# EDGAR Filing Document

**Accession Number:** 0001166729
**File Stem:** 0001193125-25-309241
**Filing Date:** 2025-12
**Character Count:** 214442
**Document Hash:** 3e7385108d706cfd99a18274434bc128
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-309241.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001193125-25-309241

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BERNSTEIN SANFORD C FUND II INC
- **CENTRAL INDEX KEY:** 0001166729

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21034
- **FILM NUMBER:** 251552120

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

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

## Series and Classes Contracts Data

### Bernstein Intermediate Duration Institutional Portfolio (Series ID: S000011063)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000030507 | Bernstein Intermediate Duration Institutional Portfolio | SIIDX           |

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

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-21034

## SANFORD C. BERNSTEIN FUND II, INC.

#### (Exact name of registrant as specified in charter)

#### 66 Hudson Boulevard East, New York, New York 10005

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

#### Stephen M. Woetzel

#### AllianceBernstein L.P.

#### 66 Hudson Boulevard East

#### New York, New York 10005

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

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

#### Date of fiscal year end: September 30, 2025

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

------

#### ITEM 1. REPORTS TO STOCKHOLDERS.

# Intermediate Duration Institutional Class: SIIDX
September 30, 2025

![Image](g898770iec997178761b1ef320e5.jpg)

# Intermediate Duration Institutional Portfolio
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/BWM/SIIDX-A](g898770i35e70b113b6b2abb0209.jpg)

SCAN ME

# Please scan QR code for

# Portfolio Information

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

## What were the Portfolio costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Intermediate Duration Institutional Class | $45 | 0.44% |

---

## How did the Portfolio perform last year? What affected the Portfolio's performance?
During the 12-month period, the portfolio underperformed the Bloomberg US Aggregate Bond Index (the "benchmark"). Yield-curve positioning detracted from performance, relative to the benchmark. In sector allocation, off-benchmark exposure to emerging-market corporate bonds detracted from relative performance, while an underweight to US government treasuries and agency-risk sharing securities added to performance. Security selection in asset-backed securities detracted, offset by outperformance from selections in US agency mortgage-backed securities, US investment-grade corporate securities and US commercial mortgage-backed securities. Currency decisions had no overall effect.

During the 12-month period, futures and interest rate swaps were used to manage and hedge duration risk and/or to take active yield-curve positioning, while currency forwards were used to hedge foreign currency exposure.

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

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

**Top detractors from performance:**

* During the 12-month period, yield-curve positioning in the two- to 20-year parts of the US yield curve detracted.

**Intermediate Duration Institutional Class:** SIIDX

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

![Growth of 10K Chart](g898770i98fd3edf2ce64925d0c7.jpg)

---

| | | |
|:---|:---|:---|
| | **Intermediate Duration Institutional Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **09/15** | $10000 | $10000 |
| **09/16** | $10634 | $10519 |
| **09/17** | $10718 | $10527 |
| **09/18** | $10611 | $10399 |
| **09/19** | $11641 | $11470 |
| **09/20** | $12451 | $12271 |
| **09/21** | $12457 | $12161 |
| **09/22** | $10572 | $10385 |
| **09/23** | $10615 | $10452 |
| **09/24** | $11997 | $11661 |
| **09/25** | $12348 | $11998 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Intermediate Duration Institutional Class | 2.84% | -0.18% | 2.13% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

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

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

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

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $853629256 |
| # of Portfolio Holdings | 589 |
| Portfolio Turnover Rate | 180% |
| Total Advisory Fees Paid (Net) | $3045468 |

---

**Intermediate Duration Institutional Class:** SIIDX

## Graphical Representation of Holdings

### Security Type Breakdown (% of Net Assets)
![Group By Country Chart](g898770i4107b31b23313d149ab8.jpg)

---

| | |
|:---|:---|
| | |
| Governments - Treasuries | 29.0% |
| Corporates - Investment Grade | 25.1% |
| Mortgage Pass-Throughs | 20.9% |
| Asset-Backed Securities | 6.2% |
| Collateralized Mortgage Obligations | 5.8% |
| Commercial Mortgage-Backed Securities | 1.6% |
| Agencies | 1.6% |
| Inflation-Linked Securities | 1.2% |
| Others | 3.7% |
| Short-Term Investments | 15.3% |
| Other Assets Less Liabilities | -10.4% |

---

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

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

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

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

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

SCBII-2038-IDI-0153-0925

**Intermediate Duration Institutional Class:** SIIDX

------

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

#### ITEM 2. CODE OF ETHICS.
(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant's code of ethics is filed herewith as Exhibit 19(a)(1).

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

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

#### ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's Board of Directors has determined that independent directors Garry L. Moody, Jorge A. Bermudez, Jeffrey R. Holland, R. Jay Gerken and Ms. Carol C. McMullen qualify as audit committee financial experts.

#### ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) - (c) The following table sets forth the aggregate fees billed by the independent registered public accounting firm Ernst & Young LLP, for the Fund's last two fiscal years, for professional services rendered for: (i) the audit of the Fund's annual financial statements included in the Fund's annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund's financial statements and are not reported under (i), which include advice and education related to accounting and auditing issues, quarterly press release review (for those Funds that issue quarterly press releases), and preferred stock maintenance testing (for those Funds that issue preferred stock); and (iii) tax compliance, tax advice and tax return preparation.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Audit Fees | Audit-Related<br>Fees | Tax Fees |
|  Bernstein Intermediate Duration Institutional Portfolio | 2024 | $70000 | $– $| 8240 |
|  | 2025 | $70000 | $– $| 31463 |

---

(d) Not applicable.

(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund's Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund's independent registered public accounting firm. The Fund's Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.

------

##### [**Table of Contents**](#toc)
(e) (2) No percentage of services addressed by (b) and (c) of this Item 4 were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. No amounts are reported for Item 4 (d).

(f) Not applicable.

(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund's Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund: ("Service Affiliates"):

---

| | | | |
|:---|:---|:---|:---|
|  | | All Fees for<br>Non-Audit Services<br>Provided to the<br>Portfolio, the Adviser<br>and Service Affiliates | Total Amount of<br>Foregoing Column Pre-<br>approved by the Audit<br>Committee<br>(Portion Comprised of<br>Audit Related Fees)<br>(Portion Comprised of<br>Tax Fees) |
|  Bernstein Intermediate Duration Institutional Portfolio | 2024 | $2062144 | $8240 |
|  |  |  | $— |
|  |  |  | $(8240) |
|  | 2025 | $1706309 | $31463 |
|  |  |  | $— |
|  |  |  | $(31463) |

---

(h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund's independent registered public accounting firm to the Adviser and Service Affiliates is compatible with maintaining the auditor's independence.

(i) Not applicable.

(j) Not applicable.

#### ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant has a separately designated standing audit committee established in accordance with Section (3)(a)(58)(A) of the Securities Exchange Act of 1934. The audit committee members are as follows:

---

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

---

------

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

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

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

------

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

INTERMEDIATE DURATION INSTITUTIONAL PORTFOLIO

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

------

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

---

| | |
|:---|:---|
|  [Schedule of Investments](#toc898770_1) | 1 |
|  [Statement of Assets and Liabilities](#toc898770_2) | 16 |
|  [Statement of Operations](#toc898770_3) | 17 |
|  [Statement of Changes in Net Assets](#toc898770_4) | 18 |
|  [Financial Highlights](#toc898770_5) | 19 |
|  [Notes to Financial Statements](#toc898770_6) | 20 |
|  [Other](#toc898770_7) | 36 |

---

**Before investing in the Sanford C. Bernstein Fund II, 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".

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

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

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

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

------

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

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

#### Intermediate Duration Institutional Portfolio
September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| GOVERNMENTS—TREASURIES–29.0% | GOVERNMENTS—TREASURIES–29.0% | GOVERNMENTS—TREASURIES–29.0% | GOVERNMENTS—TREASURIES–29.0% |
| **Japan–0.9%** |  |  |  |
|  Japan Government Thirty Year Bond Series 86<br>2.40%, 03/20/2055 | JPY | 1270600 | $7478226 |
| **United States–28.1%** | **United States–28.1%** | **United States–28.1%** | **United States–28.1%** |
|  U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/2051 | U.S.$| 3799 | 2167725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 |  | 9349 | 5472321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 |  | 2357 | 1570259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2049 |  | 13313 | 8487165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 |  | 1672 | 1035605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/2049 |  | 4905 | 3204919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2046 |  | 932 | 656769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/2046 |  | 5327 | 3739166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 08/15/2045 |  | 51 | 38998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/15/2046 |  | 387 | 289328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2052 |  | 2950 | 2102841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2045 |  | 129 | 99889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/2045 |  | 363 | 280805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2047(a) |  | 1447 | 1100172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2048 |  | 5490 | 4141519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 |  | 1539 | 1291906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/2042 |  | 6591 | 5611959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2039 |  | 8105 | 7408793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 08/15/2043 |  | 1943 | 1693870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/15/2053 |  | 4596 | 3795858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/15/2053 |  | 4008 | 3306970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/2043 |  | 295 | 260983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/2043 |  | 3999 | 3626165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 05/15/2043 |  | 999 | 904226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042 |  | 5931 | 5480013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/2053 |  | 3432 | 3099030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2054 |  | 5131 | 4732823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/15/2038 |  | 899 | 906037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/2039 |  | 10740 | 10645606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/15/2043 |  | 7123 | 6868868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 |  | 5053 | 4938719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2054 |  | 2195 | 2112077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/15/2044 |  | 2775 | 2752499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/15/2054 |  | 1354 | 1328839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 |  | 1525 | 1600714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/2043 |  | 7167 | 7239253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/2053 |  | 4499 | 4501863 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 02/15/2029 |  | 3914 | 3788614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/30/2028 |  | 8269 | 8246537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/2028 |  | 18838 | 18902555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/2027 |  | 7359 | 7400581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/29/2028 |  | 3062 | 3089529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/31/2029 |  | 6400 | 6498297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029 |  | 16977 | 17306133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/30/2029 |  | 12176 | $12421729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/2028 |  | 6169 | 6303743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/2034 |  | 1996 | 2042367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 |  | 13172 | 13620464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/30/2028 |  | 8685 | 8930787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/2028 |  | 12567 | 13018419 |
|  |  |  | 240064307 |
| Total Governments—Treasuries<br>(cost $271,716,010) | Total Governments—Treasuries<br>(cost $271,716,010) |  | 247542533 |
| CORPORATES—INVESTMENT GRADE–25.1% | CORPORATES—INVESTMENT GRADE–25.1% | CORPORATES—INVESTMENT GRADE–25.1% |  |
| Industrial–13.0% | Industrial–13.0% | Industrial–13.0% |  |
| **Basic–0.6%** |  |  |  |
|  Freeport Indonesia PT<br>4.763%, 04/14/2027(b) |  | 324 | 324648 |
|  Glencore Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.907%, 04/01/2028(b) |  | 841 | 854111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 04/01/2030(b) |  | 356 | 366627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.338%, 04/04/2027(b) |  | 509 | 516986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/06/2033(b) |  | 390 | 429881 |
|  LYB International Finance III LLC<br>6.15%, 05/15/2035 |  | 334 | 348112 |
|  Nexa Resources SA<br>6.75%, 04/09/2034(b) |  | 441 | 467460 |
|  WRKCo, Inc.<br>4.00%, 03/15/2028 |  | 1732 | 1722110 |
|  |  |  | 5029935 |
| **Capital Goods–1.3%** | **Capital Goods–1.3%** | **Capital Goods–1.3%** |  |
|  Boeing Co. (The)<br>3.25%, 02/01/2028 |  | 970 | 947991 |
|  Caterpillar Financial Services Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/16/2026 |  | 1888 | 1899705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 01/08/2030 |  | 44 | 45380 |
|  General Electric Co.<br>4.90%, 01/29/2036 |  | 865 | 876669 |
|  Regal Rexnord Corp.<br>6.05%, 02/15/2026 |  | 1381 | 1387076 |
|  Republic Services, Inc.<br>4.75%, 07/15/2030 |  | 2083 | 2133513 |
|  Waste Management, Inc.<br>4.50%, 03/15/2028 |  | 1884 | 1906985 |
|  Westinghouse Air Brake Technologies Corp.<br>4.90%, 05/29/2030 |  | 2075 | 2120671 |
|  |  |  | 11317990 |
| **Communications—Media–0.2%** | **Communications—Media–0.2%** | **Communications—Media–0.2%** |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>2.25%, 01/15/2029 |  | 537 | 499501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 07/01/2049 |  | 467 | 386163 |
|  Prosus NV<br>3.257%, 01/19/2027(b) |  | 489 | 481665 |

