Sanford C. Bernstein Fund, Inc.

N-CSR/A 1 d453724dncsra.htm SANFORD C. BERNSTEIN FUND, INC. Sanford C. Bernstein Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05555

SANFORD C. BERNSTEIN FUND, INC.

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: September 30, 2022

Date of reporting period: September 30, 2022

Explanatory Note:

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

ITEM 1. REPORTS TO STOCKHOLDERS.

SANFORD C. BERNSTEIN FUND, INC.

Emerging Markets Portfolio

Short Duration Diversified Municipal Portfolio

California Municipal Portfolio

Diversified Municipal Portfolio

New York Municipal Portfolio

Intermediate Duration Portfolio

Short Duration Plus Portfolio

ANNUAL REPORT

SEPTEMBER 30, 2022

Table of Contents


Portfolio Manager Commentary			1

Disclosures and Risks			8

Historical Performance			14

Expense Example			17

Portfolio Summary			18

Statement of Assets and Liabilities			22

Statement of Operations			28

Statement of Changes in Net Assets			32

Financial Highlights			37

Notes to Financial Statements			46

Other			87

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

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

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

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

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

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

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

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

Portfolio Manager Commentary (Unaudited)

To Our Shareholders—November 15, 2022

On the following pages, you will find the 2022 annual report for the Portfolios¹ (collectively, the “Portfolios”, and individually, a “Portfolio”) of the Sanford C. Bernstein Fund, Inc. (the “SCB Fund”). The annual report covers the six- and 12-month periods ended September 30, 2022, and includes financial statements as well as notes to the financial statements, information about the recent performance of the Portfolios and a listing of each Portfolio’s holdings as of the period end.

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

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

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

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

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

Sincerely,

Beata D. Kirr

President

Sanford C. Bernstein Fund, Inc.

Please note that the information for the Overlay Portfolios of the SCB Fund may be found in a separate report.

Emerging Markets Portfolio

Investment Objective and Strategy

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

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

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Portfolio Manager Commentary (continued)

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

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

Investment Results

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

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

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

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

Short Duration Diversified Municipal Portfolio

Investment Objective and Strategy

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

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

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Portfolio Manager Commentary (continued)

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

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

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

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

Investment Results

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

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

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

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

California Municipal Portfolio

Diversified Municipal Portfolio

New York Municipal Portfolio

Investment Objective and Strategy

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

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Portfolio Manager Commentary (continued)

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

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

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

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

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

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

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

Investment Results

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

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

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

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

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Portfolio Manager Commentary (continued)

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

Intermediate Duration Portfolio

Investment Objective and Strategy

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

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

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

Investment Results

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

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

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

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Portfolio Manager Commentary (continued)

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

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

Short Duration Plus Portfolio

Investment Objective and Strategy

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

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

Investment Results

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

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

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Portfolio Manager Commentary (continued)

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

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



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Disclosures and Risks (Unaudited)

Benchmark Disclosures

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

A Word About Risk

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

Cybersecurity Risk: As the use of the internet and other technologies has become more prevalent in the course of business, the Portfolios have become more susceptible to operational and financial risks associated with cybersecurity. Cybersecurity incidents can result from deliberate attacks such as gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption, or from unintentional events, such as the inadvertent release of confidential information. Cybersecurity failures or breaches of the Portfolios or their service providers or the issuers of securities in which the Portfolios invest have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Portfolio shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. While measures have been developed which are designed to reduce the risks associated with cybersecurity, there is no guarantee that those measures will be effective, particularly since the Portfolios do not control the cybersecurity defenses or plans of their service providers, financial intermediaries and companies in which they invest or with which they do business.

Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Portfolio or shareholder assets, Portfolio or customer data (including private shareholder information), or proprietary information, or cause a Portfolio, the Adviser, and/or the Portfolios’ service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or lose operational functionality, or prevent Portfolio investors from purchasing, redeeming or exchanging shares or receiving distributions. A Portfolio and the Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers. Cybersecurity incidents may result in financial losses to such Portfolio and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.

(Disclosures and Risks continued on next page)



8		Sanford C. Bernstein Fund, Inc.

Disclosures and Risks (continued)

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

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

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

Economies and financial markets throughout the world are becoming increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, sanctions, regional and global conflicts, terrorism, natural disasters (including the spread of infectious illness) and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Portfolios invest in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolios’ investments may be negatively affected.

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

Emerging Markets, Intermediate Duration and Short Duration Plus Portfolios:

Foreign Currency Risk: This is the risk that changes in foreign (non-US) currency exchange rates may negatively affect the value of the Portfolios’ investments or reduce the returns of the Portfolios. For example, the value of the Portfolios’ investments in foreign securities and foreign currency positions may decrease if the US dollar is strong (i.e., gaining value relative to other currencies) and other currencies are weak (i.e., losing value relative to the US dollar).

(Disclosures and Risks continued on next page)



2022 Annual Report		9

Disclosures and Risks (continued)

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

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

Emerging Markets Portfolio:

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

Capitalization Risk: Investments in small-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources. The prices of securities of small-capitalization companies generally are more volatile than those of large-capitalization companies and are more likely to be adversely affected than large-capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of small-capitalization companies may underperform large-capitalization companies, may be harder to sell at times or at prices the portfolio managers believe appropriate and may have greater potential for losses.

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

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

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

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

(Disclosures and Risks continued on next page)



10		Sanford C. Bernstein Fund, Inc.

Disclosures and Risks (continued)

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

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

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

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

Short Duration Diversified Municipal and Short Duration Plus Portfolios:

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

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

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

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

(Disclosures and Risks continued on next page)



2022 Annual Report		11

Disclosures and Risks (continued)

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

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

California Municipal and New York Municipal Portfolios:

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

Intermediate Duration and Short Duration Plus Portfolios:

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

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

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

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

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

(Disclosures and Risks continued on next page)



12		Sanford C. Bernstein Fund, Inc.

Disclosures and Risks (continued)

An Important Note About Historical

Performance

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

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

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



2022 Annual Report		13

Historical Performance (Unaudited)

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


	TOTAL RETURNS						AVERAGE ANNUAL TOTAL RETURNS
THROUGH SEPTEMBER 30, 2022	PAST SIX MONTHS			PAST 12 MONTHS			PAST FIVE YEARS			PAST 10 YEARS			SINCE INCEPTION			INCEPTION DATE
Emerging Markets Portfolio^1,2		-24.04	%		-28.60	%		-3.00	%		0.96	%		5.23	%	12/15/1995
Emerging Markets Portfolio Class Z²		-23.95	%		-28.43	%		-2.75	%		—			4.93	%	1/15/2016
MSCI EM Index (net)		-21.70	%		-28.11	%		-1.81	%		1.05	%		4.95	%
Lipper Emerging Markets Funds Average		-21.29	%		-30.32	%		-1.93	%		1.24	%		—

Short Duration Diversified Municipal Portfolio		-1.71	%		-4.27	%		0.26	%		0.31	%		2.08	%	10/3/1994
Bloomberg 1-Year Municipal Bond Index		-0.74	%		-2.34	%		0.70	%		0.72	%		—
Lipper Short-Term Municipal Debt Funds Average		-1.31	%		-3.47	%		0.42	%		0.52	%		—

California Municipal Portfolio		-3.58	%		-7.46	%		0.44	%		0.95	%		3.68	%	8/6/1990
Bloomberg 5-Year GO Municipal Bond Index		-2.98	%		-7.76	%		0.50	%		1.12	%		—
Lipper California Intermediate Municipal Debt Funds Average		-4.59	%		-9.33	%		0.20	%		1.16	%		—

Diversified Municipal Portfolio		-3.94	%		-7.89	%		0.61	%		1.09	%		3.92	%	1/9/1989
Bloomberg 5-Year GO Municipal Bond Index		-2.98	%		-7.76	%		0.50	%		1.12	%		—
Lipper Intermediate Municipal Debt Funds Average		-5.35	%		-10.06	%		0.38	%		1.17	%		—

New York Municipal Portfolio		-4.09	%		-7.89	%		0.32	%		0.95	%		3.89	%	1/9/1989
Bloomberg 5-Year GO Municipal Bond Index		-2.98	%		-7.76	%		0.50	%		1.12	%		—
Lipper New York Intermediate Municipal Debt Funds Average		-4.60	%		-9.43	%		0.13	%		0.87	%		—

Intermediate Duration Portfolio		-9.62	%		-15.25	%		-0.50	%		0.99	%		5.07	%	1/17/1989
Bloomberg US Aggregate Bond Index		-9.22	%		-14.60	%		-0.27	%		0.89	%		5.32	%
Lipper Core Bond Funds Average		-9.67	%		-15.18	%		-0.34	%		0.83	%		—

Short Duration Plus Portfolio		-2.11	%		-5.02	%		0.17	%		0.31	%		3.41	%	12/12/1988
ICE BofA 1-3 Year US Treasury Index		-2.06	%		-4.86	%		0.57	%		0.60	%		—
Lipper Short-Term Investment Grade Debt Funds Average		-2.87	%		-5.92	%		0.69	%		0.90	%		—

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

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

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

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

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

(Historical Performance continued on next page)



14		Sanford C. Bernstein Fund, Inc.

Historical Performance (continued from previous page)


Emerging Markets—Bernstein Class Shares				Diversified Municipal
Growth of a $25,000 Investment in the Portfolio				Growth of a $25,000 Investment in the Portfolio


Short Duration Diversified Municipal				New York Municipal
Growth of a $25,000 Investment in the Portfolio				Growth of a $25,000 Investment in the Portfolio


California Municipal
Growth of a $25,000 Investment in the Portfolio

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

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

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

(Historical Performance continued on next page)



2022 Annual Report		15

Historical Performance (continued from previous page)


Intermediate Duration
Growth of a $25,000 Investment in the Portfolio


Short Duration Plus
Growth of a $25,000 Investment in the Portfolio

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

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



16		Sanford C. Bernstein Fund, Inc.

Expense Example—September 30, 2022 (Unaudited)

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

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

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


	BEGINNING ACCOUNT VALUE APRIL 1, 2022		ENDING ACCOUNT VALUE SEPTEMBER 30, 2022		EXPENSES PAID DURING PERIOD*		ANNUALIZED EXPENSE RATIO*
Emerging Markets Class Shares
Actual	$	1,000	$	759.60	$	5.69		1.29	%
Hypothetical**	$	1,000	$	1,018.60	$	6.53		1.29	%
Class Z
Actual	$	1,000	$	760.50	$	4.59		1.04	%
Hypothetical**	$	1,000	$	1,019.85	$	5.27		1.04	%

Short Duration Diversified Municipal Class Shares
Actual	$	1,000	$	982.90	$	1.79		0.36	%
Hypothetical**	$	1,000	$	1,023.26	$	1.83		0.36	%

California Municipal Class Shares
Actual	$	1,000	$	964.20	$	2.71		0.55	%
Hypothetical**	$	1,000	$	1,022.31	$	2.79		0.55	%

Diversified Municipal Class Shares
Actual	$	1,000	$	960.60	$	2.36		0.48	%
Hypothetical**	$	1,000	$	1,022.66	$	2.43		0.48	%

New York Municipal Class Shares
Actual	$	1,000	$	959.10	$	2.65		0.54	%
Hypothetical**	$	1,000	$	1,022.36	$	2.74		0.54	%

Intermediate Duration Class Shares
Actual	$	1,000	$	903.80	$	2.72		0.57	%
Hypothetical**	$	1,000	$	1,022.21	$	2.89		0.57	%

Short Duration Plus Class Shares
Actual	$	1,000	$	978.90	$	2.13		0.43	%
Hypothetical**	$	1,000	$	1,022.91	$	2.18		0.43	%

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

Assumes 5% annual return before expenses.



2022 Annual Report		17

Portfolio Summary—September 30, 2022 (Unaudited)


Emerging Markets Portfolio

Sector Breakdown¹			Country Breakdown¹
Financials	24.6	%
Consumer Discretionary	21.8
Information Technology	21.0
Industrials	7.1
Materials	6.3
Utilities	5.3
Real Estate	5.0
Communication Services	2.5
Energy	2.4
Consumer Staples	2.0
Health Care	2.0

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

“Other” represents 5.4% in MSCI EM Index and 1.9% in other emerging-market countries.

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



18		Sanford C. Bernstein Fund, Inc.

Portfolio Summary—September 30, 2022 (Unaudited) (continued)


Short Duration Diversified Municipal Portfolio

Quality Rating Breakdown¹ Highest of S&P, Moody’s and Fitch				State Breakdown¹


California Municipal Portfolio

Quality Rating Breakdown¹ Highest of S&P, Moody’s and Fitch				State Breakdown¹


Diversified Municipal Portfolio

Quality Rating Breakdown¹ Highest of S&P, Moody’s and Fitch				State Breakdown¹



2022 Annual Report		19

Portfolio Summary—September 30, 2022 (Unaudited) (continued)


New York Municipal Portfolio

Quality Rating Breakdown¹ Highest of S&P, Moody’s and Fitch				State Breakdown¹

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

“Other” represents less than 2.3% in 24 different states, Guam and Puerto Rico.

“Other” represents less than 0.2% in seven different states and American Samoa.

“Other” represents less than 2.2% in 34 different states, American Samoa, District of Columbia, Guam and Puerto Rico.

“Other” represents less than 0.3% in eight different states and American Samoa.



20		Sanford C. Bernstein Fund, Inc.

Portfolio Summary—September 30, 2022 (Unaudited) (continued)


Intermediate Duration Portfolio

Security Type Breakdown¹


Short Duration Plus Portfolio

Security Type Breakdown¹

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

“Other” represents less than 0.2% in Agencies and Governments—Sovereign Bonds.



2022 Annual Report		21

Statement of Assets and Liabilities—September 30, 2022


	EMERGING MARKETS PORTFOLIO			SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO			CALIFORNIA MUNICIPAL PORTFOLIO

ASSETS

Investments in securities at value

Unaffiliated issuers	$	996,778,761		$	234,856,469		$	1,098,401,858

Affiliated issuers		20,028,458			0			0

Foreign currencies, at value (a)		3,561,151			0			0

Cash		461,164			0			21,428,128

Cash collateral due from broker		811,000			33,526			3,839,305

Receivables:

Unaffiliated interest and dividends		2,204,813			2,720,672			13,680,757

Affiliated dividends		48,651			258			0

Foreign withholding tax reclaims		39,454			0			0

Investment securities sold and foreign currency transactions		11,784,210			2,455,050			3,845,896

Capital shares sold		265,429			342,812			633,301

Variation margin on centrally cleared swaps		0			164			12,721

Unrealized appreciation of forward currency exchange contracts		3,126,768			0			0

Unrealized appreciation of interest rate swaps		0			66,649			1,424,335


Total assets		1,039,109,859			240,475,600			1,143,266,301


LIABILITIES

Due to custodian		0			961,329			0

Cash collateral due to broker		1,390,000			0			1,800,000

Payables:

Dividends to shareholders		0			55,342			715,487

Investment securities purchased and foreign currency transactions		3,073,096			13,092,430			32,664,128

Capital shares redeemed		660,708			199,937			4,769,061

Management fee		873,132			38,547			390,249

Shareholder servicing fee		196,191			19,279			79,625

Transfer Agent fee		34,596			3,055			10,860

Distribution fee		0			0			14,980

Accrued expenses		376,106			58,467			163,671

Unrealized depreciation of forward currency exchange contracts		8,483,398			0			0

Market value on credit default swaps (b)		0			0			761,453


Total liabilities		15,087,227			14,428,386			41,369,514


NET ASSETS	$	1,024,022,632		$	226,047,214		$	1,101,896,787


Cost of investments

Unaffiliated issuers	$	1,184,015,173		$	244,889,287		$	1,174,374,436

Affiliated issuers		20,028,458			0			0

NET ASSETS CONSIST OF:

Capital stock, at par	$	47,032		$	18,637		$	82,957

Additional paid-in capital		1,228,551,567			237,398,148			1,170,965,728

Accumulated loss		(204,575,967	)		(11,369,571	)		(69,151,898	)


	$	1,024,022,632		$	226,047,214		$	1,101,896,787

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

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

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



22		Sanford C. Bernstein Fund, Inc.


	EMERGING MARKETS PORTFOLIO		SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO		CALIFORNIA MUNICIPAL PORTFOLIO

CALCULATION OF MAXIMUM OFFERING PRICE

Emerging Markets Class/Short Duration Diversified Municipal Class/Municipal Class Shares

Net Assets	$	871,486,100	$	226,047,214	$	938,637,948

Shares of capital stock outstanding		40,039,064		18,636,819		70,665,993


Net asset value, offering and redemption price per share	$	21.77	$	12.13	$	13.28


Class A Shares

Net Assets					$	57,140,867

Shares of capital stock outstanding						4,301,574


Net asset value and redemption price per share					$	13.28

Sales charge—3.00% of public offering price						0.41


Maximum offering price					$	13.69


Class C Shares

Net Assets					$	3,651,515

Shares of capital stock outstanding						274,928


Net asset value and offering price per share					$	13.28


Advisor Class Shares

Net Assets					$	102,466,457

Shares of capital stock outstanding						7,714,162


Net asset value and offering price per share					$	13.28


Class Z Shares

Net Assets	$	152,536,532

Shares of capital stock outstanding		6,992,932


Net asset value and offering price per share	$	21.81

See Notes to Financial Statements.



2022 Annual Report			23

Statement of Assets and Liabilities—September 30, 2022 (continued)


	DIVERSIFIED MUNICIPAL PORTFOLIO			NEW YORK MUNICIPAL PORTFOLIO			INTERMEDIATE DURATION PORTFOLIO

ASSETS

Investments in securities, at value	$	5,500,554,886		$	1,371,357,949		$	3,240,729,482

Cash		0			55,910,667			35,117,540

Cash collateral due from broker		17,553,664			3,796,659			14,537,252

Receivables:

Interest		66,958,506			16,494,865			18,761,132

Foreign withholding tax reclaims		0			0			18,474

Investment securities sold		4,725,069			6,715,020			0

Capital shares sold		6,999,863			2,287,083			627,427

Variation margin on centrally cleared swaps		41,820			1,073			150,250

Unrealized appreciation of interest rate swaps		6,568,374			1,951,207			0

Unrealized appreciation of forward currency exchange contracts		0			0			1,182,204


Total assets		5,603,402,182			1,458,514,523			3,311,123,761


LIABILITIES

Due to custodian		803,205			0			0

Cash collateral due to broker		6,840,000			1,910,000			0

Payables:

Dividends to shareholders		3,379,781			587,646			1,271,114

Investment securities purchased		51,429,335			11,920,919			202,624,346

Capital shares redeemed		15,622,775			1,760,528			5,625,752

Variation margin on futures		0			0			3,766,092

Management fee		1,652,632			496,607			1,152,405

Shareholder servicing fee		363,745			107,872			262,904

Foreign capital gains taxes		0			0			167,436

Transfer Agent fee		59,896			12,303			26,543

Distribution fee		66,306			24,772			123

Accrued expenses		449,685			186,487			330,637

Market value on credit default swaps (a)		3,183,456			1,063,299			4,996,454

Unrealized depreciation of forward currency exchange contracts		0			0			348,530


Total liabilities		83,850,816			18,070,433			220,572,336


NET ASSETS	$	5,519,551,366		$	1,440,444,090		$	3,090,551,425


Cost of investments	$	5,876,876,446		$	1,473,406,574		$	3,672,940,300


NET ASSETS CONSIST OF:

Capital stock, at par	$	412,911		$	111,814		$	277,771

Additional paid-in capital		5,854,416,719			1,545,765,916			3,670,193,312

Accumulated loss		(335,278,264	)		(105,433,640	)		(579,919,658	)


	$	5,519,551,366		$	1,440,444,090		$	3,090,551,425

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

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



24		Sanford C. Bernstein Fund, Inc.


	DIVERSIFIED MUNICIPAL PORTFOLIO		NEW YORK MUNICIPAL PORTFOLIO		INTERMEDIATE DURATION PORTFOLIO

CALCULATION OF MAXIMUM OFFERING PRICE

Municipal Class/Intermediate Duration Class Shares

Net Assets	$	4,296,195,793	$	1,277,131,941	$	3,089,962,053

Shares of capital stock outstanding		321,405,994		99,131,980		277,717,642


Net asset value, offering and redemption price per share	$	13.37	$	12.88	$	11.13


Class A Shares

Net Assets	$	261,935,519	$	96,285,930	$	571,536

Shares of capital stock outstanding		19,581,758		7,476,338		51,304


Net asset value and redemption price per share	$	13.38	$	12.88	$	11.14

Sales charge—3.00% for Diversified Municipal Portfolio and New York Municipal Portfolio, 4.25% for Intermediate Duration Portfolio of public offering price		0.41		0.40		0.49


Maximum offering price	$	13.79	$	13.28	$	11.63


Class C Shares

Net Assets	$	13,575,819	$	5,514,666

Shares of capital stock outstanding		1,015,258		428,190


Net asset value and offering price per share	$	13.37	$	12.88


Advisor Class Shares

Net Assets	$	477,015,038	$	61,511,553	$	9,486

Shares of capital stock outstanding		35,710,448		4,777,232		852


Net asset value and offering price per share	$	13.36	$	12.88	$	11.13


Class Z Shares

Net Assets	$	470,829,197			$	8,350

Shares of capital stock outstanding		35,197,259				750


Net asset value and offering price per share	$	13.38			$	11.13

See Notes to Financial Statements.



2022 Annual Report		25

Statement of Assets and Liabilities—September 30, 2022 (continued)


	SHORT DURATION PLUS PORTFOLIO

ASSETS

Investments in securities, at value	$	334,736,180

Cash		3,131,562

Cash collateral due from broker		1,442,382

Receivables:

Interest		1,306,203

Foreign withholding tax reclaims		1,539

Capital shares sold		369,198

Variation margin on centrally cleared swaps		1,292

Unrealized appreciation of forward currency exchange contracts		41,484


Total assets		341,029,840


LIABILITIES

Payables:

Dividends to shareholders		205,167

Capital shares redeemed		559,256

Variation margin on futures		252,397

Management fee		70,989

Shareholder servicing fee		26,818

Transfer Agent fee		5,955

Distribution fee		3,819

Accrued expenses		89,593

Market value on credit default swaps(a)		404,231


Total liabilities		1,618,225


NET ASSETS	$	339,411,615


Cost of investments	$	345,415,554


NET ASSETS CONSIST OF:

Capital stock, at par	$	30,839

Additional paid-in capital		366,668,538

Accumulated loss		(27,287,762	)


	$	339,411,615

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

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



26		Sanford C. Bernstein Fund, Inc.


	SHORT DURATION PLUS PORTFOLIO

CALCULATION OF MAXIMUM OFFERING PRICE

Short Duration Plus Class Shares

Net Assets	$	323,935,864

Shares of capital stock outstanding		29,433,563


Net asset value, offering and redemption price per share	$	11.01


Class A Shares

Net Assets	$	14,182,408

Shares of capital stock outstanding		1,287,886


Net asset value and redemption price per share	$	11.01

Sales charge—2.25% of public offering price		0.25


Maximum offering price	$	11.26


Class C Shares

Net Assets	$	1,293,343

Shares of capital stock outstanding		117,682


Net asset value and offering price per share	$	10.99

See Notes to Financial Statements.



2022 Annual Report		27

Statement of Operations—for the year ended September 30, 2022


	EMERGING MARKETS PORTFOLIO			SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO			CALIFORNIA MUNICIPAL PORTFOLIO

INVESTMENT INCOME

Income:

Interest	$	0		$	2,678,258		$	29,375,097

Dividends

Unaffiliated issuers (a)		34,406,234			0			0

Affiliated issuers		159,211			70,571			0

Total income		34,565,445			2,748,829			29,375,097


Expenses:

Management fee (see Note 2A)		12,527,961			735,355			5,266,658

Shareholder servicing fee (see Note 2B)		2,801,277			245,118			1,116,698

Custody and accounting fees		537,955			50,838			112,628

Transfer Agent fee—Non-Retail Class		246,279			20,070			27,534

Transfer Agent fee—Class A		0			0			19,429

Transfer Agent fee—Class C		0			0			1,340

Transfer Agent fee—Advisor Class		0			0			25,865

Transfer Agent fee—Class Z		39,687			0			0

Distribution fees—Class A		0			0			161,324

Distribution fees—Class C		0			0			43,755

Directors’ fees and expenses		57,233			10,313			54,505

Auditing and tax fees		70,409			11,003			47,825

Legal fees		46,760			9,395			44,068

Registration fees		45,657			33,541			27,581

Printing fees		25,497			21,528			54,806

Miscellaneous		65,765			10,535			48,160

Total expenses		16,464,480			1,147,696			7,052,176

Less: expenses waived and reimbursed by the Adviser (see Note 2A, 2B and 2E)		(18,514	)		(253,121	)		0


Net expenses		16,445,966			894,575			7,052,176

Net investment income		18,119,479			1,854,254			22,322,921


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

Net realized gain (loss) on:

Investment transactions (b)		(15,261,128	)		(464,117	)		(4,524,663	)

Forward currency exchange contracts		4,895,727			0			0

Futures		0			0			0

Swaps		0			(10,075	)		2,501,824

Foreign currency transactions		(4,577,546	)		0			0

Net realized loss on investment and foreign currency transactions		(14,942,947	)		(474,192	)		(2,022,839	)

Net change in unrealized appreciation/depreciation of:

Investments (c)		(410,019,251	)		(12,351,777	)		(124,960,252	)

Forward currency exchange contracts		(5,072,692	)		0			0

Futures		0			0			0

Swaps		0			159,138			8,220,541

Foreign currency denominated assets and liabilities		(85,959	)		0			0

Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(415,177,902	)		(12,192,639	)		(116,739,711	)

Net realized and unrealized loss on investment and foreign currency transactions		(430,120,849	)		(12,666,831	)		(118,762,550	)

Net decrease in net assets resulting from operations	$	(412,001,370	)	$	(10,812,577	)	$	(96,439,629	)

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

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

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

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

See Notes to Financial Statements.



28		Sanford C. Bernstein Fund, Inc.


DIVERSIFIED MUNICIPAL PORTFOLIO			NEW YORK MUNICIPAL PORTFOLIO			INTERMEDIATE DURATION PORTFOLIO





$	153,222,611		$	40,817,884		$	78,561,467



	0			0			0

	0			0			0

	153,222,611			40,817,884			78,561,467




	21,822,225			6,778,018			15,421,685

	5,011,517			1,497,091			3,542,155

	274,172			138,772			225,262

	126,292			38,728			195,083

	99,032			39,017			19,352

	5,217			2,850			0

	154,439			23,679			290

	103,633			0			21

	758,203			263,321			1,866

	157,720			73,928			0

	270,245			72,046			153,018

	209,676			60,062			128,390

	212,112			58,027			124,669

	191,043			50,872			75,278

	33,709			38,705			38,856

	202,709			59,680			127,705

	29,631,944			9,194,796			20,053,630

	0			0			(35,166	)


	29,631,944			9,194,796			20,018,464

	123,590,667			31,623,088			58,543,003






	(23,119,188	)		(6,766,299	)		(72,194,840	)

	0			0			4,042,569

	0			0			(63,109,506	)

	9,952,392			598,566			(4,326,286	)

	0			0			3,760,585

	(13,166,796	)		(6,167,733	)		(131,827,478	)



	(663,346,572	)		(171,846,996	)		(511,298,527	)

	0			0			929,448

	0			0			(9,164,905	)

	37,941,871			10,986,550			18,168,953

	0			0			(84,711	)


	(625,404,701	)		(160,860,446	)		(501,449,742	)


	(638,571,497	)		(167,028,179	)		(633,277,220	)

$	(514,980,830	)	$	(135,405,091	)	$	(574,734,217	)



2022 Annual Report			29

Statement of Operations—for the year ended September 30, 2022 (continued)


	SHORT DURATION PLUS PORTFOLIO

INVESTMENT INCOME

Income:

Interest	$	3,066,037


Total income		3,066,037


Expenses:

Management fee (see Note 2A)		913,674

Shareholder servicing fee (see Note 2B)		244,478

Custody and accounting fees		57,828

Transfer Agent fee—Non-Retail Class		20,575

Transfer Agent fee—Class A		32,510

Transfer Agent fee—Class C		2,103

Distribution fees—Class A		38,992

Distribution fees—Class C		9,750

Registration fees		72,903

Printing fees		35,755

Auditing and tax fees		22,069

Directors’ fees and expenses		11,088

Legal fees		9,802

Miscellaneous		13,313


Total expenses		1,484,840

Less: expenses waived and reimbursed by the Adviser (see Note 2B and 2D)		(269,409	)


Net expenses		1,215,431


Net investment income		1,850,606


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

Net realized gain (loss) on:

Investment transactions		(1,042,617	)

Forward currency exchange contracts		(18,611	)

Futures		(4,006,559	)

Swaps		(282,365	)

Foreign currency transactions		54,357


Net realized loss on investment and foreign currency transactions		(5,295,795	)


Net change in unrealized appreciation/depreciation of:

Investments		(10,679,088	)

Forward currency exchange contracts		41,484

Futures		(1,178,470	)

Swaps		1,194,433

Foreign currency denominated assets and liabilities		(7,186	)


Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(10,628,827	)


Net realized and unrealized loss on investment and foreign currency transactions		(15,924,622	)


Net decrease in net assets resulting from operations	$	(14,074,016	)

See Notes to Financial Statements.



30		Sanford C. Bernstein Fund, Inc.

This page intentionally left blank.



2022 Annual Report			31

Statement of Changes in Net Assets



	EMERGING MARKETS PORTFOLIO						SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

INCREASE (DECREASE) IN NET ASSETS FROM

Operations:

Net investment income	$	18,119,479		$	22,729,835		$	1,854,254		$	1,936,455

Net realized gain (loss) on investment and foreign currency transactions		(14,942,947	)		161,549,002			(474,192	)		141,350

Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(415,177,902	)		125,486,963			(12,192,639	)		(137,483	)


Net increase (decrease) in net assets resulting from operations		(412,001,370	)		309,765,800			(10,812,577	)		1,940,322


Distributions to shareholders (a)		(127,708,313	)		(25,337,814	)		(1,847,857	)		(1,934,942	)


Capital-share transactions:

Net proceeds from sales of shares		104,232,917			82,969,030			198,031,690			192,716,676

Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions		120,829,789			21,480,145			1,578,267			1,743,346


Total proceeds from shares sold		225,062,706			104,449,175			199,609,957			194,460,022

Cost of shares redeemed		(106,519,109	)		(181,847,829	)		(243,044,047	)		(122,468,926	)


Net increase (decrease) in net assets from capital-share transactions		118,543,597			(77,398,654	)		(43,434,090	)		71,991,096


Net increase (decrease) in net assets		(421,166,086	)		207,029,332			(56,094,524	)		71,996,476

NET ASSETS:

Beginning of period		1,445,188,718			1,238,159,386			282,141,738			210,145,262


End of period	$	1,024,022,632		$	1,445,188,718		$	226,047,214		$	282,141,738

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

See Notes to Financial Statements.



32		Sanford C. Bernstein Fund, Inc.



CALIFORNIA MUNICIPAL PORTFOLIO						DIVERSIFIED MUNICIPAL PORTFOLIO						NEW YORK MUNICIPAL PORTFOLIO

YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21





$	22,322,921		$	23,243,006		$	123,590,667		$	122,937,403		$	31,623,088		$	33,473,749

	(2,022,839	)		10,017,390			(13,166,796	)		25,532,577			(6,167,733	)		3,330,397

	(116,739,711	)		(3,211,963	)		(625,404,701	)		26,639,009			(160,860,446	)		23,923,283


	(96,439,629	)		30,048,433			(514,980,830	)		175,108,989			(135,405,091	)		60,727,429


	(21,456,217	)		(23,005,036	)		(120,398,406	)		(121,690,545	)		(31,131,616	)		(33,128,293	)


	307,949,541			351,799,964			1,334,029,727			1,559,834,308			205,642,206			305,015,834

	15,729,268			17,652,625			89,555,226			93,318,204			23,893,460			25,604,257


	323,678,809			369,452,589			1,423,584,953			1,653,152,512			229,535,666			330,620,091

	(496,377,732	)		(376,795,028	)		(1,989,402,821	)		(1,214,382,457	)		(422,401,671	)		(346,489,408	)


	(172,698,923	)		(7,342,439	)		(565,817,868	)		438,770,055			(192,866,005	)		(15,869,317	)


	(290,594,769	)		(299,042	)		(1,201,197,104	)		492,188,499			(359,402,712	)		11,729,819

	1,392,491,556			1,392,790,598			6,720,748,470			6,228,559,971			1,799,846,802			1,788,116,983


$	1,101,896,787		$	1,392,491,556		$	5,519,551,366		$	6,720,748,470		$	1,440,444,090		$	1,799,846,802



2022 Annual Report			33

Statement of Changes in Net Assets (continued)



	INTERMEDIATE DURATION PORTFOLIO						SHORT DURATION PLUS PORTFOLIO

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

INCREASE (DECREASE) IN NET ASSETS FROM Operations:

Net investment income	$	58,543,003		$	68,989,470		$	1,850,606		$	2,314,228

Net realized gain (loss) on investment and foreign currency transactions		(131,827,478	)		28,777,985			(5,295,795	)		(990,257	)

Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities and other assets and liabilities		(501,449,742	)		(106,481,497	)		(10,628,827	)		(1,490,852	)


Net decrease in net assets resulting from operations		(574,734,217	)		(8,714,042	)		(14,074,016	)		(166,881	)


Distributions to shareholders (a)		(96,525,241	)		(136,409,405	)		(1,831,719	)		(2,361,508	)


Capital-share transactions:

Net proceeds from sales of shares		395,517,888			767,794,097			191,978,729			94,214,859

Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions		80,772,362			120,165,390			1,347,261			2,099,953


Total proceeds from shares sold		476,290,250			887,959,487			193,325,990			96,314,812

Cost of shares redeemed		(561,976,742	)		(592,989,249	)		(100,109,377	)		(77,580,243	)


Net increase (decrease) in net assets from capital-share transactions		(85,686,492	)		294,970,238			93,216,613			18,734,569


Net increase (decrease) in net assets		(756,945,950	)		149,846,791			77,310,878			16,206,180

NET ASSETS:

Beginning of period		3,847,497,375			3,697,650,584			262,100,737			245,894,557


End of period	$	3,090,551,425		$	3,847,497,375		$	339,411,615		$	262,100,737

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

See Notes to Financial Statements.



34		Sanford C. Bernstein Fund, Inc.



	EMERGING MARKETS PORTFOLIO

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Distributions to shareholders:

Emerging Markets Class	$	(107,857,795	)	$	(21,155,097	)

Class Z		(19,850,518	)		(4,182,717	)


	$	(127,708,313	)	$	(25,337,814	)



	CALIFORNIA MUNICIPAL PORTFOLIO						DIVERSIFIED MUNICIPAL PORTFOLIO

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Distributions to shareholders:

Municipal Class	$	(18,916,809	)	$	(20,551,446	)	$	(95,675,758	)	$	(98,560,802	)

Class A		(971,204	)		(1,218,820	)		(5,215,911	)		(5,318,015	)

Class C		(32,897	)		(42,371	)		(153,564	)		(267,652	)

Advisor Class		(1,535,307	)		(1,192,399	)		(9,328,332	)		(8,070,840	)

Class Z		0			0			(10,024,841	)		(9,473,236	)


	$	(21,456,217	)	$	(23,005,036	)	$	(120,398,406	)	$	(121,690,545	)



	NEW YORK MUNICIPAL PORTFOLIO

		YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Distributions to shareholders:

Municipal Class	$	(28,049,433	)	$	(29,883,364	)

Class A		(1,772,845	)		(1,927,269	)

Class C		(67,861	)		(137,544	)

Advisor Class		(1,241,477	)		(1,180,116	)


	$	(31,131,616	)	$	(33,128,293	)

See Notes to Financial Statements.



2022 Annual Report		35

Statement of Changes in Net Assets (continued)



	INTERMEDIATE DURATION PORTFOLIO

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Distributions to shareholders:

Intermediate Duration Portfolio	$	(96,507,904	)	$	(136,374,393	)

Class A		(16,803	)		(34,295	)

Advisor Class		(279	)		(353	)

Class Z		(255	)		(364	)


	$	(96,525,241	)	$	(136,409,405	)



	SHORT DURATION PLUS PORTFOLIO

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Distributions to shareholders:

Short Duration Plus Class	$	(1,792,732	)	$	(2,283,865	)

Class A		(36,975	)		(71,620	)

Class C		(2,012	)		(6,023	)


	$	(1,831,719	)	$	(2,361,508	)

See Notes to Financial Statements.



36		Sanford C. Bernstein Fund, Inc.

Financial Highlights

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



	EMERGING MARKETS PORTFOLIO EMERGING MARKETS CLASS

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	33.43		$	27.17		$	26.03		$	28.39		$	31.25


Income from investment operations:

Investment income, net (a)(b)		0.38			0.50			0.32			0.51			0.28

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(9.10	)		6.32			1.26			(0.95	)		(2.90	)

Contributions from affiliates		0			0			0.00	(c)		0.00	(c)		0.00	(c)


Total from investment operations		(8.72	)		6.82			1.58			(0.44	)		(2.62	)


Less dividends and distributions:

Dividends from net investment income		(0.66	)		(0.56	)		(0.44	)		(0.33	)		(0.17	)

Distributions from net realized gain on investment transactions		(2.28	)		0			0			(1.59	)		(0.07	)


Total dividends and distributions		(2.94	)		(0.56	)		(0.44	)		(1.92	)		(0.24	)


Net asset value, end of period	$	21.77		$	33.43		$	27.17		$	26.03		$	28.39


Total return (d)(e)		(28.60)%			25.20%			6.04%			(0.91)%			(8.46)%	(f)

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$871,486			$1,225,396			$1,056,249			$1,120,427			$1,174,312

Average net assets (000 omitted)		$1,120,511			$1,252,078			$1,085,654			$1,123,274			$1,316,137

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		1.28%			1.28%			1.29%			1.30%			1.33%

Expenses, before waivers/reimbursements		1.29%			1.28%			1.30%			1.30%			1.33%

Net investment income (b)		1.34%			1.50%			1.22%			1.96%			0.86%

Portfolio turnover rate		57%			68%			85%			92%			65%

See Footnote Summary on page 45.

See Notes to Financial Statements.



2022 Annual Report		37

Financial Highlights (continued)

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



	EMERGING MARKETS PORTFOLIO CLASS Z

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	33.50		$	27.22		$	26.08		$	28.43		$	31.32


Income From Investment Operations

Net investment income (a)(b)		0.45			0.59			0.39			0.57			0.37

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(9.11	)		6.32			1.26			(.93	)		(2.92	)

Contributions from affiliates		0			0			0.00	(c)		0.00	(c)		0.00	(c)


Total from investment operations		(8.66	)		6.91			1.65			(.36	)		(2.55	)


Less dividends and distributions:

Dividends from net investment income		(0.75	)		(0.63	)		(0.51	)		(0.40	)		(0.27	)

Distributions from net realized gain on investment transactions		(2.28	)		0			0			(1.59	)		(.07	)


Total dividends and distributions		(3.03	)		(0.63	)		(0.51	)		(1.99	)		(0.34	)


Net asset value, end of period	$	21.81		$	33.50		$	27.22		$	26.08		$	28.43


Total Return (d)(e)		(28.43)%			25.56%			6.33%			(0.66)%			(8.26)%	(f)

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$152,537			$219,793			$181,910			$176,887			$177,907

Average net assets (000 omitted)		$198,222			$220,989			$178,143			$175,583			$189,542

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		1.03%			1.03%			1.04%			1.04%			1.07%

Expenses, before waivers/reimbursements		1.04%			1.03%			1.04%			1.04%			1.08%

Net investment income (b)		1.57%			1.76%			1.50%			2.21%			1.16%

Portfolio turnover rate		57%			68%			85%			92%			65%

See Footnote Summary on page 45.

See Notes to Financial Statements.



38		Sanford C. Bernstein Fund, Inc



	SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO SHORT DURATION DIVERSIFIED MUNICIPAL CLASS

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	12.77		$	12.76		$	12.63		$	12.50		$	12.60


Income from investment operations

Investment income, net (a)(b)		0.09			0.10			0.14			0.17			0.12

Net realized and unrealized gain (loss) on investment transactions		(0.64	)		0.02			0.14			0.13			(0.10	)


Total from investment operations		(0.55	)		0.12			0.28			0.30			0.02


Less: Dividends

Dividends from net investment income		(0.09	)		(0.11	)		(0.15	)		(0.17	)		(0.12	)


Net asset value, end of period	$	12.13		$	12.77		$	12.76		$	12.63		$	12.50


Total return (d)		(4.27)%			0.91%			2.20%			2.41%			0.18%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$226,047			$282,142			$210,145			$191,091			$188,148

Average net assets (000 omitted)		$245,118			$238,495			$205,125			$186,888			$199,804

Ratio to average net assets of:

Expenses, net of waivers/reimbursements (g)		0.36%			0.39%			0.48%			0.50%			0.52%

Expenses, before waivers/reimbursements (g)		0.47%			0.48%			0.49%			0.50%			0.52%

Net investment income (b)		0.76%			0.81%			1.13%			1.34%			0.97%

Portfolio turnover rate		40%			35%			45%			57%			58%

See Footnote Summary on page 45.

See Notes to Financial Statements.



2022 Annual Report		39

Financial Highlights (continued)

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



	CALIFORNIA MUNICIPAL PORTFOLIO MUNICIPAL CLASS

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	14.60		$	14.52		$	14.44		$	13.99		$	14.32


Income from investment operations:

Investment income, net (a)		0.25			0.24			0.29			0.31			0.31

Net realized and unrealized gain (loss) on investment transactions		(1.33	)		0.08			0.08			0.45			(0.33	)


Total from investment operations		(1.08	)		0.32			0.37			0.76			(0.02	)


Less dividends:

Dividends from net investment income		(0.24	)		(0.24	)		(0.29	)		(0.31	)		(0.31	)


Net asset value, end of period	$	13.28		$	14.60		$	14.52		$	14.44		$	13.99


Total return (d)		(7.46)%			2.21%			2.59%			5.50%			(0.13)%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$938,638			$1,228,752			$1,243,747			$1,212,947			$1,189,754

Average net assets (000 omitted)		$1,116,698			$1,252,402			$1,222,654			$1,181,680			$1,177,686

Ratio to average net assets of:

Expenses		0.55%			0.54%			0.55%			0.55%			0.55%

Net investment income		1.76%			1.66%			1.98%			2.17%			2.19%

Portfolio turnover rate		23%			27%			16%			24%			38%

See Footnote Summary on page 45.

See Notes to Financial Statements.



40		Sanford C. Bernstein Fund, Inc.



	DIVERSIFIED MUNICIPAL PORTFOLIO MUNICIPAL CLASS

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	14.80		$	14.67		$	14.57		$	14.05		$	14.43


Income from investment operations:

Investment income, net (a)		0.28			0.28			0.33			0.34			0.31

Net realized and unrealized gain (loss) on investment transactions		(1.44	)		0.13			0.10			0.52			(0.38	)


Total from investment operations		(1.16	)		0.41			0.43			0.86			(0.07	)


Less dividends:

Dividends from net investment income		(0.27	)		(0.28	)		(0.33	)		(0.34	)		(0.31	)


Net asset value, end of period	$	13.37		$	14.80		$	14.67		$	14.57		$	14.05


Total return (d)		(7.89)%			2.79%			2.99%			6.21%			(0.45)%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$4,296,196			$5,390,502			$5,035,751			$4,989,558			$5,479,314

Average net assets (000 omitted)		$5,011,517			$5,276,753			$5,013,687			$5,238,466			$5,511,547

Ratio to average net assets of:

Expenses		0.47%			0.47%			0.47%			0.47%			0.46%

Net investment income		1.96%			1.89%			2.26%			2.38%			2.20%

Portfolio turnover rate		15%			22%			20%			22%			23%

See Footnote Summary on page 45.

See Notes to Financial Statements.



2022 Annual Report		41

Financial Highlights (continued)

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



	NEW YORK MUNICIPAL PORTFOLIO MUNICIPAL CLASS

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	14.25		$	14.04		$	14.18		$	13.68		$	14.07


Income from investment operations:

Investment income, net (a)		0.26			0.27			0.30			0.32			0.31

Net realized and unrealized gain (loss) on investment transactions		(1.37	)		0.20			(0.13	)		0.50			(0.39	)

Contributions from affiliates		0			0			0			0			0.00	(c)


Total from investment operations		(1.11	)		0.47			0.17			0.82			(0.08	)


Less dividends:

Dividends from net investment income		(0.26	)		(0.26	)		(0.31	)		(0.32	)		(0.31	)


Net asset value, end of period	$	12.88		$	14.25		$	14.04		$	14.18		$	13.68


Total return (d)		(7.89)%			3.38%			1.22%			6.03%			(0.57)%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$1,277,132			$1,606,925			$1,585,884			$1,629,139			$1,631,011

Average net assets (000 omitted)		$1,497,091			$1,623,786			$1,599,889			$1,619,580			$1,621,380

Ratio to average net assets of:

Expenses		0.54%			0.53%			0.54%			0.53%			0.53%

Net investment income		1.90%			1.86%			2.17%			2.27%			2.23%

Portfolio turnover rate		14%			18%			18%			18%			23%

See Footnote Summary on page 45.

See Notes to Financial Statements.



42		Sanford C. Bernstein Fund, Inc.



	INTERMEDIATE DURATION PORTFOLIO INTERMEDIATE DURATION CLASS

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	13.49		$	14.02		$	13.54		$	12.76		$	13.23


Income from investment operations:

Investment income, net (a)		0.21			0.25			0.35			0.38			0.30

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.23	)		(0.28	)		0.51			0.83			(0.45	)

Contributions from affiliates		0			0			0			0.00	(c)		0


Total from investment operations		(2.02	)		(0.03	)		0.86			1.21			(0.15	)


Less dividends and distributions:

Dividends from net investment income		(0.21	)		(0.26	)		(0.38	)		(0.43	)		(0.32	)

Distributions from net realized gain on investment transactions		(0.13	)		(0.24	)		0			0			0


Total dividends and distributions		(0.34	)		(0.50	)		(0.38	)		(0.43	)		(0.32	)


Net asset value, end of period	$	11.13		$	13.49		$	14.02		$	13.54		$	12.76


Total return (d)		(15.25)%			(0.23)%			6.35%			9.70%			(1.14)%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$3,089,962			$3,845,735			$3,696,937			$3,416,459			$3,291,645

Average net assets (000 omitted)		$3,542,155			$3,818,467			$3,503,078			$3,289,133			$3,339,472

Ratio to average net assets of:

Expenses		0.56%			0.56%			0.57%			0.57%			0.57%

Net investment income		1.65%			1.81%			2.54%			2.95%			2.34%

Portfolio turnover rate (h)		122%			123%			72%			62%			201%

See Footnote Summary on page 45.

See Notes to Financial Statements.



2022 Annual Report		43

Financial Highlights (continued)

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



	SHORT DURATION PLUS PORTFOLIO SHORT DURATION PLUS CLASS

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	11.67		$	11.78		$	11.74		$	11.53		$	11.68


Income from investment operations:

Investment income, net (a)(b)		0.08			0.11			0.17			0.22			0.15

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.67	)		(0.11	)		0.06			0.23			(0.13	)


Total from investment operations		(0.59	)		0			0.23			0.45			0.02


Less dividends:

Dividends from net investment income		(0.07	)		(0.11	)		(0.19	)		(0.24	)		(0.17	)


Net asset value, end of period	$	11.01		$	11.67		$	11.78		$	11.74		$	11.53


Total return (d)		(5.02)%			0.01%			1.97%			3.96%			0.18%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$323,936			$245,285			$225,045			$229,120			$188,523

Average net assets (000 omitted)		$244,478			$245,228			$223,901			$213,653			$207,677

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		0.44%			0.46%			0.56%			0.56%			0.60%

Expenses, before waivers/reimbursements		0.54%			0.55%			0.56%			0.56%			0.60%

Net investment income (b)		0.74%			0.91%			1.48%			1.93%			1.30%

Portfolio turnover rate		48%			75%			50%			39%			85%	(h)

See Footnote Summary on page 45.

See Notes to Financial Statements.



44		Sanford C. Bernstein Fund, Inc.

(a)

Based on average shares outstanding.

(b)

Net of expenses waived by the Adviser.

(c)

Amount is less than $.005.

(d)

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

(e)

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

(f)

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

(g)

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

Acquired Fund Fees and Expenses:


	YEAR ENDED 09/30/20
Short Duration Diversified Municipal		0.01%

Waiver:


	YEAR ENDED 09/30/20
Short Duration Diversified Municipal		0.01%

(h)

The Portfolio accounts for dollar roll transactions as purchases and sales.

See Notes to Financial Statements.



2022 Annual Report		45

Notes to Financial Statements

NOTE 1.

Organization and Significant Accounting Policies

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


EMERGING MARKETS PORTFOLIO		SHARE CLASSES OFFERED

Emerging Markets		Emerging Markets Class* and Class Z

FIXED INCOME MUNICIPAL PORTFOLIOS

Short Duration Diversified Municipal		Short Duration Diversified Municipal Class*

California Municipal		Municipal Class*, Class A, Class C and Advisor Class

Diversified Municipal		Municipal Class*, Class A, Class C, Advisor Class and Class Z

New York Municipal		Municipal Class*, Class A, Class C and Advisor Class

FIXED INCOME TAXABLE PORTFOLIOS

Intermediate Duration		Intermediate Duration Class*, Class A, Advisor Class and Class Z

Short Duration Plus		Short Duration Plus Class*, Class A and Class C


* Bernstein Class


OVERLAY PORTFOLIOS

Overlay A		Class 1 and Class 2

Tax-Aware Overlay A		Class 1 and Class 2

Overlay B		Class 1 and Class 2

Tax-Aware Overlay B		Class 1 and Class 2

Tax-Aware Overlay C		Class 1 and Class 2

Tax-Aware Overlay N		Class 1 and Class 2

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

Portfolio Valuation

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



46		Sanford C. Bernstein Fund, Inc.

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolios may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolios value their securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolios generally value many of their foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

Fair Value Measurements

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

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Portfolios’ own assumptions in determining the fair value of investments)



2022 Annual Report		47

Notes to Financial Statements (continued)

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

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

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

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

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


EMERGING MARKETS PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1		LEVEL 2			LEVEL 3			TOTAL

Assets:
Common Stocks:

Financials	$	29,471,414	$	214,567,878		$	0	(a)	$	244,039,292

Consumer Discretionary		43,965,696		171,092,109			0			215,057,805

Information Technology		13,031,476		180,507,356			0			193,538,832

Industrials		17,506,539		53,324,420			1			70,830,960

Materials		42,324,529		20,160,001			0			62,484,530

Utilities		22,055,236		30,685,662			0			52,740,898

Real Estate		0		43,867,155			0			43,867,155

Communication Services		0		25,224,149			0			25,224,149

Energy		5,051,283		18,975,855			0	(a)		24,027,138

Consumer Staples		8,228,247		12,046,667			0	(a)		20,274,914

Health Care		10,004,284		9,326,503			0			19,330,787

Equity Linked Notes		0		25,362,301			0			25,362,301

Short-Term Investments		20,028,458		0			0			20,028,458

Total Investments in Securities		211,667,162		805,140,056	(b)		1	(a)		1,016,807,219



48		Sanford C. Bernstein Fund, Inc.


EMERGING MARKETS PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1		LEVEL 2			LEVEL 3			TOTAL

Other Financial Instruments (c):

Assets:

Forward Currency Exchange Contracts	$	0	$	3,126,768		$	0		$	3,126,768

Liabilities:

Forward Currency Exchange Contracts		0		(8,483,398	)		0			(8,483,398	)

Total	$	211,667,162	$	799,783,426		$	1	(a)	$	1,011,450,589

SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1		LEVEL 2			LEVEL 3			TOTAL

Assets:

Long-Term Municipal Bonds	$	0	$	221,403,260		$	0		$	221,403,260

Short-Term Municipal Notes		0		9,345,000			0			9,345,000

Corporates—Investment Grade		0		3,840,540			0			3,840,540

Corporates—Non-Investment Grade		0		267,669			0			267,669

Total Investments in Securities		0		234,856,469			0			234,856,469

Other Financial Instruments (c):

Assets:

Centrally Cleared Inflation (CPI) Swaps		0		536,916			0			536,916	(d)

Interest Rate Swaps		0		66,649			0			66,649

Liabilities:

Centrally Cleared Inflation (CPI) Swaps		0		(139,179	)		0			(139,179	)(d)

Total	$	0	$	235,320,855		$	0		$	235,320,855

CALIFORNIA MUNICIPAL PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1		LEVEL 2			LEVEL 3			TOTAL

Assets:

Long-Term Municipal Bonds	$	0	$	986,498,644		$	0	(a)	$	986,498,644

Short-Term Municipal Notes		0		37,535,092			0			37,535,092

Commercial Mortgage-Backed Securities		0		11,255,740			0			11,255,740

Governments—Treasuries		0		2,161,986			0			2,161,986

Corporates—Investment Grade		0		1,957,540			0			1,957,540

Collateralized Mortgage Obligations		0		565,234			0			565,234

Short-Term Investments		0		58,427,622			0			58,427,622

Total Investments in Securities		0		1,098,401,858			0	(a)		1,098,401,858

Other Financial Instruments (c):

Assets:

Centrally Cleared Inflation (CPI) Swaps		0		9,922,661			0			9,922,661	(d)

Centrally Cleared Interest Rate Swaps		0		5,977,878			0			5,977,878	(d)

Interest Rate Swaps		0		1,424,335			0			1,424,335

Liabilities:

Centrally Cleared Credit Default Swaps		0		(328,585	)		0			(328,585	)(d)

Centrally Cleared Inflation (CPI) Swaps		0		(1,746,727	)		0			(1,746,727	)(d)

Credit Default Swaps		0		(761,453	)		0			(761,453	)

Total	$	0	$	1,112,889,967		$	0	(a)	$	1,112,889,967



2022 Annual Report		49

Notes to Financial Statements (continued)


DIVERSIFIED MUNICIPAL PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL

Assets:

Long-Term Municipal Bonds	$	0	$	4,963,212,545		$	0	$	4,963,212,545

Short-Term Municipal Notes		0		444,322,000			0		444,322,000

Corporates—Investment Grade		0		51,966,820			0		51,966,820

Commercial Mortgage-Backed Securities		0		20,755,734			0		20,755,734

Corporates—Non-Investment Grade		0		17,172,663			0		17,172,663

Collateralized Mortgage Obligations		0		3,125,124			0		3,125,124

Total Investments in Securities		0		5,500,554,886			0		5,500,554,886

Other Financial Instruments (c):

Assets:

Centrally Cleared Credit Default Swaps		0		1,525,557			0		1,525,557	(d)

Centrally Cleared Inflation (CPI) Swaps		0		45,693,030			0		45,693,030	(d)

Centrally Cleared Interest Rate Swaps		0		30,907,994			0		30,907,994	(d)

Interest Rate Swaps		0		6,568,374			0		6,568,374

Liabilities:

Centrally Cleared Inflation (CPI) Swaps		0		(8,010,489	)		0		(8,010,489	)(d)

Centrally Cleared Interest Rate Swaps		0		(2,297,125	)		0		(2,297,125	)(d)

Credit Default Swaps		0		(3,183,456	)		0		(3,183,456	)

Total	$	0	$	5,571,758,771		$	0	$	5,571,758,771

NEW YORK MUNICIPAL PORTFOLIO INVESTMENT IN SECURITIES:	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL

Assets:

Long-Term Municipal Bonds	$	0	$	1,291,725,278		$	250,000	$	1,291,975,278

Short-Term Municipal Notes		0		74,285,000			0		74,285,000

Governments—Treasuries		0		2,190,554			0		2,190,554

Corporates—Investment Grade		0		1,957,540			0		1,957,540

Collateralized Mortgage Obligations		0		949,577			0		949,577

Total Investments in Securities		0		1,371,107,949			250,000		1,371,357,949

Other Financial Instruments (c):

Assets:

Centrally Cleared Inflation (CPI) Swaps		0		12,968,479			0		12,968,479	(d)

Centrally Cleared Interest Rate Swaps		0		8,041,619			0		8,041,619	(d)

Interest Rate Swaps		0		1,951,207			0		1,951,207

Liabilities:

Centrally Cleared Inflation (CPI) Swaps		0		(2,262,208	)		0		(2,262,208	)(d)

Centrally Cleared Interest Rate Swaps		0		(1,126,042	)		0		(1,126,042	)(d)

Credit Default Swaps		0		(1,063,299	)		0		(1,063,299	)

Total	$	0	$	1,389,617,705		$	250,000	$	1,389,867,705



50		Sanford C. Bernstein Fund, Inc.



INTERMEDIATE DURATION PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL

Assets:

Governments—Treasuries	$	0		$	1,236,707,238		$	0	$	1,236,707,238

Corporates—Investment Grade		0			693,778,472			0		693,778,472

Mortgage Pass-Throughs		0			519,260,321			0		519,260,321

Collateralized Mortgage Obligations		0			238,878,783			0		238,878,783

Asset-Backed Securities		0			157,349,601			0		157,349,601

Commercial Mortgage-Backed Securities		0			99,335,649			12,375,548		111,711,197

Collateralized Loan Obligations		0			84,321,764			0		84,321,764

Corporates—Non-Investment Grade		0			59,087,252			0		59,087,252

Local Governments—US Municipal Bonds		0			27,798,967			0		27,798,967

Emerging Markets—Corporate Bonds		0			13,087,972			0		13,087,972

Common Stocks		0			0			9,135,974		9,135,974

Quasi-Sovereigns		0			8,731,334			0		8,731,334

Emerging Markets—Sovereigns		0			8,662,214			0		8,662,214

Agencies		0			6,019,761			0		6,019,761
Governments—Sovereign Bonds		0			1,727,904			0		1,727,904

Short-Term Investments		0			64,470,728			0		64,470,728

Total Investments in Securities		0			3,219,217,960			21,511,522		3,240,729,482

Other Financial Instruments (c):
Assets:

Futures		924,469			0			0		924,469	(d)
Forward Currency Exchange Contracts		0			1,182,204			0		1,182,204
Centrally Cleared Credit Default Swaps		0			774,860			0		774,860	(d)
Centrally Cleared Interest Rate Swaps		0			2,464,228			0		2,464,228	(d)
Liabilities:
Futures		(13,990,539	)		0			0		(13,990,539	)(d)
Forward Currency Exchange Contracts		0			(348,530	)		0		(348,530	)

Credit Default Swaps		0			(4,996,454	)		0		(4,996,454	)

Total	$	(13,066,070	)	$	3,218,294,268		$	21,511,522	$	3,226,739,720

SHORT DURATION PLUS PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Assets:
Governments—Treasuries	$	0		$	232,493,720		$	0	$	232,493,720
Corporates—Investment Grade		0			27,080,280			0		27,080,280

Asset-Backed Securities		0			18,366,340			0		18,366,340

Collateralized Mortgage Obligations		0			14,129,884			0		14,129,884

Commercial Mortgage-Backed Securities		0			6,695,729			876,837		7,572,566

Collateralized Loan Obligations		0			4,780,166			0		4,780,166

Agencies		0			3,898,491			0		3,898,491

Mortgage Pass-Throughs		0			1,606,371			0		1,606,371
Local Governments—US Municipal Bonds		0			863,281			0		863,281
Short-Term Investments:

U.S. Treasury Bills		0			17,165,600			0		17,165,600

Governments—Treasuries		0			6,779,481			0		6,779,481

Total Investments in Securities		0			333,859,343			876,837		334,736,180



2022 Annual Report		51

Notes to Financial Statements (continued)



SHORT DURATION PLUS PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL

Other Financial Instruments (c):

Assets:

Futures	$	93,719		$	0		$	0	$	93,719	(d)

Forward Currency Exchange Contracts		0			41,484			0		41,484

Centrally Cleared Interest Rate Swaps		0			449,586			0		449,586	(d)

Liabilities:

Futures		(1,314,713	)		0			0		(1,314,713	)(d)

Credit Default Swaps		0			(404,231	)		0		(404,231	)

Total	$	(1,220,994	)	$	333,946,182		$	876,837	$	333,602,025

(a)

The Portfolio held securities with zero market value at period end.

(b)

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

(c)

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

(d)

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

Foreign Currency Translation

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

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

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

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



52		Sanford C. Bernstein Fund, Inc.

Taxes

Each Portfolio is treated as a separate entity for federal income tax purposes. Each Portfolio intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986 as they apply to regulated investment companies. By so complying, each Portfolio will not be subject to federal and state income taxes to the extent that all of its income is distributed. The Portfolios may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned based on management’s understanding of applicable local tax law.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolios’ tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolios’ financial statements. As of September 30, 2022, the Portfolios did not have any unrecognized tax benefits.

Security Transactions and Related Investment Income

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

Securities Transactions on a When-Issued or Delayed-Delivery Basis

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

Class Allocations

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

Distribution of Income and Gains

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

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

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



2022 Annual Report		53

Notes to Financial Statements (continued)

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


PORTFOLIO	INCREASE (DECREASE) TO ADDITIONAL PAID-IN CAPITAL			INCREASE (DECREASE) TO DISTRIBUTABLE EARNINGS/ ACCUMULATED LOSS

Emerging Markets Portfolio	$	3,687,875		$	(3,687,875	)

Short Duration Diversified Municipal Portfolio		0			0

California Municipal Portfolio		(267,148	)		267,148

Diversified Municipal Portfolio		(979,682	)		979,682

New York Municipal Portfolio		(711,060	)		711,060

Intermediate Duration Portfolio		(421,249	)		421,249

Short Duration Plus Portfolio		0			0

NOTE 2.

Investment Management and Transactions with Affiliated Persons

Management Fee

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

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


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



54		Sanford C. Bernstein Fund, Inc.

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

Shareholder Servicing Fee; Transfer Agency Fee

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


PORTFOLIO	AMOUNT
Short Duration Diversified Municipal	$	245,118

Short Duration Plus		244,478

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

Distribution Arrangements—the Portfolios Except the Retail Classes

Under the Distribution Agreement between the Fund, on behalf of each Portfolio, and Sanford C. Bernstein & Co., LLC (the “Distributor”), the Distributor agrees to act as agent to sell SCB Class shares of the Portfolios. The Distributor receives no fee for this service, and furthermore agrees to pay all expenses arising from the performance of its obligations under this agreement. The Distributor is a wholly owned subsidiary of the Adviser.

Distribution Arrangements—the Retail Classes Only

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



2022 Annual Report		55

Notes to Financial Statements (continued)

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


	PORTFOLIO
	CALIFORNIA MUNICIPAL		DIVERSIFIED MUNICIPAL		NEW YORK MUNICIPAL		SHORT DURATION PLUS
Class C	$	1,333,599	$	3,271,259	$	2,418,480	$	1,035,786

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

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

Investments in Affiliated Issuers

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


PORTFOLIO	AMOUNT
Emerging Markets	$	18,514
Short Duration Diversified Municipal		8,003

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


PORTFOLIO	MARKET VALUE 9/30/21 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		MARKET VALUE 9/30/22 (000)		DIVIDEND INCOME (000)
Emerging Markets	$	23,229	$	338,713	$	341,914	$	20,028	$	159

Short Duration Diversified Municipal		0		199,814		199,814	$	0		71

Other Transactions with Affiliates

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



56		Sanford C. Bernstein Fund, Inc.

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

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

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


	FRONT-END SALES CHARGES CLASS A		CONTINGENT DEFERRED SALES CHARGES
PORTFOLIO	FRONT-END SALES CHARGES CLASS A		CLASS A		CLASS C
California Municipal	$	0	$	3,971	$	5,757

Diversified Municipal		0		190,377		4,324

New York Municipal		0		0		177

Intermediate Duration		20		0		N/A

Short Duration Plus		486		4,364		122

NOTE 3.

Investment Security Transactions

Purchases and Sales

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


PORTFOLIO	PURCHASES EXCLUDING U.S. GOVERNMENT SECURITIES		PURCHASES OF U.S. GOVERNMENT SECURITIES		SALES EXCLUDING U.S. GOVERNMENT SECURITIES		SALES OF U.S. GOVERNMENT SECURITIES
Emerging Markets	$	735,734,322	$	0	$	756,666,236	$	0

Short Duration Diversified Municipal		87,411,586		0		104,466,462		0

California Municipal		270,595,900		0		421,806,844		1,847,719

Diversified Municipal		865,718,235		7,799,858		1,038,004,187		10,120,192

New York Municipal		213,165,721		0		396,473,428		3,263,190

Intermediate Duration		613,060,255		3,965,910,259		782,410,252		3,540,230,958

Short Duration Plus		39,090,097		181,713,533		25,124,668		92,580,188



2022 Annual Report		57

Notes to Financial Statements (continued)

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


			GROSS UNREALIZED					NET UNREALIZED APPRECIATION (DEPRECIATION)
PORTFOLIO	COST		APPRECIATION		(DEPRECIATION)			NET UNREALIZED APPRECIATION (DEPRECIATION)
Emerging Markets Portfolio		$1,208,023,005		$67,065,690	$	(258,576,142	)	$	(191,510,452	)

Short Duration Diversified Municipal Portfolio		244,889,287		619,046		(10,186,701	)		(9,567,655	)

California Municipal Portfolio		1,174,379,850		18,527,221		(78,542,232	)		(60,015,011	)

Diversified Municipal Portfolio		5,876,832,465		90,604,078		(391,953,068	)		(301,348,990	)

New York Municipal Portfolio		1,473,370,418		24,478,301		(106,269,821	)		(81,791,520	)

Intermediate Duration Portfolio		3,675,642,378		12,204,774		(441,948,401	)		(429,743,627	)

Short Duration Plus Portfolio		345,417,082		912,439		(10,938,177	)		(10,025,738	)

Derivative Financial Instruments

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

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

•

Futures

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

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

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

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

•

Forward Currency Exchange Contracts

The Emerging Markets Portfolio, Intermediate Duration Portfolio and Short Duration Plus Portfolio may enter into forward currency exchange contracts on either a spot (i.e., cash) or forward basis. Spot contracts are entered into at the



58		Sanford C. Bernstein Fund, Inc.

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

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

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

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

•

Swaps

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

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

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



2022 Annual Report		59

Notes to Financial Statements (continued)

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

Interest Rate Swaps:

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

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

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

Inflation (CPI) Swaps:

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

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

Credit Default Swaps:

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



60		Sanford C. Bernstein Fund, Inc.

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

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

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

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

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

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

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


EMERGING MARKETS PORTFOLIO	ASSET DERIVATIVES			LIABILITY DERIVATIVES
DERIVATIVE TYPE	STATEMENT OF ASSETS AND LIABILITIES LOCATION	FAIR VALUE		STATEMENT OF ASSETS AND LIABILITIES LOCATION	FAIR VALUE

Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	3,126,768	Unrealized depreciation on forward currency exchange contracts	$	8,483,398

Total		$	3,126,768		$	8,483,398



2022 Annual Report		61

Notes to Financial Statements (continued)


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES		CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts	$	4,895,727	$	(5,072,692	)

Total		$	4,895,727	$	(5,072,692	)

SHORT DURATION DIVERSIFIED

MUNICIPAL PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS

AND LIABILITIES

LOCATION

FAIR VALUE

STATEMENT OF ASSETS

AND LIABILITIES LOCATION

FAIR
VALUE

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps

536,916

Receivable/Payable for variation margin on centrally cleared swaps

138,186

Interest rate contracts

Unrealized appreciation on interest rate swaps

66,649

Total

603,565

138,186

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 DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES	CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps	$(10,075)	$	159,138

Total		$(10,075)	$	159,138

CALIFORNIA

MUNICIPAL PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS

AND LIABILITIES

LOCATION

FAIR VALUE

STATEMENT OF ASSETS

AND LIABILITIES LOCATION

FAIR VALUE

Credit contracts

Receivable/Payable for variation margin on centrally cleared swaps

10,722

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps

15,909,344

Receivable/Payable for variation margin on centrally cleared swaps

1,737,145

Interest rate contracts

Unrealized appreciation on interest rate swaps

1,424,335

Credit contracts

Market value on credit default swaps

761,453

Total

17,333,679

2,509,320



62		Sanford C. Bernstein Fund, Inc.


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES		CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps	$	1,131,168	$	7,795,940

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		1,370,656		424,601

Total		$	2,501,824	$	8,220,541

DIVERSIFIED

MUNICIPAL PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS

AND LIABILITIES

LOCATION

FAIR VALUE

STATEMENT OF ASSETS

AND LIABILITIES LOCATION

FAIR VALUE

Credit contracts

Receivable/Payable for variation margin on centrally cleared swaps

12,345

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps

76,601,024

Receivable/Payable for variation margin on centrally cleared swaps

10,261,455

Interest rate contracts

Unrealized appreciation on interest rate swaps

6,568,374

Credit contracts

Market value on credit default swaps

3,183,456

Total

83,169,398

13,457,256


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES		CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps	$	6,251,197	$	36,125,444

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		3,701,195		1,816,427

Total		$	9,952,392	$	37,941,871



2022 Annual Report		63

Notes to Financial Statements (continued)

NEW YORK
MUNICIPAL PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS
AND LIABILITIES
LOCATION

FAIR VALUE

STATEMENT OF ASSETS
AND LIABILITIES LOCATION

FAIR VALUE

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps

21,010,098

Receivable/Payable for variation margin on centrally cleared swaps

3,375,748

Interest rate contracts

Unrealized appreciation on interest rate swaps

1,951,207

Credit contracts

Market value on credit default swaps

1,063,299

Total

$22,961,305

4,439,047


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES		CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps	$	163,615	$	10,375,733

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		434,951		610,817

Total		$	598,566	$	10,986,550

INTERMEDIATE DURATION
PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS

AND LIABILITIES

LOCATION

FAIR VALUE

STATEMENT OF ASSETS
AND LIABILITIES LOCATION

FAIR VALUE

Interest rate contracts

Receivable/Payable for variation margin on futures

924,469

Receivable/Payable for variation margin on futures

13,990,539

Credit contracts

Receivable/Payable for variation margin on centrally cleared swaps

1,098

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps

2,464,228

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

1,182,204

Unrealized depreciation on forward currency exchange contracts

348,530

Credit contracts

Market value on credit default swaps

4,996,454

Total

$4,570,901

19,336,621



64		Sanford C. Bernstein Fund, Inc.


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES			CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(63,109,506	)	$	(9,164,905	)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		4,042,569			929,448

Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(1,054,349	)		4,243,757

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(3,271,937	)		13,925,196

Total		$	(63,393,223	)	$	9,933,496

SHORT DURATION PLUS
PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS
AND LIABILITIES

LOCATION

FAIR VALUE

STATEMENT OF ASSETS
AND LIABILITIES LOCATION

FAIR VALUE

Interest rate contracts

Receivable/Payable for variation margin on futures

93,719

Receivable/Payable for variation margin on futures

1,314,713

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps

449,586

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

41,484

Credit contracts

Market value on credit default swaps

404,231

Total

584,789

1,718,944



2022 Annual Report		65

Notes to Financial Statements (continued)


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES			CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(4,006,559	)	$	(1,178,470	)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(18,611	)		41,484

Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(43,907	)		490,129

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(238,458	)		704,304

Total		$	(4,307,535	)	$	57,447


EMERGING MARKETS PORTFOLIO

Forward Currency Exchange Contracts:

Average principal amount of buy contracts	$	257,121,960

Average principal amount of sale contracts	$	223,765,753


SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO

Interest Rate Swaps:

Average notional amount	$	803,077

Centrally Cleared Interest Rate Swaps:

Average notional amount	$	170,000	(a)

Centrally Cleared Inflation Swaps:

Average notional amount	$	9,833,077

(a)

Positions were open for eight months during the year.



66		Sanford C. Bernstein Fund, Inc.



CALIFORNIA MUNICIPAL PORTFOLIO

Interest Rate Swaps:

Average notional amount	$	17,162,308

Centrally Cleared Interest Rate Swaps:

Average notional amount	$	126,618,462

Centrally Cleared Inflation Swaps:

Average notional amount	$	136,637,692

Credit Default Swaps:

Average notional amount of sale contracts	$	4,358,378

Centrally Cleared Credit Default Swaps:

Average notional amount of buy contracts	$	22,824,911	(a)

Average notional amount of sale contracts	$	8,300,000	(b)

(a)

Positions were open for nine months during the year.

(b)

Positions were open for one month during the year.


DIVERSIFIED MUNICIPAL PORTFOLIO

Interest Rate Swaps:

Average notional amount	$	79,144,615

Centrally Cleared Interest Rate Swaps:

Average notional amount	$	555,922,308

Centrally Cleared Inflation Swaps:

Average notional amount	$	626,600,000

Credit Default Swaps:

Average notional amount of sale contracts	$	18,221,337

Centrally Cleared Credit Default Swaps:

Average notional amount of buy contracts	$	48,082,380	(a)

(a)

Positions were open for ten months during the year.


NEW YORK MUNICIPAL PORTFOLIO

Interest Rate Swaps:

Average notional amount	$	23,510,769

Centrally Cleared Interest Rate Swaps:

Average notional amount	$	180,478,462

Centrally Cleared Inflation Swaps:

Average notional amount	$	176,825,385

Credit Default Swaps:

Average notional amount of sale contracts	$	6,086,065

Centrally Cleared Credit Default Swaps:

Average notional amount of buy contracts	$	18,300,000	(a)

(a)

Positions were open for one month during the year.



2022 Annual Report		67

Notes to Financial Statements (continued)


INTERMEDIATE DURATION PORTFOLIO

Futures:

Average notional amount of buy contracts	$	586,231,048

Average notional amount of sale contracts	$	189,101,072	(a)

Forward Currency Exchange Contracts:

Average principal amount of buy contracts	$	74,841,295	(b)

Average principal amount of sale contracts	$	199,432,974

Centrally Cleared Interest Rate Swaps:

Average notional amount	$	74,383,188

Centrally Cleared Inflation Swaps:

Average notional amount	$	105,735,000	(a)

Credit Default Swaps:

Average notional amount of buy contracts	$	83,709,167	(a)

Average notional amount of sale contracts	$	48,810,916

Centrally Cleared Credit Default Swaps:

Average notional amount of buy contracts	$	46,346,414	(c)

(a)

Positions were open for five months during the year.

(b)

Positions were open for ten months during the year.

(c)

Positions were open for nine months during the year.


SHORT DURATION PLUS PORTFOLIO

Futures:

Average notional amount of buy contracts	$	98,051,677

Average notional amount of sale contracts	$	13,136,221

Forward Currency Exchange Contracts:

Average principal amount of buy contracts	$	5,678,729	(a)

Average principal amount of sale contracts	$	6,157,895	(b)

Centrally Cleared Interest Rate Swaps:

Average notional amount	$	2,830,000

Centrally Cleared Inflation Swaps:

Average notional amount	$	10,890,000	(c)

Credit Default Swaps:

Average notional amount of buy contracts	$	5,098,833	(d)

Average notional amount of sale contracts	$	2,443,287

Centrally Cleared Credit Default Swaps:

Average notional amount of buy contracts	$	1,196,430	(d)

(a)

Positions were open for one month during the year.

(b)

Positions were open for seven months during the year.

(c)

Positions were open for two months during the year.

(d)

Positions were open for five months during the year.

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



68		Sanford C. Bernstein Fund, Inc.

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


EMERGING MARKETS PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL RECEIVED*			SECURITY COLLATERAL RECEIVED*		NET AMOUNT OF DERIVATIVE ASSETS

Barclays Bank PLC	$	281,098	$	(281,098	)	$	0		$	0	$	0

BNP Paribas SA		132,301		(30,426	)		0			0		101,875

Citibank, NA		459,758		(459,758	)		0			0		0

Goldman Sachs Bank USA		15,665		(15,665	)		0			0		0

HSBC Bank USA		494,135		(494,135	)		0			0		0

JPMorgan Chase Bank, NA		344,085		0			(270,000	)		0		74,085

Morgan Stanley Capital Services, Inc.		1,004,840		(114,113	)		(580,000	)		0		310,727

State Street Bank & Trust Co.		394,886		(394,886	)		0			0		0

Total	$	3,126,768	$	(1,790,081	)	$	(850,000	)	$	0	$	486,687	^

COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*			SECURITY COLLATERAL PLEDGED*		NET AMOUNT OF DERIVATIVE LIABILITIES

Bank of America, NA	$	2,865,325	$	0		$	0		$	0	$	2,865,325

Barclays Bank PLC		852,711		(281,098	)		(521,000	)		0		50,613

BNP Paribas SA		30,426		(30,426	)		0			0		0

Citibank, NA		2,359,917		(459,758	)		0			0		1,900,159

Deutsche Bank AG		476,675		0			0			0		476,675

Goldman Sachs Bank USA		315,954		(15,665	)		(290,000	)		0		10,289

HSBC Bank USA		583,427		(494,135	)		0			0		89,292

Morgan Stanley Capital Services, Inc.		114,113		(114,113	)		0			0		0

State Street Bank & Trust Co.		624,755		(394,886	)		0			0		229,869

UBS AG		260,095		0			0			0		260,095

Total	$	8,483,398	$	(1,790,081	)	$	(811,000	)	$	0	$	5,882,317	^

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.



2022 Annual Report		69

Notes to Financial Statements (continued)


SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET		CASH COLLATERAL RECEIVED*		SECURITY COLLATERAL RECEIVED*		NET AMOUNT OF DERIVATIVE ASSETS

Citibank, NA	$	66,649	$	0	$	0	$	0	$	66,649

Total	$	66,649	$	0	$	0	$	0	$	66,649	^

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


CALIFORNIA MUNICIPAL PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL RECEIVED*			SECURITY COLLATERAL RECEIVED*			NET AMOUNT OF DERIVATIVE ASSETS

Citibank, NA/Citigroup Global Markets, Inc.	$	1,424,335	$	(244,695	)	$	(1,179,640	)	$	0		$	0

Total	$	1,424,335	$	(244,695	)	$	(1,179,640	)	$	0		$	0	^

COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*			SECURITY COLLATERAL PLEDGED*			NET AMOUNT OF DERIVATIVE LIABILITIES

Citibank, NA/Citigroup Global Markets, Inc.	$	244,695	$	(244,695	)	$	0		$	0		$	0

Credit Suisse International		343,539		0			(343,539	)		0			0

Goldman Sachs International		173,219		0			0			(173,219	)		0

Total	$	761,453	$	(244,695	)	$	(343,539	)	$	(173,219	)	$	0	^

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



70		Sanford C. Bernstein Fund, Inc.


DIVERSIFIED MUNICIPAL PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL RECEIVED*			SECURITY COLLATERAL RECEIVED*		NET AMOUNT OF DERIVATIVE ASSETS

Citibank, NA/Citigroup Global Markets, Inc.	$	6,568,374	$	(351,267	)	$	(6,217,107	)	$	0	$	0

Total	$	6,568,374	$	(351,267	)	$	(6,217,107	)	$	0	$	0	^

COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*			SECURITY COLLATERAL PLEDGED*		NET AMOUNT OF DERIVATIVE LIABILITIES

Citibank, NA/Citigroup Global Markets, Inc.	$	351,267	$	(351,267	)	$	0		$	0	$	0

Credit Suisse International		2,003,605		0			(2,003,605	)		0		0

Goldman Sachs International		828,584		0			(828,584	)		0		0

Total	$	3,183,456	$	(351,267	)	$	(2,832,189	)	$	0	$	0	^

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


NEW YORK MUNICIPAL PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL RECEIVED*			SECURITY COLLATERAL RECEIVED*			NET AMOUNT OF DERIVATIVE ASSETS

Citibank, NA/Citigroup Global Markets, Inc.	$	1,951,207	$	(117,357	)	$	(1,833,850	)	$	0		$	0

Total	$	1,951,207	$	(117,357	)	$	(1,833,850	)	$	0		$	0	^

COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*			SECURITY COLLATERAL PLEDGED*			NET AMOUNT OF DERIVATIVE LIABILITIES

Citibank, NA/Citigroup Global Markets, Inc.	$	117,357	$	(117,357	)	$	0		$	0		$	0

Credit Suisse International		669,210		0			(669,210	)		0			0

Goldman Sachs International		276,732		0			0			(276,732	)		0

Total	$	1,063,299	$	(117,357	)	$	(669,210	)	$	(276,732	)	$	0	^

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



2022 Annual Report		71

Notes to Financial Statements (continued)


INTERMEDIATE DURATION PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL RECEIVED*			SECURITY COLLATERAL RECEIVED*			NET AMOUNT OF DERIVATIVE ASSETS

Citibank, NA/Citigroup Global Markets, Inc.	$	1,182,022	$	(840,013	)	$	0		$	0		$	342,009

State Street Bank & Trust Co.		182		0			0			0			182

Total	$	1,182,204	$	(840,013	)	$	0		$	0		$	342,191	^

COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*			SECURITY COLLATERAL PLEDGED*			NET AMOUNT OF DERIVATIVE LIABILITIES

Bank of America, NA	$	348,530	$	0		$	0		$	0		$	348,530

Citibank, NA/Citigroup Global Markets, Inc.		840,013		(840,013	)		0			0			0

Credit Suisse International		855,145		0			0			(829,653	)		25,492

Goldman Sachs International		2,675,391		0			0			(2,632,950	)		42,441

JPMorgan Securities, LLC		304,421		0			(304,421	)		0			0

Morgan Stanley Capital Services LLC		321,484		0			0			(321,484	)		0

Total	$	5,344,984	$	(840,013	)	$	(304,421	)	$	(3,784,087	)	$	416,463	^

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


SHORT DURATION PLUS PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET		CASH COLLATERAL RECEIVED*			SECURITY COLLATERAL RECEIVED*			NET AMOUNT OF DERIVATIVE ASSETS

Bank of America, NA	$	41,164	$	0	$	0		$	0		$	41,164

State Street Bank & Trust Co.		320		0		0			0			320

Total	$	41,484	$	0	$	0		$	0		$	41,484	^

COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET		CASH COLLATERAL PLEDGED*			SECURITY COLLATERAL PLEDGED*			NET AMOUNT OF DERIVATIVE LIABILITIES

Citigroup Global Markets, Inc.	$	22,699	$	0	$	0		$	0		$	22,699

Credit Suisse International		220,386		0		0			(220,386	)		0

Deutsche Bank AG		71,638		0		(71,638	)		0			0

Goldman Sachs International		60,691		0		0			0			60,691

JPMorgan Securities, LLC		28,817		0		0			0			28,817

Total	$	404,231	$	0	$	(71,638	)	$	(220,386	)	$	112,207	^

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



72		Sanford C. Bernstein Fund, Inc.

Currency Transactions

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

TBA and Dollar Rolls

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

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

NOTE 4.

Distributions to Shareholders

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


PORTFOLIO	2022		2021
Emerging Markets

Distributions paid from:

Ordinary income	$	31,590,201	$	25,337,814

Long-term capital gains		96,118,112		0


Total distributions paid	$	127,708,313	$	25,337,814


Short Duration Diversified Municipal

Distributions paid from:

Ordinary income	$	125,273	$	23,327

Long-term capital gains		0		0


Total taxable distributions		125,273		23,327

Tax exempt distributions		1,722,584		1,911,615


Total distributions paid	$	1,847,857	$	1,934,942



2022 Annual Report		73

Notes to Financial Statements (continued)


PORTFOLIO	2022		2021
California Municipal

Distributions paid from:

Ordinary income	$	577,641	$	412,224

Long-term capital gains		0		0


Total taxable distributions		577,641		412,224

Tax exempt distributions		20,878,576		22,592,812


Total distributions paid	$	21,456,217	$	23,005,036


Diversified Municipal

Distributions paid from:

Ordinary income	$	3,126,374	$	3,286,540

Long-term capital gains		0		0


Total taxable distributions		3,126,374		3,286,540

Tax exempt distributions		117,272,032		118,404,005


Total distributions paid	$	120,398,406	$	121,690,545


New York Municipal

Distributions paid from:

Ordinary income	$	938,188	$	965,122

Long-term capital gains		0		0


Total taxable distributions		938,188		965,122

Tax exempt distributions		30,193,428		32,163,171


Total distributions paid	$	31,131,616	$	33,128,293


Intermediate Duration

Distributions paid from:

Ordinary income	$	59,305,742	$	90,958,859

Long-term capital gains		37,219,499		45,450,546


Total distributions paid	$	96,525,241	$	136,409,405


Short Duration Plus

Distributions paid from:

Ordinary income	$	1,831,719	$	2,361,508

Long-term capital gains		0		0


Total distributions paid	$	1,831,719	$	2,361,508



74		Sanford C. Bernstein Fund, Inc.

As of September 30, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:


PORTFOLIO	UNDISTRIBUTED ORDINARY INCOME^(a)		UNDISTRIBUTED LONG-TERM CAPITAL GAINS		ACCUMULATED CAPITAL AND OTHER LOSSES^(b)			UNREALIZED APPRECIATION/ (DEPRECIATION)^(c)			TOTAL ACCUMULATED EARNINGS/ (DEFICIT)^(d)
Emerging Markets		$16,525,771	$	0	$	(29,474,161	)	$	(191,627,577	)	$	(204,575,967	)

Short Duration Diversified Municipal		51,225		0		(1,797,799	)		(9,567,655	)		(11,314,229	)

California Municipal		0		0		(8,421,400	)		(60,015,011	)		(68,436,411	)

Diversified Municipal		0		0		(30,424,611	)		(301,473,873	)		(331,898,484	)

New York Municipal		0		0		(22,914,638	)		(81,931,357	)		(104,845,995	)

Intermediate Duration		0		0		(148,662,338	)		(429,818,769	)		(578,481,107	)

Short Duration Plus		141,322		0		(17,190,991	)		(10,032,924	)		(27,082,593	)

(a)

Includes tax exempt income as shown below:


Short Duration Diversified Municipal		$	51,225

(b)

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

(c)

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

(d)

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

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

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



2022 Annual Report		75

Notes to Financial Statements (continued)

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


PORTFOLIO	SHORT-TERM AMOUNT		LONG-TERM AMOUNT
Emerging Markets	$	0	$	0
Short Duration Diversified Municipal		785,259		1,012,540
California Municipal		8,421,400		0
Diversified Municipal		30,424,611		0
New York Municipal		22,914,638		0
Intermediate Duration Portfolio		0		0
Short Duration Plus		5,479,273		11,710,526

NOTE 5.

Risks Involved in Investing in the Portfolios

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

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

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

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



76		Sanford C. Bernstein Fund, Inc.

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

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

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

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

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

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

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

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

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



2022 Annual Report		77

Notes to Financial Statements (continued)

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

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

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

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

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

Illiquid Investments Risk—Illiquid investments risk exists when particular investments are difficult or impossible to purchase or sell, possibly preventing the Portfolios from purchasing or selling these securities at an advantageous price. The municipal Portfolios are subject to greater risk because the market for municipal securities is generally smaller and may not be as liquid as many other fixed income markets, which may make municipal securities more difficult to trade or dispose of than other types of securities. Illiquid securities may also be difficult to value. If the Portfolios are forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the Portfolios may be forced to sell at a substantial loss or may not be able to sell at all.

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



78		Sanford C. Bernstein Fund, Inc.

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

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

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

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

Capitalization Risk—Investments in small-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources. The prices of securities of small-capitalization companies generally are more volatile than those of large-capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of small-capitalization companies may underperform large capitalization companies, may be harder to sell at times or at prices the portfolio managers believe appropriate and may have greater potential for losses.

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

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



2022 Annual Report		79

Notes to Financial Statements (continued)

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

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

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

Cybersecurity Risk—As the use of the internet and other technologies has become more prevalent in the course of business, the Portfolios have become more susceptible to operational and financial risks associated with cybersecurity. Cybersecurity incidents can result from deliberate attacks such as gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption, or from unintentional events, such as the inadvertent release of confidential information. Cybersecurity failures or breaches of the Portfolios or their service providers or the issuers of securities in which the Portfolios invest have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Portfolio shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. While measures have been developed which are designed to reduce the risks associated with cybersecurity, there is no guarantee that those measures will be effective, particularly since the Portfolios do not control the cybersecurity defenses or plans of their service providers, financial intermediaries and companies in which they invest or with which they do business.

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



80		Sanford C. Bernstein Fund, Inc.

Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers. Cybersecurity incidents may result in financial losses to such Portfolio and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.

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

NOTE 6.

Capital-Share Transactions

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


	ALLOCATION OF SHARES (IN MILLIONS)
PORTFOLIO	BERNSTEIN CLASS SHARES		CLASS A SHARES		CLASS B SHARES		CLASS C SHARES		ADVISOR CLASS SHARES		CLASS R SHARES		CLASS Z SHARES		CLASS T SHARES		TOTAL

Emerging Markets		200		0		0		0		0		0		300		0		500

Short Duration Diversified Municipal		100		0		0		0		0		0		0		0		100

California Municipal		200		200		200		200		200		0		200		300		1,500

Diversified Municipal		800		400		400		400		400		0		600		300		3,300

New York Municipal		400		200		200		200		200		0		200		300		1,700

Intermediate Duration		600		300		0		0		300		0		400		0		1,600

Short Duration Plus		200		200		200		200		0		200		0		300		1,300

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



	EMERGING MARKETS PORTFOLIO


	SHARES						AMOUNT

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21
Emerging Markets Class Shares

Shares sold		3,685,661			2,461,861		$	104,232,916		$	82,805,399

Shares issued to shareholders on reinvestment of dividends and distributions		3,307,543			546,878			100,979,276			17,297,744

Shares redeemed		(3,607,740	)		(5,227,186	)		(100,444,166	)		(173,177,064	)


Net increase (decrease)		3,385,464			(2,218,447	)	$	104,768,026		$	(73,073,921	)


Class Z Shares

Shares sold		0			4,681		$	0		$	163,631

Shares issued to shareholders on reinvestment of dividends and distributions		649,984			132,229			19,850,514			4,182,401

Shares redeemed		(217,209	)		(258,591	)		(6,074,943	)		(8,670,765	)


Net increase (decrease)		432,775			(121,681	)	$	13,775,571		$	(4,324,733	)



2022 Annual Report		81

Notes to Financial Statements (continued)



	SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO


	SHARES						AMOUNT

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Shares sold		15,864,467			15,056,765		$	198,031,690		$	192,716,676

Shares issued to shareholders on reinvestment of dividends		126,694			136,252			1,578,267			1,743,346

Shares redeemed		(19,443,823	)		(9,571,835	)		(243,044,047	)		(122,468,926	)


Net increase (decrease)		(3,452,662	)		5,621,182		$	(43,434,090	)	$	71,991,096



	CALIFORNIA MUNICIPAL PORTFOLIO


	SHARES						AMOUNT

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21
Municipal Class Shares

Shares sold		12,311,797			19,982,069		$	174,656,807		$	293,044,170

Shares issued to shareholders on reinvestment of dividends		1,009,552			1,090,793			14,102,842			15,982,582

Shares redeemed		(26,842,110	)		(22,550,649	)		(375,193,360	)		(330,321,867	)


Net decrease		(13,520,761	)		(1,477,787	)	$	(186,433,711	)	$	(21,295,115	)



Class A Shares

Shares sold		1,171,581			940,394		$	16,109,805		$	13,771,691

Shares issued to shareholders on reinvestment of dividends		42,872			55,191			599,060			808,608

Shares converted from Class C		25,586			131,264			355,254			1,921,098

Shares redeemed		(2,160,119	)		(1,574,539	)		(30,181,052	)		(23,093,266	)


Net decrease		(920,080	)		(447,690	)	$	(13,116,933	)	$	(6,591,869	)


Class C Shares

Shares sold		48,267			141,129		$	703,388		$	2,063,877

Shares issued to shareholders on reinvestment of dividends		1,270			1,942			17,673			28,429

Shares converted to Class A		(25,591	)		(131,267	)		(355,254	)		(1,921,098	)

Shares redeemed		(79,832	)		(134,690	)		(1,134,319	)		(1,971,831	)


Net decrease		(55,886	)		(122,886	)	$	(768,512	)	$	(1,800,623	)



82		Sanford C. Bernstein Fund, Inc.



	CALIFORNIA MUNICIPAL PORTFOLIO


	SHARES						AMOUNT
	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21
Advisor Class Shares

Shares sold		8,408,826			2,797,559		$	116,124,287		$	40,999,128

Shares issued to shareholders on reinvestment of dividends		72,507			56,837			1,009,693			833,006

Shares redeemed		(6,432,742	)		(1,330,980	)		(89,513,747	)		(19,486,966	)


Net increase		2,048,591			1,523,416		$	27,620,233		$	22,345,168



	DIVERSIFIED MUNICIPAL PORTFOLIO


	SHARES						AMOUNT

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21
Municipal Class Shares

Shares sold		50,300,036			73,607,966		$	719,443,646		$	1,093,125,452

Shares issued to shareholders on reinvestment of dividends		5,053,908			5,111,537			71,413,394			75,879,414

Shares redeemed		(98,087,052	)		(57,770,058	)		(1,380,384,877	)		(857,673,588	)


Net increase (decrease)		(42,733,108	)		20,949,445		$	(589,527,837	)	$	311,331,278


Class A Shares

Shares sold		5,709,516			8,229,620		$	80,501,672		$	122,336,323

Shares issued to shareholders on reinvestment of dividends		219,371			220,597			3,102,384			3,277,635

Shares converted from Class C		177,812			1,023,362			2,519,088			15,211,937

Shares redeemed		(10,147,772	)		(4,311,216	)		(143,973,903	)		(64,037,021	)


Net increase (decrease)		(4,041,073	)		5,162,363		$	(57,850,759	)	$	76,788,874


Class C Shares

Shares sold		252,296			301,438		$	3,523,929		$	4,464,752

Shares issued to shareholders on reinvestment of dividends		8,337			13,520			117,462			200,537

Shares converted to Class A		(177,882	)		(1,023,988	)		(2,519,088	)		(15,211,937	)

Shares redeemed		(319,560	)		(405,947	)		(4,525,288	)		(6,032,366	)


Net decrease		(236,809	)		(1,114,977	)	$	(3,402,985	)	$	(16,579,014	)



2022 Annual Report		83

Notes to Financial Statements (continued)



	DIVERSIFIED MUNICIPAL PORTFOLIO


	SHARES						AMOUNT

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21
Advisor Class Shares

Shares sold		24,470,151			13,792,657		$	343,696,163		$	204,707,508

Shares issued to shareholders on reinvestment of dividends		444,293			356,998			6,259,866			5,297,134

Shares redeemed		(20,054,547	)		(9,015,014	)		(280,936,037	)		(133,843,446	)


Net increase		4,859,897			5,134,641		$	69,019,992		$	76,161,196


Class Z Shares

Shares sold		13,103,740			8,059,482		$	184,345,229		$	119,988,336

Shares issued to shareholders on reinvestment of dividends		613,484			583,322			8,662,120			8,663,484

Shares redeemed		(12,632,970	)		(9,253,954	)		(177,063,628	)		(137,584,099	)


Net increase (decrease)		1,084,254			(611,150	)	$	15,943,721		$	(8,932,279	)



	NEW YORK MUNICIPAL PORTFOLIO


	SHARES						AMOUNT

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21
Municipal Class Shares

Shares sold		12,059,783			18,171,016		$	165,908,471		$	259,243,369

Shares issued to shareholders on reinvestment of dividends		1,603,025			1,644,557			21,850,536			23,484,985

Shares redeemed		(27,280,993	)		(20,055,429	)		(368,640,545	)		(286,380,791	)


Net decrease		(13,618,185	)		(239,856	)	$	(180,881,538	)	$	(3,652,437	)


Class A Shares

Shares sold		471,554			1,142,049		$	6,366,675		$	16,280,053

Shares issued to shareholders on reinvestment of dividends		85,207			85,477			1,160,365			1,219,720

Shares converted from Class C		113,133			675,324			1,531,169			9,671,456

Shares redeemed		(1,374,303	)		(2,123,188	)		(18,878,182	)		(30,214,231	)


Net decrease		(704,409	)		(220,338	)	$	(9,819,973	)	$	(3,043,002	)



84		Sanford C. Bernstein Fund, Inc.



	NEW YORK MUNICIPAL PORTFOLIO


	SHARES						AMOUNT
	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21
Class C Shares

Shares sold		36,928			38,046		$	511,114		$	544,495

Shares issued to shareholders on reinvestment of dividends		3,839			7,441			52,286			105,971

Shares converted to Class A		(113,130	)		(675,309	)		(1,531,169	)		(9,671,456	)

Shares redeemed		(129,865	)		(151,700	)		(1,788,068	)		(2,152,932	)


Net decrease		(202,228	)		(781,522	)	$	(2,755,837	)	$	(11,173,922	)


Advisor Class Shares

Shares sold		2,313,427			1,349,204		$	31,324,777		$	19,276,461

Shares issued to shareholders on reinvestment of dividends		60,903			55,610			830,273			793,581

Shares redeemed		(2,328,084	)		(1,275,182	)		(31,563,707	)		(18,069,998	)


Net increase		46,246			129,632		$	591,343		$	2,000,044



	INTERMEDIATE DURATION PORTFOLIO


	SHARES						AMOUNT

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21
Intermediate Duration Class Shares

Shares sold		31,316,820			56,202,237		$	395,481,316		$	766,539,667

Shares issued to shareholders on reinvestment of dividends and distributions		6,326,514			8,742,347			80,755,796			120,132,573

Shares redeemed		(45,054,689	)		(43,516,801	)		(560,890,334	)		(592,800,321	)


Net increase (decrease)		(7,411,355	)		21,427,783		$	(84,653,222	)	$	293,871,919


Class A Shares

Shares sold		2,869			91,115		$	36,572		$	1,253,106

Shares issued to shareholders on reinvestment of dividends and distributions		1,293			2,397			16,533			32,805

Shares redeemed		(81,780	)		(13,955	)		(1,086,408	)		(188,928	)


Net increase (decrease)		(77,618	)		79,557		$	(1,033,303	)	$	1,096,983


Advisor Class Shares

Shares sold		0			99		$	0		$	1,324

Shares issued to shareholders on reinvestment of dividends and distributions		2			1			33			12


Net increase		2			100		$	33		$	1,336

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



2022 Annual Report		85

Notes to Financial Statements (continued)



	SHORT DURATION PLUS PORTFOLIO


	SHARES						AMOUNT

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21
Short Duration Plus Class Shares

Shares sold		16,273,311			7,565,938		$	183,646,854		$	88,810,032

Shares issued to shareholders on reinvestment of dividends		117,287			173,295			1,321,157			2,032,240

Shares redeemed		(7,977,343	)		(5,820,632	)		(91,363,133	)		(68,260,080	)


Net increase		8,413,255			1,918,601		$	93,604,878		$	22,582,192


Class A Shares

Shares sold		659,486			369,544		$	7,508,658		$	4,346,934

Shares issued to shareholders on reinvestment of dividends		2,223			5,309			24,860			62,373

Shares converted from Class C		7,817			42,791			88,635			501,872

Shares redeemed		(733,314	)		(582,041	)		(8,329,493	)		(6,835,781	)


Net decrease		(63,788	)		(164,397	)	$	(707,340	)	$	(1,924,602	)


Class C Shares

Shares sold		65,930			47,374		$	734,582		$	556,021

Shares issued to shareholders on reinvestment of dividends		111			455			1,244			5,340

Shares converted to Class A		(7,835	)		(42,872	)		(88,635	)		(501,872	)

Shares redeemed		(29,129	)		(169,283	)		(328,116	)		(1,982,510	)


Net increase (decrease)		29,077			(164,326	)	$	319,075		$	(1,923,021	)

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

NOTE 7.

Recent Accounting Pronouncements

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

NOTE 8.

Subsequent Events

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



86		Sanford C. Bernstein Fund, Inc.

2022 Federal Tax Information (Unaudited)


PORTFOLIO	% OF QUALIFIED INTEREST INCOME (FOREIGN SHAREHOLDERS)
Short Duration Plus		88.56	%

Intermediate Duration		99.00	%

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


PORTFOLIO	QUALIFIED DIVIDEND INCOME
Emerging Markets	$	27,074,558

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


PORTFOLIO	FOREIGN TAXES TO PASS THROUGH		FOREIGN SOURCE INCOME
Emerging Markets	$	4,622,525	$	21,677,613

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


PORTFOLIO	LONG-TERM CAPITAL GAIN DISTRIBUTIONS
Emerging Markets	$	96,118,112
Intermediate Duration		37,219,499

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



2022 Annual Report		87

Sanford C. Bernstein Fund, Inc.

BOARD OF DIRECTORS

Debra Perry*^

Chair

Beata D. Kirr

President

R. Jay Gerken*^

Director

Jeffrey R. Holland*

Director

William Kristol*

Director

Michelle McCloskey*

Director

Donald K. Peterson*

Director

OFFICERS

Henry S. Mallari-D’Auria⁽¹⁾

Vice President

Sergey Davalchenko⁽¹⁾

Vice President

Nelson Yu⁽¹⁾

Vice President

Daryl Clements⁽¹⁾

Vice President

Terrance T. Hults⁽¹⁾

Vice President

Matthew J. Norton⁽¹⁾

Vice President

Andrew Potter⁽¹⁾

Vice President

Michael Canter⁽¹⁾

Vice President

Janaki Rao⁽¹⁾

Vice President

Emilie D. Wrapp

Secretary

Michael B. Reyes

Senior Vice President

Joseph J. Mantineo

Treasurer and Chief Financial Officer

Phyllis J. Clarke

Controller

Vincent S. Noto

Chief Compliance Officer

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

300 Madison Avenue New York, NY 10017

LEGAL COUNSEL

Willkie Farr & Gallagher LLP

787 Seventh Avenue New York, NY 10019

CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company

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

DISTRIBUTORS⁺

Sanford C. Bernstein & Co., LLC

1345 Avenue of the Americas

New York, NY 10105

AllianceBernstein Investments, Inc.

501 Commerce Street

Nashville, TN 37203

TRANSFER AGENTS

AllianceBernstein Investor Services, Inc.

P.O. Box 786003

San Antonio, TX 78278

DST Asset Manager Solutions

2000 Crown Colony Drive Quincy, MA 02169

INVESTMENT ADVISER

AllianceBernstein L.P.

501 Commerce Street

Nashville, TN 37203

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

^ Member of the Pricing Committee.

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

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



88		Sanford C. Bernstein Fund, Inc.



DIRECTORS’ INFORMATION
Name, Address⁺, Age, (Year of Election*)	Principal Occupation(s) During Past Five (5) Years and Other Information	Portfolios in Fund Complex Overseen By Director		Other Directorships Currently Held by Director
INTERESTED DIRECTOR
Beata D. Kirr,** c/o AllianceBernstein L.P. 1345 Avenue of the Americas New York, NY 10105 48 (2019)	Senior Vice President of the Investment Adviser with which she has been associated since prior to 2017. She is the Co-Head of Investment Strategies since April 2020 and a National Managing Director since 2017. She was previously the Head of Private Client Core Asset Strategies. She joined the firm in 2007 as a Senior Portfolio Manager. Prior to joining AB, she was a director at Harris Alternatives, a global fund of hedge funds, and was with Goldman Sachs, where she advised clients in the Equities, M&A and Equity Capital Markets divisions, from their New York, London and Chicago offices.		17	Women Employed
DISINTERESTED DIRECTORS
Debra Perry,^{#^} Chair of the Board 71 (2011)	Formerly, Senior Managing Director of Global Ratings and Research, Moody’s Investors Service, Inc. from 2001 to 2004; Chief Administrative Officer, Moody’s, from 1999 to 2001; Chief Credit Officer, Moody’s, from 2000 to 2001; Group Managing Director for the Finance, Securities and Insurance Ratings Groups, Moody’s Corp., from 1996 to 1999; earlier she held executive positions with First Boston Corporation and Chemical Bank.		17	Assurant, Inc., since 2017; Korn/Ferry International since 2008; Genworth Financial, Inc., from 2016-2022; PartnerRe, from 2013- 2016; Bank of America Funds Series Trust, from 2011-2016

R. Jay Gerken,^{#^} 71 (2013)	Formerly, President and Chief Executive Officer of Legg Mason Partners Fund Advisor, LLC, and President & Board Member of The Legg Mason and Western Asset mutual funds from 2005 until June 2013. Previously, he was the President and Chair of the boards of the Citigroup Asset Management mutual funds from 2002 to 2005; Portfolio Manager and Managing Director, Smith Barney Asset Management from 1993 to 2001 and President & CEO, Directions Management of Shearson Lehman, Inc. from 1988 to 1993.		17	Cedar Lawn Corporation; New Jersey Chapter of The Nature Conservancy; and Associated Banc-Corp

Jeffrey R. Holland,^# 56 (2019)	Formerly, Limited Partner of Brown Brothers Harriman from 2014 to 2018. Prior thereto, General Partner of Brown Brothers Harriman from 2006 to 2013.		17	Director of various non-profit organizations



2022 Annual Report		89

Sanford C. Bernstein Fund, Inc. (continued)



DIRECTORS’ INFORMATION (continued)
Name, Address⁺, Age, (Year of Election*)	Principal Occupation(s) During Past Five (5) Years and Other Information	Portfolios in Fund Complex Overseen By Director		Other Directorships Currently Held by Director
William Kristol,^# 69 (1994)	Founder and Editor, The Weekly Standard from 1995 to 2018. He is a regular contributor on leading political commentary shows. He has served as the inaugural Vann Professor of Ethics and Society at Davidson College since 2019.		17	Manhattan Institute; John M. Ashbrook Center for Public Affairs at Ashland University; The Salvatori Center at Claremont McKenna College; The Institute for the Study of War; Foundation for Constitutional Government; and Defending Democracy Together, a non-profit educational corporation

Michelle McCloskey,^# 60 (2019)	Formerly, President of Americas, Man Group from 2017 to August 2019 and President of Man FRM from 2015 to August 2019. Prior thereto, she was a Senior Managing Director of Man FRM from 2012 to 2015. While at the Man Group, she served on the Executive Committee of Man Group plc from 2012 to 2019, as Chief Executive Officer, Board of Managers of Man Alternative Multi Strategy Fund from 2016 to 2019 and as President and Chair of the Board of the Pine Grove Institutional Funds from 2016 to 2019. She currently serves on the Investment Advisory Committee of Texas Tech University Endowment.		17	Assured Guaranty Ltd. since May 2021

Donald K. Peterson,^# 73 (2007)	Formerly, Chairman and Chief Executive Officer, Avaya Inc. (telecommunications equipment and services) from 2002 to 2006; President and Chief Executive Officer, Avaya Inc. from 2000 to 2001; President, Enterprise Systems Group in 2000; Chief Financial Officer, Lucent Technologies (telecommunications equipment and services) from 1996 to 2000; Chief Financial Officer, AT&T, Communications Services Group from 1995 to 1996; President, Nortel Communications Systems, Inc. (telecommunications and networking equipment) from 1994 to 1995; Prior thereto he was at Nortel from 1976 to 1995.		17	Worcester Polytechnic Institute, (Emeritus); Member of the Board of TIAA-Bank, FSB

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

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

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

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

^ Member of the Pricing Committee.



90		Sanford C. Bernstein Fund, Inc.



OFFICERS’ INFORMATION
*Name, Address and Age**	Position(s) Held with Fund	Principal Occupation During Past Five (5) Years
Beata D. Kirr, 48	President	See biography above.

Henry S. Mallari-D’Auria, 61	Vice President	Senior Vice President of the Adviser^†, with which he has been associated since prior to 2017. He is also Chief Investment Officer of Emerging Markets Value Equities.

Sergey Davalchenko, 47	Vice President	Senior Vice President of the Adviser^†, with which he has been associated since prior to 2017. He is also Chief Investment Officer of Emerging Markets Growth as of February 2022.

Nelson Yu, 51	Vice President	Senior Vice President of the Adviser^†, with which he has been associated since prior to 2017. Chief Investment Officer - Investment Sciences and Insights since 2021.

Daryl Clements, 55	Vice President	Senior Vice President of the Adviser^†, with which he has been associated since prior to 2017.

Terrance T. Hults, 56	Vice President	Senior Vice President of the Adviser^†, with which he has been associated since prior to 2017.

Matthew Norton, 39	Vice President	Senior Vice President of the Adviser^†, with which he has been associated since prior to 2017. He is also Chief Investment Officer - Municipal Bonds.

Andrew D. Potter, 37	Vice President	Vice President of the Adviser^†, with which he has been associated since prior to 2017.

Michael Canter, 53	Vice President	Senior Vice President of the Adviser^†, with which he has been associated since prior to 2017. He is also Director and Chief Investment Officer - Securitized Assets.

Janaki Rao, 52	Vice President	Senior Vice President of the Adviser^†, with which he has been associated since prior to 2017. He is also Director of US Multi-Sector Fixed-Income Portfolios.

Emilie D. Wrapp, 66	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of AllianceBernstein Investments, Inc. (“ABI”)^†, with which she has been associated since prior to 2017.



2022 Annual Report		91

Sanford C. Bernstein Fund, Inc. (continued)



OFFICERS’ INFORMATION (continued)
*Name, Address and Age**	Position(s) Held with Fund	Principal Occupation During Past Five (5) Years
Michael B. Reyes, 46	Senior Vice President	Vice President of the Adviser^†, with which he has been associated since prior to 2017.

Joseph J. Mantineo, 63	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)^†, with which he has been associated since prior to 2017.

Phyllis J. Clarke, 61	Controller	Vice President of ABIS^†, with which she has been associated since prior to 2017.

Vincent S. Noto, 57	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser^†, since prior to 2017.

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

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

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



92		Sanford C. Bernstein Fund, Inc.

Operation and Effectiveness of the Portfolios’ Liquidity Risk Management Program:

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

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

Another requirement of the Liquidity Rule is for the Portfolios’ Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolios’ LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2022, which covered the period January 1, 2021 through December 31, 2021 (the “Program Reporting Period”).

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

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

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

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

The Adviser informed the Fund Board that the Committee believes the Portfolios’ LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Portfolios or their ability to timely meet redemptions during the Program Reporting Period.



2022 Annual Report		93

Board Consideration of Investment Management Arrangement

Sanford C. Bernstein Fund, Inc. (the “Fund”) is subject to Section 15 of the Investment Company Act of 1940, as amended. Section 15 provides that any investment advisory agreement with a registered investment company such as the Fund may continue in effect for a period of more than two years from the date of its execution, only so long as such continuance is specifically approved at least annually by the board of directors (or by vote of a majority of the outstanding voting securities of the investment company). Pursuant to this requirement, the Fund’s Board of Directors, including the Directors who are not interested persons of the Fund (the “Independent Directors”), unanimously approved the continuation of the Investment Management Agreement between the Fund, on behalf of the Emerging Markets, Short Duration Diversified Municipal, New York Municipal, California Municipal, Diversified Municipal, Short Duration Plus, Intermediate Duration, Overlay A, Tax-Aware Overlay A, Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios (each, a “Portfolio” and collectively, the “Portfolios”) of the Fund, and AllianceBernstein L.P. (the “Adviser”)( the “Investment Management Agreement”) at a meeting held on October 26-27, 2022.

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

In connection with the annual review of the continuation of the Investment Management Agreement between the Fund and the Adviser, counsel to the Independent Directors sent a letter to the Adviser dated August 10, 2022, that contained a list of information requested by the Independent Directors to conduct their annual review. The Board of Directors, including the Independent Directors, met by video conference and received and evaluated extensive materials relating to the continuation of the Investment Management Agreement from the Adviser. In addition, the Board received materials from the Senior Vice president of the Fund and an independent fee consultant as described below. On September 29, 2022, the Board of Directors held a video conference meeting to discuss its review of the Investment Management Agreement and the materials the Directors had been provided. At that meeting, the Independent Directors met separately with their independent counsel and the Senior Vice President and the independent fee consultant in executive sessions. Following the September 29, 2022 meeting, the Independent Directors, through counsel, requested certain additional information by means of an email from their independent counsel dated October 6, 2022, and the Adviser provided certain additional information by means of a memorandum dated October 19, 2022. On October 26-27, 2022, the Board of Directors held a meeting to continue their review of the Investment Management Agreement. During this meeting, the Adviser provided further information requested by the Independent Directors relating to contract renewal, and the Independent Directors also met separately with counsel to the Independent Directors as well as the Senior Vice President to review the contract renewal materials provided by the Adviser and the materials prepared by the Senior Vice President. At the conclusion of this meeting, the Board approved the continuation of the Investment Management Agreement for an additional annual term as described below.

In approving the Investment Management Agreement, the Board, including the Independent Directors, considered all information it deemed reasonably necessary to evaluate the terms of the Investment Management Agreement and considered whether the Agreement would be in the best interests of the Fund. In particular, the Board considered the information that was provided to them by the Adviser in response to their requests, as well as information prepared by the Senior Vice President and the independent fee consultant at the request of the Board. The Fund’s Senior Vice President assists the Board (as well as the boards of other funds sponsored by the Adviser) in evaluating investment management agreements and certain other plans and agreements pursuant to which the Adviser or its affiliates provide services to the Funds. The Board also considered other information provided to the Board in connection with the September 29, 2022 and October 26-27, 2022 meetings and throughout the past year.

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

In the Board’s consideration of the factors discussed below, no single factor was considered in isolation or to be determinative to the decision of the Board to approve the Investment Management Agreement. Rather, the Board concluded, in light of a weighing and balancing of all factors considered and in the exercise of the Directors’ business judgment, that it was in the best interests of the Fund to approve the Investment Management Agreement including the fees to be charged for services thereunder, as summarized below.



94		Sanford C. Bernstein Fund, Inc.

Fees and Expenses

The Board, including the Independent Directors, compared the fees and expense ratios of each Portfolio (before and after any fee waivers and expense reimbursements) against fees and expense ratios of a peer group of funds with similar investment objectives (“peer group”). Both the peer group and the funds within the peer group, with respect to the fee and expense data, were available from Strategic Insight, an independent provider of investment company data. The Senior Vice President also performed analyses of the advisory fees, and compared such analyses to the Portfolios’ peer groups. In addition, the Board received and considered information from an independent fee consultant regarding the fees and expenses of the Portfolios as well as their investment performance.

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

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

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

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

Nature, Extent and Quality of Services Provided

The Board, including the Independent Directors, considered the nature, quality and extent of services performed by the Adviser and its affiliates gained from their experience as Directors of the Fund, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, and the Adviser’s initiative in identifying and raising potential issues with the Directors. The Board also considered the Adviser’s responsiveness, frankness and attention to concerns raised by the Directors from time to time, including the Adviser’s willingness to consider and implement organizational and other changes designed to improve investment results and the services provided to the Portfolios. The Board also considered the scope and quality of the Adviser’s investment management capabilities, other resources dedicated to performing its services, the quality of its compliance, administrative and other services provided to the Portfolios and the background and experience of the Adviser’s senior management. The Board reviewed the qualifications, backgrounds and responsibilities of the investment staff primarily responsible for day-to-day portfolio management services for each Portfolio and noted the Adviser’s commitment to strong research and investment management capabilities throughout changing market environments. The Board reviewed the compliance and administrative services of the Adviser that support the investment advisory services provided to the Portfolios.



2022 Annual Report		95

ended July 31, 2022 and versus each Portfolio’s benchmark index, for the relevant periods, as well as the most recently available Morningstar rating for those Portfolios with an available rating. The Board also received certain updated performance information as of September 30, 2022. In addition, the Directors considered information showing performance compared to peer groups and benchmarks for rolling calendar year periods and the year to date. The Directors also receive detailed comparative performance information for the Portfolios at each regular Board meeting during the year. The Board recognized that the benchmark indices do not account for fees and expenses incurred by a fund, including the Portfolios. The Directors also considered how peer groups have changed over time and how comparisons may differ depending upon the selection of the peer groups or benchmark indices.

The Directors noted the complexity of the Overlay Portfolios, in particular the complexity of managing the globally diversified set of asset classes and derivatives in which the Overlay Portfolios can invest as well as the complexity of dynamically allocating assets through the Overlay Portfolios among various asset classes as economic and market conditions change in seeking to provide the desired risk/return trade-off for their investors in light of their overall portfolios (and not just their investment in the Overlay Portfolios themselves). In considering the performance of the Overlay Portfolios, the Board reviewed the performance of the Overlay Portfolios’ dynamic asset allocation component and the impact of that component in the recent volatile market environment. The Board considered the Adviser’s continued research efforts to enhance the dynamic asset allocation component utilized by the Overlay Portfolios. The Board further acknowledged the difficulty in selecting relevant peer groups for the Overlay Portfolios because of their unique structure and noted that the Overlay A Portfolio and Tax-Aware Overlay A Portfolio held higher percentages of equities and international equities than the funds in their relevant peer groups.

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

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

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

Profitability

The Board, including the Independent Directors, considered the level of the Adviser’s profits in respect of its management of the respective Portfolios. The materials provided to the Independent Directors included information indicating the profitability of the Portfolios to the Adviser for calendar years 2020 and 2021, which had been reviewed by an independent consultant. The Directors reviewed the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data, noting that the methodology was consistent with the Adviser’s internal financial reporting. The Directors acknowledged that there are many potentially acceptable allocation methodologies for cost allocation, and that in certain cases the selected allocation methodology may not capture all costs borne by the Adviser with respect to a Portfolio. The Directors noted that they received information regarding all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to the Adviser’s subsidiaries that provide transfer agency and distribution services to the Fund, and that they had focused on profitability before taxes and distribution expenses. The Board further considered materials provided by the Adviser estimating the profitability of the Short Duration Plus Portfolio and the Short Duration Diversified Municipal Portfolio to the Adviser after the termination of the voluntary waiver in effect for the Portfolios. The Directors reviewed comparative information regarding profitability for other publicly-traded advisers, recognizing that it is difficult to make comparisons of profitability among different investment advisers because only limited comparative information is publicly available and the comparisons are affected by numerous factors including different business mixes.



96		Sanford C. Bernstein Fund, Inc.

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

Economies of Scale

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

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

After reviewing the profitability and economies of scale information provided by the Adviser, the Board concluded that the benefits of any economies of scale were appropriately being shared with Portfolio investors by way of, among other things and as applicable, establishing advisory fees at levels that contemplated future achievement of scale, 2018 fee reductions for the Short Duration Diversified Municipal, Short Duration Plus, Intermediate Duration, and Emerging Markets Portfolios, breakpoint arrangements including the lowering of the first breakpoint and the addition of a new breakpoint in the advisory fee schedule for the Overlay A and Tax-Aware Overlay A Portfolios as well as other recently adopted or modified breakpoints for certain Portfolios, expense caps and waivers applying to select Portfolios, and the Adviser’s continued reinvestment in the business, including by researching and implementing new product enhancements. The Directors also noted that they would continue to monitor the growth of the Portfolios.

Fall-Out Benefits and Other Revenue

The Board, including the Independent Directors, also took into account so-called “fall-out benefits” to the Adviser, such as soft dollar arrangements (whereby the Adviser receives the benefit of research services from many of the brokers and dealers that execute purchases and sales of securities on behalf of its clients on an agency basis), Rule 12b-1 fees and sales charges received by the principal underwriter (which is a wholly owned subsidiary of the Adviser) with respect to the retail share classes of certain Portfolios, and transfer agency fees paid by the retail share classes of certain Portfolios to a wholly-owned subsidiary of the Adviser. The Directors recognized that the Adviser’s profitability would be lower without these benefits. They also considered other benefits potentially derived from an increase in the Adviser’s business as a result of its relationship with the Fund. The Directors concluded that these fall-out benefits to the Adviser were acceptable.

Advisory Fee Rate Schedule

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


PORTFOLIO		ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO
Short Duration Diversified Municipal		0.30% of the first $750 million; 0.25% of assets in excess of $750 million.

Short Duration Plus		0.35% of the first $750 million; 0.30% of assets in excess of $750 million.

New York Municipal		0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion.



2022 Annual Report		97


PORTFOLIO		ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO
California Municipal		0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion.

Diversified Municipal		0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% in excess of $5 billion up to, but not exceeding $7 billion; 0.225% of assets in excess of $7 billion.

Intermediate Duration		0.45% on the first $2.5 billion; 0.40% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.35% in excess of $5 billion up to, but not exceeding $8 billion; 0.30% of assets in excess of $8 billion.

Emerging Markets		0.95% of the first $2.5 billion; 0.90% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion.

Overlay A		0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion.

Tax-Aware Overlay A		0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion.

Overlay B		0.65% of assets.

Tax-Aware Overlay B		0.65% of assets.

Tax-Aware Overlay C		0.65% of assets.

Tax-Aware Overlay N		0.65% of assets.



98		Sanford C. Bernstein Fund, Inc.

LOGO

Distributor

SANFORD C. BERNSTEIN FUND, INC.

1345 AVENUE OF THE AMERICAS, NEW YORK, NY 10105

(212) 756-4097

SCBI-1947-0922

Sanford C. Bernstein Fund, Inc.

September 30, 2022

Schedule of Investments

To the Annual Report

For the Emerging Markets Portfolio

Sanford C. Bernstein Fund, Inc.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

/s/ PricewaterhouseCoopers LLP

New York, New York

November 23, 2022

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

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Emerging Markets Portfolio

September 30, 2022



Company	Shares		U.S. $ Value

COMMON STOCKS–94.9%

Financials–23.8%
Banks–16.0%
Agricultural Bank of China Ltd.–Class H		6,570,000	$	1,966,370
Al Rajhi Bank(a)		397,184		8,502,991
AU Small Finance Bank Ltd.(b)		310,526		2,337,636
Bandhan Bank Ltd.(a)(b)		579,117		1,879,769
Bank BTPN Syariah Tbk PT		12,211,200		2,189,235
Bank for Foreign Trade of Vietnam JSC		2,342,201		7,143,670
Bank Mandiri Persero Tbk PT		32,979,000		20,250,432
Bank Negara Indonesia Persero Tbk PT		10,792,700		6,312,625
Bank of the Philippine Islands		3,759,360		5,726,019
Bank Polska Kasa Opieki SA		419,263		5,091,881
Bank Rakyat Indonesia Persero Tbk PT		9,531,000		2,789,462
China Construction Bank Corp.–Class H		8,608,000		4,968,550
Emirates NBD Bank PJSC		1,943,938		6,797,361
Grupo Financiero Banorte SAB de CV–Class O		1,370,190		8,777,190
Hana Financial Group, Inc.		620,090		15,226,297
HDFC Bank Ltd.		1,052,640		18,246,488
Industrial Bank Co., Ltd.–Class A		1,323,793		3,095,403
KB Financial Group, Inc.		615,323		18,581,839
Metropolitan Bank & Trust Co.		7,834,830		6,461,859
Military Commercial Joint Stock Bank(a)		3,127,416		2,595,075
Ping An Bank Co., Ltd.–Class A		2,228,560		3,713,261
Regional SAB de CV		539,276		3,039,728
Sberbank of Russia PJSC(a)(c)(d)		951,472		0
State Bank of India		1,254,023		8,135,657

				163,828,798

Capital Markets–1.3%
B3 SA–Brasil Bolsa Balcao		2,870,200		6,943,582
Banco BTG Pactual SA		1,410,000		6,484,952

				13,428,534

Consumer Finance–0.5%
Kaspi.KZ JSC (GDR)		44,000		2,528,180
Muangthai Capital PCL		1,058,300		1,017,057
Transaction Capital Ltd.		1,002,850		2,036,727

				5,581,964

Diversified Financial Services–1.9%
Housing Development Finance Corp. Ltd.		660,153		18,424,795
Company	Shares		U.S. $ Value
Metro Pacific Investments Corp.		17,351,000	$	985,218

				19,410,013

Insurance–4.1%
AIA Group Ltd.		1,744,600		14,525,370
Hyundai Marine & Fire Insurance Co., Ltd.		9,190		187,100
Max Financial Services Ltd.(a)		728,288		6,820,067
PICC Property & Casualty Co., Ltd.–Class H		6,136,000		6,345,134
Ping An Insurance Group Co. of China Ltd.–Class H		2,566,000		12,801,246
TQM Alpha PCL		1,074,600		1,111,066

				41,789,983

				244,039,292



Consumer Discretionary–21.0%
Auto Components–0.2%
Balkrishna Industries Ltd.		85,148		1,958,189

Automobiles–4.7%
Great Wall Motor Co., Ltd.–Class H		10,656,000		12,148,263
Guangzhou Automobile Group Co., Ltd.–Class H		8,972,000		6,374,968
Kia Corp.		325,029		16,177,333
Maruti Suzuki India Ltd.		51,102		5,521,192
NIO, Inc.–Class A(a)		536,160		8,385,734

				48,607,490

Hotels, Restaurants & Leisure–4.2%
Despegar.com Corp.(a)		1,026,618		5,851,723
Galaxy Entertainment Group Ltd.		1,079,000		6,342,242
MakeMyTrip Ltd.(a)		428,410		13,152,187
OPAP SA		520,358		6,240,372
Sands China Ltd.(a)		1,940,000		4,831,038
Tongcheng Travel Holdings Ltd.(a)		3,134,400		6,116,795

				42,534,357

Household Durables–0.8%
Midea Group Co., Ltd.–Class A		1,201,600		8,329,918

Internet & Direct Marketing Retail–5.2%
Alibaba Group Holding Ltd.(a)		1,147,080		11,447,096
JD.com, Inc.–Class A		702,313		17,718,080
Meituan Dianping–Class B(a)(b)		786,900		16,537,838
MercadoLibre, Inc.(a)		8,660		7,168,575
momo.com, Inc.		30,080		501,978

				53,373,567

Multiline Retail–0.1%
Matahari Department Store Tbk PT		3,932,500		991,190

Specialty Retail–3.7%
China Meidong Auto Holdings Ltd.		439,280		695,134
China Tourism Group Duty Free Corp. Ltd.–Class A		321,200		8,874,784
JUMBO SA		44,930		598,212
Lojas Renner SA		2,676,317		13,817,314


Schedule of Investments—Emerging Markets Portfolio		1



Company	Shares		U.S. $ Value
Pet Center Comercio e Participacoes SA		1,103,400	$	2,080,247
Trent Ltd.		142,308		2,466,857
Vibra Energia SA		592,800		1,895,650
Wilcon Depot, Inc.		5,168,200		2,810,423
Zhongsheng Group Holdings Ltd.		1,162,500		4,609,699

				37,848,320

Textiles, Apparel & Luxury Goods–2.1%
ANTA Sports Products Ltd.		420,200		4,410,751
F&F Co., Ltd./New		17,590		1,668,297
Li Ning Co., Ltd.		892,000		6,768,391
Samsonite International SA(a)(b)		3,572,100		8,567,335

				21,414,774

				215,057,805



Information Technology–18.9%
Electronic Equipment, Instruments & Components–3.6%
BOE Technology Group Co., Ltd.–Class A		13,877,600		6,383,299
Lotes Co., Ltd.		91,000		2,179,868
Samsung SDI Co., Ltd.		36,190		13,612,634
Sinbon Electronics Co., Ltd.		1,788,000		14,851,210

				37,027,011

IT Services–2.1%
Chinasoft International Ltd.(a)		1,344,000		820,967
Dlocal Ltd.(a)		56,280		1,154,866
FPT Corp.		375,780		1,261,407
GDS Holdings Ltd.–Class A(a)		2,685,340		5,908,177
Larsen & Toubro Infotech Ltd.(b)		140,539		7,617,974
Locaweb Servicos de Internet SA(a)(b)		960,700		1,602,844
My EG Services Bhd		6,756,500		1,228,625
NHN KCP Corp.(a)		72,948		558,875
Persistent Systems Ltd.		39,163		1,545,174

				21,698,909

Semiconductors & Semiconductor Equipment–11.6%
ASPEED Technology, Inc.		153,400		8,442,767
Broadcom, Inc.		17,590		7,810,136
eMemory Technology, Inc.		28,000		991,095
King Yuan Electronics Co., Ltd.		5,798,000		5,603,444
Koh Young Technology, Inc.		153,610		1,345,359
LEENO Industrial, Inc.		18,000		1,548,544
MediaTek, Inc.		454,000		7,834,408
Nanya Technology Corp.		1,930,000		2,957,655
Novatek Microelectronics Corp.		609,000		4,168,070
Parade Technologies Ltd.		36,000		661,519
Realtek Semiconductor Corp.		140,000		1,181,891
Silergy Corp.		84,000		1,095,523
SK Hynix, Inc.		280,543		16,047,110
Taiwan Semiconductor Manufacturing Co., Ltd.		3,268,706		43,327,976
United Microelectronics Corp.(a)		13,594,000		15,213,004
Company	Shares		U.S. $ Value
WONIK IPS Co., Ltd.		54,580	$	836,598

				119,065,099

Software–0.3%
TOTVS SA		452,800		2,463,630
Weimob, Inc.(a)(b)		1,221,140		427,308

				2,890,938

Technology Hardware, Storage & Peripherals–1.3%
Samsung Electronics Co., Ltd.		350,140		12,856,875

				193,538,832



Industrials–6.9%
Building Products–0.4%
Astral Ltd.		91,223		2,472,944
Kajaria Ceramics Ltd.		83,263		1,222,470

				3,695,414

Commercial Services & Supplies–0.5%
Sunny Friend Environmental Technology Co., Ltd.		1,079,000		5,132,383

Construction & Engineering–1.2%
Sinopec Engineering Group Co., Ltd.–Class H		24,801,000		9,910,944
Voltas Ltd.		162,463		1,803,803

				11,714,747

Electrical Equipment–2.0%
Bizlink Holding, Inc.		218,000		1,914,981
Contemporary Amperex Technology Co., Ltd.–Class A		193,400		10,889,343
Ecopro BM Co., Ltd.		86,500		5,232,947
Voltronic Power Technology Corp.		55,158		2,425,879

				20,463,150

Industrial Conglomerates–0.6%
Ayala Corp.		159,650		1,668,114
Bidvest Group Ltd. (The)		377,220		4,096,067

				5,764,181

Machinery–0.7%
Airtac International Group		83,000		1,898,979
Escorts Ltd.		20,473		530,892
Estun Automation Co., Ltd.–Class A		1,805,500		4,773,524

				7,203,395

Professional Services–0.3%
Centre Testing International Group Co., Ltd.–Class A		544,656		1,559,840
NICE Information Service Co., Ltd.		70,020		650,125
Sporton International, Inc.		167,415		1,237,252

				3,447,217

Road & Rail–0.2%
Globaltrans Investment PLC (Sponsored GDR)(a)(c)(d)(e)		658,169		1


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



Company	Shares		U.S. $ Value
Rumo SA		710,800	$	2,435,063

				2,435,064

Trading Companies & Distributors–0.3%
Barloworld Ltd.		665,550		3,392,834

Transportation Infrastructure–0.7%
Grupo Aeroportuario del Centro Norte SAB de CV		980,368		6,167,125
Grupo Aeroportuario del Pacifico SAB de CV–Class B		111,790		1,415,450

				7,582,575

				70,830,960



Materials–6.1%
Chemicals–2.0%
Atul Ltd.		20,576		2,259,661
Chunbo Co., Ltd.		11,130		1,365,525
Hansol Chemical Co., Ltd.		10,250		1,198,152
PI Advanced Materials Co., Ltd.		36,140		745,189
PI Industries Ltd.		58,985		2,162,548
Sociedad Quimica y Minera de Chile SA (Sponsored ADR)		120,140		10,902,705
SRF Ltd.		76,964		2,354,002

				20,987,782

Construction Materials–0.5%
GCC SAB de CV		807,122		4,783,939

Metals & Mining–3.6%
First Quantum Minerals Ltd.		509,063		8,641,928
Freeport-McMoRan, Inc.		303,010		8,281,263
Hoa Phat Group JSC		1,543,042		1,360,020
Ivanhoe Mines Ltd.–Class A(a)		1,509,493		9,714,694
KGHM Polska Miedz SA		219,828		3,838,984
POSCO Holdings, Inc.		33,427		4,875,920

				36,712,809

				62,484,530



Utilities–5.2%
Electric Utilities–3.3%
Centrais Eletricas Brasileiras SA		417,249		3,323,698
Equatorial Energia SA		3,756,300		18,731,538
Power Grid Corp. of India Ltd.		4,588,685		11,931,402

				33,986,638

Gas Utilities–1.1%
GAIL India Ltd.		2,810,199		2,990,030
Kunlun Energy Co., Ltd.		11,296,000		8,130,012

				11,120,042

Independent Power and Renewable Electricity Producers–0.8%
ACEN Corp.		478,950		45,588
China Datang Corp. Renewable Power Co., Ltd.–Class H		11,898,000		2,756,441
Company	Shares		U.S. $ Value
China Longyuan Power Group Corp. Ltd.–Class H		3,867,000	$	4,832,189

				7,634,218

				52,740,898



Real Estate–4.3%
Real Estate Management & Development–4.3%
Ayala Land, Inc.		10,141,100		3,937,203
China Overseas Land & Investment Ltd.		3,316,000		8,626,649
China Resources Land Ltd.		1,566,000		6,133,842
CIFI Holdings Group Co., Ltd.		10,548,720		1,065,890
Country Garden Holdings Co., Ltd.		3,933,000		908,525
Emaar Properties PJSC		6,057,255		9,504,605
Longfor Group Holdings Ltd.(b)		2,333,500		6,689,091
Megaworld Corp.		52,878,000		1,833,638
Midea Real Estate Holding Ltd.(b)		1,475,400		1,382,754
Times China Holdings Ltd.(a)		5,092,000		540,719
Vincom Retail JSC(a)		1,326,300		1,546,980
Vinhomes JSC(b)		802,500		1,697,259

				43,867,155



Communication Services–2.5%
Entertainment–0.5%
International Games System Co., Ltd.		386,000		4,351,708

Interactive Media & Services–1.9%
Tencent Holdings Ltd.		583,100		19,694,965

Media–0.1%
Media Nusantara Citra Tbk PT(a)		21,674,000		1,177,476

				25,224,149



Energy–2.3%
Energy Equipment & Services–1.1%
China Oilfield Services Ltd.–Class H		11,186,000		11,077,817

Oil, Gas & Consumable Fuels–1.2%
Gazprom PJSC (Sponsored ADR)(a)(c)(d)		436,750		0
LUKOIL PJSC(c)(d)		80,321		0
Parex Resources, Inc.		345,939		5,051,283
PetroChina Co., Ltd.–Class H		10,332,000		4,223,618
Reliance Industries Ltd.		126,693		3,674,420

				12,949,321

				24,027,138



Consumer Staples–2.0%
Food & Staples Retailing–1.4%
Atacadao SA		2,117,500		7,587,805
BGF retail Co., Ltd.		14,050		1,616,623
Dino Polska SA(a)(b)		90,530		5,483,483


Schedule of Investments—Emerging Markets Portfolio		3



Company	Shares		U.S. $ Value
X5 Retail Group NV (GDR)(b)(c)(d)		226,094	$	0

				14,687,911

Food Products–0.1%
Minerva SA/Brazil		275,500		640,442

Tobacco–0.5%
ITC Ltd.		1,217,096		4,946,561

				20,274,914



Health Care–1.9%
Health Care Providers & Services–1.4%
Dr Lal PathLabs Ltd.(b)		52,957		1,624,358
Hapvida Participacoes e Investimentos SA(b)		3,183,200		4,467,049
Universal Vision Biotechnology Co., Ltd.		870,450		7,702,145

				13,793,552

Pharmaceuticals–0.5%
Genomma Lab Internacional SAB de CV–Class B		8,022,817		5,537,235

				19,330,787

Total Common Stocks (cost $1,169,428,984)				971,416,460



EQUITY LINKED NOTES–2.5%

Information Technology–1.6%
IT Services–1.6%
FPT Corp. Macquarie Bank Ltd., expiring 03/31/2023(a)		4,720,355		15,922,423



Real Estate–0.6%
Real Estate Management & Development–0.6%
Vincom Retail JSC Macquarie Bank Ltd., expiring 03/31/2023(a)		5,053,410	$	5,931,481



Consumer Discretionary–0.2%
Specialty Retail–0.2%
Mobile World Investment Corp. Macquarie Bank Ltd., expiring 03/31/2023(a)		750,000		2,011,314



Financials–0.1%
Banks–0.1%
Qatar National Bank (HSPLC) HSBC Bank PLC, expiring 06/14/2023(a)		273,970		1,497,083

Total Equity Linked Notes (cost $14,586,189)				25,362,301



SHORT-TERM INVESTMENTS–1.9%
Investment Companies–1.9%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 2.58%(f)(g)(h) (cost $20,028,458)		20,028,458		20,028,458

Total Investments—99.3% (cost $1,204,043,631)				1,016,807,219

Other assets less liabilities—0.7%				7,215,413

Net Assets—100.0%			$	1,024,022,632

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	28,191		ZAR	466,034		10/13/2022	$	(2,463,932	)
Bank of America, NA		USD	2,991		CNH	20,669		10/20/2022		(95,158	)
Bank of America, NA		USD	2,393		IDR	36,326,097		10/27/2022		(22,072	)
Bank of America, NA		USD	2,090		PHP	122,523		10/27/2022		(7,706	)
Bank of America, NA		MXN	73,724		USD	3,579		11/18/2022		(51,340	)
Bank of America, NA		EUR	10,482		USD	10,126		12/08/2022		(194,867	)
Bank of America, NA		INR	626,737		USD	7,596		12/21/2022		(30,250	)
Barclays Bank PLC		IDR	137,096,000		USD	9,030		10/27/2022		83,181
Barclays Bank PLC		PHP	166,017		USD	2,956		10/27/2022		134,405
Barclays Bank PLC		MYR	5,360		USD	1,211		12/15/2022		63,512
Barclays Bank PLC		USD	15,625		MYR	69,005		12/15/2022		(851,897	)
Barclays Bank PLC		HKD	32,474		USD	4,143		01/12/2023		(814	)
BNP Paribas SA		IDR	42,926,455		USD	2,880		10/27/2022		78,735
BNP Paribas SA		KRW	8,283,821		USD	5,808		10/27/2022		53,566
BNP Paribas SA		CLP	1,565,459		USD	1,573		11/22/2022		(30,426	)
Citibank, NA		USD	42,616		CNH	287,367		10/20/2022		(2,359,917	)


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


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Citibank, NA		PHP	799,138		USD	14,040		10/27/2022	$	459,758
Deutsche Bank AG		USD	10,341		CNH	70,418		10/20/2022		(476,675	)
Goldman Sachs Bank USA		BRL	33,581		USD	6,211		10/04/2022		(14,105	)
Goldman Sachs Bank USA		USD	6,240		BRL	33,581		10/04/2022		(14,285	)
Goldman Sachs Bank USA		BRL	33,581		USD	6,196		11/03/2022		15,665
Goldman Sachs Bank USA		USD	29,079		INR	2,366,145		12/21/2022		(287,564	)
HSBC Bank USA		USD	10,116		CNH	68,051		10/20/2022		(583,427	)
HSBC Bank USA		PLN	60,898		USD	12,671		11/30/2022		494,135
JPMorgan Chase Bank, NA		BRL	10,088		USD	1,925		10/04/2022		55,325
JPMorgan Chase Bank, NA		USD	1,866		BRL	10,088		10/04/2022		4,237
JPMorgan Chase Bank, NA		CLP	2,450,319		USD	2,755		11/22/2022		245,078
JPMorgan Chase Bank, NA		USD	2,219		EUR	2,294		12/08/2022		39,445
Morgan Stanley Capital Services, Inc.		BRL	23,493		USD	4,636		10/04/2022		281,176
Morgan Stanley Capital Services, Inc.		USD	4,345		BRL	23,493		10/04/2022		9,867
Morgan Stanley Capital Services, Inc.		ZAR	36,144		USD	2,012		10/13/2022		16,418
Morgan Stanley Capital Services, Inc.		CNH	78,325		USD	11,237		10/20/2022		265,149
Morgan Stanley Capital Services, Inc.		CNH	19,749		USD	2,742		10/20/2022		(24,393	)
Morgan Stanley Capital Services, Inc.		USD	2,296		CNH	16,017		10/20/2022		(52,348	)
Morgan Stanley Capital Services, Inc.		USD	3,288		EUR	3,341		12/08/2022		1,871
Morgan Stanley Capital Services, Inc.		MYR	45,681		USD	10,206		12/15/2022		425,990
Morgan Stanley Capital Services, Inc.		USD	5,637		MYR	26,156		12/15/2022		(37,372	)
Morgan Stanley Capital Services, Inc.		HKD	200,423		USD	25,576		01/12/2023		4,369
State Street Bank & Trust Co.		CNH	97,971		USD	14,090		10/20/2022		365,646
State Street Bank & Trust Co.		USD	9,641		THB	339,448		11/10/2022		(624,755	)
State Street Bank & Trust Co.		USD	3,731		PLN	18,806		11/30/2022		29,240
UBS AG		USD	5,188		CNH	35,179		10/20/2022		(260,095	)

									$	(5,356,630	)

(a)

Non-income producing security.

(b)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2022, the aggregate market value of these securities amounted to $60,314,698 or 5.9% of net assets.

(c)

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

(d)

Fair valued by the Adviser.

(e)

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


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Globaltrans Investment PLC (Sponsored GDR)		12/14/2009– 08/01/2017	$	4,775,195	$	1		0.00	%

(f)

Affiliated investments.

(g)

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

(h)

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

Currency Abbreviations:

BRL—Brazilian Real

CLP—Chilean Peso

CNH—Chinese Yuan Renminbi (Offshore)

EUR—Euro

HKD—Hong Kong Dollar

IDR—Indonesian Rupiah

INR—Indian Rupee

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

PHP—Philippine Peso

PLN—Polish Zloty

THB—Thailand Baht

USD—United States Dollar

ZAR—South African Rand

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

JSC—Joint Stock Company

PJSC—Public Joint Stock Company

See notes to financial statements.


Schedule of Investments—Emerging Markets Portfolio		5

SCB–ST–1946–0922

Sanford C. Bernstein Fund, Inc.

September 30, 2022

Schedule of Investments To the Annual
Report For the Fixed Income Taxable Portfolios

Intermediate Duration

Short Duration Plus

Sanford C. Bernstein Fund, Inc.

