# EDGAR Filing Document

**Accession Number:** 0001653463
**File Stem:** 0001193125-25-133460
**Filing Date:** 2025-6
**Character Count:** 292816
**Document Hash:** 132be545346c3265953f80e52d875aad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-133460.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0001193125-25-133460

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250602

**EFFECTIVENESS DATE**: 20250602

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bernstein Fund Inc
- **CENTRAL INDEX KEY:** 0001653463

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23100
- **FILM NUMBER:** 251016207

**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.

### 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: March 31, 2025

------

#### ITEM 1. REPORTS TO STOCKHOLDERS.

# Advisor Class: IRCYX
March 31, 2025

![Image](g909973i860d55e5aae6878df940.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/IRCYX-S](g909973i7819f888166608f62f73.jpg)

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Portfolio Information

# International Small Cap Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the International Small Cap Portfolio (the "Portfolio") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/IRCYX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $53 | 1.07% |

---

## 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](g909973iffaadf35130a277ca756.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 |
| **03/25** | $16505 | $18123 | $17367 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | Since Inception 12/21/2015 |
| Advisor Class | -2.85% | 6.89% | 11.81% | 5.55% |
| MSCI ACWI ex USA Index (net) | -2.76% | 6.09% | 10.92% | 6.62% |
| MSCI ACWI ex USA Small Cap Index (net) | -7.06% | 1.87% | 11.84% | 6.13% |

---

**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-S for the most recent performance information.

**Advisor Class:** IRCYX

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1018468731 |
| # of Portfolio Holdings | 278 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $5350292 |

---

## Graphical Representation of Holdings

### Sector Breakdown
![Group By Sector Chart](g909973i836406f3391a813c1a17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.7% |
| Financials | 13.4% |
| Information Technology | 12.4% |
| Consumer Discretionary | 12.2% |
| Materials | 9.6% |
| Health Care | 7.1% |
| Communication Services | 5.6% |
| Energy | 5.1% |
| Real Estate | 4.6% |
| Consumer Staples | 4.2% |
| Utilities | 1.9% |
| Short-Term Investments | 1.4% |
| Other assets less liabilities | 1.8% |

---

### **Country Breakdown**![Group By Country Chart](g909973i0e8028a32c6e9fbfce87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 25.2% |
| United Kingdom | 10.3% |
| India | 7.0% |
| South Korea | 5.9% |
| Taiwan | 5.1% |
| Canada | 4.5% |
| France | 3.8% |
| Germany | 3.6% |
| China | 2.9% |
| Sweden | 2.8% |
| Australia | 2.7% |
| Spain | 2.4% |
| South Africa | 2.1% |
| Denmark | 1.8% |
| Others | 16.7% |
| Short-Term Investments | 1.4% |
| Other assets less liabilities | 1.8% |

---

**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-S, 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.

## Information Regarding the Review and Approval of the Portfolio's Advisory Agreement
Information regarding the Portfolio's Board of Directors'/Trustees' review of the advisory agreement is available on the Portfolio's website https://www.abfunds.com/link/BWM/IRCYX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/IRCYX-S](g909973i7819f888166608f62f73.jpg)

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Portfolio Information

**Advisor Class:** IRCYX

ISC-ADV-0154-0325

# Class Z: IRCZX
March 31, 2025

![Image](g909973i860d55e5aae6878df940.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/IRCZX-S](g909973i136064a92e6f8ecd0bd8.jpg)

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Portfolio Information

# International Small Cap Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the International Small Cap Portfolio (the "Portfolio") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/IRCZX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $53 | 1.08% |

---

## 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](g909973i994272321ad7984a8052.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 |
| **03/25** | $16494 | $18123 | $17367 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | Since Inception 12/21/2015 |
| Class Z | -2.86% | 6.80% | 11.79% | 5.54% |
| MSCI ACWI ex USA Index (net) | -2.76% | 6.09% | 10.92% | 6.62% |
| MSCI ACWI ex USA Small Cap Index (net) | -7.06% | 1.87% | 11.84% | 6.13% |

---

**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-S for the most recent performance information.

**Class Z:** IRCZX

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1018468731 |
| # of Portfolio Holdings | 278 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $5350292 |

---

## Graphical Representation of Holdings

### Sector Breakdown
![Group By Sector Chart](g909973id2b15392663ee29fb488.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.7% |
| Financials | 13.4% |
| Information Technology | 12.4% |
| Consumer Discretionary | 12.2% |
| Materials | 9.6% |
| Health Care | 7.1% |
| Communication Services | 5.6% |
| Energy | 5.1% |
| Real Estate | 4.6% |
| Consumer Staples | 4.2% |
| Utilities | 1.9% |
| Short-Term Investments | 1.4% |
| Other assets less liabilities | 1.8% |

---

### **Country Breakdown**![Group By Country Chart](g909973i872f7afc6076549089c5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 25.2% |
| United Kingdom | 10.3% |
| India | 7.0% |
| South Korea | 5.9% |
| Taiwan | 5.1% |
| Canada | 4.5% |
| France | 3.8% |
| Germany | 3.6% |
| China | 2.9% |
| Sweden | 2.8% |
| Australia | 2.7% |
| Spain | 2.4% |
| South Africa | 2.1% |
| Denmark | 1.8% |
| Others | 16.7% |
| Short-Term Investments | 1.4% |
| Other assets less liabilities | 1.8% |

---

**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-S, 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.

## Information Regarding the Review and Approval of the Portfolio's Advisory Agreement
Information regarding the Portfolio's Board of Directors'/Trustees' review of the advisory agreement is available on the Portfolio's website https://www.abfunds.com/link/BWM/IRCZX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/IRCZX-S](g909973i136064a92e6f8ecd0bd8.jpg)

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Portfolio Information

**Class Z:** IRCZX

ISC-Z-0154-0325

# SCB Class: IRCSX
March 31, 2025

![Image](g909973i860d55e5aae6878df940.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/IRCSX-S](g909973i5ef21d5d32035d0d99e2.jpg)

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Portfolio Information

# International Small Cap Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the International Small Cap Portfolio (the "Portfolio") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/IRCSX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $65 | 1.32% |

---

## 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](g909973id7d692de4b083baf3220.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 |
| **03/25** | $16131 | $18123 | $17367 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | Since Inception 12/21/2015 |
| SCB Class | -3.02% | 6.55% | 11.51% | 5.29% |
| MSCI ACWI ex USA Index (net) | -2.76% | 6.09% | 10.92% | 6.62% |
| MSCI ACWI ex USA Small Cap Index (net) | -7.06% | 1.87% | 11.84% | 6.13% |

---

**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-S for the most recent performance information.

**SCB Class:** IRCSX

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1018468731 |
| # of Portfolio Holdings | 278 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $5350292 |

---

## Graphical Representation of Holdings

### Sector Breakdown
![Group By Sector Chart](g909973id7824421bcef940ddcd0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.7% |
| Financials | 13.4% |
| Information Technology | 12.4% |
| Consumer Discretionary | 12.2% |
| Materials | 9.6% |
| Health Care | 7.1% |
| Communication Services | 5.6% |
| Energy | 5.1% |
| Real Estate | 4.6% |
| Consumer Staples | 4.2% |
| Utilities | 1.9% |
| Short-Term Investments | 1.4% |
| Other assets less liabilities | 1.8% |

---

### **Country Breakdown**![Group By Country Chart](g909973i6158ae6c40f05cfc4ee8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 25.2% |
| United Kingdom | 10.3% |
| India | 7.0% |
| South Korea | 5.9% |
| Taiwan | 5.1% |
| Canada | 4.5% |
| France | 3.8% |
| Germany | 3.6% |
| China | 2.9% |
| Sweden | 2.8% |
| Australia | 2.7% |
| Spain | 2.4% |
| South Africa | 2.1% |
| Denmark | 1.8% |
| Others | 16.7% |
| Short-Term Investments | 1.4% |
| Other assets less liabilities | 1.8% |

---

**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-S, 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.

## Information Regarding the Review and Approval of the Portfolio's Advisory Agreement
Information regarding the Portfolio's Board of Directors'/Trustees' review of the advisory agreement is available on the Portfolio's website https://www.abfunds.com/link/BWM/IRCSX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/IRCSX-S](g909973i5ef21d5d32035d0d99e2.jpg)

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Portfolio Information

**SCB Class:** IRCSX

ISC-SCB-0154-0325

# Advisor Class: STEYX
March 31, 2025

![Image](g909973i860d55e5aae6878df940.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/STEYX-S](g909973i7ef6d14784e078faecb5.jpg)

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Portfolio Information

# International Strategic Equities Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the International Strategic Equities Portfolio (the "Portfolio") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/STEYX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $35 | 0.69% |

---

## 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](g909973i0a7b3513036c09d43e0e.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** | $11397 | $12351 |
| **09/23** | $13584 | $14869 |
| **09/24** | $17380 | $18638 |
| **03/25** | $17769 | $18123 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | Since Inception 12/21/2015 |
| Advisor Class | 2.24% | 7.27% | 11.20% | 6.39% |
| MSCI ACWI ex USA Index (net) | -2.76% | 6.09% | 10.92% | 6.62% |

---

**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-S for the most recent performance information.

**Advisor Class:** STEYX

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $7961957272 |
| # of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid | $26532476 |

---

## Graphical Representation of Holdings

### Sector Breakdown
![Group By Sector Chart](g909973iab96780e694109239111.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 24.6% |
| Industrials | 18.0% |
| Information Technology | 12.4% |
| Consumer Discretionary | 11.3% |
| Health Care | 8.5% |
| Communication Services | 6.9% |
| Consumer Staples | 5.5% |
| Energy | 4.8% |
| Real Estate | 3.3% |
| Utilities | 2.2% |
| Materials | 1.5% |
| Short-Term Investments | 0.1% |
| Other assets less liabilities | 0.9% |

---

### **Country Breakdown**![Group By Country Chart](g909973if74ae3a07aeeefa790e5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 15.3% |
| United Kingdom | 14.3% |
| China | 9.9% |
| Spain | 5.9% |
| Germany | 5.7% |
| Italy | 5.6% |
| Taiwan | 5.2% |
| United States | 5.1% |
| France | 4.6% |
| Canada | 4.1% |
| South Korea | 3.2% |
| Switzerland | 3.2% |
| Singapore | 2.2% |
| Austria | 2.0% |
| Others | 12.7% |
| Short-Term Investments | 0.1% |
| Other assets less liabilities | 0.9% |

---

**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-S, 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.

## Information Regarding the Review and Approval of the Portfolio's Advisory Agreement
Information regarding the Portfolio's Board of Directors'/Trustees' review of the advisory agreement is available on the Portfolio's website https://www.abfunds.com/link/BWM/STEYX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/STEYX-S](g909973i7ef6d14784e078faecb5.jpg)

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Portfolio Information

**Advisor Class:** STEYX

ISE-ADV-0154-0325

# Class Z: STEZX
March 31, 2025

![Image](g909973i860d55e5aae6878df940.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/STEZX-S](g909973ic67278ef1ac657fb05a1.jpg)

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Portfolio Information

# International Strategic Equities Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the International Strategic Equities Portfolio (the "Portfolio") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/STEZX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $36 | 0.71% |

---

## 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](g909973i4b54eff5cce0d2bcece0.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 |
| **03/25** | $17769 | $18123 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | Since Inception 12/21/2015 |
| Class Z | 2.22% | 7.24% | 11.18% | 6.39% |
| MSCI ACWI ex USA Index (net) | -2.76% | 6.09% | 10.92% | 6.62% |

---

**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-S for the most recent performance information.

**Class Z:** STEZX

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $7961957272 |
| # of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid | $26532476 |

---

## Graphical Representation of Holdings

### Sector Breakdown
![Group By Sector Chart](g909973i458c44058e2699e8724b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 24.6% |
| Industrials | 18.0% |
| Information Technology | 12.4% |
| Consumer Discretionary | 11.3% |
| Health Care | 8.5% |
| Communication Services | 6.9% |
| Consumer Staples | 5.5% |
| Energy | 4.8% |
| Real Estate | 3.3% |
| Utilities | 2.2% |
| Materials | 1.5% |
| Short-Term Investments | 0.1% |
| Other assets less liabilities | 0.9% |

---

### **Country Breakdown**![Group By Country Chart](g909973i377859d460f4200525a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 15.3% |
| United Kingdom | 14.3% |
| China | 9.9% |
| Spain | 5.9% |
| Germany | 5.7% |
| Italy | 5.6% |
| Taiwan | 5.2% |
| United States | 5.1% |
| France | 4.6% |
| Canada | 4.1% |
| South Korea | 3.2% |
| Switzerland | 3.2% |
| Singapore | 2.2% |
| Austria | 2.0% |
| Others | 12.7% |
| Short-Term Investments | 0.1% |
| Other assets less liabilities | 0.9% |

---

**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-S, 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.

## Information Regarding the Review and Approval of the Portfolio's Advisory Agreement
Information regarding the Portfolio's Board of Directors'/Trustees' review of the advisory agreement is available on the Portfolio's website https://www.abfunds.com/link/BWM/STEZX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/STEZX-S](g909973ic67278ef1ac657fb05a1.jpg)

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Portfolio Information

**Class Z:** STEZX

ISE-Z-0154-0325

# SCB Class: STESX
March 31, 2025

![Image](g909973i860d55e5aae6878df940.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/STESX-S](g909973i26040a185b9ab7f91418.jpg)

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Portfolio Information

# International Strategic Equities Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the International Strategic Equities Portfolio (the "Portfolio") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/STESX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $47 | 0.94% |

---

## 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](g909973i117c00e3bea1481e77ec.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 |
| **03/25** | $17385 | $18123 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | Since Inception 12/21/2015 |
| SCB Class | 2.07% | 7.02% | 10.92% | 6.14% |
| MSCI ACWI ex USA Index (net) | -2.76% | 6.09% | 10.92% | 6.62% |

---

**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-S for the most recent performance information.

**SCB Class:** STESX

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $7961957272 |
| # of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid | $26532476 |

---

## Graphical Representation of Holdings

### Sector Breakdown
![Group By Sector Chart](g909973i9643ce2f1015f5968cbe.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 24.6% |
| Industrials | 18.0% |
| Information Technology | 12.4% |
| Consumer Discretionary | 11.3% |
| Health Care | 8.5% |
| Communication Services | 6.9% |
| Consumer Staples | 5.5% |
| Energy | 4.8% |
| Real Estate | 3.3% |
| Utilities | 2.2% |
| Materials | 1.5% |
| Short-Term Investments | 0.1% |
| Other assets less liabilities | 0.9% |

---

### **Country Breakdown**![Group By Country Chart](g909973i3b273c2254419abd86a6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 15.3% |
| United Kingdom | 14.3% |
| China | 9.9% |
| Spain | 5.9% |
| Germany | 5.7% |
| Italy | 5.6% |
| Taiwan | 5.2% |
| United States | 5.1% |
| France | 4.6% |
| Canada | 4.1% |
| South Korea | 3.2% |
| Switzerland | 3.2% |
| Singapore | 2.2% |
| Austria | 2.0% |
| Others | 12.7% |
| Short-Term Investments | 0.1% |
| Other assets less liabilities | 0.9% |

---

**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-S, 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.

## Information Regarding the Review and Approval of the Portfolio's Advisory Agreement
Information regarding the Portfolio's Board of Directors'/Trustees' review of the advisory agreement is available on the Portfolio's website https://www.abfunds.com/link/BWM/STESX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/STESX-S](g909973i26040a185b9ab7f91418.jpg)

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Portfolio Information

**SCB Class:** STESX

ISE-SCB-0154-0325

# Advisor Class: SCRYX
March 31, 2025

![Image](g909973i20e5fa45279bd9b594b7.jpg)

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# Portfolio Information

# Small Cap Core Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Small Cap Core Portfolio (the "Portfolio") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/SCRYX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $41 | 0.88% |

---

## 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](g909973i2442695ccd0f3ef2e6fd.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 |
| **03/25** | $18063 | $31811 | $19674 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | Since Inception 12/29/2015 |
| Advisor Class | -11.60% | -7.30% | 14.46% | 6.60% |
| S&P 500 Index | -1.97% | 8.25% | 18.59% | 13.31% |
| Russell 2000 Index | -9.18% | -4.01% | 13.27% | 7.58% |

---

**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-S for the most recent performance information.

**Advisor Class:** SCRYX

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $633872125 |
| # of Portfolio Holdings | 251 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $2855257 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Insmed, Inc. | $5306809 | 0.8% |
| Mueller Industries, Inc. | $5169145 | 0.8% |
| Commvault Systems, Inc. | $4917064 | 0.8% |
| Option Care Health, Inc. | $4851410 | 0.8% |
| TXNM Energy, Inc. | $4821222 | 0.8% |
| Magnolia Oil & Gas Corp. - Class A | $4689772 | 0.7% |
| Jackson Financial, Inc. - Class A | $4633369 | 0.7% |
| ACI Worldwide, Inc. | $4484032 | 0.7% |
| Hamilton Lane, Inc. - Class A | $4335217 | 0.7% |
| SPX Technologies, Inc. | $4319796 | 0.7% |
| Total | $47527836 | 7.5% |

---

### Sector Breakdown
![Group By Sector Chart](g909973ie00f7f2f36c1c70f0708.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 18.7% |
| Industrials | 17.6% |
| Health Care | 16.5% |
| Information Technology | 13.9% |
| Consumer Discretionary | 9.3% |
| Real Estate | 6.0% |
| Energy | 4.8% |
| Consumer Staples | 2.9% |
| Materials | 2.9% |
| Utilities | 2.8% |
| Communication Services | 2.5% |
| Short-Term Investments | 1.5% |
| Other assets less liabilities | 0.6% |

---

**Advisor Class:** SCRYX

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

## Information Regarding the Review and Approval of the Portfolio's Advisory Agreement
Information regarding the Portfolio's Board of Directors'/Trustees' review of the advisory agreement is available on the Portfolio's website https://www.abfunds.com/link/BWM/SCRYX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SCRYX-S](g909973i16928713f1aff3448922.jpg)

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Portfolio Information

**Advisor Class:** SCRYX

SCC-ADV-0154-0325

# Class Z: SCRZX
March 31, 2025

![Image](g909973i20e5fa45279bd9b594b7.jpg)

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# Portfolio Information

# Small Cap Core Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Small Cap Core Portfolio (the "Portfolio") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/SCRZX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $41 | 0.87% |

---

## 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](g909973i5f129d5e38ded96d3676.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 |
| **03/25** | $18085 | $31811 | $19674 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | Since Inception 12/29/2015 |
| Class Z | -11.61% | -7.30% | 14.49% | 6.61% |
| S&P 500 Index | -1.97% | 8.25% | 18.59% | 13.31% |
| Russell 2000 Index | -9.18% | -4.01% | 13.27% | 7.58% |

---

**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-S for the most recent performance information.

**Class Z:** SCRZX

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $633872125 |
| # of Portfolio Holdings | 251 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $2855257 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Insmed, Inc. | $5306809 | 0.8% |
| Mueller Industries, Inc. | $5169145 | 0.8% |
| Commvault Systems, Inc. | $4917064 | 0.8% |
| Option Care Health, Inc. | $4851410 | 0.8% |
| TXNM Energy, Inc. | $4821222 | 0.8% |
| Magnolia Oil & Gas Corp. - Class A | $4689772 | 0.7% |
| Jackson Financial, Inc. - Class A | $4633369 | 0.7% |
| ACI Worldwide, Inc. | $4484032 | 0.7% |
| Hamilton Lane, Inc. - Class A | $4335217 | 0.7% |
| SPX Technologies, Inc. | $4319796 | 0.7% |
| Total | $47527836 | 7.5% |

---

### Sector Breakdown
![Group By Sector Chart](g909973i3dfde1f862e7dfb1f189.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 18.7% |
| Industrials | 17.6% |
| Health Care | 16.5% |
| Information Technology | 13.9% |
| Consumer Discretionary | 9.3% |
| Real Estate | 6.0% |
| Energy | 4.8% |
| Consumer Staples | 2.9% |
| Materials | 2.9% |
| Utilities | 2.8% |
| Communication Services | 2.5% |
| Short-Term Investments | 1.5% |
| Other assets less liabilities | 0.6% |

---

**Class Z:** SCRZX

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

## Information Regarding the Review and Approval of the Portfolio's Advisory Agreement
Information regarding the Portfolio's Board of Directors'/Trustees' review of the advisory agreement is available on the Portfolio's website https://www.abfunds.com/link/BWM/SCRZX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SCRZX-S](g909973id001f72c7b554b62ab1b.jpg)

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Portfolio Information

**Class Z:** SCRZX

SCC-Z-0154-0325

# SCB Class: SCRSX
March 31, 2025

![Image](g909973i20e5fa45279bd9b594b7.jpg)

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# Portfolio Information

# Small Cap Core Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Small Cap Core Portfolio (the "Portfolio") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/SCRSX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $53 | 1.13% |

---

## 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](g909973i2330f16a71b106b4b4cb.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 |
| **03/25** | $17641 | $31811 | $19674 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | Since Inception 12/29/2015 |
| SCB Class | -11.81% | -7.64% | 14.16% | 6.33% |
| S&P 500 Index | -1.97% | 8.25% | 18.59% | 13.31% |
| Russell 2000 Index | -9.18% | -4.01% | 13.27% | 7.58% |

---

**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-S for the most recent performance information.

**SCB Class:** SCRSX

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $633872125 |
| # of Portfolio Holdings | 251 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $2855257 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Insmed, Inc. | $5306809 | 0.8% |
| Mueller Industries, Inc. | $5169145 | 0.8% |
| Commvault Systems, Inc. | $4917064 | 0.8% |
| Option Care Health, Inc. | $4851410 | 0.8% |
| TXNM Energy, Inc. | $4821222 | 0.8% |
| Magnolia Oil & Gas Corp. - Class A | $4689772 | 0.7% |
| Jackson Financial, Inc. - Class A | $4633369 | 0.7% |
| ACI Worldwide, Inc. | $4484032 | 0.7% |
| Hamilton Lane, Inc. - Class A | $4335217 | 0.7% |
| SPX Technologies, Inc. | $4319796 | 0.7% |
| Total | $47527836 | 7.5% |

---

### Sector Breakdown
![Group By Sector Chart](g909973id26ea15794a36478f84c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 18.7% |
| Industrials | 17.6% |
| Health Care | 16.5% |
| Information Technology | 13.9% |
| Consumer Discretionary | 9.3% |
| Real Estate | 6.0% |
| Energy | 4.8% |
| Consumer Staples | 2.9% |
| Materials | 2.9% |
| Utilities | 2.8% |
| Communication Services | 2.5% |
| Short-Term Investments | 1.5% |
| Other assets less liabilities | 0.6% |

---

**SCB Class:** SCRSX

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

## Information Regarding the Review and Approval of the Portfolio's Advisory Agreement
Information regarding the Portfolio's Board of Directors'/Trustees' review of the advisory agreement is available on the Portfolio's website https://www.abfunds.com/link/BWM/SCRSX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SCRSX-S](g909973i931d34063c1ee2b5bef7.jpg)

SCAN ME

Please scan QR code for

Portfolio Information

**SCB Class:** SCRSX

SCC-SCB-0154-0325

------

#### ITEM 2. CODE OF ETHICS.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the registrant.

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

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

------

BERNSTEIN FUND, INC.