---

 <br> *2025 Annual Report* *1*

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Time Warner Cable LLC<br>4.50%, 09/15/2042 | U.S.$| 505 | $405318 |
|  |  |  | 1772647 |
| **Communications—Telecommunications–0.1%** | **Communications—Telecommunications–0.1%** | **Communications—Telecommunications–0.1%** |  |
|  AT&T, Inc.<br>4.50%, 05/15/2035 |  | 408 | 393667 |
|  T-Mobile USA, Inc.<br>3.875%, 04/15/2030 |  | 352 | 345052 |
|  |  |  | 738719 |
| **Consumer Cyclical—Automotive–1.4%** | **Consumer Cyclical—Automotive–1.4%** | **Consumer Cyclical—Automotive–1.4%** |  |
|  BMW US Capital LLC<br>4.60%, 08/13/2027(b) |  | 1889 | 1906379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/19/2027(b) |  | 188 | 189591 |
|  Ford Motor Co.<br>3.25%, 02/12/2032 |  | 1299 | 1134495 |
|  Ford Motor Credit Co. LLC<br>2.70%, 08/10/2026 |  | 215 | 211416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.918%, 03/20/2028 |  | 298 | 303141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/08/2034 |  | 526 | 528577 |
|  Honda Motor Co., Ltd.<br>4.436%, 07/08/2028 |  | 2110 | 2122322 |
|  Hyundai Capital America<br>4.30%, 09/24/2027(b) |  | 35 | 34981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/18/2030(b) |  | 201 | 200029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/08/2027(b) |  | 443 | 447753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/19/2027(b) |  | 513 | 520074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 09/21/2028(b) |  | 871 | 910526 |
|  Qnity Electronics, Inc.<br>5.75%, 08/15/2032(b) |  | 992 | 1000621 |
|  Toyota Motor Credit Corp.<br>4.65%, 09/03/2032 |  | 2147 | 2163553 |
|  |  |  | 11673458 |
| **Consumer Cyclical—Entertainment–0.1%** | **Consumer Cyclical—Entertainment–0.1%** | **Consumer Cyclical—Entertainment–0.1%** |  |
|  Hasbro, Inc.<br>6.05%, 05/14/2034 |  | 450 | 471123 |
| **Consumer Cyclical—Other–0.8%** | **Consumer Cyclical—Other–0.8%** | **Consumer Cyclical—Other–0.8%** |  |
|  DR Horton, Inc.<br>4.85%, 10/15/2030 |  | 763 | 778260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2034 |  | 1134 | 1146055 |
|  Flutter Treasury DAC<br>5.875%, 06/04/2031(b) |  | 745 | 756510 |
|  Las Vegas Sands Corp.<br>5.625%, 06/15/2028 |  | 568 | 580723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/14/2030 |  | 435 | 453009 |
|  Marriott International, Inc./MD<br>4.20%, 07/15/2027 |  | 2129 | 2136005 |
|  MDC Holdings, Inc.<br>6.00%, 01/15/2043 |  | 968 | 919890 |
|  |  |  | 6770452 |
| **Consumer Cyclical—Restaurants–0.2%** | **Consumer Cyclical—Restaurants–0.2%** | **Consumer Cyclical—Restaurants–0.2%** |  |
|  Starbucks Corp.<br>4.85%, 02/08/2027 |  | 1837 | 1855186 |
| **Consumer Cyclical—Retailers–0.2%** | **Consumer Cyclical—Retailers–0.2%** | **Consumer Cyclical—Retailers–0.2%** |  |
|  Ross Stores, Inc.<br>4.70%, 04/15/2027 | U.S.$| 1925 | $1931757 |
| **Consumer Non-Cyclical–2.6%** | **Consumer Non-Cyclical–2.6%** | **Consumer Non-Cyclical–2.6%** |  |
|  Altria Group, Inc.<br>3.40%, 05/06/2030 |  | 1745 | 1676038 |
|  BAT Capital Corp.<br>4.625%, 03/22/2033 |  | 571 | 565062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 08/15/2032 |  | 1294 | 1338565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/19/2032 |  | 141 | 164404 |
|  Cargill, Inc.<br>5.125%, 10/11/2032(b) |  | 835 | 865160 |
|  General Mills, Inc.<br>4.70%, 01/30/2027 |  | 496 | 499859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/30/2030 |  | 1398 | 1427442 |
|  Imperial Brands Finance PLC<br>5.875%, 07/01/2034(b) |  | 1460 | 1524576 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co/JBS Lux Co. SARL<br>6.75%, 03/15/2034 |  | 784 | 866775 |
|  Mars, Inc.<br>4.60%, 03/01/2028(b) |  | 1212 | 1226750 |
|  Mondelez International, Inc.<br>4.50%, 05/06/2030 |  | 1311 | 1321737 |
|  Ochsner LSU Health System of North Louisiana<br>Series 2021<br>2.51%, 05/15/2031 |  | 1480 | 1246574 |
|  Philip Morris International, Inc.<br>4.875%, 02/13/2026 |  | 1753 | 1756418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/15/2033 |  | 1688 | 1763318 |
|  Roche Holdings, Inc.<br>4.203%, 09/09/2029(b) |  | 1902 | 1910255 |
|  Takeda US Financing, Inc.<br>5.20%, 07/07/2035 |  | 2111 | 2145283 |
|  Tyson Foods, Inc.<br>5.70%, 03/15/2034 |  | 600 | 632274 |
|  Viatris, Inc.<br>2.70%, 06/22/2030 |  | 1050 | 945315 |
|  |  |  | 21875805 |
| **Energy–2.6%** | **Energy–2.6%** | **Energy–2.6%** |  |
|  ConocoPhillips Co.<br>5.65%, 01/15/2065 |  | 1910 | 1876365 |
|  Continental Resources, Inc./OK<br>2.875%, 04/01/2032(b) |  | 1630 | 1419159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031(b) |  | 718 | 740280 |
|  Devon Energy Corp.<br>5.20%, 09/15/2034 |  | 1900 | 1892096 |
|  Energy Transfer LP<br>5.60%, 09/01/2034 |  | 1831 | 1879814 |
|  Eni SpA<br>5.75%, 05/19/2035(b) |  | 2092 | 2179885 |
|  Kinder Morgan, Inc.<br>5.85%, 06/01/2035 |  | 483 | 508440 |
|  Occidental Petroleum Corp.<br>5.20%, 08/01/2029 |  | 578 | 587213 |

---

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

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  ONEOK, Inc.<br>5.40%, 10/15/2035 | U.S.$| 771 | $774446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 09/01/2033 |  | 707 | 749632 |
|  Plains All American Pipeline LP/PAA Finance Corp.<br>5.60%, 01/15/2036 |  | 221 | 223654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/15/2034 |  | 1842 | 1898752 |
|  Raizen Fuels Finance SA<br>6.70%, 02/25/2037(b) |  | 1177 | 1134475 |
|  Targa Resources Corp.<br>4.90%, 09/15/2030 |  | 385 | 391091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/15/2036 |  | 425 | 435077 |
|  Var Energi ASA<br>7.50%, 01/15/2028(b) |  | 1132 | 1200950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2032(b) |  | 1108 | 1287972 |
|  Williams Cos., Inc. (The)<br>4.625%, 06/30/2030 |  | 1242 | 1253017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/2029 |  | 855 | 869860 |
|  Woodside Finance Ltd.<br>5.40%, 05/19/2030 |  | 308 | 316171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/19/2035 |  | 802 | 837120 |
|  |  |  | 22455469 |
| **Services–0.3%** | **Services–0.3%** | **Services–0.3%** |  |
|  Mastercard, Inc.<br>4.55%, 01/15/2035 |  | 1365 | 1361820 |
|  Moody's Corp.<br>5.00%, 08/05/2034 |  | 960 | 979699 |
|  Sodexo, Inc.<br>5.80%, 08/15/2035(b) |  | 434 | 454862 |
|  |  |  | 2796381 |
| **Technology–1.8%** | **Technology–1.8%** | **Technology–1.8%** |  |
|  Apple, Inc.<br>4.10%, 08/08/2062 |  | 1148 | 925621 |
|  Broadcom, Inc.<br>4.15%, 02/15/2028 |  | 309 | 309893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/15/2032 |  | 484 | 494987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/12/2027 |  | 707 | 719224 |
|  Cisco Systems, Inc.<br>4.75%, 02/24/2030 |  | 2030 | 2083247 |
|  Dell International LLC/EMC Corp.<br>4.35%, 02/01/2030 |  | 1930 | 1925310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2035 |  | 413 | 426687 |
|  Entegris, Inc.<br>4.75%, 04/15/2029(b) |  | 1270 | 1259332 |
|  Fiserv, Inc.<br>3.50%, 07/01/2029 |  | 2539 | 2467197 |
|  Hewlett Packard Enterprise Co.<br>4.40%, 09/25/2027 |  | 791 | 794338 |
|  International Business Machines Corp.<br>5.00%, 02/10/2032 |  | 2010 | 2069898 |
|  Oracle Corp.<br>5.20%, 09/26/2035 |  | 419 | 421149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/03/2035 |  | 1652 | 1699561 |
|  |  |  | 15596444 |
| **Transportation—Airlines–0.2%** | **Transportation—Airlines–0.2%** | **Transportation—Airlines–0.2%** |  |
|  AS Mileage Plan IP Ltd.<br>5.021%, 10/20/2029(b) | U.S.$| 710 | $709907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.308%, 10/20/2031(b) |  | 752 | 749451 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd.<br>4.50%, 10/20/2025(b) |  | 68 | 68193 |
|  |  |  | 1527551 |
| **Transportation—Railroads–0.1%** | **Transportation—Railroads–0.1%** | **Transportation—Railroads–0.1%** |  |
|  Lima Metro Line 2 Finance Ltd.<br>4.35%, 04/05/2036(b) |  | 203 | 195987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/05/2034(b) |  | 323 | 334189 |
|  |  |  | 530176 |
| **Transportation—Services–0.5%** | **Transportation—Services–0.5%** | **Transportation—Services–0.5%** |  |
|  ENA Master Trust<br>4.00%, 05/19/2048(b) |  | 380 | 287785 |
|  ERAC USA Finance LLC<br>4.60%, 05/01/2028(b) |  | 517 | 523406 |
|  Ryder System, Inc.<br>5.375%, 03/15/2029 |  | 1458 | 1510473 |
|  TTX Co.<br>5.50%, 09/25/2026(b) |  | 1677 | 1697862 |
|  |  |  | 4019526 |
|  |  |  | 110362619 |
| Financial Institutions–9.6% | Financial Institutions–9.6% | Financial Institutions–9.6% |  |
| **Banking–7.8%** | **Banking–7.8%** | **Banking–7.8%** |  |
|  AIB Group PLC<br>5.32%, 05/15/2031(b) |  | 1621 | 1668706 |
|  Ally Financial, Inc.<br>5.543%, 01/17/2031 |  | 291 | 296872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.737%, 05/15/2029 |  | 480 | 491424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.992%, 06/13/2029 |  | 976 | 1030666 |
|  American Express Co.<br>5.098%, 02/16/2028 |  | 1827 | 1851482 |
|  Banco Bilbao Vizcaya Argentaria SA<br>5.381%, 03/13/2029 |  | 400 | 413400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.883%, 11/15/2034 |  | 200 | 232184 |
|  Banco Santander SA<br>3.80%, 02/23/2028 |  | 200 | 198106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.175%, 03/24/2028 |  | 800 | 798832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.921%, 08/08/2033 |  | 800 | 890136 |
|  Bank of America Corp.<br>5.744%, 02/12/2036 |  | 2019 | 2102385 |
|  Bank of Ireland Group PLC<br>5.601%, 03/20/2030(b) |  | 365 | 378403 |
|  Banque Federative du Credit Mutuel SA<br>5.538%, 01/22/2030(b) |  | 1937 | 2017405 |
|  Barclays PLC<br>5.335%, 09/10/2035 |  | 734 | 744841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.674%, 03/12/2028 |  | 351 | 357767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.224%, 05/09/2034 |  | 740 | 795707 |
|  BNP Paribas SA<br>2.591%, 01/20/2028(b) |  | 751 | 734718 |

---

 <br> *2025 Annual Report* *3*

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/25/2031(b)(c) | U.S.$| 388 | $353906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.497%, 05/20/2030(b) |  | 1133 | 1171703 |
|  BPCE SA<br>6.508%, 01/18/2035(b) |  | 1793 | 1904507 |
|  CaixaBank SA<br>6.037%, 06/15/2035(b) |  | 843 | 896345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.684%, 09/13/2027(b) |  | 994 | 1015649 |
|  Capital One Financial Corp.<br>5.468%, 02/01/2029 |  | 416 | 426408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.377%, 06/08/2034 |  | 1163 | 1256877 |
|  Capital One NA<br>5.974%, 08/09/2028 |  | 386 | 399823 |
|  Citigroup, Inc.<br>4.643%, 05/07/2028 |  | 2031 | 2044567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 01/24/2036 |  | 44 | 46138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W<br>4.00%, 12/10/2025(c) |  | 788 | 784115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y<br>4.15%, 11/15/2026(c) |  | 139 | 135814 |
|  Credit Agricole SA<br>5.222%, 05/27/2031(b) |  | 573 | 588110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.251%, 01/10/2035(b) |  | 1441 | 1519837 |
|  Danske Bank A/S<br>4.613%, 10/02/2030(b) |  | 846 | 850120 |
|  Deutsche Bank AG/New York NY<br>2.129%, 11/24/2026 |  | 958 | 954503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/04/2031 |  | 920 | 928243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.146%, 07/13/2027 |  | 323 | 329854 |
|  Goldman Sachs Group, Inc. (The)<br>2.65%, 10/21/2032 |  | 67 | 60257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.937%, 04/23/2028 |  | 1123 | 1136207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V<br>4.125%, 11/10/2026(c) |  | 764 | 752991 |
|  HSBC Holdings PLC<br>2.804%, 05/24/2032 |  | 581 | 526316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.848%, 06/04/2031 |  | 1675 | 1557616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.399%, 11/13/2034 |  | 1536 | 1748997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.113%, 11/03/2033 |  | 767 | 899806 |
|  Intesa Sanpaolo SpA<br>7.20%, 11/28/2033(b) |  | 919 | 1046704 |
|  JPMorgan Chase & Co.<br>2.963%, 01/25/2033 |  | 2609 | 2385226 |
|  KBC Group NV<br>4.454%, 09/23/2031(b) |  | 200 | 198918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%, 10/16/2030(b) |  | 1350 | 1372640 |
|  Lloyds Banking Group PLC<br>4.976%, 08/11/2033 |  | 420 | 425750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.087%, 11/26/2028 |  | 746 | 759152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.462%, 01/05/2028 |  | 216 | 219270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.953%, 11/15/2033 |  | 461 | 537037 |
|  Mizuho Financial Group, Inc.<br>5.376%, 05/26/2030 |  | 550 | 568409 |
|  Morgan Stanley<br>4.994%, 04/12/2029 |  | 174 | 177393 |
|  Morgan Stanley Bank NA<br>5.504%, 05/26/2028 |  | 1013 | 1035306 |
|  Nationwide Building Society<br>2.972%, 02/16/2028(b) | U.S.$| 1238 | $1215543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.537%, 07/14/2036(b) |  | 433 | 444968 |
|  NatWest Group PLC<br>3.032%, 11/28/2035 |  | 378 | 345647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.115%, 05/23/2031 |  | 1742 | 1786386 |
|  Santander Holdings USA, Inc.<br>5.473%, 03/20/2029 |  | 132 | 134583 |
|  Santander UK Group Holdings PLC<br>4.32%, 09/22/2029 |  | 601 | 599413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858%, 09/11/2030 |  | 1139 | 1151905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.694%, 04/15/2031 |  | 378 | 394436 |
|  Societe Generale SA<br>2.797%, 01/19/2028(b) |  | 1389 | 1359442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.249%, 05/22/2029(b) |  | 636 | 646577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%, 01/19/2028(b) |  | 502 | 508375 |
|  Standard Chartered PLC<br>5.244%, 05/13/2031(b) |  | 1087 | 1116327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.545%, 01/21/2029(b) |  | 217 | 222336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.082% (CME Term SOFR 3 Month + 1.77%), 01/30/2027(b)(c)(d) |  | 400 | 387560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.187%, 07/06/2027(b) |  | 407 | 412507 |
|  Sumitomo Mitsui Financial Group, Inc.<br>5.316%, 07/09/2029 |  | 1485 | 1538713 |
|  Sumitomo Mitsui Trust Bank Ltd.<br>4.45%, 09/10/2027(b) |  | 306 | 308157 |
|  Synchrony Financial<br>5.45%, 03/06/2031 |  | 661 | 673394 |
|  Toronto-Dominion Bank (The)<br>5.146%, 09/10/2034 |  | 661 | 671160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.298%, 01/30/2032 |  | 944 | 985885 |
|  UBS Group AG<br>2.095%, 02/11/2032(b) |  | 202 | 178146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%, 05/14/2032(b) |  | 1265 | 1170884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.194%, 04/01/2031(b) |  | 549 | 542511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.398%, 09/23/2031(b) |  | 202 | 201432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 08/10/2034(b)(c) |  | 440 | 453050 |
|  Wells Fargo & Co.<br>3.35%, 03/02/2033 |  | 2456 | 2285750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.499%, 01/23/2035 |  | 192 | 200218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB<br>3.90%, 03/15/2026(c) |  | 635 | 629203 |
|  |  |  | 66582056 |
| **Brokerage–0.2%** | **Brokerage–0.2%** | **Brokerage–0.2%** |  |
|  Charles Schwab Corp. (The)<br>Series I<br>4.00%, 06/01/2026(c) |  | 1949 | 1925768 |
| **Finance–0.3%** | **Finance–0.3%** | **Finance–0.3%** |  |
|  Aircastle Ltd.<br>5.95%, 02/15/2029(b) |  | 310 | 323125 |
|  Aviation Capital Group LLC<br>1.95%, 01/30/2026(b) |  | 1131 | 1120606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/20/2026(b) |  | 390 | 381171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2027(b) |  | 212 | 208216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/14/2027(b) |  | 124 | 124621 |

