core Portfolio

International Small Cap Portfolio

International Strategic Equities Portfolio

## ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
SEPTEMBER 30, 2025

------

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

---

| | |
|:---|:---|
|  [Schedule of Investments](#toc922233_1) | 1 |
|  [Statement of Assets and Liabilities](#toc922233_2) | 18 |
|  [Statement of Operations](#toc922233_3) | 20 |
|  [Statement of Changes in Net Assets](#toc922233_4) | 21 |
|  [Financial Highlights](#toc922233_5) | 24 |
|  [Notes to Financial Statements](#toc922233_6) | 34 |
|  [Other](#toc922233_7) | 57 |

---

**Before investing in any portfolio of the 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.

#### This shareholder report must be preceded or accompanied by the 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.

**Investment Products Offered:** • **Are Not FDIC Insured** • **May Lose Value** • **Are Not Bank Guaranteed** 

------

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

Bernstein Fund, Inc.

Schedule of Investments

#### Small Cap Core Portfolio
September 30, 2025

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| COMMON STOCKS–99.0% | COMMON STOCKS–99.0% | COMMON STOCKS–99.0% |
| Industrials–18.5% | Industrials–18.5% | Industrials–18.5% |
| **Aerospace & Defense–2.2%** | **Aerospace & Defense–2.2%** | **Aerospace & Defense–2.2%** |
|  AeroVironment, Inc.(a) | 15810 | $4978411 |
|  Ducommun, Inc.(a) | 25200 | 2422476 |
|  Kratos Defense & Security Solutions, Inc.(a) | 48320 | 4414998 |
|  Leonardo DRS, Inc. | 66610 | 3024094 |
|  V2X, Inc.(a) | 19750 | 1147278 |
|  |  | 15987257 |
| **Building Products–1.6%** |  |  |
|  Apogee Enterprises, Inc. | 32770 | 1427789 |
|  Armstrong World Industries, Inc. | 17950 | 3518380 |
|  Gibraltar Industries, Inc.(a) | 31711 | 1991451 |
|  UFP Industries, Inc. | 19827 | 1853626 |
|  Zurn Elkay Water Solutions Corp.–Class C | 69240 | 3256357 |
|  |  | 12047603 |
| **Commercial Services & Supplies–0.7%** |  |  |
|  Healthcare Services Group, Inc.(a) | 78570 | 1322333 |
|  Liquidity Services, Inc.(a) | 76050 | 2086052 |
|  Montrose Environmental Group, Inc.(a) | 50450 | 1385357 |
|  |  | 4793742 |
| **Construction & Engineering–3.0%** |  |  |
|  Construction Partners, Inc.–Class A(a) | 32522 | 4130294 |
|  Dycom Industries, Inc.(a) | 4340 | 1266238 |
|  Everus Construction Group, Inc.(a) | 27910 | 2393282 |
|  Fluor Corp.(a) | 126610 | 5326483 |
|  Granite Construction, Inc. | 19810 | 2172167 |
|  Matrix Service Co.(a) | 75060 | 981785 |
|  Primoris Services Corp. | 42200 | 5795326 |
|  |  | 22065575 |
| **Electrical Equipment–1.6%** |  |  |
|  LSI Industries, Inc. | 74650 | 1762487 |
|  NEXTracker, Inc.–Class A(a) | 85370 | 6316526 |
|  Powell Industries, Inc. | 7499 | 2285770 |
|  Power Solutions International, Inc.(a) | 12440 | 1221857 |
|  |  | 11586640 |
| **Ground Transportation–0.5%** |  |  |
|  ArcBest Corp. | 26183 | 1829406 |
|  FTAI Infrastructure, Inc. | 411620 | 1794663 |
|  |  | 3624069 |
| **Machinery–4.3%** |  |  |
|  Blue Bird Corp.(a) | 70240 | 4042312 |
|  Enpro, Inc. | 18570 | 4196820 |
|  Esab Corp. | 20442 | 2284189 |
|  ESCO Technologies, Inc. | 17860 | 3770425 |
|  JBT Marel Corp. | 34250 | 4810412 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Mueller Industries, Inc. | 35310 | $| 3570194 |
|  SPX Technologies, Inc.(a) | 28614 |  | 5344523 |
|  Watts Water Technologies, Inc.–Class A | 11836 |  | 3305558 |
|  |  |  | 31324433 |
| **Marine Transportation–0.6%** |  |  |  |
|  Kirby Corp.(a) | 29540 |  | 2465113 |
|  Matson, Inc. | 19100 |  | 1883069 |
|  |  |  | 4348182 |
| **Professional Services–2.8%** |  |  |  |
|  ExlService Holdings, Inc.(a) | 73310 |  | 3227839 |
|  FTI Consulting, Inc.(a) | 8030 |  | 1298050 |
|  Huron Consulting Group, Inc.(a) | 14210 |  | 2085602 |
|  IBEX Holdings Ltd.(a) | 48420 |  | 1961978 |
|  ICF International, Inc. | 15730 |  | 1459744 |
|  Legalzoom.com, Inc.(a) | 275102 |  | 2855559 |
|  Upwork, Inc.(a) | 219420 |  | 4074629 |
|  Willdan Group, Inc.(a) | 34490 |  | 3334838 |
|  |  |  | 20298239 |
| **Trading Companies & Distributors–1.2%** |  |  |  |
|  BlueLinx Holdings, Inc.(a) | 21100 |  | 1541988 |
|  Boise Cascade Co. | 31482 |  | 2434188 |
|  DNOW, Inc.(a) | 109640 |  | 1672010 |
|  MRC Global, Inc.(a) | 240752 |  | 3471644 |
|  |  |  | 9119830 |
|  |  |  | 135195570 |
| Financials–17.3% | Financials–17.3% | Financials–17.3% | Financials–17.3% |
| **Banks–10.1%** |  |  |  |
|  1st Source Corp. | 62907 |  | 3872555 |
|  Bank of Marin Bancorp | 81880 |  | 1988046 |
|  BankUnited, Inc. | 104339 |  | 3981576 |
|  Bridgewater Bancshares, Inc.(a) | 18243 |  | 321077 |
|  California BanCorp(a) | 48460 |  | 808313 |
|  Capital Bancorp, Inc. | 26420 |  | 842798 |
|  First BanCorp/Puerto Rico | 205310 |  | 4527085 |
|  First Bancorp/Southern Pines NC | 77690 |  | 4109024 |
|  First Hawaiian, Inc. | 146150 |  | 3628905 |
|  Flagstar Financial, Inc. | 334930 |  | 3868442 |
|  Heritage Commerce Corp. | 90390 |  | 897573 |
|  Heritage Financial Corp./WA | 153170 |  | 3705182 |
|  HomeTrust Bancshares, Inc. | 19661 |  | 804921 |
|  Independent Bank Corp. | 61002 |  | 4219508 |
|  International Bancshares Corp. | 62290 |  | 4282437 |
|  Mid Penn Bancorp, Inc. | 29070 |  | 832565 |
|  Nicolet Bankshares, Inc. | 28499 |  | 3833116 |
|  Texas Capital Bancshares, Inc.(a) | 53320 |  | 4507140 |
|  Third Coast Bancshares, Inc.(a) | 21570 |  | 819013 |
|  TriCo Bancshares | 84063 |  | 3733238 |
|  UMB Financial Corp. | 48100 |  | 5692635 |
|  Unity Bancorp, Inc. | 15610 |  | 762861 |
|  Washington Trust Bancorp, Inc. | 31220 |  | 902258 |
|  Webster Financial Corp. | 60010 |  | 3566994 |
|  Wintrust Financial Corp. | 26680 |  | 3533499 |

---

 <br> *2025 Annual Report* *1*

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  WSFS Financial Corp. | 77580 | $| 4183889 |
|  |  |  | 74224650 |
| **Capital Markets–2.0%** |  |  |  |
|  Donnelley Financial Solutions, Inc.(a) | 41023 |  | 2109813 |
|  Federated Hermes, Inc. | 66630 |  | 3460096 |
|  Houlihan Lokey, Inc. | 10186 |  | 2091390 |
|  Piper Sandler Cos. | 7070 |  | 2453219 |
|  PJT Partners, Inc.–Class A | 19080 |  | 3391088 |
|  WisdomTree, Inc.(b) | 80510 |  | 1119089 |
|  |  |  | 14624695 |
| **Consumer Finance–1.0%** |  |  |  |
|  Dave, Inc.(a) | 12157 |  | 2423498 |
|  NerdWallet, Inc.–Class A(a) | 137470 |  | 1479177 |
|  PROG Holdings, Inc. | 103290 |  | 3342465 |
|  |  |  | 7245140 |
| **Financial Services–1.9%** |  |  |  |
|  Jackson Financial, Inc.–Class A | 30604 |  | 3098043 |
|  NCR Atleos Corp.(a) | 94818 |  | 3727296 |
|  Payoneer Global, Inc.(a) | 493762 |  | 2987260 |
|  Remitly Global, Inc.(a) | 114900 |  | 1872870 |
|  Sezzle, Inc.(a)(b) | 12650 |  | 1006054 |
|  Shift4 Payments, Inc.–Class A(a)(b) | 13530 |  | 1047222 |
|  |  |  | 13738745 |
| **Insurance–2.0%** |  |  |  |
|  Assured Guaranty Ltd. | 34840 |  | 2949206 |
|  Employers Holdings, Inc. | 32740 |  | 1390795 |
|  Genworth Financial, Inc.(a) | 385180 |  | 3428102 |
|  Hanover Insurance Group, Inc. (The) | 18138 |  | 3294405 |
|  Heritage Insurance Holdings, Inc.(a) | 56360 |  | 1419145 |
|  Palomar Holdings, Inc.(a) | 19620 |  | 2290635 |
|  |  |  | 14772288 |
| **Mortgage Real Estate Investment Trusts (REITs)–0.3%** | **Mortgage Real Estate Investment Trusts (REITs)–0.3%** |  |  |
|  BrightSpire Capital, Inc. | 183940 |  | 998794 |
|  TPG RE Finance Trust, Inc. | 155150 |  | 1328084 |
|  |  |  | 2326878 |
|  |  |  | 126932396 |
| Information Technology–15.9% |  |  |  |
| **Communications Equipment–1.1%** |  |  |  |
|  ADTRAN Holdings, Inc.(a) | 214340 |  | 2010509 |
|  Calix, Inc.(a) | 40700 |  | 2497759 |
|  Harmonic, Inc.(a) | 143680 |  | 1462663 |
|  NETGEAR, Inc.(a) | 76370 |  | 2473624 |
|  |  |  | 8444555 |
| **Electronic Equipment, Instruments & Components–3.6%** | **Electronic Equipment, Instruments & Components–3.6%** | **Electronic Equipment, Instruments & Components–3.6%** | **Electronic Equipment, Instruments & Components–3.6%** |
|  Allegro MicroSystems, Inc.(a) | 39370 |  | 1149604 |
|  Arlo Technologies, Inc.(a) | 199330 |  | 3378643 |
|  Avnet, Inc. | 55950 |  | 2925066 |
|  Daktronics, Inc.(a) | 130530 |  | 2730688 |
|  Fabrinet(a) | 12120 |  | 4419194 |
|  Plexus Corp.(a) | 30800 |  | 4456452 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Sanmina Corp.(a) | 33846 | $| 3896013 |
|  TTM Technologies, Inc.(a) | 55320 |  | 3186432 |
|  |  |  | 26142092 |
| **IT Services–0.6%** |  |  |  |
|  DXC Technology Co.(a) | 81860 |  | 1115752 |
|  Grid Dynamics Holdings, Inc.(a) | 268560 |  | 2070597 |
|  TSS, Inc./MD(a) | 84860 |  | 1536815 |
|  |  |  | 4723164 |
| **Semiconductors & Semiconductor Equipment–3.8%** | **Semiconductors & Semiconductor Equipment–3.8%** | **Semiconductors & Semiconductor Equipment–3.8%** | **Semiconductors & Semiconductor Equipment–3.8%** |
|  Axcelis Technologies, Inc.(a) | 34220 |  | 3341241 |
|  Credo Technology Group Holding Ltd.(a) | 38090 |  | 5546285 |
|  FormFactor, Inc.(a) | 30980 |  | 1128292 |
|  Ichor Holdings Ltd.(a) | 31020 |  | 543470 |
|  MACOM Technology Solutions Holdings, Inc.(a) | 19700 |  | 2452453 |
|  Penguin Solutions, Inc.(a) | 115120 |  | 3025353 |
|  Photronics, Inc.(a) | 144030 |  | 3305488 |
|  Rambus, Inc.(a) | 41674 |  | 4342431 |
|  Semtech Corp.(a) | 56120 |  | 4009774 |
|  |  |  | 27694787 |
| **Software–6.6%** |  |  |  |
|  ACI Worldwide, Inc.(a) | 95130 |  | 5020010 |
|  Alkami Technology, Inc.(a)(b) | 102160 |  | 2537654 |
|  Amplitude, Inc.–Class A(a) | 221790 |  | 2377589 |
|  AvidXchange Holdings, Inc.(a) | 387240 |  | 3853038 |
|  Box, Inc.–Class A(a) | 139870 |  | 4513605 |
|  Braze, Inc.–Class A(a) | 117034 |  | 3328447 |
|  Five9, Inc.(a) | 86490 |  | 2093058 |
|  Freshworks, Inc.–Class A(a) | 168250 |  | 1980303 |
|  Intapp, Inc.(a) | 72190 |  | 2952571 |
|  InterDigital, Inc. | 3760 |  | 1298065 |
|  LiveRamp Holdings, Inc.(a) | 142342 |  | 3863162 |
|  OneSpan, Inc. | 167740 |  | 2665389 |
|  Ooma, Inc.(a) | 102880 |  | 1233531 |
|  Progress Software Corp.(a) | 24581 |  | 1079843 |
|  Qualys, Inc.(a) | 17270 |  | 2285339 |
|  Rapid7, Inc.(a) | 54360 |  | 1019250 |
|  SEMrush Holdings, Inc.–Class A(a) | 228320 |  | 1616506 |
|  SPS Commerce, Inc.(a) | 31180 |  | 3247085 |
|  Tenable Holdings, Inc.(a) | 35740 |  | 1042178 |
|  |  |  | 48006623 |
| **Technology Hardware, Storage & Peripherals–0.2%** | **Technology Hardware, Storage & Peripherals–0.2%** | **Technology Hardware, Storage & Peripherals–0.2%** | **Technology Hardware, Storage & Peripherals–0.2%** |
|  ACV Auctions, Inc.–Class A(a) | 141860 |  | 1405833 |
|  |  |  | 116417054 |
| Health Care–15.7% |  |  |  |
| **Biotechnology–7.2%** |  |  |  |
|  Akero Therapeutics, Inc.(a) | 73930 |  | 3510196 |
|  Apogee Therapeutics, Inc.(a) | 61920 |  | 2460082 |
|  ARS Pharmaceuticals, Inc.(a)(b) | 281360 |  | 2827668 |
|  Ascendis Pharma A/S (ADR)(a) | 14727 |  | 2927875 |
|  Bridgebio Pharma, Inc.(a) | 94260 |  | 4895864 |
|  Caris Life Sciences, Inc.(a) | 86820 |  | 2626305 |
|  Celcuity, Inc.(a) | 47040 |  | 2323776 |

---

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

------

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

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  CG oncology, Inc.(a)(b) | 100140 | $4033639 |
|  Denali Therapeutics, Inc.(a) | 173480 | 2518930 |
|  Dianthus Therapeutics, Inc.(a) | 70240 | 2763944 |
|  Halozyme Therapeutics, Inc.(a) | 40080 | 2939467 |
|  Legend Biotech Corp. (ADR)(a) | 82670 | 2695869 |
|  Mineralys Therapeutics, Inc.(a) | 64750 | 2455320 |
|  Newamsterdam Pharma Co. NV(a)(b) | 103031 | 2930202 |
|  Rhythm Pharmaceuticals, Inc.(a) | 39770 | 4016372 |
|  Viridian Therapeutics, Inc.(a) | 143060 | 3087235 |
|  Xenon Pharmaceuticals, Inc.(a) | 88570 | 3556085 |
|  |  | 52568829 |
| **Health Care Equipment & Supplies–1.8%** |  |  |
|  AtriCure, Inc.(a) | 108190 | 3813697 |
|  CONMED Corp. | 35329 | 1661523 |
|  Integer Holdings Corp.(a) | 42040 | 4343993 |
|  Kestra Medical Technologies Ltd.(a) | 108030 | 2566793 |
|  Selectquote, Inc.(a) | 574660 | 1126334 |
|  |  | 13512340 |
| **Health Care Providers & Services–3.8%** |  |  |
|  Addus HomeCare Corp.(a) | 11870 | 1400541 |
|  BrightSpring Health Services, Inc.(a) | 154530 | 4567907 |
|  CorVel Corp.(a) | 14540 | 1125687 |
|  GeneDx Holdings Corp.(a) | 17100 | 1842354 |
|  HealthEquity, Inc.(a) | 51410 | 4872126 |
|  Hims & Hers Health, Inc.(a)(b) | 96060 | 5448523 |
|  Option Care Health, Inc.(a) | 158650 | 4404124 |
|  PROCEPT BioRobotics Corp.(a) | 86857 | 3099926 |
|  Talkspace, Inc.(a) | 458450 | 1265322 |
|  |  | 28026510 |
| **Health Care Technology–0.7%** |  |  |
|  Teladoc Health, Inc.(a) | 304469 | 2353545 |
|  Waystar Holding Corp.(a) | 68970 | 2615343 |
|  |  | 4968888 |
| **Life Sciences Tools & Services–0.4%** |  |  |
|  Niagen Bioscience, Inc.(a) | 116570 | 1087598 |
|  Repligen Corp.(a) | 15070 | 2014407 |
|  |  | 3102005 |
| **Pharmaceuticals–1.8%** |  |  |
|  Amneal Pharmaceuticals, Inc.(a) | 114860 | 1149749 |
|  Corcept Therapeutics, Inc.(a) | 7064 | 587089 |
|  Harmony Biosciences Holdings, Inc.(a) | 109960 | 3030498 |
|  Phibro Animal Health Corp.–Class A | 89930 | 3638568 |
|  Rapport Therapeutics, Inc.(a) | 72340 | 2148498 |
|  Trevi Therapeutics, Inc.(a) | 286370 | 2620285 |
|  |  | 13174687 |
|  |  | 115353259 |
| Consumer Discretionary–10.2% |  |  |
| **Automobile Components–1.4%** |  |  |
|  American Axle & Manufacturing Holdings, Inc.(a) | 352500 | 2118525 |
|  Modine Manufacturing Co.(a) | 27930 | 3970529 |
|  Visteon Corp. | 34650 | 4153149 |
|  |  | 10242203 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
| **Automobiles–0.2%** |  |  |  |
|  Winnebago Industries, Inc. | 44076 | $| 1473901 |
| **Diversified Consumer Services–1.8%** |  |  |  |
|  Adtalem Global Education, Inc.(a) | 11610 |  | 1793165 |
|  Coursera, Inc.(a) | 182910 |  | 2141876 |
|  Frontdoor, Inc.(a) | 60370 |  | 4062297 |
|  Graham Holdings Co.–Class B | 2550 |  | 3002141 |
|  Udemy, Inc.(a) | 320110 |  | 2243971 |
|  |  |  | 13243450 |
| **Hotels, Restaurants & Leisure–2.0%** |  |  |  |
|  Accel Entertainment, Inc.(a) | 156020 |  | 1727141 |
|  Brinker International, Inc.(a) | 32860 |  | 4162705 |
|  Nathan's Famous, Inc. | 12950 |  | 1434083 |
|  Portillo's, Inc.–Class A(a)(b) | 123050 |  | 793673 |
|  Rush Street Interactive, Inc.(a) | 175738 |  | 3599114 |
|  Travel & Leisure Co. | 21981 |  | 1307650 |
|  Wingstop, Inc. | 5480 |  | 1379206 |
|  |  |  | 14403572 |
| **Household Durables–1.6%** |  |  |  |
|  Hovnanian Enterprises, Inc.–Class A(a) | 9750 |  | 1252777 |
|  KB Home | 56140 |  | 3572750 |
|  Taylor Morrison Home Corp.(a) | 71791 |  | 4738924 |
|  Tri Pointe Homes, Inc.(a) | 72630 |  | 2467241 |
|  |  |  | 12031692 |
| **Leisure Products–0.3%** |  |  |  |
|  Acushnet Holdings Corp. | 18520 |  | 1453635 |
|  MasterCraft Boat Holdings, Inc.(a) | 48270 |  | 1035874 |
|  |  |  | 2489509 |
| **Specialty Retail–2.3%** |  |  |  |
|  AutoNation, Inc.(a) | 11850 |  | 2592425 |
|  Boot Barn Holdings, Inc.(a) | 25490 |  | 4224203 |
|  Build-A-Bear Workshop, Inc. | 15648 |  | 1020406 |
|  Group 1 Automotive, Inc. | 7530 |  | 3294450 |
|  Urban Outfitters, Inc.(a) | 40750 |  | 2910772 |
|  Winmark Corp. | 5040 |  | 2508761 |
|  |  |  | 16551017 |
| **Textiles, Apparel & Luxury Goods–0.6%** |  |  |  |
|  G-III Apparel Group Ltd.(a) | 55640 |  | 1480580 |
|  Kontoor Brands, Inc. | 33950 |  | 2708192 |
|  |  |  | 4188772 |
|  |  |  | 74624116 |
| Real Estate–5.5% | Real Estate–5.5% | Real Estate–5.5% | Real Estate–5.5% |
| **Diversified REITs–0.9%** |  |  |  |
|  Alexander & Baldwin, Inc. | 200580 |  | 3648550 |
|  American Assets Trust, Inc. | 53420 |  | 1085495 |
|  Broadstone Net Lease, Inc. | 119860 |  | 2141898 |
|  |  |  | 6875943 |
| **Health Care REITs–0.4%** |  |  |  |
|  Sabra Health Care REIT, Inc. | 160820 |  | 2997685 |