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

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

Basis for Opinions

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

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

/s/ PricewaterhouseCoopers LLP

New York, New York

November 23, 2022

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Intermediate Duration Portfolio

September 30, 2022



	Principal Amount (000)		U.S. $ Value

GOVERNMENTS-TREASURIES–40.0%
United States–40.0%
U.S. Treasury Bonds
1.75%, 08/15/2041	U.S.$	73,211	$	50,035,279
1.875%, 02/15/2051		61,991		41,029,962
2.00%, 11/15/2041		26,116		18,680,744
2.00%, 02/15/2050		2,460		1,690,481
2.00%, 08/15/2051		36,371		24,834,232
2.25%, 08/15/2046		12,530		9,029,431
2.375%, 02/15/2042		11,433		8,758,826
2.375%, 11/15/2049		2,885		2,172,766
2.50%, 02/15/2045		1,916		1,460,651
2.50%, 05/15/2046		23,956		18,169,129
2.875%, 05/15/2052		3,770		3,161,834
3.00%, 05/15/2045		23,139		19,321,065
3.00%, 08/15/2048		28,274		23,935,539
3.00%, 02/15/2049		26,971		23,030,962
3.25%, 05/15/2042		11,593		10,284,987
3.375%, 08/15/2042		4,723		4,277,914
3.375%, 05/15/2044		5,710		5,092,160
3.50%, 02/15/2039		4,254		4,046,618
3.75%, 11/15/2043		10,205		9,691,561
4.375%, 02/15/2038		1,920		2,041,800
4.375%, 11/15/2039		47,210		49,791,797
4.50%, 02/15/2036		4,048		4,372,040
4.75%, 02/15/2037		4,156		4,602,770
5.375%, 02/15/2031		14,221		15,698,209
U.S. Treasury Notes
0.125%, 10/31/2022		145,224		144,860,541
0.125%, 02/28/2023		56,178		55,335,330
0.875%, 09/30/2026		17,403		15,320,431
1.25%, 11/30/2026		48,088		42,806,190
1.25%, 08/15/2031(a)		85,632		69,187,899
1.375%, 11/15/2031		50,234		40,799,427
1.50%, 02/29/2024		75,200		72,320,769
1.50%, 02/15/2030(a)		11,115		9,433,856
1.625%, 05/15/2026(a)		236,708		216,402,709
1.75%, 11/15/2029		11,550		10,034,062
2.25%, 02/15/2027		3,147		2,910,576
2.625%, 02/15/2029		30,853		28,433,152
2.75%, 07/31/2027		43,406		40,896,591
2.75%, 08/15/2032		19,801		18,095,983
2.875%, 05/15/2032		35,123		32,460,873
3.00%, 07/31/2024		69,982		68,439,916
3.125%, 08/31/2027		14,336		13,758,176

Total Governments–Treasuries (cost $1,408,654,617)				1,236,707,238



	Principal Amount (000)		U.S. $ Value

CORPORATES-INVESTMENT GRADE–22.5%

Industrial–11.7%
Basic–0.7%
Anglo American Capital PLC 3.875%, 03/16/2029(b)	U.S.$	1,189	$	1,018,676
Braskem Netherlands Finance BV 4.50%, 01/31/2030(b)		3,420		2,748,996
Celanese US Holdings LLC 5.90%, 07/05/2024		6,569		6,481,041
Freeport Indonesia PT 4.763%, 04/14/2027(b)		904		818,120
Inversiones CMPC SA 3.85%, 01/13/2030(b)		2,742		2,212,965
Inversiones CMPC SA/Cayman Islands Branch 4.375%, 05/15/2023(b)		1,151		1,139,734
Suzano Austria GmbH 3.75%, 01/15/2031		1,419		1,106,820
WRKCo., Inc. 4.00%, 03/15/2028		6,569		6,063,713

				21,590,065

Capital Goods–0.8%
Flowserve Corp. 2.80%, 01/15/2032		4,669		3,343,704
Parker-Hannifin Corp.
3.25%, 06/14/2029		2,817		2,484,059
4.50%, 09/15/2029		4,439		4,201,602
Raytheon Technologies Corp. 4.125%, 11/16/2028		8,502		7,955,322
Westinghouse Air Brake Technologies Corp.
3.20%, 06/15/2025		1,117		1,043,758
4.40%, 03/15/2024		4,344		4,265,895

				23,294,340

Communications-Media–1.2%
Discovery Communications LLC
5.20%, 09/20/2047		1,999		1,478,500
5.30%, 05/15/2049		857		641,482
Fox Corp.
4.709%, 01/25/2029		2,656		2,496,906
5.576%, 01/25/2049		4,396		3,771,988
Interpublic Group of Cos., Inc. (The) 4.65%, 10/01/2028		1,966		1,821,656
Prosus NV
3.257%, 01/19/2027(b)		1,724		1,443,850
3.68%, 01/21/2030(b)		550		416,405
4.027%, 08/03/2050(b)		1,993		1,121,062
Tencent Holdings Ltd.
1.81%, 01/26/2026(b)		5,470		4,896,676
3.24%, 06/03/2050(b)		4,830		2,883,812


Schedule of Investments—Intermediate Duration Portfolio		1



	Principal Amount (000)		U.S. $ Value
Time Warner Cable LLC 4.50%, 09/15/2042	U.S.$	2,370	$	1,643,121
Warnermedia Holdings, Inc. 4.279%, 03/15/2032(b)		7,614		6,269,063
Weibo Corp. 3.375%, 07/08/2030		11,908		8,776,940

				37,661,461

Consumer Cyclical–Automotive–0.5%
General Motors Co. 6.125%, 10/01/2025		1,152		1,154,580
General Motors Financial Co., Inc. 4.30%, 04/06/2029		710		618,659
Harley-Davidson Financial Services, Inc.
3.05%, 02/14/2027(b)		3,858		3,309,933
3.35%, 06/08/2025(b)		3,759		3,529,024
Nissan Motor Co., Ltd. 4.345%, 09/17/2027(b)		8,330		7,176,961

				15,789,157

Consumer Cyclical–Other–0.3%
Las Vegas Sands Corp. 3.90%, 08/08/2029		8,755		7,255,181
MDC Holdings, Inc. 6.00%, 01/15/2043		3,776		2,876,972

				10,132,153

Consumer Cyclical–Retailers–0.6%
Advance Auto Parts, Inc.
3.50%, 03/15/2032		73		58,340
3.90%, 04/15/2030		8,625		7,421,295
Lowe’s Cos., Inc. 5.80%, 09/15/2062		4,887		4,493,499
Ross Stores, Inc. 4.70%, 04/15/2027		7,988		7,800,681

				19,773,815

Consumer Non-Cyclical–1.1%
Altria Group, Inc. 3.40%, 05/06/2030		7,300		5,923,001
BAT Capital Corp.
2.259%, 03/25/2028		11,104		8,844,225
4.906%, 04/02/2030		3,799		3,346,767
Cigna Corp. 4.375%, 10/15/2028		3,600		3,399,732
CVS Health Corp. 4.30%, 03/25/2028		179		169,302
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031		5,660		4,328,598
Takeda Pharmaceutical Co., Ltd. 4.40%, 11/26/2023		6,627		6,627,000

				32,638,625



	Principal Amount (000)		U.S. $ Value
Energy–2.7%
BP Capital Markets America, Inc. 2.939%, 06/04/2051	U.S.$	12,047	$	7,649,243
Continental Resources, Inc./OK
2.875%, 04/01/2032(b)		5,368		3,921,700
5.75%, 01/15/2031(b)		3,997		3,612,369
Devon Energy Corp. 5.60%, 07/15/2041		4,914		4,410,954
Enbridge Energy Partners LP 7.375%, 10/15/2045		6,968		7,538,958
Energy Transfer LP 6.25%, 04/15/2049		3,278		2,927,942
EQT Corp. 5.70%, 04/01/2028		1,958		1,922,795
Marathon Petroleum Corp.
5.125%, 12/15/2026		9,518		9,368,663
6.50%, 03/01/2041		1,683		1,666,439
MPLX LP 5.20%, 03/01/2047		10,984		9,051,365
Oleoducto Central SA 4.00%, 07/14/2027(b)		631		488,355
ONEOK Partners LP 6.125%, 02/01/2041		294		260,966
ONEOK, Inc.
4.00%, 07/13/2027		4,900		4,501,728
4.35%, 03/15/2029		4,164		3,717,078
6.35%, 01/15/2031		1,081		1,060,699
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029		3,754		3,131,549
Suncor Energy, Inc. 6.80%, 05/15/2038		5,543		5,612,509
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030(b)		1,397		993,005
TransCanada PipeLines Ltd.
6.10%, 06/01/2040		5,470		5,282,652
6.20%, 10/15/2037		3,397		3,366,359
Transcontinental Gas Pipe Line Co., LLC 3.25%, 05/15/2030		2,203		1,860,456

				82,345,784

Other Industrial–0.1%
Alfa SAB de CV 5.25%, 03/25/2024(b)		3,311		3,282,873

Services–0.7%
Booking Holdings, Inc. 4.625%, 04/13/2030		9,010		8,483,366
Expedia Group, Inc. 6.25%, 05/01/2025(b)		211		212,289
Global Payments, Inc.
3.20%, 08/15/2029		3,208		2,676,017
5.40%, 08/15/2032		4,124		3,823,195


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



	Principal Amount (000)		U.S. $ Value
Moody’s Corp. 4.25%, 02/01/2029	U.S.$	4,376	$	4,136,151
S&P Global, Inc.
4.25%, 05/01/2029(b)		1,574		1,480,017
4.75%, 08/01/2028(b)		307		300,111

				21,111,146

Technology–2.7%
Apple, Inc. 4.10%, 08/08/2062		5,020		4,115,798
Baidu, Inc. 3.425%, 04/07/2030		217		187,154
Broadcom, Inc.
3.137%, 11/15/2035(b)		1,202		842,758
3.187%, 11/15/2036(b)		8,430		5,772,274
4.15%, 11/15/2030		1,542		1,332,781
4.15%, 04/15/2032(b)		2,002		1,684,443
4.926%, 05/15/2037(b)		4,241		3,508,452
Entegris Escrow Corp. 4.75%, 04/15/2029(b)		5,311		4,711,441
Fiserv, Inc. 3.50%, 07/01/2029		9,632		8,393,325
HP, Inc. 5.50%, 01/15/2033		8,393		7,443,836
Infor, Inc. 1.75%, 07/15/2025(b)		2,719		2,448,133
Intel Corp. 5.05%, 08/05/2062		6,717		5,830,893
International Business Machines Corp. 4.90%, 07/27/2052		6,550		5,740,878
KLA Corp. 4.10%, 03/15/2029		1,349		1,280,916
Kyndryl Holdings, Inc. 2.05%, 10/15/2026		9,627		7,732,298
NXP BV/NXP Funding LLC 5.55%, 12/01/2028		4,119		4,031,471
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.40%, 05/01/2030		3,313		2,773,909
Oracle Corp.
2.875%, 03/25/2031		5,648		4,449,212
3.60%, 04/01/2040		3,456		2,343,617
3.65%, 03/25/2041		1,857		1,260,532
5.375%, 07/15/2040		1,114		927,650
SK Hynix, Inc. 2.375%, 01/19/2031(b)		1,818		1,338,843
TSMC Arizona Corp. 3.875%, 04/22/2027		2,710		2,581,844
Western Digital Corp.
2.85%, 02/01/2029		1,194		928,013
3.10%, 02/01/2032		589		402,146
Workday, Inc. 3.80%, 04/01/2032		2,673		2,325,296

				84,387,913



	Principal Amount (000)		U.S. $ Value
Transportation-Airlines–0.2%
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.50%, 10/20/2025(b)	U.S.$	3,393	$	3,297,151
4.75%, 10/20/2028(b)		3,940		3,671,213

				6,968,364

Transportation-Railroads–0.0%
Lima Metro Line 2 Finance Ltd.
4.35%, 04/05/2036(b)		442		387,056
5.875%, 07/05/2034(b)		1,072		1,013,019

				1,400,075

Transportation-Services–0.1%
Ashtead Capital, Inc. 5.50%, 08/11/2032(b)		1,037		961,091
ENA Master Trust 4.00%, 05/19/2048(b)		1,235		908,497

				1,869,588

				362,245,359



Financial Institutions–10.2%
Banking–6.9%
ABN AMRO Bank NV 4.75%, 07/28/2025(b)		1,171		1,124,851
Banco de Credito del Peru S.A. 3.125%, 07/01/2030(b)		5,996		5,256,993
Banco Santander SA 4.175%, 03/24/2028		3,200		2,895,328
Bank of America Corp.
2.299%, 07/21/2032		1,555		1,163,560
2.687%, 04/22/2032		9,685		7,546,939
4.376%, 04/27/2028		6,858		6,428,895
Bank of Ireland Group PLC 6.253%, 09/16/2026(b)		2,285		2,236,946
Barclays PLC 5.304%, 08/09/2026		4,935		4,743,522
BNP Paribas SA
2.591%, 01/20/2028(b)		2,660		2,275,284
7.75%, 08/16/2029(b)(c)		4,780		4,428,383
Citigroup, Inc.
3.98%, 03/20/2030		3,617		3,211,064
4.075%, 04/23/2029		5,373		4,865,950
5.95%, 01/30/2023(c)		2,569		2,539,534
Series W 4.00%, 12/10/2025(c)		3,243		2,736,443
Citizens Financial Group, Inc. 4.30%, 12/03/2025		10,581		10,177,758
Credit Suisse Group AG
3.091%, 05/14/2032(b)		8,899		6,256,976
4.194%, 04/01/2031(b)		2,852		2,257,101
6.373%, 07/15/2026(b)		6,080		5,877,110
Danske Bank A/S 4.298%, 04/01/2028(b)		5,462		4,876,638


Schedule of Investments—Intermediate Duration Portfolio		3



	Principal Amount (000)		U.S. $ Value
Deutsche Bank AG/New York NY
2.129%, 11/24/2026	U.S.$	4,221	$	3,588,568
2.552%, 01/07/2028		604		491,934
3.961%, 11/26/2025		1,336		1,246,729
6.119%, 07/14/2026		4,828		4,691,512
Discover Bank 4.682%, 08/09/2028		2,264		2,174,844
Federation des Caisses Desjardins du Quebec 4.55%, 08/23/2027(b)		6,672		6,302,571
Goldman Sachs Group, Inc. (The)
2.383%, 07/21/2032		2,288		1,728,332
2.615%, 04/22/2032		7,696		5,966,170
3.102%, 02/24/2033		1,157		919,132
Series V 4.125%, 11/10/2026(c)		3,016		2,396,664
HSBC Holdings PLC
4.762%, 03/29/2033		3,381		2,791,117
5.402%, 08/11/2033		2,559		2,265,406
6.375%, 03/30/2025(c)		9,669		8,678,894
JPMorgan Chase & Co.
2.58%, 04/22/2032		9,618		7,443,370
4.851%, 07/25/2028		6,901		6,621,372
Series I 6.276% (LIBOR 3 Month + 3.47%), 01/30/2023(c)(d)		2,456		2,444,948
Series V 5.597% (LIBOR 3 Month + 3.32%), 10/01/2022(c)(d)		107		107,000
Mizuho Financial Group, Inc. 5.414%, 09/13/2028		6,462		6,318,350
Morgan Stanley
3.772%, 01/24/2029		5,695		5,131,935
4.21%, 04/20/2028		4,283		4,006,147
4.679%, 07/17/2026		1,880		1,830,274
Nationwide Building Society 2.972%, 02/16/2028(b)		5,154		4,436,976
Santander Holdings USA, Inc.
2.49%, 01/06/2028		3,137		2,612,243
4.26%, 06/09/2025		2,048		1,968,415
4.40%, 07/13/2027		3,049		2,806,330
Societe Generale SA 2.797%, 01/19/2028(b)		9,487		8,000,103
Standard Chartered PLC
3.971%, 03/30/2026(b)		3,723		3,499,397
4.316% (LIBOR 3 Month + 1.51%), 01/30/2027(b)(c)(d)		300		227,055
7.75%, 04/02/2023(b)(c)		822		805,568
Swedbank AB Series NC5 5.625%, 09/17/2024(b)(c)		400		370,076
Truist Financial Corp. Series Q 5.10%, 03/01/2030(c)		6,656		5,969,500
UBS Group AG
7.00%, 01/31/2024(b)(c)		3,018		2,867,040



	Principal Amount (000)		U.S. $ Value
7.00%, 02/19/2025(b)(c)	U.S.$	408	$	387,396
UniCredit SpA
1.982%, 06/03/2027(b)		271		223,656
2.569%, 09/22/2026(b)		6,253		5,355,257
3.127%, 06/03/2032(b)		1,858		1,323,398
US Bancorp Series J 5.30%, 04/15/2027(c)		3,485		2,975,667
Wells Fargo & Co.
3.35%, 03/02/2033		8,799		7,151,387
3.584%, 05/22/2028		2,117		1,914,869
Series BB 3.90%, 03/15/2026(c)		2,664		2,256,168

				213,195,045

Brokerage–0.5%
Charles Schwab Corp. (The)
Series G 5.375%, 06/01/2025(c)		3,154		3,080,701
Series I 4.00%, 06/01/2026(c)		7,570		6,241,162
Nomura Holdings, Inc. 2.999%, 01/22/2032		7,689		5,818,959

				15,140,822

Finance–1.2%
Air Lease Corp.
2.10%, 09/01/2028		2,650		2,065,622
3.625%, 04/01/2027		303		268,434
Aircastle Ltd.
2.85%, 01/26/2028(b)		8,390		6,426,321
4.125%, 05/01/2024		1,481		1,426,040
4.25%, 06/15/2026		530		475,288
5.25%, 08/11/2025(b)		3,730		3,513,623
Aviation Capital Group LLC
1.95%, 01/30/2026(b)		4,547		3,818,070
1.95%, 09/20/2026(b)		1,485		1,202,746
3.50%, 11/01/2027(b)		1,314		1,091,540
4.125%, 08/01/2025(b)		35		32,069
4.375%, 01/30/2024(b)		1,300		1,256,580
4.875%, 10/01/2025(b)		1,447		1,351,585
5.50%, 12/15/2024(b)		3,623		3,506,339
CDBL Funding 1 3.50%, 10/24/2027(b)		5,770		5,268,702
Synchrony Financial
2.875%, 10/28/2031		4,872		3,461,166
3.95%, 12/01/2027		707		616,207
4.50%, 07/23/2025		869		828,661
4.875%, 06/13/2025		969		935,947

				37,544,940

Insurance–0.7%
Guardian Life Insurance Co. of America (The) 4.85%, 01/24/2077(b)		2,851		2,336,822
MetLife Capital Trust IV 7.875%, 12/15/2037(b)		5,200		5,570,292


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



	Principal Amount (000)		U.S. $ Value
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039(b)	U.S.$	2,058	$	2,640,352
Prudential Financial, Inc.
5.20%, 03/15/2044		1,970		1,882,946
5.375%, 05/15/2045		615		584,189
5.625%, 06/15/2043		1,099		1,080,592
Swiss Re Finance Luxembourg SA 5.00%, 04/02/2049(b)		5,000		4,401,800
Voya Financial, Inc. 5.65%, 05/15/2053		3,089		3,033,892

				21,530,885

REITs–0.9%
American Tower Corp.
3.65%, 03/15/2027		3,517		3,223,436
4.05%, 03/15/2032		1,717		1,478,234
Digital Realty Trust LP 3.60%, 07/01/2029		6,738		5,902,016
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032		4,731		3,549,669
Host Hotels & Resorts LP
Series E 4.00%, 06/15/2025		3,958		3,762,040
Series I 3.50%, 09/15/2030		1,343		1,072,802
Series J 2.90%, 12/15/2031		2,126		1,560,293
Vornado Realty LP 3.40%, 06/01/2031		7,733		5,909,481

				26,457,971

				313,869,663



Utility–0.6%
Electric–0.5%
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(b)		1,670		1,315,125
Chile Electricity Pec SpA Zero Coupon, 01/25/2028(b)		3,081		2,175,956
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2041		3,641		2,672,239
Engie Energia Chile SA 3.40%, 01/28/2030(b)		3,834		2,894,670
Entergy Corp. 1.90%, 06/15/2028		8,687		7,132,722

				16,190,712



	Principal Amount (000)			U.S. $ Value
Other Utility–0.1%
American Water Capital Corp. 3.45%, 06/01/2029	U.S.$	1,654		$	1,472,738

					17,663,450

Total Corporates–Investment Grade (cost $831,969,867)					693,778,472



MORTGAGE PASS-THROUGHS–16.8%
Agency Fixed Rate 30-Year–16.2%
Federal Home Loan Mortgage Corp.
Series 2019 3.50%, 09/01/2049		6,299			5,741,548
3.50%, 10/01/2049		6,314			5,749,446
3.50%, 11/01/2049		2,465			2,244,123
Series 2020 3.50%, 01/01/2050		5,243			4,785,650
Series 2022 2.00%, 03/01/2052		27,140			22,054,742
2.50%, 04/01/2052		32,499			27,388,567
3.00%, 03/01/2052		17,590			15,380,407
Federal Home Loan Mortgage Corp. Gold
Series 2003 5.00%, 08/01/2033		1			601
Series 2007 5.50%, 07/01/2035		591			603,849
Series 2016 4.00%, 02/01/2046		4,840			4,674,820
Series 2017 4.00%, 07/01/2044		3,364			3,243,380
Series 2018 4.00%, 08/01/2048		2,503			2,359,943
4.50%, 10/01/2048		4,128			3,998,107
4.50%, 11/01/2048		4,528			4,385,141
5.00%, 09/01/2048		1,387			1,372,893
5.00%, 11/01/2048		1,668			1,649,890
Federal National Mortgage Association
Series 2001 6.50%, 08/01/2031		1			1,301
Series 2003 5.50%, 04/01/2033		486			495,830
5.50%, 07/01/2033		1,066			1,086,258
5.50%, 11/01/2033		0	**		108
Series 2004 5.50%, 04/01/2034		245			250,008
5.50%, 05/01/2034		229			233,900
5.50%, 11/01/2034		866			885,584
6.50%, 08/01/2034		1			1,160
Series 2005 5.50%, 02/01/2035		1,196			1,221,952
Series 2006 5.50%, 04/01/2036		214			219,372


Schedule of Investments—Intermediate Duration Portfolio		5



	Principal Amount (000)		U.S. $ Value
Series 2007 5.50%, 09/01/2036	U.S.$	423	$	432,336
Series 2008 6.00%, 03/01/2037		3		3,098
Series 2010 4.00%, 12/01/2040		2,223		2,145,279
Series 2012 3.50%, 02/01/2042		1,402		1,315,968
3.50%, 11/01/2042		14,846		13,693,539
3.50%, 01/01/2043		2,506		2,311,420
Series 2013 3.50%, 04/01/2043		8,548		7,884,292
4.00%, 10/01/2043		6,838		6,478,336
Series 2015 3.00%, 05/01/2045		2,729		2,426,910
3.00%, 08/01/2045		5,003		4,449,664
Series 2018 3.50%, 02/01/2048		3,303		3,018,234
3.50%, 05/01/2048		1,296		1,188,520
4.50%, 09/01/2048		6,702		6,483,997
Series 2019
3.50%, 08/01/2049		2,125		1,935,290
3.50%, 09/01/2049		2,527		2,303,058
3.50%, 10/01/2049		6,641		6,044,513
3.50%, 11/01/2049		5,066		4,609,505
Series 2020
3.50%, 01/01/2050		4,967		4,525,618
Series 2021
2.00%, 07/01/2051		28,133		22,817,413
2.50%, 01/01/2052		9,038		7,626,547
Series 2022
2.50%, 03/01/2052		19,709		16,595,115
2.50%, 04/01/2052		21,163		17,821,686
2.50%, 05/01/2052		26,412		22,243,578
3.00%, 02/01/2052		20,934		18,311,016
3.00%, 03/01/2052		26,825		23,456,218
Government National Mortgage Association
Series 2016
3.00%, 04/20/2046		1,396		1,254,025
3.00%, 05/20/2046		1,304		1,171,573
3.00%, 12/20/2046		374		335,765
Series 2022
3.00%, 10/01/2052, TBA		4,175		3,685,162
4.00%, 10/01/2052, TBA		13,580		12,668,090
4.50%, 10/01/2052, TBA		32,691		31,250,749
Uniform Mortgage-Backed Security
Series 2022
2.00%, 10/01/2052, TBA		54,968		44,477,703
2.50%, 10/01/2052, TBA		73,165		61,395,722
3.00%, 10/01/2052, TBA		17,133		14,895,150
4.00%, 10/01/2052, TBA		20,528		19,026,448

				500,310,117



	Principal Amount (000)			U.S. $ Value
Agency Fixed Rate 15-Year–0.6%
Federal National Mortgage Association
Series 2012
2.50%, 04/01/2027	U.S.$	9		$	7,895
Series 2016
2.50%, 02/01/2031		15			13,638
2.50%, 04/01/2031		10			8,869
2.50%, 05/01/2031		41			37,644
2.50%, 07/01/2031		1,398			1,281,828
2.50%, 08/01/2031		469			430,130
2.50%, 09/01/2031		252			230,937
2.50%, 10/01/2031		1,473			1,350,442
2.50%, 11/01/2031		10,007			9,173,599
2.50%, 12/01/2031		3,705			3,392,775
2.50%, 01/01/2032		482			441,682
Series 2017
2.50%, 01/01/2032		2,385			2,184,327
2.50%, 02/01/2032		134			122,656

					18,676,422

Other Agency Fixed Rate Programs–0.0%
Federal National Mortgage Association
Series 2009
4.50%, 07/01/2029		206			203,888
4.50%, 08/01/2029		59			58,597
4.50%, 10/01/2029		11			10,777

					273,262

Agency ARMs–0.0%
Federal Home Loan Mortgage Corp. Gold
Series 2006
2.595% (LIBOR 12 Month + 2.18%), 12/01/2036(d)		0	**		150
Series 2007
2.60% (LIBOR 12 Month + 2.10%), 03/01/2037(d)		0	**		370

					520

Total Mortgage Pass-Throughs (cost $565,668,442)					519,260,321



COLLATERALIZED MORTGAGE OBLIGATIONS–7.7%
Risk Share Floating Rate–6.7%
Bellemeade Re Ltd.
Series 2019-3A, Class M1B
4.684% (LIBOR 1 Month + 1.60%), 07/25/2029(b)(d)		867			865,950
Series 2019-3A, Class M1C
5.034% (LIBOR 1 Month + 1.95%), 07/25/2029(b)(d)		575			568,025
Series 2020-3A, Class M1B
5.934% (LIBOR 1 Month + 2.85%), 10/25/2030(b)(d)		502			502,938


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



	Principal Amount (000)		U.S. $ Value
Series 2021-1A, Class M1C
5.231% (SOFR + 2.95%), 03/25/2031(b)(d)	U.S.$	4,197	$	4,057,930
Series 2021-2A, Class M1B
3.781% (SOFR + 1.50%), 06/25/2031(b)(d)		7,664		7,407,204
Series 2021-3A, Class A2
3.281% (SOFR + 1.00%), 09/25/2031(b)(d)		7,199		6,767,218
Series 2022-1, Class M1B
4.431% (SOFR + 2.15%), 01/26/2032(b)(d)		3,969		3,881,295
Series 2022-2, Class M1A
6.285% (SOFR + 4.00%), 09/27/2032(b)(d)		7,387		7,386,044
Connecticut Avenue Securities Trust
Series 2022-R06, Class 1M1
5.031% (SOFR + 2.75%), 05/25/2042(b)(d)		6,818		6,812,097
Series 2022-R07, Class 1M1
5.255% (SOFR + 2.95%), 06/25/2042(b)(d)		9,211		9,211,425
Series 2021-R03, Class 1M2
3.931% (SOFR + 1.65%), 12/25/2041(b)(d)		3,513		3,199,776
Series 2022-R01, Class 1M2
4.181% (SOFR + 1.90%), 12/25/2041(b)(d)		9,352		8,516,533
Series 2022-R02, Class 2M1
3.481% (SOFR + 1.20%), 01/25/2042(b)(d)		7,817		7,653,415
Series 2022-R03, Class 1M2
5.781% (SOFR + 3.50%), 03/25/2042(b)(d)		6,435		6,113,618
Series 2022-R04, Class 1M2
5.381% (SOFR + 3.10%), 03/25/2042(b)(d)		1,747		1,635,615
Series 2022-R05, Class 2M2
5.281% (SOFR + 3.00%), 04/25/2042(b)(d)		5,001		4,613,292
Series 2022-R08, Class 1M1
4.855% (SOFR + 2.55%), 07/25/2042(b)(d)		6,873		6,838,321
Eagle Re Ltd.
Series 2018-1, Class M2
6.084% (LIBOR 1 Month + 3.00%), 11/25/2028(b)(d)		617		611,950
Series 2020-1, Class M1A
3.984% (LIBOR 1 Month + 0.90%), 01/25/2030(b)(d)		66		65,605
Series 2021-2, Class M1B
4.331% (SOFR + 2.05%), 04/25/2034(b)(d)		2,360		2,294,371
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2022-DNA4, Class M1B 5.631% (SOFR + 3.35%), 05/25/2042(b)(d)		5,585		5,305,458



	Principal Amount (000)		U.S. $ Value
Series 2013-DN2, Class M2
7.334% (LIBOR 1 Month + 4.25%), 11/25/2023(d)	U.S.$	413	$	417,387
Series 2014-DN3, Class M3
7.084% (LIBOR 1 Month + 4.00%), 08/25/2024(d)		396		399,654
Series 2015-DNA1, Class M3
6.384% (LIBOR 1 Month + 3.30%), 10/25/2027(d)		1,262		1,273,769
Series 2016-HQA3, Class M3
6.934% (LIBOR 1 Month + 3.85%), 03/25/2029(d)		1,255		1,271,220
Series 2020-DNA5, Class M2
5.081% (SOFR + 2.80%), 10/25/2050(b)(d)		2,822		2,821,115
Series 2021-DNA3, Class M2
4.381% (SOFR + 2.10%), 10/25/2033(b)(d)		3,221		3,068,281
Series 2021-DNA5, Class M2
3.931% (SOFR + 1.65%), 01/25/2034(b)(d)		2,493		2,430,842
Series 2021-DNA6, Class M2
3.781% (SOFR + 1.50%), 10/25/2041(b)(d)		9,778		8,873,967
Series 2021-DNA7, Class M2
4.081% (SOFR + 1.80%), 11/25/2041(b)(d)		9,563		8,571,275
Series 2021-HQA3, Class M1
3.131% (SOFR + 0.85%), 09/25/2041(b)(d)		3,249		3,132,657
Series 2021-HQA4, Class M2
4.631% (SOFR + 2.35%), 12/25/2041(b)(d)		6,126		5,207,411
Series 2022-DNA1, Class M1A
3.281% (SOFR + 1.00%), 01/25/2042(b)(d)		3,942		3,829,206
Series 2022-DNA1, Class M1B
4.131% (SOFR + 1.85%), 01/25/2042(b)(d)		4,940		4,483,165
Series 2022-DNA2, Class M1B
4.681% (SOFR + 2.40%), 02/25/2042(b)(d)		7,072		6,568,400
Series 2022-DNA3, Class M1B
5.181% (SOFR + 2.90%), 04/25/2042(b)(d)		2,957		2,790,980
Series 2022-DNA5, Class M1B
6.781% (SOFR + 4.50%), 06/25/2042(b)(d)		9,989		10,010,624
Series 2022-DNA6, Class M1A
4.435% (SOFR + 2.15%), 09/25/2042(b)(d)		3,516		3,495,409
Series 2022-DNA7, Class M1A
4.876% (SOFR + 2.50%), 09/25/2042(b)(d)		9,358		9,360,764
Series 2022-HQA1, Class M1B
5.781% (SOFR + 3.50%), 03/25/2042(b)(d)		1,664		1,592,564


Schedule of Investments—Intermediate Duration Portfolio		7



	Principal Amount (000)		U.S. $ Value
Federal National Mortgage Association Connecticut Avenue Securities
Series 2015-C04, Class 1M2
8.784% (LIBOR 1 Month + 5.70%), 04/25/2028(d)	U.S.$	1,029	$	1,065,242
Series 2016-C02, Class 1M2
9.084% (LIBOR 1 Month + 6.00%), 09/25/2028(d)		360		372,767
Series 2016-C03, Class 1M2
8.384% (LIBOR 1 Month + 5.30%), 10/25/2028(d)		1,302		1,338,560
Series 2021-R02, Class 2M2
4.281% (SOFR + 2.00%), 11/25/2041(b)(d)		4,242		3,791,888
Home Re Ltd. Series 2021-2, Class M1B 3.881% (SOFR + 1.60%), 01/25/2034(b)(d)		4,253		4,158,231
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 7.334% (LIBOR 1 Month + 4.25%), 11/25/2024(d)(e)		217		208,198
Oaktown Re VII Ltd. Series 2021-2, Class M1A 3.881% (SOFR + 1.60%), 04/25/2034(b)(d)		6,767		6,643,815
PMT Credit Risk Transfer Trust
Series 2019-2R, Class A
5.863% (LIBOR 1 Month + 2.75%), 05/27/2023(b)(d)		2,843		2,728,158
Series 2019-3R, Class A
5.813% (LIBOR 1 Month + 2.70%), 10/27/2022(b)(d)		222		213,692
Series 2020-1R, Class A
5.463% (LIBOR 1 Month + 2.35%), 02/27/2023(d)(e)		929		881,159
Radnor Re Ltd.
Series 2019-1, Class M1B
5.034% (LIBOR 1 Month + 1.95%), 02/25/2029(b)(d)		2,657		2,624,946
Series 2019-2, Class M1B
4.834% (LIBOR 1 Month + 1.75%), 06/25/2029(b)(d)		930		927,785
Series 2020-1, Class M1A
4.034% (LIBOR 1 Month + 0.95%), 01/25/2030(b)(d)		969		966,067
Traingle Re Ltd. Series 2021-3, Class M1A 4.181% (SOFR + 1.90%), 02/25/2034(b)(d)		4,786		4,748,635
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2
8.334% (LIBOR 1 Month + 5.25%), 11/25/2025(d)(e)		1,020		938,647



	Principal Amount (000)		U.S. $ Value
Series 2015-WF1, Class 2M2
8.584% (LIBOR 1 Month + 5.50%), 11/25/2025(d)(e)	U.S.$	266	$	249,867

				205,764,427

Agency Fixed Rate–0.5%
Federal Home Loan Mortgage Corp. REMICs
Series 5008, Class AI
3.50%, 09/25/2050(f)		10,311		1,699,884
Series 5015, Class BI
4.00%, 09/25/2050(f)		13,937		2,643,618
Series 5040, Class AI
3.50%, 11/25/2050(f)		7,629		1,276,438
Series 5043, Class IO
5.00%, 11/25/2050(f)		15,872		3,500,206
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 2.984%, 05/28/2035		1,445		1,298,821
Federal National Mortgage Association REMICs
Series 2015-30, Class EI
5.00%, 05/25/2045(f)		7,352		1,288,807
Series 2020-89, Class KI
4.00%, 12/25/2050(f)		28,886		5,461,316

				17,169,090

Agency Floating Rate–0.3%
Federal Home Loan Mortgage Corp. REMICs
Series 4416, Class BS
3.282% (6.10%–LIBOR 1 Month), 12/15/2044(d)(g)		7,515		714,372
Series 4585, Class DS
3.182% (6.00%–LIBOR 1 Month), 05/15/2046(d)(g)		4,999		513,250
Series 4693, Class SL
3.332% (6.15%–LIBOR 1 Month), 06/15/2047(d)(g)		3,139		340,022
Series 4954, Class SL
2.966% (6.05%–LIBOR 1 Month), 02/25/2050(d)(g)		2,307		230,820
Series 4981, Class HS
3.016% (6.10%–LIBOR 1 Month), 06/25/2050(d)(g)		19,138		1,883,426
Federal National Mortgage Association REMICs
Series 2011-131, Class ST
3.456% (6.54%–LIBOR 1 Month), 12/25/2041(d)(g)		4,565		533,086
Series 2014-17, Class SA
2.966% (6.05%–LIBOR 1 Month), 04/25/2044(d)(g)		8,444		937,283
Series 2015-26, Class SH
3.366% (6.45%–LIBOR 1 Month), 05/25/2045(d)(g)		5,928		744,880


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



	Principal Amount (000)		U.S. $ Value
Series 2016-106, Class ES
2.916% (6.00%–LIBOR 1 Month), 01/25/2047(d)(g)	U.S.$	3,450	$	353,104
Series 2017-62, Class AS
3.066% (6.15%–LIBOR 1 Month), 08/25/2047(d)(g)		4,387		495,451
Series 2017-81, Class SA
3.116% (6.20%–LIBOR 1 Month), 10/25/2047(d)(g)		7,638		838,187
Series 2017-97, Class SW
3.116% (6.20%–LIBOR 1 Month), 12/25/2047(d)(g)		6,351		672,900
Government National Mortgage Association
Series 2017-43, Class ST
3.086% (6.10%–LIBOR 1 Month), 03/20/2047(d)(g)		7,243		784,323
Series 2017-122, Class SA
3.186% (6.20%–LIBOR 1 Month), 08/20/2047(d)(g)		5,260		600,930
Series 2017-134, Class MS
3.186% (6.20%–LIBOR 1 Month), 09/20/2047(d)(g)		6,001		697,636

				10,339,670

Non-Agency Fixed Rate–0.1%
Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 07/25/2035		291		209,226
Series 2006-24CB, Class A16
5.75%, 08/25/2036		2,061		1,190,085
Series 2006-28CB, Class A14
6.25%, 10/25/2036		1,419		806,916
Series 2006-J1, Class 1A13
5.50%, 02/25/2036		513		373,514
CHL Mortgage Pass-Through Trust Series 2006-13, Class 1A19 6.25%, 09/25/2036		606		286,714

				2,866,455

Non-Agency Floating Rate–0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 3.464% (LIBOR 1 Month + 0.38%), 12/25/2036(d)		3,871		1,434,831
HomeBanc Mortgage Trust Series 2005-1, Class A1 3.584% (LIBOR 1 Month + 0.50%), 03/25/2035(d)		678		571,246
JPMorgan Chase Bank, NA Series 2019-CL1, Class M3 5.184% (LIBOR 1 Month + 2.10%), 04/25/2047(b)(d)		749		733,064

				2,739,141

Total Collateralized Mortgage Obligations (cost $250,144,088)				238,878,783



	Principal Amount (000)		U.S. $ Value

ASSET-BACKED SECURITIES–5.1%
Autos–Fixed Rate–2.5%
ACM Auto Trust Series 2022-1A, Class A 3.23%, 04/20/2029(b)	U.S.$	4,911	$	4,895,329
Avis Budget Rental Car Funding AESOP LLC
Series 2017-2A, Class D
4.56%, 03/20/2024(b)		6,721		6,691,636
Series 2018-2A, Class A
4.00%, 03/20/2025(b)		6,700		6,582,678
Carvana Auto Receivables Trust
Series 2021-N3, Class C
1.02%, 06/12/2028		3,439		3,305,007
Series 2021-N4, Class D
2.30%, 09/11/2028		3,177		2,917,951
Series 2021-P4, Class D
2.61%, 09/11/2028		4,063		3,334,686
CPS Auto Receivables Trust
Series 2021-C, Class D
1.69%, 06/15/2027(b)		5,050		4,565,028
Series 2022-A, Class C
2.17%, 04/16/2029(b)		5,564		5,152,523
FHF Trust Series 2021-2A, Class A 0.83%, 12/15/2026 (b)		2,277		2,163,084
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033 (b)		5,650		4,869,364
LAD Auto Receivables Trust
Series 2021-1A, Class A
1.30%, 08/17/2026(b)		3,380		3,257,976
Series 2022-1A, Class A
5.21%, 06/15/2027(b)		6,103		6,025,324
Research-Driven Pagaya Motor Asset Trust VII Series 2022-3A, Class A 5.38%, 11/25/2030(b)		6,505		6,418,304
Santander Bank Auto Credit-Linked Notes Series 2022-A, Class B 5.281%, 05/15/2032(b)		6,465		6,344,174
Santander Bank NA–SBCLN Series 2021-1A, Class B 1.833%, 12/15/2031(b)		3,125		3,012,855
United Auto Credit Securitization Trust Series 2022-2, Class A 4.39%, 04/10/2025(b)		5,941		5,913,029

				75,448,948

Other ABS–Fixed Rate–2.2%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051(b)		8,404		6,893,775


Schedule of Investments—Intermediate Duration Portfolio		9



	Principal Amount (000)		U.S. $ Value
Affirm Asset Securitization Trust
Series 2021-Z1, Class A
1.07%, 08/15/2025(b)	U.S.$	1,832	$	1,775,906
Series 2021-Z2, Class A
1.17%, 11/16/2026(b)		1,765		1,700,061
Series 2022-X1, Class A
1.75%, 02/15/2027(b)		4,821		4,700,273
Amur Equipment Finance Receivables XI LLC Series 2022-2A, Class A2 5.30%, 06/21/2028(b)		2,643		2,627,023
Atalaya Equipment Leasing Trust Series 2021-1A, Class B 2.08%, 02/15/2027(b)		1,762		1,643,202
BHG Securitization Trust Series 2022-A, Class A 1.71%, 02/20/2035(b)		1,618		1,513,926
Cajun Global LLC Series 2021-1, Class A2 3.931%, 11/20/2051(b)		1,751		1,488,707
College Ave Student Loans LLC Series 2021-C, Class B 2.72%, 07/26/2055(b)		2,202		1,865,571
Conn’s Receivables Funding LLC Series 2021-A, Class A 1.05%, 05/15/2026(b)		1,849		1,840,281
Dext ABS LLC Series 2021-1, Class B 1.76%, 02/15/2028(b)		493		447,491
Diamond Infrastructure Funding LLC Series 2021-1A, Class B 2.355%, 04/15/2049(b)		3,651		2,975,061
Diamond Issuer Series 2021-1A, Class A 2.305%, 11/20/2051(b)		7,711		6,514,824
Domino’s Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.662%, 04/25/2051(b)		4,376		3,603,247
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046(b)		2,426		2,070,335
Hardee’s Funding LLC
Series 2018-1A, Class A23
5.71%, 06/20/2048(b)		3,216		2,944,798
Series 2020-1A, Class A2
3.981%, 12/20/2050(b)		2,605		2,235,609
MVW LLC Series 2021-2A, Class B 1.83%, 05/20/2039 (b)		3,497		3,117,649
Neighborly Issuer Series 2022-1A, Class A2 3.695%, 01/30/2052(b)		5,495		4,420,960



	Principal Amount (000)		U.S. $ Value
Neighborly Issuer LLC Series 2021-1A, Class A2 3.584%, 04/30/2051(b)	U.S.$	3,216	$	2,657,829
Nelnet Student Loan Trust
Series 2021-BA, Class B
2.68%, 04/20/2062(b)		2,008		1,597,138
Series 2021-CA, Class B
2.53%, 04/20/2062(b)		3,421		2,666,399
Series 2021-DA, Class B
2.90%, 04/20/2062(b)		3,096		2,495,429
Upstart Securitization Trust
Series 2020-3, Class A
1.702%, 11/20/2030(b)		127		126,789
Series 2021-3, Class B
1.66%, 07/20/2031(b)		5,220		4,807,582

				68,729,865

Credit Cards–Fixed Rate–0.4%
Brex Commercial Charge Card Master Trust
Series 2021-1, Class A
2.09%, 07/15/2024(b)		4,282		4,199,987
Series 2022-1, Class A
4.63%, 07/15/2025(b)		7,665		7,423,491
Mission Lane Credit Card Master Trust Series 2021-A, Class B 2.24%, 09/15/2026(b)		1,601		1,544,693

				13,168,171

Home Equity Loans–Floating Rate–0.0%
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates Series 2004-1, Class 1A 3.684% (LIBOR 1 Month + 0.60%), 04/25/2034(d)		3		2,617

Total Asset-Backed Securities (cost $172,087,269)				157,349,601



COMMERCIAL MORTGAGE-BACKED SECURITIES–3.6%
Non-Agency Floating Rate CMBS–2.0%
AREIT Trust Series 2022-CRE6, Class A 3.534% (SOFR + 1.25%), 01/16/2037(b)(d)		12,432		11,951,509
Ashford Hospitality Trust Series 2018-KEYS, Class A 3.818% (LIBOR 1 Month + 1.00%), 06/15/2035(b)(d)		3,799		3,679,899
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 3.818% (LIBOR 1 Month + 1.00%), 11/15/2033(b)(d)		10,570		9,956,110


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



	Principal Amount (000)		U.S. $ Value
BBCMS Mortgage Trust Series 2020-BID, Class A 4.958% (LIBOR 1 Month + 2.14%), 10/15/2037(b)(d)	U.S.$	7,708	$	7,591,780
BFLD Trust Series 2021-FPM, Class A 4.418% (LIBOR 1 Month + 1.60%), 06/15/2038(b)(d)		11,683		11,266,697
BX Commercial Mortgage Trust
Series 2019-IMC, Class D
4.718% (LIBOR 1 Month + 1.90%), 04/15/2034(b)(d)		1,772		1,680,230
Series 2019-IMC, Class E
4.968% (LIBOR 1 Month + 2.15%), 04/15/2034(b)(d)		6,595		6,219,864
CLNY Trust Series 2019-IKPR, Class D 4.843% (LIBOR 1 Month + 2.02%), 11/15/2038(b)(d)		5,360		4,997,393
Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk Series 2021-MN1, Class M1 4.281% (SOFR + 2.00%), 01/25/2051(b)(d)		788		757,271
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 4.318% (LIBOR 1 Month + 1.50%), 07/15/2036(b)(d)		2,750		2,705,452

				60,806,205

Non-Agency Fixed Rate CMBS–1.6%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.652%, 03/10/2037(b)		2,805		2,380,500
Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS 3.989%, 09/15/2048		871		816,305
Barclays Commercial Mortgage Trust Series 2019-C3, Class B 4.096%, 05/15/2052		3,523		3,069,612
Commercial Mortgage Trust
Series 2012-CR3, Class E
4.894%, 10/15/2045(b)		3,938		2,359,985
Series 2013-SFS, Class A1 1.873%, 04/12/2035(b)		391		386,369
GS Mortgage Securities Trust
Series 2011-GC5, Class D 5.302%, 08/10/2044(b)		333		141,753
Series 2013-G1, Class A2 3.557%, 04/10/2031(b)		3,622		3,592,866



	Principal Amount (000)		U.S. $ Value
GSF
Series 2021-1, Class A1 1.433%, 08/15/2026(e)(h)	U.S.$	3,575	$	3,312,816
Series 2021-1, Class A2 2.435%, 08/15/2026(e)(h)		9,371		8,833,052
Series 2021-1, Class AS 2.638%, 08/15/2026(e)(h)		249		229,680
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035(d)(e)		6,860		6,297,907
JPMBB Commercial Mortgage Securities Trust
Series 2013-C14, Class D 4.699%, 08/15/2046(b)		2,527		1,412,812
Series 2014-C21, Class B 4.341%, 08/15/2047		1,857		1,727,598
Series 2015-C27, Class AS 3.634%, 02/15/2048		3,415		3,227,916
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2012-C6, Class E 5.129%, 05/15/2045(b)		3,967		3,074,061
Series 2016-JP3, Class B 3.397%, 08/15/2049		3,000		2,618,770
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039		817		360,710
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(b)		1,836		1,821,892
Wells Fargo Commercial Mortgage Trust
Series 2015-SG1, Class AS 4.047%, 09/15/2048		2,906		2,735,702
Series 2019-C51, Class B 3.836%, 06/15/2052		1,269		1,082,237
WF-RBS Commercial Mortgage Trust
Series 2013-C11, Class XA 1.238%, 03/15/2045(b)(f)		44,918		19,378
Series 2014-C24, Class AS 3.931%, 11/15/2047		1,471		1,403,071

				50,904,992

Total Commercial Mortgage-Backed Securities (cost $122,235,281)				111,711,197


Schedule of Investments—Intermediate Duration Portfolio		11



	Principal Amount (000)		U.S. $ Value

COLLATERALIZED LOAN OBLIGATIONS – 2.7%
CLO-Floating Rate–2.7%
AGL CLO 10 Ltd. Series 2021-10A, Class A 3.642% (LIBOR 3 Month + 1.13%), 04/15/2034(b)(d)	U.S.$	450	$	428,508
Balboa Bay Loan Funding Ltd. Series 2021-1A, Class A 3.91% (LIBOR 3 Month + 1.20%), 07/20/2034(b)(d)		6,496		6,220,544
Dryden 78 CLO Ltd. Series 2020-78A, Class C 4.69% (LIBOR 3 Month + 1.95%), 04/17/2033(b)(d)		4,670		4,273,732
Elevation CLO Ltd. Series 2020-11A, Class D1 6.362% (LIBOR 3 Month + 3.85%), 04/15/2033(b)(d)		4,500		3,869,379
Elmwood CLO IX Ltd. Series 2021-2A, Class A 3.84% (LIBOR 3 Month + 1.13%), 07/20/2034(b)(d)		5,900		5,645,905
Elmwood CLO XII Ltd. Series 2021-5A, Class D 5.76% (LIBOR 3 Month + 3.05%), 01/20/2035(b)(d)		2,100		1,868,200
Flatiron CLO 21 Ltd. Series 2021-1A, Class A1 3.848% (LIBOR 3 Month + 1.11%), 07/19/2034(b)(d)		4,290		4,095,860
Goldentree Loan Management US CLO 7 Ltd. Series 2020-7A, Class AR 3.78% (LIBOR 3 Month + 1.07%), 04/20/2034(b)(d)		6,463		6,133,298
Golub Capital Partners 48 LP Series 2020-48A, Class A1 4.05% (LIBOR 3 Month + 1.31%), 04/17/2033(b)(d)		644		619,598
Neuberger Berman Loan Advisers CLO 43 Ltd. Series 2021-43A, Class A 3.87% (LIBOR 3 Month + 1.13%), 07/17/2035(b)(d)		6,910		6,621,476
OCP CLO Ltd. Series 2020-18A, Class AR 3.80% (LIBOR 3 Month + 1.09%), 07/20/2032(b)(d)		8,088		7,816,130
Palmer Square CLO Ltd. Series 2021-4A, Class A 3.682% (LIBOR 3 Month + 1.17%), 10/15/2034(b)(d)		730		696,249



	Principal Amount (000)			U.S. $ Value
Pikes Peak CLO 8 Series 2021-8A, Class A 3.88% (LIBOR 3 Month + 1.17%), 07/20/2034(b)(d)	U.S.$		7,300	$	6,987,684
Rad CLO 7 Ltd. Series 2020-7A, Class C 4.74% (LIBOR 3 Month + 2.00%), 04/17/2033(b)(d)			2,090		1,921,713
Rad CLO 11 Ltd. Series 2021-11A, Class D 5.412% (LIBOR 3 Month + 2.90%), 04/15/2034(b)(d)			3,800		3,334,800
Rad CLO 14 Ltd Series 2021-14A, Class A 3.682% (LIBOR 3 Month + 1.17%), 01/15/2035(b)(d)			829		784,909
Regatta XX Funding Ltd. Series 2021-2A, Class A 3.672% (LIBOR 3 Month + 1.16%), 10/15/2034(b)(d)			11,084		10,501,072
Rockford Tower CLO Ltd.
Series 2021-2A, Class A1
3.87% (LIBOR 3 Month + 1.16%), 07/20/2034(b)(d)			5,449		5,176,680
Series 2021-3A, Class D
5.96% (LIBOR 3 Month + 3.25%), 10/20/2034(b)(d)			3,200		2,766,784
Sixth Street CLO XVII Ltd. Series 2021-17A, Class A 3.95% (LIBOR 3 Month + 1.24%), 01/20/2034(b)(d)			1,089		1,048,574
Sixth Street CLO XX Ltd. Series 2021-20A, Class D 5.76% (LIBOR 3 Month + 3.05%), 10/20/2034(b)(d)			1,900		1,686,926
TICP CLO XV Ltd. Series 2020-15A, Class A 3.99% (LIBOR 3 Month + 1.28%), 04/20/2033(b)(d)			250		242,319
Voya CLO Ltd. Series 2019-1A, Class DR 5.362% (LIBOR 3 Month + 2.85%), 04/15/2031(b)(d)			1,850		1,581,424

Total Collateralized Loan Obligations (cost $89,950,357)					84,321,764



CORPORATES-NON-INVESTMENT GRADE–1.9%

Industrial–1.4%
Capital Goods–0.0%
TK Elevator Midco GmbH 4.375%, 07/15/2027(b)		EUR	1,444		1,189,342


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



	Principal Amount (000)			U.S. $ Value
Communications-Media–0.4%
Altice Financing SA 3.00%, 01/15/2028(b)		U.S.$	2,174	$	1,603,682
CCO Holdings LLC/CCO Holdings Capital Corp.
4.50%, 08/15/2030(b)			1,424		1,126,441
4.50%, 06/01/2033(b)			5,124		3,800,573
4.75%, 02/01/2032(b)			1,041		812,355
DISH DBS Corp. 5.75%, 12/01/2028(b)			3,890		2,932,827
Summer BC Holdco B SARL 5.75%, 10/31/2026(b)		EUR	2,174		1,818,811
VZ Vendor Financing II BV 2.875%, 01/15/2029(b)			2,093		1,460,753

					13,555,442

Communications-Telecommunications–0.1%
Altice France SA/France 3.375%, 01/15/2028(b)			1,024		762,674
Lorca Telecom Bondco SA 4.00%, 09/18/2027(b)			2,174		1,853,946

					2,616,620

Consumer Cyclical-Automotive–0.2%
Adient Global Holdings Ltd. 3.50%, 08/15/2024(b)			2,174		1,967,891
Ford Motor Co. 6.10%, 08/19/2032		U.S.$	3,333		2,938,140
ZF Finance GmbH 3.75%, 09/21/2028(b)		EUR	1,400		1,067,580

					5,973,611

Consumer Cyclical-Entertainment–0.3%
Carnival Corp. 4.00%, 08/01/2028(b)		U.S.$	5,633		4,546,732
Royal Caribbean Cruises Ltd. 8.25%, 01/15/2029(b)			4,339		4,220,849

					8,767,581

Consumer Cyclical-Other–0.0%
NH Hotel Group SA 4.00%, 07/02/2026(b)		EUR	694		592,082

Consumer Non-Cyclical–0.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/2029(b)		U.S.$	3,900		3,149,250
IQVIA, Inc. 2.25%, 03/15/2029(b)		EUR	1,420		1,066,911
Nobel Bidco BV 3.125%, 06/15/2028(b)			2,174		1,429,652
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028(b)			1,420		1,112,557

					6,758,370



	Principal Amount (000)			U.S. $ Value
Services–0.1%
APCOA Parking Holdings GmbH 4.625%, 01/15/2027(b)		EUR	2,174	$	1,689,844

Technology–0.1%
Playtech PLC 4.25%, 03/07/2026(b)			1,420		1,260,924

Transportation-Airlines–0.0%
Deutsche Lufthansa AG 3.00%, 05/29/2026(b)			800		657,794

					43,061,610



Financial Institutions–0.4%
Banking–0.4%
Credit Suisse Group AG
6.375%, 08/21/2026(b)(c)			611		447,325
7.50%, 12/11/2023(b)(c)			2,634		2,423,148
7.50%, 07/17/2023(b)(c)			5,931		5,100,601
Intesa Sanpaolo SpA 5.017%, 06/26/2024(b)			6,204		5,790,876

					13,761,950



Utility–0.1%
Electric–0.1%
Vistra Corp. 7.00%, 12/15/2026(b)(c)			2,589		2,263,692

Total Corporates–Non-Investment Grade (cost $74,858,174)					59,087,252



LOCAL GOVERNMENTS-US MUNICIPAL BONDS–0.9%
United States–0.9%
Port Authority of New York & New Jersey
Series 2020-A
1.086%, 07/01/2023			4,170		4,065,085
State Board of Administration Finance Corp.
Series 2020-A
1.705%, 07/01/2027			6,821		5,833,178
State of California
Series 2010
7.625%, 03/01/2040			8,520		10,569,156
Tobacco Settlement Finance Authority/WV
Series 2020
3.00%, 06/01/2035			2,133		2,024,055
University of California
Series 2021-B
3.071%, 05/15/2051			7,960		5,307,493

Total Local Governments–US Municipal Bonds (cost $29,649,597)					27,798,967


Schedule of Investments—Intermediate Duration Portfolio		13



	Principal Amount (000)		U.S. $ Value

EMERGING MARKETS-CORPORATE BONDS–0.4%

Industrial–0.4%
Basic–0.1%
CSN Resources SA 4.625%, 06/10/2031(b)	U.S.$	1,862	$	1,266,532
Volcan Cia Minera SAA 4.375%, 02/11/2026(b)		761		623,212

				1,889,744

Capital Goods–0.1%
Embraer Netherlands Finance BV
5.40%, 02/01/2027		4,960		4,520,792
6.95%, 01/17/2028(b)		1,797		1,686,709
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(b)		3,418		6,837

				6,214,338

Communications-Media–0.0%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(b)		825		620,813

Consumer Cyclical-Other–0.1%
Wynn Macau Ltd. 5.625%, 08/26/2028(b)		2,862		1,917,540

Consumer Non-Cyclical–0.1%
Natura & Co. Luxembourg Holdings SARL 6.00%, 04/19/2029(b)		2,258		1,840,834

				12,483,269



Utility–0.0%
Electric–0.0%
Terraform Global Operating LP 6.125%, 03/01/2026(e)		565		532,100



Financial Institutions–0.0%
Other Finance–0.0%
OEC Finance Ltd.
5.25%, 12/27/2033(b)(i)		2,445		53,960
7.125%, 12/26/2046(b)(i)		707		18,643

				72,603

Total Emerging Markets–Corporate Bonds (cost $20,972,830)				13,087,972



	Shares			U.S. $ Value

COMMON STOCKS–0.3%

Financials–0.3%
Insurance–0.3%
Mt Logan Re Ltd. (Preference Shares)(h)(j)(k)			9,249	$	7,908,780
Mt Logan Re Ltd. (Special Investment)(h)(j)(k)			1,463		1,227,194

Total Common Stocks (cost $9,248,550)					9,135,974



	Principal Amount (000)

QUASI-SOVEREIGNS–0.3%

Quasi-Sovereign Bonds–0.3%
Indonesia–0.1%
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.45%, 05/21/2028(b)		U.S.$	2,363		2,252,719

Mexico–0.2%
Comision Federal de Electricidad
3.348%, 02/09/2031(b)			6,919		4,978,653
4.688%, 05/15/2029(b)			1,800		1,499,962

					6,478,615

Total Quasi-Sovereigns (cost $11,075,998)					8,731,334



EMERGING MARKETS-SOVEREIGNS–0.3%
Dominican Republic–0.2%
Dominican Republic International Bond 4.875%, 09/23/2032(b)			8,182		6,104,795

Egypt–0.1%
Egypt Government International Bond 5.875%, 02/16/2031(b)			4,439		2,557,419

Total Emerging Markets–Sovereigns (cost $12,449,747)					8,662,214



AGENCIES–0.2%
Agency Debentures–0.2%
Federal Home Loan Banks 2.50%, 02/13/2024 (cost $6,163,798)			6,170		6,019,761


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

Principal Amount (000)

U.S. $ Value

GOVERNMENTS-SOVEREIGN BONDS–0.1%

Colombia–0.1%

Colombia Government International Bond
3.125%, 04/15/2031
(cost $2,482,646)

U.S.$

2,490

1,727,904

Principal Amount (000)

U.S. $ Value

SHORT-TERM INVESTMENTS–2.1%

Governments-Treasuries–2.1%

Japan–2.1%

Japan Treasury Discount Bill
Series 1105
Zero Coupon, 12/05/2022
(cost $65,329,039)

JPY

9,328,050

64,470,728

Total Investments—104.9%
(cost $3,672,940,300)

3,240,729,482

Other assets less liabilities—(4.9)%

(150,178,057

)

Net Assets—100.0%

3,090,551,425

FUTURES (see Note 3)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. Long Bond (CBT) Futures		152		December 2022	$	19,213,750	$	44,906
U.S. T-Note 2 Yr (CBT) Futures		725		December 2022		148,908,204		(2,408,991	)
U.S. T-Note 5 Yr (CBT) Futures		1,808		December 2022		194,374,126		(5,520,542	)
U.S. Ultra Bond (CBT) Futures		378		December 2022		51,786,000		(4,973,860	)
Sold Contracts
10 Yr Japan Bond (OSE) Futures		100		December 2022		102,466,662		277,506
Long Gilt Futures		812		December 2022		87,399,957		(1,087,146	)
U.S. 10 Yr Ultra Futures		77		December 2022		9,123,297		602,057

							$	(13,066,070	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		EUR	18,748		USD	18,110		12/08/2022	$	(348,530	)
Citibank, NA		JPY	9,330,876		USD	66,040		12/02/2022		1,182,022
State Street Bank & Trust Co.		JPY	1,617		USD	11		12/02/2022		182

									$	833,674

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 39, 5 Year Index, 12/20/2027*		5.00	%		Quarterly		6.06	%		USD	19,575	$	774,860	$	775,958	$	(1,098	)

* Termination date


Schedule of Investments—Intermediate Duration Portfolio		15

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)

Rate Type

Notional
Amount
(000)

Termination
Date

Payments
made by the
Fund

Payments
received by the
Fund

Payment Frequency
Paid/Received

Market
Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation/
(Depreciation)

USD

19,060

12/13/2029

1.764%

3 Month LIBOR

Semi-Annual/Quarterly

2,464,228

—

2,464,228

CREDIT DEFAULT SWAPS (see Note 3)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	28	$	(6,278	)	$	(4,221	)	$	(2,057	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	93		(20,767	)		(10,452	)		(10,315	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	115		(25,757	)		(14,096	)		(11,661	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	99		(22,216	)		(9,431	)		(12,785	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	139		(31,231	)		(16,539	)		(14,692	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	164		(36,865	)		(20,165	)		(16,700	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	162		(36,221	)		(19,181	)		(17,040	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	171		(38,314	)		(21,209	)		(17,105	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	178		(39,925	)		(22,625	)		(17,300	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	310		(69,545	)		(35,003	)		(34,542	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	460		(103,191	)		(47,272	)		(55,919	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,827		(409,703	)		(135,431	)		(274,272	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1		(161	)		(84	)		(77	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	987		(221,352	)		(74,921	)		(146,431	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,275		(285,907	)		(98,828	)		(187,079	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,551		(347,725	)		(86,436	)		(261,289	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	106		(23,826	)		(15,104	)		(8,722	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	248		(55,539	)		(27,173	)		(28,366	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,211		(271,580	)		(185,268	)		(86,312	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,074		(240,832	)		(126,664	)		(114,168	)


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


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	1,240	$	(278,019	)	$	(146,223	)	$	(131,796	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	2,380		(533,661	)		(254,780	)		(278,881	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	2,380		(533,662	)		(254,681	)		(278,981	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	3,293		(738,272	)		(221,068	)		(517,204	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	221		(49,583	)		(20,189	)		(29,394	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	232		(51,998	)		(21,179	)		(30,819	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	905		(202,840	)		(104,743	)		(98,097	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,434		(321,484	)		(94,620	)		(226,864	)

												$	(4,996,454	)	$	(2,087,586	)	$	(2,908,868	)

* Termination date

**	Principal amount less than 500.

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

(b)

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

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

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


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
GSF Series 2021-1, Class A1 1.433%, 08/15/2026		02/25/2021	$	3,487,656	$	3,312,816		0.11	%
GSF Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021		9,612,067		8,833,052		0.29	%
GSF Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021		254,398		229,680		0.01	%


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035		11/19/2020	$	7,307,523	$	6,297,907		0.20	%
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 7.334%, 11/25/2024		11/06/2015		216,712		208,198		0.01	%
PMT Credit Risk Transfer Trust Series 2020-1R, Class A 5.463%, 02/27/2023		02/11/2020		928,788		881,159		0.03	%
Terraform Global Operating LP 6.125%, 03/01/2026		02/08/2018		565,000		532,100		0.02	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 8.334%, 11/25/2025		09/28/2015		1,024,041		938,647		0.03	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 8.584%, 11/25/2025		09/28/2015		265,653		249,867		0.01	%

(f)	IO—Interest Only.

(g)	Inverse interest only security.

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


Schedule of Investments—Intermediate Duration Portfolio		17

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

(j)	Fair valued by the Adviser.

(k)	Non-income producing security.

Currency Abbreviations:

EUR–Euro

JPY—Japanese Yen

USD—United States Dollar

Glossary:

ABS—Asset-Backed Securities

ARMs—Adjustable Rate Mortgages

CBT—Chicago Board of Trade

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

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

CLO—Collateralized Loan Obligations

CMBS—Commercial Mortgage-Backed Securities

LIBOR—London Interbank Offered Rate

OSE—Osaka Securities Exchange

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

SOFR—Secured Overnight Financing Rate

TBA—To Be Announced

See notes to financial statements.


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

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Short Duration Plus Portfolio

September 30, 2022



	Principal Amount (000)		U.S. $ Value

GOVERNMENTS–TREASURIES–68.5%
United States–68.5%
U.S. Treasury Notes
0.125%, 08/31/2023	U.S.$	3,984	$	3,836,660
0.375%, 11/30/2025		96		84,667
0.75%, 08/31/2026		1,749		1,534,650
0.875%, 01/31/2024(a)		2,481		2,369,456
1.50%, 02/29/2024		7,196		6,920,624
2.50%, 04/30/2024		13,883		13,496,879
2.50%, 05/31/2024		19,339		18,783,004
2.875%, 09/30/2023		65,215		64,369,243
3.00%, 06/30/2024		62,073		60,734,942
3.125%, 08/31/2027		1,534		1,471,777
3.25%, 08/31/2024		57,972		56,939,275
3.25%, 06/30/2027		2,025		1,952,543

Total Governments–Treasuries (cost $238,901,986)				232,493,720



CORPORATES–INVESTMENT GRADE–8.0%

Financial Institutions–4.8%
Banking–3.4%
Banco Bilbao Vizcaya Argentaria SA 5.862%, 09/14/2026		600		586,650
Banco Santander SA 4.175%, 03/24/2028		200		180,958
Bank of America Corp.
1.734%, 07/22/2027		790		677,725
4.376%, 04/27/2028		466		436,842
Bank of Ireland Group PLC 6.253%, 09/16/2026(b)		343		335,787
Barclays PLC 5.304%, 08/09/2026		319		306,623
BNP Paribas SA 2.591%, 01/20/2028(b)		490		419,131
Capital One Financial Corp.
2.636%, 03/03/2026		456		423,483
4.927%, 05/10/2028		165		157,057
Citigroup, Inc.
3.106%, 04/08/2026		346		324,513
4.14%, 05/24/2025		488		477,083
Cooperatieve Rabobank UA 3.75%, 07/21/2026		282		260,452
Credit Suisse AG 6.50%, 08/08/2023(b)		302		298,817
Credit Suisse Group AG 6.373%, 07/15/2026(b)		479		463,016
Danske Bank A/S 3.773%, 03/28/2025(b)		353		339,671



	Principal Amount (000)		U.S. $ Value
Deutsche Bank AG/New York NY
3.95%, 02/27/2023	U.S.$	234	$	233,041
6.119%, 07/14/2026		267		259,452
Federation des Caisses Desjardins du Quebec 4.40%, 08/23/2025(b)		333		322,038
Goldman Sachs Group, Inc. (The)
2.64%, 02/24/2028		239		207,607
3.75%, 05/22/2025		222		213,025
HSBC Holdings PLC
2.999%, 03/10/2026		595		550,119
5.21%, 08/11/2028		790		739,843
ING Groep NV 4.017%, 03/28/2028		355		322,620
JPMorgan Chase & Co. 4.851%, 07/25/2028		533		511,403
Mitsubishi UFJ Financial Group, Inc. 4.788%, 07/18/2025		267		263,409
Morgan Stanley
2.475%, 01/21/2028		303		265,122
4.21%, 04/20/2028		175		163,688
4.679%, 07/17/2026		153		148,953
Nationwide Building Society 2.972%, 02/16/2028(b)		310		266,873
Santander Holdings USA, Inc.
2.49%, 01/06/2028		185		154,053
4.26%, 06/09/2025		183		175,889
Societe Generale SA 2.797%, 01/19/2028(b)		367		309,480
Standard Chartered PLC 0.991%, 01/12/2025(b)		621		579,244
UBS Group AG 4.488%, 05/12/2026(b)		233		224,402

				11,598,069

Brokerage–0.1%
Charles Schwab Corp., (The) 2.45%, 03/03/2027		346		311,282

Finance–0.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 2.45%, 10/29/2026		595		503,043
Aviation Capital Group LLC
1.95%, 01/30/2026(b)		298		250,228
1.95%, 09/20/2026(b)		99		80,183
5.50%, 12/15/2024(b)		65		62,907
Azure Orbit IV International Finance Ltd. 3.75%, 01/25/2023(b)		900		896,166
Synchrony Financial
3.95%, 12/01/2027		167		145,554
4.875%, 06/13/2025		233		225,052

				2,163,133


Schedule of Investments—Short Duration Plus Portfolio		19



	Principal Amount (000)		U.S. $ Value
REITs–0.7%
American Tower Corp. 3.65%, 03/15/2027	U.S.$	235	$	215,385
Simon Property Group LP 3.375%, 12/01/2027		653		591,971
Vornado Realty LP 2.15%, 06/01/2026		426		360,353
WEA Finance LLC/Westfield UK & Europe Finance PLC 3.75%, 09/17/2024(b)		1,072		1,009,234

				2,176,943

				16,249,427



Industrial–3.2%
Basic–0.2%
Glencore Funding LLC 4.625%, 04/29/2024(b)		623		616,078

Capital Goods–0.2%
CNH Industrial Capital LLC 3.95%, 05/23/2025		376		362,637
Parker-Hannifin Corp. 3.65%, 06/15/2024		389		380,489

				743,126

Communications-Media–0.3%
Prosus NV 3.257%, 01/19/2027(b)		367		307,362
Walt Disney Co., (The) 3.35%, 03/24/2025		561		541,494
Warnermedia Holdings, Inc. 3.788%, 03/15/2025(b)		359		339,284

				1,188,140

Consumer Cyclical-Automotive–0.4%
Harley-Davidson Financial Services, Inc.
3.05%, 02/14/2027(b)		289		247,945
3.35%, 06/08/2025(b)		202		189,642
Hyundai Capital America 2.75%, 09/27/2026(b)		1,010		889,769

				1,327,356

Consumer Cyclical-Other–0.2%
Las Vegas Sands Corp.
2.90%, 06/25/2025		393		353,024
3.20%, 08/08/2024		227		213,428

				566,452

Consumer Cyclical-Retailers–0.3%
AutoNation, Inc. 4.50%, 10/01/2025		950		919,002

Consumer Non-Cyclical–0.2%
BAT International Finance PLC 1.668%, 03/25/2026		740		639,219



	Principal Amount (000)		U.S. $ Value
Energy–0.4%
Canadian Natural Resources Ltd. 2.05%, 07/15/2025	U.S.$	663	$	606,048
Continental Resources, Inc./OK 2.268%, 11/15/2026(b)		618		528,149
Marathon Oil Corp. 4.40%, 07/15/2027		352		328,796

				1,462,993

Services–0.0%
Expedia Group, Inc. 4.625%, 08/01/2027		168		157,752

Technology–0.6%
HP, Inc. 4.75%, 01/15/2028		316		296,917
Kyndryl Holdings, Inc. 2.05%, 10/15/2026		641		514,844
Oracle Corp. 2.65%, 07/15/2026		740		665,889
TSMC Arizona Corp. 3.875%, 04/22/2027		227		216,265
Workday, Inc. 3.50%, 04/01/2027		235		217,608

				1,911,523

Transportation-Airlines–0.4%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(b)		1,050		1,020,421
Southwest Airlines Co. 5.25%, 05/04/2025		279		278,791

				1,299,212

				10,830,853

Total Corporates–Investment Grade (cost $29,128,683)				27,080,280



ASSET-BACKED SECURITIES–5.4%
Autos-Fixed Rate–3.6%
ACM Auto Trust Series 2022-1A, Class A 3.23%, 04/20/2029(b)		334		332,952
American Credit Acceptance Receivables Trust Series 2022-3, Class A 4.12%, 02/13/2026(b)		905		900,722
Avis Budget Rental Car Funding AESOP LLC Series 2017-2A, Class D 4.56%, 03/20/2024(b)		492		489,851
Carmax Auto Owner Trust Series 2021-1, Class C 0.94%, 12/15/2026		190		169,405
Carvana Auto Receivables Trust Series 2021-N1, Class C 1.30%, 01/10/2028		275		260,931


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



	Principal Amount (000)		U.S. $ Value
CPS Auto Receivables Trust
Series 2021-A, Class C 0.83%, 09/15/2026(b)	U.S.$	635	$	623,639
Series 2021-B, Class C
1.23%, 03/15/2027(b)		389		373,409
Donlen Fleet Lease Funding 2 LLC Series 2021-2, Class C 1.20%, 12/11/2034(b)		371		345,223
Drive Auto Receivables Trust Series 2021-1, Class C 1.02%, 06/15/2027		220		213,033
DT Auto Owner Trust Series 2021-2A, Class C 1.10%, 02/16/2027(b)		185		176,284
Exeter Automobile Receivables Trust Series 2021-1A, Class C 0.74%, 01/15/2026		540		529,457
Exeter Automobile Receivables Trust Series 2020-3A, Class C 1.32%, 07/15/2025		365		360,541
First Investors Auto Owner Trust Series 2021-1A, Class C 1.17%, 03/15/2027(b)		351		329,977
Flagship Credit Auto Trust
Series 2019-4, Class B 2.53%, 11/17/2025(b)		184		184,107
Series 2020-4, Class C 1.28%, 02/16/2027(b)		615		586,605
Ford Credit Auto Owner Trust Series 2021-1, Class C 1.91%, 10/17/2033(b)		202		174,930
Foursight Capital Automobile Receivables Trust Series 2021-1, Class C 1.02%, 09/15/2026(b)		229		220,347
Hertz Vehicle Financing III LLC Series 2022-1A, Class A 1.99%, 06/25/2026(b)		562		512,467
JPMorgan Chase Bank NA–CACLN
Series 2020-1, Class C 1.389%, 01/25/2028(b)		159		156,281
Series 2020-2, Class D 1.487%, 02/25/2028(b)		76		74,122
Series 2021-1, Class B 0.875%, 09/25/2028(b)		363		350,608
Series 2021-2, Class B 0.889%, 12/26/2028(b)		293		282,302
LAD Auto Receivables Trust Series 2022-1A, Class A 5.21%, 06/15/2027(b)		604		596,284
Research-Driven Pagaya Motor Asset Trust VII Series 2022-3A, Class A 5.38%, 11/25/2030(b)		650		641,737



	Principal Amount (000)		U.S. $ Value
Santander Bank Auto Credit-Linked Notes
Series 2022-A, Class B 5.281%, 05/15/2032(b)	U.S.$	473	$	464,154
Series 2022-B, Class B
5.721%, 08/16/2032(b)		742		743,051
Santander Consumer Auto Receivables Trust Series 2021-AA, Class D 1.57%, 01/15/2027(b)		727		661,348
Santander Drive Auto Receivables Trust Series 2020-4, Class D 1.48%, 01/15/2027		424		407,571
United Auto Credit Securitization Trust Series 2022-2, Class A 4.39%, 04/10/2025(b)		482		479,391
Westlake Automobile Receivables Trust Series 2020-3A, Class C 1.24%, 11/17/2025(b)		657		639,230

				12,279,958

Other ABS-Fixed Rate–1.6%
Affirm Asset Securitization Trust
Series 2021-A, Class A 0.88%, 08/15/2025(b)		339		336,973
Series 2021-B, Class B 1.24%, 08/17/2026(b)		198		181,501
Series 2021-Z1, Class A 1.07%, 08/15/2025(b)		119		115,713
Amur Equipment Finance Receivables XI LLC Series 2022-2A, Class A2 5.30%, 06/21/2028(b)		281		279,301
Atalaya Equipment Leasing Trust Series 2021-1A, Class A2 1.23%, 05/15/2026(b)		416		403,699
Avant Loans Funding Trust Series 2021-REV1, Class A 1.21%, 07/15/2030(b)		811		761,355
Cajun Global LLC Series 2021-1, Class A2 3.931%, 11/20/2051(b)		102		86,582
College Ave Student Loans LLC Series 2021-C, Class A2 2.32%, 07/26/2055(b)		446		380,704
Conn’s Receivables Funding LLC Series 2021-A, Class A 1.05%, 05/15/2026(b)		106		105,409
Crossroads Asset Trust Series 2021-A, Class B 1.12%, 06/20/2025(b)		172		166,519
Dext ABS LLC Series 2021-1, Class A 1.12%, 02/15/2028(b)		523		499,978
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048(b)		861		788,005


Schedule of Investments—Short Duration Plus Portfolio		21



	Principal Amount (000)		U.S. $ Value
MVW LLC Series 2021-2A, Class A 1.43%, 05/20/2039(b)	U.S.$	450	$	395,349
Neighborly Issuer LLC Series 2021-1A, Class A2 3.584%, 04/30/2051(b)		223		184,510
Nelnet Student Loan Trust
Series 2021-CA, Class AFX 1.32%, 04/20/2062(b)		393		350,555
Series 2021-DA, Class AFX 1.63%, 04/20/2062(b)		126		113,580
Upstart Securitization Trust
Series 2020-3, Class A 1.702%, 11/20/2030(b)		23		22,523
Series 2021-1, Class A 0.87%, 03/20/2031(b)		28		28,187
Series 2021-3, Class A 0.83%, 07/20/2031(b)		211		204,627

				5,405,070

Credit Cards-Fixed Rate–0.2%
Brex Commercial Charge Card Master Trust Series 2021-1, Class A 2.09%, 07/15/2024(b)		555		544,370
Mission Lane Credit Card Master Trust Series 2021-A, Class A 1.59%, 09/15/2026(b)		142		136,942

				681,312

Total Asset-Backed Securities (cost $19,292,341)				18,366,340



COLLATERALIZED MORTGAGE OBLIGATIONS–4.2%
Risk Share Floating Rate–3.8%
Bellemeade Re Ltd.
Series 2019-1A, Class M1B 4.834% (LIBOR 1 Month + 1.75%), 03/25/2029(b)(c)		63		63,375
Series 2019-3A, Class M1B 4.684% (LIBOR 1 Month + 1.60%), 07/25/2029(b)(c)		64		64,428
Series 2021-1A, Class M1B 4.481% (SOFR + 2.20%), 03/25/2031(b)(c)		684		676,133
Series 2021-2A, Class M1A 3.481% (SOFR + 1.20%), 06/25/2031(b)(c)		281		277,029
Series 2021-3A, Class A2 3.281% (SOFR + 1.00%), 09/25/2031(b)(c)		480		451,188
Series 2022-2, Class M1A
6.285% (SOFR + 4.00%), 09/27/2032(b)(c)		858		857,870



	Principal Amount (000)		U.S. $ Value
Connecticut Avenue Securities Trust
Series 2021-R01, Class 1M1 3.031% (SOFR + 0.75%), 10/25/2041(b)(c)	U.S.$	93	$	92,258
Series 2021-R03, Class 1M1 3.131% (SOFR + 0.85%), 12/25/2041(b)(c)		519		507,822
Series 2022-R01, Class 1M1 3.281% (SOFR + 1.00%), 12/25/2041(b)(c)		1,149		1,127,659
Series 2022-R02, Class 2M1 3.481% (SOFR + 1.20%), 01/25/2042(b)(c)		391		382,757
Series 2022-R05, Class 2M1 4.181% (SOFR + 1.90%), 04/25/2042(b)(c)		152		149,283
Series 2022-R08, Class 1M1 4.855% (SOFR + 2.55%), 07/25/2042(b)(c)		772		767,897
Eagle Re Ltd. Series 2020-1, Class M1A 3.984% (LIBOR 1 Month + 0.90%), 01/25/2030(b)(c)		4		3,844
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2015-DNA1, Class M3 6.384% (LIBOR 1 Month + 3.30%), 10/25/2027(c)		84		85,226
Series 2021-DNA5, Class M2 3.931% (SOFR + 1.65%), 01/25/2034(b)(c)		173		168,483
Series 2021-DNA6, Class M1 3.081% (SOFR + 0.80%), 10/25/2041(b)(c)		399		390,835
Series 2021-DNA7, Class M1 3.131% (SOFR + 0.85%), 11/25/2041(b)(c)		754		734,641
Series 2021-HQA4, Class M1 3.231% (SOFR + 0.95%), 12/25/2041(b)(c)		474		451,527
Series 2022-DNA1, Class M1A 3.281% (SOFR + 1.00%), 01/25/2042(b)(c)		374		363,753
Series 2022-DNA2, Class M1A 3.581% (SOFR + 1.30%), 02/25/2042(b)(c)		403		395,855
Series 2022-DNA4, Class M1A 4.481% (SOFR + 2.20%), 05/25/2042(b)(c)		340		336,832
Series 2022-DNA5, Class M1A 5.231% (SOFR + 2.95%), 06/25/2042(b)(c)		470		470,468
Series 2022-DNA6, Class M1A 4.435% (SOFR + 2.15%), 09/25/2042(b)(c)		390		387,968


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



	Principal Amount (000)		U.S. $ Value
Series 2022-DNA7, Class M1A 4.876% (SOFR + 2.50%), 09/25/2042(b)(c)	U.S.$	1,012	$	1,012,293
Series 2022-HQA1, Class M1A 4.381% (SOFR + 2.10%), 03/25/2042(b)(c)		518		514,667
Series 2022-HQA2, Class M1A 4.931% (SOFR + 2.65%), 07/25/2042(b)(c)		765		761,201
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C04, Class 1M2 7.984% (LIBOR 1 Month + 4.90%), 11/25/2024(c)		186		192,256
Series 2015-C01, Class 1M2 7.384% (LIBOR 1 Month + 4.30%), 02/25/2025(c)		38		39,047
Series 2015-C02, Class 1M2 7.084% (LIBOR 1 Month + 4.00%), 05/25/2025(c)		11		10,811
Series 2021-R02, Class 2M1 3.181% (SOFR + 0.90%), 11/25/2041(b)(c)		448		438,953
PMT Credit Risk Transfer Trust
Series 2019-2R, Class A 5.863% (LIBOR 1 Month + 2.75%), 05/27/2023(b)(c)		71		67,670
Series 2019-3R, Class A 5.813% (LIBOR 1 Month + 2.70%), 10/27/2022(b)(c)		23		22,325
Radnor Re Ltd.
Series 2019-1, Class M1B 5.034% (LIBOR 1 Month + 1.95%), 02/25/2029(b)(c)		192		189,256
Series 2019-2, Class M1B 4.834% (LIBOR 1 Month + 1.75%), 06/25/2029(b)(c)		47		47,195
Series 2020-1, Class M1A 4.034% (LIBOR 1 Month + 0.95%), 01/25/2030(b)(c)		93		92,744
Traingle Re Ltd. Series 2021-3, Class M1A 4.181% (SOFR + 1.90%), 02/25/2034(b)(c)		284		281,884

				12,877,433

Agency Floating Rate–0.3%
Federal Home Loan Mortgage Corp. REMICs
Series 4248, Class QF 3.318% (LIBOR 1 Month + 0.50%), 06/15/2039(c)		270		267,714



	Principal Amount (000)		U.S. $ Value
Series 4286, Class VF 3.268% (LIBOR 1 Month + 0.45%), 12/15/2043(c)	U.S.$	229	$	226,148
Federal National Mortgage Association REMICs
Series 2013-57, Class FN 3.434% (LIBOR 1 Month + 0.35%), 06/25/2043(c)		170		167,911
Series 2014-49, Class AF 2.693% (LIBOR 1 Month + 0.32%), 08/25/2044(c)		309		304,288

				966,061

Agency Fixed Rate–0.1%
Federal Home Loan Mortgage Corp. REMICs Series 4029, Class NE 2.50%, 03/15/2041		246		233,446

Non-Agency Floating Rate–0.0%
JPMorgan Chase Bank, NA Series 2019-CL1, Class M3 5.184% (LIBOR 1 Month + 2.10%), 04/25/2047(b)(c)		54		52,944

Total Collateralized Mortgage Obligations (cost $14,350,797)				14,129,884



COMMERCIAL MORTGAGE-BACKED SECURITIES–2.2%
Non-Agency Floating Rate CMBS–1.2%
AREIT Trust Series 2022-CRE6, Class A 3.534% (SOFR + 1.25%), 01/16/2037(b)(c)		784		754,028
Ashford Hospitality Trust Series 2018-KEYS, Class A 3.818% (LIBOR 1 Month + 1.00%), 06/15/2035(b)(c)		113		109,740
BBCMS Mortgage Trust Series 2020-BID, Class A 4.958% (LIBOR 1 Month + 2.14%), 10/15/2037(b)(c)		546		537,768
BFLD Trust Series 2021-FPM, Class A 4.418% (LIBOR 1 Month + 1.60%), 06/15/2038(b)(c)		795		766,672
CLNY Trust Series 2019-IKPR, Class D 4.843% (LIBOR 1 Month + 2.02%), 11/15/2038(b)(c)		180		167,823
GCT Commercial Mortgage Trust Series 2021-GCT, Class B 4.068% (LIBOR 1 Month + 1.25%), 02/15/2038(b)(c)		469		450,435
Morgan Stanley Capital I Trust Series 2019-BPR, Class C 6.118% (LIBOR 1 Month + 3.30%), 05/15/2036(b)(c)		365		346,068


Schedule of Investments—Short Duration Plus Portfolio		23



	Principal Amount (000)		U.S. $ Value
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 4.318% (LIBOR 1 Month + 1.50%), 07/15/2036(b)(c)	U.S.$	166	$	162,935
VASA Trust Series 2021-VASA, Class A 3.718% (LIBOR 1 Month + 0.90%), 07/15/2039(b)(c)		830		790,108

				4,085,577

Non-Agency Fixed Rate CMBS–1.0%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.652%, 03/10/2037(b)		185		157,003
Citigroup Commercial Mortgage Trust
Series 2013-GC11, Class B
3.732%, 04/10/2046		350		344,633
Series 2013-GC15, Class C
5.335%, 09/10/2046		516		505,003
GS Mortgage Securities Trust Series 2011-GC5, Class AS 5.209%, 08/10/2044(b)		495		492,335
GSF
Series 2021-1, Class A1
1.433%, 08/15/2026(d)(e)		381		353,118
Series 2021-1, Class A2
2.435%, 08/15/2026(d)(e)		538		507,116
Series 2021-1, Class AS
2.638%, 08/15/2026(d)(e)		18		16,603
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035(e)		470		431,489
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(b)		171		169,867
Morgan Stanley Capital I Trust Series 2011-C3, Class C 5.253%, 07/15/2049(b)		45		43,936
UBS-Barclays Commercial Mortgage Trust Series 2013-C5, Class C 4.20%, 03/10/2046(b)		505		459,389
Wells Fargo Commercial Mortgage Trust Series 2015-NXS1, Class A2 2.632%, 05/15/2048		6		5,994

				3,486,486



	Principal Amount (000)		U.S. $ Value
Agency CMBS–0.0%
Government National Mortgage Association Series 2006-51, Class IO 0.938%, 08/16/2046(f)	U.S.$	259	$	503

Total Commercial Mortgage-Backed Securities (cost $8,043,218)				7,572,566



COLLATERALIZED LOAN OBLIGATIONS–1.4%
CLO–Floating Rate–1.4%
AGL CLO 12 Ltd. Series 2021-12A, Class A1 3.87% (LIBOR 3 Month + 1.16%), 07/20/2034(b)(c)		686		655,664
Dryden 78 CLO Ltd. Series 2020-78A, Class C 4.69% (LIBOR 3 Month + 1.95%), 04/17/2033(b)(c)		320		292,847
Elevation CLO Ltd. Series 2020-11A, Class C 4.712% (LIBOR 3 Month + 2.20%), 04/15/2033(b)(c)		250		222,140
Goldentree Loan Management US CLO 7 Ltd. Series 2020-7A, Class AR 3.78% (LIBOR 3 Month + 1.07%), 04/20/2034(b)(c)		453		429,751
Magnetite XXVI Ltd. Series 2020-26A, Class A1R 3.903% (LIBOR 3 Month + 1.12%), 07/25/2034(b)(c)		739		708,850
Neuberger Berman Loan Advisers CLO Ltd. Series 2021-42A, Class A 3.84% (LIBOR 3 Month + 1.10%), 07/16/2035(b)(c)		799		764,520
OCP CLO Ltd. Series 2020-18A, Class AR 3.80% (LIBOR 3 Month + 1.09%), 07/20/2032(b)(c)		590		570,168
Rad CLO 2 Ltd. Series 2018-2A, Class AR 3.592% (LIBOR 3 Month + 1.08%), 10/15/2031(b)(c)		614		596,019
Rad CLO 7 Ltd. Series 2020-7A, Class A1 3.94% (LIBOR 3 Month + 1.20%), 04/17/2033(b)(c)		444		429,080
Voya CLO Ltd. Series 2019-1A, Class DR 5.362% (LIBOR 3 Month + 2.85%), 04/15/2031(b)(c)		130		111,127

Total Collateralized Loan Obligations (cost $5,015,715)				4,780,166


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



	Principal Amount (000)		U.S. $ Value

AGENCIES–1.1%
Agency Debentures–1.1%
Federal Home Loan Banks
1.375%, 02/17/2023	U.S.$	750	$	743,370
2.50%, 02/13/2024		445		434,164
Federal Home Loan Mortgage Corp. 0.25%, 08/24/2023		2,000		1,930,614
Federal National Mortgage Association 2.50%, 02/05/2024		810		790,343

Total Agencies (cost $4,002,915)				3,898,491



MORTGAGE PASS-THROUGHS–0.5%
Agency Fixed Rate 30-Year–0.5%
Federal Home Loan Mortgage Corp.
Series 2019
3.50%, 10/01/2049		138		125,843
3.50%, 11/01/2049		633		576,413
Federal National Mortgage Association Series 2010 5.00%, 02/01/2040		599		601,322
Government National Mortgage Association
Series 2002
7.50%, 03/15/2032		30		31,714
Series 2009
5.00%, 10/15/2039		233		233,427

				1,568,719

Agency Fixed Rate 15-Year–0.0%
Federal Home Loan Mortgage Corp. Gold
Series 2011
5.00%, 07/01/2025		13		12,572
6.50%, 03/01/2026		24		24,557

				37,129

Agency ARMs–0.0%
Federal National Mortgage Association Series 2007 3.177% (LIBOR 6 Month + 1.31%), 01/01/2037(c)		1		523

Total Mortgage Pass-Throughs (cost $1,773,048)				1,606,371

Principal Amount (000)

U.S. $
Value

LOCAL GOVERNMENTS–US MUNICIPAL BONDS–0.2%

United States–0.2%

City of New York NY

Series 2021

0.982%, 08/01/2025

U.S.$

265

239,523

New Jersey Turnpike Authority

Series 2021-B

1.047%, 01/01/2026

125

110,708

Port Authority of New York & New Jersey

Series 2020-A

1.086%, 07/01/2023

280

272,955

Tobacco Settlement Finance Authority/WV

Series 2020

3.00%, 06/01/2035

253

240,095

Total Local Governments–US Municipal Bonds
(cost $923,007)

863,281

SHORT-TERM INVESTMENTS–7.1%

U.S. Treasury Bills–5.1%

U.S. Treasury Bill

Zero Coupon, 12/01/2022

10,345

10,295,110

Zero Coupon, 03/09/2023

6,984

6,870,490

Total U.S. Treasury Bills
(cost $17,171,983)

17,165,600

Governments–Treasuries–2.0%

Japan–2.0%

Japan Treasury Discount Bill
Series 1105
Zero Coupon, 12/05/2022
(cost $6,811,861)

JPY

980,900

6,779,481

Total Short-Term Investments
(cost $23,983,844)

23,945,081

Total Investments—98.6%
(cost $345,415,554)

334,736,180

Other assets less liabilities—1.4%

4,675,435

Net Assets—100.0%

339,411,615

FUTURES (see Note 3)


Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		6	December 2022	$	710,906	$	601
U.S. T-Note 2 Yr (CBT) Futures		360	December 2022		73,940,626		(1,196,317	)


Schedule of Investments—Short Duration Plus Portfolio		25


Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Sold Contracts
10 Yr Japan Bond (OSE) Futures		11	December 2022	$	11,271,333	$	30,490
Long Gilt Futures		89	December 2022		9,579,552		(118,396	)
U.S. T-Note 5 Yr (CBT) Futures		16	December 2022		1,720,125		62,628

						$	(1,220,994	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		JPY	981,175		USD	6,861		12/02/2022	$	41,164
State Street Bank & Trust Co.		JPY	2,834		USD	20		12/02/2022		320

									$	41,484

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)


			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund			Payments received by the Fund		Payment Frequency Paid/Received		Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
USD	2,830	05/21/2031		1.617	%		3 Month LIBOR		Semi-Annual/Quarterly	$	449,586	$	—	$	449,586

CREDIT DEFAULT SWAPS (see Note 3)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	2	$	(483	)	$	(325	)	$	(158	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	2		(483	)		(260	)		(223	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	9		(2,093	)		(1,108	)		(985	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	11		(2,415	)		(1,321	)		(1,094	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	10		(2,253	)		(1,134	)		(1,119	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	11		(2,415	)		(1,279	)		(1,136	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	15		(3,380	)		(1,790	)		(1,590	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	14		(3,059	)		(1,462	)		(1,597	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	27		(6,118	)		(2,859	)		(3,259	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	95		(21,249	)		(7,192	)		(14,057	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	121		(27,046	)		(9,349	)		(17,697	)


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


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive		Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50	%		USD	150	$	(33,645	)	$	(8,363	)	$	(25,282	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	618		(138,446	)		(39,952	)		(98,494	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	42		(9,337	)		(4,998	)		(4,339	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	95		(21,411	)		(14,606	)		(6,805	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	134		(29,943	)		(20,721	)		(9,222	)
Deutsche Bank AG London
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	320		(71,638	)		(21,451	)		(50,187	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	29		(6,440	)		(3,430	)		(3,010	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	100		(22,377	)		(11,555	)		(10,822	)

											$	(404,231	)	$	(153,155	)	$	(251,076	)

* Termination date

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

(b)

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

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

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


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
GSF Series 2021-1, Class A1 1.433%, 08/15/2026		02/25/2021	$	371,455	$	353,118		0.10	%
GSF Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021		551,788		507,116		0.15	%
GSF Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021		18,390		16,603		0.00	%
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035		11/19/2022		500,661		431,489		0.13	%

(f)	IO—Interest Only.

Currency Abbreviations:

JPY—Japanese Yen

USD—United States Dollar

Glossary:

ABS—Asset-Backed Securities

ARMs—Adjustable Rate Mortgages

CBT—Chicago Board of Trade

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

CLO—Collateralized Loan Obligations

CMBS—Commercial Mortgage-Backed Securities

LIBOR—London Interbank Offered Rate

OSE—Osaka Securities Exchange

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

SOFR—Secured Overnight Financing Rate

See notes to financial statements.


Schedule of Investments—Short Duration Plus Portfolio		27

SCB–TAX–1944–0922

Sanford C. Bernstein Fund, Inc.

September 30, 2022

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

Short Duration Diversified Municipal

California Municipal

Diversified Municipal

New York Municipal

Sanford C. Bernstein Fund, Inc.

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

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

Basis for Opinions

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

/s/ PricewaterhouseCoopers LLP

New York, New York

November 23, 2022

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Short Duration Diversified Municipal Portfolio

September 30, 2022



Principal Amount (000)			U.S. $ Value

MUNICIPAL OBLIGATIONS–102.1%

Long-Term Municipal Bonds–98.0%
Alabama–2.2%
Lower Alabama Gas District (The) (Goldman Sachs Group, Inc. (The)) Series 2020 4.00%, 12/01/2050	$	5,000	$	4,933,219

Alaska–0.1%
Northern Tobacco Securitization Corp. Series 2021-B 0.50%, 06/01/2031		120		117,959

Arizona–2.8%
Arizona Industrial Development Authority (Phoenix Children’s Hospital Obligated Group) Series 2021 5.00%, 02/01/2023		1,950		1,960,114
5.00%, 02/01/2024		1,300		1,325,067
5.00%, 02/01/2025		1,100		1,134,946
City of Glendale AZ (City of Glendale AZ COP) Series 2021 0.897%, 07/01/2024		2,000		1,871,029

				6,291,156

Arkansas–0.2%
City of Fayetteville AR Sales & Use Tax Revenue Series 2019-A 1.75%, 11/01/2032		395		391,203

California–6.7%
California State University Series 2021-B 0.55%, 11/01/2049		2,000		1,682,027
Golden State Tobacco Securitization Corp. Series 2021 1.85%, 06/01/2031		240		235,037
Los Angeles Unified School District/CA Series 2020-R 5.00%, 07/01/2023		1,915		1,942,815
Orange County Transportation Authority Series 2021 5.00%, 10/15/2024		2,000		2,075,938
San Francisco Intl Airport Series 2019-H 5.00%, 05/01/2024 (Pre-refunded/ETM)		1,890		1,931,788
Principal Amount (000)			U.S. $ Value
State of California Series 2019 5.00%, 10/01/2022		1,120		1,120,000
Series 2021 4.00%, 10/01/2024		4,520		4,589,876
University of California Series 2022-S 5.00%, 05/15/2024		1,500		1,544,627

				15,122,108

Colorado–3.5%
City & County of Denver Co. Airport System Revenue Series 2022-A 5.00%, 11/15/2030		4,000		4,216,091
Colorado Health Facilities Authority (Sanford Obligated Group) Series 2019-A 5.00%, 11/01/2026		1,885		1,965,822
E-470 Public Highway Authority Series 2021-B 2.347% (SOFR + 0.35%), 09/01/2039(a)		1,500		1,484,765
Vauxmont Metropolitan District AGM Series 2019 5.00%, 12/15/2022		210		210,640

				7,877,318

Connecticut–0.4%
State of Connecticut Series 2019-A 5.00%, 04/15/2024		1,000		1,026,953

Delaware–0.4%
Delaware River & Bay Authority Series 2022 5.00%, 01/01/2024(b)		820		836,829

District of Columbia–5.3%
District of Columbia (District of Columbia Fed Hwy Grant) Series 2020 5.00%, 12/01/2023		2,200		2,244,867
5.00%, 12/01/2024		855		885,747
District of Columbia (District of Columbia Income Tax Revenue) Series 2020-B 5.00%, 10/01/2022		1,390		1,390,000
Metropolitan Washington Airports Authority Aviation Revenue Series 2020-A 5.00%, 10/01/2024		7,230		7,409,413

				11,930,027


Schedule of Investments—Short Duration Diversified Municipal Portfolio		1



Principal Amount (000)			U.S. $ Value
Florida–5.3%
Brevard County Health Facilities Authority (Health First, Inc. Obligated Group) Series 2023 5.00%, 04/01/2025(b)	$	2,110	$	2,147,468
Capital Projects Finance Authority/FL (CAPFA Capital Corp. 2000F) Series 2020-A 5.00%, 10/01/2025		1,000		1,013,008
Capital Trust Agency, Inc. (Franklin Academy Series 2020 Obligated Group) Series 2020 4.00%, 12/15/2023(c)		365		363,002
County of Broward FL Airport System Revenue Series 2019-C 2.384%, 10/01/2026		1,000		914,908
County of Osceola FL Transportation Revenue Series 2020-A 5.00%, 10/01/2022		260		260,000
Florida Development Finance Corp. Series 2022 2.90%, 12/01/2056 (Pre-refunded/ETM)		3,000		2,975,801
Florida Development Finance Corp. (Mayflower Retirement Center, Inc. Obligated Group) Series 2021 1.75%, 06/01/2026(c)		1,025		911,373
Florida Municipal Power Agency (Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) Series 2021 1.425%, 10/01/2026		1,000		881,078
Florida State Board of Education (State of Florida) Series 2019-D 5.00%, 06/01/2024		1,165		1,200,365
State of Florida Department of Transportation Turnpike System Revenue Series 2017-A 5.00%, 07/01/2024		1,070		1,102,913
Village Community Development District No. 13 Series 2019 2.625%, 05/01/2024		250		242,253

				12,012,169

Principal Amount (000)			U.S. $ Value
Georgia–4.0%
Augusta Development Authority (AU Health System Obligated Group) Series 2018 5.00%, 07/01/2027	$	1,000	$	950,443
City of Atlanta GA Department of Aviation Series 2021-C 5.00%, 07/01/2024		1,000		1,023,582
Cobb County Kennestone Hospital Authority (WellStar Health System Obligated Group) Series 2021 5.00%, 04/01/2023		1,200		1,208,704
Development Authority of Monroe County (The) (Oglethorpe Power Corp.) Series 2013-A 1.50%, 01/01/2039		2,150		1,984,021
Main Street Natural Gas, Inc. (Royal Bank of Canada) Series 2021-A 4.00%, 07/01/2052		4,000		3,951,849

				9,118,599

Guam–1.2%
Antonio B Won Pat International Airport Authority Series 2019-A 5.00%, 10/01/2022 (Pre-refunded/ETM)		875		875,000
Series 2021-A 2.699%, 10/01/2026		610		546,886
Guam Department of Education (Guam Department of Education COP) Series 2020 3.625%, 02/01/2025		1,365		1,272,188

				2,694,074

Hawaii–2.3%
City & County of Honolulu HI Series 2022-A 5.00%, 11/01/2023		2,360		2,407,341
5.00%, 11/01/2024		2,660		2,755,461

				5,162,802

Illinois–7.9%
Chicago O’Hare International Airport Series 2022 5.00%, 01/01/2023(b)		300		301,123
5.00%, 01/01/2024(b)		2,000		2,035,020
5.00%, 01/01/2025(b)		2,000		2,047,083
City of Chicago IL Series 2020-A 5.00%, 01/01/2025		1,000		1,017,537


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



Principal Amount (000)			U.S. $ Value
County of Cook IL Series 2012-C 5.00%, 11/15/2024	$	5,000	$	5,010,694
Illinois Finance Authority (OSF Healthcare System Obligated Group) Series 2020 5.00%, 05/15/2050		2,025		2,103,169
Metropolitan Pier & Exposition Authority Series 2022 3.00%, 06/15/2024		1,000		978,372
Sales Tax Securitization Corp. Series 2020-A 5.00%, 01/01/2026		2,740		2,836,030
State of Illinois Series 2022-B 5.00%, 03/01/2024		1,500		1,521,152

				17,850,180

Indiana–1.2%
Indiana Finance Authority (Fulcrum Centerpoint LLC) Series 2021 0.28%, 12/15/2045		2,000		1,990,897
Indiana Finance Authority (Good Samaritan Hospital Obligated Group) Series 2022 5.00%, 04/01/2023		650		653,767

				2,644,664

Kansas–0.6%
Kansas Development Finance Authority (State of Kansas Department of Administration Lease) Series 2021-K 0.662%, 05/01/2024		1,500		1,408,605

Kentucky–3.1%
Kentucky Asset Liability Commission (Commonwealth of Kentucky Fed Hwy Grant) Series 2015-A 5.00%, 09/01/2023		1,000		1,014,833
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group) Series 2017-A 5.00%, 06/01/2024		1,000		1,018,976
Kentucky Public Energy Authority (Morgan Stanley) Series 2018-A 4.00%, 04/01/2048		5,000		4,989,277

				7,023,086

Principal Amount (000)			U.S. $ Value
Louisiana–1.4%
Louisiana Stadium & Exposition District Series 2021 4.00%, 07/03/2023	$	2,000	$	1,999,895
Parish of St. James LA (NuStar Logistics LP) Series 2020 5.85%, 08/01/2041(c)		100		102,584
6.10%, 06/01/2038(c)		105		111,716
6.10%, 12/01/2040(c)		100		106,397
State of Louisiana Gasoline & Fuels Tax Revenue Series 2022-A 2.586% (SOFR + 0.50%), 05/01/2043(a)		995		957,251

				3,277,843

Maryland–2.2%
County of Montgomery MD Series 2017-C 5.00%, 10/01/2022		2,000		2,000,000
State of Maryland Series 2017-B 5.00%, 08/01/2024		2,930		3,027,355

				5,027,355

Massachusetts–2.0%
Commonwealth of Massachusetts Series 2017C 5.00%, 10/01/2022		2,000		2,000,000
Commonwealth of Massachusetts (Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue) Series 2022-B 4.11%, 07/15/2031		1,000		959,345
Massachusetts Development Finance Agency (Lasell University) Series 2021 4.00%, 07/01/2023		220		218,862
4.00%, 07/01/2026		240		231,966
Massachusetts Development Finance Agency (Springfield College) Series 2021 5.00%, 06/01/2023		365		367,724
Massachusetts Development Finance Agency (Wellforce Obligated Group) AGM Series 2020-C 5.00%, 10/01/2022		300		300,000
5.00%, 10/01/2023		300		304,103
5.00%, 10/01/2025		195		201,873

				4,583,873


Schedule of Investments—Short Duration Diversified Municipal Portfolio		3



Principal Amount (000)			U.S. $ Value
Michigan–2.4%
Bloomfield Hills School District Series 2023 5.00%, 05/01/2024(b)	$	705	$	717,765
5.00%, 05/01/2025(b)		775		798,779
5.00%, 05/01/2026(b)		600		624,883
City of Detroit MI Series 2018 5.00%, 04/01/2023		770		773,715
City of Detroit MI Sewage Disposal System Revenue (Great Lakes Water Authority Sewage Disposal System Revenue) AGM Series 2006-D 2.094% (LIBOR 3 Month + 0.60%), 07/01/2032(a)		2,530		2,464,630

				5,379,772

Minnesota–0.9%
State of Minnesota Series 2013-F 5.00%, 10/01/2022		2,000		2,000,000

Missouri–0.4%
Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group) Series 2014 5.00%, 02/01/2026		940		946,282

Nebraska–1.3%
Central Plains Energy Project (Goldman Sachs Group Inc/The) Series 2022-1 5.00%, 05/01/2053		2,095		2,096,978
Central Plains Energy Project (Royal Bank of Canada) Series 2019 4.00%, 12/01/2049		810		806,153

				2,903,131

Nevada–1.0%
City of Sparks NV (City of Sparks NV Sales Tax) Series 2019-A 2.50%, 06/15/2024(c)		100		96,182
Clark County School District Series 2021-A 5.00%, 06/15/2027		2,150		2,292,227

				2,388,409

New Jersey–3.6%
New Jersey Economic Development Authority (New Jersey-American Water Co., Inc.) Series 2020 1.20%, 11/01/2034		4,000		3,932,875
Principal Amount (000)			U.S. $ Value
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2019 5.00%, 12/15/2024	$	490	$	501,533
New Jersey Turnpike Authority Series 2021-B 0.638%, 01/01/2024		1,125		1,073,189
State of New Jersey Series 2020 5.00%, 06/01/2028		2,370		2,541,917

				8,049,514

New York–10.4%
Metropolitan Transportation Authority Series 2015-D 5.00%, 11/15/2028		940		959,825
Series 2020-A 5.00%, 02/01/2023		925		930,115
Series 2021-D 2.327% (SOFR + 0.33%), 11/01/2035(a)		1,900		1,840,459
New York State Dormitory Authority Series 2017-B 5.00%, 02/15/2023 (Pre-refunded/ETM)		915		920,695
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2017-B 5.00%, 02/15/2023		420		422,995
Series 2021 0.267%, 03/15/2023		4,880		4,798,124
New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2020 5.00%, 12/01/2022		280		280,439
5.00%, 12/01/2023		1,600		1,614,978
Suffolk Tobacco Asset Securitization Corp. Series 2021 5.00%, 06/01/2025		2,250		2,312,106
5.00%, 06/01/2026		2,200		2,270,423
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2022-A 5.00%, 08/15/2024		6,925		7,157,193

				23,507,352

North Carolina–1.7%
City of Charlotte NC Airport Revenue Series 2021-B 5.00%, 07/01/2024		875		894,593
5.00%, 07/01/2025		1,005		1,036,878


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



Principal Amount (000)			U.S. $ Value
County of Mecklenburg NC Series 2022 5.00%, 09/01/2024	$	1,805	$	1,867,572

				3,799,043

Ohio–2.1%
County of Allen OH Hospital Facilities Revenue (Bon Secours Mercy Health, Inc.) Series 2020 5.00%, 12/01/2022		110		110,280
County of Franklin OH (OhioHealth Obligated Group) Series 2018-B 5.00%, 11/15/2033		2,000		2,018,678
County of Washington OH (Marietta Area Health Care, Inc. Obligated Group) Series 2022 5.50%, 12/01/2027		200		189,713
Ohio Air Quality Development Authority (Ohio Valley Electric Corp.) Series 2021 1.50%, 02/01/2026		2,000		1,810,478
State of Ohio (State of Ohio Department of Transportation) Series 2019-2 5.00%, 12/15/2022		680		682,551

				4,811,700

Oklahoma–0.0%
Oklahoma Development Finance Authority (Gilcrease Expressway West) Series 2020 1.625%, 07/06/2023		100		97,373

Pennsylvania–2.5%
Allentown Neighborhood Improvement Zone Development Authority Series 2018 5.00%, 05/01/2023(c)		175		175,709
Monroe County Hospital Authority/PA (Lehigh Valley Health Network Obligated Group) Series 2016 5.00%, 07/01/2023		1,025		1,036,491
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) Series 2022-C 3.16% (MUNIPSA + 0.70%), 11/15/2047(a)		1,000		968,141
Philadelphia Authority for Industrial Development (City of Philadelphia PA) Series 2018 5.00%, 05/01/2023		800		807,143
Principal Amount (000)			U.S. $ Value
Philadelphia Authority for Industrial Development (St. Joseph’s University) Series 2020 4.00%, 11/01/2022	$	250	$	250,163
4.00%, 11/01/2024		500		502,288
5.00%, 11/01/2025		1,000		1,032,288
5.00%, 11/01/2026		850		881,898

				5,654,121

Puerto Rico–0.3%
Commonwealth of Puerto Rico Series 2021-A 5.25%, 07/01/2023		62		62,778
5.375%, 07/01/2025		125		126,209
5.625%, 07/01/2027		400		408,306

				597,293

South Carolina–1.2%
Piedmont Municipal Power Agency (Piedmont Municipal Power Agency Catawba Project Power Sales Revenue) Series 2021-A 4.00%, 01/01/2024		1,525		1,530,588
4.00%, 01/01/2025		1,240		1,248,663

				2,779,251

Tennessee–0.2%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-B Zero Coupon, 12/01/2024(c)		500		448,125

Texas–9.2%
Arlington Higher Education Finance Corp. (BASIS Texas Charter Schools, Inc.) Series 2021 4.50%, 06/15/2056(c)		500		474,625
Board of Regents of the University of Texas System Series 2016-E 5.00%, 08/15/2024		1,565		1,618,337
City of Dallas TX Hotel Occupancy Tax Revenue Series 2021 4.00%, 08/15/2027		1,940		1,959,368
4.00%, 08/15/2028		1,025		1,034,329
Dallas Fort Worth International Airport Series 2021-A 5.00%, 11/01/2027		1,295		1,387,330
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group) Series 2020 5.00%, 06/01/2024		1,000		1,025,947
5.00%, 06/01/2032		4,355		4,514,162


Schedule of Investments—Short Duration Diversified Municipal Portfolio		5



Principal Amount (000)			U.S. $ Value
Houston Independent School District Series 2020 4.00%, 06/01/2029	$	2,030	$	2,035,114
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue Series 2017-B 5.00%, 11/01/2023		1,080		1,101,550
North Texas Tollway Authority Series 2022-B 5.00%, 01/01/2024(b)		2,260		2,305,225
State of Texas Series 2016 5.50%, 08/01/2026		1,000		1,066,975
Texas Transportation Commission State Highway Fund Series 2015 5.00%, 10/01/2023		2,150		2,189,724

				20,712,686

Virginia–1.4%
Virginia College Building Authority (Virginia College Building Authority State Lease) Series 2021 5.00%, 02/01/2023		1,695		1,706,005
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group) Series 2020 5.00%, 01/01/2023		900		901,966
5.00%, 01/01/2025		505		515,582

				3,123,553

Washington–3.5%
King County School District No. 414 Lake Washington Series 2016 5.00%, 12/01/2022		1,040		1,043,284
State of Washington Series 2021 5.00%, 06/01/2024		2,000		2,059,404
5.00%, 06/01/2025		2,500		2,615,153
Tobacco Settlement Authority/WA Series 2013 5.00%, 06/01/2023		855		866,087
Washington Health Care Facilities Authority (Fred Hutchinson Cancer Center Obligated Group) Series 2021 5.00%, 12/01/2022(c)		230		230,545
5.00%, 12/01/2023(c)		250		253,956
5.00%, 12/01/2024(c)		195		200,044
5.00%, 12/01/2025(c)		275		285,082
5.00%, 12/01/2026(c)		285		297,209

				7,850,764

Principal Amount (000)			U.S. $ Value
West Virginia–0.1%
Tobacco Settlement Finance Authority/WV Series 2020 3.00%, 06/01/2035	$	237	$	224,740
West Virginia Economic Development Authority (Arch Resources, Inc.) Series 2021 4.125%, 07/01/2045		100		96,833

				321,573

Wisconsin–3.0%
State of Wisconsin Series 2021-2 5.00%, 05/01/2023		3,275		3,311,352
Series 2023-1 5.00%, 05/01/2024(b)		1,000		1,020,615
UMA Education, Inc. Series 2019 5.00%, 10/01/2022(c)		350		350,000
5.00%, 10/01/2023(c)		360		360,239
Wisconsin Center District (Wisconsin Center District Ded Tax) Series 2022 5.00%, 12/15/2022(c)		500		501,208
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group) Series 2022 2.64% (MUNIPSA + 0.18%), 08/15/2054(a)		1,000		973,600
Wisconsin Health & Educational Facilities Authority (St. Camillus Health System Obligated Group) Series 2019 2.25%, 11/01/2026		10		9,507
Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group) Series 2021-B 2.25%, 06/01/2027(c)		200		176,775

				6,703,296

Total Long-Term Municipal Bonds (cost $231,244,287)				221,403,260



Short-Term Municipal Notes–4.1%
Florida–1.7%
County of Palm Beach FL (Raymond F Kravis Center for the Performing Arts, Inc. (The)) Series 2002 2.48%, 07/01/2032(d)		2,000		2,000,000


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



Principal Amount (000)			U.S. $ Value
Florida Keys Aqueduct Authority Series 2013 2.52%, 09/01/2035(d)	$	1,905	$	1,905,000

				3,905,000

Indiana–0.4%
City of Indianapolis IN (Foundation for Affordable Rental Housing, Inc.) Series 2008 2.45%, 05/15/2038(d)		1,000		1,000,000

Kentucky–0.8%
Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group) Series 2016-A 2.54%, 10/01/2039(d)		1,855		1,855,000

Minnesota–0.8%
City of Minneapolis MN/St. Paul Housing & Redevelopment Authority (Allina Health Obligated Group) Series 2008 2.45%, 11/15/2034(d)		1,785		1,785,000

Mississippi–0.4%
Mississippi Development Bank (Magnolia Regional Health Center) Series 2021 5.00%, 10/01/2022(c)		800		800,000

Total Short-Term Municipal Notes (cost $9,345,000)				9,345,000

Total Municipal Obligations (cost $240,589,287)				230,748,260


Principal Amount (000)			U.S. $ Value

CORPORATES–INVESTMENT GRADE–1.7%

Industrial–1.7%
Capital Goods–0.9%
Caterpillar Financial Services Corp. 2.794% (SOFR + 0.27%), 09/13/2024(a)	$	1,000	$	991,060
John Deere Capital Corp. 2.205% (SOFR + 0.12%), 07/10/2023(a)		1,000		996,170

				1,987,230

Consumer Cyclical–Automotive–0.4%
General Motors Financial Co., Inc. 3.443%, 04/07/2025(a)		1,000		978,770

Consumer Cyclical–Entertainment–0.4%
YMCA of Greater New York 2.303%, 08/01/2026		1,000		874,540

Total Corporates–Investment Grade (cost $4,000,000)				3,840,540



CORPORATES–NON-INVESTMENT GRADE–0.1%

Industrial–0.1%
Transportation–Airlines–0.1%
United Airlines, Inc. 4.375%, 04/15/2026(c) (cost $300,000)		300		267,669

Total Investments—103.9% (cost $244,889,287)				234,856,469

Other assets less liabilities—(3.9)%				(8,809,255	)

Net Assets—100.0%			$	226,047,214

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)


			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)

USD	700	01/15/2025	4.028%	CPI#	Maturity	$	19,227		$	—		$	19,227
USD	450	01/15/2025	2.565%	CPI#	Maturity		38,792			—			38,792
USD	225	01/15/2025	2.585%	CPI#	Maturity		19,219			—			19,219
USD	225	01/15/2025	2.613%	CPI#	Maturity		18,976			—			18,976
USD	850	01/15/2027	CPI#	3.466%	Maturity		(24,516	)		(993	)		(23,523	)
USD	800	01/15/2027	CPI#	3.320%	Maturity		(30,115	)		—			(30,115	)
USD	670	01/15/2027	CPI#	3.323%	Maturity		(25,101	)		—			(25,101	)
USD	1,310	01/15/2029	CPI#	3.290%	Maturity		(26,242	)		—			(26,242	)
USD	560	01/15/2029	CPI#	3.735%	Maturity		8,995			—			8,995
USD	875	01/15/2030	1.714%	CPI#	Maturity		122,903			—			122,903
USD	875	01/15/2030	1.731%	CPI#	Maturity		121,565			—			121,565
USD	425	01/15/2030	1.572%	CPI#	Maturity		65,083			—			65,083
USD	425	01/15/2030	1.587%	CPI#	Maturity		64,517			—			64,517


Schedule of Investments—Short Duration Diversified Municipal Portfolio		7


			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
USD	500	01/15/2031	2.782%	CPI#	Maturity	$	25,239		$	—		$	25,239
USD	430	01/15/2031	2.989%	CPI#	Maturity		13,141			—			13,141
USD	320	01/15/2031	2.680%	CPI#	Maturity		19,259			—			19,259
USD	560	01/15/2032	CPI#	3.064%	Maturity		(8,921	)		—			(8,921	)
USD	380	04/15/2032	CPI#	2.909%	Maturity		(10,755	)		—			(10,755	)
USD	300	04/15/2032	CPI#	2.748%	Maturity		(13,529	)		—			(13,529	)

						$	397,737		$	(993	)	$	398,730

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

INTEREST RATE SWAPS (see Note 3)

Rate Type

Swap
Counterparty

Notional
Amount
(000)

Termination
Date

Payments
made by
the Fund

Payments
received by
the Fund

Payment Frequency
Paid/ Received

Market
Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation/
(Depreciation)

Citibank, NA

USD

580

10/09/2029

1.125%

SIFMA*

Quarterly

66,649

—

66,649

* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

(a)

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

(b)

When-Issued or delayed delivery security.

(c)

(d)

Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

As of September 30, 2022, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 1.5% and 0.0%, respectively.

Glossary:

AGM—Assured Guaranty Municipal

COP—Certificate of Participation

CPI—Consumer Price Index

ETM—Escrowed to Maturity

LIBOR—London Interbank Offered Rate

MUNIPSA—SIFMA Municipal Swap Index.

OSF—Order of St. Francis

SOFR—Secured Overnight Financing Rate

UPMC—University of Pittsburgh Medical Center

See notes to financial statements.


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

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

California Municipal Portfolio

September 30, 2022



Principal Amount (000)			U.S. $ Value

MUNICIPAL OBLIGATIONS–92.9%

Long-Term Municipal Bonds–89.5%
California–75.4%
Anaheim Housing & Public Improvements Authority (City of Anaheim CA Electric System Revenue) Series 2020 2.792%, 10/01/2032	$	3,850	$	3,149,739
Bay Area Toll Authority Series 2021 2.74% (MUNIPSA + 0.28%), 04/01/2056(a)		5,000		4,975,538
2.76% (MUNIPSA + 0.30%), 04/01/2056(a)		5,000		4,849,187
2.87% (MUNIPSA + 0.41%), 04/01/2056(a)		9,215		8,925,199
Bay Area Water Supply & Conservation Agency Series 2013-A 5.00%, 10/01/2025		4,710		4,752,209
Series 2023 5.00%, 10/01/2029(b)		1,750		1,913,303
5.00%, 10/01/2030(b)		1,800		1,983,147
5.00%, 10/01/2031(b)		2,500		2,758,599
5.00%, 10/01/2032(b)		2,500		2,771,220
5.00%, 10/01/2033(b)		2,500		2,768,020
5.00%, 10/01/2034(b)		2,000		2,204,378
California Community Housing Agency (California Community Housing Agency Aster Apartments) Series 2021-A 4.00%, 02/01/2043(c)		950		724,347
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021-A 4.00%, 08/01/2047(c)		5,000		3,487,593
California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) Series 2021 4.00%, 08/01/2046(c)		2,500		1,792,920
Principal Amount (000)			U.S. $ Value
California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) Series 2021 4.00%, 02/01/2050(c)	$	4,000	$	2,775,790
California County Tobacco Securitization Agency Series 2020-A 4.00%, 06/01/2037		510		460,147
4.00%, 06/01/2038		1,000		892,807
5.00%, 06/01/2027		800		830,970
5.00%, 06/01/2028		700		728,430
5.00%, 06/01/2030		500		522,546
5.00%, 06/01/2031		400		415,536
5.00%, 06/01/2032		300		310,136
California Educational Facilities Authority (University of the Pacific) Series 2015 5.00%, 11/01/2028		1,545		1,606,194
California Enterprise Development Authority (Rocketship Education Obligated Group) Series 2022 4.00%, 06/01/2027(c)		1,125		1,080,055
4.00%, 06/01/2031(c)		2,000		1,809,547
California Health Facilities Financing Authority (Cedars-Sinai Medical Center) Series 2015 5.00%, 11/15/2027		6,500		6,832,864
5.00%, 11/15/2028		6,000		6,301,715
5.00%, 11/15/2029		7,000		7,350,755
California Health Facilities Financing Authority (Children’s Hospital Los Angeles) Series 2017-A 5.00%, 08/15/2032		1,215		1,242,402
California Health Facilities Financing Authority (CommonSpirit Health) Series 2020-A 5.00%, 04/01/2032		2,900		3,005,031
5.00%, 04/01/2033		2,000		2,064,617
5.00%, 04/01/2034		750		771,313
California Health Facilities Financing Authority (Kaiser Foundation Hospitals) Series 2017-P 5.00%, 11/01/2032		9,245		9,259,695
California Health Facilities Financing Authority (Sutter Health Obligated Group) Series 2018-A 5.00%, 11/15/2023		4,250		4,324,140


Schedule of Investments—California Municipal Portfolio		9



Principal Amount (000)			U.S. $ Value
5.00%, 11/15/2025	$	2,535	$	2,645,731
5.00%, 11/15/2026		2,300		2,421,770
5.00%, 11/15/2027		1,000		1,063,087
5.00%, 11/15/2029		1,280		1,357,292
California Housing Finance Agency Series 2019-2, Class A 4.00%, 03/20/2033		11,044		10,505,281
Series 2021-1, Class A 3.50%, 11/20/2035		9,782		8,450,721
Series 2021-2 0.823%, 03/25/2035		4,000		225,091
Series 2021-3, Class A 3.25%, 08/20/2036		1,975		1,690,597
California Infrastructure & Economic Development Bank Series 2022 0.85%, 01/01/2050 (Pre-refunded/ETM)(c)		10,000		9,889,615
California Infrastructure & Economic Development Bank (California Academy of Sciences) Series 2021 2.81% (MUNIPSA + 0.35%), 08/01/2047(a)		8,700		8,606,106
California Infrastructure & Economic Development Bank (California Infrastructure & Economic Development Bank SRF) Series 2017 5.00%, 10/01/2024		5,000		5,187,408
Series 2018 5.00%, 10/01/2032		13,965		15,181,641
California Infrastructure & Economic Development Bank (Segerstrom Center for the Arts) Series 2016 5.00%, 07/01/2026		2,370		2,472,672
Series 2016-B 5.00%, 07/01/2023		12,760		12,917,114
California Municipal Finance Authority (Emerson College) Series 2017-B 5.00%, 01/01/2030		1,000		1,019,822
California Municipal Finance Authority (LAX Integrated Express Solutions LLC) Series 2018 5.00%, 12/31/2023		800		811,571
5.00%, 12/31/2024		250		254,970
5.00%, 12/31/2026		2,200		2,258,603
5.00%, 06/30/2027		2,250		2,305,930
5.00%, 12/31/2027		3,000		3,080,782
5.00%, 06/30/2029		1,050		1,076,047
5.00%, 12/31/2029		1,150		1,177,612
5.00%, 06/30/2031		3,100		3,159,999
5.00%, 12/31/2031		1,930		1,964,265
Principal Amount (000)			U.S. $ Value
California Municipal Finance Authority (United Airlines, Inc.) Series 2019 4.00%, 07/15/2029	$	8,250	$	7,578,847
California Pollution Control Financing Authority (Poseidon Resources Channelside LP) Series 2012 5.00%, 07/01/2027(c)		3,195		3,198,762
California Pollution Control Financing Authority (San Diego County Water Authority Desalination Project Pipeline) Series 2019 5.00%, 07/01/2024(c)		1,335		1,351,551
5.00%, 07/01/2029(c)		3,400		3,455,804
California Public Finance Authority (California University of Science & Medicine Obligated Group) Series 2019 6.25%, 07/01/2054(c)		1,500		1,605,107
California School Finance Authority (Kipp SoCal Public Schools Obligated Group) Series 2020-A 4.00%, 07/01/2040(c)		800		672,552
California School Finance Authority (Rocketship Education Obligated Group) Series 2015-A 4.25%, 03/01/2028(c)		1,120		1,085,734
Series 2016-A 5.00%, 06/01/2031(c)		1,000		995,768
California State Public Works Board (California State Public Works Board Lease) Series 2014-A 5.00%, 09/01/2030		11,220		11,543,773
Series 2014-B 5.00%, 10/01/2029		4,445		4,579,448
Series 2017-H 5.00%, 04/01/2030		2,000		2,144,150
5.00%, 04/01/2031		2,000		2,140,584
5.00%, 04/01/2032		1,270		1,355,800
California State University Series 2014 5.00%, 11/01/2028 (Pre-refunded/ETM)		280		290,563
Series 2017-A 5.00%, 11/01/2033		5,620		5,999,181
Series 2020-A 5.00%, 11/01/2030		600		662,938
5.00%, 11/01/2031		400		440,113
Series 2020-D 1.49%, 11/01/2028		1,500		1,235,869


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



Principal Amount (000)			U.S. $ Value
Series 2021-B 2.274%, 11/01/2034	$	7,000	$	5,163,381
California Statewide Communities Development Authority (CHF-Irvine LLC) Series 2017-A 5.00%, 05/15/2029		1,210		1,238,439
California Statewide Communities Development Authority (Emanate Health Obligated Group) Series 2020-A 5.00%, 04/01/2027		720		752,103
5.00%, 04/01/2028		535		560,604
California Statewide Communities Development Authority (Lancer Educational Housing LLC) Series 2019 5.00%, 06/01/2039(c)		675		624,557
California Statewide Communities Development Authority (Loma Linda University Medical Center) Series 2014 5.25%, 12/01/2034		4,500		4,544,355
Series 2016-A 5.00%, 12/01/2041(c)		2,000		1,857,238
Series 2018-A 5.00%, 12/01/2027(c)		250		251,376
5.00%, 12/01/2033(c)		1,000		974,954
California Statewide Communities Development Authority (NCCD-Hooper Street LLC) Series 2019 5.00%, 07/01/2024(c)		180		178,833
5.00%, 07/01/2029(c)		685		653,248
City & County of San Francisco CA Series 2018-C 5.00%, 06/15/2023		3,095		3,136,376
5.00%, 06/15/2025		4,235		4,364,967
Series 2018-E 5.00%, 06/15/2023		1,490		1,509,919
City & County of San Francisco CA (City & County of San Francisco CA COP) Series 2015-R 5.00%, 09/01/2024		3,970		4,033,241
City of Hayward CA (City of Hayward CA COP) Series 2015 5.00%, 11/01/2023		3,000		3,060,179
City of Los Angeles Department of Airports Series 2017-A 5.00%, 05/15/2028		1,440		1,495,674
5.00%, 05/15/2029		2,575		2,667,913
Series 2018 5.00%, 05/15/2031		3,000		3,131,587
Principal Amount (000)			U.S. $ Value
5.00%, 05/15/2035	$	1,190	$	1,210,098
Series 2018-C 5.00%, 05/15/2025		2,955		3,044,781
Series 2019 4.00%, 05/15/2044		4,205		3,653,238
5.00%, 05/15/2030		8,020		8,401,806
Series 2019-A 5.00%, 05/15/2038		4,315		4,371,338
Series 2020-C 5.00%, 05/15/2031		5,000		5,247,526
5.00%, 05/15/2033		4,000		4,152,239
5.00%, 05/15/2039		2,655		2,707,911
Series 2021 5.00%, 05/15/2030		2,020		2,128,567
5.00%, 05/15/2035		1,685		1,725,946
Series 2021-D 4.00%, 05/15/2040		2,165		1,935,090
Series 2022 4.00%, 05/15/2036		1,300		1,205,641
4.00%, 05/15/2041		1,100		974,457
Series 2022-A 4.00%, 05/15/2041		6,160		5,456,957
City of Riverside CA Sewer Revenue Series 2015-A 5.00%, 08/01/2027		2,000		2,096,826
5.00%, 08/01/2030		3,320		3,491,152
Series 2018-A 5.00%, 08/01/2031		2,785		3,028,247
City of Roseville CA (Fiddyment Ranch Community Facilities District No.1) Series 2017 5.00%, 09/01/2028		1,010		1,057,578
5.00%, 09/01/2030		1,295		1,345,518
City of Roseville CA (HP Campus Oaks Community Facilities District No.1) Series 2016 5.00%, 09/01/2031		995		1,025,089
City of San Jose CA Airport Revenue (Norman Y Mineta San Jose International Airport SJC) Series 2014-A 5.00%, 03/01/2025		3,600		3,654,949
CMFA Special Finance Agency VII (CMFA Special Finance Agency VII The Breakwater Apartments) Series 2021 4.00%, 08/01/2047(c)		3,990		2,712,483
CMFA Special Finance Agency VIII Elan Huntington Beach Series 2021 4.00%, 08/01/2047(c)		1,000		750,000
Contra Costa Transportation Authority Sales Tax Revenue Series 2017-A 5.00%, 03/01/2030		1,250		1,342,985


Schedule of Investments—California Municipal Portfolio		11



Principal Amount (000)			U.S. $ Value
Coronado Community Development Agency Successor Agency Series 2018-A 5.00%, 09/01/2033	$	3,625	$	3,771,501
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) Series 2021 3.35%, 04/01/2047(c)		4,000		2,977,158
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.60%, 05/01/2047(c)		1,500		1,136,615
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2046(c)		4,000		2,800,600
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 3.50%, 10/01/2046(c)		5,000		3,592,171
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) Series 2021-A1 2.875%, 08/01/2041(c)		3,805		3,028,325
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.375%, 07/01/2043(c)		1,000		737,959
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Oceanaire Apartments) Series 2021 3.20%, 09/01/2046(c)		5,000		3,506,363
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) Series 2021 2.65%, 12/01/2046(c)		2,490		1,777,491
Principal Amount (000)			U.S. $ Value
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 3.50%, 05/01/2047(c)	$	2,000	$	1,552,157
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A 3.10%, 07/01/2045(c)		3,000		2,184,697
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 4.00%, 10/01/2048(c)		4,000		2,760,906
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments) Series 2021-A 3.00%, 09/01/2056(c)		1,500		931,290
Fontana Redevelopment Agency Successor Agency Series 2017-A 5.00%, 10/01/2031		1,750		1,871,863
Fremont Community Facilities District No. 1 Series 2015 5.00%, 09/01/2027		1,000		1,028,723
Golden State Tobacco Securitization Corp. Series 2021 1.85%, 06/01/2031		1,205		1,180,084
3.115%, 06/01/2038		2,500		1,876,837
3.85%, 06/01/2050		5,000		4,336,146
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization Corp. Lease) Series 2021 1.40%, 06/01/2025		2,900		2,632,657
Lake Elsinore Public Financing Authority Series 2015 5.00%, 09/01/2023		630		636,524
Long Beach Unified School District Series 2010-A 5.00%, 08/01/2025		1,000		1,001,391
Los Angeles Department of Water & Power Series 2019-B 5.00%, 07/01/2023		14,750		14,965,326


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



Principal Amount (000)			U.S. $ Value
Los Angeles Department of Water & Power Power System Revenue Series 2013-A 5.00%, 07/01/2023	$	2,500	$	2,511,832
Series 2014-B 5.00%, 07/01/2026		1,600		1,638,218
5.00%, 07/01/2027		2,190		2,242,311
Series 2014-C 5.00%, 07/01/2025		9,945		10,278,271
5.00%, 07/01/2026		11,725		12,115,901
Series 2015-E 5.00%, 07/01/2025		820		847,479
Series 2022 5.00%, 07/01/2042		3,000		3,178,548
Series 2022-B 5.00%, 07/01/2036		3,000		3,274,908
5.00%, 07/01/2040		2,800		3,003,547
Los Angeles Department of Water & Power System Revenue Series 2021-B 5.00%, 07/01/2041		4,800		5,090,738
Los Angeles Department of Water & Power Water System Revenue Series 2018-A 5.00%, 07/01/2031		1,345		1,460,852
Los Angeles Unified School District/CA Series 2014-C 5.00%, 07/01/2023		3,860		3,916,065
5.00%, 07/01/2027		10,365		10,694,507
Series 2016-A 5.00%, 07/01/2027		18,645		19,532,644
Series 2017-A 5.00%, 07/01/2023		6,905		7,005,292
5.00%, 07/01/2024		1,470		1,517,996
Series 2018-B 5.00%, 07/01/2029		9,020		9,791,322
Series 2018-M 3.00%, 07/01/2023		1,550		1,549,971
Series 2020-R 4.00%, 07/01/2044		4,500		4,135,046
5.00%, 07/01/2032		3,945		4,371,084
Metropolitan Water District of Southern California Series 2021-D 2.60% (MUNIPSA + 0.14%), 07/01/2037(a)		2,900		2,885,062
Middle Fork Project Finance Authority Series 2020 5.00%, 04/01/2033		1,650		1,708,618
5.00%, 04/01/2034		1,100		1,134,783
5.00%, 04/01/2035		1,150		1,182,527
Natomas Unified School District BAM Series 2014 5.00%, 08/01/2023		1,930		1,958,048
Newport Mesa Unified School District Series 2020 5.00%, 08/01/2024		1,600		1,653,163
Principal Amount (000)			U.S. $ Value
Oakland Unified School District/Alameda County Series 2015-A 5.00%, 08/01/2023	$	1,575	$	1,598,921
Series 2016 5.00%, 08/01/2030		1,420		1,496,660
Palm Desert Redevelopment Agency Successor Agency BAM Series 2017-A 5.00%, 10/01/2024		1,000		1,033,172
Peralta Community College District Series 2014-A 5.00%, 08/01/2028		1,820		1,869,376
Pittsburg Successor Agency Redevelopment Agency AGM Series 2016-A 5.00%, 09/01/2027		2,785		2,921,357
Port of Los Angeles Series 2014-A 5.00%, 08/01/2026		1,000		1,024,677
5.00%, 08/01/2027		1,565		1,603,218
Port of Oakland Series 2017 5.00%, 11/01/2022 (Pre-refunded/ETM)		255		255,347
5.00%, 11/01/2022		960		961,225
Series 2021 5.00%, 05/01/2025		4,800		4,948,666
Regents of the University of California Medical Center Pooled Revenue Series 2022 5.00%, 05/15/2040		10,000		10,532,249
River Islands Public Financing Authority (River Islands Public Financing Authority Community Facilities District No 2003-1) Series 2022 4.50%, 09/01/2037		2,905		2,644,949
5.00%, 09/01/2042		2,510		2,305,290
Riverside County Public Financing Authority Series 2015 5.00%, 11/01/2028 (Pre-refunded/ETM)		3,395		3,580,175
Romoland School District Series 2015 5.00%, 09/01/2023		955		964,463
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 2.635% (LIBOR 3 Month + 0.57%), 06/01/2039(a)		5,700		4,890,233


Schedule of Investments—California Municipal Portfolio		13



Principal Amount (000)			U.S. $ Value
San Diego Association of Governments (State of California DOT Fed Hwy Grant) Series 2019 1.80%, 11/15/2027	$	3,200	$	2,838,220
San Francisco City & County Public Utilities Commission Wastewater Revenue Series 2013-B 5.00%, 10/01/2025		4,000		4,000,000
San Francisco City & County Redevelopment Agency Successor Agency (Mission Bay South Public Imp) Series 2013-A 5.00%, 08/01/2024		1,500		1,501,163
San Francisco City & County Redevelopment Agency Successor Agency (Successor Agency to the Redev of San Francisco–Mission Bay South) Series 2016-B 5.00%, 08/01/2026		1,070		1,130,944
San Francisco Intl Airport Series 2019-A 5.00%, 05/01/2034		11,015		11,254,174
Series 2019-E 5.00%, 05/01/2034		3,450		3,524,912
5.00%, 05/01/2035		3,275		3,338,713
5.00%, 05/01/2036		3,385		3,442,169
Series 2019-H 5.00%, 05/01/2027		5,500		5,695,346
Series 2020-E 5.00%, 05/01/2037		3,815		3,882,152
Series 2021-A 5.00%, 05/01/2036		1,950		1,991,132
Series 2022-C 2.583%, 05/01/2030		1,625		1,366,015
San Mateo Joint Powers Financing Authority (County of San Mateo CA Lease) Series 2019-A 5.00%, 07/15/2023		4,000		4,055,282
5.00%, 07/15/2024		3,660		3,769,172
5.00%, 07/15/2025		5,790		6,068,062
5.00%, 07/15/2026		3,310		3,520,730
Saugus/Hart School Facilities Financing Authority (Saugus Union School District Community Facilities District No. 06-01) Series 2016 5.00%, 09/01/2029		1,000		1,031,369
5.00%, 09/01/2030		1,365		1,401,764
Principal Amount (000)			U.S. $ Value
Southern California Public Power Authority (Los Angeles Department of Water & Power PWR) Series 2014-A 5.00%, 07/01/2030	$	1,030	$	1,059,210
Southwestern Community College District Series 2015 5.00%, 08/01/2023		3,250		3,300,693
5.00%, 08/01/2024		3,550		3,664,762
5.00%, 08/01/2025		3,870		4,058,632
State of California Series 2013 5.00%, 09/01/2028		8,890		9,035,464
Series 2014 5.00%, 12/01/2022		11,085		11,120,571
5.00%, 12/01/2028		2,285		2,332,386
5.00%, 05/01/2029		5,295		5,445,765
Series 2015-B 5.00%, 09/01/2024		3,330		3,446,686
Series 2017 5.00%, 08/01/2024		5,540		5,726,078
Series 2018 5.00%, 10/01/2022		5,000		5,000,000
Series 2019 5.00%, 04/01/2031		1,935		2,118,332
5.00%, 11/01/2031		1,310		1,427,643
5.00%, 04/01/2037		615		654,180
Series 2022 4.00%, 04/01/2042		6,380		5,927,414
5.00%, 09/01/2036		7,780		8,480,491
5.00%, 04/01/2042		4,630		4,833,496
Stockton Unified School District
Series 2016 5.00%, 08/01/2028		7,770		8,168,986
Sweetwater Union High School District Series 2016 5.00%, 08/01/2030		3,205		3,373,138
BAM Series 2014 5.00%, 08/01/2028		5,760		5,905,991
5.00%, 08/01/2029		2,220		2,273,895
Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization Corp.) Series 2021 4.00%, 06/01/2034		1,000		940,523
4.00%, 06/01/2036		1,015		937,710
4.00%, 06/01/2038		1,210		1,097,003
4.00%, 06/01/2040		1,150		1,024,427
5.00%, 06/01/2026		1,360		1,422,988
5.00%, 06/01/2027		1,500		1,566,033
5.00%, 06/01/2028		1,220		1,277,154
5.00%, 06/01/2030		1,500		1,578,947
5.00%, 06/01/2032		1,300		1,356,464


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



Principal Amount (000)			U.S. $ Value
Transbay Joint Powers Authority (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Rev) Series 2020 5.00%, 10/01/2031	$	500	$	543,602
5.00%, 10/01/2032		450		485,994
5.00%, 10/01/2034		600		641,070
5.00%, 10/01/2035		600		637,940
5.00%, 10/01/2036		800		844,059
5.00%, 10/01/2037		700		732,452
5.00%, 10/01/2038		1,000		1,037,511
University of California Series 2013-A 5.00%, 05/15/2048		9,785		9,903,243
Series 2014-A 5.00%, 05/15/2028		1,000		1,029,751
Series 2015-A 5.00%, 05/15/2024		2,280		2,347,833
Series 2017-A 5.00%, 05/15/2028		1,000		1,082,796
5.00%, 05/15/2029		3,000		3,246,964
5.00%, 05/15/2031		2,465		2,656,918
Series 2017-M 5.00%, 05/15/2031		4,000		4,304,310
Series 2018-O 4.00%, 05/15/2025		8,320		8,510,229
Series 2020-B 5.00%, 05/15/2034		7,000		7,674,171
5.00%, 05/15/2035		10,000		10,887,459
Series 2021-Q 4.00%, 05/15/2040		7,750		7,167,426
Series 2022-S 5.00%, 05/15/2033		2,000		2,245,576
Series 2023-B 5.00%, 05/15/2028(b)		3,000		3,217,478
5.00%, 05/15/2032(b)		5,000		5,506,723
5.00%, 05/15/2033(b)		3,180		3,513,445
5.00%, 05/15/2037(b)		2,000		2,154,199

				830,952,751

Alabama–2.2%
Southeast Alabama Gas Supply District (The) (Morgan Stanley) Series 2018-A 4.00%, 06/01/2049		24,615		24,552,114

American Samoa–0.1%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028(c)		735		793,344

Colorado–0.3%
City & County of Denver CO (United Airlines, Inc.) Series 2017 5.00%, 10/01/2032		3,000		2,855,121

Principal Amount (000)			U.S. $ Value
Florida–0.1%
Capital Trust Agency, Inc. (Franklin Academy Obligated Group) Series 2020 5.00%, 12/15/2026(c)	$	100	$	100,814
City of Tampa FL (State of Florida Cigarette Tax Revenue) Series 2020-A Zero Coupon, 09/01/2033		175		102,280
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2030		150		99,969
Zero Coupon, 10/01/2031		185		116,293
Zero Coupon, 10/01/2032		100		59,305
Zero Coupon, 10/01/2033		250		139,420
Zero Coupon, 10/01/2034		270		141,697
New River Community Development District Series 2006-B 5.00%, 05/01/2013(d)(e)(f)(g)		405		0

				759,778

Georgia–0.2%
Municipal Electric Authority of Georgia Series 2019 5.00%, 01/01/2032		460		476,848
5.00%, 01/01/2035		250		255,445
5.00%, 01/01/2036		1,590		1,616,042

				2,348,335

Guam–1.8%
Antonio B Won Pat International Airport Authority Series 2021-A 2.899%, 10/01/2027		625		548,765
3.489%, 10/01/2031		500		414,412
Series 2023 5.00%, 10/01/2028(b)		1,080		1,054,274
5.125%, 10/01/2034(b)		140		127,831
5.375%, 10/01/2040(b)		275		248,099
Guam Department of Education (Guam Department of Education COP) Series 2020 4.25%, 02/01/2030		1,500		1,381,664
5.00%, 02/01/2040		1,090		992,226
Guam Power Authority Series 2022-A 5.00%, 10/01/2023		2,000		2,022,095
5.00%, 10/01/2028		3,000		3,126,721
Territory of Guam Series 2019 5.00%, 11/15/2031		540		509,877


Schedule of Investments—California Municipal Portfolio		15



Principal Amount (000)			U.S. $ Value
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2029	$	455	$	454,302
5.00%, 12/01/2030		730		724,672
5.00%, 12/01/2032		675		660,469
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2015-D 5.00%, 11/15/2023		1,365		1,370,243
5.00%, 11/15/2025		1,140		1,143,987
5.00%, 11/15/2031		2,735		2,692,501
Series 2021-F 5.00%, 01/01/2031		1,000		990,253
Territory of Guam (Territory of Guam Hotel Occupancy Tax) Series 2021-A 5.00%, 11/01/2027		350		349,588
5.00%, 11/01/2028		455		453,894
5.00%, 11/01/2029		500		499,086
5.00%, 11/01/2030		320		317,607

				20,082,566

Illinois–2.6%
Chicago Board of Education Series 2017-F 5.00%, 12/01/2024		6,000		6,104,842
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2023		100		100,679
5.00%, 09/01/2026		100		101,987
5.00%, 09/01/2027		100		102,116
5.00%, 09/01/2029		100		102,370
5.00%, 09/01/2032		100		100,517
5.00%, 09/01/2033		200		199,915
5.00%, 09/01/2034		100		98,747
Metropolitan Pier & Exposition Authority Series 2017-B 5.00%, 12/15/2026		3,250		3,330,718
State of Illinois Series 2016 5.00%, 11/01/2024		1,200		1,219,826
Series 2017-D 5.00%, 11/01/2023		9,530		9,642,940
5.00%, 11/01/2024		3,935		4,000,013
Village of Bolingbrook IL Sales Tax Revenue Series 2005 6.00%, 01/01/2026		4,450		4,096,133

				29,200,803

Principal Amount (000)			U.S. $ Value
Kentucky–0.4%
City of Ashland KY (Ashland Hospital Corp. Obligated Group) Series 2019 5.00%, 02/01/2026	$	230	$	236,005
5.00%, 02/01/2027		260		268,490
5.00%, 02/01/2030		160		166,931
5.00%, 02/01/2031		200		204,399
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group) Series 2017-A 5.00%, 06/01/2029		3,500		3,597,413

				4,473,238

Louisiana–0.1%
Parish of St. James LA (NuStar Logistics LP) Series 2020 5.85%, 08/01/2041(c)		185		189,780
6.10%, 06/01/2038(c)		270		287,271
6.10%, 12/01/2040(c)		355		377,709

				854,760

Michigan–0.2%
City of Detroit MI Series 2018 5.00%, 04/01/2031		1,745		1,771,494

Missouri–0.0%
Howard Bend Levee District XLCA INS Series 2005 5.75%, 03/01/2025		175		177,132
5.75%, 03/01/2027		150		152,053

				329,185

Nevada–0.1%
City of Sparks NV (City of Sparks NV Sales Tax) Series 2019-A 2.50%, 06/15/2024(c)		295		283,736
2.75%, 06/15/2028(c)		525		460,121

				743,857

New Jersey–1.8%
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2027		1,410		1,474,171
5.00%, 06/15/2029		6,660		6,895,010
Series 2018-A 5.00%, 06/15/2028		2,710		2,822,724
5.00%, 06/15/2029		1,290		1,335,520


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



Principal Amount (000)			U.S. $ Value
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2019-B 5.00%, 06/15/2030	$	3,225	$	3,349,569
Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/2023		1,000		1,010,996
5.00%, 06/01/2025		1,000		1,027,849
5.00%, 06/01/2026		1,000		1,034,958
5.00%, 06/01/2028		1,000		1,038,136

				19,988,933

New York–1.2%
Metropolitan Transportation Authority Series 2016-A 5.00%, 11/15/2026		2,065		2,140,942
Series 2017-C 5.00%, 11/15/2026		2,960		3,069,765
Series 2020-E 5.00%, 11/15/2027		3,750		3,882,849
5.00%, 11/15/2028		3,500		3,629,073
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 4.00%, 01/01/2036		1,000		881,715
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) Series 2016-A 5.00%, 07/01/2046		220		208,732

				13,813,076

Ohio–0.1%
Buckeye Tobacco Settlement Financing Authority Series 2020-A 5.00%, 06/01/2036		1,175		1,202,350

Pennsylvania–0.4%
Allentown Neighborhood Improvement Zone Development Authority Series 2018 5.00%, 05/01/2028(c)		1,250		1,250,208
5.00%, 05/01/2033(c)		1,000		968,040
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) Series 2017 5.00%, 07/01/2024		1,815		1,843,362

				4,061,610

Principal Amount (000)			U.S. $ Value
Puerto Rico–0.8%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024	$	800	$	734,843
Zero Coupon, 07/01/2033		1,680		926,005
4.00%, 07/01/2033		500		439,701
5.25%, 07/01/2023		350		351,557
5.375%, 07/01/2025		655		661,333
5.625%, 07/01/2027		2,515		2,567,227
5.625%, 07/01/2029		725		741,525
5.75%, 07/01/2031		220		224,291
Puerto Rico Highway & Transportation Authority AGC Series 2005-L 5.25%, 07/01/2041		740		719,486
AGC Series 2007-C 5.50%, 07/01/2031		150		151,166
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024		982		907,289

				8,424,423

South Carolina–0.4%
Patriots Energy Group Financing Agency (Royal Bank of Canada) Series 2018-A 4.00%, 10/01/2048		5,000		5,010,695

Texas–0.4%
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031(c)		3,205		3,155,227
Texas Municipal Gas Acquisition & Supply Corp. I (Bank of America Corp.) Series 2008-D 6.25%, 12/15/2026		1,190		1,236,398

				4,391,625

Washington–0.1%
Washington Health Care Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2031		825		846,676

Wisconsin–0.8%
UMA Education, Inc. Series 2019 5.00%, 10/01/2022(c)		175		175,000
5.00%, 10/01/2023(c)		195		195,130
5.00%, 10/01/2025(c)		730		727,395
5.00%, 10/01/2026(c)		770		764,782
5.00%, 10/01/2027(c)		805		795,911
5.00%, 10/01/2028(c)		700		687,928
5.00%, 10/01/2029(c)		320		313,214


Schedule of Investments—California Municipal Portfolio		17



Principal Amount (000)			U.S. $ Value
Wisconsin Public Finance Authority (Celanese US Holdings LLC) Series 2016-A
5.00%, 01/01/2024	$	5,335	$	5,382,550

				9,041,910

Total Long-Term Municipal Bonds (cost $1,058,612,594)				986,498,644



Short-Term Municipal Notes–3.4%
California–3.4%
City of Los Angeles CA Series 2022 4.00%, 06/29/2023		35,990		36,235,092
Southern California Public Power Authority Series 2020 2.40%, 07/01/2036(h)		1,300		1,300,000

Total Short-Term Municipal Notes (cost $37,667,433)				37,535,092

Total Municipal Obligations (cost $1,096,280,027)				1,024,033,736



COMMERCIAL MORTGAGE-BACKED SECURITIES–1.0%
Agency CMBS–1.0%
California Housing Finance Agency Series 2021-2, Class A 3.75%, 03/25/2035		7,904		7,251,982
Series 2021-3, Class X 0.764%, 08/20/2036(i)		3,357		202,690
Federal Home Loan Mortgage Corp. Series 2021-ML10, Class AUS 2.032%, 01/25/2038		4,937		3,801,068

Total Commercial Mortgage-Backed Securities (cost $14,679,917)				11,255,740



GOVERNMENTS–TREASURIES–0.2%
United States–0.2%
U.S. Treasury Notes 2.625%, 02/15/2029(j) (cost $2,436,438)		2,346		2,161,986



CORPORATES–INVESTMENT GRADE–0.2%

Industrial–0.2%
Consumer Cyclical–Automotive–0.2%
General Motors Financial Co., Inc. 3.443% (SOFR + 1.30%), 04/07/2025(a) (cost $2,000,000)		2,000		1,957,540


Principal Amount (000)			U.S. $ Value

COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%
Risk Share Floating Rate–0.1%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2013-DN2, Class M2 7.334% (LIBOR 1 Month + 4.25%), 11/25/2023(a)	$	90	$	91,004
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 2M2 5.984% (LIBOR 1 Month + 2.90%), 07/25/2024(a)		71		71,489
Series 2014-C04, Class 1M2 7.984% (LIBOR 1 Month + 4.90%), 11/25/2024(a)		56		58,259
Series 2015-C02, Class 1M2 7.084% (LIBOR 1 Month + 4.00%), 05/25/2025(a)		35		36,016
Series 2015-C03, Class 1M2 8.084% (LIBOR 1 Month + 5.00%), 07/25/2025(a)		35		35,429
Series 2016-C01, Class 1M2 9.834% (LIBOR 1 Month + 6.75%), 08/25/2028(a)		111		117,513
Series 2016-C02, Class 1M2 9.084% (LIBOR 1 Month + 6.00%), 09/25/2028(a)		56		58,245
Series 2016-C03, Class 1M2 8.384% (LIBOR 1 Month + 5.30%), 10/25/2028(a)		95		97,279

Total Collateralized Mortgage Obligations (cost $552,308)				565,234



SHORT-TERM INVESTMENTS–5.3%

U.S. Treasury Bills–5.3%
United States—5.3%
U.S. Treasury Bill Zero Coupon, 10/20/2022 (cost $58,425,746)		58,500		58,427,622

Total Investments—99.7% (cost $1,174,374,436)				1,098,401,858

Other assets less liabilities—0.3%				3,494,929

Net Assets—100.0%			$	1,101,896,787


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

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
CDX-NAHY Series 39, 5 Year Index, 12/20/2027*		5.00	%		Quarterly		6.06	%		USD	8,300	$	(328,585	)	$	(317,863	)	$	(10,722	)

* Termination date

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)


			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/Received		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
USD	5,605	01/15/2025		2.565%		CPI#		Maturity	$	483,175		$	—		$	483,175
USD	3,100	01/15/2025		4.028%		CPI#		Maturity		85,148			—			85,148
USD	2,803	01/15/2025		2.613%		CPI#		Maturity		236,393			—			236,393
USD	2,802	01/15/2025		2.585%		CPI#		Maturity		239,341			—			239,341
USD	12,110	01/15/2026		CPI#		3.720%		Maturity		(329,976	)		—			(329,976	)
USD	8,400	01/15/2027		CPI#		3.320%		Maturity		(316,213	)		—			(316,213	)
USD	8,200	01/15/2027		CPI#		3.466%		Maturity		(236,510	)		(9,582	)		(226,928	)
USD	6,420	01/15/2027		CPI#		3.323%		Maturity		(240,520	)		—			(240,520	)
USD	21,750	01/15/2028		1.230%		CPI#		Maturity		3,629,212			—			3,629,212
USD	15,980	01/15/2028		0.735%		CPI#		Maturity		3,223,789			—			3,223,789
USD	21,800	01/15/2029		CPI#		3.290%		Maturity		(436,702	)		—			(436,702	)
USD	8,210	01/15/2029		CPI#		3.735%		Maturity		131,878			—			131,878
USD	4,115	01/15/2030		1.572%		CPI#		Maturity		630,159			—			630,159
USD	4,115	01/15/2030		1.587%		CPI#		Maturity		624,679			—			624,679
USD	4,900	01/15/2031		2.782%		CPI#		Maturity		247,343			—			247,343
USD	4,500	01/15/2031		2.680%		CPI#		Maturity		270,830			—			270,830
USD	3,950	01/15/2031		2.989%		CPI#		Maturity		120,714			—			120,714
USD	4,300	01/15/2032		CPI#		3.064%		Maturity		(68,505	)		—			(68,505	)
USD	4,180	04/15/2032		CPI#		2.909%		Maturity		(118,301	)		—			(118,301	)

									$	8,175,934		$	(9,582	)	$	8,185,516

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

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)


			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/Received		Market Value		Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
USD	13,000	01/15/2029		1.363%		3 Month LIBOR		Semi-Annual/Quarterly	$	1,894,135	$	(8,805	)	$	1,902,940
USD	34,000	04/15/2032		2.525%		1 Day SOFR		Annual		2,638,093		—			2,638,093
USD	8,000	04/15/2032		1.280%		1 Day SOFR		Annual		1,445,650		—			1,445,650

									$	5,977,878	$	(8,805	)	$	5,986,683


Schedule of Investments—California Municipal Portfolio		19

CREDIT DEFAULT SWAPS (see Note 3)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	87	$	(19,479	)	$	(8,116	)	$	(11,363	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,005		(225,216	)		(123,252	)		(101,964	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1		(161	)		(84	)		(77	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	47		(10,625	)		(4,468	)		(6,157	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	592		(132,811	)		(55,913	)		(76,898	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	892		(199,942	)		(82,013	)		(117,929	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	773		(173,219	)		(68,965	)		(104,254	)

												$	(761,453	)	$	(342,811	)	$	(418,642	)

* Termination date

INTEREST RATE SWAPS (see Note 3)

Rate Type

Swap
Counterparty

Notional
Amount
(000)

Termination
Date

Payments
made by
the Fund

Payments
received by
the Fund

Payment Frequency
Paid/Received

Market
Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation/
(Depreciation)

Citibank, NA

USD

12,395

10/09/2029

1.125

SIFMA

Quarterly

1,424,335

—

1,424,335

* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

(a)

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

(b)

When-Issued or delayed delivery security.

(c)

(d)

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

(e)

Fair valued by the Adviser.

(f)

Non-income producing security.

(g)

Defaulted matured security.

(h)

(i)

IO—Interest Only.

(j)

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


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

Glossary:

AGC—Assured Guaranty Corporation

AGM—Assured Guaranty Municipal

BAM—Build American Mutual

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

CDX-NAHY—North American High Yield Credit Default Swap

CMBS—Commercial Mortgage-Backed Securities

COP—Certificate of Participation

DOT—Department of Transportation

ETM—Escrowed to Maturity

LIBOR—London Interbank Offered Rate

MUNIPSA—SIFMA Municipal Swap Index

NATL—National Interstate Corporation

SOFR—Secured Overnight Financing Rate

SRF—State Revolving Fund

XLCA—XL Capital Assurance Inc.

See notes to financial statements.

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Diversified Municipal Portfolio

September 30, 2022



Principal Amount (000)			U.S. $ Value

MUNICIPAL OBLIGATIONS–98.0%

Long-Term Municipal Bonds–89.9%
Alabama–2.0%
Alabama Federal Aid Highway Finance Authority (State of Alabama Fed Hwy Grant) Series 2015 5.00%, 09/01/2025 (Pre-refunded/ETM)	$	1,390	$	1,435,835
Black Belt Energy Gas District (Goldman Sachs Group, Inc. (The)) Series 2021 4.00%, 10/01/2052		5,000		4,870,082
Infirmary Health System Special Care Facilities Financing Authority of Mobile (Infirmary Health System Obligated Group) Series 2021 4.00%, 02/01/2039		1,000		888,732
4.00%, 02/01/2040		2,680		2,361,988
Southeast Alabama Gas Supply District (The) (Goldman Sachs Group, Inc. (The)) Series 2018-A 4.00%, 04/01/2049		23,985		23,906,588
Southeast Alabama Gas Supply District (The) (Morgan Stanley) Series 2018-A 4.00%, 06/01/2049		69,310		69,132,927
Sumter County Industrial Development Authority/AL (Enviva, Inc.) Series 2022 6.00%, 07/15/2052		6,480		5,948,392

				108,544,544

Alaska–0.2%
Municipality of Anchorage AK Series 2015-B 5.00%, 09/01/2024		4,375		4,522,551
Series 2015-C 5.00%, 09/01/2023		1,890		1,921,436
5.00%, 09/01/2024		2,730		2,822,072

				9,266,059


Schedule of Investments—Diversified Municipal Portfolio		21



Principal Amount (000)			U.S. $ Value
American Samoa–0.0%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028(a)	$	1,920	$	2,072,408

Arizona–1.8%
Arizona Health Facilities Authority (HonorHealth) Series 2014-A 5.00%, 12/01/2023		1,270		1,292,993
5.00%, 12/01/2024		1,500		1,546,033
Arizona Industrial Development Authority (Equitable School Revolving Fund LLC Obligated Group) Series 2020 5.00%, 11/01/2034		1,000		1,048,104
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 6.50%, 07/01/2026(a)		2,000		1,948,136
City of Glendale AZ (City of Glendale AZ COP) Series 2021 2.062%, 07/01/2029		2,900		2,387,668
2.542%, 07/01/2033		5,000		3,850,239
2.642%, 07/01/2034		10,000		7,602,041
City of Glendale AZ (City of Glendale AZ Excise Tax) Series 2015-A 5.00%, 07/01/2023		7,945		8,052,776
5.00%, 07/01/2024		9,010		9,284,051
City of Phoenix Civic Improvement Corp. (City of Phoenix AZ Water System Revenue) Series 2020 5.00%, 07/01/2030		600		667,217
5.00%, 07/01/2031		850		941,180
5.00%, 07/01/2032		825		909,971
5.00%, 07/01/2033		1,000		1,098,505
5.00%, 07/01/2035		1,250		1,353,447
5.00%, 07/01/2036		2,000		2,162,103
5.00%, 07/01/2037		1,500		1,612,335
5.00%, 07/01/2038		2,000		2,144,763
5.00%, 07/01/2039		2,000		2,140,847
Series 2020-A 5.00%, 07/01/2030		500		556,014
5.00%, 07/01/2031		650		719,726
5.00%, 07/01/2032		400		441,198
5.00%, 07/01/2033		490		538,267
5.00%, 07/01/2034		1,000		1,092,244
5.00%, 07/01/2035		1,135		1,228,930
5.00%, 07/01/2036		1,670		1,805,356
5.00%, 07/01/2037		1,500		1,612,335
5.00%, 07/01/2038		1,550		1,662,192
Principal Amount (000)			U.S. $ Value
City of Tempe AZ (City of Tempe AZ COP) Series 2021 2.071%, 07/01/2032	$	5,000	$	3,899,742
2.171%, 07/01/2033		5,000		3,831,932
Gilbert Water Resource Municipal Property Corp. (Town of Gilbert AZ Waterworks & Sewer System Revenue) Series 2022 5.00%, 07/15/2037		1,805		1,985,054
5.00%, 07/15/2038		5,500		6,031,528
Maricopa County Special Health Care District Series 2018-C 5.00%, 07/01/2028		6,000		6,489,233
State of Arizona Lottery Revenue Series 2019 5.00%, 07/01/2023 (Pre-refunded/ETM)		4,000		4,052,492
5.00%, 07/01/2024 (Pre-refunded/ETM)		2,000		2,058,775
5.00%, 07/01/2025 (Pre-refunded/ETM)		5,000		5,224,944
5.00%, 07/01/2027 (Pre-refunded/ETM)		5,500		5,904,185

				99,176,556

Arkansas–0.1%
City of Fayetteville AR Sales & Use Tax Revenue Series 2022 2.875%, 11/01/2032		3,000		2,737,688

California–6.3%
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021-A 4.00%, 08/01/2047(a)		18,035		12,579,748
California Housing Finance Agency Series 2019-2, Class A 4.00%, 03/20/2033		10,545		10,030,291
Series 2021-1, Class A 3.50%, 11/20/2035		3,424		2,957,752
Series 2021-2 0.823%, 03/25/2035		10,000		562,728
Series 2021-3, Class A 3.25%, 08/20/2036		3,950		3,381,233
California State Public Works Board (California State Public Works Board Lease) Series 2014-B 5.00%, 10/01/2028		1,225		1,262,053
Series 2021-A 5.00%, 02/01/2027		12,040		12,890,429


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



Principal Amount (000)			U.S. $ Value
California State University Series 2021-B 2.374%, 11/01/2035	$	5,000	$	3,643,788
City of Los Angeles Department of Airports Series 2018-C 5.00%, 05/15/2036		5,840		5,918,866
Series 2019 5.00%, 05/15/2039		5,215		5,257,074
City of Riverside CA Electric Revenue Series 2019-A 5.00%, 10/01/2033		5,230		5,685,195
CMFA Special Finance Agency VII (CMFA Special Finance Agency VII The Breakwater Apartments) Series 2021 4.00%, 08/01/2047(a)		1,995		1,356,241
CMFA Special Finance Agency VIII Elan Huntington Beach Series 2021 4.00%, 08/01/2047(a)		2,505		1,878,750
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.60%, 05/01/2047(a)		13,250		10,040,097
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2046(a)		5,500		3,850,825
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 3.50%, 10/01/2046(a)		13,000		9,339,646
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.375%, 07/01/2043(a)		7,000		5,165,710
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A 3.10%, 07/01/2045(a)		3,000		2,184,697
Principal Amount (000)			U.S. $ Value
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 4.00%, 10/01/2048(a)	$	6,545	$	4,517,532
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue Series 2021-A 4.00%, 06/01/2038		10,000		9,708,444
Los Angeles Unified School District/CA Series 2020-R 5.00%, 07/01/2033		2,780		3,059,775
Regents of the University of California Medical Center Pooled Revenue Series 2022 5.00%, 05/15/2038		5,000		5,314,884
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 2.635% (LIBOR 3 Month + 0.57%), 06/01/2039(b)		15,000		12,869,035
San Francisco Intl Airport Series 2020-E 5.00%, 05/01/2037		9,645		9,814,771
State of California Series 2013 5.00%, 11/01/2024		20,000		20,407,592
5.00%, 11/01/2025		23,465		23,938,205
Series 2014 5.00%, 05/01/2025		30,965		31,860,663
5.00%, 05/01/2026		50,000		51,438,475
Series 2019 5.00%, 11/01/2031		16,185		17,638,479
5.00%, 04/01/2036		26,190		27,927,340
Series 2020 5.00%, 11/01/2030		19,000		21,267,694
5.00%, 03/01/2035		460		496,328
University of California Series 2022-S 5.00%, 05/15/2034		5,000		5,570,880
5.00%, 05/15/2035		5,000		5,520,086

				349,335,306

Colorado–2.1%
Centerra Metropolitan District No. 1 Series 2017 5.00%, 12/01/2029(a)		3,680		3,620,076
City & County of Denver Co. Airport System Revenue (Denver Intl Airport) Series 2012-A 5.00%, 11/15/2022		1,025		1,026,866


Schedule of Investments—Diversified Municipal Portfolio		23



Principal Amount (000)			U.S. $ Value
City & County of Denver CO. Airport System Revenue (Denver Intl Airport) Series 2012-A 5.00%, 11/15/2024	$	5,605	$	5,614,119
City & County of Denver Co. Airport System Revenue (Denver Intl Airport) Series 2016-A 5.00%, 11/15/2023		4,085		4,159,856
Series 2018-A 5.00%, 12/01/2025		10,000		10,351,534
City & County of Denver CO. Airport System Revenue (Denver Intl Airport) Series 2018-A 5.00%, 12/01/2026		16,080		16,637,632
City & County of Denver Co. Airport System Revenue (Denver Intl Airport) Series 2018-A 5.00%, 12/01/2027		19,215		19,950,433
City & County of Denver CO. Airport System Revenue (Denver Intl Airport) Series 2018-A 5.00%, 12/01/2028		24,320		25,395,562
City & County of Denver Co. Airport System Revenue (Denver Intl Airport) Series 2018-A 5.00%, 12/01/2032		1,620		1,665,193
Colorado Health Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2031		2,175		2,232,145
5.00%, 08/01/2033		1,095		1,106,329
5.00%, 08/01/2035		1,995		1,999,485
Colorado Health Facilities Authority (Sanford Obligated Group) Series 2019-A 5.00%, 11/01/2027		2,280		2,392,722
5.00%, 11/01/2028		3,620		3,808,196
Johnstown Plaza Metropolitan District Series 2022 4.25%, 12/01/2046		2,369		1,876,748
State of Colorado Series 2022 6.00%, 12/15/2041		11,000		12,682,461
Vauxmont Metropolitan District AGM Series 2019 3.25%, 12/15/2050		959		680,109
5.00%, 12/15/2026		270		286,764
AGM Series 2020 5.00%, 12/01/2024		485		500,292
5.00%, 12/01/2027		305		326,161
5.00%, 12/01/2030		385		418,742
5.00%, 12/01/2033		285		305,518
Principal Amount (000)			U.S. $ Value
5.00%, 12/01/2050	$	300	$	312,309

				117,349,252

Connecticut–3.0%
City of Bridgeport CT Series 2017-A 5.00%, 11/01/2023		1,420		1,445,463
5.00%, 11/01/2028		1,000		1,064,565
Series 2017-B 5.00%, 08/15/2025		1,085		1,131,005
5.00%, 08/15/2026		4,500		4,750,308
5.00%, 08/15/2027 (Pre-refunded/ETM)		755		813,530
5.00%, 08/15/2027		6,610		7,045,657
Series 2017-C 5.00%, 08/15/2024		2,245		2,310,814
5.00%, 08/15/2026		2,480		2,617,947
5.00%, 08/15/2027		2,605		2,776,692
5.00%, 08/15/2028		1,620		1,720,748
Connecticut State Health & Educational Facilities Authority (Nuvance Health Obligated Group) Series 2019-A 5.00%, 07/01/2032		5,425		5,577,478
Connecticut State Health & Educational Facilities Authority (University of New Haven, Inc.) Series 2018-K1 5.00%, 07/01/2026		1,000		1,001,049
5.00%, 07/01/2027		1,100		1,100,772
5.00%, 07/01/2028		1,100		1,098,685
5.00%, 07/01/2029		1,200		1,197,648
State of Connecticut Series 2014-A 5.00%, 03/01/2028		6,360		6,503,948
Series 2015-B 5.00%, 06/15/2032		7,345		7,626,176
Series 2015-F 5.00%, 11/15/2027		1,570		1,645,652
Series 2016-A 5.00%, 03/15/2024		2,805		2,876,668
5.00%, 03/15/2029		14,500		15,267,627
Series 2016-E 5.00%, 10/15/2024		17,000		17,597,919
5.00%, 10/15/2025		3,025		3,169,962
Series 2017-B 5.00%, 04/15/2028		2,515		2,713,602
Series 2018-C 5.00%, 06/15/2026		5,500		5,809,721
Series 2018-D 5.00%, 04/15/2026		16,655		17,555,311
Series 2020-A 5.00%, 01/15/2040		2,565		2,691,247
State of Connecticut Special Tax Revenue Series 2012-A 5.00%, 01/01/2024		4,650		4,670,387


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



Principal Amount (000)			U.S. $ Value
Series 2020 4.00%, 05/01/2036	$	1,000	$	954,796
5.00%, 05/01/2028		1,030		1,110,806
5.00%, 05/01/2031		3,565		3,905,845
5.00%, 05/01/2033		2,525		2,730,901
5.00%, 05/01/2037		2,645		2,807,371
5.00%, 05/01/2038		2,015		2,125,746
Series 2021-A 4.00%, 05/01/2040		3,835		3,573,957
Series 2021-D 4.00%, 11/01/2039		1,060		991,751
Town of Stratford CT Series 2019 5.00%, 01/01/2031		3,890		4,088,893
BAM Series 2019 5.00%, 01/01/2030		2,035		2,146,940
5.00%, 01/01/2032		3,890		4,078,423
5.00%, 01/01/2033		3,555		3,718,902
University of Connecticut Series 2022-A 5.00%, 05/01/2040		7,065		7,451,237

				163,466,149

Delaware–0.1%
Delaware River & Bay Authority Series 2014-C 5.00%, 01/01/2026		3,250		3,314,856
5.00%, 01/01/2027		2,220		2,264,029
Delaware State Economic Development Authority (Newark Charter School, Inc.) Series 2020 4.00%, 09/01/2030		575		548,528
5.00%, 09/01/2050		1,000		975,503

				7,102,916

District of Columbia–1.9%
District of Columbia Series 2013-A 5.00%, 06/01/2025		20,860		21,106,794
5.00%, 06/01/2026		19,580		19,810,368
5.00%, 06/01/2027		18,675		18,893,499
District of Columbia (District of Columbia Pers Income Tax) Series 2012-C 5.00%, 12/01/2026		5,585		5,602,009
Metropolitan Washington Airports Authority Aviation Revenue Series 2018-A 5.00%, 10/01/2029		1,155		1,206,851
Series 2019-A 5.00%, 10/01/2030		3,840		4,024,998
5.00%, 10/01/2032		5,000		5,189,623
Series 2020-A 5.00%, 10/01/2029		2,540		2,670,476
5.00%, 10/01/2030		5,500		5,796,965
5.00%, 10/01/2031		5,000		5,231,626
Principal Amount (000)			U.S. $ Value
5.00%, 10/01/2032	$	5,500	$	5,733,601
5.00%, 10/01/2033		5,000		5,173,029
5.00%, 10/01/2034		2,870		2,954,539
Washington Metropolitan Area Transit Authority (Washington Metropolitan Area Transit Authority State Lease) Series 2020-A 5.00%, 07/15/2036		3,205		3,432,213

				106,826,591

Florida–4.3%
Capital Trust Agency, Inc. (Franklin Academy Obligated Group) Series 2020 5.00%, 12/15/2030(a)		510		504,563
Central Florida Expressway Authority Series 2019-B 5.00%, 07/01/2033		11,335		12,078,535
AGM Series 2021 5.00%, 07/01/2031		4,500		4,989,707
5.00%, 07/01/2032		2,855		3,134,223
5.00%, 07/01/2033		2,650		2,889,918
City of South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group) Series 2017 5.00%, 08/15/2031		5,000		5,275,380
City of Tampa FL (State of Florida Cigarette Tax Revenue) Series 2020-A Zero Coupon, 09/01/2034		650		357,185
Zero Coupon, 09/01/2035		650		336,249
County of Broward FL Airport System Revenue Series 2019-A 5.00%, 10/01/2031		1,070		1,109,671
Series 2019-C 2.384%, 10/01/2026		1,250		1,143,635
County of Broward FL Airport System Revenue (Fort Lauderdale Hollywood Intl Airport) Series 2012-Q 5.00%, 10/01/2023		5,000		5,006,887
County of Broward FL Convention Center Hotel Revenue Series 2022 5.00%, 01/01/2035		2,685		2,872,775
County of Miami-Dade FL Aviation Revenue Series 2015-A 5.00%, 10/01/2022		1,640		1,640,000
5.00%, 10/01/2023		1,725		1,747,583
5.00%, 10/01/2024		1,610		1,644,052


Schedule of Investments—Diversified Municipal Portfolio		25



Principal Amount (000)			U.S. $ Value
County of Miami-Dade FL Water & Sewer System Revenue Series 2021 4.00%, 10/01/2038	$	2,490	$	2,396,938
County of Miami-Dade Seaport Department AGM Series 2021-A 4.00%, 10/01/2041		1,955		1,752,378
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2030		735		489,847
Zero Coupon, 10/01/2031		905		568,892
Zero Coupon, 10/01/2032		500		296,522
Zero Coupon, 10/01/2033		1,210		674,793
Zero Coupon, 10/01/2034		1,260		661,254
Duval County School Board (Duval County School Board COP) Series 2015-B 5.00%, 07/01/2026		4,280		4,456,560
Florida Development Finance Corp. (Mayflower Retirement Center, Inc. Obligated Group) Series 2020 5.125%, 06/01/2040(a)		3,765		3,470,549
Florida Municipal Power Agency (Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) Series 2015-B 5.00%, 10/01/2024		1,000		1,032,586
5.00%, 10/01/2026		1,750		1,826,799
5.00%, 10/01/2028		1,015		1,056,026
Series 2021 1.425%, 10/01/2026		3,000		2,643,234
Florida State Board of Education (State of Florida) Series 2022-A 5.00%, 06/01/2030		5,150		5,756,304
5.00%, 06/01/2031		10,760		12,114,487
Greater Orlando Aviation Authority Series 2017-A 5.00%, 10/01/2029 (Pre-refunded/ETM)		3,000		3,202,360
5.00%, 10/01/2030 (Pre-refunded/ETM)		6,250		6,671,582
5.00%, 10/01/2031		4,085		4,173,820
Series 2019-A 5.00%, 10/01/2033		7,975		8,221,551
Hillsborough County School Board (Hillsborough County School Board COP) Series 2015 5.00%, 07/01/2026		1,480		1,534,371
Hillsborough County School Board (Hillsborough County School Board Sales Tax) AGM Series 2015 5.00%, 10/01/2023		2,650		2,694,539
Principal Amount (000)			U.S. $ Value
Hollywood Community Redevelopment Agency Series 2015 5.00%, 03/01/2023	$	1,145	$	1,152,498
JEA Electric System Revenue Series 2017-B 5.00%, 10/01/2030		1,185		1,256,972
JEA Water & Sewer System Revenue Series 2014-A 5.00%, 10/01/2025 (Pre-refunded/ETM)		1,565		1,604,797
5.00%, 10/01/2025		1,495		1,533,676
Series 2017-A 5.00%, 10/01/2026		22,290		23,686,812
Manatee County School District (Manatee County School District COP) Series 2016-A 5.00%, 07/01/2028		7,795		8,202,247
5.00%, 07/01/2029		6,215		6,548,626
North Broward Hospital District Series 2017-B 5.00%, 01/01/2029		3,000		3,079,294
5.00%, 01/01/2030		3,180		3,253,448
Orange County Health Facilities Authority (Orlando Health Obligated Group) Series 2019 5.00%, 10/01/2022		6,955		6,955,000
5.00%, 10/01/2023		5,000		5,068,385
5.00%, 10/01/2024		6,560		6,732,944
Orange County Health Facilities Authority (Presbyterian Retirement Communities, Inc. Obligated Group) Series 2023 4.00%, 08/01/2036(c)		1,000		863,240
Orange County School Board Series 2014-A 5.00%, 08/01/2028 (Pre-refunded/ETM)		25,075		25,890,115
5.00%, 08/01/2029 (Pre-refunded/ETM)		21,280		21,971,751
Polk County Industrial Development Authority (Mineral Development LLC) Series 2020 5.875%, 01/01/2033(a)		2,000		1,977,851
South Broward Hospital District (South Broward Hospital District Obligated Group) Series 2015 5.00%, 05/01/2027		3,350		3,471,860


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



Principal Amount (000)			U.S. $ Value
St. Lucie County School Board (St. Lucie County School Board Sales Tax) AGM Series 2015 5.00%, 10/01/2022	$	3,150	$	3,150,000

				236,825,271

Georgia–2.2%
City of Atlanta GA Department of Aviation Series 2014-A 5.00%, 01/01/2028		12,250		12,483,084
Series 2021-C 4.00%, 07/01/2040		1,000		893,302
4.00%, 07/01/2041		1,000		885,373
4.00%, 07/01/2042		1,250		1,100,049
5.00%, 07/01/2029		1,250		1,312,351
5.00%, 07/01/2030		1,315		1,385,189
5.00%, 07/01/2031		1,725		1,813,271
5.00%, 07/01/2032		1,000		1,046,734
5.00%, 07/01/2033		1,400		1,453,759
5.00%, 07/01/2034		3,000		3,093,627
5.00%, 07/01/2036		2,400		2,450,670
5.00%, 07/01/2037		2,500		2,549,427
Series 2022-B 5.00%, 07/01/2035		1,565		1,607,754
5.00%, 07/01/2036		2,845		2,910,527
5.00%, 07/01/2037		2,535		2,589,673
5.00%, 07/01/2039		2,765		2,795,626
5.00%, 07/01/2040		7,105		7,153,506
5.00%, 07/01/2041		7,460		7,510,929
Cobb County Kennestone Hospital Authority (WellStar Health System Obligated Group) Series 2021 5.00%, 04/01/2026		1,000		1,040,143
5.00%, 04/01/2027		250		261,147
5.00%, 04/01/2028		250		261,964
5.00%, 04/01/2029		300		314,718
5.00%, 04/01/2030		225		235,556
5.00%, 04/01/2031		250		260,730
Main Street Natural Gas, Inc. (Citadel LP) Series 2022-C 4.00%, 08/01/2052(a)		9,350		8,797,596
Main Street Natural Gas, Inc. (Royal Bank of Canada) Series 2018-A 4.00%, 04/01/2048		34,735		34,789,468
Series 2018-C 4.00%, 08/01/2048		18,000		18,035,734
Private Colleges & Universities Authority (Emory University) Series 2020-B 4.00%, 09/01/2035		1,280		1,245,359

				120,277,266

Principal Amount (000)			U.S. $ Value
Guam–0.0%
Territory of Guam Series 2019 5.00%, 11/15/2031	$	930	$	878,122

Hawaii–0.0%
State of Hawaii Harbor System Revenue Series 2020-A 4.00%, 07/01/2035		2,765		2,596,840

Idaho–0.0%
Idaho Housing & Finance Association (State of Idaho Fed Hwy Grant) Series 2015-A 5.00%, 07/15/2023		1,320		1,337,527

Illinois–5.0%
Chicago Board of Education Series 2017-F 5.00%, 12/01/2023		7,000		7,075,344
Series 2018-A 4.00%, 12/01/2022		5,500		5,501,473
5.00%, 12/01/2026		1,000		1,023,186
Series 2022-B 4.00%, 12/01/2041		11,000		9,132,829
Chicago O’Hare International Airport Series 2016-C 5.00%, 01/01/2027		3,020		3,162,768
Series 2018-A 5.00%, 01/01/2039		6,000		6,042,712
Series 2022 4.00%, 01/01/2042(c)		3,160		2,811,927
5.00%, 01/01/2029(c)		500		520,673
5.00%, 01/01/2030(c)		800		836,051
5.00%, 01/01/2033(c)		890		921,170
5.00%, 01/01/2040(c)		1,850		1,862,111
5.00%, 01/01/2041(c)		2,000		2,013,093
5.00%, 01/01/2042(c)		2,200		2,206,399
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2023		470		473,194
5.00%, 09/01/2025		600		609,834
5.00%, 09/01/2026		300		305,960
5.00%, 09/01/2027		455		464,627
5.00%, 09/01/2029		575		588,625
5.00%, 09/01/2031		1,000		1,010,853
5.00%, 09/01/2034		625		617,170
Illinois Finance Authority (NorthShore University HealthSystem Obligated Group) Series 2020 5.00%, 08/15/2029		1,000		1,082,243
5.00%, 08/15/2030		4,000		4,328,816
5.00%, 08/15/2034		2,785		2,908,283