---

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/2025(b) | U.S.$| 350 | $| 350000 |
|  |  |  |  | 2507739 |
| **Insurance–0.6%** | **Insurance–0.6%** | **Insurance–0.6%** |  |  |
|  Athene Global Funding<br>5.033%, 07/17/2030(b) |  | 2222 |  | 2256374 |
|  Massachusetts Mutual Life Insurance Co.<br>3.729%, 10/15/2070(b) |  | 11 |  | 7410 |
|  MetLife Capital Trust IV<br>7.875% (CME Term SOFR 3 Month + 3.96%), 12/15/2067(b)(d) |  | 970 |  | 1083122 |
|  MetLife, Inc.<br>10.75%, 08/01/2069 |  | 25 |  | 33557 |
|  Principal Life Global Funding II<br>5.10%, 01/25/2029(b) |  | 1265 |  | 1298017 |
|  Swiss Re Finance Luxembourg SA<br>5.00%, 04/02/2049(b) |  | 600 |  | 604560 |
|  |  |  |  | 5283040 |
| **REITs–0.7%** | **REITs–0.7%** | **REITs–0.7%** |  |  |
|  American Tower Corp.<br>3.65%, 03/15/2027 |  | 466 |  | 462617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 02/15/2029 |  | 626 |  | 643847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2028 |  | 462 |  | 475088 |
|  Crown Castle, Inc.<br>5.60%, 06/01/2029 |  | 380 |  | 394600 |
|  GLP Capital LP/GLP Financing II, Inc.<br>3.25%, 01/15/2032 |  | 1036 |  | 930794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/2031 |  | 364 |  | 347966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2033 |  | 656 |  | 657909 |
|  Omega Healthcare Investors, Inc.<br>5.20%, 07/01/2030 |  | 364 |  | 369464 |
|  Realty Income Corp.<br>5.125%, 04/15/2035 |  | 230 |  | 233760 |
|  Simon Property Group LP<br>4.75%, 09/26/2034 |  | 1112 |  | 1104639 |
|  Trust Fibra Uno<br>4.869%, 01/15/2030(b) |  | 258 |  | 253168 |
|  |  |  |  | 5873852 |
|  |  |  |  | 82172455 |
| Utility–2.5% | Utility–2.5% | Utility–2.5% |  |  |
| **Electric–2.5%** | **Electric–2.5%** | **Electric–2.5%** |  |  |
|  AES Andes SA<br>6.25%, 03/14/2032(b) |  | 1242 |  | 1301256 |
|  AES Panama Generation Holdings SRL<br>4.375%, 05/31/2030(b) |  | 458 |  | 432988 |
|  Alexander Funding Trust II<br>7.467%, 07/31/2028(b) |  | 406 |  | 434107 |
|  American Electric Power Co., Inc.<br>6.95%, 12/15/2054 |  | 681 |  | 738000 |
|  CenterPoint Energy Houston Electric LLC<br>4.95%, 04/01/2033 |  | 76 |  | 77329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/01/2035 | U.S.$| 1731 | $| 1750318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AQ<br>4.95%, 08/15/2035 |  | 165 |  | 164454 |
|  Duke Energy Carolinas NC Storm Funding LLC<br>Series A-2<br>2.617%, 07/01/2043 |  | 920 |  | 732044 |
|  Electricite de France SA<br>9.125%, 03/15/2033(b)(c) |  | 366 |  | 424329 |
|  Enel Finance International NV<br>4.125%, 09/30/2028(b) |  | 611 |  | 609509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/26/2034(b) |  | 1243 |  | 1286754 |
|  Engie Energia Chile SA<br>3.40%, 01/28/2030(b) |  | 981 |  | 920914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 04/17/2034(b) |  | 200 |  | 212882 |
|  FIEMEX Energia—Banco Actinver SA Institucion de Banca Multiple<br>7.25%, 01/31/2041(b) |  | 474 |  | 503964 |
|  Florida Power & Light Co.<br>5.30%, 06/15/2034 |  | 694 |  | 724432 |
|  Israel Electric Corp., Ltd.<br>Series G<br>4.25%, 08/14/2028(b) |  | 354 |  | 348166 |
|  Kallpa Generacion SA<br>5.875%, 01/30/2032(b) |  | 876 |  | 915700 |
|  LG Energy Solution Ltd.<br>5.375%, 04/02/2030(b) |  | 2091 |  | 2142292 |
|  Niagara Mohawk Power Corp.<br>4.647%, 10/03/2030(b) |  | 1453 |  | 1460556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 01/17/2034(b) |  | 652 |  | 664473 |
|  NRG Energy, Inc.<br>4.734%, 10/15/2030(b) |  | 380 |  | 379970 |
|  Pacific Gas & Electric Co.<br>5.55%, 05/15/2029 |  | 340 |  | 350047 |
|  Public Service Co. of Colorado<br>5.15%, 09/15/2035 |  | 2139 |  | 2167577 |
|  Virginia Electric & Power Co.<br>Series C<br>4.90%, 09/15/2035 |  | 1845 |  | 1835295 |
|  Vistra Operations Co. LLC<br>5.05%, 12/30/2026(b) |  | 62 |  | 62440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 10/15/2033(b) |  | 726 |  | 809250 |
|  |  |  |  | 21449046 |
| Total Corporates—Investment Grade<br>(cost $211,334,299) | Total Corporates—Investment Grade<br>(cost $211,334,299) | Total Corporates—Investment Grade<br>(cost $211,334,299) |  | 213984120 |
| MORTGAGE PASS-THROUGHS–20.9% | MORTGAGE PASS-THROUGHS–20.9% | MORTGAGE PASS-THROUGHS–20.9% | MORTGAGE PASS-THROUGHS–20.9% | MORTGAGE PASS-THROUGHS–20.9% |
| **Agency Fixed Rate 30-Year–20.7%** | **Agency Fixed Rate 30-Year–20.7%** | **Agency Fixed Rate 30-Year–20.7%** |  |  |
|  Federal Home Loan Mortgage Corp.<br>Series 2019<br>3.50%, 10/01/2049 |  | 323 |  | 300108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2049 |  | 475 |  | 441280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>3.50%, 01/01/2050 |  | 1019 |  | 947122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>2.00%, 03/01/2052 |  | 5319 |  | 4332730 |

---

 <br> *2025 Annual Report* *5*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 | U.S.$| 6194 |  | $5302960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 |  | 3364 |  | 2993747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2052 |  | 3872 |  | 3415035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2052 |  | 1232 |  | 1084504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.50%, 11/01/2054 |  | 1392 |  | 1404473 |
|  Federal Home Loan Mortgage Corp. Gold<br>Series 2005<br>5.50%, 01/01/2035 |  | 12 |  | 12557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>5.50%, 07/01/2035 |  | 77 |  | 80058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>4.00%, 02/01/2046 |  | 783 |  | 764986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>4.00%, 07/01/2044 |  | 495 |  | 483237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>4.50%, 03/01/2048 |  | 260 |  | 257824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2048 |  | 518 |  | 512089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2048 |  | 685 |  | 677908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2048 |  | 293 |  | 296971 |
|  Federal National Mortgage Association<br>Series 2003<br>5.50%, 04/01/2033 |  | 65 |  | 67213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2033 |  | 126 |  | 129585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004<br>5.50%, 02/01/2034 |  | 1 |  | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2034 |  | 32 |  | 32910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2034 |  | 26 |  | 27084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2034 |  | 125 |  | 129269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005<br> 5.50%, 02/01/2035 |  | 194 |  | 200491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006<br>5.50%, 04/01/2036 |  | 39 |  | 40824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>5.50%, 05/01/2036 |  | 2 |  | 1999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2036 |  | 1 |  | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/2037 |  | 46 |  | 47326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008<br>5.50%, 08/01/2037 |  | 0 | \*\* | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009<br>5.00%, 12/01/2039 |  | 8 |  | 8116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010<br>4.00%, 12/01/2040 |  | 301 |  | 294250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2040 |  | 7 |  | 7596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012<br>3.50%, 02/01/2042 |  | 255 |  | 243004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2042 |  | 2791 |  | 2654533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2043 |  | 472 |  | 447847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013<br>3.50%, 04/01/2043 |  | 1652 |  | 1568755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2043 |  | 1011 |  | 982708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015<br>3.00%, 05/01/2045 |  | 407 |  | 370611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2045 |  | 594 |  | 539733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>4.50%, 09/01/2048 |  | 948 |  | 937109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>3.50%, 08/01/2049 | U.S.$| 1116 |  | $1036715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2049 |  | 495 |  | 459850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2049 |  | 1026 |  | 952795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>3.50%, 01/01/2050 |  | 959 |  | 891018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>2.00%, 07/01/2051 |  | 5718 |  | 4642164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2051 |  | 8290 |  | 6721698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2052 |  | 1680 |  | 1437188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>2.50%, 03/01/2052 |  | 3711 |  | 3175093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 |  | 3857 |  | 3299637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2052 |  | 5140 |  | 4397289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2052 |  | 4070 |  | 3623179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 |  | 5197 |  | 4624511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 12/01/2054 |  | 2060 |  | 2043797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>4.50%, 03/01/2055 |  | 3572 |  | 3465678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2055 |  | 3983 |  | 4018153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2055 |  | 1498 |  | 1530965 |
|  Government National Mortgage Association<br>Series 2016<br>3.00%, 04/20/2046 |  | 131 |  | 118556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/2046 |  | 377 |  | 342038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.50%, 04/20/2053 |  | 3034 |  | 3073955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>4.00%, 10/01/2055, TBA |  | 3275 |  | 3079490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2055, TBA |  | 7445 |  | 7219428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2055, TBA |  | 12561 |  | 12494028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2055, TBA |  | 5036 |  | 5072917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/2055, TBA |  | 7343 |  | 7468932 |
|  Uniform Mortgage-Backed Security<br>Series 2025<br>2.00%, 10/01/2055, TBA |  | 13051 |  | 10518394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2055, TBA |  | 11044 |  | 9303536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2055, TBA |  | 6767 |  | 6710697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2055, TBA |  | 16035 |  | 16168600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/2055, TBA |  | 10459 |  | 10684198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2055, TBA |  | 5583 |  | 5769449 |
|  |  |  |  | 176385390 |
| **Agency Fixed Rate 15-Year–0.2%** | **Agency Fixed Rate 15-Year–0.2%** | **Agency Fixed Rate 15-Year–0.2%** |  |  |
|  Federal National Mortgage Association<br>Series 2016<br>2.50%, 10/01/2031 |  | 26 |  | 25077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2031 |  | 1383 |  | 1335733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2031 |  | 6 |  | 6144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>2.50%, 01/01/2032 |  | 428 |  | 412982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2032 |  | 438 |  | 421171 |
|  |  |  |  | 2201107 |