---

 <br> *2025 Annual Report* *3*

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
| **Hotel & Resort REITs–0.9%** |  |  |  |
|  RLJ Lodging Trust(b) | 276309 | $| 1989425 |
|  Ryman Hospitality Properties, Inc. | 34130 |  | 3057706 |
|  Summit Hotel Properties, Inc. | 299930 |  | 1646616 |
|  |  |  | 6693747 |
| **Industrial REITs–0.3%** |  |  |  |
|  STAG Industrial, Inc. | 64614 |  | 2280228 |
| **Office REITs–0.7%** |  |  |  |
|  COPT Defense Properties | 107050 |  | 3110873 |
|  Empire State Realty Trust, Inc.–Class A | 262460 |  | 2010444 |
|  |  |  | 5121317 |
| **Real Estate Management & Development–0.5%** |  |  |  |
|  Forestar Group, Inc.(a) | 133150 |  | 3540458 |
| **Residential REITs–0.4%** |  |  |  |
|  Independence Realty Trust, Inc. | 169310 |  | 2774991 |
| **Retail REITs–1.1%** |  |  |  |
|  Acadia Realty Trust | 136297 |  | 2746385 |
|  NETSTREIT Corp.(b) | 174620 |  | 3153637 |
|  SITE Centers Corp. | 232320 |  | 2093203 |
|  |  |  | 7993225 |
| **Specialized REITs–0.3%** |  |  |  |
|  National Storage Affiliates Trust | 58170 |  | 1757897 |
|  |  |  | 40035491 |
| Energy–4.8% | Energy–4.8% | Energy–4.8% | Energy–4.8% |
| **Energy Equipment & Services–1.7%** |  |  |  |
|  Cactus, Inc.–Class A | 90710 |  | 3580324 |
|  Liberty Energy, Inc. | 143083 |  | 1765644 |
|  Patterson-UTI Energy, Inc. | 599400 |  | 3104892 |
|  Ranger Energy Services, Inc.–Class A | 224030 |  | 3145381 |
|  Select Water Solutions, Inc. | 94128 |  | 1006228 |
|  |  |  | 12602469 |
| **Oil, Gas & Consumable Fuels–3.1%** |  |  |  |
|  HF Sinclair Corp. | 43942 |  | 2299924 |
|  Magnolia Oil & Gas Corp.–Class A | 183430 |  | 4378474 |
|  Matador Resources Co. | 64460 |  | 2896188 |
|  NexGen Energy Ltd.(a) | 397200 |  | 3554940 |
|  Northern Oil & Gas, Inc.(b) | 74990 |  | 1859752 |
|  Peabody Energy Corp. | 179890 |  | 4770683 |
|  Teekay Corp., Ltd. | 319200 |  | 2611056 |
|  |  |  | 22371017 |
|  |  |  | 34973486 |
| Materials–3.3% | Materials–3.3% | Materials–3.3% | Materials–3.3% |
| **Chemicals–1.4%** |  |  |  |
|  AdvanSix, Inc. | 103530 |  | 2006411 |
|  Avient Corp. | 68900 |  | 2270255 |
|  Axalta Coating Systems Ltd.(a) | 104270 |  | 2984207 |
|  Element Solutions, Inc. | 57080 |  | 1436704 |
|  Methanex Corp. | 45000 |  | 1789200 |
|  |  |  | 10486777 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
| **Construction Materials–0.3%** |  |  |  |
|  United States Lime & Minerals, Inc. | 18340 | $| 2412627 |
| **Containers & Packaging–0.5%** |  |  |  |
|  O-I Glass, Inc.(a) | 252110 |  | 3269867 |
| **Metals & Mining–1.1%** |  |  |  |
|  Coeur Mining, Inc.(a) | 126130 |  | 2366199 |
|  Olympic Steel, Inc. | 73540 |  | 2239293 |
|  Worthington Steel, Inc. | 115880 |  | 3521593 |
|  |  |  | 8127085 |
|  |  |  | 24296356 |
| Utilities–2.9% | Utilities–2.9% | Utilities–2.9% | Utilities–2.9% |
| **Electric Utilities–1.2%** |  |  |  |
|  Genie Energy Ltd.–Class B | 79068 |  | 1182067 |
|  Hawaiian Electric Industries, Inc.(a) | 88630 |  | 978475 |
|  IDACORP, Inc. | 27430 |  | 3624874 |
|  Portland General Electric Co. | 66610 |  | 2930840 |
|  |  |  | 8716256 |
| **Gas Utilities–1.7%** |  |  |  |
|  Chesapeake Utilities Corp. | 27630 |  | 3721485 |
|  ONE Gas, Inc. | 58730 |  | 4753606 |
|  Southwest Gas Holdings, Inc. | 53187 |  | 4166670 |
|  |  |  | 12641761 |
|  |  |  | 21358017 |
| Communication Services–2.8% | Communication Services–2.8% | Communication Services–2.8% | Communication Services–2.8% |
| **Diversified Telecommunication Services–0.4%** | **Diversified Telecommunication Services–0.4%** |  |  |
|  Bandwidth, Inc.–Class A(a) | 86130 |  | 1435787 |
|  IDT Corp.–Class B | 24700 |  | 1292057 |
|  |  |  | 2727844 |
| **Interactive Media & Services–1.4%** |  |  |  |
|  Cargurus, Inc.(a) | 54230 |  | 2018983 |
|  EverQuote, Inc.–Class A(a) | 98080 |  | 2243090 |
|  fuboTV, Inc.(a) | 380430 |  | 1578784 |
|  TripAdvisor, Inc.(a)(b) | 153870 |  | 2501926 |
|  Yelp, Inc.(a) | 66275 |  | 2067780 |
|  |  |  | 10410563 |
| **Media–1.0%** |  |  |  |
|  Criteo SA (Sponsored ADR)(a) | 64840 |  | 1465384 |
|  Gambling.com Group Ltd.(a) | 113120 |  | 925322 |
|  Integral Ad Science Holding Corp.(a) | 181340 |  | 1844228 |
|  Scholastic Corp. | 128240 |  | 3511211 |
|  |  |  | 7746145 |
|  |  |  | 20884552 |
| Consumer Staples–2.1% | Consumer Staples–2.1% | Consumer Staples–2.1% | Consumer Staples–2.1% |
| **Food Products–1.7%** |  |  |  |
|  Cal-Maine Foods, Inc. | 33880 |  | 3188108 |
|  Dole PLC | 238690 |  | 3207994 |

---

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

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Nomad Foods Ltd. | 88270 | $| 1160751 |
|  Seneca Foods Corp.–Class A(a) | 18860 |  | 2035748 |
|  Vital Farms, Inc.(a) | 62990 |  | 2592038 |
|  |  |  | 12184639 |
| **Household Products–0.4%** |  |  |  |
|  WD-40 Co. | 15180 |  | 2999568 |
|  |  |  | 15184207 |
| Total Common Stocks <br>(cost $627,219,836) |  |  | 725254504 |
| SHORT-TERM INVESTMENTS–0.7% |  |  |  |
| **Investment Companies–0.7%** | **Investment Companies–0.7%** | **Investment Companies–0.7%** | **Investment Companies–0.7%** |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB,<br>3.97%(c)(d)(e)<br>(cost $4,836,603) | 4836603 |  | 4836603 |
| **Total Investments Before Security Lending Collateral for Securities Loaned–99.7%**<br>(cost $632,056,439) |  |  | 730091107 |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.1% | INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.1% | INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.1% |
| **Investment Companies–1.1%** | **Investment Companies–1.1%** | **Investment Companies–1.1%** |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB,<br>3.97%(c)(d)(e)<br>(cost $8,303,095) | 8303095 | $8303095 |
| **Total Investments—100.8%**<br> (cost $640,359,534) |  | 738394202 |
|  Other assets less liabilities—(0.8)% |  | (5885171) |
| **Net Assets—100.0%** |  | $**732509031** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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** |  |  |  |  |
|  E-Mini Russell 2000 Index Futures | 300 | December 2025 | $36832500 | $589754 |

---

(a) Non-income producing security.

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

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

(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.

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

See notes to financial statements.

 <br> *2025 Annual Report* *5*

------

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

Bernstein Fund, Inc.

Schedule of Investments

#### International Small Cap Portfolio
September 30, 2025

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| COMMON STOCKS–97.0% | COMMON STOCKS–97.0% | COMMON STOCKS–97.0% |
| Industrials–22.0% | Industrials–22.0% | Industrials–22.0% |
| **Aerospace & Defense–3.0%** | **Aerospace & Defense–3.0%** | **Aerospace & Defense–3.0%** |
|  Babcock International Group PLC | 758035 | $13637412 |
|  Chemring Group PLC | 345944 | 2747679 |
|  Garden Reach Shipbuilders & Engineers Ltd. | 76613 | 2196126 |
|  LIG Nex1 Co., Ltd. | 23600 | 8666822 |
|  Saab AB–Class B | 145699 | 8952070 |
|  |  | 36200109 |
| **Air Freight & Logistics–0.8%** | **Air Freight & Logistics–0.8%** |  |
|  Hamakyorex Co., Ltd. | 268200 | 2842804 |
|  Logista Integral SA | 208766 | 7091151 |
|  |  | 9933955 |
| **Commercial Services & Supplies–1.6%** | **Commercial Services & Supplies–1.6%** |  |
|  Bilfinger SE | 27727 | 3062637 |
|  Binjiang Service Group Co., Ltd.–Class H(a) | 779000 | 2502586 |
|  Elis SA | 276784 | 7989165 |
|  L&K Engineering Co., Ltd. | 114000 | 1351493 |
|  Mitie Group PLC | 1478319 | 2776804 |
|  Parkin Co. PJSC | 768334 | 1150498 |
|  |  | 18833183 |
| **Construction & Engineering–2.3%** | **Construction & Engineering–2.3%** |  |
|  Balfour Beatty PLC | 1958956 | 17105581 |
|  Koninklijke Heijmans N.V | 42130 | 2933375 |
|  Samsung E&A Co., Ltd. | 91660 | 1752224 |
|  United Integrated Services Co., Ltd. | 83000 | 2451794 |
|  Ventia Services Group Pty Ltd. | 811576 | 2742846 |
|  |  | 26985820 |
| **Electrical Equipment–1.9%** | **Electrical Equipment–1.9%** |  |
|  Electrical Industries Co. | 945880 | 2761400 |
|  Hyosung Heavy Industries Corp. | 6915 | 6634932 |
|  Nexans SA | 81525 | 12140187 |
|  Nordex SE(b) | 38430 | 987088 |
|  |  | 22523607 |
| **Ground Transportation–1.4%** | **Ground Transportation–1.4%** |  |
|  Dubai Taxi Co. PJSC | 2822288 | 1990097 |
|  Keisei Electric Railway Co., Ltd. | 760600 | 7055036 |
|  Maruzen Showa Unyu Co., Ltd. | 56500 | 2652078 |
|  Sakai Moving Service Co., Ltd. | 117900 | 2386550 |
|  Seino Holdings Co., Ltd.(c) | 143600 | 2114999 |
|  |  | 16198760 |
| **Industrial Conglomerates–1.0%** | **Industrial Conglomerates–1.0%** |  |
|  Bidvest Group Ltd.(c) | 628771 | 7712002 |
|  Hyosung Corp. | 61350 | 3715793 |
|  |  | 11427795 |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Machinery–6.2%** | **Machinery–6.2%** |  |
|  ANDRITZ AG | 31067 | $2191861 |
|  Burckhardt Compression Holding AG | 3330 | 2594588 |
|  DMG Mori Co., Ltd. | 263000 | 5284608 |
|  Ebara Corp. | 157300 | 3585581 |
|  ESAB India Ltd. | 31152 | 1730469 |
|  HD Hyundai Mipo | 15801 | 2294424 |
|  Hyundai Elevator Co., Ltd. | 126629 | 7229997 |
|  Hyundai Rotem Co., Ltd. | 54554 | 8527924 |
|  Kalmar Oyj–Class B | 56242 | 2233762 |
|  Kardex Holding AG (REG) | 7409 | 2894953 |
|  Kawasaki Heavy Industries Ltd.(c) | 142700 | 9418130 |
|  KION Group AG | 112274 | 7617290 |
|  Konecranes Oyj | 35200 | 2914181 |
|  Krones AG | 16145 | 2358859 |
|  Lonking Holdings Ltd.–Class H | 6629000 | 2535631 |
|  Sany Heavy Equipment International Holdings Co., Ltd.–Class H | 2757000 | 2876050 |
|  Shibaura Machine Co., Ltd.(c) | 82400 | 2343090 |
|  Tocalo Co., Ltd. | 178100 | 2615808 |
|  Tsubakimoto Chain Co. | 151200 | 2194074 |
|  |  | 73441280 |
| **Marine Transportation–0.4%** | **Marine Transportation–0.4%** |  |
|  Hoegh Autoliners ASA | 220121 | 2365276 |
|  Wallenius Wilhelmsen ASA | 273311 | 2432681 |
|  |  | 4797957 |
| **Passenger Airlines–1.1%** | **Passenger Airlines–1.1%** |  |
|  El Al Israel Airlines(b) | 346167 | 1577996 |
|  JET2 PLC | 451887 | 8626264 |
|  Norwegian Air Shuttle ASA | 1590730 | 2538678 |
|  |  | 12742938 |
| **Professional Services–1.2%** | **Professional Services–1.2%** |  |
|  en Japan, Inc. | 459200 | 5056857 |
|  JAC Recruitment Co., Ltd. | 348600 | 2550179 |
|  MEITEC Group Holdings, Inc. | 118500 | 2556245 |
|  NICE Information Service Co., Ltd. | 201950 | 2006947 |
|  Persol Holdings Co., Ltd. | 1333600 | 2428944 |
|  |  | 14599172 |
| **Transportation Infrastructure–1.1%** | **Transportation Infrastructure–1.1%** |  |
|  Grupo Aeroportuario del Centro Norte SAB de CV | 995297 | 12846171 |
|  |  | 260530747 |
| Financials–15.7% | Financials–15.7% |  |
| **Banks–7.9%** | **Banks–7.9%** |  |
|  Alior Bank SA | 22050 | 624065 |
|  Alpha Bank SA | 3126420 | 13296832 |
|  AU Small Finance Bank Ltd.(a) | 380414 | 3133856 |
|  Banco del Bajio SA(a) | 989650 | 2494998 |
|  Bank of Cyprus Holdings PLC | 616972 | 5852564 |
|  Bank of Ireland Group PLC | 725155 | 12006626 |
|  BAWAG Group AG(a)(b) | 73608 | 9703968 |
|  BNK Financial Group, Inc. | 229541 | 2388692 |

