# EDGAR Filing Document

**Accession Number:** 0000832808
**File Stem:** 0001193125-23-068898
**Filing Date:** 2023-3
**Character Count:** 2455564
**Document Hash:** 825b282d93632842b909057adf7e30f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-068898.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001193125-23-068898

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20220930

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230313

**EFFECTIVENESS DATE**: 20230313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BERNSTEIN SANFORD C FUND INC
- **CENTRAL INDEX KEY:** 0000832808
- **IRS NUMBER:** 133464161
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05555
- **FILM NUMBER:** 23726853

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 2129691000

**MAIL ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10153

## Series and Classes Contracts Data

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

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000030481 | AB Intermediate California Municipal Class A | AICAX           |
| C000030483 | AB Intermediate California Municipal Class C | ACMCX           |
| C000084881 | California Municipal Class                   | SNCAX           |
| C000157745 | Advisor Class                                | AICYX           |

### Short Duration Plus Portfolio (Series ID: S000011053)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000030486 | AB Short Duration Class A | ADPAX           |
| C000030488 | AB Short Duration Class C | ADPCX           |
| C000084882 | Short Duration Plus Class |  |

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

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

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

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

### Intermediate Duration Portfolio (Series ID: S000011057)

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

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

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

### Short Duration Diversified Municipal Portfolio (Series ID: S000011062)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000030506 | Short Duration Diversified Municipal Portfolio | SDDMX           |

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

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

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

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

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

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

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

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

### Tax-Aware Overlay C Portfolio (Series ID: S000027651)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000083502 | Class 2      | SCTTX           |
| C000083503 | Class 1      | SCTOX           |

### Tax-Aware Overlay N Portfolio (Series ID: S000027652)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000083504 | Class 1      | SNTOX           |
| C000083505 | Class 2      | SNTTX           |

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

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-05555** 

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## SANFORD C. BERNSTEIN FUND, INC.
**(Exact name of registrant as specified in charter)** 

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**1345 Avenue of the Americas, New York, New York 10105** 

**(Address of principal executive offices) (Zip code)** 

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**Joseph J. Mantineo** 

**AllianceBernstein L.P.** 

**1345 Avenue of the Americas** 

**New York, New York 10105** 

**(Name and address of agent for service)** 

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**Registrant's telephone number, including area code: (800) 221-5672** 

**Date of fiscal year end: September 30, 2022** 

**Date of reporting period: September 30, 2022** 

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Explanatory Note:

Enclosed for filing you will find an amended Form N-CSR of the registrant's original 2022 Form N-CSR filing of the referenced period. The purpose of this amended filing is to update Item 11 (b) and Item 13 (which is addressed in exhibits labeled Exhibit 12 (b)(1) and Exhibit 12 (b)(2) in the original filings). Except as set forth above, no other changes have been made to the Form N-CSR, and this amended filing does not amend, update or change any other items or disclosure found in the Form N-CSR.

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##### [**Table of Contents**](#toc)
**ITEM 1. REPORTS TO STOCKHOLDERS.** 

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

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SANFORD C. BERNSTEIN FUND, INC.

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Emerging Markets Portfolio

Short Duration Diversified Municipal Portfolio

California Municipal Portfolio

Diversified Municipal Portfolio

New York Municipal Portfolio

Intermediate Duration Portfolio

Short Duration Plus Portfolio

## ANNUAL REPORT
SEPTEMBER 30, 2022

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

---

| | |
|:---|:---|
|  [Portfolio Manager Commentary](#toc453724_1) | 1 |
|  [Disclosures and Risks](#toc453724_2) | 8 |
|  [Historical Performance](#toc453724_3) | 14 |
|  [Expense Example](#toc453724_4) | 17 |
|  [Portfolio Summary](#toc453724_5) | 18 |
|  [Statement of Assets and Liabilities](#toc453724_6) | 22 |
|  [Statement of Operations](#toc453724_7) | 28 |
|  [Statement of Changes in Net Assets](#toc453724_8) | 32 |
|  [Financial Highlights](#toc453724_9) | 37 |
|  [Notes to Financial Statements](#toc453724_10) | 46 |
|  [Other](#toc453724_11) | 87 |

---

**Before investing in any portfolio of the Sanford C. Bernstein Fund, Inc., a prospective investor should consider carefully the portfolio's investment objectives and policies, charges, expenses and risks. These and other matters of importance to prospective investors are contained in the portfolio's prospectus, an additional copy of which may be obtained by visiting our website at www.Bernstein.com and clicking on "Investments", found in the footer, then "Mutual Fund Information—Prospectuses, SAIs and Shareholder Reports" or by calling your financial advisor or by calling Bernstein's mutual fund shareholder help line at 212.756.4097. Please read the prospectus carefully before investing.** 

For performance information current to the most recent month-end, please visit our website at www.Bernstein.com and click on "Investments", found in the footer, then "Mutual Fund Information—Mutual Fund Performance at a Glance".

Sanford C. Bernstein Fund, Inc. (the "Fund") operates as a series company currently comprised of 13 portfolios (hereafter collectively referred to as the "Portfolios" and each individually a "Portfolio"). This report relates only to the Emerging Markets Portfolio, Fixed Income Municipal Portfolios and Fixed Income Taxable Portfolios (together the "SCB Portfolios"). The financial statements of the Overlay Portfolios and the financial highlights of Class A, Class C, Advisor Class and Class Z Shares (collectively "Retail Classes") of California Municipal, Diversified Municipal, New York Municipal, Intermediate Duration and Short Duration Plus Portfolios are presented in separate financial reports.

**This shareholder report must be preceded or accompanied by the Sanford C. Bernstein Fund, Inc. prospectus for individuals who are not shareholders of the Fund.** 

You may obtain a description of the Fund's proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit www.AllianceBernstein.com, or go to the Securities and Exchange Commission's website at www.sec.gov, or call AllianceBernstein at 800.227.4618.

The Fund will file its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Commission's website at www.sec.gov.

The Report of Independent Registered Public Accounting Firm can be found with the applicable Portfolio's Schedules of Investments. The Schedules of Investments, an integral part of the financial statements for each Portfolio, are included as inserts to this Report.

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

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##### [**Table of Contents**](#toc)
Portfolio Manager Commentary *(Unaudited)*

**To Our Shareholders**—November 15, 2022

On the following pages, you will find the 2022 annual report for the Portfolios<sup>1</sup> (collectively, the "Portfolios", and individually, a "Portfolio") of the Sanford C. Bernstein Fund, Inc. (the "SCB Fund"). The annual report covers the six- and 12-month periods ended September 30, 2022, and includes financial statements as well as notes to the financial statements, information about the recent performance of the Portfolios and a listing of each Portfolio's holdings as of the period end.

Global equity markets have been challenged over the 12-month period ended September 30, 2022, with most stock indices down more than 20%, the conventional threshold defining a bear market. In addition, volatility has been elevated throughout most of 2022, marking a turbulent period for investors. Significant economic and geopolitical stress created a tough macroeconomic backdrop, with both inflation and central banks' interest-rate policies coming in higher than the markets anticipated.

One of the greatest surprises for markets has been the outperformance of the US dollar, which has negatively impacted US companies' earnings coming from overseas, while geopolitical forces continue to put pressure on international earnings and economic growth. In contrast to most of the past decade, value stocks have outperformed growth stocks, but stock selection overall has been challenging. Our equity funds seek to find balanced exposure across factors and the portfolio teams have been pivoting to companies with strong balance sheets, pricing power and defensive characteristics, while also seeking to capture opportunities due to valuation dislocations.

The pressure on inflation and interest rates has also made the past year one of the worst on record for fixed-income markets. While this has been very painful for investors, the portfolio teams are leaning into higher yielding issues, with yields notably higher than they were even at the beginning of this calendar year.

Looking ahead, we are carefully minding the odds of recessions in the US and around the world. In this environment, we are confident in our portfolio teams' ability to find the right balance to position for the eventual rebound and the opportunities that are being created today. Thank you for your continued confidence in our approach.

If you have any questions about your investments in the Portfolios, please contact your Bernstein Advisor by calling 212.756.4097, or visit www.Bernstein.com. As always, we are firmly dedicated to your investment success.

Sincerely,

Beata D. Kirr

President

Sanford C. Bernstein Fund, Inc.

<sup>1</sup> Please note that the information for the Overlay Portfolios of the SCB Fund may be found in a separate report.

**Emerging Markets Portfolio** 

**Investment Objective and Strategy** 

The Portfolio seeks to provide long-term capital growth through investments in equity securities of companies in emerging-market countries. The Portfolio invests, under normal circumstances, at least 80% of its net assets in securities of companies in emerging markets. AllianceBernstein L.P., the Portfolio's investment adviser (the "Adviser") invests the Portfolio's assets using multiple disciplines. The Portfolio may own stocks selected using the Adviser's bottom-up research in value, growth, core and other investment style disciplines. The Adviser may allocate assets to companies in different targeted ranges of market capitalization. Within each investment discipline, the Adviser draws on the capabilities of separate investment teams. The Adviser relies on both fundamental and quantitative research to manage risk and return for the Portfolio.

The Portfolio may invest in companies of any size. The Portfolio invests primarily in common stocks, but may also invest in preferred stocks, warrants and convertible securities of foreign issuers, including sponsored or unsponsored American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs"). Under most conditions, the Portfolio intends to have its assets invested among multiple emerging-market countries, although the Portfolio may also invest in more developed-country markets. In allocating the Portfolio's assets among emerging-market countries, the Adviser considers such factors as the geographical distribution

*(Portfolio Manager Commentary continued on next page)* 

 <br> *2022 Annual Report* *1*

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##### [**Table of Contents**](#toc)
Portfolio Manager Commentary *(continued)*

of the Portfolio, the sizes of the stock markets represented and the various key economic characteristics of the countries. However, the Portfolio may not necessarily be diversified on a geographical basis. The Adviser also considers the transaction costs and volatility of each individual market.

The Portfolio may enter into foreign currency transactions for hedging and non-hedging purposes on a spot (*i.e.*, cash) basis or through the use of derivatives transactions, such as forward currency exchange contracts, currency futures and options thereon, and options on currencies. An appropriate hedge of currency exposure resulting from the Portfolio's securities positions may not be available or cost effective, or the Adviser may determine not to hedge the positions, possibly even under market conditions where doing so could benefit the Portfolio. The Portfolio generally invests in foreign-currency futures contracts or foreign-currency forward contracts with terms of up to one year. The Portfolio also purchases foreign currency for immediate settlement in order to purchase foreign securities. In addition, the Portfolio may invest a portion of its uncommitted cash balances in futures contracts on securities or baskets of securities to expose that portion of the Portfolio to the equity markets. The Portfolio may use derivatives, such as options, futures contracts, forward contracts and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds ("ETFs"). These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio from a decline in value, sometimes within certain ranges.

**Investment Results** 

The table on page 14 shows the Portfolio's performance compared to its benchmark, the Morgan Stanley Capital International Emerging Markets ("MSCI EM") Index (net), for the six- and 12-month periods ended September 30, 2022. The table also includes the Portfolio's peer group, as represented by the Lipper Emerging Markets Funds Average (the "Lipper Average"). Funds in the Lipper Average have generally similar investment objectives to the Portfolio, although some of the funds may have different investment policies and sales and management fees and fund expenses.

Over the 12-month period, both share classes of the Portfolio underperformed the benchmark, but outperformed the Lipper Average. Stock selection detracted, relative to the benchmark, while country and sector selection contributed. In this period, the start of the Russian invasion of the Ukraine caused a spike in energy prices. While an overweight to utilities benefited from the defensive nature of the sector, weak stock selection within the sector more than offset the benefit. In China, the continued impact of the worries in the real estate sector caused negative stock selection, which was offset by an underweight to the country. Finally, an underweight to Russia added to returns, as the country was delisted, and stocks were written down to zero value by the index after global sanctions were implemented following the invasion.

Over the six-month period, both share classes of the Portfolio underperformed the benchmark and Lipper Average. Weak country and security selection, particularly in China, drove the underperformance. Security selection within Chinese industrials and real estate stocks were the major detractors, due to continued pressure on the property sector. An overweight to the Chinese consumer-discretionary sector also detracted amid a delayed re-opening from the country's COVID-19 lockdown. Stock selection within travel-related companies, Indonesian banking exposure and Brazil helped to offset some of these losses. Positive sector selection from an overweight to consumer discretionary and an underweight to communication services also helped.

The Portfolio utilized derivatives for hedging purposes in the form of currency forwards, which had no material impact on absolute returns for either period.

**Short Duration Diversified Municipal Portfolio** 

**Investment Objective and Strategy** 

The Portfolio seeks to provide safety of principal and a moderate rate of return after taking account of federal taxes. As a matter of fundamental policy, the Portfolio, under normal circumstances, invests at least 80% of its net assets in municipal securities. The Portfolio invests no more than 25% of its total assets in municipal securities of issuers located in any one state.

The Portfolio invests at least 80% of its total assets in municipal securities rated A or better by any nationally recognized statistical rating organization ("NRSRO") (or, if unrated, determined by the Adviser to be of comparable

*(Portfolio Manager Commentary continued on next page)* 

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

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##### [**Table of Contents**](#toc)
Portfolio Manager Commentary *(continued)*

quality) and comparably rated municipal notes. The Portfolio may invest up to 20% of its total assets in below investment-grade fixed-income securities (commonly known as "junk bonds").

The Portfolio may invest, without limit, in revenue bonds, which generally do not have the pledge of the credit of the issuer. The Portfolio may invest, without limit, in securities or obligations that are related in such a way that business or political developments or changes affecting one such security could also affect the others (for example, securities with interest that is paid from projects of a similar type).

The Portfolio may also invest up to 20% of its net assets in fixed-income securities of US issuers that are not municipal securities if, in the Adviser's opinion, these securities will enhance the after-tax return for investors.

The Portfolio may use derivatives, such as options, futures contracts, forward contracts and swaps. The Portfolio seeks to maintain an effective duration of one-half year to two and one-half years under normal market conditions. Duration is a measure that relates the expected price volatility of a security to changes in interest rates. The duration of a debt security is the weighted average term to maturity, expressed in years, of the present value of all future cash flows, including coupon payments and principal repayments. Within the range described above, the Adviser may moderately shorten the average duration of the Portfolio when it expects interest rates to rise and moderately lengthen average duration when it anticipates that interest rates will fall. The Adviser selects securities for purchase or sale based on its assessment of the securities' risk and return characteristics as well as the securities' impact on the overall risk and return characteristics of the Portfolio. In making this assessment, the Adviser takes into account various factors including the credit quality and sensitivity to interest rates of the securities under consideration and of the Portfolio's other holdings.

**Investment Results** 

The table on page 14 shows the Portfolio's performance compared to its benchmark, the Bloomberg 1-Year Municipal Bond Index, for the six- and 12-month periods ended September 30, 2022. The table also includes the Portfolio's peer group, as represented by the Lipper Short-Term Municipal Debt Funds Average. Funds in the Lipper Average have generally similar investment objectives to the Portfolio, although some of the funds may have different investment policies and sales and management fees and fund expenses.

The Portfolio underperformed the benchmark and Lipper Average during both periods. During both periods, the Portfolio's underperformance, relative to the benchmark, was largely attributable to an overweight to duration, as yields rose significantly toward the end of the reporting period. In addition, the Portfolio's overweight to credit detracted as credit spreads widened. However, sector selection contributed to returns.

The Portfolio utilized derivatives for hedging purposes in the form of interest rate swaps and inflation swaps, which had no material impact on absolute returns for either period.

The Portfolio may purchase municipal securities that are insured under policies issued by certain insurance companies. Historically, insured municipal securities typically received a higher credit rating, which meant that the issuer of the securities paid a lower interest rate. As a result of declines in the credit quality and associated downgrades of most bond insurers, insurance has less value than it did in the past. The market currently values insured municipal securities primarily based on the credit quality of the issuer of the security, with little value given to the insurance feature. In purchasing such insured securities, the Adviser evaluates the risk and return of municipal securities through its own research. If an insurance company's rating is downgraded or the company becomes insolvent, the prices of municipal securities insured by the insurance company may decline. As of September 30, 2022, the Portfolio's percentages of investments in municipal bonds that are insured and insured municipal bonds that have been pre-refunded or escrowed to maturity were 1.51% and 0.00%, respectively.

**California Municipal Portfolio** 

**Diversified Municipal Portfolio** 

**New York Municipal Portfolio** 

**Investment Objective and Strategy** 

Each of the Portfolios seeks to provide safety of principal and maximize total return after taking account of federal taxes (and, in the case of the California Municipal Portfolio, California state taxes, and, in the case of the New York Municipal Portfolio, New York state and local taxes). As a matter of fundamental policy, each of the Portfolios, under normal circumstances, invests at least 80% of its net assets in municipal securities (and, in the case of the California Municipal and New York Municipal Portfolios, municipal securities issued by the State of California or the State of New York, or their political subdivisions, or otherwise exempt

*(Portfolio Manager Commentary continued on next page)* 

 <br> *2022 Annual Report* *3*

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##### [**Table of Contents**](#toc)
Portfolio Manager Commentary *(continued)*

from California or New York state income tax, respectively). The Diversified Municipal Portfolio will invest no more than 25% of its total assets in municipal securities of issuers located in any one state.

Each of the Portfolios invests at least 80% of its total assets in municipal securities rated A or better by NRSROs (or, if unrated, determined by the Adviser to be of comparable quality) and comparably rated municipal notes. Each of the Portfolios may invest up to 20% of their total assets in below investment-grade fixed-income securities (commonly known as "junk bonds").

Each of the Portfolios may invest, without limit, in revenue bonds, which generally do not have the pledge of the credit of the issuer. Each of the Portfolios may invest, without limit, in securities or obligations that are related in such a way that business or political developments or changes affecting one such security could also affect the others (for example, securities with interest that is paid from projects of a similar type).

Each of the Portfolios may also invest up to 20% of its net assets in fixed-income securities of US issuers that are not municipal securities if, in the Adviser's opinion, these securities will enhance the after-tax return for investors (and, in the case of the California Municipal and New York Municipal Portfolios, California investors and New York investors, respectively).

The Portfolios may use derivatives, such as options, futures contracts, forward contracts and swaps. Each Portfolio seeks to maintain an effective duration of three and one-half years to seven years under normal market conditions.

The Adviser selects securities for purchase or sale based on its assessment of the securities' risk and return characteristics as well as the securities' impact on the overall risk and return characteristics of each of the Portfolios. In making this assessment, the Adviser takes into account various factors including the credit quality and sensitivity to interest rates of the securities under consideration and of the Portfolios' other holdings.

The California Municipal and New York Municipal Portfolios are "non-diversified," which means that they may concentrate their assets in a smaller number of issuers than a diversified fund.

**Investment Results** 

The table on page 14 shows each Portfolio's performance compared to its benchmark, the Bloomberg 5-Year General Obligation ("GO") Municipal Bond Index, for the six- and 12-month periods ended September 30, 2022. The table also includes performance for each Portfolio's peer group, as represented by the Lipper California Intermediate Municipal Debt Funds Average for the California Municipal Portfolio, the Lipper Intermediate Municipal Debt Funds Average for the Diversified Municipal Portfolio and the Lipper New York Intermediate Municipal Debt Funds for the New York Municipal Portfolio. Funds in the applicable Lipper Average have generally similar investment objectives to the corresponding Portfolio, although some of the funds have different investment policies, sales and management fees and fund expenses. Effective November 1, 2022, the Portfolios' primary benchmark will be changing to the Bloomberg 1-10 Year Blend Index.

During the 12-month period, the Diversified Municipal and New York Municipal Portfolios underperformed the benchmark and outperformed their respective Lipper Averages. The California Municipal Portfolio outperformed both the benchmark and Lipper Average. During the six-month period, the Portfolios outperformed their respective Lipper Averages, but underperformed the benchmark.

In the 12-month period, the Portfolios' overweight to credit detracted, relative to the benchmark. However, yield-curve positioning was beneficial—particularly the Portfolios' underweight to intermediate maturities. An overweight to municipal credit detracted for the six-month period, but was partially offset by beneficial yield-curve positioning.

During both periods, the Portfolios used credit default swaps for hedging and investment purposes, as well as inflation swaps for hedging purposes, which had no material impact on absolute returns; interest rate swaps were used for hedging purposes, which detracted.

The Portfolios may purchase municipal securities that are insured under policies issued by certain insurance companies. Historically, insured municipal securities typically received a higher credit rating, which meant that the issuer of the securities paid a lower interest rate. As a result of declines in the credit quality and associated downgrades of most bond insurers, insurance has less value than it did in the past. The market currently values insured municipal securities primarily based on the credit quality of the issuer of the security, with little value given to the insurance feature. In purchasing such insured securities, the Adviser evaluates the risk and return of municipal securities through its own research. If an insurance

*(Portfolio Manager Commentary continued on next page)* 

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

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##### [**Table of Contents**](#toc)
Portfolio Manager Commentary *(continued)*

company's rating is downgraded or the company becomes insolvent, the prices of municipal securities insured by the insurance company may decline. As of September 30, 2022, the Portfolios' percentages of investments in municipal bonds that are insured and insured municipal bonds that have been pre-refunded or escrowed to maturity were 1.97% and 0.00%, respectively, for the California Municipal Portfolio; 4.79% and 0.00%, respectively, for the Diversified Municipal Portfolio; and 2.93% and 0.00%, respectively, for the New York Municipal Portfolio.

**Intermediate Duration Portfolio** 

**Investment Objective and Strategy** 

The Portfolio seeks to provide safety of principal and a moderate to high rate of income that is subject to taxes. The Portfolio seeks to maintain an average portfolio quality minimum of A, based on ratings given to the Portfolio's securities by NRSROs (or, if unrated, determined by the Adviser, to be of comparable quality). Many types of securities may be purchased by the Portfolio, including corporate bonds, notes, US government and agency securities, asset-backed securities, mortgage-related securities, bank loan debt, preferred stock and inflation-protected securities, as well as others. The Portfolio may also invest up to 25% of its total assets in fixed-income, non-US dollar denominated foreign securities, and may invest without limit in fixed-income, US dollar denominated foreign securities, in each case in developed- or emerging-market countries.

The Portfolio may use derivatives, such as options, futures contracts, forward contracts and swaps. The Portfolio may invest up to 25% of its total assets in fixed-income securities rated below investment-grade by NRSROs (commonly known as "junk bonds"). No more than 5% of the Portfolio's total assets may be invested in fixed-income securities rated CCC by NRSROs. The Portfolio seeks to maintain an effective duration of three to seven years under normal market conditions. Duration is a measure that relates the expected price volatility of a security to changes in interest rates. The duration of a debt security is the weighted average term to maturity, expressed in years, of the present value of all future cash flows, including coupon payments and principal repayments. Within the range described above, the Adviser may moderately shorten the average duration of the Portfolio when it expects interest rates to rise and moderately lengthen average duration when it anticipates that interest rates will fall. The Adviser selects securities for purchase or sale based on its assessment of the securities' risk and return characteristics as well as the securities' impact on the overall risk and return characteristics of the Portfolio. In making this assessment, the Adviser takes into account various factors including the credit quality and sensitivity to interest rates of the securities under consideration and of the Portfolio's other holdings.

The Portfolio may enter into foreign currency transactions on a spot (*i.e.*, cash) basis or through the use of derivatives transactions, such as forward currency exchange contracts, currency futures and options thereon, and options on currencies. An appropriate hedge of currency exposure resulting from the Portfolio's securities positions may not be available or cost effective, or the Adviser may determine not to hedge the positions, possibly even under market conditions where doing so could benefit the Portfolio.

**Investment Results** 

The table on page 14 shows the Portfolio's performance compared to its benchmark, the Bloomberg US Aggregate Bond Index, for the six- and 12-month periods ended September 30, 2022. The table also includes the Portfolio's peer group, as represented by the Lipper Core Bond Funds Average. Funds in the Lipper Average have generally similar investment objectives to the Portfolio, although some of the funds may have different investment policies and sales and management fees and fund expenses.

During the 12-month period, the Portfolio underperformed its benchmark and the Lipper Average. Yield-curve positioning was the largest detractor, relative to the benchmark, mostly from overweights on the five- and 10-year parts of the yield curve that were partially offset by gains from an overweight on the six-month part of the curve and an underweight on the 20-year part of the yield curve. Security selection also detracted, primarily due to losses from selection within investment-grade corporate bonds, asset-backed securities and US agency mortgages that were greater than gains from selection within commercial mortgage-backed securities ("CMBS"). Sector allocation was the largest contributor, as gains from an underweight to US agency mortgages, an overweight to asset-backed securities and exposure to US inflation-linked bonds were greater than losses from exposure to collateralized mortgage obligations and agency risk-sharing transactions. Country allocation was a minor contributor to performance during the period.

During the six-month period, the Portfolio underperformed its benchmark and outperformed the Lipper Average. Security selection was the primary detractor. Selection among

*(Portfolio Manager Commentary continued on next page)* 

 <br> *2022 Annual Report* *5*

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investment-grade corporate bonds, asset-backed securities and eurozone high-yield corporate bonds had losses that were greater than gains from selection within CMBS. Country allocation to Japan and the UK also detracted, mostly offset by exposure to the eurozone. Yield-curve positioning was a minor detractor to performance results. Currency decisions added the most, due to short positions in the offshore Chinese renminbi, Australian dollar and Canadian dollar. Sector allocation also contributed, due to the positive impact from an underweight to US agency mortgages and an overweight to asset-backed securities, which exceeded losses from exposure to collateralized loan obligations and eurozone high-yield corporate bonds.

During both periods, the Portfolio utilized derivatives in the form of interest rate swaps and futures to manage and hedge duration risk and/or to take active yield-curve positioning. Currency forwards were used to hedge foreign currency exposure and to take active currency risk. Inflation swaps were used to hedge inflation and for investment purposes to incorporate the Portfolio's Investment Management Team's view on future inflation in the Portfolio. Credit default swaps were utilized to hedge credit risk and as a tool to effectively gain exposure to specific sectors. The utilization of government-agency-related To Be Announced mortgage positions was a significant contributor to the Portfolio's turnover rate of 122%.

**Short Duration Plus Portfolio** 

**Investment Objective and Strategy** 

The Portfolio seeks to provide safety of principal and a moderate rate of income that is subject to taxes. The Portfolio invests at least 80% of its total assets in securities rated A or better by NRSROs (or, if unrated, determined by the Adviser, to be of comparable quality) and comparably rated commercial paper and notes. Many types of securities may be purchased by the Portfolio, including corporate bonds, notes, US government and agency securities, asset-backed securities, mortgage-related securities, inflation-protected securities, bank loan debt and preferred stock, as well as others. The Portfolio may also invest up to 20% of its total assets in fixed-income foreign securities in developed or emerging-market countries.

The Portfolio may use derivatives, such as options, futures contracts, forward contracts and swaps. The Portfolio may invest up to 20% of its total assets in fixed-income securities rated BB or B by NRSROs, which are not investment-grade (commonly known as "junk bonds"). The Portfolio seeks to maintain an effective duration of one to three years under normal market conditions. Duration is a measure that relates the expected price volatility of a security to changes in interest rates. The duration of a debt security is the weighted average term to maturity, expressed in years, of the present value of all future cash flows, including coupon payments and principal repayments. Within the range described above, the Adviser may moderately shorten the average duration of the Portfolio when it expects interest rates to rise and moderately lengthen average duration when it anticipates that interest rates will fall. The Adviser selects securities for purchase or sale based on its assessment of the securities' risk and return characteristics as well as the securities' impact on the overall risk and return characteristics of the Portfolio. In making this assessment, the Adviser takes into account various factors including the credit quality and sensitivity to interest rates of the securities under consideration and of the Portfolio's other holdings.

The Portfolio may enter into foreign currency transactions on a spot (*i.e.*, cash) basis or through the use of derivatives transactions, such as forward currency exchange contracts, currency futures and options thereon, and options on currencies. An appropriate hedge of currency exposure resulting from the Portfolio's securities positions may not be available or cost effective, or the Adviser may determine not to hedge the positions, possibly even under market conditions where doing so could benefit the Portfolio.

**Investment Results** 

The table on page 14 shows the Portfolio's performance compared to its benchmark, the Intercontinental Exchange Bank of America ("ICE BofA") 1-3 Year US Treasury Index, for the six- and 12-month periods ended September 30, 2022. The table also includes the Portfolio's peer group, as represented by the Lipper Short-Term Investment Grade Debt Funds Average. Funds in the Lipper Average have generally similar investment objectives to the Portfolio, although some of the funds may have different investment policies and sales and management fees and fund expenses.

During both periods, the Portfolio underperformed its benchmark and outperformed the Lipper Average. In the 12-month period, security selection within investment-grade corporate bonds detracted the most, relative to the benchmark. Country allocation to Japan and the UK also detracted, offset partially by exposure to the eurozone. Yield-curve positioning contributed, mostly from an underweight to the two-year and six-month parts of the curve, offset by an underweight to the

*(Portfolio Manager Commentary continued on next page)* 

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

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five-year part of the yield curve. Sector allocation also contributed, primarily from exposure to US inflation-linked bonds and CMBS that contributed more than losses from exposure to collateralized loan obligations and investment-grade corporate bonds. Currency decisions overall did not materially impact returns during the period.

During the six-month period, sector allocation to collateralized loan obligations was the primary detractor from performance. Country allocation also detracted, as losses from exposure to Japan and the UK were greater than a gain from exposure to the eurozone. Security selection among investment-grade corporate bonds also hampered results. Yield-curve positioning from underweights to the two- to 10-year parts of the yield curve contributed. Currency decisions did not have a material impact on performance during the period.

During both periods, the Portfolio utilized derivatives in the form of interest rate swaps and futures to manage and hedge duration risk and/or to take active yield-curve positioning. Currency forwards were used to hedge foreign currency exposure and to take active currency risk. Inflation swaps were used to hedge inflation and for investment purposes to incorporate the Portfolio's Investment Management Team's view on future inflation in the Portfolio. Credit default swaps were utilized to hedge credit risk and as a tool to effectively gain exposure to specific sectors.

 <br> *2022 Annual Report* *7*

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Disclosures and Risks *(Unaudited)*

**Benchmark Disclosures** 

**None of the following indices or averages reflects fees and expenses associated with the active management of a mutual fund portfolio.** The MSCI EM Index (net, free float-adjusted, market capitalization weighted) represents the equity market performance of emerging markets. The Bloomberg 1-Year Municipal Bond Index is a total-return performance benchmark for the short-term municipal bond market with maturities of up to 1.99 years. The Bloomberg 5-Year GO Municipal Bond Index represents the performance of long-term, investment-grade tax-exempt bonds with maturities ranging from four to six years. The Bloomberg US Aggregate Bond Index represents the performance of securities within the US investment-grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities and CMBS. The ICE BofA<sup>®</sup> 1-3 Year US Treasury Index represents the performance of US dollar-denominated sovereign debt publicly issued by the US government in its domestic market with a remaining term to final maturity of one to three years. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns include the reinvestment of dividends after deduction of non-US withholding tax. Lipper Averages are the equal-weighted average returns of the funds in the relevant Lipper Inc. categories; the average fund in a category may differ in composition from the Portfolios. Investors cannot invest directly in indices, and their results are not indicative of the performance for any specific investment, including the Portfolios.

**A Word About Risk** 

**All Portfolios:** The share price of the Portfolios will fluctuate and you may lose money. There is no guarantee that the Portfolios will achieve their investment objectives.

**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.

**Derivatives Risk:** The Portfolios may use derivatives as direct investments to earn income, enhance return and broaden portfolio diversification, which entail greater risk than if used solely for hedging purposes. In addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolios. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted to cover or secure derivatives positions may themselves go down in value, and these collateral and other requirements may

*(Disclosures and Risks continued on next page)* 

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

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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 (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios. Use of derivatives may have different tax consequences for the Portfolios than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders. The US government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as additional regulations governing, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.

**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. The municipal Portfolios are subject to greater risk because the market for municipal securities is generally smaller and may not be as liquid as many other fixed-income markets, which may make municipal securities more difficult to trade or dispose of than other types of securities. Illiquid securities may also be difficult to value. If the Portfolios 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.

**Management Risk:** The Portfolios are subject to management risk because they are actively managed investment portfolios. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolios, but these techniques, analyses and decisions may not work as intended or may not produce the desired results, and may, during certain periods, result in increased volatility for the Portfolios or cause the value of the Portfolios' shares to go down. In some cases, derivatives and other investment techniques may be unavailable, or the Adviser may determine not to use them, possibly even under market conditions where their use could benefit the Portfolios. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. In addition, the Adviser may change the Portfolios' investment strategies or policies from time to time. Those changes may not lead to the results intended by the Adviser and could have an adverse effect on the value or performance of the Portfolios.

**Market Risk:** The Portfolios are subject to market risk, which is the risk that stock or bond prices in general or in particular countries or sectors may decline over short or extended periods. Stock or bond prices may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest-rate, currency and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; public health crises (including the occurrence of a contagious disease or illness); policy and legislative changes; cybersecurity events; and other factors.

Economies and financial markets throughout the world are becoming increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, sanctions, regional and global conflicts, 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. As a result, whether or not the Portfolios invest in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolios' investments may be negatively affected.

**Redemption Risk:** The Portfolios may experience heavy redemptions that could cause the Portfolios to liquidate their assets at inopportune times or unfavorable prices or increase or accelerate taxable gains or transaction costs and may negatively affect the Portfolios' net asset value, or performance, which could cause the value of your investment to decline. Redemption risk is heightened during periods of overall market turmoil.

**Emerging Markets, Intermediate Duration and Short Duration Plus Portfolios:** 

**Foreign Currency Risk:** This is the risk that changes in foreign (non-US) 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 US dollar is strong (*i.e.*, gaining value relative to other currencies) and other currencies are weak (*i.e.*, losing value relative to the US dollar).

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 <br> *2022 Annual Report* *9*

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**Actions by a Few Major Investors Risk:** 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.

**Emerging-Markets Securities Risk:** The risks of investing in foreign (non-US) securities are heightened with respect to issuers in emerging-market countries because the markets are less developed and less liquid and there may be a greater amount of economic, political and social uncertainty, and these risks are even more pronounced in "frontier" markets, which are investable markets with lower total market capitalization and liquidity than the more developed emerging markets. Emerging markets typically have fewer medical and economic resources than more developed countries, and thus they may be less able to control or mitigate the effects of a pandemic. In addition, the value of the Portfolios' investments may decline because of factors such as unfavorable or unsuccessful government actions and reduction of government or central bank support.

**Emerging Markets Portfolio:** 

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

**Capitalization Risk:** Investments in small-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources. The prices of securities of small-capitalization companies 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-capitalization companies may underperform large-capitalization companies, may be harder to sell at times or at prices the portfolio managers believe appropriate and may have greater potential for losses.

**Allocation Risk:** The allocation of investments among investment disciplines may have a significant effect on the Portfolio's performance when the investment disciplines in which the Portfolio has greater exposure perform worse than the investment disciplines with less exposure. Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. The Portfolio may allocate a significant portion of its assets to securities of companies in broadly related industries within an economic sector. Companies in the same sector may be similarly affected by economic or market events, making the Portfolio more vulnerable to unfavorable developments in that sector than funds that invest more broadly.

**Short Duration Diversified Municipal, California Municipal, Diversified Municipal, New York Municipal, Intermediate Duration and Short Duration Plus Portfolios:** 

**Inflation Risk:** This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolios' assets can decline as can the value of the Portfolios' distributions. This risk is significantly greater for fixed-income securities with longer maturities. Rates of inflation have recently risen, which could adversely affect economies and markets.

**Interest-Rate Risk:** Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Portfolios may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal and monetary policy initiatives and resulting market reaction to those initiatives.

**Credit Risk:** This is the risk that the issuer or the guarantor of a debt security, or the counterparty to a derivatives or other contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The issuer or guarantor may default, potentially causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. The credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment

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

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obligations, making credit risk greater for medium-quality and lower-rated debt securities. Lower-rated debt securities and similar unrated securities (commonly known as "junk bonds") have speculative elements or are predominantly speculative credit risks. At times when credit risk is perceived to be greater, credit "spreads" (*i.e.*, the difference between the yields on lower quality securities and the yields on higher quality securities) may get larger or "widen". As a result, the values of the lower quality securities may go down more and they may become harder to sell.

**Duration Risk:** The duration of a fixed-income security may be shorter than or equal to full maturity of the fixed-income security. Fixed-income securities with longer durations have more interest-rate risk and will decrease in price as interest rates rise. Securities that have final maturities longer than their durations may be affected by increased credit spreads to a far greater degree than their durations would suggest, because they are exposed to credit risk until final maturity.

**Lower-rated Securities Risk:** Lower-rated securities, or junk bonds/high-yield securities, are subject to greater risk of loss of principal and interest and greater market risk than higher-rated securities. The capacity of issuers of lower-rated securities to pay interest and repay principal is more likely to weaken than is that of issuers of higher-rated securities in times of deteriorating economic conditions or rising interest rates.

**Prepayment and Extension Risk:** Prepayment risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. If this happens, particularly during a time of declining interest rates or credit spreads, the Portfolios will not benefit from the rise in market price that normally accompanies a decline in interest rates, and may not be able to invest the proceeds in securities providing as much income, resulting in a lower yield to the Portfolios. Conversely, extension risk is the risk that as interest rates rise or spreads widen, payments of securities may occur more slowly than anticipated by the market. If this happens, the values of these securities may go down because their interest rates are lower than current market rates and they remain outstanding longer than anticipated.

**Short Duration Diversified Municipal and Short Duration Plus Portfolios:** 

**Riskier than a Money-Market Fund:** Although the Portfolios maintain a short overall duration, they invest in securities with longer maturities and in some cases lower quality than the assets of the type of mutual fund known as a money-market fund. The risk of a decline in the market value of the Portfolios is greater than for a money-market fund since the credit quality of the Portfolios' securities may be lower and the effective duration of the Portfolios will be longer.

**Short Duration Diversified Municipal, California Municipal, Diversified Municipal and New York Municipal Portfolios:** 

**Municipal Market Risk:** This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolios' investments in municipal securities. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, or the rights of investors in these securities. The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. There have been some municipal issuers that have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may get worse, particularly in light of the economic impact of the recent spread of an infectious coronavirus (COVID-19). To the extent the Portfolios invest in a particular state's municipal securities, they may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, wildfires, flooding and earthquakes. The Portfolios' investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, are subject to the risk that factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

The Portfolios may invest in municipal securities of issuers in Puerto Rico or other US territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other US issuers of municipal securities. Puerto Rico continues to

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 <br> *2022 Annual Report* *11*

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face a very challenging economic and fiscal environment, worsened by the spread of COVID-19 and the adverse effect that related governmental and public responses have had on Puerto Rico's economy. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

**Tax Risk:** There is no guarantee that the income on the Portfolios' municipal securities will be exempt from regular federal income, and if applicable, state income taxes. Unfavorable legislation, adverse interpretations by federal or state authorities, litigation or noncompliant conduct by the issuer of a municipal security could affect the tax-exempt status of municipal securities. If the Internal Revenue Service or a state authority determines that an issuer of a municipal security has not complied with applicable requirements, interest from the security could become subject to regular federal income tax and/or state personal income tax, possibly retroactively to the date the security was issued, the value of the security could decline significantly, and a portion of the distributions to Portfolio shareholders could be recharacterized as taxable. From time to time, the US government and the US Congress consider changes in federal tax law that would, if enacted, have a negative impact on certain types of municipal securities, such as private activity bonds, or would otherwise make investments in municipal bonds less attractive.

**California Municipal and New York Municipal Portfolios:** 

**Non-Diversification Risk:** Concentration of investments in a small number of securities tends to increase risk. The Portfolios may have more risk because they are "non-diversified", meaning that they can invest more of their assets in a relatively small number of issuers with greater concentration of risk. Matters affecting these issuers can have a more significant effect on the Portfolios' net asset value.

**Intermediate Duration and Short Duration Plus Portfolios:** 

**Inflation-Protected Securities Risk:** The terms of inflation-protected securities provide for the coupon and/or maturity value to be adjusted based on changes in an inflation index. Decreases in the inflation rate or in investors' expectations about inflation could cause these securities to underperform non-inflation-adjusted securities on a total-return basis. In addition, there can be no assurance that the relevant inflation index will accurately measure the rate of inflation, in which case the securities may not work as intended. These securities may be more difficult to trade or dispose of than other types of securities.

**Foreign (Non-US) Securities Risk:** Investments in foreign securities entail significant risks in addition to those customarily associated with investing in US 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, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, and adverse market, economic, political and regulatory factors and social instability, all of which could disrupt the financial markets in which the Portfolios invest and adversely affect the value of the Portfolios' assets.

**Mortgage-Related and Asset-Related Securities Risk:** Mortgage- and asset-related securities represent interests in "pools" of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-related securities are subject to credit, interest-rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-related securities. Asset-related securities entail certain risks not presented by mortgage-backed securities, including the risk that it may be difficult to perfect the liens securing any collateral backing certain asset-backed securities.

**Subordination Risk:** The Portfolios may invest in securities that are subordinated to more senior securities of an issuer, or which represent interests in pools of such subordinated securities. Subordinated securities will be disproportionately affected by a default or even a perceived decline in creditworthiness of the issuer. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer, any loss incurred by the subordinated securities is likely to be proportionately greater, and any recovery of interest or principal may take more time.

These risks are discussed in further detail in the Portfolios' prospectus.

*(Disclosures and Risks continued on next page)* 

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

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**An Important Note About Historical** 

**Performance** 

**Except as noted, returns do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. Certain Emerging Markets Portfolio performance data presented herein does not reflect the deduction of historical purchase and redemption fees, which, if reflected, would reduce the level of performance quoted. All fees and expenses related to the operation of the Portfolios have been deducted, except as noted for the Emerging Markets Portfolio. Emerging Markets Portfolio returns throughout this report include dividends net of withholding taxes.** 

**The performance shown in this report represents past performance and does not guarantee future results. Performance information is as of the dates shown. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by calling 212.756.4097. The investment return and principal value of an investment in the Portfolios will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost.** 

**Investors should consider the investment objectives, risks, charges and expenses of the Portfolios carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit www.Bernstein.com, click on "Investments", found in the footer, then "Mutual Fund Information—Prospectuses, SAIs and Shareholder Reports", or call Bernstein's mutual fund shareholder help line at 212.756.4097 or contact your Bernstein Advisor. Please read the prospectus and/or summary prospectus carefully before investing.** 

 <br> *2022 Annual Report* *13*

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Historical Performance *(Unaudited)*

**Sanford C. Bernstein Fund Portfolios vs. Their Benchmarks and Lipper Averages** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | TOTAL RETURNS | TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS |  |
| THROUGH SEPTEMBER 30, 2022 | PAST SIX<br>MONTHS | PAST 12<br>MONTHS | PAST FIVE<br>YEARS | PAST 10<br>YEARS | SINCE<br>INCEPTION | INCEPTION DATE |
| &nbsp;&nbsp;&nbsp;&nbsp; **Emerging Markets Portfolio<sup>1,2</sup>** | -24.04% | -28.60% | -3.00% | 0.96% | 5.23% | 12/15/1995 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Emerging Markets Portfolio Class Z<sup>2</sup>** | -23.95% | -28.43% | -2.75% |  | 4.93% | 1/15/2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI EM Index (net) | -21.70% | -28.11% | -1.81% | 1.05% | 4.95% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lipper Emerging Markets Funds Average | -21.29% | -30.32% | -1.93% | 1.24% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short Duration Diversified Municipal Portfolio** | -1.71% | -4.27% | 0.26% | 0.31% | 2.08% | 10/3/1994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg 1-Year Municipal Bond Index | -0.74% | -2.34% | 0.70% | 0.72% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lipper Short-Term Municipal Debt Funds Average | -1.31% | -3.47% | 0.42% | 0.52% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California Municipal Portfolio** | -3.58% | -7.46% | 0.44% | 0.95% | 3.68% | 8/6/1990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg 5-Year GO Municipal Bond Index | -2.98% | -7.76% | 0.50% | 1.12% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lipper California Intermediate Municipal Debt Funds Average | -4.59% | -9.33% | 0.20% | 1.16% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Municipal Portfolio** | -3.94% | -7.89% | 0.61% | 1.09% | 3.92% | 1/9/1989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg 5-Year GO Municipal Bond Index | -2.98% | -7.76% | 0.50% | 1.12% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lipper Intermediate Municipal Debt Funds Average | -5.35% | -10.06% | 0.38% | 1.17% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York Municipal Portfolio** | -4.09% | -7.89% | 0.32% | 0.95% | 3.89% | 1/9/1989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg 5-Year GO Municipal Bond Index | -2.98% | -7.76% | 0.50% | 1.12% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lipper New York Intermediate Municipal Debt Funds Average | -4.60% | -9.43% | 0.13% | 0.87% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Intermediate Duration Portfolio** | -9.62% | -15.25% | -0.50% | 0.99% | 5.07% | 1/17/1989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg US Aggregate Bond Index | -9.22% | -14.60% | -0.27% | 0.89% | 5.32% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lipper Core Bond Funds Average | -9.67% | -15.18% | -0.34% | 0.83% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short Duration Plus Portfolio** | -2.11% | -5.02% | 0.17% | 0.31% | 3.41% | 12/12/1988 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICE BofA 1-3 Year US Treasury Index | -2.06% | -4.86% | 0.57% | 0.60% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lipper Short-Term Investment Grade Debt Funds Average | -2.87% | -5.92% | 0.69% | 0.90% |  |  |

---

Past performance is no guarantee of future results and an investment in the portfolios described could lose value. The current prospectus fee table shows the total annual operating expense ratios as 1.28% and 1.03%, for Bernstein Class and Class Z shares, respectively, for Emerging Markets Portfolio; and for the Bernstein Classes, as 0.48% for Short Duration Diversified Municipal Portfolio; 0.54% for California Municipal Portfolio; 0.47% for Diversified Municipal Portfolio; 0.53% for New York Municipal Portfolio; 0.56% for Intermediate Duration Portfolio and 0.55% for Short Duration Plus Portfolio. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

There are no sales charges associated with an investment in the Bernstein Classes of the Portfolios. Total returns and average annual returns are therefore the same.

---

| | |
|:---|:---|
| 1 | Prior to May 2, 2005, the Portfolio imposed a 2% fee on purchases and redemptions. Effective May 2, 2005, the fees were reduced from 2% to 1%. This fee was eliminated effective February 2, 2015. |

---

---

| | |
|:---|:---|
| 2 | **Includes the impact of proceeds received and credited to the Portfolio resulting from class-action settlements, which enhanced the performance of all share classes of the Portfolio for the six- and 12-month periods ended September 30, 2022, by 0.07% and 0.07%, respectively.** |

---

**See Disclosures, Risks and Note About Historical Performance on pages 8-13**.

*(Historical Performance continued on next page)* 

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

------

##### [**Table of Contents**](#toc)
Historical Performance *(continued from previous page)*

---

| | |
|:---|:---|
| Emerging Markets—Bernstein Class Shares | Diversified Municipal |
|  **Growth of a $25,000 Investment in the Portfolio** | **Growth of a $25,000 Investment in the Portfolio** |
| ![LOGO](g453724g10a01.jpg)  | ![LOGO](g453724g12v80.jpg)  |
| Short Duration Diversified Municipal | New York Municipal |
|  **Growth of a $25,000 Investment in the Portfolio** | **Growth of a $25,000 Investment in the Portfolio** |
| ![LOGO](g453724g10a02.jpg)  | ![LOGO](g453724g12v81.jpg)  |

---

---

| |
|:---|
| California Municipal |
|  **Growth of a $25,000 Investment in the Portfolio** |
| ![LOGO](g453724g10a03.jpg)  |

---

Past performance is no guarantee of future results and an investment in the portfolios described could lose value. Except as noted, returns do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. All fees and expenses related to the operation of the Portfolios have been deducted. Emerging Markets Portfolio returns throughout this report include dividends net of withholding taxes.

Each chart illustrates the total value of an assumed $25,000 investment as compared to the performance of each Portfolio's respective benchmark and Lipper Average for the 10-year period ended September 30, 2022.

**See Disclosures, Risks and Note About Historical Performance on pages 8-13.** 

*(Historical Performance continued on next page)* 

 <br> *2022 Annual Report* *15*

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##### [**Table of Contents**](#toc)
Historical Performance *(continued from previous page)*

---

| |
|:---|
| Intermediate Duration |
|  **Growth of a $25,000 Investment in the Portfolio** |
| ![LOGO](g453724g01n29.jpg)  |

---

---

| |
|:---|
| Short Duration Plus |
|  **Growth of a $25,000 Investment in the Portfolio** |
| ![LOGO](g453724g55f50.jpg)  |

---

Past performance is no guarantee of future results and an investment in the portfolios described could lose value. Except as noted, returns do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. All fees and expenses related to the operation of the Portfolios have been deducted. Portfolio returns throughout this report include dividends net of withholding taxes.

Each chart illustrates the total value of an assumed $25,000 investment as compared to the performance of each Portfolio's respective benchmark and Lipper Average for the 10-year period ended September 30, 2022.

**See Disclosures, Risks and Note About Historical Performance on pages 8-13.** 

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

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##### [**Table of Contents**](#toc)
Expense Example—*September 30, 2022 (Unaudited)*

As a shareholder of a Portfolio, you incur various ongoing costs, including management fees and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses—**The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes—**The second line of the table below provides information about hypothetical account values and hypothetical expenses based on a Portfolio's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | BEGINNING<br>ACCOUNT VALUE<br>APRIL 1, 2022 | ENDING<br>ACCOUNT VALUE<br>SEPTEMBER 30, 2022 | EXPENSES<br>PAID DURING<br>PERIOD\* | ANNUALIZED<br>EXPENSE<br>RATIO\* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Emerging Markets Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $759.60 | $5.69 | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1018.60 | $6.53 | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class Z** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $760.50 | $4.59 | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1019.85 | $5.27 | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short Duration Diversified Municipal Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $982.90 | $1.79 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1023.26 | $1.83 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp; **California Municipal Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $964.20 | $2.71 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1022.31 | $2.79 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Municipal Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $960.60 | $2.36 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1022.66 | $2.43 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York Municipal Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $959.10 | $2.65 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1022.36 | $2.74 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Intermediate Duration Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $903.80 | $2.72 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1022.21 | $2.89 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short Duration Plus Class Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $978.90 | $2.13 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1022.91 | $2.18 | 0.43% |

---

*\** Expenses are equal to the classes' annualized expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

*\*\** Assumes 5% annual return before expenses.

 <br> *2022 Annual Report* *17*

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##### [**Table of Contents**](#toc)
Portfolio Summary—*September 30, 2022 (Unaudited)*

---

| | |
|:---|:---|
| Emerging Markets Portfolio | Emerging Markets Portfolio |
| **Sector Breakdown<sup>1</sup>** | **Sector Breakdown<sup>1</sup>** **Country Breakdown<sup>1</sup>** |
|  Financials | 24.6% |
|  Consumer Discretionary | 21.8 |
|  Information Technology | 21.0 |
|  Industrials | 7.1 |
|  Materials | 6.3 |
|  Utilities | 5.3 |
|  Real Estate | 5.0 |
|  Communication Services | 2.5 |
|  Energy | 2.4 |
|  Consumer Staples | 2.0 |
|  Health Care | 2.0 |

---

---

| | |
|:---|:---|
| 1 | All data are as of September 30, 2022. The Portfolio's country and sector breakdowns are expressed as a percentage of the Portfolio's long-term investments and may vary over time. The Portfolio may also invest in other financial instruments, including derivative instruments, which provide investment exposure to a variety of asset classes (see "Schedule of Investments" section of the report for additional details). |

---

---

| | |
|:---|:---|
| 2 | "Other" represents 5.4% in MSCI EM Index and 1.9% in other emerging-market countries. |

---

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor's. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The "Schedule of Investments" section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio's prospectus.

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

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##### [**Table of Contents**](#toc)
Portfolio Summary—*September 30, 2022 (Unaudited)* *(continued)* 

---

| | |
|:---|:---|
| Short Duration Diversified Municipal Portfolio | Short Duration Diversified Municipal Portfolio |
| **Quality Rating Breakdown<sup>1</sup> <br>Highest of S&P, Moody's and Fitch** | **State Breakdown<sup>1</sup>**<br>|
| ![LOGO](g453724g11m01.jpg) | ![LOGO](g453724g11m02.jpg)  |
| California Municipal Portfolio | California Municipal Portfolio |
| **Quality Rating Breakdown<sup>1</sup> <br>Highest of S&P, Moody's and Fitch** | **State Breakdown<sup>1</sup>** |
| ![LOGO](g453724g11m03.jpg) | ![LOGO](g453724g11m04.jpg)  |
| Diversified Municipal Portfolio | Diversified Municipal Portfolio |
| **Quality Rating Breakdown<sup>1</sup> <br>Highest of S&P, Moody's and Fitch** | **State Breakdown<sup>1</sup>** |
| ![LOGO](g453724g11m05.jpg) | ![LOGO](g453724g11m06.jpg)  |

---

 <br> *2022 Annual Report* *19*

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##### [**Table of Contents**](#toc)
Portfolio Summary—*September 30, 2022 (Unaudited)* *(continued)*

---

| | |
|:---|:---|
| New York Municipal Portfolio | New York Municipal Portfolio |
| **Quality Rating Breakdown<sup>1</sup> <br>Highest of S&P, Moody's and Fitch** | **State Breakdown<sup>1</sup>** |
| ![LOGO](g453724g11m07.jpg) | ![LOGO](g453724g11m08.jpg) |

---

---

| | |
|:---|:---|
| 1 | All data are as of September 30, 2022. The Portfolio's quality rating and state breakdowns are expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see "Schedule of Investments" section of the report for additional details). The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the Pre-refunded category includes bonds which are secured by U.S. Government Securities and therefore are deemed high-quality investment grade by the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy investments such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of nonrated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |

---

---

| | |
|:---|:---|
| 2 | "Other" represents less than 2.3% in 24 different states, Guam and Puerto Rico. |

---

---

| | |
|:---|:---|
| 3 | "Other" represents less than 0.2% in seven different states and American Samoa. |

---

---

| | |
|:---|:---|
| 4 | "Other" represents less than 2.2% in 34 different states, American Samoa, District of Columbia, Guam and Puerto Rico. |

---

---

| | |
|:---|:---|
| 5 | "Other" represents less than 0.3% in eight different states and American Samoa. |

---

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

------

##### [**Table of Contents**](#toc)
Portfolio Summary—*September 30, 2022 (Unaudited)* *(continued)*

---

| |
|:---|
| Intermediate Duration Portfolio |
| **Security Type Breakdown<sup>1</sup>** |
| ![LOGO](g453724g11m09.jpg) |
| Short Duration Plus Portfolio |
| **Security Type Breakdown<sup>1</sup>** |
| ![LOGO](g453724g11m10.jpg) |

---

---

| | |
|:---|:---|
| 1 | All data are as of September 30, 2022. The Portfolio's security type breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see "Schedule of Investments" section of the report for additional details). |

---

---

| | |
|:---|:---|
| 2 | "Other" represents less than 0.2% in Agencies and Governments—Sovereign Bonds. |

---

 <br> *2022 Annual Report* *21*

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##### [**Table of Contents**](#toc)
Statement of Assets and Liabilities—*September 30, 2022*

---

| | | | |
|:---|:---|:---|:---|
| | **EMERGING<br>MARKETS<br>PORTFOLIO** | **SHORT DURATION<br>DIVERSIFIED<br>MUNICIPAL<br>PORTFOLIO** | **CALIFORNIA<br>MUNICIPAL<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 | $996778761 | $234856469 | $1098401858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 20028458 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies, at value **(a)** | 3561151 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 461164 | 0 | 21428128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due from broker | 811000 | 33526 | 3839305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables: | &nbsp;&nbsp;&nbsp;&nbsp; Receivables: | &nbsp;&nbsp;&nbsp;&nbsp; Receivables: | &nbsp;&nbsp;&nbsp;&nbsp; Receivables: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated interest and dividends | 2204813 | 2720672 | 13680757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends | 48651 | 258 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax reclaims | 39454 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold and foreign currency transactions | 11784210 | 2455050 | 3845896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 265429 | 342812 | 633301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 0 | 164 | 12721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of forward currency exchange contracts | 3126768 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of interest rate swaps | 0 | 66649 | 1424335 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | **1039109859** | **240475600** | **1143266301** |
| LIABILITIES | LIABILITIES | LIABILITIES | LIABILITIES |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 0 | 961329 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due to broker | 1390000 | 0 | 1800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to shareholders | 0 | 55342 | 715487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased and foreign currency transactions | 3073096 | 13092430 | 32664128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 660708 | 199937 | 4769061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee | 873132 | 38547 | 390249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee | 196191 | 19279 | 79625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee | 34596 | 3055 | 10860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 0 | 0 | 14980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 376106 | 58467 | 163671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation of forward currency exchange contracts | 8483398 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market value on credit default swaps **(b)** | 0 | 0 | 761453 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | **15087227** | **14428386** | **41369514** |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS** | $**1024022632** | $**226047214** | $**1101896787** |
| &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 | $1184015173 | $244889287 | $1174374436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 20028458 | 0 | 0 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $47032 | $18637 | $82957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 1228551567 | 237398148 | 1170965728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated loss | (204575967) | (11369571) | (69151898) |
|  | $**1024022632** | $**226047214** | $**1101896787** |

---

**(a)** Cost: $3,638,085, $0 and $0, respectively. (Note 1)

**(b)** Net premiums received of $0, $0 and $342,811, respectively.

See Notes to Financial Statements. The Schedules of Investments, an integral part of the financial statements for each Portfolio, are included as inserts to this Report.

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

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **EMERGING**<br> **MARKETS**<br> **PORTFOLIO** | **SHORT DURATION**<br> **DIVERSIFIED**<br> **MUNICIPAL**<br> **PORTFOLIO** | **CALIFORNIA<br>MUNICIPAL<br>PORTFOLIO** |
| CALCULATION OF MAXIMUM OFFERING PRICE | CALCULATION OF MAXIMUM OFFERING PRICE | CALCULATION OF MAXIMUM OFFERING PRICE | CALCULATION OF MAXIMUM OFFERING PRICE |
| &nbsp;&nbsp;&nbsp;&nbsp; **Emerging Markets Class/Short Duration Diversified Municipal Class/Municipal Class Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $871486100 | $226047214 | $938637948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 40039064 | 18636819 | 70665993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $**21.77** | $**12.13** | $**13.28** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets |  |  | $57140867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding |  |  | 4301574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share |  |  | $**13.28** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales charge—3.00% of public offering price |  |  | **0.41** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price |  |  | $**13.69** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class C Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class C Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class C Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class C Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets |  |  | $3651515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding |  |  | 274928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share |  |  | $**13.28** |
| &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 |  |  | $102466457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding |  |  | 7714162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share |  |  | $**13.28** |
| &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 | $152536532 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 6992932 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $**21.81** |  |  |

---

See Notes to Financial Statements.

 <br> *2022 Annual Report* *23* 

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##### [**Table of Contents**](#toc)
Statement of Assets and Liabilities—*September 30, 2022 (continued)*

---

| | | | |
|:---|:---|:---|:---|
| | **DIVERSIFIED<br>MUNICIPAL<br>PORTFOLIO** | **NEW YORK<br>MUNICIPAL<br>PORTFOLIO** | **INTERMEDIATE<br>DURATION<br>PORTFOLIO** |
| ASSETS | ASSETS | ASSETS | ASSETS |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value | $5500554886 | $1371357949 | $3240729482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 0 | 55910667 | 35117540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due from broker | 17553664 | 3796659 | 14537252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables: | &nbsp;&nbsp;&nbsp;&nbsp; Receivables: | &nbsp;&nbsp;&nbsp;&nbsp; Receivables: | &nbsp;&nbsp;&nbsp;&nbsp; Receivables: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 66958506 | 16494865 | 18761132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax reclaims | 0 | 0 | 18474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 4725069 | 6715020 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 6999863 | 2287083 | 627427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 41820 | 1073 | 150250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of interest rate swaps | 6568374 | 1951207 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of forward currency exchange contracts | 0 | 0 | 1182204 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | **5603402182** | **1458514523** | **3311123761** |
| LIABILITIES | LIABILITIES | LIABILITIES | LIABILITIES |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 803205 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due to broker | 6840000 | 1910000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to shareholders | 3379781 | 587646 | 1271114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 51429335 | 11920919 | 202624346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 15622775 | 1760528 | 5625752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures | 0 | 0 | 3766092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee | 1652632 | 496607 | 1152405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee | 363745 | 107872 | 262904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 0 | 0 | 167436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee | 59896 | 12303 | 26543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 66306 | 24772 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 449685 | 186487 | 330637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market value on credit default swaps **(a)** | 3183456 | 1063299 | 4996454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation of forward currency exchange contracts | 0 | 0 | 348530 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | **83850816** | **18070433** | **220572336** |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS** | $**5519551366** | $**1440444090** | $**3090551425** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cost of investments** | $**5876876446** | $**1473406574** | $**3672940300** |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $412911 | $111814 | $277771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 5854416719 | 1545765916 | 3670193312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated loss | (335278264) | (105433640) | (579919658) |
|  | $**5519551366** | $**1440444090** | $**3090551425** |

---

**(a)** Net premiums received of $1,412,638, $471,848 and $2,087,586, respectively.

See Notes to Financial Statements. The Schedules of Investments, an integral part of the financial statements for each Portfolio, are included as inserts to this Report.

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

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **DIVERSIFIED<br>MUNICIPAL<br>PORTFOLIO** | **NEW YORK<br>MUNICIPAL<br>PORTFOLIO** | **INTERMEDIATE<br>DURATION<br>PORTFOLIO** |
| CALCULATION OF MAXIMUM OFFERING PRICE | CALCULATION OF MAXIMUM OFFERING PRICE | CALCULATION OF MAXIMUM OFFERING PRICE | CALCULATION OF MAXIMUM OFFERING PRICE |
| &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Class/Intermediate Duration Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Class/Intermediate Duration Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Class/Intermediate Duration Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Class/Intermediate Duration Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $4296195793 | $1277131941 | $3089962053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 321405994 | 99131980 | 277717642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $**13.37** | $**12.88** | $**11.13** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $261935519 | $96285930 | $571536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 19581758 | 7476338 | 51304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $**13.38** | $**12.88** | $**11.14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales charge—3.00% for Diversified Municipal Portfolio and New York Municipal Portfolio, 4.25% for Intermediate Duration Portfolio of public offering price | **0.41** | **0.40** | **0.49** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price | $**13.79** | $**13.28** | $**11.63** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class C Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class C Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class C Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class C Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $13575819 | $5514666 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 1015258 | 428190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $**13.37** | $**12.88** |  |
| &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 | $477015038 | $61511553 | $9486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 35710448 | 4777232 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $**13.36** | $**12.88** | $**11.13** |
| &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 | $470829197 |  | $8350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 35197259 |  | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $**13.38** |  | $**11.13** |

---

See Notes to Financial Statements.

 <br> *2022 Annual Report* *25*

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##### [**Table of Contents**](#toc)
Statement of Assets and Liabilities—*September 30, 2022 (continued)*

---

| | |
|:---|:---|
| | **SHORT DURATION<br>PLUS**<br> **PORTFOLIO** |
| ASSETS | ASSETS |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value | $334736180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3131562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due from broker | 1442382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables: | &nbsp;&nbsp;&nbsp;&nbsp; Receivables: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 1306203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax reclaims | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 369198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 1292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of forward currency exchange contracts | 41484 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | **341029840** |
| LIABILITIES | LIABILITIES |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to shareholders | 205167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 559256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures | 252397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee | 70989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee | 26818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee | 5955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 3819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 89593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market value on credit default swaps**(a)** | 404231 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | **1618225** |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS** | $**339411615** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cost of investments** | $**345415554** |
| NET ASSETS CONSIST OF: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $30839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 366668538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated loss | (27287762) |
|  | $**339411615** |

---

**(a)** Net premiums received of $153,155.

See Notes to Financial Statements. The Schedules of Investments, an integral part of the financial statements for each Portfolio, are included as inserts to this Report.

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

------

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

---

| | |
|:---|:---|
| | **SHORT DURATION<br>PLUS**<br> **PORTFOLIO** |
| CALCULATION OF MAXIMUM OFFERING PRICE | CALCULATION OF MAXIMUM OFFERING PRICE |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short Duration Plus Class Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Short Duration Plus Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $323935864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 29433563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $**11.01** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $14182408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 1287886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $**11.01** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales charge—2.25% of public offering price | **0.25** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price | $**11.26** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class C Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Class C Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $1293343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 117682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $**10.99** |

---

See Notes to Financial Statements.

 <br> *2022 Annual Report* *27*

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##### [**Table of Contents**](#toc)
Statement of Operations—*for the year ended September 30, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| | **EMERGING<br>MARKETS<br>PORTFOLIO** | **SHORT DURATION<br>DIVERSIFIED<br>MUNICIPAL<br>PORTFOLIO** | **CALIFORNIA<br>MUNICIPAL<br>PORTFOLIO** |
| INVESTMENT INCOME |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $0 | $2678258 | $29375097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers **(a)** | 34406234 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 159211 | 70571 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | **34565445** | **2748829** | **29375097** |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee (see Note 2A) | 12527961 | 735355 | 5266658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee (see Note 2B) | 2801277 | 245118 | 1116698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees | 537955 | 50838 | 112628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Non-Retail Class | 246279 | 20070 | 27534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class A | 0 | 0 | 19429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class C | 0 | 0 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Advisor Class | 0 | 0 | 25865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class Z | 39687 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees—Class A | 0 | 0 | 161324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees—Class C | 0 | 0 | 43755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 57233 | 10313 | 54505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and tax fees | 70409 | 11003 | 47825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 46760 | 9395 | 44068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 45657 | 33541 | 27581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing fees | 25497 | 21528 | 54806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 65765 | 10535 | 48160 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | **16464480** | **1147696** | **7052176** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Note 2A, 2B and 2E) | (18514) | (253121) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 16445966 | 894575 | 7052176 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | **18119479** | **1854254** | **22322921** |
| REALIZED AND UNREALIZED GAIN (LOSS) ON<br>INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions **(b)** | (15261128) | (464117) | (4524663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 4895727 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 0 | (10075) | 2501824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (4577546) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized loss on investment and foreign currency transactions** | **(14942947)** | **(474192)** | **(2022839)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments **(c)** | (410019251) | (12351777) | (124960252) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (5072692) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 0 | 159138 | 8220541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | (85959) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities** | **(415177902)** | **(12192639)** | **(116739711)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized loss on investment and foreign currency transactions** | **(430120849)** | **(12666831)** | **(118762550)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from operations** | $**(412001370)** | $**(10812577)** | $**(96439629)** |

---

**(a)**Net of foreign withholding taxes of $4,493,828, $0, $0, $0, $0 and $0 for the Emerging Markets Portfolio, Short Duration Diversified Municipal Portfolio,

California Municipal Portfolio, Diversified Municipal Portfolio, New York Municipal Portfolio and Intermediate Duration Portfolio, respectively.

**(b)** Net of foreign realized capital gains taxes of $128,697, $0, $0, $0, $0 and $0 for the Emerging Markets Portfolio, Short Duration Diversified Municipal Portfolio, California Municipal Portfolio, Diversified Municipal Portfolio, New York Municipal Portfolio and Intermediate Duration Portfolio, respectively.

**(c)** Net of increase in accrued foreign capital gains taxes on unrealized gains of $1,397,101, $0, $0, $0, $0 and $2,884 for the Emerging Markets Portfolio, Short Duration Diversified Municipal Portfolio, California Municipal Portfolio, Diversified Municipal Portfolio, New York Municipal Portfolio and Intermediate Duration Portfolio, respectively.

See Notes to Financial Statements.

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

------

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

---

| | | |
|:---|:---|:---|
| <br> **DIVERSIFIED<br>MUNICIPAL<br>PORTFOLIO** | **NEW YORK<br>MUNICIPAL<br>PORTFOLIO** | **INTERMEDIATE<br>DURATION<br>PORTFOLIO** |
| $153222611 | $40817884 | $78561467 |
| 0 | 0 | 0 |
| 0 | 0 | 0 |
| **153222611** | **40817884** | **78561467** |
| 21822225 | 6778018 | 15421685 |
| 5011517 | 1497091 | 3542155 |
| 274172 | 138772 | 225262 |
| 126292 | 38728 | 195083 |
| 99032 | 39017 | 19352 |
| 5217 | 2850 | 0 |
| 154439 | 23679 | 290 |
| 103633 | 0 | 21 |
| 758203 | 263321 | 1866 |
| 157720 | 73928 | 0 |
| 270245 | 72046 | 153018 |
| 209676 | 60062 | 128390 |
| 212112 | 58027 | 124669 |
| 191043 | 50872 | 75278 |
| 33709 | 38705 | 38856 |
| 202709 | 59680 | 127705 |
| **29631944** | **9194796** | **20053630** |
| 0 | 0 | (35166) |
| 29631944 | 9194796 | 20018464 |
| **123590667** | **31623088** | **58543003** |
| (23119188) | (6766299) | (72194840) |
| 0 | 0 | 4042569 |
| 0 | 0 | (63109506) |
| 9952392 | 598566 | (4326286) |
| 0 | 0 | 3760585 |
| **(13166796)** | **(6167733)** | **(131827478)** |
| (663346572) | (171846996) | (511298527) |
| 0 | 0 | 929448 |
| 0 | 0 | (9164905) |
| 37941871 | 10986550 | 18168953 |
| 0 | 0 | (84711) |
| **(625404701)** | **(160860446)** | **(501449742)** |
| **(638571497)** | **(167028179)** | **(633277220)** |
| $**(514980830)** | $**(135405091)** | $**(574734217)** |

---

 <br> *2022 Annual Report* *29* 

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##### [**Table of Contents**](#toc)
Statement of Operations—*for the year ended September 30, 2022 (continued)*

---

| | |
|:---|:---|
| | **SHORT DURATION<br>PLUS<br>PORTFOLIO** |
| INVESTMENT INCOME |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $3066037 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | **3066037** |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee (see Note 2A) | 913674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee (see Note 2B) | 244478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees | 57828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Non-Retail Class | 20575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class A | 32510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class C | 2103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees—Class A | 38992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees—Class C | 9750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 72903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing fees | 35755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and tax fees | 22069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 11088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 9802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13313 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | **1484840** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Note 2B and 2D) | (269409) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1215431 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | **1850606** |
| REALIZED AND UNREALIZED GAIN (LOSS) ON<br> INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (1042617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (18611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (4006559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (282365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 54357 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized loss on investment and foreign currency transactions** | **(5295795)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (10679088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 41484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (1178470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 1194433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | (7186) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities** | **(10628827)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized loss on investment and foreign currency transactions** | **(15924622)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from operations** | $**(14074016)** |

---

See Notes to Financial Statements.

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

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 <br> *2022 Annual Report* *31* 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **EMERGING MARKETS<br>PORTFOLIO** | **EMERGING MARKETS<br>PORTFOLIO** | **SHORT DURATION<br>DIVERSIFIED MUNICIPAL<br>PORTFOLIO** | **SHORT DURATION<br>DIVERSIFIED MUNICIPAL<br>PORTFOLIO** |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $18119479 | $22729835 | $1854254 | $1936455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (14942947) | 161549002 | (474192) | 141350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities | (415177902) | 125486963 | (12192639) | (137483) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(412001370)** | **309765800** | **(10812577)** | **1940322** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders (a)** | **(127708313)** | **(25337814)** | **(1847857)** | **(1934942)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital-share transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | 104232917 | 82969030 | 198031690 | 192716676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 120829789 | 21480145 | 1578267 | 1743346 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total proceeds from shares sold** | **225062706** | **104449175** | **199609957** | **194460022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (106519109) | (181847829) | (243044047) | (122468926) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital-share transactions** | **118543597** | **(77398654)** | **(43434090)** | **71991096** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | **(421166086)** | **207029332** | **(56094524)** | **71996476** |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beginning of period** | **1445188718** | **1238159386** | **282141738** | **210145262** |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $**1024022632** | $**1445188718** | $**226047214** | $**282141738** |

---

**(a)** See page 35 for share class information on dividend distributions for the Emerging Markets, California Municipal, Diversified Municipal and New York Municipal Portfolios.

See Notes to Financial Statements.

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

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CALIFORNIA MUNICIPAL<br>PORTFOLIO** | **CALIFORNIA MUNICIPAL<br>PORTFOLIO** | **DIVERSIFIED MUNICIPAL<br>PORTFOLIO** | **DIVERSIFIED MUNICIPAL<br>PORTFOLIO** | **NEW YORK MUNICIPAL<br>PORTFOLIO** | **NEW YORK MUNICIPAL<br>PORTFOLIO** |
| YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| $22322921 | $23243006 | $123590667 | $122937403 | $31623088 | $33473749 |
| (2022839) | 10017390 | (13166796) | 25532577 | (6167733) | 3330397 |
| (116739711) | (3211963) | (625404701) | 26639009 | (160860446) | 23923283 |
| **(96439629)** | **30048433** | **(514980830)** | **175108989** | **(135405091)** | **60727429** |
| **(21456217)** | **(23005036)** | **(120398406)** | **(121690545)** | **(31131616)** | **(33128293)** |
| 307949541 | 351799964 | 1334029727 | 1559834308 | 205642206 | 305015834 |
| 15729268 | 17652625 | 89555226 | 93318204 | 23893460 | 25604257 |
| **323678809** | **369452589** | **1423584953** | **1653152512** | **229535666** | **330620091** |
| (496377732) | (376795028) | (1989402821) | (1214382457) | (422401671) | (346489408) |
| **(172698923)** | **(7342439)** | **(565817868)** | **438770055** | **(192866005)** | **(15869317)** |
| **(290594769)** | **(299042)** | **(1201197104)** | **492188499** | **(359402712)** | **11729819** |
| <br> **1392491556** | **1392790598** | **6720748470** | **6228559971** | **1799846802** | **1788116983** |
| $**1101896787** | $**1392491556** | $**5519551366** | $**6720748470** | $**1440444090** | $**1799846802** |

---

 <br> *2022 Annual Report* *33* 

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INTERMEDIATE DURATION<br>PORTFOLIO** | **INTERMEDIATE DURATION<br>PORTFOLIO** | **SHORT DURATION PLUS<br>PORTFOLIO** | **SHORT DURATION PLUS<br>PORTFOLIO** |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; INCREASE (DECREASE) IN NET ASSETS FROM<br>Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $58543003 | $68989470 | $1850606 | $2314228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (131827478) | 28777985 | (5295795) | (990257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities and other assets and liabilities | (501449742) | (106481497) | (10628827) | (1490852) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from operations** | **(574734217)** | **(8714042)** | **(14074016)** | **(166881)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders (a)** | **(96525241)** | **(136409405)** | **(1831719)** | **(2361508)** |
| &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 | 395517888 | 767794097 | 191978729 | 94214859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 80772362 | 120165390 | 1347261 | 2099953 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total proceeds from shares sold** | **476290250** | **887959487** | **193325990** | **96314812** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (561976742) | (592989249) | (100109377) | (77580243) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital-share transactions** | **(85686492)** | **294970238** | **93216613** | **18734569** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | **(756945950)** | **149846791** | **77310878** | **16206180** |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beginning of period** | **3847497375** | **3697650584** | **262100737** | **245894557** |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $**3090551425** | $**3847497375** | $**339411615** | $**262100737** |

---

**(a)** See page 36 for share class information on dividend distributions for the Intermediate Duration and Short Duration Plus Portfolios.

See Notes to Financial Statements.

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **EMERGING<br>MARKETS**<br> **PORTFOLIO** | **EMERGING<br>MARKETS**<br> **PORTFOLIO** | | |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Class | $(107857795) | $(21155097) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (19850518) | (4182717) |  |  |
|  | $(127708313) | $(25337814) |  |  |
|  | **CALIFORNIA<br>MUNICIPAL**<br> **PORTFOLIO** | **CALIFORNIA<br>MUNICIPAL**<br> **PORTFOLIO** | **DIVERSIFIED<br>MUNICIPAL**<br> **PORTFOLIO** | **DIVERSIFIED<br>MUNICIPAL**<br> **PORTFOLIO** |
|  | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Class | $(18916809) | $(20551446) | $(95675758) | $(98560802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (971204) | (1218820) | (5215911) | (5318015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (32897) | (42371) | (153564) | (267652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1535307) | (1192399) | (9328332) | (8070840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | 0 | 0 | (10024841) | (9473236) |
|  | $(21456217) | $(23005036) | $(120398406) | $(121690545) |
|  | **NEW YORK<br>MUNICIPAL**<br> **PORTFOLIO** | **NEW YORK<br>MUNICIPAL**<br> **PORTFOLIO** |  |  |
|  | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Class | $(28049433) | $(29883364) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (1772845) | (1927269) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (67861) | (137544) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1241477) | (1180116) |  |  |
|  | $(31131616) | $(33128293) |  |  |

---

See Notes to Financial Statements.

 <br> *2022 Annual Report* *35*

------

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

---

| | | |
|:---|:---|:---|
|  | **INTERMEDIATE<br>DURATION**<br> **PORTFOLIO** | **INTERMEDIATE<br>DURATION**<br> **PORTFOLIO** |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intermediate Duration Portfolio | $(96507904) | $(136374393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (16803) | (34295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (279) | (353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (255) | (364) |
|  | $(96525241) | $(136409405) |
|  | **SHORT DURATION<br>PLUS**<br> **PORTFOLIO** | **SHORT DURATION<br>PLUS**<br> **PORTFOLIO** |
|  | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short Duration Plus Class | $(1792732) | $(2283865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (36975) | (71620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (2012) | (6023) |
|  | $(1831719) | $(2361508) |

---

See Notes to Financial Statements.

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

------

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

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **EMERGING MARKETS PORTFOLIO**<br> **EMERGING MARKETS CLASS** | **EMERGING MARKETS PORTFOLIO**<br> **EMERGING MARKETS CLASS** | **EMERGING MARKETS PORTFOLIO**<br> **EMERGING MARKETS CLASS** | **EMERGING MARKETS PORTFOLIO**<br> **EMERGING MARKETS CLASS** | **EMERGING MARKETS PORTFOLIO**<br> **EMERGING MARKETS CLASS** | **EMERGING MARKETS PORTFOLIO**<br> **EMERGING MARKETS CLASS** | **EMERGING MARKETS PORTFOLIO**<br> **EMERGING MARKETS CLASS** | **EMERGING MARKETS PORTFOLIO**<br> **EMERGING MARKETS CLASS** | **EMERGING MARKETS PORTFOLIO**<br> **EMERGING MARKETS CLASS** | **EMERGING MARKETS PORTFOLIO**<br> **EMERGING MARKETS CLASS** |
| | 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 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | **$** | **33.43** | **$** | **27.17** | **$** | **26.03** | **$** | **28.39** | **$** | **31.25** |
| &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)** |  | 0.38 |  | 0.50 |  | 0.32 |  | 0.51 |  | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions |  | (9.10) |  | 6.32 |  | 1.26 |  | (0.95) |  | (2.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates |  | 0 |  | 0 |  | 0.00 **(c)** |  | 0.00 **(c)** |  | 0.00 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **(8.72)** |  | **6.82** |  | **1.58** |  | **(0.44)** |  | **(2.62)** |
| &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 |  | (0.66) |  | (0.56) |  | (0.44) |  | (0.33) |  | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions |  | (2.28) |  | 0 |  | 0 |  | (1.59) |  | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** |  | **(2.94)** |  | **(0.56)** |  | **(0.44)** |  | **(1.92)** |  | **(0.24)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | **$** | **21.77** | **$** | **33.43** | **$** | **27.17** | **$** | **26.03** | **$** | **28.39** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)(e)** |  | **(28.60)%** |  | **25.20%** |  | **6.04%** |  | **(0.91)%** |  | **(8.46)%** **(f)** |
| 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) |  | $871486 |  | $1225396 |  | $1056249 |  | $1120427 |  | $1174312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $1120511 |  | $1252078 |  | $1085654 |  | $1123274 |  | $1316137 |
| &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 |  | 1.28% |  | 1.28% |  | 1.29% |  | 1.30% |  | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements |  | 1.29% |  | 1.28% |  | 1.30% |  | 1.30% |  | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** |  | 1.34% |  | 1.50% |  | 1.22% |  | 1.96% |  | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 57% |  | 68% |  | 85% |  | 92% |  | 65% |

---

See Footnote Summary on page 45.

See Notes to Financial Statements.

 <br> *2022 Annual Report* *37*

------

##### [**Table of Contents**](#toc)
Financial Highlights *(continued)*

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **EMERGING MARKETS PORTFOLIO**<br> **CLASS Z** | **EMERGING MARKETS PORTFOLIO**<br> **CLASS Z** | **EMERGING MARKETS PORTFOLIO**<br> **CLASS Z** | **EMERGING MARKETS PORTFOLIO**<br> **CLASS Z** | **EMERGING MARKETS PORTFOLIO**<br> **CLASS Z** | **EMERGING MARKETS PORTFOLIO**<br> **CLASS Z** | **EMERGING MARKETS PORTFOLIO**<br> **CLASS Z** | **EMERGING MARKETS PORTFOLIO**<br> **CLASS Z** | **EMERGING MARKETS PORTFOLIO**<br> **CLASS Z** | **EMERGING MARKETS PORTFOLIO**<br> **CLASS Z** |
| | 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 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | **$** | **33.50** | **$** | **27.22** | **$** | **26.08** | **$** | **28.43** | **$** | **31.32** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; Income From Investment Operations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)(b)** |  | 0.45 |  | 0.59 |  | 0.39 |  | 0.57 |  | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions |  | (9.11) |  | 6.32 |  | 1.26 |  | (.93) |  | (2.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates |  | 0 |  | 0 |  | 0.00 **(c)** |  | 0.00 **(c)** |  | 0.00 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **(8.66)** |  | **6.91** |  | **1.65** |  | **(.36)** |  | **(2.55)** |
| &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 |  | (0.75) |  | (0.63) |  | (0.51) |  | (0.40) |  | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions |  | (2.28) |  | 0 |  | 0 |  | (1.59) |  | (.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** |  | **(3.03)** |  | **(0.63)** |  | **(0.51)** |  | **(1.99)** |  | **(0.34)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | **$** | **21.81** | **$** | **33.50** | **$** | **27.22** | **$** | **26.08** | **$** | **28.43** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (d)(e)** |  | **(28.43)%** |  | **25.56%** |  | **6.33%** |  | **(0.66)%** |  | **(8.26)%** **(f)** |
| 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) |  | $152537 |  | $219793 |  | $181910 |  | $176887 |  | $177907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $198222 |  | $220989 |  | $178143 |  | $175583 |  | $189542 |
| &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 |  | 1.03% |  | 1.03% |  | 1.04% |  | 1.04% |  | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements |  | 1.04% |  | 1.03% |  | 1.04% |  | 1.04% |  | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** |  | 1.57% |  | 1.76% |  | 1.50% |  | 2.21% |  | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 57% |  | 68% |  | 85% |  | 92% |  | 65% |

---

See Footnote Summary on page 45.

See Notes to Financial Statements.

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

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **SHORT DURATION DIVERSIFIED MUNICIPAL CLASS** | **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **SHORT DURATION DIVERSIFIED MUNICIPAL CLASS** | **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **SHORT DURATION DIVERSIFIED MUNICIPAL CLASS** | **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **SHORT DURATION DIVERSIFIED MUNICIPAL CLASS** | **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **SHORT DURATION DIVERSIFIED MUNICIPAL CLASS** | **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **SHORT DURATION DIVERSIFIED MUNICIPAL CLASS** | **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **SHORT DURATION DIVERSIFIED MUNICIPAL CLASS** | **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **SHORT DURATION DIVERSIFIED MUNICIPAL CLASS** | **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **SHORT DURATION DIVERSIFIED MUNICIPAL CLASS** | **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **SHORT DURATION DIVERSIFIED MUNICIPAL CLASS** |
| | 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 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | **$** | **12.77** | **$** | **12.76** | **$** | **12.63** | **$** | **12.50** | **$** | **12.60** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** |  | 0.09 |  | 0.10 |  | 0.14 |  | 0.17 |  | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions |  | (0.64) |  | 0.02 |  | 0.14 |  | 0.13 |  | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **(0.55)** |  | **0.12** |  | **0.28** |  | **0.30** |  | **0.02** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: Dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: Dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: Dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: Dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: Dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: Dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: Dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: Dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: Dividends | &nbsp;&nbsp;&nbsp;&nbsp; Less: Dividends |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.09) |  | (0.11) |  | (0.15) |  | (0.17) |  | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | **$** | **12.13** | **$** | **12.77** | **$** | **12.76** | **$** | **12.63** | **$** | **12.50** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** |  | **(4.27)%** |  | **0.91%** |  | **2.20%** |  | **2.41%** |  | **0.18%** |
| 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) |  | $226047 |  | $282142 |  | $210145 |  | $191091 |  | $188148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $245118 |  | $238495 |  | $205125 |  | $186888 |  | $199804 |
| &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 **(g)** |  | 0.36% |  | 0.39% |  | 0.48% |  | 0.50% |  | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(g)** |  | 0.47% |  | 0.48% |  | 0.49% |  | 0.50% |  | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** |  | 0.76% |  | 0.81% |  | 1.13% |  | 1.34% |  | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 40% |  | 35% |  | 45% |  | 57% |  | 58% |

---

See Footnote Summary on page 45.

See Notes to Financial Statements.

 <br> *2022 Annual Report* *39*

------

##### [**Table of Contents**](#toc)
Financial Highlights *(continued)*

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CALIFORNIA MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **CALIFORNIA MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** |
| | 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 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | **$** | **14.60** | **$** | **14.52** | **$** | **14.44** | **$** | **13.99** | **$** | **14.32** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)** |  | 0.25 |  | 0.24 |  | 0.29 |  | 0.31 |  | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions |  | (1.33) |  | 0.08 |  | 0.08 |  | 0.45 |  | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **(1.08)** |  | **0.32** |  | **0.37** |  | **0.76** |  | **(0.02)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.24) |  | (0.24) |  | (0.29) |  | (0.31) |  | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | **$** | **13.28** | **$** | **14.60** | **$** | **14.52** | **$** | **14.44** | **$** | **13.99** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** |  | **(7.46)%** |  | **2.21%** |  | **2.59%** |  | **5.50%** |  | **(0.13)%** |
| 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) |  | $938638 |  | $1228752 |  | $1243747 |  | $1212947 |  | $1189754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $1116698 |  | $1252402 |  | $1222654 |  | $1181680 |  | $1177686 |
| &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 |  | 0.55% |  | 0.54% |  | 0.55% |  | 0.55% |  | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 1.76% |  | 1.66% |  | 1.98% |  | 2.17% |  | 2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 23% |  | 27% |  | 16% |  | 24% |  | 38% |

---

See Footnote Summary on page 45.

See Notes to Financial Statements.

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

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** |
| | 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 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | **$** | **14.80** | **$** | **14.67** | **$** | **14.57** | **$** | **14.05** | **$** | **14.43** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)** |  | 0.28 |  | 0.28 |  | 0.33 |  | 0.34 |  | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions |  | (1.44) |  | 0.13 |  | 0.10 |  | 0.52 |  | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **(1.16)** |  | **0.41** |  | **0.43** |  | **0.86** |  | **(0.07)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.27) |  | (0.28) |  | (0.33) |  | (0.34) |  | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | **$** | **13.37** | **$** | **14.80** | **$** | **14.67** | **$** | **14.57** | **$** | **14.05** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** |  | **(7.89)%** |  | **2.79%** |  | **2.99%** |  | **6.21%** |  | **(0.45)%** |
| 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) |  | $4296196 |  | $5390502 |  | $5035751 |  | $4989558 |  | $5479314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $5011517 |  | $5276753 |  | $5013687 |  | $5238466 |  | $5511547 |
| &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 |  | 0.47% |  | 0.47% |  | 0.47% |  | 0.47% |  | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 1.96% |  | 1.89% |  | 2.26% |  | 2.38% |  | 2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 15% |  | 22% |  | 20% |  | 22% |  | 23% |

---

See Footnote Summary on page 45.

See Notes to Financial Statements.

 <br> *2022 Annual Report* *41*

------

##### [**Table of Contents**](#toc)
Financial Highlights *(continued)*

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **NEW YORK MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **NEW YORK MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **NEW YORK MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **NEW YORK MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **NEW YORK MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **NEW YORK MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **NEW YORK MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **NEW YORK MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **NEW YORK MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** | **NEW YORK MUNICIPAL PORTFOLIO**<br> **MUNICIPAL CLASS** |
| | 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 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | **$** | **14.25** | **$** | **14.04** | **$** | **14.18** | **$** | **13.68** | **$** | **14.07** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: | &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)** |  | 0.26 |  | 0.27 |  | 0.30 |  | 0.32 |  | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions |  | (1.37) |  | 0.20 |  | (0.13) |  | 0.50 |  | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates |  | 0 |  | 0 |  | 0 |  | 0 |  | 0.00 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **(1.11)** |  | **0.47** |  | **0.17** |  | **0.82** |  | **(0.08)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.26) |  | (0.26) |  | (0.31) |  | (0.32) |  | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | **$** | **12.88** | **$** | **14.25** | **$** | **14.04** | **$** | **14.18** | **$** | **13.68** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** |  | **(7.89)%** |  | **3.38%** |  | **1.22%** |  | **6.03%** |  | **(0.57)%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) |  | $1277132 |  | $1606925 |  | $1585884 |  | $1629139 |  | $1631011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $1497091 |  | $1623786 |  | $1599889 |  | $1619580 |  | $1621380 |
| &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 |  | 0.54% |  | 0.53% |  | 0.54% |  | 0.53% |  | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 1.90% |  | 1.86% |  | 2.17% |  | 2.27% |  | 2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 14% |  | 18% |  | 18% |  | 18% |  | 23% |

---

See Footnote Summary on page 45.

See Notes to Financial Statements.

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INTERMEDIATE DURATION PORTFOLIO<br>INTERMEDIATE DURATION CLASS** | **INTERMEDIATE DURATION PORTFOLIO<br>INTERMEDIATE DURATION CLASS** | **INTERMEDIATE DURATION PORTFOLIO<br>INTERMEDIATE DURATION CLASS** | **INTERMEDIATE DURATION PORTFOLIO<br>INTERMEDIATE DURATION CLASS** | **INTERMEDIATE DURATION PORTFOLIO<br>INTERMEDIATE DURATION CLASS** | **INTERMEDIATE DURATION PORTFOLIO<br>INTERMEDIATE DURATION CLASS** | **INTERMEDIATE DURATION PORTFOLIO<br>INTERMEDIATE DURATION CLASS** | **INTERMEDIATE DURATION PORTFOLIO<br>INTERMEDIATE DURATION CLASS** | **INTERMEDIATE DURATION PORTFOLIO<br>INTERMEDIATE DURATION CLASS** | **INTERMEDIATE DURATION PORTFOLIO<br>INTERMEDIATE DURATION CLASS** |
| | 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 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | **$** | **13.49** | **$** | **14.02** | **$** | **13.54** | **$** | **12.76** | **$** | **13.23** |
| &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)** |  | 0.21 |  | 0.25 |  | 0.35 |  | 0.38 |  | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions |  | (2.23) |  | (0.28) |  | 0.51 |  | 0.83 |  | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates |  | 0 |  | 0 |  | 0 |  | 0.00 **(c)** |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **(2.02)** |  | **(0.03)** |  | **0.86** |  | **1.21** |  | **(0.15)** |
| &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 |  | (0.21) |  | (0.26) |  | (0.38) |  | (0.43) |  | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions |  | (0.13) |  | (0.24) |  | 0 |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** |  | **(0.34)** |  | **(0.50)** |  | **(0.38)** |  | **(0.43)** |  | **(0.32)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | **$** | **11.13** | **$** | **13.49** | **$** | **14.02** | **$** | **13.54** | **$** | **12.76** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** |  | **(15.25)%** |  | **(0.23)%** |  | **6.35%** |  | **9.70%** |  | **(1.14)%** |
| 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) |  | $3089962 |  | $3845735 |  | $3696937 |  | $3416459 |  | $3291645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $3542155 |  | $3818467 |  | $3503078 |  | $3289133 |  | $3339472 |
| &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 |  | 0.56% |  | 0.56% |  | 0.57% |  | 0.57% |  | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 1.65% |  | 1.81% |  | 2.54% |  | 2.95% |  | 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate **(h)** |  | 122% |  | 123% |  | 72% |  | 62% |  | 201% |

---

See Footnote Summary on page 45.

See Notes to Financial Statements.

 <br> *2022 Annual Report* *43*

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##### [**Table of Contents**](#toc)
Financial Highlights *(continued)*

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SHORT DURATION PLUS PORTFOLIO**<br> **SHORT DURATION PLUS CLASS** | **SHORT DURATION PLUS PORTFOLIO**<br> **SHORT DURATION PLUS CLASS** | **SHORT DURATION PLUS PORTFOLIO**<br> **SHORT DURATION PLUS CLASS** | **SHORT DURATION PLUS PORTFOLIO**<br> **SHORT DURATION PLUS CLASS** | **SHORT DURATION PLUS PORTFOLIO**<br> **SHORT DURATION PLUS CLASS** | **SHORT DURATION PLUS PORTFOLIO**<br> **SHORT DURATION PLUS CLASS** | **SHORT DURATION PLUS PORTFOLIO**<br> **SHORT DURATION PLUS CLASS** | **SHORT DURATION PLUS PORTFOLIO**<br> **SHORT DURATION PLUS CLASS** | **SHORT DURATION PLUS PORTFOLIO**<br> **SHORT DURATION PLUS CLASS** | **SHORT DURATION PLUS PORTFOLIO**<br> **SHORT DURATION PLUS CLASS** |
| | 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 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | **$** | **11.67** | **$** | **11.78** | **$** | **11.74** | **$** | **11.53** | **$** | **11.68** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** |  | 0.08 |  | 0.11 |  | 0.17 |  | 0.22 |  | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions |  | (0.67) |  | (0.11) |  | 0.06 |  | 0.23 |  | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** |  | **(0.59)** |  | **0** |  | **0.23** |  | **0.45** |  | **0.02** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: | &nbsp;&nbsp;&nbsp;&nbsp; Less dividends: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.07) |  | (0.11) |  | (0.19) |  | (0.24) |  | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | **$** | **11.01** | **$** | **11.67** | **$** | **11.78** | **$** | **11.74** | **$** | **11.53** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** |  | **(5.02)%** |  | **0.01%** |  | **1.97%** |  | **3.96%** |  | **0.18%** |
| 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) |  | $323936 |  | $245285 |  | $225045 |  | $229120 |  | $188523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) |  | $244478 |  | $245228 |  | $223901 |  | $213653 |  | $207677 |
| &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 |  | 0.44% |  | 0.46% |  | 0.56% |  | 0.56% |  | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements |  | 0.54% |  | 0.55% |  | 0.56% |  | 0.56% |  | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** |  | 0.74% |  | 0.91% |  | 1.48% |  | 1.93% |  | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate |  | 48% |  | 75% |  | 50% |  | 39% |  | 85% **(h)** |

---

See Footnote Summary on page 45.

See Notes to Financial Statements.

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

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##### [**Table of Contents**](#toc)
**(a)** Based on average shares outstanding.

**(b)** Net of expenses waived by the Adviser.

(**c)** Amount is less than $.005.

**(d)** Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year
is not annualized.

**(e)** Includes the impact of proceeds received and credited to the Portfolio resulting from the class action settlements, which enhanced the performance for the Emerging Markets Portfolio for the years ended
September 30, 2022, September 30, 2020, and September 30, 2018 by 0.07%, 0.32% and 0.03%, respectively,

**(f)** The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and
total return for shareholder transactions may differ from financial statements.

**(g)** In connection with the Portfolio's investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative
and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio's pro rata share of certain acquired fund fees and expenses,
and for the period shown below, such waiver amounted to:

**Acquired Fund Fees and Expenses:**

---

| | |
|:---|:---|
| | YEAR<br>ENDED<br>09/30/20 |
| Short Duration Diversified Municipal | 0.01% |

---

**Waiver:**

---

| | |
|:---|:---|
| | YEAR<br>ENDED<br>09/30/20 |
| Short Duration Diversified Municipal | 0.01% |

---

**(h)** The Portfolio accounts for dollar roll transactions as purchases and sales.

See Notes to Financial Statements.

 <br> *2022 Annual Report* *45*

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

---

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

---

Sanford C. Bernstein Fund, Inc. (the "Fund") is registered under the Investment Company Act of 1940 as an open-end registered investment company. The Fund, which is a Maryland corporation, operates as a series company currently comprised of 13 portfolios (hereafter collectively referred to as the "Portfolios" and each individually a "Portfolio") with the following share classes offered:

---

| | |
|:---|:---|
| **EMERGING MARKETS PORTFOLIO** | **SHARE CLASSES OFFERED** |
|  Emerging Markets | Emerging Markets Class\* and Class Z |
| **FIXED INCOME MUNICIPAL PORTFOLIOS** |  |
|  Short Duration Diversified Municipal | Short Duration Diversified Municipal Class\* |
|  California Municipal | Municipal Class\*, Class A, Class C and Advisor Class |
|  Diversified Municipal | Municipal Class\*, Class A, Class C, Advisor Class and Class Z |
|  New York Municipal | Municipal Class\*, Class A, Class C and Advisor Class |
| **FIXED INCOME TAXABLE PORTFOLIOS** |  |
|  Intermediate Duration | Intermediate Duration Class\*, Class A, Advisor Class and Class Z |
|  Short Duration Plus | Short Duration Plus Class\*, Class A and Class C |

---

\* Bernstein Class

---

| | |
|:---|:---|
| **OVERLAY PORTFOLIOS** |  |
|  Overlay A | Class 1 and Class 2 |
|  Tax-Aware Overlay A | Class 1 and Class 2 |
|  Overlay B | Class 1 and Class 2 |
|  Tax-Aware Overlay B | Class 1 and Class 2 |
|  Tax-Aware Overlay C | Class 1 and Class 2 |
|  Tax-Aware Overlay N | Class 1 and Class 2 |

---

Each Portfolio has its own investment objectives. This report relates only to the Emerging Markets Portfolio, Fixed Income Municipal Portfolios and Fixed Income Taxable Portfolios (together the "SCB Portfolios"). The financial statements of the Overlay Portfolios and the financial highlights of Class A, Class C, Advisor Class and Class Z Shares (collectively "Retail Classes") of California Municipal, Diversified Municipal, New York Municipal, Intermediate Duration and Short Duration Plus Portfolios are presented in separate financial reports. Each class of shares has identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan, as applicable. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolios.

***A.***  ***Portfolio Valuation*** 

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at "fair value" as determined in accordance with procedures approved by and under the oversight of the Portfolios' Board of Directors (the "Board"). Pursuant to these procedures, AllianceBernstein L.P. (the "Adviser") serves as the Portfolios' valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolios' portfolio investments, subject to the Board's oversight.

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

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##### [**Table of Contents**](#toc)
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 statements or other available documents. In addition, the Portfolios may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolios value their securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolios generally value many of their foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

***B.***  ***Fair Value Measurements*** 

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolios would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note 1.A above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolios. Unobservable inputs reflect the Portfolios' own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—other significant observable inputs (including quoted prices for similar investments, interest
rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—significant unobservable inputs (including the Portfolios' own assumptions in determining the
fair value of investments)

 <br> *2022 Annual Report* *47*

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

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are: the value of collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following tables summarize the valuation of the Portfolios' investments by the above fair value hierarchy levels as of September 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EMERGING MARKETS PORTFOLIO** <br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | $29471414 | $214567878 | $0 **(a)** | $244039292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 43965696 | 171092109 | 0 | 215057805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 13031476 | 180507356 | 0 | 193538832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 17506539 | 53324420 | 1 | 70830960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 42324529 | 20160001 | 0 | 62484530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 22055236 | 30685662 | 0 | 52740898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 43867155 | 0 | 43867155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 25224149 | 0 | 25224149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 5051283 | 18975855 | 0 **(a)** | 24027138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 8228247 | 12046667 | 0 **(a)** | 20274914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 10004284 | 9326503 | 0 | 19330787 |
|  Equity Linked Notes | 0 | 25362301 | 0 | 25362301 |
|  Short-Term Investments | 20028458 | 0 | 0 | 20028458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 211667162 | 805140056 **(b)** | 1 **(a)** | 1016807219 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EMERGING MARKETS PORTFOLIO** <br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Other Financial Instruments (c):** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $0 | $3126768 | $0 | $3126768 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | (8483398) | 0 | (8483398) |
|  **Total** | $**211667162** | $**799783426** | $**1** **(a)** | $**1011450589** |
| **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Long-Term Municipal Bonds | $0 | $221403260 | $0 | $221403260 |
|  Short-Term Municipal Notes | 0 | 9345000 | 0 | 9345000 |
|  Corporates—Investment Grade | 0 | 3840540 | 0 | 3840540 |
|  Corporates—Non-Investment Grade | 0 | 267669 | 0 | 267669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 0 | 234856469 | 0 | 234856469 |
|  **Other Financial Instruments (c):** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps | 0 | 536916 | 0 | 536916 **(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps | 0 | 66649 | 0 | 66649 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps | 0 | (139179) | 0 | (139179)**(d)** |
|  **Total** | $**0** | $**235320855** | $**0** | $**235320855** |
| **CALIFORNIA MUNICIPAL PORTFOLIO**<br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** |  |  |  |  |
|  Long-Term Municipal Bonds | $0 | $986498644 | $0 **(a)** | $986498644 |
|  Short-Term Municipal Notes | 0 | 37535092 | 0 | 37535092 |
|  Commercial Mortgage-Backed Securities | 0 | 11255740 | 0 | 11255740 |
|  Governments—Treasuries | 0 | 2161986 | 0 | 2161986 |
|  Corporates—Investment Grade | 0 | 1957540 | 0 | 1957540 |
|  Collateralized Mortgage Obligations | 0 | 565234 | 0 | 565234 |
|  Short-Term Investments | 0 | 58427622 | 0 | 58427622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 0 | 1098401858 | 0 **(a)** | 1098401858 |
|  **Other Financial Instruments (c):** |  |  |  |  |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps | 0 | 9922661 | 0 | 9922661 **(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 0 | 5977878 | 0 | 5977878 **(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps | 0 | 1424335 | 0 | 1424335 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps | 0 | (328585) | 0 | (328585)**(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps | 0 | (1746727) | 0 | (1746727)**(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swaps | 0 | (761453) | 0 | (761453) |
|  **Total** | $**0** | $**1112889967** | $**0** **(a)** | $**1112889967** |

---

 <br> *2022 Annual Report* *49*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DIVERSIFIED MUNICIPAL PORTFOLIO**<br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** |  |  |  |  |
|  Long-Term Municipal Bonds | $0 | $4963212545 | $0 | $4963212545 |
|  Short-Term Municipal Notes | 0 | 444322000 | 0 | 444322000 |
|  Corporates—Investment Grade | 0 | 51966820 | 0 | 51966820 |
|  Commercial Mortgage-Backed Securities | 0 | 20755734 | 0 | 20755734 |
|  Corporates—Non-Investment Grade | 0 | 17172663 | 0 | 17172663 |
|  Collateralized Mortgage Obligations | 0 | 3125124 | 0 | 3125124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 0 | 5500554886 | 0 | 5500554886 |
|  **Other Financial Instruments (c):** |  |  |  |  |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps | 0 | 1525557 | 0 | 1525557 **(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps | 0 | 45693030 | 0 | 45693030 **(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 0 | 30907994 | 0 | 30907994 **(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps | 0 | 6568374 | 0 | 6568374 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps | 0 | (8010489) | 0 | (8010489)**(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 0 | (2297125) | 0 | (2297125)**(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swaps | 0 | (3183456) | 0 | (3183456) |
|  **Total** | $**0** | $**5571758771** | $**0** | $**5571758771** |
| **NEW YORK MUNICIPAL PORTFOLIO**<br> **INVESTMENT IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Long-Term Municipal Bonds | $0 | $1291725278 | $250000 | $1291975278 |
|  Short-Term Municipal Notes | 0 | 74285000 | 0 | 74285000 |
|  Governments—Treasuries | 0 | 2190554 | 0 | 2190554 |
|  Corporates—Investment Grade | 0 | 1957540 | 0 | 1957540 |
|  Collateralized Mortgage Obligations | 0 | 949577 | 0 | 949577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 0 | 1371107949 | 250000 | 1371357949 |
|  **Other Financial Instruments (c):** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps | 0 | 12968479 | 0 | 12968479 **(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 0 | 8041619 | 0 | 8041619 **(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps | 0 | 1951207 | 0 | 1951207 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps | 0 | (2262208) | 0 | (2262208)**(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 0 | (1126042) | 0 | (1126042)**(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swaps | 0 | (1063299) | 0 | (1063299) |
|  **Total** | $**0** | $**1389617705** | $**250000** | $**1389867705** |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERMEDIATE DURATION PORTFOLIO**<br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Governments—Treasuries | $0 | $1236707238 | $0 | $1236707238 |
|  Corporates—Investment Grade | 0 | 693778472 | 0 | 693778472 |
|  Mortgage Pass-Throughs | 0 | 519260321 | 0 | 519260321 |
|  Collateralized Mortgage Obligations | 0 | 238878783 | 0 | 238878783 |
|  Asset-Backed Securities | 0 | 157349601 | 0 | 157349601 |
|  Commercial Mortgage-Backed Securities | 0 | 99335649 | 12375548 | 111711197 |
|  Collateralized Loan Obligations | 0 | 84321764 | 0 | 84321764 |
|  Corporates—Non-Investment Grade | 0 | 59087252 | 0 | 59087252 |
|  Local Governments—US Municipal Bonds | 0 | 27798967 | 0 | 27798967 |
|  Emerging Markets—Corporate Bonds | 0 | 13087972 | 0 | 13087972 |
|  Common Stocks | 0 | 0 | 9135974 | 9135974 |
|  Quasi-Sovereigns | 0 | 8731334 | 0 | 8731334 |
|  Emerging Markets—Sovereigns | 0 | 8662214 | 0 | 8662214 |
|  Agencies | 0 | 6019761 | 0 | 6019761 |
|  Governments—Sovereign Bonds | 0 | 1727904 | 0 | 1727904 |
|  Short-Term Investments | 0 | 64470728 | 0 | 64470728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 0 | 3219217960 | 21511522 | 3240729482 |
|  **Other Financial Instruments (c):** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 924469 | 0 | 0 | 924469 **(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | 1182204 | 0 | 1182204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps | 0 | 774860 | 0 | 774860 **(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 0 | 2464228 | 0 | 2464228 **(d)** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (13990539) | 0 | 0 | (13990539)**(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | (348530) | 0 | (348530) |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swaps | 0 | (4996454) | 0 | (4996454) |
|  **Total** | $**(13066070)** | $**3218294268** | $**21511522** | $**3226739720** |
| **SHORT DURATION PLUS PORTFOLIO**<br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Governments—Treasuries | $0 | $232493720 | $0 | $232493720 |
|  Corporates—Investment Grade | 0 | 27080280 | 0 | 27080280 |
|  Asset-Backed Securities | 0 | 18366340 | 0 | 18366340 |
|  Collateralized Mortgage Obligations | 0 | 14129884 | 0 | 14129884 |
|  Commercial Mortgage-Backed Securities | 0 | 6695729 | 876837 | 7572566 |
|  Collateralized Loan Obligations | 0 | 4780166 | 0 | 4780166 |
|  Agencies | 0 | 3898491 | 0 | 3898491 |
|  Mortgage Pass-Throughs | 0 | 1606371 | 0 | 1606371 |
|  Local Governments—US Municipal Bonds | 0 | 863281 | 0 | 863281 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills | 0 | 17165600 | 0 | 17165600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Governments—Treasuries | 0 | 6779481 | 0 | 6779481 |
|  Total Investments in Securities | 0 | 333859343 | 876837 | 334736180 |

---

 <br> *2022 Annual Report* *51*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SHORT DURATION PLUS PORTFOLIO**<br> **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Other Financial Instruments (c):** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | $93719 | $0 | $0 | $93719 **(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | 41484 | 0 | 41484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 0 | 449586 | 0 | 449586 **(d)** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (1314713) | 0 | 0 | (1314713)**(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swaps | 0 | (404231) | 0 | (404231 **)** |
|  **Total** | $**(1220994)** | $**333946182** | $**876837** | $**333602025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Portfolio held securities with zero market value at period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A significant portion of the Portfolio's foreign equity investments are categorized as Level 2
investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available, see Note 1.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued
at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Only variation margin receivable/(payable) at period end is reported within the statement of assets and
liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the schedule of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here
at market value.

***C.***  ***Foreign Currency Translation*** 

The accounting records of the Portfolios are maintained in U.S. dollars. Prices of securities and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. dollars using the exchange rate at 4:00 p.m., Eastern Time. Amounts related to the purchases and sales of securities, investment income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions.

Net realized gain or loss on foreign currency transactions represents net foreign exchange gains or losses from the disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on security transactions and the difference between the amount of dividends, interest and foreign withholding taxes recorded on the Portfolios' books and the U.S. dollar equivalent amount actually received or paid. Net unrealized currency gains and losses arising from valuing foreign currency denominated assets and liabilities, other than security investments, at the current exchange rate are reflected as part of unrealized appreciation/depreciation on foreign currencies.

The Portfolios do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at period end. The Portfolios do isolate the effect of changes in foreign exchange rates from changes in market prices of securities sold during the year, as required by the Internal Revenue Code.

The Emerging Markets Portfolio, Intermediate Duration Portfolio and Short Duration Plus 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.

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

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##### [**Table of Contents**](#toc)
***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 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, 2022, 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.***  ***Securities Transactions on a When-Issued or Delayed-Delivery Basis*** 

Each Portfolio may purchase securities on a when-issued basis or purchase or sell securities on a delayed-delivery basis. At the time a Portfolio commits to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will record the transaction and use the security's value in determining the Portfolio's net asset value. At the time a Portfolio commits to sell a security on a delayed-delivery basis, the Portfolio will record the transaction and exclude the security's value in determining the Portfolio's net asset value.

***G.***  ***Class Allocations*** 

All income earned and expenses incurred by the Portfolios are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the shares of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each Portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

***H.***  ***Distribution of Income and Gains*** 

Net investment income of each Portfolio except the Emerging Markets Portfolio is declared and recorded as a dividend to shareholders daily and is payable to shareholders monthly. Dividends from net investment income, if any, of the Emerging Markets Portfolio will be paid to shareholders at least once a year.

Distributions of net realized gains, less any available loss carryforwards, if any, for all the Portfolios will be paid to shareholders at least once a year, and recorded on the ex-dividend date.

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

 <br> *2022 Annual Report* *53*

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

Permanent differences have no effect on net assets. The effects of such permanent differences on each Portfolio, due to the utilization of earnings and profits distributed to shareholders on redemption of shares and distribution in excess of income which are reflected as adjustments to the components of net assets as of September 30, 2022, as shown below:

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **INCREASE (DECREASE)<br>TO ADDITIONAL<br>PAID-IN CAPITAL** | **INCREASE (DECREASE)<br>TO DISTRIBUTABLE<br>EARNINGS/<br>ACCUMULATED LOSS** |
|  Emerging Markets Portfolio | $3687875 | $(3687875) |
|  Short Duration Diversified Municipal Portfolio | 0 | 0 |
|  California Municipal Portfolio | (267148) | 267148 |
|  Diversified Municipal Portfolio | (979682) | 979682 |
|  New York Municipal Portfolio | (711060) | 711060 |
|  Intermediate Duration Portfolio | (421249) | 421249 |
|  Short Duration Plus Portfolio | 0 | 0 |

---

---

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

---

***A.***  ***Management Fee*** 

Under the Investment Management Agreement between the Fund and the Adviser, the Adviser manages the investment of each Portfolio's assets, places purchase and sale orders, and bears various expenses, including the salaries and expenses of all personnel except those of outside directors. In addition, the Adviser agrees to permit its directors, officers and employees who may be elected directors or officers of the Fund to serve in the capacities to which they are elected. The Adviser renders these services subject to the general oversight of the Board.

The Portfolios pay the Adviser an investment management fee, based on an annual rate, for such services as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO** | **ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO** | **ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO** | **ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO** | **ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO** |
| <br>**PORTFOLIO** | | | **FIRST**<br> **$2.5 BILLION** | **NEXT**<br> **$2.5 BILLION** | **THEREAFTER** |
| Emerging Markets |  |  | 0.950% | 0.900% | 0.850% |
|  |  |  |  | **FIRST**<br> **$750 MILLION** | **THEREAFTER** |
| Short Duration Diversified Municipal |  |  |  | 0.300% | 0.250% |
|  |  | **FIRST**<br> **$1 BILLION** | **NEXT**<br> **$2 BILLION** | **NEXT**<br> **$2 BILLION** | **THEREAFTER** |
| California Municipal and New York Municipal<br>|  | 0.425% | 0.375% | 0.325% | 0.275% |
|  | **FIRST**<br> **$1 BILLION** | **NEXT**<br> **$2 BILLION** | **NEXT**<br> **$2 BILLION** | **NEXT**<br> **$2 BILLION** | **THEREAFTER** |
| Diversified Municipal | 0.425% | 0.375% | 0.325% | 0.275% | 0.225% |
|  |  | **FIRST**<br> **$2.5 BILLION** | **NEXT**<br> **$2.5 BILLION** | **NEXT**<br> **$3 BILLION** | **THEREAFTER** |
| Intermediate Duration |  | 0.450% | 0.400% | 0.350% | 0.300% |
|  |  |  |  | **FIRST**<br> **$750 MILLION** | **THEREAFTER** |
| Short Duration Plus |  |  |  | 0.350% | 0.300% |

---

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

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##### [**Table of Contents**](#toc)
Effective January 28, 2021, the Adviser has agreed to waive its fees and bear certain expenses of the Intermediate Duration Portfolio to the extent necessary to limit the total other expenses (exclusive of advisory fees, distribution and/or service (Rule 12b-1) fees, extraordinary expenses, interest expense, acquired fund fees and expenses other than the advisory fees of any affiliated funds in which the Portfolio may invest, expenses associated with securities sold short, and brokerage commission and other transaction costs) to 0.22%, 0.22% and 0.13% for Class A, Advisor Class and Class Z shares, respectively. For the year ended September 30, 2022, such reimbursements/waivers amounted to $35,166. The Expense Caps may not be terminated by the Adviser before January 28, 2023.

***B.***  ***Shareholder Servicing Fee; Transfer Agency Fee*** 

Under the Shareholder Servicing Agreement between the Fund and the Adviser, the Adviser pays expenses it incurs in providing shareholder servicing to the Fund, the Portfolios and individual shareholders. The Shareholder Servicing Agreement does not apply to the Retail Classes. Such services include, but are not limited to, providing information to shareholders concerning their fund investments, systematic withdrawal plans, fund dividend payments and reinvestments, shareholder account or transactions status, net asset value of shares, fund performance, fund services, plans and options, fund investment policies, portfolio holdings and tax consequences of fund investments; dealing with shareholder complaints and other correspondence relating to fund matters; and communications with shareholders when proxies are being solicited from them with respect to voting their fund shares. Under the agreement, the fee paid by each Portfolio, except the Emerging Markets Portfolio, to the Adviser for services is 0.10 of 1%, annualized, of the average daily net assets attributable to the Bernstein Class during the month, and the fee paid by the Emerging Markets Portfolio for services is 0.25 of 1%, annualized, of the average daily net assets attributable to the Bernstein Class during the month. Effective November 13, 2020, the Adviser voluntarily agreed to waive the shareholder servicing fee of 0.10 of 1%, annualized, of the average daily net assets attributable to the Bernstein Class of the Short Duration Diversified Municipal Portfolio and the Short Duration Plus Portfolio. For the year ended September 30, 2022, such waiver amounted to:

---

| | |
|:---|:---|
| **PORTFOLIO** | **AMOUNT** |
|  Short Duration Diversified Municipal | $245118 |
|  Short Duration Plus | 244478 |

---

Under a Transfer Agency Agreement between the Fund on behalf of the Retail Classes, and AllianceBernstein Investor Services, Inc. ("ABIS"), the Retail Classes compensate ABIS, a wholly owned subsidiary of the Adviser, for providing personnel and facilities to perform transfer agency services. ABIS may make payments to intermediaries that provide omnibus account services, sub accounting services and/or networking services. For the year ended September 30, 2022, the compensation retained by ABIS amounted to: Emerging Markets Portfolio, $39,644; California Municipal Portfolio, $18,043; Diversified Municipal Portfolio, $161,109; New York Municipal Portfolio, $19,121; Intermediate Duration Portfolio $17,985 and Short Duration Plus Portfolio, $17,723. With respect to the Short Duration Plus Portfolio, for the year ended September 30, 2022, ABIS has voluntarily agreed to waive a portion of transfer agency fees in the amounts of $976 and $85 for Class A Shares and Class C Shares, respectively.

***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 SCB Class shares of the Portfolios. The Distributor receives no fee for this service, and furthermore agrees to pay all expenses arising from the performance of its obligations under this agreement. The Distributor is a wholly owned subsidiary of the Adviser.

***D.***  ***Distribution Arrangements—the Retail Classes Only*** 

The Retail Classes of the Intermediate Municipal Portfolios and the Fixed Income Taxable Portfolios and Class Z Shares of the Emerging Markets Portfolio have adopted a Distribution Services Agreement (the "Agreement"), including a distribution plan pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, each of the Retail Classes pays distribution services fees to AllianceBernstein Investments, Inc., (the "Retail Distributor"), a wholly owned subsidiary of the Adviser, at an annual rate of up to 0.30 of 1% of the Class A Shares, and 1% of the Class C Shares of the respective average daily net assets attributable to the Retail Classes. Payments under the Agreement in

 <br> *2022 Annual Report* *55*

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

respect of Class A shares are currently limited to an annual rate of 0.25 of 1% of Class A shares' average daily net assets. With respect to the Short Duration Plus Portfolio, the Retail Distributor voluntarily agreed to waive 0.55 of 1% to limit distribution service fees for Short Duration Plus Portfolio to 0.45 of 1% of the average daily net assets attributable to the Class C Shares. The fees are accrued daily and paid monthly. For the year ended September 30, 2022, such waiver amounted to $5,364. With respect to the Short Duration Plus Portfolio, for the year ended September 30, 2022, the Retail Distributor voluntarily agreed to waive additional distribution service fees in the amounts of $16,186 and $2,320 for Class A Shares and C Shares, respectively. The Agreement provides that the Retail Distributor will use such payments in their entirety for distribution assistance and promotional activities. The Retail Distributor has advised the Fund, that it has incurred expenses in excess of the distribution costs reimbursed by each of the Retail Classes as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PORTFOLIO** | **PORTFOLIO** | **PORTFOLIO** | **PORTFOLIO** |
| | **CALIFORNIA<br>MUNICIPAL** | **DIVERSIFIED<br>MUNICIPAL** | **NEW YORK<br>MUNICIPAL** | **SHORT**<br> **DURATION PLUS** |
|  Class C | $1333599 | $3271259 | $2418480 | $1035786 |

---

There are no distribution and servicing fees on the Advisor Class and Class Z Shares.

While such costs may be recovered from each Portfolio in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Retail Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of each Portfolio's shares.

***E.***  ***Investments in Affiliated Issuers*** 

The Emerging Markets Portfolio and the Short Duration Diversified Municipal Portfolio may invest in AB Government Money Market Portfolio (the "Government Money Market Portfolio"), advised by the Adviser, which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the investment by the Portfolios in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolios in an amount equal to each Portfolio's pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolios as an acquired fund fee and expense. For the year ended September 30, 2022, such waivers amounted to:

---

| | |
|:---|:---|
| **PORTFOLIO** | **AMOUNT** |
|  Emerging Markets | $18514 |
|  Short Duration Diversified Municipal | 8003 |

---

A summary of the Portfolios' transactions in shares of the Government Money Market Portfolio for the year ended September 30, 2022 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **MARKET VALUE<br>9/30/21<br>(000)** | **PURCHASES**<br> **AT COST<br>(000)** | **SALES<br>PROCEEDS<br>(000)** | **MARKET VALUE<br>9/30/22<br>(000)** | **DIVIDEND<br>INCOME<br>(000)** |
|  Emerging Markets | $23229 | $338713 | $341914 | $20028 | $159 |
|  Short Duration Diversified Municipal | 0 | 199814 | 199814 | $0 | 71 |

---

***F.***  ***Other Transactions with Affiliates*** 

Class A Shares of the Retail Classes are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. The Intermediate Municipal Portfolio's Class A shares are sold with a reduced front-end sales charge of up to 3.00% for purchases up to $500,000; purchases of $500,000 or more will not be subject to a sales charge. With respect to

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##### [**Table of Contents**](#toc)
purchases of $1,000,000 or more ($500,000 or more with respect to the Intermediate Municipal Portfolios), Class A Shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Effective March 7, 2022, the maximum sales charge for purchases of the Short Duration Plus Portfolio's Class A shares is reduced from 4.25% to 2.25% and purchases in amounts of $500,000 or more, or by certain group retirement plans, may be subject to a 1%, 18-month contingent deferred sales charge, which may be subject to waiver in certain circumstances. Prior to March 7, 2022, purchases of the Short Duration Plus Portfolio's Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, which may be subject to waiver in certain circumstances.

Class C Shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Effective May 31, 2021, Class C shares automatically converted to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares ten years after the end of the calendar month of purchase.

AllianceBernstein Investments, Inc. has advised the Fund, that it has retained front-end sales charges from sales of Class A Shares and received contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C Shares for the year ended September 30, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **FRONT-END<br>SALES<br>CHARGES**<br> **CLASS A** | **CONTINGENT DEFERRED SALES CHARGES** | **CONTINGENT DEFERRED SALES CHARGES** |
| <br>**PORTFOLIO** | **FRONT-END<br>SALES<br>CHARGES**<br> **CLASS A** | **CLASS A** | **CLASS C** |
|  California Municipal | $0 | $3971 | $5757 |
|  Diversified Municipal | 0 | 190377 | 4324 |
|  New York Municipal | 0 | 0 | 177 |
|  Intermediate Duration | 20 | 0 | N/A |
|  Short Duration Plus | 486 | 4364 | 122 |

---

---

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

---

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

For the year ended September 30, 2022, the Portfolios had purchases and sales transactions, excluding transactions in short-term instruments, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **PURCHASES EXCLUDING**<br> **U.S. GOVERNMENT**<br> **SECURITIES** | **PURCHASES OF**<br> **U.S. GOVERNMENT**<br> **SECURITIES** | **SALES EXCLUDING**<br> **U.S. GOVERNMENT**<br> **SECURITIES** | **SALES OF**<br> **U.S. GOVERNMENT**<br> **SECURITIES** |
|  Emerging Markets | $735734322 | $0 | $756666236 | $0 |
|  Short Duration Diversified Municipal | 87411586 | 0 | 104466462 | 0 |
|  California Municipal | 270595900 | 0 | 421806844 | 1847719 |
|  Diversified Municipal | 865718235 | 7799858 | 1038004187 | 10120192 |
|  New York Municipal | 213165721 | 0 | 396473428 | 3263190 |
|  Intermediate Duration | 613060255 | 3965910259 | 782410252 | 3540230958 |
|  Short Duration Plus | 39090097 | 181713533 | 25124668 | 92580188 |

---

 <br> *2022 Annual Report* *57*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **GROSS UNREALIZED** | **GROSS UNREALIZED** | **NET UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)** |
| <br>**PORTFOLIO** |<br>**COST** | **APPRECIATION** | **(DEPRECIATION)** | **NET UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)** |
|  Emerging Markets Portfolio | $1208023005 | $67065690 | $(258576142) | $(191510452) |
|  Short Duration Diversified Municipal Portfolio | 244889287 | 619046 | (10186701) | (9567655) |
|  California Municipal Portfolio | 1174379850 | 18527221 | (78542232) | (60015011) |
|  Diversified Municipal Portfolio | 5876832465 | 90604078 | (391953068) | (301348990) |
|  New York Municipal Portfolio | 1473370418 | 24478301 | (106269821) | (81791520) |
|  Intermediate Duration Portfolio | 3675642378 | 12204774 | (441948401) | (429743627) |
|  Short Duration Plus Portfolio | 345417082 | 912439 | (10938177) | (10025738) |

---

***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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•***  ***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 and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments are known as variation margin and are recorded by the Portfolios as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

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

During the year ended September 30, 2022, the Intermediate Duration Portfolio and Short Duration Plus Portfolio held futures for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•***  ***Forward Currency Exchange Contracts*** 

The Emerging Markets Portfolio, Intermediate Duration Portfolio and Short Duration Plus 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

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##### [**Table of Contents**](#toc)
rate then prevailing in the currency-exchange market. Forward currency exchange contracts obligate the contracting parties to purchase or sell a specific currency at a specified future date at a specified price. The Portfolios will generally not enter into a forward currency exchange contract with a term greater than one year. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Forward currency exchange contracts used to protect the Portfolios from adverse currency movements involve the risk that the Adviser may not accurately predict currency movements. As a result, total return could be adversely affected. The Adviser may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps and other options. The Adviser may enter into foreign currency transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value.

Under certain circumstances, Emerging Markets Portfolio may commit a substantial portion or the entire value of the Portfolios to the consummation of these contracts. The Adviser will consider the effect that a substantial commitment of assets to forward currency exchange contracts would have on the investment program of the Portfolios and the flexibility of the Portfolios to purchase additional securities.

During the year ended September 30, 2022, Intermediate Duration Portfolio and Short Duration Plus Portfolio held forward currency exchange contracts for hedging and non-hedging purposes, Emerging Markets Portfolio held forward currency exchange contracts for hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•***  ***Swaps*** 

The Portfolios may enter into swaps to hedge their exposure to interest rates, credit risk, or currencies. Certain Portfolios may also enter into swaps for non-hedging purposes as a means of gaining market exposures, including by making direct investments in foreign currencies, as described below under "Currency Transactions." A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Portfolios in accordance with the terms of the respective swaps to provide value and recourse to the Portfolios or their counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Portfolios, and/or the termination value at the end of the contract. Therefore, the Portfolios consider the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Portfolios and the counterparty and by the posting of collateral by the counterparty to the Portfolios to cover the Portfolios' exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Portfolios accrue for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants ("FCMs") that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

 <br> *2022 Annual Report* *59*

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Notes to Financial Statements *(continued)*

At the time the Portfolios enter into a centrally cleared swap, the Portfolios deposit and maintain as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments are known as variation margin and are recorded by the Portfolios as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

*Interest Rate Swaps:* 

The Portfolios are subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolios hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolios may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolios may elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate on a notional amount.

In addition, a Portfolio may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Portfolio anticipates purchasing at a later date. Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest (*e.g.*, an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or "notional") amount. Interest rate swaps are entered into on a net basis (*i.e.*, the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments).

During the year ended September 30, 2022, the Short Duration Diversified Municipal Portfolio, California Municipal Portfolio, Diversified Municipal Portfolio and New York Municipal Portfolio held interest rate swaps for hedging purposes, Intermediate Duration Portfolio and Short Duration Plus Portfolio held interest rate swaps for hedging and non-hedging purposes.

*Inflation (CPI) Swaps:* 

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Portfolio against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the year ended September 30, 2022, the Short Duration Diversified Municipal Portfolio, California Municipal Portfolio, Diversified Municipal Portfolio and New York Municipal Portfolio held inflation (CPI) swaps for hedging purposes, Intermediate Duration Portfolio and Short Duration Plus Portfolio held inflation (CPI) swaps for hedging and non-hedging purposes.

*Credit Default Swaps:* 

The Fixed-Income Portfolios may enter into credit default swaps for multiple reasons, including to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults by corporate and sovereign issuers held by the Portfolios, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed. The Portfolios may purchase credit protection ("Buy Contract") or provide credit protection ("Sale Contract") on the referenced obligation of the credit default swap. During the term of the swap, the Portfolios receive/(pay) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolios will either

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the "Maximum Payout Amount") and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolios for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if a Portfolio had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If a Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If a Portfolio is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Portfolio coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Portfolio.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the schedule of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the market's assessment of the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation's credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced obligation.

During the year ended September 30, 2022, the California Municipal Portfolio, Diversified Municipal Portfolio, New York Municipal Portfolio, Intermediate Duration Portfolio and Short Duration Plus Portfolio held credit default swaps for hedging and non-hedging purposes.

A Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreement") with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, a Portfolio typically may offset with the OTC counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of a Portfolio's net liability, held by the defaulting party, may be delayed or denied.

A Portfolio's ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of a Portfolio decline below specific levels ("net asset contingent features"). If these levels are triggered, a Portfolio's OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty tables below for additional details.

During the year ended September 30, 2022, the Portfolios had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EMERGING<br>MARKETS PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS**<br> **AND LIABILITIES**<br> **LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS**<br> **AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | $3126768 | Unrealized depreciation on forward currency exchange contracts | $8483398 |
|  Total |  | $3126768 |  | $8483398 |

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 <br> *2022 Annual Report* *61*

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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 | $4895727 | $(5072692) |
|  Total |  | $4895727 | $(5072692) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **SHORT DURATION DIVERSIFIED** | **SHORT DURATION DIVERSIFIED** | **SHORT DURATION DIVERSIFIED** | **SHORT DURATION DIVERSIFIED** | **SHORT DURATION DIVERSIFIED** |
| **MUNICIPAL PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS**<br> **AND LIABILITIES**<br> **LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS**<br> **AND LIABILITIES LOCATION** | **FAIR<br>VALUE** |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | $536916 \* | Receivable/Payable for variation margin on centrally cleared swaps | $138186 \* |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 66649 |  |  |
|  Total |  | $603565 |  | $138186 |

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\* 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. 

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| | | | |
|:---|:---|:---|:---|
| **DERIVATIVE TYPE** | **LOCATION OF GAIN OR (LOSS) ON<br>DERIVATIVES WITHIN STATEMENT**<br> **OF OPERATIONS** | **REALIZED GAIN**<br> **OR (LOSS) ON<br>DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR<br>(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | $(10075) | $159138 |
|  Total |  | $(10075) | $159138 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **CALIFORNIA**<br> **MUNICIPAL PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS**<br> **AND LIABILITIES**<br> **LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS**<br>**AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Credit contracts |  |  | Receivable/Payable for variation margin on centrally cleared swaps | $10722 \* |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | $15909344 \* | Receivable/Payable for variation margin on centrally cleared swaps | 1737145 \* |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 1424335 |  |  |
|  Credit contracts |  |  | Market value on credit default swaps | 761453 |
|  Total |  | $17333679 |  | $2509320 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the schedule of investments. 

 <br> *62* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | |
|:---|:---|:---|:---|
| **DERIVATIVE TYPE** | **LOCATION OF GAIN OR (LOSS) ON<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAIN**<br> **OR (LOSS) ON**<br> **DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR<br>(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | $1131168 | $7795940 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 1370656 | 424601 |
|  Total |  | $2501824 | $8220541 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DIVERSIFIED**<br> **MUNICIPAL PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS**<br> **AND LIABILITIES**<br> **LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS**<br> **AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Credit contracts |  |  | Receivable/Payable for variation margin on centrally cleared swaps | $12345 \* |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | $76601024 \* | Receivable/Payable for variation margin on centrally cleared swaps | 10261455 \* |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 6568374 |  |  |
|  Credit contracts |  |  | Market value on credit default swaps | 3183456 |
|  Total |  | $83169398 |  | $13457256 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the schedule of investments. 

---

| | | | |
|:---|:---|:---|:---|
| **DERIVATIVE TYPE** | **LOCATION OF GAIN OR (LOSS) ON<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAIN<br>OR (LOSS) ON<br>DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR<br>(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | $6251197 | $36125444 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 3701195 | 1816427 |
|  Total |  | $9952392 | $37941871 |

---

 <br> *2022 Annual Report* *63*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NEW YORK<br>MUNICIPAL PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS<br>AND LIABILITIES<br>LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | $21010098 \* | Receivable/Payable for variation margin on centrally cleared swaps | $3375748 \* |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 1951207 |  |  |
|  Credit contracts |  |  | Market value on credit default swaps | 1063299 |
|  Total |  | $22961305 |  | $4439047 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the schedule of investments. 

---

| | | | |
|:---|:---|:---|:---|
| **DERIVATIVE TYPE** | **LOCATION OF GAIN OR (LOSS) ON<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAIN<br>OR (LOSS) ON<br>DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR<br>(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | $163615 | $10375733 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 434951 | 610817 |
|  Total |  | $598566 | $10986550 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INTERMEDIATE DURATION<br>PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS**<br> **AND LIABILITIES**<br> **LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Interest rate contracts | Receivable/Payable for variation margin on futures | $924469 \* | Receivable/Payable for variation margin on futures | $13990539 \* |
|  Credit contracts |  |  | Receivable/Payable for variation margin on centrally cleared swaps | 1098 \* |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | 2464228 \* |  |  |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 1182204 | Unrealized depreciation on forward currency exchange contracts | 348530 |
|  Credit contracts |  |  | Market value on credit default swaps | 4996454 |
|  Total |  | $4570901 |  | $19336621 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the schedule of investments. 

 <br> *64* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | |
|:---|:---|:---|:---|
| **DERIVATIVE TYPE** | **LOCATION OF GAIN OR (LOSS) ON<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAIN<br>OR (LOSS) ON<br>DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR<br>(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | $(63109506) | $(9164905) |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts | 4042569 | 929448 |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | (1054349) | 4243757 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | (3271937) | 13925196 |
|  Total |  | $(63393223) | $9933496 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SHORT DURATION PLUS<br>PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS<br>AND LIABILITIES**<br> **LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Interest rate contracts | Receivable/Payable for variation margin on futures | $93719 \* | Receivable/Payable for variation margin on futures | $1314713 \* |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | 449586 \* |  |  |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 41484 |  |  |
|  Credit contracts |  |  | Market value on credit default swaps | 404231 |
|  Total |  | $584789 |  | $1718944 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the schedule of investments. 

 <br> *2022 Annual Report* *65*

------

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

---

| | | | |
|:---|:---|:---|:---|
| **DERIVATIVE TYPE** | **LOCATION OF GAIN OR (LOSS) ON<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAIN<br>OR (LOSS) ON<br>DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR<br>(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | $(4006559) | $(1178470) |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts | (18611) | 41484 |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | (43907) | 490129 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | (238458) | 704304 |
|  Total |  | $(4307535) | $57447 |

---

---

| | |
|:---|:---|
| **EMERGING MARKETS PORTFOLIO** | |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $257121960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $223765753 |

---

---

| | |
|:---|:---|
| **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO** | |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $803077 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $170000 **(a)** |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $9833077 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Positions were open for eight months during the year.

 <br> *66* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | |
|:---|:---|
| **CALIFORNIA MUNICIPAL PORTFOLIO** | |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $17162308 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $126618462 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $136637692 |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $4358378 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $22824911 **(a)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $8300000 **(b)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Positions were open for nine months during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Positions were open for one month during the year.

---

| | |
|:---|:---|
| **DIVERSIFIED MUNICIPAL PORTFOLIO** | |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $79144615 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $555922308 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $626600000 |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $18221337 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $48082380 **(a)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Positions were open for ten months during the year.

---

| | |
|:---|:---|
| **NEW YORK MUNICIPAL PORTFOLIO** | |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $23510769 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $180478462 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $176825385 |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $6086065 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $18300000 **(a)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Positions were open for one month during the year.

 <br> *2022 Annual Report* *67*

------

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

---

| | |
|:---|:---|
| **INTERMEDIATE DURATION PORTFOLIO** | |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $586231048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $189101072 **(a)** |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $74841295 **(b)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $199432974 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $74383188 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $105735000 **(a)** |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $83709167 **(a)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $48810916 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $46346414 **(c)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Positions were open for five months during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Positions were open for ten months during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Positions were open for nine months during the year.

---

| | |
|:---|:---|
| **SHORT DURATION PLUS PORTFOLIO** | |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $98051677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $13136221 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $5678729 **(a)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $6157895 **(b)** |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $2830000 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $10890000 **(c)** |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $5098833 **(d)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $2443287 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $1196430 **(d)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Positions were open for one month during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Positions were open for seven months during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Positions were open for two months during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Positions were open for five months during the year.

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

 <br> *68* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
All OTC derivatives held at period end were subject to netting arrangements. The following tables present the Portfolios' derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Portfolios as of September 30, 2022. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **EMERGING MARKETS PORTFOLIO** | **EMERGING MARKETS PORTFOLIO** | **EMERGING MARKETS PORTFOLIO** | | | | |
| **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** | |
|  Barclays Bank PLC | $281098 | $(281098) | $0 | $0 | $0 |  |
|  BNP Paribas SA | 132301 | (30426) | 0 | 0 | 101875 |  |
|  Citibank, NA | 459758 | (459758) | 0 | 0 | 0 |  |
|  Goldman Sachs Bank USA | 15665 | (15665) | 0 | 0 | 0 |  |
|  HSBC Bank USA | 494135 | (494135) | 0 | 0 | 0 |  |
|  JPMorgan Chase Bank, NA | 344085 | 0 | (270000) | 0 | 74085 |  |
|  Morgan Stanley Capital Services, Inc. | 1004840 | (114113) | (580000) | 0 | 310727 |  |
|  State Street Bank & Trust Co. | 394886 | (394886) | 0 | 0 | 0 |  |
|  Total | $3126768 | $(1790081) | $(850000) | $0 | $486687 | ^ |
| **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 | $2865325 | $0 | $0 | $0 | $2865325 |  |
|  Barclays Bank PLC | 852711 | (281098) | (521000) | 0 | 50613 |  |
|  BNP Paribas SA | 30426 | (30426) | 0 | 0 | 0 |  |
|  Citibank, NA | 2359917 | (459758) | 0 | 0 | 1900159 |  |
|  Deutsche Bank AG | 476675 | 0 | 0 | 0 | 476675 |  |
|  Goldman Sachs Bank USA | 315954 | (15665) | (290000) | 0 | 10289 |  |
|  HSBC Bank USA | 583427 | (494135) | 0 | 0 | 89292 |  |
|  Morgan Stanley Capital Services, Inc. | 114113 | (114113) | 0 | 0 | 0 |  |
|  State Street Bank & Trust Co. | 624755 | (394886) | 0 | 0 | 229869 |  |
|  UBS AG | 260095 | 0 | 0 | 0 | 260095 |  |
|  Total | $8483398 | $(1790081) | $(811000) | $0 | $5882317 | ^ |

---

\* 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> *2022 Annual Report* *69*

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO** | **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO** | **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO** | | | | |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE<br>FOR OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Citibank, NA | $66649 | $0 | $0 | $0 | $66649 |  |
|  Total | $66649 | $0 | $0 | $0 | $66649 | ^ |

---

\* 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.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CALIFORNIA MUNICIPAL PORTFOLIO** | **CALIFORNIA MUNICIPAL PORTFOLIO** | **CALIFORNIA MUNICIPAL PORTFOLIO** | **CALIFORNIA MUNICIPAL PORTFOLIO** | **CALIFORNIA MUNICIPAL PORTFOLIO** | **CALIFORNIA MUNICIPAL PORTFOLIO** | |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Citibank, NA/Citigroup Global Markets, Inc. | $1424335 | $(244695) | $(1179640) | $0 | $0 |  |
|  Total | $1424335 | $(244695) | $(1179640) | $0 | $0 | ^ |
| **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** |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | $244695 | $(244695) | $0 | $0 | $0 |  |
|  Credit Suisse International | 343539 | 0 | (343539) | 0 | 0 |  |
|  Goldman Sachs International | 173219 | 0 | 0 | (173219) | 0 |  |
|  Total | $761453 | $(244695) | $(343539) | $(173219) | $0 | ^ |

---

\* The actual collateral received/pledged may be more than the amount reported due to over-collateralization. 

---

| | |
|:---|:---|
| ^ | Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.  |

---

 <br> *70* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DIVERSIFIED MUNICIPAL PORTFOLIO** | **DIVERSIFIED MUNICIPAL PORTFOLIO** | **DIVERSIFIED MUNICIPAL PORTFOLIO** | | | | |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT**<br> **TO A MA** | **DERIVATIVES<br>AVAILABLE<br>FOR OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET<br>AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Citibank, NA/Citigroup Global Markets, Inc. | $6568374 | $(351267) | $(6217107) | $0 | $0 |  |
|  Total | $6568374 | $(351267) | $(6217107) | $0 | $0 | ^ |
| **COUNTERPARTY** | **DERIVATIVE<br>LIABILITIES SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE<br>FOR OFFSET** | **CASH<br>COLLATERAL<br>PLEDGED\*** | **SECURITY<br>COLLATERAL<br>PLEDGED\*** | **NET<br>AMOUNT OF<br>DERIVATIVE<br>LIABILITIES** |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | $351267 | $(351267) | $0 | $0 | $0 |  |
|  Credit Suisse International | 2003605 | 0 | (2003605) | 0 | 0 |  |
|  Goldman Sachs International | 828584 | 0 | (828584) | 0 | 0 |  |
|  Total | $3183456 | $(351267) | $(2832189) | $0 | $0 | ^ |

---

\* The actual collateral received/pledged may be more than the amount reported due to over-collateralization. 

---

| | |
|:---|:---|
| ^ | Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** | |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE<br>FOR OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET<br>AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Citibank, NA/Citigroup Global Markets, Inc. | $1951207 | $(117357) | $(1833850) | $0 | $0 |  |
|  Total | $1951207 | $(117357) | $(1833850) | $0 | $0 | ^ |
| **COUNTERPARTY** | **DERIVATIVE<br>LIABILITIES SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE<br>FOR OFFSET** | **CASH<br>COLLATERAL<br>PLEDGED\*** | **SECURITY<br>COLLATERAL<br>PLEDGED\*** | **NET<br>AMOUNT OF<br>DERIVATIVE<br>LIABILITIES** |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | $117357 | $(117357) | $0 | $0 | $0 |  |
|  Credit Suisse International | 669210 | 0 | (669210) | 0 | 0 |  |
|  Goldman Sachs International | 276732 | 0 | 0 | (276732) | 0 |  |
|  Total | $1063299 | $(117357) | $(669210) | $(276732) | $0 | ^ |

---

\* The actual collateral received/pledged may be more than the amount reported due to over-collateralization. 

---

| | |
|:---|:---|
| ^ | Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.  |

---

 <br> *2022 Annual Report* *71*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **INTERMEDIATE DURATION PORTFOLIO** | **INTERMEDIATE DURATION PORTFOLIO** | **INTERMEDIATE DURATION PORTFOLIO** | | | | |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE<br>FOR OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Citibank, NA/Citigroup Global Markets, Inc. | $1182022 | $(840013) | $0 | $0 | $342009 |  |
|  State Street Bank & Trust Co. | 182 | 0 | 0 | 0 | 182 |  |
|  Total | $1182204 | $(840013) | $0 | $0 | $342191 | ^ |
| **COUNTERPARTY** | **DERIVATIVE<br>LIABILITIES SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE<br>FOR OFFSET** | **CASH<br>COLLATERAL<br>PLEDGED\*** | **SECURITY<br>COLLATERAL<br>PLEDGED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>LIABILITIES** |  |
|  Bank of America, NA | $348530 | $0 | $0 | $0 | $348530 |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | 840013 | (840013) | 0 | 0 | 0 |  |
|  Credit Suisse International | 855145 | 0 | 0 | (829653) | 25492 |  |
|  Goldman Sachs International | 2675391 | 0 | 0 | (2632950) | 42441 |  |
|  JPMorgan Securities, LLC | 304421 | 0 | (304421) | 0 | 0 |  |
|  Morgan Stanley Capital Services LLC | 321484 | 0 | 0 | (321484) | 0 |  |
|  Total | $5344984 | $(840013) | $(304421) | $(3784087) | $416463 | ^ |

---

\* 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.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SHORT DURATION PLUS PORTFOLIO** | **SHORT DURATION PLUS PORTFOLIO** | **SHORT DURATION PLUS PORTFOLIO** | | | | |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE<br>FOR OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Bank of America, NA | $41164 | $0 | $0 | $0 | $41164 |  |
|  State Street Bank & Trust Co. | 320 | 0 | 0 | 0 | 320 |  |
|  Total | $41484 | $0 | $0 | $0 | $41484 | ^ |
| **COUNTERPARTY** | **DERIVATIVE<br>LIABILITIES SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE<br>FOR OFFSET** | **CASH<br>COLLATERAL<br>PLEDGED\*** | **SECURITY<br>COLLATERAL<br>PLEDGED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>LIABILITIES** |  |
|  Citigroup Global Markets, Inc. | $22699 | $0 | $0 | $0 | $22699 |  |
|  Credit Suisse International | 220386 | 0 | 0 | (220386) | 0 |  |
|  Deutsche Bank AG | 71638 | 0 | (71638) | 0 | 0 |  |
|  Goldman Sachs International | 60691 | 0 | 0 | 0 | 60691 |  |
|  JPMorgan Securities, LLC | 28817 | 0 | 0 | 0 | 28817 |  |
|  Total | $404231 | $0 | $(71638) | $(220386) | $112207 | ^ |

---

\* 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> *72* *Sanford C. Bernstein Fund, Inc.*

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##### [**Table of Contents**](#toc)
***C.***  ***Currency Transactions*** 

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

***D.***  ***TBA and Dollar Rolls*** 

The Portfolios may invest in TBA mortgage-backed securities. A TBA, or "To Be Announced", trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agreed-upon date; however, the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade. Mortgage pools (including fixed-rate or variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions.

The Intermediate Duration Portfolio may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Portfolios of securities for delivery in the current month and the Portfolios simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolios forgo principal and interest paid on the securities. The Portfolios are compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the "drop") as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolios are obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the year ended September 30, 2022, Intermediate Duration Portfolio earned drop income of $3,305,460, which is included in interest income in the accompanying statement of operations.

---

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

---

The tax character of distributions paid during the fiscal years ended September 30, 2022 and September 30, 2021 were as follows:

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **2022** | **2021** |
|  **Emerging Markets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $31590201 | $25337814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 96118112 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $127708313 | $25337814 |
|  **Short Duration Diversified Municipal** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $125273 | $23327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | 125273 | 23327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax exempt distributions | 1722584 | 1911615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $1847857 | $1934942 |

---

 <br> *2022 Annual Report* *73*

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

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| | | |
|:---|:---|:---|
| **PORTFOLIO** | **2022** | **2021** |
|  **California Municipal** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $577641 | $412224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | 577641 | 412224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax exempt distributions | 20878576 | 22592812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $21456217 | $23005036 |
|  **Diversified Municipal** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $3126374 | $3286540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | 3126374 | 3286540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax exempt distributions | 117272032 | 118404005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $120398406 | $121690545 |
|  **New York Municipal** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $938188 | $965122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | 938188 | 965122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax exempt distributions | 30193428 | 32163171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $31131616 | $33128293 |
|  **Intermediate Duration** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $59305742 | $90958859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 37219499 | 45450546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $96525241 | $136409405 |
|  **Short Duration Plus** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1831719 | $2361508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $1831719 | $2361508 |

---

 <br> *74* *Sanford C. Bernstein Fund, Inc.*

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##### [**Table of Contents**](#toc)
As of September 30, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **UNDISTRIBUTED<br>ORDINARY<br>INCOME<sup>(a)</sup>** | **UNDISTRIBUTED<br>LONG-TERM<br>CAPITAL GAINS** | **ACCUMULATED<br>CAPITAL AND<br>OTHER<br>LOSSES<sup>(b)</sup>** | **UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<sup>(c)</sup>** | **TOTAL<br>ACCUMULATED<br>EARNINGS/<br>(DEFICIT)<sup>(d)</sup>** |
|  Emerging Markets | $16525771 | $0 | $(29474161) | $(191627577) | $(204575967) |
|  Short Duration Diversified Municipal | 51225 | 0 | (1797799) | (9567655) | (11314229) |
|  California Municipal | 0 | 0 | (8421400) | (60015011) | (68436411) |
|  Diversified Municipal | 0 | 0 | (30424611) | (301473873) | (331898484) |
|  New York Municipal | 0 | 0 | (22914638) | (81931357) | (104845995) |
|  Intermediate Duration | 0 | 0 | (148662338) | (429818769) | (578481107) |
|  Short Duration Plus | 141322 | 0 | (17190991) | (10032924) | (27082593) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes tax exempt income as shown below: **  

---

| | |
|:---|:---|
|  Short Duration Diversified Municipal | $51225.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of September 30, 2022 certain Portfolios had capital loss carryforwards for federal income tax
purposes. As of September 30, 2022 Emerging Markets Portfolio, and Intermediate Duration Portfolio deferred $29,474,161, and $148,662,338, respectively, in post-October losses. These losses will be treated as arising on
October 1, 2022. As of September 30, 2022 Short Duration Plus Portfolio deferred $1,192 in straddle losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable
primarily to the tax deferral of losses on wash sales, the tax treatment of swaps and passive foreign investment companies (PFICs), the tax treatment of callable bonds, and the realization for tax purposes of gains/losses on certain derivative
instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The differences between book-basis and tax-basis components of
accumulated earnings/(deficit) are attributable primarily to the tax treatment of the accrual of foreign capital gains tax, and dividends payable to shareholders.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year.

For tax purposes, net capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses.

 <br> *2022 Annual Report* *75*

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

As of September 30, 2022, the following Portfolios had net capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **SHORT-TERM<br>AMOUNT** | **LONG-TERM<br>AMOUNT** |
|  Emerging Markets | $0 | $0 |
|  Short Duration Diversified Municipal | 785259 | 1012540 |
|  California Municipal | 8421400 | 0 |
|  Diversified Municipal | 30424611 | 0 |
|  New York Municipal | 22914638 | 0 |
|  Intermediate Duration Portfolio | 0 | 0 |
|  Short Duration Plus | 5479273 | 11710526 |

---

---

| | |
|:---|:---|
| **NOTE 5.** | **Risks Involved in Investing in the Portfolios**  |

---

*Interest-Rate Risk—*Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. The Portfolios may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal and monetary policy initiatives and resulting market reaction to those initiatives.

*Credit Risk*—This is the risk that the issuer or the guarantor of a debt security, or the counterparty to a derivatives or other contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The issuer or guarantor may default, potentially causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. The credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations, making credit risk greater for medium-quality and lower-rated debt securities. Lower-rated debt securities and similar unrated securities (commonly known as "junk bonds") have speculative elements or are predominantly speculative credit risks. At times when credit risk is perceived to be greater, credit "spreads" (*i.e.*, the difference between the yields on lower quality securities and the yields on higher quality securities) may get larger or "widen". As a result, the values of the lower quality securities may go down more and they may become harder to sell.

*Duration Risk*—The duration of a fixed-income security may be shorter than or equal to full maturity of the fixed-income security. Fixed-income securities with longer durations have more interest rate risk and will decrease in price as interest rates rise. Securities that have final maturities longer than their durations may be affected by increased credit spreads to a far greater degree than their durations would suggest, because they are exposed to credit risk until final maturity.

*Municipal Market Risk*—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolios' investments in municipal securities. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, or the rights of investors in these securities. The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. There have been some municipal issuers that have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may get worse, particularly in light of the economic impact of the recent spread of an infectious coronavirus (COVID-19). To the extent the Portfolios invest in a particular state's municipal securities, it may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, wildfires, flooding and earthquakes. The Portfolios' investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, are subject to the risk that factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities.

 <br> *76* *Sanford C. Bernstein Fund, Inc.*

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##### [**Table of Contents**](#toc)
In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

The Portfolios may invest in municipal securities of issuers in Puerto Rico or other U.S. territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other U.S. issuers of municipal securities. Puerto Rico continues to face a very challenging economic and fiscal environment, worsened by the spread of COVID-19 and the adverse effect that related governmental and public responses have had on Puerto Rico's economy. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

*Inflation Risk*—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolios' assets can decline as can the value of the Portfolios' distributions. This risk is significantly greater for fixed-income securities with longer maturities. Rates of inflation have recently risen, which could adversely affect economies and markets.

*Non-diversification Risk*—Concentration of investments in a small number of securities tends to increase risk. The New York Municipal and California Municipal Portfolios are "non-diversified", meaning they can invest more of their assets in a relatively small number of issuers with greater concentration of risk. Matters affecting these issuers can have a more significant effect on the Portfolios' net asset value.

*Inflation-Protected Securities Risk*—The terms of inflation-protected securities provide for the coupon and/or maturity value to be adjusted based on changes in an inflation index. Decreases in the inflation rate or in investors' expectations about inflation could cause these securities to underperform non-inflation-adjusted securities on a total-return basis. In addition, there can be no assurance that the relevant inflation index will accurately measure the rate of inflation, in which case the securities may not work as intended. These securities may be more difficult to trade or dispose of than other types of securities.

*Foreign (Non-U.S.) Securities Risk*—Investments in foreign securities entail significant risks in addition to those customarily associated with investing in U.S. securities, such as less liquid, less transparent, less regulated and more volatile markets. These risks include risks related to unfavorable or unsuccessful government actions, reduction of government or central bank support, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, and adverse market, economic, political and regulatory factors and social instability, all of which could disrupt the financial markets in which the Portfolios invest and adversely affect the value of the Portfolios' assets.

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

*Emerging-Markets Securities Risk*—The risks of investing in foreign (non-U.S.) securities are heightened with respect to issuers in emerging-market countries because the markets are less developed and less liquid and there may be a greater amount of economic, political and social uncertainty, and these risks are even more pronounced in "frontier" markets, which are investable markets with lower total market capitalization and liquidity than the more developed emerging markets. Emerging markets typically have fewer medical and economic resources than more developed countries, and thus they may be less able to control or mitigate the effects of a pandemic. In addition, the value of the Portfolios' investments may decline because of factors such as unfavorable or unsuccessful government actions and reduction of government or central bank support.

*Derivatives Risk*—The Portfolios may use derivatives as direct investments to earn income, enhance return and broaden portfolio diversification, which entail greater risk than if used solely for hedging purposes. In addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolios. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted to cover or secure derivatives positions may themselves go down in value, and these collateral and other requirements may limit investment flexibility. Some

 <br> *2022 Annual Report* *77*

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

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 (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios. Use of derivatives may have different tax consequences for the Portfolios than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders, including the proportion of income consisting of exempt-interest dividends. The U.S. government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives, and may impose additional regulations governing margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.

*Mortgage-Related and Asset-Related Securities Risk*—Mortgage- and asset-related securities represent interests in "pools" of mortgages, or other assets including consumer loans or receivables held in trust. Mortgage- and asset-related securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-related securities. Asset-related securities entail certain risks not presented by mortgage-backed securities, including the risk that it may be difficult to perfect the liens securing any collateral backing certain asset-backed securities.

*Prepayment and Extension Risk*—Prepayment risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. If this happens, particularly during a time of declining interest rates or credit spreads, the Portfolios will not benefit from the rise in market price that normally accompanies a decline in interest rates, and may not be able to invest the proceeds in securities providing as much income, resulting in a lower yield to the Portfolios. Conversely, extension risk is the risk that as interest rates rise or spreads widen, payments of securities may occur more slowly than anticipated by the market. If this happens, the values of these securities may go down because their interest rates are lower than current market rates and they remain outstanding longer than anticipated.

*Subordination Risk*—The Portfolios may invest in securities that are subordinated to more senior securities of an issuer, or which represent interests in pools of such subordinated securities. Subordinated securities will be disproportionately affected by a default or even a perceived decline in creditworthiness of the issuer. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer, any loss incurred by the subordinated securities is likely to be proportionately greater, and any recovery of interest or principal may take more time.

*Management Risk*—The Portfolios are subject to management risk because they are actively managed investment portfolios. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolios, but these techniques, analyses and decisions may not work as intended or may not produce the desired results, and may, during certain periods, result in increased volatility for the Portfolios or cause the value of the Portfolios' shares to go down. In some cases, derivatives and other investment techniques may be unavailable, or the Adviser may determine not to use them, possibly even under market conditions where their use could benefit the Portfolios. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. In addition, the Adviser may change the Portfolios' investment strategies or policies from time to time. Those changes may not lead to the results intended by the Adviser and could also have an adverse effect on the value or performance of the Portfolios.

*Illiquid Investments Risk*—Illiquid investments risk exists when particular investments are difficult or impossible to purchase or sell, possibly preventing the Portfolios from purchasing or selling these securities at an advantageous price. The municipal Portfolios are subject to greater risk because the market for municipal securities is generally smaller and may not be as liquid as many other fixed income markets, which may make municipal securities more difficult to trade or dispose of than other types of securities. Illiquid securities may also be difficult to value. If the Portfolios 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, or performance, which could cause the value of your investment to decline. Redemption risk is heightened during periods of overall market turmoil.

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##### [**Table of Contents**](#toc)
*Foreign Currency Risk*—This is the risk that changes in foreign (non-U.S.) currency exchange rates may negatively affect the value of the Portfolios' investments or reduce the returns of the Portfolios. For example, the value of the Portfolios' investments in foreign securities and foreign currency positions may decrease if the U.S. Dollar is strong (*i.e.*, gaining value relative to other currencies) and other currencies are weak (*i.e.*, losing value relative to the U.S. Dollar).

*Actions by a Few Major Investors*—In certain countries, volatility may be heightened by actions of a few major investors. For example, substantial increases or decreases in cash flows of mutual funds investing in these markets could significantly affect local securities prices and, therefore, share prices of the Portfolios.

*Market Risk*—The Portfolios are subject to market risk, which is the risk that stock or bond prices in general or in particular countries or sectors may decline over short or extended periods. Stock or bond prices may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest-rate, currency and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; public health crises (including the occurrence of a contagious disease or illness); policy and legislative changes; cybersecurity events; and other factors.

Economies and financial markets throughout the world are becoming increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, sanctions, regional and global conflicts, 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. As a result, whether or not the Portfolios invest in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolios' investments may be negatively affected.

*Tax Risk*—There is no guarantee that the income on the Portfolios' municipal securities will be exempt from regular federal income, and if applicable, state income taxes. Unfavorable legislation, adverse interpretations by federal or state authorities, litigation or noncompliant conduct by the issuer of a municipal security could affect the tax-exempt status of municipal securities. If the Internal Revenue Service or a state authority determines that an issuer of a municipal security has not complied with applicable requirements, interest from the security could become subject to regular federal income tax and/or state personal income tax, possibly retroactively to the date the security was issued, the value of the security could decline significantly, and a portion of the distributions to Portfolio shareholders could be recharacterized as taxable. From time to time, the U.S. Government and the U.S Congress consider changes in U.S. federal tax law that would, if enacted, have a negative impact on certain types of municipal securities, such as private activity bonds, or would otherwise make investments in municipal bonds less attractive.

*Capitalization Risk*—Investments in small-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources. The prices of securities of small-capitalization companies 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-capitalization companies may underperform large capitalization companies, may be harder to sell at times or at prices the portfolio managers believe appropriate and may have greater potential for losses.

*Allocation Risk*—The allocation of investments among investment disciplines may have a significant effect on the Portfolios' performance when the investment disciplines in which the Portfolios have greater exposure perform worse than the investment disciplines with less exposure. Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. The Portfolios may allocate a significant portion of its assets to securities of companies in broadly related industries within an economic sector. Companies in the same sector may be similarly affected by economic or market events, making the Portfolios more vulnerable to unfavorable developments in that sector than funds that invest more broadly.

*Lower-rated Securities Risk*—Lower-rated securities, or junk bonds/high-yield securities, are subject to greater risk of loss of principal and interest and greater market risk than higher-rated securities. The capacity of issuers of lower-rated securities to pay interest and repay principal is more likely to weaken than is that of issuers of higher-rated securities in times of deteriorating economic conditions or rising interest rates.

 <br> *2022 Annual Report* *79*

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

*Riskier than a Money-Market Fund*—Although the Short Duration Portfolios maintain a short overall duration, they invest in securities with longer maturities and in some cases lower quality than the assets of the type of mutual fund known as a money-market fund. The risk of a decline in the market value of the Portfolios is greater than for a money-market fund since the credit quality of the Portfolios' securities may be lower and the effective duration of the Portfolios will be longer.

*LIBOR Transition and Associated Risk*—The Portfolios may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolios' performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting the Portfolios' performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

*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 assets, customer data (including private shareholder information), or proprietary information, or cause the Portfolios, the Adviser, and/or its service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or lose operational functionality, or prevent Portfolio investors from purchasing, redeeming or exchanging shares or receiving distributions. A Portfolio and the

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##### [**Table of Contents**](#toc)
Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers. Cybersecurity incidents may result in financial losses to such Portfolio and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.

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

---

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

---

The Fund has authorized 17.5 billion shares of common stock, par value $0.001 per share, of which 10.0 billion shares are allocated to the SCB Portfolios. The allocation is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **ALLOCATION OF SHARES (IN MILLIONS)** | **ALLOCATION OF SHARES (IN MILLIONS)** | **ALLOCATION OF SHARES (IN MILLIONS)** | **ALLOCATION OF SHARES (IN MILLIONS)** | **ALLOCATION OF SHARES (IN MILLIONS)** | **ALLOCATION OF SHARES (IN MILLIONS)** | **ALLOCATION OF SHARES (IN MILLIONS)** | **ALLOCATION OF SHARES (IN MILLIONS)** | **ALLOCATION OF SHARES (IN MILLIONS)** |
| <br>**PORTFOLIO** | **BERNSTEIN<br>CLASS<br>SHARES** | **CLASS A<br>SHARES** | **CLASS B<br>SHARES** | **CLASS C<br>SHARES** | **ADVISOR**<br> **CLASS**<br> **SHARES** | **CLASS R**<br> **SHARES** | **CLASS Z**<br> **SHARES** | **CLASS T**<br> **SHARES** | **TOTAL** |
|  Emerging Markets | 200 | 0 | 0 | 0 | 0 | 0 | 300 | 0 | 500 |
|  Short Duration<br> Diversified Municipal | 100 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100 |
|  California Municipal | 200 | 200 | 200 | 200 | 200 | 0 | 200 | 300 | 1500 |
|  Diversified Municipal | 800 | 400 | 400 | 400 | 400 | 0 | 600 | 300 | 3300 |
|  New York Municipal | 400 | 200 | 200 | 200 | 200 | 0 | 200 | 300 | 1700 |
|  Intermediate Duration | 600 | 300 | 0 | 0 | 300 | 0 | 400 | 0 | 1600 |
|  Short Duration Plus | 200 | 200 | 200 | 200 | 0 | 200 | 0 | 300 | 1300 |

---

Share transactions for each Portfolio for the years ended September 30, 2022 and September 30, 2021, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **EMERGING MARKETS PORTFOLIO** | **EMERGING MARKETS PORTFOLIO** | **EMERGING MARKETS PORTFOLIO** | **EMERGING MARKETS PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br> 9/30/21 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
|  **Emerging Markets Class Shares** | **Emerging Markets Class Shares** | **Emerging Markets Class Shares** | **Emerging Markets Class Shares** | **Emerging Markets Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3685661 | 2461861 | $104232916 | $82805399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 3307543 | 546878 | 100979276 | 17297744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3607740) | (5227186) | (100444166) | (173177064) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **3385464** | **(2218447)** | $**104768026** | $**(73073921)** |
|  **Class Z Shares** | **Class Z Shares** | **Class Z Shares** | **Class Z Shares** | **Class Z Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 0 | 4681 | $0 | $163631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 649984 | 132229 | 19850514 | 4182401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (217209) | (258591) | (6074943) | (8670765) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **432775** | **(121681)** | $**13775571** | $**(4324733)** |

---

 <br> *2022 Annual Report* *81*

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO** | **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO** | **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO** | **SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 15864467 | 15056765 | $198031690 | $192716676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 126694 | 136252 | 1578267 | 1743346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (19443823) | (9571835) | (243044047) | (122468926) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **(3452662)** | **5621182** | $**(43434090)** | $**71991096** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CALIFORNIA MUNICIPAL PORTFOLIO** | **CALIFORNIA MUNICIPAL PORTFOLIO** | **CALIFORNIA MUNICIPAL PORTFOLIO** | **CALIFORNIA MUNICIPAL PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
|  **Municipal Class Shares** | **Municipal Class Shares** | **Municipal Class Shares** | **Municipal Class Shares** | **Municipal Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 12311797 | 19982069 | $174656807 | $293044170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 1009552 | 1090793 | 14102842 | 15982582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (26842110) | (22550649) | (375193360) | (330321867) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(13520761)** | **(1477787)** | $**(186433711)** | $**(21295115)** |
|  **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1171581 | 940394 | $16109805 | $13771691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 42872 | 55191 | 599060 | 808608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares converted from Class C | 25586 | 131264 | 355254 | 1921098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2160119) | (1574539) | (30181052) | (23093266) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(920080)** | **(447690)** | $**(13116933)** | $**(6591869)** |
|  **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 48267 | 141129 | $703388 | $2063877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 1270 | 1942 | 17673 | 28429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares converted to Class A | (25591) | (131267) | (355254) | (1921098) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (79832) | (134690) | (1134319) | (1971831) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(55886)** | **(122886)** | $**(768512)** | $**(1800623)** |

---

 <br> *82* *Sanford C. Bernstein Fund, Inc.*

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **CALIFORNIA MUNICIPAL PORTFOLIO** | **CALIFORNIA MUNICIPAL PORTFOLIO** | **CALIFORNIA MUNICIPAL PORTFOLIO** | **CALIFORNIA MUNICIPAL PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
|  **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 8408826 | 2797559 | $116124287 | $40999128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 72507 | 56837 | 1009693 | 833006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (6432742) | (1330980) | (89513747) | (19486966) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase** | **2048591** | **1523416** | $**27620233** | $**22345168** |
|  | **DIVERSIFIED MUNICIPAL PORTFOLIO** | **DIVERSIFIED MUNICIPAL PORTFOLIO** | **DIVERSIFIED MUNICIPAL PORTFOLIO** | **DIVERSIFIED MUNICIPAL PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
|  | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br> ENDED<br> 9/30/22 | YEAR<br> ENDED<br> 9/30/21 |
|  **Municipal Class Shares** | **Municipal Class Shares** | **Municipal Class Shares** | **Municipal Class Shares** | **Municipal Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 50300036 | 73607966 | $719443646 | $1093125452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 5053908 | 5111537 | 71413394 | 75879414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (98087052) | (57770058) | (1380384877) | (857673588) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **(42733108)** | **20949445** | $**(589527837)** | $**311331278** |
|  **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5709516 | 8229620 | $80501672 | $122336323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 219371 | 220597 | 3102384 | 3277635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares converted from Class C | 177812 | 1023362 | 2519088 | 15211937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (10147772) | (4311216) | (143973903) | (64037021) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **(4041073)** | **5162363** | $**(57850759)** | $**76788874** |
|  **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 252296 | 301438 | $3523929 | $4464752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 8337 | 13520 | 117462 | 200537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares converted to Class A | (177882) | (1023988) | (2519088) | (15211937) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (319560) | (405947) | (4525288) | (6032366) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(236809)** | **(1114977)** | $**(3402985)** | $**(16579014)** |

---

 <br> *2022 Annual Report* *83*

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **DIVERSIFIED MUNICIPAL PORTFOLIO** | **DIVERSIFIED MUNICIPAL PORTFOLIO** | **DIVERSIFIED MUNICIPAL PORTFOLIO** | **DIVERSIFIED MUNICIPAL PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br> ENDED<br> 9/30/22 | YEAR<br> ENDED<br> 9/30/21 |
|  **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 24470151 | 13792657 | $343696163 | $204707508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 444293 | 356998 | 6259866 | 5297134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (20054547) | (9015014) | (280936037) | (133843446) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase** | **4859897** | **5134641** | $**69019992** | $**76161196** |
|  **Class Z Shares** | **Class Z Shares** | **Class Z Shares** | **Class Z Shares** | **Class Z Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 13103740 | 8059482 | $184345229 | $119988336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 613484 | 583322 | 8662120 | 8663484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (12632970) | (9253954) | (177063628) | (137584099) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **1084254** | **(611150)** | $**15943721** | $**(8932279)** |
|  | **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
|  | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
|  **Municipal Class Shares** | **Municipal Class Shares** | **Municipal Class Shares** | **Municipal Class Shares** | **Municipal Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 12059783 | 18171016 | $165908471 | $259243369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 1603025 | 1644557 | 21850536 | 23484985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (27280993) | (20055429) | (368640545) | (286380791) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(13618185)** | **(239856)** | $**(180881538)** | $**(3652437)** |
|  **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 471554 | 1142049 | $6366675 | $16280053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 85207 | 85477 | 1160365 | 1219720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares converted from Class C | 113133 | 675324 | 1531169 | 9671456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1374303) | (2123188) | (18878182) | (30214231) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(704409)** | **(220338)** | $**(9819973)** | $**(3043002)** |

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 <br> *84* *Sanford C. Bernstein Fund, Inc.*

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** | **NEW YORK MUNICIPAL PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
|  **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 36928 | 38046 | $511114 | $544495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 3839 | 7441 | 52286 | 105971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares converted to Class A | (113130) | (675309) | (1531169) | (9671456) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (129865) | (151700) | (1788068) | (2152932) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(202228)** | **(781522)** | $**(2755837)** | $**(11173922)** |
|  **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2313427 | 1349204 | $31324777 | $19276461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 60903 | 55610 | 830273 | 793581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2328084) | (1275182) | (31563707) | (18069998) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase** | **46246** | **129632** | $**591343** | $**2000044** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INTERMEDIATE DURATION PORTFOLIO** | **INTERMEDIATE DURATION PORTFOLIO** | **INTERMEDIATE DURATION PORTFOLIO** | **INTERMEDIATE DURATION PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br> ENDED<br>9/30/22 | YEAR<br> ENDED<br>9/30/21 |
|  **Intermediate Duration Class Shares** | **Intermediate Duration Class Shares** | **Intermediate Duration Class Shares** | **Intermediate Duration Class Shares** | **Intermediate Duration Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 31316820 | 56202237 | $395481316 | $766539667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 6326514 | 8742347 | 80755796 | 120132573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (45054689) | (43516801) | (560890334) | (592800321) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **(7411355)** | **21427783** | $**(84653222)** | $**293871919** |
|  **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2869 | 91115 | $36572 | $1253106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 1293 | 2397 | 16533 | 32805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (81780) | (13955) | (1086408) | (188928) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **(77618)** | **79557** | $**(1033303)** | $**1096983** |
|  **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 0 | 99 | $0 | $1324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends and distributions | 2 | 1 | 33 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase** | **2** | **100** | $**33** | $**1336** |

---

There were no transactions in capital shares of Class Z shares for the year ended September 30, 2022 and the year ended September 30, 2021.

 <br> *2022 Annual Report* *85*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHORT DURATION PLUS PORTFOLIO** | **SHORT DURATION PLUS PORTFOLIO** | **SHORT DURATION PLUS PORTFOLIO** | **SHORT DURATION PLUS PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br> ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
|  **Short Duration Plus Class Shares** | **Short Duration Plus Class Shares** | **Short Duration Plus Class Shares** | **Short Duration Plus Class Shares** | **Short Duration Plus Class Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 16273311 | 7565938 | $183646854 | $88810032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 117287 | 173295 | 1321157 | 2032240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (7977343) | (5820632) | (91363133) | (68260080) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase** | **8413255** | **1918601** | $**93604878** | $**22582192** |
|  **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 659486 | 369544 | $7508658 | $4346934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 2223 | 5309 | 24860 | 62373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares converted from Class C | 7817 | 42791 | 88635 | 501872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (733314) | (582041) | (8329493) | (6835781) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(63788)** | **(164397)** | $**(707340)** | $**(1924602)** |
|  **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 65930 | 47374 | $734582 | $556021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders on reinvestment of dividends | 111 | 455 | 1244 | 5340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares converted to Class A | (7835) | (42872) | (88635) | (501872) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (29129) | (169283) | (328116) | (1982510) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **29077** | **(164326)** | $**319075** | $**(1923021)** |

---

At September 30, 2022, certain AllianceBernstein mutual funds owned 15% of Emerging Markets Portfolio in aggregate of the Portfolio's shares outstanding. At September 30, 2022, a shareholder of the Short Duration Plus Portfolio owned 22% of the Portfolio's outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolios' performance.

---

| | |
|:---|:---|
| **NOTE 7.** | **Recent Accounting Pronouncements**  |

---

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, "Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

---

| | |
|:---|:---|
| **NOTE 8.** | **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> *86* *Sanford C. Bernstein Fund, Inc.*

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##### [**Table of Contents**](#toc)
2022 Federal Tax Information (Unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by each applicable Portfolio during the taxable year ended September 30, 2022. For foreign shareholders, the following percentages of dividends paid by each Portfolio may be considered to be qualifying to be taxed as interest-related dividends:

---

| | |
|:---|:---|
| **PORTFOLIO** | **% OF QUALIFIED<br>INTEREST INCOME<br>(FOREIGN SHAREHOLDERS)** |
|  Short Duration Plus | 88.56% |
|  Intermediate Duration | 99.00% |

---

For the taxable year ended September 30, 2022, each Portfolio designates the following amounts as the maximum amount that may be considered qualified dividend income for individual shareholders:

---

| | |
|:---|:---|
| **PORTFOLIO** | **QUALIFIED<br>DIVIDEND INCOME** |
|  Emerging Markets | $27074558 |

---

Certain Portfolios intend to make an election to pass through foreign taxes paid by the Portfolios to their shareholders. For the taxable year ended September 30, 2022, the maximum amounts of foreign taxes that may be passed through and the foreign source income for information reporting purposes is as follows:

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **FOREIGN TAXES<br>TO PASS THROUGH** | **FOREIGN<br>SOURCE INCOME** |
|  Emerging Markets | $4622525 | $21677613 |

---

For the taxable year ended September 30, 2022, the long-term capital gain designation is as follows:

---

| | |
|:---|:---|
| **PORTFOLIO** | **LONG-TERM<br>CAPITAL GAIN<br>DISTRIBUTIONS** |
|  Emerging Markets | $96118112 |
|  Intermediate Duration | 37219499 |

---

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2023.

 <br> *2022 Annual Report* *87*

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##### [**Table of Contents**](#toc)
Sanford C. Bernstein Fund, Inc.

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BOARD OF DIRECTORS

**Debra Perry\*^** 

*Chair* 

**Beata D. Kirr** 

*President* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**R. Jay Gerken\*^** 

*Director* 

**Jeffrey R. Holland\*** 

*Director* 

**William Kristol\*** 

*Director* 

**Michelle McCloskey\*** 

*Director* 

**Donald K. Peterson\*** 

*Director* 

------

OFFICERS

**Henry S. Mallari-D'Auria<sup>(1)</sup>** 

*Vice President* 

**Sergey Davalchenko<sup>(1)</sup>** 

*Vice President* 

**Nelson Yu<sup>(1)</sup>** 

*Vice President* 

**Daryl Clements<sup>(1)</sup>** 

*Vice President* 

**Terrance T. Hults<sup>(1)</sup>** 

*Vice President* 

**Matthew J. Norton<sup>(1)</sup>** 

*Vice President* 

**Andrew Potter<sup>(1)</sup>** 

*Vice President* 

**Michael Canter<sup>(1)</sup>** 

*Vice President* 

**Janaki Rao<sup>(1)</sup>** 

*Vice President* 

**Emilie D. Wrapp** 

*Secretary* 

**Michael B. Reyes** 

*Senior Vice President* 

**Joseph J. Mantineo** 

*Treasurer and Chief Financial Officer* 

**Phyllis J. Clarke** 

*Controller* 

**Vincent S. Noto** 

*Chief Compliance Officer* 

------

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

**PricewaterhouseCoopers LLP** 

300 Madison Avenue New York, NY 10017

------

LEGAL COUNSEL

**Willkie Farr & Gallagher LLP** 

787 Seventh Avenue New York, NY 10019

------

CUSTODIAN AND ACCOUNTING AGENT

**State Street Bank and Trust Company** 

State Street Corporation CCB/5 1 Iron Street Boston, MA 02210

------

DISTRIBUTORS<sup>+</sup>

**Sanford C. Bernstein & Co., LLC** 

1345 Avenue of the Americas

New York, NY 10105

**AllianceBernstein Investments, Inc.** 

501 Commerce Street

Nashville, TN 37203

------

TRANSFER AGENTS

**AllianceBernstein Investor Services, Inc.** 

P.O. Box 786003

San Antonio, TX 78278

**DST Asset Manager Solutions** 

2000 Crown Colony Drive Quincy, MA 02169

------

INVESTMENT ADVISER

**AllianceBernstein L.P.** 

501 Commerce Street

Nashville, TN 37203

\* Member of the Audit Committee, the Governance, Nominating and Compensation Committee, and the Independent Directors Committee.

^ Member of the Pricing Committee.

<sup>(1)</sup> The day-to-day management of, and investment decisions for, the Emerging Markets Portfolio are made by the Emerging Markets Team; Messrs. Mallari-D'Auria, Davalchenko and Yu are the investment professionals with the most significant responsibility for the day-to-day management of the Fund's Portfolio. The day-to-day management of, and investment decisions for, the Short Duration Plus Portfolio are made by the U.S. Investment Grade: Liquid Markets Structured Products Investment Team; Messrs. Canter and Rao are the professionals with the most significant responsibility for the day-to-day management of the Fund's Portfolio. The day-to-day management of, and investment decisions for, the Intermediate Duration Portfolio are made by the U.S. Investment Grade: Core Fixed Income Team; Messrs. Canter and Rao are the investment professionals with the most significant responsibility for the day-to-day management of the Fund's Portfolio. The day-to-day management of, and investment decisions for, the Fixed Income Municipal Portfolios are made by the Municipal Bond Investment Team; Messrs. Clements, Hults, Norton and Potter are the investment professionals with the most significant responsibility for the day-to-day management of the Funds' Portfolios.

+ Sanford C. Bernstein & Co., LLC acts as distributor to sell SCB Class shares of the Portfolios. AllianceBernstein Investments, Inc. acts as the principal underwriter and distributor of the Portfolios' Class A, Class C, Class Z and Advisor Class shares. Advisor Class shares and Class Z shares are not subject to the Rule 12b-1 asset based sales charges.

 <br> *88* *Sanford C. Bernstein Fund, Inc.*

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

---

| | | | |
|:---|:---|:---|:---|
|  DIRECTORS' INFORMATION | DIRECTORS' INFORMATION | DIRECTORS' INFORMATION |  |
| **Name, Address<sup>+</sup>, Age,<br>(Year of Election\*)** | **Principal Occupation(s)<br>During Past Five (5) Years<br>and Other Information** | **Portfolios in<br>Fund Complex<br>Overseen<br>By Director** | **Other Directorships<br>Currently Held by Director** |
|  INTERESTED DIRECTOR | INTERESTED DIRECTOR | INTERESTED DIRECTOR | INTERESTED DIRECTOR |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beata D. Kirr**,\*\*<br> c/o AllianceBernstein L.P. 1345 Avenue of the Americas<br> New York, NY 10105<br>48<br>&nbsp;&nbsp;&nbsp;&nbsp;(2019) | Senior Vice President of the Investment Adviser with which she has been associated since prior to 2017. She is the Co-Head of Investment Strategies since April 2020 and a National Managing Director since 2017. She was previously the Head of Private Client Core Asset Strategies. She joined the firm in 2007 as a Senior Portfolio Manager. Prior to joining AB, she was a director at Harris Alternatives, a global fund of hedge funds, and was with Goldman Sachs, where she advised clients in the Equities, M&A and Equity Capital Markets divisions, from their New York, London and Chicago offices. | 17 | Women Employed |
|  DISINTERESTED DIRECTORS | DISINTERESTED DIRECTORS | DISINTERESTED DIRECTORS | DISINTERESTED DIRECTORS |
| &nbsp;&nbsp;&nbsp;&nbsp; **Debra Perry**,<sup>#^</sup><br> *Chair of the Board*<br> 71<br> &nbsp;&nbsp;&nbsp;&nbsp;(2011) | Formerly, Senior Managing Director of Global Ratings and Research, Moody's Investors Service, Inc. from 2001 to 2004; Chief Administrative Officer, Moody's, from 1999 to 2001; Chief Credit Officer, Moody's, from 2000 to 2001; Group Managing Director for the Finance, Securities and Insurance Ratings Groups, Moody's Corp., from 1996 to 1999; earlier she held executive positions with First Boston Corporation and Chemical Bank. | 17 | Assurant, Inc., since 2017; Korn/Ferry International since 2008; Genworth Financial, Inc., from 2016-2022; PartnerRe, from 2013- 2016; Bank of America Funds Series Trust, from 2011-2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;**R. Jay Gerken**,<sup>#^</sup><br> 71<br> &nbsp;&nbsp;&nbsp;&nbsp;(2013) | Formerly, President and Chief Executive Officer of Legg Mason Partners Fund Advisor, LLC, and President & Board Member of The Legg Mason and Western Asset mutual funds from 2005 until June 2013. Previously, he was the President and Chair of the boards of the Citigroup Asset Management mutual funds from 2002 to 2005; Portfolio Manager and Managing Director, Smith Barney Asset Management from 1993 to 2001 and President & CEO, Directions Management of Shearson Lehman, Inc. from 1988 to 1993. | 17 | Cedar Lawn Corporation; New Jersey Chapter of The Nature Conservancy; and Associated Banc-Corp |
| &nbsp;&nbsp;&nbsp;&nbsp; **Jeffrey R. Holland**,<sup>#</sup><br>56<br> &nbsp;&nbsp;&nbsp;&nbsp;(2019) | Formerly, Limited Partner of Brown Brothers Harriman from 2014 to 2018. Prior thereto, General Partner of Brown Brothers Harriman from 2006 to 2013. | 17 | Director of various non-profit organizations |

---

 <br> *2022 Annual Report* *89*

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##### [**Table of Contents**](#toc)
Sanford C. Bernstein Fund, Inc. *(continued)*

---

| | | | |
|:---|:---|:---|:---|
|  DIRECTORS' INFORMATION (continued) | DIRECTORS' INFORMATION (continued) | DIRECTORS' INFORMATION (continued) |  |
| **Name, Address<sup>+</sup>, Age,<br>(Year of Election\*)** | **Principal Occupation(s)<br>During Past Five (5) Years<br>and Other Information** | **Portfolios in<br>Fund Complex<br>Overseen<br>By Director** | **Other Directorships<br>Currently Held by Director** |
| &nbsp;&nbsp;&nbsp;&nbsp; **William Kristol**,<sup>#</sup><br> 69<br> &nbsp;&nbsp;&nbsp;&nbsp;(1994) | Founder and Editor, The Weekly Standard from 1995 to 2018. He is a regular contributor on leading political commentary shows. He has served as the inaugural Vann Professor of Ethics and Society at Davidson College since 2019. | 17 | Manhattan Institute; John M. Ashbrook Center for Public Affairs at Ashland University; The Salvatori Center at Claremont McKenna College; The Institute for the Study of War; Foundation for Constitutional Government; and Defending Democracy Together, a non-profit educational corporation |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michelle McCloskey**,<sup>#</sup><br> 60<br> &nbsp;&nbsp;&nbsp;&nbsp;(2019) | Formerly, President of Americas, Man Group from 2017 to August 2019 and President of Man FRM from 2015 to August 2019. Prior thereto, she was a Senior Managing Director of Man FRM from 2012 to 2015. While at the Man Group, she served on the Executive Committee of Man Group plc from 2012 to 2019, as Chief Executive Officer, Board of Managers of Man Alternative Multi Strategy Fund from 2016 to 2019 and as President and Chair of the Board of the Pine Grove Institutional Funds from 2016 to 2019. She currently serves on the Investment Advisory Committee of Texas Tech University Endowment. | 17 | Assured Guaranty Ltd. since May 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Donald K. Peterson**,<sup>#</sup><br> 73<br> &nbsp;&nbsp;&nbsp;&nbsp;(2007) | Formerly, Chairman and Chief Executive Officer, Avaya Inc. (telecommunications equipment and services) from 2002 to 2006; President and Chief Executive Officer, Avaya Inc. from 2000 to 2001; President, Enterprise Systems Group in 2000; Chief Financial Officer, Lucent Technologies (telecommunications equipment and services) from 1996 to 2000; Chief Financial Officer, AT&T, Communications Services Group from 1995 to 1996; President, Nortel Communications Systems, Inc. (telecommunications and networking equipment) from 1994 to 1995; Prior thereto he was at Nortel from 1976 to 1995. | 17 | Worcester Polytechnic Institute, (Emeritus); Member of the Board of TIAA-Bank, FSB |

---

+ The address for each of the Fund's Disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

\* There is no stated term of office for the Directors.

\* \* Ms. Kirr is an "interested person" as defined in the Investment Company Act of 1940, because of her affiliation with AB.

# Member of the Audit Committee, the Governance, Nominating and Compensation Committee, and the Independent Directors Committee.

^ Member of the Pricing Committee.

 <br> *90* *Sanford C. Bernstein Fund, Inc.*

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

---

| | | |
|:---|:---|:---|
|  OFFICERS' INFORMATION |  |  |
| **Name, Address\* and Age** | **Position(s)<br>Held with Fund** | **Principal Occupation<br>During Past Five (5) Years** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beata D. Kirr, 48 | President | See biography above. |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry S. Mallari-D'Auria, 61 | Vice President | Senior Vice President of the Adviser<sup>†</sup>, with which he has been associated since prior to 2017. He is also Chief Investment Officer of Emerging Markets Value Equities. |
| &nbsp;&nbsp;&nbsp;&nbsp; Sergey Davalchenko, 47 | Vice President | Senior Vice President of the Adviser<sup>†</sup>, with which he has been associated since prior to 2017. He is also Chief Investment Officer of Emerging Markets Growth as of February 2022. |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelson Yu, 51 | Vice President | Senior Vice President of the Adviser<sup>†</sup>, with which he has been associated since prior to 2017. Chief Investment Officer - Investment Sciences and Insights since 2021. |
| &nbsp;&nbsp;&nbsp;&nbsp; Daryl Clements, 55 | Vice President | Senior Vice President of the Adviser<sup>†</sup>, with which he has been associated since prior to 2017. |
| &nbsp;&nbsp;&nbsp;&nbsp; Terrance T. Hults, 56 | Vice President | Senior Vice President of the Adviser<sup>†</sup>, with which he has been associated since prior to 2017. |
| &nbsp;&nbsp;&nbsp;&nbsp; Matthew Norton, 39 | Vice President | Senior Vice President of the Adviser<sup>†</sup>, with which he has been associated since prior to 2017. He is also Chief Investment Officer - Municipal Bonds. |
| &nbsp;&nbsp;&nbsp;&nbsp; Andrew D. Potter, 37 | Vice President | Vice President of the Adviser<sup>†</sup>, with which he has been associated since prior to 2017. |
| &nbsp;&nbsp;&nbsp;&nbsp; Michael Canter, 53 | Vice President | Senior Vice President of the Adviser<sup>†</sup>, with which he has been associated since prior to 2017. He is also Director and Chief Investment Officer - Securitized Assets. |
| &nbsp;&nbsp;&nbsp;&nbsp; Janaki Rao, 52 | Vice President | Senior Vice President of the Adviser<sup>†</sup>, with which he has been associated since prior to 2017. He is also Director of US Multi-Sector Fixed-Income Portfolios. |
| &nbsp;&nbsp;&nbsp;&nbsp; Emilie D. Wrapp, 66 | Secretary | Senior Vice President, Assistant General Counsel and Assistant Secretary of AllianceBernstein Investments, Inc. ("ABI")<sup>†</sup>, with which she has been associated since prior to 2017. |

---

 <br> *2022 Annual Report* *91*

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##### [**Table of Contents**](#toc)
Sanford C. Bernstein Fund, Inc. *(continued)*

---

| | | |
|:---|:---|:---|
|  OFFICERS' INFORMATION (continued) | OFFICERS' INFORMATION (continued) | OFFICERS' INFORMATION (continued) |
| **Name, Address\* and Age** | **Position(s)<br>Held with Fund** | **Principal Occupation<br>During Past Five (5) Years** |
| &nbsp;&nbsp;&nbsp;&nbsp; Michael B. Reyes, 46 | Senior Vice President | Vice President of the Adviser<sup>†</sup>, with which he has been associated since prior to 2017. |
| &nbsp;&nbsp;&nbsp;&nbsp; Joseph J. Mantineo, 63 | Treasurer and Chief Financial Officer | Senior Vice President of AllianceBernstein Investor Services, Inc. ("ABIS")<sup>†</sup>, with which he has been associated since prior to 2017. |
| &nbsp;&nbsp;&nbsp;&nbsp; Phyllis J. Clarke, 61 | Controller | Vice President of ABIS<sup>†</sup>, with which she has been associated since prior to 2017. |
| &nbsp;&nbsp;&nbsp;&nbsp; Vincent S. Noto, 57 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser<sup>†</sup>, since prior to 2017. |

---

\* The address for each of the Fund's Officers is 1345 Avenue of the Americas New York, NY 10105.

† The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund's Statement of Additional Information ("SAI") has additional information about the Fund's Directors and Officers and is available without charge upon request. Contact your financial representative or AB at (800) 227-4618, or visit www.bernstein.com, for a free prospectus or SAI.

 <br> *92* *Sanford C. Bernstein Fund, Inc.*

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##### [**Table of Contents**](#toc)
***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 (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 2022, which covered the period January 1, 2021 through December 31, 2021 (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 significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets 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> *2022 Annual Report* *93*

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##### [**Table of Contents**](#toc)
Board Consideration of Investment Management Arrangement

Sanford C. Bernstein Fund, Inc. (the "Fund") is subject to Section 15 of the Investment Company Act of 1940, as amended. Section 15 provides that any investment advisory agreement with a registered investment company such as the Fund may continue in effect for a period of more than two years from the date of its execution, only so long as such continuance is specifically approved at least annually by the board of directors (or by vote of a majority of the outstanding voting securities of the investment company). Pursuant to this requirement, the Fund's Board of Directors, including the Directors who are 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 Emerging Markets, Short Duration Diversified Municipal, New York Municipal, California Municipal, Diversified Municipal, Short Duration Plus, Intermediate Duration, Overlay A, Tax-Aware Overlay A, Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios (each, a "Portfolio" and collectively, the "Portfolios") of the Fund, and AllianceBernstein L.P. (the "Adviser")(the "Investment Management Agreement") at a meeting held on October 26-27, 2022.

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 between the Fund and the Adviser, counsel to the Independent Directors sent a letter to the Adviser dated August 10, 2022, that contained a list of information requested by the Independent Directors to conduct their annual review. The Board of Directors, including the Independent Directors, met by video conference and 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 29, 2022, 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 the independent fee consultant in executive sessions. Following the September 29, 2022 meeting, the Independent Directors, through counsel, requested certain additional information by means of an email from their independent counsel dated October 6, 2022, and the Adviser provided certain additional information by means of a memorandum dated October 19, 2022. On October 26-27, 2022, the Board of Directors held a 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 the 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 September 29, 2022 and October 26-27, 2022 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 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.

 <br> *94* *Sanford C. Bernstein Fund, Inc.*

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***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 Strategic Insight, an independent provider of investment company data. The Senior Vice President also performed analyses of the advisory fees, and compared such analyses to the Portfolios' peer groups. In addition, the Board received and considered information from an independent fee consultant regarding the fees and expenses of the Portfolios as well as their investment performance.

The Board 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 noted that the Adviser had elected to discontinue its voluntary waiver of the 0.10% shareholder servicing fee for the private client class of the Short Duration Plus Portfolio and the Short Duration Diversified Municipal Portfolio, during the next term of the shareholder servicing agreement. In that regard, the Board considered that the increasing interest rate environment had increased yields available in the marketplace on short-term investments, and that the Adviser indicated that the waivers were no longer necessary to maintain positive performance. The Board further considered that the total expense ratios of the Portfolios remained below the median of the peer group after removal of the waiver, and the Board reviewed materials estimating the impact of the removal of the waiver on the performance of the Portfolios.

The Board also noted that the Adviser had recently modified the advisory fee schedule of the Overlay A and Tax-Aware Overlay Portfolios by reducing the level where each Portfolio reaches its first breakpoint, and adding a new breakpoint on assets over $5 billion. With respect to the advisory fees charged to the Overlay Portfolios, the Directors noted that the Portfolios are intended to have an impact on a private client's entire account, rather than just an impact at the Portfolio level.

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

***Nature, Extent and Quality of Services Provided***

The Board, including the Independent Directors, considered the nature, quality and extent of services performed by the Adviser and its affiliates gained from their experience as Directors of the Fund, their overall confidence in the Adviser's integrity and competence they have gained from that experience, and the Adviser's initiative in identifying and raising potential issues with the Directors. The Board also considered the Adviser's responsiveness, frankness and attention to concerns raised by the Directors from time to time, including the Adviser's willingness to consider and implement organizational and other changes designed to improve investment results and the services provided to the Portfolios. 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 commitment to strong research and investment management capabilities throughout changing market environments. The Board reviewed the compliance and administrative services of the Adviser that support the investment advisory services provided to the Portfolios.

In considering the nature and quality of the services provided by the Adviser, the Board, including the Independent Directors, received and considered information about each Portfolio's investment performance, as well as the performance of its peer group and the performance of an appropriate benchmark index. The Board was provided with performance data versus each Portfolio's peer group, for the 1-year, 3-year, 5-year and 10-year periods, as applicable,

 <br> *2022 Annual Report* *95*

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ended July 31, 2022 and versus each Portfolio's benchmark index, for the relevant periods, as well as the most recently available Morningstar rating for those Portfolios with an available rating. The Board also received certain updated performance information as of September 30, 2022. 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 the complexity of the Overlay Portfolios, in particular the complexity of managing the globally diversified set of asset classes and derivatives in which the Overlay Portfolios can invest as well as the complexity of dynamically allocating assets through the Overlay Portfolios among various asset classes as economic and market conditions change in seeking to provide the desired risk/return trade-off for their investors in light of their overall portfolios (and not just their investment in the Overlay Portfolios themselves). In considering the performance of the Overlay Portfolios, the Board reviewed the performance of the Overlay Portfolios' dynamic asset allocation component and the impact of that component in the recent volatile market environment. The Board considered the Adviser's continued research efforts to enhance the dynamic asset allocation component utilized by the Overlay Portfolios. The Board further acknowledged the difficulty in selecting relevant peer groups for the Overlay Portfolios because of their unique structure and noted that the Overlay A Portfolio and Tax-Aware Overlay A Portfolio held higher percentages of equities and international equities than the funds in their relevant peer groups.

In evaluating the performance of the Portfolios that invest primarily in fixed-income securities, the Directors considered whether those Portfolios may have incurred less credit risk or interest rate risk, or both, in relation to their peer groups and benchmark indices. The Directors also noted the Adviser's explanation that certain Portfolios are designed to maintain higher credit quality and a more conservative approach versus the funds in their relevant peer groups, and that as a result of a lower risk profile, those Portfolios have underperformed the peer group during periods when riskier assets have outperformed.

Where the Portfolios had underperformed their peer groups or benchmark indices, the Directors considered the Adviser's explanations for performance and, as applicable, measures the Adviser had taken or proposed to take to improve performance, including enhancements to portfolio management models. The Directors noted generally the Adviser's continued efforts to enhance the services provided to the Portfolios. The Directors also noted that they would continue to monitor investment performance closely.

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 2020 and 2021, which had been reviewed by an independent consultant. 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 all 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 Board further considered materials provided by the Adviser estimating the profitability of the Short Duration Plus Portfolio and the Short Duration Diversified Municipal Portfolio to the Adviser after the termination of the voluntary waiver in effect for the Portfolios. 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.

 <br> *96* *Sanford C. Bernstein Fund, Inc.*

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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, 2018 fee reductions for the Short Duration Diversified Municipal, Short Duration Plus, Intermediate Duration, and Emerging Markets Portfolios, breakpoint arrangements including the lowering of the first breakpoint and the addition of a new breakpoint in the advisory fee schedule for the Overlay A and Tax-Aware Overlay A Portfolios as well as other recently adopted or modified breakpoints for certain Portfolios, expense caps and waivers applying to select Portfolios, and the Adviser's continued reinvestment in the business, including by researching and implementing new product enhancements. The Directors also noted that they would continue to monitor the growth of 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), Rule 12b-1 fees and sales charges received by the principal underwriter (which is a wholly owned subsidiary of the Adviser) with respect to the retail share classes of certain Portfolios, and transfer agency fees paid by the retail share classes of certain Portfolios to a wholly-owned subsidiary of the Adviser. The Directors recognized that the Adviser's profitability would be lower without these benefits. They also considered other benefits potentially derived from an increase in the Adviser's business as a result of its relationship with the Fund. The Directors concluded that these fall-out benefits to the Adviser were acceptable.

***Advisory Fee Rate Schedule***

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

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| | |
|:---|:---|
| **PORTFOLIO** | **ANNUAL PERCENTAGE OF AVERAGE<br>DAILY NET ASSETS OF EACH PORTFOLIO** |
| Short Duration Diversified Municipal | 0.30% of the first $750 million; 0.25% of assets in excess of $750 million. |
| Short Duration Plus | 0.35% of the first $750 million; 0.30% of assets in excess of $750 million. |
| New York Municipal | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion. |

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 <br> *2022 Annual Report* *97*

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| | |
|:---|:---|
| **PORTFOLIO** | **ANNUAL PERCENTAGE OF AVERAGE<br>DAILY NET ASSETS OF EACH PORTFOLIO** |
| California Municipal | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion. |
| Diversified Municipal | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% in excess of $5 billion up to, but not exceeding $7 billion; 0.225% of assets in excess of $7 billion. |
| Intermediate Duration | 0.45% on the first $2.5 billion; 0.40% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.35% in excess of $5 billion up to, but not exceeding $8 billion; 0.30% of assets in excess of $8 billion. |
| Emerging Markets | 0.95% of the first $2.5 billion; 0.90% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. |
| Overlay A | 0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. |
| Tax-Aware Overlay A | 0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. |
| Overlay B | 0.65% of assets. |
| Tax-Aware Overlay B | 0.65% of assets. |
| Tax-Aware Overlay C | 0.65% of assets. |
| Tax-Aware Overlay N | 0.65% of assets. |

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 <br> *98* *Sanford C. Bernstein Fund, Inc.*

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![LOGO](g453724g31t33.jpg)

**Distributor** 

SANFORD C. BERNSTEIN FUND, INC.

1345 AVENUE OF THE AMERICAS, NEW YORK, NY 10105

(212) 756-4097

SCBI-1947-0922

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## Sanford C. Bernstein Fund, Inc.
September 30, 2022

## Schedule of Investments

## To the Annual Report

## For the Emerging Markets Portfolio

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**Sanford C. Bernstein Fund, Inc.** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors of Sanford C. Bernstein Fund, Inc. and Shareholders of Emerging Markets Portfolio

***Opinion on the Financial Statements***

We have audited the accompanying schedule of investments to the annual report for the Emerging Markets Portfolio (one of the thirteen portfolios constituting Sanford C. Bernstein Fund, Inc., hereafter referred to as the "Portfolio"), and the related statement of assets and liabilities as of September 30, 2022, the statement of operations for the year ended September 30, 2022, the statement of changes in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2022 (collectively referred to as the "financial statements"), which appear in the Sanford C. Bernstein Fund, Inc. September 30, 2022 annual report for the Emerging Markets Portfolio. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

November 23, 2022

We have served as the auditor of one or more of the investment companies in the AB Group of Mutual Funds since at least 1985. We have not been able to determine the specific year we began serving as auditor.