Small Cap Core Portfolio

International Small Cap Portfolio

International Strategic Equities Portfolio

## SEMI -ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
MARCH 31, 2025

------

**Table of Contents**

---

| | |
|:---|:---|
|  [Schedule of Investments](#toc909973_1) | 1 |
|  [Statement of Assets and Liabilities](#toc909973_2) | 18 |
|  [Statement of Operations](#toc909973_3) | 20 |
|  [Statement of Changes in Net Assets](#toc909973_4) | 21 |
|  [Financial Highlights](#toc909973_5) | 24 |
|  [Notes to Financial Statements](#toc909973_6) | 34 |
|  [Other](#toc909973_7) | 55 |

---

**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** 

------

Schedule of Investments

Bernstein Fund, Inc.

Schedule of Investments

#### Small Cap Core Portfolio
March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| COMMON STOCKS–97.9% | COMMON STOCKS–97.9% | COMMON STOCKS–97.9% |
| Financials–18.7% | Financials–18.7% | Financials–18.7% |
| **Banks–10.7%** | **Banks–10.7%** | **Banks–10.7%** |
|  1st Source Corp. | 54177 | $3240326 |
|  Amalgamated Financial Corp. | 80800 | 2323000 |
|  Associated Banc-Corp. | 176370 | 3973616 |
|  Bank of Marin Bancorp | 81880 | 1807092 |
|  BankUnited, Inc. | 107319 | 3696066 |
|  Comerica, Inc. | 27690 | 1635371 |
|  First BanCorp/Puerto Rico | 200650 | 3846461 |
|  First Bancorp/Southern Pines NC | 82830 | 3324796 |
|  First Hawaiian, Inc. | 115700 | 2827708 |
|  Heritage Financial Corp./WA | 134310 | 3267762 |
|  Independent Bank Corp. | 61612 | 3859992 |
|  International Bancshares Corp. | 64330 | 4056650 |
|  Nicolet Bankshares, Inc. | 28709 | 3128133 |
|  Northeast Bank | 20041 | 1834553 |
|  Pacific Premier Bancorp, Inc. | 163250 | 3480490 |
|  Pathward Financial, Inc. | 22790 | 1662531 |
|  Peoples Bancorp, Inc./OH | 101745 | 3017757 |
|  Republic Bancorp, Inc./KY–Class A | 38350 | 2447497 |
|  Texas Capital Bancshares, Inc.(a) | 53960 | 4030812 |
|  TriCo Bancshares | 76763 | 3068217 |
|  WesBanco, Inc. | 107064 | 3314701 |
|  WSFS Financial Corp. | 77810 | 4036005 |
|  |  | 67879536 |
| **Capital Markets–1.9%** |  |  |
|  Federated Hermes, Inc. | 74490 | 3036957 |
|  Hamilton Lane, Inc.–Class A | 29160 | 4335217 |
|  Houlihan Lokey, Inc. | 19756 | 3190594 |
|  PJT Partners, Inc.–Class A | 12270 | 1691788 |
|  |  | 12254556 |
| **Consumer Finance–0.9%** |  |  |
|  Dave, Inc.(a) | 35567 | 2939968 |
|  PROG Holdings, Inc. | 94420 | 2511572 |
|  |  | 5451540 |
| **Financial Services–2.7%** |  |  |
|  Jackson Financial, Inc.–Class A | 55304 | 4633369 |
|  Mr. Cooper Group, Inc.(a) | 29881 | 3573768 |
|  NCR Atleos Corp.(a) | 124058 | 3272650 |
|  Payoneer Global, Inc.(a) | 499332 | 3650117 |
|  Shift4 Payments, Inc.–Class A(a) | 21890 | 1788632 |
|  |  | 16918536 |
| **Insurance–1.7%** |  |  |
|  Assured Guaranty Ltd. | 35420 | 3120502 |
|  Employers Holdings, Inc. | 32740 | 1657954 |
|  Genworth Financial, Inc.(a) | 398900 | 2828201 |
|  Hanover Insurance Group, Inc. (The) | 18138 | $3155105 |
|  |  | 10761762 |
| **Mortgage Real Estate Investment Trusts (REITs)–0.8%** | **Mortgage Real Estate Investment Trusts (REITs)–0.8%** |  |
|  Chimera Investment Corp. | 217276 | 2787651 |
|  MFA Financial, Inc. | 236640 | 2427926 |
|  |  | 5215577 |
|  |  | 118481507 |
| Industrials–17.6% |  |  |
| **Aerospace & Defense–1.3%** |  |  |
|  AeroVironment, Inc.(a) | 17510 | 2087017 |
|  Curtiss-Wright Corp. | 9760 | 3096555 |
|  Leonardo DRS, Inc. | 81590 | 2682679 |
|  |  | 7866251 |
| **Building Products–1.8%** |  |  |
|  Apogee Enterprises, Inc. | 33880 | 1569661 |
|  Gibraltar Industries, Inc.(a) | 33761 | 1980420 |
|  Knife River Corp.(a) | 37920 | 3420763 |
|  Masterbrand, Inc.(a) | 172050 | 2246973 |
|  UFP Industries, Inc. | 21077 | 2256082 |
|  |  | 11473899 |
| **Commercial Services & Supplies–1.6%** |  |  |
|  ABM Industries, Inc. | 66670 | 3157491 |
|  ACCO Brands Corp. | 218450 | 915306 |
|  Liquidity Services, Inc.(a) | 92290 | 2861913 |
|  Steelcase, Inc.–Class A | 274000 | 3003040 |
|  |  | 9937750 |
| **Construction & Engineering–2.4%** |  |  |
|  Construction Partners, Inc.–Class A(a) | 32882 | 2363229 |
|  Fluor Corp.(a) | 99570 | 3566597 |
|  Granite Construction, Inc. | 19810 | 1493674 |
|  IES Holdings, Inc.(a) | 11770 | 1943345 |
|  MasTec, Inc.(a) | 16604 | 1937853 |
|  Matrix Service Co.(a) | 98990 | 1230446 |
|  Primoris Services Corp. | 14260 | 818666 |
|  Sterling Infrastructure, Inc.(a) | 16670 | 1887211 |
|  |  | 15241021 |
| **Electrical Equipment–0.5%** |  |  |
|  LSI Industries, Inc. | 93450 | 1588650 |
|  Powell Industries, Inc. | 10379 | 1767855 |
|  |  | 3356505 |
| **Ground Transportation–0.3%** |  |  |
|  ArcBest Corp. | 27043 | 1908695 |
| **Machinery–3.3%** |  |  |
|  Blue Bird Corp.(a) | 95830 | 3102017 |
|  Gates Industrial Corp. PLC(a) | 135931 | 2502490 |
|  JBT Marel Corp. | 26090 | 3188198 |
|  Mueller Industries, Inc. | 67890 | 5169145 |
|  REV Group, Inc. | 75990 | 2401284 |
|  SPX Technologies, Inc.(a) | 33544 | 4319796 |
|  |  | 20682930 |

---

 <br> *2025 Semi-Annual Report* *1*

------

Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
| **Marine Transportation–1.1%** |  |  |  |
|  Kirby Corp.(a) | 29890 | $| 3019189 |
|  Matson, Inc. | 30890 |  | 3959171 |
|  |  |  | 6978360 |
| **Professional Services–3.6%** |  |  |  |
|  FTI Consulting, Inc.(a) | 8370 |  | 1373350 |
|  Heidrick & Struggles International, Inc. | 50780 |  | 2174907 |
|  Huron Consulting Group, Inc.(a) | 26330 |  | 3777038 |
|  ICF International, Inc. | 20170 |  | 1713845 |
|  Insperity, Inc. | 32560 |  | 2905329 |
|  Legalzoom.com, Inc.(a) | 342190 |  | 2946256 |
|  Upwork, Inc.(a) | 251280 |  | 3279204 |
|  Willdan Group, Inc.(a) | 48410 |  | 1971255 |
|  WNS Holdings Ltd.(a) | 47392 |  | 2914134 |
|  |  |  | 23055318 |
| **Trading Companies & Distributors–1.7%** |  |  |  |
|  BlueLinx Holdings, Inc.(a) | 21100 |  | 1582078 |
|  Boise Cascade Co. | 32512 |  | 3189102 |
|  GMS, Inc.(a) | 42371 |  | 3100286 |
|  MRC Global, Inc.(a) | 270872 |  | 3109611 |
|  |  |  | 10981077 |
|  |  |  | 111481806 |
| Health Care–16.5% |  |  |  |
| **Biotechnology–7.9%** |  |  |  |
|  Akero Therapeutics, Inc.(a) | 53500 |  | 2165680 |
|  Apogee Therapeutics, Inc.(a) | 48610 |  | 1816070 |
|  ARS Pharmaceuticals, Inc.(a) | 147460 |  | 1855047 |
|  Ascendis Pharma A/S (ADR)(a) | 13427 |  | 2092732 |
|  Blueprint Medicines Corp.(a) | 37145 |  | 3287704 |
|  Bridgebio Pharma, Inc.(a) | 76310 |  | 2638037 |
|  CG oncology, Inc.(a) | 65530 |  | 1604830 |
|  Cullinan Therapeutics, Inc.(a) | 167770 |  | 1270019 |
|  Cytokinetics, Inc.(a) | 68520 |  | 2753819 |
|  Denali Therapeutics, Inc.(a) | 116830 |  | 1588304 |
|  Dianthus Therapeutics, Inc.(a) | 86160 |  | 1562942 |
|  Halozyme Therapeutics, Inc.(a) | 63042 |  | 4022710 |
|  Insmed, Inc.(a) | 69561 |  | 5306809 |
|  Korro Bio, Inc.(a) | 53030 |  | 923252 |
|  Legend Biotech Corp. (ADR)(a) | 44080 |  | 1495634 |
|  Merus NV(a) | 41890 |  | 1763150 |
|  Metsera, Inc.(a) | 54780 |  | 1491112 |
|  MoonLake Immunotherapeutics(a) | 43000 |  | 1680010 |
|  Newamsterdam Pharma Co. NV(a) | 83981 |  | 1719091 |
|  Ultragenyx Pharmaceutical, Inc.(a) | 43614 |  | 1579263 |
|  Upstream Bio, Inc.(a) | 193620 |  | 1184954 |
|  Vaxcyte, Inc.(a) | 51870 |  | 1958611 |
|  Viking Therapeutics, Inc.(a) | 64220 |  | 1550913 |
|  Viridian Therapeutics, Inc.(a) | 115030 |  | 1550604 |
|  Xenon Pharmaceuticals, Inc.(a) | 44950 |  | 1508073 |
|  |  |  | 50369370 |
| **Health Care Equipment & Supplies–3.1%** |  |  |  |
|  AtriCure, Inc.(a) | 97870 |  | 3157286 |
|  CONMED Corp. | 35329 | $| 2133518 |
|  Integer Holdings Corp.(a) | 14900 |  | 1758349 |
|  Lantheus Holdings, Inc.(a) | 35930 |  | 3506768 |
|  Masimo Corp.(a) | 19000 |  | 3165400 |
|  OraSure Technologies, Inc.(a) | 921338 |  | 3104909 |
|  Orthofix Medical, Inc.(a) | 58070 |  | 947122 |
|  Selectquote, Inc.(a) | 475550 |  | 1588337 |
|  |  |  | 19361689 |
| **Health Care Providers & Services–3.4%** |  |  |  |
|  BrightSpring Health Services, Inc.(a) | 110170 |  | 1992975 |
|  GeneDx Holdings Corp.(a) | 19330 |  | 1711961 |
|  HealthEquity, Inc.(a) | 38570 |  | 3408431 |
|  Hims & Hers Health, Inc.(a) | 99640 |  | 2944362 |
|  Option Care Health, Inc.(a) | 138810 |  | 4851410 |
|  Pediatrix Medical Group, Inc.(a) | 229910 |  | 3331396 |
|  PROCEPT BioRobotics Corp.(a) | 56420 |  | 3287029 |
|  |  |  | 21527564 |
| **Health Care Technology–0.4%** |  |  |  |
|  Teladoc Health, Inc.(a) | 304469 |  | 2423573 |
| **Pharmaceuticals–1.7%** |  |  |  |
|  Corcept Therapeutics, Inc.(a) | 35634 |  | 4070116 |
|  Harmony Biosciences Holdings, Inc.(a) | 93770 |  | 3112226 |
|  Phibro Animal Health Corp.–Class A | 111050 |  | 2372028 |
|  Rapport Therapeutics, Inc.(a) | 124040 |  | 1244121 |
|  |  |  | 10798491 |
|  |  |  | 104480687 |
| Information Technology–13.9% |  |  |  |
| **Communications Equipment–1.0%** |  |  |  |
|  ADTRAN Holdings, Inc.(a) | 105360 |  | 918739 |
|  Calix, Inc.(a) | 84310 |  | 2987947 |
|  NETGEAR, Inc.(a) | 91290 |  | 2232953 |
|  |  |  | 6139639 |
| **Electronic Equipment, Instruments & Components–3.3%** | **Electronic Equipment, Instruments & Components–3.3%** | **Electronic Equipment, Instruments & Components–3.3%** | **Electronic Equipment, Instruments & Components–3.3%** |
|  Arlo Technologies, Inc.(a) | 124620 |  | 1229999 |
|  Avnet, Inc. | 57780 |  | 2778640 |
|  Daktronics, Inc.(a) | 132690 |  | 1616164 |
|  Fabrinet(a) | 17830 |  | 3521603 |
|  Novanta, Inc.(a) | 20070 |  | 2566351 |
|  Plexus Corp.(a) | 22100 |  | 2831673 |
|  Sanmina Corp.(a) | 50976 |  | 3883352 |
|  TTM Technologies, Inc.(a) | 133670 |  | 2741572 |
|  |  |  | 21169354 |
| **Semiconductors & Semiconductor Equipment–1.8%** | **Semiconductors & Semiconductor Equipment–1.8%** | **Semiconductors & Semiconductor Equipment–1.8%** | **Semiconductors & Semiconductor Equipment–1.8%** |
|  Axcelis Technologies, Inc.(a) | 24090 |  | 1196550 |
|  MACOM Technology Solutions Holdings, Inc.(a) | 24990 |  | 2508496 |
|  Onto Innovation, Inc.(a) | 11850 |  | 1437879 |
|  Penguin Solutions, Inc.(a) | 154890 |  | 2690440 |
|  Photronics, Inc.(a) | 107750 |  | 2236890 |
|  Semtech Corp.(a) | 39590 |  | 1361896 |
|  |  |  | 11432151 |

---

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

------

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Software–7.5%** |  |  |
|  ACI Worldwide, Inc.(a) | 81960 | $4484032 |
|  AvidXchange Holdings, Inc.(a) | 479700 | 4067856 |
|  Box, Inc.–Class A(a) | 98040 | 3025514 |
|  Braze, Inc.–Class A(a) | 94734 | 3418003 |
|  Clearwater Analytics Holdings, Inc.–Class A(a) | 159260 | 4268168 |
|  Commvault Systems, Inc.(a) | 31168 | 4917064 |
|  Freshworks, Inc.–Class A(a) | 217630 | 3070759 |
|  Intapp, Inc.(a) | 40350 | 2355633 |
|  LiveRamp Holdings, Inc.(a) | 142202 | 3717160 |
|  Olo, Inc.–Class A(a) | 414390 | 2502916 |
|  OneSpan, Inc. | 106400 | 1622600 |
|  Ooma, Inc.(a) | 102880 | 1346699 |
|  Progress Software Corp. | 24581 | 1266167 |
|  Qualys, Inc.(a) | 22150 | 2789349 |
|  SEMrush Holdings, Inc.–Class A(a) | 120160 | 1121093 |
|  SPS Commerce, Inc.(a) | 26600 | 3530618 |
|  |  | 47503631 |
| **Technology Hardware, Storage & Peripherals–0.3%** | **Technology Hardware, Storage & Peripherals–0.3%** | **Technology Hardware, Storage & Peripherals–0.3%** |
|  ACV Auctions, Inc.–Class A(a) | 141860 | 1998808 |
|  |  | 88243583 |
| Consumer Discretionary–9.3% |  |  |
| **Automobile Components–0.9%** |  |  |
|  American Axle & Manufacturing Holdings, Inc.(a) | 352500 | 1434675 |
|  Modine Manufacturing Co.(a) | 29360 | 2253380 |
|  Visteon Corp.(a) | 27170 | 2108935 |
|  |  | 5796990 |
| **Automobiles–0.3%** |  |  |
|  Winnebago Industries, Inc. | 46866 | 1615002 |
| **Diversified Consumer Services–1.5%** |  |  |
|  Coursera, Inc.(a) | 253580 | 1688843 |
|  Frontdoor, Inc.(a) | 72800 | 2796976 |
|  Graham Holdings Co.–Class B | 3140 | 3017100 |
|  Udemy, Inc.(a) | 277100 | 2150296 |
|  |  | 9653215 |
| **Hotels, Restaurants & Leisure–1.9%** |  |  |
|  Accel Entertainment, Inc.(a) | 182450 | 1809904 |
|  Brinker International, Inc.(a) | 22320 | 3326796 |
|  International Game Technology PLC | 102210 | 1661935 |
|  Portillo's, Inc.–Class A(a) | 123130 | 1464016 |
|  Rush Street Interactive, Inc.(a) | 256558 | 2750302 |
|  Travel & Leisure Co. | 21981 | 1017500 |
|  |  | 12030453 |
| **Household Durables–1.9%** |  |  |
|  Champion Homes, Inc.(a) | 20600 | 1952056 |
|  Hovnanian Enterprises, Inc.–Class A(a) | 12510 | 1309922 |
|  KB Home | 46740 | 2716529 |
|  Taylor Morrison Home Corp.(a) | 63471 | 3810799 |
|  Tri Pointe Homes, Inc.(a) | 75970 | 2424962 |
|  |  | 12214268 |
| **Leisure Products–0.1%** |  |  |
|  Acushnet Holdings Corp. | 11960 | $821174 |
| **Specialty Retail–2.0%** |  |  |
|  Boot Barn Holdings, Inc.(a) | 29880 | 3210008 |
|  Build-A-Bear Workshop, Inc. | 50820 | 1888979 |
|  Genesco, Inc.(a) | 56950 | 1209049 |
|  Group 1 Automotive, Inc. | 10500 | 4010475 |
|  Urban Outfitters, Inc.(a) | 40750 | 2135300 |
|  |  | 12453811 |
| **Textiles, Apparel & Luxury Goods–0.7%** |  |  |
|  G-III Apparel Group Ltd.(a) | 78930 | 2158736 |
|  Kontoor Brands, Inc. | 35840 | 2298419 |
|  |  | 4457155 |
|  |  | 59042068 |
| Real Estate–6.0% |  |  |
| **Diversified REITs–0.8%** |  |  |
|  Alexander & Baldwin, Inc. | 83620 | 1440773 |
|  Broadstone Net Lease, Inc. | 105660 | 1800446 |
|  Empire State Realty Trust, Inc.–Class A | 270780 | 2117499 |
|  |  | 5358718 |
| **Health Care REITs–0.5%** |  |  |
|  Sabra Health Care REIT, Inc. | 201080 | 3512867 |
| **Hotel & Resort REITs–1.2%** |  |  |
|  RLJ Lodging Trust | 372049 | 2935467 |
|  Ryman Hospitality Properties, Inc. | 34910 | 3192170 |
|  Summit Hotel Properties, Inc. | 226770 | 1226826 |
|  |  | 7354463 |
| **Industrial REITs–1.0%** |  |  |
|  First Industrial Realty Trust, Inc. | 41766 | 2253693 |
|  Innovative Industrial Properties, Inc. | 25210 | 1363609 |
|  STAG Industrial, Inc. | 68114 | 2460278 |
|  |  | 6077580 |
| **Office REITs–0.3%** |  |  |
|  COPT Defense Properties | 60510 | 1650108 |
| **Real Estate Management & Development–0.3%** |  |  |
|  Forestar Group, Inc.(a) | 104720 | 2213781 |
| **Retail REITs–1.6%** |  |  |
|  Acadia Realty Trust | 148260 | 3106047 |
|  NETSTREIT Corp. | 125110 | 1982994 |
|  Tanger, Inc. | 80670 | 2725839 |
|  Urban Edge Properties | 124290 | 2361510 |
|  |  | 10176390 |
| **Specialized REITs–0.3%** |  |  |
|  National Storage Affiliates Trust | 46930 | 1849042 |
|  |  | 38192949 |
| Energy–4.8% |  |  |
| **Energy Equipment & Services–1.7%** |  |  |
|  Cactus, Inc.–Class A | 84330 | 3864844 |