---

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

------

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

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Dah Sing Banking Group Ltd.–Class H | 1650000 | $2077071 |
|  Dah Sing Financial Holdings Ltd.–Class H | 208000 | 906898 |
|  Iyogin Holdings, Inc. | 172500 | 2605060 |
|  JB Financial Group Co., Ltd. | 436570 | 7159603 |
|  Juroku Financial Group, Inc. | 66900 | 2488577 |
|  Mebuki Financial Group, Inc. | 2655400 | 16917239 |
|  Norion Bank AB(b) | 74824 | 537822 |
|  Seven Bank Ltd.(c) | 525000 | 1035861 |
|  Shizuoka Financial Group, Inc. | 233300 | 3191365 |
|  SpareBank 1 Nord Norge | 173191 | 2444594 |
|  Sydbank AS | 8176 | 657264 |
|  Tokyo Kiraboshi Financial Group, Inc. | 20600 | 1001051 |
|  Unicaja Banco SA(a) | 1117898 | 3076155 |
|  |  | 93600161 |
| **Capital Markets–2.8%** | **Capital Markets–2.8%** |  |
|  AJ Bell PLC | 370168 | 2718091 |
|  Alpha Group International PLC(a)(b) | 45493 | 2573930 |
|  Foresight Group Holdings Ltd. | 327616 | 2148771 |
|  JF SmartInvest Holdings Ltd.–Class H | 104500 | 998844 |
|  KIWOOM Securities Co., Ltd. | 3410 | 596126 |
|  Motilal Oswal Financial Services Ltd. | 807789 | 8050319 |
|  Polar Capital Holdings PLC | 303247 | 1964152 |
|  Rosebank Industries PLC(b) | 1084749 | 5303269 |
|  Samsung Securities Co., Ltd. | 86271 | 4413958 |
|  Sdiptech AB–Class B(b) | 65731 | 1216238 |
|  Yangzijiang Financial Holding Ltd. | 3029100 | 2819765 |
|  |  | 32803463 |
| **Consumer Finance–1.0%** | **Consumer Finance–1.0%** |  |
|  Credit Corp. Group Ltd. | 139807 | 1412659 |
|  Credit Saison Co., Ltd. | 342700 | 9138019 |
|  FinVolution Group (ADR) | 228750 | 1685888 |
|  |  | 12236566 |
| **Financial Services–2.4%** | **Financial Services–2.4%** |  |
|  BFF Bank SpA(a)(b) | 169936 | 2183260 |
|  Financial Partners Group Co., Ltd. | 154200 | 2475005 |
|  L&T Finance Ltd. | 2088502 | 5862335 |
|  OSB Group PLC | 1357478 | 10382360 |
|  PNB Housing Finance Ltd.(a) | 784957 | 7625764 |
|  |  | 28528724 |
| **Insurance–1.6%** | **Insurance–1.6%** |  |
|  Beazley PLC | 53954 | 659855 |
|  Coface SA | 138106 | 2582331 |
|  Hiscox Ltd. | 475645 | 8779358 |
|  Lifenet Insurance Co.(b)(c) | 341100 | 4780203 |
|  Protector Forsikring ASA | 51807 | 2554692 |
|  |  | 19356439 |
|  |  | 186525353 |
| Information Technology–14.4% | Information Technology–14.4% |  |
| **Communications Equipment–0.5%** | **Communications Equipment–0.5%** |  |
|  Arcadyan Technology Corp.(b) | 181000 | 1308081 |
|  Ituran Location & Control Ltd. | 63300 | 2261076 |
|  VTech Holdings Ltd.–Class H | 254800 | 2053254 |
|  |  | 5622411 |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Electronic Equipment, Instruments & Components–3.1%** | **Electronic Equipment, Instruments & Components–3.1%** | **Electronic Equipment, Instruments & Components–3.1%** |
|  Barco NV | 158720 | $2525136 |
|  BOE Varitronix Ltd.–Class H(c) | 1352000 | 972696 |
|  Canon Marketing Japan, Inc. | 65100 | 2632816 |
|  DataTec Ltd. | 35226 | 122459 |
|  E Ink Holdings, Inc. | 1281000 | 10177381 |
|  Elite Material Co., Ltd. | 316000 | 12788906 |
|  Kaga Electronics Co., Ltd. | 85800 | 2052573 |
|  Mycronic AB | 40550 | 929608 |
|  Next Vision Stabilized Systems Ltd. | 27110 | 1229277 |
|  VusionGroup | 8887 | 2671251 |
|  |  | 36102103 |
| **IT Services–3.4%** | **IT Services–3.4%** | **IT Services–3.4%** |
|  BIPROGY, Inc. | 256100 | 10447822 |
|  Computacenter PLC | 84390 | 3057324 |
|  Cyient Ltd. | 522232 | 6732219 |
|  Data#3 Ltd. | 412510 | 2507319 |
|  Digital Garage, Inc. | 328200 | 8022356 |
|  Future Corp. | 164200 | 2576475 |
|  Mastek Ltd. | 171846 | 4231973 |
|  NSD Co., Ltd. | 34700 | 815774 |
|  One Software Technologies Ltd. | 96231 | 2349888 |
|  |  | 40741150 |
| **Semiconductors & Semiconductor Equipment–5.4%** | **Semiconductors & Semiconductor Equipment–5.4%** | **Semiconductors & Semiconductor Equipment–5.4%** |
|  Elan Microelectronics Corp. | 294000 | 1259184 |
|  Faraday Technology Corp. | 110497 | 578316 |
|  HPSP Co., Ltd. | 260399 | 6269185 |
|  King Yuan Electronics Co., Ltd. | 1410000 | 7628591 |
|  Melexis NV(c) | 29727 | 2369708 |
|  MPI Corp. | 53000 | 3007459 |
|  Nanya Technology Corp.(b) | 4058000 | 9783663 |
|  Rorze Corp. | 540500 | 8110571 |
|  Sanken Electric Co., Ltd.(b) | 154500 | 7499986 |
|  Shibaura Mechatronics Corp. | 25900 | 2290780 |
|  Sitronix Technology Corp. | 84000 | 600233 |
|  Tokyo Seimitsu Co., Ltd. | 120300 | 8140866 |
|  Tri Chemical Laboratories, Inc.(c) | 329600 | 6485368 |
|  |  | 64023910 |
| **Software–1.0%** | **Software–1.0%** | **Software–1.0%** |
|  Birlasoft Ltd. | 119376 | 473015 |
|  Magic Software Enterprises Ltd. | 110960 | 2254856 |
|  Plus Alpha Consulting Co., Ltd. | 108525 | 1833489 |
|  Systena Corp. | 837000 | 2995283 |
|  Technology One Ltd. | 116648 | 2969668 |
|  WingArc1st, Inc. | 69800 | 1542005 |
|  |  | 12068316 |
| **Technology Hardware, Storage & Peripherals–1.0%** | **Technology Hardware, Storage & Peripherals–1.0%** | **Technology Hardware, Storage & Peripherals–1.0%** |
|  Chenbro Micom Co., Ltd. | 365000 | 7144827 |
|  Chicony Electronics Co., Ltd. | 371000 | 1685123 |
|  Toshiba TEC Corp.(b) | 8500 | 173867 |
|  Wacom Co., Ltd. | 479700 | 2645542 |
|  |  | 11649359 |
|  |  | 170207249 |

---

 <br> *2025 Annual Report* *7*

------

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

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| Consumer Discretionary–10.7% | Consumer Discretionary–10.7% | Consumer Discretionary–10.7% |
| **Automobile Components–2.1%** | **Automobile Components–2.1%** | **Automobile Components–2.1%** |
|  Banco Products India Ltd.(b) | 164929 | $1543710 |
|  Mahle Metal Leve SA | 268100 | 1375698 |
|  Niterra Co., Ltd. | 75600 | 2916217 |
|  Opmobility | 131575 | 2122554 |
|  PWR Holdings Ltd.(c) | 300167 | 1543437 |
|  Schaeffler AG | 340771 | 2280519 |
|  Toyo Tire Corp. | 342800 | 9101192 |
|  Toyota Boshoku Corp. | 161600 | 2674693 |
|  Valeo SE | 111550 | 1406742 |
|  |  | 24964762 |
| **Automobiles–0.3%** | **Automobiles–0.3%** | **Automobiles–0.3%** |
|  Piaggio & C SpA(c) | 1598929 | 3686347 |
| **Broadline Retail–0.5%** | **Broadline Retail–0.5%** | **Broadline Retail–0.5%** |
|  Mercari, Inc.(b) | 350500 | 5390699 |
| **Diversified Consumer Services–0.2%** | **Diversified Consumer Services–0.2%** | **Diversified Consumer Services–0.2%** |
|  ME GROUP INTERNATIONAL PLC | 870089 | 2176589 |
| **Hotels, Restaurants & Leisure–0.9%** | **Hotels, Restaurants & Leisure–0.9%** | **Hotels, Restaurants & Leisure–0.9%** |
|  Atour Lifestyle Holdings Ltd. (ADR) | 67935 | 2553677 |
|  Jollibee Foods Corp. | 1593090 | 5857753 |
|  McDonald's Holdings Co. Japan Ltd. | 66500 | 2788919 |
|  |  | 11200349 |
| **Household Durables–1.4%** | **Household Durables–1.4%** | **Household Durables–1.4%** |
|  Bellway PLC | 218194 | 7228509 |
|  Casio Computer Co., Ltd. | 1154800 | 9490081 |
|  |  | 16718590 |
| **Leisure Products–2.6%** | **Leisure Products–2.6%** | **Leisure Products–2.6%** |
|  BRP, Inc.(c) | 106188 | 6456584 |
|  Dream International Ltd.–Class H | 2104000 | 3397689 |
|  Sankyo Co., Ltd. | 148700 | 2583474 |
|  Sega Sammy Holdings, Inc. | 384000 | 8090898 |
|  Technogym SpA(a) | 151849 | 2578601 |
|  Tsuburaya Fields Holdings, Inc. | 514800 | 7881196 |
|  |  | 30988442 |
| **Specialty Retail–0.4%** | **Specialty Retail–0.4%** | **Specialty Retail–0.4%** |
|  Lovisa Holdings Ltd. | 58338 | 1442999 |
|  Pet Valu Holdings Ltd. | 110209 | 2850055 |
|  |  | 4293054 |
| **Textiles, Apparel & Luxury Goods–2.3%** | **Textiles, Apparel & Luxury Goods–2.3%** | **Textiles, Apparel & Luxury Goods–2.3%** |
|  Arvind Ltd. | 1658649 | 5675394 |
|  Burberry Group PLC(b) | 419582 | 6628284 |
|  JNBY Design Ltd.–Class H(a) | 810000 | 1907381 |
|  Li Ning Co., Ltd.–Class H | 2094000 | 4734903 |
|  Makalot Industrial Co., Ltd. | 201140 | 1920336 |
|  Marimekko Oyj | 129463 | 1904993 |
|  Mavi Giyim Sanayi Ve Ticaret AS–Class B(a) | 1046282 | 941596 |
|  Yue Yuen Industrial Holdings Ltd.–Class H(c) | 2363500 | 4019741 |
|  |  | 27732628 |
|  |  | 127151460 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
| Materials–8.2% | Materials–8.2% |  |  |
| **Chemicals–3.5%** | **Chemicals–3.5%** |  |  |
|  Castrol India Ltd. | 1147102 | $| 2582021 |
|  FUCHS SE (Preference Shares) | 41601 |  | 1865290 |
|  Fufeng Group Ltd.–Class H | 2447000 |  | 2749916 |
|  Gulf Oil Lubricants India Ltd. | 169190 |  | 2307140 |
|  Kumho Petrochemical Co., Ltd. | 70331 |  | 5238913 |
|  Kuraray Co., Ltd. | 643400 |  | 7395512 |
|  Omnia Holdings Ltd. | 512487 |  | 2127088 |
|  TKG Huchems Co., Ltd. | 149759 |  | 1889931 |
|  Tosoh Corp.(c) | 431800 |  | 6387842 |
|  Zeon Corp. | 759100 |  | 8437449 |
|  |  |  | 40981102 |
| **Construction Materials–0.4%** | **Construction Materials–0.4%** | **Construction Materials–0.4%** | **Construction Materials–0.4%** |
|  Shinagawa Refractories Co., Ltd. | 167600 |  | 2117922 |
|  Vicat SACA | 33726 |  | 2374024 |
|  |  |  | 4491946 |
| **Containers & Packaging–0.4%** | **Containers & Packaging–0.4%** | **Containers & Packaging–0.4%** | **Containers & Packaging–0.4%** |
|  EPL Ltd. | 2189754 |  | 5077975 |
| **Metals & Mining–3.7%** | **Metals & Mining–3.7%** | **Metals & Mining–3.7%** | **Metals & Mining–3.7%** |
|  Aneka Tambang Tbk | 13447000 |  | 2544095 |
|  Capstone Copper Corp.(b) | 1094843 |  | 9298731 |
|  Centerra Gold, Inc. | 268476 |  | 2876322 |
|  Endeavour Mining PLC | 177462 |  | 7454501 |
|  Labrador Iron Ore Royalty Corp.(c) | 235749 |  | 4756651 |
|  Lundin Mining Corp. | 698634 |  | 10421529 |
|  Orla Mining Ltd.(b) | 256872 |  | 2770460 |
|  Perenti Ltd. | 1445562 |  | 2687218 |
|  SSAB AB–Class B | 108161 |  | 630764 |
|  |  |  | 43440271 |
| **Paper & Forest Products–0.2%** | **Paper & Forest Products–0.2%** | **Paper & Forest Products–0.2%** | **Paper & Forest Products–0.2%** |
|  Interfor Corp.(b) | 382537 |  | 2789934 |
|  |  |  | 96781228 |
| Real Estate–5.5% | Real Estate–5.5% |  |  |
| **Diversified REITs–0.4%** | **Diversified REITs–0.4%** |  |  |
|  British Land Co. PLC (The) | 524794 |  | 2467549 |
|  Sekisui House Reit, Inc. | 4330 |  | 2331276 |
|  |  |  | 4798825 |
| **Health Care REITs–1.0%** | **Health Care REITs–1.0%** | **Health Care REITs–1.0%** | **Health Care REITs–1.0%** |
|  Aedifica SA | 42505 |  | 3155652 |
|  Cofinimmo SA | 38241 |  | 3324519 |
|  Primary Health Properties PLC(c) | 4731619 |  | 5823986 |
|  |  |  | 12304157 |
| **Office REITs–0.6%** | **Office REITs–0.6%** | **Office REITs–0.6%** | **Office REITs–0.6%** |
|  AREIT, Inc. | 3598100 |  | 2655299 |
|  Brookfield India Real Estate Trust(a) | 669450 |  | 2592970 |
|  CLS Holdings PLC(c) | 2597773 |  | 2109309 |
|  |  |  | 7357578 |

---

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

------

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

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Real Estate Management & Development–2.3%** | **Real Estate Management & Development–2.3%** | **Real Estate Management & Development–2.3%** |
|  Cury Construtora e Incorporadora SA | 459000 | $2981376 |
|  Deyaar Development PJSC | 8022926 | 2182335 |
|  Katitas Co., Ltd.(c) | 295100 | 5589268 |
|  Kerry Properties Ltd.–Class H | 911500 | 2437992 |
|  Starts Corp., Inc. | 81500 | 2797206 |
|  TAG Immobilien AG | 524902 | 9081058 |
|  Tokyu Fudosan Holdings Corp. | 324800 | 2684682 |
|  |  | 27753917 |
| **Residential REITs–0.2%** | **Residential REITs–0.2%** | **Residential REITs–0.2%** |
|  Morguard North American Residential Real Estate Investment Trust | 183243 | 2389782 |
| **Retail REITs–1.0%** | **Retail REITs–1.0%** | **Retail REITs–1.0%** |
|  Charter Hall Retail REIT | 2389101 | 6512308 |
|  Hamborner REIT AG | 352213 | 2353118 |
|  Sasseur Real Estate Investment Trust(a)(b) | 4411300 | 2326572 |
|  |  | 11191998 |
|  |  | 65796257 |
| Health Care–5.0% | Health Care–5.0% |  |
| **Biotechnology–1.0%** | **Biotechnology–1.0%** |  |
|  BioGaia AB–Class B | 207151 | 2366286 |
|  Hugel, Inc.(b) | 30915 | 6642865 |
|  PeptiDream, Inc.(b) | 147900 | 1582169 |
|  Telix Pharmaceuticals Ltd.(b) | 148720 | 1437685 |
|  |  | 12029005 |
| **Health Care Equipment & Supplies–1.1%** | **Health Care Equipment & Supplies–1.1%** | **Health Care Equipment & Supplies–1.1%** |
|  Chularat Hospital PCL–Class F | 19549900 | 959245 |
|  Classys, Inc. | 131257 | 4732712 |
|  Convatec Group PLC(a) | 1878581 | 5865402 |
|  Eckert & Ziegler SE | 23670 | 496970 |
|  Japan Lifeline Co., Ltd. | 115800 | 1181620 |
|  |  | 13235949 |
| **Health Care Providers & Services–0.4%** | **Health Care Providers & Services–0.4%** | **Health Care Providers & Services–0.4%** |
|  Fleury SA | 828400 | 2512166 |
|  Odontoprev SA | 1066380 | 2652801 |
|  |  | 5164967 |
| **Life Sciences Tools & Services–0.1%** | **Life Sciences Tools & Services–0.1%** | **Life Sciences Tools & Services–0.1%** |
|  Chemometec A/S | 8572 | 845920 |
| **Pharmaceuticals–2.4%** | **Pharmaceuticals–2.4%** | **Pharmaceuticals–2.4%** |
|  Ajanta Pharma Ltd. | 63528 | 1720207 |
|  Chong Kun Dang Pharmaceutical Corp. | 26884 | 1572575 |
|  Consun Pharmaceutical Group Ltd.–Class H | 1199000 | 2627658 |
|  H Lundbeck A/S | 382224 | 2780172 |
|  Hikma Pharmaceuticals PLC | 278283 | 6388267 |
|  Hypera SA | 945500 | 4037994 |
|  Jamjoom Pharmaceuticals Factory Co. | 44268 | 1860581 |
|  Mega Lifesciences PCL | 2049000 | 1960161 |
|  Procter & Gamble Health Ltd. | 34872 | 2477483 |
|  Sanofi India Ltd. | 9881 | 516475 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  United Laboratories International Holdings Ltd. (The)–Class H(c) | 1254000 | $| 2426967 |
|  |  |  | 28368540 |
|  |  |  | 59644381 |
| Communication Services–4.3% | Communication Services–4.3% |  |  |
| **Diversified Telecommunication Services–0.7%** | **Diversified Telecommunication Services–0.7%** |  |  |
|  Gamma Communications PLC | 118657 |  | 1595818 |
|  Magyar Telekom Telecommunications PLC | 490560 |  | 2619983 |
|  NOS SGPS SA | 465130 |  | 2128672 |
|  Telkom SA SOC Ltd. | 830077 |  | 2459470 |
|  |  |  | 8803943 |
| **Entertainment–1.9%** | **Entertainment–1.9%** | **Entertainment–1.9%** | **Entertainment–1.9%** |
|  Anycolor, Inc. | 25100 |  | 956212 |
|  GungHo Online Entertainment, Inc. | 350400 |  | 6409138 |
|  International Games System Co., Ltd. | 371400 |  | 9616638 |
|  NetDragon Websoft Holdings Ltd.–Class H | 1526500 |  | 3034040 |
|  Soft-World International Corp. | 295000 |  | 1057587 |
|  Tips Music Ltd. | 193694 |  | 1286610 |
|  |  |  | 22360225 |
| **Interactive Media & Services–0.4%** | **Interactive Media & Services–0.4%** | **Interactive Media & Services–0.4%** | **Interactive Media & Services–0.4%** |
|  Rightmove PLC | 303526 |  | 2898624 |
|  SOOP Co., Ltd. | 23333 |  | 1249360 |
|  |  |  | 4147984 |
| **Media–1.3%** | **Media–1.3%** | **Media–1.3%** | **Media–1.3%** |
|  Criteo SA (Sponsored ADR)(b) | 213589 |  | 4827111 |
|  Kadokawa Corp. | 234000 |  | 5704301 |
|  Stroeer SE & Co. KGaA | 117729 |  | 5250511 |
|  |  |  | 15781923 |
|  |  |  | 51094075 |
| Energy–4.2% | Energy–4.2% |  |  |
| **Energy Equipment & Services–1.4%** | **Energy Equipment & Services–1.4%** |  |  |
|  NMDC Energy | 456402 |  | 301944 |
|  Saipem SpA(c) | 2033888 |  | 5887819 |
|  Technip Energies NV | 62940 |  | 2970371 |
|  Trican Well Service Ltd. | 519843 |  | 2304686 |
|  Vallourec SACA | 274246 |  | 5234733 |
|  |  |  | 16699553 |
| **Oil, Gas & Consumable Fuels–2.8%** | **Oil, Gas & Consumable Fuels–2.8%** | **Oil, Gas & Consumable Fuels–2.8%** | **Oil, Gas & Consumable Fuels–2.8%** |
|  Baytex Energy Corp. | 2376906 |  | 5567804 |
|  Great Eastern Shipping Co., Ltd. (The)–Class F | 467612 |  | 5231330 |
|  Hafnia Ltd. | 105700 |  | 636771 |
|  Headwater Exploration, Inc.(c) | 397685 |  | 2146019 |
|  Karoon Energy Ltd. | 1200210 |  | 1304368 |
|  Oil India Ltd. | 1389552 |  | 6474576 |
|  Paladin Energy Ltd.(b)(c) | 1110393 |  | 6133500 |
|  Paramount Resources Ltd.–Class A | 81768 |  | 1320203 |
|  San-Ai Obbli Co., Ltd. | 2900 |  | 40922 |
|  Secure Waste Infrastructure Corp.(c) | 199328 |  | 2838745 |