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**Sanford C. Bernstein Fund, Inc.** 

**Schedule of Investments** 

**Emerging Markets Portfolio** 

**September 30, 2022** 

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| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **COMMON STOCKS–94.9%** | **COMMON STOCKS–94.9%** | **COMMON STOCKS–94.9%** |
| **Financials–23.8%** | **Financials–23.8%** | **Financials–23.8%** |
| **Banks–16.0%** | **Banks–16.0%** | **Banks–16.0%** |
|  Agricultural Bank of China Ltd.–Class H | 6570000 | $1966370 |
|  Al Rajhi Bank(a) | 397184 | 8502991 |
|  AU Small Finance Bank Ltd.(b) | 310526 | 2337636 |
|  Bandhan Bank Ltd.(a)(b) | 579117 | 1879769 |
|  Bank BTPN Syariah Tbk PT | 12211200 | 2189235 |
|  Bank for Foreign Trade of Vietnam JSC | 2342201 | 7143670 |
|  Bank Mandiri Persero Tbk PT | 32979000 | 20250432 |
|  Bank Negara Indonesia Persero Tbk PT | 10792700 | 6312625 |
|  Bank of the Philippine Islands | 3759360 | 5726019 |
|  Bank Polska Kasa Opieki SA | 419263 | 5091881 |
|  Bank Rakyat Indonesia Persero Tbk PT | 9531000 | 2789462 |
|  China Construction Bank Corp.–Class H | 8608000 | 4968550 |
|  Emirates NBD Bank PJSC | 1943938 | 6797361 |
|  Grupo Financiero Banorte SAB de CV–Class O | 1370190 | 8777190 |
|  Hana Financial Group, Inc. | 620090 | 15226297 |
|  HDFC Bank Ltd. | 1052640 | 18246488 |
|  Industrial Bank Co., Ltd.–Class A | 1323793 | 3095403 |
|  KB Financial Group, Inc. | 615323 | 18581839 |
|  Metropolitan Bank & Trust Co. | 7834830 | 6461859 |
|  Military Commercial Joint Stock Bank(a) | 3127416 | 2595075 |
|  Ping An Bank Co., Ltd.–Class A | 2228560 | 3713261 |
|  Regional SAB de CV | 539276 | 3039728 |
|  Sberbank of Russia PJSC(a)(c)(d) | 951472 | 0 |
|  State Bank of India | 1254023 | 8135657 |
|  |  | 163828798 |
| **Capital Markets–1.3%** | **Capital Markets–1.3%** | **Capital Markets–1.3%** |
|  B3 SA–Brasil Bolsa Balcao | 2870200 | 6943582 |
|  Banco BTG Pactual SA | 1410000 | 6484952 |
|  |  | 13428534 |
| **Consumer Finance–0.5%** | **Consumer Finance–0.5%** | **Consumer Finance–0.5%** |
|  Kaspi.KZ JSC (GDR) | 44000 | 2528180 |
|  Muangthai Capital PCL | 1058300 | 1017057 |
|  Transaction Capital Ltd. | 1002850 | 2036727 |
|  |  | 5581964 |
| **Diversified Financial Services–1.9%** | **Diversified Financial Services–1.9%** | **Diversified Financial Services–1.9%** |
|  Housing Development Finance Corp. Ltd. | 660153 | 18424795 |
| **Company** | **Shares** | **U.S. $ Value** |
|  Metro Pacific Investments Corp. | 17351000 | $985218 |
|  |  | 19410013 |
| **Insurance–4.1%** | **Insurance–4.1%** | **Insurance–4.1%** |
|  AIA Group Ltd. | 1744600 | 14525370 |
|  Hyundai Marine & Fire Insurance Co., Ltd. | 9190 | 187100 |
|  Max Financial Services Ltd.(a) | 728288 | 6820067 |
|  PICC Property & Casualty Co., Ltd.–Class H | 6136000 | 6345134 |
|  Ping An Insurance Group Co. of China Ltd.–Class H | 2566000 | 12801246 |
|  TQM Alpha PCL | 1074600 | 1111066 |
|  |  | 41789983 |
|  |  | 244039292 |
| **Consumer Discretionary–21.0%** | **Consumer Discretionary–21.0%** | **Consumer Discretionary–21.0%** |
| **Auto Components–0.2%** | **Auto Components–0.2%** | **Auto Components–0.2%** |
|  Balkrishna Industries Ltd. | 85148 | 1958189 |
| **Automobiles–4.7%** | **Automobiles–4.7%** | **Automobiles–4.7%** |
|  Great Wall Motor Co., Ltd.–Class H | 10656000 | 12148263 |
|  Guangzhou Automobile Group Co., Ltd.–Class H | 8972000 | 6374968 |
|  Kia Corp. | 325029 | 16177333 |
|  Maruti Suzuki India Ltd. | 51102 | 5521192 |
|  NIO, Inc.–Class A(a) | 536160 | 8385734 |
|  |  | 48607490 |
| **Hotels, Restaurants & Leisure–4.2%** | **Hotels, Restaurants & Leisure–4.2%** | **Hotels, Restaurants & Leisure–4.2%** |
|  Despegar.com Corp.(a) | 1026618 | 5851723 |
|  Galaxy Entertainment Group Ltd. | 1079000 | 6342242 |
|  MakeMyTrip Ltd.(a) | 428410 | 13152187 |
|  OPAP SA | 520358 | 6240372 |
|  Sands China Ltd.(a) | 1940000 | 4831038 |
|  Tongcheng Travel Holdings Ltd.(a) | 3134400 | 6116795 |
|  |  | 42534357 |
| **Household Durables–0.8%** | **Household Durables–0.8%** | **Household Durables–0.8%** |
|  Midea Group Co., Ltd.–Class A | 1201600 | 8329918 |
| **Internet & Direct Marketing Retail–5.2%** | **Internet & Direct Marketing Retail–5.2%** | **Internet & Direct Marketing Retail–5.2%** |
|  Alibaba Group Holding Ltd.(a) | 1147080 | 11447096 |
|  JD.com, Inc.–Class A | 702313 | 17718080 |
|  Meituan Dianping–Class B(a)(b) | 786900 | 16537838 |
|  MercadoLibre, Inc.(a) | 8660 | 7168575 |
|  momo.com, Inc. | 30080 | 501978 |
|  |  | 53373567 |
| **Multiline Retail–0.1%** | **Multiline Retail–0.1%** | **Multiline Retail–0.1%** |
|  Matahari Department Store Tbk PT | 3932500 | 991190 |
| **Specialty Retail–3.7%** | **Specialty Retail–3.7%** | **Specialty Retail–3.7%** |
|  China Meidong Auto Holdings Ltd. | 439280 | 695134 |
|  China Tourism Group Duty Free Corp. Ltd.–Class A | 321200 | 8874784 |
|  JUMBO SA | 44930 | 598212 |
|  Lojas Renner SA | 2676317 | 13817314 |

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Schedule of Investments—Emerging Markets Portfolio 1

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| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Pet Center Comercio e Participacoes SA | 1103400 | $2080247 |
|  Trent Ltd. | 142308 | 2466857 |
|  Vibra Energia SA | 592800 | 1895650 |
|  Wilcon Depot, Inc. | 5168200 | 2810423 |
|  Zhongsheng Group Holdings Ltd. | 1162500 | 4609699 |
|  |  | 37848320 |
| **Textiles, Apparel & Luxury Goods–2.1%** | **Textiles, Apparel & Luxury Goods–2.1%** | **Textiles, Apparel & Luxury Goods–2.1%** |
|  ANTA Sports Products Ltd. | 420200 | 4410751 |
|  F&F Co., Ltd./New | 17590 | 1668297 |
|  Li Ning Co., Ltd. | 892000 | 6768391 |
|  Samsonite International SA(a)(b) | 3572100 | 8567335 |
|  |  | 21414774 |
|  |  | 215057805 |
| **Information Technology–18.9%** | **Information Technology–18.9%** | **Information Technology–18.9%** |
| **Electronic Equipment, Instruments & Components–3.6%** | **Electronic Equipment, Instruments & Components–3.6%** | **Electronic Equipment, Instruments & Components–3.6%** |
|  BOE Technology Group Co., Ltd.–Class A | 13877600 | 6383299 |
|  Lotes Co., Ltd. | 91000 | 2179868 |
|  Samsung SDI Co., Ltd. | 36190 | 13612634 |
|  Sinbon Electronics Co., Ltd. | 1788000 | 14851210 |
|  |  | 37027011 |
| **IT Services–2.1%** | **IT Services–2.1%** | **IT Services–2.1%** |
|  Chinasoft International Ltd.(a) | 1344000 | 820967 |
|  Dlocal Ltd.(a) | 56280 | 1154866 |
|  FPT Corp. | 375780 | 1261407 |
|  GDS Holdings Ltd.–Class A(a) | 2685340 | 5908177 |
|  Larsen & Toubro Infotech Ltd.(b) | 140539 | 7617974 |
|  Locaweb Servicos de Internet SA(a)(b) | 960700 | 1602844 |
|  My EG Services Bhd | 6756500 | 1228625 |
|  NHN KCP Corp.(a) | 72948 | 558875 |
|  Persistent Systems Ltd. | 39163 | 1545174 |
|  |  | 21698909 |
| **Semiconductors & Semiconductor Equipment–11.6%** | **Semiconductors & Semiconductor Equipment–11.6%** | **Semiconductors & Semiconductor Equipment–11.6%** |
|  ASPEED Technology, Inc. | 153400 | 8442767 |
|  Broadcom, Inc. | 17590 | 7810136 |
|  eMemory Technology, Inc. | 28000 | 991095 |
|  King Yuan Electronics Co., Ltd. | 5798000 | 5603444 |
|  Koh Young Technology, Inc. | 153610 | 1345359 |
|  LEENO Industrial, Inc. | 18000 | 1548544 |
|  MediaTek, Inc. | 454000 | 7834408 |
|  Nanya Technology Corp. | 1930000 | 2957655 |
|  Novatek Microelectronics Corp. | 609000 | 4168070 |
|  Parade Technologies Ltd. | 36000 | 661519 |
|  Realtek Semiconductor Corp. | 140000 | 1181891 |
|  Silergy Corp. | 84000 | 1095523 |
|  SK Hynix, Inc. | 280543 | 16047110 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 3268706 | 43327976 |
|  United Microelectronics Corp.(a) | 13594000 | 15213004 |
| **Company** | **Shares** | **U.S. $ Value** |
|  WONIK IPS Co., Ltd. | 54580 | $836598 |
|  |  | 119065099 |
| **Software–0.3%** | **Software–0.3%** | **Software–0.3%** |
|  TOTVS SA | 452800 | 2463630 |
|  Weimob, Inc.(a)(b) | 1221140 | 427308 |
|  |  | 2890938 |
| **Technology Hardware, Storage & Peripherals–1.3%** | **Technology Hardware, Storage & Peripherals–1.3%** | **Technology Hardware, Storage & Peripherals–1.3%** |
|  Samsung Electronics Co., Ltd. | 350140 | 12856875 |
|  |  | 193538832 |
| **Industrials–6.9%** | **Industrials–6.9%** | **Industrials–6.9%** |
| **Building Products–0.4%** | **Building Products–0.4%** | **Building Products–0.4%** |
|  Astral Ltd. | 91223 | 2472944 |
|  Kajaria Ceramics Ltd. | 83263 | 1222470 |
|  |  | 3695414 |
| **Commercial Services & Supplies–0.5%** | **Commercial Services & Supplies–0.5%** | **Commercial Services & Supplies–0.5%** |
|  Sunny Friend Environmental Technology Co., Ltd. | 1079000 | 5132383 |
| **Construction & Engineering–1.2%** | **Construction & Engineering–1.2%** | **Construction & Engineering–1.2%** |
|  Sinopec Engineering Group Co., Ltd.–Class H | 24801000 | 9910944 |
|  Voltas Ltd. | 162463 | 1803803 |
|  |  | 11714747 |
| **Electrical Equipment–2.0%** | **Electrical Equipment–2.0%** | **Electrical Equipment–2.0%** |
|  Bizlink Holding, Inc. | 218000 | 1914981 |
|  Contemporary Amperex Technology Co., Ltd.–Class A | 193400 | 10889343 |
|  Ecopro BM Co., Ltd. | 86500 | 5232947 |
|  Voltronic Power Technology Corp. | 55158 | 2425879 |
|  |  | 20463150 |
| **Industrial Conglomerates–0.6%** | **Industrial Conglomerates–0.6%** | **Industrial Conglomerates–0.6%** |
|  Ayala Corp. | 159650 | 1668114 |
|  Bidvest Group Ltd. (The) | 377220 | 4096067 |
|  |  | 5764181 |
| **Machinery–0.7%** | **Machinery–0.7%** | **Machinery–0.7%** |
|  Airtac International Group | 83000 | 1898979 |
|  Escorts Ltd. | 20473 | 530892 |
|  Estun Automation Co., Ltd.–Class A | 1805500 | 4773524 |
|  |  | 7203395 |
| **Professional Services–0.3%** | **Professional Services–0.3%** | **Professional Services–0.3%** |
|  Centre Testing International Group Co., Ltd.–Class A | 544656 | 1559840 |
|  NICE Information Service Co., Ltd. | 70020 | 650125 |
|  Sporton International, Inc. | 167415 | 1237252 |
|  |  | 3447217 |
| **Road & Rail–0.2%** | **Road & Rail–0.2%** | **Road & Rail–0.2%** |
|  Globaltrans Investment PLC (Sponsored GDR)(a)(c)(d)(e) | 658169 | 1 |

---

2 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Rumo SA | 710800 | $2435063 |
|  |  | 2435064 |
| **Trading Companies & Distributors–0.3%** | **Trading Companies & Distributors–0.3%** | **Trading Companies & Distributors–0.3%** |
|  Barloworld Ltd. | 665550 | 3392834 |
| **Transportation Infrastructure–0.7%** | **Transportation Infrastructure–0.7%** | **Transportation Infrastructure–0.7%** |
|  Grupo Aeroportuario del Centro Norte SAB de CV | 980368 | 6167125 |
|  Grupo Aeroportuario del Pacifico SAB de CV–Class B | 111790 | 1415450 |
|  |  | 7582575 |
|  |  | 70830960 |
| **Materials–6.1%** | **Materials–6.1%** | **Materials–6.1%** |
| **Chemicals–2.0%** | **Chemicals–2.0%** | **Chemicals–2.0%** |
|  Atul Ltd. | 20576 | 2259661 |
|  Chunbo Co., Ltd. | 11130 | 1365525 |
|  Hansol Chemical Co., Ltd. | 10250 | 1198152 |
|  PI Advanced Materials Co., Ltd. | 36140 | 745189 |
|  PI Industries Ltd. | 58985 | 2162548 |
|  Sociedad Quimica y Minera de Chile SA (Sponsored ADR) | 120140 | 10902705 |
|  SRF Ltd. | 76964 | 2354002 |
|  |  | 20987782 |
| **Construction Materials–0.5%** | **Construction Materials–0.5%** | **Construction Materials–0.5%** |
|  GCC SAB de CV | 807122 | 4783939 |
| **Metals & Mining–3.6%** | **Metals & Mining–3.6%** | **Metals & Mining–3.6%** |
|  First Quantum Minerals Ltd. | 509063 | 8641928 |
|  Freeport-McMoRan, Inc. | 303010 | 8281263 |
|  Hoa Phat Group JSC | 1543042 | 1360020 |
|  Ivanhoe Mines Ltd.–Class A(a) | 1509493 | 9714694 |
|  KGHM Polska Miedz SA | 219828 | 3838984 |
|  POSCO Holdings, Inc. | 33427 | 4875920 |
|  |  | 36712809 |
|  |  | 62484530 |
| **Utilities–5.2%** | **Utilities–5.2%** | **Utilities–5.2%** |
| **Electric Utilities–3.3%** | **Electric Utilities–3.3%** | **Electric Utilities–3.3%** |
|  Centrais Eletricas Brasileiras SA | 417249 | 3323698 |
|  Equatorial Energia SA | 3756300 | 18731538 |
|  Power Grid Corp. of India Ltd. | 4588685 | 11931402 |
|  |  | 33986638 |
| **Gas Utilities–1.1%** | **Gas Utilities–1.1%** | **Gas Utilities–1.1%** |
|  GAIL India Ltd. | 2810199 | 2990030 |
|  Kunlun Energy Co., Ltd. | 11296000 | 8130012 |
|  |  | 11120042 |
| **Independent Power and Renewable Electricity Producers–0.8%** | **Independent Power and Renewable Electricity Producers–0.8%** | **Independent Power and Renewable Electricity Producers–0.8%** |
|  ACEN Corp. | 478950 | 45588 |
|  China Datang Corp. Renewable Power Co., Ltd.–Class H | 11898000 | 2756441 |
| **Company** | **Shares** | **U.S. $ Value** |
|  China Longyuan Power Group Corp. Ltd.–Class H | 3867000 | $4832189 |
|  |  | 7634218 |
|  |  | 52740898 |
| **Real Estate–4.3%** | **Real Estate–4.3%** | **Real Estate–4.3%** |
| **Real Estate Management & Development–4.3%** | **Real Estate Management & Development–4.3%** | **Real Estate Management & Development–4.3%** |
|  Ayala Land, Inc. | 10141100 | 3937203 |
|  China Overseas Land & Investment Ltd. | 3316000 | 8626649 |
|  China Resources Land Ltd. | 1566000 | 6133842 |
|  CIFI Holdings Group Co., Ltd. | 10548720 | 1065890 |
|  Country Garden Holdings Co., Ltd. | 3933000 | 908525 |
|  Emaar Properties PJSC | 6057255 | 9504605 |
|  Longfor Group Holdings Ltd.(b) | 2333500 | 6689091 |
|  Megaworld Corp. | 52878000 | 1833638 |
|  Midea Real Estate Holding Ltd.(b) | 1475400 | 1382754 |
|  Times China Holdings Ltd.(a) | 5092000 | 540719 |
|  Vincom Retail JSC(a) | 1326300 | 1546980 |
|  Vinhomes JSC(b) | 802500 | 1697259 |
|  |  | 43867155 |
| **Communication Services–2.5%** | **Communication Services–2.5%** | **Communication Services–2.5%** |
| **Entertainment–0.5%** | **Entertainment–0.5%** | **Entertainment–0.5%** |
|  International Games System Co., Ltd. | 386000 | 4351708 |
| **Interactive Media & Services–1.9%** | **Interactive Media & Services–1.9%** | **Interactive Media & Services–1.9%** |
|  Tencent Holdings Ltd. | 583100 | 19694965 |
| **Media–0.1%** | **Media–0.1%** | **Media–0.1%** |
|  Media Nusantara Citra Tbk PT(a) | 21674000 | 1177476 |
|  |  | 25224149 |
| **Energy–2.3%** | **Energy–2.3%** | **Energy–2.3%** |
| **Energy Equipment & Services–1.1%** | **Energy Equipment & Services–1.1%** | **Energy Equipment & Services–1.1%** |
|  China Oilfield Services Ltd.–Class H | 11186000 | 11077817 |
| **Oil, Gas & Consumable Fuels–1.2%** | **Oil, Gas & Consumable Fuels–1.2%** | **Oil, Gas & Consumable Fuels–1.2%** |
|  Gazprom PJSC (Sponsored ADR)(a)(c)(d) | 436750 | 0 |
|  LUKOIL PJSC(c)(d) | 80321 | 0 |
|  Parex Resources, Inc. | 345939 | 5051283 |
|  PetroChina Co., Ltd.–Class H | 10332000 | 4223618 |
|  Reliance Industries Ltd. | 126693 | 3674420 |
|  |  | 12949321 |
|  |  | 24027138 |
| **Consumer Staples–2.0%** | **Consumer Staples–2.0%** | **Consumer Staples–2.0%** |
| **Food & Staples Retailing–1.4%** | **Food & Staples Retailing–1.4%** | **Food & Staples Retailing–1.4%** |
|  Atacadao SA | 2117500 | 7587805 |
|  BGF retail Co., Ltd. | 14050 | 1616623 |
|  Dino Polska SA(a)(b) | 90530 | 5483483 |

---

Schedule of Investments—Emerging Markets Portfolio 3

------

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

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  X5 Retail Group NV (GDR)(b)(c)(d) | 226094 | $0 |
|  |  | 14687911 |
| **Food Products–0.1%** | **Food Products–0.1%** | **Food Products–0.1%** |
|  Minerva SA/Brazil | 275500 | 640442 |
| **Tobacco–0.5%** | **Tobacco–0.5%** | **Tobacco–0.5%** |
|  ITC Ltd. | 1217096 | 4946561 |
|  |  | 20274914 |
| **Health Care–1.9%** | **Health Care–1.9%** | **Health Care–1.9%** |
| **Health Care Providers & Services–1.4%** | **Health Care Providers & Services–1.4%** | **Health Care Providers & Services–1.4%** |
|  Dr Lal PathLabs Ltd.(b) | 52957 | 1624358 |
|  Hapvida Participacoes e Investimentos SA(b) | 3183200 | 4467049 |
|  Universal Vision Biotechnology Co., Ltd. | 870450 | 7702145 |
|  |  | 13793552 |
| **Pharmaceuticals–0.5%** | **Pharmaceuticals–0.5%** | **Pharmaceuticals–0.5%** |
|  Genomma Lab Internacional SAB de CV–Class B | 8022817 | 5537235 |
|  |  | 19330787 |
| Total Common Stocks<br> (cost $1,169,428,984) |  | 971416460 |
| **EQUITY LINKED NOTES–2.5%** | **EQUITY LINKED NOTES–2.5%** | **EQUITY LINKED NOTES–2.5%** |
| **Information Technology–1.6%** | **Information Technology–1.6%** | **Information Technology–1.6%** |
| **IT Services–1.6%** | **IT Services–1.6%** | **IT Services–1.6%** |
|  FPT Corp. Macquarie Bank Ltd., expiring 03/31/2023(a) | 4720355 | 15922423 |
| **Real Estate–0.6%** |  |  |
| **Real Estate Management & Development–0.6%** | **Real Estate Management & Development–0.6%** | **Real Estate Management & Development–0.6%** |
|  Vincom Retail JSC Macquarie Bank Ltd., expiring 03/31/2023(a) | 5053410 | $5931481 |
| **Consumer Discretionary–0.2%** | **Consumer Discretionary–0.2%** | **Consumer Discretionary–0.2%** |
| **Specialty Retail–0.2%** | **Specialty Retail–0.2%** | **Specialty Retail–0.2%** |
|  Mobile World Investment Corp. Macquarie Bank Ltd., expiring 03/31/2023(a) | 750000 | 2011314 |
| **Financials–0.1%** |  |  |
| **Banks–0.1%** | **Banks–0.1%** | **Banks–0.1%** |
|  Qatar National Bank (HSPLC) HSBC Bank PLC, expiring 06/14/2023(a) | 273970 | 1497083 |
|  Total Equity Linked Notes<br> (cost $14,586,189) |  | 25362301 |
| **SHORT-TERM INVESTMENTS–1.9%** | **SHORT-TERM INVESTMENTS–1.9%** | **SHORT-TERM INVESTMENTS–1.9%** |
| **Investment Companies–1.9%** | **Investment Companies–1.9%** | **Investment Companies–1.9%** |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 2.58%(f)(g)(h)<br>(cost $20,028,458) | 20028458 | 20028458 |
| **Total Investments—99.3%**<br> (cost $1,204,043,631) |  | 1016807219 |
|  Other assets less liabilities—0.7% |  | 7215413 |
| **Net Assets—100.0%** |  | $**1024022632** |

---

------

**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 | 28191 | ZAR | 466034 | 10/13/2022 | $(2463932) |
| Bank of America, NA | USD | 2991 | CNH | 20669 | 10/20/2022 | (95158) |
| Bank of America, NA | USD | 2393 | IDR | 36326097 | 10/27/2022 | (22072) |
| Bank of America, NA | USD | 2090 | PHP | 122523 | 10/27/2022 | (7706) |
| Bank of America, NA | MXN | 73724 | USD | 3579 | 11/18/2022 | (51340) |
| Bank of America, NA | EUR | 10482 | USD | 10126 | 12/08/2022 | (194867) |
| Bank of America, NA | INR | 626737 | USD | 7596 | 12/21/2022 | (30250) |
| Barclays Bank PLC | IDR | 137096000 | USD | 9030 | 10/27/2022 | 83181 |
| Barclays Bank PLC | PHP | 166017 | USD | 2956 | 10/27/2022 | 134405 |
| Barclays Bank PLC | MYR | 5360 | USD | 1211 | 12/15/2022 | 63512 |
| Barclays Bank PLC | USD | 15625 | MYR | 69005 | 12/15/2022 | (851897) |
| Barclays Bank PLC | HKD | 32474 | USD | 4143 | 01/12/2023 | (814) |
| BNP Paribas SA | IDR | 42926455 | USD | 2880 | 10/27/2022 | 78735 |
| BNP Paribas SA | KRW | 8283821 | USD | 5808 | 10/27/2022 | 53566 |
| BNP Paribas SA | CLP | 1565459 | USD | 1573 | 11/22/2022 | (30426) |
| Citibank, NA | USD | 42616 | CNH | 287367 | 10/20/2022 | (2359917) |

---

4 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Citibank, NA | PHP | 799138 | USD | 14040 | 10/27/2022 | $459758 |
| Deutsche Bank AG | USD | 10341 | CNH | 70418 | 10/20/2022 | (476675) |
| Goldman Sachs Bank USA | BRL | 33581 | USD | 6211 | 10/04/2022 | (14105) |
| Goldman Sachs Bank USA | USD | 6240 | BRL | 33581 | 10/04/2022 | (14285) |
| Goldman Sachs Bank USA | BRL | 33581 | USD | 6196 | 11/03/2022 | 15665 |
| Goldman Sachs Bank USA | USD | 29079 | INR | 2366145 | 12/21/2022 | (287564) |
| HSBC Bank USA | USD | 10116 | CNH | 68051 | 10/20/2022 | (583427) |
| HSBC Bank USA | PLN | 60898 | USD | 12671 | 11/30/2022 | 494135 |
| JPMorgan Chase Bank, NA | BRL | 10088 | USD | 1925 | 10/04/2022 | 55325 |
| JPMorgan Chase Bank, NA | USD | 1866 | BRL | 10088 | 10/04/2022 | 4237 |
| JPMorgan Chase Bank, NA | CLP | 2450319 | USD | 2755 | 11/22/2022 | 245078 |
| JPMorgan Chase Bank, NA | USD | 2219 | EUR | 2294 | 12/08/2022 | 39445 |
| Morgan Stanley Capital Services, Inc. | BRL | 23493 | USD | 4636 | 10/04/2022 | 281176 |
| Morgan Stanley Capital Services, Inc. | USD | 4345 | BRL | 23493 | 10/04/2022 | 9867 |
| Morgan Stanley Capital Services, Inc. | ZAR | 36144 | USD | 2012 | 10/13/2022 | 16418 |
| Morgan Stanley Capital Services, Inc. | CNH | 78325 | USD | 11237 | 10/20/2022 | 265149 |
| Morgan Stanley Capital Services, Inc. | CNH | 19749 | USD | 2742 | 10/20/2022 | (24393) |
| Morgan Stanley Capital Services, Inc. | USD | 2296 | CNH | 16017 | 10/20/2022 | (52348) |
| Morgan Stanley Capital Services, Inc. | USD | 3288 | EUR | 3341 | 12/08/2022 | 1871 |
| Morgan Stanley Capital Services, Inc. | MYR | 45681 | USD | 10206 | 12/15/2022 | 425990 |
| Morgan Stanley Capital Services, Inc. | USD | 5637 | MYR | 26156 | 12/15/2022 | (37372) |
| Morgan Stanley Capital Services, Inc. | HKD | 200423 | USD | 25576 | 01/12/2023 | 4369 |
| State Street Bank & Trust Co. | CNH | 97971 | USD | 14090 | 10/20/2022 | 365646 |
| State Street Bank & Trust Co. | USD | 9641 | THB | 339448 | 11/10/2022 | (624755) |
| State Street Bank & Trust Co. | USD | 3731 | PLN | 18806 | 11/30/2022 | 29240 |
| UBS AG | USD | 5188 | CNH | 35179 | 10/20/2022 | (260095) |
|  |  |  |  |  |  | $(5356630) |

---

------

(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
September 30, 2022, the aggregate market value of these securities amounted to $60,314,698 or 5.9% of net assets.

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

(d) Fair valued by the Adviser.

(e) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.00% of net assets as of September 30, 2022, are considered illiquid and
restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Globaltrans Investment PLC (Sponsored GDR) | 12/14/2009–<br>08/01/2017 | $4775195 | $1 | 0.00% |

---

(f) Affiliated investments.

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

(h) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov, or call AB at (800) 227-4618.

Currency Abbreviations:

BRL—Brazilian Real

CLP—Chilean Peso

CNH—Chinese Yuan Renminbi (Offshore)

EUR—Euro

HKD—Hong Kong Dollar

IDR—Indonesian Rupiah

INR—Indian Rupee

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

PHP—Philippine Peso

PLN—Polish Zloty

THB—Thailand Baht

USD—United States Dollar

ZAR—South African Rand

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

JSC—Joint Stock Company

PJSC—Public Joint Stock Company

See notes to financial statements.

Schedule of Investments—Emerging Markets Portfolio 5

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##### [**Table of Contents**](#toc)
SCB–ST–1946–0922

------

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

## Sanford C. Bernstein Fund, Inc.
**September 30, 2022** 

## Schedule of Investments To the Annual<br> Report For the Fixed Income Taxable Portfolios

------

**Intermediate Duration** 

------

**Short Duration Plus** 

------

##### [**Table of Contents**](#toc)
**Sanford C. Bernstein Fund, Inc.** 

**Report of Independent Registered Public Accounting Firm** 

**To the Board of Directors of Sanford C. Bernstein Fund, Inc. and Intermediate Duration Class Shareholders of Intermediate Duration Portfolio and Short Duration Plus Class Shareholders of Short Duration Plus Portfolio** 

***Opinions on the Financial Statements***

We have audited the accompanying schedules of investments to the annual report for the Fixed Income Taxable Portfolios of Intermediate Duration Portfolio and Short Duration Plus Portfolio (two of the thirteen portfolios constituting Sanford C. Bernstein Fund, Inc., hereafter collectively referred to as the "Portfolios"), and the related statements of assets and liabilities as of September 30, 2022, the statements of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2022 (collectively referred to as the "financial statements"), which appear in the Sanford C. Bernstein Fund, Inc. September 30, 2022 annual report for the Fixed Income Taxable Portfolios. In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of September 30, 2022 the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2022 and each of the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

November 23, 2022

We have served as the auditor of one or more of the investment companies in the AB Group of Mutual Funds since at least 1985. We have not been able to determine the specific year we began serving as auditor

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##### [**Table of Contents**](#toc)
**Sanford C. Bernstein Fund, Inc.** 

**Schedule of Investments** 

**Intermediate Duration Portfolio** 

**September 30, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **GOVERNMENTS-TREASURIES–40.0%** | **GOVERNMENTS-TREASURIES–40.0%** | **GOVERNMENTS-TREASURIES–40.0%** | **GOVERNMENTS-TREASURIES–40.0%** |
|  **United States–40.0%** | **United States–40.0%** | **United States–40.0%** | **United States–40.0%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | U.S.$| 73211 | $50035279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/2051 |  | 61991 | 41029962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 |  | 26116 | 18680744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 |  | 2460 | 1690481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 |  | 36371 | 24834232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 |  | 12530 | 9029431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 02/15/2042 |  | 11433 | 8758826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/2049 |  | 2885 | 2172766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 |  | 1916 | 1460651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/2046 |  | 23956 | 18169129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2052 |  | 3770 | 3161834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2045 |  | 23139 | 19321065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2048 |  | 28274 | 23935539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2049 |  | 26971 | 23030962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 |  | 11593 | 10284987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/2042 |  | 4723 | 4277914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 05/15/2044 |  | 5710 | 5092160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2039 |  | 4254 | 4046618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/2043 |  | 10205 | 9691561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/15/2038 |  | 1920 | 2041800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/2039 |  | 47210 | 49791797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 |  | 4048 | 4372040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 |  | 4156 | 4602770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/15/2031 |  | 14221 | 15698209 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/31/2022 |  | 145224 | 144860541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 02/28/2023 |  | 56178 | 55335330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 09/30/2026 |  | 17403 | 15320431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/30/2026 |  | 48088 | 42806190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/2031(a) |  | 85632 | 69187899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/2031 |  | 50234 | 40799427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/29/2024 |  | 75200 | 72320769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/2030(a) |  | 11115 | 9433856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 05/15/2026(a) |  | 236708 | 216402709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/2029 |  | 11550 | 10034062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2027 |  | 3147 | 2910576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 02/15/2029 |  | 30853 | 28433152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/31/2027 |  | 43406 | 40896591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 |  | 19801 | 18095983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2032 |  | 35123 | 32460873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/31/2024 |  | 69982 | 68439916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/31/2027 |  | 14336 | 13758176 |
| Total Governments–Treasuries <br>(cost $1,408,654,617) | Total Governments–Treasuries <br>(cost $1,408,654,617) | Total Governments–Treasuries <br>(cost $1,408,654,617) | 1236707238 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **CORPORATES-INVESTMENT GRADE–22.5%** | **CORPORATES-INVESTMENT GRADE–22.5%** | **CORPORATES-INVESTMENT GRADE–22.5%** | **CORPORATES-INVESTMENT GRADE–22.5%** |
| **Industrial–11.7%** | **Industrial–11.7%** | **Industrial–11.7%** | **Industrial–11.7%** |
|  **Basic–0.7%** | **Basic–0.7%** | **Basic–0.7%** | **Basic–0.7%** |
|  Anglo American Capital PLC<br>3.875%, 03/16/2029(b) | U.S.$| 1189 | $1018676 |
|  Braskem Netherlands Finance BV <br>4.50%, 01/31/2030(b) |  | 3420 | 2748996 |
|  Celanese US Holdings LLC<br>5.90%, 07/05/2024 |  | 6569 | 6481041 |
|  Freeport Indonesia PT <br>4.763%, 04/14/2027(b) |  | 904 | 818120 |
|  Inversiones CMPC SA <br>3.85%, 01/13/2030(b) |  | 2742 | 2212965 |
|  Inversiones CMPC SA/Cayman Islands Branch <br>4.375%, 05/15/2023(b) |  | 1151 | 1139734 |
|  Suzano Austria GmbH <br>3.75%, 01/15/2031 |  | 1419 | 1106820 |
|  WRKCo., Inc. <br>4.00%, 03/15/2028 |  | 6569 | 6063713 |
|  |  |  | 21590065 |
|  **Capital Goods–0.8%** | **Capital Goods–0.8%** | **Capital Goods–0.8%** | **Capital Goods–0.8%** |
|  Flowserve Corp. <br>2.80%, 01/15/2032 |  | 4669 | 3343704 |
|  Parker-Hannifin Corp. | Parker-Hannifin Corp. | Parker-Hannifin Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/14/2029 |  | 2817 | 2484059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2029 |  | 4439 | 4201602 |
|  Raytheon Technologies Corp. <br>4.125%, 11/16/2028 |  | 8502 | 7955322 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/2025 |  | 1117 | 1043758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/2024 |  | 4344 | 4265895 |
|  |  |  | 23294340 |
|  **Communications-Media–1.2%** | **Communications-Media–1.2%** | **Communications-Media–1.2%** | **Communications-Media–1.2%** |
|  Discovery Communications LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/20/2047 |  | 1999 | 1478500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/2049 |  | 857 | 641482 |
|  Fox Corp. | Fox Corp. | Fox Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.709%, 01/25/2029 |  | 2656 | 2496906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576%, 01/25/2049 |  | 4396 | 3771988 |
|  Interpublic Group of Cos., Inc. (The)<br>4.65%, 10/01/2028 |  | 1966 | 1821656 |
|  Prosus NV | Prosus NV | Prosus NV |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.257%, 01/19/2027(b) |  | 1724 | 1443850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 01/21/2030(b) |  | 550 | 416405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.027%, 08/03/2050(b) |  | 1993 | 1121062 |
|  Tencent Holdings Ltd. | Tencent Holdings Ltd. | Tencent Holdings Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.81%, 01/26/2026(b) |  | 5470 | 4896676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 06/03/2050(b) |  | 4830 | 2883812 |

---

Schedule of Investments—Intermediate Duration Portfolio 1

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Time Warner Cable LLC <br>4.50%, 09/15/2042 | U.S.$| 2370 | $| 1643121 |
|  Warnermedia Holdings, Inc.<br>4.279%, 03/15/2032(b) |  | 7614 |  | 6269063 |
|  Weibo Corp. <br>3.375%, 07/08/2030 |  | 11908 |  | 8776940 |
|  |  |  |  | 37661461 |
|  **Consumer Cyclical–Automotive–0.5%** | **Consumer Cyclical–Automotive–0.5%** | **Consumer Cyclical–Automotive–0.5%** | **Consumer Cyclical–Automotive–0.5%** | **Consumer Cyclical–Automotive–0.5%** |
|  General Motors Co. <br>6.125%, 10/01/2025 |  | 1152 |  | 1154580 |
|  General Motors Financial Co., Inc.<br>4.30%, 04/06/2029 |  | 710 |  | 618659 |
|  Harley-Davidson Financial Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/14/2027(b) |  | 3858 |  | 3309933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/08/2025(b) |  | 3759 |  | 3529024 |
|  Nissan Motor Co., Ltd. <br>4.345%, 09/17/2027(b) |  | 8330 |  | 7176961 |
|  |  |  |  | 15789157 |
|  **Consumer Cyclical–Other–0.3%** | **Consumer Cyclical–Other–0.3%** | **Consumer Cyclical–Other–0.3%** | **Consumer Cyclical–Other–0.3%** | **Consumer Cyclical–Other–0.3%** |
|  Las Vegas Sands Corp. <br>3.90%, 08/08/2029 |  | 8755 |  | 7255181 |
|  MDC Holdings, Inc. <br>6.00%, 01/15/2043 |  | 3776 |  | 2876972 |
|  |  |  |  | 10132153 |
|  **Consumer Cyclical–Retailers–0.6%** | **Consumer Cyclical–Retailers–0.6%** | **Consumer Cyclical–Retailers–0.6%** | **Consumer Cyclical–Retailers–0.6%** | **Consumer Cyclical–Retailers–0.6%** |
|  Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2032 |  | 73 |  | 58340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/2030 |  | 8625 |  | 7421295 |
|  Lowe's Cos., Inc. <br>5.80%, 09/15/2062 |  | 4887 |  | 4493499 |
|  Ross Stores, Inc. <br>4.70%, 04/15/2027 |  | 7988 |  | 7800681 |
|  |  |  |  | 19773815 |
|  **Consumer Non-Cyclical–1.1%** | **Consumer Non-Cyclical–1.1%** | **Consumer Non-Cyclical–1.1%** | **Consumer Non-Cyclical–1.1%** | **Consumer Non-Cyclical–1.1%** |
|  Altria Group, Inc. <br>3.40%, 05/06/2030 |  | 7300 |  | 5923001 |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259%, 03/25/2028 |  | 11104 |  | 8844225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.906%, 04/02/2030 |  | 3799 |  | 3346767 |
|  Cigna Corp. <br>4.375%, 10/15/2028 |  | 3600 |  | 3399732 |
|  CVS Health Corp. <br>4.30%, 03/25/2028 |  | 179 |  | 169302 |
|  Ochsner LSU Health System of North Louisiana<br>Series 2021 <br>2.51%, 05/15/2031 |  | 5660 |  | 4328598 |
|  Takeda Pharmaceutical Co., Ltd. <br>4.40%, 11/26/2023 |  | 6627 |  | 6627000 |
|  |  |  |  | 32638625 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **Energy–2.7%** |  |  |  |  |
|  BP Capital Markets America, Inc. <br>2.939%, 06/04/2051 | U.S.$| 12047 | $| 7649243 |
|  Continental Resources, Inc./OK |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 04/01/2032(b) |  | 5368 |  | 3921700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031(b) |  | 3997 |  | 3612369 |
|  Devon Energy Corp. <br>5.60%, 07/15/2041 |  | 4914 |  | 4410954 |
|  Enbridge Energy Partners LP <br>7.375%, 10/15/2045 |  | 6968 |  | 7538958 |
|  Energy Transfer LP <br>6.25%, 04/15/2049 |  | 3278 |  | 2927942 |
|  EQT Corp. <br>5.70%, 04/01/2028 |  | 1958 |  | 1922795 |
|  Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/15/2026 |  | 9518 |  | 9368663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/2041 |  | 1683 |  | 1666439 |
|  MPLX LP <br>5.20%, 03/01/2047 |  | 10984 |  | 9051365 |
|  Oleoducto Central SA <br>4.00%, 07/14/2027(b) |  | 631 |  | 488355 |
|  ONEOK Partners LP <br>6.125%, 02/01/2041 |  | 294 |  | 260966 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/13/2027 |  | 4900 |  | 4501728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/15/2029 |  | 4164 |  | 3717078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 01/15/2031 |  | 1081 |  | 1060699 |
|  Plains All American Pipeline LP/PAA Finance Corp. <br>3.55%, 12/15/2029 |  | 3754 |  | 3131549 |
|  Suncor Energy, Inc. <br>6.80%, 05/15/2038 |  | 5543 |  | 5612509 |
|  Tengizchevroil Finance Co. International Ltd. <br>3.25%, 08/15/2030(b) |  | 1397 |  | 993005 |
|  TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/2040 |  | 5470 |  | 5282652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/15/2037 |  | 3397 |  | 3366359 |
|  Transcontinental Gas Pipe Line Co., LLC <br>3.25%, 05/15/2030 |  | 2203 |  | 1860456 |
|  |  |  |  | 82345784 |
|  **Other Industrial–0.1%** | **Other Industrial–0.1%** | **Other Industrial–0.1%** | **Other Industrial–0.1%** | **Other Industrial–0.1%** |
|  Alfa SAB de CV <br>5.25%, 03/25/2024(b) |  | 3311 |  | 3282873 |
|  **Services–0.7%** | **Services–0.7%** | **Services–0.7%** | **Services–0.7%** | **Services–0.7%** |
|  Booking Holdings, Inc. <br>4.625%, 04/13/2030 |  | 9010 |  | 8483366 |
|  Expedia Group, Inc. <br>6.25%, 05/01/2025(b) |  | 211 |  | 212289 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/2029 |  | 3208 |  | 2676017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/2032 |  | 4124 |  | 3823195 |

---

2 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Moody's Corp. <br>4.25%, 02/01/2029 | U.S.$| 4376 | $| 4136151 |
|  S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/2029(b) |  | 1574 |  | 1480017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/2028(b) |  | 307 |  | 300111 |
|  |  |  |  | 21111146 |
|  **Technology–2.7%** | **Technology–2.7%** | **Technology–2.7%** | **Technology–2.7%** | **Technology–2.7%** |
|  Apple, Inc. <br>4.10%, 08/08/2062 |  | 5020 |  | 4115798 |
|  Baidu, Inc. <br>3.425%, 04/07/2030 |  | 217 |  | 187154 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137%, 11/15/2035(b) |  | 1202 |  | 842758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187%, 11/15/2036(b) |  | 8430 |  | 5772274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/15/2030 |  | 1542 |  | 1332781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/2032(b) |  | 2002 |  | 1684443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.926%, 05/15/2037(b) |  | 4241 |  | 3508452 |
|  Entegris Escrow Corp. <br>4.75%, 04/15/2029(b) |  | 5311 |  | 4711441 |
|  Fiserv, Inc. <br>3.50%, 07/01/2029 |  | 9632 |  | 8393325 |
|  HP, Inc. <br>5.50%, 01/15/2033 |  | 8393 |  | 7443836 |
|  Infor, Inc. <br>1.75%, 07/15/2025(b) |  | 2719 |  | 2448133 |
|  Intel Corp. <br>5.05%, 08/05/2062 |  | 6717 |  | 5830893 |
|  International Business Machines Corp. <br>4.90%, 07/27/2052 |  | 6550 |  | 5740878 |
|  KLA Corp. <br>4.10%, 03/15/2029 |  | 1349 |  | 1280916 |
|  Kyndryl Holdings, Inc. <br>2.05%, 10/15/2026 |  | 9627 |  | 7732298 |
|  NXP BV/NXP Funding LLC<br>5.55%, 12/01/2028 |  | 4119 |  | 4031471 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. <br>3.40%, 05/01/2030 |  | 3313 |  | 2773909 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 03/25/2031 |  | 5648 |  | 4449212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/2040 |  | 3456 |  | 2343617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/25/2041 |  | 1857 |  | 1260532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/15/2040 |  | 1114 |  | 927650 |
|  SK Hynix, Inc. <br>2.375%, 01/19/2031(b) |  | 1818 |  | 1338843 |
|  TSMC Arizona Corp. <br>3.875%, 04/22/2027 |  | 2710 |  | 2581844 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/01/2029 |  | 1194 |  | 928013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/01/2032 |  | 589 |  | 402146 |
|  Workday, Inc. <br>3.80%, 04/01/2032 |  | 2673 |  | 2325296 |
|  |  |  |  | 84387913 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  **Transportation-Airlines–0.2%** | **Transportation-Airlines–0.2%** | **Transportation-Airlines–0.2%** | **Transportation-Airlines–0.2%** |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/2025(b) | U.S.$| 3393 | $3297151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/20/2028(b) |  | 3940 | 3671213 |
|  |  |  | 6968364 |
|  **Transportation-Railroads–0.0%** | **Transportation-Railroads–0.0%** | **Transportation-Railroads–0.0%** | **Transportation-Railroads–0.0%** |
|  Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/05/2036(b) |  | 442 | 387056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/05/2034(b) |  | 1072 | 1013019 |
|  |  |  | 1400075 |
|  **Transportation-Services–0.1%** | **Transportation-Services–0.1%** | **Transportation-Services–0.1%** | **Transportation-Services–0.1%** |
|  Ashtead Capital, Inc. <br>5.50%, 08/11/2032(b) |  | 1037 | 961091 |
|  ENA Master Trust <br>4.00%, 05/19/2048(b) |  | 1235 | 908497 |
|  |  |  | 1869588 |
|  |  |  | 362245359 |
| **Financial Institutions–10.2%** | **Financial Institutions–10.2%** | **Financial Institutions–10.2%** | **Financial Institutions–10.2%** |
|  **Banking–6.9%** | **Banking–6.9%** | **Banking–6.9%** | **Banking–6.9%** |
|  ABN AMRO Bank NV <br>4.75%, 07/28/2025(b) |  | 1171 | 1124851 |
|  Banco de Credito del Peru S.A. <br>3.125%, 07/01/2030(b) |  | 5996 | 5256993 |
|  Banco Santander SA <br>4.175%, 03/24/2028 |  | 3200 | 2895328 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.299%, 07/21/2032 |  | 1555 | 1163560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%, 04/22/2032 |  | 9685 | 7546939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.376%, 04/27/2028 |  | 6858 | 6428895 |
|  Bank of Ireland Group PLC<br>6.253%, 09/16/2026(b) |  | 2285 | 2236946 |
|  Barclays PLC <br>5.304%, 08/09/2026 |  | 4935 | 4743522 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.591%, 01/20/2028(b) |  | 2660 | 2275284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/16/2029(b)(c) |  | 4780 | 4428383 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 03/20/2030 |  | 3617 | 3211064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075%, 04/23/2029 |  | 5373 | 4865950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/30/2023(c) |  | 2569 | 2539534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W<br>4.00%, 12/10/2025(c) |  | 3243 | 2736443 |
|  Citizens Financial Group, Inc. <br>4.30%, 12/03/2025 |  | 10581 | 10177758 |
|  Credit Suisse Group AG | Credit Suisse Group AG | Credit Suisse Group AG |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%, 05/14/2032(b) |  | 8899 | 6256976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.194%, 04/01/2031(b) |  | 2852 | 2257101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.373%, 07/15/2026(b) |  | 6080 | 5877110 |
|  Danske Bank A/S <br>4.298%, 04/01/2028(b) |  | 5462 | 4876638 |

---

Schedule of Investments—Intermediate Duration Portfolio 3

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Deutsche Bank AG/New York NY |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.129%, 11/24/2026 | U.S.$| 4221 | $3588568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%, 01/07/2028 |  | 604 | 491934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.961%, 11/26/2025 |  | 1336 | 1246729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.119%, 07/14/2026 |  | 4828 | 4691512 |
|  Discover Bank <br>4.682%, 08/09/2028 |  | 2264 | 2174844 |
|  Federation des Caisses Desjardins du Quebec <br>4.55%, 08/23/2027(b) |  | 6672 | 6302571 |
|  Goldman Sachs Group, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.383%, 07/21/2032 |  | 2288 | 1728332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615%, 04/22/2032 |  | 7696 | 5966170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.102%, 02/24/2033 |  | 1157 | 919132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V<br>4.125%, 11/10/2026(c) |  | 3016 | 2396664 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.762%, 03/29/2033 |  | 3381 | 2791117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.402%, 08/11/2033 |  | 2559 | 2265406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/30/2025(c) |  | 9669 | 8678894 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58%, 04/22/2032 |  | 9618 | 7443370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.851%, 07/25/2028 |  | 6901 | 6621372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>6.276% (LIBOR 3 Month + 3.47%), 01/30/2023(c)(d) | &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>6.276% (LIBOR 3 Month + 3.47%), 01/30/2023(c)(d) | 2456 | 2444948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V<br>5.597% (LIBOR 3 Month<br>+ 3.32%), 10/01/2022(c)(d) | &nbsp;&nbsp;&nbsp;&nbsp; Series V<br>5.597% (LIBOR 3 Month<br>+ 3.32%), 10/01/2022(c)(d) | 107 | 107000 |
|  Mizuho Financial Group, Inc.<br>5.414%, 09/13/2028 |  | 6462 | 6318350 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.772%, 01/24/2029 |  | 5695 | 5131935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/20/2028 |  | 4283 | 4006147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.679%, 07/17/2026 |  | 1880 | 1830274 |
|  Nationwide Building Society <br>2.972%, 02/16/2028(b) |  | 5154 | 4436976 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 01/06/2028 |  | 3137 | 2612243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 06/09/2025 |  | 2048 | 1968415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/13/2027 |  | 3049 | 2806330 |
|  Societe Generale SA <br>2.797%, 01/19/2028(b) |  | 9487 | 8000103 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.971%, 03/30/2026(b) |  | 3723 | 3499397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.316% (LIBOR 3 Month + 1.51%), 01/30/2027(b)(c)(d) |  | 300 | 227055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/02/2023(b)(c) |  | 822 | 805568 |
|  Swedbank AB <br>Series NC5 <br>5.625%, 09/17/2024(b)(c) | Swedbank AB <br>Series NC5 <br>5.625%, 09/17/2024(b)(c) | 400 | 370076 |
|  Truist Financial Corp. <br>Series Q <br>5.10%, 03/01/2030(c) |  | 6656 | 5969500 |
|  UBS Group AG | UBS Group AG | UBS Group AG |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/31/2024(b)(c) |  | 3018 | 2867040 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/19/2025(b)(c) | U.S.$| 408 | $| 387396 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.982%, 06/03/2027(b) |  | 271 |  | 223656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.569%, 09/22/2026(b) |  | 6253 |  | 5355257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127%, 06/03/2032(b) |  | 1858 |  | 1323398 |
|  US Bancorp <br>Series J <br>5.30%, 04/15/2027(c) |  | 3485 |  | 2975667 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/02/2033 |  | 8799 |  | 7151387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.584%, 05/22/2028 |  | 2117 |  | 1914869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB<br>3.90%, 03/15/2026(c) |  | 2664 |  | 2256168 |
|  |  |  |  | 213195045 |
|  **Brokerage–0.5%** | **Brokerage–0.5%** | **Brokerage–0.5%** | **Brokerage–0.5%** | **Brokerage–0.5%** |
|  Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br>5.375%, 06/01/2025(c) |  | 3154 |  | 3080701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>4.00%, 06/01/2026(c) |  | 7570 |  | 6241162 |
|  Nomura Holdings, Inc. <br>2.999%, 01/22/2032 |  | 7689 |  | 5818959 |
|  |  |  |  | 15140822 |
|  **Finance–1.2%** | **Finance–1.2%** | **Finance–1.2%** | **Finance–1.2%** | **Finance–1.2%** |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/2028 |  | 2650 |  | 2065622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/01/2027 |  | 303 |  | 268434 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/26/2028(b) |  | 8390 |  | 6426321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/01/2024 |  | 1481 |  | 1426040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/2026 |  | 530 |  | 475288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/11/2025(b) |  | 3730 |  | 3513623 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/2026(b) |  | 4547 |  | 3818070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/20/2026(b) |  | 1485 |  | 1202746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2027(b) |  | 1314 |  | 1091540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/01/2025(b) |  | 35 |  | 32069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/30/2024(b) |  | 1300 |  | 1256580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/2025(b) |  | 1447 |  | 1351585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2024(b) |  | 3623 |  | 3506339 |
|  CDBL Funding 1 <br>3.50%, 10/24/2027(b) |  | 5770 |  | 5268702 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/28/2031 |  | 4872 |  | 3461166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/2027 |  | 707 |  | 616207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/23/2025 |  | 869 |  | 828661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/13/2025 |  | 969 |  | 935947 |
|  |  |  |  | 37544940 |
|  **Insurance–0.7%** | **Insurance–0.7%** | **Insurance–0.7%** | **Insurance–0.7%** | **Insurance–0.7%** |
|  Guardian Life Insurance Co. of America (The) <br>4.85%, 01/24/2077(b) |  | 2851 |  | 2336822 |
|  MetLife Capital Trust IV <br>7.875%, 12/15/2037(b) |  | 5200 |  | 5570292 |

---

4 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Nationwide Mutual Insurance Co. <br>9.375%, 08/15/2039(b) | U.S.$| 2058 | $| 2640352 |
|  Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/15/2044 |  | 1970 |  | 1882946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 05/15/2045 |  | 615 |  | 584189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 06/15/2043 |  | 1099 |  | 1080592 |
|  Swiss Re Finance Luxembourg SA <br>5.00%, 04/02/2049(b) |  | 5000 |  | 4401800 |
|  Voya Financial, Inc. <br>5.65%, 05/15/2053 |  | 3089 |  | 3033892 |
|  |  |  |  | 21530885 |
|  **REITs–0.9%** | **REITs–0.9%** | **REITs–0.9%** | **REITs–0.9%** | **REITs–0.9%** |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/2027 |  | 3517 |  | 3223436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2032 |  | 1717 |  | 1478234 |
|  Digital Realty Trust LP <br>3.60%, 07/01/2029 |  | 6738 |  | 5902016 |
|  GLP Capital LP/GLP Financing II, Inc. <br>3.25%, 01/15/2032 |  | 4731 |  | 3549669 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>4.00%, 06/15/2025 |  | 3958 |  | 3762040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>3.50%, 09/15/2030 |  | 1343 |  | 1072802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br>2.90%, 12/15/2031 |  | 2126 |  | 1560293 |
|  Vornado Realty LP <br>3.40%, 06/01/2031 |  | 7733 |  | 5909481 |
|  |  |  |  | 26457971 |
|  |  |  |  | 313869663 |
| **Utility–0.6%** | **Utility–0.6%** | **Utility–0.6%** | **Utility–0.6%** | **Utility–0.6%** |
|  **Electric–0.5%** | **Electric–0.5%** | **Electric–0.5%** | **Electric–0.5%** | **Electric–0.5%** |
|  AES Panama Generation Holdings SRL <br>4.375%, 05/31/2030(b) |  | 1670 |  | 1315125 |
|  Chile Electricity Pec SpA <br>Zero Coupon, 01/25/2028(b) |  | 3081 |  | 2175956 |
|  Duke Energy Carolinas NC Storm Funding LLC <br>Series A-2 <br>2.617%, 07/01/2041 |  | 3641 |  | 2672239 |
|  Engie Energia Chile SA <br>3.40%, 01/28/2030(b) |  | 3834 |  | 2894670 |
|  Entergy Corp. <br>1.90%, 06/15/2028 |  | 8687 |  | 7132722 |
|  |  |  |  | 16190712 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | | **U.S. $ Value** |
|  **Other Utility–0.1%** | **Other Utility–0.1%** | **Other Utility–0.1%** | **Other Utility–0.1%** | **Other Utility–0.1%** |
|  American Water Capital Corp. <br>3.45%, 06/01/2029 | U.S.$| 1654 |  | $1472738 |
|  |  |  |  | 17663450 |
| Total Corporates–Investment Grade <br>(cost $831,969,867) | Total Corporates–Investment Grade <br>(cost $831,969,867) | Total Corporates–Investment Grade <br>(cost $831,969,867) |  | 693778472 |
| **MORTGAGE PASS-THROUGHS–16.8%** | **MORTGAGE PASS-THROUGHS–16.8%** | **MORTGAGE PASS-THROUGHS–16.8%** | **MORTGAGE PASS-THROUGHS–16.8%** | **MORTGAGE PASS-THROUGHS–16.8%** |
|  **Agency Fixed Rate 30-Year–16.2%** | **Agency Fixed Rate 30-Year–16.2%** | **Agency Fixed Rate 30-Year–16.2%** | **Agency Fixed Rate 30-Year–16.2%** | **Agency Fixed Rate 30-Year–16.2%** |
|  Federal Home Loan Mortgage Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>3.50%, 09/01/2049 |  | 6299 |  | 5741548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2049 |  | 6314 |  | 5749446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2049 |  | 2465 |  | 2244123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>3.50%, 01/01/2050 |  | 5243 |  | 4785650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>2.00%, 03/01/2052 |  | 27140 |  | 22054742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 |  | 32499 |  | 27388567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 |  | 17590 |  | 15380407 |
|  Federal Home Loan Mortgage Corp. Gold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003<br>5.00%, 08/01/2033 |  | 1 |  | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>5.50%, 07/01/2035 |  | 591 |  | 603849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>4.00%, 02/01/2046 |  | 4840 |  | 4674820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>4.00%, 07/01/2044 |  | 3364 |  | 3243380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>4.00%, 08/01/2048 |  | 2503 |  | 2359943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2048 |  | 4128 |  | 3998107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2048 |  | 4528 |  | 4385141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2048 |  | 1387 |  | 1372893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2048 |  | 1668 |  | 1649890 |
|  Federal National Mortgage Association |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001<br>6.50%, 08/01/2031 |  | 1 |  | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003<br>5.50%, 04/01/2033 |  | 486 |  | 495830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2033 |  | 1066 |  | 1086258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2033 |  | 0 | \*\* | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004<br>5.50%, 04/01/2034 |  | 245 |  | 250008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2034 |  | 229 |  | 233900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2034 |  | 866 |  | 885584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/2034 |  | 1 |  | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005<br>5.50%, 02/01/2035 |  | 1196 |  | 1221952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006<br>5.50%, 04/01/2036 |  | 214 |  | 219372 |

---

Schedule of Investments—Intermediate Duration Portfolio 5

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>5.50%, 09/01/2036 | U.S.$| 423 | $432336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008<br>6.00%, 03/01/2037 |  | 3 | 3098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010<br>4.00%, 12/01/2040 |  | 2223 | 2145279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012<br>3.50%, 02/01/2042 |  | 1402 | 1315968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2042 |  | 14846 | 13693539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2043 |  | 2506 | 2311420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013<br>3.50%, 04/01/2043 |  | 8548 | 7884292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2043 |  | 6838 | 6478336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015<br>3.00%, 05/01/2045 |  | 2729 | 2426910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2045 |  | 5003 | 4449664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>3.50%, 02/01/2048 |  | 3303 | 3018234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2048 |  | 1296 | 1188520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2048 |  | 6702 | 6483997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2049 |  | 2125 | 1935290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2049 |  | 2527 | 2303058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2049 |  | 6641 | 6044513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2049 |  | 5066 | 4609505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2050 |  | 4967 | 4525618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/2051 |  | 28133 | 22817413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2052 |  | 9038 | 7626547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2052 |  | 19709 | 16595115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 |  | 21163 | 17821686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2052 |  | 26412 | 22243578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2052 |  | 20934 | 18311016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 |  | 26825 | 23456218 |
|  Government National Mortgage Association | Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/20/2046 |  | 1396 | 1254025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/2046 |  | 1304 | 1171573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/2046 |  | 374 | 335765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2052, TBA |  | 4175 | 3685162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052, TBA |  | 13580 | 12668090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2052, TBA |  | 32691 | 31250749 |
|  Uniform Mortgage-Backed Security |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2052, TBA |  | 54968 | 44477703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2052, TBA |  | 73165 | 61395722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2052, TBA |  | 17133 | 14895150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052, TBA |  | 20528 | 19026448 |
|  |  |  | 500310117 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | | **U.S. $ Value** |
|  **Agency Fixed Rate 15-Year–0.6%** | **Agency Fixed Rate 15-Year–0.6%** | **Agency Fixed Rate 15-Year–0.6%** | **Agency Fixed Rate 15-Year–0.6%** | **Agency Fixed Rate 15-Year–0.6%** |
|  Federal National Mortgage Association |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2027 | U.S.$| 9 |  | $7895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2031 |  | 15 |  | 13638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2031 |  | 10 |  | 8869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2031 |  | 41 |  | 37644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2031 |  | 1398 |  | 1281828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2031 |  | 469 |  | 430130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/2031 |  | 252 |  | 230937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2031 |  | 1473 |  | 1350442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2031 |  | 10007 |  | 9173599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2031 |  | 3705 |  | 3392775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2032 |  | 482 |  | 441682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2032 |  | 2385 |  | 2184327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2032 |  | 134 |  | 122656 |
|  |  |  |  | 18676422 |
|  **Other Agency Fixed Rate Programs–0.0%** | **Other Agency Fixed Rate Programs–0.0%** | **Other Agency Fixed Rate Programs–0.0%** | **Other Agency Fixed Rate Programs–0.0%** | **Other Agency Fixed Rate Programs–0.0%** |
|  Federal National Mortgage Association |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2029 |  | 206 |  | 203888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2029 |  | 59 |  | 58597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2029 |  | 11 |  | 10777 |
|  |  |  |  | 273262 |
|  **Agency ARMs–0.0%** | **Agency ARMs–0.0%** | **Agency ARMs–0.0%** | **Agency ARMs–0.0%** | **Agency ARMs–0.0%** |
|  Federal Home Loan Mortgage Corp. Gold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.595% (LIBOR 12 Month + 2.18%), 12/01/2036(d) |  | 0 | \*\* | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60% (LIBOR 12 Month + 2.10%), 03/01/2037(d) |  | 0 | \*\* | 370 |
|  |  |  |  | 520 |
| Total Mortgage Pass-Throughs <br>(cost $565,668,442) | Total Mortgage Pass-Throughs <br>(cost $565,668,442) | Total Mortgage Pass-Throughs <br>(cost $565,668,442) |  | 519260321 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS–7.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–7.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–7.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–7.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–7.7%** |
|  **Risk Share Floating Rate–6.7%** | **Risk Share Floating Rate–6.7%** | **Risk Share Floating Rate–6.7%** | **Risk Share Floating Rate–6.7%** | **Risk Share Floating Rate–6.7%** |
|  Bellemeade Re Ltd. | Bellemeade Re Ltd. | Bellemeade Re Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class M1B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class M1B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.684% (LIBOR 1 Month + 1.60%), 07/25/2029(b)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 4.684% (LIBOR 1 Month + 1.60%), 07/25/2029(b)(d) | 867 |  | 865950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class M1C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class M1C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class M1C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.034% (LIBOR 1 Month + 1.95%), 07/25/2029(b)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 5.034% (LIBOR 1 Month + 1.95%), 07/25/2029(b)(d) | 575 |  | 568025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class M1B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class M1B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class M1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.934% (LIBOR 1 Month + 2.85%), 10/25/2030(b)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 5.934% (LIBOR 1 Month + 2.85%), 10/25/2030(b)(d) | 502 |  | 502938 |

---

6 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class M1C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class M1C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class M1C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.231% (SOFR + 2.95%),<br> 03/25/2031(b)(d) | U.S.$| 4197 | $4057930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class M1B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class M1B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class M1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.781% (SOFR + 1.50%), 06/25/2031(b)(d) |  | 7664 | 7407204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.281% (SOFR + 1.00%), 09/25/2031(b)(d) |  | 7199 | 6767218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class M1B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class M1B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class M1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.431% (SOFR + 2.15%), 01/26/2032(b)(d) |  | 3969 | 3881295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class M1A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class M1A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class M1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.285% (SOFR + 4.00%), 09/27/2032(b)(d) |  | 7387 | 7386044 |
|  Connecticut Avenue Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.031% (SOFR + 2.75%), 05/25/2042(b)(d) |  | 6818 | 6812097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.255% (SOFR + 2.95%), 06/25/2042(b)(d) |  | 9211 | 9211425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.931% (SOFR + 1.65%), 12/25/2041(b)(d) |  | 3513 | 3199776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.181% (SOFR + 1.90%), 12/25/2041(b)(d) |  | 9352 | 8516533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.481% (SOFR + 1.20%), 01/25/2042(b)(d) |  | 7817 | 7653415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.781% (SOFR + 3.50%), 03/25/2042(b)(d) |  | 6435 | 6113618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.381% (SOFR + 3.10%), 03/25/2042(b)(d) |  | 1747 | 1635615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.281% (SOFR + 3.00%), 04/25/2042(b)(d) |  | 5001 | 4613292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.855% (SOFR + 2.55%), 07/25/2042(b)(d) |  | 6873 | 6838321 |
|  Eagle Re Ltd. | Eagle Re Ltd. | Eagle Re Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.084% (LIBOR 1 Month + 3.00%), 11/25/2028(b)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 6.084% (LIBOR 1 Month + 3.00%), 11/25/2028(b)(d) | 617 | 611950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.984% (LIBOR 1 Month + 0.90%), 01/25/2030(b)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 3.984% (LIBOR 1 Month + 0.90%), 01/25/2030(b)(d) | 66 | 65605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class M1B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class M1B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class M1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.331% (SOFR + 2.05%), 04/25/2034(b)(d) |  | 2360 | 2294371 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes <br>Series 2022-DNA4, Class M1B <br>5.631% (SOFR + 3.35%), 05/25/2042(b)(d) | Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes <br>Series 2022-DNA4, Class M1B <br>5.631% (SOFR + 3.35%), 05/25/2042(b)(d) | 5585 | 5305458 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-DN2, Class M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-DN2, Class M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.334% (LIBOR 1 Month + 4.25%), 11/25/2023(d) | 413 | $417387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-DN3, Class M3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-DN3, Class M3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.084% (LIBOR 1 Month + 4.00%), 08/25/2024(d) | 396 | 399654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DNA1, Class M3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DNA1, Class M3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.384% (LIBOR 1 Month + 3.30%), 10/25/2027(d) | 1262 | 1273769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-HQA3, Class M3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-HQA3, Class M3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.934% (LIBOR 1 Month + 3.85%), 03/25/2029(d) | 1255 | 1271220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA5, Class M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA5, Class M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.081% (SOFR + 2.80%), 10/25/2050(b)(d) | 2822 | 2821115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA3, Class M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA3, Class M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.381% (SOFR + 2.10%), 10/25/2033(b)(d) | 3221 | 3068281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.931% (SOFR + 1.65%), 01/25/2034(b)(d) | 2493 | 2430842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.781% (SOFR + 1.50%), 10/25/2041(b)(d) | 9778 | 8873967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.081% (SOFR + 1.80%), 11/25/2041(b)(d) | 9563 | 8571275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA3, Class M1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA3, Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.131% (SOFR + 0.85%), 09/25/2041(b)(d) | 3249 | 3132657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.631% (SOFR + 2.35%), 12/25/2041(b)(d) | 6126 | 5207411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M1A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.281% (SOFR + 1.00%), 01/25/2042(b)(d) | 3942 | 3829206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M1B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.131% (SOFR + 1.85%), 01/25/2042(b)(d) | 4940 | 4483165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.681% (SOFR + 2.40%), 02/25/2042(b)(d) | 7072 | 6568400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.181% (SOFR + 2.90%), 04/25/2042(b)(d) | 2957 | 2790980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.781% (SOFR + 4.50%), 06/25/2042(b)(d) | 9989 | 10010624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M1A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.435% (SOFR + 2.15%), 09/25/2042(b)(d) | 3516 | 3495409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M1A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.876% (SOFR + 2.50%), 09/25/2042(b)(d) | 9358 | 9360764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M1B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.781% (SOFR + 3.50%), 03/25/2042(b)(d) | 1664 | 1592564 |

---

Schedule of Investments—Intermediate Duration Portfolio 7

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Federal National Mortgage Association Connecticut Avenue Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C04, Class 1M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C04, Class 1M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C04, Class 1M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.784% (LIBOR 1 Month + 5.70%), 04/25/2028(d) | U.S.$| 1029 | $1065242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.084% (LIBOR 1 Month + 6.00%), 09/25/2028(d) |  | 360 | 372767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class 1M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class 1M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class 1M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.384% (LIBOR 1 Month + 5.30%), 10/25/2028(d) |  | 1302 | 1338560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.281% (SOFR + 2.00%), 11/25/2041(b)(d) |  | 4242 | 3791888 |
|  Home Re Ltd. <br>Series 2021-2, Class M1B <br>3.881% (SOFR + 1.60%), 01/25/2034(b)(d) | Home Re Ltd. <br>Series 2021-2, Class M1B <br>3.881% (SOFR + 1.60%), 01/25/2034(b)(d) | 4253 | 4158231 |
|  JPMorgan Madison Avenue Securities Trust <br>Series 2014-CH1, Class M2 <br>7.334% (LIBOR 1 Month + 4.25%), 11/25/2024(d)(e) | JPMorgan Madison Avenue Securities Trust <br>Series 2014-CH1, Class M2 <br>7.334% (LIBOR 1 Month + 4.25%), 11/25/2024(d)(e) | 217 | 208198 |
|  Oaktown Re VII Ltd. <br>Series 2021-2, Class M1A <br>3.881% (SOFR + 1.60%), 04/25/2034(b)(d) | Oaktown Re VII Ltd. <br>Series 2021-2, Class M1A <br>3.881% (SOFR + 1.60%), 04/25/2034(b)(d) | 6767 | 6643815 |
|  PMT Credit Risk Transfer Trust | PMT Credit Risk Transfer Trust | PMT Credit Risk Transfer Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2R, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2R, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2R, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.863% (LIBOR 1 Month + 2.75%), 05/27/2023(b)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 5.863% (LIBOR 1 Month + 2.75%), 05/27/2023(b)(d) | 2843 | 2728158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3R, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3R, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3R, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.813% (LIBOR 1 Month + 2.70%), 10/27/2022(b)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 5.813% (LIBOR 1 Month + 2.70%), 10/27/2022(b)(d) | 222 | 213692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1R, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1R, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1R, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.463% (LIBOR 1 Month + 2.35%), 02/27/2023(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp; 5.463% (LIBOR 1 Month + 2.35%), 02/27/2023(d)(e) | 929 | 881159 |
|  Radnor Re Ltd. | Radnor Re Ltd. | Radnor Re Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class M1B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class M1B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class M1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.034% (LIBOR 1 Month + 1.95%), 02/25/2029(b)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 5.034% (LIBOR 1 Month + 1.95%), 02/25/2029(b)(d) | 2657 | 2624946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class M1B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class M1B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class M1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.834% (LIBOR 1 Month + 1.75%), 06/25/2029(b)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 4.834% (LIBOR 1 Month + 1.75%), 06/25/2029(b)(d) | 930 | 927785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.034% (LIBOR 1 Month + 0.95%), 01/25/2030(b)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 4.034% (LIBOR 1 Month + 0.95%), 01/25/2030(b)(d) | 969 | 966067 |
|  Traingle Re Ltd. <br>Series 2021-3, Class M1A <br>4.181% (SOFR + 1.90%), 02/25/2034(b)(d) | Traingle Re Ltd. <br>Series 2021-3, Class M1A <br>4.181% (SOFR + 1.90%), 02/25/2034(b)(d) | 4786 | 4748635 |
|  Wells Fargo Credit Risk Transfer Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-WF1, Class 1M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-WF1, Class 1M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-WF1, Class 1M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.334% (LIBOR 1 Month + 5.25%), 11/25/2025(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp; 8.334% (LIBOR 1 Month + 5.25%), 11/25/2025(d)(e) | 1020 | 938647 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-WF1, Class 2M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-WF1, Class 2M2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-WF1, Class 2M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.584% (LIBOR 1 Month +<br>5.50%), 11/25/2025(d)(e) | U.S.$| 266 | $| 249867 |
|  |  |  |  | 205764427 |
|  **Agency Fixed Rate–0.5%** | **Agency Fixed Rate–0.5%** | **Agency Fixed Rate–0.5%** | **Agency Fixed Rate–0.5%** | **Agency Fixed Rate–0.5%** |
|  Federal Home Loan Mortgage Corp. REMICs |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5008, Class AI | &nbsp;&nbsp;&nbsp;&nbsp; Series 5008, Class AI | &nbsp;&nbsp;&nbsp;&nbsp; Series 5008, Class AI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/25/2050(f) |  | 10311 |  | 1699884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5015, Class BI | &nbsp;&nbsp;&nbsp;&nbsp; Series 5015, Class BI | &nbsp;&nbsp;&nbsp;&nbsp; Series 5015, Class BI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/25/2050(f) |  | 13937 |  | 2643618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5040, Class AI | &nbsp;&nbsp;&nbsp;&nbsp; Series 5040, Class AI | &nbsp;&nbsp;&nbsp;&nbsp; Series 5040, Class AI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/25/2050(f) |  | 7629 |  | 1276438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5043, Class IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5043, Class IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5043, Class IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/25/2050(f) |  | 15872 |  | 3500206 |
|  Federal National Mortgage Association Grantor Trust<br>Series 2004-T5, Class AB4 2.984%, 05/28/2035 | Federal National Mortgage Association Grantor Trust<br>Series 2004-T5, Class AB4 2.984%, 05/28/2035 | 1445 |  | 1298821 |
|  Federal National Mortgage Association REMICs |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-30, Class EI | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-30, Class EI | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-30, Class EI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/25/2045(f) |  | 7352 |  | 1288807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class KI | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class KI | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class KI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/25/2050(f) |  | 28886 |  | 5461316 |
|  |  |  |  | 17169090 |
|  **Agency Floating Rate–0.3%** | **Agency Floating Rate–0.3%** | **Agency Floating Rate–0.3%** | **Agency Floating Rate–0.3%** | **Agency Floating Rate–0.3%** |
|  Federal Home Loan Mortgage Corp. REMICs |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4416, Class BS | &nbsp;&nbsp;&nbsp;&nbsp; Series 4416, Class BS | &nbsp;&nbsp;&nbsp;&nbsp; Series 4416, Class BS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.282% (6.10%–LIBOR 1 Month), 12/15/2044(d)(g) |  | 7515 |  | 714372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4585, Class DS | &nbsp;&nbsp;&nbsp;&nbsp; Series 4585, Class DS | &nbsp;&nbsp;&nbsp;&nbsp; Series 4585, Class DS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.182% (6.00%–LIBOR 1 Month), 05/15/2046(d)(g) |  | 4999 |  | 513250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4693, Class SL | &nbsp;&nbsp;&nbsp;&nbsp; Series 4693, Class SL | &nbsp;&nbsp;&nbsp;&nbsp; Series 4693, Class SL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.332% (6.15%–LIBOR 1 Month), 06/15/2047(d)(g) |  | 3139 |  | 340022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4954, Class SL | &nbsp;&nbsp;&nbsp;&nbsp; Series 4954, Class SL | &nbsp;&nbsp;&nbsp;&nbsp; Series 4954, Class SL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.966% (6.05%–LIBOR 1 Month), 02/25/2050(d)(g) |  | 2307 |  | 230820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4981, Class HS | &nbsp;&nbsp;&nbsp;&nbsp; Series 4981, Class HS | &nbsp;&nbsp;&nbsp;&nbsp; Series 4981, Class HS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.016% (6.10%–LIBOR 1 Month), 06/25/2050(d)(g) |  | 19138 |  | 1883426 |
|  Federal National Mortgage Association REMICs |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-131, Class ST | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-131, Class ST | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-131, Class ST |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.456% (6.54%–LIBOR 1 Month), 12/25/2041(d)(g) |  | 4565 |  | 533086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17, Class SA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17, Class SA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17, Class SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.966% (6.05%–LIBOR 1 Month), 04/25/2044(d)(g) |  | 8444 |  | 937283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-26, Class SH | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-26, Class SH | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-26, Class SH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.366% (6.45%–LIBOR 1 Month), 05/25/2045(d)(g) |  | 5928 |  | 744880 |

---

8 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-106, Class ES | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-106, Class ES | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-106, Class ES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.916% (6.00%–LIBOR 1 Month), 01/25/2047(d)(g) | U.S.$| 3450 | $| 353104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-62, Class AS | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-62, Class AS | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-62, Class AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.066% (6.15%–LIBOR 1 Month), 08/25/2047(d)(g) |  | 4387 |  | 495451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-81, Class SA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-81, Class SA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-81, Class SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.116% (6.20%–LIBOR 1 Month), 10/25/2047(d)(g) |  | 7638 |  | 838187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-97, Class SW | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-97, Class SW | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-97, Class SW |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.116% (6.20%–LIBOR 1 Month), 12/25/2047(d)(g) |  | 6351 |  | 672900 |
|  Government National Mortgage Association |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-43, Class ST | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-43, Class ST | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-43, Class ST |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.086% (6.10%–LIBOR 1 Month), 03/20/2047(d)(g) |  | 7243 |  | 784323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-122, Class SA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-122, Class SA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-122, Class SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.186% (6.20%–LIBOR 1 Month), 08/20/2047(d)(g) |  | 5260 |  | 600930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-134, Class MS | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-134, Class MS | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-134, Class MS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.186% (6.20%–LIBOR 1 Month), 09/20/2047(d)(g) |  | 6001 |  | 697636 |
|  |  |  |  | 10339670 |
|  **Non-Agency Fixed Rate–0.1%** | **Non-Agency Fixed Rate–0.1%** | **Non-Agency Fixed Rate–0.1%** | **Non-Agency Fixed Rate–0.1%** | **Non-Agency Fixed Rate–0.1%** |
|  Alternative Loan Trust | Alternative Loan Trust | Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-20CB, Class 3A6 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-20CB, Class 3A6 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-20CB, Class 3A6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/25/2035 |  | 291 |  | 209226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A16 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A16 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A16 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/25/2036 |  | 2061 |  | 1190085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A14 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A14 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A14 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/25/2036 |  | 1419 |  | 806916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J1, Class 1A13 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J1, Class 1A13 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J1, Class 1A13 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/25/2036 |  | 513 |  | 373514 |
|  CHL Mortgage Pass-Through Trust <br>Series 2006-13, Class 1A19 <br>6.25%, 09/25/2036 | CHL Mortgage Pass-Through Trust <br>Series 2006-13, Class 1A19 <br>6.25%, 09/25/2036 | 606 |  | 286714 |
|  |  |  |  | 2866455 |
|  **Non-Agency Floating Rate–0.1%** | **Non-Agency Floating Rate–0.1%** | **Non-Agency Floating Rate–0.1%** | **Non-Agency Floating Rate–0.1%** | **Non-Agency Floating Rate–0.1%** |
|  Deutsche Alt-A Securities Mortgage Loan Trust <br>Series 2006-AR4, Class A2 <br>3.464% (LIBOR 1 Month + 0.38%), 12/25/2036(d) | Deutsche Alt-A Securities Mortgage Loan Trust <br>Series 2006-AR4, Class A2 <br>3.464% (LIBOR 1 Month + 0.38%), 12/25/2036(d) | 3871 |  | 1434831 |
|  HomeBanc Mortgage Trust <br>Series 2005-1, Class A1 <br>3.584% (LIBOR 1 Month + 0.50%), 03/25/2035(d) |  | 678 |  | 571246 |
|  JPMorgan Chase Bank, NA <br>Series 2019-CL1, Class M3 <br>5.184% (LIBOR 1 Month + 2.10%), 04/25/2047(b)(d) | JPMorgan Chase Bank, NA <br>Series 2019-CL1, Class M3 <br>5.184% (LIBOR 1 Month + 2.10%), 04/25/2047(b)(d) | 749 |  | 733064 |
|  |  |  |  | 2739141 |
| Total Collateralized Mortgage Obligations <br>(cost $250,144,088) | Total Collateralized Mortgage Obligations <br>(cost $250,144,088) | Total Collateralized Mortgage Obligations <br>(cost $250,144,088) |  | 238878783 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **ASSET-BACKED SECURITIES–5.1%** | **ASSET-BACKED SECURITIES–5.1%** | **ASSET-BACKED SECURITIES–5.1%** | **ASSET-BACKED SECURITIES–5.1%** |
|  **Autos–Fixed Rate–2.5%** | **Autos–Fixed Rate–2.5%** | **Autos–Fixed Rate–2.5%** | **Autos–Fixed Rate–2.5%** |
|  ACM Auto Trust <br>Series 2022-1A, Class A <br>3.23%, 04/20/2029(b) | U.S.$| 4911 | $4895329 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 03/20/2024(b) |  | 6721 | 6691636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/20/2025(b) |  | 6700 | 6582678 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N3, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N3, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N3, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 06/12/2028 |  | 3439 | 3305007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N4, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N4, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N4, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/11/2028 |  | 3177 | 2917951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P4, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P4, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P4, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 09/11/2028 |  | 4063 | 3334686 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.69%, 06/15/2027(b) |  | 5050 | 4565028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 04/16/2029(b) |  | 5564 | 5152523 |
|  FHF Trust <br>Series 2021-2A, Class A <br>0.83%, 12/15/2026 (b) |  | 2277 | 2163084 |
|  Ford Credit Auto Owner Trust <br>Series 2021-1, Class D <br>2.31%, 10/17/2033 (b) |  | 5650 | 4869364 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/17/2026(b) |  | 3380 | 3257976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 06/15/2027(b) |  | 6103 | 6025324 |
|  Research-Driven Pagaya Motor Asset Trust VII <br>Series 2022-3A, Class A<br>5.38%, 11/25/2030(b) |  | 6505 | 6418304 |
|  Santander Bank Auto Credit-Linked Notes <br>Series 2022-A, Class B <br>5.281%, 05/15/2032(b) |  | 6465 | 6344174 |
|  Santander Bank NA–SBCLN<br>Series 2021-1A, Class B<br>1.833%, 12/15/2031(b) |  | 3125 | 3012855 |
|  United Auto Credit Securitization Trust <br>Series 2022-2, Class A <br>4.39%, 04/10/2025(b) |  | 5941 | 5913029 |
|  |  |  | 75448948 |
|  **Other ABS–Fixed Rate–2.2%** | **Other ABS–Fixed Rate–2.2%** | **Other ABS–Fixed Rate–2.2%** | **Other ABS–Fixed Rate–2.2%** |
|  AB Issuer LLC <br>Series 2021-1, Class A2<br>3.734%, 07/30/2051(b) |  | 8404 | 6893775 |

---

Schedule of Investments—Intermediate Duration Portfolio 9

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Affirm Asset Securitization Trust | Affirm Asset Securitization Trust | Affirm Asset Securitization Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Z1, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Z1, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Z1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.07%, 08/15/2025(b) | U.S.$| 1832 | $1775906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Z2, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Z2, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Z2, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.17%, 11/16/2026(b) |  | 1765 | 1700061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-X1, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-X1, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-X1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/15/2027(b) |  | 4821 | 4700273 |
|  Amur Equipment Finance Receivables XI LLC <br>Series 2022-2A, Class A2 <br>5.30%, 06/21/2028(b) | Amur Equipment Finance Receivables XI LLC <br>Series 2022-2A, Class A2 <br>5.30%, 06/21/2028(b) | 2643 | 2627023 |
|  Atalaya Equipment Leasing Trust <br>Series 2021-1A, Class B <br>2.08%, 02/15/2027(b) |  | 1762 | 1643202 |
|  BHG Securitization Trust <br>Series 2022-A, Class A <br>1.71%, 02/20/2035(b) |  | 1618 | 1513926 |
|  Cajun Global LLC <br>Series 2021-1, Class A2 <br>3.931%, 11/20/2051(b) |  | 1751 | 1488707 |
|  College Ave Student Loans LLC <br>Series 2021-C, Class B <br>2.72%, 07/26/2055(b) |  | 2202 | 1865571 |
|  Conn's Receivables Funding LLC <br>Series 2021-A, Class A <br>1.05%, 05/15/2026(b) |  | 1849 | 1840281 |
|  Dext ABS LLC <br>Series 2021-1, Class B <br>1.76%, 02/15/2028(b) |  | 493 | 447491 |
|  Diamond Infrastructure Funding LLC <br>Series 2021-1A, Class B <br>2.355%, 04/15/2049(b) |  | 3651 | 2975061 |
|  Diamond Issuer <br>Series 2021-1A, Class A <br>2.305%, 11/20/2051(b) |  | 7711 | 6514824 |
|  Domino's Pizza Master Issuer LLC <br>Series 2021-1A, Class A2I <br>2.662%, 04/25/2051(b) | Domino's Pizza Master Issuer LLC <br>Series 2021-1A, Class A2I <br>2.662%, 04/25/2051(b) | 4376 | 3603247 |
|  GCI Funding I LLC <br>Series 2021-1, Class A <br>2.38%, 06/18/2046(b) |  | 2426 | 2070335 |
|  Hardee's Funding LLC | Hardee's Funding LLC | Hardee's Funding LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A23 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A23 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A23 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 06/20/2048(b) |  | 3216 | 2944798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.981%, 12/20/2050(b) |  | 2605 | 2235609 |
|  MVW LLC <br>Series 2021-2A, Class B <br>1.83%, 05/20/2039 (b) |  | 3497 | 3117649 |
|  Neighborly Issuer <br>Series 2022-1A, Class A2 <br>3.695%, 01/30/2052(b) | Neighborly Issuer <br>Series 2022-1A, Class A2 <br>3.695%, 01/30/2052(b) | 5495 | 4420960 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Neighborly Issuer LLC <br>Series 2021-1A, Class A2 <br>3.584%, 04/30/2051(b) | U.S.$| 3216 | $| 2657829 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 04/20/2062(b) |  | 2008 |  | 1597138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 04/20/2062(b) |  | 3421 |  | 2666399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/20/2062(b) |  | 3096 |  | 2495429 |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.702%, 11/20/2030(b) |  | 127 |  | 126789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.66%, 07/20/2031(b) |  | 5220 |  | 4807582 |
|  |  |  |  | 68729865 |
|  **Credit Cards–Fixed Rate–0.4%** | **Credit Cards–Fixed Rate–0.4%** | **Credit Cards–Fixed Rate–0.4%** | **Credit Cards–Fixed Rate–0.4%** | **Credit Cards–Fixed Rate–0.4%** |
|  Brex Commercial Charge Card Master Trust | Brex Commercial Charge Card Master Trust | Brex Commercial Charge Card Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09%, 07/15/2024(b) |  | 4282 |  | 4199987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/2025(b) |  | 7665 |  | 7423491 |
|  Mission Lane Credit Card Master Trust <br>Series 2021-A, Class B <br>2.24%, 09/15/2026(b) |  | 1601 |  | 1544693 |
|  |  |  |  | 13168171 |
|  **Home Equity Loans–Floating Rate–0.0%** | **Home Equity Loans–Floating Rate–0.0%** | **Home Equity Loans–Floating Rate–0.0%** | **Home Equity Loans–Floating Rate–0.0%** | **Home Equity Loans–Floating Rate–0.0%** |
|  Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates <br>Series 2004-1, Class 1A <br>3.684% (LIBOR 1 Month + 0.60%), 04/25/2034(d) | Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates <br>Series 2004-1, Class 1A <br>3.684% (LIBOR 1 Month + 0.60%), 04/25/2034(d) | 3 |  | 2617 |
| Total Asset-Backed Securities <br>(cost $172,087,269) | Total Asset-Backed Securities <br>(cost $172,087,269) | Total Asset-Backed Securities <br>(cost $172,087,269) |  | 157349601 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES–3.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–3.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–3.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–3.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–3.6%** |
|  **Non-Agency Floating Rate CMBS–2.0%** | **Non-Agency Floating Rate CMBS–2.0%** | **Non-Agency Floating Rate CMBS–2.0%** | **Non-Agency Floating Rate CMBS–2.0%** | **Non-Agency Floating Rate CMBS–2.0%** |
|  AREIT Trust <br>Series 2022-CRE6, Class A <br>3.534% (SOFR + 1.25%), 01/16/2037(b)(d) | AREIT Trust <br>Series 2022-CRE6, Class A <br>3.534% (SOFR + 1.25%), 01/16/2037(b)(d) | 12432 |  | 11951509 |
|  Ashford Hospitality Trust <br>Series 2018-KEYS, Class A <br>3.818% (LIBOR 1 Month + 1.00%), 06/15/2035(b)(d) | Ashford Hospitality Trust <br>Series 2018-KEYS, Class A <br>3.818% (LIBOR 1 Month + 1.00%), 06/15/2035(b)(d) | 3799 |  | 3679899 |
|  BAMLL Commercial Mortgage Securities Trust<br>Series 2017-SCH, Class AF <br>3.818% (LIBOR 1 Month + 1.00%), 11/15/2033(b)(d) | BAMLL Commercial Mortgage Securities Trust<br>Series 2017-SCH, Class AF <br>3.818% (LIBOR 1 Month + 1.00%), 11/15/2033(b)(d) | 10570 |  | 9956110 |

---

10 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  BBCMS Mortgage Trust <br>Series 2020-BID, Class A <br>4.958% (LIBOR 1 Month + 2.14%), 10/15/2037(b)(d) | U.S.$| 7708 | $| 7591780 |
|  BFLD Trust <br>Series 2021-FPM, Class A <br>4.418% (LIBOR 1 Month + 1.60%), 06/15/2038(b)(d) | BFLD Trust <br>Series 2021-FPM, Class A <br>4.418% (LIBOR 1 Month + 1.60%), 06/15/2038(b)(d) | 11683 |  | 11266697 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IMC, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IMC, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IMC, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.718% (LIBOR 1 Month + 1.90%), 04/15/2034(b)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 4.718% (LIBOR 1 Month + 1.90%), 04/15/2034(b)(d) | 1772 |  | 1680230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IMC, Class E | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IMC, Class E | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IMC, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.968% (LIBOR 1 Month + 2.15%), 04/15/2034(b)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 4.968% (LIBOR 1 Month + 2.15%), 04/15/2034(b)(d) | 6595 |  | 6219864 |
|  CLNY Trust <br>Series 2019-IKPR, Class D 4.843% (LIBOR 1 Month + 2.02%), 11/15/2038(b)(d) | CLNY Trust <br>Series 2019-IKPR, Class D 4.843% (LIBOR 1 Month + 2.02%), 11/15/2038(b)(d) | 5360 |  | 4997393 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk <br>Series 2021-MN1, Class M1 <br>4.281% (SOFR + 2.00%), 01/25/2051(b)(d) | Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk <br>Series 2021-MN1, Class M1 <br>4.281% (SOFR + 2.00%), 01/25/2051(b)(d) | 788 |  | 757271 |
|  Natixis Commercial Mortgage Securities Trust<br>Series 2019-MILE, Class A 4.318% (LIBOR 1 Month + 1.50%), 07/15/2036(b)(d) | Natixis Commercial Mortgage Securities Trust<br>Series 2019-MILE, Class A 4.318% (LIBOR 1 Month + 1.50%), 07/15/2036(b)(d) | 2750 |  | 2705452 |
|  |  |  |  | 60806205 |
|  **Non-Agency Fixed Rate CMBS–1.6%** | **Non-Agency Fixed Rate CMBS–1.6%** | **Non-Agency Fixed Rate CMBS–1.6%** | **Non-Agency Fixed Rate CMBS–1.6%** | **Non-Agency Fixed Rate CMBS–1.6%** |
|  BAMLL Commercial Mortgage Securities Trust<br>Series 2013-WBRK, Class D <br>3.652%, 03/10/2037(b) | BAMLL Commercial Mortgage Securities Trust<br>Series 2013-WBRK, Class D <br>3.652%, 03/10/2037(b) | 2805 |  | 2380500 |
|  Banc of America Commercial Mortgage Trust <br>Series 2015-UBS7, Class AS <br>3.989%, 09/15/2048 | Banc of America Commercial Mortgage Trust <br>Series 2015-UBS7, Class AS <br>3.989%, 09/15/2048 | 871 |  | 816305 |
|  Barclays Commercial Mortgage Trust <br>Series 2019-C3, Class B <br>4.096%, 05/15/2052 |  | 3523 |  | 3069612 |
|  Commercial Mortgage Trust | Commercial Mortgage Trust | Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR3, Class E | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR3, Class E | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR3, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.894%, 10/15/2045(b) |  | 3938 |  | 2359985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-SFS, Class A1<br>1.873%, 04/12/2035(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-SFS, Class A1<br>1.873%, 04/12/2035(b) | 391 |  | 386369 |
|  GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-GC5, Class D<br>5.302%, 08/10/2044(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-GC5, Class D<br>5.302%, 08/10/2044(b) | 333 |  | 141753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-G1, Class A2 3.557%, 04/10/2031(b) |  | 3622 |  | 3592866 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  GSF | GSF | GSF |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1 1.433%, 08/15/2026(e)(h) | U.S.$| 3575 | $3312816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2 2.435%, 08/15/2026(e)(h) |  | 9371 | 8833052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class AS 2.638%, 08/15/2026(e)(h) |  | 249 | 229680 |
|  HFX Funding Issuer <br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035(d)(e) | HFX Funding Issuer <br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035(d)(e) | 6860 | 6297907 |
|  JPMBB Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C14, Class D 4.699%, 08/15/2046(b) |  | 2527 | 1412812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C21, Class B 4.341%, 08/15/2047 |  | 1857 | 1727598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class AS 3.634%, 02/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class AS 3.634%, 02/15/2048 | 3415 | 3227916 |
|  JPMorgan Chase Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-C6, Class E 5.129%, 05/15/2045(b) |  | 3967 | 3074061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3, Class B 3.397%, 08/15/2049 |  | 3000 | 2618770 |
|  LB-UBS Commercial Mortgage Trust <br>Series 2006-C6, Class AJ <br>5.452%, 09/15/2039 | LB-UBS Commercial Mortgage Trust <br>Series 2006-C6, Class AJ <br>5.452%, 09/15/2039 | 817 | 360710 |
|  LSTAR Commercial Mortgage Trust<br>Series 2016-4, Class A2 <br>2.579%, 03/10/2049(b) |  | 1836 | 1821892 |
|  Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-SG1, Class AS<br>4.047%, 09/15/2048 |  | 2906 | 2735702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51, Class B 3.836%, 06/15/2052 |  | 1269 | 1082237 |
|  WF-RBS Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C11, Class XA<br>1.238%, 03/15/2045(b)(f) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C11, Class XA<br>1.238%, 03/15/2045(b)(f) | 44918 | 19378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class AS<br>3.931%, 11/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class AS<br>3.931%, 11/15/2047 | 1471 | 1403071 |
|  |  |  | 50904992 |
| Total Commercial Mortgage-Backed Securities (cost $122,235,281) | Total Commercial Mortgage-Backed Securities (cost $122,235,281) | Total Commercial Mortgage-Backed Securities (cost $122,235,281) | 111711197 |

---

Schedule of Investments—Intermediate Duration Portfolio 11

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **COLLATERALIZED LOAN OBLIGATIONS – 2.7%** | **COLLATERALIZED LOAN OBLIGATIONS – 2.7%** | **COLLATERALIZED LOAN OBLIGATIONS – 2.7%** | **COLLATERALIZED LOAN OBLIGATIONS – 2.7%** |
|  **CLO-Floating Rate–2.7%** | **CLO-Floating Rate–2.7%** | **CLO-Floating Rate–2.7%** | **CLO-Floating Rate–2.7%** |
|  AGL CLO 10 Ltd. <br>Series 2021-10A, Class A <br>3.642% (LIBOR 3 Month + 1.13%), 04/15/2034(b)(d) | U.S.$| 450 | $428508 |
|  Balboa Bay Loan Funding Ltd. <br>Series 2021-1A, Class A <br>3.91% (LIBOR 3 Month + 1.20%), 07/20/2034(b)(d) | Balboa Bay Loan Funding Ltd. <br>Series 2021-1A, Class A <br>3.91% (LIBOR 3 Month + 1.20%), 07/20/2034(b)(d) | 6496 | 6220544 |
|  Dryden 78 CLO Ltd. <br>Series 2020-78A, Class C <br>4.69% (LIBOR 3 Month + 1.95%), 04/17/2033(b)(d) | Dryden 78 CLO Ltd. <br>Series 2020-78A, Class C <br>4.69% (LIBOR 3 Month + 1.95%), 04/17/2033(b)(d) | 4670 | 4273732 |
|  Elevation CLO Ltd. <br>Series 2020-11A, Class D1 <br>6.362% (LIBOR 3 Month + 3.85%), 04/15/2033(b)(d) | Elevation CLO Ltd. <br>Series 2020-11A, Class D1 <br>6.362% (LIBOR 3 Month + 3.85%), 04/15/2033(b)(d) | 4500 | 3869379 |
|  Elmwood CLO IX Ltd.<br>Series 2021-2A, Class A<br>3.84% (LIBOR 3 Month + 1.13%), 07/20/2034(b)(d) | Elmwood CLO IX Ltd.<br>Series 2021-2A, Class A<br>3.84% (LIBOR 3 Month + 1.13%), 07/20/2034(b)(d) | 5900 | 5645905 |
|  Elmwood CLO XII Ltd. <br>Series 2021-5A, Class D <br>5.76% (LIBOR 3 Month + 3.05%), 01/20/2035(b)(d) | Elmwood CLO XII Ltd. <br>Series 2021-5A, Class D <br>5.76% (LIBOR 3 Month + 3.05%), 01/20/2035(b)(d) | 2100 | 1868200 |
|  Flatiron CLO 21 Ltd. <br>Series 2021-1A, Class A1 <br>3.848% (LIBOR 3 Month + 1.11%), 07/19/2034(b)(d) | Flatiron CLO 21 Ltd. <br>Series 2021-1A, Class A1 <br>3.848% (LIBOR 3 Month + 1.11%), 07/19/2034(b)(d) | 4290 | 4095860 |
|  Goldentree Loan Management US CLO 7 Ltd. <br>Series 2020-7A, Class AR <br>3.78% (LIBOR 3 Month + 1.07%), 04/20/2034(b)(d) | Goldentree Loan Management US CLO 7 Ltd. <br>Series 2020-7A, Class AR <br>3.78% (LIBOR 3 Month + 1.07%), 04/20/2034(b)(d) | 6463 | 6133298 |
|  Golub Capital Partners 48 LP <br>Series 2020-48A, Class A1 <br>4.05% (LIBOR 3 Month + 1.31%), 04/17/2033(b)(d) | Golub Capital Partners 48 LP <br>Series 2020-48A, Class A1 <br>4.05% (LIBOR 3 Month + 1.31%), 04/17/2033(b)(d) | 644 | 619598 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. <br>Series 2021-43A, Class A <br>3.87% (LIBOR 3 Month + 1.13%), 07/17/2035(b)(d) | Neuberger Berman Loan Advisers CLO 43 Ltd. <br>Series 2021-43A, Class A <br>3.87% (LIBOR 3 Month + 1.13%), 07/17/2035(b)(d) | 6910 | 6621476 |
|  OCP CLO Ltd. <br>Series 2020-18A, Class AR <br>3.80% (LIBOR 3 Month + 1.09%), 07/20/2032(b)(d) | OCP CLO Ltd. <br>Series 2020-18A, Class AR <br>3.80% (LIBOR 3 Month + 1.09%), 07/20/2032(b)(d) | 8088 | 7816130 |
|  Palmer Square CLO Ltd. <br>Series 2021-4A, Class A <br>3.682% (LIBOR 3 Month + 1.17%), 10/15/2034(b)(d) | Palmer Square CLO Ltd. <br>Series 2021-4A, Class A <br>3.682% (LIBOR 3 Month + 1.17%), 10/15/2034(b)(d) | 730 | 696249 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $Value** | **U.S. $Value** |
|  Pikes Peak CLO 8 <br>Series 2021-8A, Class A <br>3.88% (LIBOR 3 Month + 1.17%), 07/20/2034(b)(d) | U.S.$|  | 7300 | $| 6987684 |
|  Rad CLO 7 Ltd. <br>Series 2020-7A, Class C <br>4.74% (LIBOR 3 Month + 2.00%), 04/17/2033(b)(d) | Rad CLO 7 Ltd. <br>Series 2020-7A, Class C <br>4.74% (LIBOR 3 Month + 2.00%), 04/17/2033(b)(d) | Rad CLO 7 Ltd. <br>Series 2020-7A, Class C <br>4.74% (LIBOR 3 Month + 2.00%), 04/17/2033(b)(d) | 2090 |  | 1921713 |
|  Rad CLO 11 Ltd. <br>Series 2021-11A, Class D <br>5.412% (LIBOR 3 Month + 2.90%), 04/15/2034(b)(d) | Rad CLO 11 Ltd. <br>Series 2021-11A, Class D <br>5.412% (LIBOR 3 Month + 2.90%), 04/15/2034(b)(d) | Rad CLO 11 Ltd. <br>Series 2021-11A, Class D <br>5.412% (LIBOR 3 Month + 2.90%), 04/15/2034(b)(d) | 3800 |  | 3334800 |
|  Rad CLO 14 Ltd <br>Series 2021-14A, Class A <br>3.682% (LIBOR 3 Month + 1.17%), 01/15/2035(b)(d) | Rad CLO 14 Ltd <br>Series 2021-14A, Class A <br>3.682% (LIBOR 3 Month + 1.17%), 01/15/2035(b)(d) | Rad CLO 14 Ltd <br>Series 2021-14A, Class A <br>3.682% (LIBOR 3 Month + 1.17%), 01/15/2035(b)(d) | 829 |  | 784909 |
|  Regatta XX Funding Ltd. <br>Series 2021-2A, Class A <br>3.672% (LIBOR 3 Month + 1.16%), 10/15/2034(b)(d) | Regatta XX Funding Ltd. <br>Series 2021-2A, Class A <br>3.672% (LIBOR 3 Month + 1.16%), 10/15/2034(b)(d) | Regatta XX Funding Ltd. <br>Series 2021-2A, Class A <br>3.672% (LIBOR 3 Month + 1.16%), 10/15/2034(b)(d) | 11084 |  | 10501072 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87% (LIBOR 3 Month + 1.16%), 07/20/2034(b)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 3.87% (LIBOR 3 Month + 1.16%), 07/20/2034(b)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 3.87% (LIBOR 3 Month + 1.16%), 07/20/2034(b)(d) | 5449 |  | 5176680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.96% (LIBOR 3 Month + 3.25%), 10/20/2034(b)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 5.96% (LIBOR 3 Month + 3.25%), 10/20/2034(b)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 5.96% (LIBOR 3 Month + 3.25%), 10/20/2034(b)(d) | 3200 |  | 2766784 |
|  Sixth Street CLO XVII Ltd. <br>Series 2021-17A, Class A <br>3.95% (LIBOR 3 Month + 1.24%), 01/20/2034(b)(d) | Sixth Street CLO XVII Ltd. <br>Series 2021-17A, Class A <br>3.95% (LIBOR 3 Month + 1.24%), 01/20/2034(b)(d) | Sixth Street CLO XVII Ltd. <br>Series 2021-17A, Class A <br>3.95% (LIBOR 3 Month + 1.24%), 01/20/2034(b)(d) | 1089 |  | 1048574 |
|  Sixth Street CLO XX Ltd. <br>Series 2021-20A, Class D <br>5.76% (LIBOR 3 Month + 3.05%), 10/20/2034(b)(d) | Sixth Street CLO XX Ltd. <br>Series 2021-20A, Class D <br>5.76% (LIBOR 3 Month + 3.05%), 10/20/2034(b)(d) | Sixth Street CLO XX Ltd. <br>Series 2021-20A, Class D <br>5.76% (LIBOR 3 Month + 3.05%), 10/20/2034(b)(d) | 1900 |  | 1686926 |
|  TICP CLO XV Ltd. <br>Series 2020-15A, Class A <br>3.99% (LIBOR 3 Month + 1.28%), 04/20/2033(b)(d) | TICP CLO XV Ltd. <br>Series 2020-15A, Class A <br>3.99% (LIBOR 3 Month + 1.28%), 04/20/2033(b)(d) | TICP CLO XV Ltd. <br>Series 2020-15A, Class A <br>3.99% (LIBOR 3 Month + 1.28%), 04/20/2033(b)(d) | 250 |  | 242319 |
|  Voya CLO Ltd. <br>Series 2019-1A, Class DR <br>5.362% (LIBOR 3 Month + 2.85%), 04/15/2031(b)(d) | Voya CLO Ltd. <br>Series 2019-1A, Class DR <br>5.362% (LIBOR 3 Month + 2.85%), 04/15/2031(b)(d) | Voya CLO Ltd. <br>Series 2019-1A, Class DR <br>5.362% (LIBOR 3 Month + 2.85%), 04/15/2031(b)(d) | 1850 |  | 1581424 |
|  Total Collateralized Loan Obligations <br>(cost $89,950,357) | Total Collateralized Loan Obligations <br>(cost $89,950,357) | Total Collateralized Loan Obligations <br>(cost $89,950,357) | Total Collateralized Loan Obligations <br>(cost $89,950,357) |  | 84321764 |
| **CORPORATES-NON-INVESTMENT GRADE–1.9%** | **CORPORATES-NON-INVESTMENT GRADE–1.9%** | **CORPORATES-NON-INVESTMENT GRADE–1.9%** | **CORPORATES-NON-INVESTMENT GRADE–1.9%** | **CORPORATES-NON-INVESTMENT GRADE–1.9%** | **CORPORATES-NON-INVESTMENT GRADE–1.9%** |
| **Industrial–1.4%** | **Industrial–1.4%** | **Industrial–1.4%** | **Industrial–1.4%** | **Industrial–1.4%** | **Industrial–1.4%** |
|  **Capital Goods–0.0%** | **Capital Goods–0.0%** | **Capital Goods–0.0%** | **Capital Goods–0.0%** | **Capital Goods–0.0%** | **Capital Goods–0.0%** |
|  TK Elevator Midco GmbH <br>4.375%, 07/15/2027(b) |  | EUR | 1444 |  | 1189342 |

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12 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  **Communications-Media–0.4%** | **Communications-Media–0.4%** | **Communications-Media–0.4%** | **Communications-Media–0.4%** |
|  Altice Financing SA <br>3.00%, 01/15/2028(b) | U.S.$| 2174 | $1603682 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030(b) |  | 1424 | 1126441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033(b) |  | 5124 | 3800573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032(b) |  | 1041 | 812355 |
|  DISH DBS Corp. <br>5.75%, 12/01/2028(b) |  | 3890 | 2932827 |
|  Summer BC Holdco B SARL<br>5.75%, 10/31/2026(b) | EUR | 2174 | 1818811 |
|  VZ Vendor Financing II BV <br>2.875%, 01/15/2029(b) |  | 2093 | 1460753 |
|  |  |  | 13555442 |
|  **Communications-Telecommunications–0.1%** | **Communications-Telecommunications–0.1%** | **Communications-Telecommunications–0.1%** | **Communications-Telecommunications–0.1%** |
|  Altice France SA/France <br>3.375%, 01/15/2028(b) |  | 1024 | 762674 |
|  Lorca Telecom Bondco SA <br>4.00%, 09/18/2027(b) |  | 2174 | 1853946 |
|  |  |  | 2616620 |
|  **Consumer Cyclical-Automotive–0.2%** | **Consumer Cyclical-Automotive–0.2%** | **Consumer Cyclical-Automotive–0.2%** | **Consumer Cyclical-Automotive–0.2%** |
|  Adient Global Holdings Ltd. <br>3.50%, 08/15/2024(b) |  | 2174 | 1967891 |
|  Ford Motor Co. <br>6.10%, 08/19/2032 | U.S.$| 3333 | 2938140 |
|  ZF Finance GmbH <br>3.75%, 09/21/2028(b) | EUR | 1400 | 1067580 |
|  |  |  | 5973611 |
|  **Consumer Cyclical-Entertainment–0.3%** | **Consumer Cyclical-Entertainment–0.3%** | **Consumer Cyclical-Entertainment–0.3%** | **Consumer Cyclical-Entertainment–0.3%** |
|  Carnival Corp. <br>4.00%, 08/01/2028(b) | U.S.$| 5633 | 4546732 |
|  Royal Caribbean Cruises Ltd. <br>8.25%, 01/15/2029(b) |  | 4339 | 4220849 |
|  |  |  | 8767581 |
|  **Consumer Cyclical-Other–0.0%** | **Consumer Cyclical-Other–0.0%** | **Consumer Cyclical-Other–0.0%** | **Consumer Cyclical-Other–0.0%** |
|  NH Hotel Group SA <br>4.00%, 07/02/2026(b) | EUR | 694 | 592082 |
|  **Consumer Non-Cyclical–0.2%** | **Consumer Non-Cyclical–0.2%** | **Consumer Non-Cyclical–0.2%** | **Consumer Non-Cyclical–0.2%** |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC <br>3.50%, 03/15/2029(b) | U.S.$| 3900 | 3149250 |
|  IQVIA, Inc. <br>2.25%, 03/15/2029(b) | EUR | 1420 | 1066911 |
|  Nobel Bidco BV <br>3.125%, 06/15/2028(b) |  | 2174 | 1429652 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV <br>2.875%, 04/30/2028(b) |  | 1420 | 1112557 |
|  |  |  | 6758370 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  **Services–0.1%** | **Services–0.1%** | **Services–0.1%** |
|  APCOA Parking Holdings GmbH <br>4.625%, 01/15/2027(b) | 2174 | $1689844 |
|  **Technology–0.1%** | **Technology–0.1%** | **Technology–0.1%** |
|  Playtech PLC <br>4.25%, 03/07/2026(b) | 1420 | 1260924 |
|  **Transportation-Airlines–0.0%** | **Transportation-Airlines–0.0%** | **Transportation-Airlines–0.0%** |
|  Deutsche Lufthansa AG <br>3.00%, 05/29/2026(b) | 800 | 657794 |
|  |  | 43061610 |
| **Financial Institutions–0.4%** | **Financial Institutions–0.4%** | **Financial Institutions–0.4%** |
|  **Banking–0.4%** | **Banking–0.4%** | **Banking–0.4%** |
|  Credit Suisse Group AG | Credit Suisse Group AG |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 08/21/2026(b)(c) | 611 | 447325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/11/2023(b)(c) | 2634 | 2423148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/17/2023(b)(c) | 5931 | 5100601 |
|  Intesa Sanpaolo SpA <br>5.017%, 06/26/2024(b) | 6204 | 5790876 |
|  |  | 13761950 |
| **Utility–0.1%** | **Utility–0.1%** | **Utility–0.1%** |
|  **Electric–0.1%** | **Electric–0.1%** | **Electric–0.1%** |
|  Vistra Corp. <br>7.00%, 12/15/2026(b)(c) | 2589 | 2263692 |
| Total Corporates–Non-Investment Grade <br>(cost $74,858,174) | Total Corporates–Non-Investment Grade <br>(cost $74,858,174) | 59087252 |
| **LOCAL GOVERNMENTS-US MUNICIPAL BONDS–0.9%** | **LOCAL GOVERNMENTS-US MUNICIPAL BONDS–0.9%** | **LOCAL GOVERNMENTS-US MUNICIPAL BONDS–0.9%** |
|  **United States–0.9%** | **United States–0.9%** | **United States–0.9%** |
|  Port Authority of New York & New Jersey |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.086%, 07/01/2023 | 4170 | 4065085 |
|  State Board of Administration Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.705%, 07/01/2027 | 6821 | 5833178 |
|  State of California | State of California |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 03/01/2040 | 8520 | 10569156 |
|  Tobacco Settlement Finance Authority/WV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2035 | 2133 | 2024055 |
|  University of California | University of California |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.071%, 05/15/2051 | 7960 | 5307493 |
| Total Local Governments–US Municipal Bonds <br>(cost $29,649,597) | Total Local Governments–US Municipal Bonds <br>(cost $29,649,597) | 27798967 |

---

Schedule of Investments—Intermediate Duration Portfolio 13

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **EMERGING MARKETS-CORPORATE BONDS–0.4%** | **EMERGING MARKETS-CORPORATE BONDS–0.4%** | **EMERGING MARKETS-CORPORATE BONDS–0.4%** | **EMERGING MARKETS-CORPORATE BONDS–0.4%** |
| **Industrial–0.4%** | **Industrial–0.4%** | **Industrial–0.4%** | **Industrial–0.4%** |
|  **Basic–0.1%** | **Basic–0.1%** | **Basic–0.1%** | **Basic–0.1%** |
|  CSN Resources SA <br>4.625%, 06/10/2031(b) | U.S.$| 1862 | $1266532 |
|  Volcan Cia Minera SAA<br>4.375%, 02/11/2026(b) |  | 761 | 623212 |
|  |  |  | 1889744 |
|  **Capital Goods–0.1%** | **Capital Goods–0.1%** | **Capital Goods–0.1%** | **Capital Goods–0.1%** |
|  Embraer Netherlands Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 02/01/2027 |  | 4960 | 4520792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/17/2028(b) |  | 1797 | 1686709 |
|  Odebrecht Holdco Finance Ltd. <br>Zero Coupon, 09/10/2058(b) | Odebrecht Holdco Finance Ltd. <br>Zero Coupon, 09/10/2058(b) | 3418 | 6837 |
|  |  |  | 6214338 |
|  **Communications-Media–0.0%** | **Communications-Media–0.0%** | **Communications-Media–0.0%** | **Communications-Media–0.0%** |
|  Globo Comunicacao e Participacoes SA <br>4.875%, 01/22/2030(b) |  | 825 | 620813 |
|  **Consumer Cyclical-Other–0.1%** | **Consumer Cyclical-Other–0.1%** | **Consumer Cyclical-Other–0.1%** | **Consumer Cyclical-Other–0.1%** |
|  Wynn Macau Ltd. <br>5.625%, 08/26/2028(b) |  | 2862 | 1917540 |
|  **Consumer Non-Cyclical–0.1%** | **Consumer Non-Cyclical–0.1%** | **Consumer Non-Cyclical–0.1%** | **Consumer Non-Cyclical–0.1%** |
|  Natura & Co. Luxembourg Holdings SARL <br>6.00%, 04/19/2029(b) |  | 2258 | 1840834 |
|  |  |  | 12483269 |
| **Utility–0.0%** | **Utility–0.0%** | **Utility–0.0%** | **Utility–0.0%** |
|  **Electric–0.0%** | **Electric–0.0%** | **Electric–0.0%** | **Electric–0.0%** |
|  Terraform Global Operating LP <br>6.125%, 03/01/2026(e) |  | 565 | 532100 |
| **Financial Institutions–0.0%** | **Financial Institutions–0.0%** | **Financial Institutions–0.0%** | **Financial Institutions–0.0%** |
|  **Other Finance–0.0%** | **Other Finance–0.0%** | **Other Finance–0.0%** | **Other Finance–0.0%** |
|  OEC Finance Ltd. | OEC Finance Ltd. | OEC Finance Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/27/2033(b)(i) |  | 2445 | 53960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 12/26/2046(b)(i) |  | 707 | 18643 |
|  |  |  | 72603 |
| Total Emerging Markets–Corporate Bonds <br>(cost $20,972,830) | Total Emerging Markets–Corporate Bonds <br>(cost $20,972,830) | Total Emerging Markets–Corporate Bonds <br>(cost $20,972,830) | 13087972 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Shares** | **U.S. $ Value** |
| **COMMON STOCKS–0.3%** | **COMMON STOCKS–0.3%** | **COMMON STOCKS–0.3%** | **COMMON STOCKS–0.3%** |
| **Financials–0.3%** | **Financials–0.3%** | **Financials–0.3%** | **Financials–0.3%** |
|  **Insurance–0.3%** | **Insurance–0.3%** | **Insurance–0.3%** | **Insurance–0.3%** |
|  Mt Logan Re Ltd. <br>(Preference Shares)(h)(j)(k) | Mt Logan Re Ltd. <br>(Preference Shares)(h)(j)(k) | 9249 | $7908780 |
|  Mt Logan Re Ltd. <br>(Special Investment)(h)(j)(k) | Mt Logan Re Ltd. <br>(Special Investment)(h)(j)(k) | 1463 | 1227194 |
| Total Common Stocks <br>(cost $9,248,550) | Total Common Stocks <br>(cost $9,248,550) | Total Common Stocks <br>(cost $9,248,550) | 9135974 |
|  | **Principal Amount (000)** | **Principal Amount (000)** |  |
| **QUASI-SOVEREIGNS–0.3%** | **QUASI-SOVEREIGNS–0.3%** | **QUASI-SOVEREIGNS–0.3%** | **QUASI-SOVEREIGNS–0.3%** |
| **Quasi-Sovereign Bonds–0.3%** | **Quasi-Sovereign Bonds–0.3%** | **Quasi-Sovereign Bonds–0.3%** | **Quasi-Sovereign Bonds–0.3%** |
|  **Indonesia–0.1%** | **Indonesia–0.1%** | **Indonesia–0.1%** | **Indonesia–0.1%** |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara <br>5.45%, 05/21/2028(b) | U.S.$| 2363 | 2252719 |
|  **Mexico–0.2%** | **Mexico–0.2%** | **Mexico–0.2%** | **Mexico–0.2%** |
|  Comision Federal de Electricidad | Comision Federal de Electricidad | Comision Federal de Electricidad |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.348%, 02/09/2031(b) |  | 6919 | 4978653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.688%, 05/15/2029(b) |  | 1800 | 1499962 |
|  |  |  | 6478615 |
| Total Quasi-Sovereigns <br>(cost $11,075,998) | Total Quasi-Sovereigns <br>(cost $11,075,998) | Total Quasi-Sovereigns <br>(cost $11,075,998) | 8731334 |
| **EMERGING MARKETS-SOVEREIGNS–0.3%** | **EMERGING MARKETS-SOVEREIGNS–0.3%** | **EMERGING MARKETS-SOVEREIGNS–0.3%** | **EMERGING MARKETS-SOVEREIGNS–0.3%** |
|  **Dominican Republic–0.2%** | **Dominican Republic–0.2%** | **Dominican Republic–0.2%** | **Dominican Republic–0.2%** |
|  Dominican Republic International Bond <br>4.875%, 09/23/2032(b) |  | 8182 | 6104795 |
|  **Egypt–0.1%** | **Egypt–0.1%** | **Egypt–0.1%** | **Egypt–0.1%** |
|  Egypt Government International Bond <br>5.875%, 02/16/2031(b) |  | 4439 | 2557419 |
| Total Emerging Markets–Sovereigns <br>(cost $12,449,747) | Total Emerging Markets–Sovereigns <br>(cost $12,449,747) | Total Emerging Markets–Sovereigns <br>(cost $12,449,747) | 8662214 |
| **AGENCIES–0.2%** | **AGENCIES–0.2%** | **AGENCIES–0.2%** | **AGENCIES–0.2%** |
|  **Agency Debentures–0.2%** | **Agency Debentures–0.2%** | **Agency Debentures–0.2%** | **Agency Debentures–0.2%** |
|  Federal Home Loan Banks <br>2.50%, 02/13/2024 <br>(cost $6,163,798) |  | 6170 | 6019761 |

---

14 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **GOVERNMENTS-SOVEREIGN BONDS–0.1%** | **GOVERNMENTS-SOVEREIGN BONDS–0.1%** | **GOVERNMENTS-SOVEREIGN BONDS–0.1%** | **GOVERNMENTS-SOVEREIGN BONDS–0.1%** |
|  **Colombia–0.1%** | **Colombia–0.1%** | **Colombia–0.1%** | **Colombia–0.1%** |
|  Colombia Government International Bond <br>3.125%, 04/15/2031 <br>(cost $2,482,646) | U.S.$| 2490 | $1727904 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **SHORT-TERM INVESTMENTS–2.1%** | **SHORT-TERM INVESTMENTS–2.1%** | **SHORT-TERM INVESTMENTS–2.1%** | **SHORT-TERM INVESTMENTS–2.1%** |
| **Governments-Treasuries–2.1%** | **Governments-Treasuries–2.1%** | **Governments-Treasuries–2.1%** | **Governments-Treasuries–2.1%** |
|  **Japan–2.1%** | **Japan–2.1%** | **Japan–2.1%** | **Japan–2.1%** |
|  Japan Treasury Discount Bill<br>Series 1105 <br>Zero Coupon, 12/05/2022<br>(cost $65,329,039) | JPY | 9328050 | $64470728 |
| **Total Investments—104.9%** <br>(cost $3,672,940,300) | **Total Investments—104.9%** <br>(cost $3,672,940,300) | **Total Investments—104.9%** <br>(cost $3,672,940,300) | 3240729482 |
|  Other assets less liabilities—(4.9)% | Other assets less liabilities—(4.9)% | Other assets less liabilities—(4.9)% | (150178057) |
|  **Net Assets—100.0%** | **Net Assets—100.0%** | **Net Assets—100.0%** | $**3090551425** |

---

------

**FUTURES (see Note 3)** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  U.S. Long Bond (CBT) Futures | 152 | December 2022 | $19213750 | $44906 |
|  U.S. T-Note 2 Yr (CBT) Futures | 725 | December 2022 | 148908204 | (2408991) |
|  U.S. T-Note 5 Yr (CBT) Futures | 1808 | December 2022 | 194374126 | (5520542) |
|  U.S. Ultra Bond (CBT) Futures | 378 | December 2022 | 51786000 | (4973860) |
|  **Sold Contracts** |  |  |  |  |
|  10 Yr Japan Bond (OSE) Futures | 100 | December 2022 | 102466662 | 277506 |
|  Long Gilt Futures | 812 | December 2022 | 87399957 | (1087146) |
|  U.S. 10 Yr Ultra Futures | 77 | December 2022 | 9123297 | 602057 |
|  |  |  |  | $(13066070) |

---

------

**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 | EUR | 18748 | USD | 18110 | 12/08/2022 | $(348530) |
|  Citibank, NA | JPY | 9330876 | USD | 66040 | 12/02/2022 | 1182022 |
|  State Street Bank & Trust Co. | JPY | 1617 | USD | 11 | 12/02/2022 | 182 |
|  |  |  |  |  |  | $833674 |

---

------

**CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums**<br> **Paid/**<br> **(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Buy Contracts | Buy Contracts | Buy Contracts | Buy Contracts | Buy Contracts | Buy Contracts | Buy Contracts | Buy Contracts | Buy Contracts |
| CDX-NAHY<br>Series 39,<br>5 Year Index,<br>12/20/2027\* | 5.00% | Quarterly | 6.06% | USD | 19575 | $774860 | $775958 | $(1098) |

---

\* Termination date

Schedule of Investments—Intermediate Duration Portfolio 15

------

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

------

**CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | <br>**Termination<br>Date** | **Payments<br>made by the<br>Fund** | **Payments<br>received by the<br>Fund** | <br>**Payment Frequency<br>Paid/Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 19060 | 12/13/2029 | 1.764% | 3 Month LIBOR | Semi-Annual/Quarterly | $2464228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2464228 |

---

------

**CREDIT DEFAULT SWAPS (see Note 3)** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br>Counterparty & <br>Referenced<br>Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Sale Contracts** |  |  |  |  |  |  |  |  |
| Citigroup Global Markets, Inc. |  |  |  |  |  |  |  |  |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 28 | $(6278) | $(4221) | $(2057) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 93 | (20767) | (10452) | (10315) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 115 | (25757) | (14096) | (11661) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 99 | (22216) | (9431) | (12785) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 139 | (31231) | (16539) | (14692) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 164 | (36865) | (20165) | (16700) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 162 | (36221) | (19181) | (17040) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 171 | (38314) | (21209) | (17105) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 178 | (39925) | (22625) | (17300) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 310 | (69545) | (35003) | (34542) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 460 | (103191) | (47272) | (55919) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1827 | (409703) | (135431) | (274272) |
|  Credit Suisse International | Credit Suisse International |  |  |  |  |  |  |  |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1 | (161) | (84) | (77) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 987 | (221352) | (74921) | (146431) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1275 | (285907) | (98828) | (187079) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1551 | (347725) | (86436) | (261289) |
| Goldman Sachs International |  |  |  |  |  |  |  |  |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 106 | (23826) | (15104) | (8722) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 248 | (55539) | (27173) | (28366) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1211 | (271580) | (185268) | (86312) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1074 | (240832) | (126664) | (114168) |

---

16 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br>Counterparty & <br>Referenced<br>Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 1240 | $(278019) | $(146223) | $(131796) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2380 | (533661) | (254780) | (278881) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2380 | (533662) | (254681) | (278981) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 3293 | (738272) | (221068) | (517204) |
|  JPMorgan Securities, LLC | JPMorgan Securities, LLC |  |  |  |  |  |  |  |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 221 | (49583) | (20189) | (29394) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 232 | (51998) | (21179) | (30819) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 905 | (202840) | (104743) | (98097) |
|  Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC |  |  |  |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1434 | (321484) | (94620) | (226864) |
|  |  |  |  |  |  | $(4996454) | $(2087586) | $(2908868) |

---

\* Termination date

------

\*\* Principal amount less than 500. 

(a) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These
securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2022, the aggregate market value of these securities amounted to $788,777,420 or 25.5% of net assets.

(c) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable,
reflects the next call date.

(d) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2022.

(e) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These
securities, which represent 0.71% of net assets as of September 30, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  GSF<br>Series 2021-1, Class A1 1.433%, 08/15/2026 | 02/25/2021 | $3487656 | $3312816 | 0.11% |
|  GSF<br>Series 2021-1, Class A2 2.435%, 08/15/2026 | 02/25/2021 | 9612067 | 8833052 | 0.29% |
|  GSF<br>Series 2021-1, Class AS <br>2.638%, 08/15/2026 | 02/25/2021 | 254398 | 229680 | 0.01% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  HFX Funding Issuer<br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035 | 11/19/2020 | $7307523 | $6297907 | 0.20% |
|  JPMorgan Madison Avenue Securities Trust<br>Series 2014-CH1, Class M2 <br>7.334%, 11/25/2024 | 11/06/2015 | 216712 | 208198 | 0.01% |
|  PMT Credit Risk Transfer Trust Series 2020-1R, Class A <br>5.463%, 02/27/2023 | 02/11/2020 | 928788 | 881159 | 0.03% |
|  Terraform Global Operating LP <br>6.125%, 03/01/2026 | 02/08/2018 | 565000 | 532100 | 0.02% |
|  Wells Fargo Credit Risk Transfer Securities Trust<br>Series 2015-WF1, Class 1M2 <br>8.334%, 11/25/2025 | 09/28/2015 | 1024041 | 938647 | 0.03% |
|  Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 <br>8.584%, 11/25/2025 | 09/28/2015 | 265653 | 249867 | 0.01% |

---

(f) IO—Interest Only.

(g) Inverse interest only security.

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

Schedule of Investments—Intermediate Duration Portfolio 17

------

##### [**Table of Contents**](#toc)
(i) Pay-In-Kind Payments (PIK). The
issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at September 30, 2022.

(j) Fair valued by the Adviser.

(k) Non-income producing security.

Currency Abbreviations:

EUR–Euro

JPY—Japanese Yen

USD—United States Dollar

Glossary:

ABS—Asset-Backed Securities

ARMs—Adjustable Rate Mortgages

CBT—Chicago Board of Trade

CDX-CMBX.NA—North American Commercial Mortgage-Backed Index

CDX-NAHY—North American High Yield Credit Default Swap Index

CLO—Collateralized Loan Obligations

CMBS—Commercial Mortgage-Backed Securities

LIBOR—London Interbank Offered Rate

OSE—Osaka Securities Exchange

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

SOFR—Secured Overnight Financing Rate

TBA—To Be Announced

See notes to financial statements.

18 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

##### [**Table of Contents**](#toc)
**Sanford C. Bernstein Fund, Inc.** 

**Schedule of Investments** 

**Short Duration Plus Portfolio** 

**September 30, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $Value** |
| **GOVERNMENTS–TREASURIES–68.5%** | **GOVERNMENTS–TREASURIES–68.5%** | **GOVERNMENTS–TREASURIES–68.5%** |
|  **United States–68.5%** | **United States–68.5%** | **United States–68.5%** |
|  U.S. Treasury Notes | U.S. Treasury Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 08/31/2023 | 3984 | $3836660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 11/30/2025 | 96 | 84667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/31/2026 | 1749 | 1534650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 01/31/2024(a) | 2481 | 2369456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/29/2024 | 7196 | 6920624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/30/2024 | 13883 | 13496879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/31/2024 | 19339 | 18783004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 09/30/2023 | 65215 | 64369243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/30/2024 | 62073 | 60734942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/31/2027 | 1534 | 1471777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/31/2024 | 57972 | 56939275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 | 2025 | 1952543 |
| Total Governments–Treasuries <br>(cost $238,901,986) | Total Governments–Treasuries <br>(cost $238,901,986) | 232493720 |
| **CORPORATES–INVESTMENT GRADE–8.0%** | **CORPORATES–INVESTMENT GRADE–8.0%** | **CORPORATES–INVESTMENT GRADE–8.0%** |
| **Financial Institutions–4.8%** | **Financial Institutions–4.8%** | **Financial Institutions–4.8%** |
|  **Banking–3.4%** | **Banking–3.4%** | **Banking–3.4%** |
|  Banco Bilbao Vizcaya Argentaria SA <br>5.862%, 09/14/2026 | 600 | 586650 |
|  Banco Santander SA <br>4.175%, 03/24/2028 | 200 | 180958 |
|  Bank of America Corp. | Bank of America Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.734%, 07/22/2027 | 790 | 677725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.376%, 04/27/2028 | 466 | 436842 |
|  Bank of Ireland Group PLC <br>6.253%, 09/16/2026(b) | 343 | 335787 |
|  Barclays PLC <br>5.304%, 08/09/2026 | 319 | 306623 |
|  BNP Paribas SA <br>2.591%, 01/20/2028(b) | 490 | 419131 |
|  Capital One Financial Corp. | Capital One Financial Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.636%, 03/03/2026 | 456 | 423483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.927%, 05/10/2028 | 165 | 157057 |
|  Citigroup, Inc. | Citigroup, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.106%, 04/08/2026 | 346 | 324513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 05/24/2025 | 488 | 477083 |
|  Cooperatieve Rabobank UA <br>3.75%, 07/21/2026 | 282 | 260452 |
|  Credit Suisse AG <br>6.50%, 08/08/2023(b) | 302 | 298817 |
|  Credit Suisse Group AG <br>6.373%, 07/15/2026(b) | 479 | 463016 |
|  Danske Bank A/S <br>3.773%, 03/28/2025(b) | 353 | 339671 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $Value** | **U.S. $Value** |
|  Deutsche Bank AG/New York NY | Deutsche Bank AG/New York NY | Deutsche Bank AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/27/2023 | U.S.$| 234 | $| 233041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.119%, 07/14/2026 |  | 267 |  | 259452 |
|  Federation des Caisses Desjardins du Quebec <br>4.40%, 08/23/2025(b) | Federation des Caisses Desjardins du Quebec <br>4.40%, 08/23/2025(b) | 333 |  | 322038 |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 02/24/2028 |  | 239 |  | 207607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/22/2025 |  | 222 |  | 213025 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.999%, 03/10/2026 |  | 595 |  | 550119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 08/11/2028 |  | 790 |  | 739843 |
|  ING Groep NV <br>4.017%, 03/28/2028 |  | 355 |  | 322620 |
|  JPMorgan Chase & Co. <br>4.851%, 07/25/2028 |  | 533 |  | 511403 |
|  Mitsubishi UFJ Financial Group, Inc. <br>4.788%, 07/18/2025 |  | 267 |  | 263409 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.475%, 01/21/2028 |  | 303 |  | 265122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/20/2028 |  | 175 |  | 163688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.679%, 07/17/2026 |  | 153 |  | 148953 |
|  Nationwide Building Society <br>2.972%, 02/16/2028(b) |  | 310 |  | 266873 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 01/06/2028 |  | 185 |  | 154053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 06/09/2025 |  | 183 |  | 175889 |
|  Societe Generale SA <br>2.797%, 01/19/2028(b) |  | 367 |  | 309480 |
|  Standard Chartered PLC <br>0.991%, 01/12/2025(b) |  | 621 |  | 579244 |
|  UBS Group AG <br>4.488%, 05/12/2026(b) |  | 233 |  | 224402 |
|  |  |  |  | 11598069 |
|  **Brokerage–0.1%** | **Brokerage–0.1%** | **Brokerage–0.1%** | **Brokerage–0.1%** | **Brokerage–0.1%** |
|  Charles Schwab Corp., (The) <br>2.45%, 03/03/2027 |  | 346 |  | 311282 |
|  **Finance–0.6%** | **Finance–0.6%** | **Finance–0.6%** | **Finance–0.6%** | **Finance–0.6%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust <br>2.45%, 10/29/2026 |  | 595 |  | 503043 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/2026(b) |  | 298 |  | 250228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/20/2026(b) |  | 99 |  | 80183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2024(b) |  | 65 |  | 62907 |
|  Azure Orbit IV International Finance Ltd. <br>3.75%, 01/25/2023(b) |  | 900 |  | 896166 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/2027 |  | 167 |  | 145554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/13/2025 |  | 233 |  | 225052 |
|  |  |  |  | 2163133 |

---

Schedule of Investments—Short Duration Plus Portfolio 19

------

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

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $Value** |
|  **REITs–0.7%** | **REITs–0.7%** | **REITs–0.7%** |
|  American Tower Corp. <br>3.65%, 03/15/2027 | 235 | $215385 |
|  Simon Property Group LP <br>3.375%, 12/01/2027 | 653 | 591971 |
|  Vornado Realty LP <br>2.15%, 06/01/2026 | 426 | 360353 |
|  WEA Finance LLC/Westfield UK & Europe Finance PLC <br>3.75%, 09/17/2024(b) | 1072 | 1009234 |
|  |  | 2176943 |
|  |  | 16249427 |
| **Industrial–3.2%** | **Industrial–3.2%** | **Industrial–3.2%** |
|  **Basic–0.2%** | **Basic–0.2%** | **Basic–0.2%** |
|  Glencore Funding LLC <br>4.625%, 04/29/2024(b) | 623 | 616078 |
|  **Capital Goods–0.2%** | **Capital Goods–0.2%** | **Capital Goods–0.2%** |
|  CNH Industrial Capital LLC <br>3.95%, 05/23/2025 | 376 | 362637 |
|  Parker-Hannifin Corp. <br>3.65%, 06/15/2024 | 389 | 380489 |
|  |  | 743126 |
|  **Communications-Media–0.3%** | **Communications-Media–0.3%** | **Communications-Media–0.3%** |
|  Prosus NV <br>3.257%, 01/19/2027(b) | 367 | 307362 |
|  Walt Disney Co., (The) <br>3.35%, 03/24/2025 | 561 | 541494 |
|  Warnermedia Holdings, Inc. <br>3.788%, 03/15/2025(b) | 359 | 339284 |
|  |  | 1188140 |
|  **Consumer Cyclical-Automotive–0.4%** | **Consumer Cyclical-Automotive–0.4%** | **Consumer Cyclical-Automotive–0.4%** |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/14/2027(b) | 289 | 247945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/08/2025(b) | 202 | 189642 |
|  Hyundai Capital America <br>2.75%, 09/27/2026(b) | 1010 | 889769 |
|  |  | 1327356 |
|  **Consumer Cyclical-Other–0.2%** | **Consumer Cyclical-Other–0.2%** | **Consumer Cyclical-Other–0.2%** |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/25/2025 | 393 | 353024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/08/2024 | 227 | 213428 |
|  |  | 566452 |
|  **Consumer Cyclical-Retailers–0.3%** | **Consumer Cyclical-Retailers–0.3%** | **Consumer Cyclical-Retailers–0.3%** |
|  AutoNation, Inc. <br>4.50%, 10/01/2025 | 950 | 919002 |
|  **Consumer Non-Cyclical–0.2%** | **Consumer Non-Cyclical–0.2%** | **Consumer Non-Cyclical–0.2%** |
|  BAT International Finance PLC <br>1.668%, 03/25/2026 | 740 | 639219 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $Value** |
|  **Energy–0.4%** | **Energy–0.4%** | **Energy–0.4%** | **Energy–0.4%** |
|  Canadian Natural Resources Ltd. 2.05%, 07/15/2025 | U.S.$| 663 | $606048 |
|  Continental Resources, Inc./OK 2.268%, 11/15/2026(b) |  | 618 | 528149 |
|  Marathon Oil Corp. <br>4.40%, 07/15/2027 |  | 352 | 328796 |
|  |  |  | 1462993 |
|  **Services–0.0%** | **Services–0.0%** | **Services–0.0%** | **Services–0.0%** |
|  Expedia Group, Inc. <br>4.625%, 08/01/2027 |  | 168 | 157752 |
|  **Technology–0.6%** | **Technology–0.6%** | **Technology–0.6%** | **Technology–0.6%** |
|  HP, Inc. <br>4.75%, 01/15/2028 |  | 316 | 296917 |
|  Kyndryl Holdings, Inc. <br>2.05%, 10/15/2026 |  | 641 | 514844 |
|  Oracle Corp. <br>2.65%, 07/15/2026 |  | 740 | 665889 |
|  TSMC Arizona Corp. <br>3.875%, 04/22/2027 |  | 227 | 216265 |
|  Workday, Inc. <br>3.50%, 04/01/2027 |  | 235 | 217608 |
|  |  |  | 1911523 |
|  **Transportation-Airlines–0.4%** | **Transportation-Airlines–0.4%** | **Transportation-Airlines–0.4%** | **Transportation-Airlines–0.4%** |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. <br>4.50%, 10/20/2025(b) |  | 1050 | 1020421 |
|  Southwest Airlines Co. <br>5.25%, 05/04/2025 |  | 279 | 278791 |
|  |  |  | 1299212 |
|  |  |  | 10830853 |
| Total Corporates–Investment Grade <br>(cost $29,128,683) | Total Corporates–Investment Grade <br>(cost $29,128,683) | Total Corporates–Investment Grade <br>(cost $29,128,683) | 27080280 |
| **ASSET-BACKED SECURITIES–5.4%** | **ASSET-BACKED SECURITIES–5.4%** | **ASSET-BACKED SECURITIES–5.4%** | **ASSET-BACKED SECURITIES–5.4%** |
|  **Autos-Fixed Rate–3.6%** | **Autos-Fixed Rate–3.6%** | **Autos-Fixed Rate–3.6%** | **Autos-Fixed Rate–3.6%** |
|  ACM Auto Trust <br>Series 2022-1A, Class A <br>3.23%, 04/20/2029(b) |  | 334 | 332952 |
|  American Credit Acceptance Receivables Trust <br>Series 2022-3, Class A <br>4.12%, 02/13/2026(b) |  | 905 | 900722 |
|  Avis Budget Rental Car Funding AESOP LLC <br>Series 2017-2A, Class D <br>4.56%, 03/20/2024(b) |  | 492 | 489851 |
|  Carmax Auto Owner Trust <br>Series 2021-1, Class C <br>0.94%, 12/15/2026 |  | 190 | 169405 |
|  Carvana Auto Receivables Trust <br>Series 2021-N1, Class C <br>1.30%, 01/10/2028 |  | 275 | 260931 |

---

20 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $Value** |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class C<br>0.83%, 09/15/2026(b) | U.S.$| 635 | $623639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class C |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 03/15/2027(b) |  | 389 | 373409 |
|  Donlen Fleet Lease Funding 2 LLC <br>Series 2021-2, Class C <br>1.20%, 12/11/2034(b) |  | 371 | 345223 |
|  Drive Auto Receivables Trust <br>Series 2021-1, Class C <br>1.02%, 06/15/2027 |  | 220 | 213033 |
|  DT Auto Owner Trust <br>Series 2021-2A, Class C <br>1.10%, 02/16/2027(b) |  | 185 | 176284 |
|  Exeter Automobile Receivables Trust <br>Series 2021-1A, Class C <br>0.74%, 01/15/2026 |  | 540 | 529457 |
|  Exeter Automobile Receivables Trust <br>Series 2020-3A, Class C <br>1.32%, 07/15/2025 |  | 365 | 360541 |
|  First Investors Auto Owner Trust <br>Series 2021-1A, Class C <br>1.17%, 03/15/2027(b) |  | 351 | 329977 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, Class B<br>2.53%, 11/17/2025(b) |  | 184 | 184107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class C 1.28%, 02/16/2027(b) |  | 615 | 586605 |
|  Ford Credit Auto Owner Trust <br>Series 2021-1, Class C <br>1.91%, 10/17/2033(b) |  | 202 | 174930 |
|  Foursight Capital Automobile Receivables Trust <br>Series 2021-1, Class C <br>1.02%, 09/15/2026(b) |  | 229 | 220347 |
|  Hertz Vehicle Financing III LLC <br>Series 2022-1A, Class A <br>1.99%, 06/25/2026(b) |  | 562 | 512467 |
|  JPMorgan Chase Bank NA–CACLN | JPMorgan Chase Bank NA–CACLN | JPMorgan Chase Bank NA–CACLN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class C<br>1.389%, 01/25/2028(b) |  | 159 | 156281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class D <br>1.487%, 02/25/2028(b) |  | 76 | 74122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B<br>0.875%, 09/25/2028(b) |  | 363 | 350608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class B<br>0.889%, 12/26/2028(b) |  | 293 | 282302 |
|  LAD Auto Receivables Trust <br>Series 2022-1A, Class A <br>5.21%, 06/15/2027(b) |  | 604 | 596284 |
|  Research-Driven Pagaya Motor Asset Trust VII <br>Series 2022-3A, Class A <br>5.38%, 11/25/2030(b) |  | 650 | 641737 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $Value** | **U.S. $Value** |
|  Santander Bank Auto Credit-Linked Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class B<br>5.281%, 05/15/2032(b) | U.S.$| 473 | $| 464154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.721%, 08/16/2032(b) |  | 742 |  | 743051 |
|  Santander Consumer Auto Receivables Trust <br>Series 2021-AA, Class D <br>1.57%, 01/15/2027(b) | Santander Consumer Auto Receivables Trust <br>Series 2021-AA, Class D <br>1.57%, 01/15/2027(b) | 727 |  | 661348 |
|  Santander Drive Auto Receivables Trust<br>Series 2020-4, Class D <br>1.48%, 01/15/2027 | Santander Drive Auto Receivables Trust<br>Series 2020-4, Class D <br>1.48%, 01/15/2027 | 424 |  | 407571 |
|  United Auto Credit Securitization Trust <br>Series 2022-2, Class A <br>4.39%, 04/10/2025(b) | United Auto Credit Securitization Trust <br>Series 2022-2, Class A <br>4.39%, 04/10/2025(b) | 482 |  | 479391 |
|  Westlake Automobile Receivables Trust <br>Series 2020-3A, Class C <br>1.24%, 11/17/2025(b) | Westlake Automobile Receivables Trust <br>Series 2020-3A, Class C <br>1.24%, 11/17/2025(b) | 657 |  | 639230 |
|  |  |  |  | 12279958 |
|  **Other ABS-Fixed Rate–1.6%** | **Other ABS-Fixed Rate–1.6%** | **Other ABS-Fixed Rate–1.6%** | **Other ABS-Fixed Rate–1.6%** | **Other ABS-Fixed Rate–1.6%** |
|  Affirm Asset Securitization Trust | Affirm Asset Securitization Trust | Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A<br>0.88%, 08/15/2025(b) |  | 339 |  | 336973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class B<br>1.24%, 08/17/2026(b) |  | 198 |  | 181501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Z1, Class A<br>1.07%, 08/15/2025(b) |  | 119 |  | 115713 |
|  Amur Equipment Finance Receivables XI LLC <br>Series 2022-2A, Class A2 <br>5.30%, 06/21/2028(b) | Amur Equipment Finance Receivables XI LLC <br>Series 2022-2A, Class A2 <br>5.30%, 06/21/2028(b) | 281 |  | 279301 |
|  Atalaya Equipment Leasing Trust<br>Series 2021-1A, Class A2 <br>1.23%, 05/15/2026(b) |  | 416 |  | 403699 |
|  Avant Loans Funding Trust <br>Series 2021-REV1, Class A <br>1.21%, 07/15/2030(b) |  | 811 |  | 761355 |
|  Cajun Global LLC <br>Series 2021-1, Class A2 <br>3.931%, 11/20/2051(b) |  | 102 |  | 86582 |
|  College Ave Student Loans LLC <br>Series 2021-C, Class A2 <br>2.32%, 07/26/2055(b) |  | 446 |  | 380704 |
|  Conn's Receivables Funding LLC Series 2021-A, Class A <br>1.05%, 05/15/2026(b) |  | 106 |  | 105409 |
|  Crossroads Asset Trust <br>Series 2021-A, Class B <br>1.12%, 06/20/2025(b) |  | 172 |  | 166519 |
|  Dext ABS LLC <br>Series 2021-1, Class A <br>1.12%, 02/15/2028(b) |  | 523 |  | 499978 |
|  Hardee's Funding LLC <br>Series 2018-1A, Class A23 <br>5.71%, 06/20/2048(b) |  | 861 |  | 788005 |

---

Schedule of Investments—Short Duration Plus Portfolio 21

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $Value** | **U.S. $Value** |
|  MVW LLC <br>Series 2021-2A, Class A <br>1.43%, 05/20/2039(b) | U.S.$| 450 | $| 395349 |
|  Neighborly Issuer LLC <br>Series 2021-1A, Class A2 <br>3.584%, 04/30/2051(b) |  | 223 |  | 184510 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class AFX<br>1.32%, 04/20/2062(b) |  | 393 |  | 350555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class AFX<br>1.63%, 04/20/2062(b) |  | 126 |  | 113580 |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A<br>1.702%, 11/20/2030(b) |  | 23 |  | 22523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A<br>0.87%, 03/20/2031(b) |  | 28 |  | 28187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A<br>0.83%, 07/20/2031(b) |  | 211 |  | 204627 |
|  |  |  |  | 5405070 |
|  **Credit Cards-Fixed Rate–0.2%** | **Credit Cards-Fixed Rate–0.2%** | **Credit Cards-Fixed Rate–0.2%** | **Credit Cards-Fixed Rate–0.2%** | **Credit Cards-Fixed Rate–0.2%** |
|  Brex Commercial Charge Card Master Trust <br>Series 2021-1, Class A <br>2.09%, 07/15/2024(b) | Brex Commercial Charge Card Master Trust <br>Series 2021-1, Class A <br>2.09%, 07/15/2024(b) | 555 |  | 544370 |
|  Mission Lane Credit Card Master Trust <br>Series 2021-A, Class A <br>1.59%, 09/15/2026(b) | Mission Lane Credit Card Master Trust <br>Series 2021-A, Class A <br>1.59%, 09/15/2026(b) | 142 |  | 136942 |
|  |  |  |  | 681312 |
| Total Asset-Backed Securities <br>(cost $19,292,341) | Total Asset-Backed Securities <br>(cost $19,292,341) | Total Asset-Backed Securities <br>(cost $19,292,341) |  | 18366340 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS–4.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–4.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–4.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–4.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–4.2%** |
|  **Risk Share Floating Rate–3.8%** | **Risk Share Floating Rate–3.8%** | **Risk Share Floating Rate–3.8%** | **Risk Share Floating Rate–3.8%** | **Risk Share Floating Rate–3.8%** |
|  Bellemeade Re Ltd. | Bellemeade Re Ltd. | Bellemeade Re Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class M1B<br>4.834% (LIBOR 1 Month + 1.75%), 03/25/2029(b)(c) |  | 63 |  | 63375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class M1B<br>4.684% (LIBOR 1 Month + 1.60%), 07/25/2029(b)(c) |  | 64 |  | 64428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class M1B<br>4.481% (SOFR + 2.20%), 03/25/2031(b)(c) |  | 684 |  | 676133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class M1A<br>3.481% (SOFR + 1.20%), 06/25/2031(b)(c) |  | 281 |  | 277029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A2<br>3.281% (SOFR + 1.00%), 09/25/2031(b)(c) |  | 480 |  | 451188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class M1A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.285% (SOFR + 4.00%), 09/27/2032(b)(c) |  | 858 |  | 857870 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $Value** |
|  Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M1<br>3.031% (SOFR + 0.75%), 10/25/2041(b)(c) | U.S.$| 93 | $92258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1M1<br>3.131% (SOFR + 0.85%), 12/25/2041(b)(c) |  | 519 | 507822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M1<br>3.281% (SOFR + 1.00%), 12/25/2041(b)(c) |  | 1149 | 1127659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M1<br>3.481% (SOFR + 1.20%), 01/25/2042(b)(c) |  | 391 | 382757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M1<br>4.181% (SOFR + 1.90%), 04/25/2042(b)(c) |  | 152 | 149283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M1<br>4.855% (SOFR + 2.55%), 07/25/2042(b)(c) |  | 772 | 767897 |
|  Eagle Re Ltd. <br>Series 2020-1, Class M1A <br>3.984% (LIBOR 1 Month + 0.90%), 01/25/2030(b)(c) |  | 4 | 3844 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DNA1, Class M3<br>6.384% (LIBOR 1 Month + 3.30%), 10/25/2027(c) |  | 84 | 85226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class M2<br>3.931% (SOFR + 1.65%), 01/25/2034(b)(c) |  | 173 | 168483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M1<br>3.081% (SOFR + 0.80%), 10/25/2041(b)(c) |  | 399 | 390835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class M1<br>3.131% (SOFR + 0.85%), 11/25/2041(b)(c) |  | 754 | 734641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M1<br>3.231% (SOFR + 0.95%), 12/25/2041(b)(c) |  | 474 | 451527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M1A<br>3.281% (SOFR + 1.00%), 01/25/2042(b)(c) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M1A<br>3.281% (SOFR + 1.00%), 01/25/2042(b)(c) | 374 | 363753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1A<br>3.581% (SOFR + 1.30%), 02/25/2042(b)(c) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1A<br>3.581% (SOFR + 1.30%), 02/25/2042(b)(c) | 403 | 395855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1A<br>4.481% (SOFR + 2.20%), 05/25/2042(b)(c) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1A<br>4.481% (SOFR + 2.20%), 05/25/2042(b)(c) | 340 | 336832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1A<br>5.231% (SOFR + 2.95%), 06/25/2042(b)(c) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1A<br>5.231% (SOFR + 2.95%), 06/25/2042(b)(c) | 470 | 470468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M1A<br>4.435% (SOFR + 2.15%), 09/25/2042(b)(c) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M1A<br>4.435% (SOFR + 2.15%), 09/25/2042(b)(c) | 390 | 387968 |

---

22 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $Value** | **U.S. $Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M1A<br>4.876% (SOFR + 2.50%), 09/25/2042(b)(c) | U.S.$| 1012 | $| 1012293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M1A<br>4.381% (SOFR + 2.10%), 03/25/2042(b)(c) |  | 518 |  | 514667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA2, Class M1A<br>4.931% (SOFR + 2.65%), 07/25/2042(b)(c) |  | 765 |  | 761201 |
|  Federal National Mortgage Association Connecticut Avenue Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C04, Class 1M2<br>7.984% (LIBOR 1 Month + 4.90%), 11/25/2024(c) |  | 186 |  | 192256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C01, Class 1M2<br>7.384% (LIBOR 1 Month + 4.30%), 02/25/2025(c) |  | 38 |  | 39047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C02, Class 1M2<br>7.084% (LIBOR 1 Month + 4.00%), 05/25/2025(c) |  | 11 |  | 10811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M1<br>3.181% (SOFR + 0.90%), 11/25/2041(b)(c) |  | 448 |  | 438953 |
|  PMT Credit Risk Transfer Trust | PMT Credit Risk Transfer Trust | PMT Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2R, Class A<br>5.863% (LIBOR 1 Month + 2.75%), 05/27/2023(b)(c) |  | 71 |  | 67670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3R, Class A<br>5.813% (LIBOR 1 Month + 2.70%), 10/27/2022(b)(c) |  | 23 |  | 22325 |
|  Radnor Re Ltd. | Radnor Re Ltd. | Radnor Re Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class M1B<br>5.034% (LIBOR 1 Month + 1.95%), 02/25/2029(b)(c) |  | 192 |  | 189256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class M1B<br>4.834% (LIBOR 1 Month + 1.75%), 06/25/2029(b)(c) |  | 47 |  | 47195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1A<br>4.034% (LIBOR 1 Month + 0.95%), 01/25/2030(b)(c) |  | 93 |  | 92744 |
|  Traingle Re Ltd. <br>Series 2021-3, Class M1A <br>4.181% (SOFR + 1.90%), 02/25/2034(b)(c) |  | 284 |  | 281884 |
|  |  |  |  | 12877433 |
|  **Agency Floating Rate–0.3%** | **Agency Floating Rate–0.3%** | **Agency Floating Rate–0.3%** | **Agency Floating Rate–0.3%** | **Agency Floating Rate–0.3%** |
|  Federal Home Loan Mortgage Corp. REMICs | Federal Home Loan Mortgage Corp. REMICs | Federal Home Loan Mortgage Corp. REMICs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4248, Class QF<br>3.318% (LIBOR 1 Month + 0.50%), 06/15/2039(c) |  | 270 |  | 267714 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $Value** | **U.S. $Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4286, Class VF<br>3.268% (LIBOR 1 Month + 0.45%), 12/15/2043(c) | U.S.$| 229 | $| 226148 |
|  Federal National Mortgage Association REMICs |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-57, Class FN<br>3.434% (LIBOR 1 Month + 0.35%), 06/25/2043(c) |  | 170 |  | 167911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-49, Class AF<br>2.693% (LIBOR 1 Month + 0.32%), 08/25/2044(c) |  | 309 |  | 304288 |
|  |  |  |  | 966061 |
|  **Agency Fixed Rate–0.1%** | **Agency Fixed Rate–0.1%** | **Agency Fixed Rate–0.1%** | **Agency Fixed Rate–0.1%** | **Agency Fixed Rate–0.1%** |
|  Federal Home Loan Mortgage Corp. REMICs <br>Series 4029, Class NE <br>2.50%, 03/15/2041 | Federal Home Loan Mortgage Corp. REMICs <br>Series 4029, Class NE <br>2.50%, 03/15/2041 | 246 |  | 233446 |
|  **Non-Agency Floating Rate–0.0%** | **Non-Agency Floating Rate–0.0%** | **Non-Agency Floating Rate–0.0%** | **Non-Agency Floating Rate–0.0%** | **Non-Agency Floating Rate–0.0%** |
|  JPMorgan Chase Bank, NA <br>Series 2019-CL1, Class M3 <br>5.184% (LIBOR 1 Month + 2.10%), 04/25/2047(b)(c) |  | 54 |  | 52944 |
| Total Collateralized Mortgage Obligations <br>(cost $14,350,797) | Total Collateralized Mortgage Obligations <br>(cost $14,350,797) | Total Collateralized Mortgage Obligations <br>(cost $14,350,797) |  | 14129884 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES–2.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–2.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–2.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–2.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–2.2%** |
|  **Non-Agency Floating Rate CMBS–1.2%** | **Non-Agency Floating Rate CMBS–1.2%** | **Non-Agency Floating Rate CMBS–1.2%** | **Non-Agency Floating Rate CMBS–1.2%** | **Non-Agency Floating Rate CMBS–1.2%** |
|  AREIT Trust <br>Series 2022-CRE6, Class A <br>3.534% (SOFR + 1.25%), 01/16/2037(b)(c) |  | 784 |  | 754028 |
|  Ashford Hospitality Trust <br>Series 2018-KEYS, Class A <br>3.818% (LIBOR 1 Month + 1.00%), 06/15/2035(b)(c) |  | 113 |  | 109740 |
|  BBCMS Mortgage Trust <br>Series 2020-BID, Class A <br>4.958% (LIBOR 1 Month + 2.14%), 10/15/2037(b)(c) |  | 546 |  | 537768 |
|  BFLD Trust <br>Series 2021-FPM, Class A <br>4.418% (LIBOR 1 Month + 1.60%), 06/15/2038(b)(c) |  | 795 |  | 766672 |
|  CLNY Trust <br>Series 2019-IKPR, Class D <br>4.843% (LIBOR 1 Month + 2.02%), 11/15/2038(b)(c) |  | 180 |  | 167823 |
|  GCT Commercial Mortgage Trust Series 2021-GCT, Class B <br>4.068% (LIBOR 1 Month + 1.25%), 02/15/2038(b)(c) |  | 469 |  | 450435 |
|  Morgan Stanley Capital I Trust Series 2019-BPR, Class C <br>6.118% (LIBOR 1 Month + 3.30%), 05/15/2036(b)(c) |  | 365 |  | 346068 |

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Schedule of Investments—Short Duration Plus Portfolio 23

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $Value** | **U.S. $Value** |
|  Natixis Commercial Mortgage Securities Trust <br>Series 2019-MILE, Class A 4.318% (LIBOR 1 Month + 1.50%), 07/15/2036(b)(c) | U.S.$| 166 | $| 162935 |
|  VASA Trust <br>Series 2021-VASA, Class A <br>3.718% (LIBOR 1 Month + 0.90%), 07/15/2039(b)(c) |  | 830 |  | 790108 |
|  |  |  |  | 4085577 |
|  **Non-Agency Fixed Rate CMBS–1.0%** | **Non-Agency Fixed Rate CMBS–1.0%** | **Non-Agency Fixed Rate CMBS–1.0%** | **Non-Agency Fixed Rate CMBS–1.0%** | **Non-Agency Fixed Rate CMBS–1.0%** |
|  BAMLL Commercial Mortgage Securities Trust <br>Series 2013-WBRK, Class D <br>3.652%, 03/10/2037(b) |  | 185 |  | 157003 |
|  Citigroup Commercial Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC11, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC11, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC11, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.732%, 04/10/2046 |  | 350 |  | 344633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC15, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC15, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC15, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.335%, 09/10/2046 |  | 516 |  | 505003 |
|  GS Mortgage Securities Trust <br>Series 2011-GC5, Class AS <br>5.209%, 08/10/2044(b) |  | 495 |  | 492335 |
|  GSF | GSF | GSF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.433%, 08/15/2026(d)(e) |  | 381 |  | 353118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.435%, 08/15/2026(d)(e) |  | 538 |  | 507116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class AS | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class AS | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.638%, 08/15/2026(d)(e) |  | 18 |  | 16603 |
|  HFX Funding Issuer <br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035(e) |  | 470 |  | 431489 |
|  LSTAR Commercial Mortgage Trust <br>Series 2016-4, Class A2 <br>2.579%, 03/10/2049(b) |  | 171 |  | 169867 |
|  Morgan Stanley Capital I Trust Series 2011-C3, Class C <br>5.253%, 07/15/2049(b) |  | 45 |  | 43936 |
|  UBS-Barclays Commercial Mortgage Trust <br>Series 2013-C5, Class C <br>4.20%, 03/10/2046(b) |  | 505 |  | 459389 |
|  Wells Fargo Commercial Mortgage Trust <br>Series 2015-NXS1, Class A2 <br>2.632%, 05/15/2048 |  | 6 |  | 5994 |
|  |  |  |  | 3486486 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $Value** |
|  **Agency CMBS–0.0%** | **Agency CMBS–0.0%** | **Agency CMBS–0.0%** | **Agency CMBS–0.0%** |
|  Government National Mortgage Association <br>Series 2006-51, Class IO <br>0.938%, 08/16/2046(f) | U.S.$| 259 | $503 |
| Total Commercial Mortgage-Backed Securities <br>(cost $8,043,218) | Total Commercial Mortgage-Backed Securities <br>(cost $8,043,218) | Total Commercial Mortgage-Backed Securities <br>(cost $8,043,218) | 7572566 |
| **COLLATERALIZED LOAN OBLIGATIONS–1.4%** | **COLLATERALIZED LOAN OBLIGATIONS–1.4%** | **COLLATERALIZED LOAN OBLIGATIONS–1.4%** | **COLLATERALIZED LOAN OBLIGATIONS–1.4%** |
|  **CLO–Floating Rate–1.4%** | **CLO–Floating Rate–1.4%** | **CLO–Floating Rate–1.4%** | **CLO–Floating Rate–1.4%** |
|  AGL CLO 12 Ltd. <br>Series 2021-12A, Class A1 <br>3.87% (LIBOR 3 Month + 1.16%), 07/20/2034(b)(c) |  | 686 | 655664 |
|  Dryden 78 CLO Ltd. <br>Series 2020-78A, Class C <br>4.69% (LIBOR 3 Month + 1.95%), 04/17/2033(b)(c) |  | 320 | 292847 |
|  Elevation CLO Ltd. <br>Series 2020-11A, Class C <br>4.712% (LIBOR 3 Month + 2.20%), 04/15/2033(b)(c) |  | 250 | 222140 |
|  Goldentree Loan Management US CLO 7 Ltd. <br>Series 2020-7A, Class AR <br>3.78% (LIBOR 3 Month + 1.07%), 04/20/2034(b)(c) |  | 453 | 429751 |
|  Magnetite XXVI Ltd. <br>Series 2020-26A, Class A1R 3.903% (LIBOR 3 Month + 1.12%), 07/25/2034(b)(c) |  | 739 | 708850 |
|  Neuberger Berman Loan Advisers CLO Ltd. <br>Series 2021-42A, Class A <br>3.84% (LIBOR 3 Month + 1.10%), 07/16/2035(b)(c) |  | 799 | 764520 |
|  OCP CLO Ltd. <br>Series 2020-18A, Class AR <br>3.80% (LIBOR 3 Month + 1.09%), 07/20/2032(b)(c) |  | 590 | 570168 |
|  Rad CLO 2 Ltd. <br>Series 2018-2A, Class AR <br>3.592% (LIBOR 3 Month + 1.08%), 10/15/2031(b)(c) |  | 614 | 596019 |
|  Rad CLO 7 Ltd. <br>Series 2020-7A, Class A1 <br>3.94% (LIBOR 3 Month + 1.20%), 04/17/2033(b)(c) |  | 444 | 429080 |
|  Voya CLO Ltd. <br>Series 2019-1A, Class DR <br>5.362% (LIBOR 3 Month + 2.85%), 04/15/2031(b)(c) |  | 130 | 111127 |
| Total Collateralized Loan Obligations <br>(cost $5,015,715) | Total Collateralized Loan Obligations <br>(cost $5,015,715) | Total Collateralized Loan Obligations <br>(cost $5,015,715) | 4780166 |

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24 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $Value** |
| **AGENCIES–1.1%** | **AGENCIES–1.1%** | **AGENCIES–1.1%** |
|  **Agency Debentures–1.1%** | **Agency Debentures–1.1%** | **Agency Debentures–1.1%** |
|  Federal Home Loan Banks | Federal Home Loan Banks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 02/17/2023 | 750 | $743370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/13/2024 | 445 | 434164 |
|  Federal Home Loan Mortgage Corp. <br>0.25%, 08/24/2023 | 2000 | 1930614 |
|  Federal National Mortgage Association <br>2.50%, 02/05/2024 | 810 | 790343 |
| Total Agencies <br>(cost $4,002,915) | Total Agencies <br>(cost $4,002,915) | 3898491 |
| **MORTGAGE PASS-THROUGHS–0.5%** | **MORTGAGE PASS-THROUGHS–0.5%** | **MORTGAGE PASS-THROUGHS–0.5%** |
|  **Agency Fixed Rate 30-Year–0.5%** | **Agency Fixed Rate 30-Year–0.5%** | **Agency Fixed Rate 30-Year–0.5%** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2049 | 138 | 125843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2049 | 633 | 576413 |
|  Federal National Mortgage Association <br>Series 2010 <br>5.00%, 02/01/2040 | 599 | 601322 |
|  Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/2032 | 30 | 31714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2039 | 233 | 233427 |
|  |  | 1568719 |
|  **Agency Fixed Rate 15-Year–0.0%** | **Agency Fixed Rate 15-Year–0.0%** | **Agency Fixed Rate 15-Year–0.0%** |
|  Federal Home Loan Mortgage Corp. Gold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2025 | 13 | 12572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/2026 | 24 | 24557 |
|  |  | 37129 |
|  **Agency ARMs–0.0%** | **Agency ARMs–0.0%** | **Agency ARMs–0.0%** |
|  Federal National Mortgage Association <br>Series 2007 <br>3.177% (LIBOR 6 Month + 1.31%), 01/01/2037(c) | 1 | 523 |
| Total Mortgage Pass-Throughs <br>(cost $1,773,048) | Total Mortgage Pass-Throughs <br>(cost $1,773,048) | 1606371 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $Value** |
| **LOCAL GOVERNMENTS–US MUNICIPAL BONDS–0.2%** | **LOCAL GOVERNMENTS–US MUNICIPAL BONDS–0.2%** | **LOCAL GOVERNMENTS–US MUNICIPAL BONDS–0.2%** |
|  **United States–0.2%** | **United States–0.2%** | **United States–0.2%** |
|  City of New York NY | City of New York NY |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.982%, 08/01/2025 | 265 | $239523 |
|  New Jersey Turnpike Authority | New Jersey Turnpike Authority |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.047%, 01/01/2026 | 125 | 110708 |
|  Port Authority of New York & New Jersey | Port Authority of New York & New Jersey |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.086%, 07/01/2023 | 280 | 272955 |
|  Tobacco Settlement Finance Authority/WV | Tobacco Settlement Finance Authority/WV |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2035 | 253 | 240095 |
| Total Local Governments–US Municipal Bonds <br>(cost $923,007) | Total Local Governments–US Municipal Bonds <br>(cost $923,007) | 863281 |
| **SHORT-TERM INVESTMENTS–7.1%** | **SHORT-TERM INVESTMENTS–7.1%** | **SHORT-TERM INVESTMENTS–7.1%** |
|  **U.S. Treasury Bills–5.1%** | **U.S. Treasury Bills–5.1%** | **U.S. Treasury Bills–5.1%** |
|  U.S. Treasury Bill | U.S. Treasury Bill |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2022 | 10345 | 10295110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/09/2023 | 6984 | 6870490 |
| Total U.S. Treasury Bills <br>(cost $17,171,983) | Total U.S. Treasury Bills <br>(cost $17,171,983) | 17165600 |
| **Governments–Treasuries–2.0%** | **Governments–Treasuries–2.0%** | **Governments–Treasuries–2.0%** |
|  **Japan–2.0%** | **Japan–2.0%** | **Japan–2.0%** |
|  Japan Treasury Discount Bill <br>Series 1105 <br>Zero Coupon, 12/05/2022 <br>(cost $6,811,861) | 980900 | 6779481 |
| Total Short-Term Investments <br>(cost $23,983,844) | Total Short-Term Investments <br>(cost $23,983,844) | 23945081 |
| **Total Investments—98.6%** <br>(cost $345,415,554) | **Total Investments—98.6%** <br>(cost $345,415,554) | 334736180 |
|  Other assets less liabilities—1.4% | Other assets less liabilities—1.4% | 4675435 |
|  **Net Assets—100.0%** | **Net Assets—100.0%** | $**339411615** |

---

------

**FUTURES (see Note 3)** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
| U.S. 10 Yr Ultra Futures | 6 | December 2022 | $710906 | $601 |
| U.S. T-Note 2 Yr (CBT) Futures | 360 | December 2022 | 73940626 | (1196317) |

---

Schedule of Investments—Short Duration Plus Portfolio 25

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
| 10 Yr Japan Bond (OSE) Futures | 11 | December 2022 | $11271333 | $30490 |
| Long Gilt Futures | 89 | December 2022 | 9579552 | (118396) |
| U.S. T-Note 5 Yr (CBT)<br>Futures | 16 | December 2022 | 1720125 | 62628 |
|  |  |  |  | $(1220994) |

---

------

**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 | JPY | 981175 | USD | 6861 | 12/02/2022 | $41164 |
| State Street Bank & Trust Co. | JPY | 2834 | USD | 20 | 12/02/2022 | 320 |
|  |  |  |  |  |  | $41484 |

---

------

**CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | <br>**Termination<br>Date** | **Payments<br>made by the<br>Fund** | **Payments<br>received by the<br>Fund** |<br>**Payment Frequency<br>Paid/Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 2830 | 05/21/2031 | 1.617% | 3 Month LIBOR | Semi-Annual/Quarterly | $449586 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $449586 |

---

------

**CREDIT DEFAULT SWAPS (see Note 3)** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br>Counterparty & <br>Referenced<br>Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
|  Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 2 | $(483) | $(325) | $(158) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2 | (483) | (260) | (223) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 9 | (2093) | (1108) | (985) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 11 | (2415) | (1321) | (1094) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 10 | (2253) | (1134) | (1119) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 11 | (2415) | (1279) | (1136) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 15 | (3380) | (1790) | (1590) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 14 | (3059) | (1462) | (1597) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 27 | (6118) | (2859) | (3259) |
|  Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 95 | (21249) | (7192) | (14057) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 121 | (27046) | (9349) | (17697) |

---

26 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br>Counterparty & <br>Referenced<br>Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50% | USD | 150 | $(33645) | $(8363) | $(25282) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 618 | (138446) | (39952) | (98494) |
|  Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 42 | (9337) | (4998) | (4339) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 95 | (21411) | (14606) | (6805) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 134 | (29943) | (20721) | (9222) |
|  Deutsche Bank AG London | Deutsche Bank AG London | Deutsche Bank AG London | Deutsche Bank AG London | Deutsche Bank AG London | Deutsche Bank AG London | Deutsche Bank AG London | Deutsche Bank AG London | Deutsche Bank AG London |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 320 | (71638) | (21451) | (50187) |
|  JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 29 | (6440) | (3430) | (3010) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 100 | (22377) | (11555) | (10822) |
|  |  |  |  |  |  | $(404231) | $(153155) | $(251076) |

---

\* Termination date

------

(a) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These
securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2022, the aggregate market value of these securities amounted to $49,212,539 or 14.5% of net assets.

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2022.

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

(e) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These
securities, which represent 0.38% of net assets as of September 30, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  GSF<br>Series 2021-1, Class A1 <br>1.433%, 08/15/2026 | 02/25/2021 | $371455 | $353118 | 0.10% |
|  GSF<br>Series 2021-1, Class A2 <br>2.435%, 08/15/2026 | 02/25/2021 | 551788 | 507116 | 0.15% |
|  GSF<br>Series 2021-1, Class AS 2.638%, 08/15/2026 | 02/25/2021 | 18390 | 16603 | 0.00% |
|  HFX Funding Issuer<br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035 | 11/19/2022 | 500661 | 431489 | 0.13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(f) IO—Interest Only.

Currency Abbreviations:

JPY—Japanese Yen

USD—United States Dollar

Glossary:

ABS—Asset-Backed Securities

ARMs—Adjustable Rate Mortgages

CBT—Chicago Board of Trade

CDX-CMBX.NA—North American Commercial Mortgage-Backed Index

CLO—Collateralized Loan Obligations

CMBS—Commercial Mortgage-Backed Securities

LIBOR—London Interbank Offered Rate

OSE—Osaka Securities Exchange

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

SOFR—Secured Overnight Financing Rate

See notes to financial statements.

Schedule of Investments—Short Duration Plus Portfolio 27

------

##### [**Table of Contents**](#toc)
SCB–TAX–1944–0922

------

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

## Sanford C. Bernstein Fund, Inc.
September 30, 2022

## Schedule of Investments To the Annual Report For the Fixed Income Municipal Portfolios

------

Short Duration Diversified Municipal

------

California Municipal

------

Diversified Municipal

------

New York Municipal

------

##### [**Table of Contents**](#toc)
**Sanford C. Bernstein Fund, Inc.** 

**Report of Independent Registered Public Accounting Firm** 

**To the Board of Directors of Sanford C. Bernstein Fund, Inc. and Short Duration Diversified Municipal Class Shareholders of Short Duration Diversified Municipal Portfolio and Municipal Class Shareholders of California Municipal Portfolio, Diversified Municipal Portfolio, and New York Municipal Portfolio** 

***Opinions on the Financial Statements***

We have audited the accompanying schedules of investments to the annual report for the Fixed Income Municipal Portfolios of Short Duration Diversified Municipal Portfolio, California Municipal Portfolio, Diversified Municipal Portfolio and New York Municipal Portfolio (four of the thirteen portfolios constituting Sanford C. Bernstein Fund, Inc., hereafter collectively referred to as the "Portfolios"), and the related statements of assets and liabilities as of September 30, 2022, the statements of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2022 (collectively referred to as the "financial statements"), which appear in the Sanford C. Bernstein Fund, Inc. September 30, 2022 annual report for the Fixed Income Municipal Portfolios. In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of September 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2022 and each of the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

November 23, 2022

We have served as the auditor of one or more of the investment companies in the AB Group of Mutual Funds since at least 1985. We have not been able to determine the specific year we began serving as auditor.

------

##### [**Table of Contents**](#toc)
**Sanford C. Bernstein Fund, Inc.** 

**Schedule of Investments** 

**Short Duration Diversified Municipal Portfolio** 

**September 30, 2022** 

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **MUNICIPAL OBLIGATIONS–102.1%** | **MUNICIPAL OBLIGATIONS–102.1%** | **MUNICIPAL OBLIGATIONS–102.1%** |
| **Long-Term Municipal Bonds–98.0%** | **Long-Term Municipal Bonds–98.0%** | **Long-Term Municipal Bonds–98.0%** |
| **Alabama–2.2%** | **Alabama–2.2%** | **Alabama–2.2%** |
|  Lower Alabama Gas District (The) <br>(Goldman Sachs Group, Inc. (The))<br>Series 2020<br>4.00%, 12/01/2050 | $5000 | $4933219 |
| **Alaska–0.1%** | **Alaska–0.1%** | **Alaska–0.1%** |
|  Northern Tobacco Securitization Corp.<br>Series 2021-B<br>0.50%, 06/01/2031 | 120 | 117959 |
| **Arizona–2.8%** | **Arizona–2.8%** | **Arizona–2.8%** |
|  Arizona Industrial Development Authority<br>(Phoenix Children's Hospital Obligated Group)<br>Series 2021<br>5.00%, 02/01/2023 | 1950 | 1960114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2024 | 1300 | 1325067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2025 | 1100 | 1134946 |
|  City of Glendale AZ <br>(City of Glendale AZ COP)<br>Series 2021<br>0.897%, 07/01/2024 | 2000 | 1871029 |
|  |  | 6291156 |
| **Arkansas–0.2%** | **Arkansas–0.2%** | **Arkansas–0.2%** |
|  City of Fayetteville AR<br>Sales & Use Tax Revenue<br>Series 2019-A<br>1.75%, 11/01/2032 | 395 | 391203 |
| **California–6.7%** | **California–6.7%** | **California–6.7%** |
|  California State University<br>Series 2021-B<br>0.55%, 11/01/2049 | 2000 | 1682027 |
|  Golden State Tobacco Securitization Corp.<br>Series 2021<br>1.85%, 06/01/2031 | 240 | 235037 |
|  Los Angeles Unified School District/CA<br>Series 2020-R<br>5.00%, 07/01/2023 | 1915 | 1942815 |
|  Orange County Transportation Authority<br>Series 2021<br>5.00%, 10/15/2024 | 2000 | 2075938 |
|  San Francisco Intl Airport<br>Series 2019-H<br>5.00%, 05/01/2024<br>(Pre-refunded/ETM) | 1890 | 1931788 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  State of California<br>Series 2019<br>5.00%, 10/01/2022 | 1120 | 1120000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>4.00%, 10/01/2024 | 4520 | 4589876 |
|  University of California<br>Series 2022-S<br>5.00%, 05/15/2024 | 1500 | 1544627 |
|  |  | 15122108 |
| **Colorado–3.5%** | **Colorado–3.5%** | **Colorado–3.5%** |
|  City & County of Denver Co.<br>Airport System Revenue<br>Series 2022-A<br>5.00%, 11/15/2030 | 4000 | 4216091 |
|  Colorado Health Facilities Authority <br>(Sanford Obligated Group)<br>Series 2019-A<br>5.00%, 11/01/2026 | 1885 | 1965822 |
|  E-470 Public Highway Authority<br>Series 2021-B<br>2.347% (SOFR + 0.35%), 09/01/2039(a) | 1500 | 1484765 |
|  Vauxmont Metropolitan District<br>AGM Series 2019<br>5.00%, 12/15/2022 | 210 | 210640 |
|  |  | 7877318 |
| **Connecticut–0.4%** | **Connecticut–0.4%** | **Connecticut–0.4%** |
|  State of Connecticut<br>Series 2019-A<br>5.00%, 04/15/2024 | 1000 | 1026953 |
| **Delaware–0.4%** | **Delaware–0.4%** | **Delaware–0.4%** |
|  Delaware River & Bay Authority<br>Series 2022<br>5.00%, 01/01/2024(b) | 820 | 836829 |
| **District of Columbia–5.3%** | **District of Columbia–5.3%** | **District of Columbia–5.3%** |
|  District of Columbia <br>(District of Columbia Fed Hwy Grant)<br>Series 2020<br>5.00%, 12/01/2023 | 2200 | 2244867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2024 | 855 | 885747 |
|  District of Columbia <br>(District of Columbia Income Tax Revenue)<br>Series 2020-B<br>5.00%, 10/01/2022 | 1390 | 1390000 |
|  Metropolitan Washington Airports Authority Aviation Revenue<br>Series 2020-A<br>5.00%, 10/01/2024 | 7230 | 7409413 |
|  |  | 11930027 |

---

Schedule of Investments—Short Duration Diversified Municipal Portfolio 1

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| **Florida–5.3%** |  |  |  |
|  Brevard County Health Facilities Authority <br>(Health First, Inc. Obligated Group)<br>Series 2023<br>5.00%, 04/01/2025(b) | 2110 | $| 2147468 |
|  Capital Projects Finance Authority/FL <br>(CAPFA Capital Corp. 2000F)<br>Series 2020-A<br>5.00%, 10/01/2025 | 1000 |  | 1013008 |
|  Capital Trust Agency, Inc. <br>(Franklin Academy Series 2020 Obligated Group)<br>Series 2020<br>4.00%, 12/15/2023(c) | 365 |  | 363002 |
|  County of Broward FL Airport System Revenue<br>Series 2019-C<br>2.384%, 10/01/2026 | 1000 |  | 914908 |
|  County of Osceola FL Transportation Revenue<br>Series 2020-A<br>5.00%, 10/01/2022 | 260 |  | 260000 |
|  Florida Development Finance Corp.<br>Series 2022<br>2.90%, 12/01/2056<br>(Pre-refunded/ETM) | 3000 |  | 2975801 |
|  Florida Development Finance Corp. <br>(Mayflower Retirement Center, Inc. Obligated Group)<br>Series 2021<br>1.75%, 06/01/2026(c) | 1025 |  | 911373 |
|  Florida Municipal Power Agency <br>(Florida Municipal Power Agency All-Requirements Power Supply Project Revenue)<br>Series 2021<br>1.425%, 10/01/2026 | 1000 |  | 881078 |
|  Florida State Board of Education <br>(State of Florida)<br>Series 2019-D<br>5.00%, 06/01/2024 | 1165 |  | 1200365 |
|  State of Florida Department of Transportation Turnpike System Revenue<br>Series 2017-A<br>5.00%, 07/01/2024 | 1070 |  | 1102913 |
|  Village Community Development District No. 13<br>Series 2019<br>2.625%, 05/01/2024 | 250 |  | 242253 |
|  |  |  | 12012169 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| **Georgia–4.0%** |  |  |  |
|  Augusta Development Authority <br>(AU Health System Obligated Group)<br>Series 2018<br>5.00%, 07/01/2027 | 1000 | $| 950443 |
|  City of Atlanta GA Department of Aviation<br>Series 2021-C<br>5.00%, 07/01/2024 | 1000 |  | 1023582 |
|  Cobb County Kennestone Hospital Authority<br>(WellStar Health System Obligated Group)<br>Series 2021<br>5.00%, 04/01/2023 | 1200 |  | 1208704 |
|  Development Authority of Monroe County (The)<br>(Oglethorpe Power Corp.)<br>Series 2013-A<br>1.50%, 01/01/2039 | 2150 |  | 1984021 |
|  Main Street Natural Gas, Inc. <br>(Royal Bank of Canada)<br>Series 2021-A<br>4.00%, 07/01/2052 | 4000 |  | 3951849 |
|  |  |  | 9118599 |
| **Guam–1.2%** | **Guam–1.2%** | **Guam–1.2%** | **Guam–1.2%** |
|  Antonio B Won Pat International Airport Authority<br>Series 2019-A<br>5.00%, 10/01/2022 (Pre-refunded/ETM) | 875 |  | 875000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>2.699%, 10/01/2026 | 610 |  | 546886 |
|  Guam Department of Education<br>(Guam Department of Education COP)<br>Series 2020<br>3.625%, 02/01/2025 | 1365 |  | 1272188 |
|  |  |  | 2694074 |
| **Hawaii–2.3%** | **Hawaii–2.3%** | **Hawaii–2.3%** | **Hawaii–2.3%** |
|  City & County of Honolulu HI<br>Series 2022-A<br>5.00%, 11/01/2023 | 2360 |  | 2407341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2024 | 2660 |  | 2755461 |
|  |  |  | 5162802 |
| **Illinois–7.9%** | **Illinois–7.9%** | **Illinois–7.9%** | **Illinois–7.9%** |
|  Chicago O'Hare International Airport<br>Series 2022<br>5.00%, 01/01/2023(b) | 300 |  | 301123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2024(b) | 2000 |  | 2035020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2025(b) | 2000 |  | 2047083 |
|  City of Chicago IL<br>Series 2020-A<br>5.00%, 01/01/2025 | 1000 |  | 1017537 |

---

2 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  County of Cook IL<br>Series 2012-C<br>5.00%, 11/15/2024 | $5000 | $5010694 |
|  Illinois Finance Authority <br>(OSF Healthcare System Obligated Group)<br>Series 2020<br>5.00%, 05/15/2050 | 2025 | 2103169 |
|  Metropolitan Pier & Exposition Authority<br>Series 2022<br>3.00%, 06/15/2024 | 1000 | 978372 |
|  Sales Tax Securitization Corp.<br>Series 2020-A<br>5.00%, 01/01/2026 | 2740 | 2836030 |
|  State of Illinois<br>Series 2022-B<br>5.00%, 03/01/2024 | 1500 | 1521152 |
|  |  | 17850180 |
| **Indiana–1.2%** | **Indiana–1.2%** | **Indiana–1.2%** |
|  Indiana Finance Authority <br>(Fulcrum Centerpoint LLC)<br>Series 2021<br>0.28%, 12/15/2045 | 2000 | 1990897 |
|  Indiana Finance Authority <br>(Good Samaritan Hospital Obligated Group)<br>Series 2022<br>5.00%, 04/01/2023 | 650 | 653767 |
|  |  | 2644664 |
| **Kansas–0.6%** | **Kansas–0.6%** | **Kansas–0.6%** |
|  Kansas Development Finance Authority <br>(State of Kansas Department of Administration Lease)<br>Series 2021-K<br>0.662%, 05/01/2024 | 1500 | 1408605 |
| **Kentucky–3.1%** | **Kentucky–3.1%** | **Kentucky–3.1%** |
|  Kentucky Asset Liability Commission <br>(Commonwealth of Kentucky Fed Hwy Grant)<br>Series 2015-A<br>5.00%, 09/01/2023 | 1000 | 1014833 |
|  Kentucky Economic Development Finance Authority <br>(Owensboro Health, Inc. Obligated Group)<br>Series 2017-A<br>5.00%, 06/01/2024 | 1000 | 1018976 |
|  Kentucky Public Energy Authority <br>(Morgan Stanley)<br>Series 2018-A<br>4.00%, 04/01/2048 | 5000 | 4989277 |
|  |  | 7023086 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Louisiana–1.4%** | **Louisiana–1.4%** | **Louisiana–1.4%** |
|  Louisiana Stadium & Exposition District<br>Series 2021<br>4.00%, 07/03/2023 | $2000 | $1999895 |
|  Parish of St. James LA <br>(NuStar Logistics LP)<br>Series 2020<br>5.85%, 08/01/2041(c) | 100 | 102584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/2038(c) | 105 | 111716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 12/01/2040(c) | 100 | 106397 |
|  State of Louisiana Gasoline & Fuels Tax Revenue<br>Series 2022-A<br>2.586% (SOFR + 0.50%), 05/01/2043(a) | 995 | 957251 |
|  |  | 3277843 |
| **Maryland–2.2%** | **Maryland–2.2%** | **Maryland–2.2%** |
|  County of Montgomery MD<br>Series 2017-C<br>5.00%, 10/01/2022 | 2000 | 2000000 |
|  State of Maryland<br>Series 2017-B<br>5.00%, 08/01/2024 | 2930 | 3027355 |
|  |  | 5027355 |
| **Massachusetts–2.0%** | **Massachusetts–2.0%** | **Massachusetts–2.0%** |
|  Commonwealth of Massachusetts<br>Series 2017C<br>5.00%, 10/01/2022 | 2000 | 2000000 |
|  Commonwealth of Massachusetts <br>(Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue)<br>Series 2022-B<br>4.11%, 07/15/2031 | 1000 | 959345 |
|  Massachusetts Development Finance Agency <br>(Lasell University)<br>Series 2021<br>4.00%, 07/01/2023 | 220 | 218862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2026 | 240 | 231966 |
|  Massachusetts Development Finance Agency <br>(Springfield College)<br>Series 2021<br>5.00%, 06/01/2023 | 365 | 367724 |
|  Massachusetts Development Finance Agency <br>(Wellforce Obligated Group) AGM<br>Series 2020-C<br>5.00%, 10/01/2022 | 300 | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2023 | 300 | 304103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025 | 195 | 201873 |
|  |  | 4583873 |

---

Schedule of Investments—Short Duration Diversified Municipal Portfolio 3

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Michigan–2.4%** | **Michigan–2.4%** | **Michigan–2.4%** |
|  Bloomfield Hills School District<br>Series 2023<br>5.00%, 05/01/2024(b) | $705 | $717765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2025(b) | 775 | 798779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2026(b) | 600 | 624883 |
|  City of Detroit MI<br>Series 2018<br>5.00%, 04/01/2023 | 770 | 773715 |
|  City of Detroit MI Sewage Disposal System Revenue <br>(Great Lakes Water Authority Sewage Disposal System Revenue)<br>AGM Series 2006-D<br>2.094% (LIBOR 3 Month + 0.60%), 07/01/2032(a) | 2530 | 2464630 |
|  |  | 5379772 |
| **Minnesota–0.9%** | **Minnesota–0.9%** | **Minnesota–0.9%** |
|  State of Minnesota<br>Series 2013-F<br>5.00%, 10/01/2022 | 2000 | 2000000 |
| **Missouri–0.4%** | **Missouri–0.4%** | **Missouri–0.4%** |
|  Health & Educational Facilities Authority of the State of Missouri <br>(Lutheran Senior Services Obligated Group)<br>Series 2014<br>5.00%, 02/01/2026 | 940 | 946282 |
| **Nebraska–1.3%** | **Nebraska–1.3%** | **Nebraska–1.3%** |
|  Central Plains Energy Project <br>(Goldman Sachs Group Inc/The)<br>Series 2022-1<br>5.00%, 05/01/2053 | 2095 | 2096978 |
|  Central Plains Energy Project <br>(Royal Bank of Canada)<br>Series 2019<br>4.00%, 12/01/2049 | 810 | 806153 |
|  |  | 2903131 |
| **Nevada–1.0%** | **Nevada–1.0%** | **Nevada–1.0%** |
|  City of Sparks NV <br>(City of Sparks NV Sales Tax)<br>Series 2019-A<br>2.50%, 06/15/2024(c) | 100 | 96182 |
|  Clark County School District<br>Series 2021-A<br>5.00%, 06/15/2027 | 2150 | 2292227 |
|  |  | 2388409 |
| **New Jersey–3.6%** | **New Jersey–3.6%** | **New Jersey–3.6%** |
|  New Jersey Economic Development Authority<br>(New Jersey-American Water Co., Inc.)<br>Series 2020<br>1.20%, 11/01/2034 | 4000 | 3932875 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Trust Fund Authority State Lease)<br>Series 2019<br>5.00%, 12/15/2024 | $490 | $501533 |
|  New Jersey Turnpike Authority<br>Series 2021-B<br>0.638%, 01/01/2024 | 1125 | 1073189 |
|  State of New Jersey<br>Series 2020<br>5.00%, 06/01/2028 | 2370 | 2541917 |
|  |  | 8049514 |
| **New York–10.4%** | **New York–10.4%** | **New York–10.4%** |
|  Metropolitan Transportation Authority<br>Series 2015-D<br>5.00%, 11/15/2028 | 940 | 959825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 02/01/2023 | 925 | 930115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D<br>2.327% (SOFR + 0.33%), 11/01/2035(a) | 1900 | 1840459 |
|  New York State Dormitory Authority<br>Series 2017-B<br>5.00%, 02/15/2023<br>(Pre-refunded/ETM) | 915 | 920695 |
|  New York State Dormitory Authority <br>(State of New York Pers Income Tax)<br>Series 2017-B<br>5.00%, 02/15/2023 | 420 | 422995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>0.267%, 03/15/2023 | 4880 | 4798124 |
|  New York Transportation Development Corp. <br>(JFK International Air Terminal LLC)<br>Series 2020<br>5.00%, 12/01/2022 | 280 | 280439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2023 | 1600 | 1614978 |
|  Suffolk Tobacco Asset Securitization Corp.<br>Series 2021<br>5.00%, 06/01/2025 | 2250 | 2312106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 2200 | 2270423 |
|  Triborough Bridge & Tunnel Authority <br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)<br>Series 2022-A<br>5.00%, 08/15/2024 | 6925 | 7157193 |
|  |  | 23507352 |
| **North Carolina–1.7%** | **North Carolina–1.7%** | **North Carolina–1.7%** |
|  City of Charlotte NC Airport Revenue<br>Series 2021-B<br>5.00%, 07/01/2024 | 875 | 894593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2025 | 1005 | 1036878 |

---

4 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  County of Mecklenburg NC<br>Series 2022<br>5.00%, 09/01/2024 | $1805 | $1867572 |
|  |  | 3799043 |
| **Ohio–2.1%** | **Ohio–2.1%** | **Ohio–2.1%** |
|  County of Allen OH Hospital Facilities Revenue <br>(Bon Secours Mercy Health, Inc.)<br>Series 2020<br>5.00%, 12/01/2022 | 110 | 110280 |
|  County of Franklin OH <br>(OhioHealth Obligated Group)<br>Series 2018-B<br>5.00%, 11/15/2033 | 2000 | 2018678 |
|  County of Washington OH <br>(Marietta Area Health Care, Inc. Obligated Group)<br>Series 2022<br>5.50%, 12/01/2027 | 200 | 189713 |
|  Ohio Air Quality Development Authority <br>(Ohio Valley Electric Corp.)<br>Series 2021<br>1.50%, 02/01/2026 | 2000 | 1810478 |
|  State of Ohio <br>(State of Ohio Department of Transportation)<br>Series 2019-2<br>5.00%, 12/15/2022 | 680 | 682551 |
|  |  | 4811700 |
| **Oklahoma–0.0%** | **Oklahoma–0.0%** | **Oklahoma–0.0%** |
|  Oklahoma Development Finance Authority <br>(Gilcrease Expressway West)<br>Series 2020<br>1.625%, 07/06/2023 | 100 | 97373 |
| **Pennsylvania–2.5%** | **Pennsylvania–2.5%** | **Pennsylvania–2.5%** |
|  Allentown Neighborhood Improvement Zone Development Authority<br>Series 2018<br>5.00%, 05/01/2023(c) | 175 | 175709 |
|  Monroe County Hospital Authority/PA <br>(Lehigh Valley Health Network Obligated Group)<br>Series 2016<br>5.00%, 07/01/2023 | 1025 | 1036491 |
|  Pennsylvania Economic Development Financing Authority <br>(UPMC Obligated Group)<br>Series 2022-C<br>3.16% (MUNIPSA + 0.70%), 11/15/2047(a) | 1000 | 968141 |
|  Philadelphia Authority for Industrial Development <br>(City of Philadelphia PA)<br>Series 2018<br>5.00%, 05/01/2023 | 800 | 807143 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Philadelphia Authority for Industrial Development <br>(St. Joseph's University)<br>Series 2020<br>4.00%, 11/01/2022 | $250 | $250163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2024 | 500 | 502288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2025 | 1000 | 1032288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2026 | 850 | 881898 |
|  |  | 5654121 |
| **Puerto Rico–0.3%** | **Puerto Rico–0.3%** | **Puerto Rico–0.3%** |
|  Commonwealth of Puerto Rico<br>Series 2021-A<br>5.25%, 07/01/2023 | 62 | 62778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2025 | 125 | 126209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2027 | 400 | 408306 |
|  |  | 597293 |
| **South Carolina–1.2%** | **South Carolina–1.2%** | **South Carolina–1.2%** |
|  Piedmont Municipal Power Agency <br>(Piedmont Municipal Power Agency Catawba Project Power Sales Revenue)<br>Series 2021-A<br>4.00%, 01/01/2024 | 1525 | 1530588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2025 | 1240 | 1248663 |
|  |  | 2779251 |
| **Tennessee–0.2%** | **Tennessee–0.2%** | **Tennessee–0.2%** |
|  Bristol Industrial Development Board <br>(Bristol Industrial Development Board Sales Tax)<br>Series 2016-B<br>Zero Coupon, 12/01/2024(c) | 500 | 448125 |
| **Texas–9.2%** | **Texas–9.2%** | **Texas–9.2%** |
|  Arlington Higher Education Finance Corp. (BASIS Texas Charter Schools, Inc.)<br>Series 2021<br>4.50%, 06/15/2056(c) | 500 | 474625 |
|  Board of Regents of the University of Texas System<br>Series 2016-E<br>5.00%, 08/15/2024 | 1565 | 1618337 |
|  City of Dallas TX Hotel Occupancy Tax Revenue<br>Series 2021<br>4.00%, 08/15/2027 | 1940 | 1959368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2028 | 1025 | 1034329 |
|  Dallas Fort Worth International Airport<br>Series 2021-A<br>5.00%, 11/01/2027 | 1295 | 1387330 |
|  Harris County Cultural Education Facilities Finance Corp. <br>(Memorial Hermann Health System Obligated Group)<br>Series 2020<br>5.00%, 06/01/2024 | 1000 | 1025947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 4355 | 4514162 |

---

Schedule of Investments—Short Duration Diversified Municipal Portfolio 5

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Houston Independent School District<br>Series 2020<br>4.00%, 06/01/2029 | $2030 | $2035114 |
|  Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue<br>Series 2017-B<br>5.00%, 11/01/2023 | 1080 | 1101550 |
|  North Texas Tollway Authority<br>Series 2022-B<br>5.00%, 01/01/2024(b) | 2260 | 2305225 |
|  State of Texas<br>Series 2016<br>5.50%, 08/01/2026 | 1000 | 1066975 |
|  Texas Transportation Commission State Highway Fund<br>Series 2015<br>5.00%, 10/01/2023 | 2150 | 2189724 |
|  |  | 20712686 |
| **Virginia–1.4%** | **Virginia–1.4%** | **Virginia–1.4%** |
|  Virginia College Building Authority <br>(Virginia College Building Authority State Lease)<br>Series 2021<br>5.00%, 02/01/2023 | 1695 | 1706005 |
|  Virginia Small Business Financing Authority <br>(National Senior Campuses, Inc. Obligated Group)<br>Series 2020<br>5.00%, 01/01/2023 | 900 | 901966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2025 | 505 | 515582 |
|  |  | 3123553 |
| **Washington–3.5%** | **Washington–3.5%** | **Washington–3.5%** |
|  King County School District No. 414 Lake Washington<br>Series 2016<br>5.00%, 12/01/2022 | 1040 | 1043284 |
|  State of Washington<br>Series 2021<br>5.00%, 06/01/2024 | 2000 | 2059404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2025 | 2500 | 2615153 |
|  Tobacco Settlement Authority/WA<br>Series 2013<br>5.00%, 06/01/2023 | 855 | 866087 |
|  Washington Health Care Facilities Authority <br>(Fred Hutchinson Cancer Center Obligated Group)<br>Series 2021<br>5.00%, 12/01/2022(c) | 230 | 230545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2023(c) | 250 | 253956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2024(c) | 195 | 200044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2025(c) | 275 | 285082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026(c) | 285 | 297209 |
|  |  | 7850764 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **West Virginia–0.1%** | **West Virginia–0.1%** | **West Virginia–0.1%** |
|  Tobacco Settlement Finance Authority/WV<br>Series 2020<br>3.00%, 06/01/2035 | $237 | $224740 |
|  West Virginia Economic Development Authority <br>(Arch Resources, Inc.)<br>Series 2021<br>4.125%, 07/01/2045 | 100 | 96833 |
|  |  | 321573 |
| **Wisconsin–3.0%** | **Wisconsin–3.0%** | **Wisconsin–3.0%** |
|  State of Wisconsin<br>Series 2021-2<br>5.00%, 05/01/2023 | 3275 | 3311352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1<br>5.00%, 05/01/2024(b) | 1000 | 1020615 |
|  UMA Education, Inc.<br>Series 2019<br>5.00%, 10/01/2022(c) | 350 | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2023(c) | 360 | 360239 |
|  Wisconsin Center District <br>(Wisconsin Center District Ded Tax)<br>Series 2022<br>5.00%, 12/15/2022(c) | 500 | 501208 |
|  Wisconsin Health & Educational Facilities Authority <br>(Advocate Aurora Health Obligated Group)<br>Series 2022<br>2.64% (MUNIPSA + 0.18%), 08/15/2054(a) | 1000 | 973600 |
|  Wisconsin Health & Educational Facilities Authority <br>(St. Camillus Health System Obligated Group)<br>Series 2019<br>2.25%, 11/01/2026 | 10 | 9507 |
|  Wisconsin Public Finance Authority <br>(Samaritan Housing Foundation Obligated Group)<br>Series 2021-B<br>2.25%, 06/01/2027(c) | 200 | 176775 |
|  |  | 6703296 |
| Total Long-Term Municipal Bonds <br>(cost $231,244,287) | Total Long-Term Municipal Bonds <br>(cost $231,244,287) | 221403260 |
| **Short-Term Municipal Notes–4.1%** | **Short-Term Municipal Notes–4.1%** | **Short-Term Municipal Notes–4.1%** |
| **Florida–1.7%** | **Florida–1.7%** | **Florida–1.7%** |
|  County of Palm Beach FL <br>(Raymond F Kravis Center for the Performing Arts, Inc. (The))<br>Series 2002<br>2.48%, 07/01/2032(d) | 2000 | 2000000 |

---

6 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Florida Keys Aqueduct Authority<br>Series 2013<br>2.52%, 09/01/2035(d) | $1905 | $1905000 |
|  |  | 3905000 |
| **Indiana–0.4%** | **Indiana–0.4%** | **Indiana–0.4%** |
|  City of Indianapolis IN <br>(Foundation for Affordable Rental Housing, Inc.)<br>Series 2008<br>2.45%, 05/15/2038(d) | 1000 | 1000000 |
| **Kentucky–0.8%** | **Kentucky–0.8%** | **Kentucky–0.8%** |
|  Louisville/Jefferson County Metropolitan Government <br>(Norton Healthcare Obligated Group)<br>Series 2016-A<br>2.54%, 10/01/2039(d) | 1855 | 1855000 |
| **Minnesota–0.8%** | **Minnesota–0.8%** | **Minnesota–0.8%** |
|  City of Minneapolis MN/St. Paul Housing & Redevelopment Authority <br>(Allina Health Obligated Group)<br>Series 2008<br>2.45%, 11/15/2034(d) | 1785 | 1785000 |
| **Mississippi–0.4%** | **Mississippi–0.4%** | **Mississippi–0.4%** |
|  Mississippi Development Bank <br>(Magnolia Regional Health Center)<br>Series 2021<br>5.00%, 10/01/2022(c) | 800 | 800000 |
| Total Short-Term Municipal Notes <br>(cost $9,345,000) | Total Short-Term Municipal Notes <br>(cost $9,345,000) | 9345000 |
| Total Municipal Obligations <br>(cost $240,589,287) | Total Municipal Obligations <br>(cost $240,589,287) | 230748260 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **CORPORATES–INVESTMENT GRADE–1.7%** | **CORPORATES–INVESTMENT GRADE–1.7%** | **CORPORATES–INVESTMENT GRADE–1.7%** |
| **Industrial–1.7%** | **Industrial–1.7%** | **Industrial–1.7%** |
| **Capital Goods–0.9%** | **Capital Goods–0.9%** | **Capital Goods–0.9%** |
|  Caterpillar Financial Services Corp.<br>2.794% (SOFR + 0.27%), 09/13/2024(a) | $1000 | $991060 |
|  John Deere Capital Corp.<br>2.205% (SOFR + 0.12%), 07/10/2023(a) | 1000 | 996170 |
|  |  | 1987230 |
| **Consumer Cyclical–Automotive–0.4%** | **Consumer Cyclical–Automotive–0.4%** | **Consumer Cyclical–Automotive–0.4%** |
|  General Motors Financial Co., Inc.<br>3.443%, 04/07/2025(a) | 1000 | 978770 |
| **Consumer Cyclical–Entertainment–0.4%** | **Consumer Cyclical–Entertainment–0.4%** | **Consumer Cyclical–Entertainment–0.4%** |
|  YMCA of Greater New York<br>2.303%, 08/01/2026 | 1000 | 874540 |
| Total Corporates–Investment Grade <br>(cost $4,000,000) | Total Corporates–Investment Grade <br>(cost $4,000,000) | 3840540 |
| **CORPORATES–NON-INVESTMENT GRADE–0.1%** | **CORPORATES–NON-INVESTMENT GRADE–0.1%** | **CORPORATES–NON-INVESTMENT GRADE–0.1%** |
| **Industrial–0.1%** | **Industrial–0.1%** | **Industrial–0.1%** |
| **Transportation–Airlines–0.1%** | **Transportation–Airlines–0.1%** | **Transportation–Airlines–0.1%** |
|  United Airlines, Inc.<br>4.375%, 04/15/2026(c) <br>(cost $300,000) | 300 | 267669 |
| **Total Investments—103.9%** <br>(cost $244,889,287) | **Total Investments—103.9%** <br>(cost $244,889,287) | 234856469 |
|  Other assets less liabilities—(3.9)% | Other assets less liabilities—(3.9)% | (8809255) |
| **Net Assets—100.0%** | **Net Assets—100.0%** | $**226047214** |

---

------

**CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made by the<br>Fund** | **Payments<br>received by the<br>Fund** | <br>**Payment Frequency<br>Paid/Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 700 | 01/15/2025 | 4.028% | CPI# | Maturity | $19227 | $— | $19227 |
| USD | 450 | 01/15/2025 | 2.565% | CPI# | Maturity | 38792 |  | 38792 |
| USD | 225 | 01/15/2025 | 2.585% | CPI# | Maturity | 19219 |  | 19219 |
| USD | 225 | 01/15/2025 | 2.613% | CPI# | Maturity | 18976 |  | 18976 |
| USD | 850 | 01/15/2027 | CPI# | 3.466% | Maturity | (24516) | (993) | (23523) |
| USD | 800 | 01/15/2027 | CPI# | 3.320% | Maturity | (30115) |  | (30115) |
| USD | 670 | 01/15/2027 | CPI# | 3.323% | Maturity | (25101) |  | (25101) |
| USD | 1310 | 01/15/2029 | CPI# | 3.290% | Maturity | (26242) |  | (26242) |
| USD | 560 | 01/15/2029 | CPI# | 3.735% | Maturity | 8995 |  | 8995 |
| USD | 875 | 01/15/2030 | 1.714% | CPI# | Maturity | 122903 |  | 122903 |
| USD | 875 | 01/15/2030 | 1.731% | CPI# | Maturity | 121565 |  | 121565 |
| USD | 425 | 01/15/2030 | 1.572% | CPI# | Maturity | 65083 |  | 65083 |
| USD | 425 | 01/15/2030 | 1.587% | CPI# | Maturity | 64517 |  | 64517 |

---

Schedule of Investments—Short Duration Diversified Municipal Portfolio 7

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made by the<br>Fund** | **Payments<br>received by the<br>Fund** | <br>**Payment Frequency<br>Paid/Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 500 | 01/15/2031 | 2.782% | CPI# | Maturity | $25239 | $— | $25239 |
| USD | 430 | 01/15/2031 | 2.989% | CPI# | Maturity | 13141 |  | 13141 |
| USD | 320 | 01/15/2031 | 2.680% | CPI# | Maturity | 19259 |  | 19259 |
| USD | 560 | 01/15/2032 | CPI# | 3.064% | Maturity | (8921) |  | (8921) |
| USD | 380 | 04/15/2032 | CPI# | 2.909% | Maturity | (10755) |  | (10755) |
| USD | 300 | 04/15/2032 | CPI# | 2.748% | Maturity | (13529) |  | (13529) |
|  |  |  |  |  |  | $397737 | $(993) | $398730 |

---

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

------

**INTEREST RATE SWAPS (see Note 3)** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| <br>**Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | <br>**Termination<br>Date** | **Payments<br>made by<br>the Fund** | **Payments<br>received by<br>the Fund** | <br>**Payment Frequency<br>Paid/ Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
| Citibank, NA | USD | 580 | 10/09/2029 | 1.125% | SIFMA\* | Quarterly | $66649 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $66649 |

---

\* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

------

(a) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2022.

(b) When-Issued or delayed delivery security.

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At
September 30, 2022, the aggregate market value of these securities amounted to $6,512,440 or 2.9% of net assets.

(d) Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the
prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

As of September 30, 2022, the Portfolio's percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 1.5% and 0.0%, respectively.

Glossary:

AGM—Assured Guaranty Municipal

COP—Certificate of Participation

CPI—Consumer Price Index

ETM—Escrowed to Maturity

LIBOR—London Interbank Offered Rate

MUNIPSA—SIFMA Municipal Swap Index.

OSF—Order of St. Francis

SOFR—Secured Overnight Financing Rate

UPMC—University of Pittsburgh Medical Center

See notes to financial statements.