Schedule of Investments—Diversified Municipal Portfolio		27



Principal Amount (000)			U.S. $ Value
Illinois Finance Authority (OSF Healthcare System Obligated Group) Series 2015-A 5.00%, 11/15/2027	$	1,000	$	1,031,443
5.00%, 11/15/2028		1,250		1,285,221
Illinois Finance Authority (State of Illinois Water Revolving Fund–Clean Water Program) Series 2020 4.00%, 07/01/2037		5,290		5,051,964
Illinois Finance Authority (University of Chicago (The)) Series 2021-A 5.00%, 10/01/2031		4,000		4,443,589
5.00%, 10/01/2032		3,750		4,155,861
5.00%, 10/01/2033		2,250		2,492,884
5.00%, 10/01/2037		1,350		1,450,478
5.00%, 10/01/2038		1,700		1,825,030
Illinois Municipal Electric Agency Series 2015-A 5.00%, 02/01/2027		16,370		17,041,887
5.00%, 02/01/2028		13,565		14,095,800
5.00%, 02/01/2029		12,885		13,371,611
Illinois State Toll Highway Authority Series 2014-D 5.00%, 01/01/2023		1,185		1,190,272
Metropolitan Pier & Exposition Authority Series 2022 4.00%, 12/15/2042		2,745		2,237,053
Metropolitan Water Reclamation District of Greater Chicago Series 2007-B 5.25%, 12/01/2034		7,075		8,102,676
Railsplitter Tobacco Settlement Authority Series 2017 5.00%, 06/01/2024		10,020		10,237,683
5.00%, 06/01/2025		12,450		12,853,141
State of Illinois Series 2013 5.50%, 07/01/2024		5,415		5,474,517
Series 2013-A 5.00%, 04/01/2023		4,415		4,444,683
Series 2014 5.00%, 02/01/2024		3,500		3,547,531
5.00%, 05/01/2025		18,120		18,341,615
5.00%, 05/01/2027		5,000		5,047,045
Series 2016 5.00%, 02/01/2029		1,100		1,117,785
Series 2017-A 5.00%, 12/01/2024		8,590		8,733,389
Series 2017-D 5.00%, 11/01/2024		55,520		56,437,279
5.00%, 11/01/2028		1,675		1,707,221
Principal Amount (000)			U.S. $ Value
Series 2019-B 4.00%, 11/01/2033	$	9,000	$	8,169,565
Series 2020 5.50%, 05/01/2039		1,500		1,526,873
Series 2022-B 5.25%, 10/01/2037(c)		4,000		4,031,597

				274,945,034

Indiana–0.7%
City of Whiting IN (BP Products North America, Inc.) Series 2019 5.00%, 12/01/2044		9,670		9,923,372
Indiana Finance Authority (Fulcrum Centerpoint LLC) Series 2021 0.28%, 12/15/2045		12,000		11,945,385
Indiana Finance Authority (Good Samaritan Hospital Obligated Group) Series 2022 5.00%, 04/01/2024		715		726,291
5.00%, 04/01/2025		750		767,353
5.00%, 04/01/2026		790		813,628
5.00%, 04/01/2027		830		856,649
5.00%, 04/01/2028		875		903,376
Indiana Finance Authority (Indiana University Health, Inc. Obligated Group) Series 2015 4.00%, 12/01/2040		11,690		10,699,841
Indiana Finance Authority (Ohio Valley Electric Corp.) Series 2021-B 2.50%, 11/01/2030		1,895		1,602,199

				38,238,094

Iowa–0.5%
Iowa Finance Authority (Iowa Fertilizer Co. LLC) Series 2022 4.00%, 12/01/2050		5,450		4,942,638
Iowa Finance Authority (Iowa Finance Authority State Revolving Fund) Series 2021-A 5.00%, 08/01/2038		5,460		5,922,945
PEFA, Inc. (Goldman Sachs Group, Inc. (The)) Series 2019 5.00%, 09/01/2049		14,000		14,213,550

				25,079,133

Kansas–0.1%
City of Junction City KS Series 2016-A 5.00%, 09/01/2023		3,805		3,863,150


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



Principal Amount (000)			U.S. $ Value
Kentucky–2.4%
County of Carroll KY (Kentucky Utilities Co.) Series 2019 1.75%, 10/01/2034	$	3,835	$	3,378,579
Kentucky Economic Development Finance Authority (Baptist Healthcare System Obligated Group) Series 2017-B 5.00%, 08/15/2029		1,000		1,042,651
5.00%, 08/15/2041		1,260		1,253,121
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group) Series 2017-A 5.00%, 06/01/2028		8,780		9,047,001
5.00%, 06/01/2030		5,870		6,023,902
Kentucky Public Energy Authority (BP PLC) Series 2018-B 4.00%, 01/01/2049		24,850		24,760,135
Kentucky Public Energy Authority (Morgan Stanley) Series 2018-A 4.00%, 04/01/2048		18,590		18,550,132
Series 2018-C 4.00%, 12/01/2049		36,475		36,238,959
Series 2019-A 4.00%, 12/01/2049		10,895		10,851,553
Series 2022-A 4.00%, 08/01/2052		10,000		9,511,694
Kentucky Turnpike Authority Series 2016-A 5.00%, 07/01/2023		2,365		2,394,991
5.00%, 07/01/2024		3,420		3,516,990
5.00%, 07/01/2025		2,515		2,622,101
5.00%, 07/01/2027		5,075		5,340,141

				134,531,950

Louisiana–0.5%
Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax Series 2015 5.00%, 08/01/2027		6,450		6,688,315
5.00%, 08/01/2028		2,535		2,622,458
Parish of St. James LA (NuStar Logistics LP) Series 2020 5.85%, 08/01/2041(a)		2,250		2,308,139
6.10%, 06/01/2038(a)		3,030		3,223,820
6.10%, 12/01/2040(a)		2,595		2,760,995
St. Tammany Parish Finance Authority (Christwood) Series 2015 5.25%, 11/15/2029		1,200		1,191,504
Principal Amount (000)			U.S. $ Value
State of Louisiana Gasoline & Fuels Tax Revenue Series 2022-A 2.586% (SOFR + 0.50%), 05/01/2043(b)	$	10,420	$	10,024,675

				28,819,906

Maine–0.0%
Maine Municipal Bond Bank Series 2014-A 5.00%, 09/01/2025		1,000		1,029,604

Maryland–0.9%
County of Baltimore MD Series 2022 4.00%, 03/01/2038		5,000		4,765,294
County of Frederick MD Series 2019-A 5.00%, 08/01/2027 (Pre-refunded/ETM)		165		178,078
County of Howard MD Series 2020-A 5.00%, 08/15/2031		4,825		5,385,451
5.00%, 08/15/2032		3,640		4,039,419
Maryland Economic Development Corp. (Purple Line Transit Partners LLC) Series 2022 5.00%, 11/12/2028		15,000		15,404,949
Maryland Health & Higher Educational Facilities Authority (UPMC Obligated Group) Series 2020-B 5.00%, 04/15/2028		1,420		1,488,342
5.00%, 04/15/2029		1,500		1,569,549
5.00%, 04/15/2031		1,365		1,428,029
State of Maryland Series 2021-A 5.00%, 08/01/2034		8,940		9,916,641
State of Maryland Department of Transportation (Baltimore/Washington International Thurgood Marshall Airport) Series 2021 5.00%, 08/01/2026		1,500		1,548,432
5.00%, 08/01/2028		1,050		1,094,403
5.00%, 08/01/2029		700		733,561
5.00%, 08/01/2033		1,000		1,030,942
5.00%, 08/01/2034		1,000		1,026,727

				49,609,817

Massachusetts–2.2%
Commonwealth of Massachusetts Series 2016-B 5.00%, 07/01/2023		3,965		4,022,590
Series 2017-D 5.00%, 02/01/2036		4,435		4,626,844


Schedule of Investments—Diversified Municipal Portfolio		29



Principal Amount (000)			U.S. $ Value
Series 2017C 5.00%, 10/01/2022	$	2,350	$	2,350,000
Series 2018-B 5.00%, 01/01/2031		3,685		3,964,715
Series 2022-B 4.00%, 02/01/2040		13,000		12,258,121
AGC Series 2007-A 2.434% (LIBOR 3 Month + 0.57%), 05/01/2037(b)		15,250		14,361,932
Commonwealth of Massachusetts (Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue) Series 2022-B 4.11%, 07/15/2031		7,250		6,955,251
Commonwealth of Massachusetts Transportation Fund Revenue Series 2021 5.00%, 06/01/2041		10,340		11,031,619
Massachusetts Bay Transportation Authority Assessment Revenue Series 2022-A 4.00%, 07/01/2039		2,270		2,134,209
Massachusetts Development Finance Agency (Brandeis University) Series 2019-S 5.00%, 10/01/2025		2,670		2,787,947
5.00%, 10/01/2026		2,535		2,675,406
5.00%, 10/01/2027		2,140		2,279,307
5.00%, 10/01/2028		2,340		2,511,846
5.00%, 10/01/2029		1,000		1,073,452
5.00%, 10/01/2030		1,000		1,068,005
5.00%, 10/01/2031		1,010		1,072,662
5.00%, 10/01/2032		1,055		1,116,975
5.00%, 10/01/2033		1,625		1,712,347
Massachusetts Development Finance Agency (Mass General Brigham, Inc.) Series 2017-S1 5.00%, 07/01/2025		7,565		7,873,046
5.00%, 07/01/2028		7,500		8,025,696
5.00%, 07/01/2029		9,000		9,626,115
Massachusetts Development Finance Agency (Trustees of Boston College) Series 2020-U 5.00%, 07/01/2028		950		1,031,072
Massachusetts Development Finance Agency (Wellforce Obligated Group) Series 2019-A 5.00%, 07/01/2028		1,425		1,474,986
5.00%, 07/01/2030		2,100		2,150,161
5.00%, 07/01/2032		2,000		2,023,289
5.00%, 07/01/2033		2,000		2,010,099
AGM Series 2020-C 5.00%, 10/01/2026		325		339,550
Principal Amount (000)			U.S. $ Value
5.00%, 10/01/2027	$	440	$	463,498
5.00%, 10/01/2028		500		530,634
5.00%, 10/01/2029		295		315,508
5.00%, 10/01/2030		315		338,423
5.00%, 10/01/2031		375		395,745
5.00%, 10/01/2032		245		255,910
Massachusetts Port Authority Series 2021-E 5.00%, 07/01/2036		8,615		8,890,413

				123,747,373

Michigan–5.3%
Bloomfield Hills School District Series 2023 5.00%, 05/01/2027(c)		600		627,280
5.00%, 05/01/2028(c)		635		669,348
5.00%, 05/01/2029(c)		700		743,440
5.00%, 05/01/2030(c)		635		678,865
5.00%, 05/01/2032(c)		1,100		1,188,589
City of Detroit MI Sewage Disposal System Revenue (Great Lakes Water Authority Sewage Disposal System Revenue) AGM Series 2006-D 2.094% (LIBOR 3 Month + 0.60%), 07/01/2032(b)		14,000		13,638,271
Great Lakes Water Authority Water Supply System Revenue Series 2016-C 5.00%, 07/01/2024		2,700		2,781,198
5.00%, 07/01/2025		9,805		10,235,630
Kalamazoo Economic Development Corp. (Heritage Community of Kalamazoo Obligated Group) Series 2020 2.625%, 05/15/2025		1,150		1,084,352
Lake Orion Community School District Series 2016 5.00%, 05/01/2024		2,915		2,992,072
Michigan Finance Authority (Bronson Healthcare Group Obligated Group) Series 2020 5.00%, 05/15/2036		48,585		49,208,807
Michigan Finance Authority (City of Detroit MI Income Tax) Series 2015 3.80%, 10/01/2022		500		500,000
3.875%, 10/01/2023		2,000		1,987,935
4.00%, 10/01/2024		3,000		2,969,696
4.50%, 10/01/2029		12,065		11,989,197


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



Principal Amount (000)			U.S. $ Value
Michigan Finance Authority (Great Lakes Water Authority Sewage Disposal System Revenue) AGM Series 2014 5.00%, 07/01/2025	$	22,045	$	22,696,622
5.00%, 07/01/2027		17,895		18,384,129
Michigan Finance Authority (Great Lakes Water Authority Water Supply System Revenue) AGM Series 2014-D2 5.00%, 07/01/2024		7,770		7,999,671
5.00%, 07/01/2025		16,525		17,013,457
5.00%, 07/01/2026		25,000		25,730,397
5.00%, 07/01/2027		5,060		5,198,306
Michigan Finance Authority (Michigan Finance Authority School Loan Revolving Fund) Series 2019 2.366%, 09/01/2049		15,000		14,687,868
Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) Series 2020-A 4.00%, 06/01/2034		2,000		1,867,282
4.00%, 06/01/2035		1,000		926,226
4.00%, 06/01/2036		1,000		919,187
4.00%, 06/01/2037		1,000		910,836
4.00%, 06/01/2038		1,000		901,626
4.00%, 06/01/2039		2,000		1,788,341
5.00%, 06/01/2025		610		624,629
5.00%, 06/01/2026		1,290		1,326,589
5.00%, 06/01/2028		1,000		1,036,997
5.00%, 06/01/2029		2,000		2,085,461
5.00%, 06/01/2031		745		774,760
Michigan Finance Authority (Public Lighting Authority) Series 2014 5.00%, 07/01/2030		1,600		1,618,905
Series 2014-B 5.00%, 07/01/2027		4,990		5,058,452
5.00%, 07/01/2031		2,460		2,485,519
Michigan Finance Authority (Trinity Health Corp.) Series 2019 4.00%, 12/01/2040		5,595		5,098,483
Series 2015 5.00%, 12/01/2023		5,675		5,782,936
5.00%, 12/01/2024		4,400		4,548,005
5.00%, 12/01/2025		3,000		3,114,193
5.50%, 12/01/2026		4,500		4,714,286
5.50%, 12/01/2027		2,720		2,841,568
Michigan Strategic Fund (Michigan Strategic Fund–I 75 Improvement Project) Series 2018 5.00%, 12/31/2024		3,210		3,235,442
Principal Amount (000)			U.S. $ Value
5.00%, 12/31/2025	$	2,200	$	2,221,587
5.00%, 06/30/2026		2,400		2,423,706
5.00%, 12/31/2026		5,770		5,832,252
5.00%, 06/30/2027		7,635		7,714,152
5.00%, 12/31/2027		5,770		5,833,842
5.00%, 06/30/2028		4,645		4,692,481

				293,382,873

Missouri–0.4%
Cape Girardeau County Industrial Development Authority (SoutheastHEALTH Obligated Group) Series 2017-A 5.00%, 03/01/2025		1,445		1,466,421
5.00%, 03/01/2028		1,375		1,403,306
City of Kansas City MO (City of Kansas City MO Lease) Series 2022 5.00%, 09/01/2037		4,000		4,246,934
Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group) Series 2021-A 4.00%, 07/01/2033		4,000		3,854,797
4.00%, 07/01/2034		2,000		1,910,011
4.00%, 07/01/2035		1,500		1,422,845
4.00%, 07/01/2039		5,000		4,614,561
4.00%, 07/01/2040		1,500		1,374,401
Howard Bend Levee District XLCA INS Series 2005 5.75%, 03/01/2025		845		855,297
5.75%, 03/01/2027		775		785,606
Missouri Joint Municipal Electric Utility Commission Series 2014-A 5.00%, 01/01/2025		2,630		2,718,780

				24,652,959

Montana–0.3%
Montana Facility Finance Authority (Benefis Health System Obligated Group) Series 2016 5.00%, 02/15/2025		2,500		2,556,722
5.00%, 02/15/2026		3,190		3,288,291
5.00%, 02/15/2027		6,950		7,218,037
5.00%, 02/15/2028		2,375		2,465,391

				15,528,441

Nebraska–1.1%
Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) Series 2018 5.00%, 03/01/2050		57,480		58,008,684


Schedule of Investments—Diversified Municipal Portfolio		31



Principal Amount (000)			U.S. $ Value
Nevada–0.9%
City of Las Vegas NV Series 2015-C 5.00%, 09/01/2023	$	5,675	$	5,766,835
5.00%, 09/01/2026		2,930		3,088,194
Clark County School District Series 2016-D 5.00%, 06/15/2024		26,915		27,570,364
County of Clark NV Series 2017 5.00%, 06/01/2024		6,530		6,719,680
Las Vegas Valley Water District Series 2016-B 5.00%, 06/01/2028		4,590		4,859,036

				48,004,109

New Hampshire–0.8%
New Hampshire Business Finance Authority Series 2020-1, Class A 4.125%, 01/20/2034		9,177		8,503,150
Series 2022-1, Class A 4.375%, 09/20/2036		24,923		22,693,575
Series 2022-2 0.35%, 09/20/2036		20,000		473,952
New Hampshire Business Finance Authority (Covanta Holding Corp.) Series 2018-A 4.00%, 11/01/2027(a)		2,250		2,136,616
New Hampshire Business Finance Authority (New Hampshire Business Finance Authority) National Finance Authority Series 2022-2 0.674%, 10/20/2036		10,000		520,125
4.00%, 10/20/2036		10,000		8,742,673

				43,070,091

New Jersey–5.8%
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) Series 2019 5.25%, 04/01/2026		4,930		5,126,953
New Jersey Economic Development Authority (NYNJ Link Borrower LLC) Series 2013 5.50%, 01/01/2026		1,000		1,013,784
5.50%, 01/01/2027		1,000		1,013,081
Principal Amount (000)			U.S. $ Value
New Jersey Economic Development Authority (Port Newark Container Terminal LLC) Series 2017 5.00%, 10/01/2022	$	1,755	$	1,755,000
5.00%, 10/01/2023		1,500		1,513,709
5.00%, 10/01/2024		2,000		2,030,258
5.00%, 10/01/2025		2,750		2,807,360
New Jersey Economic Development Authority (Rutgers The State University of New Jersey) Series 2013 5.00%, 06/15/2025		1,000		1,009,977
5.00%, 06/15/2026		3,500		3,533,472
New Jersey Economic Development Authority (United Airlines, Inc.) Series 2012 5.25%, 09/15/2029		3,920		3,877,256
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2027		12,830		13,413,911
5.00%, 06/15/2028		975		1,012,145
Series 2018-A 5.00%, 06/15/2029		3,050		3,157,624
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2019 5.00%, 12/15/2031		3,195		3,303,951
Series 2018-A 5.00%, 12/15/2027		8,605		8,944,509
5.00%, 12/15/2029		38,555		40,141,858
5.00%, 12/15/2030		5,885		6,102,655
5.00%, 12/15/2032		5,230		5,353,179
5.00%, 12/15/2033		7,230		7,352,094
Series 2019 5.00%, 12/15/2028		4,000		4,168,892
5.00%, 06/15/2029		1,525		1,588,939
Series 2019-B 5.00%, 06/15/2033		3,885		3,957,019
Series 2020-A 5.00%, 06/15/2035		1,810		1,833,429
Series 2022-A 5.00%, 06/15/2034		11,635		11,795,115
New Jersey Turnpike Authority Series 2014-A 5.00%, 01/01/2027		5,040		5,176,329
5.00%, 01/01/2028		40,000		41,073,132
5.00%, 01/01/2029		30,900		31,723,436
Series 2014-C 5.00%, 01/01/2024		14,720		15,022,767


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



Principal Amount (000)			U.S. $ Value
Series 2017-A 5.00%, 01/01/2029	$	7,235	$	7,636,185
Series 2017-B 5.00%, 01/01/2029		10,000		10,673,645
5.00%, 01/01/2030		14,830		15,813,683
5.00%, 01/01/2031		15,220		16,187,322
Series 2021-B 1.713%, 01/01/2029		6,625		5,438,574
AGM Series 2005-D3 5.25%, 01/01/2026		14,770		15,581,818
South Jersey Transportation Authority BAM Series 2022 5.00%, 11/01/2036		450		472,882
5.00%, 11/01/2037		400		419,007
Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/2023		1,500		1,516,494
5.00%, 06/01/2025		4,125		4,239,876
5.00%, 06/01/2026		3,000		3,104,875
5.00%, 06/01/2027		4,000		4,146,780
5.00%, 06/01/2028		2,140		2,221,612
5.00%, 06/01/2035		2,620		2,655,387

				318,909,974

New York–12.6%
City of New York NY Series 2014-A 5.00%, 08/01/2027		1,130		1,161,263
Series 2015-A 5.00%, 08/01/2023		2,040		2,070,482
Series 2018-D 5.00%, 12/01/2039		2,435		2,517,574
Series 2020-A 5.00%, 08/01/2024		1,260		1,300,053
Series 2020-C 5.00%, 08/01/2032		3,150		3,409,102
Series 2021 1.396%, 08/01/2027		18,750		15,968,569
Series 2021-A 4.00%, 08/01/2038		1,000		938,752
5.00%, 08/01/2033		2,025		2,196,297
Series 2021-F 5.00%, 06/01/2044		5,000		5,064,474
Series 2021-L 5.00%, 04/01/2034		4,000		4,304,062
County of Nassau NY Series 2017-C 5.00%, 10/01/2026		8,840		9,332,994
Dutchess County Local Development Corp. (Bard College) Series 2020-B 5.918%, 07/01/2039(a)		4,875		4,703,175
Metropolitan Transportation Authority Series 2012 5.00%, 11/15/2026		2,535		2,540,716
Principal Amount (000)			U.S. $ Value
Series 2012-D 5.00%, 11/15/2028	$	6,890	$	6,902,342
Series 2012-F 5.00%, 11/15/2022		1,170		1,172,261
5.00%, 11/15/2024		26,915		26,961,929
5.00%, 11/15/2025		15,275		15,301,343
5.00%, 11/15/2026		12,270		12,294,822
Series 2012-H 5.00%, 11/15/2026		195		195,417
Series 2013-B 5.00%, 11/15/2026 (Pre-refunded/ETM)		9,505		9,698,172
Series 2014-A 5.00%, 11/15/2026 (Pre-refunded/ETM)		4,205		4,290,459
5.00%, 11/15/2027 (Pre-refunded/ETM)		4,040		4,122,106
Series 2014-C 5.00%, 11/15/2027 (Pre-refunded/ETM)		5,000		5,186,798
Series 2017-C 5.00%, 11/15/2028		1,610		1,657,740
5.00%, 11/15/2030		56,065		57,462,773
5.00%, 11/15/2031		5,455		5,545,043
5.00%, 11/15/2033		8,500		8,485,906
Series 2021-D 2.327% (SOFR + 0.33%), 11/01/2035(b)		9,500		9,202,295
Metropolitan Transportation Authority (Metropolitan Transportation Authority Dedicated Tax Fund) Series 2012-A 5.00%, 11/15/2027		4,505		4,513,858
New York City Transitional Finance Authority Building Aid Revenue (New York City Transitional Finance Authority Building Aid Revenue State Lease) Series 2018-S 5.00%, 07/15/2031		28,000		30,264,945
5.00%, 07/15/2032		25,945		27,819,936
New York City Transitional Finance Authority Future Tax Secured Revenue Series 2012-A 5.00%, 08/01/2025		12,345		12,346,922
Series 2012-B 5.00%, 11/01/2023		20,000		20,028,116
Series 2017-A 5.00%, 08/01/2033		4,860		5,086,461
Series 2019-B 5.00%, 11/01/2035		17,960		18,880,164
5.00%, 11/01/2036		41,825		43,774,564
Series 2021-B 4.00%, 08/01/2037		9,200		8,791,910
4.00%, 08/01/2038		6,030		5,699,771
Series 2021-E 4.00%, 02/01/2040		4,335		4,052,547


Schedule of Investments—Diversified Municipal Portfolio		33



Principal Amount (000)			U.S. $ Value
New York Liberty Development Corp. (One Bryant Park LLC) Series 2019 2.45%, 09/15/2069	$	4,250	$	3,767,005
2.80%, 09/15/2069		11,555		9,481,240
New York State Dormitory Authority Series 2014-C 5.00%, 03/15/2027 (Pre-refunded/ETM)		2,015		2,067,673
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2020-D 5.00%, 02/15/2029		8,455		9,182,970
5.00%, 02/15/2034		17,525		18,688,639
Series 2022-A 4.00%, 03/15/2040		22,190		20,536,051
4.00%, 03/15/2042		10,090		9,232,855
New York State Thruway Authority (State of New York Pers Income Tax) Series 2021-A 4.00%, 03/15/2036		5,000		4,835,590
Series 2022-A 5.00%, 03/15/2039		4,000		4,226,250
New York State Urban Development Corp. Series 2013-C 5.00%, 03/15/2025 (Pre-refunded/ETM)		25,165		25,378,487
5.00%, 03/15/2026 (Pre-refunded/ETM)		38,460		38,786,275
New York State Urban Development Corp. (State of New York Pers Income Tax) Series 2016-A 5.00%, 03/15/2024		4,010		4,112,456
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 5.00%, 01/01/2027		25,115		25,220,430
5.00%, 01/01/2028		22,110		22,105,543
5.00%, 01/01/2029		27,145		27,049,490
New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2022 5.00%, 12/01/2039		7,000		6,738,068
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) Series 2016-A 5.00%, 07/01/2046		2,095		1,987,699
Principal Amount (000)			U.S. $ Value
Port Authority of New York & New Jersey Series 2013-178 5.00%, 12/01/2028	$	3,385	$	3,423,190
Series 2019 4.00%, 11/01/2037		2,915		2,639,398
Series 2020-2 5.00%, 07/15/2033		5,910		6,130,726
Series 2021-2 4.00%, 07/15/2037		2,980		2,703,674
Suffolk Tobacco Asset Securitization Corp. Series 2021 5.00%, 06/01/2027		1,045		1,083,212
5.00%, 06/01/2029		2,080		2,170,384
5.00%, 06/01/2033		2,395		2,461,742
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021-A 2.411%, 05/15/2034		14,725		11,319,308
2.591%, 05/15/2036		2,000		1,507,206
Series 2022 5.00%, 05/15/2030		7,000		7,706,938
Series 2022-A 5.00%, 08/15/2024		16,500		17,053,240

				696,841,852

North Carolina–0.2%
County of Wake NC (County of Wake NC Lease) Series 2021 4.00%, 03/01/2038		1,525		1,451,415
Greater Asheville Regional Airport Authority AGM Series 2022-A 5.00%, 07/01/2035		1,740		1,784,790
5.00%, 07/01/2036		1,500		1,534,548
5.00%, 07/01/2037		1,250		1,275,979
5.25%, 07/01/2038		1,200		1,250,396
5.25%, 07/01/2039		1,300		1,351,669
5.25%, 07/01/2040		3,220		3,339,806
5.25%, 07/01/2042		1,140		1,176,829

				13,165,432

North Dakota–0.1%
County of Ward ND (Trinity Health Obligated Group) Series 2017-C 5.00%, 06/01/2028		2,000		1,980,297
5.00%, 06/01/2030		3,000		2,879,587

				4,859,884

Ohio–1.2%
American Municipal Power, Inc. Series 2021 4.00%, 02/15/2036		1,000		935,427


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



Principal Amount (000)			U.S. $ Value
Buckeye Tobacco Settlement Financing Authority Series 2020-A 4.00%, 06/01/2037	$	2,000	$	1,832,518
4.00%, 06/01/2038		1,000		907,359
County of Allen OH Hospital Facilities Revenue (Bon Secours Mercy Health, Inc.) Series 2017-A 5.00%, 08/01/2026		10,000		10,478,067
5.00%, 08/01/2027		8,465		8,961,153
5.00%, 08/01/2028		1,955		2,079,290
Series 2020 5.00%, 12/01/2028		5,400		5,790,232
5.00%, 12/01/2029		1,565		1,689,327
County of Cuyahoga OH (MetroHealth System (The)) Series 2017 5.00%, 02/15/2026		2,745		2,840,066
5.00%, 02/15/2027		2,710		2,804,642
County of Franklin OH (Nationwide Children’s Hospital, Inc.) Series 2017-A 5.00%, 11/01/2031		1,000		1,058,992
County of Hamilton OH Sewer System Revenue Series 2019-A 5.00%, 12/01/2034		9,375		10,202,027
County of Washington OH (Marietta Area Health Care, Inc. Obligated Group) Series 2022 5.50%, 12/01/2027		800		758,852
6.375%, 12/01/2037		5,000		4,592,553
Hamilton County Convention Facilities Authority Series 2014 5.00%, 12/01/2022		2,240		2,245,670
5.00%, 12/01/2023		1,230		1,250,865
Ohio Water Development Authority Water Pollution Control Loan Fund Series 2020-A 5.00%, 12/01/2032		4,970		5,457,845

				63,884,885

Oklahoma–0.2%
Comanche County Memorial Hospital Series 2015 5.00%, 07/01/2026		1,235		1,255,781
5.00%, 07/01/2028		1,280		1,300,977
McGee Creek Authority NATL Series 1992 6.00%, 01/01/2023		510		512,596
Oklahoma Development Finance Authority Series 2022 4.38%, 11/01/2045		4,000		3,655,007
Principal Amount (000)			U.S. $ Value
Oklahoma Development Finance Authority (Gilcrease Expressway West) Series 2020 1.625%, 07/06/2023	$	3,005	$	2,926,066
Oklahoma Development Finance Authority (OU Medicine, Inc.) Series 2022-A 5.50%, 08/15/2037		4,245		3,769,677

				13,420,104

Oregon–0.6%
Hospital Facilities Authority of Multnomah County Oregon (Mirabella at South Waterfront) Series 2014-A 5.00%, 10/01/2024		430		430,972
Medford Hospital Facilities Authority (Asante Health System Obligated Group) Series 2020-A 5.00%, 08/15/2030		415		434,722
5.00%, 08/15/2031		1,245		1,298,372
5.00%, 08/15/2033		500		517,322
5.00%, 08/15/2034		875		901,962
5.00%, 08/15/2035		755		774,162
5.00%, 08/15/2036		1,300		1,335,253
Port of Portland OR Airport Revenue Series 2020-T 5.00%, 07/01/2035		4,290		4,378,771
Series 2022-2 4.00%, 07/01/2038		11,255		10,248,227
4.00%, 07/01/2040		7,170		6,404,978
Salem Hospital Facility Authority (Salem Health Obligated Group) Series 2019 5.00%, 05/15/2038		2,205		2,216,396
State of Oregon Department of Administrative Services (State of Oregon Department of Administrative Services COP) Series 2009-D 5.00%, 11/01/2022		35		35,051
5.00%, 11/01/2023		10		10,015
Tri-County Metropolitan Transportation District of Oregon Series 2018-A 5.00%, 10/01/2028		2,335		2,495,936

				31,482,139

Other–1.1%
Federal Home Loan Mortgage Corp. Series 2021-ML12, Class AUS 2.34%, 07/25/2041(a)		7,448		5,894,203


Schedule of Investments—Diversified Municipal Portfolio		35



Principal Amount (000)			U.S. $ Value
Federal Home Loan Mortgage Corp. Enhanced Receipt Series 2019-A, Class 1 3.87%, 11/15/2035(a)	$	23,651	$	21,743,392
Series 2019-C, Class 1 3.87%, 11/15/2035(a)		5,517		5,071,660
Series 2019-D, Class 1 3.87%, 11/01/2051(a)		5,037		4,631,037
Series 2019-E, Class 1 3.87%, 11/15/2035(a)		3,384		3,111,337
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates Series 2019-M 2.60%, 09/15/2033(a)		9,570		8,014,286
2.625%, 06/15/2035(a)		9,625		8,020,836
2.65%, 06/15/2035(a)		4,820		4,002,475

				60,489,226

Pennsylvania–6.4%
Allegheny County Airport Authority Series 2021-A 4.00%, 01/01/2038		5,000		4,467,527
4.00%, 01/01/2039		2,235		1,987,151
Allegheny County Hospital Development Authority (UPMC Obligated Group) Series 2019 5.00%, 07/15/2030		5,290		5,528,623
5.00%, 07/15/2032		6,500		6,728,812
5.00%, 07/15/2033		7,600		7,839,009
Allegheny County Sanitary Authority Series 2015 5.00%, 12/01/2023		3,500		3,571,378
Chester County Industrial Development Authority (Collegium Charter School) Series 2022 5.00%, 10/15/2032(a)		1,025		994,317
City of Philadelphia PA Series 2017-A 5.00%, 08/01/2027		12,000		12,725,147
5.00%, 08/01/2028		12,310		13,053,302
5.00%, 08/01/2029		9,970		10,608,052
5.00%, 08/01/2030		4,000		4,242,350
5.00%, 08/01/2032		8,010		8,424,169
Series 2019-A 5.00%, 08/01/2026		1,420		1,492,548
Series 2019-B 5.00%, 02/01/2030		1,005		1,079,775
City of Philadelphia PA Water & Wastewater Revenue Series 2016 5.00%, 10/01/2024		7,000		7,239,047
5.00%, 10/01/2025		7,750		8,114,828
5.00%, 10/01/2026		2,675		2,838,518
Commonwealth of Pennsylvania Series 2016 5.00%, 09/15/2024		9,575		9,891,342
Principal Amount (000)			U.S. $ Value
Series 2017 5.00%, 01/01/2026	$	6,065	$	6,385,342
5.00%, 01/01/2027		14,415		15,385,994
Geisinger Authority (Geisinger Health System Obligated Group) Series 2020 5.00%, 04/01/2043		2,500		2,637,735
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) Series 2017 5.00%, 07/01/2025		6,000		6,135,323
AGM Series 2022 4.00%, 07/01/2038		10,000		8,906,081
4.00%, 07/01/2039		10,000		8,848,250
Montgomery County Higher Education and Health Authority (HumanGood Pennsylvania Obligated Group) Series 2017 5.00%, 12/01/2027		2,250		2,278,825
5.00%, 12/01/2032		2,750		2,759,735
Montgomery County Higher Education and Health Authority (Thomas Jefferson University Obligated Group) Series 2018 5.00%, 09/01/2026		1,400		1,460,975
5.00%, 09/01/2027		1,750		1,828,524
5.00%, 09/01/2028		1,500		1,574,608
5.00%, 09/01/2029		3,000		3,134,679
5.00%, 09/01/2030		3,000		3,111,071
Series 2019 5.00%, 09/01/2030		1,710		1,782,553
5.00%, 09/01/2032		1,200		1,241,723
Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) Series 2015 5.00%, 06/30/2026		8,540		8,679,955
5.00%, 12/31/2026		4,500		4,569,444
5.00%, 06/30/2027		12,450		12,626,363
5.00%, 12/31/2027		6,000		6,077,577
5.00%, 06/30/2028		10,790		10,920,181
5.00%, 12/31/2028		8,910		9,009,792
5.00%, 06/30/2042		1,000		961,183
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) Series 2020-A1 5.00%, 04/15/2028		3,000		3,144,384
5.00%, 04/15/2029		3,000		3,139,099
5.00%, 04/15/2030		1,395		1,465,107
5.00%, 04/15/2031		1,635		1,710,496


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



Principal Amount (000)			U.S. $ Value
Series 2022-C 3.16% (MUNIPSA + 0.70%), 11/15/2047(b)	$	10,500	$	10,165,485
Pennsylvania Higher Educational Facilities Authority (University of Pennsylvania Health System Obligated Group (The)) Series 2017 4.00%, 08/15/2042		2,720		2,440,784
Series 2022 4.00%, 08/15/2038		1,065		980,948
4.00%, 08/15/2040		1,345		1,226,613
5.00%, 08/15/2029		825		898,077
5.00%, 08/15/2030		750		822,342
Pennsylvania Turnpike Commission Series 2017-B 5.00%, 06/01/2028		7,025		7,402,380
5.00%, 06/01/2030		6,255		6,569,544
Series 2019 5.00%, 12/01/2022		5,250		5,265,398
5.00%, 12/01/2029		8,000		8,694,049
5.00%, 12/01/2030		5,890		6,382,334
Series 2022-A 5.00%, 12/01/2036		1,000		1,066,147
Philadelphia Authority for Industrial Development (MaST Community Charter School III) Series 2021 5.00%, 08/01/2030		1,060		1,068,629
5.00%, 08/01/2040		3,445		3,285,578
Philadelphia Authority for Industrial Development (St. Joseph’s University) Series 2020 4.00%, 11/01/2035		1,700		1,539,700
4.00%, 11/01/2036		1,510		1,357,367
4.00%, 11/01/2037		1,350		1,203,538
4.00%, 11/01/2038		1,000		883,415
5.00%, 11/01/2027		835		870,815
5.00%, 11/01/2028		1,000		1,049,789
5.00%, 11/01/2029		1,000		1,055,992
5.00%, 11/01/2030		1,750		1,838,849
5.00%, 11/01/2031		1,685		1,756,944
5.00%, 11/01/2032		1,810		1,879,797
5.00%, 11/01/2033		1,750		1,810,531
5.00%, 11/01/2034		2,110		2,176,035
School District of Philadelphia (The) Series 2016-D 5.00%, 09/01/2024		8,360		8,598,122
Series 2016-F 5.00%, 09/01/2023		5,000		5,070,572
5.00%, 09/01/2024		24,200		24,889,301

				352,849,969

Principal Amount (000)			U.S. $ Value
Puerto Rico–0.7%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024	$	32	$	28,971
Zero Coupon, 07/01/2033		1,346		742,082
4.00%, 07/01/2033		1,674		1,472,356
4.00%, 07/01/2035		85		72,436
4.00%, 07/01/2037		73		59,678
4.00%, 07/01/2041		99		77,173
4.00%, 07/01/2046		103		76,972
5.25%, 07/01/2023		1,803		1,810,659
5.375%, 07/01/2025		2,270		2,291,941
5.625%, 07/01/2027		4,709		4,806,830
5.625%, 07/01/2029		1,882		1,925,258
5.75%, 07/01/2031		624		636,593
Series 2022-C 0.00%, 11/01/2043		655		327,533
PR Custodial Trust Series 2022 5.50%, 07/01/2029		77		77,860
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		5,150		5,101,093
Puerto Rico Highway & Transportation Authority AGC Series 2005-L 5.25%, 07/01/2041		4,260		4,141,903
AGC Series 2007-C 5.50%, 07/01/2031		510		513,965
AGC Series 2007-N 5.25%, 07/01/2034		5,100		4,992,470
5.25%, 07/01/2036		5,425		5,298,755
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024		5,190		4,795,144

				39,249,672

Rhode Island–0.6%
Providence Public Building Authority (City of Providence RI Lease) AGM Series 2020-A 5.00%, 09/15/2028		3,900		4,238,869
5.00%, 09/15/2029		4,625		5,083,718
5.00%, 09/15/2030		1,670		1,821,604
5.00%, 09/15/2032		2,195		2,358,296
Rhode Island Commerce Corp. (State of Rhode Island DOT Fed Hwy Grant) Series 2016-B 5.00%, 06/15/2027		10,565		11,182,573
Tobacco Settlement Financing Corp./RI Series 2015-A 5.00%, 06/01/2023		6,635		6,700,386

				31,385,446


Schedule of Investments—Diversified Municipal Portfolio		37



Principal Amount (000)			U.S. $ Value
South Carolina–1.8%
County of Charleston SC Series 2021 5.00%, 11/01/2031	$	10,335	$	11,656,875
Patriots Energy Group Financing Agency (Royal Bank of Canada) Series 2018-A 4.00%, 10/01/2048		48,725		48,829,228
SCAGO Educational Facilities Corp. for Pickens School District (SCAGO Educational Facilities Corp. for Pickens School District Lease) Series 2015 5.00%, 12/01/2022		1,500		1,504,038
5.00%, 12/01/2026		3,000		3,109,025
5.00%, 12/01/2027		2,500		2,590,005
South Carolina Association of Governmental Organizations Series 2022-B 4.00%, 03/01/2023		8,935		8,967,468
South Carolina Public Service Authority Series 2016-A 5.00%, 12/01/2030		1,435		1,478,409
5.00%, 12/01/2034		1,000		1,010,223
Series 2020-A 4.00%, 12/01/2037		1,690		1,504,081
Series 2021-A 4.00%, 12/01/2035		5,475		4,949,476
4.00%, 12/01/2036		10,000		8,971,041
Series 2021-B 5.00%, 12/01/2040		3,000		2,986,660

				97,556,529

South Dakota–0.1%
South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group) Series 2017 5.00%, 09/01/2029		3,400		3,546,184
5.00%, 09/01/2030		3,625		3,759,886

				7,306,070

Tennessee–0.8%
Tennergy Corp./TN (Royal Bank of Canada) Series 2019-A 5.00%, 02/01/2050		5,445		5,560,117
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The)) Series 2017-A 4.00%, 05/01/2048		39,715		39,689,499

				45,249,616

Principal Amount (000)			U.S. $ Value
Texas–6.1%
Board of Regents of the University of Texas System Series 2022-A 4.00%, 08/15/2042	$	1,895	$	1,729,458
Central Texas Turnpike System Series 2015-C 5.00%, 08/15/2025		1,000		1,010,013
City of Austin TX Airport System Revenue Series 2019 5.00%, 11/15/2025		3,200		3,311,097
City of Austin TX Water & Wastewater System Revenue Series 2015-A 5.00%, 11/15/2024		4,730		4,900,745
City of El Paso TX Water & Sewer Revenue Series 2022 5.00%, 03/01/2037		4,275		4,580,607
5.00%, 03/01/2039		3,880		4,136,055
City of Houston TX Series 2017-A 5.00%, 03/01/2025		16,370		17,030,588
City of Houston TX (City of Houston TX Hotel Occupancy Tax) Series 2015 5.00%, 09/01/2023		1,800		1,825,891
5.00%, 09/01/2025		2,000		2,051,006
City of Houston TX Airport System Revenue Series 2018-B 5.00%, 07/01/2030		6,160		6,595,251
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2018 5.00%, 07/15/2028		9,135		9,129,768
City of Houston TX Combined Utility System Revenue Series 2014-C 5.00%, 05/15/2023		8,000		8,087,875
5.00%, 05/15/2027		10,785		11,064,701
5.00%, 05/15/2028		6,065		6,212,679
City of San Antonio TX Electric & Gas Systems Revenue Series 2021-A 5.00%, 02/01/2031		1,330		1,461,713
5.00%, 02/01/2032		1,210		1,321,101
5.00%, 02/01/2033		1,410		1,522,769
5.00%, 02/01/2034		1,700		1,823,169
5.00%, 02/01/2035		2,200		2,350,266
5.00%, 02/01/2036		1,875		1,998,077
Dallas Fort Worth International Airport Series 2014-A 5.25%, 11/01/2028		11,585		11,714,057


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



Principal Amount (000)			U.S. $ Value
Denton Independent School District Series 2016 5.00%, 08/15/2027	$	1,220	$	1,285,469
Grand Parkway Transportation Corp. Series 2018 5.00%, 02/01/2023		84,825		85,223,525
Harris County Cultural Education Facilities Finance Corp. (Texas Children’s Hospital Obligated Group) Series 2021 4.00%, 10/01/2042		5,000		4,485,462
Harris County Hospital District Series 2016 5.00%, 02/15/2027		2,465		2,549,103
Hidalgo County Regional Mobility Authority Series 2022-A 4.00%, 12/01/2038		1,850		1,622,495
4.00%, 12/01/2039		1,000		868,832
5.00%, 12/01/2028		200		205,496
5.00%, 12/01/2029		500		514,376
5.00%, 12/01/2030		500		513,072
5.00%, 12/01/2031		500		511,274
5.00%, 12/01/2032		350		356,025
5.00%, 12/01/2034		750		755,652
5.00%, 12/01/2035		595		597,739
5.00%, 12/01/2036		1,000		1,001,973
Irving Hospital Authority (Baylor Medical Center at Irving) Series 2017-A 5.00%, 10/15/2026		600		623,322
5.00%, 10/15/2029		600		617,706
5.00%, 10/15/2030		1,000		1,024,203
5.00%, 10/15/2031		1,020		1,042,200
Legacy Denton Public Facility Corp. (LDG Vintage Ranch LP) Series 2022 5.00%, 04/01/2043(c)		15,000		15,302,891
Lower Colorado River Authority (LCRA Transmission Services Corp.) Series 2022 5.00%, 05/15/2039		8,635		9,050,069
5.00%, 05/15/2040		12,345		12,864,341
5.00%, 05/15/2041		6,570		6,795,149
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031(a)		10,680		10,514,142
New Hope Cultural Education Facilities Finance Corp. Series 2017-A 5.00%, 04/01/2028 (Pre-refunded/ETM)		1,130		1,209,198
Principal Amount (000)			U.S. $ Value
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas Obligated Group) Series 2017-A 5.00%, 08/15/2025	$	2,500	$	2,606,003
5.00%, 08/15/2026		2,000		2,107,545
5.00%, 08/15/2028		2,750		2,914,723
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group) Series 2020 5.00%, 01/01/2035		875		799,809
Series 2022 4.00%, 01/01/2032(c)		840		715,648
4.00%, 01/01/2037(c)		1,155		910,329
North Texas Tollway Authority Series 2014 5.00%, 01/01/2023		3,015		3,028,562
5.00%, 01/01/2024 (Pre-refunded/ETM)		900		920,279
5.00%, 01/01/2024		1,845		1,882,496
North Texas Tollway Authority (North Texas Tollway System) Series 2015-B 5.00%, 01/01/2023		1,000		1,004,498
5.00%, 01/01/2026		3,200		3,304,696
5.00%, 01/01/2027		2,100		2,167,030
5.00%, 01/01/2028		5,975		6,164,029
Series 2019-B 5.00%, 01/01/2027		2,000		2,116,835
5.00%, 01/01/2028		19,510		20,882,571
Port Beaumont Navigation District (Jefferson Railport Terminal II LLC) Series 2020 3.625%, 01/01/2035(a)		1,360		1,094,916
San Antonio Water System Series 2013-E 5.00%, 05/15/2025		3,000		3,032,221
State of Texas Series 2021-B 4.00%, 08/01/2026		2,335		2,383,841
Texas Water Development Board (Texas Water Development Board State Revolving Fund) Series 2021 4.00%, 08/01/2035		10,210		10,018,997
5.00%, 08/01/2034		4,000		4,408,292
University of Houston Series 2022-A 5.00%, 02/15/2040		1,750		1,853,613

				337,707,533


Schedule of Investments—Diversified Municipal Portfolio		39



Principal Amount (000)			U.S. $ Value
Utah–0.4%
City of Salt Lake City UT Airport Revenue Series 2021-A 4.00%, 07/01/2041	$	7,000	$	6,112,060
5.00%, 07/01/2035		5,000		5,107,162
5.00%, 07/01/2036		5,000		5,084,042
Utah Transit Authority Series 2015-A 5.00%, 06/15/2027 (Pre-refunded/ETM)		2,000		2,093,934
5.00%, 06/15/2028 (Pre-refunded/ETM)		2,150		2,250,979
Utah Transit Authority (Utah Transit Authority Sales Tax) Series 2015-A 5.00%, 06/15/2026		1,305		1,360,082

				22,008,259

Virginia–0.9%
County of Loudoun VA Series 2020-B 5.00%, 12/01/2024		3,300		3,427,066
Fairfax County Economic Development Authority (County of Fairfax VA) Series 2020 5.00%, 08/01/2032		2,590		2,843,513
5.00%, 08/01/2033		2,590		2,831,701
Hampton Roads Transportation Accountability Commission Series 2020-A 5.00%, 07/01/2039		4,745		5,056,332
Virginia College Building Authority (Virginia College Building Authority State Lease) Series 2015-A 5.00%, 02/01/2023		4,435		4,463,794
Virginia Public Building Authority (Virginia Public Building Authority State Lease) Series 2021-A 4.00%, 08/01/2035		4,540		4,472,788
Virginia Small Business Financing Authority (Elizabeth River Crossings OpCo LLC) Series 2022 4.00%, 07/01/2030		2,000		1,923,132
4.00%, 01/01/2032		5,030		4,749,212
4.00%, 01/01/2037		7,250		6,476,010
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group) Series 2020 5.00%, 01/01/2029		1,400		1,463,352
Principal Amount (000)			U.S. $ Value
5.00%, 01/01/2030	$	1,650	$	1,734,850
5.00%, 01/01/2031		1,250		1,312,445
5.00%, 01/01/2032		1,500		1,565,149
5.00%, 01/01/2033		1,750		1,814,536
5.00%, 01/01/2034		1,600		1,649,164
5.00%, 01/01/2035		1,570		1,613,175

				47,396,219

Washington–2.3%
City of Seattle WA Municipal Light & Power Revenue Series 2016-B 5.00%, 04/01/2026		4,300		4,540,335
Series 2021-A 4.00%, 07/01/2033		2,500		2,522,947
4.00%, 07/01/2034		3,740		3,732,558
4.00%, 07/01/2035		4,900		4,823,533
Energy Northwest (Bonneville Power Administration) Series 2021 4.00%, 07/01/2042		12,825		11,711,474
Port of Seattle WA Series 2015-C 5.00%, 04/01/2023		1,750		1,762,694
Series 2018-A 5.00%, 05/01/2025		8,320		8,588,015
Series 2018-B 5.00%, 05/01/2025		4,695		4,846,241
Series 2019 5.00%, 04/01/2032		1,500		1,568,722
5.00%, 04/01/2033		1,000		1,036,567
Series 2021 4.00%, 08/01/2040		5,750		5,019,730
Spokane County School District No. 81 Spokane Series 2012 3.00%, 12/01/2031		10,000		9,026,633
State of Washington (State of Washington COP) Series 2015-C 5.00%, 01/01/2023		2,600		2,611,758
Washington Health Care Facilities Authority (Multicare Health System Obligated Group) Series 2015-B 5.00%, 08/15/2028		8,590		8,932,165
5.00%, 08/15/2029		16,560		17,214,758
5.00%, 08/15/2030		6,400		6,637,751
Washington Health Care Facilities Authority (Virginia Mason Medical Center Obligated Group) Series 2017 5.00%, 08/15/2025		2,000		2,040,955
5.00%, 08/15/2027		2,175		2,244,628
5.00%, 08/15/2028		3,700		3,816,661
5.00%, 08/15/2030		8,005		8,219,495


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



Principal Amount (000)			U.S. $ Value
Washington State Convention Center Public Facilities District (Washington State Convention Center Public Facilities District Hotel Occupancy Tax) Series 2021 4.00%, 07/01/2031	$	10,600	$	9,378,198
Washington State Housing Finance Commission Series 2021-1, Class A 3.50%, 12/20/2035		4,904		4,162,094
Series 2021-1, Class X 0.726%, 12/20/2035(d)		3,237		164,758

				124,602,670

West Virginia–0.2%
Tobacco Settlement Finance Authority/WV Series 2020 4.875%, 06/01/2049		16,125		13,659,696

Wisconsin–2.7%
State of Wisconsin Series 2019-A 5.00%, 05/01/2025		9,000		9,384,420
5.00%, 05/01/2027		12,500		13,384,747
5.00%, 05/01/2028		12,000		12,885,284
5.00%, 05/01/2029		11,500		12,343,041
Series 2021-1 5.00%, 05/01/2031		3,000		3,314,086
Series 2021-2 5.00%, 05/01/2025		12,000		12,518,599
Series 2023-1 5.00%, 05/01/2024(c)		3,170		3,235,349
5.00%, 05/01/2027(c)		8,500		8,978,966
UMA Education, Inc. Series 2019 5.00%, 10/01/2022(a)		820		820,000
5.00%, 10/01/2023(a)		895		895,595
5.00%, 10/01/2025(a)		3,360		3,348,010
5.00%, 10/01/2026(a)		3,605		3,580,570
5.00%, 10/01/2027(a)		3,720		3,678,000
5.00%, 10/01/2028(a)		3,525		3,464,211
5.00%, 10/01/2029(a)		835		817,292
Wisconsin Center District AGM Series 2020-C Zero Coupon, 12/15/2028		1,075		836,577
Zero Coupon, 12/15/2030		2,140		1,510,853
Zero Coupon, 12/15/2032		2,800		1,775,381
Zero Coupon, 12/15/2034		2,500		1,413,196
Wisconsin Center District (Wisconsin Center District Ded Tax) Series 2022 5.00%, 12/15/2022(a)		1,000		1,002,415
Principal Amount (000)			U.S. $ Value
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group) Series 2022 2.64% (MUNIPSA + 0.18%), 08/15/2054(b)	$	4,000	$	3,894,402
Wisconsin Health & Educational Facilities Authority (Gundersen Lutheran Obligated Group) Series 2021 4.00%, 10/15/2034		2,500		2,364,825
4.00%, 10/15/2035		1,000		939,957
Wisconsin Health & Educational Facilities Authority (St. Camillus Health System Obligated Group) Series 2019 2.25%, 11/01/2026		190		180,634
Wisconsin Public Finance Authority Series 2022 5.00%, 02/01/2042		2,000		1,843,873
5.50%, 02/01/2042(a)		6,955		6,167,663
Wisconsin Public Finance Authority (Carmelite System, Inc. Obligated Group (The)) Series 2020 5.00%, 01/01/2040		3,750		3,677,536
Wisconsin Public Finance Authority (Celanese US Holdings LLC) Series 2016-A 5.00%, 01/01/2024		1,000		1,008,913
Wisconsin Public Finance Authority (Duke Energy Progress LLC) Series 2022 3.30%, 10/01/2046		5,315		5,203,725
Wisconsin Public Finance Authority (Queens University of Charlotte) Series 2022 5.25%, 03/01/2042		6,000		5,699,063
Wisconsin Public Finance Authority (Roseman University of Health Sciences) Series 2020 3.00%, 04/01/2025(a)		275		263,131
Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group) Series 2021 2.75%, 06/01/2026(a)		2,510		2,376,817
Series 2021-B 2.25%, 06/01/2027(a)		1,420		1,255,106
Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group) Series 2021 4.00%, 02/01/2035		615		537,937


Schedule of Investments—Diversified Municipal Portfolio		41



Principal Amount (000)			U.S. $ Value
4.00%, 02/01/2036	$	3,335	$	2,857,865
4.00%, 02/01/2038		3,575		3,014,734
4.00%, 02/01/2040		3,945		3,283,967
Series 2022 5.00%, 02/01/2031		3,375		3,509,587
5.00%, 02/01/2032		2,545		2,599,173
WPPI Energy Series 2014-A 5.00%, 07/01/2029		1,000		1,018,157

				150,883,657

Total Long-Term Municipal Bonds (cost $5,315,964,454)				4,963,212,545



Short-Term Municipal Notes–8.1%
Colorado–0.2%
Colorado Health Facilities Authority (Children’s Hospital Colorado Obligated Group) Series 2020 2.25%, 12/01/2052(e)		12,790		12,790,000

District of Columbia–0.2%
District of Columbia (Carnegie Endowment for International Peace) Series 2010 2.56%, 11/01/2045(e)		6,405		6,405,000
District of Columbia (Georgetown University (The)) Series 2016 2.45%, 04/01/2041(e)		3,530		3,530,000
District of Columbia (MedStar Health Obligated Group) Series 2012-A 2.53%, 08/15/2038(e)		2,145		2,145,000

				12,080,000

Florida–0.4%
County of Palm Beach FL (Raymond F Kravis Center for the Performing Arts, Inc. (The)) Series 2002 2.48%, 07/01/2032(e)		1,795		1,795,000
County of Palm Beach FL (Raymond F Kravis Center for the Performing Arts, Inc.(The)) Series 2002 2.48%, 07/01/2032(e)		1,725		1,725,000
Florida Gulf Coast University Financing Corp. Series 2009-A 2.50%, 02/01/2039(e)		1,650		1,650,000
Florida Keys Aqueduct Authority Series 2013 2.52%, 09/01/2035(e)		1,045		1,045,000
Principal Amount (000)			U.S. $ Value
Halifax Hospital Medical Center (Halifax Hospital Medical Center Obligated Group) Series 2010 2.45%, 06/01/2048(e)	$	7,250	$	7,250,000
Orange County Health Facilities Authority (Nemours Foundation/Florida) Series 2017-C 2.52%, 01/01/2039(e)		8,120		8,120,000
Orange County Health Facilities Authority (Orlando Health Obligated Group) Series 2019-E 2.45%, 10/01/2026(e)		2,240		2,240,000

				23,825,000

Hawaii–0.1%
Hawaii Housing Finance & Development Corp. (Ho’olehua Housing LP) Series 2008 2.54%, 12/01/2041(e)		3,640		3,640,000

Illinois–0.4%
Illinois Development Finance Authority (American College of Surgeons) Series 1996 2.46%, 08/01/2026(e)		672		672,000
Illinois Educational Facilities Authority (Lincoln Park Society (The)) Series 1999 2.35%, 01/01/2029(e)		100		100,000
Illinois Finance Authority (Latin School of Chicago (The)) Series 2005-B 2.45%, 08/01/2035(e)		955		955,000
Illinois Housing Development Authority (Steadfast Foxview LP) Series 2008 2.56%, 01/01/2041(e)		14,500		14,500,000
Village of Brookfield IL (Chicago Zoological Society (The)) Series 2008 2.48%, 06/01/2038(e)		6,165		6,165,000

				22,392,000

Indiana–0.1%
City of Indianapolis IN (Foundation for Affordable Rental Housing, Inc.) Series 2008 2.45%, 05/15/2038(e)		4,550		4,550,000


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



Principal Amount (000)			U.S. $ Value
Iowa–0.6%
Iowa Finance Authority (Iowa Health System Obligated Group) Series 2018 2.30%, 11/15/2041(e)	$	8,960	$	8,960,000
2.30%, 12/01/2041(e)		25,795		25,795,000

				34,755,000

Kentucky–0.2%
Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group) Series 2016-A 2.54%, 10/01/2039(e)		12,485		12,485,000

Louisiana–0.6%
Louisiana Offshore Terminal Authority (Loop LLC) Series 2013 2.30%, 09/01/2033(e)		18,450		18,450,000
Louisiana Public Facilities Authority (CHRISTUS Health Obligated Group) Series 2009 2.30%, 07/01/2047(e)		12,975		12,975,000
Louisiana Public Facilities Authority (Coca-Cola Bottling Co. United-Gulf Coast LLC) Series 2013 2.46%, 04/02/2023(e)		2,265		2,265,000

				33,690,000

Maryland–0.1%
Maryland Health & Higher Educational Facilities Authority Series 2014-B 2.45%, 04/01/2035(e)		1,000		1,000,000
Montgomery County Housing Opportunities Commission Series 2011-A 2.50%, 01/01/2049(e)		1,840		1,840,000

				2,840,000

Michigan–0.5%
Grand Valley State University Series 2019-B 2.50%, 12/01/2031(e)		17,625		17,625,000
Lakeview School District/MI Series 2019-B 2.50%, 05/01/2032(e)		5,230		5,230,000
Michigan Strategic Fund (Wedgwood Christian Services) Series 2008 2.50%, 12/01/2038(e)		1,650		1,650,000

				24,505,000

Principal Amount (000)			U.S. $ Value
Minnesota–0.6%
City of Minneapolis MN (Fairview Health Services Obligated Group) Series 2018 2.30%, 11/15/2048(e)	$	4,805	$	4,805,000
City of Minneapolis MN (One Ten Grant LP) Series 1989 2.45%, 09/01/2026(e)		9,270		9,270,000
City of Minneapolis MN (Seven Corners Community Housing Corp.) Series 2001 2.55%, 11/01/2031(e)		1,330		1,330,000
City of Minneapolis MN/St. Paul Housing & Redevelopment Authority (Allina Health Obligated Group) Series 2008 2.45%, 11/15/2034(e)		11,825		11,825,000
2.47%, 11/15/2034(e)		3,675		3,675,000
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Allina Health Obligated Group) Series 2009-C 2.45%, 11/15/2035(e)		2,400		2,400,000

				33,305,000

Nevada–0.7%
County of Clark Department of Aviation Series 2008-D 2.55%, 07/01/2029(e)		26,945		26,945,000
Series 2014-D 2.50%, 07/01/2040(e)		11,010		11,010,000

				37,955,000

New Jersey–0.4%
New Jersey Health Care Facilities Financing Authority Series 2017 2.55%, 07/01/2035(e)		2,995		2,995,000
New Jersey Health Care Facilities Financing Authority (AHS Hospital Corp.) Series 2008-B 2.47%, 07/01/2036(e)		3,675		3,675,000
Series 2008-C 2.47%, 07/01/2036(e)		16,630		16,630,000

				23,300,000

New York–1.3%
City of New York NY Series 2016 2.60%, 08/01/2044(e)		10,375		10,375,000
Series 2019-I 2.61%, 03/01/2044(e)		5,950		5,950,000


Schedule of Investments—Diversified Municipal Portfolio		43



Principal Amount (000)			U.S. $ Value
New York City Housing Development Corp. Series 2008 2.43%, 04/15/2035(e)	$	300	$	300,000
New York City Housing Development Corp. (2 Gold LLC) Series 2008-A 2.20%, 04/15/2036(e)		32,500		32,500,000
New York State Housing Finance Agency (8 East 102nd Street LLC) Series 2012 2.63%, 05/01/2044(e)		21,910		21,910,000

				71,035,000

Ohio–0.1%
Columbus Regional Airport Authority Series 2006 2.46%, 12/01/2036(e)		6,880		6,880,000

Pennsylvania–0.3%
Emmaus General Authority Series 2008-D 2.43%, 03/01/2024(e)		700		700,000
Series 2008-E 2.43%, 03/01/2024(e)		1,000		1,000,000
Series 2008-E20 2.43%, 03/01/2024(e)		500		500,000
Haverford Township School District Series 2009 2.50%, 03/01/2030(e)		2,310		2,310,000
Pennsylvania Turnpike Commission Series 2019 2.55%, 12/01/2038(e)		700		700,000
Philadelphia Gas Works Co. Series 2020-D 2.50%, 08/01/2031(e)		10,950		10,950,000

				16,160,000

Rhode Island–0.0%
Rhode Island Health and Educational Building Corp. (Roger Williams University) Series 2012-B 2.47%, 11/15/2038(e)		2,430		2,430,000

Tennessee–0.1%
Greeneville Health & Educational Facilities Board (Ballad Health Obligated Group) Series 2018-B 2.46%, 07/01/2045(e)		3,150		3,150,000

Texas–0.1%
Dallas Performing Arts Cultural Facilities Corp. (Dallas Center for the Performing Arts Foundation, Inc.) Series 2013 2.45%, 09/01/2041(e)		3,350		3,350,000
Principal Amount (000)			U.S. $ Value
Tarrant County Housing Finance Corp. (One Oaklake VIII LLC) Series 2003 2.52%, 02/15/2036(e)	$	270	$	270,000

				3,620,000

Vermont–0.1%
Vermont Educational & Health Buildings Financing Agency (University of Vermont Health Network Obligated Group) Series 2008 2.54%, 12/01/2030(e)		4,330		4,330,000

Virginia–0.3%
Loudoun County Economic Development Authority (Jack Kent Cooke Foundation) Series 2004 2.48%, 06/01/2034(e)		3,000		3,000,000
Roanoke Economic Development Authority (Carilion Clinic Obligated Group) Series 2020 2.48%, 07/01/2052(e)		11,680		11,680,000

				14,680,000

Washington–0.7%
Washington State Housing Finance Commission (Bitter Lake Village Associates 2 LP) Series 2009 2.58%, 12/15/2044(e)		3,025		3,025,000
Washington State Housing Finance Commission (Evergreen School (The)) Series 2002 2.50%, 07/01/2028(e)		1,175		1,175,000
Washington State Housing Finance Commission (Panorama/United States) Series 2008 2.50%, 04/01/2043(e)		4,050		4,050,000
Washington State Housing Finance Commission (Redmond Ridge Apartments LLC) Series 2017 2.54%, 11/01/2047(e)		9,440		9,440,000
Washington State Housing Finance Commission (Traditions at South Hill LLC) Series 2014 2.54%, 08/01/2044(e)		6,140		6,140,000


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



Principal Amount (000)			U.S. $ Value
Washington State Housing Finance Commission (Vintage at Urban Center LLC) Series 2015 2.55%, 07/01/2047(e)	$	15,460	$	15,460,000

				39,290,000

West Virginia–0.0%
West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group) Series 2018 2.50%, 06/01/2034(e)		635		635,000

Total Short-Term Municipal Notes (cost $444,322,000)				444,322,000

Total Municipal Obligations (cost $5,760,286,454)				5,407,534,545



CORPORATES–INVESTMENT GRADE–0.9%

Industrial–0.9%
Consumer Cyclical–Automotive–0.2%
General Motors Financial Co., Inc. 3.443%, 04/07/2025		10,000		9,787,700

Consumer Non-Cyclical–0.4%
Baylor Scott & White Holdings Series 2021 0.827%, 11/15/2025		5,835		5,181,130
1.777%, 11/15/2030		5,000		3,839,550
CommonSpirit Health 1.547%, 10/01/2025		4,513		4,006,100
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031		10,000		7,647,700
Sutter Health Series 20A 3.161%, 08/15/2040		4,000		2,867,400

				23,541,880

Services–0.3%
Hackensack Meridian Health, Inc. Series 2020 2.675%, 09/01/2041		7,000		4,730,530
Novant Health, Inc. 2.637%, 11/01/2036		19,100		13,906,710

				18,637,240

Total Corporates–Investment Grade (cost $65,330,586)				51,966,820


Principal Amount (000)			U.S. $ Value

COMMERCIAL MORTGAGE-BACKED SECURITIES–0.4%
Agency CMBS–0.4%
California Housing Finance Agency Series 2021-2, Class A 3.75%, 03/25/2035	$	16,301	$	14,957,212
Series 2021-3, Class X 0.764%, 08/20/2036(d)		8,073		487,350
Federal Home Loan Mortgage Corp. Series 2021-ML10, Class ACA 2.046%, 06/25/2038		1,975		1,510,104
Series 2021-ML10, Class AUS 2.032%, 01/25/2038		4,937		3,801,068

Total Commercial Mortgage-Backed Securities (cost $26,968,206)				20,755,734



CORPORATES–NON-INVESTMENT GRADE–0.3%

Industrial–0.3%
Communications–Media–0.1%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034(a)		7,730		5,581,833

Consumer Non-Cyclical–0.1%
Medline Borrower LP 3.875%, 04/01/2029(a)		6,500		5,219,760

Transportation–Airlines–0.1%
United Airlines, Inc. 4.375%, 04/15/2026(a)		5,000		4,461,150
4.625%, 04/15/2029(a)		2,300		1,909,920

				6,371,070

Total Corporates–Non-Investment Grade (cost $21,527,850)				17,172,663



COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%
Risk Share Floating Rate–0.1%
Connecticut Avenue Securities Trust Series 2020-SBT1, Class 2M2 6.734% (LIBOR 1 Month + 3.65%), 02/25/2040(a)(b)		813		804,005
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2019-DNA3, Class M2 5.134% (LIBOR 1 Month + 2.05%), 07/25/2049(a)(b)		460		453,419
Series 2013-DN2, Class M2 7.334% (LIBOR 1 Month + 4.25%), 11/25/2023(b)		235		237,337
Series 2014-DN3, Class M3 7.084% (LIBOR 1 Month + 4.00%), 08/25/2024(b)		50		50,699
Series 2015-DNA1, Class M3 6.384% (LIBOR 1 Month + 3.30%), 10/25/2027(b)		209		211,323


Schedule of Investments—Diversified Municipal Portfolio		45



Principal Amount (000)			U.S. $ Value
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 2M2 5.984% (LIBOR 1 Month + 2.90%), 07/25/2024(b)	$	338	$	338,917
Series 2014-C04, Class 1M2 7.984% (LIBOR 1 Month + 4.90%), 11/25/2024(b)		158		163,126
Series 2015-C02, Class 1M2 7.084% (LIBOR 1 Month + 4.00%), 05/25/2025(b)		277		280,925
Series 2016-C01, Class 1M2 9.834% (LIBOR 1 Month + 6.75%), 08/25/2028(b)		396		418,053
Principal Amount (000)			U.S. $ Value
Series 2016-C03, Class 1M2 8.384% (LIBOR 1 Month + 5.30%), 10/25/2028(b)	$	163	$	167,320

Total Collateralized Mortgage Obligations (cost $2,763,350)				3,125,124

Total Investments—99.7% (cost $5,876,876,446)				5,500,554,886

Other assets less liabilities—0.3%				18,996,480

Net Assets—100.0%			$	5,519,551,366

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 39, 5 Year Index, 12/20/2027*		5.00	%		Quarterly		6.06	%		USD	38,450	$	1,525,557	$	1,537,902	$	(12,345	)

* Termination date

CLEARED CENTRALLY INFLATION (CPI) SWAPS (see Note 3)


			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
USD	25,420	01/15/2025	2.565%	CPI#	Maturity	$	2,191,313		$	—		$	2,191,313
USD	15,240	01/15/2025	4.028%	CPI#	Maturity		418,597			—			418,597
USD	12,710	01/15/2025	2.585%	CPI#	Maturity		1,085,660			—			1,085,660
USD	12,710	01/15/2025	2.613%	CPI#	Maturity		1,071,906			—			1,071,906
USD	52,790	01/15/2026	CPI#	3.720%	Maturity		(1,438,432	)		—			(1,438,432	)
USD	40,000	01/15/2027	CPI#	3.320%	Maturity		(1,505,777	)		—			(1,505,777	)
USD	39,500	01/15/2027	CPI#	3.466%	Maturity		(1,139,285	)		(46,159	)		(1,093,126	)
USD	31,450	01/15/2027	CPI#	3.323%	Maturity		(1,178,249	)		—			(1,178,249	)
USD	87,590	01/15/2028	1.230%	CPI#	Maturity		14,615,294			—			14,615,294
USD	87,240	01/15/2028	0.735%	CPI#	Maturity		17,599,712			—			17,599,712
USD	94,820	01/15/2029	CPI#	3.290%	Maturity		(1,899,453	)		—			(1,899,453	)
USD	40,500	01/15/2029	CPI#	3.735%	Maturity		650,555			—			650,555
USD	16,275	01/15/2030	1.572%	CPI#	Maturity		2,492,305			—			2,492,305
USD	16,275	01/15/2030	1.587%	CPI#	Maturity		2,470,633			—			2,470,633
USD	23,500	01/15/2031	2.782%	CPI#	Maturity		1,186,237			—			1,186,237
USD	22,000	01/15/2031	2.680%	CPI#	Maturity		1,324,056			—			1,324,056
USD	19,200	01/15/2031	2.989%	CPI#	Maturity		586,762			—			586,762
USD	20,800	01/15/2032	CPI#	3.064%	Maturity		(331,372	)		—			(331,372	)
USD	18,300	04/15/2032	CPI#	2.909%	Maturity		(517,921	)		—			(517,921	)

						$	37,682,541		$	(46,159	)	$	37,728,700

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


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

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)


				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund		Payment Frequency Paid/Received		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
USD	51,000		01/15/2027	1 Day SOFR		2.540%		Annual	$	(2,297,125	)	$	—	$	(2,297,125	)
USD	45,000		01/15/2031	1.323%		3 Month LIBOR		Semi-Annual/Quarterly		8,129,133			—		8,129,133
USD	136,500		04/15/2032	2.569%		1 Day SOFR		Annual		9,777,474			—		9,777,474
USD	54,900		04/15/2032	1.280%		1 Day SOFR		Annual		9,920,772			—		9,920,772
USD	38,200		04/15/2032	2.632%		1 Day SOFR		Annual		2,532,283			—		2,532,283
USD	11,000		04/15/2032	3.082%		1 Day SOFR		Annual		350,764			—		350,764
USD	6,000		04/15/2032	3.069%		1 Day SOFR		Annual		197,568			—		197,568

									$	28,610,869		$	—	$	28,610,869

CREDIT DEFAULT SWAPS (see Note 3)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	363	$	(81,297	)	$	(33,872	)	$	(47,425	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,204		(269,970	)		(145,114	)		(124,856	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	80		(18,030	)		(9,399	)		(8,631	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	199		(44,592	)		(18,750	)		(25,842	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	2,451		(549,599	)		(284,598	)		(265,001	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	2,478		(555,556	)		(233,888	)		(321,668	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	3,728		(835,828	)		(342,844	)		(492,984	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	465		(104,157	)		(55,752	)		(48,405	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	3,231		(724,427	)		(288,421	)		(436,006	)

												$	(3,183,456	)	$	(1,412,638	)	$	(1,770,818	)

* Termination date

INTEREST RATE SWAPS (see Note 3)

Rate Type

Swap
Counterparty

Notional
Amount
(000)

Termination
Date

Payments
made by
the Fund

Payments
received by
the Fund

Payment Frequency
Paid/Received

Market
Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation/
(Depreciation)

Citibank, NA

USD

57,160

10/09/2029

1.125%

SIFMA*

Quarterly

6,568,374

—

6,568,374

* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.


Schedule of Investments—Diversified Municipal Portfolio		47

(a)

(b)

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

(c)

When-Issued or delayed delivery security.

(d)

IO—Interest Only.

(e)

Glossary:

AGC—Assured Guaranty Corporation

AGM—Assured Guaranty Municipal

BAM—Build American Mutual

CMBS—Commercial Mortgage-Backed Securities

COP—Certificate of Participation

CPI—Consumer Price Index

DOT—Department of Transportation

ETM—Escrowed to Maturity

LIBOR—London Interbank Offered Rate

MUNIPSA—SIFMA Municipal Swap Index

NATL—National Interstate Corporation

OSF—Order of St. Francis

SOFR—Secured Overnight Financing Rate

UPMC—University of Pittsburgh Medical Center

XLCA—XL Capital Assurance Inc.

See notes to financial statements.

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

New York Municipal Portfolio

September 30, 2022



Principal Amount (000)			U.S. $ Value

MUNICIPAL OBLIGATIONS–94.9%

Long-Term Municipal Bonds–89.7%
New York–73.1%
Albany County Airport Authority Series 2020-B 5.00%, 12/15/2022	$	785	$	787,271
5.00%, 12/15/2023		1,050		1,066,770
5.00%, 12/15/2024		855		874,761
5.00%, 12/15/2025		855		880,705
5.00%, 12/15/2026		855		882,550
Battery Park City Authority Series 2013-A 5.00%, 11/01/2022		4,345		4,351,541
Broome County Local Development Corp. (United Health Services Hospitals Obligated Group) AGM Series 2020 3.00%, 04/01/2035		2,220		1,771,093
3.00%, 04/01/2036		2,000		1,567,902
3.00%, 04/01/2037		1,500		1,157,203
4.00%, 04/01/2034		725		677,502
4.00%, 04/01/2038		1,400		1,263,374
4.00%, 04/01/2039		1,400		1,253,865
4.00%, 04/01/2040		1,500		1,332,585
5.00%, 04/01/2032		2,000		2,110,260
5.00%, 04/01/2033		1,000		1,048,515
Buffalo & Erie County Industrial Land Development Corp. (Catholic Health System Obligated Group) Series 2015 5.00%, 07/01/2023		1,000		990,556
Build NYC Resource Corp. (Grand Concourse Acadmey Charter School) Series 2022 5.00%, 07/01/2042		550		524,770
Build NYC Resource Corp. (Integration Charter Schools) Series 2021 5.00%, 06/01/2036(a)		1,050		997,061
5.00%, 06/01/2041(a)		800		742,189
Build NYC Resource Corp. (Metropolitan College of New York) Series 2014 5.00%, 11/01/2023		1,585		1,584,282
5.00%, 11/01/2025		1,750		1,740,099
5.25%, 11/01/2029		1,900		1,888,846


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



Principal Amount (000)			U.S. $ Value
Build NYC Resource Corp. (NEW World Preparatory Charter School) Series 2021 4.00%, 06/15/2041	$	525	$	422,095
City of New York NY Series 2017-1 5.00%, 08/01/2025		1,365		1,428,521
Series 2017-C 5.00%, 08/01/2023		1,075		1,091,063
5.00%, 08/01/2024		1,260		1,300,053
Series 2018-A 5.00%, 08/01/2026		7,690		8,156,346
Series 2018-D 5.00%, 12/01/2038		9,665		10,018,308
Series 2019-B 5.00%, 10/01/2032		4,205		4,521,704
Series 2019-H 5.00%, 01/01/2032		5,615		6,010,892
Series 2020-C 5.00%, 08/01/2034		5,000		5,347,817
5.00%, 08/01/2035		3,750		3,989,369
5.00%, 08/01/2038		4,960		5,213,038
Series 2021 1.396%, 08/01/2027		4,950		4,215,702
Series 2021-D 1.216%, 08/01/2026		6,000		5,268,848
1.623%, 08/01/2028		4,000		3,318,936
County of Albany NY Series 2020-C 5.00%, 11/01/2022		1,915		1,917,795
5.00%, 11/01/2023		1,515		1,544,422
County of Nassau NY Series 2014-A 5.00%, 04/01/2025 (Pre-refunded/ETM)		10,190		10,456,615
Series 2017-C 5.00%, 10/01/2026		8,920		9,417,455
5.00%, 10/01/2027		13,200		14,090,380
County of Suffolk NY Series 2022 5.00%, 09/01/2029		1,770		1,905,165
Dutchess County Local Development Corp. (Bard College) Series 2020-A 5.00%, 07/01/2040(a)		1,900		1,768,634
Series 2020-B 5.918%, 07/01/2039(a)		4,940		4,765,884
Dutchess County Local Development Corp. (Health QuestSystems Obligated Group) Series 2016-B 5.00%, 07/01/2032		4,945		5,003,351
Principal Amount (000)			U.S. $ Value
Hudson Yards Infrastructure Corp. Series 2017-A 5.00%, 02/15/2031	$	17,060	$	18,012,676
5.00%, 02/15/2032		5,590		5,880,195
Series 2021 4.00%, 02/15/2040		5,000		4,566,943
Jefferson County Industrial Development Agency (ReEnergy Black River LLC) Series 2019 5.25%, 01/01/2024(b)(c)		1,250		250,000
Long Island Power Authority Series 2019-B 1.65%, 09/01/2049		9,535		9,113,058
Metropolitan Transportation Authority Series 2016-D 5.00%, 11/15/2027		1,210		1,243,285
Series 2017-B 5.00%, 11/15/2027		5,000		5,177,132
5.00%, 11/15/2028		4,020		4,168,250
Series 2017-C 5.00%, 11/15/2027		9,140		9,463,796
5.00%, 11/15/2028		7,400		7,619,424
5.00%, 11/15/2029		1,705		1,754,095
5.00%, 11/15/2031		39,900		40,558,609
Series 2019-F 5.00%, 11/15/2022		3,230		3,235,899
Series 2021 2.427% (SOFR + 0.43%), 11/01/2026(d)		2,085		2,002,421
AGM Series 2021 2.547% (SOFR + 0.55%), 11/01/2032(d)		3,000		2,928,279
2.797% (SOFR + 0.80%), 11/01/2032(d)		3,715		3,512,722
Metropolitan Transportation Authority (Metropolitan Transportation Authority Dedicated Tax Fund) Series 2012-A 5.00%, 11/15/2024		14,130		14,158,112
Series 2017-A 5.00%, 11/15/2031		2,060		2,190,198
Series 2022-A 4.00%, 11/15/2038		11,605		10,885,279
Monroe County Industrial Development Corp./NY (Rochester Regional Health Obligated Group) Series 2020 5.00%, 12/01/2024		510		518,951
5.00%, 12/01/2028		1,210		1,262,178
Monroe County Industrial Development Corp./NY (St. Ann’s of Greater Rochester Obligated Group) Series 2019 4.00%, 01/01/2030		2,645		2,310,810


Schedule of Investments—New York Municipal Portfolio		49



Principal Amount (000)			U.S. $ Value
Monroe County Industrial Development Corp/NY (Academy of Health Sciences Charter School) Series 2022 5.00%, 07/01/2032(a)	$	250	$	240,831
5.625%, 07/01/2042(a)		2,000		1,888,325
Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group) Series 2014 5.00%, 07/01/2024		4,550		4,638,767
New York City Housing Development Corp. Series 2013-A 5.00%, 07/01/2025 (Pre-refunded/ETM)		2,000		2,027,183
New York City Municipal Water Finance Authority Series 2014-D 5.00%, 06/15/2029		3,000		3,082,538
Series 2015-F 5.00%, 06/15/2028		1,845		1,929,185
Series 2015-G 5.00%, 06/15/2028		11,465		11,988,131
Series 2017 5.00%, 06/15/2038		3,725		3,870,475
Series 2017-E 5.00%, 06/15/2037		1,795		1,867,926
Series 2018-AA 5.00%, 06/15/2024		8,280		8,536,877
Series 2019-D 5.00%, 06/15/2024		1,005		1,008,638
Series 2019-F 5.00%, 06/15/2040		6,190		6,444,161
Series 2021-B 4.00%, 06/15/2039		2,000		1,893,513
New York City Transitional Finance Authority Building Aid Revenue (New York City Transitional Finance Authority Building Aid Revenue State Lease) Series 2018-S 5.00%, 07/15/2031		2,025		2,188,804
5.00%, 07/15/2032		16,040		17,199,143
New York City Transitional Finance Authority Future Tax Secured Revenue Series 2012-B 5.00%, 11/01/2023		2,100		2,102,952
5.00%, 11/01/2024		8,705		8,717,238
Series 2012-D 5.00%, 11/01/2023		11,025		11,040,499
Series 2014-A 5.00%, 08/01/2027		1,655		1,699,309
5.00%, 08/01/2029		5,000		5,128,511
Principal Amount (000)			U.S. $ Value
Series 2014-C 5.00%, 11/01/2026	$	6,345	$	6,496,061
Series 2014-D1 5.00%, 02/01/2028		7,110		7,248,021
5.00%, 02/01/2029		2,425		2,471,127
Series 2015-C 5.00%, 11/01/2026		20,000		20,788,986
Series 2016-B 5.00%, 08/01/2031		2,200		2,306,777
Series 2017-F 5.00%, 05/01/2032		1,220		1,279,801
Series 2020 4.00%, 05/01/2037		3,065		2,930,748
5.00%, 11/01/2027		2,580		2,776,389
Series 2021-A 5.00%, 11/01/2023		6,770		6,905,083
Series 2022 4.00%, 02/01/2040		2,220		2,075,353
4.00%, 02/01/2041		14,250		13,240,603
Series 2022-F 4.00%, 02/01/2038		1,000		946,441
New York Liberty Development Corp. (One Bryant Park LLC) Series 2019 2.45%, 09/15/2069		20,000		17,727,082
2.625%, 09/15/2069		22,240		18,321,474
2.80%, 09/15/2069		6,470		5,308,838
New York Liberty Development Corp. (Port Authority of New York & New Jersey) Series 2021-1 3.00%, 02/15/2042		20,000		14,882,818
New York State Dormitory Authority Series 2014 5.00%, 02/15/2029 (Pre-refunded/ETM)		40		40,933
Series 2015-E 5.00%, 03/15/2023 (Pre-refunded/ETM)		4,380		4,419,112
Series 2017 5.00%, 02/15/2025 (Pre-refunded/ETM)		2,775		2,886,985
Series 2020-A 5.00%, 03/15/2024 (Pre-refunded/ETM)		6,475		6,649,817
New York State Dormitory Authority AGM Series 2020 5.00%, 10/01/2026 (Pre-refunded/ETM)		5		5,327
5.00%, 10/01/2029 (Pre-refunded/ETM)		5		5,452
Series 2021 1.187%, 03/15/2026 (Pre-refunded/ETM)		5,500		4,908,003
New York State Dormitory Authority (Garnet Health Medical Center Obligated Group) Series 2017 5.00%, 12/01/2023(a)		1,400		1,410,739


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



Principal Amount (000)			U.S. $ Value
5.00%, 12/01/2024(a)	$	1,700	$	1,723,171
5.00%, 12/01/2026(a)		1,500		1,530,156
New York State Dormitory Authority (Icahn School of Medicine at Mount Sinai) Series 2015-A 5.00%, 07/01/2026		3,745		3,866,006
New York State Dormitory Authority (Iona College) Series 2022-2 5.00%, 07/01/2024		555		564,140
5.00%, 07/01/2026		620		638,123
5.00%, 07/01/2027		325		335,892
5.00%, 07/01/2029		500		519,276
5.00%, 07/01/2030		300		311,189
5.00%, 07/01/2031		320		330,481
5.00%, 07/01/2032		280		287,573
New York State Dormitory Authority (New York State Dormitory Authority Lease) AGM Series 2020 5.00%, 10/01/2026		3,045		3,227,630
5.00%, 10/01/2029		2,130		2,311,401
New York State Dormitory Authority (New York State Sales Tax) Series 2015-A 5.00%, 03/15/2023		2,215		2,234,294
New York State Dormitory Authority (New York University) Series 2015-A 5.00%, 07/01/2023		2,040		2,068,877
Series 2019-A 5.00%, 07/01/2032		2,975		3,233,202
New York State Dormitory Authority (Northwell Health Obligated Group) Series 2022 4.00%, 05/01/2039		2,500		2,263,763
4.00%, 05/01/2040		6,000		5,389,989
New York State Dormitory Authority (Rochester Institute of Technology) Series 2020-A 5.00%, 07/01/2023		1,000		1,012,313
5.00%, 07/01/2026		1,000		1,056,560
New York State Dormitory Authority (St. John’s University/NY) Series 2015-A 5.00%, 07/01/2024		1,130		1,155,303
Series 2021-A 4.00%, 07/01/2031		1,400		1,375,506
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2014 5.00%, 02/15/2029		11,385		11,618,323
Series 2014-A 5.00%, 02/15/2028		2,400		2,450,473
Principal Amount (000)			U.S. $ Value
Series 2014-C 5.00%, 03/15/2028	$	12,485	$	12,763,060
5.00%, 03/15/2029		2,010		2,053,623
Series 2015-B 5.00%, 02/15/2023		1,160		1,168,271
Series 2020-D 5.00%, 02/15/2034		9,425		10,050,809
Series 2021-A 5.00%, 03/15/2036		3,775		4,014,079
Series 2022-A 4.00%, 03/15/2042		10,000		9,150,500
AMBAC INS Series 2005-B 5.50%, 03/15/2023		5,000		5,054,567
New York State Dormitory Authority (Wagner College) Series 2022 5.00%, 07/01/2037		1,000		969,461
5.00%, 07/01/2039		1,500		1,439,890
5.00%, 07/01/2042		1,630		1,541,958
New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority) Series 2019-B 5.00%, 06/15/2027		445		480,043
New York State Thruway Authority (New York State Thruway Authority Gen Toll Road) Series 2014-J 5.00%, 01/01/2026		18,900		19,224,014
5.00%, 01/01/2027		15,000		15,248,006
Series 2014-K 5.00%, 01/01/2026		1,310		1,351,074
5.00%, 01/01/2028		3,035		3,120,253
Series 2019-M 2.90%, 01/01/2035		8,775		7,177,256
New York State Thruway Authority (State of New York Pers Income Tax) Series 2022-A 5.00%, 03/15/2039		7,250		7,660,079
New York State Urban Development Corp. 5.00%, 09/15/2029		6,800		7,437,112
New York State Urban Development Corp. (State of New York Pers Income Tax) Series 2016-A 5.00%, 03/15/2028		5,010		5,256,680
Series 2020-A 4.00%, 03/15/2038		4,350		4,042,318
Series 2020-E 4.00%, 03/15/2043		4,650		4,195,579


Schedule of Investments—New York Municipal Portfolio		51



Principal Amount (000)			U.S. $ Value
New York State Urban Development Corp. (State of New York Sales Tax Revenue) Series 2021-A 5.00%, 03/15/2036	$	4,000	$	4,265,775
New York Transportation Development Corp. (American Airlines, Inc.) Series 2016 5.00%, 08/01/2026		1,395		1,395,000
5.00%, 08/01/2031		2,985		2,986,357
Series 2021 2.25%, 08/01/2026		1,625		1,497,990
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 5.00%, 01/01/2027		2,165		2,174,088
5.00%, 01/01/2030		24,445		24,265,605
5.00%, 01/01/2032		2,355		2,307,601
5.00%, 01/01/2036		2,000		1,913,720
New York Transportation Development Corp. (Empire State Thruway Partners LLC) Series 2021 4.00%, 10/31/2034		500		442,618
4.00%, 10/31/2041		2,075		1,709,049
New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2020 5.00%, 12/01/2027		2,210		2,257,525
5.00%, 12/01/2030		1,010		1,029,622
5.00%, 12/01/2031		400		404,570
5.00%, 12/01/2032		1,035		1,043,516
5.00%, 12/01/2036		1,050		1,022,606
Series 2022 4.00%, 12/01/2042		1,000		809,181
5.00%, 12/01/2031		2,005		2,030,164
5.00%, 12/01/2040		5,400		5,189,611
5.00%, 12/01/2041		3,670		3,514,971
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) Series 2016-A 5.25%, 01/01/2050		2,535		2,457,518
New York Transportation Development Corp. (Terminal One Group Association LP) Series 2015 5.00%, 01/01/2023		965		967,155
Principal Amount (000)			U.S. $ Value
Niagara Area Development Corp. (Covanta Holding Corp.) Series 2018-A 4.75%, 11/01/2042(a)	$	1,000	$	871,013
Series 2018-B 3.50%, 11/01/2024(a)		3,400		3,314,249
Niagara Falls City School District Series 2016 5.00%, 06/15/2024		4,055		4,144,319
5.00%, 06/15/2025		3,660		3,781,979
Onondaga Civic Development Corp. (Le Moyne College) Series 2022 4.00%, 07/01/2034		300		270,059
4.00%, 07/01/2036		350		309,048
4.00%, 07/01/2039		450		385,347
Port Authority of New York & New Jersey Series 2013-178 5.00%, 12/01/2023		10,480		10,643,441
Series 2014 5.00%, 09/01/2023		5,080		5,143,048
5.00%, 09/01/2027		7,500		7,626,095
Series 2014-1 5.00%, 10/15/2023		3,455		3,503,296
Series 2014-186 5.00%, 10/15/2022		5,000		5,002,889
Series 2015 5.00%, 10/15/2022		2,135		2,136,233
5.00%, 10/15/2023		5,850		5,931,775
5.00%, 10/15/2026		8,405		8,653,610
Series 2017 5.00%, 10/15/2028		6,925		7,166,982
Series 2018-2 5.00%, 09/15/2025		3,040		3,137,078
5.00%, 09/15/2027		9,340		9,744,940
Series 2019 5.00%, 11/01/2035		3,135		3,195,441
5.00%, 11/01/2036		5,365		5,454,198
Series 2020-2 5.00%, 07/15/2033		3,000		3,112,043
5.00%, 07/15/2034		13,030		13,423,179
5.00%, 07/15/2035		2,260		2,308,274
Series 2021-2 5.00%, 10/15/2022		3,000		3,001,733
5.00%, 10/15/2023		2,750		2,788,441
Sales Tax Asset Receivable Corp. Series 2014-A 5.00%, 10/15/2025 (Pre-refunded/ETM)		6,075		6,287,542
5.00%, 10/15/2026 (Pre-refunded/ETM)		7,065		7,312,179
Suffolk County Economic Development Corp. (Peconic Landing at Southold, Inc.) Series 2020 5.00%, 12/01/2029		500		512,196
5.00%, 12/01/2034		1,000		1,010,724


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



Principal Amount (000)			U.S. $ Value
Suffolk Tobacco Asset Securitization Corp. Series 2021 0.45%, 06/01/2031	$	410	$	406,337
4.00%, 06/01/2035		2,300		2,109,787
4.00%, 06/01/2036		2,425		2,204,313
4.00%, 06/01/2037		1,170		1,051,708
4.00%, 06/01/2050		2,500		2,117,501
5.00%, 06/01/2034		2,275		2,326,030
Town of Oyster Bay NY Series 2018 5.00%, 02/15/2023		2,185		2,198,428
Triborough Bridge & Tunnel Authority Series 2012-B 5.00%, 11/15/2023		18,000		18,037,850
Series 2013-A 5.00%, 11/15/2028		5,000		5,050,653
Series 2013-B 5.00%, 11/15/2022		7,525		7,542,189
Series 2021-A
5.00%, 11/01/2025		2,505		2,622,888
Series 2021-B 2.377% (SOFR + 0.38%), 01/01/2032(d)		5,095		5,053,835
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021 5.00%, 05/15/2050		15,035		15,713,495
Series 2021-A 2.00%, 05/15/2045		9,185		8,926,473
2.511%, 05/15/2035		10,000		7,620,617
Series 2021-C 5.00%, 05/15/2039		5,000		5,247,924
Series 2022 5.00%, 05/15/2030		2,500		2,752,478
5.00%, 05/15/2032		5,000		5,554,311
5.00%, 05/15/2033		1,000		1,095,389
5.00%, 05/15/2034		1,590		1,727,046
5.00%, 05/15/2035		1,000		1,074,687
5.00%, 05/15/2036		1,000		1,070,978
5.00%, 05/15/2041		1,750		1,825,276
Series 2022-A 5.00%, 08/15/2024		20,000		20,670,594
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute) Series 2020 5.00%, 09/01/2031		2,570		2,706,559
5.00%, 09/01/2032		3,460		3,630,252
5.00%, 09/01/2033		2,365		2,467,717
Trust for Cultural Resources of The City of New York (The) (Lincoln Center for the Performing Arts, Inc.) Series 2016-A 5.00%, 12/01/2026		7,175		7,626,851
Principal Amount (000)			U.S. $ Value
Series 2020 5.00%, 12/01/2031	$	1,800	$	1,967,655
5.00%, 12/01/2032		2,000		2,170,475
Trust for Cultural Resources of The City of New York (The) (Lincoln Center for the Performing Arts, Inc.) Series 2020 4.00%, 12/01/2033		1,140		1,090,433
TSASC, Inc./NY Series 2017-A 5.00%, 06/01/2023		1,000		1,011,315
Utility Debt Securitization Authority Series 2013-T 5.00%, 06/15/2026		2,800		2,853,632
Westchester County Local Development Corp. (Kendal on Hudson Obligated Group) Series 2022 5.00%, 01/01/2027(e)		520		531,856
5.00%, 01/01/2032(e)		520		525,389
5.00%, 01/01/2037(e)		530		523,647
5.00%, 01/01/2041(e)		720		697,841

				1,053,565,656

Alabama–0.7%
Southeast Alabama Gas Supply District (The) (Goldman Sachs Group, Inc. (The)) Series 2018-A 4.00%, 04/01/2049		10,000		9,967,308

American Samoa–0.1%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028(a)		1,055		1,138,745

Colorado–1.2%
City & County of Denver CO (United Airlines, Inc.) Series 2017 5.00%, 10/01/2032		2,425		2,307,889
Colorado Health Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2031		5,265		5,403,330
5.00%, 08/01/2033		6,030		6,092,389
5.00%, 08/01/2034		4,000		4,016,528
Vauxmont Metropolitan District AGM Series 2020 5.00%, 12/01/2050		160		166,565

				17,986,701


Schedule of Investments—New York Municipal Portfolio		53



Principal Amount (000)			U.S. $ Value
Connecticut–1.7%
State of Connecticut Series 2018-B 5.00%, 04/15/2025	$	14,565	$	15,155,688
Series 2018-C 5.00%, 06/15/2027		4,690		5,017,050
Series 2018-F 5.00%, 09/15/2027		4,025		4,318,893

				24,491,631

Florida–0.1%
County of Osceola FL Transportation Revenue Series 2020-A
Zero Coupon, 10/01/2030		100		66,646
Zero Coupon, 10/01/2032		100		59,304
Zero Coupon, 10/01/2033		100		55,768
Zero Coupon, 10/01/2034		110		57,729
Volusia County School Board (Volusia County School Board COP) Series 2014-B 5.00%, 08/01/2026		1,000		1,026,773

				1,266,220

Georgia–0.2%
Municipal Electric Authority of Georgia Series 2019 5.00%, 01/01/2031		905		945,983
5.00%, 01/01/2032		565		585,693
5.00%, 01/01/2035		1,185		1,187,658

				2,719,334

Guam–1.8%
Antonio B Won Pat International Airport Authority Series 2021-A 3.099%, 10/01/2028		665		575,293
3.189%, 10/01/2029		550		465,824
3.339%, 10/01/2030		450		376,532
Series 2023 5.125%, 10/01/2034(e)		250		228,269
5.25%, 10/01/2031(e)		1,025		981,342
5.25%, 10/01/2035(e)		265		242,171
5.375%, 10/01/2033(e)		525		495,006
Guam Government Waterworks Authority Series 2017 5.00%, 07/01/2028		1,250		1,291,279
5.00%, 07/01/2030		1,000		1,030,334
5.00%, 07/01/2031		2,000		2,054,951
Guam Power Authority Series 2017-A 5.00%, 10/01/2025		2,980		3,062,933
5.00%, 10/01/2026		1,225		1,266,533
5.00%, 10/01/2027		1,230		1,277,552
Series 2022-A 5.00%, 10/01/2023		1,250		1,263,809
Principal Amount (000)			U.S. $ Value
Territory of Guam Series 2019 5.00%, 11/15/2031	$	270	$	254,939
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2029		620		619,049
5.00%, 12/01/2030		1,000		992,701
5.00%, 12/01/2032		925		905,087
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2015-D 5.00%, 11/15/2023		1,865		1,872,163
5.00%, 11/15/2025		1,555		1,560,439
5.00%, 11/15/2031		3,730		3,672,040
Series 2021-F 5.00%, 01/01/2030		1,000		996,984

				25,485,230

Illinois–2.9%
Chicago Board of Education Series 2017-C 5.00%, 12/01/2023		8,160		8,247,829
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2023		130		130,883
5.00%, 09/01/2026		150		152,980
5.00%, 09/01/2027		145		148,068
5.00%, 09/01/2029		225		230,332
5.00%, 09/01/2032		365		366,889
5.00%, 09/01/2033		200		199,914
5.00%, 09/01/2034		225		222,181
Metropolitan Pier & Exposition Authority Series 2017-B 5.00%, 12/15/2028		2,000		2,038,769
State of Illinois Series 2012 5.00%, 08/01/2023		3,370		3,403,635
Series 2013 5.50%, 07/01/2025		7,435		7,512,669
Series 2017-A 5.00%, 12/01/2024		2,105		2,140,138
Series 2017-D 5.00%, 11/01/2023		7,505		7,593,942
5.00%, 11/01/2024		5,580		5,672,190
Series 2018-A 5.00%, 10/01/2024		2,910		2,957,495
Series 2018-B 5.00%, 05/01/2024		1,405		1,426,057

				42,443,971

Kentucky–0.3%
City of Ashland KY (Ashland Hospital Corp. Obligated Group) Series 2019 5.00%, 02/01/2026		350		359,138


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



Principal Amount (000)			U.S. $ Value
5.00%, 02/01/2027	$	375	$	387,245
5.00%, 02/01/2030		210		219,097
5.00%, 02/01/2031		275		281,048
Kentucky Economic Development Finance Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2033		1,000		1,010,347
5.00%, 08/01/2034		1,635		1,641,756
5.00%, 08/01/2035		555		556,248

				4,454,879

Louisiana–0.1%
Parish of St. James LA (NuStar Logistics LP) Series 2020 5.85%, 08/01/2041(a)		240		246,201
6.10%, 06/01/2038(a)		345		367,069
6.10%, 12/01/2040(a)		460		489,425

				1,102,695

Michigan–1.1%
City of Detroit MI Series 2018 5.00%, 04/01/2029		250		256,136
5.00%, 04/01/2032		1,005		1,017,180
Michigan Strategic Fund (Michigan Strategic Fund –I 75 Improvement Project)
Series 2018 5.00%, 12/31/2029		8,600		8,627,254
5.00%, 12/31/2030		4,000		3,987,565
5.00%, 06/30/2032		1,690		1,660,414

				15,548,549

Missouri–0.0%
Howard Bend Levee District
XLCA INS Series 2005 5.75%, 03/01/2025		120		121,462
5.75%, 03/01/2027		275		278,764

				400,226

Nevada–0.1%
City of Sparks NV (City of Sparks NV Sales Tax) Series 2019-A 2.50%, 06/15/2024(a)		385		370,299
2.75%, 06/15/2028(a)		715		626,641

				996,940

New Jersey–2.7%
New Jersey Economic Development Authority Series 2013 5.00%, 03/01/2028 (Pre-refunded/ETM)		1,445		1,455,876
Principal Amount (000)			U.S. $ Value
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2024	$	5,030	$	5,136,631
5.00%, 06/15/2027		5,000		5,227,557
Series 2018-A 5.00%, 06/15/2028		11,680		12,165,838
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2018-A 5.00%, 12/15/2030		3,360		3,484,269
Series 2019-B 5.00%, 06/15/2030		1,500		1,557,939
5.00%, 06/15/2034		2,360		2,387,431
Series 2019-BB1 5.00%, 06/15/2034		2,900		2,933,707
AMBAC INS Series 2005-B 5.25%, 12/15/2023		4,700		4,801,465

				39,150,713

Pennsylvania–0.3%
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) Series 2017 5.00%, 07/01/2023		1,690		1,701,771
5.00%, 07/01/2024		2,085		2,117,581

				3,819,352

Puerto Rico–1.1%
Commonwealth of Puerto Rico Series 2021-A
Zero Coupon, 07/01/2024		959		881,214
Zero Coupon, 07/01/2033		2,420		1,333,889
4.00%, 07/01/2033		675		593,596
5.25%, 07/01/2023		465		467,068
5.375%, 07/01/2025		870		878,412
5.625%, 07/01/2027		3,150		3,215,413
5.625%, 07/01/2029		1,070		1,094,389
5.75%, 07/01/2031		285		290,558
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		1,390		1,376,800
Puerto Rico Highway & Transportation Authority AGC Series 2007-N 5.25%, 07/01/2034		1,580		1,546,687
5.25%, 07/01/2036		1,515		1,479,745
AGM Series 2007-C 5.50%, 07/01/2031		1,000		1,007,774


Schedule of Investments—New York Municipal Portfolio		55



Principal Amount (000)			U.S. $ Value
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A
Zero Coupon, 07/01/2024	$	1,406	$	1,299,031

				15,464,576

South Carolina–0.3%
South Carolina Public Service Authority Series 2021-B 4.00%, 12/01/2038		2,125		1,873,992
5.00%, 12/01/2040		2,500		2,488,883

				4,362,875

Tennessee–0.6%
Chattanooga Health Educational & Housing Facility Board (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2031		1,500		1,539,410
5.00%, 08/01/2033		1,000		1,010,347
5.00%, 08/01/2034		1,000		1,004,132
Tennergy Corp./TN (Royal Bank of Canada) Series 2019-A 5.00%, 02/01/2050		4,735		4,835,106

				8,388,995

Texas–0.4%
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2018 5.00%, 07/15/2028		1,750		1,748,998
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031(a)		4,540		4,469,494

				6,218,492

Washington–0.6%
Washington Health Care Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2032		2,165		2,201,734
5.00%, 08/01/2033		2,595		2,621,849
5.00%, 08/01/2034		2,520		2,530,413
Washington State Housing Finance Commission Series 2021-1, Class A 3.50%, 12/20/2035		981		832,419
Washington State Housing Finance Commission Series 2021-1, Class X 0.726%, 12/20/2035(f)		981		49,927

				8,236,342

Principal Amount (000)			U.S. $ Value
Wisconsin–0.3%
UMA Education, Inc. Series 2019 5.00%, 10/01/2022(a)	$	240	$	240,000
5.00%, 10/01/2023(a)		260		260,173
5.00%, 10/01/2025(a)		995		991,449
5.00%, 10/01/2026(a)		1,050		1,042,885
5.00%, 10/01/2027(a)		1,090		1,077,693
5.00%, 10/01/2028(a)		900		884,480
5.00%, 10/01/2029(a)		275		269,168

				4,765,848

Total Long-Term Municipal Bonds (cost $1,393,722,616)				1,291,975,278



Short-Term Municipal Notes–5.2%
New York–5.0%
Build NYC Resource Corp. (Asia Society (The)) Series 2015 2.56%, 04/01/2045(g)		1,745		1,745,000
City of New York NY Series 2008-L 2.78%, 04/01/2038(g)		530		530,000
Series 2009-B 2.60%, 09/01/2027(g)		5,850		5,850,000
Series 2016 2.60%, 08/01/2044(g)		8,995		8,995,000
Dutchess County Industrial Development Agency (Marist College) Series 2008 2.56%, 07/01/2038(g)		1,230		1,230,000
New York City Health and Hospitals Corp. Series 2008-B 2.31%, 02/15/2031(g)		10,000		10,000,000
Series 2008-E 2.61%, 02/15/2026(g)		2,520		2,520,000
New York City Health and Hospitals Corp. (HHC Capital Corp.) Series 2008-C 2.62%, 02/15/2031(g)		2,000		2,000,000
New York City Housing Development Corp. Series 2008 2.43%, 04/15/2035(g)		4,100		4,100,000
New York City Housing Development Corp. (201 Pearl LLC) Series 2006-A 2.20%, 10/15/2041(g)		8,800		8,800,000
New York City Housing Development Corp. (Queenswood Apartments LP) Series 2001-A 2.43%, 04/01/2031(g)		1,300		1,300,000


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



Principal Amount (000)			U.S. $ Value
New York State Dormitory Authority (Royal Charter Properties-East, Inc.) Series 2008 2.43%, 11/15/2036(g)	$	2,290	$	2,290,000
New York State Housing Finance Agency Series 2006 2.20%, 11/15/2036(g)		6,400		6,400,000
New York State Housing Finance Agency (8 East 102nd Street LLC) Series 2012 2.63%, 05/01/2044(g)		3,140		3,140,000
New York State Housing Finance Agency (Liberty Street Realty LLC) Series 2005 2.43%, 05/01/2035(g)		2,100		2,100,000
Triborough Bridge & Tunnel Authority Series 2018-C 2.74%, 01/01/2032(g)		7,570		7,570,000
Trust for Cultural Resources of The City of New York (The) (New York Botanical Garden (The)) Series 2009 2.53%, 07/01/2032(g)		2,695		2,695,000

				71,265,000

Ohio–0.2%
State of Ohio Series 2004 2.32%, 02/01/2023(g)		3,020		3,020,000

Total Short-Term Municipal Notes (cost $74,285,000)				74,285,000

Total Municipal Obligations (cost $1,468,007,616)				1,366,260,278



GOVERNMENTS–TREASURIES–0.1%
United States–0.1%
U.S. Treasury Notes 2.625%, 02/15/2029(h) (cost $2,484,655)		2,377		2,190,554



CORPORATES–INVESTMENT GRADE–0.1%

Industrial–0.1%
Consumer Cyclical–Automotive–0.1%
General Motors Financial Co., Inc. 3.443% (SOFR+ 1.30%), 04/07/2025(d) (cost $2,000,000)		2,000		1,957,540


Principal Amount (000)			U.S. $ Value

COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%
Risk Share Floating Rate–0.1%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2013-DN2, Class M2 7.334% (LIBOR 1 Month + 4.25%), 11/25/2023(d)	$	132	$	133,593
Series 2014-DN3, Class M3 7.084% (LIBOR 1 Month + 4.00%), 08/25/2024(d)		100		100,674
Series 2019-DNA3, Class M2 5.134% (LIBOR 1 Month + 2.05%), 07/25/2049(a)(d)		106		104,187
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 2M2 5.984% (LIBOR 1 Month + 2.90%), 07/25/2024(d)		97		97,694
Series 2015-C02, Class 1M2 7.084% (LIBOR 1 Month + 4.00%), 05/25/2025(d)		99		100,845
Series 2016-C01, Class 1M2 9.834% (LIBOR 1 Month + 6.75%), 08/25/2028(d)		243		257,060
Series 2016-C02, Class 1M2 9.084% (LIBOR 1 Month + 6.00%), 09/25/2028(d)		56		58,245
Series 2016-C03, Class 1M2 8.384% (LIBOR 1 Month + 5.30%), 10/25/2028(d)		95		97,279

Total Collateralized Mortgage Obligations (cost $914,303)				949,577

Total Investments—95.2% (cost $1,473,406,574)				1,371,357,949

Other assets less liabilities—4.8%				69,086,141

Net Assets—100.0%			$	1,440,444,090


Schedule of Investments—New York Municipal Portfolio		57

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)


			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
USD	7,130	01/15/2025	2.565%	CPI#	Maturity	$	614,637		$	—		$	614,637
USD	4,070	01/15/2025	4.028%	CPI#	Maturity		111,791			—			111,791
USD	3,565	01/15/2025	2.585%	CPI#	Maturity		304,514			—			304,514
USD	3,565	01/15/2025	2.613%	CPI#	Maturity		300,656			—			300,656
USD	16,830	01/15/2026	CPI#	3.720%	Maturity		(458,587	)		—			(458,587	)
USD	10,700	01/15/2027	CPI#	3.466%	Maturity		(308,616	)		(12,502	)		(296,114	)
USD	10,500	01/15/2027	CPI#	3.320%	Maturity		(395,266	)		—			(395,266	)
USD	8,430	01/15/2027	CPI#	3.323%	Maturity		(315,823	)		—			(315,823	)
USD	27,600	01/15/2028	1.230%	CPI#	Maturity		4,605,344			—			4,605,344
USD	23,260	01/15/2028	0.735%	CPI#	Maturity		4,692,450			—			4,692,450
USD	27,050	01/15/2029	CPI#	3.290%	Maturity		(541,871	)		—			(541,871	)
USD	10,810	01/15/2029	CPI#	3.735%	Maturity		173,642			—			173,642
USD	4,375	01/15/2030	1.572%	CPI#	Maturity		669,974			—			669,974
USD	4,375	01/15/2030	1.587%	CPI#	Maturity		664,149			—			664,149
USD	6,400	01/15/2031	2.782%	CPI#	Maturity		323,060			—			323,060
USD	5,830	01/15/2031	2.680%	CPI#	Maturity		350,875			—			350,875
USD	5,150	01/15/2031	2.989%	CPI#	Maturity		157,387			—			157,387
USD	5,600	01/15/2032	CPI#	3.064%	Maturity		(89,216	)		—			(89,216	)
USD	5,400	04/15/2032	CPI#	2.909%	Maturity		(152,829	)		—			(152,829	)

						$	10,706,271		$	(12,502	)	$	10,718,773

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

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)


			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
USD	25,000	01/15/2027	1 Day SOFR	2.540%	Annual	$	(1,126,042	)	$	—	$	(1,126,042	)
USD	8,000	01/15/2031	1.323%	3 Month LIBOR	Semi-Annual/ Quarterly		1,445,179			—		1,445,179
USD	43,200	04/15/2032	2.569%	1 Day SOFR	Annual		3,094,409			—		3,094,409
USD	13,400	04/15/2032	1.280%	1 Day SOFR	Annual		2,421,464			—		2,421,464
USD	13,200	04/15/2032	2.632%	1 Day SOFR	Annual		875,030			—		875,030
USD	5,000	04/15/2032	3.082%	1 Day SOFR	Annual		159,438			—		159,438
USD	1,400	04/15/2032	3.069%	1 Day SOFR	Annual		46,099			—		46,099

						$	6,915,577		$	—	$	6,915,577


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

CREDIT DEFAULT SWAPS (see Note 3)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	121	$	(27,206	)	$	(11,335	)	$	(15,871	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	402		(90,151	)		(48,458	)		(41,693	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	27		(5,956	)		(3,105	)		(2,851	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	67		(14,971	)		(6,295	)		(8,676	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	820		(183,844	)		(95,200	)		(88,644	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	826		(185,293	)		(78,008	)		(107,285	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,245		(279,146	)		(114,501	)		(164,645	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	155		(34,773	)		(18,613	)		(16,160	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,079		(241,959	)		(96,333	)		(145,626	)

												$	(1,063,299	)	$	(471,848	)	$	(591,451	)

* Termination date

INTEREST RATE SWAPS (see Note 3)

Rate Type

Swap
Counterparty

Notional
Amount
(000)

Termination
Date

Payments
made by
the Fund

Payments
received by
the Fund

Payment Frequency
Paid/Received

Market
Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation/
(Depreciation)

Citibank, NA

USD

16,980

10/09/2029

1.125

SIFMA

Quarterly

1,951,207

—

1,951,207

* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

(a)

(b)

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

(c)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.02% of net assets as of September 30, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Jefferson County Industrial Development Agency (ReEnergy Black River LLC) Series 2019 5.25%, 01/01/2024		11/13/2014	$	1,250,438	$	250,000		0.02	%


Schedule of Investments—New York Municipal Portfolio		59

(d)

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

(e)

When-Issued or delayed delivery security.

(f)

IO—Interest Only.

(g)

(h)

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

Glossary:

AGC—Assured Guaranty Corporation

AGM—Assured Guaranty Municipal

AMBAC—Ambac Assurance Corporation

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

COP—Certificate of Participation

CPI—Consumer Price Index

ETM—Escrowed to Maturity

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

XLCA—XL Capital Assurance Inc.

See notes to financial statements.


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

SCB–MU–1945–0922

SEP^09.30.22

LOGO

ANNUAL REPORT

AB BOND FUNDS

AB INTERMEDIATE DURATION PORTFOLIO

AB SHORT DURATION PORTFOLIO

LOGO



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

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.


FROM THE ADVISER

Dear Shareholder,

We’re pleased to provide this report for the AB Bond Funds: Intermediate Duration and Short Duration Portfolios (each a “Portfolio,” and collectively, the “Portfolios”). Please review the discussion of Portfolio performance, the market conditions during the reporting period and the Portfolios’ investment strategies.

As always, AB strives to keep clients ahead of what’s next by:

⁺

Transforming uncommon insights into uncommon knowledge with a global research scope

⁺

Navigating markets with seasoned investment experience and sophisticated solutions

⁺

Providing thoughtful investment insights and actionable ideas

Whether you’re an individual investor or a multi-billion-dollar institution, we put knowledge and experience to work for you.

AB’s global research organization connects and collaborates across platforms and teams to deliver impactful insights and innovative products. Better insights lead to better opportunities—anywhere in the world.

For additional information about AB’s range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in the AB Mutual Funds.

Sincerely,

LOGO

Onur Erzan

Senior Vice President of the Adviser



abfunds.com		AB BOND FUNDS ^\| 1

ANNUAL REPORT

November 14, 2022

This report provides management’s discussion of fund performance for the AB Bond Funds: Intermediate Duration and Short Duration Portfolios for the annual reporting period ended September 30, 2022.

The investment objective of the Intermediate Duration Portfolio is to provide safety of principal and a moderate to high rate of income that is subject to taxes. The investment objective of the Short Duration Portfolio is to provide safety of principal and a moderate rate of income that is subject to taxes.

NAV RETURNS AS OF SEPTEMBER 30, 2022 (unaudited)



	6 Months		12 Months

AB INTERMEDIATE DURATION PORTFOLIO

Class A Shares		-9.84%		-15.54%

Advisor Class Shares¹		-9.74%		-15.33%

Class Z Shares^1,2		-9.61%		-15.17%

Bloomberg US Aggregate Bond Index		-9.22%		-14.60%





AB SHORT DURATION PORTFOLIO

Class A Shares	-2.41%	-5.49%

Class C Shares	-2.48%	-5.49%

ICE BofA 1-3 Year US Treasury Index	-2.06%	-4.86%

Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the Financial Highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

INVESTMENT RESULTS

The preceding tables show performance for each Portfolio compared to their benchmarks, the Bloomberg US Aggregate Bond Index for the Intermediate Duration Portfolio, and the Intercontinental Exchange Bank of America (“ICE BofA”) 1-3 Year US Treasury Index for the Short Duration Portfolio, for the six- and 12-month periods ended September 30, 2022.

During both periods, all share classes of the Intermediate Duration Portfolio underperformed the benchmark, before sales charges. In the 12-month period, overweights to the five- and 10-year parts of the yield curve were the primary detractor, relative to the benchmark, partially offset by an



2 ^\| AB BOND FUNDS		abfunds.com

overweight to the six-month part of the curve and an underweight to the 20-year part of the yield curve. Security selection also detracted, mostly due to losses from selection within investment-grade corporate bonds, asset-backed securities and US agency mortgages that were partially offset by gains from selection within commercial mortgage-backed securities (“CMBS”) and the utilization of high-yield credit default swaps. Sector allocation contributed, due to underweights to US agency mortgages and investment-grade corporate bonds, an overweight to asset-backed securities and exposure to investment-grade credit default swaps that exceeded a loss from exposure to agency risk-sharing securities. Currency decisions also contributed, mostly from short positions in the Swedish krona and offshore Chinese renminbi. Country allocation did not have a material impact on returns during the period.

During the six-month period, security selection detracted the most from performance, as selection within investment-grade corporate bonds and asset-backed securities detracted more than a gain from selection within CMBS. Country allocation also detracted due to exposure to Japan and the UK that outweighed exposure to the eurozone. Yield-curve positioning was a minor detractor. Currency decisions contributed, from short positions in the offshore Chinese renminbi, Australian dollar and Canadian dollar. Sector allocation also contributed, from an underweight to US agency mortgages, an overweight to asset-backed securities and exposure to high-yield credit default swaps, which offset losses from exposure to collateralized loan obligations and high-yield corporate bonds in the US and eurozone.

During both periods, all share classes of the Short Duration Portfolio underperformed the benchmark, before sales charges. Over the 12-month period, security selection within investment-grade corporate bonds was the largest detractor, relative to the benchmark. Country allocation also detracted, as exposure to Japan and the UK was mostly offset by a gain from exposure to the eurozone. Yield-curve positioning on the two-year part of the yield curve contributed, along with sector exposure to inflation-linked securities in the US and CMBS that exceeded a sector loss from exposure to investment-grade corporate bonds. Currency decisions did not materially impact performance during the period.

During the six-month period, sector allocation was the greatest detractor, as allocation to collateralized loan obligations and investment-grade corporate bonds were partially offset by a gain from the utilization of high-yield credit default swaps. Country allocation also detracted, as exposure to Japan and the UK was partially offset by a gain from an allocation to the eurozone. Security selection within investment-grade corporate bonds was a minor detractor. Yield-curve positioning on the two- to 10-year parts of the curve contributed to returns. Currency decisions had no material impact on performance during the period.



abfunds.com		AB BOND FUNDS ^\| 3

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

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

MARKET REVIEW AND INVESTMENT STRATEGY

During the 12-month period ended September 30, 2022, fixed-income government bond market yields increased rapidly, and bond prices fell in all developed markets. Most major central banks aggressively tightened monetary policy by raising short-term interest rates and ending bond purchases to combat high and persistent inflation. Developed-market government bonds fell the most in the UK and eurozone, and by the least in Japan. In credit risk sectors, securitized assets generally outperformed corporate bonds. Investment-grade corporate bonds trailed treasuries, underperforming in the US against US Treasuries, while outperforming in the eurozone relative to eurozone treasuries. High-yield corporate bonds trailed in the US versus US Treasuries while eurozone high yield outperformed eurozone treasuries. Investment-grade emerging-market corporate bonds slightly trailed developed-market corporates. Longer-maturity emerging-market sovereign bonds underperformed developed-market treasuries. Emerging-market local-currency bonds lagged as the US dollar advanced against almost all developed- and emerging-market currencies. Brent crude oil prices ended the period higher, even as prices fell sharply in the final quarter on global growth concerns and reduced demand.



4 ^\| AB BOND FUNDS		abfunds.com

INVESTMENT POLICIES

INTERMEDIATE DURATION PORTFOLIO

The Portfolio seeks to maintain an average portfolio quality minimum of A, based on ratings given to the Portfolio’s securities by nationally recognized statistical rating organizations (“NRSROs”) (or, if unrated, determined by the Adviser to be of comparable quality). Many types of securities may be purchased by the Portfolio, including corporate bonds, notes, US government and agency securities, asset-backed securities, mortgage-related securities, bank loan debt, preferred stock and inflation-protected securities, as well as others. The Portfolio may also invest up to 25% of its total assets in fixed-income, non-US dollar-denominated foreign securities, and may invest without limit in fixed-income, US dollar-denominated foreign securities, in each case in developed- or emerging-market countries. The Portfolio may use derivatives, such as options, futures contracts, forward contracts and swaps. The Portfolio may invest up to 25% of its total assets in fixed-income securities rated below investment-grade (BB or below) by NRSROs (commonly known as “junk bonds”). No more than 5% of the Portfolio’s total assets may be invested in fixed-income securities rated CCC by NRSROs.

In managing the Portfolio, the Adviser may use interest-rate forecasting to estimate an appropriate level of interest-rate risk at a given time. The Portfolio seeks to maintain an effective duration of three to seven years under normal market conditions. Duration is a measure that relates the expected price volatility of a security to changes in interest rates. The duration of a debt security is the weighted average term to maturity, expressed in years, of the present value of all future cash flows, including coupon payments and principal repayments. Within the range described above, the Adviser may moderately shorten the average duration of the Portfolio when it expects interest rates to rise and moderately lengthen average duration when it anticipates that interest rates will fall.

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

The Portfolio may enter into foreign currency transactions on a spot (i.e., cash) basis or through the use of derivatives transactions, such

(continued on next page)



abfunds.com		AB BOND FUNDS ^\| 5

as forward currency exchange contracts, currency futures and options thereon, and options on currencies. An appropriate hedge of currency exposure resulting from the Portfolio’s securities positions may not be available or cost effective, or the Adviser may determine not to hedge the positions, possibly even under market conditions where doing so could benefit the Portfolio.

SHORT DURATION PORTFOLIO

The Portfolio invests at least 80% of its total assets in securities rated A or better by NRSROs (or, if unrated, determined by the Adviser to be of comparable quality) and comparably rated commercial paper and notes. Many types of securities may be purchased by the Portfolio, including corporate bonds, notes, US government and agency securities, asset-backed securities, mortgage-related securities, inflation-protected securities, bank loan debt and preferred stock, as well as others. The Portfolio may also invest up to 20% of its total assets in fixed-income foreign securities in developed- or emerging-market countries. The Portfolio may use derivatives, such as options, futures contracts, forward contracts and swaps. The Portfolio may invest up to 20% of its total assets in below investment-grade fixed-income securities (commonly known as “junk bonds”).

In managing the Portfolio, the Adviser may use interest-rate forecasting to estimate an appropriate level of interest-rate risk at a given time. The Portfolio seeks to maintain an effective duration of one to three years under normal market conditions. Duration is a measure that relates the expected price volatility of a security to changes in interest rates. The duration of a debt security is the weighted average term to maturity, expressed in years, of the present value of all future cash flows, including coupon payments and principal repayments. Within the range described above, the Adviser may moderately shorten the average duration of the Portfolio when it expects interest rates to rise and moderately lengthen average duration when it anticipates that interest rates will fall.

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

The Portfolio may enter into foreign currency transactions on a spot (i.e., cash) basis or through the use of derivatives transactions, such

(continued on next page)



6 ^\| AB BOND FUNDS		abfunds.com



abfunds.com		AB BOND FUNDS ^\| 7

DISCLOSURES AND RISKS

Benchmark Disclosure

The Bloomberg US Aggregate Bond Index and ICE BofA^® 1-3 Year US Treasury Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Bloomberg US Aggregate Bond Index represents the performance of securities within the US investment-grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities and CMBS. The ICE BofA 1-3 Year US Treasury Index represents the performance of US dollar-denominated sovereign debt publicly issued by the US government in its domestic market with a remaining term to final maturity of one to three years. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk



8 ^\| AB BOND FUNDS		abfunds.com

DISCLOSURES AND RISKS (continued)

prevent Portfolio investors from purchasing, redeeming or exchanging shares or receiving distributions. A Portfolio and the Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers. Cybersecurity incidents may result in financial losses to such Portfolio and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.

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



abfunds.com		AB BOND FUNDS ^\| 9

DISCLOSURES AND RISKS (continued)



10 ^\| AB BOND FUNDS		abfunds.com

DISCLOSURES AND RISKS (continued)

addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolios. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted to cover or secure derivatives positions may themselves go down in value, and these collateral and other requirements may limit investment flexibility. Some derivatives involve leverage, which can make the Portfolios more volatile and can compound other risks. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios. Use of derivatives may have different tax consequences for the Portfolios than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders. The US government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as additional regulations governing, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.



abfunds.com		AB BOND FUNDS ^\| 11

DISCLOSURES AND RISKS (continued)

extension risk is the risk that as interest rates rise or spreads widen, payments of securities may occur more slowly than anticipated by the market. If this happens, the values of these securities may go down because their interest rates are lower than current market rates and they remain outstanding longer than anticipated.

Illiquid Investments Risk: Illiquid investments risk exists when particular investments are difficult or impossible to purchase or sell, possibly preventing the Portfolios from purchasing or selling these securities at an advantageous price. Over recent years, regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Illiquid investments risk may be magnified in a rising interest-rate environment, where the value and liquidity of fixed-income securities generally go down. Illiquid securities may also be difficult to value. If the Portfolios are forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the Portfolios may be forced to sell at a substantial loss or may not be able to sell at all.



12 ^\| AB BOND FUNDS		abfunds.com

DISCLOSURES AND RISKS (continued)

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

Foreign Currency Risk: This is the risk that changes in foreign (non-US) currency exchange rates may negatively affect the value of the Portfolios’ investments or reduce the returns of the Portfolios. For example, the value of the Portfolios’ investments in foreign securities and foreign currency positions may decrease if the US dollar is strong (i.e., gaining value relative to other currencies) and other currencies are weak (i.e., losing value relative to the US dollar).

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



abfunds.com		AB BOND FUNDS ^\| 13

DISCLOSURES AND RISKS (continued)

more likely to weaken than is that of issuers of higher-rated securities in times of deteriorating economic conditions or rising interest rates.

Riskier than a Money-Market Fund: Although the Short Duration Portfolio maintains a short overall duration, it invests in securities with longer maturities and in some cases lower quality than the assets of the type of mutual fund known as a money-market fund. The risk of a decline in the market value of the Portfolio is greater than for a money-market fund since the credit quality of the Portfolio’s securities may be lower and the effective duration of the Portfolio will be longer.

These risks are fully discussed in the Portfolios’ prospectus. As with all investments, you may lose money by investing in the Portfolios.

An Important Note About Historical Performance

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

All fees and expenses related to the operation of the Portfolios have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Portfolios’ quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares of Intermediate Duration Portfolio, a 2.25% maximum front-end sales charge for Class A shares of Short Duration Portfolio, and a 1% 1-year contingent deferred sales charge for Class C shares. Effective on March 7, 2022, the maximum sales charge for purchases of Class A shares of the Short Duration Portfolio is reduced from 4.25% to 2.25%. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.



14 ^\| AB BOND FUNDS		abfunds.com

HISTORICAL PERFORMANCE

INTERMEDIATE DURATION PORTFOLIO

GROWTH OF A $10,000 INVESTMENT IN THE PORTFOLIO (unaudited)

7/22/2019¹ TO 9/30/2022

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AB Intermediate Duration Portfolio Class A shares (from 7/22/2019¹ to 9/30/2022) as compared to the performance of the Portfolio’s benchmark. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Portfolio and assumes the reinvestment of dividends and capital gains distributions.

1	Inception date: 7/22/2019.



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HISTORICAL PERFORMANCE (continued)

INTERMEDIATE DURATION PORTFOLIO

AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2022 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)		SEC Yields¹

CLASS A SHARES						-1.62%

1 Year		-15.54%		-19.13%

Since Inception²		-3.42%		-4.72%

ADVISOR CLASS SHARES³						-1.43%

1 Year		-15.33%		-15.33%

Since Inception²		-3.20%		-3.20%

CLASS Z SHARES³						1.45%

1 Year		-15.17%		-15.17%

Since Inception²		-2.77%		-2.77%

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 3.95%, 3.36% and 1.87% for Class A, Advisor Class and Class Z shares, respectively. Contractual fee waivers and/or expense reimbursements limited the Portfolio’s total other expenses (excluding advisory fees, distribution and/or service fees, extraordinary expenses, interest expense, acquired fund fees and expenses other than the advisory fees of any affiliated funds in which the Portfolio may invest, expenses associated with securities sold short, and brokerage commission and other transaction costs) to 0.22%, 0.22% and 0.13% for Class A, Advisor Class and Class Z shares, respectively. The Portfolio’s net annual operating expenses (after application of contractual fee waivers and/or expense reimbursements) were: 0.90%, 0.65% and 0.56% for Class A, Advisor Class and Class Z shares, respectively. These waivers/reimbursements may not be terminated before January 28, 2023. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

1	SEC yields are calculated based on SEC guidelines for the 30-day period ended September 30, 2022.

2	Inception date: 7/22/2019.

These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio.



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HISTORICAL PERFORMANCE (continued)

INTERMEDIATE DURATION PORTFOLIO

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

SEPTEMBER 30, 2022 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-19.13%

Since Inception¹		-4.72%

ADVISOR CLASS SHARES²

1 Year		-15.33%

Since Inception¹		-3.20%

CLASS Z SHARES²

1 Year		-15.17%

Since Inception¹		-2.77%

1	Inception date: 7/22/2019.



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HISTORICAL PERFORMANCE

SHORT DURATION PORTFOLIO

GROWTH OF A $10,000 INVESTMENT IN THE PORTFOLIO (unaudited)

9/30/2012 TO 9/30/2022

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AB Short Duration Portfolio Class A shares (from 9/30/2012 to 9/30/2022) as compared to the performance of the Portfolio’s benchmark. The chart reflects the deduction of the maximum 2.25% sales charge from the initial $10,000 investment in the Portfolio and assumes the reinvestment of dividends and capital gains distributions.



18 ^\| AB BOND FUNDS		abfunds.com

HISTORICAL PERFORMANCE (continued)

SHORT DURATION PORTFOLIO

AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2022 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)		SEC Yields¹

CLASS A SHARES						2.98%

1 Year		-5.49%		-7.63%

5 Years		-0.30%		-0.76%

10 Years		-0.09%		-0.31%

CLASS C SHARES						2.42%

1 Year		-5.49%		-6.43%

5 Years		-0.47%		-0.47%

10 Years²		-0.28%		-0.28%

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.00% and 1.76% for Class A and Class C shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

1	SEC yields are calculated based on SEC guidelines for the 30-day period ended September 30, 2022.

2	Assumes conversion of Class C shares into Class A shares after eight years.



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HISTORICAL PERFORMANCE (continued)

SHORT DURATION PORTFOLIO

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

SEPTEMBER 30, 2022 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-7.63%

5 Years		-0.76%

10 Years		-0.31%

CLASS C SHARES

1 Year		-6.43%

5 Years		-0.47%

10 Years¹		-0.28%

1	Assumes conversion of Class C shares into Class A shares after eight years.



20 ^\| AB BOND FUNDS		abfunds.com

EXPENSE EXAMPLE

(unaudited)

As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on a Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.



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EXPENSE EXAMPLE (continued)

(unaudited)

Intermediate Duration Portfolio


	Beginning Account Value April 1, 2022		Ending Account Value September 30, 2022		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	901.60	$	4.34		0.91	%
Hypothetical**	$	1,000	$	1,020.51	$	4.61		0.91	%
Advisor Class
Actual	$	1,000	$	902.60	$	3.10		0.65	%
Hypothetical**	$	1,000	$	1,021.81	$	3.29		0.65	%
Class Z
Actual	$	1,000	$	903.90	$	2.67		0.56	%
Hypothetical**	$	1,000	$	1,022.26	$	2.84		0.56	%

Short Duration Plus Portfolio


	Beginning Account Value April 1, 2022		Ending Account Value September 30, 2022		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,000.00	$	4.41		0.88	%
Hypothetical**	$	1,000	$	1,020.66	$	4.46		0.88	%
Class C
Actual	$	1,000	$	1,000.00	$	5.01		1.00	%
Hypothetical**	$	1,000	$	1,020.05	$	5.06		1.00	%

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

**	Assumes 5% annual return before expenses.



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PORTFOLIO SUMMARY

INTERMEDIATE DURATION PORTFOLIO

September 30, 2022 (unaudited)

LOGO

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

2	“Other” represents less than 0.2% in Agencies and Governments–Sovereign Bonds.



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PORTFOLIO SUMMARY

SHORT DURATION PORTFOLIO

September 30, 2022 (unaudited)

LOGO

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



24 ^\| AB BOND FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS

INTERMEDIATE DURATION PORTFOLIO

September 30, 2022


	Principal Amount (000)			U.S. $ Value

GOVERNMENTS - TREASURIES – 40.0%
United States – 40.0%
U.S. Treasury Bonds 1.75%, 08/15/2041		U.S.$	73,211	$	50,035,279
1.875%, 02/15/2051			61,991		41,029,962
2.00%, 11/15/2041			26,116		18,680,744
2.00%, 02/15/2050			2,460		1,690,481
2.00%, 08/15/2051			36,371		24,834,232
2.25%, 08/15/2046			12,530		9,029,431
2.375%, 02/15/2042			11,433		8,758,826
2.375%, 11/15/2049			2,885		2,172,766
2.50%, 02/15/2045			1,916		1,460,651
2.50%, 05/15/2046			23,956		18,169,129
2.875%, 05/15/2052			3,770		3,161,834
3.00%, 05/15/2045			23,139		19,321,065
3.00%, 08/15/2048			28,274		23,935,539
3.00%, 02/15/2049			26,971		23,030,962
3.25%, 05/15/2042			11,593		10,284,987
3.375%, 08/15/2042			4,723		4,277,914
3.375%, 05/15/2044			5,710		5,092,160
3.50%, 02/15/2039			4,254		4,046,618
3.75%, 11/15/2043			10,205		9,691,561
4.375%, 02/15/2038			1,920		2,041,800
4.375%, 11/15/2039			47,210		49,791,797
4.50%, 02/15/2036			4,048		4,372,040
4.75%, 02/15/2037			4,156		4,602,770
5.375%, 02/15/2031			14,221		15,698,209
U.S. Treasury Notes 0.125%, 10/31/2022			145,224		144,860,541
0.125%, 02/28/2023			56,178		55,335,330
0.875%, 09/30/2026			17,403		15,320,431
1.25%, 11/30/2026			48,088		42,806,190
1.25%, 08/15/2031^(a)			85,632		69,187,899
1.375%, 11/15/2031			50,234		40,799,427
1.50%, 02/29/2024			75,200		72,320,769
1.50%, 02/15/2030^(a)			11,115		9,433,856
1.625%, 05/15/2026^(a)			236,708		216,402,709
1.75%, 11/15/2029			11,550		10,034,062
2.25%, 02/15/2027			3,147		2,910,576
2.625%, 02/15/2029			30,853		28,433,152
2.75%, 07/31/2027			43,406		40,896,591
2.75%, 08/15/2032			19,801		18,095,983
2.875%, 05/15/2032			35,123		32,460,873
3.00%, 07/31/2024			69,982		68,439,916
3.125%, 08/31/2027			14,336		13,758,176


Total Governments – Treasuries (cost $1,408,654,617)					1,236,707,238



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PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)		U.S. $ Value

CORPORATES - INVESTMENT GRADE – 22.5%
Industrial – 11.7%
Basic – 0.7%
Anglo American Capital PLC 3.875%, 03/16/2029^(b)	U.S.$	1,189	$	1,018,676
Braskem Netherlands Finance BV 4.50%, 01/31/2030^(b)		3,420		2,748,996
Celanese US Holdings LLC 5.90%, 07/05/2024		6,569		6,481,041
Freeport Indonesia PT 4.763%, 04/14/2027^(b)		904		818,120
Inversiones CMPC SA 3.85%, 01/13/2030^(b)		2,742		2,212,965
Inversiones CMPC SA/Cayman Islands Branch 4.375%, 05/15/2023^(b)		1,151		1,139,734
Suzano Austria GmbH 3.75%, 01/15/2031		1,419		1,106,820
WRKCo., Inc. 4.00%, 03/15/2028		6,569		6,063,713

				21,590,065

Capital Goods – 0.8%
Flowserve Corp. 2.80%, 01/15/2032		4,669		3,343,704
Parker-Hannifin Corp.
3.25%, 06/14/2029		2,817		2,484,059
4.50%, 09/15/2029		4,439		4,201,602
Raytheon Technologies Corp. 4.125%, 11/16/2028		8,502		7,955,322
Westinghouse Air Brake Technologies Corp.
3.20%, 06/15/2025		1,117		1,043,758
4.40%, 03/15/2024		4,344		4,265,895

				23,294,340

Communications - Media – 1.2%
Discovery Communications LLC
5.20%, 09/20/2047		1,999		1,478,500
5.30%, 05/15/2049		857		641,482
Fox Corp.
4.709%, 01/25/2029		2,656		2,496,906
5.576%, 01/25/2049		4,396		3,771,988
Interpublic Group of Cos., Inc. (The) 4.65%, 10/01/2028		1,966		1,821,656



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PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Prosus NV
3.257%, 01/19/2027^(b)		U.S.$	1,724	$	1,443,850
3.68%, 01/21/2030^(b)			550		416,405
4.027%, 08/03/2050^(b)			1,993		1,121,062
Tencent Holdings Ltd.
1.81%, 01/26/2026^(b)			5,470		4,896,676
3.24%, 06/03/2050^(b)			4,830		2,883,812
Time Warner Cable LLC 4.50%, 09/15/2042			2,370		1,643,121
Warnermedia Holdings, Inc. 4.279%, 03/15/2032^(b)			7,614		6,269,063
Weibo Corp. 3.375%, 07/08/2030			11,908		8,776,940

					37,661,461

Consumer Cyclical - Automotive – 0.5%
General Motors Co. 6.125%, 10/01/2025			1,152		1,154,580
General Motors Financial Co., Inc. 4.30%, 04/06/2029			710		618,659
Harley-Davidson Financial Services, Inc.
3.05%, 02/14/2027^(b)			3,858		3,309,933
3.35%, 06/08/2025^(b)			3,759		3,529,024
Nissan Motor Co., Ltd. 4.345%, 09/17/2027^(b)			8,330		7,176,961

					15,789,157

Consumer Cyclical - Other – 0.3%
Las Vegas Sands Corp. 3.90%, 08/08/2029			8,755		7,255,181
MDC Holdings, Inc. 6.00%, 01/15/2043			3,776		2,876,972

					10,132,153

Consumer Cyclical - Retailers – 0.6%
Advance Auto Parts, Inc.
3.50%, 03/15/2032			73		58,340
3.90%, 04/15/2030			8,625		7,421,295
Lowe’s Cos., Inc. 5.80%, 09/15/2062			4,887		4,493,499
Ross Stores, Inc. 4.70%, 04/15/2027			7,988		7,800,681

					19,773,815



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PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Consumer Non-Cyclical – 1.1%
Altria Group, Inc. 3.40%, 05/06/2030		U.S.$	7,300	$	5,923,001
BAT Capital Corp.
2.259%, 03/25/2028			11,104		8,844,225
4.906%, 04/02/2030			3,799		3,346,767
Cigna Corp. 4.375%, 10/15/2028			3,600		3,399,732
CVS Health Corp. 4.30%, 03/25/2028			179		169,302
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031			5,660		4,328,598
Takeda Pharmaceutical Co., Ltd. 4.40%, 11/26/2023			6,627		6,627,000

					32,638,625

Energy – 2.7%
BP Capital Markets America, Inc. 2.939%, 06/04/2051			12,047		7,649,243
Continental Resources, Inc./OK
2.875%, 04/01/2032^(b)			5,368		3,921,700
5.75%, 01/15/2031^(b)			3,997		3,612,369
Devon Energy Corp. 5.60%, 07/15/2041			4,914		4,410,954
Enbridge Energy Partners LP 7.375%, 10/15/2045			6,968		7,538,958
Energy Transfer LP 6.25%, 04/15/2049			3,278		2,927,942
EQT Corp. 5.70%, 04/01/2028			1,958		1,922,795
Marathon Petroleum Corp.
5.125%, 12/15/2026			9,518		9,368,663
6.50%, 03/01/2041			1,683		1,666,439
MPLX LP 5.20%, 03/01/2047			10,984		9,051,365
Oleoducto Central SA 4.00%, 07/14/2027^(b)			631		488,355
ONEOK Partners LP 6.125%, 02/01/2041			294		260,966
ONEOK, Inc.
4.00%, 07/13/2027			4,900		4,501,728
4.35%, 03/15/2029			4,164		3,717,078
6.35%, 01/15/2031			1,081		1,060,699
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029			3,754		3,131,549



28 ^\| AB BOND FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Suncor Energy, Inc. 6.80%, 05/15/2038		U.S.$	5,543	$	5,612,509
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030^(b)			1,397		993,005
TransCanada PipeLines Ltd.
6.10%, 06/01/2040			5,470		5,282,652
6.20%, 10/15/2037			3,397		3,366,359
Transcontinental Gas Pipe Line Co., LLC 3.25%, 05/15/2030			2,203		1,860,456

					82,345,784

Other Industrial – 0.1%
Alfa SAB de CV 5.25%, 03/25/2024^(b)			3,311		3,282,873


Services – 0.7%
Booking Holdings, Inc. 4.625%, 04/13/2030			9,010		8,483,366
Expedia Group, Inc. 6.25%, 05/01/2025^(b)			211		212,289
Global Payments, Inc.
3.20%, 08/15/2029			3,208		2,676,017
5.40%, 08/15/2032			4,124		3,823,195
Moody’s Corp. 4.25%, 02/01/2029			4,376		4,136,151
S&P Global, Inc.
4.25%, 05/01/2029^(b)			1,574		1,480,017
4.75%, 08/01/2028^(b)			307		300,111

					21,111,146

Technology – 2.7%
Apple, Inc. 4.10%, 08/08/2062			5,020		4,115,798
Baidu, Inc. 3.425%, 04/07/2030			217		187,154
Broadcom, Inc.
3.137%, 11/15/2035^(b)			1,202		842,758
3.187%, 11/15/2036^(b)			8,430		5,772,274
4.15%, 11/15/2030			1,542		1,332,781
4.15%, 04/15/2032^(b)			2,002		1,684,443
4.926%, 05/15/2037^(b)			4,241		3,508,452
Entegris Escrow Corp. 4.75%, 04/15/2029^(b)			5,311		4,711,441
Fiserv, Inc. 3.50%, 07/01/2029			9,632		8,393,325
HP, Inc. 5.50%, 01/15/2033			8,393		7,443,836



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PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Infor, Inc. 1.75%, 07/15/2025^(b)		U.S.$	2,719	$	2,448,133
Intel Corp. 5.05%, 08/05/2062			6,717		5,830,893
International Business Machines Corp. 4.90%, 07/27/2052			6,550		5,740,878
KLA Corp. 4.10%, 03/15/2029			1,349		1,280,916
Kyndryl Holdings, Inc. 2.05%, 10/15/2026			9,627		7,732,298
NXP BV/NXP Funding LLC 5.55%, 12/01/2028			4,119		4,031,471
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.40%, 05/01/2030			3,313		2,773,909
Oracle Corp.
2.875%, 03/25/2031			5,648		4,449,212
3.60%, 04/01/2040			3,456		2,343,617
3.65%, 03/25/2041			1,857		1,260,532
5.375%, 07/15/2040			1,114		927,650
SK Hynix, Inc. 2.375%, 01/19/2031^(b)			1,818		1,338,843
TSMC Arizona Corp. 3.875%, 04/22/2027			2,710		2,581,844
Western Digital Corp.
2.85%, 02/01/2029			1,194		928,013
3.10%, 02/01/2032			589		402,146
Workday, Inc. 3.80%, 04/01/2032			2,673		2,325,296

					84,387,913

Transportation - Airlines – 0.2%
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.50%, 10/20/2025^(b)			3,393		3,297,151
4.75%, 10/20/2028^(b)			3,940		3,671,213

					6,968,364

Transportation - Railroads – 0.0%
Lima Metro Line 2 Finance Ltd.
4.35%, 04/05/2036^(b)			442		387,056
5.875%, 07/05/2034^(b)			1,072		1,013,019

					1,400,075

Transportation - Services – 0.1%
Ashtead Capital, Inc. 5.50%, 08/11/2032^(b)			1,037		961,091



30 ^\| AB BOND FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

ENA Master Trust 4.00%, 05/19/2048^(b)		U.S.$	1,235	$	908,497

					1,869,588

					362,245,359

Financial Institutions – 10.2%
Banking – 6.9%
ABN AMRO Bank NV 4.75%, 07/28/2025^(b)			1,171		1,124,851
Banco de Credito del Peru S.A. 3.125%, 07/01/2030^(b)			5,996		5,256,993
Banco Santander SA 4.175%, 03/24/2028			3,200		2,895,328
Bank of America Corp.
2.299%, 07/21/2032			1,555		1,163,560
2.687%, 04/22/2032			9,685		7,546,939
4.376%, 04/27/2028			6,858		6,428,895
Bank of Ireland Group PLC 6.253%, 09/16/2026^(b)			2,285		2,236,946
Barclays PLC 5.304%, 08/09/2026			4,935		4,743,522
BNP Paribas SA
2.591%, 01/20/2028^(b)			2,660		2,275,284
7.75%, 08/16/2029^(b)(c)			4,780		4,428,383
Citigroup, Inc.
3.98%, 03/20/2030			3,617		3,211,064
4.075%, 04/23/2029			5,373		4,865,950
5.95%, 01/30/2023^(c)			2,569		2,539,534
Series W 4.00%, 12/10/2025^(c)			3,243		2,736,443
Citizens Financial Group, Inc. 4.30%, 12/03/2025			10,581		10,177,758
Credit Suisse Group AG
3.091%, 05/14/2032^(b)			8,899		6,256,976
4.194%, 04/01/2031^(b)			2,852		2,257,101
6.373%, 07/15/2026^(b)			6,080		5,877,110
Danske Bank A/S 4.298%, 04/01/2028^(b)			5,462		4,876,638
Deutsche Bank AG/New York NY
2.129%, 11/24/2026			4,221		3,588,568
2.552%, 01/07/2028			604		491,934
3.961%, 11/26/2025			1,336		1,246,729
6.119%, 07/14/2026			4,828		4,691,512
Discover Bank 4.682%, 08/09/2028			2,264		2,174,844



abfunds.com		AB BOND FUNDS ^\| 31

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Federation des Caisses Desjardins du Quebec 4.55%, 08/23/2027^(b)	U.S.$	6,672	$	6,302,571
Goldman Sachs Group, Inc. (The)
2.383%, 07/21/2032		2,288		1,728,332
2.615%, 04/22/2032		7,696		5,966,170
3.102%, 02/24/2033		1,157		919,132
Series V 4.125%, 11/10/2026^(c)		3,016		2,396,664
HSBC Holdings PLC
4.762%, 03/29/2033		3,381		2,791,117
5.402%, 08/11/2033		2,559		2,265,406
6.375%, 03/30/2025^(c)		9,669		8,678,894
JPMorgan Chase & Co.
2.58%, 04/22/2032		9,618		7,443,370
4.851%, 07/25/2028		6,901		6,621,372
Series I 6.276% (LIBOR 3 Month + 3.47%), 01/30/2023^(c)(d)		2,456		2,444,948
Series V 5.597% (LIBOR 3 Month + 3.32%), 10/01/2022^(c)(d)		107		107,000
Mizuho Financial Group, Inc. 5.414%, 09/13/2028		6,462		6,318,350
Morgan Stanley
3.772%, 01/24/2029		5,695		5,131,935
4.21%, 04/20/2028		4,283		4,006,147
4.679%, 07/17/2026		1,880		1,830,274
Nationwide Building Society 2.972%, 02/16/2028^(b)		5,154		4,436,976
Santander Holdings USA, Inc.
2.49%, 01/06/2028		3,137		2,612,243
4.26%, 06/09/2025		2,048		1,968,415
4.40%, 07/13/2027		3,049		2,806,330
Societe Generale SA 2.797%, 01/19/2028^(b)		9,487		8,000,103
Standard Chartered PLC
3.971%, 03/30/2026^(b)		3,723		3,499,397
4.316% (LIBOR 3 Month + 1.51%), 01/30/2027^(b)(c)(d)		300		227,055
7.75%, 04/02/2023^(b)(c)		822		805,568
Swedbank AB Series NC5 5.625%, 09/17/2024^(b)(c)		400		370,076



32 ^\| AB BOND FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Truist Financial Corp. Series Q 5.10%, 03/01/2030^(c)	U.S.$	6,656	$	5,969,500
UBS Group AG
7.00%, 01/31/2024^(b)(c)		3,018		2,867,040
7.00%, 02/19/2025^(b)(c)		408		387,396
UniCredit SpA
1.982%, 06/03/2027^(b)		271		223,656
2.569%, 09/22/2026^(b)		6,253		5,355,257
3.127%, 06/03/2032^(b)		1,858		1,323,398
US Bancorp Series J 5.30%, 04/15/2027^(c)		3,485		2,975,667
Wells Fargo & Co.
3.35%, 03/02/2033		8,799		7,151,387
3.584%, 05/22/2028		2,117		1,914,869
Series BB 3.90%, 03/15/2026^(c)		2,664		2,256,168

				213,195,045

Brokerage – 0.5%
Charles Schwab Corp. (The)
Series G 5.375%, 06/01/2025^(c)		3,154		3,080,701
Series I 4.00%, 06/01/2026^(c)		7,570		6,241,162
Nomura Holdings, Inc. 2.999%, 01/22/2032		7,689		5,818,959

				15,140,822

Finance – 1.2%
Air Lease Corp.
2.10%, 09/01/2028		2,650		2,065,622
3.625%, 04/01/2027		303		268,434
Aircastle Ltd.
2.85%, 01/26/2028^(b)		8,390		6,426,321
4.125%, 05/01/2024		1,481		1,426,040
4.25%, 06/15/2026		530		475,288
5.25%, 08/11/2025^(b)		3,730		3,513,623
Aviation Capital Group LLC
1.95%, 01/30/2026^(b)		4,547		3,818,070
1.95%, 09/20/2026^(b)		1,485		1,202,746
3.50%, 11/01/2027^(b)		1,314		1,091,540
4.125%, 08/01/2025^(b)		35		32,069
4.375%, 01/30/2024^(b)		1,300		1,256,580
4.875%, 10/01/2025^(b)		1,447		1,351,585
5.50%, 12/15/2024^(b)		3,623		3,506,339



abfunds.com		AB BOND FUNDS ^\| 33

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

CDBL Funding 1 3.50%, 10/24/2027^(b)		U.S.$	5,770	$	5,268,702
Synchrony Financial
2.875%, 10/28/2031			4,872		3,461,166
3.95%, 12/01/2027			707		616,207
4.50%, 07/23/2025			869		828,661
4.875%, 06/13/2025			969		935,947

					37,544,940

Insurance – 0.7%
Guardian Life Insurance Co. of America (The) 4.85%, 01/24/2077^(b)			2,851		2,336,822
MetLife Capital Trust IV 7.875%, 12/15/2037^(b)			5,200		5,570,292
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039^(b)			2,058		2,640,352
Prudential Financial, Inc. 5.20%, 03/15/2044			1,970		1,882,946
5.375%, 05/15/2045			615		584,189
5.625%, 06/15/2043			1,099		1,080,592
Swiss Re Finance Luxembourg SA 5.00%, 04/02/2049^(b)			5,000		4,401,800
Voya Financial, Inc. 5.65%, 05/15/2053			3,089		3,033,892

					21,530,885

REITs – 0.9%
American Tower Corp. 3.65%, 03/15/2027			3,517		3,223,436
4.05%, 03/15/2032			1,717		1,478,234
Digital Realty Trust LP 3.60%, 07/01/2029			6,738		5,902,016
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032			4,731		3,549,669
Host Hotels & Resorts LP Series E 4.00%, 06/15/2025			3,958		3,762,040
Series I 3.50%, 09/15/2030			1,343		1,072,802
Series J 2.90%, 12/15/2031			2,126		1,560,293
Vornado Realty LP 3.40%, 06/01/2031			7,733		5,909,481

					26,457,971

					313,869,663



34 ^\| AB BOND FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Utility – 0.6%
Electric – 0.5%
AES Panama Generation Holdings SRL 4.375%, 05/31/2030^(b)		U.S.$	1,670	$	1,315,125
Chile Electricity Pec SpA Zero Coupon, 01/25/2028^(b)			3,081		2,175,956
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2041			3,641		2,672,239
Engie Energia Chile SA 3.40%, 01/28/2030^(b)			3,834		2,894,670
Entergy Corp. 1.90%, 06/15/2028			8,687		7,132,722

					16,190,712

Other Utility – 0.1%
American Water Capital Corp. 3.45%, 06/01/2029			1,654		1,472,738

					17,663,450

Total Corporates – Investment Grade (cost $831,969,867)					693,778,472


MORTGAGE PASS-THROUGHS – 16.8%
Agency Fixed Rate 30-Year – 16.2%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 09/01/2049			6,299		5,741,548
3.50%, 10/01/2049			6,314		5,749,446
3.50%, 11/01/2049			2,465		2,244,123
Series 2020 3.50%, 01/01/2050			5,243		4,785,650
Series 2022 2.00%, 03/01/2052			27,140		22,054,742
2.50%, 04/01/2052			32,499		27,388,567
3.00%, 03/01/2052			17,590		15,380,407
Federal Home Loan Mortgage Corp. Gold Series 2003 5.00%, 08/01/2033			1		601
Series 2007 5.50%, 07/01/2035			591		603,849
Series 2016 4.00%, 02/01/2046			4,840		4,674,820
Series 2017 4.00%, 07/01/2044			3,364		3,243,380
Series 2018 4.00%, 08/01/2048			2,503		2,359,943



abfunds.com		AB BOND FUNDS ^\| 35

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

4.50%, 10/01/2048	U.S.$	4,128		$	3,998,107
4.50%, 11/01/2048		4,528			4,385,141
5.00%, 09/01/2048		1,387			1,372,893
5.00%, 11/01/2048		1,668			1,649,890
Federal National Mortgage Association Series 2001 6.50%, 08/01/2031		1			1,301
Series 2003 5.50%, 04/01/2033		486			495,830
5.50%, 07/01/2033		1,066			1,086,258
5.50%, 11/01/2033		0	**		108
Series 2004 5.50%, 04/01/2034		245			250,008
5.50%, 05/01/2034		229			233,900
5.50%, 11/01/2034		866			885,584
6.50%, 08/01/2034		1			1,160
Series 2005 5.50%, 02/01/2035		1,196			1,221,952
Series 2006 5.50%, 04/01/2036		214			219,372
Series 2007 5.50%, 09/01/2036		423			432,336
Series 2008 6.00%, 03/01/2037		3			3,098
Series 2010 4.00%, 12/01/2040		2,223			2,145,279
Series 2012 3.50%, 02/01/2042		1,402			1,315,968
3.50%, 11/01/2042		14,846			13,693,539
3.50%, 01/01/2043		2,506			2,311,420
Series 2013 3.50%, 04/01/2043		8,548			7,884,292
4.00%, 10/01/2043		6,838			6,478,336
Series 2015 3.00%, 05/01/2045		2,729			2,426,910
3.00%, 08/01/2045		5,003			4,449,664
Series 2018 3.50%, 02/01/2048		3,303			3,018,234
3.50%, 05/01/2048		1,296			1,188,520
4.50%, 09/01/2048		6,702			6,483,997
Series 2019 3.50%, 08/01/2049		2,125			1,935,290
3.50%, 09/01/2049		2,527			2,303,058
3.50%, 10/01/2049		6,641			6,044,513
3.50%, 11/01/2049		5,066			4,609,505
Series 2020 3.50%, 01/01/2050		4,967			4,525,618



36 ^\| AB BOND FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Series 2021 2.00%, 07/01/2051		U.S.$	28,133	$	22,817,413
2.50%, 01/01/2052			9,038		7,626,547
Series 2022 2.50%, 03/01/2052			19,709		16,595,115
2.50%, 04/01/2052			21,163		17,821,686
2.50%, 05/01/2052			26,412		22,243,578
3.00%, 02/01/2052			20,934		18,311,016
3.00%, 03/01/2052			26,825		23,456,218
Government National Mortgage Association Series 2016 3.00%, 04/20/2046			1,396		1,254,025
3.00%, 05/20/2046			1,304		1,171,573
3.00%, 12/20/2046			374		335,765
Series 2022 3.00%, 10/01/2052, TBA			4,175		3,685,162
4.00%, 10/01/2052, TBA			13,580		12,668,090
4.50%, 10/01/2052, TBA			32,691		31,250,749
Uniform Mortgage-Backed Security Series 2022 2.00%, 10/01/2052, TBA			54,968		44,477,703
2.50%, 10/01/2052, TBA			73,165		61,395,722
3.00%, 10/01/2052, TBA			17,133		14,895,150
4.00%, 10/01/2052, TBA			20,528		19,026,448

					500,310,117

Agency Fixed Rate 15-Year – 0.6%
Federal National Mortgage Association Series 2012 2.50%, 04/01/2027			9		7,895
Series 2016 2.50%, 02/01/2031			15		13,638
2.50%, 04/01/2031			10		8,869
2.50%, 05/01/2031			41		37,644
2.50%, 07/01/2031			1,398		1,281,828
2.50%, 08/01/2031			469		430,130
2.50%, 09/01/2031			252		230,937
2.50%, 10/01/2031			1,473		1,350,442
2.50%, 11/01/2031			10,007		9,173,599
2.50%, 12/01/2031			3,705		3,392,775
2.50%, 01/01/2032			482		441,682
Series 2017 2.50%, 01/01/2032			2,385		2,184,327
2.50%, 02/01/2032			134		122,656

					18,676,422



abfunds.com		AB BOND FUNDS ^\| 37

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)				U.S. $ Value

Other Agency Fixed Rate Programs – 0.0%
Federal National Mortgage Association Series 2009 4.50%, 07/01/2029		U.S.$	206		$	203,888
4.50%, 08/01/2029			59			58,597
4.50%, 10/01/2029			11			10,777

						273,262

Agency ARMs – 0.0%
Federal Home Loan Mortgage Corp. Gold Series 2006 2.595% (LIBOR 12 Month + 2.18%), 12/01/2036^(d)			0	**		150
Series 2007 2.60% (LIBOR 12 Month + 2.10%), 03/01/2037^(d)			0	**		370

						520

Total Mortgage Pass-Throughs (cost $565,668,442)						519,260,321


COLLATERALIZED MORTGAGE OBLIGATIONS – 7.7%
Risk Share Floating Rate – 6.7%
Bellemeade Re Ltd. Series 2019-3A, Class M1B 4.684% (LIBOR 1 Month + 1.60%), 07/25/2029^(b)(d)			867			865,950
Series 2019-3A, Class M1C 5.034% (LIBOR 1 Month + 1.95%), 07/25/2029^(b)(d)			575			568,025
Series 2020-3A, Class M1B 5.934% (LIBOR 1 Month + 2.85%), 10/25/2030^(b)(d)			502			502,938
Series 2021-1A, Class M1C 5.231% (SOFR + 2.95%), 03/25/2031^(b)(d)			4,197			4,057,930
Series 2021-2A, Class M1B 3.781% (SOFR + 1.50%), 06/25/2031^(b)(d)			7,664			7,407,204
Series 2021-3A, Class A2 3.281% (SOFR + 1.00%), 09/25/2031^(b)(d)			7,199			6,767,218
Series 2022-1, Class M1B 4.431% (SOFR + 2.15%), 01/26/2032^(b)(d)			3,969			3,881,295



38 ^\| AB BOND FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2022-2, Class M1A 6.285% (SOFR + 4.00%), 09/27/2032^(b)(d)	U.S.$	7,387	$	7,386,044
Connecticut Avenue Securities Trust Series 2022-R06, Class 1M1 5.031% (SOFR + 2.75%), 05/25/2042^(b)(d)		6,818		6,812,097
Series 2022-R07, Class 1M1 5.255% (SOFR + 2.95%), 06/25/2042^(b)(d)		9,211		9,211,425
Series 2021-R03, Class 1M2 3.931% (SOFR + 1.65%), 12/25/2041^(b)(d)		3,513		3,199,776
Series 2022-R01, Class 1M2 4.181% (SOFR + 1.90%), 12/25/2041^(b)(d)		9,352		8,516,533
Series 2022-R02, Class 2M1 3.481% (SOFR + 1.20%), 01/25/2042^(b)(d)		7,817		7,653,415
Series 2022-R03, Class 1M2 5.781% (SOFR + 3.50%), 03/25/2042^(b)(d)		6,435		6,113,618
Series 2022-R04, Class 1M2 5.381% (SOFR + 3.10%), 03/25/2042^(b)(d)		1,747		1,635,615
Series 2022-R05, Class 2M2 5.281% (SOFR + 3.00%), 04/25/2042^(b)(d)		5,001		4,613,292
Series 2022-R08, Class 1M1 4.855% (SOFR + 2.55%), 07/25/2042^(b)(d)		6,873		6,838,321
Eagle Re Ltd. Series 2018-1, Class M2 6.084% (LIBOR 1 Month + 3.00%), 11/25/2028^(b)(d)		617		611,950
Series 2020-1, Class M1A 3.984% (LIBOR 1 Month + 0.90%), 01/25/2030^(b)(d)		66		65,605
Series 2021-2, Class M1B 4.331% (SOFR + 2.05%), 04/25/2034^(b)(d)		2,360		2,294,371
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2022-DNA4, Class M1B 5.631% (SOFR + 3.35%), 05/25/2042^(b)(d)		5,585		5,305,458



abfunds.com		AB BOND FUNDS ^\| 39

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2013-DN2, Class M2 7.334% (LIBOR 1 Month + 4.25%), 11/25/2023^(d)	U.S.$	413	$	417,387
Series 2014-DN3, Class M3 7.084% (LIBOR 1 Month + 4.00%), 08/25/2024^(d)		396		399,654
Series 2015-DNA1, Class M3 6.384% (LIBOR 1 Month + 3.30%), 10/25/2027^(d)		1,262		1,273,769
Series 2016-HQA3, Class M3 6.934% (LIBOR 1 Month + 3.85%), 03/25/2029^(d)		1,255		1,271,220
Series 2020-DNA5, Class M2 5.081% (SOFR + 2.80%), 10/25/2050^(b)(d)		2,822		2,821,115
Series 2021-DNA3, Class M2 4.381% (SOFR + 2.10%), 10/25/2033^(b)(d)		3,221		3,068,281
Series 2021-DNA5, Class M2 3.931% (SOFR + 1.65%), 01/25/2034^(b)(d)		2,493		2,430,842
Series 2021-DNA6, Class M2 3.781% (SOFR + 1.50%), 10/25/2041^(b)(d)		9,778		8,873,967
Series 2021-DNA7, Class M2 4.081% (SOFR + 1.80%), 11/25/2041^(b)(d)		9,563		8,571,275
Series 2021-HQA3, Class M1 3.131% (SOFR + 0.85%), 09/25/2041^(b)(d)		3,249		3,132,657
Series 2021-HQA4, Class M2 4.631% (SOFR + 2.35%), 12/25/2041^(b)(d)		6,126		5,207,411
Series 2022-DNA1, Class M1A 3.281% (SOFR + 1.00%), 01/25/2042^(b)(d)		3,942		3,829,206
Series 2022-DNA1, Class M1B 4.131% (SOFR + 1.85%), 01/25/2042^(b)(d)		4,940		4,483,165
Series 2022-DNA2, Class M1B 4.681% (SOFR + 2.40%), 02/25/2042^(b)(d)		7,072		6,568,400
Series 2022-DNA3, Class M1B 5.181% (SOFR + 2.90%), 04/25/2042^(b)(d)		2,957		2,790,980