---

 <br> *2025 Semi-Annual Report* *3*

------

Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Patterson-UTI Energy, Inc. | 513600 | $4221792 |
|  Ranger Energy Services, Inc.–Class A | 194770 | 2763786 |
|  |  | 10850422 |
| **Oil, Gas & Consumable Fuels–3.1%** |  |  |
|  Gulfport Energy Corp.(a) | 15320 | 2821025 |
|  HF Sinclair Corp. | 46322 | 1523067 |
|  Magnolia Oil & Gas Corp.–Class A | 185660 | 4689772 |
|  Matador Resources Co. | 65190 | 3330557 |
|  Northern Oil & Gas, Inc. | 116600 | 3524818 |
|  Peabody Energy Corp. | 164990 | 2235615 |
|  Teekay Corp., Ltd. | 269660 | 1771666 |
|  |  | 19896520 |
|  |  | 30746942 |
| Consumer Staples–2.9% |  |  |
| **Consumer Staples Distribution & Retail–0.3%** | **Consumer Staples Distribution & Retail–0.3%** | **Consumer Staples Distribution & Retail–0.3%** |
|  Andersons, Inc. (The) | 39800 | 1708614 |
| **Food Products–1.8%** |  |  |
|  Cal-Maine Foods, Inc. | 34090 | 3098781 |
|  Dole PLC | 232900 | 3365405 |
|  Mission Produce, Inc.(a) | 121240 | 1270595 |
|  Nomad Foods Ltd. | 88270 | 1734506 |
|  Vital Farms, Inc.(a) | 57840 | 1762385 |
|  |  | 11231672 |
| **Household Products–0.3%** |  |  |
|  WD-40 Co. | 8430 | 2056920 |
| **Personal Care Products–0.5%** |  |  |
|  BellRing Brands, Inc.(a) | 46220 | 3441541 |
|  |  | 18438747 |
| Materials–2.9% |  |  |
| **Chemicals–1.6%** |  |  |
|  AdvanSix, Inc. | 120230 | 2723209 |
|  Ecovyst, Inc.(a) | 336550 | 2086610 |
|  Element Solutions, Inc. | 108580 | 2454994 |
|  Methanex Corp. | 47260 | 1658353 |
|  Rayonier Advanced Materials, Inc.(a) | 205470 | 1181453 |
|  |  | 10104619 |
| **Construction Materials–0.3%** |  |  |
|  United States Lime & Minerals, Inc. | 21070 | 1862167 |
| **Containers & Packaging–0.2%** |  |  |
|  Pactiv Evergreen, Inc. | 80960 | 1458090 |
| **Metals & Mining–0.8%** |  |  |
|  Alpha Metallurgical Resources, Inc.(a) | 9433 | 1181483 |
|  Olympic Steel, Inc. | 51660 | 1628323 |
|  Worthington Steel, Inc. | 84470 | 2139625 |
|  |  | 4949431 |
|  |  | 18374307 |
| Utilities–2.8% |  |  |
| **Electric Utilities–1.5%** |  |  |
|  Genie Energy Ltd.–Class B | 91968 | $1384118 |
|  IDACORP, Inc. | 26460 | 3075181 |
|  TXNM Energy, Inc. | 90150 | 4821222 |
|  |  | 9280521 |
| **Gas Utilities–1.3%** |  |  |
|  Chesapeake Utilities Corp. | 29990 | 3851616 |
|  Southwest Gas Holdings, Inc. | 27897 | 2003005 |
|  UGI Corp. | 70364 | 2326937 |
|  |  | 8181558 |
|  |  | 17462079 |
| Communication Services–2.5% |  |  |
| **Diversified Telecommunication Services–0.1%** | **Diversified Telecommunication Services–0.1%** | **Diversified Telecommunication Services–0.1%** |
|  Lumen Technologies, Inc.(a) | 238650 | 935508 |
| **Interactive Media & Services–1.4%** |  |  |
|  EverQuote, Inc.–Class A(a) | 53250 | 1394618 |
|  Outbrain, Inc.(a) | 252090 | 940296 |
|  Vimeo, Inc.(a) | 483409 | 2542731 |
|  Yelp, Inc.(a) | 102165 | 3783170 |
|  |  | 8660815 |
| **Media–1.0%** |  |  |
|  Criteo SA (Sponsored ADR)(a) | 64840 | 2295984 |
|  Gambling.com Group Ltd.(a) | 113120 | 1427574 |
|  Nexstar Media Group, Inc. | 3508 | 628704 |
|  Scholastic Corp. | 89560 | 1690893 |
|  |  | 6043155 |
|  |  | 15639478 |
| Total Common Stocks<br>(cost $588,702,186) |  | 620584153 |
| SHORT-TERM INVESTMENTS–1.5% | SHORT-TERM INVESTMENTS–1.5% | SHORT-TERM INVESTMENTS–1.5% |
| **Investment Companies–1.5%** |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.20%(b)(c)(d)<br>(cost $9,783,993) | 9783993 | 9783993 |
| **Total Investments—99.4%**<br> (cost $598,486,179) | **Total Investments—99.4%**<br> (cost $598,486,179) | 630368146 |
|  Other assets less liabilities—0.6% |  | 3503979 |
| **Net Assets—100.0%** |  | $**633872125** |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 | 145 | June 2025 | $14696475 | $(243530) |

---

(a) Non-income producing security.

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

(c) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(d) Affiliated investments.

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

See notes to financial statements.

 <br> *2025 Semi-Annual Report* *5*

------

Schedule of Investments

Bernstein Fund, Inc.

Schedule of Investments

#### International Small Cap Portfolio
March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| COMMON STOCKS–96.8% |  |  |
| Industrials–20.7% |  |  |
| **Aerospace & Defense–3.6%** | **Aerospace & Defense–3.6%** | **Aerospace & Defense–3.6%** |
|  Babcock International Group PLC | 773664 | $7280646 |
|  Bombardier, Inc.–Class B(a) | 37675 | 2120094 |
|  Chemring Group PLC | 468234 | 2254342 |
|  Hanwha Aerospace Co., Ltd. | 17415 | 7482951 |
|  Korea Aerospace Industries Ltd. | 89213 | 4582484 |
|  Saab AB–Class B | 318093 | 12507231 |
|  |  | 36227748 |
| **Air Freight & Logistics–0.9%** | **Air Freight & Logistics–0.9%** | **Air Freight & Logistics–0.9%** |
|  Hamakyorex Co., Ltd. | 268200 | 2308570 |
|  Logista Integral SA | 213071 | 6771732 |
|  |  | 9080302 |
| **Building Products–0.2%** | **Building Products–0.2%** | **Building Products–0.2%** |
|  Inwido AB | 125003 | 2509278 |
| **Commercial Services & Supplies–0.9%** | **Commercial Services & Supplies–0.9%** | **Commercial Services & Supplies–0.9%** |
|  Elis SA(a) | 282491 | 6308747 |
|  Mitie Group PLC | 1478319 | 2208108 |
|  Societe BIC SA(a) | 5799 | 392531 |
|  |  | 8909386 |
| **Construction & Engineering–2.0%** | **Construction & Engineering–2.0%** | **Construction & Engineering–2.0%** |
|  Balfour Beatty PLC | 1999343 | 11208701 |
|  Kalpataru Projects International Ltd. | 214207 | 2434459 |
|  Morgan Sindall Group PLC | 46370 | 1988826 |
|  Norconsult Norge AS | 595756 | 2497252 |
|  Ventia Services Group Pty Ltd. | 1007176 | 2545600 |
|  |  | 20674838 |
| **Electrical Equipment–1.9%** | **Electrical Equipment–1.9%** | **Electrical Equipment–1.9%** |
|  Hyosung Heavy Industries Corp. | 18726 | 5586135 |
|  Nexans SA(a) | 83206 | 8168594 |
|  TKH Group NV | 154317 | 6071758 |
|  |  | 19826487 |
| **Ground Transportation–1.1%** | **Ground Transportation–1.1%** | **Ground Transportation–1.1%** |
|  Dubai Taxi Co. PJSC | 2822288 | 1913500 |
|  Maruzen Showa Unyu Co., Ltd. | 56500 | 2273628 |
|  Nikkon Holdings Co., Ltd. | 182700 | 3284229 |
|  Sakai Moving Service Co., Ltd. | 117900 | 1969527 |
|  Seino Holdings Co., Ltd. | 143600 | 2214573 |
|  |  | 11655457 |
| **Industrial Conglomerates–1.0%** | **Industrial Conglomerates–1.0%** | **Industrial Conglomerates–1.0%** |
|  Bidvest Group Ltd. | 641735 | 8242628 |
|  Reunert Ltd. | 497802 | 1643955 |
|  |  | 9886583 |
| **Machinery–6.1%** | **Machinery–6.1%** | **Machinery–6.1%** |
|  DMG Mori Co., Ltd. | 268400 | $5242539 |
|  Ebara Corp. | 174100 | 2649902 |
|  ESAB India Ltd. | 31152 | 1650997 |
|  HD Hyundai Construction Equipment Co., Ltd. | 115303 | 5176352 |
|  Hyundai Rotem Co., Ltd. | 117279 | 8434627 |
|  Kawasaki Heavy Industries Ltd. | 203900 | 12307413 |
|  KION Group AG | 175883 | 7375867 |
|  Krones AG | 17577 | 2397241 |
|  Makino Milling Machine Co., Ltd. | 87600 | 6874227 |
|  Shibaura Machine Co., Ltd. | 82400 | 1987402 |
|  Tocalo Co., Ltd. | 202100 | 2256947 |
|  Tsubakimoto Chain Co. | 185500 | 2299271 |
|  Tsugami Corp. | 255200 | 3132325 |
|  |  | 61785110 |
| **Marine Transportation–0.2%** |  |  |
|  Hoegh Autoliners ASA | 172061 | 1260192 |
|  Wallenius Wilhelmsen ASA | 175781 | 1220675 |
|  |  | 2480867 |
| **Passenger Airlines–0.7%** |  |  |
|  JET2 PLC | 411807 | 6590878 |
| **Professional Services–0.9%** |  |  |
|  JAC Recruitment Co., Ltd. | 488300 | 2639262 |
|  MEITEC Group Holdings, Inc. | 118500 | 2313370 |
|  NICE Information Service Co., Ltd. | 247200 | 1961086 |
|  Persol Holdings Co., Ltd. | 1333600 | 2222050 |
|  |  | 9135768 |
| **Trading Companies & Distributors–0.1%** |  |  |
|  Russel Metals, Inc. | 35998 | 983344 |
| **Transportation Infrastructure–1.1%** |  |  |
|  Grupo Aeroportuario del Centro Norte SAB de CV | 1015817 | 9977240 |
|  Gujarat Pipavav Port Ltd. | 873632 | 1404290 |
|  |  | 11381530 |
|  |  | 211127576 |
| Financials–13.4% |  |  |
| **Banks–7.2%** |  |  |
|  Alpha Services & Holdings SA | 3190876 | 7663933 |
|  AU Small Finance Bank Ltd.(b) | 709557 | 4394810 |
|  Banco de Sabadell SA | 3294266 | 9249159 |
|  Bank of Ireland Group PLC | 740106 | 8744584 |
|  BAWAG Group AG(b) | 138517 | 14289961 |
|  BNK Financial Group, Inc. | 348397 | 2443758 |
|  City Union Bank Ltd. | 1386602 | 2562199 |
|  Dah Sing Banking Group Ltd.–Class H | 2059200 | 2270225 |
|  Dah Sing Financial Holdings Ltd.–Class H | 641200 | 2400777 |
|  Juroku Financial Group, Inc. | 75700 | 2464551 |
|  Mebuki Financial Group, Inc. | 2710100 | 13301772 |
|  Seven Bank Ltd. | 525000 | 985600 |
|  Sydbank AS | 38893 | 2439888 |
|  |  | 73211217 |

---

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

------

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Capital Markets–1.2%** |  |  |
|  Alpha Group International PLC(b) | 76313 | $2494005 |
|  Anima Holding SpA(b) | 319147 | 2416478 |
|  Polar Capital Holdings PLC | 303247 | 1672641 |
|  Sdiptech AB–Class B(a) | 65731 | 1203872 |
|  Tel Aviv Stock Exchange Ltd. | 185237 | 2183710 |
|  XPS Pensions Group PLC(b) | 487175 | 2352657 |
|  |  | 12323363 |
| **Consumer Finance–1.2%** |  |  |
|  Credit Saison Co., Ltd. | 349800 | 8314153 |
|  FinVolution Group (ADR) | 231160 | 2226071 |
|  Jaccs Co., Ltd. | 64000 | 1680633 |
|  |  | 12220857 |
| **Financial Services–2.0%** |  |  |
|  BFF Bank SpA(b) | 204865 | 1695684 |
|  Genertec Universal Medical Group Co., Ltd.–Class H(a)(b) | 3259500 | 2194164 |
|  L&T Finance Ltd. | 4832458 | 8634160 |
|  OSB Group PLC | 1154495 | 6456935 |
|  Timbercreek Financial Corp. | 391512 | 1782011 |
|  |  | 20762954 |
| **Insurance–1.8%** |  |  |
|  Beazley PLC | 252484 | 3040849 |
|  Coface SA(a) | 138106 | 2648681 |
|  Hiscox Ltd. | 485452 | 7374488 |
|  Protector Forsikring ASA | 87916 | 2839163 |
|  Santam Ltd. | 101420 | 2064023 |
|  |  | 17967204 |
|  |  | 136485595 |
| Information Technology–12.4% |  |  |
| **Communications Equipment–0.6%** |  |  |
|  Arcadyan Technology Corp.(a) | 181000 | 1240613 |
|  Ituran Location & Control Ltd. | 69223 | 2503104 |
|  VTech Holdings Ltd.–Class H | 254800 | 1868668 |
|  |  | 5612385 |
| **Electronic Equipment, Instruments & Components–3.3%** | **Electronic Equipment, Instruments & Components–3.3%** | **Electronic Equipment, Instruments & Components–3.3%** |
|  BOE Varitronix Ltd.–Class H | 1352000 | 990241 |
|  Canon Marketing Japan, Inc. | 25900 | 883368 |
|  DataTec Ltd. | 556639 | 1685552 |
|  E Ink Holdings, Inc.(a) | 1307000 | 10640028 |
|  Elite Material Co., Ltd.(a) | 323000 | 5410018 |
|  Kaga Electronics Co., Ltd. | 97700 | 1761362 |
|  Lotes Co., Ltd.(a) | 147000 | 6219795 |
|  Mycronic AB | 58740 | 2466363 |
|  Nippon Ceramic Co., Ltd. | 132000 | 2535048 |
|  Test Research, Inc.(a) | 403000 | 1347536 |
|  |  | 33939311 |
| **IT Services–3.6%** |  |  |
|  BIPROGY, Inc. | 261400 | 8067964 |
|  Cyient Ltd. | 334614 | 4899984 |
|  Digital Garage, Inc. | 335000 | 10358975 |
|  Future Corp. | 185800 | $2156675 |
|  Indra Sistemas SA | 95551 | 2769867 |
|  Mastek Ltd. | 175389 | 4436813 |
|  NSD Co., Ltd. | 46600 | 1043883 |
|  One Software Technologies Ltd. | 111913 | 2074497 |
|  Sonata Software Ltd.(a) | 222408 | 893764 |
|  |  | 36702422 |
| **Semiconductors & Semiconductor Equipment–3.4%** | **Semiconductors & Semiconductor Equipment–3.4%** |  |
|  Elan Microelectronics Corp. | 373000 | 1545647 |
|  Faraday Technology Corp.(a) | 217497 | 1429052 |
|  King Yuan Electronics Co., Ltd.(a) | 1439000 | 3905237 |
|  Melexis NV | 36087 | 2031997 |
|  Nanya Technology Corp.(a) | 4082000 | 4688927 |
|  Rorze Corp. | 551600 | 5267905 |
|  Sanken Electric Co., Ltd.(a) | 157700 | 7200275 |
|  Sino-American Silicon Products, Inc. | 359000 | 1231255 |
|  Sitronix Technology Corp.(a) | 84000 | 492032 |
|  Tokyo Seimitsu Co., Ltd. | 122800 | 6650758 |
|  |  | 34443085 |
| **Software–1.0%** |  |  |
|  Atoss Software SE | 16757 | 2278917 |
|  Birlasoft Ltd. | 119376 | 535449 |
|  Systena Corp. | 937000 | 2270649 |
|  Technology One Ltd. | 134758 | 2370292 |
|  Truecaller AB–Class B | 209573 | 1421623 |
|  WingArc1st, Inc. | 69800 | 1608676 |
|  |  | 10485606 |
| **Technology Hardware, Storage & Peripherals–0.5%** | **Technology Hardware, Storage & Peripherals–0.5%** |  |
|  Chicony Electronics Co., Ltd. | 371000 | 1899002 |
|  Toshiba TEC Corp. | 96800 | 1740769 |
|  Wacom Co., Ltd. | 479700 | 1838538 |
|  |  | 5478309 |
|  |  | 126661118 |
| Consumer Discretionary–12.2% |  |  |
| **Automobile Components–1.7%** |  |  |
|  Amotiv Ltd. | 281455 | 1576136 |
|  Banco Products India Ltd. | 164929 | 656843 |
|  Forvia SE(a) | 393602 | 3229887 |
|  Mahle Metal Leve SA | 388900 | 1934124 |
|  Niterra Co., Ltd. | 84000 | 2562451 |
|  PWR Holdings Ltd. | 300167 | 1284584 |
|  SAF-Holland SE | 121248 | 2154086 |
|  Schaeffler AG | 340771 | 1416913 |
|  Toyota Boshoku Corp. | 179200 | 2389668 |
|  |  | 17204692 |
| **Automobiles–0.3%** |  |  |
|  Piaggio & C SpA | 1631894 | 3385227 |
| **Broadline Retail–0.3%** |  |  |
|  Puuilo Oyj | 201555 | 2477993 |
| **Diversified Consumer Services–0.2%** |  |  |
|  ME GROUP INTERNATIONAL PLC | 870089 | 2175568 |