8 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

##### [**Table of Contents**](#toc)
**Sanford C. Bernstein Fund, Inc.** 

**Schedule of Investments** 

**California Municipal Portfolio** 

**September 30, 2022** 

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **MUNICIPAL OBLIGATIONS–92.9%** | | |
| **Long-Term Municipal Bonds–89.5%** | | |
| **California–75.4%** |  |  |
|  Anaheim Housing & Public Improvements Authority <br>(City of Anaheim CA Electric System Revenue)<br>Series 2020<br>2.792%, 10/01/2032 | $3850 | $3149739 |
|  Bay Area Toll Authority<br>Series 2021<br>2.74% (MUNIPSA + 0.28%), 04/01/2056(a) | 5000 | 4975538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76% (MUNIPSA + 0.30%), 04/01/2056(a) | 5000 | 4849187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87% (MUNIPSA + 0.41%), 04/01/2056(a) | 9215 | 8925199 |
|  Bay Area Water Supply & Conservation Agency<br>Series 2013-A<br>5.00%, 10/01/2025 | 4710 | 4752209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 10/01/2029(b) | 1750 | 1913303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030(b) | 1800 | 1983147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031(b) | 2500 | 2758599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032(b) | 2500 | 2771220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033(b) | 2500 | 2768020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034(b) | 2000 | 2204378 |
|  California Community Housing Agency <br>(California Community Housing Agency Aster Apartments)<br>Series 2021-A<br>4.00%, 02/01/2043(c) | 950 | 724347 |
|  California Community Housing Agency <br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments)<br>Series 2021-A<br>4.00%, 08/01/2047(c) | 5000 | 3487593 |
|  California Community Housing Agency <br>(California Community Housing Agency Fountains at Emerald Park)<br>Series 2021<br>4.00%, 08/01/2046(c) | 2500 | 1792920 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  California Community Housing Agency <br>(California Community Housing Agency Summit at Sausalito Apartments)<br>Series 2021<br>4.00%, 02/01/2050(c) | $4000 | $2775790 |
|  California County Tobacco Securitization Agency<br>Series 2020-A<br>4.00%, 06/01/2037 | 510 | 460147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2038 | 1000 | 892807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 800 | 830970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 700 | 728430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 500 | 522546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 400 | 415536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 300 | 310136 |
|  California Educational Facilities Authority <br>(University of the Pacific)<br>Series 2015<br>5.00%, 11/01/2028 | 1545 | 1606194 |
|  California Enterprise Development Authority <br>(Rocketship Education Obligated Group)<br>Series 2022<br>4.00%, 06/01/2027(c) | 1125 | 1080055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2031(c) | 2000 | 1809547 |
|  California Health Facilities Financing Authority <br>(Cedars-Sinai Medical Center)<br>Series 2015<br>5.00%, 11/15/2027 | 6500 | 6832864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 6000 | 6301715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 7000 | 7350755 |
|  California Health Facilities Financing Authority <br>(Children's Hospital Los Angeles)<br>Series 2017-A<br>5.00%, 08/15/2032 | 1215 | 1242402 |
|  California Health Facilities Financing Authority <br>(CommonSpirit Health)<br>Series 2020-A<br>5.00%, 04/01/2032 | 2900 | 3005031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 | 2000 | 2064617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 750 | 771313 |
|  California Health Facilities Financing Authority <br>(Kaiser Foundation Hospitals)<br>Series 2017-P<br>5.00%, 11/01/2032 | 9245 | 9259695 |
|  California Health Facilities Financing Authority <br>(Sutter Health Obligated Group)<br>Series 2018-A<br>5.00%, 11/15/2023 | 4250 | 4324140 |

---

Schedule of Investments—California Municipal Portfolio 9

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2025 | $2535 | $2645731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026 | 2300 | 2421770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2027 | 1000 | 1063087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 1280 | 1357292 |
|  California Housing Finance Agency<br>Series 2019-2, Class A<br>4.00%, 03/20/2033 | 11044 | 10505281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A<br>3.50%, 11/20/2035 | 9782 | 8450721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2<br>0.823%, 03/25/2035 | 4000 | 225091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A<br>3.25%, 08/20/2036 | 1975 | 1690597 |
|  California Infrastructure & Economic Development Bank<br>Series 2022<br>0.85%, 01/01/2050<br>(Pre-refunded/ETM)(c) | 10000 | 9889615 |
|  California Infrastructure & Economic Development Bank <br>(California Academy of Sciences)<br>Series 2021<br>2.81% (MUNIPSA + 0.35%), 08/01/2047(a) | 8700 | 8606106 |
|  California Infrastructure & Economic Development Bank <br>(California Infrastructure & Economic Development Bank SRF)<br>Series 2017<br>5.00%, 10/01/2024 | 5000 | 5187408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>5.00%, 10/01/2032 | 13965 | 15181641 |
|  California Infrastructure & Economic Development Bank <br>(Segerstrom Center for the Arts)<br>Series 2016<br>5.00%, 07/01/2026 | 2370 | 2472672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B<br>5.00%, 07/01/2023 | 12760 | 12917114 |
|  California Municipal Finance Authority<br>(Emerson College)<br>Series 2017-B 5.00%, 01/01/2030 | 1000 | 1019822 |
|  California Municipal Finance Authority<br>(LAX Integrated Express Solutions LLC)<br>Series 2018<br>5.00%, 12/31/2023 | 800 | 811571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2024 | 250 | 254970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2026 | 2200 | 2258603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2027 | 2250 | 2305930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2027 | 3000 | 3080782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2029 | 1050 | 1076047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2029 | 1150 | 1177612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2031 | 3100 | 3159999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2031 | 1930 | 1964265 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  California Municipal Finance Authority<br>(United Airlines, Inc.)<br>Series 2019<br>4.00%, 07/15/2029 | $8250 | $7578847 |
|  California Pollution Control Financing Authority <br>(Poseidon Resources Channelside LP)<br>Series 2012<br>5.00%, 07/01/2027(c) | 3195 | 3198762 |
|  California Pollution Control Financing Authority <br>(San Diego County Water Authority Desalination Project Pipeline)<br>Series 2019<br>5.00%, 07/01/2024(c) | 1335 | 1351551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029(c) | 3400 | 3455804 |
|  California Public Finance Authority <br>(California University of Science & Medicine Obligated Group)<br>Series 2019<br>6.25%, 07/01/2054(c) | 1500 | 1605107 |
|  California School Finance Authority <br>(Kipp SoCal Public Schools Obligated Group)<br>Series 2020-A<br>4.00%, 07/01/2040(c) | 800 | 672552 |
|  California School Finance Authority <br>(Rocketship Education Obligated Group)<br>Series 2015-A<br>4.25%, 03/01/2028(c) | 1120 | 1085734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A<br>5.00%, 06/01/2031(c) | 1000 | 995768 |
|  California State Public Works Board <br>(California State Public Works Board Lease)<br>Series 2014-A<br>5.00%, 09/01/2030 | 11220 | 11543773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-B<br>5.00%, 10/01/2029 | 4445 | 4579448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H<br>5.00%, 04/01/2030 | 2000 | 2144150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 | 2000 | 2140584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032 | 1270 | 1355800 |
|  California State University<br>Series 2014<br>5.00%, 11/01/2028<br>(Pre-refunded/ETM) | 280 | 290563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 11/01/2033 | 5620 | 5999181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 11/01/2030 | 600 | 662938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 400 | 440113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D<br>1.49%, 11/01/2028 | 1500 | 1235869 |

---

10 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>2.274%, 11/01/2034 | $7000 | $5163381 |
|  California Statewide Communities Development Authority <br>(CHF-Irvine LLC)<br>Series 2017-A<br>5.00%, 05/15/2029 | 1210 | 1238439 |
|  California Statewide Communities Development Authority <br>(Emanate Health Obligated Group)<br>Series 2020-A<br>5.00%, 04/01/2027 | 720 | 752103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 | 535 | 560604 |
|  California Statewide Communities Development Authority <br>(Lancer Educational Housing LLC)<br>Series 2019<br>5.00%, 06/01/2039(c) | 675 | 624557 |
|  California Statewide Communities Development Authority <br>(Loma Linda University Medical Center)<br>Series 2014<br>5.25%, 12/01/2034 | 4500 | 4544355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A<br>5.00%, 12/01/2041(c) | 2000 | 1857238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 12/01/2027(c) | 250 | 251376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033(c) | 1000 | 974954 |
|  California Statewide Communities Development Authority <br>(NCCD-Hooper Street LLC)<br>Series 2019<br>5.00%, 07/01/2024(c) | 180 | 178833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029(c) | 685 | 653248 |
|  City & County of San Francisco CA<br>Series 2018-C<br>5.00%, 06/15/2023 | 3095 | 3136376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2025 | 4235 | 4364967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-E<br>5.00%, 06/15/2023 | 1490 | 1509919 |
|  City & County of San Francisco CA <br>(City & County of San Francisco CA COP)<br>Series 2015-R<br>5.00%, 09/01/2024 | 3970 | 4033241 |
|  City of Hayward CA <br>(City of Hayward CA COP)<br>Series 2015<br>5.00%, 11/01/2023 | 3000 | 3060179 |
|  City of Los Angeles Department of Airports<br>Series 2017-A<br>5.00%, 05/15/2028 | 1440 | 1495674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 | 2575 | 2667913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>5.00%, 05/15/2031 | 3000 | 3131587 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 | $1190 | $1210098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C<br>5.00%, 05/15/2025 | 2955 | 3044781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>4.00%, 05/15/2044 | 4205 | 3653238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2030 | 8020 | 8401806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 05/15/2038 | 4315 | 4371338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C<br>5.00%, 05/15/2031 | 5000 | 5247526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2033 | 4000 | 4152239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2039 | 2655 | 2707911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>5.00%, 05/15/2030 | 2020 | 2128567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 | 1685 | 1725946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D<br>4.00%, 05/15/2040 | 2165 | 1935090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 05/15/2036 | 1300 | 1205641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2041 | 1100 | 974457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 05/15/2041 | 6160 | 5456957 |
|  City of Riverside CA Sewer Revenue<br>Series 2015-A<br>5.00%, 08/01/2027 | 2000 | 2096826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 | 3320 | 3491152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 08/01/2031 | 2785 | 3028247 |
|  City of Roseville CA <br>(Fiddyment Ranch Community Facilities District No.1)<br>Series 2017<br>5.00%, 09/01/2028 | 1010 | 1057578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 1295 | 1345518 |
|  City of Roseville CA <br>(HP Campus Oaks Community Facilities District No.1)<br>Series 2016<br>5.00%, 09/01/2031 | 995 | 1025089 |
|  City of San Jose CA Airport Revenue <br>(Norman Y Mineta San Jose International Airport SJC)<br>Series 2014-A<br>5.00%, 03/01/2025 | 3600 | 3654949 |
|  CMFA Special Finance Agency VII <br>(CMFA Special Finance Agency VII The Breakwater Apartments)<br>Series 2021<br>4.00%, 08/01/2047(c) | 3990 | 2712483 |
|  CMFA Special Finance Agency VIII Elan Huntington Beach<br>Series 2021<br>4.00%, 08/01/2047(c) | 1000 | 750000 |
|  Contra Costa Transportation Authority Sales Tax Revenue<br>Series 2017-A<br>5.00%, 03/01/2030 | 1250 | 1342985 |

---

Schedule of Investments—California Municipal Portfolio 11

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Coronado Community Development Agency Successor Agency<br>Series 2018-A<br>5.00%, 09/01/2033 | $3625 | $3771501 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim)<br>Series 2021<br>3.35%, 04/01/2047(c) | 4000 | 2977158 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 777 Place-Pomona)<br>Series 2021<br>3.60%, 05/01/2047(c) | 1500 | 1136615 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)<br>Series 2021<br>4.00%, 10/01/2046(c) | 4000 | 2800600 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Altana Apartments)<br>Series 2021<br>3.50%, 10/01/2046(c) | 5000 | 3592171 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments)<br>Series 2021-A1<br>2.875%, 08/01/2041(c) | 3805 | 3028325 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)<br>Series 2021<br>3.375%, 07/01/2043(c) | 1000 | 737959 |
|  CSCDA Community Improvement<br>Authority <br>(CSCDA Community Improvement Authority Oceanaire Apartments)<br>Series 2021<br>3.20%, 09/01/2046(c) | 5000 | 3506363 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Pasadena Portfolio)<br>Series 2021<br>2.65%, 12/01/2046(c) | 2490 | 1777491 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Theo Apartments)<br>Series 2021<br>3.50%, 05/01/2047(c) | $2000 | $1552157 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Union South Bay)<br>Series 2021-A<br>3.10%, 07/01/2045(c) | 3000 | 2184697 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Vineyard Gardens Apartments)<br>Series 2021<br>4.00%, 10/01/2048(c) | 4000 | 2760906 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Waterscape Apartments)<br>Series 2021-A<br>3.00%, 09/01/2056(c) | 1500 | 931290 |
|  Fontana Redevelopment Agency Successor Agency<br>Series 2017-A<br>5.00%, 10/01/2031 | 1750 | 1871863 |
|  Fremont Community Facilities District No. 1<br>Series 2015<br>5.00%, 09/01/2027 | 1000 | 1028723 |
|  Golden State Tobacco Securitization Corp.<br>Series 2021<br>1.85%, 06/01/2031 | 1205 | 1180084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.115%, 06/01/2038 | 2500 | 1876837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/2050 | 5000 | 4336146 |
|  Golden State Tobacco Securitization Corp. <br>(Golden State Tobacco Securitization Corp. Lease)<br>Series 2021<br>1.40%, 06/01/2025 | 2900 | 2632657 |
|  Lake Elsinore Public Financing Authority<br>Series 2015<br>5.00%, 09/01/2023 | 630 | 636524 |
|  Long Beach Unified School District<br>Series 2010-A<br>5.00%, 08/01/2025 | 1000 | 1001391 |
|  Los Angeles Department of Water & Power<br>Series 2019-B<br>5.00%, 07/01/2023 | 14750 | 14965326 |

---

12 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Los Angeles Department of Water & Power Power System Revenue<br>Series 2013-A<br>5.00%, 07/01/2023 | $2500 | $2511832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-B<br>5.00%, 07/01/2026 | 1600 | 1638218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 2190 | 2242311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C<br>5.00%, 07/01/2025 | 9945 | 10278271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 11725 | 12115901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-E<br>5.00%, 07/01/2025 | 820 | 847479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 07/01/2042 | 3000 | 3178548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>5.00%, 07/01/2036 | 3000 | 3274908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 2800 | 3003547 |
|  Los Angeles Department of Water & Power System Revenue<br>Series 2021-B<br>5.00%, 07/01/2041 | 4800 | 5090738 |
|  Los Angeles Department of Water & Power Water System Revenue<br>Series 2018-A<br>5.00%, 07/01/2031 | 1345 | 1460852 |
|  Los Angeles Unified School District/CA<br>Series 2014-C<br>5.00%, 07/01/2023 | 3860 | 3916065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 10365 | 10694507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A<br>5.00%, 07/01/2027 | 18645 | 19532644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 07/01/2023 | 6905 | 7005292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2024 | 1470 | 1517996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>5.00%, 07/01/2029 | 9020 | 9791322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M<br>3.00%, 07/01/2023 | 1550 | 1549971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-R<br>4.00%, 07/01/2044 | 4500 | 4135046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 3945 | 4371084 |
|  Metropolitan Water District of Southern California<br>Series 2021-D<br>2.60% (MUNIPSA + 0.14%), 07/01/2037(a) | 2900 | 2885062 |
|  Middle Fork Project Finance Authority<br>Series 2020<br>5.00%, 04/01/2033 | 1650 | 1708618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 1100 | 1134783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 | 1150 | 1182527 |
|  Natomas Unified School District<br>BAM Series 2014<br>5.00%, 08/01/2023 | 1930 | 1958048 |
|  Newport Mesa Unified School District<br>Series 2020<br>5.00%, 08/01/2024 | 1600 | 1653163 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Oakland Unified School District/Alameda County<br>Series 2015-A<br>5.00%, 08/01/2023 | $1575 | $1598921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>5.00%, 08/01/2030 | 1420 | 1496660 |
|  Palm Desert Redevelopment Agency Successor Agency<br>BAM Series 2017-A<br>5.00%, 10/01/2024 | 1000 | <br>1033172 |
|  Peralta Community College District<br>Series 2014-A<br>5.00%, 08/01/2028 | 1820 | 1869376 |
|  Pittsburg Successor Agency Redevelopment Agency<br>AGM Series 2016-A<br>5.00%, 09/01/2027 | 2785 | 2921357 |
|  Port of Los Angeles<br>Series 2014-A<br>5.00%, 08/01/2026 | 1000 | 1024677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 1565 | 1603218 |
|  Port of Oakland<br>Series 2017<br>5.00%, 11/01/2022<br>(Pre-refunded/ETM) | 255 | 255347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2022 | 960 | 961225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>5.00%, 05/01/2025 | 4800 | 4948666 |
|  Regents of the University of California Medical Center Pooled Revenue<br>Series 2022<br>5.00%, 05/15/2040 | 10000 | 10532249 |
|  River Islands Public Financing Authority <br>(River Islands Public Financing Authority Community Facilities District No 2003-1)<br>Series 2022<br>4.50%, 09/01/2037 | 2905 | 2644949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2042 | 2510 | 2305290 |
|  Riverside County Public Financing Authority<br>Series 2015<br>5.00%, 11/01/2028<br>(Pre-refunded/ETM) | 3395 | 3580175 |
|  Romoland School District<br>Series 2015<br>5.00%, 09/01/2023 | 955 | 964463 |
|  Sacramento County Water Financing Authority <br>(Sacramento County Water Agency)<br>NATL Series 2007-B<br>2.635% (LIBOR 3 Month + 0.57%), 06/01/2039(a) | 5700 | 4890233 |

---

Schedule of Investments—California Municipal Portfolio 13

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  San Diego Association of Governments <br>(State of California DOT Fed Hwy Grant)<br>Series 2019<br>1.80%, 11/15/2027 | $3200 | $2838220 |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue<br>Series 2013-B<br>5.00%, 10/01/2025 | 4000 | 4000000 |
|  San Francisco City & County Redevelopment Agency Successor Agency <br>(Mission Bay South Public Imp)<br>Series 2013-A<br>5.00%, 08/01/2024 | 1500 | 1501163 |
|  San Francisco City & County Redevelopment Agency Successor Agency <br>(Successor Agency to the Redev of San Francisco–Mission Bay South)<br>Series 2016-B<br>5.00%, 08/01/2026 | 1070 | 1130944 |
|  San Francisco Intl Airport<br>Series 2019-A<br>5.00%, 05/01/2034 | 11015 | 11254174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-E<br>5.00%, 05/01/2034 | 3450 | 3524912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 | 3275 | 3338713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 | 3385 | 3442169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H<br>5.00%, 05/01/2027 | 5500 | 5695346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-E<br>5.00%, 05/01/2037 | 3815 | 3882152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>5.00%, 05/01/2036 | 1950 | 1991132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>2.583%, 05/01/2030 | 1625 | 1366015 |
|  San Mateo Joint Powers Financing Authority <br>(County of San Mateo CA Lease)<br>Series 2019-A<br>5.00%, 07/15/2023 | 4000 | 4055282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2024 | 3660 | 3769172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2025 | 5790 | 6068062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2026 | 3310 | 3520730 |
|  Saugus/Hart School Facilities Financing Authority <br>(Saugus Union School District Community Facilities District No. 06-01)<br>Series 2016<br>5.00%, 09/01/2029 | 1000 | 1031369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 1365 | 1401764 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Southern California Public Power Authority <br>(Los Angeles Department of Water & Power PWR)<br>Series 2014-A<br>5.00%, 07/01/2030 | $1030 | $1059210 |
|  Southwestern Community College District<br>Series 2015<br>5.00%, 08/01/2023 | 3250 | 3300693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2024 | 3550 | 3664762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2025 | 3870 | 4058632 |
|  State of California<br>Series 2013<br>5.00%, 09/01/2028 | 8890 | 9035464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014<br>5.00%, 12/01/2022 | 11085 | 11120571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 2285 | 2332386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 5295 | 5445765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B<br>5.00%, 09/01/2024 | 3330 | 3446686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>5.00%, 08/01/2024 | 5540 | 5726078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>5.00%, 10/01/2022 | 5000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 04/01/2031 | 1935 | 2118332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 1310 | 1427643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2037 | 615 | 654180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 04/01/2042 | 6380 | 5927414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2036 | 7780 | 8480491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2042 | 4630 | 4833496 |
|  Stockton Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>5.00%, 08/01/2028 | 7770 | 8168986 |
|  Sweetwater Union High School District<br>Series 2016<br>5.00%, 08/01/2030 | 3205 | 3373138 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2014<br>5.00%, 08/01/2028 | 5760 | 5905991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 2220 | 2273895 |
|  Tobacco Securitization Authority of Northern California <br>(Sacramento County Tobacco Securitization Corp.)<br>Series 2021<br>4.00%, 06/01/2034 | 1000 | 940523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2036 | 1015 | 937710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2038 | 1210 | 1097003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2040 | 1150 | 1024427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 1360 | 1422988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 1500 | 1566033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 1220 | 1277154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 1500 | 1578947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 1300 | 1356464 |

---

14 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Transbay Joint Powers Authority <br>(Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Rev)<br>Series 2020<br>5.00%, 10/01/2031 | $500 | $543602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 450 | 485994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 600 | 641070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 | 600 | 637940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 800 | 844059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 | 700 | 732452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 | 1000 | 1037511 |
|  University of California<br>Series 2013-A<br>5.00%, 05/15/2048 | 9785 | 9903243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A<br>5.00%, 05/15/2028 | 1000 | 1029751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A<br>5.00%, 05/15/2024 | 2280 | 2347833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 05/15/2028 | 1000 | 1082796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 | 3000 | 3246964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2031 | 2465 | 2656918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M<br>5.00%, 05/15/2031 | 4000 | 4304310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-O<br>4.00%, 05/15/2025 | 8320 | 8510229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B<br>5.00%, 05/15/2034 | 7000 | 7674171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 | 10000 | 10887459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Q<br>4.00%, 05/15/2040 | 7750 | 7167426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-S<br>5.00%, 05/15/2033 | 2000 | 2245576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>5.00%, 05/15/2028(b) | 3000 | 3217478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2032(b) | 5000 | 5506723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2033(b) | 3180 | 3513445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2037(b) | 2000 | 2154199 |
|  |  | 830952751 |
| **Alabama–2.2%** | **Alabama–2.2%** | **Alabama–2.2%** |
|  Southeast Alabama Gas Supply District (The) <br>(Morgan Stanley)<br>Series 2018-A<br>4.00%, 06/01/2049 | 24615 | 24552114 |
| **American Samoa–0.1%** | **American Samoa–0.1%** | **American Samoa–0.1%** |
|  American Samoa Economic Development Authority <br>(Territory of American Samoa)<br>Series 2018<br>6.50%, 09/01/2028(c) | 735 | 793344 |
| **Colorado–0.3%** | **Colorado–0.3%** | **Colorado–0.3%** |
|  City & County of Denver CO <br>(United Airlines, Inc.)<br>Series 2017<br>5.00%, 10/01/2032 | 3000 | 2855121 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Florida–0.1%** | **Florida–0.1%** | **Florida–0.1%** |
|  Capital Trust Agency, Inc. <br>(Franklin Academy Obligated Group)<br>Series 2020<br>5.00%, 12/15/2026(c) | $100 | $100814 |
|  City of Tampa FL <br>(State of Florida Cigarette Tax Revenue)<br>Series 2020-A<br>Zero Coupon, 09/01/2033 | 175 | 102280 |
|  County of Osceola FL Transportation Revenue<br>Series 2020-A<br>Zero Coupon, 10/01/2030 | 150 | 99969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2031 | 185 | 116293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2032 | 100 | 59305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2033 | 250 | 139420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2034 | 270 | 141697 |
|  New River Community Development District<br>Series 2006-B 5.00%,<br>05/01/2013(d)(e)(f)(g) | 405 | 0 |
|  |  | 759778 |
| **Georgia–0.2%** | **Georgia–0.2%** | **Georgia–0.2%** |
|  Municipal Electric Authority of Georgia<br>Series 2019<br>5.00%, 01/01/2032 | 460 | 476848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 | 250 | 255445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 | 1590 | 1616042 |
|  |  | 2348335 |
| **Guam–1.8%** | **Guam–1.8%** | **Guam–1.8%** |
|  Antonio B Won Pat International Airport Authority<br>Series 2021-A<br>2.899%, 10/01/2027 | 625 | 548765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.489%, 10/01/2031 | 500 | 414412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 10/01/2028(b) | 1080 | 1054274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/01/2034(b) | 140 | 127831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 10/01/2040(b) | 275 | 248099 |
|  Guam Department of Education <br>(Guam Department of Education COP)<br>Series 2020<br>4.25%, 02/01/2030 | 1500 | 1381664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2040 | 1090 | 992226 |
|  Guam Power Authority<br>Series 2022-A<br>5.00%, 10/01/2023 | 2000 | 2022095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 3000 | 3126721 |
|  Territory of Guam<br>Series 2019<br>5.00%, 11/15/2031 | 540 | 509877 |

---

Schedule of Investments—California Municipal Portfolio 15

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Territory of Guam <br>(Guam Section 30 Income Tax)<br>Series 2016-A<br>5.00%, 12/01/2029 | $455 | $454302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 730 | 724672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 675 | 660469 |
|  Territory of Guam <br>(Territory of Guam Business Privilege Tax)<br>Series 2015-D<br>5.00%, 11/15/2023 | 1365 | 1370243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2025 | 1140 | 1143987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 | 2735 | 2692501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F<br>5.00%, 01/01/2031 | 1000 | 990253 |
|  Territory of Guam <br>(Territory of Guam Hotel Occupancy Tax)<br>Series 2021-A<br>5.00%, 11/01/2027 | 350 | 349588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 455 | 453894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 500 | 499086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 320 | 317607 |
|  |  | 20082566 |
| **Illinois–2.6%** | **Illinois–2.6%** | **Illinois–2.6%** |
|  Chicago Board of Education<br>Series 2017-F<br>5.00%, 12/01/2024 | 6000 | 6104842 |
|  Illinois Finance Authority <br>(Illinois Institute of Technology)<br>Series 2019<br>5.00%, 09/01/2023 | 100 | 100679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 100 | 101987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 100 | 102116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 100 | 102370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 100 | 100517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 200 | 199915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 100 | 98747 |
|  Metropolitan Pier & Exposition Authority<br>Series 2017-B<br>5.00%, 12/15/2026 | 3250 | 3330718 |
|  State of Illinois<br>Series 2016<br>5.00%, 11/01/2024 | 1200 | 1219826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D<br>5.00%, 11/01/2023 | 9530 | 9642940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2024 | 3935 | 4000013 |
|  Village of Bolingbrook IL Sales Tax Revenue<br>Series 2005<br>6.00%, 01/01/2026 | 4450 | 4096133 |
|  |  | 29200803 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Kentucky–0.4%** | **Kentucky–0.4%** | **Kentucky–0.4%** |
|  City of Ashland KY <br>(Ashland Hospital Corp. Obligated Group)<br>Series 2019<br>5.00%, 02/01/2026 | $230 | $236005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 260 | 268490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 160 | 166931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 200 | 204399 |
|  Kentucky Economic Development Finance Authority <br>(Owensboro Health, Inc. Obligated Group)<br>Series 2017-A<br>5.00%, 06/01/2029 | 3500 | 3597413 |
|  |  | 4473238 |
| **Louisiana–0.1%** | **Louisiana–0.1%** | **Louisiana–0.1%** |
|  Parish of St. James LA <br>(NuStar Logistics LP)<br>Series 2020<br>5.85%, 08/01/2041(c) | 185 | 189780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/2038(c) | 270 | 287271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 12/01/2040(c) | 355 | 377709 |
|  |  | 854760 |
| **Michigan–0.2%** | **Michigan–0.2%** | **Michigan–0.2%** |
|  City of Detroit MI<br>Series 2018<br>5.00%, 04/01/2031 | 1745 | 1771494 |
| **Missouri–0.0%** | **Missouri–0.0%** | **Missouri–0.0%** |
|  Howard Bend Levee District<br>XLCA INS Series 2005<br>5.75%, 03/01/2025 | 175 | 177132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027 | 150 | 152053 |
|  |  | 329185 |
| **Nevada–0.1%** | **Nevada–0.1%** | **Nevada–0.1%** |
|  City of Sparks NV <br>(City of Sparks NV Sales Tax)<br>Series 2019-A<br>2.50%, 06/15/2024(c) | 295 | 283736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/15/2028(c) | 525 | 460121 |
|  |  | 743857 |
| **New Jersey–1.8%** | **New Jersey–1.8%** | **New Jersey–1.8%** |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Fed Hwy Grant)<br>Series 2016<br>5.00%, 06/15/2027 | 1410 | 1474171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 | 6660 | 6895010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 06/15/2028 | 2710 | 2822724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 | 1290 | 1335520 |

---

16 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Trust Fund Authority State Lease)<br>Series 2019-B<br>5.00%, 06/15/2030 | $3225 | $3349569 |
|  Tobacco Settlement Financing Corp./NJ<br>Series 2018-A<br>5.00%, 06/01/2023 | 1000 | 1010996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2025 | 1000 | 1027849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 1000 | 1034958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 1000 | 1038136 |
|  |  | 19988933 |
| **New York–1.2%** | **New York–1.2%** | **New York–1.2%** |
|  Metropolitan Transportation Authority<br>Series 2016-A<br>5.00%, 11/15/2026 | 2065 | 2140942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 11/15/2026 | 2960 | 3069765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-E<br>5.00%, 11/15/2027 | 3750 | 3882849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 3500 | 3629073 |
|  New York Transportation Development Corp. <br>(Delta Air Lines, Inc.)<br>Series 2018<br>4.00%, 01/01/2036 | 1000 | 881715 |
|  New York Transportation Development Corp. <br>(Laguardia Gateway Partners LLC)<br>Series 2016-A<br>5.00%, 07/01/2046 | 220 | 208732 |
|  |  | 13813076 |
| **Ohio–0.1%** | **Ohio–0.1%** | **Ohio–0.1%** |
|  Buckeye Tobacco Settlement Financing Authority<br>Series 2020-A<br>5.00%, 06/01/2036 | 1175 | 1202350 |
| **Pennsylvania–0.4%** | **Pennsylvania–0.4%** | **Pennsylvania–0.4%** |
|  Allentown Neighborhood Improvement Zone Development Authority<br>Series 2018<br>5.00%, 05/01/2028(c) | 1250 | 1250208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033(c) | 1000 | 968040 |
|  Hospitals & Higher Education Facilities Authority of Philadelphia (The) <br>(Temple University Health System Obligated Group)<br>Series 2017 <br>5.00%, 07/01/2024 | 1815 | 1843362 |
|  |  | 4061610 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Puerto Rico–0.8%** | **Puerto Rico–0.8%** | **Puerto Rico–0.8%** |
|  Commonwealth of Puerto Rico<br>Series 2021-A<br>Zero Coupon, 07/01/2024 | $800 | $734843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2033 | 1680 | 926005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 | 500 | 439701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2023 | 350 | 351557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2025 | 655 | 661333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2027 | 2515 | 2567227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 | 725 | 741525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2031 | 220 | 224291 |
|  Puerto Rico Highway & Transportation Authority<br>AGC Series 2005-L<br>5.25%, 07/01/2041 | 740 | 719486 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-C<br>5.50%, 07/01/2031 | 150 | 151166 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue<br>Series 2018-A<br>Zero Coupon, 07/01/2024 | 982 | 907289 |
|  |  | 8424423 |
| **South Carolina–0.4%** | **South Carolina–0.4%** | **South Carolina–0.4%** |
|  Patriots Energy Group Financing Agency <br>(Royal Bank of Canada)<br>Series 2018-A<br>4.00%, 10/01/2048 | 5000 | 5010695 |
| **Texas–0.4%** | **Texas–0.4%** | **Texas–0.4%** |
|  Mission Economic Development Corp. <br>(Natgasoline LLC)<br>Series 2018<br>4.625%, 10/01/2031(c) | 3205 | 3155227 |
|  Texas Municipal Gas Acquisition & Supply Corp. I <br>(Bank of America Corp.)<br>Series 2008-D<br>6.25%, 12/15/2026 | 1190 | 1236398 |
|  |  | 4391625 |
| **Washington–0.1%** | **Washington–0.1%** | **Washington–0.1%** |
|  Washington Health Care Facilities Authority <br>(CommonSpirit Health)<br>Series 2019-A<br>5.00%, 08/01/2031 | 825 | 846676 |
| **Wisconsin–0.8%** | **Wisconsin–0.8%** | **Wisconsin–0.8%** |
|  UMA Education, Inc.<br>Series 2019<br>5.00%, 10/01/2022(c) | 175 | 175000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2023(c) | 195 | 195130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025(c) | 730 | 727395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026(c) | 770 | 764782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027(c) | 805 | 795911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028(c) | 700 | 687928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029(c) | 320 | 313214 |

---

Schedule of Investments—California Municipal Portfolio 17

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority <br>(Celanese US Holdings LLC)<br>Series 2016-A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2024 | $5335 | $5382550 |
|  |  | 9041910 |
| Total Long-Term Municipal Bonds <br>(cost $1,058,612,594) | Total Long-Term Municipal Bonds <br>(cost $1,058,612,594) | 986498644 |
| **Short-Term Municipal Notes–3.4%** | **Short-Term Municipal Notes–3.4%** | **Short-Term Municipal Notes–3.4%** |
| **California–3.4%** | **California–3.4%** | **California–3.4%** |
|  City of Los Angeles CA<br>Series 2022<br>4.00%, 06/29/2023 | 35990 | 36235092 |
|  Southern California Public Power Authority<br>Series 2020<br>2.40%, 07/01/2036(h) | 1300 | 1300000 |
| Total Short-Term Municipal Notes <br>(cost $37,667,433) | Total Short-Term Municipal Notes <br>(cost $37,667,433) | 37535092 |
| Total Municipal Obligations <br>(cost $1,096,280,027) | Total Municipal Obligations <br>(cost $1,096,280,027) | 1024033736 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES–1.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–1.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–1.0%** |
| **Agency CMBS–1.0%** | **Agency CMBS–1.0%** | **Agency CMBS–1.0%** |
|  California Housing Finance Agency<br>Series 2021-2, Class A<br>3.75%, 03/25/2035 | 7904 | 7251982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class X<br>0.764%, 08/20/2036(i) | 3357 | 202690 |
|  Federal Home Loan Mortgage Corp.<br>Series 2021-ML10, Class AUS<br>2.032%, 01/25/2038 | 4937 | 3801068 |
| Total Commercial Mortgage-Backed Securities <br>(cost $14,679,917) | Total Commercial Mortgage-Backed Securities <br>(cost $14,679,917) | 11255740 |
| **GOVERNMENTS–TREASURIES–0.2%** | **GOVERNMENTS–TREASURIES–0.2%** | **GOVERNMENTS–TREASURIES–0.2%** |
| **United States–0.2%** | **United States–0.2%** | **United States–0.2%** |
|  U.S. Treasury Notes<br>2.625%, 02/15/2029(j) <br>(cost $2,436,438) | 2346 | 2161986 |
| **CORPORATES–INVESTMENT GRADE–0.2%** | **CORPORATES–INVESTMENT GRADE–0.2%** | **CORPORATES–INVESTMENT GRADE–0.2%** |
| **Industrial–0.2%** | **Industrial–0.2%** | **Industrial–0.2%** |
| **Consumer Cyclical–Automotive–0.2%** | **Consumer Cyclical–Automotive–0.2%** | **Consumer Cyclical–Automotive–0.2%** |
|  General Motors Financial Co., Inc. 3.443% (SOFR + 1.30%), 04/07/2025(a) <br>(cost $2,000,000) | 2000 | 1957540 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%** |
| **Risk Share Floating Rate–0.1%** | **Risk Share Floating Rate–0.1%** | **Risk Share Floating Rate–0.1%** |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2013-DN2, Class M2<br>7.334% (LIBOR 1 Month + 4.25%), 11/25/2023(a) | $90 | $91004 |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2014-C03, Class 2M2<br>5.984% (LIBOR 1 Month + 2.90%), 07/25/2024(a) | 71 | 71489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C04, Class 1M2<br>7.984% (LIBOR 1 Month + 4.90%), 11/25/2024(a) | 56 | 58259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C02, Class 1M2<br>7.084% (LIBOR 1 Month + 4.00%), 05/25/2025(a) | 35 | 36016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C03, Class 1M2<br>8.084% (LIBOR 1 Month + 5.00%), 07/25/2025(a) | 35 | 35429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 1M2<br>9.834% (LIBOR 1 Month + 6.75%), 08/25/2028(a) | 111 | 117513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2<br> 9.084% (LIBOR 1 Month + 6.00%), 09/25/2028(a) | 56 | 58245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class 1M2<br>8.384% (LIBOR 1 Month + 5.30%), 10/25/2028(a) | 95 | 97279 |
| Total Collateralized Mortgage Obligations <br>(cost $552,308) | Total Collateralized Mortgage Obligations <br>(cost $552,308) | 565234 |
| **SHORT-TERM INVESTMENTS–5.3%** | **SHORT-TERM INVESTMENTS–5.3%** | **SHORT-TERM INVESTMENTS–5.3%** |
| **U.S. Treasury Bills–5.3%** | **U.S. Treasury Bills–5.3%** | **U.S. Treasury Bills–5.3%** |
| **United States—5.3%** | **United States—5.3%** | **United States—5.3%** |
|  U.S. Treasury Bill<br>Zero Coupon, 10/20/2022<br>(cost $58,425,746) | 58500 | 58427622 |
| **Total Investments—99.7%** <br>(cost $1,174,374,436) | **Total Investments—99.7%** <br>(cost $1,174,374,436) | 1098401858 |
|  Other assets less liabilities—0.3% | Other assets less liabilities—0.3% | 3494929 |
| **Net Assets—100.0%** | **Net Assets—100.0%** | $**1101896787** |

---

18 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

------

**CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums**<br> **Paid/**<br> **(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
| CDX-NAHY<br>Series 39,<br>5 Year Index,<br>12/20/2027\* | 5.00% | Quarterly | 6.06% | USD | 8300 | $(328585) | $(317863) | $(10722) |

---

\* Termination date

------

**CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | <br>**Termination<br>Date** | **Payments<br>made by the<br>Fund** | **Payments<br>received by the<br>Fund** |<br>**Payment Frequency<br>Paid/Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 5605 | 01/15/2025 | 2.565% | CPI# | Maturity | $483175 | $— | $483175 |
| USD | 3100 | 01/15/2025 | 4.028% | CPI# | Maturity | 85148 |  | 85148 |
| USD | 2803 | 01/15/2025 | 2.613% | CPI# | Maturity | 236393 |  | 236393 |
| USD | 2802 | 01/15/2025 | 2.585% | CPI# | Maturity | 239341 |  | 239341 |
| USD | 12110 | 01/15/2026 | CPI# | 3.720% | Maturity | (329976) |  | (329976) |
| USD | 8400 | 01/15/2027 | CPI# | 3.320% | Maturity | (316213) |  | (316213) |
| USD | 8200 | 01/15/2027 | CPI# | 3.466% | Maturity | (236510) | (9582) | (226928) |
| USD | 6420 | 01/15/2027 | CPI# | 3.323% | Maturity | (240520) |  | (240520) |
| USD | 21750 | 01/15/2028 | 1.230% | CPI# | Maturity | 3629212 |  | 3629212 |
| USD | 15980 | 01/15/2028 | 0.735% | CPI# | Maturity | 3223789 |  | 3223789 |
| USD | 21800 | 01/15/2029 | CPI# | 3.290% | Maturity | (436702) |  | (436702) |
| USD | 8210 | 01/15/2029 | CPI# | 3.735% | Maturity | 131878 |  | 131878 |
| USD | 4115 | 01/15/2030 | 1.572% | CPI# | Maturity | 630159 |  | 630159 |
| USD | 4115 | 01/15/2030 | 1.587% | CPI# | Maturity | 624679 |  | 624679 |
| USD | 4900 | 01/15/2031 | 2.782% | CPI# | Maturity | 247343 |  | 247343 |
| USD | 4500 | 01/15/2031 | 2.680% | CPI# | Maturity | 270830 |  | 270830 |
| USD | 3950 | 01/15/2031 | 2.989% | CPI# | Maturity | 120714 |  | 120714 |
| USD | 4300 | 01/15/2032 | CPI# | 3.064% | Maturity | (68505) |  | (68505) |
| USD | 4180 | 04/15/2032 | CPI# | 2.909% | Maturity | (118301) |  | (118301) |
|  |  |  |  |  |  | $8175934 | $(9582) | $8185516 |

---

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

------

**CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | <br>**Termination<br>Date** | **Payments<br>made by the<br>Fund** | **Payments<br>received by the<br>Fund** |<br>**Payment Frequency<br>Paid/Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 13000 | 01/15/2029 | 1.363% | 3 Month LIBOR | Semi-Annual/Quarterly | $1894135 | $(8805) | $1902940 |
| USD | 34000 | 04/15/2032 | 2.525% | 1 Day SOFR | Annual | 2638093 |  | 2638093 |
| USD | 8000 | 04/15/2032 | 1.280% | 1 Day SOFR | Annual | 1445650 |  | 1445650 |
|  |  |  |  |  |  | $5977878 | $(8805) | $5986683 |

---

Schedule of Investments—California Municipal Portfolio 19

------

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

------

**CREDIT DEFAULT SWAPS (see Note 3)** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br>Counterparty & <br>Referenced<br>Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Sale Contracts** |  |  |  |  |  |  |  |  |
|  Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |  |  |  |  |  |  |  |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 87 | $(19479) | $(8116) | $(11363) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1005 | (225216) | (123252) | (101964) |
|  Credit Suisse International | Credit Suisse International |  |  |  |  |  |  |  |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1 | (161) | (84) | (77) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 47 | (10625) | (4468) | (6157) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 592 | (132811) | (55913) | (76898) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 892 | (199942) | (82013) | (117929) |
|  Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |  |  |  |  |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 773 | (173219) | (68965) | (104254) |
|  |  |  |  |  |  | $(761453) | $(342811) | $(418642) |

---

\* Termination date

------

**INTEREST RATE SWAPS (see Note 3)** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | |  | | **Rate Type** | **Rate Type** | | | | |
| <br>**Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made by<br>the Fund** | **Payments<br>received by<br>the Fund** |<br>**Payment Frequency<br>Paid/Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
| Citibank, NA | USD | 12395 | 10/09/2029 | 1.125% | SIFMA \* | Quarterly | $1424335 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1424335 |

---

\* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

------

(a) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2022.

(b) When-Issued or delayed delivery security.

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At
September 30, 2022, the aggregate market value of these securities amounted to $80,439,176 or 7.3% of net assets.

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

(e) Fair valued by the Adviser.

(f) Non-income producing security.

(g) Defaulted matured security.

(h) Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the
prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

(i) IO—Interest Only.

(j) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

As of September 30, 2022, the Portfolio's percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 2.0% and 0.0%, respectively.

20 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

AGC—Assured Guaranty Corporation

AGM—Assured Guaranty Municipal

BAM—Build American Mutual

CDX-CMBX.NA—North American Commercial Mortgage-Backed Index

CDX-NAHY—North American High Yield Credit Default Swap

CMBS—Commercial Mortgage-Backed Securities

COP—Certificate of Participation

DOT—Department of Transportation

ETM—Escrowed to Maturity

LIBOR—London Interbank Offered Rate

MUNIPSA—SIFMA Municipal Swap Index

NATL—National Interstate Corporation

SOFR—Secured Overnight Financing Rate

SRF—State Revolving Fund

XLCA—XL Capital Assurance Inc.

See notes to financial statements.

**Sanford C. Bernstein Fund, Inc.** 

**Schedule of Investments** 

**Diversified Municipal Portfolio** 

**September 30, 2022** 

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **MUNICIPAL OBLIGATIONS–98.0%** | **MUNICIPAL OBLIGATIONS–98.0%** | **MUNICIPAL OBLIGATIONS–98.0%** |
| **Long-Term Municipal Bonds–89.9%** | **Long-Term Municipal Bonds–89.9%** | **Long-Term Municipal Bonds–89.9%** |
| **Alabama–2.0%** | **Alabama–2.0%** | **Alabama–2.0%** |
|  Alabama Federal Aid Highway Finance Authority <br>(State of Alabama Fed Hwy Grant)<br>Series 2015<br>5.00%, 09/01/2025<br>(Pre-refunded/ETM) | $1390 | $1435835 |
|  Black Belt Energy Gas District <br>(Goldman Sachs Group, Inc. (The))<br>Series 2021<br>4.00%, 10/01/2052 | 5000 | 4870082 |
|  Infirmary Health System Special Care Facilities Financing Authority of Mobile <br>(Infirmary Health System Obligated Group)<br>Series 2021<br>4.00%, 02/01/2039 | 1000 | 888732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2040 | 2680 | 2361988 |
|  Southeast Alabama Gas Supply District (The) <br>(Goldman Sachs Group, Inc. (The))<br>Series 2018-A<br>4.00%, 04/01/2049 | 23985 | 23906588 |
|  Southeast Alabama Gas Supply District (The) <br>(Morgan Stanley)<br>Series 2018-A<br>4.00%, 06/01/2049 | 69310 | 69132927 |
|  Sumter County Industrial Development Authority/AL <br>(Enviva, Inc.)<br>Series 2022<br>6.00%, 07/15/2052 | 6480 | 5948392 |
|  |  | 108544544 |
| **Alaska–0.2%** | **Alaska–0.2%** | **Alaska–0.2%** |
|  Municipality of Anchorage AK<br>Series 2015-B<br>5.00%, 09/01/2024 | 4375 | 4522551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C<br>5.00%, 09/01/2023 | 1890 | 1921436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2024 | 2730 | 2822072 |
|  |  | 9266059 |

---

Schedule of Investments—Diversified Municipal Portfolio 21

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **American Samoa–0.0%** | **American Samoa–0.0%** | **American Samoa–0.0%** |
|  American Samoa Economic Development Authority <br>(Territory of American Samoa)<br>Series 2018<br>6.50%, 09/01/2028(a) | $1920 | $2072408 |
| **Arizona–1.8%** | **Arizona–1.8%** | **Arizona–1.8%** |
|  Arizona Health Facilities Authority <br>(HonorHealth)<br>Series 2014-A<br>5.00%, 12/01/2023 | 1270 | 1292993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2024 | 1500 | 1546033 |
|  Arizona Industrial Development Authority <br>(Equitable School Revolving Fund LLC Obligated Group)<br>Series 2020<br>5.00%, 11/01/2034 | 1000 | 1048104 |
|  Arizona Industrial Development Authority <br>(Legacy Cares, Inc.)<br>Series 2020<br>6.50%, 07/01/2026(a) | 2000 | 1948136 |
|  City of Glendale AZ <br>(City of Glendale AZ COP)<br>Series 2021<br>2.062%, 07/01/2029 | 2900 | 2387668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.542%, 07/01/2033 | 5000 | 3850239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.642%, 07/01/2034 | 10000 | 7602041 |
|  City of Glendale AZ <br>(City of Glendale AZ Excise Tax)<br>Series 2015-A<br>5.00%, 07/01/2023 | 7945 | 8052776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2024 | 9010 | 9284051 |
|  City of Phoenix Civic Improvement Corp. <br>(City of Phoenix AZ Water System Revenue)<br>Series 2020<br>5.00%, 07/01/2030 | 600 | 667217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 850 | 941180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 825 | 909971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 1000 | 1098505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 | 1250 | 1353447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 2000 | 2162103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 1500 | 1612335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 | 2000 | 2144763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 2000 | 2140847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 07/01/2030 | 500 | 556014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 650 | 719726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 400 | 441198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 490 | 538267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 1000 | 1092244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 | 1135 | 1228930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 1670 | 1805356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 1500 | 1612335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 | 1550 | 1662192 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  City of Tempe AZ <br>(City of Tempe AZ COP)<br>Series 2021<br>2.071%, 07/01/2032 | $5000 | $3899742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.171%, 07/01/2033 | 5000 | 3831932 |
|  Gilbert Water Resource Municipal Property Corp. <br>(Town of Gilbert AZ Waterworks & Sewer System Revenue)<br>Series 2022<br>5.00%, 07/15/2037 | 1805 | 1985054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2038 | 5500 | 6031528 |
|  Maricopa County Special Health Care District<br>Series 2018-C<br>5.00%, 07/01/2028 | 6000 | 6489233 |
|  State of Arizona Lottery Revenue<br>Series 2019<br>5.00%, 07/01/2023<br>(Pre-refunded/ETM) | 4000 | 4052492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2024<br>(Pre-refunded/ETM) | 2000 | 2058775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2025<br>(Pre-refunded/ETM) | 5000 | 5224944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027<br>(Pre-refunded/ETM) | 5500 | 5904185 |
|  |  | 99176556 |
| **Arkansas–0.1%** | **Arkansas–0.1%** | **Arkansas–0.1%** |
|  City of Fayetteville AR Sales & Use Tax Revenue <br>Series 2022<br>2.875%, 11/01/2032 | 3000 | 2737688 |
| **California–6.3%** | **California–6.3%** | **California–6.3%** |
|  California Community Housing Agency <br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments)<br>Series 2021-A<br>4.00%, 08/01/2047(a) | 18035 | 12579748 |
|  California Housing Finance Agency<br>Series 2019-2, Class A<br>4.00%, 03/20/2033 | 10545 | 10030291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A<br>3.50%, 11/20/2035 | 3424 | 2957752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2<br>0.823%, 03/25/2035 | 10000 | 562728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A<br>3.25%, 08/20/2036 | 3950 | 3381233 |
|  California State Public Works Board <br>(California State Public Works Board Lease)<br>Series 2014-B<br>5.00%, 10/01/2028 | 1225 | 1262053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>5.00%, 02/01/2027 | 12040 | 12890429 |

---

22 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  California State University<br>Series 2021-B<br>2.374%, 11/01/2035 | 5000 | $| 3643788 |
|  City of Los Angeles Department of Airports<br>Series 2018-C<br>5.00%, 05/15/2036 | 5840 |  | 5918866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 05/15/2039 | 5215 |  | 5257074 |
|  City of Riverside CA Electric Revenue<br>Series 2019-A<br>5.00%, 10/01/2033 | 5230 |  | 5685195 |
|  CMFA Special Finance Agency VII <br>(CMFA Special Finance Agency VII The Breakwater Apartments)<br>Series 2021<br>4.00%, 08/01/2047(a) | 1995 |  | 1356241 |
|  CMFA Special Finance Agency VIII Elan Huntington Beach<br>Series 2021<br>4.00%, 08/01/2047(a) | 2505 |  | 1878750 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 777 Place-Pomona)<br>Series 2021<br>3.60%, 05/01/2047(a) | 13250 |  | 10040097 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)<br>Series 2021<br>4.00%, 10/01/2046(a) | 5500 |  | 3850825 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Altana Apartments)<br>Series 2021<br>3.50%, 10/01/2046(a) | 13000 |  | 9339646 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)<br>Series 2021<br>3.375%, 07/01/2043(a) | 7000 |  | 5165710 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Union South Bay)<br>Series 2021-A<br>3.10%, 07/01/2045(a) | 3000 |  | 2184697 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Vineyard Gardens Apartments)<br>Series 2021<br>4.00%, 10/01/2048(a) | 6545 | $| 4517532 |
|  Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue<br>Series 2021-A<br>4.00%, 06/01/2038 | 10000 |  | 9708444 |
|  Los Angeles Unified School District/CA<br>Series 2020-R<br>5.00%, 07/01/2033 | 2780 |  | 3059775 |
|  Regents of the University of California Medical Center Pooled Revenue<br>Series 2022<br>5.00%, 05/15/2038 | 5000 |  | 5314884 |
|  Sacramento County Water Financing Authority <br>(Sacramento County Water Agency)<br>NATL Series 2007-B<br>2.635% (LIBOR 3 Month + 0.57%), 06/01/2039(b) | 15000 |  | 12869035 |
|  San Francisco Intl Airport<br>Series 2020-E<br>5.00%, 05/01/2037 | 9645 |  | 9814771 |
|  State of California<br>Series 2013<br>5.00%, 11/01/2024 | 20000 |  | 20407592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2025 | 23465 |  | 23938205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014<br>5.00%, 05/01/2025 | 30965 |  | 31860663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2026 | 50000 |  | 51438475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 11/01/2031 | 16185 |  | 17638479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2036 | 26190 |  | 27927340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.00%, 11/01/2030 | 19000 |  | 21267694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 | 460 |  | 496328 |
|  University of California<br>Series 2022-S<br>5.00%, 05/15/2034 | 5000 |  | 5570880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 | 5000 |  | 5520086 |
|  |  |  | 349335306 |
| **Colorado–2.1%** | **Colorado–2.1%** | **Colorado–2.1%** | **Colorado–2.1%** |
|  Centerra Metropolitan District No. 1<br>Series 2017<br>5.00%, 12/01/2029(a) | 3680 |  | 3620076 |
|  City & County of Denver Co. Airport System Revenue <br>(Denver Intl Airport)<br>Series 2012-A<br>5.00%, 11/15/2022 | 1025 |  | 1026866 |

---

Schedule of Investments—Diversified Municipal Portfolio 23

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  City & County of Denver CO. Airport System Revenue <br>(Denver Intl Airport)<br>Series 2012-A<br>5.00%, 11/15/2024 | 5605 | $| 5614119 |
|  City & County of Denver Co. Airport System Revenue <br>(Denver Intl Airport)<br>Series 2016-A<br>5.00%, 11/15/2023 | 4085 |  | 4159856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 12/01/2025 | 10000 |  | 10351534 |
|  City & County of Denver CO. Airport System Revenue <br>(Denver Intl Airport)<br>Series 2018-A<br>5.00%, 12/01/2026 | 16080 |  | 16637632 |
|  City & County of Denver Co. Airport System Revenue <br>(Denver Intl Airport)<br>Series 2018-A<br>5.00%, 12/01/2027 | 19215 |  | 19950433 |
|  City & County of Denver CO. Airport System Revenue <br>(Denver Intl Airport)<br>Series 2018-A<br>5.00%, 12/01/2028 | 24320 |  | 25395562 |
|  City & County of Denver Co. Airport System Revenue <br>(Denver Intl Airport)<br>Series 2018-A<br>5.00%, 12/01/2032 | 1620 |  | 1665193 |
|  Colorado Health Facilities Authority <br>(CommonSpirit Health)<br>Series 2019-A<br>5.00%, 08/01/2031 | 2175 |  | 2232145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 1095 |  | 1106329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 1995 |  | 1999485 |
|  Colorado Health Facilities Authority <br>(Sanford Obligated Group)<br>Series 2019-A<br>5.00%, 11/01/2027 | 2280 |  | 2392722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 3620 |  | 3808196 |
|  Johnstown Plaza Metropolitan District<br>Series 2022<br>4.25%, 12/01/2046 | 2369 |  | 1876748 |
|  State of Colorado<br>Series 2022<br>6.00%, 12/15/2041 | 11000 |  | 12682461 |
|  Vauxmont Metropolitan District<br>AGM Series 2019<br>3.25%, 12/15/2050 | 959 |  | 680109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2026 | 270 |  | 286764 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2020<br>5.00%, 12/01/2024 | 485 |  | 500292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 305 |  | 326161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 385 |  | 418742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 285 |  | 305518 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2050 | 300 | $| 312309 |
|  |  |  | 117349252 |
| **Connecticut–3.0%** | **Connecticut–3.0%** | **Connecticut–3.0%** | **Connecticut–3.0%** |
|  City of Bridgeport CT<br>Series 2017-A<br>5.00%, 11/01/2023 | 1420 |  | 1445463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 1000 |  | 1064565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>5.00%, 08/15/2025 | 1085 |  | 1131005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2026 | 4500 |  | 4750308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027<br>(Pre-refunded/ETM) | 755 |  | 813530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 6610 |  | 7045657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 08/15/2024 | 2245 |  | 2310814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2026 | 2480 |  | 2617947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 2605 |  | 2776692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 1620 |  | 1720748 |
|  Connecticut State Health & Educational Facilities Authority <br>(Nuvance Health Obligated Group)<br>Series 2019-A<br>5.00%, 07/01/2032 | 5425 |  | 5577478 |
|  Connecticut State Health & Educational Facilities Authority <br>(University of New Haven, Inc.)<br>Series 2018-K1<br>5.00%, 07/01/2026 | 1000 |  | 1001049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 1100 |  | 1100772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 1100 |  | 1098685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 1200 |  | 1197648 |
|  State of Connecticut<br>Series 2014-A<br>5.00%, 03/01/2028 | 6360 |  | 6503948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B<br>5.00%, 06/15/2032 | 7345 |  | 7626176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-F<br>5.00%, 11/15/2027 | 1570 |  | 1645652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A<br>5.00%, 03/15/2024 | 2805 |  | 2876668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2029 | 14500 |  | 15267627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-E<br>5.00%, 10/15/2024 | 17000 |  | 17597919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2025 | 3025 |  | 3169962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>5.00%, 04/15/2028 | 2515 |  | 2713602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C<br>5.00%, 06/15/2026 | 5500 |  | 5809721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D<br>5.00%, 04/15/2026 | 16655 |  | 17555311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 01/15/2040 | 2565 |  | 2691247 |
|  State of Connecticut Special Tax Revenue<br>Series 2012-A<br>5.00%, 01/01/2024 | 4650 |  | 4670387 |

---

24 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>4.00%, 05/01/2036 | $1000 | $954796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 1030 | 1110806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 3565 | 3905845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033 | 2525 | 2730901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2037 | 2645 | 2807371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 | 2015 | 2125746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 05/01/2040 | 3835 | 3573957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D<br>4.00%, 11/01/2039 | 1060 | 991751 |
|  Town of Stratford CT<br>Series 2019<br>5.00%, 01/01/2031 | 3890 | 4088893 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2019<br>5.00%, 01/01/2030 | 2035 | 2146940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 3890 | 4078423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 3555 | 3718902 |
|  University of Connecticut<br>Series 2022-A<br>5.00%, 05/01/2040 | 7065 | 7451237 |
|  |  | 163466149 |
| **Delaware–0.1%** | **Delaware–0.1%** | **Delaware–0.1%** |
|  Delaware River & Bay Authority<br>Series 2014-C<br>5.00%, 01/01/2026 | 3250 | 3314856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 2220 | 2264029 |
|  Delaware State Economic Development Authority <br>(Newark Charter School, Inc.)<br>Series 2020<br>4.00%, 09/01/2030 | 575 | 548528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2050 | 1000 | 975503 |
|  |  | 7102916 |
| **District of Columbia–1.9%** | **District of Columbia–1.9%** | **District of Columbia–1.9%** |
|  District of Columbia<br>Series 2013-A<br>5.00%, 06/01/2025 | 20860 | 21106794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 19580 | 19810368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 18675 | 18893499 |
|  District of Columbia <br>(District of Columbia Pers Income Tax)<br>Series 2012-C<br>5.00%, 12/01/2026 | 5585 | 5602009 |
|  Metropolitan Washington Airports Authority Aviation Revenue<br>Series 2018-A<br>5.00%, 10/01/2029 | 1155 | 1206851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 10/01/2030 | 3840 | 4024998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 5000 | 5189623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 10/01/2029 | 2540 | 2670476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 5500 | 5796965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 5000 | 5231626 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | $5500 | $5733601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 5000 | 5173029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 2870 | 2954539 |
|  Washington Metropolitan Area Transit Authority <br>(Washington Metropolitan Area Transit Authority State Lease)<br>Series 2020-A<br>5.00%, 07/15/2036 | 3205 | 3432213 |
|  |  | 106826591 |
| **Florida–4.3%** | **Florida–4.3%** | **Florida–4.3%** |
|  Capital Trust Agency, Inc. <br>(Franklin Academy Obligated Group)<br>Series 2020<br>5.00%, 12/15/2030(a) | 510 | 504563 |
|  Central Florida Expressway Authority<br>Series 2019-B<br>5.00%, 07/01/2033 | 11335 | 12078535 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2021<br>5.00%, 07/01/2031 | 4500 | 4989707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 2855 | 3134223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 2650 | 2889918 |
|  City of South Miami Health Facilities Authority, Inc. <br>(Baptist Health South Florida Obligated Group)<br>Series 2017<br>5.00%, 08/15/2031 | 5000 | 5275380 |
|  City of Tampa FL <br>(State of Florida Cigarette Tax Revenue)<br>Series 2020-A<br>Zero Coupon, 09/01/2034 | 650 | 357185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/01/2035 | 650 | 336249 |
|  County of Broward FL Airport System Revenue<br>Series 2019-A<br>5.00%, 10/01/2031 | 1070 | 1109671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C<br>2.384%, 10/01/2026 | 1250 | 1143635 |
|  County of Broward FL Airport System Revenue <br>(Fort Lauderdale Hollywood Intl Airport)<br>Series 2012-Q<br>5.00%, 10/01/2023 | 5000 | 5006887 |
|  County of Broward FL Convention Center Hotel Revenue<br>Series 2022<br>5.00%, 01/01/2035 | 2685 | 2872775 |
|  County of Miami-Dade FL Aviation Revenue<br>Series 2015-A<br>5.00%, 10/01/2022 | 1640 | 1640000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2023 | 1725 | 1747583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2024 | 1610 | 1644052 |

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Schedule of Investments—Diversified Municipal Portfolio 25

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  County of Miami-Dade FL Water & Sewer System Revenue<br>Series 2021<br>4.00%, 10/01/2038 | $2490 | $2396938 |
|  County of Miami-Dade Seaport Department<br>AGM Series 2021-A<br>4.00%, 10/01/2041 | 1955 | 1752378 |
|  County of Osceola FL Transportation Revenue<br>Series 2020-A<br>Zero Coupon, 10/01/2030 | 735 | 489847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2031 | 905 | 568892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2032 | 500 | 296522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2033 | 1210 | 674793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2034 | 1260 | 661254 |
|  Duval County School Board <br>(Duval County School Board COP)<br>Series 2015-B<br>5.00%, 07/01/2026 | 4280 | 4456560 |
|  Florida Development Finance Corp. <br>(Mayflower Retirement Center, Inc. Obligated Group)<br>Series 2020<br>5.125%, 06/01/2040(a) | 3765 | 3470549 |
|  Florida Municipal Power Agency <br>(Florida Municipal Power Agency All-Requirements Power Supply Project Revenue)<br>Series 2015-B<br>5.00%, 10/01/2024 | 1000 | 1032586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 1750 | 1826799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 1015 | 1056026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>1.425%, 10/01/2026 | 3000 | 2643234 |
|  Florida State Board of Education <br>(State of Florida)<br>Series 2022-A<br>5.00%, 06/01/2030 | 5150 | 5756304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 10760 | 12114487 |
|  Greater Orlando Aviation Authority<br>Series 2017-A<br>5.00%, 10/01/2029<br>(Pre-refunded/ETM) | 3000 | 3202360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030<br>(Pre-refunded/ETM) | 6250 | 6671582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 4085 | 4173820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 10/01/2033 | 7975 | 8221551 |
|  Hillsborough County School Board <br>(Hillsborough County School Board COP)<br>Series 2015<br>5.00%, 07/01/2026 | 1480 | 1534371 |
|  Hillsborough County School Board <br>(Hillsborough County School Board Sales Tax)<br>AGM Series 2015<br>5.00%, 10/01/2023 | 2650 | 2694539 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Hollywood Community Redevelopment Agency<br>Series 2015<br>5.00%, 03/01/2023 | $1145 | $1152498 |
|  JEA Electric System Revenue<br>Series 2017-B<br>5.00%, 10/01/2030 | 1185 | 1256972 |
|  JEA Water & Sewer System Revenue<br>Series 2014-A<br>5.00%, 10/01/2025<br>(Pre-refunded/ETM) | 1565 | 1604797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025 | 1495 | 1533676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 10/01/2026 | 22290 | 23686812 |
|  Manatee County School District <br>(Manatee County School District COP)<br>Series 2016-A<br>5.00%, 07/01/2028 | 7795 | 8202247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 6215 | 6548626 |
|  North Broward Hospital District<br>Series 2017-B<br>5.00%, 01/01/2029 | 3000 | 3079294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 3180 | 3253448 |
|  Orange County Health Facilities Authority <br>(Orlando Health Obligated Group)<br>Series 2019<br>5.00%, 10/01/2022 | 6955 | 6955000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2023 | 5000 | 5068385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2024 | 6560 | 6732944 |
|  Orange County Health Facilities Authority <br>(Presbyterian Retirement Communities, Inc. Obligated Group)<br>Series 2023<br>4.00%, 08/01/2036(c) | 1000 | 863240 |
|  Orange County School Board<br>Series 2014-A<br>5.00%, 08/01/2028<br>(Pre-refunded/ETM) | 25075 | 25890115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029<br>(Pre-refunded/ETM) | 21280 | 21971751 |
|  Polk County Industrial Development Authority <br>(Mineral Development LLC)<br>Series 2020<br>5.875%, 01/01/2033(a) | 2000 | 1977851 |
|  South Broward Hospital District <br>(South Broward Hospital District Obligated Group)<br>Series 2015<br>5.00%, 05/01/2027 | 3350 | 3471860 |

---

26 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  St. Lucie County School Board <br>(St. Lucie County School Board Sales Tax)<br>AGM Series 2015<br>5.00%, 10/01/2022 | $3150 | $3150000 |
|  |  | 236825271 |
| **Georgia–2.2%** | **Georgia–2.2%** | **Georgia–2.2%** |
|  City of Atlanta GA Department of Aviation<br>Series 2014-A<br>5.00%, 01/01/2028 | 12250 | 12483084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C<br>4.00%, 07/01/2040 | 1000 | 893302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 | 1000 | 885373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2042 | 1250 | 1100049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 1250 | 1312351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 1315 | 1385189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 1725 | 1813271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 1000 | 1046734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 1400 | 1453759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 3000 | 3093627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 2400 | 2450670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 2500 | 2549427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>5.00%, 07/01/2035 | 1565 | 1607754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 2845 | 2910527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 2535 | 2589673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 2765 | 2795626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 7105 | 7153506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 | 7460 | 7510929 |
|  Cobb County Kennestone Hospital Authority <br>(WellStar Health System Obligated Group)<br>Series 2021<br>5.00%, 04/01/2026 | 1000 | 1040143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2027 | 250 | 261147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 | 250 | 261964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 | 300 | 314718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | 225 | 235556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 | 250 | 260730 |
|  Main Street Natural Gas, Inc. <br>(Citadel LP)<br>Series 2022-C<br>4.00%, 08/01/2052(a) | 9350 | 8797596 |
|  Main Street Natural Gas, Inc. <br>(Royal Bank of Canada)<br>Series 2018-A<br>4.00%, 04/01/2048 | 34735 | 34789468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C<br>4.00%, 08/01/2048 | 18000 | 18035734 |
|  Private Colleges & Universities Authority <br>(Emory University)<br>Series 2020-B<br>4.00%, 09/01/2035 | 1280 | 1245359 |
|  |  | 120277266 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Guam–0.0%** | **Guam–0.0%** | **Guam–0.0%** |
|  Territory of Guam<br>Series 2019<br>5.00%, 11/15/2031 | $930 | $878122 |
| **Hawaii–0.0%** | **Hawaii–0.0%** | **Hawaii–0.0%** |
|  State of Hawaii Harbor System Revenue<br>Series 2020-A<br>4.00%, 07/01/2035 | 2765 | 2596840 |
| **Idaho–0.0%** | **Idaho–0.0%** | **Idaho–0.0%** |
|  Idaho Housing & Finance Association <br>(State of Idaho Fed Hwy Grant)<br>Series 2015-A<br>5.00%, 07/15/2023 | 1320 | 1337527 |
| **Illinois–5.0%** | **Illinois–5.0%** | **Illinois–5.0%** |
|  Chicago Board of Education<br>Series 2017-F<br>5.00%, 12/01/2023 | 7000 | 7075344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>4.00%, 12/01/2022 | 5500 | 5501473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 1000 | 1023186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>4.00%, 12/01/2041 | 11000 | 9132829 |
|  Chicago O'Hare International Airport<br>Series 2016-C<br>5.00%, 01/01/2027 | 3020 | 3162768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 01/01/2039 | 6000 | 6042712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 01/01/2042(c) | 3160 | 2811927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029(c) | 500 | 520673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030(c) | 800 | 836051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033(c) | 890 | 921170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2040(c) | 1850 | 1862111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2041(c) | 2000 | 2013093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2042(c) | 2200 | 2206399 |
|  Illinois Finance Authority <br>(Illinois Institute of Technology)<br>Series 2019<br>5.00%, 09/01/2023 | 470 | 473194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2025 | 600 | 609834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 300 | 305960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 455 | 464627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 575 | 588625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 1000 | 1010853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 625 | 617170 |
|  Illinois Finance Authority <br>(NorthShore University HealthSystem Obligated Group)<br>Series 2020<br>5.00%, 08/15/2029 | 1000 | 1082243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 | 4000 | 4328816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 | 2785 | 2908283 |

---

Schedule of Investments—Diversified Municipal Portfolio 27

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Illinois Finance Authority <br>(OSF Healthcare System Obligated Group)<br>Series 2015-A<br>5.00%, 11/15/2027 | 1000 | $| 1031443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 1250 |  | 1285221 |
|  Illinois Finance Authority <br>(State of Illinois Water Revolving Fund–Clean Water Program)<br>Series 2020<br>4.00%, 07/01/2037 | 5290 |  | 5051964 |
|  Illinois Finance Authority <br>(University of Chicago (The))<br>Series 2021-A<br>5.00%, 10/01/2031 | 4000 |  | 4443589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 3750 |  | 4155861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 2250 |  | 2492884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 | 1350 |  | 1450478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 | 1700 |  | 1825030 |
|  Illinois Municipal Electric Agency<br>Series 2015-A<br>5.00%, 02/01/2027 | 16370 |  | 17041887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 | 13565 |  | 14095800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 12885 |  | 13371611 |
|  Illinois State Toll Highway Authority<br>Series 2014-D<br>5.00%, 01/01/2023 | 1185 |  | 1190272 |
|  Metropolitan Pier & Exposition Authority<br>Series 2022<br>4.00%, 12/15/2042 | 2745 |  | 2237053 |
|  Metropolitan Water Reclamation District of Greater Chicago<br>Series 2007-B<br>5.25%, 12/01/2034 | 7075 |  | 8102676 |
|  Railsplitter Tobacco Settlement Authority<br>Series 2017<br>5.00%, 06/01/2024 | 10020 |  | 10237683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2025 | 12450 |  | 12853141 |
|  State of Illinois<br>Series 2013<br>5.50%, 07/01/2024 | 5415 |  | 5474517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-A<br>5.00%, 04/01/2023 | 4415 |  | 4444683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014<br>5.00%, 02/01/2024 | 3500 |  | 3547531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2025 | 18120 |  | 18341615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 5000 |  | 5047045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>5.00%, 02/01/2029 | 1100 |  | 1117785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 12/01/2024 | 8590 |  | 8733389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D<br>5.00%, 11/01/2024 | 55520 |  | 56437279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 1675 |  | 1707221 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>4.00%, 11/01/2033 | 9000 | $| 8169565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.50%, 05/01/2039 | 1500 |  | 1526873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>5.25%, 10/01/2037(c) | 4000 |  | 4031597 |
|  |  |  | 274945034 |
| **Indiana–0.7%** | **Indiana–0.7%** | **Indiana–0.7%** | **Indiana–0.7%** |
|  City of Whiting IN <br>(BP Products North America, Inc.)<br>Series 2019<br>5.00%, 12/01/2044 | 9670 |  | 9923372 |
|  Indiana Finance Authority <br>(Fulcrum Centerpoint LLC)<br>Series 2021<br>0.28%, 12/15/2045 | 12000 |  | 11945385 |
|  Indiana Finance Authority <br>(Good Samaritan Hospital Obligated Group)<br>Series 2022<br>5.00%, 04/01/2024 | 715 |  | 726291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2025 | 750 |  | 767353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2026 | 790 |  | 813628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2027 | 830 |  | 856649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 | 875 |  | 903376 |
|  Indiana Finance Authority <br>(Indiana University Health, Inc. Obligated Group)<br>Series 2015<br>4.00%, 12/01/2040 | 11690 |  | 10699841 |
|  Indiana Finance Authority <br>(Ohio Valley Electric Corp.)<br>Series 2021-B<br>2.50%, 11/01/2030 | 1895 |  | 1602199 |
|  |  |  | 38238094 |
| **Iowa–0.5%** | **Iowa–0.5%** | **Iowa–0.5%** | **Iowa–0.5%** |
|  Iowa Finance Authority <br>(Iowa Fertilizer Co. LLC)<br>Series 2022<br>4.00%, 12/01/2050 | 5450 |  | 4942638 |
|  Iowa Finance Authority <br>(Iowa Finance Authority State Revolving Fund)<br>Series 2021-A<br>5.00%, 08/01/2038 | 5460 |  | 5922945 |
|  PEFA, Inc. <br>(Goldman Sachs Group, Inc. (The))<br>Series 2019<br>5.00%, 09/01/2049 | 14000 |  | 14213550 |
|  |  |  | 25079133 |
| **Kansas–0.1%** | **Kansas–0.1%** | **Kansas–0.1%** | **Kansas–0.1%** |
|  City of Junction City KS<br>Series 2016-A<br>5.00%, 09/01/2023 | 3805 |  | 3863150 |

---

28 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Kentucky–2.4%** | **Kentucky–2.4%** | **Kentucky–2.4%** |
|  County of Carroll KY <br>(Kentucky Utilities Co.)<br>Series 2019<br>1.75%, 10/01/2034 | $3835 | $3378579 |
|  Kentucky Economic Development Finance Authority <br>(Baptist Healthcare System Obligated Group)<br>Series 2017-B<br>5.00%, 08/15/2029 | 1000 | 1042651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2041 | 1260 | 1253121 |
|  Kentucky Economic Development Finance Authority <br>(Owensboro Health, Inc. Obligated Group)<br>Series 2017-A<br>5.00%, 06/01/2028 | 8780 | 9047001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 5870 | 6023902 |
|  Kentucky Public Energy Authority <br>(BP PLC)<br>Series 2018-B<br>4.00%, 01/01/2049 | 24850 | 24760135 |
|  Kentucky Public Energy Authority <br>(Morgan Stanley)<br>Series 2018-A<br>4.00%, 04/01/2048 | 18590 | 18550132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C<br>4.00%, 12/01/2049 | 36475 | 36238959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>4.00%, 12/01/2049 | 10895 | 10851553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 08/01/2052 | 10000 | 9511694 |
|  Kentucky Turnpike Authority<br>Series 2016-A<br>5.00%, 07/01/2023 | 2365 | 2394991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2024 | 3420 | 3516990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2025 | 2515 | 2622101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 5075 | 5340141 |
|  |  | 134531950 |
| **Louisiana–0.5%** | **Louisiana–0.5%** | **Louisiana–0.5%** |
|  Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax<br>Series 2015<br>5.00%, 08/01/2027 | 6450 | 6688315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 2535 | 2622458 |
|  Parish of St. James LA <br>(NuStar Logistics LP)<br>Series 2020<br>5.85%, 08/01/2041(a) | 2250 | 2308139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/2038(a) | 3030 | 3223820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 12/01/2040(a) | 2595 | 2760995 |
|  St. Tammany Parish Finance Authority <br>(Christwood)<br>Series 2015<br>5.25%, 11/15/2029 | 1200 | 1191504 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  State of Louisiana Gasoline & Fuels Tax Revenue<br>Series 2022-A<br>2.586% (SOFR + 0.50%), 05/01/2043(b) | $10420 | $10024675 |
|  |  | 28819906 |
| **Maine–0.0%** | **Maine–0.0%** | **Maine–0.0%** |
|  Maine Municipal Bond Bank<br>Series 2014-A<br>5.00%, 09/01/2025 | 1000 | 1029604 |
| **Maryland–0.9%** | **Maryland–0.9%** | **Maryland–0.9%** |
|  County of Baltimore MD<br>Series 2022<br>4.00%, 03/01/2038 | 5000 | 4765294 |
|  County of Frederick MD<br>Series 2019-A<br>5.00%, 08/01/2027 (Pre-refunded/ETM) | 165 | 178078 |
|  County of Howard MD<br>Series 2020-A<br>5.00%, 08/15/2031 | 4825 | 5385451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2032 | 3640 | 4039419 |
|  Maryland Economic Development Corp. <br>(Purple Line Transit Partners LLC)<br>Series 2022<br>5.00%, 11/12/2028 | 15000 | 15404949 |
|  Maryland Health & Higher Educational Facilities Authority <br>(UPMC Obligated Group)<br>Series 2020-B<br>5.00%, 04/15/2028 | 1420 | 1488342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2029 | 1500 | 1569549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2031 | 1365 | 1428029 |
|  State of Maryland<br>Series 2021-A<br>5.00%, 08/01/2034 | 8940 | 9916641 |
|  State of Maryland Department of Transportation <br>(Baltimore/Washington International Thurgood Marshall Airport)<br>Series 2021<br>5.00%, 08/01/2026 | 1500 | 1548432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 1050 | 1094403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 700 | 733561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 1000 | 1030942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 1000 | 1026727 |
|  |  | 49609817 |
| **Massachusetts–2.2%** | **Massachusetts–2.2%** | **Massachusetts–2.2%** |
|  Commonwealth of Massachusetts<br>Series 2016-B<br>5.00%, 07/01/2023 | 3965 | 4022590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D<br>5.00%, 02/01/2036 | 4435 | 4626844 |

---

Schedule of Investments—Diversified Municipal Portfolio 29

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017C<br>5.00%, 10/01/2022 | 2350 | $| 2350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>5.00%, 01/01/2031 | 3685 |  | 3964715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>4.00%, 02/01/2040 | 13000 |  | 12258121 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-A<br>2.434% (LIBOR 3 Month + 0.57%), 05/01/2037(b) | 15250 |  | 14361932 |
|  Commonwealth of Massachusetts <br>(Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue)<br>Series 2022-B<br>4.11%, 07/15/2031 | 7250 |  | 6955251 |
|  Commonwealth of Massachusetts Transportation Fund Revenue<br>Series 2021<br>5.00%, 06/01/2041 | 10340 |  | 11031619 |
|  Massachusetts Bay Transportation Authority Assessment Revenue<br>Series 2022-A<br>4.00%, 07/01/2039 | 2270 |  | 2134209 |
|  Massachusetts Development Finance Agency <br>(Brandeis University)<br>Series 2019-S<br>5.00%, 10/01/2025 | 2670 |  | 2787947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 2535 |  | 2675406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 2140 |  | 2279307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 2340 |  | 2511846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 1000 |  | 1073452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 1000 |  | 1068005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 1010 |  | 1072662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 1055 |  | 1116975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 1625 |  | 1712347 |
|  Massachusetts Development Finance Agency <br>(Mass General Brigham, Inc.)<br>Series 2017-S1<br>5.00%, 07/01/2025 | 7565 |  | 7873046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 7500 |  | 8025696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 9000 |  | 9626115 |
|  Massachusetts Development Finance Agency <br>(Trustees of Boston College)<br>Series 2020-U<br>5.00%, 07/01/2028 | 950 |  | 1031072 |
|  Massachusetts Development Finance Agency <br>(Wellforce Obligated Group)<br>Series 2019-A<br>5.00%, 07/01/2028 | 1425 |  | 1474986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 2100 |  | 2150161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 2000 |  | 2023289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 2000 |  | 2010099 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2020-C<br>5.00%, 10/01/2026 | 325 |  | 339550 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 440 | $| 463498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 500 |  | 530634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 295 |  | 315508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 315 |  | 338423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 375 |  | 395745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 245 |  | 255910 |
|  Massachusetts Port Authority<br>Series 2021-E<br>5.00%, 07/01/2036 | 8615 |  | 8890413 |
|  |  |  | 123747373 |
| **Michigan–5.3%** | **Michigan–5.3%** | **Michigan–5.3%** | **Michigan–5.3%** |
|  Bloomfield Hills School District<br>Series 2023<br>5.00%, 05/01/2027(c) | 600 |  | 627280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028(c) | 635 |  | 669348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029(c) | 700 |  | 743440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030(c) | 635 |  | 678865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032(c) | 1100 |  | 1188589 |
|  City of Detroit MI Sewage Disposal System Revenue <br>(Great Lakes Water Authority Sewage Disposal System Revenue)<br>AGM Series 2006-D<br>2.094% (LIBOR 3 Month + 0.60%), 07/01/2032(b) | 14000 |  | 13638271 |
|  Great Lakes Water Authority Water Supply System Revenue<br>Series 2016-C<br>5.00%, 07/01/2024 | 2700 |  | 2781198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2025 | 9805 |  | 10235630 |
|  Kalamazoo Economic Development Corp. <br>(Heritage Community of Kalamazoo Obligated Group)<br>Series 2020<br>2.625%, 05/15/2025 | 1150 |  | 1084352 |
|  Lake Orion Community School District<br>Series 2016<br>5.00%, 05/01/2024 | 2915 |  | 2992072 |
|  Michigan Finance Authority <br>(Bronson Healthcare Group Obligated Group)<br>Series 2020<br>5.00%, 05/15/2036 | 48585 |  | 49208807 |
|  Michigan Finance Authority <br>(City of Detroit MI Income Tax)<br>Series 2015<br>3.80%, 10/01/2022 | 500 |  | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/01/2023 | 2000 |  | 1987935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2024 | 3000 |  | 2969696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2029 | 12065 |  | 11989197 |

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30 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Michigan Finance Authority <br>(Great Lakes Water Authority Sewage Disposal System Revenue)<br>AGM Series 2014<br>5.00%, 07/01/2025 | 22045 | $| 22696622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 17895 |  | 18384129 |
|  Michigan Finance Authority <br>(Great Lakes Water Authority Water Supply System Revenue)<br>AGM Series 2014-D2<br>5.00%, 07/01/2024 | 7770 |  | 7999671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2025 | 16525 |  | 17013457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 25000 |  | 25730397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 5060 |  | 5198306 |
|  Michigan Finance Authority <br>(Michigan Finance Authority School Loan Revolving Fund)<br>Series 2019<br>2.366%, 09/01/2049 | 15000 |  | 14687868 |
|  Michigan Finance Authority <br>(Michigan Finance Authority Tobacco Settlement Revenue)<br>Series 2020-A<br>4.00%, 06/01/2034 | 2000 |  | 1867282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2035 | 1000 |  | 926226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2036 | 1000 |  | 919187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2037 | 1000 |  | 910836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2038 | 1000 |  | 901626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2039 | 2000 |  | 1788341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2025 | 610 |  | 624629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 1290 |  | 1326589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 1000 |  | 1036997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 2000 |  | 2085461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 745 |  | 774760 |
|  Michigan Finance Authority <br>(Public Lighting Authority)<br>Series 2014<br>5.00%, 07/01/2030 | 1600 |  | 1618905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-B<br>5.00%, 07/01/2027 | 4990 |  | 5058452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 2460 |  | 2485519 |
|  Michigan Finance Authority <br>(Trinity Health Corp.)<br>Series 2019<br>4.00%, 12/01/2040 | 5595 |  | 5098483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015<br>5.00%, 12/01/2023 | 5675 |  | 5782936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2024 | 4400 |  | 4548005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2025 | 3000 |  | 3114193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2026 | 4500 |  | 4714286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2027 | 2720 |  | 2841568 |
|  Michigan Strategic Fund <br>(Michigan Strategic Fund–I 75 Improvement Project)<br>Series 2018<br>5.00%, 12/31/2024 | 3210 |  | 3235442 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2025 | 2200 | $| 2221587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2026 | 2400 |  | 2423706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2026 | 5770 |  | 5832252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2027 | 7635 |  | 7714152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2027 | 5770 |  | 5833842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2028 | 4645 |  | 4692481 |
|  |  |  | 293382873 |
| **Missouri–0.4%** | **Missouri–0.4%** | **Missouri–0.4%** | **Missouri–0.4%** |
|  Cape Girardeau County Industrial Development Authority <br>(SoutheastHEALTH Obligated Group)<br>Series 2017-A<br>5.00%, 03/01/2025 | 1445 |  | 1466421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | 1375 |  | 1403306 |
|  City of Kansas City MO <br>(City of Kansas City MO Lease)<br>Series 2022<br>5.00%, 09/01/2037 | 4000 |  | 4246934 |
|  Health & Educational Facilities Authority of the State of Missouri <br>(BJC Healthcare Obligated Group)<br>Series 2021-A<br>4.00%, 07/01/2033 | 4000 |  | 3854797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2034 | 2000 |  | 1910011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 | 1500 |  | 1422845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2039 | 5000 |  | 4614561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040 | 1500 |  | 1374401 |
|  Howard Bend Levee District<br>XLCA INS Series 2005<br>5.75%, 03/01/2025 | 845 |  | 855297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027 | 775 |  | 785606 |
|  Missouri Joint Municipal Electric Utility Commission<br>Series 2014-A<br>5.00%, 01/01/2025 | 2630 |  | 2718780 |
|  |  |  | 24652959 |
| **Montana–0.3%** | **Montana–0.3%** | **Montana–0.3%** | **Montana–0.3%** |
|  Montana Facility Finance Authority <br>(Benefis Health System Obligated Group)<br>Series 2016<br>5.00%, 02/15/2025 | 2500 |  | 2556722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2026 | 3190 |  | 3288291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 6950 |  | 7218037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 2375 |  | 2465391 |
|  |  |  | 15528441 |
| **Nebraska–1.1%** | **Nebraska–1.1%** | **Nebraska–1.1%** | **Nebraska–1.1%** |
|  Central Plains Energy Project <br>(Goldman Sachs Group, Inc. (The))<br>Series 2018<br>5.00%, 03/01/2050 | 57480 |  | 58008684 |

---

Schedule of Investments—Diversified Municipal Portfolio 31

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Nevada–0.9%** | **Nevada–0.9%** | **Nevada–0.9%** |
|  City of Las Vegas NV<br>Series 2015-C<br>5.00%, 09/01/2023 | $5675 | $5766835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 2930 | 3088194 |
|  Clark County School District<br>Series 2016-D<br>5.00%, 06/15/2024 | 26915 | 27570364 |
|  County of Clark NV<br>Series 2017<br>5.00%, 06/01/2024 | 6530 | 6719680 |
|  Las Vegas Valley Water District<br>Series 2016-B<br>5.00%, 06/01/2028 | 4590 | 4859036 |
|  |  | 48004109 |
| **New Hampshire–0.8%** | **New Hampshire–0.8%** | **New Hampshire–0.8%** |
|  New Hampshire Business Finance Authority<br>Series 2020-1, Class A<br>4.125%, 01/20/2034 | 9177 | 8503150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A<br>4.375%, 09/20/2036 | 24923 | 22693575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2<br>0.35%, 09/20/2036 | 20000 | 473952 |
|  New Hampshire Business Finance Authority <br>(Covanta Holding Corp.)<br>Series 2018-A<br>4.00%, 11/01/2027(a) | 2250 | 2136616 |
|  New Hampshire Business Finance Authority <br>(New Hampshire Business Finance Authority)<br>National Finance Authority<br>Series 2022-2<br>0.674%, 10/20/2036 | 10000 | 520125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/2036 | 10000 | 8742673 |
|  |  | 43070091 |
| **New Jersey–5.8%** | **New Jersey–5.8%** | **New Jersey–5.8%** |
|  New Jersey Economic Development Authority <br>(New Jersey Economic Development Authority State Lease)<br>Series 2019<br>5.25%, 04/01/2026 | 4930 | 5126953 |
|  New Jersey Economic Development Authority <br>(NYNJ Link Borrower LLC)<br>Series 2013<br>5.50%, 01/01/2026 | 1000 | 1013784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2027 | 1000 | 1013081 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  New Jersey Economic Development Authority <br>(Port Newark Container Terminal LLC)<br>Series 2017<br>5.00%, 10/01/2022 | $1755 | $1755000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2023 | 1500 | 1513709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2024 | 2000 | 2030258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025 | 2750 | 2807360 |
|  New Jersey Economic Development Authority <br>(Rutgers The State University of New Jersey)<br>Series 2013<br>5.00%, 06/15/2025 | 1000 | 1009977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2026 | 3500 | 3533472 |
|  New Jersey Economic Development Authority <br>(United Airlines, Inc.)<br>Series 2012<br>5.25%, 09/15/2029 | 3920 | 3877256 |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Fed Hwy Grant)<br>Series 2016<br>5.00%, 06/15/2027 | 12830 | 13413911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028 | 975 | 1012145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 06/15/2029 | 3050 | 3157624 |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Trust Fund Authority State Lease)<br>Series 2019<br>5.00%, 12/15/2031 | 3195 | 3303951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 12/15/2027 | 8605 | 8944509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2029 | 38555 | 40141858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2030 | 5885 | 6102655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2032 | 5230 | 5353179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2033 | 7230 | 7352094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 12/15/2028 | 4000 | 4168892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 | 1525 | 1588939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>5.00%, 06/15/2033 | 3885 | 3957019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 06/15/2035 | 1810 | 1833429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 06/15/2034 | 11635 | 11795115 |
|  New Jersey Turnpike Authority<br>Series 2014-A<br>5.00%, 01/01/2027 | 5040 | 5176329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 40000 | 41073132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 30900 | 31723436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C<br>5.00%, 01/01/2024 | 14720 | 15022767 |

---

32 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 01/01/2029 | $7235 | $7636185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>5.00%, 01/01/2029 | 10000 | 10673645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 14830 | 15813683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 15220 | 16187322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>1.713%, 01/01/2029 | 6625 | 5438574 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2005-D3<br>5.25%, 01/01/2026 | 14770 | 15581818 |
|  South Jersey Transportation Authority<br>BAM Series 2022<br>5.00%, 11/01/2036 | 450 | 472882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2037 | 400 | 419007 |
|  Tobacco Settlement Financing Corp./NJ<br>Series 2018-A<br>5.00%, 06/01/2023 | 1500 | 1516494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2025 | 4125 | 4239876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 3000 | 3104875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 4000 | 4146780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 2140 | 2221612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2035 | 2620 | 2655387 |
|  |  | 318909974 |
| **New York–12.6%** | **New York–12.6%** | **New York–12.6%** |
|  City of New York NY<br>Series 2014-A<br>5.00%, 08/01/2027 | 1130 | 1161263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A<br>5.00%, 08/01/2023 | 2040 | 2070482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D<br>5.00%, 12/01/2039 | 2435 | 2517574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 08/01/2024 | 1260 | 1300053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C<br>5.00%, 08/01/2032 | 3150 | 3409102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>1.396%, 08/01/2027 | 18750 | 15968569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 08/01/2038 | 1000 | 938752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 2025 | 2196297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F<br>5.00%, 06/01/2044 | 5000 | 5064474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L<br>5.00%, 04/01/2034 | 4000 | 4304062 |
|  County of Nassau NY<br>Series 2017-C<br>5.00%, 10/01/2026 | 8840 | 9332994 |
|  Dutchess County Local Development Corp. <br>(Bard College)<br>Series 2020-B<br>5.918%, 07/01/2039(a) | 4875 | 4703175 |
|  Metropolitan Transportation Authority<br>Series 2012<br>5.00%, 11/15/2026 | 2535 | 2540716 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-D<br>5.00%, 11/15/2028 | $6890 | $6902342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-F<br>5.00%, 11/15/2022 | 1170 | 1172261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2024 | 26915 | 26961929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2025 | 15275 | 15301343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026 | 12270 | 12294822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H<br>5.00%, 11/15/2026 | 195 | 195417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-B<br>5.00%, 11/15/2026<br>(Pre-refunded/ETM) | 9505 | 9698172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A<br>5.00%, 11/15/2026<br>(Pre-refunded/ETM) | 4205 | 4290459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2027<br>(Pre-refunded/ETM) | 4040 | 4122106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C<br>5.00%, 11/15/2027<br>(Pre-refunded/ETM) | 5000 | 5186798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 11/15/2028 | 1610 | 1657740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2030 | 56065 | 57462773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 | 5455 | 5545043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2033 | 8500 | 8485906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D<br>2.327% (SOFR + 0.33%), 11/01/2035(b) | 9500 | 9202295 |
|  Metropolitan Transportation Authority <br>(Metropolitan Transportation Authority Dedicated Tax Fund)<br>Series 2012-A<br>5.00%, 11/15/2027 | 4505 | 4513858 |
|  New York City Transitional Finance Authority Building Aid Revenue <br>(New York City Transitional Finance Authority Building Aid Revenue State Lease)<br>Series 2018-S<br>5.00%, 07/15/2031 | 28000 | 30264945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 | 25945 | 27819936 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue<br>Series 2012-A<br>5.00%, 08/01/2025 | 12345 | 12346922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-B<br>5.00%, 11/01/2023 | 20000 | 20028116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 08/01/2033 | 4860 | 5086461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>5.00%, 11/01/2035 | 17960 | 18880164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2036 | 41825 | 43774564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>4.00%, 08/01/2037 | 9200 | 8791910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2038 | 6030 | 5699771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E<br>4.00%, 02/01/2040 | 4335 | 4052547 |

---

Schedule of Investments—Diversified Municipal Portfolio 33

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  New York Liberty Development Corp. <br>(One Bryant Park LLC)<br>Series 2019<br>2.45%, 09/15/2069 | 4250 | $| 3767005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/2069 | 11555 |  | 9481240 |
|  New York State Dormitory Authority<br>Series 2014-C<br>5.00%, 03/15/2027<br>(Pre-refunded/ETM) | 2015 |  | 2067673 |
|  New York State Dormitory Authority <br>(State of New York Pers Income Tax)<br>Series 2020-D<br>5.00%, 02/15/2029 | 8455 |  | 9182970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2034 | 17525 |  | 18688639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 03/15/2040 | 22190 |  | 20536051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2042 | 10090 |  | 9232855 |
|  New York State Thruway Authority <br>(State of New York Pers Income Tax)<br>Series 2021-A<br>4.00%, 03/15/2036 | 5000 |  | 4835590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 03/15/2039 | 4000 |  | 4226250 |
|  New York State Urban Development Corp.<br>Series 2013-C<br>5.00%, 03/15/2025<br>(Pre-refunded/ETM) | 25165 |  | 25378487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2026<br>(Pre-refunded/ETM) | 38460 |  | 38786275 |
|  New York State Urban Development Corp. <br>(State of New York Pers Income Tax)<br>Series 2016-A<br>5.00%, 03/15/2024 | 4010 |  | 4112456 |
|  New York Transportation Development Corp. <br>(Delta Air Lines, Inc.)<br>Series 2018<br>5.00%, 01/01/2027 | 25115 |  | 25220430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 22110 |  | 22105543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 27145 |  | 27049490 |
|  New York Transportation Development Corp. <br>(JFK International Air Terminal LLC)<br>Series 2022<br>5.00%, 12/01/2039 | 7000 |  | 6738068 |
|  New York Transportation Development Corp. <br>(Laguardia Gateway Partners LLC)<br>Series 2016-A<br>5.00%, 07/01/2046 | 2095 |  | 1987699 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Port Authority of New York & New Jersey<br>Series 2013-178<br>5.00%, 12/01/2028 | 3385 | $| 3423190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>4.00%, 11/01/2037 | 2915 |  | 2639398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2<br>5.00%, 07/15/2033 | 5910 |  | 6130726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2<br>4.00%, 07/15/2037 | 2980 |  | 2703674 |
|  Suffolk Tobacco Asset Securitization Corp.<br>Series 2021<br>5.00%, 06/01/2027 | 1045 |  | 1083212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 2080 |  | 2170384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 2395 |  | 2461742 |
|  Triborough Bridge & Tunnel Authority <br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)<br>Series 2021-A<br>2.411%, 05/15/2034 | 14725 |  | 11319308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.591%, 05/15/2036 | 2000 |  | 1507206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 05/15/2030 | 7000 |  | 7706938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 08/15/2024 | 16500 |  | 17053240 |
|  |  |  | 696841852 |
| **North Carolina–0.2%** | **North Carolina–0.2%** | **North Carolina–0.2%** | **North Carolina–0.2%** |
|  County of Wake NC <br>(County of Wake NC Lease)<br>Series 2021<br>4.00%, 03/01/2038 | 1525 |  | 1451415 |
|  Greater Asheville Regional Airport Authority<br>AGM Series 2022-A<br>5.00%, 07/01/2035 | 1740 |  | 1784790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 1500 |  | 1534548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 1250 |  | 1275979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2038 | 1200 |  | 1250396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2039 | 1300 |  | 1351669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2040 | 3220 |  | 3339806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2042 | 1140 |  | 1176829 |
|  |  |  | 13165432 |
| **North Dakota–0.1%** | **North Dakota–0.1%** | **North Dakota–0.1%** | **North Dakota–0.1%** |
|  County of Ward ND <br>(Trinity Health Obligated Group)<br>Series 2017-C<br>5.00%, 06/01/2028 | 2000 |  | 1980297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 3000 |  | 2879587 |
|  |  |  | 4859884 |
| **Ohio–1.2%** | **Ohio–1.2%** | **Ohio–1.2%** | **Ohio–1.2%** |
|  American Municipal Power, Inc.<br>Series 2021<br>4.00%, 02/15/2036 | 1000 |  | 935427 |

---

34 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Buckeye Tobacco Settlement Financing Authority<br>Series 2020-A<br>4.00%, 06/01/2037 | $2000 | $1832518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2038 | 1000 | 907359 |
|  County of Allen OH Hospital Facilities Revenue <br>(Bon Secours Mercy Health, Inc.)<br>Series 2017-A<br>5.00%, 08/01/2026 | 10000 | 10478067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 8465 | 8961153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 1955 | 2079290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.00%, 12/01/2028 | 5400 | 5790232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 1565 | 1689327 |
|  County of Cuyahoga OH <br>(MetroHealth System (The))<br>Series 2017<br>5.00%, 02/15/2026 | 2745 | 2840066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 2710 | 2804642 |
|  County of Franklin OH <br>(Nationwide Children's Hospital, Inc.)<br>Series 2017-A<br>5.00%, 11/01/2031 | 1000 | 1058992 |
|  County of Hamilton OH Sewer System Revenue<br>Series 2019-A<br>5.00%, 12/01/2034 | 9375 | 10202027 |
|  County of Washington OH <br>(Marietta Area Health Care, Inc. Obligated Group)<br>Series 2022<br>5.50%, 12/01/2027 | 800 | 758852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 12/01/2037 | 5000 | 4592553 |
|  Hamilton County Convention Facilities Authority<br>Series 2014<br>5.00%, 12/01/2022 | 2240 | 2245670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2023 | 1230 | 1250865 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund<br>Series 2020-A<br>5.00%, 12/01/2032 | 4970 | 5457845 |
|  |  | 63884885 |
| **Oklahoma–0.2%** | **Oklahoma–0.2%** | **Oklahoma–0.2%** |
|  Comanche County Memorial Hospital<br>Series 2015<br>5.00%, 07/01/2026 | 1235 | 1255781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 1280 | 1300977 |
|  McGee Creek Authority<br>NATL Series 1992<br>6.00%, 01/01/2023 | 510 | 512596 |
|  Oklahoma Development Finance Authority<br>Series 2022<br>4.38%, 11/01/2045 | 4000 | 3655007 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Oklahoma Development Finance Authority <br>(Gilcrease Expressway West)<br>Series 2020<br>1.625%, 07/06/2023 | $3005 | $2926066 |
|  Oklahoma Development Finance Authority <br>(OU Medicine, Inc.)<br>Series 2022-A<br>5.50%, 08/15/2037 | 4245 | 3769677 |
|  |  | 13420104 |
| **Oregon–0.6%** | **Oregon–0.6%** | **Oregon–0.6%** |
|  Hospital Facilities Authority of Multnomah County Oregon <br>(Mirabella at South Waterfront)<br>Series 2014-A<br>5.00%, 10/01/2024 | 430 | 430972 |
|  Medford Hospital Facilities Authority <br>(Asante Health System Obligated Group)<br>Series 2020-A<br>5.00%, 08/15/2030 | 415 | 434722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2031 | 1245 | 1298372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 | 500 | 517322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 | 875 | 901962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2035 | 755 | 774162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2036 | 1300 | 1335253 |
|  Port of Portland OR Airport Revenue<br>Series 2020-T<br>5.00%, 07/01/2035 | 4290 | 4378771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2<br>4.00%, 07/01/2038 | 11255 | 10248227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040 | 7170 | 6404978 |
|  Salem Hospital Facility Authority <br>(Salem Health Obligated Group)<br>Series 2019<br>5.00%, 05/15/2038 | 2205 | 2216396 |
|  State of Oregon Department of Administrative Services <br>(State of Oregon Department of Administrative Services COP)<br>Series 2009-D<br>5.00%, 11/01/2022 | 35 | 35051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2023 | 10 | 10015 |
|  Tri-County Metropolitan Transportation District of Oregon<br>Series 2018-A<br>5.00%, 10/01/2028 | 2335 | 2495936 |
|  |  | 31482139 |
| **Other–1.1%** | **Other–1.1%** | **Other–1.1%** |
|  Federal Home Loan Mortgage Corp.<br>Series 2021-ML12, Class AUS<br>2.34%, 07/25/2041(a) | 7448 | 5894203 |

---

Schedule of Investments—Diversified Municipal Portfolio 35

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Federal Home Loan Mortgage Corp. Enhanced Receipt<br>Series 2019-A, Class 1<br>3.87%, 11/15/2035(a) | $23651 | $21743392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class 1<br>3.87%, 11/15/2035(a) | 5517 | 5071660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-D, Class 1<br>3.87%, 11/01/2051(a) | 5037 | 4631037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-E, Class 1<br>3.87%, 11/15/2035(a) | 3384 | 3111337 |
|  Federal Home Loan Mortgage Corp. Multifamily VRD Certificates<br>Series 2019-M<br>2.60%, 09/15/2033(a) | 9570 | 8014286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 06/15/2035(a) | 9625 | 8020836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/15/2035(a) | 4820 | 4002475 |
|  |  | 60489226 |
| **Pennsylvania–6.4%** | **Pennsylvania–6.4%** | **Pennsylvania–6.4%** |
|  Allegheny County Airport Authority<br>Series 2021-A<br>4.00%, 01/01/2038 | 5000 | 4467527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2039 | 2235 | 1987151 |
|  Allegheny County Hospital Development Authority <br>(UPMC Obligated Group)<br>Series 2019<br>5.00%, 07/15/2030 | 5290 | 5528623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 | 6500 | 6728812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2033 | 7600 | 7839009 |
|  Allegheny County Sanitary Authority<br>Series 2015<br>5.00%, 12/01/2023 | 3500 | 3571378 |
|  Chester County Industrial Development Authority <br>(Collegium Charter School)<br>Series 2022<br>5.00%, 10/15/2032(a) | 1025 | 994317 |
|  City of Philadelphia PA<br>Series 2017-A<br>5.00%, 08/01/2027 | 12000 | 12725147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 12310 | 13053302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 9970 | 10608052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 | 4000 | 4242350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2032 | 8010 | 8424169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 08/01/2026 | 1420 | 1492548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>5.00%, 02/01/2030 | 1005 | 1079775 |
|  City of Philadelphia PA Water & Wastewater Revenue<br>Series 2016<br>5.00%, 10/01/2024 | 7000 | 7239047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025 | 7750 | 8114828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 2675 | 2838518 |
|  Commonwealth of Pennsylvania<br>Series 2016<br>5.00%, 09/15/2024 | 9575 | 9891342 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>5.00%, 01/01/2026 | $6065 | $6385342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 14415 | 15385994 |
|  Geisinger Authority <br>(Geisinger Health System Obligated Group)<br>Series 2020<br>5.00%, 04/01/2043 | 2500 | 2637735 |
|  Hospitals & Higher Education Facilities Authority of Philadelphia (The) <br>(Temple University Health System Obligated Group)<br>Series 2017<br>5.00%, 07/01/2025 | 6000 | 6135323 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2022<br>4.00%, 07/01/2038 | 10000 | 8906081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2039 | 10000 | 8848250 |
|  Montgomery County Higher Education and Health Authority <br>(HumanGood Pennsylvania Obligated Group)<br>Series 2017<br>5.00%, 12/01/2027 | 2250 | 2278825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 2750 | 2759735 |
|  Montgomery County Higher Education and Health Authority <br>(Thomas Jefferson University Obligated Group)<br>Series 2018<br>5.00%, 09/01/2026 | 1400 | 1460975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 1750 | 1828524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 1500 | 1574608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 3000 | 3134679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 3000 | 3111071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 09/01/2030 | 1710 | 1782553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 1200 | 1241723 |
|  Pennsylvania Economic Development Financing Authority <br>(PA Bridges Finco LP)<br>Series 2015<br>5.00%, 06/30/2026 | 8540 | 8679955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2026 | 4500 | 4569444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2027 | 12450 | 12626363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2027 | 6000 | 6077577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2028 | 10790 | 10920181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2028 | 8910 | 9009792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2042 | 1000 | 961183 |
|  Pennsylvania Economic Development Financing Authority <br>(UPMC Obligated Group)<br>Series 2020-A1<br>5.00%, 04/15/2028 | 3000 | 3144384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2029 | 3000 | 3139099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2030 | 1395 | 1465107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2031 | 1635 | 1710496 |

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36 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

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

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| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>3.16% (MUNIPSA + 0.70%), 11/15/2047(b) | $10500 | $10165485 |
|  Pennsylvania Higher Educational Facilities Authority <br>(University of Pennsylvania Health System Obligated Group (The))<br>Series 2017<br>4.00%, 08/15/2042 | 2720 | 2440784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 08/15/2038 | 1065 | 980948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2040 | 1345 | 1226613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2029 | 825 | 898077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 | 750 | 822342 |
|  Pennsylvania Turnpike Commission<br>Series 2017-B<br>5.00%, 06/01/2028 | 7025 | 7402380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 6255 | 6569544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 12/01/2022 | 5250 | 5265398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 8000 | 8694049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 5890 | 6382334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 12/01/2036 | 1000 | 1066147 |
|  Philadelphia Authority for Industrial Development <br>(MaST Community Charter School III)<br>Series 2021<br>5.00%, 08/01/2030 | 1060 | 1068629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2040 | 3445 | 3285578 |
|  Philadelphia Authority for Industrial Development <br>(St. Joseph's University)<br>Series 2020<br>4.00%, 11/01/2035 | 1700 | 1539700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2036 | 1510 | 1357367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2037 | 1350 | 1203538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2038 | 1000 | 883415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 835 | 870815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 1000 | 1049789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 1000 | 1055992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 1750 | 1838849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 1685 | 1756944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 | 1810 | 1879797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2033 | 1750 | 1810531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2034 | 2110 | 2176035 |
|  School District of Philadelphia (The)<br>Series 2016-D<br>5.00%, 09/01/2024 | 8360 | 8598122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-F<br>5.00%, 09/01/2023 | 5000 | 5070572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2024 | 24200 | 24889301 |
|  |  | 352849969 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Puerto Rico–0.7%** | **Puerto Rico–0.7%** | **Puerto Rico–0.7%** |
|  Commonwealth of Puerto Rico<br>Series 2021-A<br>Zero Coupon, 07/01/2024 | $32 | $28971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2033 | 1346 | 742082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 | 1674 | 1472356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 | 85 | 72436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 | 73 | 59678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 | 99 | 77173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2046 | 103 | 76972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2023 | 1803 | 1810659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2025 | 2270 | 2291941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2027 | 4709 | 4806830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 | 1882 | 1925258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2031 | 624 | 636593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>0.00%, 11/01/2043 | 655 | 327533 |
|  PR Custodial Trust<br>Series 2022<br>5.50%, 07/01/2029 | 77 | 77860 |
|  Puerto Rico Electric Power Authority<br>AGM Series 2007-V<br>5.25%, 07/01/2031 | 5150 | 5101093 |
|  Puerto Rico Highway & Transportation Authority<br>AGC Series 2005-L<br>5.25%, 07/01/2041 | 4260 | 4141903 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-C<br>5.50%, 07/01/2031 | 510 | 513965 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-N<br>5.25%, 07/01/2034 | 5100 | 4992470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2036 | 5425 | 5298755 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue<br>Series 2018-A<br>Zero Coupon, 07/01/2024 | 5190 | 4795144 |
|  |  | 39249672 |
| **Rhode Island–0.6%** | **Rhode Island–0.6%** | **Rhode Island–0.6%** |
|  Providence Public Building Authority <br>(City of Providence RI Lease)<br>AGM Series 2020-A<br>5.00%, 09/15/2028 | 3900 | 4238869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2029 | 4625 | 5083718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2030 | 1670 | 1821604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2032 | 2195 | 2358296 |
|  Rhode Island Commerce Corp. <br>(State of Rhode Island DOT Fed Hwy Grant)<br>Series 2016-B<br>5.00%, 06/15/2027 | 10565 | 11182573 |
|  Tobacco Settlement Financing Corp./RI<br>Series 2015-A<br>5.00%, 06/01/2023 | 6635 | 6700386 |
|  |  | 31385446 |

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Schedule of Investments—Diversified Municipal Portfolio 37

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

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| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **South Carolina–1.8%** | **South Carolina–1.8%** | **South Carolina–1.8%** |
|  County of Charleston SC<br>Series 2021<br>5.00%, 11/01/2031 | $10335 | $11656875 |
|  Patriots Energy Group Financing Agency <br>(Royal Bank of Canada)<br>Series 2018-A<br>4.00%, 10/01/2048 | 48725 | 48829228 |
|  SCAGO Educational Facilities Corp. for Pickens School District <br>(SCAGO Educational Facilities Corp. for Pickens School District Lease)<br>Series 2015<br>5.00%, 12/01/2022 | 1500 | 1504038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 3000 | 3109025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 2500 | 2590005 |
|  South Carolina Association of Governmental Organizations<br>Series 2022-B<br>4.00%, 03/01/2023 | 8935 | 8967468 |
|  South Carolina Public Service Authority<br>Series 2016-A<br>5.00%, 12/01/2030 | 1435 | 1478409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 1000 | 1010223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>4.00%, 12/01/2037 | 1690 | 1504081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 12/01/2035 | 5475 | 4949476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2036 | 10000 | 8971041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>5.00%, 12/01/2040 | 3000 | 2986660 |
|  |  | 97556529 |
| **South Dakota–0.1%** | **South Dakota–0.1%** | **South Dakota–0.1%** |
|  South Dakota Health & Educational Facilities Authority <br>(Monument Health Obligated Group)<br>Series 2017<br>5.00%, 09/01/2029 | 3400 | 3546184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 3625 | 3759886 |
|  |  | 7306070 |
| **Tennessee–0.8%** | **Tennessee–0.8%** | **Tennessee–0.8%** |
|  Tennergy Corp./TN <br>(Royal Bank of Canada)<br>Series 2019-A<br>5.00%, 02/01/2050 | 5445 | 5560117 |
|  Tennessee Energy Acquisition Corp. <br>(Goldman Sachs Group, Inc. (The))<br>Series 2017-A<br>4.00%, 05/01/2048 | 39715 | 39689499 |
|  |  | 45249616 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Texas–6.1%** | **Texas–6.1%** | **Texas–6.1%** |
|  Board of Regents of the University of Texas System<br>Series 2022-A<br>4.00%, 08/15/2042 | $1895 | $1729458 |
|  Central Texas Turnpike System<br>Series 2015-C<br>5.00%, 08/15/2025 | 1000 | 1010013 |
|  City of Austin TX Airport System Revenue<br>Series 2019<br>5.00%, 11/15/2025 | 3200 | 3311097 |
|  City of Austin TX Water & Wastewater System Revenue<br>Series 2015-A<br>5.00%, 11/15/2024 | 4730 | 4900745 |
|  City of El Paso TX Water & Sewer Revenue<br>Series 2022<br>5.00%, 03/01/2037 | 4275 | 4580607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2039 | 3880 | 4136055 |
|  City of Houston TX<br>Series 2017-A<br>5.00%, 03/01/2025 | 16370 | 17030588 |
|  City of Houston TX <br>(City of Houston TX Hotel Occupancy Tax)<br>Series 2015<br>5.00%, 09/01/2023 | 1800 | 1825891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2025 | 2000 | 2051006 |
|  City of Houston TX Airport System Revenue<br>Series 2018-B<br>5.00%, 07/01/2030 | 6160 | 6595251 |
|  City of Houston TX Airport System Revenue <br>(United Airlines, Inc.)<br>Series 2018<br>5.00%, 07/15/2028 | 9135 | 9129768 |
|  City of Houston TX Combined Utility System Revenue<br>Series 2014-C<br>5.00%, 05/15/2023 | 8000 | 8087875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027 | 10785 | 11064701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2028 | 6065 | 6212679 |
|  City of San Antonio TX Electric & Gas Systems Revenue<br>Series 2021-A<br>5.00%, 02/01/2031 | 1330 | 1461713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2032 | 1210 | 1321101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2033 | 1410 | 1522769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2034 | 1700 | 1823169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2035 | 2200 | 2350266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2036 | 1875 | 1998077 |
|  Dallas Fort Worth International Airport<br>Series 2014-A<br>5.25%, 11/01/2028 | 11585 | 11714057 |

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38 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

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

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| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Denton Independent School District<br>Series 2016<br>5.00%, 08/15/2027 | $1220 | $1285469 |
|  Grand Parkway Transportation Corp.<br>Series 2018<br>5.00%, 02/01/2023 | 84825 | 85223525 |
|  Harris County Cultural Education Facilities Finance Corp. <br>(Texas Children's Hospital Obligated Group)<br>Series 2021<br>4.00%, 10/01/2042 | 5000 | 4485462 |
|  Harris County Hospital District<br>Series 2016<br>5.00%, 02/15/2027 | 2465 | 2549103 |
|  Hidalgo County Regional Mobility Authority<br>Series 2022-A<br>4.00%, 12/01/2038 | 1850 | 1622495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2039 | 1000 | 868832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 200 | 205496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 500 | 514376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 500 | 513072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 500 | 511274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 350 | 356025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 750 | 755652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 | 595 | 597739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 | 1000 | 1001973 |
|  Irving Hospital Authority <br>(Baylor Medical Center at Irving)<br>Series 2017-A<br>5.00%, 10/15/2026 | 600 | 623322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2029 | 600 | 617706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2030 | 1000 | 1024203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2031 | 1020 | 1042200 |
|  Legacy Denton Public Facility Corp. <br>(LDG Vintage Ranch LP)<br>Series 2022<br>5.00%, 04/01/2043(c) | 15000 | 15302891 |
|  Lower Colorado River Authority <br>(LCRA Transmission Services Corp.)<br>Series 2022<br>5.00%, 05/15/2039 | 8635 | 9050069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2040 | 12345 | 12864341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2041 | 6570 | 6795149 |
|  Mission Economic Development Corp. <br>(Natgasoline LLC)<br>Series 2018<br>4.625%, 10/01/2031(a) | 10680 | 10514142 |
|  New Hope Cultural Education Facilities Finance Corp.<br>Series 2017-A<br>5.00%, 04/01/2028<br>(Pre-refunded/ETM) | 1130 | 1209198 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Children's Health System of Texas Obligated Group)<br>Series 2017-A<br>5.00%, 08/15/2025 | $2500 | $2606003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2026 | 2000 | 2107545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 2750 | 2914723 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Morningside Ministries Obligated Group)<br>Series 2020<br>5.00%, 01/01/2035 | 875 | 799809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 01/01/2032(c) | 840 | 715648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2037(c) | 1155 | 910329 |
|  North Texas Tollway Authority<br>Series 2014<br>5.00%, 01/01/2023 | 3015 | 3028562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2024<br>(Pre-refunded/ETM) | 900 | 920279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2024 | 1845 | 1882496 |
|  North Texas Tollway Authority <br>(North Texas Tollway System)<br>Series 2015-B<br>5.00%, 01/01/2023 | 1000 | 1004498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2026 | 3200 | 3304696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 2100 | 2167030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 5975 | 6164029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>5.00%, 01/01/2027 | 2000 | 2116835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 19510 | 20882571 |
|  Port Beaumont Navigation District <br>(Jefferson Railport Terminal II LLC)<br>Series 2020<br>3.625%, 01/01/2035(a) | 1360 | 1094916 |
|  San Antonio Water System<br>Series 2013-E<br>5.00%, 05/15/2025 | 3000 | 3032221 |
|  State of Texas<br>Series 2021-B<br>4.00%, 08/01/2026 | 2335 | 2383841 |
|  Texas Water Development Board <br>(Texas Water Development Board State Revolving Fund)<br>Series 2021<br>4.00%, 08/01/2035 | 10210 | 10018997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 4000 | 4408292 |
|  University of Houston<br>Series 2022-A<br>5.00%, 02/15/2040 | 1750 | 1853613 |
|  |  | 337707533 |

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Schedule of Investments—Diversified Municipal Portfolio 39

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Utah–0.4%** | **Utah–0.4%** | **Utah–0.4%** |
|  City of Salt Lake City UT Airport Revenue<br>Series 2021-A<br>4.00%, 07/01/2041 | $7000 | $6112060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 | 5000 | 5107162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 5000 | 5084042 |
|  Utah Transit Authority<br>Series 2015-A<br>5.00%, 06/15/2027<br>(Pre-refunded/ETM) | 2000 | 2093934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028<br>(Pre-refunded/ETM) | 2150 | 2250979 |
|  Utah Transit Authority <br>(Utah Transit Authority Sales Tax)<br>Series 2015-A<br>5.00%, 06/15/2026 | 1305 | 1360082 |
|  |  | 22008259 |
| **Virginia–0.9%** | **Virginia–0.9%** | **Virginia–0.9%** |
|  County of Loudoun VA<br>Series 2020-B<br>5.00%, 12/01/2024 | 3300 | 3427066 |
|  Fairfax County Economic Development Authority <br>(County of Fairfax VA)<br>Series 2020<br>5.00%, 08/01/2032 | 2590 | 2843513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 2590 | 2831701 |
|  Hampton Roads Transportation Accountability Commission<br>Series 2020-A<br>5.00%, 07/01/2039 | 4745 | 5056332 |
|  Virginia College Building Authority <br>(Virginia College Building Authority State Lease)<br>Series 2015-A<br>5.00%, 02/01/2023 | 4435 | 4463794 |
|  Virginia Public Building Authority <br>(Virginia Public Building Authority State Lease)<br>Series 2021-A<br>4.00%, 08/01/2035 | 4540 | 4472788 |
|  Virginia Small Business Financing Authority <br>(Elizabeth River Crossings OpCo LLC)<br>Series 2022<br>4.00%, 07/01/2030 | 2000 | 1923132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2032 | 5030 | 4749212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2037 | 7250 | 6476010 |
|  Virginia Small Business Financing Authority <br>(National Senior Campuses, Inc. Obligated Group)<br>Series 2020<br>5.00%, 01/01/2029 | 1400 | 1463352 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | $1650 | $1734850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 1250 | 1312445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 1500 | 1565149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 1750 | 1814536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | 1600 | 1649164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 | 1570 | 1613175 |
|  |  | 47396219 |
| **Washington–2.3%** | **Washington–2.3%** | **Washington–2.3%** |
|  City of Seattle WA Municipal Light & Power Revenue<br>Series 2016-B<br>5.00%, 04/01/2026 | 4300 | 4540335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 07/01/2033 | 2500 | 2522947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2034 | 3740 | 3732558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 | 4900 | 4823533 |
|  Energy Northwest <br>(Bonneville Power Administration)<br>Series 2021<br>4.00%, 07/01/2042 | 12825 | 11711474 |
|  Port of Seattle WA<br>Series 2015-C<br>5.00%, 04/01/2023 | 1750 | 1762694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 05/01/2025 | 8320 | 8588015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>5.00%, 05/01/2025 | 4695 | 4846241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 04/01/2032 | 1500 | 1568722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 | 1000 | 1036567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>4.00%, 08/01/2040 | 5750 | 5019730 |
|  Spokane County School District No. 81 Spokane<br>Series 2012<br>3.00%, 12/01/2031 | 10000 | 9026633 |
|  State of Washington <br>(State of Washington COP)<br>Series 2015-C<br>5.00%, 01/01/2023 | 2600 | 2611758 |
|  Washington Health Care Facilities Authority <br>(Multicare Health System Obligated Group)<br>Series 2015-B<br>5.00%, 08/15/2028 | 8590 | 8932165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2029 | 16560 | 17214758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 | 6400 | 6637751 |
|  Washington Health Care Facilities Authority <br>(Virginia Mason Medical Center Obligated Group)<br>Series 2017<br>5.00%, 08/15/2025 | 2000 | 2040955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 2175 | 2244628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 3700 | 3816661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 | 8005 | 8219495 |

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40 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

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

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| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Washington State Convention Center Public Facilities District <br>(Washington State Convention Center Public Facilities District Hotel Occupancy Tax)<br>Series 2021<br>4.00%, 07/01/2031 | $10600 | $9378198 |
|  Washington State Housing Finance Commission<br>Series 2021-1, Class A<br>3.50%, 12/20/2035 | 4904 | 4162094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class X<br>0.726%, 12/20/2035(d) | 3237 | 164758 |
|  |  | 124602670 |
| **West Virginia–0.2%** | **West Virginia–0.2%** | **West Virginia–0.2%** |
|  Tobacco Settlement Finance Authority/WV<br>Series 2020<br>4.875%, 06/01/2049 | 16125 | 13659696 |
| **Wisconsin–2.7%** | **Wisconsin–2.7%** | **Wisconsin–2.7%** |
|  State of Wisconsin<br>Series 2019-A<br>5.00%, 05/01/2025 | 9000 | 9384420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 12500 | 13384747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 12000 | 12885284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 11500 | 12343041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1<br>5.00%, 05/01/2031 | 3000 | 3314086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2<br>5.00%, 05/01/2025 | 12000 | 12518599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1<br>5.00%, 05/01/2024(c) | 3170 | 3235349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027(c) | 8500 | 8978966 |
|  UMA Education, Inc.<br>Series 2019<br>5.00%, 10/01/2022(a) | 820 | 820000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2023(a) | 895 | 895595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025(a) | 3360 | 3348010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026(a) | 3605 | 3580570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027(a) | 3720 | 3678000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028(a) | 3525 | 3464211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029(a) | 835 | 817292 |
|  Wisconsin Center District<br>AGM Series 2020-C<br>Zero Coupon, 12/15/2028 | 1075 | 836577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/2030 | 2140 | 1510853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/2032 | 2800 | 1775381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/2034 | 2500 | 1413196 |
|  Wisconsin Center District <br>(Wisconsin Center District Ded Tax)<br>Series 2022<br>5.00%, 12/15/2022(a) | 1000 | 1002415 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Wisconsin Health & Educational Facilities Authority <br>(Advocate Aurora Health Obligated Group)<br>Series 2022<br>2.64% (MUNIPSA + 0.18%), 08/15/2054(b) | $4000 | $3894402 |
|  Wisconsin Health & Educational Facilities Authority <br>(Gundersen Lutheran Obligated Group)<br>Series 2021<br>4.00%, 10/15/2034 | 2500 | 2364825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2035 | 1000 | 939957 |
|  Wisconsin Health & Educational Facilities Authority <br>(St. Camillus Health System Obligated Group)<br>Series 2019<br>2.25%, 11/01/2026 | 190 | 180634 |
|  Wisconsin Public Finance Authority<br>Series 2022<br>5.00%, 02/01/2042 | 2000 | 1843873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2042(a) | 6955 | 6167663 |
|  Wisconsin Public Finance Authority <br>(Carmelite System, Inc. Obligated Group (The))<br>Series 2020<br>5.00%, 01/01/2040 | 3750 | 3677536 |
|  Wisconsin Public Finance Authority <br>(Celanese US Holdings LLC)<br>Series 2016-A<br>5.00%, 01/01/2024 | 1000 | 1008913 |
|  Wisconsin Public Finance Authority <br>(Duke Energy Progress LLC)<br>Series 2022<br>3.30%, 10/01/2046 | 5315 | 5203725 |
|  Wisconsin Public Finance Authority <br>(Queens University of Charlotte)<br>Series 2022<br>5.25%, 03/01/2042 | 6000 | 5699063 |
|  Wisconsin Public Finance Authority <br>(Roseman University of Health Sciences)<br>Series 2020<br>3.00%, 04/01/2025(a) | 275 | 263131 |
|  Wisconsin Public Finance Authority <br>(Samaritan Housing Foundation Obligated Group)<br>Series 2021<br>2.75%, 06/01/2026(a) | 2510 | 2376817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>2.25%, 06/01/2027(a) | 1420 | 1255106 |
|  Wisconsin Public Finance Authority <br>(Southeastern Regional Medical Center Obligated Group)<br>Series 2021<br>4.00%, 02/01/2035 | 615 | 537937 |

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Schedule of Investments—Diversified Municipal Portfolio 41

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2036 | $3335 | $2857865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2038 | 3575 | 3014734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2040 | 3945 | 3283967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 02/01/2031 | 3375 | 3509587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2032 | 2545 | 2599173 |
|  WPPI Energy<br>Series 2014-A<br>5.00%, 07/01/2029 | 1000 | 1018157 |
|  |  | 150883657 |
| Total Long-Term Municipal Bonds <br>(cost $5,315,964,454) | Total Long-Term Municipal Bonds <br>(cost $5,315,964,454) | 4963212545 |
| **Short-Term Municipal Notes–8.1%** | **Short-Term Municipal Notes–8.1%** | **Short-Term Municipal Notes–8.1%** |
| **Colorado–0.2%** | **Colorado–0.2%** | **Colorado–0.2%** |
|  Colorado Health Facilities Authority <br>(Children's Hospital Colorado Obligated Group)<br>Series 2020<br>2.25%, 12/01/2052(e) | 12790 | 12790000 |
| **District of Columbia–0.2%** | **District of Columbia–0.2%** | **District of Columbia–0.2%** |
|  District of Columbia <br>(Carnegie Endowment for International Peace)<br>Series 2010<br>2.56%, 11/01/2045(e) | 6405 | 6405000 |
|  District of Columbia <br>(Georgetown University (The))<br>Series 2016<br>2.45%, 04/01/2041(e) | 3530 | 3530000 |
|  District of Columbia <br>(MedStar Health Obligated Group)<br>Series 2012-A<br>2.53%, 08/15/2038(e) | 2145 | 2145000 |
|  |  | 12080000 |
| **Florida–0.4%** | **Florida–0.4%** | **Florida–0.4%** |
|  County of Palm Beach FL <br>(Raymond F Kravis Center for the Performing Arts, Inc. (The))<br>Series 2002<br>2.48%, 07/01/2032(e) | 1795 | 1795000 |
|  County of Palm Beach FL <br>(Raymond F Kravis Center for the Performing Arts, Inc.(The))<br>Series 2002<br>2.48%, 07/01/2032(e) | 1725 | 1725000 |
|  Florida Gulf Coast University Financing Corp.<br>Series 2009-A<br>2.50%, 02/01/2039(e) | 1650 | 1650000 |
|  Florida Keys Aqueduct Authority<br>Series 2013<br>2.52%, 09/01/2035(e) | 1045 | 1045000 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Halifax Hospital Medical Center <br>(Halifax Hospital Medical Center Obligated Group)<br>Series 2010<br>2.45%, 06/01/2048(e) | $7250 | $7250000 |
|  Orange County Health Facilities Authority <br>(Nemours Foundation/Florida)<br>Series 2017-C<br>2.52%, 01/01/2039(e) | 8120 | 8120000 |
|  Orange County Health Facilities Authority <br>(Orlando Health Obligated Group)<br>Series 2019-E<br>2.45%, 10/01/2026(e) | 2240 | 2240000 |
|  |  | 23825000 |
| **Hawaii–0.1%** | **Hawaii–0.1%** | **Hawaii–0.1%** |
|  Hawaii Housing Finance & Development Corp. <br>(Ho'olehua Housing LP)<br>Series 2008<br>2.54%, 12/01/2041(e) | 3640 | 3640000 |
| **Illinois–0.4%** | **Illinois–0.4%** | **Illinois–0.4%** |
|  Illinois Development Finance Authority <br>(American College of Surgeons)<br>Series 1996<br>2.46%, 08/01/2026(e) | 672 | 672000 |
|  Illinois Educational Facilities Authority<br>(Lincoln Park Society (The))<br>Series 1999<br>2.35%, 01/01/2029(e) | 100 | 100000 |
|  Illinois Finance Authority <br>(Latin School of Chicago (The))<br>Series 2005-B<br>2.45%, 08/01/2035(e) | 955 | 955000 |
|  Illinois Housing Development Authority <br>(Steadfast Foxview LP)<br>Series 2008<br>2.56%, 01/01/2041(e) | 14500 | 14500000 |
|  Village of Brookfield IL <br>(Chicago Zoological Society (The))<br>Series 2008<br>2.48%, 06/01/2038(e) | 6165 | 6165000 |
|  |  | 22392000 |
| **Indiana–0.1%** | **Indiana–0.1%** | **Indiana–0.1%** |
|  City of Indianapolis IN <br>(Foundation for Affordable Rental Housing, Inc.)<br>Series 2008<br>2.45%, 05/15/2038(e) | 4550 | 4550000 |

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42 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

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

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| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Iowa–0.6%** | **Iowa–0.6%** | **Iowa–0.6%** |
|  Iowa Finance Authority <br>(Iowa Health System Obligated Group)<br>Series 2018<br>2.30%, 11/15/2041(e) | $8960 | $8960000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 12/01/2041(e) | 25795 | 25795000 |
|  |  | 34755000 |
| **Kentucky–0.2%** | **Kentucky–0.2%** | **Kentucky–0.2%** |
|  Louisville/Jefferson County Metropolitan Government <br>(Norton Healthcare Obligated Group)<br>Series 2016-A<br>2.54%, 10/01/2039(e) | 12485 | 12485000 |
| **Louisiana–0.6%** | **Louisiana–0.6%** | **Louisiana–0.6%** |
|  Louisiana Offshore Terminal Authority<br>(Loop LLC)<br>Series 2013<br>2.30%, 09/01/2033(e) | 18450 | 18450000 |
|  Louisiana Public Facilities Authority <br>(CHRISTUS Health Obligated Group)<br>Series 2009<br>2.30%, 07/01/2047(e) | 12975 | 12975000 |
|  Louisiana Public Facilities Authority <br>(Coca-Cola Bottling Co. United-Gulf Coast LLC)<br>Series 2013<br>2.46%, 04/02/2023(e) | 2265 | 2265000 |
|  |  | 33690000 |
| **Maryland–0.1%** | **Maryland–0.1%** | **Maryland–0.1%** |
|  Maryland Health & Higher Educational Facilities Authority<br>Series 2014-B<br>2.45%, 04/01/2035(e) | 1000 | 1000000 |
|  Montgomery County Housing Opportunities Commission<br>Series 2011-A<br>2.50%, 01/01/2049(e) | 1840 | 1840000 |
|  |  | 2840000 |
| **Michigan–0.5%** | **Michigan–0.5%** | **Michigan–0.5%** |
|  Grand Valley State University<br>Series 2019-B<br>2.50%, 12/01/2031(e) | 17625 | 17625000 |
|  Lakeview School District/MI<br>Series 2019-B<br>2.50%, 05/01/2032(e) | 5230 | 5230000 |
|  Michigan Strategic Fund <br>(Wedgwood Christian Services)<br>Series 2008<br>2.50%, 12/01/2038(e) | 1650 | 1650000 |
|  |  | 24505000 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Minnesota–0.6%** | **Minnesota–0.6%** | **Minnesota–0.6%** |
|  City of Minneapolis MN <br>(Fairview Health Services Obligated Group)<br>Series 2018<br>2.30%, 11/15/2048(e) | $4805 | $4805000 |
|  City of Minneapolis MN <br>(One Ten Grant LP)<br>Series 1989<br>2.45%, 09/01/2026(e) | 9270 | 9270000 |
|  City of Minneapolis MN <br>(Seven Corners Community Housing Corp.)<br>Series 2001<br>2.55%, 11/01/2031(e) | 1330 | 1330000 |
|  City of Minneapolis MN/St. Paul Housing & Redevelopment Authority <br>(Allina Health Obligated Group)<br>Series 2008<br>2.45%, 11/15/2034(e) | 11825 | 11825000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 11/15/2034(e) | 3675 | 3675000 |
|  Housing & Redevelopment Authority of The City of St. Paul Minnesota <br>(Allina Health Obligated Group)<br>Series 2009-C<br>2.45%, 11/15/2035(e) | 2400 | 2400000 |
|  |  | 33305000 |
| **Nevada–0.7%** | **Nevada–0.7%** | **Nevada–0.7%** |
|  County of Clark Department of Aviation<br>Series 2008-D<br>2.55%, 07/01/2029(e) | 26945 | 26945000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-D<br>2.50%, 07/01/2040(e) | 11010 | 11010000 |
|  |  | 37955000 |
| **New Jersey–0.4%** | **New Jersey–0.4%** | **New Jersey–0.4%** |
|  New Jersey Health Care Facilities Financing Authority<br>Series 2017<br>2.55%, 07/01/2035(e) | 2995 | 2995000 |
|  New Jersey Health Care Facilities Financing Authority <br>(AHS Hospital Corp.)<br>Series 2008-B<br>2.47%, 07/01/2036(e) | 3675 | 3675000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-C<br>2.47%, 07/01/2036(e) | 16630 | 16630000 |
|  |  | 23300000 |
| **New York–1.3%** | **New York–1.3%** | **New York–1.3%** |
|  City of New York NY<br>Series 2016<br>2.60%, 08/01/2044(e) | 10375 | 10375000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-I<br>2.61%, 03/01/2044(e) | 5950 | 5950000 |

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Schedule of Investments—Diversified Municipal Portfolio 43

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

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| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  New York City Housing Development Corp.<br>Series 2008<br>2.43%, 04/15/2035(e) | $300 | $300000 |
|  New York City Housing Development Corp. <br>(2 Gold LLC)<br>Series 2008-A<br>2.20%, 04/15/2036(e) | 32500 | 32500000 |
|  New York State Housing Finance Agency <br>(8 East 102nd Street LLC)<br>Series 2012<br>2.63%, 05/01/2044(e) | 21910 | 21910000 |
|  |  | 71035000 |
| **Ohio–0.1%** | **Ohio–0.1%** | **Ohio–0.1%** |
|  Columbus Regional Airport Authority<br>Series 2006<br>2.46%, 12/01/2036(e) | 6880 | 6880000 |
| **Pennsylvania–0.3%** | **Pennsylvania–0.3%** | **Pennsylvania–0.3%** |
|  Emmaus General Authority<br>Series 2008-D<br>2.43%, 03/01/2024(e) | 700 | 700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-E<br>2.43%, 03/01/2024(e) | 1000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-E20<br>2.43%, 03/01/2024(e) | 500 | 500000 |
|  Haverford Township School District<br>Series 2009<br>2.50%, 03/01/2030(e) | 2310 | 2310000 |
|  Pennsylvania Turnpike Commission<br>Series 2019<br>2.55%, 12/01/2038(e) | 700 | 700000 |
|  Philadelphia Gas Works Co.<br>Series 2020-D<br>2.50%, 08/01/2031(e) | 10950 | 10950000 |
|  |  | 16160000 |
| **Rhode Island–0.0%** | **Rhode Island–0.0%** | **Rhode Island–0.0%** |
|  Rhode Island Health and Educational Building Corp. <br>(Roger Williams University)<br>Series 2012-B<br>2.47%, 11/15/2038(e) | 2430 | 2430000 |
| **Tennessee–0.1%** | **Tennessee–0.1%** | **Tennessee–0.1%** |
|  Greeneville Health & Educational Facilities Board <br>(Ballad Health Obligated Group)<br>Series 2018-B<br>2.46%, 07/01/2045(e) | 3150 | 3150000 |
| **Texas–0.1%** | **Texas–0.1%** | **Texas–0.1%** |
|  Dallas Performing Arts Cultural Facilities Corp. <br>(Dallas Center for the Performing Arts Foundation, Inc.)<br>Series 2013<br>2.45%, 09/01/2041(e) | 3350 | 3350000 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Tarrant County Housing Finance Corp. <br>(One Oaklake VIII LLC)<br>Series 2003<br>2.52%, 02/15/2036(e) | $270 | $270000 |
|  |  | 3620000 |
| **Vermont–0.1%** | **Vermont–0.1%** | **Vermont–0.1%** |
|  Vermont Educational & Health Buildings Financing Agency <br>(University of Vermont Health<br>Network Obligated Group)<br>Series 2008<br>2.54%, 12/01/2030(e) | 4330 | 4330000 |
| **Virginia–0.3%** | **Virginia–0.3%** | **Virginia–0.3%** |
|  Loudoun County Economic Development Authority <br>(Jack Kent Cooke Foundation)<br>Series 2004<br>2.48%, 06/01/2034(e) | 3000 | 3000000 |
|  Roanoke Economic Development Authority <br>(Carilion Clinic Obligated Group)<br>Series 2020<br>2.48%, 07/01/2052(e) | 11680 | 11680000 |
|  |  | 14680000 |
| **Washington–0.7%** | **Washington–0.7%** | **Washington–0.7%** |
|  Washington State Housing Finance Commission <br>(Bitter Lake Village Associates 2 LP)<br>Series 2009<br>2.58%, 12/15/2044(e) | 3025 | 3025000 |
|  Washington State Housing Finance Commission <br>(Evergreen School (The))<br>Series 2002<br>2.50%, 07/01/2028(e) | 1175 | 1175000 |
|  Washington State Housing Finance Commission <br>(Panorama/United States)<br>Series 2008<br>2.50%, 04/01/2043(e) | 4050 | 4050000 |
|  Washington State Housing Finance Commission <br>(Redmond Ridge Apartments LLC)<br>Series 2017<br>2.54%, 11/01/2047(e) | 9440 | 9440000 |
|  Washington State Housing Finance Commission <br>(Traditions at South Hill LLC)<br>Series 2014<br>2.54%, 08/01/2044(e) | 6140 | 6140000 |

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44 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

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

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| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Washington State Housing Finance Commission <br>(Vintage at Urban Center LLC)<br>Series 2015<br>2.55%, 07/01/2047(e) | $15460 | $15460000 |
|  |  | 39290000 |
| **West Virginia–0.0%** | **West Virginia–0.0%** | **West Virginia–0.0%** |
|  West Virginia Hospital Finance Authority <br>(West Virginia United Health System Obligated Group)<br>Series 2018<br>2.50%, 06/01/2034(e) | 635 | 635000 |
| Total Short-Term Municipal Notes <br>(cost $444,322,000) | Total Short-Term Municipal Notes <br>(cost $444,322,000) | 444322000 |
| Total Municipal Obligations <br>(cost $5,760,286,454) | Total Municipal Obligations <br>(cost $5,760,286,454) | 5407534545 |
| **CORPORATES–INVESTMENT GRADE–0.9%** | **CORPORATES–INVESTMENT GRADE–0.9%** | **CORPORATES–INVESTMENT GRADE–0.9%** |
| **Industrial–0.9%** | **Industrial–0.9%** | **Industrial–0.9%** |
| **Consumer Cyclical–Automotive–0.2%** | **Consumer Cyclical–Automotive–0.2%** | **Consumer Cyclical–Automotive–0.2%** |
|  General Motors Financial Co., Inc. 3.443%, 04/07/2025 | 10000 | 9787700 |
| **Consumer Non-Cyclical–0.4%** | **Consumer Non-Cyclical–0.4%** | **Consumer Non-Cyclical–0.4%** |
|  Baylor Scott & White Holdings<br>Series 2021<br>0.827%, 11/15/2025 | 5835 | 5181130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.777%, 11/15/2030 | 5000 | 3839550 |
|  CommonSpirit Health<br>1.547%, 10/01/2025 | 4513 | 4006100 |
|  Ochsner LSU Health System of North Louisiana<br>Series 2021<br>2.51%, 05/15/2031 | 10000 | 7647700 |
|  Sutter Health<br>Series 20A<br>3.161%, 08/15/2040 | 4000 | 2867400 |
|  |  | 23541880 |
| **Services–0.3%** | **Services–0.3%** | **Services–0.3%** |
|  Hackensack Meridian Health, Inc.<br>Series 2020<br>2.675%, 09/01/2041 | 7000 | 4730530 |
|  Novant Health, Inc.<br>2.637%, 11/01/2036 | 19100 | 13906710 |
|  |  | 18637240 |
| Total Corporates–Investment Grade <br>(cost $65,330,586) | Total Corporates–Investment Grade <br>(cost $65,330,586) | 51966820 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES–0.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–0.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–0.4%** |
| **Agency CMBS–0.4%** | **Agency CMBS–0.4%** | **Agency CMBS–0.4%** |
|  California Housing Finance Agency<br>Series 2021-2, Class A<br>3.75%, 03/25/2035 | $16301 | $14957212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class X<br>0.764%, 08/20/2036(d) | 8073 | 487350 |
|  Federal Home Loan Mortgage Corp.<br>Series 2021-ML10, Class ACA<br>2.046%, 06/25/2038 | 1975 | 1510104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ML10, Class AUS<br>2.032%, 01/25/2038 | 4937 | 3801068 |
| Total Commercial Mortgage-Backed Securities <br>(cost $26,968,206) | Total Commercial Mortgage-Backed Securities <br>(cost $26,968,206) | 20755734 |
| **CORPORATES–NON-INVESTMENT GRADE–0.3%** | **CORPORATES–NON-INVESTMENT GRADE–0.3%** | **CORPORATES–NON-INVESTMENT GRADE–0.3%** |
| **Industrial–0.3%** | **Industrial–0.3%** | **Industrial–0.3%** |
| **Communications–Media–0.1%** | **Communications–Media–0.1%** | **Communications–Media–0.1%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.25%, 01/15/2034(a) | 7730 | 5581833 |
| **Consumer Non-Cyclical–0.1%** | **Consumer Non-Cyclical–0.1%** | **Consumer Non-Cyclical–0.1%** |
|  Medline Borrower LP<br>3.875%, 04/01/2029(a) | 6500 | 5219760 |
| **Transportation–Airlines–0.1%** | **Transportation–Airlines–0.1%** | **Transportation–Airlines–0.1%** |
|  United Airlines, Inc.<br>4.375%, 04/15/2026(a) | 5000 | 4461150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/15/2029(a) | 2300 | 1909920 |
|  |  | 6371070 |
| Total Corporates–Non-Investment Grade <br>(cost $21,527,850) | Total Corporates–Non-Investment Grade <br>(cost $21,527,850) | 17172663 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%** |
| **Risk Share Floating Rate–0.1%** | **Risk Share Floating Rate–0.1%** | **Risk Share Floating Rate–0.1%** |
|  Connecticut Avenue Securities Trust<br>Series 2020-SBT1, Class 2M2<br>6.734% (LIBOR 1 Month + 3.65%), 02/25/2040(a)(b) | 813 | 804005 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2019-DNA3, Class M2<br>5.134% (LIBOR 1 Month + 2.05%), 07/25/2049(a)(b) | 460 | 453419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-DN2, Class M2<br>7.334% (LIBOR 1 Month + 4.25%), 11/25/2023(b) | 235 | 237337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-DN3, Class M3<br>7.084% (LIBOR 1 Month + 4.00%), 08/25/2024(b) | 50 | 50699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DNA1, Class M3<br>6.384% (LIBOR 1 Month + 3.30%), 10/25/2027(b) | 209 | 211323 |

---

Schedule of Investments—Diversified Municipal Portfolio 45

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2014-C03, Class 2M2<br>5.984% (LIBOR 1 Month + 2.90%), 07/25/2024(b) | 338 | $338917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C04, Class 1M2<br>7.984% (LIBOR 1 Month + 4.90%), 11/25/2024(b) | 158 | 163126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C02, Class 1M2<br>7.084% (LIBOR 1 Month + 4.00%), 05/25/2025(b) | 277 | 280925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 1M2<br>9.834% (LIBOR 1 Month + 6.75%), 08/25/2028(b) | 396 | 418053 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class 1M2<br>8.384% (LIBOR 1 Month + 5.30%), 10/25/2028(b) | 163 | $167320 |
| Total Collateralized Mortgage Obligations <br>(cost $2,763,350) | Total Collateralized Mortgage Obligations <br>(cost $2,763,350) | 3125124 |
| **Total Investments—99.7%** <br>(cost $5,876,876,446) | **Total Investments—99.7%** <br>(cost $5,876,876,446) | 5500554886 |
|  Other assets less liabilities—0.3% |  | 18996480 |
| **Net Assets—100.0%** |  | $**5519551366** |

---

------

**CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Buy Contracts | Buy Contracts | Buy Contracts | Buy Contracts | Buy Contracts | Buy Contracts | Buy Contracts | Buy Contracts | Buy Contracts |
| CDX-NAHY<br>Series 39,<br>5 Year Index,<br>12/20/2027\* | 5.00% | Quarterly | 6.06% | USD | 38450 | $1525557 | $1537902 | $(12345) |

---

\* Termination date

------

**CLEARED CENTRALLY INFLATION (CPI) SWAPS (see Note 3)** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made by the<br>Fund** | **Payments<br>received by the<br>Fund** | **Payment Frequency**<br> **Paid/Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 25420 | 01/15/2025 | 2.565% | CPI# | Maturity | $2191313 | $— | $2191313 |
| USD | 15240 | 01/15/2025 | 4.028% | CPI# | Maturity | 418597 |  | 418597 |
| USD | 12710 | 01/15/2025 | 2.585% | CPI# | Maturity | 1085660 |  | 1085660 |
| USD | 12710 | 01/15/2025 | 2.613% | CPI# | Maturity | 1071906 |  | 1071906 |
| USD | 52790 | 01/15/2026 | CPI# | 3.720% | Maturity | (1438432) |  | (1438432) |
| USD | 40000 | 01/15/2027 | CPI# | 3.320% | Maturity | (1505777) |  | (1505777) |
| USD | 39500 | 01/15/2027 | CPI# | 3.466% | Maturity | (1139285) | (46159) | (1093126) |
| USD | 31450 | 01/15/2027 | CPI# | 3.323% | Maturity | (1178249) |  | (1178249) |
| USD | 87590 | 01/15/2028 | 1.230% | CPI# | Maturity | 14615294 |  | 14615294 |
| USD | 87240 | 01/15/2028 | 0.735% | CPI# | Maturity | 17599712 |  | 17599712 |
| USD | 94820 | 01/15/2029 | CPI# | 3.290% | Maturity | (1899453) |  | (1899453) |
| USD | 40500 | 01/15/2029 | CPI# | 3.735% | Maturity | 650555 |  | 650555 |
| USD | 16275 | 01/15/2030 | 1.572% | CPI# | Maturity | 2492305 |  | 2492305 |
| USD | 16275 | 01/15/2030 | 1.587% | CPI# | Maturity | 2470633 |  | 2470633 |
| USD | 23500 | 01/15/2031 | 2.782% | CPI# | Maturity | 1186237 |  | 1186237 |
| USD | 22000 | 01/15/2031 | 2.680% | CPI# | Maturity | 1324056 |  | 1324056 |
| USD | 19200 | 01/15/2031 | 2.989% | CPI# | Maturity | 586762 |  | 586762 |
| USD | 20800 | 01/15/2032 | CPI# | 3.064% | Maturity | (331372) |  | (331372) |
| USD | 18300 | 04/15/2032 | CPI# | 2.909% | Maturity | (517921) |  | (517921) |
|  |  |  |  |  |  | $37682541 | $(46159) | $37728700 |

---

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

46 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

------

**CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made by the<br>Fund** | **Payments<br>received by the<br>Fund** | **Payment Frequency<br>Paid/Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 51000 | 01/15/2027 | 1 Day SOFR | 2.540% | Annual | $(2297125) | $— | $(2297125) |
| USD | 45000 | 01/15/2031 | 1.323% | 3 Month LIBOR | Semi-Annual/Quarterly | 8129133 |  | 8129133 |
| USD | 136500 | 04/15/2032 | 2.569% | 1 Day SOFR | Annual | 9777474 |  | 9777474 |
| USD | 54900 | 04/15/2032 | 1.280% | 1 Day SOFR | Annual | 9920772 |  | 9920772 |
| USD | 38200 | 04/15/2032 | 2.632% | 1 Day SOFR | Annual | 2532283 |  | 2532283 |
| USD | 11000 | 04/15/2032 | 3.082% | 1 Day SOFR | Annual | 350764 |  | 350764 |
| USD | 6000 | 04/15/2032 | 3.069% | 1 Day SOFR | Annual | 197568 |  | 197568 |
|  |  |  |  |  |  | $28610869 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $28610869 |

---

------

**CREDIT DEFAULT SWAPS (see Note 3)** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br>Counterparty & <br>Referenced<br>Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
|  Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 363 | $(81297) | $(33872) | $(47425) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1204 | (269970) | (145114) | (124856) |
|  Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 80 | (18030) | (9399) | (8631) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 199 | (44592) | (18750) | (25842) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2451 | (549599) | (284598) | (265001) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2478 | (555556) | (233888) | (321668) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 3728 | (835828) | (342844) | (492984) |
|  Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 465 | (104157) | (55752) | (48405) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 3231 | (724427) | (288421) | (436006) |
|  |  |  |  |  |  | $(3183456) | $(1412638) | $(1770818) |

---

\* Termination date

------

**INTEREST RATE SWAPS (see Note 3)** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| **Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made by<br>the Fund** | **Payments<br>received by<br>the Fund** | **Payment Frequency<br>Paid/Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Citibank, NA | USD | 57160 | 10/09/2029 | 1.125% | SIFMA\* | Quarterly | $6568374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $6568374 |

---

\* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

Schedule of Investments—Diversified Municipal Portfolio 47

------

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

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(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At
September 30, 2022, the aggregate market value of these securities amounted to $207,628,668 or 3.8% of net assets.

(b) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2022.

(c) When-Issued or delayed delivery security.

(d) IO—Interest Only.

(e) Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the
prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

As of September 30, 2022, the Portfolio's percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 4.8% and 0.0%, respectively.

Glossary:

AGC—Assured Guaranty Corporation

AGM—Assured Guaranty Municipal

BAM—Build American Mutual

CMBS—Commercial Mortgage-Backed Securities

COP—Certificate of Participation

CPI—Consumer Price Index

DOT—Department of Transportation

ETM—Escrowed to Maturity

LIBOR—London Interbank Offered Rate

MUNIPSA—SIFMA Municipal Swap Index

NATL—National Interstate Corporation

OSF—Order of St. Francis

SOFR—Secured Overnight Financing Rate

UPMC—University of Pittsburgh Medical Center

XLCA—XL Capital Assurance Inc.

See notes to financial statements.

**Sanford C. Bernstein Fund, Inc.** 

**Schedule of Investments** 

**New York Municipal Portfolio** 

**September 30, 2022** 

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **MUNICIPAL OBLIGATIONS–94.9%** | **MUNICIPAL OBLIGATIONS–94.9%** | **MUNICIPAL OBLIGATIONS–94.9%** |
| **Long-Term Municipal Bonds–89.7%** | **Long-Term Municipal Bonds–89.7%** | **Long-Term Municipal Bonds–89.7%** |
| **New York–73.1%** | **New York–73.1%** | **New York–73.1%** |
|  Albany County Airport Authority<br>Series 2020-B<br>5.00%, 12/15/2022 | $785 | $787271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2023 | 1050 | 1066770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2024 | 855 | 874761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2025 | 855 | 880705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2026 | 855 | 882550 |
|  Battery Park City Authority<br>Series 2013-A<br>5.00%, 11/01/2022 | 4345 | 4351541 |
|  Broome County Local Development Corp.<br>(United Health Services Hospitals Obligated Group)<br>AGM Series 2020<br>3.00%, 04/01/2035 | 2220 | 1771093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2036 | 2000 | 1567902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2037 | 1500 | 1157203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2034 | 725 | 677502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2038 | 1400 | 1263374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2039 | 1400 | 1253865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2040 | 1500 | 1332585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032 | 2000 | 2110260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 | 1000 | 1048515 |
|  Buffalo & Erie County Industrial Land Development Corp. <br>(Catholic Health System Obligated Group)<br>Series 2015<br>5.00%, 07/01/2023 | 1000 | 990556 |
|  Build NYC Resource Corp. <br>(Grand Concourse Acadmey Charter School)<br>Series 2022<br>5.00%, 07/01/2042 | 550 | 524770 |
|  Build NYC Resource Corp. <br>(Integration Charter Schools)<br>Series 2021<br>5.00%, 06/01/2036(a) | 1050 | 997061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2041(a) | 800 | 742189 |
|  Build NYC Resource Corp. <br>(Metropolitan College of New York)<br>Series 2014<br>5.00%, 11/01/2023 | 1585 | 1584282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2025 | 1750 | 1740099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2029 | 1900 | 1888846 |

---

48 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Build NYC Resource Corp. <br>(NEW World Preparatory Charter School)<br>Series 2021<br>4.00%, 06/15/2041 | $525 | $422095 |
|  City of New York NY<br>Series 2017-1<br>5.00%, 08/01/2025 | 1365 | 1428521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 08/01/2023 | 1075 | 1091063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2024 | 1260 | 1300053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 08/01/2026 | 7690 | 8156346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D<br>5.00%, 12/01/2038 | 9665 | 10018308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>5.00%, 10/01/2032 | 4205 | 4521704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H<br>5.00%, 01/01/2032 | 5615 | 6010892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C<br>5.00%, 08/01/2034 | 5000 | 5347817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 3750 | 3989369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2038 | 4960 | 5213038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>1.396%, 08/01/2027 | 4950 | 4215702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D<br>1.216%, 08/01/2026 | 6000 | 5268848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.623%, 08/01/2028 | 4000 | 3318936 |
|  County of Albany NY<br>Series 2020-C<br>5.00%, 11/01/2022 | 1915 | 1917795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2023 | 1515 | 1544422 |
|  County of Nassau NY<br>Series 2014-A<br>5.00%, 04/01/2025 (Pre-refunded/ETM) | 10190 | 10456615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 10/01/2026 | 8920 | 9417455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 13200 | 14090380 |
|  County of Suffolk NY<br>Series 2022<br>5.00%, 09/01/2029 | 1770 | 1905165 |
|  Dutchess County Local Development Corp. <br>(Bard College)<br>Series 2020-A<br>5.00%, 07/01/2040(a) | 1900 | 1768634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B<br>5.918%, 07/01/2039(a) | 4940 | 4765884 |
|  Dutchess County Local Development Corp. <br>(Health QuestSystems Obligated Group)<br>Series 2016-B<br>5.00%, 07/01/2032 | 4945 | 5003351 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Hudson Yards Infrastructure Corp.<br>Series 2017-A<br>5.00%, 02/15/2031 | $17060 | $18012676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 | 5590 | 5880195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>4.00%, 02/15/2040 | 5000 | 4566943 |
|  Jefferson County Industrial Development Agency <br>(ReEnergy Black River LLC)<br>Series 2019<br>5.25%, 01/01/2024(b)(c) | 1250 | 250000 |
|  Long Island Power Authority<br>Series 2019-B<br>1.65%, 09/01/2049 | 9535 | 9113058 |
|  Metropolitan Transportation Authority<br>Series 2016-D<br>5.00%, 11/15/2027 | 1210 | 1243285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>5.00%, 11/15/2027 | 5000 | 5177132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 4020 | 4168250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 11/15/2027 | 9140 | 9463796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 7400 | 7619424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 1705 | 1754095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 | 39900 | 40558609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-F<br>5.00%, 11/15/2022 | 3230 | 3235899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>2.427% (SOFR + 0.43%), 11/01/2026(d) | 2085 | 2002421 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2021<br>2.547% (SOFR + 0.55%), 11/01/2032(d) | 3000 | 2928279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.797% (SOFR + 0.80%), 11/01/2032(d) | 3715 | 3512722 |
|  Metropolitan Transportation Authority <br>(Metropolitan Transportation Authority Dedicated Tax Fund)<br>Series 2012-A<br>5.00%, 11/15/2024 | 14130 | 14158112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 11/15/2031 | 2060 | 2190198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 11/15/2038 | 11605 | 10885279 |
|  Monroe County Industrial Development Corp./NY <br>(Rochester Regional Health Obligated Group)<br>Series 2020<br>5.00%, 12/01/2024 | 510 | 518951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 1210 | 1262178 |
|  Monroe County Industrial Development Corp./NY <br>(St. Ann's of Greater Rochester Obligated Group)<br>Series 2019<br>4.00%, 01/01/2030 | 2645 | 2310810 |

---

Schedule of Investments—New York Municipal Portfolio 49

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Monroe County Industrial Development Corp/NY <br>(Academy of Health Sciences Charter School)<br>Series 2022<br>5.00%, 07/01/2032(a) | $250 | $240831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2042(a) | 2000 | 1888325 |
|  Nassau County Local Economic Assistance Corp. <br>(Catholic Health Services of Long Island Obligated Group)<br>Series 2014<br>5.00%, 07/01/2024 | 4550 | 4638767 |
|  New York City Housing Development Corp.<br>Series 2013-A<br>5.00%, 07/01/2025 (Pre-refunded/ETM) | 2000 | 2027183 |
|  New York City Municipal Water Finance Authority<br>Series 2014-D<br>5.00%, 06/15/2029 | 3000 | 3082538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-F<br>5.00%, 06/15/2028 | 1845 | 1929185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-G<br>5.00%, 06/15/2028 | 11465 | 11988131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>5.00%, 06/15/2038 | 3725 | 3870475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-E<br>5.00%, 06/15/2037 | 1795 | 1867926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AA<br>5.00%, 06/15/2024 | 8280 | 8536877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-D<br>5.00%, 06/15/2024 | 1005 | 1008638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-F<br>5.00%, 06/15/2040 | 6190 | 6444161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>4.00%, 06/15/2039 | 2000 | 1893513 |
|  New York City Transitional Finance Authority Building Aid Revenue <br>(New York City Transitional Finance Authority Building Aid Revenue State Lease)<br>Series 2018-S<br>5.00%, 07/15/2031 | 2025 | 2188804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 | 16040 | 17199143 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue<br>Series 2012-B<br>5.00%, 11/01/2023 | 2100 | 2102952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2024 | 8705 | 8717238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-D<br>5.00%, 11/01/2023 | 11025 | 11040499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A<br>5.00%, 08/01/2027 | 1655 | 1699309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 5000 | 5128511 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C<br>5.00%, 11/01/2026 | $6345 | $6496061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-D1<br>5.00%, 02/01/2028 | 7110 | 7248021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 2425 | 2471127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C<br>5.00%, 11/01/2026 | 20000 | 20788986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B<br>5.00%, 08/01/2031 | 2200 | 2306777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-F<br>5.00%, 05/01/2032 | 1220 | 1279801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>4.00%, 05/01/2037 | 3065 | 2930748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 2580 | 2776389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>5.00%, 11/01/2023 | 6770 | 6905083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 02/01/2040 | 2220 | 2075353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2041 | 14250 | 13240603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-F<br>4.00%, 02/01/2038 | 1000 | 946441 |
|  New York Liberty Development Corp. <br>(One Bryant Park LLC)<br>Series 2019<br>2.45%, 09/15/2069 | 20000 | 17727082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 09/15/2069 | 22240 | 18321474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/2069 | 6470 | 5308838 |
|  New York Liberty Development Corp. <br>(Port Authority of New York & New Jersey)<br>Series 2021-1<br>3.00%, 02/15/2042 | 20000 | 14882818 |
|  New York State Dormitory Authority<br>Series 2014<br>5.00%, 02/15/2029 (Pre-refunded/ETM) | 40 | 40933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-E<br>5.00%, 03/15/2023 (Pre-refunded/ETM) | 4380 | 4419112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>5.00%, 02/15/2025 (Pre-refunded/ETM) | 2775 | 2886985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 03/15/2024 (Pre-refunded/ETM) | 6475 | 6649817 |
|  New York State Dormitory Authority<br>AGM Series 2020<br>5.00%, 10/01/2026 (Pre-refunded/ETM) | 5 | 5327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 (Pre-refunded/ETM) | 5 | 5452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>1.187%, 03/15/2026<br>(Pre-refunded/ETM) | 5500 | 4908003 |
|  New York State Dormitory Authority <br>(Garnet Health Medical Center Obligated Group)<br>Series 2017<br>5.00%, 12/01/2023(a) | 1400 | 1410739 |

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50 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

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

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| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2024(a) | $1700 | $1723171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026(a) | 1500 | 1530156 |
|  New York State Dormitory Authority <br>(Icahn School of Medicine at Mount Sinai)<br>Series 2015-A<br>5.00%, 07/01/2026 | 3745 | 3866006 |
|  New York State Dormitory Authority <br>(Iona College)<br>Series 2022-2<br>5.00%, 07/01/2024 | 555 | 564140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 620 | 638123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 325 | 335892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 500 | 519276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 300 | 311189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 320 | 330481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 280 | 287573 |
|  New York State Dormitory Authority <br>(New York State Dormitory Authority Lease)<br>AGM Series 2020<br>5.00%, 10/01/2026 | 3045 | 3227630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 2130 | 2311401 |
|  New York State Dormitory Authority <br>(New York State Sales Tax)<br>Series 2015-A<br>5.00%, 03/15/2023 | 2215 | 2234294 |
|  New York State Dormitory Authority <br>(New York University)<br>Series 2015-A<br>5.00%, 07/01/2023 | 2040 | 2068877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 07/01/2032 | 2975 | 3233202 |
|  New York State Dormitory Authority <br>(Northwell Health Obligated Group)<br>Series 2022<br>4.00%, 05/01/2039 | 2500 | 2263763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2040 | 6000 | 5389989 |
|  New York State Dormitory Authority <br>(Rochester Institute of Technology)<br>Series 2020-A<br>5.00%, 07/01/2023 | 1000 | 1012313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 1000 | 1056560 |
|  New York State Dormitory Authority <br>(St. John's University/NY)<br>Series 2015-A<br>5.00%, 07/01/2024 | 1130 | 1155303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 07/01/2031 | 1400 | 1375506 |
|  New York State Dormitory Authority <br>(State of New York Pers Income Tax)<br>Series 2014<br>5.00%, 02/15/2029 | 11385 | 11618323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A<br>5.00%, 02/15/2028 | 2400 | 2450473 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C<br>5.00%, 03/15/2028 | $12485 | $12763060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2029 | 2010 | 2053623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B<br>5.00%, 02/15/2023 | 1160 | 1168271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D<br>5.00%, 02/15/2034 | 9425 | 10050809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>5.00%, 03/15/2036 | 3775 | 4014079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 03/15/2042 | 10000 | 9150500 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMBAC INS Series 2005-B<br>5.50%, 03/15/2023 | 5000 | 5054567 |
|  New York State Dormitory Authority <br>(Wagner College)<br>Series 2022<br>5.00%, 07/01/2037 | 1000 | 969461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 1500 | 1439890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 | 1630 | 1541958 |
|  New York State Environmental Facilities Corp. <br>(New York City Municipal Water Finance Authority)<br>Series 2019-B<br>5.00%, 06/15/2027 | 445 | 480043 |
|  New York State Thruway Authority <br>(New York State Thruway Authority Gen Toll Road)<br>Series 2014-J<br>5.00%, 01/01/2026 | 18900 | 19224014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 15000 | 15248006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-K<br>5.00%, 01/01/2026 | 1310 | 1351074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 3035 | 3120253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M<br>2.90%, 01/01/2035 | 8775 | 7177256 |
|  New York State Thruway Authority <br>(State of New York Pers Income Tax)<br>Series 2022-A<br>5.00%, 03/15/2039 | 7250 | 7660079 |
|  New York State Urban Development Corp.<br>5.00%, 09/15/2029 | 6800 | 7437112 |
|  New York State Urban Development Corp. <br>(State of New York Pers Income Tax)<br>Series 2016-A<br>5.00%, 03/15/2028 | 5010 | 5256680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>4.00%, 03/15/2038 | 4350 | 4042318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-E<br>4.00%, 03/15/2043 | 4650 | 4195579 |

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Schedule of Investments—New York Municipal Portfolio 51

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

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| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  New York State Urban Development Corp. <br>(State of New York Sales Tax Revenue)<br>Series 2021-A<br>5.00%, 03/15/2036 | $4000 | $4265775 |
|  New York Transportation Development Corp. <br>(American Airlines, Inc.)<br>Series 2016<br>5.00%, 08/01/2026 | 1395 | 1395000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 2985 | 2986357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>2.25%, 08/01/2026 | 1625 | 1497990 |
|  New York Transportation Development Corp. <br>(Delta Air Lines, Inc.)<br>Series 2018<br>5.00%, 01/01/2027 | 2165 | 2174088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 24445 | 24265605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 2355 | 2307601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 | 2000 | 1913720 |
|  New York Transportation Development Corp. <br>(Empire State Thruway Partners LLC)<br>Series 2021<br>4.00%, 10/31/2034 | 500 | 442618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/31/2041 | 2075 | 1709049 |
|  New York Transportation Development Corp. <br>(JFK International Air Terminal LLC)<br>Series 2020<br>5.00%, 12/01/2027 | 2210 | 2257525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 1010 | 1029622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 400 | 404570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 1035 | 1043516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 | 1050 | 1022606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 12/01/2042 | 1000 | 809181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 2005 | 2030164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 | 5400 | 5189611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 | 3670 | 3514971 |
|  New York Transportation Development Corp. <br>(Laguardia Gateway Partners LLC)<br>Series 2016-A<br>5.25%, 01/01/2050 | 2535 | 2457518 |
|  New York Transportation Development Corp. <br>(Terminal One Group Association LP)<br>Series 2015<br>5.00%, 01/01/2023 | 965 | 967155 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Niagara Area Development Corp. <br>(Covanta Holding Corp.)<br>Series 2018-A<br>4.75%, 11/01/2042(a) | $1000 | $871013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>3.50%, 11/01/2024(a) | 3400 | 3314249 |
|  Niagara Falls City School District<br>Series 2016<br>5.00%, 06/15/2024 | 4055 | 4144319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2025 | 3660 | 3781979 |
|  Onondaga Civic Development Corp. <br>(Le Moyne College)<br>Series 2022<br>4.00%, 07/01/2034 | 300 | 270059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2036 | 350 | 309048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2039 | 450 | 385347 |
|  Port Authority of New York & New Jersey<br>Series 2013-178<br>5.00%, 12/01/2023 | 10480 | 10643441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014<br>5.00%, 09/01/2023 | 5080 | 5143048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 7500 | 7626095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1<br>5.00%, 10/15/2023 | 3455 | 3503296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-186<br>5.00%, 10/15/2022 | 5000 | 5002889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015<br>5.00%, 10/15/2022 | 2135 | 2136233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2023 | 5850 | 5931775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 | 8405 | 8653610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>5.00%, 10/15/2028 | 6925 | 7166982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2<br>5.00%, 09/15/2025 | 3040 | 3137078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2027 | 9340 | 9744940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 11/01/2035 | 3135 | 3195441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2036 | 5365 | 5454198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2<br>5.00%, 07/15/2033 | 3000 | 3112043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2034 | 13030 | 13423179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2035 | 2260 | 2308274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2<br>5.00%, 10/15/2022 | 3000 | 3001733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2023 | 2750 | 2788441 |
|  Sales Tax Asset Receivable Corp.<br>Series 2014-A<br>5.00%, 10/15/2025 (Pre-refunded/ETM) | 6075 | 6287542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 (Pre-refunded/ETM) | 7065 | 7312179 |
|  Suffolk County Economic Development Corp. <br>(Peconic Landing at Southold, Inc.)<br>Series 2020<br>5.00%, 12/01/2029 | 500 | 512196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 1000 | 1010724 |

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52 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

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

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| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Suffolk Tobacco Asset Securitization Corp.<br>Series 2021<br>0.45%, 06/01/2031 | 410 | $| 406337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2035 | 2300 |  | 2109787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2036 | 2425 |  | 2204313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2037 | 1170 |  | 1051708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2050 | 2500 |  | 2117501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 2275 |  | 2326030 |
|  Town of Oyster Bay NY<br>Series 2018<br>5.00%, 02/15/2023 | 2185 |  | 2198428 |
|  Triborough Bridge & Tunnel Authority<br>Series 2012-B<br>5.00%, 11/15/2023 | 18000 |  | 18037850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-A<br>5.00%, 11/15/2028 | 5000 |  | 5050653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-B<br>5.00%, 11/15/2022 | 7525 |  | 7542189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2025 | 2505 |  | 2622888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>2.377% (SOFR + 0.38%), 01/01/2032(d) | 5095 |  | 5053835 |
|  Triborough Bridge & Tunnel Authority <br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)<br>Series 2021<br>5.00%, 05/15/2050 | 15035 |  | 15713495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>2.00%, 05/15/2045 | 9185 |  | 8926473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%, 05/15/2035 | 10000 |  | 7620617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C<br>5.00%, 05/15/2039 | 5000 |  | 5247924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 05/15/2030 | 2500 |  | 2752478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2032 | 5000 |  | 5554311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2033 | 1000 |  | 1095389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 | 1590 |  | 1727046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 | 1000 |  | 1074687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2036 | 1000 |  | 1070978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2041 | 1750 |  | 1825276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 08/15/2024 | 20000 |  | 20670594 |
|  Troy Capital Resource Corp. <br>(Rensselaer Polytechnic Institute)<br>Series 2020<br>5.00%, 09/01/2031 | 2570 |  | 2706559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 3460 |  | 3630252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 2365 |  | 2467717 |
|  Trust for Cultural Resources of The City of New York (The) <br>(Lincoln Center for the Performing Arts, Inc.)<br>Series 2016-A<br>5.00%, 12/01/2026 | 7175 |  | 7626851 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.00%, 12/01/2031 | 1800 | $| 1967655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 2000 |  | 2170475 |
|  Trust for Cultural Resources of The City of New York (The) <br>(Lincoln Center for the Performing Arts, Inc.)<br>Series 2020<br>4.00%, 12/01/2033 | 1140 |  | 1090433 |
|  TSASC, Inc./NY<br>Series 2017-A<br>5.00%, 06/01/2023 | 1000 |  | 1011315 |
|  Utility Debt Securitization Authority<br>Series 2013-T<br>5.00%, 06/15/2026 | 2800 |  | 2853632 |
|  Westchester County Local Development Corp. <br>(Kendal on Hudson Obligated Group)<br>Series 2022<br>5.00%, 01/01/2027(e) | 520 |  | 531856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032(e) | 520 |  | 525389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2037(e) | 530 |  | 523647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2041(e) | 720 |  | 697841 |
|  |  |  | 1053565656 |
| **Alabama–0.7%** |  |  |  |
|  Southeast Alabama Gas Supply District (The) <br>(Goldman Sachs Group, Inc. (The))<br>Series 2018-A<br>4.00%, 04/01/2049 | 10000 |  | 9967308 |
| **American Samoa–0.1%** | **American Samoa–0.1%** | **American Samoa–0.1%** | **American Samoa–0.1%** |
|  American Samoa Economic Development Authority <br>(Territory of American Samoa)<br>Series 2018<br>6.50%, 09/01/2028(a) | 1055 |  | 1138745 |
| **Colorado–1.2%** |  |  |  |
|  City & County of Denver CO <br>(United Airlines, Inc.)<br>Series 2017<br>5.00%, 10/01/2032 | 2425 |  | 2307889 |
|  Colorado Health Facilities Authority <br>(CommonSpirit Health)<br>Series 2019-A<br>5.00%, 08/01/2031 | 5265 |  | 5403330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 6030 |  | 6092389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 4000 |  | 4016528 |
|  Vauxmont Metropolitan District<br>AGM Series 2020<br>5.00%, 12/01/2050 | 160 |  | 166565 |
|  |  |  | 17986701 |

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Schedule of Investments—New York Municipal Portfolio 53

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

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| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Connecticut–1.7%** |  |  |
|  State of Connecticut<br>Series 2018-B<br>5.00%, 04/15/2025 | $14565 | $15155688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C<br>5.00%, 06/15/2027 | 4690 | 5017050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-F<br>5.00%, 09/15/2027 | 4025 | 4318893 |
|  |  | 24491631 |
| **Florida–0.1%** |  |  |
|  County of Osceola FL Transportation Revenue<br>Series 2020-A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2030 | 100 | 66646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2032 | 100 | 59304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2033 | 100 | 55768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2034 | 110 | 57729 |
|  Volusia County School Board <br>(Volusia County School Board COP)<br>Series 2014-B<br>5.00%, 08/01/2026 | 1000 | 1026773 |
|  |  | 1266220 |
| **Georgia–0.2%** |  |  |
|  Municipal Electric Authority of Georgia<br>Series 2019<br>5.00%, 01/01/2031 | 905 | 945983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 565 | 585693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 | 1185 | 1187658 |
|  |  | 2719334 |
| **Guam–1.8%** |  |  |
|  Antonio B Won Pat International Airport Authority<br>Series 2021-A<br>3.099%, 10/01/2028 | 665 | 575293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.189%, 10/01/2029 | 550 | 465824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.339%, 10/01/2030 | 450 | 376532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.125%, 10/01/2034(e) | 250 | 228269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2031(e) | 1025 | 981342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2035(e) | 265 | 242171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 10/01/2033(e) | 525 | 495006 |
|  Guam Government Waterworks Authority<br>Series 2017<br>5.00%, 07/01/2028 | 1250 | 1291279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 1000 | 1030334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 2000 | 2054951 |
|  Guam Power Authority<br>Series 2017-A<br>5.00%, 10/01/2025 | 2980 | 3062933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 1225 | 1266533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 1230 | 1277552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 10/01/2023 | 1250 | 1263809 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Territory of Guam<br>Series 2019<br>5.00%, 11/15/2031 | $270 | $254939 |
|  Territory of Guam <br>(Guam Section 30 Income Tax)<br>Series 2016-A<br>5.00%, 12/01/2029 | 620 | 619049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 1000 | 992701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 925 | 905087 |
|  Territory of Guam <br>(Territory of Guam Business Privilege Tax)<br>Series 2015-D<br>5.00%, 11/15/2023 | 1865 | 1872163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2025 | 1555 | 1560439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 | 3730 | 3672040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F<br>5.00%, 01/01/2030 | 1000 | 996984 |
|  |  | 25485230 |
| **Illinois–2.9%** |  |  |
|  Chicago Board of Education<br>Series 2017-C<br>5.00%, 12/01/2023 | 8160 | 8247829 |
|  Illinois Finance Authority <br>(Illinois Institute of Technology)<br>Series 2019<br>5.00%, 09/01/2023 | 130 | 130883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 150 | 152980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 145 | 148068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 225 | 230332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 365 | 366889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 200 | 199914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 225 | 222181 |
|  Metropolitan Pier & Exposition Authority<br>Series 2017-B<br>5.00%, 12/15/2028 | 2000 | 2038769 |
|  State of Illinois<br>Series 2012<br>5.00%, 08/01/2023 | 3370 | 3403635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013<br>5.50%, 07/01/2025 | 7435 | 7512669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 12/01/2024 | 2105 | 2140138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D<br>5.00%, 11/01/2023 | 7505 | 7593942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2024 | 5580 | 5672190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 10/01/2024 | 2910 | 2957495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>5.00%, 05/01/2024 | 1405 | 1426057 |
|  |  | 42443971 |
| **Kentucky–0.3%** |  |  |
|  City of Ashland KY <br>(Ashland Hospital Corp. Obligated Group)<br>Series 2019<br>5.00%, 02/01/2026 | 350 | 359138 |

---

54 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | $375 | $387245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 210 | 219097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 275 | 281048 |
|  Kentucky Economic Development Finance Authority <br>(CommonSpirit Health)<br>Series 2019-A<br>5.00%, 08/01/2033 | 1000 | 1010347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 1635 | 1641756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 555 | 556248 |
|  |  | 4454879 |
| **Louisiana–0.1%** |  |  |
|  Parish of St. James LA <br>(NuStar Logistics LP)<br>Series 2020<br>5.85%, 08/01/2041(a) | 240 | 246201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/2038(a) | 345 | 367069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 12/01/2040(a) | 460 | 489425 |
|  |  | 1102695 |
| **Michigan–1.1%** |  |  |
|  City of Detroit MI<br>Series 2018<br>5.00%, 04/01/2029 | 250 | 256136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032 | 1005 | 1017180 |
|  Michigan Strategic Fund <br>(Michigan Strategic Fund –I 75 Improvement Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>5.00%, 12/31/2029 | 8600 | 8627254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2030 | 4000 | 3987565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2032 | 1690 | 1660414 |
|  |  | 15548549 |
| **Missouri–0.0%** |  |  |
|  Howard Bend Levee District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; XLCA INS Series 2005<br>5.75%, 03/01/2025 | 120 | 121462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027 | 275 | 278764 |
|  |  | 400226 |
| **Nevada–0.1%** |  |  |
|  City of Sparks NV <br>(City of Sparks NV Sales Tax)<br>Series 2019-A<br>2.50%, 06/15/2024(a) | 385 | 370299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/15/2028(a) | 715 | 626641 |
|  |  | 996940 |
| **New Jersey–2.7%** |  |  |
|  New Jersey Economic Development Authority<br>Series 2013<br>5.00%, 03/01/2028 (Pre-refunded/ETM) | 1445 | 1455876 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Fed Hwy Grant)<br>Series 2016<br>5.00%, 06/15/2024 | $5030 | $5136631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2027 | 5000 | 5227557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 06/15/2028 | 11680 | 12165838 |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Trust Fund Authority State Lease)<br>Series 2018-A<br>5.00%, 12/15/2030<br>| 3360 | 3484269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>5.00%, 06/15/2030 | 1500 | 1557939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2034 | 2360 | 2387431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BB1<br>5.00%, 06/15/2034 | 2900 | 2933707 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMBAC INS Series 2005-B<br>5.25%, 12/15/2023 | 4700 | 4801465 |
|  |  | 39150713 |
| **Pennsylvania–0.3%** |  |  |
|  Hospitals & Higher Education Facilities Authority of Philadelphia (The) <br>(Temple University Health System Obligated Group)<br>Series 2017<br>5.00%, 07/01/2023 | 1690 | 1701771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2024 | 2085 | 2117581 |
|  |  | 3819352 |
| **Puerto Rico–1.1%** |  |  |
|  Commonwealth of Puerto Rico<br>Series 2021-A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2024 | 959 | 881214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2033 | 2420 | 1333889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 | 675 | 593596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2023 | 465 | 467068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2025 | 870 | 878412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2027 | 3150 | 3215413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 | 1070 | 1094389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2031 | 285 | 290558 |
|  Puerto Rico Electric Power Authority<br>AGM Series 2007-V<br>5.25%, 07/01/2031 | 1390 | 1376800 |
|  Puerto Rico Highway & Transportation Authority<br>AGC Series 2007-N<br>5.25%, 07/01/2034 | 1580 | 1546687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2036 | 1515 | 1479745 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2007-C<br>5.50%, 07/01/2031 | 1000 | 1007774 |

---

Schedule of Investments—New York Municipal Portfolio 55

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue<br>Series 2018-A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2024 | 1406 | $| 1299031 |
|  |  |  | 15464576 |
| **South Carolina–0.3%** |  |  |  |
|  South Carolina Public Service Authority<br>Series 2021-B<br>4.00%, 12/01/2038 | 2125 |  | 1873992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 | 2500 |  | 2488883 |
|  |  |  | 4362875 |
| **Tennessee–0.6%** |  |  |  |
|  Chattanooga Health Educational & Housing Facility Board <br>(CommonSpirit Health)<br>Series 2019-A<br>5.00%, 08/01/2031 | 1500 |  | 1539410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 1000 |  | 1010347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 1000 |  | 1004132 |
|  Tennergy Corp./TN <br>(Royal Bank of Canada)<br>Series 2019-A<br>5.00%, 02/01/2050 | 4735 |  | 4835106 |
|  |  |  | 8388995 |
| **Texas–0.4%** |  |  |  |
|  City of Houston TX Airport System Revenue <br>(United Airlines, Inc.)<br>Series 2018<br>5.00%, 07/15/2028 | 1750 |  | 1748998 |
|  Mission Economic Development Corp. <br>(Natgasoline LLC)<br>Series 2018<br>4.625%, 10/01/2031(a) | 4540 |  | 4469494 |
|  |  |  | 6218492 |
| **Washington–0.6%** |  |  |  |
|  Washington Health Care Facilities Authority <br>(CommonSpirit Health)<br>Series 2019-A<br>5.00%, 08/01/2032 | 2165 |  | 2201734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 2595 |  | 2621849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 2520 |  | 2530413 |
|  Washington State Housing Finance Commission<br>Series 2021-1, Class A<br>3.50%, 12/20/2035 | 981 |  | 832419 |
|  Washington State Housing Finance Commission<br>Series 2021-1, Class X<br>0.726%, 12/20/2035(f) | 981 |  | 49927 |
|  |  |  | 8236342 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| **Wisconsin–0.3%** |  |  |  |
|  UMA Education, Inc.<br>Series 2019<br>5.00%, 10/01/2022(a) | 240 | $| 240000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2023(a) | 260 |  | 260173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025(a) | 995 |  | 991449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026(a) | 1050 |  | 1042885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027(a) | 1090 |  | 1077693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028(a) | 900 |  | 884480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029(a) | 275 |  | 269168 |
|  |  |  | 4765848 |
| Total Long-Term Municipal Bonds <br>(cost $1,393,722,616) | Total Long-Term Municipal Bonds <br>(cost $1,393,722,616) |  | 1291975278 |
| **Short-Term Municipal Notes–5.2%** | **Short-Term Municipal Notes–5.2%** | **Short-Term Municipal Notes–5.2%** | **Short-Term Municipal Notes–5.2%** |
| **New York–5.0%** | **New York–5.0%** | **New York–5.0%** | **New York–5.0%** |
|  Build NYC Resource Corp. <br>(Asia Society (The))<br>Series 2015<br>2.56%, 04/01/2045(g) | 1745 |  | 1745000 |
|  City of New York NY<br>Series 2008-L<br>2.78%, 04/01/2038(g) | 530 |  | 530000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-B<br>2.60%, 09/01/2027(g) | 5850 |  | 5850000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>2.60%, 08/01/2044(g) | 8995 |  | 8995000 |
|  Dutchess County Industrial Development Agency <br>(Marist College)<br>Series 2008<br>2.56%, 07/01/2038(g) | 1230 |  | 1230000 |
|  New York City Health and Hospitals Corp.<br>Series 2008-B<br>2.31%, 02/15/2031(g) | 10000 |  | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-E<br>2.61%, 02/15/2026(g) | 2520 |  | 2520000 |
|  New York City Health and Hospitals Corp. <br>(HHC Capital Corp.)<br>Series 2008-C<br>2.62%, 02/15/2031(g) | 2000 |  | 2000000 |
|  New York City Housing Development Corp.<br>Series 2008<br>2.43%, 04/15/2035(g) | 4100 |  | 4100000 |
|  New York City Housing Development Corp. <br>(201 Pearl LLC)<br>Series 2006-A<br>2.20%, 10/15/2041(g) | 8800 |  | 8800000 |
|  New York City Housing Development Corp. <br>(Queenswood Apartments LP)<br>Series 2001-A<br>2.43%, 04/01/2031(g) | 1300 |  | 1300000 |

---

56 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  New York State Dormitory Authority <br>(Royal Charter Properties-East, Inc.)<br>Series 2008<br>2.43%, 11/15/2036(g) | $2290 | $2290000 |
|  New York State Housing Finance Agency<br>Series 2006<br>2.20%, 11/15/2036(g) | 6400 | 6400000 |
|  New York State Housing Finance Agency <br>(8 East 102nd Street LLC)<br>Series 2012<br>2.63%, 05/01/2044(g) | 3140 | 3140000 |
|  New York State Housing Finance Agency <br>(Liberty Street Realty LLC)<br>Series 2005<br>2.43%, 05/01/2035(g) | 2100 | 2100000 |
|  Triborough Bridge & Tunnel Authority<br>Series 2018-C<br>2.74%, 01/01/2032(g) | 7570 | 7570000 |
|  Trust for Cultural Resources of The City of New York (The) <br>(New York Botanical Garden (The))<br>Series 2009<br>2.53%, 07/01/2032(g) | 2695 | 2695000 |
|  |  | 71265000 |
| **Ohio–0.2%** | **Ohio–0.2%** | **Ohio–0.2%** |
|  State of Ohio<br>Series 2004<br>2.32%, 02/01/2023(g) | 3020 | 3020000 |
| Total Short-Term Municipal Notes <br>(cost $74,285,000) | Total Short-Term Municipal Notes <br>(cost $74,285,000) | 74285000 |
| Total Municipal Obligations <br>(cost $1,468,007,616) | Total Municipal Obligations <br>(cost $1,468,007,616) | 1366260278 |
| **GOVERNMENTS–TREASURIES–0.1%** | **GOVERNMENTS–TREASURIES–0.1%** | **GOVERNMENTS–TREASURIES–0.1%** |
| **United States–0.1%** | **United States–0.1%** | **United States–0.1%** |
|  U.S. Treasury Notes<br>2.625%, 02/15/2029(h) <br>(cost $2,484,655) | 2377 | 2190554 |
| **CORPORATES–INVESTMENT GRADE–0.1%** | **CORPORATES–INVESTMENT GRADE–0.1%** | **CORPORATES–INVESTMENT GRADE–0.1%** |
| **Industrial–0.1%** | **Industrial–0.1%** | **Industrial–0.1%** |
| **Consumer Cyclical–Automotive–0.1%** | **Consumer Cyclical–Automotive–0.1%** | **Consumer Cyclical–Automotive–0.1%** |
|  General Motors Financial Co., Inc.<br>3.443% (SOFR+ 1.30%), 04/07/2025(d) <br>(cost $2,000,000) | 2000 | 1957540 |
| **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%** |
| **Risk Share Floating Rate–0.1%** | **Risk Share Floating Rate–0.1%** | **Risk Share Floating Rate–0.1%** |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2013-DN2, Class M2<br>7.334% (LIBOR 1 Month + 4.25%), 11/25/2023(d) | $132 | $133593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-DN3, Class M3<br>7.084% (LIBOR 1 Month + 4.00%), 08/25/2024(d) | 100 | 100674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-DNA3, Class M2<br>5.134% (LIBOR 1 Month + 2.05%), 07/25/2049(a)(d) | 106 | 104187 |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2014-C03, Class 2M2<br>5.984% (LIBOR 1 Month + 2.90%), 07/25/2024(d) | 97 | 97694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C02, Class 1M2<br>7.084% (LIBOR 1 Month + 4.00%), 05/25/2025(d) | 99 | 100845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 1M2<br>9.834% (LIBOR 1 Month + 6.75%), 08/25/2028(d) | 243 | 257060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2<br>9.084% (LIBOR 1 Month + 6.00%), 09/25/2028(d) | 56 | 58245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class 1M2<br>8.384% (LIBOR 1 Month + 5.30%), 10/25/2028(d) | 95 | 97279 |
| Total Collateralized Mortgage Obligations <br>(cost $914,303) | Total Collateralized Mortgage Obligations <br>(cost $914,303) | 949577 |
| **Total Investments—95.2%** <br>(cost $1,473,406,574) |  | 1371357949 |
|  Other assets less liabilities—4.8% |  | 69086141 |
| **Net Assets—100.0%** |  | $**1440444090** |

---

Schedule of Investments—New York Municipal Portfolio 57

------

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

------

**CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | <br>**Termination<br>Date** | **Payments<br>made by the<br>Fund** | **Payments<br>received by the<br>Fund** | <br>**Payment Frequency<br>Paid/ Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 7130 | 01/15/2025 | 2.565% | CPI# | Maturity | $614637 | $— | $614637 |
| USD | 4070 | 01/15/2025 | 4.028% | CPI# | Maturity | 111791 |  | 111791 |
| USD | 3565 | 01/15/2025 | 2.585% | CPI# | Maturity | 304514 |  | 304514 |
| USD | 3565 | 01/15/2025 | 2.613% | CPI# | Maturity | 300656 |  | 300656 |
| USD | 16830 | 01/15/2026 | CPI# | 3.720% | Maturity | (458587) |  | (458587) |
| USD | 10700 | 01/15/2027 | CPI# | 3.466% | Maturity | (308616) | (12502) | (296114) |
| USD | 10500 | 01/15/2027 | CPI# | 3.320% | Maturity | (395266) |  | (395266) |
| USD | 8430 | 01/15/2027 | CPI# | 3.323% | Maturity | (315823) |  | (315823) |
| USD | 27600 | 01/15/2028 | 1.230% | CPI# | Maturity | 4605344 |  | 4605344 |
| USD | 23260 | 01/15/2028 | 0.735% | CPI# | Maturity | 4692450 |  | 4692450 |
| USD | 27050 | 01/15/2029 | CPI# | 3.290% | Maturity | (541871) |  | (541871) |
| USD | 10810 | 01/15/2029 | CPI# | 3.735% | Maturity | 173642 |  | 173642 |
| USD | 4375 | 01/15/2030 | 1.572% | CPI# | Maturity | 669974 |  | 669974 |
| USD | 4375 | 01/15/2030 | 1.587% | CPI# | Maturity | 664149 |  | 664149 |
| USD | 6400 | 01/15/2031 | 2.782% | CPI# | Maturity | 323060 |  | 323060 |
| USD | 5830 | 01/15/2031 | 2.680% | CPI# | Maturity | 350875 |  | 350875 |
| USD | 5150 | 01/15/2031 | 2.989% | CPI# | Maturity | 157387 |  | 157387 |
| USD | 5600 | 01/15/2032 | CPI# | 3.064% | Maturity | (89216) |  | (89216) |
| USD | 5400 | 04/15/2032 | CPI# | 2.909% | Maturity | (152829) |  | (152829) |
|  |  |  |  |  |  | $10706271 | $(12502) | $10718773 |

---

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

------

**CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made by the<br>Fund** | **Payments<br>received by the<br>Fund** | **Payment Frequency<br>Paid/ Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 25000 | 01/15/2027 | 1 Day SOFR | 2.540% | Annual | $(1126042) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(1126042) |
| USD | 8000 | 01/15/2031 | 1.323% | 3 Month LIBOR | Semi-Annual/ Quarterly | 1445179 |  | 1445179 |
| USD | 43200 | 04/15/2032 | 2.569% | 1 Day SOFR | Annual | 3094409 |  | 3094409 |
| USD | 13400 | 04/15/2032 | 1.280% | 1 Day SOFR | Annual | 2421464 |  | 2421464 |
| USD | 13200 | 04/15/2032 | 2.632% | 1 Day SOFR | Annual | 875030 |  | 875030 |
| USD | 5000 | 04/15/2032 | 3.082% | 1 Day SOFR | Annual | 159438 |  | 159438 |
| USD | 1400 | 04/15/2032 | 3.069% | 1 Day SOFR | Annual | 46099 |  | 46099 |
|  |  |  |  |  |  | $6915577 | $— | $6915577 |

---

58 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

------

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

------

**CREDIT DEFAULT SWAPS (see Note 3)** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br>Counterparty & <br>Referenced<br>Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Sale Contracts** |  |  |  |  |  |  |  |  |
|  Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |  |  |  |  |  |  |  |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 121 | $(27206) | $(11335) | $(15871) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 402 | (90151) | (48458) | (41693) |
|  Credit Suisse International | Credit Suisse International |  |  |  |  |  |  |  |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 27 | (5956) | (3105) | (2851) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 67 | (14971) | (6295) | (8676) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 820 | (183844) | (95200) | (88644) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 826 | (185293) | (78008) | (107285) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1245 | (279146) | (114501) | (164645) |
|  Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 155 | (34773) | (18613) | (16160) |
| CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1079 | (241959) | (96333) | (145626) |
|  |  |  |  |  |  | $(1063299) | $(471848) | $(591451) |

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\* Termination date

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**INTEREST RATE SWAPS (see Note 3)** 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| **Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made by<br>the Fund** | **Payments<br>received by<br>the Fund** | **Payment Frequency<br>Paid/Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Citibank, NA | USD | 16980 | 10/09/2029 | 1.125% | SIFMA \* | Quarterly | $1951207 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1951207 |

---

\* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

------

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At
September 30, 2022, the aggregate market value of these securities amounted to $31,830,161 or 2.2% of net assets.

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

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.02% of net assets as of September 30, 2022, are considered illiquid and
restricted. Additional information regarding such securities follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Jefferson County Industrial Development Agency <br>(ReEnergy Black River LLC) Series 2019 <br>5.25%, 01/01/2024 | 11/13/2014 | $1250438 | $250000 | 0.02% |

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Schedule of Investments—New York Municipal Portfolio 59

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(d) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2022.

(e) When-Issued or delayed delivery security.

(f) IO—Interest Only.

(g) Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the
prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

(h) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

As of September 30, 2022, the Portfolio's percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 2.9% and 0.0%, respectively.

Glossary:

AGC—Assured Guaranty Corporation

AGM—Assured Guaranty Municipal

AMBAC—Ambac Assurance Corporation

CDX-CMBX.NA—North American Commercial Mortgage-Backed Index

COP—Certificate of Participation

CPI—Consumer Price Index

ETM—Escrowed to Maturity

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

XLCA—XL Capital Assurance Inc.

See notes to financial statements.

60 Sanford C. Bernstein Fund, Inc.—2022 Annual Report

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SCB–MU–1945–0922

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**SEP** <sup>09.30.22</sup>

![LOGO](g430353g43p34.jpg)

ANNUAL REPORT

## AB BOND FUNDS
+ AB INTERMEDIATE DURATION PORTFOLIO

+ AB SHORT DURATION PORTFOLIO

![LOGO](g430353covart_7682.jpg)

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 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund's prospectus for individuals who are not current 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 AB's website at www.abfunds.com, or go to the Securities and Exchange Commission's (the "Commission") website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files 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. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

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

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| **FROM THE ADVISER** | ![LOGO](g430353g92f19.jpg) |

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Dear Shareholder,

We're pleased to provide this report for the AB Bond Funds: Intermediate Duration and Short Duration Portfolios (each a "Portfolio," and collectively, the "Portfolios"). Please review the discussion of Portfolio performance, the market conditions during the reporting period and the Portfolios' investment strategies.

As always, AB strives to keep clients ahead of what's next by:

<sup>+</sup> Transforming uncommon insights into uncommon knowledge with a global research scope

<sup>+</sup> Navigating markets with seasoned investment experience and sophisticated solutions

<sup>+</sup> Providing thoughtful investment insights and actionable ideas

Whether you're an individual investor or a multi-billion-dollar institution, we put knowledge and experience to work for you.

AB's global research organization connects and collaborates across platforms and teams to deliver impactful insights and innovative products. Better insights lead to better opportunities—anywhere in the world.

For additional information about AB's range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in the AB Mutual Funds.

Sincerely,

![LOGO](g430353g55d83.jpg)

Onur Erzan

Senior Vice President of the Adviser

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 1** |

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**ANNUAL REPORT** 

**November 14, 2022** 

This report provides management's discussion of fund performance for the AB Bond Funds: Intermediate Duration and Short Duration Portfolios for the annual reporting period ended September 30, 2022.

**The investment objective of the Intermediate Duration Portfolio is to provide safety of principal and a moderate to high rate of income that is subject to taxes. The investment objective of the Short Duration Portfolio is to provide safety of principal and a moderate rate of income that is subject to taxes.** 

**NAV RETURNS AS OF SEPTEMBER 30, 2022** (unaudited)

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|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB INTERMEDIATE DURATION PORTFOLIO** |  |  |
| Class A Shares | -9.84% | -15.54% |
| Advisor Class Shares<sup>1</sup> | -9.74% | -15.33% |
| Class Z Shares<sup>1,2</sup> | -9.61% | -15.17% |
| Bloomberg US Aggregate Bond Index | -9.22% | -14.60% |

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|:---|:---|:---|
| **AB SHORT DURATION PORTFOLIO** |  |  |
| Class A Shares | -2.41% | -5.49% |
| Class C Shares | -2.48% | -5.49% |
| ICE BofA 1-3 Year US Treasury Index | -2.06% | -4.86% |

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|:---|:---|
| 1 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio.  |

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|:---|:---|
| 2 | The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the Financial Highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.  |

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**INVESTMENT RESULTS** 

The preceding tables show performance for each Portfolio compared to their benchmarks, the Bloomberg US Aggregate Bond Index for the Intermediate Duration Portfolio, and the Intercontinental Exchange Bank of America ("ICE BofA") 1-3 Year US Treasury Index for the Short Duration Portfolio, for the six- and 12-month periods ended September 30, 2022.

During both periods, all share classes of the Intermediate Duration Portfolio underperformed the benchmark, before sales charges. In the 12-month period, overweights to the five- and 10-year parts of the yield curve were the primary detractor, relative to the benchmark, partially offset by an

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| **2 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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overweight to the six-month part of the curve and an underweight to the 20-year part of the yield curve. Security selection also detracted, mostly due to losses from selection within investment-grade corporate bonds, asset-backed securities and US agency mortgages that were partially offset by gains from selection within commercial mortgage-backed securities ("CMBS") and the utilization of high-yield credit default swaps. Sector allocation contributed, due to underweights to US agency mortgages and investment-grade corporate bonds, an overweight to asset-backed securities and exposure to investment-grade credit default swaps that exceeded a loss from exposure to agency risk-sharing securities. Currency decisions also contributed, mostly from short positions in the Swedish krona and offshore Chinese renminbi. Country allocation did not have a material impact on returns during the period.

During the six-month period, security selection detracted the most from performance, as selection within investment-grade corporate bonds and asset-backed securities detracted more than a gain from selection within CMBS. Country allocation also detracted due to exposure to Japan and the UK that outweighed exposure to the eurozone. Yield-curve positioning was a minor detractor. Currency decisions contributed, from short positions in the offshore Chinese renminbi, Australian dollar and Canadian dollar. Sector allocation also contributed, from an underweight to US agency mortgages, an overweight to asset-backed securities and exposure to high-yield credit default swaps, which offset losses from exposure to collateralized loan obligations and high-yield corporate bonds in the US and eurozone.

During both periods, all share classes of the Short Duration Portfolio underperformed the benchmark, before sales charges. Over the 12-month period, security selection within investment-grade corporate bonds was the largest detractor, relative to the benchmark. Country allocation also detracted, as exposure to Japan and the UK was mostly offset by a gain from exposure to the eurozone. Yield-curve positioning on the two-year part of the yield curve contributed, along with sector exposure to inflation-linked securities in the US and CMBS that exceeded a sector loss from exposure to investment-grade corporate bonds. Currency decisions did not materially impact performance during the period.

During the six-month period, sector allocation was the greatest detractor, as allocation to collateralized loan obligations and investment-grade corporate bonds were partially offset by a gain from the utilization of high-yield credit default swaps. Country allocation also detracted, as exposure to Japan and the UK was partially offset by a gain from an allocation to the eurozone. Security selection within investment-grade corporate bonds was a minor detractor. Yield-curve positioning on the two- to 10-year parts of the curve contributed to returns. Currency decisions had no material impact on performance during the period.

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 3** |

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During both periods, the Intermediate Duration Portfolio utilized derivatives in the form of interest rate swaps and futures to manage and hedge duration risk and/or to take active yield-curve positioning. Currency forwards were used to hedge foreign currency exposure and to take active currency risk. Inflation swaps were used to hedge inflation and for investment purposes to incorporate the Portfolio's Senior Investment Management Team's (the "Team's") view on future inflation in the Portfolio. Credit default swaps were utilized to hedge credit risk and as a tool to effectively gain exposure to specific sectors. The utilization of government-agency-related To Be Announced mortgage positions was a significant contributor to the Portfolio's turnover rate of 122%.

During both periods, the Short Duration Portfolio utilized derivatives in the form of interest rate swaps and futures to manage and hedge duration risk and/or to take active yield-curve positioning. Currency forwards were used to hedge foreign currency exposure and to take active currency risk. Inflation swaps were used to hedge inflation and for investment purposes to incorporate the Team's view on future inflation in the Portfolio. Credit default swaps were utilized to hedge credit risk and as a tool to effectively gain exposure to specific sectors.

**MARKET REVIEW AND INVESTMENT STRATEGY** 

During the 12-month period ended September 30, 2022, fixed-income government bond market yields increased rapidly, and bond prices fell in all developed markets. Most major central banks aggressively tightened monetary policy by raising short-term interest rates and ending bond purchases to combat high and persistent inflation. Developed-market government bonds fell the most in the UK and eurozone, and by the least in Japan. In credit risk sectors, securitized assets generally outperformed corporate bonds. Investment-grade corporate bonds trailed treasuries, underperforming in the US against US Treasuries, while outperforming in the eurozone relative to eurozone treasuries. High-yield corporate bonds trailed in the US versus US Treasuries while eurozone high yield outperformed eurozone treasuries. Investment-grade emerging-market corporate bonds slightly trailed developed-market corporates. Longer-maturity emerging-market sovereign bonds underperformed developed-market treasuries. Emerging-market local-currency bonds lagged as the US dollar advanced against almost all developed- and emerging-market currencies. Brent crude oil prices ended the period higher, even as prices fell sharply in the final quarter on global growth concerns and reduced demand.

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| **4 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**INVESTMENT POLICIES** 

**INTERMEDIATE DURATION PORTFOLIO** 

The Portfolio seeks to maintain an average portfolio quality minimum of A, based on ratings given to the Portfolio's securities by nationally recognized statistical rating organizations ("NRSROs") (or, if unrated, determined by the Adviser to be of comparable quality). Many types of securities may be purchased by the Portfolio, including corporate bonds, notes, US government and agency securities, asset-backed securities, mortgage-related securities, bank loan debt, preferred stock and inflation-protected securities, as well as others. The Portfolio may also invest up to 25% of its total assets in fixed-income, non-US dollar-denominated foreign securities, and may invest without limit in fixed-income, US dollar-denominated foreign securities, in each case in developed- or emerging-market countries. The Portfolio may use derivatives, such as options, futures contracts, forward contracts and swaps. The Portfolio may invest up to 25% of its total assets in fixed-income securities rated below investment-grade (BB or below) by NRSROs (commonly known as "junk bonds"). No more than 5% of the Portfolio's total assets may be invested in fixed-income securities rated CCC by NRSROs.

In managing the Portfolio, the Adviser may use interest-rate forecasting to estimate an appropriate level of interest-rate risk at a given time. The Portfolio seeks to maintain an effective duration of three to seven years under normal market conditions. Duration is a measure that relates the expected price volatility of a security to changes in interest rates. The duration of a debt security is the weighted average term to maturity, expressed in years, of the present value of all future cash flows, including coupon payments and principal repayments. Within the range described above, the Adviser may moderately shorten the average duration of the Portfolio when it expects interest rates to rise and moderately lengthen average duration when it anticipates that interest rates will fall.

The Adviser selects securities for purchase or sale based on its assessment of the securities' risk and return characteristics as well as the securities' impact on the overall risk and return characteristics of the Portfolio. In making this assessment, the Adviser takes into account various factors including the credit quality and sensitivity to interest rates of the securities under consideration and of the Portfolio's other holdings.

The Portfolio may enter into foreign currency transactions on a spot (i.e., cash) basis or through the use of derivatives transactions, such

(continued on next page)

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 5** |

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as forward currency exchange contracts, currency futures and options thereon, and options on currencies. An appropriate hedge of currency exposure resulting from the Portfolio's securities positions may not be available or cost effective, or the Adviser may determine not to hedge the positions, possibly even under market conditions where doing so could benefit the Portfolio.

**SHORT DURATION PORTFOLIO** 

The Portfolio invests at least 80% of its total assets in securities rated A or better by NRSROs (or, if unrated, determined by the Adviser to be of comparable quality) and comparably rated commercial paper and notes. Many types of securities may be purchased by the Portfolio, including corporate bonds, notes, US government and agency securities, asset-backed securities, mortgage-related securities, inflation-protected securities, bank loan debt and preferred stock, as well as others. The Portfolio may also invest up to 20% of its total assets in fixed-income foreign securities in developed- or emerging-market countries. The Portfolio may use derivatives, such as options, futures contracts, forward contracts and swaps. The Portfolio may invest up to 20% of its total assets in below investment-grade fixed-income securities (commonly known as "junk bonds").

In managing the Portfolio, the Adviser may use interest-rate forecasting to estimate an appropriate level of interest-rate risk at a given time. The Portfolio seeks to maintain an effective duration of one to three years under normal market conditions. Duration is a measure that relates the expected price volatility of a security to changes in interest rates. The duration of a debt security is the weighted average term to maturity, expressed in years, of the present value of all future cash flows, including coupon payments and principal repayments. Within the range described above, the Adviser may moderately shorten the average duration of the Portfolio when it expects interest rates to rise and moderately lengthen average duration when it anticipates that interest rates will fall.

The Adviser selects securities for purchase or sale based on its assessment of the securities' risk and return characteristics as well as the securities' impact on the overall risk and return characteristics of the Portfolio. In making this assessment, the Adviser takes into account various factors including the credit quality and sensitivity to interest rates of the securities under consideration and of the Portfolio's other holdings.

The Portfolio may enter into foreign currency transactions on a spot (i.e., cash) basis or through the use of derivatives transactions, such

(continued on next page)

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| **6 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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as forward currency exchange contracts, currency futures and options thereon, and options on currencies. An appropriate hedge of currency exposure resulting from the Portfolio's securities positions may not be available or cost effective, or the Adviser may determine not to hedge the positions, possibly even under market conditions where doing so could benefit the Portfolio.

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 7** |

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**DISCLOSURES AND RISKS** 

**Benchmark Disclosure** 

**The Bloomberg US Aggregate Bond Index and ICE BofA<sup>®</sup> 1-3 Year US Treasury Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio.** The Bloomberg US Aggregate Bond Index represents the performance of securities within the US investment-grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities and CMBS. The ICE BofA 1-3 Year US Treasury Index represents the performance of US dollar-denominated sovereign debt publicly issued by the US government in its domestic market with a remaining term to final maturity of one to three years. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

**A Word About Risk** 

**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

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**DISCLOSURES AND RISKS** (continued)

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.

**Interest-Rate Risk:** Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Portfolios may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal and monetary policy initiatives and resulting market reaction to those initiatives.

**Credit Risk:** This is the risk that the issuer or the guarantor of a debt security, or the counterparty to a derivatives or other contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The issuer or guarantor may default, potentially causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. The credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations, making credit risk greater for medium-quality and lower-rated debt securities. Lower-rated debt securities and similar unrated securities (commonly known as "junk bonds") have speculative elements or are predominantly speculative credit risks. At times when credit risk is perceived to be greater, credit "spreads" (i.e., the difference between the yields on lower quality securities and the yields on higher quality securities) may get larger or "widen". As a result, the values of the lower quality securities may go down more and they may become harder to sell.

**Duration Risk:** The duration of a fixed-income security may be shorter than or equal to full maturity of the fixed-income security. Fixed-income securities with longer durations have more interest-rate risk and will decrease in price as interest rates rise. Securities that have final maturities longer than their durations may be affected by increased credit spreads to a far greater degree than their durations would suggest, because they are exposed to credit risk until final maturity.

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**DISCLOSURES AND RISKS** (continued)

**Inflation Risk:** This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolios' assets can decline as can the value of the Portfolios' distributions. This risk is significantly greater for fixed-income securities with longer maturities. Rates of inflation have recently risen, which could adversely affect economies and markets.

**Inflation-Protected Securities Risk:** The terms of inflation-protected securities provide for the coupon and/or maturity value to be adjusted based on changes in an inflation index. Decreases in the inflation rate or in investors' expectations about inflation could cause these securities to underperform non-inflation-adjusted securities on a total-return basis. In addition, there can be no assurance that the relevant inflation index will accurately measure the rate of inflation, in which case the securities may not work as intended. These securities may be more difficult to trade or dispose of than other types of securities.

**Foreign (Non-US) Securities Risk:** Investments in foreign securities entail significant risks in addition to those customarily associated with investing in US 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, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, and adverse market, economic, political and regulatory factors and social instability, all of which could disrupt the financial markets in which the Portfolios invest and adversely affect the value of the Portfolios' assets.

**Emerging-Markets Securities Risk:** The risks of investing in foreign (non-US) securities are heightened with respect to issuers in emerging-market countries because the markets are less developed and less liquid and there may be a greater amount of economic, political and social uncertainty, and these risks are even more pronounced in "frontier" markets, which are investable markets with lower total market capitalization and liquidity than the more developed emerging markets. Emerging markets typically have fewer medical and economic resources than more developed countries, and thus they may be less able to control or mitigate the effects of a pandemic. In addition, the value of the Portfolios' investments may decline because of factors such as unfavorable or unsuccessful government actions and reduction of government or central bank support.

**Derivatives Risk:** The Portfolios may use derivatives as direct investments to earn income, enhance return and broaden portfolio diversification, which entail greater risk than if used solely for hedging purposes. In

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**DISCLOSURES AND RISKS** (continued)

addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolios. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted to cover or secure 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 (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios. Use of derivatives may have different tax consequences for the Portfolios than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders. The US government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as additional regulations governing, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.

**Mortgage-Related and Asset-Related Securities Risk:** Mortgage- and asset-related securities represent interests in "pools" of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-related securities are subject to credit, interest-rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-related securities. Asset-related securities entail certain risks not presented by mortgage-backed securities, including the risk that it may be difficult to perfect the liens securing any collateral backing certain asset-backed securities.

**Prepayment and Extension Risk:** Prepayment risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. If this happens, particularly during a time of declining interest rates or credit spreads, the Portfolios will not benefit from the rise in market price that normally accompanies a decline in interest rates, and may not be able to invest the proceeds in securities providing as much income, resulting in a lower yield to the Portfolios. Conversely,

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 11** |

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**DISCLOSURES AND RISKS** (continued)

extension risk is the risk that as interest rates rise or spreads widen, payments of securities may occur more slowly than anticipated by the market. If this happens, the values of these securities may go down because their interest rates are lower than current market rates and they remain outstanding longer than anticipated.

**Subordination Risk:** The Portfolios may invest in securities that are subordinated to more senior securities of an issuer, or which represent interests in pools of such subordinated securities. Subordinated securities will be disproportionately affected by a default or even a perceived decline in creditworthiness of the issuer. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer, any loss incurred by the subordinated securities is likely to be proportionately greater, and any recovery of interest or principal may take more time.

**Management Risk:** The Portfolios are subject to management risk because they are actively managed investment portfolios. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolios, but these techniques, analyses and decisions may not work as intended or may not produce the desired results, and may, during certain periods, result in increased volatility for the Portfolios or cause the value of the Portfolios' shares to go down. In some cases, derivatives and other investment techniques may be unavailable, or the Adviser may determine not to use them, possibly even under market conditions where their use could benefit the Portfolios. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. In addition, the Adviser may change the Portfolios' investment strategies or policies from time to time. Those changes may not lead to the results intended by the Adviser and could have an adverse effect on the value or performance of the Portfolios.

**Illiquid Investments Risk:** Illiquid investments risk exists when particular investments are difficult or impossible to purchase or sell, possibly preventing the Portfolios from purchasing or selling these securities at an advantageous price. Over recent years, regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Illiquid investments risk may be magnified in a rising interest-rate environment, where the value and liquidity of fixed-income securities generally go down. Illiquid securities may also be difficult to value. If the Portfolios are forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the Portfolios may be forced to sell at a substantial loss or may not be able to sell at all.

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|:---|:---|
| **12 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**DISCLOSURES AND RISKS** (continued)

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

**Foreign Currency Risk:** This is the risk that changes in foreign (non-US) 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 US dollar is strong (i.e., gaining value relative to other currencies) and other currencies are weak (i.e., losing value relative to the US dollar).

**Actions by a Few Major Investors:** In certain countries, volatility may be heightened by actions of a few major investors. For example, substantial increases or decreases in cash flows of mutual funds investing in these markets could significantly affect local securities prices and, therefore, share prices of the Portfolios.

**Market Risk:** The Portfolios are subject to market risk, which is the risk that stock or bond prices in general or in particular countries or sectors may decline over short or extended periods. Stock or bond prices may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest-rate, currency and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; public health crises (including the occurrence of a contagious disease or illness); policy and legislative changes; cybersecurity events; and other factors.

Economies and financial markets throughout the world are becoming increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, sanctions, regional and global conflicts, 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. As a result, whether or not the Portfolios invest in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolios' investments may be negatively affected.

**Lower-rated Securities Risk:** Lower-rated securities, or junk bonds/high-yield securities, are subject to greater risk of loss of principal and interest and greater market risk than higher-rated securities. The capacity of issuers of lower-rated securities to pay interest and repay principal is

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 13** |

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**DISCLOSURES AND RISKS** (continued)

more likely to weaken than is that of issuers of higher-rated securities in times of deteriorating economic conditions or rising interest rates.

**Riskier than a Money-Market Fund:** Although the Short Duration Portfolio maintains a short overall duration, it invests in securities with longer maturities and in some cases lower quality than the assets of the type of mutual fund known as a money-market fund. The risk of a decline in the market value of the Portfolio is greater than for a money-market fund since the credit quality of the Portfolio's securities may be lower and the effective duration of the Portfolio will be longer.

These risks are fully discussed in the Portfolios' prospectus. As with all investments, you may lose money by investing in the Portfolios.

**An Important Note About Historical Performance** 

**The investment return and principal value of an investment in the Portfolios will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com.** 

**All fees and expenses related to the operation of the Portfolios have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Portfolios' quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares of Intermediate Duration Portfolio, a 2.25% maximum front-end sales charge for Class A shares of Short Duration Portfolio, and a 1% 1-year contingent deferred sales charge for Class C shares. Effective on March 7, 2022, the maximum sales charge for purchases of Class A shares of the Short Duration Portfolio is reduced from 4.25% to 2.25%. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.** 

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| **14 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** 

**INTERMEDIATE DURATION PORTFOLIO** 

**GROWTH OF A $10,000 INVESTMENT IN THE PORTFOLIO** (unaudited)

7/22/2019<sup>1</sup> TO 9/30/2022

![LOGO](g430353g00r16.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB Intermediate Duration Portfolio Class A shares (from 7/22/2019<sup>1</sup> to 9/30/2022) as compared to the performance of the Portfolio's benchmark. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Portfolio and assumes the reinvestment of dividends and capital gains distributions.

1 Inception date: 7/22/2019.

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 15** |

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**HISTORICAL PERFORMANCE** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

**AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2022** (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | NAV Returns | SEC Returns<br> (reflects applicable<br>sales charges) | SEC Yields<sup>1</sup> |
| **CLASS A SHARES** |  |  | -1.62% |
| 1 Year | -15.54% | -19.13% |  |
| Since Inception<sup>2</sup> | -3.42% | -4.72% |  |
| **ADVISOR CLASS SHARES**<sup>3</sup> |  |  | -1.43% |
| 1 Year | -15.33% | -15.33% |  |
| Since Inception<sup>2</sup> | -3.20% | -3.20% |  |
| **CLASS Z SHARES**<sup>3</sup> |  |  | 1.45% |
| 1 Year | -15.17% | -15.17% |  |
| Since Inception<sup>2</sup> | -2.77% | -2.77% |  |

---

**The Portfolio's current prospectus fee table shows the Portfolio's total annual operating expense ratios as 3.95%, 3.36% and 1.87% for Class A, Advisor Class and Class Z shares, respectively. Contractual fee waivers and/or expense reimbursements limited the Portfolio's total other expenses (excluding advisory fees, distribution and/or service fees, extraordinary expenses, interest expense, acquired fund fees and expenses other than the advisory fees of any affiliated funds in which the Portfolio may invest, expenses associated with securities sold short, and brokerage commission and other transaction costs) to 0.22%, 0.22% and 0.13% for Class A, Advisor Class and Class Z shares, respectively. The Portfolio's net annual operating expenses (after application of contractual fee waivers and/or expense reimbursements) were: 0.90%, 0.65% and 0.56% for Class A, Advisor Class and Class Z shares, respectively. These waivers/reimbursements may not be terminated before January 28, 2023. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended September 30, 2022.

2 Inception date: 7/22/2019.

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|:---|:---|
| 3 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio.  |

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| **16 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

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| | |
|:---|:---|
|  | SEC Returns<br> (reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -19.13% |
| Since Inception<sup>1</sup> | -4.72% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -15.33% |
| Since Inception<sup>1</sup> | -3.20% |
| **CLASS Z SHARES**<sup>2</sup> |  |
| 1 Year | -15.17% |
| Since Inception<sup>1</sup> | -2.77% |

---

1 Inception date: 7/22/2019.

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|:---|:---|
| 2 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio.  |

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 17** |

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**HISTORICAL PERFORMANCE** 

**SHORT DURATION PORTFOLIO** 

**GROWTH OF A $10,000 INVESTMENT IN THE PORTFOLIO** (unaudited)

9/30/2012 TO 9/30/2022

![LOGO](g430353g00r19.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB Short Duration Portfolio Class A shares (from 9/30/2012 to 9/30/2022) as compared to the performance of the Portfolio's benchmark. The chart reflects the deduction of the maximum 2.25% sales charge from the initial $10,000 investment in the Portfolio and assumes the reinvestment of dividends and capital gains distributions.

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| **18 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** (continued)

**SHORT DURATION PORTFOLIO** 

**AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2022** (unaudited)

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| | | | |
|:---|:---|:---|:---|
|  | NAV Returns | SEC Returns<br> (reflects applicable<br>sales charges) | SEC Yields<sup>1</sup> |
| **CLASS A SHARES** |  |  | 2.98% |
| 1 Year | -5.49% | -7.63% |  |
| 5 Years | -0.30% | -0.76% |  |
| 10 Years | -0.09% | -0.31% |  |
| **CLASS C SHARES** |  |  | 2.42% |
| 1 Year | -5.49% | -6.43% |  |
| 5 Years | -0.47% | -0.47% |  |
| 10 Years<sup>2</sup> | -0.28% | -0.28% |  |

---

**The Portfolio's current prospectus fee table shows the Portfolio's total annual operating expense ratios as 1.00% and 1.76% for Class A and Class C shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended September 30, 2022.

2 Assumes conversion of Class C shares into Class A shares after eight years.

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 19** |

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**HISTORICAL PERFORMANCE** (continued)

**SHORT DURATION PORTFOLIO** 

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

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| | |
|:---|:---|
|  | SEC Returns<br> (reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -7.63% |
| 5 Years | -0.76% |
| 10 Years | -0.31% |
| **CLASS C SHARES** |  |
| 1 Year | -6.43% |
| 5 Years | -0.47% |
| 10 Years<sup>1</sup> | -0.28% |

---

1 Assumes conversion of Class C shares into Class A shares after eight years.

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| **20 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**EXPENSE EXAMPLE** 

(unaudited)

As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses** 

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on a Portfolio's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 21** |

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**EXPENSE EXAMPLE** (continued)

(unaudited)

**Intermediate Duration Portfolio** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>April 1, 2022** | **Ending<br>Account Value<br>September 30, 2022** | **Expenses<br>Paid During<br>Period\*** | **Annualized<br>Expense<br>Ratio\*** |
| **Class A** |  |  | | |
|  Actual | $1000 | $901.60 | $4.34 | 0.91% |
|  Hypothetical\*\* | $1000 | $1020.51 | $4.61 | 0.91% |
| **Advisor Class** |  |  |  |  |
|  Actual | $1000 | $902.60 | $3.10 | 0.65% |
|  Hypothetical\*\* | $1000 | $1021.81 | $3.29 | 0.65% |
| **Class Z** |  |  |  |  |
|  Actual | $1000 | $903.90 | $2.67 | 0.56% |
|  Hypothetical\*\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022.26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | 0.56% |

---

**Short Duration Plus Portfolio** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>April 1, 2022** | **Ending<br>Account Value<br>September 30, 2022** | **Expenses<br>Paid During<br>Period\*** | **Annualized<br>Expense<br>Ratio\*** |
| **Class A** |  |  | | |
|  Actual | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41 | 0.88% |
|  Hypothetical\*\* | $1000 | $1020.66 | $4.46 | 0.88% |
| **Class C** |  |  |  |  |
|  Actual | $1000 | $1000.00 | $5.01 | 1.00% |
|  Hypothetical\*\* | $1000 | $1020.05 | $5.06 | 1.00% |

---

\* Expenses are equal to the classes' annualized expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

\*\* Assumes 5% annual return before expenses. 