40 ^\| AB BOND FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2022-DNA5, Class M1B 6.781% (SOFR + 4.50%), 06/25/2042^(b)(d)	U.S.$	9,989	$	10,010,624
Series 2022-DNA6, Class M1A 4.435% (SOFR + 2.15%), 09/25/2042^(b)(d)		3,516		3,495,409
Series 2022-DNA7, Class M1A 4.876% (SOFR + 2.50%), 09/25/2042^(b)(d)		9,358		9,360,764
Series 2022-HQA1, Class M1B 5.781% (SOFR + 3.50%), 03/25/2042^(b)(d)		1,664		1,592,564
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C04, Class 1M2 8.784% (LIBOR 1 Month + 5.70%), 04/25/2028^(d)		1,029		1,065,242
Series 2016-C02, Class 1M2 9.084% (LIBOR 1 Month + 6.00%), 09/25/2028^(d)		360		372,767
Series 2016-C03, Class 1M2 8.384% (LIBOR 1 Month + 5.30%), 10/25/2028^(d)		1,302		1,338,560
Series 2021-R02, Class 2M2 4.281% (SOFR + 2.00%), 11/25/2041^(b)(d)		4,242		3,791,888
Home Re Ltd. Series 2021-2, Class M1B 3.881% (SOFR + 1.60%), 01/25/2034^(b)(d)		4,253		4,158,231
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 7.334% (LIBOR 1 Month + 4.25%), 11/25/2024^(d)(e)		217		208,198
Oaktown Re VII Ltd. Series 2021-2, Class M1A 3.881% (SOFR + 1.60%), 04/25/2034^(b)(d)		6,767		6,643,815
PMT Credit Risk Transfer Trust Series 2019-2R, Class A 5.863% (LIBOR 1 Month + 2.75%), 05/27/2023^(b)(d)		2,843		2,728,158
Series 2019-3R, Class A 5.813% (LIBOR 1 Month + 2.70%), 10/27/2022^(b)(d)		222		213,692



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PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Series 2020-1R, Class A 5.463% (LIBOR 1 Month + 2.35%), 02/27/2023^(d)(e)		U.S.$	929	$	881,159
Radnor Re Ltd. Series 2019-1, Class M1B 5.034% (LIBOR 1 Month + 1.95%), 02/25/2029^(b)(d)			2,657		2,624,946
Series 2019-2, Class M1B 4.834% (LIBOR 1 Month + 1.75%), 06/25/2029^(b)(d)			930		927,785
Series 2020-1, Class M1A 4.034% (LIBOR 1 Month + 0.95%), 01/25/2030^(b)(d)			969		966,067
Traingle Re Ltd. Series 2021-3, Class M1A 4.181% (SOFR + 1.90%), 02/25/2034^(b)(d)			4,786		4,748,635
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 8.334% (LIBOR 1 Month + 5.25%), 11/25/2025^(d)(e)			1,020		938,647
Series 2015-WF1, Class 2M2 8.584% (LIBOR 1 Month + 5.50%), 11/25/2025^(d)(e)			266		249,867

					205,764,427

Agency Fixed Rate – 0.5%
Federal Home Loan Mortgage Corp. REMICs
Series 5008, Class AI 3.50%, 09/25/2050^(f)			10,311		1,699,884
Series 5015, Class BI 4.00%, 09/25/2050^(f)			13,937		2,643,618
Series 5040, Class AI 3.50%, 11/25/2050^(f)			7,629		1,276,438
Series 5043, Class IO 5.00%, 11/25/2050^(f)			15,872		3,500,206
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 2.984%, 05/28/2035			1,445		1,298,821
Federal National Mortgage Association REMICs Series 2015-30, Class EI 5.00%, 05/25/2045^(f)			7,352		1,288,807



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PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Series 2020-89, Class KI 4.00%, 12/25/2050^(f)		U.S.$	28,886	$	5,461,316

					17,169,090

Agency Floating Rate – 0.3%
Federal Home Loan Mortgage Corp. REMICs Series 4416, Class BS 3.282% (6.10%-LIBOR 1 Month), 12/15/2044^(d)(g)			7,515		714,372
Series 4585, Class DS 3.182% (6.00%-LIBOR 1 Month), 05/15/2046^(d)(g)			4,999		513,250
Series 4693, Class SL 3.332% (6.15%-LIBOR 1 Month), 06/15/2047^(d)(g)			3,139		340,022
Series 4954, Class SL 2.966% (6.05%-LIBOR 1 Month), 02/25/2050^(d)(g)			2,307		230,820
Series 4981, Class HS 3.016% (6.10%-LIBOR 1 Month), 06/25/2050^(d)(g)			19,138		1,883,426
Federal National Mortgage Association REMICs Series 2011-131, Class ST 3.456% (6.54%-LIBOR 1 Month), 12/25/2041^(d)(g)			4,565		533,086
Series 2014-17, Class SA 2.966% (6.05%-LIBOR 1 Month), 04/25/2044^(d)(g)			8,444		937,283
Series 2015-26, Class SH 3.366% (6.45%-LIBOR 1 Month), 05/25/2045^(d)(g)			5,928		744,880
Series 2016-106, Class ES
2.916% (6.00%-LIBOR 1 Month), 01/25/2047^(d)(g)			3,450		353,104
Series 2017-62, Class AS
3.066% (6.15%-LIBOR 1 Month), 08/25/2047^(d)(g)			4,387		495,451
Series 2017-81, Class SA
3.116% (6.20%-LIBOR 1 Month), 10/25/2047^(d)(g)			7,638		838,187
Series 2017-97, Class SW
3.116% (6.20%-LIBOR 1 Month), 12/25/2047^(d)(g)			6,351		672,900



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PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Government National Mortgage Association
Series 2017-43, Class ST 3.086% (6.10%-LIBOR 1 Month), 03/20/2047^(d)(g)		U.S.$	7,243	$	784,323
Series 2017-122, Class SA
3.186% (6.20%-LIBOR 1 Month), 08/20/2047^(d)(g)			5,260		600,930
Series 2017-134, Class MS
3.186% (6.20%-LIBOR 1 Month), 09/20/2047^(d)(g)			6,001		697,636

					10,339,670

Non-Agency Fixed Rate – 0.1%
Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 07/25/2035			291		209,226
Series 2006-24CB, Class A16
5.75%, 08/25/2036			2,061		1,190,085
Series 2006-28CB, Class A14
6.25%, 10/25/2036			1,419		806,916
Series 2006-J1, Class 1A13
5.50%, 02/25/2036			513		373,514
CHL Mortgage Pass-Through Trust Series 2006-13, Class 1A19 6.25%, 09/25/2036			606		286,714

					2,866,455

Non-Agency Floating Rate – 0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 3.464% (LIBOR 1 Month + 0.38%), 12/25/2036^(d)			3,871		1,434,831
HomeBanc Mortgage Trust Series 2005-1, Class A1 3.584% (LIBOR 1 Month + 0.50%), 03/25/2035^(d)			678		571,246
JPMorgan Chase Bank, NA Series 2019-CL1, Class M3 5.184% (LIBOR 1 Month + 2.10%), 04/25/2047^(b)(d)			749		733,064

					2,739,141

Total Collateralized Mortgage Obligations (cost $250,144,088)					238,878,783



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PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

ASSET-BACKED SECURITIES – 5.1%
Autos - Fixed Rate – 2.5%
ACM Auto Trust Series 2022-1A, Class A 3.23%, 04/20/2029^(b)		U.S.$	4,911	$	4,895,329
Avis Budget Rental Car Funding AESOP LLC
Series 2017-2A, Class D
4.56%, 03/20/2024^(b)			6,721		6,691,636
Series 2018-2A, Class A
4.00%, 03/20/2025^(b)			6,700		6,582,678
Carvana Auto Receivables Trust
Series 2021-N3, Class C
1.02%, 06/12/2028			3,439		3,305,007
Series 2021-N4, Class D
2.30%, 09/11/2028			3,177		2,917,951
Series 2021-P4, Class D
2.61%, 09/11/2028			4,063		3,334,686
CPS Auto Receivables Trust
Series 2021-C, Class D
1.69%, 06/15/2027^(b)			5,050		4,565,028
Series 2022-A, Class C
2.17%, 04/16/2029^(b)			5,564		5,152,523
FHF Trust Series 2021-2A, Class A 0.83%, 12/15/2026^(b)			2,277		2,163,084
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033^(b)			5,650		4,869,364
LAD Auto Receivables Trust
Series 2021-1A, Class A
1.30%, 08/17/2026^(b)			3,380		3,257,976
Series 2022-1A, Class A
5.21%, 06/15/2027^(b)			6,103		6,025,324
Research-Driven Pagaya Motor Asset Trust VII Series 2022-3A, Class A 5.38%, 11/25/2030^(b)			6,505		6,418,304
Santander Bank Auto Credit-Linked Notes Series 2022-A, Class B 5.281%, 05/15/2032^(b)			6,465		6,344,174
Santander Bank NA–SBCLN Series 2021-1A, Class B 1.833%, 12/15/2031^(b)			3,125		3,012,855



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PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

United Auto Credit Securitization Trust Series 2022-2, Class A 4.39%, 04/10/2025^(b)		U.S.$	5,941	$	5,913,029

					75,448,948

Other ABS - Fixed Rate – 2.2%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051^(b)			8,404		6,893,775
Affirm Asset Securitization Trust
Series 2021-Z1, Class A 1.07%, 08/15/2025^(b)			1,832		1,775,906
Series 2021-Z2, Class A 1.17%, 11/16/2026^(b)			1,765		1,700,061
Series 2022-X1, Class A 1.75%, 02/15/2027^(b)			4,821		4,700,273
Amur Equipment Finance Receivables XI LLC Series 2022-2A, Class A2 5.30%, 06/21/2028^(b)			2,643		2,627,023
Atalaya Equipment Leasing Trust Series 2021-1A, Class B 2.08%, 02/15/2027^(b)			1,762		1,643,202
BHG Securitization Trust Series 2022-A, Class A 1.71%, 02/20/2035^(b)			1,618		1,513,926
Cajun Global LLC Series 2021-1, Class A2 3.931%, 11/20/2051^(b)			1,751		1,488,707
College Ave Student Loans LLC Series 2021-C, Class B 2.72%, 07/26/2055^(b)			2,202		1,865,571
Conn’s Receivables Funding LLC Series 2021-A, Class A 1.05%, 05/15/2026^(b)			1,849		1,840,281
Dext ABS LLC Series 2021-1, Class B 1.76%, 02/15/2028^(b)			493		447,491
Diamond Infrastructure Funding LLC Series 2021-1A, Class B 2.355%, 04/15/2049^(b)			3,651		2,975,061
Diamond Issuer Series 2021-1A, Class A 2.305%, 11/20/2051^(b)			7,711		6,514,824
Domino’s Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.662%, 04/25/2051^(b)			4,376		3,603,247



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PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046^(b)		U.S.$	2,426	$	2,070,335
Hardee’s Funding LLC
Series 2018-1A, Class A23 5.71%, 06/20/2048^(b)			3,216		2,944,798
Series 2020-1A, Class A2 3.981%, 12/20/2050^(b)			2,605		2,235,609
MVW LLC Series 2021-2A, Class B 1.83%, 05/20/2039^(b)			3,497		3,117,649
Neighborly Issuer Series 2022-1A, Class A2 3.695%, 01/30/2052^(b)			5,495		4,420,960
Neighborly Issuer LLC Series 2021-1A, Class A2 3.584%, 04/30/2051^(b)			3,216		2,657,829
Nelnet Student Loan Trust
Series 2021-BA, Class B 2.68%, 04/20/2062^(b)			2,008		1,597,138
Series 2021-CA, Class B 2.53%, 04/20/2062^(b)			3,421		2,666,399
Series 2021-DA, Class B 2.90%, 04/20/2062^(b)			3,096		2,495,429
Upstart Securitization Trust
Series 2020-3, Class A 1.702%, 11/20/2030^(b)			127		126,789
Series 2021-3, Class B 1.66%, 07/20/2031^(b)			5,220		4,807,582

					68,729,865

Credit Cards - Fixed Rate – 0.4%
Brex Commercial Charge Card Master Trust
Series 2021-1, Class A 2.09%, 07/15/2024^(b)			4,282		4,199,987
Series 2022-1, Class A 4.63%, 07/15/2025^(b)			7,665		7,423,491
Mission Lane Credit Card Master Trust Series 2021-A, Class B 2.24%, 09/15/2026^(b)			1,601		1,544,693

					13,168,171



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PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Home Equity Loans - Floating Rate – 0.0%
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates Series 2004-1, Class 1A 3.684% (LIBOR 1 Month + 0.60%), 04/25/2034^(d)		U.S.$	3	$	2,617


Total Asset-Backed Securities (cost $172,087,269)					157,349,601


COMMERCIAL MORTGAGE-BACKED SECURITIES – 3.6%
Non-Agency Floating Rate CMBS – 2.0%
AREIT Trust Series 2022-CRE6, Class A 3.534% (SOFR + 1.25%), 01/16/2037^(b)(d)			12,432		11,951,509
Ashford Hospitality Trust Series 2018-KEYS, Class A 3.818% (LIBOR 1 Month + 1.00%), 06/15/2035^(b)(d)			3,799		3,679,899
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 3.818% (LIBOR 1 Month + 1.00%), 11/15/2033^(b)(d)			10,570		9,956,110
BBCMS Mortgage Trust Series 2020-BID, Class A 4.958% (LIBOR 1 Month + 2.14%), 10/15/2037^(b)(d)			7,708		7,591,780
BFLD Trust Series 2021-FPM, Class A 4.418% (LIBOR 1 Month + 1.60%), 06/15/2038^(b)(d)			11,683		11,266,697
BX Commercial Mortgage Trust
Series 2019-IMC, Class D 4.718% (LIBOR 1 Month + 1.90%), 04/15/2034^(b)(d)			1,772		1,680,230
Series 2019-IMC, Class E 4.968% (LIBOR 1 Month + 2.15%), 04/15/2034^(b)(d)			6,595		6,219,864
CLNY Trust Series 2019-IKPR, Class D 4.843% (LIBOR 1 Month + 2.02%), 11/15/2038^(b)(d)			5,360		4,997,393



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PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk Series 2021-MN1, Class M1 4.281% (SOFR + 2.00%), 01/25/2051^(b)(d)		U.S.$	788	$	757,271
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 4.318% (LIBOR 1 Month + 1.50%), 07/15/2036^(b)(d)			2,750		2,705,452

					60,806,205

Non-Agency Fixed Rate CMBS – 1.6%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.652%, 03/10/2037^(b)			2,805		2,380,500
Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS 3.989%, 09/15/2048			871		816,305
Barclays Commercial Mortgage Trust Series 2019-C3, Class B 4.096%, 05/15/2052			3,523		3,069,612
Commercial Mortgage Trust
Series 2012-CR3, Class E 4.894%, 10/15/2045^(b)			3,938		2,359,985
Series 2013-SFS, Class A1 1.873%, 04/12/2035^(b)			391		386,369
GS Mortgage Securities Trust
Series 2011-GC5, Class D 5.302%, 08/10/2044^(b)			333		141,753
Series 2013-G1, Class A2 3.557%, 04/10/2031^(b)			3,622		3,592,866
GSF
Series 2021-1, Class A1 1.433%, 08/15/2026^(e)(h)			3,575		3,312,816
Series 2021-1, Class A2 2.435%, 08/15/2026^(e)(h)			9,371		8,833,052
Series 2021-1, Class AS 2.638%, 08/15/2026^(e)(h)			249		229,680
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035^(d)(e)			6,860		6,297,907



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PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

JPMBB Commercial Mortgage Securities Trust
Series 2013-C14, Class D 4.699%, 08/15/2046^(b)		U.S.$	2,527	$	1,412,812
Series 2014-C21, Class B 4.341%, 08/15/2047			1,857		1,727,598
Series 2015-C27, Class AS 3.634%, 02/15/2048			3,415		3,227,916
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2012-C6, Class E 5.129%, 05/15/2045^(b)			3,967		3,074,061
Series 2016-JP3, Class B 3.397%, 08/15/2049			3,000		2,618,770
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039			817		360,710
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049^(b)			1,836		1,821,892
Wells Fargo Commercial Mortgage Trust
Series 2015-SG1, Class AS 4.047%, 09/15/2048			2,906		2,735,702
Series 2019-C51, Class B 3.836%, 06/15/2052			1,269		1,082,237
WF-RBS Commercial Mortgage Trust
Series 2013-C11, Class XA 1.238%, 03/15/2045^(b)(f)			44,918		19,378
Series 2014-C24, Class AS 3.931%, 11/15/2047			1,471		1,403,071

					50,904,992

Total Commercial Mortgage-Backed Securities (cost $122,235,281)					111,711,197


COLLATERALIZED LOAN OBLIGATIONS – 2.7%
CLO-Floating Rate – 2.7%
AGL CLO 10 Ltd. Series 2021-10A, Class A 3.642% (LIBOR 3 Month + 1.13%), 04/15/2034^(b)(d)			450		428,508
Balboa Bay Loan Funding Ltd. Series 2021-1A, Class A 3.91% (LIBOR 3 Month + 1.20%), 07/20/2034^(b)(d)			6,496		6,220,544



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PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Dryden 78 CLO Ltd. Series 2020-78A, Class C 4.69% (LIBOR 3 Month + 1.95%), 04/17/2033^(b)(d)	U.S.$	4,670	$	4,273,732
Elevation CLO Ltd. Series 2020-11A, Class D1 6.362% (LIBOR 3 Month + 3.85%), 04/15/2033^(b)(d)		4,500		3,869,379
Elmwood CLO IX Ltd. Series 2021-2A, Class A 3.84% (LIBOR 3 Month + 1.13%), 07/20/2034^(b)(d)		5,900		5,645,905
Elmwood CLO XII Ltd. Series 2021-5A, Class D 5.76% (LIBOR 3 Month + 3.05%), 01/20/2035^(b)(d)		2,100		1,868,200
Flatiron CLO 21 Ltd. Series 2021-1A, Class A1 3.848% (LIBOR 3 Month + 1.11%), 07/19/2034^(b)(d)		4,290		4,095,860
Goldentree Loan Management US CLO 7 Ltd. Series 2020-7A, Class AR 3.78% (LIBOR 3 Month + 1.07%), 04/20/2034^(b)(d)		6,463		6,133,298
Golub Capital Partners 48 LP Series 2020-48A, Class A1 4.05% (LIBOR 3 Month + 1.31%), 04/17/2033^(b)(d)		644		619,598
Neuberger Berman Loan Advisers CLO 43 Ltd. Series 2021-43A, Class A 3.87% (LIBOR 3 Month + 1.13%), 07/17/2035^(b)(d)		6,910		6,621,476
OCP CLO Ltd. Series 2020-18A, Class AR 3.80% (LIBOR 3 Month + 1.09%), 07/20/2032^(b)(d)		8,088		7,816,130
Palmer Square CLO Ltd. Series 2021-4A, Class A 3.682% (LIBOR 3 Month + 1.17%), 10/15/2034^(b)(d)		730		696,249
Pikes Peak CLO 8 Series 2021-8A, Class A 3.88% (LIBOR 3 Month + 1.17%), 07/20/2034^(b)(d)		7,300		6,987,684



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PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Rad CLO 7 Ltd. Series 2020-7A, Class C 4.74% (LIBOR 3 Month + 2.00%), 04/17/2033^(b)(d)	U.S.$	2,090	$	1,921,713
Rad CLO 11 Ltd. Series 2021-11A, Class D 5.412% (LIBOR 3 Month + 2.90%), 04/15/2034^(b)(d)		3,800		3,334,800
Rad CLO 14 Ltd Series 2021-14A, Class A 3.682% (LIBOR 3 Month + 1.17%), 01/15/2035^(b)(d)		829		784,909
Regatta XX Funding Ltd. Series 2021-2A, Class A 3.672% (LIBOR 3 Month + 1.16%), 10/15/2034^(b)(d)		11,084		10,501,072
Rockford Tower CLO Ltd.
Series 2021-2A, Class A1 3.87% (LIBOR 3 Month + 1.16%), 07/20/2034^(b)(d)		5,449		5,176,680
Series 2021-3A, Class D 5.96% (LIBOR 3 Month + 3.25%), 10/20/2034^(b)(d)		3,200		2,766,784
Sixth Street CLO XVII Ltd. Series 2021-17A, Class A 3.95% (LIBOR 3 Month + 1.24%), 01/20/2034^(b)(d)		1,089		1,048,574
Sixth Street CLO XX Ltd. Series 2021-20A, Class D 5.76% (LIBOR 3 Month + 3.05%), 10/20/2034^(b)(d)		1,900		1,686,926
TICP CLO XV Ltd. Series 2020-15A, Class A 3.99% (LIBOR 3 Month + 1.28%), 04/20/2033^(b)(d)		250		242,319
Voya CLO Ltd. Series 2019-1A, Class DR 5.362% (LIBOR 3 Month + 2.85%), 04/15/2031^(b)(d)		1,850		1,581,424


Total Collateralized Loan Obligations (cost $89,950,357)				84,321,764



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PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

CORPORATES - NON-INVESTMENT GRADE – 1.9%
Industrial – 1.4%
Capital Goods – 0.0%
TK Elevator Midco GmbH 4.375%, 07/15/2027^(b)		EUR	1,444	$	1,189,342


Communications - Media – 0.4%
Altice Financing SA 3.00%, 01/15/2028^(b)		U.S.$	2,174		1,603,682
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030^(b)			1,424		1,126,441
4.50%, 06/01/2033^(b)			5,124		3,800,573
4.75%, 02/01/2032^(b)			1,041		812,355
DISH DBS Corp. 5.75%, 12/01/2028^(b)			3,890		2,932,827
Summer BC Holdco B SARL 5.75%, 10/31/2026^(b)		EUR	2,174		1,818,811
VZ Vendor Financing II BV 2.875%, 01/15/2029^(b)			2,093		1,460,753

					13,555,442

Communications - Telecommunications – 0.1%
Altice France SA/France 3.375%, 01/15/2028^(b)			1,024		762,674
Lorca Telecom Bondco SA 4.00%, 09/18/2027^(b)			2,174		1,853,946

					2,616,620

Consumer Cyclical - Automotive – 0.2%
Adient Global Holdings Ltd. 3.50%, 08/15/2024^(b)			2,174		1,967,891
Ford Motor Co. 6.10%, 08/19/2032		U.S.$	3,333		2,938,140
ZF Finance GmbH 3.75%, 09/21/2028^(b)		EUR	1,400		1,067,580

					5,973,611

Consumer Cyclical - Entertainment – 0.3%
Carnival Corp. 4.00%, 08/01/2028^(b)		U.S.$	5,633		4,546,732
Royal Caribbean Cruises Ltd. 8.25%, 01/15/2029^(b)			4,339		4,220,849

					8,767,581



abfunds.com		AB BOND FUNDS ^\| 53

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Consumer Cyclical - Other – 0.0%
NH Hotel Group SA 4.00%, 07/02/2026^(b)		EUR	694	$	592,082


Consumer Non-Cyclical – 0.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/2029^(b)		U.S.$	3,900		3,149,250
IQVIA, Inc. 2.25%, 03/15/2029^(b)		EUR	1,420		1,066,911
Nobel Bidco BV 3.125%, 06/15/2028^(b)			2,174		1,429,652
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028^(b)			1,420		1,112,557

					6,758,370

Services – 0.1%
APCOA Parking Holdings GmbH 4.625%, 01/15/2027^(b)			2,174		1,689,844


Technology – 0.1%
Playtech PLC 4.25%, 03/07/2026^(b)			1,420		1,260,924


Transportation - Airlines – 0.0%
Deutsche Lufthansa AG 3.00%, 05/29/2026^(b)			800		657,794

					43,061,610

Financial Institutions – 0.4%
Banking – 0.4%
Credit Suisse Group AG 6.375%, 08/21/2026^(b)(c)			611		447,325
7.50%, 12/11/2023^(b)(c)			2,634		2,423,148
7.50%, 07/17/2023^(b)(c)			5,931		5,100,601
Intesa Sanpaolo SpA 5.017%, 06/26/2024^(b)			6,204		5,790,876

					13,761,950

Utility – 0.1%
Electric – 0.1%
Vistra Corp. 7.00%, 12/15/2026^(b)(c)			2,589		2,263,692


Total Corporates – Non-Investment Grade (cost $74,858,174)					59,087,252



54 ^\| AB BOND FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.9%
United States – 0.9%
Port Authority of New York & New Jersey Series 2020-A
1.086%, 07/01/2023		EUR	4,170	$	4,065,085
State Board of Administration Finance Corp. Series 2020-A
1.705%, 07/01/2027			6,821		5,833,178
State of California Series 2010
7.625%, 03/01/2040			8,520		10,569,156
Tobacco Settlement Finance Authority/WV Series 2020
3.00%, 06/01/2035			2,133		2,024,055
University of California Series 2021-B
3.071%, 05/15/2051			7,960		5,307,493


Total Local Governments – US Municipal Bonds (cost $29,649,597)					27,798,967


EMERGING MARKETS - CORPORATE BONDS – 0.4%
Industrial – 0.4%
Basic – 0.1%
CSN Resources SA 4.625%, 06/10/2031^(b)		U.S.$	1,862		1,266,532
Volcan Cia Minera SAA 4.375%, 02/11/2026^(b)			761		623,212

					1,889,744

Capital Goods – 0.1%
Embraer Netherlands Finance BV 5.40%, 02/01/2027			4,960		4,520,792
6.95%, 01/17/2028^(b)			1,797		1,686,709
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058^(b)			3,418		6,837

					6,214,338

Communications - Media – 0.0%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030^(b)			825		620,813


Consumer Cyclical - Other – 0.1%
Wynn Macau Ltd. 5.625%, 08/26/2028^(b)			2,862		1,917,540



abfunds.com		AB BOND FUNDS ^\| 55

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)				U.S. $ Value


Consumer Non-Cyclical – 0.1%
Natura & Co. Luxembourg Holdings SARL 6.00%, 04/19/2029^(b)		U.S.$		2,258	$	1,840,834

						12,483,269

Utility – 0.0%
Electric – 0.0%
Terraform Global Operating LP 6.125%, 03/01/2026^(e)				565		532,100


Financial Institutions – 0.0%
Other Finance – 0.0%
OEC Finance Ltd. 5.25%, 12/27/2033^(b)(i)				2,445		53,960
7.125%, 12/26/2046^(b)(i)				707		18,643

						72,603

Total Emerging Markets – Corporate Bonds (cost $20,972,830)						13,087,972


			Shares
COMMON STOCKS – 0.3%
Financials – 0.3%
Insurance – 0.3%
Mt Logan Re Ltd. (Preference Shares)^(h)(j)(k)				9,249		7,908,780
Mt Logan Re Ltd. (Special Investment)^(h)(j)(k)				1,463		1,227,194


Total Common Stocks (cost $9,248,550)						9,135,974


			Principal Amount (000)
QUASI - SOVEREIGNS – 0.3%
Quasi - Sovereign Bonds – 0.3%
Indonesia – 0.1%
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.45%, 05/21/2028^(b)		U.S.$		2,363		2,252,719



56 ^\| AB BOND FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Mexico – 0.2%
Comision Federal de Electricidad 3.348%, 02/09/2031^(b)		U.S.$	6,919	$	4,978,653
4.688%, 05/15/2029^(b)			1,800		1,499,962

					6,478,615

Total Quasi – Sovereigns (cost $11,075,998)					8,731,334


EMERGING MARKETS - SOVEREIGNS – 0.3%
Dominican Republic – 0.2%
Dominican Republic International Bond 4.875%, 09/23/2032^(b)			8,182		6,104,795


Egypt – 0.1%
Egypt Government International Bond 5.875%, 02/16/2031^(b)			4,439		2,557,419


Total Emerging Markets – Sovereigns (cost $12,449,747)					8,662,214


AGENCIES – 0.2%
Agency Debentures – 0.2%
Federal Home Loan Banks 2.50%, 02/13/2024 (cost $6,163,798)			6,170		6,019,761


GOVERNMENTS - SOVEREIGN BONDS – 0.1%
Colombia – 0.1%
Colombia Government International Bond 3.125%, 04/15/2031 (cost $2,482,646)		U.S.$	2,490		1,727,904


SHORT-TERM INVESTMENTS – 2.1%
Governments - Treasuries – 2.1%
Japan – 2.1%
Japan Treasury Discount Bill Series 1105 Zero Coupon, 12/05/2022 (cost $65,329,039)		JPY	9,328,050		64,470,728


Total Investments – 104.9% (cost $3,672,940,300)					3,240,729,482
Other assets less liabilities – (4.9)%					(150,178,057	)


Net Assets – 100.0%				$	3,090,551,425



abfunds.com		AB BOND FUNDS ^\| 57

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO

FUTURES (see Note 3)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. Long Bond (CBT) Futures		152		December 2022	$	19,213,750	$	44,906
U.S. T-Note 2 Yr (CBT) Futures		725		December 2022		148,908,204		(2,408,991	)
U.S. T-Note 5 Yr (CBT) Futures		1,808		December 2022		194,374,126		(5,520,542	)
U.S. Ultra Bond (CBT) Futures		378		December 2022		51,786,000		(4,973,860	)

Sold Contracts
10 Yr Japan Bond (OSE) Futures		100		December 2022		102,466,662		277,506
Long Gilt Futures		812		December 2022		87,399,957		(1,087,146	)
U.S. 10 Yr Ultra Futures		77		December 2022		9,123,297		602,057

							$	(13,066,070	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		EUR	18,748		USD	18,110		12/08/2022	$	(348,530	)
Citibank, NA		JPY	9,330,876		USD	66,040		12/02/2022		1,182,022
State Street Bank & Trust Co.		JPY	1,617		USD	11		12/02/2022		182

									$	833,674

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 39, 5 Year Index, 12/20/2027*		5.00	%		Quarterly		6.06	%		USD	19,575	$	774,860	$	775,958	$	(1,098	)

*	Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)

Rate Type

Notional
Amount
(000)

Termination
Date

Payments
made
by the
Fund

Payments
received
by the
Fund

Payment
Frequency
Paid/
Received

Market
Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation/
(Depreciation)

USD

19,060

12/13/2029

1.764%

3 Month
LIBOR

Semi-
Annual/
Quarterly

2,464,228

– 0

–

2,464,228



58 ^\| AB BOND FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO

CREDIT DEFAULT SWAPS (see Note 3)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	28	$	(6,278	)	$	(4,221	)	$	(2,057	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	93		(20,767	)		(10,452	)		(10,315	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	115		(25,757	)		(14,096	)		(11,661	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	99		(22,216	)		(9,431	)		(12,785	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	139		(31,231	)		(16,539	)		(14,692	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	164		(36,865	)		(20,165	)		(16,700	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	162		(36,221	)		(19,181	)		(17,040	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	171		(38,314	)		(21,209	)		(17,105	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	178		(39,925	)		(22,625	)		(17,300	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	310		(69,545	)		(35,003	)		(34,542	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	460		(103,191	)		(47,272	)		(55,919	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,827		(409,703	)		(135,431	)		(274,272	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1		(161	)		(84	)		(77	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	987		(221,352	)		(74,921	)		(146,431	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,275		(285,907	)		(98,828	)		(187,079	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,551		(347,725	)		(86,436	)		(261,289	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	106		(23,826	)		(15,104	)		(8,722	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	248		(55,539	)		(27,173	)		(28,366	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,211		(271,580	)		(185,268	)		(86,312	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,074		(240,832	)		(126,664	)		(114,168	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,240		(278,019	)		(146,223	)		(131,796	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	2,380		(533,661	)		(254,780	)		(278,881	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	2,380		(533,662	)		(254,681	)		(278,981	)



abfunds.com		AB BOND FUNDS ^\| 59

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	3,293	$	(738,272	)	$	(221,068	)	$	(517,204	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	221		(49,583	)		(20,189	)		(29,394	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	232		(51,998	)		(21,179	)		(30,819	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	905		(202,840	)		(104,743	)		(98,097	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,434		(321,484	)		(94,620	)		(226,864	)

												$	(4,996,454	)	$	(2,087,586	)	$	(2,908,868	)

*	Termination date

**	Principal amount less than 500.

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

(b)

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

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

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


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
GSF Series 2021-1, Class A1 1.433%, 08/15/2026		02/25/2021	$	3,487,656	$	3,312,816		0.11	%
GSF Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021		9,612,067		8,833,052		0.29	%
GSF Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021		254,398		229,680		0.01	%
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035		11/19/2020		7,307,523		6,297,907		0.20	%
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 7.334%, 11/25/2024		11/06/2015		216,712		208,198		0.01	%



60 ^\| AB BOND FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

INTERMEDIATE DURATION PORTFOLIO


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
PMT Credit Risk Transfer Trust Series 2020-1R, Class A 5.463%, 02/27/2023		02/11/2020	$	928,788	$	881,159		0.03	%
Terraform Global Operating LP 6.125%, 03/01/2026		02/08/2018		565,000		532,100		0.02	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 8.334%, 11/25/2025		09/28/2015		1,024,041		938,647		0.03	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 8.584%, 11/25/2025		09/28/2015		265,653		249,867		0.01	%

(f)	IO – Interest Only.

(g)	Inverse interest only security.

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

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

(j)	Fair valued by the Adviser.

(k)	Non-income producing security.

Currency Abbreviations:

EUR – Euro

JPY – Japanese Yen

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CBT – Chicago Board of Trade

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

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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

LIBOR – London Interbank Offered Rate

OSE – Osaka Securities Exchange

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

See notes to financial statements.



abfunds.com		AB BOND FUNDS ^\| 61

PORTFOLIO OF INVESTMENTS

SHORT DURATION PLUS PORTFOLIO

September 30, 2022


	Principal Amount (000)			U.S. $ Value

GOVERNMENTS - TREASURIES – 68.5%
United States – 68.5%
U.S. Treasury Notes 0.125%, 08/31/2023		U.S.$	3,984	$	3,836,660
0.375%, 11/30/2025			96		84,667
0.75%, 08/31/2026			1,749		1,534,650
0.875%, 01/31/2024^(a)			2,481		2,369,456
1.50%, 02/29/2024			7,196		6,920,624
2.50%, 04/30/2024			13,883		13,496,879
2.50%, 05/31/2024			19,339		18,783,004
2.875%, 09/30/2023			65,215		64,369,243
3.00%, 06/30/2024			62,073		60,734,942
3.125%, 08/31/2027			1,534		1,471,777
3.25%, 08/31/2024			57,972		56,939,275
3.25%, 06/30/2027			2,025		1,952,543


Total Governments - Treasuries (cost $238,901,986)					232,493,720


CORPORATES - INVESTMENT GRADE – 8.0%
Financial Institutions – 4.8%
Banking – 3.4%
Banco Bilbao Vizcaya Argentaria SA 5.862%, 09/14/2026			600		586,650
Banco Santander SA 4.175%, 03/24/2028			200		180,958
Bank of America Corp. 1.734%, 07/22/2027			790		677,725
4.376%, 04/27/2028			466		436,842
Bank of Ireland Group PLC 6.253%, 09/16/2026^(b)			343		335,787
Barclays PLC 5.304%, 08/09/2026			319		306,623
BNP Paribas SA 2.591%, 01/20/2028^(b)			490		419,131
Capital One Financial Corp. 2.636%, 03/03/2026			456		423,483
4.927%, 05/10/2028			165		157,057
Citigroup, Inc. 3.106%, 04/08/2026			346		324,513
4.14%, 05/24/2025			488		477,083
Cooperatieve Rabobank UA 3.75%, 07/21/2026			282		260,452
Credit Suisse AG 6.50%, 08/08/2023^(b)			302		298,817



62 ^\| AB BOND FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

SHORT DURATION PLUS PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Credit Suisse Group AG 6.373%, 07/15/2026^(b)		U.S.$	479	$	463,016
Danske Bank A/S 3.773%, 03/28/2025^(b)			353		339,671
Deutsche Bank AG/New York NY 3.95%, 02/27/2023			234		233,041
6.119%, 07/14/2026			267		259,452
Federation des Caisses Desjardins du Quebec 4.40%, 08/23/2025^(b)			333		322,038
Goldman Sachs Group, Inc. (The) 2.64%, 02/24/2028			239		207,607
3.75%, 05/22/2025			222		213,025
HSBC Holdings PLC 2.999%, 03/10/2026			595		550,119
5.21%, 08/11/2028			790		739,843
ING Groep NV 4.017%, 03/28/2028			355		322,620
JPMorgan Chase & Co. 4.851%, 07/25/2028			533		511,403
Mitsubishi UFJ Financial Group, Inc. 4.788%, 07/18/2025			267		263,409
Morgan Stanley 2.475%, 01/21/2028			303		265,122
4.21%, 04/20/2028			175		163,688
4.679%, 07/17/2026			153		148,953
Nationwide Building Society 2.972%, 02/16/2028^(b)			310		266,873
Santander Holdings USA, Inc. 2.49%, 01/06/2028			185		154,053
4.26%, 06/09/2025			183		175,889
Societe Generale SA 2.797%, 01/19/2028^(b)			367		309,480
Standard Chartered PLC 0.991%, 01/12/2025^(b)			621		579,244
UBS Group AG 4.488%, 05/12/2026^(b)			233		224,402

					11,598,069

Brokerage – 0.1%
Charles Schwab Corp., (The) 2.45%, 03/03/2027			346		311,282


Finance – 0.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 2.45%, 10/29/2026			595		503,043



abfunds.com		AB BOND FUNDS ^\| 63

PORTFOLIO OF INVESTMENTS (continued)

SHORT DURATION PLUS PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Aviation Capital Group LLC 1.95%, 01/30/2026^(b)		U.S.$	298	$	250,228
1.95%, 09/20/2026^(b)			99		80,183
5.50%, 12/15/2024^(b)			65		62,907
Azure Orbit IV International Finance Ltd. 3.75%, 01/25/2023^(b)			900		896,166
Synchrony Financial 3.95%, 12/01/2027			167		145,554
4.875%, 06/13/2025			233		225,052

					2,163,133

REITs – 0.7%
American Tower Corp. 3.65%, 03/15/2027			235		215,385
Simon Property Group LP 3.375%, 12/01/2027			653		591,971
Vornado Realty LP 2.15%, 06/01/2026			426		360,353
WEA Finance LLC/Westfield UK & Europe Finance PLC 3.75%, 09/17/2024^(b)			1,072		1,009,234

					2,176,943

					16,249,427

Industrial – 3.2%
Basic – 0.2%
Glencore Funding LLC 4.625%, 04/29/2024^(b)			623		616,078


Capital Goods – 0.2%
CNH Industrial Capital LLC 3.95%, 05/23/2025			376		362,637
Parker-Hannifin Corp. 3.65%, 06/15/2024			389		380,489

					743,126

Communications - Media – 0.3%
Prosus NV 3.257%, 01/19/2027^(b)			367		307,362
Walt Disney Co., (The) 3.35%, 03/24/2025			561		541,494
Warnermedia Holdings, Inc. 3.788%, 03/15/2025^(b)			359		339,284

					1,188,140



64 ^\| AB BOND FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

SHORT DURATION PLUS PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Consumer Cyclical - Automotive – 0.4%
Harley-Davidson Financial Services, Inc. 3.05%, 02/14/2027^(b)		U.S.$	289	$	247,945
3.35%, 06/08/2025^(b)			202		189,642
Hyundai Capital America 2.75%, 09/27/2026^(b)			1,010		889,769

					1,327,356

Consumer Cyclical - Other – 0.2%
Las Vegas Sands Corp. 2.90%, 06/25/2025			393		353,024
3.20%, 08/08/2024			227		213,428

					566,452

Consumer Cyclical - Retailers – 0.3%
AutoNation, Inc. 4.50%, 10/01/2025			950		919,002


Consumer Non-Cyclical – 0.2%
BAT International Finance PLC 1.668%, 03/25/2026			740		639,219


Energy – 0.4%
Canadian Natural Resources Ltd. 2.05%, 07/15/2025			663		606,048
Continental Resources, Inc./OK 2.268%, 11/15/2026^(b)			618		528,149
Marathon Oil Corp. 4.40%, 07/15/2027			352		328,796

					1,462,993

Services – 0.0%
Expedia Group, Inc. 4.625%, 08/01/2027			168		157,752


Technology – 0.6%
HP, Inc. 4.75%, 01/15/2028			316		296,917
Kyndryl Holdings, Inc. 2.05%, 10/15/2026			641		514,844
Oracle Corp. 2.65%, 07/15/2026			740		665,889
TSMC Arizona Corp. 3.875%, 04/22/2027			227		216,265
Workday, Inc. 3.50%, 04/01/2027			235		217,608

					1,911,523



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PORTFOLIO OF INVESTMENTS (continued)

SHORT DURATION PLUS PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Transportation - Airlines – 0.4%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025^(b)		U.S.$	1,050	$	1,020,421
Southwest Airlines Co. 5.25%, 05/04/2025			279		278,791

					1,299,212

					10,830,853

Total Corporates - Investment Grade (cost $29,128,683)					27,080,280


ASSET-BACKED SECURITIES – 5.4%
Autos - Fixed Rate – 3.6%
ACM Auto Trust Series 2022-1A, Class A 3.23%, 04/20/2029^(b)			334		332,952
American Credit Acceptance Receivables Trust Series 2022-3, Class A 4.12%, 02/13/2026^(b)			905		900,722
Avis Budget Rental Car Funding AESOP LLC Series 2017-2A, Class D 4.56%, 03/20/2024^(b)			492		489,851
Carmax Auto Owner Trust Series 2021-1, Class C 0.94%, 12/15/2026			190		169,405
Carvana Auto Receivables Trust Series 2021-N1, Class C 1.30%, 01/10/2028			275		260,931
CPS Auto Receivables Trust
Series 2021-A, Class C 0.83%, 09/15/2026^(b)			635		623,639
Series 2021-B, Class C 1.23%, 03/15/2027^(b)			389		373,409
Donlen Fleet Lease Funding 2 LLC Series 2021-2, Class C 1.20%, 12/11/2034^(b)			371		345,223
Drive Auto Receivables Trust Series 2021-1, Class C 1.02%, 06/15/2027			220		213,033
DT Auto Owner Trust Series 2021-2A, Class C 1.10%, 02/16/2027^(b)			185		176,284
Exeter Automobile Receivables Trust Series 2021-1A, Class C 0.74%, 01/15/2026			540		529,457



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PORTFOLIO OF INVESTMENTS (continued)

SHORT DURATION PLUS PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Exeter Automobile Receivables Trust Series 2020-3A, Class C 1.32%, 07/15/2025	U.S.$	365	$	360,541
First Investors Auto Owner Trust Series 2021-1A, Class C 1.17%, 03/15/2027^(b)		351		329,977
Flagship Credit Auto Trust
Series 2019-4, Class B 2.53%, 11/17/2025^(b)		184		184,107
Series 2020-4, Class C 1.28%, 02/16/2027^(b)		615		586,605
Ford Credit Auto Owner Trust Series 2021-1, Class C 1.91%, 10/17/2033^(b)		202		174,930
Foursight Capital Automobile Receivables Trust Series 2021-1, Class C 1.02%, 09/15/2026^(b)		229		220,347
Hertz Vehicle Financing III LLC Series 2022-1A, Class A 1.99%, 06/25/2026^(b)		562		512,467
JPMorgan Chase Bank NA-CACLN
Series 2020-1, Class C 1.389%, 01/25/2028^(b)		159		156,281
Series 2020-2, Class D 1.487%, 02/25/2028^(b)		76		74,122
Series 2021-1, Class B 0.875%, 09/25/2028^(b)		363		350,608
Series 2021-2, Class B 0.889%, 12/26/2028^(b)		293		282,302
LAD Auto Receivables Trust Series 2022-1A, Class A 5.21%, 06/15/2027^(b)		604		596,284
Research-Driven Pagaya Motor Asset Trust VII Series 2022-3A, Class A 5.38%, 11/25/2030^(b)		650		641,737
Santander Bank Auto Credit-Linked Notes
Series 2022-A, Class B 5.281%, 05/15/2032^(b)		473		464,154
Series 2022-B, Class B 5.721%, 08/16/2032^(b)		742		743,051
Santander Consumer Auto Receivables Trust Series 2021-AA, Class D 1.57%, 01/15/2027^(b)		727		661,348
Santander Drive Auto Receivables Trust Series 2020-4, Class D 1.48%, 01/15/2027		424		407,571



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PORTFOLIO OF INVESTMENTS (continued)

SHORT DURATION PLUS PORTFOLIO


	Principal Amount (000)			U.S. $ Value

United Auto Credit Securitization Trust Series 2022-2, Class A 4.39%, 04/10/2025^(b)		U.S.$	482	$	479,391
Westlake Automobile Receivables Trust Series 2020-3A, Class C 1.24%, 11/17/2025^(b)			657		639,230

					12,279,958

Other ABS - Fixed Rate – 1.6%
Affirm Asset Securitization Trust
Series 2021-A, Class A 0.88%, 08/15/2025^(b)			339		336,973
Series 2021-B, Class B 1.24%, 08/17/2026^(b)			198		181,501
Series 2021-Z1, Class A 1.07%, 08/15/2025^(b)			119		115,713
Amur Equipment Finance Receivables XI LLC Series 2022-2A, Class A2 5.30%, 06/21/2028^(b)			281		279,301
Atalaya Equipment Leasing Trust Series 2021-1A, Class A2 1.23%, 05/15/2026^(b)			416		403,699
Avant Loans Funding Trust Series 2021-REV1, Class A 1.21%, 07/15/2030^(b)			811		761,355
Cajun Global LLC Series 2021-1, Class A2 3.931%, 11/20/2051^(b)			102		86,582
College Ave Student Loans LLC Series 2021-C, Class A2 2.32%, 07/26/2055^(b)			446		380,704
Conn’s Receivables Funding LLC Series 2021-A, Class A 1.05%, 05/15/2026^(b)			106		105,409
Crossroads Asset Trust Series 2021-A, Class B 1.12%, 06/20/2025^(b)			172		166,519
Dext ABS LLC Series 2021-1, Class A 1.12%, 02/15/2028^(b)			523		499,978
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048^(b)			861		788,005
MVW LLC Series 2021-2A, Class A 1.43%, 05/20/2039^(b)			450		395,349



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PORTFOLIO OF INVESTMENTS (continued)

SHORT DURATION PLUS PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Neighborly Issuer LLC Series 2021-1A, Class A2 3.584%, 04/30/2051^(b)		U.S.$	223	$	184,510
Nelnet Student Loan Trust
Series 2021-CA, Class AFX 1.32%, 04/20/2062^(b)			393		350,555
Series 2021-DA, Class AFX 1.63%, 04/20/2062^(b)			126		113,580
Upstart Securitization Trust
Series 2020-3, Class A 1.702%, 11/20/2030^(b)			23		22,523
Series 2021-1, Class A 0.87%, 03/20/2031^(b)			28		28,187
Series 2021-3, Class A 0.83%, 07/20/2031^(b)			211		204,627

					5,405,070

Credit Cards - Fixed Rate – 0.2%
Brex Commercial Charge Card Master Trust Series 2021-1, Class A 2.09%, 07/15/2024^(b)			555		544,370
Mission Lane Credit Card Master Trust Series 2021-A, Class A 1.59%, 09/15/2026^(b)			142		136,942

					681,312

Total Asset-Backed Securities (cost $19,292,341)					18,366,340


COLLATERALIZED MORTGAGE OBLIGATIONS – 4.2%
Risk Share Floating Rate – 3.8%
Bellemeade Re Ltd.
Series 2019-1A, Class M1B 4.834% (LIBOR 1 Month + 1.75%), 03/25/2029^(b)(c)			63		63,375
Series 2019-3A, Class M1B 4.684% (LIBOR 1 Month + 1.60%), 07/25/2029^(b)(c)			64		64,428
Series 2021-1A, Class M1B 4.481% (SOFR + 2.20%), 03/25/2031^(b)(c)			684		676,133
Series 2021-2A, Class M1A 3.481% (SOFR + 1.20%), 06/25/2031^(b)(c)			281		277,029
Series 2021-3A, Class A2 3.281% (SOFR + 1.00%), 09/25/2031^(b)(c)			480		451,188
Series 2022-2, Class M1A
6.285% (SOFR + 4.00%), 09/27/2032^(b)(c)			858		857,870



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PORTFOLIO OF INVESTMENTS (continued)

SHORT DURATION PLUS PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Connecticut Avenue Securities Trust
Series 2021-R01, Class 1M1 3.031% (SOFR + 0.75%), 10/25/2041^(b)(c)	U.S.$	93	$	92,258
Series 2021-R03, Class 1M1 3.131% (SOFR + 0.85%), 12/25/2041^(b)(c)		519		507,822
Series 2022-R01, Class 1M1 3.281% (SOFR + 1.00%), 12/25/2041^(b)(c)		1,149		1,127,659
Series 2022-R02, Class 2M1 3.481% (SOFR + 1.20%), 01/25/2042^(b)(c)		391		382,757
Series 2022-R05, Class 2M1 4.181% (SOFR + 1.90%), 04/25/2042^(b)(c)		152		149,283
Series 2022-R08, Class 1M1 4.855% (SOFR + 2.55%), 07/25/2042^(b)(c)		772		767,897
Eagle Re Ltd. Series 2020-1, Class M1A 3.984% (LIBOR 1 Month + 0.90%), 01/25/2030^(b)(c)		4		3,844
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2015-DNA1, Class M3 6.384% (LIBOR 1 Month + 3.30%), 10/25/2027^(c)		84		85,226
Series 2021-DNA5, Class M2 3.931% (SOFR + 1.65%), 01/25/2034^(b)(c)		173		168,483
Series 2021-DNA6, Class M1 3.081% (SOFR + 0.80%), 10/25/2041^(b)(c)		399		390,835
Series 2021-DNA7, Class M1 3.131% (SOFR + 0.85%), 11/25/2041^(b)(c)		754		734,641
Series 2021-HQA4, Class M1 3.231% (SOFR + 0.95%), 12/25/2041^(b)(c)		474		451,527
Series 2022-DNA1, Class M1A 3.281% (SOFR + 1.00%), 01/25/2042^(b)(c)		374		363,753
Series 2022-DNA2, Class M1A 3.581% (SOFR + 1.30%), 02/25/2042^(b)(c)		403		395,855
Series 2022-DNA4, Class M1A 4.481% (SOFR + 2.20%), 05/25/2042^(b)(c)		340		336,832
Series 2022-DNA5, Class M1A 5.231% (SOFR + 2.95%), 06/25/2042^(b)(c)		470		470,468
Series 2022-DNA6, Class M1A 4.435% (SOFR + 2.15%), 09/25/2042^(b)(c)		390		387,968
Series 2022-DNA7, Class M1A 4.876% (SOFR + 2.50%), 09/25/2042^(b)(c)		1,012		1,012,293
Series 2022-HQA1, Class M1A 4.381% (SOFR + 2.10%), 03/25/2042^(b)(c)		518		514,667
Series 2022-HQA2, Class M1A 4.931% (SOFR + 2.65%), 07/25/2042^(b)(c)		765		761,201



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PORTFOLIO OF INVESTMENTS (continued)

SHORT DURATION PLUS PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C04, Class 1M2 7.984% (LIBOR 1 Month + 4.90%), 11/25/2024^(c)		U.S.$	186	$	192,256
Series 2015-C01, Class 1M2 7.384% (LIBOR 1 Month + 4.30%), 02/25/2025^(c)			38		39,047
Series 2015-C02, Class 1M2 7.084% (LIBOR 1 Month + 4.00%), 05/25/2025^(c)			11		10,811
Series 2021-R02, Class 2M1 3.181% (SOFR + 0.90%), 11/25/2041^(b)(c)			448		438,953
PMT Credit Risk Transfer Trust
Series 2019-2R, Class A 5.863% (LIBOR 1 Month + 2.75%), 05/27/2023^(b)(c)			71		67,670
Series 2019-3R, Class A 5.813% (LIBOR 1 Month + 2.70%), 10/27/2022^(b)(c)			23		22,325
Radnor Re Ltd.
Series 2019-1, Class M1B 5.034% (LIBOR 1 Month + 1.95%), 02/25/2029^(b)(c)			192		189,256
Series 2019-2, Class M1B 4.834% (LIBOR 1 Month + 1.75%), 06/25/2029^(b)(c)			47		47,195
Series 2020-1, Class M1A 4.034% (LIBOR 1 Month + 0.95%), 01/25/2030^(b)(c)			93		92,744
Traingle Re Ltd. Series 2021-3, Class M1A 4.181% (SOFR + 1.90%), 02/25/2034^(b)(c)			284		281,884

					12,877,433

Agency Floating Rate – 0.3%
Federal Home Loan Mortgage Corp. REMICs
Series 4248, Class QF 3.318% (LIBOR 1 Month + 0.50%), 06/15/2039^(c)			270		267,714
Series 4286, Class VF 3.268% (LIBOR 1 Month + 0.45%), 12/15/2043^(c)			229		226,148



abfunds.com		AB BOND FUNDS ^\| 71

PORTFOLIO OF INVESTMENTS (continued)

SHORT DURATION PLUS PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Federal National Mortgage Association REMICs
Series 2013-57, Class FN 3.434% (LIBOR 1 Month + 0.35%), 06/25/2043^(c)		U.S.$	170	$	167,911
Series 2014-49, Class AF 2.693% (LIBOR 1 Month + 0.32%), 08/25/2044^(c)			309		304,288

					966,061

Agency Fixed Rate – 0.1%
Federal Home Loan Mortgage Corp. REMICs Series 4029, Class NE 2.50%, 03/15/2041			246		233,446


Non-Agency Floating Rate – 0.0%
JPMorgan Chase Bank, NA Series 2019-CL1, Class M3 5.184% (LIBOR 1 Month + 2.10%), 04/25/2047^(b)(c)			54		52,944


Total Collateralized Mortgage Obligations (cost $14,350,797)					14,129,884


COMMERCIAL MORTGAGE-BACKED SECURITIES – 2.2%
Non-Agency Floating Rate CMBS – 1.2%
AREIT Trust Series 2022-CRE6, Class A 3.534% (SOFR + 1.25%), 01/16/2037^(b)(c)			784		754,028
Ashford Hospitality Trust Series 2018-KEYS, Class A 3.818% (LIBOR 1 Month + 1.00%), 06/15/2035^(b)(c)			113		109,740
BBCMS Mortgage Trust Series 2020-BID, Class A 4.958% (LIBOR 1 Month + 2.14%), 10/15/2037^(b)(c)			546		537,768
BFLD Trust Series 2021-FPM, Class A 4.418% (LIBOR 1 Month + 1.60%), 06/15/2038^(b)(c)			795		766,672
CLNY Trust Series 2019-IKPR, Class D 4.843% (LIBOR 1 Month + 2.02%), 11/15/2038^(b)(c)			180		167,823



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PORTFOLIO OF INVESTMENTS (continued)

SHORT DURATION PLUS PORTFOLIO


	Principal Amount (000)			U.S. $ Value

GCT Commercial Mortgage Trust Series 2021-GCT, Class B 4.068% (LIBOR 1 Month + 1.25%), 02/15/2038^(b)(c)		U.S.$	469	$	450,435
Morgan Stanley Capital I Trust Series 2019-BPR, Class C 6.118% (LIBOR 1 Month + 3.30%), 05/15/2036^(b)(c)			365		346,068
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 4.318% (LIBOR 1 Month + 1.50%), 07/15/2036^(b)(c)			166		162,935
VASA Trust Series 2021-VASA, Class A 3.718% (LIBOR 1 Month + 0.90%), 07/15/2039^(b)(c)			830		790,108

					4,085,577

Non-Agency Fixed Rate CMBS – 1.0%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.652%, 03/10/2037^(b)			185		157,003
Citigroup Commercial Mortgage Trust
Series 2013-GC11, Class B 3.732%, 04/10/2046			350		344,633
Series 2013-GC15, Class C 5.335%, 09/10/2046			516		505,003
GS Mortgage Securities Trust Series 2011-GC5, Class AS 5.209%, 08/10/2044^(b)			495		492,335
GSF
Series 2021-1, Class A1 1.433%, 08/15/2026^(d)(e)			381		353,118
Series 2021-1, Class A2 2.435%, 08/15/2026^(d)(e)			538		507,116
Series 2021-1, Class AS 2.638%, 08/15/2026^(d)(e)			18		16,603
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035^(e)			470		431,489
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049^(b)			171		169,867
Morgan Stanley Capital I Trust Series 2011-C3, Class C 5.253%, 07/15/2049^(b)			45		43,936



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PORTFOLIO OF INVESTMENTS (continued)

SHORT DURATION PLUS PORTFOLIO


	Principal Amount (000)			U.S. $ Value

UBS-Barclays Commercial Mortgage Trust Series 2013-C5, Class C 4.20%, 03/10/2046^(b)		U.S.$	505	$	459,389
Wells Fargo Commercial Mortgage Trust Series 2015-NXS1, Class A2 2.632%, 05/15/2048			6		5,994

					3,486,486

Agency CMBS – 0.0%
Government National Mortgage Association Series 2006-51, Class IO 0.938%, 08/16/2046^(f)			259		503


Total Commercial Mortgage-Backed Securities (cost $8,043,218)					7,572,566


COLLATERALIZED LOAN OBLIGATIONS – 1.4%
CLO - Floating Rate – 1.4%
AGL CLO 12 Ltd. Series 2021-12A, Class A1 3.87% (LIBOR 3 Month + 1.16%), 07/20/2034^(b)(c)			686		655,664
Dryden 78 CLO Ltd. Series 2020-78A, Class C 4.69% (LIBOR 3 Month + 1.95%), 04/17/2033^(b)(c)			320		292,847
Elevation CLO Ltd. Series 2020-11A, Class C 4.712% (LIBOR 3 Month + 2.20%), 04/15/2033^(b)(c)			250		222,140
Goldentree Loan Management US CLO 7 Ltd. Series 2020-7A, Class AR 3.78% (LIBOR 3 Month + 1.07%), 04/20/2034^(b)(c)			453		429,751
Magnetite XXVI Ltd. Series 2020-26A, Class A1R 3.903% (LIBOR 3 Month + 1.12%), 07/25/2034^(b)(c)			739		708,850
Neuberger Berman Loan Advisers CLO Ltd. Series 2021-42A, Class A 3.84% (LIBOR 3 Month + 1.10%), 07/16/2035^(b)(c)			799		764,520
OCP CLO Ltd. Series 2020-18A, Class AR 3.80% (LIBOR 3 Month + 1.09%), 07/20/2032^(b)(c)			590		570,168



74 ^\| AB BOND FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

SHORT DURATION PLUS PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Rad CLO 2 Ltd. Series 2018-2A, Class AR 3.592% (LIBOR 3 Month + 1.08%), 10/15/2031^(b)(c)		U.S.$	614	$	596,019
Rad CLO 7 Ltd. Series 2020-7A, Class A1 3.94% (LIBOR 3 Month + 1.20%), 04/17/2033^(b)(c)			444		429,080
Voya CLO Ltd. Series 2019-1A, Class DR 5.362% (LIBOR 3 Month + 2.85%), 04/15/2031^(b)(c)			130		111,127


Total Collateralized Loan Obligations (cost $5,015,715)					4,780,166


AGENCIES – 1.1%
Agency Debentures – 1.1%
Federal Home Loan Banks
1.375%, 02/17/2023			750		743,370
2.50%, 02/13/2024			445		434,164
Federal Home Loan Mortgage Corp. 0.25%, 08/24/2023			2,000		1,930,614
Federal National Mortgage Association 2.50%, 02/05/2024			810		790,343


Total Agencies (cost $4,002,915)					3,898,491


MORTGAGE PASS-THROUGHS – 0.5%
Agency Fixed Rate 30-Year – 0.5%
Federal Home Loan Mortgage Corp.
Series 2019
3.50%, 10/01/2049			138		125,843
3.50%, 11/01/2049			633		576,413
Federal National Mortgage Association Series 2010 5.00%, 02/01/2040			599		601,322
Government National Mortgage Association
Series 2002 7.50%, 03/15/2032			30		31,714
Series 2009 5.00%, 10/15/2039			233		233,427

					1,568,719



abfunds.com		AB BOND FUNDS ^\| 75

PORTFOLIO OF INVESTMENTS (continued)

SHORT DURATION PLUS PORTFOLIO


	Principal Amount (000)			U.S. $ Value

Agency Fixed Rate 15-Year – 0.0%
Federal Home Loan Mortgage Corp. Gold
Series 2011
5.00%, 07/01/2025		U.S.$	13	$	12,572
6.50%, 03/01/2026			24		24,557

					37,129

Agency ARMs – 0.0%
Federal National Mortgage Association Series 2007 3.177% (LIBOR 6 Month + 1.31%), 01/01/2037^(c)			1		523


Total Mortgage Pass-Throughs (cost $1,773,048)					1,606,371


LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.2%
United States – 0.2%
City of New York NY
Series 2021
0.982%, 08/01/2025			265		239,523
New Jersey Turnpike Authority
Series 2021-B
1.047%, 01/01/2026			125		110,708
Port Authority of New York & New Jersey
Series 2020-A
1.086%, 07/01/2023			280		272,955
Tobacco Settlement Finance Authority/WV
Series 2020
3.00%, 06/01/2035			253		240,095


Total Local Governments - US Municipal Bonds (cost $923,007)					863,281


SHORT-TERM INVESTMENTS – 7.1%
U.S. Treasury Bills – 5.1%
U.S. Treasury Bill
Zero Coupon, 12/01/2022			10,345		10,295,110
Zero Coupon, 03/09/2023			6,984		6,870,490


Total U.S. Treasury Bills (cost $17,171,983)					17,165,600



76 ^\| AB BOND FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

SHORT DURATION PLUS PORTFOLIO

Principal
Amount
(000)

U.S. $ Value

Governments - Treasuries – 2.0%

Japan – 2.0%

Japan Treasury Discount Bill
Series 1105
Zero Coupon, 12/05/2022
(cost $6,811,861)

JPY

980,900

6,779,481

Total Short-Term Investments
(cost $23,983,844)

23,945,081

Total Investments – 98.6%
(cost $345,415,554)

334,736,180

Other assets less liabilities – 1.4%

4,675,435

Net Assets – 100.0%

339,411,615

FUTURES (see Note 3)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		6		December 2022	$	710,906	$	601
U.S. T-Note 2 Yr (CBT) Futures		360		December 2022		73,940,626		(1,196,317	)

Sold Contracts
10 Yr Japan Bond (OSE) Futures		11		December 2022		11,271,333		30,490
Long Gilt Futures		89		December 2022		9,579,552		(118,396	)
U.S. T-Note 5 Yr (CBT) Futures		16		December 2022		1,720,125		62,628

							$	(1,220,994	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		JPY	981,175		USD	6,861		12/02/2022	$	41,164
State Street Bank & Trust Co.		JPY	2,834		USD	20		12/02/2022		320

									$	41,484



abfunds.com		AB BOND FUNDS ^\| 77

PORTFOLIO OF INVESTMENTS (continued)

SHORT DURATION PLUS PORTFOLIO

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)

Rate Type

Notional
Amount
(000)

Termination
Date

Payments
made
by the
Fund

Payments
received
by the
Fund

Payment
Frequency
Paid/
Received

Market
Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation/
(Depreciation)

USD

2,830

05/21/2031

1.617

3 Month LIBOR

Semi-
Annual/
Quarterly

$ 449,586

– 0

–

449,586

CREDIT DEFAULT SWAPS (see Note 3)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	2	$	(483	)	$	(325	)	$	(158	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	2		(483	)		(260	)		(223	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	9		(2,093	)		(1,108	)		(985	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	11		(2,415	)		(1,321	)		(1,094	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	10		(2,253	)		(1,134	)		(1,119	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	11		(2,415	)		(1,279	)		(1,136	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	15		(3,380	)		(1,790	)		(1,590	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	14		(3,059	)		(1,462	)		(1,597	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	27		(6,118	)		(2,859	)		(3,259	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	95		(21,249	)		(7,192	)		(14,057	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	121		(27,046	)		(9,349	)		(17,697	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	150		(33,645	)		(8,363	)		(25,282	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	618		(138,446	)		(39,952	)		(98,494	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	42		(9,337	)		(4,998	)		(4,339	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	95		(21,411	)		(14,606	)		(6,805	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	134		(29,943	)		(20,721	)		(9,222	)
Deutsche Bank AG London
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	320		(71,638	)		(21,451	)		(50,187	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	29		(6,440	)		(3,430	)		(3,010	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	100		(22,377	)		(11,555	)		(10,822	)

												$	(404,231	)	$	(153,155	)	$	(251,076	)



78 ^\| AB BOND FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

SHORT DURATION PLUS PORTFOLIO

*	Termination date

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

(b)

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

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

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


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
GSF Series 2021-1, Class A1 1.433%, 08/15/2026		02/25/2021	$	371,455	$	353,118		0.10	%
GSF Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021		551,788		507,116		0.15	%
GSF Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021		18,390		16,603		0.00	%
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035		11/19/2022		500,661		431,489		0.13	%

(f) IO – Interest Only.

Currency Abbreviations:

JPY – Japanese Yen

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CBT – Chicago Board of Trade

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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

LIBOR – London Interbank Offered Rate

OSE – Osaka Securities Exchange

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

See notes to financial statements.



abfunds.com		AB BOND FUNDS ^\| 79

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2022


	Intermediate Duration Portfolio			Short Duration Plus Portfolio
ASSETS
Investments in securities, at value	$	3,240,729,482		$	334,736,180
Cash		35,117,540			3,131,562
Cash collateral due from broker		14,537,252			1,442,382
Receivables:
Interest		18,761,132			1,306,203
Foreign withholding tax reclaims		18,474			1,539
Capital shares sold		627,427			369,198
Variation margin on centrally cleared swaps		150,250			1,292
Unrealized appreciation of forward currency exchange contracts		1,182,204			41,484

Total assets		3,311,123,761			341,029,840

LIABILITIES
Payables:
Dividends to shareholders		1,271,114			205,167
Investment securities purchased		202,624,346			– 0	–
Capital shares redeemed		5,625,752			559,256
Variation margin on futures		3,766,092			252,397
Management fee		1,152,405			70,989
Shareholder servicing fee		262,904			26,818
Foreign capital gains taxes		167,436			0
Transfer Agent fee		26,543			5,955
Distribution fee		123			3,819
Accrued expenses		330,637			89,593
Market value on credit default swaps^(a)		4,996,454			404,231
Unrealized depreciation of forward currency exchange contracts		348,530			– 0	–

Total liabilities		220,572,336			1,618,225

Net Assets	$	3,090,551,425		$	339,411,615

Cost of investments	$	3,672,940,300		$	345,415,554

Net Assets Consist of:
Capital stock, at par	$	277,771		$	30,839
Additional paid-in capital		3,670,193,312			366,668,538
Accumulated loss		(579,919,658	)		(27,287,762	)

	$	3,090,551,425		$	339,411,615

(a)	Net premiums received of $2,087,586 and $153,155, respectively.

See Notes to Financial Statements.



80 ^\| AB BOND FUNDS		abfunds.com

STATEMENT OF ASSETS AND LIABILITIES (continued)


	Intermediate Duration Portfolio		Short Duration Plus Portfolio
CALCULATION OF MAXIMUM OFFERING PRICE
Intermediate Duration/ Short Duration Plus Class Shares
Net Assets	$	3,089,962,053	$	323,935,864
Shares of capital stock outstanding		277,717,642		29,433,563

Net asset value, offering and redemption price per share	$	11.13	$	11.01

Class A Shares
Net Assets	$	571,536	$	14,182,408
Shares of capital stock outstanding		51,304		1,287,886

Net asset value and redemption price per share	$	11.14	$	11.01
Sales charge—4.25% for Intermediate Duration Portfolio and 2.25% for Short Duration Plus Portfolio of public offering price		0.49		0.25

Maximum offering price	$	11.63	$	11.26

Class C Shares
Net Assets			$	1,293,343
Shares of capital stock outstanding				117,682

Net asset value and offering price per share			$	10.99

Advisor Class Shares
Net Assets	$	9,486
Shares of capital stock outstanding		852

Net asset value and offering price per share	$	11.13

Class Z Shares
Net Assets	$	8,350
Shares of capital stock outstanding		750

Net asset value and offering price per share	$	11.13

See Notes to Financial Statements.



abfunds.com		AB BOND FUNDS ^\| 81

STATEMENT OF OPERATIONS

For the year ended September 30, 2022


	Intermediate Duration Portfolio			Short Duration Plus Portfolio
Investment Income
Interest	$	78,561,467		$	3,066,037

Total income		78,561,467			3,066,037

Expenses:
Management fee (see Note 2A)		15,421,685			913,674
Shareholder servicing fee (see Note 2B)		3,542,155			244,478
Custody and accounting fees		225,262			57,828
Transfer Agent fee – Non-Retail Class		195,083			20,575
Transfer Agent fee – Class A		19,352			32,510
Transfer Agent fee – Class C		– 0	–		2,103
Transfer Agent fee – Advisor Class		290			– 0	–
Transfer Agent fee – Class Z		21			– 0	–
Distribution fees – Class A		1,866			38,992
Distribution fees – Class C		– 0	–		9,750
Directors’ fees and expenses		153,018			11,088
Auditing and tax fees		128,390			22,069
Registration fees		75,278			72,903
Legal fees		124,669			9,802
Printing fees		38,856			35,755
Miscellaneous		127,705			13,313

Total expenses		20,053,630			1,484,840
Less: expenses waived and reimbursed by the Adviser (see Note 2A, 2B and 2D)		(35,166	)		(269,409	)

Net expenses		20,018,464			1,215,431

Net investment income		58,543,003			1,850,606

See Notes to Financial Statements.



82 ^\| AB BOND FUNDS		abfunds.com

STATEMENT OF OPERATIONS (continued)


	Intermediate Duration Portfolio			Short Duration Plus Portfolio
Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions	$	(72,194,840	)	$	(1,042,617	)
Forward currency exchange contracts		4,042,569			(18,611	)
Futures		(63,109,506	)		(4,006,559	)
Swaps		(4,326,286	)		(282,365	)
Foreign currency transactions		3,760,585			54,357

Net realized loss on investment and foreign currency transactions		(131,827,478	)		(5,295,795	)

Net change in unrealized appreciation/depreciation of:
Investments^(a)		(511,298,527	)		(10,679,088	)
Forward currency exchange contracts		929,448			41,484
Futures		(9,164,905	)		(1,178,470	)
Swaps		18,168,953			1,194,433
Foreign currency denominated assets and liabilities		(84,711	)		(7,186	)

Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(501,449,742	)		(10,628,827	)

Net realized and unrealized loss on investment and foreign currency transactions		(633,277,220	)		(15,924,622	)

Net Decrease in Net Assets Resulting from Operations	$	(574,734,217	)	$	(14,074,016	)

(a)	Net of increase in accrued foreign capital gains taxes on unrealized gains of $2,884 and $0, respectively.

See Notes to Financial Statements.



abfunds.com		AB BOND FUNDS ^\| 83

STATEMENT OF CHANGES IN NET ASSETS


	Intermediate Duration Portfolio
	Year Ended 9/30/22			Year Ended 9/30/21
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	58,543,003		$	68,989,470
Net realized gain (loss) on investment and foreign currency transactions		(131,827,478	)		28,777,985
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities and other assets and liabilities		(501,449,742	)		(106,481,497	)

Net decrease in net assets resulting from operations		(574,734,217	)		(8,714,042	)

Distributions to shareholders
Intermediate Duration Portfolio		(96,507,904	)		(136,374,393	)
Class A		(16,803	)		(34,295	)
Advisor Class		(279	)		(353	)
Class Z		(255	)		(364	)

Total distributions to shareholders		(96,525,241	)		(136,409,405	)

Capital-share transactions:
Net proceeds from sales of shares		395,517,888			767,794,097
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions		80,772,362			120,165,390

Total proceeds from shares sold		476,290,250			887,959,487
Cost of shares redeemed		(561,976,742	)		(592,989,249	)

Net increase (decrease) in net assets from capital-share transactions		(85,686,492	)		294,970,238

Net increase (decrease) in net assets		(756,945,950	)		149,846,791
Net Assets:
Beginning of period		3,847,497,375			3,697,650,584

End of period	$	3,090,551,425		$	3,847,497,375

See Notes to Financial Statements.



84 ^\| AB BOND FUNDS		abfunds.com

STATEMENT OF CHANGES IN NET ASSETS (continued)


	Short Duration Plus Portfolio
	Year Ended 9/30/22			Year Ended 9/30/21
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,850,606		$	2,314,228
Net realized gain (loss) on investment and foreign currency transactions		(5,295,795	)		(990,257	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities and other assets and liabilities		(10,628,827	)		(1,490,852	)

Net decrease in net assets resulting from operations		(14,074,016	)		(166,881	)

Distributions to shareholders
Short Duration Plus Class		(1,792,732	)		(2,283,865	)
Class A		(36,975	)		(71,620	)
Class C		(2,012	)		(6,023	)

Total distributions to shareholders		(1,831,719	)		(2,361,508	)

Capital-share transactions:
Net proceeds from sales of shares		191,978,729			94,214,859
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends		1,347,261			2,099,953

Total proceeds from shares sold		193,325,990			96,314,812
Cost of shares redeemed		(100,109,377	)		(77,580,243	)

Net increase in net assets from capital-share transactions		93,216,613			18,734,569

Net increase in net assets		77,310,878			16,206,180
Net Assets:
Beginning of period		262,100,737			245,894,557

End of period	$	339,411,615		$	262,100,737

See Notes to Financial Statements.



abfunds.com		AB BOND FUNDS ^\| 85

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

NOTE 1.

Organization and Significant Accounting Policies

The AB Intermediate Duration Class A, Advisor Class and Class Z shares and the AB Short Duration Plus Class A and C shares are (collectively, the “Bond Fund Retail Classes”) shares of Intermediate Duration Portfolio and Short Duration Plus Portfolio (the “Portfolios”) of the Sanford C. Bernstein Fund, Inc. (the “Fund”). The Fund is registered under the Investment Company Act of 1940 as an open-end registered investment company. The Fund, which is a Maryland corporation, operates as a series company currently comprised of 13 series each with its own investment objective. Class B, Class R and Class T shares of Short Duration Plus Portfolio have been authorized but currently are not offered. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Effective March 7, 2022, the maximum sales charge for purchases of the Short Duration Plus Portfolio’s Class A shares is reduced from 4.25% to 2.25% and purchases in amounts of $500,000 or more, or by certain group retirement plans, may be subject to a 1%, 18-month contingent deferred sales charge, which may be subject to waiver in certain circumstances. Prior to March 7, 2022, purchases of the Short Duration Plus Portfolio’s Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, which may be subject to waiver in certain circumstances.

Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 years after the end of the calendar month of purchase. Advisor Class and Class Z shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. These financial statements include only the Bond Fund Retail Classes. The financial highlights of the Intermediate Duration Class and Short Duration Plus Class shares are presented in a separate financial report. All classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the



86 ^\| AB BOND FUNDS		abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolios.

A. Portfolio Valuation



abfunds.com		AB BOND FUNDS ^\| 87

NOTES TO FINANCIAL STATEMENTS (continued)

consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

B. Fair Value Measurements



88 ^\| AB BOND FUNDS		abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Portfolios’ own assumptions in determining the fair value of investments)



abfunds.com		AB BOND FUNDS ^\| 89

NOTES TO FINANCIAL STATEMENTS (continued)

for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

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

Intermediate Duration Portfolio

Investments In
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Governments – Treasuries

– 0

–

1,236,707,238

– 0

–

1,236,707,238

Corporates – Investment Grade

– 0

–

693,778,472

– 0

–

693,778,472

Mortgage Pass-Throughs

– 0

–

519,260,321

– 0

–

519,260,321

Collateralized Mortgage Obligations

– 0

–

238,878,783

– 0

–

238,878,783

Asset-Backed Securities

– 0

–

157,349,601

– 0

–

157,349,601

Commercial Mortgage-Backed Securities

– 0

–

99,335,649

12,375,548

111,711,197

Collateralized Loan Obligations

– 0

–

84,321,764

– 0

–

84,321,764

Corporates – Non-Investment Grade

– 0

–

59,087,252

– 0

–

59,087,252

Local Governments – US Municipal Bonds

– 0

–

27,798,967

– 0

–

27,798,967

Emerging Markets – Corporate Bonds

– 0

–

13,087,972

– 0

–

13,087,972

Common Stocks

– 0

–

– 0

–

9,135,974

Quasi-Sovereigns

– 0

–

8,731,334

– 0

–

8,731,334

Emerging Markets – Sovereigns

– 0

–

8,662,214

– 0

–

8,662,214

Agencies

– 0

–

6,019,761

– 0

–

6,019,761

Governments – Sovereign Bonds

– 0

–

1,727,904

– 0

–

1,727,904

Short-Term Investments

– 0

–

64,470,728

– 0

–

64,470,728

Total Investments in Securities

– 0

–

3,219,217,960

21,511,522

3,240,729,482

Other Financial Instruments^(a):

Assets:

Futures

924,469

– 0

–

– 0

–

924,469

^(b)

Forward Currency Exchange Contracts

– 0

–

1,182,204

– 0

–

1,182,204

Centrally Cleared Credit Default Swaps

– 0

–

774,860

– 0

–

774,860

^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

2,464,228

– 0

–

2,464,228

^(b)

Liabilities:

Futures

(13,990,539

)

– 0

–

– 0

–

(13,990,539

)^(b)

Forward Currency Exchange Contracts

– 0

–

(348,530

)

– 0

–

(348,530

)

Credit Default Swaps

– 0

–

(4,996,454

)

– 0

–

(4,996,454

)

Total

(13,066,070

)

3,218,294,268

21,511,522

3,226,739,720



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Short Duration Plus Portfolio

Investments In
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Governments – Treasuries

– 0

–

232,493,720

– 0

–

232,493,720

Corporates – Investment Grade

– 0

–

27,080,280

– 0

–

27,080,280

Asset-Backed Securities

– 0

–

18,366,340

– 0

–

18,366,340

Collateralized Mortgage Obligations

– 0

–

14,129,884

– 0

–

14,129,884

Commercial Mortgage-Backed Securities

– 0

–

6,695,729

876,837

7,572,566

Collateralized Loan Obligations

– 0

–

4,780,166

– 0

–

4,780,166

Agencies

– 0

–

3,898,491

– 0

–

3,898,491

Mortgage Pass-Throughs

– 0

–

1,606,371

– 0

–

1,606,371

Local Governments – US Municipal Bonds

– 0

–

863,281

– 0

–

863,281

Short-Term Investments:

U.S. Treasury Bills

– 0

–

17,165,600

– 0

–

17,165,600

Governments – Treasuries

– 0

–

6,779,481

– 0

–

6,779,481

Total Investments in Securities

– 0

–

333,859,343

876,837

334,736,180

Other Financial Instruments^(a):

Assets:

Futures

93,719

– 0

–

– 0

–

93,719

^(b)

Forward Currency Exchange Contracts

– 0

–

41,484

– 0

–

41,484

Centrally Cleared Interest Rate Swaps

– 0

–

449,586

– 0

–

449,586

^(b)

Liabilities:

Futures

(1,314,713

)

– 0

–

– 0

–

(1,314,713

)^(b)

Credit Default Swaps

– 0

–

(404,231

)

– 0

–

(404,231

)

Total

(1,220,994

)

333,946,182

876,837

333,602,025

^(a)

^(b)

C. Foreign Currency Translation



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

D. Taxes



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E. Security Transactions and Related Investment Income

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

G. Class Allocations

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

H. Distribution of Income and Gains

Net investment income of each Portfolio is declared and recorded as a dividend to shareholders daily and is payable to shareholders monthly. Distributions of net realized gains, less any available loss carryforwards, if any, will be paid to shareholders at least once a year, and recorded on the ex-dividend date.



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NOTES TO FINANCIAL STATEMENTS (continued)

for book purposes as a result of such temporary differences, “excess distributions” are reflected in the accompanying statement of assets and liabilities. To the extent distributions exceed income and gains for tax purposes, such distributions would be shown as “return of capital” on the statement of changes in net assets. Certain other differences—permanent differences—arise because treatment of elements of income and gains is different between book and tax accounting. Permanent differences are reclassified in the year they arise.


Portfolio	Increase (Decrease) to Additional Paid-In Capital			Increase (Decrease) to Distributable Earnings/ Accumulated Loss
Intermediate Duration Portfolio	$	(421,249	)	$	421,249
Short Duration Plus Portfolio		– 0	–		– 0	–

NOTE 2.

Investment Management and Transactions with Affiliated Persons

A. Management Fee

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


	Annual Percentage of Average Daily Net Assets of Each Portfolio
Portfolio	First $2.5 Billion			Next $2.5 Billion			Next $3 Billion			Thereafter
Intermediate Duration		0.450	%		0.400	%		0.350	%		0.300	%


	First $750 Million			Thereafter
Short Duration Plus		0.350	%		0.300	%



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B. Transfer Agency Agreement; Shareholder Servicing Fee

Under a Transfer Agency Agreement between the Fund, on behalf of the Bond Fund Retail Classes, and AllianceBernstein Investor Services, Inc. (“ABIS”), the Bond Fund Retail Classes compensate ABIS, a wholly-owned subsidiary of the Adviser, for providing personnel and facilities to perform transfer agency services. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. For the year ended September 30, 2022, the compensation retained by ABIS amounted to: Intermediate Duration Portfolio, $17,985 and Short Duration Plus Portfolio, $17,723. With respect to the Short Duration Plus Portfolio, for the year ended September 30, 2022, ABIS voluntarily agreed to waive a portion of transfer agency fees in the amounts of $976 and $85 for Class A Shares and Class C Shares, respectively.

Under the Shareholder Servicing Agreement between the Fund and the Adviser, the Adviser pays expenses it incurs in providing shareholder services to individual shareholders of the Portfolios (except the Retail Classes). Such services include, but are not limited to, providing information to shareholders concerning their fund investments, systematic withdrawal plans, fund dividend payments and reinvestments, shareholder account or transactions status, net asset value of shares, fund performance, fund services, plans and options, fund investment policies, portfolio holdings and tax consequences of fund investments; dealing with shareholder complaints and other correspondence relating to fund matters; and communications with shareholders when proxies are being solicited from them with respect to voting their fund shares. This agreement applies only to the Intermediate Duration and Short Duration Plus Class shares of the Portfolios. Under the agreement, the fee paid by the Intermediate Duration and Short Duration Plus Class shares to the Adviser for services under this agreement is at an annual rate of .10% of the average daily net assets of the Portfolios attributable to the respective class during the month. Effective November 13, 2020, the Adviser voluntarily agreed to waive the



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NOTES TO FINANCIAL STATEMENTS (continued)

shareholder servicing fee of 0.10 of 1%, annualized, of the average daily net assets attributable to the Bernstein Class of the Short Duration Plus Portfolio. For the year ended September 30, 2022, such waiver amounted to $244,478.

C. Distribution Arrangements—Intermediate Duration and Short Duration Plus Class Shares

Under the Distribution Agreement between the Fund, on behalf of the Intermediate Duration and Short Duration Plus Class Shares of the Portfolios and Sanford C. Bernstein & Co., LLC (the “Distributor”), the Distributor agrees to act as agent to sell Intermediate Duration and Short Duration Plus Class shares of the Portfolios. This agreement does not apply to the Bond Fund Retail Classes of the Portfolios. The Distributor receives no fee for this service, and furthermore agrees to pay all expenses arising from the performance of its obligations under this agreement. The Distributor is a wholly owned subsidiary of the Adviser.

D. Distribution Arrangements—Bond Fund Retail Classes

The Retail Classes of the Portfolios have adopted a Distribution Services Agreement (the “Agreement”), including a distribution plan pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, each such class pays distribution services fees to AllianceBernstein Investments, Inc., (the “Retail Distributor”), a wholly owned subsidiary of the Adviser, at an annual rate of up to .30 of 1% of the Class A Shares and 1% of the Class C Shares of the respective average daily net assets attributable to the Bond Fund Retail Classes. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .25 of 1% of Class A shares’ average daily net assets attributable to the Bond Fund Retail Classes. With respect to the Short Duration Plus Portfolio, the Retail Distributor voluntarily agreed to waive .55 of 1% to limit distribution service fees to .45 of 1% of the average daily net assets attributable to the Class C Shares of Short Duration Plus Portfolio. For the year ended September 30, 2022, such waivers amounted to $5,364. With respect to the Short Duration Plus Portfolio, for the year ended September 30, 2022, the Retail Distributor voluntarily agreed to waive additional distribution service fees in the amounts of $16,186 and $2,320 for Class A Shares and C Shares, respectively. The Agreement provides that the Retail Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Portfolios’ operations, the Retail Distributor has incurred expenses in excess of the distribution costs reimbursed by as follows:


Portfolio	Class C
Short Duration Plus	$	1,035,786



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

E. Other Transactions with Affiliates

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


	Front-End Sales Charges		Contingent Deferred Sales Charges
Portfolio	Class A		Class A		Class C
Intermediate Duration	$	20	$	0		N/A
Short Duration Plus		486		4,364	$	122

NOTE 3.

Investment Security Transactions

A. Purchases and Sales

Purchases and sales of investment securities (excluding short-term investments) for the year ended September 30, 2022, were as follows:


Portfolio	Purchases Excluding U.S. Government Securities		Purchases of U.S. Government Securities		Sales Excluding U.S. Government Securities		Sales of U.S. Government Securities
Intermediate Duration	$	613,060,255	$	3,965,910,259	$	782,410,252	$	3,540,230,958
Short Duration Plus		39,090,097		181,713,533		25,124,668		92,580,188

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


			Gross Unrealized					Net Unrealized Appreciation (Depreciation)
Portfolio	Cost		Appreciation		(Depreciation)			Net Unrealized Appreciation (Depreciation)
Intermediate Duration	$	3,675,642,378	$	12,204,774	$	(441,948,401	)	$	(429,743,627	)
Short Duration Plus		345,417,082		912,439		(10,938,177	)		(10,025,738	)



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B. Derivative Financial Instruments

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

•

Futures

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

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

During the year ended September 30, 2022, the Portfolios held futures for hedging and non-hedging purposes.

•

Forward Currency Exchange Contracts



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

During the year ended September 30, 2022, the Portfolios held forward currency exchange contracts for hedging and non-hedging purposes.

•

Swaps

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



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

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

At the time the Portfolios enter into a centrally cleared swap, the Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolios agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolios as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the



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contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

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

During the year ended September 30, 2022, the Portfolios held interest rate swaps for hedging and non-hedging purposes.

Inflation (CPI) Swaps:



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NOTES TO FINANCIAL STATEMENTS (continued)

During the year ended September 30, 2022, the Portfolios held inflation (CPI) swaps for hedging and non-hedging purposes.

Credit Default Swaps:

Each Portfolio may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Portfolio, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Portfolio may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Portfolio receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolio will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same referenced obligations with the same counterparty.

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



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obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the year ended September 30, 2022, the Portfolios held credit default swaps for hedging and non-hedging purposes.

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

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



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

Intermediate Duration Portfolio

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable/Payable for variation margin on futures

924,469

Receivable/Payable for variation margin on futures

13,990,539

Credit contracts

Receivable/Payable for variation margin on centrally cleared swaps

1,098

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps

2,464,228

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

1,182,204

Unrealized depreciation on forward currency exchange contracts

348,530

Credit contracts

Market value on credit default swaps

4,996,454

Total

4,570,901

19,336,621

*	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 Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(63,109,506	)	$	(9,164,905	)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		4,042,569			929,448



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Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps	$	(1,054,349	)	$	4,243,757

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(3,271,937	)		13,925,196

Total		$	(63,393,223	)	$	9,933,496

Short Duration Plus Portfolio

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable/Payable for variation margin on futures

93,719

Receivable/Payable for variation margin on futures

1,314,713

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps

449,586

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

41,484

Credit contracts

Market value on credit default swaps

404,231

Total

584,789

1,718,944

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



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Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(4,006,559	)	$	(1,178,470	)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(18,611	)		41,484

Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(43,907	)		490,129

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(238,458	)		704,304

Total		$	(4,307,535	)	$	57,447


Intermediate Duration Portfolio
Futures:
Average notional amount of buy contracts	$	586,231,048
Average notional amount of sale contracts	$	189,101,072	^(a)
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	74,841,295	^(b)
Average principal amount of sale contracts	$	199,432,974
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	74,383,188
Centrally Cleared Inflation Swaps:
Average notional amount	$	105,735,000	^(a)
Credit Default Swaps:
Average notional amount of buy contracts	$	83,709,167	^(a)
Average notional amount of sale contracts	$	48,810,916
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	46,346,414	^(c)

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

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

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



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Short Duration Plus Portfolio
Futures:
Average notional amount of buy contracts	$	98,051,677
Average notional amount of sale contracts	$	13,136,221
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	5,678,729	^(a)
Average principal amount of sale contracts	$	6,157,895	^(b)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	2,830,000
Centrally Cleared Inflation Swaps:
Average notional amount	$	10,890,000	^(c)
Credit Default Swaps:
Average notional amount of buy contracts	$	5,098,833	^(d)
Average notional amount of sale contracts	$	2,443,287
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	1,196,430	^(d)

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

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

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

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

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


Intermediate Duration Portfolio
Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Citibank, NA/Citigroup Global Markets, Inc.	$	1,182,022	$	(840,013	)	$	– 0	–	$	– 0	–	$	342,009
State Street Bank & Trust Co.		182		– 0	–		– 0	–		– 0	–		182

Total	$	1,182,204	$	(840,013	)	$	– 0	–	$	– 0	–	$	342,191	^



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Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Bank of America, NA	$	348,530	$	– 0	–	$	– 0	–	$	– 0	–	$	348,530
Citibank, NA/Citigroup Global Markets, Inc.		840,013		(840,013	)		– 0	–		– 0	–		– 0	–
Credit Suisse International		855,145		– 0	–		– 0	–		(829,653	)		25,492
Goldman Sachs International		2,675,391		– 0	–		– 0	–		(2,632,950	)		42,441
JPMorgan Securities, LLC		304,421		– 0	–		(304,421	)		– 0	–		– 0	–
Morgan Stanley Capital Services LLC		321,484		– 0	–		– 0	–		(321,484	)		– 0	–

Total	$	5,344,984	$	(840,013	)	$	(304,421	)	$	(3,784,087	)	$	416,463	^

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

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

Short Duration Plus Portfolio

Counterparty

Derivative
Assets
Subject
to a MA

Derivatives
Available
for Offset

Cash
Collateral
Received*

Security
Collateral
Received*

Net Amount of
Derivative
Assets

Bank of America, NA

41,164

– 0

–

– 0

–

– 0

–

41,164

State Street Bank & Trust Co.

320

– 0

–

– 0

–

– 0

–

320

Total

41,484

– 0

–

– 0

–

– 0

–

41,484

Counterparty

Derivative
Liabilities
Subject
to a MA

Derivatives
Available
for Offset

Cash
Collateral
Pledged*

Security
Collateral
Pledged*

Net
Amount of
Derivative
Liabilities

Citigroup Global Markets, Inc.

22,699

– 0

–

– 0

–

– 0

–

22,699

Credit Suisse International

220,386

– 0

–

– 0

–

(220,386

)

– 0

–

Deutsche Bank AG

71,638

– 0

–

(71,638

)

– 0

–

– 0

–

Goldman Sachs International

60,691

– 0

–

– 0

–

– 0

–

60,691

JPMorgan Securities, LLC

28,817

– 0

–

– 0

–

– 0

–

28,817

Total

404,231

– 0

–

(71,638

)

(220,386

)

112,207

*	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.



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C. Currency Transactions

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

D. TBA and Dollar Rolls

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

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



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NOTE 4.

Distributions to Shareholders

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


Intermediate Duration	2022			2021
Distributions paid from:
Ordinary income	$	59,305,742		$	90,958,859
Long-term capital gains		37,219,499			45,450,546

Total distributions paid	$	96,525,241		$	136,409,405


Short Duration Plus
Distributions paid from:
Ordinary income	$	1,831,719		$	2,361,508
Long-term capital gains		– 0	–		– 0	–

Total distributions paid	$	1,831,719		$	2,361,508

As of September 30, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:


Portfolio	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Gains (Losses)^(a)			Unrealized Appreciation/ (Depreciation)^(b)			Total Accumulated Earnings/ (Deficit)^(c)
Intermediate Duration	$	– 0	–	$	–0	–	$	(148,662,338	)	$	(429,818,769	)	$	(578,481,107	)
Short Duration Plus		141,322			– 0	–		(17,190,991	)		(10,032,924	)		(27,082,593	)

(a)

As of September 30, 2022, Intermediate Duration Portfolio had capital loss carryforwards for federal income tax purposes. As of September 30, 2022, Intermediate Duration Portfolio deferred $148,662,338 in post-October losses. These losses will be treated as arising on October 1, 2022. As of September 30, 2022 Short Duration Plus Portfolio deferred $1,192 in straddle losses.

(b)

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



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


Portfolio	Short-Term Amount			Long-Term Amount
Intermediate Duration	$	– 0	–	$	– 0	–
Short Duration Plus		5,479,273			11,710,526

NOTE 5.

Risks Involved in Investing in the Portfolios

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

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



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longer than their durations may be affected by increased credit spreads to a far greater degree than their durations would suggest, because they are exposed to credit risk until final maturity.

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

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

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

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



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Derivatives Risk—The Portfolios may use derivatives as direct investments to earn income, enhance return and broaden portfolio diversification, which entail greater risk than if used solely for hedging purposes. In addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolios. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted to cover or secure derivatives positions may themselves go down in value, and these collateral and other requirements may limit investment flexibility. Some derivatives involve leverage, which can make the Portfolios more volatile and can compound other risks. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios. Use of derivatives may have different tax consequences for the Portfolios than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders. The U.S. government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as additional regulations governing, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.

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



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benefit from the rise in market price that normally accompanies a decline in interest rates, and may not be able to invest the proceeds in securities providing as much income, resulting in a lower yield to the Portfolios. Conversely, extension risk is the risk that as interest rates rise or spreads widen, payments of securities may occur more slowly than anticipated by the market. If this happens, the values of these securities may go down because their interest rates are lower than current market rates and they remain outstanding longer than anticipated.

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

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

Illiquid Investments Risk—Illiquid investments risk exists when particular investments are difficult or impossible to purchase or sell, possibly preventing the Portfolios from purchasing or selling these securities at an advantageous price. Over recent years, regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Illiquid investments risk may be magnified in a rising interest-rate environment, where the value and liquidity of fixed-income securities generally go down. Illiquid securities may also be difficult to value. If the Portfolios are forced to sell an illiquid asset to meet



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redemption requests or other cash needs, or to try to limit losses, the Portfolios may be forced to sell at a substantial loss or may not be able to sell at all.

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

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

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

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



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

Riskier than a Money-Market Fund—Although the Short Duration Plus Portfolio maintains a short overall duration, it invests in securities with longer maturities and in some cases lower quality than the assets of the type of mutual fund known as a money-market fund. The risk of a decline in the market value of the Portfolio is greater than for a money-market fund since the credit quality of the Portfolio’s securities may be lower and the effective duration of the Portfolio will be longer.

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



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

Cybersecurity Risk—As the use of the internet and other technologies has become more prevalent in the course of business, the Portfolios have become more susceptible to operational and financial risks associated with cybersecurity. Cybersecurity incidents can result from deliberate attacks such as gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption, or from unintentional events, such as the inadvertent release of confidential information. Cybersecurity failures or breaches of the Portfolios or their service providers or the issuers of securities in which the Portfolios invest have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Portfolio shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. While measures have been developed which are designed to reduce the risks associated with cybersecurity, there is no guarantee that those measures will be effective, particularly since the Portfolios do not control the cybersecurity defenses or plans of their service providers, financial intermediaries and companies in which they invest or with which they do business.



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

NOTE 6.

Capital-Share Transactions

The Fund has authorized 17.5 billion shares of common stock, par value $0.001 per share, of which 2.9 billion are allocated to the Intermediate Duration Portfolio and Short Duration Plus Portfolio. The allocation is as follows:

Allocation of Shares (in Millions)

Portfolio

Bernstein
Class
Shares

Retail
Class A
Shares

Retail
Class B
Shares

Retail
Class C
Shares

Retail
Advisor
Class
Shares

Retail
Class R
Shares

Retail
Class Z
Shares

Retail
Class T
Shares

Total

Intermediate Duration

600

300

– 0

–

– 0

–

300

– 0

–

400

– 0

–

1,600

Short Duration Plus

200

– 0

–

200

– 0

–

300

1,300



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NOTES TO FINANCIAL STATEMENTS (continued)

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



	Intermediate Duration Portfolio
	Shares						Amount
	Year Ended 9/30/22			Year Ended 9/30/21			Year Ended 9/30/22			Year Ended 9/30/21

Intermediate Duration Class Shares
Shares sold		31,316,820			56,202,237		$	395,481,316		$	766,539,667

Shares issued to shareholders on reinvestment of dividends and distributions		6,326,514			8,742,347			80,755,796			120,132,573

Shares redeemed		(45,054,689	)		(43,516,801	)		(560,890,334	)		(592,800,321	)

Net increase (decrease)		(7,411,355	)		21,427,783		$	(84,653,222	)	$	293,871,919


Class A Shares
Shares sold		2,869			91,115		$	36,572		$	1,253,106

Shares issued to shareholders on reinvestment of dividends and distributions		1,293			2,397			16,533			32,805

Shares redeemed		(81,780	)		(13,955	)		(1,086,408	)		(188,928	)

Net increase (decrease)		(77,618	)		79,557		$	(1,033,303	)	$	1,096,983


Advisor Class Shares
Shares sold		0			99		$	0		$	1,324

Shares issued to shareholders on reinvestment of dividends and distributions		2			1			33			12

Net increase		2			100		$	33		$	1,336



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NOTES TO FINANCIAL STATEMENTS (continued)

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



	Short Duration Plus Portfolio
	Shares						Amount
	Year Ended 9/30/22			Year Ended 9/30/21			Year Ended 9/30/22			Year Ended 9/30/21

Short Duration Plus Class Shares
Shares sold		16,273,311			7,565,938		$	183,646,854		$	88,810,032

Shares issued to shareholders on reinvestment of dividends		117,287			173,295			1,321,157			2,032,240

Shares redeemed		(7,977,343	)		(5,820,632	)		(91,363,133	)		(68,260,080	)

Net increase		8,413,255			1,918,601		$	93,604,878		$	22,582,192


Class A Shares
Shares sold		659,486			369,544		$	7,508,658		$	4,346,934

Shares issued to shareholders on reinvestment of dividends		2,223			5,309			24,860			62,373

Shares converted from Class C		7,817			42,791			88,635			501,872

Shares redeemed		(733,314	)		(582,041	)		(8,329,493	)		(6,835,781	)

Net decrease		(63,788	)		(164,397	)	$	(707,340	)	$	(1,924,602	)


Class C Shares
Shares sold		65,930			47,374		$	734,582		$	556,021

Shares issued to shareholders on reinvestment of dividends		111			455			1,244			5,340

Shares converted to Class A		(7,835	)		(42,872	)		(88,635	)		(501,872	)

Shares redeemed		(29,129	)		(169,283	)		(328,116	)		(1,982,510	)

Net increase (decrease)		29,077			(164,326	)	$	319,075		$	(1,923,021	)

At September 30, 2022, a shareholder of the Short Duration Plus Portfolio owned 22% of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE 7.

Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, “Reference Rate Reform



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

NOTE 8.

Subsequent Events



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FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Intermediate Duration Portfolio
	Class A
	Year Ended September 30,									July 23, 2019^(a) to September 30, 2019
	2022			2021			2020			July 23, 2019^(a) to September 30, 2019


Net asset value, beginning of period		$ 13.50			$ 14.03			$ 13.55			$ 13.36

Income From Investment Operations

Net investment income^(b)		.16			.18	^(c)		.15			.04

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.22	)		(.29	)		.52			.18

Total from investment operations		(2.06	)		(.11	)		.67			.22

Less: Dividends and Distributions

Dividends from net investment income		(.17	)		(.18	)		(.19	)		(.03	)

Distributions from net realized gain on investment transactions		(.13	)		(.24	)		– 0	–		– 0	–

Total dividends and distributions		(.30	)		(.42	)		(.19	)		(.03	)

Net asset value, end of period		$ 11.14			$ 13.50			$ 14.03			$ 13.55


Total Return

Total investment return based on net asset value^(d)		(15.54	)%		(.86	)%		5.08	%		1.71	%

Ratios/Supplemental Data

Net assets, end of period (000 omitted)		$572			$1,741			$693			$10

Average net assets (000 omitted)		$746			$1,438			$170			$10

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.90	%		1.03	%		1.82	%		2.00	%^(e)

Expenses, before waivers/reimbursements		5.51	%		3.95	%		1.82	%		2.00	%^(e)

Net investment income		1.26	%		1.29	%^(c)		1.11	%		1.34	%^(e)

Portfolio turnover rate^(f)		122	%		123	%		72	%		62	%

See Footnote Summary on page 127.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Intermediate Duration Portfolio
	Advisor Class
	Year Ended September 30,									July 23, 2019^(a) to September 30, 2019
	2022			2021			2020			July 23, 2019^(a) to September 30, 2019


Net asset value, beginning of period		$ 13.49			$ 14.03			$ 13.55			$ 13.36

Income From Investment Operations

Net investment income^(b)		0.20			.21	^(c)		.20			.04

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.23	)		(.29	)		.51			.19

Total from investment operations		(2.03	)		(.08	)		.71			.23

Less: Dividends and Distributions

Dividends from net investment income		(0.20	)		(.22	)		(.23	)		(.04	)

Distributions from net realized gain on investment transactions		(0.13	)		(.24	)		– 0	–		– 0	–

Total dividends and distributions		(0.33	)		(.46	)		(.23	)		(.04	)

Net asset value, end of period		$ 11.13			$ 13.49			$ 14.03			$ 13.55


Total Return

Total investment return based on net asset value^(d)		(15.33	)%		(.62	)%		5.28	%		1.76	%

Ratios/Supplemental Data

Net assets, end of period (000 omitted)		$9			$11			$11			$10

Average net assets (000 omitted)		$11			$11			$10			$10

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		0.66	%		.86	%		1.64	%		1.75	%^(e)

Expenses, before waivers/reimbursements		5.53	%		3.36	%		1.64	%		1.75	%^(e)

Net investment income		1.60	%		1.51	%^(c)		1.47	%		1.64	%^(e)

Portfolio turnover rate^(f)		122	%		123	%		72	%		62	%

See Footnote Summary on page 127.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Intermediate Duration Portfolio
	Class Z
	Year Ended September 30,									July 23, 2019^(a) to September 30, 2019
	2022			2021			2020			July 23, 2019^(a) to September 30, 2019


Net asset value, beginning of period		$ 13.49			$ 14.03			$ 13.55			$ 13.36

Income From Investment Operations

Net investment income^(b)		.21			.24	^(c)		.31			.07

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.23	)		(.29	)		.51			.18

Total from investment operations		(2.02	)		(.05	)		.82			.25

Less: Dividends and Distributions

Dividends from net investment income		(.21	)		(.25	)		(.34	)		(.06	)

Distributions from net realized gain on investment transactions		(.13	)		(.24	)		– 0	–		– 0	–

Total dividends and distributions		(.34	)		(.49	)		(.34	)		(.06	)

Net asset value, end of period		$ 11.13			$ 13.49			$ 14.03			$ 13.55


Total Return

Total investment return based on net asset value^(d)		(15.26	)%^(g)		(.40	)%		6.16	%		1.95	%

Ratios/Supplemental Data

Net assets, end of period (000 omitted)		$8			$10			$10			$10

Average net assets (000 omitted)		$9			$10			$10			$10

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.57	%		.63	%		.82	%		.77	%^(e)

Expenses, before waivers/reimbursements		3.01	%		1.87	%		.82	%		.77	%^(e)

Net investment income		1.69	%		1.74	%^(c)		2.30	%		2.62	%^(e)

Portfolio turnover rate^(f)		122	%		123	%		72	%		62	%

See Footnote Summary on page 127.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Short Duration Plus Portfolio
	Class A
	Year Ended September 30,
	2022			2021			2020			2019			2018


Net asset value, beginning of period		$ 11.68			$ 11.79			$ 11.74			$ 11.54			$ 11.69

Income From Investment Operations

Net investment income^(b)(c)		.03			.05			.11			.18			.11

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.68	)		(.11	)		.07			.22			(.14	)

Total from investment operations		(.65	)		(.06	)		.18			.40			(.03	)

Less: Dividends

Dividends from net investment income		(.02	)		(.05	)		(.13	)		(.20	)		(.12	)

Net asset value, end of period		$ 11.01			$ 11.68			$ 11.79			$ 11.74			$11.54


Total Return

Total investment return based on net asset value^(d)		(5.49	)%		(.53	)%		1.53	%		3.44	%		(.24	)%

Ratios/Supplemental Data

Net assets, end of period (000 omitted)		$14,182			$15,784			$17,874			$20,462			$25,222

Average net assets (000 omitted)		$15,597			$17,123			$17,732			$23,973			$23,170

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.86	%		1.00	%		1.07	%		.97	%		1.01	%

Expenses, before waivers/reimbursements		.97	%		1.00	%		1.07	%		.97	%		1.01	%

Net investment income^(c)		.25	%		.40	%		.97	%		1.50	%		.93	%

Portfolio turnover rate		48	%		75	%		50	%		39	%		85	%

See Footnote Summary on page 127.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Short Duration Plus Portfolio
	Class C
	Year Ended September 30,
	2022			2021			2020			2019			2018


Net asset value, beginning of period		$ 11.65			$ 11.76			$ 11.72			$ 11.52			$ 11.67

Income From Investment Operations

Net investment income^(b)(c)		.02			.03			.09			.15			.08

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.66	)		(.11	)		.05			.22			(.14	)

Total from investment operations		(.64	)		(.08	)		.14			.37			(.06	)

Less: Dividends

Dividends from net investment income		(.02	)		(.03	)		(.10	)		(.17	)		(.09	)

Net asset value, end of period		$ 10.99			$ 11.65			$ 11.76			$ 11.72			$ 11.52


Total Return

Total investment return based on net asset value^(d)		(5.49	)%		(.79	)%		1.32	%		3.24	%		(.44	)%

Ratios/Supplemental Data

Net assets, end of period (000 omitted)		$1,293			$1,032			$2,976			$2,304			$2,976

Average net assets (000 omitted)		$975			$2,064			$2,214			$2,573			$3,778

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.92	%		1.21	%		1.28	%		1.18	%		1.22	%

Expenses, before waivers/reimbursements		1.72	%		1.76	%		1.83	%		1.73	%		1.77	%

Net investment income^(c)		.22	%		.26	%		.74	%		1.29	%		.67	%

Portfolio turnover rate		48	%		75	%		50	%		39	%		85	%

See Footnote Summary on page 127.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

(a)	Commencement of distributions.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived by the Adviser.

(d)

(e)	Annualized

(f)	The portfolio accounts for dollar roll transactions as purchases and sales.

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

See Notes to Financial Statements.



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REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

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

Basis for Opinions



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REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

November 23, 2022



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2022 FEDERAL TAX INFORMATION

(unaudited)

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


PORTFOLIO	% OF QUALIFIED INTEREST INCOME (FOREIGN SHAREHOLDERS)
SHORT DURATION PLUS		88.56	%
INTERMEDIATE DURATION		99.00	%

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


PORTFOLIO
INTERMEDIATE DURATION	$	37,219,499



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BOARD OF DIRECTORS

Debra Perry^(1),(2), Chair

Beata D. Kirr, President

R. Jay Gerken^(1),(2)

Jeffrey R. Holland⁽¹⁾

William Kristol⁽¹⁾

Michelle McCloskey⁽¹⁾

Donald K. Peterson⁽¹⁾

OFFICERS

Michael Canter, Vice President⁽³⁾

Janaki Rao, Vice President⁽³⁾

Emilie D. Wrapp, Secretary

Michael B. Reyes, Senior Vice President

Joseph J. Mantineo, Treasurer and Chief Financial Officer

Phyllis J. Clarke, Controller

Vincent S. Noto, Chief Compliance Officer

Custodian and Accounting Agent

State Street Bank and Trust Company

State Street Corporation CCB/5

1 Iron Street
Boston, MA 02210

Distributor^†

AllianceBernstein Investments, Inc.

501 Commerce Street

Nashville, TN 37203

Transfer Agent^†

AllianceBernstein Investor Services, Inc.

P.O. Box 786003

San Antonio, TX 78278

Toll-Free (800) 221-5672

Legal Counsel

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, NY 10019

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

300 Madison Avenue

New York, NY 10017

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

2	Member of the Pricing Committee.

The day-to-day management of, and investment decisions for, the AB Short Duration Portfolio are made by the Adviser’s U.S. Investment Grade: Liquid Markets Structured Products Investment Team. Messrs. Canter and Rao are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

The day-to-day management of, and investment decisions for, the AB Intermediate Duration Portfolio are made by the Adviser’s U.S. Investment Grade: Core Fixed Income Team. Messrs. Canter and Rao are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

†	For the AB Short Duration Portfolio, Classes A and C shares only. For the AB Intermediate Duration Portfolio, Classes A, Advisor, and Z shares only.



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MANAGEMENT OF THE FUND

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.


NAME, *ADDRESS, AGE, (YEAR OF ELECTION)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE (5) YEARS AND OTHER INFORMATION	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER DIRECTORSHIPS HELD BY DIRECTOR DURING THE LAST FIVE YEARS
INTERESTED DIRECTOR

Beata D. Kirr,*** c/o AllianceBernstein L.P. 1345 Avenue of the Americas New York, NY 10105 48 (2019)	Senior Vice President of the Investment Adviser with which she has been associated since prior to 2017. She is the Co-Head of Investment Strategies since April 2020 and a National Managing Director since 2017. She was previously the Head of Private Client Core Asset Strategies. She joined the firm in 2007 as a Senior Portfolio Manager. Prior to joining AB, she was a director at Harris Alternatives, a global fund of hedge funds, and was with Goldman Sachs, where she advised clients in the Equities, M&A and Equity Capital Markets divisions, from their New York, London and Chicago offices.		17	Women Employed

DISINTERESTED DIRECTORS

Debra Perry,^{#,^} Chair of The Board 71 (2011)	Formerly, Senior Managing Director of Global Ratings and Research, Moody’s Investors Service, Inc. from 2001 to 2004; Chief Administrative Officer, Moody’s, from 1999 to 2001; Chief Credit Officer, Moody’s, from 2000 to 2001; Group Managing Director for the Finance, Securities and Insurance Ratings Groups, Moody’s Corp., from 1996 to 1999; earlier she held executive positions with First Boston Corporation and Chemical Bank.		17	Assurant, Inc., since 2017; Korn/Ferry International since 2008; Genworth Financial, Inc., from 2016-2022; PartnerRe, from 2013- 2016; Bank of America Funds Series Trust, from 2011-2016



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MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE, (YEAR OF ELECTION)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE (5) YEARS AND OTHER INFORMATION	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER DIRECTORSHIPS HELD BY DIRECTOR DURING THE LAST FIVE YEARS
DISINTERESTED DIRECTORS (continued)

R. Jay Gerken,^{#,^} 71 (2013)	Formerly, President and Chief Executive Officer of Legg Mason Partners Fund Advisor, LLC, and President & Board Member of The Legg Mason and Western Asset mutual funds from 2005 until June 2013. Previously, he was the President and Chair of the boards of the Citigroup Asset Management mutual funds from 2002 to 2005; Portfolio Manager and Managing Director, Smith Barney Asset Management from 1993 to 2001 and President & CEO, Directions Management of Shearson Lehman, Inc. from 1988 to 1993.		17	Cedar Lawn Corporation; New Jersey Chapter of The Nature Conservancy; and Associated Banc-Corp


Jeffrey R. Holland,^# 56 (2019)	Formerly, Limited Partner of Brown Brothers Harriman from 2014 to 2018. Prior thereto, General Partner of Brown Brothers Harriman from 2006 to 2013.		17	Director of various non-profit organizations



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MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE, (YEAR OF ELECTION)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE (5) YEARS AND OTHER INFORMATION	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER DIRECTORSHIPS HELD BY DIRECTOR DURING THE LAST FIVE YEARS
DISINTERESTED DIRECTORS (continued)

William Kristol,^# 69 (1994)	Founder and Editor, The Weekly Standard from 1995 to 2018. He is a regular contributor on leading political commentary shows. He has served as the inaugural Vann Professor of Ethics and Society at Davidson College since 2019.		17	Manhattan Institute; John M. Ashbrook Center for Public Affairs at Ashland University; The Salvatori Center at Claremont McKenna College; The Institute for the Study of War; Foundation for Constitutional Government; and Defending Democracy Together, a non-profit educational corporation


Michelle McCloskey,^# 60 (2019)	Formerly, President of Americas, Man Group from 2017 to August 2019 and President of Man FRM from 2015 to August 2019. Prior thereto, she was a Senior Managing Director of Man FRM from 2012 to 2015. While at the Man Group, she served on the Executive Committee of Man Group plc from 2012 to 2019, as Chief Executive Officer, Board of Managers of Man Alternative Multi Strategy Fund from 2016 to 2019 and as President and Chair of the Board of the Pine Grove Institutional Funds from 2016 to 2019. She currently serves on the Investment Advisory Committee of Texas Tech University Endowment.		17	Assured Guaranty Ltd. since May 2021



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MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE, (YEAR OF ELECTION)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE (5) YEARS AND OTHER INFORMATION	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER DIRECTORSHIPS HELD BY DIRECTOR DURING THE LAST FIVE YEARS
DISINTERESTED DIRECTORS (continued)

Donald K. Peterson,^# 73 (2007)	Formerly, Chairman and Chief Executive Officer, Avaya Inc. (telecommunications equipment and services) from 2002 to 2006; President and Chief Executive Officer, Avaya Inc. from 2000 to 2001; President, Enterprise Systems Group in 2000; Chief Financial Officer, Lucent Technologies (telecommunications equipment and services) from 1996 to 2000; Chief Financial Officer, AT&T, Communications Services Group from 1995 to 1996; President, Nortel Communications Systems, Inc. (telecommunications and networking equipment) from 1994 to 1995. Prior thereto, he was at Nortel from 1976 to 1995.		17	Worcester Polytechnic Institute, (Emeritus); Member of the Board of TIAA- Bank, FSB

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

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

***	Ms. Kirr is an “interested person”, as defined in the 1940 Act, due to her affiliation with AllianceBernstein.

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

^	Member of the Pricing Committee.



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MANAGEMENT OF THE FUND (continued)

Officer Information

Certain information concerning the Fund’s Officers is listed below.


NAME, ADDRESS* AND AGE	POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE (5) YEARS
Beata D. Kirr, 48	President	See biography above.

Michael Canter, 53	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017. He is also Director and Chief Investment Officer - Securitized Assets.

Janaki Rao, 52	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017. He is also Director of US Multi-Sector Fixed-Income Portfolios.

Emilie D. Wrapp, 66	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of AllianceBernstein Investments, Inc. (“ABI”)**, with which she has been associated since prior to 2017.

Michael B. Reyes, 46	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2017.

Joseph J. Mantineo, 63	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2017.

Phyllis J. Clarke, 61	Controller	Vice President of ABIS**, with which she has been associated since prior to 2017.

Vincent S. Noto, 57	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser**, since prior to 2017.

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

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



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OPERATION AND EFFECTIVENESS OF THE PORTFOLIOS’ LIQUIDITY RISK MANAGEMENT PROGRAM:



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BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ARRANGEMENT

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



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BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ARRANGEMENT (continued)

requested by the Independent Directors relating to contract renewal, and the Independent Directors also met separately with counsel to the Independent Directors as well as the Senior Vice President to review the contract renewal materials provided by the Adviser and the materials prepared by the Senior Vice President. At the conclusion of this meeting, the Board approved the continuation of the Investment Management Agreement for an additional annual term as described below.

Fees and Expenses



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BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ARRANGEMENT (continued)

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



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BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ARRANGEMENT (continued)

Nature, Extent and Quality of Services Provided

In considering the nature and quality of the services provided by the Adviser, the Board, including the Independent Directors, received and considered information about each Portfolio’s investment performance, as well as the performance of its peer group and the performance of an appropriate benchmark index. The Board was provided with performance data versus each Portfolio’s peer group, for the 1-year, 3-year, 5-year and 10-year periods, as applicable, ended July 31, 2022 and versus each Portfolio’s benchmark index, for the relevant periods, as well as the most recently available Morningstar rating for those Portfolios with an available rating. The Board also received certain updated performance information as of September 30, 2022. In addition, the Directors considered information showing performance compared to peer groups and benchmarks for rolling calendar year periods and the year to date. The Directors also receive detailed comparative performance information for the Portfolios at each regular Board meeting during the year. The Board recognized that the benchmark indices do not account for fees and expenses incurred by a fund, including the Portfolios. The Directors also considered how peer groups have changed over time and how comparisons may differ depending upon the selection of the peer groups or benchmark indices.



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BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ARRANGEMENT (continued)

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

Profitability



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BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ARRANGEMENT (continued)

indicating the profitability of the Portfolios to the Adviser for calendar years 2020 and 2021, which had been reviewed by an independent consultant. The Directors reviewed the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data, noting that the methodology was consistent with the Adviser’s internal financial reporting. The Directors acknowledged that there are many potentially acceptable allocation methodologies for cost allocation, and that in certain cases the selected allocation methodology may not capture all costs borne by the Adviser with respect to a Portfolio. The Directors noted that they received information regarding all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to the Adviser’s subsidiaries that provide transfer agency and distribution services to the Fund, and that they had focused on profitability before taxes and distribution expenses. The Board further considered materials provided by the Adviser estimating the profitability of the Short Duration Plus Portfolio and the Short Duration Diversified Municipal Portfolio to the Adviser after the termination of the voluntary waiver in effect for the Portfolios. The Directors reviewed comparative information regarding profitability for other publicly-traded advisers, recognizing that it is difficult to make comparisons of profitability among different investment advisers because only limited comparative information is publicly available and the comparisons are affected by numerous factors including different business mixes.

Economies of Scale



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BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ARRANGEMENT (continued)

fees at levels that contemplated future achievement of scale, 2018 fee reductions for the Short Duration Diversified Municipal, Short Duration Plus, Intermediate Duration, and Emerging Markets Portfolios, breakpoint arrangements including the lowering of the first breakpoint and the addition of a new breakpoint in the advisory fee schedule for the Overlay A and Tax-Aware Overlay A Portfolios as well as other recently adopted or modified breakpoints for certain Portfolios, expense caps and waivers applying to select Portfolios, and the Adviser’s continued reinvestment in the business, including by researching and implementing new product enhancements. The Directors also noted that they would continue to monitor the growth of the Portfolios.

Fall-Out Benefits and Other Revenue

Advisory Fee Rate Schedule


Portfolio		Annual Percentage of Average Daily Net Assets of Each Portfolio
Short Duration Diversified Municipal		0.30% of the first $750 million; 0.25% of assets in excess of $750 million.

Short Duration Plus		0.35% of the first $750 million; 0.30% of assets in excess of $750 million.



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BOARD CONSIDERATION OF INVESTMENT MANAGEMENT ARRANGEMENT (continued)


Portfolio		Annual Percentage of Average Daily Net Assets of Each Portfolio
New York Municipal		0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion.

California Municipal		0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion.

Diversified Municipal		0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% in excess of $5 billion up to, but not exceeding $7 billion; 0.225% of assets in excess of $7 billion.

Intermediate Duration		0.45% on the first $2.5 billion; 0.40% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.35% in excess of $5 billion up to, but not exceeding $8 billion; 0.30% of assets in excess of $8 billion.

Emerging Markets		0.95% of the first $2.5 billion; 0.90% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion.

Overlay A		0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion.

Tax-Aware Overlay A		0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion.

Overlay B		0.65% of assets.

Tax-Aware Overlay B		0.65% of assets.

Tax-Aware Overlay C		0.65% of assets.

Tax-Aware Overlay N		0.65% of assets.



abfunds.com		AB BOND FUNDS ^\| 145

This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

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We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

1	Prior to December 1, 2021, Sustainable Thematic Balanced Portfolio was named Conservative Wealth Strategy.



146 ^\| AB BOND FUNDS		abfunds.com

NOTES



abfunds.com		AB BOND FUNDS ^\| 147

NOTES



148 ^\| AB BOND FUNDS		abfunds.com

LOGO

AB BOND FUNDS

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

BF-0151-0922 LOGO

SEP^09.30.22

LOGO

ANNUAL REPORT

AB INTERMEDIATE MUNICIPAL PORTFOLIOS

AB INTERMEDIATE CALIFORNIA MUNICIPAL PORTFOLIO

AB INTERMEDIATE DIVERSIFIED MUNICIPAL PORTFOLIO

AB INTERMEDIATE NEW YORK MUNICIPAL PORTFOLIO

LOGO



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

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.


FROM THE ADVISER

Dear Shareholder,

We’re pleased to provide this report for the AB Intermediate Municipal Portfolios: California, Diversified and New York (each a “Portfolio,” and collectively, the “Portfolios”). Please review the discussion of Portfolio performance, the market conditions during the reporting period and the Portfolios’ investment strategies.

As always, AB strives to keep clients ahead of what’s next by:

⁺

Transforming uncommon insights into uncommon knowledge with a global research scope

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Navigating markets with seasoned investment experience and sophisticated solutions

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Providing thoughtful investment insights and actionable ideas

Whether you’re an individual investor or a multi-billion-dollar institution, we put knowledge and experience to work for you.

For additional information about AB’s range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in the AB Mutual Funds.

Sincerely,

LOGO

Onur Erzan

Senior Vice President of the Adviser



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 1

ANNUAL REPORT

November 15, 2022

This report provides management’s discussion of fund performance for the AB Intermediate Municipal Portfolios: California, Diversified and New York, for the annual reporting period ended September 30, 2022.

Each of the Portfolios seeks to provide safety of principal and maximize total return after taking account of federal taxes (and, in the case of the Intermediate California Municipal Portfolio, California state taxes and, in the case of the Intermediate New York Municipal Portfolio, New York state and local taxes).

NAV RETURNS AS OF SEPTEMBER 30, 2022 (unaudited)



	6 Months		12 Months

AB INTERMEDIATE CALIFORNIA MUNICIPAL PORTFOLIO

Class A Shares		-3.67%		-7.63%

Class C Shares		-3.97%		-8.26%

Advisor Class Shares¹		-3.55%		-7.40%

Bloomberg 5-Year GO Municipal Bond Index		-2.98%		-7.76%

Lipper California Intermediate Municipal Debt Funds Average		-4.59%		-9.33%



	6 Months		12 Months

AB INTERMEDIATE DIVERSIFIED MUNICIPAL PORTFOLIO

Class A Shares		-4.02%		-8.06%

Class C Shares		-4.46%		-8.81%

Advisor Class Shares¹		-3.91%		-7.84%

Class Z Shares¹		-3.90%		-7.81%

Bloomberg 5-Year GO Municipal Bond Index		-2.98%		-7.76%

Lipper Intermediate Municipal Debt Funds Average		-5.35%		-10.06%



2 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

NAV RETURNS AS OF SEPTEMBER 30, 2022 (unaudited)



	6 Months		12 Months

AB INTERMEDIATE NEW YORK MUNICIPAL PORTFOLIO

Class A Shares		-4.19%		-8.07%

Class C Shares		-4.55%		-8.76%

Advisor Class Shares¹		-4.00%		-7.77%

Bloomberg 5-Year GO Municipal Bond Index		-2.98%		-7.76%

Lipper New York Intermediate Municipal Debt Funds Average		-4.60%		-9.43%

Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio.

INVESTMENT RESULTS

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

During the 12-month period, all share classes of the Intermediate Diversified Municipal and Intermediate New York Municipal Portfolios underperformed the benchmark and outperformed the Lipper Average; except for Class C, all share classes of the Intermediate California Municipal Portfolio outperformed the benchmark and all share classes outperformed the Lipper Average, before sales charges. During the six-month period, all share classes of the Portfolios underperformed the benchmark and outperformed the Lipper Average, before sales charges.

Intermediate Municipal California Portfolio: Overall security selection detracted, relative to the benchmark, during both periods. Security selection within the airports and multi-family housing sectors detracted, while selection in miscellaneous revenue and prepay energy contributed. An overweight to BBB-rated bonds versus the benchmark detracted from performance. The Portfolio’s yield-curve positioning largely contributed to performance during both periods as the yield curve flattened.



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 3

Intermediate Diversified Municipal Portfolio: An overweight to special tax and toll roads/transit contributed, relative to the benchmark, during the 12-month period. For the six-month period, an overweight to airports and multi-family housing detracted. During both periods, yield-curve positioning contributed to performance, while credit exposure detracted.

Intermediate Municipal New York Portfolio: Overall security selection detracted, relative to the benchmark, during both periods. Security selection within the special tax and miscellaneous revenue sectors detracted, while selection within electric utility and prepay energy contributed. An overweight to A- and BBB-rated bonds versus the benchmark detracted from performance. The Portfolio’s yield-curve positioning largely contributed during both periods as the yield curve flattened.

MARKET REVIEW AND INVESTMENT STRATEGY

Yields continued their ascent higher toward the end of the reporting period ended September 30, 2022. During the 12-month period, the yield on a 10-Year AAA municipal bond rose to 3.30% from 1.14% and the yield on the 10-Year US Treasury rose to 3.80% from 1.54%. Demand for income continued to weaken during the six-month period, as investors have pulled approximately $92 billion year to date from mutual funds and exchange- traded funds as of September 30, 2022. In addition to broader fixed-income market volatility, these municipal market outflows contributed to municipal underperformance versus US Treasuries, with 10-Year AAA Muni/Treasury after-tax spreads widening 82 basis points (“b.p.”) during the 12-month period and 25 b.p. during the six-month period. Average BBB credit spreads widened during the 12-month and six-month periods by approximately 55 b.p. and 30 b.p., respectively.

In terms of strategy and positioning in the evolving market environment, the Portfolio’s Senior Investment Management Team (the “Team”) has adjusted the Portfolios’ yield-curve positioning as the curve has flattened over the 12-month period. At the beginning of the 12-month period, the Portfolios were underweight duration, which the Team adjusted to neutral as municipals sold off early in the year. The Team continues to maintain a neutral duration to the benchmark and a selective overweight to credit.



4 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

insurers, insurance has less value than it did in the past. The market now values insured municipal securities primarily based on the credit quality of the issuer of the security, with little value given to the insurance feature. In purchasing such insured securities, the Adviser evaluates the risk and return of municipal securities through its own research. If an insurance company’s rating is downgraded or the company becomes insolvent, the prices of municipal securities insured by the insurance company may decline. As of September 30, 2022, the Portfolios’ percentages of investments in municipal bonds that are insured and insured municipal bonds that have been pre-refunded or escrowed to maturity were 1.97% and 0.00%, respectively, for the Intermediate California Municipal Portfolio; 4.79% and 0.00%, respectively, for the Intermediate Diversified Municipal Portfolio; and 2.93% and 0.00%, respectively, for the Intermediate New York Municipal Portfolio.

INVESTMENT POLICIES

As a matter of fundamental policy, the Portfolios, under normal circumstances, invest at least 80% of their net assets in municipal securities (and, in the case of the Intermediate California Municipal and Intermediate New York Municipal Portfolios, municipal securities issued by the State of California or the State of New York, or their political subdivisions, or otherwise exempt from California or New York state income tax, respectively). The Intermediate Diversified Municipal Portfolio invests no more than 25% of its total assets in municipal securities of issuers located in any one state. Each of the Portfolios invests at least 80% of its total assets in municipal securities rated A or better by any nationally recognized statistical rating organization (“NRSRO”) (or, if unrated, determined by the Adviser to be of comparable quality) and comparably rated municipal notes. The Portfolios may invest up to 20% of their total assets in below investment-grade fixed-income securities (commonly known as “junk bonds”).

The Portfolios may invest, without limit, in revenue bonds, which generally do not have the pledge of the credit of the issuer. The Portfolios may invest, without limit, in securities or obligations that are related in such a way that business or political developments or changes affecting one such security could also affect the others (for example, securities with interest that is paid from projects of a similar type). Each of the Portfolios may invest up to 20% of their net assets in fixed-income securities of US issuers that are not municipal securities if, in the Adviser’s opinion, these securities will enhance the after-tax return for investors. The Portfolios may use derivatives, such as options, futures contracts, forward contracts and swaps. In managing the Portfolios, the Adviser may use interest-rate forecasting to estimate an appropriate level of interest-rate risk at a given time.

(continued on next page)



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 5

Each Portfolio seeks to maintain an effective duration of three and one-half years to seven years under normal market conditions. Within the ranges described in the prospectus, the Adviser may moderately shorten the average duration of the Portfolios when it expects interest rates to rise and moderately lengthen average duration when it anticipates that interest rates will fall.

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



6 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

DISCLOSURES AND RISKS

Benchmark Disclosure

The Bloomberg 5-Year GO Municipal Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Bloomberg 5-Year GO Municipal Bond Index represents the performance of long-term, investment-grade tax-exempt bonds with maturities ranging from four to six years. An investor cannot invest directly in an index or average, and their results are not indicative of the performance for any specific investment, including the Portfolios.

A Word About Risk

Cybersecurity Risk: As the use of the internet and other technologies has become more prevalent in the course of business, the Portfolios have become more susceptible to operational and financial risks associated with cybersecurity. Cybersecurity incidents can result from deliberate attacks such as gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption, or from unintentional events, such as the inadvertent release of confidential information. Cybersecurity failures or breaches of the Portfolios or their service providers or the issuers of securities in which the Portfolios invest have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Portfolio shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. While measures have been developed which are designed to reduce the risks associated with cybersecurity, there is no guarantee that those measures will be effective, particularly since the Portfolios do not control the cybersecurity defenses or plans of their service providers, financial intermediaries and companies in which they invest or with which they do business.



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 7

DISCLOSURES AND RISKS (continued)



8 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

DISCLOSURES AND RISKS (continued)

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

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

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

Non-Diversification Risk: Concentration of investments in a small number of securities tends to increase risk. The Intermediate California Municipal and Intermediate New York Municipal Portfolios may have more risk



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DISCLOSURES AND RISKS (continued)

because they are “non-diversified”, meaning that they can invest more of their assets in a relatively small number of issuers with greater concentration of risk. Matters affecting these issuers can have a more significant effect on the Portfolios’ net asset value (“NAV”).

Illiquid Investments Risk: Illiquid investments risk exists when particular investments are difficult or impossible to purchase or sell, possibly preventing the Portfolios from purchasing or selling these securities at an advantageous price. Over recent years, regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Illiquid investments risk may be magnified in a rising interest-rate environment, where the value and liquidity of fixed-income securities generally go down. The Portfolios are subject to greater risk because the market for municipal securities is generally smaller and may not be as liquid as many other fixed-income markets, which may make municipal securities more difficult to trade or dispose of than other types of securities. Illiquid securities may also be difficult to value. If the Portfolios are forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the Portfolios may be forced to sell at a substantial loss or may not be able to sell at all.

Derivatives Risk: The Portfolios may use derivatives as direct investments to earn income, enhance return and broaden portfolio diversification, which entail greater risk than if used solely for hedging purposes. In addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolios. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted to cover or secure derivatives positions may themselves go down in value, and these collateral and other requirements may limit investment flexibility. Some derivatives involve leverage, which can make the Portfolios more volatile and can compound other risks. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios. Use of



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DISCLOSURES AND RISKS (continued)

derivatives may have different tax consequences for the Portfolios than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders. The US government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as additional regulations governing, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.



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DISCLOSURES AND RISKS (continued)

countries experiencing economic and financial difficulties, the value and liquidity of the Portfolios’ investments may be negatively affected.

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

These risks are fully discussed in the Portfolios’ prospectus. As with all investments, you may lose money by investing in the Portfolios.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolios will fluctuate, so that shares, when redeemed, may be



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DISCLOSURES AND RISKS (continued)

worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com.



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HISTORICAL PERFORMANCE

INTERMEDIATE CALIFORNIA MUNICIPAL PORTFOLIO

GROWTH OF A $10,000 INVESTMENT IN THE PORTFOLIO (unaudited)

9/30/2012 TO 9/30/2022

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AB Intermediate California Municipal Portfolio Class A shares (from 9/30/2012 to 9/30/2022) as compared to the performance of the Portfolio’s benchmark. The chart reflects the deduction of the maximum 3% sales charge from the initial $10,000 investment in the Portfolio and assumes the reinvestment of dividends and capital gains distributions.



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HISTORICAL PERFORMANCE (continued)

INTERMEDIATE CALIFORNIA MUNICIPAL PORTFOLIO

AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2022 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)		SEC Yields¹		Taxable Equivalent Yields²

CLASS A SHARES						2.44%		4.33%

1 Year		-7.63%		-10.39%

5 Years		0.25%		-0.35%

10 Years		0.75%		0.44%

CLASS C SHARES						1.75%		3.11%

1 Year		-8.26%		-9.17%

5 Years		-0.50%		-0.50%

10 Years³		0.01%		0.01%

ADVISOR CLASS SHARES⁴						2.77%		4.92%

1 Year		-7.40%		-7.40%

5 Years		0.50%		0.50%

Since Inception⁵		0.45%		0.45%

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.73%, 1.48% and 0.48% for Class A, Class C and Advisor Class shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

1	SEC yields are calculated based on SEC guidelines for the 30-day period ended September 30, 2022.

2	Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.

3	Assumes conversion of Class C shares into Class A shares after eight years.

This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio.

5	Inception date: 7/25/2016.



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HISTORICAL PERFORMANCE (continued)

INTERMEDIATE CALIFORNIA MUNICIPAL PORTFOLIO

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

SEPTEMBER 30, 2022 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-10.39%

5 Years		-0.35%

10 Years		0.44%

CLASS C SHARES

1 Year		-9.17%

5 Years		-0.50%

10 Years¹		0.01%

ADVISOR CLASS SHARES²

1 Year		-7.40%

5 Years		0.50%

Since Inception³		0.45%

1	Assumes conversion of Class C shares into Class A shares after eight years.

3	Inception date: 7/25/2016.



16 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

HISTORICAL PERFORMANCE

INTERMEDIATE DIVERSIFIED MUNICIPAL PORTFOLIO

GROWTH OF A $10,000 INVESTMENT IN THE PORTFOLIO (unaudited)

9/30/2012 TO 9/30/2022

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AB Intermediate Diversified Municipal Portfolio Class A shares (from 9/30/2012 to 9/30/2022) as compared to the performance of the Portfolio’s benchmark. The chart reflects the deduction of the maximum 3% sales charge from the initial $10,000 investment in the Portfolio and assumes the reinvestment of dividends and capital gains distributions.



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HISTORICAL PERFORMANCE (continued)

INTERMEDIATE DIVERSIFIED MUNICIPAL PORTFOLIO

AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2022 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)		SEC Yields¹		Taxable Equivalent Yields²

CLASS A SHARES						2.61%		4.02%

1 Year		-8.06%		-10.82%

5 Years		0.40%		-0.22%

10 Years		0.85%		0.55%

CLASS C SHARES						1.93%		2.97%

1 Year		-8.81%		-9.72%

5 Years		-0.37%		-0.37%

10 Years³		0.10%		0.10%

ADVISOR CLASS SHARES⁴						2.95%		4.54%

1 Year		-7.84%		-7.84%

5 Years		0.65%		0.65%

Since Inception⁵		1.15%		1.15%

CLASS Z SHARES⁴						2.92%		4.49%

1 Year		-7.81%		-7.81%

Since Inception⁵		0.89%		0.89%

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.66%, 1.41%, 0.41% and 0.38% for Class A, Class C, Advisor Class and Class Z shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

1	SEC yields are calculated based on SEC guidelines for the 30-day period ended September 30, 2022.

2	Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.

3	Assumes conversion of Class C shares into Class A shares after eight years.

5	Inception dates: 6/26/2015 for Advisor Class shares; 7/2/2018 for Class Z shares.



18 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

HISTORICAL PERFORMANCE (continued)

INTERMEDIATE DIVERSIFIED MUNICIPAL PORTFOLIO

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

SEPTEMBER 30, 2022 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-10.82%

5 Years		-0.22%

10 Years		0.55%

CLASS C SHARES

1 Year		-9.72%

5 Years		-0.37%

10 Years¹		0.10%

ADVISOR CLASS SHARES²

1 Year		-7.84%

5 Years		0.65%

Since Inception³		1.15%

CLASS Z SHARES²

1 Year		-7.81%

Since Inception³		0.89%

1	Assumes conversion of Class C shares into Class A shares after eight years.

3	Inception dates: 6/26/2015 for Advisor Class shares; 7/2/2018 for Class Z shares.



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 19

HISTORICAL PERFORMANCE

INTERMEDIATE NEW YORK MUNICIPAL PORTFOLIO

GROWTH OF A $10,000 INVESTMENT IN THE PORTFOLIO (unaudited)

9/30/2012 TO 9/30/2022

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AB Intermediate New York Municipal Portfolio Class A shares (from 9/30/2012 to 9/30/2022) as compared to the performance of the Portfolio’s benchmark. The chart reflects the deduction of the maximum 3% sales charge from the initial $10,000 investment in the Portfolio and assumes the reinvestment of dividends and capital gains distributions.



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HISTORICAL PERFORMANCE (continued)

INTERMEDIATE NEW YORK MUNICIPAL PORTFOLIO

AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2022 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)		SEC Yields¹		Taxable Equivalent Yields²

CLASS A SHARES						2.60%		4.49%

1 Year		-8.07%		-10.82%

5 Years		0.13%		-0.49%

10 Years		0.74%		0.44%

CLASS C SHARES						1.91%		3.30%

1 Year		-8.76%		-9.66%

5 Years		-0.63%		-0.63%

10 Years³		0.00%		0.00%

ADVISOR CLASS SHARES⁴						2.93%		5.06%

1 Year		-7.77%		-7.77%

5 Years		0.38%		0.38%

Since Inception⁵		0.38%		0.38%

1	SEC yields are calculated based on SEC guidelines for the 30-day period ended September 30, 2022.

2	Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.

3	Assumes conversion of Class C shares into Class A shares after eight years.

5	Inception date: 7/25/2016.



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 21

HISTORICAL PERFORMANCE (continued)

INTERMEDIATE NEW YORK MUNICIPAL PORTFOLIO

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

SEPTEMBER 30, 2022 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-10.82%

5 Years		-0.49%

10 Years		0.44%

CLASS C SHARES

1 Year		-9.66%

5 Years		-0.63%

10 Years¹		0.00%

ADVISOR CLASS SHARES²

1 Year		-7.77%

5 Years		0.38%

Since Inception³		0.38%

1	Assumes conversion of Class C shares into Class A shares after eight years.

3	Inception date: 7/25/2016.



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EXPENSE EXAMPLE

(unaudited)

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

Hypothetical Example for Comparison Purposes



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 23

EXPENSE EXAMPLE (continued)

(unaudited)

California Municipal Portfolio


	Beginning Account Value April 1, 2022		Ending Account Value September 30, 2022		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	963.30	$	3.64		0.74	%
Hypothetical**	$	1,000	$	1,021.36	$	3.75		0.74	%
Class C
Actual	$	1,000	$	960.30	$	7.32		1.49	%
Hypothetical**	$	1,000	$	1,017.60	$	7.54		1.49	%
Advisor Class
Actual	$	1,000	$	964.50	$	2.41		0.49	%
Hypothetical**	$	1,000	$	1,022.61	$	2.48		0.49	%

Diversified Municipal Portfolio


	Beginning Account Value April 1, 2022		Ending Account Value September 30, 2022		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	959.80	$	3.24		0.66	%
Hypothetical**	$	1,000	$	1,021.76	$	3.35		0.66	%
Class C
Actual	$	1,000	$	955.40	$	6.91		1.41	%
Hypothetical**	$	1,000	$	1,018.00	$	7.13		1.41	%
Advisor Class
Actual	$	1,000	$	960.90	$	2.02		0.41	%
Hypothetical**	$	1,000	$	1,023.01	$	2.08		0.41	%
Class Z
Actual	$	1,000	$	961.00	$	1.97		0.40	%
Hypothetical**	$	1,000	$	1,023.06	$	2.03		0.40	%

New York Municipal Portfolio


	Beginning Account Value April 1, 2022		Ending Account Value September 30, 2022		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	958.10	$	3.58		0.73	%
Hypothetical**	$	1,000	$	1,021.41	$	3.70		0.73	%
Class C
Actual	$	1,000	$	954.50	$	7.25		1.48	%
Hypothetical**	$	1,000	$	1,017.65	$	7.49		1.48	%
Advisor Class
Actual	$	1,000	$	960.00	$	2.36		0.48	%
Hypothetical**	$	1,000	$	1,022.66	$	2.43		0.48	%

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

**	Assumes 5% annual return before expenses.



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PORTFOLIO SUMMARY

INTERMEDIATE CALIFORNIA MUNICIPAL PORTFOLIO

September 30, 2022 (unaudited)

LOGO

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

2	“Other” represents less than 0.2% in seven different states and American Samoa.



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 25

PORTFOLIO SUMMARY

INTERMEDIATE DIVERSIFIED MUNICIPAL PORTFOLIO

September 30, 2022 (unaudited)

LOGO

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

2	“Other” represents less than 2.2% in 34 different states, American Samoa, District of Columbia, Guam and Puerto Rico.



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PORTFOLIO SUMMARY

INTERMEDIATE NEW YORK MUNICIPAL PORTFOLIO

September 30, 2022 (unaudited)

LOGO

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

2	“Other” represents less than 0.3% in eight different states and American Samoa.



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PORTFOLIO OF INVESTMENTS

CALIFORNIA MUNICIPAL PORTFOLIO

September 30, 2022


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 92.9%
Long-Term Municipal Bonds – 89.5%
California – 75.4%
Anaheim Housing & Public Improvements Authority (City of Anaheim CA Electric System Revenue) Series 2020 2.792%, 10/01/2032	$	3,850	$	3,149,739
Bay Area Toll Authority Series 2021 2.74% (MUNIPSA + 0.28%), 04/01/2056^(a)		5,000		4,975,538
2.76% (MUNIPSA + 0.30%), 04/01/2056^(a)		5,000		4,849,187
2.87% (MUNIPSA + 0.41%), 04/01/2056^(a)		9,215		8,925,199
Bay Area Water Supply & Conservation Agency Series 2013-A 5.00%, 10/01/2025		4,710		4,752,209
Series 2023 5.00%, 10/01/2029^(b)		1,750		1,913,303
5.00%, 10/01/2030^(b)		1,800		1,983,147
5.00%, 10/01/2031^(b)		2,500		2,758,599
5.00%, 10/01/2032^(b)		2,500		2,771,220
5.00%, 10/01/2033^(b)		2,500		2,768,020
5.00%, 10/01/2034^(b)		2,000		2,204,378
California Community Housing Agency (California Community Housing Agency Aster Apartments) Series 2021-A 4.00%, 02/01/2043^(c)		950		724,347
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021-A 4.00%, 08/01/2047^(c)		5,000		3,487,593
California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) Series 2021 4.00%, 08/01/2046^(c)		2,500		1,792,920
California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) Series 2021 4.00%, 02/01/2050^(c)		4,000		2,775,790



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PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

California County Tobacco Securitization Agency Series 2020-A 4.00%, 06/01/2037	$	510	$	460,147
4.00%, 06/01/2038		1,000		892,807
5.00%, 06/01/2027		800		830,970
5.00%, 06/01/2028		700		728,430
5.00%, 06/01/2030		500		522,546
5.00%, 06/01/2031		400		415,536
5.00%, 06/01/2032		300		310,136
California Educational Facilities Authority (University of the Pacific) Series 2015 5.00%, 11/01/2028		1,545		1,606,194
California Enterprise Development Authority (Rocketship Education Obligated Group) Series 2022 4.00%, 06/01/2027^(c)		1,125		1,080,055
4.00%, 06/01/2031^(c)		2,000		1,809,547
California Health Facilities Financing Authority (Cedars-Sinai Medical Center) Series 2015 5.00%, 11/15/2027		6,500		6,832,864
5.00%, 11/15/2028		6,000		6,301,715
5.00%, 11/15/2029		7,000		7,350,755
California Health Facilities Financing Authority (Children’s Hospital Los Angeles) Series 2017-A 5.00%, 08/15/2032		1,215		1,242,402
California Health Facilities Financing Authority (CommonSpirit Health) Series 2020-A 5.00%, 04/01/2032		2,900		3,005,031
5.00%, 04/01/2033		2,000		2,064,617
5.00%, 04/01/2034		750		771,313
California Health Facilities Financing Authority (Kaiser Foundation Hospitals) Series 2017-P 5.00%, 11/01/2032		9,245		9,259,695
California Health Facilities Financing Authority (Sutter Health Obligated Group) Series 2018-A 5.00%, 11/15/2023		4,250		4,324,140
5.00%, 11/15/2025		2,535		2,645,731
5.00%, 11/15/2026		2,300		2,421,770
5.00%, 11/15/2027		1,000		1,063,087



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PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

5.00%, 11/15/2029	$	1,280	$	1,357,292
California Housing Finance Agency Series 2019-2, Class A 4.00%, 03/20/2033		11,044		10,505,281
Series 2021-1, Class A 3.50%, 11/20/2035		9,782		8,450,721
Series 2021-2 0.823%, 03/25/2035		4,000		225,091
Series 2021-3, Class A 3.25%, 08/20/2036		1,975		1,690,597
California Infrastructure & Economic Development Bank Series 2022 0.85%, 01/01/2050 (Pre-refunded/ETM)^(c)		10,000		9,889,615
California Infrastructure & Economic Development Bank (California Academy of Sciences) Series 2021 2.81% (MUNIPSA + 0.35%), 08/01/2047^(a)		8,700		8,606,106
California Infrastructure & Economic Development Bank (California Infrastructure & Economic Development Bank SRF) Series 2017 5.00%, 10/01/2024		5,000		5,187,408
Series 2018 5.00%, 10/01/2032		13,965		15,181,641
California Infrastructure & Economic Development Bank (Segerstrom Center for the Arts) Series 2016 5.00%, 07/01/2026		2,370		2,472,672
Series 2016-B 5.00%, 07/01/2023		12,760		12,917,114
California Municipal Finance Authority (Emerson College) Series 2017-B 5.00%, 01/01/2030		1,000		1,019,822
California Municipal Finance Authority (LAX Integrated Express Solutions LLC) Series 2018 5.00%, 12/31/2023		800		811,571
5.00%, 12/31/2024		250		254,970
5.00%, 12/31/2026		2,200		2,258,603
5.00%, 06/30/2027		2,250		2,305,930
5.00%, 12/31/2027		3,000		3,080,782



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PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

5.00%, 06/30/2029	$	1,050	$	1,076,047
5.00%, 12/31/2029		1,150		1,177,612
5.00%, 06/30/2031		3,100		3,159,999
5.00%, 12/31/2031		1,930		1,964,265
California Municipal Finance Authority (United Airlines, Inc.) Series 2019 4.00%, 07/15/2029		8,250		7,578,847
California Pollution Control Financing Authority (Poseidon Resources Channelside LP) Series 2012 5.00%, 07/01/2027^(c)		3,195		3,198,762
California Pollution Control Financing Authority (San Diego County Water Authority Desalination Project Pipeline) Series 2019 5.00%, 07/01/2024^(c)		1,335		1,351,551
5.00%, 07/01/2029^(c)		3,400		3,455,804
California Public Finance Authority (California University of Science & Medicine Obligated Group) Series 2019 6.25%, 07/01/2054^(c)		1,500		1,605,107
California School Finance Authority (Kipp SoCal Public Schools Obligated Group) Series 2020-A 4.00%, 07/01/2040^(c)		800		672,552
California School Finance Authority (Rocketship Education Obligated Group) Series 2015-A 4.25%, 03/01/2028^(c)		1,120		1,085,734
Series 2016-A 5.00%, 06/01/2031^(c)		1,000		995,768
California State Public Works Board (California State Public Works Board Lease) Series 2014-A 5.00%, 09/01/2030		11,220		11,543,773
Series 2014-B 5.00%, 10/01/2029		4,445		4,579,448
Series 2017-H 5.00%, 04/01/2030		2,000		2,144,150
5.00%, 04/01/2031		2,000		2,140,584
5.00%, 04/01/2032		1,270		1,355,800
California State University Series 2014 5.00%, 11/01/2028 (Pre-refunded/ETM)		280		290,563



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PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2017-A 5.00%, 11/01/2033	$	5,620	$	5,999,181
Series 2020-A 5.00%, 11/01/2030		600		662,938
5.00%, 11/01/2031		400		440,113
Series 2020-D 1.49%, 11/01/2028		1,500		1,235,869
Series 2021-B 2.274%, 11/01/2034		7,000		5,163,381
California Statewide Communities Development Authority (CHF-Irvine LLC) Series 2017-A 5.00%, 05/15/2029		1,210		1,238,439
California Statewide Communities Development Authority (Emanate Health Obligated Group) Series 2020-A 5.00%, 04/01/2027		720		752,103
5.00%, 04/01/2028		535		560,604
California Statewide Communities Development Authority (Lancer Educational Housing LLC) Series 2019 5.00%, 06/01/2039^(c)		675		624,557
California Statewide Communities Development Authority (Loma Linda University Medical Center) Series 2014 5.25%, 12/01/2034		4,500		4,544,355
Series 2016-A 5.00%, 12/01/2041^(c)		2,000		1,857,238
Series 2018-A 5.00%, 12/01/2027^(c)		250		251,376
5.00%, 12/01/2033^(c)		1,000		974,954
California Statewide Communities Development Authority (NCCD-Hooper Street LLC) Series 2019 5.00%, 07/01/2024^(c)		180		178,833
5.00%, 07/01/2029^(c)		685		653,248
City & County of San Francisco CA Series 2018-C 5.00%, 06/15/2023		3,095		3,136,376
5.00%, 06/15/2025		4,235		4,364,967
Series 2018-E 5.00%, 06/15/2023		1,490		1,509,919



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PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

City & County of San Francisco CA (City & County of San Francisco CA COP) Series 2015-R 5.00%, 09/01/2024	$	3,970	$	4,033,241
City of Hayward CA (City of Hayward CA COP) Series 2015 5.00%, 11/01/2023		3,000		3,060,179
City of Los Angeles Department of Airports Series 2017-A 5.00%, 05/15/2028		1,440		1,495,674
5.00%, 05/15/2029		2,575		2,667,913
Series 2018 5.00%, 05/15/2031		3,000		3,131,587
5.00%, 05/15/2035		1,190		1,210,098
Series 2018-C 5.00%, 05/15/2025		2,955		3,044,781
Series 2019 4.00%, 05/15/2044		4,205		3,653,238
5.00%, 05/15/2030		8,020		8,401,806
Series 2019-A 5.00%, 05/15/2038		4,315		4,371,338
Series 2020-C 5.00%, 05/15/2031		5,000		5,247,526
5.00%, 05/15/2033		4,000		4,152,239
5.00%, 05/15/2039		2,655		2,707,911
Series 2021 5.00%, 05/15/2030		2,020		2,128,567
5.00%, 05/15/2035		1,685		1,725,946
Series 2021-D 4.00%, 05/15/2040		2,165		1,935,090
Series 2022 4.00%, 05/15/2036		1,300		1,205,641
4.00%, 05/15/2041		1,100		974,457
Series 2022-A 4.00%, 05/15/2041		6,160		5,456,957
City of Riverside CA Sewer Revenue Series 2015-A 5.00%, 08/01/2027		2,000		2,096,826
5.00%, 08/01/2030		3,320		3,491,152
Series 2018-A 5.00%, 08/01/2031		2,785		3,028,247
City of Roseville CA (Fiddyment Ranch Community Facilities District No.1) Series 2017 5.00%, 09/01/2028		1,010		1,057,578



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PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

5.00%, 09/01/2030	$	1,295	$	1,345,518
City of Roseville CA (HP Campus Oaks Community Facilities District No.1) Series 2016 5.00%, 09/01/2031		995		1,025,089
City of San Jose CA Airport Revenue (Norman Y Mineta San Jose International Airport SJC) Series 2014-A 5.00%, 03/01/2025		3,600		3,654,949
CMFA Special Finance Agency VII (CMFA Special Finance Agency VII The Breakwater Apartments) Series 2021 4.00%, 08/01/2047^(c)		3,990		2,712,483
CMFA Special Finance Agency VIII Elan Huntington Beach Series 2021 4.00%, 08/01/2047^(c)		1,000		750,000
Contra Costa Transportation Authority Sales Tax Revenue Series 2017-A 5.00%, 03/01/2030		1,250		1,342,985
Coronado Community Development Agency Successor Agency Series 2018-A 5.00%, 09/01/2033		3,625		3,771,501
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) Series 2021 3.35%, 04/01/2047^(c)		4,000		2,977,158
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.60%, 05/01/2047^(c)		1,500		1,136,615
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2046^(c)		4,000		2,800,600



34 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 3.50%, 10/01/2046^(c)	$	5,000	$	3,592,171
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) Series 2021-A1 2.875%, 08/01/2041^(c)		3,805		3,028,325
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.375%, 07/01/2043^(c)		1,000		737,959
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Oceanaire Apartments) Series 2021 3.20%, 09/01/2046^(c)		5,000		3,506,363
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) Series 2021 2.65%, 12/01/2046^(c)		2,490		1,777,491
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 3.50%, 05/01/2047^(c)		2,000		1,552,157
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A 3.10%, 07/01/2045^(c)		3,000		2,184,697
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 4.00%, 10/01/2048^(c)		4,000		2,760,906
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments) Series 2021-A 3.00%, 09/01/2056^(c)		1,500		931,290



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 35

PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Fontana Redevelopment Agency Successor Agency Series 2017-A 5.00%, 10/01/2031	$	1,750	$	1,871,863
Fremont Community Facilities District No. 1 Series 2015 5.00%, 09/01/2027		1,000		1,028,723
Golden State Tobacco Securitization Corp. Series 2021 1.85%, 06/01/2031		1,205		1,180,084
3.115%, 06/01/2038		2,500		1,876,837
3.85%, 06/01/2050		5,000		4,336,146
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization Corp. Lease) Series 2021 1.40%, 06/01/2025		2,900		2,632,657
Lake Elsinore Public Financing Authority Series 2015 5.00%, 09/01/2023		630		636,524
Long Beach Unified School District Series 2010-A 5.00%, 08/01/2025		1,000		1,001,391
Los Angeles Department of Water & Power Series 2019-B 5.00%, 07/01/2023		14,750		14,965,326
Los Angeles Department of Water & Power Power System Revenue Series 2013-A 5.00%, 07/01/2023		2,500		2,511,832
Series 2014-B 5.00%, 07/01/2026		1,600		1,638,218
5.00%, 07/01/2027		2,190		2,242,311
Series 2014-C 5.00%, 07/01/2025		9,945		10,278,271
5.00%, 07/01/2026		11,725		12,115,901
Series 2015-E 5.00%, 07/01/2025		820		847,479
Series 2022 5.00%, 07/01/2042		3,000		3,178,548
Series 2022-B 5.00%, 07/01/2036		3,000		3,274,908
5.00%, 07/01/2040		2,800		3,003,547
Los Angeles Department of Water & Power System Revenue Series 2021-B 5.00%, 07/01/2041		4,800		5,090,738



36 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Los Angeles Department of Water & Power Water System Revenue Series 2018-A 5.00%, 07/01/2031	$	1,345	$	1,460,852
Los Angeles Unified School District/CA Series 2014-C 5.00%, 07/01/2023		3,860		3,916,065
5.00%, 07/01/2027		10,365		10,694,507
Series 2016-A 5.00%, 07/01/2027		18,645		19,532,644
Series 2017-A 5.00%, 07/01/2023		6,905		7,005,292
5.00%, 07/01/2024		1,470		1,517,996
Series 2018-B 5.00%, 07/01/2029		9,020		9,791,322
Series 2018-M 3.00%, 07/01/2023		1,550		1,549,971
Series 2020-R 4.00%, 07/01/2044		4,500		4,135,046
5.00%, 07/01/2032		3,945		4,371,084
Metropolitan Water District of Southern California Series 2021-D 2.60% (MUNIPSA + 0.14%), 07/01/2037(a)		2,900		2,885,062
Middle Fork Project Finance Authority Series 2020 5.00%, 04/01/2033		1,650		1,708,618
5.00%, 04/01/2034		1,100		1,134,783
5.00%, 04/01/2035		1,150		1,182,527
Natomas Unified School District BAM Series 2014 5.00%, 08/01/2023		1,930		1,958,048
Newport Mesa Unified School District Series 2020 5.00%, 08/01/2024		1,600		1,653,163
Oakland Unified School District/Alameda County Series 2015-A 5.00%, 08/01/2023		1,575		1,598,921
Series 2016 5.00%, 08/01/2030		1,420		1,496,660
Palm Desert Redevelopment Agency Successor Agency BAM Series 2017-A 5.00%, 10/01/2024		1,000		1,033,172



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 37

PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Peralta Community College District Series 2014-A 5.00%, 08/01/2028	$	1,820	$	1,869,376
Pittsburg Successor Agency Redevelopment Agency AGM Series 2016-A 5.00%, 09/01/2027		2,785		2,921,357
Port of Los Angeles Series 2014-A 5.00%, 08/01/2026		1,000		1,024,677
5.00%, 08/01/2027		1,565		1,603,218
Port of Oakland Series 2017 5.00%, 11/01/2022 (Pre-refunded/ETM)		255		255,347
5.00%, 11/01/2022		960		961,225
Series 2021 5.00%, 05/01/2025		4,800		4,948,666
Regents of the University of California Medical Center Pooled Revenue Series 2022 5.00%, 05/15/2040		10,000		10,532,249
River Islands Public Financing Authority (River Islands Public Financing Authority Community Facilities District No 2003-1) Series 2022 4.50%, 09/01/2037		2,905		2,644,949
5.00%, 09/01/2042		2,510		2,305,290
Riverside County Public Financing Authority Series 2015 5.00%, 11/01/2028 (Pre-refunded/ETM)		3,395		3,580,175
Romoland School District Series 2015 5.00%, 09/01/2023		955		964,463
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 2.635% (LIBOR 3 Month + 0.57%), 06/01/2039^(a)		5,700		4,890,233
San Diego Association of Governments (State of California DOT Fed Hwy Grant) Series 2019 1.80%, 11/15/2027		3,200		2,838,220



38 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

San Francisco City & County Public Utilities Commission Wastewater Revenue Series 2013-B 5.00%, 10/01/2025	$	4,000	$	4,000,000
San Francisco City & County Redevelopment Agency Successor Agency (Mission Bay South Public Imp) Series 2013-A 5.00%, 08/01/2024		1,500		1,501,163
San Francisco City & County Redevelopment Agency Successor Agency (Successor Agency to the Redev of San Francisco–Mission Bay South) Series 2016-B 5.00%, 08/01/2026		1,070		1,130,944
San Francisco Intl Airport Series 2019-A 5.00%, 05/01/2034		11,015		11,254,174
Series 2019-E 5.00%, 05/01/2034		3,450		3,524,912
5.00%, 05/01/2035		3,275		3,338,713
5.00%, 05/01/2036		3,385		3,442,169
Series 2019-H 5.00%, 05/01/2027		5,500		5,695,346
Series 2020-E 5.00%, 05/01/2037		3,815		3,882,152
Series 2021-A 5.00%, 05/01/2036		1,950		1,991,132
Series 2022-C 2.583%, 05/01/2030		1,625		1,366,015
San Mateo Joint Powers Financing Authority (County of San Mateo CA Lease) Series 2019-A 5.00%, 07/15/2023		4,000		4,055,282
5.00%, 07/15/2024		3,660		3,769,172
5.00%, 07/15/2025		5,790		6,068,062
5.00%, 07/15/2026		3,310		3,520,730
Saugus/Hart School Facilities Financing Authority (Saugus Union School District Community Facilities District No. 06-01) Series 2016 5.00%, 09/01/2029		1,000		1,031,369
5.00%, 09/01/2030		1,365		1,401,764



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 39

PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Southern California Public Power Authority (Los Angeles Department of Water & Power PWR) Series 2014-A 5.00%, 07/01/2030	$	1,030	$	1,059,210
Southwestern Community College District Series 2015 5.00%, 08/01/2023		3,250		3,300,693
5.00%, 08/01/2024		3,550		3,664,762
5.00%, 08/01/2025		3,870		4,058,632
State of California Series 2013 5.00%, 09/01/2028		8,890		9,035,464
Series 2014 5.00%, 12/01/2022		11,085		11,120,571
5.00%, 12/01/2028		2,285		2,332,386
5.00%, 05/01/2029		5,295		5,445,765
Series 2015-B 5.00%, 09/01/2024		3,330		3,446,686
Series 2017 5.00%, 08/01/2024		5,540		5,726,078
Series 2018 5.00%, 10/01/2022		5,000		5,000,000
Series 2019 5.00%, 04/01/2031		1,935		2,118,332
5.00%, 11/01/2031		1,310		1,427,643
5.00%, 04/01/2037		615		654,180
Series 2022 4.00%, 04/01/2042		6,380		5,927,414
5.00%, 09/01/2036		7,780		8,480,491
5.00%, 04/01/2042		4,630		4,833,496
Stockton Unified School District Series 2016 5.00%, 08/01/2028		7,770		8,168,986
Sweetwater Union High School District Series 2016 5.00%, 08/01/2030		3,205		3,373,138
BAM Series 2014 5.00%, 08/01/2028		5,760		5,905,991
5.00%, 08/01/2029		2,220		2,273,895
Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization Corp.) Series 2021 4.00%, 06/01/2034		1,000		940,523



40 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

4.00%, 06/01/2036	$	1,015	$	937,710
4.00%, 06/01/2038		1,210		1,097,003
4.00%, 06/01/2040		1,150		1,024,427
5.00%, 06/01/2026		1,360		1,422,988
5.00%, 06/01/2027		1,500		1,566,033
5.00%, 06/01/2028		1,220		1,277,154
5.00%, 06/01/2030		1,500		1,578,947
5.00%, 06/01/2032		1,300		1,356,464
Transbay Joint Powers Authority (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Rev) Series 2020 5.00%, 10/01/2031		500		543,602
5.00%, 10/01/2032		450		485,994
5.00%, 10/01/2034		600		641,070
5.00%, 10/01/2035		600		637,940
5.00%, 10/01/2036		800		844,059
5.00%, 10/01/2037		700		732,452
5.00%, 10/01/2038		1,000		1,037,511
University of California Series 2013-A 5.00%, 05/15/2048		9,785		9,903,243
Series 2014-A 5.00%, 05/15/2028		1,000		1,029,751
Series 2015-A 5.00%, 05/15/2024		2,280		2,347,833
Series 2017-A 5.00%, 05/15/2028		1,000		1,082,796
5.00%, 05/15/2029		3,000		3,246,964
5.00%, 05/15/2031		2,465		2,656,918
Series 2017-M 5.00%, 05/15/2031		4,000		4,304,310
Series 2018-O 4.00%, 05/15/2025		8,320		8,510,229
Series 2020-B 5.00%, 05/15/2034		7,000		7,674,171
5.00%, 05/15/2035		10,000		10,887,459
Series 2021-Q 4.00%, 05/15/2040		7,750		7,167,426
Series 2022-S 5.00%, 05/15/2033		2,000		2,245,576
Series 2023-B 5.00%, 05/15/2028^(b)		3,000		3,217,478
5.00%, 05/15/2032^(b)		5,000		5,506,723
5.00%, 05/15/2033^(b)		3,180		3,513,445
5.00%, 05/15/2037^(b)		2,000		2,154,199

				830,952,751



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 41

PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Alabama – 2.2%
Southeast Alabama Gas Supply District (The) (Morgan Stanley) Series 2018-A 4.00%, 06/01/2049	$	24,615	$	24,552,114


American Samoa – 0.1%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028^(c)		735		793,344


Colorado – 0.3%
City & County of Denver CO (United Airlines, Inc.) Series 2017 5.00%, 10/01/2032		3,000		2,855,121


Florida – 0.1%
Capital Trust Agency, Inc. (Franklin Academy Obligated Group) Series 2020 5.00%, 12/15/2026^(c)		100		100,814
City of Tampa FL (State of Florida Cigarette Tax Revenue) Series 2020-A Zero Coupon, 09/01/2033		175		102,280
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2030		150		99,969
Zero Coupon, 10/01/2031		185		116,293
Zero Coupon, 10/01/2032		100		59,305
Zero Coupon, 10/01/2033		250		139,420
Zero Coupon, 10/01/2034		270		141,697
New River Community Development District Series 2006-B 5.00%, 05/01/2013^(d)(e)(f)(g)		405		– 0	–

				759,778

Georgia – 0.2%
Municipal Electric Authority of Georgia Series 2019 5.00%, 01/01/2032		460		476,848
5.00%, 01/01/2035		250		255,445
5.00%, 01/01/2036		1,590		1,616,042

				2,348,335



42 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Guam – 1.8%
Antonio B Won Pat International Airport Authority Series 2021-A 2.899%, 10/01/2027	$	625	$	548,765
3.489%, 10/01/2031		500		414,412
Series 2023 5.00%, 10/01/2028^(b)		1,080		1,054,274
5.125%, 10/01/2034^(b)		140		127,831
5.375%, 10/01/2040^(b)		275		248,099
Guam Department of Education (Guam Department of Education COP) Series 2020 4.25%, 02/01/2030		1,500		1,381,664
5.00%, 02/01/2040		1,090		992,226
Guam Power Authority Series 2022-A 5.00%, 10/01/2023		2,000		2,022,095
5.00%, 10/01/2028		3,000		3,126,721
Territory of Guam Series 2019 5.00%, 11/15/2031		540		509,877
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2029		455		454,302
5.00%, 12/01/2030		730		724,672
5.00%, 12/01/2032		675		660,469
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2015-D 5.00%, 11/15/2023		1,365		1,370,243
5.00%, 11/15/2025		1,140		1,143,987
5.00%, 11/15/2031		2,735		2,692,501
Series 2021-F 5.00%, 01/01/2031		1,000		990,253
Territory of Guam (Territory of Guam Hotel Occupancy Tax) Series 2021-A 5.00%, 11/01/2027		350		349,588
5.00%, 11/01/2028		455		453,894
5.00%, 11/01/2029		500		499,086
5.00%, 11/01/2030		320		317,607

				20,082,566



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 43

PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Illinois – 2.6%
Chicago Board of Education Series 2017-F 5.00%, 12/01/2024	$	6,000	$	6,104,842
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2023		100		100,679
5.00%, 09/01/2026		100		101,987
5.00%, 09/01/2027		100		102,116
5.00%, 09/01/2029		100		102,370
5.00%, 09/01/2032		100		100,517
5.00%, 09/01/2033		200		199,915
5.00%, 09/01/2034		100		98,747
Metropolitan Pier & Exposition Authority Series 2017-B 5.00%, 12/15/2026		3,250		3,330,718
State of Illinois Series 2016 5.00%, 11/01/2024		1,200		1,219,826
Series 2017-D 5.00%, 11/01/2023		9,530		9,642,940
5.00%, 11/01/2024		3,935		4,000,013
Village of Bolingbrook IL Sales Tax Revenue Series 2005 6.00%, 01/01/2026		4,450		4,096,133

				29,200,803

Kentucky – 0.4%
City of Ashland KY (Ashland Hospital Corp. Obligated Group) Series 2019 5.00%, 02/01/2026		230		236,005
5.00%, 02/01/2027		260		268,490
5.00%, 02/01/2030		160		166,931
5.00%, 02/01/2031		200		204,399
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group) Series 2017-A 5.00%, 06/01/2029		3,500		3,597,413

				4,473,238

Louisiana – 0.1%
Parish of St. James LA (NuStar Logistics LP) Series 2020 5.85%, 08/01/2041^(c)		185		189,780



44 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

6.10%, 06/01/2038^(c)	$	270	$	287,271
6.10%, 12/01/2040^(c)		355		377,709

				854,760

Michigan – 0.2%
City of Detroit MI Series 2018 5.00%, 04/01/2031		1,745		1,771,494


Missouri – 0.0%
Howard Bend Levee District XLCA INS Series 2005 5.75%, 03/01/2025		175		177,132
5.75%, 03/01/2027		150		152,053

				329,185

Nevada – 0.1%
City of Sparks NV (City of Sparks NV Sales Tax) Series 2019-A 2.50%, 06/15/2024^(c)		295		283,736
2.75%, 06/15/2028^(c)		525		460,121

				743,857

New Jersey – 1.8%
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2027		1,410		1,474,171
5.00%, 06/15/2029		6,660		6,895,010
Series 2018-A 5.00%, 06/15/2028		2,710		2,822,724
5.00%, 06/15/2029		1,290		1,335,520
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2019-B 5.00%, 06/15/2030		3,225		3,349,569
Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/2023		1,000		1,010,996
5.00%, 06/01/2025		1,000		1,027,849
5.00%, 06/01/2026		1,000		1,034,958
5.00%, 06/01/2028		1,000		1,038,136

				19,988,933

New York – 1.2%
Metropolitan Transportation Authority Series 2016-A 5.00%, 11/15/2026		2,065		2,140,942



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 45

PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2017-C 5.00%, 11/15/2026	$	2,960	$	3,069,765
Series 2020-E 5.00%, 11/15/2027		3,750		3,882,849
5.00%, 11/15/2028		3,500		3,629,073
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 4.00%, 01/01/2036		1,000		881,715
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) Series 2016-A 5.00%, 07/01/2046		220		208,732

				13,813,076

Ohio – 0.1%
Buckeye Tobacco Settlement Financing Authority Series 2020-A 5.00%, 06/01/2036		1,175		1,202,350


Pennsylvania – 0.4%
Allentown Neighborhood Improvement Zone Development Authority Series 2018 5.00%, 05/01/2028^(c)		1,250		1,250,208
5.00%, 05/01/2033^(c)		1,000		968,040
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) Series 2017 5.00%, 07/01/2024		1,815		1,843,362

				4,061,610

Puerto Rico – 0.8%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024		800		734,843
Zero Coupon, 07/01/2033		1,680		926,005
4.00%, 07/01/2033		500		439,701
5.25%, 07/01/2023		350		351,557
5.375%, 07/01/2025		655		661,333
5.625%, 07/01/2027		2,515		2,567,227
5.625%, 07/01/2029		725		741,525
5.75%, 07/01/2031		220		224,291



46 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Puerto Rico Highway & Transportation Authority AGC Series 2005-L 5.25%, 07/01/2041	$	740	$	719,486
AGC Series 2007-C 5.50%, 07/01/2031		150		151,166
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024		982		907,289

				8,424,423

South Carolina – 0.4%
Patriots Energy Group Financing Agency (Royal Bank of Canada) Series 2018-A 4.00%, 10/01/2048		5,000		5,010,695


Texas – 0.4%
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031^(c)		3,205		3,155,227
Texas Municipal Gas Acquisition & Supply Corp. I (Bank of America Corp.) Series 2008-D 6.25%, 12/15/2026		1,190		1,236,398

				4,391,625

Washington – 0.1%
Washington Health Care Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2031		825		846,676


Wisconsin – 0.8%
UMA Education, Inc. Series 2019 5.00%, 10/01/2022^(c)		175		175,000
5.00%, 10/01/2023^(c)		195		195,130
5.00%, 10/01/2025^(c)		730		727,395
5.00%, 10/01/2026^(c)		770		764,782
5.00%, 10/01/2027^(c)		805		795,911
5.00%, 10/01/2028^(c)		700		687,928
5.00%, 10/01/2029^(c)		320		313,214



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 47

PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Wisconsin Public Finance Authority (Celanese US Holdings LLC) Series 2016-A 5.00%, 01/01/2024	$	5,335	$	5,382,550

				9,041,910

Total Long-Term Municipal Bonds (cost $1,058,612,594)				986,498,644


Short-Term Municipal Notes – 3.4%
California – 3.4%
City of Los Angeles CA Series 2022 4.00%, 06/29/2023		35,990		36,235,092
Southern California Public Power Authority Series 2020 2.40%, 07/01/2036^(h)		1,300		1,300,000


Total Short-Term Municipal Notes (cost $37,667,433)				37,535,092


Total Municipal Obligations (cost $1,096,280,027)				1,024,033,736


COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.0%
Agency CMBS – 1.0%
California Housing Finance Agency Series 2021-2, Class A 3.75%, 03/25/2035		7,904		7,251,982
Series 2021-3, Class X 0.764%, 08/20/2036⁽ⁱ⁾		3,357		202,690
Federal Home Loan Mortgage Corp. Series 2021-ML10, Class AUS 2.032%, 01/25/2038		4,937		3,801,068


Total Commercial Mortgage-Backed Securities (cost $14,679,917)				11,255,740


GOVERNMENTS - TREASURIES – 0.2%
United States – 0.2%
U.S. Treasury Notes 2.625%, 02/15/2029^(j) (cost $2,436,438)		2,346		2,161,986



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PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

CORPORATES - INVESTMENT GRADE – 0.2%
Industrial – 0.2%
Consumer Cyclical - Automotive – 0.2%
General Motors Financial Co., Inc. 3.443% (SOFR + 1.30%), 04/07/2025^(a) (cost $2,000,000)	$	2,000	$	1,957,540


COLLATERALIZED MORTGAGE OBLIGATIONS – 0.1%
Risk Share Floating Rate – 0.1%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2013-DN2, Class M2 7.334% (LIBOR 1 Month + 4.25%), 11/25/2023^(a)		90		91,004
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 2M2 5.984% (LIBOR 1 Month + 2.90%), 07/25/2024^(a)		71		71,489
Series 2014-C04, Class 1M2 7.984% (LIBOR 1 Month + 4.90%), 11/25/2024^(a)		56		58,259
Series 2015-C02, Class 1M2 7.084% (LIBOR 1 Month + 4.00%), 05/25/2025^(a)		35		36,016
Series 2015-C03, Class 1M2 8.084% (LIBOR 1 Month + 5.00%), 07/25/2025^(a)		35		35,429
Series 2016-C01, Class 1M2 9.834% (LIBOR 1 Month + 6.75%), 08/25/2028^(a)		111		117,513
Series 2016-C02, Class 1M2 9.084% (LIBOR 1 Month + 6.00%), 09/25/2028^(a)		56		58,245
Series 2016-C03, Class 1M2 8.384% (LIBOR 1 Month + 5.30%), 10/25/2028^(a)		95		97,279


Total Collateralized Mortgage Obligations (cost $552,308)				565,234



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 49

PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

SHORT-TERM INVESTMENTS – 5.3%
U.S. Treasury Bills – 5.3%
United States – 5.3%
U.S. Treasury Bill Zero Coupon, 10/20/2022 (cost $58,425,746)	$	58,500	$	58,427,622


Total Investments – 99.7% (cost $1,174,374,436)				1,098,401,858
Other assets less liabilities – 0.3%				3,494,929


Net Assets – 100.0%			$	1,101,896,787

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
CDX-NAHY Series 39, 5 Year Index, 12/20/2027*		5.00	%		Quarterly		6.06	%		USD	8,300	$	(328,585	)	$	(317,863	)	$	(10,722	)

*	Termination date

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)


				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
USD	5,605		01/15/2025	2.565%	CPI#	Maturity	$	483,175		$	– 0	–	$	483,175
USD	3,100		01/15/2025	4.028%	CPI#	Maturity		85,148			– 0	–		85,148
USD	2,803		01/15/2025	2.613%	CPI#	Maturity		236,393			– 0	–		236,393
USD	2,802		01/15/2025	2.585%	CPI#	Maturity		239,341			– 0	–		239,341
USD	12,110		01/15/2026	CPI#	3.720%	Maturity		(329,976	)		– 0	–		(329,976	)
USD	8,400		01/15/2027	CPI#	3.320%	Maturity		(316,213	)		– 0	–		(316,213	)
USD	8,200		01/15/2027	CPI#	3.466%	Maturity		(236,510	)		(9,582	)		(226,928	)
USD	6,420		01/15/2027	CPI#	3.323%	Maturity		(240,520	)		– 0	–		(240,520	)
USD	21,750		01/15/2028	1.230%	CPI#	Maturity		3,629,212			– 0	–		3,629,212
USD	15,980		01/15/2028	0.735%	CPI#	Maturity		3,223,789			– 0	–		3,223,789
USD	21,800		01/15/2029	CPI#	3.290%	Maturity		(436,702	)		– 0	–		(436,702	)
USD	8,210		01/15/2029	CPI#	3.735%	Maturity		131,878			– 0	–		131,878
USD	4,115		01/15/2030	1.572%	CPI#	Maturity		630,159			– 0	–		630,159
USD	4,115		01/15/2030	1.587%	CPI#	Maturity		624,679			– 0	–		624,679
USD	4,900		01/15/2031	2.782%	CPI#	Maturity		247,343			– 0	–		247,343
USD	4,500		01/15/2031	2.680%	CPI#	Maturity		270,830			– 0	–		270,830



50 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO


				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
USD	3,950		01/15/2031	2.989%	CPI#	Maturity	$	120,714		$	– 0	–	$	120,714
USD	4,300		01/15/2032	CPI#	3.064%	Maturity		(68,505	)		– 0	–		(68,505	)
USD	4,180		04/15/2032	CPI#	2.909%	Maturity		(118,301	)		– 0	–		(118,301	)

							$	8,175,934		$	(9,582	)	$	8,185,516

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

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)


				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
USD	13,000		01/15/2029		1.363%		3 Month LIBOR	Semi-Annual/ Quarterly	$	1,894,135	$	(8,805	)	$	1,902,940
USD	34,000		04/15/2032		2.525%		1 Day SOFR	Annual		2,638,093		– 0	–		2,638,093
USD	8,000		04/15/2032		1.280%		1 Day SOFR	Annual		1,445,650		– 0	–		1,445,650

									$	5,977,878	$	(8,805	)	$	5,986,683

CREDIT DEFAULT SWAPS (see Note 3)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	87	$	(19,479	)	$	(8,116	)	$	(11,363	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,005		(225,216	)		(123,252	)		(101,964	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1		(161	)		(84	)		(77	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	47		(10,625	)		(4,468	)		(6,157	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	592		(132,811	)		(55,913	)		(76,898	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	892		(199,942	)		(82,013	)		(117,929	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	773		(173,219	)		(68,965	)		(104,254	)

												$	(761,453	)	$	(342,811	)	$	(418,642	)

*	Termination date



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 51

PORTFOLIO OF INVESTMENTS (continued)

CALIFORNIA MUNICIPAL PORTFOLIO

INTEREST RATE SWAPS (see Note 3)

Rate Type

Swap
Counterparty

Notional
Amount
(000)

Termination
Date

Payments
made
by the
Fund

Payments
received
by the
Fund

Payment
Frequency
Paid/
Received

Market
Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation/
(Depreciation)

Citibank, NA

USD

12,395

10/09/2029

1.125

SIFMA

Quarterly

1,424,335

– 0

–

1,424,335

*	Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

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

(b)	When-Issued or delayed delivery security.