---

 <br> *2025 Annual Report* *9*

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Serica Energy PLC | 333896 | $| 890025 |
|  |  |  | 32584263 |
|  |  |  | 49283816 |
| Consumer Staples–4.1% | Consumer Staples–4.1% |  |  |
| **Beverages–1.9%** | **Beverages–1.9%** |  |  |
|  Carlsberg Brewery Malaysia Bhd–Class B | 472100 |  | 1846446 |
|  Coca-Cola Bottlers Japan Holdings, Inc. | 404500 |  | 7215326 |
|  Embotelladora Andina SA (Preference Shares)–Class B | 619400 |  | 2440414 |
|  Heineken Malaysia Bhd | 427100 |  | 2162393 |
|  Royal Unibrew A/S | 116468 |  | 8895892 |
|  |  |  | 22560471 |
| **Consumer Staples Distribution & Retail–0.3%** | **Consumer Staples Distribution & Retail–0.3%** | **Consumer Staples Distribution & Retail–0.3%** | **Consumer Staples Distribution & Retail–0.3%** |
|  Life Corp. | 155000 |  | 2644521 |
|  Migros Ticaret AS | 56999 |  | 610058 |
|  |  |  | 3254579 |
| **Food Products–0.9%** | **Food Products–0.9%** | **Food Products–0.9%** | **Food Products–0.9%** |
|  AVI Ltd. | 461666 |  | 2644354 |
|  Heritage Foods Ltd. | 94034 |  | 512677 |
|  Nichirei Corp. | 537100 |  | 6306078 |
|  Rogers Sugar, Inc. | 292400 |  | 1338355 |
|  |  |  | 10801464 |
| **Personal Care Products–1.0%** | **Personal Care Products–1.0%** | **Personal Care Products–1.0%** | **Personal Care Products–1.0%** |
|  APR Corp./Korea(b) | 50185 |  | 8965760 |
|  Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 43761000 |  | 1404868 |
|  Oddity Tech Ltd.–Class A(b) | 35799 |  | 2230278 |
|  |  |  | 12600906 |
|  |  |  | 49217420 |
| Utilities–2.9% | Utilities–2.9% |  |  |
| **Electric Utilities–0.2%** | **Electric Utilities–0.2%** |  |  |
|  Enea SA | 469770 |  | 2283513 |
|  Enerjisa Enerji AS(a) | 289859 |  | 554589 |
|  |  |  | 2838102 |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Gas Utilities–0.6%** | **Gas Utilities–0.6%** | **Gas Utilities–0.6%** |
|  Nippon Gas Co., Ltd. | 359400 | $6721738 |
| **Independent Power and Renewable Electricity Producers–1.0%** | **Independent Power and Renewable Electricity Producers–1.0%** | **Independent Power and Renewable Electricity Producers–1.0%** |
|  Capital Power Corp.<sup>(c)</sup> | 252642 | 11863300 |
| **Multi-Utilities–0.9%** | **Multi-Utilities–0.9%** | **Multi-Utilities–0.9%** |
|  REN–Redes Energeticas Nacionais SGPS SA | 712020 | 2559703 |
|  Sembcorp Industries Ltd.(c) | 1643100 | 7676891 |
|  |  | 10236594 |
| **Water Utilities–0.2%** | **Water Utilities–0.2%** | **Water Utilities–0.2%** |
|  Cia De Sanena Do Parana | 363100 | 2527663 |
|  |  | 34187397 |
| Total Common Stocks<br>(cost $906,897,461) |  | 1150419383 |
| SHORT-TERM INVESTMENTS–2.4% | SHORT-TERM INVESTMENTS–2.4% | SHORT-TERM INVESTMENTS–2.4% |
| **Investment Companies–2.4%** | **Investment Companies–2.4%** | **Investment Companies–2.4%** |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 3.97%(d)(e)(f)<br>(cost $28,689,261) | 28689261 | 28689261 |
| **Total Investments Before Security Lending Collateral for Securities Loaned–99.4%**<br>(cost $935,586,722) |  | 1179108644 |
| INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–2.0% | INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–2.0% | INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–2.0% |
| **Investment Companies–2.0%** | **Investment Companies–2.0%** | **Investment Companies–2.0%** |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 3.97%(d)(e)(f)<br>(cost $24,018,545) | 24018545 | 24018545 |
| **Total Investments—101.4%**<br>(cost $959,605,267) | **Total Investments—101.4%**<br>(cost $959,605,267) | 1203127189 |
|  Other assets less liabilities—(1.4)% |  | (17008433) |
| **Net Assets—100.0%** |  | $**1186118756** |

---

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

------

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

---

| | |
|:---|:---|
| International Small Cap Portfolio | International Small Cap Portfolio |
| **Country Breakdown (% of Net Assets)** | **Country Breakdown (% of Net Assets)** |
|  Japan | 24.8% |
|  United Kingdom | 10.9 |
|  South Korea | 7.8 |
|  India | 6.6 |
|  Taiwan | 6.1 |
|  Canada | 4.6 |
|  France | 3.7 |
|  China | 3.0 |
|  Germany | 3.0 |
|  Australia | 2.5 |
|  Brazil | 1.5 |
|  Mexico | 1.3 |
|  South Africa | 1.3 |
|  Sweden | 1.2 |
|  Others | 18.7 |
|  Short-Term Investments | 4.4 |
|  Other assets less liabilities | -1.4 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 | 5167 | TRY | 218005 | 10/17/2025 | $14328 |
|  Bank of America NA | USD | 14209 | CAD | 19607 | 11/14/2025 | (91132) |
|  Bank of America NA | GBP | 28042 | USD | 38329 | 12/05/2025 | 610203 |
|  Barclays Capital, Inc. | USD | 3294 | KRW | 4641460 | 10/14/2025 | 12405 |
|  Barclays Capital, Inc. | USD | 3767 | KRW | 5224275 | 10/14/2025 | (44399) |
|  Barclays Capital, Inc. | USD | 19654 | SEK | 184460 | 11/20/2025 | (131) |
|  Barclays Capital, Inc. | INR | 262527 | USD | 2964 | 11/21/2025 | 17251 |
|  Citibank NA | KRW | 55028164 | USD | 40128 | 10/14/2025 | 921870 |
|  Citibank NA | USD | 3112 | KRW | 4262040 | 10/14/2025 | (75145) |
|  Citibank NA | USD | 3010 | CNH | 21385 | 10/16/2025 | (8105) |
|  Citibank NA | PHP | 372397 | USD | 6526 | 10/28/2025 | 146876 |
|  Citibank NA | USD | 8000 | JPY | 1186150 | 10/30/2025 | 44127 |
|  Citibank NA | TWD | 97738 | USD | 3267 | 11/21/2025 | 47348 |
|  Citibank NA | USD | 7872 | INR | 692653 | 11/21/2025 | (97956) |
|  Deutsche Bank AG | KRW | 6460523 | USD | 4687 | 10/14/2025 | 84271 |
|  Deutsche Bank AG | EUR | 35276 | USD | 41628 | 11/21/2025 | 90114 |
|  Goldman Sachs Bank USA | USD | 2678 | MYR | 11280 | 11/21/2025 | 5359 |
|  HSBC Bank USA | KRW | 5496054 | USD | 4027 | 10/14/2025 | 111427 |
|  HSBC Bank USA | CNH | 25870 | USD | 3631 | 10/16/2025 | 501 |
|  HSBC Bank USA | USD | 15091 | ILS | 51610 | 10/22/2025 | 490657 |
|  HSBC Bank USA | USD | 2708 | NZD | 4566 | 11/07/2025 | (56728) |
|  HSBC Bank USA | USD | 3087 | INR | 271805 | 11/21/2025 | (36524) |
|  JPMorgan Chase Bank | JPY | 432349 | USD | 2947 | 10/30/2025 | 14670 |
|  JPMorgan Chase Bank | USD | 4206 | CAD | 5832 | 11/14/2025 | (7075) |
|  JPMorgan Chase Bank | USD | 3919 | EUR | 3347 | 11/21/2025 | 21894 |
|  Morgan Stanley Capital Services, Inc. | KRW | 4675437 | USD | 3393 | 10/14/2025 | 61912 |
|  Morgan Stanley Capital Services, Inc. | ZAR | 54540 | USD | 3021 | 10/14/2025 | (134563) |
|  Morgan Stanley Capital Services, Inc. | USD | 4838 | CNH | 34576 | 10/16/2025 | 14606 |
|  Morgan Stanley Capital Services, Inc. | MXN | 181231 | USD | 9583 | 10/22/2025 | (292117) |

---

 <br> *2025 Annual Report* *11*

------

##### [**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)** |
|  Morgan Stanley Capital Services, Inc. | JPY | 3229478 | USD | 22073 | 10/30/2025 | $170939 |
|  Morgan Stanley Capital Services, Inc. | JPY | 847601 | USD | 5745 | 10/30/2025 | (3148) |
|  Morgan Stanley Capital Services, Inc. | USD | 3902 | NOK | 39091 | 11/20/2025 | 15852 |
|  Morgan Stanley Capital Services, Inc. | USD | 5616 | EUR | 4766 | 11/21/2025 | (4019) |
|  NatWest Markets PLC | USD | 43920 | AUD | 67843 | 11/07/2025 | 993961 |
|  NatWest Markets PLC | CAD | 4217 | USD | 3040 | 11/14/2025 | 3963 |
|  NatWest Markets PLC | USD | 4172 | GBP | 3128 | 12/05/2025 | 35029 |
|  Standard Chartered Bank | TWD | 178199 | USD | 5933 | 11/21/2025 | 62845 |
|  State Street Bank & Trust Co. | KRW | 5187191 | USD | 3746 | 10/14/2025 | 50706 |
|  State Street Bank & Trust Co. | USD | 5183 | TWD | 154702 | 11/21/2025 | (87214) |
|  UBS | KRW | 4146835 | USD | 3043 | 10/14/2025 | 88096 |
|  UBS | USD | 3845 | KRW | 5311986 | 10/14/2025 | (60247) |
|  UBS | USD | 2940 | AUD | 4500 | 11/07/2025 | 38677 |
|  UBS | USD | 27995 | CHF | 22029 | 11/21/2025 | (158174) |
|  |  |  |  |  |  | $3013210 |

---

(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 $50,061,628 or 4.2% of net assets.

(b) Non-income producing security.

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

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

(e) Affiliated investments.

(f) 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:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

CNH—Chinese Yuan Renminbi (Offshore)

EUR—Euro

GBP—Great British Pound

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PHP—Philippine Peso

SEK—Swedish Krona

TRY—Turkish Lira

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

ADR—American Depositary Receipt

PJSC—Public Joint Stock Company

REG—Registered Shares

REIT—Real Estate Investment Trust

See notes to financial statements.

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

------

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

Bernstein Fund, Inc.

Schedule of Investments

#### International Strategic Equities Portfolio
September 30, 2025

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| COMMON STOCKS–99.1% | COMMON STOCKS–99.1% | COMMON STOCKS–99.1% |
| Financials–26.2% | Financials–26.2% | Financials–26.2% |
| **Banks–17.2%** | **Banks–17.2%** | **Banks–17.2%** |
|  AIB Group PLC | 5221620 | $47604149 |
|  Banco Bilbao Vizcaya Argentaria SA | 11861920 | 228574978 |
|  Barclays PLC | 40761480 | 209730821 |
|  China Construction Bank Corp.–Class H | 96248000 | 92317774 |
|  China Merchants Bank Co., Ltd.–Class H | 18149500 | 108624320 |
|  Erste Group Bank AG | 1905099 | 187276106 |
|  Eurobank Ergasias Services & Holdings SA–Class A | 26003920 | 100592268 |
|  Hana Financial Group, Inc. | 723300 | 44971125 |
|  Industrial & Commercial Bank of China Ltd.–Class H | 171561000 | 126328107 |
|  KB Financial Group, Inc. | 1750740 | 144498805 |
|  Resona Holdings, Inc. | 4616300 | 47073783 |
|  Societe Generale SA | 811540 | 54029335 |
|  Standard Chartered PLC | 2014090 | 39088537 |
|  Sumitomo Mitsui Financial Group, Inc. | 1600200 | 45018199 |
|  UniCredit SpA | 2027220 | 154261476 |
|  |  | 1629989783 |
| **Capital Markets–2.5%** | **Capital Markets–2.5%** | **Capital Markets–2.5%** |
|  3i Group PLC | 3445440 | 189922787 |
|  Singapore Exchange Ltd. | 4094700 | 52565250 |
|  |  | 242488037 |
| **Consumer Finance–1.1%** | **Consumer Finance–1.1%** | **Consumer Finance–1.1%** |
|  Muthoot Finance Ltd. | 2948695 | 102065244 |
| **Insurance–5.4%** |  |  |
|  AIA Group Ltd.–Class H | 12720800 | 121915674 |
|  NN Group NV | 2177940 | 153583000 |
|  Prudential PLC | 16302990 | 228237014 |
|  Sony Financial Group, Inc. | 3858600 | 4279071 |
|  |  | 508014759 |
|  |  | 2482557823 |
| Industrials – 21.4% | Industrials – 21.4% | Industrials – 21.4% |
| **Aerospace & Defense–6.2%** | **Aerospace & Defense–6.2%** | **Aerospace & Defense–6.2%** |
|  BAE Systems PLC | 9122850 | 253947459 |
|  LIG Nex1 Co., Ltd. | 243210 | 89316012 |
|  Saab AB–Class B | 1568212 | 96354428 |
|  Safran SA | 407100 | 144467188 |
|  |  | 584085087 |
| **Construction & Engineering–3.0%** | **Construction & Engineering–3.0%** | **Construction & Engineering–3.0%** |
|  Shimizu Corp. | 5832500 | 81933755 |
|  Stantec, Inc. | 1602630 | 172838066 |
|  WSP Global, Inc. | 173770 | 34149670 |
|  |  | 288921491 |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Electrical Equipment–5.2%** | **Electrical Equipment–5.2%** | **Electrical Equipment–5.2%** |
|  ABB Ltd. (REG) | 649240 | $46981163 |
|  Prysmian SpA | 2729920 | 271685808 |
|  Schneider Electric SE | 630330 | 177420422 |
|  |  | 496087393 |
| **Machinery–2.3%** | **Machinery–2.3%** | **Machinery–2.3%** |
|  Kawasaki Heavy Industries Ltd.(a) | 1415800 | 93442106 |
|  Mitsubishi Heavy Industries Ltd. | 4623100 | 120982331 |
|  |  | 214424437 |
| **Passenger Airlines–2.5%** | **Passenger Airlines–2.5%** | **Passenger Airlines–2.5%** |
|  Latam Airlines Group SA | 6103328850 | 138658169 |
|  Ryanair Holdings PLC | 3382930 | 98857438 |
|  |  | 237515607 |
| **Professional Services–2.2%** | **Professional Services–2.2%** | **Professional Services–2.2%** |
|  Computershare Ltd. | 4527950 | 108787808 |
|  RELX PLC | 2032540 | 97112326 |
|  |  | 205900134 |
|  |  | 2026934149 |
| Information Technology–12.1% | Information Technology–12.1% | Information Technology–12.1% |
| **Electronic Equipment, Instruments & Components–0.5%** | **Electronic Equipment, Instruments & Components–0.5%** | **Electronic Equipment, Instruments & Components–0.5%** |
|  Elite Material Co., Ltd. | 1139000 | 46096722 |
| **Semiconductors & Semiconductor Equipment–7.1%** | **Semiconductors & Semiconductor Equipment–7.1%** | **Semiconductors & Semiconductor Equipment–7.1%** |
|  King Yuan Electronics Co., Ltd. | 8539000 | 46198962 |
|  SK Hynix, Inc. | 696860 | 172750105 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 10463000 | 454489852 |
|  |  | 673438919 |
| **Software–1.6%** | **Software–1.6%** | **Software–1.6%** |
|  SAP SE | 579060 | 155053364 |
| **Technology Hardware, Storage & Peripherals–2.9%** | **Technology Hardware, Storage & Peripherals–2.9%** | **Technology Hardware, Storage & Peripherals–2.9%** |
|  Samsung Electronics Co., Ltd. | 4602060 | 275894895 |
|  |  | 1150483900 |
| Consumer Discretionary–9.0% | Consumer Discretionary–9.0% | Consumer Discretionary–9.0% |
| **Automobile Components–0.9%** | **Automobile Components–0.9%** | **Automobile Components–0.9%** |
|  Toyo Tire Corp. | 3430800 | 91086256 |
| **Automobiles–1.3%** | **Automobiles–1.3%** | **Automobiles–1.3%** |
|  Honda Motor Co., Ltd.(a) | 11719000 | 120932159 |
| **Broadline Retail–1.2%** | **Broadline Retail–1.2%** | **Broadline Retail–1.2%** |
|  PDD Holdings, Inc. (ADR)(b) | 845460 | 111744448 |
| **Hotels, Restaurants & Leisure–1.0%** | **Hotels, Restaurants & Leisure–1.0%** | **Hotels, Restaurants & Leisure–1.0%** |
|  Booking Holdings, Inc. | 9150 | 49403320 |
|  InterContinental Hotels Group PLC | 373130 | 45115273 |
|  |  | 94518593 |
| **Household Durables–1.2%** | **Household Durables–1.2%** | **Household Durables–1.2%** |
|  Sony Group Corp. | 3858600 | 110922025 |
| **Specialty Retail–2.0%** | **Specialty Retail–2.0%** | **Specialty Retail–2.0%** |
|  Industria de Diseno Textil SA | 3365820 | 186277426 |