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| **22 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**PORTFOLIO SUMMARY** 

**INTERMEDIATE DURATION PORTFOLIO** 

**September** **30, 2022** (unaudited)

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![LOGO](g430353g00s01.jpg)

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| | |
|:---|:---|
| 1 | All data are as of September 30, 2022. The Portfolio's security type breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details).  |

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|:---|:---|
| 2 | "Other" represents less than 0.2% in Agencies and Governments–Sovereign Bonds.  |

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 23** |

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**PORTFOLIO SUMMARY** 

**SHORT DURATION PORTFOLIO** 

**September** **30, 2022** (unaudited)

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![LOGO](g430353g00s02.jpg)

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|:---|:---|
| 1 | All data are as of September 30, 2022. The Portfolio's security type breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details).  |

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| **24 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** 

**INTERMEDIATE DURATION PORTFOLIO** 

**September 30, 2022** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **GOVERNMENTS - TREASURIES – 40.0%** |  |  |  |
|  **United States – 40.0%** |  |  |  |
|  U.S. Treasury Bonds<br>1.75%, 08/15/2041 | U.S.$| 73211 | $50035279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/2051 |  | 61991 | 41029962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 |  | 26116 | 18680744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 |  | 2460 | 1690481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 |  | 36371 | 24834232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 |  | 12530 | 9029431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 02/15/2042 |  | 11433 | 8758826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/2049 |  | 2885 | 2172766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 |  | 1916 | 1460651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/2046 |  | 23956 | 18169129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2052 |  | 3770 | 3161834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2045 |  | 23139 | 19321065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2048 |  | 28274 | 23935539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2049 |  | 26971 | 23030962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 |  | 11593 | 10284987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/2042 |  | 4723 | 4277914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 05/15/2044 |  | 5710 | 5092160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2039 |  | 4254 | 4046618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/2043 |  | 10205 | 9691561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/15/2038 |  | 1920 | 2041800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/2039 |  | 47210 | 49791797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 |  | 4048 | 4372040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 |  | 4156 | 4602770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/15/2031 |  | 14221 | 15698209 |
|  U.S. Treasury Notes<br>0.125%, 10/31/2022 |  | 145224 | 144860541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 02/28/2023 |  | 56178 | 55335330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 09/30/2026 |  | 17403 | 15320431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/30/2026 |  | 48088 | 42806190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/2031<sup>(a)</sup> |  | 85632 | 69187899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/2031 |  | 50234 | 40799427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/29/2024 |  | 75200 | 72320769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/2030<sup>(a)</sup> |  | 11115 | 9433856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 05/15/2026<sup>(a)</sup> |  | 236708 | 216402709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/2029 |  | 11550 | 10034062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2027 |  | 3147 | 2910576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 02/15/2029 |  | 30853 | 28433152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/31/2027 |  | 43406 | 40896591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 |  | 19801 | 18095983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2032 |  | 35123 | 32460873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/31/2024 |  | 69982 | 68439916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/31/2027 |  | 14336 | 13758176 |
|  Total Governments – Treasuries <br>(cost $1,408,654,617) |  |  | 1236707238 |

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 25** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **CORPORATES - INVESTMENT GRADE – 22.5%** |  |  |  |
|  **Industrial – 11.7%** |  |  |  |
|  **Basic – 0.7%** |  |  |  |
|  Anglo American Capital PLC<br>3.875%, 03/16/2029<sup>(b)</sup> | U.S.$| 1189 | $1018676 |
|  Braskem Netherlands Finance BV <br>4.50%, 01/31/2030<sup>(b)</sup> |  | 3420 | 2748996 |
|  Celanese US Holdings LLC<br>5.90%, 07/05/2024 |  | 6569 | 6481041 |
|  Freeport Indonesia PT <br>4.763%, 04/14/2027<sup>(b)</sup> |  | 904 | 818120 |
|  Inversiones CMPC SA <br>3.85%, 01/13/2030<sup>(b)</sup> |  | 2742 | 2212965 |
|  Inversiones CMPC SA/Cayman Islands Branch <br>4.375%, 05/15/2023<sup>(b)</sup> |  | 1151 | 1139734 |
|  Suzano Austria GmbH <br>3.75%, 01/15/2031 |  | 1419 | 1106820 |
|  WRKCo., Inc. <br>4.00%, 03/15/2028 |  | 6569 | 6063713 |
|  |  |  | 21590065 |
|  **Capital Goods – 0.8%** |  |  |  |
|  Flowserve Corp. <br>2.80%, 01/15/2032 |  | 4669 | 3343704 |
|  Parker-Hannifin Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/14/2029 |  | 2817 | 2484059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2029 |  | 4439 | 4201602 |
|  Raytheon Technologies Corp. <br>4.125%, 11/16/2028 |  | 8502 | 7955322 |
|  Westinghouse Air Brake Technologies Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/2025 |  | 1117 | 1043758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/2024 |  | 4344 | 4265895 |
|  |  |  | 23294340 |
|  **Communications - Media – 1.2%** |  |  |  |
|  Discovery Communications LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/20/2047 |  | 1999 | 1478500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/2049 |  | 857 | 641482 |
|  Fox Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.709%, 01/25/2029 |  | 2656 | 2496906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576%, 01/25/2049 |  | 4396 | 3771988 |
|  Interpublic Group of Cos., Inc. (The)<br>4.65%, 10/01/2028 |  | 1966 | 1821656 |

---

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| | |
|:---|:---|
| **26 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  Prosus NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.257%, 01/19/2027<sup>(b)</sup> | U.S.$| 1724 | $1443850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 01/21/2030<sup>(b)</sup> |  | 550 | 416405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.027%, 08/03/2050<sup>(b)</sup> |  | 1993 | 1121062 |
|  Tencent Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.81%, 01/26/2026<sup>(b)</sup> |  | 5470 | 4896676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 06/03/2050<sup>(b)</sup> |  | 4830 | 2883812 |
|  Time Warner Cable LLC <br>4.50%, 09/15/2042 |  | 2370 | 1643121 |
|  Warnermedia Holdings, Inc.<br>4.279%, 03/15/2032<sup>(b)</sup> |  | 7614 | 6269063 |
|  Weibo Corp. <br>3.375%, 07/08/2030 |  | 11908 | 8776940 |
|  |  |  | 37661461 |
|  **Consumer Cyclical - Automotive – 0.5%** |  |  |  |
|  General Motors Co. <br>6.125%, 10/01/2025 |  | 1152 | 1154580 |
|  General Motors Financial Co., Inc.<br>4.30%, 04/06/2029 |  | 710 | 618659 |
|  Harley-Davidson Financial Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/14/2027<sup>(b)</sup> |  | 3858 | 3309933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/08/2025<sup>(b)</sup> |  | 3759 | 3529024 |
|  Nissan Motor Co., Ltd. <br>4.345%, 09/17/2027<sup>(b)</sup> |  | 8330 | 7176961 |
|  |  |  | 15789157 |
|  **Consumer Cyclical - Other – 0.3%** |  |  |  |
|  Las Vegas Sands Corp. <br>3.90%, 08/08/2029 |  | 8755 | 7255181 |
|  MDC Holdings, Inc. <br>6.00%, 01/15/2043 |  | 3776 | 2876972 |
|  |  |  | 10132153 |
|  **Consumer Cyclical - Retailers – 0.6%** |  |  |  |
|  Advance Auto Parts, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2032 |  | 73 | 58340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/2030 |  | 8625 | 7421295 |
|  Lowe's Cos., Inc. <br>5.80%, 09/15/2062 |  | 4887 | 4493499 |
|  Ross Stores, Inc. <br>4.70%, 04/15/2027 |  | 7988 | 7800681 |
|  |  |  | 19773815 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 27** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **Consumer Non-Cyclical – 1.1%** |  |  |  |
|  Altria Group, Inc. <br>3.40%, 05/06/2030 | U.S.$| 7300 | $5923001 |
|  BAT Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259%, 03/25/2028 |  | 11104 | 8844225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.906%, 04/02/2030 |  | 3799 | 3346767 |
|  Cigna Corp. <br>4.375%, 10/15/2028 |  | 3600 | 3399732 |
|  CVS Health Corp. <br>4.30%, 03/25/2028 |  | 179 | 169302 |
|  Ochsner LSU Health System of North Louisiana<br>Series 2021 <br>2.51%, 05/15/2031 |  | 5660 | 4328598 |
|  Takeda Pharmaceutical Co., Ltd. <br>4.40%, 11/26/2023 |  | 6627 | 6627000 |
|  |  |  | 32638625 |
|  **Energy – 2.7%** |  |  |  |
|  BP Capital Markets America, Inc. <br>2.939%, 06/04/2051 |  | 12047 | 7649243 |
|  Continental Resources, Inc./OK |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 04/01/2032<sup>(b)</sup> |  | 5368 | 3921700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031<sup>(b)</sup> |  | 3997 | 3612369 |
|  Devon Energy Corp. <br>5.60%, 07/15/2041 |  | 4914 | 4410954 |
|  Enbridge Energy Partners LP <br>7.375%, 10/15/2045 |  | 6968 | 7538958 |
|  Energy Transfer LP <br>6.25%, 04/15/2049 |  | 3278 | 2927942 |
|  EQT Corp. <br>5.70%, 04/01/2028 |  | 1958 | 1922795 |
|  Marathon Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/15/2026 |  | 9518 | 9368663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/2041 |  | 1683 | 1666439 |
|  MPLX LP <br>5.20%, 03/01/2047 |  | 10984 | 9051365 |
|  Oleoducto Central SA <br>4.00%, 07/14/2027<sup>(b)</sup> |  | 631 | 488355 |
|  ONEOK Partners LP <br>6.125%, 02/01/2041 |  | 294 | 260966 |
|  ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/13/2027 |  | 4900 | 4501728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/15/2029 |  | 4164 | 3717078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 01/15/2031 |  | 1081 | 1060699 |
|  Plains All American Pipeline LP/PAA Finance Corp. <br>3.55%, 12/15/2029 |  | 3754 | 3131549 |

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| | |
|:---|:---|
| **28 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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

------

**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Suncor Energy, Inc. <br>6.80%, 05/15/2038 | U.S.$| 5543 | $| 5612509 |
|  Tengizchevroil Finance Co. International Ltd. <br>3.25%, 08/15/2030<sup>(b)</sup> |  | 1397 |  | 993005 |
|  TransCanada PipeLines Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/2040 |  | 5470 |  | 5282652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/15/2037 |  | 3397 |  | 3366359 |
|  Transcontinental Gas Pipe Line Co., LLC <br>3.25%, 05/15/2030 |  | 2203 |  | 1860456 |
|  |  |  |  | 82345784 |
|  **Other Industrial – 0.1%** |  |  |  |  |
|  Alfa SAB de CV <br>5.25%, 03/25/2024<sup>(b)</sup> |  | 3311 |  | 3282873 |
|  **Services – 0.7%** |  |  |  |  |
|  Booking Holdings, Inc. <br>4.625%, 04/13/2030 |  | 9010 |  | 8483366 |
|  Expedia Group, Inc. <br>6.25%, 05/01/2025<sup>(b)</sup> |  | 211 |  | 212289 |
|  Global Payments, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/2029 |  | 3208 |  | 2676017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/2032 |  | 4124 |  | 3823195 |
|  Moody's Corp. <br>4.25%, 02/01/2029 |  | 4376 |  | 4136151 |
|  S&P Global, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/2029<sup>(b)</sup> |  | 1574 |  | 1480017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/2028<sup>(b)</sup> |  | 307 |  | 300111 |
|  |  |  |  | 21111146 |
|  **Technology – 2.7%** | **Technology – 2.7%** | **Technology – 2.7%** | **Technology – 2.7%** | **Technology – 2.7%** |
|  Apple, Inc. <br>4.10%, 08/08/2062 |  | 5020 |  | 4115798 |
|  Baidu, Inc. <br>3.425%, 04/07/2030 |  | 217 |  | 187154 |
|  Broadcom, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137%, 11/15/2035<sup>(b)</sup> |  | 1202 |  | 842758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187%, 11/15/2036<sup>(b)</sup> |  | 8430 |  | 5772274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/15/2030 |  | 1542 |  | 1332781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/2032<sup>(b)</sup> |  | 2002 |  | 1684443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.926%, 05/15/2037<sup>(b)</sup> |  | 4241 |  | 3508452 |
|  Entegris Escrow Corp. <br>4.75%, 04/15/2029<sup>(b)</sup> |  | 5311 |  | 4711441 |
|  Fiserv, Inc. <br>3.50%, 07/01/2029 |  | 9632 |  | 8393325 |
|  HP, Inc. <br>5.50%, 01/15/2033 |  | 8393 |  | 7443836 |

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 29** |

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

------

**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Infor, Inc. <br>1.75%, 07/15/2025<sup>(b)</sup> | U.S.$| 2719 | $| 2448133 |
|  Intel Corp. <br>5.05%, 08/05/2062 |  | 6717 |  | 5830893 |
|  International Business Machines Corp. <br>4.90%, 07/27/2052 |  | 6550 |  | 5740878 |
|  KLA Corp. <br>4.10%, 03/15/2029 |  | 1349 |  | 1280916 |
|  Kyndryl Holdings, Inc. <br>2.05%, 10/15/2026 |  | 9627 |  | 7732298 |
|  NXP BV/NXP Funding LLC<br>5.55%, 12/01/2028 |  | 4119 |  | 4031471 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. <br>3.40%, 05/01/2030 |  | 3313 |  | 2773909 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 03/25/2031 |  | 5648 |  | 4449212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/2040 |  | 3456 |  | 2343617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/25/2041 |  | 1857 |  | 1260532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/15/2040 |  | 1114 |  | 927650 |
|  SK Hynix, Inc. <br>2.375%, 01/19/2031<sup>(b)</sup> |  | 1818 |  | 1338843 |
|  TSMC Arizona Corp. <br>3.875%, 04/22/2027 |  | 2710 |  | 2581844 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/01/2029 |  | 1194 |  | 928013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/01/2032 |  | 589 |  | 402146 |
|  Workday, Inc. <br>3.80%, 04/01/2032 |  | 2673 |  | 2325296 |
|  |  |  |  | 84387913 |
|  **Transportation - Airlines – 0.2%** | **Transportation - Airlines – 0.2%** | **Transportation - Airlines – 0.2%** | **Transportation - Airlines – 0.2%** | **Transportation - Airlines – 0.2%** |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/2025<sup>(b)</sup> |  | 3393 |  | 3297151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/20/2028<sup>(b)</sup> |  | 3940 |  | 3671213 |
|  |  |  |  | 6968364 |
|  **Transportation - Railroads – 0.0%** | **Transportation - Railroads – 0.0%** | **Transportation - Railroads – 0.0%** | **Transportation - Railroads – 0.0%** | **Transportation - Railroads – 0.0%** |
|  Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/05/2036<sup>(b)</sup> |  | 442 |  | 387056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/05/2034<sup>(b)</sup> |  | 1072 |  | 1013019 |
|  |  |  |  | 1400075 |
|  **Transportation - Services – 0.1%** | **Transportation - Services – 0.1%** | **Transportation - Services – 0.1%** | **Transportation - Services – 0.1%** | **Transportation - Services – 0.1%** |
|  Ashtead Capital, Inc. <br>5.50%, 08/11/2032<sup>(b)</sup> |  | 1037 |  | 961091 |

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| | |
|:---|:---|
| **30 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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

------

**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  ENA Master Trust <br>4.00%, 05/19/2048<sup>(b)</sup> | U.S.$| 1235 | $| 908497 |
|  |  |  |  | 1869588 |
|  |  |  |  | 362245359 |
|  **Financial Institutions – 10.2%** | **Financial Institutions – 10.2%** | **Financial Institutions – 10.2%** | **Financial Institutions – 10.2%** | **Financial Institutions – 10.2%** |
|  **Banking – 6.9%** | **Banking – 6.9%** | **Banking – 6.9%** | **Banking – 6.9%** | **Banking – 6.9%** |
|  ABN AMRO Bank NV <br>4.75%, 07/28/2025<sup>(b)</sup> |  | 1171 |  | 1124851 |
|  Banco de Credito del Peru S.A. <br>3.125%, 07/01/2030<sup>(b)</sup> |  | 5996 |  | 5256993 |
|  Banco Santander SA <br>4.175%, 03/24/2028 |  | 3200 |  | 2895328 |
|  Bank of America Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.299%, 07/21/2032 |  | 1555 |  | 1163560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%, 04/22/2032 |  | 9685 |  | 7546939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.376%, 04/27/2028 |  | 6858 |  | 6428895 |
|  Bank of Ireland Group PLC<br>6.253%, 09/16/2026<sup>(b)</sup> |  | 2285 |  | 2236946 |
|  Barclays PLC <br>5.304%, 08/09/2026 |  | 4935 |  | 4743522 |
|  BNP Paribas SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.591%, 01/20/2028<sup>(b)</sup> |  | 2660 |  | 2275284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/16/2029<sup>(b)(c)</sup> |  | 4780 |  | 4428383 |
|  Citigroup, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 03/20/2030 |  | 3617 |  | 3211064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075%, 04/23/2029 |  | 5373 |  | 4865950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/30/2023<sup>(c)</sup> |  | 2569 |  | 2539534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W<br>4.00%, 12/10/2025<sup>(c)</sup> |  | 3243 |  | 2736443 |
|  Citizens Financial Group, Inc. <br>4.30%, 12/03/2025 |  | 10581 |  | 10177758 |
|  Credit Suisse Group AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%, 05/14/2032<sup>(b)</sup> |  | 8899 |  | 6256976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.194%, 04/01/2031<sup>(b)</sup> |  | 2852 |  | 2257101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.373%, 07/15/2026<sup>(b)</sup> |  | 6080 |  | 5877110 |
|  Danske Bank A/S <br>4.298%, 04/01/2028<sup>(b)</sup> |  | 5462 |  | 4876638 |
|  Deutsche Bank AG/New York NY |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.129%, 11/24/2026 |  | 4221 |  | 3588568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%, 01/07/2028 |  | 604 |  | 491934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.961%, 11/26/2025 |  | 1336 |  | 1246729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.119%, 07/14/2026 |  | 4828 |  | 4691512 |
|  Discover Bank <br>4.682%, 08/09/2028 |  | 2264 |  | 2174844 |

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 31** |

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

------

**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  Federation des Caisses Desjardins du Quebec <br>4.55%, 08/23/2027<sup>(b)</sup> | U.S.$| 6672 | $6302571 |
|  Goldman Sachs Group, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.383%, 07/21/2032 |  | 2288 | 1728332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615%, 04/22/2032 |  | 7696 | 5966170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.102%, 02/24/2033 |  | 1157 | 919132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V<br>4.125%, 11/10/2026<sup>(c)</sup> |  | 3016 | 2396664 |
|  HSBC Holdings PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.762%, 03/29/2033 |  | 3381 | 2791117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.402%, 08/11/2033 |  | 2559 | 2265406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/30/2025<sup>(c)</sup> |  | 9669 | 8678894 |
|  JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58%, 04/22/2032 |  | 9618 | 7443370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.851%, 07/25/2028 |  | 6901 | 6621372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>6.276% (LIBOR 3 Month + 3.47%), 01/30/2023<sup>(c)(d)</sup> |  | 2456 | 2444948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V<br>5.597% (LIBOR 3 Month + 3.32%), 10/01/2022<sup>(c)(d)</sup> |  | 107 | 107000 |
|  Mizuho Financial Group, Inc.<br>5.414%, 09/13/2028 |  | 6462 | 6318350 |
|  Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.772%, 01/24/2029 |  | 5695 | 5131935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/20/2028 |  | 4283 | 4006147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.679%, 07/17/2026 |  | 1880 | 1830274 |
|  Nationwide Building Society <br>2.972%, 02/16/2028<sup>(b)</sup> |  | 5154 | 4436976 |
|  Santander Holdings USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 01/06/2028 |  | 3137 | 2612243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 06/09/2025 |  | 2048 | 1968415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/13/2027 |  | 3049 | 2806330 |
|  Societe Generale SA <br>2.797%, 01/19/2028<sup>(b)</sup> |  | 9487 | 8000103 |
|  Standard Chartered PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.971%, 03/30/2026<sup>(b)</sup> |  | 3723 | 3499397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.316% (LIBOR 3 Month + 1.51%), 01/30/2027<sup>(b)(c)(d)</sup> |  | 300 | 227055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/02/2023<sup>(b)(c)</sup> |  | 822 | 805568 |
|  Swedbank AB <br>Series NC5 <br>5.625%, 09/17/2024<sup>(b)(c)</sup> |  | 400 | 370076 |

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| | |
|:---|:---|
| **32 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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

------

**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Truist Financial Corp. <br>Series Q <br>5.10%, 03/01/2030<sup>(c)</sup> | U.S.$| 6656 | $| 5969500 |
|  UBS Group AG | UBS Group AG | UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/31/2024<sup>(b)(c)</sup> |  | 3018 |  | 2867040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/19/2025<sup>(b)(c)</sup> |  | 408 |  | 387396 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.982%, 06/03/2027<sup>(b)</sup> |  | 271 |  | 223656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.569%, 09/22/2026<sup>(b)</sup> |  | 6253 |  | 5355257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127%, 06/03/2032<sup>(b)</sup> |  | 1858 |  | 1323398 |
|  US Bancorp <br>Series J <br>5.30%, 04/15/2027<sup>(c)</sup> |  | 3485 |  | 2975667 |
|  Wells Fargo & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/02/2033 |  | 8799 |  | 7151387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.584%, 05/22/2028 |  | 2117 |  | 1914869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB<br>3.90%, 03/15/2026<sup>(c)</sup> |  | 2664 |  | 2256168 |
|  |  |  |  | 213195045 |
|  **Brokerage – 0.5%** | **Brokerage – 0.5%** | **Brokerage – 0.5%** | **Brokerage – 0.5%** | **Brokerage – 0.5%** |
|  Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br>5.375%, 06/01/2025<sup>(c)</sup> |  | 3154 |  | 3080701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>4.00%, 06/01/2026<sup>(c)</sup> |  | 7570 |  | 6241162 |
|  Nomura Holdings, Inc. <br>2.999%, 01/22/2032 |  | 7689 |  | 5818959 |
|  |  |  |  | 15140822 |
|  **Finance – 1.2%** | **Finance – 1.2%** | **Finance – 1.2%** | **Finance – 1.2%** | **Finance – 1.2%** |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/2028 |  | 2650 |  | 2065622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/01/2027 |  | 303 |  | 268434 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/26/2028<sup>(b)</sup> |  | 8390 |  | 6426321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/01/2024 |  | 1481 |  | 1426040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/2026 |  | 530 |  | 475288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/11/2025<sup>(b)</sup> |  | 3730 |  | 3513623 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/2026<sup>(b)</sup> |  | 4547 |  | 3818070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/20/2026<sup>(b)</sup> |  | 1485 |  | 1202746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2027<sup>(b)</sup> |  | 1314 |  | 1091540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/01/2025<sup>(b)</sup> |  | 35 |  | 32069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/30/2024<sup>(b)</sup> |  | 1300 |  | 1256580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/2025<sup>(b)</sup> |  | 1447 |  | 1351585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2024<sup>(b)</sup> |  | 3623 |  | 3506339 |

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|:---|:---|
| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 33** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  CDBL Funding 1 <br>3.50%, 10/24/2027<sup>(b)</sup> | U.S.$| 5770 | $| 5268702 |
|  Synchrony Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/28/2031 |  | 4872 |  | 3461166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/2027 |  | 707 |  | 616207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/23/2025 |  | 869 |  | 828661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/13/2025 |  | 969 |  | 935947 |
|  |  |  |  | 37544940 |
|  **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** |
|  Guardian Life Insurance Co. of America (The)<br>4.85%, 01/24/2077<sup>(b)</sup> |  | 2851 |  | 2336822 |
|  MetLife Capital Trust IV <br>7.875%, 12/15/2037<sup>(b)</sup> |  | 5200 |  | 5570292 |
|  Nationwide Mutual Insurance Co. <br>9.375%, 08/15/2039<sup>(b)</sup> |  | 2058 |  | 2640352 |
|  Prudential Financial, Inc.<br>5.20%, 03/15/2044 |  | 1970 |  | 1882946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 05/15/2045 |  | 615 |  | 584189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 06/15/2043 |  | 1099 |  | 1080592 |
|  Swiss Re Finance Luxembourg SA <br>5.00%, 04/02/2049<sup>(b)</sup> |  | 5000 |  | 4401800 |
|  Voya Financial, Inc. <br>5.65%, 05/15/2053 |  | 3089 |  | 3033892 |
|  |  |  |  | 21530885 |
|  **REITs – 0.9%** |  |  |  |  |
|  American Tower Corp.<br>3.65%, 03/15/2027 |  | 3517 |  | 3223436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2032 |  | 1717 |  | 1478234 |
|  Digital Realty Trust LP <br>3.60%, 07/01/2029 |  | 6738 |  | 5902016 |
|  GLP Capital LP/GLP Financing II, Inc. <br>3.25%, 01/15/2032 |  | 4731 |  | 3549669 |
|  Host Hotels & Resorts LP<br>Series E<br>4.00%, 06/15/2025 |  | 3958 |  | 3762040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>3.50%, 09/15/2030 |  | 1343 |  | 1072802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br>2.90%, 12/15/2031 |  | 2126 |  | 1560293 |
|  Vornado Realty LP <br>3.40%, 06/01/2031 |  | 7733 |  | 5909481 |
|  |  |  |  | 26457971 |
|  |  |  |  | 313869663 |

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| **34 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **Utility – 0.6%** |  |  |  |  |
|  **Electric – 0.5%** |  |  |  |  |
|  AES Panama Generation Holdings SRL <br>4.375%, 05/31/2030<sup>(b)</sup> | U.S.$| 1670 | $| 1315125 |
|  Chile Electricity Pec SpA <br>Zero Coupon, 01/25/2028<sup>(b)</sup> |  | 3081 |  | 2175956 |
|  Duke Energy Carolinas NC Storm Funding LLC <br>Series A-2 <br>2.617%, 07/01/2041 |  | 3641 |  | 2672239 |
|  Engie Energia Chile SA <br>3.40%, 01/28/2030<sup>(b)</sup> |  | 3834 |  | 2894670 |
|  Entergy Corp. <br>1.90%, 06/15/2028 |  | 8687 |  | 7132722 |
|  |  |  |  | 16190712 |
|  **Other Utility – 0.1%** | **Other Utility – 0.1%** | **Other Utility – 0.1%** | **Other Utility – 0.1%** | **Other Utility – 0.1%** |
|  American Water Capital Corp. <br>3.45%, 06/01/2029 |  | 1654 |  | 1472738 |
|  |  |  |  | 17663450 |
|  Total Corporates – Investment Grade <br>(cost $831,969,867) |  |  |  | 693778472 |
|  **MORTGAGE PASS-THROUGHS – 16.8%** | **MORTGAGE PASS-THROUGHS – 16.8%** | **MORTGAGE PASS-THROUGHS – 16.8%** | **MORTGAGE PASS-THROUGHS – 16.8%** | **MORTGAGE PASS-THROUGHS – 16.8%** |
|  **Agency Fixed Rate 30-Year – 16.2%** | **Agency Fixed Rate 30-Year – 16.2%** | **Agency Fixed Rate 30-Year – 16.2%** | **Agency Fixed Rate 30-Year – 16.2%** | **Agency Fixed Rate 30-Year – 16.2%** |
|  Federal Home Loan Mortgage Corp.<br>Series 2019<br>3.50%, 09/01/2049 |  | 6299 |  | 5741548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2049 |  | 6314 |  | 5749446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2049 |  | 2465 |  | 2244123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>3.50%, 01/01/2050 |  | 5243 |  | 4785650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>2.00%, 03/01/2052 |  | 27140 |  | 22054742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 |  | 32499 |  | 27388567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 |  | 17590 |  | 15380407 |
|  Federal Home Loan Mortgage Corp. Gold<br>Series 2003<br>5.00%, 08/01/2033 |  | 1 |  | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>5.50%, 07/01/2035 |  | 591 |  | 603849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>4.00%, 02/01/2046 |  | 4840 |  | 4674820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>4.00%, 07/01/2044 |  | 3364 |  | 3243380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>4.00%, 08/01/2048 |  | 2503 |  | 2359943 |

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 35** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** |  | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2048 | U.S.$| 4128 |  | $3998107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2048 |  | 4528 |  | 4385141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2048 |  | 1387 |  | 1372893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2048 |  | 1668 |  | 1649890 |
|  Federal National Mortgage Association<br>Series 2001<br>6.50%, 08/01/2031 |  | 1 |  | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003<br>5.50%, 04/01/2033 |  | 486 |  | 495830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2033 |  | 1066 |  | 1086258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2033 |  | 0 | \*\* | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004<br>5.50%, 04/01/2034 |  | 245 |  | 250008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2034 |  | 229 |  | 233900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2034 |  | 866 |  | 885584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/2034 |  | 1 |  | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005<br>5.50%, 02/01/2035 |  | 1196 |  | 1221952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006<br>5.50%, 04/01/2036 |  | 214 |  | 219372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>5.50%, 09/01/2036 |  | 423 |  | 432336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008<br>6.00%, 03/01/2037 |  | 3 |  | 3098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010<br>4.00%, 12/01/2040 |  | 2223 |  | 2145279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012<br>3.50%, 02/01/2042 |  | 1402 |  | 1315968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2042 |  | 14846 |  | 13693539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2043 |  | 2506 |  | 2311420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013<br>3.50%, 04/01/2043 |  | 8548 |  | 7884292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2043 |  | 6838 |  | 6478336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015<br>3.00%, 05/01/2045 |  | 2729 |  | 2426910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2045 |  | 5003 |  | 4449664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>3.50%, 02/01/2048 |  | 3303 |  | 3018234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2048 |  | 1296 |  | 1188520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2048 |  | 6702 |  | 6483997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>3.50%, 08/01/2049 |  | 2125 |  | 1935290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2049 |  | 2527 |  | 2303058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2049 |  | 6641 |  | 6044513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2049 |  | 5066 |  | 4609505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>3.50%, 01/01/2050 |  | 4967 |  | 4525618 |

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|:---|:---|
| **36 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>2.00%, 07/01/2051 | U.S.$| 28133 | $22817413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2052 |  | 9038 | 7626547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>2.50%, 03/01/2052 |  | 19709 | 16595115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 |  | 21163 | 17821686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2052 |  | 26412 | 22243578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2052 |  | 20934 | 18311016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 |  | 26825 | 23456218 |
|  Government National Mortgage Association<br>Series 2016<br>3.00%, 04/20/2046 |  | 1396 | 1254025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/2046 |  | 1304 | 1171573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/2046 |  | 374 | 335765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>3.00%, 10/01/2052, TBA |  | 4175 | 3685162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052, TBA |  | 13580 | 12668090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2052, TBA |  | 32691 | 31250749 |
|  Uniform Mortgage-Backed Security<br>Series 2022<br>2.00%, 10/01/2052, TBA |  | 54968 | 44477703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2052, TBA |  | 73165 | 61395722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2052, TBA |  | 17133 | 14895150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052, TBA |  | 20528 | 19026448 |
|  |  |  | 500310117 |
|  **Agency Fixed Rate 15-Year – 0.6%** |  |  |  |
|  Federal National Mortgage Association<br>Series 2012<br>2.50%, 04/01/2027 |  | 9 | 7895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>2.50%, 02/01/2031 |  | 15 | 13638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2031 |  | 10 | 8869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2031 |  | 41 | 37644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2031 |  | 1398 | 1281828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2031 |  | 469 | 430130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/2031 |  | 252 | 230937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2031 |  | 1473 | 1350442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2031 |  | 10007 | 9173599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2031 |  | 3705 | 3392775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2032 |  | 482 | 441682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>2.50%, 01/01/2032 |  | 2385 | 2184327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2032 |  | 134 | 122656 |
|  |  |  | 18676422 |

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|:---|:---|
| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 37** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** |  | **U.S. $ Value** |
|  **Other Agency Fixed Rate Programs – 0.0%** |  |  |  |  |
|  Federal National Mortgage Association<br>Series 2009<br>4.50%, 07/01/2029 | U.S.$| 206 |  | $203888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2029 |  | 59 |  | 58597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2029 |  | 11 |  | 10777 |
|  |  |  |  | 273262 |
|  **Agency ARMs – 0.0%** |  |  |  |  |
|  Federal Home Loan Mortgage Corp. Gold<br>Series 2006<br>2.595% (LIBOR 12 Month + 2.18%), 12/01/2036<sup>(d)</sup> |  | 0 | \*\* | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>2.60% (LIBOR 12 Month + 2.10%), 03/01/2037<sup>(d)</sup> |  | 0 | \*\* | 370 |
|  |  |  |  | 520 |
|  Total Mortgage Pass-Throughs <br>(cost $565,668,442) |  |  |  | 519260321 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS – 7.7%** |  |  |  |  |
|  **Risk Share Floating Rate – 6.7%** |  |  |  |  |
|  Bellemeade Re Ltd.<br>Series 2019-3A, Class M1B<br>4.684% (LIBOR 1 Month + 1.60%), 07/25/2029<sup>(b)(d)</sup> |  | 867 |  | 865950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class M1C<br>5.034% (LIBOR 1 Month + 1.95%), 07/25/2029<sup>(b)(d)</sup> |  | 575 |  | 568025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class M1B<br>5.934% (LIBOR 1 Month + 2.85%), 10/25/2030<sup>(b)(d)</sup> |  | 502 |  | 502938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class M1C<br>5.231% (SOFR + 2.95%), 03/25/2031<sup>(b)(d)</sup> |  | 4197 |  | 4057930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class M1B<br>3.781% (SOFR + 1.50%), 06/25/2031<sup>(b)(d)</sup> |  | 7664 |  | 7407204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A2<br>3.281% (SOFR + 1.00%), 09/25/2031<sup>(b)(d)</sup> |  | 7199 |  | 6767218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class M1B<br>4.431% (SOFR + 2.15%), 01/26/2032<sup>(b)(d)</sup> |  | 3969 |  | 3881295 |

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|:---|:---|
| **38 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class M1A<br>6.285% (SOFR + 4.00%), 09/27/2032<sup>(b)(d)</sup> | U.S.$| 7387 | $7386044 |
|  Connecticut Avenue Securities Trust<br>Series 2022-R06, Class 1M1<br>5.031% (SOFR + 2.75%), 05/25/2042<sup>(b)(d)</sup> |  | 6818 | 6812097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M1<br>5.255% (SOFR + 2.95%), 06/25/2042<sup>(b)(d)</sup> |  | 9211 | 9211425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1M2<br>3.931% (SOFR + 1.65%), 12/25/2041<sup>(b)(d)</sup> |  | 3513 | 3199776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2<br>4.181% (SOFR + 1.90%), 12/25/2041<sup>(b)(d)</sup> |  | 9352 | 8516533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M1<br>3.481% (SOFR + 1.20%), 01/25/2042<sup>(b)(d)</sup> |  | 7817 | 7653415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M2<br>5.781% (SOFR + 3.50%), 03/25/2042<sup>(b)(d)</sup> |  | 6435 | 6113618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2<br>5.381% (SOFR + 3.10%), 03/25/2042<sup>(b)(d)</sup> |  | 1747 | 1635615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M2<br>5.281% (SOFR + 3.00%), 04/25/2042<sup>(b)(d)</sup> |  | 5001 | 4613292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M1<br>4.855% (SOFR + 2.55%), 07/25/2042<sup>(b)(d)</sup> |  | 6873 | 6838321 |
|  Eagle Re Ltd.<br>Series 2018-1, Class M2<br>6.084% (LIBOR 1 Month + 3.00%), 11/25/2028<sup>(b)(d)</sup> |  | 617 | 611950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1A<br>3.984% (LIBOR 1 Month + 0.90%), 01/25/2030<sup>(b)(d)</sup> |  | 66 | 65605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class M1B<br>4.331% (SOFR + 2.05%), 04/25/2034<sup>(b)(d)</sup> |  | 2360 | 2294371 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2022-DNA4, Class M1B <br>5.631% (SOFR + 3.35%), 05/25/2042<sup>(b)(d)</sup> |  | 5585 | 5305458 |

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|:---|:---|
| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 39** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-DN2, Class M2<br>7.334% (LIBOR 1 Month + 4.25%), 11/25/2023<sup>(d)</sup> | U.S.$| 413 | $417387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-DN3, Class M3<br>7.084% (LIBOR 1 Month + 4.00%), 08/25/2024<sup>(d)</sup> |  | 396 | 399654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DNA1, Class M3<br>6.384% (LIBOR 1 Month + 3.30%), 10/25/2027<sup>(d)</sup> |  | 1262 | 1273769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-HQA3, Class M3<br>6.934% (LIBOR 1 Month + 3.85%), 03/25/2029<sup>(d)</sup> |  | 1255 | 1271220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA5, Class M2<br>5.081% (SOFR + 2.80%), 10/25/2050<sup>(b)(d)</sup> |  | 2822 | 2821115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA3, Class M2<br>4.381% (SOFR + 2.10%), 10/25/2033<sup>(b)(d)</sup> |  | 3221 | 3068281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class M2<br>3.931% (SOFR + 1.65%), 01/25/2034<sup>(b)(d)</sup> |  | 2493 | 2430842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M2<br>3.781% (SOFR + 1.50%), 10/25/2041<sup>(b)(d)</sup> |  | 9778 | 8873967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class M2<br>4.081% (SOFR + 1.80%), 11/25/2041<sup>(b)(d)</sup> |  | 9563 | 8571275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA3, Class M1<br>3.131% (SOFR + 0.85%), 09/25/2041<sup>(b)(d)</sup> |  | 3249 | 3132657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M2<br>4.631% (SOFR + 2.35%), 12/25/2041<sup>(b)(d)</sup> |  | 6126 | 5207411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M1A<br>3.281% (SOFR + 1.00%), 01/25/2042<sup>(b)(d)</sup> |  | 3942 | 3829206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M1B<br>4.131% (SOFR + 1.85%), 01/25/2042<sup>(b)(d)</sup> |  | 4940 | 4483165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1B<br>4.681% (SOFR + 2.40%), 02/25/2042<sup>(b)(d)</sup> |  | 7072 | 6568400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B<br>5.181% (SOFR + 2.90%), 04/25/2042<sup>(b)(d)</sup> |  | 2957 | 2790980 |

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| **40 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1B<br>6.781% (SOFR + 4.50%), 06/25/2042<sup>(b)(d)</sup> | U.S.$| 9989 | $10010624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M1A<br>4.435% (SOFR + 2.15%), 09/25/2042<sup>(b)(d)</sup> |  | 3516 | 3495409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M1A<br>4.876% (SOFR + 2.50%), 09/25/2042<sup>(b)(d)</sup> |  | 9358 | 9360764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M1B<br>5.781% (SOFR + 3.50%), 03/25/2042<sup>(b)(d)</sup> |  | 1664 | 1592564 |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2015-C04, Class 1M2<br>8.784% (LIBOR 1 Month + 5.70%), 04/25/2028<sup>(d)</sup> |  | 1029 | 1065242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2<br>9.084% (LIBOR 1 Month + 6.00%), 09/25/2028<sup>(d)</sup> |  | 360 | 372767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class 1M2<br>8.384% (LIBOR 1 Month + 5.30%), 10/25/2028<sup>(d)</sup> |  | 1302 | 1338560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2<br>4.281% (SOFR + 2.00%), 11/25/2041<sup>(b)(d)</sup> |  | 4242 | 3791888 |
|  Home Re Ltd. <br>Series 2021-2, Class M1B <br>3.881% (SOFR + 1.60%), 01/25/2034<sup>(b)(d)</sup> |  | 4253 | 4158231 |
|  JPMorgan Madison Avenue Securities Trust <br>Series 2014-CH1, Class M2 <br>7.334% (LIBOR 1 Month + 4.25%), 11/25/2024<sup>(d)(e)</sup> |  | 217 | 208198 |
|  Oaktown Re VII Ltd. <br>Series 2021-2, Class M1A <br>3.881% (SOFR + 1.60%), 04/25/2034<sup>(b)(d)</sup> |  | 6767 | 6643815 |
|  PMT Credit Risk Transfer Trust<br>Series 2019-2R, Class A<br>5.863% (LIBOR 1 Month + 2.75%), 05/27/2023<sup>(b)(d)</sup> |  | 2843 | 2728158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3R, Class A<br>5.813% (LIBOR 1 Month + 2.70%), 10/27/2022<sup>(b)(d)</sup> |  | 222 | 213692 |

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 41** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1R, Class A<br>5.463% (LIBOR 1 Month + 2.35%), 02/27/2023<sup>(d)(e)</sup> | U.S.$| 929 | $881159 |
|  Radnor Re Ltd.<br>Series 2019-1, Class M1B<br>5.034% (LIBOR 1 Month + 1.95%), 02/25/2029<sup>(b)(d)</sup> |  | 2657 | 2624946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class M1B<br>4.834% (LIBOR 1 Month + 1.75%), 06/25/2029<sup>(b)(d)</sup> |  | 930 | 927785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1A<br>4.034% (LIBOR 1 Month + 0.95%), 01/25/2030<sup>(b)(d)</sup> |  | 969 | 966067 |
|  Traingle Re Ltd. <br>Series 2021-3, Class M1A <br>4.181% (SOFR + 1.90%), 02/25/2034<sup>(b)(d)</sup> |  | 4786 | 4748635 |
|  Wells Fargo Credit Risk Transfer Securities Trust<br>Series 2015-WF1, Class 1M2<br>8.334% (LIBOR 1 Month + 5.25%), 11/25/2025<sup>(d)(e)</sup> |  | 1020 | 938647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-WF1, Class 2M2<br>8.584% (LIBOR 1 Month + 5.50%), 11/25/2025<sup>(d)(e)</sup> |  | 266 | 249867 |
|  |  |  | 205764427 |
|  **Agency Fixed Rate – 0.5%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5008, Class AI<br>3.50%, 09/25/2050<sup>(f)</sup> |  | 10311 | 1699884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5015, Class BI<br>4.00%, 09/25/2050<sup>(f)</sup> |  | 13937 | 2643618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5040, Class AI<br>3.50%, 11/25/2050<sup>(f)</sup> |  | 7629 | 1276438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5043, Class IO<br>5.00%, 11/25/2050<sup>(f)</sup> |  | 15872 | 3500206 |
|  Federal National Mortgage Association Grantor Trust<br>Series 2004-T5, Class AB4<br>2.984%, 05/28/2035 |  | 1445 | 1298821 |
|  Federal National Mortgage Association REMICs<br>Series 2015-30, Class EI<br>5.00%, 05/25/2045<sup>(f)</sup> |  | 7352 | 1288807 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class KI<br>4.00%, 12/25/2050<sup>(f)</sup> | U.S.$| 28886 | $5461316 |
|  |  |  | 17169090 |
|  **Agency Floating Rate – 0.3%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICs<br>Series 4416, Class BS<br>3.282% (6.10%-LIBOR 1 Month), 12/15/2044<sup>(d)(g)</sup> |  | 7515 | 714372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4585, Class DS<br>3.182% (6.00%-LIBOR 1 Month), 05/15/2046<sup>(d)(g)</sup> |  | 4999 | 513250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4693, Class SL<br>3.332% (6.15%-LIBOR 1 Month), 06/15/2047<sup>(d)(g)</sup> |  | 3139 | 340022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4954, Class SL<br>2.966% (6.05%-LIBOR 1 Month), 02/25/2050<sup>(d)(g)</sup> |  | 2307 | 230820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4981, Class HS<br>3.016% (6.10%-LIBOR 1 Month), 06/25/2050<sup>(d)(g)</sup> |  | 19138 | 1883426 |
|  Federal National Mortgage Association REMICs<br>Series 2011-131, Class ST<br>3.456% (6.54%-LIBOR 1 Month), 12/25/2041<sup>(d)(g)</sup> |  | 4565 | 533086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17, Class SA<br>2.966% (6.05%-LIBOR 1 Month), 04/25/2044<sup>(d)(g)</sup> |  | 8444 | 937283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-26, Class SH<br>3.366% (6.45%-LIBOR 1 Month), 05/25/2045<sup>(d)(g)</sup> |  | 5928 | 744880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-106, Class ES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.916% (6.00%-LIBOR 1 Month), 01/25/2047<sup>(d)(g)</sup> |  | 3450 | 353104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-62, Class AS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.066% (6.15%-LIBOR 1 Month), 08/25/2047<sup>(d)(g)</sup> |  | 4387 | 495451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-81, Class SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.116% (6.20%-LIBOR 1 Month), 10/25/2047<sup>(d)(g)</sup> |  | 7638 | 838187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-97, Class SW |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.116% (6.20%-LIBOR 1 Month), 12/25/2047<sup>(d)(g)</sup> |  | 6351 | 672900 |

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 43** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  Government National Mortgage Association |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-43, Class ST<br>3.086% (6.10%-LIBOR 1 Month), 03/20/2047<sup>(d)(g)</sup> | U.S.$| 7243 | $784323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-122, Class SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.186% (6.20%-LIBOR 1 Month), 08/20/2047<sup>(d)(g)</sup> |  | 5260 | 600930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-134, Class MS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.186% (6.20%-LIBOR 1 Month), 09/20/2047<sup>(d)(g)</sup> |  | 6001 | 697636 |
|  |  |  | 10339670 |
|  **Non-Agency Fixed Rate – 0.1%** |  |  |  |
|  Alternative Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-20CB, Class 3A6 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/25/2035 |  | 291 | 209226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A16 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/25/2036 |  | 2061 | 1190085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A14 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/25/2036 |  | 1419 | 806916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J1, Class 1A13 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/25/2036 |  | 513 | 373514 |
|  CHL Mortgage Pass-Through Trust <br>Series 2006-13, Class 1A19 <br>6.25%, 09/25/2036 |  | 606 | 286714 |
|  |  |  | 2866455 |
|  **Non-Agency Floating Rate – 0.1%** |  |  |  |
|  Deutsche Alt-A Securities Mortgage Loan Trust <br>Series 2006-AR4, Class A2 <br>3.464% (LIBOR 1 Month + 0.38%), 12/25/2036<sup>(d)</sup> |  | 3871 | 1434831 |
|  HomeBanc Mortgage Trust <br>Series 2005-1, Class A1 <br>3.584% (LIBOR 1 Month + 0.50%), 03/25/2035<sup>(d)</sup> |  | 678 | 571246 |
|  JPMorgan Chase Bank, NA <br>Series 2019-CL1, Class M3 <br>5.184% (LIBOR 1 Month + 2.10%), 04/25/2047<sup>(b)(d)</sup> |  | 749 | 733064 |
|  |  |  | 2739141 |
|  Total Collateralized Mortgage Obligations <br>(cost $250,144,088) |  |  | 238878783 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **ASSET-BACKED SECURITIES – 5.1%** |  |  |  |
|  **Autos - Fixed Rate – 2.5%** |  |  |  |
|  ACM Auto Trust <br>Series 2022-1A, Class A <br>3.23%, 04/20/2029<sup>(b)</sup> | U.S.$| 4911 | $4895329 |
|  Avis Budget Rental Car Funding AESOP LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class D |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 03/20/2024<sup>(b)</sup> |  | 6721 | 6691636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/20/2025<sup>(b)</sup> |  | 6700 | 6582678 |
|  Carvana Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N3, Class C |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 06/12/2028 |  | 3439 | 3305007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N4, Class D |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/11/2028 |  | 3177 | 2917951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P4, Class D |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 09/11/2028 |  | 4063 | 3334686 |
|  CPS Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class D |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.69%, 06/15/2027<sup>(b)</sup> |  | 5050 | 4565028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class C |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 04/16/2029<sup>(b)</sup> |  | 5564 | 5152523 |
|  FHF Trust <br>Series 2021-2A, Class A <br>0.83%, 12/15/2026<sup>(b)</sup> |  | 2277 | 2163084 |
|  Ford Credit Auto Owner Trust <br>Series 2021-1, Class D <br>2.31%, 10/17/2033<sup>(b)</sup> |  | 5650 | 4869364 |
|  LAD Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/17/2026<sup>(b)</sup> |  | 3380 | 3257976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 06/15/2027<sup>(b)</sup> |  | 6103 | 6025324 |
|  Research-Driven Pagaya Motor Asset Trust VII <br>Series 2022-3A, Class A<br>5.38%, 11/25/2030<sup>(b)</sup> |  | 6505 | 6418304 |
|  Santander Bank Auto Credit-Linked Notes <br>Series 2022-A, Class B <br>5.281%, 05/15/2032<sup>(b)</sup> |  | 6465 | 6344174 |
|  Santander Bank NA–SBCLN<br>Series 2021-1A, Class B<br>1.833%, 12/15/2031<sup>(b)</sup> |  | 3125 | 3012855 |

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 45** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  United Auto Credit Securitization Trust <br>Series 2022-2, Class A <br>4.39%, 04/10/2025<sup>(b)</sup> | U.S.$| 5941 | $5913029 |
|  |  |  | 75448948 |
|  **Other ABS - Fixed Rate – 2.2%** |  |  |  |
|  AB Issuer LLC <br>Series 2021-1, Class A2<br>3.734%, 07/30/2051<sup>(b)</sup> |  | 8404 | 6893775 |
|  Affirm Asset Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Z1, Class A<br>1.07%, 08/15/2025<sup>(b)</sup> |  | 1832 | 1775906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Z2, Class A<br>1.17%, 11/16/2026<sup>(b)</sup> |  | 1765 | 1700061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-X1, Class A<br>1.75%, 02/15/2027<sup>(b)</sup> |  | 4821 | 4700273 |
|  Amur Equipment Finance Receivables XI LLC<br>Series 2022-2A, Class A2 <br>5.30%, 06/21/2028<sup>(b)</sup> |  | 2643 | 2627023 |
|  Atalaya Equipment Leasing Trust <br>Series 2021-1A, Class B <br>2.08%, 02/15/2027<sup>(b)</sup> |  | 1762 | 1643202 |
|  BHG Securitization Trust <br>Series 2022-A, Class A <br>1.71%, 02/20/2035<sup>(b)</sup> |  | 1618 | 1513926 |
|  Cajun Global LLC <br>Series 2021-1, Class A2 <br>3.931%, 11/20/2051<sup>(b)</sup> |  | 1751 | 1488707 |
|  College Ave Student Loans LLC <br>Series 2021-C, Class B <br>2.72%, 07/26/2055<sup>(b)</sup> |  | 2202 | 1865571 |
|  Conn's Receivables Funding LLC <br>Series 2021-A, Class A <br>1.05%, 05/15/2026<sup>(b)</sup> |  | 1849 | 1840281 |
|  Dext ABS LLC <br>Series 2021-1, Class B <br>1.76%, 02/15/2028<sup>(b)</sup> |  | 493 | 447491 |
|  Diamond Infrastructure Funding LLC <br>Series 2021-1A, Class B <br>2.355%, 04/15/2049<sup>(b)</sup> |  | 3651 | 2975061 |
|  Diamond Issuer <br>Series 2021-1A, Class A <br>2.305%, 11/20/2051<sup>(b)</sup> |  | 7711 | 6514824 |
|  Domino's Pizza Master Issuer LLC <br>Series 2021-1A, Class A2I <br>2.662%, 04/25/2051<sup>(b)</sup> |  | 4376 | 3603247 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  GCI Funding I LLC <br>Series 2021-1, Class A <br>2.38%, 06/18/2046<sup>(b)</sup> | U.S.$| 2426 | $2070335 |
|  Hardee's Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A23<br>5.71%, 06/20/2048<sup>(b)</sup> |  | 3216 | 2944798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A2<br>3.981%, 12/20/2050<sup>(b)</sup> |  | 2605 | 2235609 |
|  MVW LLC <br>Series 2021-2A, Class B <br>1.83%, 05/20/2039<sup>(b)</sup> |  | 3497 | 3117649 |
|  Neighborly Issuer <br>Series 2022-1A, Class A2 <br>3.695%, 01/30/2052<sup>(b)</sup> |  | 5495 | 4420960 |
|  Neighborly Issuer LLC <br>Series 2021-1A, Class A2 <br>3.584%, 04/30/2051<sup>(b)</sup> |  | 3216 | 2657829 |
|  Nelnet Student Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class B<br>2.68%, 04/20/2062<sup>(b)</sup> |  | 2008 | 1597138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B<br>2.53%, 04/20/2062<sup>(b)</sup> |  | 3421 | 2666399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class B<br>2.90%, 04/20/2062<sup>(b)</sup> |  | 3096 | 2495429 |
|  Upstart Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A<br>1.702%, 11/20/2030<sup>(b)</sup> |  | 127 | 126789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class B<br>1.66%, 07/20/2031<sup>(b)</sup> |  | 5220 | 4807582 |
|  |  |  | 68729865 |
|  **Credit Cards - Fixed Rate – 0.4%** |  |  |  |
|  Brex Commercial Charge Card Master Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A<br>2.09%, 07/15/2024<sup>(b)</sup> |  | 4282 | 4199987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A<br>4.63%, 07/15/2025<sup>(b)</sup> |  | 7665 | 7423491 |
|  Mission Lane Credit Card Master Trust <br>Series 2021-A, Class B <br>2.24%, 09/15/2026<sup>(b)</sup> |  | 1601 | 1544693 |
|  |  |  | 13168171 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **Home Equity Loans - Floating Rate – 0.0%** |  |  |  |
|  Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates <br>Series 2004-1, Class 1A <br>3.684% (LIBOR 1 Month + 0.60%), 04/25/2034<sup>(d)</sup> | U.S.$| 3 | $2617 |
|  Total Asset-Backed Securities <br>(cost $172,087,269) |  |  | 157349601 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 3.6%** |  |  |  |
|  **Non-Agency Floating Rate CMBS – 2.0%** |  |  |  |
|  AREIT Trust <br>Series 2022-CRE6, Class A <br>3.534% (SOFR + 1.25%), 01/16/2037<sup>(b)(d)</sup> |  | 12432 | 11951509 |
|  Ashford Hospitality Trust <br>Series 2018-KEYS, Class A <br>3.818% (LIBOR 1 Month + 1.00%), 06/15/2035<sup>(b)(d)</sup> |  | 3799 | 3679899 |
|  BAMLL Commercial Mortgage Securities Trust<br>Series 2017-SCH, Class AF <br>3.818% (LIBOR 1 Month + 1.00%), 11/15/2033<sup>(b)(d)</sup> |  | 10570 | 9956110 |
|  BBCMS Mortgage Trust <br>Series 2020-BID, Class A <br>4.958% (LIBOR 1 Month + 2.14%), 10/15/2037<sup>(b)(d)</sup> |  | 7708 | 7591780 |
|  BFLD Trust <br>Series 2021-FPM, Class A <br>4.418% (LIBOR 1 Month + 1.60%), 06/15/2038<sup>(b)(d)</sup> |  | 11683 | 11266697 |
|  BX Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IMC, Class D<br>4.718% (LIBOR 1 Month + 1.90%), 04/15/2034<sup>(b)(d)</sup> |  | 1772 | 1680230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IMC, Class E<br>4.968% (LIBOR 1 Month + 2.15%), 04/15/2034<sup>(b)(d)</sup> |  | 6595 | 6219864 |
|  CLNY Trust <br>Series 2019-IKPR, Class D<br>4.843% (LIBOR 1 Month + 2.02%), 11/15/2038<sup>(b)(d)</sup> |  | 5360 | 4997393 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  Federal Home Loan Mortgage Corp.<br>Multifamily Structured Credit Risk <br>Series 2021-MN1, Class M1 <br>4.281% (SOFR + 2.00%), 01/25/2051<sup>(b)(d)</sup> | U.S.$| 788 | $757271 |
|  Natixis Commercial Mortgage Securities Trust<br>Series 2019-MILE, Class A<br>4.318% (LIBOR 1 Month + 1.50%),<br>07/15/2036<sup>(b)(d)</sup> |  | 2750 | 2705452 |
|  |  |  | 60806205 |
|  **Non-Agency Fixed Rate CMBS – 1.6%** |  |  |  |
|  BAMLL Commercial Mortgage Securities Trust<br>Series 2013-WBRK, Class D <br>3.652%, 03/10/2037<sup>(b)</sup> |  | 2805 | 2380500 |
|  Banc of America Commercial Mortgage Trust <br>Series 2015-UBS7, Class AS <br>3.989%, 09/15/2048 |  | 871 | 816305 |
|  Barclays Commercial Mortgage Trust <br>Series 2019-C3, Class B <br>4.096%, 05/15/2052 |  | 3523 | 3069612 |
|  Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR3, Class E<br>4.894%, 10/15/2045<sup>(b)</sup> |  | 3938 | 2359985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-SFS, Class A1<br>1.873%, 04/12/2035<sup>(b)</sup> |  | 391 | 386369 |
|  GS Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-GC5, Class D<br>5.302%, 08/10/2044<sup>(b)</sup> |  | 333 | 141753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-G1, Class A2<br>3.557%, 04/10/2031<sup>(b)</sup> |  | 3622 | 3592866 |
|  GSF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1<br>1.433%, 08/15/2026<sup>(e)(h)</sup> |  | 3575 | 3312816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2<br>2.435%, 08/15/2026<sup>(e)(h)</sup> |  | 9371 | 8833052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class AS<br>2.638%, 08/15/2026<sup>(e)(h)</sup> |  | 249 | 229680 |
|  HFX Funding Issuer <br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035<sup>(d)(e)</sup> |  | 6860 | 6297907 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  JPMBB Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C14, Class D<br>4.699%, 08/15/2046<sup>(b)</sup> | U.S.$| 2527 | $1412812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C21, Class B<br>4.341%, 08/15/2047 |  | 1857 | 1727598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class AS 3.634%, 02/15/2048 |  | 3415 | 3227916 |
|  JPMorgan Chase Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-C6, Class E<br>5.129%, 05/15/2045<sup>(b)</sup> |  | 3967 | 3074061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3, Class B<br>3.397%, 08/15/2049 |  | 3000 | 2618770 |
|  LB-UBS Commercial Mortgage Trust <br>Series 2006-C6, Class AJ <br>5.452%, 09/15/2039 |  | 817 | 360710 |
|  LSTAR Commercial Mortgage Trust<br>Series 2016-4, Class A2 <br>2.579%, 03/10/2049<sup>(b)</sup> |  | 1836 | 1821892 |
|  Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-SG1, Class AS<br>4.047%, 09/15/2048 |  | 2906 | 2735702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51, Class B<br>3.836%, 06/15/2052 |  | 1269 | 1082237 |
|  WF-RBS Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C11, Class XA<br>1.238%, 03/15/2045<sup>(b)(f)</sup> |  | 44918 | 19378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class AS<br>3.931%, 11/15/2047 |  | 1471 | 1403071 |
|  |  |  | 50904992 |
|  Total Commercial Mortgage-Backed Securities (cost $122,235,281) |  |  | 111711197 |
|  **COLLATERALIZED LOAN OBLIGATIONS – 2.7%** |  |  |  |
|  **CLO-Floating Rate – 2.7%** |  |  |  |
|  AGL CLO 10 Ltd. <br>Series 2021-10A, Class A <br>3.642% (LIBOR 3 Month + 1.13%), 04/15/2034<sup>(b)(d)</sup> |  | 450 | 428508 |
|  Balboa Bay Loan Funding Ltd. <br>Series 2021-1A, Class A <br>3.91% (LIBOR 3 Month + 1.20%), 07/20/2034<sup>(b)(d)</sup> |  | 6496 | 6220544 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  Dryden 78 CLO Ltd. <br>Series 2020-78A, Class C <br>4.69% (LIBOR 3 Month + 1.95%), 04/17/2033<sup>(b)(d)</sup> | U.S.$| 4670 | $4273732 |
|  Elevation CLO Ltd. <br>Series 2020-11A, Class D1 <br>6.362% (LIBOR 3 Month + 3.85%), 04/15/2033<sup>(b)(d)</sup> |  | 4500 | 3869379 |
|  Elmwood CLO IX Ltd.<br>Series 2021-2A, Class A<br>3.84% (LIBOR 3 Month + 1.13%), 07/20/2034<sup>(b)(d)</sup> |  | 5900 | 5645905 |
|  Elmwood CLO XII Ltd. <br>Series 2021-5A, Class D <br>5.76% (LIBOR 3 Month + 3.05%), 01/20/2035<sup>(b)(d)</sup> |  | 2100 | 1868200 |
|  Flatiron CLO 21 Ltd. <br>Series 2021-1A, Class A1 <br>3.848% (LIBOR 3 Month + 1.11%), 07/19/2034<sup>(b)(d)</sup> |  | 4290 | 4095860 |
|  Goldentree Loan Management US CLO 7 Ltd. <br>Series 2020-7A, Class AR <br>3.78% (LIBOR 3 Month + 1.07%), 04/20/2034<sup>(b)(d)</sup> |  | 6463 | 6133298 |
|  Golub Capital Partners 48 LP <br>Series 2020-48A, Class A1 <br>4.05% (LIBOR 3 Month + 1.31%), 04/17/2033<sup>(b)(d)</sup> |  | 644 | 619598 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. <br>Series 2021-43A, Class A <br>3.87% (LIBOR 3 Month + 1.13%), 07/17/2035<sup>(b)(d)</sup> |  | 6910 | 6621476 |
|  OCP CLO Ltd. <br>Series 2020-18A, Class AR <br>3.80% (LIBOR 3 Month + 1.09%), 07/20/2032<sup>(b)(d)</sup> |  | 8088 | 7816130 |
|  Palmer Square CLO Ltd. <br>Series 2021-4A, Class A <br>3.682% (LIBOR 3 Month + 1.17%), 10/15/2034<sup>(b)(d)</sup> |  | 730 | 696249 |
|  Pikes Peak CLO 8 <br>Series 2021-8A, Class A <br>3.88% (LIBOR 3 Month + 1.17%), 07/20/2034<sup>(b)(d)</sup> |  | 7300 | 6987684 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  Rad CLO 7 Ltd. <br>Series 2020-7A, Class C <br>4.74% (LIBOR 3 Month + 2.00%), 04/17/2033<sup>(b)(d)</sup> | U.S.$| 2090 | $1921713 |
|  Rad CLO 11 Ltd. <br>Series 2021-11A, Class D <br>5.412% (LIBOR 3 Month + 2.90%), 04/15/2034<sup>(b)(d)</sup> |  | 3800 | 3334800 |
|  Rad CLO 14 Ltd <br>Series 2021-14A, Class A <br>3.682% (LIBOR 3 Month + 1.17%), 01/15/2035<sup>(b)(d)</sup> |  | 829 | 784909 |
|  Regatta XX Funding Ltd. <br>Series 2021-2A, Class A <br>3.672% (LIBOR 3 Month + 1.16%), 10/15/2034<sup>(b)(d)</sup> |  | 11084 | 10501072 |
|  Rockford Tower CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A1<br>3.87% (LIBOR 3 Month + 1.16%), 07/20/2034<sup>(b)(d)</sup> |  | 5449 | 5176680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D<br>5.96% (LIBOR 3 Month + 3.25%), 10/20/2034<sup>(b)(d)</sup> |  | 3200 | 2766784 |
|  Sixth Street CLO XVII Ltd. <br>Series 2021-17A, Class A <br>3.95% (LIBOR 3 Month + 1.24%), 01/20/2034<sup>(b)(d)</sup> |  | 1089 | 1048574 |
|  Sixth Street CLO XX Ltd. <br>Series 2021-20A, Class D <br>5.76% (LIBOR 3 Month + 3.05%), 10/20/2034<sup>(b)(d)</sup> |  | 1900 | 1686926 |
|  TICP CLO XV Ltd. <br>Series 2020-15A, Class A <br>3.99% (LIBOR 3 Month + 1.28%), 04/20/2033<sup>(b)(d)</sup> |  | 250 | 242319 |
|  Voya CLO Ltd. <br>Series 2019-1A, Class DR <br>5.362% (LIBOR 3 Month + 2.85%), 04/15/2031<sup>(b)(d)</sup> |  | 1850 | 1581424 |
|  Total Collateralized Loan Obligations <br>(cost $89,950,357) |  |  | 84321764 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **CORPORATES - NON-INVESTMENT GRADE – 1.9%** |  |  |  |
|  **Industrial – 1.4%** |  |  |  |
|  **Capital Goods – 0.0%** |  |  |  |
|  TK Elevator Midco GmbH <br>4.375%, 07/15/2027<sup>(b)</sup> | EUR | 1444 | $1189342 |
|  **Communications - Media – 0.4%** |  |  |  |
|  Altice Financing SA <br>3.00%, 01/15/2028<sup>(b)</sup> | U.S.$| 2174 | 1603682 |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.50%, 08/15/2030<sup>(b)</sup> |  | 1424 | 1126441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033<sup>(b)</sup> |  | 5124 | 3800573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032<sup>(b)</sup> |  | 1041 | 812355 |
|  DISH DBS Corp. <br>5.75%, 12/01/2028<sup>(b)</sup> |  | 3890 | 2932827 |
|  Summer BC Holdco B SARL<br>5.75%, 10/31/2026<sup>(b)</sup> | EUR | 2174 | 1818811 |
|  VZ Vendor Financing II BV <br>2.875%, 01/15/2029<sup>(b)</sup> |  | 2093 | 1460753 |
|  |  |  | 13555442 |
|  **Communications - Telecommunications – 0.1%** |  |  |  |
|  Altice France SA/France <br>3.375%, 01/15/2028<sup>(b)</sup> |  | 1024 | 762674 |
|  Lorca Telecom Bondco SA <br>4.00%, 09/18/2027<sup>(b)</sup> |  | 2174 | 1853946 |
|  |  |  | 2616620 |
|  **Consumer Cyclical - Automotive – 0.2%** |  |  |  |
|  Adient Global Holdings Ltd. <br>3.50%, 08/15/2024<sup>(b)</sup> |  | 2174 | 1967891 |
|  Ford Motor Co. <br>6.10%, 08/19/2032 | U.S.$| 3333 | 2938140 |
|  ZF Finance GmbH <br>3.75%, 09/21/2028<sup>(b)</sup> | EUR | 1400 | 1067580 |
|  |  |  | 5973611 |
|  **Consumer Cyclical - Entertainment – 0.3%** |  |  |  |
|  Carnival Corp. <br>4.00%, 08/01/2028<sup>(b)</sup> | U.S.$| 5633 | 4546732 |
|  Royal Caribbean Cruises Ltd. <br>8.25%, 01/15/2029<sup>(b)</sup> |  | 4339 | 4220849 |
|  |  |  | 8767581 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

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|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Other – 0.0%** |  |  |  |
|  NH Hotel Group SA <br>4.00%, 07/02/2026<sup>(b)</sup> | EUR | 694 | $592082 |
|  **Consumer Non-Cyclical – 0.2%** |  |  |  |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC <br>3.50%, 03/15/2029<sup>(b)</sup> | U.S.$| 3900 | 3149250 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA, Inc. <br>2.25%, 03/15/2029<sup>(b)</sup> | EUR | 1420 | 1066911 |
|  Nobel Bidco BV <br>3.125%, 06/15/2028<sup>(b)</sup> |  | 2174 | 1429652 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV <br>2.875%, 04/30/2028<sup>(b)</sup> |  | 1420 | 1112557 |
|  |  |  | 6758370 |
|  **Services – 0.1%** |  |  |  |
|  APCOA Parking Holdings GmbH <br>4.625%, 01/15/2027<sup>(b)</sup> |  | 2174 | 1689844 |
|  **Technology – 0.1%** |  |  |  |
|  Playtech PLC <br>4.25%, 03/07/2026<sup>(b)</sup> |  | 1420 | 1260924 |
|  **Transportation - Airlines – 0.0%** |  |  |  |
|  Deutsche Lufthansa AG <br>3.00%, 05/29/2026<sup>(b)</sup> |  | 800 | 657794 |
|  |  |  | 43061610 |
|  **Financial Institutions – 0.4%** |  |  |  |
|  **Banking – 0.4%** |  |  |  |
|  Credit Suisse Group AG<br>6.375%, 08/21/2026<sup>(b)(c)</sup> |  | 611 | 447325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/11/2023<sup>(b)(c)</sup> |  | 2634 | 2423148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/17/2023<sup>(b)(c)</sup> |  | 5931 | 5100601 |
|  Intesa Sanpaolo SpA <br>5.017%, 06/26/2024<sup>(b)</sup> |  | 6204 | 5790876 |
|  |  |  | 13761950 |
|  **Utility – 0.1%** |  |  |  |
|  **Electric – 0.1%** |  |  |  |
|  Vistra Corp. <br>7.00%, 12/15/2026<sup>(b)(c)</sup> |  | 2589 | 2263692 |
|  Total Corporates – Non-Investment Grade <br>(cost $74,858,174) |  |  | 59087252 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.9%** |  |  |  |
|  **United States – 0.9%** |  |  |  |
|  Port Authority of New York & New Jersey<br>Series 2020-A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.086%, 07/01/2023 | EUR | 4170 | $4065085 |
|  State Board of Administration Finance Corp. Series 2020-A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.705%, 07/01/2027 |  | 6821 | 5833178 |
|  State of California Series 2010 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 03/01/2040 |  | 8520 | 10569156 |
|  Tobacco Settlement Finance Authority/WV<br>Series 2020 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2035 |  | 2133 | 2024055 |
|  University of California Series 2021-B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.071%, 05/15/2051 |  | 7960 | 5307493 |
|  Total Local Governments – US Municipal Bonds <br>(cost $29,649,597) |  |  | 27798967 |
|  **EMERGING MARKETS - CORPORATE BONDS – 0.4%** |  |  |  |
|  **Industrial – 0.4%** |  |  |  |
|  **Basic – 0.1%** |  |  |  |
|  CSN Resources SA <br>4.625%, 06/10/2031<sup>(b)</sup> | U.S.$| 1862 | 1266532 |
|  Volcan Cia Minera SAA<br>4.375%, 02/11/2026<sup>(b)</sup> |  | 761 | 623212 |
|  |  |  | 1889744 |
|  **Capital Goods – 0.1%** |  |  |  |
|  Embraer Netherlands Finance BV<br>5.40%, 02/01/2027 |  | 4960 | 4520792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/17/2028<sup>(b)</sup> |  | 1797 | 1686709 |
|  Odebrecht Holdco Finance Ltd. <br>Zero Coupon, 09/10/2058<sup>(b)</sup> |  | 3418 | 6837 |
|  |  |  | 6214338 |
|  **Communications - Media – 0.0%** |  |  |  |
|  Globo Comunicacao e Participacoes SA <br>4.875%, 01/22/2030<sup>(b)</sup> |  | 825 | 620813 |
|  **Consumer Cyclical - Other – 0.1%** |  |  |  |
|  Wynn Macau Ltd. <br>5.625%, 08/26/2028<sup>(b)</sup> |  | 2862 | 1917540 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

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|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **Consumer Non-Cyclical – 0.1%** |  |  |  |
|  Natura & Co. Luxembourg Holdings SARL <br>6.00%, 04/19/2029<sup>(b)</sup> | U.S.$| 2258 | $1840834 |
|  |  |  | 12483269 |
|  **Utility – 0.0%** |  |  |  |
|  **Electric – 0.0%** |  |  |  |
|  Terraform Global Operating LP <br>6.125%, 03/01/2026<sup>(e)</sup> |  | 565 | 532100 |
|  **Financial Institutions – 0.0%** |  |  |  |
|  **Other Finance – 0.0%** |  |  |  |
|  OEC Finance Ltd.<br>5.25%, 12/27/2033<sup>(b)(i)</sup> |  | 2445 | 53960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 12/26/2046<sup>(b)(i)</sup> |  | 707 | 18643 |
|  |  |  | 72603 |
|  Total Emerging Markets – Corporate Bonds <br>(cost $20,972,830) |  |  | 13087972 |
|  |  | **Shares** |  |
|  **COMMON STOCKS – 0.3%** |  |  |  |
|  **Financials – 0.3%** |  |  |  |
|  **Insurance – 0.3%** |  |  |  |
|  Mt Logan Re Ltd. <br>(Preference Shares)<sup>(h)(j)(k)</sup> |  | 9249 | 7908780 |
|  Mt Logan Re Ltd. <br>(Special Investment)<sup>(h)(j)(k)</sup> |  | 1463 | 1227194 |
|  Total Common Stocks <br>(cost $9,248,550) |  |  | 9135974 |
|  |  | **Principal**<br>**Amount**<br>**(000)** |  |
|  **QUASI - SOVEREIGNS – 0.3%** |  |  |  |
|  **Quasi - Sovereign Bonds – 0.3%** |  |  |  |
|  **Indonesia – 0.1%** |  |  |  |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara <br>5.45%, 05/21/2028<sup>(b)</sup> | U.S.$| 2363 | 2252719 |

---

---

| | |
|:---|:---|
| **56 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

---

------

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

------

**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **Mexico – 0.2%** |  |  |  |
|  Comision Federal de Electricidad<br>3.348%, 02/09/2031<sup>(b)</sup> | U.S.$| 6919 | $4978653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.688%, 05/15/2029<sup>(b)</sup> |  | 1800 | 1499962 |
|  |  |  | 6478615 |
|  Total Quasi – Sovereigns <br>(cost $11,075,998) |  |  | 8731334 |
|  **EMERGING MARKETS - SOVEREIGNS – 0.3%** |  |  |  |
|  **Dominican Republic – 0.2%** |  |  |  |
|  Dominican Republic International Bond <br>4.875%, 09/23/2032<sup>(b)</sup> |  | 8182 | 6104795 |
|  **Egypt – 0.1%** |  |  |  |
|  Egypt Government International Bond <br>5.875%, 02/16/2031<sup>(b)</sup> |  | 4439 | 2557419 |
|  Total Emerging Markets – Sovereigns <br>(cost $12,449,747) |  |  | 8662214 |
|  **AGENCIES – 0.2%** |  |  |  |
|  **Agency Debentures – 0.2%** |  |  |  |
|  Federal Home Loan Banks <br>2.50%, 02/13/2024 <br>(cost $6,163,798) |  | 6170 | 6019761 |
|  **GOVERNMENTS - SOVEREIGN BONDS – 0.1%** |  |  |  |
|  **Colombia – 0.1%** |  |  |  |
|  Colombia Government International Bond <br>3.125%, 04/15/2031 <br>(cost $2,482,646) | U.S.$| 2490 | 1727904 |
|  **SHORT-TERM INVESTMENTS – 2.1%** |  |  |  |
|  **Governments - Treasuries – 2.1%** |  |  |  |
|  **Japan – 2.1%** |  |  |  |
|  Japan Treasury Discount Bill<br>Series 1105 <br>Zero Coupon, 12/05/2022<br>(cost $65,329,039) | JPY | 9328050 | 64470728 |
|  **Total Investments – 104.9%** <br>(cost $3,672,940,300) |  |  | 3240729482 |
|  Other assets less liabilities – (4.9)% |  |  | (150178057) |
|  **Net Assets – 100.0%** |  |  | $**3090551425** |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 57** |

---

------

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

------

**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

**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** |  |  |  |  |
|  U.S. Long Bond (CBT) Futures | 152 | December 2022 | $19213750 | $44906 |
|  U.S. T-Note 2 Yr (CBT) Futures | 725 | December 2022 | 148908204 | (2408991) |
|  U.S. T-Note 5 Yr (CBT) Futures | 1808 | December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194374126 | (5520542) |
|  U.S. Ultra Bond (CBT) Futures | 378 | December 2022 | 51786000 | (4973860) |
|  **Sold Contracts** |  |  |  |  |
|  10 Yr Japan Bond (OSE) Futures | 100 | December 2022 | 102466662 | 277506 |
|  Long Gilt Futures | 812 | December 2022 | 87399957 | (1087146) |
|  U.S. 10 Yr Ultra Futures | 77 | December 2022 | 9123297 | 602057 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13066070) |

---

**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 | EUR | 18748 | USD | 18110 | 12/08/2022 | $(348530) |
|  Citibank, NA | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9330876 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66040 | 12/02/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182022 |
|  State Street Bank & Trust Co. | JPY | 1617 | USD | 11 | 12/02/2022 | 182 |
|  |  |  |  |  |  | $833674 |

---

**CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums**<br> **Paid/**<br> **(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** |
|  CDX-NAHY Series 39, 5 Year Index, 12/20/2027\* | 5.00% | Quarterly | 6.06% | USD | &nbsp;&nbsp;&nbsp;&nbsp;19575 | $&nbsp;&nbsp;&nbsp;&nbsp;774860 | $&nbsp;&nbsp;&nbsp;&nbsp;775958 | $&nbsp;&nbsp;&nbsp;&nbsp;(1098) |

---

\* Termination date

**CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 19060 | 12/13/2029 | 1.764% | 3 Month<br>LIBOR | Semi-<br>Annual/<br>Quarterly | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464228 |

---

---

| | |
|:---|:---|
| **58 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

---

------

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

------

**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

**CREDIT DEFAULT SWAPS (see Note 3)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br>Counterparty & <br>Referenced<br>Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Sale Contracts** |  |  |  |  |  |  |  |  |
|  Citigroup Global Markets, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 28 | $(6278) | $(4221) | $(2057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 93 | (20767) | (10452) | (10315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 115 | (25757) | (14096) | (11661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 99 | (22216) | (9431) | (12785) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 139 | (31231) | (16539) | (14692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 164 | (36865) | (20165) | (16700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 162 | (36221) | (19181) | (17040) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 171 | (38314) | (21209) | (17105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 178 | (39925) | (22625) | (17300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 310 | (69545) | (35003) | (34542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 460 | (103191) | (47272) | (55919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1827 | (409703) | (135431) | (274272) |
|  Credit Suisse International |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1 | (161) | (84) | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 987 | (221352) | (74921) | (146431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1275 | (285907) | (98828) | (187079) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1551 | (347725) | (86436) | (261289) |
|  Goldman Sachs International |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 106 | (23826) | (15104) | (8722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 248 | (55539) | (27173) | (28366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1211 | (271580) | (185268) | (86312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1074 | (240832) | (126664) | (114168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1240 | (278019) | (146223) | (131796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2380 | (533661) | (254780) | (278881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2380 | (533662) | (254681) | (278981) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 59** |

---

------

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

------

**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br>Counterparty & <br>Referenced<br>Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 3293 | $(738272) | $(221068) | $(517204) |
|  JPMorgan Securities, LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 221 | (49583) | (20189) | (29394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 232 | (51998) | (21179) | (30819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 905 | (202840) | (104743) | (98097) |
|  Morgan Stanley Capital Services LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1434 | (321484) | (94620) | (226864) |
|  |  |  |  |  |  | $(4996454) | $(2087586) | $(2908868) |

---

\* Termination date

\*\* Principal amount less than 500. 

(a) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are
considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2022, the aggregate market value of these securities amounted to $788,777,420 or 25.5% of net assets.

(c) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the
next call date.

(d) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2022.

(e) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities,
which represent 0.71% of net assets as of September 30, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  GSF<br>Series 2021-1, Class A1 1.433%, 08/15/2026 | 02/25/2021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3487656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312816 | 0.11% |
|  GSF<br>Series 2021-1, Class A2 2.435%, 08/15/2026 | 02/25/2021 | 9612067 | 8833052 | 0.29% |
|  GSF<br>Series 2021-1, Class AS <br>2.638%, 08/15/2026 | 02/25/2021 | 254398 | 229680 | 0.01% |
|  HFX Funding Issuer<br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035 | 11/19/2020 | 7307523 | 6297907 | 0.20% |
|  JPMorgan Madison Avenue Securities Trust<br>Series 2014-CH1, Class M2 <br>7.334%, 11/25/2024 | 11/06/2015 | 216712 | 208198 | 0.01% |

---

---

| | |
|:---|:---|
| **60 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

---

------

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

------

**PORTFOLIO OF INVESTMENTS** (continued)

**INTERMEDIATE DURATION PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  PMT Credit Risk Transfer Trust Series 2020-1R, Class A <br>5.463%, 02/27/2023 | 02/11/2020 | $928788 | $881159 | 0.03% |
|  Terraform Global Operating LP <br>6.125%, 03/01/2026 | 02/08/2018 | 565000 | 532100 | 0.02% |
|  Wells Fargo Credit Risk Transfer Securities Trust<br>Series 2015-WF1, Class 1M2 <br>8.334%, 11/25/2025 | 09/28/2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938647 | 0.03% |
|  Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 <br>8.584%, 11/25/2025 | 09/28/2015 | 265653 | 249867 | 0.01% |

---

(f) IO – Interest Only.

(g) Inverse interest only security.

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

(i) Pay-In-Kind Payments (PIK). The issuer may
pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at September 30, 2022.

(j) Fair valued by the Adviser.

(k) Non-income producing security.

Currency Abbreviations:

EUR – Euro

JPY – Japanese Yen

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CBT – Chicago Board of Trade

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CDX-NAHY – North American High Yield Credit Default Swap Index

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

LIBOR – London Interbank Offered Rate

OSE – Osaka Securities Exchange

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

See notes to financial statements.

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 61** |

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

------

**PORTFOLIO OF INVESTMENTS** 

**SHORT DURATION PLUS PORTFOLIO** 

**September 30, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **GOVERNMENTS - TREASURIES – 68.5%** |  |  |  |  |
|  **United States – 68.5%** |  |  |  |  |
|  U.S. Treasury Notes<br>0.125%, 08/31/2023 | U.S.$| 3984 | $| 3836660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 11/30/2025 |  | 96 |  | 84667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/31/2026 |  | 1749 |  | 1534650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 01/31/2024<sup>(a)</sup> |  | 2481 |  | 2369456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/29/2024 |  | 7196 |  | 6920624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/30/2024 |  | 13883 |  | 13496879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/31/2024 |  | 19339 |  | 18783004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 09/30/2023 |  | 65215 |  | 64369243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/30/2024 |  | 62073 |  | 60734942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/31/2027 |  | 1534 |  | 1471777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/31/2024 |  | 57972 |  | 56939275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 |  | 2025 |  | 1952543 |
|  Total Governments - Treasuries <br>(cost $238,901,986) |  |  |  | 232493720 |
|  **CORPORATES - INVESTMENT GRADE – 8.0%** |  |  |  |  |
|  **Financial Institutions – 4.8%** |  |  |  |  |
|  **Banking – 3.4%** | **Banking – 3.4%** | **Banking – 3.4%** | **Banking – 3.4%** | **Banking – 3.4%** |
|  Banco Bilbao Vizcaya Argentaria SA <br>5.862%, 09/14/2026 |  | 600 |  | 586650 |
|  Banco Santander SA <br>4.175%, 03/24/2028 |  | 200 |  | 180958 |
|  Bank of America Corp.<br>1.734%, 07/22/2027 |  | 790 |  | 677725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.376%, 04/27/2028 |  | 466 |  | 436842 |
|  Bank of Ireland Group PLC <br>6.253%, 09/16/2026<sup>(b)</sup> |  | 343 |  | 335787 |
|  Barclays PLC <br>5.304%, 08/09/2026 |  | 319 |  | 306623 |
|  BNP Paribas SA <br>2.591%, 01/20/2028<sup>(b)</sup> |  | 490 |  | 419131 |
|  Capital One Financial Corp.<br>2.636%, 03/03/2026 |  | 456 |  | 423483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.927%, 05/10/2028 |  | 165 |  | 157057 |
|  Citigroup, Inc.<br>3.106%, 04/08/2026 |  | 346 |  | 324513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 05/24/2025 |  | 488 |  | 477083 |
|  Cooperatieve Rabobank UA <br>3.75%, 07/21/2026 |  | 282 |  | 260452 |
|  Credit Suisse AG <br>6.50%, 08/08/2023<sup>(b)</sup> |  | 302 |  | 298817 |

---

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| **62 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**SHORT DURATION PLUS PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Credit Suisse Group AG <br>6.373%, 07/15/2026<sup>(b)</sup> | U.S.$| 479 | $463016 |
|  Danske Bank A/S <br>3.773%, 03/28/2025<sup>(b)</sup> |  | 353 | 339671 |
|  Deutsche Bank AG/New York NY<br>3.95%, 02/27/2023 |  | 234 | 233041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.119%, 07/14/2026 |  | 267 | 259452 |
|  Federation des Caisses Desjardins du Quebec <br>4.40%, 08/23/2025<sup>(b)</sup> |  | 333 | 322038 |
|  Goldman Sachs Group, Inc. (The)<br>2.64%, 02/24/2028 |  | 239 | 207607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/22/2025 |  | 222 | 213025 |
|  HSBC Holdings PLC<br>2.999%, 03/10/2026 |  | 595 | 550119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 08/11/2028 |  | 790 | 739843 |
|  ING Groep NV <br>4.017%, 03/28/2028 |  | 355 | 322620 |
|  JPMorgan Chase & Co. <br>4.851%, 07/25/2028 |  | 533 | 511403 |
|  Mitsubishi UFJ Financial Group, Inc. <br>4.788%, 07/18/2025 |  | 267 | 263409 |
|  Morgan Stanley<br>2.475%, 01/21/2028 |  | 303 | 265122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/20/2028 |  | 175 | 163688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.679%, 07/17/2026 |  | 153 | 148953 |
|  Nationwide Building Society <br>2.972%, 02/16/2028<sup>(b)</sup> |  | 310 | 266873 |
|  Santander Holdings USA, Inc.<br>2.49%, 01/06/2028 |  | 185 | 154053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 06/09/2025 |  | 183 | 175889 |
|  Societe Generale SA <br>2.797%, 01/19/2028<sup>(b)</sup> |  | 367 | 309480 |
|  Standard Chartered PLC <br>0.991%, 01/12/2025<sup>(b)</sup> |  | 621 | 579244 |
|  UBS Group AG <br>4.488%, 05/12/2026<sup>(b)</sup> |  | 233 | 224402 |
|  |  |  | 11598069 |
|  **Brokerage – 0.1%** |  |  |  |
|  Charles Schwab Corp., (The) <br>2.45%, 03/03/2027 |  | 346 | 311282 |
|  **Finance – 0.6%** |  |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust <br>2.45%, 10/29/2026 |  | 595 | 503043 |

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 63** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**SHORT DURATION PLUS PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Aviation Capital Group LLC<br>1.95%, 01/30/2026<sup>(b)</sup> | U.S.$| 298 | $250228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/20/2026<sup>(b)</sup> |  | 99 | 80183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2024<sup>(b)</sup> |  | 65 | 62907 |
|  Azure Orbit IV International Finance Ltd. <br>3.75%, 01/25/2023<sup>(b)</sup> |  | 900 | 896166 |
|  Synchrony Financial<br>3.95%, 12/01/2027 |  | 167 | 145554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/13/2025 |  | 233 | 225052 |
|  |  |  | 2163133 |
|  **REITs – 0.7%** |  |  |  |
|  American Tower Corp. <br>3.65%, 03/15/2027 |  | 235 | 215385 |
|  Simon Property Group LP <br>3.375%, 12/01/2027 |  | 653 | 591971 |
|  Vornado Realty LP <br>2.15%, 06/01/2026 |  | 426 | 360353 |
|  WEA Finance LLC/Westfield UK & Europe Finance PLC <br>3.75%, 09/17/2024<sup>(b)</sup> |  | 1072 | 1009234 |
|  |  |  | 2176943 |
|  |  |  | 16249427 |
|  **Industrial – 3.2%** |  |  |  |
|  **Basic – 0.2%** |  |  |  |
|  Glencore Funding LLC <br>4.625%, 04/29/2024<sup>(b)</sup> |  | 623 | 616078 |
|  **Capital Goods – 0.2%** |  |  |  |
|  CNH Industrial Capital LLC <br>3.95%, 05/23/2025 |  | 376 | 362637 |
|  Parker-Hannifin Corp. <br>3.65%, 06/15/2024 |  | 389 | 380489 |
|  |  |  | 743126 |
|  **Communications - Media – 0.3%** |  |  |  |
|  Prosus NV <br>3.257%, 01/19/2027<sup>(b)</sup> |  | 367 | 307362 |
|  Walt Disney Co., (The) <br>3.35%, 03/24/2025 |  | 561 | 541494 |
|  Warnermedia Holdings, Inc. <br>3.788%, 03/15/2025<sup>(b)</sup> |  | 359 | 339284 |
|  |  |  | 1188140 |

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|:---|:---|
| **64 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**SHORT DURATION PLUS PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Automotive – 0.4%** |  |  |  |
|  Harley-Davidson Financial Services, Inc.<br>3.05%, 02/14/2027<sup>(b)</sup> | U.S.$| 289 | $247945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/08/2025<sup>(b)</sup> |  | 202 | 189642 |
|  Hyundai Capital America <br>2.75%, 09/27/2026<sup>(b)</sup> |  | 1010 | 889769 |
|  |  |  | 1327356 |
|  **Consumer Cyclical - Other – 0.2%** |  |  |  |
|  Las Vegas Sands Corp.<br>2.90%, 06/25/2025 |  | 393 | 353024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/08/2024 |  | 227 | 213428 |
|  |  |  | 566452 |
|  **Consumer Cyclical - Retailers – 0.3%** |  |  |  |
|  AutoNation, Inc. <br>4.50%, 10/01/2025 |  | 950 | 919002 |
|  **Consumer Non-Cyclical – 0.2%** |  |  |  |
|  BAT International Finance PLC <br>1.668%, 03/25/2026 |  | 740 | 639219 |
|  **Energy – 0.4%** |  |  |  |
|  Canadian Natural Resources Ltd.<br>2.05%, 07/15/2025 |  | 663 | 606048 |
|  Continental Resources, Inc./OK<br>2.268%, 11/15/2026<sup>(b)</sup> |  | 618 | 528149 |
|  Marathon Oil Corp. <br>4.40%, 07/15/2027 |  | 352 | 328796 |
|  |  |  | 1462993 |
|  **Services – 0.0%** |  |  |  |
|  Expedia Group, Inc. <br>4.625%, 08/01/2027 |  | 168 | 157752 |
|  **Technology – 0.6%** |  |  |  |
|  HP, Inc. <br>4.75%, 01/15/2028 |  | 316 | 296917 |
|  Kyndryl Holdings, Inc. <br>2.05%, 10/15/2026 |  | 641 | 514844 |
|  Oracle Corp. <br>2.65%, 07/15/2026 |  | 740 | 665889 |
|  TSMC Arizona Corp. <br>3.875%, 04/22/2027 |  | 227 | 216265 |
|  Workday, Inc. <br>3.50%, 04/01/2027 |  | 235 | 217608 |
|  |  |  | 1911523 |

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 65** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**SHORT DURATION PLUS PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Transportation - Airlines – 0.4%** |  |  |  |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. <br>4.50%, 10/20/2025<sup>(b)</sup> | U.S.$| 1050 | $1020421 |
|  Southwest Airlines Co. <br>5.25%, 05/04/2025 |  | 279 | 278791 |
|  |  |  | 1299212 |
|  |  |  | 10830853 |
|  Total Corporates - Investment Grade <br>(cost $29,128,683) |  |  | 27080280 |
|  **ASSET-BACKED SECURITIES – 5.4%** |  |  |  |
|  **Autos - Fixed Rate – 3.6%** |  |  |  |
|  ACM Auto Trust <br>Series 2022-1A, Class A <br>3.23%, 04/20/2029<sup>(b)</sup> |  | 334 | 332952 |
|  American Credit Acceptance Receivables Trust <br>Series 2022-3, Class A <br>4.12%, 02/13/2026<sup>(b)</sup> |  | 905 | 900722 |
|  Avis Budget Rental Car Funding AESOP LLC <br>Series 2017-2A, Class D <br>4.56%, 03/20/2024<sup>(b)</sup> |  | 492 | 489851 |
|  Carmax Auto Owner Trust <br>Series 2021-1, Class C <br>0.94%, 12/15/2026 |  | 190 | 169405 |
|  Carvana Auto Receivables Trust <br>Series 2021-N1, Class C <br>1.30%, 01/10/2028 |  | 275 | 260931 |
|  CPS Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class C<br>0.83%, 09/15/2026<sup>(b)</sup> |  | 635 | 623639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class C<br>1.23%, 03/15/2027<sup>(b)</sup> |  | 389 | 373409 |
|  Donlen Fleet Lease Funding 2 LLC <br>Series 2021-2, Class C <br>1.20%, 12/11/2034<sup>(b)</sup> |  | 371 | 345223 |
|  Drive Auto Receivables Trust <br>Series 2021-1, Class C <br>1.02%, 06/15/2027 |  | 220 | 213033 |
|  DT Auto Owner Trust <br>Series 2021-2A, Class C <br>1.10%, 02/16/2027<sup>(b)</sup> |  | 185 | 176284 |
|  Exeter Automobile Receivables Trust <br>Series 2021-1A, Class C <br>0.74%, 01/15/2026 |  | 540 | 529457 |

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| **66 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**SHORT DURATION PLUS PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Exeter Automobile Receivables Trust <br>Series 2020-3A, Class C <br>1.32%, 07/15/2025 | U.S.$| 365 | $360541 |
|  First Investors Auto Owner Trust <br>Series 2021-1A, Class C <br>1.17%, 03/15/2027<sup>(b)</sup> |  | 351 | 329977 |
|  Flagship Credit Auto Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, Class B<br>2.53%, 11/17/2025<sup>(b)</sup> |  | 184 | 184107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class C<br>1.28%, 02/16/2027<sup>(b)</sup> |  | 615 | 586605 |
|  Ford Credit Auto Owner Trust <br>Series 2021-1, Class C <br>1.91%, 10/17/2033<sup>(b)</sup> |  | 202 | 174930 |
|  Foursight Capital Automobile Receivables Trust <br>Series 2021-1, Class C <br>1.02%, 09/15/2026<sup>(b)</sup> |  | 229 | 220347 |
|  Hertz Vehicle Financing III LLC <br>Series 2022-1A, Class A <br>1.99%, 06/25/2026<sup>(b)</sup> |  | 562 | 512467 |
|  JPMorgan Chase Bank NA-CACLN |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class C<br>1.389%, 01/25/2028<sup>(b)</sup> |  | 159 | 156281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class D <br>1.487%, 02/25/2028<sup>(b)</sup> |  | 76 | 74122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B<br>0.875%, 09/25/2028<sup>(b)</sup> |  | 363 | 350608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class B<br>0.889%, 12/26/2028<sup>(b)</sup> |  | 293 | 282302 |
|  LAD Auto Receivables Trust <br>Series 2022-1A, Class A <br>5.21%, 06/15/2027<sup>(b)</sup> |  | 604 | 596284 |
|  Research-Driven Pagaya Motor Asset Trust VII Series 2022-3A, Class A <br>5.38%, 11/25/2030<sup>(b)</sup> |  | 650 | 641737 |
|  Santander Bank Auto Credit-Linked Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class B<br>5.281%, 05/15/2032<sup>(b)</sup> |  | 473 | 464154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class B<br>5.721%, 08/16/2032<sup>(b)</sup> |  | 742 | 743051 |
|  Santander Consumer Auto Receivables Trust <br>Series 2021-AA, Class D <br>1.57%, 01/15/2027<sup>(b)</sup> |  | 727 | 661348 |
|  Santander Drive Auto Receivables Trust<br>Series 2020-4, Class D <br>1.48%, 01/15/2027 |  | 424 | 407571 |

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 67** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**SHORT DURATION PLUS PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  United Auto Credit Securitization Trust <br>Series 2022-2, Class A <br>4.39%, 04/10/2025<sup>(b)</sup> | U.S.$| 482 | $479391 |
|  Westlake Automobile Receivables Trust <br>Series 2020-3A, Class C <br>1.24%, 11/17/2025<sup>(b)</sup> |  | 657 | 639230 |
|  |  |  | 12279958 |
|  **Other ABS - Fixed Rate – 1.6%** |  |  |  |
|  Affirm Asset Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A<br>0.88%, 08/15/2025<sup>(b)</sup> |  | 339 | 336973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class B<br>1.24%, 08/17/2026<sup>(b)</sup> |  | 198 | 181501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Z1, Class A<br>1.07%, 08/15/2025<sup>(b)</sup> |  | 119 | 115713 |
|  Amur Equipment Finance Receivables XI LLC <br>Series 2022-2A, Class A2 <br>5.30%, 06/21/2028<sup>(b)</sup> |  | 281 | 279301 |
|  Atalaya Equipment Leasing Trust<br>Series 2021-1A, Class A2 <br>1.23%, 05/15/2026<sup>(b)</sup> |  | 416 | 403699 |
|  Avant Loans Funding Trust <br>Series 2021-REV1, Class A <br>1.21%, 07/15/2030<sup>(b)</sup> |  | 811 | 761355 |
|  Cajun Global LLC <br>Series 2021-1, Class A2 <br>3.931%, 11/20/2051<sup>(b)</sup> |  | 102 | 86582 |
|  College Ave Student Loans LLC <br>Series 2021-C, Class A2 <br>2.32%, 07/26/2055<sup>(b)</sup> |  | 446 | 380704 |
|  Conn's Receivables Funding LLC Series 2021-A, Class A <br>1.05%, 05/15/2026<sup>(b)</sup> |  | 106 | 105409 |
|  Crossroads Asset Trust <br>Series 2021-A, Class B <br>1.12%, 06/20/2025<sup>(b)</sup> |  | 172 | 166519 |
|  Dext ABS LLC <br>Series 2021-1, Class A <br>1.12%, 02/15/2028<sup>(b)</sup> |  | 523 | 499978 |
|  Hardee's Funding LLC <br>Series 2018-1A, Class A23 <br>5.71%, 06/20/2048<sup>(b)</sup> |  | 861 | 788005 |
|  MVW LLC <br>Series 2021-2A, Class A <br>1.43%, 05/20/2039<sup>(b)</sup> |  | 450 | 395349 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**SHORT DURATION PLUS PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Neighborly Issuer LLC <br>Series 2021-1A, Class A2 <br>3.584%, 04/30/2051<sup>(b)</sup> | U.S.$| 223 | $| 184510 |
|  Nelnet Student Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class AFX<br>1.32%, 04/20/2062<sup>(b)</sup> |  | 393 |  | 350555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class AFX<br>1.63%, 04/20/2062<sup>(b)</sup> |  | 126 |  | 113580 |
|  Upstart Securitization Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A<br>1.702%, 11/20/2030<sup>(b)</sup> |  | 23 |  | 22523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A<br>0.87%, 03/20/2031<sup>(b)</sup> |  | 28 |  | 28187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A<br>0.83%, 07/20/2031<sup>(b)</sup> |  | 211 |  | 204627 |
|  |  |  |  | 5405070 |
|  **Credit Cards - Fixed Rate – 0.2%** |  |  |  |  |
|  Brex Commercial Charge Card Master Trust <br>Series 2021-1, Class A <br>2.09%, 07/15/2024<sup>(b)</sup> |  | 555 |  | 544370 |
|  Mission Lane Credit Card Master Trust <br>Series 2021-A, Class A <br>1.59%, 09/15/2026<sup>(b)</sup> |  | 142 |  | 136942 |
|  |  |  |  | 681312 |
|  Total Asset-Backed Securities <br>(cost $19,292,341) |  |  |  | 18366340 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS – 4.2%** |  |  |  |  |
|  **Risk Share Floating Rate – 3.8%** | **Risk Share Floating Rate – 3.8%** | **Risk Share Floating Rate – 3.8%** | **Risk Share Floating Rate – 3.8%** | **Risk Share Floating Rate – 3.8%** |
|  Bellemeade Re Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class M1B<br>4.834% (LIBOR 1 Month + 1.75%), 03/25/2029<sup>(b)(c)</sup> |  | 63 |  | 63375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class M1B<br>4.684% (LIBOR 1 Month + 1.60%), 07/25/2029<sup>(b)(c)</sup> |  | 64 |  | 64428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class M1B<br>4.481% (SOFR + 2.20%), 03/25/2031<sup>(b)(c)</sup> |  | 684 |  | 676133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class M1A<br>3.481% (SOFR + 1.20%), 06/25/2031<sup>(b)(c)</sup> |  | 281 |  | 277029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A2<br>3.281% (SOFR + 1.00%), 09/25/2031<sup>(b)(c)</sup> |  | 480 |  | 451188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class M1A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.285% (SOFR + 4.00%), 09/27/2032<sup>(b)(c)</sup> |  | 858 |  | 857870 |

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 69** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**SHORT DURATION PLUS PORTFOLIO** 

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Connecticut Avenue Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M1<br>3.031% (SOFR + 0.75%), 10/25/2041<sup>(b)(c)</sup> | U.S.$| 93 | $92258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1M1<br>3.131% (SOFR + 0.85%), 12/25/2041<sup>(b)(c)</sup> |  | 519 | 507822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M1<br>3.281% (SOFR + 1.00%), 12/25/2041<sup>(b)(c)</sup> |  | 1149 | 1127659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M1<br>3.481% (SOFR + 1.20%), 01/25/2042<sup>(b)(c)</sup> |  | 391 | 382757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M1<br>4.181% (SOFR + 1.90%), 04/25/2042<sup>(b)(c)</sup> |  | 152 | 149283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M1<br>4.855% (SOFR + 2.55%), 07/25/2042<sup>(b)(c)</sup> |  | 772 | 767897 |
|  Eagle Re Ltd. <br>Series 2020-1, Class M1A <br>3.984% (LIBOR 1 Month + 0.90%), 01/25/2030<sup>(b)(c)</sup> |  | 4 | 3844 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DNA1, Class M3<br>6.384% (LIBOR 1 Month + 3.30%), 10/25/2027<sup>(c)</sup> |  | 84 | 85226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class M2<br>3.931% (SOFR + 1.65%), 01/25/2034<sup>(b)(c)</sup> |  | 173 | 168483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M1<br>3.081% (SOFR + 0.80%), 10/25/2041<sup>(b)(c)</sup> |  | 399 | 390835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class M1<br>3.131% (SOFR + 0.85%), 11/25/2041<sup>(b)(c)</sup> |  | 754 | 734641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M1<br>3.231% (SOFR + 0.95%), 12/25/2041<sup>(b)(c)</sup> |  | 474 | 451527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M1A<br>3.281% (SOFR + 1.00%), 01/25/2042<sup>(b)(c)</sup> |  | 374 | 363753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1A<br>3.581% (SOFR + 1.30%), 02/25/2042<sup>(b)(c)</sup> |  | 403 | 395855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1A<br>4.481% (SOFR + 2.20%), 05/25/2042<sup>(b)(c)</sup> |  | 340 | 336832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1A<br>5.231% (SOFR + 2.95%), 06/25/2042<sup>(b)(c)</sup> |  | 470 | 470468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M1A<br>4.435% (SOFR + 2.15%), 09/25/2042<sup>(b)(c)</sup> |  | 390 | 387968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M1A<br>4.876% (SOFR + 2.50%), 09/25/2042<sup>(b)(c)</sup> |  | 1012 | 1012293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M1A<br>4.381% (SOFR + 2.10%), 03/25/2042<sup>(b)(c)</sup> |  | 518 | 514667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA2, Class M1A<br>4.931% (SOFR + 2.65%), 07/25/2042<sup>(b)(c)</sup> |  | 765 | 761201 |

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| **70 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**SHORT DURATION PLUS PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Federal National Mortgage Association Connecticut Avenue Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C04, Class 1M2<br>7.984% (LIBOR 1 Month + 4.90%), 11/25/2024<sup>(c)</sup> | U.S.$| 186 | $192256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C01, Class 1M2<br>7.384% (LIBOR 1 Month + 4.30%), 02/25/2025<sup>(c)</sup> |  | 38 | 39047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C02, Class 1M2<br>7.084% (LIBOR 1 Month + 4.00%), 05/25/2025<sup>(c)</sup> |  | 11 | 10811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M1<br>3.181% (SOFR + 0.90%), 11/25/2041<sup>(b)(c)</sup> |  | 448 | 438953 |
|  PMT Credit Risk Transfer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2R, Class A<br>5.863% (LIBOR 1 Month + 2.75%), 05/27/2023<sup>(b)(c)</sup> |  | 71 | 67670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3R, Class A<br>5.813% (LIBOR 1 Month + 2.70%), 10/27/2022<sup>(b)(c)</sup> |  | 23 | 22325 |
|  Radnor Re Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class M1B<br>5.034% (LIBOR 1 Month + 1.95%), 02/25/2029<sup>(b)(c)</sup> |  | 192 | 189256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class M1B<br>4.834% (LIBOR 1 Month + 1.75%), 06/25/2029<sup>(b)(c)</sup> |  | 47 | 47195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1A<br>4.034% (LIBOR 1 Month + 0.95%), 01/25/2030<sup>(b)(c)</sup> |  | 93 | 92744 |
|  Traingle Re Ltd. <br>Series 2021-3, Class M1A <br>4.181% (SOFR + 1.90%), 02/25/2034<sup>(b)(c)</sup> |  | 284 | 281884 |
|  |  |  | 12877433 |
|  **Agency Floating Rate – 0.3%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4248, Class QF<br>3.318% (LIBOR 1 Month + 0.50%), 06/15/2039<sup>(c)</sup> |  | 270 | 267714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4286, Class VF<br>3.268% (LIBOR 1 Month + 0.45%), 12/15/2043<sup>(c)</sup> |  | 229 | 226148 |

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 71** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**SHORT DURATION PLUS PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Federal National Mortgage Association REMICs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-57, Class FN<br>3.434% (LIBOR 1 Month + 0.35%), 06/25/2043<sup>(c)</sup> | U.S.$| 170 | $167911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-49, Class AF<br>2.693% (LIBOR 1 Month + 0.32%), 08/25/2044<sup>(c)</sup> |  | 309 | 304288 |
|  |  |  | 966061 |
|  **Agency Fixed Rate – 0.1%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICs <br>Series 4029, Class NE <br>2.50%, 03/15/2041 |  | 246 | 233446 |
|  **Non-Agency Floating Rate – 0.0%** |  |  |  |
|  JPMorgan Chase Bank, NA <br>Series 2019-CL1, Class M3 <br>5.184% (LIBOR 1 Month + 2.10%), 04/25/2047<sup>(b)(c)</sup> |  | 54 | 52944 |
|  Total Collateralized Mortgage Obligations <br>(cost $14,350,797) |  |  | 14129884 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 2.2%** |  |  |  |
|  **Non-Agency Floating Rate CMBS – 1.2%** |  |  |  |
|  AREIT Trust <br>Series 2022-CRE6, Class A <br>3.534% (SOFR + 1.25%),<br>01/16/2037<sup>(b)(c)</sup> |  | 784 | 754028 |
|  Ashford Hospitality Trust <br>Series 2018-KEYS, Class A <br>3.818% (LIBOR 1 Month + 1.00%), 06/15/2035<sup>(b)(c)</sup> |  | 113 | 109740 |
|  BBCMS Mortgage Trust <br>Series 2020-BID, Class A <br>4.958% (LIBOR 1 Month + 2.14%), 10/15/2037<sup>(b)(c)</sup> |  | 546 | 537768 |
|  BFLD Trust <br>Series 2021-FPM, Class A <br>4.418% (LIBOR 1 Month + 1.60%), 06/15/2038<sup>(b)(c)</sup> |  | 795 | 766672 |
|  CLNY Trust <br>Series 2019-IKPR, Class D <br>4.843% (LIBOR 1 Month + 2.02%), 11/15/2038<sup>(b)(c)</sup> |  | 180 | 167823 |

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| **72 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**SHORT DURATION PLUS PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  GCT Commercial Mortgage Trust Series 2021-GCT, Class B <br>4.068% (LIBOR 1 Month + 1.25%), 02/15/2038<sup>(b)(c)</sup> | U.S.$| 469 | $450435 |
|  Morgan Stanley Capital I Trust Series 2019-BPR, Class C <br>6.118% (LIBOR 1 Month + 3.30%), 05/15/2036<sup>(b)(c)</sup> |  | 365 | 346068 |
|  Natixis Commercial Mortgage Securities Trust <br>Series 2019-MILE, Class A<br>4.318% (LIBOR 1 Month + 1.50%), 07/15/2036<sup>(b)(c)</sup> |  | 166 | 162935 |
|  VASA Trust <br>Series 2021-VASA, Class A <br>3.718% (LIBOR 1 Month + 0.90%), 07/15/2039<sup>(b)(c)</sup> |  | 830 | 790108 |
|  |  |  | 4085577 |
|  **Non-Agency Fixed Rate CMBS – 1.0%** |  |  |  |
|  BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D <br>3.652%, 03/10/2037<sup>(b)</sup> |  | 185 | 157003 |
|  Citigroup Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC11, Class B 3.732%, 04/10/2046 |  | 350 | 344633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC15, Class C 5.335%, 09/10/2046 |  | 516 | 505003 |
|  GS Mortgage Securities Trust <br>Series 2011-GC5, Class AS <br>5.209%, 08/10/2044<sup>(b)</sup> |  | 495 | 492335 |
|  GSF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1 1.433%, 08/15/2026<sup>(d)(e)</sup> |  | 381 | 353118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2 2.435%, 08/15/2026<sup>(d)(e)</sup> |  | 538 | 507116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class AS 2.638%, 08/15/2026<sup>(d)(e)</sup> |  | 18 | 16603 |
|  HFX Funding Issuer <br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035<sup>(e)</sup> |  | 470 | 431489 |
|  LSTAR Commercial Mortgage Trust <br>Series 2016-4, Class A2 <br>2.579%, 03/10/2049<sup>(b)</sup> |  | 171 | 169867 |
|  Morgan Stanley Capital I Trust Series 2011-C3, Class C <br>5.253%, 07/15/2049<sup>(b)</sup> |  | 45 | 43936 |

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 73** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**SHORT DURATION PLUS PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  UBS-Barclays Commercial Mortgage Trust <br>Series 2013-C5, Class C <br>4.20%, 03/10/2046<sup>(b)</sup> | U.S.$| 505 | $459389 |
|  Wells Fargo Commercial Mortgage Trust <br>Series 2015-NXS1, Class A2 <br>2.632%, 05/15/2048 |  | 6 | 5994 |
|  |  |  | 3486486 |
|  **Agency CMBS – 0.0%** |  |  |  |
|  Government National Mortgage Association <br>Series 2006-51, Class IO <br>0.938%, 08/16/2046<sup>(f)</sup> |  | 259 | 503 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $8,043,218) |  |  | 7572566 |
|  **COLLATERALIZED LOAN OBLIGATIONS – 1.4%** |  |  |  |
|  **CLO - Floating Rate – 1.4%** |  |  |  |
|  AGL CLO 12 Ltd. <br>Series 2021-12A, Class A1 <br>3.87% (LIBOR 3 Month + 1.16%), 07/20/2034<sup>(b)(c)</sup> |  | 686 | 655664 |
|  Dryden 78 CLO Ltd. <br>Series 2020-78A, Class C <br>4.69% (LIBOR 3 Month + 1.95%), 04/17/2033<sup>(b)(c)</sup> |  | 320 | 292847 |
|  Elevation CLO Ltd. <br>Series 2020-11A, Class C <br>4.712% (LIBOR 3 Month + 2.20%), 04/15/2033<sup>(b)(c)</sup> |  | 250 | 222140 |
|  Goldentree Loan Management US CLO 7 Ltd. Series 2020-7A, Class AR <br>3.78% (LIBOR 3 Month + 1.07%), 04/20/2034<sup>(b)(c)</sup> |  | 453 | 429751 |
|  Magnetite XXVI Ltd. <br>Series 2020-26A, Class A1R<br>3.903% (LIBOR 3 Month + 1.12%), 07/25/2034<sup>(b)(c)</sup> |  | 739 | 708850 |
|  Neuberger Berman Loan Advisers CLO Ltd. <br>Series 2021-42A, Class A <br>3.84% (LIBOR 3 Month + 1.10%), 07/16/2035<sup>(b)(c)</sup> |  | 799 | 764520 |
|  OCP CLO Ltd. <br>Series 2020-18A, Class AR <br>3.80% (LIBOR 3 Month + 1.09%),<br>07/20/2032<sup>(b)(c)</sup> |  | 590 | 570168 |

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| **74 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**SHORT DURATION PLUS PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Rad CLO 2 Ltd. <br>Series 2018-2A, Class AR <br>3.592% (LIBOR 3 Month + 1.08%), 10/15/2031<sup>(b)(c)</sup> | U.S.$| 614 | $596019 |
|  Rad CLO 7 Ltd. <br>Series 2020-7A, Class A1 <br>3.94% (LIBOR 3 Month + 1.20%), 04/17/2033<sup>(b)(c)</sup> |  | 444 | 429080 |
|  Voya CLO Ltd. <br>Series 2019-1A, Class DR <br>5.362% (LIBOR 3 Month + 2.85%), 04/15/2031<sup>(b)(c)</sup> |  | 130 | 111127 |
|  Total Collateralized Loan Obligations <br>(cost $5,015,715) |  |  | 4780166 |
|  **AGENCIES – 1.1%** |  |  |  |
|  **Agency Debentures – 1.1%** |  |  |  |
|  Federal Home Loan Banks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 02/17/2023 |  | 750 | 743370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/13/2024 |  | 445 | 434164 |
|  Federal Home Loan Mortgage Corp. <br>0.25%, 08/24/2023 |  | 2000 | 1930614 |
|  Federal National Mortgage Association <br>2.50%, 02/05/2024 |  | 810 | 790343 |
|  Total Agencies <br>(cost $4,002,915) |  |  | 3898491 |
|  **MORTGAGE PASS-THROUGHS – 0.5%** |  |  |  |
|  **Agency Fixed Rate 30-Year – 0.5%** |  |  |  |
|  Federal Home Loan Mortgage Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2049 |  | 138 | 125843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2049 |  | 633 | 576413 |
|  Federal National Mortgage Association <br>Series 2010 <br>5.00%, 02/01/2040 |  | 599 | 601322 |
|  Government National Mortgage Association |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002<br>7.50%, 03/15/2032 |  | 30 | 31714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009<br>5.00%, 10/15/2039 |  | 233 | 233427 |
|  |  |  | 1568719 |

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 75** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**SHORT DURATION PLUS PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Agency Fixed Rate 15-Year – 0.0%** |  |  |  |
|  Federal Home Loan Mortgage Corp. Gold |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2025 | U.S.$| 13 | $12572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/2026 |  | 24 | 24557 |
|  |  |  | 37129 |
|  **Agency ARMs – 0.0%** |  |  |  |
|  Federal National Mortgage Association <br>Series 2007 <br>3.177% (LIBOR 6 Month + 1.31%), 01/01/2037<sup>(c)</sup> |  | 1 | 523 |
|  Total Mortgage Pass-Throughs <br>(cost $1,773,048) |  |  | 1606371 |
|  **LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.2%** |  |  |  |
|  **United States – 0.2%** |  |  |  |
|  City of New York NY |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.982%, 08/01/2025 |  | 265 | 239523 |
|  New Jersey Turnpike Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.047%, 01/01/2026 |  | 125 | 110708 |
|  Port Authority of New York & New Jersey |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.086%, 07/01/2023 |  | 280 | 272955 |
|  Tobacco Settlement Finance Authority/WV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2035 |  | 253 | 240095 |
|  Total Local Governments - US Municipal Bonds<br>(cost $923,007) |  |  | 863281 |
|  **SHORT-TERM INVESTMENTS – 7.1%** |  |  |  |
|  **U.S. Treasury Bills – 5.1%** |  |  |  |
|  U.S. Treasury Bill |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2022 |  | 10345 | 10295110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/09/2023 |  | 6984 | 6870490 |
|  Total U.S. Treasury Bills <br>(cost $17,171,983) |  |  | 17165600 |

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| **76 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**SHORT DURATION PLUS PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Governments - Treasuries – 2.0%** |  |  |  |
|  **Japan – 2.0%** |  |  |  |
|  Japan Treasury Discount Bill <br>Series 1105 <br>Zero Coupon, 12/05/2022 <br>(cost $6,811,861) | JPY | 980900 | $6779481 |
|  Total Short-Term Investments <br>(cost $23,983,844) |  |  | 23945081 |
|  **Total Investments – 98.6%** <br>(cost $345,415,554) |  |  | 334736180 |
|  Other assets less liabilities – 1.4% |  |  | 4675435 |
|  **Net Assets – 100.0%** |  |  | $**339411615** |

---

**FUTURES (see Note 3)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  U.S. 10 Yr Ultra Futures | 6 | December 2022 | $710906 | $601 |
|  U.S. T-Note 2 Yr (CBT) Futures | 360 | December 2022 | 73940626 | (1196317) |
|  **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  10 Yr Japan Bond (OSE) Futures | 11 | December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11271333 | 30490 |
|  Long Gilt Futures | 89 | December 2022 | 9579552 | (118396) |
|  U.S. T-Note 5 Yr (CBT) Futures | 16 | December 2022 | 1720125 | 62628 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1220994) |

---

**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 | JPY | 981175 | USD | 6861 | 12/02/2022 | $41164 |
|  State Street Bank & Trust Co. | JPY | 2834 | USD | 20 | 12/02/2022 | 320 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41484 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**SHORT DURATION PLUS PORTFOLIO** 

**CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** | <br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
|  USD | 2830 | 05/21/2031 | 1.617% | 3 Month LIBOR | Semi-<br>Annual/<br>Quarterly | $449586 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449586 |

---

**CREDIT DEFAULT SWAPS (see Note 3)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br>Counterparty & <br>Referenced<br>Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
|  Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 2 | $(483) | $(325) | $(158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2 | (483) | (260) | (223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 9 | (2093) | (1108) | (985) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 11 | (2415) | (1321) | (1094) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 10 | (2253) | (1134) | (1119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 11 | (2415) | (1279) | (1136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 15 | (3380) | (1790) | (1590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 14 | (3059) | (1462) | (1597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 27 | (6118) | (2859) | (3259) |
|  Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 95 | (21249) | (7192) | (14057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 121 | (27046) | (9349) | (17697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 150 | (33645) | (8363) | (25282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 618 | (138446) | (39952) | (98494) |
|  Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 42 | (9337) | (4998) | (4339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 95 | (21411) | (14606) | (6805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 134 | (29943) | (20721) | (9222) |
|  Deutsche Bank AG London | Deutsche Bank AG London | Deutsche Bank AG London | Deutsche Bank AG London | Deutsche Bank AG London | Deutsche Bank AG London | Deutsche Bank AG London | Deutsche Bank AG London | Deutsche Bank AG London |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 320 | (71638) | (21451) | (50187) |
|  JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 29 | (6440) | (3430) | (3010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 100 | (22377) | (11555) | (10822) |
|  |  |  |  |  |  | $(404231) | $(153155) | $(251076) |

---

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|:---|:---|
| **78 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**SHORT DURATION PLUS PORTFOLIO** 

\* Termination date

(a) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are
considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2022, the aggregate market value of these securities amounted to $49,212,539 or 14.5% of net assets.

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2022.

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

(e) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities,
which represent 0.38% of net assets as of September 30, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  GSF<br>Series 2021-1, Class A1 <br>1.433%, 08/15/2026 | 02/25/2021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371455 | $353118 | 0.10% |
|  GSF<br>Series 2021-1, Class A2 <br>2.435%, 08/15/2026 | 02/25/2021 | 551788 | 507116 | 0.15% |
|  GSF<br>Series 2021-1, Class AS 2.638%, 08/15/2026 | 02/25/2021 | 18390 | 16603 | 0.00% |
|  HFX Funding Issuer<br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035 | 11/19/2022 | 500661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431489 | 0.13% |

---

(f) IO – Interest Only.

Currency Abbreviations:

JPY – Japanese Yen

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CBT – Chicago Board of Trade

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

LIBOR – London Interbank Offered Rate

OSE – Osaka Securities Exchange

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 79** |

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**STATEMENT OF ASSETS AND LIABILITIES** 

**September 30, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Intermediate<br>Duration<br>Portfolio** | **Short Duration<br>Plus Portfolio** |
| **ASSETS** | **ASSETS** | **ASSETS** |
|  Investments in securities, at value | $3240729482 | $334736180 |
|  Cash | 35117540 | 3131562 |
|  Cash collateral due from broker | 14537252 | 1442382 |
|  Receivables: | Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 18761132 | 1306203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax reclaims | 18474 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 627427 | 369198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 150250 | 1292 |
|  Unrealized appreciation of forward currency exchange contracts | 1182204 | 41484 |
|  Total assets | 3311123761 | 341029840 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  Payables: | Payables: | Payables: |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends to shareholders | 1271114 | 205167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 202624346 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 5625752 | 559256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures | 3766092 | 252397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 1152405 | 70989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee | 262904 | 26818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 167436 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee | 26543 | 5955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 123 | 3819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 330637 | 89593 |
|  Market value on credit default swaps<sup>(a)</sup> | 4996454 | 404231 |
|  Unrealized depreciation of forward currency exchange contracts | 348530 | – 0 |
|  Total liabilities | 220572336 | 1618225 |
|  Net Assets | $**3090551425** | $**339411615** |
|  Cost of investments | $**3672940300** | $**345415554** |
| **Net Assets Consist of:** |  |  |
|  Capital stock, at par | $277771 | $30839 |
|  Additional paid-in capital | 3670193312 | 366668538 |
|  Accumulated loss | (579919658) | (27287762) |
|  | $**3090551425** | $**339411615** |

---

(a) Net premiums received of $2,087,586 and $153,155, respectively.

See Notes to Financial Statements.

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| **80 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**STATEMENT OF ASSETS AND LIABILITIES** (continued)

---

| | | |
|:---|:---|:---|
|  | **Intermediate<br>Duration<br>Portfolio** | **Short Duration<br>Plus Portfolio** |
| **CALCULATION OF MAXIMUM OFFERING PRICE** |  |  |
| **Intermediate Duration/ Short Duration Plus Class Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089962053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323935864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 277717642 | 29433563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $11.13 | $11.01 |
| **Class A Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $571536 | $14182408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 51304 | 1287886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $11.14 | $11.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales charge—4.25% for Intermediate Duration Portfolio and 2.25% for Short Duration Plus Portfolio of public offering price | 0.49 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price | $11.63 | $11.26 |
| **Class C Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets |  | $1293343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding |  | 117682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share |  | $10.99 |
| **Advisor Class Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $9486 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $11.13 |  |
| **Class Z Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $8350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $11.13 |  |

---

See Notes to Financial Statements.

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 81** |

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**STATEMENT OF OPERATIONS** 

**For the year ended September 30, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Intermediate<br>Duration<br>Portfolio** | **Short Duration<br>Plus Portfolio** |
| **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78561467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066037 |
|  Total income | 78561467 | 3066037 |
| **Expenses:** |  |  |
|  Management fee (see Note 2A) | 15421685 | 913674 |
|  Shareholder servicing fee (see Note 2B) | 3542155 | 244478 |
|  Custody and accounting fees | 225262 | 57828 |
|  Transfer Agent fee – Non-Retail Class | 195083 | 20575 |
|  Transfer Agent fee – Class A | 19352 | 32510 |
|  Transfer Agent fee – Class C | – 0 | 2103 |
|  Transfer Agent fee – Advisor Class | 290 | – 0 |
|  Transfer Agent fee – Class Z | 21 | – 0 |
|  Distribution fees – Class A | 1866 | 38992 |
|  Distribution fees – Class C | – 0 | 9750 |
|  Directors' fees and expenses | 153018 | 11088 |
|  Auditing and tax fees | 128390 | 22069 |
|  Registration fees | 75278 | 72903 |
|  Legal fees | 124669 | 9802 |
|  Printing fees | 38856 | 35755 |
|  Miscellaneous | 127705 | 13313 |
|  Total expenses | 20053630 | 1484840 |
|  Less: expenses waived and reimbursed by the Adviser (see Note 2A, 2B and 2D) | (35166) | (269409) |
|  Net expenses | 20018464 | 1215431 |
|  Net investment income | 58543003 | 1850606 |

---

See Notes to Financial Statements.

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| **82 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**STATEMENT OF OPERATIONS** (continued)

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| | | |
|:---|:---|:---|
|  | **Intermediate<br>Duration<br>Portfolio** | **Short Duration<br>Plus Portfolio** |
| **Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions** |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | $(72194840) | $(1042617) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 4042569 | (18611) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (63109506) | (4006559) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (4326286) | (282365) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 3760585 | 54357 |
|  Net realized loss on investment and foreign currency transactions | (131827478) | (5295795) |
|  Net change in unrealized appreciation/depreciation of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(a)</sup> | (511298527) | (10679088) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 929448 | 41484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (9164905) | (1178470) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 18168953 | 1194433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | (84711) | (7186) |
|  Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities | (501449742) | (10628827) |
|  Net realized and unrealized loss on investment and foreign currency transactions | (633277220) | (15924622) |
|  **Net Decrease in Net Assets Resulting from Operations** | $**(574734217)** | $**(14074016)** |

---

(a) Net of increase in accrued foreign capital gains taxes on unrealized gains of $2,884 and $0, respectively.

See Notes to Financial Statements.

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|:---|:---|
| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 83** |

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**STATEMENT OF CHANGES IN NET ASSETS** 

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| | | |
|:---|:---|:---|
|  | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** |
|  | **Year Ended<br>9/30/22** | **Year Ended<br>9/30/21** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $58543003 | $68989470 |
|  Net realized gain (loss) on investment and foreign currency transactions | (131827478) | 28777985 |
|  Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities and other assets and liabilities | (501449742) | (106481497) |
|  Net decrease in net assets resulting from operations | (574734217) | (8714042) |
| **Distributions to shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermediate Duration Portfolio | (96507904) | (136374393) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (16803) | (34295) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (279) | (353) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (255) | (364) |
|  Total distributions to shareholders | (96525241) | (136409405) |
| **Capital-share transactions:** | **Capital-share transactions:** | **Capital-share transactions:** |
|  Net proceeds from sales of shares | 395517888 | 767794097 |
|  Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 80772362 | 120165390 |
|  Total proceeds from shares sold | 476290250 | 887959487 |
|  Cost of shares redeemed | (561976742) | (592989249) |
|  Net increase (decrease) in net assets from capital-share transactions | (85686492) | 294970238 |
|  Net increase (decrease) in net assets | (756945950) | 149846791 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
|  Beginning of period | 3847497375 | 3697650584 |
|  End of period | $**3090551425** | $**3847497375** |

---

See Notes to Financial Statements.

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| **84 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**STATEMENT OF CHANGES IN NET ASSETS** (continued)

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| | | |
|:---|:---|:---|
|  | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** |
|  | **Year Ended<br>9/30/22** | **Year Ended<br>9/30/21** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $1850606 | $2314228 |
|  Net realized gain (loss) on investment and foreign currency transactions | (5295795) | (990257) |
|  Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities and other assets and liabilities | (10628827) | (1490852) |
|  Net decrease in net assets resulting from operations | (14074016) | (166881) |
| **Distributions to shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Duration Plus Class | (1792732) | (2283865) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (36975) | (71620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (2012) | (6023) |
|  Total distributions to shareholders | (1831719) | (2361508) |
| **Capital-share transactions:** | **Capital-share transactions:** | **Capital-share transactions:** |
|  Net proceeds from sales of shares | 191978729 | 94214859 |
|  Net proceeds from sales of shares issued to shareholders on reinvestment of dividends | 1347261 | 2099953 |
|  Total proceeds from shares sold | 193325990 | 96314812 |
|  Cost of shares redeemed | (100109377) | (77580243) |
|  Net increase in net assets from capital-share transactions | 93216613 | 18734569 |
|  Net increase in net assets | 77310878 | 16206180 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
|  Beginning of period | 262100737 | 245894557 |
|  End of period | $**339411615** | $**262100737** |

---

See Notes to Financial Statements.

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|:---|:---|
| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 85** |

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**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2022** 

**NOTE 1.** 

**Organization and Significant Accounting Policies** 

The AB Intermediate Duration Class A, Advisor Class and Class Z shares and the AB Short Duration Plus Class A and C shares are (collectively, the "Bond Fund Retail Classes") shares of Intermediate Duration Portfolio and Short Duration Plus Portfolio (the "Portfolios") of the Sanford C. Bernstein Fund, Inc. (the "Fund"). The Fund is registered under the Investment Company Act of 1940 as an open-end registered investment company. The Fund, which is a Maryland corporation, operates as a series company currently comprised of 13 series each with its own investment objective. Class B, Class R and Class T shares of Short Duration Plus Portfolio have been authorized but currently are not offered. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Effective March 7, 2022, the maximum sales charge for purchases of the Short Duration Plus Portfolio's Class A shares is reduced from 4.25% to 2.25% and purchases in amounts of $500,000 or more, or by certain group retirement plans, may be subject to a 1%, 18-month contingent deferred sales charge, which may be subject to waiver in certain circumstances. Prior to March 7, 2022, purchases of the Short Duration Plus Portfolio's Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, which may be subject to waiver in certain circumstances.

Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 years after the end of the calendar month of purchase. Advisor Class and Class Z shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. These financial statements include only the Bond Fund Retail Classes. The financial highlights of the Intermediate Duration Class and Short Duration Plus Class shares are presented in a separate financial report. All classes of shares have 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. 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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolios.

**A. Portfolio Valuation** 

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at "fair value" as determined in accordance with procedures approved by and under the oversight of the Portfolios' Board of Directors (the "Board"). Pursuant to these procedures, AllianceBernstein L.P. (the "Adviser") serves as the Portfolios' valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolios' portfolio investments, subject to the Board's oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. ("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

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 87** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer's financial statements or other available documents. In addition, the Portfolios may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolios value their securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolios generally value many of their foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

**B. Fair Value Measurements** 

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolios would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note 1.A above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolios. Unobservable inputs reflect the Portfolios' own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each

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|:---|:---|
| **88 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates,
prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are: the value of collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 89** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following tables summarize the valuation of the Portfolios' investments by the above fair value hierarchy levels as of September 30, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** |
| **Investments In<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Governments – Treasuries | $– 0 | $1236707238 | $– 0 | $1236707238 |
|  Corporates – Investment Grade | – 0 | 693778472 | – 0 | 693778472 |
|  Mortgage Pass-Throughs | – 0 | 519260321 | – 0 | 519260321 |
|  Collateralized Mortgage Obligations | – 0 | 238878783 | – 0 | 238878783 |
|  Asset-Backed Securities | – 0 | 157349601 | – 0 | 157349601 |
|  Commercial Mortgage-Backed Securities | – 0 | 99335649 | 12375548 | 111711197 |
|  Collateralized Loan Obligations | – 0 | 84321764 | – 0 | 84321764 |
|  Corporates – Non-Investment Grade | – 0 | 59087252 | – 0 | 59087252 |
|  Local Governments – US Municipal Bonds | – 0 | 27798967 | – 0 | 27798967 |
|  Emerging Markets – Corporate Bonds | – 0 | 13087972 | – 0 | 13087972 |
|  Common Stocks | – 0 | – 0 | 9135974 | 9135974 |
|  Quasi-Sovereigns | – 0 | 8731334 | – 0 | 8731334 |
|  Emerging Markets – Sovereigns | – 0 | 8662214 | – 0 | 8662214 |
|  Agencies | – 0 | 6019761 | – 0 | 6019761 |
|  Governments – Sovereign Bonds | – 0 | 1727904 | – 0 | 1727904 |
|  Short-Term Investments | – 0 | 64470728 | – 0 | 64470728 |
|  Total Investments in Securities | – 0 | 3219217960 | 21511522 | 3240729482 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Futures | 924469 | – 0 | – 0 | 924469 <sup>(b)</sup> |
|  Forward Currency Exchange Contracts | – 0 | 1182204 | – 0 | 1182204 |
|  Centrally Cleared Credit Default Swaps | – 0 | 774860 | – 0 | 774860 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 2464228 | – 0 | 2464228 <sup>(b)</sup> |
|  **Liabilities:** |  |  |  |  |
|  Futures | (13990539) | – 0 | – 0 | (13990539)<sup>(b)</sup> |
|  Forward Currency Exchange Contracts | – 0 | (348530) | – 0 | (348530) |
|  Credit Default Swaps | – 0 | (4996454) | – 0 | (4996454) |
|  **Total** | $**(13066070** | $**3218294268** | $**21511522** | $**3226739720** |

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| **90 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** |
| **Investments In<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Governments – Treasuries | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232493720 | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232493720 |
|  Corporates – Investment Grade | – 0 | 27080280 | – 0 | 27080280 |
|  Asset-Backed Securities | – 0 | 18366340 | – 0 | 18366340 |
|  Collateralized Mortgage Obligations | – 0 | 14129884 | – 0 | 14129884 |
|  Commercial Mortgage-Backed Securities | – 0 | 6695729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876837 | 7572566 |
|  Collateralized Loan Obligations | – 0 | 4780166 | – 0 | 4780166 |
|  Agencies | – 0 | 3898491 | – 0 | 3898491 |
|  Mortgage Pass-Throughs | – 0 | 1606371 | – 0 | 1606371 |
|  Local Governments – US Municipal Bonds | – 0 | 863281 | – 0 | 863281 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills | – 0 | 17165600 | – 0 | 17165600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Governments – Treasuries | – 0 | 6779481 | – 0 | 6779481 |
|  Total Investments in Securities | – 0 | 333859343 | 876837 | 334736180 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Futures | 93719 | – 0 | – 0 | 93719 <sup>(b)</sup> |
|  Forward Currency Exchange Contracts | – 0 | 41484 | – 0 | 41484 |
|  Centrally Cleared Interest Rate Swaps | – 0 | 449586 | – 0 | 449586 <sup>(b)</sup> |
|  **Liabilities:** |  |  |  |  |
|  Futures | (1314713) | – 0 | – 0 | (1314713)<sup>(b)</sup> |
|  Credit Default Swaps | – 0 | (404231) | – 0 | (404231) |
|  **Total** | $**(1220994** | $**333946182** | $**876837** | $**333602025** |

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<sup>(a)</sup> Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value. 

<sup>(b)</sup> Only variation margin receivable/(payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the schedule of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value. 

**C. Foreign Currency Translation** 

The accounting records of the Portfolios are maintained in U.S. dollars. Prices of securities and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. dollars using the exchange rate at 4:00 p.m., Eastern Time. Amounts related to the purchases and sales of securities, investment income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions.

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Net realized gain or loss on foreign currency transactions represents net foreign exchange gains or losses from the disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on security transactions and the difference between the amount of dividends, interest and foreign withholding taxes recorded on the Portfolios' books and the U.S. dollar equivalent amount actually received or paid. Net unrealized currency gains and losses arising from valuing foreign currency denominated assets and liabilities, other than security investments, at the current exchange rate are reflected as part of unrealized appreciation/depreciation on foreign currencies.

The Portfolios do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at period end. The Portfolios do isolate the effect of changes in foreign exchange rates from changes in market prices of securities sold during the year, as required by the Internal Revenue Code.

The Portfolios may invest in foreign securities and foreign currency transactions that may involve risks not associated with domestic investments as a result of the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability, among others.

**D. Taxes** 

Each Portfolio is treated as a separate entity for federal income tax purposes. Each Portfolio intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986 as they apply to regulated investment companies. By so complying, each Portfolio will not be subject to federal and state income taxes to the extent that all of its income is distributed. The Portfolios may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned based on management's understanding of applicable local tax law.

In 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, 2022, the Portfolios did not have any unrecognized tax benefits.

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| **92 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

**F. Securities Transactions on a When-Issued or Delayed-Delivery Basis** 

Each Portfolio may purchase securities on a when-issued basis or purchase or sell securities on a delayed-delivery basis. At the time a Portfolio commits to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will record the transaction and use the security's value in determining the Portfolio's net asset value. At the time a Portfolio commits to sell a security on a delayed-delivery basis, the Portfolio will record the transaction and exclude the security's value in determining the Portfolio's net asset value.

**G. Class Allocations** 

All income earned and expenses incurred by the Portfolios are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in each Portfolio represented by the shares of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each Portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

**H. Distribution of Income and Gains** 

Net investment income of each Portfolio is declared and recorded as a dividend to shareholders daily and is payable to shareholders monthly. Distributions of net realized gains, less any available loss carryforwards, if any, will be paid to shareholders at least once a year, and recorded on the ex-dividend date.

Elements of realized gains and net investment income may be recorded in different accounting periods for financial reporting (book) and federal income tax (tax) purposes (temporary differences). To the extent that such distributions required for tax purposes exceed income and gains recorded

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**NOTES TO FINANCIAL STATEMENTS** (continued)

for book purposes as a result of such temporary differences, "excess distributions" are reflected in the accompanying statement of assets and liabilities. To the extent distributions exceed income and gains for tax purposes, such distributions would be shown as "return of capital" on the statement of changes in net assets. Certain other differences—permanent differences—arise because treatment of elements of income and gains is different between book and tax accounting. Permanent differences are reclassified in the year they arise.

Permanent differences have no effect on net assets. The effects of such permanent differences on each Portfolio, due to the utilization of earnings and profits distributed to shareholders on redemption of shares and distribution in excess of income which are reflected as adjustments to the components of net assets as of September 30, 2022, as shown below:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Increase (Decrease)<br>to Additional<br>Paid-In Capital** | **Increase (Decrease)<br>to Distributable Earnings/<br>Accumulated Loss** |
|  Intermediate Duration Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(421249 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421249 |
|  Short Duration Plus Portfolio | – 0 | – 0 |

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**NOTE 2.** 

**Investment Management and Transactions with Affiliated Persons** 

**A. Management Fee** 

Under the Investment Management Agreement between the Fund and the Adviser, the Adviser manages the investment of each Portfolio's assets, places purchase and sale orders, and bears various expenses, including the salaries and expenses of all personnel except those of outside directors. In addition, the Adviser agrees to permit its directors, officers and employees who may be elected directors or officers of the Fund to serve in the capacities to which they are elected. The Adviser renders these services subject to the general oversight of the Board.

The Portfolios pay the Adviser an investment management fee, based on an annual rate, for such services as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Annual Percentage of Average Daily Net Assets<br>of Each Portfolio** | **Annual Percentage of Average Daily Net Assets<br>of Each Portfolio** | **Annual Percentage of Average Daily Net Assets<br>of Each Portfolio** | **Annual Percentage of Average Daily Net Assets<br>of Each Portfolio** |
| <br>**Portfolio** | **First**<br> **$2.5 Billion** | **Next**<br> **$2.5 Billion** | **Next**<br> **$3 Billion** | **Thereafter** |
|  Intermediate Duration | 0.450% | 0.400% | 0.350% | 0.300% |

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| | | |
|:---|:---|:---|
| | **First<br>$750 Million** | **Thereafter** |
|  Short Duration Plus | 0.350% | 0.300% |

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| **94 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

Effective January 28, 2021, the Adviser has agreed to waive its fees and bear certain expenses of the Intermediate Duration Portfolio to the extent necessary to limit the total other expenses (exclusive of advisory fees, distribution and/or service (Rule 12b-1) fees, extraordinary expenses, interest expense, acquired fund fees and expenses other than the advisory fees of any affiliated funds in which the Portfolio may invest, expenses associated with securities sold short, and brokerage commission and other transaction costs) to 0.22%, 0.22% and 0.13% for Class A, Advisor Class and Class Z shares, respectively. For the year ended September 30, 2022, such reimbursements/waivers amounted to $35,166. The Expense Caps may not be terminated by the Adviser before January 28, 2023.

**B. Transfer Agency Agreement; Shareholder Servicing Fee** 

Under a Transfer Agency Agreement between the Fund, on behalf of the Bond Fund Retail Classes, and AllianceBernstein Investor Services, Inc. ("ABIS"), the Bond Fund Retail Classes compensate ABIS, a wholly-owned subsidiary of the Adviser, for providing personnel and facilities to perform transfer agency services. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. For the year ended September 30, 2022, the compensation retained by ABIS amounted to: Intermediate Duration Portfolio, $17,985 and Short Duration Plus Portfolio, $17,723. With respect to the Short Duration Plus Portfolio, for the year ended September 30, 2022, ABIS voluntarily agreed to waive a portion of transfer agency fees in the amounts of $976 and $85 for Class A Shares and Class C Shares, respectively.

Under the Shareholder Servicing Agreement between the Fund and the Adviser, the Adviser pays expenses it incurs in providing shareholder services to individual shareholders of the Portfolios (except the Retail Classes). Such services include, but are not limited to, providing information to shareholders concerning their fund investments, systematic withdrawal plans, fund dividend payments and reinvestments, shareholder account or transactions status, net asset value of shares, fund performance, fund services, plans and options, fund investment policies, portfolio holdings and tax consequences of fund investments; dealing with shareholder complaints and other correspondence relating to fund matters; and communications with shareholders when proxies are being solicited from them with respect to voting their fund shares. This agreement applies only to the Intermediate Duration and Short Duration Plus Class shares of the Portfolios. Under the agreement, the fee paid by the Intermediate Duration and Short Duration Plus Class shares to the Adviser for services under this agreement is at an annual rate of .10% of the average daily net assets of the Portfolios attributable to the respective class during the month. Effective November 13, 2020, the Adviser voluntarily agreed to waive the

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shareholder servicing fee of 0.10 of 1%, annualized, of the average daily net assets attributable to the Bernstein Class of the Short Duration Plus Portfolio. For the year ended September 30, 2022, such waiver amounted to $244,478.

**C. Distribution Arrangements—Intermediate Duration and Short Duration Plus Class Shares** 

Under the Distribution Agreement between the Fund, on behalf of the Intermediate Duration and Short Duration Plus Class Shares of the Portfolios and Sanford C. Bernstein & Co., LLC (the "Distributor"), the Distributor agrees to act as agent to sell Intermediate Duration and Short Duration Plus Class shares of the Portfolios. This agreement does not apply to the Bond Fund Retail Classes 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—Bond Fund Retail Classes** 

The Retail Classes of the Portfolios have adopted a Distribution Services Agreement (the "Agreement"), including a distribution plan pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, each such class pays distribution services fees to AllianceBernstein Investments, Inc., (the "Retail Distributor"), a wholly owned subsidiary of the Adviser, at an annual rate of up to .30 of 1% of the Class A Shares and 1% of the Class C Shares of the respective average daily net assets attributable to the Bond Fund Retail Classes. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .25 of 1% of Class A shares' average daily net assets attributable to the Bond Fund Retail Classes. With respect to the Short Duration Plus Portfolio, the Retail Distributor voluntarily agreed to waive .55 of 1% to limit distribution service fees to .45 of 1% of the average daily net assets attributable to the Class C Shares of Short Duration Plus Portfolio. For the year ended September 30, 2022, such waivers amounted to $5,364. With respect to the Short Duration Plus Portfolio, for the year ended September 30, 2022, the Retail Distributor voluntarily agreed to waive additional distribution service fees in the amounts of $16,186 and $2,320 for Class A Shares and C Shares, respectively. The Agreement provides that the Retail Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Portfolios' operations, the Retail Distributor has incurred expenses in excess of the distribution costs reimbursed by as follows:

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| | |
|:---|:---|
| **Portfolio** | **Class C** |
|  Short Duration Plus | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035786 |

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| **96 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

There are no distribution and servicing fees on the Advisor Class and Class Z Shares.

While such costs may be recovered from each Portfolio in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Retail Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of each Portfolio's shares.

**E. Other Transactions with Affiliates** 

The Retail Distributor has advised the Fund that it has retained front-end sales charges from sales of Class A shares and received contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares for the year ended September 30, 2022, as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Front-End Sales<br>Charges** | **Contingent Deferred Sales<br>Charges** | **Contingent Deferred Sales<br>Charges** |
| <br>**Portfolio** | **Class A** | **Class A** | **Class C** |
|  Intermediate Duration | $20 | $0 | N/A |
|  Short Duration Plus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |

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**NOTE 3.** 

**Investment Security Transactions** 

**A. Purchases and Sales** 

Purchases and sales of investment securities (excluding short-term investments) for the year ended September 30, 2022, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Purchases<br>Excluding**<br> **U.S.<br>Government**<br> **Securities** | **Purchases of**<br> **U.S.<br>Government**<br> **Securities** | **Sales Excluding**<br> **U.S.<br>Government**<br> **Securities** | **Sales of**<br> **U.S.<br>Government**<br> **Securities** |
|  Intermediate Duration | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613060255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965910259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782410252 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3540230958 |
|  Short Duration Plus | 39090097 | 181713533 | 25124668 | 92580188 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Gross Unrealized** | **Gross Unrealized** | **Net Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Portfolio** |<br>**Cost** | **Appreciation** | **(Depreciation)** | **Net Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Intermediate Duration | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675642378 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12204774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(441948401) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(429743627) |
|  Short Duration Plus | 345417082 | 912439 | (10938177) | (10025738) |

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 97** |

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**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 Portfolio bears 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 and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolio 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 Portfolio records 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.

During the year ended September 30, 2022, the Portfolios held futures for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

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**NOTES TO FINANCIAL STATEMENTS** (continued)

Forward currency exchange contracts obligate the contracting parties to purchase or sell a specific currency at a specified future date at a specified price. The Portfolios will generally not enter into a forward currency exchange contract with a term greater than one year. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Forward currency exchange contracts used to protect the Portfolios from adverse currency movements involve the risk that the Adviser may not accurately predict currency movements. As a result, total return could be adversely affected. The Adviser may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps and other options. The Adviser may enter into foreign currency transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value.

During the year ended September 30, 2022, the Portfolios held forward currency exchange contracts for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Swaps** 

Each Portfolio may enter into swaps to hedge its exposure to interest rates, credit risk, equity markets or currencies. Each Portfolio may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under "Currency Transactions." A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Portfolios in accordance with the terms of the respective swaps to provide value and recourse to the Portfolios or their counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

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Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Portfolio, and/or the termination value at the end of the contract. Therefore, the Portfolio considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolios' exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Portfolio accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants ("FCMs") that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Portfolios enter into a centrally cleared swap, the Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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

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contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

**Interest Rate Swaps:** 

The Portfolios are subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolios hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolios may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolios may elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate on a notional amount.

In addition, a Portfolio may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Portfolios anticipates purchasing at a later date. Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest (*e.g.*, an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or "notional") amount. Interest rate swaps are entered into on a net basis (*i.e.*, the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments).

During the year ended September 30, 2022, the Portfolios held interest rate swaps for hedging and non-hedging purposes.

**Inflation (CPI) Swaps:** 

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Portfolio against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

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During the year ended September 30, 2022, the Portfolios held inflation (CPI) swaps for hedging and non-hedging purposes.

**Credit Default Swaps:** 

Each Portfolio may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Portfolio, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Portfolio may purchase credit protection ("Buy Contract") or provide credit protection ("Sale Contract") on the referenced obligation of the credit default swap. During the term of the swap, the Portfolio receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolio will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the "Maximum Payout Amount") and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if a Portfolio had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Portfolio is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Portfolio coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Portfolio.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the market's assessment of the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference

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obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation's credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced obligation.

During the year ended September 30, 2022, the Portfolios held credit default swaps for hedging and non-hedging purposes.

The Portfolios typically enter 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, the Portfolios 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 the Portfolios' net liability, held by the defaulting party, may be delayed or denied.

The Portfolios' ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolios decline below specific levels ("net asset contingent features"). If these levels are triggered, the Portfolios' OTC counterparty has the right to terminate such transaction and require the Portfolios to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty tables below for additional details.

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During the year ended September 30, 2022, the Portfolios had entered into the following derivatives:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** |
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable/Payable for variation margin on futures | $924469 \* | Receivable/Payable for variation margin on futures | $13990539 \* |
|  Credit contracts |  |  | Receivable/Payable for variation margin on centrally cleared swaps | 1098 \* |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | 2464228 \* |  |  |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 1182204 | Unrealized depreciation on forward currency exchange contracts | 348530 |
|  Credit contracts |  |  | Market value on credit default swaps | 4996454 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4570901 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19336621 |

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\* 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. 

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| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63109506) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9164905) |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts | 4042569 | 929448 |

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|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | $(1054349) | $4243757 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | (3271937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13925196 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63393223) | $9933496 |

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|:---|:---|:---|:---|:---|
| **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** |
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable/Payable for variation margin on futures | $93719 \* | Receivable/Payable for variation margin on futures | $1314713 \* |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | 449586 \* |  |  |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 41484 |  |  |
|  Credit contracts |  |  | Market value on credit default swaps | 404231 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584789 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718944 |

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\* 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. 

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|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | $(4006559) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1178470) |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts | (18611) | 41484 |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | (43907) | 490129 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | (238458) | 704304 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4307535) | $57447 |

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| **Intermediate Duration Portfolio** | |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $586231048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $189101072 <sup>(a)</sup> |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $74841295 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199432974 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $74383188 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $105735000 <sup>(a)</sup> |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $83709167 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $48810916 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $46346414 <sup>(c)</sup> |

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(a) Positions were open for five months during the year.

(b) Positions were open for ten months during the year.

(c) Positions were open for nine months during the year.

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| **Short Duration Plus Portfolio** | |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $98051677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $13136221 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $5678729 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $6157895 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $2830000 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10890000 <sup>(c)</sup> |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $5098833 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $2443287 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $1196430 <sup>(d)</sup> |

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(a) Positions were open for one month during the year.

(b) Positions were open for seven months during the year.

(c) Positions were open for two months during the year.

(d) Positions were open for five months during the year.

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

All OTC derivatives held at period end were subject to netting arrangements. The following tables present the Portfolios' derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Portfolios as of September 30, 2022. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

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|:---|:---|:---|:---|:---|:---|
| **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** |
| **Counterparty** | **Derivative<br>Assets<br>Subject<br>to a MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount of<br>Derivative<br>Assets** |
|  Citibank, NA/Citigroup Global Markets, Inc. | $1182022 | $(840013) | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $– 0 | $342009 |
|  State Street Bank & Trust Co. | 182 | – 0 | – 0 | – 0 | 182 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;1182204 | $&nbsp;&nbsp;&nbsp;&nbsp;(840013 | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;342191 |

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|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Liabilities<br>Subject<br>to a MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount of<br>Derivative<br>Liabilities** |
|  Bank of America, NA | $348530 | $– 0 | $– 0 | $– 0 | $348530 |
|  Citibank, NA/Citigroup Global Markets, Inc. | 840013 | (840013) | – 0 | – 0 | – 0 |
|  Credit Suisse International | 855145 | – 0 | – 0 | (829653) | 25492 |
|  Goldman Sachs International | 2675391 | – 0 | – 0 | (2632950) | 42441 |
|  JPMorgan Securities, LLC | 304421 | – 0 | (304421) | – 0 | – 0 |
|  Morgan Stanley Capital Services LLC | 321484 | – 0 | – 0 | (321484) | – 0 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;5344984 | $&nbsp;&nbsp;&nbsp;&nbsp;(840013 | $&nbsp;&nbsp;&nbsp;&nbsp;(304421 | $&nbsp;&nbsp;&nbsp;&nbsp;(3784087 | $&nbsp;&nbsp;&nbsp;&nbsp;416463 |

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\* The actual collateral received/pledged may be more than the amount reported due to over-collateralization. 

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| ^ | 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.  |

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|:---|:---|:---|:---|:---|:---|
| **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** |
| **Counterparty** | **Derivative<br>Assets<br>Subject<br>to a MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount of<br>Derivative<br>Assets** |
|  Bank of America, NA | $41164 | $– 0 | $– 0 | $– 0 | $41164 |
|  State Street Bank & Trust Co. | 320 | – 0 | – 0 | – 0 | 320 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41484 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41484 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Liabilities<br>Subject<br>to a MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net<br>Amount of<br>Derivative<br>Liabilities** |
|  Citigroup Global Markets, Inc. | $22699 | $– 0 – $| – 0 | $– 0 | $22699 |
|  Credit Suisse International | 220386 | – 0 – | – 0 | (220386) | – 0 |
|  Deutsche Bank AG | 71638 | – 0 – | (71638) | – 0 | – 0 |
|  Goldman Sachs International | 60691 | – 0 – | – 0 | – 0 | 60691 |
|  JPMorgan Securities, LLC | 28817 | – 0 – | – 0 | – 0 | 28817 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404231 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112207 |

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\* The actual collateral received/pledged may be more than the amount reported due to over-collateralization. 

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| ^ | 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.  |

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**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).

**D. TBA and Dollar Rolls** 

The Portfolios may invest in TBA mortgage-backed securities. A TBA, or "To Be Announced", trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agree-upon date; however, the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade. Mortgage pools (including fixed-rate or variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions.

The Intermediate Duration may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolios' simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolios forgo principal and interest paid on the securities. The Portfolios are compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the "drop") as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the year ended September 30, 2022, the Intermediate Duration Portfolio earned drop income of $3,305,460 which is included in interest income in the accompanying statement of operations.

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**NOTE 4.** 

**Distributions to Shareholders** 

The tax character of distributions paid during the fiscal years ended September 30, 2022 and September 30, 2021 were as follows:

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| | | |
|:---|:---|:---|
| **Intermediate Duration** | **2022** | **2021** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59305742 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90958859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 37219499 | 45450546 |
|  Total distributions paid | $96525241 | $136409405 |
| **Short Duration Plus** |  |  |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1831719 | $2361508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | – 0 | – 0 |
|  Total distributions paid | $1831719 | $2361508 |

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As of September 30, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed**<br> **Ordinary**<br> **Income** | **Undistributed**<br> **Long-Term<br>Capital<br>Gains** | **Accumulated**<br> **Capital and<br>Other Gains<br>(Losses)<sup>(a)</sup>** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)<sup>(b)</sup>** | **Total**<br> **Accumulated**<br> **Earnings/**<br> **(Deficit)<sup>(c)</sup>** |
|  Intermediate Duration | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;–0 – $| (148662338) | $&nbsp;&nbsp;&nbsp;&nbsp;(429818769) | $(578481107) |
|  Short Duration Plus | 141322 | – 0 – | &nbsp;&nbsp;&nbsp;&nbsp;(17190991) | (10032924) | &nbsp;&nbsp;&nbsp;&nbsp;(27082593) |

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(a) As of September 30, 2022, Intermediate Duration Portfolio had capital loss carryforwards for federal income tax
purposes. As of September 30, 2022, Intermediate Duration Portfolio deferred $148,662,338 in post-October losses. These losses will be treated as arising on October 1, 2022. As of September 30, 2022 Short Duration Plus Portfolio deferred
$1,192 in straddle losses.

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

(c) The differences between book-basis and tax-basis components of accumulated
earnings/(deficit) are attributable primarily to the tax treatment of the accrual of foreign capital gains tax, and dividends payable to shareholders.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year.

For tax purposes, net capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses.

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As of September 30, 2022, the following Portfolios had net capital loss carryforwards as follows:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Short-Term**<br> **Amount** | **Long-Term**<br> **Amount** |
|  Intermediate Duration | $– 0 | $– 0 |
|  Short Duration Plus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5479273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11710526 |

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**NOTE 5.** 

**Risks Involved in Investing in the Portfolios** 

**Interest-Rate Risk**—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Portfolios may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal and monetary policy initiatives and resulting market reaction to those initiatives.

**Credit Risk**—This is the risk that the issuer or the guarantor of a debt security, or the counterparty to a derivatives or other contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The issuer or guarantor may default, potentially causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. The credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations, making credit risk greater for medium-quality and lower-rated debt securities. Lower-rated debt securities and similar unrated securities (commonly known as "junk bonds") have speculative elements or are predominantly speculative credit risks. At times when credit risk is perceived to be greater, credit "spreads" (*i.e*., the difference between the yields on lower quality securities and the yields on higher quality securities) may get larger or "widen". As a result, the values of the lower quality securities may go down more and they may become harder to sell.

**Duration Risk**—The duration of a fixed-income security may be shorter than or equal to full maturity of the fixed-income security. Fixed-income securities with longer durations have more interest-rate risk and will decrease in price as interest rates rise. Securities that have final maturities

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longer than their durations may be affected by increased credit spreads to a far greater degree than their durations would suggest, because they are exposed to credit risk until final maturity.

**Inflation Risk**—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolios' assets can decline as can the value of the Portfolios' distributions. This risk is significantly greater for fixed-income securities with longer maturities. Rates of inflation have recently risen, which could adversely affect economies and markets.

**Inflation-Protected Securities Risk**—The terms of inflation-protected securities provide for the coupon and/or maturity value to be adjusted based on changes in an inflation index. Decreases in the inflation rate or in investors' expectations about inflation could cause these securities to underperform non-inflation-adjusted securities on a total-return basis. In addition, there can be no assurance that the relevant inflation index will accurately measure the rate of inflation, in which case the securities may not work as intended. These securities may be more difficult to trade or dispose of than other types of securities.

**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, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, and adverse market, economic, political and regulatory factors and social instability, all of which could disrupt the financial markets in which the Portfolios invest and adversely affect the value of the Portfolios' assets.

**Emerging-Markets Securities Risk**—The risks of investing in foreign (non-U.S.) securities are heightened with respect to issuers in emerging-market countries because the markets are less developed and less liquid and there may be a greater amount of economic, political and social uncertainty, and these risks are even more pronounced in "frontier" markets, which are investable markets with lower total market capitalization and liquidity than the more developed emerging markets. Emerging markets typically have fewer medical and economic resources than more developed countries, and thus they may be less able to control or mitigate the effects of a pandemic. In addition, the value of the Portfolios' investments may decline because of factors such as unfavorable or unsuccessful government actions and reduction of government or central bank support.

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**Derivatives Risk**—The Portfolios may use derivatives as direct investments to earn income, enhance return and broaden portfolio diversification, which entail greater risk than if used solely for hedging purposes. In addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolios. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted to cover or secure 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 (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios. Use of derivatives may have different tax consequences for the Portfolios than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders. The U.S. government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as additional regulations governing, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.

**Mortgage-Related and Asset-Related Securities Risk**—Mortgage- and asset-related securities represent interests in "pools" of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-related securities are subject to credit, interest-rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-related securities. Asset-related securities entail certain risks not presented by mortgage-backed securities, including the risk that it may be difficult to perfect the liens securing any collateral backing certain asset-backed securities.

**Prepayment and Extension Risk**—Prepayment risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. If this happens, particularly during a time of declining interest rates or credit spreads, the Portfolios will not

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benefit from the rise in market price that normally accompanies a decline in interest rates, and may not be able to invest the proceeds in securities providing as much income, resulting in a lower yield to the Portfolios. Conversely, extension risk is the risk that as interest rates rise or spreads widen, payments of securities may occur more slowly than anticipated by the market. If this happens, the values of these securities may go down because their interest rates are lower than current market rates and they remain outstanding longer than anticipated.

**Subordination Risk**—The Portfolios may invest in securities that are subordinated to more senior securities of an issuer, or which represent interests in pools of such subordinated securities. Subordinated securities will be disproportionately affected by a default or even a perceived decline in creditworthiness of the issuer. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer, any loss incurred by the subordinated securities is likely to be proportionately greater, and any recovery of interest or principal may take more time.

**Management Risk**—The Portfolios are subject to management risk because they are actively managed investment portfolios. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolios, but these techniques, analyses and decisions may not work as intended or may not produce the desired results, and may, during certain periods, result in increased volatility for the Portfolios or cause the value of the Portfolios' shares to go down. In some cases, derivatives and other investment techniques may be unavailable, or the Adviser may determine not to use them, possibly even under market conditions where their use could benefit the Portfolios. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. In addition, the Adviser may change the Portfolios' investment strategies or policies from time to time. Those changes may not lead to the results intended by the Adviser and could have an adverse effect on the value or performance of the Portfolios.

**Illiquid Investments Risk**—Illiquid investments risk exists when particular investments are difficult or impossible to purchase or sell, possibly preventing the Portfolios from purchasing or selling these securities at an advantageous price. Over recent years, regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Illiquid investments risk may be magnified in a rising interest-rate environment, where the value and liquidity of fixed-income securities generally go down. Illiquid securities may also be difficult to value. If the Portfolios are forced to sell an illiquid asset to meet

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redemption requests or other cash needs, or to try to limit losses, the Portfolios may be forced to sell at a substantial loss or may not be able to sell at all.

**Redemption Risk**—The Portfolios may experience heavy redemptions that could cause the Portfolios to liquidate their assets at inopportune times or unfavorable prices or increase or accelerate taxable gains or transaction costs and may negatively affect the Portfolios' net asset value, or performance, which could cause the value of your investment to decline. Redemption risk is heightened during periods of overall market turmoil.

**Foreign Currency Risk**—This is the risk that changes in foreign (non-U.S.) currency exchange rates may negatively affect the value of the Portfolios' investments or reduce the returns of the Portfolios. For example, the value of the Portfolios' investments in foreign securities and foreign currency positions may decrease if the U.S. Dollar is strong (*i.e.*, gaining value relative to other currencies) and other currencies are weak (*i.e.*, losing value relative to the U.S. Dollar).

**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 securities prices and, therefore, share prices of the Portfolios.

**Market Risk**—The Portfolios are subject to market risk, which is the risk that stock or bond prices in general or in particular countries or sectors may decline over short or extended periods. Stock or bond prices may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest-rate, currency and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; public health crises (including the occurrence of a contagious disease or illness); policy and legislative changes; cybersecurity events; and other factors.

Economies and financial markets throughout the world are becoming increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, sanctions, regional and global conflicts, 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. As a result, whether or not the Portfolios invest in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolios' investments may be negatively affected.

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**Lower-rated Securities Risk**—Lower-rated securities, or junk bonds/high-yield securities, are subject to greater risk of loss of principal and interest and greater market risk than higher-rated securities. The capacity of issuers of lower-rated securities to pay interest and repay principal is more likely to weaken than is that of issuers of higher-rated securities in times of deteriorating economic conditions or rising interest rates.

**Riskier than a Money-Market Fund**—Although the Short Duration Plus Portfolio maintains a short overall duration, it invests in securities with longer maturities and in some cases lower quality than the assets of the type of mutual fund known as a money-market fund. The risk of a decline in the market value of the Portfolio is greater than for a money-market fund since the credit quality of the Portfolio's securities may be lower and the effective duration of the Portfolio will be longer.

**LIBOR Transition and Associated Risk**—The Portfolios may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities

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or payments linked to those reference rates, which may adversely affect the Portfolios' performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting the Portfolios' performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

**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

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prevent Portfolio investors from purchasing, redeeming or exchanging shares or receiving distributions. A Portfolio and the Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers. Cybersecurity incidents may result in financial losses to such Portfolio and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.

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

**NOTE 6.** 

**Capital-Share Transactions** 

The Fund has authorized 17.5 billion shares of common stock, par value $0.001 per share, of which 2.9 billion are allocated to the Intermediate Duration Portfolio and Short Duration Plus Portfolio. The allocation is as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Allocation of Shares (in Millions)** | **Allocation of Shares (in Millions)** | **Allocation of Shares (in Millions)** | **Allocation of Shares (in Millions)** | **Allocation of Shares (in Millions)** | **Allocation of Shares (in Millions)** | **Allocation of Shares (in Millions)** | **Allocation of Shares (in Millions)** | **Allocation of Shares (in Millions)** |
| <br>**Portfolio** | **Bernstein<br>Class<br>Shares** | **Retail<br>Class A<br>Shares** | **Retail<br>Class B<br>Shares** | **Retail<br>Class C<br>Shares** | **Retail<br>Advisor<br>Class<br>Shares** | **Retail<br>Class R<br>Shares** | **Retail<br>Class Z<br>Shares** | **Retail<br>Class T<br>Shares** | **Total** |
|  Intermediate Duration | 600 | 300 | – 0 | – 0 | 300 | – 0 | 400 | – 0 | 1600 |
|  Short Duration Plus | 200 | 200 | 200 | 200 | – 0 | 200 | – 0 | 300 | 1300 |

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Share transactions for each Portfolio for the years ended September 30, 2022 and September 30, 2021, were as follows:

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|:---|:---|:---|:---|:---|
|  | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** |
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>9/30/22 | Year Ended<br>9/30/21 | Year Ended<br>9/30/22 | Year Ended<br>9/30/21 |
| **Intermediate Duration Class Shares** |  |  |  |  |
|  Shares sold | 31316820 | 56202237 | $395481316 | $766539667 |
|  Shares issued to shareholders on reinvestment of dividends and distributions | 6326514 | 8742347 | 80755796 | 120132573 |
|  Shares redeemed | (45054689) | (43516801) | (560890334) | (592800321) |
|  **Net increase (decrease)** | **(7411355)** | **21427783** | $**(84653222)** | $**293871919** |
| **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  Shares sold | 2869 | 91115 | $36572 | $1253106 |
|  Shares issued to shareholders on reinvestment of dividends and distributions | 1293 | 2397 | 16533 | 32805 |
|  Shares redeemed | (81780) | (13955) | (1086408) | (188928) |
|  **Net increase (decrease)** | **(77618)** | **79557** | $**(1033303)** | $**1096983** |
| **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** | **Advisor Class Shares** |
|  Shares sold | 0 | 99 | $0 | $1324 |
|  Shares issued to shareholders on reinvestment of dividends and distributions | 2 | 1 | 33 | 12 |
|  **Net increase** | **2** | **100** | $**33** | $**1336** |

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There were no transactions in capital shares of Class Z shares for the year ended September 30, 2022 and the year ended September 30, 2021.

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|:---|:---|:---|:---|:---|
|  | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** |
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>9/30/22 | Year Ended<br>9/30/21 | Year Ended<br>9/30/22 | Year Ended<br>9/30/21 |
| **Short Duration Plus Class Shares** |  |  |  |  |
|  Shares sold | 16273311 | 7565938 | $183646854 | $88810032 |
|  Shares issued to shareholders on reinvestment of dividends | 117287 | 173295 | 1321157 | 2032240 |
|  Shares redeemed | (7977343) | (5820632) | (91363133) | (68260080) |
|  **Net increase** | **8413255** | **1918601** | $**93604878** | $**22582192** |
| **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  Shares sold | 659486 | 369544 | $7508658 | $4346934 |
|  Shares issued to shareholders on reinvestment of dividends | 2223 | 5309 | 24860 | 62373 |
|  Shares converted from Class C | 7817 | 42791 | 88635 | 501872 |
|  Shares redeemed | (733314) | (582041) | (8329493) | (6835781) |
|  **Net decrease** | **(63788)** | **(164397)** | $**(707340)** | $**(1924602)** |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 65930 | 47374 | $734582 | $556021 |
|  Shares issued to shareholders on reinvestment of dividends | 111 | 455 | 1244 | 5340 |
|  Shares converted to Class A | (7835) | (42872) | (88635) | (501872) |
|  Shares redeemed | (29129) | (169283) | (328116) | (1982510) |
|  **Net increase (decrease)** | **29077** | **(164326)** | $**319075** | $**(1923021)** |

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At September 30, 2022, a shareholder of the Short Duration Plus Portfolio owned 22% of the Portfolio's outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio's performance.

**NOTE 7.** 

**Recent Accounting Pronouncements** 

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, "Reference Rate Reform

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**NOTES TO FINANCIAL STATEMENTS** (continued)

(Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

**NOTE 8.** 

**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.

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**FINANCIAL HIGHLIGHTS** 

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** |
|  | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **July 23,<br>2019<sup>(a)</sup> to<br>September 30,**<br> **2019** |
|  | **2022** | **2021** | **2020** | **July 23,<br>2019<sup>(a)</sup> to<br>September 30,**<br> **2019** |
|  Net asset value, beginning of period | $13.50 | $14.03 | $13.55 | $13.36 |
|  **Income From Investment Operations** |  |  |  |  |
|  Net investment income<sup>(b)</sup> | .16 | .18 <sup>(c)</sup> | .15 | .04 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (2.22) | (.29) | .52 | .18 |
|  Total from investment operations | (2.06) | (.11) | .67 | .22 |
|  **Less: Dividends and Distributions** |  |  |  |  |
|  Dividends from net investment income | (.17) | (.18) | (.19 | (.03 |
|  Distributions from net realized gain on investment transactions | (.13) | (.24) | – 0 | – 0 |
|  Total dividends and distributions | (.30) | (.42) | (.19 | (.03 |
|  Net asset value, end of period | **$11.14** | **$13.50** | **$14.03** | **$13.55** |
|  **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
|  Total investment return based on net asset value<sup>(d)</sup> | (15.54)% | (.86)% | 5.08 | 1.71 |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Net assets, end of period (000 omitted) | $572 | $1741 | $693 | $10 |
|  Average net assets (000 omitted) | $746 | $1438 | $170 | $10 |
|  Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .90% | 1.03% | 1.82 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 5.51% | 3.95% | 1.82 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.26% | 1.29 %<sup>(c)</sup> | 1.11 | 1.34 |
|  Portfolio turnover rate<sup>(f)</sup> | 122% | 123% | 72 | 62 |

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See Footnote Summary on page 127.

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**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** |
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **July 23,**<br> **2019<sup>(a)</sup> to**<br> **September 30,**<br> **2019** |
|  | **2022** | **2021** | **2020** | **July 23,**<br> **2019<sup>(a)</sup> to**<br> **September 30,**<br> **2019** |
|  Net asset value, beginning of period | $13.49 | $14.03 | $13.55 | $13.36 |
|  **Income From Investment Operations** |  |  |  |  |
|  Net investment income<sup>(b)</sup> | 0.20 | .21 <sup>(c)</sup> | .20 | .04 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (2.23) | (.29) | .51 | .19 |
|  Total from investment operations | (2.03) | (.08) | .71 | .23 |
|  **Less: Dividends and Distributions** |  |  |  |  |
|  Dividends from net investment income | (0.20) | (.22) | (.23 | (.04 |
|  Distributions from net realized gain on investment transactions | (0.13) | (.24) | – 0 | – 0 |
|  Total dividends and distributions | (0.33) | (.46) | (.23 | (.04 |
|  Net asset value, end of period | **$11.13** | **$13.49** | **$14.03** | **$13.55** |
|  **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
|  Total investment return based on net asset value<sup>(d)</sup> | (15.33)% | (.62)% | 5.28 | 1.76 |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Net assets, end of period (000 omitted) | $9 | $11 | $11 | $10 |
|  Average net assets (000 omitted) | $11 | $11 | $10 | $10 |
|  Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | 0.66% | .86% | 1.64 | 1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 5.53% | 3.36% | 1.64 | 1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.60% | 1.51 %<sup>(c)</sup> | 1.47 | 1.64 |
|  Portfolio turnover rate<sup>(f)</sup> | 122% | 123% | 72 | 62 |

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See Footnote Summary on page 127.

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**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** | **Intermediate Duration Portfolio** |
|  | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **July 23,**<br> **2019<sup>(a)</sup> to**<br> **September 30,<br>2019** |
|  | **2022** | **2021** | **2020** | **July 23,**<br> **2019<sup>(a)</sup> to**<br> **September 30,<br>2019** |
|  Net asset value, beginning of period | $13.49 | $14.03 | $13.55 | $13.36 |
|  **Income From Investment Operations** |  |  |  |  |
|  Net investment income<sup>(b)</sup> | .21 | .24 <sup>(c)</sup> | .31 | .07 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (2.23) | (.29) | .51 | .18 |
|  Total from investment operations | (2.02) | (.05) | .82 | .25 |
|  **Less: Dividends and Distributions** |  |  |  |  |
|  Dividends from net investment income | (.21) | (.25) | (.34 | (.06 |
|  Distributions from net realized gain on investment transactions | (.13) | (.24) | – 0 | – 0 |
|  Total dividends and distributions | (.34) | (.49) | (.34 | (.06 |
|  Net asset value, end of period | **$11.13** | **$13.49** | **$14.03** | **$13.55** |
|  **Total Return** |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (15.26)%<sup>(g)</sup> | (.40)% | 6.16 | 1.95 |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Net assets, end of period (000 omitted) | $8 | $10 | $10 | $10 |
|  Average net assets (000 omitted) | $9 | $10 | $10 | $10 |
|  Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .57% | .63% | .82 | .77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 3.01% | 1.87% | .82 | .77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.69% | 1.74 %<sup>(c)</sup> | 2.30 | 2.62 |
|  Portfolio turnover rate<sup>(f)</sup> | 122% | 123% | 72 | 62 |

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See Footnote Summary on page 127.

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**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

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|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.68 | $11.79 | $11.74 | $11.54 | $11.69 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | .03 | .05 | .11 | .18 | .11 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.68) | (.11) | .07 | .22 | (.14) |
|  Total from investment operations | (.65) | (.06) | .18 | .40 | (.03) |
|  **Less: Dividends** | **Less: Dividends** | **Less: Dividends** | **Less: Dividends** | **Less: Dividends** | **Less: Dividends** |
|  Dividends from net investment income | (.02) | (.05) | (.13) | (.20) | (.12) |
|  Net asset value, end of period | **$11.01** | **$11.68** | **$11.79** | **$11.74** | **$11.54** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (5.49)% | (.53)% | 1.53% | 3.44% | (.24)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $14182 | $15784 | $17874 | $20462 | $25222 |
|  Average net assets (000 omitted) | $15597 | $17123 | $17732 | $23973 | $23170 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .86% | 1.00% | 1.07% | .97% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .97% | 1.00% | 1.07% | .97% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | .25% | .40% | .97% | 1.50% | .93% |
|  Portfolio turnover rate | 48% | 75% | 50% | 39% | 85% |

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See Footnote Summary on page 127.

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**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

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|:---|:---|:---|:---|:---|:---|
|  | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** | **Short Duration Plus Portfolio** |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.65 | $11.76 | $11.72 | $11.52 | $11.67 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | .02 | .03 | .09 | .15 | .08 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.66) | (.11) | .05 | .22 | (.14) |
|  Total from investment operations | (.64) | (.08) | .14 | .37 | (.06) |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.02) | (.03) | (.10) | (.17) | (.09) |
|  Net asset value, end of period | **$10.99** | **$11.65** | **$11.76** | **$11.72** | **$11.52** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (5.49)% | (.79)% | 1.32% | 3.24% | (.44)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $1293 | $1032 | $2976 | $2304 | $2976 |
|  Average net assets (000 omitted) | $975 | $2064 | $2214 | $2573 | $3778 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .92% | 1.21% | 1.28% | 1.18% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 1.72% | 1.76% | 1.83% | 1.73% | 1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | .22% | .26% | .74% | 1.29% | .67% |
|  Portfolio turnover rate | 48% | 75% | 50% | 39% | 85% |

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See Footnote Summary on page 127.

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**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

(a) Commencement of distributions.

(b) Based on average shares outstanding.

(c) Net of expenses waived by the Adviser.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the
period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or
the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(e) Annualized

(f) The portfolio accounts for dollar roll transactions as purchases and sales.

(g) The net asset value and total return include adjustments in accordance with accounting principles generally accepted in
the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.

See Notes to Financial Statements.

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

**To the Board of Directors of Sanford C. Bernstein Fund, Inc. and AB Intermediate Duration Class Shareholders of Intermediate Duration Portfolio and AB Short Duration Plus Class Shareholders of Short Duration Plus Portfolio** 

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Intermediate Duration Portfolio and Short Duration Plus Portfolio (two of the thirteen portfolios constituting Sanford C. Bernstein Fund, Inc., hereafter collectively referred to as the "Portfolios") as of September 30, 2022, the related statements of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of September 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** (continued)

the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

November 23, 2022

We have served as the auditor of one or more of the investment companies in the AB Group of Mutual Funds since at least 1985. We have not been able to determine the specific year we began serving as auditor.

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**2022 FEDERAL TAX INFORMATION** 

(unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended September 30, 2022. For foreign shareholders, the following percentage of dividends paid by each portfolio may be considered to be qualifying to be taxed as interest-related dividends.

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| **PORTFOLIO** | **% OF QUALIFIED<br>INTEREST INCOME<br>(FOREIGN SHAREHOLDERS)** |
|  SHORT DURATION PLUS | 88.56% |
|  INTERMEDIATE DURATION | 99.00% |

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For the taxable year ended September 30, 2022, the long-term capital gain designation is as follows:

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| **PORTFOLIO** | |
|  INTERMEDIATE DURATION | $37219499 |

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Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2023.

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**BOARD OF DIRECTORS** 

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| **Debra Perry**<sup>(1),(2)</sup>**,** Chair<br> **Beata D. Kirr,** President<br> **R. Jay Gerken**<sup>(1),(2)</sup><br> **Jeffrey R. Holland**<sup>(1)</sup> | **William Kristol**<sup>(1)</sup><br> **Michelle McCloskey**<sup>(1)</sup><br> **Donald K. Peterson**<sup>(1)</sup> |

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**OFFICERS** 

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| **Michael Canter,** Vice President<sup>(3)</sup><br> **Janaki Rao,** Vice President<sup>(3)</sup><br> **Emilie D. Wrapp,** Secretary<br> **Michael B. Reyes,** Senior Vice President | **Joseph J. Mantineo,** Treasurer and Chief Financial Officer<br> **Phyllis J. Clarke,** Controller<br> **Vincent S. Noto,** Chief Compliance Officer |

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| **Custodian and Accounting Agent**<br> State Street Bank and Trust Company<br> State Street Corporation CCB/5<br> 1 Iron Street<br>Boston, MA 02210<br>**Distributor<sup>†</sup>**<br> AllianceBernstein Investments, Inc.<br> 501 Commerce Street<br> Nashville, TN 37203<br>**Transfer Agent<sup>†</sup>**<br> AllianceBernstein Investor Services, Inc.<br> P.O. Box 786003<br> San Antonio, TX 78278<br> Toll-Free (800) 221-5672 | **Legal Counsel**<br> Willkie Farr & Gallagher LLP<br> 787 Seventh Avenue<br> New York, NY 10019<br>**Independent Registered Public Accounting Firm**<br> PricewaterhouseCoopers LLP<br> 300 Madison Avenue<br> New York, NY 10017 |

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1 Member of the Audit Committee, the Nominating, Governance and Compensation Committee, and the Independent Directors Committee.

2 Member of the Pricing Committee.

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| 3 | The day-to-day management of, and investment decisions for, the AB Short Duration Portfolio are made by the Adviser's U.S. Investment Grade: Liquid Markets Structured Products Investment Team. Messrs. Canter and Rao are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio's portfolio.  |

---

The day-to-day management of, and investment decisions for, the AB Intermediate Duration Portfolio are made by the Adviser's U.S. Investment Grade: Core Fixed Income Team. Messrs. Canter and Rao are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio's portfolio. <br>

† For the AB Short Duration Portfolio, Classes A and C shares only. For the AB Intermediate Duration Portfolio, Classes A,
Advisor, and Z shares only.

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**MANAGEMENT OF THE FUND** 

**Board of Directors Information** 

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund's Directors is set forth below.

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|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR OF ELECTION\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE (5) YEARS<br>AND OTHER INFORMATION** | **PORTFOLIOS<br>IN FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER<br>DIRECTORSHIPS<br>HELD BY<br>DIRECTOR**<br> **DURING THE**<br> **LAST FIVE YEARS** |
| **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** |  |  |
| Beata D. Kirr,\*\*\*<br>c/o AllianceBernstein L.P.<br>1345 Avenue of the Americas<br>New York, NY 10105<br>48<br>(2019) | Senior Vice President of the Investment Adviser with which she has been associated since prior to 2017. She is the Co-Head of Investment Strategies since April 2020 and a National Managing Director since 2017. She was previously the Head of Private Client Core Asset Strategies. She joined the firm in 2007 as a Senior Portfolio Manager. Prior to joining AB, she was a director at Harris Alternatives, a global fund of hedge funds, and was with Goldman Sachs, where she advised clients in the Equities, M&A and Equity Capital Markets divisions, from their New York, London and Chicago offices. | 17 | Women Employed |
| **DISINTERESTED DIRECTORS** | **DISINTERESTED DIRECTORS** |  |  |
| Debra Perry,<sup>#,^</sup><br>*Chair of The Board*<br> 71<br>(2011) | Formerly, Senior Managing Director of Global Ratings and Research, Moody's Investors Service, Inc. from 2001 to 2004; Chief Administrative Officer, Moody's, from 1999 to 2001; Chief Credit Officer, Moody's, from 2000 to 2001; Group Managing Director for the Finance, Securities and Insurance Ratings Groups, Moody's Corp., from 1996 to 1999; earlier she held executive positions with First Boston Corporation and Chemical Bank. | 17 | Assurant, Inc., since 2017; Korn/Ferry International since 2008; Genworth Financial, Inc., from 2016-2022; PartnerRe, from 2013- 2016; Bank of America Funds Series Trust, from 2011-2016 |

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**MANAGEMENT OF THE FUND** (continued)

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|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR OF ELECTION\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE (5) YEARS<br>AND OTHER INFORMATION** | **PORTFOLIOS<br>IN FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER<br>DIRECTORSHIPS<br>HELD BY<br>DIRECTOR**<br> **DURING THE**<br> **LAST FIVE YEARS** |
| **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** |
| R. Jay Gerken,<sup>#,^</sup><br>71<br>(2013) | Formerly, President and Chief Executive Officer of Legg Mason Partners Fund Advisor, LLC, and President & Board Member of The Legg Mason and Western Asset mutual funds from 2005 until June 2013. Previously, he was the President and Chair of the boards of the Citigroup Asset Management mutual funds from 2002 to 2005; Portfolio Manager and Managing Director, Smith Barney Asset Management from 1993 to 2001 and President & CEO, Directions Management of Shearson Lehman, Inc. from 1988 to 1993. | 17 | Cedar Lawn Corporation; New Jersey Chapter of The Nature Conservancy; and Associated Banc-Corp |
| Jeffrey R. Holland,<sup>#</sup><br>56<br>(2019) | Formerly, Limited Partner of Brown Brothers Harriman from 2014 to 2018. Prior thereto, General Partner of Brown Brothers Harriman from 2006 to 2013. | 17 | Director of various non-profit organizations |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
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| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR OF ELECTION\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE (5) YEARS<br>AND OTHER INFORMATION** | **PORTFOLIOS<br>IN FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER<br>DIRECTORSHIPS<br>HELD BY<br>DIRECTOR**<br> **DURING THE**<br> **LAST FIVE YEARS** |
| **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** |
| William Kristol,<sup>#</sup><br>69<br>(1994) | Founder and Editor, The Weekly Standard from 1995 to 2018. He is a regular contributor on leading political commentary shows. He has served as the inaugural Vann Professor of Ethics and Society at Davidson College since 2019. | 17 | Manhattan Institute; John M. Ashbrook Center for Public Affairs at Ashland University; The Salvatori Center at Claremont McKenna College; The Institute for the Study of War; Foundation for Constitutional Government; and Defending Democracy Together, a non-profit educational corporation |
| Michelle McCloskey,<sup>#</sup><br>60<br>(2019) | Formerly, President of Americas, Man Group from 2017 to August 2019 and President of Man FRM from 2015 to August 2019. Prior thereto, she was a Senior Managing Director of Man FRM from 2012 to 2015. While at the Man Group, she served on the Executive Committee of Man Group plc from 2012 to 2019, as Chief Executive Officer, Board of Managers of Man Alternative Multi Strategy Fund from 2016 to 2019 and as President and Chair of the Board of the Pine Grove Institutional Funds from 2016 to 2019. She currently serves on the Investment Advisory Committee of Texas Tech University Endowment. | 17 | Assured Guaranty Ltd. since May 2021 |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR OF ELECTION\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE (5) YEARS<br>AND OTHER INFORMATION** | **PORTFOLIOS<br>IN FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER<br>DIRECTORSHIPS<br>HELD BY<br>DIRECTOR**<br> **DURING THE**<br> **LAST FIVE YEARS** |
| **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** |
| Donald K. Peterson,<sup>#</sup><br> 73<br> (2007) | Formerly, Chairman and Chief Executive Officer, Avaya Inc. (telecommunications equipment and services) from 2002 to 2006; President and Chief Executive Officer, Avaya Inc. from 2000 to 2001; President, Enterprise Systems Group in 2000; Chief Financial Officer, Lucent Technologies (telecommunications equipment and services) from 1996 to 2000; Chief Financial Officer, AT&T, Communications Services Group from 1995 to 1996; President, Nortel Communications Systems, Inc. (telecommunications and networking equipment) from 1994 to 1995. Prior thereto, he was at Nortel from 1976 to 1995. | 17 | Worcester Polytechnic Institute, (Emeritus); Member of the Board of TIAA- Bank, FSB |

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\* The address for the Fund's Disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

\*\* There is no stated term of office for the Directors.

\*\*\* Ms. Kirr is an "interested person", as defined in the 1940 Act, due to her affiliation with AllianceBernstein.

# Member of the Audit Committee, the Governance, Nominating and Compensation Committee, and the Independent Directors Committee.

^ Member of the Pricing Committee.

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**MANAGEMENT OF THE FUND** (continued)

**Officer Information** 

Certain information concerning the Fund's Officers is listed below.

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| **NAME, ADDRESS\*<br>AND AGE** | **POSITION(S)<br>HELD WITH FUND** | **PRINCIPAL OCCUPATION<br>DURING PAST FIVE (5) YEARS** |
| Beata D. Kirr,<br>48 | President | See biography above. |
| Michael Canter,<br>53 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Director and Chief Investment Officer - Securitized Assets. |
| Janaki Rao,<br>52 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Director of US Multi-Sector Fixed-Income Portfolios. |
| Emilie D. Wrapp,<br>66 | Secretary | Senior Vice President, Assistant General Counsel and Assistant Secretary of AllianceBernstein Investments, Inc. ("ABI")\*\*, with which she has been associated since prior to 2017. |
| Michael B. Reyes,<br>46 | Senior Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Joseph J. Mantineo,<br>63 | Treasurer and Chief Financial Officer | Senior Vice President of AllianceBernstein Investor Services, Inc. ("ABIS")\*\*, with which he has been associated since prior to 2017. |
| Phyllis J. Clarke,<br>61 | Controller | Vice President of ABIS\*\*, with which she has been associated since prior to 2017. |
| Vincent S. Noto,<br>57 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\*, since prior to 2017. |

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\* The address for the Fund's Officers is 1345 Avenue of the Americas, New York, NY 10105.

\*\* The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund's Statement of Additional Information ("SAI") has additional information about the Fund's Directors and Officers and is available without charge upon request. Contact your financial representative or AB at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

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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 (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 2022, which covered the period January 1, 2021 through December 31, 2021 (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 significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets 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.

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**BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ARRANGEMENT** 

Sanford C. Bernstein Fund, Inc. (the "Fund") is subject to Section 15 of the Investment Company Act of 1940, as amended. Section 15 provides that any investment advisory agreement with a registered investment company such as the Fund may continue in effect for a period of more than two years from the date of its execution, only so long as such continuance is specifically approved at least annually by the board of directors (or by vote of a majority of the outstanding voting securities of the investment company). Pursuant to this requirement, the Fund's Board of Directors, including the Directors who are 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 Emerging Markets, Short Duration Diversified Municipal, New York Municipal, California Municipal, Diversified Municipal, Short Duration Plus, Intermediate Duration, Overlay A, Tax-Aware Overlay A, Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios (each, a "Portfolio" and collectively, the "Portfolios") of the Fund, and AllianceBernstein L.P. (the "Adviser")(the "Investment Management Agreement") at a meeting held on October 26-27, 2022.

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 between the Fund and the Adviser, counsel to the Independent Directors sent a letter to the Adviser dated August 10, 2022, that contained a list of information requested by the Independent Directors to conduct their annual review. The Board of Directors, including the Independent Directors, met by video conference and 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 29, 2022, 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 the independent fee consultant in executive sessions. Following the September 29, 2022 meeting, the Independent Directors, through counsel, requested certain additional information by means of an email from their independent counsel dated October 6, 2022, and the Adviser provided certain additional information by means of a memorandum dated October 19, 2022. On October 26-27, 2022, the Board of Directors held a meeting to continue their review of the Investment Management Agreement. During this meeting, the Adviser provided further information

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**BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ARRANGEMENT** (continued)

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 the 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 September 29, 2022 and October 26-27, 2022 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 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

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**BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ARRANGEMENT** (continued)

expense data, were available from Strategic Insight, an independent provider of investment company data. The Senior Vice President also performed analyses of the advisory fees, and compared such analyses to the Portfolios' peer groups. In addition, the Board received and considered information from an independent fee consultant regarding the fees and expenses of the Portfolios as well as their investment performance.

The Board 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 noted that the Adviser had elected to discontinue its voluntary waiver of the 0.10% shareholder servicing fee for the private client class of the Short Duration Plus Portfolio and the Short Duration Diversified Municipal Portfolio, during the next term of the shareholder servicing agreement. In that regard, the Board considered that the increasing interest rate environment had increased yields available in the marketplace on short-term investments, and that the Adviser indicated that the waivers were no longer necessary to maintain positive performance. The Board further considered that the total expense ratios of the Portfolios remained below the median of the peer group after removal of the waiver, and the Board reviewed materials estimating the impact of the removal of the waiver on the performance of the Portfolios.

The Board also noted that the Adviser had recently modified the advisory fee schedule of the Overlay A and Tax-Aware Overlay Portfolios by reducing the level where each Portfolio reaches its first breakpoint, and adding a new breakpoint on assets over $5 billion. With respect to the advisory fees charged to the Overlay Portfolios, the Directors noted that the Portfolios are intended to have an impact on a private client's entire account, rather than just an impact at the Portfolio level.

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

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**BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ARRANGEMENT** (continued)

**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, their overall confidence in the Adviser's integrity and competence they have gained from that experience, and the Adviser's initiative in identifying and raising potential issues with the Directors. The Board also considered the Adviser's responsiveness, frankness and attention to concerns raised by the Directors from time to time, including the Adviser's willingness to consider and implement organizational and other changes designed to improve investment results and the services provided to the Portfolios. 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 commitment to strong research and investment management capabilities throughout changing market environments. The Board reviewed the compliance and administrative services of the Adviser that support the investment advisory services provided to the Portfolios.

In considering the nature and quality of the services provided by the Adviser, the Board, including the Independent Directors, received and considered information about each Portfolio's investment performance, as well as the performance of its peer group and the performance of an appropriate benchmark index. The Board was provided with performance data versus each Portfolio's peer group, for the 1-year, 3-year, 5-year and 10-year periods, as applicable, ended July 31, 2022 and versus each Portfolio's benchmark index, for the relevant periods, as well as the most recently available Morningstar rating for those Portfolios with an available rating. The Board also received certain updated performance information as of September 30, 2022. 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.

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**BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ARRANGEMENT** (continued)

The Directors noted the complexity of the Overlay Portfolios, in particular the complexity of managing the globally diversified set of asset classes and derivatives in which the Overlay Portfolios can invest as well as the complexity of dynamically allocating assets through the Overlay Portfolios among various asset classes as economic and market conditions change in seeking to provide the desired risk/return trade-off for their investors in light of their overall portfolios (and not just their investment in the Overlay Portfolios themselves). In considering the performance of the Overlay Portfolios, the Board reviewed the performance of the Overlay Portfolios' dynamic asset allocation component and the impact of that component in the recent volatile market environment. The Board considered the Adviser's continued research efforts to enhance the dynamic asset allocation component utilized by the Overlay Portfolios. The Board further acknowledged the difficulty in selecting relevant peer groups for the Overlay Portfolios because of their unique structure and noted that the Overlay A Portfolio and Tax-Aware Overlay A Portfolio held higher percentages of equities and international equities than the funds in their relevant peer groups.

In evaluating the performance of the Portfolios that invest primarily in fixed-income securities, the Directors considered whether those Portfolios may have incurred less credit risk or interest rate risk, or both, in relation to their peer groups and benchmark indices. The Directors also noted the Adviser's explanation that certain Portfolios are designed to maintain higher credit quality and a more conservative approach versus the funds in their relevant peer groups, and that as a result of a lower risk profile, those Portfolios have underperformed the peer group during periods when riskier assets have outperformed.

Where the Portfolios had underperformed their peer groups or benchmark indices, the Directors considered the Adviser's explanations for performance and, as applicable, measures the Adviser had taken or proposed to take to improve performance, including enhancements to portfolio management models. The Directors noted generally the Adviser's continued efforts to enhance the services provided to the Portfolios. The Directors also noted that they would continue to monitor investment performance closely.

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

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**BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ARRANGEMENT** (continued)

indicating the profitability of the Portfolios to the Adviser for calendar years 2020 and 2021, which had been reviewed by an independent consultant. 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 all 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 Board further considered materials provided by the Adviser estimating the profitability of the Short Duration Plus Portfolio and the Short Duration Diversified Municipal Portfolio to the Adviser after the termination of the voluntary waiver in effect for the Portfolios. 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

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**BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ARRANGEMENT** (continued)

fees at levels that contemplated future achievement of scale, 2018 fee reductions for the Short Duration Diversified Municipal, Short Duration Plus, Intermediate Duration, and Emerging Markets Portfolios, breakpoint arrangements including the lowering of the first breakpoint and the addition of a new breakpoint in the advisory fee schedule for the Overlay A and Tax-Aware Overlay A Portfolios as well as other recently adopted or modified breakpoints for certain Portfolios, expense caps and waivers applying to select Portfolios, and the Adviser's continued reinvestment in the business, including by researching and implementing new product enhancements. The Directors also noted that they would continue to monitor the growth of 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), Rule 12b-1 fees and sales charges received by the principal underwriter (which is a wholly owned subsidiary of the Adviser) with respect to the retail share classes of certain Portfolios, and transfer agency fees paid by the retail share classes of certain Portfolios to a wholly-owned subsidiary of the Adviser. The Directors recognized that the Adviser's profitability would be lower without these benefits. They also considered other benefits potentially derived from an increase in the Adviser's business as a result of its relationship with the Fund. The Directors concluded that these fall-out benefits to the Adviser were acceptable.

**Advisory Fee Rate Schedule** 

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

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| **Portfolio** | **Annual Percentage of Average Daily<br>Net Assets of Each Portfolio** |
| Short Duration Diversified Municipal | 0.30% of the first $750 million; 0.25% of assets in excess of $750 million. |
| Short Duration Plus | 0.35% of the first $750 million; 0.30% of assets in excess of $750 million. |

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**BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ARRANGEMENT** (continued)

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| **Portfolio** | **Annual Percentage of Average Daily<br>Net Assets of Each Portfolio** |
| New York Municipal | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion. |
| California Municipal | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion. |
| Diversified Municipal | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% in excess of $5 billion up to, but not exceeding $7 billion; 0.225% of assets in excess of $7 billion. |
| Intermediate Duration | 0.45% on the first $2.5 billion; 0.40% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.35% in excess of $5 billion up to, but not exceeding $8 billion; 0.30% of assets in excess of $8 billion. |
| Emerging Markets | 0.95% of the first $2.5 billion; 0.90% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. |
| Overlay A | 0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. |
| Tax-Aware Overlay A | 0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. |
| Overlay B | 0.65% of assets. |
| Tax-Aware Overlay B | 0.65% of assets. |
| Tax-Aware Overlay C | 0.65% of assets. |
| Tax-Aware Overlay N | 0.65% of assets. |

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**This page is not part of the Shareholder Report or the Financial Statements.** 

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**AB FAMILY OF FUNDS** 

**US EQUITY** 

**CORE** 

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

**GROWTH** 

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

**VALUE** 

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

**INTERNATIONAL/ GLOBAL EQUITY** 

**CORE** 

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

**GROWTH** 

Concentrated International Growth Portfolio

**VALUE** 

All China Equity Portfolio

International Value Fund

**FIXED INCOME** 

**MUNICIPAL** 

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

**TAXABLE** 

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

**ALTERNATIVES** 

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

**MULTI-ASSET** 

All Market Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio<sup>1</sup>

Tax-Managed All Market Income Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**EXCHANGE-TRADED FUNDS** 

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

**We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

**Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.** 

1 Prior to December 1, 2021, Sustainable Thematic Balanced Portfolio was named Conservative Wealth Strategy.

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**NOTES** 

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| **abfunds.com** | **AB BOND FUNDS <sup>\|</sup> 147** |

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| **148 <sup>\|</sup> AB BOND FUNDS** | **abfunds.com** |

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![LOGO](g430353g43p34.jpg)

AB BOND FUNDS

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

BF-0151-0922 ![LOGO](g430353g22c48.jpg)

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**SEP** <sup>09.30.22</sup>

![LOGO](g377931g43p34.jpg)

ANNUAL REPORT

## AB INTERMEDIATE MUNICIPAL PORTFOLIOS
+ AB INTERMEDIATE CALIFORNIA MUNICIPAL PORTFOLIO

+ AB INTERMEDIATE DIVERSIFIED MUNICIPAL PORTFOLIO

+ AB INTERMEDIATE NEW YORK MUNICIPAL PORTFOLIO

![LOGO](g377931covart_7682.jpg)

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 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund's prospectus for individuals who are not current 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 AB's website at www.abfunds.com, or go to the Securities and Exchange Commission's (the "Commission") website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files 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. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

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

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| **FROM THE ADVISER** | ![LOGO](g377931g92f19.jpg) |

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Dear Shareholder,

We're pleased to provide this report for the AB Intermediate Municipal Portfolios: California, Diversified and New York (each a "Portfolio," and collectively, the "Portfolios"). Please review the discussion of Portfolio performance, the market conditions during the reporting period and the Portfolios' investment strategies.

As always, AB strives to keep clients ahead of what's next by:

<sup>+</sup> Transforming uncommon insights into uncommon knowledge with a global research scope

<sup>+</sup> Navigating markets with seasoned investment experience and sophisticated solutions

<sup>+</sup> Providing thoughtful investment insights and actionable ideas

Whether you're an individual investor or a multi-billion-dollar institution, we put knowledge and experience to work for you.

AB's global research organization connects and collaborates across platforms and teams to deliver impactful insights and innovative products. Better insights lead to better opportunities—anywhere in the world.

For additional information about AB's range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in the AB Mutual Funds.

Sincerely,

![LOGO](g377931g55d83.jpg)

Onur Erzan

Senior Vice President of the Adviser

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 1** |

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**ANNUAL REPORT** 

**November 15, 2022** 

This report provides management's discussion of fund performance for the AB Intermediate Municipal Portfolios: California, Diversified and New York, for the annual reporting period ended September 30, 2022.

**Each of the Portfolios seeks to provide safety of principal and maximize total return after taking account of federal taxes (and, in the case of the Intermediate California Municipal Portfolio, California state taxes and, in the case of the Intermediate New York Municipal Portfolio, New York state and local taxes).** 

**NAV RETURNS AS OF SEPTEMBER 30, 2022** (unaudited)

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|  | 6 Months | 12 Months |
| **AB INTERMEDIATE CALIFORNIA MUNICIPAL PORTFOLIO** |  |  |
| Class A Shares | -3.67% | -7.63% |
| Class C Shares | -3.97% | -8.26% |
| Advisor Class Shares<sup>1</sup> | -3.55% | -7.40% |
| Bloomberg 5-Year GO Municipal Bond Index | -2.98% | -7.76% |
| Lipper California Intermediate Municipal Debt Funds Average | -4.59% | -9.33% |

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|  | 6 Months | 12 Months |
| **AB INTERMEDIATE DIVERSIFIED MUNICIPAL PORTFOLIO** |  |  |
| Class A Shares | -4.02% | -8.06% |
| Class C Shares | -4.46% | -8.81% |
| Advisor Class Shares<sup>1</sup> | -3.91% | -7.84% |
| Class Z Shares<sup>1</sup> | -3.90% | -7.81% |
| Bloomberg 5-Year GO Municipal Bond Index | -2.98% | -7.76% |
| Lipper Intermediate Municipal Debt Funds Average | -5.35% | -10.06% |

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| 1 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio.  |

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| **2 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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**NAV RETURNS AS OF SEPTEMBER 30, 2022** (unaudited)

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|  | 6 Months | 12 Months |
| **AB INTERMEDIATE NEW YORK MUNICIPAL PORTFOLIO** |  |  |
| Class A Shares | -4.19% | -8.07% |
| Class C Shares | -4.55% | -8.76% |
| Advisor Class Shares<sup>1</sup> | -4.00% | -7.77% |
| Bloomberg 5-Year GO Municipal Bond Index | -2.98% | -7.76% |
| Lipper New York Intermediate Municipal Debt Funds Average | -4.60% | -9.43% |

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| 1 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio.  |

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**INVESTMENT RESULTS** 

The preceding tables show performance for each Portfolio compared to its benchmark, the Bloomberg 5-Year General Obligation ("GO") Municipal Bond Index, for the six- and 12-month periods ended September 30, 2022. The tables also include performance for each Portfolio's peer group, as represented by the Lipper California Intermediate Municipal Debt Funds Average for the Intermediate California Municipal Portfolio, the Lipper Intermediate Municipal Debt Funds Average for the Intermediate Diversified Municipal Portfolio and the Lipper New York Intermediate Municipal Debt Funds Average for the Intermediate New York Municipal Portfolio. Funds in each Lipper Average have generally similar investment objectives to the Portfolios, although some of the funds have different investment policies, sales and management fees, and fund expenses. Effective November 1, 2022, the Portfolios' primary benchmark will be changing to the Bloomberg 1-10 Year Blend Index.

During the 12-month period, all share classes of the Intermediate Diversified Municipal and Intermediate New York Municipal Portfolios underperformed the benchmark and outperformed the Lipper Average; except for Class C, all share classes of the Intermediate California Municipal Portfolio outperformed the benchmark and all share classes outperformed the Lipper Average, before sales charges. During the six-month period, all share classes of the Portfolios underperformed the benchmark and outperformed the Lipper Average, before sales charges.

**Intermediate Municipal California Portfolio:** Overall security selection detracted, relative to the benchmark, during both periods. Security selection within the airports and multi-family housing sectors detracted, while selection in miscellaneous revenue and prepay energy contributed. An overweight to BBB-rated bonds versus the benchmark detracted from performance. The Portfolio's yield-curve positioning largely contributed to performance during both periods as the yield curve flattened.

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 3** |

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**Intermediate Diversified Municipal Portfolio:** An overweight to special tax and toll roads/transit contributed, relative to the benchmark, during the 12-month period. For the six-month period, an overweight to airports and multi-family housing detracted. During both periods, yield-curve positioning contributed to performance, while credit exposure detracted.

**Intermediate Municipal New York Portfolio:** Overall security selection detracted, relative to the benchmark, during both periods. Security selection within the special tax and miscellaneous revenue sectors detracted, while selection within electric utility and prepay energy contributed. An overweight to A- and BBB-rated bonds versus the benchmark detracted from performance. The Portfolio's yield-curve positioning largely contributed during both periods as the yield curve flattened.

During both periods, the Portfolios used credit default swaps for hedging and investment purposes, as well as inflation swaps for hedging purposes, which had no material impact on absolute returns; interest rate swaps were used for hedging purposes, which detracted.

**MARKET REVIEW AND INVESTMENT STRATEGY** 

Yields continued their ascent higher toward the end of the reporting period ended September 30, 2022. During the 12-month period, the yield on a 10-Year AAA municipal bond rose to 3.30% from 1.14% and the yield on the 10-Year US Treasury rose to 3.80% from 1.54%. Demand for income continued to weaken during the six-month period, as investors have pulled approximately $92 billion year to date from mutual funds and exchange- traded funds as of September 30, 2022. In addition to broader fixed-income market volatility, these municipal market outflows contributed to municipal underperformance versus US Treasuries, with 10-Year AAA Muni/Treasury after-tax spreads widening 82 basis points ("b.p.") during the 12-month period and 25 b.p. during the six-month period. Average BBB credit spreads widened during the 12-month and six-month periods by approximately 55 b.p. and 30 b.p., respectively.

In terms of strategy and positioning in the evolving market environment, the Portfolio's Senior Investment Management Team (the "Team") has adjusted the Portfolios' yield-curve positioning as the curve has flattened over the 12-month period. At the beginning of the 12-month period, the Portfolios were underweight duration, which the Team adjusted to neutral as municipals sold off early in the year. The Team continues to maintain a neutral duration to the benchmark and a selective overweight to credit.

The Portfolios may purchase municipal securities that are insured under policies issued by certain insurance companies. Historically, insured municipal securities typically received a higher credit rating, which meant that the issuer of the securities paid a lower interest rate. As a result of declines in the credit quality and associated downgrades of most bond

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| **4 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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insurers, insurance has less value than it did in the past. The market now values insured municipal securities primarily based on the credit quality of the issuer of the security, with little value given to the insurance feature. In purchasing such insured securities, the Adviser evaluates the risk and return of municipal securities through its own research. If an insurance company's rating is downgraded or the company becomes insolvent, the prices of municipal securities insured by the insurance company may decline. As of September 30, 2022, the Portfolios' percentages of investments in municipal bonds that are insured and insured municipal bonds that have been pre-refunded or escrowed to maturity were 1.97% and 0.00%, respectively, for the Intermediate California Municipal Portfolio; 4.79% and 0.00%, respectively, for the Intermediate Diversified Municipal Portfolio; and 2.93% and 0.00%, respectively, for the Intermediate New York Municipal Portfolio.

**INVESTMENT POLICIES** 

As a matter of fundamental policy, the Portfolios, under normal circumstances, invest at least 80% of their net assets in municipal securities (and, in the case of the Intermediate California Municipal and Intermediate New York Municipal Portfolios, municipal securities issued by the State of California or the State of New York, or their political subdivisions, or otherwise exempt from California or New York state income tax, respectively). The Intermediate Diversified Municipal Portfolio invests no more than 25% of its total assets in municipal securities of issuers located in any one state. Each of the Portfolios invests at least 80% of its total assets in municipal securities rated A or better by any nationally recognized statistical rating organization ("NRSRO") (or, if unrated, determined by the Adviser to be of comparable quality) and comparably rated municipal notes. The Portfolios may invest up to 20% of their total assets in below investment-grade fixed-income securities (commonly known as "junk bonds").

The Portfolios may invest, without limit, in revenue bonds, which generally do not have the pledge of the credit of the issuer. The Portfolios may invest, without limit, in securities or obligations that are related in such a way that business or political developments or changes affecting one such security could also affect the others (for example, securities with interest that is paid from projects of a similar type). Each of the Portfolios may invest up to 20% of their net assets in fixed-income securities of US issuers that are not municipal securities if, in the Adviser's opinion, these securities will enhance the after-tax return for investors. The Portfolios may use derivatives, such as options, futures contracts, forward contracts and swaps. In managing the Portfolios, the Adviser may use interest-rate forecasting to estimate an appropriate level of interest-rate risk at a given time.

(continued on next page)

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 5** |

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Each Portfolio seeks to maintain an effective duration of three and one-half years to seven years under normal market conditions. Within the ranges described in the prospectus, the Adviser may moderately shorten the average duration of the Portfolios when it expects interest rates to rise and moderately lengthen average duration when it anticipates that interest rates will fall.

The Intermediate California Municipal and Intermediate New York Municipal Portfolios are "non-diversified," which means that they may concentrate their assets in a smaller number of issuers than a diversified fund.

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| **6 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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**DISCLOSURES AND RISKS** 

**Benchmark Disclosure** 

**The Bloomberg 5-Year GO Municipal Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio.** The Bloomberg 5-Year GO Municipal Bond Index represents the performance of long-term, investment-grade tax-exempt bonds with maturities ranging from four to six years. An investor cannot invest directly in an index or average, and their results are not indicative of the performance for any specific investment, including the Portfolios.

**A Word About Risk** 

**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.

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 7** |

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**DISCLOSURES AND RISKS** (continued)

**Interest-Rate Risk:** Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Portfolios may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal and monetary policy initiatives and resulting market reaction to those initiatives.

**Credit Risk:** This is the risk that the issuer or the guarantor of a debt security, or the counterparty to a derivatives or other contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The issuer or guarantor may default, potentially causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. The credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations, making credit risk greater for medium-quality and lower-rated debt securities. Lower-rated debt securities and similar unrated securities (commonly known as "junk bonds") have speculative elements or are predominantly speculative credit risks. At times when credit risk is perceived to be greater, credit "spreads" (i.e., the difference between the yields on lower quality securities and the yields on higher quality securities) may get larger or "widen". As a result, the values of the lower quality securities may go down more and they may become harder to sell.

**Duration Risk:** The duration of a fixed-income security may be shorter than or equal to full maturity of the fixed-income security. Fixed-income securities with longer durations have more interest-rate risk and will decrease in price as interest rates rise. Securities that have final maturities longer than their durations may be affected by increased credit spreads to a far greater degree than their durations would suggest, because they are exposed to credit risk until final maturity.

**Municipal Market Risk:** This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolios' investments in municipal securities. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, or the rights of investors in these securities. The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded

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| **8 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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**DISCLOSURES AND RISKS** (continued)

pension liabilities, and by the phasing out of federal programs providing financial support. There have been some municipal issuers that have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may get worse, particularly in light of the economic impact of the recent spread of an infectious coronavirus (COVID-19). To the extent the Portfolios invest in a particular state's municipal securities, they may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, wildfires, flooding and earthquakes. The Portfolios' investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, are subject to the risk that factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

The Portfolios may invest in municipal securities of issuers in Puerto Rico or other US territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other US issuers of municipal securities. Puerto Rico continues to face a very challenging economic and fiscal environment, worsened by the spread of COVID-19 and the adverse effect that related governmental and public responses have had on Puerto Rico's economy. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

**Inflation Risk:** This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolios' assets can decline as can the value of the Portfolios' distributions. This risk is significantly greater for fixed-income securities with longer maturities. Rates of inflation have recently risen, which could adversely affect economies and markets.

**Non-Diversification Risk:** Concentration of investments in a small number of securities tends to increase risk. The Intermediate California Municipal and Intermediate New York Municipal Portfolios may have more risk

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 9** |

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**DISCLOSURES AND RISKS** (continued)

because they are "non-diversified", meaning that they can invest more of their assets in a relatively small number of issuers with greater concentration of risk. Matters affecting these issuers can have a more significant effect on the Portfolios' net asset value ("NAV").

**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. Over recent years, regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Illiquid investments risk may be magnified in a rising interest-rate environment, where the value and liquidity of fixed-income securities generally go down. The Portfolios are subject to greater risk because the market for municipal securities is generally smaller and may not be as liquid as many other fixed-income markets, which may make municipal securities more difficult to trade or dispose of than other types of securities. Illiquid securities may also be difficult to value. If the Portfolios 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, or performance, which could cause the value of your investment to decline. Redemption risk is heightened during periods of overall market turmoil.

**Derivatives Risk:** The Portfolios may use derivatives as direct investments to earn income, enhance return and broaden portfolio diversification, which entail greater risk than if used solely for hedging purposes. In addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolios. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted to cover or secure 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 (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios. Use of

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| **10 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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**DISCLOSURES AND RISKS** (continued)

derivatives may have different tax consequences for the Portfolios than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders. The US government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as additional regulations governing, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.

**Management Risk:** The Portfolios are subject to management risk because they are actively managed investment portfolios. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolios, but these techniques, analyses and decisions may not work as intended or may not produce the desired results, and may, during certain periods, result in increased volatility for the Portfolios or cause the value of the Portfolios' shares to go down. In some cases, derivatives and other investment techniques may be unavailable, or the Adviser may determine not to use them, possibly even under market conditions where their use could benefit the Portfolios. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. In addition, the Adviser may change the Portfolios' investment strategies or policies from time to time. Those changes may not lead to the results intended by the Adviser and could have an adverse effect on the value or performance of the Portfolios.

**Market Risk:** The Portfolios are subject to market risk, which is the risk that stock or bond prices in general or in particular countries or sectors may decline over short or extended periods. Stock or bond prices may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest-rate, currency and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; public health crises (including the occurrence of a contagious disease or illness); policy and legislative changes; cybersecurity events; and other factors.

Economies and financial markets throughout the world are becoming increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, sanctions, regional and global conflicts, 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. As a result, whether or not the Portfolios invest in securities of issuers located in or with significant exposure to

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|:---|:---|
| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 11** |

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**DISCLOSURES AND RISKS** (continued)

countries experiencing economic and financial difficulties, the value and liquidity of the Portfolios' investments may be negatively affected.

**Tax Risk:** There is no guarantee that the income on the Portfolios' municipal securities will be exempt from regular federal income, and if applicable, state income taxes. Unfavorable legislation, adverse interpretations by federal or state authorities, litigation or noncompliant conduct by the issuer of a municipal security could affect the tax-exempt status of municipal securities. If the Internal Revenue Service or a state authority determines that an issuer of a municipal security has not complied with applicable requirements, interest from the security could become subject to regular federal income tax and/or state personal income tax, possibly retroactively to the date the security was issued, the value of the security could decline significantly, and a portion of the distributions to Portfolio shareholders could be recharacterized as taxable. The US Congress has considered changes to US federal tax law that would, if enacted, have a negative impact on certain types of municipal securities, such as private activity bonds, or would otherwise make investments in municipal bonds less attractive.

**Lower-rated Securities Risk:** Lower-rated securities, or junk bonds/high-yield securities, are subject to greater risk of loss of principal and interest and greater market risk than higher-rated securities. The capacity of issuers of lower-rated securities to pay interest and repay principal is more likely to weaken than is that of issuers of higher-rated securities in times of deteriorating economic conditions or rising interest rates.

**Prepayment and Extension Risk:** Prepayment risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. If this happens, particularly during a time of declining interest rates or credit spreads, the Portfolios will not benefit from the rise in market price that normally accompanies a decline in interest rates, and may not be able to invest the proceeds in securities providing as much income, resulting in a lower yield to the Portfolios. Conversely, extension risk is the risk that as interest rates rise or spreads widen, payments of securities may occur more slowly than anticipated by the market. If this happens, the values of these securities may go down because their interest rates are lower than current market rates and they remain outstanding longer than anticipated.

These risks are fully discussed in the Portfolios' prospectus. As with all investments, you may lose money by investing in the Portfolios.

**An Important Note About Historical Performance** 

**The investment return and principal value of an investment in the Portfolios will fluctuate, so that shares, when redeemed, may be** 

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| **12 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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**DISCLOSURES AND RISKS** (continued)

**worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com.** 

**All fees and expenses related to the operation of the Portfolios have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Portfolios' quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 3.00% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.** 

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|:---|:---|
| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 13** |

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**HISTORICAL PERFORMANCE** 

**INTERMEDIATE CALIFORNIA MUNICIPAL PORTFOLIO** 

**GROWTH OF A $10,000 INVESTMENT IN THE PORTFOLIO** (unaudited)

9/30/2012 TO 9/30/2022

![LOGO](g377931g15w01.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB Intermediate California Municipal Portfolio Class A shares (from 9/30/2012 to 9/30/2022) as compared to the performance of the Portfolio's benchmark. The chart reflects the deduction of the maximum 3% sales charge from the initial $10,000 investment in the Portfolio and assumes the reinvestment of dividends and capital gains distributions.

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|:---|:---|
| **14 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** (continued)

**INTERMEDIATE CALIFORNIA MUNICIPAL PORTFOLIO** 

**AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2022** (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) | SEC Yields<sup>1</sup> | Taxable<br>Equivalent<br>Yields<sup>2</sup> |
| **CLASS A SHARES** |  |  | 2.44% | 4.33% |
| 1 Year | -7.63% | -10.39% |  |  |
| 5 Years | 0.25% | -0.35% |  |  |
| 10 Years | 0.75% | 0.44% |  |  |
| **CLASS C SHARES** |  |  | 1.75% | 3.11% |
| 1 Year | -8.26% | -9.17% |  |  |
| 5 Years | -0.50% | -0.50% |  |  |
| 10 Years<sup>3</sup> | 0.01% | 0.01% |  |  |
| **ADVISOR CLASS SHARES**<sup>4</sup> |  |  | 2.77% | 4.92% |
| 1 Year | -7.40% | -7.40% |  |  |
| 5 Years | 0.50% | 0.50% |  |  |
| Since Inception<sup>5</sup> | 0.45% | 0.45% |  |  |

---

**The Portfolio's current prospectus fee table shows the Portfolio's total annual operating expense ratios as 0.73%, 1.48% and 0.48% for Class A, Class C and Advisor Class shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended September 30, 2022.

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| | |
|:---|:---|
| 2 | Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.  |

---

3 Assumes conversion of Class C shares into Class A shares after eight years.

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|:---|:---|
| 4 | This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio.  |

---

5 Inception date: 7/25/2016.

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|:---|:---|
| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 15** |

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**HISTORICAL PERFORMANCE** (continued)

**INTERMEDIATE CALIFORNIA MUNICIPAL PORTFOLIO** 

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

---

| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -10.39% |
| 5 Years | -0.35% |
| 10 Years | 0.44% |
| **CLASS C SHARES** |  |
| 1 Year | -9.17% |
| 5 Years | -0.50% |
| 10 Years<sup>1</sup> | 0.01% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -7.40% |
| 5 Years | 0.50% |
| Since Inception<sup>3</sup> | 0.45% |

---

1 Assumes conversion of Class C shares into Class A shares after eight years.

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|:---|:---|
| 2 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio.  |

---

3 Inception date: 7/25/2016.

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|:---|:---|
| **16 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** 

**INTERMEDIATE DIVERSIFIED MUNICIPAL PORTFOLIO** 

**GROWTH OF A $10,000 INVESTMENT IN THE PORTFOLIO** (unaudited)

9/30/2012 TO 9/30/2022

![LOGO](g377931g18w02.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB Intermediate Diversified Municipal Portfolio Class A shares (from 9/30/2012 to 9/30/2022) as compared to the performance of the Portfolio's benchmark. The chart reflects the deduction of the maximum 3% sales charge from the initial $10,000 investment in the Portfolio and assumes the reinvestment of dividends and capital gains distributions.

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|:---|:---|
| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 17** |

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**HISTORICAL PERFORMANCE** (continued)

**INTERMEDIATE DIVERSIFIED MUNICIPAL PORTFOLIO** 

**AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2022** (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) | SEC Yields<sup>1</sup> | Taxable<br>Equivalent<br>Yields<sup>2</sup> |
| **CLASS A SHARES** |  |  | 2.61% | 4.02% |
| 1 Year | -8.06% | -10.82% |  |  |
| 5 Years | 0.40% | -0.22% |  |  |
| 10 Years | 0.85% | 0.55% |  |  |
| **CLASS C SHARES** |  |  | 1.93% | 2.97% |
| 1 Year | -8.81% | -9.72% |  |  |
| 5 Years | -0.37% | -0.37% |  |  |
| 10 Years<sup>3</sup> | 0.10% | 0.10% |  |  |
| **ADVISOR CLASS SHARES**<sup>4</sup> |  |  | 2.95% | 4.54% |
| 1 Year | -7.84% | -7.84% |  |  |
| 5 Years | 0.65% | 0.65% |  |  |
| Since Inception<sup>5</sup> | 1.15% | 1.15% |  |  |
| **CLASS Z SHARES**<sup>4</sup> |  |  | 2.92% | 4.49% |
| 1 Year | -7.81% | -7.81% |  |  |
| Since Inception<sup>5</sup> | 0.89% | 0.89% |  |  |

---

**The Portfolio's current prospectus fee table shows the Portfolio's total annual operating expense ratios as 0.66%, 1.41%, 0.41% and 0.38% for Class A, Class C, Advisor Class and Class Z shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended September 30, 2022.

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| | |
|:---|:---|
| 2 | Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.  |

---

3 Assumes conversion of Class C shares into Class A shares after eight years.

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| | |
|:---|:---|
| 4 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio.  |

---

5 Inception dates: 6/26/2015 for Advisor Class shares; 7/2/2018 for Class Z shares.

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| **18 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** (continued)

**INTERMEDIATE DIVERSIFIED MUNICIPAL PORTFOLIO** 

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

---

| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -10.82% |
| 5 Years | -0.22% |
| 10 Years | 0.55% |
| **CLASS C SHARES** |  |
| 1 Year | -9.72% |
| 5 Years | -0.37% |
| 10 Years<sup>1</sup> | 0.10% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -7.84% |
| 5 Years | 0.65% |
| Since Inception<sup>3</sup> | 1.15% |
| **CLASS Z SHARES**<sup>2</sup> |  |
| 1 Year | -7.81% |
| Since Inception<sup>3</sup> | 0.89% |

---

1 Assumes conversion of Class C shares into Class A shares after eight years.

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| | |
|:---|:---|
| 2 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio.  |

---

3 Inception dates: 6/26/2015 for Advisor Class shares; 7/2/2018 for Class Z shares.

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|:---|:---|
| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 19** |

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**HISTORICAL PERFORMANCE** 

**INTERMEDIATE NEW YORK MUNICIPAL PORTFOLIO** 

**GROWTH OF A $10,000 INVESTMENT IN THE PORTFOLIO** (unaudited)

9/30/2012 TO 9/30/2022

![LOGO](g377931g21w03.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB Intermediate New York Municipal Portfolio Class A shares (from 9/30/2012 to 9/30/2022) as compared to the performance of the Portfolio's benchmark. The chart reflects the deduction of the maximum 3% sales charge from the initial $10,000 investment in the Portfolio and assumes the reinvestment of dividends and capital gains distributions.

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|:---|:---|
| **20 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** (continued)

**INTERMEDIATE NEW YORK MUNICIPAL PORTFOLIO** 

**AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2022** (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) | SEC Yields<sup>1</sup> | Taxable<br>Equivalent<br>Yields<sup>2</sup> |
| **CLASS A SHARES** |  |  | 2.60% | 4.49% |
| 1 Year | -8.07% | -10.82% |  |  |
| 5 Years | 0.13% | -0.49% |  |  |
| 10 Years | 0.74% | 0.44% |  |  |
| **CLASS C SHARES** |  |  | 1.91% | 3.30% |
| 1 Year | -8.76% | -9.66% |  |  |
| 5 Years | -0.63% | -0.63% |  |  |
| 10 Years<sup>3</sup> | 0.00% | 0.00% |  |  |
| **ADVISOR CLASS SHARES**<sup>4</sup> |  |  | 2.93% | 5.06% |
| 1 Year | -7.77% | -7.77% |  |  |
| 5 Years | 0.38% | 0.38% |  |  |
| Since Inception<sup>5</sup> | 0.38% | 0.38% |  |  |

---

**The Portfolio's current prospectus fee table shows the Portfolio's total annual operating expense ratios as 0.73%, 1.48% and 0.48% for Class A, Class C and Advisor Class shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended September 30, 2022.

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| | |
|:---|:---|
| 2 | Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.  |

---

3 Assumes conversion of Class C shares into Class A shares after eight years.

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| | |
|:---|:---|
| 4 | This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio.  |

---

5 Inception date: 7/25/2016.

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|:---|:---|
| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 21** |

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**HISTORICAL PERFORMANCE** (continued)

**INTERMEDIATE NEW YORK MUNICIPAL PORTFOLIO** 

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

---

| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -10.82% |
| 5 Years | -0.49% |
| 10 Years | 0.44% |
| **CLASS C SHARES** |  |
| 1 Year | -9.66% |
| 5 Years | -0.63% |
| 10 Years<sup>1</sup> | 0.00% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -7.77% |
| 5 Years | 0.38% |
| Since Inception<sup>3</sup> | 0.38% |

---

1 Assumes conversion of Class C shares into Class A shares after eight years.

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| | |
|:---|:---|
| 2 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio.  |

---

3 Inception date: 7/25/2016.

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|:---|:---|
| **22 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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**EXPENSE EXAMPLE** 

(unaudited)

As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses** 

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on a Portfolio's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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|:---|:---|
| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 23** |

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**EXPENSE EXAMPLE** (continued)

(unaudited)

**California Municipal Portfolio** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>April 1, 2022** | **Ending<br>Account Value<br>September 30, 2022** | **Expenses<br>Paid During<br>Period\*** | **Annualized<br>Expense<br>Ratio\*** |
| **Class A** |  |  | | |
|  Actual | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $963.30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64 | 0.74% |
|  Hypothetical\*\* | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021.36 | $3.75 | 0.74% |
| **Class C** |  |  |  |  |
|  Actual | $1000 | $960.30 | $7.32 | 1.49% |
|  Hypothetical\*\* | $1000 | $1017.60 | $7.54 | 1.49% |
| **Advisor Class** |  |  |  |  |
|  Actual | $1000 | $964.50 | $2.41 | 0.49% |
|  Hypothetical\*\* | $1000 | $1022.61 | $2.48 | 0.49% |

---

**Diversified Municipal Portfolio** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>April 1, 2022** | **Ending<br>Account Value<br>September 30, 2022** | **Expenses<br>Paid During<br>Period\*** | **Annualized<br>Expense<br>Ratio\*** |
| **Class A** |  |  | | |
|  Actual | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $959.80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 | 0.66% |
|  Hypothetical\*\* | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021.76 | $3.35 | 0.66% |
| **Class C** |  |  |  |  |
|  Actual | $1000 | $955.40 | $6.91 | 1.41% |
|  Hypothetical\*\* | $1000 | $1018.00 | $7.13 | 1.41% |
| **Advisor Class** |  |  |  |  |
|  Actual | $1000 | $960.90 | $2.02 | 0.41% |
|  Hypothetical\*\* | $1000 | $1023.01 | $2.08 | 0.41% |
| **Class Z** |  |  |  |  |
|  Actual | $1000 | $961.00 | $1.97 | 0.40% |
|  Hypothetical\*\* | $1000 | $1023.06 | $2.03 | 0.40% |

---

**New York Municipal Portfolio** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>April 1, 2022** | **Ending<br>Account Value<br>September 30, 2022** | **Expenses<br>Paid During<br>Period\*** | **Annualized<br>Expense<br>Ratio\*** |
| **Class A** |  |  | | |
|  Actual | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $958.10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58 | 0.73% |
|  Hypothetical\*\* | $1000 | $1021.41 | $3.70 | 0.73% |
| **Class C** |  |  |  |  |
|  Actual | $1000 | $954.50 | $7.25 | 1.48% |
|  Hypothetical\*\* | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017.65 | $7.49 | 1.48% |
| **Advisor Class** |  |  |  |  |
|  Actual | $1000 | $960.00 | $2.36 | 0.48% |
|  Hypothetical\*\* | $1000 | $1022.66 | $2.43 | 0.48% |

---

\* Expenses are equal to the classes' annualized expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

\*\* Assumes 5% annual return before expenses. 