---

 <br> *2025 Semi-Annual Report* *7*

------

Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Hotels, Restaurants & Leisure–1.4%** |  |  |
|  Atour Lifestyle Holdings Ltd. (ADR) | 67935 | $1925957 |
|  Betsson AB–Class B(a) | 155136 | 2403674 |
|  Domino's Pizza Group PLC | 453313 | 1660667 |
|  Jollibee Foods Corp. | 1625930 | 6819104 |
|  Jumbo Interactive Ltd. | 219868 | 1458035 |
|  |  | 14267437 |
| **Household Durables–1.8%** |  |  |
|  Bellway PLC | 198698 | 6123066 |
|  Casio Computer Co., Ltd. | 754100 | 6160360 |
|  Cury Construtora e Incorporadora SA | 511000 | 2198398 |
|  GN Store Nord AS(a) | 257840 | 4033111 |
|  |  | 18514935 |
| **Leisure Products–2.1%** |  |  |
|  BRP, Inc. | 108378 | 3659419 |
|  Sankyo Co., Ltd. | 174200 | 2545594 |
|  Sega Sammy Holdings, Inc. | 515000 | 9944010 |
|  Technogym SpA(b) | 201105 | 2597392 |
|  Tsuburaya Fields Holdings, Inc. | 250900 | 2934763 |
|  |  | 21681178 |
| **Specialty Retail–0.9%** |  |  |
|  ABC-Mart, Inc. | 346400 | 6462892 |
|  Pet Valu Holdings Ltd. | 110209 | 2028725 |
|  |  | 8491617 |
| **Textiles, Apparel & Luxury Goods–3.5%** |  |  |
|  Arvind Ltd. | 1692845 | 6246841 |
|  Asics Corp. | 336600 | 7138465 |
|  Burberry Group PLC(a) | 428233 | 4313525 |
|  HUGO BOSS AG | 87237 | 3316584 |
|  JNBY Design Ltd.–Class H(b) | 1158000 | 2207927 |
|  Li Ning Co., Ltd.–Class H | 2137000 | 4386235 |
|  Makalot Industrial Co., Ltd. | 201140 | 1866600 |
|  Marimekko Oyj | 129463 | 1789051 |
|  Mavi Giyim Sanayi Ve Ticaret AS–Class B(b) | 523141 | 954315 |
|  Xtep International Holdings Ltd.–Class H | 5621500 | 3666506 |
|  |  | 35886049 |
|  |  | 124084696 |
| Materials–9.6% |  |  |
| **Chemicals–4.1%** |  |  |
|  Castrol India Ltd. | 888568 | 2093557 |
|  Dongjin Semichem Co., Ltd. | 82423 | 1654145 |
|  FUCHS SE (Preference Shares) | 41601 | 2004407 |
|  Fufeng Group Ltd.–Class H | 3349000 | 2627788 |
|  Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 1139453 | 6545426 |
|  Gulf Oil Lubricants India Ltd. | 120343 | 1609055 |
|  Kuraray Co., Ltd. | 656700 | 8092163 |
|  Omnia Holdings Ltd. | 512487 | 1886604 |
|  TKG Huchems Co., Ltd. | 149759 | 1600909 |
|  Tosoh Corp. | 440700 | 6064266 |
|  Zeon Corp. | 774700 | 7777736 |
|  |  | 41956056 |
| **Construction Materials–0.2%** |  |  |
|  Shinagawa Refractories Co., Ltd. | 167600 | $1910211 |
| **Containers & Packaging–1.0%** |  |  |
|  EPL Ltd. | 2234899 | 5246716 |
|  Rengo Co., Ltd. | 941600 | 4997603 |
|  |  | 10244319 |
| **Metals & Mining–3.9%** |  |  |
|  APERAM SA | 175049 | 5703617 |
|  Capstone Copper Corp.(a) | 1117415 | 5753827 |
|  Centerra Gold, Inc. | 324286 | 2057421 |
|  Champion Iron Ltd. | 308636 | 943414 |
|  Endeavour Mining PLC | 303201 | 7285842 |
|  Labrador Iron Ore Royalty Corp. | 96584 | 1974567 |
|  Lundin Mining Corp. | 830623 | 6730179 |
|  Pan African Resources PLC | 4942273 | 2710084 |
|  Perenti Ltd. | 2474313 | 2074337 |
|  Shougang Fushan Resources Group Ltd.–Class H | 5230000 | 1701255 |
|  SSAB AB–Class B | 396581 | 2416421 |
|  |  | 39350964 |
| **Paper & Forest Products–0.4%** |  |  |
|  Interfor Corp.(a) | 390424 | 4056036 |
|  |  | 97517586 |
| Health Care–7.1% |  |  |
| **Biotechnology–2.4%** |  |  |
|  BioGaia AB–Class B | 207151 | 2268979 |
|  Clinuvel Pharmaceuticals Ltd. | 278408 | 1999707 |
|  GNI Group Ltd.(a) | 325000 | 4578220 |
|  Hugel, Inc.(a) | 53260 | 12153215 |
|  PeptiDream, Inc.(a) | 147900 | 2164628 |
|  Takara Bio, Inc. | 313900 | 1738642 |
|  |  | 24903391 |
| **Health Care Equipment & Supplies–1.1%** |  |  |
|  ConvaTec Group PLC(b) | 2460841 | 8220567 |
|  Japan Lifeline Co., Ltd. | 279300 | 2853463 |
|  |  | 11074030 |
| **Health Care Providers & Services–0.3%** |  |  |
|  Chularat Hospital PCL | 19549900 | 979656 |
|  Odontoprev SA | 1066380 | 1950951 |
|  |  | 2930607 |
| **Life Sciences Tools & Services–0.1%** |  |  |
|  Chemometec A/S | 8572 | 618032 |
| **Pharmaceuticals–3.2%** |  |  |
|  Ajanta Pharma Ltd. | 63528 | 1928607 |
|  Chong Kun Dang Pharmaceutical Corp. | 26884 | 1426988 |
|  Consun Pharmaceutical Group Ltd.–Class H | 2173000 | 2576784 |
|  Faes Farma SA(a) | 518910 | 2202307 |
|  H Lundbeck A/S | 382224 | 1925701 |
|  Hikma Pharmaceuticals PLC | 284021 | 7174958 |
|  Hypera SA | 965000 | 3275600 |
|  Laboratorios Farmaceuticos Rovi SA(a) | 69220 | 3859252 |

---

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

------

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Mega Lifesciences PCL | 2049000 | $1766640 |
|  Procter & Gamble Health Ltd. | 34872 | 2112985 |
|  Sanofi India Ltd. | 21669 | 1446488 |
|  United Laboratories International Holdings Ltd. (The)–Class H | 1534000 | 2886839 |
|  |  | 32583149 |
|  |  | 72109209 |
| Communication Services–5.6% |  |  |
| **Diversified Telecommunication Services–0.4%** | **Diversified Telecommunication Services–0.4%** |  |
|  Gamma Communications PLC | 118657 | 1857694 |
|  NOS SGPS SA(a) | 465130 | 2215472 |
|  |  | 4073166 |
| **Entertainment–2.1%** |  |  |
|  GungHo Online Entertainment, Inc. | 357600 | 6992744 |
|  International Games System Co., Ltd. | 379400 | 8932627 |
|  NetDragon Websoft Holdings Ltd.–Class H | 1829500 | 2396908 |
|  Soft-World International Corp. | 295000 | 955167 |
|  Tips Music Ltd. | 232031 | 1714865 |
|  |  | 20992311 |
| **Interactive Media & Services–1.0%** |  |  |
|  Kakaku.com, Inc. | 426800 | 6112801 |
|  Rightmove PLC | 303526 | 2702333 |
|  SOOP Co., Ltd. | 23333 | 1297259 |
|  |  | 10112393 |
| **Media–2.1%** |  |  |
|  4imprint Group PLC | 28795 | 1396642 |
|  Criteo SA (Sponsored ADR)(a) | 217993 | 7719132 |
|  Kadokawa Corp. | 238800 | 5709791 |
|  Stroeer SE & Co. KGaA | 120157 | 7033173 |
|  |  | 21858738 |
|  |  | 57036608 |
| Energy–5.1% |  |  |
| **Energy Equipment & Services–1.5%** |  |  |
|  Aker Solutions ASA | 370942 | 1192359 |
|  CES Energy Solutions Corp. | 212373 | 1092082 |
|  Dayang Enterprise Holdings Bhd | 3926900 | 1739969 |
|  Trican Well Service Ltd. | 659433 | 2135407 |
|  Vallourec SACA | 464890 | 8752808 |
|  |  | 14912625 |
| **Oil, Gas & Consumable Fuels–3.6%** |  |  |
|  Baytex Energy Corp. | 2425910 | 5377612 |
|  Beach Energy Ltd. | 7700487 | 6963689 |
|  BW LPG Ltd.(b) | 206206 | 2244194 |
|  Etablissements Maurel et Prom SA(a) | 198169 | 1036853 |
|  Hafnia Ltd. | 325062 | 1340519 |
|  Headwater Exploration, Inc. | 444554 | 1992546 |
|  Oil India Ltd. | 1084639 | 4858592 |
|  Oil Refineries Ltd. | 3674919 | 874208 |
|  Petronet LNG Ltd. | 1269826 | 4337568 |
|  Petroreconcavo SA | 807300 | $2332865 |
|  San-Ai Obbli Co., Ltd. | 84300 | 971882 |
|  Secure Waste Infrastructure Corp. | 199328 | 2171893 |
|  Serica Energy PLC | 861236 | 1492006 |
|  Thungela Resources Ltd. | 149751 | 826173 |
|  Viva Energy Group Ltd.(b) | 324394 | 348637 |
|  |  | 37169237 |
|  |  | 52081862 |
| Real Estate–4.6% |  |  |
| **Diversified REITs–0.6%** |  |  |
|  British Land Co. PLC (The) | 411264 | 1969096 |
|  H&R Real Estate Investment Trust | 276455 | 1930699 |
|  Sekisui House Reit, Inc. | 4330 | 2302916 |
|  |  | 6202711 |
| **Health Care REITs–0.8%** |  |  |
|  Assura PLC | 12494616 | 7498087 |
| **Office REITs–0.4%** |  |  |
|  AREIT, Inc. | 3598100 | 2483616 |
|  CLS Holdings PLC | 2009933 | 1818571 |
|  |  | 4302187 |
| **Real Estate Management & Development–1.4%** | **Real Estate Management & Development–1.4%** |  |
|  Deyaar Development PJSC | 8022926 | 1980625 |
|  Kerry Properties Ltd.–Class H | 1104000 | 2604642 |
|  Starts Corp., Inc. | 98000 | 2576168 |
|  TAG Immobilien AG | 535724 | 7304976 |
|  |  | 14466411 |
| **Residential REITs–0.2%** |  |  |
|  Morguard North American Residential Real Estate Investment Trust | 183243 | 2210554 |
| **Retail REITs–1.2%** |  |  |
|  Charter Hall Retail REIT | 2438356 | 5488172 |
|  Hamborner REIT AG | 262888 | 1705737 |
|  Sasseur Real Estate Investment Trust(b) | 4411300 | 2216239 |
|  Wereldhave NV | 139114 | 2408385 |
|  |  | 11818533 |
|  |  | 46498483 |
| Consumer Staples–4.2% |  |  |
| **Beverages–2.0%** |  |  |
|  Carlsberg Brewery Malaysia Bhd–Class B | 472100 | 2032025 |
|  Coca-Cola Bottlers Japan Holdings, Inc. | 412800 | 6731921 |
|  Royal Unibrew A/S | 118870 | 9464475 |
|  Takara Holdings, Inc. | 275300 | 2107010 |
|  |  | 20335431 |
| **Consumer Staples Distribution & Retail–0.3%** | **Consumer Staples Distribution & Retail–0.3%** |  |
|  Axfood AB | 38802 | 871634 |
|  Migros Ticaret AS | 145179 | 1894720 |
|  |  | 2766354 |

---

 <br> *2025 Semi-Annual Report* *9*

------

Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Food Products–1.1%** |  |  |
|  Agthia Group PJSC(a) | 1043284 | $1221378 |
|  AVI Ltd. | 389546 | 1887228 |
|  Heritage Foods Ltd. | 94034 | 421876 |
|  Hilton Food Group PLC | 179731 | 1913059 |
|  Nichirei Corp. | 548200 | 6484175 |
|  |  | 11927716 |
| **Personal Care Products–0.8%** |  |  |
|  APR Corp./Korea(a) | 131280 | 6282849 |
|  Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 53839500 | 1817198 |
|  |  | 8100047 |
|  |  | 43129548 |
| Utilities–1.9% |  |  |
| **Electric Utilities–0.1%** |  |  |
|  Enerjisa Enerji AS(b) | 289859 | 436918 |
| **Gas Utilities–0.0%** |  |  |
|  Gujarat State Petronet Ltd. | 118071 | 399550 |
| **Independent Power and Renewable Electricity Producers–0.9%** | **Independent Power and Renewable Electricity Producers–0.9%** | **Independent Power and Renewable Electricity Producers–0.9%** |
|  Capital Power Corp. | 257851 | 8570247 |
| **Multi-Utilities–0.8%** |  |  |
|  Sembcorp Industries Ltd. | 1827600 | $8553006 |
| **Water Utilities–0.1%** |  |  |
|  Cia de Saneamento de Minas Gerais Copasa MG | 352700 | 1220693 |
|  |  | 19180414 |
| Total Common Stocks<br> (cost $865,202,024) |  | 985912695 |
| SHORT-TERM INVESTMENTS–1.4% | SHORT-TERM INVESTMENTS–1.4% | SHORT-TERM INVESTMENTS–1.4% |
| Investment Companies–1.4% |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.20%(c)(d)(e)<br>(cost $14,104,974) | 14104974 | 14104974 |
| **Total Investments—98.2%**<br> (cost $879,306,998) | **Total Investments—98.2%**<br> (cost $879,306,998) | 1000017669 |
|  Other assets less liabilities—1.8% | Other assets less liabilities—1.8% | 18451062 |
| **Net Assets—100.0%** | **Net Assets—100.0%** | $**1018468731** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 | BRL | 35165 | USD | 6061 | 04/02/2025 | $(101275) |
|  Bank of America NA | USD | 6124 | BRL | 35165 | 04/02/2025 | 38366 |
|  Bank of America NA | MXN | 104732 | USD | 5135 | 04/09/2025 | 22010 |
|  Bank of America NA | USD | 36589 | AUD | 59070 | 04/09/2025 | 322938 |
|  Bank of America NA | USD | 3997 | JPY | 599102 | 04/24/2025 | 7387 |
|  Bank of America NA | USD | 2579 | PHP | 148132 | 04/29/2025 | 6052 |
|  Bank of America NA | USD | 29889 | CHF | 26459 | 05/09/2025 | 150070 |
|  Bank of America NA | GBP | 25688 | USD | 33197 | 05/16/2025 | 16574 |
|  Bank of America NA | USD | 9133 | INR | 796878 | 05/22/2025 | 154756 |
|  Bank of America NA | USD | 3300 | CNH | 23873 | 06/05/2025 | (291) |
|  Barclays Capital, Inc. | USD | 2835 | CAD | 4111 | 04/11/2025 | 23211 |
|  Barclays Capital, Inc. | SEK | 29463 | USD | 2785 | 04/16/2025 | (148689) |
|  Barclays Capital, Inc. | USD | 5908 | SEK | 65420 | 04/16/2025 | 605688 |
|  Barclays Capital, Inc. | KRW | 3865798 | USD | 2656 | 04/17/2025 | 31804 |
|  Barclays Capital, Inc. | USD | 2798 | KRW | 4038168 | 04/17/2025 | (56702) |
|  Barclays Capital, Inc. | USD | 2562 | TRY | 96187 | 04/17/2025 | (75460) |
|  Barclays Capital, Inc. | JPY | 1186074 | USD | 8077 | 04/24/2025 | 149780 |
|  Barclays Capital, Inc. | EUR | 4031 | USD | 4354 | 05/09/2025 | (13673) |
|  Barclays Capital, Inc. | USD | 2789 | GBP | 2159 | 05/16/2025 | (86) |
|  Barclays Capital, Inc. | USD | 3983 | INR | 345645 | 05/22/2025 | 45263 |
|  Barclays Capital, Inc. | USD | 6831 | MYR | 30189 | 06/18/2025 | (2550) |
|  BNP Paribas SA | BRL | 15785 | USD | 2749 | 04/02/2025 | (17222) |
|  BNP Paribas SA | USD | 2703 | BRL | 15785 | 04/02/2025 | 62873 |

---

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
|  BNP Paribas SA | JPY | 501892 | USD | 3389 | 04/24/2025 | $34521 |
|  BNP Paribas SA | USD | 2734 | TWD | 89661 | 05/23/2025 | (27806) |
|  Citibank NA | USD | 3302 | SEK | 33178 | 04/16/2025 | 1206 |
|  Citibank NA | JPY | 3022249 | USD | 20073 | 04/24/2025 | (126357) |
|  Citibank NA | USD | 3752 | EUR | 3433 | 05/09/2025 | (31934) |
|  Citibank NA | USD | 13296 | TWD | 433948 | 05/23/2025 | (200705) |
|  Deutsche Bank AG | CAD | 4170 | USD | 2883 | 04/11/2025 | (16226) |
|  Deutsche Bank AG | JPY | 866822 | USD | 5814 | 04/24/2025 | 20749 |
|  Deutsche Bank AG | USD | 2680 | JPY | 394102 | 04/24/2025 | (45900) |
|  Goldman Sachs Bank USA | USD | 4123 | AUD | 6639 | 04/09/2025 | 25945 |
|  Goldman Sachs Bank USA  | KRW | 4978503 | USD | 3463 | 04/17/2025 | 82889 |
|  Goldman Sachs Bank USA | JPY | 672727 | USD | 4486 | 04/24/2025 | (10688) |
|  Goldman Sachs Bank USA | USD | 9356 | JPY | 1383714 | 04/24/2025 | (108220) |
|  HSBC Bank USA | ILS | 13223 | USD | 3647 | 04/09/2025 | 89696 |
|  HSBC Bank USA | USD | 2800 | CAD | 3994 | 04/11/2025 | (23474) |
|  HSBC Bank USA | PHP | 520529 | USD | 8833 | 04/29/2025 | (250612) |
|  HSBC Bank USA | INR | 235299 | USD | 2691 | 05/22/2025 | (51067) |
|  HSBC Bank USA | TWD | 122762 | USD | 3755 | 05/23/2025 | 50883 |
|  JPMorgan Chase Bank | USD | 2650 | EUR | 2430 | 05/09/2025 | (17104) |
|  JPMorgan Chase Bank | GBP | 2413 | USD | 3119 | 05/16/2025 | 2647 |
|  Morgan Stanley Capital Services, Inc. | BRL | 19380 | USD | 3375 | 04/02/2025 | (21144) |
|  Morgan Stanley Capital Services, Inc. | USD | 3360 | BRL | 19380 | 04/02/2025 | 35658 |
|  Morgan Stanley Capital Services, Inc. | USD | 15373 | ILS | 54625 | 04/09/2025 | (679168) |
|  Morgan Stanley Capital Services, Inc. | USD | 8658 | CAD | 12589 | 04/11/2025 | 94107 |
|  Morgan Stanley Capital Services, Inc. | KRW | 30206176 | USD | 20658 | 04/17/2025 | 149765 |
|  Morgan Stanley Capital Services, Inc. | USD | 5507 | JPY | 822330 | 04/24/2025 | (11130) |
|  Morgan Stanley Capital Services, Inc. | BRL | 19380 | USD | 3342 | 05/05/2025 | (33599) |
|  Morgan Stanley Capital Services, Inc. | EUR | 47899 | USD | 50481 | 05/09/2025 | (1416993) |
|  Morgan Stanley Capital Services, Inc. | USD | 3236 | EUR | 2983 | 05/09/2025 | (3771) |
|  Standard Chartered Bank | KRW | 17666445 | USD | 12181 | 04/17/2025 | 186107 |
|  Standard Chartered Bank | USD | 10277 | KRW | 14749236 | 04/17/2025 | (263373) |
|  Standard Chartered Bank | TWD | 87883 | USD | 2670 | 05/23/2025 | 17707 |
|  State Street Bank & Trust Co. | AUD | 4113 | USD | 2589 | 04/09/2025 | 18361 |
|  State Street Bank & Trust Co. | USD | 2952 | SEK | 31511 | 04/16/2025 | 185340 |
|  State Street Bank & Trust Co. | KRW | 5005477 | USD | 3503 | 04/17/2025 | 104689 |
|  State Street Bank & Trust Co. | USD | 2978 | KRW | 4359523 | 04/17/2025 | (18140) |
|  State Street Bank & Trust Co. | JPY | 570279 | USD | 3860 | 04/24/2025 | 48664 |
|  State Street Bank & Trust Co. | EUR | 2857 | USD | 3118 | 05/09/2025 | 22737 |
|  State Street Bank & Trust Co. | INR | 286840 | USD | 3296 | 05/22/2025 | (46966) |
|  UBS | USD | 2558 | NZD | 4566 | 04/09/2025 | 34240 |
|  UBS | ZAR | 162480 | USD | 8727 | 04/10/2025 | (129536) |
|  UBS | SEK | 33065 | USD | 3234 | 04/16/2025 | (58252) |
|  UBS | USD | 3428 | NOK | 39091 | 04/16/2025 | 287185 |
|  UBS | USD | 3479 | JPY | 509126 | 04/24/2025 | (76710) |
|  UBS | USD | 4473 | CNH | 32238 | 06/05/2025 | (16516) |
|  |  |  |  |  |  | $(971471) |

---

 <br> *2025 Semi-Annual Report* *11*

------

Schedule of Investments (continued)

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At March 31, 2025, the aggregate market value of these securities amounted to $49,063,948 or 4.8% of net assets.

(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.

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

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

REIT—Real Estate Investment Trust

See notes to financial statements.

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

------

Schedule of Investments

Bernstein Fund, Inc.