(c)

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

(e)	Fair valued by the Adviser.

(f)	Non-income producing security.

(g)	Defaulted matured security.

(h)

(i)	IO – Interest Only.

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

Glossary:

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

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

CDX-NAHY – North American High Yield Credit Default Swap

CMBS – Commercial Mortgage-Backed Securities

COP – Certificate of Participation

DOT – Department of Transportation

ETM – Escrowed to Maturity

LIBOR – London Interbank Offered Rate

MUNIPSA – SIFMA Municipal Swap Index

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

SRF – State Revolving Fund

XLCA – XL Capital Assurance Inc.

See notes to financial statements.



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PORTFOLIO OF INVESTMENTS

DIVERSIFIED MUNICIPAL PORTFOLIO

September 30, 2022


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 98.0%
Long-Term Municipal Bonds – 89.9%
Alabama – 2.0%
Alabama Federal Aid Highway Finance Authority (State of Alabama Fed Hwy Grant) Series 2015 5.00%, 09/01/2025 (Pre-refunded/ETM)	$	1,390	$	1,435,835
Black Belt Energy Gas District (Goldman Sachs Group, Inc. (The)) Series 2021 4.00%, 10/01/2052		5,000		4,870,082
Infirmary Health System Special Care Facilities Financing Authority of Mobile (Infirmary Health System Obligated Group) Series 2021 4.00%, 02/01/2039		1,000		888,732
4.00%, 02/01/2040		2,680		2,361,988
Southeast Alabama Gas Supply District (The) (Goldman Sachs Group, Inc. (The)) Series 2018-A 4.00%, 04/01/2049		23,985		23,906,588
Southeast Alabama Gas Supply District (The) (Morgan Stanley) Series 2018-A 4.00%, 06/01/2049		69,310		69,132,927
Sumter County Industrial Development Authority/AL (Enviva, Inc.) Series 2022 6.00%, 07/15/2052		6,480		5,948,392

				108,544,544

Alaska – 0.2%
Municipality of Anchorage AK Series 2015-B 5.00%, 09/01/2024		4,375		4,522,551
Series 2015-C 5.00%, 09/01/2023		1,890		1,921,436
5.00%, 09/01/2024		2,730		2,822,072

				9,266,059



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

American Samoa – 0.0%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028^(a)	$	1,920	$	2,072,408


Arizona – 1.8%
Arizona Health Facilities Authority (HonorHealth) Series 2014-A 5.00%, 12/01/2023		1,270		1,292,993
5.00%, 12/01/2024		1,500		1,546,033
Arizona Industrial Development Authority (Equitable School Revolving Fund LLC Obligated Group) Series 2020 5.00%, 11/01/2034		1,000		1,048,104
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 6.50%, 07/01/2026^(a)		2,000		1,948,136
City of Glendale AZ (City of Glendale AZ COP) Series 2021 2.062%, 07/01/2029		2,900		2,387,668
2.542%, 07/01/2033		5,000		3,850,239
2.642%, 07/01/2034		10,000		7,602,041
City of Glendale AZ (City of Glendale AZ Excise Tax) Series 2015-A 5.00%, 07/01/2023		7,945		8,052,776
5.00%, 07/01/2024		9,010		9,284,051
City of Phoenix Civic Improvement Corp. (City of Phoenix AZ Water System Revenue) Series 2020 5.00%, 07/01/2030		600		667,217
5.00%, 07/01/2031		850		941,180
5.00%, 07/01/2032		825		909,971
5.00%, 07/01/2033		1,000		1,098,505
5.00%, 07/01/2035		1,250		1,353,447
5.00%, 07/01/2036		2,000		2,162,103
5.00%, 07/01/2037		1,500		1,612,335
5.00%, 07/01/2038		2,000		2,144,763
5.00%, 07/01/2039		2,000		2,140,847



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2020-A 5.00%, 07/01/2030	$	500	$	556,014
5.00%, 07/01/2031		650		719,726
5.00%, 07/01/2032		400		441,198
5.00%, 07/01/2033		490		538,267
5.00%, 07/01/2034		1,000		1,092,244
5.00%, 07/01/2035		1,135		1,228,930
5.00%, 07/01/2036		1,670		1,805,356
5.00%, 07/01/2037		1,500		1,612,335
5.00%, 07/01/2038		1,550		1,662,192
City of Tempe AZ (City of Tempe AZ COP) Series 2021 2.071%, 07/01/2032		5,000		3,899,742
2.171%, 07/01/2033		5,000		3,831,932
Gilbert Water Resource Municipal Property Corp. (Town of Gilbert AZ Waterworks & Sewer System Revenue) Series 2022 5.00%, 07/15/2037		1,805		1,985,054
5.00%, 07/15/2038		5,500		6,031,528
Maricopa County Special Health Care District Series 2018-C 5.00%, 07/01/2028		6,000		6,489,233
State of Arizona Lottery Revenue Series 2019 5.00%, 07/01/2023 (Pre-refunded/ETM)		4,000		4,052,492
5.00%, 07/01/2024 (Pre-refunded/ETM)		2,000		2,058,775
5.00%, 07/01/2025 (Pre-refunded/ETM)		5,000		5,224,944
5.00%, 07/01/2027 (Pre-refunded/ETM)		5,500		5,904,185

				99,176,556


Arkansas – 0.1%
City of Fayetteville AR Sales & Use Tax Revenue Series 2022 2.875%, 11/01/2032		3,000		2,737,688



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

California – 6.3%
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021-A 4.00%, 08/01/2047^(a)	$	18,035	$	12,579,748
California Housing Finance Agency Series 2019-2, Class A 4.00%, 03/20/2033		10,545		10,030,291
Series 2021-1, Class A 3.50%, 11/20/2035		3,424		2,957,752
Series 2021-2 0.823%, 03/25/2035		10,000		562,728
Series 2021-3, Class A 3.25%, 08/20/2036		3,950		3,381,233
California State Public Works Board (California State Public Works Board Lease) Series 2014-B 5.00%, 10/01/2028		1,225		1,262,053
Series 2021-A 5.00%, 02/01/2027		12,040		12,890,429
California State University Series 2021-B 2.374%, 11/01/2035		5,000		3,643,788
City of Los Angeles Department of Airports Series 2018-C 5.00%, 05/15/2036		5,840		5,918,866
Series 2019 5.00%, 05/15/2039		5,215		5,257,074
City of Riverside CA Electric Revenue Series 2019-A 5.00%, 10/01/2033		5,230		5,685,195
CMFA Special Finance Agency VII (CMFA Special Finance Agency VII The Breakwater Apartments) Series 2021 4.00%, 08/01/2047^(a)		1,995		1,356,241
CMFA Special Finance Agency VIII Elan Huntington Beach Series 2021 4.00%, 08/01/2047^(a)		2,505		1,878,750
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.60%, 05/01/2047^(a)		13,250		10,040,097



56 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2046^(a)	$	5,500	$	3,850,825
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 3.50%, 10/01/2046^(a)		13,000		9,339,646
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.375%, 07/01/2043^(a)		7,000		5,165,710
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A 3.10%, 07/01/2045^(a)		3,000		2,184,697
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 4.00%, 10/01/2048^(a)		6,545		4,517,532
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue Series 2021-A 4.00%, 06/01/2038		10,000		9,708,444
Los Angeles Unified School District/CA Series 2020-R 5.00%, 07/01/2033		2,780		3,059,775
Regents of the University of California Medical Center Pooled Revenue Series 2022 5.00%, 05/15/2038		5,000		5,314,884
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 2.635% (LIBOR 3 Month + 0.57%), 06/01/2039^(b)		15,000		12,869,035
San Francisco Intl Airport Series 2020-E 5.00%, 05/01/2037		9,645		9,814,771
State of California Series 2013 5.00%, 11/01/2024		20,000		20,407,592



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

5.00%, 11/01/2025	$	23,465	$	23,938,205
Series 2014 5.00%, 05/01/2025		30,965		31,860,663
5.00%, 05/01/2026		50,000		51,438,475
Series 2019 5.00%, 11/01/2031		16,185		17,638,479
5.00%, 04/01/2036		26,190		27,927,340
Series 2020 5.00%, 11/01/2030		19,000		21,267,694
5.00%, 03/01/2035		460		496,328
University of California Series 2022-S 5.00%, 05/15/2034		5,000		5,570,880
5.00%, 05/15/2035		5,000		5,520,086

				349,335,306


Colorado – 2.1%
Centerra Metropolitan District No. 1 Series 2017 5.00%, 12/01/2029^(a)		3,680		3,620,076
City & County of Denver Co. Airport System Revenue (Denver Intl Airport) Series 2012-A 5.00%, 11/15/2022		1,025		1,026,866
City & County of Denver CO. Airport System Revenue (Denver Intl Airport) Series 2012-A 5.00%, 11/15/2024		5,605		5,614,119
City & County of Denver Co. Airport System Revenue (Denver Intl Airport) Series 2016-A 5.00%, 11/15/2023		4,085		4,159,856
Series 2018-A 5.00%, 12/01/2025		10,000		10,351,534
City & County of Denver CO. Airport System Revenue (Denver Intl Airport) Series 2018-A 5.00%, 12/01/2026		16,080		16,637,632
City & County of Denver Co. Airport System Revenue (Denver Intl Airport) Series 2018-A 5.00%, 12/01/2027		19,215		19,950,433



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

City & County of Denver CO. Airport System Revenue (Denver Intl Airport) Series 2018-A 5.00%, 12/01/2028	$	24,320	$	25,395,562
City & County of Denver Co. Airport System Revenue (Denver Intl Airport) Series 2018-A 5.00%, 12/01/2032		1,620		1,665,193
Colorado Health Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2031		2,175		2,232,145
5.00%, 08/01/2033		1,095		1,106,329
5.00%, 08/01/2035		1,995		1,999,485
Colorado Health Facilities Authority (Sanford Obligated Group) Series 2019-A 5.00%, 11/01/2027		2,280		2,392,722
5.00%, 11/01/2028		3,620		3,808,196
Johnstown Plaza Metropolitan District Series 2022 4.25%, 12/01/2046		2,369		1,876,748
State of Colorado Series 2022 6.00%, 12/15/2041		11,000		12,682,461
Vauxmont Metropolitan District AGM Series 2019 3.25%, 12/15/2050		959		680,109
5.00%, 12/15/2026		270		286,764
AGM Series 2020 5.00%, 12/01/2024		485		500,292
5.00%, 12/01/2027		305		326,161
5.00%, 12/01/2030		385		418,742
5.00%, 12/01/2033		285		305,518
5.00%, 12/01/2050		300		312,309

				117,349,252


Connecticut – 3.0%
City of Bridgeport CT Series 2017-A 5.00%, 11/01/2023		1,420		1,445,463
5.00%, 11/01/2028		1,000		1,064,565
Series 2017-B 5.00%, 08/15/2025		1,085		1,131,005



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

5.00%, 08/15/2026	$	4,500	$	4,750,308
5.00%, 08/15/2027 (Pre-refunded/ETM)		755		813,530
5.00%, 08/15/2027		6,610		7,045,657
Series 2017-C 5.00%, 08/15/2024		2,245		2,310,814
5.00%, 08/15/2026		2,480		2,617,947
5.00%, 08/15/2027		2,605		2,776,692
5.00%, 08/15/2028		1,620		1,720,748
Connecticut State Health & Educational Facilities Authority (Nuvance Health Obligated Group) Series 2019-A 5.00%, 07/01/2032		5,425		5,577,478
Connecticut State Health & Educational Facilities Authority (University of New Haven, Inc.) Series 2018-K1 5.00%, 07/01/2026		1,000		1,001,049
5.00%, 07/01/2027		1,100		1,100,772
5.00%, 07/01/2028		1,100		1,098,685
5.00%, 07/01/2029		1,200		1,197,648
State of Connecticut Series 2014-A 5.00%, 03/01/2028		6,360		6,503,948
Series 2015-B 5.00%, 06/15/2032		7,345		7,626,176
Series 2015-F 5.00%, 11/15/2027		1,570		1,645,652
Series 2016-A 5.00%, 03/15/2024		2,805		2,876,668
5.00%, 03/15/2029		14,500		15,267,627
Series 2016-E 5.00%, 10/15/2024		17,000		17,597,919
5.00%, 10/15/2025		3,025		3,169,962
Series 2017-B 5.00%, 04/15/2028		2,515		2,713,602
Series 2018-C 5.00%, 06/15/2026		5,500		5,809,721
Series 2018-D 5.00%, 04/15/2026		16,655		17,555,311
Series 2020-A 5.00%, 01/15/2040		2,565		2,691,247
State of Connecticut Special Tax Revenue Series 2012-A 5.00%, 01/01/2024		4,650		4,670,387



60 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2020 4.00%, 05/01/2036	$	1,000	$	954,796
5.00%, 05/01/2028		1,030		1,110,806
5.00%, 05/01/2031		3,565		3,905,845
5.00%, 05/01/2033		2,525		2,730,901
5.00%, 05/01/2037		2,645		2,807,371
5.00%, 05/01/2038		2,015		2,125,746
Series 2021-A 4.00%, 05/01/2040		3,835		3,573,957
Series 2021-D 4.00%, 11/01/2039		1,060		991,751
Town of Stratford CT Series 2019 5.00%, 01/01/2031		3,890		4,088,893
BAM Series 2019 5.00%, 01/01/2030		2,035		2,146,940
5.00%, 01/01/2032		3,890		4,078,423
5.00%, 01/01/2033		3,555		3,718,902
University of Connecticut Series 2022-A 5.00%, 05/01/2040		7,065		7,451,237

				163,466,149


Delaware – 0.1%
Delaware River & Bay Authority Series 2014-C 5.00%, 01/01/2026		3,250		3,314,856
5.00%, 01/01/2027		2,220		2,264,029
Delaware State Economic Development Authority (Newark Charter School, Inc.) Series 2020 4.00%, 09/01/2030		575		548,528
5.00%, 09/01/2050		1,000		975,503

				7,102,916


District of Columbia – 1.9%
District of Columbia Series 2013-A 5.00%, 06/01/2025		20,860		21,106,794
5.00%, 06/01/2026		19,580		19,810,368
5.00%, 06/01/2027		18,675		18,893,499
District of Columbia (District of Columbia Pers Income Tax) Series 2012-C 5.00%, 12/01/2026		5,585		5,602,009



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Metropolitan Washington Airports Authority Aviation Revenue Series 2018-A 5.00%, 10/01/2029	$	1,155	$	1,206,851
Series 2019-A 5.00%, 10/01/2030		3,840		4,024,998
5.00%, 10/01/2032		5,000		5,189,623
Series 2020-A 5.00%, 10/01/2029		2,540		2,670,476
5.00%, 10/01/2030		5,500		5,796,965
5.00%, 10/01/2031		5,000		5,231,626
5.00%, 10/01/2032		5,500		5,733,601
5.00%, 10/01/2033		5,000		5,173,029
5.00%, 10/01/2034		2,870		2,954,539
Washington Metropolitan Area Transit Authority (Washington Metropolitan Area Transit Authority State Lease) Series 2020-A 5.00%, 07/15/2036		3,205		3,432,213

				106,826,591


Florida – 4.3%
Capital Trust Agency, Inc. (Franklin Academy Obligated Group) Series 2020 5.00%, 12/15/2030^(a)		510		504,563
Central Florida Expressway Authority Series 2019-B 5.00%, 07/01/2033		11,335		12,078,535
AGM Series 2021 5.00%, 07/01/2031		4,500		4,989,707
5.00%, 07/01/2032		2,855		3,134,223
5.00%, 07/01/2033		2,650		2,889,918
City of South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group) Series 2017 5.00%, 08/15/2031		5,000		5,275,380
City of Tampa FL (State of Florida Cigarette Tax Revenue) Series 2020-A Zero Coupon, 09/01/2034		650		357,185
Zero Coupon, 09/01/2035		650		336,249



62 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

County of Broward FL Airport System Revenue Series 2019-A 5.00%, 10/01/2031	$	1,070	$	1,109,671
Series 2019-C 2.384%, 10/01/2026		1,250		1,143,635
County of Broward FL Airport System Revenue (Fort Lauderdale Hollywood Intl Airport) Series 2012-Q 5.00%, 10/01/2023		5,000		5,006,887
County of Broward FL Convention Center Hotel Revenue Series 2022 5.00%, 01/01/2035		2,685		2,872,775
County of Miami-Dade FL Aviation Revenue Series 2015-A 5.00%, 10/01/2022		1,640		1,640,000
5.00%, 10/01/2023		1,725		1,747,583
5.00%, 10/01/2024		1,610		1,644,052
County of Miami-Dade FL Water & Sewer System Revenue Series 2021 4.00%, 10/01/2038		2,490		2,396,938
County of Miami-Dade Seaport Department AGM Series 2021-A 4.00%, 10/01/2041		1,955		1,752,378
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2030		735		489,847
Zero Coupon, 10/01/2031		905		568,892
Zero Coupon, 10/01/2032		500		296,522
Zero Coupon, 10/01/2033		1,210		674,793
Zero Coupon, 10/01/2034		1,260		661,254
Duval County School Board (Duval County School Board COP) Series 2015-B 5.00%, 07/01/2026		4,280		4,456,560
Florida Development Finance Corp. (Mayflower Retirement Center, Inc. Obligated Group) Series 2020 5.125%, 06/01/2040^(a)		3,765		3,470,549



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 63

PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Florida Municipal Power Agency (Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) Series 2015-B 5.00%, 10/01/2024	$	1,000	$	1,032,586
5.00%, 10/01/2026		1,750		1,826,799
5.00%, 10/01/2028		1,015		1,056,026
Series 2021 1.425%, 10/01/2026		3,000		2,643,234
Florida State Board of Education (State of Florida) Series 2022-A 5.00%, 06/01/2030		5,150		5,756,304
5.00%, 06/01/2031		10,760		12,114,487
Greater Orlando Aviation Authority Series 2017-A 5.00%, 10/01/2029 (Pre-refunded/ETM)		3,000		3,202,360
5.00%, 10/01/2030 (Pre-refunded/ETM)		6,250		6,671,582
5.00%, 10/01/2031		4,085		4,173,820
Series 2019-A 5.00%, 10/01/2033		7,975		8,221,551
Hillsborough County School Board (Hillsborough County School Board COP) Series 2015 5.00%, 07/01/2026		1,480		1,534,371
Hillsborough County School Board (Hillsborough County School Board Sales Tax) AGM Series 2015 5.00%, 10/01/2023		2,650		2,694,539
Hollywood Community Redevelopment Agency Series 2015 5.00%, 03/01/2023		1,145		1,152,498
JEA Electric System Revenue Series 2017-B 5.00%, 10/01/2030		1,185		1,256,972
JEA Water & Sewer System Revenue Series 2014-A 5.00%, 10/01/2025 (Pre-refunded/ETM)		1,565		1,604,797
5.00%, 10/01/2025		1,495		1,533,676



64 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2017-A 5.00%, 10/01/2026	$	22,290	$	23,686,812
Manatee County School District (Manatee County School District COP) Series 2016-A 5.00%, 07/01/2028		7,795		8,202,247
5.00%, 07/01/2029		6,215		6,548,626
North Broward Hospital District Series 2017-B 5.00%, 01/01/2029		3,000		3,079,294
5.00%, 01/01/2030		3,180		3,253,448
Orange County Health Facilities Authority (Orlando Health Obligated Group) Series 2019 5.00%, 10/01/2022		6,955		6,955,000
5.00%, 10/01/2023		5,000		5,068,385
5.00%, 10/01/2024		6,560		6,732,944
Orange County Health Facilities Authority (Presbyterian Retirement Communities, Inc. Obligated Group) Series 2023 4.00%, 08/01/2036^(c)		1,000		863,240
Orange County School Board Series 2014-A 5.00%, 08/01/2028 (Pre-refunded/ETM)		25,075		25,890,115
5.00%, 08/01/2029 (Pre-refunded/ETM)		21,280		21,971,751
Polk County Industrial Development Authority (Mineral Development LLC) Series 2020 5.875%, 01/01/2033^(a)		2,000		1,977,851
South Broward Hospital District (South Broward Hospital District Obligated Group) Series 2015 5.00%, 05/01/2027		3,350		3,471,860
St. Lucie County School Board (St. Lucie County School Board Sales Tax) AGM Series 2015 5.00%, 10/01/2022		3,150		3,150,000

				236,825,271

Georgia – 2.2%
City of Atlanta GA Department of Aviation Series 2014-A 5.00%, 01/01/2028		12,250		12,483,084



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 65

PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2021-C 4.00%, 07/01/2040	$	1,000	$	893,302
4.00%, 07/01/2041		1,000		885,373
4.00%, 07/01/2042		1,250		1,100,049
5.00%, 07/01/2029		1,250		1,312,351
5.00%, 07/01/2030		1,315		1,385,189
5.00%, 07/01/2031		1,725		1,813,271
5.00%, 07/01/2032		1,000		1,046,734
5.00%, 07/01/2033		1,400		1,453,759
5.00%, 07/01/2034		3,000		3,093,627
5.00%, 07/01/2036		2,400		2,450,670
5.00%, 07/01/2037		2,500		2,549,427
Series 2022-B 5.00%, 07/01/2035		1,565		1,607,754
5.00%, 07/01/2036		2,845		2,910,527
5.00%, 07/01/2037		2,535		2,589,673
5.00%, 07/01/2039		2,765		2,795,626
5.00%, 07/01/2040		7,105		7,153,506
5.00%, 07/01/2041		7,460		7,510,929
Cobb County Kennestone Hospital Authority (WellStar Health System Obligated Group) Series 2021 5.00%, 04/01/2026		1,000		1,040,143
5.00%, 04/01/2027		250		261,147
5.00%, 04/01/2028		250		261,964
5.00%, 04/01/2029		300		314,718
5.00%, 04/01/2030		225		235,556
5.00%, 04/01/2031		250		260,730
Main Street Natural Gas, Inc. (Citadel LP) Series 2022-C 4.00%, 08/01/2052^(a)		9,350		8,797,596
Main Street Natural Gas, Inc. (Royal Bank of Canada) Series 2018-A 4.00%, 04/01/2048		34,735		34,789,468
Series 2018-C 4.00%, 08/01/2048		18,000		18,035,734
Private Colleges & Universities Authority (Emory University) Series 2020-B 4.00%, 09/01/2035		1,280		1,245,359

				120,277,266



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Guam – 0.0%
Territory of Guam Series 2019 5.00%, 11/15/2031	$	930	$	878,122


Hawaii – 0.0%
State of Hawaii Harbor System Revenue Series 2020-A 4.00%, 07/01/2035		2,765		2,596,840


Idaho – 0.0%
Idaho Housing & Finance Association (State of Idaho Fed Hwy Grant) Series 2015-A 5.00%, 07/15/2023		1,320		1,337,527


Illinois – 5.0%
Chicago Board of Education Series 2017-F 5.00%, 12/01/2023		7,000		7,075,344
Series 2018-A 4.00%, 12/01/2022		5,500		5,501,473
5.00%, 12/01/2026		1,000		1,023,186
Series 2022-B 4.00%, 12/01/2041		11,000		9,132,829
Chicago O’Hare International Airport Series 2016-C 5.00%, 01/01/2027		3,020		3,162,768
Series 2018-A 5.00%, 01/01/2039		6,000		6,042,712
Series 2022 4.00%, 01/01/2042^(c)		3,160		2,811,927
5.00%, 01/01/2029^(c)		500		520,673
5.00%, 01/01/2030^(c)		800		836,051
5.00%, 01/01/2033^(c)		890		921,170
5.00%, 01/01/2040^(c)		1,850		1,862,111
5.00%, 01/01/2041^(c)		2,000		2,013,093
5.00%, 01/01/2042^(c)		2,200		2,206,399
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2023		470		473,194
5.00%, 09/01/2025		600		609,834
5.00%, 09/01/2026		300		305,960
5.00%, 09/01/2027		455		464,627
5.00%, 09/01/2029		575		588,625



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 67

PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

5.00%, 09/01/2031	$	1,000	$	1,010,853
5.00%, 09/01/2034		625		617,170
Illinois Finance Authority (NorthShore University HealthSystem Obligated Group) Series 2020 5.00%, 08/15/2029		1,000		1,082,243
5.00%, 08/15/2030		4,000		4,328,816
5.00%, 08/15/2034		2,785		2,908,283
Illinois Finance Authority (OSF Healthcare System Obligated Group) Series 2015-A 5.00%, 11/15/2027		1,000		1,031,443
5.00%, 11/15/2028		1,250		1,285,221
Illinois Finance Authority (State of Illinois Water Revolving Fund–Clean Water Program) Series 2020 4.00%, 07/01/2037		5,290		5,051,964
Illinois Finance Authority (University of Chicago (The)) Series 2021-A 5.00%, 10/01/2031		4,000		4,443,589
5.00%, 10/01/2032		3,750		4,155,861
5.00%, 10/01/2033		2,250		2,492,884
5.00%, 10/01/2037		1,350		1,450,478
5.00%, 10/01/2038		1,700		1,825,030
Illinois Municipal Electric Agency Series 2015-A 5.00%, 02/01/2027		16,370		17,041,887
5.00%, 02/01/2028		13,565		14,095,800
5.00%, 02/01/2029		12,885		13,371,611
Illinois State Toll Highway Authority Series 2014-D 5.00%, 01/01/2023		1,185		1,190,272
Metropolitan Pier & Exposition Authority Series 2022 4.00%, 12/15/2042		2,745		2,237,053
Metropolitan Water Reclamation District of Greater Chicago Series 2007-B 5.25%, 12/01/2034		7,075		8,102,676
Railsplitter Tobacco Settlement Authority Series 2017 5.00%, 06/01/2024		10,020		10,237,683
5.00%, 06/01/2025		12,450		12,853,141



68 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

State of Illinois Series 2013 5.50%, 07/01/2024	$	5,415	$	5,474,517
Series 2013-A 5.00%, 04/01/2023		4,415		4,444,683
Series 2014 5.00%, 02/01/2024		3,500		3,547,531
5.00%, 05/01/2025		18,120		18,341,615
5.00%, 05/01/2027		5,000		5,047,045
Series 2016 5.00%, 02/01/2029		1,100		1,117,785
Series 2017-A 5.00%, 12/01/2024		8,590		8,733,389
Series 2017-D 5.00%, 11/01/2024		55,520		56,437,279
5.00%, 11/01/2028		1,675		1,707,221
Series 2019-B 4.00%, 11/01/2033		9,000		8,169,565
Series 2020 5.50%, 05/01/2039		1,500		1,526,873
Series 2022-B 5.25%, 10/01/2037^(c)		4,000		4,031,597

				274,945,034


Indiana – 0.7%
City of Whiting IN (BP Products North America, Inc.) Series 2019 5.00%, 12/01/2044		9,670		9,923,372
Indiana Finance Authority (Fulcrum Centerpoint LLC) Series 2021 0.28%, 12/15/2045		12,000		11,945,385
Indiana Finance Authority (Good Samaritan Hospital Obligated Group) Series 2022 5.00%, 04/01/2024		715		726,291
5.00%, 04/01/2025		750		767,353
5.00%, 04/01/2026		790		813,628
5.00%, 04/01/2027		830		856,649
5.00%, 04/01/2028		875		903,376
Indiana Finance Authority (Indiana University Health, Inc. Obligated Group) Series 2015 4.00%, 12/01/2040		11,690		10,699,841



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Indiana Finance Authority (Ohio Valley Electric Corp.) Series 2021-B 2.50%, 11/01/2030	$	1,895	$	1,602,199

				38,238,094


Iowa – 0.5%
Iowa Finance Authority (Iowa Fertilizer Co. LLC) Series 2022 4.00%, 12/01/2050		5,450		4,942,638
Iowa Finance Authority (Iowa Finance Authority State Revolving Fund) Series 2021-A 5.00%, 08/01/2038		5,460		5,922,945
PEFA, Inc. (Goldman Sachs Group, Inc. (The)) Series 2019 5.00%, 09/01/2049		14,000		14,213,550

				25,079,133


Kansas – 0.1%
City of Junction City KS Series 2016-A 5.00%, 09/01/2023		3,805		3,863,150


Kentucky – 2.4%
County of Carroll KY (Kentucky Utilities Co.) Series 2019 1.75%, 10/01/2034		3,835		3,378,579
Kentucky Economic Development Finance Authority (Baptist Healthcare System Obligated Group) Series 2017-B 5.00%, 08/15/2029		1,000		1,042,651
5.00%, 08/15/2041		1,260		1,253,121
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group) Series 2017-A 5.00%, 06/01/2028		8,780		9,047,001
5.00%, 06/01/2030		5,870		6,023,902



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Kentucky Public Energy Authority (BP PLC) Series 2018-B 4.00%, 01/01/2049	$	24,850	$	24,760,135
Kentucky Public Energy Authority (Morgan Stanley) Series 2018-A 4.00%, 04/01/2048		18,590		18,550,132
Series 2018-C 4.00%, 12/01/2049		36,475		36,238,959
Series 2019-A 4.00%, 12/01/2049		10,895		10,851,553
Series 2022-A 4.00%, 08/01/2052		10,000		9,511,694
Kentucky Turnpike Authority Series 2016-A 5.00%, 07/01/2023		2,365		2,394,991
5.00%, 07/01/2024		3,420		3,516,990
5.00%, 07/01/2025		2,515		2,622,101
5.00%, 07/01/2027		5,075		5,340,141

				134,531,950


Louisiana – 0.5%
Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax Series 2015 5.00%, 08/01/2027		6,450		6,688,315
5.00%, 08/01/2028		2,535		2,622,458
Parish of St. James LA (NuStar Logistics LP) Series 2020 5.85%, 08/01/2041^(a)		2,250		2,308,139
6.10%, 06/01/2038^(a)		3,030		3,223,820
6.10%, 12/01/2040^(a)		2,595		2,760,995
St. Tammany Parish Finance Authority (Christwood) Series 2015 5.25%, 11/15/2029		1,200		1,191,504
State of Louisiana Gasoline & Fuels Tax Revenue Series 2022-A 2.586% (SOFR + 0.50%), 05/01/2043^(b)		10,420		10,024,675

				28,819,906



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Maine – 0.0%
Maine Municipal Bond Bank Series 2014-A 5.00%, 09/01/2025	$	1,000	$	1,029,604


Maryland – 0.9%
County of Baltimore MD Series 2022 4.00%, 03/01/2038		5,000		4,765,294
County of Frederick MD Series 2019-A 5.00%, 08/01/2027 (Pre-refunded/ETM)		165		178,078
County of Howard MD Series 2020-A 5.00%, 08/15/2031		4,825		5,385,451
5.00%, 08/15/2032		3,640		4,039,419
Maryland Economic Development Corp. (Purple Line Transit Partners LLC) Series 2022 5.00%, 11/12/2028		15,000		15,404,949
Maryland Health & Higher Educational Facilities Authority (UPMC Obligated Group) Series 2020-B 5.00%, 04/15/2028		1,420		1,488,342
5.00%, 04/15/2029		1,500		1,569,549
5.00%, 04/15/2031		1,365		1,428,029
State of Maryland Series 2021-A 5.00%, 08/01/2034		8,940		9,916,641
State of Maryland Department of Transportation (Baltimore/Washington International Thurgood Marshall Airport) Series 2021 5.00%, 08/01/2026		1,500		1,548,432
5.00%, 08/01/2028		1,050		1,094,403
5.00%, 08/01/2029		700		733,561
5.00%, 08/01/2033		1,000		1,030,942
5.00%, 08/01/2034		1,000		1,026,727

				49,609,817


Massachusetts – 2.2%
Commonwealth of Massachusetts Series 2016-B 5.00%, 07/01/2023		3,965		4,022,590



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2017-D 5.00%, 02/01/2036	$	4,435	$	4,626,844
Series 2017C 5.00%, 10/01/2022		2,350		2,350,000
Series 2018-B 5.00%, 01/01/2031		3,685		3,964,715
Series 2022-B 4.00%, 02/01/2040		13,000		12,258,121
AGC Series 2007-A 2.434% (LIBOR 3 Month + 0.57%), 05/01/2037^(b)		15,250		14,361,932
Commonwealth of Massachusetts (Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue) Series 2022-B 4.11%, 07/15/2031		7,250		6,955,251
Commonwealth of Massachusetts Transportation Fund Revenue Series 2021 5.00%, 06/01/2041		10,340		11,031,619
Massachusetts Bay Transportation Authority Assessment Revenue Series 2022-A 4.00%, 07/01/2039		2,270		2,134,209
Massachusetts Development Finance Agency (Brandeis University) Series 2019-S 5.00%, 10/01/2025		2,670		2,787,947
5.00%, 10/01/2026		2,535		2,675,406
5.00%, 10/01/2027		2,140		2,279,307
5.00%, 10/01/2028		2,340		2,511,846
5.00%, 10/01/2029		1,000		1,073,452
5.00%, 10/01/2030		1,000		1,068,005
5.00%, 10/01/2031		1,010		1,072,662
5.00%, 10/01/2032		1,055		1,116,975
5.00%, 10/01/2033		1,625		1,712,347
Massachusetts Development Finance Agency (Mass General Brigham, Inc.) Series 2017-S1 5.00%, 07/01/2025		7,565		7,873,046
5.00%, 07/01/2028		7,500		8,025,696
5.00%, 07/01/2029		9,000		9,626,115
Massachusetts Development Finance Agency (Trustees of Boston College) Series 2020-U 5.00%, 07/01/2028		950		1,031,072



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Massachusetts Development Finance Agency (Wellforce Obligated Group) Series 2019-A 5.00%, 07/01/2028	$	1,425	$	1,474,986
5.00%, 07/01/2030		2,100		2,150,161
5.00%, 07/01/2032		2,000		2,023,289
5.00%, 07/01/2033		2,000		2,010,099
AGM Series 2020-C 5.00%, 10/01/2026		325		339,550
5.00%, 10/01/2027		440		463,498
5.00%, 10/01/2028		500		530,634
5.00%, 10/01/2029		295		315,508
5.00%, 10/01/2030		315		338,423
5.00%, 10/01/2031		375		395,745
5.00%, 10/01/2032		245		255,910
Massachusetts Port Authority Series 2021-E 5.00%, 07/01/2036		8,615		8,890,413

				123,747,373


Michigan – 5.3%
Bloomfield Hills School District Series 2023 5.00%, 05/01/2027^(c)		600		627,280
5.00%, 05/01/2028^(c)		635		669,348
5.00%, 05/01/2029^(c)		700		743,440
5.00%, 05/01/2030^(c)		635		678,865
5.00%, 05/01/2032^(c)		1,100		1,188,589
City of Detroit MI Sewage Disposal System Revenue (Great Lakes Water Authority Sewage Disposal System Revenue) AGM Series 2006-D 2.094% (LIBOR 3 Month + 0.60%), 07/01/2032^(b)		14,000		13,638,271
Great Lakes Water Authority Water Supply System Revenue Series 2016-C 5.00%, 07/01/2024		2,700		2,781,198
5.00%, 07/01/2025		9,805		10,235,630
Kalamazoo Economic Development Corp. (Heritage Community of Kalamazoo Obligated Group) Series 2020 2.625%, 05/15/2025		1,150		1,084,352



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Lake Orion Community School District Series 2016 5.00%, 05/01/2024	$	2,915	$	2,992,072
Michigan Finance Authority (Bronson Healthcare Group Obligated Group) Series 2020 5.00%, 05/15/2036		48,585		49,208,807
Michigan Finance Authority (City of Detroit MI Income Tax) Series 2015 3.80%, 10/01/2022		500		500,000
3.875%, 10/01/2023		2,000		1,987,935
4.00%, 10/01/2024		3,000		2,969,696
4.50%, 10/01/2029		12,065		11,989,197
Michigan Finance Authority (Great Lakes Water Authority Sewage Disposal System Revenue) AGM Series 2014 5.00%, 07/01/2025		22,045		22,696,622
5.00%, 07/01/2027		17,895		18,384,129
Michigan Finance Authority (Great Lakes Water Authority Water Supply System Revenue) AGM Series 2014-D2 5.00%, 07/01/2024		7,770		7,999,671
5.00%, 07/01/2025		16,525		17,013,457
5.00%, 07/01/2026		25,000		25,730,397
5.00%, 07/01/2027		5,060		5,198,306
Michigan Finance Authority (Michigan Finance Authority School Loan Revolving Fund) Series 2019 2.366%, 09/01/2049		15,000		14,687,868
Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) Series 2020-A 4.00%, 06/01/2034		2,000		1,867,282
4.00%, 06/01/2035		1,000		926,226
4.00%, 06/01/2036		1,000		919,187
4.00%, 06/01/2037		1,000		910,836
4.00%, 06/01/2038		1,000		901,626
4.00%, 06/01/2039		2,000		1,788,341
5.00%, 06/01/2025		610		624,629
5.00%, 06/01/2026		1,290		1,326,589



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

5.00%, 06/01/2028	$	1,000	$	1,036,997
5.00%, 06/01/2029		2,000		2,085,461
5.00%, 06/01/2031		745		774,760
Michigan Finance Authority (Public Lighting Authority) Series 2014 5.00%, 07/01/2030		1,600		1,618,905
Series 2014-B 5.00%, 07/01/2027		4,990		5,058,452
5.00%, 07/01/2031		2,460		2,485,519
Michigan Finance Authority (Trinity Health Corp.) Series 2019 4.00%, 12/01/2040		5,595		5,098,483
Series 2015 5.00%, 12/01/2023		5,675		5,782,936
5.00%, 12/01/2024		4,400		4,548,005
5.00%, 12/01/2025		3,000		3,114,193
5.50%, 12/01/2026		4,500		4,714,286
5.50%, 12/01/2027		2,720		2,841,568
Michigan Strategic Fund (Michigan Strategic Fund–I 75 Improvement Project) Series 2018 5.00%, 12/31/2024		3,210		3,235,442
5.00%, 12/31/2025		2,200		2,221,587
5.00%, 06/30/2026		2,400		2,423,706
5.00%, 12/31/2026		5,770		5,832,252
5.00%, 06/30/2027		7,635		7,714,152
5.00%, 12/31/2027		5,770		5,833,842
5.00%, 06/30/2028		4,645		4,692,481

				293,382,873


Missouri – 0.4%
Cape Girardeau County Industrial Development Authority (SoutheastHEALTH Obligated Group) Series 2017-A 5.00%, 03/01/2025		1,445		1,466,421
5.00%, 03/01/2028		1,375		1,403,306
City of Kansas City MO (City of Kansas City MO Lease) Series 2022 5.00%, 09/01/2037		4,000		4,246,934



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group) Series 2021-A 4.00%, 07/01/2033	$	4,000	$	3,854,797
4.00%, 07/01/2034		2,000		1,910,011
4.00%, 07/01/2035		1,500		1,422,845
4.00%, 07/01/2039		5,000		4,614,561
4.00%, 07/01/2040		1,500		1,374,401
Howard Bend Levee District XLCA INS Series 2005 5.75%, 03/01/2025		845		855,297
5.75%, 03/01/2027		775		785,606
Missouri Joint Municipal Electric Utility Commission Series 2014-A 5.00%, 01/01/2025		2,630		2,718,780

				24,652,959


Montana – 0.3%
Montana Facility Finance Authority (Benefis Health System Obligated Group) Series 2016 5.00%, 02/15/2025		2,500		2,556,722
5.00%, 02/15/2026		3,190		3,288,291
5.00%, 02/15/2027		6,950		7,218,037
5.00%, 02/15/2028		2,375		2,465,391

				15,528,441


Nebraska – 1.1%
Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) Series 2018 5.00%, 03/01/2050		57,480		58,008,684


Nevada – 0.9%
City of Las Vegas NV Series 2015-C 5.00%, 09/01/2023		5,675		5,766,835
5.00%, 09/01/2026		2,930		3,088,194
Clark County School District Series 2016-D 5.00%, 06/15/2024		26,915		27,570,364
County of Clark NV Series 2017 5.00%, 06/01/2024		6,530		6,719,680



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Las Vegas Valley Water District Series 2016-B 5.00%, 06/01/2028	$	4,590	$	4,859,036

				48,004,109


New Hampshire – 0.8%
New Hampshire Business Finance Authority Series 2020-1, Class A 4.125%, 01/20/2034		9,177		8,503,150
Series 2022-1, Class A 4.375%, 09/20/2036		24,923		22,693,575
Series 2022-2 0.35%, 09/20/2036		20,000		473,952
New Hampshire Business Finance Authority (Covanta Holding Corp.) Series 2018-A 4.00%, 11/01/2027^(a)		2,250		2,136,616
New Hampshire Business Finance Authority (New Hampshire Business Finance Authority) National Finance Authority Series 2022-2 0.674%, 10/20/2036		10,000		520,125
4.00%, 10/20/2036		10,000		8,742,673

				43,070,091


New Jersey – 5.8%
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) Series 2019 5.25%, 04/01/2026		4,930		5,126,953
New Jersey Economic Development Authority (NYNJ Link Borrower LLC) Series 2013 5.50%, 01/01/2026		1,000		1,013,784
5.50%, 01/01/2027		1,000		1,013,081
New Jersey Economic Development Authority (Port Newark Container Terminal LLC) Series 2017 5.00%, 10/01/2022		1,755		1,755,000
5.00%, 10/01/2023		1,500		1,513,709
5.00%, 10/01/2024		2,000		2,030,258
5.00%, 10/01/2025		2,750		2,807,360



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

New Jersey Economic Development Authority (Rutgers The State University of New Jersey) Series 2013 5.00%, 06/15/2025	$	1,000	$	1,009,977
5.00%, 06/15/2026		3,500		3,533,472
New Jersey Economic Development Authority (United Airlines, Inc.) Series 2012 5.25%, 09/15/2029		3,920		3,877,256
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2027		12,830		13,413,911
5.00%, 06/15/2028		975		1,012,145
Series 2018-A 5.00%, 06/15/2029		3,050		3,157,624
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2019 5.00%, 12/15/2031		3,195		3,303,951
Series 2018-A 5.00%, 12/15/2027		8,605		8,944,509
5.00%, 12/15/2029		38,555		40,141,858
5.00%, 12/15/2030		5,885		6,102,655
5.00%, 12/15/2032		5,230		5,353,179
5.00%, 12/15/2033		7,230		7,352,094
Series 2019 5.00%, 12/15/2028		4,000		4,168,892
5.00%, 06/15/2029		1,525		1,588,939
Series 2019-B 5.00%, 06/15/2033		3,885		3,957,019
Series 2020-A 5.00%, 06/15/2035		1,810		1,833,429
Series 2022-A 5.00%, 06/15/2034		11,635		11,795,115
New Jersey Turnpike Authority Series 2014-A 5.00%, 01/01/2027		5,040		5,176,329
5.00%, 01/01/2028		40,000		41,073,132
5.00%, 01/01/2029		30,900		31,723,436
Series 2014-C 5.00%, 01/01/2024		14,720		15,022,767



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2017-A 5.00%, 01/01/2029	$	7,235	$	7,636,185
Series 2017-B 5.00%, 01/01/2029		10,000		10,673,645
5.00%, 01/01/2030		14,830		15,813,683
5.00%, 01/01/2031		15,220		16,187,322
Series 2021-B 1.713%, 01/01/2029		6,625		5,438,574
AGM Series 2005-D3 5.25%, 01/01/2026		14,770		15,581,818
South Jersey Transportation Authority BAM Series 2022 5.00%, 11/01/2036		450		472,882
5.00%, 11/01/2037		400		419,007
Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/2023		1,500		1,516,494
5.00%, 06/01/2025		4,125		4,239,876
5.00%, 06/01/2026		3,000		3,104,875
5.00%, 06/01/2027		4,000		4,146,780
5.00%, 06/01/2028		2,140		2,221,612
5.00%, 06/01/2035		2,620		2,655,387

				318,909,974


New York – 12.6%
City of New York NY Series 2014-A 5.00%, 08/01/2027		1,130		1,161,263
Series 2015-A 5.00%, 08/01/2023		2,040		2,070,482
Series 2018-D 5.00%, 12/01/2039		2,435		2,517,574
Series 2020-A 5.00%, 08/01/2024		1,260		1,300,053
Series 2020-C 5.00%, 08/01/2032		3,150		3,409,102
Series 2021 1.396%, 08/01/2027		18,750		15,968,569
Series 2021-A 4.00%, 08/01/2038		1,000		938,752
5.00%, 08/01/2033		2,025		2,196,297
Series 2021-F 5.00%, 06/01/2044		5,000		5,064,474
Series 2021-L 5.00%, 04/01/2034		4,000		4,304,062



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

County of Nassau NY Series 2017-C 5.00%, 10/01/2026	$	8,840	$	9,332,994
Dutchess County Local Development Corp. (Bard College) Series 2020-B 5.918%, 07/01/2039^(a)		4,875		4,703,175
Metropolitan Transportation Authority Series 2012 5.00%, 11/15/2026		2,535		2,540,716
Series 2012-D 5.00%, 11/15/2028		6,890		6,902,342
Series 2012-F 5.00%, 11/15/2022		1,170		1,172,261
5.00%, 11/15/2024		26,915		26,961,929
5.00%, 11/15/2025		15,275		15,301,343
5.00%, 11/15/2026		12,270		12,294,822
Series 2012-H 5.00%, 11/15/2026		195		195,417
Series 2013-B 5.00%, 11/15/2026 (Pre-refunded/ETM)		9,505		9,698,172
Series 2014-A 5.00%, 11/15/2026 (Pre-refunded/ETM)		4,205		4,290,459
5.00%, 11/15/2027 (Pre-refunded/ETM)		4,040		4,122,106
Series 2014-C 5.00%, 11/15/2027 (Pre-refunded/ETM)		5,000		5,186,798
Series 2017-C 5.00%, 11/15/2028		1,610		1,657,740
5.00%, 11/15/2030		56,065		57,462,773
5.00%, 11/15/2031		5,455		5,545,043
5.00%, 11/15/2033		8,500		8,485,906
Series 2021-D 2.327% (SOFR + 0.33%), 11/01/2035^(b)		9,500		9,202,295
Metropolitan Transportation Authority (Metropolitan Transportation Authority Dedicated Tax Fund) Series 2012-A 5.00%, 11/15/2027		4,505		4,513,858



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

New York City Transitional Finance Authority Building Aid Revenue (New York City Transitional Finance Authority Building Aid Revenue State Lease) Series 2018-S 5.00%, 07/15/2031	$	28,000	$	30,264,945
5.00%, 07/15/2032		25,945		27,819,936
New York City Transitional Finance Authority Future Tax Secured Revenue Series 2012-A 5.00%, 08/01/2025		12,345		12,346,922
Series 2012-B 5.00%, 11/01/2023		20,000		20,028,116
Series 2017-A 5.00%, 08/01/2033		4,860		5,086,461
Series 2019-B 5.00%, 11/01/2035		17,960		18,880,164
5.00%, 11/01/2036		41,825		43,774,564
Series 2021-B 4.00%, 08/01/2037		9,200		8,791,910
4.00%, 08/01/2038		6,030		5,699,771
Series 2021-E 4.00%, 02/01/2040		4,335		4,052,547
New York Liberty Development Corp. (One Bryant Park LLC) Series 2019 2.45%, 09/15/2069		4,250		3,767,005
2.80%, 09/15/2069		11,555		9,481,240
New York State Dormitory Authority Series 2014-C 5.00%, 03/15/2027 (Pre-refunded/ETM)		2,015		2,067,673
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2020-D 5.00%, 02/15/2029		8,455		9,182,970
5.00%, 02/15/2034		17,525		18,688,639
Series 2022-A 4.00%, 03/15/2040		22,190		20,536,051
4.00%, 03/15/2042		10,090		9,232,855
New York State Thruway Authority (State of New York Pers Income Tax) Series 2021-A 4.00%, 03/15/2036		5,000		4,835,590
Series 2022-A 5.00%, 03/15/2039		4,000		4,226,250



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

New York State Urban Development Corp. Series 2013-C 5.00%, 03/15/2025 (Pre-refunded/ETM)	$	25,165	$	25,378,487
5.00%, 03/15/2026 (Pre-refunded/ETM)		38,460		38,786,275
New York State Urban Development Corp. (State of New York Pers Income Tax) Series 2016-A 5.00%, 03/15/2024		4,010		4,112,456
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 5.00%, 01/01/2027		25,115		25,220,430
5.00%, 01/01/2028		22,110		22,105,543
5.00%, 01/01/2029		27,145		27,049,490
New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2022 5.00%, 12/01/2039		7,000		6,738,068
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) Series 2016-A 5.00%, 07/01/2046		2,095		1,987,699
Port Authority of New York & New Jersey Series 2013-178 5.00%, 12/01/2028		3,385		3,423,190
Series 2019 4.00%, 11/01/2037		2,915		2,639,398
Series 2020-2 5.00%, 07/15/2033		5,910		6,130,726
Series 2021-2 4.00%, 07/15/2037		2,980		2,703,674
Suffolk Tobacco Asset Securitization Corp. Series 2021 5.00%, 06/01/2027		1,045		1,083,212
5.00%, 06/01/2029		2,080		2,170,384
5.00%, 06/01/2033		2,395		2,461,742
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021-A 2.411%, 05/15/2034		14,725		11,319,308
2.591%, 05/15/2036		2,000		1,507,206
Series 2022 5.00%, 05/15/2030		7,000		7,706,938



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2022-A 5.00%, 08/15/2024	$	16,500	$	17,053,240

				696,841,852

North Carolina – 0.2%
County of Wake NC (County of Wake NC Lease) Series 2021 4.00%, 03/01/2038		1,525		1,451,415
Greater Asheville Regional Airport Authority AGM Series 2022-A 5.00%, 07/01/2035		1,740		1,784,790
5.00%, 07/01/2036		1,500		1,534,548
5.00%, 07/01/2037		1,250		1,275,979
5.25%, 07/01/2038		1,200		1,250,396
5.25%, 07/01/2039		1,300		1,351,669
5.25%, 07/01/2040		3,220		3,339,806
5.25%, 07/01/2042		1,140		1,176,829

				13,165,432

North Dakota – 0.1%
County of Ward ND (Trinity Health Obligated Group) Series 2017-C 5.00%, 06/01/2028		2,000		1,980,297
5.00%, 06/01/2030		3,000		2,879,587

				4,859,884

Ohio – 1.2%
American Municipal Power, Inc. Series 2021 4.00%, 02/15/2036		1,000		935,427
Buckeye Tobacco Settlement Financing Authority Series 2020-A 4.00%, 06/01/2037		2,000		1,832,518
4.00%, 06/01/2038		1,000		907,359
County of Allen OH Hospital Facilities Revenue (Bon Secours Mercy Health, Inc.) Series 2017-A 5.00%, 08/01/2026		10,000		10,478,067
5.00%, 08/01/2027		8,465		8,961,153
5.00%, 08/01/2028		1,955		2,079,290
Series 2020 5.00%, 12/01/2028		5,400		5,790,232
5.00%, 12/01/2029		1,565		1,689,327
County of Cuyahoga OH (MetroHealth System (The)) Series 2017 5.00%, 02/15/2026		2,745		2,840,066



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

5.00%, 02/15/2027	$	2,710	$	2,804,642
County of Franklin OH (Nationwide Children’s Hospital, Inc.) Series 2017-A 5.00%, 11/01/2031		1,000		1,058,992
County of Hamilton OH Sewer System Revenue Series 2019-A 5.00%, 12/01/2034		9,375		10,202,027
County of Washington OH (Marietta Area Health Care, Inc. Obligated Group) Series 2022 5.50%, 12/01/2027		800		758,852
6.375%, 12/01/2037		5,000		4,592,553
Hamilton County Convention Facilities Authority Series 2014 5.00%, 12/01/2022		2,240		2,245,670
5.00%, 12/01/2023		1,230		1,250,865
Ohio Water Development Authority Water Pollution Control Loan Fund Series 2020-A 5.00%, 12/01/2032		4,970		5,457,845

				63,884,885

Oklahoma – 0.2%
Comanche County Memorial Hospital Series 2015 5.00%, 07/01/2026		1,235		1,255,781
5.00%, 07/01/2028		1,280		1,300,977
McGee Creek Authority NATL Series 1992 6.00%, 01/01/2023		510		512,596
Oklahoma Development Finance Authority Series 2022 4.38%, 11/01/2045		4,000		3,655,007
Oklahoma Development Finance Authority (Gilcrease Expressway West) Series 2020 1.625%, 07/06/2023		3,005		2,926,066
Oklahoma Development Finance Authority (OU Medicine, Inc.) Series 2022-A 5.50%, 08/15/2037		4,245		3,769,677

				13,420,104



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Oregon – 0.6%
Hospital Facilities Authority of Multnomah County Oregon (Mirabella at South Waterfront) Series 2014-A 5.00%, 10/01/2024	$	430	$	430,972
Medford Hospital Facilities Authority (Asante Health System Obligated Group) Series 2020-A 5.00%, 08/15/2030		415		434,722
5.00%, 08/15/2031		1,245		1,298,372
5.00%, 08/15/2033		500		517,322
5.00%, 08/15/2034		875		901,962
5.00%, 08/15/2035		755		774,162
5.00%, 08/15/2036		1,300		1,335,253
Port of Portland OR Airport Revenue Series 2020-T 5.00%, 07/01/2035		4,290		4,378,771
Series 2022-2 4.00%, 07/01/2038		11,255		10,248,227
4.00%, 07/01/2040		7,170		6,404,978
Salem Hospital Facility Authority (Salem Health Obligated Group) Series 2019 5.00%, 05/15/2038		2,205		2,216,396
State of Oregon Department of Administrative Services (State of Oregon Department of Administrative Services COP) Series 2009-D 5.00%, 11/01/2022		35		35,051
5.00%, 11/01/2023		10		10,015
Tri-County Metropolitan Transportation District of Oregon Series 2018-A 5.00%, 10/01/2028		2,335		2,495,936

				31,482,139

Other – 1.1%
Federal Home Loan Mortgage Corp. Series 2021-ML12, Class AUS 2.34%, 07/25/2041^(a)		7,448		5,894,203
Federal Home Loan Mortgage Corp. Enhanced Receipt Series 2019-A, Class 1 3.87%, 11/15/2035^(a)		23,651		21,743,392



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2019-C, Class 1 3.87%, 11/15/2035^(a)	$	5,517	$	5,071,660
Series 2019-D, Class 1 3.87%, 11/01/2051^(a)		5,037		4,631,037
Series 2019-E, Class 1 3.87%, 11/15/2035^(a)		3,384		3,111,337
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates Series 2019-M 2.60%, 09/15/2033^(a)		9,570		8,014,286
2.625%, 06/15/2035^(a)		9,625		8,020,836
2.65%, 06/15/2035^(a)		4,820		4,002,475

				60,489,226

Pennsylvania – 6.4%
Allegheny County Airport Authority Series 2021-A 4.00%, 01/01/2038		5,000		4,467,527
4.00%, 01/01/2039		2,235		1,987,151
Allegheny County Hospital Development Authority (UPMC Obligated Group) Series 2019 5.00%, 07/15/2030		5,290		5,528,623
5.00%, 07/15/2032		6,500		6,728,812
5.00%, 07/15/2033		7,600		7,839,009
Allegheny County Sanitary Authority Series 2015 5.00%, 12/01/2023		3,500		3,571,378
Chester County Industrial Development Authority (Collegium Charter School) Series 2022 5.00%, 10/15/2032^(a)		1,025		994,317
City of Philadelphia PA Series 2017-A 5.00%, 08/01/2027		12,000		12,725,147
5.00%, 08/01/2028		12,310		13,053,302
5.00%, 08/01/2029		9,970		10,608,052
5.00%, 08/01/2030		4,000		4,242,350
5.00%, 08/01/2032		8,010		8,424,169
Series 2019-A 5.00%, 08/01/2026		1,420		1,492,548
Series 2019-B 5.00%, 02/01/2030		1,005		1,079,775



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

City of Philadelphia PA Water & Wastewater Revenue Series 2016 5.00%, 10/01/2024	$	7,000	$	7,239,047
5.00%, 10/01/2025		7,750		8,114,828
5.00%, 10/01/2026		2,675		2,838,518
Commonwealth of Pennsylvania Series 2016 5.00%, 09/15/2024		9,575		9,891,342
Series 2017 5.00%, 01/01/2026		6,065		6,385,342
5.00%, 01/01/2027		14,415		15,385,994
Geisinger Authority (Geisinger Health System Obligated Group) Series 2020 5.00%, 04/01/2043		2,500		2,637,735
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) Series 2017 5.00%, 07/01/2025		6,000		6,135,323
AGM Series 2022 4.00%, 07/01/2038		10,000		8,906,081
4.00%, 07/01/2039		10,000		8,848,250
Montgomery County Higher Education and Health Authority (HumanGood Pennsylvania Obligated Group) Series 2017 5.00%, 12/01/2027		2,250		2,278,825
5.00%, 12/01/2032		2,750		2,759,735
Montgomery County Higher Education and Health Authority (Thomas Jefferson University Obligated Group) Series 2018 5.00%, 09/01/2026		1,400		1,460,975
5.00%, 09/01/2027		1,750		1,828,524
5.00%, 09/01/2028		1,500		1,574,608
5.00%, 09/01/2029		3,000		3,134,679
5.00%, 09/01/2030		3,000		3,111,071
Series 2019 5.00%, 09/01/2030		1,710		1,782,553
5.00%, 09/01/2032		1,200		1,241,723



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) Series 2015 5.00%, 06/30/2026	$	8,540	$	8,679,955
5.00%, 12/31/2026		4,500		4,569,444
5.00%, 06/30/2027		12,450		12,626,363
5.00%, 12/31/2027		6,000		6,077,577
5.00%, 06/30/2028		10,790		10,920,181
5.00%, 12/31/2028		8,910		9,009,792
5.00%, 06/30/2042		1,000		961,183
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) Series 2020-A1 5.00%, 04/15/2028		3,000		3,144,384
5.00%, 04/15/2029		3,000		3,139,099
5.00%, 04/15/2030		1,395		1,465,107
5.00%, 04/15/2031		1,635		1,710,496
Series 2022-C 3.16% (MUNIPSA + 0.70%), 11/15/2047^(b)		10,500		10,165,485
Pennsylvania Higher Educational Facilities Authority (University of Pennsylvania Health System Obligated Group (The)) Series 2017 4.00%, 08/15/2042		2,720		2,440,784
Series 2022 4.00%, 08/15/2038		1,065		980,948
4.00%, 08/15/2040		1,345		1,226,613
5.00%, 08/15/2029		825		898,077
5.00%, 08/15/2030		750		822,342
Pennsylvania Turnpike Commission Series 2017-B 5.00%, 06/01/2028		7,025		7,402,380
5.00%, 06/01/2030		6,255		6,569,544
Series 2019 5.00%, 12/01/2022		5,250		5,265,398
5.00%, 12/01/2029		8,000		8,694,049
5.00%, 12/01/2030		5,890		6,382,334
Series 2022-A 5.00%, 12/01/2036		1,000		1,066,147



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Philadelphia Authority for Industrial Development (MaST Community Charter School III) Series 2021 5.00%, 08/01/2030	$	1,060	$	1,068,629
5.00%, 08/01/2040		3,445		3,285,578
Philadelphia Authority for Industrial Development (St. Joseph’s University) Series 2020 4.00%, 11/01/2035		1,700		1,539,700
4.00%, 11/01/2036		1,510		1,357,367
4.00%, 11/01/2037		1,350		1,203,538
4.00%, 11/01/2038		1,000		883,415
5.00%, 11/01/2027		835		870,815
5.00%, 11/01/2028		1,000		1,049,789
5.00%, 11/01/2029		1,000		1,055,992
5.00%, 11/01/2030		1,750		1,838,849
5.00%, 11/01/2031		1,685		1,756,944
5.00%, 11/01/2032		1,810		1,879,797
5.00%, 11/01/2033		1,750		1,810,531
5.00%, 11/01/2034		2,110		2,176,035
School District of Philadelphia (The) Series 2016-D 5.00%, 09/01/2024		8,360		8,598,122
Series 2016-F 5.00%, 09/01/2023		5,000		5,070,572
5.00%, 09/01/2024		24,200		24,889,301

				352,849,969

Puerto Rico – 0.7%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024		32		28,971
Zero Coupon, 07/01/2033		1,346		742,082
4.00%, 07/01/2033		1,674		1,472,356
4.00%, 07/01/2035		85		72,436
4.00%, 07/01/2037		73		59,678
4.00%, 07/01/2041		99		77,173
4.00%, 07/01/2046		103		76,972
5.25%, 07/01/2023		1,803		1,810,659
5.375%, 07/01/2025		2,270		2,291,941
5.625%, 07/01/2027		4,709		4,806,830
5.625%, 07/01/2029		1,882		1,925,258
5.75%, 07/01/2031		624		636,593
Series 2022-C 0.00%, 11/01/2043		655		327,533



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

PR Custodial Trust Series 2022 5.50%, 07/01/2029	$	77	$	77,860
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		5,150		5,101,093
Puerto Rico Highway & Transportation Authority AGC Series 2005-L 5.25%, 07/01/2041		4,260		4,141,903
AGC Series 2007-C 5.50%, 07/01/2031		510		513,965
AGC Series 2007-N 5.25%, 07/01/2034		5,100		4,992,470
5.25%, 07/01/2036		5,425		5,298,755
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024		5,190		4,795,144

				39,249,672

Rhode Island – 0.6%
Providence Public Building Authority (City of Providence RI Lease) AGM Series 2020-A 5.00%, 09/15/2028		3,900		4,238,869
5.00%, 09/15/2029		4,625		5,083,718
5.00%, 09/15/2030		1,670		1,821,604
5.00%, 09/15/2032		2,195		2,358,296
Rhode Island Commerce Corp. (State of Rhode Island DOT Fed Hwy Grant) Series 2016-B 5.00%, 06/15/2027		10,565		11,182,573
Tobacco Settlement Financing Corp./RI Series 2015-A 5.00%, 06/01/2023		6,635		6,700,386

				31,385,446

South Carolina – 1.8%
County of Charleston SC Series 2021 5.00%, 11/01/2031		10,335		11,656,875
Patriots Energy Group Financing Agency (Royal Bank of Canada) Series 2018-A 4.00%, 10/01/2048		48,725		48,829,228



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

SCAGO Educational Facilities Corp. for Pickens School District (SCAGO Educational Facilities Corp. for Pickens School District Lease) Series 2015 5.00%, 12/01/2022	$	1,500	$	1,504,038
5.00%, 12/01/2026		3,000		3,109,025
5.00%, 12/01/2027		2,500		2,590,005
South Carolina Association of Governmental Organizations Series 2022-B 4.00%, 03/01/2023		8,935		8,967,468
South Carolina Public Service Authority Series 2016-A 5.00%, 12/01/2030		1,435		1,478,409
5.00%, 12/01/2034		1,000		1,010,223
Series 2020-A 4.00%, 12/01/2037		1,690		1,504,081
Series 2021-A 4.00%, 12/01/2035		5,475		4,949,476
4.00%, 12/01/2036		10,000		8,971,041
Series 2021-B 5.00%, 12/01/2040		3,000		2,986,660

				97,556,529

South Dakota – 0.1%
South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group) Series 2017 5.00%, 09/01/2029		3,400		3,546,184
5.00%, 09/01/2030		3,625		3,759,886

				7,306,070

Tennessee – 0.8%
Tennergy Corp./TN (Royal Bank of Canada) Series 2019-A 5.00%, 02/01/2050		5,445		5,560,117
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The)) Series 2017-A 4.00%, 05/01/2048		39,715		39,689,499

				45,249,616



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Texas – 6.1%
Board of Regents of the University of Texas System Series 2022-A 4.00%, 08/15/2042	$	1,895	$	1,729,458
Central Texas Turnpike System Series 2015-C 5.00%, 08/15/2025		1,000		1,010,013
City of Austin TX Airport System Revenue Series 2019 5.00%, 11/15/2025		3,200		3,311,097
City of Austin TX Water & Wastewater System Revenue Series 2015-A 5.00%, 11/15/2024		4,730		4,900,745
City of El Paso TX Water & Sewer Revenue Series 2022 5.00%, 03/01/2037		4,275		4,580,607
5.00%, 03/01/2039		3,880		4,136,055
City of Houston TX Series 2017-A 5.00%, 03/01/2025		16,370		17,030,588
City of Houston TX (City of Houston TX Hotel Occupancy Tax) Series 2015 5.00%, 09/01/2023		1,800		1,825,891
5.00%, 09/01/2025		2,000		2,051,006
City of Houston TX Airport System Revenue Series 2018-B 5.00%, 07/01/2030		6,160		6,595,251
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2018 5.00%, 07/15/2028		9,135		9,129,768
City of Houston TX Combined Utility System Revenue Series 2014-C 5.00%, 05/15/2023		8,000		8,087,875
5.00%, 05/15/2027		10,785		11,064,701
5.00%, 05/15/2028		6,065		6,212,679
City of San Antonio TX Electric & Gas Systems Revenue Series 2021-A 5.00%, 02/01/2031		1,330		1,461,713
5.00%, 02/01/2032		1,210		1,321,101
5.00%, 02/01/2033		1,410		1,522,769



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

5.00%, 02/01/2034	$	1,700	$	1,823,169
5.00%, 02/01/2035		2,200		2,350,266
5.00%, 02/01/2036		1,875		1,998,077
Dallas Fort Worth International Airport Series 2014-A 5.25%, 11/01/2028		11,585		11,714,057
Denton Independent School District Series 2016 5.00%, 08/15/2027		1,220		1,285,469
Grand Parkway Transportation Corp. Series 2018 5.00%, 02/01/2023		84,825		85,223,525
Harris County Cultural Education Facilities Finance Corp. (Texas Children’s Hospital Obligated Group) Series 2021 4.00%, 10/01/2042		5,000		4,485,462
Harris County Hospital District Series 2016 5.00%, 02/15/2027		2,465		2,549,103
Hidalgo County Regional Mobility Authority Series 2022-A 4.00%, 12/01/2038		1,850		1,622,495
4.00%, 12/01/2039		1,000		868,832
5.00%, 12/01/2028		200		205,496
5.00%, 12/01/2029		500		514,376
5.00%, 12/01/2030		500		513,072
5.00%, 12/01/2031		500		511,274
5.00%, 12/01/2032		350		356,025
5.00%, 12/01/2034		750		755,652
5.00%, 12/01/2035		595		597,739
5.00%, 12/01/2036		1,000		1,001,973
Irving Hospital Authority (Baylor Medical Center at Irving) Series 2017-A 5.00%, 10/15/2026		600		623,322
5.00%, 10/15/2029		600		617,706
5.00%, 10/15/2030		1,000		1,024,203
5.00%, 10/15/2031		1,020		1,042,200
Legacy Denton Public Facility Corp. (LDG Vintage Ranch LP) Series 2022 5.00%, 04/01/2043^(c)		15,000		15,302,891



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Lower Colorado River Authority (LCRA Transmission Services Corp.) Series 2022 5.00%, 05/15/2039	$	8,635	$	9,050,069
5.00%, 05/15/2040		12,345		12,864,341
5.00%, 05/15/2041		6,570		6,795,149
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031^(a)		10,680		10,514,142
New Hope Cultural Education Facilities Finance Corp. Series 2017-A 5.00%, 04/01/2028 (Pre-refunded/ETM)		1,130		1,209,198
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas Obligated Group) Series 2017-A 5.00%, 08/15/2025		2,500		2,606,003
5.00%, 08/15/2026		2,000		2,107,545
5.00%, 08/15/2028		2,750		2,914,723
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group) Series 2020 5.00%, 01/01/2035		875		799,809
Series 2022 4.00%, 01/01/2032^(c)		840		715,648
4.00%, 01/01/2037^(c)		1,155		910,329
North Texas Tollway Authority Series 2014 5.00%, 01/01/2023		3,015		3,028,562
5.00%, 01/01/2024 (Pre-refunded/ETM)		900		920,279
5.00%, 01/01/2024		1,845		1,882,496
North Texas Tollway Authority (North Texas Tollway System) Series 2015-B 5.00%, 01/01/2023		1,000		1,004,498
5.00%, 01/01/2026		3,200		3,304,696
5.00%, 01/01/2027		2,100		2,167,030
5.00%, 01/01/2028		5,975		6,164,029
Series 2019-B 5.00%, 01/01/2027		2,000		2,116,835



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

5.00%, 01/01/2028	$	19,510	$	20,882,571
Port Beaumont Navigation District (Jefferson Railport Terminal II LLC) Series 2020 3.625%, 01/01/2035^(a)		1,360		1,094,916
San Antonio Water System Series 2013-E 5.00%, 05/15/2025		3,000		3,032,221
State of Texas Series 2021-B 4.00%, 08/01/2026		2,335		2,383,841
Texas Water Development Board (Texas Water Development Board State Revolving Fund) Series 2021 4.00%, 08/01/2035		10,210		10,018,997
5.00%, 08/01/2034		4,000		4,408,292
University of Houston Series 2022-A 5.00%, 02/15/2040		1,750		1,853,613

				337,707,533

Utah – 0.4%
City of Salt Lake City UT Airport Revenue Series 2021-A 4.00%, 07/01/2041		7,000		6,112,060
5.00%, 07/01/2035		5,000		5,107,162
5.00%, 07/01/2036		5,000		5,084,042
Utah Transit Authority Series 2015-A 5.00%, 06/15/2027 (Pre-refunded/ETM)		2,000		2,093,934
5.00%, 06/15/2028 (Pre-refunded/ETM)		2,150		2,250,979
Utah Transit Authority (Utah Transit Authority Sales Tax) Series 2015-A 5.00%, 06/15/2026		1,305		1,360,082

				22,008,259

Virginia – 0.9%
County of Loudoun VA Series 2020-B 5.00%, 12/01/2024		3,300		3,427,066



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DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Fairfax County Economic Development Authority (County of Fairfax VA) Series 2020 5.00%, 08/01/2032	$	2,590	$	2,843,513
5.00%, 08/01/2033		2,590		2,831,701
Hampton Roads Transportation Accountability Commission Series 2020-A 5.00%, 07/01/2039		4,745		5,056,332
Virginia College Building Authority (Virginia College Building Authority State Lease) Series 2015-A 5.00%, 02/01/2023		4,435		4,463,794
Virginia Public Building Authority (Virginia Public Building Authority State Lease) Series 2021-A 4.00%, 08/01/2035		4,540		4,472,788
Virginia Small Business Financing Authority (Elizabeth River Crossings OpCo LLC) Series 2022 4.00%, 07/01/2030		2,000		1,923,132
4.00%, 01/01/2032		5,030		4,749,212
4.00%, 01/01/2037		7,250		6,476,010
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group) Series 2020 5.00%, 01/01/2029		1,400		1,463,352
5.00%, 01/01/2030		1,650		1,734,850
5.00%, 01/01/2031		1,250		1,312,445
5.00%, 01/01/2032		1,500		1,565,149
5.00%, 01/01/2033		1,750		1,814,536
5.00%, 01/01/2034		1,600		1,649,164
5.00%, 01/01/2035		1,570		1,613,175

				47,396,219

Washington – 2.3%
City of Seattle WA Municipal Light & Power Revenue Series 2016-B 5.00%, 04/01/2026		4,300		4,540,335
Series 2021-A 4.00%, 07/01/2033		2,500		2,522,947
4.00%, 07/01/2034		3,740		3,732,558



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

4.00%, 07/01/2035	$	4,900	$	4,823,533
Energy Northwest (Bonneville Power Administration) Series 2021 4.00%, 07/01/2042		12,825		11,711,474
Port of Seattle WA Series 2015-C 5.00%, 04/01/2023		1,750		1,762,694
Series 2018-A 5.00%, 05/01/2025		8,320		8,588,015
Series 2018-B 5.00%, 05/01/2025		4,695		4,846,241
Series 2019 5.00%, 04/01/2032		1,500		1,568,722
5.00%, 04/01/2033		1,000		1,036,567
Series 2021 4.00%, 08/01/2040		5,750		5,019,730
Spokane County School District No. 81 Spokane Series 2012 3.00%, 12/01/2031		10,000		9,026,633
State of Washington (State of Washington COP) Series 2015-C 5.00%, 01/01/2023		2,600		2,611,758
Washington Health Care Facilities Authority (Multicare Health System Obligated Group) Series 2015-B 5.00%, 08/15/2028		8,590		8,932,165
5.00%, 08/15/2029		16,560		17,214,758
5.00%, 08/15/2030		6,400		6,637,751
Washington Health Care Facilities Authority (Virginia Mason Medical Center Obligated Group) Series 2017 5.00%, 08/15/2025		2,000		2,040,955
5.00%, 08/15/2027		2,175		2,244,628
5.00%, 08/15/2028		3,700		3,816,661
5.00%, 08/15/2030		8,005		8,219,495
Washington State Convention Center Public Facilities District (Washington State Convention Center Public Facilities District Hotel Occupancy Tax) Series 2021 4.00%, 07/01/2031		10,600		9,378,198



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Washington State Housing Finance Commission Series 2021-1, Class A 3.50%, 12/20/2035	$	4,904	$	4,162,094
Series 2021-1, Class X 0.726%, 12/20/2035^(d)		3,237		164,758

				124,602,670

West Virginia – 0.2%
Tobacco Settlement Finance Authority/WV Series 2020 4.875%, 06/01/2049		16,125		13,659,696


Wisconsin – 2.7%
State of Wisconsin Series 2019-A 5.00%, 05/01/2025		9,000		9,384,420
5.00%, 05/01/2027		12,500		13,384,747
5.00%, 05/01/2028		12,000		12,885,284
5.00%, 05/01/2029		11,500		12,343,041
Series 2021-1 5.00%, 05/01/2031		3,000		3,314,086
Series 2021-2 5.00%, 05/01/2025		12,000		12,518,599
Series 2023-1 5.00%, 05/01/2024^(c)		3,170		3,235,349
5.00%, 05/01/2027^(c)		8,500		8,978,966
UMA Education, Inc. Series 2019 5.00%, 10/01/2022^(a)		820		820,000
5.00%, 10/01/2023^(a)		895		895,595
5.00%, 10/01/2025^(a)		3,360		3,348,010
5.00%, 10/01/2026^(a)		3,605		3,580,570
5.00%, 10/01/2027^(a)		3,720		3,678,000
5.00%, 10/01/2028^(a)		3,525		3,464,211
5.00%, 10/01/2029^(a)		835		817,292
Wisconsin Center District AGM Series 2020-C Zero Coupon, 12/15/2028		1,075		836,577
Zero Coupon, 12/15/2030		2,140		1,510,853
Zero Coupon, 12/15/2032		2,800		1,775,381
Zero Coupon, 12/15/2034		2,500		1,413,196
Wisconsin Center District (Wisconsin Center District Ded Tax) Series 2022 5.00%, 12/15/2022^(a)		1,000		1,002,415



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group) Series 2022 2.64% (MUNIPSA + 0.18%), 08/15/2054^(b)	$	4,000	$	3,894,402
Wisconsin Health & Educational Facilities Authority (Gundersen Lutheran Obligated Group) Series 2021 4.00%, 10/15/2034		2,500		2,364,825
4.00%, 10/15/2035		1,000		939,957
Wisconsin Health & Educational Facilities Authority (St. Camillus Health System Obligated Group) Series 2019 2.25%, 11/01/2026		190		180,634
Wisconsin Public Finance Authority Series 2022 5.00%, 02/01/2042		2,000		1,843,873
5.50%, 02/01/2042^(a)		6,955		6,167,663
Wisconsin Public Finance Authority (Carmelite System, Inc. Obligated Group (The)) Series 2020 5.00%, 01/01/2040		3,750		3,677,536
Wisconsin Public Finance Authority (Celanese US Holdings LLC) Series 2016-A 5.00%, 01/01/2024		1,000		1,008,913
Wisconsin Public Finance Authority (Duke Energy Progress LLC) Series 2022 3.30%, 10/01/2046		5,315		5,203,725
Wisconsin Public Finance Authority (Queens University of Charlotte) Series 2022 5.25%, 03/01/2042		6,000		5,699,063
Wisconsin Public Finance Authority (Roseman University of Health Sciences) Series 2020 3.00%, 04/01/2025^(a)		275		263,131



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group) Series 2021 2.75%, 06/01/2026^(a)	$	2,510	$	2,376,817
Series 2021-B 2.25%, 06/01/2027^(a)		1,420		1,255,106
Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group) Series 2021 4.00%, 02/01/2035		615		537,937
4.00%, 02/01/2036		3,335		2,857,865
4.00%, 02/01/2038		3,575		3,014,734
4.00%, 02/01/2040		3,945		3,283,967
Series 2022 5.00%, 02/01/2031		3,375		3,509,587
5.00%, 02/01/2032		2,545		2,599,173
WPPI Energy Series 2014-A 5.00%, 07/01/2029		1,000		1,018,157

				150,883,657

Total Long-Term Municipal Bonds (cost $5,315,964,454)				4,963,212,545


Short-Term Municipal Notes – 8.1%
Colorado – 0.2%
Colorado Health Facilities Authority (Children’s Hospital Colorado Obligated Group) Series 2020 2.25%, 12/01/2052^(e)		12,790		12,790,000


District of Columbia – 0.2%
District of Columbia (Carnegie Endowment for International Peace) Series 2010 2.56%, 11/01/2045^(e)		6,405		6,405,000
District of Columbia (Georgetown University (The)) Series 2016 2.45%, 04/01/2041^(e)		3,530		3,530,000



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

District of Columbia (MedStar Health Obligated Group) Series 2012-A 2.53%, 08/15/2038^(e)	$	2,145	$	2,145,000

				12,080,000

Florida – 0.4%
County of Palm Beach FL (Raymond F Kravis Center for the Performing Arts, Inc. (The)) Series 2002 2.48%, 07/01/2032^(e)		1,795		1,795,000
County of Palm Beach FL (Raymond F Kravis Center for the Performing Arts, Inc.(The)) Series 2002 2.48%, 07/01/2032^(e)		1,725		1,725,000
Florida Gulf Coast University Financing Corp. Series 2009-A 2.50%, 02/01/2039^(e)		1,650		1,650,000
Florida Keys Aqueduct Authority Series 2013 2.52%, 09/01/2035^(e)		1,045		1,045,000
Halifax Hospital Medical Center (Halifax Hospital Medical Center Obligated Group) Series 2010 2.45%, 06/01/2048^(e)		7,250		7,250,000
Orange County Health Facilities Authority (Nemours Foundation/Florida) Series 2017-C 2.52%, 01/01/2039^(e)		8,120		8,120,000
Orange County Health Facilities Authority (Orlando Health Obligated Group) Series 2019-E 2.45%, 10/01/2026^(e)		2,240		2,240,000

				23,825,000

Hawaii – 0.1%
Hawaii Housing Finance & Development Corp. (Ho’olehua Housing LP) Series 2008 2.54%, 12/01/2041^(e)		3,640		3,640,000



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DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Illinois – 0.4%
Illinois Development Finance Authority (American College of Surgeons) Series 1996 2.46%, 08/01/2026^(e)	$	672	$	672,000
Illinois Educational Facilities Authority (Lincoln Park Society (The)) Series 1999 2.35%, 01/01/2029^(e)		100		100,000
Illinois Finance Authority (Latin School of Chicago (The)) Series 2005-B 2.45%, 08/01/2035^(e)		955		955,000
Illinois Housing Development Authority (Steadfast Foxview LP) Series 2008 2.56%, 01/01/2041^(e)		14,500		14,500,000
Village of Brookfield IL (Chicago Zoological Society (The)) Series 2008 2.48%, 06/01/2038^(e)		6,165		6,165,000

				22,392,000

Indiana – 0.1%
City of Indianapolis IN (Foundation for Affordable Rental Housing, Inc.) Series 2008 2.45%, 05/15/2038^(e)		4,550		4,550,000


Iowa – 0.6%
Iowa Finance Authority (Iowa Health System Obligated Group) Series 2018 2.30%, 11/15/2041^(e)		8,960		8,960,000
2.30%, 12/01/2041^(e)		25,795		25,795,000

				34,755,000

Kentucky – 0.2%
Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group) Series 2016-A 2.54%, 10/01/2039^(e)		12,485		12,485,000



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Louisiana – 0.6%
Louisiana Offshore Terminal Authority (Loop LLC) Series 2013 2.30%, 09/01/2033^(e)	$	18,450	$	18,450,000
Louisiana Public Facilities Authority (CHRISTUS Health Obligated Group) Series 2009 2.30%, 07/01/2047^(e)		12,975		12,975,000
Louisiana Public Facilities Authority (Coca-Cola Bottling Co. United-Gulf Coast LLC) Series 2013 2.46%, 04/02/2023^(e)		2,265		2,265,000

				33,690,000

Maryland – 0.1%
Maryland Health & Higher Educational Facilities Authority Series 2014-B 2.45%, 04/01/2035^(e)		1,000		1,000,000
Montgomery County Housing Opportunities Commission Series 2011-A 2.50%, 01/01/2049^(e)		1,840		1,840,000

				2,840,000

Michigan – 0.5%
Grand Valley State University Series 2019-B 2.50%, 12/01/2031^(e)		17,625		17,625,000
Lakeview School District/MI Series 2019-B 2.50%, 05/01/2032^(e)		5,230		5,230,000
Michigan Strategic Fund (Wedgwood Christian Services) Series 2008 2.50%, 12/01/2038^(e)		1,650		1,650,000

				24,505,000

Minnesota – 0.6%
City of Minneapolis MN (Fairview Health Services Obligated Group) Series 2018 2.30%, 11/15/2048^(e)		4,805		4,805,000



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DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

City of Minneapolis MN (One Ten Grant LP) Series 1989 2.45%, 09/01/2026^(e)	$	9,270	$	9,270,000
City of Minneapolis MN (Seven Corners Community Housing Corp.) Series 2001 2.55%, 11/01/2031^(e)		1,330		1,330,000
City of Minneapolis MN/St. Paul Housing & Redevelopment Authority (Allina Health Obligated Group) Series 2008 2.45%, 11/15/2034^(e)		11,825		11,825,000
2.47%, 11/15/2034^(e)		3,675		3,675,000
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Allina Health Obligated Group) Series 2009-C 2.45%, 11/15/2035^(e)		2,400		2,400,000

				33,305,000

Nevada – 0.7%
County of Clark Department of Aviation Series 2008-D 2.55%, 07/01/2029^(e)		26,945		26,945,000
Series 2014-D 2.50%, 07/01/2040^(e)		11,010		11,010,000

				37,955,000

New Jersey – 0.4%
New Jersey Health Care Facilities Financing Authority Series 2017 2.55%, 07/01/2035^(e)		2,995		2,995,000
New Jersey Health Care Facilities Financing Authority (AHS Hospital Corp.) Series 2008-B 2.47%, 07/01/2036^(e)		3,675		3,675,000
Series 2008-C 2.47%, 07/01/2036^(e)		16,630		16,630,000

				23,300,000

New York – 1.3%
City of New York NY Series 2016 2.60%, 08/01/2044^(e)		10,375		10,375,000



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2019-I 2.61%, 03/01/2044^(e)	$	5,950	$	5,950,000
New York City Housing Development Corp. Series 2008 2.43%, 04/15/2035^(e)		300		300,000
New York City Housing Development Corp. (2 Gold LLC) Series 2008-A 2.20%, 04/15/2036^(e)		32,500		32,500,000
New York State Housing Finance Agency (8 East 102nd Street LLC) Series 2012 2.63%, 05/01/2044^(e)		21,910		21,910,000

				71,035,000

Ohio – 0.1%
Columbus Regional Airport Authority Series 2006 2.46%, 12/01/2036^(e)		6,880		6,880,000


Pennsylvania – 0.3%
Emmaus General Authority Series 2008-D 2.43%, 03/01/2024^(e)		700		700,000
Series 2008-E 2.43%, 03/01/2024^(e)		1,000		1,000,000
Series 2008-E20 2.43%, 03/01/2024^(e)		500		500,000
Haverford Township School District Series 2009 2.50%, 03/01/2030^(e)		2,310		2,310,000
Pennsylvania Turnpike Commission Series 2019 2.55%, 12/01/2038^(e)		700		700,000
Philadelphia Gas Works Co. Series 2020-D 2.50%, 08/01/2031^(e)		10,950		10,950,000

				16,160,000

Rhode Island – 0.0%
Rhode Island Health and Educational Building Corp. (Roger Williams University) Series 2012-B 2.47%, 11/15/2038^(e)		2,430		2,430,000



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DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Tennessee – 0.1%
Greeneville Health & Educational Facilities Board (Ballad Health Obligated Group) Series 2018-B 2.46%, 07/01/2045^(e)	$	3,150	$	3,150,000


Texas – 0.1%
Dallas Performing Arts Cultural Facilities Corp. (Dallas Center for the Performing Arts Foundation, Inc.) Series 2013 2.45%, 09/01/2041^(e)		3,350		3,350,000
Tarrant County Housing Finance Corp. (One Oaklake VIII LLC) Series 2003 2.52%, 02/15/2036^(e)		270		270,000

				3,620,000

Vermont – 0.1%
Vermont Educational & Health Buildings Financing Agency (University of Vermont Health Network Obligated Group) Series 2008 2.54%, 12/01/2030^(e)		4,330		4,330,000


Virginia – 0.3%
Loudoun County Economic Development Authority (Jack Kent Cooke Foundation) Series 2004 2.48%, 06/01/2034^(e)		3,000		3,000,000
Roanoke Economic Development Authority (Carilion Clinic Obligated Group) Series 2020 2.48%, 07/01/2052^(e)		11,680		11,680,000

				14,680,000

Washington – 0.7%
Washington State Housing Finance Commission (Bitter Lake Village Associates 2 LP) Series 2009 2.58%, 12/15/2044^(e)		3,025		3,025,000



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Washington State Housing Finance Commission (Evergreen School (The)) Series 2002 2.50%, 07/01/2028^(e)	$	1,175	$	1,175,000
Washington State Housing Finance Commission (Panorama/United States) Series 2008 2.50%, 04/01/2043^(e)		4,050		4,050,000
Washington State Housing Finance Commission (Redmond Ridge Apartments LLC) Series 2017 2.54%, 11/01/2047^(e)		9,440		9,440,000
Washington State Housing Finance Commission (Traditions at South Hill LLC) Series 2014 2.54%, 08/01/2044^(e)		6,140		6,140,000
Washington State Housing Finance Commission (Vintage at Urban Center LLC) Series 2015 2.55%, 07/01/2047^(e)		15,460		15,460,000

				39,290,000

West Virginia – 0.0%
West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group) Series 2018 2.50%, 06/01/2034^(e)		635		635,000


Total Short-Term Municipal Notes (cost $444,322,000)				444,322,000


Total Municipal Obligations (cost $5,760,286,454)				5,407,534,545



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DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

CORPORATES - INVESTMENT GRADE – 0.9%
Industrial – 0.9%
Consumer Cyclical - Automotive – 0.2%
General Motors Financial Co., Inc. 3.443%, 04/07/2025	$	10,000	$	9,787,700


Consumer Non - Cyclical – 0.4%
Baylor Scott & White Holdings Series 2021 0.827%, 11/15/2025		5,835		5,181,130
1.777%, 11/15/2030		5,000		3,839,550
CommonSpirit Health 1.547%, 10/01/2025		4,513		4,006,100
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031		10,000		7,647,700
Sutter Health Series 20A 3.161%, 08/15/2040		4,000		2,867,400

				23,541,880

Services – 0.3%
Hackensack Meridian Health, Inc. Series 2020 2.675%, 09/01/2041		7,000		4,730,530
Novant Health, Inc. 2.637%, 11/01/2036		19,100		13,906,710

				18,637,240

Total Corporates – Investment Grade (cost $65,330,586)				51,966,820


COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.4%
Agency CMBS – 0.4%
California Housing Finance Agency Series 2021-2, Class A 3.75%, 03/25/2035		16,301		14,957,212
Series 2021-3, Class X 0.764%, 08/20/2036^(d)		8,073		487,350
Federal Home Loan Mortgage Corp. Series 2021-ML10, Class ACA 2.046%, 06/25/2038		1,975		1,510,104



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2021-ML10, Class AUS 2.032%, 01/25/2038	$	4,937	$	3,801,068

Total Commercial Mortgage-Backed Securities (cost $26,968,206)				20,755,734


CORPORATES - NON-INVESTMENT GRADE – 0.3%
Industrial – 0.3%
Communications - Media – 0.1%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034^(a)		7,730		5,581,833


Consumer Non-Cyclical – 0.1%
Medline Borrower LP 3.875%, 04/01/2029^(a)		6,500		5,219,760


Transportation - Airlines – 0.1%
United Airlines, Inc. 4.375%, 04/15/2026^(a)		5,000		4,461,150
4.625%, 04/15/2029^(a)		2,300		1,909,920

				6,371,070

Total Corporates – Non-Investment Grade (cost $21,527,850)				17,172,663


COLLATERALIZED MORTGAGE OBLIGATIONS – 0.1%
Risk Share Floating Rate – 0.1%
Connecticut Avenue Securities Trust Series 2020-SBT1, Class 2M2 6.734% (LIBOR 1 Month + 3.65%), 02/25/2040^(a)(b)		813		804,005
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2019-DNA3, Class M2 5.134% (LIBOR 1 Month + 2.05%), 07/25/2049^(a)(b)		460		453,419
Series 2013-DN2, Class M2 7.334% (LIBOR 1 Month + 4.25%), 11/25/2023^(b)		235		237,337
Series 2014-DN3, Class M3 7.084% (LIBOR 1 Month + 4.00%), 08/25/2024^(b)		50		50,699



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DIVERSIFIED MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2015-DNA1, Class M3 6.384% (LIBOR 1 Month + 3.30%), 10/25/2027^(b)	$	209	$	211,323
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 2M2 5.984% (LIBOR 1 Month + 2.90%), 07/25/2024^(b)		338		338,917
Series 2014-C04, Class 1M2 7.984% (LIBOR 1 Month + 4.90%), 11/25/2024^(b)		158		163,126
Series 2015-C02, Class 1M2 7.084% (LIBOR 1 Month + 4.00%), 05/25/2025^(b)		277		280,925
Series 2016-C01, Class 1M2 9.834% (LIBOR 1 Month + 6.75%), 08/25/2028^(b)		396		418,053
Series 2016-C03, Class 1M2 8.384% (LIBOR 1 Month + 5.30%), 10/25/2028^(b)		163		167,320

Total Collateralized Mortgage Obligations (cost $2,763,350)				3,125,124


Total Investments – 99.7% (cost $5,876,876,446)				5,500,554,886
Other assets less liabilities – 0.3%				18,996,480


Net Assets – 100.0%			$	5,519,551,366

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 39, 5 Year Index, 12/20/2027*		5.00	%		Quarterly		6.06	%		USD	38,450	$	1,525,557	$	1,537,902	$	(12,345	)

*	Termination date



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PORTFOLIO OF INVESTMENTS (continued)

DIVERSIFIED MUNICIPAL PORTFOLIO

CLEARED CENTRALLY INFLATION (CPI) SWAPS (see Note 3)


				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
USD	25,420		01/15/2025		2.565%		CPI#	Maturity	$	2,191,313		$	– 0	–	$	2,191,313
USD	15,240		01/15/2025		4.028%		CPI#	Maturity		418,597			– 0	–		418,597
USD	12,710		01/15/2025		2.585%		CPI#	Maturity		1,085,660			– 0	–		1,085,660
USD	12,710		01/15/2025		2.613%		CPI#	Maturity		1,071,906			– 0	–		1,071,906
USD	52,790		01/15/2026		CPI#		3.720%	Maturity		(1,438,432	)		– 0	–		(1,438,432	)
USD	40,000		01/15/2027		CPI#		3.320%	Maturity		(1,505,777	)		– 0	–		(1,505,777	)
USD	39,500		01/15/2027		CPI#		3.466%	Maturity		(1,139,285	)		(46,159	)		(1,093,126	)
USD	31,450		01/15/2027		CPI#		3.323%	Maturity		(1,178,249	)		– 0	–		(1,178,249	)
USD	87,590		01/15/2028		1.230%		CPI#	Maturity		14,615,294			– 0	–		14,615,294
USD	87,240		01/15/2028		0.735%		CPI#	Maturity		17,599,712			– 0	–		17,599,712
USD	94,820		01/15/2029		CPI#		3.290%	Maturity		(1,899,453	)		– 0	–		(1,899,453	)
USD	40,500		01/15/2029		CPI#		3.735%	Maturity		650,555			– 0	–		650,555
USD	16,275		01/15/2030		1.572%		CPI#	Maturity		2,492,305			– 0	–		2,492,305
USD	16,275		01/15/2030		1.587%		CPI#	Maturity		2,470,633			– 0	–		2,470,633
USD	23,500		01/15/2031		2.782%		CPI#	Maturity		1,186,237			– 0	–		1,186,237
USD	22,000		01/15/2031		2.680%		CPI#	Maturity		1,324,056			– 0	–		1,324,056
USD	19,200		01/15/2031		2.989%		CPI#	Maturity		586,762			– 0	–		586,762
USD	20,800		01/15/2032		CPI#		3.064%	Maturity		(331,372	)		– 0	–		(331,372	)
USD	18,300		04/15/2032		CPI#		2.909%	Maturity		(517,921	)		– 0	–		(517,921	)

									$	37,682,541		$	(46,159	)	$	37,728,700

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

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)


				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
USD	51,000		01/15/2027	1 Day SOFR	2.540%	Annual	$	(2,297,125	)	$	– 0	–	$	(2,297,125	)
USD	45,000		01/15/2031	1.323%	3 Month LIBOR	Semi-Annual/ Quarterly		8,129,133			– 0	–		8,129,133
USD	136,500		04/15/2032	2.569%	1 Day SOFR	Annual		9,777,474			– 0	–		9,777,474
USD	54,900		04/15/2032	1.280%	1 Day SOFR	Annual		9,920,772			– 0	–		9,920,772
USD	38,200		04/15/2032	2.632%	1 Day SOFR	Annual		2,532,283			– 0	–		2,532,283
USD	11,000		04/15/2032	3.082%	1 Day SOFR	Annual		350,764			– 0	–		350,764
USD	6,000		04/15/2032	3.069%	1 Day SOFR	Annual		197,568			– 0	–		197,568

							$	28,610,869		$	– 0	–	$	28,610,869



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CREDIT DEFAULT SWAPS (see Note 3)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	363	$	(81,297	)	$	(33,872	)	$	(47,425	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,204		(269,970	)		(145,114	)		(124,856	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	80		(18,030	)		(9,399	)		(8,631	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	199		(44,592	)		(18,750	)		(25,842	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	2,451		(549,599	)		(284,598	)		(265,001	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	2,478		(555,556	)		(233,888	)		(321,668	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	3,728		(835,828	)		(342,844	)		(492,984	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	465		(104,157	)		(55,752	)		(48,405	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	3,231		(724,427	)		(288,421	)		(436,006	)

												$	(3,183,456	)	$	(1,412,638	)	$	(1,770,818	)

*	Termination date

INTEREST RATE SWAPS (see Note 3)

Rate Type

Swap
Counterparty

Notional
Amount
(000)

Termination
Date

Payments
made

by the
Fund

Payments
received

by the
Fund

Payment

Frequency
Paid/
Received

Market
Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation/
(Depreciation)

Citibank, NA

USD

57,160

10/09/2029

1.125

SIFMA

Quarterly

6,568,374

– 0

–

6,568,374

*	Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.



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DIVERSIFIED MUNICIPAL PORTFOLIO

(a)

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

(c)	When-Issued or delayed delivery security.

(d)	IO—Interest Only.

(e)

Glossary:

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

CMBS – Commercial Mortgage-Backed Securities

COP – Certificate of Participation

CPI – Consumer Price Index

DOT – Department of Transportation

ETM – Escrowed to Maturity

LIBOR – London Interbank Offered Rate

MUNIPSA – SIFMA Municipal Swap Index

NATL – National Interstate Corporation

OSF – Order of St. Francis

SOFR – Secured Overnight Financing Rate

UPMC – University of Pittsburgh Medical Center

XLCA – XL Capital Assurance Inc.

See notes to financial statements.



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September 30, 2022


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 94.9%
Long-Term Municipal Bonds – 89.7%
New York – 73.1%
Albany County Airport Authority Series 2020-B 5.00%, 12/15/2022	$	785	$	787,271
5.00%, 12/15/2023		1,050		1,066,770
5.00%, 12/15/2024		855		874,761
5.00%, 12/15/2025		855		880,705
5.00%, 12/15/2026		855		882,550
Battery Park City Authority Series 2013-A 5.00%, 11/01/2022		4,345		4,351,541
Broome County Local Development Corp. (United Health Services Hospitals Obligated Group) AGM Series 2020 3.00%, 04/01/2035		2,220		1,771,093
3.00%, 04/01/2036		2,000		1,567,902
3.00%, 04/01/2037		1,500		1,157,203
4.00%, 04/01/2034		725		677,502
4.00%, 04/01/2038		1,400		1,263,374
4.00%, 04/01/2039		1,400		1,253,865
4.00%, 04/01/2040		1,500		1,332,585
5.00%, 04/01/2032		2,000		2,110,260
5.00%, 04/01/2033		1,000		1,048,515
Buffalo & Erie County Industrial Land Development Corp. (Catholic Health System Obligated Group) Series 2015 5.00%, 07/01/2023		1,000		990,556
Build NYC Resource Corp. (Grand Concourse Acadmey Charter School) Series 2022 5.00%, 07/01/2042		550		524,770
Build NYC Resource Corp. (Integration Charter Schools) Series 2021 5.00%, 06/01/2036^(a)		1,050		997,061
5.00%, 06/01/2041^(a)		800		742,189
Build NYC Resource Corp. (Metropolitan College of New York) Series 2014 5.00%, 11/01/2023		1,585		1,584,282
5.00%, 11/01/2025		1,750		1,740,099
5.25%, 11/01/2029		1,900		1,888,846



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PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Build NYC Resource Corp. (NEW World Preparatory Charter School) Series 2021 4.00%, 06/15/2041	$	525	$	422,095
City of New York NY Series 2017-1 5.00%, 08/01/2025		1,365		1,428,521
Series 2017-C 5.00%, 08/01/2023		1,075		1,091,063
5.00%, 08/01/2024		1,260		1,300,053
Series 2018-A 5.00%, 08/01/2026		7,690		8,156,346
Series 2018-D 5.00%, 12/01/2038		9,665		10,018,308
Series 2019-B 5.00%, 10/01/2032		4,205		4,521,704
Series 2019-H 5.00%, 01/01/2032		5,615		6,010,892
Series 2020-C 5.00%, 08/01/2034		5,000		5,347,817
5.00%, 08/01/2035		3,750		3,989,369
5.00%, 08/01/2038		4,960		5,213,038
Series 2021 1.396%, 08/01/2027		4,950		4,215,702
Series 2021-D 1.216%, 08/01/2026		6,000		5,268,848
1.623%, 08/01/2028		4,000		3,318,936
County of Albany NY Series 2020-C 5.00%, 11/01/2022		1,915		1,917,795
5.00%, 11/01/2023		1,515		1,544,422
County of Nassau NY Series 2014-A 5.00%, 04/01/2025 (Pre-refunded/ETM)		10,190		10,456,615
Series 2017-C 5.00%, 10/01/2026		8,920		9,417,455
5.00%, 10/01/2027		13,200		14,090,380
County of Suffolk NY Series 2022 5.00%, 09/01/2029		1,770		1,905,165
Dutchess County Local Development Corp. (Bard College) Series 2020-A 5.00%, 07/01/2040^(a)		1,900		1,768,634
Series 2020-B 5.918%, 07/01/2039^(a)		4,940		4,765,884



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	Principal Amount (000)		U.S. $ Value

Dutchess County Local Development Corp. (Health QuestSystems Obligated Group) Series 2016-B 5.00%, 07/01/2032	$	4,945	$	5,003,351
Hudson Yards Infrastructure Corp. Series 2017-A 5.00%, 02/15/2031		17,060		18,012,676
5.00%, 02/15/2032		5,590		5,880,195
Series 2021 4.00%, 02/15/2040		5,000		4,566,943
Jefferson County Industrial Development Agency (ReEnergy Black River LLC) Series 2019 5.25%, 01/01/2024^(b)^(c)		1,250		250,000
Long Island Power Authority Series 2019-B 1.65%, 09/01/2049		9,535		9,113,058
Metropolitan Transportation Authority Series 2016-D 5.00%, 11/15/2027		1,210		1,243,285
Series 2017-B 5.00%, 11/15/2027		5,000		5,177,132
5.00%, 11/15/2028		4,020		4,168,250
Series 2017-C 5.00%, 11/15/2027		9,140		9,463,796
5.00%, 11/15/2028		7,400		7,619,424
5.00%, 11/15/2029		1,705		1,754,095
5.00%, 11/15/2031		39,900		40,558,609
Series 2019-F 5.00%, 11/15/2022		3,230		3,235,899
Series 2021 2.427% (SOFR + 0.43%), 11/01/2026^(d)		2,085		2,002,421
AGM Series 2021 2.547% (SOFR + 0.55%), 11/01/2032^(d)		3,000		2,928,279
2.797% (SOFR + 0.80%), 11/01/2032^(d)		3,715		3,512,722
Metropolitan Transportation Authority (Metropolitan Transportation Authority Dedicated Tax Fund) Series 2012-A 5.00%, 11/15/2024		14,130		14,158,112
Series 2017-A 5.00%, 11/15/2031		2,060		2,190,198
Series 2022-A 4.00%, 11/15/2038		11,605		10,885,279



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	Principal Amount (000)		U.S. $ Value

Monroe County Industrial Development Corp./NY (Rochester Regional Health Obligated Group) Series 2020 5.00%, 12/01/2024	$	510	$	518,951
5.00%, 12/01/2028		1,210		1,262,178
Monroe County Industrial Development Corp./NY (St. Ann’s of Greater Rochester Obligated Group) Series 2019 4.00%, 01/01/2030		2,645		2,310,810
Monroe County Industrial Development Corp/NY (Academy of Health Sciences Charter School) Series 2022 5.00%, 07/01/2032^(a)		250		240,831
5.625%, 07/01/2042^(a)		2,000		1,888,325
Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group) Series 2014 5.00%, 07/01/2024		4,550		4,638,767
New York City Housing Development Corp. Series 2013-A 5.00%, 07/01/2025 (Pre-refunded/ETM)		2,000		2,027,183
New York City Municipal Water Finance Authority Series 2014-D 5.00%, 06/15/2029		3,000		3,082,538
Series 2015-F 5.00%, 06/15/2028		1,845		1,929,185
Series 2015-G 5.00%, 06/15/2028		11,465		11,988,131
Series 2017 5.00%, 06/15/2038		3,725		3,870,475
Series 2017-E 5.00%, 06/15/2037		1,795		1,867,926
Series 2018-AA 5.00%, 06/15/2024		8,280		8,536,877
Series 2019-D 5.00%, 06/15/2024		1,005		1,008,638



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NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2019-F 5.00%, 06/15/2040	$	6,190	$	6,444,161
Series 2021-B 4.00%, 06/15/2039		2,000		1,893,513
New York City Transitional Finance Authority Building Aid Revenue (New York City Transitional Finance Authority Building Aid Revenue State Lease) Series 2018-S 5.00%, 07/15/2031		2,025		2,188,804
5.00%, 07/15/2032		16,040		17,199,143
New York City Transitional Finance Authority Future Tax Secured Revenue Series 2012-B 5.00%, 11/01/2023		2,100		2,102,952
5.00%, 11/01/2024		8,705		8,717,238
Series 2012-D 5.00%, 11/01/2023		11,025		11,040,499
Series 2014-A 5.00%, 08/01/2027		1,655		1,699,309
5.00%, 08/01/2029		5,000		5,128,511
Series 2014-C 5.00%, 11/01/2026		6,345		6,496,061
Series 2014-D1 5.00%, 02/01/2028		7,110		7,248,021
5.00%, 02/01/2029		2,425		2,471,127
Series 2015-C 5.00%, 11/01/2026		20,000		20,788,986
Series 2016-B 5.00%, 08/01/2031		2,200		2,306,777
Series 2017-F 5.00%, 05/01/2032		1,220		1,279,801
Series 2020 4.00%, 05/01/2037		3,065		2,930,748
5.00%, 11/01/2027		2,580		2,776,389
Series 2021-A 5.00%, 11/01/2023		6,770		6,905,083
Series 2022 4.00%, 02/01/2040		2,220		2,075,353
4.00%, 02/01/2041		14,250		13,240,603
Series 2022-F 4.00%, 02/01/2038		1,000		946,441
New York Liberty Development Corp. (One Bryant Park LLC) Series 2019 2.45%, 09/15/2069		20,000		17,727,082



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PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

2.625%, 09/15/2069	$	22,240	$	18,321,474
2.80%, 09/15/2069		6,470		5,308,838
New York Liberty Development Corp. (Port Authority of New York & New Jersey) Series 2021-1 3.00%, 02/15/2042		20,000		14,882,818
New York State Dormitory Authority Series 2014 5.00%, 02/15/2029 (Pre-refunded/ETM)		40		40,933
Series 2015-E 5.00%, 03/15/2023 (Pre-refunded/ETM)		4,380		4,419,112
Series 2017 5.00%, 02/15/2025 (Pre-refunded/ETM)		2,775		2,886,985
Series 2020-A 5.00%, 03/15/2024 (Pre-refunded/ETM)		6,475		6,649,817
New York State Dormitory Authority AGM Series 2020 5.00%, 10/01/2026 (Pre-refunded/ETM)		5		5,327
5.00%, 10/01/2029 (Pre-refunded/ETM)		5		5,452
Series 2021 1.187%, 03/15/2026 (Pre-refunded/ETM)		5,500		4,908,003
New York State Dormitory Authority (Garnet Health Medical Center Obligated Group) Series 2017 5.00%, 12/01/2023^(a)		1,400		1,410,739
5.00%, 12/01/2024^(a)		1,700		1,723,171
5.00%, 12/01/2026^(a)		1,500		1,530,156
New York State Dormitory Authority (Icahn School of Medicine at Mount Sinai) Series 2015-A 5.00%, 07/01/2026		3,745		3,866,006
New York State Dormitory Authority (Iona College) Series 2022-2 5.00%, 07/01/2024		555		564,140
5.00%, 07/01/2026		620		638,123
5.00%, 07/01/2027		325		335,892
5.00%, 07/01/2029		500		519,276
5.00%, 07/01/2030		300		311,189
5.00%, 07/01/2031		320		330,481
5.00%, 07/01/2032		280		287,573
New York State Dormitory Authority (New York State Dormitory Authority Lease) AGM Series 2020 5.00%, 10/01/2026		3,045		3,227,630
5.00%, 10/01/2029		2,130		2,311,401



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NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

New York State Dormitory Authority (New York State Sales Tax) Series 2015-A 5.00%, 03/15/2023	$	2,215	$	2,234,294
New York State Dormitory Authority (New York University) Series 2015-A 5.00%, 07/01/2023		2,040		2,068,877
Series 2019-A 5.00%, 07/01/2032		2,975		3,233,202
New York State Dormitory Authority (Northwell Health Obligated Group) Series 2022 4.00%, 05/01/2039		2,500		2,263,763
4.00%, 05/01/2040		6,000		5,389,989
New York State Dormitory Authority (Rochester Institute of Technology) Series 2020-A 5.00%, 07/01/2023		1,000		1,012,313
5.00%, 07/01/2026		1,000		1,056,560
New York State Dormitory Authority (St. John’s University/NY) Series 2015-A 5.00%, 07/01/2024		1,130		1,155,303
Series 2021-A 4.00%, 07/01/2031		1,400		1,375,506
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2014 5.00%, 02/15/2029		11,385		11,618,323
Series 2014-A 5.00%, 02/15/2028		2,400		2,450,473
Series 2014-C 5.00%, 03/15/2028		12,485		12,763,060
5.00%, 03/15/2029		2,010		2,053,623
Series 2015-B 5.00%, 02/15/2023		1,160		1,168,271
Series 2020-D 5.00%, 02/15/2034		9,425		10,050,809
Series 2021-A 5.00%, 03/15/2036		3,775		4,014,079
Series 2022-A 4.00%, 03/15/2042		10,000		9,150,500
AMBAC INS Series 2005-B 5.50%, 03/15/2023		5,000		5,054,567



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PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

New York State Dormitory Authority (Wagner College) Series 2022 5.00%, 07/01/2037	$	1,000	$	969,461
5.00%, 07/01/2039		1,500		1,439,890
5.00%, 07/01/2042		1,630		1,541,958
New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority) Series 2019-B 5.00%, 06/15/2027		445		480,043
New York State Thruway Authority (New York State Thruway Authority Gen Toll Road) Series 2014-J 5.00%, 01/01/2026		18,900		19,224,014
5.00%, 01/01/2027		15,000		15,248,006
Series 2014-K 5.00%, 01/01/2026		1,310		1,351,074
5.00%, 01/01/2028		3,035		3,120,253
Series 2019-M 2.90%, 01/01/2035		8,775		7,177,256
New York State Thruway Authority (State of New York Pers Income Tax) Series 2022-A 5.00%, 03/15/2039		7,250		7,660,079
New York State Urban Development Corp. 5.00%, 09/15/2029		6,800		7,437,112
New York State Urban Development Corp. (State of New York Pers Income Tax) Series 2016-A 5.00%, 03/15/2028		5,010		5,256,680
Series 2020-A 4.00%, 03/15/2038		4,350		4,042,318
Series 2020-E 4.00%, 03/15/2043		4,650		4,195,579
New York State Urban Development Corp. (State of New York Sales Tax Revenue) Series 2021-A 5.00%, 03/15/2036		4,000		4,265,775
New York Transportation Development Corp. (American Airlines, Inc.) Series 2016 5.00%, 08/01/2026		1,395		1,395,000
5.00%, 08/01/2031		2,985		2,986,357



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PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2021 2.25%, 08/01/2026	$	1,625	$	1,497,990
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 5.00%, 01/01/2027		2,165		2,174,088
5.00%, 01/01/2030		24,445		24,265,605
5.00%, 01/01/2032		2,355		2,307,601
5.00%, 01/01/2036		2,000		1,913,720
New York Transportation Development Corp. (Empire State Thruway Partners LLC) Series 2021 4.00%, 10/31/2034		500		442,618
4.00%, 10/31/2041		2,075		1,709,049
New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2020 5.00%, 12/01/2027		2,210		2,257,525
5.00%, 12/01/2030		1,010		1,029,622
5.00%, 12/01/2031		400		404,570
5.00%, 12/01/2032		1,035		1,043,516
5.00%, 12/01/2036		1,050		1,022,606
Series 2022 4.00%, 12/01/2042		1,000		809,181
5.00%, 12/01/2031		2,005		2,030,164
5.00%, 12/01/2040		5,400		5,189,611
5.00%, 12/01/2041		3,670		3,514,971
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) Series 2016-A 5.25%, 01/01/2050		2,535		2,457,518
New York Transportation Development Corp. (Terminal One Group Association LP) Series 2015 5.00%, 01/01/2023		965		967,155
Niagara Area Development Corp. (Covanta Holding Corp.) Series 2018-A 4.75%, 11/01/2042^(a)		1,000		871,013
Series 2018-B 3.50%, 11/01/2024^(a)		3,400		3,314,249
Niagara Falls City School District Series 2016 5.00%, 06/15/2024		4,055		4,144,319
5.00%, 06/15/2025		3,660		3,781,979



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PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Onondaga Civic Development Corp. (Le Moyne College) Series 2022 4.00%, 07/01/2034	$	300	$	270,059
4.00%, 07/01/2036		350		309,048
4.00%, 07/01/2039		450		385,347
Port Authority of New York & New Jersey Series 2013-178 5.00%, 12/01/2023		10,480		10,643,441
Series 2014 5.00%, 09/01/2023		5,080		5,143,048
5.00%, 09/01/2027		7,500		7,626,095
Series 2014-1 5.00%, 10/15/2023		3,455		3,503,296
Series 2014-186 5.00%, 10/15/2022		5,000		5,002,889
Series 2015 5.00%, 10/15/2022		2,135		2,136,233
5.00%, 10/15/2023		5,850		5,931,775
5.00%, 10/15/2026		8,405		8,653,610
Series 2017 5.00%, 10/15/2028		6,925		7,166,982
Series 2018-2 5.00%, 09/15/2025		3,040		3,137,078
5.00%, 09/15/2027		9,340		9,744,940
Series 2019 5.00%, 11/01/2035		3,135		3,195,441
5.00%, 11/01/2036		5,365		5,454,198
Series 2020-2 5.00%, 07/15/2033		3,000		3,112,043
5.00%, 07/15/2034		13,030		13,423,179
5.00%, 07/15/2035		2,260		2,308,274
Series 2021-2 5.00%, 10/15/2022		3,000		3,001,733
5.00%, 10/15/2023		2,750		2,788,441
Sales Tax Asset Receivable Corp. Series 2014-A 5.00%, 10/15/2025 (Pre-refunded/ETM)		6,075		6,287,542
5.00%, 10/15/2026 (Pre-refunded/ETM)		7,065		7,312,179
Suffolk County Economic Development Corp. (Peconic Landing at Southold, Inc.) Series 2020 5.00%, 12/01/2029		500		512,196
5.00%, 12/01/2034		1,000		1,010,724



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PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Suffolk Tobacco Asset Securitization Corp. Series 2021 0.45%, 06/01/2031	$	410	$	406,337
4.00%, 06/01/2035		2,300		2,109,787
4.00%, 06/01/2036		2,425		2,204,313
4.00%, 06/01/2037		1,170		1,051,708
4.00%, 06/01/2050		2,500		2,117,501
5.00%, 06/01/2034		2,275		2,326,030
Town of Oyster Bay NY Series 2018 5.00%, 02/15/2023		2,185		2,198,428
Triborough Bridge & Tunnel Authority Series 2012-B 5.00%, 11/15/2023		18,000		18,037,850
Series 2013-A 5.00%, 11/15/2028		5,000		5,050,653
Series 2013-B 5.00%, 11/15/2022		7,525		7,542,189
Series 2021-A
5.00%, 11/01/2025		2,505		2,622,888
Series 2021-B 2.377% (SOFR + 0.38%), 01/01/2032^(d)		5,095		5,053,835
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021 5.00%, 05/15/2050		15,035		15,713,495
Series 2021-A 2.00%, 05/15/2045		9,185		8,926,473
2.511%, 05/15/2035		10,000		7,620,617
Series 2021-C 5.00%, 05/15/2039		5,000		5,247,924
Series 2022 5.00%, 05/15/2030		2,500		2,752,478
5.00%, 05/15/2032		5,000		5,554,311
5.00%, 05/15/2033		1,000		1,095,389
5.00%, 05/15/2034		1,590		1,727,046
5.00%, 05/15/2035		1,000		1,074,687
5.00%, 05/15/2036		1,000		1,070,978
5.00%, 05/15/2041		1,750		1,825,276
Series 2022-A 5.00%, 08/15/2024		20,000		20,670,594
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute) Series 2020 5.00%, 09/01/2031		2,570		2,706,559



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PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

5.00%, 09/01/2032	$	3,460	$	3,630,252
5.00%, 09/01/2033		2,365		2,467,717
Trust for Cultural Resources of The City of New York (The) (Lincoln Center for the Performing Arts, Inc.) Series 2016-A 5.00%, 12/01/2026		7,175		7,626,851
Series 2020 5.00%, 12/01/2031		1,800		1,967,655
5.00%, 12/01/2032		2,000		2,170,475
Trust for Cultural Resources of The City of New York (The) (Lincoln Center for the Performing Arts, Inc.) Series 2020 4.00%, 12/01/2033		1,140		1,090,433
TSASC, Inc./NY Series 2017-A 5.00%, 06/01/2023		1,000		1,011,315
Utility Debt Securitization Authority Series 2013-T 5.00%, 06/15/2026		2,800		2,853,632
Westchester County Local Development Corp. (Kendal on Hudson Obligated Group) Series 2022 5.00%, 01/01/2027^(e)		520		531,856
5.00%, 01/01/2032^(e)		520		525,389
5.00%, 01/01/2037^(e)		530		523,647
5.00%, 01/01/2041^(e)		720		697,841

				1,053,565,656

Alabama – 0.7%
Southeast Alabama Gas Supply District (The) (Goldman Sachs Group, Inc. (The)) Series 2018-A 4.00%, 04/01/2049		10,000		9,967,308


American Samoa – 0.1%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028^(a)		1,055		1,138,745


Colorado – 1.2%
City & County of Denver CO (United Airlines, Inc.) Series 2017 5.00%, 10/01/2032		2,425		2,307,889



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PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Colorado Health Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2031	$	5,265	$	5,403,330
5.00%, 08/01/2033		6,030		6,092,389
5.00%, 08/01/2034		4,000		4,016,528
Vauxmont Metropolitan District AGM Series 2020 5.00%, 12/01/2050		160		166,565

				17,986,701

Connecticut – 1.7%
State of Connecticut Series 2018-B 5.00%, 04/15/2025		14,565		15,155,688
Series 2018-C 5.00%, 06/15/2027		4,690		5,017,050
Series 2018-F 5.00%, 09/15/2027		4,025		4,318,893

				24,491,631

Florida – 0.1%
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2030		100		66,646
Zero Coupon, 10/01/2032		100		59,304
Zero Coupon, 10/01/2033		100		55,768
Zero Coupon, 10/01/2034		110		57,729
Volusia County School Board (Volusia County School Board COP) Series 2014-B 5.00%, 08/01/2026		1,000		1,026,773

				1,266,220

Georgia – 0.2%
Municipal Electric Authority of Georgia Series 2019 5.00%, 01/01/2031		905		945,983
5.00%, 01/01/2032		565		585,693
5.00%, 01/01/2035		1,185		1,187,658

				2,719,334

Guam – 1.8%
Antonio B Won Pat International Airport Authority Series 2021-A 3.099%, 10/01/2028		665		575,293



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PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

3.189%, 10/01/2029	$	550	$	465,824
3.339%, 10/01/2030		450		376,532
Series 2023 5.125%, 10/01/2034^(e)		250		228,269
5.25%, 10/01/2031^(e)		1,025		981,342
5.25%, 10/01/2035^(e)		265		242,171
5.375%, 10/01/2033^(e)		525		495,006
Guam Government Waterworks Authority Series 2017 5.00%, 07/01/2028		1,250		1,291,279
5.00%, 07/01/2030		1,000		1,030,334
5.00%, 07/01/2031		2,000		2,054,951
Guam Power Authority Series 2017-A 5.00%, 10/01/2025		2,980		3,062,933
5.00%, 10/01/2026		1,225		1,266,533
5.00%, 10/01/2027		1,230		1,277,552
Series 2022-A 5.00%, 10/01/2023		1,250		1,263,809
Territory of Guam Series 2019 5.00%, 11/15/2031		270		254,939
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2029		620		619,049
5.00%, 12/01/2030		1,000		992,701
5.00%, 12/01/2032		925		905,087
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2015-D 5.00%, 11/15/2023		1,865		1,872,163
5.00%, 11/15/2025		1,555		1,560,439
5.00%, 11/15/2031		3,730		3,672,040
Series 2021-F 5.00%, 01/01/2030		1,000		996,984

				25,485,230

Illinois – 2.9%
Chicago Board of Education Series 2017-C 5.00%, 12/01/2023		8,160		8,247,829
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2023		130		130,883



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PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

5.00%, 09/01/2026	$	150	$	152,980
5.00%, 09/01/2027		145		148,068
5.00%, 09/01/2029		225		230,332
5.00%, 09/01/2032		365		366,889
5.00%, 09/01/2033		200		199,914
5.00%, 09/01/2034		225		222,181
Metropolitan Pier & Exposition Authority Series 2017-B 5.00%, 12/15/2028		2,000		2,038,769
State of Illinois Series 2012 5.00%, 08/01/2023		3,370		3,403,635
Series 2013 5.50%, 07/01/2025		7,435		7,512,669
Series 2017-A 5.00%, 12/01/2024		2,105		2,140,138
Series 2017-D 5.00%, 11/01/2023		7,505		7,593,942
5.00%, 11/01/2024		5,580		5,672,190
Series 2018-A 5.00%, 10/01/2024		2,910		2,957,495
Series 2018-B 5.00%, 05/01/2024		1,405		1,426,057

				42,443,971

Kentucky – 0.3%
City of Ashland KY (Ashland Hospital Corp. Obligated Group) Series 2019 5.00%, 02/01/2026		350		359,138
5.00%, 02/01/2027		375		387,245
5.00%, 02/01/2030		210		219,097
5.00%, 02/01/2031		275		281,048
Kentucky Economic Development Finance Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2033		1,000		1,010,347
5.00%, 08/01/2034		1,635		1,641,756
5.00%, 08/01/2035		555		556,248

				4,454,879

Louisiana – 0.1%
Parish of St. James LA (NuStar Logistics LP) Series 2020 5.85%, 08/01/2041^(a)		240		246,201



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PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

6.10%, 06/01/2038^(a)	$	345	$	367,069
6.10%, 12/01/2040^(a)		460		489,425

				1,102,695

Michigan – 1.1%
City of Detroit MI Series 2018 5.00%, 04/01/2029		250		256,136
5.00%, 04/01/2032		1,005		1,017,180
Michigan Strategic Fund (Michigan Strategic Fund – I 75 Improvement Project) Series 2018 5.00%, 12/31/2029		8,600		8,627,254
5.00%, 12/31/2030		4,000		3,987,565
5.00%, 06/30/2032		1,690		1,660,414

				15,548,549

Missouri – 0.0%
Howard Bend Levee District XLCA INS Series 2005 5.75%, 03/01/2025		120		121,462
5.75%, 03/01/2027		275		278,764

				400,226

Nevada – 0.1%
City of Sparks NV (City of Sparks NV Sales Tax) Series 2019-A 2.50%, 06/15/2024^(a)		385		370,299
2.75%, 06/15/2028^(a)		715		626,641

				996,940

New Jersey – 2.7%
New Jersey Economic Development Authority Series 2013 5.00%, 03/01/2028 (Pre-refunded/ETM)		1,445		1,455,876
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2024		5,030		5,136,631
5.00%, 06/15/2027		5,000		5,227,557
Series 2018-A 5.00%, 06/15/2028		11,680		12,165,838



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PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2018-A 5.00%, 12/15/2030	$	3,360	$	3,484,269
Series 2019-B 5.00%, 06/15/2030		1,500		1,557,939
5.00%, 06/15/2034		2,360		2,387,431
Series 2019-BB1 5.00%, 06/15/2034		2,900		2,933,707
AMBAC INS Series 2005-B 5.25%, 12/15/2023		4,700		4,801,465

				39,150,713

Pennsylvania – 0.3%
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) Series 2017 5.00%, 07/01/2023		1,690		1,701,771
5.00%, 07/01/2024		2,085		2,117,581

				3,819,352

Puerto Rico – 1.1%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024		959		881,214
Zero Coupon, 07/01/2033		2,420		1,333,889
4.00%, 07/01/2033		675		593,596
5.25%, 07/01/2023		465		467,068
5.375%, 07/01/2025		870		878,412
5.625%, 07/01/2027		3,150		3,215,413
5.625%, 07/01/2029		1,070		1,094,389
5.75%, 07/01/2031		285		290,558
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		1,390		1,376,800
Puerto Rico Highway & Transportation Authority AGC Series 2007-N 5.25%, 07/01/2034		1,580		1,546,687
5.25%, 07/01/2036		1,515		1,479,745
AGM Series 2007-C 5.50%, 07/01/2031		1,000		1,007,774



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PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024	$	1,406	$	1,299,031

				15,464,576

South Carolina – 0.3%
South Carolina Public Service Authority Series 2021-B 4.00%, 12/01/2038		2,125		1,873,992
5.00%, 12/01/2040		2,500		2,488,883

				4,362,875

Tennessee – 0.6%
Chattanooga Health Educational & Housing Facility Board (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2031		1,500		1,539,410
5.00%, 08/01/2033		1,000		1,010,347
5.00%, 08/01/2034		1,000		1,004,132
Tennergy Corp./TN (Royal Bank of Canada) Series 2019-A 5.00%, 02/01/2050		4,735		4,835,106

				8,388,995

Texas – 0.4%
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2018 5.00%, 07/15/2028		1,750		1,748,998
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031^(a)		4,540		4,469,494

				6,218,492

Washington – 0.6%
Washington Health Care Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2032		2,165		2,201,734
5.00%, 08/01/2033		2,595		2,621,849
5.00%, 08/01/2034		2,520		2,530,413
Washington State Housing Finance Commission Series 2021-1, Class A 3.50%, 12/20/2035		981		832,419



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PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Washington State Housing Finance Commission Series 2021-1, Class X 0.726%, 12/20/2035^(f)	$	981	$	49,927

				8,236,342

Wisconsin – 0.3%
UMA Education, Inc. Series 2019 5.00%, 10/01/2022^(a)		240		240,000
5.00%, 10/01/2023^(a)		260		260,173
5.00%, 10/01/2025^(a)		995		991,449
5.00%, 10/01/2026^(a)		1,050		1,042,885
5.00%, 10/01/2027^(a)		1,090		1,077,693
5.00%, 10/01/2028^(a)		900		884,480
5.00%, 10/01/2029^(a)		275		269,168

				4,765,848

Total Long-Term Municipal Bonds (cost $1,393,722,616)				1,291,975,278


Short-Term Municipal Notes – 5.2%
New York – 5.0%
Build NYC Resource Corp. (Asia Society (The)) Series 2015 2.56%, 04/01/2045^(g)		1,745		1,745,000
City of New York NY Series 2008-L 2.78%, 04/01/2038^(g)		530		530,000
Series 2009-B 2.60%, 09/01/2027^(g)		5,850		5,850,000
Series 2016 2.60%, 08/01/2044^(g)		8,995		8,995,000
Dutchess County Industrial Development Agency (Marist College) Series 2008 2.56%, 07/01/2038^(g)		1,230		1,230,000
New York City Health and Hospitals Corp. Series 2008-B 2.31%, 02/15/2031^(g)		10,000		10,000,000
Series 2008-E 2.61%, 02/15/2026^(g)		2,520		2,520,000



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PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

New York City Health and Hospitals Corp. (HHC Capital Corp.) Series 2008-C 2.62%, 02/15/2031^(g)	$	2,000	$	2,000,000
New York City Housing Development Corp. Series 2008 2.43%, 04/15/2035^(g)		4,100		4,100,000
New York City Housing Development Corp. (201 Pearl LLC) Series 2006-A 2.20%, 10/15/2041^(g)		8,800		8,800,000
New York City Housing Development Corp. (Queenswood Apartments LP) Series 2001-A 2.43%, 04/01/2031^(g)		1,300		1,300,000
New York State Dormitory Authority (Royal Charter Properties-East, Inc.) Series 2008 2.43%, 11/15/2036^(g)		2,290		2,290,000
New York State Housing Finance Agency Series 2006 2.20%, 11/15/2036^(g)		6,400		6,400,000
New York State Housing Finance Agency (8 East 102nd Street LLC) Series 2012 2.63%, 05/01/2044^(g)		3,140		3,140,000
New York State Housing Finance Agency (Liberty Street Realty LLC) Series 2005 2.43%, 05/01/2035^(g)		2,100		2,100,000
Triborough Bridge & Tunnel Authority Series 2018-C 2.74%, 01/01/2032^(g)		7,570		7,570,000
Trust for Cultural Resources of The City of New York (The) (New York Botanical Garden (The)) Series 2009 2.53%, 07/01/2032^(g)		2,695		2,695,000

				71,265,000



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PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Ohio – 0.2%
State of Ohio Series 2004 2.32%, 02/01/2023^(g)	$	3,020	$	3,020,000


Total Short-Term Municipal Notes (cost $74,285,000)				74,285,000


Total Municipal Obligations (cost $1,468,007,616)				1,366,260,278


GOVERNMENTS - TREASURIES – 0.1%
United States – 0.1%
U.S. Treasury Notes 2.625%, 02/15/2029^(h) (cost $2,484,655)		2,377		2,190,554


CORPORATES - INVESTMENT GRADE – 0.1%
Industrial – 0.1%
Consumer Cyclical – Automotive – 0.1%
General Motors Financial Co., Inc. 3.443% (SOFR+ 1.30%), 04/07/2025^(d) (cost $2,000,000)		2,000		1,957,540


COLLATERALIZED MORTGAGE OBLIGATIONS – 0.1%
Risk Share Floating Rate – 0.1%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2013-DN2, Class M2 7.334% (LIBOR 1 Month + 4.25%), 11/25/2023^(d)		132		133,593
Series 2014-DN3, Class M3 7.084% (LIBOR 1 Month + 4.00%), 08/25/2024^(d)		100		100,674
Series 2019-DNA3, Class M2 5.134% (LIBOR 1 Month + 2.05%), 07/25/2049^(a)^(d)		106		104,187
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 2M2 5.984% (LIBOR 1 Month + 2.90%), 07/25/2024^(d)		97		97,694
Series 2015-C02, Class 1M2 7.084% (LIBOR 1 Month + 4.00%), 05/25/2025^(d)		99		100,845



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PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2016-C01, Class 1M2 9.834% (LIBOR 1 Month + 6.75%), 08/25/2028^(d)	$	243	$	257,060
Series 2016-C02, Class 1M2 9.084% (LIBOR 1 Month + 6.00%), 09/25/2028^(d)		56		58,245
Series 2016-C03, Class 1M2 8.384% (LIBOR 1 Month + 5.30%), 10/25/2028^(d)		95		97,279


Total Collateralized Mortgage Obligations (cost $914,303)				949,577


Total Investments – 95.2% (cost $1,473,406,574)				1,371,357,949
Other assets less liabilities – 4.8%				69,086,141


Net Assets – 100.0%			$	1,440,444,090

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)


				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
USD	7,130		01/15/2025		2.565%		CPI#	Maturity	$	614,637		$	– 0	–	$	614,637
USD	4,070		01/15/2025		4.028%		CPI#	Maturity		111,791			– 0	–		111,791
USD	3,565		01/15/2025		2.585%		CPI#	Maturity		304,514			– 0	–		304,514
USD	3,565		01/15/2025		2.613%		CPI#	Maturity		300,656			– 0	–		300,656
USD	16,830		01/15/2026		CPI#		3.720%	Maturity		(458,587	)		– 0	–		(458,587	)
USD	10,700		01/15/2027		CPI#		3.466%	Maturity		(308,616	)		(12,502	)		(296,114	)
USD	10,500		01/15/2027		CPI#		3.320%	Maturity		(395,266	)		– 0	–		(395,266	)
USD	8,430		01/15/2027		CPI#		3.323%	Maturity		(315,823	)		– 0	–		(315,823	)
USD	27,600		01/15/2028		1.230%		CPI#	Maturity		4,605,344			– 0	–		4,605,344
USD	23,260		01/15/2028		0.735%		CPI#	Maturity		4,692,450			– 0	–		4,692,450
USD	27,050		01/15/2029		CPI#		3.290%	Maturity		(541,871	)		– 0	–		(541,871	)
USD	10,810		01/15/2029		CPI#		3.735%	Maturity		173,642			– 0	–		173,642
USD	4,375		01/15/2030		1.572%		CPI#	Maturity		669,974			– 0	–		669,974
USD	4,375		01/15/2030		1.587%		CPI#	Maturity		664,149			– 0	–		664,149
USD	6,400		01/15/2031		2.782%		CPI#	Maturity		323,060			– 0	–		323,060
USD	5,830		01/15/2031		2.680%		CPI#	Maturity		350,875			– 0	–		350,875
USD	5,150		01/15/2031		2.989%		CPI#	Maturity		157,387			– 0	–		157,387
USD	5,600		01/15/2032		CPI#		3.064%	Maturity		(89,216	)		– 0	–		(89,216	)
USD	5,400		04/15/2032		CPI#		2.909%	Maturity		(152,829	)		– 0	–		(152,829	)

									$	10,706,271		$	(12,502	)	$	10,718,773

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



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PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)


				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
USD	25,000		01/15/2027	1 Day SOFR	2.540%	Annual	$	(1,126,042	)	$	– 0	–	$	(1,126,042	)
USD	8,000		01/15/2031	1.323%	3 Month LIBOR	Semi-Annual/ Quarterly		1,445,179			– 0	–		1,445,179
USD	43,200		04/15/2032	2.569%	1 Day SOFR	Annual		3,094,409			– 0	–		3,094,409
USD	13,400		04/15/2032	1.280%	1 Day SOFR	Annual		2,421,464			– 0	–		2,421,464
USD	13,200		04/15/2032	2.632%	1 Day SOFR	Annual		875,030			– 0	–		875,030
USD	5,000		04/15/2032	3.082%	1 Day SOFR	Annual		159,438			– 0	–		159,438
USD	1,400		04/15/2032	3.069%	1 Day SOFR	Annual		46,099			– 0	–		46,099

							$	6,915,577		$	– 0	–	$	6,915,577

CREDIT DEFAULT SWAPS (see Note 3)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	121	$	(27,206	)	$	(11,335	)	$	(15,871	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	402		(90,151	)		(48,458	)		(41,693	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	27		(5,956	)		(3,105	)		(2,851	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	67		(14,971	)		(6,295	)		(8,676	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	820		(183,844	)		(95,200	)		(88,644	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	826		(185,293	)		(78,008	)		(107,285	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,245		(279,146	)		(114,501	)		(164,645	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	155		(34,773	)		(18,613	)		(16,160	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,079		(241,959	)		(96,333	)		(145,626	)

												$	(1,063,299	)	$	(471,848	)	$	(591,451	)

*	Termination date



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 137

PORTFOLIO OF INVESTMENTS (continued)

NEW YORK MUNICIPAL PORTFOLIO

INTEREST RATE SWAPS (see Note 3)

Rate Type

Swap
Counterparty

Notional
Amount
(000)

Termination
Date

Payments
made
by the
Fund

Payments
received
by the
Fund

Payment
Frequency
Paid/
Received

Market
Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation/
(Depreciation)

Citibank, NA

USD

16,980

10/09/2029

1.125%

SIFMA*

Quarterly

1,951,207

– 0

–

1,951,207

*	Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

(a)

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

(c)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.02% of net assets as of September 30, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Jefferson County Industrial Development Agency (ReEnergy Black River LLC) Series 2019
5.25%, 01/01/2024		11/13/2014	$	1,250,438	$	250,000		0.02	%

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

(e)	When-Issued or delayed delivery security.

(f)	IO—Interest Only.

(g)

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

Glossary:

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

AMBAC – Ambac Assurance Corporation

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

COP – Certificate of Participation

CPI – Consumer Price Index

ETM – Escrowed to Maturity

LIBOR – London Interbank Offered Rate

SOFR – Secured Overnight Financing Rate

XLCA – XL Capital Assurance Inc.

See notes to financial statements.



138 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2022


	California Municipal Portfolio			Diversified Municipal Portfolio			New York Municipal Portfolio
Assets
Investments in securities, at value	$	1,098,401,858		$	5,500,554,886		$	1,371,357,949
Cash		21,428,128			– 0	–		55,910,667
Cash collateral due from broker		3,839,305			17,553,664			3,796,659
Receivables:
Interest		13,680,757			66,958,506			16,494,865
Investment securities sold		3,845,896			4,725,069			6,715,020
Capital shares sold		633,301			6,999,863			2,287,083
Variation margin on centrally cleared swaps		12,721			41,820			1,073
Unrealized appreciation of interest rate swaps		1,424,335			6,568,374			1,951,207

Total assets		1,143,266,301			5,603,402,182			1,458,514,523

Liabilities
Due to custodian		– 0	–		803,205			– 0	–
Cash collateral due to broker		1,800,000			6,840,000			1,910,000
Payables:
Dividends to shareholders		715,487			3,379,781			587,646
Investment securities purchased		32,664,128			51,429,335			11,920,919
Capital shares redeemed		4,769,061			15,622,775			1,760,528
Management fee		390,249			1,652,632			496,607
Shareholder servicing fee		79,625			363,745			107,872
Distribution fee		14,980			66,306			24,772
Transfer Agent fee		10,860			59,896			12,303
Accrued expenses		163,671			449,685			186,487
Market value on credit default swaps^(a)		761,453			3,183,456			1,063,299

Total liabilities		41,369,514			83,850,816			18,070,433

Net Assets	$	1,101,896,787		$	5,519,551,366		$	1,440,444,090

Cost of investments	$	1,174,374,436		$	5,876,876,446		$	1,473,406,574

Net Assets Consist of:
Capital stock, at par	$	82,957		$	412,911		$	111,814
Additional paid-in capital		1,170,965,728			5,854,416,719			1,545,765,916
Accumulated loss		(69,151,898	)		(335,278,264	)		(105,433,640	)

	$	1,101,896,787		$	5,519,551,366		$	1,440,444,090

(a)	Net premiums received of $342,811, $1,412,638 and $471,848, respectively.

See notes to financial statements.



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 139

STATEMENT OF ASSETS AND LIABILITIES (continued)


	California Municipal Portfolio		Diversified Municipal Portfolio		New York Municipal Portfolio
CALCULATION OF MAXIMUM OFFERING PRICE
Municipal Class Shares
Net Assets	$	938,637,948	$	4,296,195,793	$	1,277,131,941
Shares of capital stock outstanding		70,665,993		321,405,994		99,131,980

Net asset value, offering and redemption price per share	$	13.28	$	13.37	$	12.88

Class A Shares
Net Assets	$	57,140,867	$	261,935,519	$	96,285,930
Shares of capital stock outstanding		4,301,574		19,581,758		7,476,338

Net asset value and redemption price per share	$	13.28	$	13.38	$	12.88
Sales charge—3.00% of public offering price		0.41		0.41		0.40

Maximum offering price	$	13.69	$	13.79	$	13.28

Class C Shares
Net Assets	$	3,651,515	$	13,575,819	$	5,514,666
Shares of capital stock outstanding		274,928		1,015,258		428,190

Net asset value and offering price per share	$	13.28	$	13.37	$	12.88

Advisor Class Shares
Net Assets	$	102,466,457	$	477,015,038	$	61,511,553
Shares of capital stock outstanding		7,714,162		35,710,448		4,777,232

Net asset value and offering price per share	$	13.28	$	13.36	$	12.88

Class Z Shares
Net Assets			$	470,829,197
Shares of capital stock outstanding				35,197,259

Net asset value and offering price per share			$	13.38

See notes to financial statements.



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STATEMENT OF OPERATIONS

For the Year Ended September 30, 2022


	California Municipal Portfolio			Diversified Municipal Portfolio			New York Municipal Portfolio
Investment Income
Interest	$	29,375,097		$	153,222,611		$	40,817,884

Total income		29,375,097			153,222,611			40,817,884

Expenses:
Management fee (see Note 2A)		5,266,658			21,822,225			6,778,018
Shareholder servicing fee (see Note 2B)		1,116,698			5,011,517			1,497,091
Custody and accounting fees		112,628			274,172			138,772
Transfer Agent fee – Non-Retail Class		27,534			126,292			38,728
Transfer Agent fee – Class A		19,429			99,032			39,017
Transfer Agent fee – Class C		1,340			5,217			2,850
Transfer Agent fee – Advisor Class		25,865			154,439			23,679
Transfer Agent fee – Class Z		– 0	–		103,633			– 0	–
Distribution fees – Class A		161,324			758,203			263,321
Distribution fees – Class C		43,755			157,720			73,928
Directors’ fees and expenses		54,505			270,245			72,046
Auditing and tax fees		47,825			209,676			60,062
Legal fees		44,068			212,112			58,027
Registration fees		27,581			191,043			50,872
Printing fees		54,806			33,709			38,705
Miscellaneous		48,160			202,709			59,680

Total expenses		7,052,176			29,631,944			9,194,796

Net investment income		22,322,921			123,590,667			31,623,088

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions		(4,524,663	)		(23,119,188	)		(6,766,299	)
Swaps		2,501,824			9,952,392			598,566

Net realized loss on investment transactions		(2,022,839	)		(13,166,796	)		(6,167,733	)

Net change in unrealized appreciation/depreciation of:
Investments		(124,960,252	)		(663,346,572	)		(171,846,996	)
Swaps		8,220,541			37,941,871			10,986,550

Net change in unrealized appreciation/depreciation of investments		(116,739,711	)		(625,404,701	)		(160,860,446	)

Net realized and unrealized loss on investment transactions		(118,762,550	)		(638,571,497	)		(167,028,179	)

Net decrease in net assets resulting from operations	$	(96,439,629	)	$	(514,980,830	)	$	(135,405,091	)

See notes to financial statements.



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 141

STATEMENT OF CHANGES IN NET ASSETS


	California Municipal Portfolio
	Year Ended 9/30/22			Year Ended 9/30/21
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	22,322,921		$	23,243,006
Net realized gain (loss) on investment transactions		(2,022,839	)		10,017,390
Net change in unrealized appreciation/depreciation of investments		(116,739,711	)		(3,211,963	)

Net increase (decrease) in net assets resulting from operations		(96,439,629	)		30,048,433

Distributions to Shareholders
Municipal Class		(18,916,809	)		(20,551,446	)
Class A		(971,204	)		(1,218,820	)
Class C		(32,897	)		(42,371	)
Advisor Class		(1,535,307	)		(1,192,399	)

Total distributions to shareholders		(21,456,217	)		(23,005,036	)

Capital-Share Transactions:
Net proceeds from sales of shares		307,949,541			351,799,964
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends		15,729,268			17,652,625

Total proceeds from shares sold		323,678,809			369,452,589
Cost of shares redeemed		(496,377,732	)		(376,795,028	)

Net decrease in net assets from capital-share transactions		(172,698,923	)		(7,342,439	)

Net decrease in net assets		(290,594,769	)		(299,042	)
Net Assets:
Beginning of period		1,392,491,556			1,392,790,598

End of period	$	1,101,896,787		$	1,392,491,556

See notes to financial statements.



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STATEMENT OF CHANGES IN NET ASSETS (continued)


	Diversified Municipal Portfolio
	Year Ended 9/30/22			Year Ended 9/30/21
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	123,590,667		$	122,937,403
Net realized gain (loss) on investment transactions		(13,166,796	)		25,532,577
Net change in unrealized appreciation/depreciation of investments		(625,404,701	)		26,639,009

Net increase (decrease) in net assets resulting from operations		(514,980,830	)		175,108,989

Distributions to Shareholders
Municipal Class		(95,675,758	)		(98,560,802	)
Class A		(5,215,911	)		(5,318,015	)
Class C		(153,564	)		(267,652	)
Advisor Class		(9,328,332	)		(8,070,840	)
Class Z		(10,024,841	)		(9,473,236	)

Total distributions to shareholders		(120,398,406	)		(121,690,545	)

Capital-Share Transactions:
Net proceeds from sales of shares		1,334,029,727			1,559,834,308
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends		89,555,226			93,318,204

Total proceeds from shares sold		1,423,584,953			1,653,152,512
Cost of shares redeemed		(1,989,402,821	)		(1,214,382,457	)

Net increase (decrease) in net assets from capital-share transactions		(565,817,868	)		438,770,055

Net increase (decrease) in net assets		(1,201,197,104	)		492,188,499
Net Assets:
Beginning of period		6,720,748,470			6,228,559,971

End of period	$	5,519,551,366		$	6,720,748,470

See notes to financial statements.



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STATEMENT OF CHANGES IN NET ASSETS (continued)


	New York Municipal Portfolio
	Year Ended 9/30/22			Year Ended 9/30/21
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	31,623,088		$	33,473,749
Net realized gain (loss) on investment transactions		(6,167,733	)		3,330,397
Net change in unrealized appreciation/depreciation of investments		(160,860,446	)		23,923,283

Net increase (decrease) in net assets resulting from operations		(135,405,091	)		60,727,429

Distributions to Shareholders
Municipal Class		(28,049,433	)		(29,883,364	)
Class A		(1,772,845	)		(1,927,269	)
Class C		(67,861	)		(137,544	)
Advisor Class		(1,241,477	)		(1,180,116	)

Total distributions to shareholders		(31,131,616	)		(33,128,293	)

Capital-Share Transactions:
Net proceeds from sales of shares		205,642,206			305,015,834
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends		23,893,460			25,604,257

Total proceeds from shares sold		229,535,666			330,620,091
Cost of shares redeemed		(422,401,671	)		(346,489,408	)

Net decrease in net assets from capital-share transactions		(192,866,005	)		(15,869,317	)

Net increase (decrease) in net assets		(359,402,712	)		11,729,819
Net Assets:
Beginning of period		1,799,846,802			1,788,116,983

End of period	$	1,440,444,090		$	1,799,846,802

See notes to financial statements.



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September 30, 2022

NOTE 1.

Organization and Significant Accounting Policies

The AB Intermediate Municipal Class A, Class C, Advisor Class and Class Z shares are (collectively, the “Intermediate Municipal Retail Classes”) shares of three Portfolios of the Sanford C. Bernstein Fund, Inc. (the “Fund”): California Municipal Portfolio, Diversified Municipal Portfolio and New York Municipal Portfolio (collectively, “Intermediate Municipal Portfolios” or “Portfolios”). The Fund is registered under the Investment Company Act of 1940 as an open-end registered investment company. The Fund, which is a Maryland corporation, operates as a series company currently comprised of 13 portfolios each with its own investment objective. Class B and Class T shares have been authorized but currently are not offered. Class Z shares for California Municipal Portfolio and New York Municipal Portfolio have been authorized but currently are not offered. Class A shares of the Portfolios are sold with a front-end sales charge of up to 3% for purchases up to $500,000. With respect to purchases of $500,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 years after the end of the calendar month of purchase. These financial statements include only the Intermediate Municipal Portfolios. The financial highlights of the Municipal Class shares are presented in a separate financial report. All classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan, as applicable. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolios.

A. Portfolio Valuation



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NOTES TO FINANCIAL STATEMENTS (continued)

approved by and under the oversight of the Portfolios’ Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Portfolios’ valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolios’ portfolio investments, subject to the Board’s oversight.



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B. Fair Value Measurements

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Portfolios’ own assumptions in determining the fair value of investments)



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NOTES TO FINANCIAL STATEMENTS (continued)

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.