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|:---|:---|
| **24 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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**PORTFOLIO SUMMARY** 

**INTERMEDIATE CALIFORNIA MUNICIPAL PORTFOLIO** 

**September 30, 2022** (unaudited)

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![LOGO](g377931g29x01.jpg)

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![LOGO](g377931g29x02.jpg)

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|:---|:---|
| 1 | All data are as of September 30, 2022. The Portfolio's quality rating and state breakdowns are expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the Pre-refunded category includes bonds which are secured by U.S. Government Securities and therefore are deemed high-quality investment grade by the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy investments such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.  |

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| 2 | "Other" represents less than 0.2% in seven different states and American Samoa.  |

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|:---|:---|
| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 25** |

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

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**PORTFOLIO SUMMARY** 

**INTERMEDIATE DIVERSIFIED MUNICIPAL PORTFOLIO** 

**September 30, 2022** (unaudited)

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![LOGO](g377931g76k09.jpg)

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![LOGO](g377931g30y02.jpg)

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| | |
|:---|:---|
| 1 | All data are as of September 30, 2022. The Portfolio's quality rating and state breakdowns are expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the Pre-refunded category includes bonds which are secured by U.S. Government Securities and therefore are deemed high-quality investment grade by the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy investments such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.  |

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| 2 | "Other" represents less than 2.2% in 34 different states, American Samoa, District of Columbia, Guam and Puerto Rico.  |

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| **26 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO SUMMARY** 

**INTERMEDIATE NEW YORK MUNICIPAL PORTFOLIO** 

**September 30, 2022** (unaudited)

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![LOGO](g377931g31z01.jpg)

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![LOGO](g377931g31z02.jpg)

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| | |
|:---|:---|
| 1 | All data are as of September 30, 2022. The Portfolio's quality rating and state breakdowns are expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the Pre-refunded category includes bonds which are secured by U.S. Government Securities and therefore are deemed high-quality investment grade by the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy investments such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.  |

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|:---|:---|
| 2 | "Other" represents less than 0.3% in eight different states and American Samoa.  |

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|:---|:---|
| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 27** |

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

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**PORTFOLIO OF INVESTMENTS** 

**CALIFORNIA MUNICIPAL PORTFOLIO** 

**September 30, 2022** 

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **MUNICIPAL OBLIGATIONS – 92.9%** | **MUNICIPAL OBLIGATIONS – 92.9%** | **MUNICIPAL OBLIGATIONS – 92.9%** |
|  **Long-Term Municipal Bonds – 89.5%** | **Long-Term Municipal Bonds – 89.5%** | **Long-Term Municipal Bonds – 89.5%** |
|  **California – 75.4%** |  |  |
|  Anaheim Housing & Public Improvements Authority <br>(City of Anaheim CA Electric System Revenue)<br>Series 2020<br>2.792%, 10/01/2032 | $3850 | $3149739 |
|  Bay Area Toll Authority<br>Series 2021<br>2.74% (MUNIPSA + 0.28%), 04/01/2056<sup>(a)</sup> | 5000 | 4975538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76% (MUNIPSA + 0.30%), 04/01/2056<sup>(a)</sup> | 5000 | 4849187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87% (MUNIPSA + 0.41%), 04/01/2056<sup>(a)</sup> | 9215 | 8925199 |
|  Bay Area Water Supply & Conservation Agency<br>Series 2013-A<br>5.00%, 10/01/2025 | 4710 | 4752209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 10/01/2029<sup>(b)</sup> | 1750 | 1913303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030<sup>(b)</sup> | 1800 | 1983147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031<sup>(b)</sup> | 2500 | 2758599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032<sup>(b)</sup> | 2500 | 2771220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033<sup>(b)</sup> | 2500 | 2768020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034<sup>(b)</sup> | 2000 | 2204378 |
|  California Community Housing Agency <br>(California Community Housing Agency Aster Apartments)<br>Series 2021-A<br>4.00%, 02/01/2043<sup>(c)</sup> | 950 | 724347 |
|  California Community Housing Agency <br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments)<br>Series 2021-A<br>4.00%, 08/01/2047<sup>(c)</sup> | 5000 | 3487593 |
|  California Community Housing Agency <br>(California Community Housing Agency Fountains at Emerald Park)<br>Series 2021<br>4.00%, 08/01/2046<sup>(c)</sup> | 2500 | 1792920 |
|  California Community Housing Agency <br>(California Community Housing Agency Summit at Sausalito Apartments)<br>Series 2021<br>4.00%, 02/01/2050<sup>(c)</sup> | 4000 | 2775790 |

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| **28 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  California County Tobacco Securitization Agency<br>Series 2020-A<br>4.00%, 06/01/2037 | $510 | $460147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2038 | 1000 | 892807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 800 | 830970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 700 | 728430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 500 | 522546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 400 | 415536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 300 | 310136 |
|  California Educational Facilities Authority <br>(University of the Pacific)<br>Series 2015<br>5.00%, 11/01/2028 | 1545 | 1606194 |
|  California Enterprise Development Authority <br>(Rocketship Education Obligated Group)<br>Series 2022<br>4.00%, 06/01/2027<sup>(c)</sup> | 1125 | 1080055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2031<sup>(c)</sup> | 2000 | 1809547 |
|  California Health Facilities Financing Authority <br>(Cedars-Sinai Medical Center)<br>Series 2015<br>5.00%, 11/15/2027 | 6500 | 6832864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 6000 | 6301715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 7000 | 7350755 |
|  California Health Facilities Financing Authority <br>(Children's Hospital Los Angeles)<br>Series 2017-A<br>5.00%, 08/15/2032 | 1215 | 1242402 |
|  California Health Facilities Financing Authority <br>(CommonSpirit Health)<br>Series 2020-A<br>5.00%, 04/01/2032 | 2900 | 3005031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 | 2000 | 2064617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 750 | 771313 |
|  California Health Facilities Financing Authority <br>(Kaiser Foundation Hospitals)<br>Series 2017-P<br>5.00%, 11/01/2032 | 9245 | 9259695 |
|  California Health Facilities Financing Authority <br>(Sutter Health Obligated Group)<br>Series 2018-A<br>5.00%, 11/15/2023 | 4250 | 4324140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2025 | 2535 | 2645731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026 | 2300 | 2421770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2027 | 1000 | 1063087 |

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|:---|:---|
| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 29** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | $1280 | $1357292 |
|  California Housing Finance Agency<br>Series 2019-2, Class A<br>4.00%, 03/20/2033 | 11044 | 10505281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A<br>3.50%, 11/20/2035 | 9782 | 8450721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2<br>0.823%, 03/25/2035 | 4000 | 225091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A<br>3.25%, 08/20/2036 | 1975 | 1690597 |
|  California Infrastructure & Economic Development Bank<br>Series 2022<br>0.85%, 01/01/2050<br>(Pre-refunded/ETM)<sup>(c)</sup> | 10000 | 9889615 |
|  California Infrastructure & Economic Development Bank <br>(California Academy of Sciences)<br>Series 2021<br>2.81% (MUNIPSA + 0.35%), 08/01/2047<sup>(a)</sup> | 8700 | 8606106 |
|  California Infrastructure & Economic Development Bank <br>(California Infrastructure & Economic Development Bank SRF)<br>Series 2017<br>5.00%, 10/01/2024 | 5000 | 5187408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>5.00%, 10/01/2032 | 13965 | 15181641 |
|  California Infrastructure & Economic Development Bank <br>(Segerstrom Center for the Arts)<br>Series 2016<br>5.00%, 07/01/2026 | 2370 | 2472672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B<br>5.00%, 07/01/2023 | 12760 | 12917114 |
|  California Municipal Finance Authority<br>(Emerson College)<br>Series 2017-B 5.00%, 01/01/2030 | 1000 | 1019822 |
|  California Municipal Finance Authority<br>(LAX Integrated Express Solutions LLC)<br>Series 2018<br>5.00%, 12/31/2023 | 800 | 811571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2024 | 250 | 254970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2026 | 2200 | 2258603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2027 | 2250 | 2305930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2027 | 3000 | 3080782 |

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| **30 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2029 | $1050 | $1076047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2029 | 1150 | 1177612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2031 | 3100 | 3159999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2031 | 1930 | 1964265 |
|  California Municipal Finance Authority<br>(United Airlines, Inc.)<br>Series 2019<br>4.00%, 07/15/2029 | 8250 | 7578847 |
|  California Pollution Control Financing Authority <br>(Poseidon Resources Channelside LP)<br>Series 2012<br>5.00%, 07/01/2027<sup>(c)</sup> | 3195 | 3198762 |
|  California Pollution Control Financing Authority <br>(San Diego County Water Authority Desalination Project Pipeline)<br>Series 2019<br>5.00%, 07/01/2024<sup>(c)</sup> | 1335 | 1351551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029<sup>(c)</sup> | 3400 | 3455804 |
|  California Public Finance Authority <br>(California University of Science & Medicine Obligated Group)<br>Series 2019<br>6.25%, 07/01/2054<sup>(c)</sup> | 1500 | 1605107 |
|  California School Finance Authority <br>(Kipp SoCal Public Schools Obligated Group)<br>Series 2020-A<br>4.00%, 07/01/2040<sup>(c)</sup> | 800 | 672552 |
|  California School Finance Authority <br>(Rocketship Education Obligated Group)<br>Series 2015-A<br>4.25%, 03/01/2028<sup>(c)</sup> | 1120 | 1085734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A<br>5.00%, 06/01/2031<sup>(c)</sup> | 1000 | 995768 |
|  California State Public Works Board <br>(California State Public Works Board Lease)<br>Series 2014-A<br>5.00%, 09/01/2030 | 11220 | 11543773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-B<br>5.00%, 10/01/2029 | 4445 | 4579448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H<br>5.00%, 04/01/2030 | 2000 | 2144150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 | 2000 | 2140584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032 | 1270 | 1355800 |
|  California State University<br>Series 2014<br>5.00%, 11/01/2028<br>(Pre-refunded/ETM) | 280 | 290563 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 31** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 11/01/2033 | $5620 | $5999181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 11/01/2030 | 600 | 662938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 400 | 440113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D<br>1.49%, 11/01/2028 | 1500 | 1235869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>2.274%, 11/01/2034 | 7000 | 5163381 |
|  California Statewide Communities Development Authority <br>(CHF-Irvine LLC)<br>Series 2017-A<br>5.00%, 05/15/2029 | 1210 | 1238439 |
|  California Statewide Communities Development Authority <br>(Emanate Health Obligated Group)<br>Series 2020-A<br>5.00%, 04/01/2027 | 720 | 752103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 | 535 | 560604 |
|  California Statewide Communities Development Authority <br>(Lancer Educational Housing LLC)<br>Series 2019<br>5.00%, 06/01/2039<sup>(c)</sup> | 675 | 624557 |
|  California Statewide Communities Development Authority <br>(Loma Linda University Medical Center)<br>Series 2014<br>5.25%, 12/01/2034 | 4500 | 4544355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A<br>5.00%, 12/01/2041<sup>(c)</sup> | 2000 | 1857238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 12/01/2027<sup>(c)</sup> | 250 | 251376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033<sup>(c)</sup> | 1000 | 974954 |
|  California Statewide Communities Development Authority <br>(NCCD-Hooper Street LLC)<br>Series 2019<br>5.00%, 07/01/2024<sup>(c)</sup> | 180 | 178833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029<sup>(c)</sup> | 685 | 653248 |
|  City & County of San Francisco CA<br>Series 2018-C<br>5.00%, 06/15/2023 | 3095 | 3136376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2025 | 4235 | 4364967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-E<br>5.00%, 06/15/2023 | 1490 | 1509919 |

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| **32 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  City & County of San Francisco CA <br>(City & County of San Francisco CA COP)<br>Series 2015-R<br>5.00%, 09/01/2024 | $3970 | $4033241 |
|  City of Hayward CA <br>(City of Hayward CA COP)<br>Series 2015<br>5.00%, 11/01/2023 | 3000 | 3060179 |
|  City of Los Angeles Department of Airports<br>Series 2017-A<br>5.00%, 05/15/2028 | 1440 | 1495674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 | 2575 | 2667913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>5.00%, 05/15/2031 | 3000 | 3131587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 | 1190 | 1210098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C<br>5.00%, 05/15/2025 | 2955 | 3044781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>4.00%, 05/15/2044 | 4205 | 3653238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2030 | 8020 | 8401806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 05/15/2038 | 4315 | 4371338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C<br>5.00%, 05/15/2031 | 5000 | 5247526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2033 | 4000 | 4152239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2039 | 2655 | 2707911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>5.00%, 05/15/2030 | 2020 | 2128567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 | 1685 | 1725946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D<br>4.00%, 05/15/2040 | 2165 | 1935090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 05/15/2036 | 1300 | 1205641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2041 | 1100 | 974457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 05/15/2041 | 6160 | 5456957 |
|  City of Riverside CA Sewer Revenue<br>Series 2015-A<br>5.00%, 08/01/2027 | 2000 | 2096826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 | 3320 | 3491152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 08/01/2031 | 2785 | 3028247 |
|  City of Roseville CA <br>(Fiddyment Ranch Community Facilities District No.1)<br>Series 2017<br>5.00%, 09/01/2028 | 1010 | 1057578 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 33** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | $1295 | $1345518 |
|  City of Roseville CA <br>(HP Campus Oaks Community Facilities District No.1)<br>Series 2016<br>5.00%, 09/01/2031 | 995 | 1025089 |
|  City of San Jose CA Airport Revenue <br>(Norman Y Mineta San Jose International Airport SJC)<br>Series 2014-A<br>5.00%, 03/01/2025 | 3600 | 3654949 |
|  CMFA Special Finance Agency VII <br>(CMFA Special Finance Agency VII The Breakwater Apartments)<br>Series 2021<br>4.00%, 08/01/2047<sup>(c)</sup> | 3990 | 2712483 |
|  CMFA Special Finance Agency VIII Elan Huntington Beach<br>Series 2021<br>4.00%, 08/01/2047<sup>(c)</sup> | 1000 | 750000 |
|  Contra Costa Transportation Authority Sales Tax Revenue<br>Series 2017-A<br>5.00%, 03/01/2030 | 1250 | 1342985 |
|  Coronado Community Development Agency Successor Agency<br>Series 2018-A<br>5.00%, 09/01/2033 | 3625 | 3771501 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim)<br>Series 2021<br>3.35%, 04/01/2047<sup>(c)</sup> | 4000 | 2977158 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 777 Place-Pomona)<br>Series 2021<br>3.60%, 05/01/2047<sup>(c)</sup> | 1500 | 1136615 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)<br>Series 2021<br>4.00%, 10/01/2046<sup>(c)</sup> | 4000 | 2800600 |

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|:---|:---|
| **34 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Altana Apartments)<br>Series 2021<br>3.50%, 10/01/2046<sup>(c)</sup> | $5000 | $3592171 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments)<br>Series 2021-A1<br>2.875%, 08/01/2041<sup>(c)</sup> | 3805 | 3028325 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)<br>Series 2021<br>3.375%, 07/01/2043<sup>(c)</sup> | 1000 | 737959 |
|  CSCDA Community Improvement<br>Authority <br>(CSCDA Community Improvement Authority Oceanaire Apartments)<br>Series 2021<br>3.20%, 09/01/2046<sup>(c)</sup> | 5000 | 3506363 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Pasadena Portfolio)<br>Series 2021<br>2.65%, 12/01/2046<sup>(c)</sup> | 2490 | 1777491 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Theo Apartments)<br>Series 2021<br>3.50%, 05/01/2047<sup>(c)</sup> | 2000 | 1552157 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Union South Bay)<br>Series 2021-A<br>3.10%, 07/01/2045<sup>(c)</sup> | 3000 | 2184697 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Vineyard Gardens Apartments)<br>Series 2021<br>4.00%, 10/01/2048<sup>(c)</sup> | 4000 | 2760906 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Waterscape Apartments)<br>Series 2021-A<br>3.00%, 09/01/2056<sup>(c)</sup> | 1500 | 931290 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  Fontana Redevelopment Agency Successor Agency<br>Series 2017-A<br>5.00%, 10/01/2031 | $1750 | $1871863 |
|  Fremont Community Facilities District No. 1<br>Series 2015<br>5.00%, 09/01/2027 | 1000 | 1028723 |
|  Golden State Tobacco Securitization Corp.<br>Series 2021<br>1.85%, 06/01/2031 | 1205 | 1180084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.115%, 06/01/2038 | 2500 | 1876837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/2050 | 5000 | 4336146 |
|  Golden State Tobacco Securitization Corp. <br>(Golden State Tobacco Securitization Corp. Lease)<br>Series 2021<br>1.40%, 06/01/2025 | 2900 | 2632657 |
|  Lake Elsinore Public Financing Authority<br>Series 2015<br>5.00%, 09/01/2023 | 630 | 636524 |
|  Long Beach Unified School District<br>Series 2010-A<br>5.00%, 08/01/2025 | 1000 | 1001391 |
|  Los Angeles Department of Water & Power<br>Series 2019-B<br>5.00%, 07/01/2023 | 14750 | 14965326 |
|  Los Angeles Department of Water & Power Power System Revenue<br>Series 2013-A<br>5.00%, 07/01/2023 | 2500 | 2511832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-B<br>5.00%, 07/01/2026 | 1600 | 1638218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 2190 | 2242311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C<br>5.00%, 07/01/2025 | 9945 | 10278271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 11725 | 12115901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-E<br>5.00%, 07/01/2025 | 820 | 847479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 07/01/2042 | 3000 | 3178548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>5.00%, 07/01/2036 | 3000 | 3274908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 2800 | 3003547 |
|  Los Angeles Department of Water & Power System Revenue<br>Series 2021-B<br>5.00%, 07/01/2041 | 4800 | 5090738 |

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| **36 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  Los Angeles Department of Water & Power Water System Revenue<br>Series 2018-A<br>5.00%, 07/01/2031 | $1345 | $1460852 |
|  Los Angeles Unified School District/CA<br>Series 2014-C<br>5.00%, 07/01/2023 | 3860 | 3916065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 10365 | 10694507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A<br>5.00%, 07/01/2027 | 18645 | 19532644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 07/01/2023 | 6905 | 7005292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2024 | 1470 | 1517996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>5.00%, 07/01/2029 | 9020 | 9791322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M<br>3.00%, 07/01/2023 | 1550 | 1549971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-R<br>4.00%, 07/01/2044 | 4500 | 4135046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 3945 | 4371084 |
|  Metropolitan Water District of Southern California<br>Series 2021-D<br>2.60% (MUNIPSA + 0.14%), 07/01/2037(a) | 2900 | 2885062 |
|  Middle Fork Project Finance Authority<br>Series 2020<br>5.00%, 04/01/2033 | 1650 | 1708618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 1100 | 1134783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 | 1150 | 1182527 |
|  Natomas Unified School District<br>BAM Series 2014<br>5.00%, 08/01/2023 | 1930 | 1958048 |
|  Newport Mesa Unified School District<br>Series 2020<br>5.00%, 08/01/2024 | 1600 | 1653163 |
|  Oakland Unified School District/Alameda County<br>Series 2015-A<br>5.00%, 08/01/2023 | 1575 | 1598921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>5.00%, 08/01/2030 | 1420 | 1496660 |
|  Palm Desert Redevelopment Agency Successor Agency<br>BAM Series 2017-A<br>5.00%, 10/01/2024 | 1000 | <br>1033172 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  Peralta Community College District<br>Series 2014-A<br>5.00%, 08/01/2028 | $1820 | $1869376 |
|  Pittsburg Successor Agency Redevelopment Agency<br>AGM Series 2016-A<br>5.00%, 09/01/2027 | 2785 | 2921357 |
|  Port of Los Angeles<br>Series 2014-A<br>5.00%, 08/01/2026 | 1000 | 1024677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 1565 | 1603218 |
|  Port of Oakland<br>Series 2017<br>5.00%, 11/01/2022<br>(Pre-refunded/ETM) | 255 | 255347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2022 | 960 | 961225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>5.00%, 05/01/2025 | 4800 | 4948666 |
|  Regents of the University of California Medical Center Pooled Revenue<br>Series 2022<br>5.00%, 05/15/2040 | 10000 | 10532249 |
|  River Islands Public Financing Authority <br>(River Islands Public Financing Authority Community Facilities District No 2003-1)<br>Series 2022<br>4.50%, 09/01/2037 | 2905 | 2644949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2042 | 2510 | 2305290 |
|  Riverside County Public Financing Authority<br>Series 2015<br>5.00%, 11/01/2028<br>(Pre-refunded/ETM) | 3395 | 3580175 |
|  Romoland School District<br>Series 2015<br>5.00%, 09/01/2023 | 955 | 964463 |
|  Sacramento County Water Financing Authority <br>(Sacramento County Water Agency)<br>NATL Series 2007-B<br>2.635% (LIBOR 3 Month + 0.57%), 06/01/2039<sup>(a)</sup> | 5700 | 4890233 |
|  San Diego Association of Governments <br>(State of California DOT Fed Hwy Grant)<br>Series 2019<br>1.80%, 11/15/2027 | 3200 | 2838220 |

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| **38 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue<br>Series 2013-B<br>5.00%, 10/01/2025 | $4000 | $4000000 |
|  San Francisco City & County Redevelopment Agency Successor Agency <br>(Mission Bay South Public Imp)<br>Series 2013-A<br>5.00%, 08/01/2024 | 1500 | 1501163 |
|  San Francisco City & County Redevelopment Agency Successor Agency <br>(Successor Agency to the Redev of San Francisco–Mission Bay South)<br>Series 2016-B<br>5.00%, 08/01/2026 | 1070 | 1130944 |
|  San Francisco Intl Airport<br>Series 2019-A<br>5.00%, 05/01/2034 | 11015 | 11254174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-E<br>5.00%, 05/01/2034 | 3450 | 3524912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 | 3275 | 3338713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 | 3385 | 3442169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H<br>5.00%, 05/01/2027 | 5500 | 5695346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-E<br>5.00%, 05/01/2037 | 3815 | 3882152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>5.00%, 05/01/2036 | 1950 | 1991132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>2.583%, 05/01/2030 | 1625 | 1366015 |
|  San Mateo Joint Powers Financing Authority <br>(County of San Mateo CA Lease)<br>Series 2019-A<br>5.00%, 07/15/2023 | 4000 | 4055282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2024 | 3660 | 3769172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2025 | 5790 | 6068062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2026 | 3310 | 3520730 |
|  Saugus/Hart School Facilities Financing Authority <br>(Saugus Union School District Community Facilities District No. 06-01)<br>Series 2016<br>5.00%, 09/01/2029 | 1000 | 1031369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 1365 | 1401764 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 39** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  Southern California Public Power Authority <br>(Los Angeles Department of Water & Power PWR)<br>Series 2014-A<br>5.00%, 07/01/2030 | $1030 | $1059210 |
|  Southwestern Community College District<br>Series 2015<br>5.00%, 08/01/2023 | 3250 | 3300693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2024 | 3550 | 3664762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2025 | 3870 | 4058632 |
|  State of California<br>Series 2013<br>5.00%, 09/01/2028 | 8890 | 9035464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014<br>5.00%, 12/01/2022 | 11085 | 11120571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 2285 | 2332386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 5295 | 5445765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B<br>5.00%, 09/01/2024 | 3330 | 3446686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>5.00%, 08/01/2024 | 5540 | 5726078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>5.00%, 10/01/2022 | 5000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 04/01/2031 | 1935 | 2118332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 1310 | 1427643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2037 | 615 | 654180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 04/01/2042 | 6380 | 5927414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2036 | 7780 | 8480491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2042 | 4630 | 4833496 |
|  Stockton Unified School District<br>Series 2016<br>5.00%, 08/01/2028 | 7770 | 8168986 |
|  Sweetwater Union High School District<br>Series 2016<br>5.00%, 08/01/2030 | 3205 | 3373138 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2014<br>5.00%, 08/01/2028 | 5760 | 5905991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 2220 | 2273895 |
|  Tobacco Securitization Authority of Northern California <br>(Sacramento County Tobacco Securitization Corp.)<br>Series 2021<br>4.00%, 06/01/2034 | 1000 | 940523 |

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| **40 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2036 | $1015 | $937710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2038 | 1210 | 1097003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2040 | 1150 | 1024427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 1360 | 1422988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 1500 | 1566033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 1220 | 1277154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 1500 | 1578947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 1300 | 1356464 |
|  Transbay Joint Powers Authority <br>(Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Rev)<br>Series 2020<br>5.00%, 10/01/2031 | 500 | 543602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 450 | 485994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 600 | 641070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 | 600 | 637940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 800 | 844059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 | 700 | 732452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 | 1000 | 1037511 |
|  University of California<br>Series 2013-A<br>5.00%, 05/15/2048 | 9785 | 9903243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A<br>5.00%, 05/15/2028 | 1000 | 1029751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A<br>5.00%, 05/15/2024 | 2280 | 2347833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 05/15/2028 | 1000 | 1082796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 | 3000 | 3246964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2031 | 2465 | 2656918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M<br>5.00%, 05/15/2031 | 4000 | 4304310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-O<br>4.00%, 05/15/2025 | 8320 | 8510229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B<br>5.00%, 05/15/2034 | 7000 | 7674171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 | 10000 | 10887459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Q<br>4.00%, 05/15/2040 | 7750 | 7167426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-S<br>5.00%, 05/15/2033 | 2000 | 2245576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>5.00%, 05/15/2028<sup>(b)</sup> | 3000 | 3217478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2032<sup>(b)</sup> | 5000 | 5506723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2033<sup>(b)</sup> | 3180 | 3513445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2037<sup>(b)</sup> | 2000 | 2154199 |
|  |  | 830952751 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **Alabama – 2.2%** | **Alabama – 2.2%** | **Alabama – 2.2%** |
|  Southeast Alabama Gas Supply District (The) <br>(Morgan Stanley)<br>Series 2018-A<br>4.00%, 06/01/2049 | $24615 | $24552114 |
|  **American Samoa – 0.1%** | **American Samoa – 0.1%** | **American Samoa – 0.1%** |
|  American Samoa Economic Development Authority <br>(Territory of American Samoa)<br>Series 2018<br>6.50%, 09/01/2028<sup>(c)</sup> | 735 | 793344 |
|  **Colorado – 0.3%** | **Colorado – 0.3%** | **Colorado – 0.3%** |
|  City & County of Denver CO <br>(United Airlines, Inc.)<br>Series 2017<br>5.00%, 10/01/2032 | 3000 | 2855121 |
|  **Florida – 0.1%** | **Florida – 0.1%** | **Florida – 0.1%** |
|  Capital Trust Agency, Inc. <br>(Franklin Academy Obligated Group)<br>Series 2020<br>5.00%, 12/15/2026<sup>(c)</sup> | 100 | 100814 |
|  City of Tampa FL <br>(State of Florida Cigarette Tax Revenue)<br>Series 2020-A<br>Zero Coupon, 09/01/2033 | 175 | 102280 |
|  County of Osceola FL Transportation Revenue<br>Series 2020-A<br>Zero Coupon, 10/01/2030 | 150 | 99969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2031 | 185 | 116293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2032 | 100 | 59305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2033 | 250 | 139420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2034 | 270 | 141697 |
|  New River Community Development District<br>Series 2006-B 5.00%,<br>05/01/2013<sup>(d)(e)(f)(g)</sup> | 405 | – 0 |
|  |  | 759778 |
|  **Georgia – 0.2%** | **Georgia – 0.2%** | **Georgia – 0.2%** |
|  Municipal Electric Authority of Georgia<br>Series 2019<br>5.00%, 01/01/2032 | 460 | 476848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 | 250 | 255445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 | 1590 | 1616042 |
|  |  | 2348335 |

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **Guam – 1.8%** | **Guam – 1.8%** | **Guam – 1.8%** |
|  Antonio B Won Pat International Airport Authority<br>Series 2021-A<br>2.899%, 10/01/2027 | $625 | $548765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.489%, 10/01/2031 | 500 | 414412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 10/01/2028<sup>(b)</sup> | 1080 | 1054274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/01/2034<sup>(b)</sup> | 140 | 127831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 10/01/2040<sup>(b)</sup> | 275 | 248099 |
|  Guam Department of Education <br>(Guam Department of Education COP)<br>Series 2020<br>4.25%, 02/01/2030 | 1500 | 1381664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2040 | 1090 | 992226 |
|  Guam Power Authority<br>Series 2022-A<br>5.00%, 10/01/2023 | 2000 | 2022095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 3000 | 3126721 |
|  Territory of Guam<br>Series 2019<br>5.00%, 11/15/2031 | 540 | 509877 |
|  Territory of Guam <br>(Guam Section 30 Income Tax)<br>Series 2016-A<br>5.00%, 12/01/2029 | 455 | 454302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 730 | 724672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 675 | 660469 |
|  Territory of Guam <br>(Territory of Guam Business Privilege Tax)<br>Series 2015-D<br>5.00%, 11/15/2023 | 1365 | 1370243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2025 | 1140 | 1143987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 | 2735 | 2692501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F<br>5.00%, 01/01/2031 | 1000 | 990253 |
|  Territory of Guam <br>(Territory of Guam Hotel Occupancy Tax)<br>Series 2021-A<br>5.00%, 11/01/2027 | 350 | 349588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 455 | 453894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 500 | 499086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 320 | 317607 |
|  |  | 20082566 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **Illinois – 2.6%** | **Illinois – 2.6%** | **Illinois – 2.6%** |
|  Chicago Board of Education<br>Series 2017-F<br>5.00%, 12/01/2024 | $6000 | $6104842 |
|  Illinois Finance Authority <br>(Illinois Institute of Technology)<br>Series 2019<br>5.00%, 09/01/2023 | 100 | 100679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 100 | 101987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 100 | 102116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 100 | 102370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 100 | 100517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 200 | 199915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 100 | 98747 |
|  Metropolitan Pier & Exposition Authority<br>Series 2017-B<br>5.00%, 12/15/2026 | 3250 | 3330718 |
|  State of Illinois<br>Series 2016<br>5.00%, 11/01/2024 | 1200 | 1219826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D<br>5.00%, 11/01/2023 | 9530 | 9642940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2024 | 3935 | 4000013 |
|  Village of Bolingbrook IL Sales Tax Revenue<br>Series 2005<br>6.00%, 01/01/2026 | 4450 | 4096133 |
|  |  | 29200803 |
|  **Kentucky – 0.4%** | **Kentucky – 0.4%** | **Kentucky – 0.4%** |
|  City of Ashland KY <br>(Ashland Hospital Corp. Obligated Group)<br>Series 2019<br>5.00%, 02/01/2026 | 230 | 236005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 260 | 268490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 160 | 166931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 200 | 204399 |
|  Kentucky Economic Development Finance Authority <br>(Owensboro Health, Inc. Obligated Group)<br>Series 2017-A<br>5.00%, 06/01/2029 | 3500 | 3597413 |
|  |  | 4473238 |
|  **Louisiana – 0.1%** | **Louisiana – 0.1%** | **Louisiana – 0.1%** |
|  Parish of St. James LA <br>(NuStar Logistics LP)<br>Series 2020<br>5.85%, 08/01/2041<sup>(c)</sup> | 185 | 189780 |

---

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|:---|:---|
| **44 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/2038<sup>(c)</sup> | $| 270 | $| 287271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 12/01/2040<sup>(c)</sup> |  | 355 |  | 377709 |
|  |  |  |  | 854760 |
|  **Michigan – 0.2%** | **Michigan – 0.2%** | **Michigan – 0.2%** | **Michigan – 0.2%** | **Michigan – 0.2%** |
|  City of Detroit MI<br>Series 2018<br>5.00%, 04/01/2031 |  | 1745 |  | 1771494 |
|  **Missouri – 0.0%** | **Missouri – 0.0%** | **Missouri – 0.0%** | **Missouri – 0.0%** | **Missouri – 0.0%** |
|  Howard Bend Levee District<br>XLCA INS Series 2005<br>5.75%, 03/01/2025 |  | 175 |  | 177132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027 |  | 150 |  | 152053 |
|  |  |  |  | 329185 |
|  **Nevada – 0.1%** | **Nevada – 0.1%** | **Nevada – 0.1%** | **Nevada – 0.1%** | **Nevada – 0.1%** |
|  City of Sparks NV <br>(City of Sparks NV Sales Tax)<br>Series 2019-A<br>2.50%, 06/15/2024<sup>(c)</sup> |  | 295 |  | 283736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/15/2028<sup>(c)</sup> |  | 525 |  | 460121 |
|  |  |  |  | 743857 |
|  **New Jersey – 1.8%** | **New Jersey – 1.8%** | **New Jersey – 1.8%** | **New Jersey – 1.8%** | **New Jersey – 1.8%** |
|  New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant)<br>Series 2016<br>5.00%, 06/15/2027 |  | 1410 |  | 1474171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 |  | 6660 |  | 6895010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 06/15/2028 |  | 2710 |  | 2822724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 |  | 1290 |  | 1335520 |
|  New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease)<br>Series 2019-B<br>5.00%, 06/15/2030 |  | 3225 |  | 3349569 |
|  Tobacco Settlement Financing Corp./NJ<br>Series 2018-A<br>5.00%, 06/01/2023 |  | 1000 |  | 1010996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2025 |  | 1000 |  | 1027849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 |  | 1000 |  | 1034958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 |  | 1000 |  | 1038136 |
|  |  |  |  | 19988933 |
|  **New York – 1.2%** | **New York – 1.2%** | **New York – 1.2%** | **New York – 1.2%** | **New York – 1.2%** |
|  Metropolitan Transportation Authority<br>Series 2016-A<br>5.00%, 11/15/2026 |  | 2065 |  | 2140942 |

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|:---|:---|
| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 45** |

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

------

**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 11/15/2026 | $| 2960 | $| 3069765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-E<br>5.00%, 11/15/2027 |  | 3750 |  | 3882849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 |  | 3500 |  | 3629073 |
|  New York Transportation Development Corp. <br>(Delta Air Lines, Inc.)<br>Series 2018<br>4.00%, 01/01/2036 |  | 1000 |  | 881715 |
|  New York Transportation Development Corp. <br>(Laguardia Gateway Partners LLC)<br>Series 2016-A<br>5.00%, 07/01/2046 |  | 220 |  | 208732 |
|  |  |  |  | 13813076 |
|  **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** |
|  Buckeye Tobacco Settlement Financing Authority<br>Series 2020-A<br>5.00%, 06/01/2036 |  | 1175 |  | 1202350 |
|  **Pennsylvania – 0.4%** | **Pennsylvania – 0.4%** | **Pennsylvania – 0.4%** | **Pennsylvania – 0.4%** | **Pennsylvania – 0.4%** |
|  Allentown Neighborhood Improvement Zone Development Authority<br>Series 2018<br>5.00%, 05/01/2028<sup>(c)</sup> |  | 1250 |  | 1250208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033<sup>(c)</sup> |  | 1000 |  | 968040 |
|  Hospitals & Higher Education Facilities Authority of Philadelphia (The) <br>(Temple University Health System Obligated Group)<br>Series 2017 <br>5.00%, 07/01/2024 |  | 1815 |  | 1843362 |
|  |  |  |  | 4061610 |
|  **Puerto Rico – 0.8%** | **Puerto Rico – 0.8%** | **Puerto Rico – 0.8%** | **Puerto Rico – 0.8%** | **Puerto Rico – 0.8%** |
|  Commonwealth of Puerto Rico<br>Series 2021-A<br>Zero Coupon, 07/01/2024 |  | 800 |  | 734843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2033 |  | 1680 |  | 926005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 |  | 500 |  | 439701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2023 |  | 350 |  | 351557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2025 |  | 655 |  | 661333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2027 |  | 2515 |  | 2567227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 |  | 725 |  | 741525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2031 |  | 220 |  | 224291 |

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| **46 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Puerto Rico Highway & Transportation Authority<br>AGC Series 2005-L<br>5.25%, 07/01/2041 | $| 740 | $| 719486 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-C<br>5.50%, 07/01/2031 |  | 150 |  | 151166 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue<br>Series 2018-A<br>Zero Coupon, 07/01/2024 |  | 982 |  | 907289 |
|  |  |  |  | 8424423 |
|  **South Carolina – 0.4%** | **South Carolina – 0.4%** | **South Carolina – 0.4%** | **South Carolina – 0.4%** | **South Carolina – 0.4%** |
|  Patriots Energy Group Financing Agency <br>(Royal Bank of Canada)<br>Series 2018-A<br>4.00%, 10/01/2048 |  | 5000 |  | 5010695 |
|  **Texas – 0.4%** | **Texas – 0.4%** | **Texas – 0.4%** | **Texas – 0.4%** | **Texas – 0.4%** |
|  Mission Economic Development Corp. <br>(Natgasoline LLC)<br>Series 2018<br>4.625%, 10/01/2031<sup>(c)</sup> |  | 3205 |  | 3155227 |
|  Texas Municipal Gas Acquisition & Supply Corp. I <br>(Bank of America Corp.)<br>Series 2008-D<br>6.25%, 12/15/2026 |  | 1190 |  | 1236398 |
|  |  |  |  | 4391625 |
|  **Washington – 0.1%** | **Washington – 0.1%** | **Washington – 0.1%** | **Washington – 0.1%** | **Washington – 0.1%** |
|  Washington Health Care Facilities Authority <br>(CommonSpirit Health)<br>Series 2019-A<br>5.00%, 08/01/2031 |  | 825 |  | 846676 |
|  **Wisconsin – 0.8%** | **Wisconsin – 0.8%** | **Wisconsin – 0.8%** | **Wisconsin – 0.8%** | **Wisconsin – 0.8%** |
|  UMA Education, Inc.<br>Series 2019<br>5.00%, 10/01/2022<sup>(c)</sup> |  | 175 |  | 175000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2023<sup>(c)</sup> |  | 195 |  | 195130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025<sup>(c)</sup> |  | 730 |  | 727395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026<sup>(c)</sup> |  | 770 |  | 764782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027<sup>(c)</sup> |  | 805 |  | 795911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028<sup>(c)</sup> |  | 700 |  | 687928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(c)</sup> |  | 320 |  | 313214 |

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|:---|:---|
| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 47** |

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

------

**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority <br>(Celanese US Holdings LLC)<br>Series 2016-A<br>5.00%, 01/01/2024 | $| 5335 | $| 5382550 |
|  |  |  |  | 9041910 |
|  Total Long-Term Municipal Bonds <br>(cost $1,058,612,594) |  |  |  | 986498644 |
|  **Short-Term Municipal Notes – 3.4%** | **Short-Term Municipal Notes – 3.4%** | **Short-Term Municipal Notes – 3.4%** | **Short-Term Municipal Notes – 3.4%** | **Short-Term Municipal Notes – 3.4%** |
|  **California – 3.4%** | **California – 3.4%** | **California – 3.4%** | **California – 3.4%** | **California – 3.4%** |
|  City of Los Angeles CA<br>Series 2022<br>4.00%, 06/29/2023 |  | 35990 |  | 36235092 |
|  Southern California Public Power Authority<br>Series 2020<br>2.40%, 07/01/2036<sup>(h)</sup> |  | 1300 |  | 1300000 |
|  Total Short-Term Municipal Notes <br>(cost $37,667,433) |  |  |  | 37535092 |
|  Total Municipal Obligations <br>(cost $1,096,280,027) |  |  |  | 1024033736 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.0%** |  |  |  |  |
|  **Agency CMBS – 1.0%** |  |  |  |  |
|  California Housing Finance Agency<br>Series 2021-2, Class A<br>3.75%, 03/25/2035 |  | 7904 |  | 7251982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class X<br>0.764%, 08/20/2036<sup>(i)</sup> |  | 3357 |  | 202690 |
|  Federal Home Loan Mortgage Corp.<br>Series 2021-ML10, Class AUS<br>2.032%, 01/25/2038 |  | 4937 |  | 3801068 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $14,679,917) |  |  |  | 11255740 |
|  **GOVERNMENTS - TREASURIES – 0.2%** |  |  |  |  |
|  **United States – 0.2%** | **United States – 0.2%** | **United States – 0.2%** | **United States – 0.2%** | **United States – 0.2%** |
|  U.S. Treasury Notes<br>2.625%, 02/15/2029<sup>(j)</sup> <br>(cost $2,436,438) |  | 2346 |  | 2161986 |

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| | |
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| **48 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **CORPORATES - INVESTMENT GRADE – 0.2%** |  |  |
|  **Industrial – 0.2%** | **Industrial – 0.2%** | **Industrial – 0.2%** |
|  **Consumer Cyclical - Automotive – 0.2%** | **Consumer Cyclical - Automotive – 0.2%** | **Consumer Cyclical - Automotive – 0.2%** |
|  General Motors Financial Co., Inc.<br>3.443% (SOFR + 1.30%), 04/07/2025<sup>(a)</sup> <br>(cost $2,000,000) | $2000 | $1957540 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS – 0.1%** |  |  |
|  **Risk Share Floating Rate – 0.1%** | **Risk Share Floating Rate – 0.1%** | **Risk Share Floating Rate – 0.1%** |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2013-DN2, Class M2<br>7.334% (LIBOR 1 Month + 4.25%), 11/25/2023<sup>(a)</sup> | 90 | 91004 |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2014-C03, Class 2M2<br>5.984% (LIBOR 1 Month + 2.90%), 07/25/2024<sup>(a)</sup> | 71 | 71489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C04, Class 1M2<br>7.984% (LIBOR 1 Month + 4.90%), 11/25/2024<sup>(a)</sup> | 56 | 58259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C02, Class 1M2<br>7.084% (LIBOR 1 Month + 4.00%), 05/25/2025<sup>(a)</sup> | 35 | 36016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C03, Class 1M2<br>8.084% (LIBOR 1 Month + 5.00%), 07/25/2025<sup>(a)</sup> | 35 | 35429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 1M2<br>9.834% (LIBOR 1 Month + 6.75%), 08/25/2028<sup>(a)</sup> | 111 | 117513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2<br>9.084% (LIBOR 1 Month + 6.00%), 09/25/2028<sup>(a)</sup> | 56 | 58245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class 1M2<br>8.384% (LIBOR 1 Month + 5.30%), 10/25/2028<sup>(a)</sup> | 95 | 97279 |
|  Total Collateralized Mortgage Obligations <br>(cost $552,308) |  | 565234 |

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| | |
|:---|:---|
| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 49** |

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

------

**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **SHORT-TERM INVESTMENTS – 5.3%** |  |  |
|  **U.S. Treasury Bills – 5.3%** | **U.S. Treasury Bills – 5.3%** | **U.S. Treasury Bills – 5.3%** |
|  **United States – 5.3%** | **United States – 5.3%** | **United States – 5.3%** |
|  U.S. Treasury Bill<br>Zero Coupon, 10/20/2022<br>(cost $58,425,746) | $58500 | $58427622 |
|  **Total Investments – 99.7%** <br> (cost $1,174,374,436) |  | 1098401858 |
|  Other assets less liabilities – 0.3% |  | 3494929 |
|  **Net Assets – 100.0%** |  | $**1101896787** |

---

**CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums**<br> **Paid/**<br> **(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Sale Contracts** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY<br>Series 39, 5 Year Index, 12/20/2027\* | 5.00% | Quarterly | 6.06% | USD | 8300 | $&nbsp;&nbsp;&nbsp;&nbsp;(328585) | $&nbsp;&nbsp;&nbsp;&nbsp;(317863) | $&nbsp;&nbsp;&nbsp;&nbsp;(10722) |

---

\* Termination date

**CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 5605 | 01/15/2025 | 2.565% | CPI# | Maturity | $483175 | $– 0 | $483175 |
| USD | 3100 | 01/15/2025 | 4.028% | CPI# | Maturity | 85148 | – 0 | 85148 |
| USD | 2803 | 01/15/2025 | 2.613% | CPI# | Maturity | 236393 | – 0 | 236393 |
| USD | 2802 | 01/15/2025 | 2.585% | CPI# | Maturity | 239341 | – 0 | 239341 |
| USD | 12110 | 01/15/2026 | CPI# | 3.720% | Maturity | (329976) | – 0 | (329976) |
| USD | 8400 | 01/15/2027 | CPI# | 3.320% | Maturity | (316213) | – 0 | (316213) |
| USD | 8200 | 01/15/2027 | CPI# | 3.466% | Maturity | (236510) | &nbsp;&nbsp;&nbsp;&nbsp;(9582 | (226928) |
| USD | 6420 | 01/15/2027 | CPI# | 3.323% | Maturity | (240520) | – 0 | (240520) |
| USD | 21750 | 01/15/2028 | 1.230% | CPI# | Maturity | &nbsp;&nbsp;&nbsp;&nbsp;3629212 | – 0 | &nbsp;&nbsp;&nbsp;&nbsp;3629212 |
| USD | 15980 | 01/15/2028 | 0.735% | CPI# | Maturity | 3223789 | – 0 | 3223789 |
| USD | 21800 | 01/15/2029 | CPI# | 3.290% | Maturity | (436702) | – 0 | (436702) |
| USD | 8210 | 01/15/2029 | CPI# | 3.735% | Maturity | 131878 | – 0 | 131878 |
| USD | 4115 | 01/15/2030 | 1.572% | CPI# | Maturity | 630159 | – 0 | 630159 |
| USD | 4115 | 01/15/2030 | 1.587% | CPI# | Maturity | 624679 | – 0 | 624679 |
| USD | 4900 | 01/15/2031 | 2.782% | CPI# | Maturity | 247343 | – 0 | 247343 |
| USD | 4500 | 01/15/2031 | 2.680% | CPI# | Maturity | 270830 | – 0 | 270830 |

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| | |
|:---|:---|
| **50 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

------

**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 3950 | 01/15/2031 | 2.989% | CPI# | Maturity | $120714 | $– 0 | $120714 |
| USD | 4300 | 01/15/2032 | CPI# | 3.064% | Maturity | (68505) | – 0 | (68505) |
| USD | 4180 | 04/15/2032 | CPI# | 2.909% | Maturity | (118301) | – 0 | (118301) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;8175934 | $&nbsp;&nbsp;&nbsp;&nbsp;(9582 | $&nbsp;&nbsp;&nbsp;&nbsp;8185516 |

---

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

**CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 13000 | 01/15/2029 | 1.363% | 3 Month<br>LIBOR | Semi-Annual/<br>Quarterly | $1894135 | $(8805) | $1902940 |
| USD | 34000 | 04/15/2032 | 2.525% | 1 Day<br>SOFR | Annual | 2638093 | – 0 | 2638093 |
| USD | 8000 | 04/15/2032 | 1.280% | 1 Day<br>SOFR | Annual | 1445650 | – 0 | 1445650 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5977878 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5986683 |

---

**CREDIT DEFAULT SWAPS (see Note 3)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br>Counterparty & <br>Referenced<br>Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Sale Contracts** |  |  |  |  |  |  |  |  |
|  Citigroup Global Markets, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 87 | $(19479) | $(8116) | $(11363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1005 | (225216) | (123252) | (101964) |
|  Credit Suisse International |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1 | (161) | (84) | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 47 | (10625) | (4468) | (6157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 592 | (132811) | (55913) | (76898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 892 | (199942) | (82013) | (117929) |
|  Goldman Sachs International |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 773 | (173219) | (68965) | (104254) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(761453) | $&nbsp;&nbsp;&nbsp;&nbsp;(342811) | $&nbsp;&nbsp;&nbsp;&nbsp;(418642) |

---

\* Termination date

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**PORTFOLIO OF INVESTMENTS** (continued)

**CALIFORNIA MUNICIPAL PORTFOLIO** 

**INTEREST RATE SWAPS (see Note 3)** 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| <br>**Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** |<br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Citibank, NA | USD | 12395 | 10/09/2029 | 1.125% | SIFMA \* | Quarterly | $&nbsp;&nbsp;&nbsp;&nbsp;1424335 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;1424335 |

---

\* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

(a) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2022.

(b) When-Issued or delayed delivery security.

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are
considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2022, the aggregate market value of these securities amounted to $80,439,176 or 7.3% of net assets.

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

(e) Fair valued by the Adviser.

(f) Non-income producing security.

(g) Defaulted matured security.

(h) Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest
payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

(i) IO – Interest Only.

(j) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

As of September 30, 2022, the Portfolio's percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 2.0% and 0.0%, respectively.

Glossary:

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CDX-NAHY – North American High Yield Credit Default Swap

CMBS – Commercial Mortgage-Backed Securities

COP – Certificate of Participation

DOT – Department of Transportation

ETM – Escrowed to Maturity

LIBOR – London Interbank Offered Rate

MUNIPSA – SIFMA Municipal Swap Index

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

SRF – State Revolving Fund

XLCA – XL Capital Assurance Inc.

See notes to financial statements.

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**PORTFOLIO OF INVESTMENTS** 

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

**September 30, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **MUNICIPAL OBLIGATIONS – 98.0%** | **MUNICIPAL OBLIGATIONS – 98.0%** | **MUNICIPAL OBLIGATIONS – 98.0%** |
|  **Long-Term Municipal Bonds – 89.9%** | **Long-Term Municipal Bonds – 89.9%** | **Long-Term Municipal Bonds – 89.9%** |
|  **Alabama – 2.0%** | **Alabama – 2.0%** | **Alabama – 2.0%** |
|  Alabama Federal Aid Highway Finance Authority<br>(State of Alabama Fed Hwy Grant)<br>Series 2015<br>5.00%, 09/01/2025<br>(Pre-refunded/ETM) | $1390 | $1435835 |
|  Black Belt Energy Gas District <br>(Goldman Sachs Group, Inc. (The))<br>Series 2021<br>4.00%, 10/01/2052 | 5000 | 4870082 |
|  Infirmary Health System Special Care Facilities Financing Authority of Mobile <br>(Infirmary Health System Obligated Group)<br>Series 2021<br>4.00%, 02/01/2039 | 1000 | 888732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2040 | 2680 | 2361988 |
|  Southeast Alabama Gas Supply District (The) <br>(Goldman Sachs Group, Inc. (The))<br>Series 2018-A<br>4.00%, 04/01/2049 | 23985 | 23906588 |
|  Southeast Alabama Gas Supply District (The) <br>(Morgan Stanley)<br>Series 2018-A<br>4.00%, 06/01/2049 | 69310 | 69132927 |
|  Sumter County Industrial Development Authority/AL <br>(Enviva, Inc.)<br>Series 2022<br>6.00%, 07/15/2052 | 6480 | 5948392 |
|  |  | 108544544 |
|  **Alaska – 0.2%** | **Alaska – 0.2%** | **Alaska – 0.2%** |
|  Municipality of Anchorage AK<br>Series 2015-B<br>5.00%, 09/01/2024 | 4375 | 4522551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C<br>5.00%, 09/01/2023 | 1890 | 1921436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2024 | 2730 | 2822072 |
|  |  | 9266059 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **American Samoa – 0.0%** | **American Samoa – 0.0%** | **American Samoa – 0.0%** |
|  American Samoa Economic Development Authority <br>(Territory of American Samoa)<br>Series 2018<br>6.50%, 09/01/2028<sup>(a)</sup> | $1920 | $2072408 |
|  **Arizona – 1.8%** | **Arizona – 1.8%** | **Arizona – 1.8%** |
|  Arizona Health Facilities Authority <br>(HonorHealth)<br>Series 2014-A<br>5.00%, 12/01/2023 | 1270 | 1292993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2024 | 1500 | 1546033 |
|  Arizona Industrial Development Authority <br>(Equitable School Revolving Fund LLC Obligated Group)<br>Series 2020<br>5.00%, 11/01/2034 | 1000 | 1048104 |
|  Arizona Industrial Development Authority <br>(Legacy Cares, Inc.)<br>Series 2020<br>6.50%, 07/01/2026<sup>(a)</sup> | 2000 | 1948136 |
|  City of Glendale AZ <br>(City of Glendale AZ COP)<br>Series 2021<br>2.062%, 07/01/2029 | 2900 | 2387668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.542%, 07/01/2033 | 5000 | 3850239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.642%, 07/01/2034 | 10000 | 7602041 |
|  City of Glendale AZ <br>(City of Glendale AZ Excise Tax)<br>Series 2015-A<br>5.00%, 07/01/2023 | 7945 | 8052776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2024 | 9010 | 9284051 |
|  City of Phoenix Civic Improvement Corp. <br>(City of Phoenix AZ Water System Revenue)<br>Series 2020<br>5.00%, 07/01/2030 | 600 | 667217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 850 | 941180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 825 | 909971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 1000 | 1098505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 | 1250 | 1353447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 2000 | 2162103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 1500 | 1612335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 | 2000 | 2144763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 2000 | 2140847 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 07/01/2030 | $| 500 | $| 556014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 |  | 650 |  | 719726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 |  | 400 |  | 441198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 |  | 490 |  | 538267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 |  | 1000 |  | 1092244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 |  | 1135 |  | 1228930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 |  | 1670 |  | 1805356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 |  | 1500 |  | 1612335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 |  | 1550 |  | 1662192 |
|  City of Tempe AZ <br>(City of Tempe AZ COP)<br>Series 2021<br>2.071%, 07/01/2032 |  | 5000 |  | 3899742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.171%, 07/01/2033 |  | 5000 |  | 3831932 |
|  Gilbert Water Resource Municipal Property Corp. <br>(Town of Gilbert AZ Waterworks & Sewer System Revenue)<br>Series 2022<br>5.00%, 07/15/2037 |  | 1805 |  | 1985054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2038 |  | 5500 |  | 6031528 |
|  Maricopa County Special Health Care District<br>Series 2018-C<br>5.00%, 07/01/2028 |  | 6000 |  | 6489233 |
|  State of Arizona Lottery Revenue<br>Series 2019<br>5.00%, 07/01/2023<br>(Pre-refunded/ETM) |  | 4000 |  | 4052492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2024<br>(Pre-refunded/ETM) |  | 2000 |  | 2058775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2025<br>(Pre-refunded/ETM) |  | 5000 |  | 5224944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027<br>(Pre-refunded/ETM) |  | 5500 |  | 5904185 |
|  |  |  |  | 99176556 |
|  **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** |
|  City of Fayetteville AR Sales & Use Tax Revenue<br>Series 2022<br>2.875%, 11/01/2032 |  | 3000 |  | 2737688 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **California – 6.3%** | **California – 6.3%** | **California – 6.3%** |
|  California Community Housing Agency <br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments)<br>Series 2021-A<br>4.00%, 08/01/2047<sup>(a)</sup> | $18035 | $12579748 |
|  California Housing Finance Agency<br>Series 2019-2, Class A<br>4.00%, 03/20/2033 | 10545 | 10030291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A<br>3.50%, 11/20/2035 | 3424 | 2957752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2<br>0.823%, 03/25/2035 | 10000 | 562728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A<br>3.25%, 08/20/2036 | 3950 | 3381233 |
|  California State Public Works Board <br>(California State Public Works Board Lease)<br>Series 2014-B<br>5.00%, 10/01/2028 | 1225 | 1262053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>5.00%, 02/01/2027 | 12040 | 12890429 |
|  California State University<br>Series 2021-B<br>2.374%, 11/01/2035 | 5000 | 3643788 |
|  City of Los Angeles Department of Airports<br>Series 2018-C<br>5.00%, 05/15/2036 | 5840 | 5918866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 05/15/2039 | 5215 | 5257074 |
|  City of Riverside CA Electric Revenue<br>Series 2019-A<br>5.00%, 10/01/2033 | 5230 | 5685195 |
|  CMFA Special Finance Agency VII <br>(CMFA Special Finance Agency VII The Breakwater Apartments)<br>Series 2021<br>4.00%, 08/01/2047<sup>(a)</sup> | 1995 | 1356241 |
|  CMFA Special Finance Agency VIII Elan Huntington Beach<br>Series 2021<br>4.00%, 08/01/2047<sup>(a)</sup> | 2505 | 1878750 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 777 Place-Pomona)<br>Series 2021<br>3.60%, 05/01/2047<sup>(a)</sup> | 13250 | 10040097 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)<br>Series 2021<br>4.00%, 10/01/2046<sup>(a)</sup> | $5500 | $3850825 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Altana Apartments)<br>Series 2021<br>3.50%, 10/01/2046<sup>(a)</sup> | 13000 | 9339646 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)<br>Series 2021<br>3.375%, 07/01/2043<sup>(a)</sup> | 7000 | 5165710 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Union South Bay)<br>Series 2021-A<br>3.10%, 07/01/2045<sup>(a)</sup> | 3000 | 2184697 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Vineyard Gardens Apartments)<br>Series 2021<br>4.00%, 10/01/2048<sup>(a)</sup> | 6545 | 4517532 |
|  Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue<br>Series 2021-A<br>4.00%, 06/01/2038 | 10000 | 9708444 |
|  Los Angeles Unified School District/CA<br>Series 2020-R<br>5.00%, 07/01/2033 | 2780 | 3059775 |
|  Regents of the University of California Medical Center Pooled Revenue<br>Series 2022<br>5.00%, 05/15/2038 | 5000 | 5314884 |
|  Sacramento County Water Financing Authority<br>(Sacramento County Water Agency)<br>NATL Series 2007-B<br>2.635% (LIBOR 3 Month + 0.57%), 06/01/2039<sup>(b)</sup> | 15000 | 12869035 |
|  San Francisco Intl Airport<br>Series 2020-E<br>5.00%, 05/01/2037 | 9645 | 9814771 |
|  State of California<br>Series 2013<br>5.00%, 11/01/2024 | 20000 | 20407592 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2025 | $| 23465 | $| 23938205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014<br>5.00%, 05/01/2025 |  | 30965 |  | 31860663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2026 |  | 50000 |  | 51438475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 11/01/2031 |  | 16185 |  | 17638479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2036 |  | 26190 |  | 27927340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.00%, 11/01/2030 |  | 19000 |  | 21267694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 |  | 460 |  | 496328 |
|  University of California<br>Series 2022-S<br>5.00%, 05/15/2034 |  | 5000 |  | 5570880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 |  | 5000 |  | 5520086 |
|  |  |  |  | 349335306 |
|  **Colorado – 2.1%** | **Colorado – 2.1%** | **Colorado – 2.1%** | **Colorado – 2.1%** | **Colorado – 2.1%** |
|  Centerra Metropolitan District No. 1<br>Series 2017<br>5.00%, 12/01/2029<sup>(a)</sup> |  | 3680 |  | 3620076 |
|  City & County of Denver Co. Airport System Revenue <br>(Denver Intl Airport)<br>Series 2012-A<br>5.00%, 11/15/2022 |  | 1025 |  | 1026866 |
|  City & County of Denver CO. Airport System Revenue <br>(Denver Intl Airport)<br>Series 2012-A<br>5.00%, 11/15/2024 |  | 5605 |  | 5614119 |
|  City & County of Denver Co. Airport System Revenue <br>(Denver Intl Airport)<br>Series 2016-A<br>5.00%, 11/15/2023 |  | 4085 |  | 4159856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 12/01/2025 |  | 10000 |  | 10351534 |
|  City & County of Denver CO. Airport System Revenue <br>(Denver Intl Airport)<br>Series 2018-A<br>5.00%, 12/01/2026 |  | 16080 |  | 16637632 |
|  City & County of Denver Co. Airport System Revenue <br>(Denver Intl Airport)<br>Series 2018-A<br>5.00%, 12/01/2027 |  | 19215 |  | 19950433 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  City & County of Denver CO. Airport System Revenue <br>(Denver Intl Airport)<br>Series 2018-A<br>5.00%, 12/01/2028 | $| 24320 | $| 25395562 |
|  City & County of Denver Co. Airport System Revenue <br>(Denver Intl Airport)<br>Series 2018-A<br>5.00%, 12/01/2032 |  | 1620 |  | 1665193 |
|  Colorado Health Facilities Authority <br>(CommonSpirit Health)<br>Series 2019-A<br>5.00%, 08/01/2031 |  | 2175 |  | 2232145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 |  | 1095 |  | 1106329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 |  | 1995 |  | 1999485 |
|  Colorado Health Facilities Authority <br>(Sanford Obligated Group)<br>Series 2019-A<br>5.00%, 11/01/2027 |  | 2280 |  | 2392722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 |  | 3620 |  | 3808196 |
|  Johnstown Plaza Metropolitan District<br>Series 2022<br>4.25%, 12/01/2046 |  | 2369 |  | 1876748 |
|  State of Colorado<br>Series 2022<br>6.00%, 12/15/2041 |  | 11000 |  | 12682461 |
|  Vauxmont Metropolitan District<br>AGM Series 2019<br>3.25%, 12/15/2050 |  | 959 |  | 680109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2026 |  | 270 |  | 286764 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2020<br>5.00%, 12/01/2024 |  | 485 |  | 500292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 |  | 305 |  | 326161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 |  | 385 |  | 418742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 |  | 285 |  | 305518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2050 |  | 300 |  | 312309 |
|  |  |  |  | 117349252 |
|  **Connecticut – 3.0%** | **Connecticut – 3.0%** | **Connecticut – 3.0%** | **Connecticut – 3.0%** | **Connecticut – 3.0%** |
|  City of Bridgeport CT<br>Series 2017-A<br>5.00%, 11/01/2023 |  | 1420 |  | 1445463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 |  | 1000 |  | 1064565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>5.00%, 08/15/2025 |  | 1085 |  | 1131005 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2026 | $4500 | $4750308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027<br>(Pre-refunded/ETM) | 755 | 813530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 6610 | 7045657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 08/15/2024 | 2245 | 2310814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2026 | 2480 | 2617947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 2605 | 2776692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 1620 | 1720748 |
|  Connecticut State Health & Educational Facilities Authority <br>(Nuvance Health Obligated Group)<br>Series 2019-A<br>5.00%, 07/01/2032 | 5425 | 5577478 |
|  Connecticut State Health & Educational Facilities Authority <br>(University of New Haven, Inc.)<br>Series 2018-K1<br>5.00%, 07/01/2026 | 1000 | 1001049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 1100 | 1100772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 1100 | 1098685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 1200 | 1197648 |
|  State of Connecticut<br>Series 2014-A<br>5.00%, 03/01/2028 | 6360 | 6503948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B<br>5.00%, 06/15/2032 | 7345 | 7626176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-F<br>5.00%, 11/15/2027 | 1570 | 1645652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A<br>5.00%, 03/15/2024 | 2805 | 2876668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2029 | 14500 | 15267627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-E<br>5.00%, 10/15/2024 | 17000 | 17597919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2025 | 3025 | 3169962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>5.00%, 04/15/2028 | 2515 | 2713602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C<br>5.00%, 06/15/2026 | 5500 | 5809721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D<br>5.00%, 04/15/2026 | 16655 | 17555311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 01/15/2040 | 2565 | 2691247 |
|  State of Connecticut Special Tax Revenue<br>Series 2012-A<br>5.00%, 01/01/2024 | 4650 | 4670387 |

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| **60 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>4.00%, 05/01/2036 | $| 1000 | $| 954796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 |  | 1030 |  | 1110806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 |  | 3565 |  | 3905845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033 |  | 2525 |  | 2730901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2037 |  | 2645 |  | 2807371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 |  | 2015 |  | 2125746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 05/01/2040 |  | 3835 |  | 3573957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D<br>4.00%, 11/01/2039 |  | 1060 |  | 991751 |
|  Town of Stratford CT<br>Series 2019<br>5.00%, 01/01/2031 |  | 3890 |  | 4088893 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2019<br>5.00%, 01/01/2030 |  | 2035 |  | 2146940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 |  | 3890 |  | 4078423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 |  | 3555 |  | 3718902 |
|  University of Connecticut<br>Series 2022-A<br>5.00%, 05/01/2040 |  | 7065 |  | 7451237 |
|  |  |  |  | 163466149 |
|  **Delaware – 0.1%** | **Delaware – 0.1%** | **Delaware – 0.1%** | **Delaware – 0.1%** | **Delaware – 0.1%** |
|  Delaware River & Bay Authority<br>Series 2014-C<br>5.00%, 01/01/2026 |  | 3250 |  | 3314856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 |  | 2220 |  | 2264029 |
|  Delaware State Economic Development Authority <br>(Newark Charter School, Inc.)<br>Series 2020<br>4.00%, 09/01/2030 |  | 575 |  | 548528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2050 |  | 1000 |  | 975503 |
|  |  |  |  | 7102916 |
|  **District of Columbia – 1.9%** | **District of Columbia – 1.9%** | **District of Columbia – 1.9%** | **District of Columbia – 1.9%** | **District of Columbia – 1.9%** |
|  District of Columbia<br>Series 2013-A<br>5.00%, 06/01/2025 |  | 20860 |  | 21106794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 |  | 19580 |  | 19810368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 |  | 18675 |  | 18893499 |
|  District of Columbia <br>(District of Columbia Pers Income Tax)<br>Series 2012-C<br>5.00%, 12/01/2026 |  | 5585 |  | 5602009 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 61** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Metropolitan Washington Airports Authority Aviation Revenue<br>Series 2018-A<br>5.00%, 10/01/2029 | $| 1155 | $| 1206851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 10/01/2030 |  | 3840 |  | 4024998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 |  | 5000 |  | 5189623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 10/01/2029 |  | 2540 |  | 2670476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 |  | 5500 |  | 5796965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 |  | 5000 |  | 5231626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 |  | 5500 |  | 5733601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 |  | 5000 |  | 5173029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 |  | 2870 |  | 2954539 |
|  Washington Metropolitan Area Transit Authority <br>(Washington Metropolitan Area Transit Authority State Lease)<br>Series 2020-A<br>5.00%, 07/15/2036 |  | 3205 |  | 3432213 |
|  |  |  |  | 106826591 |
|  **Florida – 4.3%** | **Florida – 4.3%** | **Florida – 4.3%** | **Florida – 4.3%** | **Florida – 4.3%** |
|  Capital Trust Agency, Inc. <br>(Franklin Academy Obligated Group)<br>Series 2020<br>5.00%, 12/15/2030<sup>(a)</sup> |  | 510 |  | 504563 |
|  Central Florida Expressway Authority<br>Series 2019-B<br>5.00%, 07/01/2033 |  | 11335 |  | 12078535 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2021<br>5.00%, 07/01/2031 |  | 4500 |  | 4989707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 |  | 2855 |  | 3134223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 |  | 2650 |  | 2889918 |
|  City of South Miami Health Facilities Authority, Inc. <br>(Baptist Health South Florida Obligated Group)<br>Series 2017<br>5.00%, 08/15/2031 |  | 5000 |  | 5275380 |
|  City of Tampa FL <br>(State of Florida Cigarette Tax Revenue)<br>Series 2020-A<br>Zero Coupon, 09/01/2034 |  | 650 |  | 357185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/01/2035 |  | 650 |  | 336249 |

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| **62 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  County of Broward FL Airport System Revenue<br>Series 2019-A<br>5.00%, 10/01/2031 | $1070 | $1109671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C<br>2.384%, 10/01/2026 | 1250 | 1143635 |
|  County of Broward FL Airport System Revenue <br>(Fort Lauderdale Hollywood Intl Airport)<br>Series 2012-Q<br>5.00%, 10/01/2023 | 5000 | 5006887 |
|  County of Broward FL Convention Center Hotel Revenue<br>Series 2022<br>5.00%, 01/01/2035 | 2685 | 2872775 |
|  County of Miami-Dade FL Aviation Revenue<br>Series 2015-A<br>5.00%, 10/01/2022 | 1640 | 1640000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2023 | 1725 | 1747583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2024 | 1610 | 1644052 |
|  County of Miami-Dade FL Water & Sewer System Revenue<br>Series 2021<br>4.00%, 10/01/2038 | 2490 | 2396938 |
|  County of Miami-Dade Seaport Department<br>AGM Series 2021-A<br>4.00%, 10/01/2041 | 1955 | 1752378 |
|  County of Osceola FL Transportation Revenue<br>Series 2020-A<br>Zero Coupon, 10/01/2030 | 735 | 489847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2031 | 905 | 568892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2032 | 500 | 296522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2033 | 1210 | 674793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2034 | 1260 | 661254 |
|  Duval County School Board <br>(Duval County School Board COP)<br>Series 2015-B<br>5.00%, 07/01/2026 | 4280 | 4456560 |
|  Florida Development Finance Corp. <br>(Mayflower Retirement Center, Inc. Obligated Group)<br>Series 2020<br>5.125%, 06/01/2040<sup>(a)</sup> | 3765 | 3470549 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 63** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Florida Municipal Power Agency <br>(Florida Municipal Power Agency All-Requirements Power Supply Project Revenue)<br>Series 2015-B<br>5.00%, 10/01/2024 | $1000 | $1032586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 1750 | 1826799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 1015 | 1056026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>1.425%, 10/01/2026 | 3000 | 2643234 |
|  Florida State Board of Education <br>(State of Florida)<br>Series 2022-A<br>5.00%, 06/01/2030 | 5150 | 5756304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 10760 | 12114487 |
|  Greater Orlando Aviation Authority<br>Series 2017-A<br>5.00%, 10/01/2029<br>(Pre-refunded/ETM) | 3000 | 3202360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030<br>(Pre-refunded/ETM) | 6250 | 6671582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 4085 | 4173820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 10/01/2033 | 7975 | 8221551 |
|  Hillsborough County School Board <br>(Hillsborough County School Board COP)<br>Series 2015<br>5.00%, 07/01/2026 | 1480 | 1534371 |
|  Hillsborough County School Board <br>(Hillsborough County School Board Sales Tax)<br>AGM Series 2015<br>5.00%, 10/01/2023 | 2650 | 2694539 |
|  Hollywood Community Redevelopment Agency<br>Series 2015<br>5.00%, 03/01/2023 | 1145 | 1152498 |
|  JEA Electric System Revenue<br>Series 2017-B<br>5.00%, 10/01/2030 | 1185 | 1256972 |
|  JEA Water & Sewer System Revenue<br>Series 2014-A<br>5.00%, 10/01/2025<br>(Pre-refunded/ETM) | 1565 | 1604797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025 | 1495 | 1533676 |

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| **64 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 10/01/2026 | $| 22290 | $| 23686812 |
|  Manatee County School District <br>(Manatee County School District COP)<br>Series 2016-A<br>5.00%, 07/01/2028 |  | 7795 |  | 8202247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 |  | 6215 |  | 6548626 |
|  North Broward Hospital District<br>Series 2017-B<br>5.00%, 01/01/2029 |  | 3000 |  | 3079294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 |  | 3180 |  | 3253448 |
|  Orange County Health Facilities Authority <br>(Orlando Health Obligated Group)<br>Series 2019<br>5.00%, 10/01/2022 |  | 6955 |  | 6955000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2023 |  | 5000 |  | 5068385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2024 |  | 6560 |  | 6732944 |
|  Orange County Health Facilities Authority <br>(Presbyterian Retirement Communities, Inc. Obligated Group)<br>Series 2023<br>4.00%, 08/01/2036<sup>(c)</sup> |  | 1000 |  | 863240 |
|  Orange County School Board<br>Series 2014-A<br>5.00%, 08/01/2028<br>(Pre-refunded/ETM) |  | 25075 |  | 25890115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029<br>(Pre-refunded/ETM) |  | 21280 |  | 21971751 |
|  Polk County Industrial Development Authority <br>(Mineral Development LLC)<br>Series 2020<br>5.875%, 01/01/2033<sup>(a)</sup> |  | 2000 |  | 1977851 |
|  South Broward Hospital District <br>(South Broward Hospital District Obligated Group)<br>Series 2015<br>5.00%, 05/01/2027 |  | 3350 |  | 3471860 |
|  St. Lucie County School Board <br>(St. Lucie County School Board Sales Tax)<br>AGM Series 2015<br>5.00%, 10/01/2022 |  | 3150 |  | 3150000 |
|  |  |  |  | 236825271 |
|  **Georgia – 2.2%** | **Georgia – 2.2%** | **Georgia – 2.2%** | **Georgia – 2.2%** | **Georgia – 2.2%** |
|  City of Atlanta GA Department of Aviation<br>Series 2014-A<br>5.00%, 01/01/2028 |  | 12250 |  | 12483084 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 65** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C<br>4.00%, 07/01/2040 | $1000 | $893302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 | 1000 | 885373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2042 | 1250 | 1100049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 1250 | 1312351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 1315 | 1385189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 1725 | 1813271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 1000 | 1046734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 1400 | 1453759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 3000 | 3093627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 2400 | 2450670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 2500 | 2549427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>5.00%, 07/01/2035 | 1565 | 1607754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 2845 | 2910527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 2535 | 2589673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 2765 | 2795626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 7105 | 7153506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 | 7460 | 7510929 |
|  Cobb County Kennestone Hospital Authority <br>(WellStar Health System Obligated Group)<br>Series 2021<br>5.00%, 04/01/2026 | 1000 | 1040143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2027 | 250 | 261147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 | 250 | 261964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 | 300 | 314718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | 225 | 235556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 | 250 | 260730 |
|  Main Street Natural Gas, Inc. <br>(Citadel LP)<br>Series 2022-C<br>4.00%, 08/01/2052<sup>(a)</sup> | 9350 | 8797596 |
|  Main Street Natural Gas, Inc. <br>(Royal Bank of Canada)<br>Series 2018-A<br>4.00%, 04/01/2048 | 34735 | 34789468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C<br>4.00%, 08/01/2048 | 18000 | 18035734 |
|  Private Colleges & Universities Authority <br>(Emory University)<br>Series 2020-B<br>4.00%, 09/01/2035 | 1280 | 1245359 |
|  |  | 120277266 |

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| **66 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Guam – 0.0%** | **Guam – 0.0%** | **Guam – 0.0%** |
|  Territory of Guam<br>Series 2019<br>5.00%, 11/15/2031 | $930 | $878122 |
|  **Hawaii – 0.0%** | **Hawaii – 0.0%** | **Hawaii – 0.0%** |
|  State of Hawaii Harbor System Revenue<br>Series 2020-A<br>4.00%, 07/01/2035 | 2765 | 2596840 |
|  **Idaho – 0.0%** | **Idaho – 0.0%** | **Idaho – 0.0%** |
|  Idaho Housing & Finance Association <br>(State of Idaho Fed Hwy Grant)<br>Series 2015-A<br>5.00%, 07/15/2023 | 1320 | 1337527 |
|  **Illinois – 5.0%** | **Illinois – 5.0%** | **Illinois – 5.0%** |
|  Chicago Board of Education<br>Series 2017-F<br>5.00%, 12/01/2023 | 7000 | 7075344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>4.00%, 12/01/2022 | 5500 | 5501473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 1000 | 1023186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>4.00%, 12/01/2041 | 11000 | 9132829 |
|  Chicago O'Hare International Airport<br>Series 2016-C<br>5.00%, 01/01/2027 | 3020 | 3162768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 01/01/2039 | 6000 | 6042712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 01/01/2042<sup>(c)</sup> | 3160 | 2811927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029<sup>(c)</sup> | 500 | 520673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030<sup>(c)</sup> | 800 | 836051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033<sup>(c)</sup> | 890 | 921170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2040<sup>(c)</sup> | 1850 | 1862111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2041<sup>(c)</sup> | 2000 | 2013093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2042<sup>(c)</sup> | 2200 | 2206399 |
|  Illinois Finance Authority <br>(Illinois Institute of Technology)<br>Series 2019<br>5.00%, 09/01/2023 | 470 | 473194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2025 | 600 | 609834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 300 | 305960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 455 | 464627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 575 | 588625 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 67** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | $1000 | $1010853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 625 | 617170 |
|  Illinois Finance Authority <br>(NorthShore University HealthSystem Obligated Group)<br>Series 2020<br>5.00%, 08/15/2029 | 1000 | 1082243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 | 4000 | 4328816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 | 2785 | 2908283 |
|  Illinois Finance Authority <br>(OSF Healthcare System Obligated Group)<br>Series 2015-A<br>5.00%, 11/15/2027 | 1000 | 1031443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 1250 | 1285221 |
|  Illinois Finance Authority <br>(State of Illinois Water Revolving Fund–Clean Water Program)<br>Series 2020<br>4.00%, 07/01/2037 | 5290 | 5051964 |
|  Illinois Finance Authority <br>(University of Chicago (The))<br>Series 2021-A<br>5.00%, 10/01/2031 | 4000 | 4443589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 3750 | 4155861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 2250 | 2492884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 | 1350 | 1450478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 | 1700 | 1825030 |
|  Illinois Municipal Electric Agency<br>Series 2015-A<br>5.00%, 02/01/2027 | 16370 | 17041887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 | 13565 | 14095800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 12885 | 13371611 |
|  Illinois State Toll Highway Authority<br>Series 2014-D<br>5.00%, 01/01/2023 | 1185 | 1190272 |
|  Metropolitan Pier & Exposition Authority<br>Series 2022<br>4.00%, 12/15/2042 | 2745 | 2237053 |
|  Metropolitan Water Reclamation District of Greater Chicago<br>Series 2007-B<br>5.25%, 12/01/2034 | 7075 | 8102676 |
|  Railsplitter Tobacco Settlement Authority<br>Series 2017<br>5.00%, 06/01/2024 | 10020 | 10237683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2025 | 12450 | 12853141 |

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| **68 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  State of Illinois<br>Series 2013<br>5.50%, 07/01/2024 | $| 5415 | $| 5474517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-A<br>5.00%, 04/01/2023 |  | 4415 |  | 4444683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014<br>5.00%, 02/01/2024 |  | 3500 |  | 3547531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2025 |  | 18120 |  | 18341615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 |  | 5000 |  | 5047045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>5.00%, 02/01/2029 |  | 1100 |  | 1117785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 12/01/2024 |  | 8590 |  | 8733389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D<br>5.00%, 11/01/2024 |  | 55520 |  | 56437279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 |  | 1675 |  | 1707221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>4.00%, 11/01/2033 |  | 9000 |  | 8169565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.50%, 05/01/2039 |  | 1500 |  | 1526873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>5.25%, 10/01/2037<sup>(c)</sup> |  | 4000 |  | 4031597 |
|  |  |  |  | 274945034 |
|  **Indiana – 0.7%** | **Indiana – 0.7%** | **Indiana – 0.7%** | **Indiana – 0.7%** | **Indiana – 0.7%** |
|  City of Whiting IN <br>(BP Products North America, Inc.)<br>Series 2019<br>5.00%, 12/01/2044 |  | 9670 |  | 9923372 |
|  Indiana Finance Authority <br>(Fulcrum Centerpoint LLC)<br>Series 2021<br>0.28%, 12/15/2045 |  | 12000 |  | 11945385 |
|  Indiana Finance Authority <br>(Good Samaritan Hospital Obligated Group)<br>Series 2022<br>5.00%, 04/01/2024 |  | 715 |  | 726291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2025 |  | 750 |  | 767353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2026 |  | 790 |  | 813628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2027 |  | 830 |  | 856649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 |  | 875 |  | 903376 |
|  Indiana Finance Authority <br>(Indiana University Health, Inc. Obligated Group)<br>Series 2015<br>4.00%, 12/01/2040 |  | 11690 |  | 10699841 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 69** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Indiana Finance Authority <br>(Ohio Valley Electric Corp.)<br>Series 2021-B<br>2.50%, 11/01/2030 | $| 1895 | $| 1602199 |
|  |  |  |  | 38238094 |
|  **Iowa – 0.5%** | **Iowa – 0.5%** | **Iowa – 0.5%** | **Iowa – 0.5%** | **Iowa – 0.5%** |
|  Iowa Finance Authority <br>(Iowa Fertilizer Co. LLC)<br>Series 2022<br>4.00%, 12/01/2050 |  | 5450 |  | 4942638 |
|  Iowa Finance Authority <br>(Iowa Finance Authority State Revolving Fund)<br>Series 2021-A<br>5.00%, 08/01/2038 |  | 5460 |  | 5922945 |
|  PEFA, Inc. <br>(Goldman Sachs Group, Inc. (The))<br>Series 2019<br>5.00%, 09/01/2049 |  | 14000 |  | 14213550 |
|  |  |  |  | 25079133 |
|  **Kansas – 0.1%** | **Kansas – 0.1%** | **Kansas – 0.1%** | **Kansas – 0.1%** | **Kansas – 0.1%** |
|  City of Junction City KS<br>Series 2016-A<br>5.00%, 09/01/2023 |  | 3805 |  | 3863150 |
|  **Kentucky – 2.4%** | **Kentucky – 2.4%** | **Kentucky – 2.4%** | **Kentucky – 2.4%** | **Kentucky – 2.4%** |
|  County of Carroll KY <br>(Kentucky Utilities Co.)<br>Series 2019<br>1.75%, 10/01/2034 |  | 3835 |  | 3378579 |
|  Kentucky Economic Development Finance Authority <br>(Baptist Healthcare System Obligated Group)<br>Series 2017-B<br>5.00%, 08/15/2029 |  | 1000 |  | 1042651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2041 |  | 1260 |  | 1253121 |
|  Kentucky Economic Development Finance Authority <br>(Owensboro Health, Inc. Obligated Group)<br>Series 2017-A<br>5.00%, 06/01/2028 |  | 8780 |  | 9047001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 |  | 5870 |  | 6023902 |

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| **70 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Kentucky Public Energy Authority <br>(BP PLC)<br>Series 2018-B<br>4.00%, 01/01/2049 | $| 24850 | $| 24760135 |
|  Kentucky Public Energy Authority <br>(Morgan Stanley)<br>Series 2018-A<br>4.00%, 04/01/2048 |  | 18590 |  | 18550132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C<br>4.00%, 12/01/2049 |  | 36475 |  | 36238959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>4.00%, 12/01/2049 |  | 10895 |  | 10851553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 08/01/2052 |  | 10000 |  | 9511694 |
|  Kentucky Turnpike Authority<br>Series 2016-A<br>5.00%, 07/01/2023 |  | 2365 |  | 2394991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2024 |  | 3420 |  | 3516990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2025 |  | 2515 |  | 2622101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 |  | 5075 |  | 5340141 |
|  |  |  |  | 134531950 |
|  **Louisiana – 0.5%** | **Louisiana – 0.5%** | **Louisiana – 0.5%** | **Louisiana – 0.5%** | **Louisiana – 0.5%** |
|  Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax<br>Series 2015<br>5.00%, 08/01/2027 |  | 6450 |  | 6688315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 |  | 2535 |  | 2622458 |
|  Parish of St. James LA <br>(NuStar Logistics LP)<br>Series 2020<br>5.85%, 08/01/2041<sup>(a)</sup> |  | 2250 |  | 2308139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/2038<sup>(a)</sup> |  | 3030 |  | 3223820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 12/01/2040<sup>(a)</sup> |  | 2595 |  | 2760995 |
|  St. Tammany Parish Finance Authority <br>(Christwood)<br>Series 2015<br>5.25%, 11/15/2029 |  | 1200 |  | 1191504 |
|  State of Louisiana Gasoline & Fuels<br>Tax Revenue<br>Series 2022-A<br>2.586% (SOFR + 0.50%), 05/01/2043<sup>(b)</sup> |  | 10420 |  | 10024675 |
|  |  |  |  | 28819906 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 71** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Maine – 0.0%** | **Maine – 0.0%** | **Maine – 0.0%** |
|  Maine Municipal Bond Bank<br>Series 2014-A<br>5.00%, 09/01/2025 | $1000 | $1029604 |
|  **Maryland – 0.9%** | **Maryland – 0.9%** | **Maryland – 0.9%** |
|  County of Baltimore MD<br>Series 2022<br>4.00%, 03/01/2038 | 5000 | 4765294 |
|  County of Frederick MD<br>Series 2019-A<br>5.00%, 08/01/2027 (Pre-refunded/ETM) | 165 | 178078 |
|  County of Howard MD<br>Series 2020-A<br>5.00%, 08/15/2031 | 4825 | 5385451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2032 | 3640 | 4039419 |
|  Maryland Economic Development Corp. <br>(Purple Line Transit Partners LLC)<br>Series 2022<br>5.00%, 11/12/2028 | 15000 | 15404949 |
|  Maryland Health & Higher Educational Facilities Authority <br>(UPMC Obligated Group)<br>Series 2020-B<br>5.00%, 04/15/2028 | 1420 | 1488342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2029 | 1500 | 1569549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2031 | 1365 | 1428029 |
|  State of Maryland<br>Series 2021-A<br>5.00%, 08/01/2034 | 8940 | 9916641 |
|  State of Maryland Department of Transportation<br>(Baltimore/Washington International Thurgood Marshall Airport)<br>Series 2021<br>5.00%, 08/01/2026 | 1500 | 1548432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 1050 | 1094403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 700 | 733561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 1000 | 1030942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 1000 | 1026727 |
|  |  | 49609817 |
|  **Massachusetts – 2.2%** | **Massachusetts – 2.2%** | **Massachusetts – 2.2%** |
|  Commonwealth of Massachusetts<br>Series 2016-B<br>5.00%, 07/01/2023 | 3965 | 4022590 |

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| **72 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D<br>5.00%, 02/01/2036 | $4435 | $4626844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017C<br>5.00%, 10/01/2022 | 2350 | 2350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>5.00%, 01/01/2031 | 3685 | 3964715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>4.00%, 02/01/2040 | 13000 | 12258121 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-A<br>2.434% (LIBOR 3 Month + 0.57%), 05/01/2037<sup>(b)</sup> | 15250 | 14361932 |
|  Commonwealth of Massachusetts <br>(Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue)<br>Series 2022-B<br>4.11%, 07/15/2031 | 7250 | 6955251 |
|  Commonwealth of Massachusetts Transportation Fund Revenue<br>Series 2021<br>5.00%, 06/01/2041 | 10340 | 11031619 |
|  Massachusetts Bay Transportation Authority Assessment Revenue<br>Series 2022-A<br>4.00%, 07/01/2039 | 2270 | 2134209 |
|  Massachusetts Development Finance Agency <br>(Brandeis University)<br>Series 2019-S<br>5.00%, 10/01/2025 | 2670 | 2787947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 2535 | 2675406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 2140 | 2279307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 2340 | 2511846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 1000 | 1073452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 1000 | 1068005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 1010 | 1072662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 1055 | 1116975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 1625 | 1712347 |
|  Massachusetts Development Finance Agency <br>(Mass General Brigham, Inc.)<br>Series 2017-S1<br>5.00%, 07/01/2025 | 7565 | 7873046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 7500 | 8025696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 9000 | 9626115 |
|  Massachusetts Development Finance Agency <br>(Trustees of Boston College)<br>Series 2020-U<br>5.00%, 07/01/2028 | 950 | 1031072 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 73** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Massachusetts Development Finance Agency <br>(Wellforce Obligated Group)<br>Series 2019-A<br>5.00%, 07/01/2028 | $| 1425 | $| 1474986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 |  | 2100 |  | 2150161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 |  | 2000 |  | 2023289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 |  | 2000 |  | 2010099 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2020-C<br>5.00%, 10/01/2026 |  | 325 |  | 339550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 |  | 440 |  | 463498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 |  | 500 |  | 530634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 |  | 295 |  | 315508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 |  | 315 |  | 338423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 |  | 375 |  | 395745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 |  | 245 |  | 255910 |
|  Massachusetts Port Authority<br>Series 2021-E<br>5.00%, 07/01/2036 |  | 8615 |  | 8890413 |
|  |  |  |  | 123747373 |
|  **Michigan – 5.3%** | **Michigan – 5.3%** | **Michigan – 5.3%** | **Michigan – 5.3%** | **Michigan – 5.3%** |
|  Bloomfield Hills School District<br>Series 2023<br>5.00%, 05/01/2027<sup>(c)</sup> |  | 600 |  | 627280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028<sup>(c)</sup> |  | 635 |  | 669348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029<sup>(c)</sup> |  | 700 |  | 743440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030<sup>(c)</sup> |  | 635 |  | 678865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032<sup>(c)</sup> |  | 1100 |  | 1188589 |
|  City of Detroit MI Sewage Disposal System Revenue <br>(Great Lakes Water Authority Sewage Disposal System Revenue)<br>AGM Series 2006-D<br>2.094% (LIBOR 3 Month + 0.60%), 07/01/2032<sup>(b)</sup> |  | 14000 |  | 13638271 |
|  Great Lakes Water Authority Water Supply System Revenue<br>Series 2016-C<br>5.00%, 07/01/2024 |  | 2700 |  | 2781198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2025 |  | 9805 |  | 10235630 |
|  Kalamazoo Economic Development Corp. <br>(Heritage Community of Kalamazoo Obligated Group)<br>Series 2020<br>2.625%, 05/15/2025 |  | 1150 |  | 1084352 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Lake Orion Community School District<br>Series 2016<br>5.00%, 05/01/2024 | $2915 | $2992072 |
|  Michigan Finance Authority <br>(Bronson Healthcare Group Obligated Group)<br>Series 2020<br>5.00%, 05/15/2036 | 48585 | 49208807 |
|  Michigan Finance Authority <br>(City of Detroit MI Income Tax)<br>Series 2015<br>3.80%, 10/01/2022 | 500 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/01/2023 | 2000 | 1987935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2024 | 3000 | 2969696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2029 | 12065 | 11989197 |
|  Michigan Finance Authority <br>(Great Lakes Water Authority Sewage Disposal System Revenue)<br>AGM Series 2014<br>5.00%, 07/01/2025 | 22045 | 22696622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 17895 | 18384129 |
|  Michigan Finance Authority <br>(Great Lakes Water Authority Water Supply System Revenue)<br>AGM Series 2014-D2<br>5.00%, 07/01/2024 | 7770 | 7999671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2025 | 16525 | 17013457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 25000 | 25730397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 5060 | 5198306 |
|  Michigan Finance Authority <br>(Michigan Finance Authority School Loan Revolving Fund)<br>Series 2019<br>2.366%, 09/01/2049 | 15000 | 14687868 |
|  Michigan Finance Authority <br>(Michigan Finance Authority Tobacco Settlement Revenue)<br>Series 2020-A<br>4.00%, 06/01/2034 | 2000 | 1867282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2035 | 1000 | 926226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2036 | 1000 | 919187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2037 | 1000 | 910836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2038 | 1000 | 901626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2039 | 2000 | 1788341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2025 | 610 | 624629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 1290 | 1326589 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | $| 1000 | $| 1036997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 |  | 2000 |  | 2085461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 |  | 745 |  | 774760 |
|  Michigan Finance Authority <br>(Public Lighting Authority)<br>Series 2014<br>5.00%, 07/01/2030 |  | 1600 |  | 1618905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-B<br>5.00%, 07/01/2027 |  | 4990 |  | 5058452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 |  | 2460 |  | 2485519 |
|  Michigan Finance Authority <br>(Trinity Health Corp.)<br>Series 2019<br>4.00%, 12/01/2040 |  | 5595 |  | 5098483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015<br>5.00%, 12/01/2023 |  | 5675 |  | 5782936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2024 |  | 4400 |  | 4548005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2025 |  | 3000 |  | 3114193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2026 |  | 4500 |  | 4714286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2027 |  | 2720 |  | 2841568 |
|  Michigan Strategic Fund <br>(Michigan Strategic Fund–I 75 Improvement Project)<br>Series 2018<br>5.00%, 12/31/2024 |  | 3210 |  | 3235442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2025 |  | 2200 |  | 2221587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2026 |  | 2400 |  | 2423706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2026 |  | 5770 |  | 5832252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2027 |  | 7635 |  | 7714152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2027 |  | 5770 |  | 5833842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2028 |  | 4645 |  | 4692481 |
|  |  |  |  | 293382873 |
|  **Missouri – 0.4%** | **Missouri – 0.4%** | **Missouri – 0.4%** | **Missouri – 0.4%** | **Missouri – 0.4%** |
|  Cape Girardeau County Industrial Development Authority <br>(SoutheastHEALTH Obligated Group)<br>Series 2017-A<br>5.00%, 03/01/2025 |  | 1445 |  | 1466421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 |  | 1375 |  | 1403306 |
|  City of Kansas City MO <br>(City of Kansas City MO Lease)<br>Series 2022<br>5.00%, 09/01/2037 |  | 4000 |  | 4246934 |

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| **76 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Health & Educational Facilities Authority of the State of Missouri <br>(BJC Healthcare Obligated Group)<br>Series 2021-A<br>4.00%, 07/01/2033 | $| 4000 | $| 3854797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2034 |  | 2000 |  | 1910011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 |  | 1500 |  | 1422845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2039 |  | 5000 |  | 4614561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040 |  | 1500 |  | 1374401 |
|  Howard Bend Levee District<br>XLCA INS Series 2005<br>5.75%, 03/01/2025 |  | 845 |  | 855297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027 |  | 775 |  | 785606 |
|  Missouri Joint Municipal Electric Utility Commission<br>Series 2014-A<br>5.00%, 01/01/2025 |  | 2630 |  | 2718780 |
|  |  |  |  | 24652959 |
|  **Montana – 0.3%** | **Montana – 0.3%** | **Montana – 0.3%** | **Montana – 0.3%** | **Montana – 0.3%** |
|  Montana Facility Finance Authority <br>(Benefis Health System Obligated Group)<br>Series 2016<br>5.00%, 02/15/2025 |  | 2500 |  | 2556722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2026 |  | 3190 |  | 3288291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 |  | 6950 |  | 7218037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 |  | 2375 |  | 2465391 |
|  |  |  |  | 15528441 |
|  **Nebraska – 1.1%** | **Nebraska – 1.1%** | **Nebraska – 1.1%** | **Nebraska – 1.1%** | **Nebraska – 1.1%** |
|  Central Plains Energy Project <br>(Goldman Sachs Group, Inc. (The))<br>Series 2018<br>5.00%, 03/01/2050 |  | 57480 |  | 58008684 |
|  **Nevada – 0.9%** | **Nevada – 0.9%** | **Nevada – 0.9%** | **Nevada – 0.9%** | **Nevada – 0.9%** |
|  City of Las Vegas NV<br>Series 2015-C<br>5.00%, 09/01/2023 |  | 5675 |  | 5766835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 |  | 2930 |  | 3088194 |
|  Clark County School District<br>Series 2016-D<br>5.00%, 06/15/2024 |  | 26915 |  | 27570364 |
|  County of Clark NV<br>Series 2017<br>5.00%, 06/01/2024 |  | 6530 |  | 6719680 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 77** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Las Vegas Valley Water District<br>Series 2016-B<br>5.00%, 06/01/2028 | $| 4590 | $| 4859036 |
|  |  |  |  | 48004109 |
|  **New Hampshire – 0.8%** | **New Hampshire – 0.8%** | **New Hampshire – 0.8%** | **New Hampshire – 0.8%** | **New Hampshire – 0.8%** |
|  New Hampshire Business Finance Authority<br>Series 2020-1, Class A<br>4.125%, 01/20/2034 |  | 9177 |  | 8503150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A<br>4.375%, 09/20/2036 |  | 24923 |  | 22693575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2<br>0.35%, 09/20/2036 |  | 20000 |  | 473952 |
|  New Hampshire Business Finance Authority <br>(Covanta Holding Corp.)<br>Series 2018-A<br>4.00%, 11/01/2027<sup>(a)</sup> |  | 2250 |  | 2136616 |
|  New Hampshire Business Finance Authority <br>(New Hampshire Business Finance Authority)<br>National Finance Authority<br>Series 2022-2<br>0.674%, 10/20/2036 |  | 10000 |  | 520125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/2036 |  | 10000 |  | 8742673 |
|  |  |  |  | 43070091 |
|  **New Jersey – 5.8%** | **New Jersey – 5.8%** | **New Jersey – 5.8%** | **New Jersey – 5.8%** | **New Jersey – 5.8%** |
|  New Jersey Economic Development Authority <br>(New Jersey Economic Development Authority State Lease)<br>Series 2019<br>5.25%, 04/01/2026 |  | 4930 |  | 5126953 |
|  New Jersey Economic Development Authority <br>(NYNJ Link Borrower LLC)<br>Series 2013<br>5.50%, 01/01/2026 |  | 1000 |  | 1013784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2027 |  | 1000 |  | 1013081 |
|  New Jersey Economic Development Authority <br>(Port Newark Container Terminal LLC)<br>Series 2017<br>5.00%, 10/01/2022 |  | 1755 |  | 1755000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2023 |  | 1500 |  | 1513709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2024 |  | 2000 |  | 2030258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025 |  | 2750 |  | 2807360 |

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| **78 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Jersey Economic Development Authority <br>(Rutgers The State University of New Jersey)<br>Series 2013<br>5.00%, 06/15/2025 | $1000 | $1009977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2026 | 3500 | 3533472 |
|  New Jersey Economic Development Authority <br>(United Airlines, Inc.)<br>Series 2012<br>5.25%, 09/15/2029 | 3920 | 3877256 |
|  New Jersey Transportation Trust Fund Authority<br>(New Jersey Transportation Fed Hwy Grant)<br>Series 2016<br>5.00%, 06/15/2027 | 12830 | 13413911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028 | 975 | 1012145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 06/15/2029 | 3050 | 3157624 |
|  New Jersey Transportation Trust Fund Authority<br>(New Jersey Transportation Trust Fund Authority State Lease)<br>Series 2019<br>5.00%, 12/15/2031 | 3195 | 3303951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 12/15/2027 | 8605 | 8944509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2029 | 38555 | 40141858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2030 | 5885 | 6102655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2032 | 5230 | 5353179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2033 | 7230 | 7352094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 12/15/2028 | 4000 | 4168892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 | 1525 | 1588939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>5.00%, 06/15/2033 | 3885 | 3957019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 06/15/2035 | 1810 | 1833429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 06/15/2034 | 11635 | 11795115 |
|  New Jersey Turnpike Authority<br>Series 2014-A<br>5.00%, 01/01/2027 | 5040 | 5176329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 40000 | 41073132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 30900 | 31723436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C<br>5.00%, 01/01/2024 | 14720 | 15022767 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 79** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 01/01/2029 | $| 7235 | $| 7636185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>5.00%, 01/01/2029 |  | 10000 |  | 10673645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 |  | 14830 |  | 15813683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 |  | 15220 |  | 16187322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>1.713%, 01/01/2029 |  | 6625 |  | 5438574 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2005-D3<br>5.25%, 01/01/2026 |  | 14770 |  | 15581818 |
|  South Jersey Transportation Authority<br>BAM Series 2022<br>5.00%, 11/01/2036 |  | 450 |  | 472882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2037 |  | 400 |  | 419007 |
|  Tobacco Settlement Financing Corp./NJ<br>Series 2018-A<br>5.00%, 06/01/2023 |  | 1500 |  | 1516494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2025 |  | 4125 |  | 4239876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 |  | 3000 |  | 3104875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 |  | 4000 |  | 4146780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 |  | 2140 |  | 2221612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2035 |  | 2620 |  | 2655387 |
|  |  |  |  | 318909974 |
|  **New York – 12.6%** | **New York – 12.6%** | **New York – 12.6%** | **New York – 12.6%** | **New York – 12.6%** |
|  City of New York NY<br>Series 2014-A<br>5.00%, 08/01/2027 |  | 1130 |  | 1161263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A<br>5.00%, 08/01/2023 |  | 2040 |  | 2070482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D<br>5.00%, 12/01/2039 |  | 2435 |  | 2517574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 08/01/2024 |  | 1260 |  | 1300053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C<br>5.00%, 08/01/2032 |  | 3150 |  | 3409102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>1.396%, 08/01/2027 |  | 18750 |  | 15968569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 08/01/2038 |  | 1000 |  | 938752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 |  | 2025 |  | 2196297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F<br>5.00%, 06/01/2044 |  | 5000 |  | 5064474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L<br>5.00%, 04/01/2034 |  | 4000 |  | 4304062 |

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| **80 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  County of Nassau NY<br>Series 2017-C<br>5.00%, 10/01/2026 | $8840 | $9332994 |
|  Dutchess County Local Development Corp. <br>(Bard College)<br>Series 2020-B<br>5.918%, 07/01/2039<sup>(a)</sup> | 4875 | 4703175 |
|  Metropolitan Transportation Authority<br>Series 2012<br>5.00%, 11/15/2026 | 2535 | 2540716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-D<br>5.00%, 11/15/2028 | 6890 | 6902342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-F<br>5.00%, 11/15/2022 | 1170 | 1172261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2024 | 26915 | 26961929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2025 | 15275 | 15301343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026 | 12270 | 12294822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H<br>5.00%, 11/15/2026 | 195 | 195417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-B<br>5.00%, 11/15/2026<br>(Pre-refunded/ETM) | 9505 | 9698172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A<br>5.00%, 11/15/2026<br>(Pre-refunded/ETM) | 4205 | 4290459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2027<br>(Pre-refunded/ETM) | 4040 | 4122106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C<br>5.00%, 11/15/2027<br>(Pre-refunded/ETM) | 5000 | 5186798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 11/15/2028 | 1610 | 1657740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2030 | 56065 | 57462773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 | 5455 | 5545043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2033 | 8500 | 8485906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D<br>2.327% (SOFR + 0.33%), 11/01/2035<sup>(b)</sup> | 9500 | 9202295 |
|  Metropolitan Transportation Authority <br>(Metropolitan Transportation Authority Dedicated Tax Fund)<br>Series 2012-A<br>5.00%, 11/15/2027 | 4505 | 4513858 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 81** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York City Transitional Finance Authority Building Aid Revenue <br>(New York City Transitional Finance Authority Building Aid Revenue State Lease)<br>Series 2018-S<br>5.00%, 07/15/2031 | $28000 | $30264945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 | 25945 | 27819936 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue<br>Series 2012-A<br>5.00%, 08/01/2025 | 12345 | 12346922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-B<br>5.00%, 11/01/2023 | 20000 | 20028116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 08/01/2033 | 4860 | 5086461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>5.00%, 11/01/2035 | 17960 | 18880164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2036 | 41825 | 43774564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>4.00%, 08/01/2037 | 9200 | 8791910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2038 | 6030 | 5699771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E<br>4.00%, 02/01/2040 | 4335 | 4052547 |
|  New York Liberty Development Corp. <br>(One Bryant Park LLC)<br>Series 2019<br>2.45%, 09/15/2069 | 4250 | 3767005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/2069 | 11555 | 9481240 |
|  New York State Dormitory Authority<br>Series 2014-C<br>5.00%, 03/15/2027<br>(Pre-refunded/ETM) | 2015 | 2067673 |
|  New York State Dormitory Authority <br>(State of New York Pers Income Tax)<br>Series 2020-D<br>5.00%, 02/15/2029 | 8455 | 9182970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2034 | 17525 | 18688639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 03/15/2040 | 22190 | 20536051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2042 | 10090 | 9232855 |
|  New York State Thruway Authority <br>(State of New York Pers Income Tax)<br>Series 2021-A<br>4.00%, 03/15/2036 | 5000 | 4835590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 03/15/2039 | 4000 | 4226250 |

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| **82 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York State Urban Development Corp.<br>Series 2013-C<br>5.00%, 03/15/2025<br>(Pre-refunded/ETM) | $25165 | $25378487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2026<br>(Pre-refunded/ETM) | 38460 | 38786275 |
|  New York State Urban Development Corp. <br>(State of New York Pers Income Tax)<br>Series 2016-A<br>5.00%, 03/15/2024 | 4010 | 4112456 |
|  New York Transportation Development Corp. <br>(Delta Air Lines, Inc.)<br>Series 2018<br>5.00%, 01/01/2027 | 25115 | 25220430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 22110 | 22105543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 27145 | 27049490 |
|  New York Transportation Development Corp. <br>(JFK International Air Terminal LLC)<br>Series 2022<br>5.00%, 12/01/2039 | 7000 | 6738068 |
|  New York Transportation Development Corp. <br>(Laguardia Gateway Partners LLC)<br>Series 2016-A<br>5.00%, 07/01/2046 | 2095 | 1987699 |
|  Port Authority of New York & New Jersey<br>Series 2013-178<br>5.00%, 12/01/2028 | 3385 | 3423190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>4.00%, 11/01/2037 | 2915 | 2639398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2<br>5.00%, 07/15/2033 | 5910 | 6130726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2<br>4.00%, 07/15/2037 | 2980 | 2703674 |
|  Suffolk Tobacco Asset Securitization Corp.<br>Series 2021<br>5.00%, 06/01/2027 | 1045 | 1083212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 2080 | 2170384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 2395 | 2461742 |
|  Triborough Bridge & Tunnel Authority <br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)<br>Series 2021-A<br>2.411%, 05/15/2034 | 14725 | 11319308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.591%, 05/15/2036 | 2000 | 1507206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 05/15/2030 | 7000 | 7706938 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 83** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 08/15/2024 | $| 16500 | $| 17053240 |
|  |  |  |  | 696841852 |
|  **North Carolina – 0.2%** | **North Carolina – 0.2%** | **North Carolina – 0.2%** | **North Carolina – 0.2%** | **North Carolina – 0.2%** |
|  County of Wake NC <br>(County of Wake NC Lease)<br>Series 2021<br>4.00%, 03/01/2038 |  | 1525 |  | 1451415 |
|  Greater Asheville Regional Airport Authority<br>AGM Series 2022-A<br>5.00%, 07/01/2035 |  | 1740 |  | 1784790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 |  | 1500 |  | 1534548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 |  | 1250 |  | 1275979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2038 |  | 1200 |  | 1250396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2039 |  | 1300 |  | 1351669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2040 |  | 3220 |  | 3339806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2042 |  | 1140 |  | 1176829 |
|  |  |  |  | 13165432 |
|  **North Dakota – 0.1%** | **North Dakota – 0.1%** | **North Dakota – 0.1%** | **North Dakota – 0.1%** | **North Dakota – 0.1%** |
|  County of Ward ND <br>(Trinity Health Obligated Group)<br>Series 2017-C<br>5.00%, 06/01/2028 |  | 2000 |  | 1980297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 |  | 3000 |  | 2879587 |
|  |  |  |  | 4859884 |
|  **Ohio – 1.2%** | **Ohio – 1.2%** | **Ohio – 1.2%** | **Ohio – 1.2%** | **Ohio – 1.2%** |
|  American Municipal Power, Inc.<br>Series 2021<br>4.00%, 02/15/2036 |  | 1000 |  | 935427 |
|  Buckeye Tobacco Settlement Financing Authority<br>Series 2020-A<br>4.00%, 06/01/2037 |  | 2000 |  | 1832518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2038 |  | 1000 |  | 907359 |
|  County of Allen OH Hospital Facilities Revenue <br>(Bon Secours Mercy Health, Inc.)<br>Series 2017-A<br>5.00%, 08/01/2026 |  | 10000 |  | 10478067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 |  | 8465 |  | 8961153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 |  | 1955 |  | 2079290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.00%, 12/01/2028 |  | 5400 |  | 5790232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 |  | 1565 |  | 1689327 |
|  County of Cuyahoga OH <br>(MetroHealth System (The))<br>Series 2017<br>5.00%, 02/15/2026 |  | 2745 |  | 2840066 |

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| **84 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | $| 2710 | $| 2804642 |
|  County of Franklin OH <br>(Nationwide Children's Hospital, Inc.)<br>Series 2017-A<br>5.00%, 11/01/2031 |  | 1000 |  | 1058992 |
|  County of Hamilton OH Sewer System Revenue<br>Series 2019-A<br>5.00%, 12/01/2034 |  | 9375 |  | 10202027 |
|  County of Washington OH <br>(Marietta Area Health Care, Inc. Obligated Group)<br>Series 2022<br>5.50%, 12/01/2027 |  | 800 |  | 758852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 12/01/2037 |  | 5000 |  | 4592553 |
|  Hamilton County Convention Facilities Authority<br>Series 2014<br>5.00%, 12/01/2022 |  | 2240 |  | 2245670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2023 |  | 1230 |  | 1250865 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund<br>Series 2020-A<br>5.00%, 12/01/2032 |  | 4970 |  | 5457845 |
|  |  |  |  | 63884885 |
|  **Oklahoma – 0.2%** | **Oklahoma – 0.2%** | **Oklahoma – 0.2%** | **Oklahoma – 0.2%** | **Oklahoma – 0.2%** |
|  Comanche County Memorial Hospital<br>Series 2015<br>5.00%, 07/01/2026 |  | 1235 |  | 1255781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 |  | 1280 |  | 1300977 |
|  McGee Creek Authority<br>NATL Series 1992<br>6.00%, 01/01/2023 |  | 510 |  | 512596 |
|  Oklahoma Development Finance Authority<br>Series 2022<br>4.38%, 11/01/2045 |  | 4000 |  | 3655007 |
|  Oklahoma Development Finance Authority <br>(Gilcrease Expressway West)<br>Series 2020<br>1.625%, 07/06/2023 |  | 3005 |  | 2926066 |
|  Oklahoma Development Finance Authority <br>(OU Medicine, Inc.)<br>Series 2022-A<br>5.50%, 08/15/2037 |  | 4245 |  | 3769677 |
|  |  |  |  | 13420104 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 85** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Oregon – 0.6%** | **Oregon – 0.6%** | **Oregon – 0.6%** |
|  Hospital Facilities Authority of Multnomah County Oregon <br>(Mirabella at South Waterfront)<br>Series 2014-A<br>5.00%, 10/01/2024 | $430 | $430972 |
|  Medford Hospital Facilities Authority <br>(Asante Health System Obligated Group)<br>Series 2020-A<br>5.00%, 08/15/2030 | 415 | 434722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2031 | 1245 | 1298372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 | 500 | 517322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 | 875 | 901962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2035 | 755 | 774162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2036 | 1300 | 1335253 |
|  Port of Portland OR Airport Revenue<br>Series 2020-T<br>5.00%, 07/01/2035 | 4290 | 4378771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2<br>4.00%, 07/01/2038 | 11255 | 10248227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040 | 7170 | 6404978 |
|  Salem Hospital Facility Authority <br>(Salem Health Obligated Group)<br>Series 2019<br>5.00%, 05/15/2038 | 2205 | 2216396 |
|  State of Oregon Department of Administrative Services <br>(State of Oregon Department of Administrative Services COP)<br>Series 2009-D<br>5.00%, 11/01/2022 | 35 | 35051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2023 | 10 | 10015 |
|  Tri-County Metropolitan Transportation District of Oregon<br>Series 2018-A<br>5.00%, 10/01/2028 | 2335 | 2495936 |
|  |  | 31482139 |
|  **Other – 1.1%** | **Other – 1.1%** | **Other – 1.1%** |
|  Federal Home Loan Mortgage Corp.<br>Series 2021-ML12, Class AUS<br>2.34%, 07/25/2041<sup>(a)</sup> | 7448 | 5894203 |
|  Federal Home Loan Mortgage Corp.<br>Enhanced Receipt<br>Series 2019-A, Class 1<br>3.87%, 11/15/2035<sup>(a)</sup> | 23651 | 21743392 |

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| **86 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class 1<br>3.87%, 11/15/2035<sup>(a)</sup> | $| 5517 | $| 5071660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-D, Class 1<br>3.87%, 11/01/2051<sup>(a)</sup> |  | 5037 |  | 4631037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-E, Class 1<br>3.87%, 11/15/2035<sup>(a)</sup> |  | 3384 |  | 3111337 |
|  Federal Home Loan Mortgage Corp.<br>Multifamily VRD Certificates<br>Series 2019-M<br>2.60%, 09/15/2033<sup>(a)</sup> |  | 9570 |  | 8014286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 06/15/2035<sup>(a)</sup> |  | 9625 |  | 8020836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/15/2035<sup>(a)</sup> |  | 4820 |  | 4002475 |
|  |  |  |  | 60489226 |
|  **Pennsylvania – 6.4%** | **Pennsylvania – 6.4%** | **Pennsylvania – 6.4%** | **Pennsylvania – 6.4%** | **Pennsylvania – 6.4%** |
|  Allegheny County Airport Authority<br>Series 2021-A<br>4.00%, 01/01/2038 |  | 5000 |  | 4467527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2039 |  | 2235 |  | 1987151 |
|  Allegheny County Hospital Development Authority <br>(UPMC Obligated Group)<br>Series 2019<br>5.00%, 07/15/2030 |  | 5290 |  | 5528623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 |  | 6500 |  | 6728812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2033 |  | 7600 |  | 7839009 |
|  Allegheny County Sanitary Authority<br>Series 2015<br>5.00%, 12/01/2023 |  | 3500 |  | 3571378 |
|  Chester County Industrial Development Authority <br>(Collegium Charter School)<br>Series 2022<br>5.00%, 10/15/2032<sup>(a)</sup> |  | 1025 |  | 994317 |
|  City of Philadelphia PA<br>Series 2017-A<br>5.00%, 08/01/2027 |  | 12000 |  | 12725147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 |  | 12310 |  | 13053302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 |  | 9970 |  | 10608052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 |  | 4000 |  | 4242350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2032 |  | 8010 |  | 8424169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 08/01/2026 |  | 1420 |  | 1492548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>5.00%, 02/01/2030 |  | 1005 |  | 1079775 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 87** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of Philadelphia PA Water & Wastewater Revenue<br>Series 2016<br>5.00%, 10/01/2024 | $7000 | $7239047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025 | 7750 | 8114828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 2675 | 2838518 |
|  Commonwealth of Pennsylvania<br>Series 2016<br>5.00%, 09/15/2024 | 9575 | 9891342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>5.00%, 01/01/2026 | 6065 | 6385342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 14415 | 15385994 |
|  Geisinger Authority <br>(Geisinger Health System Obligated Group)<br>Series 2020<br>5.00%, 04/01/2043 | 2500 | 2637735 |
|  Hospitals & Higher Education Facilities Authority of Philadelphia (The) <br>(Temple University Health System Obligated Group)<br>Series 2017<br>5.00%, 07/01/2025 | 6000 | 6135323 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2022<br>4.00%, 07/01/2038 | 10000 | 8906081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2039 | 10000 | 8848250 |
|  Montgomery County Higher Education and Health Authority <br>(HumanGood Pennsylvania Obligated Group)<br>Series 2017<br>5.00%, 12/01/2027 | 2250 | 2278825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 2750 | 2759735 |
|  Montgomery County Higher Education and Health Authority <br>(Thomas Jefferson University Obligated Group)<br>Series 2018<br>5.00%, 09/01/2026 | 1400 | 1460975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 1750 | 1828524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 1500 | 1574608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 3000 | 3134679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 3000 | 3111071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 09/01/2030 | 1710 | 1782553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 1200 | 1241723 |

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| **88 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Pennsylvania Economic Development Financing Authority <br>(PA Bridges Finco LP)<br>Series 2015<br>5.00%, 06/30/2026 | $8540 | $8679955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2026 | 4500 | 4569444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2027 | 12450 | 12626363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2027 | 6000 | 6077577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2028 | 10790 | 10920181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2028 | 8910 | 9009792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2042 | 1000 | 961183 |
|  Pennsylvania Economic Development Financing Authority <br>(UPMC Obligated Group)<br>Series 2020-A1<br>5.00%, 04/15/2028 | 3000 | 3144384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2029 | 3000 | 3139099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2030 | 1395 | 1465107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2031 | 1635 | 1710496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>3.16% (MUNIPSA + 0.70%), 11/15/2047<sup>(b)</sup> | 10500 | 10165485 |
|  Pennsylvania Higher Educational Facilities Authority <br>(University of Pennsylvania Health System Obligated Group (The))<br>Series 2017<br>4.00%, 08/15/2042 | 2720 | 2440784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 08/15/2038 | 1065 | 980948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2040 | 1345 | 1226613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2029 | 825 | 898077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 | 750 | 822342 |
|  Pennsylvania Turnpike Commission<br>Series 2017-B<br>5.00%, 06/01/2028 | 7025 | 7402380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 6255 | 6569544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 12/01/2022 | 5250 | 5265398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 8000 | 8694049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 5890 | 6382334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 12/01/2036 | 1000 | 1066147 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 89** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Philadelphia Authority for Industrial Development <br>(MaST Community Charter School III)<br>Series 2021<br>5.00%, 08/01/2030 | $| 1060 | $| 1068629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2040 |  | 3445 |  | 3285578 |
|  Philadelphia Authority for Industrial Development <br>(St. Joseph's University)<br>Series 2020<br>4.00%, 11/01/2035 |  | 1700 |  | 1539700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2036 |  | 1510 |  | 1357367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2037 |  | 1350 |  | 1203538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2038 |  | 1000 |  | 883415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 |  | 835 |  | 870815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 |  | 1000 |  | 1049789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 |  | 1000 |  | 1055992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 |  | 1750 |  | 1838849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 |  | 1685 |  | 1756944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 |  | 1810 |  | 1879797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2033 |  | 1750 |  | 1810531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2034 |  | 2110 |  | 2176035 |
|  School District of Philadelphia (The)<br>Series 2016-D<br>5.00%, 09/01/2024 |  | 8360 |  | 8598122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-F<br>5.00%, 09/01/2023 |  | 5000 |  | 5070572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2024 |  | 24200 |  | 24889301 |
|  |  |  |  | 352849969 |
|  **Puerto Rico – 0.7%** | **Puerto Rico – 0.7%** | **Puerto Rico – 0.7%** | **Puerto Rico – 0.7%** | **Puerto Rico – 0.7%** |
|  Commonwealth of Puerto Rico<br>Series 2021-A<br>Zero Coupon, 07/01/2024 |  | 32 |  | 28971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2033 |  | 1346 |  | 742082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 |  | 1674 |  | 1472356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 |  | 85 |  | 72436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 |  | 73 |  | 59678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 |  | 99 |  | 77173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2046 |  | 103 |  | 76972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2023 |  | 1803 |  | 1810659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2025 |  | 2270 |  | 2291941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2027 |  | 4709 |  | 4806830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 |  | 1882 |  | 1925258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2031 |  | 624 |  | 636593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>0.00%, 11/01/2043 |  | 655 |  | 327533 |

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| **90 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  PR Custodial Trust<br>Series 2022<br>5.50%, 07/01/2029 | $| 77 | $| 77860 |
|  Puerto Rico Electric Power Authority<br>AGM Series 2007-V<br>5.25%, 07/01/2031 |  | 5150 |  | 5101093 |
|  Puerto Rico Highway & Transportation Authority<br>AGC Series 2005-L<br>5.25%, 07/01/2041 |  | 4260 |  | 4141903 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-C<br>5.50%, 07/01/2031 |  | 510 |  | 513965 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-N<br>5.25%, 07/01/2034 |  | 5100 |  | 4992470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2036 |  | 5425 |  | 5298755 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue<br>Series 2018-A<br>Zero Coupon, 07/01/2024 |  | 5190 |  | 4795144 |
|  |  |  |  | 39249672 |
|  **Rhode Island – 0.6%** | **Rhode Island – 0.6%** | **Rhode Island – 0.6%** | **Rhode Island – 0.6%** | **Rhode Island – 0.6%** |
|  Providence Public Building Authority <br>(City of Providence RI Lease)<br>AGM Series 2020-A<br>5.00%, 09/15/2028 |  | 3900 |  | 4238869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2029 |  | 4625 |  | 5083718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2030 |  | 1670 |  | 1821604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2032 |  | 2195 |  | 2358296 |
|  Rhode Island Commerce Corp. <br>(State of Rhode Island DOT Fed Hwy Grant)<br>Series 2016-B<br>5.00%, 06/15/2027 |  | 10565 |  | 11182573 |
|  Tobacco Settlement Financing Corp./RI<br>Series 2015-A<br>5.00%, 06/01/2023 |  | 6635 |  | 6700386 |
|  |  |  |  | 31385446 |
|  **South Carolina – 1.8%** | **South Carolina – 1.8%** | **South Carolina – 1.8%** | **South Carolina – 1.8%** | **South Carolina – 1.8%** |
|  County of Charleston SC<br>Series 2021<br>5.00%, 11/01/2031 |  | 10335 |  | 11656875 |
|  Patriots Energy Group Financing Agency <br>(Royal Bank of Canada)<br>Series 2018-A<br>4.00%, 10/01/2048 |  | 48725 |  | 48829228 |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  SCAGO Educational Facilities Corp. for Pickens School District <br>(SCAGO Educational Facilities Corp. for Pickens School District Lease)<br>Series 2015<br>5.00%, 12/01/2022 | $| 1500 | $| 1504038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 |  | 3000 |  | 3109025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 |  | 2500 |  | 2590005 |
|  South Carolina Association of Governmental Organizations<br>Series 2022-B<br>4.00%, 03/01/2023 |  | 8935 |  | 8967468 |
|  South Carolina Public Service Authority<br>Series 2016-A<br>5.00%, 12/01/2030 |  | 1435 |  | 1478409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 |  | 1000 |  | 1010223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>4.00%, 12/01/2037 |  | 1690 |  | 1504081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 12/01/2035 |  | 5475 |  | 4949476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2036 |  | 10000 |  | 8971041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>5.00%, 12/01/2040 |  | 3000 |  | 2986660 |
|  |  |  |  | 97556529 |
|  **South Dakota – 0.1%** | **South Dakota – 0.1%** | **South Dakota – 0.1%** | **South Dakota – 0.1%** | **South Dakota – 0.1%** |
|  South Dakota Health & Educational Facilities Authority <br>(Monument Health Obligated Group)<br>Series 2017<br>5.00%, 09/01/2029 |  | 3400 |  | 3546184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 |  | 3625 |  | 3759886 |
|  |  |  |  | 7306070 |
|  **Tennessee – 0.8%** | **Tennessee – 0.8%** | **Tennessee – 0.8%** | **Tennessee – 0.8%** | **Tennessee – 0.8%** |
|  Tennergy Corp./TN <br>(Royal Bank of Canada)<br>Series 2019-A<br>5.00%, 02/01/2050 |  | 5445 |  | 5560117 |
|  Tennessee Energy Acquisition Corp. <br>(Goldman Sachs Group, Inc. (The))<br>Series 2017-A<br>4.00%, 05/01/2048 |  | 39715 |  | 39689499 |
|  |  |  |  | 45249616 |

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| **92 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Texas – 6.1%** | **Texas – 6.1%** | **Texas – 6.1%** |
|  Board of Regents of the University of Texas System<br>Series 2022-A<br>4.00%, 08/15/2042 | $1895 | $1729458 |
|  Central Texas Turnpike System<br>Series 2015-C<br>5.00%, 08/15/2025 | 1000 | 1010013 |
|  City of Austin TX Airport System Revenue<br>Series 2019<br>5.00%, 11/15/2025 | 3200 | 3311097 |
|  City of Austin TX Water & Wastewater System Revenue<br>Series 2015-A<br>5.00%, 11/15/2024 | 4730 | 4900745 |
|  City of El Paso TX Water & Sewer Revenue<br>Series 2022<br>5.00%, 03/01/2037 | 4275 | 4580607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2039 | 3880 | 4136055 |
|  City of Houston TX<br>Series 2017-A<br>5.00%, 03/01/2025 | 16370 | 17030588 |
|  City of Houston TX <br>(City of Houston TX Hotel Occupancy Tax)<br>Series 2015<br>5.00%, 09/01/2023 | 1800 | 1825891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2025 | 2000 | 2051006 |
|  City of Houston TX Airport System Revenue<br>Series 2018-B<br>5.00%, 07/01/2030 | 6160 | 6595251 |
|  City of Houston TX Airport System Revenue <br>(United Airlines, Inc.)<br>Series 2018<br>5.00%, 07/15/2028 | 9135 | 9129768 |
|  City of Houston TX Combined Utility System Revenue<br>Series 2014-C<br>5.00%, 05/15/2023 | 8000 | 8087875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027 | 10785 | 11064701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2028 | 6065 | 6212679 |
|  City of San Antonio TX Electric & Gas Systems Revenue<br>Series 2021-A<br>5.00%, 02/01/2031 | 1330 | 1461713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2032 | 1210 | 1321101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2033 | 1410 | 1522769 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 93** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2034 | $1700 | $1823169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2035 | 2200 | 2350266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2036 | 1875 | 1998077 |
|  Dallas Fort Worth International Airport<br>Series 2014-A<br>5.25%, 11/01/2028 | 11585 | 11714057 |
|  Denton Independent School District<br>Series 2016<br>5.00%, 08/15/2027 | 1220 | 1285469 |
|  Grand Parkway Transportation Corp.<br>Series 2018<br>5.00%, 02/01/2023 | 84825 | 85223525 |
|  Harris County Cultural Education Facilities Finance Corp. <br>(Texas Children's Hospital Obligated Group)<br>Series 2021<br>4.00%, 10/01/2042 | 5000 | 4485462 |
|  Harris County Hospital District<br>Series 2016<br>5.00%, 02/15/2027 | 2465 | 2549103 |
|  Hidalgo County Regional Mobility Authority<br>Series 2022-A<br>4.00%, 12/01/2038 | 1850 | 1622495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2039 | 1000 | 868832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 200 | 205496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 500 | 514376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 500 | 513072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 500 | 511274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 350 | 356025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 750 | 755652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 | 595 | 597739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 | 1000 | 1001973 |
|  Irving Hospital Authority <br>(Baylor Medical Center at Irving)<br>Series 2017-A<br>5.00%, 10/15/2026 | 600 | 623322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2029 | 600 | 617706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2030 | 1000 | 1024203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2031 | 1020 | 1042200 |
|  Legacy Denton Public Facility Corp. <br>(LDG Vintage Ranch LP)<br>Series 2022<br>5.00%, 04/01/2043<sup>(c)</sup> | 15000 | 15302891 |

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| **94 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Lower Colorado River Authority <br>(LCRA Transmission Services Corp.)<br>Series 2022<br>5.00%, 05/15/2039 | $8635 | $9050069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2040 | 12345 | 12864341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2041 | 6570 | 6795149 |
|  Mission Economic Development Corp. <br>(Natgasoline LLC)<br>Series 2018<br>4.625%, 10/01/2031<sup>(a)</sup> | 10680 | 10514142 |
|  New Hope Cultural Education Facilities Finance Corp.<br>Series 2017-A<br>5.00%, 04/01/2028<br>(Pre-refunded/ETM) | 1130 | 1209198 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Children's Health System of Texas Obligated Group)<br>Series 2017-A<br>5.00%, 08/15/2025 | 2500 | 2606003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2026 | 2000 | 2107545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 2750 | 2914723 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Morningside Ministries Obligated Group)<br>Series 2020<br>5.00%, 01/01/2035 | 875 | 799809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 01/01/2032<sup>(c)</sup> | 840 | 715648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2037<sup>(c)</sup> | 1155 | 910329 |
|  North Texas Tollway Authority<br>Series 2014<br>5.00%, 01/01/2023 | 3015 | 3028562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2024<br>(Pre-refunded/ETM) | 900 | 920279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2024 | 1845 | 1882496 |
|  North Texas Tollway Authority <br>(North Texas Tollway System)<br>Series 2015-B<br>5.00%, 01/01/2023 | 1000 | 1004498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2026 | 3200 | 3304696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 2100 | 2167030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 5975 | 6164029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>5.00%, 01/01/2027 | 2000 | 2116835 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 95** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | $| 19510 | $| 20882571 |
|  Port Beaumont Navigation District <br>(Jefferson Railport Terminal II LLC)<br>Series 2020<br>3.625%, 01/01/2035<sup>(a)</sup> |  | 1360 |  | 1094916 |
|  San Antonio Water System<br>Series 2013-E<br>5.00%, 05/15/2025 |  | 3000 |  | 3032221 |
|  State of Texas<br>Series 2021-B<br>4.00%, 08/01/2026 |  | 2335 |  | 2383841 |
|  Texas Water Development Board <br>(Texas Water Development Board State Revolving Fund)<br>Series 2021<br>4.00%, 08/01/2035 |  | 10210 |  | 10018997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 |  | 4000 |  | 4408292 |
|  University of Houston<br>Series 2022-A<br>5.00%, 02/15/2040 |  | 1750 |  | 1853613 |
|  |  |  |  | 337707533 |
|  **Utah – 0.4%** | **Utah – 0.4%** | **Utah – 0.4%** | **Utah – 0.4%** | **Utah – 0.4%** |
|  City of Salt Lake City UT Airport Revenue<br>Series 2021-A<br>4.00%, 07/01/2041 |  | 7000 |  | 6112060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 |  | 5000 |  | 5107162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 |  | 5000 |  | 5084042 |
|  Utah Transit Authority<br>Series 2015-A<br>5.00%, 06/15/2027<br>(Pre-refunded/ETM) |  | 2000 |  | 2093934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028<br>(Pre-refunded/ETM) |  | 2150 |  | 2250979 |
|  Utah Transit Authority <br>(Utah Transit Authority Sales Tax)<br>Series 2015-A<br>5.00%, 06/15/2026 |  | 1305 |  | 1360082 |
|  |  |  |  | 22008259 |
|  **Virginia – 0.9%** | **Virginia – 0.9%** | **Virginia – 0.9%** | **Virginia – 0.9%** | **Virginia – 0.9%** |
|  County of Loudoun VA<br>Series 2020-B<br>5.00%, 12/01/2024 |  | 3300 |  | 3427066 |

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| **96 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Fairfax County Economic Development Authority <br>(County of Fairfax VA)<br>Series 2020<br>5.00%, 08/01/2032 | $| 2590 | $| 2843513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 |  | 2590 |  | 2831701 |
|  Hampton Roads Transportation Accountability Commission<br>Series 2020-A<br>5.00%, 07/01/2039 |  | 4745 |  | 5056332 |
|  Virginia College Building Authority <br>(Virginia College Building Authority State Lease)<br>Series 2015-A<br>5.00%, 02/01/2023 |  | 4435 |  | 4463794 |
|  Virginia Public Building Authority <br>(Virginia Public Building Authority State Lease)<br>Series 2021-A<br>4.00%, 08/01/2035 |  | 4540 |  | 4472788 |
|  Virginia Small Business Financing Authority <br>(Elizabeth River Crossings OpCo LLC)<br>Series 2022<br>4.00%, 07/01/2030 |  | 2000 |  | 1923132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2032 |  | 5030 |  | 4749212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2037 |  | 7250 |  | 6476010 |
|  Virginia Small Business Financing Authority <br>(National Senior Campuses, Inc. Obligated Group)<br>Series 2020<br>5.00%, 01/01/2029 |  | 1400 |  | 1463352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 |  | 1650 |  | 1734850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 |  | 1250 |  | 1312445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 |  | 1500 |  | 1565149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 |  | 1750 |  | 1814536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 |  | 1600 |  | 1649164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 |  | 1570 |  | 1613175 |
|  |  |  |  | 47396219 |
|  **Washington – 2.3%** | **Washington – 2.3%** | **Washington – 2.3%** | **Washington – 2.3%** | **Washington – 2.3%** |
|  City of Seattle WA Municipal Light & Power Revenue<br>Series 2016-B<br>5.00%, 04/01/2026 |  | 4300 |  | 4540335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 07/01/2033 |  | 2500 |  | 2522947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2034 |  | 3740 |  | 3732558 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 97** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 | $4900 | $4823533 |
|  Energy Northwest <br>(Bonneville Power Administration)<br>Series 2021<br>4.00%, 07/01/2042 | 12825 | 11711474 |
|  Port of Seattle WA<br>Series 2015-C<br>5.00%, 04/01/2023 | 1750 | 1762694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 05/01/2025 | 8320 | 8588015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>5.00%, 05/01/2025 | 4695 | 4846241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 04/01/2032 | 1500 | 1568722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 | 1000 | 1036567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>4.00%, 08/01/2040 | 5750 | 5019730 |
|  Spokane County School District No. 81 Spokane<br>Series 2012<br>3.00%, 12/01/2031 | 10000 | 9026633 |
|  State of Washington <br>(State of Washington COP)<br>Series 2015-C<br>5.00%, 01/01/2023 | 2600 | 2611758 |
|  Washington Health Care Facilities Authority <br>(Multicare Health System Obligated Group)<br>Series 2015-B<br>5.00%, 08/15/2028 | 8590 | 8932165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2029 | 16560 | 17214758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 | 6400 | 6637751 |
|  Washington Health Care Facilities Authority <br>(Virginia Mason Medical Center Obligated Group)<br>Series 2017<br>5.00%, 08/15/2025 | 2000 | 2040955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 2175 | 2244628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 3700 | 3816661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 | 8005 | 8219495 |
|  Washington State Convention Center Public Facilities District <br>(Washington State Convention Center Public Facilities District Hotel Occupancy Tax)<br>Series 2021<br>4.00%, 07/01/2031 | 10600 | 9378198 |

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| **98 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Washington State Housing Finance Commission<br>Series 2021-1, Class A<br>3.50%, 12/20/2035 | $| 4904 | $| 4162094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class X<br>0.726%, 12/20/2035<sup>(d)</sup> |  | 3237 |  | 164758 |
|  |  |  |  | 124602670 |
|  **West Virginia – 0.2%** | **West Virginia – 0.2%** | **West Virginia – 0.2%** | **West Virginia – 0.2%** | **West Virginia – 0.2%** |
|  Tobacco Settlement Finance Authority/WV<br>Series 2020<br>4.875%, 06/01/2049 |  | 16125 |  | 13659696 |
|  **Wisconsin – 2.7%** | **Wisconsin – 2.7%** | **Wisconsin – 2.7%** | **Wisconsin – 2.7%** | **Wisconsin – 2.7%** |
|  State of Wisconsin<br>Series 2019-A<br>5.00%, 05/01/2025 |  | 9000 |  | 9384420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 |  | 12500 |  | 13384747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 |  | 12000 |  | 12885284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 |  | 11500 |  | 12343041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1<br>5.00%, 05/01/2031 |  | 3000 |  | 3314086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2<br>5.00%, 05/01/2025 |  | 12000 |  | 12518599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1<br>5.00%, 05/01/2024<sup>(c)</sup> |  | 3170 |  | 3235349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027<sup>(c)</sup> |  | 8500 |  | 8978966 |
|  UMA Education, Inc.<br>Series 2019<br>5.00%, 10/01/2022<sup>(a)</sup> |  | 820 |  | 820000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2023<sup>(a)</sup> |  | 895 |  | 895595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025<sup>(a)</sup> |  | 3360 |  | 3348010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026<sup>(a)</sup> |  | 3605 |  | 3580570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027<sup>(a)</sup> |  | 3720 |  | 3678000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028<sup>(a)</sup> |  | 3525 |  | 3464211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(a)</sup> |  | 835 |  | 817292 |
|  Wisconsin Center District<br>AGM Series 2020-C<br>Zero Coupon, 12/15/2028 |  | 1075 |  | 836577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/2030 |  | 2140 |  | 1510853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/2032 |  | 2800 |  | 1775381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/2034 |  | 2500 |  | 1413196 |
|  Wisconsin Center District <br>(Wisconsin Center District Ded Tax)<br>Series 2022<br>5.00%, 12/15/2022<sup>(a)</sup> |  | 1000 |  | 1002415 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 99** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Health & Educational Facilities Authority <br>(Advocate Aurora Health Obligated Group)<br>Series 2022<br>2.64% (MUNIPSA + 0.18%), 08/15/2054<sup>(b)</sup> | $4000 | $3894402 |
|  Wisconsin Health & Educational Facilities Authority <br>(Gundersen Lutheran Obligated Group)<br>Series 2021<br>4.00%, 10/15/2034 | 2500 | 2364825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2035 | 1000 | 939957 |
|  Wisconsin Health & Educational Facilities Authority <br>(St. Camillus Health System Obligated Group)<br>Series 2019<br>2.25%, 11/01/2026 | 190 | 180634 |
|  Wisconsin Public Finance Authority<br>Series 2022<br>5.00%, 02/01/2042 | 2000 | 1843873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2042<sup>(a)</sup> | 6955 | 6167663 |
|  Wisconsin Public Finance Authority <br>(Carmelite System, Inc. Obligated Group (The))<br>Series 2020<br>5.00%, 01/01/2040 | 3750 | 3677536 |
|  Wisconsin Public Finance Authority <br>(Celanese US Holdings LLC)<br>Series 2016-A<br>5.00%, 01/01/2024 | 1000 | 1008913 |
|  Wisconsin Public Finance Authority <br>(Duke Energy Progress LLC)<br>Series 2022<br>3.30%, 10/01/2046 | 5315 | 5203725 |
|  Wisconsin Public Finance Authority <br>(Queens University of Charlotte)<br>Series 2022<br>5.25%, 03/01/2042 | 6000 | 5699063 |
|  Wisconsin Public Finance Authority <br>(Roseman University of Health Sciences)<br>Series 2020<br>3.00%, 04/01/2025<sup>(a)</sup> | 275 | 263131 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority <br>(Samaritan Housing Foundation Obligated Group)<br>Series 2021<br>2.75%, 06/01/2026<sup>(a)</sup> | $| 2510 | $| 2376817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>2.25%, 06/01/2027<sup>(a)</sup> |  | 1420 |  | 1255106 |
|  Wisconsin Public Finance Authority <br>(Southeastern Regional Medical Center Obligated Group)<br>Series 2021<br>4.00%, 02/01/2035 |  | 615 |  | 537937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2036 |  | 3335 |  | 2857865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2038 |  | 3575 |  | 3014734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2040 |  | 3945 |  | 3283967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 02/01/2031 |  | 3375 |  | 3509587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2032 |  | 2545 |  | 2599173 |
|  WPPI Energy<br>Series 2014-A<br>5.00%, 07/01/2029 |  | 1000 |  | 1018157 |
|  |  |  |  | 150883657 |
|  Total Long-Term Municipal Bonds <br>(cost $5,315,964,454) |  |  |  | 4963212545 |
|  **Short-Term Municipal Notes – 8.1%** | **Short-Term Municipal Notes – 8.1%** | **Short-Term Municipal Notes – 8.1%** | **Short-Term Municipal Notes – 8.1%** | **Short-Term Municipal Notes – 8.1%** |
|  **Colorado – 0.2%** | **Colorado – 0.2%** | **Colorado – 0.2%** | **Colorado – 0.2%** | **Colorado – 0.2%** |
|  Colorado Health Facilities Authority <br>(Children's Hospital Colorado Obligated Group)<br>Series 2020<br>2.25%, 12/01/2052<sup>(e)</sup> |  | 12790 |  | 12790000 |
|  **District of Columbia – 0.2%** | **District of Columbia – 0.2%** | **District of Columbia – 0.2%** | **District of Columbia – 0.2%** | **District of Columbia – 0.2%** |
|  District of Columbia <br>(Carnegie Endowment for International Peace)<br>Series 2010<br>2.56%, 11/01/2045<sup>(e)</sup> |  | 6405 |  | 6405000 |
|  District of Columbia <br>(Georgetown University (The))<br>Series 2016<br>2.45%, 04/01/2041<sup>(e)</sup> |  | 3530 |  | 3530000 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  District of Columbia <br>(MedStar Health Obligated Group)<br>Series 2012-A<br>2.53%, 08/15/2038<sup>(e)</sup> | $| 2145 | $| 2145000 |
|  |  |  |  | 12080000 |
|  **Florida – 0.4%** | **Florida – 0.4%** | **Florida – 0.4%** | **Florida – 0.4%** | **Florida – 0.4%** |
|  County of Palm Beach FL <br>(Raymond F Kravis Center for the Performing Arts, Inc. (The))<br>Series 2002<br>2.48%, 07/01/2032<sup>(e)</sup> |  | 1795 |  | 1795000 |
|  County of Palm Beach FL <br>(Raymond F Kravis Center for the Performing Arts, Inc.(The))<br>Series 2002<br>2.48%, 07/01/2032<sup>(e)</sup> |  | 1725 |  | 1725000 |
|  Florida Gulf Coast University Financing Corp.<br>Series 2009-A<br>2.50%, 02/01/2039<sup>(e)</sup> |  | 1650 |  | 1650000 |
|  Florida Keys Aqueduct Authority<br>Series 2013<br>2.52%, 09/01/2035<sup>(e)</sup> |  | 1045 |  | 1045000 |
|  Halifax Hospital Medical Center <br>(Halifax Hospital Medical Center Obligated Group)<br>Series 2010<br>2.45%, 06/01/2048<sup>(e)</sup> |  | 7250 |  | 7250000 |
|  Orange County Health Facilities Authority <br>(Nemours Foundation/Florida)<br>Series 2017-C<br>2.52%, 01/01/2039<sup>(e)</sup> |  | 8120 |  | 8120000 |
|  Orange County Health Facilities Authority <br>(Orlando Health Obligated Group)<br>Series 2019-E<br>2.45%, 10/01/2026<sup>(e)</sup> |  | 2240 |  | 2240000 |
|  |  |  |  | 23825000 |
|  **Hawaii – 0.1%** | **Hawaii – 0.1%** | **Hawaii – 0.1%** | **Hawaii – 0.1%** | **Hawaii – 0.1%** |
|  Hawaii Housing Finance & Development Corp.<br>(Ho'olehua Housing LP)<br>Series 2008<br>2.54%, 12/01/2041<sup>(e)</sup> |  | 3640 |  | 3640000 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Illinois – 0.4%** | **Illinois – 0.4%** | **Illinois – 0.4%** |
|  Illinois Development Finance Authority <br>(American College of Surgeons)<br>Series 1996<br>2.46%, 08/01/2026<sup>(e)</sup> | $672 | $672000 |
|  Illinois Educational Facilities Authority<br>(Lincoln Park Society (The))<br>Series 1999<br>2.35%, 01/01/2029<sup>(e)</sup> | 100 | 100000 |
|  Illinois Finance Authority <br>(Latin School of Chicago (The))<br>Series 2005-B<br>2.45%, 08/01/2035<sup>(e)</sup> | 955 | 955000 |
|  Illinois Housing Development Authority <br>(Steadfast Foxview LP)<br>Series 2008<br>2.56%, 01/01/2041<sup>(e)</sup> | 14500 | 14500000 |
|  Village of Brookfield IL <br>(Chicago Zoological Society (The))<br>Series 2008<br>2.48%, 06/01/2038<sup>(e)</sup> | 6165 | 6165000 |
|  |  | 22392000 |
|  **Indiana – 0.1%** | **Indiana – 0.1%** | **Indiana – 0.1%** |
|  City of Indianapolis IN <br>(Foundation for Affordable Rental Housing, Inc.)<br>Series 2008<br>2.45%, 05/15/2038<sup>(e)</sup> | 4550 | 4550000 |
|  **Iowa – 0.6%** | **Iowa – 0.6%** | **Iowa – 0.6%** |
|  Iowa Finance Authority <br>(Iowa Health System Obligated Group)<br>Series 2018<br>2.30%, 11/15/2041<sup>(e)</sup> | 8960 | 8960000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 12/01/2041<sup>(e)</sup> | 25795 | 25795000 |
|  |  | 34755000 |
|  **Kentucky – 0.2%** | **Kentucky – 0.2%** | **Kentucky – 0.2%** |
|  Louisville/Jefferson County Metropolitan Government <br>(Norton Healthcare Obligated Group)<br>Series 2016-A<br>2.54%, 10/01/2039<sup>(e)</sup> | 12485 | 12485000 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Louisiana – 0.6%** | **Louisiana – 0.6%** | **Louisiana – 0.6%** |
|  Louisiana Offshore Terminal Authority<br>(Loop LLC)<br>Series 2013<br>2.30%, 09/01/2033<sup>(e)</sup> | $18450 | $18450000 |
|  Louisiana Public Facilities Authority <br>(CHRISTUS Health Obligated Group)<br>Series 2009<br>2.30%, 07/01/2047<sup>(e)</sup> | 12975 | 12975000 |
|  Louisiana Public Facilities Authority <br>(Coca-Cola Bottling Co. United-Gulf Coast LLC)<br>Series 2013<br>2.46%, 04/02/2023<sup>(e)</sup> | 2265 | 2265000 |
|  |  | 33690000 |
|  **Maryland – 0.1%** | **Maryland – 0.1%** | **Maryland – 0.1%** |
|  Maryland Health & Higher Educational Facilities Authority<br>Series 2014-B<br>2.45%, 04/01/2035<sup>(e)</sup> | 1000 | 1000000 |
|  Montgomery County Housing Opportunities Commission<br>Series 2011-A<br>2.50%, 01/01/2049<sup>(e)</sup> | 1840 | 1840000 |
|  |  | 2840000 |
|  **Michigan – 0.5%** | **Michigan – 0.5%** | **Michigan – 0.5%** |
|  Grand Valley State University<br>Series 2019-B<br>2.50%, 12/01/2031<sup>(e)</sup> | 17625 | 17625000 |
|  Lakeview School District/MI<br>Series 2019-B<br>2.50%, 05/01/2032<sup>(e)</sup> | 5230 | 5230000 |
|  Michigan Strategic Fund <br>(Wedgwood Christian Services)<br>Series 2008<br>2.50%, 12/01/2038<sup>(e)</sup> | 1650 | 1650000 |
|  |  | 24505000 |
|  **Minnesota – 0.6%** | **Minnesota – 0.6%** | **Minnesota – 0.6%** |
|  City of Minneapolis MN <br>(Fairview Health Services Obligated Group)<br>Series 2018<br>2.30%, 11/15/2048<sup>(e)</sup> | 4805 | 4805000 |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  City of Minneapolis MN <br>(One Ten Grant LP)<br>Series 1989<br>2.45%, 09/01/2026<sup>(e)</sup> | $| 9270 | $| 9270000 |
|  City of Minneapolis MN <br>(Seven Corners Community Housing Corp.)<br>Series 2001<br>2.55%, 11/01/2031<sup>(e)</sup> |  | 1330 |  | 1330000 |
|  City of Minneapolis MN/St. Paul Housing & Redevelopment Authority <br>(Allina Health Obligated Group)<br>Series 2008<br>2.45%, 11/15/2034<sup>(e)</sup> |  | 11825 |  | 11825000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 11/15/2034<sup>(e)</sup> |  | 3675 |  | 3675000 |
|  Housing & Redevelopment Authority of The City of St. Paul Minnesota <br>(Allina Health Obligated Group)<br>Series 2009-C<br>2.45%, 11/15/2035<sup>(e)</sup> |  | 2400 |  | 2400000 |
|  |  |  |  | 33305000 |
|  **Nevada – 0.7%** | **Nevada – 0.7%** | **Nevada – 0.7%** | **Nevada – 0.7%** | **Nevada – 0.7%** |
|  County of Clark Department of Aviation<br>Series 2008-D<br>2.55%, 07/01/2029<sup>(e)</sup> |  | 26945 |  | 26945000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-D<br>2.50%, 07/01/2040<sup>(e)</sup> |  | 11010 |  | 11010000 |
|  |  |  |  | 37955000 |
|  **New Jersey – 0.4%** | **New Jersey – 0.4%** | **New Jersey – 0.4%** | **New Jersey – 0.4%** | **New Jersey – 0.4%** |
|  New Jersey Health Care Facilities Financing Authority<br>Series 2017<br>2.55%, 07/01/2035<sup>(e)</sup> |  | 2995 |  | 2995000 |
|  New Jersey Health Care Facilities Financing Authority <br>(AHS Hospital Corp.)<br>Series 2008-B<br>2.47%, 07/01/2036<sup>(e)</sup> |  | 3675 |  | 3675000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-C<br>2.47%, 07/01/2036<sup>(e)</sup> |  | 16630 |  | 16630000 |
|  |  |  |  | 23300000 |
|  **New York – 1.3%** | **New York – 1.3%** | **New York – 1.3%** | **New York – 1.3%** | **New York – 1.3%** |
|  City of New York NY<br>Series 2016<br>2.60%, 08/01/2044<sup>(e)</sup> |  | 10375 |  | 10375000 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-I<br>2.61%, 03/01/2044<sup>(e)</sup> | $| 5950 | $| 5950000 |
|  New York City Housing Development Corp.<br>Series 2008<br>2.43%, 04/15/2035<sup>(e)</sup> |  | 300 |  | 300000 |
|  New York City Housing Development Corp. <br>(2 Gold LLC)<br>Series 2008-A<br>2.20%, 04/15/2036<sup>(e)</sup> |  | 32500 |  | 32500000 |
|  New York State Housing Finance Agency <br>(8 East 102nd Street LLC)<br>Series 2012<br>2.63%, 05/01/2044<sup>(e)</sup> |  | 21910 |  | 21910000 |
|  |  |  |  | 71035000 |
|  **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** |
|  Columbus Regional Airport Authority<br>Series 2006<br>2.46%, 12/01/2036<sup>(e)</sup> |  | 6880 |  | 6880000 |
|  **Pennsylvania – 0.3%** | **Pennsylvania – 0.3%** | **Pennsylvania – 0.3%** | **Pennsylvania – 0.3%** | **Pennsylvania – 0.3%** |
|  Emmaus General Authority<br>Series 2008-D<br>2.43%, 03/01/2024<sup>(e)</sup> |  | 700 |  | 700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-E<br>2.43%, 03/01/2024<sup>(e)</sup> |  | 1000 |  | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-E20<br>2.43%, 03/01/2024<sup>(e)</sup> |  | 500 |  | 500000 |
|  Haverford Township School District<br>Series 2009<br>2.50%, 03/01/2030<sup>(e)</sup> |  | 2310 |  | 2310000 |
|  Pennsylvania Turnpike Commission<br>Series 2019<br>2.55%, 12/01/2038<sup>(e)</sup> |  | 700 |  | 700000 |
|  Philadelphia Gas Works Co.<br>Series 2020-D<br>2.50%, 08/01/2031<sup>(e)</sup> |  | 10950 |  | 10950000 |
|  |  |  |  | 16160000 |
|  **Rhode Island – 0.0%** | **Rhode Island – 0.0%** | **Rhode Island – 0.0%** | **Rhode Island – 0.0%** | **Rhode Island – 0.0%** |
|  Rhode Island Health and Educational Building Corp. <br>(Roger Williams University)<br>Series 2012-B<br>2.47%, 11/15/2038<sup>(e)</sup> |  | 2430 |  | 2430000 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Tennessee – 0.1%** | **Tennessee – 0.1%** | **Tennessee – 0.1%** |
|  Greeneville Health & Educational Facilities Board <br>(Ballad Health Obligated Group)<br>Series 2018-B<br>2.46%, 07/01/2045<sup>(e)</sup> | $3150 | $3150000 |
|  **Texas – 0.1%** | **Texas – 0.1%** | **Texas – 0.1%** |
|  Dallas Performing Arts Cultural Facilities Corp. <br>(Dallas Center for the Performing Arts Foundation, Inc.)<br>Series 2013<br>2.45%, 09/01/2041<sup>(e)</sup> | 3350 | 3350000 |
|  Tarrant County Housing Finance Corp. <br>(One Oaklake VIII LLC)<br>Series 2003<br>2.52%, 02/15/2036<sup>(e)</sup> | 270 | 270000 |
|  |  | 3620000 |
|  **Vermont – 0.1%** | **Vermont – 0.1%** | **Vermont – 0.1%** |
|  Vermont Educational & Health Buildings Financing Agency <br>(University of Vermont Health<br>Network Obligated Group)<br>Series 2008<br>2.54%, 12/01/2030<sup>(e)</sup> | 4330 | 4330000 |
|  **Virginia – 0.3%** | **Virginia – 0.3%** | **Virginia – 0.3%** |
|  Loudoun County Economic Development Authority <br>(Jack Kent Cooke Foundation)<br>Series 2004<br>2.48%, 06/01/2034<sup>(e)</sup> | 3000 | 3000000 |
|  Roanoke Economic Development Authority <br>(Carilion Clinic Obligated Group)<br>Series 2020<br>2.48%, 07/01/2052<sup>(e)</sup> | 11680 | 11680000 |
|  |  | 14680000 |
|  **Washington – 0.7%** | **Washington – 0.7%** | **Washington – 0.7%** |
|  Washington State Housing Finance Commission <br>(Bitter Lake Village Associates 2 LP)<br>Series 2009<br>2.58%, 12/15/2044<sup>(e)</sup> | 3025 | 3025000 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Washington State Housing Finance Commission <br>(Evergreen School (The))<br>Series 2002<br>2.50%, 07/01/2028<sup>(e)</sup> | $| 1175 | $| 1175000 |
|  Washington State Housing Finance Commission <br>(Panorama/United States)<br>Series 2008<br>2.50%, 04/01/2043<sup>(e)</sup> |  | 4050 |  | 4050000 |
|  Washington State Housing Finance Commission <br>(Redmond Ridge Apartments LLC)<br>Series 2017<br>2.54%, 11/01/2047<sup>(e)</sup> |  | 9440 |  | 9440000 |
|  Washington State Housing Finance Commission <br>(Traditions at South Hill LLC)<br>Series 2014<br>2.54%, 08/01/2044<sup>(e)</sup> |  | 6140 |  | 6140000 |
|  Washington State Housing Finance Commission <br>(Vintage at Urban Center LLC)<br>Series 2015<br>2.55%, 07/01/2047<sup>(e)</sup> |  | 15460 |  | 15460000 |
|  |  |  |  | 39290000 |
|  **West Virginia – 0.0%** | **West Virginia – 0.0%** | **West Virginia – 0.0%** | **West Virginia – 0.0%** | **West Virginia – 0.0%** |
|  West Virginia Hospital Finance Authority <br>(West Virginia United Health System Obligated Group)<br>Series 2018<br>2.50%, 06/01/2034<sup>(e)</sup> |  | 635 |  | 635000 |
|  Total Short-Term Municipal Notes <br>(cost $444,322,000) |  |  |  | 444322000 |
|  Total Municipal Obligations <br>(cost $5,760,286,454) |  |  |  | 5407534545 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **CORPORATES - INVESTMENT GRADE – 0.9%** |  |  |
|  **Industrial – 0.9%** | **Industrial – 0.9%** | **Industrial – 0.9%** |
|  **Consumer Cyclical - Automotive – 0.2%** |  |  |
|  General Motors Financial Co., Inc.<br>3.443%, 04/07/2025 | $10000 | $9787700 |
|  **Consumer Non - Cyclical – 0.4%** | **Consumer Non - Cyclical – 0.4%** | **Consumer Non - Cyclical – 0.4%** |
|  Baylor Scott & White Holdings<br>Series 2021<br>0.827%, 11/15/2025 | 5835 | 5181130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.777%, 11/15/2030 | 5000 | 3839550 |
|  CommonSpirit Health<br>1.547%, 10/01/2025 | 4513 | 4006100 |
|  Ochsner LSU Health System of North Louisiana<br>Series 2021<br>2.51%, 05/15/2031 | 10000 | 7647700 |
|  Sutter Health<br>Series 20A<br>3.161%, 08/15/2040 | 4000 | 2867400 |
|  |  | 23541880 |
|  **Services – 0.3%** | **Services – 0.3%** | **Services – 0.3%** |
|  Hackensack Meridian Health, Inc.<br>Series 2020<br>2.675%, 09/01/2041 | 7000 | 4730530 |
|  Novant Health, Inc.<br>2.637%, 11/01/2036 | 19100 | 13906710 |
|  |  | 18637240 |
|  Total Corporates – Investment Grade <br>(cost $65,330,586) |  | 51966820 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.4%** |  |  |
|  **Agency CMBS – 0.4%** | **Agency CMBS – 0.4%** | **Agency CMBS – 0.4%** |
|  California Housing Finance Agency<br>Series 2021-2, Class A<br>3.75%, 03/25/2035 | 16301 | 14957212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class X<br>0.764%, 08/20/2036<sup>(d)</sup> | 8073 | 487350 |
|  Federal Home Loan Mortgage Corp.<br>Series 2021-ML10, Class ACA<br>2.046%, 06/25/2038 | 1975 | 1510104 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ML10, Class AUS<br>2.032%, 01/25/2038 | $4937 | $3801068 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $26,968,206) |  | 20755734 |
|  **CORPORATES - NON-INVESTMENT GRADE – 0.3%** |  |  |
|  **Industrial – 0.3%** |  |  |
|  **Communications - Media – 0.1%** |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.25%, 01/15/2034<sup>(a)</sup> | 7730 | 5581833 |
|  **Consumer Non-Cyclical – 0.1%** |  |  |
|  Medline Borrower LP<br>3.875%, 04/01/2029<sup>(a)</sup> | 6500 | 5219760 |
|  **Transportation - Airlines – 0.1%** |  |  |
|  United Airlines, Inc.<br>4.375%, 04/15/2026<sup>(a)</sup> | 5000 | 4461150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/15/2029<sup>(a)</sup> | 2300 | 1909920 |
|  |  | 6371070 |
|  Total Corporates – Non-Investment Grade <br>(cost $21,527,850) |  | 17172663 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS – 0.1%** |  |  |
|  **Risk Share Floating Rate – 0.1%** |  |  |
|  Connecticut Avenue Securities Trust<br>Series 2020-SBT1, Class 2M2<br>6.734% (LIBOR 1 Month + 3.65%), 02/25/2040<sup>(a)(b)</sup> | 813 | 804005 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2019-DNA3, Class M2<br>5.134% (LIBOR 1 Month + 2.05%), 07/25/2049<sup>(a)(b)</sup> | 460 | 453419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-DN2, Class M2<br>7.334% (LIBOR 1 Month + 4.25%), 11/25/2023<sup>(b)</sup> | 235 | 237337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-DN3, Class M3<br>7.084% (LIBOR 1 Month + 4.00%), 08/25/2024<sup>(b)</sup> | 50 | 50699 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DNA1, Class M3<br>6.384% (LIBOR 1 Month + 3.30%), 10/25/2027<sup>(b)</sup> | $209 | $211323 |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2014-C03, Class 2M2<br>5.984% (LIBOR 1 Month + 2.90%), 07/25/2024<sup>(b)</sup> | 338 | 338917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C04, Class 1M2<br>7.984% (LIBOR 1 Month + 4.90%), 11/25/2024<sup>(b)</sup> | 158 | 163126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C02, Class 1M2<br>7.084% (LIBOR 1 Month + 4.00%), 05/25/2025<sup>(b)</sup> | 277 | 280925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 1M2<br>9.834% (LIBOR 1 Month + 6.75%), 08/25/2028<sup>(b)</sup> | 396 | 418053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class 1M2<br>8.384% (LIBOR 1 Month + 5.30%), 10/25/2028<sup>(b)</sup> | 163 | 167320 |
|  Total Collateralized Mortgage Obligations <br>(cost $2,763,350) |  | 3125124 |
|  **Total Investments – 99.7%** <br>(cost $5,876,876,446) |  | 5500554886 |
|  Other assets less liabilities – 0.3% |  | 18996480 |
|  **Net Assets – 100.0%** |  | $**5519551366** |

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**CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** |
|  CDX-NAHY Series 39, 5 Year Index, 12/20/2027\* | 5.00% | Quarterly | 6.06% | USD | 38450 | $&nbsp;&nbsp;&nbsp;&nbsp;1525557 | $&nbsp;&nbsp;&nbsp;&nbsp;1537902 | $&nbsp;&nbsp;&nbsp;&nbsp;(12345) |

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\* Termination date

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

**CLEARED CENTRALLY INFLATION (CPI) SWAPS (see Note 3)** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency**<br> **Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 25420 | 01/15/2025 | 2.565% | CPI# | Maturity | $2191313 | $– 0 | $2191313 |
| USD | 15240 | 01/15/2025 | 4.028% | CPI# | Maturity | 418597 | – 0 | 418597 |
| USD | 12710 | 01/15/2025 | 2.585% | CPI# | Maturity | 1085660 | – 0 | 1085660 |
| USD | 12710 | 01/15/2025 | 2.613% | CPI# | Maturity | 1071906 | – 0 | 1071906 |
| USD | 52790 | 01/15/2026 | CPI# | 3.720% | Maturity | (1438432) | – 0 | (1438432) |
| USD | 40000 | 01/15/2027 | CPI# | 3.320% | Maturity | (1505777) | – 0 | (1505777) |
| USD | 39500 | 01/15/2027 | CPI# | 3.466% | Maturity | (1139285) | (46159) | (1093126) |
| USD | 31450 | 01/15/2027 | CPI# | 3.323% | Maturity | (1178249) | – 0 | (1178249) |
| USD | 87590 | 01/15/2028 | 1.230% | CPI# | Maturity | 14615294 | – 0 | 14615294 |
| USD | 87240 | 01/15/2028 | 0.735% | CPI# | Maturity | 17599712 | – 0 | 17599712 |
| USD | 94820 | 01/15/2029 | CPI# | 3.290% | Maturity | (1899453) | – 0 | (1899453) |
| USD | 40500 | 01/15/2029 | CPI# | 3.735% | Maturity | 650555 | – 0 | 650555 |
| USD | 16275 | 01/15/2030 | 1.572% | CPI# | Maturity | 2492305 | – 0 | 2492305 |
| USD | 16275 | 01/15/2030 | 1.587% | CPI# | Maturity | 2470633 | – 0 | 2470633 |
| USD | 23500 | 01/15/2031 | 2.782% | CPI# | Maturity | 1186237 | – 0 | 1186237 |
| USD | 22000 | 01/15/2031 | 2.680% | CPI# | Maturity | 1324056 | – 0 | 1324056 |
| USD | 19200 | 01/15/2031 | 2.989% | CPI# | Maturity | 586762 | – 0 | 586762 |
| USD | 20800 | 01/15/2032 | CPI# | 3.064% | Maturity | (331372) | – 0 | (331372) |
| USD | 18300 | 04/15/2032 | CPI# | 2.909% | Maturity | (517921) | – 0 | (517921) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;37682541 | $&nbsp;&nbsp;&nbsp;&nbsp;(46159 | $&nbsp;&nbsp;&nbsp;&nbsp;37728700 |

---

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

**CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional**<br> **Amount**<br> **(000)** | **Notional**<br> **Amount**<br> **(000)** |<br>**Termination<br>Date** | **Payments<br>made**<br> **by the<br>Fund** | **Payments<br>received**<br> **by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/**<br> **Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 51000 | 01/15/2027 | 1 Day<br>SOFR | 2.540% | Annual | $(2297125) | $– 0 | $(2297125) |
| USD | 45000 | 01/15/2031 | 1.323% | 3 Month<br>LIBOR | Semi-Annual/<br> Quarterly | 8129133 | – 0 | 8129133 |
| USD | 136500 | 04/15/2032 | 2.569% | 1 Day<br>SOFR | Annual | 9777474 | – 0 | 9777474 |
| USD | 54900 | 04/15/2032 | 1.280% | 1 Day<br>SOFR | Annual | 9920772 | – 0 | 9920772 |
| USD | 38200 | 04/15/2032 | 2.632% | 1 Day<br>SOFR | Annual | 2532283 | – 0 | 2532283 |
| USD | 11000 | 04/15/2032 | 3.082% | 1 Day<br>SOFR | Annual | 350764 | – 0 | 350764 |
| USD | 6000 | 04/15/2032 | 3.069% | 1 Day<br>SOFR | Annual | 197568 | – 0 | 197568 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28610869 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28610869 |

---

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| **112 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

**CREDIT DEFAULT SWAPS (see Note 3)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br>Counterparty & <br>Referenced<br>Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Sale Contracts** |  |  |  |  |  |  |  |  |
|  Citigroup Global Markets, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 363 | $(81297) | $(33872) | $(47425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1204 | (269970) | (145114) | (124856) |
|  Credit Suisse International |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 80 | (18030) | (9399) | (8631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 199 | (44592) | (18750) | (25842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2451 | (549599) | (284598) | (265001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2478 | (555556) | (233888) | (321668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 3728 | (835828) | (342844) | (492984) |
|  Goldman Sachs International |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 465 | (104157) | (55752) | (48405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 3231 | (724427) | (288421) | (436006) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(3183456) | $&nbsp;&nbsp;&nbsp;&nbsp;(1412638) | $&nbsp;&nbsp;&nbsp;&nbsp;(1770818) |

---

\* Termination date

**INTEREST RATE SWAPS (see Note 3)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| <br>**Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made**<br> **by the<br>Fund** | **Payments<br>received**<br> **by the<br>Fund** |<br>**Payment**<br> **Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Citibank, NA | USD | 57160 | 10/09/2029 | 1.125% | SIFMA \* | Quarterly | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6568374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6568374 |

---

\* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 113** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**DIVERSIFIED MUNICIPAL PORTFOLIO** 

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are
considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2022, the aggregate market value of these securities amounted to $207,628,668 or 3.8% of net assets.

(b) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2022.

(c) When-Issued or delayed delivery security.

(d) IO—Interest Only.

(e) Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest
payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

As of September 30, 2022, the Portfolio's percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 4.8% and 0.0%, respectively.

Glossary:

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

CMBS – Commercial Mortgage-Backed Securities

COP – Certificate of Participation

CPI – Consumer Price Index

DOT – Department of Transportation

ETM – Escrowed to Maturity

LIBOR – London Interbank Offered Rate

MUNIPSA – SIFMA Municipal Swap Index

NATL – National Interstate Corporation

OSF – Order of St. Francis

SOFR – Secured Overnight Financing Rate

UPMC – University of Pittsburgh Medical Center

XLCA – XL Capital Assurance Inc.

See notes to financial statements.

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| **114 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** 

**NEW YORK MUNICIPAL PORTFOLIO** 

**September 30, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **MUNICIPAL OBLIGATIONS – 94.9%** |  |  |
|  **Long-Term Municipal Bonds – 89.7%** |  |  |
|  **New York – 73.1%** |  |  |
|  Albany County Airport Authority<br>Series 2020-B<br>5.00%, 12/15/2022 | $785 | $787271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2023 | 1050 | 1066770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2024 | 855 | 874761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2025 | 855 | 880705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2026 | 855 | 882550 |
|  Battery Park City Authority<br>Series 2013-A<br>5.00%, 11/01/2022 | 4345 | 4351541 |
|  Broome County Local Development Corp.<br>(United Health Services Hospitals Obligated Group)<br>AGM Series 2020<br>3.00%, 04/01/2035 | 2220 | 1771093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2036 | 2000 | 1567902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2037 | 1500 | 1157203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2034 | 725 | 677502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2038 | 1400 | 1263374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2039 | 1400 | 1253865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2040 | 1500 | 1332585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032 | 2000 | 2110260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 | 1000 | 1048515 |
|  Buffalo & Erie County Industrial Land Development Corp. <br>(Catholic Health System Obligated Group)<br>Series 2015<br>5.00%, 07/01/2023 | 1000 | 990556 |
|  Build NYC Resource Corp. <br>(Grand Concourse Acadmey Charter School)<br>Series 2022<br>5.00%, 07/01/2042 | 550 | 524770 |
|  Build NYC Resource Corp. <br>(Integration Charter Schools)<br>Series 2021<br>5.00%, 06/01/2036<sup>(a)</sup> | 1050 | 997061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2041<sup>(a)</sup> | 800 | 742189 |
|  Build NYC Resource Corp. <br>(Metropolitan College of New York)<br>Series 2014<br>5.00%, 11/01/2023 | 1585 | 1584282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2025 | 1750 | 1740099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2029 | 1900 | 1888846 |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Build NYC Resource Corp. <br>(NEW World Preparatory Charter School)<br>Series 2021<br>4.00%, 06/15/2041 | $525 | $422095 |
|  City of New York NY<br>Series 2017-1<br>5.00%, 08/01/2025 | 1365 | 1428521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 08/01/2023 | 1075 | 1091063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2024 | 1260 | 1300053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 08/01/2026 | 7690 | 8156346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D<br>5.00%, 12/01/2038 | 9665 | 10018308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>5.00%, 10/01/2032 | 4205 | 4521704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H<br>5.00%, 01/01/2032 | 5615 | 6010892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C<br>5.00%, 08/01/2034 | 5000 | 5347817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 3750 | 3989369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2038 | 4960 | 5213038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>1.396%, 08/01/2027 | 4950 | 4215702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D<br>1.216%, 08/01/2026 | 6000 | 5268848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.623%, 08/01/2028 | 4000 | 3318936 |
|  County of Albany NY<br>Series 2020-C<br>5.00%, 11/01/2022 | 1915 | 1917795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2023 | 1515 | 1544422 |
|  County of Nassau NY<br>Series 2014-A<br>5.00%, 04/01/2025 (Pre-refunded/ETM) | 10190 | 10456615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 10/01/2026 | 8920 | 9417455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 13200 | 14090380 |
|  County of Suffolk NY<br>Series 2022<br>5.00%, 09/01/2029 | 1770 | 1905165 |
|  Dutchess County Local Development Corp. <br>(Bard College)<br>Series 2020-A<br>5.00%, 07/01/2040<sup>(a)</sup> | 1900 | 1768634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B<br>5.918%, 07/01/2039<sup>(a)</sup> | 4940 | 4765884 |

---

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| **116 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Dutchess County Local Development Corp. <br>(Health QuestSystems Obligated Group)<br>Series 2016-B<br>5.00%, 07/01/2032 | $4945 | $5003351 |
|  Hudson Yards Infrastructure Corp.<br>Series 2017-A<br>5.00%, 02/15/2031 | 17060 | 18012676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 | 5590 | 5880195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>4.00%, 02/15/2040 | 5000 | 4566943 |
|  Jefferson County Industrial Development Agency <br>(ReEnergy Black River LLC)<br>Series 2019<br>5.25%, 01/01/2024<sup>(b)</sup><sup>(c)</sup> | 1250 | 250000 |
|  Long Island Power Authority<br>Series 2019-B<br>1.65%, 09/01/2049 | 9535 | 9113058 |
|  Metropolitan Transportation Authority<br>Series 2016-D<br>5.00%, 11/15/2027 | 1210 | 1243285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>5.00%, 11/15/2027 | 5000 | 5177132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 4020 | 4168250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 11/15/2027 | 9140 | 9463796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 7400 | 7619424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 1705 | 1754095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 | 39900 | 40558609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-F<br>5.00%, 11/15/2022 | 3230 | 3235899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>2.427% (SOFR + 0.43%), 11/01/2026<sup>(d)</sup> | 2085 | 2002421 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2021<br>2.547% (SOFR + 0.55%), 11/01/2032<sup>(d)</sup> | 3000 | 2928279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.797% (SOFR + 0.80%), 11/01/2032<sup>(d)</sup> | 3715 | 3512722 |
|  Metropolitan Transportation Authority <br>(Metropolitan Transportation Authority Dedicated Tax Fund)<br>Series 2012-A<br>5.00%, 11/15/2024 | 14130 | 14158112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 11/15/2031 | 2060 | 2190198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 11/15/2038 | 11605 | 10885279 |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Monroe County Industrial Development Corp./NY <br>(Rochester Regional Health Obligated Group)<br>Series 2020<br>5.00%, 12/01/2024 | $510 | $518951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 1210 | 1262178 |
|  Monroe County Industrial Development Corp./NY <br>(St. Ann's of Greater Rochester Obligated Group)<br>Series 2019<br>4.00%, 01/01/2030 | 2645 | 2310810 |
|  Monroe County Industrial Development Corp/NY <br>(Academy of Health Sciences Charter School)<br>Series 2022<br>5.00%, 07/01/2032<sup>(a)</sup> | 250 | 240831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2042<sup>(a)</sup> | 2000 | 1888325 |
|  Nassau County Local Economic Assistance Corp. <br>(Catholic Health Services of Long Island Obligated Group)<br>Series 2014<br>5.00%, 07/01/2024 | 4550 | 4638767 |
|  New York City Housing Development Corp.<br>Series 2013-A<br>5.00%, 07/01/2025 (Pre-refunded/ETM) | 2000 | 2027183 |
|  New York City Municipal Water Finance Authority<br>Series 2014-D<br>5.00%, 06/15/2029 | 3000 | 3082538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-F<br>5.00%, 06/15/2028 | 1845 | 1929185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-G<br>5.00%, 06/15/2028 | 11465 | 11988131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>5.00%, 06/15/2038 | 3725 | 3870475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-E<br>5.00%, 06/15/2037 | 1795 | 1867926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AA<br>5.00%, 06/15/2024 | 8280 | 8536877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-D<br>5.00%, 06/15/2024 | 1005 | 1008638 |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-F<br>5.00%, 06/15/2040 | $6190 | $6444161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>4.00%, 06/15/2039 | 2000 | 1893513 |
|  New York City Transitional Finance Authority Building Aid Revenue <br>(New York City Transitional Finance Authority Building Aid Revenue State Lease)<br>Series 2018-S<br>5.00%, 07/15/2031 | 2025 | 2188804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 | 16040 | 17199143 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue<br>Series 2012-B<br>5.00%, 11/01/2023 | 2100 | 2102952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2024 | 8705 | 8717238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-D<br>5.00%, 11/01/2023 | 11025 | 11040499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A<br>5.00%, 08/01/2027 | 1655 | 1699309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 5000 | 5128511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C<br>5.00%, 11/01/2026 | 6345 | 6496061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-D1<br>5.00%, 02/01/2028 | 7110 | 7248021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 2425 | 2471127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C<br>5.00%, 11/01/2026 | 20000 | 20788986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B<br>5.00%, 08/01/2031 | 2200 | 2306777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-F<br>5.00%, 05/01/2032 | 1220 | 1279801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>4.00%, 05/01/2037 | 3065 | 2930748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 2580 | 2776389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>5.00%, 11/01/2023 | 6770 | 6905083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 02/01/2040 | 2220 | 2075353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2041 | 14250 | 13240603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-F<br>4.00%, 02/01/2038 | 1000 | 946441 |
|  New York Liberty Development Corp. <br>(One Bryant Park LLC)<br>Series 2019<br>2.45%, 09/15/2069 | 20000 | 17727082 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 09/15/2069 | $22240 | $18321474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/2069 | 6470 | 5308838 |
|  New York Liberty Development Corp. <br>(Port Authority of New York & New Jersey)<br>Series 2021-1<br>3.00%, 02/15/2042 | 20000 | 14882818 |
|  New York State Dormitory Authority<br>Series 2014<br>5.00%, 02/15/2029 (Pre-refunded/ETM) | 40 | 40933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-E<br>5.00%, 03/15/2023 (Pre-refunded/ETM) | 4380 | 4419112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>5.00%, 02/15/2025 (Pre-refunded/ETM) | 2775 | 2886985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 03/15/2024 (Pre-refunded/ETM) | 6475 | 6649817 |
|  New York State Dormitory Authority<br>AGM Series 2020<br>5.00%, 10/01/2026 (Pre-refunded/ETM) | 5 | 5327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 (Pre-refunded/ETM) | 5 | 5452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>1.187%, 03/15/2026 (Pre-refunded/ETM) | 5500 | 4908003 |
|  New York State Dormitory Authority <br>(Garnet Health Medical Center Obligated Group)<br>Series 2017<br>5.00%, 12/01/2023<sup>(a)</sup> | 1400 | 1410739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2024<sup>(a)</sup> | 1700 | 1723171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026<sup>(a)</sup> | 1500 | 1530156 |
|  New York State Dormitory Authority <br>(Icahn School of Medicine at Mount Sinai)<br>Series 2015-A<br>5.00%, 07/01/2026 | 3745 | 3866006 |
|  New York State Dormitory Authority <br>(Iona College)<br>Series 2022-2<br>5.00%, 07/01/2024 | 555 | 564140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 620 | 638123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 325 | 335892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 500 | 519276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 300 | 311189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 320 | 330481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 280 | 287573 |
|  New York State Dormitory Authority <br>(New York State Dormitory Authority Lease)<br>AGM Series 2020<br>5.00%, 10/01/2026 | 3045 | 3227630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 2130 | 2311401 |

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| **120 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York State Dormitory Authority <br>(New York State Sales Tax)<br>Series 2015-A<br>5.00%, 03/15/2023 | $2215 | $2234294 |
|  New York State Dormitory Authority <br>(New York University)<br>Series 2015-A<br>5.00%, 07/01/2023 | 2040 | 2068877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 07/01/2032 | 2975 | 3233202 |
|  New York State Dormitory Authority <br>(Northwell Health Obligated Group)<br>Series 2022<br>4.00%, 05/01/2039 | 2500 | 2263763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2040 | 6000 | 5389989 |
|  New York State Dormitory Authority <br>(Rochester Institute of Technology)<br>Series 2020-A<br>5.00%, 07/01/2023 | 1000 | 1012313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 1000 | 1056560 |
|  New York State Dormitory Authority <br>(St. John's University/NY)<br>Series 2015-A<br>5.00%, 07/01/2024 | 1130 | 1155303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 07/01/2031 | 1400 | 1375506 |
|  New York State Dormitory Authority <br>(State of New York Pers Income Tax)<br>Series 2014<br>5.00%, 02/15/2029 | 11385 | 11618323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A<br>5.00%, 02/15/2028 | 2400 | 2450473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C<br>5.00%, 03/15/2028 | 12485 | 12763060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2029 | 2010 | 2053623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B<br>5.00%, 02/15/2023 | 1160 | 1168271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D<br>5.00%, 02/15/2034 | 9425 | 10050809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>5.00%, 03/15/2036 | 3775 | 4014079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 03/15/2042 | 10000 | 9150500 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMBAC INS Series 2005-B<br>5.50%, 03/15/2023 | 5000 | 5054567 |

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 121** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York State Dormitory Authority <br>(Wagner College)<br>Series 2022<br>5.00%, 07/01/2037 | $1000 | $969461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 1500 | 1439890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 | 1630 | 1541958 |
|  New York State Environmental Facilities Corp. <br>(New York City Municipal Water Finance Authority)<br>Series 2019-B<br>5.00%, 06/15/2027 | 445 | 480043 |
|  New York State Thruway Authority <br>(New York State Thruway Authority Gen Toll Road)<br>Series 2014-J<br>5.00%, 01/01/2026 | 18900 | 19224014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 15000 | 15248006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-K<br>5.00%, 01/01/2026 | 1310 | 1351074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 3035 | 3120253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M<br>2.90%, 01/01/2035 | 8775 | 7177256 |
|  New York State Thruway Authority <br>(State of New York Pers Income Tax)<br>Series 2022-A<br>5.00%, 03/15/2039 | 7250 | 7660079 |
|  New York State Urban Development Corp.<br>5.00%, 09/15/2029 | 6800 | 7437112 |
|  New York State Urban Development Corp. <br>(State of New York Pers Income Tax)<br>Series 2016-A<br>5.00%, 03/15/2028 | 5010 | 5256680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>4.00%, 03/15/2038 | 4350 | 4042318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-E<br>4.00%, 03/15/2043 | 4650 | 4195579 |
|  New York State Urban Development Corp. <br>(State of New York Sales Tax Revenue)<br>Series 2021-A<br>5.00%, 03/15/2036 | 4000 | 4265775 |
|  New York Transportation Development Corp. <br>(American Airlines, Inc.)<br>Series 2016<br>5.00%, 08/01/2026 | 1395 | 1395000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 2985 | 2986357 |

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| **122 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>2.25%, 08/01/2026 | $1625 | $1497990 |
|  New York Transportation Development Corp. <br>(Delta Air Lines, Inc.)<br>Series 2018<br>5.00%, 01/01/2027 | 2165 | 2174088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 24445 | 24265605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 2355 | 2307601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 | 2000 | 1913720 |
|  New York Transportation Development Corp. <br>(Empire State Thruway Partners LLC)<br>Series 2021<br>4.00%, 10/31/2034 | 500 | 442618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/31/2041 | 2075 | 1709049 |
|  New York Transportation Development Corp. <br>(JFK International Air Terminal LLC)<br>Series 2020<br>5.00%, 12/01/2027 | 2210 | 2257525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 1010 | 1029622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 400 | 404570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 1035 | 1043516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 | 1050 | 1022606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 12/01/2042 | 1000 | 809181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 2005 | 2030164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 | 5400 | 5189611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 | 3670 | 3514971 |
|  New York Transportation Development Corp. <br>(Laguardia Gateway Partners LLC)<br>Series 2016-A<br>5.25%, 01/01/2050 | 2535 | 2457518 |
|  New York Transportation Development Corp. <br>(Terminal One Group Association LP)<br>Series 2015<br>5.00%, 01/01/2023 | 965 | 967155 |
|  Niagara Area Development Corp. <br>(Covanta Holding Corp.)<br>Series 2018-A<br>4.75%, 11/01/2042<sup>(a)</sup> | 1000 | 871013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>3.50%, 11/01/2024<sup>(a)</sup> | 3400 | 3314249 |
|  Niagara Falls City School District<br>Series 2016<br>5.00%, 06/15/2024 | 4055 | 4144319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2025 | 3660 | 3781979 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Onondaga Civic Development Corp. <br>(Le Moyne College)<br>Series 2022<br>4.00%, 07/01/2034 | $300 | $270059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2036 | 350 | 309048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2039 | 450 | 385347 |
|  Port Authority of New York & New Jersey<br>Series 2013-178<br>5.00%, 12/01/2023 | 10480 | 10643441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014<br>5.00%, 09/01/2023 | 5080 | 5143048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 7500 | 7626095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1<br>5.00%, 10/15/2023 | 3455 | 3503296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-186<br>5.00%, 10/15/2022 | 5000 | 5002889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015<br>5.00%, 10/15/2022 | 2135 | 2136233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2023 | 5850 | 5931775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 | 8405 | 8653610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>5.00%, 10/15/2028 | 6925 | 7166982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2<br>5.00%, 09/15/2025 | 3040 | 3137078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2027 | 9340 | 9744940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 11/01/2035 | 3135 | 3195441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2036 | 5365 | 5454198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2<br>5.00%, 07/15/2033 | 3000 | 3112043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2034 | 13030 | 13423179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2035 | 2260 | 2308274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2<br>5.00%, 10/15/2022 | 3000 | 3001733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2023 | 2750 | 2788441 |
|  Sales Tax Asset Receivable Corp.<br>Series 2014-A<br>5.00%, 10/15/2025 (Pre-refunded/ETM) | 6075 | 6287542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 (Pre-refunded/ETM) | 7065 | 7312179 |
|  Suffolk County Economic Development Corp. <br>(Peconic Landing at Southold, Inc.)<br>Series 2020<br>5.00%, 12/01/2029 | 500 | 512196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 1000 | 1010724 |

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| **124 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Suffolk Tobacco Asset Securitization Corp.<br>Series 2021<br>0.45%, 06/01/2031 | $410 | $406337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2035 | 2300 | 2109787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2036 | 2425 | 2204313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2037 | 1170 | 1051708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2050 | 2500 | 2117501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 2275 | 2326030 |
|  Town of Oyster Bay NY<br>Series 2018<br>5.00%, 02/15/2023 | 2185 | 2198428 |
|  Triborough Bridge & Tunnel Authority<br>Series 2012-B<br>5.00%, 11/15/2023 | 18000 | 18037850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-A<br>5.00%, 11/15/2028 | 5000 | 5050653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-B<br>5.00%, 11/15/2022 | 7525 | 7542189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2025 | 2505 | 2622888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>2.377% (SOFR + 0.38%), 01/01/2032<sup>(d)</sup> | 5095 | 5053835 |
|  Triborough Bridge & Tunnel Authority <br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)<br>Series 2021<br>5.00%, 05/15/2050 | 15035 | 15713495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>2.00%, 05/15/2045 | 9185 | 8926473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%, 05/15/2035 | 10000 | 7620617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C<br>5.00%, 05/15/2039 | 5000 | 5247924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 05/15/2030 | 2500 | 2752478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2032 | 5000 | 5554311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2033 | 1000 | 1095389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 | 1590 | 1727046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 | 1000 | 1074687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2036 | 1000 | 1070978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2041 | 1750 | 1825276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 08/15/2024 | 20000 | 20670594 |
|  Troy Capital Resource Corp. <br>(Rensselaer Polytechnic Institute)<br>Series 2020<br>5.00%, 09/01/2031 | 2570 | 2706559 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | $3460 | $3630252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 2365 | 2467717 |
|  Trust for Cultural Resources of The City of New York (The) <br>(Lincoln Center for the Performing Arts, Inc.)<br>Series 2016-A<br>5.00%, 12/01/2026 | 7175 | 7626851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.00%, 12/01/2031 | 1800 | 1967655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 2000 | 2170475 |
|  Trust for Cultural Resources of The City of New York (The) <br>(Lincoln Center for the Performing Arts, Inc.)<br>Series 2020<br>4.00%, 12/01/2033 | 1140 | 1090433 |
|  TSASC, Inc./NY<br>Series 2017-A<br>5.00%, 06/01/2023 | 1000 | 1011315 |
|  Utility Debt Securitization Authority<br>Series 2013-T<br>5.00%, 06/15/2026 | 2800 | 2853632 |
|  Westchester County Local Development Corp.<br>(Kendal on Hudson Obligated Group)<br>Series 2022<br>5.00%, 01/01/2027<sup>(e)</sup> | 520 | 531856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032<sup>(e)</sup> | 520 | 525389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2037<sup>(e)</sup> | 530 | 523647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2041<sup>(e)</sup> | 720 | 697841 |
|  |  | 1053565656 |
|  **Alabama – 0.7%** |  |  |
|  Southeast Alabama Gas Supply District (The) <br>(Goldman Sachs Group, Inc. (The))<br>Series 2018-A<br>4.00%, 04/01/2049 | 10000 | 9967308 |
|  **American Samoa – 0.1%** |  |  |
|  American Samoa Economic Development Authority <br>(Territory of American Samoa)<br>Series 2018<br>6.50%, 09/01/2028<sup>(a)</sup> | 1055 | 1138745 |
|  **Colorado – 1.2%** |  |  |
|  City & County of Denver CO <br>(United Airlines, Inc.)<br>Series 2017<br>5.00%, 10/01/2032 | 2425 | 2307889 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Colorado Health Facilities Authority <br>(CommonSpirit Health)<br>Series 2019-A<br>5.00%, 08/01/2031 | $5265 | $5403330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 6030 | 6092389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 4000 | 4016528 |
|  Vauxmont Metropolitan District<br>AGM Series 2020<br>5.00%, 12/01/2050 | 160 | 166565 |
|  |  | 17986701 |
|  **Connecticut – 1.7%** |  |  |
|  State of Connecticut<br>Series 2018-B<br>5.00%, 04/15/2025 | 14565 | 15155688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C<br>5.00%, 06/15/2027 | 4690 | 5017050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-F<br>5.00%, 09/15/2027 | 4025 | 4318893 |
|  |  | 24491631 |
|  **Florida – 0.1%** |  |  |
|  County of Osceola FL Transportation Revenue<br>Series 2020-A<br>Zero Coupon, 10/01/2030 | 100 | 66646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2032 | 100 | 59304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2033 | 100 | 55768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2034 | 110 | 57729 |
|  Volusia County School Board <br>(Volusia County School Board COP)<br>Series 2014-B<br>5.00%, 08/01/2026 | 1000 | 1026773 |
|  |  | 1266220 |
|  **Georgia – 0.2%** |  |  |
|  Municipal Electric Authority of Georgia<br>Series 2019<br>5.00%, 01/01/2031 | 905 | 945983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 565 | 585693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 | 1185 | 1187658 |
|  |  | 2719334 |
|  **Guam – 1.8%** |  |  |
|  Antonio B Won Pat International Airport Authority<br>Series 2021-A<br>3.099%, 10/01/2028 | 665 | 575293 |

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.189%, 10/01/2029 | $550 | $465824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.339%, 10/01/2030 | 450 | 376532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.125%, 10/01/2034<sup>(e)</sup> | 250 | 228269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2031<sup>(e)</sup> | 1025 | 981342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2035<sup>(e)</sup> | 265 | 242171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 10/01/2033<sup>(e)</sup> | 525 | 495006 |
|  Guam Government Waterworks Authority<br>Series 2017<br>5.00%, 07/01/2028 | 1250 | 1291279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 1000 | 1030334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 2000 | 2054951 |
|  Guam Power Authority<br>Series 2017-A<br>5.00%, 10/01/2025 | 2980 | 3062933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 1225 | 1266533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 1230 | 1277552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 10/01/2023 | 1250 | 1263809 |
|  Territory of Guam<br>Series 2019<br>5.00%, 11/15/2031 | 270 | 254939 |
|  Territory of Guam <br>(Guam Section 30 Income Tax)<br>Series 2016-A<br>5.00%, 12/01/2029 | 620 | 619049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 1000 | 992701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 925 | 905087 |
|  Territory of Guam <br>(Territory of Guam Business Privilege Tax)<br>Series 2015-D<br>5.00%, 11/15/2023 | 1865 | 1872163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2025 | 1555 | 1560439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 | 3730 | 3672040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F<br>5.00%, 01/01/2030 | 1000 | 996984 |
|  |  | 25485230 |
|  **Illinois – 2.9%** |  |  |
|  Chicago Board of Education<br>Series 2017-C<br>5.00%, 12/01/2023 | 8160 | 8247829 |
|  Illinois Finance Authority <br>(Illinois Institute of Technology)<br>Series 2019<br>5.00%, 09/01/2023 | 130 | 130883 |

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| **128 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | $150 | $152980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 145 | 148068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 225 | 230332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 365 | 366889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 200 | 199914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 225 | 222181 |
|  Metropolitan Pier & Exposition Authority<br>Series 2017-B<br>5.00%, 12/15/2028 | 2000 | 2038769 |
|  State of Illinois<br>Series 2012<br>5.00%, 08/01/2023 | 3370 | 3403635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013<br>5.50%, 07/01/2025 | 7435 | 7512669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 12/01/2024 | 2105 | 2140138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D<br>5.00%, 11/01/2023 | 7505 | 7593942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2024 | 5580 | 5672190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 10/01/2024 | 2910 | 2957495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>5.00%, 05/01/2024 | 1405 | 1426057 |
|  |  | 42443971 |
|  **Kentucky – 0.3%** |  |  |
|  City of Ashland KY <br>(Ashland Hospital Corp. Obligated Group)<br>Series 2019<br>5.00%, 02/01/2026 | 350 | 359138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 375 | 387245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 210 | 219097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 275 | 281048 |
|  Kentucky Economic Development Finance Authority <br>(CommonSpirit Health)<br>Series 2019-A<br>5.00%, 08/01/2033 | 1000 | 1010347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 1635 | 1641756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 555 | 556248 |
|  |  | 4454879 |
|  **Louisiana – 0.1%** |  |  |
|  Parish of St. James LA <br>(NuStar Logistics LP)<br>Series 2020<br>5.85%, 08/01/2041<sup>(a)</sup> | 240 | 246201 |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/2038<sup>(a)</sup> | $345 | $367069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 12/01/2040<sup>(a)</sup> | 460 | 489425 |
|  |  | 1102695 |
|  **Michigan – 1.1%** |  |  |
|  City of Detroit MI<br>Series 2018<br>5.00%, 04/01/2029 | 250 | 256136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032 | 1005 | 1017180 |
|  Michigan Strategic Fund <br>(Michigan Strategic Fund – I 75 Improvement Project)<br>Series 2018<br>5.00%, 12/31/2029 | 8600 | 8627254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2030 | 4000 | 3987565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2032 | 1690 | 1660414 |
|  |  | 15548549 |
|  **Missouri – 0.0%** |  |  |
|  Howard Bend Levee District<br>XLCA INS Series 2005<br>5.75%, 03/01/2025 | 120 | 121462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027 | 275 | 278764 |
|  |  | 400226 |
|  **Nevada – 0.1%** |  |  |
|  City of Sparks NV <br>(City of Sparks NV Sales Tax)<br>Series 2019-A<br>2.50%, 06/15/2024<sup>(a)</sup> | 385 | 370299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/15/2028<sup>(a)</sup> | 715 | 626641 |
|  |  | 996940 |
|  **New Jersey – 2.7%** |  |  |
|  New Jersey Economic Development Authority<br>Series 2013<br>5.00%, 03/01/2028 (Pre-refunded/ETM) | 1445 | 1455876 |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Fed Hwy Grant)<br>Series 2016<br>5.00%, 06/15/2024 | 5030 | 5136631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2027 | 5000 | 5227557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 06/15/2028 | 11680 | 12165838 |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Trust Fund Authority State Lease)<br>Series 2018-A<br>5.00%, 12/15/2030 | $3360 | $3484269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>5.00%, 06/15/2030 | 1500 | 1557939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2034 | 2360 | 2387431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BB1<br>5.00%, 06/15/2034 | 2900 | 2933707 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMBAC INS Series 2005-B<br>5.25%, 12/15/2023 | 4700 | 4801465 |
|  |  | 39150713 |
|  **Pennsylvania – 0.3%** |  |  |
|  Hospitals & Higher Education Facilities Authority of Philadelphia (The) <br>(Temple University Health System Obligated Group)<br>Series 2017<br>5.00%, 07/01/2023 | 1690 | 1701771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2024 | 2085 | 2117581 |
|  |  | 3819352 |
|  **Puerto Rico – 1.1%** |  |  |
|  Commonwealth of Puerto Rico<br>Series 2021-A<br>Zero Coupon, 07/01/2024 | 959 | 881214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2033 | 2420 | 1333889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 | 675 | 593596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2023 | 465 | 467068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2025 | 870 | 878412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2027 | 3150 | 3215413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 | 1070 | 1094389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2031 | 285 | 290558 |
|  Puerto Rico Electric Power Authority<br>AGM Series 2007-V<br>5.25%, 07/01/2031 | 1390 | 1376800 |
|  Puerto Rico Highway & Transportation Authority<br>AGC Series 2007-N<br>5.25%, 07/01/2034 | 1580 | 1546687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2036 | 1515 | 1479745 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2007-C<br>5.50%, 07/01/2031 | 1000 | 1007774 |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue<br>Series 2018-A<br>Zero Coupon, 07/01/2024 | $1406 | $1299031 |
|  |  | 15464576 |
|  **South Carolina – 0.3%** |  |  |
|  South Carolina Public Service Authority<br>Series 2021-B<br>4.00%, 12/01/2038 | 2125 | 1873992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 | 2500 | 2488883 |
|  |  | 4362875 |
|  **Tennessee – 0.6%** |  |  |
|  Chattanooga Health Educational & Housing Facility Board <br>(CommonSpirit Health)<br>Series 2019-A<br>5.00%, 08/01/2031 | 1500 | 1539410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 1000 | 1010347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 1000 | 1004132 |
|  Tennergy Corp./TN <br>(Royal Bank of Canada)<br>Series 2019-A<br>5.00%, 02/01/2050 | 4735 | 4835106 |
|  |  | 8388995 |
|  **Texas – 0.4%** |  |  |
|  City of Houston TX Airport System Revenue <br>(United Airlines, Inc.)<br>Series 2018<br>5.00%, 07/15/2028 | 1750 | 1748998 |
|  Mission Economic Development Corp. <br>(Natgasoline LLC)<br>Series 2018<br>4.625%, 10/01/2031<sup>(a)</sup> | 4540 | 4469494 |
|  |  | 6218492 |
|  **Washington – 0.6%** |  |  |
|  Washington Health Care Facilities Authority <br>(CommonSpirit Health)<br>Series 2019-A<br>5.00%, 08/01/2032 | 2165 | 2201734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 2595 | 2621849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 2520 | 2530413 |
|  Washington State Housing Finance Commission<br>Series 2021-1, Class A<br>3.50%, 12/20/2035 | 981 | 832419 |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Washington State Housing Finance Commission<br>Series 2021-1, Class X<br>0.726%, 12/20/2035<sup>(f)</sup> | $981 | $49927 |
|  |  | 8236342 |
|  **Wisconsin – 0.3%** |  |  |
|  UMA Education, Inc.<br>Series 2019<br>5.00%, 10/01/2022<sup>(a)</sup> | 240 | 240000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2023<sup>(a)</sup> | 260 | 260173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025<sup>(a)</sup> | 995 | 991449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026<sup>(a)</sup> | 1050 | 1042885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027<sup>(a)</sup> | 1090 | 1077693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028<sup>(a)</sup> | 900 | 884480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(a)</sup> | 275 | 269168 |
|  |  | 4765848 |
|  Total Long-Term Municipal Bonds <br>(cost $1,393,722,616) |  | 1291975278 |
|  **Short-Term Municipal Notes – 5.2%** |  |  |
|  **New York – 5.0%** |  |  |
|  Build NYC Resource Corp. <br>(Asia Society (The))<br>Series 2015<br>2.56%, 04/01/2045<sup>(g)</sup> | 1745 | 1745000 |
|  City of New York NY<br>Series 2008-L<br>2.78%, 04/01/2038<sup>(g)</sup> | 530 | 530000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-B<br>2.60%, 09/01/2027<sup>(g)</sup> | 5850 | 5850000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>2.60%, 08/01/2044<sup>(g)</sup> | 8995 | 8995000 |
|  Dutchess County Industrial Development Agency <br>(Marist College)<br>Series 2008<br>2.56%, 07/01/2038<sup>(g)</sup> | 1230 | 1230000 |
|  New York City Health and Hospitals Corp.<br>Series 2008-B<br>2.31%, 02/15/2031<sup>(g)</sup> | 10000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-E<br>2.61%, 02/15/2026<sup>(g)</sup> | 2520 | 2520000 |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York City Health and Hospitals Corp. <br>(HHC Capital Corp.)<br>Series 2008-C<br>2.62%, 02/15/2031<sup>(g)</sup> | $2000 | $2000000 |
|  New York City Housing Development Corp.<br>Series 2008<br>2.43%, 04/15/2035<sup>(g)</sup> | 4100 | 4100000 |
|  New York City Housing Development Corp. <br>(201 Pearl LLC)<br>Series 2006-A<br>2.20%, 10/15/2041<sup>(g)</sup> | 8800 | 8800000 |
|  New York City Housing Development Corp. <br>(Queenswood Apartments LP)<br>Series 2001-A<br>2.43%, 04/01/2031<sup>(g)</sup> | 1300 | 1300000 |
|  New York State Dormitory Authority <br>(Royal Charter Properties-East, Inc.)<br>Series 2008<br>2.43%, 11/15/2036<sup>(g)</sup> | 2290 | 2290000 |
|  New York State Housing Finance Agency<br>Series 2006<br>2.20%, 11/15/2036<sup>(g)</sup> | 6400 | 6400000 |
|  New York State Housing Finance Agency <br>(8 East 102nd Street LLC)<br>Series 2012<br>2.63%, 05/01/2044<sup>(g)</sup> | 3140 | 3140000 |
|  New York State Housing Finance Agency <br>(Liberty Street Realty LLC)<br>Series 2005<br>2.43%, 05/01/2035<sup>(g)</sup> | 2100 | 2100000 |
|  Triborough Bridge & Tunnel Authority<br>Series 2018-C<br>2.74%, 01/01/2032<sup>(g)</sup> | 7570 | 7570000 |
|  Trust for Cultural Resources of The City of New York (The) <br>(New York Botanical Garden (The))<br>Series 2009<br>2.53%, 07/01/2032<sup>(g)</sup> | 2695 | 2695000 |
|  |  | 71265000 |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Ohio – 0.2%** |  |  |
|  State of Ohio<br>Series 2004<br>2.32%, 02/01/2023<sup>(g)</sup> | $3020 | $3020000 |
|  Total Short-Term Municipal Notes <br>(cost $74,285,000) |  | 74285000 |
|  Total Municipal Obligations <br>(cost $1,468,007,616) |  | 1366260278 |
|  **GOVERNMENTS - TREASURIES – 0.1%** |  |  |
|  **United States – 0.1%** |  |  |
|  U.S. Treasury Notes<br>2.625%, 02/15/2029<sup>(h)</sup> <br>(cost $2,484,655) | 2377 | 2190554 |
|  **CORPORATES - INVESTMENT GRADE – 0.1%** |  |  |
|  **Industrial – 0.1%** |  |  |
|  **Consumer Cyclical – Automotive – 0.1%** |  |  |
|  General Motors Financial Co., Inc.<br>3.443% (SOFR+ 1.30%), 04/07/2025<sup>(d)</sup> <br>(cost $2,000,000) | 2000 | 1957540 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS – 0.1%** |  |  |
|  **Risk Share Floating Rate – 0.1%** |  |  |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2013-DN2, Class M2<br>7.334% (LIBOR 1 Month + 4.25%), 11/25/2023<sup>(d)</sup> | 132 | 133593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-DN3, Class M3<br>7.084% (LIBOR 1 Month + 4.00%), 08/25/2024<sup>(d)</sup> | 100 | 100674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-DNA3, Class M2<br>5.134% (LIBOR 1 Month + 2.05%), 07/25/2049<sup>(a)</sup><sup>(d)</sup> | 106 | 104187 |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2014-C03, Class 2M2<br>5.984% (LIBOR 1 Month + 2.90%), 07/25/2024<sup>(d)</sup> | 97 | 97694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C02, Class 1M2<br>7.084% (LIBOR 1 Month + 4.00%), 05/25/2025<sup>(d)</sup> | 99 | 100845 |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 1M2<br>9.834% (LIBOR 1 Month + 6.75%), 08/25/2028<sup>(d)</sup> | $243 | $257060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2<br>9.084% (LIBOR 1 Month + 6.00%), 09/25/2028<sup>(d)</sup> | 56 | 58245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class 1M2<br>8.384% (LIBOR 1 Month + 5.30%), 10/25/2028<sup>(d)</sup> | 95 | 97279 |
|  Total Collateralized Mortgage Obligations <br>(cost $914,303) |  | 949577 |
|  **Total Investments – 95.2%** <br>(cost $1,473,406,574) |  | 1371357949 |
|  Other assets less liabilities – 4.8% |  | 69086141 |
|  **Net Assets – 100.0%** |  | $**1440444090** |

---

**CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 7130 | 01/15/2025 | 2.565% | CPI# | Maturity | $614637 | $– 0 | $614637 |
| USD | 4070 | 01/15/2025 | 4.028% | CPI# | Maturity | 111791 | – 0 | 111791 |
| USD | 3565 | 01/15/2025 | 2.585% | CPI# | Maturity | 304514 | – 0 | 304514 |
| USD | 3565 | 01/15/2025 | 2.613% | CPI# | Maturity | 300656 | – 0 | 300656 |
| USD | 16830 | 01/15/2026 | CPI# | 3.720% | Maturity | (458587) | – 0 | (458587) |
| USD | 10700 | 01/15/2027 | CPI# | 3.466% | Maturity | (308616) | (12502) | (296114) |
| USD | 10500 | 01/15/2027 | CPI# | 3.320% | Maturity | (395266) | – 0 | (395266) |
| USD | 8430 | 01/15/2027 | CPI# | 3.323% | Maturity | (315823) | – 0 | (315823) |
| USD | 27600 | 01/15/2028 | 1.230% | CPI# | Maturity | 4605344 | – 0 | 4605344 |
| USD | 23260 | 01/15/2028 | 0.735% | CPI# | Maturity | 4692450 | – 0 | 4692450 |
| USD | 27050 | 01/15/2029 | CPI# | 3.290% | Maturity | (541871) | – 0 | (541871) |
| USD | 10810 | 01/15/2029 | CPI# | 3.735% | Maturity | 173642 | – 0 | 173642 |
| USD | 4375 | 01/15/2030 | 1.572% | CPI# | Maturity | 669974 | – 0 | 669974 |
| USD | 4375 | 01/15/2030 | 1.587% | CPI# | Maturity | 664149 | – 0 | 664149 |
| USD | 6400 | 01/15/2031 | 2.782% | CPI# | Maturity | 323060 | – 0 | 323060 |
| USD | 5830 | 01/15/2031 | 2.680% | CPI# | Maturity | 350875 | – 0 | 350875 |
| USD | 5150 | 01/15/2031 | 2.989% | CPI# | Maturity | 157387 | – 0 | 157387 |
| USD | 5600 | 01/15/2032 | CPI# | 3.064% | Maturity | (89216) | – 0 | (89216) |
| USD | 5400 | 04/15/2032 | CPI# | 2.909% | Maturity | (152829) | – 0 | (152829) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;10706271 | $&nbsp;&nbsp;&nbsp;&nbsp;(12502 | $&nbsp;&nbsp;&nbsp;&nbsp;10718773 |

---

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

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| **136 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

**CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 25000 | 01/15/2027 | 1 Day SOFR | 2.540% | Annual | $(1126042) | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;(1126042) |
| USD | 8000 | 01/15/2031 | 1.323% | 3 Month<br>LIBOR | Semi-Annual/<br>Quarterly | 1445179 | – 0 | 1445179 |
| USD | 43200 | 04/15/2032 | 2.569% | 1 Day SOFR | Annual | 3094409 | – 0 | 3094409 |
| USD | 13400 | 04/15/2032 | 1.280% | 1 Day SOFR | Annual | 2421464 | – 0 | 2421464 |
| USD | 13200 | 04/15/2032 | 2.632% | 1 Day SOFR | Annual | 875030 | – 0 | 875030 |
| USD | 5000 | 04/15/2032 | 3.082% | 1 Day SOFR | Annual | 159438 | – 0 | 159438 |
| USD | 1400 | 04/15/2032 | 3.069% | 1 Day SOFR | Annual | 46099 | – 0 | 46099 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;6915577 | $– 0 | $6915577 |

---

**CREDIT DEFAULT SWAPS (see Note 3)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br>Counterparty & <br>Referenced<br>Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Sale Contracts** |  |  |  |  |  |  |  |  |
|  Citigroup Global Markets, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br> Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 121 | $(27206) | $(11335) | $(15871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br> Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 402 | (90151) | (48458) | (41693) |
|  Credit Suisse International |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br> Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 27 | (5956) | (3105) | (2851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br> Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 67 | (14971) | (6295) | (8676) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br> Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 820 | (183844) | (95200) | (88644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br> Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 826 | (185293) | (78008) | (107285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br> Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1245 | (279146) | (114501) | (164645) |
|  Goldman Sachs International |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br> Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 155 | (34773) | (18613) | (16160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br> Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1079 | (241959) | (96333) | (145626) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(1063299) | $&nbsp;&nbsp;&nbsp;&nbsp;(471848) | $&nbsp;&nbsp;&nbsp;&nbsp;(591451) |

---

\* Termination date

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**PORTFOLIO OF INVESTMENTS** (continued)

**NEW YORK MUNICIPAL PORTFOLIO** 

**INTEREST RATE SWAPS (see Note 3)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| <br>**Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Citibank, NA | USD | 16980 | 10/09/2029 | 1.125% | SIFMA\* | Quarterly | $1951207 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $1951207 |

---

\* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are
considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2022, the aggregate market value of these securities amounted to $31,830,161 or 2.2% of net assets.

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

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities,
which represent 0.02% of net assets as of September 30, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Jefferson County Industrial Development Agency <br>(ReEnergy Black River LLC) Series 2019 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2024 | 11/13/2014 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250438 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | 0.02% |

---

(d) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2022.

(e) When-Issued or delayed delivery security.

(f) IO—Interest Only.

(g) Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest
payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

(h) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

As of September 30, 2022, the Portfolio's percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 2.9% and 0.0%, respectively.

Glossary:

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

AMBAC – Ambac Assurance Corporation

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

COP – Certificate of Participation

CPI – Consumer Price Index

ETM – Escrowed to Maturity

LIBOR – London Interbank Offered Rate

SOFR – Secured Overnight Financing Rate

XLCA – XL Capital Assurance Inc.

See notes to financial statements.

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**STATEMENT OF ASSETS AND LIABILITIES** 

**September 30, 2022** 

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| | | | |
|:---|:---|:---|:---|
|  | **California<br>Municipal<br>Portfolio** | **Diversified<br>Municipal<br>Portfolio** | **New York<br>Municipal<br>Portfolio** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Investments in securities, at value | $1098401858 | $5500554886 | $1371357949 |
|  Cash | 21428128 | – 0 | 55910667 |
|  Cash collateral due from broker | 3839305 | 17553664 | 3796659 |
|  Receivables: | Receivables: | Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 13680757 | 66958506 | 16494865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 3845896 | 4725069 | 6715020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 633301 | 6999863 | 2287083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 12721 | 41820 | 1073 |
|  Unrealized appreciation of interest rate swaps | 1424335 | 6568374 | 1951207 |
|  Total assets | 1143266301 | 5603402182 | 1458514523 |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
|  Due to custodian | – 0 | 803205 | – 0 |
|  Cash collateral due to broker | 1800000 | 6840000 | 1910000 |
|  Payables: | Payables: | Payables: | Payables: |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends to shareholders | 715487 | 3379781 | 587646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 32664128 | 51429335 | 11920919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 4769061 | 15622775 | 1760528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 390249 | 1652632 | 496607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee | 79625 | 363745 | 107872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 14980 | 66306 | 24772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee | 10860 | 59896 | 12303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 163671 | 449685 | 186487 |
|  Market value on credit default swaps<sup>(a)</sup> | 761453 | 3183456 | 1063299 |
|  Total liabilities | 41369514 | 83850816 | 18070433 |
|  Net Assets | $**1101896787** | $**5519551366** | $**1440444090** |
|  Cost of investments | $**1174374436** | $**5876876446** | $**1473406574** |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
|  Capital stock, at par | $82957 | $412911 | $111814 |
|  Additional paid-in capital | 1170965728 | 5854416719 | 1545765916 |
|  Accumulated loss | (69151898) | (335278264) | (105433640) |
|  | $**1101896787** | $**5519551366** | $**1440444090** |

---

(a) Net premiums received of $342,811, $1,412,638 and $471,848, respectively.

See notes to financial statements.

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**STATEMENT OF ASSETS AND LIABILITIES** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | **California<br>Municipal<br>Portfolio** | **Diversified<br>Municipal<br>Portfolio** | **New York<br>Municipal<br>Portfolio** |
| **CALCULATION OF MAXIMUM OFFERING PRICE** |  |  |  |
| **Municipal Class Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938637948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4296195793 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277131941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 70665993 | 321405994 | 99131980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $**13.28** | $**13.37** | $**12.88** |
| **Class A Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $57140867 | $261935519 | $96285930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 4301574 | 19581758 | 7476338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $**13.28** | $**13.38** | $**12.88** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales charge—3.00% of public offering price | **0.41** | **0.41** | **0.40** |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price | $**13.69** | $**13.79** | $**13.28** |
| **Class C Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $3651515 | $13575819 | $5514666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 274928 | 1015258 | 428190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $**13.28** | $**13.37** | $**12.88** |
| **Advisor Class Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $102466457 | $477015038 | $61511553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 7714162 | 35710448 | 4777232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $**13.28** | $**13.36** | $**12.88** |
| **Class Z Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets |  | $470829197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding |  | 35197259 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share |  | $**13.38** |  |

---

See notes to financial statements.

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**STATEMENT OF OPERATIONS** 

**For the Year Ended September 30, 2022** 

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| | | | |
|:---|:---|:---|:---|
|  | **California<br>Municipal<br>Portfolio** | **Diversified<br>Municipal<br>Portfolio** | **New York<br>Municipal<br>Portfolio** |
| **Investment Income** |  |  |  |
|  Interest | $29375097 | $153222611 | $40817884 |
|  Total income | 29375097 | 153222611 | 40817884 |
| **Expenses:** |  |  |  |
|  Management fee (see Note 2A) | 5266658 | 21822225 | 6778018 |
|  Shareholder servicing fee<br>(see Note 2B) | 1116698 | 5011517 | 1497091 |
|  Custody and accounting fees | 112628 | 274172 | 138772 |
|  Transfer Agent fee – Non-Retail Class | 27534 | 126292 | 38728 |
|  Transfer Agent fee – Class A | 19429 | 99032 | 39017 |
|  Transfer Agent fee – Class C | 1340 | 5217 | 2850 |
|  Transfer Agent fee – Advisor Class | 25865 | 154439 | 23679 |
|  Transfer Agent fee – Class Z | – 0 | 103633 | – 0 |
|  Distribution fees – Class A | 161324 | 758203 | 263321 |
|  Distribution fees – Class C | 43755 | 157720 | 73928 |
|  Directors' fees and expenses | 54505 | 270245 | 72046 |
|  Auditing and tax fees | 47825 | 209676 | 60062 |
|  Legal fees | 44068 | 212112 | 58027 |
|  Registration fees | 27581 | 191043 | 50872 |
|  Printing fees | 54806 | 33709 | 38705 |
|  Miscellaneous | 48160 | 202709 | 59680 |
|  Total expenses | 7052176 | 29631944 | 9194796 |
|  Net investment income | 22322921 | 123590667 | 31623088 |
| **Realized and Unrealized Gain (Loss) on Investment Transactions** |  |  |  |
|  Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (4524663) | (23119188) | (6766299) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 2501824 | 9952392 | 598566 |
|  Net realized loss on investment transactions | (2022839) | (13166796) | (6167733) |
|  Net change in unrealized appreciation/depreciation of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (124960252) | (663346572) | (171846996) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 8220541 | 37941871 | 10986550 |
|  Net change in unrealized appreciation/depreciation of investments | (116739711) | (625404701) | (160860446) |
|  Net realized and unrealized loss on investment transactions | (118762550) | (638571497) | (167028179) |
|  **Net decrease in net assets resulting from operations** | $**(96439629** | $**(514980830)** | $**(135405091** |

---

See notes to financial statements.

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**STATEMENT OF CHANGES IN NET ASSETS** 

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| | | |
|:---|:---|:---|
|  | **California Municipal Portfolio** | **California Municipal Portfolio** |
|  | **Year Ended**<br>**9/30/22** | **Year Ended**<br>**9/30/21** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $22322921 | $23243006 |
|  Net realized gain (loss) on investment transactions | (2022839) | 10017390 |
|  Net change in unrealized appreciation/depreciation of investments | (116739711) | (3211963) |
|  Net increase (decrease) in net assets resulting from operations | (96439629) | 30048433 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Class | (18916809) | (20551446) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (971204) | (1218820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (32897) | (42371) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1535307) | (1192399) |
|  Total distributions to shareholders | (21456217) | (23005036) |
| **Capital-Share Transactions:** | **Capital-Share Transactions:** | **Capital-Share Transactions:** |
|  Net proceeds from sales of shares | 307949541 | 351799964 |
|  Net proceeds from sales of shares issued to shareholders on reinvestment of dividends | 15729268 | 17652625 |
|  Total proceeds from shares sold | 323678809 | 369452589 |
|  Cost of shares redeemed | (496377732) | (376795028) |
|  Net decrease in net assets from capital-share transactions | (172698923) | (7342439) |
|  Net decrease in net assets | (290594769) | (299042) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
|  Beginning of period | 1392491556 | 1392790598 |
|  End of period | $**1101896787** | $**1392491556** |

---

See notes to financial statements.

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**STATEMENT OF CHANGES IN NET ASSETS** (continued)

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| | | |
|:---|:---|:---|
|  | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** |
|  | **Year Ended**<br>**9/30/22** | **Year Ended**<br>**9/30/21** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $123590667 | $122937403 |
|  Net realized gain (loss) on investment transactions | (13166796) | 25532577 |
|  Net change in unrealized appreciation/depreciation of investments | (625404701) | 26639009 |
|  Net increase (decrease) in net assets resulting from operations | (514980830) | 175108989 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Class | (95675758) | (98560802) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (5215911) | (5318015) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (153564) | (267652) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (9328332) | (8070840) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (10024841) | (9473236) |
|  Total distributions to shareholders | (120398406) | (121690545) |
| **Capital-Share Transactions:** |  |  |
|  Net proceeds from sales of shares | 1334029727 | 1559834308 |
|  Net proceeds from sales of shares issued to shareholders on reinvestment of dividends | 89555226 | 93318204 |
|  Total proceeds from shares sold | 1423584953 | 1653152512 |
|  Cost of shares redeemed | (1989402821) | (1214382457) |
|  Net increase (decrease) in net assets from capital-share transactions | (565817868) | 438770055 |
|  Net increase (decrease) in net assets | (1201197104) | 492188499 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
|  Beginning of period | 6720748470 | 6228559971 |
|  End of period | $**5519551366** | $**6720748470** |

---

See notes to financial statements.