---

 <br> *2025 Annual Report* *13*

------

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

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Textiles, Apparel & Luxury Goods–1.4%** | **Textiles, Apparel & Luxury Goods–1.4%** | **Textiles, Apparel & Luxury Goods–1.4%** |
|  Asics Corp. | 3226100 | $84418900 |
|  Li Ning Co., Ltd.–Class H | 22327000 | 50485275 |
|  |  | 134904175 |
|  |  | 850385082 |
| Health Care–8.1% | Health Care–8.1% | Health Care–8.1% |
| **Biotechnology–1.1%** | **Biotechnology–1.1%** | **Biotechnology–1.1%** |
|  Genmab A/S(b) | 329280 | 101598766 |
| **Health Care Equipment & Supplies–1.2%** | **Health Care Equipment & Supplies–1.2%** | **Health Care Equipment & Supplies–1.2%** |
|  ResMed, Inc. | 4317000 | 117580594 |
| **Health Care Providers & Services–1.8%** | **Health Care Providers & Services–1.8%** | **Health Care Providers & Services–1.8%** |
|  Fresenius SE & Co. KGaA | 3114519 | 174056487 |
| **Pharmaceuticals–4.0%** | **Pharmaceuticals–4.0%** | **Pharmaceuticals–4.0%** |
|  AstraZeneca PLC | 888720 | 136152787 |
|  Roche Holding AG | 538120 | 179185064 |
|  Takeda Pharmaceutical Co., Ltd. | 2065800 | 60673352 |
|  |  | 376011203 |
|  |  | 769247050 |
| Communication Services–7.8% | Communication Services–7.8% | Communication Services–7.8% |
| **Entertainment–3.1%** | **Entertainment–3.1%** | **Entertainment–3.1%** |
|  International Games System Co., Ltd. | 1552000 | 40185844 |
|  Konami Group Corp. | 394800 | 56954621 |
|  NetEase, Inc.–Class H | 5052600 | 153459265 |
|  Toho Co. Ltd./Tokyo | 763100 | 49054293 |
|  |  | 299654023 |
| **Interactive Media & Services–1.8%** | **Interactive Media & Services–1.8%** | **Interactive Media & Services–1.8%** |
|  Tencent Holdings Ltd.–Class H | 1971300 | 167973672 |
| **Wireless Telecommunication Services–2.9%** | **Wireless Telecommunication Services–2.9%** | **Wireless Telecommunication Services–2.9%** |
|  SK Telecom Co., Ltd. | 1269724 | 49221129 |
|  SoftBank Group Corp. | 901400 | 113739113 |
|  TIM SA/Brazil | 24653400 | 108855259 |
|  |  | 271815501 |
|  |  | 739443196 |
| Energy–4.7% | Energy–4.7% | Energy–4.7% |
| **Oil, Gas & Consumable Fuels–4.7%** | **Oil, Gas & Consumable Fuels–4.7%** | **Oil, Gas & Consumable Fuels–4.7%** |
|  ENEOS Holdings, Inc. | 28536800 | 180729383 |
|  Repsol SA | 6343000 | 112792678 |
|  Shell PLC | 4148920 | 147871627 |
|  |  | 441393688 |
| Consumer Staples–3.2% | Consumer Staples–3.2% | Consumer Staples–3.2% |
| **Beverages–0.9%** | **Beverages–0.9%** | **Beverages–0.9%** |
|  Budweiser Brewing Co. APAC Ltd.–Class H(a)(c) | 36303300 | 38588645 |
|  Eastroc Beverage Group Co., Ltd.–Class A | 1149119 | 49104826 |
|  |  | 87693471 |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Consumer Staples Distribution & Retail–2.3%** | **Consumer Staples Distribution & Retail–2.3%** | **Consumer Staples Distribution & Retail–2.3%** |
|  Loblaw Cos. Ltd. | 2652560 | $102599199 |
|  Tesco PLC | 19005250 | 113911444 |
|  |  | 216510643 |
|  |  | 304204114 |
| Utilities–2.8% | Utilities–2.8% | Utilities–2.8% |
| **Electric Utilities–0.8%** | **Electric Utilities–0.8%** | **Electric Utilities–0.8%** |
|  Enel SpA | 8218190 | 77880007 |
| **Gas Utilities–2.0%** | **Gas Utilities–2.0%** | **Gas Utilities–2.0%** |
|  Snam SpA | 30487928 | 183056535 |
|  |  | 260936542 |
| Real Estate–1.9% | Real Estate–1.9% | Real Estate–1.9% |
| **Real Estate Management & Development–1.9%** | **Real Estate Management & Development–1.9%** | **Real Estate Management & Development–1.9%** |
|  Emaar Properties PJSC | 17814300 | 63292527 |
|  Mitsui Fudosan Co., Ltd. | 11185100 | 121762181 |
|  |  | 185054708 |
| Materials–1.9% | Materials–1.9% | Materials–1.9% |
| **Metals & Mining–1.9%** | **Metals & Mining–1.9%** | **Metals & Mining–1.9%** |
|  Endeavour Mining PLC | 2017835 | 84761539 |
|  Lundin Mining Corp. | 6308578 | 94105109 |
|  |  | 178866648 |
| Total Common Stocks<br>(cost $6,797,247,559) |  | 9389506900 |
| SHORT-TERM INVESTMENTS–0.9% | SHORT-TERM INVESTMENTS–0.9% | SHORT-TERM INVESTMENTS–0.9% |
| **Investment Companies–0.9%** | **Investment Companies–0.9%** | **Investment Companies–0.9%** |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 3.97%(d)(e)(f)<br>(cost $81,997,919) | 81997919 | 81997919 |
| **Total Investments Before Security Lending Collateral for Securities Loaned–100.0%**<br>(cost $6,879,245,478) |  | 9471504819 |
| INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.3% | INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.3% | INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.3% |
| **Investment Companies–0.3%** | **Investment Companies–0.3%** | **Investment Companies–0.3%** |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 3.97%(d)(e)(f)<br>(cost $28,173,000) | 28173000 | 28173000 |
| **Total Investments—100.3%**<br>(cost $6,907,418,478) | **Total Investments—100.3%**<br>(cost $6,907,418,478) | 9499677819 |
|  Other assets less liabilities—(0.3)% |  | (27191974) |
| **Net Assets—100.0%** |  | $**9472485845** |

---

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

------

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

---

| | |
|:---|:---|
| International Strategic Equities Portfolio | International Strategic Equities Portfolio |
| **Country Breakdown (% of Net Assets)** | **Country Breakdown (% of Net Assets)** |
|  Japan | 14.6% |
|  United Kingdom | 13.9 |
|  China | 9.5 |
|  Italy | 8.3 |
|  South Korea | 8.2 |
|  Taiwan | 6.2 |
|  Spain | 5.6 |
|  Hong Kong | 3.7 |
|  United States | 3.6 |
|  Germany | 3.5 |
|  Canada | 3.3 |
|  Chile | 2.5 |
|  Switzerland | 2.4 |
|  France | 2.1 |
|  Others | 11.7 |
|  Short-Term Investments | 1.2 |
|  Other assets less liabilities | -0.3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 | 382345 | CAD | 527597 | 11/14/2025 | $(2452233) |
|  Bank of America NA | EUR | 1829 | USD | 2146 | 11/21/2025 | (8231) |
|  Bank of America NA | TWD | 1055209 | USD | 34975 | 11/21/2025 | 214463 |
|  Bank of America NA | USD | 88099 | TWD | 2609044 | 11/21/2025 | (2150910) |
|  Bank of America NA | GBP | 20985 | USD | 28216 | 12/05/2025 | (10549) |
|  Barclays Capital, Inc. | BRL | 132352 | USD | 24735 | 10/02/2025 | (132963) |
|  Barclays Capital, Inc. | USD | 24885 | BRL | 132352 | 10/02/2025 | (17066) |
|  Barclays Capital, Inc. | CNH | 381457 | USD | 53599 | 10/16/2025 | 60457 |
|  Barclays Capital, Inc. | USD | 29128 | CNH | 207325 | 10/16/2025 | (28787) |
|  Barclays Capital, Inc. | USD | 36283 | IDR | 592290276 | 10/24/2025 | (793756) |
|  Barclays Capital, Inc. | JPY | 3776686 | USD | 25580 | 10/30/2025 | (33643) |
|  Barclays Capital, Inc. | USD | 24544 | BRL | 132352 | 11/04/2025 | 124101 |
|  Barclays Capital, Inc. | USD | 22975 | CAD | 31480 | 11/14/2025 | (308275) |
|  Barclays Capital, Inc. | USD | 71153 | SEK | 666613 | 11/20/2025 | (125945) |
|  Barclays Capital, Inc. | EUR | 46521 | USD | 55104 | 11/21/2025 | 325748 |
|  Barclays Capital, Inc. | EUR | 319454 | USD | 376012 | 11/21/2025 | (144953) |
|  Barclays Capital, Inc. | USD | 336132 | CHF | 265561 | 11/21/2025 | (556528) |
|  Barclays Capital, Inc. | GBP | 453658 | USD | 618710 | 12/05/2025 | 8495388 |
|  BNP Paribas SA | KRW | 36531185 | USD | 26374 | 10/14/2025 | 346400 |
|  BNP Paribas SA | CAD | 19928 | USD | 14321 | 11/14/2025 | (27437) |
|  BNP Paribas SA | TWD | 820098 | USD | 27729 | 11/21/2025 | 713546 |
|  Citibank NA | BRL | 132352 | USD | 24885 | 10/02/2025 | 17066 |
|  Citibank NA | USD | 24189 | BRL | 132352 | 10/02/2025 | 678333 |
|  Citibank NA | KRW | 596543930 | USD | 436424 | 10/14/2025 | 11406746 |
|  Citibank NA | USD | 33790 | CNH | 241367 | 10/16/2025 | 86593 |
|  Citibank NA | USD | 21011 | CNH | 149566 | 10/16/2025 | (18538) |
|  Citibank NA | USD | 14783 | PHP | 844712 | 10/28/2025 | (313991) |
|  Citibank NA | USD | 51878 | JPY | 7648508 | 10/30/2025 | (5626) |
|  Citibank NA | USD | 250907 | AUD | 386075 | 11/07/2025 | 4687686 |

---

 <br> *2025 Annual Report* *15*

------

##### [**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)** |
|  Citibank NA | USD | 21773 | NOK | 217507 | 11/20/2025 | $26709 |
|  Citibank NA | EUR | 21295 | USD | 25087 | 11/21/2025 | 12335 |
|  Citibank NA | TWD | 1082995 | USD | 36004 | 11/21/2025 | 327513 |
|  Citibank NA | USD | 330423 | INR | 29073694 | 11/21/2025 | (4111653) |
|  Citibank NA | USD | 34762 | TWD | 1055209 | 11/21/2025 | (1303) |
|  Deutsche Bank AG | USD | 23688 | ZAR | 408766 | 10/14/2025 | (38494) |
|  Deutsche Bank AG | JPY | 5814559 | USD | 39709 | 10/30/2025 | 274921 |
|  Deutsche Bank AG | EUR | 30926 | USD | 36437 | 11/21/2025 | 22453 |
|  Deutsche Bank AG | GBP | 15044 | USD | 20236 | 12/05/2025 | 567 |
|  Goldman Sachs Bank USA | USD | 24396 | KRW | 34444441 | 10/14/2025 | 144698 |
|  Goldman Sachs Bank USA | CNH | 211920 | USD | 29651 | 10/16/2025 | (92807) |
|  Goldman Sachs Bank USA | JPY | 4373190 | USD | 29685 | 10/30/2025 | 26257 |
|  Goldman Sachs Bank USA | EUR | 42942 | USD | 50339 | 11/21/2025 | (225493) |
|  Goldman Sachs Bank USA | USD | 30416 | MYR | 128127 | 11/21/2025 | 60872 |
|  HSBC Bank USA | CNH | 359104 | USD | 50565 | 10/16/2025 | 163526 |
|  HSBC Bank USA | CNH | 1016314 | USD | 142249 | 10/16/2025 | (394485) |
|  HSBC Bank USA | USD | 149732 | CNH | 1062934 | 10/16/2025 | (545084) |
|  HSBC Bank USA | ILS | 70224 | USD | 20561 | 10/22/2025 | (640735) |
|  HSBC Bank USA | USD | 64353 | ILS | 217578 | 10/22/2025 | 1336071 |
|  HSBC Bank USA | USD | 25874 | AUD | 39222 | 11/07/2025 | 92289 |
|  HSBC Bank USA | USD | 16423 | NZD | 27640 | 11/07/2025 | (376053) |
|  HSBC Bank USA | USD | 20582 | CLP | 19719456 | 11/13/2025 | (68896) |
|  HSBC Bank USA | USD | 23325 | CAD | 32102 | 11/14/2025 | (210683) |
|  HSBC Bank USA | TWD | 705951 | USD | 23173 | 11/21/2025 | (83100) |
|  HSBC Bank USA | USD | 25367 | INR | 2229228 | 11/21/2025 | (346555) |
|  HSBC Bank USA | GBP | 17966 | USD | 23991 | 12/05/2025 | (175116) |
|  HSBC Bank USA | USD | 26762 | SGD | 34012 | 12/18/2025 | (243107) |
|  JPMorgan Chase Bank | CNH | 170755 | USD | 23871 | 10/16/2025 | (94773) |
|  JPMorgan Chase Bank | USD | 26896 | CNH | 192452 | 10/16/2025 | 114983 |
|  JPMorgan Chase Bank | JPY | 12973775 | USD | 88603 | 10/30/2025 | 615603 |
|  JPMorgan Chase Bank | JPY | 2803655 | USD | 18997 | 10/30/2025 | (16887) |
|  JPMorgan Chase Bank | USD | 38659 | JPY | 5724541 | 10/30/2025 | 164646 |
|  JPMorgan Chase Bank | USD | 8175 | AUD | 12390 | 11/07/2025 | 27614 |
|  JPMorgan Chase Bank | USD | 108336 | EUR | 91566 | 11/21/2025 | (517307) |
|  JPMorgan Chase Bank | GBP | 17437 | USD | 23640 | 12/05/2025 | 185938 |
|  Morgan Stanley Capital Services, Inc. | USD | 59542 | ZAR | 1074986 | 10/14/2025 | 2652244 |
|  Morgan Stanley Capital Services, Inc. | USD | 52950 | MXN | 1001381 | 10/22/2025 | 1614073 |
|  Morgan Stanley Capital Services, Inc. | JPY | 1236550 | USD | 8404 | 10/30/2025 | 17997 |
|  Morgan Stanley Capital Services, Inc. | JPY | 3230441 | USD | 21887 | 10/30/2025 | (21780) |
|  Morgan Stanley Capital Services, Inc. | USD | 22848 | JPY | 3376749 | 10/30/2025 | 52707 |
|  Morgan Stanley Capital Services, Inc. | USD | 14995 | JPY | 2210742 | 10/30/2025 | (2021) |
|  Morgan Stanley Capital Services, Inc. | CLP | 129723300 | USD | 136100 | 11/13/2025 | 1156383 |
|  Morgan Stanley Capital Services, Inc. | CAD | 26398 | USD | 18973 | 11/14/2025 | (34521) |
|  Morgan Stanley Capital Services, Inc. | USD | 76116 | EUR | 64622 | 11/21/2025 | (23331) |
|  Standard Chartered Bank | KRW | 74557574 | USD | 53841 | 10/14/2025 | 721377 |
|  State Street Bank & Trust Co. | USD | 2484 | CNH | 17681 | 10/16/2025 | (2232) |
|  State Street Bank & Trust Co. | USD | 25986 | THB | 822409 | 11/13/2025 | (521988) |

---

 <br> *16* *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. | CHF | 20120 | USD | 25484 | 11/21/2025 | $59219 |
|  State Street Bank & Trust Co. | EUR | 28431 | USD | 33576 | 11/21/2025 | 97943 |
|  State Street Bank & Trust Co. | GBP | 4878 | USD | 6569 | 12/05/2025 | 6986 |
|  UBS | USD | 23921 | PLN | 86587 | 11/19/2025 | (115025) |
|  |  |  |  |  |  | $21099591 |

---

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

(b) Non-income producing security.

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2025, the market value of this security amounted to $38,588,645 or 0.4% of net assets.

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

(e) Affiliated investments.

(f) 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:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Yuan Renminbi (Offshore)

EUR—Euro

GBP—Great British Pound

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PHP—Philippine Peso

PLN—Polish Zloty

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thailand Baht

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

ADR—American Depositary Receipt

PJSC—Public Joint Stock Company

REG—Registered Shares

See notes to financial statements.

 <br> *2025 Annual Report* *17*

------

##### [**Table of Contents**](#toc)
Statement of Assets and Liabilities—*September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **SMALL CAP CORE<br>PORTFOLIO** | **INTERNATIONAL<br>SMALL CAP<br>PORTFOLIO** | **INTERNATIONAL<br>STRATEGIC<br>EQUITIES<br>PORTFOLIO** |
| ASSETS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers **(a)** | $725254504 | $1150419383 | $9389506900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 13139698 | 52707806 | 110170919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies, at value **(b)** | 0 | 8931489 | 12730590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1679 | 0 | 4217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due from broker | 3038053 | 0 | 3082000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold and foreign currency transactions | 26163658 | 6495693 | 111347014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated interest and dividends | 572233 | 4416330 | 25270550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures | 70742 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 34955 | 77816 | 964242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends | 14878 | 56220 | 114229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable due from Adviser | 1606 | 2895 | 1750970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of forward currency exchange contracts | 0 | 4169887 | 37132451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 0 | 2130988 | 20018050 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | **768292006** | **1229408507** | **9712092132** |
| LIABILITIES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for collateral on securities lending at value | 8303095 | 24018545 | 28173000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due to broker | 0 | 986000 | 9897000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased and foreign currency transactions | 26693131 | 14367074 | 172887149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 491401 | 944236 | 5127174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 76018 | 221641 | 2416469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee | 17478 | 13879 | 31252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee | 678 | 5667 | 41460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 42 | 42 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation of forward currency exchange contracts | 0 | 1156677 | 16032860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 0 | 955706 | 2594062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 201132 | 620284 | 2405859 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | **35782975** | **43289751** | **239606287** |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS** | $**732509031** | $**1186118756** | $**9472485845** |
| &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 | $627219836 | $906897461 | $6797247559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 13139698 | 52707806 | 110170919 |
| NET ASSETS CONSIST OF: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $5727 | $7765 | $55820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 565975520 | 805244159 | 6168649674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 166527784 | 380866832 | 3303780351 |
|  | $**732509031** | $**1186118756** | $**9472485845** |

---

**(a)** Includes securities on loan with a value of $9,279,866, $60,091,112 and 67,127,802, respectively. (Note 4)

**(b)** Cost: $0, $8,925,110 and $12,713,135, respectively. (Note 1)

See Notes to Financial Statements.

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

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **SMALL CAP CORE<br>PORTFOLIO** | **INTERNATIONAL<br>SMALL CAP<br>PORTFOLIO** | **INTERNATIONAL<br>STRATEGIC<br>EQUITIES<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; **SCB Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **SCB Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **SCB Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **SCB Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $8115127 | $68490036 | $506326047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 638030 | 4491752 | 29910735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $**12.72** | $**15.25** | $**16.93** |
| &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 | $648534583 | $977350795 | $8163192440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 50695634 | 63971425 | 481047609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $**12.79** | $**15.28** | $**16.97** |
| &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 | $75859321 | $140277925 | $802967358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 5934301 | 9183346 | 47240665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $**12.78** | $**15.28** | $**17.00** |

---

See Notes to Financial Statements.