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

California Municipal Portfolio

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

986,498,644

^(a)

986,498,644

Short-Term Municipal Notes

– 0

–

37,535,092

– 0

–

37,535,092

Commercial Mortgage-Backed Securities

– 0

–

11,255,740

– 0

–

11,255,740



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California Municipal Portfolio

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Governments –Treasuries

– 0

–

2,161,986

– 0

–

2,161,986

Corporates – Investment Grade

– 0

–

1,957,540

– 0

–

1,957,540

Collateralized Mortgage Obligations

– 0

–

565,234

– 0

–

565,234

Short-Term Investments

– 0

–

58,427,622

– 0

–

58,427,622

Total Investments in Securities

– 0

–

1,098,401,858

^(a)

1,098,401,858

Other Financial Instruments^(b):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

9,922,661

– 0

–

9,922,661

^(c)

Centrally Cleared Interest Rate Swaps

– 0

–

5,977,878

– 0

–

5,977,878

^(c)

Interest Rate Swaps

– 0

–

1,424,335

– 0

–

1,424,335

Liabilities:

Centrally Cleared Credit Default Swaps

– 0

–

(328,585

)

– 0

–

(328,585

)^(c)

Centrally Cleared Inflation (CPI) Swaps

– 0

–

(1,746,727

)

– 0

–

(1,746,727

)^(c)

Credit Default Swaps

– 0

–

(761,453

)

– 0

–

(761,453

)

Total

– 0

–

1,112,889,967

^(a)

1,112,889,967

Diversified Municipal Portfolio

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

4,963,212,545

– 0

–

4,963,212,545

Short-Term Municipal Notes

– 0

–

444,322,000

– 0

–

444,322,000

Corporates – Investment Grade

– 0

–

51,966,820

– 0

–

51,966,820

Commercial Mortgage-Backed Securities

– 0

–

20,755,734

– 0

–

20,755,734

Corporates – Non-Investment Grade

– 0

–

17,172,663

– 0

–

17,172,663

Collateralized Mortgage Obligations

– 0

–

3,125,124

– 0

–

3,125,124

Total Investments in Securities

– 0

–

5,500,554,886

– 0

–

5,500,554,886



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NOTES TO FINANCIAL STATEMENTS (continued)

Diversified Municipal Portfolio

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Other Financial Instruments^(b):

Assets:

Centrally Cleared Credit Default Swaps

– 0

–

1,525,557

– 0

–

1,525,557

^(c)

Centrally Cleared Inflation (CPI) Swaps

– 0

–

45,693,030

– 0

–

45,693,030

^(c)

Centrally Cleared Interest Rate Swaps

– 0

–

30,907,994

– 0

–

30,907,994

^(c)

Interest Rate Swaps

– 0

–

6,568,374

– 0

–

6,568,374

Liabilities:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

(8,010,489

)

– 0

–

(8,010,489

)^(c)

Centrally Cleared Interest Rate Swaps

– 0

–

(2,297,125

)

– 0

–

(2,297,125

)^(c)

Credit Default Swaps

– 0

–

(3,183,456

)

– 0

–

(3,183,456

)

Total

– 0

–

5,571,758,771

– 0

–

5,571,758,771

New York Municipal Portfolio

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

1,291,725,278

250,000

1,291,975,278

Short-Term Municipal Notes

– 0

–

74,285,000

– 0

–

74,285,000

Governments –Treasuries

– 0

–

2,190,554

– 0

–

2,190,554

Corporates – Investment Grade

– 0

–

1,957,540

– 0

–

1,957,540

Collateralized Mortgage Obligations

– 0

–

949,577

– 0

–

949,577

Total Investments in Securities

– 0

–

1,371,107,949

250,000

1,371,357,949

Other Financial Instruments^(b):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

12,968,479

– 0

–

12,968,479

^(c)

Centrally Cleared Interest Rate Swaps

– 0

–

8,041,619

– 0

–

8,041,619

^(c)

Interest Rate Swaps

– 0

–

1,951,207

– 0

–

1,951,207

Liabilities:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

(2,262,208

)

– 0

–

(2,262,208

)^(c)



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NOTES TO FINANCIAL STATEMENTS (continued)

New York Municipal Portfolio

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Centrally Cleared Interest Rate Swaps

– 0

–

(1,126,042

)

– 0

–

(1,126,042

)^(c)

Credit Default Swaps

– 0

–

(1,063,299

)

– 0

–

(1,063,299

)

Total

– 0

–

1,389,617,705

250,000

1,389,867,705

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

(b)

(c)

C. Taxes

D. Security Transactions and Related Investment Income



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adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

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

F. Class Allocations

G. Distribution of Income and Gains



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NOTES TO FINANCIAL STATEMENTS (continued)


Portfolio	Increase (Decrease) to Additional Paid-in Capital			Increase (Decrease) to Distributable Earnings/ Accumulated Loss
California Municipal Portfolio	$	(267,148	)	$	267,148
Diversified Municipal Portfolio		(979,682	)		979,682
New York Municipal Portfolio		(711,060	)		711,060

NOTE 2.

Investment Management and Transactions with Affiliated Persons

A. Management Fee

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


	Annual Percentage of Average Daily Net Assets of Each Portfolio
Portfolio	First $1 Billion			Next $2 Billion			Next $2 Billion			Thereafter
California Municipal and New York Municipal		0.425	%		0.375	%		0.325	%		0.275	%

First

$1 Billion

Next

$2 Billion

Next

$2 Billion

Next

$2 Billion

Thereafter

Diversified Municipal

0.425

0.375

0.325

0.275

0.225

B. Transfer Agency Agreement; Shareholder Servicing Fee

Under a Transfer Agency Agreement between the Fund, on behalf of the Intermediate Municipal Retail Classes, and AllianceBernstein Investor Services, Inc. (“ABIS”), the Intermediate Municipal Retail Classes compensate ABIS, a wholly-owned subsidiary of the Adviser, for providing personnel and facilities to perform transfer agency services. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. For the year ended



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September 30, 2022, the compensation retained by ABIS amounted to: California Municipal Portfolio, $18,043; Diversified Municipal Portfolio, $161,109; and New York Municipal Portfolio, $19,121.

Under the Shareholder Servicing Agreement between the Fund and the Adviser, the Adviser pays expenses it incurs in providing shareholder services to individual shareholders of the Portfolios (except the Retail Classes). Such services include, but are not limited to, providing information to shareholders concerning their fund investments, systematic withdrawal plans, fund dividend payments and reinvestments, shareholder account or transactions status, net asset value of shares, fund performance, fund services, plans and options, fund investment policies, portfolio holdings and tax consequences of fund investments; dealing with shareholder complaints and other correspondence relating to fund matters; and communications with shareholders when proxies are being solicited from them with respect to voting their fund shares. This agreement applies only to the Municipal Class shares of the Portfolios. Under the agreement, the fee paid by each of the Municipal Class shares to the Adviser for services under this agreement is at an annual rate of 0.10% of the average daily net assets of each Portfolio attributable to the respective class during the month.

C. Distribution Arrangements—Municipal Class Shares

Under the Distribution Agreement between the Fund, on behalf of the Municipal Class shares of each Portfolio and Sanford C. Bernstein & Co., LLC (the “Distributor”), the Distributor agrees to act as agent to sell Municipal Class shares of the Portfolios. This agreement does not apply to the Intermediate Municipal Retail Classes of the Portfolios. The Distributor receives no fee for this service, and furthermore agrees to pay all expenses arising from the performance of its obligations under this agreement. The Distributor is a wholly owned subsidiary of the Adviser.

D. Distribution Arrangements—Intermediate Municipal Retail Classes

The Intermediate Municipal Retail Class shares of the Portfolios have adopted a Distribution Services Agreement (the “Agreement”), including a distribution plan pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, each of the Retail Classes pays distribution services fees to AllianceBernstein Investments, Inc., (the “Retail Distributor”), a wholly owned subsidiary of the Adviser, at an annual rate of up to 0.30% of each Portfolio’s average daily net assets attributable to the Intermediate Municipal Class A shares and 1% of each Intermediate Municipal Portfolio’s average daily net assets attributable to Class C shares. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of 0.25% of Class A shares’ average daily net assets. The fees are accrued daily and paid monthly. The Agreement pro

vides that the Retail Distributor will use such payments in their entirety for



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distribution assistance and promotional activities. Since commencement of the Portfolios’ operations, the Retail Distributor has incurred expenses in excess of the distribution costs reimbursed by each Portfolio as follows:


Portfolio	Class C
California Municipal	$	1,333,599
Diversified Municipal		3,271,259
New York Municipal		2,418,480

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

E. Other Transactions with Affiliates

Front-End Sales
Charges

Contingent Deferred Sales
Charges

Portfolio

Class A

Class C

California Municipal

– 0

–

3,971

5,757

Diversified Municipal

– 0

–

190,377

4,324

New York Municipal

– 0

–

– 0

–

177

NOTE 3.

Investment Security Transactions

A. Purchases and Sales

Purchases and sales of investment securities (excluding short-term investments) for the year ended September 30, 2022, were as follows:


Portfolio	Purchases Excluding U.S. Government Securities		Purchases of U.S. Government Securities			Sales Excluding U.S. Government Securities		Sales of U.S. Government Securities
California Municipal	$	270,595,900	$	– 0	–	$	421,806,844	$	1,847,719
Diversified Municipal		865,718,235		7,799,858			1,038,004,187		10,120,192
New York Municipal		213,165,721		– 0	–		396,473,428		3,263,190



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NOTES TO FINANCIAL STATEMENTS (continued)

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


			Gross Unrealized					Net Unrealized Appreciation (Depreciation)
Portfolio	Cost		Appreciation		(Depreciation)			Net Unrealized Appreciation (Depreciation)
California Municipal	$	1,174,379,850	$	18,527,221	$	(78,542,232	)	$	(60,015,011	)
Diversified Municipal		5,876,832,465		90,604,078		(391,953,068	)		(301,348,990	)
New York Municipal		1,473,370,418		24,478,301		(106,269,821	)		(81,791,520	)

B. Derivative Financial Instruments

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

•

Swaps

Each Portfolio may enter into swaps to hedge its exposure to interest rates, credit risk, or currencies and for other purposes discussed below. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Portfolios in accordance with the terms of the respective swaps to provide value and recourse to the Portfolios or their counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.



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basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

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

Interest Rate Swaps:

Each Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolios



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NOTES TO FINANCIAL STATEMENTS (continued)

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

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

During the year ended September 30, 2022, the Portfolios held interest rate swaps for hedging purposes.

Inflation (CPI) Swaps:

During the year ended September 30, 2022, the Portfolios held inflation (CPI) swaps for hedging purposes.

Credit Default Swaps:



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(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolio will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same referenced obligations with the same counterparty.

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

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

During the year ended September 30, 2022, the Portfolios held credit default swaps for hedging and non-hedging purposes.



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

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

California Municipal Portfolio

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Credit contracts

Receivable/Payable for variation margin on centrally cleared swaps

10,722

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps

15,909,344

Receivable/Payable for variation margin on centrally cleared swaps

1,737,145

Interest rate contracts

Unrealized appreciation on interest rate swaps

1,424,335

Credit contracts

Market value on credit default swaps

761,453

Total

17,333,679

2,509,320

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



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Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps	$	1,131,168	$	7,795,940

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		1,370,656		424,601

Total		$	2,501,824	$	8,220,541

Diversified Municipal Portfolio

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Credit contracts

Receivable/Payable
for variation margin
on centrally cleared
swaps

12,345

Interest rate contracts

Receivable/Payable
for variation margin
on centrally cleared
swaps

76,601,024

Receivable/Payable
for variation margin
on centrally cleared
swaps

10,261,455

Interest rate contracts

Unrealized
appreciation on
interest rate swaps

6,568,374

Credit contracts

Market value on
credit default
swaps

3,183,456

Total

83,169,398

13,457,256

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



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Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps	$	6,251,197	$	36,125,444

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		3,701,195		1,816,427

Total		$	9,952,392	$	37,941,871

New York Municipal Portfolio

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps

21,010,098

Receivable/Payable for variation margin on centrally cleared swaps

3,375,748

Interest rate contracts

Unrealized appreciation on interest rate swaps

1,951,207

Credit contracts

Market value on credit default swaps

1,063,299

Total

22,961,305

4,439,047

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



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Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps	$	163,615	$	10,375,733

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		434,951		610,817

Total		$	598,566	$	10,986,550


California Municipal Portfolio
Interest Rate Swaps:
Average notional amount	$	17,162,308
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	126,618,462
Centrally Cleared Inflation Swaps:
Average notional amount	$	136,637,692
Credit Default Swaps:
Average notional amount of sale contracts	$	4,358,378
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	22,824,911	^(a)
Average notional amount of sale contracts	$	8,300,000	^(b)

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

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


Diversified Municipal Portfolio
Interest Rate Swaps:
Average notional amount	$	79,144,615
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	555,922,308
Centrally Cleared Inflation Swaps:
Average notional amount	$	626,600,000
Credit Default Swaps:
Average notional amount of sale contracts	$	18,221,337
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	48,082,380	^(a)

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


New York Municipal Portfolio
Interest Rate Swaps:
Average notional amount	$	23,510,769
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	180,478,462



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New York Municipal Portfolio
Centrally Cleared Inflation Swaps:
Average notional amount	$	176,825,385
Credit Default Swaps:
Average notional amount of sale contracts	$	6,086,065
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	18,300,000	^(a)

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

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


California Municipal Portfolio
Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Citibank, NA/Citigroup Global Markets, Inc.	$	1,424,335	$	(244,695	)	$	(1,179,640	)	$	– 0	–	$	– 0	–

Total	$	1,424,335	$	(244,695	)	$	(1,179,640	)	$	– 0	–	$	0	^{^}


Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Citibank, NA/Citigroup Global Markets, Inc.	$	244,695	$	(244,695	)	$	– 0	–	$	– 0	–	$	– 0	–
Credit Suisse International		343,539		– 0	–		(343,539	)		– 0	–		– 0	–
Goldman Sachs International		173,219		– 0	–		– 0	–		(173,219	)		– 0	–

Total	$	761,453	$	(244,695	)	$	(343,539	)	$	(173,219	)	$	0	^{^}

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

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



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Diversified Municipal Portfolio
Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Citibank, NA/Citigroup Global Markets, Inc.	$	6,568,374	$	(351,267	)	$	(6,217,107	)	$	– 0	–	$	– 0	–

Total	$	6,568,374	$	(351,267	)	$	(6,217,107	)	$	– 0	–	$	0	^{^}


Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Citibank, NA/Citigroup Global Markets, Inc.	$	351,267	$	(351,267	)	$	– 0	–	$	– 0	–	$	– 0	–
Credit Suisse International		2,003,605		– 0	–		(2,003,605	)		– 0	–		– 0	–
Goldman Sachs International		828,584		– 0	–		(828,584	)		– 0	–		– 0	–

Total	$	3,183,456	$	(351,267	)	$	(2,832,189	)	$	– 0	–	$	0	^{^}

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

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


New York Municipal Portfolio
Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Citibank, NA/Citigroup Global Markets, Inc.	$	1,951,207	$	(117,357	)	$	(1,833,850	)	$	– 0	–	$	– 0	–

Total	$	1,951,207	$	(117,357	)	$	(1,833,850	)	$	– 0	–	$	0	^{^}



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Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Citibank, NA/Citigroup Global Markets, Inc.	$	117,357	$	(117,357	)	$	– 0	–	$	– 0	–	$	– 0	–
Credit Suisse International		669,210		– 0	–		(669,210	)		– 0	–		– 0	–
Goldman Sachs International		276,732		– 0	–		– 0	–		(276,732	)		– 0	–

Total	$	1,063,299	$	(117,357	)	$	(669,210	)	$	(276,732	)	$	0	^{^}

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

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

NOTE 4.

Distributions to Shareholders

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


Portfolio	2022			2021
California Municipal
Distributions paid from:
Ordinary income	$	577,641		$	412,224
Long-term capital gains		– 0	–		– 0	–

Total taxable distributions paid		577,641			412,224
Tax exempt distributions		20,878,576			22,592,812

Total distributions paid	$	21,456,217		$	23,005,036


Diversified Municipal
Distributions paid from:
Ordinary income	$	3,126,374		$	3,286,540
Long-term capital gains		– 0	–		– 0	–

Total taxable distributions paid		3,126,374			3,286,540
Tax exempt distributions		117,272,032			118,404,005

Total distributions paid	$	120,398,406		$	121,690,545


New York Municipal
Distributions paid from:
Ordinary income	$	938,188		$	965,122
Long-term capital gains		– 0	–		– 0	–

Total taxable distributions paid		938,188			965,122
Tax exempt distributions		30,193,428			32,163,171

Total distributions paid	$	31,131,616		$	33,128,293



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As of September 30, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:


Portfolio	Undistributed Ordinary Income			Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)^(a)			Total Accumulated Earnings/ (Deficit)^(b)
California Municipal	$	– 0	–	$	(8,421,400	)	$	(60,015,011	)	$	(68,436,411	)
Diversified Municipal		– 0	–		(30,424,611	)		(301,473,873	)		(331,898,484	)
New York Municipal		– 0	–		(22,914,638	)		(81,931,357	)		(104,845,995	)

(a)

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

(b)	The differences between book-basis and tax-basis components of accumulated earnings/(deficit) are attributable primarily to dividends payable to shareholders.

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


Portfolio	Short-Term Amount		Long-Term Amount
California Municipal	$	8,421,400	$	– 0	–
Diversified Municipal		30,424,611		– 0	–
New York Municipal		22,914,638		– 0	–

NOTE 5.

Risks Involved in Investing in the Portfolios



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government fiscal and monetary policy initiatives and resulting market reaction to those initiatives.

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

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

Municipal Market Risk—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolios’ investments in municipal securities. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, or the rights of investors in these securities. The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. There have been some municipal issuers that have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may get worse, particularly in light of the economic impact of the recent spread of an infectious coronavirus (COVID-19). To the extent the Portfolios invest in a particular state’s municipal securities, they may be vulnerable to events adversely affecting that state, including economic, political and regulatory



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occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, wildfires, flooding and earthquakes. The Portfolios’ investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, are subject to the risk that factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

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

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

Illiquid Investment Risk—Illiquid investments risk exists when particular investments are difficult or impossible to purchase or sell, possibly preventing the Portfolios from purchasing or selling these securities at an



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advantageous price. Over recent years, regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Illiquid investments risk may be magnified in a rising interest- rate environment, where the value and liquidity of fixed-income securities generally go down. The Portfolios are subject to greater risk because the market for municipal securities is generally smaller and may not be as liquid as many other fixed income markets, which may make municipal securities more difficult to trade or dispose of than other types of securities. Illiquid securities may also be difficult to value. If the Portfolios are forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the Portfolios may be forced to sell at a substantial loss or may not be able to sell at all.



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margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.

Tax Risk—There is no guarantee that the income on the Portfolios’ municipal securities will be exempt from regular federal income, and if applicable, state income taxes. Unfavorable legislation, adverse interpretations by federal or state authorities, litigation or noncompliant conduct



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by the issuer of a municipal security could affect the tax-exempt status of municipal securities. If the Internal Revenue Service or a state authority determines that an issuer of a municipal security has not complied with applicable requirements, interest from the security could become subject to regular federal income tax and/or state personal income tax, possibly retroactively to the date the security was issued, the value of the security could decline significantly, and a portion of the distributions to Portfolio shareholders could be recharacterized as taxable. The U.S. Congress has considered changes to U.S. federal tax law that would, if enacted, have a negative impact on certain types of municipal securities, such as private activity bonds, or would otherwise make investments in municipal bonds less attractive.

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

LIBOR Transition and Associated Risk—The Portfolio may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a



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subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

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



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penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. While measures have been developed which are designed to reduce the risks associated with cybersecurity, there is no guarantee that those measures will be effective, particularly since the Portfolios do not control the cybersecurity defenses or plans of their service providers, financial intermediaries and companies in which they invest or with which they do business.

NOTE 6.

Capital-Share Transactions

The Fund has authorized 17.5 billion shares of common stock, par value $0.001 per share, of which of which 6.5 billion shares are allocated to the California Municipal Portfolio, Diversified Municipal Portfolio and New York Municipal Portfolio. The allocation is as follows:


	Allocation of Shares (in Millions)
Portfolio	Bernstein Class Shares		Retail Class A Shares		Retail Class B Shares		Retail Class C Shares		Retail Advisor Class Shares		Retail Class Z Shares		Retail Class T Shares		Total
California Municipal		200		200		200		200		200		200		300		1,500
Diversified Municipal		800		400		400		400		400		600		300		3,300
New York Municipal		400		200		200		200		200		200		300		1,700



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



	California Municipal Portfolio
	Shares						Amount
	Year Ended 9/30/22			Year Ended 9/30/21			Year Ended 9/30/22			Year Ended 9/30/21

Municipal Class Shares
Shares sold		12,311,797			19,982,069		$	174,656,807		$	293,044,170

Shares issued to shareholders on reinvestment of dividends		1,009,552			1,090,793			14,102,842			15,982,582

Shares redeemed		(26,842,110	)		(22,550,649	)		(375,193,360	)		(330,321,867	)

Net decrease		(13,520,761	)		(1,477,787	)	$	(186,433,711	)	$	(21,295,115	)


Class A Shares
Shares sold		1,171,581			940,394		$	16,109,805		$	13,771,691

Shares issued to shareholders on reinvestment of dividends		42,872			55,191			599,060			808,608

Shares converted from Class C		25,586			131,264			355,254			1,921,098

Shares redeemed		(2,160,119	)		(1,574,539	)		(30,181,052	)		(23,093,266	)

Net decrease		(920,080	)		(447,690	)	$	(13,116,933	)	$	(6,591,869	)


Class C Shares
Shares sold		48,267			141,129		$	703,388		$	2,063,877

Shares issued to shareholders on reinvestment of dividends		1,270			1,942			17,673			28,429

Shares converted to Class A		(25,591	)		(131,267	)		(355,254	)		(1,921,098	)

Shares redeemed		(79,832	)		(134,690	)		(1,134,319	)		(1,971,831	)

Net decrease		(55,886	)		(122,886	)	$	(768,512	)	$	(1,800,623	)


Advisor Class Shares

Shares sold		8,408,826			2,797,559		$	116,124,287		$	40,999,128

Shares issued to shareholders on reinvestment of dividends		72,507			56,837			1,009,693			833,006

Shares redeemed		(6,432,742	)		(1,330,980	)		(89,513,747	)		(19,486,966	)

Net increase		2,048,591			1,523,416		$	27,620,233		$	22,345,168



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	Diversified Municipal Portfolio
	Shares						Amount
	Year Ended 9/30/22			Year Ended 9/30/21			Year Ended 9/30/22			Year Ended 9/30/21

Municipal Class Shares
Shares sold		50,300,036			73,607,966		$	719,443,646		$	1,093,125,452

Shares issued to shareholders on reinvestment of dividends		5,053,908			5,111,537			71,413,394			75,879,414

Shares redeemed		(98,087,052	)		(57,770,058	)		(1,380,384,877	)		(857,673,588	)

Net increase (decrease)		(42,733,108	)		20,949,445		$	(589,527,837	)	$	311,331,278


Class A Shares
Shares sold		5,709,516			8,229,620		$	80,501,672		$	122,336,323

Shares issued to shareholders on reinvestment of dividends		219,371			220,597			3,102,384			3,277,635

Shares converted from Class C		177,812			1,023,362			2,519,088			15,211,937

Shares redeemed		(10,147,772	)		(4,311,216	)		(143,973,903	)		(64,037,021	)

Net increase (decrease)		(4,041,073	)		5,162,363		$	(57,850,759	)	$	76,788,874


Class C Shares
Shares sold		252,296			301,438		$	3,523,929		$	4,464,752

Shares issued to shareholders on reinvestment of dividends		8,337			13,520			117,462			200,537

Shares converted to Class A		(177,882	)		(1,023,988	)		(2,519,088	)		(15,211,937	)

Shares redeemed		(319,560	)		(405,947	)		(4,525,288	)		(6,032,366	)

Net decrease		(236,809	)		(1,114,977	)	$	(3,402,985	)	$	(16,579,014	)


Advisor Class Shares
Shares sold		24,470,151			13,792,657		$	343,696,163		$	204,707,508

Shares issued to shareholders on reinvestment of dividends		444,293			356,998			6,259,866			5,297,134

Shares redeemed		(20,054,547	)		(9,015,014	)		(280,936,037)			(133,843,446	)

Net increase		4,859,897			5,134,641		$	69,019,992		$	76,161,196



176 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)



	Diversified Municipal Portfolio
	Shares						Amount
	Year Ended 9/30/22			Year Ended 9/30/21			Year Ended 9/30/22			Year Ended 9/30/21

Class Z Shares
Shares sold		13,103,740			8,059,482		$	184,345,229		$	119,988,336

Shares issued to shareholders on reinvestment of dividends		613,484			583,322			8,662,120			8,663,484

Shares redeemed		(12,632,970	)		(9,253,954	)		(177,063,628	)		(137,584,099	)

Net increase (decrease)		1,084,254			(611,150	)	$	15,943,721		$	(8,932,279	)



	New York Municipal Portfolio
	Shares						Amount
	Year Ended 9/30/22			Year Ended 9/30/21			Year Ended 9/30/22			Year Ended 9/30/21

Municipal Class Shares
Shares sold		12,059,783			18,171,016		$	165,908,471		$	259,243,369

Shares issued to shareholders on reinvestment of dividends		1,603,025			1,644,557			21,850,536			23,484,985

Shares redeemed		(27,280,993	)		(20,055,429	)		(368,640,545	)		(286,380,791	)

Net decrease		(13,618,185	)		(239,856	)	$	(180,881,538	)	$	(3,652,437	)


Class A Shares
Shares sold		471,554			1,142,049		$	6,366,675		$	16,280,053

Shares issued to shareholders on reinvestment of dividends		85,207			85,477			1,160,365			1,219,720

Shares converted from Class C		113,133			675,324			1,531,169			9,671,456

Shares redeemed		(1,374,303	)		(2,123,188	)		(18,878,182	)		(30,214,231	)

Net decrease		(704,409	)		(220,338	)	$	(9,819,973	)	$	(3,043,002	)


Class C Shares
Shares sold		36,928			38,046		$	511,114		$	544,495

Shares issued to shareholders on reinvestment of dividends		3,839			7,441			52,286			105,971

Shares converted to Class A		(113,130	)		(675,309	)		(1,531,169	)		(9,671,456	)

Shares redeemed		(129,865	)		(151,700	)		(1,788,068	)		(2,152,932	)

Net decrease		(202,228	)		(781,522	)	$	(2,755,837	)	$	(11,173,922	)



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 177

NOTES TO FINANCIAL STATEMENTS (continued)



	New York Municipal Portfolio
	Shares						Amount
	Year Ended 9/30/22			Year Ended 9/30/21			Year Ended 9/30/22			Year Ended 9/30/21

Advisor Class Shares
Shares sold		2,313,427			1,349,204		$	31,324,777		$	19,276,461

Shares issued to shareholders on reinvestment of dividends		60,903			55,610			830,273			793,581

Shares redeemed		(2,328,084	)		(1,275,182	)		(31,563,707	)		(18,069,998	)

Net increase		46,246			129,632		$	591,343		$	2,000,044

NOTE 7.

Recent Accounting Pronouncements

NOTE 8.

Subsequent Events



178 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	California Municipal Portfolio
	Class A
	Year Ended September 30,
	2022			2021			2020			2019			2018


Net asset value, beginning of period		$ 14.60			$ 14.52			$ 14.44			$ 13.99			$ 14.33

Income From Investment Operations

Net investment income^(a)		.22			.22			.26			.28			.28

Net realized and unrealized gain (loss) on investment transactions		(1.33	)		.07			.08			.46			(.34	)

Total from investment operations		(1.11	)		.29			.34			.74			(.06	)

Less: Dividends

Dividends from net investment income		(.21	)		(.21	)		(.26	)		(.29	)		(.28	)

Net asset value, end of period		$ 13.28			$ 14.60			$ 14.52			$ 14.44			$ 13.99


Total Return

Total investment return based on net asset value^(b)		(7.63	)%		2.03	%		2.39	%		5.30	%		(.33	)%

Ratios/Supplemental Data

Net assets, end of period (000 omitted)		$57,141			$76,220			$82,318			$73,875			$77,469

Average net assets (000 omitted)		$64,530			$83,485			$79,385			$66,990			$85,754

Ratio to average net assets of:

Expenses		.73	%		.73	%		.73	%		.73	%		.75	%

Net investment income		1.57	%		1.48	%		1.79	%		1.98	%		1.98	%

Portfolio turnover rate		23	%		27	%		16	%		24	%		38	%

See footnote summary on page 188.



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 179

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	California Municipal Portfolio
	Class C
	Year Ended September 30,
	2022			2021			2020			2019			2018


Net asset value, beginning of period		$ 14.59			$ 14.52			$ 14.44			$ 13.98			$ 14.32

Income From Investment Operations

Net investment income^(a)		.12			.11			.15			.18			.17

Net realized and unrealized gain (loss) on investment transactions		(1.32	)		.06			.08			.46			(.33	)

Total from investment operations		(1.20	)		.17			.23			.64			(.16	)

Less: Dividends

Dividends from net investment income		(.11	)		(.10	)		(.15	)		(.18	)		(.18	)

Net asset value, end of period		$ 13.28			$ 14.59			$ 14.52			$ 14.44			$ 13.98


Total Return

Total investment return based on net asset value^(b)		(8.26	)%		1.19	%		1.62	%		4.59	%		(1.15	)%

Ratios/Supplemental Data

Net assets, end of period (000 omitted)		$3,652			$4,828			$6,586			$10,910			$11,886

Average net assets (000 omitted)		$4,376			$5,934			$9,405			$11,297			$14,022

Ratio to average net assets of:

Expenses		1.49	%		1.48	%		1.48	%		1.49	%		1.50	%

Net investment income		.82	%		.73	%		1.05	%		1.24	%		1.23	%

Portfolio turnover rate		23	%		27	%		16	%		24	%		38	%

See footnote summary on page 188.



180 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	California Municipal Portfolio
	Advisor Class
	Year Ended September 30,
	2022			2021			2020			2019			2018


Net asset value, beginning of period		$ 14.60			$ 14.52			$ 14.44			$ 13.99			$ 14.32

Income From Investment Operations

Net investment income^(a)		.26			.25			.29			.31			.32

Net realized and unrealized gain (loss) on investment transactions		(1.33	)		.08			.08			.46			(.33	)

Total from investment operations		(1.07	)		.33			.37			.77			(.01	)

Less: Dividends

Dividends from net investment income		(.25	)		(.25	)		(.29	)		(.32	)		(.32	)

Net asset value, end of period		$ 13.28			$ 14.60			$ 14.52			$ 14.44			$ 13.99


Total Return

Total investment return based on net asset value^(b)		(7.40	)%		2.28	%		2.65	%		5.56	%		(.08	)%

Ratios/Supplemental Data

Net assets, end of period (000 omitted)		$102,466			$82,692			$60,140			$38,534			$21,792

Average net assets (000 omitted)		$85,505			$70,376			$46,691			$27,392			$17,250

Ratio to average net assets of:

Expenses		.48	%		.48	%		.49	%		.48	%		.50	%

Net investment income		1.86	%		1.71	%		2.03	%		2.21	%		2.24	%

Portfolio turnover rate		23	%		27	%		16	%		24	%		38	%

See footnote summary on page 188.



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 181

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Diversified Municipal Portfolio
	Class A
	Year Ended September 30,
	2022			2021			2020			2019			2018


Net asset value, beginning of period		$ 14.81			$ 14.68			$ 14.58			$ 14.06			$ 14.44

Income From Investment Operations

Net investment income^(a)		.25			.25			.30			.31			.27

Net realized and unrealized gain (loss) on investment transactions		(1.43	)		.13			.10			.53			(.38	)

Total from investment operations		(1.18	)		.38			.40			.84			(.11	)

Less: Dividends

Dividends from net investment income		(.25	)		(.25	)		(.30	)		(.32	)		(.27	)

Net asset value, end of period		$ 13.38			$ 14.81			$ 14.68			$ 14.58			$ 14.06


Total Return

Total investment return based on net asset value^(b)		(8.06	)%		2.59	%		2.78	%		5.99	%		(.73	)%

Ratios/Supplemental Data

Net assets, end of period (000 omitted)		$261,936			$349,953			$271,074			$233,833			$225,477

Average net assets (000 omitted)		$303,281			$319,098			$248,192			$221,783			$286,472

Ratio to average net assets of:

Expenses		.65	%		.66	%		.67	%		.66	%		.73	%

Net investment income		1.77	%		1.69	%		2.04	%		2.18	%		1.92	%

Portfolio turnover rate		15	%		22	%		20	%		22	%		23	%

See footnote summary on page 188.



182 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Diversified Municipal Portfolio
	Class C
	Year Ended September 30,
	2022			2021			2020			2019			2018


Net asset value, beginning of period		$ 14.81			$ 14.68			$ 14.57			$ 14.05			$ 14.44

Income From Investment Operations

Net investment income^(a)		.15			.14			.19			.20			.17

Net realized and unrealized gain (loss) on investment transactions		(1.45	)		.13			.11			.53			(.39	)

Total from investment operations		(1.30	)		.27			.30			.73			(.22	)

Less: Dividends

Dividends from net investment income		(.14	)		(.14	)		(.19	)		(.21	)		(.17	)

Net asset value, end of period		$ 13.37			$ 14.81			$ 14.68			$ 14.57			$ 14.05


Total Return

Total investment return based on net asset value^(b)		(8.81	)%		1.82	%		2.07	%		5.20	%		(1.54	)%

Ratios/Supplemental Data

Net assets, end of period (000 omitted)		$13,576			$18,542			$34,743			$42,152			$56,339

Average net assets (000 omitted)		$15,772			$28,338			$39,529			$50,386			$64,699

Ratio to average net assets of:

Expenses		1.40	%		1.41	%		1.43	%		1.43	%		1.48	%

Net investment income		1.02	%		.96	%		1.30	%		1.42	%		1.17	%

Portfolio turnover rate		15	%		22	%		20	%		22	%		23	%

See footnote summary on page 188.



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 183

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Diversified Municipal Portfolio
	Advisor Class
	Year Ended September 30,
	2022			2021			2020			2019			2018


Net asset value, beginning of period		$ 14.79			$ 14.66			$ 14.55			$ 14.04			$ 14.42

Income From Investment Operations

Net investment income^(a)		.29			.29			.33			.34			.31

Net realized and unrealized gain (loss) on investment transactions		(1.44	)		.13			.11			.52			(.38	)

Total from investment operations		(1.15	)		.42			.44			.86			(.07	)

Less: Dividends

Dividends from net investment income		(.28	)		(.29	)		(.33	)		(.35	)		(.31	)

Net asset value, end of period		$ 13.36			$ 14.79			$ 14.66			$ 14.55			$ 14.04


Total Return

Total investment return based on net asset value^(b)		(7.84	)%		2.85	%		3.11	%		6.20	%		(.48	)%

Ratios/Supplemental Data

Net assets, end of period (000 omitted)		$477,015			$456,386			$377,082			$278,371			$761,637

Average net assets (000 omitted)		$467,739			$419,891			$332,267			$306,629			$1,161,023

Ratio to average net assets of:

Expenses		.40	%		.41	%		.43	%		.43	%		.48	%

Net investment income		2.04	%		1.94	%		2.29	%		2.40	%		2.17	%

Portfolio turnover rate		15	%		22	%		20	%		22	%		23	%

See footnote summary on page 188.



184 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

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


	Diversified Municipal Portfolio
	Class Z
	Year Ended September 30,												July 2, 2018^(c)to September 30, 2018
	2022			2021			2020			2019			July 2, 2018^(c)to September 30, 2018


Net asset value, beginning of period		$ 14.81			$ 14.68			$ 14.58			$ 14.06			$ 14.15

Income From Investment Operations

Net investment income^(a)		.29			.29			.34			.35			.08

Net realized and unrealized gain (loss) on investment transactions		(1.44	)		.13			.10			.53			(.10	)

Total from investment operations		(1.15	)		.42			.44			.88			(.02	)

Less: Dividends

Dividends from net investment income		(.28	)		(.29	)		(.34	)		(.36	)		(.07	)

Net asset value, end of period		$ 13.38			$ 14.81			$ 14.68			$ 14.58			$ 14.06


Total Return

Total investment return based on net asset value^(b)		(7.81	)%		2.87	%		3.08	%		6.29	%		(.06	)%

Ratios/Supplemental Data

Net assets, end of period (000 omitted)		$470,829			$505,365			$509,910			$844,127			$472,528

Average net assets (000 omitted)		$500,681			$485,522			$590,892			$776,520			$258,733

Ratio to average net assets of:

Expenses		.39	%		.38	%		.39	%		.38	%		.40	%^(d)(e)

Net investment income		2.05	%		1.97	%		2.34	%		2.47	%		2.49	%^(d)(e)

Portfolio turnover rate		15	%		22	%		20	%		22	%		23	%

See footnote summary on page 188.



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 185

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	New York Municipal Portfolio
	Class A
	Year Ended September 30,
	2022			2021			2020			2019			2018


Net asset value, beginning of period		$ 14.25			$ 14.03			$ 14.17			$ 13.68			$ 14.07

Income From Investment Operations

Net investment income^(a)		.23			.24			.28			.29			.28

Net realized and unrealized gain (loss) on investment transactions		(1.37	)		.22			(.14	)		.49			(.39	)

Total from investment operations		(1.14	)		.46			.14			.78			(.11	)

Less: Dividends

Dividends from net investment income		(.23	)		(.24	)		(.28	)		(.29	)		(.28	)

Net asset value, end of period		$ 12.88			$ 14.25			$ 14.03			$ 14.17			$ 13.68


Total Return

Total investment return based on net asset value^(b)		(8.07	)%		3.26	%		1.03	%		5.74	%		(.77	)%

Ratios/Supplemental Data

Net assets, end of period (000 omitted)		$96,286			$116,552			$117,874			$119,718			$121,201

Average net assets (000 omitted)		$105,328			$117,041			$119,315			$121,023			$130,420

Ratio to average net assets of:

Expenses		.73	%		.73	%		.72	%		.74	%		.73	%

Net investment income		1.71	%		1.67	%		1.98	%		2.06	%		2.03	%

Portfolio turnover rate		14	%		18	%		18	%		18	%		23	%

See footnote summary on page 188.



186 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	New York Municipal Portfolio
	Class C
	Year Ended September 30,
	2022			2021			2020			2019			2018


Net asset value, beginning of period		$ 14.25			$ 14.03			$ 14.17			$ 13.68			$ 14.07

Income From Investment Operations

Net investment income^(a)		.13			.13			.17			.18			.18

Net realized and unrealized gain (loss) on investment transactions		(1.37	)		.22			(.13	)		.49			(.39	)

Total from investment operations		(1.24	)		.35			.04			.67			(.21	)

Less: Dividends

Dividends from net investment income		(.13	)		(.13	)		(.18	)		(.18	)		(.18	)

Net asset value, end of period		$ 12.88			$ 14.25			$ 14.03			$ 14.17			$ 13.68


Total Return

Total investment return based on net asset value^(b)		(8.76	)%		2.47	%		.27	%		4.95	%		(1.50	)%

Ratios/Supplemental Data

Net assets, end of period (000 omitted)		$5,515			$8,982			$19,813			$27,143			$33,716

Average net assets (000 omitted)		$7,393			$15,076			$23,921			$29,799			$38,176

Ratio to average net assets of:

Expenses		1.48	%		1.48	%		1.48	%		1.49	%		1.48	%

Net investment income		.95	%		.93	%		1.23	%		1.31	%		1.28	%

Portfolio turnover rate		14	%		18	%		18	%		18	%		23	%

See footnote summary on page 188.



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 187

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	New York Municipal Portfolio
	Advisor Class
	Year Ended September 30,
	2022			2021			2020			2019			2018


Net asset value, beginning of period		$ 14.24			$ 14.03			$ 14.17			$ 13.68			$ 14.07

Income From Investment Operations

Net investment income^(a)		.27			.27			.31			.32			.32

Net realized and unrealized gain (loss) on investment transactions		(1.36	)		.21			(.13	)		.49			(.39	)

Total from investment operations		(1.09	)		.48			.18			.81			(.07	)

Less: Dividends

Dividends from net investment income		(.27	)		(.27	)		(.32	)		(.32	)		(.32	)

Net asset value, end of period		$ 12.88			$ 14.24			$ 14.03			$ 14.17			$ 13.68


Total Return

Total investment return based on net asset value^(b)		(7.77	)%		3.44	%		1.28	%		6.00	%		(.51	)%

Ratios/Supplemental Data

Net assets, end of period (000 omitted)		$61,511			$67,388			$64,546			$57,173			$37,003

Average net assets (000 omitted)		$64,326			$62,323			$63,077			$45,530			$32,710

Ratio to average net assets of:

Expenses		.48	%		.48	%		.47	%		.49	%		.48	%

Net investment income		1.96	%		1.91	%		2.22	%		2.30	%		2.28	%

Portfolio turnover rate		14	%		18	%		18	%		18	%		23	%

(a)	Based on average shares outstanding.

(b)

(c)	Commencement of distribution.

(d)	The ratio includes expenses attributable to costs of proxy solicitation.

(e)	Annualized.

See notes to financial statements.



188 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

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

Basis for Opinions



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REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

November 23, 2022



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BOARD OF DIRECTORS

Debra Perry^(1),(2),

Chair

Beata D. Kirr, President

R. Jay Gerken^(1),(2)

Jeffrey R. Holland⁽¹⁾

William Kristol⁽¹⁾

Michelle McCloskey⁽¹⁾

Donald K. Peterson⁽¹⁾

OFFICERS

Daryl Clements⁽³⁾, Vice President Terrance T. Hults⁽³⁾, Vice President

Matthew J. Norton⁽³⁾, Vice President

Andrew D. Potter⁽³⁾, Vice President

Emilie D. Wrapp, Secretary

Michael B. Reyes, Senior Vice President

Joseph J. Mantineo, Treasurer and Chief Financial Officer

Phyllis J. Clarke, Controller

Vincent S. Noto, Chief Compliance Officer

Custodian and Accounting Agent

State Street Bank and Trust Company
State Street Corporation CCB/5
1 Iron Street

Boston, MA 02210

Distributor^†

AllianceBernstein Investments, Inc.
501 Commerce Street
Nashville, TN 37203

Transfer Agent^†

AllianceBernstein Investor
Services, Inc.
P.O. Box 786003
San Antonio, TX 78278
Toll-Free (800) 221-5672

Legal Counsel

Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019

Independent Registered
Public Accounting Firm

PricewaterhouseCoopers LLP
300 Madison Avenue
New York, NY 10017

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

2	Member of the Pricing Committee.

The day-to-day management of, and investment decisions for, the AB Intermediate Municipal Portfolios are made by the Municipal Bond Investment Team. Messrs. Clements, Hults Norton and Potter are the investment professionals with the most significant responsibility for the day-to-day management of the Funds’ portfolios.

†	For the AB Intermediate Municipal Portfolios, Classes A,C and Advisor Class shares only.



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MANAGEMENT OF THE FUND

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.


NAME, *ADDRESS, AGE, YEAR OF ELECTION	PRINCIPAL OCCUPATION(S) DURING PAST FIVE (5) YEARS AND OTHER INFORMATION	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER DIRECTORSHIPS HELD BY DIRECTOR DURING THE PAST FIVE (5) YEARS
INTERESTED DIRECTOR

Beata D. Kirr,*** c/o AllianceBernstein L.P. 1345 Avenue of the Americas New York, NY 10105 48 (2019)	Senior Vice President of the Investment Adviser with which she has been associated since prior to 2017. She is the Co-Head of Investment Strategies since April 2020 and a National Managing Director since 2017. She was previously the Head of Private Client Core Asset Strategies. She joined the firm in 2007 as a Senior Portfolio Manager. Prior to joining AB, she was a director at Harris Alternatives, a global fund of hedge funds, and was with Goldman Sachs, where she advised clients in the Equities, M&A and Equity Capital Markets divisions, from their New York, London and Chicago offices.		17	Women Employed



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MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE, YEAR OF ELECTION	PRINCIPAL OCCUPATION(S) DURING PAST FIVE (5) YEARS AND OTHER INFORMATION	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER DIRECTORSHIPS HELD BY DIRECTOR DURING THE PAST FIVE (5) YEARS
DISINTERESTED DIRECTORS

Debra Perry,^{#,^} Chair of the Board 71 (2011)	Formerly, Senior Managing Director of Global Ratings and Research, Moody’s Investors Service, Inc. from 2001 to 2004; Chief Administrative Officer, Moody’s, from 1999 to 2001; Chief Credit Officer, Moody’s, from 2000 to 2001; Group Managing Director for the Finance, Securities and Insurance Ratings Groups, Moody’s Corp., from 1996 to 1999; earlier she held executive positions with First Boston Corporation and Chemical Bank.		17	Assurant, Inc., since 2017; Korn/Ferry International since 2008; Genworth Financial, Inc., from 2016-2022; PartnerRe, from 2013-2016; Bank of America Funds Series Trust, from 2011-2016


R. Jay Gerken,^{#,^} 71 (2013)	Formerly, President and Chief Executive Officer of Legg Mason Partners Fund Advisor, LLC, and President & Board Member of The Legg Mason and Western Asset mutual funds from 2005 until June 2013. Previously, he was the President and Chair of the boards of the Citigroup Asset Management mutual funds from 2002 to 2005; Portfolio Manager and Managing Director, Smith Barney Asset Management from 1993 to 2001 and President & CEO, Directions Management of Shearson Lehman, Inc. from 1988 to 1993.		17	Cedar Lawn Corporation; New Jersey Chapter of The Nature Conservancy; and Associated Banc-Corp



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MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE, YEAR OF ELECTION	PRINCIPAL OCCUPATION(S) DURING PAST FIVE (5) YEARS AND OTHER INFORMATION	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER DIRECTORSHIPS HELD BY DIRECTOR DURING THE PAST FIVE (5) YEARS
DISINTERESTED DIRECTORS (continued)

Jeffrey R. Holland,^# 56 (2019)	Formerly, Limited Partner of Brown Brothers Harriman from 2014 to 2018. Prior thereto, General Partner of Brown Brothers Harriman from 2006 to 2013.		17	Director of various non-profit organizations


William Kristol,^# 69 (2013)	Founder and Editor, The Weekly Standard from 1995 to 2018. He is a regular contributor on leading political commentary shows. He has served as the inaugural Vann Professor of Ethics and Society at Davidson College since 2019.		17	Manhattan Institute; John M. Ashbrook Center for Public Affairs at Ashland University; The Salvatori Center at Claremont McKenna College; The Institute for the Study of War; Foundation for Constitutional Government; and Defending Democracy Together, a non-profit educational corporation


Michelle McCloskey,^# 60 (2019)	Formerly, President of Americas, Man Group from 2017 to August 2019 and President of Man FRM from 2015 to August 2019. Prior thereto, she was a Senior Managing Director of Man FRM from 2012 to 2015. While at the Man Group, she served on the Executive Committee of Man Group plc from 2012 to 2019, as Chief Executive Officer, Board of Managers of Man Alternative Multi Strategy Fund from 2016 to 2019 and as President and Chair of the Board of the Pine Grove Institutional Funds from 2016 to 2019. She currently serves on the Investment Advisory Committee of Texas Tech University Endowment.		17	Assured Guaranty Ltd. Since May 2021



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MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE, YEAR OF ELECTION	PRINCIPAL OCCUPATION(S) DURING PAST FIVE (5) YEARS AND OTHER INFORMATION	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER DIRECTORSHIPS HELD BY DIRECTOR DURING THE PAST FIVE (5) YEARS
DISINTERESTED DIRECTORS (continued)

Donald K. Peterson,^# 73 (2007)	Formerly, Chairman and Chief Executive Officer, Avaya Inc. (telecommunications equipment and services) from 2002 to 2006; President and Chief Executive Officer, Avaya Inc. from 2000 to 2001; President, Enterprise Systems Group in 2000; Chief Financial Officer, Lucent Technologies (telecommunications equipment and services) from 1996 to 2000; Chief Financial Officer, AT&T, Communications Services Group from 1995 to 1996; President, Nortel Communications Systems, Inc. (telecommunications and networking equipment) from 1994 to 1995. Prior thereto, he was at Nortel from 1976 to 1995.		17	Worcester Polytechnic Institute, (Emeritus); Member of the Board of TIAA-Bank, FSB

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

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

***	Ms. Kirr is an “interested person”, as defined in the 1940 Act, due to her affiliation with AllianceBernstein.

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

^	Member of the Pricing Committee.



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MANAGEMENT OF THE FUND (continued)

Officer Information

Certain information concerning the Fund’s Officers is listed below.


NAME, ADDRESS* AND AGE	POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Beata D. Kirr, 48	President	See biography above

Terrance T. Hults, 56	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017.

Matthew J. Norton, 39	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017. He is also Chief Investment Officer – Municipal Bonds.

Andrew D. Potter, 37	Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2017.

Emilie D. Wrapp, 66	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of AllianceBernstein Investments, Inc. (“ABI”)**, with which she has been associated since prior to 2017.

Michael B. Reyes, 46	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2017.

Joseph J. Mantineo, 63	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2017.

Phyllis J. Clarke, 61	Controller	Vice President of ABIS**, with which she has been associated since prior to 2017.

Vincent S. Noto, 57	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser**, since prior to 2017.

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

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



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Operation and Effectiveness of the Portfolios’ Liquidity Risk Management Program:

The Adviser informed the Fund Board that the Committee believes the Portfolios’ LRMP is adequately designed, has been implemented as



abfunds.com		AB INTERMEDIATE MUNICIPAL PORTFOLIOS ^\| 197

intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Portfolios or their ability to timely meet redemptions during the Program Reporting Period.



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BOARD’S CONSIDERATION OF INVESTMENT

MANAGEMENT ARRANGEMENT

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



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BOARD’S CONSIDERATION OF INVESTMENT

MANAGEMENT ARRANGEMENT (continued)

the Independent Directors also met separately with counsel to the Independent Directors as well as the Senior Vice President to review the contract renewal materials provided by the Adviser and the materials prepared by the Senior Vice President. At the conclusion of this meeting, the Board approved the continuation of the Investment Management Agreement for an additional annual term as described below.

Fees and Expenses



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BOARD’S CONSIDERATION OF INVESTMENT

MANAGEMENT ARRANGEMENT (continued)

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



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BOARD’S CONSIDERATION OF INVESTMENT

MANAGEMENT ARRANGEMENT (continued)

Nature, Extent and Quality of Services Provided

The Directors noted the complexity of the Overlay Portfolios, in particular the complexity of managing the globally diversified set of asset classes and



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BOARD’S CONSIDERATION OF INVESTMENT

MANAGEMENT ARRANGEMENT (continued)

derivatives in which the Overlay Portfolios can invest as well as the complexity of dynamically allocating assets through the Overlay Portfolios among various asset classes as economic and market conditions change in seeking to provide the desired risk/return trade-off for their investors in light of their overall portfolios (and not just their investment in the Overlay Portfolios themselves). In considering the performance of the Overlay Portfolios, the Board reviewed the performance of the Overlay Portfolios’ dynamic asset allocation component and the impact of that component in the recent volatile market environment. The Board considered the Adviser’s continued research efforts to enhance the dynamic asset allocation component utilized by the Overlay Portfolios. The Board further acknowledged the difficulty in selecting relevant peer groups for the Overlay Portfolios because of their unique structure and noted that the Overlay A Portfolio and Tax-Aware Overlay A Portfolio held higher percentages of equities and international equities than the funds in their relevant peer groups.

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

Profitability



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BOARD’S CONSIDERATION OF INVESTMENT

MANAGEMENT ARRANGEMENT (continued)

calendar years 2020 and 2021, which had been reviewed by an independent consultant. The Directors reviewed the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data, noting that the methodology was consistent with the Adviser’s internal financial reporting. The Directors acknowledged that there are many potentially acceptable allocation methodologies for cost allocation, and that in certain cases the selected allocation methodology may not capture all costs borne by the Adviser with respect to a Portfolio. The Directors noted that they received information regarding all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to the Adviser’s subsidiaries that provide transfer agency and distribution services to the Fund, and that they had focused on profitability before taxes and distribution expenses. The Board further considered materials provided by the Adviser estimating the profitability of the Short Duration Plus Portfolio and the Short Duration Diversified Municipal Portfolio to the Adviser after the termination of the voluntary waiver in effect for the Portfolios. The Directors reviewed comparative information regarding profitability for other publicly-traded advisers, recognizing that it is difficult to make comparisons of profitability among different investment advisers because only limited comparative information is publicly available and the comparisons are affected by numerous factors including different business mixes.

Economies of Scale



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BOARD’S CONSIDERATION OF INVESTMENT

MANAGEMENT ARRANGEMENT (continued)

Fall-Out Benefits and Other Revenue

Advisory Fee Rate Schedule


Portfolio		Annual Percentage of Average Daily Net Assets of Each Portfolio
Short Duration Diversified Municipal		0.30% of the first $750 million; 0.25% of assets in excess of $750 million.

Short Duration Plus		0.35% of the first $750 million; 0.30% of assets in excess of $750 million.



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BOARD’S CONSIDERATION OF INVESTMENT

MANAGEMENT ARRANGEMENT (continued)


Portfolio		Annual Percentage of Average Daily Net Assets of Each Portfolio
New York Municipal		0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion.

California Municipal		0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion.

Diversified Municipal		0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% in excess of $5 billion up to, but not exceeding $7 billion; 0.225% of assets in excess of $7 billion.

Intermediate Duration		0.45% on the first $2.5 billion; 0.40% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.35% in excess of $5 billion up to, but not exceeding $8 billion; 0.30% of assets in excess of $8 billion.

Emerging Markets		0.95% of the first $2.5 billion; 0.90% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion.

Overlay A		0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion.

Tax-Aware Overlay A		0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion.

Overlay B		0.65% of assets.

Tax-Aware Overlay B		0.65% of assets.

Tax-Aware Overlay C		0.65% of assets.

Tax-Aware Overlay N		0.65% of assets.



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This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

CORE

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/ GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio¹

Tax-Managed All Market Income Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

EXCHANGE-TRADED FUNDS

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

1	Prior to December 1, 2021, Sustainable Thematic Balanced Portfolio was named Conservative Wealth Strategy.



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NOTES



208 ^\| AB INTERMEDIATE MUNICIPAL PORTFOLIOS		abfunds.com

LOGO

AB INTERMEDIATE MUNICIPAL PORTFOLIOS

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

IM-0151-0922 LOGO

SANFORD C. BERNSTEIN FUND, INC.

Overlay Portfolios

Overlay A Portfolio

Tax-Aware Overlay A Portfolio

Overlay B Portfolio

Tax-Aware Overlay B Portfolio

Tax-Aware Overlay C Portfolio

Tax-Aware Overlay N Portfolio

ANNUAL REPORT

SEPTEMBER 30, 2022

Table of Contents


Portfolio Manager Commentary			1

Disclosures and Risks			5

Historical Performance			11

Expense Example			15

Portfolio Summary			17

Schedule of Investments			18

Statement of Assets and Liabilities			100

Statement of Operations			104

Statement of Changes in Net Assets			106

Financial Highlights			110

Notes to Financial Statements			123

Other			170

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

For performance information current to the most recent month-end, please call (collect) 212.486.5800.

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

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

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

Portfolio Manager Commentary (Unaudited)

To Our Shareholders—November 15, 2022

On the following pages, you will find the 2022 annual report for the Overlay Portfolios¹ of the Sanford C. Bernstein Fund, Inc. (collectively, the “Portfolios”, and individually, a “Portfolio”). The annual report covers the six- and 12-month periods ended September 30, 2022, and includes financial statements as well as notes to the financial statements, information about the recent performance of the Portfolios and a listing of each Portfolio’s holdings as of the period end.

Sincerely,

Beata D. Kirr

President

Sanford C. Bernstein Fund, Inc.

Please note that information for the Emerging Markets, California Municipal, Diversified Municipal, New York Municipal, Short Duration Diversified Municipal, Intermediate Duration and Short Duration Plus Portfolios of the Sanford C. Bernstein Fund, Inc. may be found in a separate report.

The Portfolios are intended to be used as part of a broader investment program administered directly by Sanford C. Bernstein & Co. LLC. The performance and objectives of the Portfolios should be evaluated only in the context of the investor’s complete investment program. The Portfolios are NOT designed to be used as a standalone investment.

Investment Objectives and Policies

The investment objective of the Overlay A and Tax-Aware Overlay A Portfolios is to manage the volatility of an equity-oriented asset allocation over the long term, as part of a Private Client’s overall asset allocation managed by Sanford C. Bernstein & Co. LLC (“Bernstein”). The investment objective of the Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios is to manage the volatility of a fixed-income-oriented asset allocation over the long term, as part of a Private Client’s overall asset allocation managed by Bernstein.

The Portfolios may invest in a diversified portfolio of securities and other financial instruments, including derivative instruments that provide investment exposure to a variety of asset classes. These asset classes may include: equity securities and fixed-income instruments of issuers located within and outside the United States, real estate-related securities, below investment-grade (“high yield”) securities (commonly known as “junk bonds”), currencies and commodities. The Overlay A and Tax-Aware Overlay A Portfolios obtain equity exposure by investing directly in equity securities and through investments in other registered funds, including, but not limited

(Portfolio Manager Commentary continued on next page)



2022 Annual Report		1

Portfolio Manager Commentary (continued)

to, other funds managed by AllianceBernstein L.P. (the “Adviser”). By adjusting investment exposure among the various asset classes in the Portfolios, the Adviser seeks to manage the volatility of diversified client portfolios managed by Bernstein that reflect a significant allocation to equity securities, in the case of the Overlay A and Tax-Aware Overlay A Portfolios, and a significant allocation to taxable or municipal fixed-income securities in the case of the Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios. The Portfolios’ asset class exposures may be implemented and adjusted either through transactions in individual securities or through derivatives.

The Adviser alters asset class exposures as market and economic conditions change. The Adviser employs risk/return tools and fundamental research insights to determine how to adjust the Portfolios’ exposures to various asset classes. These dynamic adjustments to the Portfolios’ asset class exposures are implemented principally through the use of derivatives.

The Adviser also may use exchange-traded funds (“ETFs”), exchange traded notes, structured investments and commodity-linked notes in seeking to carry out the Portfolios’ investment strategies. The Portfolios may enter into foreign currency transactions for hedging and non-hedging purposes on a spot (i.e., cash) basis or through the use of derivatives. An appropriate hedge of currency exposure resulting from the Portfolios’ securities positions may not be available or cost effective, or the Adviser may determine not to hedge the positions, possibly even under market conditions where doing so could benefit the Portfolios. The Portfolios may use options strategies (involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices), futures contracts (including futures contracts on individual securities and stock indices), swap agreements (including interest rate swaps and currency swaps) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolios from a decline in value, sometimes within certain ranges.

Exposure to certain other asset classes may also be achieved through investments in other AB mutual funds. The Overlay A and Overlay B Portfolios are managed without regard to potential tax consequences to the shareholder. In the case of the Tax-Aware Portfolios, the Adviser will employ tax management strategies in an attempt to reduce the impact of taxes on shareholders in the Portfolios.

Investment Results

The Portfolios are not designed to be used as standalone investments. The performance and objectives of the Portfolios should be evaluated only in the context of the Private Client’s complete investment program. The Adviser’s Dynamic Asset Allocation (“DAA”) service is intended to reduce a Private Client’s account portfolio volatility during sustained periods of elevated volatility in the markets, not necessarily during periods when market volatility is relatively low. Over both the six- and 12-month periods, all Overlay Portfolios detracted from returns and reduced volatility for a typical Private Client account.

The tables on pages 11-13 show each Portfolio’s performance compared to its respective primary, current and prior composite benchmark, for the six- and 12-month periods ended September 30, 2022. The primary benchmarks are as follows: the Standard and Poor’s (“S&P”) 500 Index for Overlay A and Tax-Aware Overlay A Portfolios; the Bloomberg Global Aggregate Bond Index (USD hedged) for Overlay B Portfolio; and the Bloomberg 5-Year General Obligation (“GO”) Municipal Bond Index for Tax-Aware Overlay B, C and N Portfolios.

Over the 12-month period, each of the Overlay Portfolios underperformed their current composite benchmarks. For the six-month period, Overlay A, Tax-Aware Overlay A, Tax-Aware Overlay C and Class 2 shares of Tax-Aware Overlay B outperformed their current composite benchmarks, whereas Overlay B, Tax-Aware Overlay N and Class 1 shares of Tax-Aware Overlay B trailed their current composite benchmarks.

The Portfolios’ Senior Investment Management Team (the “Team”) employs dynamic allocation shifts based on the relative attractiveness or unattractiveness across multiple, global asset classes. Underperformance, relative to the benchmark, can be attributed to the Overlays’ duration extension, while tactical allocation shifts—an underweight to risk assets in both periods—added to returns. For additional diversification and protection, the Team continues to deploy longer-term hedges. These additional sources of protection consist of an extension in bond duration to hedge against a growth disappointment and long-dated equity put options to provide diversification in the case of a volatility shock. Over both periods, the Portfolios’ underweight to risk assets contributed to account performance. However due to the inflation-led sell-off, the duration extension, which normally benefits from risk-off environments, materially detracted. The

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2		Sanford C. Bernstein Fund, Inc.

Portfolio Manager Commentary (continued)

Team’s options strategies also were modestly negative for both periods, as the somewhat steady nature of the sell-off did not allow the Portfolios’ options to be as protective as expected. The net effect was underperformance of the Portfolios as the duration underperformance overwhelmed the positive impact of the equity underweight.

The Portfolios entered the fourth quarter of 2021 with a modest overweight to equities. The overweight was motivated by an elevated return potential for return-seeking assets due to ongoing policy support, continued re-openings and medical advancements to combat COVID-19. However, the Team reduced the equity overweight during the quarter as uncertainties around rising COVID-19 cases, higher inflation, fading global stimulus and supply-chain pressures dampened the return outlook for equities. The Portfolios entered 2022 with a modest overweight to equities, as the Team expected a continuation in the global economic expansion. The Team gradually moved to an underweight to equities in January and February, as uncertainties dampened the risk and return outlook for equities. The omicron surge delayed economies’ reopening schedules and extended the period of supply-demand imbalance for longer than expected. The conflict in Ukraine and the resulting sanctions also led to additional supply-chain disruptions and rising commodity prices, which had potential ramifications on the global growth outlook. When combined with the fact that inflation was already well above central bank targets, the Team believed the odds of a “policy mistake” had increased. The Team acknowledged that these risks could persist for some time and would likely sustain ongoing volatility within risk assets. As a result, the Portfolios moved to a modest underweight to equities. During the second quarter of 2022, the Portfolios increased their underweight to return-seeking assets, ending the period with a significant equity underweight. Despite the Team’s constructive, longer-term outlook for equities, near-term uncertainties persisted. The Ukraine conflict had a meaningful impact on commodity prices, creating significant upside tail-risk. With the omicron variant now in China, the zero-COVID policy was expected to extend supply chain stresses as well as weigh on global demand. The Portfolios maintained their underweight to return-seeking assets in the third quarter of 2022, ending the period with a significant equity underweight.

The Portfolios use derivatives (for hedging and investment purposes) largely to make shifts in asset class exposures, as this allows rapid and efficient changes without disrupting the underlying individual stock and bond holdings. All Portfolios used derivatives for hedging and investment purposes. For both periods, futures detracted from absolute returns for all Portfolios, while purchased options added. Written options detracted for all Portfolios for the six-month period and added for the 12-month period. Currency forwards detracted for both periods for all Portfolios except Overlay B. Total return swaps added for both periods for all Portfolios except Overlay B. Credit default swaps added during both periods for Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N. Inflation swaps detracted for the six-month period and added for the 12-month period for Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N. During both periods, interest rate swaps added for Tax-Aware Overlay B and Tax-Aware Overlay N and detracted for Tax-Aware Overlay C.

The Overlay B Portfolio utilizes a range of cash securities and derivatives to efficiently gain exposures to desired investments. Derivatives are excluded from the calculation of the Portfolio’s turnover rate of 115% whereas transactions in cash securities are included. The Portfolio’s historical turnover rates would have been different if the Portfolio had not utilized derivatives.

Market Review and Investment Strategy

US, international and emerging-market stocks declined during the 12-month period ended September 30, 2022. Initially, positive earnings momentum overshadowed concerns surrounding coronavirus variants, supply chain disruptions and rising inflation, but the global economic outlook deteriorated as increasingly hawkish central banks elevated investor concern that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. The US Federal Reserve (the “Fed”) raised interest rates five times during the period, including three consecutive 0.75% increases, setting a course followed by other key central banks. Equity markets rallied briefly as some weaker-than-expected economic data raised optimism that policy rates might peak at lower levels. Stocks fell sharply after the Fed indicated that it would continue to move aggressively and risk recession to lower inflation. Against a backdrop of rising rates, growth stocks came under pressure throughout most of the period. Within large-cap markets, both growth and value stocks declined in absolute terms, but value stocks outperformed growth stocks significantly. Large-cap stocks outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

Fixed-income government bond market yields increased rapidly, and bond prices fell in all developed markets. Most major central banks aggressively tightened monetary policy by

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2022 Annual Report		3

Portfolio Manager Commentary (continued)

raising short-term interest rates and ending bond purchases to combat high and persistent inflation. Developed-market government bonds fell the most in the UK and eurozone, and by the least in Japan. In credit risk sectors, securitized assets generally outperformed corporate bonds. Investment-grade corporate bonds trailed treasuries, underperforming in the US against US Treasuries, while outperforming in the eurozone relative to eurozone treasuries. High-yield corporate bonds trailed in the US versus US Treasuries while eurozone high yield outperformed eurozone treasuries. Investment-grade emerging-market corporate bonds slightly trailed developed-market corporates. Longer-maturity emerging-market sovereign bonds underperformed developed-market treasuries. Emerging-market local-currency bonds lagged as the US dollar advanced against almost all developed- and emerging-market currencies. Brent crude oil prices ended the period higher, even as prices fell sharply in the final quarter on global growth concerns and reduced demand.

The Portfolios may purchase municipal securities that are insured under policies issued by certain insurance companies. Historically, insured municipal securities typically received a higher credit rating, which meant that the issuer of the securities paid a lower interest rate. As a result of declines in the credit quality and associated downgrades of most bond insurers, insurance has less value than it did in the past. The market currently values insured municipal securities primarily based on the credit quality of the issuer of the security with little value given to the insurance feature. In purchasing such insured securities, the Adviser evaluates the risk and return of municipal securities through its own research. If an insurance company’s rating is downgraded or the company becomes insolvent, the prices of municipal securities insured by the insurance company may decline. As of September 30, 2022, the Portfolios’ percentages of investments in municipal bonds that are insured and insured municipal bonds that have been pre-refunded or escrowed to maturity were 4.83% and 0.00%, respectively, for Tax-Aware Overlay B Portfolio; 1.99% and 0.00%, respectively, for Tax-Aware Overlay C Portfolio and 4.74% and 0.00%, respectively, for Tax-Aware Overlay N Portfolio.



4		Sanford C. Bernstein Fund, Inc.

Disclosures and Risks (Unaudited)

Benchmark Disclosures

None of the following indices or averages reflects fees and expenses associated with the active management of a mutual fund portfolio. The S&P 500^® Index includes 500 US stocks and is a common representation of the performance of the overall US stock market. The Bloomberg Global Aggregate Bond Index (USD hedged) represents the performance of the global investment-grade developed fixed-income markets, hedged to the US dollar. The Bloomberg 5-Year GO Municipal Bond Index represents the performance of long-term, investment-grade tax-exempt bonds with maturities ranging from four to six years. The Russell 3000^® Index measures the performance of the largest 3,000 US public companies representing approximately 98% of the investible US equity market by stock market capitalization. The Morgan Stanley Capital International (“MSCI”) All Country World Index (“ACWI”) ex USA Investable Markets Index (“IMI”) (net) captures large-, mid- and small-cap representation across 22 of 23 developed-market countries (excluding the US) and 23 emerging-market countries. The MSCI ACWI Commodity Producers Index captures the global opportunity set of commodity producers in the energy, metal and agricultural sectors. Constituents are selected from the equity universe of MSCI ACWI, the parent index, which covers mid- and large-cap securities across 23 developed markets and 23 emerging-markets countries. The Financial Times Stock Exchange^® European Public Real Estate Association/National Association of Real Estate Investment Trusts (“FTSE EPRA/NAREIT”) Global Index is a free-float adjusted index designed to track the performance of listed real estate companies and real estate investment trusts (“REITs”) worldwide. The Bloomberg US Aggregate Bond Index represents the performance of securities within the US investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. The Bloomberg 1-10 Year US Treasury Inflation Protected Securities (“TIPS”) Index measures the performance of the US Treasury inflation-protected securities market, with maturities between one and ten years. The Bloomberg 1-10 Year Municipal Bond Index represents the performance of the long-term tax-exempt bond market consisting of investment-grade bonds.

The composite benchmark for a Portfolio is a customized benchmark and uses index returns to represent performance of the asset classes. The Composite Benchmark for Overlay A is 47% Russell 3000, 26.4% MSCI ACWI ex USA IMI (net), 6.6% MSCI ACWI Commodity Producers (net), 10% Bloomberg US Aggregate Bond, 10% Bloomberg Global Aggregate Bond (USD hedged). The Composite Benchmark for Tax-Aware Overlay A is 47.2% Russell 3000, 26.5% MSCI ACWI ex USA IMI (net), 6.3% MSCI ACWI Commodity Producers (net), 20% Bloomberg US Aggregate Bond. The Composite Benchmark for Overlay B is 16.9% Russell 3000, 9.8% MSCI ACWI ex USA IMI (net), 3.3% MSCI ACWI Commodity Producers (net), 24.5% Bloomberg US Aggregate Bond, 24.5% Bloomberg Global Aggregate Bond (USD hedged), 21% Bloomberg 1-10 Year US TIPS. The Composite Benchmark for Tax-Aware Overlay B, C and N is 19% Russell 3000, 11% MSCI ACWI ex USA IMI (net), 42% Bloomberg 1-10 Year Municipal Bond, 28% Bloomberg 1-10 Year US TIPS.

The Russell 3000, MSCI ACWI ex USA IMI (net) and MSCI ACWI Commodity Producers Index (net) represent the allocation to global stocks. The FTSE EPRA/NAREIT Global Index represents the allocation to real estate. The Bloomberg US Aggregate Bond, Bloomberg 1-10 Year US TIPS, Bloomberg 1-10 Year Municipal Bond and Bloomberg Global Aggregate Bond (USD hedged) represent the allocation to bonds.

MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns include the reinvestment of dividends after deduction of non-US withholding tax. Investors cannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including the Portfolios.

A Word About Risk

All Overlay Portfolios:

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

The Portfolios are intended to be used as part of a broader investment program administered directly by Bernstein. The performance and objectives of the Portfolios should be evaluated only in the context of the Private Client’s complete investment program. Changes in value of the Portfolios may be particularly pronounced because the Portfolios are managed in

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2022 Annual Report		5

Disclosures and Risks (continued)

such a fashion as to affect the investor’s assets subject to that broader investment program. The Portfolios are NOT designed to be used as a standalone investment.

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

Allocation Risk: The allocation of investments among different global asset classes may have a significant effect on the Portfolios’ net asset value (“NAV”) when one of these asset classes is performing more poorly than others. As direct investments, investments in other funds and derivative positions will be periodically rebalanced to reflect the Adviser’s view of market and economic conditions, there will

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6		Sanford C. Bernstein Fund, Inc.

Disclosures and Risks (continued)

be transaction costs which may be, over time, significant. In addition, there is a risk that certain asset allocation decisions may not achieve the desired results and, as a result, the Portfolios may incur significant losses.

Derivatives Risk: The Portfolios intend to use derivatives as direct investments to earn income, enhance return and broaden portfolio diversification, which entail greater risk than if used solely for hedging purposes. In addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolios. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted to cover or secure derivatives positions may themselves go down in value, and these collateral and other requirements may limit investment flexibility. Some derivatives involve leverage, which can make the Portfolios more volatile and can compound other risks. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios. Use of derivatives may have different tax consequences for the Portfolios than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders. The US government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as additional regulations governing margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.

Leverage Risk: Leverage creates exposure to gains and losses in a greater amount than the dollar amount made in an investment by attempting to enhance return or value without increasing the investment amount. Leverage can magnify the effects of changes in the value of the Portfolios’ investments and make them more volatile. The use of leverage may cause the Portfolios to liquidate portfolio positions when it may not be advantageous to do so.

Illiquid Investments Risk: Illiquid investments risk exists when particular investments are difficult or impossible to purchase or sell, possibly preventing the Portfolios from purchasing or selling these securities at an advantageous price. The Overlay Portfolios that invest in municipal securities are subject to greater risk because the market for municipal securities is generally smaller and may not be as liquid as many other fixed income markets, which may make municipal securities more difficult to trade or dispose of than other types of securities. Illiquid securities may also be difficult to value. If the Portfolios are forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the Portfolios may be forced to sell at a substantial loss or may not be able to sell at all.

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

Foreign Currency Risk: This is the risk that changes in foreign (non-US) currency exchange rates may negatively

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2022 Annual Report		7

Disclosures and Risks (continued)

affect the value of the Portfolios’ investments or reduce the returns of the Portfolios. For example, the value of the Portfolios’ investments in foreign securities and foreign currency positions may decrease if the US dollar is strong (i.e., gaining value relative to other currencies) and other currencies are weak (i.e., losing value relative to the US dollar).

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

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

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

Commodity Risk: The value of commodity-linked derivatives, exchange traded notes and exchange traded funds may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as changes in climate conditions, drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

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8		Sanford C. Bernstein Fund, Inc.

Disclosures and Risks (continued)

Portfolios. Conversely, extension risk is the risk that as interest rates rise or spreads widen, payments of securities may occur more slowly than anticipated by the market. If this happens, the values of these securities may go down because their interest rates are lower than current market rates and they remain outstanding longer than anticipated.

Real Estate Related Securities Risk: Investing in real estate related securities includes, among others, the following risks: possible declines in the value of real estate; risks related to general and local economic conditions, including increases in the rate of inflation; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; changes in zoning laws; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; limitations on and variations in rents; and changes in interest rates. In addition, global climate change may have an adverse effect on property and security values. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, are not diversified, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. Investing in REITs also involves risks similar to those associated with investing in small-capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities.

Investment in Other Investment Companies Risk: As with other investments, investments in other investment companies, including other AB Mutual Funds and ETFs, are subject to market and management risk. In addition, if the Portfolios acquire shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolios (including management and advisory fees) and, indirectly, the expenses of the investment companies in which the Portfolios invest.

Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios

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

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2022 Annual Report		9

Disclosures and Risks (continued)

that related governmental and public responses have had on Puerto Rico’s economy. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

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

Overlay A, Tax-Aware Overlay A, Overlay B and Tax-Aware Overlay B Portfolios

Overlay B and Tax-Aware Overlay B Portfolios:

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

An Important Note About Historical Performance

Except as noted, returns do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. All fees and expenses related to the operation of the Portfolios have been deducted.



10		Sanford C. Bernstein Fund, Inc.

Historical Performance (Unaudited)

Overlay Portfolios vs. Their Benchmarks


	TOTAL RETURNS						AVERAGE ANNUAL TOTAL RETURNS
THROUGH SEPTEMBER 30, 2022	PAST SIX MONTHS			PAST 12 MONTHS			PAST FIVE YEARS			PAST 10 YEARS			SINCE INCEPTION¹
Overlay A Portfolio Class 1		-17.76	%		-21.17	%		0.53	%		4.02	%		4.38	%
Return after taxes on Distributions²		-17.76	%		-23.16	%		-0.32	%		3.26	%		3.56	%
Return after taxes on Distributions and sale of shares²		-10.51	%		-10.30	%		0.60	%		3.19	%		3.45	%

Overlay A Portfolio Class 2		-17.67	%		-21.02	%		0.71	%		4.22	%		4.58	%
Return after taxes on Distributions²		-17.67	%		-23.06	%		-0.19	%		3.42	%		3.71	%
Return after taxes on Distributions and sale of shares²		-10.46	%		-10.18	%		0.74	%		3.35	%		3.61	%
Composite Benchmark		-18.22	%		-17.21	%		4.41	%		6.71	%		7.46	%
Prior Composite Benchmark³		-18.97	%		-18.32	%		3.84	%		6.18	%		6.99	%
S&P 500 Index		-20.20	%		-15.47	%		9.24	%		11.70	%		12.34	%

Tax-Aware Overlay A Portfolio Class 1		-17.90	%		-21.15	%		0.53	%		4.29	%		4.27	%
Return after taxes on Distributions²		-17.90	%		-22.89	%		-0.28	%		3.60	%		3.65	%
Return after taxes on Distributions and sale of shares²		-10.60	%		-10.53	%		0.55	%		3.41	%		3.44	%

Tax-Aware Overlay A Portfolio Class 2		-17.80	%		-20.98	%		0.73	%		4.51	%		4.48	%
Return after taxes on Distributions²		-17.80	%		-22.75	%		-0.13	%		3.76	%		3.82	%
Return after taxes on Distributions and sale of shares²		-10.54	%		-10.40	%		0.70	%		3.58	%		3.61	%
Composite Benchmark		-18.41	%		-17.55	%		4.35	%		6.65	%		7.44	%
Prior Composite Benchmark³		-18.47	%		-17.80	%		4.07	%		6.41	%		7.19	%
S&P 500 Index		-20.20	%		-15.47	%		9.24	%		11.70	%		12.34	%

The current prospectus fee table shows the total annual operating expense ratios for Class 1 and Class 2 shares as 1.51% and 1.31% for Overlay A, and 1.48% and 1.28% for Tax-Aware Overlay A. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

There are no sales charges associated with an investment in the Bernstein funds. Total returns and average annual returns are therefore the same. The Portfolios are not standalone Portfolios and are used only in conjunction with globally diversified Private Client portfolios.

Inception date: 2/8/2010.

After-tax returns are an estimate, which is based on the highest historical individual federal marginal income-tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown, and are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Prior to February 28, 2022, the Portfolios’ Composite Benchmarks were as follows: Overlay A, 44% Russell 3000, 29.4% MSCI ACWI ex USA IMI (net), 6.6% MSCI ACWI Commodity Producers (net), 10% Bloomberg US Aggregate Bond, 10% Bloomberg Global Aggregate Bond (USD hedged); Tax-Aware Overlay A, 44.2% Russell 3000, 29.5% MSCI ACWI ex USA IMI (net), 6.3% MSCI ACWI Commodity Producers (net), 20% Bloomberg US Aggregate Bond.

See Disclosures, Risks and Note About Historical Performance on pages 5-10.

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2022 Annual Report		11

Historical Performance (continued from previous page)


	TOTAL RETURNS						AVERAGE ANNUAL TOTAL RETURNS
THROUGH SEPTEMBER 30, 2022	PAST SIX MONTHS			PAST 12 MONTHS			PAST FIVE YEARS			PAST 10 YEARS			SINCE INCEPTION¹
Overlay B Portfolio Class 1		-12.75	%		-16.10	%		0.51	%		2.33	%		3.12	%
Return after taxes on Distributions²		-12.75	%		-19.87	%		-1.33	%		0.68	%		1.65	%
Return after taxes on Distributions and sale of shares²		-7.55	%		-7.89	%		-0.04	%		1.31	%		2.01	%

Overlay B Portfolio Class 2³		-12.71	%		-15.91	%		0.65	%		2.49	%		3.27	%
Return after taxes on Distributions²		-12.71	%		-19.73	%		-1.24	%		0.78	%		1.76	%
Return after taxes on Distributions and sale of shares²		-7.53	%		-7.78	%		0.05	%		1.41	%		2.11	%
Composite Benchmark		-11.81	%		-13.25	%		2.32	%		3.35	%		4.27	%
Prior Composite Benchmark⁴		-13.57	%		-15.46	%		1.55	%		2.61	%		3.69	%
Bloomberg Global Aggregate Bond Index (USD hedged)		-7.49	%		-12.05	%		0.32	%		1.69	%		2.41	%

Tax-Aware Overlay B Portfolio Class 1		-9.87	%		-12.95	%		0.82	%		2.48	%		3.10	%
Return after taxes on Distributions²		-9.87	%		-14.61	%		0.08	%		1.72	%		2.43	%
Return after taxes on Distributions and sale of shares²		-5.85	%		-6.65	%		0.79	%		1.97	%		2.48	%

Tax-Aware Overlay B Portfolio Class 2		-9.85	%		-12.78	%		0.98	%		2.64	%		3.25	%
Return after taxes on Distributions²		-9.85	%		-14.45	%		0.23	%		1.86	%		2.57	%
Return after taxes on Distributions and sale of shares²		-5.83	%		-6.51	%		0.92	%		2.11	%		2.62	%
Composite Benchmark		-9.86	%		-11.40	%		2.74	%		3.59	%		4.43	%
Prior Composite Benchmark⁴		-9.89	%		-11.51	%		2.64	%		3.50	%		4.34	%
Bloomberg 5-Year GO Municipal Bond Index		-2.98	%		-7.76	%		0.50	%		1.12	%		1.80	%

The current prospectus fee table shows the total annual operating expense ratios for Class 1 and Class 2 shares as 0.91% and 0.76% for Overlay B and 0.87% and 0.72% for Tax-Aware Overlay B. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

Inception date: 2/8/2010.

Prior to February 28, 2022, the Portfolios’ Composite Benchmarks were as follows: Overlay B, 15.9% Russell 3000, 10.8% MSCI ACWI ex USA IMI (net), 3.3% MSCI ACWI Commodity Producers (net), 24.5% Bloomberg US Aggregate Bond, 24.5% Bloomberg Global Aggregate Bond (USD hedged), 21% Bloomberg 1-10 Year US TIPS; Tax-Aware Overlay B, 17.9% Russell 3000, 12.1% MSCI ACWI ex USA IMI (net), 42% Bloomberg 1-10 Year Municipal Bond, 28% Bloomberg 1-10 Year US TIPS.

See Disclosures, Risks and Note About Historical Performance on pages 5-10.

(Historical Performance continued on next page)



12		Sanford C. Bernstein Fund, Inc.

Historical Performance (continued from previous page)


	TOTAL RETURNS						AVERAGE ANNUAL TOTAL RETURNS
THROUGH SEPTEMBER 30, 2022	PAST SIX MONTHS			PAST 12 MONTHS			PAST FIVE YEARS			PAST 10 YEARS			SINCE INCEPTION¹
Tax-Aware Overlay C Portfolio Class 1		-9.76	%		-12.84	%		0.66	%		2.33	%		2.97	%
Return after taxes on Distributions²		-9.76	%		-14.82	%		-0.16	%		1.52	%		2.25	%
Return after taxes on Distributions and sale of shares²		-5.78	%		-6.53	%		0.61	%		1.80	%		2.34	%

Tax-Aware Overlay C Portfolio Class 2³		-9.74	%		-12.75	%		0.80	%		2.48	%		3.12	%
Return after taxes on Distributions²		-9.74	%		-14.75	%		-0.04	%		1.66	%		2.39	%
Return after taxes on Distributions and sale of shares²		-5.77	%		-6.44	%		0.74	%		1.94	%		2.47	%
Composite Benchmark		-9.86	%		-11.40	%		2.74	%		3.59	%		4.43	%
Prior Composite Benchmark⁴		-9.85	%		-11.38	%		2.77	%		3.61	%		4.45	%
Bloomberg 5-Year GO Municipal Bond Index		-2.98	%		-7.76	%		0.50	%		1.12	%		1.80	%

Tax-Aware Overlay N Portfolio Class 1		-10.07	%		-13.16	%		0.56	%		2.33	%		2.94	%
Return after taxes on Distributions²		-10.07	%		-14.70	%		-0.16	%		1.57	%		2.25	%
Return after taxes on Distributions and sale of shares²		-5.96	%		-6.84	%		0.57	%		1.83	%		2.32	%

Tax-Aware Overlay N Portfolio Class 2		-10.05	%		-13.08	%		0.70	%		2.48	%		3.09	%
Return after taxes on Distributions²		-10.05	%		-14.63	%		-0.03	%		1.71	%		2.39	%
Return after taxes on Distributions and sale of shares²		-5.95	%		-6.75	%		0.70	%		1.96	%		2.46	%
Composite Benchmark		-9.86	%		-11.40	%		2.74	%		3.59	%		4.43	%
Prior Composite Benchmark⁴		-9.85	%		-11.38	%		2.77	%		3.61	%		4.45	%
Bloomberg 5-Year GO Municipal Bond Index		-2.98	%		-7.76	%		0.50	%		1.12	%		1.80	%

The current prospectus fee table shows the total annual operating expense ratios for Class 1 and Class 2 shares as 0.91% and 0.76% for Tax-Aware Overlay C and 0.93% and 0.78% for Tax-Aware Overlay N. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

Inception date: 2/8/2010.

Prior to February 28, 2022, the Portfolios’ Composite Benchmark was 19.3% Russell 3000, 10.7% MSCI ACWI ex USA IMI (net), 28% Bloomberg 1-10 Year US TIPS, 42% Bloomberg 1-10 Year Municipal Bond.

See Disclosures, Risks and Note About Historical Performance on pages 5-10.

(Historical Performance continued on next page)



2022 Annual Report		13

Historical Performance (continued from previous page)


Overlay A Class 1 Shares				Tax-Aware Overlay B Class 1 Shares
Growth of a $25,000 Investment in the Portfolio				Growth of a $25,000 Investment in the Portfolio


Tax-Aware Overlay A Class 1 Shares				Tax-Aware Overlay C Class 1 Shares
Growth of a $25,000 Investment in the Portfolio				Growth of a $25,000 Investment in the Portfolio


Overlay B Class 1 Shares				Tax-Aware Overlay N Class 1 Shares
Growth of a $25,000 Investment in the Portfolio				Growth of a $25,000 Investment in the Portfolio

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

See Disclosures, Risks and Note About Historical Performance on pages 5-10.



14		Sanford C. Bernstein Fund, Inc.

Expense Example—September 30, 2022 (Unaudited)

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


	BEGINNING ACCOUNT VALUE APRIL 1, 2022		ENDING ACCOUNT VALUE SEPTEMBER 30, 2022		EXPENSES PAID DURING PERIOD*		ANNUALIZED EXPENSE RATIO*			TOTAL EXPENSES PAID DURING PERIOD+		TOTAL ANNUALIZED EXPENSE RATIO+
Overlay A
Class 1
Actual	$	1,000	$	822.40	$	3.84		0.84	%	$	5.35		1.17	%
Hypothetical**	$	1,000	$	1,020.86	$	4.26		0.84	%	$	5.92		1.17	%
Class 2
Actual	$	1,000	$	823.30	$	2.93		0.64	%	$	4.43		0.97	%
Hypothetical**	$	1,000	$	1,021.86	$	3.24		0.64	%	$	4.91		0.97	%

Tax-Aware Overlay A
Class 1
Actual	$	1,000	$	821.00	$	3.79		0.83	%	$	5.30		1.16	%
Hypothetical**	$	1,000	$	1,020.91	$	4.20		0.83	%	$	5.87		1.16	%
Class 2
Actual	$	1,000	$	822.00	$	2.88		0.63	%	$	4.38		0.96	%
Hypothetical**	$	1,000	$	1,021.91	$	3.19		0.63	%	$	4.86		0.96	%

Overlay B
Class 1
Actual	$	1,000	$	872.50	$	3.76		0.80	%	$	3.99		0.85	%
Hypothetical**	$	1,000	$	1,021.06	$	4.05		0.80	%	$	4.31		0.85	%
Class 2
Actual	$	1,000	$	872.90	$	3.05		0.65	%	$	3.29		0.70	%
Hypothetical**	$	1,000	$	1,021.81	$	3.29		0.65	%	$	3.55		0.70	%

Tax-Aware Overlay B
Class 1
Actual	$	1,000	$	901.30	$	3.96		0.83	%	$	4.10		0.86	%
Hypothetical**	$	1,000	$	1,020.91	$	4.20		0.83	%	$	4.36		0.86	%
Class 2
Actual	$	1,000	$	901.50	$	3.24		0.68	%	$	3.38		0.71	%
Hypothetical**	$	1,000	$	1,021.66	$	3.45		0.68	%	$	3.60		0.71	%

Tax-Aware Overlay C
Class 1
Actual	$	1,000	$	902.40	$	4.10		0.86	%	$	4.24		0.89	%
Hypothetical**	$	1,000	$	1,020.76	$	4.36		0.86	%	$	4.51		0.89	%
Class 2
Actual	$	1,000	$	902.60	$	3.39		0.71	%	$	3.53		0.74	%
Hypothetical**	$	1,000	$	1,021.51	$	3.60		0.71	%	$	3.75		0.74	%



2022 Annual Report		15

Expense Example—September 30, 2022 (Unaudited) (continued)


	BEGINNING ACCOUNT VALUE APRIL 1, 2022		ENDING ACCOUNT VALUE SEPTEMBER 30, 2022		EXPENSES PAID DURING PERIOD*		ANNUALIZED EXPENSE RATIO*			TOTAL EXPENSES PAID DURING PERIOD+		TOTAL ANNUALIZED EXPENSE RATIO+
Tax-Aware Overlay N
Class 1
Actual	$	1,000	$	899.30	$	4.19		0.88	%	$	4.33		0.91	%
Hypothetical**	$	1,000	$	1,020.66	$	4.46		0.88	%	$	4.61		0.91	%
Class 2
Actual	$	1,000	$	899.50	$	3.48		0.73	%	$	3.62		0.76	%
Hypothetical**	$	1,000	$	1,021.41	$	3.70		0.73	%	$	3.85		0.76	%

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

Assumes 5% annual return before expenses.

In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).



16		Sanford C. Bernstein Fund, Inc.

Portfolio Summary—September 30, 2022 (Unaudited)


PORTFOLIO BREAKDOWN¹	OVERLAY A PORTFOLIO			TAX-AWARE OVERLAY A PORTFOLIO
Global Equity
US		20.3	%		20.6	%
Developed International		6.1	%		6.2	%
Emerging Markets		3.0	%		3.0	%

Real Assets		6.7	%		6.5	%

Global Bond
US		31.4	%		35.9	%
Developed International		11.5	%		0.0	%

PORTFOLIO BREAKDOWN¹	OVERLAY B PORTFOLIO			TAX-AWARE OVERLAY B PORTFOLIO
Global Equity
US		6.9	%		9.0	%
Developed International		2.2	%		3.0	%
Emerging Markets		1.0	%		1.3	%

Global Credit
Investment Grade		11.0	%		0.0	%

Real Assets		3.3	%		0.0	%

Global Bond
US		42.9	%		89.2	%
Developed International		14.8	%		0.0	%

Linkers		26.4	%		0.0	%

PORTFOLIO BREAKDOWN¹	TAX-AWARE OVERLAY C PORTFOLIO			TAX-AWARE OVERLAY N PORTFOLIO
Global Equity
US		9.0	%		9.1	%
Developed International		2.9	%		3.0	%
Emerging Markets		1.4	%		1.4	%

Global Bond
US		93.5	%		94.4	%

All data are as of September 30, 2022. The Portfolio’s portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Portfolio’s total net assets, based on the Adviser’s internal classification. The percentages will vary over time, and the total of the percentages may be less than or greater than 100% in light of the leveraging effect of the derivative transactions.



2022 Annual Report		17

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Overlay A Portfolio

September 30, 2022



Company	Shares		U.S. $ Value

COMMON STOCKS–49.1%

Information Technology–12.7%
Communications Equipment–0.0%
Ciena Corp.(a)		5,240	$	211,853
Lumentum Holdings, Inc.(a)		6,340		434,734

				646,587

Electronic Equipment, Instruments & Components–0.4%
Avnet, Inc.		10,320		372,758
Belden, Inc.		5,853		351,297
CDW Corp./DE		29,175		4,553,634
Littelfuse, Inc.		1,440		286,114
Novanta, Inc.(a)		3,550		410,558

				5,974,361

IT Services–2.1%
DigitalOcean Holdings, Inc.(a)		7,463		269,937
Flywire Corp.(a)		14,315		328,672
Genpact Ltd.		7,766		339,918
MongoDB, Inc.(a)		1,330		264,085
PayPal Holdings, Inc.(a)		64,717		5,570,192
Shift4 Payments, Inc.–Class A(a)		7,848		350,099
Visa, Inc.–Class A		117,118		20,806,013

				27,928,916

Semiconductors & Semiconductor Equipment–2.1%
Analog Devices, Inc.		22,730		3,167,198
Entegris, Inc.		5,038		418,255
KLA Corp.		12,885		3,899,388
Kulicke & Soffa Industries, Inc.		4,916		189,413
Lattice Semiconductor Corp.(a)		8,725		429,357
MACOM Technology Solutions Holdings, Inc.(a)		7,768		402,305
Monolithic Power Systems, Inc.		670		243,478
NVIDIA Corp.		55,785		6,771,741
NXP Semiconductors NV		42,888		6,326,409
ON Semiconductor Corp.(a)		8,606		536,412
QUALCOMM, Inc.		50,384		5,692,384
Synaptics, Inc.(a)		896		88,713

				28,165,053

Software–5.7%
ACI Worldwide, Inc.(a)		19,710		411,939
Adobe, Inc.(a)		19,787		5,445,382
Autodesk, Inc.(a)		22,119		4,131,829
CommVault Systems, Inc.(a)		7,020		372,341
Five9, Inc.(a)		5,440		407,891
Freshworks, Inc.–Class A(a)		18,891		245,016
HubSpot, Inc.(a)		700		189,084
Manhattan Associates, Inc.(a)		4,081		542,895
Microsoft Corp.(b)		185,114		43,113,051
Monday.com Ltd.(a)		2,519		285,504



Company	Shares		U.S. $ Value
NortonLifeLock, Inc.		337,596	$	6,799,183
Oracle Corp.		166,673		10,178,720
Samsara, Inc.–Class A(a)		25,327		305,697
ServiceNow, Inc.(a)		8,665		3,271,991
Smartsheet, Inc.–Class A(a)		10,615		364,731
Varonis Systems, Inc.(a)		7,734		205,106

				76,270,360

Technology Hardware, Storage & Peripherals–2.4%
Apple, Inc.(b)		206,043		28,475,143
Change Healthcare, Inc.(a)		22,720		624,573
Western Digital Corp.(a)		100,861		3,283,025

				32,382,741

				171,368,018



Health Care–8.1%
Biotechnology–1.3%
ADC Therapeutics SA(a)		7,503		36,164
Arcus Biosciences, Inc.(a)		5,340		139,694
Arrowhead Pharmaceuticals, Inc.(a)		4,820		159,301
Ascendis Pharma A/S (ADR)(a)		1,592		164,390
Blueprint Medicines Corp.(a)		2,956		194,771
Coherus Biosciences, Inc.(a)		14,655		140,835
Erasca, Inc.(a)		9,707		75,715
Intellia Therapeutics, Inc.(a)		3,020		168,999
Karuna Therapeutics, Inc.(a)		1,040		233,927
Legend Biotech Corp. (ADR)(a)		3,629		148,063
Regeneron Pharmaceuticals, Inc.(a)		6,263		4,314,393
Ultragenyx Pharmaceutical, Inc.(a)		3,633		150,443
Vertex Pharmaceuticals, Inc.(a)		36,981		10,707,479
Vir Biotechnology, Inc.(a)		5,534		106,695

				16,740,869

Health Care Equipment & Supplies–1.7%
Align Technology, Inc.(a)		8,966		1,856,948
AtriCure, Inc.(a)		10,560		412,896
Edwards Lifesciences Corp.(a)		55,445		4,581,420
Envista Holdings Corp.(a)		14,110		462,949
Insulet Corp.(a)		885		203,019
Integra LifeSciences Holdings Corp.(a)		9,140		387,170
iRhythm Technologies, Inc.(a)		3,120		390,874
Lantheus Holdings, Inc.(a)		6,350		446,596
Medtronic PLC		106,314		8,584,855
Silk Road Medical, Inc.(a)		8,605		387,225
Zimmer Biomet Holdings, Inc.		45,561		4,763,403

				22,477,355

Health Care Providers & Services–2.7%
Acadia Healthcare Co., Inc.(a)		7,170		560,551
Elevance Health, Inc.		21,535		9,782,058
Guardant Health, Inc.(a)		4,079		219,573
Inari Medical, Inc.(a)		5,278		383,394
Pediatrix Medical Group, Inc.(a)		23,820		393,268
R1 RCM, Inc.(a)		24,681		457,339
UnitedHealth Group, Inc.		49,209		24,852,513

				36,648,696



18		Sanford C. Bernstein Fund, Inc.



Company	Shares		U.S. $ Value
Life Sciences Tools & Services–0.5%
ICON PLC(a)		1,501	$	275,854
IQVIA Holdings, Inc.(a)		32,322		5,854,807
Repligen Corp.(a)		2,291		428,669
Syneos Health, Inc.(a)		7,920		373,428

				6,932,758

Pharmaceuticals–1.9%
Intra-Cellular Therapies, Inc.(a)		4,640		215,899
Johnson & Johnson		38,865		6,348,987
Roche Holding AG (Sponsored ADR)		305,844		12,423,383
Zoetis, Inc.		47,339		7,019,900

				26,008,169

				108,807,847



Financials–6.1%
Banks–2.6%
Bank of America Corp.		337,284		10,185,977
Comerica, Inc.		8,690		617,859
First BanCorp./Puerto Rico		39,420		539,266
First Citizens BancShares, Inc./NC–Class A		925		737,623
First Hawaiian, Inc.		22,400		551,712
Pinnacle Financial Partners, Inc.		5,040		408,744
PNC Financial Services Group, Inc. (The)		39,753		5,939,893
Synovus Financial Corp.		12,784		479,528
Texas Capital Bancshares, Inc.(a)		8,585		506,772
Webster Financial Corp.		9,732		439,886
Wells Fargo & Co.		342,498		13,775,270
Wintrust Financial Corp.		6,460		526,813
Zions Bancorp NA		11,661		593,078

				35,302,421

Capital Markets–2.0%
Ares Management Corp.–Class A		5,913		366,310
Charles Schwab Corp. (The)		60,051		4,315,865
Goldman Sachs Group, Inc. (The)		43,317		12,694,047
LPL Financial Holdings, Inc.		40,610		8,872,473
Moelis & Co.–Class A		9,872		333,772
PJT Partners, Inc.–Class A		4,670		312,050
Stifel Financial Corp.		9,775		507,420

				27,401,937

Insurance–1.4%
American Financial Group, Inc./OH		3,622		445,252
Hanover Insurance Group, Inc. (The)		3,570		457,460
Kemper Corp.		7,730		318,940
Kinsale Capital Group, Inc.		2,144		547,620
Progressive Corp. (The)		77,017		8,950,146
Reinsurance Group of America, Inc.		1,628		204,819
Selective Insurance Group, Inc.		5,284		430,118
Trupanion, Inc.(a)		5,030		298,933
Willis Towers Watson PLC		35,280		7,089,163

				18,742,451



Company	Shares		U.S. $ Value
Thrifts & Mortgage Finance–0.1%
BankUnited, Inc.		12,660	$	432,592

				81,879,401



Industrials–5.3%
Aerospace & Defense–0.9%
Axon Enterprise, Inc.(a)		4,672		540,784
Curtiss-Wright Corp.		2,900		403,564
Hexcel Corp.		5,900		305,148
Howmet Aerospace, Inc.		13,200		408,276
Raytheon Technologies Corp.		124,825		10,218,175
Spirit AeroSystems Holdings, Inc.–Class A		14,750		323,320

				12,199,267

Airlines–0.0%
Alaska Air Group, Inc.(a)		8,460		331,209

Building Products–0.5%
Armstrong World Industries, Inc.		4,120		326,427
Carlisle Cos., Inc.		2,170		608,490
Masonite International Corp.(a)		5,147		366,930
Otis Worldwide Corp.		83,204		5,308,415

				6,610,262

Commercial Services & Supplies–0.1%
ADT, Inc.		55,920		418,841
MillerKnoll, Inc.		3,185		49,686
Tetra Tech, Inc.		3,580		460,137

				928,664

Construction & Engineering–0.7%
AECOM		130,140		8,897,672
Arcosa, Inc.		9,490		542,638
Dycom Industries, Inc.(a)		3,630		346,774
Fluor Corp.(a)		6,431		160,067
WillScot Mobile Mini Holdings Corp.(a)		8,730		352,081

				10,299,232

Electrical Equipment–1.1%
AMETEK, Inc.		3,306		374,933
Eaton Corp. PLC		60,738		8,100,020
Regal Rexnord Corp.		48,204		6,765,913
Sensata Technologies Holding PLC		9,160		341,485

				15,582,351

Machinery–0.2%
IDEX Corp.		1,940		387,709
Ingersoll Rand, Inc.		8,590		371,603
ITT, Inc.		5,580		364,597
Middleby Corp. (The)(a)		3,040		389,637
Oshkosh Corp.		4,390		308,573
Timken Co. (The)		6,810		402,063

				2,224,182



2022 Annual Report		19

Schedule of Investments (continued)



Company	Shares		U.S. $ Value
Marine–0.1%
Kirby Corp.(a)		6,920	$	420,528
Star Bulk Carriers Corp.		18,470		322,856

				743,384

Professional Services–0.5%
Booz Allen Hamilton Holding Corp.		49,814		4,600,323
FTI Consulting, Inc.(a)		694		115,003
Korn Ferry		4,300		201,885
Robert Half International, Inc.		27,959		2,138,863

				7,056,074

Road & Rail–1.1%
CSX Corp.		321,391		8,561,856
Knight-Swift Transportation Holdings, Inc.		122,624		5,999,992
TFI International, Inc.		4,260		385,445
XPO Logistics, Inc.(a)		12,220		544,035

				15,491,328

Trading Companies & Distributors–0.1%
Herc Holdings, Inc.		4,230		439,413
SiteOne Landscape Supply, Inc.(a)		3,550		369,697

				809,110

				72,275,063



Consumer Discretionary–5.2%
Auto Components–0.3%
Dana, Inc.		21,032		240,396
Goodyear Tire & Rubber Co. (The)(a)		291,479		2,941,023

				3,181,419

Automobiles–0.2%
Stellantis NV		263,046		3,114,465

Distributors–0.1%
Pool Corp.		1,630		518,682

Hotels, Restaurants & Leisure–0.5%
Booking Holdings, Inc.(a)		3,043		5,000,288
Dine Brands Global, Inc.		6,080		386,445
Hilton Grand Vacations, Inc.(a)		9,080		298,641
Papa John’s International, Inc.		5,140		359,851
Planet Fitness, Inc.–Class A(a)		8,414		485,151
Scientific Games Corp./DE–Class A(a)		3,469		148,751
Vail Resorts, Inc.		2,090		450,688

				7,129,815

Household Durables–0.1%
KB Home		11,670		302,487
NVR, Inc.(a)		73		291,057
PulteGroup, Inc.		12,750		478,125
Taylor Morrison Home Corp.(a)		10,623		247,728
TopBuild Corp.(a)		1,927		317,531

				1,636,928



Company	Shares		U.S. $ Value
Internet & Direct Marketing Retail–1.8%
Amazon.com, Inc.(a)(b)		193,720	$	21,890,360
Etsy, Inc.(a)		21,177		2,120,453

				24,010,813

Multiline Retail–0.0%
Driven Brands Holdings, Inc.(a)		7,180		200,896

Specialty Retail–1.7%
AutoZone, Inc.(a)		3,718		7,963,696
Dynatrace, Inc.(a)		12,020		418,416
Five Below, Inc.(a)		2,558		352,160
Floor & Decor Holdings, Inc.–Class A(a)		4,650		326,709
Home Depot, Inc. (The)		45,287		12,496,495
Lithia Motors, Inc.		1,645		352,935
National Vision Holdings, Inc.(a)		12,336		402,770
Sally Beauty Holdings, Inc.(a)		27,175		342,405
Williams-Sonoma, Inc.		3,245		382,423

				23,038,009

Textiles, Apparel & Luxury Goods–0.5%
Carter’s, Inc.		5,850		383,351
NIKE, Inc.–Class B		69,803		5,802,025
Ralph Lauren Corp.		5,480		465,416
Tapestry, Inc.		14,120		401,432

				7,052,224

				69,883,251



Communication Services–4.7%
Diversified Telecommunication Services–0.6%
Comcast Corp.–Class A		266,392		7,813,277

Entertainment–0.5%
Walt Disney Co. (The)(a)		71,726		6,765,914

Interactive Media & Services–2.9%
Alphabet, Inc.–Class C(a)		315,163		30,302,923
Meta Platforms, Inc.–Class A(a)		65,168		8,841,994

				39,144,917

Media–0.0%
Criteo SA (Sponsored ADR)(a)		16,026		433,183

Wireless Telecommunication Services–0.7%
T-Mobile US, Inc.(a)		70,344		9,438,054

				63,595,345



Consumer Staples–2.6%
Beverages–1.0%
Coca-Cola Co. (The)		160,754		9,005,439
Constellation Brands, Inc.–Class A		20,264		4,654,236

				13,659,675

Food & Staples Retailing–1.2%
Costco Wholesale Corp.		10,666		5,037,232



20		Sanford C. Bernstein Fund, Inc.



Company	Shares		U.S. $ Value
Grocery Outlet Holding Corp.(a)		12,970	$	431,771
Walmart, Inc.		89,356		11,589,473

				17,058,476

Food Products–0.1%
Hain Celestial Group, Inc. (The)(a)		18,907		319,150
Nomad Foods Ltd.(a)		26,324		373,801

				692,951

Household Products–0.3%
Procter & Gamble Co., (The)		33,197		4,191,121

				35,602,223



Energy–1.7%
Energy Equipment & Services–0.4%
Baker Hughes Co.		196,116		4,110,591
Cactus, Inc.–Class A		8,160		313,589
Helmerich & Payne, Inc.		9,600		354,912
Patterson-UTI Energy, Inc.		27,450		320,616

				5,099,708

Oil, Gas & Consumable Fuels–1.3%
Cameco Corp.		15,890		421,244
Chevron Corp.		37,177		5,341,219
EOG Resources, Inc.		85,999		9,608,668
HF Sinclair Corp.		8,475		456,294
Magnolia Oil & Gas Corp.–Class A		21,080		417,595
Matador Resources Co.		9,080		444,194
Ovintiv, Inc.		9,890		454,940
Targa Resources Corp.		3,340		201,536

				17,345,690

				22,445,398



Utilities–1.1%
Electric Utilities–1.1%
American Electric Power Co., Inc.		76,429		6,607,287
IDACORP, Inc.		6,141		608,020
NextEra Energy, Inc.		87,401		6,853,113

				14,068,420

Gas Utilities–0.0%
Southwest Gas Holdings, Inc.(a)		4,960		345,960

				14,414,380



Real Estate–0.9%
Equity Real Estate Investment Trusts (REITs)–0.9%
American Tower Corp.		20,542		4,410,367
Broadstone Net Lease, Inc.–Class A		18,780		291,653
Camden Property Trust		4,178		499,062
Cousins Properties, Inc.		12,337		288,069
CubeSmart		12,651		506,799
Mid-America Apartment Communities, Inc.		17,137		2,657,435
Physicians Realty Trust		34,406		517,466



Company			Shares		U.S. $ Value
Prologis, Inc.				32,186	$	3,270,098
Safehold, Inc.				7,115		188,263
STAG Industrial, Inc.				9,230		262,409

						12,891,621



Materials–0.7%
Chemicals–0.6%
FMC Corp.				3,910		413,287
Huntsman Corp.				17,100		419,634
Innospec, Inc.				3,150		269,860
Linde PLC				27,707		7,469,530

						8,572,311

Containers & Packaging–0.0%
Berry Global Group, Inc.(a)				12,230		569,062

Metals & Mining–0.1%
ATI, Inc.(a)				17,330		461,151
Reliance Steel & Aluminum Co.				2,043		356,320

						817,471

						9,958,844



Capital Goods–0.0%
Electrical Components & Equipment–0.0%
Vertiv Holdings Co.				53,390		518,951

Total Common Stocks (cost $497,775,998)						663,640,342



INVESTMENT COMPANIES–36.9%
Funds and Investment Trusts–36.9%(c)(d)
AB All Market Real Return Portfolio–Class Z				10,497,447		90,173,066
AB International Small Cap Portfolio–Class Z				7,466,504		66,675,883
Bernstein International Strategic Equities Portfolio–Class Z				29,198,756		280,892,036
Bernstein Small Cap Core Portfolio–Class Z				2,102,978		24,016,013
Sanford C Bernstein Fund, Inc.–Emerging Markets Portfolio–Class Z				1,689,709		36,869,453

Total Investment Companies (cost $528,967,298)						498,626,451



	Notional Amount

OPTIONS PURCHASED—PUTS–3.3%
Options on Equity Indices–3.3%
Euro STOXX 50 Index Expiration: Jul 2023; Contracts: 15,040; Exercise Price: EUR 2,800.00; Counterparty: UBS AG(a)		EUR		42,112,000		2,094,040



2022 Annual Report		21

Schedule of Investments (continued)



Company	Notional Amount			U.S. $ Value
Euro STOXX 50 Index Expiration: Jul 2023; Contracts: 10,830; Exercise Price: EUR 2,800.00; Counterparty: UBS AG(a)		EUR	30,324,000	$	1,507,876
FTSE 100 Index Expiration: Aug 2023; Contracts: 3,170; Exercise Price: GBP 6,000.00; Counterparty: UBS AG(a)		GBP	19,020,000		840,673
FTSE 100 Index Expiration: Aug 2023; Contracts: 2,360; Exercise Price: GBP 6,000.00; Counterparty: UBS AG(a)		GBP	14,160,000		625,864
Nikkei 225 Index Expiration: Sep 2023; Contracts: 184,000; Exercise Price: JPY 22,000.00; Counterparty: UBS AG(a)		JPY	4,048,000,000		1,348,885
Nikkei 225 Index Expiration: Sep 2023; Contracts: 135,000; Exercise Price: JPY 22,000.00; Counterparty: UBS AG(a)		JPY	2,970,000,000		989,670
S&P 500 Index Expiration: Jul 2023; Contracts: 115,300; Exercise Price: USD 3,250.00; Counterparty: UBS AG(a)		USD	374,725,000		21,596,880



Company	Notional Amount				U.S. $ Value
S&P 500 Index Expiration: Jul 2023; Contracts: 79,200; Exercise Price: USD 3,250.00; Counterparty: UBS AG(a)		USD		257,400,000	$	14,834,977

Total Options Purchased—Puts (premiums paid $25,410,803)						43,838,865



			Shares

SHORT-TERM INVESTMENTS–13.2%
Investment Companies–13.2%
AB Fixed Income Shares, Inc.—Government Money Market Portfolio—Class AB, 2.58%(c)(d)(e) (cost $177,759,322)				177,759,322		177,759,322

Total Investments—102.5% (cost $1,229,913,421)						1,383,864,980

Other assets less liabilities—(2.5)%						(33,475,121	)

Net Assets—100.0%					$	1,350,389,859



FUTURES (see Note 3)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation/ (Depreciation)

Purchased Contracts

10 Yr Australian Bond Futures		464	December 2022	$	34,759,892	$	(638,742	)

10 Yr Japan Bond (OSE) Futures		68	December 2022		69,677,330		(251,663	)

Euro Buxl 30 Yr Bond Futures		49	December 2022		7,042,013		(575,082	)

Euro-BOBL Futures		183	December 2022		21,477,063		(654,800	)

Euro-Bund Futures		155	December 2022		21,037,706		(907,283	)

Hang Seng Index Futures		162	October 2022		17,758,881		(602,005	)

Nikkei 225 (OSE) Futures		68	December 2022		12,187,660		(588,673	)

OMXS 30 Index Futures		1,628	October 2022		26,845,684		(1,582,625	)

U.S. T-Note 2 Yr (CBT) Futures		710	December 2022		145,827,344		(2,355,140	)

U.S. T-Note 10 Yr (CBT) Futures		1,830	December 2022		205,074,375		(10,603,545	)

U.S. Ultra Bond (CBT) Futures		502	December 2022		68,774,000		(6,615,723	)

Sold Contracts

10 Yr Canadian Bond Futures		58	December 2022		5,189,286		3,969

E-Mini Russell 2000 Futures		410	December 2022		34,230,900		3,058,895

Euro STOXX 50 Index Futures		428	December 2022		13,905,147		(66,374	)

FTSE 100 Index Futures		363	December 2022		28,024,996		1,576,247



22		Sanford C. Bernstein Fund, Inc.


Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation/ (Depreciation)

Long Gilt Futures		61	December 2022	$	6,565,760	$	587,304

MSCI Emerging Markets Futures		2,178	December 2022		94,906,350		9,466,671

MSCI Singapore IX ETS Futures		589	October 2022		11,509,337		58,955

S&P 400 E-Mini Futures		103	December 2022		22,744,460		2,158,287

S&P 500 E-Mini Futures		1,010	December 2022		181,875,750		15,598,807

S&P/TSX 60 Index Futures		410	December 2022		66,248,235		3,083,488

SPI 200 Futures		578	December 2022		59,764,865		3,442,843

TOPIX Index Futures		151	December 2022		19,155,393		(4,718	)

						$	13,589,093



FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)
Counterparty	Contracts to Deliver (000)		In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)


Bank of America, NA	USD	23,401		NZD	38,950		11/18/2022	$	(1,598,811	)

Bank of America, NA	CHF	53,328		USD	54,727		12/07/2022		347,600

Bank of America, NA	CHF	9,974		USD	10,124		12/07/2022		(46,743	)

BNP Paribas SA	AUD	88,064		USD	60,749		10/20/2022		4,410,261

BNP Paribas SA	CAD	16,658		USD	12,778		10/27/2022		719,167

BNP Paribas SA	USD	9,453		CAD	12,988		10/27/2022		(51,143	)

BNP Paribas SA	USD	27,414		NZD	44,294		11/18/2022		(2,619,966	)

BNP Paribas SA	USD	2,087		CHF	1,996		12/07/2022		(52,096	)

Citibank, NA	USD	39,830		CAD	52,470		10/27/2022		(1,847,880	)

Citibank, NA	GBP	38,826		USD	44,820		11/17/2022		1,437,568

Citibank, NA	USD	11,786		GBP	11,004		11/17/2022		508,861

Citibank, NA	SEK	286,749		USD	26,106		12/01/2022		191,121

Credit Suisse International	USD	6,478		CAD	8,474		10/27/2022		(343,912	)

Deutsche Bank AG	CAD	37,658		USD	29,458		10/27/2022		2,197,339

Goldman Sachs Bank USA	USD	2,460		CAD	3,162		10/27/2022		(170,659	)

Goldman Sachs Bank USA	USD	2,858		SEK	32,425		12/01/2022		72,210

HSBC Bank USA	USD	45,452		CAD	58,401		10/27/2022		(3,176,616	)

HSBC Bank USA	USD	24,306		JPY	3,495,669		12/02/2022		(7,900	)

JPMorgan Chase Bank, NA	USD	22,622		AUD	33,498		10/20/2022		(1,191,222	)

JPMorgan Chase Bank, NA	CAD	25,169		USD	19,564		10/27/2022		1,344,455

JPMorgan Chase Bank, NA	USD	12,887		NOK	133,197		12/01/2022		(640,768	)

JPMorgan Chase Bank, NA	USD	41,322		JPY	5,922,817		12/02/2022		(153,044	)

JPMorgan Chase Bank, NA	EUR	132,051		USD	129,150		12/08/2022		(867,787	)

Morgan Stanley & Co., Inc.	AUD	4,045		USD	2,784		10/20/2022		196,207

Morgan Stanley & Co., Inc.	USD	81,359		AUD	117,069		10/20/2022		(6,463,666	)

Morgan Stanley & Co., Inc.	CAD	39,064		USD	30,249		10/27/2022		1,971,158

Morgan Stanley & Co., Inc.	USD	60,276		CAD	78,847		10/27/2022		(3,199,857	)

Morgan Stanley & Co., Inc.	GBP	45,129		USD	52,686		11/17/2022		2,261,054

Morgan Stanley & Co., Inc.	USD	14,779		GBP	12,911		11/17/2022		(352,637	)

Morgan Stanley & Co., Inc.	NZD	5,715		USD	3,509		11/18/2022		310,456

Morgan Stanley & Co., Inc.	USD	8,945		NZD	15,877		11/18/2022		(58,066	)

Morgan Stanley & Co., Inc.	USD	6,097		JPY	866,004		12/02/2022		(77,104	)



2022 Annual Report		23

Schedule of Investments (continued)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)

Morgan Stanley & Co., Inc.	CHF	6,687		USD	6,838		12/07/2022	$	19,070

UBS AG	GBP	7,325		USD	8,671		11/17/2022		486,785

								$	(6,446,565	)



TOTAL RETURN SWAPS (see Note 3)
Counterparty & Referenced Obligation	Rate Paid/ Received		Payment Frequency	Current Notional (000)			Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation

Morgan Stanley Capital Services LLC
Swiss Market Index Futures		0.00%	Maturity		CHF	205		12/16/2022	$	(9,722	)
Swiss Market Index Futures		0.00%	Maturity		CHF	4,001		12/16/2022		(300,525	)
Swiss Market Index Futures		0.00%	Maturity		CHF	6,566		12/16/2022		(351,121	)

									$	(661,368	)

(a)

Non-income producing security.

(b)

Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(c)

Affiliated investments.

(d)

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

(e)

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

BOBL—Bundesobligationen

CBT—Chicago Board of Trade

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

REIT—Real Estate Investment Trust

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.



24		Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Tax-Aware Overlay A Portfolio

September 30, 2022



Company	Shares		U.S. $ Value

COMMON STOCKS–50.4%

Information Technology–12.8%
Communications Equipment–0.0%
Ciena Corp.(a)		11,500	$	464,945
Lumentum Holdings, Inc.(a)		13,890		952,437

				1,417,382

Electronic Equipment, Instruments & Components–0.4%
Avnet, Inc.		22,600		816,312
Belden, Inc.		12,814		769,096
CDW Corp./DE		50,750		7,921,060
Littelfuse, Inc.		3,171		630,046
Novanta, Inc.(a)		7,790		900,914

				11,037,428

IT Services–2.1%
DigitalOcean Holdings, Inc.(a)		16,368		592,031
Flywire Corp.(a)		31,405		721,059
Genpact Ltd.		118,346		5,180,004
MongoDB, Inc.(a)		2,920		579,795
PayPal Holdings, Inc.(a)		143,588		12,358,619
Shift4 Payments, Inc.–Class A(a)		17,224		768,363
Visa, Inc.–Class A		232,017		41,217,820

				61,417,691

Semiconductors & Semiconductor Equipment–2.1%
Analog Devices, Inc.		47,759		6,654,739
Entegris, Inc.		11,034		916,043
KLA Corp.		23,848		7,217,120
Kulicke & Soffa Industries, Inc.		10,782		415,430
Lattice Semiconductor Corp.(a)		19,146		942,175
MACOM Technology Solutions Holdings, Inc.(a)		17,040		882,502
Monolithic Power Systems, Inc.		1,480		537,832
NVIDIA Corp.		115,940		14,073,956
NXP Semiconductors NV		81,906		12,081,954
ON Semiconductor Corp.(a)		18,853		1,175,107
QUALCOMM, Inc.		125,306		14,157,072
Synaptics, Inc.(a)		1,974		195,446

				59,249,376

Software–5.7%
ACI Worldwide, Inc.(a)		43,130		901,417
Adobe, Inc.(a)		40,152		11,049,830
Autodesk, Inc.(a)		50,005		9,340,934
CommVault Systems, Inc.(a)		15,372		815,331
Five9, Inc.(a)		11,930		894,511
Freshworks, Inc.–Class A(a)		41,430		537,347
HubSpot, Inc.(a)		1,530		413,284
Manhattan Associates, Inc.(a)		8,939		1,189,155
Microsoft Corp.(b)		404,673		94,248,342
Monday.com Ltd.(a)		5,515		625,070



Company	Shares		U.S. $ Value
NortonLifeLock, Inc.		661,664	$	13,325,913
Oracle Corp.		343,917		21,003,011
Samsara, Inc.–Class A(a)		55,540		670,368
ServiceNow, Inc.(a)		17,583		6,639,517
Smartsheet, Inc.–Class A(a)		23,270		799,557
Varonis Systems, Inc.(a)		16,975		450,177

				162,903,764

Technology Hardware, Storage & Peripherals–2.5%
Apple, Inc.(b)		470,477		65,019,922
Western Digital Corp.(a)		209,775		6,828,176

				71,848,098

				367,873,739



Health Care–8.4%
Biotechnology–1.3%
ADC Therapeutics SA(a)		16,438		79,231
Arcus Biosciences, Inc.(a)		11,720		306,595
Arrowhead Pharmaceuticals, Inc.(a)		10,580		349,669
Ascendis Pharma A/S (ADR)(a)		3,483		359,655
Blueprint Medicines Corp.(a)		6,479		426,901
Coherus Biosciences, Inc.(a)		32,146		308,923
Erasca, Inc.(a)		21,284		166,015
Intellia Therapeutics, Inc.(a)		6,620		370,455
Karuna Therapeutics, Inc.(a)		2,281		513,066
Legend Biotech Corp. (ADR)(a)		7,961		324,809
Regeneron Pharmaceuticals, Inc.(a)		18,141		12,496,791
Ultragenyx Pharmaceutical, Inc.(a)		7,976		330,286
Vertex Pharmaceuticals, Inc.(a)		76,708		22,210,034
Vir Biotechnology, Inc.(a)		12,136		233,982

				38,476,412

Health Care Equipment & Supplies–1.7%
Align Technology, Inc.(a)		18,514		3,834,434
AtriCure, Inc.(a)		23,160		905,556
Edwards Lifesciences Corp.(a)		158,589		13,104,209
Envista Holdings Corp.(a)		30,880		1,013,173
Insulet Corp.(a)		1,937		444,348
Integra LifeSciences Holdings Corp.(a)		20,030		848,471
iRhythm Technologies, Inc.(a)		6,840		856,915
Lantheus Holdings, Inc.(a)		13,920		978,993
Medtronic PLC		284,929		23,008,017
Silk Road Medical, Inc.(a)		18,866		848,970
Zimmer Biomet Holdings, Inc.		28,009		2,928,341

				48,771,427

Health Care Providers & Services–3.0%
Acadia Healthcare Co., Inc.(a)		15,690		1,226,644
Elevance Health, Inc.		41,453		18,829,611
Guardant Health, Inc.(a)		8,939		481,187
Inari Medical, Inc.(a)		11,574		840,735
Pediatrix Medical Group, Inc.(a)		52,120		860,501
R1 RCM, Inc.(a)		54,130		1,003,029
UnitedHealth Group, Inc.		123,201		62,221,433

				85,463,140



2022 Annual Report		25

Schedule of Investments (continued)



Company	Shares		U.S. $ Value
Health Care Technology–0.1%
Change Healthcare, Inc.(a)		49,710	$	1,366,528

Life Sciences Tools & Services–0.4%
ICON PLC(a)		3,284		603,534
IQVIA Holdings, Inc.(a)		56,981		10,321,538
Repligen Corp.(a)		5,023		939,854
Syneos Health, Inc.(a)		17,410		820,881

				12,685,807

Pharmaceuticals–1.9%
Intra-Cellular Therapies, Inc.(a)		10,190		474,141
Johnson & Johnson		65,366		10,678,190
Pfizer, Inc.		35,952		1,573,259
Roche Holding AG (Sponsored ADR)		612,844		24,893,723
Viatris, Inc.		23,223		197,860
Zoetis, Inc.		105,826		15,692,938

				53,510,111

				240,273,425



Financials–6.1%
Banks–2.8%
Bank of America Corp.		899,292		27,158,618
Comerica, Inc.		19,010		1,351,611
First BanCorp./Puerto Rico		86,360		1,181,405
First Citizens BancShares, Inc./NC–Class A		2,030		1,618,783
First Hawaiian, Inc.		49,010		1,207,116
Pinnacle Financial Partners, Inc.		11,060		896,966
PNC Financial Services Group, Inc. (The)		76,507		11,431,676
Synovus Financial Corp.		27,978		1,049,455
Texas Capital Bancshares, Inc.(a)		18,803		1,109,941
Webster Financial Corp.		21,484		971,077
Wells Fargo & Co.		709,243		28,525,753
Wintrust Financial Corp.		14,150		1,153,933
Zions Bancorp NA		25,526		1,298,252

				78,954,586

Capital Markets–2.0%
Ares Management Corp.–Class A		12,976		803,863
Charles Schwab Corp. (The)		110,037		7,908,359
Goldman Sachs Group, Inc. (The)		80,038		23,455,136
LPL Financial Holdings, Inc.		102,751		22,449,039
Moelis & Co.–Class A		21,799		737,024
PJT Partners, Inc.–Class A		10,240		684,237
Stifel Financial Corp.		21,400		1,110,874

				57,148,532

Insurance–1.3%
American Financial Group, Inc./OH		7,933		975,204
Hanover Insurance Group, Inc. (The)		7,810		1,000,773
Kemper Corp.		16,920		698,119
Kinsale Capital Group, Inc.		4,707		1,202,262
Progressive Corp. (The)		154,573		17,962,928
Reinsurance Group of America, Inc.		3,539		445,242
Selective Insurance Group, Inc.		11,560		940,984
Trupanion, Inc.(a)		11,030		655,513
Willis Towers Watson PLC		67,350		13,533,309

				37,414,334



Company	Shares		U.S. $ Value
Thrifts & Mortgage Finance–0.0%
BankUnited, Inc.		27,722	$	947,261

				174,464,713



Consumer Discretionary–5.5%
Auto Components–0.3%
Dana, Inc.		46,055		526,409
Goodyear Tire & Rubber Co. (The)(a)		620,054		6,256,345
Magna International, Inc.		19,870		942,235

				7,724,989

Automobiles–0.2%
Stellantis NV		500,972		5,931,508

Distributors–0.0%
Pool Corp.		3,580		1,139,192

Diversified Consumer Services–0.0%
ADT, Inc.		122,350		916,401

Hotels, Restaurants & Leisure–0.5%
Booking Holdings, Inc.(a)		6,004		9,865,833
Dine Brands Global, Inc.		13,310		845,984
Hilton Grand Vacations, Inc.(a)		19,960		656,484
Light & Wonder, Inc.(a)		7,593		325,588
Papa John’s International, Inc.		11,241		786,982
Planet Fitness, Inc.–Class A(a)		18,439		1,063,193
Vail Resorts, Inc.		4,590		989,787

				14,533,851

Household Durables–0.1%
KB Home		25,740		667,181
NVR, Inc.(a)		165		657,868
Taylor Morrison Home Corp.(a)		23,436		546,528
TopBuild Corp.(a)		4,227		696,525

				2,568,102

Internet & Direct Marketing Retail–1.8%
Amazon.com, Inc.(a)(b)		410,375		46,372,375
Etsy, Inc.(a)		48,547		4,861,011

				51,233,386

Multiline Retail–0.0%
Driven Brands Holdings, Inc.(a)		15,750		440,685

Specialty Retail–2.0%
AutoZone, Inc.(a)		9,578		20,515,406
Dynatrace, Inc.(a)		26,350		917,244
Five Below, Inc.(a)		5,622		773,981
Floor & Decor Holdings, Inc.–Class A(a)		10,190		715,949
Home Depot, Inc. (The)		111,512		30,770,621
Lithia Motors, Inc.		3,611		774,740
National Vision Holdings, Inc.(a)		27,057		883,411
Sally Beauty Holdings, Inc.(a)		59,730		752,598
Williams-Sonoma, Inc.		7,107		837,560

				56,941,510

Textiles, Apparel & Luxury Goods–0.6%
Carter’s, Inc.		12,810		839,439
Deckers Outdoor Corp.(a)		4,015		1,255,129
NIKE, Inc.–Class B		168,329		13,991,507



26		Sanford C. Bernstein Fund, Inc.



Company	Shares		U.S. $ Value
Ralph Lauren Corp.		12,000	$	1,019,160
Tapestry, Inc.		30,910		878,771

				17,984,006

				159,413,630



Industrials–5.4%
Aerospace & Defense–0.9%
Axon Enterprise, Inc.(a)		10,253		1,186,785
Curtiss-Wright Corp.		6,360		885,058
Hexcel Corp.		12,930		668,740
Howmet Aerospace, Inc.		28,950		895,423
L3Harris Technologies, Inc.		7,139		1,483,698
Raytheon Technologies Corp.		232,490		19,031,631
Spirit AeroSystems Holdings, Inc.–Class A		32,290		707,797

				24,859,132

Airlines–0.0%
Alaska Air Group, Inc.(a)		18,510		724,667

Building Products–0.4%
Armstrong World Industries, Inc.		9,040		716,239
Carlisle Cos., Inc.		4,770		1,337,556
Masonite International Corp.(a)		11,256		802,440
Otis Worldwide Corp.		151,760		9,682,288

				12,538,523

Commercial Services & Supplies–0.0%
MillerKnoll, Inc.		6,945		108,342
Tetra Tech, Inc.		7,860		1,010,246

				1,118,588

Construction & Engineering–0.8%
AECOM		270,440		18,489,983
Arcosa, Inc.		20,770		1,187,628
Dycom Industries, Inc.(a)		7,960		760,419
Fluor Corp.(a)		13,944		347,066
WillScot Mobile Mini Holdings Corp.(a)		19,100		770,303

				21,555,399

Electrical Equipment–1.2%
AMETEK, Inc.		7,249		822,109
Eaton Corp. PLC		116,795		15,575,781
Regal Rexnord Corp.		109,866		15,420,792
Sensata Technologies Holding PLC		20,220		753,801
Vertiv Holdings Co.		116,840		1,135,685

				33,708,168

Industrial Conglomerates–0.1%
Honeywell International, Inc.		14,903		2,488,354

Machinery–0.2%
IDEX Corp.		4,250		849,362
Ingersoll Rand, Inc.		18,833		814,716
ITT, Inc.		12,250		800,415
Middleby Corp. (The)(a)		6,660		853,612
Oshkosh Corp.		9,640		677,596
Timken Co. (The)		14,890		879,106

				4,874,807



Company	Shares		U.S. $ Value
Marine–0.1%
Kirby Corp.(a)		15,140	$	920,058
Star Bulk Carriers Corp.		40,430		706,716

				1,626,774

Professional Services–0.5%
Booz Allen Hamilton Holding Corp.		110,045		10,162,656
FTI Consulting, Inc.(a)		1,520		251,879
Korn Ferry		9,410		441,799
Robert Half International, Inc.		48,716		3,726,774

				14,583,108

Road & Rail–1.1%
CSX Corp.		642,991		17,129,280
Knight-Swift Transportation Holdings, Inc.		282,604		13,827,814
TFI International, Inc.		9,350		845,988
XPO Logistics, Inc.(a)		25,860		1,151,287

				32,954,369

Trading Companies & Distributors–0.1%
Herc Holdings, Inc.		9,260		961,929
SiteOne Landscape Supply, Inc.(a)		7,784		810,626
United Rentals, Inc.(a)		6,952		1,877,874

				3,650,429

				154,682,318



Communication Services–4.9%
Diversified Telecommunication Services–0.6%
Comcast Corp.–Class A		575,908		16,891,382

Entertainment–0.5%
Walt Disney Co. (The)(a)		150,733		14,218,644

Interactive Media & Services–3.1%
Alphabet, Inc.–Class C(a)		712,760		68,531,874
Meta Platforms, Inc.–Class A(a)(b)		141,383		19,182,845

				87,714,719

Media–0.0%
Criteo SA (Sponsored ADR)(a)		33,592		907,992

Wireless Telecommunication Services–0.7%
T-Mobile US, Inc.(a)		155,764		20,898,856

				140,631,593



Consumer Staples–2.8%
Beverages–0.9%
Coca-Cola Co. (The)		290,303		16,262,774
Constellation Brands, Inc.–Class A		40,703		9,348,665

				25,611,439

Food & Staples Retailing–1.1%
Costco Wholesale Corp.		20,535		9,698,064
Grocery Outlet Holding Corp.(a)		28,450		947,101
Walmart, Inc.		175,173		22,719,938

				33,365,103



2022 Annual Report		27

Schedule of Investments (continued)



Company	Shares		U.S. $ Value
Food Products–0.1%
Hain Celestial Group, Inc. (The)(a)		41,384	$	698,562
Nomad Foods Ltd.(a)		57,651		818,644

				1,517,206

Household Products–0.7%
Procter & Gamble Co., (The)		154,390		19,491,738

				79,985,486



Energy–1.8%
Energy Equipment & Services–0.3%
Baker Hughes Co.		373,291		7,824,179
Cactus, Inc.–Class A		17,040		654,847
Helmerich & Payne, Inc.		21,040		777,849
Patterson-UTI Energy, Inc.		60,200		703,136

				9,960,011

Oil, Gas & Consumable Fuels–1.5%
Cameco Corp.		34,890		924,934
Chevron Corp.		102,193		14,682,068
ConocoPhillips		40,009		4,094,521
EOG Resources, Inc.		151,386		16,914,358
HF Sinclair Corp.		18,541		998,248
Magnolia Oil & Gas Corp.–Class A		46,130		913,835
Matador Resources Co.		19,920		974,486
Ovintiv, Inc.		21,690		997,740
Targa Resources Corp.		7,330		442,292
Valero Energy Corp.		19,488		2,082,293

				43,024,775

				52,984,786



Utilities–1.0%
Electric Utilities–1.0%
American Electric Power Co., Inc.		212,513		18,371,749
IDACORP, Inc.		13,554		1,341,982
NextEra Energy, Inc.		116,378		9,125,199

				28,838,930

Gas Utilities–0.0%
Southwest Gas Holdings, Inc.(a)		10,355		722,261

				29,561,191



Real Estate–1.0%
Equity Real Estate Investment Trusts (REITs)–1.0%
American Tower Corp.		31,475		6,757,682
Broadstone Net Lease, Inc.–Class A		41,210		639,991
Camden Property Trust		9,239		1,103,599
Cousins Properties, Inc.		25,999		607,077
CubeSmart		27,677		1,108,741
Mid-America Apartment Communities, Inc.		54,232		8,409,756
Physicians Realty Trust		75,280		1,132,211
Prologis, Inc.		79,995		8,127,492
Safehold, Inc.		15,596		412,670
STAG Industrial, Inc.		20,220		574,855

				28,874,074



Company			Shares		U.S. $ Value

Materials–0.7%
Chemicals–0.6%
FMC Corp.				8,590	$	907,963
Huntsman Corp.				38,080		934,483
Innospec, Inc.				6,970		597,120
Linde PLC				52,111		14,048,604

						16,488,170

Containers & Packaging–0.0%
Berry Global Group, Inc.(a)				26,760		1,245,143

Metals & Mining–0.1%
ATI, Inc.(a)				37,930		1,009,317
Reliance Steel & Aluminum Co.				4,477		780,834

						1,790,151

						19,523,464



Consumer Durables & Apparel–0.0%
Homebuilding–0.0%
PulteGroup, Inc.				28,140		1,055,250

Total Common Stocks (cost $951,390,000)						1,449,323,669



INVESTMENT COMPANIES–37.6%
Funds and Investment Trusts–37.6%(c)(d)
AB All Market Real Return Portfolio–Class Z				21,708,947		186,479,851
AB International Small Cap Portfolio–Class Z				16,944,569		151,315,005
Bernstein International Strategic Equities Portfolio–Class Z				63,660,913		612,417,983
Bernstein Small Cap Core Portfolio–Class Z				4,598,305		52,512,639
Sanford C Bernstein Fund, Inc.–Emerging Markets Portfolio–Class Z				3,522,047		76,851,069

Total Investment Companies (cost $1,145,948,379)						1,079,576,547



	Notional Amount

OPTIONS PURCHASED—PUTS–3.3%
Options on Equity Indices–3.3%
Euro STOXX 50 Index Expiration: Jul 2023; Contracts: 32,610; Exercise Price: EUR 2,800.00; Counterparty: UBS AG(a)		EUR		91,308,000		4,540,336
Euro STOXX 50 Index Expiration: Jul 2023; Contracts: 23,350; Exercise Price: EUR 2,800.00; Counterparty: UBS AG(a)		EUR		65,380,000		3,251,053



28		Sanford C. Bernstein Fund, Inc.



		Notional Amount		U.S. $ Value
FTSE 100 Index Expiration: Aug 2023; Contracts: 6,850; Exercise Price: GBP 6,000.00; Counterparty: UBS AG(a)	GBP		41,100,000	$	1,816,596
FTSE 100 Index Expiration: Aug 2023; Contracts: 5,100; Exercise Price: GBP 6,000.00; Counterparty: UBS AG(a)	GBP		30,600,000		1,352,502
Nikkei 225 Index Expiration: Sep 2023; Contracts: 293,000; Exercise Price: JPY 22,000.00; Counterparty: UBS AG(a)	JPY		6,446,000,000		2,147,952
Nikkei 225 Index Expiration: Sep 2023; Contracts: 398,000; Exercise Price: JPY 22,000.00; Counterparty: UBS AG(a)	JPY		8,756,000,000		2,917,695
S&P 500 Index Expiration: Jul 2023; Contracts: 249,900; Exercise Price: USD 3,250.00; Counterparty: UBS AG(a)	USD		812,175,000		46,808,850



		Notional Amount		U.S. $ Value
S&P 500 Index Expiration: Jul 2023; Contracts: 171,000; Exercise Price: USD 3,250.00; Counterparty: UBS AG(a)	USD		555,750,000	$	32,030,065

Total Options Purchased—Puts (premiums paid $55,036,279)					94,865,049



		Shares

SHORT-TERM INVESTMENTS–10.9%

Investment Companies–10.9%
AB Fixed Income Shares, Inc.— Government Money Market Portfolio—Class AB, 2.58%(c)(d)(e) (cost $314,374,213)			314,374,213		314,374,213

Total Investments—102.2% (cost $2,466,748,871)					2,938,139,478

Other assets less liabilities—(2.2)%					(63,029,054	)

Net Assets—100.0%				$	2,875,110,424



FUTURES (see Note 3)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts

Euro STOXX 50 Index Futures		471	December 2022	$	15,302,159	$	(1,424,462	)

Hang Seng Index Futures		343	October 2022		37,600,594		(1,274,615	)

Nikkei 225 (OSE) Futures		147	December 2022		26,346,853		(1,270,571	)

OMXS 30 Index Futures		3,457	October 2022		57,005,853		(3,359,150	)

S&P 500 E-Mini Futures		25	December 2022		4,501,875		(604,582	)

U.S. T-Note 2 Yr (CBT) Futures		1,743	December 2022		357,995,861		(5,793,125	)

U.S. T-Note 10 Yr (CBT) Futures		4,484	December 2022		502,488,250		(26,034,225	)

U.S. Ultra Bond (CBT) Futures		1,213	December 2022		166,181,000		(15,991,153	)

Sold Contracts

E-Mini Russell 2000 Futures		876	December 2022		73,137,240		6,487,230

Euro STOXX 50 Index Futures		1,480	December 2022		48,083,218		(229,518	)

FTSE 100 Index Futures		794	December 2022		61,299,854		3,492,767

MSCI Emerging Markets Futures		4,723	December 2022		205,804,725		20,547,733

MSCI Singapore IX ETS Futures		1,297	October 2022		25,343,990		129,822

S&P 500 E-Mini Futures		2,257	December 2022		406,429,275		45,230,572

S&P Mid 400 E-Mini Futures		228	December 2022		50,346,960		4,798,177

S&P/TSX 60 Index Futures		886	December 2022		143,160,821		6,699,166

SPI 200 Futures		1,249	December 2022		129,145,875		7,445,765

TOPIX Index Futures		342	December 2022		43,385,062		9,074

						$	38,858,905



2022 Annual Report		29

Schedule of Investments (continued)



FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)
Counterparty	Contracts to Deliver (000)		In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)

Bank of America, NA	USD	49,838		NZD	82,952		11/18/2022	$	(3,404,994	)

Bank of America, NA	USD	27,872		NOK	287,850		12/01/2022		(1,406,470	)

Bank of America, NA	CHF	115,450		USD	118,479		12/07/2022		752,522

Bank of America, NA	CHF	21,008		USD	21,324		12/07/2022		(98,454	)

BNP Paribas SA	AUD	188,591		USD	130,097		10/20/2022		9,444,992

BNP Paribas SA	CAD	38,367		USD	29,430		10/27/2022		1,656,399

BNP Paribas SA	USD	19,918		CAD	27,367		10/27/2022		(107,764	)

BNP Paribas SA	USD	59,283		NZD	95,787		11/18/2022		(5,665,732	)

BNP Paribas SA	USD	4,772		CHF	4,563		12/07/2022		(119,096	)

Citibank, NA	USD	84,914		CAD	111,861		10/27/2022		(3,939,504	)

Citibank, NA	GBP	81,719		USD	94,334		11/17/2022		3,025,720

Citibank, NA	USD	27,005		GBP	25,212		11/17/2022		1,165,885

Citibank, NA	SEK	622,248		USD	56,650		12/01/2022		414,735

Credit Suisse International	AUD	7,018		USD	4,511		10/20/2022		20,795

Credit Suisse International	USD	14,044		CAD	18,370		10/27/2022		(745,576	)

Deutsche Bank AG	CAD	80,514		USD	62,981		10/27/2022		4,697,923

Goldman Sachs Bank USA	USD	4,512		CAD	5,801		10/27/2022		(313,065	)

Goldman Sachs Bank USA	USD	6,637		SEK	75,299		12/01/2022		167,691

HSBC Bank USA	USD	94,946		CAD	121,995		10/27/2022		(6,635,722	)

HSBC Bank USA	USD	49,981		JPY	7,188,316		12/02/2022		(16,246	)

JPMorgan Chase Bank, NA	USD	53,220		AUD	78,631		10/20/2022		(2,915,242	)

JPMorgan Chase Bank, NA	CAD	51,615		USD	40,120		10/27/2022		2,757,129

JPMorgan Chase Bank, NA	USD	84,440		JPY	12,103,088		12/02/2022		(312,741	)

JPMorgan Chase Bank, NA	EUR	289,595		USD	283,231		12/08/2022		(1,903,097	)

Morgan Stanley & Co., Inc.	AUD	10,508		USD	7,232		10/20/2022		509,702

Morgan Stanley & Co., Inc.	USD	170,192		AUD	244,965		10/20/2022		(13,475,195	)

Morgan Stanley & Co., Inc.	CAD	86,577		USD	67,040		10/27/2022		4,368,639

Morgan Stanley & Co., Inc.	USD	133,133		CAD	174,112		10/27/2022		(7,095,992	)

Morgan Stanley & Co., Inc.	GBP	98,301		USD	114,762		11/17/2022		4,925,081

Morgan Stanley & Co., Inc.	USD	30,561		GBP	26,699		11/17/2022		(729,228	)

Morgan Stanley & Co., Inc.	NZD	12,525		USD	7,691		11/18/2022		680,396

Morgan Stanley & Co., Inc.	USD	18,710		NZD	33,209		11/18/2022		(121,453	)

Morgan Stanley & Co., Inc.	USD	13,999		JPY	1,988,577		12/02/2022		(177,052	)

Morgan Stanley & Co., Inc.	CHF	14,306		USD	14,629		12/07/2022		40,797

UBS AG	GBP	14,948		USD	17,696		11/17/2022		993,395

								$	(13,560,822	)



TOTAL RETURN SWAPS (see Note 3)
Counterparty & Referenced Obligation	Rate Paid/ Received		Payment Frequency	Current Notional (000)			Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation

Morgan Stanley Capital Services LLC
Swiss Market Index Futures		0.00%	Maturity		CHF	410		12/16/22	$	(19,445	)
Swiss Market Index Futures		0.00%	Maturity		CHF	7,899		12/16/22		(593,343	)
Swiss Market Index Futures		0.00%	Maturity		CHF	13,644		12/16/22		(729,673	)

									$	(1,342,461	)



30		Sanford C. Bernstein Fund, Inc.

(a)

Non-income producing security.

(b)

Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(c)

Affiliated investments.

(d)

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

(e)

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

CBT—Chicago Board of Trade

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

REIT—Real Estate Investment Trust

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.