Schedule of Investments

#### International Strategic Equities Portfolio
March 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| COMMON STOCKS–99.0% | COMMON STOCKS–99.0% | COMMON STOCKS–99.0% |
| Financials–24.6% | Financials–24.6% | Financials–24.6% |
| **Banks–18.8%** | **Banks–18.8%** | **Banks–18.8%** |
|  Banco Bilbao Vizcaya Argentaria SA | 10331790 | $141003814 |
|  Barclays PLC | 58567810 | 220216824 |
|  BNP Paribas SA | 982720 | 82135070 |
|  China Merchants Bank Co., Ltd.–Class H(a) | 22102000 | 131041801 |
|  Erste Group Bank AG | 2266739 | 156792731 |
|  Industrial & Commercial Bank of China Ltd.–Class H | 203956000 | 145539051 |
|  KB Financial Group, Inc. | 1839630 | 99714772 |
|  NatWest Group PLC | 13462910 | 79490165 |
|  Oversea-Chinese Banking Corp., Ltd. | 3129700 | 40110303 |
|  Resona Holdings, Inc. | 7042500 | 61493734 |
|  Societe Generale SA | 2030020 | 91582086 |
|  Standard Chartered PLC | 6029080 | 89467677 |
|  Sumitomo Mitsui Financial Group, Inc. | 2292000 | 58937887 |
|  UniCredit SpA | 1766010 | 99129823 |
|  |  | 1496655738 |
| **Capital Markets–3.2%** | **Capital Markets–3.2%** | **Capital Markets–3.2%** |
|  3i Group PLC | 3545450 | 166709194 |
|  Singapore Exchange Ltd. | 8680300 | 85935222 |
|  |  | 252644416 |
| **Insurance–2.6%** | **Insurance–2.6%** | **Insurance–2.6%** |
|  NN Group NV | 2281140 | 126935689 |
|  Ping An Insurance Group Co. of China Ltd.–Class H | 6575000 | 39245854 |
|  Prudential PLC | 3841820 | 41457135 |
|  |  | 207638678 |
|  |  | 1956938832 |
| Industrials–18.0% | Industrials–18.0% | Industrials–18.0% |
| **Aerospace & Defense–4.0%** | **Aerospace & Defense–4.0%** | **Aerospace & Defense–4.0%** |
|  BAE Systems PLC | 8969630 | 181119014 |
|  Saab AB–Class B | 3450140 | 135657487 |
|  |  | 316776501 |
| **Construction & Engineering–1.5%** | **Construction & Engineering–1.5%** | **Construction & Engineering–1.5%** |
|  WSP Global, Inc. | 725330 | 123090121 |
| **Electrical Equipment–5.9%** | **Electrical Equipment–5.9%** | **Electrical Equipment–5.9%** |
|  ABB Ltd. (REG) | 1643440 | 84798095 |
|  Fuji Electric Co., Ltd. | 2097000 | 89646230 |
|  Prysmian SpA | 3067990 | 168883602 |
|  Schneider Electric SE | 557160 | 128617744 |
|  |  | 471945671 |
| **Machinery–2.9%** | **Machinery–2.9%** | **Machinery–2.9%** |
|  Kawasaki Heavy Industries Ltd. | 1849100 | $111611753 |
|  Mitsubishi Heavy Industries Ltd. | 7007300 | 120340451 |
|  |  | 231952204 |
| **Passenger Airlines–0.9%** | **Passenger Airlines–0.9%** | **Passenger Airlines–0.9%** |
|  Turk Hava Yollari AO | 8392860 | 68737466 |
| **Professional Services–2.8%** | **Professional Services–2.8%** | **Professional Services–2.8%** |
|  Computershare Ltd. | 3176180 | 78289714 |
|  RELX PLC | 2886050 | 144968081 |
|  |  | 223257795 |
|  |  | 1435759758 |
| Information Technology–12.4% | Information Technology–12.4% | Information Technology–12.4% |
| **Electronic Equipment, Instruments & Components–0.6%** | **Electronic Equipment, Instruments & Components–0.6%** | **Electronic Equipment, Instruments & Components–0.6%** |
|  Largan Precision Co., Ltd. | 639000 | 46023443 |
| **IT Services–1.5%** | **IT Services–1.5%** | **IT Services–1.5%** |
|  Elm Co. | 145050 | 37508598 |
|  Wix.com Ltd.(a) | 523730 | 85567007 |
|  |  | 123075605 |
| **Semiconductors & Semiconductor Equipment–6.8%** | **Semiconductors & Semiconductor Equipment–6.8%** | **Semiconductors & Semiconductor Equipment–6.8%** |
|  MediaTek, Inc. | 3049000 | 131413257 |
|  Renesas Electronics Corp. | 5888700 | 78983073 |
|  SK Hynix, Inc. | 673880 | 89832227 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 8465000 | 238399645 |
|  |  | 538628202 |
| **Software–2.7%** | **Software–2.7%** | **Software–2.7%** |
|  SAP SE | 809240 | 216835531 |
| **Technology Hardware, Storage & Peripherals–0.8%** | **Technology Hardware, Storage & Peripherals–0.8%** | **Technology Hardware, Storage & Peripherals–0.8%** |
|  Samsung Electronics Co., Ltd. | 1582580 | 62742115 |
|  |  | 987304896 |
| Consumer Discretionary–11.3% | Consumer Discretionary–11.3% | Consumer Discretionary–11.3% |
| **Automobiles–2.6%** | **Automobiles–2.6%** | **Automobiles–2.6%** |
|  Honda Motor Co., Ltd. | 12372700 | 111967644 |
|  Subaru Corp. | 5444300 | 97502779 |
|  |  | 209470423 |
| **Hotels, Restaurants & Leisure–2.0%** | **Hotels, Restaurants & Leisure–2.0%** | **Hotels, Restaurants & Leisure–2.0%** |
|  Amadeus IT Group SA | 845050 | 64716446 |
|  Booking Holdings, Inc. | 21410 | 98633943 |
|  |  | 163350389 |
| **Household Durables–1.1%** | **Household Durables–1.1%** | **Household Durables–1.1%** |
|  Sony Group Corp. | 3348000 | 84714407 |
| **Specialty Retail–3.1%** | **Specialty Retail–3.1%** | **Specialty Retail–3.1%** |
|  Industria de Diseno Textil SA | 3514150 | 174976078 |
|  Pop Mart International Group Ltd.–Class H(b) | 3526800 | 71279177 |
|  |  | 246255255 |

---

 <br> *2025 Semi-Annual Report* *13*

------

Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Textiles, Apparel & Luxury Goods–2.5%** | **Textiles, Apparel & Luxury Goods–2.5%** | **Textiles, Apparel & Luxury Goods–2.5%** |
|  adidas AG | 257130 | $60646781 |
|  Asics Corp. | 3769700 | 79946146 |
|  Hermes International SCA | 20880 | 54937743 |
|  |  | 195530670 |
|  |  | 899321144 |
| Health Care–8.5% | Health Care–8.5% | Health Care–8.5% |
| **Health Care Equipment & Supplies–1.3%** | **Health Care Equipment & Supplies–1.3%** | **Health Care Equipment & Supplies–1.3%** |
|  ResMed, Inc. | 4677300 | 103888051 |
| **Health Care Providers & Services–1.7%** | **Health Care Providers & Services–1.7%** | **Health Care Providers & Services–1.7%** |
|  Fresenius SE & Co. KGaA | 3219839 | 137466604 |
| **Pharmaceuticals–5.5%** | **Pharmaceuticals–5.5%** | **Pharmaceuticals–5.5%** |
|  Novo Nordisk A/S–Class B | 1911490 | 130704430 |
|  Roche Holding AG | 508760 | 167446959 |
|  Sanofi SA | 1230920 | 136289711 |
|  |  | 434441100 |
|  |  | 675795755 |
| Communication Services–6.9% | Communication Services–6.9% | Communication Services–6.9% |
| **Diversified Telecommunication Services–1.3%** | **Diversified Telecommunication Services–1.3%** | **Diversified Telecommunication Services–1.3%** |
|  Deutsche Telekom AG (REG) | 1117570 | 41260647 |
|  Nippon Telegraph & Telephone Corp. | 60521500 | 58492296 |
|  |  | 99752943 |
| **Entertainment–3.0%** | **Entertainment–3.0%** | **Entertainment–3.0%** |
|  Capcom Co., Ltd. | 2697600 | 66580931 |
|  Konami Group Corp. | 542100 | 64012416 |
|  NetEase, Inc.–Class H | 5384900 | 110619896 |
|  |  | 241213243 |
| **Interactive Media & Services–2.1%** | **Interactive Media & Services–2.1%** | **Interactive Media & Services–2.1%** |
|  Tencent Holdings Ltd.–Class H | 2649200 | 169273027 |
| **Wireless Telecommunication Services–0.5%** | **Wireless Telecommunication Services–0.5%** | **Wireless Telecommunication Services–0.5%** |
|  TIM SA/Brazil | 13502800 | 42592224 |
|  |  | 552831437 |
| Consumer Staples–5.5% | Consumer Staples–5.5% | Consumer Staples–5.5% |
| **Beverages–1.0%** | **Beverages–1.0%** | **Beverages–1.0%** |
|  Budweiser Brewing Co. APAC Ltd.–Class H(a)(b) | 14191900 | 17104684 |
|  Eastroc Beverage Group Co., Ltd.–Class A(a) | 1149119 | 39479431 |
|  Wuliangye Yibin Co., Ltd.–Class A | 1339941 | 24288474 |
|  |  | 80872589 |
| **Consumer Staples Distribution & Retail–4.2%** | **Consumer Staples Distribution & Retail–4.2%** | **Consumer Staples Distribution & Retail–4.2%** |
|  Dino Polska SA(a)(b) | 466380 | 54436491 |
|  Loblaw Cos. Ltd. | 1446940 | 202765658 |
|  Tesco PLC | 16929140 | 72833939 |
|  |  | 330036088 |
| **Personal Care Products–0.3%** | **Personal Care Products–0.3%** | **Personal Care Products–0.3%** |
|  Unilever PLC | 447580 | $26705763 |
|  |  | 437614440 |
| Energy–4.8% | Energy–4.8% | Energy–4.8% |
| **Oil, Gas & Consumable Fuels–4.8%** | **Oil, Gas & Consumable Fuels–4.8%** | **Oil, Gas & Consumable Fuels–4.8%** |
|  ENEOS Holdings, Inc. | 11491600 | 60606790 |
|  Petroleo Brasileiro SA (Preference Shares) | 11224900 | 73095757 |
|  Repsol SA | 6750490 | 89629780 |
|  Shell PLC | 4364170 | 158857042 |
|  |  | 382189369 |
| Real Estate–3.3% | Real Estate–3.3% | Real Estate–3.3% |
| **Real Estate Management & Development–2.7%** | **Real Estate Management & Development–2.7%** | **Real Estate Management & Development–2.7%** |
|  Aldar Properties PJSC | 8712290 | 19895975 |
|  Emaar Properties PJSC | 33594390 | 121663030 |
|  Mitsui Fudosan Co., Ltd. | 8033700 | 71942385 |
|  |  | 213501390 |
| **Retail REITs–0.6%** | **Retail REITs–0.6%** | **Retail REITs–0.6%** |
|  CapitaLand Integrated Commercial Trust(a) | 33576000 | 52175462 |
|  |  | 265676852 |
| Utilities–2.2% | Utilities–2.2% | Utilities–2.2% |
| **Electric Utilities–2.2%** | **Electric Utilities–2.2%** | **Electric Utilities–2.2%** |
|  Enel SpA | 21746280 | 176286299 |
| Materials–1.5% | Materials–1.5% | Materials–1.5% |
| **Chemicals–0.5%** | **Chemicals–0.5%** | **Chemicals–0.5%** |
|  Yunnan Yuntianhua Co., Ltd.–Class A | 12106800 | 38174049 |
| **Construction Materials–1.0%** | **Construction Materials–1.0%** | **Construction Materials–1.0%** |
|  CRH PLC | 892770 | 78536977 |
|  |  | 116711026 |
| Total Common Stocks<br>(cost $6,377,952,687) |  | 7886429808 |
| SHORT-TERM INVESTMENTS–0.1% | SHORT-TERM INVESTMENTS–0.1% | SHORT-TERM INVESTMENTS–0.1% |
| **Investment Companies–0.1%** | **Investment Companies–0.1%** | **Investment Companies–0.1%** |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB,<br>4.20%(c)(d)(e)<br>(cost $5,835,761) | 5835761 | 5835761 |
| **Total Investments—99.1%**<br> (cost $6,383,788,448) | **Total Investments—99.1%**<br> (cost $6,383,788,448) | 7892265569 |
|  Other assets less liabilities—0.9% |  | 69691703 |
| **Net Assets—100.0%** |  | $**7961957272** |

---

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 | 49097 | MXN | 1001381 | 04/09/2025 | $(210445) |
|  Bank of America NA | SEK | 218068 | USD | 20367 | 04/16/2025 | (1345596) |
|  Bank of America NA | USD | 13142 | TRY | 509903 | 04/17/2025 | 39984 |
|  Bank of America NA | JPY | 5186713 | USD | 34739 | 04/24/2025 | 73662 |
|  Bank of America NA | USD | 40093 | JPY | 6009901 | 04/24/2025 | 74106 |
|  Bank of America NA | USD | 36170 | IDR | 592290276 | 04/29/2025 | (658068) |
|  Bank of America NA | CHF | 21937 | USD | 24979 | 05/09/2025 | 73594 |
|  Bank of America NA | USD | 29550 | EUR | 27359 | 05/09/2025 | 92499 |
|  Bank of America NA | USD | 12086 | SGD | 16104 | 05/09/2025 | (75552) |
|  Bank of America NA | USD | 12085 | CLP | 11233560 | 05/15/2025 | (257462) |
|  Bank of America NA | USD | 35509 | GBP | 27300 | 05/16/2025 | (246994) |
|  Bank of America NA | USD | 67250 | INR | 5869482 | 05/22/2025 | 1159783 |
|  Barclays Capital, Inc. | AUD | 34847 | USD | 21986 | 04/09/2025 | 210771 |
|  Barclays Capital, Inc. | CAD | 104515 | USD | 72928 | 04/11/2025 | 264812 |
|  Barclays Capital, Inc. | USD | 21746 | CAD | 31042 | 04/11/2025 | (164605) |
|  Barclays Capital, Inc. | KRW | 32260160 | USD | 21879 | 04/17/2025 | (23413) |
|  Barclays Capital, Inc. | TRY | 2684511 | USD | 71505 | 04/17/2025 | 2106034 |
|  Barclays Capital, Inc. | USD | 22667 | KRW | 32741198 | 04/17/2025 | (437903) |
|  Barclays Capital, Inc. | JPY | 7333375 | USD | 49898 | 04/24/2025 | 884963 |
|  Barclays Capital, Inc. | JPY | 12861256 | USD | 85183 | 04/24/2025 | (775524) |
|  Barclays Capital, Inc. | USD | 6039 | JPY | 898699 | 04/24/2025 | (32842) |
|  Barclays Capital, Inc. | EUR | 19515 | USD | 21269 | 05/09/2025 | 124839 |
|  Barclays Capital, Inc. | EUR | 21694 | USD | 23289 | 05/09/2025 | (216021) |
|  Barclays Capital, Inc. | USD | 31659 | EUR | 29700 | 05/09/2025 | 520173 |
|  Barclays Capital, Inc. | TWD | 748513 | USD | 22940 | 05/23/2025 | 352283 |
|  Barclays Capital, Inc. | CNH | 238648 | USD | 33143 | 06/05/2025 | 153830 |
|  Barclays Capital, Inc. | USD | 16170 | CNH | 116710 | 06/05/2025 | (36953) |
|  Barclays Capital, Inc. | USD | 28994 | MYR | 128127 | 06/18/2025 | (10822) |
|  BNP Paribas SA | KRW | 20548803 | USD | 14032 | 04/17/2025 | 80349 |
|  BNP Paribas SA | EUR | 17690 | USD | 19226 | 05/09/2025 | 58760 |
|  BNP Paribas SA | USD | 92598 | EUR | 85051 | 05/09/2025 | (447609) |
|  BNP Paribas SA | USD | 11742 | SGD | 15642 | 05/09/2025 | (76396) |
|  BNP Paribas SA | USD | 32216 | TWD | 1051012 | 05/23/2025 | (499392) |
|  BNP Paribas SA | USD | 21349 | CNH | 153967 | 06/05/2025 | (65635) |
|  Citibank NA | BRL | 126673 | USD | 22060 | 04/02/2025 | (138202) |
|  Citibank NA | USD | 22359 | BRL | 126673 | 04/02/2025 | (160448) |
|  Citibank NA | USD | 306571 | CAD | 448732 | 04/11/2025 | 5405759 |
|  Citibank NA | KRW | 104709559 | USD | 71518 | 04/17/2025 | 426033 |
|  Citibank NA | EUR | 28499 | USD | 30908 | 05/09/2025 | 29584 |
|  Citibank NA | EUR | 200000 | USD | 210165 | 05/09/2025 | (6530666) |
|  Citibank NA | USD | 41253 | SGD | 54843 | 05/09/2025 | (351695) |
|  Citibank NA | TWD | 2931793 | USD | 89811 | 05/23/2025 | 1338544 |
|  Citibank NA | USD | 4464 | CNH | 32210 | 06/05/2025 | (11082) |
|  Deutsche Bank AG | USD | 59751 | CAD | 85518 | 04/11/2025 | (295369) |
|  Deutsche Bank AG | JPY | 5152669 | USD | 34733 | 04/24/2025 | 294796 |
|  Deutsche Bank AG | USD | 23326 | JPY | 3414721 | 04/24/2025 | (503697) |

---

 <br> *2025 Semi-Annual Report* *15*

------

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)** |
|  Deutsche Bank AG | EUR | 25846 | USD | 28363 | 05/09/2025 | $359253 |
|  Deutsche Bank AG | CNH | 160812 | USD | 22348 | 06/05/2025 | 118194 |
|  Goldman Sachs Bank USA | SEK | 247878 | USD | 23224 | 04/16/2025 | (1457334) |
|  Goldman Sachs Bank USA | JPY | 3447177 | USD | 23504 | 04/24/2025 | 464656 |
|  Goldman Sachs Bank USA | USD | 78805 | JPY | 11677938 | 04/24/2025 | (755121) |
|  Goldman Sachs Bank USA | EUR | 60889 | USD | 66168 | 05/09/2025 | 195823 |
|  Goldman Sachs Bank USA | USD | 20160 | SGD | 26936 | 05/09/2025 | (70756) |
|  HSBC Bank USA | AUD | 34713 | USD | 21946 | 04/09/2025 | 254830 |
|  HSBC Bank USA | ILS | 89406 | USD | 24530 | 04/09/2025 | 480589 |
|  HSBC Bank USA | USD | 57964 | ZAR | 1074986 | 04/10/2025 | 629757 |
|  HSBC Bank USA | CAD | 16543 | USD | 11484 | 04/11/2025 | (17742) |
|  HSBC Bank USA | KRW | 20548803 | USD | 14031 | 04/17/2025 | 79295 |
|  HSBC Bank USA | JPY | 19036888 | USD | 128131 | 04/24/2025 | 897415 |
|  HSBC Bank USA | USD | 26011 | JPY | 3894278 | 04/24/2025 | 16121 |
|  HSBC Bank USA | USD | 23330 | JPY | 3414721 | 04/24/2025 | (507688) |
|  HSBC Bank USA | USD | 14334 | PHP | 844712 | 04/29/2025 | 406691 |
|  HSBC Bank USA | EUR | 22548 | USD | 24643 | 05/09/2025 | 212478 |
|  HSBC Bank USA | EUR | 193581 | USD | 203359 | 05/09/2025 | (6382001) |
|  HSBC Bank USA | USD | 265114 | CHF | 235742 | 05/09/2025 | 2529534 |
|  HSBC Bank USA | USD | 14364 | SGD | 19190 | 05/09/2025 | (52130) |
|  HSBC Bank USA | USD | 41902 | THB | 1418777 | 05/15/2025 | 45702 |
|  HSBC Bank USA | USD | 20240 | GBP | 15646 | 05/16/2025 | (31087) |
|  HSBC Bank USA | USD | 354943 | INR | 31211533 | 05/22/2025 | 8834642 |
|  HSBC Bank USA | USD | 23681 | TWD | 776839 | 05/23/2025 | (237883) |
|  HSBC Bank USA | CNH | 722609 | USD | 100355 | 06/05/2025 | 466934 |
|  HSBC Bank USA | USD | 42147 | CNH | 303835 | 06/05/2025 | (147581) |
|  JPMorgan Chase Bank | USD | 19021 | NOK | 217507 | 04/16/2025 | 1653596 |
|  JPMorgan Chase Bank | USD | 83387 | SEK | 933782 | 04/16/2025 | 9588413 |
|  JPMorgan Chase Bank | USD | 21170 | JPY | 3150293 | 04/24/2025 | (115118) |
|  JPMorgan Chase Bank | USD | 43512 | EUR | 39900 | 05/09/2025 | (281490) |
|  JPMorgan Chase Bank | USD | 30660 | SGD | 40914 | 05/09/2025 | (146109) |
|  JPMorgan Chase Bank | GBP | 384930 | USD | 496808 | 05/16/2025 | (391977) |
|  JPMorgan Chase Bank | PLN | 75742 | USD | 19500 | 05/23/2025 | (19212) |
|  JPMorgan Chase Bank | USD | 20043 | CNH | 144641 | 06/05/2025 | (49446) |
|  Morgan Stanley Capital Services, Inc. | BRL | 126673 | USD | 21965 | 04/02/2025 | (233068) |
|  Morgan Stanley Capital Services, Inc. | USD | 22060 | BRL | 126673 | 04/02/2025 | 138202 |
|  Morgan Stanley Capital Services, Inc. | ILS | 82002 | USD | 23077 | 04/09/2025 | 1019554 |
|  Morgan Stanley Capital Services, Inc. | JPY | 800813 | USD | 5363 | 04/24/2025 | 10468 |
|  Morgan Stanley Capital Services, Inc. | USD | 1565 | JPY | 234333 | 04/24/2025 | 1634 |
|  Morgan Stanley Capital Services, Inc. | USD | 13712 | JPY | 2033451 | 04/24/2025 | (121066) |
|  Morgan Stanley Capital Services, Inc. | USD | 21844 | BRL | 126673 | 05/05/2025 | 219614 |
|  Morgan Stanley Capital Services, Inc. | USD | 23074 | EUR | 21271 | 05/09/2025 | (26892) |
|  Societe Generale | USD | 9058 | JPY | 1326051 | 04/24/2025 | (195393) |
|  Standard Chartered Bank | CAD | 31764 | USD | 22330 | 04/11/2025 | 245923 |
|  Standard Chartered Bank | USD | 43404 | KRW | 62118539 | 04/17/2025 | (1228669) |
|  Standard Chartered Bank | EUR | 20547 | USD | 22269 | 05/09/2025 | 6412 |
|  Standard Chartered Bank | USD | 22854 | SGD | 30483 | 05/09/2025 | (119793) |

---

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
|  Standard Chartered Bank | USD | 33924 | TWD | 1103942 | 05/23/2025 | $(610016) |
|  State Street Bank & Trust Co. | JPY | 3263215 | USD | 21946 | 04/24/2025 | 136355 |
|  State Street Bank & Trust Co. | EUR | 10098 | USD | 10919 | 05/09/2025 | (22136) |
|  State Street Bank & Trust Co. | PLN | 43051 | USD | 11092 | 05/23/2025 | (2996) |
|  State Street Bank & Trust Co. | CNH | 174143 | USD | 24213 | 06/05/2025 | 141334 |
|  UBS | USD | 312880 | AUD | 511489 | 04/09/2025 | 6741443 |
|  UBS | USD | 15332 | NZD | 27640 | 04/09/2025 | 363020 |
|  UBS | SEK | 256960 | USD | 25133 | 04/16/2025 | (452696) |
|  UBS | USD | 19635 | KRW | 28267574 | 04/17/2025 | (443275) |
|  UBS | USD | 7116 | JPY | 1065560 | 04/24/2025 | 5408 |
|  UBS | USD | 12232 | JPY | 1814742 | 04/24/2025 | (102983) |
|  UBS | EUR | 45090 | USD | 48813 | 05/09/2025 | (41384) |
|  UBS | SGD | 382023 | USD | 283772 | 05/09/2025 | (1141544) |
|  UBS | USD | 45912 | EUR | 43735 | 05/09/2025 | 1474282 |
|  UBS | USD | 22810 | TWD | 748513 | 05/23/2025 | (221690) |
|  |  |  |  |  |  | $22304063 |

---

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At March 31, 2025, the aggregate market value of these securities amounted to $142,820,352 or 1.8% of net assets.