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**STATEMENT OF CHANGES IN NET ASSETS** (continued)

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| | | |
|:---|:---|:---|
|  | **New York Municipal Portfolio** | **New York Municipal Portfolio** |
|  | **Year Ended**<br>**9/30/22** | **Year Ended**<br>**9/30/21** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $31623088 | $33473749 |
|  Net realized gain (loss) on investment transactions | (6167733) | 3330397 |
|  Net change in unrealized appreciation/depreciation of investments | (160860446) | 23923283 |
|  Net increase (decrease) in net assets resulting from operations | (135405091) | 60727429 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Class | (28049433) | (29883364) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1772845) | (1927269) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (67861) | (137544) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1241477) | (1180116) |
|  Total distributions to shareholders | (31131616) | (33128293) |
| **Capital-Share Transactions:** |  |  |
|  Net proceeds from sales of shares | 205642206 | 305015834 |
|  Net proceeds from sales of shares issued to shareholders on reinvestment of dividends | 23893460 | 25604257 |
|  Total proceeds from shares sold | 229535666 | 330620091 |
|  Cost of shares redeemed | (422401671) | (346489408) |
|  Net decrease in net assets from capital-share transactions | (192866005) | (15869317) |
|  Net increase (decrease) in net assets | (359402712) | 11729819 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
|  Beginning of period | 1799846802 | 1788116983 |
|  End of period | $**1440444090** | $**1799846802** |

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See notes to financial statements.

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**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2022** 

**NOTE 1.** 

**Organization and Significant Accounting Policies** 

The AB Intermediate Municipal Class A, Class C, Advisor Class and Class Z shares are (collectively, the "Intermediate Municipal Retail Classes") shares of three Portfolios of the Sanford C. Bernstein Fund, Inc. (the "Fund"): California Municipal Portfolio, Diversified Municipal Portfolio and New York Municipal Portfolio (collectively, "Intermediate Municipal Portfolios" or "Portfolios"). The Fund is registered under the Investment Company Act of 1940 as an open-end registered investment company. The Fund, which is a Maryland corporation, operates as a series company currently comprised of 13 portfolios each with its own investment objective. Class B and Class T shares have been authorized but currently are not offered. Class Z shares for California Municipal Portfolio and New York Municipal Portfolio have been authorized but currently are not offered. Class A shares of the Portfolios are sold with a front-end sales charge of up to 3% for purchases up to $500,000. With respect to purchases of $500,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 years after the end of the calendar month of purchase. These financial statements include only the Intermediate Municipal Portfolios. The financial highlights of the Municipal Class shares are presented in a separate financial report. All classes of shares have 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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

approved by and under the oversight of the Portfolios' Board of Directors (the "Board"). Pursuant to these procedures, AllianceBernstein L.P. (the "Adviser") serves as the Portfolios' valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolios' portfolio investments, subject to the Board's oversight.

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

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Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer's financial statements or other available documents. In addition, the Portfolios may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolios value their securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolios generally value many of their foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

**B. Fair Value Measurements** 

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolios would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note 1.A above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolios. Unobservable inputs reflect the Portfolios' own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates,
prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

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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.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are: the value of collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following tables summarize the valuation of the Portfolios' investments by the above fair value hierarchy levels as of September 30, 2022:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** |
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | | **Total** |
|  **Assets:** |  |  |  |  |  |
|  Long-Term Municipal Bonds | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986498644 | $0 | <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986498644 |
|  Short-Term Municipal Notes | – 0 | 37535092 | – 0 |  | 37535092 |
|  Commercial Mortgage-Backed Securities | – 0 | 11255740 | – 0 |  | 11255740 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** |
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | | **Total** |
|  Governments –Treasuries | $– 0 | $2161986 | $– 0 |  | $2161986 |
|  Corporates – Investment Grade | – 0 | 1957540 | – 0 |  | 1957540 |
|  Collateralized Mortgage Obligations | – 0 | 565234 | – 0 |  | 565234 |
|  Short-Term Investments | – 0 | 58427622 | – 0 |  | 58427622 |
|  Total Investments in Securities | – 0 | 1098401858 | 0 | <sup>(a)</sup> | 1098401858 |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 9922661 | – 0 |  | 9922661 <sup>(c)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 5977878 | – 0 |  | 5977878 <sup>(c)</sup> |
|  Interest Rate Swaps | – 0 | 1424335 | – 0 |  | 1424335 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  Centrally Cleared Credit Default Swaps | – 0 | (328585) | – 0 |  | (328585)<sup>(c)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (1746727) | – 0 |  | (1746727)<sup>(c)</sup> |
|  Credit Default Swaps | – 0 | (761453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |  | (761453) |
|  **Total** | $**– 0** | $**1112889967** | $**0** | **<sup>(a)</sup>** | $**1112889967** |
| **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** |
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Long-Term Municipal Bonds | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4963212545 | $– 0 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4963212545 |
|  Short-Term Municipal Notes | – 0 | 444322000 | – 0 |  | 444322000 |
|  Corporates – Investment Grade | – 0 | 51966820 | – 0 |  | 51966820 |
|  Commercial Mortgage-Backed Securities | – 0 | 20755734 | – 0 |  | 20755734 |
|  Corporates – Non-Investment Grade | – 0 | 17172663 | – 0 |  | 17172663 |
|  Collateralized Mortgage Obligations | – 0 | 3125124 | – 0 |  | 3125124 |
|  Total Investments in Securities | – 0 | 5500554886 | – 0 |  | 5500554886 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** |
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Centrally Cleared Credit Default Swaps | $– 0 | $1525557 | $– 0 | $1525557 <sup>(c)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 45693030 | – 0 | 45693030 <sup>(c)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 30907994 | – 0 | 30907994 <sup>(c)</sup> |
|  Interest Rate Swaps | – 0 | 6568374 | – 0 | 6568374 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (8010489) | – 0 | (8010489)<sup>(c)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (2297125) | – 0 | (2297125)<sup>(c)</sup> |
|  Credit Default Swaps | – 0 | (3183456) | – 0 | (3183456) |
|  **Total** | $**– 0** | $**5571758771** | $**– 0** | $**5571758771** |
| **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** |
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Long-Term Municipal Bonds | $– 0 | $1291725278 | $250000 | $1291975278 |
|  Short-Term Municipal Notes | – 0 | 74285000 | – 0 | 74285000 |
|  Governments –Treasuries | – 0 | 2190554 | – 0 | 2190554 |
|  Corporates – Investment Grade | – 0 | 1957540 | – 0 | 1957540 |
|  Collateralized Mortgage Obligations | – 0 | 949577 | – 0 | 949577 |
|  Total Investments in Securities | – 0 | 1371107949 | 250000 | 1371357949 |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 12968479 | – 0 | 12968479 <sup>(c)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 8041619 | – 0 | 8041619 <sup>(c)</sup> |
|  Interest Rate Swaps | – 0 | 1951207 | – 0 | 1951207 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (2262208) | – 0 | (2262208)<sup>(c)</sup> |

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| | | | | |
|:---|:---|:---|:---|:---|
| **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** |
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Centrally Cleared Interest Rate Swaps | $– 0 | $(1126042) | $– 0 | $(1126042)<sup>(c)</sup> |
|  Credit Default Swaps | – 0 | (1063299) | – 0 | (1063299) |
|  **Total** | $**– 0** | $**1389617705** | $**250000** | $**1389867705** |

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(a) The Portfolio held securities with zero market value at period end.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the
unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(c) Only variation margin receivable/(payable) at period end is reported within the statement of assets and liabilities. This
amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the schedule of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

**C. 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 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, 2022, the Portfolios did not have any unrecognized tax benefits.

**D. 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

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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.

**E. Securities Transactions on a When-Issued or Delayed-Delivery Basis** 

Each Portfolio may purchase securities on a when-issued basis or purchase or sell securities on a delayed-delivery basis. At the time a Portfolio commits to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will record the transaction and use the security's value in determining the Portfolio's net asset value. At the time a Portfolio commits to sell a security on a delayed-delivery basis, the Portfolio will record the transaction and exclude the security's value in determining the Portfolio's net asset value.

**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 each 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** 

Net investment income of each Portfolio is declared and recorded as a dividend to shareholders daily and is payable to shareholders monthly. Distributions of net realized gains, less any available loss carryforwards, if any, will be paid to shareholders at least once a year, and recorded on the ex-dividend date.

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

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Permanent differences have no effect on net assets. The effects of such permanent differences on each Portfolio, due to the utilization of earnings and profits distributed to shareholders on redemption of shares and distribution in excess of income which are reflected as adjustments to the components of net assets as of September 30, 2022, as shown below:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Increase (Decrease)**<br>**to Additional**<br>**Paid-in Capital** | **Increase (Decrease)**<br>**to Distributable**<br>**Earnings/**<br>**Accumulated Loss** |
|  California Municipal Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(267148) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267148 |
|  Diversified Municipal Portfolio | (979682) | 979682 |
|  New York Municipal Portfolio | (711060) | 711060 |

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**NOTE 2.** 

**Investment Management and Transactions with Affiliated Persons** 

**A. Management Fee** 

Under the Investment Management Agreement between the Fund and the Adviser, the Adviser manages the investment of each Portfolio's assets, places purchase and sale orders, and bears various expenses, including the salaries and expenses of all personnel except those of outside directors. In addition, the Adviser agrees to permit its directors, officers and employees who may be elected directors or officers of the Fund to serve in the capacities to which they are elected. The Adviser renders these services subject to the general oversight of the Board.

The Portfolios pay the Adviser an investment management fee, based on an annual rate, for such services as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Annual Percentage of Average Daily<br>Net Assets of Each Portfolio** | **Annual Percentage of Average Daily<br>Net Assets of Each Portfolio** | **Annual Percentage of Average Daily<br>Net Assets of Each Portfolio** | **Annual Percentage of Average Daily<br>Net Assets of Each Portfolio** |
| <br>**Portfolio** | **First<br>$1 Billion** | **Next**<br> **$2 Billion** | **Next**<br> **$2 Billion** | **Thereafter** |
|  California Municipal and New York Municipal | 0.425% | 0.375% | 0.325% | 0.275% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **First**<br> **$1 Billion** | **Next**<br> **$2 Billion** | **Next**<br> **$2 Billion** | **Next**<br> **$2 Billion** | **Thereafter** |
|  Diversified Municipal | 0.425% | 0.375% | 0.325% | 0.275% | 0.225% |

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**B. Transfer Agency Agreement; Shareholder Servicing Fee** 

Under a Transfer Agency Agreement between the Fund, on behalf of the Intermediate Municipal Retail Classes, and AllianceBernstein Investor Services, Inc. ("ABIS"), the Intermediate Municipal Retail Classes compensate ABIS, a wholly-owned subsidiary of the Adviser, for providing personnel and facilities to perform transfer agency services. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. For the year ended

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September 30, 2022, the compensation retained by ABIS amounted to: California Municipal Portfolio, $18,043; Diversified Municipal Portfolio, $161,109; and New York Municipal Portfolio, $19,121.

Under the Shareholder Servicing Agreement between the Fund and the Adviser, the Adviser pays expenses it incurs in providing shareholder services to individual shareholders of the Portfolios (except the Retail Classes). Such services include, but are not limited to, providing information to shareholders concerning their fund investments, systematic withdrawal plans, fund dividend payments and reinvestments, shareholder account or transactions status, net asset value of shares, fund performance, fund services, plans and options, fund investment policies, portfolio holdings and tax consequences of fund investments; dealing with shareholder complaints and other correspondence relating to fund matters; and communications with shareholders when proxies are being solicited from them with respect to voting their fund shares. This agreement applies only to the Municipal Class shares of the Portfolios. Under the agreement, the fee paid by each of the Municipal Class shares to the Adviser for services under this agreement is at an annual rate of 0.10% of the average daily net assets of each Portfolio attributable to the respective class during the month.

**C. Distribution Arrangements—Municipal Class Shares** 

Under the Distribution Agreement between the Fund, on behalf of the Municipal Class shares of each Portfolio and Sanford C. Bernstein & Co., LLC (the "Distributor"), the Distributor agrees to act as agent to sell Municipal Class shares of the Portfolios. This agreement does not apply to the Intermediate Municipal Retail Classes 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—Intermediate Municipal Retail Classes** 

The Intermediate Municipal Retail Class shares of the Portfolios have adopted a Distribution Services Agreement (the "Agreement"), including a distribution plan pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, each of the Retail Classes pays distribution services fees to AllianceBernstein Investments, Inc., (the "Retail Distributor"), a wholly owned subsidiary of the Adviser, at an annual rate of up to 0.30% of each Portfolio's average daily net assets attributable to the Intermediate Municipal Class A shares and 1% of each Intermediate Municipal Portfolio's average daily net assets attributable to Class C shares. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of 0.25% of Class A shares' average daily net assets. The fees are accrued daily and paid monthly. The Agreement pro

vides that the Retail Distributor will use such payments in their entirety for

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distribution assistance and promotional activities. Since commencement of the Portfolios' operations, the Retail Distributor has incurred expenses in excess of the distribution costs reimbursed by each Portfolio as follows:

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|:---|:---|
| **Portfolio** | **Class C** |
|  California Municipal | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333599 |
|  Diversified Municipal | 3271259 |
|  New York Municipal | 2418480 |

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There are no distribution and servicing fees on the Advisor Class and Class Z Shares.

While such costs may be recovered from each Portfolio in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Retail Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of each Portfolio's shares.

**E. Other Transactions with Affiliates** 

The Retail Distributor has advised the Fund that it has retained front-end sales charges from sales of Class A shares and received contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares for the year ended September 30, 2022, as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Front-End Sales<br>Charges** | **Contingent Deferred Sales<br>Charges** | **Contingent Deferred Sales<br>Charges** |
| <br>**Portfolio** | **Class A** | **Class A** | **Class C** |
|  California Municipal | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $3971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5757 |
|  Diversified Municipal | – 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190377 | 4324 |
|  New York Municipal | – 0 | – 0 | 177 |

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**NOTE 3.** 

**Investment Security Transactions** 

**A. Purchases and Sales** 

Purchases and sales of investment securities (excluding short-term investments) for the year ended September 30, 2022, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Purchases<br>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** |
|  California Municipal | $270595900 | $– 0 | $421806844 | $1847719 |
|  Diversified Municipal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865718235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7799858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038004187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10120192 |
|  New York Municipal | 213165721 | – 0 | 396473428 | 3263190 |

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

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|:---|:---|:---|:---|:---|
|  | | **Gross Unrealized** | **Gross Unrealized** | **Net Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Portfolio** |<br>**Cost** | **Appreciation** | **(Depreciation)** | **Net Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  California Municipal | $1174379850 | $18527221 | $(78542232) | $(60015011) |
|  Diversified Municipal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5876832465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90604078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(391953068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301348990) |
|  New York Municipal | 1473370418 | 24478301 | (106269821) | (81791520) |

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**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Swaps** 

Each Portfolio may enter into swaps to hedge its exposure to interest rates, credit risk, or currencies and for other purposes discussed below. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Portfolios in accordance with the terms of the respective swaps to provide value and recourse to the Portfolios or their counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Portfolio, and/or the termination value at the end of the contract. Therefore, the Portfolio considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolios' exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Portfolio accrues for the interim payments on swaps on a daily

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basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants ("FCMs") that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Portfolios enter into a centrally cleared swap, each Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments are known as variation margin and are recorded by the Portfolios as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

**Interest Rate Swaps:** 

Each Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolios

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hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolios may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolios may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Portfolios may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Portfolios anticipate purchasing at a later date. Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest (*e.g.*, an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or "notional") amount. Interest rate swaps are entered into on a net basis (*i.e.*, the two payment streams are netted out, with the Portfolios receiving or paying, as the case may be, only the net amount of the two payments).

During the year ended September 30, 2022, the Portfolios held interest rate swaps for hedging purposes.

**Inflation (CPI) Swaps:** 

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Portfolio against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the year ended September 30, 2022, the Portfolios held inflation (CPI) swaps for hedging purposes.

**Credit Default Swaps:** 

Each Portfolio may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Portfolio, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Portfolio may purchase credit protection ("Buy Contract") or provide credit protection ("Sale Contract") on the referenced obligation of the credit default swap. During the term of the swap, the Portfolio receives/

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolio will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the "Maximum Payout Amount") and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if a Portfolio had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Portfolio is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Portfolio coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Portfolio.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the market's assessment of the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation's credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced obligation.

During the year ended September 30, 2022, the Portfolios held credit default swaps for hedging and non-hedging purposes.

A Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreement") with its OTC derivative contract counterparties in order to, among other things, reduce

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its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, a Portfolio typically may offset with the OTC counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of a Portfolio's net liability, held by the defaulting party, may be delayed or denied.

A Portfolio's ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of a Portfolio decline below specific levels ("net asset contingent features"). If these levels are triggered, a Portfolio's OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty tables below for additional details.

During the year ended September 30, 2022, the Portfolios had entered into the following derivatives:

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| | | | | |
|:---|:---|:---|:---|:---|
| **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** |
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Credit contracts |  |  | Receivable/Payable for variation margin on centrally cleared swaps | $10722 \* |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | $15909344<br> \*  | Receivable/Payable for variation margin on centrally cleared swaps | 1737145<br> \*  |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 1424335 |  |  |
|  Credit contracts |  |  | Market value on credit default swaps | 761453 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17333679 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509320 |

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\* 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. 

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|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives Within<br>Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | $1131168 | $7795940 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 1370656 | 424601 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501824 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8220541 |

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|:---|:---|:---|:---|:---|
| **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** |
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Credit contracts |  |  | Receivable/Payable<br>for variation margin<br>on centrally cleared<br>swaps | $12345 \* |
|  Interest rate contracts | Receivable/Payable<br>for variation margin<br>on centrally cleared<br>swaps | $76601024<br> \*  | Receivable/Payable<br>for variation margin<br>on centrally cleared<br>swaps | 10261455<br> \*  |
|  Interest rate contracts | Unrealized<br>appreciation on<br>interest rate swaps | 6568374 |  |  |
|  Credit contracts |  |  | Market value on<br>credit default<br>swaps | 3183456 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83169398 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13457256 |

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\* 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. 

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|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives Within<br>Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | $6251197 | $36125444 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 3701195 | 1816427 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9952392 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37941871 |

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|:---|:---|:---|:---|:---|
| **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** |
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | $21010098<br> \*  | Receivable/Payable for variation margin on centrally cleared swaps | $3375748<br> \*  |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 1951207 |  |  |
|  Credit contracts |  |  | Market value on credit default swaps | 1063299 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22961305 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4439047 |

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\* 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. 

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|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives Within<br>Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | $163615 | $10375733 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 434951 | 610817 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598566 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10986550 |

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|:---|:---|
| **California Municipal Portfolio** | |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $17162308 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $126618462 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $136637692 |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $4358378 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $22824911 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $8300000 <sup>(b)</sup> |

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(a) Positions were open for nine months during the year.

(b) Positions were open for one month during the year.

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| | |
|:---|:---|
| **Diversified Municipal Portfolio** | |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $79144615 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $555922308 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $626600000 |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $18221337 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $48082380 <sup>(a)</sup> |

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(a) Positions were open for ten months during the year.

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|:---|:---|
| **New York Municipal Portfolio** | |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $23510769 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $180478462 |

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| **New York Municipal Portfolio** | |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $176825385 |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $6086065 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $18300000 <sup>(a)</sup> |

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(a) Positions were open for one month during the year.

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

All OTC derivatives held at period end were subject to netting arrangements. The following tables present the Portfolios' derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Portfolios as of September 30, 2022. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

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|:---|:---|:---|:---|:---|:---|:---|
| **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** |  |
| **Counterparty** | **Derivative<br>Assets<br>Subject**<br>**to a MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount of<br>Derivative<br>Assets** |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | $1424335 | $(244695) | $(1179640) | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;1424335 | $&nbsp;&nbsp;&nbsp;&nbsp;(244695) | $&nbsp;&nbsp;&nbsp;&nbsp;(1179640) | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $0 | <sup>^</sup> |

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|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Liabilities<br>Subject<br>to a MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount of<br>Derivative<br>Liabilities** |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | $244695 | $(244695) | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 |  |
|  Credit Suisse International | 343539 | &nbsp;&nbsp;&nbsp;&nbsp;– 0 | (343539) | – 0 | – 0 |  |
|  Goldman Sachs International | 173219 | &nbsp;&nbsp;&nbsp;&nbsp;– 0 | &nbsp;&nbsp;&nbsp;&nbsp;– 0 | (173219) | – 0 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;761453 | $&nbsp;&nbsp;&nbsp;&nbsp;(244695 | $&nbsp;&nbsp;&nbsp;&nbsp;(343539 | $&nbsp;&nbsp;&nbsp;&nbsp;(173219 | $0 | <sup>^</sup> |

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\* The actual collateral received/pledged may be more than the amount reported due to over-collateralization. 

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|:---|:---|
| ^ | 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.  |

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|:---|:---|:---|:---|:---|:---|:---|
| **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** |  |
| **Counterparty** | **Derivative<br>Assets<br>Subject<br>to a MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount of<br>Derivative<br>Assets** |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | $6568374 | $(351267) | $(6217107) | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;6568374 | $&nbsp;&nbsp;&nbsp;&nbsp;(351267) | $&nbsp;&nbsp;&nbsp;&nbsp;(6217107) | $– 0 | $0 | <sup>^</sup> |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Liabilities<br>Subject<br>to a MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount of<br>Derivative<br>Liabilities** |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | $351267 | $(351267) | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;– 0 |  |
|  Credit Suisse International | 2003605 | &nbsp;&nbsp;&nbsp;&nbsp;– 0 | (2003605) | &nbsp;&nbsp;&nbsp;&nbsp;– 0 – | &nbsp;&nbsp;&nbsp;&nbsp;– 0 |  |
|  Goldman Sachs International | 828584 | &nbsp;&nbsp;&nbsp;&nbsp;– 0 | (828584) | &nbsp;&nbsp;&nbsp;&nbsp;– 0 – | &nbsp;&nbsp;&nbsp;&nbsp;– 0 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;3183456 | $&nbsp;&nbsp;&nbsp;&nbsp;(351267 | $&nbsp;&nbsp;&nbsp;&nbsp;(2832189 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| 0 | <sup>^</sup> |

---

\* The actual collateral received/pledged may be more than the amount reported due to over-collateralization. 

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|:---|:---|
| ^ | 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.  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** |  |
| **Counterparty** | **Derivative<br>Assets<br>Subject<br>to a MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount of<br>Derivative<br>Assets** |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | $1951207 | $(117357) | $(1833850) | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;1951207 | $&nbsp;&nbsp;&nbsp;&nbsp;(117357) | $&nbsp;&nbsp;&nbsp;&nbsp;(1833850) | $– 0 | $0 | <sup>^</sup> |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Liabilities<br>Subject<br>to a MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount of<br>Derivative<br>Liabilities** |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | $117357 | $(117357) | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 |  |
|  Credit Suisse International | 669210 | &nbsp;&nbsp;&nbsp;&nbsp;– 0 | (669210) | &nbsp;&nbsp;&nbsp;&nbsp;– 0 | &nbsp;&nbsp;&nbsp;&nbsp;– 0 |  |
|  Goldman Sachs International | 276732 | &nbsp;&nbsp;&nbsp;&nbsp;– 0 | &nbsp;&nbsp;&nbsp;&nbsp;– 0 | (276732) | &nbsp;&nbsp;&nbsp;&nbsp;– 0 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;1063299 | $&nbsp;&nbsp;&nbsp;&nbsp;(117357 | $&nbsp;&nbsp;&nbsp;&nbsp;(669210 | $&nbsp;&nbsp;&nbsp;&nbsp;(276732 | $0 | <sup>^</sup> |

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\* The actual collateral received/pledged may be more than the amount reported due to over-collateralization. 

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| | |
|:---|:---|
| ^ | 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.  |

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**NOTE 4.** 

**Distributions to Shareholders** 

The tax character of distributions paid during the fiscal years ended September 30, 2022 and September 30, 2021 were as follows:

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| | | |
|:---|:---|:---|
| **Portfolio** | **2022** | **2021** |
|  **California Municipal** |  |  |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $577641 | $412224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | – 0 | – 0 |
|  Total taxable distributions paid | 577641 | 412224 |
|  Tax exempt distributions | 20878576 | 22592812 |
|  Total distributions paid | $21456217 | $23005036 |
|  **Diversified Municipal** |  |  |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $3126374 | $3286540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | – 0 | – 0 |
|  Total taxable distributions paid | 3126374 | 3286540 |
|  Tax exempt distributions | 117272032 | 118404005 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120398406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121690545 |
|  **New York Municipal** |  |  |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $938188 | $965122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | – 0 | – 0 |
|  Total taxable distributions paid | 938188 | 965122 |
|  Tax exempt distributions | 30193428 | 32163171 |
|  Total distributions paid | $31131616 | $33128293 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

As of September 30, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed<br>Ordinary**<br> **Income** | **Accumulated**<br> **Capital**<br> **and Other**<br> **Losses** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)<sup>(a)</sup>** | **Total**<br> **Accumulated**<br> **Earnings/**<br> **(Deficit)<sup>(b)</sup>** |
|  California Municipal | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| (8421400) | $(60015011) | $(68436411) |
|  Diversified Municipal | – 0 – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30424611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301473873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331898484) |
|  New York Municipal | – 0 – | (22914638) | (81931357) | (104845995) |

---

(a) The differences between book-basis and tax-basis unrealized
appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales, the tax treatment of swaps, the tax treatment of callable bonds, and the realization for tax purposes of gains/losses on certain derivative
instruments.

(b) The differences between book-basis and tax-basis components of accumulated
earnings/(deficit) are attributable primarily to dividends payable to shareholders.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year.

For tax purposes, net capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses.

As of September 30, 2022, the following Portfolios had net capital loss carryforwards as follows:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Short-Term**<br> **Amount** | **Long-Term**<br> **Amount** |
|  California Municipal | $8421400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
|  Diversified Municipal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30424611 | – 0 |
|  New York Municipal | 22914638 | – 0 |

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**NOTE 5.** 

**Risks Involved in Investing in the Portfolios** 

**Interest-Rate Risk**—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Portfolios may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential

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government fiscal and monetary policy initiatives and resulting market reaction to those initiatives.

**Credit Risk**—This is the risk that the issuer or the guarantor of a debt security, or the counterparty to a derivatives or other contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The issuer or guarantor may default, potentially causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. The credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations, making credit risk greater for medium-quality and lower-rated debt securities. Lower-rated debt securities and similar unrated securities (commonly known as "junk bonds") have speculative elements or are predominantly speculative credit risks. At times when credit risk is perceived to be greater, credit "spreads" (*i.e.*, the difference between the yields on lower quality securities and the yields on higher quality securities) may get larger or "widen". As a result, the values of the lower quality securities may go down more and they may become harder to sell.

**Duration Risk**—The duration of a fixed-income security may be shorter than or equal to full maturity of the fixed-income security. Fixed-income securities with longer durations have more interest-rate risk and will decrease in price as interest rates rise. Securities that have final maturities longer than their durations may be affected by increased credit spreads to a far greater degree than their durations would suggest, because they are exposed to credit risk until final maturity.

**Municipal Market Risk**—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolios' investments in municipal securities. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, or the rights of investors in these securities. The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. There have been some municipal issuers that have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may get worse, particularly in light of the economic impact of the recent spread of an infectious coronavirus (COVID-19). To the extent the Portfolios invest in a particular state's municipal securities, they may be vulnerable to events adversely affecting that state, including economic, political and regulatory

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occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, wildfires, flooding and earthquakes. The Portfolios' investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, are subject to the risk that factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

The Portfolios may invest in municipal securities of issuers in Puerto Rico or other U.S. territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other U.S. issuers of municipal securities. Puerto Rico continues to face a very challenging economic and fiscal environment, worsened by the spread of COVID-19 and the adverse effect that related governmental and public responses have had on Puerto Rico's economy. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

**Inflation Risk**—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolios' assets can decline as can the value of the Portfolios' distributions. This risk is significantly greater for fixed-income securities with longer maturities. Rates of inflation have recently risen, which could adversely affect economies and markets.

**Non-diversification Risk**—Concentration of investments in a small number of securities tends to increase risk. The Intermediate California Municipal and Intermediate New York Municipal Portfolios may have more risk because they are "non-diversified", meaning that they can invest more of their assets in a relatively small number of issuers with greater concentration of risk. Matters affecting these issuers can have a more significant effect on the Portfolios' net asset value ("NAV").

**Illiquid Investment 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

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advantageous price. Over recent years, regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Illiquid investments risk may be magnified in a rising interest- rate environment, where the value and liquidity of fixed-income securities generally go down. The Portfolios are subject to greater risk because the market for municipal securities is generally smaller and may not be as liquid as many other fixed income markets, which may make municipal securities more difficult to trade or dispose of than other types of securities. Illiquid securities may also be difficult to value. If the Portfolios 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, or performance, which could cause the value of your investment to decline. Redemption risk is heightened during periods of overall market turmoil.

**Derivatives Risk**—The Portfolios may use derivatives as direct investments to earn income, enhance return and broaden portfolio diversification, which entail greater risk than if used solely for hedging purposes. In addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolios. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted to cover or secure 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 (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios. Use of derivatives may have different tax consequences for the Portfolios than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders. The 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,

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margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.

**Management Risk**—The Portfolios are subject to management risk because they are actively managed investment portfolios. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolios, but these techniques, analyses and decisions may not work as intended or may not produce the desired results, and may, during certain periods, result in increased volatility for the Portfolios or cause the value of the Portfolios' shares to go down. In some cases, derivatives and other investment techniques may be unavailable, or the Adviser may determine not to use them, possibly even under market conditions where their use could benefit the Portfolios. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. In addition, the Adviser may change the Portfolios' investment strategies or policies from time to time. Those changes may not lead to the results intended by the Adviser and could have an adverse effect on the value or performance of the Portfolios.

**Market Risk**—The Portfolios are subject to market risk, which is the risk that stock or bond prices in general or in particular countries or sectors may decline over short or extended periods. Stock or bond prices may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest-rate, currency and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; public health crises (including the occurrence of a contagious disease or illness); policy and legislative changes; cybersecurity events; and other factors.

Economies and financial markets throughout the world are becoming increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, sanctions, regional and global conflicts, 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. As a result, whether or not the Portfolios invest in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolios' investments may be negatively affected.

**Tax Risk**—There is no guarantee that the income on the Portfolios' municipal securities will be exempt from regular federal income, and if applicable, state income taxes. Unfavorable legislation, adverse interpretations by federal or state authorities, litigation or noncompliant conduct

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by the issuer of a municipal security could affect the tax-exempt status of municipal securities. If the Internal Revenue Service or a state authority determines that an issuer of a municipal security has not complied with applicable requirements, interest from the security could become subject to regular federal income tax and/or state personal income tax, possibly retroactively to the date the security was issued, the value of the security could decline significantly, and a portion of the distributions to Portfolio shareholders could be recharacterized as taxable. The U.S. Congress has considered changes to U.S. federal tax law that would, if enacted, have a negative impact on certain types of municipal securities, such as private activity bonds, or would otherwise make investments in municipal bonds less attractive.

**Lower-rated Securities Risk**—Lower-rated securities, or junk bonds/high-yield securities, are subject to greater risk of loss of principal and interest and greater market risk than higher-rated securities. The capacity of issuers of lower-rated securities to pay interest and repay principal is more likely to weaken than is that of issuers of higher-rated securities in times of deteriorating economic conditions or rising interest rates.

**Prepayment and Extension Risk**—Prepayment risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. If this happens, particularly during a time of declining interest rates or credit spreads, the Portfolios will not benefit from the rise in market price that normally accompanies a decline in interest rates, and may not be able to invest the proceeds in securities providing as much income, resulting in a lower yield to the Portfolios. Conversely, extension risk is the risk that as interest rates rise or spreads widen, payments of securities may occur more slowly than anticipated by the market. If this happens, the values of these securities may go down because their interest rates are lower than current market rates and they remain outstanding longer than anticipated.

**LIBOR Transition and Associated Risk**—The Portfolio may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a

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subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolio's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Portfolio's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

**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,

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penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. While measures have been developed which are designed to reduce the risks associated with cybersecurity, there is no guarantee that those measures will be effective, particularly since the Portfolios do not control the cybersecurity defenses or plans of their service providers, financial intermediaries and companies in which they invest or with which they do business.

Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Portfolio or shareholder assets, Portfolio or customer data (including private shareholder information), or proprietary information, or cause a Portfolio, the Adviser, and/or the Portfolios' service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or lose operational functionality, or prevent Portfolio investors from purchasing, redeeming or exchanging shares or receiving distributions. A Portfolio and the Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers. Cybersecurity incidents may result in financial losses to such Portfolio and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.

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

**NOTE 6.** 

**Capital-Share Transactions** 

The Fund has authorized 17.5 billion shares of common stock, par value $0.001 per share, of which of which 6.5 billion shares are allocated to the California Municipal Portfolio, Diversified Municipal Portfolio and New York Municipal Portfolio. The allocation is as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Allocation of Shares (in Millions)** | **Allocation of Shares (in Millions)** | **Allocation of Shares (in Millions)** | **Allocation of Shares (in Millions)** | **Allocation of Shares (in Millions)** | **Allocation of Shares (in Millions)** | **Allocation of Shares (in Millions)** | **Allocation of Shares (in Millions)** |
| **Portfolio** | **Bernstein<br>Class<br>Shares** | **Retail<br>Class A<br>Shares** | **Retail<br>Class B<br>Shares** | **Retail<br>Class C<br>Shares** | **Retail<br>Advisor<br>Class<br>Shares** | **Retail<br>Class Z<br>Shares** | **Retail<br>Class T<br>Shares** | **Total** |
|  California Municipal | 200 | 200 | 200 | 200 | 200 | 200 | 300 | 1500 |
|  Diversified Municipal | 800 | 400 | 400 | 400 | 400 | 600 | 300 | 3300 |
|  New York Municipal | 400 | 200 | 200 | 200 | 200 | 200 | 300 | 1700 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

Share transactions for each Portfolio for the years ended September 30, 2022 and September 30, 2021, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** |
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>9/30/22 | Year Ended<br>9/30/21 | Year Ended<br>9/30/22 | Year Ended<br>9/30/21 |
| **Municipal Class Shares** |  |  |  |  |
|  Shares sold | 12311797 | 19982069 | $174656807 | $293044170 |
|  Shares issued to shareholders on reinvestment of dividends | 1009552 | 1090793 | 14102842 | 15982582 |
|  Shares redeemed | (26842110) | (22550649) | (375193360) | (330321867) |
|  **Net decrease** | **(13520761)** | **(1477787)** | $**(186433711)** | $**(21295115)** |
| **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  Shares sold | 1171581 | 940394 | $16109805 | $13771691 |
|  Shares issued to shareholders on reinvestment of dividends | 42872 | 55191 | 599060 | 808608 |
|  Shares converted from Class C | 25586 | 131264 | 355254 | 1921098 |
|  Shares redeemed | (2160119) | (1574539) | (30181052) | (23093266) |
|  **Net decrease** | **(920080)** | **(447690)** | $**(13116933)** | $**(6591869)** |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 48267 | 141129 | $703388 | $2063877 |
|  Shares issued to shareholders on reinvestment of dividends | 1270 | 1942 | 17673 | 28429 |
|  Shares converted to Class A | (25591) | (131267) | (355254) | (1921098) |
|  Shares redeemed | (79832) | (134690) | (1134319) | (1971831) |
|  **Net decrease** | **(55886)** | **(122886)** | $**(768512)** | $**(1800623)** |
| **Advisor Class Shares** |  |  |  |  |
|  Shares sold | 8408826 | 2797559 | $116124287 | $40999128 |
|  Shares issued to shareholders on reinvestment of dividends | 72507 | 56837 | 1009693 | 833006 |
|  Shares redeemed | (6432742) | (1330980) | (89513747) | (19486966) |
|  **Net increase** | **2048591** | **1523416** | $**27620233** | $**22345168** |

---

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|:---|:---|
| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 175** |

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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** |
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>9/30/22 | Year Ended<br>9/30/21 | Year Ended<br>9/30/22 | Year Ended<br>9/30/21 |
| **Municipal Class Shares** |  |  |  |  |
|  Shares sold | 50300036 | 73607966 | $719443646 | $1093125452 |
|  Shares issued to shareholders on reinvestment of dividends | 5053908 | 5111537 | 71413394 | 75879414 |
|  Shares redeemed | (98087052) | (57770058) | (1380384877) | (857673588) |
|  **Net increase (decrease)** | **(42733108)** | **20949445** | $**(589527837)** | $**311331278** |
| **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  Shares sold | 5709516 | 8229620 | $80501672 | $122336323 |
|  Shares issued to shareholders on reinvestment of dividends | 219371 | 220597 | 3102384 | 3277635 |
|  Shares converted from Class C | 177812 | 1023362 | 2519088 | 15211937 |
|  Shares redeemed | (10147772) | (4311216) | (143973903) | (64037021) |
|  **Net increase (decrease)** | **(4041073)** | **5162363** | $**(57850759)** | $**76788874** |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 252296 | 301438 | $3523929 | $4464752 |
|  Shares issued to shareholders on reinvestment of dividends | 8337 | 13520 | 117462 | 200537 |
|  Shares converted to Class A | (177882) | (1023988) | (2519088) | (15211937) |
|  Shares redeemed | (319560) | (405947) | (4525288) | (6032366) |
|  **Net decrease** | **(236809)** | **(1114977)** | $**(3402985)** | $**(16579014)** |
| **Advisor Class Shares** |  |  |  |  |
|  Shares sold | 24470151 | 13792657 | $343696163 | $204707508 |
|  Shares issued to shareholders on reinvestment of dividends | 444293 | 356998 | 6259866 | 5297134 |
|  Shares redeemed | (20054547) | (9015014) | (280936037) | (133843446) |
|  **Net increase** | **4859897** | **5134641** | $**69019992** | $**76161196** |

---

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| **176 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** |
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>9/30/22 | Year Ended<br>9/30/21 | Year Ended<br>9/30/22 | Year Ended<br>9/30/21 |
| **Class Z Shares** |  |  |  |  |
|  Shares sold | 13103740 | 8059482 | $184345229 | $119988336 |
|  Shares issued to shareholders on reinvestment of dividends | 613484 | 583322 | 8662120 | 8663484 |
|  Shares redeemed | (12632970) | (9253954) | (177063628) | (137584099) |
|  **Net increase (decrease)** | **1084254** | **(611150)** | $**15943721** | $**(8932279)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** |
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>9/30/22 | Year Ended<br>9/30/21 | Year Ended<br>9/30/22 | Year Ended<br>9/30/21 |
| **Municipal Class Shares** |  |  |  |  |
|  Shares sold | 12059783 | 18171016 | $165908471 | $259243369 |
|  Shares issued to shareholders on reinvestment of dividends | 1603025 | 1644557 | 21850536 | 23484985 |
|  Shares redeemed | (27280993) | (20055429) | (368640545) | (286380791) |
|  **Net decrease** | **(13618185)** | **(239856)** | $**(180881538)** | $**(3652437)** |
| **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  Shares sold | 471554 | 1142049 | $6366675 | $16280053 |
|  Shares issued to shareholders on reinvestment of dividends | 85207 | 85477 | 1160365 | 1219720 |
|  Shares converted from Class C | 113133 | 675324 | 1531169 | 9671456 |
|  Shares redeemed | (1374303) | (2123188) | (18878182) | (30214231) |
|  **Net decrease** | **(704409)** | **(220338)** | $**(9819973)** | $**(3043002)** |
| **Class C Shares** |  |  |  |  |
|  Shares sold | 36928 | 38046 | $511114 | $544495 |
|  Shares issued to shareholders on reinvestment of dividends | 3839 | 7441 | 52286 | 105971 |
|  Shares converted to Class A | (113130) | (675309) | (1531169) | (9671456) |
|  Shares redeemed | (129865) | (151700) | (1788068) | (2152932) |
|  **Net decrease** | **(202228)** | **(781522)** | $**(2755837)** | $**(11173922)** |

---

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|:---|:---|
| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 177** |

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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** |
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>9/30/22 | Year Ended<br>9/30/21 | Year Ended<br>9/30/22 | Year Ended<br>9/30/21 |
| **Advisor Class Shares** |  |  |  |  |
|  Shares sold | 2313427 | 1349204 | $31324777 | $19276461 |
|  Shares issued to shareholders on reinvestment of dividends | 60903 | 55610 | 830273 | 793581 |
|  Shares redeemed | (2328084) | (1275182) | (31563707) | (18069998) |
|  **Net increase** | **46246** | **129632** | $**591343** | $**2000044** |

---

**NOTE 7.** 

**Recent Accounting Pronouncements** 

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, "Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

**NOTE 8.** 

**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.

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| **178 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**FINANCIAL HIGHLIGHTS** 

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $14.60 | $14.52 | $14.44 | $13.99 | $14.33 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)</sup> | .22 | .22 | .26 | .28 | .28 |
|  Net realized and unrealized gain (loss) on investment transactions | (1.33) | .07 | .08 | .46 | (.34) |
|  Total from investment operations | (1.11) | .29 | .34 | .74 | (.06) |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.21) | (.21) | (.26) | (.29) | (.28) |
|  Net asset value, end of period | **$13.28** | **$14.60** | **$14.52** | **$14.44** | **$13.99** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(b)</sup> | (7.63)% | 2.03% | 2.39% | 5.30% | (.33)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $57141 | $76220 | $82318 | $73875 | $77469 |
|  Average net assets (000 omitted) | $64530 | $83485 | $79385 | $66990 | $85754 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses | .73% | .73% | .73% | .73% | .75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.57% | 1.48% | 1.79% | 1.98% | 1.98% |
|  Portfolio turnover rate | 23% | 27% | 16% | 24% | 38% |

---

See footnote summary on page 188.

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|:---|:---|
| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 179** |

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

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**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $14.59 | $14.52 | $14.44 | $13.98 | $14.32 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)</sup> | .12 | .11 | .15 | .18 | .17 |
|  Net realized and unrealized gain (loss) on investment transactions | (1.32) | .06 | .08 | .46 | (.33) |
|  Total from investment operations | (1.20) | .17 | .23 | .64 | (.16) |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.11) | (.10) | (.15) | (.18) | (.18) |
|  Net asset value, end of period | **$13.28** | **$14.59** | **$14.52** | **$14.44** | **$13.98** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(b)</sup> | (8.26)% | 1.19% | 1.62% | 4.59% | (1.15)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $3652 | $4828 | $6586 | $10910 | $11886 |
|  Average net assets (000 omitted) | $4376 | $5934 | $9405 | $11297 | $14022 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses | 1.49% | 1.48% | 1.48% | 1.49% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | .82% | .73% | 1.05% | 1.24% | 1.23% |
|  Portfolio turnover rate | 23% | 27% | 16% | 24% | 38% |

---

See footnote summary on page 188.

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|:---|:---|
| **180 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** | **California Municipal Portfolio** |
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $14.60 | $14.52 | $14.44 | $13.99 | $14.32 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)</sup> | .26 | .25 | .29 | .31 | .32 |
|  Net realized and unrealized gain (loss) on investment transactions | (1.33) | .08 | .08 | .46 | (.33) |
|  Total from investment operations | (1.07) | .33 | .37 | .77 | (.01) |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.25) | (.25) | (.29) | (.32) | (.32) |
|  Net asset value, end of period | **$13.28** | **$14.60** | **$14.52** | **$14.44** | **$13.99** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(b)</sup> | (7.40)% | 2.28% | 2.65% | 5.56% | (.08)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $102466 | $82692 | $60140 | $38534 | $21792 |
|  Average net assets (000 omitted) | $85505 | $70376 | $46691 | $27392 | $17250 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses | .48% | .48% | .49% | .48% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.86% | 1.71% | 2.03% | 2.21% | 2.24% |
|  Portfolio turnover rate | 23% | 27% | 16% | 24% | 38% |

---

See footnote summary on page 188.

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|:---|:---|
| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 181** |

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

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**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $14.81 | $14.68 | $14.58 | $14.06 | $14.44 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)</sup> | .25 | .25 | .30 | .31 | .27 |
|  Net realized and unrealized gain (loss) on investment transactions | (1.43) | .13 | .10 | .53 | (.38) |
|  Total from investment operations | (1.18) | .38 | .40 | .84 | (.11) |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.25) | (.25) | (.30) | (.32) | (.27) |
|  Net asset value, end of period | **$13.38** | **$14.81** | **$14.68** | **$14.58** | **$14.06** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(b)</sup> | (8.06)% | 2.59% | 2.78% | 5.99% | (.73)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $261936 | $349953 | $271074 | $233833 | $225477 |
|  Average net assets (000 omitted) | $303281 | $319098 | $248192 | $221783 | $286472 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses | .65% | .66% | .67% | .66% | .73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.77% | 1.69% | 2.04% | 2.18% | 1.92% |
|  Portfolio turnover rate | 15% | 22% | 20% | 22% | 23% |

---

See footnote summary on page 188.

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|:---|:---|
| **182 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $14.81 | $14.68 | $14.57 | $14.05 | $14.44 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)</sup> | .15 | .14 | .19 | .20 | .17 |
|  Net realized and unrealized gain (loss) on investment transactions | (1.45) | .13 | .11 | .53 | (.39) |
|  Total from investment operations | (1.30) | .27 | .30 | .73 | (.22) |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.14) | (.14) | (.19) | (.21) | (.17) |
|  Net asset value, end of period | **$13.37** | **$14.81** | **$14.68** | **$14.57** | **$14.05** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(b)</sup> | (8.81)% | 1.82% | 2.07% | 5.20% | (1.54)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $13576 | $18542 | $34743 | $42152 | $56339 |
|  Average net assets (000 omitted) | $15772 | $28338 | $39529 | $50386 | $64699 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses | 1.40% | 1.41% | 1.43% | 1.43% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.02% | .96% | 1.30% | 1.42% | 1.17% |
|  Portfolio turnover rate | 15% | 22% | 20% | 22% | 23% |

---

See footnote summary on page 188.

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| **abfunds.com** | **AB INTERMEDIATE MUNICIPAL PORTFOLIOS <sup>\|</sup> 183** |

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

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**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** |
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $14.79 | $14.66 | $14.55 | $14.04 | $14.42 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)</sup> | .29 | .29 | .33 | .34 | .31 |
|  Net realized and unrealized gain (loss) on investment transactions | (1.44) | .13 | .11 | .52 | (.38) |
|  Total from investment operations | (1.15) | .42 | .44 | .86 | (.07) |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.28) | (.29) | (.33) | (.35) | (.31) |
|  Net asset value, end of period | **$13.36** | **$14.79** | **$14.66** | **$14.55** | **$14.04** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(b)</sup> | (7.84)% | 2.85% | 3.11% | 6.20% | (.48)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $477015 | $456386 | $377082 | $278371 | $761637 |
|  Average net assets (000 omitted) | $467739 | $419891 | $332267 | $306629 | $1161023 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses | .40% | .41% | .43% | .43% | .48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.04% | 1.94% | 2.29% | 2.40% | 2.17% |
|  Portfolio turnover rate | 15% | 22% | 20% | 22% | 23% |

---

See footnote summary on page 188.

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| **184 <sup>\|</sup> AB INTERMEDIATE MUNICIPAL PORTFOLIOS** | **abfunds.com** |

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

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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:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** | **Diversified Municipal Portfolio** |
|  | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **July 2,**<br> **2018<sup>(c)</sup> to**<br> **September 30,<br>2018**  |
|  | **2022** | **2021** | **2020** | **2019** | **July 2,**<br> **2018<sup>(c)</sup> to**<br> **September 30,<br>2018**  |
|  Net asset value, beginning of period | $14.81 | $14.68 | $14.58 | $14.06 | $14.15 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)</sup> | .29 | .29 | .34 | .35 | .08 |
|  Net realized and unrealized gain (loss) on investment transactions | (1.44) | .13 | .10 | .53 | (.10) |
|  Total from investment operations | (1.15) | .42 | .44 | .88 | (.02) |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.28) | (.29) | (.34) | (.36) | (.07) |
|  Net asset value, end of period | **$13.38** | **$14.81** | **$14.68** | **$14.58** | **$14.06** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(b)</sup> | (7.81)% | 2.87% | 3.08% | 6.29% | (.06)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $470829 | $505365 | $509910 | $844127 | $472528 |
|  Average net assets (000 omitted) | $500681 | $485522 | $590892 | $776520 | $258733 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses | .39% | .38% | .39% | .38% | .40 %<sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.05% | 1.97% | 2.34% | 2.47% | 2.49 %<sup>(d)(e)</sup> |
|  Portfolio turnover rate | 15% | 22% | 20% | 22% | 23% |

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See footnote summary on page 188.

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**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $14.25 | $14.03 | $14.17 | $13.68 | $14.07 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)</sup> | .23 | .24 | .28 | .29 | .28 |
|  Net realized and unrealized gain (loss) on investment transactions | (1.37) | .22 | (.14) | .49 | (.39) |
|  Total from investment operations | (1.14) | .46 | .14 | .78 | (.11) |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.23) | (.24) | (.28) | (.29) | (.28) |
|  Net asset value, end of period | **$12.88** | **$14.25** | **$14.03** | **$14.17** | **$13.68** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(b)</sup> | (8.07)% | 3.26% | 1.03% | 5.74% | (.77)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $96286 | $116552 | $117874 | $119718 | $121201 |
|  Average net assets (000 omitted) | $105328 | $117041 | $119315 | $121023 | $130420 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses | .73% | .73% | .72% | .74% | .73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.71% | 1.67% | 1.98% | 2.06% | 2.03% |
|  Portfolio turnover rate | 14% | 18% | 18% | 18% | 23% |

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See footnote summary on page 188.

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**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $14.25 | $14.03 | $14.17 | $13.68 | $14.07 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)</sup> | .13 | .13 | .17 | .18 | .18 |
|  Net realized and unrealized gain (loss) on investment transactions | (1.37) | .22 | (.13) | .49 | (.39) |
|  Total from investment operations | (1.24) | .35 | .04 | .67 | (.21) |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.13) | (.13) | (.18) | (.18) | (.18) |
|  Net asset value, end of period | **$12.88** | **$14.25** | **$14.03** | **$14.17** | **$13.68** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(b)</sup> | (8.76)% | 2.47% | .27% | 4.95% | (1.50)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $5515 | $8982 | $19813 | $27143 | $33716 |
|  Average net assets (000 omitted) | $7393 | $15076 | $23921 | $29799 | $38176 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses | 1.48% | 1.48% | 1.48% | 1.49% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | .95% | .93% | 1.23% | 1.31% | 1.28% |
|  Portfolio turnover rate | 14% | 18% | 18% | 18% | 23% |

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See footnote summary on page 188.

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**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** | **New York Municipal Portfolio** |
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $14.24 | $14.03 | $14.17 | $13.68 | $14.07 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)</sup> | .27 | .27 | .31 | .32 | .32 |
|  Net realized and unrealized gain (loss) on investment transactions | (1.36) | .21 | (.13) | .49 | (.39) |
|  Total from investment operations | (1.09) | .48 | .18 | .81 | (.07) |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.27) | (.27) | (.32) | (.32) | (.32) |
|  Net asset value, end of period | **$12.88** | **$14.24** | **$14.03** | **$14.17** | **$13.68** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(b)</sup> | (7.77)% | 3.44% | 1.28% | 6.00% | (.51)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000 omitted) | $61511 | $67388 | $64546 | $57173 | $37003 |
|  Average net assets (000 omitted) | $64326 | $62323 | $63077 | $45530 | $32710 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses | .48% | .48% | .47% | .49% | .48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.96% | 1.91% | 2.22% | 2.30% | 2.28% |
|  Portfolio turnover rate | 14% | 18% | 18% | 18% | 23% |

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(a) Based on average shares outstanding.

(b) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the
period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or
the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(c) Commencement of distribution.

(d) The ratio includes expenses attributable to costs of proxy solicitation.

(e) Annualized.

See notes to financial statements.

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

**To the Board of Directors of Sanford C. Bernstein Fund, Inc. and AB Intermediate Municipal Class Shareholders of California Municipal Portfolio, Diversified Municipal Portfolio and New York Municipal Portfolio** 

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of California Municipal Portfolio, Diversified Municipal Portfolio and New York Municipal Portfolio (three of the thirteen portfolios constituting Sanford C. Bernstein Fund, Inc., hereafter collectively referred to as the "Portfolios") as of September 30, 2022, the related statements of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of September 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** (continued)

disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

November 23, 2022

We have served as the auditor of one or more of the investment companies in the AB Group of Mutual Funds since at least 1985. We have not been able to determine the specific year we began serving as auditor.

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**BOARD OF DIRECTORS** 

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|:---|:---|
| **Debra Perry**<sup>(1),(2)</sup>**,**<br> Chair<br> **Beata D. Kirr,** President<br> **R. Jay Gerken**<sup>(1),(2)</sup> | **Jeffrey R. Holland**<sup>(1)</sup><br> **William Kristol**<sup>(1)</sup><br> **Michelle McCloskey**<sup>(1)</sup><br> **Donald K. Peterson**<sup>(1)</sup> |

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**OFFICERS** 

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|:---|:---|
| **Daryl Clements**<sup>(3)</sup>**,** Vice President **Terrance T. Hults**<sup>(3)</sup>**,** Vice President<br> **Matthew J. Norton**<sup>(3)</sup>**,** Vice President<br> **Andrew D. Potter**<sup>(3)</sup>**,** Vice President<br> **Emilie D. Wrapp,** Secretary | **Michael B. Reyes,** Senior Vice President<br> **Joseph J. Mantineo,** Treasurer and Chief Financial Officer<br> **Phyllis J. Clarke,** Controller<br> **Vincent S. Noto,** Chief Compliance Officer |

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|:---|:---|
| **Custodian and Accounting Agent**<br> State Street Bank and Trust Company<br>State Street Corporation CCB/5<br>1 Iron Street<br> Boston, MA 02210<br>**Distributor**<sup>†</sup> <br> AllianceBernstein Investments, Inc.<br>501 Commerce Street<br>Nashville, TN 37203<br>**Transfer Agent**<sup>†</sup><br> AllianceBernstein Investor<br>Services, Inc.<br>P.O. Box 786003<br>San Antonio, TX 78278<br>Toll-Free (800) 221-5672 | **Legal Counsel**<br> Willkie Farr & Gallagher LLP<br>787 Seventh Avenue<br>New York, NY 10019<br>**Independent Registered<br>Public Accounting Firm**<br> PricewaterhouseCoopers LLP<br>300 Madison Avenue<br>New York, NY 10017 |

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1 Member of the Audit Committee, the Governance, Nominating and Compensation Committee, and the Independent Directors Committee.

2 Member of the Pricing Committee.

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|:---|:---|
| 3 | The day-to-day management of, and investment decisions for, the AB Intermediate Municipal Portfolios are made by the Municipal Bond Investment Team. Messrs. Clements, Hults Norton and Potter are the investment professionals with the most significant responsibility for the day-to-day management of the Funds' portfolios.  |

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† For the AB Intermediate Municipal Portfolios, Classes A,C and Advisor Class shares only.

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**MANAGEMENT OF THE FUND** 

**Board of Directors Information** 

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund's Directors is set forth below.

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **YEAR OF ELECTION\*\*** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST<br>FIVE (5) YEARS AND<br>OTHER INFORMATION** | **PORTFOLIOS<br>IN FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER<br>DIRECTORSHIPS<br>HELD BY<br>DIRECTOR<br>DURING THE PAST<br>FIVE (5) YEARS** |
| **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** |
| Beata D. Kirr,\*\*\*<br>c/o AllianceBernstein L.P.<br>1345 Avenue of the Americas<br>New York, NY 10105<br>48<br>(2019) | Senior Vice President of the Investment Adviser with which she has been associated since prior to 2017. She is the Co-Head of Investment Strategies since April 2020 and a National Managing Director since 2017. She was previously the Head of Private Client Core Asset Strategies. She joined the firm in 2007 as a Senior Portfolio Manager. Prior to joining AB, she was a director at Harris Alternatives, a global fund of hedge funds, and was with Goldman Sachs, where she advised clients in the Equities, M&A and Equity Capital Markets divisions, from their New York, London and Chicago offices. | 17 | Women Employed |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **YEAR OF ELECTION\*\*** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST<br>FIVE (5) YEARS AND<br>OTHER INFORMATION** | **PORTFOLIOS<br>IN FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER<br>DIRECTORSHIPS<br>HELD BY<br>DIRECTOR<br>DURING THE PAST<br>FIVE (5) YEARS** |
| **DISINTERESTED DIRECTORS** | **DISINTERESTED DIRECTORS** | **DISINTERESTED DIRECTORS** | **DISINTERESTED DIRECTORS** |
| Debra Perry,<sup>#,^</sup><br> *Chair of the Board*<br> 71<br>(2011) | Formerly, Senior Managing Director of Global Ratings and Research, Moody's Investors Service, Inc. from 2001 to 2004; Chief Administrative Officer, Moody's, from 1999 to 2001; Chief Credit Officer, Moody's, from 2000 to 2001; Group Managing Director for the Finance, Securities and Insurance Ratings Groups, Moody's Corp., from 1996 to 1999; earlier she held executive positions with First Boston Corporation and Chemical Bank. | 17 | Assurant, Inc., since 2017; Korn/Ferry International since 2008; Genworth Financial, Inc., from 2016-2022; PartnerRe, from 2013-2016; Bank of America Funds Series Trust, from 2011-2016 |
| R. Jay Gerken,<sup>#,^</sup><br> 71<br>(2013) | Formerly, President and Chief Executive Officer of Legg Mason Partners Fund Advisor, LLC, and President & Board Member of The Legg Mason and Western Asset mutual funds from 2005 until June 2013. Previously, he was the President and Chair of the boards of the Citigroup Asset Management mutual funds from 2002 to 2005; Portfolio Manager and Managing Director, Smith Barney Asset Management from 1993 to 2001 and President & CEO, Directions Management of Shearson Lehman, Inc. from 1988 to 1993. | 17 | Cedar Lawn Corporation; New Jersey Chapter of The Nature Conservancy; and Associated Banc-Corp |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **YEAR OF ELECTION\*\*** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST<br>FIVE (5) YEARS AND<br>OTHER INFORMATION** | **PORTFOLIOS<br>IN FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER<br>DIRECTORSHIPS<br>HELD BY<br>DIRECTOR<br>DURING THE PAST<br>FIVE (5) YEARS** |
| **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** |  |
| Jeffrey R. Holland,<sup>#</sup><br>56<br>(2019) | Formerly, Limited Partner of Brown Brothers Harriman from 2014 to 2018. Prior thereto, General Partner of Brown Brothers Harriman from 2006 to 2013. | 17 | Director of various non-profit organizations |
| William Kristol,<sup>#</sup><br>69<br>(2013) | Founder and Editor, The Weekly Standard from 1995 to 2018. He is a regular contributor on leading political commentary shows. He has served as the inaugural Vann Professor of Ethics and Society at Davidson College since 2019. | 17 | Manhattan Institute; John M. Ashbrook Center for Public Affairs at Ashland University; The Salvatori Center at Claremont McKenna College; The Institute for the Study of War; Foundation for Constitutional Government; and Defending Democracy Together, a non-profit educational corporation |
| Michelle McCloskey,<sup>#</sup><br>60<br>(2019) | Formerly, President of Americas, Man Group from 2017 to August 2019 and President of Man FRM from 2015 to August 2019. Prior thereto, she was a Senior Managing Director of Man FRM from 2012 to 2015. While at the Man Group, she served on the Executive Committee of Man Group plc from 2012 to 2019, as Chief Executive Officer, Board of Managers of Man Alternative Multi Strategy Fund from 2016 to 2019 and as President and Chair of the Board of the Pine Grove Institutional Funds from 2016 to 2019. She currently serves on the Investment Advisory Committee of Texas Tech University Endowment. | 17 | Assured Guaranty Ltd. Since May 2021 |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **YEAR OF ELECTION\*\*** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST<br>FIVE (5) YEARS AND<br>OTHER INFORMATION** | **PORTFOLIOS<br>IN FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER<br>DIRECTORSHIPS<br>HELD BY<br>DIRECTOR<br>DURING THE PAST<br>FIVE (5) YEARS** |
| **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** |  |
| Donald K. Peterson,<sup>#</sup><br>73<br>(2007) | Formerly, Chairman and Chief Executive Officer, Avaya Inc. (telecommunications equipment and services) from 2002 to 2006; President and Chief Executive Officer, Avaya Inc. from 2000 to 2001; President, Enterprise Systems Group in 2000; Chief Financial Officer, Lucent Technologies (telecommunications equipment and services) from 1996 to 2000; Chief Financial Officer, AT&T, Communications Services Group from 1995 to 1996; President, Nortel Communications Systems, Inc. (telecommunications and networking equipment) from 1994 to 1995. Prior thereto, he was at Nortel from 1976 to 1995. | 17 | Worcester Polytechnic Institute, (Emeritus); Member of the Board of TIAA-Bank, FSB |

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\* The address for each of the Fund's Disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department – Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

\*\* There is no stated term of office for the Directors.

\*\*\* Ms. Kirr is an "interested person", as defined in the 1940 Act, due to her affiliation with AllianceBernstein.

# Member of the Audit Committee, the Governance, Nominating and Compensation Committee, and the Independent Directors Committee.

^ Member of the Pricing Committee.

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**MANAGEMENT OF THE FUND** (continued)

**Officer Information** 

Certain information concerning the Fund's Officers is listed below.

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| | | |
|:---|:---|:---|
| **NAME, ADDRESS\*<br>AND AGE** | **POSITION(S)<br>HELD WITH FUND** | **PRINCIPAL OCCUPATION<br>DURING PAST FIVE YEARS** |
| Beata D. Kirr,<br>48 | President | See biography above |
| Terrance T. Hults,<br>56 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Matthew J. Norton,<br>39 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Chief Investment Officer – Municipal Bonds. |
| Andrew D. Potter,<br>37 | Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Emilie D. Wrapp,<br>66 | Secretary | Senior Vice President, Assistant General Counsel and Assistant Secretary of AllianceBernstein Investments, Inc. ("ABI")\*\*, with which she has been associated since prior to 2017. |
| Michael B. Reyes,<br>46 | Senior Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Joseph J. Mantineo,<br>63 | Treasurer and Chief Financial Officer | Senior Vice President of AllianceBernstein Investor Services, Inc. ("ABIS")\*\*, with which he has been associated since prior to 2017. |
| Phyllis J. Clarke,<br>61 | Controller | Vice President of ABIS\*\*, with which she has been associated since prior to 2017. |
| Vincent S. Noto,<br>57 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\*, since prior to 2017. |

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\* The address for each of the Fund's Officers is 1345 Avenue of the Americas, New York, NY 10105.

\*\* The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund's Statement of Additional Information ("SAI") has additional information about the Fund's Directors and Officers and is available without charge upon request. Contact your financial representative or AB at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

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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 (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 2022, which covered the period January 1, 2021 through December 31, 2021 (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

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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 significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets 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.

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**BOARD'S CONSIDERATION OF INVESTMENT** 

**MANAGEMENT ARRANGEMENT** 

Sanford C. Bernstein Fund, Inc. (the "Fund") is subject to Section 15 of the Investment Company Act of 1940, as amended. Section 15 provides that any investment advisory agreement with a registered investment company such as the Fund may continue in effect for a period of more than two years from the date of its execution, only so long as such continuance is specifically approved at least annually by the board of directors (or by vote of a majority of the outstanding voting securities of the investment company). Pursuant to this requirement, the Fund's Board of Directors, including the Directors who are 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 Emerging Markets, Short Duration Diversified Municipal, New York Municipal, California Municipal, Diversified Municipal, Short Duration Plus, Intermediate Duration, Overlay A, Tax-Aware Overlay A, Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios (each, a "Portfolio" and collectively, the "Portfolios") of the Fund, and AllianceBernstein L.P. (the "Adviser")(the "Investment Management Agreement") at a meeting held on October 26-27, 2022.

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 between the Fund and the Adviser, counsel to the Independent Directors sent a letter to the Adviser dated August 10, 2022, that contained a list of information requested by the Independent Directors to conduct their annual review. The Board of Directors, including the Independent Directors, met by video conference and 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 29, 2022, 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 the independent fee consultant in executive sessions. Following the September 29, 2022 meeting, the Independent Directors, through counsel, requested certain additional information by means of an email from their independent counsel dated October 6, 2022, and the Adviser provided certain additional information by means of a memorandum dated October 19, 2022. On October 26-27, 2022, the Board of Directors held a 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

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**BOARD'S CONSIDERATION OF INVESTMENT** 

**MANAGEMENT ARRANGEMENT** (continued)

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 the 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 September 29, 2022 and October 26-27, 2022 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 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 Strategic Insight, an independent

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**BOARD'S CONSIDERATION OF INVESTMENT** 

**MANAGEMENT ARRANGEMENT** (continued)

provider of investment company data. The Senior Vice President also performed analyses of the advisory fees, and compared such analyses to the Portfolios' peer groups. In addition, the Board received and considered information from an independent fee consultant regarding the fees and expenses of the Portfolios as well as their investment performance.

The Board 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 noted that the Adviser had elected to discontinue its voluntary waiver of the 0.10% shareholder servicing fee for the private client class of the Short Duration Plus Portfolio and the Short Duration Diversified Municipal Portfolio, during the next term of the shareholder servicing agreement. In that regard, the Board considered that the increasing interest rate environment had increased yields available in the marketplace on short-term investments, and that the Adviser indicated that the waivers were no longer necessary to maintain positive performance. The Board further considered that the total expense ratios of the Portfolios remained below the median of the peer group after removal of the waiver, and the Board reviewed materials estimating the impact of the removal of the waiver on the performance of the Portfolios.

The Board also noted that the Adviser had recently modified the advisory fee schedule of the Overlay A and Tax-Aware Overlay Portfolios by reducing the level where each Portfolio reaches its first breakpoint, and adding a new breakpoint on assets over $5 billion. With respect to the advisory fees charged to the Overlay Portfolios, the Directors noted that the Portfolios are intended to have an impact on a private client's entire account, rather than just an impact at the Portfolio level.

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

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**BOARD'S CONSIDERATION OF INVESTMENT** 

**MANAGEMENT ARRANGEMENT** (continued)

**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, their overall confidence in the Adviser's integrity and competence they have gained from that experience, and the Adviser's initiative in identifying and raising potential issues with the Directors. The Board also considered the Adviser's responsiveness, frankness and attention to concerns raised by the Directors from time to time, including the Adviser's willingness to consider and implement organizational and other changes designed to improve investment results and the services provided to the Portfolios. 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 commitment to strong research and investment management capabilities throughout changing market environments. The Board reviewed the compliance and administrative services of the Adviser that support the investment advisory services provided to the Portfolios.

In considering the nature and quality of the services provided by the Adviser, the Board, including the Independent Directors, received and considered information about each Portfolio's investment performance, as well as the performance of its peer group and the performance of an appropriate benchmark index. The Board was provided with performance data versus each Portfolio's peer group, for the 1-year, 3-year, 5-year and 10-year periods, as applicable, ended July 31, 2022 and versus each Portfolio's benchmark index, for the relevant periods, as well as the most recently available Morningstar rating for those Portfolios with an available rating. The Board also received certain updated performance information as of September 30, 2022. 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 the complexity of the Overlay Portfolios, in particular the complexity of managing the globally diversified set of asset classes and

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**BOARD'S CONSIDERATION OF INVESTMENT** 

**MANAGEMENT ARRANGEMENT** (continued)

derivatives in which the Overlay Portfolios can invest as well as the complexity of dynamically allocating assets through the Overlay Portfolios among various asset classes as economic and market conditions change in seeking to provide the desired risk/return trade-off for their investors in light of their overall portfolios (and not just their investment in the Overlay Portfolios themselves). In considering the performance of the Overlay Portfolios, the Board reviewed the performance of the Overlay Portfolios' dynamic asset allocation component and the impact of that component in the recent volatile market environment. The Board considered the Adviser's continued research efforts to enhance the dynamic asset allocation component utilized by the Overlay Portfolios. The Board further acknowledged the difficulty in selecting relevant peer groups for the Overlay Portfolios because of their unique structure and noted that the Overlay A Portfolio and Tax-Aware Overlay A Portfolio held higher percentages of equities and international equities than the funds in their relevant peer groups.

In evaluating the performance of the Portfolios that invest primarily in fixed-income securities, the Directors considered whether those Portfolios may have incurred less credit risk or interest rate risk, or both, in relation to their peer groups and benchmark indices. The Directors also noted the Adviser's explanation that certain Portfolios are designed to maintain higher credit quality and a more conservative approach versus the funds in their relevant peer groups, and that as a result of a lower risk profile, those Portfolios have underperformed the peer group during periods when riskier assets have outperformed.

Where the Portfolios had underperformed their peer groups or benchmark indices, the Directors considered the Adviser's explanations for performance and, as applicable, measures the Adviser had taken or proposed to take to improve performance, including enhancements to portfolio management models. The Directors noted generally the Adviser's continued efforts to enhance the services provided to the Portfolios. The Directors also noted that they would continue to monitor investment performance closely.

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

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**BOARD'S CONSIDERATION OF INVESTMENT** 

**MANAGEMENT ARRANGEMENT** (continued)

calendar years 2020 and 2021, which had been reviewed by an independent consultant. 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 all 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 Board further considered materials provided by the Adviser estimating the profitability of the Short Duration Plus Portfolio and the Short Duration Diversified Municipal Portfolio to the Adviser after the termination of the voluntary waiver in effect for the Portfolios. 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

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**BOARD'S CONSIDERATION OF INVESTMENT** 

**MANAGEMENT ARRANGEMENT** (continued)

fees at levels that contemplated future achievement of scale, 2018 fee reductions for the Short Duration Diversified Municipal, Short Duration Plus, Intermediate Duration, and Emerging Markets Portfolios, breakpoint arrangements including the lowering of the first breakpoint and the addition of a new breakpoint in the advisory fee schedule for the Overlay A and Tax-Aware Overlay A Portfolios as well as other recently adopted or modified breakpoints for certain Portfolios, expense caps and waivers applying to select Portfolios, and the Adviser's continued reinvestment in the business, including by researching and implementing new product enhancements. The Directors also noted that they would continue to monitor the growth of 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), Rule 12b-1 fees and sales charges received by the principal underwriter (which is a wholly owned subsidiary of the Adviser) with respect to the retail share classes of certain Portfolios, and transfer agency fees paid by the retail share classes of certain Portfolios to a wholly-owned subsidiary of the Adviser. The Directors recognized that the Adviser's profitability would be lower without these benefits. They also considered other benefits potentially derived from an increase in the Adviser's business as a result of its relationship with the Fund. The Directors concluded that these fall-out benefits to the Adviser were acceptable.

**Advisory Fee Rate Schedule** 

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

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| **Portfolio** | **Annual Percentage of Average Daily<br>Net Assets of Each Portfolio** |
| Short Duration Diversified Municipal | 0.30% of the first $750 million; 0.25% of assets in excess of $750 million. |
| Short Duration Plus | 0.35% of the first $750 million; 0.30% of assets in excess of $750 million. |

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**BOARD'S CONSIDERATION OF INVESTMENT** 

**MANAGEMENT ARRANGEMENT** (continued)

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| **Portfolio** | **Annual Percentage of Average Daily<br>Net Assets of Each Portfolio** |
| New York Municipal | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion. |
| California Municipal | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion. |
| Diversified Municipal | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% in excess of $5 billion up to, but not exceeding $7 billion; 0.225% of assets in excess of $7 billion. |
| Intermediate Duration | 0.45% on the first $2.5 billion; 0.40% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.35% in excess of $5 billion up to, but not exceeding $8 billion; 0.30% of assets in excess of $8 billion. |
| Emerging Markets | 0.95% of the first $2.5 billion; 0.90% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. |
| Overlay A | 0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. |
| Tax-Aware Overlay A | 0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. |
| Overlay B | 0.65% of assets. |
| Tax-Aware Overlay B | 0.65% of assets. |
| Tax-Aware Overlay C | 0.65% of assets. |
| Tax-Aware Overlay N | 0.65% of assets. |

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**This page is not part of the Shareholder Report or the Financial Statements.** 

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**AB FAMILY OF FUNDS** 

**US EQUITY** 

**CORE** 

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

**GROWTH** 

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

**VALUE** 

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

**INTERNATIONAL/ GLOBAL EQUITY** 

**CORE** 

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

**GROWTH** 

Concentrated International Growth Portfolio

**VALUE** 

All China Equity Portfolio

International Value Fund

**FIXED INCOME** 

**MUNICIPAL** 

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

**TAXABLE** 

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

**ALTERNATIVES** 

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

**MULTI-ASSET** 

All Market Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio<sup>1</sup>

Tax-Managed All Market Income Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**EXCHANGE-TRADED FUNDS** 

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

**We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

**Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.** 

1 Prior to December 1, 2021, Sustainable Thematic Balanced Portfolio was named Conservative Wealth Strategy.

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**NOTES** 

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![LOGO](g377931g43p34.jpg)

AB INTERMEDIATE MUNICIPAL PORTFOLIOS

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

IM-0151-0922 ![LOGO](g377931g22c48.jpg)

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SANFORD C. BERNSTEIN FUND, INC.

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**Overlay Portfolios** 

Overlay A Portfolio

Tax-Aware Overlay A Portfolio

Overlay B Portfolio

Tax-Aware Overlay B Portfolio

Tax-Aware Overlay C Portfolio

Tax-Aware Overlay N Portfolio

## A NNUAL R EPORT
SEPTEMBER 30, 2022

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**Table of Contents**

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|:---|:---|
|  [Portfolio Manager Commentary](#toc348380_1) | 1 |
|  [Disclosures and Risks](#toc348380_2) | 5 |
|  [Historical Performance](#toc348380_3) | 11 |
|  [Expense Example](#toc348380_4) | 15 |
|  [Portfolio Summary](#toc348380_5) | 17 |
|  [Schedule of Investments](#toc348380_6) | 18 |
|  [Statement of Assets and Liabilities](#toc348380_7) | 100 |
|  [Statement of Operations](#toc348380_8) | 104 |
|  [Statement of Changes in Net Assets](#toc348380_9) | 106 |
|  [Financial Highlights](#toc348380_10) | 110 |
|  [Notes to Financial Statements](#toc348380_11) | 123 |
|  [Other](#toc348380_12) | 170 |

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**Before investing in any portfolio of the Sanford C. Bernstein Fund, Inc., a prospective investor should consider carefully the portfolio's investment objectives and policies, charges, expenses and risks. These and other matters of importance to prospective investors are contained in the portfolios' prospectus, an additional copy of which may be obtained by visiting our website at www.Bernstein.com and clicking on "Investments", found in the footer, then "Mutual Fund Information—Prospectuses, SAIs and Shareholder Reports" or by calling your financial advisor or by calling Bernstein's mutual fund shareholder help line at 212.756.4097. Please read the prospectus carefully before investing.** 

For performance information current to the most recent month-end, please call (collect) 212.486.5800.

You may obtain a description of the Fund's proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit www.AllianceBernstein.com or go to the Securities and Exchange Commission's website at www.sec.gov, or call AllianceBernstein at 800.227.4618.

**This shareholder report must be preceded or accompanied by the Sanford C. Bernstein Fund, Inc. prospectus for individuals who are not shareholders of the Fund.** 

The Fund will file its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Commission's website at www.sec.gov.

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

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Portfolio Manager Commentary *(Unaudited)*

**To Our Shareholders—**November 15, 2022

On the following pages, you will find the 2022 annual report for the Overlay Portfolios<sup>1</sup> of the Sanford C. Bernstein Fund, Inc. (collectively, the "Portfolios", and individually, a "Portfolio"). The annual report covers the six- and 12-month periods ended September 30, 2022, and includes financial statements as well as notes to the financial statements, information about the recent performance of the Portfolios and a listing of each Portfolio's holdings as of the period end.

Global equity markets have been challenged over the 12-month period ended September 30, 2022, with most stock indices down more than 20%, the conventional threshold defining a bear market. In addition, volatility has been elevated throughout most of 2022, marking a turbulent period for investors. Significant economic and geopolitical stress created a tough macroeconomic backdrop, with both inflation and central banks' interest-rate policies coming in higher than the markets anticipated.

One of the greatest surprises for markets has been the outperformance of the US dollar, which has negatively impacted US companies' earnings coming from overseas, while geopolitical forces continue to put pressure on international earnings and economic growth. In contrast to most of the past decade, value stocks have outperformed growth stocks, but stock selection overall has been challenging. Our equity funds seek to find balanced exposure across factors and the portfolio teams have been pivoting to companies with strong balance sheets, pricing power and defensive characteristics, while also seeking to capture opportunities due to valuation dislocations.

The pressure on inflation and interest rates has also made the past year one of the worst on record for fixed-income markets. While this has been very painful for investors, the portfolio teams are leaning into higher yielding issues, with yields notably higher than they were even at the beginning of this calendar year.

Looking ahead, we are carefully minding the odds of recessions in the US and around the world. In this environment, we are confident in our portfolio teams' ability to find the right balance to position for the eventual rebound and the opportunities that are being created today. Thank you for your continued confidence in our approach.

If you have any questions about your investments in the Portfolios, please contact your Bernstein Advisor by calling 212.756.4097, or visit www.Bernstein.com. As always, we are firmly dedicated to your investment success.

Sincerely,

Beata D. Kirr

President

Sanford C. Bernstein Fund, Inc.

<sup>1</sup> Please note that information for the Emerging Markets, California Municipal, Diversified Municipal, New York Municipal, Short Duration Diversified Municipal, Intermediate Duration and Short Duration Plus Portfolios of the Sanford C. Bernstein Fund, Inc. may be found in a separate report.

**The Portfolios are intended to be used as part of a broader investment program administered directly by Sanford C. Bernstein & Co. LLC. The performance and objectives of the Portfolios should be evaluated only in the context of the investor's complete investment program. The Portfolios are NOT designed to be used as a standalone investment.** 

**Investment Objectives and Policies** 

The investment objective of the Overlay A and Tax-Aware Overlay A Portfolios is to manage the volatility of an equity-oriented asset allocation over the long term, as part of a Private Client's overall asset allocation managed by Sanford C. Bernstein & Co. LLC ("Bernstein"). The investment objective of the Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios is to manage the volatility of a fixed-income-oriented asset allocation over the long term, as part of a Private Client's overall asset allocation managed by Bernstein.

The Portfolios may invest in a diversified portfolio of securities and other financial instruments, including derivative instruments that provide investment exposure to a variety of asset classes. These asset classes may include: equity securities and fixed-income instruments of issuers located within and outside the United States, real estate-related securities, below investment-grade ("high yield") securities (commonly known as "junk bonds"), currencies and commodities. The Overlay A and Tax-Aware Overlay A Portfolios obtain equity exposure by investing directly in equity securities and through investments in other registered funds, including, but not limited

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to, other funds managed by AllianceBernstein L.P. (the "Adviser"). By adjusting investment exposure among the various asset classes in the Portfolios, the Adviser seeks to manage the volatility of diversified client portfolios managed by Bernstein that reflect a significant allocation to equity securities, in the case of the Overlay A and Tax-Aware Overlay A Portfolios, and a significant allocation to taxable or municipal fixed-income securities in the case of the Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios. The Portfolios' asset class exposures may be implemented and adjusted either through transactions in individual securities or through derivatives.

The Adviser alters asset class exposures as market and economic conditions change. The Adviser employs risk/return tools and fundamental research insights to determine how to adjust the Portfolios' exposures to various asset classes. These dynamic adjustments to the Portfolios' asset class exposures are implemented principally through the use of derivatives.

The Adviser also may use exchange-traded funds ("ETFs"), exchange traded notes, structured investments and commodity-linked notes in seeking to carry out the Portfolios' investment strategies. The Portfolios may enter into foreign currency transactions for hedging and non-hedging purposes on a spot (*i.e.*, cash) basis or through the use of derivatives. An appropriate hedge of currency exposure resulting from the Portfolios' securities positions may not be available or cost effective, or the Adviser may determine not to hedge the positions, possibly even under market conditions where doing so could benefit the Portfolios. The Portfolios may use options strategies (involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices), futures contracts (including futures contracts on individual securities and stock indices), swap agreements (including interest rate swaps and currency swaps) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolios from a decline in value, sometimes within certain ranges.

Exposure to certain other asset classes may also be achieved through investments in other AB mutual funds. The Overlay A and Overlay B Portfolios are managed without regard to potential tax consequences to the shareholder. In the case of the Tax-Aware Portfolios, the Adviser will employ tax management strategies in an attempt to reduce the impact of taxes on shareholders in the Portfolios.

**Investment Results** 

**The Portfolios are not designed to be used as standalone investments. The performance and objectives of the Portfolios should be evaluated only in the context of the Private Client's complete investment program. The Adviser's Dynamic Asset Allocation ("DAA") service is intended to reduce a Private Client's account portfolio volatility during sustained periods of elevated volatility in the markets, not necessarily during periods when market volatility is relatively low. Over both the six- and 12-month periods, all Overlay Portfolios detracted from returns and reduced volatility for a typical Private Client account.** 

The tables on pages 11-13 show each Portfolio's performance compared to its respective primary, current and prior composite benchmark, for the six- and 12-month periods ended September 30, 2022. The primary benchmarks are as follows: the Standard and Poor's ("S&P") 500 Index for Overlay A and Tax-Aware Overlay A Portfolios; the Bloomberg Global Aggregate Bond Index (USD hedged) for Overlay B Portfolio; and the Bloomberg 5-Year General Obligation ("GO") Municipal Bond Index for Tax-Aware Overlay B, C and N Portfolios.

Over the 12-month period, each of the Overlay Portfolios underperformed their current composite benchmarks. For the six-month period, Overlay A, Tax-Aware Overlay A, Tax-Aware Overlay C and Class 2 shares of Tax-Aware Overlay B outperformed their current composite benchmarks, whereas Overlay B, Tax-Aware Overlay N and Class 1 shares of Tax-Aware Overlay B trailed their current composite benchmarks.

The Portfolios' Senior Investment Management Team (the "Team") employs dynamic allocation shifts based on the relative attractiveness or unattractiveness across multiple, global asset classes. Underperformance, relative to the benchmark, can be attributed to the Overlays' duration extension, while tactical allocation shifts—an underweight to risk assets in both periods—added to returns. For additional diversification and protection, the Team continues to deploy longer-term hedges. These additional sources of protection consist of an extension in bond duration to hedge against a growth disappointment and long-dated equity put options to provide diversification in the case of a volatility shock. Over both periods, the Portfolios' underweight to risk assets contributed to account performance. However due to the inflation-led sell-off, the duration extension, which normally benefits from risk-off environments, materially detracted. The

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Team's options strategies also were modestly negative for both periods, as the somewhat steady nature of the sell-off did not allow the Portfolios' options to be as protective as expected. The net effect was underperformance of the Portfolios as the duration underperformance overwhelmed the positive impact of the equity underweight.

The Portfolios entered the fourth quarter of 2021 with a modest overweight to equities. The overweight was motivated by an elevated return potential for return-seeking assets due to ongoing policy support, continued re-openings and medical advancements to combat COVID-19. However, the Team reduced the equity overweight during the quarter as uncertainties around rising COVID-19 cases, higher inflation, fading global stimulus and supply-chain pressures dampened the return outlook for equities. The Portfolios entered 2022 with a modest overweight to equities, as the Team expected a continuation in the global economic expansion. The Team gradually moved to an underweight to equities in January and February, as uncertainties dampened the risk and return outlook for equities. The omicron surge delayed economies' reopening schedules and extended the period of supply-demand imbalance for longer than expected. The conflict in Ukraine and the resulting sanctions also led to additional supply-chain disruptions and rising commodity prices, which had potential ramifications on the global growth outlook. When combined with the fact that inflation was already well above central bank targets, the Team believed the odds of a "policy mistake" had increased. The Team acknowledged that these risks could persist for some time and would likely sustain ongoing volatility within risk assets. As a result, the Portfolios moved to a modest underweight to equities. During the second quarter of 2022, the Portfolios increased their underweight to return-seeking assets, ending the period with a significant equity underweight. Despite the Team's constructive, longer-term outlook for equities, near-term uncertainties persisted. The Ukraine conflict had a meaningful impact on commodity prices, creating significant upside tail-risk. With the omicron variant now in China, the zero-COVID policy was expected to extend supply chain stresses as well as weigh on global demand. The Portfolios maintained their underweight to return-seeking assets in the third quarter of 2022, ending the period with a significant equity underweight.

The Portfolios use derivatives (for hedging and investment purposes) largely to make shifts in asset class exposures, as this allows rapid and efficient changes without disrupting the underlying individual stock and bond holdings. All Portfolios used derivatives for hedging and investment purposes. For both periods, futures detracted from absolute returns for all Portfolios, while purchased options added. Written options detracted for all Portfolios for the six-month period and added for the 12-month period. Currency forwards detracted for both periods for all Portfolios except Overlay B. Total return swaps added for both periods for all Portfolios except Overlay B. Credit default swaps added during both periods for Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N. Inflation swaps detracted for the six-month period and added for the 12-month period for Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N. During both periods, interest rate swaps added for Tax-Aware Overlay B and Tax-Aware Overlay N and detracted for Tax-Aware Overlay C.

The Overlay B Portfolio utilizes a range of cash securities and derivatives to efficiently gain exposures to desired investments. Derivatives are excluded from the calculation of the Portfolio's turnover rate of 115% whereas transactions in cash securities are included. The Portfolio's historical turnover rates would have been different if the Portfolio had not utilized derivatives.

**Market Review and Investment Strategy** 

US, international and emerging-market stocks declined during the 12-month period ended September 30, 2022. Initially, positive earnings momentum overshadowed concerns surrounding coronavirus variants, supply chain disruptions and rising inflation, but the global economic outlook deteriorated as increasingly hawkish central banks elevated investor concern that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. The US Federal Reserve (the "Fed") raised interest rates five times during the period, including three consecutive 0.75% increases, setting a course followed by other key central banks. Equity markets rallied briefly as some weaker-than-expected economic data raised optimism that policy rates might peak at lower levels. Stocks fell sharply after the Fed indicated that it would continue to move aggressively and risk recession to lower inflation. Against a backdrop of rising rates, growth stocks came under pressure throughout most of the period. Within large-cap markets, both growth and value stocks declined in absolute terms, but value stocks outperformed growth stocks significantly. Large-cap stocks outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

Fixed-income government bond market yields increased rapidly, and bond prices fell in all developed markets. Most major central banks aggressively tightened monetary policy by

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raising short-term interest rates and ending bond purchases to combat high and persistent inflation. Developed-market government bonds fell the most in the UK and eurozone, and by the least in Japan. In credit risk sectors, securitized assets generally outperformed corporate bonds. Investment-grade corporate bonds trailed treasuries, underperforming in the US against US Treasuries, while outperforming in the eurozone relative to eurozone treasuries. High-yield corporate bonds trailed in the US versus US Treasuries while eurozone high yield outperformed eurozone treasuries. Investment-grade emerging-market corporate bonds slightly trailed developed-market corporates. Longer-maturity emerging-market sovereign bonds underperformed developed-market treasuries. Emerging-market local-currency bonds lagged as the US dollar advanced against almost all developed- and emerging-market currencies. Brent crude oil prices ended the period higher, even as prices fell sharply in the final quarter on global growth concerns and reduced demand.

The Portfolios may purchase municipal securities that are insured under policies issued by certain insurance companies. Historically, insured municipal securities typically received a higher credit rating, which meant that the issuer of the securities paid a lower interest rate. As a result of declines in the credit quality and associated downgrades of most bond insurers, insurance has less value than it did in the past. The market currently values insured municipal securities primarily based on the credit quality of the issuer of the security with little value given to the insurance feature. In purchasing such insured securities, the Adviser evaluates the risk and return of municipal securities through its own research. If an insurance company's rating is downgraded or the company becomes insolvent, the prices of municipal securities insured by the insurance company may decline. As of September 30, 2022, the Portfolios' percentages of investments in municipal bonds that are insured and insured municipal bonds that have been pre-refunded or escrowed to maturity were 4.83% and 0.00%, respectively, for Tax-Aware Overlay B Portfolio; 1.99% and 0.00%, respectively, for Tax-Aware Overlay C Portfolio and 4.74% and 0.00%, respectively, for Tax-Aware Overlay N Portfolio.

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Disclosures and Risks *(Unaudited)*

**Benchmark Disclosures** 

**None of the following indices or averages reflects fees and expenses associated with the active management of a mutual fund portfolio.** The S&P 500<sup>®</sup> Index includes 500 US stocks and is a common representation of the performance of the overall US stock market. The Bloomberg Global Aggregate Bond Index (USD hedged) represents the performance of the global investment-grade developed fixed-income markets, hedged to the US dollar. The Bloomberg 5-Year GO Municipal Bond Index represents the performance of long-term, investment-grade tax-exempt bonds with maturities ranging from four to six years. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 US public companies representing approximately 98% of the investible US equity market by stock market capitalization. The Morgan Stanley Capital International ("MSCI") All Country World Index ("ACWI") ex USA Investable Markets Index ("IMI") (net) captures large-, mid- and small-cap representation across 22 of 23 developed-market countries (excluding the US) and 23 emerging-market countries. The MSCI ACWI Commodity Producers Index captures the global opportunity set of commodity producers in the energy, metal and agricultural sectors. Constituents are selected from the equity universe of MSCI ACWI, the parent index, which covers mid- and large-cap securities across 23 developed markets and 23 emerging-markets countries. The Financial Times Stock Exchange<sup>®</sup> European Public Real Estate Association/National Association of Real Estate Investment Trusts ("FTSE EPRA/NAREIT") Global Index is a free-float adjusted index designed to track the performance of listed real estate companies and real estate investment trusts ("REITs") worldwide. The Bloomberg US Aggregate Bond Index represents the performance of securities within the US investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. The Bloomberg 1-10 Year US Treasury Inflation Protected Securities ("TIPS") Index measures the performance of the US Treasury inflation-protected securities market, with maturities between one and ten years. The Bloomberg 1-10 Year Municipal Bond Index represents the performance of the long-term tax-exempt bond market consisting of investment-grade bonds.

The composite benchmark for a Portfolio is a customized benchmark and uses index returns to represent performance of the asset classes. The Composite Benchmark for Overlay A is 47% Russell 3000, 26.4% MSCI ACWI ex USA IMI (net), 6.6% MSCI ACWI Commodity Producers (net), 10% Bloomberg US Aggregate Bond, 10% Bloomberg Global Aggregate Bond (USD hedged). The Composite Benchmark for Tax-Aware Overlay A is 47.2% Russell 3000, 26.5% MSCI ACWI ex USA IMI (net), 6.3% MSCI ACWI Commodity Producers (net), 20% Bloomberg US Aggregate Bond. The Composite Benchmark for Overlay B is 16.9% Russell 3000, 9.8% MSCI ACWI ex USA IMI (net), 3.3% MSCI ACWI Commodity Producers (net), 24.5% Bloomberg US Aggregate Bond, 24.5% Bloomberg Global Aggregate Bond (USD hedged), 21% Bloomberg 1-10 Year US TIPS. The Composite Benchmark for Tax-Aware Overlay B, C and N is 19% Russell 3000, 11% MSCI ACWI ex USA IMI (net), 42% Bloomberg 1-10 Year Municipal Bond, 28% Bloomberg 1-10 Year US TIPS.

The Russell 3000, MSCI ACWI ex USA IMI (net) and MSCI ACWI Commodity Producers Index (net) represent the allocation to global stocks. The FTSE EPRA/NAREIT Global Index represents the allocation to real estate. The Bloomberg US Aggregate Bond, Bloomberg 1-10 Year US TIPS, Bloomberg 1-10 Year Municipal Bond and Bloomberg Global Aggregate Bond (USD hedged) represent the allocation to bonds.

MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns include the reinvestment of dividends after deduction of non-US withholding tax. Investors cannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including the Portfolios.

**A Word About Risk** 

**All Overlay Portfolios:** 

The share price of the Portfolios will fluctuate and you may lose money. There is no guarantee that the Portfolios will achieve their investment objective.

The Portfolios are intended to be used as part of a broader investment program administered directly by Bernstein. The performance and objectives of the Portfolios should be evaluated only in the context of the Private Client's complete investment program. Changes in value of the Portfolios may be particularly pronounced because the Portfolios are managed in

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such a fashion as to affect the investor's assets subject to that broader investment program. The Portfolios are NOT designed to be used as a standalone investment.

**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.

**Market Risk:** The Portfolios are subject to market risk, which is the risk that stock or bond prices in general or in particular countries or sectors may decline over short or extended periods. Stock or bond prices may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest-rate, currency and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; public health crises (including the occurrence of a contagious disease or illness); policy and legislative changes; cybersecurity events; and other factors.

Economies and financial markets throughout the world are becoming increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, sanctions, regional and global conflicts, 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. As a result, whether or not the Portfolios invest in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolios' investments may be negatively affected.

**Management Risk:** The Portfolios are subject to management risk because they are actively managed investment portfolios. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolios, but these techniques, analyses and decisions may not work as intended or may not produce the desired results, and may, during certain periods, result in increased volatility for the Portfolios or cause the value of the Portfolios' shares to go down. In some cases, derivatives and other investment techniques may be unavailable or the Adviser may determine not to use them, possibly even under market conditions where their use could benefit the Portfolios. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. In addition, the Adviser may change the Portfolios' investment strategies or policies from time to time. Those changes may not lead to the results intended by the Adviser and could have an adverse effect on the value or performance of the Portfolios.

**Allocation Risk:** The allocation of investments among different global asset classes may have a significant effect on the Portfolios' net asset value ("NAV") when one of these asset classes is performing more poorly than others. As direct investments, investments in other funds and derivative positions will be periodically rebalanced to reflect the Adviser's view of market and economic conditions, there will

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be transaction costs which may be, over time, significant. In addition, there is a risk that certain asset allocation decisions may not achieve the desired results and, as a result, the Portfolios may incur significant losses.

**Derivatives Risk:** The Portfolios intend to use derivatives as direct investments to earn income, enhance return and broaden portfolio diversification, which entail greater risk than if used solely for hedging purposes. In addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolios. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted to cover or secure 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 (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios. Use of derivatives may have different tax consequences for the Portfolios than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders. The US government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as additional regulations governing margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.

**Leverage Risk:** Leverage creates exposure to gains and losses in a greater amount than the dollar amount made in an investment by attempting to enhance return or value without increasing the investment amount. Leverage can magnify the effects of changes in the value of the Portfolios' investments and make them more volatile. The use of leverage may cause the Portfolios to liquidate portfolio positions when it may not be advantageous to do so.

**Illiquid Investments Risk:** Illiquid investments risk exists when particular investments are difficult or impossible to purchase or sell, possibly preventing the Portfolios from purchasing or selling these securities at an advantageous price. The Overlay Portfolios that invest in municipal securities are subject to greater risk because the market for municipal securities is generally smaller and may not be as liquid as many other fixed income markets, which may make municipal securities more difficult to trade or dispose of than other types of securities. Illiquid securities may also be difficult to value. If the Portfolios 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, or performance, which could cause the value of your investment to decline. Redemption risk is heightened during periods of overall market turmoil.

**Foreign (Non-US) Securities Risk:** Investments in foreign securities entail significant risks in addition to those customarily associated with investing in US 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, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, and adverse market, economic, political and regulatory factors and social instability, all of which could disrupt the financial markets in which the Portfolios invest and adversely affect the value of the Portfolios' assets.

**Emerging-Markets Securities Risk:** The risks of investing in foreign (non-US) securities are heightened with respect to issuers in emerging-market countries, because the markets are less developed and less liquid and there may be a greater amount of economic, political and social uncertainty. Emerging markets typically have fewer medical and economic resources than more developed countries, and thus they may be less able to control or mitigate the effects of a pandemic. In addition, the value of the Portfolios' investments may decline because of factors such as unfavorable or unsuccessful government actions and reduction of government or central bank support.

**Foreign Currency Risk:** This is the risk that changes in foreign (non-US) currency exchange rates may negatively

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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 US dollar is strong (*i.e.*, gaining value relative to other currencies) and other currencies are weak (*i.e.*, losing value relative to the US dollar).

**Actions by a Few Major Investors:** In certain countries, volatility may be heightened by actions of a few major investors. For example, substantial increases or decreases in cash flows of mutual funds investing in these markets could significantly affect local stock prices and, therefore, share prices of the Portfolios.

**Interest-Rate Risk:** Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Portfolios may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal and monetary policy initiatives and resulting market reaction to those initiatives.

**Credit Risk:** This is the risk that the issuer or the guarantor of a debt security, or the counterparty to a derivatives or other contracts, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The issuer or guarantor may default, potentially causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. The credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations, making credit risk greater for medium-quality and lower-rated debt securities. Lower-rated debt securities and similar unrated securities (commonly known as "junk bonds") have speculative elements or are predominantly speculative credit risks. At times when credit risk is perceived to be greater, credit "spreads" (*i.e.*, the difference between the yields on lower quality securities and the yields on higher quality securities) may get larger or "widen". As a result, the values of the lower quality securities may go down more and they may become harder to sell.

**Duration Risk:** Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of the fixed-income security. Fixed-income securities with longer durations have more interest-rate risk and will decrease in price as interest rates rise. Securities that have final maturities longer than their durations may be affected by increased credit spreads to a far greater degree than their durations would suggest, because they are exposed to credit risk until final maturity.

**Commodity Risk:** The value of commodity-linked derivatives, exchange traded notes and exchange traded funds may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as changes in climate conditions, drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

**Inflation Risk:** This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolios' assets can decline as can the value of the Portfolios' distributions. This risk is significantly greater for fixed-income securities with longer maturities. Rates of inflation have recently risen, which could adversely affect economies and markets.

**Inflation-Protected Securities Risk:** The terms of inflation-protected securities provide for the coupon and/or maturity value to be adjusted based on changes in an inflation index. Decreases in the inflation rate or in investors' expectations about inflation could cause these securities to underperform non-inflation-adjusted securities on a total-return basis. In addition, there can be no assurance that the relevant inflation index will accurately measure the rate of inflation, in which case the securities may not work as intended. These securities may be more difficult to trade or dispose of than other types of securities.

**Prepayment and Extension Risk:** Prepayment risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. If this happens, particularly during a time of declining interest rates or credit spreads, the Portfolios will not benefit from the rise in market price that normally accompanies a decline in interest rates, and may not be able to invest the proceeds in securities providing as much income, resulting in a lower yield to the

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Portfolios. Conversely, extension risk is the risk that as interest rates rise or spreads widen, payments of securities may occur more slowly than anticipated by the market. If this happens, the values of these securities may go down because their interest rates are lower than current market rates and they remain outstanding longer than anticipated.

**Lower-rated Securities Risk:** Lower-rated securities, or junk bonds/high-yield securities, are subject to greater risk of loss of principal and interest and greater market risk than higher-rated securities. The capacity of issuers of lower-rated securities to pay interest and repay principal is more likely to weaken than is that of issuers of higher-rated securities in times of deteriorating economic conditions or rising interest rates.

**Real Estate Related Securities Risk:** Investing in real estate related securities includes, among others, the following risks: possible declines in the value of real estate; risks related to general and local economic conditions, including increases in the rate of inflation; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; changes in zoning laws; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; limitations on and variations in rents; and changes in interest rates. In addition, global climate change may have an adverse effect on property and security values. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, are not diversified, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. Investing in REITs also involves risks similar to those associated with investing in small-capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities.

**Investment in Other Investment Companies Risk:** As with other investments, investments in other investment companies, including other AB Mutual Funds and ETFs, are subject to market and management risk. In addition, if the Portfolios acquire shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolios (including management and advisory fees) and, indirectly, the expenses of the investment companies in which the Portfolios invest.

**Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios** 

**Municipal Market Risk:** This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolios' investments in municipal securities. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, or the rights of investors in these securities. The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. There have been some municipal issuers that have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may get worse, particularly in light of the economic impact of the recent spread of an infectious coronavirus (COVID-19). To the extent the Portfolios invest in a particular state's municipal securities, they may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, wildfires, flooding and earthquakes. The Portfolios' investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, are subject to the risk that factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

The Portfolios may invest in municipal securities of issuers in Puerto Rico or other US territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other US issuers of municipal securities. Puerto Rico continues to face a very challenging economic and fiscal environment, worsened by the spread of COVID-19 and the adverse effect

*(Disclosures and Risks continued on next page)* 

 <br> *2022 Annual Report* *9*

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##### [**Table of Contents**](#toc)
Disclosures and Risks  *(continued)*

that related governmental and public responses have had on Puerto Rico's economy. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

**Tax Risk:** There is no guarantee that the income on the Portfolios' municipal securities will be exempt from regular federal income, and if applicable, state income taxes. Unfavorable legislation, adverse interpretations by federal or state authorities, litigation or noncompliant conduct by the issuer of a municipal security could affect the tax-exempt status of municipal securities. If the Internal Revenue Service or a state authority determines that an issuer of a municipal security has not complied with applicable requirements, interest from the security could become subject to regular federal income tax and/or state personal income tax, possibly retroactively to the date the security was issued, the value of the security could decline significantly, and a portion of the distributions to Portfolio shareholders could be recharacterized as taxable. The US Congress has considered changes to US federal tax law that would, if enacted, have a negative impact on certain types of municipal securities, such as private activity bonds, or would otherwise make investments in municipal bonds less attractive.

**Overlay A, Tax-Aware Overlay A, Overlay B and Tax-Aware Overlay B Portfolios** 

**Subordination Risk:** The Portfolios may invest in securities that are subordinated to more senior securities of an issuer, or which represent interests in pools of such subordinated securities. Subordinated securities will be disproportionately affected by a default or even a perceived decline in creditworthiness of the issuer. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer, any loss incurred by the subordinated securities is likely to be proportionately greater, and any recovery of interest or principal may take more time.

**Overlay B and Tax-Aware Overlay B Portfolios:** 

**Mortgage-Related and Asset-Related Securities Risk:** Mortgage- and asset-related securities represent interests in "pools" of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-related securities are subject to credit, interest-rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-related securities. Asset-related securities entail certain risks not presented by mortgage-backed securities, including the risk that it may be difficult to perfect the liens securing any collateral backing certain asset-backed securities.

These risks are discussed in further detail in the Portfolios' prospectus.

**An Important Note About Historical Performance** 

**Except as noted, returns do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. All fees and expenses related to the operation of the Portfolios have been deducted.** 

**The performance shown in this report represents past performance and does not guarantee future results. Performance information is as of the dates shown. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by calling 212.756.4097. The investment return and principal value of an investment in the Portfolios will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance assumes reinvestment of distributions and does not account for taxes.** 

**Investors should consider the investment objectives, risks, charges and expenses of the Portfolios carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit www.Bernstein.com, click on "Investments", found in the footer, then "Mutual Fund Information—Prospectuses, SAIs and Shareholder Reports", or call Bernstein's mutual fund shareholder help line at 212.756.4097 or contact your Bernstein Advisor. Please read the prospectus and/or summary prospectus carefully before investing.** 

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

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##### [**Table of Contents**](#toc)
Historical Performance *(Unaudited)*

**Overlay Portfolios vs. Their Benchmarks** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | TOTAL RETURNS | TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS |
| THROUGH SEPTEMBER 30, 2022 | PAST SIX<br>MONTHS | PAST 12<br>MONTHS | PAST FIVE<br>YEARS | PAST 10<br>YEARS | SINCE<br>INCEPTION<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Overlay A Portfolio Class 1** | -17.76% | -21.17% | 0.53% | 4.02% | 4.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions<sup>2</sup> | -17.76% | -23.16% | -0.32% | 3.26% | 3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions and sale of shares<sup>2</sup> | -10.51% | -10.30% | 0.60% | 3.19% | 3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Overlay A Portfolio Class 2** | -17.67% | -21.02% | 0.71% | 4.22% | 4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions<sup>2</sup> | -17.67% | -23.06% | -0.19% | 3.42% | 3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions and sale of shares<sup>2</sup> | -10.46% | -10.18% | 0.74% | 3.35% | 3.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Composite Benchmark | -18.22% | -17.21% | 4.41% | 6.71% | 7.46% |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior Composite Benchmark<sup>3</sup> | -18.97% | -18.32% | 3.84% | 6.18% | 6.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | -20.20% | -15.47% | 9.24% | 11.70% | 12.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax-Aware Overlay A Portfolio Class 1** | -17.90% | -21.15% | 0.53% | 4.29% | 4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions<sup>2</sup> | -17.90% | -22.89% | -0.28% | 3.60% | 3.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions and sale of shares<sup>2</sup> | -10.60% | -10.53% | 0.55% | 3.41% | 3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax-Aware Overlay A Portfolio Class 2** | -17.80% | -20.98% | 0.73% | 4.51% | 4.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions<sup>2</sup> | -17.80% | -22.75% | -0.13% | 3.76% | 3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions and sale of shares<sup>2</sup> | -10.54% | -10.40% | 0.70% | 3.58% | 3.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Composite Benchmark | -18.41% | -17.55% | 4.35% | 6.65% | 7.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior Composite Benchmark<sup>3</sup> | -18.47% | -17.80% | 4.07% | 6.41% | 7.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | -20.20% | -15.47% | 9.24% | 11.70% | 12.34% |

---

The current prospectus fee table shows the total annual operating expense ratios for Class 1 and Class 2 shares as 1.51% and 1.31% for Overlay A, and 1.48% and 1.28% for Tax-Aware Overlay A. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

There are no sales charges associated with an investment in the Bernstein funds. Total returns and average annual returns are therefore the same. The Portfolios are not standalone Portfolios and are used only in conjunction with globally diversified Private Client portfolios.

1 Inception date: 2/8/2010.

---

| | |
|:---|:---|
| 2 | After-tax returns are an estimate, which is based on the highest historical individual federal marginal income-tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor's tax situation and are likely to differ from those shown, and are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |

---

---

| | |
|:---|:---|
| 3 | Prior to February 28, 2022, the Portfolios' Composite Benchmarks were as follows: Overlay A, 44% Russell 3000, 29.4% MSCI ACWI ex USA IMI (net), 6.6% MSCI ACWI Commodity Producers (net), 10% Bloomberg US Aggregate Bond, 10% Bloomberg Global Aggregate Bond (USD hedged); Tax-Aware Overlay A, 44.2% Russell 3000, 29.5% MSCI ACWI ex USA IMI (net), 6.3% MSCI ACWI Commodity Producers (net), 20% Bloomberg US Aggregate Bond. |

---

**See Disclosures, Risks and Note About Historical Performance on pages 5-10.** 

*(Historical Performance continued on next page)* 

 <br> *2022 Annual Report* *11*

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##### [**Table of Contents**](#toc)
Historical Performance *(continued from previous page)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | TOTAL RETURNS | TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS |
| THROUGH SEPTEMBER 30, 2022 | PAST SIX<br>MONTHS | PAST 12<br>MONTHS | PAST FIVE<br>YEARS | PAST 10<br>YEARS | SINCE<br>INCEPTION<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Overlay B Portfolio Class 1** | -12.75% | -16.10% | 0.51% | 2.33% | 3.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions<sup>2</sup> | -12.75% | -19.87% | -1.33% | 0.68% | 1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions and sale of shares<sup>2</sup> | -7.55% | -7.89% | -0.04% | 1.31% | 2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Overlay B Portfolio Class 2<sup>3</sup>** | -12.71% | -15.91% | 0.65% | 2.49% | 3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions<sup>2</sup> | -12.71% | -19.73% | -1.24% | 0.78% | 1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions and sale of shares<sup>2</sup> | -7.53% | -7.78% | 0.05% | 1.41% | 2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp; Composite Benchmark | -11.81% | -13.25% | 2.32% | 3.35% | 4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior Composite Benchmark<sup>4</sup> | -13.57% | -15.46% | 1.55% | 2.61% | 3.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg Global Aggregate Bond Index (USD hedged) | -7.49% | -12.05% | 0.32% | 1.69% | 2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax-Aware Overlay B Portfolio Class 1** | -9.87% | -12.95% | 0.82% | 2.48% | 3.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions<sup>2</sup> | -9.87% | -14.61% | 0.08% | 1.72% | 2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions and sale of shares<sup>2</sup> | -5.85% | -6.65% | 0.79% | 1.97% | 2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax-Aware Overlay B Portfolio Class 2** | -9.85% | -12.78% | 0.98% | 2.64% | 3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions<sup>2</sup> | -9.85% | -14.45% | 0.23% | 1.86% | 2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions and sale of shares<sup>2</sup> | -5.83% | -6.51% | 0.92% | 2.11% | 2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Composite Benchmark | -9.86% | -11.40% | 2.74% | 3.59% | 4.43% |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior Composite Benchmark<sup>4</sup> | -9.89% | -11.51% | 2.64% | 3.50% | 4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg 5-Year GO Municipal Bond Index | -2.98% | -7.76% | 0.50% | 1.12% | 1.80% |

---

The current prospectus fee table shows the total annual operating expense ratios for Class 1 and Class 2 shares as 0.91% and 0.76% for Overlay B and 0.87% and 0.72% for Tax-Aware Overlay B. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

There are no sales charges associated with an investment in the Bernstein funds. Total returns and average annual returns are therefore the same. The Portfolios are not standalone Portfolios and are used only in conjunction with globally diversified Private Client portfolios.

1 Inception date: 2/8/2010.

---

| | |
|:---|:---|
| 2 | After-tax returns are an estimate, which is based on the highest historical individual federal marginal income-tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor's tax situation and are likely to differ from those shown, and are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |

---

---

| | |
|:---|:---|
| 3 | The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the Financial Highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |

---

---

| | |
|:---|:---|
| 4 | Prior to February 28, 2022, the Portfolios' Composite Benchmarks were as follows: Overlay B, 15.9% Russell 3000, 10.8% MSCI ACWI ex USA IMI (net), 3.3% MSCI ACWI Commodity Producers (net), 24.5% Bloomberg US Aggregate Bond, 24.5% Bloomberg Global Aggregate Bond (USD hedged), 21% Bloomberg 1-10 Year US TIPS; Tax-Aware Overlay B, 17.9% Russell 3000, 12.1% MSCI ACWI ex USA IMI (net), 42% Bloomberg 1-10 Year Municipal Bond, 28% Bloomberg 1-10 Year US TIPS. |

---

**See Disclosures, Risks and Note About Historical Performance on pages 5-10.** 

*(Historical Performance continued on next page)* 

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

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##### [**Table of Contents**](#toc)
Historical Performance *(continued from previous page)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | TOTAL RETURNS | TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS |
| THROUGH SEPTEMBER 30, 2022 | PAST SIX<br>MONTHS | PAST 12<br>MONTHS | PAST FIVE<br>YEARS | PAST 10<br>YEARS | SINCE<br>INCEPTION<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax-Aware Overlay C Portfolio Class 1** | -9.76% | -12.84% | 0.66% | 2.33% | 2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions<sup>2</sup> | -9.76% | -14.82% | -0.16% | 1.52% | 2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions and sale of shares<sup>2</sup> | -5.78% | -6.53% | 0.61% | 1.80% | 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax-Aware Overlay C Portfolio Class 2<sup>3</sup>** | -9.74% | -12.75% | 0.80% | 2.48% | 3.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions<sup>2</sup> | -9.74% | -14.75% | -0.04% | 1.66% | 2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions and sale of shares<sup>2</sup> | -5.77% | -6.44% | 0.74% | 1.94% | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Composite Benchmark | -9.86% | -11.40% | 2.74% | 3.59% | 4.43% |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior Composite Benchmark<sup>4</sup> | -9.85% | -11.38% | 2.77% | 3.61% | 4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg 5-Year GO Municipal Bond Index | -2.98% | -7.76% | 0.50% | 1.12% | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax-Aware Overlay N Portfolio Class 1** | -10.07% | -13.16% | 0.56% | 2.33% | 2.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions<sup>2</sup> | -10.07% | -14.70% | -0.16% | 1.57% | 2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions and sale of shares<sup>2</sup> | -5.96% | -6.84% | 0.57% | 1.83% | 2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax-Aware Overlay N Portfolio Class 2** | -10.05% | -13.08% | 0.70% | 2.48% | 3.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions<sup>2</sup> | -10.05% | -14.63% | -0.03% | 1.71% | 2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return after taxes on Distributions and sale of shares<sup>2</sup> | -5.95% | -6.75% | 0.70% | 1.96% | 2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp; Composite Benchmark | -9.86% | -11.40% | 2.74% | 3.59% | 4.43% |
| &nbsp;&nbsp;&nbsp;&nbsp; Prior Composite Benchmark<sup>4</sup> | -9.85% | -11.38% | 2.77% | 3.61% | 4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg 5-Year GO Municipal Bond Index | -2.98% | -7.76% | 0.50% | 1.12% | 1.80% |

---

The current prospectus fee table shows the total annual operating expense ratios for Class 1 and Class 2 shares as 0.91% and 0.76% for Tax-Aware Overlay C and 0.93% and 0.78% for Tax-Aware Overlay N. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

There are no sales charges associated with an investment in the Bernstein funds. Total returns and average annual returns are therefore the same. The Portfolios are not standalone Portfolios and are used only in conjunction with globally diversified Private Client portfolios.

1 Inception date: 2/8/2010.

---

| | |
|:---|:---|
| 2 | After-tax returns are an estimate, which is based on the highest historical individual federal marginal income-tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor's tax situation and are likely to differ from those shown, and are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |

---

---

| | |
|:---|:---|
| 3 | The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the Financial Highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |

---

---

| | |
|:---|:---|
| 4 | Prior to February 28, 2022, the Portfolios' Composite Benchmark was 19.3% Russell 3000, 10.7% MSCI ACWI ex USA IMI (net), 28% Bloomberg 1-10 Year US TIPS, 42% Bloomberg 1-10 Year Municipal Bond. |

---

**See Disclosures, Risks and Note About Historical Performance on pages 5-10.** 

*(Historical Performance continued on next page)* 

 <br> *2022 Annual Report* *13*

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##### [**Table of Contents**](#toc)
Historical Performance *(continued from previous page)*

---

| | |
|:---|:---|
| Overlay A Class 1 Shares | Tax-Aware Overlay B Class 1 Shares |
|  **Growth of a $25,000 Investment in the Portfolio** | **Growth of a $25,000 Investment in the Portfolio** |
| ![LOGO](g348380g00a01.jpg)  | ![LOGO](g348380g00a04.jpg)  |
| Tax-Aware Overlay A Class 1 Shares | Tax-Aware Overlay C Class 1 Shares |
|  **Growth of a $25,000 Investment in the Portfolio** | **Growth of a $25,000 Investment in the Portfolio** |
| ![LOGO](g348380g00a02.jpg)  | ![LOGO](g348380g00a05.jpg)  |
| Overlay B Class 1 Shares | Tax-Aware Overlay N Class 1 Shares |
|  **Growth of a $25,000 Investment in the Portfolio** | **Growth of a $25,000 Investment in the Portfolio** |
| ![LOGO](g348380g00a03.jpg)  | ![LOGO](g348380g00a06.jpg)  |

---

Each chart illustrates the total value of an assumed $25,000 investment as compared to the performance of each Portfolio's respective benchmark, composite benchmark and prior composite benchmark for the 10-year period ended September 30, 2022.

**See Disclosures, Risks and Note About Historical Performance on pages 5-10.** 

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

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##### [**Table of Contents**](#toc)
Expense Example—*September 30, 2022 (Unaudited)*

**Fund Expenses—**As a shareholder of a Portfolio, you incur various ongoing costs, including management fees and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses—**The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes—**The second line of the table below provides information about hypothetical account values and hypothetical expenses based on a Portfolio's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | BEGINNING<br>ACCOUNT VALUE<br>APRIL 1, 2022 | ENDING<br>ACCOUNT VALUE<br>SEPTEMBER 30, 2022 | EXPENSES<br>PAID DURING<br>PERIOD\* | ANNUALIZED<br>EXPENSE<br>RATIO\* | TOTAL<br>EXPENSES<br>PAID DURING<br>PERIOD+ | TOTAL<br>ANNUALIZED<br>EXPENSE<br>RATIO+ |
| &nbsp;&nbsp;&nbsp;&nbsp; **Overlay A** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class 1** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $822.40 | $3.84 | 0.84% | $5.35 | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1020.86 | $4.26 | 0.84% | $5.92 | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class 2** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $823.30 | $2.93 | 0.64% | $4.43 | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1021.86 | $3.24 | 0.64% | $4.91 | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax-Aware Overlay A** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class 1** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $821.00 | $3.79 | 0.83% | $5.30 | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1020.91 | $4.20 | 0.83% | $5.87 | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class 2** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $822.00 | $2.88 | 0.63% | $4.38 | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1021.91 | $3.19 | 0.63% | $4.86 | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Overlay B** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class 1** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $872.50 | $3.76 | 0.80% | $3.99 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1021.06 | $4.05 | 0.80% | $4.31 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class 2** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $872.90 | $3.05 | 0.65% | $3.29 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1021.81 | $3.29 | 0.65% | $3.55 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax-Aware Overlay B** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class 1** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $901.30 | $3.96 | 0.83% | $4.10 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1020.91 | $4.20 | 0.83% | $4.36 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class 2** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $901.50 | $3.24 | 0.68% | $3.38 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1021.66 | $3.45 | 0.68% | $3.60 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax-Aware Overlay C** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class 1** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $902.40 | $4.10 | 0.86% | $4.24 | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1020.76 | $4.36 | 0.86% | $4.51 | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class 2** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $902.60 | $3.39 | 0.71% | $3.53 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1021.51 | $3.60 | 0.71% | $3.75 | 0.74% |

---

 <br> *2022 Annual Report* *15*

------

##### [**Table of Contents**](#toc)
Expense Example—*September 30, 2022 (Unaudited)* *(continued)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | BEGINNING<br>ACCOUNT VALUE<br>APRIL 1, 2022 | ENDING<br>ACCOUNT VALUE<br>SEPTEMBER 30, 2022 | EXPENSES<br>PAID DURING<br>PERIOD\* | ANNUALIZED<br>EXPENSE<br>RATIO\* | TOTAL<br>EXPENSES<br>PAID DURING<br>PERIOD+ | TOTAL<br>ANNUALIZED<br>EXPENSE<br>RATIO+ |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax-Aware Overlay N** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class 1** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $899.30 | $4.19 | 0.88% | $4.33 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1020.66 | $4.46 | 0.88% | $4.61 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class 2** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000 | $899.50 | $3.48 | 0.73% | $3.62 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical\*\* | $1000 | $1021.41 | $3.70 | 0.73% | $3.85 | 0.76% |

---

\* Expenses are equal to the classes' annualized expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

\*\* Assumes 5% annual return before expenses.

---

| | |
|:---|:---|
| + | In connection with the Portfolio's investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio's pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Portfolio's total expenses are equal to the classes' annualized expense ratio plus the Portfolio's pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). |

---

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

------

##### [**Table of Contents**](#toc)
Portfolio Summary—*September 30, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| PORTFOLIO BREAKDOWN<sup>1</sup> | OVERLAY A<br>PORTFOLIO | TAX-AWARE OVERLAY A<br>PORTFOLIO |
|  **Global Equity** |  |  |
|  US | 20.3% | 20.6% |
|  Developed International | 6.1% | 6.2% |
|  Emerging Markets | 3.0% | 3.0% |
|  **Real Assets** | 6.7% | 6.5% |
|  **Global Bond** |  |  |
|  US | 31.4% | 35.9% |
|  Developed International | 11.5% | 0.0% |
| PORTFOLIO BREAKDOWN<sup>1</sup> | OVERLAY B<br>PORTFOLIO | TAX-AWARE OVERLAY B<br>PORTFOLIO |
|  **Global Equity** |  |  |
|  US | 6.9% | 9.0% |
|  Developed International | 2.2% | 3.0% |
|  Emerging Markets | 1.0% | 1.3% |
|  **Global Credit** |  |  |
|  Investment Grade | 11.0% | 0.0% |
|  **Real Assets** | 3.3% | 0.0% |
|  **Global Bond** |  |  |
|  US | 42.9% | 89.2% |
|  Developed International | 14.8% | 0.0% |
|  **Linkers** | 26.4% | 0.0% |
| PORTFOLIO BREAKDOWN<sup>1</sup> | TAX-AWARE OVERLAY C<br>PORTFOLIO | TAX-AWARE OVERLAY N<br>PORTFOLIO |
|  **Global Equity** |  |  |
|  US | 9.0% | 9.1% |
|  Developed International | 2.9% | 3.0% |
|  Emerging Markets | 1.4% | 1.4% |
|  **Global Bond** |  |  |
|  US | 93.5% | 94.4% |

---

---

| | |
|:---|:---|
| 1 | All data are as of September 30, 2022. The Portfolio's portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Portfolio's total net assets, based on the Adviser's internal classification. The percentages will vary over time, and the total of the percentages may be less than or greater than 100% in light of the leveraging effect of the derivative transactions. |

---

 <br> *2022 Annual Report* *17*

------

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

**Sanford C. Bernstein Fund, Inc.** 

**Schedule of Investments** 

**Overlay A Portfolio** 

**September 30, 2022** 

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **COMMON STOCKS–49.1%** | **COMMON STOCKS–49.1%** | **COMMON STOCKS–49.1%** |
| **Information Technology–12.7%** | **Information Technology–12.7%** | **Information Technology–12.7%** |
| **Communications Equipment–0.0%** | **Communications Equipment–0.0%** | **Communications Equipment–0.0%** |
|  Ciena Corp.(a) | 5240 | $211853 |
|  Lumentum Holdings, Inc.(a) | 6340 | 434734 |
|  |  | 646587 |
| **Electronic Equipment, Instruments & Components–0.4%** | **Electronic Equipment, Instruments & Components–0.4%** | **Electronic Equipment, Instruments & Components–0.4%** |
|  Avnet, Inc. | 10320 | 372758 |
|  Belden, Inc. | 5853 | 351297 |
|  CDW Corp./DE | 29175 | 4553634 |
|  Littelfuse, Inc. | 1440 | 286114 |
|  Novanta, Inc.(a) | 3550 | 410558 |
|  |  | 5974361 |
| **IT Services–2.1%** | **IT Services–2.1%** | **IT Services–2.1%** |
|  DigitalOcean Holdings, Inc.(a) | 7463 | 269937 |
|  Flywire Corp.(a) | 14315 | 328672 |
|  Genpact Ltd. | 7766 | 339918 |
|  MongoDB, Inc.(a) | 1330 | 264085 |
|  PayPal Holdings, Inc.(a) | 64717 | 5570192 |
|  Shift4 Payments, Inc.–Class A(a) | 7848 | 350099 |
|  Visa, Inc.–Class A | 117118 | 20806013 |
|  |  | 27928916 |
| **Semiconductors & Semiconductor Equipment–2.1%** | **Semiconductors & Semiconductor Equipment–2.1%** | **Semiconductors & Semiconductor Equipment–2.1%** |
|  Analog Devices, Inc. | 22730 | 3167198 |
|  Entegris, Inc. | 5038 | 418255 |
|  KLA Corp. | 12885 | 3899388 |
|  Kulicke & Soffa Industries, Inc. | 4916 | 189413 |
|  Lattice Semiconductor Corp.(a) | 8725 | 429357 |
|  MACOM Technology Solutions Holdings, Inc.(a) | 7768 | 402305 |
|  Monolithic Power Systems, Inc. | 670 | 243478 |
|  NVIDIA Corp. | 55785 | 6771741 |
|  NXP Semiconductors NV | 42888 | 6326409 |
|  ON Semiconductor Corp.(a) | 8606 | 536412 |
|  QUALCOMM, Inc. | 50384 | 5692384 |
|  Synaptics, Inc.(a) | 896 | 88713 |
|  |  | 28165053 |
| **Software–5.7%** | **Software–5.7%** | **Software–5.7%** |
|  ACI Worldwide, Inc.(a) | 19710 | 411939 |
|  Adobe, Inc.(a) | 19787 | 5445382 |
|  Autodesk, Inc.(a) | 22119 | 4131829 |
|  CommVault Systems, Inc.(a) | 7020 | 372341 |
|  Five9, Inc.(a) | 5440 | 407891 |
|  Freshworks, Inc.–Class A(a) | 18891 | 245016 |
|  HubSpot, Inc.(a) | 700 | 189084 |
|  Manhattan Associates, Inc.(a) | 4081 | 542895 |
|  Microsoft Corp.(b) | 185114 | 43113051 |
|  Monday.com Ltd.(a) | 2519 | 285504 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  NortonLifeLock, Inc. | 337596 | $| 6799183 |
|  Oracle Corp. | 166673 |  | 10178720 |
|  Samsara, Inc.–Class A(a) | 25327 |  | 305697 |
|  ServiceNow, Inc.(a) | 8665 |  | 3271991 |
|  Smartsheet, Inc.–Class A(a) | 10615 |  | 364731 |
|  Varonis Systems, Inc.(a) | 7734 |  | 205106 |
|  |  |  | 76270360 |
| **Technology Hardware, Storage & Peripherals–2.4%** | **Technology Hardware, Storage & Peripherals–2.4%** | **Technology Hardware, Storage & Peripherals–2.4%** | **Technology Hardware, Storage & Peripherals–2.4%** |
|  Apple, Inc.(b) | 206043 |  | 28475143 |
|  Change Healthcare, Inc.(a) | 22720 |  | 624573 |
|  Western Digital Corp.(a) | 100861 |  | 3283025 |
|  |  |  | 32382741 |
|  |  |  | 171368018 |
| **Health Care–8.1%** |  |  |  |
| **Biotechnology–1.3%** | **Biotechnology–1.3%** | **Biotechnology–1.3%** | **Biotechnology–1.3%** |
|  ADC Therapeutics SA(a) | 7503 |  | 36164 |
|  Arcus Biosciences, Inc.(a) | 5340 |  | 139694 |
|  Arrowhead Pharmaceuticals, Inc.(a) | 4820 |  | 159301 |
|  Ascendis Pharma A/S (ADR)(a) | 1592 |  | 164390 |
|  Blueprint Medicines Corp.(a) | 2956 |  | 194771 |
|  Coherus Biosciences, Inc.(a) | 14655 |  | 140835 |
|  Erasca, Inc.(a) | 9707 |  | 75715 |
|  Intellia Therapeutics, Inc.(a) | 3020 |  | 168999 |
|  Karuna Therapeutics, Inc.(a) | 1040 |  | 233927 |
|  Legend Biotech Corp. (ADR)(a) | 3629 |  | 148063 |
|  Regeneron Pharmaceuticals, Inc.(a) | 6263 |  | 4314393 |
|  Ultragenyx Pharmaceutical, Inc.(a) | 3633 |  | 150443 |
|  Vertex Pharmaceuticals, Inc.(a) | 36981 |  | 10707479 |
|  Vir Biotechnology, Inc.(a) | 5534 |  | 106695 |
|  |  |  | 16740869 |
| **Health Care Equipment & Supplies–1.7%** | **Health Care Equipment & Supplies–1.7%** | **Health Care Equipment & Supplies–1.7%** | **Health Care Equipment & Supplies–1.7%** |
|  Align Technology, Inc.(a) | 8966 |  | 1856948 |
|  AtriCure, Inc.(a) | 10560 |  | 412896 |
|  Edwards Lifesciences Corp.(a) | 55445 |  | 4581420 |
|  Envista Holdings Corp.(a) | 14110 |  | 462949 |
|  Insulet Corp.(a) | 885 |  | 203019 |
|  Integra LifeSciences Holdings Corp.(a) | 9140 |  | 387170 |
|  iRhythm Technologies, Inc.(a) | 3120 |  | 390874 |
|  Lantheus Holdings, Inc.(a) | 6350 |  | 446596 |
|  Medtronic PLC | 106314 |  | 8584855 |
|  Silk Road Medical, Inc.(a) | 8605 |  | 387225 |
|  Zimmer Biomet Holdings, Inc. | 45561 |  | 4763403 |
|  |  |  | 22477355 |
| **Health Care Providers & Services–2.7%** | **Health Care Providers & Services–2.7%** | **Health Care Providers & Services–2.7%** | **Health Care Providers & Services–2.7%** |
|  Acadia Healthcare Co., Inc.(a) | 7170 |  | 560551 |
|  Elevance Health, Inc. | 21535 |  | 9782058 |
|  Guardant Health, Inc.(a) | 4079 |  | 219573 |
|  Inari Medical, Inc.(a) | 5278 |  | 383394 |
|  Pediatrix Medical Group, Inc.(a) | 23820 |  | 393268 |
|  R1 RCM, Inc.(a) | 24681 |  | 457339 |
|  UnitedHealth Group, Inc. | 49209 |  | 24852513 |
|  |  |  | 36648696 |

---

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

------

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

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Life Sciences Tools & Services–0.5%** | **Life Sciences Tools & Services–0.5%** | **Life Sciences Tools & Services–0.5%** |
|  ICON PLC(a) | 1501 | $275854 |
|  IQVIA Holdings, Inc.(a) | 32322 | 5854807 |
|  Repligen Corp.(a) | 2291 | 428669 |
|  Syneos Health, Inc.(a) | 7920 | 373428 |
|  |  | 6932758 |
| **Pharmaceuticals–1.9%** | **Pharmaceuticals–1.9%** | **Pharmaceuticals–1.9%** |
|  Intra-Cellular Therapies, Inc.(a) | 4640 | 215899 |
|  Johnson & Johnson | 38865 | 6348987 |
|  Roche Holding AG (Sponsored ADR) | 305844 | 12423383 |
|  Zoetis, Inc. | 47339 | 7019900 |
|  |  | 26008169 |
|  |  | 108807847 |
| **Financials–6.1%** |  |  |
| **Banks–2.6%** | **Banks–2.6%** | **Banks–2.6%** |
|  Bank of America Corp. | 337284 | 10185977 |
|  Comerica, Inc. | 8690 | 617859 |
|  First BanCorp./Puerto Rico | 39420 | 539266 |
|  First Citizens BancShares, Inc./NC–Class A | 925 | 737623 |
|  First Hawaiian, Inc. | 22400 | 551712 |
|  Pinnacle Financial Partners, Inc. | 5040 | 408744 |
|  PNC Financial Services Group, Inc. (The) | 39753 | 5939893 |
|  Synovus Financial Corp. | 12784 | 479528 |
|  Texas Capital Bancshares, Inc.(a) | 8585 | 506772 |
|  Webster Financial Corp. | 9732 | 439886 |
|  Wells Fargo & Co. | 342498 | 13775270 |
|  Wintrust Financial Corp. | 6460 | 526813 |
|  Zions Bancorp NA | 11661 | 593078 |
|  |  | 35302421 |
| **Capital Markets–2.0%** | **Capital Markets–2.0%** | **Capital Markets–2.0%** |
|  Ares Management Corp.–Class A | 5913 | 366310 |
|  Charles Schwab Corp. (The) | 60051 | 4315865 |
|  Goldman Sachs Group, Inc. (The) | 43317 | 12694047 |
|  LPL Financial Holdings, Inc. | 40610 | 8872473 |
|  Moelis & Co.–Class A | 9872 | 333772 |
|  PJT Partners, Inc.–Class A | 4670 | 312050 |
|  Stifel Financial Corp. | 9775 | 507420 |
|  |  | 27401937 |
| **Insurance–1.4%** | **Insurance–1.4%** | **Insurance–1.4%** |
|  American Financial Group, Inc./OH | 3622 | 445252 |
|  Hanover Insurance Group, Inc. (The) | 3570 | 457460 |
|  Kemper Corp. | 7730 | 318940 |
|  Kinsale Capital Group, Inc. | 2144 | 547620 |
|  Progressive Corp. (The) | 77017 | 8950146 |
|  Reinsurance Group of America, Inc. | 1628 | 204819 |
|  Selective Insurance Group, Inc. | 5284 | 430118 |
|  Trupanion, Inc.(a) | 5030 | 298933 |
|  Willis Towers Watson PLC | 35280 | 7089163 |
|  |  | 18742451 |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Thrifts & Mortgage Finance–0.1%** | **Thrifts & Mortgage Finance–0.1%** | **Thrifts & Mortgage Finance–0.1%** |
|  BankUnited, Inc. | 12660 | $432592 |
|  |  | 81879401 |
| **Industrials–5.3%** |  |  |
| **Aerospace & Defense–0.9%** | **Aerospace & Defense–0.9%** | **Aerospace & Defense–0.9%** |
|  Axon Enterprise, Inc.(a) | 4672 | 540784 |
|  Curtiss-Wright Corp. | 2900 | 403564 |
|  Hexcel Corp. | 5900 | 305148 |
|  Howmet Aerospace, Inc. | 13200 | 408276 |
|  Raytheon Technologies Corp. | 124825 | 10218175 |
|  Spirit AeroSystems Holdings, Inc.–Class A | 14750 | 323320 |
|  |  | 12199267 |
| **Airlines–0.0%** | **Airlines–0.0%** | **Airlines–0.0%** |
|  Alaska Air Group, Inc.(a) | 8460 | 331209 |
| **Building Products–0.5%** | **Building Products–0.5%** | **Building Products–0.5%** |
|  Armstrong World Industries, Inc. | 4120 | 326427 |
|  Carlisle Cos., Inc. | 2170 | 608490 |
|  Masonite International Corp.(a) | 5147 | 366930 |
|  Otis Worldwide Corp. | 83204 | 5308415 |
|  |  | 6610262 |
| **Commercial Services & Supplies–0.1%** | **Commercial Services & Supplies–0.1%** | **Commercial Services & Supplies–0.1%** |
|  ADT, Inc. | 55920 | 418841 |
|  MillerKnoll, Inc. | 3185 | 49686 |
|  Tetra Tech, Inc. | 3580 | 460137 |
|  |  | 928664 |
| **Construction & Engineering–0.7%** | **Construction & Engineering–0.7%** | **Construction & Engineering–0.7%** |
|  AECOM | 130140 | 8897672 |
|  Arcosa, Inc. | 9490 | 542638 |
|  Dycom Industries, Inc.(a) | 3630 | 346774 |
|  Fluor Corp.(a) | 6431 | 160067 |
|  WillScot Mobile Mini Holdings Corp.(a) | 8730 | 352081 |
|  |  | 10299232 |
| **Electrical Equipment–1.1%** | **Electrical Equipment–1.1%** | **Electrical Equipment–1.1%** |
|  AMETEK, Inc. | 3306 | 374933 |
|  Eaton Corp. PLC | 60738 | 8100020 |
|  Regal Rexnord Corp. | 48204 | 6765913 |
|  Sensata Technologies Holding PLC | 9160 | 341485 |
|  |  | 15582351 |
| **Machinery–0.2%** | **Machinery–0.2%** | **Machinery–0.2%** |
|  IDEX Corp. | 1940 | 387709 |
|  Ingersoll Rand, Inc. | 8590 | 371603 |
|  ITT, Inc. | 5580 | 364597 |
|  Middleby Corp. (The)(a) | 3040 | 389637 |
|  Oshkosh Corp. | 4390 | 308573 |
|  Timken Co. (The) | 6810 | 402063 |
|  |  | 2224182 |

---

 <br> *2022 Annual Report* *19*

------

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

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Marine–0.1%** | **Marine–0.1%** | **Marine–0.1%** |
|  Kirby Corp.(a) | 6920 | $420528 |
|  Star Bulk Carriers Corp. | 18470 | 322856 |
|  |  | 743384 |
| **Professional Services–0.5%** | **Professional Services–0.5%** | **Professional Services–0.5%** |
|  Booz Allen Hamilton Holding Corp. | 49814 | 4600323 |
|  FTI Consulting, Inc.(a) | 694 | 115003 |
|  Korn Ferry | 4300 | 201885 |
|  Robert Half International, Inc. | 27959 | 2138863 |
|  |  | 7056074 |
| **Road & Rail–1.1%** | **Road & Rail–1.1%** | **Road & Rail–1.1%** |
|  CSX Corp. | 321391 | 8561856 |
|  Knight-Swift Transportation Holdings, Inc. | 122624 | 5999992 |
|  TFI International, Inc. | 4260 | 385445 |
|  XPO Logistics, Inc.(a) | 12220 | 544035 |
|  |  | 15491328 |
| **Trading Companies & Distributors–0.1%** | **Trading Companies & Distributors–0.1%** | **Trading Companies & Distributors–0.1%** |
|  Herc Holdings, Inc. | 4230 | 439413 |
|  SiteOne Landscape Supply, Inc.(a) | 3550 | 369697 |
|  |  | 809110 |
|  |  | 72275063 |
| **Consumer Discretionary–5.2%** |  |  |
| **Auto Components–0.3%** | **Auto Components–0.3%** | **Auto Components–0.3%** |
|  Dana, Inc. | 21032 | 240396 |
|  Goodyear Tire & Rubber Co. (The)(a) | 291479 | 2941023 |
|  |  | 3181419 |
| **Automobiles–0.2%** | **Automobiles–0.2%** | **Automobiles–0.2%** |
|  Stellantis NV | 263046 | 3114465 |
| **Distributors–0.1%** | **Distributors–0.1%** | **Distributors–0.1%** |
|  Pool Corp. | 1630 | 518682 |
| **Hotels, Restaurants & Leisure–0.5%** | **Hotels, Restaurants & Leisure–0.5%** | **Hotels, Restaurants & Leisure–0.5%** |
|  Booking Holdings, Inc.(a) | 3043 | 5000288 |
|  Dine Brands Global, Inc. | 6080 | 386445 |
|  Hilton Grand Vacations, Inc.(a) | 9080 | 298641 |
|  Papa John's International, Inc. | 5140 | 359851 |
|  Planet Fitness, Inc.–Class A(a) | 8414 | 485151 |
|  Scientific Games Corp./DE–Class A(a) | 3469 | 148751 |
|  Vail Resorts, Inc. | 2090 | 450688 |
|  |  | 7129815 |
| **Household Durables–0.1%** | **Household Durables–0.1%** | **Household Durables–0.1%** |
|  KB Home | 11670 | 302487 |
|  NVR, Inc.(a) | 73 | 291057 |
|  PulteGroup, Inc. | 12750 | 478125 |
|  Taylor Morrison Home Corp.(a) | 10623 | 247728 |
|  TopBuild Corp.(a) | 1927 | 317531 |
|  |  | 1636928 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
| **Internet & Direct Marketing Retail–1.8%** | **Internet & Direct Marketing Retail–1.8%** |  |  |
|  Amazon.com, Inc.(a)(b) | 193720 | $| 21890360 |
|  Etsy, Inc.(a) | 21177 |  | 2120453 |
|  |  |  | 24010813 |
| **Multiline Retail–0.0%** |  |  |  |
|  Driven Brands Holdings, Inc.(a) | 7180 |  | 200896 |
| **Specialty Retail–1.7%** |  |  |  |
|  AutoZone, Inc.(a) | 3718 |  | 7963696 |
|  Dynatrace, Inc.(a) | 12020 |  | 418416 |
|  Five Below, Inc.(a) | 2558 |  | 352160 |
|  Floor & Decor Holdings, Inc.–Class A(a) | 4650 |  | 326709 |
|  Home Depot, Inc. (The) | 45287 |  | 12496495 |
|  Lithia Motors, Inc. | 1645 |  | 352935 |
|  National Vision Holdings, Inc.(a) | 12336 |  | 402770 |
|  Sally Beauty Holdings, Inc.(a) | 27175 |  | 342405 |
|  Williams-Sonoma, Inc. | 3245 |  | 382423 |
|  |  |  | 23038009 |
| **Textiles, Apparel & Luxury Goods–0.5%** | **Textiles, Apparel & Luxury Goods–0.5%** | **Textiles, Apparel & Luxury Goods–0.5%** | **Textiles, Apparel & Luxury Goods–0.5%** |
|  Carter's, Inc. | 5850 |  | 383351 |
|  NIKE, Inc.–Class B | 69803 |  | 5802025 |
|  Ralph Lauren Corp. | 5480 |  | 465416 |
|  Tapestry, Inc. | 14120 |  | 401432 |
|  |  |  | 7052224 |
|  |  |  | 69883251 |
| **Communication Services–4.7%** |  |  |  |
| **Diversified Telecommunication Services–0.6%** | **Diversified Telecommunication Services–0.6%** | **Diversified Telecommunication Services–0.6%** | **Diversified Telecommunication Services–0.6%** |
|  Comcast Corp.–Class A | 266392 |  | 7813277 |
| **Entertainment–0.5%** |  |  |  |
|  Walt Disney Co. (The)(a) | 71726 |  | 6765914 |
| **Interactive Media & Services–2.9%** |  |  |  |
|  Alphabet, Inc.–Class C(a) | 315163 |  | 30302923 |
|  Meta Platforms, Inc.–Class A(a) | 65168 |  | 8841994 |
|  |  |  | 39144917 |
| **Media–0.0%** |  |  |  |
|  Criteo SA (Sponsored ADR)(a) | 16026 |  | 433183 |
| **Wireless Telecommunication Services–0.7%** | **Wireless Telecommunication Services–0.7%** | **Wireless Telecommunication Services–0.7%** | **Wireless Telecommunication Services–0.7%** |
|  T-Mobile US, Inc.(a) | 70344 |  | 9438054 |
|  |  |  | 63595345 |
| **Consumer Staples–2.6%** |  |  |  |
| **Beverages–1.0%** |  |  |  |
|  Coca-Cola Co. (The) | 160754 |  | 9005439 |
|  Constellation Brands, Inc.–Class A | 20264 |  | 4654236 |
|  |  |  | 13659675 |
| **Food & Staples Retailing–1.2%** | **Food & Staples Retailing–1.2%** | **Food & Staples Retailing–1.2%** | **Food & Staples Retailing–1.2%** |
|  Costco Wholesale Corp. | 10666 |  | 5037232 |

---

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

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Grocery Outlet Holding Corp.(a) | 12970 | $| 431771 |
|  Walmart, Inc. | 89356 |  | 11589473 |
|  |  |  | 17058476 |
| **Food Products–0.1%** | **Food Products–0.1%** | **Food Products–0.1%** | **Food Products–0.1%** |
|  Hain Celestial Group, Inc. (The)(a) | 18907 |  | 319150 |
|  Nomad Foods Ltd.(a) | 26324 |  | 373801 |
|  |  |  | 692951 |
| **Household Products–0.3%** | **Household Products–0.3%** | **Household Products–0.3%** | **Household Products–0.3%** |
|  Procter & Gamble Co., (The) | 33197 |  | 4191121 |
|  |  |  | 35602223 |
| **Energy–1.7%** | **Energy–1.7%** | **Energy–1.7%** | **Energy–1.7%** |
| **Energy Equipment & Services–0.4%** | **Energy Equipment & Services–0.4%** | **Energy Equipment & Services–0.4%** | **Energy Equipment & Services–0.4%** |
|  Baker Hughes Co. | 196116 |  | 4110591 |
|  Cactus, Inc.–Class A | 8160 |  | 313589 |
|  Helmerich & Payne, Inc. | 9600 |  | 354912 |
|  Patterson-UTI Energy, Inc. | 27450 |  | 320616 |
|  |  |  | 5099708 |
| **Oil, Gas & Consumable Fuels–1.3%** | **Oil, Gas & Consumable Fuels–1.3%** | **Oil, Gas & Consumable Fuels–1.3%** | **Oil, Gas & Consumable Fuels–1.3%** |
|  Cameco Corp. | 15890 |  | 421244 |
|  Chevron Corp. | 37177 |  | 5341219 |
|  EOG Resources, Inc. | 85999 |  | 9608668 |
|  HF Sinclair Corp. | 8475 |  | 456294 |
|  Magnolia Oil & Gas Corp.–Class A | 21080 |  | 417595 |
|  Matador Resources Co. | 9080 |  | 444194 |
|  Ovintiv, Inc. | 9890 |  | 454940 |
|  Targa Resources Corp. | 3340 |  | 201536 |
|  |  |  | 17345690 |
|  |  |  | 22445398 |
| **Utilities–1.1%** | **Utilities–1.1%** | **Utilities–1.1%** | **Utilities–1.1%** |
| **Electric Utilities–1.1%** | **Electric Utilities–1.1%** | **Electric Utilities–1.1%** | **Electric Utilities–1.1%** |
|  American Electric Power Co., Inc. | 76429 |  | 6607287 |
|  IDACORP, Inc. | 6141 |  | 608020 |
|  NextEra Energy, Inc. | 87401 |  | 6853113 |
|  |  |  | 14068420 |
| **Gas Utilities–0.0%** | **Gas Utilities–0.0%** | **Gas Utilities–0.0%** | **Gas Utilities–0.0%** |
|  Southwest Gas Holdings, Inc.(a) | 4960 |  | 345960 |
|  |  |  | 14414380 |
| **Real Estate–0.9%** | **Real Estate–0.9%** | **Real Estate–0.9%** | **Real Estate–0.9%** |
| **Equity Real Estate Investment Trusts (REITs)–0.9%** | **Equity Real Estate Investment Trusts (REITs)–0.9%** | **Equity Real Estate Investment Trusts (REITs)–0.9%** | **Equity Real Estate Investment Trusts (REITs)–0.9%** |
|  American Tower Corp. | 20542 |  | 4410367 |
|  Broadstone Net Lease, Inc.–Class A | 18780 |  | 291653 |
|  Camden Property Trust | 4178 |  | 499062 |
|  Cousins Properties, Inc. | 12337 |  | 288069 |
|  CubeSmart | 12651 |  | 506799 |
|  Mid-America Apartment Communities, Inc. | 17137 |  | 2657435 |
|  Physicians Realty Trust | 34406 |  | 517466 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Prologis, Inc. |  | 32186 | $| 3270098 |
|  Safehold, Inc. |  | 7115 |  | 188263 |
|  STAG Industrial, Inc. |  | 9230 |  | 262409 |
|  |  |  |  | 12891621 |
| **Materials–0.7%** | **Materials–0.7%** | **Materials–0.7%** | **Materials–0.7%** | **Materials–0.7%** |
| **Chemicals–0.6%** | **Chemicals–0.6%** | **Chemicals–0.6%** | **Chemicals–0.6%** | **Chemicals–0.6%** |
|  FMC Corp. |  | 3910 |  | 413287 |
|  Huntsman Corp. |  | 17100 |  | 419634 |
|  Innospec, Inc. |  | 3150 |  | 269860 |
|  Linde PLC |  | 27707 |  | 7469530 |
|  |  |  |  | 8572311 |
| **Containers & Packaging–0.0%** | **Containers & Packaging–0.0%** | **Containers & Packaging–0.0%** | **Containers & Packaging–0.0%** | **Containers & Packaging–0.0%** |
|  Berry Global Group, Inc.(a) |  | 12230 |  | 569062 |
| **Metals & Mining–0.1%** | **Metals & Mining–0.1%** | **Metals & Mining–0.1%** | **Metals & Mining–0.1%** | **Metals & Mining–0.1%** |
|  ATI, Inc.(a) |  | 17330 |  | 461151 |
|  Reliance Steel & Aluminum Co. |  | 2043 |  | 356320 |
|  |  |  |  | 817471 |
|  |  |  |  | 9958844 |
| **Capital Goods–0.0%** | **Capital Goods–0.0%** | **Capital Goods–0.0%** | **Capital Goods–0.0%** | **Capital Goods–0.0%** |
| **Electrical Components & Equipment–0.0%** | **Electrical Components & Equipment–0.0%** | **Electrical Components & Equipment–0.0%** | **Electrical Components & Equipment–0.0%** | **Electrical Components & Equipment–0.0%** |
|  Vertiv Holdings Co. |  | 53390 |  | 518951 |
| Total Common Stocks <br>(cost $497,775,998) |  |  |  | 663640342 |
| **INVESTMENT COMPANIES–36.9%** | **INVESTMENT COMPANIES–36.9%** | **INVESTMENT COMPANIES–36.9%** | **INVESTMENT COMPANIES–36.9%** | **INVESTMENT COMPANIES–36.9%** |
| **Funds and Investment Trusts–36.9%(c)(d)** | **Funds and Investment Trusts–36.9%(c)(d)** | **Funds and Investment Trusts–36.9%(c)(d)** | **Funds and Investment Trusts–36.9%(c)(d)** | **Funds and Investment Trusts–36.9%(c)(d)** |
|  AB All Market Real Return Portfolio–Class Z |  | 10497447 |  | 90173066 |
|  AB International Small Cap Portfolio–Class Z |  | 7466504 |  | 66675883 |
|  Bernstein International Strategic Equities Portfolio–Class Z |  | 29198756 |  | 280892036 |
|  Bernstein Small Cap Core Portfolio–Class Z |  | 2102978 |  | 24016013 |
|  Sanford C Bernstein Fund, Inc.–Emerging Markets Portfolio–Class Z |  | 1689709 |  | 36869453 |
| Total Investment Companies <br>(cost $528,967,298) |  |  |  | 498626451 |
|  | **Notional Amount** | **Notional Amount** |  |  |
| **OPTIONS PURCHASED—PUTS–3.3%** | **OPTIONS PURCHASED—PUTS–3.3%** | **OPTIONS PURCHASED—PUTS–3.3%** | **OPTIONS PURCHASED—PUTS–3.3%** | **OPTIONS PURCHASED—PUTS–3.3%** |
| **Options on Equity Indices–3.3%** | **Options on Equity Indices–3.3%** | **Options on Equity Indices–3.3%** | **Options on Equity Indices–3.3%** | **Options on Equity Indices–3.3%** |
|  Euro STOXX 50 Index <br>Expiration: Jul 2023; Contracts: 15,040; Exercise Price: EUR 2,800.00; <br>Counterparty: UBS AG(a) | EUR | 42112000 |  | 2094040 |

---

 <br> *2022 Annual Report* *21*

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Notional Amount** | **Notional Amount** | **U.S. $ Value** |
|  Euro STOXX 50 Index <br>Expiration: Jul 2023; Contracts: 10,830; Exercise Price: EUR 2,800.00; <br>Counterparty: UBS AG(a) | EUR | 30324000 | $1507876 |
|  FTSE 100 Index <br>Expiration: Aug 2023; Contracts: 3,170; Exercise Price: GBP 6,000.00; <br>Counterparty: UBS AG(a) | GBP | 19020000 | 840673 |
|  FTSE 100 Index <br>Expiration: Aug 2023; Contracts: 2,360; Exercise Price: GBP 6,000.00; <br>Counterparty: UBS AG(a) | GBP | 14160000 | 625864 |
|  Nikkei 225 Index <br>Expiration: Sep 2023; Contracts: 184,000; Exercise Price: JPY 22,000.00; <br>Counterparty: UBS AG(a) | JPY | 4048000000 | 1348885 |
|  Nikkei 225 Index <br>Expiration: Sep 2023; Contracts: 135,000; Exercise Price: JPY 22,000.00; <br>Counterparty: UBS AG(a) | JPY | 2970000000 | 989670 |
|  S&P 500 Index <br>Expiration: Jul 2023; Contracts: 115,300; Exercise Price: USD 3,250.00; <br>Counterparty: UBS AG(a) | USD | 374725000 | 21596880 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Notional Amount** | **Notional Amount** | **U.S. $ Value** |
|  S&P 500 Index <br>Expiration: Jul 2023; Contracts: 79,200; Exercise Price: USD 3,250.00; <br>Counterparty: UBS AG(a) | USD | 257400000 | $14834977 |
| Total Options Purchased—Puts <br>(premiums paid $25,410,803) |  |  | 43838865 |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS–13.2%** | **SHORT-TERM INVESTMENTS–13.2%** | **SHORT-TERM INVESTMENTS–13.2%** | **SHORT-TERM INVESTMENTS–13.2%** |
| **Investment Companies–13.2%** | **Investment Companies–13.2%** | **Investment Companies–13.2%** | **Investment Companies–13.2%** |
|  AB Fixed Income Shares, Inc.—Government Money Market Portfolio—Class AB, 2.58%(c)(d)(e) <br>(cost $177,759,322) |  | 177759322 | 177759322 |
| **Total Investments—102.5%** <br>(cost $1,229,913,421) | **Total Investments—102.5%** <br>(cost $1,229,913,421) | **Total Investments—102.5%** <br>(cost $1,229,913,421) | 1383864980 |
|  Other assets less liabilities—(2.5)% | Other assets less liabilities—(2.5)% |  | (33475121) |
| **Net Assets—100.0%** |  |  | $**1350389859** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES (see Note 3)** | **FUTURES (see Note 3)** | **FUTURES (see Note 3)** | **FUTURES (see Note 3)** | **FUTURES (see Note 3)** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  10 Yr Australian Bond Futures | 464 | December 2022 | $&nbsp;&nbsp;&nbsp;&nbsp;34759892 | $&nbsp;&nbsp;&nbsp;&nbsp;(638742) |
|  10 Yr Japan Bond (OSE) Futures | 68 | December 2022 | 69677330 | (251663) |
|  Euro Buxl 30 Yr Bond Futures | 49 | December 2022 | 7042013 | (575082) |
|  Euro-BOBL Futures | 183 | December 2022 | 21477063 | (654800) |
|  Euro-Bund Futures | 155 | December 2022 | 21037706 | (907283) |
|  Hang Seng Index Futures | 162 | October 2022 | 17758881 | (602005) |
|  Nikkei 225 (OSE) Futures | 68 | December 2022 | 12187660 | (588673) |
|  OMXS 30 Index Futures | 1628 | October 2022 | 26845684 | (1582625) |
|  U.S. T-Note 2 Yr (CBT) Futures | 710 | December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;145827344 | (2355140) |
|  U.S. T-Note 10 Yr (CBT) Futures | 1830 | December 2022 | 205074375 | (10603545) |
|  U.S. Ultra Bond (CBT) Futures | 502 | December 2022 | 68774000 | (6615723) |
| **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  10 Yr Canadian Bond Futures | 58 | December 2022 | 5189286 | 3969 |
|  E-Mini Russell 2000 Futures | 410 | December 2022 | 34230900 | 3058895 |
|  Euro STOXX 50 Index Futures | 428 | December 2022 | 13905147 | (66374) |
|  FTSE 100 Index Futures | 363 | December 2022 | 28024996 | 1576247 |

---

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Long Gilt Futures | 61 | December 2022 | $6565760 | $587304 |
|  MSCI Emerging Markets Futures | 2178 | December 2022 | 94906350 | 9466671 |
|  MSCI Singapore IX ETS Futures | 589 | October 2022 | 11509337 | 58955 |
|  S&P 400 E-Mini Futures | 103 | December 2022 | 22744460 | 2158287 |
|  S&P 500 E-Mini Futures | 1010 | December 2022 | 181875750 | 15598807 |
|  S&P/TSX 60 Index Futures | 410 | December 2022 | 66248235 | 3083488 |
|  SPI 200 Futures | 578 | December 2022 | 59764865 | 3442843 |
|  TOPIX Index Futures | 151 | December 2022 | 19155393 | (4718) |
|  |  |  |  | $13589093 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 23401 | NZD | 38950 | 11/18/2022 | $(1598811) |
|  Bank of America, NA | CHF | 53328 | USD | 54727 | 12/07/2022 | 347600 |
|  Bank of America, NA | CHF | 9974 | USD | 10124 | 12/07/2022 | (46743) |
|  BNP Paribas SA | AUD | 88064 | USD | 60749 | 10/20/2022 | 4410261 |
|  BNP Paribas SA | CAD | 16658 | USD | 12778 | 10/27/2022 | 719167 |
|  BNP Paribas SA | USD | 9453 | CAD | 12988 | 10/27/2022 | (51143) |
|  BNP Paribas SA | USD | 27414 | NZD | 44294 | 11/18/2022 | (2619966) |
|  BNP Paribas SA | USD | 2087 | CHF | 1996 | 12/07/2022 | (52096) |
|  Citibank, NA | USD | 39830 | CAD | 52470 | 10/27/2022 | (1847880) |
|  Citibank, NA | GBP | 38826 | USD | 44820 | 11/17/2022 | 1437568 |
|  Citibank, NA | USD | 11786 | GBP | 11004 | 11/17/2022 | 508861 |
|  Citibank, NA | SEK | 286749 | USD | 26106 | 12/01/2022 | 191121 |
|  Credit Suisse International | USD | 6478 | CAD | 8474 | 10/27/2022 | (343912) |
|  Deutsche Bank AG | CAD | 37658 | USD | 29458 | 10/27/2022 | 2197339 |
|  Goldman Sachs Bank USA | USD | 2460 | CAD | 3162 | 10/27/2022 | (170659) |
|  Goldman Sachs Bank USA | USD | 2858 | SEK | 32425 | 12/01/2022 | 72210 |
|  HSBC Bank USA | USD | 45452 | CAD | 58401 | 10/27/2022 | (3176616) |
|  HSBC Bank USA | USD | 24306 | JPY | 3495669 | 12/02/2022 | (7900) |
|  JPMorgan Chase Bank, NA | USD | 22622 | AUD | 33498 | 10/20/2022 | (1191222) |
|  JPMorgan Chase Bank, NA | CAD | 25169 | USD | 19564 | 10/27/2022 | 1344455 |
|  JPMorgan Chase Bank, NA | USD | 12887 | NOK | 133197 | 12/01/2022 | (640768) |
|  JPMorgan Chase Bank, NA | USD | 41322 | JPY | 5922817 | 12/02/2022 | (153044) |
|  JPMorgan Chase Bank, NA | EUR | 132051 | USD | 129150 | 12/08/2022 | (867787) |
|  Morgan Stanley & Co., Inc. | AUD | 4045 | USD | 2784 | 10/20/2022 | 196207 |
|  Morgan Stanley & Co., Inc. | USD | 81359 | AUD | 117069 | 10/20/2022 | (6463666) |
|  Morgan Stanley & Co., Inc. | CAD | 39064 | USD | 30249 | 10/27/2022 | 1971158 |
|  Morgan Stanley & Co., Inc. | USD | 60276 | CAD | 78847 | 10/27/2022 | (3199857) |
|  Morgan Stanley & Co., Inc. | GBP | 45129 | USD | 52686 | 11/17/2022 | 2261054 |
|  Morgan Stanley & Co., Inc. | USD | 14779 | GBP | 12911 | 11/17/2022 | (352637) |
|  Morgan Stanley & Co., Inc. | NZD | 5715 | USD | 3509 | 11/18/2022 | 310456 |
|  Morgan Stanley & Co., Inc. | USD | 8945 | NZD | 15877 | 11/18/2022 | (58066) |
|  Morgan Stanley & Co., Inc. | USD | 6097 | JPY | 866004 | 12/02/2022 | (77104) |

---

 <br> *2022 Annual Report* *23*

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Morgan Stanley & Co., Inc. | CHF | 6687 | USD | 6838 | 12/07/2022 | $19070 |
|  UBS AG | GBP | 7325 | USD | 8671 | 11/17/2022 | 486785 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(6446565) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** |
| **Counterparty & Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** |  |  |  |  |  |
|  Morgan Stanley Capital Services LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 205 | 12/16/2022 | $(9722) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 4001 | 12/16/2022 | (300525) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 6566 | 12/16/2022 | (351121) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(661368) |

---

------

(a) Non-income producing security.

(b) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(c) Affiliated investments.

(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, or call AB at (800) 227-4618.

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

BOBL—Bundesobligationen

CBT—Chicago Board of Trade

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

REIT—Real Estate Investment Trust

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

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

------

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

**Sanford C. Bernstein Fund, Inc.** 

**Schedule of Investments** 

**Tax-Aware Overlay A Portfolio** 

**September 30, 2022** 

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **COMMON STOCKS–50.4%** | **COMMON STOCKS–50.4%** | **COMMON STOCKS–50.4%** |
| **Information Technology–12.8%** | **Information Technology–12.8%** | **Information Technology–12.8%** |
| **Communications Equipment–0.0%** | **Communications Equipment–0.0%** | **Communications Equipment–0.0%** |
|  Ciena Corp.(a) | 11500 | $464945 |
|  Lumentum Holdings, Inc.(a) | 13890 | 952437 |
|  |  | 1417382 |
| **Electronic Equipment, Instruments & Components–0.4%** | **Electronic Equipment, Instruments & Components–0.4%** | **Electronic Equipment, Instruments & Components–0.4%** |
|  Avnet, Inc. | 22600 | 816312 |
|  Belden, Inc. | 12814 | 769096 |
|  CDW Corp./DE | 50750 | 7921060 |
|  Littelfuse, Inc. | 3171 | 630046 |
|  Novanta, Inc.(a) | 7790 | 900914 |
|  |  | 11037428 |
| **IT Services–2.1%** | **IT Services–2.1%** | **IT Services–2.1%** |
|  DigitalOcean Holdings, Inc.(a) | 16368 | 592031 |
|  Flywire Corp.(a) | 31405 | 721059 |
|  Genpact Ltd. | 118346 | 5180004 |
|  MongoDB, Inc.(a) | 2920 | 579795 |
|  PayPal Holdings, Inc.(a) | 143588 | 12358619 |
|  Shift4 Payments, Inc.–Class A(a) | 17224 | 768363 |
|  Visa, Inc.–Class A | 232017 | 41217820 |
|  |  | 61417691 |
| **Semiconductors & Semiconductor Equipment–2.1%** | **Semiconductors & Semiconductor Equipment–2.1%** | **Semiconductors & Semiconductor Equipment–2.1%** |
|  Analog Devices, Inc. | 47759 | 6654739 |
|  Entegris, Inc. | 11034 | 916043 |
|  KLA Corp. | 23848 | 7217120 |
|  Kulicke & Soffa Industries, Inc. | 10782 | 415430 |
|  Lattice Semiconductor Corp.(a) | 19146 | 942175 |
|  MACOM Technology Solutions Holdings, Inc.(a) | 17040 | 882502 |
|  Monolithic Power Systems, Inc. | 1480 | 537832 |
|  NVIDIA Corp. | 115940 | 14073956 |
|  NXP Semiconductors NV | 81906 | 12081954 |
|  ON Semiconductor Corp.(a) | 18853 | 1175107 |
|  QUALCOMM, Inc. | 125306 | 14157072 |
|  Synaptics, Inc.(a) | 1974 | 195446 |
|  |  | 59249376 |
| **Software–5.7%** | **Software–5.7%** | **Software–5.7%** |
|  ACI Worldwide, Inc.(a) | 43130 | 901417 |
|  Adobe, Inc.(a) | 40152 | 11049830 |
|  Autodesk, Inc.(a) | 50005 | 9340934 |
|  CommVault Systems, Inc.(a) | 15372 | 815331 |
|  Five9, Inc.(a) | 11930 | 894511 |
|  Freshworks, Inc.–Class A(a) | 41430 | 537347 |
|  HubSpot, Inc.(a) | 1530 | 413284 |
|  Manhattan Associates, Inc.(a) | 8939 | 1189155 |
|  Microsoft Corp.(b) | 404673 | 94248342 |
|  Monday.com Ltd.(a) | 5515 | 625070 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  NortonLifeLock, Inc. | 661664 | $| 13325913 |
|  Oracle Corp. | 343917 |  | 21003011 |
|  Samsara, Inc.–Class A(a) | 55540 |  | 670368 |
|  ServiceNow, Inc.(a) | 17583 |  | 6639517 |
|  Smartsheet, Inc.–Class A(a) | 23270 |  | 799557 |
|  Varonis Systems, Inc.(a) | 16975 |  | 450177 |
|  |  |  | 162903764 |
| **Technology Hardware, Storage & Peripherals–2.5%** | **Technology Hardware, Storage & Peripherals–2.5%** | **Technology Hardware, Storage & Peripherals–2.5%** | **Technology Hardware, Storage & Peripherals–2.5%** |
|  Apple, Inc.(b) | 470477 |  | 65019922 |
|  Western Digital Corp.(a) | 209775 |  | 6828176 |
|  |  |  | 71848098 |
|  |  |  | 367873739 |
| **Health Care–8.4%** | **Health Care–8.4%** | **Health Care–8.4%** | **Health Care–8.4%** |
| **Biotechnology–1.3%** | **Biotechnology–1.3%** | **Biotechnology–1.3%** | **Biotechnology–1.3%** |
|  ADC Therapeutics SA(a) | 16438 |  | 79231 |
|  Arcus Biosciences, Inc.(a) | 11720 |  | 306595 |
|  Arrowhead Pharmaceuticals, Inc.(a) | 10580 |  | 349669 |
|  Ascendis Pharma A/S (ADR)(a) | 3483 |  | 359655 |
|  Blueprint Medicines Corp.(a) | 6479 |  | 426901 |
|  Coherus Biosciences, Inc.(a) | 32146 |  | 308923 |
|  Erasca, Inc.(a) | 21284 |  | 166015 |
|  Intellia Therapeutics, Inc.(a) | 6620 |  | 370455 |
|  Karuna Therapeutics, Inc.(a) | 2281 |  | 513066 |
|  Legend Biotech Corp. (ADR)(a) | 7961 |  | 324809 |
|  Regeneron Pharmaceuticals, Inc.(a) | 18141 |  | 12496791 |
|  Ultragenyx Pharmaceutical, Inc.(a) | 7976 |  | 330286 |
|  Vertex Pharmaceuticals, Inc.(a) | 76708 |  | 22210034 |
|  Vir Biotechnology, Inc.(a) | 12136 |  | 233982 |
|  |  |  | 38476412 |
| **Health Care Equipment & Supplies–1.7%** | **Health Care Equipment & Supplies–1.7%** | **Health Care Equipment & Supplies–1.7%** | **Health Care Equipment & Supplies–1.7%** |
|  Align Technology, Inc.(a) | 18514 |  | 3834434 |
|  AtriCure, Inc.(a) | 23160 |  | 905556 |
|  Edwards Lifesciences Corp.(a) | 158589 |  | 13104209 |
|  Envista Holdings Corp.(a) | 30880 |  | 1013173 |
|  Insulet Corp.(a) | 1937 |  | 444348 |
|  Integra LifeSciences Holdings Corp.(a) | 20030 |  | 848471 |
|  iRhythm Technologies, Inc.(a) | 6840 |  | 856915 |
|  Lantheus Holdings, Inc.(a) | 13920 |  | 978993 |
|  Medtronic PLC | 284929 |  | 23008017 |
|  Silk Road Medical, Inc.(a) | 18866 |  | 848970 |
|  Zimmer Biomet Holdings, Inc. | 28009 |  | 2928341 |
|  |  |  | 48771427 |
| **Health Care Providers & Services–3.0%** | **Health Care Providers & Services–3.0%** | **Health Care Providers & Services–3.0%** | **Health Care Providers & Services–3.0%** |
|  Acadia Healthcare Co., Inc.(a) | 15690 |  | 1226644 |
|  Elevance Health, Inc. | 41453 |  | 18829611 |
|  Guardant Health, Inc.(a) | 8939 |  | 481187 |
|  Inari Medical, Inc.(a) | 11574 |  | 840735 |
|  Pediatrix Medical Group, Inc.(a) | 52120 |  | 860501 |
|  R1 RCM, Inc.(a) | 54130 |  | 1003029 |
|  UnitedHealth Group, Inc. | 123201 |  | 62221433 |
|  |  |  | 85463140 |

---

 <br> *2022 Annual Report* *25*

------

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

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Health Care Technology–0.1%** | **Health Care Technology–0.1%** | **Health Care Technology–0.1%** |
|  Change Healthcare, Inc.(a) | 49710 | $1366528 |
| **Life Sciences Tools & Services–0.4%** | **Life Sciences Tools & Services–0.4%** | **Life Sciences Tools & Services–0.4%** |
|  ICON PLC(a) | 3284 | 603534 |
|  IQVIA Holdings, Inc.(a) | 56981 | 10321538 |
|  Repligen Corp.(a) | 5023 | 939854 |
|  Syneos Health, Inc.(a) | 17410 | 820881 |
|  |  | 12685807 |
| **Pharmaceuticals–1.9%** | **Pharmaceuticals–1.9%** | **Pharmaceuticals–1.9%** |
|  Intra-Cellular Therapies, Inc.(a) | 10190 | 474141 |
|  Johnson & Johnson | 65366 | 10678190 |
|  Pfizer, Inc. | 35952 | 1573259 |
|  Roche Holding AG (Sponsored ADR) | 612844 | 24893723 |
|  Viatris, Inc. | 23223 | 197860 |
|  Zoetis, Inc. | 105826 | 15692938 |
|  |  | 53510111 |
|  |  | 240273425 |
| **Financials–6.1%** | **Financials–6.1%** | **Financials–6.1%** |
| **Banks–2.8%** | **Banks–2.8%** | **Banks–2.8%** |
|  Bank of America Corp. | 899292 | 27158618 |
|  Comerica, Inc. | 19010 | 1351611 |
|  First BanCorp./Puerto Rico | 86360 | 1181405 |
|  First Citizens BancShares, Inc./NC–Class A | 2030 | 1618783 |
|  First Hawaiian, Inc. | 49010 | 1207116 |
|  Pinnacle Financial Partners, Inc. | 11060 | 896966 |
|  PNC Financial Services Group, Inc. (The) | 76507 | 11431676 |
|  Synovus Financial Corp. | 27978 | 1049455 |
|  Texas Capital Bancshares, Inc.(a) | 18803 | 1109941 |
|  Webster Financial Corp. | 21484 | 971077 |
|  Wells Fargo & Co. | 709243 | 28525753 |
|  Wintrust Financial Corp. | 14150 | 1153933 |
|  Zions Bancorp NA | 25526 | 1298252 |
|  |  | 78954586 |
| **Capital Markets–2.0%** | **Capital Markets–2.0%** | **Capital Markets–2.0%** |
|  Ares Management Corp.–Class A | 12976 | 803863 |
|  Charles Schwab Corp. (The) | 110037 | 7908359 |
|  Goldman Sachs Group, Inc. (The) | 80038 | 23455136 |
|  LPL Financial Holdings, Inc. | 102751 | 22449039 |
|  Moelis & Co.–Class A | 21799 | 737024 |
|  PJT Partners, Inc.–Class A | 10240 | 684237 |
|  Stifel Financial Corp. | 21400 | 1110874 |
|  |  | 57148532 |
| **Insurance–1.3%** | **Insurance–1.3%** | **Insurance–1.3%** |
|  American Financial Group, Inc./OH | 7933 | 975204 |
|  Hanover Insurance Group, Inc. (The) | 7810 | 1000773 |
|  Kemper Corp. | 16920 | 698119 |
|  Kinsale Capital Group, Inc. | 4707 | 1202262 |
|  Progressive Corp. (The) | 154573 | 17962928 |
|  Reinsurance Group of America, Inc. | 3539 | 445242 |
|  Selective Insurance Group, Inc. | 11560 | 940984 |
|  Trupanion, Inc.(a) | 11030 | 655513 |
|  Willis Towers Watson PLC | 67350 | 13533309 |
|  |  | 37414334 |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Thrifts & Mortgage Finance–0.0%** | **Thrifts & Mortgage Finance–0.0%** | **Thrifts & Mortgage Finance–0.0%** |
|  BankUnited, Inc. | 27722 | $947261 |
|  |  | 174464713 |
| **Consumer Discretionary–5.5%** | **Consumer Discretionary–5.5%** | **Consumer Discretionary–5.5%** |
| **Auto Components–0.3%** | **Auto Components–0.3%** | **Auto Components–0.3%** |
|  Dana, Inc. | 46055 | 526409 |
|  Goodyear Tire & Rubber Co. (The)(a) | 620054 | 6256345 |
|  Magna International, Inc. | 19870 | 942235 |
|  |  | 7724989 |
| **Automobiles–0.2%** | **Automobiles–0.2%** | **Automobiles–0.2%** |
|  Stellantis NV | 500972 | 5931508 |
| **Distributors–0.0%** | **Distributors–0.0%** | **Distributors–0.0%** |
|  Pool Corp. | 3580 | 1139192 |
| **Diversified Consumer Services–0.0%** | **Diversified Consumer Services–0.0%** | **Diversified Consumer Services–0.0%** |
|  ADT, Inc. | 122350 | 916401 |
| **Hotels, Restaurants & Leisure–0.5%** | **Hotels, Restaurants & Leisure–0.5%** | **Hotels, Restaurants & Leisure–0.5%** |
|  Booking Holdings, Inc.(a) | 6004 | 9865833 |
|  Dine Brands Global, Inc. | 13310 | 845984 |
|  Hilton Grand Vacations, Inc.(a) | 19960 | 656484 |
|  Light & Wonder, Inc.(a) | 7593 | 325588 |
|  Papa John's International, Inc. | 11241 | 786982 |
|  Planet Fitness, Inc.–Class A(a) | 18439 | 1063193 |
|  Vail Resorts, Inc. | 4590 | 989787 |
|  |  | 14533851 |
| **Household Durables–0.1%** | **Household Durables–0.1%** | **Household Durables–0.1%** |
|  KB Home | 25740 | 667181 |
|  NVR, Inc.(a) | 165 | 657868 |
|  Taylor Morrison Home Corp.(a) | 23436 | 546528 |
|  TopBuild Corp.(a) | 4227 | 696525 |
|  |  | 2568102 |
| **Internet & Direct Marketing Retail–1.8%** | **Internet & Direct Marketing Retail–1.8%** | **Internet & Direct Marketing Retail–1.8%** |
|  Amazon.com, Inc.(a)(b) | 410375 | 46372375 |
|  Etsy, Inc.(a) | 48547 | 4861011 |
|  |  | 51233386 |
| **Multiline Retail–0.0%** | **Multiline Retail–0.0%** | **Multiline Retail–0.0%** |
|  Driven Brands Holdings, Inc.(a) | 15750 | 440685 |
| **Specialty Retail–2.0%** | **Specialty Retail–2.0%** | **Specialty Retail–2.0%** |
|  AutoZone, Inc.(a) | 9578 | 20515406 |
|  Dynatrace, Inc.(a) | 26350 | 917244 |
|  Five Below, Inc.(a) | 5622 | 773981 |
|  Floor & Decor Holdings, Inc.–Class A(a) | 10190 | 715949 |
|  Home Depot, Inc. (The) | 111512 | 30770621 |
|  Lithia Motors, Inc. | 3611 | 774740 |
|  National Vision Holdings, Inc.(a) | 27057 | 883411 |
|  Sally Beauty Holdings, Inc.(a) | 59730 | 752598 |
|  Williams-Sonoma, Inc. | 7107 | 837560 |
|  |  | 56941510 |
| **Textiles, Apparel & Luxury Goods–0.6%** | **Textiles, Apparel & Luxury Goods–0.6%** | **Textiles, Apparel & Luxury Goods–0.6%** |
|  Carter's, Inc. | 12810 | 839439 |
|  Deckers Outdoor Corp.(a) | 4015 | 1255129 |
|  NIKE, Inc.–Class B | 168329 | 13991507 |

---

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

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Ralph Lauren Corp. | 12000 | $| 1019160 |
|  Tapestry, Inc. | 30910 |  | 878771 |
|  |  |  | 17984006 |
|  |  |  | 159413630 |
| **Industrials–5.4%** | **Industrials–5.4%** | **Industrials–5.4%** | **Industrials–5.4%** |
| **Aerospace & Defense–0.9%** | **Aerospace & Defense–0.9%** | **Aerospace & Defense–0.9%** | **Aerospace & Defense–0.9%** |
|  Axon Enterprise, Inc.(a) | 10253 |  | 1186785 |
|  Curtiss-Wright Corp. | 6360 |  | 885058 |
|  Hexcel Corp. | 12930 |  | 668740 |
|  Howmet Aerospace, Inc. | 28950 |  | 895423 |
|  L3Harris Technologies, Inc. | 7139 |  | 1483698 |
|  Raytheon Technologies Corp. | 232490 |  | 19031631 |
|  Spirit AeroSystems Holdings, Inc.–Class A | 32290 |  | 707797 |
|  |  |  | 24859132 |
| **Airlines–0.0%** | **Airlines–0.0%** | **Airlines–0.0%** | **Airlines–0.0%** |
|  Alaska Air Group, Inc.(a) | 18510 |  | 724667 |
| **Building Products–0.4%** | **Building Products–0.4%** | **Building Products–0.4%** | **Building Products–0.4%** |
|  Armstrong World Industries, Inc. | 9040 |  | 716239 |
|  Carlisle Cos., Inc. | 4770 |  | 1337556 |
|  Masonite International Corp.(a) | 11256 |  | 802440 |
|  Otis Worldwide Corp. | 151760 |  | 9682288 |
|  |  |  | 12538523 |
| **Commercial Services & Supplies–0.0%** | **Commercial Services & Supplies–0.0%** | **Commercial Services & Supplies–0.0%** | **Commercial Services & Supplies–0.0%** |
|  MillerKnoll, Inc. | 6945 |  | 108342 |
|  Tetra Tech, Inc. | 7860 |  | 1010246 |
|  |  |  | 1118588 |
| **Construction & Engineering–0.8%** | **Construction & Engineering–0.8%** | **Construction & Engineering–0.8%** | **Construction & Engineering–0.8%** |
|  AECOM | 270440 |  | 18489983 |
|  Arcosa, Inc. | 20770 |  | 1187628 |
|  Dycom Industries, Inc.(a) | 7960 |  | 760419 |
|  Fluor Corp.(a) | 13944 |  | 347066 |
|  WillScot Mobile Mini Holdings Corp.(a) | 19100 |  | 770303 |
|  |  |  | 21555399 |
| **Electrical Equipment–1.2%** | **Electrical Equipment–1.2%** | **Electrical Equipment–1.2%** | **Electrical Equipment–1.2%** |
|  AMETEK, Inc. | 7249 |  | 822109 |
|  Eaton Corp. PLC | 116795 |  | 15575781 |
|  Regal Rexnord Corp. | 109866 |  | 15420792 |
|  Sensata Technologies Holding PLC | 20220 |  | 753801 |
|  Vertiv Holdings Co. | 116840 |  | 1135685 |
|  |  |  | 33708168 |
| **Industrial Conglomerates–0.1%** | **Industrial Conglomerates–0.1%** | **Industrial Conglomerates–0.1%** | **Industrial Conglomerates–0.1%** |
|  Honeywell International, Inc. | 14903 |  | 2488354 |
| **Machinery–0.2%** | **Machinery–0.2%** | **Machinery–0.2%** | **Machinery–0.2%** |
|  IDEX Corp. | 4250 |  | 849362 |
|  Ingersoll Rand, Inc. | 18833 |  | 814716 |
|  ITT, Inc. | 12250 |  | 800415 |
|  Middleby Corp. (The)(a) | 6660 |  | 853612 |
|  Oshkosh Corp. | 9640 |  | 677596 |
|  Timken Co. (The) | 14890 |  | 879106 |
|  |  |  | 4874807 |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Marine–0.1%** | **Marine–0.1%** | **Marine–0.1%** |
|  Kirby Corp.(a) | 15140 | $920058 |
|  Star Bulk Carriers Corp. | 40430 | 706716 |
|  |  | 1626774 |
| **Professional Services–0.5%** | **Professional Services–0.5%** | **Professional Services–0.5%** |
|  Booz Allen Hamilton Holding Corp. | 110045 | 10162656 |
|  FTI Consulting, Inc.(a) | 1520 | 251879 |
|  Korn Ferry | 9410 | 441799 |
|  Robert Half International, Inc. | 48716 | 3726774 |
|  |  | 14583108 |
| **Road & Rail–1.1%** | **Road & Rail–1.1%** | **Road & Rail–1.1%** |
|  CSX Corp. | 642991 | 17129280 |
|  Knight-Swift Transportation Holdings, Inc. | 282604 | 13827814 |
|  TFI International, Inc. | 9350 | 845988 |
|  XPO Logistics, Inc.(a) | 25860 | 1151287 |
|  |  | 32954369 |
| **Trading Companies & Distributors–0.1%** | **Trading Companies & Distributors–0.1%** | **Trading Companies & Distributors–0.1%** |
|  Herc Holdings, Inc. | 9260 | 961929 |
|  SiteOne Landscape Supply, Inc.(a) | 7784 | 810626 |
|  United Rentals, Inc.(a) | 6952 | 1877874 |
|  |  | 3650429 |
|  |  | 154682318 |
| **Communication Services–4.9%** | **Communication Services–4.9%** | **Communication Services–4.9%** |
| **Diversified Telecommunication Services–0.6%** | **Diversified Telecommunication Services–0.6%** | **Diversified Telecommunication Services–0.6%** |
|  Comcast Corp.–Class A | 575908 | 16891382 |
| **Entertainment–0.5%** | **Entertainment–0.5%** | **Entertainment–0.5%** |
|  Walt Disney Co. (The)(a) | 150733 | 14218644 |
| **Interactive Media & Services–3.1%** | **Interactive Media & Services–3.1%** | **Interactive Media & Services–3.1%** |
|  Alphabet, Inc.–Class C(a) | 712760 | 68531874 |
|  Meta Platforms, Inc.–Class A(a)(b) | 141383 | 19182845 |
|  |  | 87714719 |
| **Media–0.0%** | **Media–0.0%** | **Media–0.0%** |
|  Criteo SA (Sponsored ADR)(a) | 33592 | 907992 |
| **Wireless Telecommunication Services–0.7%** | **Wireless Telecommunication Services–0.7%** | **Wireless Telecommunication Services–0.7%** |
|  T-Mobile US, Inc.(a) | 155764 | 20898856 |
|  |  | 140631593 |
| **Consumer Staples–2.8%** | **Consumer Staples–2.8%** | **Consumer Staples–2.8%** |
| **Beverages–0.9%** | **Beverages–0.9%** | **Beverages–0.9%** |
|  Coca-Cola Co. (The) | 290303 | 16262774 |
|  Constellation Brands, Inc.–Class A | 40703 | 9348665 |
|  |  | 25611439 |
| **Food & Staples Retailing–1.1%** | **Food & Staples Retailing–1.1%** | **Food & Staples Retailing–1.1%** |
|  Costco Wholesale Corp. | 20535 | 9698064 |
|  Grocery Outlet Holding Corp.(a) | 28450 | 947101 |
|  Walmart, Inc. | 175173 | 22719938 |
|  |  | 33365103 |

---

 <br> *2022 Annual Report* *27*

------

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

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
| **Food Products–0.1%** | **Food Products–0.1%** | **Food Products–0.1%** |
|  Hain Celestial Group, Inc. (The)(a) | 41384 | $698562 |
|  Nomad Foods Ltd.(a) | 57651 | 818644 |
|  |  | 1517206 |
| **Household Products–0.7%** | **Household Products–0.7%** | **Household Products–0.7%** |
|  Procter & Gamble Co., (The) | 154390 | 19491738 |
|  |  | 79985486 |
| **Energy–1.8%** | **Energy–1.8%** | **Energy–1.8%** |
| **Energy Equipment & Services–0.3%** | **Energy Equipment & Services–0.3%** | **Energy Equipment & Services–0.3%** |
|  Baker Hughes Co. | 373291 | 7824179 |
|  Cactus, Inc.–Class A | 17040 | 654847 |
|  Helmerich & Payne, Inc. | 21040 | 777849 |
|  Patterson-UTI Energy, Inc. | 60200 | 703136 |
|  |  | 9960011 |
| **Oil, Gas & Consumable Fuels–1.5%** | **Oil, Gas & Consumable Fuels–1.5%** | **Oil, Gas & Consumable Fuels–1.5%** |
|  Cameco Corp. | 34890 | 924934 |
|  Chevron Corp. | 102193 | 14682068 |
|  ConocoPhillips | 40009 | 4094521 |
|  EOG Resources, Inc. | 151386 | 16914358 |
|  HF Sinclair Corp. | 18541 | 998248 |
|  Magnolia Oil & Gas Corp.–Class A | 46130 | 913835 |
|  Matador Resources Co. | 19920 | 974486 |
|  Ovintiv, Inc. | 21690 | 997740 |
|  Targa Resources Corp. | 7330 | 442292 |
|  Valero Energy Corp. | 19488 | 2082293 |
|  |  | 43024775 |
|  |  | 52984786 |
| **Utilities–1.0%** | **Utilities–1.0%** | **Utilities–1.0%** |
| **Electric Utilities–1.0%** | **Electric Utilities–1.0%** | **Electric Utilities–1.0%** |
|  American Electric Power Co., Inc. | 212513 | 18371749 |
|  IDACORP, Inc. | 13554 | 1341982 |
|  NextEra Energy, Inc. | 116378 | 9125199 |
|  |  | 28838930 |
| **Gas Utilities–0.0%** | **Gas Utilities–0.0%** | **Gas Utilities–0.0%** |
|  Southwest Gas Holdings, Inc.(a) | 10355 | 722261 |
|  |  | 29561191 |
| **Real Estate–1.0%** | **Real Estate–1.0%** | **Real Estate–1.0%** |
| **Equity Real Estate Investment Trusts (REITs)–1.0%** | **Equity Real Estate Investment Trusts (REITs)–1.0%** | **Equity Real Estate Investment Trusts (REITs)–1.0%** |
|  American Tower Corp. | 31475 | 6757682 |
|  Broadstone Net Lease, Inc.–Class A | 41210 | 639991 |
|  Camden Property Trust | 9239 | 1103599 |
|  Cousins Properties, Inc. | 25999 | 607077 |
|  CubeSmart | 27677 | 1108741 |
|  Mid-America Apartment Communities, Inc. | 54232 | 8409756 |
|  Physicians Realty Trust | 75280 | 1132211 |
|  Prologis, Inc. | 79995 | 8127492 |
|  Safehold, Inc. | 15596 | 412670 |
|  STAG Industrial, Inc. | 20220 | 574855 |
|  |  | 28874074 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **Shares** | **U.S. $ Value** |
| **Materials–0.7%** | **Materials–0.7%** | **Materials–0.7%** | **Materials–0.7%** |
| **Chemicals–0.6%** | **Chemicals–0.6%** | **Chemicals–0.6%** | **Chemicals–0.6%** |
|  FMC Corp. |  | 8590 | $907963 |
|  Huntsman Corp. |  | 38080 | 934483 |
|  Innospec, Inc. |  | 6970 | 597120 |
|  Linde PLC |  | 52111 | 14048604 |
|  |  |  | 16488170 |
| **Containers & Packaging–0.0%** | **Containers & Packaging–0.0%** | **Containers & Packaging–0.0%** | **Containers & Packaging–0.0%** |
|  Berry Global Group, Inc.(a) |  | 26760 | 1245143 |
| **Metals & Mining–0.1%** | **Metals & Mining–0.1%** | **Metals & Mining–0.1%** | **Metals & Mining–0.1%** |
|  ATI, Inc.(a) |  | 37930 | 1009317 |
|  Reliance Steel & Aluminum Co. |  | 4477 | 780834 |
|  |  |  | 1790151 |
|  |  |  | 19523464 |
| **Consumer Durables & Apparel–0.0%** | **Consumer Durables & Apparel–0.0%** | **Consumer Durables & Apparel–0.0%** | **Consumer Durables & Apparel–0.0%** |
| **Homebuilding–0.0%** | **Homebuilding–0.0%** | **Homebuilding–0.0%** | **Homebuilding–0.0%** |
|  PulteGroup, Inc. |  | 28140 | 1055250 |
| Total Common Stocks <br>(cost $951,390,000) |  |  | 1449323669 |
| **INVESTMENT COMPANIES–37.6%** | **INVESTMENT COMPANIES–37.6%** | **INVESTMENT COMPANIES–37.6%** | **INVESTMENT COMPANIES–37.6%** |
| **Funds and Investment Trusts–37.6%(c)(d)** | **Funds and Investment Trusts–37.6%(c)(d)** | **Funds and Investment Trusts–37.6%(c)(d)** | **Funds and Investment Trusts–37.6%(c)(d)** |
|  AB All Market Real Return Portfolio–Class Z |  | 21708947 | 186479851 |
|  AB International Small Cap Portfolio–Class Z |  | 16944569 | 151315005 |
|  Bernstein International Strategic Equities Portfolio–Class Z |  | 63660913 | 612417983 |
|  Bernstein Small Cap Core Portfolio–Class Z |  | 4598305 | 52512639 |
|  Sanford C Bernstein Fund, Inc.–Emerging Markets Portfolio–Class Z |  | 3522047 | 76851069 |
| Total Investment Companies <br>(cost $1,145,948,379) |  |  | 1079576547 |
|  | **Notional Amount** | **Notional Amount** |  |
| **OPTIONS PURCHASED—PUTS–3.3%** | **OPTIONS PURCHASED—PUTS–3.3%** | **OPTIONS PURCHASED—PUTS–3.3%** | **OPTIONS PURCHASED—PUTS–3.3%** |
| **Options on Equity Indices–3.3%** | **Options on Equity Indices–3.3%** |  |  |
|  Euro STOXX 50 Index <br>Expiration: Jul 2023; Contracts: 32,610;<br>Exercise Price: EUR 2,800.00;<br>Counterparty: UBS AG(a) | EUR | 91308000 | 4540336 |
|  Euro STOXX 50 Index <br>Expiration: Jul 2023; Contracts: 23,350;<br>Exercise Price: EUR 2,800.00;<br>Counterparty: UBS AG(a) | EUR | 65380000 | 3251053 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | | **Notional Amount** | **U.S. $ Value** |
|  FTSE 100 Index <br>Expiration: Aug 2023; Contracts: 6,850;<br>Exercise Price: GBP 6,000.00;<br>Counterparty: UBS AG(a) | GBP | 41100000 | $1816596 |
|  FTSE 100 Index <br>Expiration: Aug 2023; Contracts: 5,100;<br>Exercise Price: GBP 6,000.00; Counterparty: UBS AG(a) | GBP | 30600000 | 1352502 |
|  Nikkei 225 Index <br>Expiration: Sep 2023; Contracts: 293,000;<br>Exercise Price: JPY 22,000.00; Counterparty: UBS AG(a) | JPY | 6446000000 | 2147952 |
|  Nikkei 225 Index <br>Expiration: Sep 2023; Contracts: 398,000;<br>Exercise Price: JPY 22,000.00; Counterparty: UBS AG(a) | JPY | 8756000000 | 2917695 |
|  S&P 500 Index <br>Expiration: Jul 2023; Contracts: 249,900;<br>Exercise Price: USD 3,250.00; Counterparty: UBS AG(a) | USD | 812175000 | 46808850 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Notional Amount** | **U.S. $ Value** |
|  S&P 500 Index <br>Expiration: Jul 2023; Contracts: 171,000;<br>Exercise Price: USD 3,250.00; Counterparty: UBS AG(a) | USD | 555750000 | $32030065 |
| Total Options Purchased—Puts <br>(premiums paid $55,036,279) | Total Options Purchased—Puts <br>(premiums paid $55,036,279) |  | 94865049 |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS–10.9%** | **SHORT-TERM INVESTMENTS–10.9%** | **SHORT-TERM INVESTMENTS–10.9%** |  |
| **Investment Companies–10.9%** | **Investment Companies–10.9%** |  |  |
|  AB Fixed Income Shares, Inc.— Government Money Market Portfolio—Class AB, 2.58%(c)(d)(e)<br>(cost $314,374,213) |  | 314374213 | 314374213 |
| **Total Investments—102.2%** <br>(cost $2,466,748,871) | **Total Investments—102.2%** <br>(cost $2,466,748,871) |  | 2938139478 |
|  Other assets less liabilities—(2.2)% | Other assets less liabilities—(2.2)% |  | (63029054) |
| **Net Assets—100.0%** | **Net Assets—100.0%** |  | $**2875110424** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES (see Note 3)** | **FUTURES (see Note 3)** | **FUTURES (see Note 3)** | **FUTURES (see Note 3)** | **FUTURES (see Note 3)** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  Euro STOXX 50 Index Futures | 471 | December 2022 | $15302159 | $(1424462) |
|  Hang Seng Index Futures | 343 | October 2022 | 37600594 | (1274615) |
|  Nikkei 225 (OSE) Futures | 147 | December 2022 | 26346853 | (1270571) |
|  OMXS 30 Index Futures | 3457 | October 2022 | 57005853 | (3359150) |
|  S&P 500 E-Mini Futures | 25 | December 2022 | 4501875 | (604582) |
|  U.S. T-Note 2 Yr (CBT) Futures | 1743 | December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;357995861 | (5793125) |
|  U.S. T-Note 10 Yr (CBT) Futures | 4484 | December 2022 | 502488250 | (26034225) |
|  U.S. Ultra Bond (CBT) Futures | 1213 | December 2022 | 166181000 | (15991153) |
| **Sold Contracts** |  |  |  |  |
|  E-Mini Russell 2000 Futures | 876 | December 2022 | 73137240 | 6487230 |
|  Euro STOXX 50 Index Futures | 1480 | December 2022 | 48083218 | (229518) |
|  FTSE 100 Index Futures | 794 | December 2022 | 61299854 | 3492767 |
|  MSCI Emerging Markets Futures | 4723 | December 2022 | 205804725 | 20547733 |
|  MSCI Singapore IX ETS Futures | 1297 | October 2022 | 25343990 | 129822 |
|  S&P 500 E-Mini Futures | 2257 | December 2022 | 406429275 | 45230572 |
|  S&P Mid 400 E-Mini Futures | 228 | December 2022 | 50346960 | 4798177 |
|  S&P/TSX 60 Index Futures | 886 | December 2022 | 143160821 | 6699166 |
|  SPI 200 Futures | 1249 | December 2022 | 129145875 | 7445765 |
|  TOPIX Index Futures | 342 | December 2022 | 43385062 | 9074 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;38858905 |

---

 <br> *2022 Annual Report* *29*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 49838 | NZD | 82952 | 11/18/2022 | $(3404994) |
|  Bank of America, NA | USD | 27872 | NOK | 287850 | 12/01/2022 | (1406470) |
|  Bank of America, NA | CHF | 115450 | USD | 118479 | 12/07/2022 | 752522 |
|  Bank of America, NA | CHF | 21008 | USD | 21324 | 12/07/2022 | (98454) |
|  BNP Paribas SA | AUD | 188591 | USD | 130097 | 10/20/2022 | 9444992 |
|  BNP Paribas SA | CAD | 38367 | USD | 29430 | 10/27/2022 | 1656399 |
|  BNP Paribas SA | USD | 19918 | CAD | 27367 | 10/27/2022 | (107764) |
|  BNP Paribas SA | USD | 59283 | NZD | 95787 | 11/18/2022 | (5665732) |
|  BNP Paribas SA | USD | 4772 | CHF | 4563 | 12/07/2022 | (119096) |
|  Citibank, NA | USD | 84914 | CAD | 111861 | 10/27/2022 | (3939504) |
|  Citibank, NA | GBP | 81719 | USD | 94334 | 11/17/2022 | 3025720 |
|  Citibank, NA | USD | 27005 | GBP | 25212 | 11/17/2022 | 1165885 |
|  Citibank, NA | SEK | 622248 | USD | 56650 | 12/01/2022 | 414735 |
|  Credit Suisse International | AUD | 7018 | USD | 4511 | 10/20/2022 | 20795 |
|  Credit Suisse International | USD | 14044 | CAD | 18370 | 10/27/2022 | (745576) |
|  Deutsche Bank AG | CAD | 80514 | USD | 62981 | 10/27/2022 | 4697923 |
|  Goldman Sachs Bank USA | USD | 4512 | CAD | 5801 | 10/27/2022 | (313065) |
|  Goldman Sachs Bank USA | USD | 6637 | SEK | 75299 | 12/01/2022 | 167691 |
|  HSBC Bank USA | USD | 94946 | CAD | 121995 | 10/27/2022 | (6635722) |
|  HSBC Bank USA | USD | 49981 | JPY | 7188316 | 12/02/2022 | (16246) |
|  JPMorgan Chase Bank, NA | USD | 53220 | AUD | 78631 | 10/20/2022 | (2915242) |
|  JPMorgan Chase Bank, NA | CAD | 51615 | USD | 40120 | 10/27/2022 | 2757129 |
|  JPMorgan Chase Bank, NA | USD | 84440 | JPY | 12103088 | 12/02/2022 | (312741) |
|  JPMorgan Chase Bank, NA | EUR | 289595 | USD | 283231 | 12/08/2022 | (1903097) |
|  Morgan Stanley & Co., Inc. | AUD | 10508 | USD | 7232 | 10/20/2022 | 509702 |
|  Morgan Stanley & Co., Inc. | USD | 170192 | AUD | 244965 | 10/20/2022 | (13475195) |
|  Morgan Stanley & Co., Inc. | CAD | 86577 | USD | 67040 | 10/27/2022 | 4368639 |
|  Morgan Stanley & Co., Inc. | USD | 133133 | CAD | 174112 | 10/27/2022 | (7095992) |
|  Morgan Stanley & Co., Inc. | GBP | 98301 | USD | 114762 | 11/17/2022 | 4925081 |
|  Morgan Stanley & Co., Inc. | USD | 30561 | GBP | 26699 | 11/17/2022 | (729228) |
|  Morgan Stanley & Co., Inc. | NZD | 12525 | USD | 7691 | 11/18/2022 | 680396 |
|  Morgan Stanley & Co., Inc. | USD | 18710 | NZD | 33209 | 11/18/2022 | (121453) |
|  Morgan Stanley & Co., Inc. | USD | 13999 | JPY | 1988577 | 12/02/2022 | (177052) |
|  Morgan Stanley & Co., Inc. | CHF | 14306 | USD | 14629 | 12/07/2022 | 40797 |
|  UBS AG | GBP | 14948 | USD | 17696 | 11/17/2022 | 993395 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(13560822) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** |
| **Counterparty & Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized**<br> **Appreciation/<br>(Depreciation)** |
| **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** |  |  |  |  |  |
|  Morgan Stanley Capital Services LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 410 | 12/16/22 | $(19445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 7899 | 12/16/22 | (593343) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 13644 | 12/16/22 | (729673) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(1342461) |

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

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##### [**Table of Contents**](#toc)
(a) Non-income producing security.

(b) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(c) Affiliated investments.

(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, or call AB at (800) 227-4618.