---

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | | **U.S. $ Value** |
| **Agency ARMs–0.0%** | **Agency ARMs–0.0%** | **Agency ARMs–0.0%** |  |  |
|  Federal Home Loan Mortgage Corp.<br>Series 2006<br>7.125% (RFUCCT1Y + 2.50%), 12/01/2036(d) | U.S.$| 0 | \*\* | $76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>6.975% (RFUCCT1Y + 2.10%), 03/01/2037(d) |  | 0 | \*\* | 287 |
|  Federal National Mortgage Association<br>Series 2007<br>6.46% (RFUCCT1Y + 1.46%), 02/01/2037(d) |  | 1 |  | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% (RFUCCT1Y + 1.67%), 03/01/2037(d) |  | 0 | \*\* | 155 |
|  |  |  |  | 1391 |
| Total Mortgage Pass-Throughs<br>(cost $184,232,007) | Total Mortgage Pass-Throughs<br>(cost $184,232,007) | Total Mortgage Pass-Throughs<br>(cost $184,232,007) |  | 178587888 |
| ASSET-BACKED SECURITIES–6.2% | ASSET-BACKED SECURITIES–6.2% | ASSET-BACKED SECURITIES–6.2% | ASSET-BACKED SECURITIES–6.2% | ASSET-BACKED SECURITIES–6.2% |
| **Autos—Fixed Rate–3.1%** | **Autos—Fixed Rate–3.1%** | **Autos—Fixed Rate–3.1%** |  |  |
|  ACM Auto Trust<br>Series 2024-2A, Class A<br>6.06%, 02/20/2029(b) |  | 501 |  | 500547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A<br>5.38%, 06/20/2029(b) |  | 428 |  | 426407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A<br>5.55%, 06/20/2028(b) |  | 1551 |  | 1545685 |
|  American Credit Acceptance Receivables Trust<br>Series 2025-2, Class B<br>4.85%, 05/14/2029(b) |  | 1999 |  | 2007851 |
|  Arivo Acceptance Auto Loan Receivables Trust<br>Series 2024-1A, Class A<br>6.46%, 04/17/2028(b) |  | 92 |  | 93094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2<br>4.92%, 05/15/2029(b) |  | 1055 |  | 1055992 |
|  AutoNation Finance Trust<br>Series 2025-1A, Class A2<br>4.72%, 04/10/2028(b) |  | 2084 |  | 2088677 |
|  Avis Budget Rental Car Funding AESOP LLC<br>Series 2023-3A, Class A<br>5.44%, 02/22/2028(b) |  | 1016 |  | 1030775 |
|  Carvana Auto Receivables Trust<br>Series 2021-N3, Class C<br>1.02%, 06/12/2028 |  | 84 |  | 81128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N4, Class D<br>2.30%, 09/11/2028 |  | 137 |  | 133388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P4, Class D<br>2.61%, 09/11/2028 |  | 989 |  | 949732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P3, Class A2<br>4.61%, 11/10/2027 |  | 322 |  | 321606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4, Class A2<br>4.62%, 02/10/2028 |  | 475 |  | 475888 |
|  CPS Auto Receivables Trust<br>Series 2021-C, Class D<br>1.69%, 06/15/2027(b) | U.S.$| 199 |  | $198680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A<br> 5.88%, 02/15/2028(b) |  | 193 |  | 193612 |
|  Flagship Credit Auto Trust<br>Series 2024-3, Class A<br>4.88%, 11/15/2028(b) |  | 383 |  | 384511 |
|  Ford Credit Auto Owner Trust<br>Series 2021-1, Class D<br>2.31%, 10/17/2033(b) |  | 1390 |  | 1369256 |
|  GLS Auto Receivables Issuer Trust<br>Series 2024-3A, Class A2<br>5.35%, 08/16/2027(b) |  | 303 |  | 303769 |
|  Lendbuzz Securitization Trust<br>Series 2025-1A, Class A2<br>5.10%, 10/15/2030(b) |  | 1542 |  | 1543834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2<br>5.18%, 05/15/2030(b) |  | 1366 |  | 1369766 |
|  Lobel Automobile Receivables Trust<br>Series 2025-1, Class A<br>5.06%, 11/15/2027(b) |  | 1083 |  | 1084957 |
|  OCCU Auto Receivables Trust<br>Series 2025-1A, Class A2<br>4.82%, 04/17/2028(b) |  | 1955 |  | 1960421 |
|  Prestige Auto Receivables Trust<br>Series 2025-1A, Class A2<br>4.87%, 12/15/2027(b) |  | 1701 |  | 1703023 |
|  Research-Driven Pagaya Motor Asset Trust<br>Series 2025-4A, Class A2<br>5.124%, 04/25/2034(b) |  | 2131 |  | 2140705 |
|  Research-Driven Pagaya Motor Trust<br>Series 2024-1A, Class A<br>7.09%, 06/25/2032(b) |  | 345 |  | 348411 |
|  Santander Drive Auto Receivables Trust<br>Series 2023-3, Class B<br>5.61%, 07/17/2028 |  | 793 |  | 796580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class A2<br>5.41%, 07/15/2027 |  | 65 |  | 65411 |
|  SBNA Auto Receivables Trust<br>Series 2025-SF1, Class B<br>5.12%, 03/17/2031(b) |  | 259 |  | 259724 |
|  Tesla Auto Lease Trust<br>Series 2024-A, Class A3<br>5.30%, 06/21/2027(b) |  | 487 |  | 488196 |
|  Tricolor Auto Securitization Trust<br>Series 2024-2A, Class A<br>6.36%, 12/15/2027(e) |  | 119 |  | 114243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A<br>4.94%, 02/15/2029(e) |  | 1273 |  | 936408 |
|  United Auto Credit Securitization Trust<br>Series 2025-1, Class A<br>4.80%, 06/10/2027(b) |  | 981 |  | 981557 |
|  |  |  |  | 26953834 |

---

 <br> *2025 Annual Report* *7*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** | **U.S. $ Value** |
| **Other ABS—Fixed Rate–2.4%** | **Other ABS—Fixed Rate–2.4%** | **Other ABS—Fixed Rate–2.4%** |  |  |
|  AB Issuer LLC<br>Series 2021-1, Class A2<br>3.734%, 07/30/2051(b) | U.S.$| 2000 | $| 1892003 |
|  Affirm Asset Securitization Trust<br>Series 2024-X2, Class A<br>5.22%, 12/17/2029(b) |  | 300 |  | 300194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-X1, Class A<br>5.08%, 04/15/2030(b) |  | 1084 |  | 1086763 |
|  Cajun Global LLC<br>Series 2021-1, Class A2<br>3.931%, 11/20/2051(b) |  | 428 |  | 422549 |
|  College Ave Student Loans LLC<br>Series 2021-C, Class B<br>2.72%, 07/26/2055(b) |  | 434 |  | 407510 |
|  Dext ABS LLC<br>Series 2023-1, Class A2<br>5.99%, 03/15/2032(b) |  | 432 |  | 433557 |
|  Diamond Infrastructure Funding LLC<br>Series 2021-1A, Class B<br>2.355%, 04/15/2049(b) |  | 935 |  | 900088 |
|  Diamond Issuer LLC<br>Series 2021-1A, Class A<br>2.305%, 11/20/2051(b) |  | 1941 |  | 1846339 |
|  Equify ABS LLC<br>Series 2024-1A, Class A<br>5.43%, 04/18/2033(b) |  | 619 |  | 619549 |
|  GCI Funding I LLC<br>Series 2021-1, Class A<br>2.38%, 06/18/2046(b) |  | 459 |  | 425421 |
|  Hardee's Funding LLC<br>Series 2018-1A, Class A23<br>5.71%, 06/20/2048(b) |  | 758 |  | 754813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A2<br>3.981%, 12/20/2050(b) |  | 466 |  | 449703 |
|  MVW LLC<br>Series 2021-2A, Class B<br>1.83%, 05/20/2039(b) |  | 284 |  | 268952 |
|  Neighborly Issuer LLC<br>Series 2022-1A, Class A2<br>3.695%, 01/30/2052(b) |  | 1943 |  | 1818776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2<br>7.308%, 01/30/2053(b) |  | 1369 |  | 1386670 |
|  Nelnet Student Loan Trust<br>Series 2021-BA, Class B<br>2.68%, 04/20/2062(b) |  | 620 |  | 553888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B<br>2.53%, 04/20/2062(b) |  | 907 |  | 797842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class B<br>2.90%, 04/20/2062(b) |  | 798 |  | 716660 |
|  NMEF Funding LLC<br>Series 2024-A, Class A2<br>5.15%, 12/15/2031(b) |  | 1173 |  | 1181960 |
|  Oportun Funding Trust<br>Series 2024-3, Class A<br>5.26%, 08/15/2029(b) |  | 352 |  | 352323 |
|  Oportun Issuance Trust<br>Series 2024-2, Class A<br>5.86%, 02/09/2032(b) | U.S.$| 112 | $| 112424 |
|  Pagaya AI Debt Grantor Trust<br>Series 2024-5, Class A<br>6.278%, 10/15/2031(b) |  | 317 |  | 319987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-9, Class B<br>5.306%, 03/15/2032(b) |  | 1280 |  | 1284879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A2<br>5.365%, 12/15/2032(b) |  | 265 |  | 267671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class A2<br>4.497%, 04/15/2033(b) |  | 430 |  | 430114 |
|  Pagaya AI Debt Trust<br>Series 2024-2, Class A<br>6.319%, 08/15/2031(b) |  | 264 |  | 265965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A<br>6.258%, 10/15/2031(b) |  | 363 |  | 365612 |
|  Pagaya Point of Sale Holdings Grantor Trust<br>Series 2025-1, Class A<br>5.715%, 01/20/2034(b) |  | 676 |  | 683919 |
|  Prosper Marketplace Issuance Trust<br>Series 2024-1A, Class A<br>6.12%, 08/15/2029(b) |  | 34 |  | 33702 |
|  |  |  |  | 20379833 |
| **Credit Cards—Fixed Rate–0.6%** | **Credit Cards—Fixed Rate–0.6%** | **Credit Cards—Fixed Rate–0.6%** |  |  |
|  Brex Commercial Charge Card Master Trust<br>Series 2024-1, Class A1<br>6.05%, 07/15/2027(b) |  | 1188 |  | 1195385 |
|  Mission Lane Credit Card Master Trust<br>Series 2024-A, Class A1<br>6.20%, 08/15/2029(b) |  | 811 |  | 818386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A<br>5.88%, 01/15/2030(b) |  | 1890 |  | 1908525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A<br>5.80%, 05/15/2030(b) |  | 1086 |  | 1098674 |
|  |  |  |  | 5020970 |
| **Other ABS—Floating Rate–0.1%** | **Other ABS—Floating Rate–0.1%** | **Other ABS—Floating Rate–0.1%** |  |  |
|  Pagaya AI Debt Grantor Trust<br>Series 2025-1, Class A<br>5.156%, 07/15/2032(b) |  | 137 |  | 138568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5, Class A<br>4.994%, 03/15/2033(b) |  | 336 |  | 336771 |
|  |  |  |  | 475339 |
| Total Asset-Backed Securities<br>(cost $53,827,705) | Total Asset-Backed Securities<br>(cost $53,827,705) | Total Asset-Backed Securities<br>(cost $53,827,705) |  | 52829976 |
| COLLATERALIZED MORTGAGE OBLIGATIONS–5.8% | COLLATERALIZED MORTGAGE OBLIGATIONS–5.8% | COLLATERALIZED MORTGAGE OBLIGATIONS–5.8% | COLLATERALIZED MORTGAGE OBLIGATIONS–5.8% | COLLATERALIZED MORTGAGE OBLIGATIONS–5.8% |
| **Risk Share Floating Rate–4.9%** | **Risk Share Floating Rate–4.9%** | **Risk Share Floating Rate–4.9%** |  |  |
|  Bellemeade Re Ltd.<br>Series 2022-1, Class M1B<br>6.506% (CME Term SOFR + 2.15%), 01/26/2032(b)(d) |  | 109 |  | 108839 |

---

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

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Connecticut Avenue Securities<br>Series 2025-R01, Class 1A1 5.306% (CME Term SOFR + 0.95%), 01/25/2045(b)(d) | U.S.$| 1790 | $1790973 |
|  Connecticut Avenue Securities Trust<br>Series 2021-R02, Class 2M2 6.356% (CME Term SOFR + 2.00%), 11/25/2041(b)(d) |  | 998 | 1010500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1M1<br>5.206% (CME Term SOFR + 0.85%), 12/25/2041(b)(d) |  | 249 | 249210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2<br>6.256% (CME Term SOFR + 1.90%), 12/25/2041(b)(d) |  | 2306 | 2337833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M1<br>5.556% (CME Term SOFR + 1.20%), 01/25/2042(b)(d) |  | 174 | 173870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M2<br>7.856% (CME Term SOFR + 3.50%), 03/25/2042(b)(d) |  | 1545 | 1593264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M2<br>7.356% (CME Term SOFR + 3.00%), 04/25/2042(b)(d) |  | 1206 | 1238712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M1<br>7.106% (CME Term SOFR + 2.75%), 05/25/2042(b)(d) |  | 734 | 750647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M1<br>7.306% (CME Term SOFR + 2.95%), 06/25/2042(b)(d) |  | 981 | 1006018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1<br>6.656% (CME Term SOFR + 2.30%), 01/25/2043(b)(d) |  | 509 | 517735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R03, Class 2M1<br>6.856% (CME Term SOFR + 2.50%), 04/25/2043(b)(d) |  | 523 | 530516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M1<br>6.656% (CME Term SOFR + 2.30%), 05/25/2043(b)(d) |  | 961 | 980967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M1<br>6.056% (CME Term SOFR + 1.70%), 07/25/2043(b)(d) |  | 670 | 672228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M1<br>5.456% (CME Term SOFR + 1.10%), 02/25/2044(b)(d) |  | 339 | 338781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M1<br>5.356% (CME Term SOFR + 1.00%), 07/25/2044(b)(d) |  | 266 | 265756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R06, Class 1M1<br>5.406% (CME Term SOFR + 1.05%), 09/25/2044(b)(d) |  | 398 | 397879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1A1<br>5.356% (CME Term SOFR + 1.00%), 02/25/2045(b)(d) |  | 509 | 509846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R03, Class 2M1<br>5.956% (CME Term SOFR + 1.60%), 03/25/2045(b)(d) |  | 1455 | 1461520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R05, Class 2M1<br>5.556% (CME Term SOFR + 1.20%), 07/25/2045(b)(d) | U.S.$| 2051 | $2057445 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2021-DNA5, Class M2 6.006% (CME Term SOFR + 1.65%), 01/25/2034(b)(d) |  | 212 | 212253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M2<br>5.856% (CME Term SOFR + 1.50%), 10/25/2041(b)(d) |  | 2151 | 2157041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class M2<br>6.156% (CME Term SOFR + 1.80%), 11/25/2041(b)(d) |  | 2412 | 2431883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M2<br>6.706% (CME Term SOFR + 2.35%), 12/25/2041(b)(d) |  | 1530 | 1545317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B<br>7.256% (CME Term SOFR + 2.90%), 04/25/2042(b)(d) |  | 711 | 731748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1B<br>7.706% (CME Term SOFR + 3.35%), 05/25/2042(b)(d) |  | 1358 | 1409149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1B<br>8.856% (CME Term SOFR + 4.50%), 06/25/2042(b)(d) |  | 2274 | 2405016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M1A<br>6.856% (CME Term SOFR + 2.50%), 03/25/2052(b)(d) |  | 628 | 634904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA1, Class M1A<br>6.448% (CME Term SOFR + 2.10%), 03/25/2043(b)(d) |  | 536 | 543877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA2, Class M1A<br>6.448% (CME Term SOFR + 2.10%), 04/25/2043(b)(d) |  | 1802 | 1826478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA3, Class A1<br>5.406% (CME Term SOFR + 1.05%), 10/25/2044(b)(d) |  | 1053 | 1055472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA1, Class M1<br>5.606% (CME Term SOFR + 1.25%), 03/25/2044(b)(d) |  | 809 | 809406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA2, Class M1<br>5.556% (CME Term SOFR + 1.20%), 08/25/2044(b)(d) |  | 1217 | 1217485 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2021-HQA2<br>Series 2021-HQA2, Class M2 6.406% (CME Term SOFR + 2.05%), 12/25/2033(b)(d) |  | 929 | 951490 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA1<br>Series 2025-DNA1, Class A1 5.306% (CME Term SOFR + 0.95%), 01/25/2045(b)(d) |  | 919 | 919947 |