2022 Annual Report		31

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Overlay B Portfolio

September 30, 2022



	Principal Amount (000)			U.S. $ Value

GOVERNMENTS—TREASURIES–27.4%
Australia–0.9%
Australia Government Bond Series 136 4.75%, 04/21/2027(a)		AUD	9,947	$	6,659,032
Series 145 2.75%, 06/21/2035(a)			518		290,432
Series 148 2.75%, 11/21/2027(a)			1,590		973,992
Series 150 3.00%, 03/21/2047(a)			1,043		552,971

					8,476,427

Austria–0.5%
Republic of Austria Government Bond 0.00%, 02/20/2030(a)		EUR	405		327,376
0.90%, 02/20/2032(a)			5,412		4,475,701

					4,803,077

Belgium–0.3%
Kingdom of Belgium Government Bond
Series 84 1.45%, 06/22/2037(a)			1,242		984,465
Series 96 2.75%, 04/22/2039(a)			1,442		1,350,307

					2,334,772

Canada–0.4%
Canadian Government Bond 1.25%, 03/01/2027		CAD	2,740		1,812,206
2.00%, 12/01/2051			1,763		1,006,889
2.25%, 12/01/2029			808		550,623

					3,369,718

China–0.5%
China Government Bond Series INBK 2.80%, 03/24/2029		CNY	13,960		1,974,212
3.81%, 09/14/2050			18,950		2,952,162

					4,926,374

Germany–2.2%
Bundesrepublik Deutschland Bundesanleihe 0.00%, 02/15/2032(a)		EUR	11,501		9,295,991
0.00%, 08/15/2050(a)			1,872		1,028,727
0.25%, 02/15/2029(a)			4,642		4,085,735
3.25%, 07/04/2042(a)			1,966		2,251,807
Series 3 4.75%, 07/04/2034(a)			1,070		1,332,105



	Principal Amount (000)			U.S. $ Value
Series G 0.00%, 08/15/2031(a)		EUR	1,322	$	1,084,076
0.00%, 08/15/2050(a)			838		461,741

					19,540,182

Indonesia–0.1%
Indonesia Treasury Bond Series FR87 6.50%, 02/15/2031		IDR	19,486,000		1,209,277

Ireland–0.1%
Ireland Government Bond 0.00%, 10/18/2031(a)		EUR	583		453,736

Italy–0.8%
Italy Buoni Poliennali Del Tesoro 0.25%, 03/15/2028(a)			4,080		3,299,048
2.80%, 06/15/2029(a)			3,440		3,122,363
4.00%, 04/30/2035(a)			835		780,944

					7,202,355

Japan–1.4%
Japan Government Five Year Bond Series 138 0.10%, 12/20/2023		JPY	288,900		2,001,121
Japan Government Forty Year Bond Series 15 1.00%, 03/20/2062			333,150		1,979,426
Japan Government Ten Year Bond Series 332 0.60%, 12/20/2023			738,250		5,144,592
Japan Government Thirty Year Bond Series 65 0.40%, 12/20/2049			188,950		1,033,866
Series 68 0.60%, 09/20/2050			214,900		1,231,195
Series 74 1.00%, 03/20/2052			86,000		543,595
Japan Government Twenty Year Bond Series 171 0.30%, 12/20/2039			112,650		706,800

					12,640,595

Malaysia–0.1%
Malaysia Government Bond Series 0310 4.498%, 04/15/2030		MYR	4,736		1,024,332

South Korea–1.7%
Korea Treasury Bond Series 2506 3.125%, 06/10/2025		KRW	15,958,420		10,850,069
Series 2703 2.375%, 03/10/2027			6,846,450		4,430,921

					15,280,990

Spain–0.2%
Spain Government Bond 3.45%, 07/30/2043(a)		EUR	2,028		1,930,380



32		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
United Kingdom–0.4%
United Kingdom Gilt 0.875%, 01/31/2046(a)		GBP	2,173	$	1,310,546
1.25%, 07/31/2051(a)			201		125,652
1.50%, 07/31/2053(a)			554		366,258
1.75%, 09/07/2037(a)			2,663		2,180,255

					3,982,711

United States–17.8%
U.S. Treasury Bonds 1.125%, 08/15/2040(b)(c)		U.S.$	8,875		5,491,406
1.75%, 08/15/2041			6,975		4,767,113
1.875%, 02/15/2051			10,463		6,924,933
2.00%, 11/15/2041			3,360		2,403,593
2.00%, 02/15/2050			215		147,745
2.00%, 08/15/2051			6,238		4,259,589
2.25%, 08/15/2046			854		615,414
2.25%, 08/15/2049			590		431,806
2.25%, 02/15/2052			139		100,731
2.375%, 02/15/2042			1,485		1,137,343
2.375%, 11/15/2049			450		338,906
2.875%, 05/15/2049			905		754,827
2.875%, 05/15/2052			1,035		867,777
3.00%, 11/15/2045			169		141,062
3.00%, 08/15/2052			321		277,041
3.25%, 05/15/2042			2,114		1,875,692
3.375%, 08/15/2042			590		534,049
3.375%, 11/15/2048			495		451,069
3.625%, 08/15/2043			1,873		1,745,614
4.375%, 11/15/2039(b)			5,290		5,579,297
U.S. Treasury Notes 0.25%, 05/31/2025			2,525		2,271,316
0.375%, 04/15/2024(c)			8,300		7,814,969
0.375%, 01/31/2026(c)			5,434		4,787,191
0.50%, 11/30/2023			4,565		4,369,561
0.625%, 07/31/2026			1,865		1,632,166
0.875%, 09/30/2026			6,397		5,630,919
1.25%, 11/30/2026(c)			8,434		7,507,756
1.25%, 08/15/2031			5,083		4,107,228
1.375%, 11/15/2031			4,369		3,548,366
1.50%, 02/15/2030(b)			3,867		3,282,116
1.625%, 05/15/2026(c)			6,600		6,033,752
1.875%, 08/31/2024			2,860		2,735,322
1.875%, 02/15/2032			1,698		1,438,259
2.125%, 05/31/2026			5,545		5,156,850
2.25%, 02/15/2027(b)			12,993		12,016,495
2.50%, 04/30/2024			7,142		6,943,363
2.75%, 07/31/2027			7,319		6,895,399
2.75%, 08/15/2032			8,945		8,174,892
2.875%, 09/30/2023			5,987		5,909,356
2.875%, 05/15/2032			3,905		3,608,890
3.00%, 07/31/2024			2,868		2,804,912
3.125%, 08/31/2027			598		573,701
3.25%, 08/31/2024			14,275		14,021,120

					160,108,906

Total Governments—Treasuries (cost $283,946,229)					247,283,832



	Principal Amount (000)			U.S. $ Value

INFLATION-LINKED SECURITIES–19.5%
United States–19.5%
U.S. Treasury Inflation Index 0.125%, 07/15/2024 (TIPS)	U.S.$	16,197		$	15,632,206
0.125%, 10/15/2024 (TIPS)		5,757			5,533,955
0.125%, 07/15/2026 (TIPS)		17,289			16,164,829
0.125%, 10/15/2026 (TIPS)		4,857			4,524,208
0.125%, 01/15/2030 (TIPS)		8,221			7,258,569
0.125%, 07/15/2030 (TIPS)		8,086			7,111,572
0.125%, 07/15/2031 (TIPS)		38,932			33,864,590
0.25%, 01/15/2025 (TIPS)		14,048			13,433,395
0.25%, 07/15/2029 (TIPS)		13,029			11,733,959
0.375%, 07/15/2023 (TIPS)		0	**		84
0.375%, 01/15/2027 (TIPS)		3,892			3,634,034
0.375%, 07/15/2027 (TIPS)		297			277,274
0.50%, 01/15/2028 (TIPS)		2,480			2,301,284
0.625%, 01/15/2024 (TIPS)		11,216			10,946,120
0.625%, 07/15/2032 (TIPS)		3,364			3,048,249
0.75%, 07/15/2028 (TIPS)		14,465			13,578,736
0.875%, 01/15/2029 (TIPS)		9,308			8,745,296
1.75%, 01/15/2028 (TIPS)		6,546			6,477,657
2.50%, 01/15/2029 (TIPS)		6,927			7,161,199
3.875%, 04/15/2029 (TIPS)		3,415			3,818,692

Total Inflation-Linked Securities (cost $196,195,728)					175,245,908



CORPORATES—INVESTMENT GRADE–16.3%

Industrial–8.1%
Basic–0.5%
Anglo American Capital PLC 3.875%, 03/16/2029(a)		634			543,180
Celanese US Holdings LLC 5.90%, 07/05/2024		1,039			1,025,088
Freeport Indonesia PT 4.763%, 04/14/2027(a)		585			529,425
Inversiones CMPC SA/Cayman Islands Branch 4.375%, 05/15/2023(a)		467			462,429
LyondellBasell Industries NV 5.75%, 04/15/2024		277			279,144
Nexa Resources SA 6.50%, 01/18/2028(a)		405			370,334
Nucor Corp. 4.30%, 05/23/2027		180			172,708
Suzano Austria GmbH 3.75%, 01/15/2031		526			410,280
WRKCo., Inc. 4.00%, 03/15/2028		519			479,078

					4,271,666

Capital Goods–0.3%
CNH Industrial Capital LLC 3.95%, 05/23/2025		815			786,034



2022 Annual Report		33

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Flowserve Corp. 2.80%, 01/15/2032		U.S.$	530	$	379,560
Parker-Hannifin Corp. 3.25%, 06/14/2029			223		196,644
4.50%, 09/15/2029			667		631,328
Raytheon Technologies Corp. 4.125%, 11/16/2028			671		627,855
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025			162		151,378
4.40%, 03/15/2024			343		336,833

					3,109,632

Communications—Media–1.0%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.80%, 03/01/2050			66		47,205
5.125%, 07/01/2049			100		73,790
5.375%, 05/01/2047			140		107,806
Discovery Communications LLC 4.65%, 05/15/2050			115		78,818
5.20%, 09/20/2047			599		443,032
5.30%, 05/15/2049			262		196,112
Fox Corp. 4.709%, 01/25/2029			210		197,421
5.576%, 01/25/2049			346		296,885
Interpublic Group of Cos., Inc. (The) 4.65%, 10/01/2028			725		671,770
Netflix, Inc. 3.625%, 05/15/2027		EUR	275		253,685
4.625%, 05/15/2029			260		238,227
5.875%, 11/15/2028		U.S.$	898		872,218
Paramount Global 4.20%, 05/19/2032			109		88,335
Prosus NV 3.257%, 01/19/2027(a)			604		505,851
3.68%, 01/21/2030(a)			786		595,081
Tencent Holdings Ltd. 1.81%, 01/26/2026(a)			930		832,524
3.24%, 06/03/2050(a)			525		313,458
Time Warner Cable LLC 4.50%, 09/15/2042			494		342,490
Warnermedia Holdings, Inc. 3.755%, 03/15/2027(a)			206		184,891
4.054%, 03/15/2029(a)			139		120,225
4.279%, 03/15/2032(a)			947		779,722
Weibo Corp. 3.375%, 07/08/2030			2,373		1,749,050

					8,988,596

Communications—Telecommunications–0.2%
AT&T, Inc. Series B 2.875%, 03/02/2025(d)		EUR	400		346,640
British Telecommunications PLC 9.625%, 12/15/2030		U.S.$	247		285,453



	Principal Amount (000)			U.S. $ Value
CK Hutchison Group Telecom Finance SA 1.125%, 10/17/2028(a)		EUR	815	$	651,045
T-Mobile USA, Inc. 2.55%, 02/15/2031		U.S.$	557		441,250
2.625%, 02/15/2029			76		62,738
2.875%, 02/15/2031			230		184,582
3.375%, 04/15/2029			45		38,865
Vodafone Group PLC 4.20%, 12/13/2027(a)		AUD	30		18,065

					2,028,638

Consumer Cyclical—Automotive–0.5%
Aptiv PLC / Aptiv Corp. 3.25%, 03/01/2032		U.S.$	655		519,795
General Motors Co. 6.125%, 10/01/2025			169		169,378
6.80%, 10/01/2027			100		101,076
General Motors Financial Co., Inc. 5.25%, 03/01/2026			206		200,702
Harley-Davidson Financial Services, Inc. 3.05%, 02/14/2027(a)			1,011		867,377
3.35%, 06/08/2025(a)			671		629,948
Lear Corp. 3.50%, 05/30/2030			43		35,138
Nissan Motor Co., Ltd. 4.345%, 09/17/2027(a)			1,550		1,335,449
Volkswagen International Finance NV 0.875%, 09/22/2028(a)		EUR	700		563,832
3.50%, 06/17/2025(a)(d)			300		267,554

					4,690,249

Consumer Cyclical—Other–0.3%
Las Vegas Sands Corp. 3.50%, 08/18/2026		U.S.$	313		274,792
3.90%, 08/08/2029			1,570		1,301,043
Marriott International, Inc./MD Series EE 5.75%, 05/01/2025			77		77,836
MDC Holdings, Inc. 6.00%, 01/15/2043			1,027		782,482

					2,436,153

Consumer Cyclical—Retailers–0.4%
Advance Auto Parts, Inc. 3.50%, 03/15/2032			16		12,787
3.90%, 04/15/2030			1,234		1,061,783
AutoNation, Inc. 3.80%, 11/15/2027			274		242,991
3.85%, 03/01/2032			22		17,488
4.50%, 10/01/2025			65		62,879
4.75%, 06/01/2030			42		36,953
Lowe’s Cos., Inc. 5.80%, 09/15/2062			406		373,309
PVH Corp. 3.125%, 12/15/2027(a)		EUR	385		332,294



34		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
Ross Stores, Inc. 4.70%, 04/15/2027		U.S.$	1,097	$	1,071,275

					3,211,759

Consumer Non-Cyclical–0.8%
Altria Group, Inc. 3.125%, 06/15/2031		EUR	768		616,835
3.40%, 05/06/2030		U.S.$	985		799,199
4.80%, 02/14/2029			200		184,598
Amgen, Inc. 3.35%, 02/22/2032			492		420,193
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 4.70%, 02/01/2036			431		388,564
BAT Capital Corp. 2.259%, 03/25/2028			1,614		1,285,535
4.70%, 04/02/2027			245		228,820
4.906%, 04/02/2030			292		257,240
British American Tobacco PLC Series 5.25 3.00%, 09/27/2026(a)(d)		EUR	528		381,595
Cigna Corp. 4.375%, 10/15/2028		U.S.$	416		392,858
CVS Health Corp. 4.30%, 03/25/2028			32		30,266
Imperial Brands Finance Netherlands BV 1.75%, 03/18/2033(a)		EUR	631		411,213
Newell Brands, Inc. 6.375%, 09/15/2027		U.S.$	552		547,424
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031			810		619,464
Takeda Pharmaceutical Co., Ltd. 4.40%, 11/26/2023			676		676,000

					7,239,804

Energy–1.6%
BP Capital Markets America, Inc. 2.939%, 06/04/2051			1,736		1,102,273
BP Capital Markets PLC 3.25%, 03/22/2026(a)(d)		EUR	218		189,991
3.625%, 03/22/2029(a)(d)			353		279,710
Chevron USA, Inc. 3.85%, 01/15/2028		U.S.$	173		164,542
Continental Resources, Inc./OK 2.875%, 04/01/2032(a)			1,225		894,949
5.75%, 01/15/2031(a)			905		817,912
Devon Energy Corp. 5.60%, 07/15/2041			896		804,276
Enbridge Energy Partners LP 7.375%, 10/15/2045			1,361		1,472,520
Energy Transfer LP 3.90%, 07/15/2026			407		379,328
6.25%, 04/15/2049			1,155		1,031,657



	Principal Amount (000)			U.S. $ Value
Eni SpA 4.25%, 05/09/2029(a)		U.S.$	775	$	704,289
Series NC9 3.375%, 07/13/2029(a)(d)		EUR	590		436,511
EQT Corp. 5.70%, 04/01/2028		U.S.$	388		381,024
Marathon Petroleum Corp. 5.125%, 12/15/2026			269		264,779
6.50%, 03/01/2041			240		237,638
Oleoducto Central SA 4.00%, 07/14/2027(a)			1,046		809,538
ONEOK Partners LP 6.125%, 02/01/2041			96		85,214
ONEOK, Inc. 4.00%, 07/13/2027			263		241,623
4.35%, 03/15/2029			333		297,259
6.35%, 01/15/2031			587		575,976
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029			287		239,413
Suncor Energy, Inc. 6.50%, 06/15/2038			166		163,986
6.80%, 05/15/2038			436		441,468
6.85%, 06/01/2039			281		287,182
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030(a)			438		311,336
TransCanada PipeLines Ltd. 6.10%, 06/01/2040			784		757,148
6.20%, 10/15/2037			711		704,588
7.625%, 01/15/2039			216		243,534
Valero Energy Corp. 6.625%, 06/15/2037			120		120,017

					14,439,681

Other Industrial–0.1%
Alfa SAB de CV 5.25%, 03/25/2024(a)			668		662,325

Services–0.4%
Booking Holdings, Inc. 4.625%, 04/13/2030			1,321		1,243,788
Expedia Group, Inc. 4.625%, 08/01/2027			159		149,301
6.25%, 05/01/2025(a)			33		33,202
Global Payments, Inc. 3.20%, 08/15/2029			253		211,045
4.45%, 06/01/2028			213		195,594
5.30%, 08/15/2029			281		264,539
5.40%, 08/15/2032			552		511,736
Moody’s Corp. 4.25%, 02/01/2029			347		327,981
RELX Capital, Inc. 4.75%, 05/20/2032			123		115,360
S&P Global, Inc. 4.25%, 05/01/2029(a)			232		218,147
4.75%, 08/01/2028(a)			51		49,856

					3,320,549



2022 Annual Report		35

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Technology–1.6%
Apple, Inc. 4.10%, 08/08/2062		U.S.$	417	$	341,890
Baidu, Inc. 3.425%, 04/07/2030			401		345,846
Broadcom, Inc. 3.137%, 11/15/2035(a)			119		83,434
3.187%, 11/15/2036(a)			854		584,760
4.00%, 04/15/2029(a)			83		73,167
4.15%, 04/15/2032(a)			753		633,560
4.15%, 11/15/2030			225		194,472
4.926%, 05/15/2037(a)			518		428,525
Dell International LLC/EMC Corp. 6.02%, 06/15/2026			252		253,008
8.35%, 07/15/2046			93		100,702
Entegris Escrow Corp. 4.75%, 04/15/2029(a)			1,249		1,108,000
Fidelity National Information Services, Inc. 1.00%, 12/03/2028		EUR	126		101,513
1.50%, 05/21/2027			126		110,456
Fiserv, Inc. 3.50%, 07/01/2029		U.S.$	758		660,521
HP, Inc. 5.50%, 01/15/2033			1,631		1,446,551
Infor, Inc. 1.75%, 07/15/2025(a)			398		358,351
Intel Corp. 5.05%, 08/05/2062			1,242		1,078,155
International Business Machines Corp. 4.90%, 07/27/2052			788		690,658
KLA Corp. 4.10%, 03/15/2029			108		102,549
Kyndryl Holdings, Inc. 2.05%, 10/15/2026			1,611		1,293,937
Micron Technology, Inc. 4.185%, 02/15/2027			222		207,901
5.327%, 02/06/2029			107		101,549
NXP BV/NXP Funding LLC 5.55%, 12/01/2028			445		435,544
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.40%, 05/01/2030			261		218,530
Oracle Corp. 2.875%, 03/25/2031			441		347,398
3.60%, 04/01/2040			771		522,838
3.65%, 03/25/2041			243		164,949
5.375%, 07/15/2040			248		206,514
SK Hynix, Inc. 2.375%, 01/19/2031(a)			468		344,653
TSMC Arizona Corp. 3.875%, 04/22/2027			504		480,166
VeriSign, Inc. 2.70%, 06/15/2031			84		65,578
Western Digital Corp. 2.85%, 02/01/2029			192		149,228
3.10%, 02/01/2032			970		662,278



	Principal Amount (000)			U.S. $ Value
Workday, Inc. 3.70%, 04/01/2029		U.S.$	121	$	108,521
3.80%, 04/01/2032			314		273,155

					14,278,857

Transportation—Airlines–0.1%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(a)			488		474,509
4.75%, 10/20/2028(a)			563		524,592
Southwest Airlines Co. 2.625%, 02/10/2030			150		120,498

					1,119,599

Transportation—Railroads–0.0%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036(a)			396		346,790

Transportation—Services–0.3%
Ashtead Capital, Inc. 5.50%, 08/11/2032(a)			476		441,157
Chicago Parking Meters 4.93%, 12/30/2025(e)			800		766,538
ENA Master Trust 4.00%, 05/19/2048(a)			1,113		818,751
FedEx Corp. 0.45%, 05/04/2029		EUR	423		319,296

					2,345,742

					72,490,040



Financial Institutions–7.6%
Banking–5.4%
AIB Group PLC 0.50%, 11/17/2027(a)			700		573,683
Australia & New Zealand Banking Group Ltd. 4.40%, 05/19/2026(a)		U.S.$	225		213,341
Banco de Credito del Peru S.A. 3.125%, 07/01/2030(a)			1,095		960,041
Banco Santander SA 4.175%, 03/24/2028			1,600		1,447,664
Bank of America Corp. 2.299%, 07/21/2032			753		563,448
2.687%, 04/22/2032			914		712,225
3.419%, 12/20/2028			716		635,128
3.559%, 04/23/2027			369		340,605
4.376%, 04/27/2028			1,066		999,300
Bank of Ireland Group PLC 6.253%, 09/16/2026(a)			497		486,549
Barclays PLC 5.304%, 08/09/2026			574		551,729
8.00%, 03/15/2029(d)			569		504,111
BNP Paribas SA 2.871%, 04/19/2032(a)			498		377,992
7.75%, 08/16/2029(a)(d)			1,626		1,506,391
CaixaBank SA 0.375%, 11/18/2026(a)		EUR	400		343,025



36		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
1.50%, 12/03/2026(a)		GBP	400	$	370,051
Capital One Financial Corp. 3.273%, 03/01/2030		U.S.$	1,072		899,290
4.927%, 05/10/2028			344		327,440
Citigroup, Inc. 1.462%, 06/09/2027			92		78,321
2.014%, 01/25/2026			150		138,005
2.572%, 06/03/2031			130		102,401
2.666%, 01/29/2031			129		102,994
3.98%, 03/20/2030			426		378,190
4.075%, 04/23/2029			624		565,113
4.14%, 05/24/2025			508		496,636
4.658%, 05/24/2028			112		106,434
5.95%, 01/30/2023(d)			491		485,368
Series P 5.95%, 05/15/2025(d)			367		334,109
Series W 4.00%, 12/10/2025(d)			574		484,342
Series Y 4.15%, 11/15/2026(d)			340		271,517
Citizens Financial Group, Inc. 4.30%, 12/03/2025			837		805,102
Commonwealth Bank of Australia 3.784%, 03/14/2032(a)			311		248,309
Cooperatieve Rabobank UA 3.25%, 12/29/2026(a)(d)		EUR	200		149,703
4.375%, 06/29/2027(a)(d)			400		323,879
Credit Suisse Group AG 0.625%, 01/18/2033(a)			228		133,564
4.194%, 04/01/2031(a)		U.S.$	1,262		998,759
6.373%, 07/15/2026(a)			832		804,236
Danske Bank A/S 0.75%, 06/09/2029(a)		EUR	640		497,094
3.875%, 09/12/2023(a)		U.S.$	542		532,623
4.298%, 04/01/2028(a)			515		459,807
Deutsche Bank AG 1.875%, 02/23/2028(a)		EUR	300		250,657
2.625%, 02/12/2026(a)			400		362,634
Deutsche Bank AG/New York NY 2.129%, 11/24/2026		U.S.$	272		231,246
3.961%, 11/26/2025			455		424,597
6.119%, 07/14/2026			746		724,911
Discover Bank 4.682%, 08/09/2028			300		288,186
Federation Des Caisses Desjard 4.55%, 08/23/2027(a)			810		765,151
Fifth Third Bancorp Series L 4.50%, 09/30/2025(d)			354		328,968
Goldman Sachs Group, Inc. (The) 2.615%, 04/22/2032			1,224		948,882
2.64%, 02/24/2028			133		115,530
3.102%, 02/24/2033			92		73,086
3.615%, 03/15/2028			107		97,371
Series DMTN 2.383%, 07/21/2032			1,046		790,138
Series V 4.125%, 11/10/2026(d)			676		537,183



	Principal Amount (000)			U.S. $ Value
HSBC Holdings PLC 5.21%, 08/11/2028		U.S.$	483	$	452,334
5.402%, 08/11/2033			463		409,880
ING Groep NV 6.50%, 04/16/2025(d)			201		179,519
6.75%, 04/16/2024(a)(d)			281		264,182
JPMorgan Chase & Co. 1.09%, 03/11/2027(a)		EUR	427		378,751
2.58%, 04/22/2032		U.S.$	1,248		965,827
4.005%, 04/23/2029			112		101,303
4.565%, 06/14/2030			779		715,208
Series I 6.276% (LIBOR 3 Month + 3.47%), 01/30/2023(d)(f)			447		444,990
Series V 5.597% (LIBOR 3 Month + 3.32%), 10/01/2022(d)(f)			38		38,000
Series X 6.10%, 10/01/2024(d)			360		345,708
Lloyds Banking Group PLC 7.50%, 06/27/2024(d)			685		634,502
Mizuho Financial Group, Inc. 5.414%, 09/13/2028			787		769,505
Morgan Stanley 0.406%, 10/29/2027		EUR	550		464,232
3.772%, 01/24/2029		U.S.$	450		405,508
4.21%, 04/20/2028			730		682,812
4.679%, 07/17/2026			696		677,591
Nationwide Building Society 2.972%, 02/16/2028(a)			1,007		866,906
Natwest Group PLC 0.78%, 02/26/2030(a)		EUR	750		558,959
PNC Financial Services Group, Inc. (The) Series O 6.46% (LIBOR 3 Month + 3.68%), 11/01/2022(d)(f)		U.S.$	56		55,838
Santander Holdings USA, Inc. 2.49%, 01/06/2028			585		487,141
4.26%, 06/09/2025			325		312,370
4.40%, 07/13/2027			358		329,507
Santander UK Group Holdings PLC 0.603%, 09/13/2029(a)		EUR	151		113,477
2.469%, 01/11/2028		U.S.$	687		572,113
Societe Generale SA 2.797%, 01/19/2028(a)			1,898		1,600,526
Standard Chartered PLC 2.608%, 01/12/2028(a)			455		383,242
3.971%, 03/30/2026(a)			550		516,967
4.316% (LIBOR 3 Month + 1.51%), 01/30/2027(a)(d)(f)			1,100		832,535
6.00%, 07/26/2025(a)(d)			558		493,250
Svenska Handelsbanken AB 4.375%, 03/01/2027(a)(d)			600		488,556
Swedbank AB Series NC5 5.625%, 09/17/2024(a)(d)			1,200		1,110,228



2022 Annual Report		37

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Truist Financial Corp. Series Q 5.10%, 03/01/2030(d)		U.S.$	977	$	876,232
UBS Group AG 2.904% (SOFR + 1.58%), 05/12/2026(a)(f)			845		845,270
4.488%, 05/12/2026(a)			254		244,627
7.00%, 02/19/2025(a)(d)			400		379,800
UniCredit SpA 1.982%, 06/03/2027(a)			202		166,711
2.569%, 09/22/2026(a)			860		736,530
3.127%, 06/03/2032(a)			996		709,420
US Bancorp Series J 5.30%, 04/15/2027(d)			423		361,179
Wells Fargo & Co. 3.35%, 03/02/2033			964		783,491
3.584%, 05/22/2028			168		151,959
Series BB 3.90%, 03/15/2026(d)			389		329,448

					48,483,193

Brokerage–0.3%
Charles Schwab Corp. (The) 2.90%, 03/03/2032			3		2,478
Series G 5.375%, 06/01/2025(d)			460		449,310
Series I 4.00%, 06/01/2026(d)			1,867		1,539,266
Nomura Holdings, Inc. 2.999%, 01/22/2032			608		460,128

					2,451,182

Finance–0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.30%, 01/30/2032			333		251,182
Air Lease Corp. 2.10%, 09/01/2028			459		357,781
2.875%, 01/15/2026			203		182,001
3.25%, 03/01/2025			25		23,418
3.625%, 04/01/2027			96		85,048
4.625%, 10/01/2028			81		72,569
Aircastle Ltd. 2.85%, 01/26/2028(a)			1,604		1,228,584
4.125%, 05/01/2024			215		207,021
4.25%, 06/15/2026			278		249,302
5.25%, 08/11/2025(a)			849		799,750
Aviation Capital Group LLC 1.95%, 01/30/2026(a)			675		566,791
1.95%, 09/20/2026(a)			285		230,830
3.50%, 11/01/2027(a)			267		221,797
4.125%, 08/01/2025(a)			12		10,995
4.375%, 01/30/2024(a)			290		280,315
4.875%, 10/01/2025(a)			271		253,130
5.50%, 12/15/2024(a)			828		801,339
CDBL Funding 1 3.50%, 10/24/2027(a)			850		776,152



	Principal Amount (000)			U.S. $ Value
Synchrony Financial 2.875%, 10/28/2031		U.S.$	1,032	$	733,153
3.95%, 12/01/2027			274		238,813
4.50%, 07/23/2025			109		103,940
4.875%, 06/13/2025			130		125,566

					7,799,477

Insurance–0.4%
Alleghany Corp. 3.625%, 05/15/2030			474		423,287
Assicurazioni Generali SpA 5.50%, 10/27/2047(a)		EUR	331		310,837
Guardian Life Insurance Co. of America (The) 4.85%, 01/24/2077(a)		U.S.$	423		346,711
Liberty Mutual Group, Inc. 3.625%, 05/23/2059(a)		EUR	365		304,948
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039(a)		U.S.$	420		538,847
Swiss Re Finance Luxembourg SA 5.00%, 04/02/2049(a)			800		704,288
Voya Financial, Inc. 5.65%, 05/15/2053			895		879,034

					3,507,952

Other Finance–0.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.45%, 04/03/2026			199		185,876

REITs–0.7%
American Tower Corp. 0.50%, 01/15/2028		EUR	720		571,756
3.65%, 03/15/2027		U.S.$	413		378,527
4.05%, 03/15/2032			208		179,075
Digital Euro Finco LLC 2.50%, 01/16/2026(a)		EUR	820		744,879
Digital Realty Trust LP 3.60%, 07/01/2029		U.S.$	474		415,191
Essential Properties LP 2.95%, 07/15/2031			533		389,426
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032			955		716,536
Host Hotels & Resorts LP Series E 4.00%, 06/15/2025			583		554,135
Series I 3.50%, 09/15/2030			189		150,975
Series J 2.90%, 12/15/2031			323		237,053
Office Properties Income Trust 3.45%, 10/15/2031			633		383,674
Omega Healthcare Investors, Inc. 3.25%, 04/15/2033			425		301,163
3.625%, 10/01/2029			67		54,515
SBB Treasury Oyj 0.75%, 12/14/2028(a)		EUR	366		223,222
1.125%, 11/26/2029(a)			111		67,447



38		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
Vornado Realty LP 3.40%, 06/01/2031		U.S.$	852	$	651,090
WPC Eurobond BV 0.95%, 06/01/2030		EUR	277		193,279
1.35%, 04/15/2028			138		111,223

					6,323,166

					68,750,846



Utility–0.6%
Electric–0.5%
Adani Transmission Step-One Ltd. 4.00%, 08/03/2026(a)		U.S.$	328		296,696
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(a)			731		575,664
Berkshire Hathaway Energy Co. 6.125%, 04/01/2036			209		211,991
Chile Electricity Pec SpA Zero Coupon, 01/25/2028(a)			910		642,687
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2041			542		397,790
Electricite de France SA 2.875%, 12/15/2026(a)(d)		EUR	400		299,872
Enel Finance International NV 0.50%, 06/17/2030(a)			124		89,212
2.25%, 07/12/2031(a)		U.S.$	730		509,934
Engie Energia Chile SA 3.40%, 01/28/2030(a)			543		409,965
Entergy Corp. 1.90%, 06/15/2028			686		563,261
Iberdrola International BV Series NC6 1.45%, 11/09/2026(a)(d)		EUR	500		397,234
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/2028		U.S.$	171		141,781

					4,536,087

Other Utility–0.1%
American Water Capital Corp. 3.45%, 06/01/2029			132		117,534
Suez SACA 1.875%, 05/24/2027(a)		EUR	600		534,972

					652,506

					5,188,593

Total Corporates—Investment Grade (cost $177,221,062)					146,429,479



MORTGAGE PASS-THROUGHS–6.8%
Agency Fixed Rate 30-Year–6.6%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 09/01/2049		U.S.$	610		555,600



	Principal Amount (000)			U.S. $ Value
3.50%, 10/01/2049		U.S.$	179	$	163,296
3.50%, 11/01/2049			236		214,668
4.00%, 06/01/2049			307		289,452
Series 2020 2.50%, 07/01/2050			469		399,037
3.50%, 01/01/2050			1,200		1,095,169
Series 2022 2.00%, 03/01/2052			2,207		1,793,373
2.50%, 04/01/2052			3,542		2,986,045
3.00%, 03/01/2052			1,421		1,242,689
Federal Home Loan Mortgage Corp. Gold Series 2016 4.00%, 02/01/2046			538		519,425
Series 2017 4.00%, 07/01/2044			355		342,325
Series 2018 4.50%, 03/01/2048			131		126,989
4.50%, 11/01/2048			411		398,183
5.00%, 11/01/2048			153		151,122
Series 2019 4.50%, 02/01/2049			331		321,697
Federal National Mortgage Association Series 2007 5.50%, 08/01/2037			124		127,516
Series 2010 4.00%, 12/01/2040			228		220,405
Series 2012 3.50%, 02/01/2042			216		202,528
3.50%, 11/01/2042			2,282		2,104,909
3.50%, 01/01/2043			386		355,805
Series 2013 3.50%, 03/01/2043			6		5,866
3.50%, 04/01/2043			1,313		1,210,852
4.00%, 10/01/2043			635		601,194
Series 2014 5.50%, 09/01/2041			357		366,552
Series 2015 3.00%, 05/01/2045			84		74,465
3.00%, 08/01/2045			635		565,154
Series 2018 3.50%, 03/01/2048			1,272		1,167,201
4.50%, 09/01/2048			1,135		1,098,535
Series 2019 3.50%, 11/01/2049			479		435,593
Series 2020 2.50%, 07/01/2050			2,623		2,234,568
3.50%, 01/01/2050			1,271		1,158,558
Series 2021 2.00%, 07/01/2051			2,292		1,859,113
2.50%, 01/01/2052			1,460		1,232,043
Series 2022 2.50%, 03/01/2052			1,591		1,339,604
2.50%, 04/01/2052			1,896		1,596,839
2.50%, 05/01/2052			2,148		1,808,729
3.00%, 02/01/2052			3,108		2,719,037
3.00%, 03/01/2052			2,157		1,886,217



2022 Annual Report		39

Schedule of Investments (continued)



	Principal Amount (000)		U.S. $ Value
Government National Mortgage Association Series 2016 3.00%, 04/20/2046	U.S.$	70	$	62,701
3.00%, 05/20/2046		186		167,368
Series 2022 3.00%, 10/01/2052, TBA		309		272,671
4.00%, 10/01/2052, TBA		1,107		1,032,701
4.50%, 10/01/2052, TBA		1,370		1,309,666
4.50%, 10/01/2052, TBA		2,693		2,574,356
Uniform Mortgage-Backed Security Series 2022 2.00%, 10/01/2052, TBA		5,012		4,055,491
2.50%, 10/01/2052, TBA		4,634		3,888,578
2.50%, 10/01/2052, TBA		5,697		4,780,584
3.00%, 10/01/2052, TBA		1,462		1,271,361
3.00%, 10/01/2052, TBA		1,473		1,280,589
3.00%, 10/01/2052, TBA		1,056		918,336
4.00%, 10/01/2052, TBA		1,113		1,031,419
4.50%, 10/01/2052, TBA		1,924		1,830,505

				59,446,679

Agency Fixed Rate 15-Year–0.2%
Federal National Mortgage Association Series 2013 2.50%, 03/01/2028		32		29,853
2.50%, 06/01/2028		7		5,991
Series 2014 2.50%, 09/01/2029		93		85,370
Series 2016 2.50%, 11/01/2031		20		18,434
2.50%, 12/01/2031		1,505		1,378,203
2.50%, 01/01/2032		34		31,448
Series 2017 2.50%, 02/01/2032		101		92,705

				1,642,004

Total Mortgage Pass-Throughs (cost $66,920,092)				61,088,683



COLLATERALIZED MORTGAGE OBLIGATIONS–4.0%
Risk Share Floating Rate–3.6%
Bellemeade Re Ltd. Series 2019-1A, Class M1B 4.834% (LIBOR 1 Month + 1.75%), 03/25/2029(a)(f)		233		232,823
Series 2019-2A, Class M1C 5.084% (LIBOR 1 Month + 2.00%), 04/25/2029(a)(f)		298		295,869
Series 2019-3A, Class M1B 4.684% (LIBOR 1 Month + 1.60%), 07/25/2029(a)(f)		251		250,853
Series 2019-3A, Class M1C 5.034% (LIBOR 1 Month + 1.95%), 07/25/2029(a)(f)		441		435,699



	Principal Amount (000)		U.S. $ Value
Series 2019-4A, Class M1B 5.084% (LIBOR 1 Month + 2.00%), 10/25/2029(a)(f)	U.S.$	18	$	18,346
Series 2019-4A, Class M1C 5.584% (LIBOR 1 Month + 2.50%), 10/25/2029(a)(f)		235		234,376
Series 2019-4A, Class M2 5.934% (LIBOR 1 Month + 2.85%), 10/25/2029(a)(f)		330		313,100
Series 2021-1A, Class M1C 5.231% (SOFR + 2.95%), 03/25/2031(a)(f)		602		582,259
Series 2021-2A, Class M1B 3.781% (SOFR + 1.50%), 06/25/2031(a)(f)		918		886,845
Series 2021-3A, Class A2 3.281% (SOFR + 1.00%), 09/25/2031(a)(f)		878		825,384
Series 2022-1, Class M1B 4.431% (SOFR + 2.15%), 01/26/2032(a)(f)		335		327,100
Series 2022-2, Class M1A 6.285% (SOFR + 4.00%), 09/27/2032(a)(f)		1,387		1,386,779
Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2 5.484% (LIBOR 1 Month + 2.40%), 04/25/2031(a)(f)		50		49,921
Series 2019-R02, Class 1M2 5.384% (LIBOR 1 Month + 2.30%), 08/25/2031(a)(f)		38		37,886
Series 2019-R03, Class 1M2 5.234% (LIBOR 1 Month + 2.15%), 09/25/2031(a)(f)		27		26,629
Series 2019-R06, Class 2M2 5.184% (LIBOR 1 Month + 2.10%), 09/25/2039(a)(f)		28		28,180
Series 2019-R07, Class 1M2 5.184% (LIBOR 1 Month + 2.10%), 10/25/2039(a)(f)		122		121,698
Series 2020-R01, Class 1M2 5.134% (LIBOR 1 Month + 2.05%), 01/25/2040(a)(f)		287		282,377
Series 2020-R02, Class 2M2 5.084% (LIBOR 1 Month + 2.00%), 01/25/2040(a)(f)		237		232,737
Series 2021-R01, Class 1M1 3.031% (SOFR + 0.75%), 10/25/2041(a)(f)		20		19,790
Series 2021-R01, Class 1M2 3.831% (SOFR + 1.55%), 10/25/2041(a)(f)		48		45,315
Series 2021-R03, Class 1M2 3.931% (SOFR + 1.65%), 12/25/2041(a)(f)		200		182,146



40		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)		U.S. $ Value
Series 2022-R01, Class 1M2 4.181% (SOFR + 1.90%), 12/25/2041(a)(f)	U.S.$	1,987	$	1,809,126
Series 2022-R02, Class 2M1 3.481% (SOFR + 1.20%), 01/25/2042(a)(f)		490		479,865
Series 2022-R02, Class 2M2 5.281% (SOFR + 3.00%), 01/25/2042(a)(f)		602		549,615
Series 2022-R03, Class 1M2 5.781% (SOFR + 3.50%), 03/25/2042(a)(f)		1,602		1,521,694
Series 2022-R04, Class 1M2 5.381% (SOFR + 3.10%), 03/25/2042(a)(f)		130		121,287
Series 2022-R05, Class 2M2 5.281% (SOFR + 3.00%), 04/25/2042(a)(f)		1,234		1,138,247
Series 2022-R06, Class 1M1 5.031% (SOFR + 2.75%), 05/25/2042(a)(f)		559		558,798
Series 2022-R07, Class 1M1 5.255% (SOFR + 2.95%), 06/25/2042(a)(f)		759		758,887
Eagle Re Ltd. Series 2018-1, Class M1 4.784% (LIBOR 1 Month + 1.70%), 11/25/2028(a)(f)		208		205,990
Series 2018-1, Class M2 6.084% (LIBOR 1 Month + 3.00%), 11/25/2028(a)(f)		295		292,490
Series 2020-1, Class M1A 3.984% (LIBOR 1 Month + 0.90%), 01/25/2030(a)(f)		11		10,712
Series 2021-2, Class M1B 4.331% (SOFR + 2.05%), 04/25/2034(a)(f)		216		209,909
Federal Home Loan Mortgage Corp. Series 2019-DNA3, Class M2 5.134% (LIBOR 1 Month + 2.05%), 07/25/2049(a)(f)		85		83,933
Series 2019-DNA4, Class M2 5.034% (LIBOR 1 Month + 1.95%), 10/25/2049(a)(f)		97		96,339
Series 2019-FTR2, Class M2 5.234% (LIBOR 1 Month + 2.15%), 11/25/2048(a)(f)		482		454,643
Series 2020-DNA1, Class M2 4.784% (LIBOR 1 Month + 1.70%), 01/25/2050(a)(f)		188		185,931
Series 2020-DNA5, Class M2 5.081% (SOFR + 2.80%), 10/25/2050(a)(f)		699		699,150
Series 2021-DNA5, Class M2 3.931% (SOFR + 1.65%), 01/25/2034(a)(f)		519		506,475



	Principal Amount (000)		U.S. $ Value
Series 2021-DNA6, Class M2 3.781% (SOFR + 1.50%), 10/25/2041(a)(f)	U.S.$	1,965	$	1,782,917
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2013-DN2, Class M2 7.334% (LIBOR 1 Month + 4.25%), 11/25/2023(f)		141		142,493
Series 2015-DNA1, Class M3 6.384% (LIBOR 1 Month + 3.30%), 10/25/2027(f)		75		75,965
Series 2015-HQA2, Class M3 7.884% (LIBOR 1 Month + 4.80%), 05/25/2028(f)		93		94,310
Series 2019-HQA3, Class M2 4.934% (LIBOR 1 Month + 1.85%), 09/25/2049(a)(f)		189		185,632
Series 2021-DNA6, Class M1 3.081% (SOFR + 0.80%), 10/25/2041(a)(f)		64		62,786
Series 2021-DNA7, Class M2 4.081% (SOFR + 1.80%), 11/25/2041(a)(f)		2,181		1,954,526
Series 2021-HQA4, Class M2 4.631% (SOFR + 2.35%), 12/25/2041(a)(f)		415		352,587
Series 2022-DNA1, Class M1B 4.131% (SOFR + 1.85%), 01/25/2042(a)(f)		731		663,190
Series 2022-DNA2, Class M1B 4.681% (SOFR + 2.40%), 02/25/2042(a)(f)		561		520,892
Series 2022-DNA3, Class M1A 4.281% (SOFR + 2.00%), 04/25/2042(a)(f)		374		370,135
Series 2022-DNA3, Class M1B 5.181% (SOFR + 2.90%), 04/25/2042(a)(f)		239		225,961
Series 2022-DNA4, Class M1B 5.631% (SOFR + 3.35%), 05/25/2042(a)(f)		878		834,200
Series 2022-DNA5, Class M1B 6.781% (SOFR + 4.50%), 06/25/2042(a)(f)		1,591		1,594,166
Series 2022-DNA6, Class M1A 4.435% (SOFR + 2.15%), 09/25/2042(a)(f)		606		602,523
Series 2022-DNA7, Class M1A 4.876% (SOFR + 2.50%), 09/25/2042(a)(f)		1,503		1,502,997
Series 2022-HQA1, Class M1B 5.781% (SOFR + 3.50%), 03/25/2042(a)(f)		134		128,148



2022 Annual Report		41

Schedule of Investments (continued)



	Principal Amount (000)		U.S. $ Value
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C04, Class 1M2 7.984% (LIBOR 1 Month + 4.90%), 11/25/2024(f)	U.S.$	214	$	220,994
Series 2014-C04, Class 2M2 8.084% (LIBOR 1 Month + 5.00%), 11/25/2024(f)		37		37,604
Series 2015-C01, Class 1M2 7.384% (LIBOR 1 Month + 4.30%), 02/25/2025(f)		140		143,212
Series 2015-C02, Class 1M2 7.084% (LIBOR 1 Month + 4.00%), 05/25/2025(f)		218		221,356
Series 2015-C03, Class 1M2 8.084% (LIBOR 1 Month + 5.00%), 07/25/2025(f)		242		246,478
Series 2015-C04, Class 1M2 8.784% (LIBOR 1 Month + 5.70%), 04/25/2028(f)		345		357,321
Series 2015-C04, Class 2M2 8.634% (LIBOR 1 Month + 5.55%), 04/25/2028(f)		197		201,226
Series 2016-C01, Class 2M2 10.034% (LIBOR 1 Month + 6.95%), 08/25/2028(f)		61		62,830
Series 2016-C02, Class 1M2 9.084% (LIBOR 1 Month + 6.00%), 09/25/2028(f)		171		177,297
Series 2017-C04, Class 2M2 5.934% (LIBOR 1 Month + 2.85%), 11/25/2029(f)		368		370,008
Series 2021-R02, Class 2M2 4.281% (SOFR + 2.00%), 11/25/2041(a)(f)		630		563,607
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 7.334% (LIBOR 1 Month + 4.25%), 11/25/2024(f)(g)		21		20,131
PMT Credit Risk Transfer Trust Series 2019-2R, Class A 5. 863% (LIBOR 1 Month + 2.75%), 05/27/2023(a)(f)		631		605,920
Series 2019-3R, Class A 5.813% (LIBOR 1 Month + 2.70%), 10/27/2022(a)(f)		69		66,780
Series 2020-1R, Class A 5.463% (LIBOR 1 Month + 2.35%), 02/27/2023(f)(g)		158		149,631
Radnor Re Ltd. Series 2019-1, Class M1B 5.034% (LIBOR 1 Month + 1.95%), 02/25/2029(a)(f)		809		799,434
Series 2019-2, Class M1B 4.834% (LIBOR 1 Month + 1.75%), 06/25/2029(a)(f)		245		244,510



	Principal Amount (000)		U.S. $ Value
Series 2020-1, Class M1A 4.034% (LIBOR 1 Month + 0.95%), 01/25/2030(a)(f)	U.S.$	210	$	209,339
Traingle Re Ltd. Series 2021-3, Class M1A 4.181% (SOFR + 1.90%), 02/25/2034(a)(f)		337		334,165
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 8.334% (LIBOR 1 Month + 5.25%), 11/25/2025(f)(g)		130		119,951
Series 2015-WF1, Class 2M2 8.584% (LIBOR 1 Month + 5.50%), 11/25/2025(f)(g)		33		31,102

				32,775,527

Agency Floating Rate–0.2%
Federal Home Loan Mortgage Corp. REMICs Series 4693, Class SL 3.332% (6.15% – LIBOR 1 Month), 06/15/2047(f)(h)		1,371		148,495
Series 4719, Class JS 3.332% (6.15% – LIBOR 1 Month), 09/15/2047(f)(h)		418		43,756
Series 4954, Class SL 2.966% (6.05% – LIBOR 1 Month), 02/25/2050(f)(h)		1,432		143,297
Series 4981, Class HS 3.016% (6.10% – LIBOR 1 Month), 06/25/2050(f)(h)		3,371		331,712
Federal National Mortgage Association REMICs Series 2011-131, Class ST 3.456% (6.54% – LIBOR 1 Month), 12/25/2041(f)(h)		633		73,893
Series 2014-17, Class SA 2.966% (6.05% – LIBOR 1 Month), 04/25/2044(f)(h)		1,791		198,830
Series 2014-78, Class SE 3.016% (6.10% – LIBOR 1 Month), 12/25/2044(f)(h)		501		48,700
Series 2016-77, Class DS 2.916% (6.00% – LIBOR 1 Month), 10/25/2046(f)(h)		1,121		110,961
Series 2017-62, Class AS 3.066% (6.15% – LIBOR 1 Month), 08/25/2047(f)(h)		533		60,177
Series 2017-81, Class SA 3.116% (6.20% – LIBOR 1 Month), 10/25/2047(f)(h)		537		58,918
Series 2017-97, Class LS 3.116% (6.20% – LIBOR 1 Month), 12/25/2047(f)(h)		1,101		121,302
Series 2017-97, Class SW 3.116% (6.20% – LIBOR 1 Month), 12/25/2047(f)(h)		563		59,624



42		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
Government National Mortgage Association Series 2017-122, Class SA 3.186% (6.20% – LIBOR 1 Month), 08/20/2047(f)(h)	U.S.$		526	$	60,093
Series 2017-134, Class SE 3.186% (6.20% – LIBOR 1 Month), 09/20/2047(f)(h)			383		36,355
Series 2017-65, Class ST 3.136% (6.15% – LIBOR 1 Month), 04/20/2047(f)(h)			669		75,451

					1,571,564

Agency Fixed Rate–0.2%
Federal Home Loan Mortgage Corp. REMICs Series 5015, Class BI 4.00%, 09/25/2050(i)			2,350		445,706
Federal National Mortgage Association REMICs Series 2020-89, Class KI 4.00%, 12/25/2050(i)			5,099		963,977

					1,409,683

Non-Agency Floating Rate–0.0%
JPMorgan Chase Bank, NA Series 2019-CL1, Class M3 5.184% (LIBOR 1 Month + 2.10%), 04/25/2047(a)(f)			129		126,250

Total Collateralized Mortgage Obligations (cost $37,133,527)					35,883,024



		Shares

INVESTMENT COMPANIES–3.3%
Funds and Investment Trusts–3.3%
AB All Market Real Return Portfolio—Class Z(j)(k) (cost $31,827,545)			3,429,166		29,456,532



	Principal Amount (000)

ASSET-BACKED SECURITIES–2.8%
Autos—Fixed Rate–1.5%
ACM Auto Trust Series 2022-1A, Class A 3.23%, 04/20/2029(a)	U.S.$		764		761,099
Avis Budget Rental Car Funding AESOP LLC Series 2017-2A, Class D 4.56%, 03/20/2024(a)			1,056		1,051,386
Series 2018-1A, Class A 3.70%, 09/20/2024(a)			1,240		1,229,478
Series 2018-2A, Class A 4.00%, 03/20/2025(a)			500		491,245



	Principal Amount (000)		U.S. $ Value
Carvana Auto Receivables Trust Series 2021-N3, Class C 1.02%, 06/12/2028	U.S.$	502	$	482,441
Series 2021-N4, Class D 2.30%, 09/11/2028		215		197,469
Series 2021-P4, Class D 2.61%, 09/11/2028		596		489,164
CPS Auto Receivables Trust Series 2021-C, Class D 1.69%, 06/15/2027(a)		740		668,934
Series 2022-A, Class C 2.17%, 04/16/2029(a)		824		763,063
FHF Trust Series 2021-2A, Class A 0.83%, 12/15/2026(a)		326		309,182
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033(a)		824		710,151
Hertz Vehicle Financing III LLC Series 2022-1A, Class C 2.63%, 06/25/2026(a)		380		339,621
LAD Auto Receivables Trust Series 2021-1A, Class A 1.30%, 08/17/2026(a)		503		484,385
Series 2022-1A, Class A 5.21%, 06/15/2027(a)		975		962,267
Research-Driven Pagaya Motor Asset Trust VII Series 2022-3A, Class A 5.38%, 11/25/2030(a)		1,040		1,026,259
Santander Bank Auto Credit-Linked Notes Series 2022-A, Class B 5.281%, 05/15/2032(a)		1,012		992,564
Series 2022-B, Class B 5.721%, 08/16/2032(a)		1,414		1,416,133
Santander Bank NA—SBCLN Series 2021-1A, Class B 1.833%, 12/15/2031(a)		225		217,330
United Auto Credit Securitization Trust Series 2022-2, Class A 4.39%, 04/10/2025(a)		941		936,694

				13,528,865

Other ABS—Fixed Rate–1.2%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051(a)		1,143		937,840
Affirm Asset Securitization Trust Series 2021-Z1, Class A 1.07%, 08/15/2025(a)		233		225,734
Series 2021-Z2, Class A 1.17%, 11/16/2026(a)		251		241,923
Series 2022-X1, Class A 1.75%, 02/15/2027(a)		705		687,260



2022 Annual Report		43

Schedule of Investments (continued)



	Principal Amount (000)		U.S. $ Value
Amur Equipment Finance Receivables XI LLC Series 2022-2A, Class A2 5.30%, 06/21/2028(a)	U.S.$	425	$	422,431
Atalaya Equipment Leasing Trust Series 2021-1A, Class B 2.08%, 02/15/2027(a)		249		232,212
BHG Securitization Trust Series 2022-A, Class A 1.71%, 02/20/2035(a)		86		80,628
Cajun Global LLC Series 2021-1, Class A2 3.931%, 11/20/2051(a)		241		205,107
College Ave Student Loans Series 2021-C, Class B 2.72%, 07/26/2055(a)		311		263,682
Conn’s Receivables Funding Series 2021-A, Class A 1.05%, 05/15/2026(a)		272		270,297
Diamond Issuer Series 2021-1A, Class A 2.305%, 11/20/2051(a)		1,139		961,967
Domino’s Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.662%, 04/25/2051(a)		624		513,937
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046(a)		442		376,837
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048(a)		567		519,268
Series 2020-1A, Class A2 3.981%, 12/20/2050(a)		430		369,188
Marlette Funding Trust Series 2022-2A, Class A 4.25%, 08/15/2032 ^(a)		297		293,717
MVW LLC Series 2021-2A, Class B 1.83%, 05/20/2039(a)		517		460,803
Neighborly Issuer Series 2022-1A, Class A2 3.695%, 01/30/2052(a)		837		673,190
Neighborly Issuer LLC Series 2021-1A, Class A2 3.584%, 04/30/2051(a)		446		368,470
Nelnet Student Loan Trust Series 2021-BA, Class B 2.68%, 04/20/2062(a)		140		111,354
Series 2021-CA, Class B 2.53%, 04/20/2062(a)		859		669,605
Series 2021-DA, Class B 2.90%, 04/20/2062(a)		457		368,350
SBA Tower Trust Series 2014-2A, Class C 3.869%, 10/15/2049(a)		774		748,493



	Principal Amount (000)			U.S. $ Value
Upstart Securitization Trust Series 2020-3, Class A 1.702%, 11/20/2030(a)		U.S.$	22	$	21,772
Series 2021-3, Class B 1.66%, 07/20/2031(a)			750		690,745

					10,714,810

Credit Cards—Fixed Rate–0.1%
Brex Commercial Charge Card Master Trust Series 2021-1, Class A 2.09%, 07/15/2024(a)			602		590,470
Series 2022-1, Class A 4.63%, 07/15/2025(a)			555		537,513
Mission Lane Credit Card Master Trust Series 2021-A, Class B 2.24%, 09/15/2026(a)			244		235,419

					1,363,402

Total Asset-Backed Securities (cost $27,739,491)					25,607,077



CORPORATES—NON-INVESTMENT GRADE–2.4%

Industrial–1.6%
Basic–0.1%
INEOS Quattro Finance 2 PLC 2.50%, 01/15/2026(a)		EUR	603		485,577
Rimini Bidco SpA 6.25% (EURIBOR 3 Month + 5.25%), 12/14/2026(a)(f)			410		339,241

					824,818

Capital Goods–0.1%
Silgan Holdings, Inc. 2.25%, 06/01/2028			122		95,698
TK Elevator Midco GmbH 4.375%, 07/15/2027(a)			439		361,579
TransDigm, Inc. 6.25%, 03/15/2026(a)		U.S.$	468		453,881

					911,158

Communications—Media–0.4%
Altice Financing SA 3.00%, 01/15/2028(a)		EUR	320		236,053
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030(a)		U.S.$	240		189,849
4.50%, 06/01/2033(a)			846		627,495
4.75%, 02/01/2032(a)			655		511,136
DISH DBS Corp. 5.25%, 12/01/2026(a)			1,260		1,039,965
5.75%, 12/01/2028(a)			875		659,698
Summer BC Holdco B SARL 5.75%, 10/31/2026(a)		EUR	320		267,718
VZ Vendor Financing II BV 2.875%, 01/15/2029(a)			320		223,336

					3,755,250



44		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
Communications—Telecommunications–0.2%
Altice France SA/France 3.375%, 01/15/2028(a)		EUR	320	$	238,335
Lorca Telecom Bondco SA 4.00%, 09/18/2027(a)			710		605,475
Telecom Italia SpA/Milano 1.625%, 01/18/2029 (a)			525		365,916
Telefonica Europe BV 4.375%, 12/14/2024(a)(d)			300		278,294

					1,488,020

Consumer Cyclical—Automotive–0.2%
Adient Global Holdings Ltd. 3.50%, 08/15/2024(a)			320		289,662
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026(a)			242		209,435
Ford Motor Co. 6.10%, 08/19/2032		U.S.$	1,098		967,920
ZF Finance GmbH 2.00%, 05/06/2027(a)		EUR	500		378,750
3.75%, 09/21/2028(a)			300		228,767

					2,074,534

Consumer Cyclical—Entertainment–0.2%
Carnival Corp. 4.00%, 08/01/2028(a)		U.S.$	1,057		853,169
Carnival PLC 1.00%, 10/28/2029		EUR	490		230,282
Royal Caribbean Cruises Ltd. 8.25%, 01/15/2029(a)		U.S.$	628		610,899
11.50%, 06/01/2025(a)			446		473,879

					2,168,229

Consumer Cyclical—Other–0.1%
Allwyn Entertainment Financing UK PLC 4.446% (EURIBOR 3 Month + 4.12%), 02/15/2028(a)(f)		EUR	199		179,812
NH Hotel Group SA 4.00%, 07/02/2026(a)			320		273,006

					452,818

Consumer Cyclical—Restaurants–0.0%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029(a)		U.S.$	78		64,549
Stonegate Pub Co. Financing 2019 PLC 8.25%, 07/31/2025(a)		GBP	230		225,199

					289,748

Consumer Non-Cyclical–0.2%
Albertsons Cos., Inc./Safeway, Inc./ New Albertsons LP/Albertsons LLC 3.50%, 02/15/2023(a)		U.S.$	236		233,900
3.50%, 03/15/2029(a)			575		464,313
Grifols Escrow Issuer SA 3.875%, 10/15/2028(a)		EUR	134		97,050



	Principal Amount (000)			U.S. $ Value
Grifols SA 1.625%, 02/15/2025(a)		EUR	128	$	111,056
IQVIA, Inc. 2.25%, 03/15/2029(a)			200		150,270
Nobel Bidco BV 3.125%, 06/15/2028(a)			320		210,436
Organon & Co./ Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028(a)			200		156,698

					1,423,723

Services–0.1%
APCOA Parking Holdings GmbH 4.625%, 01/15/2027(a)			320		248,735
Verisure Holding AB 3.25%, 02/15/2027(a)			395		314,256

					562,991

Technology–0.0%
Cedacri Mergeco SpA 4.946% (EURIBOR 3 Month + 4.62%), 05/15/2028(a)(f)			130		118,330
Playtech PLC 4.25%, 03/07/2026(a)			200		177,595

					295,925

Transportation—Airlines–0.0%
Deutsche Lufthansa AG 3.00%, 05/29/2026(a)			200		164,449

					14,411,663



Financial Institutions–0.7%
Banking–0.6%
Banco Bilbao Vizcaya Argentaria SA Series 9 6.50%, 03/05/2025(d)		U.S.$	400		347,792
Credit Suisse Group AG 7.50%, 07/17/2023(a)(d)			1,016		873,750
7.50%, 12/11/2023(a)(d)			973		895,111
Discover Financial Services Series D 6.125%, 06/23/2025(d)			1,865		1,823,597
Intesa Sanpaolo SpA 5.017%, 06/26/2024 (a)			400		373,364
Societe Generale SA 7.875%, 12/18/2023(a)(d)			695		663,899
8.00%, 09/29/2025(a)(d)			390		370,059

					5,347,572

Finance–0.0%
SLM Corp. 4.20%, 10/29/2025			311		278,973

Other Finance–0.0%
Motion Finco Sarl 7.00%, 05/15/2025 (a)		EUR	255		247,434



2022 Annual Report		45

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
REITs–0.1%
Vivion Investments SARL 3.00%, 08/08/2024(a)		EUR	600	$	533,449

					6,407,428



Utility–0.1%
Electric–0.1%
EDP—Energias de Portugal SA Series NC5. 1.50%, 03/14/2082(a)			300		229,611
Vistra Corp. 7.00%, 12/15/2026(a)(d)		U.S.$	384		335,751

					565,362

Total Corporates—Non-Investment Grade (cost $26,820,549)					21,384,453



COMMERCIAL MORTGAGE-BACKED SECURITIES–2.2%
Non-Agency Floating Rate CMBS–1.3%
AREIT Trust Series 2022-CRE6, Class A 3.534% (SOFR + 1.25%), 01/16/2037(a)(f)			1,836		1,765,417
Ashford Hospitality Trust Series 2018-KEYS, Class A 3.818% (LIBOR 1 Month + 1.00%), 06/15/2035(a)(f)			600		581,113
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 3.818% (LIBOR 1 Month + 1.00%), 11/15/2033(a)(f)			1,935		1,822,619
BBCMS Mortgage Trust Series 2020-BID, Class A 4.958% (LIBOR 1 Month + 2.14%), 10/15/2037(a)(f)			1,089		1,072,580
BFLD Trust Series 2021-FPM, Class A 4.418% (LIBOR 1 Month + 1.60%), 06/15/2038(a)(f)			1,653		1,594,099
BHMS Series 2018-ATLS, Class A 4.068% (LIBOR 1 Month + 1.25%), 07/15/2035(a)(f)			612		590,834
BHP Trust Series 2019-BXHP, Class C 4.34% (LIBOR 1 Month + 1.52%), 08/15/2036(a)(f)			235		223,887
BX Commercial Mortgage Trust Series 2019-IMC, Class E 4.968% (LIBOR 1 Month + 2.15%), 04/15/2034(a)(f)			430		405,754
BX Trust Series 2018-EXCL, Class A 3.906% (LIBOR 1 Month + 1.09%), 09/15/2037(a)(f)			65		63,741



	Principal Amount (000)			U.S. $ Value
CLNY Trust Series 2019-IKPR, Class D 4.843% (LIBOR 1 Month + 2.02%), 11/15/2038(a)(f)		U.S.$	915	$	853,100
DBWF Mortgage Trust Series 2018-GLKS, Class A 4.023% (LIBOR 1 Month + 1.03%), 12/19/2030(a)(f)			766		743,926
Federal Home Loan Mortgage Corp. Series 2021-MN1, Class M1 4.281% (SOFR + 2.00%), 01/25/2051(a)(f)			113		108,181
GS Mortgage Securities Corp. Trust Series 2019-SMP, Class D 4.768% (LIBOR 1 Month + 1.95%), 08/15/2032(a)(f)			230		217,277
HFX Funding Series 2017-1A, Class A3 3.647%, 03/15/2035(f)(g)			1,230		1,129,216
Invitation Homes Trust Series 2018-SFR4, Class A 4.093% (LIBOR 1 Month + 1.10%), 01/17/2038(a)(f)			820		812,569
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 4.318% (LIBOR 1 Month + 1.50%), 07/15/2036(a)(f)			372		366,226

					12,350,539

Non-Agency Fixed Rate CMBS–0.9%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.652%, 03/10/2037(a)			500		424,332
Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS 3.989%, 09/15/2048			85		79,662
Commercial Mortgage Trust Series 2010-C1, Class D 5.985%, 07/10/2046(a)			1,006		982,332
GS Mortgage Securities Trust Series 2011-GC5, Class AS 5.209%, 08/10/2044(a)			429		426,690
Series 2011-GC5, Class D 5.302%, 08/10/2044(a)			114		48,671
Series 2013-G1, Class A2 3.557%, 04/10/2031(a)			582		577,498
Series 2013-GC12, Class B 3.777%, 06/10/2046			465		457,058
Series 2014-GC18, Class D 5.225%, 01/10/2047(a)			40		16,448
GSF Series 2021-1, Class A1 1.433%, 08/15/2026(g)(l)			412		381,575



46		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
Series 2021-1, Class A2 2.435%, 08/15/2026(g)(l)		U.S.$	1,071	$	1,009,519
Series 2021-1, Class AS 2.638%, 08/15/2026(g)(l)			39		35,974
JPMBB Commercial Mortgage Securities Trust Series 2014-C21, Class B 4.341%, 08/15/2047			150		139,059
Series 2014-C22, Class XA 0.957%, 09/15/2047(i)			13,063		148,128
Series 2014-C26, Class AS 3.80%, 01/15/2048			770		724,267
Series 2015-C33, Class AS 4.023%, 12/15/2048			440		412,281
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C6, Class E 5.129%, 05/15/2045(a)			375		290,319
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039			117		51,620
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(a)			387		383,976
Morgan Stanley Capital I Trust Series 2011-C3, Class C 5.253%, 07/15/2049(a)			68		66,783
UBS Commercial Mortgage Trust Series 2019-C17, Class AS 3.203%, 10/15/2052			364		306,235
Wells Fargo Commercial Mortgage Trust Series 2016-LC25, Class C 4.483%, 12/15/2059			125		109,875
Series 2016-NXS6, Class C 4.531%, 11/15/2049			750		668,347
WF-RBS Commercial Mortgage Trust Series 2014-C24, Class AS 3.931%, 11/15/2047			143		136,233

					7,876,882

Total Commercial Mortgage-Backed Securities (cost $21,634,409)					20,227,421



COLLATERALIZED LOAN OBLIGATIONS–1.9%
CLO—Floating Rate–1.9%
AGL CLO 10 Ltd. Series 2021-10A, Class A 3.642% (LIBOR 3 Month + 1.13%), 04/15/2034 (a)(f)			330		314,239
AGL CLO 12 Ltd. Series 2021-12A, Class D 5.56% (LIBOR 3 Month + 2.85%), 07/20/2034 (a)(f)			350		303,794



	Principal Amount (000)			U.S. $ Value
AGL CLO 16 Ltd. Series 2021-16A, Class A 3.84% (LIBOR 3 Month + 1.13%), 01/20/2035 (a)(f)		U.S.$	1,028	$	972,491
Balboa Bay Loan Funding Ltd. Series 2020-1A, Class DR 5.86% (LIBOR 3 Month + 3.15%), 01/20/2032(a)(f)			700		612,061
Series 2021-1A, Class A 3.91% (LIBOR 3 Month + 1.20%), 07/20/2034(a)(f)			816		781,604
Ballyrock CLO 15 Ltd. Series 2021-1A, Class C 5.612% (LIBOR 3 Month + 3.10%), 04/15/2034(a)(f)			375		323,149
Ballyrock CLO 17 Ltd. Series 2021-17A, Class A1A 3.86% (LIBOR 3 Month + 1.15%), 10/20/2034(a)(f)			250		238,613
Dryden 78 CLO Ltd. Series 2020-78A, Class C 4.69% (LIBOR 3 Month + 1.95%), 04/17/2033(a)(f)			830		759,571
Series 2020-78A, Class D 5.74% (LIBOR 3 Month + 3.00%), 04/17/2033(a)(f)			250		221,063
Elevation CLO Ltd. Series 2020-11A, Class C 4.712% (LIBOR 3 Month + 2.20%), 04/15/2033(a)(f)			670		595,335
Elmwood CLO IX Ltd. Series 2021-2A, Class A 3.84% (LIBOR 3 Month + 1.13%), 07/20/2034(a)(f)			452		432,534
Series 2021-2A, Class D 5.66% (LIBOR 3 Month + 2.95%), 07/20/2034(a)(f)			368		324,436
Flatiron CLO 21 Ltd. Series 2021-1A, Class A1 3.848% (LIBOR 3 Month + 1.11%), 07/19/2034(a)(f)			340		324,614
Series 2021-1A, Class D 5.638% (LIBOR 3 Month + 2.90%), 07/19/2034(a)(f)			390		347,154
Goldentree Loan Management US CLO 7 Ltd. Series 2020-7A, Class AR 3.78% (LIBOR 3 Month + 1.07%), 04/20/2034(a)(f)			883		837,839
ICG US CLO Ltd. Series 2015-1A, Class A1R 3.878% (LIBOR 3 Month + 1.14%), 10/19/2028 (a)(f)			387		380,866
Kings Park CLO Ltd. Series 2021-1A, Class A 3.862% (LIBOR 3 Month + 1.13%), 01/21/2035 (a)(f)			250		238,208



2022 Annual Report		47

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Magnetite XXVI Ltd. Series 2020-26A, Class A1R 3.903% (LIBOR 3 Month + 1.12%), 07/25/2034(a)(f)		U.S.$	1,576	$	1,510,288
Marble Point CLO XI Ltd. Series 2017-2A, Class A 3.92% (LIBOR 3 Month + 1.18%), 12/18/2030(a)(f)			678		653,507
Neuberger Berman Loan Advisers CLO 42 Ltd. Series 2021-42A, Class D 5.54% (LIBOR 3 Month + 2.80%), 07/16/2035(a)(f)			455		399,263
Neuberger Berman Loan Advisers CLO 43 Ltd. Series 2021-43A, Class A 3.87% (LIBOR 3 Month + 1.13%), 07/17/2035(a)(f)			965		924,539
Neuberger Berman Loan Advisers CLO Ltd. Series 2021-42A, Class A 3.84% (LIBOR 3 Month + 1.10%), 07/16/2035(a)(f)			197		188,278
OCP CLO Ltd. Series 2020-18A, Class AR 3.80% (LIBOR 3 Month + 1.09%), 07/20/2032(a)(f)			1,156		1,117,142
Octagon Loan Funding Ltd. Series 2014-1A, Class ARR 4.141% (LIBOR 3 Month + 1.18%), 11/18/2031 (a)(f)			461		446,630
OZLM XVIII Ltd. Series 2018-18A, Class A 3.532% (LIBOR 3 Month + 1.02%), 04/15/2031(a)(f)			745		716,745
Peace Park CLO Ltd. Series 2021-1A, Class A 3.84% (LIBOR 3 Month + 1.13%), 10/20/2034(a)(f)			287		275,229
Pikes Peak CLO 8 Series 2021-8A, Class A 3.88% (LIBOR 3 Month + 1.17%), 07/20/2034(a)(f)			1,046		1,001,222
Rad CLO 7 Ltd. Series 2020-7A, Class C 4.74% (LIBOR 3 Month + 2.00%), 04/17/2033(a)(f)			250		229,870
Regatta XIX Funding Ltd. Series 2022-1A, Class A1 2.399% (SOFR + 1.32%), 04/20/2035(a)(f)			250		237,843
Regatta XXIV Funding Ltd. Series 2021-5A, Class A1 3.86% (LIBOR 3 Month + 1.15%), 01/20/2035(a)(f)			250		237,430



	Principal Amount (000)			U.S. $ Value
Rockford Tower CLO Ltd. Series 2021-1A, Class D 5.71% (LIBOR 3 Month + 3.00%), 07/20/2034(a)(f)		U.S.$	600	$	511,704
Series 2021-2A, Class D 5.96% (LIBOR 3 Month + 3.25%), 07/20/2034(a)(f)			449		385,218
Voya CLO Ltd. Series 2019-1A, Class DR 5.362% (LIBOR 3 Month + 2.85%), 04/15/2031(a)(f)			340		290,640

Total Collateralized Loan Obligations (cost $18,329,740)					17,133,119



	Notional Amount

OPTIONS PURCHASED—PUTS–1.2%
Options on Equity Indices–1.2%
Euro STOXX 50 Index Expiration: Jul 2023; Contracts: 3,680; Exercise Price: EUR 2,800.00; Counterparty: UBS AG(m)		EUR	10,304,000		512,372
Euro STOXX 50 Index Expiration: Jul 2023; Contracts: 2,600; Exercise Price: EUR 2,800.00; Counterparty: UBS AG(m)		EUR	7,280,000		362,002
FTSE 100 Index Expiration: Aug 2023; Contracts: 770; Exercise Price: GBP 6,000.00; Counterparty: UBS AG(m)		GBP	4,620,000		204,201
FTSE 100 Index Expiration: Aug 2023; Contracts: 580; Exercise Price: GBP 6,000.00; Counterparty: UBS AG(m)		GBP	3,480,000		153,814
Nikkei 225 Index Expiration: Sep 2023; Contracts: 45,000; Exercise Price: JPY 22,000.00; Counterparty: UBS AG(m)		JPY	990,000,000		329,890
Nikkei 225 Index Expiration: Sep 2023; Contracts: 33,000; Exercise Price: JPY 22,000.00; Counterparty: UBS AG(m)		JPY	726,000,000		241,919
S&P 500 Index Expiration: Jul 2023; Contracts: 28,200; Exercise Price: USD 3,250.00; Counterparty: UBS AG(m)		USD	91,650,000		5,282,151



48		Sanford C. Bernstein Fund, Inc.



	Notional Amount			U.S. $ Value
S&P 500 Index Expiration: Jul 2023; Contracts: 19,000; Exercise Price: USD 3,250.00; Counterparty: UBS AG(m)		USD	61,750,000	$	3,558,896

Total Options Purchased—Puts (premiums paid $6,176,781)					10,645,245



	Principal Amount (000)

U.S. TREASURY BILLS–0.9%
U.S. Treasury Bill Zero Coupon, 12/15/2022		U.S.$	5,423		5,391,505
Zero Coupon, 03/16/2023			2,730		2,684,207

Total U.S. Treasury Bills (cost $8,071,660)					8,075,712



COVERED BONDS–0.6%
Bank of Montreal 0.125%, 01/26/2027(a)		EUR	815		705,416
Bank of Nova Scotia (The) 0.00%, 01/14/2027(a)			537		462,906
Commonwealth Bank of Australia 0.125%, 10/15/2029(a)			850		671,940
DNB Boligkreditt AS 0.625%, 06/19/2025(a)			336		310,678
National Australia Bank Ltd. 0.00%, 01/06/2029(a)			850		683,412
Nationwide Building Society 0.625%, 03/25/2027(a)			1,655		1,460,677
Royal Bank of Canada 0.125%, 04/26/2027(a)			1,105		948,496

Total Covered Bonds (cost $6,424,999)					5,243,525



EMERGING MARKETS—CORPORATE BONDS–0.6%

Industrial–0.6%
Basic–0.1%
Braskem Idesa SAPI 6.99%, 02/20/2032(a)		U.S.$	305		202,063
Cia de Minas Buenaventura SAA 5.50%, 07/23/2026(a)			228		189,069
Vedanta Resources Finance II PLC 13.875%, 01/21/2024(a)			661		549,993
Volcan Cia Minera SAA 4.375%, 02/11/2026(a)			152		124,478

					1,065,603

Capital Goods–0.2%
Embraer Netherlands Finance BV 5.40%, 02/01/2027			725		660,801
6.95%, 01/17/2028(a)			652		611,983



	Principal Amount (000)			U.S. $ Value
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(a)		U.S.$	639	$	1,279

					1,274,063

Communications—Media–0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(a)			1,127		848,068

Consumer Cyclical—Other–0.1%
Wynn Macau Ltd. 5.625%, 08/26/2028(a)			587		393,290

Consumer Non-Cyclical–0.1%
Natura & Co. Luxembourg Holdings SARL 6.00%, 04/19/2029(a)			202		164,681
Natura Cosmeticos SA 4.125%, 05/03/2028(a)			606		471,165

					635,846

Energy–0.0%
Greenko Solar Mauritius Ltd. 5.95%, 07/29/2026(a)			200		166,250
Leviathan Bond Ltd. 6.125%, 06/30/2025(a)			196		184,112

					350,362

Services–0.0%
MercadoLibre, Inc. 2.375%, 01/14/2026			400		339,260

					4,906,492



Utility–0.0%
Electric–0.0%
JSW Hydro Energy Ltd. 4.125%, 05/18/2031(a)			184		144,992
Terraform Global Operating LP 6.125%, 03/01/2026(g)			133		125,255

					270,247



Financial Institutions–0.0%
Other Finance–0.0%
OEC Finance Ltd. 5.25%, 12/27/2033(a)(n)			125		2,754
7.125%, 12/26/2046(a)(n)			478		12,595

					15,349

Total Emerging Markets—Corporate Bonds (cost $6,919,550)					5,192,088



2022 Annual Report		49

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value

QUASI-SOVEREIGNS–0.6%

Quasi-Sovereign Bonds–0.6%
China–0.3%
China Development Bank Series 1904 3.68%, 02/26/2026		CNY	19,350	$	2,829,311

Indonesia–0.1%
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.45%, 05/21/2028(a)		U.S.$	618		589,158

Mexico–0.2%
Comision Federal de Electricidad 3.348%, 02/09/2031(a)			1,377		990,837
4.688%, 05/15/2029(a)			921		767,481

					1,758,318

Total Quasi-Sovereigns (cost $5,627,927)					5,176,787



GOVERNMENTS—SOVEREIGN BONDS–0.3%
Colombia–0.0%
Colombia Government International Bond 3.875%, 04/25/2027			387		327,934

France–0.1%
Dexia Credit Local SA 0.00%, 01/21/2028(a)		EUR	1,300		1,091,122
0.01%, 01/22/2027(a)			200		173,392

					1,264,514

Germany–0.1%
Landwirtschaftliche Rentenbank 0.00%, 11/27/2029(a)			1,199		963,272

Indonesia–0.1%
Indonesia Government International Bond 1.00%, 07/28/2029			225		171,764
3.375%, 07/30/2025(a)			470		451,210

					622,974

Total Governments—Sovereign Bonds (cost $3,717,693)					3,178,694



LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.3%
United States–0.3%
City of New York NY Series 2021-D 1.923%, 08/01/2031		U.S.$	885		680,814
Port Authority of New York & New Jersey Series 2020-A 1.086%, 07/01/2023			745		726,256



	Principal Amount (000)			U.S. $ Value
State Board of Administration Finance Corp. Series 2020-A 1.705%, 07/01/2027		U.S.$	652	$	557,577
Tobacco Settlement Finance Authority Series 2020 3.00%, 06/01/2035			304		288,951
University of California Series 2021-B 3.071%, 05/15/2051			1,130		753,451

Total Local Governments—US Municipal Bonds (cost $3,705,635)					3,007,049



LOCAL GOVERNMENTS—PROVINCIAL BONDS–0.2%
Canada–0.2%
Province of Ontario Canada 2.70%, 06/02/2029		CAD	1,295		875,286
Province of Quebec Canada 0.875%, 05/04/2027(a)		EUR	988		882,644
3.65%, 05/20/2032		CAD	494		351,517

Total Local Governments—Provincial Bonds (cost $2,408,457)					2,109,447



SUPRANATIONALS–0.2%
European Investment Bank 0.75%, 07/15/2027		AUD	690		371,072
1.80%, 01/19/2027			905		520,752
Inter-American Development Bank 2.50%, 04/14/2027(a)			155		90,919
International Bank for Reconstruction & Development Series G 0.00%, 01/15/2027		EUR	871		759,409
Series GDIF 0.00%, 04/24/2028			318		266,316

Total Supranationals (cost $2,484,942)					2,008,468



EMERGING MARKETS—SOVEREIGNS–0.2%
Dominican Republic–0.1%
Dominican Republic International Bond 4.875%, 09/23/2032(a)		U.S.$	1,307		975,185

Egypt–0.1%
Egypt Government International Bond 5.875%, 02/16/2031(a)			580		334,153

Ivory Coast–0.0%
Ivory Coast Government International Bond 5.875%, 10/17/2031(a)		EUR	290		204,688

Total Emerging Markets—Sovereigns (cost $2,179,317)					1,514,026



50		Sanford C. Bernstein Fund, Inc.

Principal Amount (000)

U.S. $ Value

LOCAL GOVERNMENTS—REGIONAL BONDS–0.1%

Japan–0.1%

Japan Finance Organization for Municipalities
Series G
0.05%, 02/12/2027(a)
(cost $1,639,849)

EUR

1,481

1,276,525

GOVERNMENTS—SOVEREIGN AGENCIES–0.1%

Japan–0.1%

Development Bank of Japan, Inc.
Series G
0.01%, 10/15/2024(a)

776

717,740

Netherlands–0.0%

BNG Bank NV
0.75%, 01/24/2029(a)

306

263,056

Total Governments—Sovereign Agencies
(cost $1,226,666)

980,796

AGENCIES–0.1%

Agency Debentures–0.1%

Federal Home Loan Banks
2.50%, 02/13/2024
(cost $584,412)

U.S.$

585

570,755



			Shares		U.S. $ Value

SHORT-TERM INVESTMENTS–11.7%
Investment Companies–11.1%
AB Fixed Income Shares, Inc.—Government Money Market Portfolio—Class AB, 2.58%(j)(k)(o) (cost $99,713,489)				99,713,489	$	99,713,489



	Principal Amount (000)

Governments—Treasuries–0.6%
Japan–0.6%
Japan Treasury Discount Bill Series 1105 Zero Coupon, 12/05/2022		JPY		766,200		5,295,584

Total Short-Term Investments (cost $105,034,365)						105,009,073

Total Investments—103.7% (cost $1,043,970,625)						933,727,718

Other assets less liabilities—(3.7)%						(32,906,545	)

Net Assets—100.0%					$	900,821,173



FUTURES (see Note 3)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts

10 Yr Australian Bond Futures		98	December 2022	$	7,341,529	$	(134,931	)

10 Yr Japan Bond (OSE) Futures		2	December 2022		2,049,333		(1,218	)

Euro STOXX 50 Index Futures		491	December 2022		15,951,932		(1,532,940	)

Euro-Bund Futures		13	December 2022		1,764,453		(64,176	)

FTSE 100 Index Futures		27	December 2022		2,084,504		(128,234	)

Hang Seng Index Futures		56	October 2022		6,138,872		(208,100	)

MSCI Emerging Markets Futures		216	December 2022		9,412,200		(1,208,874	)

Nikkei 225 (OSE) Futures		17	December 2022		3,046,915		(146,528	)

OMXS 30 Index Futures		523	October 2022		8,624,258		(514,875	)

Russell 2000 E-Mini Futures		50	December 2022		4,174,500		(549,810	)

S&P 500 E-Mini Futures		552	December 2022		99,401,400		(11,776,437	)

S&P Mid 400 E-Mini Futures		13	December 2022		2,870,660		(386,454	)

TOPIX Index Futures		62	December 2022		7,865,128		(307,238	)

U.S. 10 Yr Ultra Futures		111	December 2022		13,151,766		(373,196	)

U.S. Long Bond (CBT) Futures		49	December 2022		6,193,906		(353,732	)

U.S. T-Note 2 Yr (CBT) Futures		86	December 2022		17,663,594		(232,712	)

U.S. T-Note 5 Yr (CBT) Futures		401	December 2022		43,110,633		(1,090,294	)

U.S. Ultra Bond (CBT) Futures		49	December 2022		6,713,000		(645,539	)



2022 Annual Report		51

Schedule of Investments (continued)


Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Sold Contracts

10 Yr Canadian Bond Futures		55	December 2022	$	4,920,875	$	11,868

10 Yr Japan Bond (OSE) Futures		24	December 2022		24,591,999		66,640

Euro-BOBL Futures		91	December 2022		10,679,851		204,694

Euro-Bund Futures		11	December 2022		1,492,998		(10,301	)

Euro-OAT Futures		16	December 2022		2,071,747		101,449

Euro-Schatz Futures		352	December 2022		36,969,528		217,091

FTSE 100 Index Futures		6	December 2022		463,223		9,056

Long Gilt Futures		275	December 2022		29,599,739		528,326

MSCI Singapore IX ETS Futures		100	October 2022		1,954,047		10,009

S&P/TSX 60 Index Futures		58	December 2022		9,371,702		227,808

SPI 200 Futures		100	December 2022		10,339,942		462,932

U.S. 10 Yr Ultra Futures		38	December 2022		4,502,406		222,433

U.S. T-Note 2 Yr (CBT) Futures		13	December 2022		2,670,078		17,438

U.S. T-Note 10 Yr (CBT) Futures		8	December 2022		896,500		(8,464	)

U.S. Ultra Bond (CBT) Futures		28	December 2022		3,836,000		326,710

						$	(17,267,599	)



FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)
Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)

Bank of America, NA	BRL	14,363	USD	2,746		10/04/2022	$	83,270

Bank of America, NA	USD	2,657	BRL	14,363		10/04/2022		6,033

Bank of America, NA	BRL	28,906	USD	5,346		10/04/2022		(12,141	)

Bank of America, NA	USD	5,403	BRL	28,906		10/04/2022		(44,421	)

Bank of America, NA	BRL	28,906	USD	5,365		11/03/2022		45,283

Bank of America, NA	CLP	2,621,537	USD	2,707		11/22/2022		20,873

Bank of America, NA	USD	2,918	CNH	20,795		10/20/2022		(5,138	)

Bank of America, NA	EUR	42,166	USD	40,800		12/08/2022		(716,095	)

Bank of America, NA	USD	2,644	INR	216,147		12/21/2022		(13,738	)

Bank of America, NA	JPY	1,139,251	USD	7,970		12/02/2022		50,871

Bank of America, NA	MXN	54,133	USD	2,628		11/18/2022		(37,697	)

Bank of America, NA	USD	5,842	NZD	9,723		11/18/2022		(399,107	)

Bank of America, NA	USD	3,657	NOK	37,763		12/01/2022		(184,514	)

Bank of America, NA	USD	2,868	ZAR	47,404		10/13/2022		(250,628	)

Bank of America, NA	CHF	6,038	USD	6,197		12/07/2022		39,359

Bank of America, NA	CHF	2,039	USD	2,070		12/07/2022		(9,556	)

Barclays Bank PLC	USD	2,688	AUD	4,014		10/20/2022		(120,347	)

Barclays Bank PLC	USD	1,824	CAD	2,347		10/27/2022		(124,714	)

Barclays Bank PLC	GBP	2,466	USD	2,872		11/17/2022		116,790

Barclays Bank PLC	USD	643	GBP	570		11/17/2022		(6,164	)

Barclays Bank PLC	IDR	12,359,207	USD	814		10/27/2022		7,499

Barclays Bank PLC	MYR	5,519	USD	1,250		12/15/2022		68,132

Barclays Bank PLC	USD	2,645	NOK	28,722		12/01/2022		(4,696	)



52		Sanford C. Bernstein Fund, Inc.


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)

Barclays Bank PLC	PLN	7,068	USD	1,418		11/30/2022	$	4,905

BNP Paribas SA	AUD	25,885	USD	17,920		10/20/2022		1,359,746

BNP Paribas SA	BRL	14,404	USD	2,771		10/04/2022		100,548

BNP Paribas SA	USD	2,664	BRL	14,404		10/04/2022		6,050

BNP Paribas SA	CAD	7,413	USD	5,549		10/27/2022		182,617

BNP Paribas SA	USD	7,878	CAD	10,477		10/27/2022		(294,037	)

BNP Paribas SA	USD	2,725	CLP	2,503,679		11/22/2022		(159,754	)

BNP Paribas SA	USD	7,740	GBP	6,569		11/17/2022		(400,118	)

BNP Paribas SA	NZD	8,962	USD	5,293		11/18/2022		276,313

BNP Paribas SA	USD	12,795	NZD	20,949		11/18/2022		(1,068,464	)

BNP Paribas SA	ZAR	95,178	USD	5,465		10/13/2022		210,452

BNP Paribas SA	USD	2,735	CHF	2,668		12/07/2022		(14,710	)

Citibank, NA	AUD	3,932	USD	2,747		10/20/2022		231,012

Citibank, NA	CAD	7,084	USD	5,443		10/27/2022		314,337

Citibank, NA	USD	9,890	CAD	13,028		10/27/2022		(458,818	)

Citibank, NA	USD	2,726	CLP	2,550,253		11/22/2022		(113,008	)

Citibank, NA	USD	5,927	EUR	6,140		12/08/2022		118,146

Citibank, NA	GBP	10,464	USD	12,074		11/17/2022		382,936

Citibank, NA	USD	2,541	GBP	2,372		11/17/2022		109,689

Citibank, NA	USD	2,804	GBP	2,436		11/17/2022		(82,387	)

Citibank, NA	USD	5,623	JPY	792,296		12/02/2022		(115,497	)

Citibank, NA	TWD	252,276	USD	8,420		10/21/2022		494,740

Citibank, NA	KRW	14,940,700	USD	11,224		10/27/2022		845,029

Citibank, NA	USD	2,691	KRW	3,550,215		10/27/2022		(224,894	)

Citibank, NA	SEK	52,057	USD	4,739		12/01/2022		34,696

Credit Suisse International	AUD	3,795	USD	2,620		10/20/2022		191,796

Credit Suisse International	USD	5,303	AUD	7,654		10/20/2022		(406,784	)

Credit Suisse International	USD	1,613	CAD	2,111		10/27/2022		(85,651	)

Credit Suisse International	USD	5,431	ZAR	95,637		10/13/2022		(151,600	)

Deutsche Bank AG	CAD	9,419	USD	7,368		10/27/2022		549,603

Goldman Sachs Bank USA	CNH	86,898	USD	12,872		10/20/2022		699,115

Goldman Sachs Bank USA	USD	2,727	NZD	4,551		11/18/2022		(179,341	)

Goldman Sachs Bank USA	USD	862	SEK	9,782		12/01/2022		21,785

HSBC Bank USA	BRL	14,407	USD	2,665		10/04/2022		(6,051	)

HSBC Bank USA	USD	2,827	BRL	14,407		10/04/2022		(156,083	)

HSBC Bank USA	USD	11,985	CAD	15,400		10/27/2022		(837,642	)

HSBC Bank USA	CLP	2,477,640	USD	2,604		11/22/2022		65,958

HSBC Bank USA	USD	2,565	CNH	18,262		10/20/2022		(6,591	)

HSBC Bank USA	INR	218,743	USD	2,717		12/21/2022		55,520

HSBC Bank USA	USD	2,691	INR	221,518		12/21/2022		4,479

HSBC Bank USA	IDR	6,703,573	USD	449		10/27/2022		11,249

HSBC Bank USA	USD	6,184	JPY	889,443		12/02/2022		(2,010	)

HSBC Bank USA	USD	2,808	TWD	83,328		10/21/2022		(189,767	)

HSBC Bank USA	USD	2,795	PLN	13,438		11/30/2022		(108,385	)

HSBC Bank USA	SGD	3,868	USD	2,692		12/07/2022		(2,994	)

HSBC Bank USA	KRW	14,925,450	USD	10,959		10/27/2022		590,822

HSBC Bank USA	USD	5,541	KRW	7,422,018		10/27/2022		(385,264	)



2022 Annual Report		53

Schedule of Investments (continued)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)

JPMorgan Chase Bank, NA	USD	18,706	AUD	27,264		10/20/2022	$	(1,264,201	)

JPMorgan Chase Bank, NA	CAD	20,914	USD	16,231		10/27/2022		1,091,475

JPMorgan Chase Bank, NA	USD	2,814	CAD	3,617		10/27/2022		(195,306	)

JPMorgan Chase Bank, NA	CLP	2,542,858	USD	2,859		11/22/2022		254,334

JPMorgan Chase Bank, NA	EUR	8,463	USD	8,277		12/08/2022		(55,614	)

JPMorgan Chase Bank, NA	GBP	2,275	USD	2,480		11/17/2022		(62,129	)

JPMorgan Chase Bank, NA	USD	24,387	JPY	3,495,455		12/02/2022		(90,322	)

JPMorgan Chase Bank, NA	USD	2,823	NZD	4,550		11/18/2022		(276,537	)

JPMorgan Chase Bank, NA	PLN	13,110	USD	2,695		11/30/2022		73,232

JPMorgan Chase Bank, NA	USD	2,702	PLN	12,791		11/30/2022		(144,076	)

JPMorgan Chase Bank, NA	ZAR	47,968	USD	2,771		10/13/2022		123,003

JPMorgan Chase Bank, NA	USD	2,682	SEK	30,041		12/01/2022		32,869

JPMorgan Chase Bank, NA	CHF	2,625	USD	2,741		12/07/2022		63,956

Morgan Stanley Capital Services, Inc.	AUD	3,974	USD	2,770		10/20/2022		227,647

Morgan Stanley Capital Services, Inc.	USD	24,889	AUD	35,862		10/20/2022		(1,946,386	)

Morgan Stanley Capital Services, Inc.	BRL	14,546	USD	2,871		10/04/2022		174,093

Morgan Stanley Capital Services, Inc.	USD	2,690	BRL	14,546		10/04/2022		6,110

Morgan Stanley Capital Services, Inc.	USD	13,111	CAD	17,188		10/27/2022		(668,955	)

Morgan Stanley Capital Services, Inc.	USD	1,519	EUR	1,559		11/09/2022		12,958

Morgan Stanley Capital Services, Inc.	USD	980	EUR	1,002		12/08/2022		6,643

Morgan Stanley Capital Services, Inc.	GBP	12,296	USD	14,386		11/17/2022		646,750

Morgan Stanley Capital Services, Inc.	USD	3,305	GBP	2,887		11/17/2022		(78,852	)

Morgan Stanley Capital Services, Inc.	USD	1,295	JPY	184,015		12/02/2022		(16,384	)

Morgan Stanley Capital Services, Inc.	NZD	6,485	USD	3,967		11/18/2022		337,483

Morgan Stanley Capital Services, Inc.	USD	2,340	NZD	4,153		11/18/2022		(15,188	)

Morgan Stanley Capital Services, Inc.	USD	2,746	SGD	3,863		12/07/2022		(54,336	)

Morgan Stanley Capital Services, Inc.	USD	2,678	ZAR	48,218		10/13/2022		(15,769	)

Morgan Stanley Capital Services, Inc.	KRW	3,771,445	USD	2,844		10/27/2022		224,205

Morgan Stanley Capital Services, Inc.	CHF	1,727	USD	1,766		12/07/2022		4,925

Natwest Markets PLC	USD	2,823	CAD	3,639		10/27/2022		(188,723	)

Natwest Markets PLC	USD	5,446	JPY	783,021		12/02/2022		(3,799	)

Standard Chartered Bank	EUR	2,778	USD	2,719		12/08/2022		(16,295	)

Standard Chartered Bank	USD	5,672	TWD	168,990		10/21/2022		(362,639	)

Standard Chartered Bank	KRW	3,209,667	USD	2,253		10/27/2022		23,127

Standard Chartered Bank	USD	3,097	KRW	4,194,270		10/27/2022		(183,075	)

State Street Bank & Trust Co.	AUD	29	USD	20		10/20/2022		1,168

State Street Bank & Trust Co.	USD	530	CAD	685		10/27/2022		(33,960	)

State Street Bank & Trust Co.	USD	616	CNH	4,392		10/11/2022		(941	)

State Street Bank & Trust Co.	CNH	7,303	USD	1,048		10/20/2022		24,967

State Street Bank & Trust Co.	USD	254	EUR	261		11/09/2022		2,892

State Street Bank & Trust Co.	EUR	224	USD	217		11/09/2022		(2,473	)

State Street Bank & Trust Co.	USD	39	GBP	35		11/17/2022		993

State Street Bank & Trust Co.	JPY	375	USD	3		12/02/2022		42

State Street Bank & Trust Co.	USD	1,618	JPY	231,595		12/02/2022		(8,384	)

UBS AG	AUD	34,599	USD	23,902		10/20/2022		1,766,873

UBS AG	EUR	37,685	USD	36,314		12/01/2022		(767,886	)

UBS AG	EUR	1,356	USD	1,308		12/08/2022		(27,687	)



54		Sanford C. Bernstein Fund, Inc.


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)

UBS AG	JPY	1,787,500	USD	12,627		12/02/2022	$	202,473

UBS AG	MXN	55,006	USD	2,677		11/18/2022		(31,622	)

UBS AG	CHF	8,028	USD	8,351		12/07/2022		164,702

UBS AG	USD	5,532	CHF	5,387		12/07/2022		(38,454	)

							$	(1,162,226)



CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)
Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 39, 5 Year Index, 12/20/2027*		5.00	%		Quarterly		6.06	%		USD	1,557	$	61,637		$	59,680		$	1,957
CDX-NAIG Series 39, 5 Year Index, 12/20/2027*		1.00			Quarterly		1.08			USD	17,330		54,240			(20,729	)		74,969
Malaysia, 12/20/2027*		1.00			Quarterly		1.19			USD	26,220		217,250			(165,239	)		382,489

Sale Contracts
CDX-NAHY Series 39, 5 Year Index, 12/20/2027*		5.00			Quarterly		6.06			USD	368		(14,565	)		(14,617	)		52

												$	318,562		$	(140,905	)	$	459,467

* Termination date



	CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)
					Rate Type		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Notional Amount (000)			Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)

	USD	28,500		02/26/2025	1.589%	CPI#	Maturity	$	3,441,368		$	—	$	3,441,368
	USD	17,150		02/28/2025	1.527%	CPI#	Maturity		2,121,496			—		2,121,496
	USD	12,590		05/13/2027	3.263%	CPI#	Maturity		(154,199	)		—		(154,199	)
	USD	6,245		07/08/2027	2.77%	CPI#	Maturity		15,118			—		15,118
	USD	6,245		07/08/2027	2.778%	CPI#	Maturity		12,931			—		12,931

								$	5,436,714		$	—	$	5,436,714

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



	CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)
					Rate Type		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Notional Amount (000)			Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)

	NZD	1,981		11/01/2024	3 Month BKBM	2.58%	Quarterly/ Semi-Annual	$	(39,038	)	$	—	$	(39,038	)
	NZD	5,299		11/02/2024	3 Month BKBM	2.503%	Quarterly/ Semi-Annual		(110,315	)		—		(110,315	)
	USD	610		04/21/2025	1.972%	3 Month LIBOR	Semi-Annual/ Quarterly		32,762			—		32,762
	USD	370		06/09/2025	2.470%	3 Month LIBOR	Semi-Annual/ Quarterly		14,984			—		14,984



2022 Annual Report		55

Schedule of Investments (continued)


					Rate Type		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Notional Amount (000)			Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)

	USD	484		08/04/2025	2.285%	3 Month LIBOR	Semi-Annual/ Quarterly	$	26,099		$	—		$	26,099
	USD	1,990		04/27/2026	1.773%	3 Month LIBOR	Semi-Annual/ Quarterly		152,352			—			152,352
	USD	840		10/04/2026	1.459%	3 Month LIBOR	Semi-Annual/ Quarterly		81,075			27,110			53,965
	USD	420		11/08/2026	1.657%	3 Month LIBOR	Semi-Annual/ Quarterly		37,724			—			37,724
	USD	420		11/09/2026	1.672%	3 Month LIBOR	Semi-Annual/ Quarterly		37,431			—			37,431
	USD	1,040		04/04/2027	2.436%	3 Month LIBOR	Semi-Annual/ Quarterly		63,267			(6,500	)		69,767
	USD	580		04/26/2027	2.287%	3 Month LIBOR	Semi-Annual/ Quarterly		40,080			13			40,067
	EUR	3,459		05/12/2027	6 Month EURIBOR	1.494%	Semi-Annual/Annual		(188,942	)		—			(188,942	)
	EUR	2,641		05/13/2027	6 Month EURIBOR	1.464%	Semi-Annual/Annual		(147,954	)		—			(147,954	)
	USD	10,260		06/05/2027	0.558%	3 Month LIBOR	Semi-Annual/ Quarterly		1,522,340			—			1,522,340
	USD	6,030		07/20/2027	2.227%	3 Month LIBOR	Semi-Annual/ Quarterly		482,436			18,663			463,773
	USD	1,360		09/27/2029	1.593%	3 Month LIBOR	Semi-Annual/ Quarterly		192,094			—			192,094
	USD	1,830		12/13/2029	1.764%	3 Month LIBOR	Semi-Annual/ Quarterly		236,597			—			236,597
	USD	15,740		05/21/2031	1.617%	3 Month LIBOR	Semi-Annual/ Quarterly		2,500,525			—			2,500,525
	EUR	1,930		08/18/2032	6 Month EURIBOR	1.800%	Semi-Annual/Annual		(203,501	)		—			(203,501	)
	USD	1,010		11/10/2035	2.613%	3 Month LIBOR	Semi-Annual/ Quarterly		113,508			—			113,508
	EUR	2,300		09/30/2050	0.122%	6 Month EURIBOR	Annual/ Semi-Annual		1,042,493			—			1,042,493
	EUR	2,300		09/30/2050	6 Month EURIBOR	(0.017)%	Semi-Annual/Annual		(1,103,151	)		—			(1,103,151	)
	EUR	2,310		11/10/2050	0.023%	6 Month EURIBOR	Annual/ Semi-Annual		1,089,421			—			1,089,421
	EUR	2,310		11/10/2050	6 Month EURIBOR	(0.043)%	Semi-Annual/Annual		(1,119,978	)		—			(1,119,978	)

								$	4,752,309		$	39,286		$	4,713,023



CREDIT DEFAULT SWAPS (see Note 3)
Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	6	$	(1,288	)	$	(866	)	$	(422	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	6		(1,288	)		(692	)		(596	)



56		Sanford C. Bernstein Fund, Inc.


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%	Monthly		7.50	%		USD	13	$	(2,898	)	$	(1,534	)	$	(1,364	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	14		(3,220	)		(1,761	)		(1,459	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	12		(2,737	)		(1,162	)		(1,575	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	18		(4,025	)		(2,281	)		(1,744	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	17		(3,703	)		(1,864	)		(1,839	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	24		(5,473	)		(3,030	)		(2,443	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	29		(6,600	)		(3,321	)		(3,279	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	142		(31,874	)		(9,198	)		(22,676	)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	25		(5,635	)		(2,757	)		(2,878	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	26		(5,795	)		(1,388	)		(4,407	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	157		(35,095	)		(18,458	)		(16,637	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	174		(38,958	)		(18,599	)		(20,359	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	174		(39,119	)		(18,669	)		(20,450	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	185		(41,373	)		(12,103	)		(29,270	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	531		(117,728	)		(50,902	)		(66,826	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	11		(2,415	)		(1,531	)		(884	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	13		(2,898	)		(1,084	)		(1,814	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	25		(5,635	)		(2,323	)		(3,312	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	25		(5,635	)		(2,147	)		(3,488	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	50		(11,108	)		(5,005	)		(6,103	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	59		(13,201	)		(7,064	)		(6,137	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	172		(38,475	)		(17,109	)		(21,366	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	150		(33,646	)		(12,135	)		(21,511	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	253		(56,827	)		(32,280	)		(24,547	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	183		(41,051	)		(13,627	)		(27,424	)



2022 Annual Report		57

Schedule of Investments (continued)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	503	$	(112,689	)	$	(35,957	)	$	(76,732	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	28		(6,278	)		(2,556	)		(3,722	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	28		(6,279	)		(2,547	)		(3,732	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	29		(6,439	)		(2,623	)		(3,816	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	40		(9,015	)		(4,800	)		(4,215	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	85		(19,157	)		(9,889	)		(9,268	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	210		(47,168	)		(24,133	)		(23,035	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	748		(167,685	)		(58,796	)		(108,889	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	195		(43,788	)		(12,888	)		(30,900	)

												$	(976,198	)	$	(397,079	)	$	(579,119	)

* Termination date

TOTAL RETURN SWAPS (see Note 3)

Counterparty & Referenced Obligation

Rate Paid/
Received

Payment
Frequency

Current
Notional
(000)

Maturity
Date

Unrealized Appreciation/
(Depreciation)

Pay Total Return on Reference Obligation

JPMorgan Chase Bank, NA
iBoxx $ Liquid High Yield Index

1 Day SOFR

Maturity

USD

10,056

12/20/2022

392,678

Receive Total Return on Reference Obligation

Morgan Stanley Capital Services LLC

Swiss Market Index Futures

0.00%

Monthly

CHF

1,641

12/16/2022

(87,780

)

Swiss Market Index Futures

0.00%

Monthly

CHF

7,592

12/16/2022

(570,226

)

(265,328

)

Principal amount less than 500.

(a)

(b)

Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(c)

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

(d)

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

(e)

Fair valued by the Adviser.

(f)

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



58		Sanford C. Bernstein Fund, Inc.

(g)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.32% of net assets as of September 30, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
GSF Series 2021-1, Class A1 1.433%, 08/15/2026		02/25/2021	$	400,620	$	381,575		0.04	%
GSF Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021		1,098,423		1,009,519		0.11	%
GSF Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021		39,845		35,974		0.00	%
HFX Funding Series 2017-1A, Class A3 3.647%, 03/15/2035		11/19/2020		1,310,241		1,129,216		0.13	%
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 7.334%, 11/25/2024		11/06/2015		20,954		20,131		0.00	%
PMT Credit Risk Transfer Trust Series 2020-1R, Class A 5.463%, 02/27/2023		02/11/2020		157,718		149,631		0.02	%
Terraform Global Operating LP 6.125%, 03/01/2026		02/08/2018		133,000		125,255		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 8.334%, 11/25/2025		09/28/2015		130,750		119,951		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 8.584%, 11/25/2025		09/28/2015		33,007		31,102		0.00	%

(h)

Inverse interest only security.

(i)

IO—Interest Only.

(j)

Affiliated investments.

(k)

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

(l)

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

(m)

Non-income producing security.

(n)

Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at September 30, 2022.

(o)

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

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Yuan Renminbi (Offshore)

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

IDR—Indonesian Rupiah

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PLN—Polish Zloty

SEK—Swedish Krona

SGD—Singapore Dollar

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

ABS—Asset-Backed Securities

BKBM—Bank Bill Benchmark (New Zealand)

BOBL—Bundesobligationen

CBT—Chicago Board of Trade

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

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

CDX-NAIG—North American Investment Grade Credit Default Swap Index

CLO—Collateralized Loan Obligations

CMBS—Commercial Mortgage-Backed Securities

CPI—Consumer Price Index

ETS—Emission Trading Scheme

EURIBOR—Euro Interbank Offered Rate

FTSE—Financial Times Stock Exchange



2022 Annual Report		59

Schedule of Investments (continued)

IBOXHY—iBoxx $ Liquid High Yield Index

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

OAT—Obligations Assimilables du Trésor

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

SOFR—Secured Overnight Financing Rate

SPI—Share Price Index

TBA—To Be Announced

TIPS—Treasury Inflation Protected Security

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.



60		Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Tax-Aware Overlay B Portfolio

September 30, 2022



	Principal Amount (000)			U.S. $ Value

MUNICIPAL OBLIGATIONS–72.5%

Long-Term Municipal Bonds–72.5%
Alabama–0.2%
Black Belt Energy Gas District (Goldman Sachs Group, Inc. (The)) Series 2021 4.00%, 10/01/2052		$	1,000	$	974,016
Infirmary Health System Special Care Facilities Financing Authority of Mobile (Infirmary Health System Obligated Group) Series 2021 4.00%, 02/01/2040			1,000		881,339
Sumter County Industrial Development Authority/AL (Enviva, Inc.) Series 2022 6.00%, 07/15/2052			1,250		1,147,452

					3,002,807

American Samoa–0.0%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028(a)			400		431,752

Arizona–1.8%
Arizona Industrial Development Authority (Equitable School Revolving Fund LLC Obligated Group) Series 2020 4.00%, 11/01/2037			1,100		997,466
4.00%, 11/01/2038			600		538,125
4.00%, 11/01/2039			750		667,301
5.00%, 11/01/2035			850		884,542
City of Glendale AZ (City of Glendale AZ COP) Series 2021 2.062%, 07/01/2029			1,000		823,334
2.442%, 07/01/2032			2,250		1,761,927
City of Tempe AZ (City of Tempe AZ COP) Series 2021 2.171%, 07/01/2033			1,475		1,130,420
Gilbert Water Resource Municipal Property Corp. (Town of Gilbert AZ Waterworks & Sewer System Revenue) Series 2022 4.00%, 07/15/2042			4,700		4,319,198



	Principal Amount (000)			U.S. $ Value
5.00%, 07/15/2037		$	5,300	$	5,828,691
State of Arizona Series 2019-A 5.00%, 10/01/2022 (Pre-refunded/ETM)			7,000		7,000,000

					23,951,004

Arkansas–0.1%
City of Fayetteville AR Sales & Use Tax Revenue Series 2022 2.875%, 11/01/2032			1,000		912,563

California–2.6%
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021-A 4.00%, 08/01/2047(a)			3,385		2,361,100
California Housing Finance Agency Series 2019-2, Class A 4.00%, 03/20/2033			2,176		2,070,118
Series 2021-1, Class A 3.50%, 11/20/2035			978		845,072
Series 2021-2 0.823%, 03/25/2035			2,000		112,546
California Municipal Finance Authority (Waste Management, Inc.) Series 2019-A 2.40%, 10/01/2044			4,710		4,177,151
California State University Series 2021-B 2.374%, 11/01/2035			1,000		728,757
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.60%, 05/01/2047(a)			2,500		1,894,358
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2046(a)			1,000		700,150
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 3.50%, 10/01/2046(a)			2,000		1,436,869



2022 Annual Report		61

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.375%, 07/01/2043(a)		$	1,000	$	737,959
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 3.50%, 05/01/2047(a)			1,700		1,319,333
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A 3.10%, 07/01/2045(a)			1,000		728,232
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 2.635% (LIBOR 3 Month + 0.57%), 06/01/2039(b)			3,675		3,152,914
San Francisco Intl Airport Series 2019-H 5.00%, 05/01/2024 (Pre-refunded/ETM)			3,755		3,838,022
State of California Series 2014 5.00%, 10/01/2029			50		51,786
Series 2015 5.00%, 03/01/2026			2,085		2,174,672
Series 2021 4.00%, 10/01/2034			6,960		7,039,630

					33,368,669

Colorado–1.8%
Centerra Metropolitan District No. 1 Series 2017 5.00%, 12/01/2029(a)			2,375		2,336,326
Colorado Health Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2033			845		853,743
5.00%, 08/01/2034			3,000		3,012,396
5.00%, 08/01/2035			4,100		4,109,217
5.00%, 08/01/2036			8,975		8,982,809
Johnstown Plaza Metropolitan District Series 2022 4.25%, 12/01/2046			500		396,106



	Principal Amount (000)			U.S. $ Value
State of Colorado Series 2022 6.00%, 12/15/2041		$	3,000	$	3,458,853
Vauxmont Metropolitan District AGM Series 2019 3.25%, 12/15/2050			206		146,093
AGM Series 2020 5.00%, 12/01/2024			115		118,626
5.00%, 12/01/2027			105		112,285
5.00%, 12/01/2033			110		117,919
5.00%, 12/01/2050			100		104,103

					23,748,476

Connecticut–3.7%
City of Bridgeport CT Series 2017-A 5.00%, 11/01/2026 (Pre-refunded/ETM)			1,650		1,759,194
5.00%, 11/01/2027			1,735		1,853,702
5.00%, 11/01/2029			1,890		2,008,946
5.00%, 11/01/2030			2,015		2,140,544
5.00%, 11/01/2031			1,335		1,416,926
Series 2017-C 5.00%, 08/15/2025			1,000		1,042,401
State of Connecticut Series 2016-A 5.00%, 03/15/2023			24,370		24,582,272
5.00%, 03/15/2024			3,060		3,138,183
Series 2018-C 5.00%, 06/15/2027			1,415		1,513,673
State of Connecticut Special Tax Revenue Series 2020 5.00%, 05/01/2034			2,835		3,050,701
University of Connecticut 5.00%, 05/01/2038			5,600		5,956,121

					48,462,663

District of Columbia–0.5%
Metropolitan Washington Airports Authority Aviation Revenue Series 2018-A 5.00%, 10/01/2029			4,270		4,461,691
5.00%, 10/01/2030			1,910		1,990,435

					6,452,126

Florida–3.4%
Capital Trust Agency, Inc. (Franklin Academy Obligated Group) Series 2020 4.00%, 12/15/2024(a)			385		380,283
City of South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group) Series 2017 5.00%, 08/15/2027			3,550		3,748,203



62		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
5.00%, 08/15/2028		$	2,625	$	2,796,693
5.00%, 08/15/2029			2,750		2,928,523
5.00%, 08/15/2030			2,000		2,125,561
County of Osceola FL Transportation Revenue Series 2020-A
Zero Coupon, 10/01/2030			100		66,646
Zero Coupon, 10/01/2032			100		59,304
Zero Coupon, 10/01/2034			100		52,480
Florida Development Finance Corp. Series 2022 2.90%, 12/01/2056 (Pre-refunded/ETM)			4,000		3,967,735
Florida Development Finance Corp. (Lakeland Regional Health Systems Obligated Group) Series 2021 5.00%, 11/15/2022			1,520		1,522,679
Florida Municipal Power Agency (Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) Series 2021 1.425%, 10/01/2026			500		440,539
Florida State Board of Education (State of Florida) Series 2017-F 5.00%, 06/01/2023			1,310		1,326,614
Series 2022-A 5.00%, 06/01/2030			1,000		1,117,729
5.00%, 06/01/2031			2,000		2,251,763
Lakewood Ranch Stewardship District AGM Series 2020 2.50%, 05/01/2033			1,830		1,474,431
North Broward Hospital District Series 2017-B 5.00%, 01/01/2027			7,070		7,299,841
5.00%, 01/01/2031			3,590		3,658,401
5.00%, 01/01/2032			2,950		2,994,232
Palm Beach County Health Facilities Authority (Federation CCRC Operations Corp. Obligated Group) Series 2020 5.00%, 06/01/2055			200		177,994
Polk County Industrial Development Authority (Mineral Development LLC) Series 2020 5.875%, 01/01/2033(a)			1,000		988,926
St Lucie County School Board (St. Lucie County School Board Sales Tax) AGM Series 2015 5.00%, 10/01/2023			1,565		1,589,464



	Principal Amount (000)			U.S. $ Value
State of Florida Department of Transportation Turnpike System Revenue Series 2015-B 5.00%, 07/01/2024		$	3,795	$	3,911,733

					44,879,774

Georgia–1.9%
City of Atlanta GA Airport Passenger Facility Charge Series 2019-F 5.00%, 07/01/2025			4,000		4,168,206
City of Atlanta GA Department of Aviation Series 2021-A 5.00%, 07/01/2029			640		696,642
Series 2021-B 5.00%, 07/01/2029			600		653,101
Series 2021-C 4.00%, 07/01/2039			1,000		901,655
5.00%, 07/01/2035			2,350		2,408,838
Series 2022-B 5.00%, 07/01/2039			4,000		4,044,305
Main Street Natural Gas, Inc. (Royal Bank of Canada) Series 2018-A 4.00%, 04/01/2048			6,465		6,475,138
Municipal Electric Authority of Georgia Series 2019 5.00%, 01/01/2028			180		189,578
Private Colleges & Universities Authority (Emory University) Series 2020-B 4.00%, 09/01/2036			5,000		4,774,337

					24,311,800

Guam–0.0%
Territory of Guam Series 2019 5.00%, 11/15/2031			195		184,122

Hawaii–1.6%
City & County of Honolulu HI Series 2022-A 5.00%, 11/01/2029			1,180		1,302,465
University of Hawaii Series 2016 5.00%, 10/01/2022			5,740		5,740,000
5.00%, 10/01/2023			6,035		6,143,538
5.00%, 10/01/2026			7,010		7,451,981

					20,637,984

Illinois–6.3%
Chicago Board of Education Series 2010 6.319%, 11/01/2029			1,000		945,552



2022 Annual Report		63

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Series 2019-B 5.00%, 12/01/2030		$	270	$	273,222
5.00%, 12/01/2031			310		312,036
5.00%, 12/01/2032			200		200,583
5.00%, 12/01/2033			160		160,118
Series 2022-B 4.00%, 12/01/2041			2,000		1,660,514
Chicago O’Hare International Airport Series 2015-B 5.00%, 01/01/2024			11,425		11,661,395
5.00%, 01/01/2028			6,690		6,908,950
AGM Series 2020-E 4.00%, 01/01/2039			1,275		1,169,564
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2023			100		100,679
5.00%, 09/01/2026			100		101,987
5.00%, 09/01/2027			100		102,116
5.00%, 09/01/2029			100		102,370
5.00%, 09/01/2032			100		100,517
5.00%, 09/01/2033			200		199,915
5.00%, 09/01/2034			100		98,747
Illinois Finance Authority (Memorial Health Obligated Group) Series 2019 5.00%, 04/01/2030			3,020		3,221,052
5.00%, 04/01/2031			2,450		2,589,834
5.00%, 04/01/2032			1,725		1,807,026
Illinois Finance Authority (OSF Healthcare System Obligated Group) Series 2018-A 5.00%, 05/15/2032			20,130		20,777,379
5.00%, 05/15/2033			6,775		6,970,239
State of Illinois Series 2017-A 5.00%, 12/01/2025			3,810		3,874,748
Series 2017-D 5.00%, 11/01/2024			12,010		12,208,424
Series 2019-A 5.00%, 11/01/2026			5,740		5,847,283
State of Illinois Sales Tax Revenue Series 2016-D 5.00%, 06/15/2023			1,340		1,352,809

					82,747,059

Indiana–0.2%
Indiana Finance Authority (Indiana University Health, Inc. Obligated Group) Series 2015 4.00%, 12/01/2040			3,000		2,745,896



	Principal Amount (000)			U.S. $ Value
Indiana Finance Authority (Ohio Valley Electric Corp.) Series 2021-B 2.50%, 11/01/2030		$	330	$	279,011

					3,024,907

Iowa–0.1%
Iowa Finance Authority (Iowa Fertilizer Co. LLC) Series 2022 4.00%, 12/01/2050			1,000		906,906

Kansas–0.1%
Kansas Development Finance Authority (State of Kansas Department of Administration Lease) Series 2021-K 1.149%, 05/01/2026			2,000		1,750,419

Kentucky–2.9%
City of Ashland KY (Ashland Hospital Corp. Obligated Group) Series 2019 5.00%, 02/01/2026			225		230,874
5.00%, 02/01/2027			240		247,837
5.00%, 02/01/2030			155		161,715
5.00%, 02/01/2031			195		199,289
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group) Series 2017-A 5.00%, 06/01/2026			4,265		4,416,639
5.00%, 06/01/2031			6,195		6,327,422
Kentucky Public Energy Authority (BP PLC) Series 2020-A 4.00%, 12/01/2050			6,370		6,310,665
Kentucky Public Energy Authority (Morgan Stanley) Series 2018-C 4.00%, 12/01/2049			8,500		8,444,994
Series 2022-A 4.00%, 08/01/2052			5,500		5,231,432
Louisville and Jefferson County Metropolitan Sewer District Series 2021 3.00%, 10/14/2022			6,000		5,999,582

					37,570,449

Louisiana–0.7%
Louisiana Local Government Environmental Facilities & Community Development Auth (St. James Place of Baton Rouge) Series 2015-A 6.00%, 11/15/2030			1,550		1,543,985



64		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
Parish of St. James LA (NuStar Logistics LP) Series 2020 5.85%, 08/01/2041(a)		$	435	$	446,240
6.10%, 06/01/2038(a)			585		622,421
6.10%, 12/01/2040(a)			500		531,984
Parish of St. John the Baptist LA (Marathon Oil Corp.) Series 2019 2.00%, 06/01/2037			4,885		4,849,100
2.10%, 06/01/2037			1,570		1,530,032

					9,523,762

Maryland–0.6%
Maryland Economic Development Corp. (Purple Line Transit Partners LLC) Series 2022 5.00%, 11/12/2028			3,000		3,080,990
State of Maryland Department of Transportation Series 2018 5.00%, 10/01/2024			4,860		5,035,485

					8,116,475

Massachusetts–0.5%
Commonwealth of Massachusetts AGC Series 2007-A 2.434% (LIBOR 3 Month + 0.57%), 05/01/2037(b)			2,775		2,613,401
Commonwealth of Massachusetts (Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue) Series 2022-B 4.11%, 07/15/2031			2,000		1,918,690
Commonwealth of Massachusetts Transportation Fund Revenue Series 2021 5.00%, 06/01/2041			2,000		2,133,775

					6,665,866

Michigan–2.6%
City of Detroit MI Series 2018 5.00%, 04/01/2026			1,200		1,227,653
5.00%, 04/01/2028			2,475		2,543,090
Great Lakes Water Authority Water Supply System Revenue Series 2018-A 5.00%, 07/01/2024			3,000		3,090,220
5.00%, 07/01/2025			2,500		2,615,148
5.00%, 07/01/2027			1,745		1,857,465
Michigan Finance Authority (City of Detroit MI Income Tax) Series 2015 4.50%, 10/01/2029			900		894,345



	Principal Amount (000)			U.S. $ Value
Michigan Finance Authority (Great Lakes Water Authority Sewage Disposal System Revenue) AGM Series 2014 5.00%, 07/01/2024		$	10,115	$	10,413,986
Michigan Finance Authority (Michigan Finance Authority School Loan Revolving Fund) Series 2019 2.366%, 09/01/2049			5,000		4,895,956
Michigan Strategic Fund (Michigan Strategic Fund–I 75 Improvement Project) Series 2018 5.00%, 06/30/2033			1,090		1,061,334
South Lyon Community Schools Series 2016 5.00%, 05/01/2028			3,640		3,837,698
University of Michigan Series 2017-A 5.00%, 04/01/2023 (Pre-refunded/ETM)			1,250		1,261,263
5.00%, 04/01/2023			705		711,800

					34,409,958

Minnesota–0.3%
Brainerd Independent School District No. 181 Series 2018-A 4.00%, 02/01/2041			2,500		2,413,236
North St Paul-Maplewood-Oakdale Independent School District No. 622 Series 2019-A 3.00%, 02/01/2039			2,000		1,564,069

					3,977,305

Mississippi–0.5%
Mississippi Development Bank (Magnolia Regional Health Center) Series 2021 4.00%, 10/01/2035(a)			1,100		914,107
Mississippi Development Bank (State of Mississippi Department of Corrections) Series 2010-C 5.00%, 08/01/2023			1,720		1,721,998
Series 2010-D 5.00%, 08/01/2023			3,695		3,699,292

					6,335,397

Missouri–0.2%
City of Kansas City MO (City of Kansas City MO Lease) Series 2022 5.00%, 09/01/2038			1,500		1,576,934



2022 Annual Report		65

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Howard Bend Levee District XLCA INS Series 2005 5.75%, 03/01/2025		$	185	$	187,254
5.75%, 03/01/2027			155		157,121

					1,921,309

Nebraska–1.3%
Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) Series 2018 5.00%, 03/01/2050			17,000		17,156,361

Nevada–0.1%
Clark County School District Series 2022-A 5.00%, 06/15/2038			1,155		1,222,566

New Hampshire–0.6%
New Hampshire Business Finance Authority Series 2020-1, Class A 4.125%, 01/20/2034			1,727		1,599,911
Series 2022-1, Class A 4.375%, 09/20/2036			4,985		4,538,715
Series 2022-2 0.35%, 09/20/2036			3,750		88,866
4.00%, 10/20/2036			2,000		1,748,535

					7,976,027

New Jersey–4.7%
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) Series 2014-U 5.00%, 06/15/2023			1,610		1,627,064
Series 2017-B 5.00%, 11/01/2022			5,025		5,031,410
New Jersey Economic Development Authority (United Airlines, Inc.) Series 2012 5.25%, 09/15/2029			1,185		1,172,079
New Jersey Health Care Facilities Financing Authority (Inspira Health Obligated Group) Series 2017-A 5.00%, 07/01/2027			1,325		1,382,718
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2018-A 5.00%, 06/15/2024			2,750		2,808,297
5.00%, 06/15/2029			1,630		1,687,517



	Principal Amount (000)			U.S. $ Value
5.00%, 06/15/2030		$	1,675	$	1,727,722
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2018-A 5.00%, 12/15/2029			160		166,585
5.00%, 12/15/2030			5,975		6,195,984
Series 2019 5.00%, 06/15/2029			3,075		3,203,926
Series 2019-B 5.00%, 06/15/2034			1,570		1,588,249
Series 2019-BB1 5.00%, 06/15/2034			1,250		1,264,529
Series 2022-A 5.00%, 06/15/2034			1,865		1,890,665
New Jersey Turnpike Authority Series 2014-C 5.00%, 01/01/2023			8,955		8,993,968
Series 2017-B 5.00%, 01/01/2030			1,565		1,668,807
Series 2020-D 5.00%, 01/01/2028			4,840		5,056,190
Series 2021-B 1.713%, 01/01/2029			1,225		1,005,623
AGM Series 2005-D3 5.25%, 01/01/2026			11,070		11,678,451
Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/2028			3,450		3,581,570

					61,731,354

New York–10.0%
City of New York NY Series 2013-H 5.00%, 08/01/2025			2,510		2,547,093
Series 2015-A 5.00%, 08/01/2023			7,220		7,327,883
Series 2021 1.396%, 08/01/2027			3,385		2,882,859
Series 2021-A 4.00%, 08/01/2035			2,500		2,397,548
4.00%, 08/01/2041			10,000		9,216,460
Metropolitan Transportation Authority Series 2012-D 5.00%, 11/15/2026			3,065		3,070,490
Series 2012-F 5.00%, 11/15/2022			2,615		2,620,054
5.00%, 11/15/2023			11,220		11,242,671
Series 2017-C 5.00%, 11/15/2030			4,340		4,448,202



66		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
New York City Transitional Finance Authority Future Tax Secured Revenue Series 2014-B 5.00%, 02/01/2027		$	5,275	$	5,379,462
5.00%, 11/01/2027			3,350		3,428,204
5.00%, 02/01/2028			2,000		2,038,825
5.00%, 11/01/2028			6,000		6,137,287
5.00%, 02/01/2029			2,500		2,547,554
5.00%, 11/01/2029			1,155		1,180,893
Series 2014-C 5.00%, 11/01/2028			10,665		10,909,028
New York Liberty Development Corp. (One Bryant Park LLC) Series 2019 2.45%, 09/15/2069			855		757,833
2.80%, 09/15/2069			2,370		1,944,659
New York State Dormitory Authority Series 2012 5.00%, 12/15/2022 (Pre-refunded/ETM)			1,390		1,395,283
Series 2014-C 5.00%, 03/15/2027 (Pre-refunded/ETM)			14,000		14,365,966
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2012 5.00%, 12/15/2022			8,610		8,643,507
Series 2014-C 5.00%, 03/15/2029			8,340		8,521,001
Series 2022-A 4.00%, 03/15/2042			5,000		4,575,250
New York State Thruway Authority (State of New York Pers Income Tax) Series 2022-A 5.00%, 03/15/2039			1,500		1,584,844
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 4.00%, 01/01/2036			265		233,654
Series 2020 4.00%, 10/01/2030			6,500		6,092,371
4.375%, 10/01/2045			1,355		1,134,149
New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2022 5.00%, 12/01/2039			1,000		962,581



	Principal Amount (000)			U.S. $ Value
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021-A 2.411%, 05/15/2034		$	3,000	$	2,306,141
Series 2022 5.00%, 05/15/2030			1,000		1,100,991

					130,992,743

North Carolina–0.4%
State of North Carolina (State of North Carolina Fed Hwy Grant) Series 2015 5.00%, 03/01/2023			3,500		3,526,344
5.00%, 03/01/2026			1,850		1,920,406

					5,446,750

Ohio–1.5%
American Municipal Power, Inc. Series 2019 5.00%, 02/15/2035			5,260		5,576,312
5.00%, 02/15/2036			3,085		3,265,225
County of Cuyahoga OH (MetroHealth System (The)) Series 2017 5.00%, 02/15/2025			1,500		1,537,781
5.00%, 02/15/2028			4,000		4,103,922
County of Montgomery OH (Dayton Children’s Hospital Obligated Group) Series 2021 5.00%, 08/01/2034			1,150		1,217,474
County of Washington OH (Marietta Area Health Care, Inc. Obligated Group) Series 2022 6.375%, 12/01/2037			1,000		918,511
Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group) Series 2022 5.00%, 01/01/2034			360		367,074
5.25%, 01/01/2035			750		775,853
5.25%, 01/01/2038			1,110		1,138,793
5.25%, 01/01/2039			780		798,579

					19,699,524

Oklahoma–0.4%
Comanche County Memorial Hospital Series 2015 5.00%, 07/01/2026			1,000		1,016,826
5.00%, 07/01/2028			1,000		1,016,388
5.00%, 07/01/2029			1,000		1,016,209



2022 Annual Report		67

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Oklahoma Development Finance Authority Series 2022 4.38%, 11/01/2045		$	1,000	$	913,752
Oklahoma Development Finance Authority (Gilcrease Expressway West) Series 2020 1.625%, 07/06/2023			610		593,977
Oklahoma Development Finance Authority (OU Medicine, Inc.) Series 2022-A 5.50%, 08/15/2037			1,000		888,028

					5,445,180

Oregon–0.2%
Port of Portland OR Airport Revenue Series 2022-2 4.00%, 07/01/2040			3,000		2,679,907

Other–0.3%
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates Series 2019-M 2.65%, 06/15/2035(a)			4,825		4,006,627

Pennsylvania–4.8%
Allegheny County Airport Authority Series 2021-A 4.00%, 01/01/2039			2,000		1,778,212
Allegheny County Sanitary Authority BAM Series 2013 5.00%, 12/01/2024			3,105		3,170,103
5.00%, 12/01/2025			4,365		4,455,020
Capital Region Water Water Revenue Series 2018 5.00%, 07/15/2029			1,500		1,631,999
City of Philadelphia PA Series 2019-B 5.00%, 02/01/2032			2,890		3,072,093
City of Philadelphia PA Water & Wastewater Revenue Series 2020-A 5.00%, 11/01/2037			685		728,433
5.00%, 11/01/2038			1,655		1,747,744
Coatesville School District AGM Series 2017 5.00%, 08/01/2023			1,250		1,267,245
Commonwealth of Pennsylvania Series 2017 5.00%, 01/01/2026			1,000		1,052,818



	Principal Amount (000)			U.S. $ Value
Moon Industrial Development Authority (Baptist Homes Society) Series 2015 5.125%, 07/01/2025		$	1,600	$	1,546,557
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) Series 2022-C 3.16% (MUNIPSA + 0.70%), 11/15/2047(b)			2,000		1,936,283
Pennsylvania Turnpike Commission Series 2017 5.00%, 06/01/2028			2,905		3,103,325
5.00%, 12/01/2028			3,065		3,276,976
5.00%, 12/01/2029			2,500		2,684,664
5.00%, 12/01/2030			2,540		2,718,336
Series 2017-B 5.00%, 06/01/2031			11,050		11,560,254
Series 2019 5.00%, 12/01/2024			4,000		4,137,082
5.00%, 12/01/2025			3,900		4,090,397
Series 2019-A 5.00%, 12/01/2031			2,650		2,817,146
5.00%, 12/01/2032			1,355		1,434,610
Philadelphia Authority for Industrial Development (City of Philadelphia PA) Series 2018 5.00%, 05/01/2032			3,205		3,332,568
Philadelphia Authority for Industrial Development (MaST Community Charter School III) Series 2021 5.00%, 08/01/2030			880		887,163

					62,429,028

Puerto Rico–0.9%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024			4		3,699
Zero Coupon, 07/01/2033			325		179,409
4.00%, 07/01/2033			312		274,407
4.00%, 07/01/2035			11		9,249
4.00%, 07/01/2037			9		7,621
4.00%, 07/01/2041			13		9,854
4.00%, 07/01/2046			13		9,829
5.25%, 07/01/2023			322		323,152
5.375%, 07/01/2025			423		427,501
5.625%, 07/01/2027			1,053		1,075,158
5.625%, 07/01/2029			423		432,713
5.75%, 07/01/2031			113		114,892
Series 2022-C 0.00%, 11/01/2043			84		41,824



68		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		$	1,010	$	1,000,409
Puerto Rico Highway & Transportation Authority AGC Series 2005-L 5.25%, 07/01/2041			905		879,911
AGC Series 2007-N 5.25%, 07/01/2034			1,005		983,810
5.25%, 07/01/2036			1,110		1,084,169
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) Series 2000 6.625%, 06/01/2026			3,680		3,802,314
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024			1,021		943,322

					11,603,243

South Carolina–1.6%
Patriots Energy Group Financing Agency (Royal Bank of Canada) Series 2018-A 4.00%, 10/01/2048			7,390		7,405,808
Renewable Water Resources Series 2018-A 5.00%, 01/01/2025			7,220		7,509,691
South Carolina Association of Governmental Organizations Series 2022-B 4.00%, 03/01/2023			2,000		2,007,268
South Carolina Public Service Authority Series 2020-A 4.00%, 12/01/2042			2,000		1,705,591
Series 2021-B 4.00%, 12/01/2038			3,000		2,645,636

					21,273,994

South Dakota–0.2%
South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group) Series 2017 5.00%, 09/01/2028			2,000		2,093,305

Tennessee–0.6%
Metropolitan Nashville Airport Authority (The) Series 2019-B 5.00%, 07/01/2032			1,205		1,245,478



	Principal Amount (000)			U.S. $ Value
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The)) Series 2018 4.00%, 11/01/2049		$	6,500	$	6,435,326

					7,680,804

Texas–4.0%
City of Corpus Christi TX Utility System Revenue Series 2015 5.00%, 07/15/2024			1,290		1,328,027
Series 2015-C 5.00%, 07/15/2026			1,030		1,074,785
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2014 5.00%, 07/01/2029			375		367,829
City of San Antonio TX Electric & Gas Systems Revenue Series 2021-A 5.00%, 02/01/2037			1,750		1,857,462
Dallas Fort Worth International Airport Series 2020 5.00%, 11/01/2026			2,500		2,650,738
5.00%, 11/01/2027			1,225		1,312,340
Irving Hospital Authority (Baylor Medical Center at Irving) Series 2017-A 5.00%, 10/15/2028			1,100		1,136,789
Lower Colorado River Authority (LCRA Transmission Services Corp.) Series 2022 5.00%, 05/15/2036			5,255		5,548,718
Metropolitan Transit Authority of Harris County (Metropolitan Transit Authority of Harris County Sales & Use Tax) Series 2018 5.00%, 11/01/2029			1,185		1,296,386
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas Obligated Group) Series 2017-A 5.00%, 08/15/2023			1,160		1,175,817
Port Beaumont Navigation District (Jefferson Railport Terminal II LLC) Series 2020 3.625%, 01/01/2035(a)			300		241,526
Texas A&M University Series 2013-B 5.00%, 05/15/2023			3,950		3,996,042



2022 Annual Report		69

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group LLC) Series 2016 5.00%, 12/31/2040		$	1,880	$	1,819,304
Texas Transportation Commission State Highway Fund Series 2015 5.00%, 10/01/2022			10,035		10,035,000
Texas Water Development Board (State Water Implementation Revenue Fund for Texas) Series 2020 5.00%, 04/15/2028			1,255		1,358,706
University of Houston Series 2017-A 5.00%, 02/15/2023			13,870		13,959,280
Via Metropolitan Transit (Via Metropolitan Transit Sales Tax) Series 2017 5.00%, 07/15/2024			2,580		2,651,093

					51,809,842

Virginia–0.2%
Greater Richmond Convention Center Authority (Greater Richmond Convention Center Authority Hotel Occupancy Tax) Series 2015 5.00%, 06/15/2023			2,065		2,090,458
Virginia Small Business Financing Authority (95 Express Lanes LLC) Series 2022 5.00%, 07/01/2038			1,120		1,122,660

					3,213,118

Washington–4.6%
Franklin County School District No. 1 Pasco Series 2015 5.00%, 12/01/2025			8,615		8,941,234
Port of Seattle WA Series 2018-A 5.00%, 05/01/2026			6,000		6,249,854
5.00%, 05/01/2027			6,500		6,808,112
5.00%, 05/01/2029			1,875		1,950,313
Series 2018-B 5.00%, 05/01/2026			4,925		5,130,089
5.00%, 05/01/2027			5,340		5,593,126
5.00%, 05/01/2028			5,775		6,069,424
Series 2021 4.00%, 08/01/2040			1,000		872,997



	Principal Amount (000)			U.S. $ Value
Snohomish & Island Counties School District No. 41 Stanwood-Camano Series 2018 5.00%, 12/15/2027		$	1,000	$	1,083,668
Snohomish County Public Utility District No 1 Electric System Revenue Series 2012 5.00%, 12/01/2026 (Pre-refunded/ETM)			6,065		6,083,959
Spokane County School District No. 81 Spokane Series 2012 3.00%, 12/01/2031			2,000		1,805,327
State of Washington Series 2015-2 5.00%, 07/01/2024			3,755		3,871,792
Series 2015-R 5.00%, 07/01/2023			3,735		3,786,768
Washington State Convention Center Public Facilities District (Washington State Convention Center Public Facilities District Hotel Occupancy Tax) Series 2021 4.00%, 07/01/2031			1,960		1,734,082
Washington State Housing Finance Commission Series 2021-1, Class A 3.50%, 12/20/2035			981		832,419

					60,813,164

West Virginia–0.2%
Tobacco Settlement Finance Authority/WV Series 2020 4.875%, 06/01/2049			3,070		2,600,637

Wisconsin–3.3%
State of Wisconsin Series 2021-1 5.00%, 05/01/2028			3,800		4,120,185
5.00%, 05/01/2030			2,500		2,764,010
Series 2021-2 5.00%, 05/01/2030			3,390		3,747,998
5.00%, 05/01/2031			3,500		3,866,434
5.00%, 05/01/2032			1,000		1,101,734
5.00%, 05/01/2033			1,400		1,538,365
5.00%, 05/01/2035			750		816,331
5.00%, 05/01/2036			1,210		1,304,947
5.00%, 05/01/2037			1,300		1,397,354
5.00%, 05/01/2038			1,450		1,549,128
5.00%, 05/01/2039			1,500		1,600,686
5.00%, 05/01/2040			1,500		1,597,442
UMA Education, Inc. Series 2019 5.00%, 10/01/2022(a)			175		175,000



70		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
5.00%, 10/01/2023(a)		$	195	$	195,130
5.00%, 10/01/2025(a)			730		727,395
5.00%, 10/01/2026(a)			770		764,782
5.00%, 10/01/2027(a)			805		795,911
5.00%, 10/01/2028(a)			440		432,412
5.00%, 10/01/2029(a)			200		195,759
Wausau School District Series 2022 5.00%, 03/01/2031			2,180		2,366,921
Wisconsin Health & Educational Facilities Authority (St. Camillus Health System Obligated Group) Series 2019 2.25%, 11/01/2026			40		38,028
Wisconsin Public Finance Authority Series 2022 5.50%, 02/01/2042(a)			1,400		1,241,514
Wisconsin Public Finance Authority (Celanese US Holdings LLC) Series 2016-A 5.00%, 01/01/2024			3,245		3,273,922
Series 2016-B
5.00%, 12/01/2025			2,510		2,557,517
Wisconsin Public Finance Authority (Queens University of Charlotte)
Series 2022 5.25%, 03/01/2042			1,000		949,844
Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group)
Series 2021-B 2.25%, 06/01/2027(a)			1,000		883,877
Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group)
Series 2021 4.00%, 02/01/2038			1,000		843,282
4.00%, 02/01/2040			1,000		832,438
Series 2022 5.00%, 02/01/2032			1,000		1,021,286

					42,699,632

Total Long-Term Municipal Bonds (cost $1,006,823,295)					949,867,358



	Shares

INVESTMENT COMPANIES–23.3%
Funds and Investment Trusts–23.3%(c)
iShares Core MSCI EAFE ETF			1,670,856		88,003,985
iShares Core MSCI Emerging Markets ETF			950,834		40,866,845
SPDR S&P 500 ETF Trust			459,720		164,202,790

Shares

U.S. $ Value

Vanguard Mid-Cap ETF

68,109

12,803,130

Total Investment Companies
(cost $265,836,378)

305,876,750

Notional Amount

OPTIONS PURCHASED—PUTS–1.2%

Options on Equity Indices–1.2%

Euro STOXX 50 Index

Expiration: Jul 2023;
Contracts: 5,350;
Exercise Price: EUR 2,800.00;

Counterparty: UBS AG(d)

EUR

14,980,000

744,888

Euro STOXX 50 Index

Expiration: Jul 2023;
Contracts: 3,800;
Exercise Price: EUR 2,800.00;

Counterparty: UBS AG(d)

EUR

10,640,000

529,079

FTSE 100 Index

Expiration: Aug 2023;
Contracts: 1,140;
Exercise Price: GBP 6,000.00;

Counterparty: UBS AG(d)

GBP

6,840,000

302,324

FTSE 100 Index

Expiration: Aug 2023;
Contracts: 820;

Exercise Price: GBP 6,000.00;

Counterparty: UBS AG(d)

GBP

4,920,000

217,461

Nikkei 225 Index

Expiration: Sep 2023;
Contracts: 65,000;
Exercise Price: JPY 22,000.00;

Counterparty: UBS AG(d)

JPY

1,430,000,000

476,508

Nikkei 225 Index

Expiration: Sep 2023;
Contracts: 48,000;
Exercise Price: JPY 22,000.00;

Counterparty: UBS AG(d)

JPY

1,056,000,000

351,883

S&P 500 Index

Expiration: Jul 2023;
Contracts: 27,800;
Exercise Price: USD 3,250.00;

Counterparty: UBS AG(d)

USD

90,350,000

5,207,227

S&P 500 Index

Expiration: Jul 2023;
Contracts: 40,900;
Exercise Price: USD 3,250.00;

Counterparty: UBS AG(d)

USD

132,925,000

7,660,992

Total Options Purchased—Puts (premiums paid $8,984,639)

15,490,362



2022 Annual Report		71

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value

CORPORATES—INVESTMENT GRADE–0.8%

Industrial–0.8%
Capital Goods–0.2%
Caterpillar Financial Services Corp. 2.794% (SOFR + 0.27%), 09/13/2024(b)		$	1,800	$	1,783,908
John Deere Capital Corp. 2.205% (SOFR + 0.12%), 07/10/2023(b)			1,000		996,170

					2,780,078

Consumer Cyclical—Automotive–0.2%
General Motors Financial Co., Inc.
3.443% (SOFR + 1.30%), 04/07/2025(b)			2,000		1,957,540

Consumer Non-Cyclical–0.2%
Baylor Scott & White Holdings
Series 2021 0.827%, 11/15/2025			1,075		954,535
1.777%, 11/15/2030			1,000		767,910
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031			2,000		1,529,540

					3,251,985

Services–0.2%
Novant Health, Inc. 2.637%, 11/01/2036			3,525		2,566,553

Total Corporates—Investment Grade (cost $12,399,259)					10,556,156



GOVERNMENTS—TREASURIES–0.7%
United States–0.7%
U.S. Treasury Notes 2.125%, 11/30/2023(e)			1,698		1,656,611
2.625%, 02/15/2029(e)			7,796		7,184,502

Total Governments—Treasuries (cost $9,580,021)					8,841,113



CORPORATES—NON-INVESTMENT GRADE–0.3%

Industrial–0.3%
Communications—Media–0.1%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034(a)			1,546		1,116,367

Consumer Non-Cyclical–0.1%
Medline Borrower LP 3.875%, 04/01/2029(a)			1,150		923,496

Transportation—Airlines–0.1%
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026(a)			700		657,832
5.75%, 04/20/2029(a)			620		541,080



	Principal Amount (000)			U.S. $ Value
United Airlines, Inc. 4.375%, 04/15/2026(a)		$	1,000	$	892,230
4.625%, 04/15/2029(a)			500		415,200

					2,506,342

Total Corporates—Non-Investment Grade (cost $5,515,619)					4,546,205



COMMERCIAL MORTGAGE-BACKED SECURITIES–0.3%
Agency CMBS–0.3%
California Housing Finance Agency Series 2021-2, Class A 3.75%, 03/25/2035			2,964		2,719,493
Federal Home Loan Mortgage Corp. Series 2021-ML10, Class ACA 2.046%, 06/25/2038			987		755,052

Total Commercial Mortgage-Backed Securities (cost $4,517,388)					3,474,545



COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%
Risk Share Floating Rate–0.1%
Bellemeade Re Ltd. Series 2018-1A, Class M2 5.984% (LIBOR 1 Month + 2.90%), 04/25/2028(a)(b)			126		125,505
Connecticut Avenue Securities Trust Series 2020-SBT1, Class 2M2 6.734% (LIBOR 1 Month + 3.65%), 02/25/2040(a)(b)			250		247,234
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2019-DNA3, Class M2 5.134% (LIBOR 1 Month + 2.05%), 07/25/2049(a)(b)			106		104,187
Series 2013-DN2, Class M2 7.334% (LIBOR 1 Month + 4.25%), 11/25/2023(b)			90		91,004
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C03, Class 2M2 5.984% (LIBOR 1 Month + 2.90%), 07/25/2024(b)			64		64,111
Series 2015-C03, Class 1M2 8.084% (LIBOR 1 Month + 5.00%), 07/25/2025(b)			36		36,937
Series 2016-C01, Class 1M2 9.834% (LIBOR 1 Month + 6.75%), 08/25/2028(b)			113		118,982
Series 2016-C02, Class 1M2 9.084% (LIBOR 1 Month + 6.00%), 09/25/2028(b)			56		58,245

Total Collateralized Mortgage Obligations (cost $727,246)					846,205



72		Sanford C. Bernstein Fund, Inc.



	Shares		U.S. $ Value

SHORT-TERM INVESTMENTS–0.5%
Investment Companies–0.5%
AB Fixed Income Shares, Inc.—Government Money Market Portfolio—Class AB, 2.58%(c)(f)(g) (cost $7,141,247)		7,141,247	$	7,141,247

Total Investments—99.7% (cost $1,321,525,092)				1,306,639,941

Other assets less liabilities—0.3%				4,340,209

Net Assets—100.0%			$	1,310,980,150



FUTURES (see Note 3)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts

Euro STOXX 50 Index Futures		226	December 2022	$	7,342,437	$	(551,998	)

FTSE 100 Index Futures		39	December 2022		3,010,950		(183,682	)

Hang Seng Index Futures		62	October 2022		6,796,609		(230,397	)

Nikkei 225 (OSE) Futures		24	December 2022		4,301,527		(208,706	)

OMXS 30 Index Futures		676	October 2022		11,147,225		(677,728	)

Russell 2000 E-Mini Futures		98	December 2022		8,182,020		(1,077,628	)

S&P 500 E-Mini Futures		363	December 2022		65,367,225		(5,984,653	)

U.S. T-Note 2 Yr (CBT) Futures		131	December 2022		26,906,172		(432,070	)

U.S. T-Note 10 Yr (CBT) Futures		344	December 2022		38,549,500		(1,997,273	)

U.S. Ultra Bond (CBT) Futures		91	December 2022		12,467,000		(1,200,600	)

Sold Contracts

Euro STOXX 50 Index Futures		339	December 2022		11,013,656		(8,600	)

FTSE 100 Index Futures		164	December 2022		12,661,431		717,474

MSCI Emerging Markets Futures		535	December 2022		23,312,625		2,033,256

MSCI Singapore IX ETS Futures		222	October 2022		4,337,984		22,221

S&P 500 E-Mini Futures		332	December 2022		59,784,900		3,118,291

S&P Mid 400 E-Mini Futures		33	December 2022		7,287,060		625,398

S&P/TSX 60 Index Futures		76	December 2022		12,280,161		299,933

SPI 200 Futures		233	December 2022		24,092,065		1,202,420

TOPIX Index Futures		49	December 2022		6,215,988		(3,388	)

						$	(4,537,730	)



FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)
Counterparty	Contracts to Deliver (000)		In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)


Bank of America, NA	USD	8,576		NZD	14,274		11/18/2022	$	(585,916	)

Bank of America, NA	USD	3,302		NOK	34,100		12/01/2022		(166,619	)

Bank of America, NA	CHF	17,772		USD	18,238		12/07/2022		115,837

Bank of America, NA	CHF	2,950		USD	2,994		12/07/2022		(13,825	)



2022 Annual Report		73

Schedule of Investments (continued)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)

Barclays Capital	USD	2,922	CAD	3,761		10/27/2022	$	(199,828	)

BNP Paribas SA	AUD	32,011	USD	22,084		10/20/2022		1,604,625

BNP Paribas SA	CAD	5,682	USD	4,359		10/27/2022		245,319

BNP Paribas SA	USD	3,854	CAD	5,295		10/27/2022		(20,850	)

BNP Paribas SA	USD	10,368	NZD	16,752		11/18/2022		(990,881	)

Citibank, NA	USD	14,512	CAD	19,117		10/27/2022		(673,260	)

Citibank, NA	GBP	13,721	USD	15,839		11/17/2022		508,033

Citibank, NA	USD	4,298	GBP	4,013		11/17/2022		185,574

Citibank, NA	SEK	108,816	USD	9,907		12/01/2022		72,527

Credit Suisse International	USD	2,358	CAD	3,084		10/27/2022		(125,171	)

Deutsche Bank AG	CAD	13,733	USD	10,743		10/27/2022		801,326

Goldman Sachs Bank USA	USD	1,347	SEK	15,276		12/01/2022		34,020

HSBC Bank USA	USD	16,964	CAD	21,796		10/27/2022		(1,185,572	)

HSBC Bank USA	USD	9,250	JPY	1,330,342		12/02/2022		(3,007	)

JPMorgan Chase Bank, NA	USD	7,846	AUD	11,618		10/20/2022		(413,147	)

JPMorgan Chase Bank, NA	CAD	8,248	USD	6,411		10/27/2022		440,597

JPMorgan Chase Bank, NA	USD	14,402	JPY	2,064,248		12/02/2022		(53,340	)

JPMorgan Chase Bank, NA	EUR	48,635	USD	47,566		12/08/2022		(319,609	)

Morgan Stanley & Co., Inc.	USD	29,277	AUD	42,143		10/20/2022		(2,316,116	)

Morgan Stanley & Co., Inc.	USD	20,968	CAD	27,456		10/27/2022		(1,092,953	)

Morgan Stanley & Co., Inc.	GBP	16,288	USD	19,015		11/17/2022		816,062

Morgan Stanley & Co., Inc.	USD	5,240	GBP	4,578		11/17/2022		(125,039	)

Morgan Stanley & Co., Inc.	NZD	2,896	USD	1,778		11/18/2022		157,319

Morgan Stanley & Co., Inc.	USD	3,504	NZD	6,219		11/18/2022		(22,744)

Morgan Stanley & Co., Inc.	USD	3,296	JPY	468,190		12/02/2022		(41,685	)

Morgan Stanley & Co., Inc.	CHF	2,467	USD	2,523		12/07/2022		7,035

UBS AG	GBP	2,510	USD	2,972		11/17/2022		166,831

							$	(3,194,457	)



	CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)
					Rate Type		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Notional Amount (000)			Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
	USD	4,710		01/15/2025	2.565%	CPI#	Maturity	$	406,022		$	—		$	406,022
	USD	2,355		01/15/2025	2.585%	CPI#	Maturity		201,159			—			201,159
	USD	2,355		01/15/2025	2.613%	CPI#	Maturity		198,610			—			198,610
	USD	11,470		01/15/2026	CPI#	3.720%	Maturity		(312,537	)		—			(312,537	)
	USD	7,300		01/15/2027	CPI#	3.320%	Maturity		(274,804	)		—			(274,804	)
	USD	7,200		01/15/2027	CPI#	3.466%	Maturity		(207,667	)		(8,413	)		(199,254	)
	USD	20,920		01/15/2028	1.230%	CPI#	Maturity		3,490,717			—			3,490,717
	USD	16,190		01/15/2028	0.735%	CPI#	Maturity		3,266,155			—			3,266,155
	USD	30,110		01/15/2029	CPI#	3.290%	Maturity		(603,170	)		—			(603,170	)
	USD	5,860		01/15/2029	CPI#	3.735%	Maturity		94,130			—			94,130
	USD	5,125		01/15/2030	1.572%	CPI#	Maturity		784,827			—			784,827
	USD	5,125		01/15/2030	1.587%	CPI#	Maturity		778,003			—			778,003
	USD	1,130		01/15/2030	1.714%	CPI#	Maturity		158,720			—			158,720
	USD	1,130		01/15/2030	1.731%	CPI#	Maturity		156,993			—			156,993



74		Sanford C. Bernstein Fund, Inc.


					Rate Type		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Notional Amount (000)			Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
	USD	4,400		01/15/2031	2.782%	CPI#	Maturity	$	222,104		$	—		$	222,104
	USD	4,150		01/15/2031	2.680%	CPI#	Maturity		249,765			—			249,765
	USD	3,500		01/15/2031	2.989%	CPI#	Maturity		106,962			—			106,962
	USD	3,800		04/15/2032	CPI#	2.909%	Maturity		(107,547	)		—			(107,547	)
	USD	3,350		04/15/2032	CPI#	2.748%	Maturity		(151,069	)		—			(151,069	)
	USD	2,000		04/15/2032	CPI#	2.722%	Maturity		(95,669	)		—			(95,669	)

								$	8,361,704		$	(8,413	)	$	8,370,117

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

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)

Rate Type

Payment
Frequency
Paid/
Received

Market
Value

Upfront
Premiums Paid/
(Received)

Unrealized
Appreciation/
(Depreciation)

Swap Counterparty

Notional Amount
(000)

Termination
Date

Payments made
by the Fund

Payments received
by the Fund

Citibank, NA

USD

10,850

04/15/2032

2.777

1 Day SOFR

Annual

605,667

—

605,667



CREDIT DEFAULT SWAPS (see Note 3)
Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%	Monthly		7.50	%		USD	70	$	(15,616	)	$	(6,506	)	$	(9,110	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	965		(216,362	)		(118,407	)		(97,955	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	1		(161	)		(84	)		(77	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	38		(8,533	)		(3,588	)		(4,945	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	475		(106,571	)		(44,866	)		(61,705	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	714		(160,179	)		(65,703	)		(94,476	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	620		(138,929	)		(55,313	)		(83,616	)

											$	(646,351)		$	(294,467)		$	(351,884)

* Termination date



2022 Annual Report		75

Schedule of Investments (continued)



INFLATION (CPI) SWAPS (see Note 3)
					Rate Type						Payment Frequency Paid/ Received		Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund			Payment Frequency Paid/ Received		Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	USD	12,000		10/23/2026		2.310	%		CPI	#		Maturity	$	620,468	$	—	$	620,468
Barclays Bank PLC	USD	10,000		12/04/2027		2.170	%		CPI	#		Maturity		1,005,510		—		1,005,510
Barclays Bank PLC	USD	10,000		10/23/2029		2.388	%		CPI	#		Maturity		387,784		—		387,784
Barclays Bank PLC	USD	13,000		12/04/2032		2.233	%		CPI	#		Maturity		1,231,735		—		1,231,735
Citibank, NA	USD	22,000		11/04/2023		1.900	%		CPI	#		Maturity		2,528,370		—		2,528,370
Citibank, NA	USD	10,000		07/20/2027		2.104	%		CPI	#		Maturity		1,098,022		—		1,098,022
Deutsche Bank AG	USD	10,000		09/04/2025		1.818	%		CPI	#		Maturity		1,241,731		—		1,241,731
JPMorgan Chase Bank, NA	USD	10,000		03/02/2024		2.175	%		CPI	#		Maturity		920,331		—		920,331
JPMorgan Chase Bank, NA	USD	33,000		07/20/2024		1.995	%		CPI	#		Maturity		3,639,105		—		3,639,105
JPMorgan Chase Bank, NA	USD	13,000		11/04/2026		2.015	%		CPI	#		Maturity		1,545,613		—		1,545,613
JPMorgan Chase Bank, NA	USD	28,000		12/27/2028		2.009	%		CPI	#		Maturity		3,134,823		—		3,134,823

													$	17,353,492	$	—	$	17,353,492

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

INTEREST RATE SWAPS (see Note 3)

Notional Amount
(000)

Termination
Date

Rate Type

Payment
Frequency Paid/
Received

Market
Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation/
(Depreciation)

Swap Counterparty

Payments made
by the Fund

Payments received
by the Fund

Citibank, NA

USD

12,470

10/09/2029

1.125

SIFMA

Quarterly

1,433,021

—

1,433,021

* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.



TOTAL RETURN SWAPS (see Note 3)
Counterparty & Referenced Obligation	Rate Paid/ Received		Payment Frequency	Current Notional (000)			Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation

Morgan Stanley Capital Services LLC
Swiss Market Index Futures		0.00%	Maturity		CHF	103		12/16/2022	$	(4,861	)
Swiss Market Index Futures		0.00%	Maturity		CHF	1,641		12/16/2022		(123,292	)
Swiss Market Index Futures		0.00%	Maturity		CHF	2,360		12/16/2022		(126,184	)

									$	(254,337	)

(a)

(b)

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

(c)

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

(d)

Non-income producing security.

(e)

Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(f)

Affiliated investments.

(g)

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



76		Sanford C. Bernstein Fund, Inc.

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

AGC—Assured Guaranty Corporation

AGM—Assured Guaranty Municipal

BAM—Build American Mutual

CBT—Chicago Board of Trade

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

CMBS—Commercial Mortgage-Backed Securities

CCRC—Congregate Care Retirement Center

COP—Certificate of Participation

CPI—Consumer Price Index

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

ETM—Escrowed to Maturity

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

MUNIPSA—SIFMA Municipal Swap Index

NATL—National Interstate Corporation

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

OSF—Order of St. Francis

SOFR—Secured Overnight Financing Rate

SPDR—Standard & Poor’s Depository Receipt

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

UPMC—University of Pittsburgh Medical Center

XLCA—XL Capital Assurance Inc.

See notes to financial statements.



2022 Annual Report		77

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Tax-Aware Overlay C Portfolio

September 30, 2022



	Principal Amount (000)			U.S. $ Value

MUNICIPAL OBLIGATIONS–78.7%

Long-Term Municipal Bonds–76.5%
American Samoa–0.1%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028(a)		$	235	$	253,654

Arizona–0.6%
State of Arizona Lottery Revenue Series 2019 5.00%, 07/01/2024 (Pre-refunded/ETM)			2,000		2,058,775

California–63.4%
Anaheim Housing & Public Improvements Authority (City of Anaheim CA Electric System Revenue) Series 2020 2.792%, 10/01/2032			1,150		940,831
Antelope Valley-East Kern Water Agency Series 2016 5.00%, 06/01/2023			1,000		1,012,355
5.00%, 06/01/2025			1,000		1,044,761
Bay Area Toll Authority Series 2017 5.00%, 04/01/2028			2,700		2,942,971
Series 2021 2.76% (MUNIPSA + 0.30%), 04/01/2056(b)			2,000		1,939,675
2.87% (MUNIPSA + 0.41%), 04/01/2056(b)			2,000		1,937,102
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021-A 4.00%, 08/01/2047(a)			1,265		882,361
California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) Series 2021 4.00%, 08/01/2046(a)			500		358,584



	Principal Amount (000)			U.S. $ Value
California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) Series 2021 4.00%, 02/01/2050(a)		$	1,000	$	693,948
California Educational Facilities Authority (University of the Pacific) Series 2015 5.00%, 11/01/2027			2,000		2,079,836
California Enterprise Development Authority (Rocketship Education Obligated Group) Series 2022 4.00%, 06/01/2031(a)			540		488,578
California Health Facilities Financing Authority (CommonSpirit Health) Series 2020-A 4.00%, 04/01/2035			1,850		1,720,366
California Health Facilities Financing Authority (Kaiser Foundation Hospitals) Series 2017-P 5.00%, 11/01/2032			3,430		3,435,452
California Health Facilities Financing Authority (Sutter Health Obligated Group) Series 2018-A 5.00%, 11/15/2030			900		949,879
California Housing Finance Agency Series 2019-2, Class A 4.00%, 03/20/2033			2,128		2,024,621
Series 2021-1, Class A 3.50%, 11/20/2035			2,592		2,239,441
Series 2021-2 0.823%, 03/25/2035			1,000		56,273
California Infrastructure & Economic Development Bank Series 2022 0.85%, 01/01/2050 (Pre-refunded/ETM)(a)			2,500		2,472,404
California Infrastructure & Economic Development Bank (California Academy of Sciences) Series 2021 2.81% (MUNIPSA + 0.35%), 08/01/2047(b)			2,000		1,978,415
California Municipal Finance Authority (Anaheim Electric Utility Fund) Series 2015-B 5.00%, 10/01/2026			1,000		1,052,392



78		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
California Municipal Finance Authority (California Municipal Finance Authority State Lease) Series 2017-A 5.00%, 06/01/2029		$	2,320	$	2,480,388
California Municipal Finance Authority (LAX Integrated Express Solutions LLC) Series 2018 5.00%, 06/30/2028			1,325		1,359,932
5.00%, 12/31/2028			1,700		1,744,361
5.00%, 06/30/2029			2,000		2,049,613

California Municipal Finance Authority (United Airlines, Inc.) Series 2019 4.00%, 07/15/2029			2,140		1,965,907

California Pollution Control Financing Authority (San Diego County Water Authority Desalination Project Pipeline) Series 2019 5.00%, 07/01/2029(a)			450		457,386
California Public Finance Authority (California University of Science & Medicine Obligated Group) Series 2019 6.25%, 07/01/2054(a)			1,000		1,070,071
California School Finance Authority (Classical Academy Obligated Group) Series 2022 5.00%, 10/01/2042(a)			1,000		959,790
California School Finance Authority (Fenton Charter Public Schools) Series 2020-A 4.00%, 07/01/2030(a)			600		551,671
California School Finance Authority (Rocketship Education Obligated Group) Series 2015-A 4.25%, 03/01/2028(a)			545		528,326
California State Public Works Board (California State Public Works Board Lease) Series 2014-A 5.00%, 09/01/2030			4,375		4,501,248
Series 2022-A 5.00%, 08/01/2023			4,715		4,788,544
California State University Series 2016-A 5.00%, 11/01/2025			1,000		1,054,844



	Principal Amount (000)			U.S. $ Value
Series 2017-A 5.00%, 11/01/2025		$	2,160	$	2,278,463
5.00%, 11/01/2030			1,000		1,075,859
Series 2020-D 1.49%, 11/01/2028			400		329,565
Series 2021-B 0.55%, 11/01/2049			3,000		2,523,041
2.274%, 11/01/2034			2,000		1,475,252
California Statewide Communities Development Authority (Enloe Medical Center) Series 2015 5.00%, 08/15/2028			2,200		2,319,938
California Statewide Communities Development Authority (Lancer Educational Housing LLC) Series 2019 5.00%, 06/01/2034(a)			375		359,927
California Statewide Communities Development Authority (Loma Linda University Medical Center) Series 2016-A 5.00%, 12/01/2041(a)			1,000		928,619
Series 2018-A 5.00%, 12/01/2028(a)			500		500,526
California Statewide Communities Development Authority (Methodist Hospital of Southern California Obligated Group) Series 2018 5.00%, 01/01/2028			2,915		3,003,119
5.00%, 01/01/2029			2,790		2,867,685
California Statewide Communities Development Authority (NCCD-Hooper Street LLC) Series 2019 5.00%, 07/01/2024(a)			120		119,222
5.00%, 07/01/2029(a)			215		205,034
City & County of San Francisco CA (City & County of San Francisco CA COP) Series 2015-R 5.00%, 09/01/2025			4,175		4,242,186
City of Hayward CA (City of Hayward CA COP) Series 2015 5.00%, 11/01/2022			3,365		3,369,911
City of Los Angeles Department of Airports Series 2016-A 5.00%, 05/15/2026			1,795		1,861,223
Series 2017-A 5.00%, 05/15/2030			3,585		3,708,833
5.00%, 05/15/2031			1,275		1,315,599



2022 Annual Report		79

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Series 2018 5.00%, 05/15/2023		$	4,670	$	4,709,353
Series 2018-D 5.00%, 05/15/2026			2,890		2,996,620
Series 2019 4.00%, 05/15/2044			1,000		868,784
5.00%, 05/15/2031			485		506,273
Series 2020 5.00%, 05/15/2033			1,000		1,080,267
City of Roseville CA (Fiddyment Ranch Community Facilities District No.1) Series 2017 5.00%, 09/01/2031			1,000		1,035,889
City of Roseville CA (HP Campus Oaks Community Facilities District No.1) Series 2016 5.00%, 09/01/2031			305		314,223
City of San Jose CA Airport Revenue (Norman Y Mineta San Jose International Airport SJC) Series 2014-A 5.00%, 03/01/2024			1,955		1,988,233
Series 2014-B 5.00%, 03/01/2026			2,360		2,413,361
CMFA Special Finance Agency VII (CMFA Special Finance Agency VII The Breakwater Apartments) Series 2021 4.00%, 08/01/2047(a)			1,000		679,820
CMFA Special Finance Agency VIII Elan Huntington Beach Series 2021 4.00%, 08/01/2047(a)			290		217,500
Coronado Community Development Agency Successor Agency Series 2018-A 5.00%, 09/01/2033			2,520		2,621,844
County of Los Angeles CA Community Facilities District No 2021-0 Series 2022 5.00%, 09/01/2042			1,800		1,736,273
County of Monterey CA (County of Monterey CA COP) Series 2017 5.00%, 10/01/2029			4,870		5,251,380
County of Sacramento CA Airport System Revenue Series 2018-E 5.00%, 07/01/2032			1,280		1,365,251
County of San Diego CA (County of San Diego CA COP) Series 2014-A 5.00%, 10/15/2027			1,250		1,290,728
5.00%, 10/15/2028			1,300		1,340,291



	Principal Amount (000)			U.S. $ Value
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) Series 2021 3.35%, 04/01/2047(a)		$	1,000	$	744,289
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.60%, 05/01/2047(a)			1,250		947,179
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2046(a)			1,000		700,150
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 3.50%, 10/01/2046(a)			1,000		718,434
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) Series 2021-A1 2.875%, 08/01/2041(a)			955		760,066
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.375%, 07/01/2043(a)			1,000		737,959
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) Series 2021 2.65%, 12/01/2046(a)			995		710,283
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 3.50%, 05/01/2047(a)			1,000		776,078



80		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A 3.10%, 07/01/2045(a)		$	1,000	$	728,232
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 4.00%, 10/01/2048(a)			1,000		690,227
Fremont Community Facilities District No. 1 Series 2015 5.00%, 09/01/2028			1,505		1,546,113
Golden State Tobacco Securitization Corp. Series 2021 1.85%, 06/01/2031			240		235,037
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization Corp. Lease) Series 2021 1.40%, 06/01/2025			1,000		907,813
Irvine Unified School District Series 2017-A 5.00%, 09/01/2023			925		935,239
Los Angeles Community College District/CA Series 2015-A 5.00%, 08/01/2030 (Pre-refunded/ETM)			2,585		2,671,357
Los Angeles Department of Water & Power Series 2018-A 5.00%, 07/01/2028			1,660		1,807,854
Los Angeles Department of Water & Power Power System Revenue Series 2020-B 5.00%, 07/01/2028			365		400,344
5.00%, 07/01/2029			455		505,359
Los Angeles Unified School District/CA Series 2014-C 5.00%, 07/01/2027			6,815		7,031,652
Series 2021-R 5.00%, 07/01/2023			2,725		2,764,580
Metropolitan Water District of Southern California Series 2021-D 2.60% (MUNIPSA + 0.14%), 07/01/2037(b)			1,000		994,849



	Principal Amount (000)			U.S. $ Value
Middle Fork Project Finance Authority Series 2020 5.00%, 04/01/2033		$	450	$	465,987
Newport Mesa Unified School District Series 2020 5.00%, 08/01/2024			510		526,946
Oakland Unified School District/Alameda County Series 2015-A 5.00%, 08/01/2025			1,310		1,368,438
5.00%, 08/01/2026			1,025		1,071,076
Peralta Community College District Series 2014-A 5.00%, 08/01/2027			5,855		6,014,892
Regents of the University of California Medical Center Pooled Revenue Series 2013-J 5.00%, 05/15/2033 (Pre-refunded/ETM)			4,885		4,938,940
Series 2022 5.00%, 05/15/2039			3,000		3,179,575
River Islands Public Financing Authority (River Islands Public Financing Authority Community Facilities District No 2003-1) Series 2022 4.50%, 09/01/2037			1,000		910,482
5.00%, 09/01/2042			1,000		918,442
Riverside County Redevelopment Successor Agency AGM Series 2017-B 5.00%, 10/01/2029			1,900		2,035,235
Romoland School District Series 2015 5.00%, 09/01/2023			300		302,973
Sacramento County Sanitation Districts Financing Authority Series 2014-A 5.00%, 12/01/2029			2,000		2,054,828
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 2.635% (LIBOR 3 Month + 0.57%), 06/01/2039(b)			1,450		1,244,007
San Diego Association of Governments (State of California DOT Fed Hwy Grant) Series 2019 1.80%, 11/15/2027			1,500		1,330,416



2022 Annual Report		81

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
San Diego County Regional Transportation Commission (San Diego County Regional Transportation Commission Sales Tax) Series 2021-A 5.00%, 10/01/2022		$	1,970	$	1,970,000
San Diego County Water Authority Series 2021-A 5.00%, 05/01/2023			780		788,747
5.00%, 05/01/2024			500		514,463
5.00%, 05/01/2025			1,000		1,047,760
San Francisco Intl Airport Series 2016-S 5.00%, 05/01/2025			1,050		1,095,377
5.00%, 05/01/2026			1,680		1,772,984
Saugus/Hart School Facilities Financing Authority (Saugus Union School District Community Facilities District No. 06-01) Series 2016 5.00%, 09/01/2027			750		774,043
State of California Series 2013-B 5.00%, 09/01/2023			5,635		5,732,393
Series 2015 5.00%, 03/01/2024			2,135		2,191,122
Series 2015-B 5.00%, 09/01/2023			5,700		5,798,516
Series 2016 5.00%, 09/01/2023			8,760		8,911,403
Series 2018-B 5.00%, 08/01/2029			7,615		8,327,608
Series 2020 5.00%, 11/01/2023			4,900		4,999,395
Series 2021 5.00%, 09/01/2023			2,000		2,034,567
Stockton Redevelopment Agency Successor Agency AGM Series 2016-A 5.00%, 09/01/2025			1,900		1,976,388
Tobacco Securitization Authority of Southern California Series 2019 5.00%, 06/01/2030			960		1,000,449
University of California Series 2013-A 5.00%, 05/15/2048			6,000		6,072,505
Series 2015-A 5.00%, 05/15/2025			2,270		2,382,844
Series 2018-A 4.00%, 05/15/2024			2,120		2,149,962
Walnut Energy Center Authority Series 2014 5.00%, 01/01/2026			1,000		1,029,730
5.00%, 01/01/2028			1,800		1,849,816

					232,757,821



	Principal Amount (000)			U.S. $ Value
Colorado–0.7%
City & County of Denver CO (United Airlines, Inc.) Series 2017 5.00%, 10/01/2032		$	1,000	$	951,707
Plaza Metropolitan District No. 1 Series 2013 5.00%, 12/01/2022(a)			690		690,634
Sterling Ranch Community Authority Board (Sterling Ranch Metropolitan District No. 3) Series 2017-A 5.00%, 12/01/2030			1,000		979,749
Vauxmont Metropolitan District AGM Series 2020 5.00%, 12/01/2050			100		104,103

					2,726,193

Connecticut–0.3%
State of Connecticut Series 2015-B 5.00%, 06/15/2030			1,250		1,302,623

Florida–0.0%
Capital Trust Agency, Inc. (Franklin Academy Obligated Group) Series 2020 5.00%, 12/15/2026(a)			100		100,814
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2031			100		62,861

					163,675

Guam–1.2%
Antonio B Won Pat International Airport Authority Series 2021-A 2.899%, 10/01/2027			200		175,605
3.489%, 10/01/2031			120		99,459
Guam Power Authority Series 2022-A 5.00%, 10/01/2028			1,000		1,042,240
Territory of Guam Series 2019 5.00%, 11/15/2031			90		84,980
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2029			140		139,785
5.00%, 12/01/2030			225		223,358
5.00%, 12/01/2032			205		200,587
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2015-D 5.00%, 11/15/2023			420		421,613
5.00%, 11/15/2025			350		351,224



82		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
5.00%, 11/15/2031		$	840	$	826,947
Territory of Guam (Territory of Guam Hotel Occupancy Tax) Series 2021-A 5.00%, 11/01/2040			1,000		921,874

					4,487,672

Illinois–2.5%
Chicago Board of Education Series 2017-F 5.00%, 12/01/2024			2,000		2,034,947
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2023			100		100,679
5.00%, 09/01/2029			100		102,370
5.00%, 09/01/2033			100		99,957
Metropolitan Pier & Exposition Authority Series 2017-B 5.00%, 12/15/2030			1,400		1,421,252
State of Illinois Series 2014 5.00%, 05/01/2025			2,165		2,191,479
Series 2017-D 5.00%, 11/01/2024			3,190		3,242,704

					9,193,388

Kentucky–0.1%
City of Ashland KY (Ashland Hospital Corp. Obligated Group) Series 2019 5.00%, 02/01/2027			140		144,572
5.00%, 02/01/2031			100		102,199

					246,771

Louisiana–0.1%
Parish of St. James LA (NuStar Logistics LP) Series 2020 6.10%, 06/01/2038(a)			110		117,036
6.10%, 12/01/2040(a)			100		106,397

					223,433

Michigan–2.5%
City of Detroit MI Series 2018 5.00%, 04/01/2029			2,000		2,049,089
5.00%, 04/01/2030			600		612,350
Michigan Finance Authority (Public Lighting Authority) Series 2014-B 5.00%, 07/01/2025			2,175		2,207,843
Michigan Strategic Fund (Michigan Strategic Fund–I 75 Improvement Project) Series 2018 5.00%, 06/30/2030			3,325		3,325,675



	Principal Amount (000)			U.S. $ Value
5.00%, 12/31/2030		$	1,000	$	996,891

					9,191,848

Missouri–0.0%
Howard Bend Levee District XLCA INS Series 2005 5.75%, 03/01/2027			100		101,369

Nebraska–0.6%
Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) Series 2018 5.00%, 03/01/2050			2,290		2,311,063

Nevada–0.1%
City of Sparks NV (City of Sparks NV Sales Tax) Series 2019-A 2.75%, 06/15/2028(a)			420		368,097

New Jersey–0.6%
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2018-A 5.00%, 12/15/2029			2,000		2,082,317

New York–0.1%
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 4.00%, 01/01/2036			210		185,160

Ohio–0.2%
Ohio Air Quality Development Authority (Pratt Paper OH, Inc.) Series 2017 3.75%, 01/15/2028(a)			720		716,990

Puerto Rico–1.0%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024			192		176,243
Zero Coupon, 07/01/2033			555		305,912
4.00%, 07/01/2033			130		114,322
5.25%, 07/01/2023			90		90,400
5.375%, 07/01/2025			255		257,466
5.625%, 07/01/2027			750		765,575
5.625%, 07/01/2029			100		102,279
5.75%, 07/01/2031			100		101,950
Puerto Rico Highway & Transportation Authority AGC Series 2005-L 5.25%, 07/01/2041			190		184,733
AGC Series 2007-C 5.50%, 07/01/2031			110		110,855



2022 Annual Report		83

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) Series 2000 6.625%, 06/01/2026		$	1,105	$	1,141,728
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024			310		286,415

					3,637,878

South Carolina–0.5%
South Carolina Public Service Authority Series 2021-B 4.00%, 12/01/2039			2,000		1,749,546

Texas–1.0%
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031(a)			1,010		994,315
Texas Municipal Gas Acquisition & Supply Corp. I (Bank of America Corp.) Series 2008-D 6.25%, 12/15/2026			2,565		2,665,010

					3,659,325

Washington–0.3%
Kalispel Tribe of Indians Series 2018-A 5.00%, 01/01/2032(a)			1,000		1,042,790

Wisconsin–0.6%
UMA Education, Inc. Series 2019 5.00%, 10/01/2023(a)			100		100,066
5.00%, 10/01/2025(a)			225		224,197
5.00%, 10/01/2026(a)			235		233,408
5.00%, 10/01/2027(a)			245		242,234
5.00%, 10/01/2028(a)			135		132,672
5.00%, 10/01/2029(a)			100		97,879
Wisconsin Public Finance Authority (Celanese US Holdings LLC) Series 2016-A 5.00%, 01/01/2024			1,135		1,145,116

					2,175,572

Total Long-Term Municipal Bonds (cost $296,737,139)					280,635,960



Short-Term Municipal Notes–2.2%
City of Los Angeles CA Series 2022 4.00%, 06/29/2023 (cost $8,094,507)			8,000		8,054,480

Total Municipal Obligations (cost $304,831,646)					288,690,440



	Shares			U.S. $ Value

INVESTMENT COMPANIES–12.5%
Funds and Investment Trusts–12.5%(c)
iShares Core MSCI Emerging Markets ETF			278,526	$	11,971,047
SPDR S&P 500 ETF Trust			84,610		30,221,000
Vanguard Mid-Cap ETF			19,951		3,750,389

Total Investment Companies (cost $34,944,029)					45,942,436



	Notional Amount

OPTIONS PURCHASED—PUTS–1.2%
Options on Equity Indices–1.2%
Euro STOXX 50 Index Expiration: Jul 2023; Contracts: 1,530; Exercise Price: EUR 2,800.00; Counterparty: UBS AG(d)		EUR	4,284,000		213,024
Euro STOXX 50 Index Expiration: Jul 2023; Contracts: 1,090; Exercise Price: EUR 2,800.00; Counterparty: UBS AG(d)		EUR	3,052,000		151,762
FTSE 100 Index Expiration: Aug 2023; Contracts: 320; Exercise Price: GBP 6,000.00; Counterparty: UBS AG(d)		GBP	1,920,000		84,863
FTSE 100 Index Expiration: Aug 2023; Contracts: 240; Exercise Price: GBP 6,000.00; Counterparty: UBS AG(d)		GBP	1,440,000	$	63,647
Nikkei 225 Index Expiration: Sep 2023; Contracts: 19,000; Exercise Price: JPY 22,000.00; Counterparty: UBS AG(d)		JPY	418,000,000		139,287
Nikkei 225 Index Expiration: Sep 2023; Contracts: 13,000; Exercise Price: JPY 22,000.00; Counterparty: UBS AG(d)		JPY	286,000,000		95,302
S&P 500 Index Expiration: Jul 2023; Contracts: 11,700; Exercise Price: USD 3,250.00; Counterparty: UBS AG(d)		USD	38,025,000		2,191,531
S&P 500 Index Expiration: Jul 2023; Contracts: 8,000; Exercise Price: USD 3,250.00; Counterparty: UBS AG(d)		USD	26,000,000		1,498,482

Total Options Purchased—Puts (premiums paid $2,572,784)					4,437,898



84		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value

COMMERCIAL MORTGAGE-BACKED SECURITIES–0.8%
Agency CMBS–0.8%
California Housing Finance Agency Series 2021-2, Class A 3.75%, 03/25/2035		$	1,976	$	1,812,995
Federal Home Loan Mortgage Corp. Series 2021-ML10, Class AUS 2.032%, 01/25/2038			1,259		969,273

Total Commercial Mortgage-Backed Securities (cost $3,634,596)					2,782,268



GOVERNMENTS—TREASURIES–0.7%
United States–0.7%
U.S. Treasury Notes 2.125%, 11/30/2023			200		195,125
2.625%, 02/15/2029(e)(f)			2,670		2,460,572

Total Governments—Treasuries (cost $2,995,159)					2,655,697



COLLATERALIZED MORTGAGE OBLIGATIONS–0.0%
Risk Share Floating Rate–0.0%
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 2M2 5.984% (LIBOR 1 Month + 2.90%), 07/25/2024(b)			32		31,801



	Principal Amount (000)			U.S. $ Value
Series 2015-C02, Class 1M2 7.084% (LIBOR 1 Month + 4.00%), 05/25/2025(b)		$	35	$	36,016

Total Collateralized Mortgage Obligations (cost $66,545)					67,817



		Shares

SHORT-TERM INVESTMENTS – 4.8%
Investment Companies–4.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 2.58%(c)(g)(h) (cost $17,560,057)			17,560,057		17,560,057

Total Investments—98.7% (cost $366,604,816)					362,136,613

Other assets less liabilities—1.3%					4,943,591

Net Assets—100.0%				$	367,080,204



FUTURES (see Note 3)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts

Euro STOXX 50 Index Futures		234	December 2022	$	7,602,347	$	(75,056)

FTSE 100 Index Futures		15	December 2022		1,158,058		(52,488)

Hang Seng Index Futures		25	October 2022		2,740,568		(64,002)

Nikkei 225 (OSE) Futures		7	December 2022		1,254,612		(62,248)

OMXS 30 Index Futures		217	October 2022		3,578,325		(183,622)

Russell 2000 E-Mini Futures		26	December 2022		2,170,740		(285,901)

S&P 500 E-Mini Futures		104	December 2022		18,727,800		(1,729,129)

TOPIX Index Futures		31	December 2022		3,932,564		(31,200)

U.S. T-Note 2 Yr (CBT) Futures		37	December 2022		7,599,453		(121,536)

U.S. T-Note 10 Yr (CBT) Futures		99	December 2022		11,094,188		(574,797)

U.S. Ultra Bond (CBT) Futures		26	December 2022		3,562,000		(342,912)

Sold Contracts

MSCI Emerging Markets Futures		160	December 2022		6,972,000		616,929

MSCI Singapore IX ETS Futures		38	October 2022		742,538		3,804

S&P 500 E-Mini Futures		8	December 2022		1,440,600		29,660

S&P Mid 400 E-Mini Futures		9	December 2022		1,987,380		158,277



2022 Annual Report		85

Schedule of Investments (continued)


Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation/ (Depreciation)

S&P/TSX 60 Index Futures		21	December 2022	$	3,393,202	$	62,384

SPI 200 Futures		46	December 2022		4,756,373		160,469

						$	(2,491,368	)



FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)
Counterparty	Contracts to Deliver (000)		In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)

Bank of America, NA	USD	2,127		NZD	3,541		11/18/2022	$	(145,350	)

Bank of America, NA	USD	1,309		NOK	13,514		12/01/2022		(66,030	)

Bank of America, NA	CHF	5,224		USD	5,361		12/07/2022		34,053

Bank of America, NA	CHF	827		USD	839		12/07/2022		(3,876	)

Barclays Bank	USD	849		CAD	1,093		10/27/2022		(58,072	)

Barclays Bank	USD	1,125		SEK	12,610		12/01/2022		14,773

Barclays Bank	USD	5,672		JPY	815,436		12/02/2022		(4,297	)

BNP Paribas SA	AUD	9,132		USD	6,301		10/20/2022		457,942

BNP Paribas SA	CAD	1,632		USD	1,252		10/27/2022		70,438

BNP Paribas SA	USD	1,095		CAD	1,505		10/27/2022		(5,926	)

BNP Paribas SA	USD	2,776		NZD	4,485		11/18/2022		(265,260	)

Citibank, NA	USD	4,133		CAD	5,445		10/27/2022		(191,761	)

Citibank, NA	GBP	3,914		USD	4,518		11/17/2022		144,919

Citibank, NA	USD	1,234		GBP	1,152		11/17/2022		53,272

Citibank, NA	SEK	29,675		USD	2,702		12/01/2022		19,779

Credit Suisse International	USD	672		CAD	879		10/27/2022		(35,680	)

Deutsche Bank AG	USD	1,817		AUD	2,804		10/20/2022		(23,109	)

Deutsche Bank AG	CAD	3,911		USD	3,060		10/27/2022		228,223

Deutsche Bank AG	USD	4,056		GBP	3,714		11/17/2022		94,328

Deutsche Bank AG	USD	2,895		CHF	2,828		12/07/2022		(11,686	)

Deutsche Bank AG	USD	8,230		EUR	8,433		12/08/2022		73,395

HSBC Bank USA	USD	4,846		CAD	6,227		10/27/2022		(338,707	)

HSBC Bank USA	USD	2,604		JPY	374,528		12/02/2022		(846	)

JPMorgan Chase Bank	USD	2,222		AUD	3,290		10/20/2022		(116,996	)

JPMorgan Chase Bank	CAD	2,350		USD	1,827		10/27/2022		125,532

JPMorgan Chase Bank	USD	3,897		JPY	558,543		12/02/2022		(14,432	)

JPMorgan Chase Bank	EUR	14,052		USD	13,743		12/08/2022		(92,344	)

Morgan Stanley & Co. LLC	USD	8,302		AUD	11,949		10/20/2022		(656,977	)

Morgan Stanley & Co. LLC	USD	5,503		CAD	7,215		10/27/2022		(280,561	)

Morgan Stanley & Co. LLC	GBP	4,647		USD	5,425		11/17/2022		232,824

Morgan Stanley & Co. LLC	USD	1,497		GBP	1,308		11/17/2022		(35,725	)

Morgan Stanley & Co. LLC	USD	984		NZD	1,747		11/18/2022		(6,389	)

Morgan Stanley & Co. LLC	USD	966		JPY	137,211		12/02/2022		(12,217	)

Morgan Stanley & Co. LLC	CHF	711		USD	727		12/07/2022		2,028

State Street Bank & Trust Co.	USD	456		CAD	589		10/27/2022		(29,937	)

State Street Bank & Trust Co.	USD	149		NOK	1,598		12/01/2022		(2,035	)

UBS AG	GBP	900		USD	1,066		11/17/2022		59,827

								$	(786,880	)



86		Sanford C. Bernstein Fund, Inc.



	CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)
					Rate Type		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Notional Amount (000)			Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)

	USD	1,420		01/15/2025	2.565%	CPI#	Maturity	$	122,410		$	—		$	122,410
	USD	710		01/15/2025	2.585%	CPI#	Maturity		60,647			—			60,647
	USD	710		01/15/2025	2.613%	CPI#	Maturity		59,878			—			59,878
	USD	3,780		01/15/2026	CPI#	3.720%	Maturity		(102,998	)		—			(102,998	)
	USD	2,150		01/15/2027	CPI#	3.320%	Maturity		(80,936	)		—			(80,936	)
	USD	2,110		01/15/2027	CPI#	3.466%	Maturity		(60,858	)		(2,466	)		(58,392	)
	USD	6,470		01/15/2028	1.230%	CPI#	Maturity		1,079,586			—			1,079,586
	USD	5,230		01/15/2028	0.735%	CPI#	Maturity		1,055,095			—			1,055,095
	USD	9,210		01/15/2029	CPI#	3.290%	Maturity		(184,497	)		—			(184,497	)
	USD	1,720		01/15/2029	CPI#	3.735%	Maturity		27,629			—			27,629
	USD	1,575		01/15/2030	1.572%	CPI#	Maturity		241,191			—			241,191
	USD	1,575		01/15/2030	1.587%	CPI#	Maturity		239,094			—			239,094
	USD	240		01/15/2030	1.714%	CPI#	Maturity		33,710			—			33,710
	USD	240		01/15/2030	1.731%	CPI#	Maturity		33,344			—			33,344
	USD	1,300		01/15/2031	2.782%	CPI#	Maturity		65,622			—			65,622
	USD	1,180		01/15/2031	2.680%	CPI#	Maturity		71,018			—			71,018
	USD	1,030		01/15/2031	2.989%	CPI#	Maturity		31,477			—			31,477
	USD	1,110		04/15/2032	CPI#	2.909%	Maturity		(31,415	)		—			(31,415	)
	USD	1,000		04/15/2032	CPI#	2.748%	Maturity		(45,095	)		—			(45,095	)
	USD	600		04/15/2032	CPI#	2.722%	Maturity		(28,701	)		—			(28,701	)

								$	2,586,201		$	(2,466	)	$	2,588,667

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

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)

Rate Type

Payment
Frequency Paid/
Received

Market
Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation/
(Depreciation)

Notional Amount
(000)

Termination
Date

Payments made
by the Fund

Payments received
by the Fund

USD

10,300

01/15/2027

1 Day SOFR

2.728%

Annual

(397,401

)

—

(397,401

)



CREDIT DEFAULT SWAPS (see Note 3)
Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	27	$	(5,957	)	$	(2,482	)	$	(3,475	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	88		(19,800	)		(10,643	)		(9,157	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	6		(1,288	)		(671	)		(617	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	14		(3,220	)		(1,354	)		(1,866	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	180		(40,407	)		(20,924	)		(19,483	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	183		(41,050	)		(17,282	)		(23,768	)



2022 Annual Report		87

Schedule of Investments (continued)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	274	$	(61,496	)	$	(25,225	)	$	(36,271	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	34		(7,727	)		(4,136	)		(3,591	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	238		(53,286	)		(21,215	)		(32,071	)

												$	(234,231	)	$	(103,932	)	$	(130,299	)

* Termination date



INFLATION (CPI) SWAPS (see Note 3)
						Rate Type		Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Swap Counterparty	Notional Amount (000)			Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		USD	5,000		10/23/2026	2.310%	CPI#	Maturity	$	258,528	$	—	$	258,528
Barclays Bank PLC		USD	5,000		12/04/2027	2.170%	CPI#	Maturity		502,755		—		502,755
Barclays Bank PLC		USD	1,000		10/23/2029	2.388%	CPI#	Maturity		38,778		—		38,778
Citibank, NA		USD	7,000		11/04/2023	1.900%	CPI#	Maturity		804,481		—		804,481
Citibank, NA		USD	3,000		07/20/2027	2.104%	CPI#	Maturity		329,407		—		329,407
Deutsche Bank AG		USD	4,000		09/04/2025	1.818%	CPI#	Maturity		496,692		—		496,692
JPMorgan Chase Bank, NA		USD	3,000		03/02/2024	2.175%	CPI#	Maturity		276,099		—		276,099
JPMorgan Chase Bank, NA		USD	5,000		07/20/2024	1.995%	CPI#	Maturity		551,380		—		551,380
JPMorgan Chase Bank, NA		USD	4,000		11/04/2026	2.015%	CPI#	Maturity		475,573		—		475,573
JPMorgan Chase Bank, NA		USD	7,000		12/27/2028	2.009%	CPI#	Maturity		783,706		—		783,706

Morgan Stanley Capital Services LLC		USD	5,000		07/20/2032	2.158%	CPI#	Maturity		541,742		—		541,742

									$	5,059,141	$	—	$	5,059,141

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

INTEREST RATE SWAPS (see Note 3)

Rate Type

Payment
Frequency

Paid/
Received

Market
Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation/
(Depreciation)

Swap Counterparty

Notional

Amount
(000)

Termination
Date

Payments
made
by the
Fund

Payments
received
by the
Fund

Citibank, NA

USD

3,815

10/09/2029

1.125%

SIFMA*

Quarterly

438,410

—

438,410

* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.