 <br> *2025 Annual Report* *19*

------

##### [**Table of Contents**](#toc)
Statement of Operations—*for the year ended September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **SMALL CAP CORE<br>PORTFOLIO** | **INTERNATIONAL<br>SMALL CAP<br>PORTFOLIO** | **INTERNATIONAL<br>STRATEGIC<br>EQUITIES<br>PORTFOLIO** |
| INVESTMENT INCOME |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $122496 | $741922 | $3338514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers **(a)** | 8766804 | 33503551 | 227212321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 204722 | 639603 | 3717697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 1598 | 21016 | 14169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income **(b)** | 0 | 0 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | **9095620** | **34906092** | **234283328** |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee (see Note 2A) | 5558821 | 10976158 | 55466019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee (see Note 2B) | 19012 | 151211 | 1057412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Non-Retail Class | 3234 | 12831 | 18569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Advisor Class | 247447 | 180470 | 298839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class Z | 24995 | 36738 | 168958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees | 102418 | 475152 | 1955725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 45164 | 53660 | 197778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and tax fees | 48413 | 81209 | 153029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 24333 | 31770 | 168847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 63760 | 61407 | 93880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing fees | 35965 | 23854 | 23220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 19804 | 59928 | 138206 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | **6193366** | **12144388** | **59740482** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Note 2A, 2E, and Note 4) | (10316) | (31262) | (2089927) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6183050 | 12113126 | 57650555 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | **2912570** | **22792966** | **176632773** |
| REALIZED AND UNREALIZED GAIN (LOSS) ON 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)** | 83265354 | 143921804 | 1200810609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 0 | (3156823) | (65160315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 113784 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 0 | (756531) | (5099454) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain on investment transactions and foreign currency transactions** | **83379138** | **140008450** | **1130550840** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments **(d)** | (58113384) | 41718107 | 754903848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 0 | 4528697 | 29851183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (178382) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | 0 | 184051 | 972479 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities** | **(58291766)** | **46430855** | **785727510** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain on investment transactions and foreign currency transactions** | **25087372** | **186439305** | **1916278350** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | $**27999942** | $**209232271** | $**2092911123** |

---

**(a)** Net of foreign withholding taxes of $19,347, $4,104,505 and $24,844,716, 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 $0, $1,287,920 and $268,836, respectively.

**(d)** Net of increase in accrued foreign capital gains taxes on unrealized gains of $0, $2,965,526 and $527,609, respectively.

See Notes to Financial Statements.

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

------

##### [**Table of Contents**](#toc)
Statement of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SMALL CAP CORE<br>PORTFOLIO** | **SMALL CAP CORE<br>PORTFOLIO** | **INTERNATIONAL SMALL CAP<br>PORTFOLIO** | **INTERNATIONAL SMALL CAP<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 | $2912570 | $4374636 | $22792966 | $24494241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment transactions and foreign currency transactions | 83379138 | 83506018 | 140008450 | 62950011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (58291766) | 76137792 | 46430855 | 157332094 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | **27999942** | **164018446** | **209232271** | **244776346** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders (a)** | **(94050271)** | **(56325884)** | **(27826889)** | **(32069958)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital-share transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | 71538934 | 63887140 | 87422876 | 95755091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares issued to shareholders on reinvestment of dividends | 90932507 | 53609960 | 21772344 | 25763647 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total proceeds from shares sold** | **162471441** | **117497100** | **109195220** | **121518738** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (106078325) | (127535964) | (254865807) | (230419513) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital-share transactions** | **56393116** | **(10038864)** | **(145670587)** | **(108900775)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | **(9657213)** | **97653698** | **35734795** | **103805613** |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beginning of period** | **742166244** | **644512546** | **1150383961** | **1046578348** |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $**732509031** | $**742166244** | $**1186118756** | $**1150383961** |

---

**(a)** See page 23 for share class information on dividend distributions for the Small Cap Core Portfolio and International Small Cap Portfolios.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *21*

------

##### [**Table of Contents**](#toc)
Statement of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | **INTERNATIONAL STRATEGIC**<br> **EQUITIES PORTFOLIO** | **INTERNATIONAL STRATEGIC**<br> **EQUITIES 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 | $176632773 | $182938487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment transactions and foreign currency transactions | 1130550840 | 512941894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 785727510 | 1188567800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates (see Note 2A) | 0 | 79258 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | **2092911123** | **1884527439** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders (a)** | **(189476283)** | **(228105256)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital-share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | 747410391 | 569441094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares issued to shareholders on reinvestment of dividends | 145018861 | 178310061 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total proceeds from shares sold** | **892429252** | **747751155** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1583680804) | (1244414978) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease in net assets from capital-share transactions** | **(691251552)** | **(496663823)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets** | **1212183288** | **1159758360** |
| NET ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beginning of period** | **8260302557** | **7100544197** |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $**9472485845** | $**8260302557** |

---

**(a)** See page 23 for share class information on dividend distributions for the International Strategic Equities Portfolio.

See Notes to Financial Statements.

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

------

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

---

| | | |
|:---|:---|:---|
|  | **SMALL CAP COREPORTFOLIO** | **SMALL CAP COREPORTFOLIO** |
| | 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; SCB Class | $(1087218) | $(617245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (82402637) | (47911059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (10560416) | (7797580) |
|  | $(94050271) | $(56325884) |
|  | **INTERNATIONALSMALL CAPPORTFOLIO** | **INTERNATIONALSMALL CAPPORTFOLIO** |
|  | YEARENDED9/30/25 | YEARENDED9/30/24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB Class | $(1471300) | $(1572194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (22402568) | (24109922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (3953021) | (6387842) |
|  | $(27826889) | $(32069958) |
|  | **INTERNATIONALSTRATEGIC EQUITIESPORTFOLIO** | **INTERNATIONALSTRATEGIC EQUITIESPORTFOLIO** |
|  | 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; SCB Class | $(8965385) | $(10730065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (159853073) | (183727269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (20657825) | (33647922) |
|  | $(189476283) | $(228105256) |

---

See Notes to Financial Statements.

 <br> *2025 Annual Report* *23*

------

##### [**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:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SMALL CAP CORE PORTFOLIOSCB CLASS** | **SMALL CAP CORE PORTFOLIOSCB CLASS** | **SMALL CAP CORE PORTFOLIOSCB CLASS** | **SMALL CAP CORE PORTFOLIOSCB CLASS** | **SMALL CAP CORE PORTFOLIOSCB CLASS** | **SMALL CAP CORE PORTFOLIOSCB CLASS** | **SMALL CAP CORE PORTFOLIOSCB CLASS** | **SMALL CAP CORE PORTFOLIOSCB CLASS** | **SMALL CAP CORE PORTFOLIOSCB CLASS** | **SMALL CAP CORE PORTFOLIOSCB 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** | **$** | **13.94** | **$** | **12.00** | **$** | **11.36** | **$** | **15.26** | **$** | **10.39** |
| &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 (loss) **(a)(b)** |  | .02 |  | .05 |  | .05 |  | .02 |  | (.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions |  | .52 |  | 2.94 |  | 1.51 |  | (3.03) |  | 4.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates |  | 0 |  | 0 |  | 0 |  | .00 **(c)** |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **.54** |  | **2.99** |  | **1.56** |  | **(3.01)** |  | **4.91** |
| &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 |  | (.03) |  | (.06) |  | (.01) |  | 0 |  | (.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions |  | (1.73) |  | (.99) |  | (.91) |  | (.89) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** |  | **(1.76)** |  | **(1.05)** |  | **(.92)** |  | **(.89)** |  | **(.04)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** |  | **$12.72** |  | **$13.94** |  | **$12.00** |  | **$11.36** |  | **$15.26** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)(e)** |  | **3.76%** |  | **26.67%** **\*** |  | **14.07%** |  | **(21.18)%** |  | **47.30%** |
| 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) |  | $8115 |  | $8977 |  | $7156 |  | $7231 |  | $10119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $7979 |  | $7925 |  | $7774 |  | $9101 |  | $9893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements |  | 1.13% |  | 1.14% |  | 1.14% |  | 1.13% |  | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements |  | 1.13% |  | 1.15% |  | 1.14% |  | 1.13% |  | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) **(b)** |  | .18% |  | .40% |  | .41% |  | .13% |  | (.17)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 97% |  | 63% |  | 43% |  | 34% |  | 40% |

---

See Footnote Summary on page 33.

See Notes to Financial Statements.

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

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SMALL CAP CORE PORTFOLIOADVISOR CLASS** | **SMALL CAP CORE PORTFOLIOADVISOR CLASS** | **SMALL CAP CORE PORTFOLIOADVISOR CLASS** | **SMALL CAP CORE PORTFOLIOADVISOR CLASS** | **SMALL CAP CORE PORTFOLIOADVISOR CLASS** | **SMALL CAP CORE PORTFOLIOADVISOR CLASS** | **SMALL CAP CORE PORTFOLIOADVISOR CLASS** | **SMALL CAP CORE PORTFOLIOADVISOR CLASS** | **SMALL CAP CORE PORTFOLIOADVISOR CLASS** | **SMALL CAP CORE 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** | **$** | **14.01** | **$** | **12.06** | **$** | **11.42** | **$** | **15.32** | **$** | **10.43** |
| &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)** |  | .05 |  | .08 |  | .08 |  | .05 |  | .01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions |  | .53 |  | 2.95 |  | 1.53 |  | (3.05) |  | 4.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates |  | 0 |  | 0 |  | 0 |  | .00 **(c)** |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **.58** |  | **3.03** |  | **1.61** |  | **(3.00)** |  | **4.95** |
| &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 |  | (.06) |  | (.09) |  | (.06) |  | (.01) |  | (.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions |  | (1.74) |  | (.99) |  | (.91) |  | (.89) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** |  | **(1.80)** |  | **(1.08)** |  | **(.97)** |  | **(.90)** |  | **(.06)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** |  | **$12.79** |  | **$14.01** |  | **$12.06** |  | **$11.42** |  | **$15.32** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)(e)** |  | **4.00%** |  | **26.96%** **\*** |  | **14.41%** |  | **(21.02)%** |  | **47.62%** |
| 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) |  | $648535 |  | $650909 |  | $550219 |  | $500636 |  | $702514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $610165 |  | $592814 |  | $558487 |  | $632321 |  | $687421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements |  | .89% |  | .89% |  | .89% |  | .88% |  | .89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements |  | .89% |  | .90% |  | .89% |  | .88% |  | .89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** |  | .42% |  | .64% |  | .66% |  | .38% |  | .07% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 97% |  | 63% |  | 43% |  | 34% |  | 40% |

---

See Footnote Summary on page 33.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *25*

------

##### [**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:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SMALL CAP CORE PORTFOLIOCLASS Z** | **SMALL CAP CORE PORTFOLIOCLASS Z** | **SMALL CAP CORE PORTFOLIOCLASS Z** | **SMALL CAP CORE PORTFOLIOCLASS Z** | **SMALL CAP CORE PORTFOLIOCLASS Z** | **SMALL CAP CORE PORTFOLIOCLASS Z** | **SMALL CAP CORE PORTFOLIOCLASS Z** | **SMALL CAP CORE PORTFOLIOCLASS Z** | **SMALL CAP CORE PORTFOLIOCLASS Z** | **SMALL CAP CORE 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** | **$** | **14.00** | **$** | **12.05** | **$** | **11.42** | **$** | **15.31** | **$** | **10.42** |
| &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)** |  | .05 |  | .08 |  | .08 |  | .05 |  | .01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions |  | .53 |  | 2.95 |  | 1.52 |  | (3.03) |  | 4.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates |  | 0 |  | 0 |  | 0 |  | .00 **(c)** |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **.58** |  | **3.03** |  | **1.60** |  | **(2.98)** |  | **4.96** |
| &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 |  | (.06) |  | (.09) |  | (.06) |  | (.02) |  | (.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions |  | (1.74) |  | (.99) |  | (.91) |  | (.89) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** |  | **(1.80)** |  | **(1.08)** |  | **(.97)** |  | **(.91)** |  | **(.07)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** |  | **$12.78** |  | **$14.00** |  | **$12.05** |  | **$11.42** |  | **$15.31** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)(e)** |  | **4.01%** |  | **26.99%** **\*** |  | **14.34%** |  | **(20.95)%** |  | **47.70%** |
| 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) |  | $75859 |  | $82280 |  | $87138 |  | $111941 |  | $164837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $76708 |  | $80699 |  | $109237 |  | $144065 |  | $155037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements |  | .88% |  | .88% |  | .88% |  | .87% |  | .87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements |  | .88% |  | .89% |  | .88% |  | .87% |  | .87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** |  | .42% |  | .66% |  | .68% |  | .39% |  | .10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 97% |  | 63% |  | 43% |  | 34% |  | 40% |

---

See Footnote Summary on page 33.

See Notes to Financial Statements.

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

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INTERNATIONAL SMALL CAP PORTFOLIOSCB CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIOSCB CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIOSCB CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIOSCB CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIOSCB CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIOSCB CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIOSCB CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIOSCB CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIOSCB CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIOSCB 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** | **$** | **12.92** | **$** | **10.62** | **$** | **8.90** | **$** | **13.37** | **$** | **10.40** |
| &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)** |  | .24 |  | .24 |  | .24 |  | .22 |  | .12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions |  | 2.38 |  | 2.36 |  | 1.55 |  | (4.23) |  | 2.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **2.62** |  | **2.60** |  | **1.79** |  | **(4.01)** |  | **3.08** |
| &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 |  | (.29) |  | (.30) |  | (.07) |  | (.23) |  | (.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions |  | 0 |  | 0 |  | 0 |  | (.23) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** |  | **(.29)** |  | **(.30)** |  | **(.07)** |  | **(.46)** |  | **(.11)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** |  | **$15.25** |  | **$12.92** | **$** | **10.62** | **$** | **8.90** |  | **$13.37** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** |  | **20.83%** |  | **25.15%** **\*** |  | **20.19%** **\*** |  | **(31.01)%** |  | **29.79%** |
| 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) |  | $68490 |  | $66265 |  | $55201 |  | $48349 |  | $72116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $63615 |  | $59167 |  | $56324 |  | $63185 |  | $72063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements |  | 1.33% |  | 1.32% |  | 1.34% |  | 1.32% |  | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements |  | 1.33% |  | 1.33% |  | 1.34% |  | 1.32% |  | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** |  | 1.85% |  | 2.05% |  | 2.25% |  | 1.87% |  | .94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 57% |  | 50% |  | 50% |  | 50% |  | 48% |

---

See Footnote Summary on page 33.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *27*

------

##### [**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:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INTERNATIONAL SMALL CAP PORTFOLIOADVISOR CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIOADVISOR CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIOADVISOR CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIOADVISOR CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIOADVISOR CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIOADVISOR CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIOADVISOR CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIOADVISOR CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIOADVISOR CLASS** | **INTERNATIONAL SMALL CAP 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** | **$** | **12.95** | **$** | **10.65** | **$** | **8.93** | **$** | **13.41** | **$** | **10.42** |
| &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)** |  | .28 |  | .26 |  | .27 |  | .25 |  | .15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions |  | 2.37 |  | 2.37 |  | 1.56 |  | (4.23) |  | 2.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **2.65** |  | **2.63** |  | **1.83** |  | **(3.98)** |  | **3.13** |
| &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 |  | (.32) |  | (.33) |  | (.11) |  | (.27) |  | (.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions |  | 0 |  | 0 |  | 0 |  | (.23) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** |  | **(.32)** |  | **(.33)** |  | **(.11)** |  | **(.50)** |  | **(.14)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** |  | **$15.28** |  | **$12.95** | **$** | **10.65** | **$** | **8.93** |  | **$13.41** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** |  | **21.08%** |  | **25.41%** |  | **20.54%** |  | **(30.81)%** |  | **30.22%** |
| 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) |  | $977351 |  | $917374 |  | $784940 |  | $655455 |  | $948393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $895029 |  | $838987 |  | $774138 |  | $856686 |  | $896897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements |  | 1.09% |  | 1.07% |  | 1.09% |  | 1.07% |  | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements |  | 1.09% |  | 1.08% |  | 1.09% |  | 1.07% |  | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** |  | 2.11% |  | 2.30% |  | 2.51% |  | 2.14% |  | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 57% |  | 50% |  | 50% |  | 50% |  | 48% |

---

See Footnote Summary on page 33.

See Notes to Financial Statements.

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

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INTERNATIONAL SMALL CAP PORTFOLIOCLASS Z** | **INTERNATIONAL SMALL CAP PORTFOLIOCLASS Z** | **INTERNATIONAL SMALL CAP PORTFOLIOCLASS Z** | **INTERNATIONAL SMALL CAP PORTFOLIOCLASS Z** | **INTERNATIONAL SMALL CAP PORTFOLIOCLASS Z** | **INTERNATIONAL SMALL CAP PORTFOLIOCLASS Z** | **INTERNATIONAL SMALL CAP PORTFOLIOCLASS Z** | **INTERNATIONAL SMALL CAP PORTFOLIOCLASS Z** | **INTERNATIONAL SMALL CAP PORTFOLIOCLASS Z** | **INTERNATIONAL SMALL CAP 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** | **$** | **12.94** | **$** | **10.64** | **$** | **8.93** | **$** | **13.41** | **$** | **10.42** |
| &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)** |  | .26 |  | .25 |  | .24 |  | .24 |  | .15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions |  | 2.40 |  | 2.38 |  | 1.58 |  | (4.22) |  | 2.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **2.66** |  | **2.63** |  | **1.82** |  | **(3.98)** |  | **3.13** |
| &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 |  | (.32) |  | (.33) |  | (.11) |  | (.27) |  | (.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions |  | 0 |  | 0 |  | 0 |  | (.23) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** |  | **(.32)** |  | **(.33)** |  | **(.11)** |  | **(.50)** |  | **(.14)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** |  | **$15.28** |  | **$12.94** | **$** | **10.64** | **$** | **8.93** |  | **$13.41** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** |  | **21.17%** |  | **25.42%** |  | **20.42%** |  | **(30.81)%** |  | **30.22%** |
| 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) |  | $140278 |  | $166745 |  | $206437 |  | $300821 |  | $502324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $138972 |  | $179332 |  | $288501 |  | $418569 |  | $478856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements |  | 1.09% |  | 1.08% |  | 1.09% |  | 1.07% |  | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements |  | 1.10% |  | 1.08% |  | 1.09% |  | 1.07% |  | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** |  | 1.97% |  | 2.21% |  | 2.29% |  | 2.03% |  | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 57% |  | 50% |  | 50% |  | 50% |  | 48% |

---

See Footnote Summary on page 33.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *29*

------

##### [**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:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOSCB CLASS** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOSCB CLASS** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOSCB CLASS** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOSCB CLASS** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOSCB CLASS** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOSCB CLASS** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOSCB CLASS** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOSCB CLASS** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOSCB CLASS** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOSCB 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** | **$** | **13.60** | **$** | **10.97** | **$** | **9.58** | **$** | **13.72** | **$** | **11.58** |
| &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)** |  | .27 |  | .26 |  | .23 |  | .36 |  | .29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions |  | 3.34 |  | 2.70 |  | 1.56 |  | (3.74) |  | 1.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates |  | 0 |  | .00 **(c)** |  | 0 |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **3.61** |  | **2.96** |  | **1.79** |  | **(3.38)** |  | **2.27** |
| &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 |  | (.28) |  | (.33) |  | (.40) |  | (.30) |  | (.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions |  | 0 |  | 0 |  | 0 |  | (.46) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** |  | **(.28)** |  | **(.33)** |  | **(.40)** |  | **(.76)** |  | **(.13)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | **$** | **16.93** | **$** | **13.60** | **$** | **10.97** | **$** | **9.58** | **$** | **13.72** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)(e)** |  | **27.15%** |  | **27.71%** |  | **18.82%** |  | **(26.13)%** |  | **19.76%** |
| 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) |  | $506326 |  | $436717 |  | $357763 |  | $312692 |  | $445342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $445867 |  | $399057 |  | $358389 |  | $402301 |  | $404275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)(g)** |  | .91% |  | .92% |  | .96% |  | .94% |  | .95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)(g)** |  | .93% |  | .95% |  | .96% |  | .94% |  | .95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** |  | 1.89% |  | 2.14% |  | 2.05% |  | 2.91% |  | 2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 94% |  | 69% |  | 92% |  | 73% |  | 86% |

---

See Footnote Summary on page 33.