---

 <br> *2025 Annual Report* *9*

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA2<br>Series 2025-DNA2, Class A1 5.456% (CME Term SOFR + 1.10%), 05/25/2045(b)(d) | U.S.$| 532 | $533104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA2, Class M1 5.556% (CME Term SOFR + 1.20%), 05/25/2045(b)(d) |  | 555 | 555320 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-Dna3<br>Series 2025-DNA3, Class A1 5.32% (CME Term SOFR + 0.95%), 09/25/2045(b)(d) |  | 2158 | 2159530 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-Hqa1<br>Series 2025-HQA1, Class A1 5.306% (CME Term SOFR + 0.95%), 02/25/2045(b)(d) |  | 1215 | 1215388 |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2015-C04, Class 1M2 10.171% (CME Term SOFR + 5.81%), 04/25/2028(d) |  | 72 | 72490 |
|  Wells Fargo Credit Risk Transfer Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-WF1, Class 1M2 9.721% (CME Term SOFR + 5.36%), 11/25/2025(b)(d) |  | 138 | 144267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-WF1, Class 2M2 9.971% (CME Term SOFR + 5.61%), 11/25/2025(b)(d) |  | 33 | 35114 |
|  |  |  | 41559218 |
| **Non-Agency Floating Rate–0.6%** |  |  |  |
|  Deutsche Alt-A Securities Mortgage Loan Trust<br>Series 2006-AR4, Class A2<br>4.652% (CME Term SOFR 1 Month<br>+ 0.49%), 12/25/2036(d) |  | 765 | 240068 |
|  Federal Home Loan Mortgage Corp.<br>Mscr Trust Mn1<br>Series 2021-MN1, Class M1<br>6.356% (CME Term SOFR + 2.00%), 01/25/2051(b)(d) |  | 76 | 75375 |
|  Home Equity Asset Trust<br>Series 2007-3, Class M1 4.797% (CME Term SOFR 1 Month + 0.64%), 08/25/2037(d) |  | 3721 | 4370245 |
|  HomeBanc Mortgage Trust<br>Series 2005-1, Class A1<br>4.772% (CME Term SOFR 1 Month + 0.61%), 03/25/2035(d) |  | 95 | 78186 |
|  JPMorgan Chase Bank NA–CHASE<br>Series 2019-CL1, Class M3<br>6.372% (CME Term SOFR 1 Month + 2.21%), 04/25/2047(b)(d) | U.S.$| 153 | $154525 |
|  Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates<br>Series 2004-1, Class 1A<br>4.872% (CME Term SOFR 1 Month + 0.71%), 04/25/2034(d) |  | 26 | 25732 |
|  |  |  | 4944131 |
| **Agency Floating Rate–0.2%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4416, Class BS<br>1.613% (5.99%–CME Term SOFR), 12/15/2044(d)(f) |  | 979 | 108381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4693, Class SL<br>1.663% (6.04%–CME Term SOFR), 06/15/2047(d)(f) |  | 1062 | 128175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4954, Class SL<br>1.579% (5.94%–CME Term SOFR), 02/25/2050(d)(f) |  | 1388 | 166858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4981, Class HS<br>1.629% (5.99%–CME Term SOFR), 06/25/2050(d)(f) |  | 3204 | 350684 |
|  Federal National Mortgage Association REMICS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-106, Class ES<br>1.529% (5.89%–CME Term SOFR), 01/25/2047(d)(f) |  | 981 | 119876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-73, Class SA<br>1.679% (6.04%–CME Term SOFR), 09/25/2047(d)(f) |  | 1266 | 161562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-97, Class LS<br>1.729% (6.09%–CME Term SOFR), 12/25/2047(d)(f) |  | 961 | 118834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-97, Class SW<br>1.729% (6.09%–CME Term SOFR), 12/25/2047(d)(f) |  | 867 | 111597 |
|  Government National Mortgage Association |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-134, Class SE<br>1.95% (6.09%–CME Term SOFR 1 Month), 09/20/2047(d)(f) |  | 648 | 85869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-43, Class ST<br>1.85% (5.99%–CME Term SOFR 1 Month), 03/20/2047(d)(f) |  | 1295 | 163584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-65, Class ST<br>1.90% (6.04%–CME Term SOFR 1 Month), 04/20/2047(d)(f) |  | 1156 | 147318 |
|  |  |  | 1662738 |
| **Agency Fixed Rate–0.1%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICS<br>Series 4973, Class BI<br>4.50%, 05/25/2050(g) |  | 3763 | 912737 |

---

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

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
|  Federal National Mortgage Association Grantor Trust<br>Series 2004-T5, Class AB4<br>4.878%, 05/28/2035 | U.S.$| 216 | $212280 |
|  |  |  | 1125017 |
| **Non-Agency Fixed Rate–0.0%** |  |  |  |
|  Alternative Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-20CB, Class 3A6<br>5.50%, 07/25/2035 |  | 50 | 32938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A16<br>5.75%, 08/25/2036 |  | 337 | 163818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J1, Class 1A13<br>5.50%, 02/25/2036 |  | 136 | 90963 |
|  CHL Mortgage Pass-Through Trust<br>Series 2006-13, Class 1A19<br>6.25%, 09/25/2036 |  | 73 | 31575 |
|  |  |  | 319294 |
| Total Collateralized Mortgage Obligations<br>(cost $44,990,146) | Total Collateralized Mortgage Obligations<br>(cost $44,990,146) |  | 49610398 |
| COMMERCIAL MORTGAGE-BACKED SECURITIES–1.6% | COMMERCIAL MORTGAGE-BACKED SECURITIES–1.6% | COMMERCIAL MORTGAGE-BACKED SECURITIES–1.6% | COMMERCIAL MORTGAGE-BACKED SECURITIES–1.6% |
| **Non-Agency Floating Rate CMBS–1.1%** | **Non-Agency Floating Rate CMBS–1.1%** |  |  |
|  ALA Trust<br>Series 2025-OANA, Class A<br>5.894% (CME Term SOFR 1 Month + 1.74%), 06/15/2040(b)(d) |  | 1520 | 1527963 |
|  AREIT Trust<br>Series 2022-CRE6, Class A<br>5.636% (CME Term SOFR + 1.25%), 01/20/2037(b)(d) |  | 1669 | 1668640 |
|  BBCMS Mortgage Trust<br>Series 2020-BID, Class A<br>6.405% (CME Term SOFR 1 Month + 2.25%), 10/15/2037(b)(d) |  | 1998 | 1997376 |
|  BHMS Commercial Mortgage Trust<br>Series 2025-ATLS, Class A<br>6.00% (CME Term SOFR 1 Month + 1.85%), 08/15/2042(b)(d) |  | 1442 | 1446064 |
|  BX Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IMC, Class D<br>6.096% (CME Term SOFR 1 Month + 1.95%), 04/15/2034(b)(d) |  | 207 | 203596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IMC, Class E<br>6.346% (CME Term SOFR 1 Month + 2.20%), 04/15/2034(b)(d) |  | 839 | 818415 |
|  CLNY Trust<br>Series 2019-IKPR, Class D<br>6.613% (CME Term SOFR 1 Month + 2.39%), 11/15/2038(b)(d) |  | 744 | 717960 |
|  Natixis Commercial Mortgage Securities Trust<br>Series 2019-MILE, Class A<br>5.73% (CME Term SOFR 1 Month + 1.58%), 07/15/2036(b)(d) |  | 566 | 543608 |
|  |  |  | 8923622 |
| **Non-Agency Fixed Rate CMBS–0.5%** | **Non-Agency Fixed Rate CMBS–0.5%** |  |  |
|  GS Mortgage Securities Trust<br>Series 2011-GC5, Class D<br>5.314%, 08/10/2044(b) | U.S.$| 28 | $20173 |
|  GSF 2021 1 Issuer LLC 08/26 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1<br>1.433%, 08/15/2026(e) |  | 799 | 793011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2<br>2.435%, 08/15/2026(e) |  | 1801 | 1790140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class AS<br>2.638%, 08/15/2026(e) |  | 59 | 58138 |
|  HFX Funding<br>Series 2017-1A, Class A3<br>3.647%, 03/15/2035(e) |  | 12 | 12430 |
|  JPMBB Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C14, Class D<br>4.172%, 08/15/2046(b) |  | 472 | 364535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class XA 0.551%, 09/15/2047(g) |  | 310 | 3 |
|  Morgan Stanley Bank of America Merrill Lynch Trust<br>Series 2014-C19, Class D<br>3.25%, 12/15/2047(b) |  | 603 | 555942 |
|  Wells Fargo Commercial Mortgage Trust<br>Series 2016-NXS6, Class C<br>4.486%, 11/15/2049 |  | 1030 | 991929 |
|  |  |  | 4586301 |
| Total Commercial Mortgage-Backed Securities<br>(cost $13,671,612) | Total Commercial Mortgage-Backed Securities<br>(cost $13,671,612) |  | 13509923 |
| AGENCIES–1.6% |  |  |  |
| **Agency Debentures–1.6%** |  |  |  |
|  Federal Home Loan Banks<br>4.00%, 06/30/2028 |  | 10600 | 10697096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/08/2028 |  | 1785 | 1841817 |
|  Federal National Mortgage Association<br>6.25%, 05/15/2029 |  | 355 | 385937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 11/15/2030 |  | 260 | 293868 |
| Total Agencies<br>(cost $13,100,877) |  |  | 13218718 |
| INFLATION-LINKED SECURITIES–1.2% | INFLATION-LINKED SECURITIES–1.2% | INFLATION-LINKED SECURITIES–1.2% |  |
| **United States–1.2%** |  |  |  |
|  U.S. Treasury Inflation Index<br>0.25%, 07/15/2029 (TIPS)<br>(cost $9,798,209) |  | 10543 | 10226452 |
| CORPORATES—NON-INVESTMENT GRADE–1.1% | CORPORATES—NON-INVESTMENT GRADE–1.1% | CORPORATES—NON-INVESTMENT GRADE–1.1% | CORPORATES—NON-INVESTMENT GRADE–1.1% |
| Industrial–1.0% | Industrial–1.0% | Industrial–1.0% | Industrial–1.0% |
| **Basic–0.1%** |  |  |  |
|  Solstice Advanced Materials, Inc.<br>5.625%, 09/30/2033(b) |  | 563 | 564559 |

---

 <br> *2025 Annual Report* *11*

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Capital Goods–0.1%** |  |  |  |
|  Axon Enterprise, Inc.<br>6.125%, 03/15/2030(b) | U.S.$| 655 | $673366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033(b) |  | 476 | 491527 |
|  |  |  | 1164893 |
| **Communications—Media–0.2%** |  |  |  |
|  Discovery Communications LLC<br>5.20%, 09/20/2047 |  | 6 | 3869 |
|  VZ Vendor Financing II BV<br>2.875%, 01/15/2029(b) | EUR | 540 | 596062 |
|  Warnermedia Holdings, Inc.<br>4.279%, 03/15/2032 | U.S.$| 1061 | 972736 |
|  |  |  | 1572667 |
| **Communications—Telecommunications–0.0%** | **Communications—Telecommunications–0.0%** | **Communications—Telecommunications–0.0%** |  |
|  Altice France SA<br>3.375%, 01/15/2028(e) | EUR | 259 | 260386 |
| **Consumer Cyclical—Other–0.1%** |  |  |  |
|  Hilton Domestic Operating Co., Inc.<br>5.875%, 04/01/2029(b) | U.S.$| 455 | 464273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/01/2032(b) |  | 261 | 268217 |
|  |  |  | 732490 |
| **Consumer Cyclical—Retailers–0.1%** | **Consumer Cyclical—Retailers–0.1%** | **Consumer Cyclical—Retailers–0.1%** |  |
|  Advance Auto Parts, Inc.<br>7.00%, 08/01/2030(b) |  | 1238 | 1275066 |
| **Consumer Non-Cyclical–0.1%** |  |  |  |
|  CVS Health Corp.<br>6.75%, 12/10/2054 |  | 47 | 48535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/10/2055 |  | 786 | 827069 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV<br>2.875%, 04/30/2028(b) | EUR | 320 | 366240 |
|  |  |  | 1241844 |
| **Energy–0.1%** |  |  |  |
|  Sunoco LP<br>5.625%, 03/15/2031(b) | U.S.$| 753 | 747654 |
| **Technology–0.2%** |  |  |  |
|  Kioxia Holdings Corp.<br>6.625%, 07/24/2033(b) |  | 1268 | 1300740 |
|  |  |  | 8860299 |
| Utility–0.1% | 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) |  | 648 | 657519 |
| Total Corporates—Non-Investment Grade<br>(cost $9,489,524) | Total Corporates—Non-Investment Grade<br>(cost $9,489,524) |  | 9517818 |
| GOVERNMENTS—SOVEREIGN BONDS–0.7% | GOVERNMENTS—SOVEREIGN BONDS–0.7% | GOVERNMENTS—SOVEREIGN BONDS–0.7% | GOVERNMENTS—SOVEREIGN BONDS–0.7% |
| **Chile–0.2%** | **Chile–0.2%** | **Chile–0.2%** | **Chile–0.2%** |
|  Chile Electricity Lux MPC II SARL<br>5.58%, 10/20/2035(b) |  | 873 | $894735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.672%, 10/20/2035(b) |  | 319 | 328608 |
|  |  |  | 1223343 |
| **Colombia – 0.1%** |  |  |  |
|  Colombia Government International Bond<br>3.125%, 04/15/2031 |  | 696 | 605520 |
| **Ecuador–0.1%** |  |  |  |
|  Amazon Conservation DAC<br>6.034%, 01/16/2042(b) |  | 927 | 959130 |
| **Mexico–0.1%** |  |  |  |
|  Mexico Government International Bond<br>5.375%, 03/22/2033 |  | 716 | 716072 |
| **Romania–0.2%** | **Romania–0.2%** | **Romania–0.2%** |  |
|  Romanian Government International Bond<br>5.75%, 09/16/2030(b) |  | 2010 | 2047688 |
| Total Governments—Sovereign Bonds<br>(cost $5,535,037) | Total Governments—Sovereign Bonds<br>(cost $5,535,037) |  | 5551753 |
| LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.6% | LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.6% | LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.6% | LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.6% |
| **United States–0.6%** |  |  |  |
|  State Board of Administration Finance Corp.<br>(Florida Hurricane Catastrophe Fund)<br>Series 2020-A<br>1.705%, 07/01/2027 |  | 1634 | 1573245 |
|  State of California<br>(State of California)<br>Series 2010<br>7.625%, 03/01/2040 |  | 2040 | 2474119 |
|  University of California<br>(University of California)<br>Series 2021-B<br>3.071%, 05/15/2051 |  | 2070 | 1383584 |
| Total Local Governments—US Municipal Bonds<br>(cost $5,803,883) | Total Local Governments—US Municipal Bonds<br>(cost $5,803,883) | Total Local Governments—US Municipal Bonds<br>(cost $5,803,883) | 5430948 |
| 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–0.4% | Industrial–0.4% | Industrial–0.4% | Industrial–0.4% |
| **Basic–0.1%** |  |  |  |
|  Braskem Netherlands Finance BV<br>4.50%, 01/10/2028(b) |  | 1440 | 610488 |
|  Volcan Cia Minera SAA<br>8.75%, 01/24/2030(b) |  | 140 | 145222 |
|  |  |  | 755710 |