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

CBT—Chicago Board of Trade

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

REIT—Real Estate Investment Trust

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

 <br> *2022 Annual Report* *31*

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

**Sanford C. Bernstein Fund, Inc.** 

**Schedule of Investments** 

**Overlay B Portfolio** 

**September 30, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **GOVERNMENTS—TREASURIES–27.4%** | **GOVERNMENTS—TREASURIES–27.4%** | | |
| **Australia–0.9%** | **Australia–0.9%** | **Australia–0.9%** | **Australia–0.9%** |
|  Australia Government Bond<br>Series 136<br>4.75%, 04/21/2027(a) | AUD | 9947 | $6659032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 145<br>2.75%, 06/21/2035(a) |  | 518 | 290432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 148<br>2.75%, 11/21/2027(a) |  | 1590 | 973992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 150<br>3.00%, 03/21/2047(a) |  | 1043 | 552971 |
|  |  |  | 8476427 |
| **Austria–0.5%** | **Austria–0.5%** | **Austria–0.5%** | **Austria–0.5%** |
|  Republic of Austria Government Bond<br>0.00%, 02/20/2030(a) | EUR | 405 | 327376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/20/2032(a) |  | 5412 | 4475701 |
|  |  |  | 4803077 |
| **Belgium–0.3%** | **Belgium–0.3%** | **Belgium–0.3%** | **Belgium–0.3%** |
|  Kingdom of Belgium Government Bond | Kingdom of Belgium Government Bond | Kingdom of Belgium Government Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 84<br>1.45%, 06/22/2037(a) |  | 1242 | 984465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 96<br>2.75%, 04/22/2039(a) |  | 1442 | 1350307 |
|  |  |  | 2334772 |
| **Canada–0.4%** | **Canada–0.4%** | **Canada–0.4%** | **Canada–0.4%** |
|  Canadian Government Bond<br>1.25%, 03/01/2027 | CAD | 2740 | 1812206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2051 |  | 1763 | 1006889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/01/2029 |  | 808 | 550623 |
|  |  |  | 3369718 |
| **China–0.5%** | **China–0.5%** | **China–0.5%** | **China–0.5%** |
|  China Government Bond<br>Series INBK<br>2.80%, 03/24/2029 | CNY | 13960 | 1974212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 09/14/2050 |  | 18950 | 2952162 |
|  |  |  | 4926374 |
| **Germany–2.2%** | **Germany–2.2%** | **Germany–2.2%** | **Germany–2.2%** |
|  Bundesrepublik Deutschland Bundesanleihe<br>0.00%, 02/15/2032(a) | EUR | 11501 | 9295991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/2050(a) |  | 1872 | 1028727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/15/2029(a) |  | 4642 | 4085735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/04/2042(a) |  | 1966 | 2251807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3<br>4.75%, 07/04/2034(a) |  | 1070 | 1332105 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br>0.00%, 08/15/2031(a) | EUR | 1322 | $| 1084076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/15/2050(a) |  | 838 |  | 461741 |
|  |  |  |  | 19540182 |
| **Indonesia–0.1%** | **Indonesia–0.1%** | **Indonesia–0.1%** | **Indonesia–0.1%** | **Indonesia–0.1%** |
|  Indonesia Treasury Bond <br>Series FR87 <br>6.50%, 02/15/2031 | IDR | 19486000 |  | 1209277 |
| **Ireland–0.1%** | **Ireland–0.1%** | **Ireland–0.1%** | **Ireland–0.1%** | **Ireland–0.1%** |
|  Ireland Government Bond <br>0.00%, 10/18/2031(a) | EUR | 583 |  | 453736 |
| **Italy–0.8%** | **Italy–0.8%** | **Italy–0.8%** | **Italy–0.8%** | **Italy–0.8%** |
|  Italy Buoni Poliennali Del Tesoro<br>0.25%, 03/15/2028(a) |  | 4080 |  | 3299048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/2029(a) |  | 3440 |  | 3122363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/30/2035(a) |  | 835 |  | 780944 |
|  |  |  |  | 7202355 |
| **Japan–1.4%** | **Japan–1.4%** | **Japan–1.4%** | **Japan–1.4%** | **Japan–1.4%** |
|  Japan Government Five Year Bond <br>Series 138 <br>0.10%, 12/20/2023 | JPY | 288900 |  | 2001121 |
|  Japan Government Forty Year Bond <br>Series 15 <br>1.00%, 03/20/2062 |  | 333150 |  | 1979426 |
|  Japan Government Ten Year Bond <br>Series 332 <br>0.60%, 12/20/2023 |  | 738250 |  | 5144592 |
|  Japan Government Thirty Year Bond<br>Series 65<br>0.40%, 12/20/2049 |  | 188950 |  | 1033866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 68<br>0.60%, 09/20/2050 |  | 214900 |  | 1231195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 74<br>1.00%, 03/20/2052 |  | 86000 |  | 543595 |
|  Japan Government Twenty Year Bond <br>Series 171 <br>0.30%, 12/20/2039 |  | 112650 |  | 706800 |
|  |  |  |  | 12640595 |
| **Malaysia–0.1%** | **Malaysia–0.1%** | **Malaysia–0.1%** | **Malaysia–0.1%** | **Malaysia–0.1%** |
|  Malaysia Government Bond <br>Series 0310 <br>4.498%, 04/15/2030 | MYR | 4736 |  | 1024332 |
| **South Korea–1.7%** | **South Korea–1.7%** | **South Korea–1.7%** | **South Korea–1.7%** | **South Korea–1.7%** |
|  Korea Treasury Bond<br>Series 2506<br>3.125%, 06/10/2025 | KRW | 15958420 |  | 10850069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2703<br>2.375%, 03/10/2027 |  | 6846450 |  | 4430921 |
|  |  |  |  | 15280990 |
| **Spain–0.2%** | **Spain–0.2%** | **Spain–0.2%** | **Spain–0.2%** | **Spain–0.2%** |
|  Spain Government Bond <br>3.45%, 07/30/2043(a) | EUR | 2028 |  | 1930380 |

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **United Kingdom–0.4%** | **United Kingdom–0.4%** | **United Kingdom–0.4%** | **United Kingdom–0.4%** |
|  United Kingdom Gilt<br>0.875%, 01/31/2046(a) | GBP | 2173 | $1310546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 07/31/2051(a) |  | 201 | 125652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/31/2053(a) |  | 554 | 366258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/07/2037(a) |  | 2663 | 2180255 |
|  |  |  | 3982711 |
| **United States–17.8%** | **United States–17.8%** | **United States–17.8%** | **United States–17.8%** |
|  U.S. Treasury Bonds<br>1.125%, 08/15/2040(b)(c) | U.S.$| 8875 | 5491406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 |  | 6975 | 4767113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/2051 |  | 10463 | 6924933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 |  | 3360 | 2403593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 |  | 215 | 147745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 |  | 6238 | 4259589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 |  | 854 | 615414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2049 |  | 590 | 431806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 |  | 139 | 100731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 02/15/2042 |  | 1485 | 1137343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/2049 |  | 450 | 338906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2049 |  | 905 | 754827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2052 |  | 1035 | 867777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/2045 |  | 169 | 141062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 |  | 321 | 277041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 |  | 2114 | 1875692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/2042 |  | 590 | 534049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/2048 |  | 495 | 451069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 08/15/2043 |  | 1873 | 1745614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/2039(b) |  | 5290 | 5579297 |
|  U.S. Treasury Notes<br>0.25%, 05/31/2025 |  | 2525 | 2271316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 04/15/2024(c) |  | 8300 | 7814969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 01/31/2026(c) |  | 5434 | 4787191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/30/2023 |  | 4565 | 4369561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 07/31/2026 |  | 1865 | 1632166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 09/30/2026 |  | 6397 | 5630919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/30/2026(c) |  | 8434 | 7507756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/2031 |  | 5083 | 4107228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/2031 |  | 4369 | 3548366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/2030(b) |  | 3867 | 3282116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 05/15/2026(c) |  | 6600 | 6033752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 08/31/2024 |  | 2860 | 2735322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/2032 |  | 1698 | 1438259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 05/31/2026 |  | 5545 | 5156850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2027(b) |  | 12993 | 12016495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/30/2024 |  | 7142 | 6943363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/31/2027 |  | 7319 | 6895399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 |  | 8945 | 8174892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 09/30/2023 |  | 5987 | 5909356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2032 |  | 3905 | 3608890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/31/2024 |  | 2868 | 2804912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/31/2027 |  | 598 | 573701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/31/2024 |  | 14275 | 14021120 |
|  |  |  | 160108906 |
| Total Governments—Treasuries <br>(cost $283,946,229) | Total Governments—Treasuries <br>(cost $283,946,229) |  | 247283832 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | | **U.S. $ Value** | **U.S. $ Value** |
| **INFLATION-LINKED SECURITIES–19.5%** | **INFLATION-LINKED SECURITIES–19.5%** | **INFLATION-LINKED SECURITIES–19.5%** |  | | |
| **United States–19.5%** | **United States–19.5%** | **United States–19.5%** |  |  |  |
|  U.S. Treasury Inflation Index<br>0.125%, 07/15/2024 (TIPS) | U.S.$| 16197 |  | $| 15632206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/2024 (TIPS) |  | 5757 |  |  | 5533955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 07/15/2026 (TIPS) |  | 17289 |  |  | 16164829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/2026 (TIPS) |  | 4857 |  |  | 4524208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 01/15/2030 (TIPS) |  | 8221 |  |  | 7258569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 07/15/2030 (TIPS) |  | 8086 |  |  | 7111572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 07/15/2031 (TIPS) |  | 38932 |  |  | 33864590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/15/2025 (TIPS) |  | 14048 |  |  | 13433395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/15/2029 (TIPS) |  | 13029 |  |  | 11733959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 07/15/2023 (TIPS) |  | 0 | \*\* |  | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 01/15/2027 (TIPS) |  | 3892 |  |  | 3634034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 07/15/2027 (TIPS) |  | 297 |  |  | 277274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/15/2028 (TIPS) |  | 2480 |  |  | 2301284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 01/15/2024 (TIPS) |  | 11216 |  |  | 10946120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 07/15/2032 (TIPS) |  | 3364 |  |  | 3048249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/15/2028 (TIPS) |  | 14465 |  |  | 13578736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 01/15/2029 (TIPS) |  | 9308 |  |  | 8745296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/15/2028 (TIPS) |  | 6546 |  |  | 6477657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/2029 (TIPS) |  | 6927 |  |  | 7161199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/15/2029 (TIPS) |  | 3415 |  |  | 3818692 |
| Total Inflation-Linked Securities <br>(cost $196,195,728) | Total Inflation-Linked Securities <br>(cost $196,195,728) |  |  |  | 175245908 |
| **CORPORATES—INVESTMENT GRADE–16.3%** | **CORPORATES—INVESTMENT GRADE–16.3%** | **CORPORATES—INVESTMENT GRADE–16.3%** |  |  |  |
| **Industrial–8.1%** | **Industrial–8.1%** | **Industrial–8.1%** |  |  |  |
| **Basic–0.5%** |  |  |  |  |  |
|  Anglo American Capital PLC <br>3.875%, 03/16/2029(a) |  | 634 |  |  | 543180 |
|  Celanese US Holdings LLC <br>5.90%, 07/05/2024 |  | 1039 |  |  | 1025088 |
|  Freeport Indonesia PT <br>4.763%, 04/14/2027(a) |  | 585 |  |  | 529425 |
|  Inversiones CMPC SA/Cayman Islands Branch <br>4.375%, 05/15/2023(a) |  | 467 |  |  | 462429 |
|  LyondellBasell Industries NV <br>5.75%, 04/15/2024 |  | 277 |  |  | 279144 |
|  Nexa Resources SA <br>6.50%, 01/18/2028(a) |  | 405 |  |  | 370334 |
|  Nucor Corp. <br>4.30%, 05/23/2027 |  | 180 |  |  | 172708 |
|  Suzano Austria GmbH <br>3.75%, 01/15/2031 |  | 526 |  |  | 410280 |
|  WRKCo., Inc. <br>4.00%, 03/15/2028 |  | 519 |  |  | 479078 |
|  |  |  |  |  | 4271666 |
| **Capital Goods–0.3%** | **Capital Goods–0.3%** | **Capital Goods–0.3%** | **Capital Goods–0.3%** | **Capital Goods–0.3%** | **Capital Goods–0.3%** |
|  CNH Industrial Capital LLC <br>3.95%, 05/23/2025 |  | 815 |  |  | 786034 |

---

 <br> *2022 Annual Report* *33*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Flowserve Corp. <br>2.80%, 01/15/2032 | U.S.$| 530 | $| 379560 |
|  Parker-Hannifin Corp.<br>3.25%, 06/14/2029 |  | 223 |  | 196644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2029 |  | 667 |  | 631328 |
|  Raytheon Technologies Corp. <br>4.125%, 11/16/2028 |  | 671 |  | 627855 |
|  Westinghouse Air Brake Technologies Corp.<br>3.20%, 06/15/2025 |  | 162 |  | 151378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/2024 |  | 343 |  | 336833 |
|  |  |  |  | 3109632 |
| **Communications—Media–1.0%** | **Communications—Media–1.0%** | **Communications—Media–1.0%** | **Communications—Media–1.0%** | **Communications—Media–1.0%** |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>4.80%, 03/01/2050 |  | 66 |  | 47205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 07/01/2049 |  | 100 |  | 73790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 05/01/2047 |  | 140 |  | 107806 |
|  Discovery Communications LLC<br>4.65%, 05/15/2050 |  | 115 |  | 78818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/20/2047 |  | 599 |  | 443032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/2049 |  | 262 |  | 196112 |
|  Fox Corp.<br>4.709%, 01/25/2029 |  | 210 |  | 197421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576%, 01/25/2049 |  | 346 |  | 296885 |
|  Interpublic Group of Cos., Inc. (The) <br>4.65%, 10/01/2028 |  | 725 |  | 671770 |
|  Netflix, Inc.<br>3.625%, 05/15/2027 | EUR | 275 |  | 253685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/15/2029 |  | 260 |  | 238227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/2028 | U.S.$| 898 |  | 872218 |
|  Paramount Global <br>4.20%, 05/19/2032 |  | 109 |  | 88335 |
|  Prosus NV<br>3.257%, 01/19/2027(a) |  | 604 |  | 505851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 01/21/2030(a) |  | 786 |  | 595081 |
|  Tencent Holdings Ltd.<br>1.81%, 01/26/2026(a) |  | 930 |  | 832524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 06/03/2050(a) |  | 525 |  | 313458 |
|  Time Warner Cable LLC <br>4.50%, 09/15/2042 |  | 494 |  | 342490 |
|  Warnermedia Holdings, Inc.<br>3.755%, 03/15/2027(a) |  | 206 |  | 184891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.054%, 03/15/2029(a) |  | 139 |  | 120225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, 03/15/2032(a) |  | 947 |  | 779722 |
|  Weibo Corp. <br>3.375%, 07/08/2030 |  | 2373 |  | 1749050 |
|  |  |  |  | 8988596 |
| **Communications—Telecommunications–0.2%** | **Communications—Telecommunications–0.2%** | **Communications—Telecommunications–0.2%** |  |  |
|  AT&T, Inc. <br>Series B <br>2.875%, 03/02/2025(d) | EUR | 400 |  | 346640 |
|  British Telecommunications PLC <br>9.625%, 12/15/2030 | U.S.$| 247 |  | 285453 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  CK Hutchison Group Telecom Finance SA <br>1.125%, 10/17/2028(a) | EUR | 815 | $651045 |
|  T-Mobile USA, Inc.<br>2.55%, 02/15/2031 | U.S.$| 557 | <br>441250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 02/15/2029 |  | 76 | 62738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 02/15/2031 |  | 230 | 184582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 04/15/2029 |  | 45 | 38865 |
|  Vodafone Group PLC <br>4.20%, 12/13/2027(a) | AUD | 30 | 18065 |
|  |  |  | 2028638 |
| **Consumer Cyclical—Automotive–0.5%** | **Consumer Cyclical—Automotive–0.5%** | **Consumer Cyclical—Automotive–0.5%** |  |
|  Aptiv PLC / Aptiv Corp. <br>3.25%, 03/01/2032 | U.S.$| 655 | 519795 |
|  General Motors Co.<br>6.125%, 10/01/2025 |  | 169 | 169378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 10/01/2027 |  | 100 | 101076 |
|  General Motors Financial Co., Inc. <br>5.25%, 03/01/2026 |  | 206 | 200702 |
|  Harley-Davidson Financial Services, Inc.<br>3.05%, 02/14/2027(a) |  | 1011 | 867377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/08/2025(a) |  | 671 | 629948 |
|  Lear Corp. <br>3.50%, 05/30/2030 |  | 43 | 35138 |
|  Nissan Motor Co., Ltd. <br>4.345%, 09/17/2027(a) |  | 1550 | 1335449 |
|  Volkswagen International Finance NV<br>0.875%, 09/22/2028(a) | EUR | 700 | 563832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/17/2025(a)(d) |  | 300 | 267554 |
|  |  |  | 4690249 |
| **Consumer Cyclical—Other–0.3%** |  |  |  |
|  Las Vegas Sands Corp.<br>3.50%, 08/18/2026 | U.S.$| 313 | 274792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/08/2029 |  | 1570 | 1301043 |
|  Marriott International, Inc./MD <br>Series EE <br>5.75%, 05/01/2025 |  | 77 | 77836 |
|  MDC Holdings, Inc. <br>6.00%, 01/15/2043 |  | 1027 | 782482 |
|  |  |  | 2436153 |
| **Consumer Cyclical—Retailers–0.4%** |  |  |  |
|  Advance Auto Parts, Inc.<br>3.50%, 03/15/2032 |  | 16 | 12787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/2030 |  | 1234 | 1061783 |
|  AutoNation, Inc.<br>3.80%, 11/15/2027 |  | 274 | 242991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/01/2032 |  | 22 | 17488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2025 |  | 65 | 62879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/2030 |  | 42 | 36953 |
|  Lowe's Cos., Inc. <br>5.80%, 09/15/2062 |  | 406 | 373309 |
|  PVH Corp. <br>3.125%, 12/15/2027(a) | EUR | 385 | 332294 |

---

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

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Ross Stores, Inc. <br>4.70%, 04/15/2027 | U.S.$| 1097 | $1071275 |
|  |  |  | 3211759 |
| **Consumer Non-Cyclical–0.8%** |  |  |  |
|  Altria Group, Inc.<br>3.125%, 06/15/2031 | EUR | 768 | 616835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/06/2030 | U.S.$| 985 | 799199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/14/2029 |  | 200 | 184598 |
|  Amgen, Inc. <br>3.35%, 02/22/2032 |  | 492 | 420193 |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. <br>4.70%, 02/01/2036 |  | 431 | 388564 |
|  BAT Capital Corp.<br>2.259%, 03/25/2028 |  | 1614 | 1285535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/02/2027 |  | 245 | 228820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.906%, 04/02/2030 |  | 292 | 257240 |
|  British American Tobacco PLC <br>Series 5.25 <br>3.00%, 09/27/2026(a)(d) | EUR | 528 | 381595 |
|  Cigna Corp. <br>4.375%, 10/15/2028 | U.S.$| 416 | 392858 |
|  CVS Health Corp. <br>4.30%, 03/25/2028 |  | 32 | 30266 |
|  Imperial Brands Finance Netherlands BV <br>1.75%, 03/18/2033(a) | EUR | 631 | 411213 |
|  Newell Brands, Inc. <br>6.375%, 09/15/2027 | U.S.$| 552 | 547424 |
|  Ochsner LSU Health System of North Louisiana <br>Series 2021 <br>2.51%, 05/15/2031 |  | 810 | 619464 |
|  Takeda Pharmaceutical Co., Ltd. <br>4.40%, 11/26/2023 |  | 676 | 676000 |
|  |  |  | 7239804 |
| **Energy–1.6%** |  |  |  |
|  BP Capital Markets America, Inc. <br>2.939%, 06/04/2051 |  | 1736 | 1102273 |
|  BP Capital Markets PLC<br>3.25%, 03/22/2026(a)(d) | EUR | 218 | 189991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/22/2029(a)(d) |  | 353 | 279710 |
|  Chevron USA, Inc. <br>3.85%, 01/15/2028 | U.S.$| 173 | 164542 |
|  Continental Resources, Inc./OK<br>2.875%, 04/01/2032(a) |  | 1225 | 894949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031(a) |  | 905 | 817912 |
|  Devon Energy Corp. <br>5.60%, 07/15/2041 |  | 896 | 804276 |
|  Enbridge Energy Partners LP <br>7.375%, 10/15/2045 |  | 1361 | 1472520 |
|  Energy Transfer LP<br>3.90%, 07/15/2026 |  | 407 | 379328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/2049 |  | 1155 | 1031657 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Eni SpA<br>4.25%, 05/09/2029(a) | U.S.$| 775 | $704289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series NC9<br>3.375%, 07/13/2029(a)(d) | EUR | 590 | 436511 |
|  EQT Corp. <br>5.70%, 04/01/2028 | U.S.$| 388 | 381024 |
|  Marathon Petroleum Corp.<br>5.125%, 12/15/2026 |  | 269 | 264779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/2041 |  | 240 | 237638 |
|  Oleoducto Central SA <br>4.00%, 07/14/2027(a) |  | 1046 | 809538 |
|  ONEOK Partners LP <br>6.125%, 02/01/2041 |  | 96 | 85214 |
|  ONEOK, Inc.<br>4.00%, 07/13/2027 |  | 263 | 241623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/15/2029 |  | 333 | 297259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 01/15/2031 |  | 587 | 575976 |
|  Plains All American Pipeline LP/PAA Finance Corp. <br>3.55%, 12/15/2029 |  | 287 | 239413 |
|  Suncor Energy, Inc.<br>6.50%, 06/15/2038 |  | 166 | 163986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 05/15/2038 |  | 436 | 441468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 06/01/2039 |  | 281 | 287182 |
|  Tengizchevroil Finance Co. International Ltd. <br>3.25%, 08/15/2030(a) |  | 438 | 311336 |
|  TransCanada PipeLines Ltd.<br>6.10%, 06/01/2040 |  | 784 | 757148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/15/2037 |  | 711 | 704588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 01/15/2039 |  | 216 | 243534 |
|  Valero Energy Corp. <br>6.625%, 06/15/2037 |  | 120 | 120017 |
|  |  |  | 14439681 |
| **Other Industrial–0.1%** |  |  |  |
|  Alfa SAB de CV <br>5.25%, 03/25/2024(a) |  | 668 | 662325 |
| **Services–0.4%** |  |  |  |
|  Booking Holdings, Inc. <br>4.625%, 04/13/2030 |  | 1321 | 1243788 |
|  Expedia Group, Inc.<br>4.625%, 08/01/2027 |  | 159 | 149301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/01/2025(a) |  | 33 | 33202 |
|  Global Payments, Inc.<br>3.20%, 08/15/2029 |  | 253 | 211045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/2028 |  | 213 | 195594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/2029 |  | 281 | 264539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/2032 |  | 552 | 511736 |
|  Moody's Corp. <br>4.25%, 02/01/2029 |  | 347 | 327981 |
|  RELX Capital, Inc. <br>4.75%, 05/20/2032 |  | 123 | 115360 |
|  S&P Global, Inc.<br>4.25%, 05/01/2029(a) |  | 232 | 218147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/2028(a) |  | 51 | 49856 |
|  |  |  | 3320549 |

---

 <br> *2022 Annual Report* *35*

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Technology–1.6%** | **Technology–1.6%** | **Technology–1.6%** | **Technology–1.6%** |
|  Apple, Inc. <br>4.10%, 08/08/2062 | U.S.$| 417 | $341890 |
|  Baidu, Inc. <br>3.425%, 04/07/2030 |  | 401 | 345846 |
|  Broadcom, Inc.<br>3.137%, 11/15/2035(a) |  | 119 | 83434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187%, 11/15/2036(a) |  | 854 | 584760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029(a) |  | 83 | 73167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/2032(a) |  | 753 | 633560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/15/2030 |  | 225 | 194472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.926%, 05/15/2037(a) |  | 518 | 428525 |
|  Dell International LLC/EMC Corp.<br>6.02%, 06/15/2026 |  | 252 | 253008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.35%, 07/15/2046 |  | 93 | 100702 |
|  Entegris Escrow Corp. <br>4.75%, 04/15/2029(a) |  | 1249 | 1108000 |
|  Fidelity National Information Services, Inc.<br>1.00%, 12/03/2028 | EUR | 126 | 101513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/21/2027 |  | 126 | 110456 |
|  Fiserv, Inc. <br>3.50%, 07/01/2029 | U.S.$| 758 | 660521 |
|  HP, Inc. <br>5.50%, 01/15/2033 |  | 1631 | 1446551 |
|  Infor, Inc. <br>1.75%, 07/15/2025(a) |  | 398 | 358351 |
|  Intel Corp. <br>5.05%, 08/05/2062 |  | 1242 | 1078155 |
|  International Business Machines Corp. <br>4.90%, 07/27/2052 |  | 788 | 690658 |
|  KLA Corp. <br>4.10%, 03/15/2029 |  | 108 | 102549 |
|  Kyndryl Holdings, Inc. <br>2.05%, 10/15/2026 |  | 1611 | 1293937 |
|  Micron Technology, Inc.<br>4.185%, 02/15/2027 |  | 222 | 207901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.327%, 02/06/2029 |  | 107 | 101549 |
|  NXP BV/NXP Funding LLC <br>5.55%, 12/01/2028 |  | 445 | 435544 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. <br>3.40%, 05/01/2030 |  | 261 | 218530 |
|  Oracle Corp.<br>2.875%, 03/25/2031 |  | 441 | 347398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/2040 |  | 771 | 522838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/25/2041 |  | 243 | 164949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/15/2040 |  | 248 | 206514 |
|  SK Hynix, Inc. <br>2.375%, 01/19/2031(a) |  | 468 | 344653 |
|  TSMC Arizona Corp. <br>3.875%, 04/22/2027 |  | 504 | 480166 |
|  VeriSign, Inc. <br>2.70%, 06/15/2031 |  | 84 | 65578 |
|  Western Digital Corp.<br>2.85%, 02/01/2029 |  | 192 | 149228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/01/2032 |  | 970 | 662278 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Workday, Inc.<br>3.70%, 04/01/2029 | U.S.$| 121 | $108521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/2032 |  | 314 | 273155 |
|  |  |  | 14278857 |
| **Transportation—Airlines–0.1%** |  |  |  |
|  Delta Air Lines, Inc./SkyMiles IP Ltd.<br>4.50%, 10/20/2025(a) |  | 488 | 474509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/20/2028(a) |  | 563 | 524592 |
|  Southwest Airlines Co. <br>2.625%, 02/10/2030 |  | 150 | 120498 |
|  |  |  | 1119599 |
| **Transportation—Railroads–0.0%** |  |  |  |
|  Lima Metro Line 2 Finance Ltd. <br>4.35%, 04/05/2036(a) |  | 396 | 346790 |
| **Transportation—Services–0.3%** |  |  |  |
|  Ashtead Capital, Inc. <br>5.50%, 08/11/2032(a) |  | 476 | 441157 |
|  Chicago Parking Meters <br>4.93%, 12/30/2025(e) |  | 800 | 766538 |
|  ENA Master Trust <br>4.00%, 05/19/2048(a) |  | 1113 | 818751 |
|  FedEx Corp. <br>0.45%, 05/04/2029 | EUR | 423 | 319296 |
|  |  |  | 2345742 |
|  |  |  | 72490040 |
| **Financial Institutions–7.6%** |  |  |  |
| **Banking–5.4%** |  |  |  |
|  AIB Group PLC <br>0.50%, 11/17/2027(a) |  | 700 | 573683 |
|  Australia & New Zealand Banking Group Ltd. <br>4.40%, 05/19/2026(a) | U.S.$| 225 | 213341 |
|  Banco de Credito del Peru S.A. <br>3.125%, 07/01/2030(a) |  | 1095 | 960041 |
|  Banco Santander SA <br>4.175%, 03/24/2028 |  | 1600 | 1447664 |
|  Bank of America Corp.<br>2.299%, 07/21/2032 |  | 753 | 563448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%, 04/22/2032 |  | 914 | 712225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 12/20/2028 |  | 716 | 635128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.559%, 04/23/2027 |  | 369 | 340605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.376%, 04/27/2028 |  | 1066 | 999300 |
|  Bank of Ireland Group PLC <br>6.253%, 09/16/2026(a) |  | 497 | 486549 |
|  Barclays PLC<br>5.304%, 08/09/2026 |  | 574 | 551729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/2029(d) |  | 569 | 504111 |
|  BNP Paribas SA<br>2.871%, 04/19/2032(a) |  | 498 | 377992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/16/2029(a)(d) |  | 1626 | 1506391 |
|  CaixaBank SA<br>0.375%, 11/18/2026(a) | EUR | 400 | 343025 |

---

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

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/03/2026(a) | GBP | 400 | $370051 |
|  Capital One Financial Corp.<br>3.273%, 03/01/2030 | U.S.$| 1072 | 899290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.927%, 05/10/2028 |  | 344 | 327440 |
|  Citigroup, Inc.<br>1.462%, 06/09/2027 |  | 92 | 78321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.014%, 01/25/2026 |  | 150 | 138005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%, 06/03/2031 |  | 130 | 102401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.666%, 01/29/2031 |  | 129 | 102994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 03/20/2030 |  | 426 | 378190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075%, 04/23/2029 |  | 624 | 565113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 05/24/2025 |  | 508 | 496636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.658%, 05/24/2028 |  | 112 | 106434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/30/2023(d) |  | 491 | 485368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P<br>5.95%, 05/15/2025(d) |  | 367 | 334109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W<br>4.00%, 12/10/2025(d) |  | 574 | 484342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y<br>4.15%, 11/15/2026(d) |  | 340 | 271517 |
|  Citizens Financial Group, Inc. <br>4.30%, 12/03/2025 |  | 837 | 805102 |
|  Commonwealth Bank of Australia <br>3.784%, 03/14/2032(a) |  | 311 | 248309 |
|  Cooperatieve Rabobank UA<br>3.25%, 12/29/2026(a)(d) | EUR | 200 | 149703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/29/2027(a)(d) |  | 400 | 323879 |
|  Credit Suisse Group AG<br>0.625%, 01/18/2033(a) |  | 228 | 133564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.194%, 04/01/2031(a) | U.S.$| 1262 | 998759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.373%, 07/15/2026(a) |  | 832 | 804236 |
|  Danske Bank A/S<br>0.75%, 06/09/2029(a) | EUR | 640 | 497094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 09/12/2023(a) | U.S.$| 542 | 532623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.298%, 04/01/2028(a) |  | 515 | 459807 |
|  Deutsche Bank AG<br>1.875%, 02/23/2028(a) | EUR | 300 | 250657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 02/12/2026(a) |  | 400 | 362634 |
|  Deutsche Bank AG/New York NY<br>2.129%, 11/24/2026 | U.S.$| 272 | 231246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.961%, 11/26/2025 |  | 455 | 424597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.119%, 07/14/2026 |  | 746 | 724911 |
|  Discover Bank <br>4.682%, 08/09/2028 |  | 300 | 288186 |
|  Federation Des Caisses Desjard <br>4.55%, 08/23/2027(a) |  | 810 | 765151 |
|  Fifth Third Bancorp <br>Series L <br>4.50%, 09/30/2025(d) |  | 354 | 328968 |
|  Goldman Sachs Group, Inc. (The)<br>2.615%, 04/22/2032 |  | 1224 | 948882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 02/24/2028 |  | 133 | 115530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.102%, 02/24/2033 |  | 92 | 73086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.615%, 03/15/2028 |  | 107 | 97371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DMTN<br>2.383%, 07/21/2032 |  | 1046 | 790138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V<br>4.125%, 11/10/2026(d) |  | 676 | 537183 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  HSBC Holdings PLC<br>5.21%, 08/11/2028 | U.S.$| 483 | $452334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.402%, 08/11/2033 |  | 463 | 409880 |
|  ING Groep NV<br>6.50%, 04/16/2025(d) |  | 201 | 179519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/16/2024(a)(d) |  | 281 | 264182 |
|  JPMorgan Chase & Co.<br>1.09%, 03/11/2027(a) | EUR | 427 | 378751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58%, 04/22/2032 | U.S.$| 1248 | 965827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.005%, 04/23/2029 |  | 112 | 101303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.565%, 06/14/2030 |  | 779 | 715208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>6.276% (LIBOR 3 Month + 3.47%), 01/30/2023(d)(f) |  | 447 | 444990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V<br>5.597% (LIBOR 3 Month + 3.32%), 10/01/2022(d)(f) |  | 38 | 38000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X<br>6.10%, 10/01/2024(d) |  | 360 | 345708 |
|  Lloyds Banking Group PLC <br>7.50%, 06/27/2024(d) |  | 685 | 634502 |
|  Mizuho Financial Group, Inc. <br>5.414%, 09/13/2028 |  | 787 | 769505 |
|  Morgan Stanley<br>0.406%, 10/29/2027 | EUR | 550 | 464232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.772%, 01/24/2029 | U.S.$| 450 | 405508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/20/2028 |  | 730 | 682812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.679%, 07/17/2026 |  | 696 | 677591 |
|  Nationwide Building Society <br>2.972%, 02/16/2028(a) |  | 1007 | 866906 |
|  Natwest Group PLC <br>0.78%, 02/26/2030(a) | EUR | 750 | 558959 |
|  PNC Financial Services Group, Inc. (The) <br>Series O <br>6.46% (LIBOR 3 Month + 3.68%), 11/01/2022(d)(f) | U.S.$| 56 | 55838 |
|  Santander Holdings USA, Inc.<br>2.49%, 01/06/2028 |  | 585 | 487141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 06/09/2025 |  | 325 | 312370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/13/2027 |  | 358 | 329507 |
|  Santander UK Group Holdings PLC<br>0.603%, 09/13/2029(a) | EUR | 151 | 113477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.469%, 01/11/2028 | U.S.$| 687 | 572113 |
|  Societe Generale SA <br>2.797%, 01/19/2028(a) |  | 1898 | 1600526 |
|  Standard Chartered PLC<br>2.608%, 01/12/2028(a) |  | 455 | 383242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.971%, 03/30/2026(a) |  | 550 | 516967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.316% (LIBOR 3 Month +<br>1.51%), 01/30/2027(a)(d)(f) |  | 1100 | 832535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/26/2025(a)(d) |  | 558 | 493250 |
|  Svenska Handelsbanken AB <br>4.375%, 03/01/2027(a)(d) |  | 600 | 488556 |
|  Swedbank AB <br>Series NC5 <br>5.625%, 09/17/2024(a)(d) |  | 1200 | 1110228 |

---

 <br> *2022 Annual Report* *37*

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Truist Financial Corp. <br>Series Q <br>5.10%, 03/01/2030(d) | U.S.$| 977 | $876232 |
|  UBS Group AG<br>2.904% (SOFR + 1.58%), 05/12/2026(a)(f) |  | 845 | 845270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.488%, 05/12/2026(a) |  | 254 | 244627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/19/2025(a)(d) |  | 400 | 379800 |
|  UniCredit SpA<br>1.982%, 06/03/2027(a) |  | 202 | 166711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.569%, 09/22/2026(a) |  | 860 | 736530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127%, 06/03/2032(a) |  | 996 | 709420 |
|  US Bancorp <br>Series J <br>5.30%, 04/15/2027(d) |  | 423 | 361179 |
|  Wells Fargo & Co.<br>3.35%, 03/02/2033 |  | 964 | 783491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.584%, 05/22/2028 |  | 168 | 151959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB<br>3.90%, 03/15/2026(d) |  | 389 | 329448 |
|  |  |  | 48483193 |
| **Brokerage–0.3%** |  |  |  |
|  Charles Schwab Corp. (The)<br>2.90%, 03/03/2032 |  | 3 | 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br>5.375%, 06/01/2025(d) |  | 460 | 449310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>4.00%, 06/01/2026(d) |  | 1867 | 1539266 |
|  Nomura Holdings, Inc. <br>2.999%, 01/22/2032 |  | 608 | 460128 |
|  |  |  | 2451182 |
| **Finance–0.8%** |  |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust <br>3.30%, 01/30/2032 |  | 333 | 251182 |
|  Air Lease Corp.<br>2.10%, 09/01/2028 |  | 459 | 357781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 01/15/2026 |  | 203 | 182001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/2025 |  | 25 | 23418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/01/2027 |  | 96 | 85048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/01/2028 |  | 81 | 72569 |
|  Aircastle Ltd.<br>2.85%, 01/26/2028(a) |  | 1604 | 1228584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/01/2024 |  | 215 | 207021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/2026 |  | 278 | 249302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/11/2025(a) |  | 849 | 799750 |
|  Aviation Capital Group LLC<br>1.95%, 01/30/2026(a) |  | 675 | 566791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/20/2026(a) |  | 285 | 230830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2027(a) |  | 267 | 221797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/01/2025(a) |  | 12 | 10995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/30/2024(a) |  | 290 | 280315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/2025(a) |  | 271 | 253130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2024(a) |  | 828 | 801339 |
|  CDBL Funding 1 <br>3.50%, 10/24/2027(a) |  | 850 | 776152 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Synchrony Financial<br>2.875%, 10/28/2031 | U.S.$| 1032 | $733153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/2027 |  | 274 | 238813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/23/2025 |  | 109 | 103940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/13/2025 |  | 130 | 125566 |
|  |  |  | 7799477 |
| **Insurance–0.4%** |  |  |  |
|  Alleghany Corp. <br>3.625%, 05/15/2030 |  | 474 | 423287 |
|  Assicurazioni Generali SpA <br>5.50%, 10/27/2047(a) | EUR | 331 | 310837 |
|  Guardian Life Insurance Co. of America (The) <br>4.85%, 01/24/2077(a) | U.S.$| 423 | 346711 |
|  Liberty Mutual Group, Inc. <br>3.625%, 05/23/2059(a) | EUR | 365 | 304948 |
|  Nationwide Mutual Insurance Co. <br>9.375%, 08/15/2039(a) | U.S.$| 420 | 538847 |
|  Swiss Re Finance Luxembourg SA <br>5.00%, 04/02/2049(a) |  | 800 | 704288 |
|  Voya Financial, Inc. <br>5.65%, 05/15/2053 |  | 895 | 879034 |
|  |  |  | 3507952 |
| **Other Finance–0.0%** |  |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust <br>4.45%, 04/03/2026 |  | 199 | 185876 |
| **REITs–0.7%** |  |  |  |
|  American Tower Corp.<br>0.50%, 01/15/2028 | EUR | 720 | 571756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/2027 | U.S.$| 413 | 378527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2032 |  | 208 | 179075 |
|  Digital Euro Finco LLC <br>2.50%, 01/16/2026(a) | EUR | 820 | 744879 |
|  Digital Realty Trust LP <br>3.60%, 07/01/2029 | U.S.$| 474 | 415191 |
|  Essential Properties LP <br>2.95%, 07/15/2031 |  | 533 | 389426 |
|  GLP Capital LP/GLP Financing II, Inc. <br>3.25%, 01/15/2032 |  | 955 | 716536 |
|  Host Hotels & Resorts LP<br>Series E<br>4.00%, 06/15/2025 |  | 583 | 554135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>3.50%, 09/15/2030 |  | 189 | 150975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br>2.90%, 12/15/2031 |  | 323 | 237053 |
|  Office Properties Income Trust <br>3.45%, 10/15/2031 |  | 633 | 383674 |
|  Omega Healthcare Investors, Inc.<br>3.25%, 04/15/2033 |  | 425 | 301163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 10/01/2029 |  | 67 | 54515 |
|  SBB Treasury Oyj<br>0.75%, 12/14/2028(a) | EUR | 366 | 223222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 11/26/2029(a) |  | 111 | 67447 |

---

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Vornado Realty LP <br>3.40%, 06/01/2031 | U.S.$| 852 | $| 651090 |
|  WPC Eurobond BV<br>0.95%, 06/01/2030 | EUR | 277 |  | 193279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 04/15/2028 |  | 138 |  | 111223 |
|  |  |  |  | 6323166 |
|  |  |  |  | 68750846 |
| **Utility–0.6%** | **Utility–0.6%** | **Utility–0.6%** | **Utility–0.6%** | **Utility–0.6%** |
| **Electric–0.5%** |  |  |  |  |
|  Adani Transmission Step-One Ltd. <br>4.00%, 08/03/2026(a) | U.S.$| 328 |  | 296696 |
|  AES Panama Generation Holdings SRL <br>4.375%, 05/31/2030(a) |  | 731 |  | 575664 |
|  Berkshire Hathaway Energy Co. <br>6.125%, 04/01/2036 |  | 209 |  | 211991 |
|  Chile Electricity Pec SpA <br>Zero Coupon, 01/25/2028(a) |  | 910 |  | 642687 |
|  Duke Energy Carolinas NC Storm Funding LLC <br>Series A-2 <br>2.617%, 07/01/2041 |  | 542 |  | 397790 |
|  Electricite de France SA <br>2.875%, 12/15/2026(a)(d) | EUR | 400 |  | 299872 |
|  Enel Finance International NV<br>0.50%, 06/17/2030(a) |  | 124 |  | 89212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/12/2031(a) | U.S.$| 730 |  | 509934 |
|  Engie Energia Chile SA <br>3.40%, 01/28/2030(a) |  | 543 |  | 409965 |
|  Entergy Corp. <br>1.90%, 06/15/2028 |  | 686 |  | 563261 |
|  Iberdrola International BV <br>Series NC6 <br>1.45%, 11/09/2026(a)(d) | EUR | 500 |  | 397234 |
|  NextEra Energy Capital Holdings, Inc. <br>1.90%, 06/15/2028 | U.S.$| 171 |  | 141781 |
|  |  |  |  | 4536087 |
| **Other Utility–0.1%** |  |  |  |  |
|  American Water Capital Corp. <br>3.45%, 06/01/2029 |  | 132 |  | 117534 |
|  Suez SACA <br>1.875%, 05/24/2027(a) | EUR | 600 |  | 534972 |
|  |  |  |  | 652506 |
|  |  |  |  | 5188593 |
| Total Corporates—Investment Grade <br>(cost $177,221,062) | Total Corporates—Investment Grade <br>(cost $177,221,062) | Total Corporates—Investment Grade <br>(cost $177,221,062) |  | 146429479 |
| **MORTGAGE PASS-THROUGHS–6.8%** | **MORTGAGE PASS-THROUGHS–6.8%** | **MORTGAGE PASS-THROUGHS–6.8%** | **MORTGAGE PASS-THROUGHS–6.8%** | **MORTGAGE PASS-THROUGHS–6.8%** |
| **Agency Fixed Rate 30-Year–6.6%** | **Agency Fixed Rate 30-Year–6.6%** | **Agency Fixed Rate 30-Year–6.6%** | **Agency Fixed Rate 30-Year–6.6%** | **Agency Fixed Rate 30-Year–6.6%** |
|  Federal Home Loan Mortgage Corp.<br>Series 2019<br>3.50%, 09/01/2049 | U.S.$| 610 |  | 555600 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2049 | U.S.$| 179 | $163296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2049 |  | 236 | 214668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2049 |  | 307 | 289452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>2.50%, 07/01/2050 |  | 469 | 399037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2050 |  | 1200 | 1095169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>2.00%, 03/01/2052 |  | 2207 | 1793373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 |  | 3542 | 2986045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 |  | 1421 | 1242689 |
|  Federal Home Loan Mortgage Corp. Gold<br>Series 2016<br>4.00%, 02/01/2046 |  | 538 | 519425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>4.00%, 07/01/2044 |  | 355 | 342325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>4.50%, 03/01/2048 |  | 131 | 126989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2048 |  | 411 | 398183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2048 |  | 153 | 151122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>4.50%, 02/01/2049 |  | 331 | 321697 |
|  Federal National Mortgage Association<br>Series 2007<br>5.50%, 08/01/2037 |  | 124 | 127516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010<br>4.00%, 12/01/2040 |  | 228 | 220405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012<br>3.50%, 02/01/2042 |  | 216 | 202528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2042 |  | 2282 | 2104909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2043 |  | 386 | 355805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013<br>3.50%, 03/01/2043 |  | 6 | 5866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2043 |  | 1313 | 1210852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2043 |  | 635 | 601194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014<br>5.50%, 09/01/2041 |  | 357 | 366552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015<br>3.00%, 05/01/2045 |  | 84 | 74465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2045 |  | 635 | 565154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>3.50%, 03/01/2048 |  | 1272 | 1167201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2048 |  | 1135 | 1098535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>3.50%, 11/01/2049 |  | 479 | 435593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>2.50%, 07/01/2050 |  | 2623 | 2234568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2050 |  | 1271 | 1158558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>2.00%, 07/01/2051 |  | 2292 | 1859113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2052 |  | 1460 | 1232043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>2.50%, 03/01/2052 |  | 1591 | 1339604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 |  | 1896 | 1596839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2052 |  | 2148 | 1808729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2052 |  | 3108 | 2719037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 |  | 2157 | 1886217 |

---

 <br> *2022 Annual Report* *39*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Government National Mortgage Association<br>Series 2016<br>3.00%, 04/20/2046 | U.S.$| 70 | $| 62701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/2046 |  | 186 |  | 167368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>3.00%, 10/01/2052, TBA |  | 309 |  | 272671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052, TBA |  | 1107 |  | 1032701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2052, TBA |  | 1370 |  | 1309666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2052, TBA |  | 2693 |  | 2574356 |
|  Uniform Mortgage-Backed Security<br>Series 2022<br>2.00%, 10/01/2052, TBA |  | 5012 |  | 4055491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2052, TBA |  | 4634 |  | 3888578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2052, TBA |  | 5697 |  | 4780584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2052, TBA |  | 1462 |  | 1271361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2052, TBA |  | 1473 |  | 1280589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2052, TBA |  | 1056 |  | 918336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052, TBA |  | 1113 |  | 1031419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2052, TBA |  | 1924 |  | 1830505 |
|  |  |  |  | 59446679 |
| **Agency Fixed Rate 15-Year–0.2%** |  |  |  |  |
|  Federal National Mortgage Association<br>Series 2013<br>2.50%, 03/01/2028 |  | 32 |  | 29853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/2028 |  | 7 |  | 5991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014<br>2.50%, 09/01/2029 |  | 93 |  | 85370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>2.50%, 11/01/2031 |  | 20 |  | 18434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2031 |  | 1505 |  | 1378203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2032 |  | 34 |  | 31448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>2.50%, 02/01/2032 |  | 101 |  | 92705 |
|  |  |  |  | 1642004 |
| Total Mortgage Pass-Throughs <br>(cost $66,920,092) | Total Mortgage Pass-Throughs <br>(cost $66,920,092) | Total Mortgage Pass-Throughs <br>(cost $66,920,092) |  | 61088683 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS–4.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–4.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–4.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–4.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–4.0%** |
| **Risk Share Floating Rate–3.6%** |  |  |  |  |
|  Bellemeade Re Ltd.<br>Series 2019-1A, Class M1B 4.834% (LIBOR 1 Month +<br>1.75%), 03/25/2029(a)(f) |  | 233 |  | 232823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class M1C<br>5.084% (LIBOR 1 Month +<br>2.00%), 04/25/2029(a)(f) |  | 298 |  | 295869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class M1B<br>4.684% (LIBOR 1 Month +<br>1.60%), 07/25/2029(a)(f) |  | 251 |  | 250853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class M1C<br>5.034% (LIBOR 1 Month +<br>1.95%), 07/25/2029(a)(f) |  | 441 |  | 435699 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class M1B<br>5.084% (LIBOR 1 Month +<br>2.00%), 10/25/2029(a)(f) | U.S.$| 18 | $18346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class M1C<br>5.584% (LIBOR 1 Month +<br>2.50%), 10/25/2029(a)(f) |  | 235 | 234376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class M2<br>5.934% (LIBOR 1 Month +<br>2.85%), 10/25/2029(a)(f) |  | 330 | 313100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class M1C<br>5.231% (SOFR + 2.95%), 03/25/2031(a)(f) |  | 602 | 582259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class M1B<br>3.781% (SOFR + 1.50%), 06/25/2031(a)(f) |  | 918 | 886845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A2 3.281% (SOFR + 1.00%), 09/25/2031(a)(f) |  | 878 | 825384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class M1B<br>4.431% (SOFR + 2.15%), 01/26/2032(a)(f) |  | 335 | 327100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class M1A<br>6.285% (SOFR + 4.00%), 09/27/2032(a)(f) |  | 1387 | 1386779 |
|  Connecticut Avenue Securities Trust<br>Series 2018-R07, Class 1M2<br>5.484% (LIBOR 1 Month +<br>2.40%), 04/25/2031(a)(f) |  | 50 | 49921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R02, Class 1M2<br>5.384% (LIBOR 1 Month +<br>2.30%), 08/25/2031(a)(f) |  | 38 | 37886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R03, Class 1M2<br>5.234% (LIBOR 1 Month +<br>2.15%), 09/25/2031(a)(f) |  | 27 | 26629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R06, Class 2M2<br>5.184% (LIBOR 1 Month +<br>2.10%), 09/25/2039(a)(f) |  | 28 | 28180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R07, Class 1M2<br>5.184% (LIBOR 1 Month +<br>2.10%), 10/25/2039(a)(f) |  | 122 | 121698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-R01, Class 1M2<br>5.134% (LIBOR 1 Month +<br>2.05%), 01/25/2040(a)(f) |  | 287 | 282377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-R02, Class 2M2<br>5.084% (LIBOR 1 Month +<br>2.00%), 01/25/2040(a)(f) |  | 237 | 232737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M1<br>3.031% (SOFR + 0.75%), 10/25/2041(a)(f) |  | 20 | 19790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2<br>3.831% (SOFR + 1.55%), 10/25/2041(a)(f) |  | 48 | 45315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1M2<br>3.931% (SOFR + 1.65%), 12/25/2041(a)(f) |  | 200 | 182146 |

---

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

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2<br>4.181% (SOFR + 1.90%), 12/25/2041(a)(f) | U.S.$| 1987 | $1809126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M1<br>3.481% (SOFR + 1.20%), 01/25/2042(a)(f) |  | 490 | 479865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M2<br>5.281% (SOFR + 3.00%), 01/25/2042(a)(f) |  | 602 | 549615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M2<br>5.781% (SOFR + 3.50%), 03/25/2042(a)(f) |  | 1602 | 1521694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2<br>5.381% (SOFR + 3.10%), 03/25/2042(a)(f) |  | 130 | 121287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M2<br>5.281% (SOFR + 3.00%), 04/25/2042(a)(f) |  | 1234 | 1138247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M1<br>5.031% (SOFR + 2.75%), 05/25/2042(a)(f) |  | 559 | 558798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M1<br>5.255% (SOFR + 2.95%), 06/25/2042(a)(f) |  | 759 | 758887 |
|  Eagle Re Ltd.<br>Series 2018-1, Class M1<br>4.784% (LIBOR 1 Month +<br>1.70%), 11/25/2028(a)(f) |  | 208 | 205990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class M2<br>6.084% (LIBOR 1 Month +<br>3.00%), 11/25/2028(a)(f) |  | 295 | 292490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1A<br>3.984% (LIBOR 1 Month +<br>0.90%), 01/25/2030(a)(f) |  | 11 | 10712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class M1B<br>4.331% (SOFR + 2.05%), 04/25/2034(a)(f) |  | 216 | 209909 |
|  Federal Home Loan Mortgage Corp.<br>Series 2019-DNA3, Class M2<br>5.134% (LIBOR 1 Month +<br>2.05%), 07/25/2049(a)(f) |  | 85 | 83933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-DNA4, Class M2<br>5.034% (LIBOR 1 Month +<br>1.95%), 10/25/2049(a)(f) |  | 97 | 96339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FTR2, Class M2<br>5.234% (LIBOR 1 Month +<br>2.15%), 11/25/2048(a)(f) |  | 482 | 454643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA1, Class M2<br>4.784% (LIBOR 1 Month +<br>1.70%), 01/25/2050(a)(f) |  | 188 | 185931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA5, Class M2<br>5.081% (SOFR + 2.80%), 10/25/2050(a)(f) |  | 699 | 699150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class M2<br>3.931% (SOFR + 1.65%), 01/25/2034(a)(f) |  | 519 | 506475 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M2<br>3.781% (SOFR + 1.50%), 10/25/2041(a)(f) | U.S.$| 1965 | $1782917 |
|  Federal Home Loan Mortgage Corp.<br>Structured Agency Credit Risk Debt Notes<br>Series 2013-DN2, Class M2<br>7.334% (LIBOR 1 Month +<br>4.25%), 11/25/2023(f) |  | 141 | 142493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DNA1, Class M3<br>6.384% (LIBOR 1 Month +<br>3.30%), 10/25/2027(f) |  | 75 | 75965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-HQA2, Class M3<br>7.884% (LIBOR 1 Month + 4.80%), 05/25/2028(f) |  | 93 | 94310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HQA3, Class M2<br>4.934% (LIBOR 1 Month +<br>1.85%), 09/25/2049(a)(f) |  | 189 | 185632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M1<br>3.081% (SOFR + 0.80%), 10/25/2041(a)(f) |  | 64 | 62786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class M2<br>4.081% (SOFR + 1.80%), 11/25/2041(a)(f) |  | 2181 | 1954526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M2<br>4.631% (SOFR + 2.35%), 12/25/2041(a)(f) |  | 415 | 352587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M1B<br>4.131% (SOFR + 1.85%), 01/25/2042(a)(f) |  | 731 | 663190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1B<br>4.681% (SOFR + 2.40%), 02/25/2042(a)(f) |  | 561 | 520892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1A<br>4.281% (SOFR + 2.00%), 04/25/2042(a)(f) |  | 374 | 370135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B<br>5.181% (SOFR + 2.90%), 04/25/2042(a)(f) |  | 239 | 225961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1B<br>5.631% (SOFR + 3.35%), 05/25/2042(a)(f) |  | 878 | 834200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1B<br>6.781% (SOFR + 4.50%), 06/25/2042(a)(f) |  | 1591 | 1594166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M1A<br>4.435% (SOFR + 2.15%), 09/25/2042(a)(f) |  | 606 | 602523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M1A<br>4.876% (SOFR + 2.50%), 09/25/2042(a)(f) |  | 1503 | 1502997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M1B<br>5.781% (SOFR + 3.50%), 03/25/2042(a)(f) |  | 134 | 128148 |

---

 <br> *2022 Annual Report* *41*

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2014-C04, Class 1M2<br>7.984% (LIBOR 1 Month +<br>4.90%), 11/25/2024(f) | U.S.$| 214 | $220994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C04, Class 2M2<br>8.084% (LIBOR 1 Month +<br>5.00%), 11/25/2024(f) |  | 37 | 37604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C01, Class 1M2<br>7.384% (LIBOR 1 Month + 4.30%), 02/25/2025(f) |  | 140 | 143212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C02, Class 1M2<br>7.084% (LIBOR 1 Month +<br>4.00%), 05/25/2025(f) |  | 218 | 221356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C03, Class 1M2<br>8.084% (LIBOR 1 Month +<br>5.00%), 07/25/2025(f) |  | 242 | 246478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C04, Class 1M2<br>8.784% (LIBOR 1 Month +<br>5.70%), 04/25/2028(f) |  | 345 | 357321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C04, Class 2M2<br>8.634% (LIBOR 1 Month +<br>5.55%), 04/25/2028(f) |  | 197 | 201226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 2M2<br>10.034% (LIBOR 1 Month +<br>6.95%), 08/25/2028(f) |  | 61 | 62830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2<br>9.084% (LIBOR 1 Month +<br>6.00%), 09/25/2028(f) |  | 171 | 177297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class 2M2<br>5.934% (LIBOR 1 Month +<br>2.85%), 11/25/2029(f) |  | 368 | 370008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2<br>4.281% (SOFR + 2.00%), 11/25/2041(a)(f) |  | 630 | 563607 |
|  JPMorgan Madison Avenue Securities Trust <br>Series 2014-CH1, Class M2 <br>7.334% (LIBOR 1 Month +<br>4.25%), 11/25/2024(f)(g) |  | 21 | 20131 |
|  PMT Credit Risk Transfer Trust<br>Series 2019-2R, Class A 5.<br>863% (LIBOR 1 Month +<br>2.75%), 05/27/2023(a)(f) |  | 631 | 605920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3R, Class A<br>5.813% (LIBOR 1 Month +<br>2.70%), 10/27/2022(a)(f) |  | 69 | 66780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1R, Class A<br>5.463% (LIBOR 1 Month +<br>2.35%), 02/27/2023(f)(g) |  | 158 | 149631 |
|  Radnor Re Ltd.<br>Series 2019-1, Class M1B<br>5.034% (LIBOR 1 Month +<br>1.95%), 02/25/2029(a)(f) |  | 809 | 799434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class M1B<br>4.834% (LIBOR 1 Month +<br>1.75%), 06/25/2029(a)(f) |  | 245 | 244510 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1A<br>4.034% (LIBOR 1 Month +<br>0.95%), 01/25/2030(a)(f) | U.S.$| 210 | $209339 |
|  Traingle Re Ltd. <br>Series 2021-3, Class M1A <br>4.181% (SOFR + 1.90%), 02/25/2034(a)(f) |  | 337 | 334165 |
|  Wells Fargo Credit Risk Transfer Securities Trust<br>Series 2015-WF1, Class 1M2<br>8.334% (LIBOR<br>1 Month + 5.25%), 11/25/2025(f)(g) |  | 130 | 119951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-WF1, Class 2M2<br>8.584% (LIBOR 1 Month +<br>5.50%), 11/25/2025(f)(g) |  | 33 | 31102 |
|  |  |  | 32775527 |
| **Agency Floating Rate–0.2%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICs<br>Series 4693, Class SL<br>3.332% (6.15% – LIBOR<br>1 Month), 06/15/2047(f)(h) |  | 1371 | 148495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4719, Class JS<br>3.332% (6.15% – LIBOR<br>1 Month), 09/15/2047(f)(h) |  | 418 | 43756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4954, Class SL<br>2.966% (6.05% – LIBOR<br>1 Month), 02/25/2050(f)(h) |  | 1432 | 143297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4981, Class HS<br>3.016% (6.10% – LIBOR<br>1 Month), 06/25/2050(f)(h) |  | 3371 | 331712 |
|  Federal National Mortgage Association REMICs<br>Series 2011-131, Class ST<br>3.456% (6.54% – LIBOR 1<br>Month), 12/25/2041(f)(h) |  | 633 | 73893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17, Class SA<br>2.966% (6.05% – LIBOR<br>1 Month), 04/25/2044(f)(h) |  | 1791 | 198830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-78, Class SE<br>3.016% (6.10% – LIBOR<br>1 Month), 12/25/2044(f)(h) |  | 501 | 48700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-77, Class DS<br>2.916% (6.00% – LIBOR<br>1 Month), 10/25/2046(f)(h) |  | 1121 | 110961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-62, Class AS<br>3.066% (6.15% – LIBOR<br>1 Month), 08/25/2047(f)(h) |  | 533 | 60177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-81, Class SA<br>3.116% (6.20% – LIBOR<br>1 Month), 10/25/2047(f)(h) |  | 537 | 58918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-97, Class LS<br>3.116% (6.20% – LIBOR<br>1 Month), 12/25/2047(f)(h) |  | 1101 | 121302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-97, Class SW<br>3.116% (6.20% – LIBOR<br>1 Month), 12/25/2047(f)(h) |  | 563 | 59624 |

---

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Government National Mortgage Association<br>Series 2017-122, Class SA<br>3.186% (6.20% – LIBOR<br>1 Month), 08/20/2047(f)(h) | U.S.$| 526 | $| 60093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-134, Class SE<br>3.186% (6.20% – LIBOR<br>1 Month), 09/20/2047(f)(h) |  | 383 |  | 36355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-65, Class ST<br>3.136% (6.15% – LIBOR<br>1 Month), 04/20/2047(f)(h) |  | 669 |  | 75451 |
|  |  |  |  | 1571564 |
| **Agency Fixed Rate–0.2%** |  |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICs <br>Series 5015, Class BI <br>4.00%, 09/25/2050(i) |  | 2350 |  | 445706 |
|  Federal National Mortgage Association REMICs <br>Series 2020-89, Class KI <br>4.00%, 12/25/2050(i) |  | 5099 |  | 963977 |
|  |  |  |  | 1409683 |
| **Non-Agency Floating Rate–0.0%** |  |  |  |  |
|  JPMorgan Chase Bank, NA <br>Series 2019-CL1, Class M3 <br>5.184% (LIBOR 1 Month +<br>2.10%), 04/25/2047(a)(f) |  | 129 |  | 126250 |
| Total Collateralized Mortgage Obligations <br>(cost $37,133,527) | Total Collateralized Mortgage Obligations <br>(cost $37,133,527) | Total Collateralized Mortgage Obligations <br>(cost $37,133,527) |  | 35883024 |
|  |  | **Shares** |  |  |
| **INVESTMENT COMPANIES–3.3%** | **INVESTMENT COMPANIES–3.3%** | **INVESTMENT COMPANIES–3.3%** | **INVESTMENT COMPANIES–3.3%** | **INVESTMENT COMPANIES–3.3%** |
| **Funds and Investment Trusts–3.3%** | **Funds and Investment Trusts–3.3%** | **Funds and Investment Trusts–3.3%** | **Funds and Investment Trusts–3.3%** | **Funds and Investment Trusts–3.3%** |
|  AB All Market Real Return Portfolio—Class Z(j)(k)<br>(cost $31,827,545) |  | 3429166 |  | 29456532 |
|  | **Principal Amount (000)** | **Principal Amount (000)** |  |  |
| **ASSET-BACKED SECURITIES–2.8%** | **ASSET-BACKED SECURITIES–2.8%** | **ASSET-BACKED SECURITIES–2.8%** | **ASSET-BACKED SECURITIES–2.8%** | **ASSET-BACKED SECURITIES–2.8%** |
| **Autos—Fixed Rate–1.5%** | **Autos—Fixed Rate–1.5%** | **Autos—Fixed Rate–1.5%** | **Autos—Fixed Rate–1.5%** | **Autos—Fixed Rate–1.5%** |
|  ACM Auto Trust <br>Series 2022-1A, Class A <br>3.23%, 04/20/2029(a) | U.S.$| 764 |  | 761099 |
|  Avis Budget Rental Car Funding AESOP LLC<br>Series 2017-2A, Class D<br>4.56%, 03/20/2024(a) |  | 1056 |  | 1051386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A<br>3.70%, 09/20/2024(a) |  | 1240 |  | 1229478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A<br>4.00%, 03/20/2025(a) |  | 500 |  | 491245 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Carvana Auto Receivables Trust<br>Series 2021-N3, Class C<br>1.02%, 06/12/2028 | U.S.$| 502 | $482441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N4, Class D<br>2.30%, 09/11/2028 |  | 215 | 197469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P4, Class D<br>2.61%, 09/11/2028 |  | 596 | 489164 |
|  CPS Auto Receivables Trust<br>Series 2021-C, Class D<br>1.69%, 06/15/2027(a) |  | 740 | 668934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class C<br>2.17%, 04/16/2029(a) |  | 824 | 763063 |
|  FHF Trust <br>Series 2021-2A, Class A <br>0.83%, 12/15/2026(a) |  | 326 | 309182 |
|  Ford Credit Auto Owner Trust <br>Series 2021-1, Class D <br>2.31%, 10/17/2033(a) |  | 824 | 710151 |
|  Hertz Vehicle Financing III LLC <br>Series 2022-1A, Class C <br>2.63%, 06/25/2026(a) |  | 380 | 339621 |
|  LAD Auto Receivables Trust<br>Series 2021-1A, Class A<br>1.30%, 08/17/2026(a) |  | 503 | 484385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A<br>5.21%, 06/15/2027(a) |  | 975 | 962267 |
|  Research-Driven Pagaya Motor Asset Trust VII <br>Series 2022-3A, Class A <br>5.38%, 11/25/2030(a) |  | 1040 | 1026259 |
|  Santander Bank Auto Credit-Linked Notes<br>Series 2022-A, Class B<br>5.281%, 05/15/2032(a) |  | 1012 | 992564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class B<br>5.721%, 08/16/2032(a) |  | 1414 | 1416133 |
|  Santander Bank NA—SBCLN <br>Series 2021-1A, Class B <br>1.833%, 12/15/2031(a) |  | 225 | 217330 |
|  United Auto Credit Securitization Trust <br>Series 2022-2, Class A <br>4.39%, 04/10/2025(a) |  | 941 | 936694 |
|  |  |  | 13528865 |
| **Other ABS—Fixed Rate–1.2%** |  |  |  |
|  AB Issuer LLC <br>Series 2021-1, Class A2 <br>3.734%, 07/30/2051(a) |  | 1143 | 937840 |
|  Affirm Asset Securitization Trust<br>Series 2021-Z1, Class A<br>1.07%, 08/15/2025(a) |  | 233 | 225734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Z2, Class A<br>1.17%, 11/16/2026(a) |  | 251 | 241923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-X1, Class A<br>1.75%, 02/15/2027(a) |  | 705 | 687260 |

---

 <br> *2022 Annual Report* *43*

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Amur Equipment Finance Receivables XI LLC <br>Series 2022-2A, Class A2 <br>5.30%, 06/21/2028(a) | U.S.$| 425 | $422431 |
|  Atalaya Equipment Leasing Trust <br>Series 2021-1A, Class B <br>2.08%, 02/15/2027(a) |  | 249 | 232212 |
|  BHG Securitization Trust <br>Series 2022-A, Class A <br>1.71%, 02/20/2035(a) |  | 86 | 80628 |
|  Cajun Global LLC <br>Series 2021-1, Class A2 <br>3.931%, 11/20/2051(a) |  | 241 | 205107 |
|  College Ave Student Loans <br>Series 2021-C, Class B <br>2.72%, 07/26/2055(a) |  | 311 | 263682 |
|  Conn's Receivables Funding <br>Series 2021-A, Class A <br>1.05%, 05/15/2026(a) |  | 272 | 270297 |
|  Diamond Issuer <br>Series 2021-1A, Class A <br>2.305%, 11/20/2051(a) |  | 1139 | 961967 |
|  Domino's Pizza Master Issuer LLC <br>Series 2021-1A, Class A2I <br>2.662%, 04/25/2051(a) |  | 624 | 513937 |
|  GCI Funding I LLC <br>Series 2021-1, Class A <br>2.38%, 06/18/2046(a) |  | 442 | 376837 |
|  Hardee's Funding LLC<br>Series 2018-1A, Class A23<br>5.71%, 06/20/2048(a) |  | 567 | 519268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A2<br>3.981%, 12/20/2050(a) |  | 430 | 369188 |
|  Marlette Funding Trust <br>Series 2022-2A, Class A <br>4.25%, 08/15/2032 <sup>(a)</sup> |  | 297 | 293717 |
|  MVW LLC <br>Series 2021-2A, Class B <br>1.83%, 05/20/2039(a) |  | 517 | 460803 |
|  Neighborly Issuer <br>Series 2022-1A, Class A2 <br>3.695%, 01/30/2052(a) |  | 837 | 673190 |
|  Neighborly Issuer LLC <br>Series 2021-1A, Class A2 <br>3.584%, 04/30/2051(a) |  | 446 | 368470 |
|  Nelnet Student Loan Trust<br>Series 2021-BA, Class B<br>2.68%, 04/20/2062(a) |  | 140 | 111354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B<br>2.53%, 04/20/2062(a) |  | 859 | 669605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class B<br>2.90%, 04/20/2062(a) |  | 457 | 368350 |
|  SBA Tower Trust <br>Series 2014-2A, Class C <br>3.869%, 10/15/2049(a) |  | 774 | 748493 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Upstart Securitization Trust<br>Series 2020-3, Class A<br>1.702%, 11/20/2030(a) | U.S.$| 22 | $| 21772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class B<br>1.66%, 07/20/2031(a) |  | 750 |  | 690745 |
|  |  |  |  | 10714810 |
| **Credit Cards—Fixed Rate–0.1%** |  |  |  |  |
|  Brex Commercial Charge Card Master Trust<br>Series 2021-1, Class A<br>2.09%, 07/15/2024(a) |  | 602 |  | 590470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A<br>4.63%, 07/15/2025(a) |  | 555 |  | 537513 |
|  Mission Lane Credit Card Master Trust <br>Series 2021-A, Class B <br>2.24%, 09/15/2026(a) |  | 244 |  | 235419 |
|  |  |  |  | 1363402 |
| Total Asset-Backed Securities <br>(cost $27,739,491) |  |  |  | 25607077 |
| **CORPORATES—NON-INVESTMENT GRADE–2.4%** | **CORPORATES—NON-INVESTMENT GRADE–2.4%** | **CORPORATES—NON-INVESTMENT GRADE–2.4%** | **CORPORATES—NON-INVESTMENT GRADE–2.4%** | **CORPORATES—NON-INVESTMENT GRADE–2.4%** |
| **Industrial–1.6%** | **Industrial–1.6%** | **Industrial–1.6%** | **Industrial–1.6%** | **Industrial–1.6%** |
| **Basic–0.1%** | **Basic–0.1%** | **Basic–0.1%** | **Basic–0.1%** | **Basic–0.1%** |
|  INEOS Quattro Finance 2 PLC <br>2.50%, 01/15/2026(a) | EUR | 603 |  | 485577 |
|  Rimini Bidco SpA <br>6.25% (EURIBOR 3 Month +<br>5.25%), 12/14/2026(a)(f) |  | 410 |  | 339241 |
|  |  |  |  | 824818 |
| **Capital Goods–0.1%** |  |  |  |  |
|  Silgan Holdings, Inc. <br>2.25%, 06/01/2028 |  | 122 |  | 95698 |
|  TK Elevator Midco GmbH <br>4.375%, 07/15/2027(a) |  | 439 |  | 361579 |
|  TransDigm, Inc. <br>6.25%, 03/15/2026(a) | U.S.$| 468 |  | 453881 |
|  |  |  |  | 911158 |
| **Communications—Media–0.4%** |  |  |  |  |
|  Altice Financing SA <br>3.00%, 01/15/2028(a) | EUR | 320 |  | 236053 |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.50%, 08/15/2030(a) | U.S.$| 240 |  | 189849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033(a) |  | 846 |  | 627495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032(a) |  | 655 |  | 511136 |
|  DISH DBS Corp.<br>5.25%, 12/01/2026(a) |  | 1260 |  | 1039965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028(a) |  | 875 |  | 659698 |
|  Summer BC Holdco B SARL <br>5.75%, 10/31/2026(a) | EUR | 320 |  | 267718 |
|  VZ Vendor Financing II BV <br>2.875%, 01/15/2029(a) |  | 320 |  | 223336 |
|  |  |  |  | 3755250 |

---

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

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Communications—Telecommunications–0.2%** | **Communications—Telecommunications–0.2%** | **Communications—Telecommunications–0.2%** |  |
|  Altice France SA/France <br>3.375%, 01/15/2028(a) | EUR | 320 | $238335 |
|  Lorca Telecom Bondco SA <br>4.00%, 09/18/2027(a) |  | 710 | 605475 |
|  Telecom Italia SpA/Milano <br>1.625%, 01/18/2029 (a) |  | 525 | 365916 |
|  Telefonica Europe BV <br>4.375%, 12/14/2024(a)(d) |  | 300 | 278294 |
|  |  |  | 1488020 |
| **Consumer Cyclical—Automotive–0.2%** | **Consumer Cyclical—Automotive–0.2%** | **Consumer Cyclical—Automotive–0.2%** |  |
|  Adient Global Holdings Ltd. <br>3.50%, 08/15/2024(a) |  | 320 | 289662 |
|  Clarios Global LP/Clarios US Finance Co. <br>4.375%, 05/15/2026(a) |  | 242 | 209435 |
|  Ford Motor Co. <br>6.10%, 08/19/2032 | U.S.$| 1098 | 967920 |
|  ZF Finance GmbH<br>2.00%, 05/06/2027(a) | EUR | 500 | 378750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/21/2028(a) |  | 300 | 228767 |
|  |  |  | 2074534 |
| **Consumer Cyclical—Entertainment–0.2%** | **Consumer Cyclical—Entertainment–0.2%** | **Consumer Cyclical—Entertainment–0.2%** |  |
|  Carnival Corp. <br>4.00%, 08/01/2028(a) | U.S.$| 1057 | 853169 |
|  Carnival PLC <br>1.00%, 10/28/2029 | EUR | 490 | 230282 |
|  Royal Caribbean Cruises Ltd.<br>8.25%, 01/15/2029(a) | U.S.$| 628 | 610899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/01/2025(a) |  | 446 | 473879 |
|  |  |  | 2168229 |
| **Consumer Cyclical—Other–0.1%** |  |  |  |
|  Allwyn Entertainment Financing UK PLC <br>4.446% (EURIBOR 3 Month +<br>4.12%), 02/15/2028(a)(f) | EUR | 199 | 179812 |
|  NH Hotel Group SA <br>4.00%, 07/02/2026(a) |  | 320 | 273006 |
|  |  |  | 452818 |
| **Consumer Cyclical—Restaurants–0.0%** | **Consumer Cyclical—Restaurants–0.0%** | **Consumer Cyclical—Restaurants–0.0%** |  |
|  1011778 BC ULC/New Red Finance, Inc. <br>3.50%, 02/15/2029(a) | U.S.$| 78 | 64549 |
|  Stonegate Pub Co. Financing 2019 PLC <br>8.25%, 07/31/2025(a) | GBP | 230 | 225199 |
|  |  |  | 289748 |
| **Consumer Non-Cyclical–0.2%** |  |  |  |
|  Albertsons Cos., Inc./Safeway, Inc./<br>New Albertsons LP/Albertsons LLC<br>3.50%, 02/15/2023(a) | U.S.$| 236 | 233900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2029(a) |  | 575 | 464313 |
|  Grifols Escrow Issuer SA <br>3.875%, 10/15/2028(a) | EUR | 134 | 97050 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Grifols SA <br>1.625%, 02/15/2025(a) | EUR | 128 | $| 111056 |
|  IQVIA, Inc. <br>2.25%, 03/15/2029(a) |  | 200 |  | 150270 |
|  Nobel Bidco BV <br>3.125%, 06/15/2028(a) |  | 320 |  | 210436 |
|  Organon & Co./<br>Organon Foreign Debt Co-Issuer BV<br>2.875%, 04/30/2028(a) |  | 200 |  | 156698 |
|  |  |  |  | 1423723 |
| **Services–0.1%** |  |  |  |  |
|  APCOA Parking Holdings GmbH <br>4.625%, 01/15/2027(a) |  | 320 |  | 248735 |
|  Verisure Holding AB <br>3.25%, 02/15/2027(a) |  | 395 |  | 314256 |
|  |  |  |  | 562991 |
| **Technology–0.0%** |  |  |  |  |
|  Cedacri Mergeco SpA <br>4.946% (EURIBOR 3 Month +<br>4.62%), 05/15/2028(a)(f) |  | 130 |  | 118330 |
|  Playtech PLC <br>4.25%, 03/07/2026(a) |  | 200 |  | 177595 |
|  |  |  |  | 295925 |
| **Transportation—Airlines–0.0%** |  |  |  |  |
|  Deutsche Lufthansa AG <br>3.00%, 05/29/2026(a) |  | 200 |  | 164449 |
|  |  |  |  | 14411663 |
| **Financial Institutions–0.7%** | **Financial Institutions–0.7%** | **Financial Institutions–0.7%** | **Financial Institutions–0.7%** | **Financial Institutions–0.7%** |
| **Banking–0.6%** | **Banking–0.6%** | **Banking–0.6%** | **Banking–0.6%** | **Banking–0.6%** |
|  Banco Bilbao Vizcaya Argentaria SA <br>Series 9 <br>6.50%, 03/05/2025(d) | U.S.$| 400 |  | 347792 |
|  Credit Suisse Group AG<br>7.50%, 07/17/2023(a)(d) |  | 1016 |  | 873750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/11/2023(a)(d) |  | 973 |  | 895111 |
|  Discover Financial Services <br>Series D <br>6.125%, 06/23/2025(d) |  | 1865 |  | 1823597 |
|  Intesa Sanpaolo SpA <br>5.017%, 06/26/2024 (a) |  | 400 |  | 373364 |
|  Societe Generale SA<br>7.875%, 12/18/2023(a)(d) |  | 695 |  | 663899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 09/29/2025(a)(d) |  | 390 |  | 370059 |
|  |  |  |  | 5347572 |
| **Finance–0.0%** | **Finance–0.0%** | **Finance–0.0%** | **Finance–0.0%** | **Finance–0.0%** |
|  SLM Corp. <br>4.20%, 10/29/2025 |  | 311 |  | 278973 |
| **Other Finance–0.0%** | **Other Finance–0.0%** | **Other Finance–0.0%** | **Other Finance–0.0%** | **Other Finance–0.0%** |
|  Motion Finco Sarl <br>7.00%, 05/15/2025 (a) | EUR | 255 |  | 247434 |

---

 <br> *2022 Annual Report* *45*

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **REITs–0.1%** | **REITs–0.1%** | **REITs–0.1%** | **REITs–0.1%** |
|  Vivion Investments SARL <br>3.00%, 08/08/2024(a) | EUR | 600 | $533449 |
|  |  |  | 6407428 |
| **Utility–0.1%** | **Utility–0.1%** | **Utility–0.1%** | **Utility–0.1%** |
| **Electric–0.1%** | **Electric–0.1%** | **Electric–0.1%** | **Electric–0.1%** |
|  EDP—Energias de Portugal SA <br>Series NC5. <br>1.50%, 03/14/2082(a) |  | 300 | 229611 |
|  Vistra Corp. <br>7.00%, 12/15/2026(a)(d) | U.S.$| 384 | 335751 |
|  |  |  | 565362 |
| Total Corporates—Non-Investment Grade <br>(cost $26,820,549) | Total Corporates—Non-Investment Grade <br>(cost $26,820,549) | Total Corporates—Non-Investment Grade <br>(cost $26,820,549) | 21384453 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES–2.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–2.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–2.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–2.2%** |
| **Non-Agency Floating Rate CMBS–1.3%** | **Non-Agency Floating Rate CMBS–1.3%** | **Non-Agency Floating Rate CMBS–1.3%** | **Non-Agency Floating Rate CMBS–1.3%** |
|  AREIT Trust <br>Series 2022-CRE6, Class A <br>3.534% (SOFR +<br>1.25%), 01/16/2037(a)(f) |  | 1836 | 1765417 |
|  Ashford Hospitality Trust <br>Series 2018-KEYS, Class A <br>3.818% (LIBOR 1 Month +<br>1.00%), 06/15/2035(a)(f) |  | 600 | 581113 |
|  BAMLL Commercial Mortgage Securities Trust <br>Series 2017-SCH, Class AF <br>3.818% (LIBOR 1 Month +<br>1.00%), 11/15/2033(a)(f) |  | 1935 | 1822619 |
|  BBCMS Mortgage Trust <br>Series 2020-BID, Class A <br>4.958% (LIBOR 1 Month +<br>2.14%), 10/15/2037(a)(f) |  | 1089 | 1072580 |
|  BFLD Trust <br>Series 2021-FPM, Class A <br>4.418% (LIBOR 1 Month +<br>1.60%), 06/15/2038(a)(f) |  | 1653 | 1594099 |
|  BHMS <br>Series 2018-ATLS, Class A <br>4.068% (LIBOR 1 Month +<br>1.25%), 07/15/2035(a)(f) |  | 612 | 590834 |
|  BHP Trust <br>Series 2019-BXHP, Class C <br>4.34% (LIBOR 1 Month +<br>1.52%), 08/15/2036(a)(f) |  | 235 | 223887 |
|  BX Commercial Mortgage Trust <br>Series 2019-IMC, Class E <br>4.968% (LIBOR 1 Month +<br>2.15%), 04/15/2034(a)(f) |  | 430 | 405754 |
|  BX Trust <br>Series 2018-EXCL, Class A <br>3.906% (LIBOR 1 Month +<br>1.09%), 09/15/2037(a)(f) |  | 65 | 63741 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  CLNY Trust <br>Series 2019-IKPR, Class D <br>4.843% (LIBOR 1 Month +<br>2.02%), 11/15/2038(a)(f) | U.S.$| 915 | $853100 |
|  DBWF Mortgage Trust <br>Series 2018-GLKS, Class A <br>4.023% (LIBOR 1 Month +<br>1.03%), 12/19/2030(a)(f) |  | 766 | 743926 |
|  Federal Home Loan Mortgage Corp. <br>Series 2021-MN1, Class M1 <br>4.281% (SOFR + 2.00%),<br>01/25/2051(a)(f) |  | 113 | 108181 |
|  GS Mortgage Securities Corp. Trust <br>Series 2019-SMP, Class D <br>4.768% (LIBOR 1 Month +<br>1.95%), 08/15/2032(a)(f) |  | 230 | 217277 |
|  HFX Funding <br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035(f)(g) |  | 1230 | 1129216 |
|  Invitation Homes Trust <br>Series 2018-SFR4, Class A <br>4.093% (LIBOR 1 Month +<br>1.10%), 01/17/2038(a)(f) |  | 820 | 812569 |
|  Natixis Commercial Mortgage Securities Trust <br>Series 2019-MILE, Class A <br>4.318% (LIBOR 1 Month +<br>1.50%), 07/15/2036(a)(f) |  | 372 | 366226 |
|  |  |  | 12350539 |
| **Non-Agency Fixed Rate CMBS–0.9%** |  |  |  |
|  BAMLL Commercial Mortgage Securities Trust <br>Series 2013-WBRK, Class D <br>3.652%, 03/10/2037(a) |  | 500 | 424332 |
|  Banc of America Commercial Mortgage Trust <br>Series 2015-UBS7, Class AS <br>3.989%, 09/15/2048 |  | 85 | 79662 |
|  Commercial Mortgage Trust <br>Series 2010-C1, Class D <br>5.985%, 07/10/2046(a) |  | 1006 | 982332 |
|  GS Mortgage Securities Trust<br>Series 2011-GC5, Class AS<br>5.209%, 08/10/2044(a) |  | 429 | 426690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-GC5, Class D<br>5.302%, 08/10/2044(a) |  | 114 | 48671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-G1, Class A2<br>3.557%, 04/10/2031(a) |  | 582 | 577498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC12, Class B<br>3.777%, 06/10/2046 |  | 465 | 457058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC18, Class D<br>5.225%, 01/10/2047(a) |  | 40 | 16448 |
|  GSF<br>Series 2021-1, Class A1<br>1.433%, 08/15/2026(g)(l) |  | 412 | 381575 |

---

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2<br>2.435%, 08/15/2026(g)(l) | U.S.$| 1071 | $| 1009519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class AS<br>2.638%, 08/15/2026(g)(l) |  | 39 |  | 35974 |
|  JPMBB Commercial Mortgage Securities Trust<br>Series 2014-C21, Class B<br>4.341%, 08/15/2047 |  | 150 |  | 139059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class XA<br>0.957%, 09/15/2047(i) |  | 13063 |  | 148128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C26, Class AS<br>3.80%, 01/15/2048 |  | 770 |  | 724267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C33, Class AS<br>4.023%, 12/15/2048 |  | 440 |  | 412281 |
|  JPMorgan Chase Commercial Mortgage Securities Trust <br>Series 2012-C6, Class E <br>5.129%, 05/15/2045(a) |  | 375 |  | 290319 |
|  LB-UBS Commercial Mortgage Trust <br>Series 2006-C6, Class AJ <br>5.452%, 09/15/2039 |  | 117 |  | 51620 |
|  LSTAR Commercial Mortgage Trust <br>Series 2016-4, Class A2 <br>2.579%, 03/10/2049(a) |  | 387 |  | 383976 |
|  Morgan Stanley Capital I Trust <br>Series 2011-C3, Class C <br>5.253%, 07/15/2049(a) |  | 68 |  | 66783 |
|  UBS Commercial Mortgage Trust <br>Series 2019-C17, Class AS <br>3.203%, 10/15/2052 |  | 364 |  | 306235 |
|  Wells Fargo Commercial Mortgage Trust<br>Series 2016-LC25, Class C<br>4.483%, 12/15/2059 |  | 125 |  | 109875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS6, Class C<br>4.531%, 11/15/2049 |  | 750 |  | 668347 |
|  WF-RBS Commercial Mortgage Trust <br>Series 2014-C24, Class AS <br>3.931%, 11/15/2047 |  | 143 |  | 136233 |
|  |  |  |  | 7876882 |
| Total Commercial Mortgage-Backed Securities <br>(cost $21,634,409) |  |  |  | 20227421 |
| **COLLATERALIZED LOAN OBLIGATIONS–1.9%** | **COLLATERALIZED LOAN OBLIGATIONS–1.9%** | **COLLATERALIZED LOAN OBLIGATIONS–1.9%** | **COLLATERALIZED LOAN OBLIGATIONS–1.9%** | **COLLATERALIZED LOAN OBLIGATIONS–1.9%** |
| **CLO—Floating Rate–1.9%** |  |  |  |  |
|  AGL CLO 10 Ltd. <br>Series 2021-10A, Class A <br>3.642% (LIBOR 3 Month +<br>1.13%), 04/15/2034 (a)(f) |  | 330 |  | 314239 |
|  AGL CLO 12 Ltd. <br>Series 2021-12A, Class D <br>5.56% (LIBOR 3 Month +<br>2.85%), 07/20/2034 (a)(f) |  | 350 |  | 303794 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  AGL CLO 16 Ltd. <br>Series 2021-16A, Class A <br>3.84% (LIBOR 3 Month +<br>1.13%), 01/20/2035 (a)(f) | U.S.$| 1028 | $972491 |
|  Balboa Bay Loan Funding Ltd.<br>Series 2020-1A, Class DR<br>5.86% (LIBOR 3 Month +<br>3.15%), 01/20/2032(a)(f) |  | 700 | 612061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A<br>3.91% (LIBOR 3 Month +<br>1.20%), 07/20/2034(a)(f) |  | 816 | 781604 |
|  Ballyrock CLO 15 Ltd. <br>Series 2021-1A, Class C <br>5.612% (LIBOR 3 Month +<br>3.10%), 04/15/2034(a)(f) |  | 375 | 323149 |
|  Ballyrock CLO 17 Ltd. <br>Series 2021-17A, Class A1A <br>3.86% (LIBOR 3 Month +<br>1.15%), 10/20/2034(a)(f) |  | 250 | 238613 |
|  Dryden 78 CLO Ltd.<br>Series 2020-78A, Class C<br>4.69% (LIBOR 3 Month +<br>1.95%), 04/17/2033(a)(f) |  | 830 | 759571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-78A, Class D<br>5.74% (LIBOR 3 Month +<br>3.00%), 04/17/2033(a)(f) |  | 250 | 221063 |
|  Elevation CLO Ltd. <br>Series 2020-11A, Class C <br>4.712% (LIBOR 3 Month +<br>2.20%), 04/15/2033(a)(f) |  | 670 | 595335 |
|  Elmwood CLO IX Ltd.<br>Series 2021-2A, Class A<br>3.84% (LIBOR 3 Month +<br>1.13%), 07/20/2034(a)(f) |  | 452 | 432534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D<br>5.66% (LIBOR 3 Month +<br>2.95%), 07/20/2034(a)(f) |  | 368 | 324436 |
|  Flatiron CLO 21 Ltd.<br>Series 2021-1A, Class A1<br>3.848% (LIBOR 3 Month +<br>1.11%), 07/19/2034(a)(f) |  | 340 | 324614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D<br>5.638% (LIBOR 3 Month +<br>2.90%), 07/19/2034(a)(f) |  | 390 | 347154 |
|  Goldentree Loan Management US CLO 7 Ltd. <br>Series 2020-7A, Class AR <br>3.78% (LIBOR 3 Month +<br>1.07%), 04/20/2034(a)(f) |  | 883 | 837839 |
|  ICG US CLO Ltd. <br>Series 2015-1A, Class A1R <br>3.878% (LIBOR 3 Month +<br>1.14%), 10/19/2028 (a)(f) |  | 387 | 380866 |
|  Kings Park CLO Ltd. <br>Series 2021-1A, Class A <br>3.862% (LIBOR 3 Month +<br>1.13%), 01/21/2035 (a)(f) |  | 250 | 238208 |

---

 <br> *2022 Annual Report* *47*

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Magnetite XXVI Ltd. <br>Series 2020-26A, Class A1R <br>3.903% (LIBOR 3 Month +<br>1.12%), 07/25/2034(a)(f) | U.S.$| 1576 | $1510288 |
|  Marble Point CLO XI Ltd. <br>Series 2017-2A, Class A <br>3.92% (LIBOR 3 Month +<br>1.18%), 12/18/2030(a)(f) |  | 678 | 653507 |
|  Neuberger Berman Loan Advisers CLO 42 Ltd. <br>Series 2021-42A, Class D <br>5.54% (LIBOR 3 Month +<br>2.80%), 07/16/2035(a)(f) |  | 455 | 399263 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. <br>Series 2021-43A, Class A <br>3.87% (LIBOR 3 Month +<br>1.13%), 07/17/2035(a)(f) |  | 965 | 924539 |
|  Neuberger Berman Loan Advisers CLO Ltd. <br>Series 2021-42A, Class A <br>3.84% (LIBOR 3 Month +<br>1.10%), 07/16/2035(a)(f) |  | 197 | 188278 |
|  OCP CLO Ltd. <br>Series 2020-18A, Class AR <br>3.80% (LIBOR 3 Month +<br>1.09%), 07/20/2032(a)(f) |  | 1156 | 1117142 |
|  Octagon Loan Funding Ltd. <br>Series 2014-1A, Class ARR <br>4.141% (LIBOR 3 Month +<br>1.18%), 11/18/2031 (a)(f) |  | 461 | 446630 |
|  OZLM XVIII Ltd. <br>Series 2018-18A, Class A <br>3.532% (LIBOR 3 Month +<br>1.02%), 04/15/2031(a)(f) |  | 745 | 716745 |
|  Peace Park CLO Ltd. <br>Series 2021-1A, Class A <br>3.84% (LIBOR 3 Month +<br>1.13%), 10/20/2034(a)(f) |  | 287 | 275229 |
|  Pikes Peak CLO 8 <br>Series 2021-8A, Class A <br>3.88% (LIBOR 3 Month +<br>1.17%), 07/20/2034(a)(f) |  | 1046 | 1001222 |
|  Rad CLO 7 Ltd. <br>Series 2020-7A, Class C <br>4.74% (LIBOR 3 Month +<br>2.00%), 04/17/2033(a)(f) |  | 250 | 229870 |
|  Regatta XIX Funding Ltd. <br>Series 2022-1A, Class A1 <br>2.399% (SOFR +<br>1.32%), 04/20/2035(a)(f) |  | 250 | 237843 |
|  Regatta XXIV Funding Ltd. <br>Series 2021-5A, Class A1 <br>3.86% (LIBOR 3 Month +<br>1.15%), 01/20/2035(a)(f) |  | 250 | 237430 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Rockford Tower CLO Ltd.<br>Series 2021-1A, Class D<br>5.71% (LIBOR 3 Month +<br>3.00%), 07/20/2034(a)(f) | U.S.$| 600 | $| 511704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D<br>5.96% (LIBOR 3 Month +<br>3.25%), 07/20/2034(a)(f) |  | 449 |  | 385218 |
|  Voya CLO Ltd. <br>Series 2019-1A, Class DR <br>5.362% (LIBOR 3 Month +<br>2.85%), 04/15/2031(a)(f) |  | 340 |  | 290640 |
| Total Collateralized Loan Obligations <br>(cost $18,329,740) |  |  |  | 17133119 |
|  | **Notional Amount** | **Notional Amount** |  |  |
| **OPTIONS PURCHASED—PUTS–1.2%** | **OPTIONS PURCHASED—PUTS–1.2%** | **OPTIONS PURCHASED—PUTS–1.2%** | **OPTIONS PURCHASED—PUTS–1.2%** | **OPTIONS PURCHASED—PUTS–1.2%** |
| **Options on Equity Indices–1.2%** | **Options on Equity Indices–1.2%** | **Options on Equity Indices–1.2%** | **Options on Equity Indices–1.2%** | **Options on Equity Indices–1.2%** |
|  Euro STOXX 50 Index <br>Expiration: Jul 2023; Contracts: 3,680; Exercise Price: EUR 2,800.00; <br>Counterparty: UBS AG(m) | EUR | 10304000 |  | 512372 |
|  Euro STOXX 50 Index <br>Expiration: Jul 2023; Contracts: 2,600; Exercise Price: EUR 2,800.00; <br>Counterparty: UBS AG(m) | EUR | 7280000 |  | 362002 |
|  FTSE 100 Index <br>Expiration: Aug 2023; Contracts: 770; Exercise Price: GBP 6,000.00;<br>Counterparty: UBS AG(m) | GBP | 4620000 |  | 204201 |
|  FTSE 100 Index <br>Expiration: Aug 2023; Contracts: 580; Exercise Price: GBP 6,000.00;<br>Counterparty: UBS AG(m) | GBP | 3480000 |  | 153814 |
|  Nikkei 225 Index <br>Expiration: Sep 2023; Contracts: 45,000; Exercise Price: JPY 22,000.00; <br>Counterparty: UBS AG(m) | JPY | 990000000 |  | 329890 |
|  Nikkei 225 Index <br>Expiration: Sep 2023; Contracts: 33,000; Exercise Price: JPY 22,000.00; <br>Counterparty: UBS AG(m) | JPY | 726000000 |  | 241919 |
|  S&P 500 Index <br>Expiration: Jul 2023; Contracts: 28,200; Exercise Price: USD 3,250.00; <br>Counterparty: UBS AG(m) | USD | 91650000 |  | 5282151 |

---

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Notional Amount** | **Notional Amount** | **U.S. $ Value** | **U.S. $ Value** |
|  S&P 500 Index <br>Expiration: Jul 2023; Contracts: 19,000; Exercise Price: USD 3,250.00; <br>Counterparty: UBS AG(m) | USD | 61750000 | $| 3558896 |
| Total Options Purchased—Puts <br>(premiums paid $6,176,781) |  |  |  | 10645245 |
|  | **Principal Amount (000)** | **Principal Amount (000)** |  |  |
| **U.S. TREASURY BILLS–0.9%** | **U.S. TREASURY BILLS–0.9%** | **U.S. TREASURY BILLS–0.9%** | **U.S. TREASURY BILLS–0.9%** | **U.S. TREASURY BILLS–0.9%** |
|  U.S. Treasury Bill<br>Zero Coupon, 12/15/2022 | U.S.$| 5423 |  | 5391505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/16/2023 |  | 2730 |  | 2684207 |
| Total U.S. Treasury Bills <br>(cost $8,071,660) |  |  |  | 8075712 |
| **COVERED BONDS–0.6%** | **COVERED BONDS–0.6%** | **COVERED BONDS–0.6%** | **COVERED BONDS–0.6%** | **COVERED BONDS–0.6%** |
|  Bank of Montreal <br>0.125%, 01/26/2027(a) | EUR | 815 |  | 705416 |
|  Bank of Nova Scotia (The) <br>0.00%, 01/14/2027(a) |  | 537 |  | 462906 |
|  Commonwealth Bank of Australia <br>0.125%, 10/15/2029(a) |  | 850 |  | 671940 |
|  DNB Boligkreditt AS <br>0.625%, 06/19/2025(a) |  | 336 |  | 310678 |
|  National Australia Bank Ltd. <br>0.00%, 01/06/2029(a) |  | 850 |  | 683412 |
|  Nationwide Building Society <br>0.625%, 03/25/2027(a) |  | 1655 |  | 1460677 |
|  Royal Bank of Canada <br>0.125%, 04/26/2027(a) |  | 1105 |  | 948496 |
| Total Covered Bonds <br>(cost $6,424,999) |  |  |  | 5243525 |
| **EMERGING MARKETS—CORPORATE BONDS–0.6%** | **EMERGING MARKETS—CORPORATE BONDS–0.6%** | **EMERGING MARKETS—CORPORATE BONDS–0.6%** | **EMERGING MARKETS—CORPORATE BONDS–0.6%** | **EMERGING MARKETS—CORPORATE BONDS–0.6%** |
| **Industrial–0.6%** | **Industrial–0.6%** | **Industrial–0.6%** | **Industrial–0.6%** | **Industrial–0.6%** |
| **Basic–0.1%** | **Basic–0.1%** | **Basic–0.1%** | **Basic–0.1%** | **Basic–0.1%** |
|  Braskem Idesa SAPI <br>6.99%, 02/20/2032(a) | U.S.$| 305 |  | 202063 |
|  Cia de Minas Buenaventura SAA <br>5.50%, 07/23/2026(a) |  | 228 |  | 189069 |
|  Vedanta Resources Finance II PLC <br>13.875%, 01/21/2024(a) |  | 661 |  | 549993 |
|  Volcan Cia Minera SAA <br>4.375%, 02/11/2026(a) |  | 152 |  | 124478 |
|  |  |  |  | 1065603 |
| **Capital Goods–0.2%** |  |  |  |  |
|  Embraer Netherlands Finance BV<br>5.40%, 02/01/2027 |  | 725 |  | 660801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/17/2028(a) |  | 652 |  | 611983 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Odebrecht Holdco Finance Ltd. <br>Zero Coupon, 09/10/2058(a) | U.S.$| 639 | $| 1279 |
|  |  |  |  | 1274063 |
| **Communications—Media–0.1%** |  |  |  |  |
|  Globo Comunicacao e Participacoes SA <br>4.875%, 01/22/2030(a) |  | 1127 |  | 848068 |
| **Consumer Cyclical—Other–0.1%** |  |  |  |  |
|  Wynn Macau Ltd. <br>5.625%, 08/26/2028(a) |  | 587 |  | 393290 |
| **Consumer Non-Cyclical–0.1%** |  |  |  |  |
|  Natura & Co. Luxembourg Holdings SARL <br>6.00%, 04/19/2029(a) |  | 202 |  | 164681 |
|  Natura Cosmeticos SA <br>4.125%, 05/03/2028(a) |  | 606 |  | 471165 |
|  |  |  |  | 635846 |
| **Energy–0.0%** |  |  |  |  |
|  Greenko Solar Mauritius Ltd. <br>5.95%, 07/29/2026(a) |  | 200 |  | 166250 |
|  Leviathan Bond Ltd. <br>6.125%, 06/30/2025(a) |  | 196 |  | 184112 |
|  |  |  |  | 350362 |
| **Services–0.0%** |  |  |  |  |
|  MercadoLibre, Inc. <br>2.375%, 01/14/2026 |  | 400 |  | 339260 |
|  |  |  |  | 4906492 |
| **Utility–0.0%** | **Utility–0.0%** | **Utility–0.0%** | **Utility–0.0%** | **Utility–0.0%** |
| **Electric–0.0%** | **Electric–0.0%** | **Electric–0.0%** | **Electric–0.0%** | **Electric–0.0%** |
|  JSW Hydro Energy Ltd. <br>4.125%, 05/18/2031(a) |  | 184 |  | 144992 |
|  Terraform Global Operating LP <br>6.125%, 03/01/2026(g) |  | 133 |  | 125255 |
|  |  |  |  | 270247 |
| **Financial Institutions–0.0%** | **Financial Institutions–0.0%** |  |  |  |
| **Other Finance–0.0%** | **Other Finance–0.0%** |  |  |  |
|  OEC Finance Ltd.<br>5.25%, 12/27/2033(a)(n) |  | 125 |  | 2754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 12/26/2046(a)(n) |  | 478 |  | 12595 |
|  |  |  |  | 15349 |
| Total Emerging Markets—Corporate Bonds <br>(cost $6,919,550) | Total Emerging Markets—Corporate Bonds <br>(cost $6,919,550) |  |  | 5192088 |

---

 <br> *2022 Annual Report* *49*

------

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| **QUASI-SOVEREIGNS–0.6%** | **QUASI-SOVEREIGNS–0.6%** | **QUASI-SOVEREIGNS–0.6%** | | |
| **Quasi-Sovereign Bonds–0.6%** | **Quasi-Sovereign Bonds–0.6%** | **Quasi-Sovereign Bonds–0.6%** | | |
| **China–0.3%** |  |  |  |  |
|  China Development Bank <br>Series 1904 <br>3.68%, 02/26/2026 | CNY | 19350 | $| 2829311 |
| **Indonesia–0.1%** |  |  |  |  |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara <br>5.45%, 05/21/2028(a) | U.S.$| 618 |  | 589158 |
| **Mexico–0.2%** |  |  |  |  |
|  Comision Federal de Electricidad<br>3.348%, 02/09/2031(a) |  | 1377 |  | 990837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.688%, 05/15/2029(a) |  | 921 |  | 767481 |
|  |  |  |  | 1758318 |
| Total Quasi-Sovereigns <br>(cost $5,627,927) |  |  |  | 5176787 |
| **GOVERNMENTS—SOVEREIGN BONDS–0.3%** | **GOVERNMENTS—SOVEREIGN BONDS–0.3%** | **GOVERNMENTS—SOVEREIGN BONDS–0.3%** |  |  |
| **Colombia–0.0%** | **Colombia–0.0%** |  |  |  |
|  Colombia Government International Bond <br>3.875%, 04/25/2027 |  | 387 |  | 327934 |
| **France–0.1%** |  |  |  |  |
|  Dexia Credit Local SA<br>0.00%, 01/21/2028(a) | EUR | 1300 |  | 1091122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 01/22/2027(a) |  | 200 |  | 173392 |
|  |  |  |  | 1264514 |
| **Germany–0.1%** |  |  |  |  |
|  Landwirtschaftliche Rentenbank <br>0.00%, 11/27/2029(a) |  | 1199 |  | 963272 |
| **Indonesia–0.1%** |  |  |  |  |
|  Indonesia Government International Bond<br>1.00%, 07/28/2029 |  | 225 |  | 171764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 07/30/2025(a) |  | 470 |  | 451210 |
|  |  |  |  | 622974 |
| Total Governments—Sovereign Bonds <br>(cost $3,717,693) | Total Governments—Sovereign Bonds <br>(cost $3,717,693) |  |  | 3178694 |
| **LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.3%** | **LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.3%** | **LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.3%** | **LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.3%** | **LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.3%** |
| **United States–0.3%** | **United States–0.3%** |  |  |  |
|  City of New York NY <br>Series 2021-D <br>1.923%, 08/01/2031 | U.S.$| 885 |  | 680814 |
|  Port Authority of New York & New Jersey <br>Series 2020-A <br>1.086%, 07/01/2023 |  | 745 |  | 726256 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  State Board of Administration Finance Corp. <br>Series 2020-A <br>1.705%, 07/01/2027 | U.S.$| 652 | $| 557577 |
|  Tobacco Settlement Finance Authority <br>Series 2020 <br>3.00%, 06/01/2035 |  | 304 |  | 288951 |
|  University of California <br>Series 2021-B <br>3.071%, 05/15/2051 |  | 1130 |  | 753451 |
| Total Local Governments—US Municipal Bonds <br>(cost $3,705,635) | Total Local Governments—US Municipal Bonds <br>(cost $3,705,635) |  |  | 3007049 |
| **LOCAL GOVERNMENTS—PROVINCIAL BONDS–0.2%** | **LOCAL GOVERNMENTS—PROVINCIAL BONDS–0.2%** | **LOCAL GOVERNMENTS—PROVINCIAL BONDS–0.2%** | **LOCAL GOVERNMENTS—PROVINCIAL BONDS–0.2%** | **LOCAL GOVERNMENTS—PROVINCIAL BONDS–0.2%** |
| **Canada–0.2%** | **Canada–0.2%** |  |  |  |
|  Province of Ontario Canada <br>2.70%, 06/02/2029 | CAD | 1295 |  | 875286 |
|  Province of Quebec Canada<br>0.875%, 05/04/2027(a) | EUR | 988 |  | 882644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/20/2032 | CAD | 494 |  | 351517 |
| Total Local Governments—Provincial Bonds <br>(cost $2,408,457) | Total Local Governments—Provincial Bonds <br>(cost $2,408,457) |  |  | 2109447 |
| **SUPRANATIONALS–0.2%** | **SUPRANATIONALS–0.2%** |  |  |  |
|  European Investment Bank<br>0.75%, 07/15/2027 | AUD | 690 |  | 371072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 01/19/2027 |  | 905 |  | 520752 |
|  Inter-American Development Bank <br>2.50%, 04/14/2027(a) |  | 155 |  | 90919 |
|  International Bank for Reconstruction & Development<br>Series G<br>0.00%, 01/15/2027 | EUR | 871 |  | 759409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GDIF<br>0.00%, 04/24/2028 |  | 318 |  | 266316 |
| Total Supranationals <br>(cost $2,484,942) |  |  |  | 2008468 |
| **EMERGING MARKETS—SOVEREIGNS–0.2%** | **EMERGING MARKETS—SOVEREIGNS–0.2%** | **EMERGING MARKETS—SOVEREIGNS–0.2%** | **EMERGING MARKETS—SOVEREIGNS–0.2%** | **EMERGING MARKETS—SOVEREIGNS–0.2%** |
| **Dominican Republic–0.1%** | **Dominican Republic–0.1%** | **Dominican Republic–0.1%** |  |  |
|  Dominican Republic International Bond 4.875%, 09/23/2032(a) | U.S.$| 1307 |  | 975185 |
| **Egypt–0.1%** |  |  |  |  |
|  Egypt Government International Bond <br>5.875%, 02/16/2031(a) |  | 580 |  | 334153 |
| **Ivory Coast–0.0%** |  |  |  |  |
|  Ivory Coast Government International Bond <br>5.875%, 10/17/2031(a) | EUR | 290 |  | 204688 |
| Total Emerging Markets—Sovereigns <br>(cost $2,179,317) |  |  |  | 1514026 |

---

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

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **LOCAL GOVERNMENTS—REGIONAL BONDS–0.1%** | **LOCAL GOVERNMENTS—REGIONAL BONDS–0.1%** | **LOCAL GOVERNMENTS—REGIONAL BONDS–0.1%** | **LOCAL GOVERNMENTS—REGIONAL BONDS–0.1%** |
| **Japan–0.1%** | **Japan–0.1%** |  |  |
|  Japan Finance Organization for Municipalities <br>Series G <br>0.05%, 02/12/2027(a)<br>(cost $1,639,849) | EUR | 1481 | $1276525 |
| **GOVERNMENTS—SOVEREIGN AGENCIES–0.1%** | **GOVERNMENTS—SOVEREIGN AGENCIES–0.1%** | **GOVERNMENTS—SOVEREIGN AGENCIES–0.1%** | **GOVERNMENTS—SOVEREIGN AGENCIES–0.1%** |
| **Japan–0.1%** |  |  |  |
|  Development Bank of Japan, Inc. <br>Series G <br>0.01%, 10/15/2024(a) |  | 776 | 717740 |
| **Netherlands–0.0%** |  |  |  |
|  BNG Bank NV <br>0.75%, 01/24/2029(a) |  | 306 | 263056 |
| Total Governments—Sovereign Agencies <br>(cost $1,226,666) | Total Governments—Sovereign Agencies <br>(cost $1,226,666) |  | 980796 |
| **AGENCIES–0.1%** |  |  |  |
| **Agency Debentures–0.1%** |  |  |  |
|  Federal Home Loan Banks <br>2.50%, 02/13/2024<br>(cost $584,412) | U.S.$| 585 | 570755 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **U.S. $ Value** |
| **SHORT-TERM INVESTMENTS–11.7%** | | | |
| **Investment Companies–11.1%** | **Investment Companies–11.1%** | **Investment Companies–11.1%** |  |
|  AB Fixed Income Shares, Inc.—Government Money Market Portfolio—Class AB, 2.58%(j)(k)(o) <br>(cost $99,713,489) |  | 99713489 | $99713489 |
|  | **Principal Amount (000)** | **Principal Amount (000)** |  |
| **Governments—Treasuries–0.6%** | **Governments—Treasuries–0.6%** |  |  |
| **Japan–0.6%** | **Japan–0.6%** |  |  |
|  Japan Treasury Discount Bill <br>Series 1105 <br>Zero Coupon, 12/05/2022 | JPY | 766200 | 5295584 |
| Total Short-Term Investments <br>(cost $105,034,365) | Total Short-Term Investments <br>(cost $105,034,365) |  | 105009073 |
| **Total Investments—103.7%** <br>(cost $1,043,970,625) | **Total Investments—103.7%** <br>(cost $1,043,970,625) |  | 933727718 |
|  Other assets less liabilities—(3.7)% | Other assets less liabilities—(3.7)% |  | (32906545) |
| **Net Assets—100.0%** | **Net Assets—100.0%** |  | $**900821173** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES (see Note 3)** | | | | |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  10 Yr Australian Bond Futures | 98 | December 2022 | $7341529 | $(134931) |
|  10 Yr Japan Bond (OSE) Futures | 2 | December 2022 | 2049333 | (1218) |
|  Euro STOXX 50 Index Futures | 491 | December 2022 | 15951932 | (1532940) |
|  Euro-Bund Futures | 13 | December 2022 | 1764453 | (64176) |
|  FTSE 100 Index Futures | 27 | December 2022 | 2084504 | (128234) |
|  Hang Seng Index Futures | 56 | October 2022 | 6138872 | (208100) |
|  MSCI Emerging Markets Futures | 216 | December 2022 | 9412200 | (1208874) |
|  Nikkei 225 (OSE) Futures | 17 | December 2022 | 3046915 | (146528) |
|  OMXS 30 Index Futures | 523 | October 2022 | 8624258 | (514875) |
|  Russell 2000 E-Mini Futures | 50 | December 2022 | 4174500 | (549810) |
|  S&P 500 E-Mini Futures | 552 | December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;99401400 | &nbsp;&nbsp;&nbsp;&nbsp;(11776437) |
|  S&P Mid 400 E-Mini Futures | 13 | December 2022 | 2870660 | (386454) |
|  TOPIX Index Futures | 62 | December 2022 | 7865128 | (307238) |
|  U.S. 10 Yr Ultra Futures | 111 | December 2022 | 13151766 | (373196) |
|  U.S. Long Bond (CBT) Futures | 49 | December 2022 | 6193906 | (353732) |
|  U.S. T-Note 2 Yr (CBT) Futures | 86 | December 2022 | 17663594 | (232712) |
|  U.S. T-Note 5 Yr (CBT) Futures | 401 | December 2022 | 43110633 | (1090294) |
|  U.S. Ultra Bond (CBT) Futures | 49 | December 2022 | 6713000 | (645539) |

---

 <br> *2022 Annual Report* *51*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  10 Yr Canadian Bond Futures | 55 | December 2022 | $4920875 | $11868 |
|  10 Yr Japan Bond (OSE) Futures | 24 | December 2022 | 24591999 | 66640 |
|  Euro-BOBL Futures | 91 | December 2022 | 10679851 | 204694 |
|  Euro-Bund Futures | 11 | December 2022 | 1492998 | (10301) |
|  Euro-OAT Futures | 16 | December 2022 | 2071747 | 101449 |
|  Euro-Schatz Futures | 352 | December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;36969528 | 217091 |
|  FTSE 100 Index Futures | 6 | December 2022 | 463223 | 9056 |
|  Long Gilt Futures | 275 | December 2022 | 29599739 | 528326 |
|  MSCI Singapore IX ETS Futures | 100 | October 2022 | 1954047 | 10009 |
|  S&P/TSX 60 Index Futures | 58 | December 2022 | 9371702 | 227808 |
|  SPI 200 Futures | 100 | December 2022 | 10339942 | 462932 |
|  U.S. 10 Yr Ultra Futures | 38 | December 2022 | 4502406 | 222433 |
|  U.S. T-Note 2 Yr (CBT) Futures | 13 | December 2022 | 2670078 | 17438 |
|  U.S. T-Note 10 Yr (CBT) Futures | 8 | December 2022 | 896500 | (8464) |
|  U.S. Ultra Bond (CBT) Futures | 28 | December 2022 | 3836000 | 326710 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(17267599) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 14363 | USD | 2746 | 10/04/2022 | $83270 |
|  Bank of America, NA | USD | 2657 | BRL | 14363 | 10/04/2022 | 6033 |
|  Bank of America, NA | BRL | 28906 | USD | 5346 | 10/04/2022 | (12141) |
|  Bank of America, NA | USD | 5403 | BRL | 28906 | 10/04/2022 | (44421) |
|  Bank of America, NA | BRL | 28906 | USD | 5365 | 11/03/2022 | 45283 |
|  Bank of America, NA | CLP | 2621537 | USD | 2707 | 11/22/2022 | 20873 |
|  Bank of America, NA | USD | 2918 | CNH | 20795 | 10/20/2022 | (5138) |
|  Bank of America, NA | EUR | 42166 | USD | 40800 | 12/08/2022 | (716095) |
|  Bank of America, NA | USD | 2644 | INR | &nbsp;&nbsp;&nbsp;&nbsp;216147 | 12/21/2022 | (13738) |
|  Bank of America, NA | JPY | 1139251 | USD | 7970 | 12/02/2022 | 50871 |
|  Bank of America, NA | MXN | 54133 | USD | 2628 | 11/18/2022 | (37697) |
|  Bank of America, NA | USD | 5842 | NZD | 9723 | 11/18/2022 | (399107) |
|  Bank of America, NA | USD | 3657 | NOK | 37763 | 12/01/2022 | (184514) |
|  Bank of America, NA | USD | 2868 | ZAR | 47404 | 10/13/2022 | (250628) |
|  Bank of America, NA | CHF | 6038 | USD | 6197 | 12/07/2022 | 39359 |
|  Bank of America, NA | CHF | 2039 | USD | 2070 | 12/07/2022 | (9556) |
|  Barclays Bank PLC | USD | 2688 | AUD | 4014 | 10/20/2022 | (120347) |
|  Barclays Bank PLC | USD | 1824 | CAD | 2347 | 10/27/2022 | (124714) |
|  Barclays Bank PLC | GBP | 2466 | USD | 2872 | 11/17/2022 | 116790 |
|  Barclays Bank PLC | USD | 643 | GBP | 570 | 11/17/2022 | (6164) |
|  Barclays Bank PLC | IDR | &nbsp;&nbsp;&nbsp;&nbsp;12359207 | USD | 814 | 10/27/2022 | 7499 |
|  Barclays Bank PLC | MYR | 5519 | USD | 1250 | 12/15/2022 | 68132 |
|  Barclays Bank PLC | USD | 2645 | NOK | 28722 | 12/01/2022 | (4696) |

---

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

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Barclays Bank PLC | PLN | 7068 | USD | 1418 | 11/30/2022 | $4905 |
|  BNP Paribas SA | AUD | 25885 | USD | 17920 | 10/20/2022 | 1359746 |
|  BNP Paribas SA | BRL | 14404 | USD | 2771 | 10/04/2022 | 100548 |
|  BNP Paribas SA | USD | 2664 | BRL | 14404 | 10/04/2022 | 6050 |
|  BNP Paribas SA | CAD | 7413 | USD | 5549 | 10/27/2022 | 182617 |
|  BNP Paribas SA | USD | 7878 | CAD | 10477 | 10/27/2022 | (294037) |
|  BNP Paribas SA | USD | 2725 | CLP | 2503679 | 11/22/2022 | (159754) |
|  BNP Paribas SA | USD | 7740 | GBP | 6569 | 11/17/2022 | (400118) |
|  BNP Paribas SA | NZD | 8962 | USD | 5293 | 11/18/2022 | 276313 |
|  BNP Paribas SA | USD | 12795 | NZD | 20949 | 11/18/2022 | (1068464) |
|  BNP Paribas SA | ZAR | 95178 | USD | 5465 | 10/13/2022 | 210452 |
|  BNP Paribas SA | USD | 2735 | CHF | 2668 | 12/07/2022 | (14710) |
|  Citibank, NA | AUD | 3932 | USD | 2747 | 10/20/2022 | 231012 |
|  Citibank, NA | CAD | 7084 | USD | 5443 | 10/27/2022 | 314337 |
|  Citibank, NA | USD | 9890 | CAD | 13028 | 10/27/2022 | (458818) |
|  Citibank, NA | USD | 2726 | CLP | 2550253 | 11/22/2022 | (113008) |
|  Citibank, NA | USD | 5927 | EUR | 6140 | 12/08/2022 | 118146 |
|  Citibank, NA | GBP | 10464 | USD | 12074 | 11/17/2022 | 382936 |
|  Citibank, NA | USD | 2541 | GBP | 2372 | 11/17/2022 | 109689 |
|  Citibank, NA | USD | 2804 | GBP | 2436 | 11/17/2022 | (82387) |
|  Citibank, NA | USD | 5623 | JPY | 792296 | 12/02/2022 | (115497) |
|  Citibank, NA | TWD | 252276 | USD | 8420 | 10/21/2022 | 494740 |
|  Citibank, NA | KRW | 14940700 | USD | 11224 | 10/27/2022 | 845029 |
|  Citibank, NA | USD | 2691 | KRW | 3550215 | 10/27/2022 | (224894) |
|  Citibank, NA | SEK | 52057 | USD | 4739 | 12/01/2022 | 34696 |
|  Credit Suisse International | AUD | 3795 | USD | 2620 | 10/20/2022 | 191796 |
|  Credit Suisse International | USD | 5303 | AUD | 7654 | 10/20/2022 | (406784) |
|  Credit Suisse International | USD | 1613 | CAD | 2111 | 10/27/2022 | (85651) |
|  Credit Suisse International | USD | 5431 | ZAR | 95637 | 10/13/2022 | (151600) |
|  Deutsche Bank AG | CAD | 9419 | USD | 7368 | 10/27/2022 | 549603 |
|  Goldman Sachs Bank USA | CNH | 86898 | USD | 12872 | 10/20/2022 | 699115 |
|  Goldman Sachs Bank USA | USD | 2727 | NZD | 4551 | 11/18/2022 | (179341) |
|  Goldman Sachs Bank USA | USD | 862 | SEK | 9782 | 12/01/2022 | 21785 |
|  HSBC Bank USA | BRL | 14407 | USD | 2665 | 10/04/2022 | (6051) |
|  HSBC Bank USA | USD | 2827 | BRL | 14407 | 10/04/2022 | (156083) |
|  HSBC Bank USA | USD | 11985 | CAD | 15400 | 10/27/2022 | (837642) |
|  HSBC Bank USA | CLP | 2477640 | USD | 2604 | 11/22/2022 | 65958 |
|  HSBC Bank USA | USD | 2565 | CNH | 18262 | 10/20/2022 | (6591) |
|  HSBC Bank USA | INR | 218743 | USD | 2717 | 12/21/2022 | 55520 |
|  HSBC Bank USA | USD | 2691 | INR | 221518 | 12/21/2022 | 4479 |
|  HSBC Bank USA | IDR | 6703573 | USD | 449 | 10/27/2022 | 11249 |
|  HSBC Bank USA | USD | 6184 | JPY | 889443 | 12/02/2022 | (2010) |
|  HSBC Bank USA | USD | 2808 | TWD | 83328 | 10/21/2022 | (189767) |
|  HSBC Bank USA | USD | 2795 | PLN | 13438 | 11/30/2022 | (108385) |
|  HSBC Bank USA | SGD | 3868 | USD | 2692 | 12/07/2022 | (2994) |
|  HSBC Bank USA | KRW | 14925450 | USD | 10959 | 10/27/2022 | 590822 |
|  HSBC Bank USA | USD | 5541 | KRW | 7422018 | 10/27/2022 | (385264) |

---

 <br> *2022 Annual Report* *53*

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  JPMorgan Chase Bank, NA | USD | 18706 | AUD | 27264 | 10/20/2022 | $(1264201) |
|  JPMorgan Chase Bank, NA | CAD | 20914 | USD | 16231 | 10/27/2022 | 1091475 |
|  JPMorgan Chase Bank, NA | USD | 2814 | CAD | 3617 | 10/27/2022 | (195306) |
|  JPMorgan Chase Bank, NA | CLP | 2542858 | USD | 2859 | 11/22/2022 | 254334 |
|  JPMorgan Chase Bank, NA | EUR | 8463 | USD | 8277 | 12/08/2022 | (55614) |
|  JPMorgan Chase Bank, NA | GBP | 2275 | USD | 2480 | 11/17/2022 | (62129) |
|  JPMorgan Chase Bank, NA | USD | 24387 | JPY | 3495455 | 12/02/2022 | (90322) |
|  JPMorgan Chase Bank, NA | USD | 2823 | NZD | 4550 | 11/18/2022 | (276537) |
|  JPMorgan Chase Bank, NA | PLN | 13110 | USD | 2695 | 11/30/2022 | 73232 |
|  JPMorgan Chase Bank, NA | USD | 2702 | PLN | 12791 | 11/30/2022 | (144076) |
|  JPMorgan Chase Bank, NA | ZAR | 47968 | USD | 2771 | 10/13/2022 | 123003 |
|  JPMorgan Chase Bank, NA | USD | 2682 | SEK | 30041 | 12/01/2022 | 32869 |
|  JPMorgan Chase Bank, NA | CHF | 2625 | USD | 2741 | 12/07/2022 | 63956 |
|  Morgan Stanley Capital Services, Inc. | AUD | 3974 | USD | 2770 | 10/20/2022 | 227647 |
|  Morgan Stanley Capital Services, Inc. | USD | 24889 | AUD | 35862 | 10/20/2022 | (1946386) |
|  Morgan Stanley Capital Services, Inc. | BRL | 14546 | USD | 2871 | 10/04/2022 | 174093 |
|  Morgan Stanley Capital Services, Inc. | USD | 2690 | BRL | 14546 | 10/04/2022 | 6110 |
|  Morgan Stanley Capital Services, Inc. | USD | 13111 | CAD | 17188 | 10/27/2022 | (668955) |
|  Morgan Stanley Capital Services, Inc. | USD | 1519 | EUR | 1559 | 11/09/2022 | 12958 |
|  Morgan Stanley Capital Services, Inc. | USD | 980 | EUR | 1002 | 12/08/2022 | 6643 |
|  Morgan Stanley Capital Services, Inc. | GBP | 12296 | USD | 14386 | 11/17/2022 | 646750 |
|  Morgan Stanley Capital Services, Inc. | USD | 3305 | GBP | 2887 | 11/17/2022 | (78852) |
|  Morgan Stanley Capital Services, Inc. | USD | 1295 | JPY | 184015 | 12/02/2022 | (16384) |
|  Morgan Stanley Capital Services, Inc. | NZD | 6485 | USD | 3967 | 11/18/2022 | 337483 |
|  Morgan Stanley Capital Services, Inc. | USD | 2340 | NZD | 4153 | 11/18/2022 | (15188) |
|  Morgan Stanley Capital Services, Inc. | USD | 2746 | SGD | 3863 | 12/07/2022 | (54336) |
|  Morgan Stanley Capital Services, Inc. | USD | 2678 | ZAR | 48218 | 10/13/2022 | (15769) |
|  Morgan Stanley Capital Services, Inc. | KRW | 3771445 | USD | 2844 | 10/27/2022 | 224205 |
|  Morgan Stanley Capital Services, Inc. | CHF | 1727 | USD | 1766 | 12/07/2022 | 4925 |
|  Natwest Markets PLC | USD | 2823 | CAD | 3639 | 10/27/2022 | (188723) |
|  Natwest Markets PLC | USD | 5446 | JPY | 783021 | 12/02/2022 | (3799) |
|  Standard Chartered Bank | EUR | 2778 | USD | 2719 | 12/08/2022 | (16295) |
|  Standard Chartered Bank | USD | 5672 | TWD | 168990 | 10/21/2022 | (362639) |
|  Standard Chartered Bank | KRW | 3209667 | USD | 2253 | 10/27/2022 | 23127 |
|  Standard Chartered Bank | USD | 3097 | KRW | 4194270 | 10/27/2022 | (183075) |
|  State Street Bank & Trust Co. | AUD | 29 | USD | 20 | 10/20/2022 | 1168 |
|  State Street Bank & Trust Co. | USD | 530 | CAD | 685 | 10/27/2022 | (33960) |
|  State Street Bank & Trust Co. | USD | 616 | CNH | 4392 | 10/11/2022 | (941) |
|  State Street Bank & Trust Co. | CNH | 7303 | USD | 1048 | 10/20/2022 | 24967 |
|  State Street Bank & Trust Co. | USD | 254 | EUR | 261 | 11/09/2022 | 2892 |
|  State Street Bank & Trust Co. | EUR | 224 | USD | 217 | 11/09/2022 | (2473) |
|  State Street Bank & Trust Co. | USD | 39 | GBP | 35 | 11/17/2022 | 993 |
|  State Street Bank & Trust Co. | JPY | 375 | USD | 3 | 12/02/2022 | 42 |
|  State Street Bank & Trust Co. | USD | 1618 | JPY | 231595 | 12/02/2022 | (8384) |
|  UBS AG | AUD | 34599 | USD | 23902 | 10/20/2022 | 1766873 |
|  UBS AG | EUR | 37685 | USD | 36314 | 12/01/2022 | (767886) |
|  UBS AG | EUR | 1356 | USD | 1308 | 12/08/2022 | (27687) |

---

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

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  UBS AG | JPY | 1787500 | USD | 12627 | 12/02/2022 | $202473 |
|  UBS AG | MXN | 55006 | USD | 2677 | 11/18/2022 | (31622) |
|  UBS AG | CHF | 8028 | USD | 8351 | 12/07/2022 | 164702 |
|  UBS AG | USD | 5532 | CHF | 5387 | 12/07/2022 | (38454) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(1162226) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)** | **CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)** | **CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)** | **CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)** | **CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)** | **CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)** | **CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)** | **CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)** | **CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)** |
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums**<br> **Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Buy Contracts** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 39,<br>5 Year Index, 12/20/2027\* | 5.00% | Quarterly | 6.06% | USD | 1557 | $61637 | $59680 | $1957 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-NAIG Series 39,<br>5 Year Index, 12/20/2027\* | 1.00 | Quarterly | 1.08 | USD | 17330 | 54240 | (20729) | 74969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia, 12/20/2027\* | 1.00 | Quarterly | 1.19 | USD | 26220 | 217250 | (165239) | 382489 |
| **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 39,<br>5 Year Index, 12/20/2027\* | 5.00 | Quarterly | 6.06 | USD | 368 | (14565) | (14617) | 52 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;318562 | $&nbsp;&nbsp;&nbsp;&nbsp;(140905) | $&nbsp;&nbsp;&nbsp;&nbsp;459467 |

---

\* Termination date

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | |
| | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** |<br>**Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 28500 | 02/26/2025 | 1.589% | CPI# | Maturity | $3441368 | $— | $3441368 |
| USD | 17150 | 02/28/2025 | 1.527% | CPI# | Maturity | 2121496 |  | 2121496 |
| USD | 12590 | 05/13/2027 | 3.263% | CPI# | Maturity | (154199) |  | (154199) |
| USD | 6245 | 07/08/2027 | 2.77% | CPI# | Maturity | 15118 |  | 15118 |
| USD | 6245 | 07/08/2027 | 2.778% | CPI# | Maturity | 12931 |  | 12931 |
|  |  |  |  |  |  | $5436714 | $— | $5436714 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | |
| | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** |<br>**Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| NZD | 1981 | 11/01/2024 | 3 Month BKBM | 2.58% | Quarterly/<br> Semi-Annual | $(39038) | $— | $(39038) |
| NZD | 5299 | 11/02/2024 | 3 Month BKBM | 2.503% | Quarterly/<br> Semi-Annual | (110315) |  | (110315) |
| USD | 610 | 04/21/2025 | 1.972% | 3 Month LIBOR | Semi-Annual/<br> Quarterly | 32762 |  | 32762 |
| USD | 370 | 06/09/2025 | 2.470% | 3 Month LIBOR | Semi-Annual/<br> Quarterly | 14984 |  | 14984 |

---

 <br> *2022 Annual Report* *55*

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** |<br>**Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 484 | 08/04/2025 | 2.285% | 3 Month LIBOR | Semi-Annual/<br> Quarterly | $26099 | $— | $26099 |
| USD | 1990 | 04/27/2026 | 1.773% | 3 Month LIBOR | Semi-Annual/<br> Quarterly | 152352 |  | 152352 |
| USD | 840 | 10/04/2026 | 1.459% | 3 Month LIBOR | Semi-Annual/<br> Quarterly | 81075 | 27110 | 53965 |
| USD | 420 | 11/08/2026 | 1.657% | 3 Month LIBOR | Semi-Annual/<br> Quarterly | 37724 |  | 37724 |
| USD | 420 | 11/09/2026 | 1.672% | 3 Month LIBOR | Semi-Annual/<br> Quarterly | 37431 |  | 37431 |
| USD | 1040 | 04/04/2027 | 2.436% | 3 Month LIBOR | Semi-Annual/<br> Quarterly | 63267 | (6500) | 69767 |
| USD | 580 | 04/26/2027 | 2.287% | 3 Month LIBOR | Semi-Annual/<br> Quarterly | 40080 | 13 | 40067 |
| EUR | 3459 | 05/12/2027 | 6 Month EURIBOR | 1.494% | Semi-Annual/Annual | (188942) |  | (188942) |
| EUR | 2641 | 05/13/2027 | 6 Month EURIBOR | 1.464% | Semi-Annual/Annual | (147954) |  | (147954) |
| USD | 10260 | 06/05/2027 | 0.558% | 3 Month LIBOR | Semi-Annual/<br> Quarterly | 1522340 |  | 1522340 |
| USD | 6030 | 07/20/2027 | 2.227% | 3 Month LIBOR | Semi-Annual/<br> Quarterly | 482436 | 18663 | 463773 |
| USD | 1360 | 09/27/2029 | 1.593% | 3 Month LIBOR | Semi-Annual/<br> Quarterly | 192094 |  | 192094 |
| USD | 1830 | 12/13/2029 | 1.764% | 3 Month LIBOR | Semi-Annual/<br> Quarterly | 236597 |  | 236597 |
| USD | 15740 | 05/21/2031 | 1.617% | 3 Month LIBOR | Semi-Annual/<br> Quarterly | 2500525 |  | 2500525 |
| EUR | 1930 | 08/18/2032 | 6 Month EURIBOR | 1.800% | Semi-Annual/Annual | (203501) |  | (203501) |
| USD | 1010 | 11/10/2035 | 2.613% | 3 Month LIBOR | Semi-Annual/<br> Quarterly | 113508 |  | 113508 |
| EUR | 2300 | 09/30/2050 | 0.122% | 6 Month EURIBOR | Annual/<br> Semi-Annual | 1042493 |  | 1042493 |
| EUR | 2300 | 09/30/2050 | 6 Month EURIBOR | (0.017)% | Semi-Annual/Annual | (1103151) |  | (1103151) |
| EUR | 2310 | 11/10/2050 | 0.023% | 6 Month EURIBOR | Annual/<br> Semi-Annual | 1089421 |  | 1089421 |
| EUR | 2310 | 11/10/2050 | 6 Month EURIBOR | (0.043)% | Semi-Annual/Annual | (1119978) |  | (1119978) |
|  |  |  |  |  |  | $4752309 | $39286 | $4713023 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** |
| **Swap Counterparty & Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Sale Contracts** |  |  |  |  |  |  |  |  |
| Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1288) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(866) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(422) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 6 | (1288) | (692) | (596) |

---

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

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty & Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 13 | $(2898) | $(1534) | $(1364) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 14 | (3220) | (1761) | (1459) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 12 | (2737) | (1162) | (1575) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 18 | (4025) | (2281) | (1744) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 17 | (3703) | (1864) | (1839) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 24 | (5473) | (3030) | (2443) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 29 | (6600) | (3321) | (3279) |
| Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 142 | &nbsp;&nbsp;&nbsp;&nbsp;(31874) | &nbsp;&nbsp;&nbsp;&nbsp;(9198) | &nbsp;&nbsp;&nbsp;&nbsp;(22676) |
| Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 25 | (5635) | (2757) | (2878) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 26 | (5795) | (1388) | (4407) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 157 | (35095) | (18458) | (16637) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 174 | (38958) | (18599) | (20359) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 174 | (39119) | (18669) | (20450) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 185 | (41373) | (12103) | (29270) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 531 | (117728) | (50902) | (66826) |
| Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 11 | (2415) | (1531) | (884) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 13 | (2898) | (1084) | (1814) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 25 | (5635) | (2323) | (3312) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 25 | (5635) | (2147) | (3488) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 50 | (11108) | (5005) | (6103) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 59 | (13201) | (7064) | (6137) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 172 | (38475) | (17109) | (21366) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 150 | (33646) | (12135) | (21511) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 253 | (56827) | (32280) | (24547) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 183 | (41051) | (13627) | (27424) |

---

 <br> *2022 Annual Report* *57*

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty & Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 503 | $(112689) | $(35957) | $(76732) |
| JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 28 | (6278) | (2556) | (3722) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 28 | (6279) | (2547) | (3732) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 29 | (6439) | (2623) | (3816) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 40 | (9015) | (4800) | (4215) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 85 | (19157) | (9889) | (9268) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 210 | (47168) | (24133) | (23035) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 748 | (167685) | (58796) | (108889) |
| Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 195 | (43788) | (12888) | (30900) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(976198) | $&nbsp;&nbsp;&nbsp;&nbsp;(397079) | $&nbsp;&nbsp;&nbsp;&nbsp;(579119) |

---

\* Termination date

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** |
| **Counterparty & Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** |  |  |  |  |  |
|  JPMorgan Chase Bank, NA<br>iBoxx $ Liquid High Yield Index | 1 Day SOFR | Maturity | USD | 10056 | 12/20/2022 | $392678 |
| **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** |  |  |  |  |
|  Morgan Stanley Capital Services LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Monthly | CHF | 1641 | 12/16/2022 | (87780) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Monthly | CHF | 7592 | 12/16/2022 | (570226) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(265328) |

---

------

\*\* Principal amount less than 500.

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At
September 30, 2022, the aggregate market value of these securities amounted to $227,222,903 or 25.2% of net assets.

(b) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(c) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(d) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(e) Fair valued by the Adviser.

(f) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2022.

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

------

##### [**Table of Contents**](#toc)
(g) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.32% of net assets as of September 30, 2022, are considered illiquid and
restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  GSF<br>Series 2021-1, Class A1 <br>1.433%, 08/15/2026 | 02/25/2021 | $400620 | $381575 | 0.04% |
|  GSF<br>Series 2021-1, Class A2 <br>2.435%, 08/15/2026 | 02/25/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1098423 | &nbsp;&nbsp;&nbsp;&nbsp;1009519 | 0.11% |
|  GSF<br>Series 2021-1, Class AS <br>2.638%, 08/15/2026 | 02/25/2021 | 39845 | 35974 | 0.00% |
|  HFX Funding<br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035 | 11/19/2020 | 1310241 | 1129216 | 0.13% |
|  JPMorgan Madison Avenue Securities Trust<br>Series 2014-CH1, Class M2 <br>7.334%, 11/25/2024 | 11/06/2015 | 20954 | 20131 | 0.00% |
|  PMT Credit Risk Transfer Trust<br>Series 2020-1R, Class A <br>5.463%, 02/27/2023 | 02/11/2020 | 157718 | 149631 | 0.02% |
|  Terraform Global Operating LP <br>6.125%, 03/01/2026 | 02/08/2018 | 133000 | 125255 | 0.01% |
|  Wells Fargo Credit Risk Transfer Securities Trust<br>Series 2015-WF1, Class 1M2 <br>8.334%, 11/25/2025 | 09/28/2015 | 130750 | 119951 | 0.01% |
|  Wells Fargo Credit Risk Transfer Securities Trust<br>Series 2015-WF1, Class 2M2 <br>8.584%, 11/25/2025 | 09/28/2015 | 33007 | 31102 | 0.00% |

---

(h) Inverse interest only security.

(i) IO—Interest Only.

(j) Affiliated investments.

(k) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov, or call AB at (800) 227-4618.

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

(m) Non-income producing security.

(n) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in
effect at September 30, 2022.

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

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Yuan Renminbi (Offshore)

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

IDR—Indonesian Rupiah

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PLN—Polish Zloty

SEK—Swedish Krona

SGD—Singapore Dollar

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

ABS—Asset-Backed Securities

BKBM—Bank Bill Benchmark (New Zealand)

BOBL—Bundesobligationen

CBT—Chicago Board of Trade

CDX-CMBX.NA—North American Commercial Mortgage-Backed Index

CDX-NAHY—North American High Yield Credit Default Swap Index

CDX-NAIG—North American Investment Grade Credit Default Swap Index

CLO—Collateralized Loan Obligations

CMBS—Commercial Mortgage-Backed Securities

CPI—Consumer Price Index

ETS—Emission Trading Scheme

EURIBOR—Euro Interbank Offered Rate

FTSE—Financial Times Stock Exchange

 <br> *2022 Annual Report* *59*

------

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

IBOXHY—iBoxx $ Liquid High Yield Index

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

OAT—Obligations Assimilables du Trésor

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

SOFR—Secured Overnight Financing Rate

SPI—Share Price Index

TBA—To Be Announced

TIPS—Treasury Inflation Protected Security

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

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

------

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

**Sanford C. Bernstein Fund, Inc.** 

**Schedule of Investments** 

**Tax-Aware Overlay B Portfolio** 

**September 30, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| **MUNICIPAL OBLIGATIONS–72.5%** | **MUNICIPAL OBLIGATIONS–72.5%** | **MUNICIPAL OBLIGATIONS–72.5%** |
| **Long-Term Municipal Bonds–72.5%** | **Long-Term Municipal Bonds–72.5%** | **Long-Term Municipal Bonds–72.5%** |
| **Alabama–0.2%** | **Alabama–0.2%** | **Alabama–0.2%** |
|  Black Belt Energy Gas District <br>(Goldman Sachs Group, Inc. (The))<br>Series 2021 4.00%, 10/01/2052 | $1000 | $974016 |
|  Infirmary Health System Special Care Facilities Financing Authority of Mobile <br>(Infirmary Health System Obligated Group)<br>Series 2021<br>4.00%, 02/01/2040 | 1000 | 881339 |
|  Sumter County Industrial Development Authority/AL <br>(Enviva, Inc.)<br>Series 2022<br>6.00%, 07/15/2052 | 1250 | 1147452 |
|  |  | 3002807 |
| **American Samoa–0.0%** | **American Samoa–0.0%** | **American Samoa–0.0%** |
|  American Samoa Economic Development Authority <br>(Territory of American Samoa)<br>Series 2018<br>6.50%, 09/01/2028(a) | 400 | 431752 |
| **Arizona–1.8%** | **Arizona–1.8%** | **Arizona–1.8%** |
|  Arizona Industrial Development Authority <br>(Equitable School Revolving Fund LLC Obligated Group)<br>Series 2020<br>4.00%, 11/01/2037 | 1100 | 997466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2038 | 600 | 538125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2039 | 750 | 667301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2035 | 850 | 884542 |
|  City of Glendale AZ <br>(City of Glendale AZ COP)<br>Series 2021<br>2.062%, 07/01/2029 | 1000 | 823334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.442%, 07/01/2032 | 2250 | 1761927 |
|  City of Tempe AZ <br>(City of Tempe AZ COP)<br>Series 2021<br>2.171%, 07/01/2033 | 1475 | 1130420 |
|  Gilbert Water Resource Municipal Property Corp. <br>(Town of Gilbert AZ Waterworks & Sewer System Revenue)<br>Series 2022<br>4.00%, 07/15/2042 | 4700 | 4319198 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2037 | $| 5300 | $| 5828691 |
|  State of Arizona<br>Series 2019-A<br>5.00%, 10/01/2022 (Pre-refunded/ETM) |  | 7000 |  | 7000000 |
|  |  |  |  | 23951004 |
| **Arkansas–0.1%** | **Arkansas–0.1%** | **Arkansas–0.1%** | **Arkansas–0.1%** | **Arkansas–0.1%** |
|  City of Fayetteville AR Sales & Use Tax Revenue<br>Series 2022<br>2.875%, 11/01/2032 |  | 1000 |  | 912563 |
| **California–2.6%** | **California–2.6%** | **California–2.6%** | **California–2.6%** | **California–2.6%** |
|  California Community Housing Agency <br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments)<br>Series 2021-A<br>4.00%, 08/01/2047(a) |  | 3385 |  | 2361100 |
|  California Housing Finance Agency<br>Series 2019-2, Class A<br>4.00%, 03/20/2033 |  | 2176 |  | 2070118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A<br>3.50%, 11/20/2035 |  | 978 |  | 845072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2<br>0.823%, 03/25/2035 |  | 2000 |  | 112546 |
|  California Municipal Finance Authority <br>(Waste Management, Inc.)<br>Series 2019-A<br>2.40%, 10/01/2044 |  | 4710 |  | 4177151 |
|  California State University<br>Series 2021-B<br>2.374%, 11/01/2035 |  | 1000 |  | 728757 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 777 Place-Pomona)<br>Series 2021<br>3.60%, 05/01/2047(a) |  | 2500 |  | 1894358 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)<br>Series 2021<br>4.00%, 10/01/2046(a) |  | 1000 |  | 700150 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Altana Apartments)<br>Series 2021<br>3.50%, 10/01/2046(a) |  | 2000 |  | 1436869 |

---

 <br> *2022 Annual Report* *61*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)<br>Series 2021<br>3.375%, 07/01/2043(a) | $| 1000 | $| 737959 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Theo Apartments)<br>Series 2021<br>3.50%, 05/01/2047(a) |  | 1700 |  | 1319333 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Union South Bay)<br>Series 2021-A<br>3.10%, 07/01/2045(a) |  | 1000 |  | 728232 |
|  Sacramento County Water Financing Authority <br>(Sacramento County Water Agency)<br>NATL Series 2007-B<br>2.635% (LIBOR 3 Month + 0.57%), 06/01/2039(b) |  | 3675 |  | 3152914 |
|  San Francisco Intl Airport<br>Series 2019-H<br>5.00%, 05/01/2024 (Pre-refunded/ETM) |  | 3755 |  | 3838022 |
|  State of California<br>Series 2014<br>5.00%, 10/01/2029 |  | 50 |  | 51786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015<br>5.00%, 03/01/2026 |  | 2085 |  | 2174672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>4.00%, 10/01/2034 |  | 6960 |  | 7039630 |
|  |  |  |  | 33368669 |
| **Colorado–1.8%** | **Colorado–1.8%** | **Colorado–1.8%** | **Colorado–1.8%** | **Colorado–1.8%** |
|  Centerra Metropolitan District No. 1<br>Series 2017<br>5.00%, 12/01/2029(a) |  | 2375 |  | 2336326 |
|  Colorado Health Facilities Authority (CommonSpirit Health)<br>Series 2019-A<br>5.00%, 08/01/2033 |  | 845 |  | 853743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 |  | 3000 |  | 3012396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 |  | 4100 |  | 4109217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2036 |  | 8975 |  | 8982809 |
|  Johnstown Plaza Metropolitan District<br>Series 2022<br>4.25%, 12/01/2046 |  | 500 |  | 396106 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  State of Colorado<br>Series 2022<br>6.00%, 12/15/2041 | $| 3000 | $| 3458853 |
|  Vauxmont Metropolitan District<br>AGM Series 2019<br>3.25%, 12/15/2050 |  | 206 |  | 146093 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2020<br>5.00%, 12/01/2024 |  | 115 |  | 118626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 |  | 105 |  | 112285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 |  | 110 |  | 117919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2050 |  | 100 |  | 104103 |
|  |  |  |  | 23748476 |
| **Connecticut–3.7%** | **Connecticut–3.7%** | **Connecticut–3.7%** | **Connecticut–3.7%** | **Connecticut–3.7%** |
|  City of Bridgeport CT<br>Series 2017-A<br>5.00%, 11/01/2026 (Pre-refunded/ETM) |  | 1650 |  | 1759194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 |  | 1735 |  | 1853702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 |  | 1890 |  | 2008946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 |  | 2015 |  | 2140544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 |  | 1335 |  | 1416926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 08/15/2025 |  | 1000 |  | 1042401 |
|  State of Connecticut<br>Series 2016-A<br>5.00%, 03/15/2023 |  | 24370 |  | 24582272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2024 |  | 3060 |  | 3138183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C<br>5.00%, 06/15/2027 |  | 1415 |  | 1513673 |
|  State of Connecticut Special Tax Revenue<br>Series 2020<br>5.00%, 05/01/2034 |  | 2835 |  | 3050701 |
|  University of Connecticut<br>5.00%, 05/01/2038 |  | 5600 |  | 5956121 |
|  |  |  |  | 48462663 |
| **District of Columbia–0.5%** | **District of Columbia–0.5%** | **District of Columbia–0.5%** | **District of Columbia–0.5%** | **District of Columbia–0.5%** |
|  Metropolitan Washington Airports Authority Aviation Revenue<br>Series 2018-A<br>5.00%, 10/01/2029 |  | 4270 |  | 4461691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 |  | 1910 |  | 1990435 |
|  |  |  |  | 6452126 |
| **Florida–3.4%** | **Florida–3.4%** | **Florida–3.4%** | **Florida–3.4%** | **Florida–3.4%** |
|  Capital Trust Agency, Inc. <br>(Franklin Academy Obligated Group)<br>Series 2020<br>4.00%, 12/15/2024(a) |  | 385 |  | 380283 |
|  City of South Miami Health Facilities Authority, Inc. <br>(Baptist Health South Florida Obligated Group)<br>Series 2017<br>5.00%, 08/15/2027 |  | 3550 |  | 3748203 |

---

 <br> *62* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | $2625 | $2796693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2029 | 2750 | 2928523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 | 2000 | 2125561 |
|  County of Osceola FL Transportation Revenue<br>Series 2020-A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2030 | 100 | 66646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2032 | 100 | 59304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2034 | 100 | 52480 |
|  Florida Development Finance Corp.<br>Series 2022<br>2.90%, 12/01/2056 (Pre-refunded/ETM) | 4000 | 3967735 |
|  Florida Development Finance Corp. <br>(Lakeland Regional Health Systems Obligated Group)<br>Series 2021<br>5.00%, 11/15/2022 | 1520 | 1522679 |
|  Florida Municipal Power Agency <br>(Florida Municipal Power Agency All-Requirements Power Supply Project Revenue)<br>Series 2021<br>1.425%, 10/01/2026 | 500 | 440539 |
|  Florida State Board of Education <br>(State of Florida)<br>Series 2017-F<br>5.00%, 06/01/2023 | 1310 | 1326614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 06/01/2030 | 1000 | 1117729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 2000 | 2251763 |
|  Lakewood Ranch Stewardship District<br>AGM Series 2020<br>2.50%, 05/01/2033 | 1830 | 1474431 |
|  North Broward Hospital District<br>Series 2017-B<br>5.00%, 01/01/2027 | 7070 | 7299841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 3590 | 3658401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 2950 | 2994232 |
|  Palm Beach County Health Facilities Authority <br>(Federation CCRC Operations Corp. Obligated Group)<br>Series 2020<br>5.00%, 06/01/2055 | 200 | 177994 |
|  Polk County Industrial Development Authority <br>(Mineral Development LLC)<br>Series 2020<br>5.875%, 01/01/2033(a) | 1000 | 988926 |
|  St Lucie County School Board <br>(St. Lucie County School Board Sales Tax)<br>AGM Series 2015<br>5.00%, 10/01/2023 | 1565 | 1589464 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  State of Florida Department of Transportation Turnpike System Revenue<br>Series 2015-B<br>5.00%, 07/01/2024 | $| 3795 | $| 3911733 |
|  |  |  |  | 44879774 |
| **Georgia–1.9%** | **Georgia–1.9%** | **Georgia–1.9%** | **Georgia–1.9%** | **Georgia–1.9%** |
|  City of Atlanta GA Airport Passenger Facility Charge<br>Series 2019-F<br>5.00%, 07/01/2025 |  | 4000 |  | 4168206 |
|  City of Atlanta GA Department of Aviation<br>Series 2021-A<br>5.00%, 07/01/2029 |  | 640 |  | 696642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>5.00%, 07/01/2029 |  | 600 |  | 653101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C<br>4.00%, 07/01/2039 |  | 1000 |  | 901655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 |  | 2350 |  | 2408838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>5.00%, 07/01/2039 |  | 4000 |  | 4044305 |
|  Main Street Natural Gas, Inc. <br>(Royal Bank of Canada)<br>Series 2018-A<br>4.00%, 04/01/2048 |  | 6465 |  | 6475138 |
|  Municipal Electric Authority of Georgia<br>Series 2019<br>5.00%, 01/01/2028 |  | 180 |  | 189578 |
|  Private Colleges & Universities Authority <br>(Emory University)<br>Series 2020-B<br>4.00%, 09/01/2036 |  | 5000 |  | 4774337 |
|  |  |  |  | 24311800 |
| **Guam–0.0%** | **Guam–0.0%** | **Guam–0.0%** | **Guam–0.0%** | **Guam–0.0%** |
|  Territory of Guam<br>Series 2019<br>5.00%, 11/15/2031 |  | 195 |  | 184122 |
| **Hawaii–1.6%** |  |  |  |  |
|  City & County of Honolulu HI<br>Series 2022-A<br>5.00%, 11/01/2029 |  | 1180 |  | 1302465 |
|  University of Hawaii<br>Series 2016<br>5.00%, 10/01/2022 |  | 5740 |  | 5740000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2023 |  | 6035 |  | 6143538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 |  | 7010 |  | 7451981 |
|  |  |  |  | 20637984 |
| **Illinois–6.3%** |  |  |  |  |
|  Chicago Board of Education<br>Series 2010<br>6.319%, 11/01/2029 |  | 1000 |  | 945552 |

---

 <br> *2022 Annual Report* *63*

------

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

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>5.00%, 12/01/2030 | $270 | $273222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 310 | 312036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 200 | 200583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 160 | 160118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>4.00%, 12/01/2041 | 2000 | 1660514 |
|  Chicago O'Hare International Airport<br>Series 2015-B<br>5.00%, 01/01/2024 | 11425 | 11661395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 6690 | 6908950 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2020-E<br>4.00%, 01/01/2039 | 1275 | 1169564 |
|  Illinois Finance Authority <br>(Illinois Institute of Technology)<br>Series 2019<br>5.00%, 09/01/2023 | 100 | 100679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 100 | 101987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 100 | 102116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 100 | 102370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 100 | 100517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 200 | 199915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 100 | 98747 |
|  Illinois Finance Authority <br>(Memorial Health Obligated Group)<br>Series 2019<br>5.00%, 04/01/2030 | 3020 | 3221052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 | 2450 | 2589834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032 | 1725 | 1807026 |
|  Illinois Finance Authority <br>(OSF Healthcare System Obligated Group)<br>Series 2018-A<br>5.00%, 05/15/2032 | 20130 | 20777379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2033 | 6775 | 6970239 |
|  State of Illinois<br>Series 2017-A<br>5.00%, 12/01/2025 | 3810 | 3874748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D<br>5.00%, 11/01/2024 | 12010 | 12208424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 11/01/2026 | 5740 | 5847283 |
|  State of Illinois Sales Tax Revenue<br>Series 2016-D<br>5.00%, 06/15/2023 | 1340 | 1352809 |
|  |  | 82747059 |
| **Indiana–0.2%** |  |  |
|  Indiana Finance Authority <br>(Indiana University Health, Inc. Obligated Group)<br>Series 2015<br>4.00%, 12/01/2040 | 3000 | 2745896 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  Indiana Finance Authority <br>(Ohio Valley Electric Corp.)<br>Series 2021-B<br>2.50%, 11/01/2030 | $330 | $279011 |
|  |  | 3024907 |
| **Iowa–0.1%** |  |  |
|  Iowa Finance Authority <br>(Iowa Fertilizer Co. LLC)<br>Series 2022<br>4.00%, 12/01/2050 | 1000 | 906906 |
| **Kansas–0.1%** |  |  |
|  Kansas Development Finance Authority<br>(State of Kansas Department of Administration Lease)<br>Series 2021-K<br>1.149%, 05/01/2026 | 2000 | 1750419 |
| **Kentucky–2.9%** |  |  |
|  City of Ashland KY <br>(Ashland Hospital Corp. Obligated Group)<br>Series 2019<br>5.00%, 02/01/2026 | 225 | 230874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 240 | 247837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 155 | 161715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 195 | 199289 |
|  Kentucky Economic Development Finance Authority <br>(Owensboro Health, Inc. Obligated Group)<br>Series 2017-A<br>5.00%, 06/01/2026 | 4265 | 4416639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 6195 | 6327422 |
|  Kentucky Public Energy Authority <br>(BP PLC)<br>Series 2020-A<br>4.00%, 12/01/2050 | 6370 | 6310665 |
|  Kentucky Public Energy Authority <br>(Morgan Stanley)<br>Series 2018-C<br>4.00%, 12/01/2049 | 8500 | 8444994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 08/01/2052 | 5500 | 5231432 |
|  Louisville and Jefferson County Metropolitan Sewer District<br>Series 2021<br>3.00%, 10/14/2022 | 6000 | 5999582 |
|  |  | 37570449 |
| **Louisiana–0.7%** |  |  |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br>(St. James Place of Baton Rouge)<br>Series 2015-A<br>6.00%, 11/15/2030 | 1550 | 1543985 |

---

 <br> *64* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  Parish of St. James LA <br>(NuStar Logistics LP)<br>Series 2020<br>5.85%, 08/01/2041(a) | $435 | $446240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/2038(a) | 585 | 622421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 12/01/2040(a) | 500 | 531984 |
|  Parish of St. John the Baptist LA <br>(Marathon Oil Corp.)<br>Series 2019<br>2.00%, 06/01/2037 | 4885 | 4849100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/01/2037 | 1570 | 1530032 |
|  |  | 9523762 |
| **Maryland–0.6%** |  |  |
|  Maryland Economic Development Corp.<br>(Purple Line Transit Partners LLC)<br>Series 2022<br>5.00%, 11/12/2028 | 3000 | 3080990 |
|  State of Maryland Department of Transportation<br>Series 2018<br>5.00%, 10/01/2024 | 4860 | 5035485 |
|  |  | 8116475 |
| **Massachusetts–0.5%** |  |  |
|  Commonwealth of Massachusetts<br>AGC Series 2007-A<br>2.434% (LIBOR 3 Month + 0.57%), 05/01/2037(b) | 2775 | 2613401 |
|  Commonwealth of Massachusetts <br>(Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue)<br>Series 2022-B<br>4.11%, 07/15/2031 | 2000 | 1918690 |
|  Commonwealth of Massachusetts Transportation Fund Revenue<br>Series 2021<br>5.00%, 06/01/2041 | 2000 | 2133775 |
|  |  | 6665866 |
| **Michigan–2.6%** |  |  |
|  City of Detroit MI<br>Series 2018<br>5.00%, 04/01/2026 | 1200 | 1227653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 | 2475 | 2543090 |
|  Great Lakes Water Authority Water Supply System Revenue<br>Series 2018-A<br>5.00%, 07/01/2024 | 3000 | 3090220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2025 | 2500 | 2615148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 1745 | 1857465 |
|  Michigan Finance Authority <br>(City of Detroit MI Income Tax)<br>Series 2015<br>4.50%, 10/01/2029 | 900 | 894345 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  Michigan Finance Authority <br>(Great Lakes Water Authority Sewage Disposal System Revenue)<br>AGM Series 2014<br>5.00%, 07/01/2024 | $10115 | $10413986 |
|  Michigan Finance Authority <br>(Michigan Finance Authority School Loan Revolving Fund)<br>Series 2019<br>2.366%, 09/01/2049 | 5000 | 4895956 |
|  Michigan Strategic Fund <br>(Michigan Strategic Fund–I 75 Improvement Project)<br>Series 2018<br>5.00%, 06/30/2033 | 1090 | 1061334 |
|  South Lyon Community Schools<br>Series 2016<br>5.00%, 05/01/2028 | 3640 | 3837698 |
|  University of Michigan<br>Series 2017-A<br>5.00%, 04/01/2023 (Pre-refunded/ETM) | 1250 | 1261263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2023 | 705 | 711800 |
|  |  | 34409958 |
| **Minnesota–0.3%** |  |  |
|  Brainerd Independent School District No. 181<br>Series 2018-A<br>4.00%, 02/01/2041 | 2500 | 2413236 |
|  North St Paul-Maplewood-Oakdale Independent School District No. 622<br>Series 2019-A<br>3.00%, 02/01/2039 | 2000 | 1564069 |
|  |  | 3977305 |
| **Mississippi–0.5%** |  |  |
|  Mississippi Development Bank <br>(Magnolia Regional Health Center)<br>Series 2021<br>4.00%, 10/01/2035(a) | 1100 | 914107 |
|  Mississippi Development Bank <br>(State of Mississippi Department of Corrections)<br>Series 2010-C<br>5.00%, 08/01/2023 | 1720 | 1721998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-D<br>5.00%, 08/01/2023 | 3695 | 3699292 |
|  |  | 6335397 |
| **Missouri–0.2%** |  |  |
|  City of Kansas City MO <br>(City of Kansas City MO Lease)<br>Series 2022<br>5.00%, 09/01/2038 | 1500 | 1576934 |

---

 <br> *2022 Annual Report* *65*

------

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

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  Howard Bend Levee District<br>XLCA INS Series 2005<br>5.75%, 03/01/2025 | $185 | $187254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027 | 155 | 157121 |
|  |  | 1921309 |
| **Nebraska–1.3%** |  |  |
|  Central Plains Energy Project <br>(Goldman Sachs Group, Inc. (The))<br>Series 2018<br>5.00%, 03/01/2050 | 17000 | 17156361 |
| **Nevada–0.1%** |  |  |
|  Clark County School District<br>Series 2022-A<br>5.00%, 06/15/2038 | 1155 | 1222566 |
| **New Hampshire–0.6%** |  |  |
|  New Hampshire Business Finance Authority<br>Series 2020-1, Class A<br>4.125%, 01/20/2034 | 1727 | 1599911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A<br>4.375%, 09/20/2036 | 4985 | 4538715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2<br>0.35%, 09/20/2036 | 3750 | 88866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/2036 | 2000 | 1748535 |
|  |  | 7976027 |
| **New Jersey–4.7%** |  |  |
|  New Jersey Economic Development Authority <br>(New Jersey Economic Development Authority State Lease)<br>Series 2014-U<br>5.00%, 06/15/2023 | 1610 | 1627064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>5.00%, 11/01/2022 | 5025 | 5031410 |
|  New Jersey Economic Development Authority <br>(United Airlines, Inc.)<br>Series 2012<br>5.25%, 09/15/2029 | 1185 | 1172079 |
|  New Jersey Health Care Facilities Financing Authority <br>(Inspira Health Obligated Group)<br>Series 2017-A<br>5.00%, 07/01/2027 | 1325 | 1382718 |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Fed Hwy Grant)<br>Series 2018-A<br>5.00%, 06/15/2024 | 2750 | 2808297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 | 1630 | 1687517 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030 | $1675 | $1727722 |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Trust Fund Authority State Lease)<br>Series 2018-A<br>5.00%, 12/15/2029 | 160 | 166585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2030 | 5975 | 6195984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 06/15/2029 | 3075 | 3203926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>5.00%, 06/15/2034 | 1570 | 1588249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BB1<br>5.00%, 06/15/2034 | 1250 | 1264529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 06/15/2034 | 1865 | 1890665 |
|  New Jersey Turnpike Authority<br>Series 2014-C<br>5.00%, 01/01/2023 | 8955 | 8993968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>5.00%, 01/01/2030 | 1565 | 1668807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D<br>5.00%, 01/01/2028 | 4840 | 5056190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>1.713%, 01/01/2029 | 1225 | 1005623 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2005-D3<br>5.25%, 01/01/2026 | 11070 | 11678451 |
|  Tobacco Settlement Financing Corp./NJ<br>Series 2018-A<br>5.00%, 06/01/2028 | 3450 | 3581570 |
|  |  | 61731354 |
| **New York–10.0%** |  |  |
|  City of New York NY<br>Series 2013-H<br>5.00%, 08/01/2025 | 2510 | 2547093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A<br>5.00%, 08/01/2023 | 7220 | 7327883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>1.396%, 08/01/2027 | 3385 | 2882859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 08/01/2035 | 2500 | 2397548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2041 | 10000 | 9216460 |
|  Metropolitan Transportation Authority<br>Series 2012-D<br>5.00%, 11/15/2026 | 3065 | 3070490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-F<br>5.00%, 11/15/2022 | 2615 | 2620054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2023 | 11220 | 11242671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 11/15/2030 | 4340 | 4448202 |

---

 <br> *66* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  New York City Transitional Finance Authority Future Tax Secured Revenue<br>Series 2014-B<br>5.00%, 02/01/2027 | $5275 | $5379462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 3350 | 3428204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 | 2000 | 2038825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 6000 | 6137287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 2500 | 2547554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 1155 | 1180893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C<br>5.00%, 11/01/2028 | 10665 | 10909028 |
|  New York Liberty Development Corp. <br>(One Bryant Park LLC)<br>Series 2019<br>2.45%, 09/15/2069 | 855 | 757833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/2069 | 2370 | 1944659 |
|  New York State Dormitory Authority<br>Series 2012<br>5.00%, 12/15/2022 (Pre-refunded/ETM) | 1390 | 1395283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C<br>5.00%, 03/15/2027 (Pre-refunded/ETM) | 14000 | 14365966 |
|  New York State Dormitory Authority (State of New York Pers Income Tax)<br>Series 2012<br>5.00%, 12/15/2022 | 8610 | 8643507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C<br>5.00%, 03/15/2029 | 8340 | 8521001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 03/15/2042 | 5000 | 4575250 |
|  New York State Thruway Authority <br>(State of New York Pers Income Tax)<br>Series 2022-A<br>5.00%, 03/15/2039 | 1500 | 1584844 |
|  New York Transportation Development Corp.<br>(Delta Air Lines, Inc.)<br>Series 2018<br>4.00%, 01/01/2036 | 265 | 233654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>4.00%, 10/01/2030 | 6500 | 6092371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/01/2045 | 1355 | 1134149 |
|  New York Transportation Development Corp.<br>(JFK International Air Terminal LLC)<br>Series 2022<br>5.00%, 12/01/2039 | 1000 | 962581 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  Triborough Bridge & Tunnel Authority <br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)<br>Series 2021-A<br>2.411%, 05/15/2034 | $3000 | $2306141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 05/15/2030 | 1000 | 1100991 |
|  |  | 130992743 |
| **North Carolina–0.4%** |  |  |
|  State of North Carolina <br>(State of North Carolina Fed Hwy Grant)<br>Series 2015<br>5.00%, 03/01/2023 | 3500 | 3526344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2026 | 1850 | 1920406 |
|  |  | 5446750 |
| **Ohio–1.5%** |  |  |
|  American Municipal Power, Inc.<br>Series 2019<br>5.00%, 02/15/2035 | 5260 | 5576312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2036 | 3085 | 3265225 |
|  County of Cuyahoga OH <br>(MetroHealth System (The))<br>Series 2017<br>5.00%, 02/15/2025 | 1500 | 1537781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 4000 | 4103922 |
|  County of Montgomery OH <br>(Dayton Children's Hospital Obligated Group)<br>Series 2021<br>5.00%, 08/01/2034 | 1150 | 1217474 |
|  County of Washington OH <br>(Marietta Area Health Care, Inc. Obligated Group)<br>Series 2022<br>6.375%, 12/01/2037 | 1000 | 918511 |
|  Ohio Higher Educational Facility Commission <br>(Ashtabula County Medical Center Obligated Group)<br>Series 2022<br>5.00%, 01/01/2034 | 360 | 367074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2035 | 750 | 775853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2038 | 1110 | 1138793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2039 | 780 | 798579 |
|  |  | 19699524 |
| **Oklahoma–0.4%** |  |  |
|  Comanche County Memorial Hospital<br>Series 2015<br>5.00%, 07/01/2026 | 1000 | 1016826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 1000 | 1016388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 1000 | 1016209 |

---

 <br> *2022 Annual Report* *67*

------

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

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  Oklahoma Development Finance Authority<br>Series 2022<br>4.38%, 11/01/2045 | $1000 | $913752 |
|  Oklahoma Development Finance Authority <br>(Gilcrease Expressway West)<br>Series 2020<br>1.625%, 07/06/2023 | 610 | 593977 |
|  Oklahoma Development Finance Authority <br>(OU Medicine, Inc.)<br>Series 2022-A<br>5.50%, 08/15/2037 | 1000 | 888028 |
|  |  | 5445180 |
| **Oregon–0.2%** |  |  |
|  Port of Portland OR Airport Revenue<br>Series 2022-2<br>4.00%, 07/01/2040 | 3000 | 2679907 |
| **Other–0.3%** |  |  |
|  Federal Home Loan Mortgage Corp. Multifamily VRD Certificates<br>Series 2019-M<br>2.65%, 06/15/2035(a) | 4825 | 4006627 |
| **Pennsylvania–4.8%** |  |  |
|  Allegheny County Airport Authority<br>Series 2021-A<br>4.00%, 01/01/2039 | 2000 | 1778212 |
|  Allegheny County Sanitary Authority<br>BAM Series 2013<br>5.00%, 12/01/2024 | 3105 | 3170103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2025 | 4365 | 4455020 |
|  Capital Region Water Water Revenue<br>Series 2018<br>5.00%, 07/15/2029 | 1500 | 1631999 |
|  City of Philadelphia PA<br>Series 2019-B<br>5.00%, 02/01/2032 | 2890 | 3072093 |
|  City of Philadelphia PA Water & Wastewater Revenue<br>Series 2020-A<br>5.00%, 11/01/2037 | 685 | 728433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2038 | 1655 | 1747744 |
|  Coatesville School District<br>AGM Series 2017<br>5.00%, 08/01/2023 | 1250 | 1267245 |
|  Commonwealth of Pennsylvania<br>Series 2017<br>5.00%, 01/01/2026 | 1000 | 1052818 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  Moon Industrial Development Authority <br>(Baptist Homes Society)<br>Series 2015<br>5.125%, 07/01/2025 | $1600 | $1546557 |
|  Pennsylvania Economic Development Financing Authority <br>(UPMC Obligated Group)<br>Series 2022-C<br>3.16% (MUNIPSA + 0.70%), 11/15/2047(b) | 2000 | 1936283 |
|  Pennsylvania Turnpike Commission<br>Series 2017<br>5.00%, 06/01/2028 | 2905 | 3103325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 3065 | 3276976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 2500 | 2684664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 2540 | 2718336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>5.00%, 06/01/2031 | 11050 | 11560254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 12/01/2024 | 4000 | 4137082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2025 | 3900 | 4090397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 12/01/2031 | 2650 | 2817146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 1355 | 1434610 |
|  Philadelphia Authority for Industrial Development <br>(City of Philadelphia PA)<br>Series 2018<br>5.00%, 05/01/2032 | 3205 | 3332568 |
|  Philadelphia Authority for Industrial Development <br>(MaST Community Charter School III)<br>Series 2021<br>5.00%, 08/01/2030 | 880 | 887163 |
|  |  | 62429028 |
| **Puerto Rico–0.9%** |  |  |
|  Commonwealth of Puerto Rico<br>Series 2021-A<br>Zero Coupon, 07/01/2024 | 4 | 3699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2033 | 325 | 179409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 | 312 | 274407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 | 11 | 9249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 | 9 | 7621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 | 13 | 9854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2046 | 13 | 9829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2023 | 322 | 323152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2025 | 423 | 427501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2027 | 1053 | 1075158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 | 423 | 432713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2031 | 113 | 114892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>0.00%, 11/01/2043 | 84 | 41824 |

---

 <br> *68* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  Puerto Rico Electric Power Authority<br>AGM Series 2007-V<br>5.25%, 07/01/2031 | $1010 | $1000409 |
|  Puerto Rico Highway & Transportation Authority<br>AGC Series 2005-L<br>5.25%, 07/01/2041 | 905 | 879911 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-N<br>5.25%, 07/01/2034 | 1005 | 983810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2036 | 1110 | 1084169 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth <br>(AES Puerto Rico LP)<br>Series 2000<br>6.625%, 06/01/2026 | 3680 | 3802314 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue<br>Series 2018-A<br>Zero Coupon, 07/01/2024 | 1021 | 943322 |
|  |  | 11603243 |
| **South Carolina–1.6%** |  |  |
|  Patriots Energy Group Financing Agency <br>(Royal Bank of Canada)<br>Series 2018-A<br>4.00%, 10/01/2048 | 7390 | 7405808 |
|  Renewable Water Resources<br>Series 2018-A<br>5.00%, 01/01/2025 | 7220 | 7509691 |
|  South Carolina Association of Governmental Organizations<br>Series 2022-B<br>4.00%, 03/01/2023 | 2000 | 2007268 |
|  South Carolina Public Service Authority<br>Series 2020-A<br>4.00%, 12/01/2042 | 2000 | 1705591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>4.00%, 12/01/2038 | 3000 | 2645636 |
|  |  | 21273994 |
| **South Dakota–0.2%** |  |  |
|  South Dakota Health & Educational Facilities Authority <br>(Monument Health Obligated Group)<br>Series 2017<br>5.00%, 09/01/2028 | 2000 | 2093305 |
| **Tennessee–0.6%** |  |  |
|  Metropolitan Nashville Airport Authority (The)<br>Series 2019-B<br>5.00%, 07/01/2032 | 1205 | 1245478 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Tennessee Energy Acquisition Corp. <br>(Goldman Sachs Group, Inc. (The))<br>Series 2018<br>4.00%, 11/01/2049 | $| 6500 | $| 6435326 |
|  |  |  |  | 7680804 |
| **Texas–4.0%** | **Texas–4.0%** | **Texas–4.0%** | **Texas–4.0%** | **Texas–4.0%** |
|  City of Corpus Christi TX Utility System Revenue<br>Series 2015<br>5.00%, 07/15/2024 |  | 1290 |  | 1328027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C<br>5.00%, 07/15/2026 |  | 1030 |  | 1074785 |
|  City of Houston TX Airport System Revenue <br>(United Airlines, Inc.)<br>Series 2014<br>5.00%, 07/01/2029 |  | 375 |  | 367829 |
|  City of San Antonio TX Electric & Gas Systems Revenue<br>Series 2021-A<br>5.00%, 02/01/2037 |  | 1750 |  | 1857462 |
|  Dallas Fort Worth International Airport<br>Series 2020<br>5.00%, 11/01/2026 |  | 2500 |  | 2650738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 |  | 1225 |  | 1312340 |
|  Irving Hospital Authority <br>(Baylor Medical Center at Irving)<br>Series 2017-A<br>5.00%, 10/15/2028 |  | 1100 |  | 1136789 |
|  Lower Colorado River Authority <br>(LCRA Transmission Services Corp.)<br>Series 2022<br>5.00%, 05/15/2036 |  | 5255 |  | 5548718 |
|  Metropolitan Transit Authority of Harris County <br>(Metropolitan Transit Authority of Harris County Sales & Use Tax)<br>Series 2018<br>5.00%, 11/01/2029 |  | 1185 |  | 1296386 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Children's Health System of Texas Obligated Group)<br>Series 2017-A<br>5.00%, 08/15/2023 |  | 1160 |  | 1175817 |
|  Port Beaumont Navigation District <br>(Jefferson Railport Terminal II LLC)<br>Series 2020<br>3.625%, 01/01/2035(a) |  | 300 |  | 241526 |
|  Texas A&M University<br>Series 2013-B<br>5.00%, 05/15/2023 |  | 3950 |  | 3996042 |

---

 <br> *2022 Annual Report* *69*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Texas Private Activity Bond Surface Transportation Corp. <br>(Blueridge Transportation Group LLC)<br>Series 2016<br>5.00%, 12/31/2040 | $| 1880 | $| 1819304 |
|  Texas Transportation Commission State Highway Fund<br>Series 2015<br>5.00%, 10/01/2022 |  | 10035 |  | 10035000 |
|  Texas Water Development Board <br>(State Water Implementation Revenue Fund for Texas)<br>Series 2020<br>5.00%, 04/15/2028 |  | 1255 |  | 1358706 |
|  University of Houston<br>Series 2017-A<br>5.00%, 02/15/2023 |  | 13870 |  | 13959280 |
|  Via Metropolitan Transit <br>(Via Metropolitan Transit Sales Tax)<br>Series 2017<br>5.00%, 07/15/2024 |  | 2580 |  | 2651093 |
|  |  |  |  | 51809842 |
| **Virginia–0.2%** | **Virginia–0.2%** | **Virginia–0.2%** | **Virginia–0.2%** | **Virginia–0.2%** |
|  Greater Richmond Convention Center Authority <br>(Greater Richmond Convention Center Authority Hotel Occupancy Tax)<br>Series 2015<br>5.00%, 06/15/2023 |  | 2065 |  | 2090458 |
|  Virginia Small Business Financing Authority <br>(95 Express Lanes LLC)<br>Series 2022<br>5.00%, 07/01/2038 |  | 1120 |  | 1122660 |
|  |  |  |  | 3213118 |
| **Washington–4.6%** | **Washington–4.6%** | **Washington–4.6%** | **Washington–4.6%** | **Washington–4.6%** |
|  Franklin County School District No. 1 Pasco<br>Series 2015<br>5.00%, 12/01/2025 |  | 8615 |  | 8941234 |
|  Port of Seattle WA<br>Series 2018-A<br>5.00%, 05/01/2026 |  | 6000 |  | 6249854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 |  | 6500 |  | 6808112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 |  | 1875 |  | 1950313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>5.00%, 05/01/2026 |  | 4925 |  | 5130089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 |  | 5340 |  | 5593126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 |  | 5775 |  | 6069424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>4.00%, 08/01/2040 |  | 1000 |  | 872997 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Snohomish & Island Counties School District No. 41 Stanwood-Camano<br>Series 2018<br>5.00%, 12/15/2027 | $| 1000 | $| 1083668 |
|  Snohomish County Public Utility District No 1 Electric System Revenue<br>Series 2012<br>5.00%, 12/01/2026 (Pre-refunded/ETM) |  | 6065 |  | 6083959 |
|  Spokane County School District No. 81 Spokane<br>Series 2012<br>3.00%, 12/01/2031 |  | 2000 |  | 1805327 |
|  State of Washington<br>Series 2015-2<br>5.00%, 07/01/2024 |  | 3755 |  | 3871792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-R<br>5.00%, 07/01/2023 |  | 3735 |  | 3786768 |
|  Washington State Convention Center Public Facilities District <br>(Washington State Convention Center Public Facilities District Hotel Occupancy Tax)<br>Series 2021<br>4.00%, 07/01/2031 |  | 1960 |  | 1734082 |
|  Washington State Housing Finance Commission<br>Series 2021-1, Class A<br>3.50%, 12/20/2035 |  | 981 |  | 832419 |
|  |  |  |  | 60813164 |
| **West Virginia–0.2%** | **West Virginia–0.2%** | **West Virginia–0.2%** | **West Virginia–0.2%** | **West Virginia–0.2%** |
|  Tobacco Settlement Finance Authority/WV<br>Series 2020<br>4.875%, 06/01/2049 |  | 3070 |  | 2600637 |
| **Wisconsin–3.3%** | **Wisconsin–3.3%** | **Wisconsin–3.3%** | **Wisconsin–3.3%** | **Wisconsin–3.3%** |
|  State of Wisconsin<br>Series 2021-1<br>5.00%, 05/01/2028 |  | 3800 |  | 4120185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 |  | 2500 |  | 2764010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2<br>5.00%, 05/01/2030 |  | 3390 |  | 3747998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 |  | 3500 |  | 3866434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 |  | 1000 |  | 1101734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033 |  | 1400 |  | 1538365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 |  | 750 |  | 816331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 |  | 1210 |  | 1304947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2037 |  | 1300 |  | 1397354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 |  | 1450 |  | 1549128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2039 |  | 1500 |  | 1600686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 |  | 1500 |  | 1597442 |
|  UMA Education, Inc.<br>Series 2019<br>5.00%, 10/01/2022(a) |  | 175 |  | 175000 |

---

 <br> *70* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2023(a) |  | 195 | $| 195130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025(a) |  | 730 |  | 727395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026(a) |  | 770 |  | 764782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027(a) |  | 805 |  | 795911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028(a) |  | 440 |  | 432412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029(a) |  | 200 |  | 195759 |
|  Wausau School District<br>Series 2022<br>5.00%, 03/01/2031 |  | 2180 |  | 2366921 |
|  Wisconsin Health & Educational Facilities Authority <br>(St. Camillus Health System Obligated Group)<br>Series 2019<br>2.25%, 11/01/2026 |  | 40 |  | 38028 |
|  Wisconsin Public Finance Authority<br>Series 2022<br>5.50%, 02/01/2042(a) |  | 1400 |  | 1241514 |
|  Wisconsin Public Finance Authority (Celanese US Holdings LLC)<br>Series 2016-A<br>5.00%, 01/01/2024 |  | 3245 |  | 3273922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2025 | 2510 |  | 2557517 |
|  Wisconsin Public Finance Authority<br>(Queens University of Charlotte) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.25%, 03/01/2042 |  | 1000 |  | 949844 |
|  Wisconsin Public Finance Authority<br>(Samaritan Housing Foundation Obligated Group) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>2.25%, 06/01/2027(a) |  | 1000 |  | 883877 |
|  Wisconsin Public Finance Authority<br>(Southeastern Regional Medical Center Obligated Group) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>4.00%, 02/01/2038 |  | 1000 |  | 843282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2040 | 1000 |  | 832438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 02/01/2032 |  | 1000 |  | 1021286 |
|  |  |  |  | 42699632 |
| Total Long-Term Municipal Bonds (cost $1,006,823,295) |  |  |  | 949867358 |
|  | **Shares** | **Shares** |  |  |
| **INVESTMENT COMPANIES–23.3%** | **INVESTMENT COMPANIES–23.3%** | **INVESTMENT COMPANIES–23.3%** | **INVESTMENT COMPANIES–23.3%** | **INVESTMENT COMPANIES–23.3%** |
| **Funds and Investment Trusts–23.3%(c)** | **Funds and Investment Trusts–23.3%(c)** | **Funds and Investment Trusts–23.3%(c)** | **Funds and Investment Trusts–23.3%(c)** | **Funds and Investment Trusts–23.3%(c)** |
|  iShares Core MSCI EAFE ETF |  | 1670856 |  | 88003985 |
|  iShares Core MSCI Emerging Markets ETF |  | 950834 |  | 40866845 |
|  SPDR S&P 500 ETF Trust |  | 459720 |  | 164202790 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Vanguard Mid-Cap ETF |  | 68109 | $| 12803130 |
| Total Investment Companies <br>(cost $265,836,378) |  |  |  | 305876750 |
|  | **Notional Amount** | **Notional Amount** |  |  |
| **OPTIONS PURCHASED—PUTS–1.2%** | **OPTIONS PURCHASED—PUTS–1.2%** | **OPTIONS PURCHASED—PUTS–1.2%** | **OPTIONS PURCHASED—PUTS–1.2%** | **OPTIONS PURCHASED—PUTS–1.2%** |
| **Options on Equity Indices–1.2%** | **Options on Equity Indices–1.2%** | **Options on Equity Indices–1.2%** | **Options on Equity Indices–1.2%** | **Options on Equity Indices–1.2%** |
|  Euro STOXX 50 Index | Euro STOXX 50 Index |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: Jul 2023;<br>Contracts: 5,350;<br>Exercise Price: EUR 2,800.00; | &nbsp;&nbsp;&nbsp;&nbsp; Expiration: Jul 2023;<br>Contracts: 5,350;<br>Exercise Price: EUR 2,800.00; |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty: UBS AG(d) | EUR | 14980000 |  | 744888 |
|  Euro STOXX 50 Index | Euro STOXX 50 Index |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: Jul 2023;<br>Contracts: 3,800;<br>Exercise Price: EUR 2,800.00; | &nbsp;&nbsp;&nbsp;&nbsp; Expiration: Jul 2023;<br>Contracts: 3,800;<br>Exercise Price: EUR 2,800.00; |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty: UBS AG(d) | EUR | 10640000 |  | 529079 |
|  FTSE 100 Index | FTSE 100 Index |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: Aug 2023;<br>Contracts: 1,140;<br>Exercise Price: GBP 6,000.00; | &nbsp;&nbsp;&nbsp;&nbsp; Expiration: Aug 2023;<br>Contracts: 1,140;<br>Exercise Price: GBP 6,000.00; |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty: UBS AG(d) | GBP | 6840000 |  | 302324 |
|  FTSE 100 Index |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: Aug 2023;<br>Contracts: 820;<br> Exercise Price: GBP 6,000.00; <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty: UBS AG(d) | GBP | 4920000 |  | 217461 |
|  Nikkei 225 Index  | Nikkei 225 Index  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: Sep 2023;<br>Contracts: 65,000;<br>Exercise Price: JPY 22,000.00; | &nbsp;&nbsp;&nbsp;&nbsp; Expiration: Sep 2023;<br>Contracts: 65,000;<br>Exercise Price: JPY 22,000.00; |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty: UBS AG(d) | JPY | 1430000000 |  | 476508 |
|  Nikkei 225 Index | Nikkei 225 Index |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: Sep 2023;<br>Contracts: 48,000;<br>Exercise Price: JPY 22,000.00; | &nbsp;&nbsp;&nbsp;&nbsp; Expiration: Sep 2023;<br>Contracts: 48,000;<br>Exercise Price: JPY 22,000.00; |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty: UBS AG(d) | JPY | 1056000000 |  | 351883 |
|  S&P 500 Index | S&P 500 Index |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: Jul 2023;<br>Contracts: 27,800;<br>Exercise Price: USD 3,250.00; | &nbsp;&nbsp;&nbsp;&nbsp; Expiration: Jul 2023;<br>Contracts: 27,800;<br>Exercise Price: USD 3,250.00; |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty: UBS AG(d) | USD | 90350000 |  | 5207227 |
|  S&P 500 Index | S&P 500 Index |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: Jul 2023;<br>Contracts: 40,900;<br>Exercise Price: USD 3,250.00; | &nbsp;&nbsp;&nbsp;&nbsp; Expiration: Jul 2023;<br>Contracts: 40,900;<br>Exercise Price: USD 3,250.00; |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty: UBS AG(d) | USD | 132925000 |  | 7660992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Options Purchased—Puts (premiums paid $8,984,639) |  |  |  | 15490362 |

---

 <br> *2022 Annual Report* *71*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| **CORPORATES—INVESTMENT GRADE–0.8%** | **CORPORATES—INVESTMENT GRADE–0.8%** | **CORPORATES—INVESTMENT GRADE–0.8%** | | |
| **Industrial–0.8%** | **Industrial–0.8%** | **Industrial–0.8%** | | |
| **Capital Goods–0.2%** | **Capital Goods–0.2%** |  |  |  |
|  Caterpillar Financial Services Corp.<br>2.794% (SOFR + 0.27%), 09/13/2024(b) | Caterpillar Financial Services Corp.<br>2.794% (SOFR + 0.27%), 09/13/2024(b) | $1800 | $| 1783908 |
|  John Deere Capital Corp.<br>2.205% (SOFR + 0.12%), 07/10/2023(b) | John Deere Capital Corp.<br>2.205% (SOFR + 0.12%), 07/10/2023(b) | 1000 |  | 996170 |
|  |  |  |  | 2780078 |
| **Consumer Cyclical—Automotive–0.2%** | **Consumer Cyclical—Automotive–0.2%** | **Consumer Cyclical—Automotive–0.2%** | **Consumer Cyclical—Automotive–0.2%** | **Consumer Cyclical—Automotive–0.2%** |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.443% (SOFR + 1.30%), 04/07/2025(b) | &nbsp;&nbsp;&nbsp;&nbsp; 3.443% (SOFR + 1.30%), 04/07/2025(b) | 2000 |  | 1957540 |
| **Consumer Non-Cyclical–0.2%** | **Consumer Non-Cyclical–0.2%** |  |  |  |
|  Baylor Scott & White Holdings | Baylor Scott & White Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>0.827%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>0.827%, 11/15/2025 | 1075 |  | 954535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.777%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1.777%, 11/15/2030 | 1000 |  | 767910 |
|  Ochsner LSU Health System of North Louisiana<br>Series 2021<br>2.51%, 05/15/2031 |  | 2000 |  | 1529540 |
|  |  |  |  | 3251985 |
| **Services–0.2%** | **Services–0.2%** |  |  |  |
|  Novant Health, Inc.<br>2.637%, 11/01/2036 | Novant Health, Inc.<br>2.637%, 11/01/2036 | 3525 |  | 2566553 |
| Total Corporates—Investment Grade <br>(cost $12,399,259) | Total Corporates—Investment Grade <br>(cost $12,399,259) |  |  | 10556156 |
| **GOVERNMENTS—TREASURIES–0.7%** | **GOVERNMENTS—TREASURIES–0.7%** | **GOVERNMENTS—TREASURIES–0.7%** |  |  |
| **United States–0.7%** | **United States–0.7%** |  |  |  |
|  U.S. Treasury Notes<br>2.125%, 11/30/2023(e) | U.S. Treasury Notes<br>2.125%, 11/30/2023(e) | 1698 |  | 1656611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 02/15/2029(e) | &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 02/15/2029(e) | 7796 |  | 7184502 |
| Total Governments—Treasuries <br>(cost $9,580,021) | Total Governments—Treasuries <br>(cost $9,580,021) |  |  | 8841113 |
| **CORPORATES—NON-INVESTMENT GRADE–0.3%** | **CORPORATES—NON-INVESTMENT GRADE–0.3%** | **CORPORATES—NON-INVESTMENT GRADE–0.3%** |  |  |
| **Industrial–0.3%** |  |  |  |  |
| **Communications—Media–0.1%** | **Communications—Media–0.1%** |  |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.25%, 01/15/2034(a) | CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.25%, 01/15/2034(a) | 1546 |  | 1116367 |
| **Consumer Non-Cyclical–0.1%** | **Consumer Non-Cyclical–0.1%** |  |  |  |
|  Medline Borrower LP<br>3.875%, 04/01/2029(a) | Medline Borrower LP<br>3.875%, 04/01/2029(a) | 1150 |  | 923496 |
| **Transportation—Airlines–0.1%** | **Transportation—Airlines–0.1%** |  |  |  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>5.50%, 04/20/2026(a) | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>5.50%, 04/20/2026(a) | 700 |  | 657832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/2029(a) | &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/2029(a) | 620 |  | 541080 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
|  United Airlines, Inc.<br>4.375%, 04/15/2026(a) | United Airlines, Inc.<br>4.375%, 04/15/2026(a) | 1000 | $| 892230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/15/2029(a) | &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/15/2029(a) | 500 |  | 415200 |
|  |  |  |  | 2506342 |
| Total Corporates—Non-Investment Grade <br>(cost $5,515,619) | Total Corporates—Non-Investment Grade <br>(cost $5,515,619) | Total Corporates—Non-Investment Grade <br>(cost $5,515,619) |  | 4546205 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES–0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–0.3%** |
| **Agency CMBS–0.3%** | **Agency CMBS–0.3%** | **Agency CMBS–0.3%** | **Agency CMBS–0.3%** | **Agency CMBS–0.3%** |
|  California Housing Finance Agency<br>Series 2021-2, Class A<br>3.75%, 03/25/2035 |  | 2964 |  | 2719493 |
|  Federal Home Loan Mortgage Corp.<br>Series 2021-ML10, Class ACA<br>2.046%, 06/25/2038 | Federal Home Loan Mortgage Corp.<br>Series 2021-ML10, Class ACA<br>2.046%, 06/25/2038 | 987 |  | 755052 |
| Total Commercial Mortgage-Backed Securities <br>(cost $4,517,388) | Total Commercial Mortgage-Backed Securities <br>(cost $4,517,388) | Total Commercial Mortgage-Backed Securities <br>(cost $4,517,388) |  | 3474545 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%** |
| **Risk Share Floating Rate–0.1%** | **Risk Share Floating Rate–0.1%** | **Risk Share Floating Rate–0.1%** | **Risk Share Floating Rate–0.1%** | **Risk Share Floating Rate–0.1%** |
|  Bellemeade Re Ltd.<br>Series 2018-1A, Class M2<br>5.984% (LIBOR 1 Month + 2.90%), 04/25/2028(a)(b) |  | 126 |  | 125505 |
|  Connecticut Avenue Securities Trust<br>Series 2020-SBT1, Class 2M2<br>6.734% (LIBOR 1 Month + 3.65%), 02/25/2040(a)(b) | Connecticut Avenue Securities Trust<br>Series 2020-SBT1, Class 2M2<br>6.734% (LIBOR 1 Month + 3.65%), 02/25/2040(a)(b) | 250 |  | 247234 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2019-DNA3, Class M2<br>5.134% (LIBOR 1 Month + 2.05%), 07/25/2049(a)(b) |  | 106 |  | 104187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-DN2, Class M2<br>7.334% (LIBOR 1 Month + 4.25%), 11/25/2023(b) |  | 90 |  | 91004 |
|  Federal National Mortgage Association Connecticut Avenue Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C03, Class 2M2<br>5.984% (LIBOR 1 Month + 2.90%), 07/25/2024(b) |  | 64 |  | 64111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C03, Class 1M2<br>8.084% (LIBOR 1 Month + 5.00%), 07/25/2025(b) |  | 36 |  | 36937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 1M2<br>9.834% (LIBOR 1 Month + 6.75%), 08/25/2028(b) |  | 113 |  | 118982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2<br>9.084% (LIBOR 1 Month + 6.00%), 09/25/2028(b) |  | 56 |  | 58245 |
| Total Collateralized Mortgage Obligations <br>(cost $727,246) | Total Collateralized Mortgage Obligations <br>(cost $727,246) | Total Collateralized Mortgage Obligations <br>(cost $727,246) |  | 846205 |

---

 <br> *72* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **U.S. $ Value** |
| **SHORT-TERM INVESTMENTS–0.5%** | **SHORT-TERM INVESTMENTS–0.5%** | |
| **Investment Companies–0.5%** | **Investment Companies–0.5%** |  |
| AB Fixed Income Shares, Inc.—Government Money Market Portfolio—Class AB,<br>2.58%(c)(f)(g)<br>(cost $7,141,247) | 7141247 | $7141247 |
| **Total Investments—99.7%** <br>(cost $1,321,525,092) |  | 1306639941 |
| Other assets less liabilities—0.3% |  | 4340209 |
| **Net Assets—100.0%** |  | $**1310980150** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |
|  Euro STOXX 50 Index Futures | 226 | December 2022 | $7342437 | $(551998) |
|  FTSE 100 Index Futures | 39 | December 2022 | 3010950 | (183682) |
|  Hang Seng Index Futures | 62 | October 2022 | 6796609 | (230397) |
|  Nikkei 225 (OSE) Futures | 24 | December 2022 | 4301527 | (208706) |
|  OMXS 30 Index Futures | 676 | October 2022 | 11147225 | (677728) |
|  Russell 2000 E-Mini Futures | 98 | December 2022 | 8182020 | (1077628) |
|  S&P 500 E-Mini Futures | 363 | December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;65367225 | &nbsp;&nbsp;&nbsp;&nbsp;(5984653) |
|  U.S. T-Note 2 Yr (CBT) Futures | 131 | December 2022 | 26906172 | (432070) |
|  U.S. T-Note 10 Yr (CBT) Futures | 344 | December 2022 | 38549500 | (1997273) |
|  U.S. Ultra Bond (CBT) Futures | 91 | December 2022 | 12467000 | (1200600) |
| **Sold Contracts** |  |  |  |  |
|  Euro STOXX 50 Index Futures | 339 | December 2022 | 11013656 | (8600) |
|  FTSE 100 Index Futures | 164 | December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;12661431 | 717474 |
|  MSCI Emerging Markets Futures | 535 | December 2022 | 23312625 | 2033256 |
|  MSCI Singapore IX ETS Futures | 222 | October 2022 | 4337984 | 22221 |
|  S&P 500 E-Mini Futures | 332 | December 2022 | 59784900 | 3118291 |
|  S&P Mid 400 E-Mini Futures | 33 | December 2022 | 7287060 | 625398 |
|  S&P/TSX 60 Index Futures | 76 | December 2022 | 12280161 | 299933 |
|  SPI 200 Futures | 233 | December 2022 | 24092065 | 1202420 |
|  TOPIX Index Futures | 49 | December 2022 | 6215988 | (3388) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(4537730) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 8576 | NZD | 14274 | 11/18/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;(585916) |
|  Bank of America, NA | USD | 3302 | NOK | 34100 | 12/01/2022 | (166619) |
|  Bank of America, NA | CHF | 17772 | USD | 18238 | 12/07/2022 | 115837 |
|  Bank of America, NA | CHF | 2950 | USD | 2994 | 12/07/2022 | (13825) |

---

 <br> *2022 Annual Report* *73*

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Barclays Capital | USD | 2922 | CAD | 3761 | 10/27/2022 | $(199828) |
|  BNP Paribas SA | AUD | 32011 | USD | 22084 | 10/20/2022 | 1604625 |
|  BNP Paribas SA | CAD | 5682 | USD | 4359 | 10/27/2022 | 245319 |
|  BNP Paribas SA | USD | 3854 | CAD | 5295 | 10/27/2022 | (20850) |
|  BNP Paribas SA | USD | 10368 | NZD | 16752 | 11/18/2022 | (990881) |
|  Citibank, NA | USD | 14512 | CAD | 19117 | 10/27/2022 | (673260) |
|  Citibank, NA | GBP | 13721 | USD | 15839 | 11/17/2022 | 508033 |
|  Citibank, NA | USD | 4298 | GBP | 4013 | 11/17/2022 | 185574 |
|  Citibank, NA | SEK | 108816 | USD | 9907 | 12/01/2022 | 72527 |
|  Credit Suisse International | USD | 2358 | CAD | 3084 | 10/27/2022 | (125171) |
|  Deutsche Bank AG | CAD | 13733 | USD | 10743 | 10/27/2022 | 801326 |
|  Goldman Sachs Bank USA | USD | 1347 | SEK | 15276 | 12/01/2022 | 34020 |
|  HSBC Bank USA | USD | 16964 | CAD | 21796 | 10/27/2022 | (1185572) |
|  HSBC Bank USA | USD | 9250 | JPY | 1330342 | 12/02/2022 | (3007) |
|  JPMorgan Chase Bank, NA | USD | 7846 | AUD | 11618 | 10/20/2022 | (413147) |
|  JPMorgan Chase Bank, NA | CAD | 8248 | USD | 6411 | 10/27/2022 | 440597 |
|  JPMorgan Chase Bank, NA | USD | 14402 | JPY | 2064248 | 12/02/2022 | (53340) |
|  JPMorgan Chase Bank, NA | EUR | 48635 | USD | 47566 | 12/08/2022 | (319609) |
|  Morgan Stanley & Co., Inc. | USD | 29277 | AUD | 42143 | 10/20/2022 | (2316116) |
|  Morgan Stanley & Co., Inc. | USD | 20968 | CAD | 27456 | 10/27/2022 | (1092953) |
|  Morgan Stanley & Co., Inc. | GBP | 16288 | USD | 19015 | 11/17/2022 | 816062 |
|  Morgan Stanley & Co., Inc. | USD | 5240 | GBP | 4578 | 11/17/2022 | (125039) |
|  Morgan Stanley & Co., Inc. | NZD | 2896 | USD | 1778 | 11/18/2022 | 157319 |
|  Morgan Stanley & Co., Inc. | USD | 3504 | NZD | 6219 | 11/18/2022 | (22744) |
|  Morgan Stanley & Co., Inc. | USD | 3296 | JPY | 468190 | 12/02/2022 | (41685) |
|  Morgan Stanley & Co., Inc. | CHF | 2467 | USD | 2523 | 12/07/2022 | 7035 |
|  UBS AG | GBP | 2510 | USD | 2972 | 11/17/2022 | 166831 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(3194457) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | |
| | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** |<br>**Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 4710 | 01/15/2025 | 2.565% | CPI# | Maturity | $406022 | $— | $406022 |
| USD | 2355 | 01/15/2025 | 2.585% | CPI# | Maturity | 201159 |  | 201159 |
| USD | 2355 | 01/15/2025 | 2.613% | CPI# | Maturity | 198610 |  | 198610 |
| USD | 11470 | 01/15/2026 | CPI# | 3.720% | Maturity | (312537) |  | (312537) |
| USD | 7300 | 01/15/2027 | CPI# | 3.320% | Maturity | (274804) |  | (274804) |
| USD | 7200 | 01/15/2027 | CPI# | 3.466% | Maturity | (207667) | &nbsp;&nbsp;&nbsp;&nbsp;(8413) | (199254) |
| USD | 20920 | 01/15/2028 | 1.230% | CPI# | Maturity | &nbsp;&nbsp;&nbsp;&nbsp;3490717 |  | &nbsp;&nbsp;&nbsp;&nbsp;3490717 |
| USD | 16190 | 01/15/2028 | 0.735% | CPI# | Maturity | 3266155 |  | 3266155 |
| USD | 30110 | 01/15/2029 | CPI# | 3.290% | Maturity | (603170) |  | (603170) |
| USD | 5860 | 01/15/2029 | CPI# | 3.735% | Maturity | 94130 |  | 94130 |
| USD | 5125 | 01/15/2030 | 1.572% | CPI# | Maturity | 784827 |  | 784827 |
| USD | 5125 | 01/15/2030 | 1.587% | CPI# | Maturity | 778003 |  | 778003 |
| USD | 1130 | 01/15/2030 | 1.714% | CPI# | Maturity | 158720 |  | 158720 |
| USD | 1130 | 01/15/2030 | 1.731% | CPI# | Maturity | 156993 |  | 156993 |

---

 <br> *74* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** |<br>**Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 4400 | 01/15/2031 | 2.782% | CPI# | Maturity | $222104 | $— | $222104 |
| USD | 4150 | 01/15/2031 | 2.680% | CPI# | Maturity | 249765 |  | 249765 |
| USD | 3500 | 01/15/2031 | 2.989% | CPI# | Maturity | 106962 |  | 106962 |
| USD | 3800 | 04/15/2032 | CPI# | 2.909% | Maturity | (107547) |  | (107547) |
| USD | 3350 | 04/15/2032 | CPI# | 2.748% | Maturity | (151069) |  | (151069) |
| USD | 2000 | 04/15/2032 | CPI# | 2.722% | Maturity | (95669) |  | (95669) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;8361704 | $&nbsp;&nbsp;&nbsp;&nbsp;(8413) | $&nbsp;&nbsp;&nbsp;&nbsp;8370117 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | | |
| |  | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| <br>**Swap Counterparty** | **Notional Amount<br>(000)** | **Notional Amount<br>(000)** |<br>**Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Citibank, NA | USD | 10850 | 04/15/2032 | 2.777% | 1 Day SOFR | Annual | $&nbsp;&nbsp;&nbsp;&nbsp;605667 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;605667 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** |
| **Swap Counterparty & Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Sale Contracts** |  |  |  |  |  |  |  |  |
| Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 70 | $(15616) | $(6506) | $(9110) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 965 | &nbsp;&nbsp;&nbsp;&nbsp;(216362) | &nbsp;&nbsp;&nbsp;&nbsp;(118407) | &nbsp;&nbsp;&nbsp;&nbsp;(97955) |
| Credit Suisse International |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1 | (161) | (84) | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 38 | (8533) | (3588) | (4945) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 475 | (106571) | (44866) | (61705) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 714 | (160179) | (65703) | (94476) |
| Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 620 | (138929) | (55313) | (83616) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(646351) | $&nbsp;&nbsp;&nbsp;&nbsp;(294467) | $&nbsp;&nbsp;&nbsp;&nbsp;(351884) |

---

\* Termination date

 <br> *2022 Annual Report* *75*

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | | |
| |  |  | | **Rate Type** | **Rate Type** |  | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| <br>**Swap Counterparty** | **Notional Amount<br>(000)** | **Notional Amount<br>(000)** |<br>**Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Barclays Bank PLC | USD | 12000 | 10/23/2026 | 2.310% | CPI | # | Maturity | $620468 | $— | $620468 |
| Barclays Bank PLC | USD | 10000 | 12/04/2027 | 2.170% | CPI | # | Maturity | 1005510 |  | 1005510 |
| Barclays Bank PLC | USD | 10000 | 10/23/2029 | 2.388% | CPI | # | Maturity | 387784 |  | 387784 |
| Barclays Bank PLC | USD | 13000 | 12/04/2032 | 2.233% | CPI | # | Maturity | 1231735 |  | 1231735 |
| Citibank, NA | USD | 22000 | 11/04/2023 | 1.900% | CPI | # | Maturity | 2528370 |  | 2528370 |
| Citibank, NA | USD | 10000 | 07/20/2027 | 2.104% | CPI | # | Maturity | 1098022 |  | 1098022 |
| Deutsche Bank AG | USD | 10000 | 09/04/2025 | 1.818% | CPI | # | Maturity | 1241731 |  | 1241731 |
| JPMorgan Chase Bank, NA | USD | 10000 | 03/02/2024 | 2.175% | CPI | # | Maturity | 920331 |  | 920331 |
| JPMorgan Chase Bank, NA | USD | 33000 | 07/20/2024 | 1.995% | CPI | # | Maturity | 3639105 |  | 3639105 |
| JPMorgan Chase Bank, NA | USD | 13000 | 11/04/2026 | 2.015% | CPI | # | Maturity | 1545613 |  | 1545613 |
| JPMorgan Chase Bank, NA | USD | 28000 | 12/27/2028 | 2.009% | CPI | # | Maturity | 3134823 |  | 3134823 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;17353492 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;17353492 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | | |
| | **Notional Amount<br>(000)** | **Notional Amount<br>(000)** | **Termination<br>Date** | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| <br>**Swap Counterparty** | **Notional Amount<br>(000)** | **Notional Amount<br>(000)** | **Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Citibank, NA | USD | 12470 | 10/09/2029 | 1.125% | SIFMA \* | Quarterly | $&nbsp;&nbsp;&nbsp;&nbsp;1433021 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;1433021 |

---

\* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** |
| **Counterparty & Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** |  |  |  |  |  |
|  Morgan Stanley Capital Services LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 103 | 12/16/2022 | $(4861) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 1641 | 12/16/2022 | (123292) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 2360 | 12/16/2022 | (126184) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(254337) |

---

------

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At
September 30, 2022, the aggregate market value of these securities amounted to $30,513,104 or 2.3% of net assets.

(b) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2022.

(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) Non-income producing security.

(e) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(f) Affiliated investments.

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

 <br> *76* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
As of September 30, 2022, the Portfolio's percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 4.8% and 0.0%, respectively.

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

AGC—Assured Guaranty Corporation

AGM—Assured Guaranty Municipal

BAM—Build American Mutual

CBT—Chicago Board of Trade

CDX-CMBX.NA—North American Commercial Mortgage-Backed Index

CMBS—Commercial Mortgage-Backed Securities

CCRC—Congregate Care Retirement Center

COP—Certificate of Participation

CPI—Consumer Price Index

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

ETM—Escrowed to Maturity

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

MUNIPSA—SIFMA Municipal Swap Index

NATL—National Interstate Corporation

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

OSF—Order of St. Francis

SOFR—Secured Overnight Financing Rate

SPDR—Standard & Poor's Depository Receipt

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

UPMC—University of Pittsburgh Medical Center

XLCA—XL Capital Assurance Inc.

See notes to financial statements.

 <br> *2022 Annual Report* *77*

------

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

**Sanford C. Bernstein Fund, Inc.** 

**Schedule of Investments** 

**Tax-Aware Overlay C Portfolio** 

**September 30, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| **MUNICIPAL OBLIGATIONS–78.7%** | **MUNICIPAL OBLIGATIONS–78.7%** | **MUNICIPAL OBLIGATIONS–78.7%** |
| **Long-Term Municipal Bonds–76.5%** | **Long-Term Municipal Bonds–76.5%** | **Long-Term Municipal Bonds–76.5%** |
| **American Samoa–0.1%** | **American Samoa–0.1%** | **American Samoa–0.1%** |
|  American Samoa Economic Development Authority <br>(Territory of American Samoa)<br>Series 2018<br>6.50%, 09/01/2028(a) | $235 | $253654 |
| **Arizona–0.6%** |  |  |
|  State of Arizona Lottery Revenue<br>Series 2019<br>5.00%, 07/01/2024<br>(Pre-refunded/ETM) | 2000 | 2058775 |
| **California–63.4%** |  |  |
|  Anaheim Housing & Public Improvements Authority <br>(City of Anaheim CA Electric System Revenue)<br>Series 2020<br>2.792%, 10/01/2032 | 1150 | 940831 |
|  Antelope Valley-East Kern Water Agency<br>Series 2016<br>5.00%, 06/01/2023 | 1000 | 1012355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2025 | 1000 | 1044761 |
|  Bay Area Toll Authority<br>Series 2017<br>5.00%, 04/01/2028 | 2700 | 2942971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>2.76% (MUNIPSA + 0.30%), 04/01/2056(b) | 2000 | 1939675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87% (MUNIPSA + 0.41%), 04/01/2056(b) | 2000 | 1937102 |
|  California Community Housing Agency<br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments)<br>Series 2021-A<br>4.00%, 08/01/2047(a) | 1265 | 882361 |
|  California Community Housing Agency<br>(California Community Housing Agency Fountains at Emerald Park)<br>Series 2021<br>4.00%, 08/01/2046(a) | 500 | 358584 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  California Community Housing Agency<br>(California Community Housing Agency Summit at Sausalito Apartments)<br>Series 2021<br>4.00%, 02/01/2050(a) | $1000 | $693948 |
|  California Educational Facilities Authority<br>(University of the Pacific)<br>Series 2015<br>5.00%, 11/01/2027 | 2000 | 2079836 |
|  California Enterprise Development Authority <br>(Rocketship Education Obligated Group)<br>Series 2022<br>4.00%, 06/01/2031(a) | 540 | 488578 |
|  California Health Facilities Financing Authority <br>(CommonSpirit Health)<br>Series 2020-A<br>4.00%, 04/01/2035 | 1850 | 1720366 |
|  California Health Facilities Financing Authority <br>(Kaiser Foundation Hospitals)<br>Series 2017-P<br>5.00%, 11/01/2032 | 3430 | 3435452 |
|  California Health Facilities Financing Authority <br>(Sutter Health Obligated Group)<br>Series 2018-A<br>5.00%, 11/15/2030 | 900 | 949879 |
|  California Housing Finance Agency<br>Series 2019-2, Class A<br>4.00%, 03/20/2033 | 2128 | 2024621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A<br>3.50%, 11/20/2035 | 2592 | 2239441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2<br>0.823%, 03/25/2035 | 1000 | 56273 |
|  California Infrastructure & Economic Development Bank<br>Series 2022<br>0.85%, 01/01/2050<br>(Pre-refunded/ETM)(a) | 2500 | 2472404 |
|  California Infrastructure & Economic Development Bank <br>(California Academy of Sciences)<br>Series 2021<br>2.81% (MUNIPSA + 0.35%), 08/01/2047(b) | 2000 | 1978415 |
|  California Municipal Finance Authority <br>(Anaheim Electric Utility Fund)<br>Series 2015-B<br>5.00%, 10/01/2026 | 1000 | 1052392 |

---

 <br> *78* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  California Municipal Finance Authority <br>(California Municipal Finance Authority State Lease)<br>Series 2017-A<br>5.00%, 06/01/2029 | $2320 | $2480388 |
|  California Municipal Finance Authority <br>(LAX Integrated Express Solutions LLC)<br>Series 2018<br>5.00%, 06/30/2028 | 1325 | 1359932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2028 | 1700 | 1744361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2029 | 2000 | 2049613 |
|  California Municipal Finance Authority <br>(United Airlines, Inc.)<br>Series 2019<br>4.00%, 07/15/2029 | 2140 | 1965907 |
|  California Pollution Control Financing Authority <br>(San Diego County Water Authority Desalination Project Pipeline)<br>Series 2019<br>5.00%, 07/01/2029(a) | 450 | 457386 |
|  California Public Finance Authority <br>(California University of Science & Medicine Obligated Group)<br>Series 2019<br>6.25%, 07/01/2054(a) | 1000 | 1070071 |
|  California School Finance Authority <br>(Classical Academy Obligated Group)<br>Series 2022<br>5.00%, 10/01/2042(a) | 1000 | 959790 |
|  California School Finance Authority <br>(Fenton Charter Public Schools)<br>Series 2020-A<br>4.00%, 07/01/2030(a) | 600 | 551671 |
|  California School Finance Authority <br>(Rocketship Education Obligated Group)<br>Series 2015-A<br>4.25%, 03/01/2028(a) | 545 | 528326 |
|  California State Public Works Board <br>(California State Public Works Board Lease)<br>Series 2014-A<br>5.00%, 09/01/2030 | 4375 | 4501248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 08/01/2023 | 4715 | 4788544 |
|  California State University<br>Series 2016-A<br>5.00%, 11/01/2025 | 1000 | 1054844 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 11/01/2025 | $2160 | $2278463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 1000 | 1075859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D<br>1.49%, 11/01/2028 | 400 | 329565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>0.55%, 11/01/2049 | 3000 | 2523041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.274%, 11/01/2034 | 2000 | 1475252 |
|  California Statewide Communities Development Authority <br>(Enloe Medical Center)<br>Series 2015<br>5.00%, 08/15/2028 | 2200 | 2319938 |
|  California Statewide Communities Development Authority <br>(Lancer Educational Housing LLC)<br>Series 2019<br>5.00%, 06/01/2034(a) | 375 | 359927 |
|  California Statewide Communities Development Authority <br>(Loma Linda University Medical Center)<br>Series 2016-A<br>5.00%, 12/01/2041(a) | 1000 | 928619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 12/01/2028(a) | 500 | 500526 |
|  California Statewide Communities Development Authority <br>(Methodist Hospital of Southern California Obligated Group)<br>Series 2018<br>5.00%, 01/01/2028 | 2915 | 3003119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 2790 | 2867685 |
|  California Statewide Communities Development Authority<br>(NCCD-Hooper Street LLC)<br>Series 2019<br>5.00%, 07/01/2024(a) | 120 | 119222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029(a) | 215 | 205034 |
|  City & County of San Francisco CA (City & County of San Francisco CA COP)<br>Series 2015-R<br>5.00%, 09/01/2025 | 4175 | 4242186 |
|  City of Hayward CA<br>(City of Hayward CA COP)<br>Series 2015<br>5.00%, 11/01/2022 | 3365 | 3369911 |
|  City of Los Angeles Department of Airports<br>Series 2016-A<br>5.00%, 05/15/2026 | 1795 | 1861223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 05/15/2030 | 3585 | 3708833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2031 | 1275 | 1315599 |

---

 <br> *2022 Annual Report* *79*

------

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

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>5.00%, 05/15/2023 | $4670 | $4709353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D<br>5.00%, 05/15/2026 | 2890 | 2996620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>4.00%, 05/15/2044 | 1000 | 868784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2031 | 485 | 506273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.00%, 05/15/2033 | 1000 | 1080267 |
|  City of Roseville CA<br>(Fiddyment Ranch Community Facilities District No.1)<br>Series 2017<br>5.00%, 09/01/2031 | 1000 | 1035889 |
|  City of Roseville CA<br>(HP Campus Oaks Community Facilities District No.1)<br>Series 2016<br>5.00%, 09/01/2031 | 305 | 314223 |
|  City of San Jose CA Airport Revenue (Norman Y Mineta San Jose International Airport SJC)<br>Series 2014-A<br>5.00%, 03/01/2024 | 1955 | 1988233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-B<br>5.00%, 03/01/2026 | 2360 | 2413361 |
|  CMFA Special Finance Agency VII <br>(CMFA Special Finance Agency VII The Breakwater Apartments)<br>Series 2021<br>4.00%, 08/01/2047(a) | 1000 | 679820 |
|  CMFA Special Finance Agency VIII Elan Huntington Beach<br>Series 2021<br>4.00%, 08/01/2047(a) | 290 | 217500 |
|  Coronado Community Development Agency Successor Agency<br>Series 2018-A<br>5.00%, 09/01/2033 | 2520 | 2621844 |
|  County of Los Angeles CA Community Facilities District No 2021-0<br>Series 2022<br>5.00%, 09/01/2042 | 1800 | 1736273 |
|  County of Monterey CA<br>(County of Monterey CA COP)<br>Series 2017<br>5.00%, 10/01/2029 | 4870 | 5251380 |
|  County of Sacramento CA Airport System Revenue<br>Series 2018-E<br>5.00%, 07/01/2032 | 1280 | 1365251 |
|  County of San Diego CA <br>(County of San Diego CA COP)<br>Series 2014-A<br>5.00%, 10/15/2027 | 1250 | 1290728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2028 | 1300 | 1340291 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim)<br>Series 2021<br>3.35%, 04/01/2047(a) | $1000 | $744289 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 777 Place-Pomona)<br>Series 2021<br>3.60%, 05/01/2047(a) | 1250 | 947179 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)<br>Series 2021<br>4.00%, 10/01/2046(a) | 1000 | 700150 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Altana Apartments)<br>Series 2021<br>3.50%, 10/01/2046(a) | 1000 | 718434 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments)<br>Series 2021-A1<br>2.875%, 08/01/2041(a) | 955 | 760066 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)<br>Series 2021<br>3.375%, 07/01/2043(a) | 1000 | 737959 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Pasadena Portfolio)<br>Series 2021<br>2.65%, 12/01/2046(a) | 995 | 710283 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Theo Apartments)<br>Series 2021<br>3.50%, 05/01/2047(a) | 1000 | 776078 |

---

 <br> *80* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Union South Bay)<br>Series 2021-A<br>3.10%, 07/01/2045(a) | $1000 | $728232 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Vineyard Gardens Apartments)<br>Series 2021<br>4.00%, 10/01/2048(a) | 1000 | 690227 |
|  Fremont Community Facilities District No. 1<br>Series 2015<br>5.00%, 09/01/2028 | 1505 | 1546113 |
|  Golden State Tobacco Securitization Corp.<br>Series 2021<br>1.85%, 06/01/2031 | 240 | 235037 |
|  Golden State Tobacco Securitization Corp. <br>(Golden State Tobacco Securitization Corp. Lease)<br>Series 2021<br>1.40%, 06/01/2025 | 1000 | 907813 |
|  Irvine Unified School District<br>Series 2017-A<br>5.00%, 09/01/2023 | 925 | 935239 |
|  Los Angeles Community College District/CA<br>Series 2015-A<br>5.00%, 08/01/2030<br>(Pre-refunded/ETM) | 2585 | 2671357 |
|  Los Angeles Department of Water & Power<br>Series 2018-A<br>5.00%, 07/01/2028 | 1660 | 1807854 |
|  Los Angeles Department of Water & Power Power System Revenue<br>Series 2020-B<br>5.00%, 07/01/2028 | 365 | 400344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 455 | 505359 |
|  Los Angeles Unified School District/CA<br>Series 2014-C<br>5.00%, 07/01/2027 | 6815 | 7031652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R<br>5.00%, 07/01/2023 | 2725 | 2764580 |
|  Metropolitan Water District of Southern California<br>Series 2021-D<br>2.60% (MUNIPSA + 0.14%), 07/01/2037(b) | 1000 | 994849 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  Middle Fork Project Finance Authority<br>Series 2020<br>5.00%, 04/01/2033 | $450 | $465987 |
|  Newport Mesa Unified School District<br>Series 2020<br>5.00%, 08/01/2024 | 510 | 526946 |
|  Oakland Unified School District/Alameda County<br>Series 2015-A<br>5.00%, 08/01/2025 | 1310 | 1368438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | 1025 | 1071076 |
|  Peralta Community College District<br>Series 2014-A<br>5.00%, 08/01/2027 | 5855 | 6014892 |
|  Regents of the University of California Medical Center Pooled Revenue<br>Series 2013-J<br>5.00%, 05/15/2033<br>(Pre-refunded/ETM) | 4885 | 4938940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 05/15/2039 | 3000 | 3179575 |
|  River Islands Public Financing Authority <br>(River Islands Public Financing Authority Community Facilities District No 2003-1)<br>Series 2022<br>4.50%, 09/01/2037 | 1000 | 910482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2042 | 1000 | 918442 |
|  Riverside County Redevelopment Successor Agency<br>AGM Series 2017-B<br>5.00%, 10/01/2029 | 1900 | 2035235 |
|  Romoland School District<br>Series 2015<br>5.00%, 09/01/2023 | 300 | 302973 |
|  Sacramento County Sanitation Districts Financing Authority<br>Series 2014-A<br>5.00%, 12/01/2029 | 2000 | 2054828 |
|  Sacramento County Water Financing Authority<br>(Sacramento County Water Agency)<br>NATL Series 2007-B<br>2.635% (LIBOR 3 Month + 0.57%), 06/01/2039(b) | 1450 | 1244007 |
|  San Diego Association of Governments<br>(State of California DOT Fed Hwy Grant)<br>Series 2019<br>1.80%, 11/15/2027 | 1500 | 1330416 |

---

 <br> *2022 Annual Report* *81*

------

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

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  San Diego County Regional Transportation Commission<br>(San Diego County Regional Transportation Commission Sales Tax)<br>Series 2021-A<br>5.00%, 10/01/2022 | $1970 | $1970000 |
|  San Diego County Water Authority<br>Series 2021-A<br>5.00%, 05/01/2023 | 780 | 788747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2024 | 500 | 514463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2025 | 1000 | 1047760 |
|  San Francisco Intl Airport<br>Series 2016-S<br>5.00%, 05/01/2025 | 1050 | 1095377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2026 | 1680 | 1772984 |
|  Saugus/Hart School Facilities Financing Authority<br>(Saugus Union School District Community Facilities District No. 06-01)<br>Series 2016<br>5.00%, 09/01/2027 | 750 | 774043 |
|  State of California<br>Series 2013-B<br>5.00%, 09/01/2023 | 5635 | 5732393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015<br>5.00%, 03/01/2024 | 2135 | 2191122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B<br>5.00%, 09/01/2023 | 5700 | 5798516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>5.00%, 09/01/2023 | 8760 | 8911403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>5.00%, 08/01/2029 | 7615 | 8327608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.00%, 11/01/2023 | 4900 | 4999395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>5.00%, 09/01/2023 | 2000 | 2034567 |
|  Stockton Redevelopment Agency Successor Agency<br>AGM Series 2016-A<br>5.00%, 09/01/2025 | 1900 | 1976388 |
|  Tobacco Securitization Authority of Southern California<br>Series 2019<br>5.00%, 06/01/2030 | 960 | 1000449 |
|  University of California<br>Series 2013-A<br>5.00%, 05/15/2048 | 6000 | 6072505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A<br>5.00%, 05/15/2025 | 2270 | 2382844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>4.00%, 05/15/2024 | 2120 | 2149962 |
|  Walnut Energy Center Authority<br>Series 2014<br>5.00%, 01/01/2026 | 1000 | 1029730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 1800 | 1849816 |
|  |  | 232757821 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| **Colorado–0.7%** | **Colorado–0.7%** | **Colorado–0.7%** |
|  City & County of Denver CO (United Airlines, Inc.)<br>Series 2017<br>5.00%, 10/01/2032 | $1000 | $951707 |
|  Plaza Metropolitan District No. 1<br>Series 2013<br>5.00%, 12/01/2022(a) | 690 | 690634 |
|  Sterling Ranch Community Authority Board <br>(Sterling Ranch Metropolitan District No. 3)<br>Series 2017-A<br>5.00%, 12/01/2030 | 1000 | 979749 |
|  Vauxmont Metropolitan District<br>AGM Series 2020<br>5.00%, 12/01/2050 | 100 | 104103 |
|  |  | 2726193 |
| **Connecticut–0.3%** | **Connecticut–0.3%** | **Connecticut–0.3%** |
|  State of Connecticut<br>Series 2015-B<br>5.00%, 06/15/2030 | 1250 | 1302623 |
| **Florida–0.0%** | **Florida–0.0%** | **Florida–0.0%** |
|  Capital Trust Agency, Inc. <br>(Franklin Academy Obligated Group)<br>Series 2020<br>5.00%, 12/15/2026(a) | 100 | 100814 |
|  County of Osceola FL Transportation Revenue<br>Series 2020-A<br>Zero Coupon, 10/01/2031 | 100 | 62861 |
|  |  | 163675 |
| **Guam–1.2%** | **Guam–1.2%** | **Guam–1.2%** |
|  Antonio B Won Pat International Airport Authority<br>Series 2021-A<br>2.899%, 10/01/2027 | 200 | 175605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.489%, 10/01/2031 | 120 | 99459 |
|  Guam Power Authority<br>Series 2022-A<br>5.00%, 10/01/2028 | 1000 | 1042240 |
|  Territory of Guam<br>Series 2019<br>5.00%, 11/15/2031 | 90 | 84980 |
|  Territory of Guam<br>(Guam Section 30 Income Tax)<br>Series 2016-A<br>5.00%, 12/01/2029 | 140 | 139785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 225 | 223358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 205 | 200587 |
|  Territory of Guam <br>(Territory of Guam Business Privilege Tax)<br>Series 2015-D<br>5.00%, 11/15/2023 | 420 | 421613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2025 | 350 | 351224 |

---

 <br> *82* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 | $| 840 | $| 826947 |
|  Territory of Guam <br>(Territory of Guam Hotel Occupancy Tax)<br>Series 2021-A<br>5.00%, 11/01/2040 |  | 1000 |  | 921874 |
|  |  |  |  | 4487672 |
| **Illinois–2.5%** | **Illinois–2.5%** | **Illinois–2.5%** | **Illinois–2.5%** | **Illinois–2.5%** |
|  Chicago Board of Education<br>Series 2017-F<br>5.00%, 12/01/2024 |  | 2000 |  | 2034947 |
|  Illinois Finance Authority <br>(Illinois Institute of Technology)<br>Series 2019<br>5.00%, 09/01/2023 |  | 100 |  | 100679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 |  | 100 |  | 102370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 |  | 100 |  | 99957 |
|  Metropolitan Pier & Exposition Authority<br>Series 2017-B<br>5.00%, 12/15/2030 |  | 1400 |  | 1421252 |
|  State of Illinois<br>Series 2014<br>5.00%, 05/01/2025 |  | 2165 |  | 2191479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D<br>5.00%, 11/01/2024 |  | 3190 |  | 3242704 |
|  |  |  |  | 9193388 |
| **Kentucky–0.1%** |  |  |  |  |
|  City of Ashland KY<br>(Ashland Hospital Corp. Obligated Group)<br>Series 2019<br>5.00%, 02/01/2027 |  | 140 |  | 144572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 |  | 100 |  | 102199 |
|  |  |  |  | 246771 |
| **Louisiana–0.1%** |  |  |  |  |
|  Parish of St. James LA<br>(NuStar Logistics LP)<br>Series 2020<br>6.10%, 06/01/2038(a) |  | 110 |  | 117036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 12/01/2040(a) |  | 100 |  | 106397 |
|  |  |  |  | 223433 |
| **Michigan–2.5%** |  |  |  |  |
|  City of Detroit MI<br>Series 2018<br>5.00%, 04/01/2029 |  | 2000 |  | 2049089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 |  | 600 |  | 612350 |
|  Michigan Finance Authority<br>(Public Lighting Authority)<br>Series 2014-B<br>5.00%, 07/01/2025 |  | 2175 |  | 2207843 |
|  Michigan Strategic Fund<br>(Michigan Strategic Fund–I 75 Improvement Project)<br>Series 2018<br>5.00%, 06/30/2030 |  | 3325 |  | 3325675 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2030 | $1000 | $996891 |
|  |  | 9191848 |
| **Missouri–0.0%** |  |  |
|  Howard Bend Levee District XLCA INS<br>Series 2005<br>5.75%, 03/01/2027 | 100 | 101369 |
| **Nebraska–0.6%** |  |  |
|  Central Plains Energy Project (Goldman Sachs Group, Inc. (The))<br>Series 2018<br>5.00%, 03/01/2050 | 2290 | 2311063 |
| **Nevada–0.1%** |  |  |
|  City of Sparks NV<br>(City of Sparks NV Sales Tax)<br>Series 2019-A<br>2.75%, 06/15/2028(a) | 420 | 368097 |
| **New Jersey–0.6%** |  |  |
|  New Jersey Transportation Trust Fund Authority<br>(New Jersey Transportation Trust Fund Authority State Lease)<br>Series 2018-A<br>5.00%, 12/15/2029 | 2000 | 2082317 |
| **New York–0.1%** |  |  |
|  New York Transportation Development Corp.<br>(Delta Air Lines, Inc.)<br>Series 2018<br>4.00%, 01/01/2036 | 210 | 185160 |
| **Ohio–0.2%** |  |  |
|  Ohio Air Quality Development Authority<br>(Pratt Paper OH, Inc.)<br>Series 2017<br>3.75%, 01/15/2028(a) | 720 | 716990 |
| **Puerto Rico–1.0%** |  |  |
|  Commonwealth of Puerto Rico<br>Series 2021-A<br>Zero Coupon, 07/01/2024 | 192 | 176243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2033 | 555 | 305912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 | 130 | 114322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2023 | 90 | 90400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2025 | 255 | 257466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2027 | 750 | 765575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 | 100 | 102279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2031 | 100 | 101950 |
|  Puerto Rico Highway & Transportation Authority<br>AGC Series 2005-L<br>5.25%, 07/01/2041 | 190 | 184733 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-C<br>5.50%, 07/01/2031 | 110 | 110855 |

---

 <br> *2022 Annual Report* *83*

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP)<br>Series 2000<br>6.625%, 06/01/2026 |  | $1105 | $1141728 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue<br>Series 2018-A<br>Zero Coupon, 07/01/2024 |  | 310 | 286415 |
|  |  |  | 3637878 |
| **South Carolina–0.5%** |  |  |  |
|  South Carolina Public Service Authority<br>Series 2021-B<br>4.00%, 12/01/2039 |  | 2000 | 1749546 |
| **Texas–1.0%** |  |  |  |
|  Mission Economic Development Corp.<br>(Natgasoline LLC)<br>Series 2018<br>4.625%, 10/01/2031(a) | Mission Economic Development Corp.<br>(Natgasoline LLC)<br>Series 2018<br>4.625%, 10/01/2031(a) | 1010 | 994315 |
|  Texas Municipal Gas Acquisition & Supply Corp. I<br>(Bank of America Corp.)<br>Series 2008-D<br>6.25%, 12/15/2026 |  | 2565 | 2665010 |
|  |  |  | 3659325 |
| **Washington–0.3%** |  |  |  |
|  Kalispel Tribe of Indians<br>Series 2018-A<br>5.00%, 01/01/2032(a) |  | 1000 | 1042790 |
| **Wisconsin–0.6%** |  |  |  |
|  UMA Education, Inc.<br>Series 2019<br>5.00%, 10/01/2023(a) |  | 100 | 100066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025(a) |  | 225 | 224197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026(a) |  | 235 | 233408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027(a) |  | 245 | 242234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028(a) |  | 135 | 132672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029(a) |  | 100 | 97879 |
|  Wisconsin Public Finance Authority <br>(Celanese US Holdings LLC)<br>Series 2016-A<br>5.00%, 01/01/2024 |  | 1135 | 1145116 |
|  |  |  | 2175572 |
| Total Long-Term Municipal Bonds <br>(cost $296,737,139) |  |  | 280635960 |
| **Short-Term Municipal Notes–2.2%** |  |  |  |
|  City of Los Angeles CA<br>Series 2022<br>4.00%, 06/29/2023 <br>(cost $8,094,507) |  | 8000 | 8054480 |
| Total Municipal Obligations <br>(cost $304,831,646) |  |  | 288690440 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Shares** | **U.S. $ Value** |
| **INVESTMENT COMPANIES–12.5%** | | | |
|  **Funds and Investment Trusts–12.5%**(c) | **Funds and Investment Trusts–12.5%**(c) |  |  |
|  iShares Core MSCI Emerging Markets ETF |  | 278526 | $11971047 |
|  SPDR S&P 500 ETF Trust |  | 84610 | 30221000 |
|  Vanguard Mid-Cap ETF |  | 19951 | 3750389 |
| Total Investment Companies <br>(cost $34,944,029) |  |  | 45942436 |
|  | **Notional Amount** | **Notional Amount** |  |
| **OPTIONS PURCHASED—PUTS–1.2%** | **OPTIONS PURCHASED—PUTS–1.2%** |  |  |
| **Options on Equity Indices–1.2%** |  |  |  |
|  Euro STOXX 50 Index <br>Expiration: Jul 2023; Contracts: 1,530; <br>Exercise Price: EUR 2,800.00; <br>Counterparty: UBS AG(d) | EUR | 4284000 | 213024 |
|  Euro STOXX 50 Index <br>Expiration: Jul 2023; Contracts: 1,090; <br>Exercise Price: EUR 2,800.00; <br>Counterparty: UBS AG(d) | EUR | 3052000 | 151762 |
|  FTSE 100 Index <br>Expiration: Aug 2023;<br>Contracts: 320;<br>Exercise Price: GBP 6,000.00; <br>Counterparty: UBS AG(d) | GBP | 1920000 | 84863 |
|  FTSE 100 Index <br>Expiration: Aug 2023;<br>Contracts: 240; <br>Exercise Price: GBP 6,000.00; <br>Counterparty: UBS AG(d) | GBP | 1440000 | $63647 |
|  Nikkei 225 Index <br>Expiration: Sep 2023;<br>Contracts: 19,000;<br>Exercise Price: JPY 22,000.00; <br>Counterparty: UBS AG(d) | JPY | 418000000 | 139287 |
|  Nikkei 225 Index <br>Expiration: Sep 2023;<br>Contracts: 13,000;<br>Exercise Price: JPY 22,000.00; <br>Counterparty: UBS AG(d) | JPY | 286000000 | 95302 |
|  S&P 500 Index <br>Expiration: Jul 2023;<br>Contracts: 11,700;<br>Exercise Price: USD 3,250.00; <br>Counterparty: UBS AG(d) | USD | 38025000 | 2191531 |
|  S&P 500 Index <br>Expiration: Jul 2023;<br>Contracts: 8,000; <br>Exercise Price: USD 3,250.00; <br>Counterparty: UBS AG(d) | USD | 26000000 | 1498482 |
| Total Options Purchased—Puts <br>(premiums paid $2,572,784) |  |  | 4437898 |

---

 <br> *84* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES–0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES–0.8%** |
| **Agency CMBS–0.8%** | **Agency CMBS–0.8%** | **Agency CMBS–0.8%** | **Agency CMBS–0.8%** |
|  California Housing Finance Agency<br>Series 2021-2, Class A<br>3.75%, 03/25/2035 |  | $1976 | $1812995 |
|  Federal Home Loan Mortgage Corp.<br>Series 2021-ML10, Class AUS<br>2.032%, 01/25/2038 |  | 1259 | 969273 |
| Total Commercial Mortgage-Backed Securities <br>(cost $3,634,596) | Total Commercial Mortgage-Backed Securities <br>(cost $3,634,596) | Total Commercial Mortgage-Backed Securities <br>(cost $3,634,596) | 2782268 |
| **GOVERNMENTS—TREASURIES–0.7%** | **GOVERNMENTS—TREASURIES–0.7%** | **GOVERNMENTS—TREASURIES–0.7%** | **GOVERNMENTS—TREASURIES–0.7%** |
| **United States–0.7%** | **United States–0.7%** | **United States–0.7%** | **United States–0.7%** |
|  U.S. Treasury Notes<br>2.125%, 11/30/2023 |  | 200 | 195125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 02/15/2029(e)(f) | &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 02/15/2029(e)(f) | 2670 | 2460572 |
| Total Governments—Treasuries <br>(cost $2,995,159) |  |  | 2655697 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS–0.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–0.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–0.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–0.0%** |
| **Risk Share Floating Rate–0.0%** | **Risk Share Floating Rate–0.0%** | **Risk Share Floating Rate–0.0%** | **Risk Share Floating Rate–0.0%** |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2014-C03, Class 2M2<br>5.984% (LIBOR 1 Month + 2.90%), 07/25/2024(b) | Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2014-C03, Class 2M2<br>5.984% (LIBOR 1 Month + 2.90%), 07/25/2024(b) | 32 | 31801 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C02, Class 1M2 7.084% (LIBOR 1 Month + 4.00%), 05/25/2025(b) |  | $| 35 | $36016 |
| Total Collateralized Mortgage Obligations <br>(cost $66,545) | Total Collateralized Mortgage Obligations <br>(cost $66,545) | Total Collateralized Mortgage Obligations <br>(cost $66,545) | Total Collateralized Mortgage Obligations <br>(cost $66,545) | 67817 |
|  |  | **Shares** | **Shares** |  |
| **SHORT-TERM INVESTMENTS – 4.8%** | **SHORT-TERM INVESTMENTS – 4.8%** | **SHORT-TERM INVESTMENTS – 4.8%** | **SHORT-TERM INVESTMENTS – 4.8%** | **SHORT-TERM INVESTMENTS – 4.8%** |
| **Investment Companies–4.8%** | **Investment Companies–4.8%** | **Investment Companies–4.8%** | **Investment Companies–4.8%** | **Investment Companies–4.8%** |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 2.58%(c)(g)(h) <br>(cost $17,560,057) | AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 2.58%(c)(g)(h) <br>(cost $17,560,057) |  | 17560057 | 17560057 |
| **Total Investments—98.7%** <br>(cost $366,604,816) |  |  |  | 362136613 |
|  Other assets less liabilities—1.3% |  |  |  | 4943591 |
| **Net Assets—100.0%** |  |  |  | $**367080204** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES (see Note 3)** | **FUTURES (see Note 3)** | **FUTURES (see Note 3)** | **FUTURES (see Note 3)** | **FUTURES (see Note 3)** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  Euro STOXX 50 Index Futures | 234 | December 2022 | $7602347 | $(75056) |
|  FTSE 100 Index Futures | 15 | December 2022 | 1158058 | (52488) |
|  Hang Seng Index Futures | 25 | October 2022 | 2740568 | (64002) |
|  Nikkei 225 (OSE) Futures | 7 | December 2022 | 1254612 | (62248) |
|  OMXS 30 Index Futures | 217 | October 2022 | 3578325 | (183622) |
|  Russell 2000 E-Mini Futures | 26 | December 2022 | 2170740 | (285901) |
|  S&P 500 E-Mini Futures | 104 | December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;18727800 | &nbsp;&nbsp;&nbsp;&nbsp;(1729129) |
|  TOPIX Index Futures | 31 | December 2022 | 3932564 | (31200) |
|  U.S. T-Note 2 Yr (CBT) Futures | 37 | December 2022 | 7599453 | (121536) |
|  U.S. T-Note 10 Yr (CBT) Futures | 99 | December 2022 | 11094188 | (574797) |
|  U.S. Ultra Bond (CBT) Futures | 26 | December 2022 | 3562000 | (342912) |
| **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  MSCI Emerging Markets Futures | 160 | December 2022 | 6972000 | 616929 |
|  MSCI Singapore IX ETS Futures | 38 | October 2022 | 742538 | 3804 |
|  S&P 500 E-Mini Futures | 8 | December 2022 | 1440600 | 29660 |
|  S&P Mid 400 E-Mini Futures | 9 | December 2022 | 1987380 | 158277 |

---

 <br> *2022 Annual Report* *85*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  S&P/TSX 60 Index Futures | 21 | December 2022 | $&nbsp;&nbsp;&nbsp;&nbsp;3393202 | $62384 |
|  SPI 200 Futures | 46 | December 2022 | 4756373 | 160469 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(2491368) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 2127 | NZD | 3541 | 11/18/2022 | $(145350) |
|  Bank of America, NA | USD | 1309 | NOK | 13514 | 12/01/2022 | (66030) |
|  Bank of America, NA | CHF | 5224 | USD | 5361 | 12/07/2022 | 34053 |
|  Bank of America, NA | CHF | 827 | USD | 839 | 12/07/2022 | (3876) |
|  Barclays Bank | USD | 849 | CAD | 1093 | 10/27/2022 | (58072) |
|  Barclays Bank | USD | 1125 | SEK | 12610 | 12/01/2022 | 14773 |
|  Barclays Bank | USD | 5672 | JPY | 815436 | 12/02/2022 | (4297) |
|  BNP Paribas SA | AUD | 9132 | USD | 6301 | 10/20/2022 | 457942 |
|  BNP Paribas SA | CAD | 1632 | USD | 1252 | 10/27/2022 | 70438 |
|  BNP Paribas SA | USD | 1095 | CAD | 1505 | 10/27/2022 | (5926) |
|  BNP Paribas SA | USD | 2776 | NZD | 4485 | 11/18/2022 | (265260) |
|  Citibank, NA | USD | 4133 | CAD | 5445 | 10/27/2022 | (191761) |
|  Citibank, NA | GBP | 3914 | USD | 4518 | 11/17/2022 | 144919 |
|  Citibank, NA | USD | 1234 | GBP | 1152 | 11/17/2022 | 53272 |
|  Citibank, NA | SEK | 29675 | USD | 2702 | 12/01/2022 | 19779 |
|  Credit Suisse International | USD | 672 | CAD | 879 | 10/27/2022 | (35680) |
|  Deutsche Bank AG | USD | 1817 | AUD | 2804 | 10/20/2022 | (23109) |
|  Deutsche Bank AG | CAD | 3911 | USD | 3060 | 10/27/2022 | 228223 |
|  Deutsche Bank AG | USD | 4056 | GBP | 3714 | 11/17/2022 | 94328 |
|  Deutsche Bank AG | USD | 2895 | CHF | 2828 | 12/07/2022 | (11686) |
|  Deutsche Bank AG | USD | 8230 | EUR | 8433 | 12/08/2022 | 73395 |
|  HSBC Bank USA | USD | 4846 | CAD | 6227 | 10/27/2022 | (338707) |
|  HSBC Bank USA | USD | 2604 | JPY | 374528 | 12/02/2022 | (846) |
|  JPMorgan Chase Bank | USD | 2222 | AUD | 3290 | 10/20/2022 | (116996) |
|  JPMorgan Chase Bank | CAD | 2350 | USD | 1827 | 10/27/2022 | 125532 |
|  JPMorgan Chase Bank | USD | 3897 | JPY | 558543 | 12/02/2022 | (14432) |
|  JPMorgan Chase Bank | EUR | 14052 | USD | 13743 | 12/08/2022 | (92344) |
|  Morgan Stanley & Co. LLC | USD | 8302 | AUD | 11949 | 10/20/2022 | (656977) |
|  Morgan Stanley & Co. LLC | USD | 5503 | CAD | 7215 | 10/27/2022 | (280561) |
|  Morgan Stanley & Co. LLC | GBP | 4647 | USD | 5425 | 11/17/2022 | 232824 |
|  Morgan Stanley & Co. LLC | USD | 1497 | GBP | 1308 | 11/17/2022 | (35725) |
|  Morgan Stanley & Co. LLC | USD | 984 | NZD | 1747 | 11/18/2022 | (6389) |
|  Morgan Stanley & Co. LLC | USD | 966 | JPY | 137211 | 12/02/2022 | (12217) |
|  Morgan Stanley & Co. LLC | CHF | 711 | USD | 727 | 12/07/2022 | 2028 |
|  State Street Bank & Trust Co. | USD | 456 | CAD | 589 | 10/27/2022 | (29937) |
|  State Street Bank & Trust Co. | USD | 149 | NOK | 1598 | 12/01/2022 | (2035) |
|  UBS AG | GBP | 900 | USD | 1066 | 11/17/2022 | 59827 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(786880) |

---

 <br> *86* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | |
| | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** |<br>**Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 1420 | 01/15/2025 | 2.565% | CPI# | Maturity | $122410 | $— | $122410 |
| USD | 710 | 01/15/2025 | 2.585% | CPI# | Maturity | 60647 |  | 60647 |
| USD | 710 | 01/15/2025 | 2.613% | CPI# | Maturity | 59878 |  | 59878 |
| USD | 3780 | 01/15/2026 | CPI# | 3.720% | Maturity | (102998) |  | (102998) |
| USD | 2150 | 01/15/2027 | CPI# | 3.320% | Maturity | (80936) |  | (80936) |
| USD | 2110 | 01/15/2027 | CPI# | 3.466% | Maturity | (60858) | (2466) | (58392) |
| USD | 6470 | 01/15/2028 | 1.230% | CPI# | Maturity | 1079586 |  | 1079586 |
| USD | 5230 | 01/15/2028 | 0.735% | CPI# | Maturity | 1055095 |  | 1055095 |
| USD | 9210 | 01/15/2029 | CPI# | 3.290% | Maturity | (184497) |  | (184497) |
| USD | 1720 | 01/15/2029 | CPI# | 3.735% | Maturity | 27629 |  | 27629 |
| USD | 1575 | 01/15/2030 | 1.572% | CPI# | Maturity | 241191 |  | 241191 |
| USD | 1575 | 01/15/2030 | 1.587% | CPI# | Maturity | 239094 |  | 239094 |
| USD | 240 | 01/15/2030 | 1.714% | CPI# | Maturity | 33710 |  | 33710 |
| USD | 240 | 01/15/2030 | 1.731% | CPI# | Maturity | 33344 |  | 33344 |
| USD | 1300 | 01/15/2031 | 2.782% | CPI# | Maturity | 65622 |  | 65622 |
| USD | 1180 | 01/15/2031 | 2.680% | CPI# | Maturity | 71018 |  | 71018 |
| USD | 1030 | 01/15/2031 | 2.989% | CPI# | Maturity | 31477 |  | 31477 |
| USD | 1110 | 04/15/2032 | CPI# | 2.909% | Maturity | (31415) |  | (31415) |
| USD | 1000 | 04/15/2032 | CPI# | 2.748% | Maturity | (45095) |  | (45095) |
| USD | 600 | 04/15/2032 | CPI# | 2.722% | Maturity | (28701) |  | (28701) |
|  |  |  |  |  |  | $2586201 | $(2466) | $2588667 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | |
| | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** |<br>**Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 10300 | 01/15/2027 | 1 Day SOFR | 2.728% | Annual | $&nbsp;&nbsp;&nbsp;&nbsp;(397401) | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;(397401) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** |
| **Swap Counterparty & Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
| Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 27 | $(5957) | $(2482) | $(3475) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 88 | (19800) | (10643) | (9157) |
| Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 6 | (1288) | (671) | (617) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 14 | (3220) | (1354) | (1866) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 180 | (40407) | (20924) | (19483) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 183 | (41050) | (17282) | (23768) |

---

 <br> *2022 Annual Report* *87*

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty & Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 274 | $(61496) | $(25225) | $(36271) |
| Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 34 | (7727) | (4136) | (3591) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 238 | (53286) | (21215) | (32071) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(234231) | $&nbsp;&nbsp;&nbsp;&nbsp;(103932) | $&nbsp;&nbsp;&nbsp;&nbsp;(130299) |

---

\* Termination date

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** |
| | | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| <br>**Swap Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Barclays Bank PLC | USD | 5000 | 10/23/2026 | 2.310% | CPI# | Maturity | $258528 | $— | $258528 |
| Barclays Bank PLC | USD | 5000 | 12/04/2027 | 2.170% | CPI# | Maturity | 502755 |  | 502755 |
| Barclays Bank PLC | USD | 1000 | 10/23/2029 | 2.388% | CPI# | Maturity | 38778 |  | 38778 |
| Citibank, NA | USD | 7000 | 11/04/2023 | 1.900% | CPI# | Maturity | 804481 |  | 804481 |
| Citibank, NA | USD | 3000 | 07/20/2027 | 2.104% | CPI# | Maturity | 329407 |  | 329407 |
| Deutsche Bank AG | USD | 4000 | 09/04/2025 | 1.818% | CPI# | Maturity | 496692 |  | 496692 |
| JPMorgan Chase Bank, NA | USD | 3000 | 03/02/2024 | 2.175% | CPI# | Maturity | 276099 |  | 276099 |
| JPMorgan Chase Bank, NA | USD | 5000 | 07/20/2024 | 1.995% | CPI# | Maturity | 551380 |  | 551380 |
| JPMorgan Chase Bank, NA | USD | 4000 | 11/04/2026 | 2.015% | CPI# | Maturity | 475573 |  | 475573 |
| JPMorgan Chase Bank, NA | USD | 7000 | 12/27/2028 | 2.009% | CPI# | Maturity | 783706 |  | 783706 |
|  Morgan Stanley Capital Services LLC | USD | 5000 | 07/20/2032 | 2.158% | CPI# | Maturity | 541742 |  | 541742 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;5059141 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;5059141 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** |
| | | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency**<br> **Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| <br>**Swap Counterparty** | **Notional**<br> **Amount<br>(000)** | **Notional**<br> **Amount<br>(000)** | <br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency**<br> **Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Citibank, NA | USD | 3815 | 10/09/2029 | 1.125% | SIFMA\* | Quarterly | $&nbsp;&nbsp;&nbsp;&nbsp;438410 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;438410 |

---

\* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

 <br> *88* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** |
| **Counterparty & Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** |
|  Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 2667 | 12/16/2022 | $39244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 410 | 12/16/2022 | (30823) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 718 | 12/16/2022 | (38404) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(29983) |

---

------

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At
September 30, 2022, the aggregate market value of these securities amounted to $24,407,847 or 6.6% of net assets.