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

(d) 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.

(e) Affiliated investments.

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

TRY—Turkish Lira

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

PJSC—Public Joint Stock Company

REG—Registered Shares

REIT—Real Estate Investment Trust

See notes to financial statements.

 <br> *2025 Semi-Annual Report* *17*

------

Statement of Assets and Liabilities—*March 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **SMALL CAP CORE<br>PORTFOLIO** | **INTERNATIONAL<br>SMALL CAP<br>PORTFOLIO** | **INTERNATIONAL<br>STRATEGIC<br>EQUITIES<br>PORTFOLIO** |
| ASSETS | ASSETS | ASSETS | ASSETS |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at value | &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at value | &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at value | &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $620584153 | $985912695 | $7886429808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 9783993 | 14104974 | 5835761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies, at value **(a)** | 0 | 7173031 | 29018426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 303247 | 37 | 4736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due from broker | 1290629 | 365000 | 1987000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated interest and dividends | 716293 | 5923588 | 28494023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends | 19792 | 53643 | 171902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold and foreign currency transactions | 3255860 | 11079048 | 26628354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 743602 | 88016 | 727764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable due from Adviser | 901 | 2544 | 7029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of forward currency exchange contracts | 0 | 3129868 | 51502730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 36647 | 2420433 | 21336039 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | **636735117** | **1030252877** | **8052143572** |
| LIABILITIES | LIABILITIES | LIABILITIES | LIABILITIES |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due to broker | 0 | 0 | 9093000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased and foreign currency transactions | 1976860 | 1931657 | 22734285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 198800 | 4519661 | 22896681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee | 436471 | 849589 | 4593246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee | 31275 | 24756 | 47743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee | 1465 | 12378 | 86171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 3251 | 7080 | 71252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures | 72516 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 142354 | 337686 | 1465255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation of forward currency exchange contracts | 0 | 4101339 | 29198667 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | **2862992** | **11784146** | **90186300** |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS** | $**633872125** | $**1018468731** | $**7961957272** |
| &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 | $588702186 | $865202024 | $6377952687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 9783993 | 14104974 | 5835761 |
| NET ASSETS CONSIST OF: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $5831 | $8311 | $58505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 575598114 | 873534528 | 6555898077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 58268180 | 144925892 | 1406000690 |
|  | $**633872125** | $**1018468731** | $**7961957272** |

---

**(a)** Cost: $0, $7,150,399 and $29,123,733, respectively. (Note 1)

See Notes to Financial Statements.

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

------

---

| | | | |
|:---|:---|:---|:---|
| | **SMALL CAP CORE<br>PORTFOLIO** | **INTERNATIONAL<br>SMALL CAP<br>PORTFOLIO** | **INTERNATIONAL<br>STRATEGIC<br>EQUITIES<br>PORTFOLIO** |
| 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 | $7230412 | $58410320 | $422999830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 668116 | 4770337 | 31125945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $**10.82** | $**12.24** | $**13.59** |
| &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 | $555308638 | $840310699 | $6844034634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 51074979 | 68571041 | 502942907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $**10.87** | $**12.25** | $**13.61** |
| &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 | $71333075 | $119747712 | $694922808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 6566011 | 9772925 | 50979548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $**10.86** | $**12.25** | $**13.63** |

---

See Notes to Financial Statements.

 <br> *2025 Semi-Annual Report* *19*

------

Statement of Operations—*for the six months ended March 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **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 | $71731 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers **(a)** | 4794112 | 12350598 | 84681142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 110358 | 375298 | 2042939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax reclaim (see Note 1D) | 0 | 669075 | 3646824 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | **4976201** | **13394971** | **90370905** |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee (see Note 2A) | 2860147 | 5367221 | 26796802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee (see Note 2B) | 10509 | 77914 | 531042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees | 45006 | 163035 | 636039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Non-Retail Class | 1687 | 6499 | 9290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Advisor Class | 125704 | 90240 | 149560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class Z | 13384 | 19440 | 89989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 17602 | 27006 | 196799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 13846 | 20729 | 151191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 30100 | 29899 | 42908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and tax fees | 18798 | 21931 | 22745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing fees | 10421 | 9402 | 9151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 16250 | 28780 | 145792 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | **3163454** | **5862096** | **28781308** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Note 2A and 2E) | (4890) | (16929) | (264326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3158564 | 5845167 | 28516982 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | **1817637** | **7549804** | **61853923** |
| 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 **(b)** | 43629484 | 40150242 | 475677720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 0 | (333439) | (51374588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (3280249) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 0 | (974816) | (5772717) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain on investment transactions and foreign currency transactions** | **40349235** | **38841987** | **418530415** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments **(c)** | (124266085) | (80145804) | (326284310) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 0 | 544016 | 31055655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (1011666) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | 0 | 69668 | (859165) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities** | **(125277751)** | **(79532120)** | **(296087820)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net gain (loss) on investment transactions and foreign currency transactions** | **(84928516)** | **(40690133)** | **122442595** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $**(83110879)** | $**(33140329)** | $**184296518** |

---

**(a)** Net of foreign withholding taxes of $9,607, $1,601,183 and $8,477,090, respectively.

**(b)** Net of foreign realized capital gains taxes of $0, $376,893 and $7,778, respectively.

**(c)** Net of increase in accrued foreign capital gains taxes on unrealized gains of $0, $3,912,866 and $2,066,453, respectively.

See Notes to Financial Statements.

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

------

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** |
| | SIX MONTHSENDED 3/31/25<br>(UNAUDITED) | YEARENDED9/30/24 | SIX MONTHS<br>ENDED 3/31/25<br>(UNAUDITED) | YEAR<br>ENDED<br>9/30/24 |
| INCREASE (DECREASE) IN NET ASSETS FROM | INCREASE (DECREASE) IN NET ASSETS FROM | INCREASE (DECREASE) IN NET ASSETS FROM | INCREASE (DECREASE) IN NET ASSETS FROM | INCREASE (DECREASE) IN NET ASSETS FROM |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations: | &nbsp;&nbsp;&nbsp;&nbsp; Operations: | &nbsp;&nbsp;&nbsp;&nbsp; Operations: | &nbsp;&nbsp;&nbsp;&nbsp; Operations: | &nbsp;&nbsp;&nbsp;&nbsp; Operations: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1817637 | $4374636 | $7549804 | $24494241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment transactions and foreign currency transactions | 40349235 | 83506018 | 38841987 | 62950011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (125277751) | 76137792 | (79532120) | 157332094 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(83110879)** | **164018446** | **(33140329)** | **244776346** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders (a)** | **(94050271)** | **(56325884)** | **(27826889)** | **(32069958)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital-share transactions: | &nbsp;&nbsp;&nbsp;&nbsp; Capital-share transactions: | &nbsp;&nbsp;&nbsp;&nbsp; Capital-share transactions: | &nbsp;&nbsp;&nbsp;&nbsp; Capital-share transactions: | &nbsp;&nbsp;&nbsp;&nbsp; Capital-share transactions: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | 49240316 | 63887140 | 58179435 | 95755091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares issued to shareholders on reinvestment of dividends | 90932507 | 53609960 | 21772343 | 25763647 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total proceeds from shares sold** | **140172823** | **117497100** | **79951778** | **121518738** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (71305792) | (127535964) | (150899790) | (230419513) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital-share transactions** | **68867031** | **(10038864)** | **(70948012)** | **(108900775)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | **(108294119)** | **97653698** | **(131915230)** | **103805613** |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beginning of period** | **742166244** | **644512546** | **1150383961** | **1046578348** |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $**633872125** | $**742166244** | $**1018468731** | $**1150383961** |

---

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

See Notes to Financial Statements.

 <br> *2025 Semi-Annual Report* *21*

------

Statement of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | **INTERNATIONAL STRATEGIC<br>EQUITIES PORTFOLIO** | **INTERNATIONAL STRATEGIC<br>EQUITIES PORTFOLIO** |
| | SIX MONTHS<br>ENDED 3/31/25<br>(UNAUDITED) | 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 | $61853923 | $182938487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment transactions and foreign currency transactions | 418530415 | 512941894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (296087820) | 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** | **184296518** | **1884527439** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders (a)** | **(189476281)** | **(228105256)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital-share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | 443629375 | 569441094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares issued to shareholders on reinvestment of dividends | 145018859 | 178310061 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total proceeds from shares sold** | **588648234** | **747751155** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (881813756) | (1244414978) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease in net assets from capital-share transactions** | **(293165522)** | **(496663823)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | **(298345285)** | **1159758360** |
| NET ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beginning of period** | **8260302557** | **7100544197** |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $**7961957272** | $**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.*

------

---

| | | |
|:---|:---|:---|
|  | **SMALL CAP CORE**<br> **PORTFOLIO** | **SMALL CAP CORE**<br> **PORTFOLIO** |
| | SIX MONTHS<br>ENDED 3/31/25<br>(UNAUDITED) | YEAR<br>ENDED<br>9/30/24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: | &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: | &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB Class | $(1087218) | $(617245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (82402637) | (47911059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (10560416) | (7797580) |
|  | $(94050271) | $(56325884) |
|  | **INTERNATIONALSMALL CAPPORTFOLIO** | **INTERNATIONALSMALL CAPPORTFOLIO** |
|  | SIX MONTHS<br>ENDED 3/31/25<br>(UNAUDITED) | YEARENDED<br>9/30/24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: | &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: | &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB Class | $(1471300) | $(1572194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (22402568) | (24109922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (3953021) | (6387842) |
|  | $(27826889) | $(32069958) |
|  | **INTERNATIONALSTRATEGIC EQUITIESPORTFOLIO** | **INTERNATIONALSTRATEGIC EQUITIESPORTFOLIO** |
|  | SIX MONTHS<br>ENDED 3/31/25<br>(UNAUDITED) | YEAR<br>ENDED<br>9/30/24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: | &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: | &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB Class | $(8965385) | $(10730065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (159853071) | (183727269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (20657825) | (33647922) |
|  | $(189476281) | $(228105256) |

---

See Notes to Financial Statements.

 <br> *2025 Semi-Annual Report* *23*

------

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** |
| | SIX MONTHSENDED3/31/25<br>(UNAUDITED) | YEAR<br>ENDED<br>9/30/24 | YEARENDED9/30/23 | YEARENDED9/30/22 | YEARENDED9/30/21 | YEARENDED9/30/20 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**13.94** | $**12.00** | $**11.36** | $**15.26** | $**10.39** | $**10.78** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income (loss), net **(a)(b)** | .02 | .05 | .05 | .02 | (.02) | .02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions | (1.37) | 2.94 | 1.51 | (3.03) | 4.93 | (.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates | 0 | 0 | 0 | .00 **(c)** | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **(1.35)** | **2.99** | **1.56** | **(3.01)** | **4.91** | **(.37)** |
| &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) | (.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (1.74) | (.99) | (.91) | (.89) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(1.77)** | **(1.05)** | **(.92)** | **(.89)** | **(.04)** | **(.02)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**10.82** | $**13.94** | $**12.00** | $**11.36** | $**15.26** | $**10.39** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)(e)** | **(11.81)%** | **26.67%** **\*** | **14.07%** | **(21.18)%** | **47.30%** | **(3.42)%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $7230 | $8977 | $7156 | $7231 | $10119 | $7895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $8430 | $7925 | $7774 | $9101 | $9893 | $8175 |
| &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% **(g)** | 1.14% | 1.14% | 1.13% | 1.14% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 1.13% **(g)** | 1.15% | 1.14% | 1.13% | 1.14% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) **(b)** | .25% **(g)** | .40% | .41% | .13% | (.17)% | .19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 46% | 63% | 43% | 34% | 40% | 88% |

---

See Footnote Summary on pages 32-33.

See Notes to Financial Statements.

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
| | SIX MONTHS<br>ENDED<br>3/31/25<br>(UNAUDITED) | 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 | YEAR<br>ENDED<br>9/30/20 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**14.01** | $**12.06** | $**11.42** | $**15.32** | $**10.43** | $**10.82** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | .03 | .08 | .08 | .05 | .01 | .04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions | (1.37) | 2.95 | 1.53 | (3.05) | 4.94 | (.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates | 0 | 0 | 0 | .00 **(c)** | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **(1.34)** | **3.03** | **1.61** | **(3.00)** | **4.95** | **(.34)** |
| &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) | (.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (1.74) | (.99) | (.91) | (.89) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(1.80)** | **(1.08)** | **(.97)** | **(.90)** | **(.06)** | **(.05)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**10.87** | $**14.01** | $**12.06** | $**11.42** | $**15.32** | $**10.43** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)(e)** | **(11.60)%** | **26.96%** **\*** | **14.41%** | **(21.02)%** | **47.62%** | **(3.17)%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $555309 | $650909 | $550219 | $500636 | $702514 | $531943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $627619 | $592814 | $558487 | $632321 | $687421 | $688776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .88% **(g)** | .89% | .89% | .88% | .89% | .89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .88% **(g)** | .90% | .89% | .88% | .89% | .89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | .51% **(g)** | .64% | .66% | .38% | .07% | .43% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 46% | 63% | 43% | 34% | 40% | 88% |

---

See Footnote Summary on pages 32-33.

See Notes to Financial Statements.

 <br> *2025 Semi-Annual Report* *25*

------

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** |
| | SIX MONTHS<br>ENDED<br>3/31/25<br>(UNAUDITED) | 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 | YEAR<br>ENDED<br>9/30/20 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**14.00** | $**12.05** | $**11.42** | $**15.31** | $**10.42** | $**10.82** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | .03 | .08 | .08 | .05 | .01 | .05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions | (1.37) | 2.95 | 1.52 | (3.03) | 4.95 | (.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates | 0 | 0 | 0 | .00 **(c)** | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **(1.34)** | **3.03** | **1.60** | **(2.98)** | **4.96** | **(.34)** |
| &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) | (.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (1.74) | (.99) | (.91) | (.89) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(1.80)** | **(1.08)** | **(.97)** | **(.91)** | **(.07)** | **(.06)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**10.86** | $**14.00** | $**12.05** | $**11.42** | $**15.31** | $**10.42** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)(e)** | **(11.61)%** | **26.99%** **\*** | **14.34%** | **(20.95)%** | **47.70%** | **(3.23)%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $71333 | $82280 | $87138 | $111941 | $164837 | $116488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $80952 | $80699 | $109237 | $144065 | $155037 | $182516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .87% **(g)** | .88% | .88% | .87% | .87% | .87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .88% **(g)** | .89% | .88% | .87% | .87% | .87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | .52% **(g)** | .66% | .68% | .39% | .10% | .46% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 46% | 63% | 43% | 34% | 40% | 88% |

---

See Footnote Summary on pages 32-33.

See Notes to Financial Statements.

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
| | SIX MONTHS<br>ENDED<br>3/31/25<br>(UNAUDITED) | 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 | YEAR<br>ENDED<br>9/30/20 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**12.92** | $**10.62** | $**8.90** | $**13.37** | $**10.40** | $**10.40** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | .07 | .24 | .24 | .22 | .12 | .10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions | (.46) | 2.36 | 1.55 | (4.23) | 2.96 | .09 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **(.39)** | **2.60** | **1.79** | **(4.01)** | **3.08** | **.19** |
| &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) | (.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | 0 | 0 | 0 | (.23) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(.29)** | **(.30)** | **(.07)** | **(.46)** | **(.11)** | **(.19)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**12.24** | $**12.92** | $**10.62** | $**8.90** | $**13.37** | $**10.40** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** | **(3.02)%** | **25.15%** **\*** | **20.19%** **\*** | **(31.01)%** | **29.79%** | **1.77%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $58410 | $66265 | $55201 | $48349 | $72116 | $63328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $62503 | $59167 | $56324 | $63185 | $72063 | $62709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | 1.32% **(g)** | 1.32% | 1.34% | 1.32% | 1.32% | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 1.33% **(g)** | 1.33% | 1.34% | 1.32% | 1.32% | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 1.17% **(g)** | 2.05% | 2.25% | 1.87% | .94% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 24% | 50% | 50% | 50% | 48% | 58% |

---

See Footnote Summary on pages 32-33.

See Notes to Financial Statements.

 <br> *2025 Semi-Annual Report* *27*

------

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 PORTFOLIO**<br> **ADVISOR CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIO**<br> **ADVISOR CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIO**<br> **ADVISOR CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIO**<br> **ADVISOR CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIO**<br> **ADVISOR CLASS** | **INTERNATIONAL SMALL CAP PORTFOLIO**<br> **ADVISOR CLASS** |
| | SIX MONTHS<br>ENDED<br>3/31/25<br>(UNAUDITED) | 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 | YEAR<br>ENDED<br>9/30/20 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**12.95** | $**10.65** | $**8.93** | $**13.41** | $**10.42** | $**10.43** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | .09 | .26 | .27 | .25 | .15 | .13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions | (.47) | 2.37 | 1.56 | (4.23) | 2.98 | .08 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **(.38)** | **2.63** | **1.83** | **(3.98)** | **3.13** | **.21** |
| &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) | (.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | 0 | 0 | 0 | (.23) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(.32)** | **(.33)** | **(.11)** | **(.50)** | **(.14)** | **(.22)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**12.25** | $**12.95** | $**10.65** | $**8.93** | $**13.41** | $**10.42** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** | **(2.85)%** | **25.41%** | **20.54%** | **(30.81)%** | **30.22%** | **1.90%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $840311 | $917374 | $784940 | $655455 | $948393 | $748799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $867683 | $838987 | $774138 | $856686 | $896897 | $750872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | 1.07% **(g)** | 1.07% | 1.09% | 1.07% | 1.07% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 1.08% **(g)** | 1.08% | 1.09% | 1.07% | 1.07% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 1.45% **(g)** | 2.30% | 2.51% | 2.14% | 1.22% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 24% | 50% | 50% | 50% | 48% | 58% |

---

See Footnote Summary on pages 32-33.

See Notes to Financial Statements.

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

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **INTERNATIONAL SMALL CAP PORTFOLIOCLASS Z** |
| | SIX MONTHS<br>ENDED<br>3/31/25<br>(UNAUDITED) | SIX MONTHS<br>ENDED<br>3/31/25<br>(UNAUDITED) | 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 | YEAR<br>ENDED<br>9/30/20 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | **$** | **12.94** | **$** | **10.64** | **$** | **8.93** | **$** | **13.41** | **$** | **10.42** | $**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; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** |  | .08 |  | .25 |  | .24 |  | .24 |  | .15 | .13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions |  | (.45) |  | 2.38 |  | 1.58 |  | (4.22) |  | 2.98 | .08 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **(.37)** |  | **2.63** |  | **1.82** |  | **(3.98)** |  | **3.13** | **.21** |
| &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) | (.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions |  | 0 |  | 0 |  | 0 |  | (.23) |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** |  | **(.32)** |  | **(.33)** |  | **(.11)** |  | **(.50)** |  | **(.14)** | **(.22)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | **$** | **12.25** | **$** | **12.94** | **$** | **10.64** | **$** | **8.93** | **$** | **13.41** | $**10.42** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** |  | **(2.86)%** |  | **25.42%** |  | **20.42%** |  | **(30.81)%** |  | **30.22%** | **1.91%** |
| 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) |  | $119748 |  | $166745 |  | $206437 |  | $300821 |  | $502324 | $398208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $146207 |  | $179332 |  | $288501 |  | $418569 |  | $478856 | $388053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: | &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements |  | 1.08% **(g)** |  | 1.08% |  | 1.09% |  | 1.07% |  | 1.07% | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements |  | 1.08% **(g)** |  | 1.08% |  | 1.09% |  | 1.07% |  | 1.07% | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** |  | 1.27% **(g)** |  | 2.21% |  | 2.29% |  | 2.03% |  | 1.22% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 24% |  | 50% |  | 50% |  | 50% |  | 48% | 58% |

---

See Footnote Summary on pages 32-33.

See Notes to Financial Statements.

 <br> *2025 Semi-Annual Report* *29*

------

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** |
| | SIX MONTHS<br>ENDED<br>3/31/25<br>(UNAUDITED) | 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 | YEAR<br>ENDED<br>9/30/20 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**13.60** | $**10.97** | $**9.58** | $**13.72** | $**11.58** | $**11.59** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | .09 | .26 | .23 | .36 | .29 | .16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions | .18 | 2.70 | 1.56 | (3.74) | 1.98 | .06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates | 0 | .00 **(c)** | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **.27** | **2.96** | **1.79** | **(3.38)** | **2.27** | **.22** |
| &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) | (.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | 0 | 0 | 0 | (.46) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(.28)** | **(.33)** | **(.40)** | **(.76)** | **(.13)** | **(.23)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**13.59** | $**13.60** | $**10.97** | $**9.58** | $**13.72** | $**11.58** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)(e)** | **2.07%** | **27.71%** | **18.82%** | **(26.13)%** | **19.76%** | **1.81%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $423000 | $436717 | $357763 | $312692 | $445342 | $172253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $426001 | $399057 | $358389 | $402301 | $404275 | $171155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)** | .94% **(g)** | .92% | .96% | .94% | .95% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)** | .95% **(g)** | .95% | .96% | .94% | .95% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 1.30% **(g)** | 2.14% | 2.05% | 2.91% | 2.13% | 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 48% | 69% | 92% | 73% | 86% | 63% |

---

See Footnote Summary on pages 32-33.