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

------

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

---

| | | | |
|:---|:---|:---|:---|
| | **Principal Amount (000)** | **Principal Amount (000)** | **U.S. $ Value** |
| **Communications—Media–0.1%** |  |  |  |
|  Globo Comunicacao e Participacoes S/A<br>4.875%, 01/22/2030(b) | U.S.$| 459 | $443077 |
| **Consumer Cyclical—Other–0.1%** |  |  |  |
|  Wynn Macau Ltd.<br>5.625%, 08/26/2028(b) |  | 730 | 728548 |
| **Energy–0.1%** |  |  |  |
|  Ecopetrol SA<br>8.375%, 01/19/2036 |  | 384 | 396480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 01/19/2029 |  | 730 | 792561 |
|  Oleoducto Central SA<br>4.00%, 07/14/2027(b) |  | 248 | 243449 |
|  |  |  | 1432490 |
|  |  |  | 3359825 |
| Utility–0.2% | Utility–0.2% | Utility–0.2% | Utility–0.2% |
| **Electric–0.0%** | **Electric–0.0%** | **Electric–0.0%** |  |
|  Terraform Global Operating LP<br>6.125%, 03/01/2026(b) |  | 45 | 44715 |
| **Other Utility–0.2%** |  |  |  |
|  Aegea Finance SARL<br>6.75%, 05/20/2029(b) |  | 431 | 439969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 01/20/2036(b) |  | 1283 | 1279664 |
|  |  |  | 1719633 |
|  |  |  | 1764348 |
| Total Emerging Markets—Corporate Bonds<br>(cost $5,702,827) | Total Emerging Markets—Corporate Bonds<br>(cost $5,702,827) |  | 5124173 |
| QUASI-SOVEREIGNS–0.3% | QUASI-SOVEREIGNS–0.3% | QUASI-SOVEREIGNS–0.3% | QUASI-SOVEREIGNS–0.3% |
| Quasi-Sovereign Bonds–0.3% | Quasi-Sovereign Bonds–0.3% | Quasi-Sovereign Bonds–0.3% | Quasi-Sovereign Bonds–0.3% |
| **Chile–0.2%** |  |  |  |
|  Corp. Nacional del Cobre de Chile<br>6.44%, 01/26/2036(b) |  | 1473 | 1592313 |
| **Mexico – 0.1%** |  |  |  |
|  Comision Federal de Electricidad<br>4.688%, 05/15/2029(b) |  | 478 | 470887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 01/24/2030(b) |  | 705 | 716104 |
|  |  |  | 1186991 |
| Total Quasi-Sovereigns<br>(cost $2,690,557) |  |  | 2779304 |
| COLLATERALIZED LOAN OBLIGATIONS–0.3% | COLLATERALIZED LOAN OBLIGATIONS–0.3% | COLLATERALIZED LOAN OBLIGATIONS–0.3% | COLLATERALIZED LOAN OBLIGATIONS–0.3% |
| **CLO—Floating Rate–0.3%** | **CLO—Floating Rate–0.3%** | **CLO—Floating Rate–0.3%** |  |
|  Ballyrock CLO 27 Ltd.<br>Series 2024-27A, Class A1A<br>5.668% (CME Term SOFR 3 Month + 1.35%), 10/25/2037(b)(d) |  | 714 | 715681 |
|  Benefit Street Partners CLO XXXVIII Ltd.<br>Series 2024-38A, Class A<br>5.628% (CME Term SOFR 3 Month + 1.31%), 01/25/2038(b)(d) | U.S.$| 819 | $821069 |
|  OCP CLO Ltd.<br>Series 2024-34A, Class A1<br>5.678% (CME Term SOFR 3 Month + 1.36%), 10/15/2037(b)(d) |  | 561 | 563637 |
| Total Collateralized Loan Obligations<br>(cost $2,092,829) | Total Collateralized Loan Obligations<br>(cost $2,092,829) |  | 2100387 |
| EMERGING MARKETS—SOVEREIGNS–0.1% | EMERGING MARKETS—SOVEREIGNS–0.1% | EMERGING MARKETS—SOVEREIGNS–0.1% | EMERGING MARKETS—SOVEREIGNS–0.1% |
| **Mexico–0.1%** | **Mexico–0.1%** | **Mexico–0.1%** |  |
|  Eagle Funding Luxco SARL<br>5.50%, 08/17/2030(b)<br>(cost $859,878) |  | 862 | 875361 |
| GOVERNMENTS—SOVEREIGN AGENCIES–0.0% | GOVERNMENTS—SOVEREIGN AGENCIES–0.0% | GOVERNMENTS—SOVEREIGN AGENCIES–0.0% | GOVERNMENTS—SOVEREIGN AGENCIES–0.0% |
| **Kazakhstan – 0.0%** | **Kazakhstan – 0.0%** | **Kazakhstan – 0.0%** |  |
|  Baiterek National Managing Holding JSC<br>5.45%, 05/08/2028(b)<br>(cost $354,299) |  | 356 | 362088 |
| SHORT-TERM INVESTMENTS–15.3% | SHORT-TERM INVESTMENTS–15.3% | SHORT-TERM INVESTMENTS–15.3% | SHORT-TERM INVESTMENTS–15.3% |
| **U.S. Treasury Bills–11.3%** | **U.S. Treasury Bills–11.3%** | **U.S. Treasury Bills–11.3%** | **U.S. Treasury Bills–11.3%** |
|  U.S. Treasury Bill | U.S. Treasury Bill | U.S. Treasury Bill |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/09/2025 |  | 22152 | 22132038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/12/2025 |  | 25800 | 25679202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/13/2025 |  | 49057 | 48820947 |
| Total U.S. Treasury Bills<br>(cost $96,619,067) |  |  | 96632187 |
|  |  | **Shares** |  |
| **Investment Companies–4.0%** |  |  |  |
|  AB Fixed Income Shares, Inc.—Government Money Market Portfolio—Class AB,<br>3.97%(h)(i)(j)<br>(cost $34,457,435) |  | 34457435 | 34457435 |
| Total Short-Term Investments<br>(cost $131,076,502) | Total Short-Term Investments<br>(cost $131,076,502) |  | 131089622 |
| **Total Investments—110.4%**<br>(cost $966,276,201) |  |  | 942341462 |
|  Other assets less liabilities—(10.4)% |  |  | (88712206) |
| **Net Assets—100.0%** |  |  | $**853629256** |

---

 <br> *2025 Annual Report* *13*

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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. T-Note 2 Yr (CBT) Futures | 199 | December 2025 | $41471289 | $(83077) |
|  U.S. T-Note 5 Yr (CBT) Futures | 961 | December 2025 | 104936696 | 204706 |
|  U.S. T-Note 10 Yr (CBT) Futures | 22 | December 2025 | 2475000 | 422 |
|  U.S. Ultra Bond (CBT) Futures | 185 | December 2025 | 22211563 | 549784 |
| **Sold Contracts** |  |  |  |  |
|  Japan 10 Yr Bond (OSE) Futures | 25 | December 2025 | 22955337 | 148278 |
|  |  |  |  | $820113 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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)** |
|  State Street Bank & Trust Co. | USD | 102 | JPY | 15247 | 10/30/2025 | $1015 |
|  State Street Bank & Trust Co. | JPY | 1185894 | USD | 8144 | 11/10/2025 | 92664 |
|  State Street Bank & Trust Co. | EUR | 761 | USD | 898 | 11/21/2025 | 1178 |
|  |  |  |  |  |  | $94857 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) |
| | | | **Rate Type** | **Rate Type** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Notional Amount<br>(000)** | **Notional Amount<br>(000)** | **Termination<br>Date** | **Payments made<br>by the Fund** | **Payments received<br>by the Fund** | **Payment<br>Frequency Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 4950 | 12/13/2029 | 1.537% | 1 Day SOFR | Annual | $465192 | $309426 | $155766 |

---

\*\* Principal amount less than 500.

(a) Position, or a portion thereof, has been segregated to collateralize margin requirements for open centrally cleared swaps.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2025, the aggregate market value of these securities amounted to $197,207,852 or 23.1% 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, 2025.

(e) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.46% of net assets as of September 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Altice France SA <br>3.375%, 01/15/2028 | 12/15/2021 | $288930 | $260386 | 0.03% |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class A1 <br>1.433%, 08/15/2026 | 12/20/2021 -<br>08/03/2023 | 761935 | 793011 | 0.09% |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class A2 <br>2.435%, 08/15/2026 | 02/25/2021-<br>09/06/2022 | 1811620 | 1790140 | 0.21% |
|  GSF 2021 1 Issuer LLC 08/26 1<br>Series 2021-1, Class AS <br>2.638%, 08/15/2026 | 02/25/2021 -<br>04/01/2021 | 59288 | 58138 | 0.01% |

---

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  HFX Funding <br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035 | 11/19/2020 | $13130 | $12430 | 0.00% |
|  Tricolor Auto Securitization Trust <br>Series 2024-2A, Class A <br>6.36%, 12/15/2027 | 05/14/2024 | 118921 | 114243 | 0.01% |
|  Tricolor Auto Securitization Trust <br>Series 2025-1A, Class A <br>4.94%, 02/15/2029 | 03/11/2025 | 1273006 | 936408 | 0.11% |

---

(f) Inverse interest only security.

(g) IO—Interest Only.

(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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

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

(j) Affiliated investments.

Currency Abbreviations:

EUR—Euro

JPY—Japanese Yen

USD—United States Dollar

Glossary:

ABS—Asset-Backed Securities

ARMs—Adjustable Rate Mortgages

CBT—Chicago Board of Trade

CLO—Collateralized Loan Obligations

CMBS—Commercial Mortgage-Backed Securities

CME—Chicago Mercantile Exchange

OSE—Osaka Securities Exchange

REIT—Real Estate Investment Trust

REMICS—Real Estate Mortgage Investment Conduits

RFUCCT1Y—Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year

SOFR—Secured Overnight Financing Rate

TBA—To Be Announced

TIPS—Treasury Inflation Protected Security

See notes to financial statements.

 <br> *2025 Annual Report* *15*

------

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

---

| | |
|:---|:---|
| | **INTERMEDIATE<br>DURATION<br>INSTITUTIONAL<br>PORTFOLIO** |
| ASSETS | ASSETS |
| &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 (cost $931,818,766) | $907884027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $34,457,435) | 34457435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 563092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due from broker | 2972271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 21453067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated interest and dividends | 5712868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 490735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation of forward currency exchange contracts | 94857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable due from Adviser | 90691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends | 89520 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | **973808563** |
| LIABILITIES | LIABILITIES |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 118561091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends to shareholders | 856620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee | 306814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures | 67461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fee | 53391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 9781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 5237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee | 2966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 315898 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | **120179307** |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS** | $**853629256** |
| &nbsp;&nbsp;&nbsp;&nbsp; **SHARES OF CAPITAL STOCK OUTSTANDING** | **65024978** |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE** | $**13.13** |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par**\*** | $65025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 966768061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated loss | (113203830) |
|  | $**853629256** |

---

**\*** The Sanford C. Bernstein Fund II, Inc., has authorized 18 billion shares of common stock with par value of $.001 per share.

See notes to financial statements.

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

------

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

---

| | |
|:---|:---|
| | **INTERMEDIATE<br>DURATION<br>INSTITUTIONAL<br>PORTFOLIO** |
| INVESTMENT INCOME |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $37785776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends—Affiliated issuers | 1271691 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | **39057467** |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fee (see Note 2A) | 3671355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee | 18614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees | 147370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative | 115208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and tax fees | 93918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 75433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 43043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 25811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing fees | 15700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 32583 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | **4239035** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Note 2A and 2C) | (625887) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3613148 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | **35444319** |
| 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)** | (1645014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (6830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 216427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 116917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 379178 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized loss on investment and foreign currency transactions** | **(939322)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments **(b)** | (9300805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 173165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 477849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (22266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities and other assets | (2881) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities** | **(8674938)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized loss on investment and foreign currency transactions** | **(9614260)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | $**25830059** |

---

**(a)** Net of foreign realized capital gains taxes of $4,092, respectively.

**(b)** Net of increase in accrued foreign capital gain taxes on unrealized gains of $1,990.

See Notes to Financial Statements.

 <br> *2025 Annual Report* *17*

------

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

---

| | | |
|:---|:---|:---|
|  | **INTERMEDIATE DURATION<br>INSTITUTIONAL PORTFOLIO** | **INTERMEDIATE DURATION<br>INSTITUTIONAL PORTFOLIO** |
| | YEARENDED9/30/25 | YEARENDED9/30/24 |
| INCREASE (DECREASE) IN NET ASSETS FROM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $35444319 | $31465700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investment and foreign currency transactions | (939322) | (10647246) |
| &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 | (8674938) | 66265516 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | **25830059** | **87083970** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders** | **(34541099)** | **(31542428)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital-share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares | 167178062 | 163794615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 29078647 | 26156909 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total proceeds from shares sold** | **196256709** | **189951524** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (104698527) | (132167947) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets from capital-share transactions** | **91558182** | **57783577** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets** | **82847142** | **113325119** |
| NET ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beginning of period** | **770782114** | **657456995** |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $**853629256** | $**770782114** |

---

See Notes to Financial Statements.