See Notes to Financial Statements.

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

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOADVISOR CLASS** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOADVISOR CLASS** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOADVISOR CLASS** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOADVISOR CLASS** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOADVISOR CLASS** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOADVISOR CLASS** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOADVISOR CLASS** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOADVISOR CLASS** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOADVISOR CLASS** | **INTERNATIONAL STRATEGIC EQUITIES 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** | **$** | **13.63** | **$** | **11.00** | **$** | **9.61** | **$** | **13.76** | **$** | **11.62** |
| &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)** |  | .30 |  | .30 |  | .25 |  | .39 |  | .32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions |  | 3.35 |  | 2.69 |  | 1.58 |  | (3.75) |  | 1.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates |  | 0 |  | .00 **(c)** |  | 0 |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **3.65** |  | **2.99** |  | **1.83** |  | **(3.36)** |  | **2.31** |
| &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 |  | (.31 |  | (.36) |  | (.44) |  | (.33) |  | (.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions |  | 0 |  | 0 |  | 0 |  | (.46) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** |  | **(.31** |  | **(.36)** |  | **(.44)** |  | **(.79)** |  | **(.17)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** |  | **$16.97** |  | **$13.63** | **$** | **11.00** | **$** | **9.61** |  | **$13.76** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)(e)** |  | **27.48%** |  | **27.95%** |  | **19.19%** |  | **(25.96)%** |  | **20.02%** |
| 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) |  | $8163192 |  | $6925658 |  | $5698575 |  | $4928516 |  | $6617933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $7175752 |  | $6370009 |  | $5656249 |  | $6230863 |  | $5755397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)(g)** |  | .67% |  | .67% |  | .71% |  | .69% |  | .70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)(g)** |  | .70% |  | .70% |  | .71% |  | .70% |  | .70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** |  | 2.13% |  | 2.41% |  | 2.30% |  | 3.19% |  | 2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 94% |  | 69% |  | 92% |  | 73% |  | 86% |

---

See Footnote Summary on page 33.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *31*

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##### [**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:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOCLASS Z** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOCLASS Z** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOCLASS Z** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOCLASS Z** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOCLASS Z** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOCLASS Z** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOCLASS Z** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOCLASS Z** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIOCLASS Z** | **INTERNATIONAL STRATEGIC EQUITIES 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** | **$** | **13.65** | **$** | **11.02** | **$** | **9.62** | **$** | **13.78** | **$** | **11.63** |
| &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)** |  | .28 |  | .27 |  | .24 |  | .37 |  | .30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions |  | 3.38 |  | 2.72 |  | 1.59 |  | (3.74) |  | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates |  | 0 |  | .00 **(c)** |  | 0 |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **3.66** |  | **2.99** |  | **1.83** |  | **(3.37)** |  | **2.32** |
| &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 |  | (.31) |  | (.36) |  | (.43) |  | (.33) |  | (.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions |  | 0 |  | 0 |  | 0 |  | (.46) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** |  | **(.31)** |  | **(.36)** |  | **(.43)** |  | **(.79)** |  | **(.17)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** |  | **$17.00** |  | **$13.65** | **$** | **11.02** | **$** | **9.62** |  | **$13.78** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)(e)** |  | **27.49%** |  | **27.88%** |  | **19.25%** |  | **(26.01)%** |  | **20.07%** |
| 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) |  | $802967 |  | $897928 |  | $1044206 |  | $1331970 |  | $2100301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $789384 |  | $948309 |  | $1325072 |  | $1811737 |  | $2067177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)(g)** |  | .69% |  | .69% |  | .73% |  | .71% |  | .71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)(g)** |  | .71% |  | .72% |  | .73% |  | .71% |  | .71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** |  | 1.99% |  | 2.23% |  | 2.16% |  | 3.03% |  | 2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 94% |  | 69% |  | 92% |  | 73% |  | 86% |

---

See Footnote Summary on page 33.

See Notes to Financial Statements.

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

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##### [**Table of Contents**](#toc)
**(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 International Strategic Equities Portfolio for the year ended September 30, 2025 by 0.02% and for the Small Cap Core Portfolio for the year ended September 30, 2021 by 0.01%.

**(f)** The expense ratios, excluding interest expense are:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 |
|  **International Strategic Equities Portfolio** | **International Strategic Equities Portfolio** | **International Strategic Equities Portfolio** | **International Strategic Equities Portfolio** | **International Strategic Equities Portfolio** | **International Strategic Equities Portfolio** |
|  **SCB Class** | **SCB Class** | **SCB Class** | **SCB Class** | **SCB Class** | **SCB Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .91% | .92% | .96% | .94% | .95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .93% | .95% | .96% | .94% | .95% |
|  **Advisor Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .67% | .67% | .71% | .69% | .70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .70% | .70% | .71% | .70% | .70% |
|  **Class Z** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .69% | .69% | .72% | .71% | .71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .71% | .72% | .72% | .71% | .71% |

---

**(g)** Less than .005%.

\* The net asset value and total investment 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 investment return for shareholder transactions may differ from financial statements.

† 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.

---

| | | | |
|:---|:---|:---|:---|
| INTERNATIONAL STRATEGIC EQUITIES<br>PORTFOLIO | **NET<br>INVESTMENT**<br> **INCOME PER**<br> **SHARE** | **NET<br>INVESTMENT**<br> **INCOME<br>RATIO** | **TOTAL<br>RETURN** |
|  Advisor Class | $.00 **(c)** | .00% **(g)** | .00% **(g)** |

---

See Notes to Financial Statements.

 <br> *2025 Annual Report* *33*

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##### [**Table of Contents**](#toc)
Notes to Financial Statements

---

| | |
|:---|:---|
| **NOTE 1.** | **Organization and Significant Accounting Policies**  |

---

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 three portfolios: Small Cap Core Portfolio, International Small Cap Portfolio and International Strategic Equities Portfolio (hereafter collectively referred to as the "Portfolios" and each individually a "Portfolio").

The Fund's Portfolios offer the following share classes: SCB Class, Advisor Class and Class Z. Class Z shares are currently offered exclusively to registered investment companies (or their series) managed by AllianceBernstein L.P. (the "Adviser"). Each Portfolio has its own investment objectives. 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, the Adviser serves as the Portfolios' valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolios' portfolio investments, subject to the Board's oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. ("NASDAQ")) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the 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

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

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

 <br> *2025 Annual Report* *35*

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##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

The following tables summarize the valuation of the Portfolios' investments by the above fair value hierarchy levels as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SMALL CAP CORE PORTFOLIO**<br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** |  |  |  |  |
|  Common Stocks **(a)** | $725254504 | $0 | $0 | $725254504 |
|  Short-Term Investments | 4836603 | 0 | 0 | 4836603 |
|  Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 8303095 | 0 | 0 | 8303095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 738394202 | 0 | 0 | 738394202 |
|  **Other Financial Instruments (b):** |  |  |  |  |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 589754 | 0 | 0 | 589754 **(c)** |
|  **Liabilities** | **0** | **0** | **0** | **0** |
|  **Total** | $**738983956** | $**0** | $**0** | $**738983956** |
| **INTERNATIONAL SMALL CAP PORTFOLIO**<br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** |  |  |  |  |
|  Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $26201354 | $234329393 | $0 | $260530747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 4180886 | 182344467 | 0 | 186525353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 2261076 | 167946173 | 0 | 170207249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 19093767 | 108057693 | 0 | 127151460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 40368128 | 56413100 | 0 | 96781228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 8026457 | 57769800 | 0 | 65796257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 11680444 | 47963937 | 0 | 59644381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 8882399 | 42211676 | 0 | 51094075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 15116172 | 34167644 | 0 | 49283816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 12514773 | 36702647 | 0 | 49217420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 14945552 | 19241845 | 0 | 34187397 |
|  Short-Term Investments | 28689261 | 0 | 0 | 28689261 |
|  Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 24018545 | 0 | 0 | 24018545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 215978814 | 987148375 **(d)** | 0 | 1203127189 |
|  **Other Financial Instruments (b):** |  |  |  |  |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | 4169887 | 0 | 4169887 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | (1156677) | 0 | (1156677) |
|  **Total** | $**215978814** | $**990161585** | $**0** | $**1206140399** |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIO**<br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** |  |  |  |  |
|  Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | $4279071 | $2478278752 | $0 | $2482557823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 206987736 | 1819946413 | 0 | 2026934149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 1150483900 | 0 | 1150483900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 161147768 | 689237314 | 0 | 850385082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 769247050 | 0 | 769247050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 108855259 | 630587937 | 0 | 739443196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 441393688 | 0 | 441393688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 102599199 | 201604915 | 0 | 304204114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 260936542 | 0 | 260936542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 63292527 | 121762181 | 0 | 185054708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 178866648 | 0 | 0 | 178866648 |
|  Short-Term Investments | 81997919 | 0 | 0 | 81997919 |
|  Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 28173000 | 0 | 0 | 28173000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 936199127 | 8563478692 **(d)** | 0 | 9499677819 |
|  **Other Financial Instruments (b):** |  |  |  |  |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | 37132451 | 0 | 37132451 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | (16032860) | 0 | (16032860) |
|  **Total** | $**936199127** | $**8584578283** | $**0** | $**9520777410** |

---

(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.

(d) 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.** **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

 <br> *2025 Annual Report* *37*

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##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

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 International Small Cap Portfolio and International Strategic Equities 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 2020 through 2023. These filings are subject to various administrative and judicial proceedings within these countries. For the year ended September 30, 2025, the International Small Cap and International Strategic Equities Portfolios successfully recovered taxes withheld by Finland, France and Sweden which are reflected in the statement of operations. No other amounts for additional tax reclaims are disclosed in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolios' tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolios' financial statements. As of September 30, 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 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.** **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.

**G.** **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.

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

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##### [**Table of Contents**](#toc)
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 which is reflected as an adjustment 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** |
|  Small Cap Core | $2851217 | $(2851217) |
|  International Small Cap | 6431660 | (6431660) |
|  International Strategic Equities | 10834942 | (10834942) |

---

**H.** **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.

**I.** **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 at an annualized rate as follows:

Small Cap Core Portfolio: 0.80% of the Portfolio's average daily net assets.

International Small Cap Portfolio: 1.00% of the Portfolio's average daily net assets.

---

| | | | |
|:---|:---|:---|:---|
| **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** |
| | **FIRST**<br> **$2.5 BILLION** | **NEXT**<br> **$2.5 BILLION** | **THEREAFTER** |
| International Strategic Equities | 0.75% | 0.65% | 0.60% |

---

The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit the total portfolio operating expenses (excluding acquired fund fees and expenses other than the advisory fees of any AB mutual funds in

 <br> *2025 Annual Report* *39*

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##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

which the Portfolios may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs) as a percentage of daily average net assets on an annual basis (the "Expense Caps") as follows:

---

| | | | |
|:---|:---|:---|:---|
| **PORTFOLIO** | **SCB CLASS** | **ADVISOR CLASS** | **CLASS Z** |
| Small Cap Core | 1.30% | 1.05% | 1.05% |
| International Small Cap | 1.35% | 1.10% | 1.10% |

---

The Expense Caps described above for Small Cap Core and International Small Cap may not be terminated by the Adviser before January 31, 2026. During the year ended September 30, 2025, there were no such reimbursement/waivers.

Effective November 1, 2023 through September 2, 2025, the Adviser agreed to voluntarily waive the advisory fee of the International Strategic Equities Portfolio of 0.025% of the Portfolio's average daily net assets. For the year ended September 30, 2025, such waivers amounted to $1,918,040.

During the year ended September 30, 2024, the Adviser reimbursed the International Strategic Equities Portfolio $26,108 for trading losses incurred due to trade entry errors and $53,150 for trading losses incurred due to NAV errors.

**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. 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 0.25% of the average daily net assets of SCB Class Shares. Effective September 2, 2025, the Adviser put in place a voluntary waiver of the Shareholder Servicing fees paid by each Portfolio to the Adviser lowering the effective fee to 0.105% of the average daily net assets of SCB Class Shares.

The Fund compensates AllianceBernstein Investor Services, Inc. ("ABIS"), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Fund. 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: Small Cap Core Portfolio, $188,277; International Small Cap Portfolio, $159,844; and International Strategic Equities Portfolio, $369,654.

**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 Fund has entered into a Distribution Services Agreement (the "Agreement") with AllianceBernstein Investments, Inc., (the "Retail Distributor"), to permit the Retail Distributor to distribute the Portfolios' Advisor Class and Class Z shares, as applicable, and to permit the Fund to pay distribution services fees to defray expenses associated with the distribution of the Portfolios' Class A and Class C shares in accordance with a plan of distribution which is included in the Agreement and which has been duly adopted and approved in accordance with Rule 12b-1 under the under the Investment Company Act of 1940 (the "Rule 12b-1 Plan"). Advisor Class shares and Class Z shares are not subject to Rule 12b-1 asset-based sales charges.

During the year ended September 30, 2025, the Adviser reimbursed the International Strategic Equities Portfolio $627 for overpayment of prior years' omnibus account services, sub-accounting services and related transfer agency expenses.

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

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##### [**Table of Contents**](#toc)
**E.** **Investments in Affiliated Issuers** 

The Portfolios may invest in AB Government Money Market Portfolio, advised by the Adviser, which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of 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** |
|  Small Cap Core | $9368 |
|  International Small Cap | 29686 |
|  International Strategic Equities | 170423 |

---

A summary of the Portfolios transactions in shares of the AB Government Money Market Portfolio for the year ended September 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **SMALL CAP CORE** | **SMALL CAP CORE** | **SMALL CAP CORE** | **SMALL CAP CORE** | **SMALL CAP CORE** |
| <br>**FUND** | **MARKET VALUE9/30/24<br>(000)** | **PURCHASESAT COST(000)** | **SALESPROCEEDS(000)** | **MARKET VALUE9/30/25<br>(000)** | **DIVIDENDINCOME(000)** |
|  AB Government Money Market Portfolio | $5312 | $179557 | $180032 | $4837 | $205 |
|  AB Government Money Market Portfolio\* | 0 | 32739 | 24436 | 8303 | 2 |
|  Total |  |  |  | $13140 | $207 |

---

\* Investments of cash collateral for securities lending transactions (see Note 4).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INTERNATIONAL SMALL CAP** | **INTERNATIONAL SMALL CAP** | **INTERNATIONAL SMALL CAP** | **INTERNATIONAL SMALL CAP** | **INTERNATIONAL SMALL CAP** |
| <br>**FUND** | **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 | $25995 | $268294 | $265600 | $28689 | $640 |
|  AB Government Money Market Portfolio\* | 0 | 28738 | 4719 | 24019 | 5 |
|  Total |  |  |  | $52708 | $645 |

---

\* Investments of cash collateral for securities lending transactions (see Note 4).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INTERNATIONAL STRATEGIC EQUITIES** | **INTERNATIONAL STRATEGIC EQUITIES** | **INTERNATIONAL STRATEGIC EQUITIES** | **INTERNATIONAL STRATEGIC EQUITIES** | **INTERNATIONAL STRATEGIC EQUITIES** |
| <br>**FUND** | **MARKET VALUE<br>9/30/24<br>(000)** | **PURCHASES**<br> **AT COST(000)** | **SALES<br>PROCEEDS<br>(000)** | **MARKET VALUE<br>9/30/25<br>(000)** | **DIVIDEND<br>INCOME<br>(000)** |
|  AB Government Money Market Portfolio | $108507 | $2354763 | $2381272 | $81998 | $3718 |
|  AB Government Money Market Portfolio\* | 0 | 29508 | 1335 | 28173 | 5 |
|  Total |  |  |  | $110171 | $3723 |

---

\* Investments of cash collateral for securities lending transactions (see Note 4).

 <br> *2025 Annual Report* *41*

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##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

**F.** **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 will retire prior to their initial anticipated retirement date. These Directors will receive a one-time retirement benefit payable from the Portfolios and certain other funds overseen by the Directors. The Adviser 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** |
|  Small Cap Core | $26667 |
|  International Small Cap | 41344 |
|  International Strategic Equities | 296856 |

---

---

| | |
|:---|:---|
| **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** |
|  Small Cap Core | $667508892 | $0 | $699999952 | $0 |
|  International Small Cap | 611685203 | 0 | 764268362 | 0 |
|  International Strategic Equities | 7814406299 | 0 | 8502465619 | 0 |

---

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **COST** | **GROSS UNREALIZED** | **GROSS UNREALIZED** | **NET<br>UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)** |
| **PORTFOLIO** | **COST** | **APPRECIATION** | **(DEPRECIATION)** | **NET<br>UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)** |
|  Small Cap Core | $642251425 | $134630852 | $(38488075) | $96142777 |
|  International Small Cap | 972708486 | 278113016 | (47519048) | 230593968 |
|  International Strategic Equities | 6996565882 | 2523325525 | (23005349) | 2500320176 |

---

**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

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

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##### [**Table of Contents**](#toc)
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 Small Cap Core Portfolio held futures for 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 International Small Cap Portfolio and International Strategic Equities Portfolios held forward currency exchange contracts 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

 <br> *2025 Annual Report* *43*

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Notes to Financial Statements (continued)

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SMALL CAP CORE PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS<br>AND LIABILITIESLOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Equity contracts | Receivable for variation margin on futures | $589754 \* |  |  |
|  Total |  | $589754 |  |  |

---

\* 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)** |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $113784 | $(178382) |
|  Total |  | $113784 | $(178382) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERNATIONAL SMALL<br>CAP PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS**<br> **AND LIABILITIESLOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | $4169887 | Unrealized depreciation on forward currency exchange contracts | $1156677 |
|  Total |  | $4169887 |  | $1156677 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | $(3156823) | $4528697 |
|  Total |  | $(3156823) | $4528697 |

---

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

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERNATIONAL STRATEGIC<br>EQUITIES 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** |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | $37132451 | Unrealized depreciation on forward currency exchange contracts | $16032860 |
|  Total |  | $37132451 |  | $16032860 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | $(65160315) | $29851183 |
|  Total |  | $(65160315) | $29851183 |

---

The following tables represent the average monthly volume of the Portfolios' derivative transactions during the year ended September 30, 2025:

---

| | |
|:---|:---|
| **SMALL CAP CORE PORTFOLIO** | |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $31406578 |

---

---

| | |
|:---|:---|
| **INTERNATIONAL SMALL CAP PORTFOLIO** | |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $201525310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $218915992 |

---

---

| | |
|:---|:---|
| **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIO** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIO** |
|  Forward Currency Exchange Contracts: | Forward Currency Exchange Contracts: |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $2618426640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $2487583870 |

---

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.