See Notes to Financial Statements.

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
| | SIX MONTHS<br>ENDED<br>3/31/25<br>(UNAUDITED) | 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 | YEAR<br>ENDED<br>9/30/20 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**13.63** | $**11.00** | $**9.61** | $**13.76** | $**11.62** | $**11.63** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | .10 | .30 | .25 | .39 | .32 | .19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions | .19 | 2.69 | 1.58 | (3.75) | 1.99 | .06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates | 0 | .00 **(c)** | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **.29** | **2.99** | **1.83** | **(3.36)** | **2.31** | **.25** |
| &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) | (.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | 0 | 0 | 0 | (.46) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(.31)** | **(.36)** | **(.44)** | **(.79)** | **(.17)** | **(.26)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**13.61** | $**13.63** | $**11.00** | $**9.61** | $**13.76** | $**11.62** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)(e)** | **2.24%** | **27.95%** | **19.19%** | **(25.96)%** | **20.02%** | **2.04%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $6844034 | $6925658 | $5698575 | $4928516 | $6617933 | $2510243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $6857646 | $6370009 | $5656249 | $6230863 | $5755397 | $2529235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)** | .69% **(g)** | .67% | .71% | .69% | .70% | .75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)** | .70% **(g)** | .70% | .71% | .70% | .70% | .75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 1.56% **(g)** | 2.41% | 2.30% | 3.19% | 2.39% | 1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 48% | 69% | 92% | 73% | 86% | 63% |

---

See Footnote Summary on pages 32-33.

See Notes to Financial Statements.

 <br> *2025 Semi-Annual Report* *31*

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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** |
| | SIX MONTHS<br>ENDED<br>3/31/25<br>(UNAUDITED) | 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 | YEAR<br>ENDED<br>9/30/20 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**13.65** | $**11.02** | $**9.62** | $**13.78** | $**11.63** | $**11.64** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | .09 | .27 | .24 | .37 | .30 | .19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions | .20 | 2.72 | 1.59 | (3.74) | 2.02 | .05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates | 0 | .00 **(c)** | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **.29** | **2.99** | **1.83** | **(3.37)** | **2.32** | **.24** |
| &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) | (.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | 0 | 0 | 0 | (.46) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(.31)** | **(.36)** | **(.43)** | **(.79)** | **(.17)** | **(.25)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**13.63** | $**13.65** | $**11.02** | $**9.62** | $**13.78** | $**11.63** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)(e)** | **2.22%** | **27.88%** | **19.25%** | **(26.01)%** | **20.07%** | **2.02%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $694923 | $897928 | $1044206 | $1331970 | $2100301 | $1349824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $839826 | $948309 | $1325072 | $1811737 | $2067177 | $1331995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)** | .71% **(g)** | .69% | .73% | .71% | .71% | .76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)** | .71% **(g)** | .72% | .73% | .71% | .71% | .76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 1.41% **(g)** | 2.23% | 2.16% | 3.03% | 2.26% | 1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 48% | 69% | 92% | 73% | 86% | 63% |

---

**(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 period ended March 31, 2025 by 0.03% and for the Small Cap Core Portfolio for the year ended September 30, 2021 by 0.01%.

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

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | SIX MONTHSENDED3/31/25<br>(UNAUDITED) | YEARENDED9/30/24 | YEARENDED9/30/23 | YEARENDED9/30/22 | YEARENDED9/30/21 | YEARENDED9/30/20 |
|  **International Strategic Equities Portfolio** |  |  |  |  |  |  |
|  **SCB Class** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .94% | .92% | .96% | .94% | .95% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .95% | .95% | .96% | .94% | .95% | 1.00% |
|  **Advisor Class** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .69% | .67% | .71% | .69% | .70% | .75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .70% | .70% | .71% | .70% | .70% | .75% |
|  **Class Z** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .71% | .69% | .72% | .71% | .71% | .76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .71% | .72% | .72% | .71% | .71% | .76% |

---

**(g)** Annualized.

\* 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.

See Notes to Financial Statements.

 <br> *2025 Semi-Annual Report* *33*

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Notes to Financial Statements

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| | |
|:---|:---|
| **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.*

------

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 Semi-Annual Report* *35*

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Notes to Financial Statements (continued)

The following tables summarize the valuation of the Portfolios' investments by the above fair value hierarchy levels as of March 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **SMALL CAP CORE PORTFOLIO**<br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Common Stocks **(a)** | $620584153 | $0 | $0 | $620584153 |
|  Short-Term Investments | 9783993 | 0 | 0 | 9783993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 630368146 | 0 | 0 | 630368146 |
|  **Other Financial Instruments (b):** |  |  |  |  |
|  **Assets:** | 0 | 0 | 0 | 0 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (243530) | 0 | 0 | (243530)**(c)** |
|  **Total** | $**630124616** | $**0** | $**0** | $**630124616** |
| **INTERNATIONAL SMALL CAP PORTFOLIO**<br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** |  |  |  |  |
|  Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $43656623 | $167470953 | $0 | $211127576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 18817111 | 117668484 | 0 | 136485595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 4188656 | 122472462 | 0 | 126661118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 24493438 | 99591258 | 0 | 124084696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 30567956 | 66949630 | 0 | 97517586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 11810822 | 60298387 | 0 | 72109209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 11792298 | 45244310 | 0 | 57036608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 15102405 | 36979457 | 0 | 52081862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 8841108 | 37657375 | 0 | 46498483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 7932816 | 35196732 | 0 | 43129548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 10227858 | 8952556 | 0 | 19180414 |
|  Short-Term Investments | 14104974 | 0 | 0 | 14104974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 201536065 | 798481604 **(d)** | 0 | 1000017669 |
|  **Other Financial Instruments (b):** |  |  |  |  |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | 3129868 | 0 | 3129868 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | (4101339) | 0 | (4101339) |
|  **Total** | $**201536065** | $**797510133** | $**0** | $**999046198** |

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

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIO**<br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** |  |  |  |  |
|  Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | $0 | $1956938832 | $0 | $1956938832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 123090121 | 1312669637 | 0 | 1435759758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 123075605 | 864229291 | 0 | 987304896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 98633943 | 800687201 | 0 | 899321144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 675795755 | 0 | 675795755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 42592224 | 510239213 | 0 | 552831437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 202765658 | 234848782 | 0 | 437614440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 73095757 | 309093612 | 0 | 382189369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 265676852 | 0 | 265676852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 176286299 | 0 | 0 | 176286299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 78536977 | 38174049 | 0 | 116711026 |
|  Short-Term Investments | 5835761 | 0 | 0 | 5835761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 923912345 | 6968353224 **(d)** | 0 | 7892265569 |
|  **Other Financial Instruments (b):** |  |  |  |  |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | 51502730 | 0 | 51502730 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | (29198667) | 0 | (29198667) |
|  **Total** | $**923912345** | $**6990657287** | $**0** | $**7914569632** |

---

(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 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.

 <br> *2025 Semi-Annual Report* *37*

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Notes to Financial Statements (continued)

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 six months ended March 31, 2025, the International Small Cap and International Strategic Equities Portfolios successfully recovered taxes withheld by France, Poland 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, 2024, the Portfolios did not have any unrecognized tax benefits.

**E.** **Security Transactions and Related Investment Income** 

Security transactions are accounted for on the trade date (the date the buy or sell order is executed). Securities gains and losses are calculated on the identified cost basis. Interest income is recorded on the accrual basis and dividend income is recorded on the ex-dividend date or as soon as the Portfolios are informed of the dividend. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolios amortize premiums and accrete discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

**F.** **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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Elements of realized gains and net investment income may be recorded in different accounting periods for financial reporting (book) and federal income tax (tax) purposes (temporary differences). To the extent that such distributions required for tax purposes exceed income and gains recorded for book purposes as a result of such temporary differences, "excess distributions" are reflected in the accompanying statement of assets and liabilities. To the extent distributions exceed income and gains for tax purposes, such distributions would be shown as "return of capital" on the statement of changes in net assets. Certain other differences—permanent differences—arise because treatment of elements of income and gains is different between book and tax accounting. Permanent differences are reclassified in the year they arise.

**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** 

The Portfolios represent 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.

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| | |
|:---|:---|
| **NOTE 2.** | **Investment Management and Transactions with Affiliated Persons**  |

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**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.

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| | | | |
|:---|:---|:---|:---|
| **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 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% |

---

 <br> *2025 Semi-Annual Report* *39*

------

Notes to Financial Statements (continued)

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 six months ended March 31, 2025, there were no such reimbursement/waivers.

At a meeting held on October 25-26, 2023, the Board approved a voluntary advisory fee waiver for the International Strategic Equities Portfolio of 0.025% of the Portfolio's average daily net assets. The fee waiver was effective as of November 1, 2023; at a meeting held on October 23-24, 2024, the Board voted to extend the voluntary advisory fee waiver until the Advisory Agreement will next be reviewed by the Board, which will be at their August 5-6, 2025 Meetings. For the six months ended March 31, 2025, such waivers amounted to $173,697.

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.

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 six months ended March 31, 2025, the compensation retained by ABIS amounted to: Small Cap Core Portfolio, $94,133; International Small Cap Portfolio, $80,445; and International Strategic Equities Portfolio, $188,763.

**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.

**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

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

------

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 six months ended March 31, 2025, such waivers amounted to:

---

| | |
|:---|:---|
| **PORTFOLIO** | **AMOUNT** |
|  Small Cap Core | $4890 |
|  International Small Cap | 16929 |
|  International Strategic Equities | 90629 |

---

A summary of the Portfolios' transactions in shares of the AB Government Money Market Portfolio for the six months ended March 31, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **MARKET VALUE**<br> **9/30/24**<br> (000) | **PURCHASES**<br> **AT COST**<br> (000) | **SALES**<br> **PROCEEDS**<br> (000) | **MARKET VALUE**<br> **3/31/25**<br> (000) | **DIVIDEND**<br> **INCOME**<br> (000) |
|  Small Cap Core | $5312 | $94071 | $89599 | $9784 | $110 |
|  International Small Cap | 25995 | 128961 | 140851 | 14105 | 375 |
|  International Strategic Equities | 108507 | 1209964 | 1312635 | 5836 | 2043 |

---

**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 retired prior to their initial anticipated retirement date. These Directors received a one-time retirement benefit payable from the Portfolios and certain other funds overseen by the Directors. The Adviser agreed to waive its fees from the Portfolios and certain other funds overseen by the Directors for the cost of such benefit as follows for the year ended September 30, 2024:

---

| | |
|:---|:---|
|  Small Cap Core Portfolio | $26667 |
|  International Small Cap Portfolio | 41344 |
|  International Strategic Equities | 296856 |

---

---

| | |
|:---|:---|
| **NOTE 3.** | **Investment Security Transactions**  |

---

**A.** **Purchases and Sales** 

For the six months ended March 31, 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 | $324354914 | $0 | $356884266 | $0 |
|  International Small Cap | 248471663 | 0 | 338097222 | 0 |
|  International Strategic Equities | 3846986608 | 0 | 4224199151 | 0 |

---

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **GROSS UNREALIZED** | **GROSS UNREALIZED** | **NET UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)** |
| <br>**PORTFOLIO** | **APPRECIATION** | **(DEPRECIATION)** | **NET UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)** |
|  Small Cap Core | $95426956 | $(63788519) | $31638437 |
|  International Small Cap | 201374594 | (81635394) | 119739200 |
|  International Strategic Equities | 1656894764 | (126113580) | 1530781184 |

---

 <br> *2025 Semi-Annual Report* *41*

------

Notes to Financial Statements (continued)

**B.** **Derivative Financial Instruments** 

Each Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, "investment purposes"), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Portfolios, as well as the methods in which they may be used are:

**•**  ***Futures*** 

Each Portfolio may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Portfolios bear the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Portfolios may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under "Currency Transactions".

At the time a Portfolio enters into futures, a Portfolio deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Portfolios agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Portfolio agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Portfolios as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Portfolios to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Portfolios to unlimited risk of loss. Each Portfolio may enter into futures only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transactions; therefore, the Portfolios' credit risk is subject to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day's settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended March 31, 2025, the 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.

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

------

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 six months ended March 31, 2025, the International Small Cap Portfolio and International Strategic Equities Portfolio 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 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 six months ended March 31, 2025, the Portfolios had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SMALL CAP CORE PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS**<br> **AND LIABILITIESLOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS**<br> **AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Equity contracts |  |  | Payable for variation margin on futures | $243530 \* |
|  Total |  |  |  | $243530 |

---

\* 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 | $(3280249) | $(1011666) |
|  Total |  | $(3280249) | $(1011666) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERNATIONAL SMALL<br>CAP 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 | $3129868 | Unrealized depreciation on forward currency exchange contracts | $4101339 |
|  Total |  | $3129868 |  | $4101339 |

---

 <br> *2025 Semi-Annual Report* *43*

------

Notes to Financial Statements (continued)

---

| | | | |
|:---|:---|:---|:---|
| **DERIVATIVE TYPE** | **LOCATION OF GAIN OR (LOSS) ON<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAIN<br>OR (LOSS) ON<br>DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR<br>(DEPRECIATION)** |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | $(333439) | $544016 |
|  Total |  | $(333439) | $544016 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERNATIONAL STRATEGIC<br>EQUITIES 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 | $51502730 | Unrealized depreciation on forward currency exchange contracts | $29198667 |
|  Total |  | $51502730 |  | $29198667 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 | $(51374588) | $31055655 |
|  Total |  | $(51374588) | $31055655 |

---

The following tables represent the average monthly volume of the Portfolios' derivative transactions during the six months ended March 31, 2025:

---

| | |
|:---|:---|
| **SMALL CAP CORE PORTFOLIO** | |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $37295234 |

---

---

| | |
|:---|:---|
| **INTERNATIONAL SMALL CAP PORTFOLIO** | |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $202919575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $219038194 |

---

---

| | |
|:---|:---|
| **INTERNATIONAL STRATEGIC EQUITIES PORTFOLIO** | |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $2681038424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $2478069844 |

---

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

------

For financial reporting purposes, the Portfolios do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following tables present the Portfolios' derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Portfolios as of March 31, 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** | **BERNSTEIN INTERNATIONAL SMALL CAP PORTFOLIO** | **BERNSTEIN INTERNATIONAL SMALL CAP PORTFOLIO** | **BERNSTEIN INTERNATIONAL SMALL CAP PORTFOLIO** |  |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Bank of America NA | $718153 | $(101566) | $0 | $0 | $616587 |  |
|  Barclays Capital, Inc. | 855746 | (297160) | 0 | 0 | 558586 |  |
|  BNP Paribas SA | 97394 | (45028) | 0 | 0 | 52366 |  |
|  Citibank NA | 1206 | (1206) | 0 | 0 | 0 |  |
|  Deutsche Bank AG | 20749 | (20749) | 0 | 0 | 0 |  |
|  Goldman Sachs Bank USA | 108834 | (108834) | 0 | 0 | 0 |  |
|  HSBC Bank USA | 140579 | (140579) | 0 | 0 | 0 |  |
|  JPMorgan Chase Bank | 2647 | (2647) | 0 | 0 | 0 |  |
|  Morgan Stanley Capital Services, Inc. | 279530 | (279530) | 0 | 0 | 0 |  |
|  Standard Chartered Bank | 203814 | (203814) | 0 | 0 | 0 |  |
|  State Street Bank & Trust Co. | 379791 | (65106) | 0 | 0 | 314685 |  |
|  UBS | 321425 | (281014) | 0 | 0 | 40411 |  |
|  Total | $3129868 | $(1547233) | $0 | $0 | $1582635 | ^ |
| **COUNTERPARTY** | **DERIVATIVE<br>LIABILITIES SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>PLEDGED\*** | **SECURITY<br>COLLATERAL<br>PLEDGED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>LIABILITIES** |  |
|  Bank of America NA | $101566 | $(101566) | $0 | $0 | $0 |  |
|  Barclays Capital, Inc. | 297160 | (297160) | 0 | 0 | 0 |  |
|  BNP Paribas SA | 45028 | (45028) | 0 | 0 | 0 |  |
|  Citibank NA | 358996 | (1206) | 0 | 0 | 357790 |  |
|  Deutsche Bank AG | 62126 | (20749) | 0 | 0 | 41377 |  |
|  Goldman Sachs Bank USA | 118908 | (108834) | 0 | 0 | 10074 |  |
|  HSBC Bank USA | 325153 | (140579) | (184574) | 0 | 0 |  |
|  JPMorgan Chase Bank | 17104 | (2647) | 0 | 0 | 14457 |  |
|  Morgan Stanley Capital Services, Inc. | 2165805 | (279530) | (105000) | 0 | 1781275 |  |
|  Standard Chartered Bank | 263373 | (203814) | 0 | 0 | 59559 |  |
|  State Street Bank & Trust Co. | 65106 | (65106) | 0 | 0 | 0 |  |
|  UBS | 281014 | (281014) | 0 | 0 | 0 |  |
|  Total | $4101339 | $(1547233) | $(289574) | $0 | $2264532 | ^ |

---

\* 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> *2025 Semi-Annual Report* *45*

------

Notes to Financial Statements (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Bank of America NA | $1513628 | $(1513628) | $0 | $0 | $0 |  |
|  Barclays Capital, Inc. | 4617705 | (1698083) | 0 | 0 | 2919622 |  |
|  BNP Paribas SA | 139109 | (139109) | 0 | 0 | 0 |  |
|  Citibank NA | 7199920 | (7192093) | (7827) | 0 | 0 |  |
|  Deutsche Bank AG | 772243 | (772243) | 0 | 0 | 0 |  |
|  Goldman Sachs Bank USA | 660479 | (660479) | 0 | 0 | 0 |  |
|  HSBC Bank USA | 14853988 | (7376112) | (7477876) | 0 | 0 |  |
|  JPMorgan Chase Bank | 11242009 | (1003352) | 0 | 0 | 10238657 |  |
|  Morgan Stanley Capital Services, Inc. | 1389472 | (381026) | 0 | 0 | 1008446 |  |
|  Standard Chartered Bank | 252335 | (252335) | 0 | 0 | 0 |  |
|  State Street Bank & Trust Co. | 277689 | (25132) | 0 | 0 | 252557 |  |
|  UBS | 8584153 | (2403572) | 0 | 0 | 6180581 |  |
|  Total | $51502730 | $(23417164) | $(7485703) | $0 | $20599863 | ^ |
| **COUNTERPARTY** | **DERIVATIVE<br>LIABILITIES SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>PLEDGED\*** | **SECURITY<br>COLLATERAL<br>PLEDGED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>LIABILITIES** |  |
|  Bank of America NA | $2794117 | $(1513628) | $0 | $0 | $1280489 |  |
|  Barclays Capital, Inc. | 1698083 | (1698083) | 0 | 0 | 0 |  |
|  BNP Paribas SA | 1089032 | (139109) | (270000) | 0 | 679923 |  |
|  Citibank NA | 7192093 | (7192093) | 0 | 0 | 0 |  |
|  Deutsche Bank AG | 799066 | (772243) | 0 | 0 | 26823 |  |
|  Goldman Sachs Bank USA | 2283211 | (660479) | 0 | 0 | 1622732 |  |
|  HSBC Bank USA | 7376112 | (7376112) | 0 | 0 | 0 |  |
|  JPMorgan Chase Bank | 1003352 | (1003352) | 0 | 0 | 0 |  |
|  Morgan Stanley Capital Services, Inc. | 381026 | (381026) | 0 | 0 | 0 |  |
|  Societe Generale | 195393 | 0 | 0 | 0 | 195393 |  |
|  Standard Chartered Bank | 1958478 | (252335) | (1248000) | 0 | 458143 |  |
|  State Street Bank & Trust Co. | 25132 | (25132) | 0 | 0 | 0 |  |
|  UBS | 2403572 | (2403572) | 0 | 0 | 0 |  |
|  Total | $29198667 | $(23417164) | $(1518000) | $0 | $4263503 | ^ |

---

\* 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.*

------

**C.** **Currency Transactions** 

The Portfolios may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolios may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolios may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolios and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolios may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

---

| | |
|:---|:---|
| **NOTE 4.** | **Distributions to Shareholders**  |

---

The tax character of distributions to be paid for the year ending September 30, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended September 30, 2024 and September 30, 2023 were as follows:

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **2024** | **2023** |
|  **Small Cap Core** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $4818683 | $3283811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 51507201 | 48515330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $56325884 | $51799141 |
|  **International Small Cap** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $32069958 | $11869244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $32069958 | $11869244 |
|  **International Strategic Equities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $228105256 | $284518492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $228105256 | $284518492 |

---

As of September 30, 2024, 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 | $13401264 | $68049163 | $0 | $153978903 | $235429330 |
|  International Small Cap | 27823860 | 0 | (9292429) | 187361674 | 205893105 |
|  International Strategic Equities | 184529203 | 0 | (554211894) | 1780863144 | 1411180453 |

---

(a) As of September 30, 2024 certain Portfolios had capital loss carryforwards for federal income tax purposes. As of September 30, 2024 International Small Cap Portfolio, and International Strategic Equities Portfolio utilized capital loss carryforwards of $55,787,472, and $342,754,850, respectively.