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

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INTERMEDIATE DURATIONINSTITUTIONAL PORTFOLIO** | **INTERMEDIATE DURATIONINSTITUTIONAL PORTFOLIO** | **INTERMEDIATE DURATIONINSTITUTIONAL PORTFOLIO** | **INTERMEDIATE DURATIONINSTITUTIONAL PORTFOLIO** | **INTERMEDIATE DURATIONINSTITUTIONAL PORTFOLIO** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEARENDED9/30/23 | YEARENDED9/30/22 | YEARENDED9/30/21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $**13.32** | $**12.31** | $**12.72** | $**15.50** | $**16.04** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(a)(b)** | .56 | .56 | .47 | .26 | .30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.20) | 1.01 | (.41) | (2.55) | (.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment operations** | **.36** | **1.57** | **.06** | **(2.29)** | **.01** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividends and distributions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (.55) | (.56) | (.47) | (.27) | (.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net realized gain on investment transactions | 0 | 0 | 0 | (.22) | (.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total dividends and distributions** | **(.55)** | **(.56)** | **(.47)** | **(.49)** | **(.55)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $**13.13** | $**13.32** | $**12.31** | $**12.72** | $**15.50** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total return (c)** | **2.84%** | **13.01%** | **.45%** | **(15.13)** | **.02%** |
| RATIOS/SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000 omitted) | $853629 | $770782 | $657457 | $708490 | $1016985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net assets (000 omitted) | $815857 | $722099 | $685104 | $853245 | $963532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements **(d)** | .44% | .45% | .45% | .45% | .45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements **(d)** | .52% | .52% | .54% | .51% | .52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income **(b)** | 4.34% | 4.36% | 3.63% | 1.85% | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate **(e)** | 180% | 206% | 169% | 129% | 118% |

---

**(a)** Based on average shares outstanding.

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

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

**(d)** In connection with the Fund's investments in affiliated underlying portfolios, the Fund 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 Fund in an amount equal to the Fund's pro rata share of certain acquired fund fees and expenses, and for the year ended September 30, 2025, such waiver amounted to .01%.

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

See Notes to Financial Statements.

 <br> *2025 Annual Report* *19*

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Notes to Financial Statements

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

---

Sanford C. Bernstein Fund II, Inc. (the "Fund") is registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end registered investment company. The Fund, which is a Maryland corporation, currently comprises one portfolio, the Intermediate Duration Institutional Portfolio (the "Portfolio"). 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. The 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 Portfolio.

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

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at "fair value" as determined in accordance with procedures approved by and under the oversight of the Board. Pursuant to these procedures, AllianceBernstein L.P. (the "Adviser") serves as the Portfolio's 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 Portfolio's portfolio investments, subject to the Board's oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. ("NASDAQ")) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the "Committee") must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer's financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its 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 Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

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

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

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those 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 Portfolio. Unobservable inputs reflect the Portfolio's own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

• Level 3—significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments)

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

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, 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.

 <br> *2025 Annual Report* *21*

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Notes to Financial Statements (continued)

The following table summarizes the valuation of the Portfolio's investments by the above fair value hierarchy levels as of September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS IN SECURITIES:** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Governments—Treasuries | $0 | $247542533 | $0 | $247542533 |
|  Corporates—Investment Grade | 0 | 213984120 | 0 | 213984120 |
|  Mortgage Pass-Throughs | 0 | 178587888 | 0 | 178587888 |
|  Asset-Backed Securities | 0 | 52829976 | 0 | 52829976 |
|  Collateralized Mortgage Obligations | 0 | 49610398 | 0 | 49610398 |
|  Commercial Mortgage-Backed Securities | 0 | 13509923 | 0 | 13509923 |
|  Agencies | 0 | 13218718 | 0 | 13218718 |
|  Inflation-Linked Securities | 0 | 10226452 | 0 | 10226452 |
|  Corporates—Non-Investment Grade | 0 | 9517818 | 0 | 9517818 |
|  Governments—Sovereign Bonds | 0 | 5551753 | 0 | 5551753 |
|  Local Governments—US Municipal Bonds | 0 | 5430948 | 0 | 5430948 |
|  Emerging Markets—Corporate Bonds | 0 | 5124173 | 0 | 5124173 |
|  Quasi-Sovereigns | 0 | 2779304 | 0 | 2779304 |
|  Collateralized Loan Obligations | 0 | 2100387 | 0 | 2100387 |
|  Emerging Markets—Sovereigns | 0 | 875361 | 0 | 875361 |
|  Governments—Sovereign Agencies | 0 | 362088 | 0 | 362088 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills | 0 | 96632187 | 0 | 96632187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 34457435 | 0 | 0 | 34457435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 34457435 | 907884027 | 0 | 942341462 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 903190 | 0 | 0 | 903190 **(b)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 0 | 94857 | 0 | 94857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 0 | 465192 | 0 | 465192 **(b)** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (83077) | 0 | 0 | (83077)**(b)** |
|  **Total** | $**35277548** | $**908444076** | $**0** | $**943721624** |

---

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

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

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

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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 Portfolio's 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 Portfolio does 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 Portfolio does isolate the effect of changes in foreign exchange rates from changes in market prices of debt securities sold during the year, as required by the Internal Revenue Code.

The Portfolio may invest in foreign securities and foreign currency transactions that may involve risks not associated with domestic investments as a result of the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability, among others.

**D.** **Taxes** 

The 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, the Portfolio will not be subject to federal and state income taxes to the extent that all of its income is distributed. The Portfolio may be subject to taxes imposed by countries in which it invests. 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 Portfolio's 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 Portfolio's financial statements.

**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 Portfolio 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 Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from real estate investment trust ("REIT") investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

**F.** **Securities Transactions on a When-Issued or Delayed-Delivery Basis** 

The Portfolio may purchase securities on a when-issued basis or purchase or sell securities on a delayed-delivery basis. At the time the 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 the 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.** **Distribution of Income and Gains** 

Net investment income of the Portfolio is intended to be 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, for the Portfolio will be paid to shareholders at least once a year, and recorded on the ex-dividend date.

 <br> *2025 Annual Report* *23*

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Notes to Financial Statements (continued)

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

**H.** **Cash and Short-Term Investments** 

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

**I.** **Segment Information** 

The Portfolio represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Portfolio's President is the CODM. The CODM monitors the operating results of the Portfolio as a whole and the pre-determined Portfolio's long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segments performance versus the Portfolio's comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

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

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**A.** **Advisory Fee** 

Under the advisory agreement between the Fund and Adviser, the Portfolio pays the Adviser an advisory fee at an annual rate of 0.45% of the first $2.5 billion, 0.40% of the next $2.5 billion, 0.35% of the next $5 billion and 0.30% in excess of $8 billion of the average daily net assets of the Portfolio. Pursuant to an Expense Limitation Agreement, during the reporting period, the Adviser waived a portion of its advisory fee or reimbursed the Portfolio for a portion of its expenses to the extent necessary to limit the Portfolio's expenses to 0.45%. This waiver extends through January 28, 2026 and may be extended by the Adviser for additional one-year terms. For the year ended September 30, 2025, the aggregate amount of such fee waiver was $566,715.

**B.** **Distribution Arrangements** 

Under the Distribution Agreement between the Fund, on behalf of the Portfolio, and Sanford C. Bernstein & Co., LLC (the "Distributor"), the Distributor agrees to act as agent to sell shares of the Portfolio. 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.

**C.** **Investments and other transactions with Affiliated Issuers** 

The Portfolio may invest in AB Government Money Market Portfolio which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Portfolio in AB Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio's pro rata share of the effective advisory fee

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

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of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended September 30, 2025, such waiver amounted to $59,172.

A summary of the Portfolio's transactions in AB mutual funds for the year ended September 30, 2025 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **MARKET VALUE9/30/24<br>(000)** | **PURCHASES<br>AT COST(000)** | **SALESPROCEEDS(000)** | **MARKET VALUE9/30/25<br>(000)** | **DIVIDENDINCOME(000)** |
|  AB Government Money Market Portfolio | $40682 | $565065 | $571290 | $34457 | $1272 |

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

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

For the year ended September 30, 2025, the Portfolio had purchases and sales transactions, excluding transactions in short-term instruments, as follows:

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| | | |
|:---|:---|:---|
| | **PURCHASES** | **SALES** |
|  Investment securities (excluding U.S. government securities) | $176355507 | $101854814 |
|  U.S. government securities | 1336240839 | 1303659192 |

---

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

---

| | |
|:---|:---|
|  Cost | $966602554 |
|  Gross unrealized appreciation | $15996393 |
|  Gross unrealized depreciation | (40066071) |
|  Net unrealized appreciation | $(24069678) |

---

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

The 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 Portfolio, as well as the methods in which they may be used are:

**•**  ***Futures*** 

The 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 Portfolio 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 the Portfolio enters into futures, the Portfolio deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the 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; in the case of securities collateral, the Portfolio agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the 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

 <br> *2025 Annual Report* *25*

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Notes to Financial Statements (continued)

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.

Use of long futures subjects the Portfolio 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 Portfolio to unlimited risk of loss. The 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 Portfolio's credit risk is subject to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day's settlement price, which could effectively prevent liquidation of unfavorable positions.

During the year ended September 30, 2025, the Portfolio held futures for hedging and non-hedging purposes.

**•**  ***Forward Currency Exchange Contracts*** 

The Portfolio may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under "Currency Transactions".

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. 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.

During the year ended September 30, 2025, the Portfolio held forward currency exchange contracts for hedging purposes.

**•**  ***Swaps*** 

The Portfolio may enter into swaps for investment purposes or to hedge its exposure to interest rates, credit risk, or inflation. The Portfolio 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, rates or indexes for a specified amount of an underlying asset or inflation. 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 Portfolio in accordance with the terms of the respective swaps to provide value and recourse to the Portfolio or its 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 Portfolio's exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates, inflation 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.

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

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Certain standardized swaps, including certain interest rate swaps and credit default swaps are 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 Portfolio enters into a centrally cleared swap, the Portfolio deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set 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; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Pursuant to the contract, with respect to cash collateral, 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 adjustments 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 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 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.

*Interest Rate Swaps:* 

The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds 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 Portfolio may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolio 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 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 the Portfolio with another party of their respective commitments to pay or receive interest (*e.g.*, an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or "notional") amount. Interest rate swaps are entered into on a net basis (*i.e.*, the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments).

During the year ended September 30, 2025, the Portfolio held interest rate swaps for hedging and non-hedging purposes.

The 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, the 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 the Portfolio's net liability, held by the defaulting party, may be delayed or denied.

The Portfolio's ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels ("net asset contingent features"). If these levels are triggered, the 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 table below for additional details.

 <br> *2025 Annual Report* *27*

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Notes to Financial Statements (continued)

During the year ended September 30, 2025, the Portfolio had entered into the following derivatives:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** | **STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  Interest rate contracts | Receivable for variation margin on futures | $903190 \* | Payable for variation margin on futures | $83077 \* |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | 155766 \* |  |  |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 94857 |  |  |
|  Total |  | $1153813 |  | $83077 |

---

\* 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 | $216427 | $477849 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | (6830) | 173165 |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 116917 | (22266) |
|  Total |  | $326514 | $628748 |

---

The following table represents the average monthly volume of the Portfolio's derivative transactions during the year ended September 30, 2025:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $185323209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $14016798 **(a)** |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $1209698 **(b)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $6513992 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $4950000 |

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(a) Positions were open for eleven months during the year.

(b) Positions were open for five months during the year.

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

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##### [**Table of Contents**](#toc)
For financial reporting purposes, the Portfolio does 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 table presents the Portfolio's 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 Portfolio as of September 30, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DERIVATIVE<br>ASSETS SUBJECT<br>TO A MA** | **DERIVATIVESAVAILABLE FOR<br>OFFSET** | **CASH<br>COLLATERALRECEIVED\*** | **SECURITY<br>COLLATERALRECEIVED\*** | **NET AMOUNT OFDERIVATIVE<br>ASSETS** | |
|  State Street Bank & Trust Co. | 94857 | 0 | 0 | 0 | 94857 |  |
|  Total | $94857 | $0 | $0 | $0 | $94857 | ^ |

---

\* 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 Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is 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, 2025, the Portfolio earned drop income of $527,574 which is included in interest income in the accompanying statement of operations.

 <br> *2025 Annual Report* *29*

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Notes to Financial Statements (continued)

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

---

The tax character of distributions paid during the fiscal years ended September 30, 2025 and September 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $34541099 | $31542428 |
|  Total distributions paid | $34541099 | $31542428 |

---

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

---

| | |
|:---|:---|
|  Undistributed ordinary income | $2705264 |
|  Accumulated capital and other losses | (90972657) **(a)** |
|  Unrealized appreciation (depreciation) | (24072025) **(b)** |
|  Total accumulated earnings (deficit) | $(112339418) **(c)** |

---

(a) As of September 30, 2025, the Fund had a net capital loss carryforward of $90,860,593. As of September 30, 2025, the cumulative deferred loss on straddles was $112,064.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of callable bonds, the tax treatment of swaps, and the tax deferral of losses on wash sales.

(c) The differences between book-basis and tax-basis components of accumulated earnings/(deficit) are attributable primarily to the accrual of foreign capital gains tax and dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of September 30, 2025, the Fund had a net short-term capital loss carryforward of $43,259,948 and a net long-term capital loss carryforward of $47,600,645, which may be carried forward for an indefinite period.

During the current fiscal year, there were no permanent differences that resulted in adjustments to accumulated loss or additional paid-in capital.

---

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

---

*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. During periods of very low or negative interest rates, the Portfolio's returns may be adversely affected, including to such an extent that the Portfolio may be unable to maintain positive returns. The Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the recent tightening of the U.S. Federal Reserve's monetary policy, which has caused the Federal Reserve to increase short-term interest rates in an effort to address rising inflation. The long-term impacts of such actions are not fully known at this time. Further actions from the Federal Reserve, including increases or decreases in interest rates, may be forthcoming and are likely to have unpredictable adverse effects on economies and markets.

*Credit Risk*—This is the risk that the issuer or the guarantor of a debt security, or the counterparty to a derivatives or other contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The issuer or guarantor may default, potentially causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating, although credit ratings are opinions and not guarantees of quality. The credit rating of a fixed-income security may be downgraded after purchase,

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

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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.

*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 Portfolio's assets can decline as can the value of the Portfolio's distributions. This risk is significantly greater for fixed-income securities with longer maturities. Rates of inflation have recently risen, which have adversely affected economies and markets. Rising inflation has caused the Federal Reserve and other central banks to take actions—including raising interest rates. The long-term impacts of such actions are not fully known at this time. Further actions from the Federal Reserve and other central banks, including increases or decreases in interest rates, may be forthcoming and are likely to have unpredictable adverse effects on economies and markets.