 <br> *2025 Annual Report* *45*

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##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

All OTC derivatives held at period end were subject to netting arrangements. The following tables present the Portfolios' derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Portfolios as of September 30, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **BERNSTEIN INTERNATIONAL SMALL CAP PORTFOLIO** | **BERNSTEIN INTERNATIONAL SMALL CAP PORTFOLIO** | **BERNSTEIN INTERNATIONAL SMALL CAP PORTFOLIO** | | | |  |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVESAVAILABLE<br>FOR OFFSET** |<br>**CASH<br>COLLATERALRECEIVED\*** |<br>**SECURITY<br>COLLATERALRECEIVED\*** |<br>**NET AMOUNT OFDERIVATIVE<br>ASSETS** | |
|  Bank of America NA | $624531 | $(91132) | $0 | $0 | $533399 |  |
|  Barclays Capital, Inc. | 29656 | (29656) | 0 | 0 | 0 |  |
|  Citibank NA | 1160221 | (181206) | (979015) | 0 | 0 |  |
|  Deutsche Bank AG | 174385 | 0 | 0 | 0 | 174385 |  |
|  Goldman Sachs Bank USA | 5359 | 0 | 0 | 0 | 5359 |  |
|  HSBC Bank USA | 602585 | (93252) | 0 | 0 | 509333 |  |
|  JPMorgan Chase Bank | 36564 | (7075) | 0 | 0 | 29489 |  |
|  Morgan Stanley Capital Services, Inc. | 263309 | (263309) | 0 | 0 | 0 |  |
|  NatWest Markets PLC | 1032953 | 0 | 0 | 0 | 1032953 |  |
|  Standard Chartered Bank | 62845 | 0 | 0 | 0 | 62845 |  |
|  State Street Bank & Trust Co. | 50706 | (50706) | 0 | 0 | 0 |  |
|  UBS | 126773 | (126773) | 0 | 0 | 0 |  |
|  Total | $4169887 | $(843109) | $(979015) | $0 | $2347763 | ^ |
| **COUNTERPARTY** | **DERIVATIVELIABILITIES SUBJECTTO A MA** | **DERIVATIVES<br>AVAILABLE<br>FOR OFFSET** | **CASH<br>COLLATERALPLEDGED\*** | **SECURITY<br>COLLATERALPLEDGED\*** | **NET AMOUNT OFDERIVATIVELIABILITIES** |  |
|  Bank of America NA | $91132 | $(91132) | $0 | $0 | $0 |  |
|  Barclays Capital, Inc. | 44530 | (29656) | 0 | 0 | 14874 |  |
|  Citibank NA | 181206 | (181206) | 0 | 0 | 0 |  |
|  HSBC Bank USA | 93252 | (93252) | 0 | 0 | 0 |  |
|  JPMorgan Chase Bank | 7075 | (7075) | 0 | 0 | 0 |  |
|  Morgan Stanley Capital Services, Inc. | 433847 | (263309) | 0 | 0 | 170538 |  |
|  State Street Bank & Trust Co. | 87214 | (50706) | 0 | 0 | 36508 |  |
|  UBS | 218421 | (126773) | 0 | 0 | 91648 |  |
|  Total | $1156677 | $(843109) | $0 | $0 | $313568 | ^ |

---

\* 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.  |

---

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

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIO** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIO** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIO** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIO** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIO** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIO** |  |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE<br>FOR OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Bank of America NA | $214463 | $(214463) | $0 | $0 | $0 |  |
|  Barclays Capital, Inc. | 9005694 | (2141916) | 0 | 0 | 6863778 |  |
|  BNP Paribas SA | 1059946 | (27437) | (1032509) | 0 | 0 |  |
|  Citibank NA | 17242981 | (4451111) | (7143000) | 0 | 5648870 |  |
|  Deutsche Bank AG | 297941 | (38494) | 0 | 0 | 259447 |  |
|  Goldman Sachs Bank USA | 231827 | (231827) | 0 | 0 | 0 |  |
|  HSBC Bank USA | 1591886 | (1591886) | 0 | 0 | 0 |  |
|  JPMorgan Chase Bank | 1108784 | (628967) | 0 | 0 | 479817 |  |
|  Morgan Stanley Capital Services, Inc. | 5493404 | (81653) | (930000) | 0 | 4481751 |  |
|  Standard Chartered Bank | 721377 | 0 | (519000) | 0 | 202377 |  |
|  State Street Bank & Trust Co. | 164148 | (164148) | 0 | 0 | 0 |  |
|  Total | $37132451 | $(9571902) | $(9624509) | $0 | $17936040 | ^ |
| **COUNTERPARTY** | **DERIVATIVELIABILITIES SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE<br>FOR OFFSET** | **CASH<br>COLLATERAL<br>PLEDGED\*** | **SECURITY<br>COLLATERAL<br>PLEDGED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>LIABILITIES** |  |
|  Bank of America NA | $4621923 | $(214463) | $(1719000) | $0 | $2688460 |  |
|  Barclays Capital, Inc. | 2141916 | (2141916) | 0 | 0 | 0 |  |
|  BNP Paribas SA | 27437 | (27437) | 0 | 0 | 0 |  |
|  Citibank NA | 4451111 | (4451111) | 0 | 0 | 0 |  |
|  Deutsche Bank AG | 38494 | (38494) | 0 | 0 | 0 |  |
|  Goldman Sachs Bank USA | 318300 | (231827) | 0 | 0 | 86473 |  |
|  HSBC Bank USA | 3083814 | (1591886) | (360000) | 0 | 1131928 |  |
|  JPMorgan Chase Bank | 628967 | (628967) | 0 | 0 | 0 |  |
|  Morgan Stanley Capital Services, Inc. | 81653 | (81653) | 0 | 0 | 0 |  |
|  State Street Bank & Trust Co. | 524220 | (164148) | 0 | 0 | 360072 |  |
|  UBS | 115025 | 0 | 0 | 0 | 115025 |  |
|  Total | $16032860 | $(9571902) | $(2079000) | $0 | $4381958 | ^ |

---

\* 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 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

 <br> *2025 Annual Report* *47*

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##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

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).

---

| | |
|:---|:---|
| **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 Portfolio's transactions surrounding securities lending for the year ended September 30, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **MARKET<br>VALUE OF<br>SECURITIES**<br>**ON LOAN\*** | **CASH<br>COLLATERAL\*** | **MARKET<br>VALUE OF<br>NON-CASH<br>COLLATERAL\*** | **INCOME FROM<br>BORROWERS** | **AB GOVERNMENT MONEY<br>MARKET PORTFOLIO** | **AB GOVERNMENT MONEY<br>MARKET PORTFOLIO** |
| <br>**PORTFOLIO** | **MARKET<br>VALUE OF<br>SECURITIES**<br>**ON LOAN\*** | **CASH<br>COLLATERAL\*** | **MARKET<br>VALUE OF<br>NON-CASH<br>COLLATERAL\*** | **INCOME FROM<br>BORROWERS** | **INCOME**<br> **EARNED** | **ADVISORY FEE<br>WAIVED** |
|  Small Cap Core | $9279866 | $8303095 | $1226131 | $0 | $1598 | $948 |
|  International Small Cap | 60091112 | 24018545 | 40472046 | 16324 | 4692 | 1576 |
|  International Strategic Equities | 67127802 | 28173000 | 43116152 | 9394 | 4775 | 1464 |

---

\* As of September 30, 2025.

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

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| | |
|:---|:---|
| **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** |
|  **Small Cap Core** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $13818560 | $4818683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 80231711 | 51507201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $94050271 | $56325884 |
|  **International Small Cap** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $27826889 | $32069958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $27826889 | $32069958 |
|  **International Strategic Equities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $189476283 | $228105256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $189476283 | $228105256 |

---

As of September 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **UNDISTRIBUTED<br>ORDINARY<br>INCOME** | **UNDISTRIBUTED<br>LONG-TERM<br>GAINS** | **ACCUMULATED<br>CAPITAL AND<br>OTHER<br>LOSSES(a)** | **UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)(b)** | **TOTAL<br>ACCUMULATED<br>EARNINGS/<br>(DEFICIT)** |
|  Small Cap Core | $3042020 | $67342987 | – $| 96142777 | $166527784 |
|  International Small Cap | 62121346 | 89031775 | – | 229713711 | 380866832 |
|  International Strategic Equities | 198428370 | 606243430 | – | 2499108551 | 3303780351 |

---

(a) For the year ended September 30, 2025, International Small Cap Portfolio and International Strategic Equities Portfolio utilized capital loss carryforwards of $9,292,429 and $554,211,894, respectively.

(b) 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 passive foreign investment companies (PFICs), and the realization for tax purposes of gains/losses on certain derivative instruments.

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, there were no capital loss carryforwards on any Portfolio.

 <br> *2025 Annual Report* *49*

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Notes to Financial Statements (continued)

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| | |
|:---|:---|
| **NOTE 6.** | **Risks Involved in Investing in the Portfolios**  |

---

*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 Portfolio invests and adversely affect the value of the Portfolio's 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.

*Sector Risk*—The Portfolios may have more risk because of concentrated investments in a particular market sector, such as the financials and information technology or industrials sector. Market or economic factors affecting that sector could have a major effect on the value of the Portfolios' investments.

*Emerging-Markets Securities Risk*—Investments in foreign securities entail significant risks in addition to those customarily associated with investing in U.S. equities. These risks include risks related to unfavorable or unsuccessful government actions, reduction of government or central bank support, economic sanctions and 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 Portfolio invests and adversely affect the value of the Portfolio's assets. These risks are heightened with respect to issuers in emerging-market countries because the markets are less developed, 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.

*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.

*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. 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.

*Redemption Risk*—The Portfolios may experience heavy redemptions that could cause the Portfolios to liquidate its 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.

*Market Risk*—The Portfolios are subject to market risk, which is the risk that stock prices in general or in particular countries or sectors may decline over short or extended periods. Stock 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

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

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##### [**Table of Contents**](#toc)
global conflicts; cybersecurity events; market disruptions caused by tariffs; trade disputes; 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 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.

*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 may have limited product lines, markets or financial resources, and their personnel may lack management experience. The prices of securities of small capitalization companies generally are more volatile than those of large

 <br> *2025 Annual Report* *51*

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Notes to Financial Statements (continued)

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 Portfolios may seek to focus on different investment disciplines or factors at different times as a means to achieve investment objectives. In the event that the investment disciplines or factors to which the Portfolios have greater exposure perform worse than the investment disciplines or factors with less exposure, the Portfolio's returns may be negatively affected.

*Derivatives Risk*—The Portfolio may use derivatives in currency hedging as well as for direct investments to gain access to certain markets, 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 Portfolio. A short position in a derivative instrument involves the risk of an unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Portfolio 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 Portfolio 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. 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.

*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 Adviser and could also have an adverse effect on the value or performance of the Portfolios.

*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

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

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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. The market value of the shares of other investment companies and ETFs may differ from their NAV. In addition, if the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the investment companies.

*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.

 <br> *2025 Annual Report* *53*

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Notes to Financial Statements (continued)

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| | |
|:---|:---|
| **NOTE 8.** | **Capital-Share Transactions**  |

---

The Fund has authorized 27 billion shares of common stock, par value $0.0001 per share. Each SCB Class, Advisor Class and Class Z of the Portfolios is allocated 1 billion shares. The balance of the authorized shares has been allocated to share classes that are currently not offered.

Share transactions for each Portfolio for the years ended September 30, 2025 and September 30, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SMALL CAP CORE PORTFOLIO** | **SMALL CAP CORE PORTFOLIO** | **SMALL CAP CORE PORTFOLIO** | **SMALL CAP CORE 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 |
|  **SCB Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 27848 | 90346 | $322556 | $1144572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 77690 | 49516 | 1005304 | 572404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (111466) | (92244) | (1367681) | (1161983) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **(5928)** | **47618** | $**(39821)** | $**554993** |
|  **Advisor Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5784924 | 4806006 | $70474378 | $61400568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 6109837 | 3899998 | 79366788 | 45239977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (7645444) | (7886253) | (95007122) | (99722846) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase** | **4249317** | **819751** | $**54834044** | $**6917699** |
|  **Class Z Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 60033 | 108226 | $742000 | $1342000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 813591 | 672785 | 10560415 | 7797579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (814381) | (2136647) | (9703522) | (26651135) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **59243** | **(1355636)** | $**1598893** | $**(17511556)** |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **INTERNATIONAL SMALL CAP PORTFOLIO** | **INTERNATIONAL SMALL CAP PORTFOLIO** | **INTERNATIONAL SMALL CAP PORTFOLIO** | **INTERNATIONAL SMALL CAP 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 |
|  **SCB Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 259220 | 487931 | $3196224 | $5627204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 88538 | 110631 | 1071309 | 1166056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (984568) | (665685) | (12635397) | (7611879) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(636810)** | **(67123)** | $**(8367864)** | $**(818619)** |
|  **Advisor Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 6683661 | 6494694 | $84226652 | $73505317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 1384133 | 1727680 | 16748014 | 18209750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (14955853) | (11096374) | (192178242) | (127046047) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(6888059)** | **(2874000)** | $**(91203576)** | $**(35330980)** |
|  **Class Z Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 0 | 1489477 | $0 | $16622570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 326696 | 606633 | 3953021 | 6387841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4026011) | (8611693) | (50052168) | (95761587) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(3699315)** | **(6515583)** | $**(46099147)** | $**(72751176)** |

---

 <br> *2025 Annual Report* *55*

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Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIO** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIO** | **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIO** | **INTERNATIONAL STRATEGIC EQUITIES 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 |
|  **SCB Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1660907 | 3105392 | $23006543 | $39008517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 496164 | 718092 | 6514634 | 7884642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4360073) | (4315395) | (61406004) | (53580206) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(2203002)** | **(491911)** | $**(31884827)** | $**(6687047)** |
|  **Advisor Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 51233181 | 43486640 | $716434078 | $530432577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 8968524 | 12445632 | 117846403 | 136777499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (87162724) | (66009850) | (1238911609) | (808724938) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(26961019)** | **(10077578)** | $**(404631128)** | $**(141514862)** |
|  **Class Z Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 594637 | 0 | $7969770 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 1569743 | 3058902 | 20657824 | 33647920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (20688941) | (32089074) | (283363191) | (382109834) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(18524561)** | **(29030172)** | $**(254735597)** | $**(348461914)** |

---

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| | |
|:---|:---|
| **NOTE 9.** | **Subsequent Events**  |

---

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolios' financial statements through this date.

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

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Report of Independent Registered Public Accounting Firm

To the Board of Directors of Bernstein Fund, Inc. and Shareholders of Small Cap Core Portfolio, International Small Cap Portfolio and International Strategic Equities Portfolio

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Small Cap Core Portfolio, International Small Cap Portfolio and International Strategic Equities Portfolio (constituting 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* *57*

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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.

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| | | |
|:---|:---|:---|
| **PORTFOLIO** | **DIVIDENDS RECEIVED<br>DEDUCTION %**<br> (CORPORATE SHAREHOLDERS) | **QUALIFIEDINTEREST INCOME %**<br> (FOREIGN SHAREHOLDERS) |
|  Small Cap Core | 47.62% | 3.30% |
|  International Small Cap | 0.00% | 1.38% |
|  International Strategic Equities | 0.00% | 1.42% |

---

For the taxable year ended September 30, 2025, each Portfolio designates the following amounts to be taxed as section 163(j) interest dividends:

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| | |
|:---|:---|
| **PORTFOLIO** | **163(J) INTEREST DIVIDENDS** |
|  Small Cap Core | $8107 |
|  International Small Cap | 78650 |
|  International Strategic Equities | 637892 |

---

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** |
|  Small Cap Core | $6731387 |
|  International Small Cap | 22453373 |
|  International Strategic Equities | 160211799 |

---

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**<br> (CORPORATE SHAREHOLDERS) | **FOREIGN SOURCEINCOME**<br> (FOREIGN SHAREHOLDERS) |
|  International Small Cap | $4882095 | $38514697 |
|  International Strategic Equities | 22022415 | 254081531 |

---

For the taxable year ended September 30, 2025, the long-term capital gain distribution is as follows:

---

| | |
|:---|:---|
| **PORTFOLIO** | **LONG-TERM CAPITAL GAIN<br>DISTRIBUTIONS** |
|  Small Cap Core | $80231711 |

---

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> *58* *Bernstein Fund, Inc.*

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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 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;• International Small Cap Portfolio &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Small Cap Core Portfolio <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• International Strategic Equities Portfolio

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 the Funds invest a portion of their 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 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

 <br> *2025 Annual Report* *59*

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Board Consideration of Investment Management Arrangement (continued)

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 the Funds invest, including, but not limited to, benefits relating to 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 Advisor 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 Bernstein Advisor Class shares against a broad-based securities market index, in each case for the 1-, 3- and 5-year periods ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. 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 advisory fee rate with a peer group median and noted that it was equal to the median for International Small Cap Portfolio and Small Cap Core Portfolio. The directors noted that for International Strategic Equities Portfolio, the Fund's pro forma contractual effective fee (pertaining to the Adviser's proposal to remove its voluntary advisory fee waiver of 2.5 basis points) 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, 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 clients. In this regard, the Adviser noted, among other things, that, compared to institutional 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 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 clients as

 <br> *60* *Bernstein Fund, Inc.*

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##### [**Table of Contents**](#toc)
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 Bernstein Advisor 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 Bernstein Advisor Class expense ratio of each Fund was based on the Fund's latest fiscal year. The information provided for International Strategic Equities Portfolio included a pro forma expense ratio for the Fund's latest fiscal year adjusted to reflect the Adviser's proposal to end the Adviser's agreement to waive a portion of its advisory fee. In the case of International Small Cap Portfolio and Small Cap Core Portfolio, the Adviser had agreed to cap each Fund's expenses, but the directors noted that each such Fund's expense ratio was currently below the level of the Adviser's cap. 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 the expense ratio for International Small Cap Portfolio was below the median for a peer group and equal to the median of a peer universe. They also noted that the pro forma expense ratio for International Strategic Equities Portfolio and the expense ratio for Small Cap Core Portfolio were below the medians. Based on their review, the directors concluded that the expense ratio for each of International Small Cap Portfolio and Small Cap Core Portfolio and the pro forma expense ratio for International Strategic Equities Portfolio were acceptable.

#### Economies of Scale
The directors noted that the advisory fee schedules for International Small Cap Portfolio and Small Cap Core Portfolio do not contain breakpoints and that they had discussed their strong preference for breakpoints in advisory contracts with the Adviser. They noted that the advisory fee schedule for International Strategic Equities Portfolio contains breakpoints that reduce the fee rates on assets above specified levels, and that the Fund's net assets were higher than the breakpoint levels. Accordingly, the Fund's current effective advisory fee rate reflected a reduction due to the breakpoints 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 International Strategic Equities Portfolio, the Fund's breakpoint arrangements were acceptable and provide a means for sharing any economies of scale, and, in the case of the other Funds, the directors informed the Adviser that they would monitor such Funds' asset levels (which were well below the level at which they would anticipate adding an initial breakpoint) and their profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.

 <br> *2025 Annual Report* *61*

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##### [**Table of Contents**](#toc)
![LOGO](g922233g31t33.jpg)

#### Distributor
BERNSTEIN FUND, INC.

66 HUDSON BOULEVARD EAST NEW YORK, NY 10001

(212) 756-4097

ISCEC-0151-0925

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##### [**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.

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##### [**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.

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##### [**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](d922233dex99codeeth.htm) |
| 19(b)(1) | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d922233dex99cert.htm) |
| 19(b)(2) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d922233dex99cert.htm) |
| 19(c) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d922233dex99906cert.htm) |

---

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##### [**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): Bernstein Fund, Inc. | (Registrant): 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

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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 Bernstein Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of 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

---

| |
|:---|
| /s/ Alex Chaloff |
| Alex Chaloff |
| President |

---

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**Exhibit 19(b)(2)** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

I, Stephen M. Woetzel, Treasurer and Chief Financial Officer of Bernstein Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of 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

---

| |
|:---|
| /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 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.