(b) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2022.

(c) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov, or call AB at (800) 227-4618.

(d) Non-income producing security.

(e) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(f) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(g) Affiliated investments.

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

As of September 30, 2022, the Portfolio's percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 2.0% and 0.0%, respectively.

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

AGC—Assured Guaranty Corporation

AGM—Assured Guaranty Municipal

CBT—Chicago Board of Trade

CDX-CMBX.NA—North American Commercial Mortgage-Backed Index

CMBS—Commercial Mortgage-Backed Securities

COP—Certificate of Participation

CPI—Consumer Price Index

DOT—Department of Transportation

ETF—Exchange Traded Fund

ETM—Escrowed to Maturity

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

MUNIPSA—SIFMA Municipal Swap Index

NATL—National Interstate Corporation

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

SOFR—Secured Overnight Financing Rate

SPDR—Standard & Poor's Depository Receipt

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

XLCA—XL Capital Assurance Inc.

See notes to financial statements.

 <br> *2022 Annual Report* *89*

------

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

**Sanford C. Bernstein Fund, Inc.** 

**Schedule of Investments** 

**Tax-Aware Overlay N Portfolio** 

**September 30, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| **MUNICIPAL OBLIGATIONS–75.5%** | **MUNICIPAL OBLIGATIONS–75.5%** | **MUNICIPAL OBLIGATIONS–75.5%** |
| **Long-Term Municipal Bonds–75.5%** | **Long-Term Municipal Bonds–75.5%** | **Long-Term Municipal Bonds–75.5%** |
| **Alabama–0.4%** | **Alabama–0.4%** | **Alabama–0.4%** |
|  County of Jefferson AL Sewer Revenue<br>Series 2013-D<br>5.00%, 10/01/2022 | $1000 | $1000000 |
| **American Samoa–0.1%** |  |  |
|  American Samoa Economic Development Authority <br>(Territory of American Samoa)<br>Series 2018<br>6.50%, 09/01/2028(a) | 180 | 194288 |
| **Arkansas–0.1%** |  |  |
|  City of Fayetteville AR Sales & Use Tax Revenue<br>Series 2019-A<br>1.75%, 11/01/2032 | 150 | 148558 |
| **Colorado–0.6%** |  |  |
|  City & County of Denver CO <br>(United Airlines, Inc.)<br>Series 2017<br>5.00%, 10/01/2032 | 1000 | 951707 |
|  Plaza Metropolitan District No. 1<br>Series 2013<br>5.00%, 12/01/2022(a) | 600 | 600551 |
|  Vauxmont Metropolitan District<br>AGM Series 2020<br>5.00%, 12/01/2050 | 100 | 104103 |
|  |  | 1656361 |
| **Florida–0.1%** |  |  |
|  Capital Trust Agency, Inc. <br>(Franklin Academy Obligated Group)<br>Series 2020<br>5.00%, 12/15/2026(a) | 100 | 100814 |
|  County of Osceola FL Transportation Revenue<br>Series 2020-A<br>Zero Coupon, 10/01/2032 | 100 | 59305 |
|  |  | 160119 |
| **Guam–1.1%** |  |  |
|  Antonio B Won Pat International Airport Authority<br>Series 2021-A<br>3.099%, 10/01/2028 | 100 | 86510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.339%, 10/01/2030 | 150 | 125511 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  Guam Power Authority<br>Series 2022-A<br>5.00%, 10/01/2028 | $1000 | $1042240 |
|  Territory of Guam<br>Series 2019<br>5.00%, 11/15/2031 | 90 | 84980 |
|  Territory of Guam <br>(Guam Section 30 Income Tax)<br>Series 2016-A<br>5.00%, 12/01/2029 | 105 | 104839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 165 | 163796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 155 | 151663 |
|  Territory of Guam <br>(Territory of Guam Business Privilege Tax)<br>Series 2015-D<br>5.00%, 11/15/2023 | 315 | 316210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2025 | 265 | 265927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 | 625 | 615288 |
|  |  | 2956964 |
| **Illinois–3.2%** |  |  |
|  Chicago Board of Education<br>Series 2017-C<br>5.00%, 12/01/2023 | 1465 | 1480769 |
|  Illinois Finance Authority <br>(Illinois Institute of Technology)<br>Series 2019<br>5.00%, 09/01/2027 | 100 | 102116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 100 | 99957 |
|  Metropolitan Pier & Exposition Authority<br>Series 2017-B<br>5.00%, 12/15/2025 | 1000 | 1019841 |
|  State of Illinois<br>Series 2014<br>5.00%, 05/01/2023 | 3990 | 4020430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D<br>5.00%, 11/01/2024 | 2000 | 2033043 |
|  |  | 8756156 |
| **Kentucky–0.1%** |  |  |
|  City of Ashland KY <br>(Ashland Hospital Corp. Obligated Group)<br>Series 2019<br>5.00%, 02/01/2026 | 100 | 102611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 100 | 104332 |
|  |  | 206943 |
| **Louisiana–0.1%** |  |  |
|  Parish of St. James LA <br>(NuStar Logistics LP)<br>Series 2020<br>5.85%, 08/01/2041(a) | 100 | 102584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/2038(a) | 100 | 106397 |
|  |  | 208981 |

---

 <br> *90* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| **Michigan–2.7%** | **Michigan–2.7%** | **Michigan–2.7%** |
|  City of Detroit MI<br>Series 2018<br>5.00%, 04/01/2024 | $1315 | $1331767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2025 | 800 | 815088 |
|  Michigan Finance Authority <br>(Great Lakes Water Authority Sewage Disposal System Revenue)<br>AGM Series 2014<br>5.00%, 07/01/2026 | 5055 | 5202686 |
|  |  | 7349541 |
| **Nebraska–1.2%** |  |  |
|  Central Plains Energy Project <br>(Goldman Sachs Group, Inc. (The))<br>Series 2018<br>5.00%, 03/01/2050 | 3290 | 3320260 |
| **Nevada–0.1%** |  |  |
|  City of Sparks NV <br>(City of Sparks NV Sales Tax)<br>Series 2019-A<br>2.75%, 06/15/2028(a) | 300 | 262926 |
| **New Jersey–3.6%** |  |  |
|  New Jersey Economic Development Authority <br>(United Airlines, Inc.)<br>Series 2012<br>5.25%, 09/15/2029 | 125 | 123637 |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Fed Hwy Grant)<br>Series 2018-A<br>5.00%, 06/15/2024 | 3410 | 3482289 |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Trust Fund Authority State Lease)<br>Series 2018-A<br>5.00%, 12/15/2029 | 3490 | 3633642 |
|  New Jersey Turnpike Authority<br>AGM Series 2005-D3<br>5.25%, 01/01/2026 | 2555 | 2695433 |
|  |  | 9935001 |
| **New York–57.1%** |  |  |
|  Albany County Airport Authority<br>Series 2020-B<br>5.00%, 12/15/2022 | 130 | 130376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2023 | 175 | 177795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2024 | 145 | 148351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2025 | 145 | 149359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2026 | 145 | 149672 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  Build NYC Resource Corp. <br>(Integration Charter Schools)<br>Series 2021<br>5.00%, 06/01/2041(a) | $300 | $278321 |
|  Build NYC Resource Corp. <br>(Metropolitan College of New York)<br>Series 2014<br>5.25%, 11/01/2029 | 1000 | 994129 |
|  City of New York NY<br>Series 2014-A<br>5.00%, 08/01/2028 | 1285 | 1319862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-J<br>5.00%, 08/01/2027 | 1085 | 1115018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-E<br>5.00%, 03/01/2031 | 1055 | 1127648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C<br>5.00%, 08/01/2033 | 5315 | 5720908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 1000 | 1069563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>1.396%, 08/01/2027 | 2970 | 2529421 |
|  County of Albany NY<br>Series 2020-C<br>5.00%, 11/01/2024 | 1595 | 1655495 |
|  County of Nassau NY<br>Series 2014-A<br>5.00%, 04/01/2025<br>(Pre-refunded/ETM) | 4775 | 4899935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 10/01/2025 | 1875 | 1961632 |
|  County of Onondaga NY<br>Series 2022<br>4.00%, 06/15/2040 | 1145 | 1059732 |
|  County of Westchester NY<br>Series 2016-A<br>5.00%, 01/01/2023 | 2435 | 2446785 |
|  Dutchess County Local Development Corp. <br>(Bard College)<br>Series 2020-B<br>5.918%, 07/01/2039(a) | 975 | 940635 |
|  Long Island Power Authority<br>Series 2021-A<br>5.00%, 09/01/2036 | 2000 | 2147718 |
|  Metropolitan Transportation Authority<br>Series 2016-B<br>4.00%, 11/15/2036 | 1000 | 889742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 11/15/2026 | 2280 | 2364549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 9900 | 10193554 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2021<br>2.547% (SOFR + 0.55%),<br>11/01/2032(b) | 1000 | 976093 |
|  Metropolitan Transportation Authority<br>(Metropolitan Transportation Authority Dedicated Tax Fund)<br>Series 2012-A<br>5.00%, 11/15/2023 | 2555 | 2560113 |

---

 <br> *2022 Annual Report* *91*

------

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

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026 | $6285 | $6297358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A<br>5.00%, 11/15/2025 | 1375 | 1445668 |
|  Monroe County Industrial Development Corp./NY <br>(Rochester Regional Health Obligated Group)<br>Series 2020<br>5.00%, 12/01/2030 | 955 | 999901 |
|  Monroe County Industrial Development Corp/NY <br>(Academy of Health Sciences Charter School)<br>Series 2022<br>5.00%, 07/01/2032(a) | 370 | 356429 |
|  New York City Municipal Water Finance Authority<br>Series 2015-G<br>5.00%, 06/15/2027<br>(Pre-refunded/ETM) | 2885 | 3020500 |
|  New York City Transitional Finance Authority Building Aid Revenue <br>(New York City Transitional Finance Authority Building Aid Revenue State Lease)<br>Series 2017-S<br>5.00%, 07/15/2032 | 1955 | 2084475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-S<br>5.00%, 07/15/2031 | 1460 | 1578101 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue<br>Series 2014-B<br>5.00%, 11/01/2026 | 4000 | 4095232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C<br>5.00%, 11/01/2028 | 2145 | 2218900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>5.00%, 11/01/2026 | 1925 | 2046344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 02/01/2042 | 2920 | 2693843 |
|  New York Liberty Development Corp.<br>(One Bryant Park LLC)<br>Series 2019<br>2.45%, 09/15/2069 | 2900 | 2570427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 09/15/2069 | 320 | 263618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/2069 | 4250 | 3487258 |
|  New York Liberty Development Corp.<br>(Port Authority of New York & New Jersey)<br>Series 2021-1<br>3.00%, 02/15/2042 | 3000 | 2232423 |
|  New York State Dormitory Authority<br>Series 2012<br>5.00%, 12/15/2022<br>(Pre-refunded/ETM) | 260 | 260988 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  New York State Dormitory Authority<br>Series 2021<br>1.187%, 03/15/2026<br>(Pre-refunded/ETM) | $1000 | $892364 |
|  New York State Dormitory Authority <br>(Garnet Health Medical Center Obligated Group)<br>Series 2017<br>5.00%, 12/01/2024(a) | 700 | 709541 |
|  New York State Dormitory Authority <br>(Northwell Health Obligated Group)<br>Series 2022<br>4.00%, 05/01/2039 | 1000 | 905505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2040 | 1000 | 898332 |
|  New York State Dormitory Authority <br>(Rochester Institute of Technology)<br>Series 2020-A<br>5.00%, 07/01/2029 | 1000 | 1089755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 1200 | 1297401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 1040 | 1116708 |
|  New York State Dormitory Authority <br>(St. John's University/NY)<br>Series 2021-A<br>4.00%, 07/01/2032 | 1105 | 1065564 |
|  New York State Dormitory Authority <br>(State of New York Pers Income Tax)<br>Series 2012<br>5.00%, 12/15/2022 | 1605 | 1611246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A<br>5.00%, 02/15/2028 | 2035 | 2077797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C<br>5.00%, 03/15/2029 | 3000 | 3065108 |
|  New York State Dormitory Authority <br>(Wagner College)<br>Series 2022<br>5.00%, 07/01/2037 | 540 | 523509 |
|  New York State Environmental Facilities Corp. <br>(New York City Municipal Water Finance Authority)<br>Series 2021<br>5.00%, 06/15/2023 | 2680 | 2716572 |
|  New York State Environmental Facilities Corp. <br>(State of New York SRF)<br>Series 2021<br>4.00%, 08/15/2039 | 1575 | 1484713 |
|  New York State Thruway Authority <br>(New York State Thruway Authority Gen Toll Road)<br>Series 2019-M<br>2.90%, 01/01/2035 | 2000 | 1635842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-O<br>4.00%, 01/01/2038 | 2810 | 2647621 |

---

 <br> *92* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  New York State Thruway Authority <br>(State of New York Pers Income Tax)<br>Series 2022-A<br>5.00%, 03/15/2039 | $2750 | $2905547 |
|  New York State Urban Development Corp.<br>5.00%, 09/15/2029 | 275 | 300766 |
|  New York State Urban Development Corp. <br>(State of New York Pers Income Tax)<br>Series 2016-A<br>5.00%, 03/15/2024 | 2635 | 2702324 |
|  New York Transportation Development Corp. <br>(American Airlines, Inc.)<br>Series 2016<br>5.00%, 08/01/2031 | 455 | 455207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>3.00%, 08/01/2031 | 1000 | 873978 |
|  New York Transportation Development Corp. <br>(Delta Air Lines, Inc.)<br>Series 2018<br>5.00%, 01/01/2030 | 3065 | 3042507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 1495 | 1464910 |
|  New York Transportation Development Corp. <br>(JFK International Air Terminal LLC)<br>Series 2022<br>4.00%, 12/01/2042 | 2000 | 1618361 |
|  Niagara Area Development Corp. <br>(Covanta Holding Corp.)<br>Series 2018-B<br>3.50%, 11/01/2024(a) | 600 | 584867 |
|  Port Authority of New York & New Jersey<br>Series 2013-178<br>5.00%, 12/01/2023 | 2515 | 2554223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014<br>5.00%, 09/01/2023 | 2000 | 2024822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028<br>| 3615 | 3672456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015<br>5.00%, 10/15/2023 | 1000 | 1013979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 11/01/2031 | 1455 | 1521640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2<br>4.00%, 07/15/2039 | 1500 | 1336184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2<br>4.00%, 07/15/2038 | 1365 | 1224153 |
|  Sales Tax Asset Receivable Corp.<br>Series 2014-A<br>5.00%, 10/15/2025<br>(Pre-refunded/ETM) | 3750 | 3881199 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
|  Suffolk Tobacco Asset Securitization Corp.<br>Series 2021<br>4.00%, 06/01/2050 | $500 | $423500 |
|  Triborough Bridge & Tunnel Authority<br>Series 2021-A<br>5.00%, 11/01/2025 | 3000 | 3141183 |
|  Triborough Bridge & Tunnel Authority<br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)<br>Series 2021<br>5.00%, 05/15/2050 | 2265 | 2367214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>2.511%, 05/15/2035 | 1500 | 1143093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 05/15/2034 | 500 | 543096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 | 1000 | 1074687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2036 | 1000 | 1070978 |
|  Troy Capital Resource Corp. <br>(Rensselaer Polytechnic Institute)<br>Series 2020<br>5.00%, 09/01/2031 | 305 | 321206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 415 | 435420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 395 | 412156 |
|  Trust for Cultural Resources of The City of New York (The) <br>(Lincoln Center for the Performing Arts, Inc.)<br>Series 2016-A<br>5.00%, 12/01/2026 | 5575 | 5926090 |
|  Utility Debt Securitization Authority<br>Series 2015<br>5.00%, 12/15/2024 | 1500 | 1505538 |
|  |  | 155936733 |
| **Ohio–0.2%** |  |  |
|  Ohio Air Quality Development Authority <br>(Pratt Paper OH, Inc.)<br>Series 2017<br>3.75%, 01/15/2028(a) | 715 | 712011 |
| **Pennsylvania–0.4%** |  |  |
|  Hospitals & Higher Education Facilities Authority of Philadelphia (The) <br>(Temple University Health System Obligated Group)<br>Series 2017<br>5.00%, 07/01/2024 | 1000 | 1015626 |
| **Puerto Rico–1.2%** |  |  |
|  Commonwealth of Puerto Rico<br>Series 2021-A<br>Zero Coupon, 07/01/2024 | 98 | 90507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2033 | 414 | 228047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 | 103 | 90491 |

---

 <br> *2022 Annual Report* *93*

------

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

---

| | | |
|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 | $3 | $2229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 | 2 | 1837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 | 3 | 2375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2046 | 3 | 2368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2023 | 69 | 69426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2025 | 203 | 205196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2027 | 508 | 518755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 | 103 | 105500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2031 | 103 | 105069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>0.00%, 11/01/2043 | 20 | 10078 |
|  Puerto Rico Electric Power Authority<br>AGM Series 2007-V<br>5.25%, 07/01/2031 | 230 | 227816 |
|  Puerto Rico Highway & Transportation Authority<br>AGC Series 2005-L<br>5.25%, 07/01/2041 | 205 | 199317 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-N<br>5.25%, 07/01/2034 | 165 | 161521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2036 | 215 | 209997 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth <br>(AES Puerto Rico LP)<br>Series 2000<br>6.625%, 06/01/2026 | 830 | 857587 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue<br>Series 2018-A<br>Zero Coupon, 07/01/2024 | 235 | 217121 |
|  |  | 3305237 |
| **South Carolina–1.3%** |  |  |
|  Patriots Energy Group Financing Agency <br>(Royal Bank of Canada)<br>Series 2018-A<br>4.00%, 10/01/2048 | 3000 | 3006417 |
|  South Carolina Public Service Authority<br>Series 2021-B<br>4.00%, 12/01/2039 | 500 | 437387 |
|  |  | 3443804 |
| **Tennessee–1.4%** |  |  |
|  Tennessee Energy Acquisition Corp. <br>(Goldman Sachs Group, Inc. (The))<br>Series 2018<br>4.00%, 11/01/2049 | 3880 | 3841395 |
| **Texas–0.0%** |  |  |
|  City of Houston TX Airport System Revenue <br>(United Airlines, Inc.)<br>Series 2014<br>5.00%, 07/01/2029 | 100 | 98088 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| **Washington–0.3%** |  |  |  |
|  Kalispel Tribe of Indians<br>Series 2018-B<br>5.00%, 01/01/2032(a) | $700 | $| 729953 |
|  Washington State Housing Finance Commission<br>Series 2021-1, Class A<br>3.50%, 12/20/2035 | 147 |  | 124863 |
|  |  |  | 854816 |
| **Wisconsin–0.2%** | **Wisconsin–0.2%** | **Wisconsin–0.2%** | **Wisconsin–0.2%** |
|  UMA Education, Inc.<br>Series 2019<br>5.00%, 10/01/2025(a) | 165 |  | 164411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026(a) | 180 |  | 178780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027(a) | 155 |  | 153250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028(a) | 105 |  | 103189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029(a) | 100 |  | 97880 |
|  |  |  | 697510 |
| Total Long-Term Municipal Bonds <br>(cost $218,620,801) |  |  | 206061318 |
|  | **Shares** |  |  |
| **INVESTMENT COMPANIES–16.3%** | **INVESTMENT COMPANIES–16.3%** |  |  |
| **Funds and Investment Trusts–16.3%(c)** | **Funds and Investment Trusts–16.3%(c)** |  |  |
|  iShares Core MSCI EAFE ETF | 368888 |  | 19429331 |
|  iShares Core MSCI Emerging Markets ETF | 209923 |  | 9022491 |
|  SPDR S&P 500 ETF Trust | 36569 |  | 13061715 |
|  Vanguard Mid-Cap ETF | 15037 |  | 2826655 |
| Total Investment Companies <br>(cost $45,526,055) |  |  | 44340192 |
|  | **Principal Amount (000)** |  |  |
| **GOVERNMENTS—TREASURIES–1.2%** | **GOVERNMENTS—TREASURIES–1.2%** |  |  |
| **United States–1.2%** | **United States–1.2%** |  |  |
|  U.S. Treasury Notes<br>2.625%, 02/15/2029(d)(e) <br>(cost $3,714,609) | $3543 |  | 3265096 |
|  | **Notional Amount** |  |  |
| **OPTIONS PURCHASED—PUTS–1.2%** | **OPTIONS PURCHASED—PUTS–1.2%** |  |  |
| **Options on Equity Indices–1.2%** |  |  |  |
|  Euro STOXX 50 Index <br>Expiration: Jul 2023;<br>Contracts: 1,130;<br>Exercise Price: EUR 2,800.00; <br>Counterparty: UBS AG(f) | 3164000 |  | 157331 |

---

 <br> *94* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Notional Amount** | **Notional Amount** | **U.S. $ Value** |
|  Euro STOXX 50 Index <br>Expiration: Jul 2023;<br>Contracts: 750;<br>Exercise Price: EUR 2,800.00; <br>Counterparty: UBS AG(f) | EUR | 2100000 | $104424 |
|  FTSE 100 Index <br>Expiration: Aug 2023;<br>Contracts: 230;<br>Exercise Price: GBP 6,000.00; <br>Counterparty: UBS AG(f) | GBP | 1380000 | 60995 |
|  FTSE 100 Index <br>Expiration: Aug 2023;<br>Contracts: 170;<br>Exercise Price: GBP 6,000.00; <br>Counterparty: UBS AG(f) | GBP | 1020000 | 45083 |
|  Nikkei 225 Index <br>Expiration: Sep 2023;<br>Contracts: 10,000;<br>Exercise Price: JPY 22,000.00; <br>Counterparty: UBS AG(f) | JPY | 220000000 | 73309 |
|  Nikkei 225 Index <br>Expiration: Sep 2023;<br>Contracts: 13,000;<br>Exercise Price: JPY 22,000.00; <br>Counterparty: UBS AG(f) | JPY | 286000000 | 95302 |
|  S&P 500 Index <br>Expiration: Jul 2023;<br>Contracts: 8,600;<br>Exercise Price: USD 3,250.00; <br>Counterparty: UBS AG(f) | USD | 27950000 | 1610869 |
|  S&P 500 Index <br>Expiration: Jul 2023;<br>Contracts: 5,500;<br>Exercise Price: USD 3,250.00; <br>Counterparty: UBS AG(f) | USD | 17875000 | 1030207 |
| Total Options Purchased—Puts <br>(premiums paid $1,849,282) | Total Options Purchased—Puts <br>(premiums paid $1,849,282) | Total Options Purchased—Puts <br>(premiums paid $1,849,282) | 3177520 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS–0.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–0.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–0.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS–0.0%** |
| **Risk Share Floating Rate–0.0%** | **Risk Share Floating Rate–0.0%** | **Risk Share Floating Rate–0.0%** | **Risk Share Floating Rate–0.0%** |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2016-C01, Class 1M2<br>9.834% (LIBOR 1 Month + 6.75%), 08/25/2028(b) <br>(cost $72,843) | Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2016-C01, Class 1M2<br>9.834% (LIBOR 1 Month + 6.75%), 08/25/2028(b) <br>(cost $72,843) | $70 | $73446 |
|  | **Shares** | **Shares** |  |
| **SHORT-TERM INVESTMENTS–3.8%** | **SHORT-TERM INVESTMENTS–3.8%** | **SHORT-TERM INVESTMENTS–3.8%** |  |
| **Investment Companies–3.8%** |  |  |  |
|  AB Fixed Income Shares, Inc.—Government Money Market Portfolio—Class AB, 2.58%(c)(g)(h)<br>(cost $10,451,865) |  | 10451865 | 10451865 |
| **Total Investments—98.0%** <br>(cost $280,235,455) | **Total Investments—98.0%** <br>(cost $280,235,455) |  | 267369437 |
|  Other assets less liabilities—2.0% | Other assets less liabilities—2.0% |  | 5442572 |
| **Net Assets—100.0%** | **Net Assets—100.0%** |  | $**272812009** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES (see Note 3)** | **FUTURES (see Note 3)** | **FUTURES (see Note 3)** | **FUTURES (see Note 3)** | **FUTURES (see Note 3)** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  Euro STOXX 50 Index Futures | 47 | December 2022 | $&nbsp;&nbsp;&nbsp;&nbsp;1526967 | $(112318) |
|  FTSE 100 Index Futures | 8 | December 2022 | 617631 | (36965) |
|  Hang Seng Index Futures | 12 | October 2022 | 1315473 | (44593) |
|  Nikkei 225 (OSE) Futures | 5 | December 2022 | 896151 | (42244) |
|  OMXS 30 Index Futures | 135 | October 2022 | 2226147 | (135150) |
|  Russell 2000 E-Mini Futures | 23 | December 2022 | 1920270 | (252913) |
|  S&P 500 E-Mini Futures | 121 | December 2022 | 21789075 | &nbsp;&nbsp;&nbsp;&nbsp;(2424062) |
|  U.S. T-Note 2 Yr (CBT) Futures | 27 | December 2022 | 5545547 | (89759) |
|  U.S. T-Note 10 Yr (CBT) Futures | 70 | December 2022 | 7844375 | (406422) |
|  U.S. Ultra Bond (CBT) Futures | 19 | December 2022 | 2603000 | (250808) |

---

 <br> *2022 Annual Report* *95*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  Euro STOXX 50 Index Futures | 85 | December 2022 | $&nbsp;&nbsp;&nbsp;&nbsp;2761536 | $15579 |
|  FTSE 100 Index Futures | 36 | December 2022 | 2779338 | 158414 |
|  MSCI Emerging Markets Futures | 119 | December 2022 | 5185425 | 468706 |
|  MSCI Singapore IX ETS Futures | 47 | October 2022 | 918402 | 4705 |
|  S&P Mid 400 E-Mini Futures | 7 | December 2022 | 1545740 | 154957 |
|  S&P/TSX 60 Index Futures | 16 | December 2022 | 2585297 | 52268 |
|  SPI 200 Futures | 49 | December 2022 | 5066572 | 252476 |
|  TOPIX Index Futures | 13 | December 2022 | 1649140 | 2931 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(2685198) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 1510 | NZD | 2513 | 11/18/2022 | $(103153) |
|  Bank of America, NA | USD | 930 | NOK | 9606 | 12/01/2022 | (46936) |
|  Bank of America, NA | CHF | 3856 | USD | 3957 | 12/07/2022 | 25132 |
|  Bank of America, NA | CHF | 623 | USD | 632 | 12/07/2022 | (2920) |
|  Barclays Bank PLC | USD | 618 | CAD | 795 | 10/27/2022 | (42258) |
|  BNP Paribas SA | AUD | 6684 | USD | 4612 | 10/20/2022 | 335564 |
|  BNP Paribas SA | CAD | 1165 | USD | 894 | 10/27/2022 | 50293 |
|  BNP Paribas SA | USD | 867 | CAD | 1191 | 10/27/2022 | (4690) |
|  BNP Paribas SA | USD | 1989 | NZD | 3213 | 11/18/2022 | &nbsp;&nbsp;&nbsp;&nbsp;(190071) |
|  Citibank, NA | USD | 2961 | CAD | 3901 | 10/27/2022 | (137384) |
|  Citibank, NA | GBP | 2792 | USD | 3223 | 11/17/2022 | 103376 |
|  Citibank, NA | USD | 857 | GBP | 800 | 11/17/2022 | 36995 |
|  Citibank, NA | SEK | 21737 | USD | 1979 | 12/01/2022 | 14488 |
|  Credit Suisse International | USD | 483 | CAD | 632 | 10/27/2022 | (25635) |
|  Deutsche Bank AG | CAD | 2873 | USD | 2247 | 10/27/2022 | 167630 |
|  HSBC Bank USA | USD | 3161 | CAD | 4061 | 10/27/2022 | (220896) |
|  HSBC Bank USA | USD | 1961 | JPY | 282098 | 12/02/2022 | (638) |
|  JPMorgan Chase Bank, NA | USD | 1571 | AUD | 2326 | 10/20/2022 | (82715) |
|  JPMorgan Chase Bank, NA | CAD | 1263 | USD | 982 | 10/27/2022 | 67469 |
|  JPMorgan Chase Bank, NA | USD | 2581 | JPY | 369900 | 12/02/2022 | (9558) |
|  JPMorgan Chase Bank, NA | EUR | 10365 | USD | 10138 | 12/08/2022 | (68118) |
|  Morgan Stanley & Co., Inc. | USD | 5958 | AUD | 8578 | 10/20/2022 | (469671) |
|  Morgan Stanley & Co., Inc. | USD | 3467 | CAD | 4541 | 10/27/2022 | (179465) |
|  Morgan Stanley & Co., Inc. | GBP | 3350 | USD | 3911 | 11/17/2022 | 167842 |
|  Morgan Stanley & Co., Inc. | USD | 1082 | GBP | 945 | 11/17/2022 | (25811) |
|  Morgan Stanley & Co., Inc. | USD | 744 | NZD | 1320 | 11/18/2022 | (4828) |
|  Morgan Stanley & Co., Inc. | USD | 652 | JPY | 92583 | 12/02/2022 | (8243) |
|  Morgan Stanley & Co., Inc. | CHF | 493 | USD | 504 | 12/07/2022 | 1406 |
|  State Street Bank & Trust Co. | CAD | 484 | USD | 377 | 10/27/2022 | 26163 |
|  State Street Bank & Trust Co. | USD | 1187 | CAD | 1541 | 10/27/2022 | (70970) |
|  UBS AG | GBP | 784 | USD | 928 | 11/17/2022 | 52094 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(645508) |

---

 <br> *96* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** | **CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)** |
| | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** |<br>**Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 1060 | 01/15/2025 | 2.565% | CPI# | Maturity | $91377 | $— | $91377 |
| USD | 530 | 01/15/2025 | 2.585% | CPI# | Maturity | 45271 |  | 45271 |
| USD | 530 | 01/15/2025 | 2.613% | CPI# | Maturity | 44698 |  | 44698 |
| USD | 2740 | 01/15/2026 | CPI# | 3.720% | Maturity | (74660) |  | (74660) |
| USD | 1610 | 01/15/2027 | CPI# | 3.466% | Maturity | (46437) | (1881) | (44556) |
| USD | 1600 | 01/15/2027 | CPI# | 3.320% | Maturity | (60231) |  | (60231) |
| USD | 4950 | 01/15/2028 | 1.230% | CPI# | Maturity | 825958 |  | 825958 |
| USD | 3410 | 01/15/2028 | 0.735% | CPI# | Maturity | 687930 |  | 687930 |
| USD | 6440 | 01/15/2029 | CPI# | 3.290% | Maturity | (129007) |  | (129007) |
| USD | 1290 | 01/15/2029 | CPI# | 3.735% | Maturity | 20721 |  | 20721 |
| USD | 1125 | 01/15/2030 | 1.572% | CPI# | Maturity | 172279 |  | 172279 |
| USD | 1125 | 01/15/2030 | 1.587% | CPI# | Maturity | 170781 |  | 170781 |
| USD | 180 | 01/15/2030 | 1.714% | CPI# | Maturity | 25283 |  | 25283 |
| USD | 180 | 01/15/2030 | 1.731% | CPI# | Maturity | 25008 |  | 25008 |
| USD | 1000 | 01/15/2031 | 2.782% | CPI# | Maturity | 50478 |  | 50478 |
| USD | 880 | 01/15/2031 | 2.680% | CPI# | Maturity | 52962 |  | 52962 |
| USD | 770 | 01/15/2031 | 2.989% | CPI# | Maturity | 23532 |  | 23532 |
| USD | 860 | 04/15/2032 | CPI# | 2.909% | Maturity | (24339) |  | (24339) |
| USD | 750 | 04/15/2032 | CPI# | 2.748% | Maturity | (33822) |  | (33822) |
| USD | 450 | 04/15/2032 | CPI# | 2.722% | Maturity | (21526) |  | (21526) |
|  |  |  |  |  |  | $1846256 | $(1881) | $1848137 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** | **CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)** |
| | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** | <br>**Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 2850 | 04/15/2032 | 2.777% | 1 Day SOFR | Annual | $&nbsp;&nbsp;&nbsp;&nbsp;159092 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;159092 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** | **CREDIT DEFAULT SWAPS (see Note 3)** |
| **Swap Counterparty & Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
| Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 22 | $(4829) | $(2012) | $(2817) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 71 | (15938) | (8567) | (7371) |
| Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 5 | (1126) | (587) | (539) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 12 | (2737) | (1151) | (1586) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 144 | (32358) | (16756) | (15602) |

---

 <br> *2022 Annual Report* *97*

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty & Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 147 | $(33002) | $(13894) | $(19108) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 223 | (49905) | (20470) | (29435) |
| Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 27 | (6117) | (3274) | (2843) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 192 | (43144) | (17177) | (25967) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(189156) | $&nbsp;&nbsp;&nbsp;&nbsp;(83888) | $&nbsp;&nbsp;&nbsp;&nbsp;(105268) |

---

\* Termination date

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** | **INFLATION (CPI) SWAPS (see Note 3)** |
| | | | | **Rate Type** | **Rate Type** | | | | |
| **Swap Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** |<br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Barclays Bank PLC | USD | 4000 | 10/23/2026 | 2.310% | CPI# | Maturity | $206823 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;206823 |
|  Barclays Bank PLC | USD | 1000 | 10/23/2029 | 2.388% | CPI# | Maturity | 38778 |  | 38778 |
|  Barclays Bank PLC | USD | 3000 | 12/04/2032 | 2.233% | CPI# | Maturity | 284247 |  | 284247 |
|  Citibank, NA | USD | 7000 | 11/04/2023 | 1.900% | CPI# | Maturity | 804481 |  | 804481 |
|  Citibank, NA | USD | 3500 | 07/20/2027 | 2.104% | CPI# | Maturity | 384308 |  | 384308 |
|  Deutsche Bank AG | USD | 4000 | 09/04/2025 | 1.818% | CPI# | Maturity | 496692 |  | 496692 |
|  JPMorgan Chase Bank, NA | USD | 2500 | 03/02/2024 | 2.175% | CPI# | Maturity | 230083 |  | 230083 |
|  JPMorgan Chase Bank, NA | USD | 7000 | 07/20/2024 | 1.995% | CPI# | Maturity | 771931 |  | 771931 |
|  JPMorgan Chase Bank, NA | USD | 3000 | 11/04/2026 | 2.015% | CPI# | Maturity | 356680 |  | 356680 |
|  JPMorgan Chase Bank, NA | USD | 5000 | 12/27/2028 | 2.009% | CPI# | Maturity | 559790 |  | 559790 |
|  Morgan Stanley Capital Services LLC | USD | 1800 | 07/20/2032 | 2.158% | CPI# | Maturity | 195027 |  | 195027 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;4328840 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;4328840 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** | **INTEREST RATE SWAPS (see Note 3)** |
| | | | | **Rate Type** | **Rate Type** | | | | |
| **Swap Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Citibank, NA | USD | 2840 | 10/09/2029 | 1.125% | SIFMA\* | Quarterly | $&nbsp;&nbsp;&nbsp;&nbsp;326366 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;326366 |

---

\* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

 <br> *98* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** | **TOTAL RETURN SWAPS (see Note 3)** |
| **Counterparty & Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** |
|  Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 513 | 12/16/2022 | $(27431) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 410 | 12/16/2022 | (30823) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(58254) |

---

------

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At
September 30, 2022, the aggregate market value of these securities amounted to $6,376,827 or 2.3% of net assets.

(b) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2022.

(c) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov, or call AB at (800) 227-4618.

(d) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(e) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(f) Non-income producing security.

(g) Affiliated investments.

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

As of September 30, 2022, the Portfolio's percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 4.7% and 0.0%, respectively.

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

AGC—Assured Guaranty Corporation

AGM—Assured Guaranty Municipal

CBT—Chicago Board of Trade

CDX-CMBX.NA—North American Commercial Mortgage-Backed Index

CPI—Consumer Price Index

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

ETM—Escrowed to Maturity

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

SOFR—Secured Overnight Financing Rate

SPDR—Standard & Poor's Depository Receipt

SPI—Share Price Index

SRF—State Revolving Fund

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

 <br> *2022 Annual Report* *99*

------

##### [**Table of Contents**](#toc)
Statement of Assets and Liabilities—*September 30, 2022*

---

| | | | |
|:---|:---|:---|:---|
| | **OVERLAY A<br>PORTFOLIO** | **TAX-AWARE<br>OVERLAY A<br>PORTFOLIO** | **OVERLAY B<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 | $707479207 | $1544188718 | $804557697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 676385773 | 1393950760 | 129170021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies, at value **(a)** | 12977131 | 26513602 | 854602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 0 | 14687717 | 710633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due from broker | 924012 | 2195975 | 4370503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables: | &nbsp;&nbsp;&nbsp;&nbsp; Receivables: | &nbsp;&nbsp;&nbsp;&nbsp; Receivables: | &nbsp;&nbsp;&nbsp;&nbsp; Receivables: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated interest and dividends | 298046 | 685854 | 4208744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends | 287526 | 547617 | 228818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax reclaims | 245814 | 534017 | 3133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold and foreign currency transactions | 643067 | 328109 | 11711724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 264992 | 284833 | 125145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures | 3234027 | 5436393 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 3552 | 7550 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of forward currency exchange contracts | 16473312 | 35621801 | 12766573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of total return swaps | 0 | 0 | 392678 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | **1419216459** | **3024982946** | **969100271** |
| LIABILITIES | LIABILITIES | LIABILITIES | LIABILITIES |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 33128 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due to broker | 41600000 | 90000000 | 11967471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 947413 | 1586401 | 36961760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 1262476 | 5070285 | 954752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee | 691266 | 1466791 | 475206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures | 0 | 0 | 1504336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee | 195287 | 390168 | 97117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 0 | 0 | 84546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee | 8722 | 13032 | 9277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 0 | 0 | 23942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 169 | 511 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminated total return swaps | 244209 | 545040 | 317959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 262685 | 275210 | 319729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation of forward currency exchange contracts | 22919877 | 49182623 | 13928799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation of total return swaps | 661368 | 1342461 | 658006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market value on credit default swaps **(b)** | 0 | 0 | 976198 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | **68826600** | **149872522** | **68279098** |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS** | $**1350389859** | $**2875110424** | $**900821173** |
| &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 | $523186801 | $1006426279 | $912429591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 706726620 | 1460322592 | 131541034 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $119491 | $236465 | $104432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 1218717946 | 2487898404 | 1087780481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated loss) | 131552422 | 386975555 | (187063740) |
|  | $**1350389859** | $**2875110424** | $**900821173** |

---

**(a)** Cost: $12,956,941, $26,452,427 and $879,199, respectively. (Note 1)

**(b)** Net premiums received of $0, $0 and $397,079, respectively.

See Notes to Financial Statements.

 <br> *100* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **OVERLAY A<br>PORTFOLIO** | **TAX-AWARE<br>OVERLAY A<br>PORTFOLIO** | **OVERLAY B<br>PORTFOLIO** |
| NET ASSET VALUE PER SHARE |  |  |  |
|  **Class 1 Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $1121709916 | $2232773688 | $750137434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 99294472 | 183760843 | 87014236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $**11.30** | $**12.15** | $**8.62** |
|  **Class 2 Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $228679943 | $642336736 | $150683739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 20196995 | 52704543 | 17417652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $**11.32** | $**12.19** | $**8.65** |

---

See Notes to Financial Statements.

 <br> *2022 Annual Report* *101*

------

##### [**Table of Contents**](#toc)
Statement of Assets and Liabilities—*September 30, 2022* *(continued)* 

---

| | | | |
|:---|:---|:---|:---|
| | **TAX-AWARE<br>OVERLAY B<br>PORTFOLIO** | **TAX-AWARE<br>OVERLAY C<br>PORTFOLIO** | **TAX-AWARE<br>OVERLAY N<br>PORTFOLIO** |
| 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 | $1299498694 | $344576556 | $256917572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 7141247 | 17560057 | 10451865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies, at value **(a)** | 3033424 | 1003996 | 712289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 0 | 22776 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due from broker | 2729175 | 678438 | 267393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated interest and dividends | 13904722 | 3892020 | 2802900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends | 49228 | 9360 | 16425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 884210 | 1191363 | 3063994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 1652251 | 43580 | 15995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures | 8300869 | 3385208 | 1206223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 13344 | 50715 | 2399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of inflation swaps | 17353492 | 5059141 | 4328840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of forward currency exchange contracts | 5155105 | 1611333 | 1048452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of interest rate swaps | 1433021 | 438410 | 326366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of total return swaps | 0 | 39244 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | **1361148782** | **379562197** | **281160713** |
| LIABILITIES | LIABILITIES | LIABILITIES | LIABILITIES |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 31261 | 0 | 18393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due to broker | 24360000 | 9180000 | 5300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 12140 | 2142 | 301399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 15251030 | 136423 | 410238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee | 737099 | 210347 | 150207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee | 120183 | 31040 | 29431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee | 7717 | 3247 | 3233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 3 | 0 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminated total return swaps | 159785 | 27801 | 9267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 239164 | 189322 | 185099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation of forward currency exchange contracts | 8349562 | 2398213 | 1693960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market value on credit default swaps **(b)** | 646351 | 234231 | 189156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation of total return swaps | 254337 | 69227 | 58254 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | **50168632** | **12481993** | **8348704** |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS** | $**1310980150** | $**367080204** | $**272812009** |
| &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 | $1314383845 | $349044759 | $269783590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 7141247 | 17560057 | 10451865 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $130431 | $37073 | $27528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 1361631983 | 386655975 | 283278148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated loss | (50782264) | (19612844) | (10493667) |
|  | $**1310980150** | $**367080204** | $**272812009** |

---

**(a)** Cost: $3,044,572, $1,008,220 and $709,115, respectively. (Note 1)

**(b)** Net premiums received of $294,467, $103,932 and $83,888, respectively.

See Notes to Financial Statements.

 <br> *102* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **TAX-AWARE<br>OVERLAY B<br>PORTFOLIO** | **TAX-AWARE<br>OVERLAY C<br>PORTFOLIO** | **TAX-AWARE<br>OVERLAY N<br>PORTFOLIO** |
| NET ASSET VALUE PER SHARE |  |  |  |
|  **Class 1 Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $932107397 | $240668573 | $230496038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 92808119 | 24325068 | 23267675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $**10.04** | $**9.89** | $**9.91** |
|  **Class 2 Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $378872753 | $126411631 | $42315971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of capital stock outstanding | 37622946 | 12747841 | 4260426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $**10.07** | $**9.92** | $**9.93** |

---

See Notes to Financial Statements.

 <br> *2022 Annual Report* *103* 

------

##### [**Table of Contents**](#toc)
Statement of Operations—*for the year ended September 30, 2022* 

---

| | | | |
|:---|:---|:---|:---|
| | **OVERLAY A<br>PORTFOLIO** | **TAX-AWARE<br>OVERLAY A<br>PORTFOLIO** | **OVERLAY B<br>PORTFOLIO** |
| INVESTMENT INCOME |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest (net of foreign taxes withheld of $0, $0 and $10,124, respectively) | $0 | $0 | $31898992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;&nbsp;&nbsp; Dividends |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign withholding taxes of $132,506, $280,841 and $0, respectively) | 10789958 | 22902879 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 32081495 | 64722627 | 5816430 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | **42871453** | **87625506** | **37715422** |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee (see Note 2A) | 15496552 | 33303722 | 7086130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee (see Note 2B) | 2860595 | 5760920 | 1362398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees | 151757 | 218286 | 207485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class 1 | 56070 | 77665 | 58178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class 2 | 11434 | 23022 | 11659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and tax fees | 124301 | 111085 | 132877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 74941 | 162435 | 47183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 52910 | 123583 | 36012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 40759 | 42798 | 37376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing fees | 17230 | 11257 | 9011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 57862 | 112162 | 48346 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses before interest expense** | **18944411** | **39946935** | **9036655** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 400037 | 837870 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | **19344448** | **40784805** | **9036655** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Note 2A and 2D) | (5714584) | (12125204) | (456868) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 13629864 | 28659601 | 8579787 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | **29241589** | **58965905** | **29135635** |
| 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 **(a)** | 53554547 | 85610288 | (24277160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Underlying Portfolios | 7546388 | 9860058 | 946556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (2936942) | (7042288) | 4486733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (99843462) | (233776853) | (59367427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 772717 | 1606225 | 182372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 1482773 | 3370703 | (1650158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1198390) | (695568) | (1775503) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions from Affiliated Underlying Portfolios | 22678526 | 46804986 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized loss on investment and foreign currency transactions** | **(17943843)** | **(94262449)** | **(81454587)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments **(b)** | (189897526) | (380829956) | (127101479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Underlying Portfolios | (221401028) | (466103407) | (8044869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (7323027) | (14929821) | (2952550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 33161216 | 87225515 | (1753757) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (198480) | (415708) | (46844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (417408) | (806499) | 12368527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | 109989 | 227533 | (205522) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities** | **(385966264)** | **(775632343)** | **(127736494)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized loss on investment and foreign currency transactions** | **(403910107)** | **(869894792)** | **(209191081)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from operations** | $**(374668518)** | $**(810928887)** | $**(180055446)** |

---

**(a)** Net of foreign realized capital gains taxes of $0, $0 and $1,726, respectively.

**(b)** Net of increase in accrued foreign capital gains taxes on unrealized gains of $0, $0 and $2,562, respectively.

See Notes to Financial Statements.

 <br> *104* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **TAX-AWARE<br>OVERLAY B<br>PORTFOLIO** | **TAX-AWARE<br>OVERLAY C<br>PORTFOLIO** | **TAX-AWARE<br>OVERLAY N<br>PORTFOLIO** |
| INVESTMENT INCOME |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $28723517 | $8096846 | $6264214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;&nbsp;&nbsp; Dividends |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 10154242 | 2929463 | 2114003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 219264 | 102283 | 34899 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | **39097023** | **11128592** | **8413116** |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee (see Note 2A) | 10339987 | 2974133 | 2225287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fee (see Note 2B) | 1667879 | 440164 | 423869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees | 147531 | 83843 | 78205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class 1 | 40168 | 14279 | 18020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee—Class 2 | 17287 | 7985 | 3798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and tax fees | 110063 | 109838 | 110061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 37599 | 34108 | 33676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 68576 | 19749 | 14840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 49750 | 14280 | 11842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing fees | 11800 | 14940 | 14308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 59398 | 39937 | 33064 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | **12550038** | **3753256** | **2966970** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Note 2A and 2D) | (70569) | (21415) | (12187) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 12479469 | 3731841 | 2954783 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | **26617554** | **7396751** | **5458333** |
| 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 | 25075406 | 8373105 | 16704613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Underlying Portfolios | (1088733) | (310223) | (233660) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (772858) | (210001) | (227601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (28161798) | (8221994) | (6815790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 256671 | 77002 | 56738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 2806533 | 1183467 | 646943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (88995) | (53322) | (45350) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) on investment and foreign currency transactions** | **(1973774)** | **838034** | **10085893** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (239571826) | (67313285) | (61146128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (3785604) | (859361) | (702079) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 3710049 | (113067) | (891251) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (65928) | (19779) | (14684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 7655514 | 1115059 | 2355993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | 58437 | 10882 | 10600 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities** | **(231999358)** | **(67179551)** | **(60387549)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized loss on investment and foreign currency transactions** | **(233973132)** | **(66341517)** | **(50301656)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from operations** | $**(207355578)** | $**(58944766)** | $**(44843323)** |

---

See Notes to Financial Statements.

 <br> *2022 Annual Report* *105*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **OVERLAY A**<br> **PORTFOLIO** | **OVERLAY A**<br> **PORTFOLIO** | **TAX-AWARE**<br> **OVERLAY A PORTFOLIO** | **TAX-AWARE**<br> **OVERLAY A PORTFOLIO** |
| | YEAR<br> ENDED<br> 9/30/22 | YEAR<br> ENDED<br> 9/30/21 | YEAR<br> ENDED<br> 9/30/22 | YEAR<br> ENDED<br> 9/30/21 |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $29241589 | $9799425 | $58965905 | $21734170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (17943843) | 201876461 | (94262449) | 389979919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities | (385966264) | 226524258 | (775632343) | 469232799 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(374668518)** | **438200144** | **(810928887)** | **880946888** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders (a)** | **(207352448)** | **(17001108)** | **(394503020)** | **(36651761)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital-share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | 119384193 | 154481040 | 179133723 | 192650439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 198473085 | 15070832 | 370050729 | 27249489 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total proceeds from shares sold** | **317857278** | **169551872** | **549184452** | **219899928** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (302212406) | (448991029) | (556152201) | (536113150) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital-share transactions** | **15644872** | **(279439157)** | **(6967749)** | **(316213222)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | **(566376094)** | **141759879** | **(1212399656)** | **528081905** |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beginning of period** | **1916765953** | **1775006074** | **4087510080** | **3559428175** |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $**1350389859** | $**1916765953** | $**2875110424** | $**4087510080** |

---

**(a)** See page 109 for share class information on dividend distributions for the Overlay A and Tax-Aware Overlay A Portfolios.

See Notes to Financial Statements.

 <br> *106* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **OVERLAY B**<br> **PORTFOLIO** | **OVERLAY B**<br> **PORTFOLIO** | **TAX-AWARE**<br> **OVERLAY B PORTFOLIO** | **TAX-AWARE**<br> **OVERLAY B PORTFOLIO** |
| | YEAR<br> ENDED<br> 9/30/22 | YEAR<br> ENDED<br> 9/30/21 | YEAR<br> ENDED<br> 9/30/22 | YEAR<br> ENDED<br> 9/30/21 |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $29135635 | $22096128 | $26617554 | $25707435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (81454587) | 144311224 | (1973774) | 87627990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities | (127736494) | (32128442) | (231999358) | 84199150 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(180055446)** | **134278910** | **(207355578)** | **197534575** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders (a)** | **(165424767)** | **(31639760)** | **(116715476)** | **(39933382)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital-share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | 80744870 | 104405883 | 87883986 | 100538157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 153087964 | 27251385 | 105964711 | 29470081 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total proceeds from shares sold** | **233832834** | **131657268** | **193848697** | **130008238** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (181956584) | (234486549) | (277063943) | (231922066) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital-share transactions** | **51876250** | **(102829281)** | **(83215246)** | **(101913828)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | **(293603963)** | **(190131)** | **(407286300)** | **55687365** |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beginning of period** | **1194425136** | **1194615267** | **1718266450** | **1662579085** |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $**900821173** | $**1194425136** | $**1310980150** | $**1718266450** |

---

**(a)** See page 109 for share class information on dividend distributions for the Overlay B and Tax-Aware Overlay B Portfolios.

See Notes to Financial Statements.

 <br> *2022 Annual Report* *107*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TAX-AWARE**<br> **OVERLAY C PORTFOLIO** | **TAX-AWARE**<br> **OVERLAY C PORTFOLIO** | **TAX-AWARE**<br> **OVERLAY N PORTFOLIO** | **TAX-AWARE**<br> **OVERLAY N PORTFOLIO** |
| | YEAR<br> ENDED<br> 9/30/22 | YEAR<br> ENDED<br> 9/30/21 | YEAR<br> ENDED<br> 9/30/22 | YEAR<br> ENDED<br> 9/30/21 |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $7396751 | $7029390 | $5458333 | $5105087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment and foreign currency transactions | 838034 | 35546480 | 10085893 | 23555640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities | (67179551) | 14407299 | (60387549) | 17696414 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(58944766)** | **56983169** | **(44843323)** | **46357141** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders (a)** | **(38805221)** | **(11727730)** | **(23991831)** | **(8250017)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital-share transactions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | 25287046 | 23111334 | 15718881 | 14948702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 35406411 | 8192214 | 22169742 | 6209530 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total proceeds from shares sold** | **60693457** | **31303548** | **37888623** | **21158232** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (97298985) | (86704857) | (74561335) | (55404943) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease in net assets from capital-share transactions** | **(36605528)** | **(55401309)** | **(36672712)** | **(34246711)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | **(134355515)** | **(10145870)** | **(105507866)** | **3860413** |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beginning of period** | **501435719** | **511581589** | **378319875** | **374459462** |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $**367080204** | $**501435719** | $**272812009** | $**378319875** |

---

(a) See page 109 for share class information on dividend distributions for the Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios.

See Notes to Financial Statements.

 <br> *108* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **OVERLAY A**<br> **PORTFOLIO** | **OVERLAY A**<br> **PORTFOLIO** | **TAX-AWARE**<br> **OVERLAY A PORTFOLIO** | **TAX-AWARE**<br> **OVERLAY A PORTFOLIO** |
| | YEAR<br> ENDED<br> 9/30/22 | YEAR<br> ENDED<br> 9/30/21 | YEAR<br> ENDED<br> 9/30/22 | YEAR<br> ENDED<br> 9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $(172626965) | $(13630356) | $(302970210) | $(26615553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (34725483) | (3370752) | (91532810) | (10036208) |
|  | $(207352448) | $(17001108) | $(394503020) | $(36651761) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **OVERLAY B**<br> **PORTFOLIO** | **OVERLAY B**<br> **PORTFOLIO** | **TAX-AWARE**<br> **OVERLAY B PORTFOLIO** | **TAX-AWARE**<br> **OVERLAY B PORTFOLIO** |
| | YEAR<br> ENDED<br> 9/30/22 | YEAR<br> ENDED<br> 9/30/21 | YEAR<br> ENDED<br> 9/30/22 | YEAR<br> ENDED<br> 9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $(138511977) | $(26263774) | $(80780738) | $(26878303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (26912790) | (5375986) | (35934738) | (13055079) |
|  | $(165424767) | $(31639760) | $(116715476) | $(39933382) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TAX-AWARE**<br> **OVERLAY C PORTFOLIO** | **TAX-AWARE**<br> **OVERLAY C PORTFOLIO** | **TAX-AWARE**<br> **OVERLAY N PORTFOLIO** | **TAX-AWARE**<br> **OVERLAY N PORTFOLIO** |
| | YEAR<br> ENDED<br> 9/30/22 | YEAR<br> ENDED<br> 9/30/21 | YEAR<br> ENDED<br> 9/30/22 | YEAR<br> ENDED<br> 9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $(24700468) | $(7015375) | $(19695922) | $(6618995) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (14104753) | (4712355) | (4295909) | (1631022) |
|  | $(38805221) | $(11727730) | $(23991831) | $(8250017) |

---

See Notes to Financial Statements.

 <br> *2022 Annual Report* *109*

------

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

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **OVERLAY A<br>PORTFOLIO** | **OVERLAY A<br>PORTFOLIO** | **OVERLAY A<br>PORTFOLIO** | **OVERLAY A<br>PORTFOLIO** | **OVERLAY A<br>PORTFOLIO** |
|  | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**16.01** | $**12.81** | $**13.05** | $**13.69** | $**13.18** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | 0.23 | 0.07 | 0.13 | 0.14 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (3.17) | 3.25 | (0.19) | (0.37) | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates | 0 | 0 | 0 | 0.00 **(c)** | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **(2.94)** | **3.32** | **(0.06)** | **(0.23)** | **0.69** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends and distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.34) | (0.12) | (0.15) | (0.13) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (1.43) | 0 | (0.03) | (0.28) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(1.77)** | **(0.12)** | **(0.18)** | **(0.41)** | **(0.18)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**11.30** | $**16.01** | $**12.81** | $**13.05** | $**13.69** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)(e)** | **(21.17)%** | **26.16%** | **(0.45)%** | **(1.46)%** | **5.21%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $1121710 | $1596442 | $1465081 | $1653447 | $1811002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $1430298 | $1606920 | $1539035 | $1663944 | $1829185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)(g)** | 0.83% | 0.80% | 0.81% | 0.80% | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)(g)** | 1.16% | 1.15% | 1.15% | 1.14% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 1.67% | 0.47% | 1.02% | 1.11% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 24% | 21% | 22% | 21% | 39% |

---

See Footnote Summary on page 122.

See Notes to Financial Statements.

 <br> *110* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **OVERLAY A**<br> **PORTFOLIO** | **OVERLAY A**<br> **PORTFOLIO** | **OVERLAY A**<br> **PORTFOLIO** | **OVERLAY A**<br> **PORTFOLIO** | **OVERLAY A**<br> **PORTFOLIO** |
|  | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**16.05** | $**12.84** | $**13.07** | $**13.72** | $**13.22** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | 0.25 | 0.10 | 0.15 | 0.18 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (3.18) | 3.26 | (0.17) | (0.39) | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates | 0 | 0 | 0 | 0.00 **(c)** | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **(2.93)** | **3.36** | **(0.02)** | **(0.21)** | **0.71** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends and distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.37) | (0.15) | (0.18) | (0.16) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (1.43) | 0 | (0.03) | (0.28) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(1.80)** | **(0.15)** | **(0.21)** | **(0.44)** | **(0.21)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**11.32** | $**16.05** | $**12.84** | $**13.07** | $**13.72** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)(e)** | **(21.02)%** | **26.34%** | **(0.25)%** | **(1.23)%** | **5.37%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $228680 | $320324 | $309925 | $330953 | $427346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $291541 | $323834 | $319363 | $367721 | $420846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)(g)** | 0.63% | 0.59% | 0.61% | 0.60% | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)(g)** | 0.96% | 0.95% | 0.95% | 0.94% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 1.81% | 0.69% | 1.17% | 1.37% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 24% | 21% | 22% | 21% | 39% |

---

See Footnote Summary on page 122.

See Notes to Financial Statements.

 <br> *2022 Annual Report* *111*

------

##### [**Table of Contents**](#toc)
Financial Highlights *(continued)*

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TAX-AWARE**<br> **OVERLAY A PORTFOLIO** | **TAX-AWARE**<br> **OVERLAY A PORTFOLIO** | **TAX-AWARE**<br> **OVERLAY A PORTFOLIO** | **TAX-AWARE**<br> **OVERLAY A PORTFOLIO** | **TAX-AWARE**<br> **OVERLAY A PORTFOLIO** |
|  | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**16.98** | $**13.65** | $**13.78** | $**14.29** | $**13.95** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | 0.23 | 0.08 | 0.13 | 0.15 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (3.41) | 3.39 | (0.08) | (0.37) | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **(3.18)** | **3.47** | **0.05** | **(0.22)** | **0.68** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends and distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.14) | (0.18) | (0.12) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (1.42) | 0 | (0.00) **(c)** | (0.17) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(1.65)** | **(0.14)** | **(0.18)** | **(0.29)** | **(0.34)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**12.15** | $**16.98** | $**13.65** | $**13.78** | $**14.29** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)(e)** | **(21.15)%** | **25.54%** | **0.29%** | **(1.28)%** | **4.85%** **(h)** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $2232773 | $3144804 | $2712320 | $3143494 | $3464533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $2880460 | $3057954 | $2913890 | $3181790 | $3513988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)(g)** | 0.81% | 0.77% | 0.80% | 0.80% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)(g)** | 1.14% | 1.12% | 1.13% | 1.13% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 1.53% | 0.49% | 0.99% | 1.09% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 25% | 20% | 22% | 20% | 42% |

---

See Footnote Summary on page 122.

See Notes to Financial Statements.

 <br> *112* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TAX-AWARE<br>OVERLAY A PORTFOLIO** | **TAX-AWARE<br>OVERLAY A PORTFOLIO** | **TAX-AWARE<br>OVERLAY A PORTFOLIO** | **TAX-AWARE<br>OVERLAY A PORTFOLIO** | **TAX-AWARE<br>OVERLAY A PORTFOLIO** |
|  | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**17.03** | $**13.69** | $**13.82** | $**14.33** | $**14.00** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | 0.26 | 0.11 | 0.16 | 0.17 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (3.42) | 3.40 | (0.08) | (0.36) | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **(3.16)** | **3.51** | **0.08** | **(0.19)** | **0.70** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends and distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.17) | (0.21) | (0.15) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (1.42) | 0 | (0.00) **(c)** | (0.17) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(1.68)** | **(0.17)** | **(0.21)** | **(0.32)** | **(0.37)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**12.19** | $**17.03** | $**13.69** | $**13.82** | $**14.33** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)(e)** | **(20.98)%** | **25.78%** | **0.56%** | **(1.12)%** | **5.01%** **(h)** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $642337 | $942706 | $847108 | $1041177 | $1119490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $854251 | $937234 | $935278 | $1048726 | $1114328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)(g)** | 0.61% | 0.57% | 0.60% | 0.60% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)(g)** | 0.94% | 0.92% | 0.93% | 0.93% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 1.73% | 0.71% | 1.21% | 1.28% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 25% | 20% | 22% | 20% | 42% |

---

See Footnote Summary on page 122.

See Notes to Financial Statements.

 <br> *2022 Annual Report* *113*

------

##### [**Table of Contents**](#toc)
Financial Highlights *(continued)*

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **OVERLAY B**<br> **PORTFOLIO** | **OVERLAY B**<br> **PORTFOLIO** | **OVERLAY B**<br> **PORTFOLIO** | **OVERLAY B**<br> **PORTFOLIO** | **OVERLAY B**<br> **PORTFOLIO** |
|  | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**11.92** | $**10.96** | $**10.94** | $**10.96** | $**11.00** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | 0.27 | 0.21 | 0.16 | 0.21 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.90) | 1.05 | 0.22 | 0.17 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates | 0 | 0 | 0 | 0.00 **(c)** | 0.00 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **(1.63)** | **1.26** | **0.38** | **0.38** | **0.21** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends and distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.40) | (0.25) | (0.32) | (0.26) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (1.27) | (0.05) | (0.04) | (0.14) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(1.67)** | **(0.30)** | **(0.36)** | **(0.40)** | **(0.25)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**8.62** | $**11.92** | $**10.96** | $**10.94** | $**10.96** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** | **(16.10)%** | **11.61%** | **3.56%** | **3.75%** | **1.93%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $750137 | $999357 | $991266 | $1024761 | $1052414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $908265 | $1021208 | $991542 | $1014279 | $1055548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)** | 0.81% | 0.83% | 0.84% | 0.83% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)** | 0.85% | 0.87% | 0.87% | 0.86% | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 2.65% | 1.78% | 1.51% | 1.95% | 1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 115% | 98% | 74% | 67% | 116% |

---

See Footnote Summary on page 122.

See Notes to Financial Statements.

 <br> *114* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **OVERLAY B**<br> **PORTFOLIO** | **OVERLAY B**<br> **PORTFOLIO** | **OVERLAY B**<br> **PORTFOLIO** | **OVERLAY B**<br> **PORTFOLIO** | **OVERLAY B**<br> **PORTFOLIO** |
|  | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**11.96** | $**11.00** | $**10.97** | $**10.98** | $**11.03** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | 0.28 | 0.23 | 0.18 | 0.22 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.90) | 1.04 | 0.23 | 0.18 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliates | 0 | 0 | 0 | 0.00 **(c)** | 0.00 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **(1.62)** | **1.27** | **0.41** | **0.40** | **0.22** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends and distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.42) | (0.26) | (0.34) | (0.27) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (1.27) | (0.05) | (0.04) | (0.14) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(1.69)** | **(0.31)** | **(0.38)** | **(0.41)** | **(0.27)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**8.65** | $**11.96** | $**11.00** | $**10.97** | $**10.98** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** | **(15.98)%** **(h)** | **11.64%** | **3.76%** | **3.97%** | **2.02%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $150684 | $195068 | $203349 | $218022 | $228731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $181909 | $202314 | $209927 | $226099 | $226777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)** | 0.66% | 0.68% | 0.69% | 0.68% | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)** | 0.70% | 0.72% | 0.72% | 0.71% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 2.80% | 1.93% | 1.66% | 2.10% | 1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 115% | 98% | 74% | 67% | 116% |

---

See Footnote Summary on page 122.

See Notes to Financial Statements.

 <br> *2022 Annual Report* *115*

------

##### [**Table of Contents**](#toc)
Financial Highlights *(continued)*

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TAX-AWARE<br>OVERLAY B PORTFOLIO** | **TAX-AWARE<br>OVERLAY B PORTFOLIO** | **TAX-AWARE<br>OVERLAY B PORTFOLIO** | **TAX-AWARE<br>OVERLAY B PORTFOLIO** | **TAX-AWARE<br>OVERLAY B PORTFOLIO** |
|  | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**12.36** | $**11.27** | $**11.12** | $**11.25** | $**11.50** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | 0.18 | 0.17 | 0.19 | 0.21 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.66) | 1.19 | 0.12 | (0.03) | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **(1.48)** | **1.36** | **0.31** | **0.18** | **0.21** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends and distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.27) | (0.16) | (0.20) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (0.65) | 0 | 0 | (0.11) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(0.84)** | **(0.27)** | **(0.16)** | **(0.31)** | **(0.46)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**10.04** | $**12.36** | $**11.27** | $**11.12** | $**11.25** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** | **(12.95)%** | **12.11%** | **2.93%** | **1.81%** | **1.86%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $932107 | $1194517 | $1140951 | $1240530 | $1314251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $1111920 | $1196104 | $1191962 | $1254989 | $1319846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)** | 0.83% | 0.84% | 0.84% | 0.83% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)** | 0.83% | 0.84% | 0.84% | 0.84% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 1.63% | 1.44% | 1.74% | 1.89% | 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 12% | 19% | 8% | 12% | 22% |

---

See Footnote Summary on page 122.

See Notes to Financial Statements.

 <br> *116* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TAX-AWARE<br>OVERLAY B PORTFOLIO** | **TAX-AWARE<br>OVERLAY B PORTFOLIO** | **TAX-AWARE<br>OVERLAY B PORTFOLIO** | **TAX-AWARE<br>OVERLAY B PORTFOLIO** | **TAX-AWARE<br>OVERLAY B PORTFOLIO** |
|  | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**12.39** | $**11.30** | $**11.14** | $**11.27** | $**11.52** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | 0.20 | 0.19 | 0.21 | 0.22 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.66) | 1.19 | 0.13 | (0.02) | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **(1.46)** | **1.38** | **0.34** | **0.20** | **0.23** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends and distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.21) | (0.29) | (0.18) | (0.22) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (0.65) | 0 | 0 | (0.11) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(0.86)** | **(0.29)** | **(0.18)** | **(0.33)** | **(0.48)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**10.07** | $**12.39** | $**11.30** | $**11.14** | $**11.27** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** | **(12.78)%** | **12.35%** | **3.04%** | **1.93%** | **2.01%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $378873 | $523749 | $521628 | $601605 | $643676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $478848 | $534158 | $559800 | $611585 | $646854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)** | 0.68% | 0.69% | 0.69% | 0.68% | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)** | 0.68% | 0.69% | 0.69% | 0.69% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 1.78% | 1.59% | 1.89% | 2.03% | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 12% | 19% | 8% | 12% | 22% |

---

See Footnote Summary on page 122.

See Notes to Financial Statements.

 <br> *2022 Annual Report* *117*

------

##### [**Table of Contents**](#toc)
Financial Highlights *(continued)*

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TAX-AWARE<br>OVERLAY C PORTFOLIO** | **TAX-AWARE<br>OVERLAY C PORTFOLIO** | **TAX-AWARE<br>OVERLAY C PORTFOLIO** | **TAX-AWARE<br>OVERLAY C PORTFOLIO** | **TAX-AWARE<br>OVERLAY C PORTFOLIO** |
|  | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**12.29** | $**11.26** | $**11.14** | $**11.29** | $**11.49** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | 0.17 | 0.16 | 0.18 | 0.19 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.61) | 1.13 | 0.10 | (0.03) | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **(1.44)** | **1.29** | **0.28** | **0.16** | **0.24** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends and distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.26) | (0.16) | (0.18) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (0.78) | 0 | 0 | (0.13) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(0.96)** | **(0.26)** | **(0.16)** | **(0.31)** | **(0.44)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**9.89** | $**12.29** | $**11.26** | $**11.14** | $**11.29** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** | **(12.84)%** | **11.57%** | **2.48%** | **1.53%** | **2.13%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $240668 | $321782 | $315270 | $356936 | $368640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $293443 | $323453 | $339567 | $355345 | $366150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)** | 0.87% | 0.88% | 0.88% | 0.86% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)** | 0.87% | 0.88% | 0.88% | 0.87% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 1.56% | 1.31% | 1.60% | 1.75% | 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 18% | 23% | 13% | 14% | 28% |

---

See Footnote Summary on page 122.

See Notes to Financial Statements.

 <br> *118* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TAX-AWARE<br>OVERLAY C PORTFOLIO** | **TAX-AWARE<br>OVERLAY C PORTFOLIO** | **TAX-AWARE<br>OVERLAY C PORTFOLIO** | **TAX-AWARE<br>OVERLAY C PORTFOLIO** | **TAX-AWARE<br>OVERLAY C PORTFOLIO** |
|  | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**12.32** | $**11.29** | $**11.16** | $**11.31** | $**11.50** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | 0.19 | 0.18 | 0.19 | 0.21 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.61) | 1.13 | 0.11 | (0.04) | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **(1.42)** | **1.31** | **0.30** | **0.17** | **0.27** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends and distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.20) | (0.28) | (0.17) | (0.19) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (0.78) | 0 | 0 | (0.13) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(0.98)** | **(0.28)** | **(0.17)** | **(0.32)** | **(0.46)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**9.92** | $**12.32** | $**11.29** | $**11.16** | $**11.31** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** | **(12.66)%** **(h)** | **11.72%** | **2.68%** | **1.65%** | **2.37%** **(h)** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $126412 | $179654 | $196312 | $209891 | $221368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $164116 | $192674 | $203874 | $217264 | $225633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)** | 0.72% | 0.73% | 0.73% | 0.71% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)** | 0.72% | 0.73% | 0.73% | 0.72% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 1.71% | 1.46% | 1.75% | 1.90% | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 18% | 23% | 13% | 14% | 28% |

---

See Footnote Summary on page 122.

See Notes to Financial Statements.

 <br> *2022 Annual Report* *119*

------

##### [**Table of Contents**](#toc)
Financial Highlights *(continued)*

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TAX-AWARE<br>OVERLAY N PORTFOLIO** | **TAX-AWARE<br>OVERLAY N PORTFOLIO** | **TAX-AWARE<br>OVERLAY N PORTFOLIO** | **TAX-AWARE<br>OVERLAY N PORTFOLIO** | **TAX-AWARE<br>OVERLAY N PORTFOLIO** |
|  | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 | CLASS 1 |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**12.17** | $**11.02** | $**11.04** | $**11.19** | $**11.43** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | 0.18 | 0.15 | 0.18 | 0.20 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.66) | 1.25 | (0.03) | (0.03) | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **(1.48)** | **1.40** | **0.15** | **0.17** | **0.21** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends and distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.17) | (0.25) | (0.17) | (0.19) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (0.61) | 0 | 0 | (0.13) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(0.78)** | **(0.25)** | **(0.17)** | **(0.32)** | **(0.45)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**9.91** | $**12.17** | $**11.02** | $**11.04** | $**11.19** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** | **(13.16)%** | **12.82%** | **1.35%** | **1.67%** | **1.84%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $230496 | $312157 | $303111 | $335908 | $372015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $282579 | $313333 | $317504 | $343928 | $375576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)** | 0.89% | 0.90% | 0.90% | 0.88% | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)** | 0.89% | 0.90% | 0.91% | 0.89% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 1.57% | 1.30% | 1.65% | 1.84% | 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 14% | 19% | 11% | 19% | 31% |

---

See Footnote Summary on page 122.

See Notes to Financial Statements.

 <br> *120* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TAX-AWARE<br>OVERLAY N PORTFOLIO** | **TAX-AWARE<br>OVERLAY N PORTFOLIO** | **TAX-AWARE<br>OVERLAY N PORTFOLIO** | **TAX-AWARE<br>OVERLAY N PORTFOLIO** | **TAX-AWARE<br>OVERLAY N PORTFOLIO** |
|  | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 | CLASS 2 |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/20 | YEAR<br>ENDED<br>9/30/19 | YEAR<br>ENDED<br>9/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**12.20** | $**11.05** | $**11.06** | $**11.21** | $**11.45** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income, net **(a)(b)** | 0.19 | 0.17 | 0.20 | 0.22 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.66) | 1.25 | (0.02) | (0.04) | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **(1.47)** | **1.42** | **0.18** | **0.18** | **0.23** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less dividends and distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.27) | (0.19) | (0.20) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain on investment transactions | (0.61) | 0 | 0 | (0.13) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(0.80)** | **(0.27)** | **(0.19)** | **(0.33)** | **(0.47)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**9.93** | $**12.20** | $**11.05** | $**11.06** | $**11.21** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (d)** | **(13.08)%** | **12.96%** | **1.60%** | **1.79%** | **1.99%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $42316 | $66163 | $71348 | $84996 | $85946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $59773 | $71584 | $78103 | $81875 | $87212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(f)** | 0.74% | 0.75% | 0.75% | 0.73% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(f)** | 0.74% | 0.75% | 0.76% | 0.74% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 1.72% | 1.44% | 1.80% | 1.99% | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 14% | 19% | 11% | 19% | 31% |

---

See Footnote Summary on page 122.

See Notes to Financial Statements.

 <br> *2022 Annual Report* *121*

------

##### [**Table of Contents**](#toc)
Financial Highlights *(continued)*

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:

**(a)** Based on average shares outstanding.

**(b)** Net of expenses waived/reimbursed by the Adviser.

**(c)** 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. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

**(e)** Includes the impact of proceeds received and credited to the Portfolio resulting from the class action settlements, which enhanced the performance for the Overlay A Portfolio for the year ended September 30, 2020
by .02% and the Tax-Aware Overlay A Portfolio for the year ended September 30, 2020 by .02%.

**(f)** In connection with the Portfolio's investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative
and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio's pro rata share of certain acquired fund fees and expenses,
and for the period shown below, such waiver amounted to:

Acquired Fund Fees and Expenses:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | YEAR<br>ENDED<br>9/30/2022 | YEAR<br>ENDED<br>9/30/2021 | YEAR<br>ENDED<br>9/30/2020 | YEAR<br>ENDED<br>9/30/2019 | YEAR<br>ENDED<br>9/30/2018 |
|  Overlay A Portfolio | .34% | .36% | .35% | .34% | .37% |
|  Tax-Aware Overlay A Portfolio | .33% | .36% | .34% | .34% | .36% |
|  Overlay B Portfolio | .05% | .04% | .03% | .05% | .07% |
|  Tax-Aware Overlay B Portfolio | .03% | .03% | .02% | .05% | .04% |
|  Tax-Aware Overlay C Portfolio | .03% | .03% | .03% | .03% | .04% |
|  Tax-Aware Overlay N Portfolio | .03% | .03% | .03% | .03% | .04% |

---

Waiver:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | YEAR<br>ENDED<br>9/30/2022 | YEAR<br>ENDED<br>9/30/2021 | YEAR<br>ENDED<br>9/30/2020 | YEAR<br>ENDED<br>9/30/2019 | YEAR<br>ENDED<br>9/30/2018 |
|  Overlay A Portfolio | .33% | .35% | .34% | .33% | .37% |
|  Tax-Aware Overlay A Portfolio | .33% | .35% | .34% | .33% | .36% |
|  Overlay B Portfolio | .04% | .04% | .03% | .03% | .07% |
|  Tax-Aware Overlay B Portfolio | .00% **(c)** | .00% **(c)** | .00% **(c)** | .02% | .04% |
|  Tax-Aware Overlay C Portfolio | .00% **(c)** | .00% **(c)** | .00% **(c)** | .01% | .04% |
|  Tax-Aware Overlay N Portfolio | .00% **(c)** | .00% **(c)** | .00% **(c)** | .01% | .04% |

---

**(g)** The expense ratios presented below exclude interest/bank overdraft expense:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | YEAR ENDED SEPTEMBER 30, | YEAR ENDED SEPTEMBER 30, | YEAR ENDED SEPTEMBER 30, | YEAR ENDED SEPTEMBER 30, | YEAR ENDED SEPTEMBER 30, |
| | 2022 | 2021 | 2020 | 2019 | 2018 |
|  **Overlay A Portfolio** | **Overlay A Portfolio** | **Overlay A Portfolio** | **Overlay A Portfolio** | **Overlay A Portfolio** | **Overlay A Portfolio** |
|  **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .80% | .79% | .80% | .80% | .78% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 1.13% | 1.14% | 1.14% | 1.14% | 1.13% |
|  **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .60% | .58% | .60% | .60% | .58% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .93% | .94% | .94% | .94% | .93% |
|  **Tax-Aware Overlay A Portfolio** | **Tax-Aware Overlay A Portfolio** | **Tax-Aware Overlay A Portfolio** | **Tax-Aware Overlay A Portfolio** | **Tax-Aware Overlay A Portfolio** | **Tax-Aware Overlay A Portfolio** |
|  **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .79% | .77% | .79% | .80% | .77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 1.12% | 1.11% | 1.13% | 1.13% | 1.12% |
|  **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .59% | .56% | .59% | .60% | .57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .92% | .91% | .92% | .93% | .92% |

---

**(h)** The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and
total return for shareholder transactions may differ from financial statements.

See Notes to Financial Statements.

 <br> *122* *Sanford C. Bernstein Fund, Inc.*

------

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

---

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

---

Sanford C. Bernstein Fund, Inc. (the "Fund") is registered under the Investment Company Act of 1940 as an open-end registered investment company. The Fund, which is a Maryland corporation, operates as a series company currently comprised of 13 portfolios (hereafter collectively referred to as the "Portfolios" and each individually a "Portfolio") with the following share classes offered:

---

| | |
|:---|:---|
| **INTERNATIONAL EQUITY PORTFOLIO** | **SHARE CLASSES OFFERED** |
|  Emerging Markets | Emerging Markets Class\* and Class Z |
| **FIXED INCOME MUNICIPAL PORTFOLIOS** |  |
|  Short Duration Diversified Municipal | Short Duration Diversified Municipal Class\* |
|  California Municipal | Municipal Class\*, Class A, Class C and Advisor Class |
|  Diversified Municipal | Municipal Class\*, Class A, Class C, Advisor Class and Class Z |
|  New York Municipal | Municipal Class\*, Class A, Class C and Advisor Class |
| **FIXED INCOME TAXABLE PORTFOLIOS** |  |
|  Intermediate Duration | Intermediate Duration Class\*, Class A, Advisor Class and Class Z |
|  Short Duration Plus | Short Duration Plus Class\*, Class A and Class C |

---

\* Bernstein Class

---

| | |
|:---|:---|
| **OVERLAY PORTFOLIOS** |  |
|  Overlay A | Class 1 and Class 2 |
|  Tax-Aware Overlay A | Class 1 and Class 2 |
|  Overlay B | Class 1 and Class 2 |
|  Tax-Aware Overlay B | Class 1 and Class 2 |
|  Tax-Aware Overlay C | Class 1 and Class 2 |
|  Tax-Aware Overlay N | Class 1 and Class 2 |

---

Each Portfolio has its own investment objectives. This report relates only to the Overlay A, Tax-Aware Overlay A, Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios. Each class of shares has identical voting, dividend, liquidation and other rights, except that the classes may bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan, as applicable. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolios.

***A.***  ***Portfolio Valuation*** 

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at "fair value" as determined in accordance with procedures approved by and under the oversight of the Portfolios' Board of Directors (the "Board"). Pursuant to these procedures, AllianceBernstein L.P. (the "Adviser") serves as the Portfolios' valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolios' portfolio investments, subject to the Board's oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc.

 <br> *2022 Annual Report* *123*

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Notes to Financial Statements *(continued)*

("NASDAQ")) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the "Committee") must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer's financial statements or other available documents. In addition, the Portfolios may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolios value their securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolios generally value many of their foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

***B.***  ***Fair Value Measurements*** 

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolios would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—other significant observable inputs (including quoted prices for similar investments, interest
rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—significant unobservable inputs (including the Portfolios' own assumptions in determining the
fair value of investments)

 <br> *124* *Sanford C. Bernstein Fund, Inc.*

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The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management's proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options will be classified as Level 2. For options that do not trade on an exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are: the value of collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

 <br> *2022 Annual Report* *125*

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

The following tables summarize the valuation of the Portfolios' investments by the above fair value hierarchy levels as of September 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OVERLAY A PORTFOLIO<br>INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Common Stocks **(a)** | $663640342 | $— | $— | $663640342 |
|  Investment Companies | 498626451 |  |  | 498626451 |
|  Options Purchased—Puts |  | 43838865 |  | 43838865 |
|  Short-Term Investments | 177759322 |  |  | 177759322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 1340026115 | 43838865 |  | 1383864980 |
|  **Other Financial Instruments (b):** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 39035466 |  |  | 39035466 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | 16473312 |  | 16473312 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (25446373) |  |  | (25446373)**(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | (22919877) |  | (22919877) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps |  | (661368) |  | (661368) |
|  **Total** | $**1353615208** | $**36730932** | $**—** | $**1390346140** |
| **TAX-AWARE OVERLAY A PORTFOLIO<br>INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Common Stocks **(a)** | $1449323669 | $— | $— | $1449323669 |
|  Investment Companies | 1079576547 |  |  | 1079576547 |
|  Options Purchased—Puts |  | 94865049 |  | 94865049 |
|  Short-Term Investments | 314374213 |  |  | 314374213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 2843274429 | 94865049 |  | 2938139478 |
|  **Other Financial Instruments (b):** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 94840306 |  |  | 94840306 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | 35621801 |  | 35621801 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (55981401) |  |  | (55981401)**(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | (49182623) |  | (49182623) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps |  | (1342461) |  | (1342461) |
|  **Total** | $**2882133334** | $**79961766** | $**—** | $**2962095100** |

---

 <br> *126* *Sanford C. Bernstein Fund, Inc.*

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| | | | | |
|:---|:---|:---|:---|:---|
| **OVERLAY B PORTFOLIO<br>INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Governments—Treasuries | $— | $247283832 | $— | $247283832 |
|  Inflation-Linked Securities |  | 175245908 |  | 175245908 |
|  Corporates—Investment Grade |  | 146429479 |  | 146429479 |
|  Mortgage Pass-Throughs |  | 61088683 |  | 61088683 |
|  Collateralized Mortgage Obligations |  | 35883024 |  | 35883024 |
|  Investment Companies | 29456532 |  |  | 29456532 |
|  Asset-Backed Securities |  | 25607077 |  | 25607077 |
|  Corporates—Non-Investment Grade |  | 21384453 |  | 21384453 |
|  Commercial Mortgage-Backed Securities |  | 18800353 | 1427068 | 20227421 |
|  Collateralized Loan Obligations |  | 17133119 |  | 17133119 |
|  Options Purchased—Puts |  | 10645245 |  | 10645245 |
|  U.S. Treasury Bills |  | 8075712 |  | 8075712 |
|  Covered Bonds |  | 5243525 |  | 5243525 |
|  Emerging Markets—Corporate Bonds |  | 5192088 |  | 5192088 |
|  Quasi-Sovereigns |  | 5176787 |  | 5176787 |
|  Governments—Sovereign Bonds |  | 3178694 |  | 3178694 |
|  Local Governments—US Municipal Bonds |  | 3007049 |  | 3007049 |
|  Local Governments—Provincial Bonds |  | 2109447 |  | 2109447 |
|  Supranationals |  | 2008468 |  | 2008468 |
|  Emerging Markets—Sovereigns |  | 1514026 |  | 1514026 |
|  Local Governments—Regional Bonds |  | 1276525 |  | 1276525 |
|  Governments—Sovereign Agencies |  | 980796 |  | 980796 |
|  Agencies |  | 570755 |  | 570755 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 99713489 |  |  | 99713489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Governments—Treasuries |  | 5295584 |  | 5295584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 129170021 | 803130629 | 1427068 | 933727718 |
|  **Other Financial Instruments (b):** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 2406454 |  |  | 2406454 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | 12766573 |  | 12766573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps |  | 333127 |  | 333127 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps |  | 5590913 |  | 5590913 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps |  | 7665188 |  | 7665188 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps |  | 392678 |  | 392678 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (19674053) |  |  | (19674053)**(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | (13928799) |  | (13928799) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps |  | (14565) |  | (14565)**(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps |  | (154199) |  | (154199)**(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps |  | (2912879) |  | (2912879)**(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swaps |  | (976198) |  | (976198) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps |  | (658006) |  | (658006) |
|  **Total** | $**111902422** | $**811234462** | $**1427068** | $**924563952** |

---

 <br> *2022 Annual Report* *127*

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Notes to Financial Statements *(continued)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **TAX-AWARE OVERLAY B PORTFOLIO<br>INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Long-Term Municipal Bonds | $— | $949867358 | $— | $949867358 |
|  Investment Companies | 305876750 |  |  | 305876750 |
|  Options Purchased—Puts |  | 15490362 |  | 15490362 |
|  Corporates—Investment Grade |  | 10556156 |  | 10556156 |
|  Governments—Treasuries |  | 8841113 |  | 8841113 |
|  Corporates—Non-Investment Grade |  | 4546205 |  | 4546205 |
|  Commercial Mortgage-Backed Securities |  | 3474545 |  | 3474545 |
|  Collateralized Mortgage Obligations |  | 846205 |  | 846205 |
|  Short-Term Investments | 7141247 |  |  | 7141247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 313017997 | 993621944 |  | 1306639941 |
|  **Other Financial Instruments (b):** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 8018993 |  |  | 8018993 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | 5155105 |  | 5155105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps |  | 10114167 |  | 10114167 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps |  | 605667 |  | 605667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation (CPI) Swaps |  | 17353492 |  | 17353492 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps |  | 1433021 |  | 1433021 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (12556723) |  |  | (12556723)**(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | (8349562) |  | (8349562) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps |  | (1752463) |  | (1752463)**(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swaps |  | (646351) |  | (646351) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps |  | (254337) |  | (254337) |
|  **Total** | $**308480267** | $**1017280683** | $**—** | $**1325760950** |
| **TAX-AWARE OVERLAY C PORTFOLIO<br>INVESTMENT IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Long-Term Municipal Bonds | $— | $280635960 | $— | $280635960 |
|  Short-Term Municipal Notes |  | 8054480 |  | 8054480 |
|  Investment Companies | 45942436 |  |  | 45942436 |
|  Options Purchased—Puts |  | 4437898 |  | 4437898 |
|  Commercial Mortgage-Backed Securities |  | 2782268 |  | 2782268 |
|  Governments—Treasuries |  | 2655697 |  | 2655697 |
|  Collateralized Mortgage Obligations |  | 67817 |  | 67817 |
|  Short-Term Investments | 17560057 |  |  | 17560057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 63502493 | 298634120 |  | 362136613 |

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 <br> *128* *Sanford C. Bernstein Fund, Inc.*

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| | | | | |
|:---|:---|:---|:---|:---|
| **TAX-AWARE OVERLAY C PORTFOLIO<br>INVESTMENT IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Other Financial Instruments (b):** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | $1031523 | $— | $— | $1031523 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | 1611333 |  | 1611333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps |  | 3120701 |  | 3120701 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation (CPI) Swaps |  | 5059141 |  | 5059141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps |  | 438410 |  | 438410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps |  | 39244 |  | 39244 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (3522891) |  |  | (3522891)**(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | (2398213) |  | (2398213) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps |  | (534500) |  | (534500)**(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps |  | (397401) |  | (397401)**(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swaps |  | (234231) |  | (234231) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps |  | (69227) |  | (69227) |
|  **Total** | $**61011125** | $**305269377** | $**—** | $**366280502** |
| **TAX-AWARE OVERLAY N PORTFOLIO<br>INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Long-Term Municipal Bonds | $— | $206061318 | $— | $206061318 |
|  Investment Companies | 44340192 |  |  | 44340192 |
|  Governments—Treasuries |  | 3265096 |  | 3265096 |
|  Options Purchased—Puts |  | 3177520 |  | 3177520 |
|  Collateralized Mortgage Obligations |  | 73446 |  | 73446 |
|  Short-Term Investments | 10451865 |  |  | 10451865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 54792057 | 212577380 |  | 267369437 |
|  **Other Financial Instruments (b):** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 1110036 |  |  | 1110036 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | 1048452 |  | 1048452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps |  | 2236278 |  | 2236278 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps |  | 159092 |  | 159092 (**c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation (CPI) Swaps |  | 4328840 |  | 4328840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps |  | 326366 |  | 326366 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (3795234) |  |  | (3795234)**(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | (1693960) |  | (1693960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation (CPI) Swaps |  | (390022) |  | (390022)**(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swaps |  | (189156) |  | (189156) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps |  | (58254) |  | (58254) |
|  **Total** | $**52106859** | $**218345016** | $**—** | $**270451875** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) See Schedule of Investments for sector classifications.

 <br> *2022 Annual Report* *129*

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Notes to Financial Statements *(continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued
at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Only variation margin receivable/(payable) at period end is reported within the statement of assets and
liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the schedule of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here
at market value.

***C.***  ***Foreign Currency Translation*** 

The accounting records of the Portfolios are maintained in U.S. dollars. Prices of securities and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. dollars using the exchange rate at 4:00 p.m., Eastern Time. Amounts related to the purchases and sales of securities, investment income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions.

Net realized gain or loss on foreign currency transactions represents net foreign exchange gains or losses from the disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on security transactions and the difference between the amount of dividends, interest and foreign withholding taxes recorded on the Portfolios' books and the U.S. dollar equivalent amount actually received or paid. Net unrealized currency gains and losses arising from valuing foreign currency denominated assets and liabilities, other than security investments, at the current exchange rate are reflected as part of unrealized appreciation/depreciation on foreign currencies.

The Portfolios do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at period end. The Portfolios do isolate the effect of changes in foreign exchange rates from changes in market prices of securities sold during the year, as required by the Internal Revenue Code.

The Portfolios may invest in foreign securities and foreign currency transactions that may involve risks not associated with domestic investments as a result of the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability, among others.

***D.***  ***Taxes*** 

Each Portfolio is treated as a separate entity for federal income tax purposes. Each Portfolio intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986 as they apply to regulated investment companies. By so complying, each Portfolio will not be subject to federal and state income taxes to the extent that all of its income is distributed. The Portfolios may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned based on, management's understanding of applicable local tax law.

In consideration of recent decisions rendered by the European courts, certain Portfolios filed reclaims to recover taxes withheld on dividends earned from certain European Union countries during calendar years 2008 through 2022. These filing are subject to various administrative and judicial proceedings within these countries. No 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, 2022, 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

 <br> *130* *Sanford C. Bernstein Fund, Inc.*

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##### [**Table of Contents**](#toc)
recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolios amortize premiums and accrete discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

***F.***  ***Securities Transactions on a When-Issued or Delayed-Delivery Basis*** 

Each Portfolio may purchase securities on a when-issued basis or purchase or sell securities on a delayed-delivery basis. At the time a Portfolio commits to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will record the transaction and use the security's value in determining the Portfolio's net asset value. At the time a Portfolio commits to sell a security on a delayed-delivery basis, the Portfolio will record the transaction and exclude the security's value in determining the Portfolio's net asset value.

***G.***  ***Class Allocations*** 

All income earned and expenses incurred by the Portfolios are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the shares of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each Portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

***H.***  ***Distribution of Income and Gains*** 

Dividends from net investment income, if any, will be paid to shareholders at least once a year.

Distributions of net realized gains, less any available loss carryforwards, if any, for all the Portfolios will be paid to shareholders at least once a year, and recorded on the ex-dividend date.

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

Permanent differences have no effect on net assets. The effects of such permanent differences on each Portfolio, due to the utilization of earnings and profits distributed to shareholders on redemption of shares which are reflected as adjustments to the components of net assets as of September 30, 2022, as shown below:

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **INCREASE (DECREASE)<br>TO ADDITIONAL<br>PAID-IN CAPITAL** | **INCREASE (DECREASE)<br>TO DISTRIBUTABLE<br>EARNINGS/<br>ACCUMULATED LOSS** |
|  Overlay A | $18100849 | $(18100849) |
|  Tax-Aware Overlay A | 15386297 | (15386297) |
|  Overlay B | 10613693 | (10613693) |
|  Tax-Aware Overlay B | 6273189 | (6273189) |
|  Tax-Aware Overlay C | 2145566 | (2145566) |
|  Tax-Aware Overlay N | 1114440 | (1114440) |

---

 <br> *2022 Annual Report* *131*

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

---

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

---

***A.***  ***Management Fee*** 

Under the Investment Management Agreement between the Fund and the Adviser, the Adviser manages the investment of each Portfolio's assets, places purchase and sale orders, and bears various expenses, including the salaries and expenses of all personnel except those of outside directors. In addition, the Adviser agrees to permit its directors, officers and employees who may be elected directors or officers of the Fund to serve in the capacities to which they are elected. The Adviser renders these services subject to the general oversight of the Board.

The Portfolios pay the Adviser an investment management fee at an annual rate of 0.90% of the first $2.5 billion, 0.875% of the next $2.5 billion and 0.85% in excess of $5 billion for Overlay A and Tax-Aware Overlay A; 0.65% for Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N, of the average daily net assets of each Portfolio. Prior to November 13, 2020, the Overlay A and Tax-Aware Overlay A paid the Adviser an investment management fee at an annual rate of 0.90% of the first $5 billion and 0.875% in excess of $5 billion of the average daily net assets of each respective Portfolio.

The Adviser has agreed to waive its fees and bear certain expenses, exclusive of acquired fund fees and other than the advisory fees of any registered funds advised by the Adviser in which a Portfolio may invest, interest expense, taxes, extraordinary expenses, brokerage commission, and other transaction costs, to the extent necessary to limit the total portfolio operating expenses as a percentage of daily average net assets on an annual basis as follows:

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **CLASS 1** | **CLASS 2** |
|  Overlay A | 1.20% | 1.00% |
|  Tax-Aware Overlay A | 1.20% | 1.00% |
|  Overlay B | 0.90% | 0.75% |
|  Tax-Aware Overlay B | 0.90% | 0.75% |
|  Tax-Aware Overlay C | 0.90% | 0.75% |
|  Tax-Aware Overlay N | 0.90% | 0.75% |

---

This fee waiver and/or expense limitation agreement will remain in effect until January 28, 2023, and then may be extended by the Adviser for additional one year terms. During the year ended September 30, 2022, there were no such reimbursement/waivers.

***B.***  ***Shareholder Servicing Fee*** 

Under the Shareholder Servicing Agreement between the Fund and the Adviser, the Adviser pays expenses it incurs in providing shareholder servicing to the Fund, the Portfolios and individual shareholders. Such services include, but are not limited to, providing information to shareholders concerning their fund investments, systematic withdrawal plans, fund dividend payments and reinvestments, shareholder account or transactions status, net asset value of shares, fund performance, fund services, plans and options, fund investment policies, portfolio holdings and tax consequences of fund investments; dealing with shareholder complaints and other correspondence relating to fund matters; and communications with shareholders when proxies are being solicited from them with respect to voting their fund shares. Under the agreement, the fee paid by each Portfolio to the Adviser for services is 0.20 of 1%, annualized, of the average daily net assets of Class 1 Shares of Overlay A and Tax-Aware Overlay A Portfolios during the month, and 0.15 of 1%, annualized, of the average daily net assets of Class 1 Shares of Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios during the month.

***C.***  ***Distribution Arrangements*** 

Under the Distribution Agreement between the Fund, on behalf of each Portfolio, and Sanford C. Bernstein & Co., LLC (the "Distributor"), the Distributor agrees to act as agent to sell shares of the Portfolios. The Distributor receives no fee for this service, and furthermore agrees to pay all expenses arising from the performance of its obligations under this agreement. The Distributor is a wholly owned subsidiary of the Adviser.

 <br> *132* *Sanford C. Bernstein Fund, Inc.*

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

The Portfolios may invest in other investment companies advised by the Adviser, including AB Government Money Market Portfolio (the "Government Money Market Portfolio") and AB All-Market Real Return Portfolio—Class Z ("AMRR") which have contractual annual advisory fee rates of 0.20% and 0.75%, respectively, of the portfolios' average daily net assets and bear their own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the investment by the Portfolios in affiliated registered investment companies, the Adviser has contractually agreed to waive its advisory fee from the Portfolios in an amount equal to the Portfolios' pro rata share of the effective advisory fee of the underlying affiliated registered investment company, as borne indirectly by the Portfolios as an acquired fund fee and expense.

For the year ended September 30, 2022, such waivers amounted to:

---

| | |
|:---|:---|
| **GOVERNMENT MONEY MARKET PORTFOLIO** | **AMOUNT** |
|  Overlay A | $141279 |
|  Tax-Aware Overlay A | 348876 |
|  Overlay B | 121902 |
|  Tax-Aware Overlay B | 32251 |
|  Tax-Aware Overlay C | 10497 |
|  Tax-Aware Overlay N | 3963 |
| **AMRR** | **AMOUNT** |
|  Overlay A | $1102065 |
|  Tax-Aware Overlay A | 2259149 |
|  Overlay B | 334966 |
|  Tax-Aware Overlay B | 38318 |
|  Tax-Aware Overlay C | 10918 |
|  Tax-Aware Overlay N | 8224 |

---

Overlay A Portfolio and Tax-Aware Overlay A Portfolio currently invest in Bernstein Fund, Inc.—International Small Cap Portfolio—Class Z, Bernstein Fund, Inc.—International Strategic Equities Portfolio—Class Z, Bernstein Fund Inc.—Small Cap Core Portfolio—Class Z and Sanford C. Bernstein Fund, Inc.—Emerging Markets Portfolio—Class Z, respectively. With respect to the Overlay A Portfolio and Tax-Aware Overlay A Portfolio, the Adviser has contractually agreed to waive its management fees and/or bear Portfolio expenses through January 28, 2023, in an amount equal to the Portfolios' proportionate share of all advisory fees and other expenses of the aforementioned funds that are indirectly borne by the Portfolios. For the year ended September 30, 2022, such waivers amounted to:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **SANFORD C.<br>BERNSTEIN<br>FUND, INC. -<br>EMERGING<br>MARKETS<br>PORTFOLIO<br>CLASS Z** | **BERNSTEIN<br>FUND, INC. -<br>INTERNATIONAL<br>STRATEGIC<br>EQUITIES<br>PORTFOLIO<br>CLASS Z** | **BERNSTEIN<br>FUND, INC. -<br>INTERNATIONAL<br>SMALL CAP<br>PORTFOLIO<br>CLASS Z** | **BERNSTEIN<br>FUND, INC. -<br>SMALL<br>CAP CORE<br>PORTFOLIO<br>CLASS Z** |
|  Overlay A | $489751 | $2689387 | $1017941 | $274161 |
|  Tax-Aware Overlay A | 1020843 | 5715050 | 2209164 | 572122 |

---

 <br> *2022 Annual Report* *133*

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

The Portfolios may invest in other investment companies managed by the Adviser. A summary of the Portfolios' transactions in such holdings for the year ended September 30, 2022 is as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO** |
| | | | | | | | **DISTRIBUTIONS** | **DISTRIBUTIONS** |
| **FUND** | **MARKET VALUE<br>9/30/21<br>(000)** | **PURCHASES<br>AT COST<br>(000)** | **SALES<br>PROCEEDS<br>(000)** | **REALIZED<br>GAIN<br>(LOSS)<br>(000)** | **CHANGE IN<br>UNREALIZED<br>APPR./(DEPR.)<br>(000)** | **MARKET VALUE<br>9/30/22<br>(000)** | **DIVIDEND<br>INCOME<br>(000)** | **REALIZED<br>GAINS<br>(000)** |
|  Government Money Market Portfolio | $171734 | $894193 | $888167 | $0 | $0 | $177760 | $1066 | $0 |
|  AB Bond Fund, Inc.:<br>AB All Market Real Return Portfolio | 171932 | 46686 | 105533 | 3795 | (26707) | 90173 | 16492 | 0 |
|  Bernstein Fund, Inc.:<br>International Small Cap Portfolio | 117805 | 4422 | 20000 | 892 | (36443) | 66676 | 2374 | 2048 |
|  Bernstein Fund, Inc.—International Strategic Equities Portfolio | 451328 | 25937 | 69000 | 1210 | (128583) | 280892 | 10863 | 15073 |
|  Bernstein Fund, Inc.—Small Cap Core Portfolio | 36856 | 2190 | 6311 | 1649 | (10368) | 24016 | 51 | 2139 |
|  Sanford C. Bernstein Fund, Inc.—AB Emerging Markets Portfolio | 51516 | 4653 | 0 | 0 | (19300) | 36869 | 1235 | 3419 |
|  Total |  |  |  | $7546 | $(221401) | $676386 | $32081 | $22679 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** |
| | | | | | | | **DISTRIBUTIONS** | **DISTRIBUTIONS** |
| **FUND** | **MARKET VALUE<br>9/30/21<br>(000)** | **PURCHASES<br>AT COST<br>(000)** | **SALES<br>PROCEEDS<br>(000)** | **REALIZED<br>GAIN<br>(LOSS)<br>(000)** | **CHANGE IN<br>UNREALIZED<br>APPR./(DEPR.)<br>(000)** | **MARKET VALUE<br>9/30/22<br>(000)** | **DIVIDEND<br>INCOME<br>(000)** | **REALIZED<br>GAINS<br>(000)** |
|  Government Money Market Portfolio | $448577 | $1689959 | $1824162 | $0 | $0 | $314374 | $2263 | $0 |
|  AB Bond Fund, Inc.:<br>AB All Market Real Return Portfolio | 337624 | 103430 | 208189 | 7795 | (54180) | 186480 | 32386 | 0 |
|  Bernstein Fund, Inc.:<br>International Small Cap Portfolio | 244421 | 9173 | 24000 | (1022) | (77257) | 151315 | 4925 | 4249 |

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 <br> *134* *Sanford C. Bernstein Fund, Inc.*

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO** |
| | | | | | | | **DISTRIBUTIONS** | **DISTRIBUTIONS** |
| **FUND** | **MARKET VALUE<br>9/30/21<br>(000)** | **PURCHASES<br>AT COST<br>(000)** | **SALES<br>PROCEEDS<br>(000)** | **REALIZED<br>GAIN<br>(LOSS)<br>(000)** | **CHANGE IN<br>UNREALIZED<br>APPR./(DEPR.)<br>(000)** | **MARKET VALUE<br>9/30/22<br>(000)** | **DIVIDEND<br>INCOME<br>(000)** | **REALIZED<br>GAINS<br>(000)** |
|  Bernstein Fund, Inc.—International Strategic Equities Portfolio | $933674 | $53656 | $102000 | $1415 | $(274327) | $612418 | $22475 | $31181 |
|  Bernstein Fund, Inc.—Small Cap Core Portfolio | 73201 | 4350 | 6600 | 1672 | (20110) | 52513 | 101 | 4249 |
|  Sanford C. Bernstein Fund, Inc.—AB Emerging Markets Portfolio | 107381 | 9699 | 0 | 0 | (40229) | 76851 | 2573 | 7126 |
|  Total |  |  |  | $9860 | $(466103) | $1393951 | $64723 | $46805 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO** |
| | | | | | | | **DISTRIBUTIONS** | **DISTRIBUTIONS** |
| **FUND** | **MARKET VALUE<br>9/30/21<br>(000)** | **PURCHASES<br>AT COST<br>(000)** | **SALES<br>PROCEEDS<br>(000)** | **REALIZED<br>GAIN<br>(LOSS)<br>(000)** | **CHANGE IN<br>UNREALIZED<br>APPR./(DEPR.)<br>(000)** | **MARKET VALUE<br>9/30/22<br>(000)** | **DIVIDEND<br>INCOME<br>(000)** | **REALIZED<br>GAINS<br>(000)** |
|  Government Money Market Portfolio | $179240 | $379894 | $459421 | $0 | $0 | $99713 | $788 | $0 |
|  AB Bond Fund, Inc.:<br>AB All Market Real Return Portfolio | 52415 | 11632 | 27492 | 947 | (8045) | 29457 | 5028 | 0 |
|  Total |  |  |  | $947 | $(8045) | $129170 | $5816 | $0 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO** |
| | | | | | | | **DISTRIBUTIONS** | **DISTRIBUTIONS** |
| **FUND** | **MARKET VALUE<br>9/30/21<br>(000)** | **PURCHASES<br>AT COST<br>(000)** | **SALES<br>PROCEEDS<br>(000)** | **REALIZED<br>GAIN<br>(LOSS)<br>(000)** | **CHANGE IN<br>UNREALIZED<br>APPR./(DEPR.)<br>(000)** | **MARKET VALUE<br>9/30/22<br>(000)** | **DIVIDEND<br>INCOME<br>(000)** | **REALIZED<br>GAINS<br>(000)** |
|  Government Money Market Portfolio | $41017 | $370242 | $404118 | $0 | $0 | $7141 | $219 | $0 |
|  AB Bond Fund, Inc.:<br>AB All Market Real Return Portfolio | 0 | 22954 | 21865 | (1089) | 0 | 0 | 0 | 0 |
|  Total |  |  |  | $(1089) | $0 | $7141 | $219 | $0 |

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 <br> *2022 Annual Report* *135*

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY C PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY C PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY C PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY C PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY C PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY C PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY C PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY C PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY C PORTFOLIO** |
| | | | | | | | **DISTRIBUTIONS** | **DISTRIBUTIONS** |
| **FUND** | **MARKET VALUE<br>9/30/21<br>(000)** | **PURCHASES<br>AT COST<br>(000)** | **SALES<br>PROCEEDS<br>(000)** | **REALIZED<br>GAIN<br>(LOSS)<br>(000)** | **CHANGE IN<br>UNREALIZED<br>APPR./(DEPR.)<br>(000)** | **MARKET VALUE<br>9/30/22<br>(000)** | **DIVIDEND<br>INCOME<br>(000)** | **REALIZED<br>GAINS<br>(000)** |
|  Government Money Market Portfolio | $1344 | $179121 | $162905 | $0 | $0 | $17560 | $102 | $0 |
|  AB Bond Fund, Inc.:<br>AB All Market Real Return Portfolio | 0 | 6540 | 6230 | (310) | 0 | 0 | 0 | 0 |
|  Total |  |  |  | $(310) | $0 | $17560 | $102 | $0 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY N PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY N PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY N PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY N PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY N PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY N PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY N PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY N PORTFOLIO** | **SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY N PORTFOLIO** |
| | | | | | | | **DISTRIBUTIONS** | **DISTRIBUTIONS** |
| **FUND** | **MARKET VALUE<br>9/30/21<br>(000)** | **PURCHASES<br>AT COST<br>(000)** | **SALES<br>PROCEEDS<br>(000)** | **REALIZED<br>GAIN<br>(LOSS)<br>(000)** | **CHANGE IN<br>UNREALIZED<br>APPR./(DEPR.)<br>(000)** | **MARKET VALUE<br>9/30/22<br>(000)** | **DIVIDEND<br>INCOME<br>(000)** | **REALIZED<br>GAINS<br>(000)** |
|  Government Money Market Portfolio | $1639 | $105385 | $96572 | $0 | $0 | $10452 | $35 | $0 |
|  AB Bond Fund, Inc.:<br>AB All Market Real Return Portfolio | 0 | 4926 | 4692 | (234) | 0 | 0 | 0 | 0 |
|  Total |  |  |  | $(234) | $0 | $10452 | $35 | $0 |

---

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

---

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

For the year ended September 30, 2022, the Portfolios had purchases and sales transactions, excluding transactions in short-term instruments, as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **PURCHASES EXCLUDING**<br> **U.S. GOVERNMENT**<br> **SECURITIES** | **PURCHASES OF**<br> **U.S. GOVERNMENT**<br> **SECURITIES** | **SALES EXCLUDING**<br> **U.S. GOVERNMENT**<br> **SECURITIES** | **SALES OF**<br> **U.S. GOVERNMENT**<br> **SECURITIES** |
|  Overlay A | $367613870 | $0 | $592592659 | $0 |
|  Tax-Aware Overlay A | 822127966 | 0 | 1140954375 | 0 |
|  Overlay B | 370214445 | 716111861 | 409825236 | 673296454 |
|  Tax-Aware Overlay B | 187634978 | 0 | 292619868 | 2478755 |
|  Tax-Aware Overlay C | 75994906 | 0 | 174647250 | 933190 |
|  Tax-Aware Overlay N | 44990187 | 0 | 108044661 | 190926 |

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 <br> *136* *Sanford C. Bernstein Fund, Inc.*

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **COST** | **GROSS UNREALIZED** | **GROSS UNREALIZED** | **NET UNREALIZED<br>APPRECIATION**<br> **(DEPRECIATION)** |
| **PORTFOLIO** | **COST** | **APPRECIATION** | **(DEPRECIATION)** | **NET UNREALIZED<br>APPRECIATION**<br> **(DEPRECIATION)** |
|  Overlay A | $1233843779 | $237344197 | $(85063536) | $152280661 |
|  Tax-Aware Overlay A | 2467494198 | 628573306 | (150890997) | 477682309 |
|  Overlay B | 1045943925 | 20978122 | (122903281) | (101925159) |
|  Tax-Aware Overlay B | 1321877433 | 107252883 | (94241895) | 13010988 |
|  Tax-Aware Overlay C | 366715179 | 24102371 | (21069275) | 3033096 |
|  Tax-Aware Overlay N | 280316928 | 15318801 | (21474045) | (6155244) |

---

***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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•***  ***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 and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments are known as variation margin and are recorded by the Portfolios as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

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

During the year ended September 30, 2022, the Portfolios held futures for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•***  ***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.

 <br> *2022 Annual Report* *137*

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Notes to Financial Statements *(continued)*

The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Forward currency exchange contracts used to protect the Portfolios from adverse currency movements involve the risk that the Adviser may not accurately predict currency movements. As a result, total return could be adversely affected. The Adviser may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps and other options. The Adviser may enter into foreign currency transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value.

Under certain circumstances, the Portfolios may commit a substantial portion or the entire value of the Portfolios to the consummation of these contracts. The Adviser will consider the effect that a substantial commitment of assets to forward currency exchange contracts would have on the investment program of the Portfolios and the flexibility of the Portfolios to purchase additional securities.

During the year ended September 30, 2022, the Portfolios held forward currency exchange contracts for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•***  ***Option Transactions*** 

For hedging and investment purposes, each Portfolio may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, certain Portfolios may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under "Currency Transactions" and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

The risk associated with purchasing an option is that the Portfolios pay a premium whether or not the option is exercised. Additionally, the Portfolios bear the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call option purchased by the Portfolios were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolios. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When a Portfolio writes an option, the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. The Portfolios' maximum payment for written put options equates to the number of shares multiplied by the strike price. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. Premiums received from written options which expire unexercised are recorded by the Portfolios on the expiration date as realized gains from options written. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Portfolios have realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Portfolios. In writing an option, the Portfolios bear the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Portfolios could result in the Portfolios selling or buying a security or currency at a price different from the current market value.

During the year ended September 30, 2022, the Portfolios held purchased options for hedging and non-hedging purposes.

During the year ended September 30, 2022, the Portfolios held written options for hedging and non-hedging purposes.

 <br> *138* *Sanford C. Bernstein Fund, Inc.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•***  ***Swaps*** 

The Portfolios may enter into swaps to hedge their exposure to interest rates, credit risk, or currencies. Certain Portfolios may also enter into swaps for non-hedging purposes as a means of gaining market exposures, including by making direct investments in foreign currencies, as described below under "Currency Transactions." A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Portfolios in accordance with the terms of the respective swaps to provide value and recourse to the Portfolios or their counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Portfolios, and/or the termination value at the end of the contract. Therefore, the Portfolios consider the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Portfolios and the counterparty and by the posting of collateral by the counterparty to the Portfolios to cover the Portfolios' exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Portfolios accrue for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants ("FCMs") that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Portfolios enter into a centrally cleared swap, the Portfolios deposit and maintain as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments are known as variation margin and are recorded by the Portfolios as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

*Interest Rate Swaps:* 

The Portfolios are subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolios hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolios may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolios may elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate on a notional amount.

In addition, a Portfolio may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Portfolio anticipates purchasing at a later date. Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest (*e.g.*, an exchange of floating rate payments for fixed rate payments) computed

 <br> *2022 Annual Report* *139*

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Notes to Financial Statements *(continued)*

based on a contractually-based principal (or "notional") amount. Interest rate swaps are entered into on a net basis (*i.e.*, the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments).

During the year ended September 30, 2022, the Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios held interest rate swaps for hedging and non-hedging purposes.

*Inflation (CPI) Swaps:* 

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Portfolio against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the year ended September 30, 2022, the Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios held inflation (CPI) swaps for hedging and non-hedging purposes.

*Credit Default Swaps:* 

The Portfolios may enter into credit default swaps, including to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults by corporate and sovereign issuers held by the Portfolios, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed. The Portfolios may purchase credit protection ("Buy Contract") or provide credit protection ("Sale Contract") on the referenced obligation of the credit default swap. During the term of the swap, the Portfolios receive/(pay) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If a Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolios will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the "Maximum Payout Amount") and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolios for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if a Portfolio had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If a Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If a Portfolio is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Portfolio coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Portfolio.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the schedule of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the market's assessment of the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation's credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced obligation.

During the year ended September 30, 2022, the Portfolios held credit default swaps for hedging and non-hedging purposes.

*Total Return Swaps:* 

Each Portfolio may enter into total return swaps in order to take a "long" or "short" position with respect to an underlying referenced asset. A Portfolio is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent

 <br> *140* *Sanford C. Bernstein Fund, Inc.*

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that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

During the year ended September 30, 2022, the Portfolios held total return swaps for hedging and non-hedging purposes.

A Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreement") with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, a Portfolio typically may offset with the OTC counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of a Portfolio's net liability, held by the defaulting party, may be delayed or denied.

A Portfolio's ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of a Portfolio decline below specific levels ("net asset contingent features"). If these levels are triggered, a Portfolio's OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty tables below for additional details.

During the year ended September 30, 2022, the Portfolios had entered into the following derivatives:

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| | | | | |
|:---|:---|:---|:---|:---|
| **OVERLAY A PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS<br>AND LIABILITIES<br>LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Interest rate contracts | Receivable/Payable for variation margin on futures | $591273 \* | Receivable/Payable for variation margin on futures | $22601978 \* |
|  Equity contracts | Receivable/Payable for variation margin on futures | 38444193 \* | Receivable/Payable for variation margin on futures | 2844395 \* |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 16473312 | Unrealized depreciation on forward currency exchange contracts | 22919877 |
|  Equity contracts | Investments in securities, at value | 43838865 |  |  |
|  Equity contracts |  |  | Unrealized depreciation on total return swaps | 661368 |
|  Total |  | $99347643 |  | $49027618 |

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\* 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. 

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| | | | |
|:---|:---|:---|:---|
| **DERIVATIVE TYPE** | **LOCATION OF GAIN OR (LOSS) ON<br>DERIVATIVES WITHIN STATEMENT**<br> **OF OPERATIONS** | **REALIZED GAIN**<br> **OR (LOSS) ON**<br> **DERIVATIVES** | **CHANGE IN UNREALIZED**<br> **APPRECIATION OR**<br> **(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | $(97763464) | $(12421842) |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | (2079998) | 45583058 |

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 <br> *2022 Annual Report* *141*

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Notes to Financial Statements *(continued)*

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| | | | |
|:---|:---|:---|:---|
| **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 | $(2936942) | $(7323027) |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments | (10191844) | 12890985 |
|  Equity contracts | Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written | 772717 | (198480) |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 232556 | 0 |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 1250217 | (417408) |
|  Total |  | $(110716758) | $38113286 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **TAX-AWARE<br>OVERLAY A PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS<br>AND LIABILITIES<br>LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Interest rate contracts |  |  | Receivable/Payable for variation margin on futures | $47818503 \* |
|  Equity contracts | Receivable/Payable for variation margin on futures | $94840306 \* | Receivable/Payable for variation margin on futures | 8162898 \* |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 35621801 | Unrealized depreciation on forward currency exchange contracts | 49182623 |
|  Equity contracts | Investments in securities, at value | 94865049 |  |  |
|  Equity contracts |  |  | Unrealized depreciation on total return swaps | 1342461 |
|  Total |  | $225327156 |  | $106506485 |

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\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the schedule of investments. 

 <br> *142* *Sanford C. Bernstein Fund, Inc.*

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| | | | |
|:---|:---|:---|:---|
| **DERIVATIVE TYPE** | **LOCATION OF GAIN OR (LOSS) ON<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAIN**<br> **OR (LOSS) ON**<br> **DERIVATIVES** | **CHANGE IN UNREALIZED**<br> **APPRECIATION OR**<br> **(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | $(215990687) | $(24440370) |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | (17786166) | 111665885 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts | (7042288) | (14929821) |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments | (21435712) | 28056510 |
|  Equity contracts | Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written | 1606225 | (415708) |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 512639 | 0 |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 2858064 | (806499) |
|  Total |  | $(257277925) | $99129997 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **OVERLAY B PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS<br>AND LIABILITIES<br>LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Interest rate contracts | Receivable/Payable for variation margin on futures | $1696649 \* | Receivable/Payable for variation margin on futures | $2914563 \* |
|  Equity contracts | Receivable/Payable for variation margin on futures | 709805 \* | Receivable/Payable for variation margin on futures | 16759490 \* |
|  Credit contracts | Receivable/Payable for variation margin on centrally cleared swaps | 459467 \* |  |  |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | 13216815 \* | Receivable/Payable for variation margin on centrally cleared swaps | 3067078 \* |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 12766573 | Unrealized depreciation on forward currency exchange contracts | 13928799 |
|  Equity contracts | Investments in securities, at value | 10645245 |  |  |
|  Credit contracts |  |  | Market value on credit default swaps | 976198 |

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 <br> *2022 Annual Report* *143*

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **OVERLAY B PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS<br>AND LIABILITIES<br>LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Credit contracts | Unrealized appreciation on total return swaps | $392678 |  |  |
|  Equity contracts |  |  | Unrealized depreciation on total return swaps | $658006 |
|  Total |  | $39887232 |  | $38304134 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the schedule of investments. 

---

| | | | |
|:---|:---|:---|:---|
| **DERIVATIVE TYPE** | **LOCATION OF GAIN OR (LOSS) ON<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAIN**<br> **OR (LOSS) ON**<br> **DERIVATIVES** | **CHANGE IN UNREALIZED**<br> **APPRECIATION OR<br>(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | $(19202710) | $283095 |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | (40164717) | (2036852) |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts | 4486733 | (2952550) |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments | (2364710) | 3214614 |
|  Equity contracts | Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written | 182372 | (46844) |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | (2670660) | 9160220 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 1073834 | 3703688 |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | (53332) | (495381) |
|  Total |  | $(58713190) | $10829990 |

---

 <br> *144* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TAX-AWARE<br>OVERLAY B PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS<br>AND LIABILITIES<br>LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Interest rate contracts |  |  | Receivable/Payable for variation margin on futures | $3629943 \* |
|  Equity contracts | Receivable/Payable for variation margin on futures | $8018993 \* | Receivable/Payable for variation margin on futures | 8926780 \* |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | 10719834 \* | Receivable/Payable for variation margin on centrally cleared swaps | 1744050 \* |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 5155105 | Unrealized depreciation on forward currency exchange contracts | 8349562 |
|  Equity contracts | Investments in securities, at value | 15490362 |  |  |
|  Interest rate contracts | Unrealized appreciation on inflation swaps | 17353492 |  |  |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 1433021 |  |  |
|  Credit contracts |  |  | Market value on credit default swaps | 646351 |
|  Equity contracts |  |  | Unrealized depreciation on total return swaps | 254337 |
|  Total |  | $58170807 |  | $23551023 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the schedule of investments. 

---

| | | | |
|:---|:---|:---|:---|
| **DERIVATIVE TYPE** | **LOCATION OF GAIN OR (LOSS) ON<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAIN**<br> **OR (LOSS) ON<br>DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR**<br> **(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | $(20789409) | $(1359793) |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | (7372389) | 5069842 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts | (772858) | (3785604) |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments | (3388073) | 4702622 |

---

 <br> *2022 Annual Report* *145*

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

---

| | | | |
|:---|:---|:---|:---|
| **DERIVATIVE TYPE** | **LOCATION OF GAIN OR (LOSS) ON<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAIN**<br> **OR (LOSS) ON<br>DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR**<br> **(DEPRECIATION)** |
|  Equity contracts | Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written | $256671 | $(65928) |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 2205804 | 7456246 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 206532 | 368031 |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 394197 | (168763) |
|  Total |  | $(29259525) | $12216653 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TAX-AWARE<br>OVERLAY C PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS<br>AND LIABILITIES<br>LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Interest rate contracts |  |  | Receivable/Payable for variation margin on futures | $1039245 \* |
|  Equity contracts | Receivable/Payable for variation margin on futures | $1031523 \* | Receivable/Payable for variation margin on futures | 2483646 \* |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | 3120701 \* | Receivable/Payable for variation margin on centrally cleared swaps | 929435 \* |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 1611333 | Unrealized depreciation on forward currency exchange contracts | 2398213 |
|  Equity contracts | Investments in securities, at value | 4437898 |  |  |
|  Interest rate contracts | Unrealized appreciation on inflation swaps | 5059141 |  |  |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 438410 |  |  |
|  Credit contracts |  |  | Market value on credit default swaps | 234231 |
|  Equity contracts | Unrealized appreciation on total return swaps | 39244 | Unrealized depreciation on total return swaps | 69227 |
|  Total |  | $15738250 |  | $7153997 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the schedule of investments. 

 <br> *146* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | |
|:---|:---|:---|:---|
| **DERIVATIVE TYPE** | **LOCATION OF GAIN OR (LOSS) ON<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAIN**<br> **OR (LOSS) ON**<br> **DERIVATIVES** | **CHANGE IN UNREALIZED**<br> **APPRECIATION OR<br>(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | $(5966431) | $(380611) |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | (2255563) | 267544 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts | (210001) | (859361) |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments | (987094) | 1341893 |
|  Equity contracts | Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written | 77002 | (19779) |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 921558 | 985711 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 67033 | 134560 |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 194876 | (5212) |
|  Total |  | $(8158620) | $1464745 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TAX-AWARE<br>OVERLAY N PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS<br>AND LIABILITIES<br>LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Interest rate contracts |  |  | Receivable/Payable for variation margin on futures | $746989 \* |
|  Equity contracts | Receivable/Payable for variation margin on futures | $1110036 \* | Receivable/Payable for variation margin on futures | 3048245 \* |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | 2395370 \* | Receivable/Payable for variation margin on centrally cleared swaps | 388141 \* |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 1048452 | Unrealized depreciation on forward currency exchange contracts | 1693960 |
|  Equity contracts | Investments in securities, at value | 3177520 |  |  |
|  Interest rate contracts | Unrealized appreciation on inflation swaps | 4328840 |  |  |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 326366 |  |  |

---

 <br> *2022 Annual Report* *147*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TAX-AWARE<br>OVERLAY N PORTFOLIO** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS<br>AND LIABILITIES<br>LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Credit contracts |  |  | Market value on credit default swaps | $189156 |
|  Equity contracts |  |  | Unrealized depreciation on total return swaps | 58254 |
|  Total |  | $12386584 |  | $6124745 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the schedule of investments. 

---

| | | | |
|:---|:---|:---|:---|
| **DERIVATIVE TYPE** | **LOCATION OF GAIN OR (LOSS) ON<br>DERIVATIVES WITHIN STATEMENT<br>OF OPERATIONS** | **REALIZED GAIN**<br> **OR (LOSS) ON**<br> **DERIVATIVES** | **CHANGE IN UNREALIZED<br>APPRECIATION OR**<br> **(DEPRECIATION)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | $(4964254) | $(248875) |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | (1851536) | (642376) |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts | (227601) | (702079) |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments | (734784) | 933041 |
|  Equity contracts | Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written | 56738 | (14684) |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 445756 | 2286798 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 52624 | 108683 |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 148563 | (39488) |
|  Total |  | $(7074494) | $1681020 |

---

 <br> *148* *Sanford C. Bernstein Fund, Inc.*

------

##### [**Table of Contents**](#toc)
The following tables represent the average monthly volume of the Portfolios' derivative transactions during the year ended September 30, 2022:

---

| | |
|:---|:---|
| **OVERLAY A PORTFOLIO** | |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $1119041663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $416940717 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $555558515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $600113130 |
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $821100044 |
|  Written Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $43012113 **(a)** |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $65973600 **(b)** |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $22758463 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Positions were open for six months during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Positions were open for one month during the year.

---

| | |
|:---|:---|
| **TAX-AWARE OVERLAY A PORTFOLIO** | |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $2482840198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $1005736735 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $1201287422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $1282085212 |
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $1770396874 |
|  Written Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $89408046 **(a)** |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $145431000 **(b)** |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $50420175 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Positions were open for six months during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Positions were open for one month during the year.

---

| | |
|:---|:---|
| **OVERLAY B PORTFOLIO** | |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $479234313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $80116556 |

---

 <br> *2022 Annual Report* *149*

------

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

---

| | |
|:---|:---|
| **OVERLAY B PORTFOLIO** | |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $294177324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $392581890 |
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $190434383 |
|  Written Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $10151460 **(a)** |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $2638205 **(b)** |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $69513955 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $81237692 |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $13691333 **(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $10385099 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $81725366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $3165463 **(d)** |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $22007525 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Positions were open for six months during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Positions were open for four months during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Positions were open for five months during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Positions were open for nine months during the year.

---

| | |
|:---|:---|
| **TAX-AWARE OVERLAY B PORTFOLIO** | |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $320368130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $114884826 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $206105415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $201123610 |
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $276589442 |
|  Written Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $14287240 **(a)** |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $17266154 |
|  Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $216230769 |

---

 <br> *150* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | |
|:---|:---|
| **TAX-AWARE OVERLAY B PORTFOLIO** | |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $38348462 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $133403077 |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $3699553 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $24255000 **(b)** |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $8468589 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Positions were open for six months during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Positions were open for one month during the year.

---

| | |
|:---|:---|
| **TAX-AWARE OVERLAY C PORTFOLIO** | |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $92966087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $30254443 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $59718717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $56877565 |
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $79911324 |
|  Written Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $4286172 **(a)** |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $5282308 |
|  Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $64107692 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $16995385 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $40690769 |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $1340685 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $6910200 **(b)** |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $2606627 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Positions were open for six months during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Positions were open for one month during the year.

 <br> *2022 Annual Report* *151*

------

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

---

| | |
|:---|:---|
| **TAX-AWARE OVERLAY N PORTFOLIO** | |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $70345478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $24520190 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $43591342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $42998150 |
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $60057978 |
|  Written Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $3158232 **(a)** |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $3932308 |
|  Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $48630769 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $2394615 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $29536923 |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $1082684 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $5157900 **(b)** |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $1786820 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Positions were open for six months during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Positions were open for one month during the year.

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

 <br> *152* *Sanford C. Bernstein Fund, Inc.*

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##### [**Table of Contents**](#toc)
All OTC derivatives held at period end were subject to netting arrangements. The following tables present the Portfolios' derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Portfolios as of September 30, 2022. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **OVERLAY A PORTFOLIO** | **OVERLAY A PORTFOLIO** | **OVERLAY A PORTFOLIO** | **OVERLAY A PORTFOLIO** | **OVERLAY A PORTFOLIO** | **OVERLAY A PORTFOLIO** |  |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Bank of America, NA | $347600 | $(347600) | $0 | $0 | $0 |  |
|  BNP Paribas SA | 5129428 | (2723205) | 0 | 0 | 2406223 |  |
|  Citibank, NA | 2137550 | (1847880) | 0 | 0 | 289670 |  |
|  Deutsche Bank AG | 2197339 | 0 | 0 | 0 | 2197339 |  |
|  Goldman Sachs Bank USA | 72210 | (72210) | 0 | 0 | 0 |  |
|  JPMorgan Chase Bank, NA | 1344455 | (1344455) | 0 | 0 | 0 |  |
|  Morgan Stanley & Co., Inc. | 4757945 | (4757945) | 0 | 0 | 0 |  |
|  UBS AG | 44325650 | 0 | (41600000) | 0 | 2725650 |  |
|  Total | $60312177 | $(11093295) | $(41600000) | $0 | $7618882 | ^ |
| **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 | $1645554 | $(347600) | $0 | $0 | $1297954 |  |
|  BNP Paribas SA | 2723205 | (2723205) | 0 | 0 | 0 |  |
|  Citibank, NA | 1847880 | (1847880) | 0 | 0 | 0 |  |
|  Credit Suisse International | 343912 | 0 | 0 | 0 | 343912 |  |
|  Goldman Sachs Bank USA | 170659 | (72210) | 0 | 0 | 98449 |  |
|  HSBC Bank USA | 3184516 | 0 | 0 | 0 | 3184516 |  |
|  JPMorgan Chase Bank, NA | 2852821 | (1344455) | 0 | 0 | 1508366 |  |
|  Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC | 10812698 | (4757945) | (1070000) | 0 | 4984753 |  |
|  Total | $23581245 | $(11093295) | $(1070000) | $0 | $11417950 | ^ |

---

\* 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> *2022 Annual Report* *153*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **TAX-AWARE OVERLAY A PORTFOLIO** | **TAX-AWARE OVERLAY A PORTFOLIO** | **TAX-AWARE OVERLAY A PORTFOLIO** | **TAX-AWARE OVERLAY A PORTFOLIO** | **TAX-AWARE OVERLAY A PORTFOLIO** | **TAX-AWARE OVERLAY A PORTFOLIO** |  |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Bank of America, NA | $752522 | $(752522) | $0 | $0 | $0 |  |
|  BNP Paribas SA | 11101391 | (5892592) | 0 | 0 | 5208799 |  |
|  Citibank, NA | 4606340 | (3939504) | 0 | 0 | 666836 |  |
|  Credit Suisse International | 20795 | (20795) | 0 | 0 | 0 |  |
|  Deutsche Bank AG | 4697923 | 0 | 0 | 0 | 4697923 |  |
|  Goldman Sachs Bank USA | 167691 | (167691) | 0 | 0 | 0 |  |
|  JPMorgan Chase Bank | 2757129 | (2757129) | 0 | 0 | 0 |  |
|  Morgan Stanley & Co., Inc. | 10524615 | (10524615) | 0 | 0 | 0 |  |
|  UBS | 95858444 | 0 | (90000000) | 0 | 5858444 |  |
|  Total | $130486850 | $(24054848) | $(90000000) | $0 | $16432002 | ^ |
| **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 | $4909918 | $(752522) | $0 | $0 | $4157396 |  |
|  BNP Paribas SA | 5892592 | (5892592) | 0 | 0 | 0 |  |
|  Citibank, NA | 3939504 | (3939504) | 0 | 0 | 0 |  |
|  Credit Suisse International | 745576 | (20795) | 0 | 0 | 724781 |  |
|  Goldman Sachs Bank USA | 313065 | (167691) | (145374) | 0 | 0 |  |
|  HSBC Bank USA | 6651968 | 0 | 0 | 0 | 6651968 |  |
|  JPMorgan Chase Bank | 5131080 | (2757129) | 0 | 0 | 2373951 |  |
|  Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC | 22941381 | (10524615) | (2220000) | 0 | 10196766 |  |
|  Total | $50525084 | $(24054848) | $(2365374) | $0 | $24104862 | ^ |

---

\* 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> *154* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** |  |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Bank of America, NA | $245689 | $(245689) | $0 | $0 | $0 |  |
|  Barclays Bank PLC | 197326 | (197326) | 0 | 0 | 0 |  |
|  BNP Paribas SA | 2135726 | (1937083) | 0 | 0 | 198643 |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | 2530585 | (1025836) | (960000) | (243) | 544506 |  |
|  Credit Suisse International | 191796 | (191796) | 0 | 0 | 0 |  |
|  Deutsche Bank AG | 549603 | (283703) | 0 | 0 | 265900 |  |
|  Goldman Sachs Bank USA | 720900 | (502921) | (217979) | 0 | 0 |  |
|  HSBC Bank USA | 728028 | (728028) | 0 | 0 | 0 |  |
|  JPMorgan Chase Bank, NA/JPMorgan Securities, LLC | 2031547 | (2031547) | 0 | 0 | 0 |  |
|  Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc. | 1640814 | (1640814) | 0 | 0 | 0 |  |
|  Standard Chartered Bank | 23127 | (23127) | 0 | 0 | 0 |  |
|  State Street Bank & Trust Co. | 30062 | (30062) | 0 | 0 | 0 |  |
|  UBS AG | 12779293 | (865649) | (10100000) | 0 | 1813644 |  |
|  Total | $23804496 | $(9703581) | $(11277979) | $(243) | $2822693 | ^ |
| **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 | $1673035 | $(245689) | $0 | $0 | $1427346 |  |
|  Barclays Bank PLC | 255921 | (197326) | 0 | 0 | 58595 |  |
|  BNP Paribas SA | 1937083 | (1937083) | 0 | 0 | 0 |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | 1025836 | (1025836) | 0 | 0 | 0 |  |
|  Credit Suisse International | 675909 | (191796) | (72000) | 0 | 412113 |  |
|  Deutsche Bank AG | 283703 | (283703) | 0 | 0 | 0 |  |
|  Goldman Sachs Bank USA/Goldman Sachs International | 502921 | (502921) | 0 | 0 | 0 |  |
|  HSBC Bank USA | 1694787 | (728028) | 0 | 0 | 966759 |  |
|  JPMorgan Chase Bank, NA/JPMorgan Securities, LLC | 2350206 | (2031547) | 0 | 0 | 318659 |  |
|  Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc. | 3497664 | (1640814) | 0 | (374046) | 1482804 |  |
|  Natwest Markets PLC | 192522 | 0 | 0 | 0 | 192522 |  |
|  Standard Chartered Bank | 562009 | (23127) | 0 | (538882) | 0 |  |
|  State Street Bank & Trust Co. | 45758 | (30062) | 0 | 0 | 15696 |  |
|  UBS AG | 865649 | (865649) | 0 | 0 | 0 |  |
|  Total | $15563003 | $(9703581) | $(72000) | $(912928) | $4874494 | ^ |

---

\* The actual collateral received/pledged may be more than the amount reported due to over-collateralization. 

 <br> *2022 Annual Report* *155*

------

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

---

| | |
|:---|:---|
| ^ | Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **TAX-AWARE OVERLAY B PORTFOLIO** | **TAX-AWARE OVERLAY B PORTFOLIO** | **TAX-AWARE OVERLAY B PORTFOLIO** | **TAX-AWARE OVERLAY B PORTFOLIO** | **TAX-AWARE OVERLAY B PORTFOLIO** | **TAX-AWARE OVERLAY B PORTFOLIO** |  |
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVES<br>AVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERAL<br>RECEIVED\*** | **SECURITY<br>COLLATERAL<br>RECEIVED\*** | **NET AMOUNT OF<br>DERIVATIVE<br>ASSETS** | |
|  Bank of America, NA | $115837 | $(115837) | $0 | $0 | $0 |  |
|  Barclays Bank PLC/Barclays Capital | 3245497 | (199828) | (3045669) | 0 | 0 |  |
|  BNP Paribas SA | 1849944 | (1011731) | 0 | 0 | 838213 |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | 5825547 | (905238) | (4792000) | 0 | 128309 |  |
|  Deutsche Bank AG | 2043057 | 0 | (1330000) | 0 | 713057 |  |
|  Goldman Sachs Bank USA/Goldman Sachs International | 34020 | (34020) | 0 | 0 | 0 |  |
|  JPMorgan Chase Bank, NA | 9680469 | (786096) | (8894373) | 0 | 0 |  |
|  Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC | 980416 | (980416) | 0 | 0 | 0 |  |
|  UBS AG | 15657193 | 0 | (5200000) | 0 | 10457193 |  |
|  Total | $39431980 | $(4033166) | $(23262042) | $0 | $12136772 | ^ |
| **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 | $766360 | $(115837) | $0 | $0 | $650523 |  |
|  Barclays Bank PLC/Barclays Capital | 199828 | (199828) | 0 | 0 | 0 |  |
|  BNP Paribas SA | 1011731 | (1011731) | 0 | 0 | 0 |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | 905238 | (905238) | 0 | 0 | 0 |  |
|  Credit Suisse International | 400615 | 0 | (310300) | 0 | 90315 |  |
|  Goldman Sachs Bank USA/Goldman Sachs International | 138929 | (34020) | (104909) | 0 | 0 |  |
|  HSBC Bank USA | 1188579 | 0 | 0 | 0 | 1188579 |  |
|  JPMorgan Chase Bank, NA | 786096 | (786096) | 0 | 0 | 0 |  |
|  Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC | 3852874 | (980416) | (520000) | 0 | 2352458 |  |
|  Total | $9250250 | $(4033166) | $(935209) | $0 | $4281875 | ^ |

---

\* 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> *156* *Sanford C. Bernstein Fund, Inc.*

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **TAX-AWARE OVERLAY C PORTFOLIO** | **TAX-AWARE OVERLAY C PORTFOLIO** | **TAX-AWARE OVERLAY C PORTFOLIO** | **TAX-AWARE OVERLAY C PORTFOLIO** | **TAX-AWARE OVERLAY C PORTFOLIO** | **TAX-AWARE OVERLAY C 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 | $34053 | $(34053) | $0 | $0 | $0 |  |
|  Barclays Bank PLC | 814834 | (62369) | 0 | (752465) | 0 |  |
|  BNP Paribas SA | 528380 | (271186) | 0 | 0 | 257194 |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | 1790268 | (217518) | (1572750) | 0 | 0 |  |
|  Deutsche Bank AG | 892638 | (34795) | (520000) | 0 | 337843 |  |
|  JPMorgan Chase Bank, NA | 2212290 | (223772) | (1988518) | 0 | 0 |  |
|  Morgan Stanley & Co. LLC/Morgan Stanley Capital Services LLC | 815838 | (815838) | 0 | 0 | 0 |  |
|  UBS AG | 4497725 | 0 | (4200000) | 0 | 297725 |  |
|  Total | $11586026 | $(1659531) | $(8281268) | $(752465) | $892762 | ^ |
| **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 | $215256 | $(34053) | $0 | $0 | $181203 |  |
|  Barclays Bank PLC | 62369 | (62369) | 0 | 0 | 0 |  |
|  BNP Paribas SA | 271186 | (271186) | 0 | 0 | 0 |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | 217518 | (217518) | 0 | 0 | 0 |  |
|  Credit Suisse International | 183141 | 0 | 0 | (183141) | 0 |  |
|  Deutsche Bank AG | 34795 | (34795) | 0 | 0 | 0 |  |
|  Goldman Sachs International | 61013 | 0 | 0 | 0 | 61013 |  |
|  HSBC Bank USA | 339553 | 0 | 0 | 0 | 339553 |  |
|  JPMorgan Chase Bank, NA | 223772 | (223772) | 0 | 0 | 0 |  |
|  Morgan Stanley & Co. LLC/Morgan Stanley Capital Services LLC | 1061096 | (815838) | 0 | 0 | 245258 |  |
|  State Street Bank & Trust Co. | 31972 | 0 | 0 | 0 | 31972 |  |
|  Total | $2701671 | $(1659531) | $0 | $(183141) | $858999 | ^ |

---

\* 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> *2022 Annual Report* *157*

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **TAX-AWARE OVERLAY N PORTFOLIO** | **TAX-AWARE OVERLAY N PORTFOLIO** | **TAX-AWARE OVERLAY N PORTFOLIO** | **TAX-AWARE OVERLAY N PORTFOLIO** | **TAX-AWARE OVERLAY N PORTFOLIO** | **TAX-AWARE OVERLAY N 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 | $25132 | $(25132) | $0 | $0 | $0 |  |
|  Barclays Bank PLC | 529848 | (42258) | (487590) | 0 | 0 |  |
|  BNP Paribas SA | 385857 | (194761) | 0 | 0 | 191096 |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | 1670014 | (158151) | (1511863) | 0 | 0 |  |
|  Deutsche Bank AG | 664322 | 0 | (520000) | 0 | 144322 |  |
|  JPMorgan Chase Bank, NA | 1985953 | (160391) | (1825562) | 0 | 0 |  |
|  Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC | 364275 | (364275) | 0 | 0 | 0 |  |
|  State Street Bank & Trust Co. | 26163 | (26163) | 0 | 0 | 0 |  |
|  UBS AG | 3229614 | 0 | (400000) | 0 | 2829614 |  |
|  Total | $8881178 | $(971131) | $(4745015) | $0 | $3165032 | ^ |
| **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 | $153009 | $(25132) | $0 | $0 | $127877 |  |
|  Barclays Bank PLC | 42258 | (42258) | 0 | 0 | 0 |  |
|  BNP Paribas SA | 194761 | (194761) | 0 | 0 | 0 |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | 158151 | (158151) | 0 | 0 | 0 |  |
|  Credit Suisse International | 144763 | 0 | 0 | (144763) | 0 |  |
|  Goldman Sachs International | 49261 | 0 | 0 | 0 | 49261 |  |
|  HSBC Bank USA | 221534 | 0 | 0 | 0 | 221534 |  |
|  JPMorgan Chase Bank, NA | 160391 | (160391) | 0 | 0 | 0 |  |
|  Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC | 746272 | (364275) | 0 | 0 | 381997 |  |
|  State Street Bank & Trust Co. | 70970 | (26163) | 0 | 0 | 44807 |  |
|  Total | $1941370 | $(971131) | $0 | $(144763) | $825476 | ^ |

---

\* The actual collateral received/pledged may be more than the amount reported due to over-collateralization. 

---

| | |
|:---|:---|
| ^ | Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.  |

---

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

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

 <br> *158* *Sanford C. Bernstein Fund, Inc.*

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

The Portfolios may invest in TBA mortgage-backed securities. A TBA, or "To Be Announced", trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agreed-upon date; however, the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade. Mortgage pools (including fixed-rate or variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions.

---

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

---

The tax character of distributions paid during the fiscal years ended September 30, 2022 and September 30, 2021 were as follows:

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **2022** | **2021** |
|  **Overlay A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $43812116 | $17001108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 163540332 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $207352448 | $17001108 |
|  **Tax-Aware Overlay A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $65210029 | $32574024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 329292991 | 4077737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $394503020 | $36651761 |
|  **Overlay B** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $90817938 | $26500686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 74606829 | 5139074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $165424767 | $31639760 |
|  **Tax-Aware Overlay B** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $64895725 | $9975981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 35667264 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | 100562989 | 9975981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax exempt distributions | 16152487 | 29957401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $116715476 | $39933382 |
|  **Tax-Aware Overlay C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $23218636 | $4062300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 10700357 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | 33918993 | 4062300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax exempt distributions | 4886228 | 7665430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $38805221 | $11727730 |

---

 <br> *2022 Annual Report* *159*

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

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **2022** | **2021** |
|  **Tax-Aware Overlay N** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $13050707 | $1908675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 7967575 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | 21018282 | 1908675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax exempt distributions | 2973549 | 6341342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | $23991831 | $8250017 |

---

As of September 30, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **UNDISTRIBUTED**<br> **ORDINARY**<br> **INCOME(a)** | **UNDISTRIBUTED**<br> **LONG-TERM<br>GAINS** | **ACCUMULATED**<br> **CAPITAL AND**<br> **OTHER**<br> **LOSSES(b)** | **UNREALIZED**<br> **APPRECIATION/<br>(DEPRECIATION)(c)** | **TOTAL**<br> **ACCUMULATED**<br> **EARNINGS/**<br> **(DEFICIT)(d)** |
|  Overlay A | $1168005 | $0 | $(21909438) | $152299276 | $131557843 |
|  Tax-Aware Overlay A | 2104883 | 0 | (92861055) | 477737146 | 386980974 |
|  Overlay B | 20175723 | 0 | (104937707) | (102296332) | (187058316) |
|  Tax-Aware Overlay B | 19820855 | 0 | (83607353) | 13009653 | (50776845) |
|  Tax-Aware Overlay C | 5672833 | 0 | (28313330) | 3033073 | (19607424) |
|  Tax-Aware Overlay N | 4041034 | 0 | (8377152) | (6152130) | (10488248) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes tax exempt income as shown below:

---

| | |
|:---|:---|
|  Tax-Aware Overlay B | $14662227 |
|  Tax-Aware Overlay C | 4160244 |
|  Tax-Aware Overlay N | 3099976 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of September 30, 2022 Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B, Tax-Aware Overlay B
Portfolio, Tax-Aware Overlay C Portfolio, and Tax-Aware Overylay N Portfolio deferred $15,320,183, $38,748,457, $99,657,192, $9,968,595, $14,097,046, and $1,453,057 in post October losses, respectively. These losses will be treated as arising on
October 1, 2022. As of September 30, 2022 Overlay A Portfolio **,** Tax-Aware Overlay A Portfolio, Overlay B Portfolio, Tax-Aware Overlay B Portfolio, Tax-Aware Overlay C Portfolio, and Tax-Aware Overlay N Portfolio deferred $6,589,255, $54,112,598 **,** $5,280,515, $73,638,758, $14,216,284, and $6,924,095 in straddle losses, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable
primarily to the tax deferral of losses on wash sales, the tax treatment of swaps and passive foreign investment companies (PFICs), the realization for tax purposes of gains/losses on certain derivative instruments, and the tax treatment of callable
bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The differences between book-basis and tax-basis components of accumulated earnings/(deficit) are attributable
primarily to the amortization of offering costs, and the accrual of foreign capital gains tax.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year.

For tax purposes, net capital losses may be carried over to offset future capital gains, if any. Portfolios are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of September 30, 2022, the Portfolios did not have any capital loss carryforwards.

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| **NOTE 5.** | **Risks Involved in Investing in the Portfolios**  |

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*Market Risk*—The Portfolios are subject to market risk, which is the risk that stock or bond prices in general or in particular countries or sectors may decline over short or extended periods. Stock or bond prices may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest rate, currency and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; public health crises (including the occurrence of a contagious disease or illness); policy and legislative changes; cybersecurity events; and other factors.

Economies and financial markets throughout the world are becoming increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, sanctions, regional and global conflicts, 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. As a result, whether or not the Portfolios invest in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolios' investments may be negatively affected.

*Management Risk*—The Portfolios are subject to management risk because it is an actively managed investment portfolios. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolios, but these techniques, analyses and decisions may not work as intended or may not produce the desired results, and may, during certain periods, result in increased volatility for the Portfolios or cause the value of the Portfolios' shares to go down. In some cases, derivatives and other investment techniques may be unavailable, or the Adviser may determine not to use them, possibly even under market conditions where their use could benefit the Portfolios. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. In addition, the Adviser may change the Portfolios' investment strategies or policies from time to time. Those changes may not lead to the results intended by the Adviser and could have an adverse effect on the value or performance of the Portfolios.

*Allocation Risk*—The allocation of investments among different global asset classes may have a significant effect on the Portfolios' net asset value when one of these asset classes is performing more poorly than others. As the direct investments, investments in other funds and derivative positions will be periodically rebalanced to reflect the Adviser's view of market and economic conditions, there will be transaction costs which may be, over time, significant. In addition, there is a risk that certain asset allocation decisions may not achieve the desired results and, as a result, the Portfolios may incur significant losses.

*Derivatives Risk*—The Portfolios intend to use derivatives as direct investments to earn income, enhance return and broaden portfolio diversification, which entail greater risk than if used solely for hedging purposes. In addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolios. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted to cover or secure 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 (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios. Use of derivatives may have different tax consequences for the Portfolios than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders. The 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.

*Leverage Risk*—Leverage creates exposure to gains and losses in a greater amount than the dollar amount made in an investment by attempting to enhance return or value without increasing the investment amount. Leverage can magnify the effects of changes in the value of the Portfolios' investments and make it more volatile. The use of leverage may cause the Portfolios to liquidate portfolio positions when it may not be advantageous to do so.

 <br> *2022 Annual Report* *161*

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Notes to Financial Statements *(continued)*

*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. The Overlay Portfolios that invest in municipal securities are subject to greater risk because the market for municipal securities is generally smaller and may not be as liquid as many other fixed income markets, which may make municipal securities more difficult to trade or dispose of than other types of securities. Illiquid securities may also be difficult to value. If the Portfolios 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, or performance, which could cause the value of your investment to decline. Redemption risk is heightened during periods of overall market turmoil.

*Mortgage-Related and Asset-Related Securities Risk*—Mortgage- and asset-related securities represent interests in "pools" of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-related securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-related securities. Assets-related securities entail certain risks not presented by mortgage-backed securities, including the risk that it may be difficult to perfect the liens securing any collateral backing certain asset-backed securities.

*Prepayment and Extension Risk*—Prepayment risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. If this happens, particularly during a time of declining interest rates or credit spreads, the Portfolios will not benefit from the rise in market price that normally accompanies a decline in interest rates, and may not be able to invest the proceeds in securities providing as much income, resulting in a lower yield to the Portfolio. Conversely, extension risk is the risk that as interest rates rise or spreads widen, payments of securities may occur more slowly than anticipated by the market. If this happens, the values of these securities may go down because their interest rates are lower than current market rates and they remain outstanding longer than anticipated.

*Subordination Risk*—The Portfolios may invest in securities that are subordinated to more senior securities of an issuer, or which represent interests in pools of such subordinated securities. Subordinated securities will be disproportionately affected by a default or even a perceived decline in creditworthiness of the issuer. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer, any loss incurred by the subordinated securities is likely to be proportionately greater, and any recovery of interest or principal may take more time.

*Municipal Market Risk*—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolios' investments in municipal securities. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, or the rights of investors in these securities. The value of municipal securities may also be adversely affected by health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. There have been some municipal issuers that have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may get worse, particularly in light of the economic impact of the recent spread of an infectious coronavirus (COVID-19). To the extent the Portfolios invest in a particular state's municipal securities, it may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, wildfires, flooding and earthquakes. The Portfolios' investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, are subject to the risk that factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

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The Portfolios may invest in municipal securities of issuers in Puerto Rico or other U.S. territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other U.S. issuers of municipal securities. Puerto Rico continues to face a very challenging economic and fiscal environment, worsened by the spread of COVID-19 and the adverse effect that related governmental and public responses have had on Puerto Rico's economy. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

*Interest-Rate Risk*—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. The Portfolios may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal and monetary policy initiatives and resulting market reaction to those initiatives.

*Credit Risk*—This is the risk that the issuer or the guarantor of a debt security, or the counterparty to a derivatives or other contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The issuer or guarantor may default, potentially causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. The credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations, making credit risk greater for medium-quality and lower-rated debt securities. Lower-rated debt securities and similar unrated securities (commonly known as "junk bonds") have speculative elements or are predominantly speculative credit risks. At times when credit risk is perceived to be greater, credit "spreads" (*i.e.,* the difference between the yields on lower quality securities and the yields on higher quality securities) may get larger or "widen". As a result, the values of the lower quality securities may go down more and they may become harder to sell.

*Duration Risk*—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of the fixed-income security. Fixed-income securities with longer durations have more interest rate risk and will decrease in price as interest rates rise. Securities that have final maturities longer than their durations may be affected by increased credit spreads to a far greater degree than their durations would suggest, because they are exposed to credit risk until final maturity.

*Foreign (Non-U.S.) Securities Risk*—Investments in foreign securities entail significant risks in addition to those customarily associated with investing in U.S. securities, such as less liquid, less transparent, less regulated and more volatile markets. These risks include risks related to unfavorable or unsuccessful government actions, reduction of government or central bank support, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, and adverse market, economic, political and regulatory factors and social instability, all of which could disrupt the financial markets in which the Portfolios invest and adversely affect the value of the Portfolios' assets.

*Emerging-Markets Securities Risk*—The risks of investing in foreign (non-U.S.) securities are heightened with respect to issuers in emerging-market countries, because the markets are less developed and less liquid and there may be a greater amount of economic, political and social uncertainty. Emerging markets typically have fewer medical and economic resources than more developed countries, and thus they may be less able to control or mitigate the effects of a pandemic. In addition, the value of the Portfolios' investments may decline because of factors such as unfavorable or unsuccessful government actions and reduction of government or central bank support.

*Foreign Currency Risk*—This is the risk that changes in foreign (non-U.S.) currency exchange rates may negatively affect the value of the Portfolios investments or reduce the returns of the Portfolios. For example, the value of the Portfolios' investments in foreign securities and foreign currency positions may decrease if the U.S. Dollar is strong (*i.e.*, gaining value relative to other currencies) and other currencies are weak (*i.e.*, losing value relative to the U.S. Dollar).

*Actions by a Few Major Investors*—In certain countries, volatility may be heightened by actions of a few major investors. For example, substantial increases or decreases in cash flows of mutual funds investing in these markets could significantly affect local securities prices and, therefore, share prices of the Portfolios.

 <br> *2022 Annual Report* *163*

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Notes to Financial Statements *(continued)*

*Commodity Risk*—The value of commodity-linked derivatives, exchange traded notes and exchange traded funds may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as changes in climate conditions, drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

*Inflation Risk*—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolios' assets can decline as can the value of the Portfolios' distributions. This risk is significantly greater for fixed-income securities with longer maturities. Rates of inflation have recently risen, which could adversely affect economies and markets.

*Inflation-Protected Securities Risk*—The terms of inflation-protected securities provide for the coupon and/or maturity value to be adjusted based on changes in an inflation index. Decreases in the inflation rate or in investors' expectations about inflation could cause these securities to underperform non-inflation-adjusted securities on a total-return basis. In addition, there can be no assurance that the relevant inflation index will accurately measure the rate of inflation, in which case the securities may not work as intended. These securities may be more difficult to trade or dispose of than other types of securities.

*Lower-rated Securities Risk*—Lower-rated securities, or junk bonds/high-yield securities, are subject to greater risk of loss of principal and interest and greater market risk than higher-rated securities. The capacity of issuers of lower-rated securities to pay interest and repay principal is more likely to weaken than is that of issuers of higher-rated securities in times of deteriorating economic conditions or rising interest rates.

*Real Estate Related Securities Risk*—Investing in real estate related securities includes, among others, the following risks: possible declines in the value of real estate; risks related to general and local economic conditions, including increases in the rate of inflation; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; changes in zoning laws; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; limitations on and variations in rents; and changes in interest rates. In addition, global climate change may have an adverse effect on property and security values. Investing in Real Estate Investment Trusts ("REITs") involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, are not diversified, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. Investing in REITs also involves risks similar to those associated with investing in small-capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities.

*Investment in Other Investment Companies Risk*—As with other investments, investments in other investment companies, including other AB mutual funds and ETFs, are subject to market and management risk. In addition, if the Portfolios acquire shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolios (including management and advisory fees) and, indirectly, the expenses of the investment companies in which the Portfolios invest.

*Tax Risk*—There is no guarantee that the income on a Portfolio's municipal securities will be exempt from regular federal income, and if applicable, state income taxes. Unfavorable legislation, adverse interpretations by federal or state authorities, litigation or noncompliant conduct by the issuer of a municipal security could affect the tax-exempt status of municipal securities. If the Internal Revenue Service or a state authority determines that an issuer of a municipal security has not complied with applicable requirements, interest from the security could become subject to regular federal income tax and/or state personal income tax, possibly retroactively to the date the security was issued, the value of the security could decline significantly, and a portion of the distributions to Portfolio shareholders could be recharacterized as taxable. The U.S. Congress has considered changes to U.S. federal tax law that would, if enacted, have a negative impact on certain types of municipal securities, such as private activity bonds, or would otherwise make investments in municipal bonds less attractive.

*LIBOR Transition and Associated Risk*—The Portfolios may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various

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interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolios' performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting the Portfolios' performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

*Cybersecurity Risk*—As the use of the internet and other technologies has become more prevalent in the course of business, the Portfolios have become more susceptible to operational and financial risks associated with cybersecurity. Cybersecurity incidents can result from deliberate attacks such as gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption, or from unintentional events, such as the inadvertent release of confidential information. Cybersecurity failures or breaches of the Portfolios or their service providers or the issuers of securities in which the Portfolios invest have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Portfolio shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. While measures have been developed which are designed to reduce the risks associated with cybersecurity, there is no guarantee that those measures will be effective, particularly since the Portfolios do not control the cybersecurity defenses or plans of their service providers, financial intermediaries and companies in which they invest or with which they do business.

Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Portfolio or shareholder assets, Portfolio or customer data (including private shareholder information), or proprietary information, or cause a Portfolio, the Adviser, and/or the Portfolios' service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or lose operational functionality, or prevent Portfolio investors from purchasing, redeeming or exchanging shares or receiving distributions. A Portfolio and the Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers. Cybersecurity incidents may result in financial losses to such Portfolio and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.

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

 <br> *2022 Annual Report* *165*

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Notes to Financial Statements *(continued)*

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

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As of September 30, 2022, the Sanford C. Bernstein Fund, Inc., has authorized 17.5 billion shares of common stock, par value $0.001 per share, of which 3.7 billion shares are allocated to the Overlay Portfolios. Each Class 1 and Class 2 of the Overlay Portfolios with the exception of Class 1 of the Tax-Aware Overlay A Portfolio, is allocated 300 million shares, Class 1 of the Tax-Aware Overlay A Portfolio is allocated 400 million shares.

Share transactions for each Portfolio for the years ended September 30, 2022 and September 30, 2021, were as follows:

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|:---|:---|:---|:---|:---|
|  | **OVERLAY A PORTFOLIO** | **OVERLAY A PORTFOLIO** | **OVERLAY A PORTFOLIO** | **OVERLAY A PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
|  **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5161881 | 6975931 | $73199634 | $104883277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 11002154 | 859674 | 164812261 | 12087010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (16556316) | (22486338) | (229970448) | (336005608) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **(392281)** | **(14650733)** | $**8041447** | $**(219035321)** |
|  **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3205618 | 3306670 | $46184559 | $49597763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 2245552 | 212069 | 33660824 | 2983822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5212898) | (7696212) | (72241958) | (112985421) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **238272** | **(4177473)** | $**7603425** | $**(60403836)** |
|  | **TAX-AWARE OVERLAY A PORTFOLIO** | **TAX-AWARE OVERLAY A PORTFOLIO** | **TAX-AWARE OVERLAY A PORTFOLIO** | **TAX-AWARE OVERLAY A PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
|  | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
|  **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 8239428 | 9190826 | $124924353 | $146617709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 17694177 | 1373308 | 286114840 | 20517230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (27404212) | (24057629) | (392609957) | (378684923) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **(1470607)** | **(13493495)** | $**18429236** | $**(211549984)** |
|  **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3637451 | 2892962 | $54209370 | $46032730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 5184428 | 450319 | 83935889 | 6732259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (11485349) | (9870817) | (163542244) | (157428227) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(2663470)** | **(6527536)** | $**(25396985)** | $**(104663238)** |

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|:---|:---|:---|:---|:---|
|  | **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** | **OVERLAY B PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/22 | YEAR<br> ENDED<br> 9/30/21 |
|  **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5187066 | 6284207 | $52635006 | $72678968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 12258298 | 1996152 | 128099219 | 22576479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (14266407) | (14875367) | (141582540) | (172769132) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **3178957** | **(6595008)** | $**39151685** | $**(77513685)** |
|  **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2768787 | 2741819 | $28109864 | $31726915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 2386700 | 412613 | 24988745 | 4674906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4048900) | (5336524) | (40374044) | (61717417) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease)** | **1106587** | **(2182092)** | $**12724565** | $**(25315596)** |
|  | **TAX-AWARE OVERLAY B PORTFOLIO** | **TAX-AWARE OVERLAY B PORTFOLIO** | **TAX-AWARE OVERLAY B PORTFOLIO** | **TAX-AWARE OVERLAY B PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
|  | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
|  **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5167231 | 5932586 | $58606873 | $71150237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 6316673 | 1732503 | 74410400 | 20200980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (15340567) | (12195093) | (168867440) | (146395049) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(3856663)** | **(4530004)** | $**(35850167)** | $**(55043832)** |
|  **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2637541 | 2450725 | $29277113 | $29387920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 2676362 | 793587 | 31554311 | 9269101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (9964823) | (7116851) | (108196503) | (85527017) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(4650920)** | **(3872539)** | $**(47365079)** | $**(46869996)** |

---

 <br> *2022 Annual Report* *167*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TAX-AWARE OVERLAY C PORTFOLIO** | **TAX-AWARE OVERLAY C PORTFOLIO** | **TAX-AWARE OVERLAY C PORTFOLIO** | **TAX-AWARE OVERLAY C PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br> ENDED<br> 9/30/22 | YEAR<br> ENDED<br> 9/30/21 |
|  **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1057828 | 1803362 | $11813931 | $21619226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 1982126 | 443699 | 22913374 | 5160211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4897168) | (4060499) | (53297436) | (48307668) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(1857214)** | **(1813438)** | $**(18570131)** | $**(21528231)** |
|  **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1249340 | 125254 | $13473115 | $1492108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 1078846 | 260481 | 12493037 | 3032003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4167408) | (3193377) | (44001549) | (38397189) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(1839222)** | **(2807642)** | $**(18035397)** | $**(33873078)** |
|  | **TAX-AWARE OVERLAY N PORTFOLIO** | **TAX-AWARE OVERLAY N PORTFOLIO** | **TAX-AWARE OVERLAY N PORTFOLIO** | **TAX-AWARE OVERLAY N PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
|  | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 | YEAR<br>ENDED<br>9/30/22 | YEAR<br>ENDED<br>9/30/21 |
|  **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** | **Class 1 Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1130667 | 943846 | $12386714 | $11169514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 1555650 | 443500 | 18154440 | 5086947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5060445) | (3249334) | (55112991) | (38010840) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(2374128)** | **(1861988)** | $**(24571837)** | $**(21754379)** |
|  **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 291531 | 324236 | $3332167 | $3779188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of dividends and distributions | 343776 | 97786 | 4015302 | 1122583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1795974) | (1458877) | (19448344) | (17394103) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net decrease** | **(1160667)** | **(1036855)** | $**(12100875)** | $**(12492332)** |

---

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| | |
|:---|:---|
| **NOTE 7.** | **Recent Accounting Pronouncements**  |

---

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, "Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

 <br> *168* *Sanford C. Bernstein Fund, Inc.*

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

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| | |
|:---|:---|
| **NOTE 8.** | **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> *2022 Annual Report* *169*

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##### [**Table of Contents**](#toc)
Report of Independent Registered Public Accounting Firm

To the Board of Directors of Sanford C. Bernstein Fund, Inc. and Shareholders of Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B Portfolio, Tax-Aware Overlay B Portfolio, Tax-Aware Overlay C Portfolio and Tax-Aware Overlay N Portfolio

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B Portfolio, Tax-Aware Overlay B Portfolio, Tax-Aware Overlay C Portfolio and Tax-Aware Overlay N Portfolio (six of the thirteen portfolios constituting Sanford C. Bernstein Fund, Inc., hereafter collectively referred to as the "Portfolios") as of September 30, 2022, the related statements of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of September 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2022 and each of the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

November 23, 2022

We have served as the auditor of one or more of the investment companies in the AB Group of Mutual Funds since at least 1985. We have not been able to determine the specific year we began serving as auditor.

 <br> *170* *Sanford C. Bernstein Fund, Inc.*

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##### [**Table of Contents**](#toc)
2022 Federal Tax Information (Unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by each applicable Portfolio during the taxable year ended September 30, 2022. For corporate shareholders, the following percentages of dividends paid by each Portfolio qualify for the dividends received deduction. Additionally, for foreign shareholders the following percentages of ordinary income dividends paid by each Portfolio may be considered to be qualifying to be taxed as interest-related dividends.

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **DIVIDENDS RECEIVED<br>DEDUCTION %**<br> (CORPORATE SHAREHOLDERS) | **% OF QUALIFIED<br>INTEREST INCOME**<br> (FOREIGN SHAREHOLDERS) |
|  Overlay A | 45.14% | 1.72% |
|  Tax-Aware Overlay A | 38.62% | 2.58% |
|  Overlay B | 0.43% | 38.02% |
|  Tax-Aware Overlay B | 9.17% | 1.37% |
|  Tax-Aware Overlay C | 7.30% | 1.04% |
|  Tax-Aware Overlay N | 9.58% | 1.19% |

---

For the taxable year ended September 30, 2022, each Portfolio designates the following amounts as the maximum amount that may be considered qualified dividend income for individual shareholders.

---

| | |
|:---|:---|
| **PORTFOLIO** | **QUALIFIED<br>DIVIDEND INCOME** |
|  Overlay A | $43812116 |
|  Tax-Aware Overlay A | 65210029 |
|  Overlay B | 1642089 |
|  Tax-Aware Overlay B | 11271640 |
|  Tax-Aware Overlay C | 3215431 |
|  Tax-Aware Overlay N | 2440257 |

---

For the taxable year ended September 30, 2022, the long-term capital gain designations are as follows:

---

| | |
|:---|:---|
| **PORTFOLIO** | **LONG-TERM CAPITAL<br>GAIN DISTRIBUTION** |
|  Overlay A | $163540332 |
|  Tax-Aware Overlay A | 329292991 |
|  Overlay B | 74606829 |
|  Tax-Aware Overlay B | 35667264 |
|  Tax-Aware Overlay C | 10700357 |
|  Tax-Aware Overlay N | 7967575 |

---

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2023.

 <br> *2022 Annual Report* *171*

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##### [**Table of Contents**](#toc)
Sanford C. Bernstein Fund, Inc.—Overlay Portfolios

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BOARD OF DIRECTORS

**Debra Perry\*^** 

*Chair* 

**Beata D. Kirr** 

*President* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**R. Jay Gerken\*^** 

*Director* 

**Jeffrey R. Holland\*** 

*Director* 

**William Kristol\*** 

*Director* 

**Michelle McCloskey\*** 

*Director* 

**Donald K. Peterson\*** 

*Director* 

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OFFICERS

**Alexander Barenboym<sup>(1)</sup>** 

*Vice President* 

**Daniel J. Loewy<sup>(1)</sup>** 

*Vice President* 

**Caglasu Altunkopru<sup>(1)</sup>** 

*Vice President* 

**Emilie D. Wrapp** 

*Secretary* 

**Michael B. Reyes** 

*Senior Vice President* 

**Joseph J. Mantineo** 

*Treasurer and Chief Financial Officer* 

**Phyllis J. Clarke** 

*Controller* 

**Vincent S. Noto** 

*Chief Compliance Officer* 

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INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

**PricewaterhouseCoopers LLP** 

300 Madison Avenue

New York, New York 10017

------

LEGAL COUNSEL

**Willkie Farr & Gallagher LLP** 

787 Seventh Avenue

New York, New York 10019

------

CUSTODIAN AND ACCOUNTING AGENT

**State Street Bank and Trust Company** 

State Street Corporation CCB/5

1 Iron Street

Boston, Massachusetts 02210

------

TRANSFER AGENT

**DST Asset Manager Solutions** 

2000 Crown Colony Drive

Quincy, Massachusetts 02169

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INVESTMENT ADVISER

**AllianceBernstein L.P.** 

501 Commerce Street

Nashville, Tennessee 37203

\* Member of the Audit Committee, the Governance, Nominating and Compensation Committee, and the Independent Directors Committee.

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| | |
|:---|:---|
| **^** | Member of the Pricing Committee. |

---

(1) The day-to-day management of, and investment decisions for, the Overlay Portfolios are made by the Adviser's Asset Allocation Team. Messrs. Barenboym and Loewy and Ms. Altunkopru are the investment professionals
with the most significant responsibility for the day-to-day management of the Funds' portfolios.

 <br> *172* *Sanford C. Bernstein Fund, Inc.*

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

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| | | | |
|:---|:---|:---|:---|
| DIRECTORS' INFORMATION | DIRECTORS' INFORMATION | DIRECTORS' INFORMATION |  |
| **Name, Address<sup>+</sup>, Age,<br>(Year of Election\*)** | **Principal Occupation(s)<br>During Past Five (5) Years and<br>Other Information** | **Portfolios in<br>Fund Complex<br>Overseen<br>By Director** | **Other Directorships<br>Currently Held by Director** |
|  INTERESTED DIRECTOR | INTERESTED DIRECTOR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beata D. Kirr**<sup>\*\*</sup><br> c/o AllianceBernstein L.P.<br> 1345 Avenue of the Americas<br> New York, NY 10105<br> 48<br> &nbsp;&nbsp;&nbsp;&nbsp;(2019) | Senior Vice President of the Investment Adviser with which she has been associated since prior to 2017. She is the Co-Head of Investment Strategies since April 2020 and a National Managing Director since 2017. She was previously the Head of Private Client Core Asset Strategies. She joined the firm in 2007 as a Senior Portfolio Manager. Prior to joining AB, she was a director at Harris Alternatives, a global fund of hedge funds, and was with Goldman Sachs, where she advised clients in the Equities, M&A and Equity Capital Markets divisions, from their New York, London and Chicago offices. | 17 | Women Employed |
|  DISINTERESTED DIRECTORS | DISINTERESTED DIRECTORS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Debra Perry,**<sup>#</sup><sup>^</sup><br> *Chair of the Board*<br> 71<br> &nbsp;&nbsp;&nbsp;&nbsp;(2011) | Formerly, Senior Managing Director of Global Ratings and Research, Moody's Investors Service, Inc. from 2001 to 2004; Chief Administrative Officer, Moody's, from 1999 to 2001; Chief Credit Officer, Moody's, from 2000 to 2001; Group Managing Director for the Finance, Securities and Insurance Ratings Groups, Moody's Corp., from 1996 to 1999; earlier she held executive positions with First Boston Corporation and Chemical Bank. | 17 | Assurant, Inc., since 2017;<br> Korn/Ferry International, since 2008; Genworth Financial, Inc., from 2016-2022; PartnerRe, from 2013-2016; Bank of America Funds Series Trust, from 2011-2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;**R. Jay Gerken**,<sup>#^</sup><br> 71<br> &nbsp;&nbsp;&nbsp;&nbsp;(2013) | Formerly, President and Chief Executive Officer of Legg Mason Partners Fund Advisor, LLC, and President & Board Member of The Legg Mason and Western Asset mutual funds from 2005 until June 2013. Previously, he was the President and Chair of the boards of the Citigroup Asset Management mutual funds from 2002 to 2005; Portfolio Manager and Managing Director, Smith Barney Asset Management from 1993 to 2001 and President & CEO, Directions Management of Shearson Lehman, Inc. from 1988 to 1993. | 17 | Cedar Lawn Corporation; New Jersey Chapter of The Nature Conservancy; and Associated Banc-Corp |
| &nbsp;&nbsp;&nbsp;&nbsp; **Jeffrey R. Holland,**<sup>#</sup><br> 56<br> &nbsp;&nbsp;&nbsp;&nbsp;(2019) | Formerly, Limited Partner of Brown Brothers Harriman from 2014 to 2018. Prior thereto, General Partner of Brown Brothers Harriman from 2006 to 2013. | 17 | Director of various non-profit organizations |

---

 <br> *2022 Annual Report* *173*

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##### [**Table of Contents**](#toc)
Sanford C. Bernstein Fund, Inc.—Overlay Portfolios *(continued)*

---

| | | | |
|:---|:---|:---|:---|
| DIRECTORS' INFORMATION (continued) | DIRECTORS' INFORMATION (continued) | DIRECTORS' INFORMATION (continued) |  |
| **Name, Address<sup>+</sup>, Age,<br>(Year of Election\*)** | **Principal Occupation(s)<br>During Past Five (5) Years and<br>Other Information** | **Portfolios in<br>Fund Complex<br>Overseen<br>By Director** | **Other Directorships<br>Currently Held by Director** |
| &nbsp;&nbsp;&nbsp;&nbsp; **William Kristol,**<sup>#</sup><br> 69<br> &nbsp;&nbsp;&nbsp;&nbsp;(1994) | Founder and Editor, The Weekly Standard from 1995 to 2018. He is a regular contributor on leading political commentary shows. He has served as the inaugural Vann Professor of Ethics and Society at Davidson College since 2019. | 17 | Manhattan Institute; John M. Ashbrook Center for Public Affairs at Ashland University; The Salvatori Center at Claremont McKenna College; The Institute for the Study of War; Foundation for Constitutional Government; and Defending Democracy Together, a non-profit educational corporation |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michelle McCloskey,**<sup>#</sup><br> 60<br> &nbsp;&nbsp;&nbsp;&nbsp;(2019) | Formerly, President of Americas, Man Group from 2017 to August 2019 and President of Man FRM from 2015 to August 2019. Prior thereto, she was a Senior Managing Director of Man FRM from 2012 to 2015. While at the Man Group, she served on the Executive Committee of Man Group plc from 2012 to 2019, as Chief Executive Officer, Board of Managers of Man Alternative Multi Strategy Fund from 2016 to 2019 and as President and Chair of the Board of the Pine Grove Institutional Funds from 2016 to 2019. She currently serves on the Investment Advisory Committee of Texas Tech University Endowment. | 17 | Assured Guaranty Ltd. since May 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Donald K. Peterson**,<sup>#</sup><br> 73<br> &nbsp;&nbsp;&nbsp;&nbsp;(2007) | Formerly, Chairman and Chief Executive Officer, Avaya Inc. (telecommunications equipment and services) from 2002 to 2006; President and Chief Executive Officer, Avaya Inc. from 2000 to 2001; President, Enterprise Systems Group in 2000; Chief Financial Officer, Lucent Technologies (telecommunications equipment and services) from 1996 to 2000; Chief Financial Officer, AT&T, Communications Services Group from 1995 to 1996; President, Nortel Communications Systems, Inc. (telecommunications and networking equipment) from 1994 to 1995. Prior thereto, he was at Nortel from 1976 to 1995. | 17 | Worcester Polytechnic Institute, (Emeritus); Member of the Board of TIAA-Bank, FSB |

---

+ The address for each of the Fund's Disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department-Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

\* There is no stated term of office for the Directors.

\* \* Ms. Kirr is an "interested person" as defined by the Investment Company Act of 1940, because of her affiliation with AllianceBernstein.

# Member of the Audit Committee, the Governance, Nominating and Compensation Committee, and the Independent Directors Committee.

^ Member of the Pricing Committee.

 <br> *174* *Sanford C. Bernstein Fund, Inc.*

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

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| | | |
|:---|:---|:---|
|  OFFICERS' INFORMATION | OFFICERS' INFORMATION | OFFICERS' INFORMATION |
| **Name, Address\* and Age** | **Position(s)<br>Held with Fund** | **Principal Occupation<br>During Past Five (5) Years** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beata D. Kirr, 48 | President | See biography above. |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexander Barenboym, 51 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| &nbsp;&nbsp;&nbsp;&nbsp; Daniel J. Loewy, 48 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Chief Investment Officer and Head of Multi-Asset Solutions and Chief Investment Officer for Dynamic Asset Allocation. |
| &nbsp;&nbsp;&nbsp;&nbsp; Caglasu Altunkopru, 50 | Vice President | Senior Vice President of the Adviser\*\*, with which she has been associated in a substantially similar capacity to her current position since prior to 2017. |
| &nbsp;&nbsp;&nbsp;&nbsp; Emilie D. Wrapp, 66 | Secretary | Senior Vice President, Assistant General Counsel and Assistant Secretary of AllianceBernstein Investments, Inc. ("ABI")\*\*, with which she has been associated since prior to 2017. |
| &nbsp;&nbsp;&nbsp;&nbsp; Michael B. Reyes, 46 | Senior Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| &nbsp;&nbsp;&nbsp;&nbsp; Joseph J. Mantineo, 63 | Treasurer and Chief Financial Officer | Senior Vice President of AllianceBernstein Investor Services, Inc. ("ABIS")\*\*, with which he has been associated since prior to 2017. |
| &nbsp;&nbsp;&nbsp;&nbsp; Phyllis J. Clarke, 61 | Controller | Vice President of ABIS\*\*, with which she has been associated since prior to 2017. |
| &nbsp;&nbsp;&nbsp;&nbsp; Vincent S. Noto, 57 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\*, since prior to 2017. |

---

\* The address for each of the Fund's Officers is 1345 Avenue of the Americas, New York, NY 10105.

\* \* The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund's Statement of Additional Information ("SAI") has additional information about the Fund's Directors and Officers and is available without charge upon request. Contact your financial representative or AB at (212) 486-5800, or visit www.bernstein.com, for a free prospectus or SAI.

 <br> *2022 Annual Report* *175*

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##### [**Table of Contents**](#toc)
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 (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 2022, which covered the period January 1, 2021 through December 31, 2021 (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 significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets 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> *176* *Sanford C. Bernstein Fund, Inc.*

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##### [**Table of Contents**](#toc)
Board Consideration of Investment Management Arrangement

Sanford C. Bernstein Fund, Inc. (the "Fund") is subject to Section 15 of the Investment Company Act of 1940, as amended. Section 15 provides that any investment advisory agreement with a registered investment company such as the Fund may continue in effect for a period of more than two years from the date of its execution, only so long as such continuance is specifically approved at least annually by the board of directors (or by vote of a majority of the outstanding voting securities of the investment company). Pursuant to this requirement, the Fund's Board of Directors, including the Directors who are 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 Emerging Markets, Short Duration Diversified Municipal, New York Municipal, California Municipal, Diversified Municipal, Short Duration Plus, Intermediate Duration, Overlay A, Tax-Aware Overlay A, Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios (each, a "Portfolio" and collectively, the "Portfolios") of the Fund, and AllianceBernstein L.P. (the "Adviser")(the "Investment Management Agreement") at a meeting held on October 26-27, 2022.

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 between the Fund and the Adviser, counsel to the Independent Directors sent a letter to the Adviser dated August 10, 2022, that contained a list of information requested by the Independent Directors to conduct their annual review. The Board of Directors, including the Independent Directors, met by video conference and 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 29, 2022, 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 the independent fee consultant in executive sessions. Following the September 29, 2022 meeting, the Independent Directors, through counsel, requested certain additional information by means of an email from their independent counsel dated October 6, 2022, and the Adviser provided certain additional information by means of a memorandum dated October 19, 2022. On October 26-27, 2022, the Board of Directors held a 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 the 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 September 29, 2022 and October 26-27, 2022 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 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.

 <br> *2022 Annual Report* *177*

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##### [**Table of Contents**](#toc)
Board Consideration of Investment Management Arrangement *(continued)*

***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 Strategic Insight, an independent provider of investment company data. The Senior Vice President also performed analyses of the advisory fees, and compared such analyses to the Portfolios' peer groups. In addition, the Board received and considered information from an independent fee consultant regarding the fees and expenses of the Portfolios as well as their investment performance.

The Board 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 noted that the Adviser had elected to discontinue its voluntary waiver of the 0.10% shareholder servicing fee for the private client class of the Short Duration Plus Portfolio and the Short Duration Diversified Municipal Portfolio, during the next term of the shareholder servicing agreement. In that regard, the Board considered that the increasing interest rate environment had increased yields available in the marketplace on short-term investments, and that the Adviser indicated that the waivers were no longer necessary to maintain positive performance. The Board further considered that the total expense ratios of the Portfolios remained below the median of the peer group after removal of the waiver, and the Board reviewed materials estimating the impact of the removal of the waiver on the performance of the Portfolios.

The Board also noted that the Adviser had recently modified the advisory fee schedule of the Overlay A and Tax-Aware Overlay Portfolios by reducing the level where each Portfolio reaches its first breakpoint, and adding a new breakpoint on assets over $5 billion. With respect to the advisory fees charged to the Overlay Portfolios, the Directors noted that the Portfolios are intended to have an impact on a private client's entire account, rather than just an impact at the Portfolio level.

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

***Nature, Extent and Quality of Services Provided***

The Board, including the Independent Directors, considered the nature, quality and extent of services performed by the Adviser and its affiliates gained from their experience as Directors of the Fund, their overall confidence in the Adviser's integrity and competence they have gained from that experience, and the Adviser's initiative in identifying and raising potential issues with the Directors. The Board also considered the Adviser's responsiveness, frankness and attention to concerns raised by the Directors from time to time, including the Adviser's willingness to consider and implement organizational and other changes designed to improve investment results and the services provided to the Portfolios. 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 commitment to strong research and investment management capabilities throughout changing market environments. The Board reviewed the compliance and administrative services of the Adviser that support the investment advisory services provided to the Portfolios.

In considering the nature and quality of the services provided by the Adviser, the Board, including the Independent Directors, received and considered information about each Portfolio's investment performance, as well as the performance of its peer group and the performance of an appropriate benchmark index. The Board was provided with performance data versus each Portfolio's peer group, for the 1-year, 3-year, 5-year and 10-year periods, as applicable, ended July 31, 2022 and versus each Portfolio's benchmark index, for the relevant periods, as well as the most recently

 <br> *178* *Sanford C. Bernstein Fund, Inc.*

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##### [**Table of Contents**](#toc)
available Morningstar rating for those Portfolios with an available rating. The Board also received certain updated performance information as of September 30, 2022. 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 the complexity of the Overlay Portfolios, in particular the complexity of managing the globally diversified set of asset classes and derivatives in which the Overlay Portfolios can invest as well as the complexity of dynamically allocating assets through the Overlay Portfolios among various asset classes as economic and market conditions change in seeking to provide the desired risk/return trade-off for their investors in light of their overall portfolios (and not just their investment in the Overlay Portfolios themselves). In considering the performance of the Overlay Portfolios, the Board reviewed the performance of the Overlay Portfolios' dynamic asset allocation component and the impact of that component in the recent volatile market environment. The Board considered the Adviser's continued research efforts to enhance the dynamic asset allocation component utilized by the Overlay Portfolios. The Board further acknowledged the difficulty in selecting relevant peer groups for the Overlay Portfolios because of their unique structure and noted that the Overlay A Portfolio and Tax-Aware Overlay A Portfolio held higher percentages of equities and international equities than the funds in their relevant peer groups.

In evaluating the performance of the Portfolios that invest primarily in fixed-income securities, the Directors considered whether those Portfolios may have incurred less credit risk or interest rate risk, or both, in relation to their peer groups and benchmark indices. The Directors also noted the Adviser's explanation that certain Portfolios are designed to maintain higher credit quality and a more conservative approach versus the funds in their relevant peer groups, and that as a result of a lower risk profile, those Portfolios have underperformed the peer group during periods when riskier assets have outperformed.

Where the Portfolios had underperformed their peer groups or benchmark indices, the Directors considered the Adviser's explanations for performance and, as applicable, measures the Adviser had taken or proposed to take to improve performance, including enhancements to portfolio management models. The Directors noted generally the Adviser's continued efforts to enhance the services provided to the Portfolios. The Directors also noted that they would continue to monitor investment performance closely.

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 2020 and 2021, which had been reviewed by an independent consultant. 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 all 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 Board further considered materials provided by the Adviser estimating the profitability of the Short Duration Plus Portfolio and the Short Duration Diversified Municipal Portfolio to the Adviser after the termination of the voluntary waiver in effect for the Portfolios. 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.

 <br> *2022 Annual Report* *179*

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##### [**Table of Contents**](#toc)
Board Consideration of Investment Management Arrangement *(continued)*

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, 2018 fee reductions for the Short Duration Diversified Municipal, Short Duration Plus, Intermediate Duration, and Emerging Markets Portfolios, breakpoint arrangements including the lowering of the first breakpoint and the addition of a new breakpoint in the advisory fee schedule for the Overlay A and Tax-Aware Overlay A Portfolios as well as other recently adopted or modified breakpoints for certain Portfolios, expense caps and waivers applying to select Portfolios, and the Adviser's continued reinvestment in the business, including by researching and implementing new product enhancements. The Directors also noted that they would continue to monitor the growth of 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), Rule 12b-1 fees and sales charges received by the principal underwriter (which is a wholly owned subsidiary of the Adviser) with respect to the retail share classes of certain Portfolios, and transfer agency fees paid by the retail share classes of certain Portfolios to a wholly-owned subsidiary of the Adviser. The Directors recognized that the Adviser's profitability would be lower without these benefits. They also considered other benefits potentially derived from an increase in the Adviser's business as a result of its relationship with the Fund. The Directors concluded that these fall-out benefits to the Adviser were acceptable.

***Advisory Fee Rate Schedule***

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

---

| | |
|:---|:---|
| **PORTFOLIO** | **ANNUAL PERCENTAGE OF AVERAGE<br>DAILY NET ASSETS OF EACH PORTFOLIO** |
| Short Duration Diversified Municipal | 0.30% of the first $750 million; 0.25% of assets in excess of $750 million. |
| Short Duration Plus | 0.35% of the first $750 million; 0.30% of assets in excess of $750 million. |
| New York Municipal | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion. |

---

 <br> *180* *Sanford C. Bernstein Fund, Inc.*

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##### [**Table of Contents**](#toc)
Board Consideration of Investment Management Arrangement *(continued)*

---

| | |
|:---|:---|
| **PORTFOLIO** | **ANNUAL PERCENTAGE OF AVERAGE<br>DAILY NET ASSETS OF EACH PORTFOLIO** |
| California Municipal | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion. |
| Diversified Municipal | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% in excess of $5 billion up to, but not exceeding $7 billion; 0.225% of assets in excess of $7 billion. |
| Intermediate Duration | 0.45% on the first $2.5 billion; 0.40% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.35% in excess of $5 billion up to, but not exceeding $8 billion; 0.30% of assets in excess of $8 billion. |
| Emerging Markets | 0.95% of the first $2.5 billion; 0.90% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. |
| Overlay A | 0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. |
| Tax-Aware Overlay A | 0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. |
| Overlay B | 0.65% of assets. |
| Tax-Aware Overlay B | 0.65% of assets. |
| Tax-Aware Overlay C | 0.65% of assets. |
| Tax-Aware Overlay N | 0.65% of assets. |

---

 <br> *2022 Annual Report* *181*

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##### [**Table of Contents**](#toc)
![LOGO](g348380g31t33.jpg)

**Distributor** 

SANFORD C. BERNSTEIN FUND, INC.

1345 AVENUE OF THE AMERICAS, NEW YORK, NY 10105

(212) 756-4097

SCBII-1947-0922

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##### [**Table of Contents**](#toc)
**ITEM 2. CODE OF ETHICS.** 

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant's code of ethics is filed herewith as Exhibit 12(a)(1).

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

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

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.** 

The registrant's Board of Directors has determined that independent directors Donald K. Peterson, Debra Perry, R. Jay Gerken, Jeffrey R. Holland and Michelle McCloskey qualify as audit committee financial experts.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.** 

(a) - (c) The following table sets forth the aggregate fees billed by the independent registered public accounting firm Pricewaterhouse Coopers LLP , for the Fund's last two fiscal years for professional services rendered for: (i) the audit of the Fund's annual financial statements included in the Fund's annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund's financial statements and are not reported under (i), which include advice and education related to accounting and auditing issues, quarterly press release review (for those Funds that issue quarterly press releases), and preferred stock maintenance testing (for those Funds that issue preferred stock); and (iii) tax compliance, tax advice and tax return preparation.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Audit Fees | Audit Fees | Audit-Related<br>Fees | Tax Fees |
|  Short Duration Plus Portfolio | 2021 | $5988 | $1099 | $3073 |
|  | 2022 | $12183 | $1926 | $6755 |
|  Intermediate Duration Portfolio | 2021 | $89964 | $1099 | $38290 |
|  | 2022 | $89023 | $1926 | $32119 |
|  Short Duration Diversified Muni Portfolio | 2021 | $5096 | $— | $1845 |
|  | 2022 | $6033 | $— | $4039 |
|  New York Muni Portfolio | 2021 | $43513 | $1099 | $15822 |
|  | 2022 | $45167 | $1926 | $14331 |
|  California Muni Portfolio | 2021 | $33902 | $1099 | $12306 |
|  | 2022 | $36512 | $1926 | $11575 |
|  Diversified Muni Portfolio | 2021 | $151778 | $1099 | $55297 |
|  | 2022 | $150538 | $1926 | $47778 |
|  Emerging Markets Portfolio | 2021 | $30145 | $1099 | $17545 |
|  | 2022 | $37161 | $1926 | $16943 |
|  Overlay A | 2021 | $69244 | $— | $54414 |
|  | 2022 | $69244 | $— | $51609 |
|  Tax-Aware Overlay A | 2021 | $56655 | $— | $54376 |
|  | 2022 | $56655 | $— | $51611 |
|  Overlay B | 2021 | $79244 | $— | $51970 |
|  | 2022 | $79244 | $— | $49686 |
|  Tax-Aware Overlay B | 2021 | $56655 | $— | $51408 |
|  | 2022 | $56655 | $— | $50589 |
|  Tax-Aware Overlay C | 2021 | $56655 | $— | $51132 |
|  | 2022 | $56655 | $— | $50365 |
|  Tax-Aware Overlay N | 2021 | $56655 | $— | $51408 |
|  | 2022 | $56655 | $— | $50587 |

---

(d) Not applicable.

(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund's Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund's independent registered public accounting firm. The Fund's Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.

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##### [**Table of Contents**](#toc)
(e) (2) All of the amounts for Audit Fees, Audit-Related Fees and Tax Fees in the table under Item 4 (a)–(c) are for services pre-approved by the Fund's Audit Committee.

(f) Not applicable.

(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund's Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | | All Fees for<br>Non-Audit Services<br>Provided to the<br>Portfolio, the Adviser<br>and Service Affiliates | Total Amount of<br>Foregoing Column<br>Pre-approved by the Audit<br>Committee<br>(Portion Comprised of<br>Audit Related Fees)<br>(Portion Comprised of<br>Tax Fees) |
|  Short Duration Plus Portfolio | 2021 | $3025222 | $4172 |
|  |  |  | $(1099) |
|  |  |  | $(3073) |
|  | 2022 | $5858244 | $8681 |
|  |  |  | $(1926) |
|  |  |  | $(6755) |
|  Intermediate Duration Portfolio | 2021 | $3060439 | $39389 |
|  |  |  | $(1099) |
|  |  |  | $(38290) |
|  | 2022 | $5883608 | $34045 |
|  |  |  | $(1926) |
|  |  |  | $(32119) |
|  Short Duration Diversified Muni Portfolio | 2021 | $3022895 | $1845 |
|  |  |  | $— |
|  |  |  | $(1845) |
|  | 2022 | $5853602 | $4039 |
|  |  |  | $— |
|  |  |  | $(4039) |
|  New York Muni Portfolio | 2021 | $3037971 | $16921 |
|  |  |  | (1099) |
|  |  |  | (15822) |
|  | 2022 | $5865820 | $16257 |
|  |  |  | $(1926) |
|  |  |  | $(14331) |
|  California Muni Portfolio | 2021 | $3034455 | $13405 |
|  |  |  | $(1099) |
|  |  |  | $(12306) |
|  | 2022 | $5863064 | $13501 |
|  |  |  | $(1926) |
|  |  |  | $(11575) |
|  Diversified Muni Portfolio | 2021 | $3077446 | $56396 |
|  |  |  | $(1099) |
|  |  |  | $(55297) |
|  | 2022 | $5899267 | $49704 |
|  |  |  | $(1926) |
|  |  |  | $(47778) |
|  Emerging Markets Portfolio | 2021 | $3039694 | $18644 |
|  |  |  | $(1099) |
|  |  |  | $(17545) |
|  | 2022 | $5868432 | $18869 |
|  |  |  | $(1926) |
|  |  |  | $(16943) |
|  Overlay A | 2021 | $3075464 | $54414 |
|  |  |  | $— |
|  |  |  | $(54414) |
|  | 2022 | $5901172 | $51609 |
|  |  |  | $— |
|  |  |  | $(51609) |
|  Tax-Aware Overlay A | 2021 | $3075426 | $54376 |
|  |  |  | $— |
|  |  |  | $(54376) |
|  | 2022 | $5901174 | $51611 |
|  |  |  | $— |
|  |  |  | $(51611) |
|  Overlay B | 2021 | $3073020 | $51970 |
|  |  |  | $— |
|  |  |  | $(51970) |
|  | 2022 | $5899249 | $49686 |
|  |  |  | $— |
|  |  |  | $(49686) |
|  Tax-Aware Overlay B | 2021 | $3072458 | $51408 |
|  |  |  | $— |
|  |  |  | $(51408) |
|  | 2022 | $5900152 | $50589 |
|  |  |  | $— |
|  |  |  | $(50589) |
|  Tax-Aware Overlay C | 2021 | $3072182 | $51132 |
|  |  |  | $— |
|  |  |  | $(51132) |
|  | 2022 | $5899928 | $50365 |
|  |  |  | $— |
|  |  |  | $(50365) |
|  Tax-Aware Overlay N | 2021 | $3072458 | $51408 |
|  |  |  | $— |
|  |  |  | $(51408) |
|  | 2022 | $5900150 | $50587 |
|  |  |  | $— |
|  |  |  | $(50587) |

---

(h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund's independent registered public accounting firm to the Adviser and Service Affiliates is compatible with maintaining the auditor's independence.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.** 

Not applicable to the registrant.

**ITEM 6. INVESTMENTS.** 

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

**ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

**ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

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##### [**Table of Contents**](#toc)
**ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.** 

Not applicable to the registrant.

**ITEM 10. 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 11. CONTROLS AND PROCEDURES.** 

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

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

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##### [**Table of Contents**](#toc)
**ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

**ITEM 13. EXHIBITS.** 

The following exhibits are attached to this Form N-CSR:

---

| | |
|:---|:---|
| EXHIBIT NO. | DESCRIPTION OF EXHIBIT |
| 12 (a) (1) | [Code of Ethics that is subject to the disclosure of Item 2 hereof](d453724dex99codeeth.htm) |
| 12 (b) (1) | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d453724dex99cert.htm) |
| 12 (b) (2) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d453724dex99cert.htm#a) |
| 12 (c) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d453724dex99906cert.htm) |

---

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

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Sanford C. Bernstein Fund, Inc.

---

| | |
|:---|:---|
| By: | /s/ Beata Kirr |
|  | Beata Kirr |
|  | President |

---

Date: March 3, 2023

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/ Beata Kirr |
|  | Beata Kirr |
|  | President |

---

Date: March 3, 2023

---

| | |
|:---|:---|
| By: | /s/ Joseph J. Mantineo |
|  | Joseph J. Mantineo |
|  | Treasurer and Chief Financial Officer |

---

Date: March 3, 2023

## Ex-99.Code

Exhibit 12(a) (1)

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**I.** **Covered Officers/Purpose of the Code** 

The AllianceBernstein Mutual Fund Complex's code of ethics (this "Code") for the investment companies within the complex (collectively, the "Funds" and each, a "Company") applies to each Company's Principal Executive Officer, Principal Financial and Accounting Officer and Controller (the "Covered Officers," each of whom is set forth in Exhibit A) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company. For the purposes of this Code, members of the Covered Officer's family include his or her spouse, children, stepchildren, financial dependents, parents and stepparents.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

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Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company's Board of Directors or Trustees (the "Directors") that the Covered Officers may also be officers or employees of one or more of the other Funds or of other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

• not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Company;

• not use material non-public knowledge of portfolio transactions made or
contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

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There are some conflict of interest situations, whether involving a Covered Officer directly or a member of his family, that should always be discussed with the General Counsel of Alliance Capital Management L.P. (the "General Counsel"), if material. Examples of these include:

• service as a director on the board of directors or trustees of any public or private company (other than a not-for-profit organization);

• the receipt of any non-nominal gifts;

• the receipt of any entertainment from any company with which the Company has current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of the Company's service
providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

• Each Covered Officer should familiarize himself with the disclosure requirements and disclosure controls and
procedures generally applicable to the Company;

• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company
to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental regulators and self-regulatory organizations;

• each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made
by the Funds; and

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• it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the General Counsel that he has received, read, and understands the Code;

• annually thereafter affirm to the General Counsel that he has complied with the requirements of the Code;

• complete at least annually a questionnaire relating to affiliations or other relationships that may give rise to
conflicts of interest;

• not retaliate against any other Covered Officer or any employee of the Company or their affiliated persons for
reports of potential violations that are made in good faith; and

• notify the General Counsel promptly if he knows of any violation of this Code. Failure to do so is itself a
violation of this Code.

The General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, waivers sought by a Covered Officer will be considered by the Company's Audit Committee (the "Committee").

The Company will follow these procedures in investigating and enforcing this Code:

• the General Counsel will take all appropriate action to investigate any potential violations reported to him;

• if, after such investigation, the General Counsel believes that no material violation has occurred, the General
Counsel is not required to take any further action;

• any matter that the General Counsel believes is a material violation will be reported to the Committee;

• if the Committee concurs that a material violation has occurred, it will inform and make a recommendation to the
Directors, who will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to
dismiss the Covered Officer;

• the Committee will be responsible for granting waivers, as appropriate; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

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**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, the Company's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, it is understood that this Code is in all respects separate and apart from, and operates independently of, any such policies and procedures. In particular, the Company's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-l under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Directors, including a majority of independent directors.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Directors, the investment adviser, their counsel, counsel to the Company and, if deemed appropriate by the Directors of the Company, to the Directors of the other Funds.

**VIII.** **Internal Use** 

The Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

Date: July 22, 2003, as amended March 17, 2004

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Exhibit A

<u>Persons Covered by this Code of Ethics</u> 

Principal Executive Officer

Principal Financial and Accounting Officer

Controller

## Ex-99.Cert

**Exhibit 12(b)(1)** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

I, Beata Kirr, President of Sanford C. Bernstein Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of Sanford C. Bernstein Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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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: March 3, 2023

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| | |
|:---|:---|
| By: | /s/ Beata Kirr |
|  | Beata Kirr |
|  | President |

---

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**Exhibit 12(b)(2)** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

I, Joseph J. Mantineo, Treasurer and Chief Financial Officer of Sanford C. Bernstein Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of Sanford C. Bernstein Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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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: March 3, 2023

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| | |
|:---|:---|
| By: | /s/ Joseph J. Mantineo |
|  | Joseph J. Mantineo |
|  | Treasurer and Chief Financial Officer |

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## Exhibit 99.906

**EXHIBIT 12(c)** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE** 

**SARBANES-OXLEY ACT** 

Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of Sanford C. Bernstein Fund, Inc. (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended September 30, 2022 (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: March 3, 2023

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| | |
|:---|:---|
| By: | /s/ Beata Kirr |
|  | Beata Kirr |
|  | President |
| By: | /s/ Joseph J. Mantineo |
|  | Joseph J. Mantineo |
|  | Treasurer and Chief Financial Officer |

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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.