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

*Foreign (Non-U.S.) Securities Risk*—Investments in foreign securities entail significant risks in addition to those customarily associated with investing in U.S. securities such as less liquid, less transparent, less regulated and more volatile markets. These risks include risks related to unfavorable or unsuccessful government actions, reduction of government or central bank support, economic sanctions and potential responses to those sanctions, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, social instability, armed conflict, and other adverse market, economic, political and regulatory factors, all of which could disrupt the financial markets in which the Portfolio invests and adversely affect the value of the Portfolio's 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, climate change, or a natural disaster. In addition, the value of the Portfolios' investments may decline because of factors such as unfavorable or unsuccessful government actions and reduction of government or central bank support.

*Derivatives Risk*—The Portfolio may use derivatives as direct investments to earn income, enhance return and broaden portfolio diversification, which entail greater risk than if used solely for hedging purposes. While hedging can guard against potential risks, there is also a risk that a derivative intended as a hedge may not perform as expected. In addition to other risks such as the credit risk of the counterparty (the party on the other side of the transaction), derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolio. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted as margin or collateral for derivatives positions may themselves go down in value, and these collateral and other requirements may limit investment flexibility. Some derivatives involve leverage, which can make the Portfolio

 <br> *2025 Annual Report* *31*

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Notes to Financial Statements (continued)

more volatile and can compound other risks. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio. Use of derivatives may have different tax consequences for the Portfolio 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 Securities Risk*—Mortgage-related securities represent interests in "pools" of mortgages, including consumer loans or receivables held in trust. Mortgage-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, 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 Portfolio 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 Portfolio 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 Portfolio is subject to management risk because it is an actively-managed investment portfolio. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, 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 Portfolio or cause the value of the Portfolio's 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 Portfolio. 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 Portfolio's 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 Portfolio.

*Illiquid Investments Risk*—Illiquid investments risk exists when particular investments are difficult or impossible to purchase or sell, possibly preventing the Portfolio from purchasing or selling these securities at an advantageous price. In certain cases, governmental actions could prevent sales of securities or repatriation of proceeds. Over recent years, regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Illiquid investments risk may be magnified in a rising interest-rate environment, where the value and liquidity of fixed-income securities generally go down.

*Redemption Risk*—The Portfolio may experience heavy redemptions that could cause the Portfolio to liquidate its assets at inopportune times or unfavorable prices or increase or accelerate taxable gains or transaction costs and may negatively affect the Portfolio's 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.

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

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*Foreign Currency Risk*—This is the risk that changes in foreign (non-U.S.) currency exchange rates may negatively affect the value of the Portfolio's investments or reduce the returns of the Portfolio. For example, the value of the Portfolio's 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 Portfolio.

*Market Risk*—The Portfolio is subject to market risk, which is the risk that bond prices in general or in particular countries or sectors may decline over short or extended periods. Financial markets in the United States, Europe and elsewhere have experienced increased volatility, decreased liquidity and heightened uncertainty. These market conditions may recur from time to time and have an adverse impact on various securities markets. Governmental and quasi-governmental authorities and regulators throughout the world have provided significant support to financial markets in response to serious economic disruptions, including, but not limited to, buying stocks, providing direct capital infusions into companies, implementing new monetary programs, dramatically changing interest rates and through other market interventions. Government actions to support the economy and financial markets have resulted in a large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen. The Federal Reserve, as well as certain foreign central banks have recently raised interest rates as part of their efforts to address rising inflation, and there is a risk that interest rates will continue to rise. Central bank, government or regulatory actions, including increases or decreases in interest rates, or actions that are inconsistent with such actions by different central banks, governments or regulators, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Portfolio invests. From time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling could: increase the risk that the U.S. government may default on payments on certain U.S. government securities; cause the credit rating of the U.S. government to be downgraded or increase volatility in both stock and bond markets; result in higher interest rates; reduce prices of U.S. Treasury securities; and/or increase the costs of certain kinds of debt.

The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs on various categories of goods imported from the other country, restrictions on investment and adverse impacts on affected companies and securities. For example, the current political climate between the United States and China has intensified concerns about protectionist trade policies and a potential trade war between China and the United States. The United States has imposed tariffs and other trade barriers on Chinese exports and placed other restrictions on or barriers to investments in China. Trade disputes, particularly prolonged disputes, may adversely affect the economies of the United States and its trading partners, as well as the companies directly or indirectly affected by the dispute and financial markets generally, and thus may adversely affect the value of the Portfolio's assets. The United States government has in the recent past acted to prohibit U.S. persons, such as the Portfolio, from owning, and required them to divest, certain Chinese companies designated as related to the Chinese military. There is no assurance that more such companies will not be so designated in the future, which could limit the Portfolio's opportunities for investment and require the sale of securities at a loss or make them illiquid. Additionally, the Chinese government is involved in a territorial dispute with Taiwan; the risk of a forced unification with Taiwan by the Chinese government may adversely affect securities of Chinese, Taiwan-based and other issuers both in and outside the region. If the political climate between the United States, China and other countries in Asia continues to deteriorate, economies and markets may be adversely affected.

Policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation, and these and other events affecting global markets, such as the United Kingdom's exit from the European Union; potential trade imbalances with China or other countries; or sanctions or other government actions against Russia, other nations, or individuals or companies (or countermeasures taken in response to such sanctions), may contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the implications for market participants, may not be fully known for some time.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, armed conflict, including Russia's military invasion of Ukraine and the conflict in Israel, Gaza and surrounding areas, terrorism, natural disasters (including the spread of infectious illness) and other circumstances in one country or region could have profound impacts on global economies or markets. Following Russia's

 <br> *2025 Annual Report* *33*

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Notes to Financial Statements (continued)

invasion of Ukraine commencing in February of 2022, the United States, the European Union and other countries instituted numerous sanctions against Russia and Belarus and certain companies and individuals. Russia in turn has taken a large number of retaliatory actions, some of which effectively froze Russian securities held by U.S. investors (including U.S. funds such as the Portfolio) and investors in other countries viewed as "unfriendly" by Russia, including securities represented by depositary receipts, effectively precluding the Portfolio from buying, selling, receiving or delivering those securities or accessing income received on such securities. Since then, Russian securities held by investors in the U.S. and other jurisdictions viewed as "unfriendly" by Russia have lost all, or nearly all, of their market value, and many other issuers, securities and markets have been adversely affected. The continued disruption of the Russian economy has had severe adverse effects on the region and beyond, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolio's investments may be negatively affected.

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

*Active Trading Risk*—The Portfolio expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Portfolio's return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Portfolio shareholders.

*Cybersecurity Risk*—As the use of the internet and other technologies has become more prevalent in the course of business, the Portfolio has 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 Portfolio or its service providers or the issuers of securities in which the Portfolio invests 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 those measures will be effective, particularly since the Portfolio does not control the cybersecurity defenses or plans of its service providers, financial intermediaries and companies in which it invests 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 Portfolio's 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 Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio's maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INTERMEDIATE DURATION INSTITUTIONAL PORTFOLIO** | **INTERMEDIATE DURATION INSTITUTIONAL PORTFOLIO** | **INTERMEDIATE DURATION INSTITUTIONAL PORTFOLIO** | **INTERMEDIATE DURATION INSTITUTIONAL PORTFOLIO** |
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
| | YEAR<br>ENDED<br>9/30/25 | YEAR<br>ENDED<br>9/30/24 | YEARENDED<br>9/30/25 | YEARENDED<br>9/30/24 |
|  Shares sold | 12979855 | 12771067 | $167178062 | $163794615 |
|  Shares issued to shareholders on reinvestment of dividends and distributions | 2253626 | 2043452 | 29078647 | 26156909 |
|  Shares redeemed | (8093165) | (10350616) | (104698527) | (132167947) |
|  **Net increase** | **7140316** | **4463903** | $**91558182** | $**57783577** |

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| | |
|:---|:---|
| **NOTE 7.** | **Line of Credit**  |

---

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended September 30, 2025.

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| | |
|:---|:---|
| **NOTE 8.** | **Subsequent Events**  |

---

At meetings held on May 6-8, 2025 (the "Meeting"), the Board of Directors of the Fund (the "Board") approved the reorganization of the Intermediate Duration Institutional Portfolio (the "Acquired Portfolio") into a newly-created exchanged-traded fund ("ETF") (a "Conversion"), which will be managed by AllianceBernstein L.P. (the "Adviser"). Pursuant to an Agreement and Plan of Acquisition and Termination, the Acquired Portfolio will be converted into an ETF, AB Core Bond ETF (the "Acquiring Portfolio"), a newly-created series of AB Active ETFs, Inc., with an identical investment objective, identical fundamental investment policies, identical portfolio management team and identical investment strategies as the Acquired Portfolio. The closing date of the Conversion is expected to occur on or about November 7, 2025. The Conversion does not require stockholder approval and stockholders are not being asked to vote. An Information Statement/Prospectus addressing the Conversion will be filed with the Securities and Exchange Commission at a later date.

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

 <br> *2025 Annual Report* *35*

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##### [**Table of Contents**](#toc)
Report of Independent Registered Public Accounting Firm

#### To the Shareholders and the Board of Directors of Intermediate Duration Institutional Portfolio

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Intermediate Duration Institutional Portfolio (the "Portfolio") (the only series constituting Sanford C. Bernstein Fund II, Inc. (the "Fund")), including the portfolio of investments, as of September 30, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (the only series constituting Sanford C. Bernstein Fund II, Inc.) at September 30, 2025, 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 then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Fund'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 Fund 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 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. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

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 procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. 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. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g898770g91r55.jpg)

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

November 26, 2025

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

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##### [**Table of Contents**](#toc)
2025 Federal Tax Information (Unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended September 30, 2025. For foreign shareholders, 78.2% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends.

The Portfolio designates $30,865,325 of distributions paid during the fiscal year ended September 30, 2025 as qualifying to be taxed as section 163(j) interest dividends.

Shareholders should not use the above information to prepare their tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2026.

 <br> *2025 Annual Report* *37*

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

#### Information Regarding the Review and Approval of the Fund's Advisory Agreement
The disinterested directors (the "directors") of Sanford C. Bernstein II, Inc. (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of Bernstein Intermediate Duration Institutional Portfolio (the "Fund") at a meeting held in-person on August 5-6, 2025 (the "Meeting").

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser's integrity and competence they have gained from that experience, the Adviser's initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors' determinations included the following:

#### Nature, Extent and Quality of Services Provided
The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund's investment strategies and from time to time proposes changes intended to improve the Fund's relative or absolute performance for the directors' consideration. They also noted the professional experience and qualifications of the Fund's portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser's role in coordinating the activities of the Fund's other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

#### Costs of Services Provided and Profitability
The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2023 and 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the

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

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##### [**Table of Contents**](#toc)
profitability information reflected all revenues and expenses of the Adviser's relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser's relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser's level of profitability from its relationship with the Fund was not unreasonable.

#### Fall-Out Benefits
The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors noted that shares of the Fund are distributed exclusively through a subsidiary of the Adviser, and that such subsidiary receives fees from its clients in connection with its services. The directors recognized that the Adviser's profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

#### Investment Results
In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund's performance against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund's investment performance was acceptable.

#### Advisory Fees and Other Expenses
The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared the Fund's contractual effective advisory fee rate with a peer group median and discussed with the Adviser the reasons it was above the median. They also noted the Adviser's total rate of compensation, taking into account the impact of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser's fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser's Form ADV and in a report from the Fund's Senior Vice President and noted the differences between the Fund's fee schedule, on the one hand, and the Adviser's institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund

 <br> *2025 Annual Report* *39*

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##### [**Table of Contents**](#toc)
achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The expense ratio of the Fund was based on the Fund's latest fiscal year and reflected the impact of the Adviser's expense cap for the Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund's category were lowered by waivers or reimbursements by those funds' investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser's services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund's expense ratio was lower than the median of a peer group and close to the median of a peer universe. Based on their review, the directors concluded that the Fund's expense ratio was acceptable.

#### Economies of Scale
The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the Fund's fee rate on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund's adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund's operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund's shareholders would benefit from a sharing of economies of scale in the event the Fund's net assets exceed a breakpoint in the future.

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

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##### [**Table of Contents**](#toc)
![LOGO](g898770g31t33.jpg)

#### Distributor
SANFORD C. BERNSTEIN FUND II, INC.

66 HUDSON BOULEVARD EAST NEW YORK, NY 10001

(212) 756-4097

SCBII-2038-0925

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

#### ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There were no disagreements with accountants during the reporting period.

#### ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
There were no shareholder meetings during the reporting period.

#### ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Aggregate remuneration paid to all Directors and advisory board members are included within the Financial Statements under Item 7 of this Form N-CSR.

#### ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Statement regarding basis for Approval of Investment Advisory Contract included within the Financial Statements under Item 7 of this Form N-CSR.

#### ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.

#### ITEM 13. PORTFOLIO MANAGERS OF CLOSED END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.

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

#### ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY OF AND AFFILIDATED PURCHASERS.
Not applicable to the registrant.

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| EXHIBIT NO. | DESCRIPTION OF EXHIBIT |
| 19(a)(1) | [Code of Ethics that is subject to the disclosure of Item 2 hereof](d898770dex99codeeth.htm) |
| 19(b)(1) | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d898770dex99cert.htm) |
| 19(b)(2) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d898770dex99cert.htm) |
| 19(c) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d898770dex99906cert.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 II, Inc.

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| Date: | November 28, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| Date: | November 28, 2025 |
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |
| Date: | November 28, 2025 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**I.** **Covered Officers/Purpose of the Code** 

The AllianceBernstein Mutual Fund Complex's code of ethics (this "Code") for the investment companies within the complex (collectively, the "Funds" and each, a "Company") applies to each Company's Principal Executive Officer, Principal Financial and Accounting Officer and Controller (the "Covered Officers," each of whom is set forth in Exhibit A) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company. For the purposes of this Code, members of the Covered Officer's family include his or her spouse, children, stepchildren, financial dependents, parents and stepparents.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company's Board of Directors or Trustees (the "Directors") that the Covered Officers may also be officers or employees of one or more of the other Funds or of other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

• not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Company;

• not use material non-public knowledge of portfolio transactions made or
contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

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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

------

• 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 19(b)(1)** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

I, Onur Erzan, President of Sanford C. Bernstein Fund II, Inc., certify that:

1. I have reviewed this report on Form N-CSR of Sanford C. Bernstein Fund II, 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: November 28, 2025

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| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |

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

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

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

1. I have reviewed this report on Form N-CSR of Sanford C. Bernstein Fund II, 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: November 28, 2025

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

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## Exhibit 99.906

**EXHIBIT 19(c)** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE** 

**SARBANES-OXLEY ACT** 

Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of Sanford C. Bernstein Fund II, Inc. (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 28, 2025

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| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | 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.