 <br> *2025 Semi-Annual Report* *47*

------

Notes to Financial Statements (continued)

(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, 2024, the Portfolio had net capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **SHORT-TERM**<br> **AMOUNT** | **LONG-TERM**<br> **AMOUNT** |
|  Small Cap Core | $0 | $0 |
|  International Small Cap | 9292429 | 0 |
|  International Strategic Equities | 554211894 | 0 |

---

---

| | |
|:---|:---|
| **NOTE 5.** | **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 Portfolios invest and adversely affect the value of the Portfolios' assets.

*Country Concentration Risk*—The Portfolios may not always be diversified among countries or regions and the effect on the share price of the Portfolios of specific risks such as political, regulatory and currency may be magnified due to concentration of the Portfolios' investments in a particular country or region.

*Sector Risk*—The Portfolios may have more risk because of concentrated investments in a particular market sector, such as the financials and information technology, health care 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).

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

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*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 their assets at inopportune times or unfavorable prices or increase or accelerate taxable gains or transaction costs and may negatively affect the Portfolios' net asset value ('NAV"), or performance, which could cause the value of your investment to decline. Redemption risk is heightened during periods of overall market turmoil.

*Market Risk*—The Portfolio is 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 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

 <br> *2025 Semi-Annual Report* *49*

------

Notes to Financial Statements (continued)

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- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-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-mid-capitalization companies generally are more volatile than those of large- capitalization companies and are more likely to be adversely affected than large- capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of small and 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 their 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 Portfolios' returns may be negatively affected.

*Derivatives Risk*—The Portfolios 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 Portfolios. 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 Portfolios to suffer a potentially unlimited loss. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted as margin or collateral for derivatives positions may themselves go down in value, and these collateral and other requirements may limit investment flexibility. Some derivatives involve leverage, which can make the Portfolios more volatile and can compound other risks. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios. 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

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

------

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 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 Mutual funds, ETFs and other registered funds advised by the Adviser 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 Portfolios acquire shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolios (including management and advisory fees) and, indirectly, the expenses of the investment companies.

*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.

 <br> *2025 Semi-Annual Report* *51*

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Notes to Financial Statements (continued)

*Indemnification Risk*—In the ordinary course of business, the Portfolios enter into contracts that contain a variety of indemnifications. The Portfolios' maximum exposure under these arrangements is unknown. However, the Portfolios have not had prior claims or losses pursuant to these indemnification provisions and expect the risk of loss thereunder to be remote. Therefore, the Portfolios have not accrued any liability in connection with these indemnification provisions.

---

| | |
|:---|:---|
| **NOTE 6.** | **Capital-Share Transactions**  |

---

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 six months ended March 31, 2025 and the year ended 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** |
| | SIX MONTHS<br>ENDED 3/31/25<br>(UNAUDITED) | YEAR<br>ENDED<br>9/30/24 | SIX MONTHS<br>ENDED 3/31/25<br>(UNAUDITED) | YEAR<br>ENDED<br>9/30/24 |
|  **SCB Class Shares** | **SCB Class Shares** | **SCB Class Shares** | **SCB Class Shares** | **SCB Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 11809 | 90346 | $142994 | $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 | (65341) | (92244) | (845488) | (1161983) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase** | **24158** | **47618** | $**302810** | $**554993** |
|  **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3822477 | 4806006 | $48355322 | $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 | (5303652) | (7886253) | (68202494) | (99722846) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase** | **4628662** | **819751** | $**59519616** | $**6917699** |
|  **Class Z Shares** | **Class Z Shares** | **Class Z Shares** | **Class Z Shares** | **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 | (182671) | (2136647) | (2257810) | (26651135) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **690953** | **(1355636)** | $**9044605** | $**(17511556)** |

---

 <br> *52* *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** |
| | SIX MONTHS<br>ENDED 3/31/25<br>(UNAUDITED) | YEAR<br>ENDED<br>9/30/24 | SIX MONTHS<br>ENDED 3/31/25<br>(UNAUDITED) | YEAR<br>ENDED<br>9/30/24 |
|  **SCB Class Shares** | **SCB Class Shares** | **SCB Class Shares** | **SCB Class Shares** | **SCB Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 206552 | 487931 | $2480857 | $5627204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 88538 | 110631 | 1071309 | 1166056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (653315) | (665685) | (8017812) | (7611879) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(358225)** | **(67123)** | $**(4465646)** | $**(818619)** |
|  **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4613709 | 6494694 | $55698578 | $73505317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 1384133 | 1727680 | 16748013 | 18209750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (8286285) | (11096374) | (101043691) | (127046047) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(2288443)** | **(2874000)** | $**(28597100)** | $**(35330980)** |
|  **Class Z Shares** | **Class Z Shares** | **Class Z Shares** | **Class Z Shares** | **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 | 326696 | 606633 | 3953021 | 6387841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3436432) | (8611693) | (41838287) | (95761587) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(3109736)** | **(6515583)** | $**(37885266)** | $**(72751176)** |

---

 <br> *2025 Semi-Annual Report* *53*

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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** |
| | SIX MONTHS<br>ENDED 3/31/25<br>(UNAUDITED) | YEAR<br>ENDED<br>9/30/24 | SIX MONTHS<br>ENDED 3/31/25<br>(UNAUDITED) | YEAR<br>ENDED<br>9/30/24 |
|  **SCB Class Shares** | **SCB Class Shares** | **SCB Class Shares** | **SCB Class Shares** | **SCB Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1050862 | 3105392 | $13804406 | $39008517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 496164 | 718092 | 6514634 | 7884642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2534818) | (4315395) | (33738766) | (53580206) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(987792)** | **(491911)** | $**(13419726)** | $**(6687047)** |
|  **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 31826571 | 43486640 | $421855199 | $530432577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 8968524 | 12445632 | 117846401 | 136777499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (45860816) | (66009850) | (618823343) | (808724938) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(5065721)** | **(10077578)** | $**(79121743)** | $**(141514862)** |
|  **Class Z Shares** | **Class Z Shares** | **Class Z Shares** | **Class Z Shares** | **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 | 1569743 | 3058902 | 20657824 | 33647920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (16950058) | (32089074) | (229251647) | (382109834) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(14785678)** | **(29030172)** | $**(200624053)** | $**(348461914)** |

---

At March 31, 2025, certain AllianceBernstein mutual funds owned 11% and 12% of Small Cap Core Portfolio and International Small Cap Portfolio, respectively, in aggregate of the Portfolios' outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolios' performance.

---

| | |
|:---|:---|
| **NOTE 7.** | **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> *54* *Bernstein Fund, Inc.*

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#### Operation and Effectiveness of the Portfolios' Liquidity Risk Management Program:
In October 2016, the Securities and Exchange Commission ("SEC") adopted the open-end fund liquidity rule (the "Liquidity Rule"). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program ("LRMP") in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolios to designate an Administrator of the Portfolios' Liquidity Risk Management Program. The Administrator of the Portfolios' LRMP is AllianceBernstein L.P., the Portfolios' investment adviser (the "Adviser"). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the "Committee").

Another requirement of the Liquidity Rule is for the Portfolios' Board of Directors/Trustees (the "Fund Board") to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolios' LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2024, which covered the period January 1, 2023 through December 31, 2023 (the "Program Reporting Period").

The LRMP's principal objectives include supporting the Portfolios' compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolios will be unable to meet their redemption obligations in a timely manner.

Pursuant to the LRMP, the Portfolios classify the liquidity of their portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolios' strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolios participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Portfolios are required to maintain a Highly Liquid Investment Minimum ("HLIM"). The Committee also incorporated the following information when determining the Portfolios' reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio's concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolios' LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Portfolios or their ability to timely meet redemptions during the Program Reporting Period.

 <br> *2025 Semi-Annual Report* *55*

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Board Consideration of Investment Management Arrangement

Bernstein Fund, Inc. (the "Fund") is subject to Section 15 of the Investment Company Act of 1940, as amended. Section 15 provides that any investment advisory agreement with a registered investment company such as the Fund may continue in effect for a period of more than two years from the date of its execution, only so long as such continuance is specifically approved at least annually by the board of directors (or by vote of a majority of the outstanding voting securities of the investment company). Pursuant to this requirement, the Fund's Board of Directors, all of whom were not interested persons of the Fund (the "Independent Directors"), unanimously approved the continuation of the Investment Management Agreement between the Fund, on behalf of the International Strategic Equities Portfolio, International Small Cap Portfolio, and Small Cap Core Portfolio (each, a "Portfolio" and collectively, the "Portfolios") of the Fund, and AllianceBernstein L.P. (the "Adviser") (the "Investment Management Agreement" or the "Agreement") at a meeting held on October 23-24, 2024.

The following discussion describes the considerations in connection with the Board's review of the Investment Management Agreement.

In connection with the annual review of the continuation of the Investment Management Agreement, on July 25, 2024, at an in-person meeting, the Board of Directors received a presentation with respect to the 2023 profitability of the Adviser regarding the Fund and the Portfolios. Also, in connection with such annual review, counsel to the Independent Directors sent a letter to the Adviser dated August 12, 2024, that contained a list of additional information requested by the Independent Directors to conduct their annual review. The Independent Directors received and evaluated extensive materials relating to the continuation of the Investment Management Agreement from the Adviser. In addition, the Board received materials from the Senior Vice President of the Fund and an independent fee consultant as described below. On September 19, 2024, the Board of Directors held a video conference meeting to discuss its review of the Investment Management Agreement and the materials the Directors had been provided. At that meeting, the Independent Directors met separately with their independent counsel and the Senior Vice President and their independent fee consultant in executive sessions. Following the September 19, 2024 meeting, the Independent Directors, through counsel, requested certain additional information by means of an email from their counsel dated September 24, 2024, and the Adviser provided certain additional information by means of a memorandum dated October 11, 2024. On October 16, 2024, the Board of Directors held an executive session via video conference with independent counsel and the Senior Vice President to further discuss the additional materials the Directors had been provided. Following the October 16, 2024 conference call, the Independent Directors requested certain additional information by means of an email from their counsel dated October 18, 2024. On October 23-24, 2024, the Board of Directors held an in-person meeting to continue their review of the Investment Management Agreement. During this meeting, the Adviser provided further information requested by the Independent Directors relating to contract renewal, and the Independent Directors also met separately with counsel to the Independent Directors as well as the Senior Vice President to review the contract renewal materials provided by the Adviser and additional materials prepared by the Senior Vice President. At the conclusion of this meeting, the Board approved the continuation of the Investment Management Agreement for an additional annual term as described below.

In approving the Investment Management Agreement, the Board, including the Independent Directors, considered all information it deemed reasonably necessary to evaluate the terms of the Investment Management Agreement and considered whether the Agreement would be in the best interests of the Fund. In particular, the Board considered the information that was provided to them by the Adviser in response to their requests, as well as information prepared by the Senior Vice President and the independent fee consultant at the request of the Board. The Fund's Senior Vice President assists the Board (as well as the boards of other funds sponsored by the Adviser) in evaluating investment management agreements and certain other plans and agreements pursuant to which the Adviser or its affiliates provide services to the Funds. The Board also considered other information provided to the Board in connection with the July 25, 2024, September 19, 2024 and October 23-24, 2024 meetings and throughout the past year.

The information considered by the Board included information with respect to the nature, extent and quality of services provided, investment performance, fees and expenses, profitability, economies of scale, and fall-out benefits and other revenue.

In the Board's consideration of the factors discussed below, no single factor was considered in isolation or to be determinative to the decision of the Board to approve the Investment Management Agreement. Rather, the Board concluded, in light of a weighing and balancing of all factors considered and in the exercise of the Directors' business

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

------

judgment, that it was in the best interests of the Fund to approve the Investment Management Agreement including the fees to be charged for services thereunder, as summarized below.

#### Fees and Expenses
The Board, including the Independent Directors, compared the fees and expense ratios of each Portfolio (before and after any fee waivers and expense reimbursements) against fees and expense ratios of a peer group of funds with similar investment objectives ("peer group"). Both the peer group and the funds within the peer group, with respect to the fee and expense data, were available from ISS Market Intelligence ("ISS"), an independent provider of investment company data. The Board noted that the contractual advisory fees of the International Strategic Equities Portfolio and the Small Cap Core Portfolio were below the median for each Portfolio's respective peer group, and that the total expense ratio of each of these Portfolios was below the peer group median in the ISS report. The Board also noted that the contractual advisory fee of the International Small Cap Portfolio was above the median and within the fourth quintile of that Portfolio's peer group and that Portfolio's total expense ratio was only slightly above the peer group median in the ISS report. The Board considered the Adviser's explanation that the contractual advisory fee of the International Small Cap Portfolio was reasonable based on the research-intensive nature of the Portfolio and the fact that third party research providers generally do not provide coverage for many international small cap names. The Senior Vice President also performed analyses of the advisory fees, and compared such analyses to the Portfolios' peer groups. In addition, the Board received and considered information from an independent fee consultant regarding the fees and expenses of the Portfolios as well as their investment performance.

The Board also received and considered information about the services rendered, and the fee rates charged, to other clients advised by the Adviser, including information about any recent advisory fee changes with respect to other investment companies advised by the Adviser. The Board noted the differences between the services provided to the Portfolios in comparison to those provided to other types of clients, including institutional clients and other investment companies for which the Adviser acted as investment adviser or subadviser, and the differences in the entrepreneurial and other risks borne by the Adviser in serving the Portfolios compared to other types of clients.

The Board also considered the fee waivers and/or expense caps applicable to the International Small Cap Portfolio and the Small Cap Core Portfolio, and that, at the request of the Board, the Adviser had agreed to continue a fee waiver applicable to the International Strategic Equities Portfolio for an additional year but noted that, if performance of the Portfolio continues to improve, the Adviser would expect to propose the elimination of the waiver as of May 2025 (in connection with the Board's review of the advisory agreement).

On the basis of its review and consideration of the fees as described above and the Board's consideration of the other factors described below, and in light of the Adviser's agreement to fee waivers and/or expense caps applicable to the Portfolios, the Board concluded that the contractual advisory fees as proposed were reasonable.

#### Nature, Extent and Quality of Services Provided
The Board, including the Independent Directors, considered the nature, quality and extent of services performed by the Adviser and its affiliates gained from their experience as Directors of the Fund, and their overall confidence in the Adviser's integrity and competence they have gained from that experience. The Board also considered the Adviser's responsiveness and attention to concerns raised by the Directors from time to time, including the Adviser's willingness to consider and implement changes to improve investment results. The Board also considered the scope and quality of the Adviser's investment management capabilities, other resources dedicated to performing its services, the quality of its compliance, administrative and other services provided to the Portfolios and the background and experience of the Adviser's senior management. The Board reviewed the qualifications, backgrounds and responsibilities of the investment staff primarily responsible for day-to-day portfolio management services for each Portfolio and noted the Adviser's research and investment management capabilities. The Board reviewed the compliance and administrative services of the Adviser that support the investment advisory services provided to the Portfolios.

In considering the nature and quality of the services provided by the Adviser, the Board, including the Independent Directors, received and considered information about each Portfolio's investment performance, as well as the performance of its peer group and the performance of an appropriate benchmark index. The Board was provided with performance data versus each Portfolio's peer group, for the 1-year, 3-year and 5-year periods ended July 31, 2024 and

 <br> *2025 Semi-Annual Report* *57*

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Board Consideration of Investment Management Arrangement (continued)

versus each Portfolio's benchmark index for the 1-year, 3-year, 5-year and since inception for the relevant periods, as well as the most recently available Morningstar rating for the Portfolios. The Board also received certain updated performance information as of September 30, 2024. In addition, the Directors considered information showing performance compared to peer groups and benchmarks for rolling calendar year periods and the year to date. The Directors also receive detailed comparative performance information for the Portfolios at each regular Board meeting during the year. The Board recognized that the benchmark indices do not account for fees and expenses incurred by a fund, including the Portfolios. The Directors also considered how peer groups have changed over time and how comparisons may differ depending upon the selection of the peer groups or benchmark indices.

The Directors noted that each Portfolio had outperformed its benchmark for the one-year period ended July 31, 2024. Where the Portfolios had underperformed their benchmark indices or peer groups for certain periods, the Directors considered the Adviser's explanations for performance and, as applicable, measures the Adviser had taken or proposed to take to improve performance. In particular, for International Strategic Equities Portfolio, the Board noted that the Adviser had recently appointed an additional portfolio manager, and that performance for the Portfolio for the one-year period ended July 31, 2024, had been in the first quintile in comparison to the Portfolio's peer group. For the International Small Cap Portfolio, the Board noted that the Portfolio's recent performance had also improved and was above median of its peer group for the one year period ended July 31, 2024.

The Board concluded that the Adviser had the experience and resources necessary to provide services of appropriate nature, quality and scope with respect to the Portfolios.

#### Profitability
The Board, including the Independent Directors, considered the level of the Adviser's profits in respect of its management of the respective Portfolios. The materials provided to the Independent Directors included information indicating the profitability of the Portfolios to the Adviser for calendar years 2022 and 2023. The Directors considered the assessment of an independent consultant that had reviewed the profitability statements for consistency with cost accounting theory and industry standards. The Directors reviewed the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data, noting that the methodology was consistent with the Adviser's internal financial reporting. The Directors acknowledged that there are many potentially acceptable allocation methodologies for cost allocation, and that in certain cases the selected allocation methodology may not capture all costs borne by the Adviser with respect to a Portfolio. The Directors noted that they received information regarding revenues and expenses of the Adviser's relationship with the Fund, including those relating to the Adviser's subsidiaries that provide transfer agency and distribution services to the Fund, and that they had focused on profitability before taxes and distribution expenses. The Directors reviewed comparative information regarding profitability for other publicly-traded advisers, recognizing that it is difficult to make comparisons of profitability among different investment advisers because only limited comparative information is publicly available and the comparisons are affected by numerous factors including different business mixes.

After reviewing all relevant factors, the Directors, including the Independent Directors, concluded that the levels of the Adviser's profits in respect of its management of the Portfolios were not excessive.

#### Economies of Scale
The Board, including the Independent Directors, considered whether there have been economies of scale in respect of the management of the Portfolios, whether the Portfolios have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Directors discussed possible ways in which any such economies of scale may be shared with the Portfolios, including by investment in enhanced services.

The Directors also considered the Senior Vice President materials which they received in connection with the review of the Investment Management Agreement, which included information reflecting changes in asset levels of the Portfolios and in the profitability of the Adviser over various periods.

After reviewing the profitability and economies of scale information provided by the Adviser, the Board concluded that the benefits of any economies of scale were appropriately being shared with Portfolio investors by way of, among other things and as applicable, establishing advisory fees at levels that contemplated future achievement of scale, breakpoint

 <br> *58* *Bernstein Fund, Inc.*

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arrangements as currently in effect for the International Strategic Equities Portfolio, the fact that the International Small Cap and Small Cap Core Portfolios are research-intensive and may be capacity-constrained, and expense caps and waivers applying to the Portfolios.

#### Fall-Out Benefits and Other Revenue
The Board, including the Independent Directors, also took into account so-called "fall-out benefits" to the Adviser, such as soft dollar arrangements (whereby the Adviser receives the benefit of research services from many of the brokers and dealers that execute purchases and sales of securities on behalf of its clients on an agency basis). The Directors recognized that the Adviser's profitability would be lower without these benefits. They also considered other benefits potentially derived from an increase in the Adviser's business as a result of its relationship with the Fund. The Directors concluded that these fall-out benefits to the Adviser were acceptable.

#### Advisory Fee Rate Schedule
On the basis of the information considered, the Board determined to approve the continuation of the Investment Management Agreement for an additional annual term, without change to the Portfolios' contractual fee schedules, as set forth below.

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| | |
|:---|:---|
| **PORTFOLIO** | **ANNUAL PERCENTAGE OF AVERAGE<br>DAILY NEW ASSETS OF EACH PORTFOLIO** |
| International Strategic Equities | 0.75% on the first $2.5 billion; 0.65% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.60% of assets in excess of $5 billion |
| International Small Cap | 1.00% of assets. |
| Small Cap Core | 0.80% of assets. |

---

 <br> *2025 Semi-Annual Report* *59*

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![LOGO](g909973g31t33.jpg)

#### Distributor
BERNSTEIN FUND, INC.

66 HUDSON BOULEVARD EAST NEW YORK, NY 10001

(212) 756-4097

ISCEC-0152-0325

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#### 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 AND AFFILIATED PURCHASERS.
Not applicable to the registrant

#### ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board of Directors since the Fund last provided disclosure in response to this item.

#### ITEM 16. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant's internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant

#### ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable to the registrant

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#### ITEM 19. EXHIBITS.
The following exhibits are attached to this Form N-CSR:

---

| | |
|:---|:---|
| EXHIBIT NO. | DESCRIPTION OF EXHIBIT |
| 19(b)(1) | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d909973dex99cert.htm#a) |
| 19(b)(2) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d909973dex99cert.htm#b) |
| 19(c) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d909973dex99906cert.htm) |

---

------

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.

---

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

---

Date: May 27, 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: May 27, 2025

---

| | |
|:---|:---|
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |

---

Date: May 27, 2025

## 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: May 27, 2025

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

---

------

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

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

I, Stephen M. Woetzel, Treasurer and Chief Financial Officer of 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: May 27, 2025

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| | |
|:---|:---|
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 19(c)** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE** 

**SARBANES-OXLEY ACT** 

Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of Bernstein Fund, Inc. (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended March 31, 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: May 27, 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.