88		Sanford C. Bernstein Fund, Inc.



TOTAL RETURN SWAPS (see Note 3)
Counterparty & Referenced Obligation	Rate Paid/ Received		Payment Frequency	Current Notional (000)			Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation

Morgan Stanley Capital Services LLC
Swiss Market Index Futures		0.00%	Maturity		CHF	2,667		12/16/2022	$	39,244
Swiss Market Index Futures		0.00%	Maturity		CHF	410		12/16/2022		(30,823	)
Swiss Market Index Futures		0.00%	Maturity		CHF	718		12/16/2022		(38,404	)

									$	(29,983	)

(a)

(b)

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

(c)

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

(d)

Non-income producing security.

(e)

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

(f)

Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(g)

Affiliated investments.

(h)

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

AGC—Assured Guaranty Corporation

AGM—Assured Guaranty Municipal

CBT—Chicago Board of Trade

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

CMBS—Commercial Mortgage-Backed Securities

COP—Certificate of Participation

CPI—Consumer Price Index

DOT—Department of Transportation

ETF—Exchange Traded Fund

ETM—Escrowed to Maturity

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

MUNIPSA—SIFMA Municipal Swap Index

NATL—National Interstate Corporation

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

SOFR—Secured Overnight Financing Rate

SPDR—Standard & Poor’s Depository Receipt

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

XLCA—XL Capital Assurance Inc.

See notes to financial statements.



2022 Annual Report		89

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Tax-Aware Overlay N Portfolio

September 30, 2022



	Principal Amount (000)			U.S. $ Value


MUNICIPAL OBLIGATIONS–75.5%

Long-Term Municipal Bonds–75.5%
Alabama–0.4%
County of Jefferson AL Sewer Revenue Series 2013-D 5.00%, 10/01/2022		$	1,000	$	1,000,000

American Samoa–0.1%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028(a)			180		194,288

Arkansas–0.1%
City of Fayetteville AR Sales & Use Tax Revenue Series 2019-A 1.75%, 11/01/2032			150		148,558

Colorado–0.6%
City & County of Denver CO (United Airlines, Inc.) Series 2017 5.00%, 10/01/2032			1,000		951,707
Plaza Metropolitan District No. 1 Series 2013 5.00%, 12/01/2022(a)			600		600,551
Vauxmont Metropolitan District AGM Series 2020 5.00%, 12/01/2050			100		104,103

					1,656,361

Florida–0.1%
Capital Trust Agency, Inc. (Franklin Academy Obligated Group) Series 2020 5.00%, 12/15/2026(a)			100		100,814
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2032			100		59,305

					160,119

Guam–1.1%
Antonio B Won Pat International Airport Authority Series 2021-A 3.099%, 10/01/2028			100		86,510
3.339%, 10/01/2030			150		125,511



	Principal Amount (000)			U.S. $ Value

Guam Power Authority Series 2022-A 5.00%, 10/01/2028		$	1,000	$	1,042,240
Territory of Guam Series 2019 5.00%, 11/15/2031			90		84,980
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2029			105		104,839
5.00%, 12/01/2030			165		163,796
5.00%, 12/01/2032			155		151,663
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2015-D 5.00%, 11/15/2023			315		316,210
5.00%, 11/15/2025			265		265,927
5.00%, 11/15/2031			625		615,288

					2,956,964

Illinois–3.2%
Chicago Board of Education Series 2017-C 5.00%, 12/01/2023			1,465		1,480,769
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2027			100		102,116
5.00%, 09/01/2033			100		99,957
Metropolitan Pier & Exposition Authority Series 2017-B 5.00%, 12/15/2025			1,000		1,019,841
State of Illinois Series 2014 5.00%, 05/01/2023			3,990		4,020,430
Series 2017-D 5.00%, 11/01/2024			2,000		2,033,043

					8,756,156

Kentucky–0.1%
City of Ashland KY (Ashland Hospital Corp. Obligated Group) Series 2019 5.00%, 02/01/2026			100		102,611
5.00%, 02/01/2030			100		104,332

					206,943

Louisiana–0.1%
Parish of St. James LA (NuStar Logistics LP) Series 2020 5.85%, 08/01/2041(a)			100		102,584
6.10%, 06/01/2038(a)			100		106,397

					208,981



90		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value

Michigan–2.7%
City of Detroit MI Series 2018 5.00%, 04/01/2024		$	1,315	$	1,331,767
5.00%, 04/01/2025			800		815,088
Michigan Finance Authority (Great Lakes Water Authority Sewage Disposal System Revenue) AGM Series 2014 5.00%, 07/01/2026			5,055		5,202,686

					7,349,541

Nebraska–1.2%
Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) Series 2018 5.00%, 03/01/2050			3,290		3,320,260

Nevada–0.1%
City of Sparks NV (City of Sparks NV Sales Tax) Series 2019-A 2.75%, 06/15/2028(a)			300		262,926

New Jersey–3.6%
New Jersey Economic Development Authority (United Airlines, Inc.) Series 2012 5.25%, 09/15/2029			125		123,637
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2018-A 5.00%, 06/15/2024			3,410		3,482,289
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2018-A 5.00%, 12/15/2029			3,490		3,633,642
New Jersey Turnpike Authority AGM Series 2005-D3 5.25%, 01/01/2026			2,555		2,695,433

					9,935,001

New York–57.1%
Albany County Airport Authority Series 2020-B 5.00%, 12/15/2022			130		130,376
5.00%, 12/15/2023			175		177,795
5.00%, 12/15/2024			145		148,351
5.00%, 12/15/2025			145		149,359
5.00%, 12/15/2026			145		149,672



	Principal Amount (000)			U.S. $ Value

Build NYC Resource Corp. (Integration Charter Schools) Series 2021 5.00%, 06/01/2041(a)		$	300	$	278,321
Build NYC Resource Corp. (Metropolitan College of New York) Series 2014 5.25%, 11/01/2029			1,000		994,129
City of New York NY Series 2014-A 5.00%, 08/01/2028			1,285		1,319,862
Series 2014-J 5.00%, 08/01/2027			1,085		1,115,018
Series 2018-E 5.00%, 03/01/2031			1,055		1,127,648
Series 2020-C 5.00%, 08/01/2033			5,315		5,720,908
5.00%, 08/01/2034			1,000		1,069,563
Series 2021 1.396%, 08/01/2027			2,970		2,529,421
County of Albany NY Series 2020-C 5.00%, 11/01/2024			1,595		1,655,495
County of Nassau NY Series 2014-A 5.00%, 04/01/2025 (Pre-refunded/ETM)			4,775		4,899,935
Series 2017-C 5.00%, 10/01/2025			1,875		1,961,632
County of Onondaga NY Series 2022 4.00%, 06/15/2040			1,145		1,059,732
County of Westchester NY Series 2016-A 5.00%, 01/01/2023			2,435		2,446,785
Dutchess County Local Development Corp. (Bard College) Series 2020-B 5.918%, 07/01/2039(a)			975		940,635
Long Island Power Authority Series 2021-A 5.00%, 09/01/2036			2,000		2,147,718
Metropolitan Transportation Authority Series 2016-B 4.00%, 11/15/2036			1,000		889,742
Series 2017-C 5.00%, 11/15/2026			2,280		2,364,549
5.00%, 11/15/2028			9,900		10,193,554
AGM Series 2021 2.547% (SOFR + 0.55%), 11/01/2032(b)			1,000		976,093
Metropolitan Transportation Authority (Metropolitan Transportation Authority Dedicated Tax Fund) Series 2012-A 5.00%, 11/15/2023			2,555		2,560,113



2022 Annual Report		91

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value

5.00%, 11/15/2026		$	6,285	$	6,297,358
Series 2016-A 5.00%, 11/15/2025			1,375		1,445,668
Monroe County Industrial Development Corp./NY (Rochester Regional Health Obligated Group) Series 2020 5.00%, 12/01/2030			955		999,901
Monroe County Industrial Development Corp/NY (Academy of Health Sciences Charter School) Series 2022 5.00%, 07/01/2032(a)			370		356,429
New York City Municipal Water Finance Authority Series 2015-G 5.00%, 06/15/2027 (Pre-refunded/ETM)			2,885		3,020,500
New York City Transitional Finance Authority Building Aid Revenue (New York City Transitional Finance Authority Building Aid Revenue State Lease) Series 2017-S 5.00%, 07/15/2032			1,955		2,084,475
Series 2018-S 5.00%, 07/15/2031			1,460		1,578,101
New York City Transitional Finance Authority Future Tax Secured Revenue Series 2014-B 5.00%, 11/01/2026			4,000		4,095,232
Series 2015-C 5.00%, 11/01/2028			2,145		2,218,900
Series 2017 5.00%, 11/01/2026			1,925		2,046,344
Series 2022 4.00%, 02/01/2042			2,920		2,693,843
New York Liberty Development Corp. (One Bryant Park LLC) Series 2019 2.45%, 09/15/2069			2,900		2,570,427
2.625%, 09/15/2069			320		263,618
2.80%, 09/15/2069			4,250		3,487,258
New York Liberty Development Corp. (Port Authority of New York & New Jersey) Series 2021-1 3.00%, 02/15/2042			3,000		2,232,423
New York State Dormitory Authority Series 2012 5.00%, 12/15/2022 (Pre-refunded/ETM)			260		260,988



	Principal Amount (000)			U.S. $ Value

New York State Dormitory Authority Series 2021 1.187%, 03/15/2026 (Pre-refunded/ETM)		$	1,000	$	892,364
New York State Dormitory Authority (Garnet Health Medical Center Obligated Group) Series 2017 5.00%, 12/01/2024(a)			700		709,541
New York State Dormitory Authority (Northwell Health Obligated Group) Series 2022 4.00%, 05/01/2039			1,000		905,505
4.00%, 05/01/2040			1,000		898,332
New York State Dormitory Authority (Rochester Institute of Technology) Series 2020-A 5.00%, 07/01/2029			1,000		1,089,755
5.00%, 07/01/2031			1,200		1,297,401
5.00%, 07/01/2032			1,040		1,116,708
New York State Dormitory Authority (St. John’s University/NY) Series 2021-A 4.00%, 07/01/2032			1,105		1,065,564
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2012 5.00%, 12/15/2022			1,605		1,611,246
Series 2014-A 5.00%, 02/15/2028			2,035		2,077,797
Series 2014-C 5.00%, 03/15/2029			3,000		3,065,108
New York State Dormitory Authority (Wagner College) Series 2022 5.00%, 07/01/2037			540		523,509
New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority) Series 2021 5.00%, 06/15/2023			2,680		2,716,572
New York State Environmental Facilities Corp. (State of New York SRF) Series 2021 4.00%, 08/15/2039			1,575		1,484,713
New York State Thruway Authority (New York State Thruway Authority Gen Toll Road) Series 2019-M 2.90%, 01/01/2035			2,000		1,635,842
Series 2021-O 4.00%, 01/01/2038			2,810		2,647,621



92		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value

New York State Thruway Authority (State of New York Pers Income Tax) Series 2022-A 5.00%, 03/15/2039		$	2,750	$	2,905,547
New York State Urban Development Corp. 5.00%, 09/15/2029			275		300,766
New York State Urban Development Corp. (State of New York Pers Income Tax) Series 2016-A 5.00%, 03/15/2024			2,635		2,702,324
New York Transportation Development Corp. (American Airlines, Inc.) Series 2016 5.00%, 08/01/2031			455		455,207
Series 2021 3.00%, 08/01/2031			1,000		873,978
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 5.00%, 01/01/2030			3,065		3,042,507
5.00%, 01/01/2032			1,495		1,464,910
New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2022 4.00%, 12/01/2042			2,000		1,618,361
Niagara Area Development Corp. (Covanta Holding Corp.) Series 2018-B 3.50%, 11/01/2024(a)			600		584,867
Port Authority of New York & New Jersey Series 2013-178 5.00%, 12/01/2023			2,515		2,554,223
Series 2014 5.00%, 09/01/2023			2,000		2,024,822
5.00%, 09/01/2028			3,615		3,672,456
Series 2015 5.00%, 10/15/2023			1,000		1,013,979
Series 2019 5.00%, 11/01/2031			1,455		1,521,640
Series 2020-2 4.00%, 07/15/2039			1,500		1,336,184
Series 2021-2 4.00%, 07/15/2038			1,365		1,224,153
Sales Tax Asset Receivable Corp. Series 2014-A 5.00%, 10/15/2025 (Pre-refunded/ETM)			3,750		3,881,199



	Principal Amount (000)			U.S. $ Value

Suffolk Tobacco Asset Securitization Corp. Series 2021 4.00%, 06/01/2050		$	500	$	423,500
Triborough Bridge & Tunnel Authority Series 2021-A 5.00%, 11/01/2025			3,000		3,141,183
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021 5.00%, 05/15/2050			2,265		2,367,214
Series 2021-A 2.511%, 05/15/2035			1,500		1,143,093
Series 2022 5.00%, 05/15/2034			500		543,096
5.00%, 05/15/2035			1,000		1,074,687
5.00%, 05/15/2036			1,000		1,070,978
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute) Series 2020 5.00%, 09/01/2031			305		321,206
5.00%, 09/01/2032			415		435,420
5.00%, 09/01/2033			395		412,156
Trust for Cultural Resources of The City of New York (The) (Lincoln Center for the Performing Arts, Inc.) Series 2016-A 5.00%, 12/01/2026			5,575		5,926,090
Utility Debt Securitization Authority Series 2015 5.00%, 12/15/2024			1,500		1,505,538

					155,936,733

Ohio–0.2%
Ohio Air Quality Development Authority (Pratt Paper OH, Inc.) Series 2017 3.75%, 01/15/2028(a)			715		712,011

Pennsylvania–0.4%
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) Series 2017 5.00%, 07/01/2024			1,000		1,015,626

Puerto Rico–1.2%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024			98		90,507
Zero Coupon, 07/01/2033			414		228,047
4.00%, 07/01/2033			103		90,491



2022 Annual Report		93

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value

4.00%, 07/01/2035		$	3	$	2,229
4.00%, 07/01/2037			2		1,837
4.00%, 07/01/2041			3		2,375
4.00%, 07/01/2046			3		2,368
5.25%, 07/01/2023			69		69,426
5.375%, 07/01/2025			203		205,196
5.625%, 07/01/2027			508		518,755
5.625%, 07/01/2029			103		105,500
5.75%, 07/01/2031			103		105,069
Series 2022-C 0.00%, 11/01/2043			20		10,078
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031			230		227,816
Puerto Rico Highway & Transportation Authority AGC Series 2005-L 5.25%, 07/01/2041			205		199,317
AGC Series 2007-N 5.25%, 07/01/2034			165		161,521
5.25%, 07/01/2036			215		209,997
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) Series 2000 6.625%, 06/01/2026			830		857,587
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024			235		217,121

					3,305,237

South Carolina–1.3%
Patriots Energy Group Financing Agency (Royal Bank of Canada) Series 2018-A 4.00%, 10/01/2048			3,000		3,006,417
South Carolina Public Service Authority Series 2021-B 4.00%, 12/01/2039			500		437,387

					3,443,804

Tennessee–1.4%
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The)) Series 2018 4.00%, 11/01/2049			3,880		3,841,395

Texas–0.0%
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2014 5.00%, 07/01/2029			100		98,088



	Principal Amount (000)				U.S. $ Value

Washington–0.3%
Kalispel Tribe of Indians Series 2018-B 5.00%, 01/01/2032(a)			$	700	$	729,953
Washington State Housing Finance Commission Series 2021-1, Class A 3.50%, 12/20/2035				147		124,863

						854,816

Wisconsin–0.2%
UMA Education, Inc. Series 2019 5.00%, 10/01/2025(a)				165		164,411
5.00%, 10/01/2026(a)				180		178,780
5.00%, 10/01/2027(a)				155		153,250
5.00%, 10/01/2028(a)				105		103,189
5.00%, 10/01/2029(a)				100		97,880

						697,510

Total Long-Term Municipal Bonds (cost $218,620,801)						206,061,318



	Shares

INVESTMENT COMPANIES–16.3%
Funds and Investment Trusts–16.3%(c)
iShares Core MSCI EAFE ETF				368,888		19,429,331
iShares Core MSCI Emerging Markets ETF				209,923		9,022,491
SPDR S&P 500 ETF Trust				36,569		13,061,715
Vanguard Mid-Cap ETF				15,037		2,826,655

Total Investment Companies (cost $45,526,055)						44,340,192



	Principal Amount (000)

GOVERNMENTS—TREASURIES–1.2%
United States–1.2%
U.S. Treasury Notes 2.625%, 02/15/2029(d)(e) (cost $3,714,609)			$	3,543		3,265,096



	Notional Amount

OPTIONS PURCHASED—PUTS–1.2%
Options on Equity Indices–1.2%
Euro STOXX 50 Index Expiration: Jul 2023; Contracts: 1,130; Exercise Price: EUR 2,800.00; Counterparty: UBS AG(f)		EUR		3,164,000		157,331



94		Sanford C. Bernstein Fund, Inc.



	Notional Amount			U.S. $ Value

Euro STOXX 50 Index Expiration: Jul 2023; Contracts: 750; Exercise Price: EUR 2,800.00; Counterparty: UBS AG(f)		EUR	2,100,000	$	104,424
FTSE 100 Index Expiration: Aug 2023; Contracts: 230; Exercise Price: GBP 6,000.00; Counterparty: UBS AG(f)		GBP	1,380,000		60,995
FTSE 100 Index Expiration: Aug 2023; Contracts: 170; Exercise Price: GBP 6,000.00; Counterparty: UBS AG(f)		GBP	1,020,000		45,083
Nikkei 225 Index Expiration: Sep 2023; Contracts: 10,000; Exercise Price: JPY 22,000.00; Counterparty: UBS AG(f)		JPY	220,000,000		73,309
Nikkei 225 Index Expiration: Sep 2023; Contracts: 13,000; Exercise Price: JPY 22,000.00; Counterparty: UBS AG(f)		JPY	286,000,000		95,302
S&P 500 Index Expiration: Jul 2023; Contracts: 8,600; Exercise Price: USD 3,250.00; Counterparty: UBS AG(f)		USD	27,950,000		1,610,869
S&P 500 Index Expiration: Jul 2023; Contracts: 5,500; Exercise Price: USD 3,250.00; Counterparty: UBS AG(f)		USD	17,875,000		1,030,207

Total Options Purchased—Puts (premiums paid $1,849,282)					3,177,520



	Principal Amount (000)			U.S. $ Value


COLLATERALIZED MORTGAGE OBLIGATIONS–0.0%
Risk Share Floating Rate–0.0%
Federal National Mortgage Association Connecticut Avenue Securities Series 2016-C01, Class 1M2 9.834% (LIBOR 1 Month + 6.75%), 08/25/2028(b) (cost $72,843)		$	70	$	73,446



	Shares

SHORT-TERM INVESTMENTS–3.8%
Investment Companies–3.8%
AB Fixed Income Shares, Inc.—Government Money Market Portfolio—Class AB, 2.58%(c)(g)(h) (cost $10,451,865)			10,451,865		10,451,865

Total Investments—98.0% (cost $280,235,455)					267,369,437

Other assets less liabilities—2.0%					5,442,572

Net Assets—100.0%				$	272,812,009



FUTURES (see Note 3)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts

Euro STOXX 50 Index Futures		47	December 2022	$	1,526,967	$	(112,318	)

FTSE 100 Index Futures		8	December 2022		617,631		(36,965	)

Hang Seng Index Futures		12	October 2022		1,315,473		(44,593	)

Nikkei 225 (OSE) Futures		5	December 2022		896,151		(42,244	)

OMXS 30 Index Futures		135	October 2022		2,226,147		(135,150	)

Russell 2000 E-Mini Futures		23	December 2022		1,920,270		(252,913	)

S&P 500 E-Mini Futures		121	December 2022		21,789,075		(2,424,062	)

U.S. T-Note 2 Yr (CBT) Futures		27	December 2022		5,545,547		(89,759	)

U.S. T-Note 10 Yr (CBT) Futures		70	December 2022		7,844,375		(406,422	)

U.S. Ultra Bond (CBT) Futures		19	December 2022		2,603,000		(250,808	)



2022 Annual Report		95

Schedule of Investments (continued)


Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation/ (Depreciation)

Sold Contracts

Euro STOXX 50 Index Futures		85	December 2022	$	2,761,536	$	15,579

FTSE 100 Index Futures		36	December 2022		2,779,338		158,414

MSCI Emerging Markets Futures		119	December 2022		5,185,425		468,706

MSCI Singapore IX ETS Futures		47	October 2022		918,402		4,705

S&P Mid 400 E-Mini Futures		7	December 2022		1,545,740		154,957

S&P/TSX 60 Index Futures		16	December 2022		2,585,297		52,268

SPI 200 Futures		49	December 2022		5,066,572		252,476

TOPIX Index Futures		13	December 2022		1,649,140		2,931

						$	(2,685,198	)



FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)
Counterparty	Contracts to Deliver (000)		In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)

Bank of America, NA	USD	1,510		NZD	2,513		11/18/2022	$	(103,153	)

Bank of America, NA	USD	930		NOK	9,606		12/01/2022		(46,936	)

Bank of America, NA	CHF	3,856		USD	3,957		12/07/2022		25,132

Bank of America, NA	CHF	623		USD	632		12/07/2022		(2,920	)

Barclays Bank PLC	USD	618		CAD	795		10/27/2022		(42,258	)

BNP Paribas SA	AUD	6,684		USD	4,612		10/20/2022		335,564

BNP Paribas SA	CAD	1,165		USD	894		10/27/2022		50,293

BNP Paribas SA	USD	867		CAD	1,191		10/27/2022		(4,690	)

BNP Paribas SA	USD	1,989		NZD	3,213		11/18/2022		(190,071	)

Citibank, NA	USD	2,961		CAD	3,901		10/27/2022		(137,384	)

Citibank, NA	GBP	2,792		USD	3,223		11/17/2022		103,376

Citibank, NA	USD	857		GBP	800		11/17/2022		36,995

Citibank, NA	SEK	21,737		USD	1,979		12/01/2022		14,488

Credit Suisse International	USD	483		CAD	632		10/27/2022		(25,635	)

Deutsche Bank AG	CAD	2,873		USD	2,247		10/27/2022		167,630

HSBC Bank USA	USD	3,161		CAD	4,061		10/27/2022		(220,896	)

HSBC Bank USA	USD	1,961		JPY	282,098		12/02/2022		(638	)

JPMorgan Chase Bank, NA	USD	1,571		AUD	2,326		10/20/2022		(82,715	)

JPMorgan Chase Bank, NA	CAD	1,263		USD	982		10/27/2022		67,469

JPMorgan Chase Bank, NA	USD	2,581		JPY	369,900		12/02/2022		(9,558	)

JPMorgan Chase Bank, NA	EUR	10,365		USD	10,138		12/08/2022		(68,118	)

Morgan Stanley & Co., Inc.	USD	5,958		AUD	8,578		10/20/2022		(469,671	)

Morgan Stanley & Co., Inc.	USD	3,467		CAD	4,541		10/27/2022		(179,465	)

Morgan Stanley & Co., Inc.	GBP	3,350		USD	3,911		11/17/2022		167,842

Morgan Stanley & Co., Inc.	USD	1,082		GBP	945		11/17/2022		(25,811	)

Morgan Stanley & Co., Inc.	USD	744		NZD	1,320		11/18/2022		(4,828	)

Morgan Stanley & Co., Inc.	USD	652		JPY	92,583		12/02/2022		(8,243	)

Morgan Stanley & Co., Inc.	CHF	493		USD	504		12/07/2022		1,406

State Street Bank & Trust Co.	CAD	484		USD	377		10/27/2022		26,163

State Street Bank & Trust Co.	USD	1,187		CAD	1,541		10/27/2022		(70,970	)

UBS AG	GBP	784		USD	928		11/17/2022		52,094

								$	(645,508	)



96		Sanford C. Bernstein Fund, Inc.



	CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)
					Rate Type		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Notional Amount (000)			Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)

	USD	1,060		01/15/2025	2.565%	CPI#	Maturity	$	91,377		$	—		$	91,377
	USD	530		01/15/2025	2.585%	CPI#	Maturity		45,271			—			45,271
	USD	530		01/15/2025	2.613%	CPI#	Maturity		44,698			—			44,698
	USD	2,740		01/15/2026	CPI#	3.720%	Maturity		(74,660	)		—			(74,660	)
	USD	1,610		01/15/2027	CPI#	3.466%	Maturity		(46,437	)		(1,881	)		(44,556	)
	USD	1,600		01/15/2027	CPI#	3.320%	Maturity		(60,231	)		—			(60,231	)
	USD	4,950		01/15/2028	1.230%	CPI#	Maturity		825,958			—			825,958
	USD	3,410		01/15/2028	0.735%	CPI#	Maturity		687,930			—			687,930
	USD	6,440		01/15/2029	CPI#	3.290%	Maturity		(129,007	)		—			(129,007	)
	USD	1,290		01/15/2029	CPI#	3.735%	Maturity		20,721			—			20,721
	USD	1,125		01/15/2030	1.572%	CPI#	Maturity		172,279			—			172,279
	USD	1,125		01/15/2030	1.587%	CPI#	Maturity		170,781			—			170,781
	USD	180		01/15/2030	1.714%	CPI#	Maturity		25,283			—			25,283
	USD	180		01/15/2030	1.731%	CPI#	Maturity		25,008			—			25,008
	USD	1,000		01/15/2031	2.782%	CPI#	Maturity		50,478			—			50,478
	USD	880		01/15/2031	2.680%	CPI#	Maturity		52,962			—			52,962
	USD	770		01/15/2031	2.989%	CPI#	Maturity		23,532			—			23,532
	USD	860		04/15/2032	CPI#	2.909%	Maturity		(24,339	)		—			(24,339	)
	USD	750		04/15/2032	CPI#	2.748%	Maturity		(33,822	)		—			(33,822	)
	USD	450		04/15/2032	CPI#	2.722%	Maturity		(21,526	)		—			(21,526	)


								$	1,846,256		$	(1,881	)	$	1,848,137

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

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)

Rate Type

Payment
Frequency Paid/
Received

Market
Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation/
(Depreciation)

Notional Amount
(000)

Termination
Date

Payments made
by the Fund

Payments received
by the Fund

USD

2,850

04/15/2032

2.777%

1 Day SOFR

Annual

159,092

—

159,092



CREDIT DEFAULT SWAPS (see Note 3)
Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)

Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	22	$	(4,829	)	$	(2,012	)	$	(2,817	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	71		(15,938	)		(8,567	)		(7,371	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	5		(1,126	)		(587	)		(539	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	12		(2,737	)		(1,151	)		(1,586	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	144		(32,358	)		(16,756	)		(15,602	)



2022 Annual Report		97

Schedule of Investments (continued)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)

CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	147	$	(33,002	)	$	(13,894	)	$	(19,108	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	223		(49,905	)		(20,470	)		(29,435	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	27		(6,117	)		(3,274	)		(2,843	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	192		(43,144	)		(17,177	)		(25,967	)

												$	(189,156	)	$	(83,888)		$	(105,268	)

* Termination date



INFLATION (CPI) SWAPS (see Note 3)
					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund		Payment Frequency Paid/ Received		Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)

Barclays Bank PLC	USD	4,000		10/23/2026		2.310	%		CPI#		Maturity	$	206,823	$	—	$	206,823

Barclays Bank PLC	USD	1,000		10/23/2029		2.388	%		CPI#		Maturity		38,778		—		38,778

Barclays Bank PLC	USD	3,000		12/04/2032		2.233	%		CPI#		Maturity		284,247		—		284,247

Citibank, NA	USD	7,000		11/04/2023		1.900	%		CPI#		Maturity		804,481		—		804,481

Citibank, NA	USD	3,500		07/20/2027		2.104	%		CPI#		Maturity		384,308		—		384,308

Deutsche Bank AG	USD	4,000		09/04/2025		1.818	%		CPI#		Maturity		496,692		—		496,692

JPMorgan Chase Bank, NA	USD	2,500		03/02/2024		2.175	%		CPI#		Maturity		230,083		—		230,083

JPMorgan Chase Bank, NA	USD	7,000		07/20/2024		1.995	%		CPI#		Maturity		771,931		—		771,931

JPMorgan Chase Bank, NA	USD	3,000		11/04/2026		2.015	%		CPI#		Maturity		356,680		—		356,680

JPMorgan Chase Bank, NA	USD	5,000		12/27/2028		2.009	%		CPI#		Maturity		559,790		—		559,790

Morgan Stanley Capital Services LLC	USD	1,800		07/20/2032		2.158	%		CPI#		Maturity		195,027		—		195,027

												$	4,328,840	$	—	$	4,328,840

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

INTEREST RATE SWAPS (see Note 3)

Rate Type

Swap Counterparty

Notional
Amount
(000)

Termination
Date

Payments
made
by the
Fund

Payments
received
by the
Fund

Payment
Frequency
Paid/
Received

Market
Value

Upfront
Premiums
Paid/
(Received)

Unrealized
Appreciation/
(Depreciation)

Citibank, NA

USD

2,840

10/09/2029

1.125

SIFMA*

Quarterly

326,366

—

326,366

* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.



98		Sanford C. Bernstein Fund, Inc.



TOTAL RETURN SWAPS (see Note 3)
Counterparty & Referenced Obligation	Rate Paid/ Received		Payment Frequency	Current Notional (000)			Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation

Morgan Stanley Capital Services LLC
Swiss Market Index Futures		0.00%	Maturity		CHF	513		12/16/2022	$	(27,431	)
Swiss Market Index Futures		0.00%	Maturity		CHF	410		12/16/2022		(30,823	)

									$	(58,254	)

(a)

(b)

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

(c)

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

(d)

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

(e)

Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(f)

Non-income producing security.

(g)

Affiliated investments.

(h)

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

AGC—Assured Guaranty Corporation

AGM—Assured Guaranty Municipal

CBT—Chicago Board of Trade

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

CPI—Consumer Price Index

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

ETM—Escrowed to Maturity

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

SOFR—Secured Overnight Financing Rate

SPDR—Standard & Poor’s Depository Receipt

SPI—Share Price Index

SRF—State Revolving Fund

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.



2022 Annual Report		99

Statement of Assets and Liabilities—September 30, 2022


	OVERLAY A PORTFOLIO		TAX-AWARE OVERLAY A PORTFOLIO		OVERLAY B PORTFOLIO

ASSETS

Investments in securities at value

Unaffiliated issuers	$	707,479,207	$	1,544,188,718	$	804,557,697

Affiliated issuers		676,385,773		1,393,950,760		129,170,021

Foreign currencies, at value (a)		12,977,131		26,513,602		854,602

Cash		0		14,687,717		710,633

Cash collateral due from broker		924,012		2,195,975		4,370,503

Receivables:

Unaffiliated interest and dividends		298,046		685,854		4,208,744

Affiliated dividends		287,526		547,617		228,818

Foreign withholding tax reclaims		245,814		534,017		3,133

Investment securities sold and foreign currency transactions		643,067		328,109		11,711,724

Capital shares sold		264,992		284,833		125,145

Variation margin on futures		3,234,027		5,436,393		0

Variation margin on centrally cleared swaps		3,552		7,550		0

Unrealized appreciation of forward currency exchange contracts		16,473,312		35,621,801		12,766,573

Unrealized appreciation of total return swaps		0		0		392,678


Total assets		1,419,216,459		3,024,982,946		969,100,271


LIABILITIES

Due to custodian		33,128		0		0

Cash collateral due to broker		41,600,000		90,000,000		11,967,471

Payables:

Investment securities purchased		947,413		1,586,401		36,961,760

Capital shares redeemed		1,262,476		5,070,285		954,752

Management fee		691,266		1,466,791		475,206

Variation margin on futures		0		0		1,504,336

Shareholder servicing fee		195,287		390,168		97,117

Variation margin on centrally cleared swaps		0		0		84,546

Transfer Agent fee		8,722		13,032		9,277

Foreign capital gains taxes		0		0		23,942

Directors’ fees payable		169		511		0

Terminated total return swaps		244,209		545,040		317,959

Accrued expenses		262,685		275,210		319,729

Unrealized depreciation of forward currency exchange contracts		22,919,877		49,182,623		13,928,799

Unrealized depreciation of total return swaps		661,368		1,342,461		658,006

Market value on credit default swaps (b)		0		0		976,198


Total liabilities		68,826,600		149,872,522		68,279,098


NET ASSETS	$	1,350,389,859	$	2,875,110,424	$	900,821,173


Cost of investments

Unaffiliated issuers	$	523,186,801	$	1,006,426,279	$	912,429,591

Affiliated issuers		706,726,620		1,460,322,592		131,541,034

NET ASSETS CONSIST OF:

Capital stock, at par	$	119,491	$	236,465	$	104,432

Additional paid-in capital		1,218,717,946		2,487,898,404		1,087,780,481

Distributable earnings (accumulated loss)		131,552,422		386,975,555		(187,063,740	)


	$	1,350,389,859	$	2,875,110,424	$	900,821,173

(a) Cost: $12,956,941, $26,452,427 and $879,199, respectively. (Note 1)

(b) Net premiums received of $0, $0 and $397,079, respectively.

See Notes to Financial Statements.



100		Sanford C. Bernstein Fund, Inc.


	OVERLAY A PORTFOLIO		TAX-AWARE OVERLAY A PORTFOLIO		OVERLAY B PORTFOLIO

NET ASSET VALUE PER SHARE

Class 1 Shares

Net Assets	$	1,121,709,916	$	2,232,773,688	$	750,137,434

Shares of capital stock outstanding		99,294,472		183,760,843		87,014,236


Net asset value, offering and redemption price per share	$	11.30	$	12.15	$	8.62


Class 2 Shares

Net Assets	$	228,679,943	$	642,336,736	$	150,683,739

Shares of capital stock outstanding		20,196,995		52,704,543		17,417,652


Net asset value, offering and redemption price per share	$	11.32	$	12.19	$	8.65

See Notes to Financial Statements.



2022 Annual Report		101

Statement of Assets and Liabilities—September 30, 2022 (continued)


	TAX-AWARE OVERLAY B PORTFOLIO			TAX-AWARE OVERLAY C PORTFOLIO			TAX-AWARE OVERLAY N PORTFOLIO

ASSETS

Investments in securities at value

Unaffiliated issuers	$	1,299,498,694		$	344,576,556		$	256,917,572

Affiliated issuers		7,141,247			17,560,057			10,451,865

Foreign currencies, at value (a)		3,033,424			1,003,996			712,289

Cash		0			22,776			0

Cash collateral due from broker		2,729,175			678,438			267,393

Receivables:

Unaffiliated interest and dividends		13,904,722			3,892,020			2,802,900

Affiliated dividends		49,228			9,360			16,425

Investment securities sold		884,210			1,191,363			3,063,994

Capital shares sold		1,652,251			43,580			15,995

Variation margin on futures		8,300,869			3,385,208			1,206,223

Variation margin on centrally cleared swaps		13,344			50,715			2,399

Unrealized appreciation of inflation swaps		17,353,492			5,059,141			4,328,840

Unrealized appreciation of forward currency exchange contracts		5,155,105			1,611,333			1,048,452

Unrealized appreciation of interest rate swaps		1,433,021			438,410			326,366

Unrealized appreciation of total return swaps		0			39,244			0


Total assets		1,361,148,782			379,562,197			281,160,713


LIABILITIES

Due to custodian		31,261			0			18,393

Cash collateral due to broker		24,360,000			9,180,000			5,300,000

Payables:

Investment securities purchased		12,140			2,142			301,399

Capital shares redeemed		15,251,030			136,423			410,238

Management fee		737,099			210,347			150,207

Shareholder servicing fee		120,183			31,040			29,431

Transfer Agent fee		7,717			3,247			3,233

Directors’ fees payable		3			0			67

Terminated total return swaps		159,785			27,801			9,267

Accrued expenses		239,164			189,322			185,099

Unrealized depreciation of forward currency exchange contracts		8,349,562			2,398,213			1,693,960

Market value on credit default swaps (b)		646,351			234,231			189,156

Unrealized depreciation of total return swaps		254,337			69,227			58,254


Total liabilities		50,168,632			12,481,993			8,348,704


NET ASSETS	$	1,310,980,150		$	367,080,204		$	272,812,009


Cost of investments

Unaffiliated issuers	$	1,314,383,845		$	349,044,759		$	269,783,590

Affiliated issuers		7,141,247			17,560,057			10,451,865

NET ASSETS CONSIST OF:

Capital stock, at par	$	130,431		$	37,073		$	27,528

Additional paid-in capital		1,361,631,983			386,655,975			283,278,148

Accumulated loss		(50,782,264	)		(19,612,844	)		(10,493,667	)


	$	1,310,980,150		$	367,080,204		$	272,812,009

(a) Cost: $3,044,572, $1,008,220 and $709,115, respectively. (Note 1)

(b) Net premiums received of $294,467, $103,932 and $83,888, respectively.

See Notes to Financial Statements.



102		Sanford C. Bernstein Fund, Inc.


	TAX-AWARE OVERLAY B PORTFOLIO		TAX-AWARE OVERLAY C PORTFOLIO		TAX-AWARE OVERLAY N PORTFOLIO

NET ASSET VALUE PER SHARE

Class 1 Shares

Net Assets	$	932,107,397	$	240,668,573	$	230,496,038

Shares of capital stock outstanding		92,808,119		24,325,068		23,267,675


Net asset value, offering and redemption price per share	$	10.04	$	9.89	$	9.91


Class 2 Shares

Net Assets	$	378,872,753	$	126,411,631	$	42,315,971

Shares of capital stock outstanding		37,622,946		12,747,841		4,260,426


Net asset value, offering and redemption price per share	$	10.07	$	9.92	$	9.93

See Notes to Financial Statements.



2022 Annual Report			103

Statement of Operations—for the year ended September 30, 2022


	OVERLAY A PORTFOLIO			TAX-AWARE OVERLAY A PORTFOLIO			OVERLAY B PORTFOLIO

INVESTMENT INCOME

Income:

Interest (net of foreign taxes withheld of $0, $0 and $10,124, respectively)	$	0		$	0		$	31,898,992

Dividends

Unaffiliated issuers (net of foreign withholding taxes of $132,506, $280,841 and $0, respectively)		10,789,958			22,902,879			0

Affiliated issuers		32,081,495			64,722,627			5,816,430


Total income		42,871,453			87,625,506			37,715,422


Expenses:

Management fee (see Note 2A)		15,496,552			33,303,722			7,086,130

Shareholder servicing fee (see Note 2B)		2,860,595			5,760,920			1,362,398

Custody and accounting fees		151,757			218,286			207,485

Transfer Agent fee—Class 1		56,070			77,665			58,178

Transfer Agent fee—Class 2		11,434			23,022			11,659

Auditing and tax fees		124,301			111,085			132,877

Directors’ fees and expenses		74,941			162,435			47,183

Legal fees		52,910			123,583			36,012

Registration fees		40,759			42,798			37,376

Printing fees		17,230			11,257			9,011

Miscellaneous		57,862			112,162			48,346


Total expenses before interest expense		18,944,411			39,946,935			9,036,655

Interest expense		400,037			837,870			0


Total expenses		19,344,448			40,784,805			9,036,655

Less: expenses waived and reimbursed by the Adviser (see Note 2A and 2D)		(5,714,584	)		(12,125,204	)		(456,868	)


Net expenses		13,629,864			28,659,601			8,579,787


Net investment income		29,241,589			58,965,905			29,135,635


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

Net realized gain (loss) on:

Investment transactions (a)		53,554,547			85,610,288			(24,277,160	)

Affiliated Underlying Portfolios		7,546,388			9,860,058			946,556

Forward currency exchange contracts		(2,936,942	)		(7,042,288	)		4,486,733

Futures		(99,843,462	)		(233,776,853	)		(59,367,427	)

Options written		772,717			1,606,225			182,372

Swaps		1,482,773			3,370,703			(1,650,158	)

Foreign currency transactions		(1,198,390	)		(695,568	)		(1,775,503	)

Net realized gain distributions from Affiliated Underlying Portfolios		22,678,526			46,804,986			0


Net realized loss on investment and foreign currency transactions		(17,943,843	)		(94,262,449	)		(81,454,587	)


Net change in unrealized appreciation/depreciation of:

Investments (b)		(189,897,526	)		(380,829,956	)		(127,101,479	)

Affiliated Underlying Portfolios		(221,401,028	)		(466,103,407	)		(8,044,869	)

Forward currency exchange contracts		(7,323,027	)		(14,929,821	)		(2,952,550	)

Futures		33,161,216			87,225,515			(1,753,757	)

Options written		(198,480	)		(415,708	)		(46,844	)

Swaps		(417,408	)		(806,499	)		12,368,527

Foreign currency denominated assets and liabilities		109,989			227,533			(205,522	)


Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(385,966,264	)		(775,632,343	)		(127,736,494	)


Net realized and unrealized loss on investment and foreign currency transactions		(403,910,107	)		(869,894,792	)		(209,191,081	)


Net decrease in net assets resulting from operations	$	(374,668,518	)	$	(810,928,887	)	$	(180,055,446	)

(a) Net of foreign realized capital gains taxes of $0, $0 and $1,726, respectively.

(b) Net of increase in accrued foreign capital gains taxes on unrealized gains of $0, $0 and $2,562, respectively.

See Notes to Financial Statements.



104		Sanford C. Bernstein Fund, Inc.


	TAX-AWARE OVERLAY B PORTFOLIO			TAX-AWARE OVERLAY C PORTFOLIO			TAX-AWARE OVERLAY N PORTFOLIO

INVESTMENT INCOME

Income:

Interest	$	28,723,517		$	8,096,846		$	6,264,214

Dividends

Unaffiliated issuers		10,154,242			2,929,463			2,114,003

Affiliated issuers		219,264			102,283			34,899


Total income		39,097,023			11,128,592			8,413,116


Expenses:

Management fee (see Note 2A)		10,339,987			2,974,133			2,225,287

Shareholder servicing fee (see Note 2B)		1,667,879			440,164			423,869

Custody and accounting fees		147,531			83,843			78,205

Transfer Agent fee—Class 1		40,168			14,279			18,020

Transfer Agent fee—Class 2		17,287			7,985			3,798

Auditing and tax fees		110,063			109,838			110,061

Registration fees		37,599			34,108			33,676

Directors’ fees and expenses		68,576			19,749			14,840

Legal fees		49,750			14,280			11,842

Printing fees		11,800			14,940			14,308

Miscellaneous		59,398			39,937			33,064


Total expenses		12,550,038			3,753,256			2,966,970

Less: expenses waived and reimbursed by the Adviser (see Note 2A and 2D)		(70,569	)		(21,415	)		(12,187	)


Net expenses		12,479,469			3,731,841			2,954,783


Net investment income		26,617,554			7,396,751			5,458,333


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

Net realized gain (loss) on:

Investment transactions		25,075,406			8,373,105			16,704,613

Affiliated Underlying Portfolios		(1,088,733	)		(310,223	)		(233,660	)

Forward currency exchange contracts		(772,858	)		(210,001	)		(227,601	)

Futures		(28,161,798	)		(8,221,994	)		(6,815,790	)

Options written		256,671			77,002			56,738

Swaps		2,806,533			1,183,467			646,943

Foreign currency transactions		(88,995	)		(53,322	)		(45,350	)


Net realized gain (loss) on investment and foreign currency transactions		(1,973,774	)		838,034			10,085,893


Net change in unrealized appreciation/depreciation of:

Investments		(239,571,826	)		(67,313,285	)		(61,146,128	)

Forward currency exchange contracts		(3,785,604	)		(859,361	)		(702,079	)

Futures		3,710,049			(113,067	)		(891,251	)

Options written		(65,928	)		(19,779	)		(14,684	)

Swaps		7,655,514			1,115,059			2,355,993

Foreign currency denominated assets and liabilities		58,437			10,882			10,600


Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(231,999,358	)		(67,179,551	)		(60,387,549	)


Net realized and unrealized loss on investment and foreign currency transactions		(233,973,132	)		(66,341,517	)		(50,301,656	)


Net decrease in net assets resulting from operations	$	(207,355,578	)	$	(58,944,766	)	$	(44,843,323	)

See Notes to Financial Statements.



2022 Annual Report		105

Statement of Changes in Net Assets



	OVERLAY A PORTFOLIO						TAX-AWARE OVERLAY A PORTFOLIO

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

INCREASE (DECREASE) IN NET ASSETS FROM

Operations:

Net investment income	$	29,241,589		$	9,799,425		$	58,965,905		$	21,734,170

Net realized gain (loss) on investment and foreign currency transactions		(17,943,843	)		201,876,461			(94,262,449	)		389,979,919

Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(385,966,264	)		226,524,258			(775,632,343	)		469,232,799


Net increase (decrease) in net assets resulting from operations		(374,668,518	)		438,200,144			(810,928,887	)		880,946,888


Distributions to shareholders (a)		(207,352,448	)		(17,001,108	)		(394,503,020	)		(36,651,761	)


Capital-share transactions

Net proceeds from sales of shares		119,384,193			154,481,040			179,133,723			192,650,439

Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions		198,473,085			15,070,832			370,050,729			27,249,489


Total proceeds from shares sold		317,857,278			169,551,872			549,184,452			219,899,928

Cost of shares redeemed		(302,212,406	)		(448,991,029	)		(556,152,201	)		(536,113,150	)


Net increase (decrease) in net assets from capital-share transactions		15,644,872			(279,439,157	)		(6,967,749	)		(316,213,222	)


Net increase (decrease) in net assets		(566,376,094	)		141,759,879			(1,212,399,656	)		528,081,905

NET ASSETS:

Beginning of period		1,916,765,953			1,775,006,074			4,087,510,080			3,559,428,175


End of period	$	1,350,389,859		$	1,916,765,953		$	2,875,110,424		$	4,087,510,080

(a) See page 109 for share class information on dividend distributions for the Overlay A and Tax-Aware Overlay A Portfolios.

See Notes to Financial Statements.



106		Sanford C. Bernstein Fund, Inc.



	OVERLAY B PORTFOLIO						TAX-AWARE OVERLAY B PORTFOLIO

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

INCREASE (DECREASE) IN NET ASSETS FROM

Operations:

Net investment income	$	29,135,635		$	22,096,128		$	26,617,554		$	25,707,435

Net realized gain (loss) on investment and foreign currency transactions		(81,454,587	)		144,311,224			(1,973,774	)		87,627,990

Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(127,736,494	)		(32,128,442	)		(231,999,358	)		84,199,150


Net increase (decrease) in net assets resulting from operations		(180,055,446	)		134,278,910			(207,355,578	)		197,534,575


Distributions to shareholders (a)		(165,424,767	)		(31,639,760	)		(116,715,476	)		(39,933,382	)


Capital-share transactions

Net proceeds from sales of shares		80,744,870			104,405,883			87,883,986			100,538,157

Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions		153,087,964			27,251,385			105,964,711			29,470,081


Total proceeds from shares sold		233,832,834			131,657,268			193,848,697			130,008,238

Cost of shares redeemed		(181,956,584	)		(234,486,549	)		(277,063,943	)		(231,922,066	)


Net increase (decrease) in net assets from capital-share transactions		51,876,250			(102,829,281	)		(83,215,246	)		(101,913,828	)


Net increase (decrease) in net assets		(293,603,963	)		(190,131	)		(407,286,300	)		55,687,365

NET ASSETS:

Beginning of period		1,194,425,136			1,194,615,267			1,718,266,450			1,662,579,085


End of period	$	900,821,173		$	1,194,425,136		$	1,310,980,150		$	1,718,266,450

(a) See page 109 for share class information on dividend distributions for the Overlay B and Tax-Aware Overlay B Portfolios.

See Notes to Financial Statements.



2022 Annual Report		107

Statement of Changes in Net Assets (continued)



	TAX-AWARE OVERLAY C PORTFOLIO						TAX-AWARE OVERLAY N PORTFOLIO

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

INCREASE (DECREASE) IN NET ASSETS FROM

Operations:

Net investment income	$	7,396,751		$	7,029,390		$	5,458,333		$	5,105,087

Net realized gain on investment and foreign currency transactions		838,034			35,546,480			10,085,893			23,555,640

Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(67,179,551	)		14,407,299			(60,387,549	)		17,696,414


Net increase (decrease) in net assets resulting from operations		(58,944,766	)		56,983,169			(44,843,323	)		46,357,141


Distributions to shareholders (a)		(38,805,221	)		(11,727,730	)		(23,991,831	)		(8,250,017	)


Capital-share transactions

Net proceeds from sales of shares		25,287,046			23,111,334			15,718,881			14,948,702

Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions		35,406,411			8,192,214			22,169,742			6,209,530


Total proceeds from shares sold		60,693,457			31,303,548			37,888,623			21,158,232

Cost of shares redeemed		(97,298,985	)		(86,704,857	)		(74,561,335	)		(55,404,943	)


Net decrease in net assets from capital-share transactions		(36,605,528	)		(55,401,309	)		(36,672,712	)		(34,246,711	)


Net increase (decrease) in net assets		(134,355,515	)		(10,145,870	)		(105,507,866	)		3,860,413

NET ASSETS:

Beginning of period		501,435,719			511,581,589			378,319,875			374,459,462


End of period	$	367,080,204		$	501,435,719		$	272,812,009		$	378,319,875

(a) See page 109 for share class information on dividend distributions for the Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios.

See Notes to Financial Statements.



108		Sanford C. Bernstein Fund, Inc.



	OVERLAY A PORTFOLIO						TAX-AWARE OVERLAY A PORTFOLIO

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Distributions to shareholders:

Class 1	$	(172,626,965	)	$	(13,630,356	)	$	(302,970,210	)	$	(26,615,553	)

Class 2		(34,725,483	)		(3,370,752	)		(91,532,810	)		(10,036,208	)


	$	(207,352,448	)	$	(17,001,108	)	$	(394,503,020	)	$	(36,651,761	)



	OVERLAY B PORTFOLIO						TAX-AWARE OVERLAY B PORTFOLIO

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Distributions to shareholders:

Class 1	$	(138,511,977	)	$	(26,263,774	)	$	(80,780,738	)	$	(26,878,303	)

Class 2		(26,912,790	)		(5,375,986	)		(35,934,738	)		(13,055,079	)


	$	(165,424,767	)	$	(31,639,760	)	$	(116,715,476	)	$	(39,933,382	)



	TAX-AWARE OVERLAY C PORTFOLIO						TAX-AWARE OVERLAY N PORTFOLIO

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Distributions to shareholders:

Class 1	$	(24,700,468	)	$	(7,015,375	)	$	(19,695,922	)	$	(6,618,995	)

Class 2		(14,104,753	)		(4,712,355	)		(4,295,909	)		(1,631,022	)


	$	(38,805,221	)	$	(11,727,730	)	$	(23,991,831	)	$	(8,250,017	)

See Notes to Financial Statements.



2022 Annual Report		109

Financial Highlights

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



	OVERLAY A PORTFOLIO

	CLASS 1
	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	16.01		$	12.81		$	13.05		$	13.69		$	13.18


Income from investment operations:

Investment income, net (a)(b)		0.23			0.07			0.13			0.14			0.12

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(3.17	)		3.25			(0.19	)		(0.37	)		0.57

Contributions from affiliates		0			0			0			0.00	(c)		0


Total from investment operations		(2.94	)		3.32			(0.06	)		(0.23	)		0.69


Less dividends and distributions:

Dividends from net investment income		(0.34	)		(0.12	)		(0.15	)		(0.13	)		(0.18	)

Distributions from net realized gain on investment transactions		(1.43	)		0			(0.03	)		(0.28	)		0


Total dividends and distributions		(1.77	)		(0.12	)		(0.18	)		(0.41	)		(0.18	)


Net asset value, end of period	$	11.30		$	16.01		$	12.81		$	13.05		$	13.69


Total return (d)(e)		(21.17)%			26.16%			(0.45)%			(1.46)%			5.21%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$1,121,710			$1,596,442			$1,465,081			$1,653,447			$1,811,002

Average net assets (000 omitted)		$1,430,298			$1,606,920			$1,539,035			$1,663,944			$1,829,185

Ratio to average net assets of:

Expenses, net of waivers/reimbursements (f)(g)		0.83%			0.80%			0.81%			0.80%			0.78%

Expenses, before waivers/reimbursements (f)(g)		1.16%			1.15%			1.15%			1.14%			1.13%

Net investment income (b)		1.67%			0.47%			1.02%			1.11%			0.88%

Portfolio turnover rate		24%			21%			22%			21%			39%

See Footnote Summary on page 122.

See Notes to Financial Statements.



110		Sanford C. Bernstein Fund, Inc.



	OVERLAY A PORTFOLIO

	CLASS 2
	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	16.05		$	12.84		$	13.07		$	13.72		$	13.22


Income from investment operations:

Investment income, net (a)(b)		0.25			0.10			0.15			0.18			0.15

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(3.18	)		3.26			(0.17	)		(0.39	)		0.56

Contributions from affiliates		0			0			0			0.00	(c)		0


Total from investment operations		(2.93	)		3.36			(0.02	)		(0.21	)		0.71


Less dividends and distributions:

Dividends from net investment income		(0.37	)		(0.15	)		(0.18	)		(0.16	)		(0.21	)

Distributions from net realized gain on investment transactions		(1.43	)		0			(0.03	)		(0.28	)		0


Total dividends and distributions		(1.80	)		(0.15	)		(0.21	)		(0.44	)		(0.21	)


Net asset value, end of period	$	11.32		$	16.05		$	12.84		$	13.07		$	13.72


Total return (d)(e)		(21.02)%			26.34%			(0.25)%			(1.23)%			5.37%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$228,680			$320,324			$309,925			$330,953			$427,346

Average net assets (000 omitted)		$291,541			$323,834			$319,363			$367,721			$420,846

Ratio to average net assets of:

Expenses, net of waivers/reimbursements (f)(g)		0.63%			0.59%			0.61%			0.60%			0.58%

Expenses, before waivers/reimbursements (f)(g)		0.96%			0.95%			0.95%			0.94%			0.93%

Net investment income (b)		1.81%			0.69%			1.17%			1.37%			1.09%

Portfolio turnover rate		24%			21%			22%			21%			39%

See Footnote Summary on page 122.

See Notes to Financial Statements.



2022 Annual Report		111

Financial Highlights (continued)

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



	TAX-AWARE OVERLAY A PORTFOLIO

	CLASS 1
	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	16.98		$	13.65		$	13.78		$	14.29		$	13.95


Income from investment operations:

Investment income, net (a)(b)		0.23			0.08			0.13			0.15			0.13

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(3.41	)		3.39			(0.08	)		(0.37	)		0.55


Total from investment operations		(3.18	)		3.47			0.05			(0.22	)		0.68


Less dividends and distributions:

Dividends from net investment income		(0.23	)		(0.14	)		(0.18	)		(0.12	)		(0.30	)

Distributions from net realized gain on investment transactions		(1.42	)		0			(0.00	) (c)		(0.17	)		(0.04	)


Total dividends and distributions		(1.65	)		(0.14	)		(0.18	)		(0.29	)		(0.34	)


Net asset value, end of period	$	12.15		$	16.98		$	13.65		$	13.78		$	14.29


Total return (d)(e)		(21.15)%			25.54%			0.29%			(1.28)%			4.85%	(h)

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$2,232,773			$3,144,804			$2,712,320			$3,143,494			$3,464,533

Average net assets (000 omitted)		$2,880,460			$3,057,954			$2,913,890			$3,181,790			$3,513,988

Ratio to average net assets of:

Expenses, net of waivers/reimbursements (f)(g)		0.81%			0.77%			0.80%			0.80%			0.77%

Expenses, before waivers/reimbursements (f)(g)		1.14%			1.12%			1.13%			1.13%			1.12%

Net investment income (b)		1.53%			0.49%			0.99%			1.09%			0.89%

Portfolio turnover rate		25%			20%			22%			20%			42%

See Footnote Summary on page 122.

See Notes to Financial Statements.



112		Sanford C. Bernstein Fund, Inc.



	TAX-AWARE OVERLAY A PORTFOLIO

	CLASS 2
	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	17.03		$	13.69		$	13.82		$	14.33		$	14.00


Income from investment operations:

Investment income, net (a)(b)		0.26			0.11			0.16			0.17			0.16

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(3.42	)		3.40			(0.08	)		(0.36	)		0.54


Total from investment operations		(3.16	)		3.51			0.08			(0.19	)		0.70


Less dividends and distributions:

Dividends from net investment income		(0.26	)		(0.17	)		(0.21	)		(0.15	)		(0.33	)

Distributions from net realized gain on investment transactions		(1.42	)		0			(0.00	) (c)		(0.17	)		(0.04	)


Total dividends and distributions		(1.68	)		(0.17	)		(0.21	)		(0.32	)		(0.37	)


Net asset value, end of period	$	12.19		$	17.03		$	13.69		$	13.82		$	14.33


Total return (d)(e)		(20.98)%			25.78%			0.56%			(1.12)%			5.01%	(h)

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$642,337			$942,706			$847,108			$1,041,177			$1,119,490

Average net assets (000 omitted)		$854,251			$937,234			$935,278			$1,048,726			$1,114,328

Ratio to average net assets of:

Expenses, net of waivers/reimbursements (f)(g)		0.61%			0.57%			0.60%			0.60%			0.57%

Expenses, before waivers/reimbursements (f)(g)		0.94%			0.92%			0.93%			0.93%			0.92%

Net investment income (b)		1.73%			0.71%			1.21%			1.28%			1.09%

Portfolio turnover rate		25%			20%			22%			20%			42%

See Footnote Summary on page 122.

See Notes to Financial Statements.



2022 Annual Report		113

Financial Highlights (continued)

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



	OVERLAY B PORTFOLIO

	CLASS 1
	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	11.92		$	10.96		$	10.94		$	10.96		$	11.00


Income from investment operations:

Investment income, net (a)(b)		0.27			0.21			0.16			0.21			0.20

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.90	)		1.05			0.22			0.17			0.01

Contributions from affiliates		0			0			0			0.00	(c)		0.00	(c)


Total from investment operations		(1.63	)		1.26			0.38			0.38			0.21


Less dividends and distributions:

Dividends from net investment income		(0.40	)		(0.25	)		(0.32	)		(0.26	)		(0.23	)

Distributions from net realized gain on investment transactions		(1.27	)		(0.05	)		(0.04	)		(0.14	)		(0.02	)


Total dividends and distributions		(1.67	)		(0.30	)		(0.36	)		(0.40	)		(0.25	)


Net asset value, end of period	$	8.62		$	11.92		$	10.96		$	10.94		$	10.96


Total return (d)		(16.10)%			11.61%			3.56%			3.75%			1.93%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$750,137			$999,357			$991,266			$1,024,761			$1,052,414

Average net assets (000 omitted)		$908,265			$1,021,208			$991,542			$1,014,279			$1,055,548

Ratio to average net assets of:

Expenses, net of waivers/reimbursements (f)		0.81%			0.83%			0.84%			0.83%			0.81%

Expenses, before waivers/reimbursements (f)		0.85%			0.87%			0.87%			0.86%			0.86%

Net investment income (b)		2.65%			1.78%			1.51%			1.95%			1.78%

Portfolio turnover rate		115%			98%			74%			67%			116%

See Footnote Summary on page 122.

See Notes to Financial Statements.



114		Sanford C. Bernstein Fund, Inc.



	OVERLAY B PORTFOLIO

	CLASS 2
	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	11.96		$	11.00		$	10.97		$	10.98		$	11.03


Income from investment operations:

Investment income, net (a)(b)		0.28			0.23			0.18			0.22			0.21

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.90	)		1.04			0.23			0.18			0.01

Contributions from affiliates		0			0			0			0.00	(c)		0.00	(c)


Total from investment operations		(1.62	)		1.27			0.41			0.40			0.22


Less dividends and distributions:

Dividends from net investment income		(0.42	)		(0.26	)		(0.34	)		(0.27	)		(0.25	)

Distributions from net realized gain on investment transactions		(1.27	)		(0.05	)		(0.04	)		(0.14	)		(0.02	)


Total dividends and distributions		(1.69	)		(0.31	)		(0.38	)		(0.41	)		(0.27	)


Net asset value, end of period	$	8.65		$	11.96		$	11.00		$	10.97		$	10.98


Total return (d)		(15.98)%	(h)		11.64%			3.76%			3.97%			2.02%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$150,684			$195,068			$203,349			$218,022			$228,731

Average net assets (000 omitted)		$181,909			$202,314			$209,927			$226,099			$226,777

Ratio to average net assets of:

Expenses, net of waivers/reimbursements (f)		0.66%			0.68%			0.69%			0.68%			0.66%

Expenses, before waivers/reimbursements (f)		0.70%			0.72%			0.72%			0.71%			0.71%

Net investment income (b)		2.80%			1.93%			1.66%			2.10%			1.93%

Portfolio turnover rate		115%			98%			74%			67%			116%

See Footnote Summary on page 122.

See Notes to Financial Statements.



2022 Annual Report		115

Financial Highlights (continued)

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



	TAX-AWARE OVERLAY B PORTFOLIO

	CLASS 1
	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	12.36		$	11.27		$	11.12		$	11.25		$	11.50


Income from investment operations:

Investment income, net (a)(b)		0.18			0.17			0.19			0.21			0.19

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.66	)		1.19			0.12			(0.03	)		0.02


Total from investment operations		(1.48	)		1.36			0.31			0.18			0.21


Less dividends and distributions:

Dividends from net investment income		(0.19	)		(0.27	)		(0.16	)		(0.20	)		(0.18	)

Distributions from net realized gain on investment transactions		(0.65	)		0			0			(0.11	)		(0.28	)


Total dividends and distributions		(0.84	)		(0.27	)		(0.16	)		(0.31	)		(0.46	)


Net asset value, end of period	$	10.04		$	12.36		$	11.27		$	11.12		$	11.25


Total return (d)		(12.95)%			12.11%			2.93%			1.81%			1.86%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$932,107			$1,194,517			$1,140,951			$1,240,530			$1,314,251

Average net assets (000 omitted)		$1,111,920			$1,196,104			$1,191,962			$1,254,989			$1,319,846

Ratio to average net assets of:

Expenses, net of waivers/reimbursements (f)		0.83%			0.84%			0.84%			0.83%			0.81%

Expenses, before waivers/reimbursements (f)		0.83%			0.84%			0.84%			0.84%			0.83%

Net investment income (b)		1.63%			1.44%			1.74%			1.89%			1.68%

Portfolio turnover rate		12%			19%			8%			12%			22%

See Footnote Summary on page 122.

See Notes to Financial Statements.



116		Sanford C. Bernstein Fund, Inc.



	TAX-AWARE OVERLAY B PORTFOLIO

	CLASS 2
	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	12.39		$	11.30		$	11.14		$	11.27		$	11.52


Income from investment operations:

Investment income, net (a)(b)		0.20			0.19			0.21			0.22			0.21

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.66	)		1.19			0.13			(0.02	)		0.02


Total from investment operations		(1.46	)		1.38			0.34			0.20			0.23


Less dividends and distributions:

Dividends from net investment income		(0.21	)		(0.29	)		(0.18	)		(0.22	)		(0.20	)

Distributions from net realized gain on investment transactions		(0.65	)		0			0			(0.11	)		(0.28	)


Total dividends and distributions		(0.86	)		(0.29	)		(0.18	)		(0.33	)		(0.48	)


Net asset value, end of period	$	10.07		$	12.39		$	11.30		$	11.14		$	11.27


Total return (d)		(12.78)%			12.35%			3.04%			1.93%			2.01%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$378,873			$523,749			$521,628			$601,605			$643,676

Average net assets (000 omitted)		$478,848			$534,158			$559,800			$611,585			$646,854

Ratio to average net assets of:

Expenses, net of waivers/reimbursements (f)		0.68%			0.69%			0.69%			0.68%			0.66%

Expenses, before waivers/reimbursements (f)		0.68%			0.69%			0.69%			0.69%			0.68%

Net investment income (b)		1.78%			1.59%			1.89%			2.03%			1.83%

Portfolio turnover rate		12%			19%			8%			12%			22%

See Footnote Summary on page 122.

See Notes to Financial Statements.



2022 Annual Report		117

Financial Highlights (continued)

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



	TAX-AWARE OVERLAY C PORTFOLIO

	CLASS 1
	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	12.29		$	11.26		$	11.14		$	11.29		$	11.49


Income from investment operations:

Investment income, net (a)(b)		0.17			0.16			0.18			0.19			0.17

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.61	)		1.13			0.10			(0.03	)		0.07


Total from investment operations		(1.44	)		1.29			0.28			0.16			0.24


Less dividends and distributions:

Dividends from net investment income		(0.18	)		(0.26	)		(0.16	)		(0.18	)		(0.18	)

Distributions from net realized gain on investment transactions		(0.78	)		0			0			(0.13	)		(0.26	)


Total dividends and distributions		(0.96	)		(0.26	)		(0.16	)		(0.31	)		(0.44	)


Net asset value, end of period	$	9.89		$	12.29		$	11.26		$	11.14		$	11.29


Total return (d)		(12.84)%			11.57%			2.48%			1.53%			2.13%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$240,668			$321,782			$315,270			$356,936			$368,640

Average net assets (000 omitted)		$293,443			$323,453			$339,567			$355,345			$366,150

Ratio to average net assets of:

Expenses, net of waivers/reimbursements (f)		0.87%			0.88%			0.88%			0.86%			0.85%

Expenses, before waivers/reimbursements (f)		0.87%			0.88%			0.88%			0.87%			0.87%

Net investment income (b)		1.56%			1.31%			1.60%			1.75%			1.49%

Portfolio turnover rate		18%			23%			13%			14%			28%

See Footnote Summary on page 122.

See Notes to Financial Statements.



118		Sanford C. Bernstein Fund, Inc.



	TAX-AWARE OVERLAY C PORTFOLIO

	CLASS 2
	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	12.32		$	11.29		$	11.16		$	11.31		$	11.50


Income from investment operations:

Investment income, net (a)(b)		0.19			0.18			0.19			0.21			0.19

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.61	)		1.13			0.11			(0.04	)		0.08


Total from investment operations		(1.42	)		1.31			0.30			0.17			0.27


Less dividends and distributions:

Dividends from net investment income		(0.20	)		(0.28	)		(0.17	)		(0.19	)		(0.20	)

Distributions from net realized gain on investment transactions		(0.78	)		0			0			(0.13	)		(0.26	)


Total dividends and distributions		(0.98	)		(0.28	)		(0.17	)		(0.32	)		(0.46	)


Net asset value, end of period	$	9.92		$	12.32		$	11.29		$	11.16		$	11.31


Total return (d)		(12.66)%	(h)		11.72%			2.68%			1.65%			2.37%	(h)

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$126,412			$179,654			$196,312			$209,891			$221,368

Average net assets (000 omitted)		$164,116			$192,674			$203,874			$217,264			$225,633

Ratio to average net assets of:

Expenses, net of waivers/reimbursements (f)		0.72%			0.73%			0.73%			0.71%			0.70%

Expenses, before waivers/reimbursements (f)		0.72%			0.73%			0.73%			0.72%			0.72%

Net investment income (b)		1.71%			1.46%			1.75%			1.90%			1.64%

Portfolio turnover rate		18%			23%			13%			14%			28%

See Footnote Summary on page 122.

See Notes to Financial Statements.



2022 Annual Report		119

Financial Highlights (continued)

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



	TAX-AWARE OVERLAY N PORTFOLIO

	CLASS 1
	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	12.17		$	11.02		$	11.04		$	11.19		$	11.43


Income from investment operations:

Investment income, net (a)(b)		0.18			0.15			0.18			0.20			0.17

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.66	)		1.25			(0.03	)		(0.03	)		0.04


Total from investment operations		(1.48	)		1.40			0.15			0.17			0.21


Less dividends and distributions:

Dividends from net investment income		(0.17	)		(0.25	)		(0.17	)		(0.19	)		(0.18	)

Distributions from net realized gain on investment transactions		(0.61	)		0			0			(0.13	)		(0.27	)


Total dividends and distributions		(0.78	)		(0.25	)		(0.17	)		(0.32	)		(0.45	)


Net asset value, end of period	$	9.91		$	12.17		$	11.02		$	11.04		$	11.19


Total return (d)		(13.16)%			12.82%			1.35%			1.67%			1.84%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$230,496			$312,157			$303,111			$335,908			$372,015

Average net assets (000 omitted)		$282,579			$313,333			$317,504			$343,928			$375,576

Ratio to average net assets of:

Expenses, net of waivers/reimbursements (f)		0.89%			0.90%			0.90%			0.88%			0.86%

Expenses, before waivers/reimbursements (f)		0.89%			0.90%			0.91%			0.89%			0.88%

Net investment income (b)		1.57%			1.30%			1.65%			1.84%			1.54%

Portfolio turnover rate		14%			19%			11%			19%			31%

See Footnote Summary on page 122.

See Notes to Financial Statements.



120		Sanford C. Bernstein Fund, Inc.



	TAX-AWARE OVERLAY N PORTFOLIO

	CLASS 2
	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18

Net asset value, beginning of period	$	12.20		$	11.05		$	11.06		$	11.21		$	11.45


Income from investment operations:

Investment income, net (a)(b)		0.19			0.17			0.20			0.22			0.19

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.66	)		1.25			(0.02	)		(0.04	)		0.04


Total from investment operations		(1.47	)		1.42			0.18			0.18			0.23


Less dividends and distributions:

Dividends from net investment income		(0.19	)		(0.27	)		(0.19	)		(0.20	)		(0.20	)

Distributions from net realized gain on investment transactions		(0.61	)		0			0			(0.13	)		(0.27	)


Total dividends and distributions		(0.80	)		(0.27	)		(0.19	)		(0.33	)		(0.47	)


Net asset value, end of period	$	9.93		$	12.20		$	11.05		$	11.06		$	11.21


Total return (d)		(13.08)%			12.96%			1.60%			1.79%			1.99%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$42,316			$66,163			$71,348			$84,996			$85,946

Average net assets (000 omitted)		$59,773			$71,584			$78,103			$81,875			$87,212

Ratio to average net assets of:

Expenses, net of waivers/reimbursements (f)		0.74%			0.75%			0.75%			0.73%			0.71%

Expenses, before waivers/reimbursements (f)		0.74%			0.75%			0.76%			0.74%			0.73%

Net investment income (b)		1.72%			1.44%			1.80%			1.99%			1.69%

Portfolio turnover rate		14%			19%			11%			19%			31%

See Footnote Summary on page 122.

See Notes to Financial Statements.



2022 Annual Report		121

Financial Highlights (continued)

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

(a)

Based on average shares outstanding.

(b)

Net of expenses waived/reimbursed by the Adviser.

(c)

Amount is less than $.005.

(d)

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(e)

Includes the impact of proceeds received and credited to the Portfolio resulting from the class action settlements, which enhanced the performance for the Overlay A Portfolio for the year ended September 30, 2020 by .02% and the Tax-Aware Overlay A Portfolio for the year ended September 30, 2020 by .02%.

(f)

Acquired Fund Fees and Expenses:


	YEAR ENDED 9/30/2022		YEAR ENDED 9/30/2021		YEAR ENDED 9/30/2020		YEAR ENDED 9/30/2019		YEAR ENDED 9/30/2018
Overlay A Portfolio		.34%		.36%		.35%		.34%		.37%
Tax-Aware Overlay A Portfolio		.33%		.36%		.34%		.34%		.36%
Overlay B Portfolio		.05%		.04%		.03%		.05%		.07%
Tax-Aware Overlay B Portfolio		.03%		.03%		.02%		.05%		.04%
Tax-Aware Overlay C Portfolio		.03%		.03%		.03%		.03%		.04%
Tax-Aware Overlay N Portfolio		.03%		.03%		.03%		.03%		.04%

Waiver:


	YEAR ENDED 9/30/2022			YEAR ENDED 9/30/2021			YEAR ENDED 9/30/2020			YEAR ENDED 9/30/2019		YEAR ENDED 9/30/2018
Overlay A Portfolio		.33%			.35%			.34%			.33%		.37%
Tax-Aware Overlay A Portfolio		.33%			.35%			.34%			.33%		.36%
Overlay B Portfolio		.04%			.04%			.03%			.03%		.07%
Tax-Aware Overlay B Portfolio		.00%	(c)		.00%	(c)		.00%	(c)		.02%		.04%
Tax-Aware Overlay C Portfolio		.00%	(c)		.00%	(c)		.00%	(c)		.01%		.04%
Tax-Aware Overlay N Portfolio		.00%	(c)		.00%	(c)		.00%	(c)		.01%		.04%

(g)

The expense ratios presented below exclude interest/bank overdraft expense:


	YEAR ENDED SEPTEMBER 30,
	2022		2021		2020		2019		2018
Overlay A Portfolio
Class 1
Expenses, net of waivers/reimbursements		.80%		.79%		.80%		.80%		.78%
Expenses, before waivers/reimbursements		1.13%		1.14%		1.14%		1.14%		1.13%
Class 2
Expenses, net of waivers/reimbursements		.60%		.58%		.60%		.60%		.58%
Expenses, before waivers/reimbursements		.93%		.94%		.94%		.94%		.93%

Tax-Aware Overlay A Portfolio
Class 1
Expenses, net of waivers/reimbursements		.79%		.77%		.79%		.80%		.77%
Expenses, before waivers/reimbursements		1.12%		1.11%		1.13%		1.13%		1.12%
Class 2
Expenses, net of waivers/reimbursements		.59%		.56%		.59%		.60%		.57%
Expenses, before waivers/reimbursements		.92%		.91%		.92%		.93%		.92%

(h)

See Notes to Financial Statements.



122		Sanford C. Bernstein Fund, Inc.

Notes to Financial Statements

NOTE 1.

Organization and Significant Accounting Policies


INTERNATIONAL EQUITY PORTFOLIO		SHARE CLASSES OFFERED

Emerging Markets		Emerging Markets Class* and Class Z

FIXED INCOME MUNICIPAL PORTFOLIOS

Short Duration Diversified Municipal		Short Duration Diversified Municipal Class*

California Municipal		Municipal Class*, Class A, Class C and Advisor Class

Diversified Municipal		Municipal Class*, Class A, Class C, Advisor Class and Class Z

New York Municipal		Municipal Class*, Class A, Class C and Advisor Class

FIXED INCOME TAXABLE PORTFOLIOS

Intermediate Duration		Intermediate Duration Class*, Class A, Advisor Class and Class Z

Short Duration Plus		Short Duration Plus Class*, Class A and Class C

Bernstein Class


OVERLAY PORTFOLIOS

Overlay A		Class 1 and Class 2

Tax-Aware Overlay A		Class 1 and Class 2

Overlay B		Class 1 and Class 2

Tax-Aware Overlay B		Class 1 and Class 2

Tax-Aware Overlay C		Class 1 and Class 2

Tax-Aware Overlay N		Class 1 and Class 2

Each Portfolio has its own investment objectives. This report relates only to the Overlay A, Tax-Aware Overlay A, Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios. Each class of shares has identical voting, dividend, liquidation and other rights, except that the classes may bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan, as applicable. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolios.

Portfolio Valuation



2022 Annual Report		123

Notes to Financial Statements (continued)

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

Fair Value Measurements

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

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Portfolios’ own assumptions in determining the fair value of investments)



124		Sanford C. Bernstein Fund, Inc.

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options will be classified as Level 2. For options that do not trade on an exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.



2022 Annual Report		125

Notes to Financial Statements (continued)

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


OVERLAY A PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL

Assets:

Common Stocks (a)	$	663,640,342		$	—		$	—	$	663,640,342

Investment Companies		498,626,451			—			—		498,626,451

Options Purchased—Puts		—			43,838,865			—		43,838,865

Short-Term Investments		177,759,322			—			—		177,759,322

Total Investments in Securities		1,340,026,115			43,838,865			—		1,383,864,980

Other Financial Instruments (b):

Assets:

Futures		39,035,466			—			—		39,035,466	(c)

Forward Currency Exchange Contracts		—			16,473,312			—		16,473,312

Liabilities:

Futures		(25,446,373	)		—			—		(25,446,373	)(c)

Forward Currency Exchange Contracts		—			(22,919,877	)		—		(22,919,877	)

Total Return Swaps		—			(661,368	)		—		(661,368	)

Total	$	1,353,615,208		$	36,730,932		$	—	$	1,390,346,140

TAX-AWARE OVERLAY A PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL

Assets:

Common Stocks (a)	$	1,449,323,669		$	—		$	—	$	1,449,323,669

Investment Companies		1,079,576,547			—			—		1,079,576,547

Options Purchased—Puts		—			94,865,049			—		94,865,049

Short-Term Investments		314,374,213			—			—		314,374,213

Total Investments in Securities		2,843,274,429			94,865,049			—		2,938,139,478

Other Financial Instruments (b):

Assets:

Futures		94,840,306			—			—		94,840,306	(c)

Forward Currency Exchange Contracts		—			35,621,801			—		35,621,801

Liabilities:

Futures		(55,981,401	)		—			—		(55,981,401	)(c)

Forward Currency Exchange Contracts		—			(49,182,623	)		—		(49,182,623	)

Total Return Swaps		—			(1,342,461	)		—		(1,342,461	)

Total	$	2,882,133,334		$	79,961,766		$	—	$	2,962,095,100



126		Sanford C. Bernstein Fund, Inc.


OVERLAY B PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL

Assets:

Governments—Treasuries	$	—		$	247,283,832		$	—	$	247,283,832

Inflation-Linked Securities		—			175,245,908			—		175,245,908

Corporates—Investment Grade		—			146,429,479			—		146,429,479

Mortgage Pass-Throughs		—			61,088,683			—		61,088,683

Collateralized Mortgage Obligations		—			35,883,024			—		35,883,024

Investment Companies		29,456,532			—			—		29,456,532

Asset-Backed Securities		—			25,607,077			—		25,607,077

Corporates—Non-Investment Grade		—			21,384,453			—		21,384,453

Commercial Mortgage-Backed Securities		—			18,800,353			1,427,068		20,227,421

Collateralized Loan Obligations		—			17,133,119			—		17,133,119

Options Purchased—Puts		—			10,645,245			—		10,645,245

U.S. Treasury Bills		—			8,075,712			—		8,075,712

Covered Bonds		—			5,243,525			—		5,243,525

Emerging Markets—Corporate Bonds		—			5,192,088			—		5,192,088

Quasi-Sovereigns		—			5,176,787			—		5,176,787

Governments—Sovereign Bonds		—			3,178,694			—		3,178,694

Local Governments—US Municipal Bonds		—			3,007,049			—		3,007,049

Local Governments—Provincial Bonds		—			2,109,447			—		2,109,447

Supranationals		—			2,008,468			—		2,008,468

Emerging Markets—Sovereigns		—			1,514,026			—		1,514,026

Local Governments—Regional Bonds		—			1,276,525			—		1,276,525

Governments—Sovereign Agencies		—			980,796			—		980,796

Agencies		—			570,755			—		570,755

Short-Term Investments:

Investment Companies		99,713,489			—			—		99,713,489

Governments—Treasuries		—			5,295,584			—		5,295,584

Total Investments in Securities		129,170,021			803,130,629			1,427,068		933,727,718

Other Financial Instruments (b):

Assets:

Futures		2,406,454			—			—		2,406,454	(c)

Forward Currency Exchange Contracts		—			12,766,573			—		12,766,573

Centrally Cleared Credit Default Swaps		—			333,127			—		333,127	(c)

Centrally Cleared Inflation (CPI) Swaps		—			5,590,913			—		5,590,913	(c)

Centrally Cleared Interest Rate Swaps		—			7,665,188			—		7,665,188	(c)

Total Return Swaps		—			392,678			—		392,678

Liabilities:

Futures		(19,674,053	)		—			—		(19,674,053	)(c)

Forward Currency Exchange Contracts		—			(13,928,799	)		—		(13,928,799	)

Centrally Cleared Credit Default Swaps		—			(14,565	)		—		(14,565	)(c)

Centrally Cleared Inflation (CPI) Swaps		—			(154,199	)		—		(154,199	)(c)

Centrally Cleared Interest Rate Swaps		—			(2,912,879	)		—		(2,912,879	)(c)

Credit Default Swaps		—			(976,198	)		—		(976,198	)

Total Return Swaps		—			(658,006	)		—		(658,006	)

Total	$	111,902,422		$	811,234,462		$	1,427,068	$	924,563,952



2022 Annual Report		127

Notes to Financial Statements (continued)


TAX-AWARE OVERLAY B PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL

Assets:

Long-Term Municipal Bonds	$	—		$	949,867,358		$	—	$	949,867,358

Investment Companies		305,876,750			—			—		305,876,750

Options Purchased—Puts		—			15,490,362			—		15,490,362

Corporates—Investment Grade		—			10,556,156			—		10,556,156

Governments—Treasuries		—			8,841,113			—		8,841,113

Corporates—Non-Investment Grade		—			4,546,205			—		4,546,205

Commercial Mortgage-Backed Securities		—			3,474,545			—		3,474,545

Collateralized Mortgage Obligations		—			846,205			—		846,205

Short-Term Investments		7,141,247			—			—		7,141,247

Total Investments in Securities		313,017,997			993,621,944			—		1,306,639,941

Other Financial Instruments (b):

Assets:

Futures		8,018,993			—			—		8,018,993	(c)

Forward Currency Exchange Contracts		—			5,155,105			—		5,155,105

Centrally Cleared Inflation (CPI) Swaps		—			10,114,167			—		10,114,167	(c)

Centrally Cleared Interest Rate Swaps		—			605,667			—		605,667

Inflation (CPI) Swaps		—			17,353,492			—		17,353,492	(c)

Interest Rate Swaps		—			1,433,021			—		1,433,021

Liabilities:

Futures		(12,556,723	)		—			—		(12,556,723	)(c)

Forward Currency Exchange Contracts		—			(8,349,562	)		—		(8,349,562	)

Centrally Cleared Inflation (CPI) Swaps		—			(1,752,463	)		—		(1,752,463	)(c)

Credit Default Swaps		—			(646,351	)		—		(646,351	)

Total Return Swaps		—			(254,337	)		—		(254,337	)

Total	$	308,480,267		$	1,017,280,683		$	—	$	1,325,760,950

TAX-AWARE OVERLAY C PORTFOLIO INVESTMENT IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL

Assets:

Long-Term Municipal Bonds	$	—		$	280,635,960		$	—	$	280,635,960

Short-Term Municipal Notes		—			8,054,480			—		8,054,480

Investment Companies		45,942,436			—			—		45,942,436

Options Purchased—Puts		—			4,437,898			—		4,437,898

Commercial Mortgage-Backed Securities		—			2,782,268			—		2,782,268

Governments—Treasuries		—			2,655,697			—		2,655,697

Collateralized Mortgage Obligations		—			67,817			—		67,817

Short-Term Investments		17,560,057			—			—		17,560,057

Total Investments in Securities		63,502,493			298,634,120			—		362,136,613



128		Sanford C. Bernstein Fund, Inc.


TAX-AWARE OVERLAY C PORTFOLIO INVESTMENT IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL

Other Financial Instruments (b):

Assets:

Futures	$	1,031,523		$	—		$	—	$	1,031,523	(c)

Forward Currency Exchange Contracts		—			1,611,333			—		1,611,333

Centrally Cleared Inflation (CPI) Swaps		—			3,120,701			—		3,120,701	(c)

Inflation (CPI) Swaps		—			5,059,141			—		5,059,141

Interest Rate Swaps		—			438,410			—		438,410

Total Return Swaps		—			39,244			—		39,244

Liabilities:

Futures		(3,522,891	)		—			—		(3,522,891	)(c)

Forward Currency Exchange Contracts		—			(2,398,213	)		—		(2,398,213	)

Centrally Cleared Inflation (CPI) Swaps		—			(534,500	)		—		(534,500	)(c)

Centrally Cleared Interest Rate Swaps		—			(397,401	)		—		(397,401	)(c)

Credit Default Swaps		—			(234,231	)		—		(234,231	)

Total Return Swaps		—			(69,227	)		—		(69,227	)

Total	$	61,011,125		$	305,269,377		$	—	$	366,280,502

TAX-AWARE OVERLAY N PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL

Assets:

Long-Term Municipal Bonds	$	—		$	206,061,318		$	—	$	206,061,318

Investment Companies		44,340,192			—			—		44,340,192

Governments—Treasuries		—			3,265,096			—		3,265,096

Options Purchased—Puts		—			3,177,520			—		3,177,520

Collateralized Mortgage Obligations		—			73,446			—		73,446

Short-Term Investments		10,451,865			—			—		10,451,865

Total Investments in Securities		54,792,057			212,577,380			—		267,369,437

Other Financial Instruments (b):

Assets:

Futures		1,110,036			—			—		1,110,036	(c)

Forward Currency Exchange Contracts		—			1,048,452			—		1,048,452

Centrally Cleared Inflation (CPI) Swaps		—			2,236,278			—		2,236,278	(c)

Centrally Cleared Interest Rate Swaps		—			159,092			—		159,092	(c)

Inflation (CPI) Swaps		—			4,328,840			—		4,328,840

Interest Rate Swaps		—			326,366			—		326,366

Liabilities:

Futures		(3,795,234	)		—			—		(3,795,234	)(c)

Forward Currency Exchange Contracts		—			(1,693,960	)		—		(1,693,960	)

Centrally Cleared Inflation (CPI) Swaps		—			(390,022	)		—		(390,022	)(c)

Credit Default Swaps		—			(189,156	)		—		(189,156	)

Total Return Swaps		—			(58,254	)		—		(58,254	)

Total	$	52,106,859		$	218,345,016		$	—	$	270,451,875

(a)

See Schedule of Investments for sector classifications.



2022 Annual Report		129

Notes to Financial Statements (continued)

(b)

(c)

Foreign Currency Translation

Taxes

Each Portfolio is treated as a separate entity for federal income tax purposes. Each Portfolio intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986 as they apply to regulated investment companies. By so complying, each Portfolio will not be subject to federal and state income taxes to the extent that all of its income is distributed. The Portfolios may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned based on, management’s understanding of applicable local tax law.

In consideration of recent decisions rendered by the European courts, certain Portfolios filed reclaims to recover taxes withheld on dividends earned from certain European Union countries during calendar years 2008 through 2022. These filing are subject to various administrative and judicial proceedings within these countries. No amounts for additional tax reclaims are disclosed in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

Security Transactions and Related Investment Income



130		Sanford C. Bernstein Fund, Inc.

recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolios amortize premiums and accrete discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

Securities Transactions on a When-Issued or Delayed-Delivery Basis

Class Allocations

Distribution of Income and Gains

Dividends from net investment income, if any, will be paid to shareholders at least once a year.

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

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


PORTFOLIO	INCREASE (DECREASE) TO ADDITIONAL PAID-IN CAPITAL		INCREASE (DECREASE) TO DISTRIBUTABLE EARNINGS/ ACCUMULATED LOSS
Overlay A	$	18,100,849	$	(18,100,849	)

Tax-Aware Overlay A		15,386,297		(15,386,297	)

Overlay B		10,613,693		(10,613,693	)

Tax-Aware Overlay B		6,273,189		(6,273,189	)

Tax-Aware Overlay C		2,145,566		(2,145,566	)

Tax-Aware Overlay N		1,114,440		(1,114,440	)



2022 Annual Report		131

Notes to Financial Statements (continued)

NOTE 2.

Investment Management and Transactions with Affiliated Persons

Management Fee

The Portfolios pay the Adviser an investment management fee at an annual rate of 0.90% of the first $2.5 billion, 0.875% of the next $2.5 billion and 0.85% in excess of $5 billion for Overlay A and Tax-Aware Overlay A; 0.65% for Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N, of the average daily net assets of each Portfolio. Prior to November 13, 2020, the Overlay A and Tax-Aware Overlay A paid the Adviser an investment management fee at an annual rate of 0.90% of the first $5 billion and 0.875% in excess of $5 billion of the average daily net assets of each respective Portfolio.

The Adviser has agreed to waive its fees and bear certain expenses, exclusive of acquired fund fees and other than the advisory fees of any registered funds advised by the Adviser in which a Portfolio may invest, interest expense, taxes, extraordinary expenses, brokerage commission, and other transaction costs, to the extent necessary to limit the total portfolio operating expenses as a percentage of daily average net assets on an annual basis as follows:


PORTFOLIO	CLASS 1			CLASS 2
Overlay A		1.20	%		1.00	%

Tax-Aware Overlay A		1.20	%		1.00	%

Overlay B		0.90	%		0.75	%

Tax-Aware Overlay B		0.90	%		0.75	%

Tax-Aware Overlay C		0.90	%		0.75	%

Tax-Aware Overlay N		0.90	%		0.75	%

This fee waiver and/or expense limitation agreement will remain in effect until January 28, 2023, and then may be extended by the Adviser for additional one year terms. During the year ended September 30, 2022, there were no such reimbursement/waivers.

Shareholder Servicing Fee

Under the Shareholder Servicing Agreement between the Fund and the Adviser, the Adviser pays expenses it incurs in providing shareholder servicing to the Fund, the Portfolios and individual shareholders. Such services include, but are not limited to, providing information to shareholders concerning their fund investments, systematic withdrawal plans, fund dividend payments and reinvestments, shareholder account or transactions status, net asset value of shares, fund performance, fund services, plans and options, fund investment policies, portfolio holdings and tax consequences of fund investments; dealing with shareholder complaints and other correspondence relating to fund matters; and communications with shareholders when proxies are being solicited from them with respect to voting their fund shares. Under the agreement, the fee paid by each Portfolio to the Adviser for services is 0.20 of 1%, annualized, of the average daily net assets of Class 1 Shares of Overlay A and Tax-Aware Overlay A Portfolios during the month, and 0.15 of 1%, annualized, of the average daily net assets of Class 1 Shares of Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios during the month.

Distribution Arrangements

Under the Distribution Agreement between the Fund, on behalf of each Portfolio, and Sanford C. Bernstein & Co., LLC (the “Distributor”), the Distributor agrees to act as agent to sell shares of the Portfolios. The Distributor receives no fee for this service, and furthermore agrees to pay all expenses arising from the performance of its obligations under this agreement. The Distributor is a wholly owned subsidiary of the Adviser.



132		Sanford C. Bernstein Fund, Inc.

Investments in Affiliated Issuers

The Portfolios may invest in other investment companies advised by the Adviser, including AB Government Money Market Portfolio (the “Government Money Market Portfolio”) and AB All-Market Real Return Portfolio—Class Z (“AMRR”) which have contractual annual advisory fee rates of 0.20% and 0.75%, respectively, of the portfolios’ average daily net assets and bear their own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the investment by the Portfolios in affiliated registered investment companies, the Adviser has contractually agreed to waive its advisory fee from the Portfolios in an amount equal to the Portfolios’ pro rata share of the effective advisory fee of the underlying affiliated registered investment company, as borne indirectly by the Portfolios as an acquired fund fee and expense.

For the year ended September 30, 2022, such waivers amounted to:


GOVERNMENT MONEY MARKET PORTFOLIO	AMOUNT
Overlay A	$	141,279

Tax-Aware Overlay A		348,876

Overlay B		121,902

Tax-Aware Overlay B		32,251

Tax-Aware Overlay C		10,497

Tax-Aware Overlay N		3,963

AMRR	AMOUNT
Overlay A	$	1,102,065

Tax-Aware Overlay A		2,259,149

Overlay B		334,966

Tax-Aware Overlay B		38,318

Tax-Aware Overlay C		10,918

Tax-Aware Overlay N		8,224

Overlay A Portfolio and Tax-Aware Overlay A Portfolio currently invest in Bernstein Fund, Inc.—International Small Cap Portfolio—Class Z, Bernstein Fund, Inc.—International Strategic Equities Portfolio—Class Z, Bernstein Fund Inc.—Small Cap Core Portfolio—Class Z and Sanford C. Bernstein Fund, Inc.—Emerging Markets Portfolio—Class Z, respectively. With respect to the Overlay A Portfolio and Tax-Aware Overlay A Portfolio, the Adviser has contractually agreed to waive its management fees and/or bear Portfolio expenses through January 28, 2023, in an amount equal to the Portfolios’ proportionate share of all advisory fees and other expenses of the aforementioned funds that are indirectly borne by the Portfolios. For the year ended September 30, 2022, such waivers amounted to:


PORTFOLIO	SANFORD C. BERNSTEIN FUND, INC. - EMERGING MARKETS PORTFOLIO CLASS Z		BERNSTEIN FUND, INC. - INTERNATIONAL STRATEGIC EQUITIES PORTFOLIO CLASS Z		BERNSTEIN FUND, INC. - INTERNATIONAL SMALL CAP PORTFOLIO CLASS Z		BERNSTEIN FUND, INC. - SMALL CAP CORE PORTFOLIO CLASS Z
Overlay A	$	489,751	$	2,689,387	$	1,017,941	$	274,161

Tax-Aware Overlay A		1,020,843		5,715,050		2,209,164		572,122



2022 Annual Report		133

Notes to Financial Statements (continued)

The Portfolios may invest in other investment companies managed by the Adviser. A summary of the Portfolios’ transactions in such holdings for the year ended September 30, 2022 is as follows:


SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO
														DISTRIBUTIONS
FUND	MARKET VALUE 9/30/21 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		REALIZED GAIN (LOSS) (000)		CHANGE IN UNREALIZED APPR./(DEPR.) (000)			MARKET VALUE 9/30/22 (000)		DIVIDEND INCOME (000)		REALIZED GAINS (000)

Government Money Market Portfolio	$	171,734	$	894,193	$	888,167	$	0	$	0		$	177,760	$	1,066	$	0

AB Bond Fund, Inc.: AB All Market Real Return Portfolio		171,932		46,686		105,533		3,795		(26,707	)		90,173		16,492		0

Bernstein Fund, Inc.: International Small Cap Portfolio		117,805		4,422		20,000		892		(36,443	)		66,676		2,374		2,048

Bernstein Fund, Inc.—International Strategic Equities Portfolio		451,328		25,937		69,000		1,210		(128,583	)		280,892		10,863		15,073

Bernstein Fund, Inc.—Small Cap Core Portfolio		36,856		2,190		6,311		1,649		(10,368	)		24,016		51		2,139

Sanford C. Bernstein Fund, Inc.—AB Emerging Markets Portfolio		51,516		4,653		0		0		(19,300	)		36,869		1,235		3,419

Total							$	7,546	$	(221,401	)	$	676,386	$	32,081	$	22,679


SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO
															DISTRIBUTIONS
FUND	MARKET VALUE 9/30/21 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		REALIZED GAIN (LOSS) (000)			CHANGE IN UNREALIZED APPR./(DEPR.) (000)			MARKET VALUE 9/30/22 (000)		DIVIDEND INCOME (000)		REALIZED GAINS (000)

Government Money Market Portfolio	$	448,577	$	1,689,959	$	1,824,162	$	0		$	0		$	314,374	$	2,263	$	0

AB Bond Fund, Inc.: AB All Market Real Return Portfolio		337,624		103,430		208,189		7,795			(54,180	)		186,480		32,386		0

Bernstein Fund, Inc.: International Small Cap Portfolio		244,421		9,173		24,000		(1,022	)		(77,257	)		151,315		4,925		4,249



134		Sanford C. Bernstein Fund, Inc.


SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO
														DISTRIBUTIONS
FUND	MARKET VALUE 9/30/21 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		REALIZED GAIN (LOSS) (000)		CHANGE IN UNREALIZED APPR./(DEPR.) (000)			MARKET VALUE 9/30/22 (000)		DIVIDEND INCOME (000)		REALIZED GAINS (000)

Bernstein Fund, Inc.—International Strategic Equities Portfolio	$	933,674	$	53,656	$	102,000	$	1,415	$	(274,327	)	$	612,418	$	22,475	$	31,181

Bernstein Fund, Inc.—Small Cap Core Portfolio		73,201		4,350		6,600		1,672		(20,110	)		52,513		101		4,249

Sanford C. Bernstein Fund, Inc.—AB Emerging Markets Portfolio		107,381		9,699		0		0		(40,229	)		76,851		2,573		7,126

Total							$	9,860	$	(466,103	)	$	1,393,951	$	64,723	$	46,805


SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO
														DISTRIBUTIONS
FUND	MARKET VALUE 9/30/21 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		REALIZED GAIN (LOSS) (000)		CHANGE IN UNREALIZED APPR./(DEPR.) (000)			MARKET VALUE 9/30/22 (000)		DIVIDEND INCOME (000)		REALIZED GAINS (000)

Government Money Market Portfolio	$	179,240	$	379,894	$	459,421	$	0	$	0		$	99,713	$	788	$	0

AB Bond Fund, Inc.: AB All Market Real Return Portfolio		52,415		11,632		27,492		947		(8,045	)		29,457		5,028		0

Total							$	947	$	(8,045	)	$	129,170	$	5,816	$	0


SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO
														DISTRIBUTIONS
FUND	MARKET VALUE 9/30/21 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		REALIZED GAIN (LOSS) (000)			CHANGE IN UNREALIZED APPR./(DEPR.) (000)		MARKET VALUE 9/30/22 (000)		DIVIDEND INCOME (000)		REALIZED GAINS (000)

Government Money Market Portfolio	$	41,017	$	370,242	$	404,118	$	0		$	0	$	7,141	$	219	$	0

AB Bond Fund, Inc.: AB All Market Real Return Portfolio		0		22,954		21,865		(1,089	)		0		0		0		0

Total							$	(1,089	)	$	0	$	7,141	$	219	$	0



2022 Annual Report		135

Notes to Financial Statements (continued)


SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY C PORTFOLIO
														DISTRIBUTIONS
FUND	MARKET VALUE 9/30/21 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		REALIZED GAIN (LOSS) (000)			CHANGE IN UNREALIZED APPR./(DEPR.) (000)		MARKET VALUE 9/30/22 (000)		DIVIDEND INCOME (000)		REALIZED GAINS (000)

Government Money Market Portfolio	$	1,344	$	179,121	$	162,905	$	0		$	0	$	17,560	$	102	$	0

AB Bond Fund, Inc.: AB All Market Real Return Portfolio		0		6,540		6,230		(310	)		0		0		0		0

Total							$	(310	)	$	0	$	17,560	$	102	$	0


SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY N PORTFOLIO
														DISTRIBUTIONS
FUND	MARKET VALUE 9/30/21 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		REALIZED GAIN (LOSS) (000)			CHANGE IN UNREALIZED APPR./(DEPR.) (000)		MARKET VALUE 9/30/22 (000)		DIVIDEND INCOME (000)		REALIZED GAINS (000)

Government Money Market Portfolio	$	1,639	$	105,385	$	96,572	$	0		$	0	$	10,452	$	35	$	0

AB Bond Fund, Inc.: AB All Market Real Return Portfolio		0		4,926		4,692		(234	)		0		0		0		0

Total							$	(234	)	$	0	$	10,452	$	35	$	0

NOTE 3.

Investment Security Transactions

Purchases and Sales

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


PORTFOLIO	PURCHASES EXCLUDING U.S. GOVERNMENT SECURITIES		PURCHASES OF U.S. GOVERNMENT SECURITIES		SALES EXCLUDING U.S. GOVERNMENT SECURITIES		SALES OF U.S. GOVERNMENT SECURITIES

Overlay A	$	367,613,870	$	0	$	592,592,659	$	0

Tax-Aware Overlay A		822,127,966		0		1,140,954,375		0

Overlay B		370,214,445		716,111,861		409,825,236		673,296,454

Tax-Aware Overlay B		187,634,978		0		292,619,868		2,478,755

Tax-Aware Overlay C		75,994,906		0		174,647,250		933,190

Tax-Aware Overlay N		44,990,187		0		108,044,661		190,926



136		Sanford C. Bernstein Fund, Inc.

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


PORTFOLIO	COST		GROSS UNREALIZED					NET UNREALIZED APPRECIATION (DEPRECIATION)
PORTFOLIO	COST		APPRECIATION		(DEPRECIATION)			NET UNREALIZED APPRECIATION (DEPRECIATION)
Overlay A	$	1,233,843,779	$	237,344,197	$	(85,063,536	)	$	152,280,661

Tax-Aware Overlay A		2,467,494,198		628,573,306		(150,890,997	)		477,682,309

Overlay B		1,045,943,925		20,978,122		(122,903,281	)		(101,925,159	)

Tax-Aware Overlay B		1,321,877,433		107,252,883		(94,241,895	)		13,010,988

Tax-Aware Overlay C		366,715,179		24,102,371		(21,069,275	)		3,033,096

Tax-Aware Overlay N		280,316,928		15,318,801		(21,474,045	)		(6,155,244	)

Derivative Financial Instruments

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

•

Futures

During the year ended September 30, 2022, the Portfolios held futures for hedging and non-hedging purposes.

•

Forward Currency Exchange Contracts

Each Portfolio may enter into forward currency exchange contracts on either a spot (i.e., cash) or forward basis. Spot contracts are entered into at the rate then prevailing in the currency-exchange market. Forward currency exchange contracts obligate the contracting parties to purchase or sell a specific currency at a specified future date at a specified price. The Portfolios will generally not enter into a forward currency exchange contract with a term greater than one year.



2022 Annual Report		137

Notes to Financial Statements (continued)

The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

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

During the year ended September 30, 2022, the Portfolios held forward currency exchange contracts for hedging and non-hedging purposes.

•

Option Transactions

For hedging and investment purposes, each Portfolio may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, certain Portfolios may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions” and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

The risk associated with purchasing an option is that the Portfolios pay a premium whether or not the option is exercised. Additionally, the Portfolios bear the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call option purchased by the Portfolios were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolios. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When a Portfolio writes an option, the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. The Portfolios’ maximum payment for written put options equates to the number of shares multiplied by the strike price. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. Premiums received from written options which expire unexercised are recorded by the Portfolios on the expiration date as realized gains from options written. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Portfolios have realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Portfolios. In writing an option, the Portfolios bear the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Portfolios could result in the Portfolios selling or buying a security or currency at a price different from the current market value.

During the year ended September 30, 2022, the Portfolios held purchased options for hedging and non-hedging purposes.

During the year ended September 30, 2022, the Portfolios held written options for hedging and non-hedging purposes.



138		Sanford C. Bernstein Fund, Inc.

•

Swaps

Interest Rate Swaps:



2022 Annual Report		139

Notes to Financial Statements (continued)

based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments).

During the year ended September 30, 2022, the Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios held interest rate swaps for hedging and non-hedging purposes.

Inflation (CPI) Swaps:

During the year ended September 30, 2022, the Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios held inflation (CPI) swaps for hedging and non-hedging purposes.

Credit Default Swaps:

The Portfolios may enter into credit default swaps, including to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults by corporate and sovereign issuers held by the Portfolios, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed. The Portfolios may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Portfolios receive/(pay) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If a Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolios will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolios for the same referenced obligations with the same counterparty.

During the year ended September 30, 2022, the Portfolios held credit default swaps for hedging and non-hedging purposes.

Total Return Swaps:

Each Portfolio may enter into total return swaps in order to take a “long” or “short” position with respect to an underlying referenced asset. A Portfolio is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent



140		Sanford C. Bernstein Fund, Inc.

that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

During the year ended September 30, 2022, the Portfolios held total return swaps for hedging and non-hedging purposes.

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

OVERLAY A PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS
AND LIABILITIES
LOCATION

FAIR VALUE

STATEMENT OF ASSETS
AND LIABILITIES LOCATION

FAIR VALUE

Interest rate contracts

Receivable/Payable for variation margin on futures

591,273

Receivable/Payable for variation margin on futures

22,601,978

Equity contracts

Receivable/Payable for variation margin on futures

38,444,193

Receivable/Payable for variation margin on futures

2,844,395

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

16,473,312

Unrealized depreciation on forward currency exchange contracts

22,919,877

Equity contracts

Investments in securities, at value

43,838,865

Equity contracts

Unrealized depreciation on total return swaps

661,368

Total

99,347,643

49,027,618


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES			CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(97,763,464	)	$	(12,421,842	)

Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(2,079,998	)		45,583,058



2022 Annual Report		141

Notes to Financial Statements (continued)


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES			CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts	$	(2,936,942	)	$	(7,323,027	)

Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(10,191,844	)		12,890,985

Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		772,717			(198,480	)

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		232,556			0

Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		1,250,217			(417,408	)

Total		$	(110,716,758	)	$	38,113,286

TAX-AWARE
OVERLAY A PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS
AND LIABILITIES
LOCATION

FAIR VALUE

STATEMENT OF ASSETS
AND LIABILITIES LOCATION

FAIR VALUE

Interest rate contracts

Receivable/Payable for variation margin on futures

47,818,503

Equity contracts

Receivable/Payable for variation margin on futures

94,840,306

Receivable/Payable for variation margin on futures

8,162,898

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

35,621,801

Unrealized depreciation on forward currency exchange contracts

49,182,623

Equity contracts

Investments in securities, at value

94,865,049

Equity contracts

Unrealized depreciation on total return swaps

1,342,461

Total

225,327,156

106,506,485



142		Sanford C. Bernstein Fund, Inc.


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES			CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(215,990,687	)	$	(24,440,370	)

Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(17,786,166	)		111,665,885

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(7,042,288	)		(14,929,821	)

Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(21,435,712	)		28,056,510

Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		1,606,225			(415,708	)

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		512,639			0

Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		2,858,064			(806,499	)

Total		$	(257,277,925	)	$	99,129,997

OVERLAY B PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS
AND LIABILITIES
LOCATION

FAIR VALUE

STATEMENT OF ASSETS
AND LIABILITIES LOCATION

FAIR VALUE

Interest rate contracts

Receivable/Payable for variation margin on futures

1,696,649

Receivable/Payable for variation margin on futures

2,914,563

Equity contracts

Receivable/Payable for variation margin on futures

709,805

Receivable/Payable for variation margin on futures

16,759,490

Credit contracts

Receivable/Payable for variation margin on centrally cleared swaps

459,467

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps

13,216,815

Receivable/Payable for variation margin on centrally cleared swaps

3,067,078

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

12,766,573

Unrealized depreciation on forward currency exchange contracts

13,928,799

Equity contracts

Investments in securities, at value

10,645,245

Credit contracts

Market value on credit default swaps

976,198



2022 Annual Report		143

Notes to Financial Statements (continued)

OVERLAY B PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS
AND LIABILITIES
LOCATION

FAIR VALUE

STATEMENT OF ASSETS
AND LIABILITIES LOCATION

FAIR VALUE

Credit contracts

Unrealized appreciation on total return swaps

392,678

Equity contracts

Unrealized depreciation on total return swaps

658,006

Total

39,887,232

38,304,134


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES			CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(19,202,710	)	$	283,095

Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(40,164,717	)		(2,036,852	)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		4,486,733			(2,952,550	)

Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(2,364,710	)		3,214,614

Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		182,372			(46,844	)

Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(2,670,660	)		9,160,220

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		1,073,834			3,703,688

Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(53,332	)		(495,381	)

Total		$	(58,713,190	)	$	10,829,990



144		Sanford C. Bernstein Fund, Inc.

TAX-AWARE
OVERLAY B PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS
AND LIABILITIES
LOCATION

FAIR VALUE

STATEMENT OF ASSETS
AND LIABILITIES LOCATION

FAIR VALUE

Interest rate contracts

Receivable/Payable for variation margin on futures

3,629,943

Equity contracts

Receivable/Payable for variation margin on futures

8,018,993

Receivable/Payable for variation margin on futures

8,926,780

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps

10,719,834

Receivable/Payable for variation margin on centrally cleared swaps

1,744,050

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

5,155,105

Unrealized depreciation on forward currency exchange contracts

8,349,562

Equity contracts

Investments in securities, at value

15,490,362

Interest rate contracts

Unrealized appreciation on inflation swaps

17,353,492

Interest rate contracts

Unrealized appreciation on interest rate swaps

1,433,021

Credit contracts

Market value on credit default swaps

646,351

Equity contracts

Unrealized depreciation on total return swaps

254,337

Total

58,170,807

23,551,023


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES			CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(20,789,409	)	$	(1,359,793	)

Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(7,372,389	)		5,069,842

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(772,858	)		(3,785,604	)

Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(3,388,073	)		4,702,622



2022 Annual Report		145

Notes to Financial Statements (continued)


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES			CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written	$	256,671		$	(65,928	)

Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		2,205,804			7,456,246

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		206,532			368,031

Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		394,197			(168,763	)

Total		$	(29,259,525	)	$	12,216,653

TAX-AWARE
OVERLAY C PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS
AND LIABILITIES
LOCATION

FAIR VALUE

STATEMENT OF ASSETS
AND LIABILITIES LOCATION

FAIR VALUE

Interest rate contracts

Receivable/Payable for variation margin on futures

1,039,245

Equity contracts

Receivable/Payable for variation margin on futures

1,031,523

Receivable/Payable for variation margin on futures

2,483,646

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps

3,120,701

Receivable/Payable for variation margin on centrally cleared swaps

929,435

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

1,611,333

Unrealized depreciation on forward currency exchange contracts

2,398,213

Equity contracts

Investments in securities, at value

4,437,898

Interest rate contracts

Unrealized appreciation on inflation swaps

5,059,141

Interest rate contracts

Unrealized appreciation on interest rate swaps

438,410

Credit contracts

Market value on credit default swaps

234,231

Equity contracts

Unrealized appreciation on total return swaps

39,244

Unrealized depreciation on total return swaps

69,227

Total

15,738,250

7,153,997



146		Sanford C. Bernstein Fund, Inc.


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES			CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(5,966,431	)	$	(380,611	)

Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(2,255,563	)		267,544

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(210,001	)		(859,361	)

Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(987,094	)		1,341,893

Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		77,002			(19,779	)

Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		921,558			985,711

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		67,033			134,560

Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		194,876			(5,212	)

Total		$	(8,158,620	)	$	1,464,745

TAX-AWARE
OVERLAY N PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS
AND LIABILITIES
LOCATION

FAIR VALUE

STATEMENT OF ASSETS
AND LIABILITIES LOCATION

FAIR VALUE

Interest rate contracts

Receivable/Payable for variation margin on futures

746,989

Equity contracts

Receivable/Payable for variation margin on futures

1,110,036

Receivable/Payable for variation margin on futures

3,048,245

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps

2,395,370

Receivable/Payable for variation margin on centrally cleared swaps

388,141

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

1,048,452

Unrealized depreciation on forward currency exchange contracts

1,693,960

Equity contracts

Investments in securities, at value

3,177,520

Interest rate contracts

Unrealized appreciation on inflation swaps

4,328,840

Interest rate contracts

Unrealized appreciation on interest rate swaps

326,366



2022 Annual Report		147

Notes to Financial Statements (continued)

TAX-AWARE
OVERLAY N PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS
AND LIABILITIES
LOCATION

FAIR VALUE

STATEMENT OF ASSETS
AND LIABILITIES LOCATION

FAIR VALUE

Credit contracts

Market value on credit default swaps

189,156

Equity contracts

Unrealized depreciation on total return swaps

58,254

Total

12,386,584

6,124,745


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES			CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(4,964,254	)	$	(248,875	)

Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(1,851,536	)		(642,376	)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(227,601	)		(702,079	)

Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(734,784	)		933,041

Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		56,738			(14,684	)

Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		445,756			2,286,798

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		52,624			108,683

Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		148,563			(39,488	)

Total		$	(7,074,494	)	$	1,681,020



148		Sanford C. Bernstein Fund, Inc.

The following tables represent the average monthly volume of the Portfolios’ derivative transactions during the year ended September 30, 2022:


OVERLAY A PORTFOLIO
Futures:

Average notional amount of buy contracts	$	1,119,041,663

Average notional amount of sale contracts	$	416,940,717

Forward Currency Exchange Contracts:

Average principal amount of buy contracts	$	555,558,515

Average principal amount of sale contracts	$	600,113,130

Purchased Options:

Average notional amount	$	821,100,044

Written Options:

Average notional amount	$	43,012,113	(a)

Centrally Cleared Credit Default Swaps:

Average notional amount of sale contracts	$	65,973,600	(b)

Total Return Swaps:

Average notional amount	$	22,758,463

(a)

Positions were open for six months during the year.

(b)

Positions were open for one month during the year.


TAX-AWARE OVERLAY A PORTFOLIO
Futures:

Average notional amount of buy contracts	$	2,482,840,198

Average notional amount of sale contracts	$	1,005,736,735

Forward Currency Exchange Contracts:

Average principal amount of buy contracts	$	1,201,287,422

Average principal amount of sale contracts	$	1,282,085,212

Purchased Options:

Average notional amount	$	1,770,396,874

Written Options:

Average notional amount	$	89,408,046	(a)

Centrally Cleared Credit Default Swaps:

Average notional amount of sale contracts	$	145,431,000	(b)

Total Return Swaps:

Average notional amount	$	50,420,175

(a)

Positions were open for six months during the year.

(b)

Positions were open for one month during the year.


OVERLAY B PORTFOLIO
Futures:

Average notional amount of buy contracts	$	479,234,313

Average notional amount of sale contracts	$	80,116,556



2022 Annual Report		149

Notes to Financial Statements (continued)


OVERLAY B PORTFOLIO
Forward Currency Exchange Contracts:

Average principal amount of buy contracts	$	294,177,324

Average principal amount of sale contracts	$	392,581,890

Purchased Options:

Average notional amount	$	190,434,383

Written Options:

Average notional amount	$	10,151,460	(a)

Interest Rate Swaps:

Average notional amount	$	2,638,205	(b)

Centrally Cleared Interest Rate Swaps:

Average notional amount	$	69,513,955

Centrally Cleared Inflation Swaps:

Average notional amount	$	81,237,692

Credit Default Swaps:

Average notional amount of buy contracts	$	13,691,333	(c)

Average notional amount of sale contracts	$	10,385,099

Centrally Cleared Credit Default Swaps:

Average notional amount of buy contracts	$	81,725,366

Average notional amount of sale contracts	$	3,165,463	(d)

Total Return Swaps:

Average notional amount	$	22,007,525

(a)

Positions were open for six months during the year.

(b)

Positions were open for four months during the year.

(c)

Positions were open for five months during the year.

(d)

Positions were open for nine months during the year.


TAX-AWARE OVERLAY B PORTFOLIO
Futures:

Average notional amount of buy contracts	$	320,368,130

Average notional amount of sale contracts	$	114,884,826

Forward Currency Exchange Contracts:

Average principal amount of buy contracts	$	206,105,415

Average principal amount of sale contracts	$	201,123,610

Purchased Options:

Average notional amount	$	276,589,442

Written Options:

Average notional amount	$	14,287,240	(a)

Interest Rate Swaps:

Average notional amount	$	17,266,154

Inflation Swaps:

Average notional amount	$	216,230,769



150		Sanford C. Bernstein Fund, Inc.


TAX-AWARE OVERLAY B PORTFOLIO
Centrally Cleared Interest Rate Swaps:

Average notional amount	$	38,348,462

Centrally Cleared Inflation Swaps:

Average notional amount	$	133,403,077

Credit Default Swaps:

Average notional amount of sale contracts	$	3,699,553

Centrally Cleared Credit Default Swaps:

Average notional amount of sale contracts	$	24,255,000	(b)

Total Return Swaps:

Average notional amount	$	8,468,589

(a)

Positions were open for six months during the year.

(b)

Positions were open for one month during the year.


TAX-AWARE OVERLAY C PORTFOLIO
Futures:

Average notional amount of buy contracts	$	92,966,087

Average notional amount of sale contracts	$	30,254,443

Forward Currency Exchange Contracts:

Average principal amount of buy contracts	$	59,718,717

Average principal amount of sale contracts	$	56,877,565

Purchased Options:

Average notional amount	$	79,911,324

Written Options:

Average notional amount	$	4,286,172	(a)

Interest Rate Swaps:

Average notional amount	$	5,282,308

Inflation Swaps:

Average notional amount	$	64,107,692

Centrally Cleared Interest Rate Swaps:

Average notional amount	$	16,995,385

Centrally Cleared Inflation Swaps:

Average notional amount	$	40,690,769

Credit Default Swaps:

Average notional amount of sale contracts	$	1,340,685

Centrally Cleared Credit Default Swaps:

Average notional amount of sale contracts	$	6,910,200	(b)

Total Return Swaps:

Average notional amount	$	2,606,627

(a)

Positions were open for six months during the year.

(b)

Positions were open for one month during the year.



2022 Annual Report		151

Notes to Financial Statements (continued)


TAX-AWARE OVERLAY N PORTFOLIO
Futures:

Average notional amount of buy contracts	$	70,345,478

Average notional amount of sale contracts	$	24,520,190
Forward Currency Exchange Contracts:

Average principal amount of buy contracts	$	43,591,342

Average principal amount of sale contracts	$	42,998,150

Purchased Options:

Average notional amount	$	60,057,978

Written Options:

Average notional amount	$	3,158,232	(a)

Interest Rate Swaps:

Average notional amount	$	3,932,308

Inflation Swaps:

Average notional amount	$	48,630,769

Centrally Cleared Interest Rate Swaps:

Average notional amount	$	2,394,615

Centrally Cleared Inflation Swaps:

Average notional amount	$	29,536,923

Credit Default Swaps:

Average notional amount of sale contracts	$	1,082,684

Centrally Cleared Credit Default Swaps:

Average notional amount of sale contracts	$	5,157,900	(b)

Total Return Swaps:

Average notional amount	$	1,786,820

(a)

Positions were open for six months during the year.

(b)

Positions were open for one month during the year.

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



152		Sanford C. Bernstein Fund, Inc.


OVERLAY A PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL RECEIVED*			SECURITY COLLATERAL RECEIVED*		NET AMOUNT OF DERIVATIVE ASSETS

Bank of America, NA	$	347,600	$	(347,600	)	$	0		$	0	$	0

BNP Paribas SA		5,129,428		(2,723,205	)		0			0		2,406,223

Citibank, NA		2,137,550		(1,847,880	)		0			0		289,670

Deutsche Bank AG		2,197,339		0			0			0		2,197,339

Goldman Sachs Bank USA		72,210		(72,210	)		0			0		0

JPMorgan Chase Bank, NA		1,344,455		(1,344,455	)		0			0		0

Morgan Stanley & Co., Inc.		4,757,945		(4,757,945	)		0			0		0

UBS AG		44,325,650		0			(41,600,000	)		0		2,725,650

Total	$	60,312,177	$	(11,093,295	)	$	(41,600,000	)	$	0	$	7,618,882	^

COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*			SECURITY COLLATERAL PLEDGED*		NET AMOUNT OF DERIVATIVE LIABILITIES

Bank of America, NA	$	1,645,554	$	(347,600	)	$	0		$	0	$	1,297,954

BNP Paribas SA		2,723,205		(2,723,205	)		0			0		0

Citibank, NA		1,847,880		(1,847,880	)		0			0		0

Credit Suisse International		343,912		0			0			0		343,912

Goldman Sachs Bank USA		170,659		(72,210	)		0			0		98,449

HSBC Bank USA		3,184,516		0			0			0		3,184,516

JPMorgan Chase Bank, NA		2,852,821		(1,344,455	)		0			0		1,508,366

Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC		10,812,698		(4,757,945	)		(1,070,000	)		0		4,984,753

Total	$	23,581,245	$	(11,093,295	)	$	(1,070,000	)	$	0	$	11,417,950	^

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



2022 Annual Report		153

Notes to Financial Statements (continued)


TAX-AWARE OVERLAY A PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL RECEIVED*			SECURITY COLLATERAL RECEIVED*		NET AMOUNT OF DERIVATIVE ASSETS

Bank of America, NA	$	752,522	$	(752,522	)	$	0		$	0	$	0

BNP Paribas SA		11,101,391		(5,892,592	)		0			0		5,208,799

Citibank, NA		4,606,340		(3,939,504	)		0			0		666,836

Credit Suisse International		20,795		(20,795	)		0			0		0

Deutsche Bank AG		4,697,923		0			0			0		4,697,923

Goldman Sachs Bank USA		167,691		(167,691	)		0			0		0

JPMorgan Chase Bank		2,757,129		(2,757,129	)		0			0		0

Morgan Stanley & Co., Inc.		10,524,615		(10,524,615	)		0			0		0

UBS		95,858,444		0			(90,000,000	)		0		5,858,444

Total	$	130,486,850	$	(24,054,848	)	$	(90,000,000	)	$	0	$	16,432,002	^

COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*			SECURITY COLLATERAL PLEDGED*		NET AMOUNT OF DERIVATIVE LIABILITIES

Bank of America, NA	$	4,909,918	$	(752,522	)	$	0		$	0	$	4,157,396

BNP Paribas SA		5,892,592		(5,892,592	)		0			0		0

Citibank, NA		3,939,504		(3,939,504	)		0			0		0

Credit Suisse International		745,576		(20,795	)		0			0		724,781

Goldman Sachs Bank USA		313,065		(167,691	)		(145,374	)		0		0

HSBC Bank USA		6,651,968		0			0			0		6,651,968

JPMorgan Chase Bank		5,131,080		(2,757,129	)		0			0		2,373,951

Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC		22,941,381		(10,524,615	)		(2,220,000	)		0		10,196,766

Total	$	50,525,084	$	(24,054,848	)	$	(2,365,374	)	$	0	$	24,104,862	^

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



154		Sanford C. Bernstein Fund, Inc.


OVERLAY B PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL RECEIVED*			SECURITY COLLATERAL RECEIVED*			NET AMOUNT OF DERIVATIVE ASSETS

Bank of America, NA	$	245,689	$	(245,689	)	$	0		$	0		$	0

Barclays Bank PLC		197,326		(197,326	)		0			0			0

BNP Paribas SA		2,135,726		(1,937,083	)		0			0			198,643

Citibank, NA/Citigroup Global Markets, Inc.		2,530,585		(1,025,836	)		(960,000	)		(243	)		544,506

Credit Suisse International		191,796		(191,796	)		0			0			0

Deutsche Bank AG		549,603		(283,703	)		0			0			265,900

Goldman Sachs Bank USA		720,900		(502,921	)		(217,979	)		0			0

HSBC Bank USA		728,028		(728,028	)		0			0			0

JPMorgan Chase Bank, NA/JPMorgan Securities, LLC		2,031,547		(2,031,547	)		0			0			0

Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc.		1,640,814		(1,640,814	)		0			0			0

Standard Chartered Bank		23,127		(23,127	)		0			0			0

State Street Bank & Trust Co.		30,062		(30,062	)		0			0			0

UBS AG		12,779,293		(865,649	)		(10,100,000	)		0			1,813,644

Total	$	23,804,496	$	(9,703,581	)	$	(11,277,979	)	$	(243	)	$	2,822,693	^

COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*			SECURITY COLLATERAL PLEDGED*			NET AMOUNT OF DERIVATIVE LIABILITIES

Bank of America, NA	$	1,673,035	$	(245,689	)	$	0		$	0		$	1,427,346

Barclays Bank PLC		255,921		(197,326	)		0			0			58,595

BNP Paribas SA		1,937,083		(1,937,083	)		0			0			0

Citibank, NA/Citigroup Global Markets, Inc.		1,025,836		(1,025,836	)		0			0			0

Credit Suisse International		675,909		(191,796	)		(72,000	)		0			412,113

Deutsche Bank AG		283,703		(283,703	)		0			0			0

Goldman Sachs Bank USA/Goldman Sachs International		502,921		(502,921	)		0			0			0

HSBC Bank USA		1,694,787		(728,028	)		0			0			966,759

JPMorgan Chase Bank, NA/JPMorgan Securities, LLC		2,350,206		(2,031,547	)		0			0			318,659

Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc.		3,497,664		(1,640,814	)		0			(374,046	)		1,482,804

Natwest Markets PLC		192,522		0			0			0			192,522

Standard Chartered Bank		562,009		(23,127	)		0			(538,882	)		0

State Street Bank & Trust Co.		45,758		(30,062	)		0			0			15,696

UBS AG		865,649		(865,649	)		0			0			0

Total	$	15,563,003	$	(9,703,581	)	$	(72,000	)	$	(912,928	)	$	4,874,494	^

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



2022 Annual Report		155

Notes to Financial Statements (continued)


TAX-AWARE OVERLAY B PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL RECEIVED*			SECURITY COLLATERAL RECEIVED*		NET AMOUNT OF DERIVATIVE ASSETS

Bank of America, NA	$	115,837	$	(115,837	)	$	0		$	0	$	0

Barclays Bank PLC/Barclays Capital		3,245,497		(199,828	)		(3,045,669	)		0		0

BNP Paribas SA		1,849,944		(1,011,731	)		0			0		838,213

Citibank, NA/Citigroup Global Markets, Inc.		5,825,547		(905,238	)		(4,792,000	)		0		128,309

Deutsche Bank AG		2,043,057		0			(1,330,000	)		0		713,057

Goldman Sachs Bank USA/Goldman Sachs International		34,020		(34,020	)		0			0		0

JPMorgan Chase Bank, NA		9,680,469		(786,096	)		(8,894,373	)		0		0

Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC		980,416		(980,416	)		0			0		0

UBS AG		15,657,193		0			(5,200,000	)		0		10,457,193

Total	$	39,431,980	$	(4,033,166	)	$	(23,262,042	)	$	0	$	12,136,772	^

COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*			SECURITY COLLATERAL PLEDGED*		NET AMOUNT OF DERIVATIVE LIABILITIES

Bank of America, NA	$	766,360	$	(115,837	)	$	0		$	0	$	650,523

Barclays Bank PLC/Barclays Capital		199,828		(199,828	)		0			0		0

BNP Paribas SA		1,011,731		(1,011,731	)		0			0		0

Citibank, NA/Citigroup Global Markets, Inc.		905,238		(905,238	)		0			0		0

Credit Suisse International		400,615		0			(310,300	)		0		90,315

Goldman Sachs Bank USA/Goldman Sachs International		138,929		(34,020	)		(104,909	)		0		0

HSBC Bank USA		1,188,579		0			0			0		1,188,579

JPMorgan Chase Bank, NA		786,096		(786,096	)		0			0		0

Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC		3,852,874		(980,416	)		(520,000	)		0		2,352,458

Total	$	9,250,250	$	(4,033,166	)	$	(935,209	)	$	0	$	4,281,875	^

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



156		Sanford C. Bernstein Fund, Inc.


TAX-AWARE OVERLAY C PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL RECEIVED*			SECURITY COLLATERAL RECEIVED*			NET AMOUNT OF DERIVATIVE ASSETS

Bank of America, NA	$	34,053	$	(34,053	)	$	0		$	0		$	0

Barclays Bank PLC		814,834		(62,369	)		0			(752,465	)		0

BNP Paribas SA		528,380		(271,186	)		0			0			257,194

Citibank, NA/Citigroup Global Markets, Inc.		1,790,268		(217,518	)		(1,572,750	)		0			0

Deutsche Bank AG		892,638		(34,795	)		(520,000	)		0			337,843

JPMorgan Chase Bank, NA		2,212,290		(223,772	)		(1,988,518	)		0			0

Morgan Stanley & Co. LLC/Morgan Stanley Capital Services LLC		815,838		(815,838	)		0			0			0

UBS AG		4,497,725		0			(4,200,000	)		0			297,725

Total	$	11,586,026	$	(1,659,531	)	$	(8,281,268	)	$	(752,465	)	$	892,762	^

COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*			SECURITY COLLATERAL PLEDGED*			NET AMOUNT OF DERIVATIVE LIABILITIES

Bank of America, NA	$	215,256	$	(34,053	)	$	0		$	0		$	181,203

Barclays Bank PLC		62,369		(62,369	)		0			0			0

BNP Paribas SA		271,186		(271,186	)		0			0			0

Citibank, NA/Citigroup Global Markets, Inc.		217,518		(217,518	)		0			0			0

Credit Suisse International		183,141		0			0			(183,141	)		0

Deutsche Bank AG		34,795		(34,795	)		0			0			0

Goldman Sachs International		61,013		0			0			0			61,013

HSBC Bank USA		339,553		0			0			0			339,553

JPMorgan Chase Bank, NA		223,772		(223,772	)		0			0			0

Morgan Stanley & Co. LLC/Morgan Stanley Capital Services LLC		1,061,096		(815,838	)		0			0			245,258

State Street Bank & Trust Co.		31,972		0			0			0			31,972

Total	$	2,701,671	$	(1,659,531	)	$	0		$	(183,141	)	$	858,999	^

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



2022 Annual Report		157

Notes to Financial Statements (continued)


TAX-AWARE OVERLAY N PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL RECEIVED*			SECURITY COLLATERAL RECEIVED*			NET AMOUNT OF DERIVATIVE ASSETS

Bank of America, NA	$	25,132	$	(25,132	)	$	0		$	0		$	0

Barclays Bank PLC		529,848		(42,258	)		(487,590	)		0			0

BNP Paribas SA		385,857		(194,761	)		0			0			191,096

Citibank, NA/Citigroup Global Markets, Inc.		1,670,014		(158,151	)		(1,511,863	)		0			0

Deutsche Bank AG		664,322		0			(520,000	)		0			144,322

JPMorgan Chase Bank, NA		1,985,953		(160,391	)		(1,825,562	)		0			0

Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC		364,275		(364,275	)		0			0			0

State Street Bank & Trust Co.		26,163		(26,163	)		0			0			0

UBS AG		3,229,614		0			(400,000	)		0			2,829,614

Total	$	8,881,178	$	(971,131	)	$	(4,745,015	)	$	0		$	3,165,032	^

COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*			SECURITY COLLATERAL PLEDGED*			NET AMOUNT OF DERIVATIVE LIABILITIES

Bank of America, NA	$	153,009	$	(25,132	)	$	0		$	0		$	127,877

Barclays Bank PLC		42,258		(42,258	)		0			0			0

BNP Paribas SA		194,761		(194,761	)		0			0			0

Citibank, NA/Citigroup Global Markets, Inc.		158,151		(158,151	)		0			0			0

Credit Suisse International		144,763		0			0			(144,763	)		0

Goldman Sachs International		49,261		0			0			0			49,261

HSBC Bank USA		221,534		0			0			0			221,534

JPMorgan Chase Bank, NA		160,391		(160,391	)		0			0			0

Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC		746,272		(364,275	)		0			0			381,997

State Street Bank & Trust Co.		70,970		(26,163	)		0			0			44,807

Total	$	1,941,370	$	(971,131	)	$	0		$	(144,763	)	$	825,476	^

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

Currency Transactions



158		Sanford C. Bernstein Fund, Inc.

TBA

NOTE 4.

Distributions to Shareholders

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


PORTFOLIO	2022		2021
Overlay A

Distributions paid from:

Ordinary income	$	43,812,116	$	17,001,108

Long-term capital gains		163,540,332		0


Total distributions paid	$	207,352,448	$	17,001,108


Tax-Aware Overlay A

Distributions paid from:

Ordinary income	$	65,210,029	$	32,574,024

Long-term capital gains		329,292,991		4,077,737


Total distributions paid	$	394,503,020	$	36,651,761


Overlay B

Distributions paid from:

Ordinary income	$	90,817,938	$	26,500,686

Long-term capital gains		74,606,829		5,139,074


Total distributions paid	$	165,424,767	$	31,639,760


Tax-Aware Overlay B

Distributions paid from:

Ordinary income	$	64,895,725	$	9,975,981

Long-term capital gains		35,667,264		0


Total taxable distributions		100,562,989		9,975,981

Tax exempt distributions		16,152,487		29,957,401


Total distributions paid	$	116,715,476	$	39,933,382


Tax-Aware Overlay C

Distributions paid from:

Ordinary income	$	23,218,636	$	4,062,300

Long-term capital gains		10,700,357		0


Total taxable distributions		33,918,993		4,062,300

Tax exempt distributions		4,886,228		7,665,430


Total distributions paid	$	38,805,221	$	11,727,730



2022 Annual Report		159

Notes to Financial Statements (continued)


PORTFOLIO	2022		2021
Tax-Aware Overlay N

Distributions paid from:

Ordinary income	$	13,050,707	$	1,908,675

Long-term capital gains		7,967,575		0


Total taxable distributions		21,018,282		1,908,675

Tax exempt distributions		2,973,549		6,341,342


Total distributions paid	$	23,991,831	$	8,250,017

As of September 30, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:


PORTFOLIO	UNDISTRIBUTED ORDINARY INCOME(a)		UNDISTRIBUTED LONG-TERM GAINS		ACCUMULATED CAPITAL AND OTHER LOSSES(b)			UNREALIZED APPRECIATION/ (DEPRECIATION)(c)			TOTAL ACCUMULATED EARNINGS/ (DEFICIT)(d)
Overlay A	$	1,168,005	$	0	$	(21,909,438	)	$	152,299,276		$	131,557,843

Tax-Aware Overlay A		2,104,883		0		(92,861,055	)		477,737,146			386,980,974

Overlay B		20,175,723		0		(104,937,707	)		(102,296,332	)		(187,058,316	)

Tax-Aware Overlay B		19,820,855		0		(83,607,353	)		13,009,653			(50,776,845	)

Tax-Aware Overlay C		5,672,833		0		(28,313,330	)		3,033,073			(19,607,424	)

Tax-Aware Overlay N		4,041,034		0		(8,377,152	)		(6,152,130	)		(10,488,248	)

(a)

Includes tax exempt income as shown below:


Tax-Aware Overlay B	$	14,662,227

Tax-Aware Overlay C		4,160,244

Tax-Aware Overlay N		3,099,976

(b)

As of September 30, 2022 Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B, Tax-Aware Overlay B Portfolio, Tax-Aware Overlay C Portfolio, and Tax-Aware Overylay N Portfolio deferred $15,320,183, $38,748,457, $99,657,192, $9,968,595, $14,097,046, and $1,453,057 in post October losses, respectively. These losses will be treated as arising on October 1, 2022. As of September 30, 2022 Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B Portfolio, Tax-Aware Overlay B Portfolio, Tax-Aware Overlay C Portfolio, and Tax-Aware Overlay N Portfolio deferred $6,589,255, $54,112,598, $5,280,515, $73,638,758, $14,216,284, and $6,924,095 in straddle losses, respectively.

(c)

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

(d)

The differences between book-basis and tax-basis components of accumulated earnings/(deficit) are attributable primarily to the amortization of offering costs, and the accrual of foreign capital gains tax.

For tax purposes, net capital losses may be carried over to offset future capital gains, if any. Portfolios are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of September 30, 2022, the Portfolios did not have any capital loss carryforwards.



160		Sanford C. Bernstein Fund, Inc.

NOTE 5.

Risks Involved in Investing in the Portfolios

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

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

Allocation Risk—The allocation of investments among different global asset classes may have a significant effect on the Portfolios’ net asset value when one of these asset classes is performing more poorly than others. As the direct investments, investments in other funds and derivative positions will be periodically rebalanced to reflect the Adviser’s view of market and economic conditions, there will be transaction costs which may be, over time, significant. In addition, there is a risk that certain asset allocation decisions may not achieve the desired results and, as a result, the Portfolios may incur significant losses.

Derivatives Risk—The Portfolios intend to use derivatives as direct investments to earn income, enhance return and broaden portfolio diversification, which entail greater risk than if used solely for hedging purposes. In addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolios. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted to cover or secure derivatives positions may themselves go down in value, and these collateral and other requirements may limit investment flexibility. Some derivatives involve leverage, which can make the Portfolios more volatile and can compound other risks. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios. Use of derivatives may have different tax consequences for the Portfolios than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders. The U.S. government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as additional regulations governing margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.

Leverage Risk—Leverage creates exposure to gains and losses in a greater amount than the dollar amount made in an investment by attempting to enhance return or value without increasing the investment amount. Leverage can magnify the effects of changes in the value of the Portfolios’ investments and make it more volatile. The use of leverage may cause the Portfolios to liquidate portfolio positions when it may not be advantageous to do so.



2022 Annual Report		161

Notes to Financial Statements (continued)

Illiquid Investments Risk—Illiquid investments risk exists when particular investments are difficult or impossible to purchase or sell, possibly preventing the Portfolios from purchasing or selling these securities at an advantageous price. The Overlay Portfolios that invest in municipal securities are subject to greater risk because the market for municipal securities is generally smaller and may not be as liquid as many other fixed income markets, which may make municipal securities more difficult to trade or dispose of than other types of securities. Illiquid securities may also be difficult to value. If the Portfolios are forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the Portfolios may be forced to sell at a substantial loss or may not be able to sell at all.

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

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

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

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



162		Sanford C. Bernstein Fund, Inc.

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

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

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

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

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



2022 Annual Report		163

Notes to Financial Statements (continued)

Commodity Risk—The value of commodity-linked derivatives, exchange traded notes and exchange traded funds may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as changes in climate conditions, drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

Real Estate Related Securities Risk—Investing in real estate related securities includes, among others, the following risks: possible declines in the value of real estate; risks related to general and local economic conditions, including increases in the rate of inflation; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; changes in zoning laws; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; limitations on and variations in rents; and changes in interest rates. In addition, global climate change may have an adverse effect on property and security values. Investing in Real Estate Investment Trusts (“REITs”) involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, are not diversified, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. Investing in REITs also involves risks similar to those associated with investing in small-capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities.

Investment in Other Investment Companies Risk—As with other investments, investments in other investment companies, including other AB mutual funds and ETFs, are subject to market and management risk. In addition, if the Portfolios acquire shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolios (including management and advisory fees) and, indirectly, the expenses of the investment companies in which the Portfolios invest.

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



164		Sanford C. Bernstein Fund, Inc.

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



2022 Annual Report		165

Notes to Financial Statements (continued)

NOTE 6.

Capital-Share Transactions

As of September 30, 2022, the Sanford C. Bernstein Fund, Inc., has authorized 17.5 billion shares of common stock, par value $0.001 per share, of which 3.7 billion shares are allocated to the Overlay Portfolios. Each Class 1 and Class 2 of the Overlay Portfolios with the exception of Class 1 of the Tax-Aware Overlay A Portfolio, is allocated 300 million shares, Class 1 of the Tax-Aware Overlay A Portfolio is allocated 400 million shares.

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



	OVERLAY A PORTFOLIO


	SHARES						AMOUNT

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21
Class 1 Shares

Shares sold		5,161,881			6,975,931		$	73,199,634		$	104,883,277

Shares issued on reinvestment of dividends and distributions		11,002,154			859,674			164,812,261			12,087,010

Shares redeemed		(16,556,316	)		(22,486,338	)		(229,970,448	)		(336,005,608	)


Net increase (decrease)		(392,281	)		(14,650,733	)	$	8,041,447		$	(219,035,321	)


Class 2 Shares

Shares sold		3,205,618			3,306,670		$	46,184,559		$	49,597,763

Shares issued on reinvestment of dividends and distributions		2,245,552			212,069			33,660,824			2,983,822

Shares redeemed		(5,212,898	)		(7,696,212	)		(72,241,958	)		(112,985,421	)


Net increase (decrease)		238,272			(4,177,473	)	$	7,603,425		$	(60,403,836	)



	TAX-AWARE OVERLAY A PORTFOLIO


	SHARES						AMOUNT

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Class 1 Shares

Shares sold		8,239,428			9,190,826		$	124,924,353		$	146,617,709

Shares issued on reinvestment of dividends and distributions		17,694,177			1,373,308			286,114,840			20,517,230

Shares redeemed		(27,404,212	)		(24,057,629	)		(392,609,957	)		(378,684,923	)


Net increase (decrease)		(1,470,607	)		(13,493,495	)	$	18,429,236		$	(211,549,984	)


Class 2 Shares

Shares sold		3,637,451			2,892,962		$	54,209,370		$	46,032,730

Shares issued on reinvestment of dividends and distributions		5,184,428			450,319			83,935,889			6,732,259

Shares redeemed		(11,485,349	)		(9,870,817	)		(163,542,244	)		(157,428,227	)


Net decrease		(2,663,470	)		(6,527,536	)	$	(25,396,985	)	$	(104,663,238	)



166		Sanford C. Bernstein Fund, Inc.



	OVERLAY B PORTFOLIO


	SHARES						AMOUNT

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21
Class 1 Shares

Shares sold		5,187,066			6,284,207		$	52,635,006		$	72,678,968

Shares issued on reinvestment of dividends and distributions		12,258,298			1,996,152			128,099,219			22,576,479

Shares redeemed		(14,266,407	)		(14,875,367	)		(141,582,540	)		(172,769,132	)


Net increase (decrease)		3,178,957			(6,595,008	)	$	39,151,685		$	(77,513,685	)



Class 2 Shares

Shares sold		2,768,787			2,741,819		$	28,109,864		$	31,726,915

Shares issued on reinvestment of dividends and distributions		2,386,700			412,613			24,988,745			4,674,906

Shares redeemed		(4,048,900	)		(5,336,524	)		(40,374,044	)		(61,717,417	)


Net increase (decrease)		1,106,587			(2,182,092	)	$	12,724,565		$	(25,315,596	)



	TAX-AWARE OVERLAY B PORTFOLIO


	SHARES						AMOUNT

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21
Class 1 Shares

Shares sold		5,167,231			5,932,586		$	58,606,873		$	71,150,237

Shares issued on reinvestment of dividends and distributions		6,316,673			1,732,503			74,410,400			20,200,980

Shares redeemed		(15,340,567	)		(12,195,093	)		(168,867,440	)		(146,395,049	)


Net decrease		(3,856,663	)		(4,530,004	)	$	(35,850,167	)	$	(55,043,832	)



Class 2 Shares

Shares sold		2,637,541			2,450,725		$	29,277,113		$	29,387,920

Shares issued on reinvestment of dividends and distributions		2,676,362			793,587			31,554,311			9,269,101

Shares redeemed		(9,964,823	)		(7,116,851	)		(108,196,503	)		(85,527,017	)


Net decrease		(4,650,920	)		(3,872,539	)	$	(47,365,079	)	$	(46,869,996	)



2022 Annual Report		167

Notes to Financial Statements (continued)



	TAX-AWARE OVERLAY C PORTFOLIO


	SHARES						AMOUNT

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21
Class 1 Shares

Shares sold		1,057,828			1,803,362		$	11,813,931		$	21,619,226

Shares issued on reinvestment of dividends and distributions		1,982,126			443,699			22,913,374			5,160,211

Shares redeemed		(4,897,168	)		(4,060,499	)		(53,297,436	)		(48,307,668	)


Net decrease		(1,857,214	)		(1,813,438	)	$	(18,570,131	)	$	(21,528,231	)


Class 2 Shares

Shares sold		1,249,340			125,254		$	13,473,115		$	1,492,108

Shares issued on reinvestment of dividends and distributions		1,078,846			260,481			12,493,037			3,032,003

Shares redeemed		(4,167,408	)		(3,193,377	)		(44,001,549	)		(38,397,189	)


Net decrease		(1,839,222	)		(2,807,642	)	$	(18,035,397	)	$	(33,873,078	)



	TAX-AWARE OVERLAY N PORTFOLIO


	SHARES						AMOUNT

	YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21
Class 1 Shares

Shares sold		1,130,667			943,846		$	12,386,714		$	11,169,514

Shares issued on reinvestment of dividends and distributions		1,555,650			443,500			18,154,440			5,086,947

Shares redeemed		(5,060,445	)		(3,249,334	)		(55,112,991	)		(38,010,840	)


Net decrease		(2,374,128	)		(1,861,988	)	$	(24,571,837	)	$	(21,754,379	)


Class 2 Shares

Shares sold		291,531			324,236		$	3,332,167		$	3,779,188

Shares issued on reinvestment of dividends and distributions		343,776			97,786			4,015,302			1,122,583

Shares redeemed		(1,795,974	)		(1,458,877	)		(19,448,344	)		(17,394,103	)


Net decrease		(1,160,667	)		(1,036,855	)	$	(12,100,875	)	$	(12,492,332	)

NOTE 7.

Recent Accounting Pronouncements



168		Sanford C. Bernstein Fund, Inc.

NOTE 8.

Subsequent Events



2022 Annual Report		169

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Sanford C. Bernstein Fund, Inc. and Shareholders of Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B Portfolio, Tax-Aware Overlay B Portfolio, Tax-Aware Overlay C Portfolio and Tax-Aware Overlay N Portfolio

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B Portfolio, Tax-Aware Overlay B Portfolio, Tax-Aware Overlay C Portfolio and Tax-Aware Overlay N Portfolio (six of the thirteen portfolios constituting Sanford C. Bernstein Fund, Inc., hereafter collectively referred to as the “Portfolios”) as of September 30, 2022, the related statements of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of September 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2022 and each of the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/ PricewaterhouseCoopers LLP

New York, New York

November 23, 2022



170		Sanford C. Bernstein Fund, Inc.

2022 Federal Tax Information (Unaudited)

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


PORTFOLIO	DIVIDENDS RECEIVED DEDUCTION % (CORPORATE SHAREHOLDERS)			% OF QUALIFIED INTEREST INCOME (FOREIGN SHAREHOLDERS)
Overlay A		45.14	%		1.72	%

Tax-Aware Overlay A		38.62	%		2.58	%

Overlay B		0.43	%		38.02	%

Tax-Aware Overlay B		9.17	%		1.37	%

Tax-Aware Overlay C		7.30	%		1.04	%

Tax-Aware Overlay N		9.58	%		1.19	%

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


PORTFOLIO	QUALIFIED DIVIDEND INCOME
Overlay A	$	43,812,116

Tax-Aware Overlay A		65,210,029

Overlay B		1,642,089

Tax-Aware Overlay B		11,271,640

Tax-Aware Overlay C		3,215,431

Tax-Aware Overlay N		2,440,257

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


PORTFOLIO	LONG-TERM CAPITAL GAIN DISTRIBUTION

Overlay A	$	163,540,332
Tax-Aware Overlay A		329,292,991

Overlay B		74,606,829

Tax-Aware Overlay B		35,667,264

Tax-Aware Overlay C		10,700,357

Tax-Aware Overlay N		7,967,575



2022 Annual Report		171

Sanford C. Bernstein Fund, Inc.—Overlay Portfolios

BOARD OF DIRECTORS

Debra Perry*^

Chair

Beata D. Kirr

President

R. Jay Gerken*^

Director

Jeffrey R. Holland*

Director

William Kristol*

Director

Michelle McCloskey*

Director

Donald K. Peterson*

Director

OFFICERS

Alexander Barenboym⁽¹⁾

Vice President

Daniel J. Loewy⁽¹⁾

Vice President

Caglasu Altunkopru⁽¹⁾

Vice President

Emilie D. Wrapp

Secretary

Michael B. Reyes

Senior Vice President

Joseph J. Mantineo

Treasurer and Chief Financial Officer

Phyllis J. Clarke

Controller

Vincent S. Noto

Chief Compliance Officer

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

300 Madison Avenue

New York, New York 10017

LEGAL COUNSEL

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, New York 10019

CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company

State Street Corporation CCB/5

1 Iron Street

Boston, Massachusetts 02210

TRANSFER AGENT

DST Asset Manager Solutions

2000 Crown Colony Drive

Quincy, Massachusetts 02169

INVESTMENT ADVISER

AllianceBernstein L.P.

501 Commerce Street

Nashville, Tennessee 37203

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

Member of the Pricing Committee.

(1)

The day-to-day management of, and investment decisions for, the Overlay Portfolios are made by the Adviser’s Asset Allocation Team. Messrs. Barenboym and Loewy and Ms. Altunkopru are the investment professionals with the most significant responsibility for the day-to-day management of the Funds’ portfolios.



172		Sanford C. Bernstein Fund, Inc.



DIRECTORS’ INFORMATION
Name, Address⁺, Age, (Year of Election*)	Principal Occupation(s) During Past Five (5) Years and Other Information	Portfolios in Fund Complex Overseen By Director		Other Directorships Currently Held by Director
INTERESTED DIRECTOR
Beata D. Kirr^** c/o AllianceBernstein L.P. 1345 Avenue of the Americas New York, NY 10105 48 (2019)	Senior Vice President of the Investment Adviser with which she has been associated since prior to 2017. She is the Co-Head of Investment Strategies since April 2020 and a National Managing Director since 2017. She was previously the Head of Private Client Core Asset Strategies. She joined the firm in 2007 as a Senior Portfolio Manager. Prior to joining AB, she was a director at Harris Alternatives, a global fund of hedge funds, and was with Goldman Sachs, where she advised clients in the Equities, M&A and Equity Capital Markets divisions, from their New York, London and Chicago offices.		17	Women Employed

DISINTERESTED DIRECTORS
Debra Perry,^#^{^} Chair of the Board 71 (2011)	Formerly, Senior Managing Director of Global Ratings and Research, Moody’s Investors Service, Inc. from 2001 to 2004; Chief Administrative Officer, Moody’s, from 1999 to 2001; Chief Credit Officer, Moody’s, from 2000 to 2001; Group Managing Director for the Finance, Securities and Insurance Ratings Groups, Moody’s Corp., from 1996 to 1999; earlier she held executive positions with First Boston Corporation and Chemical Bank.		17	Assurant, Inc., since 2017; Korn/Ferry International, since 2008; Genworth Financial, Inc., from 2016-2022; PartnerRe, from 2013-2016; Bank of America Funds Series Trust, from 2011-2016

R. Jay Gerken,^{#^} 71 (2013)	Formerly, President and Chief Executive Officer of Legg Mason Partners Fund Advisor, LLC, and President & Board Member of The Legg Mason and Western Asset mutual funds from 2005 until June 2013. Previously, he was the President and Chair of the boards of the Citigroup Asset Management mutual funds from 2002 to 2005; Portfolio Manager and Managing Director, Smith Barney Asset Management from 1993 to 2001 and President & CEO, Directions Management of Shearson Lehman, Inc. from 1988 to 1993.		17	Cedar Lawn Corporation; New Jersey Chapter of The Nature Conservancy; and Associated Banc-Corp

Jeffrey R. Holland,^# 56 (2019)	Formerly, Limited Partner of Brown Brothers Harriman from 2014 to 2018. Prior thereto, General Partner of Brown Brothers Harriman from 2006 to 2013.		17	Director of various non-profit organizations



2022 Annual Report		173

Sanford C. Bernstein Fund, Inc.—Overlay Portfolios (continued)



DIRECTORS’ INFORMATION (continued)
Name, Address⁺, Age, (Year of Election*)	Principal Occupation(s) During Past Five (5) Years and Other Information	Portfolios in Fund Complex Overseen By Director		Other Directorships Currently Held by Director
William Kristol,^# 69 (1994)	Founder and Editor, The Weekly Standard from 1995 to 2018. He is a regular contributor on leading political commentary shows. He has served as the inaugural Vann Professor of Ethics and Society at Davidson College since 2019.		17	Manhattan Institute; John M. Ashbrook Center for Public Affairs at Ashland University; The Salvatori Center at Claremont McKenna College; The Institute for the Study of War; Foundation for Constitutional Government; and Defending Democracy Together, a non-profit educational corporation

Michelle McCloskey,^# 60 (2019)	Formerly, President of Americas, Man Group from 2017 to August 2019 and President of Man FRM from 2015 to August 2019. Prior thereto, she was a Senior Managing Director of Man FRM from 2012 to 2015. While at the Man Group, she served on the Executive Committee of Man Group plc from 2012 to 2019, as Chief Executive Officer, Board of Managers of Man Alternative Multi Strategy Fund from 2016 to 2019 and as President and Chair of the Board of the Pine Grove Institutional Funds from 2016 to 2019. She currently serves on the Investment Advisory Committee of Texas Tech University Endowment.		17	Assured Guaranty Ltd. since May 2021

Donald K. Peterson,^# 73 (2007)	Formerly, Chairman and Chief Executive Officer, Avaya Inc. (telecommunications equipment and services) from 2002 to 2006; President and Chief Executive Officer, Avaya Inc. from 2000 to 2001; President, Enterprise Systems Group in 2000; Chief Financial Officer, Lucent Technologies (telecommunications equipment and services) from 1996 to 2000; Chief Financial Officer, AT&T, Communications Services Group from 1995 to 1996; President, Nortel Communications Systems, Inc. (telecommunications and networking equipment) from 1994 to 1995. Prior thereto, he was at Nortel from 1976 to 1995.		17	Worcester Polytechnic Institute, (Emeritus); Member of the Board of TIAA-Bank, FSB

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

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

* * Ms. Kirr is an “interested person” as defined by the Investment Company Act of 1940, because of her affiliation with AllianceBernstein.

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

^ Member of the Pricing Committee.



174		Sanford C. Bernstein Fund, Inc.



OFFICERS’ INFORMATION
*Name, Address and Age**	Position(s) Held with Fund	Principal Occupation During Past Five (5) Years
Beata D. Kirr, 48	President	See biography above.

Alexander Barenboym, 51	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017.

Daniel J. Loewy, 48	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2017. He is also Chief Investment Officer and Head of Multi-Asset Solutions and Chief Investment Officer for Dynamic Asset Allocation.

Caglasu Altunkopru, 50	Vice President	Senior Vice President of the Adviser**, with which she has been associated in a substantially similar capacity to her current position since prior to 2017.

Emilie D. Wrapp, 66	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of AllianceBernstein Investments, Inc. (“ABI”)**, with which she has been associated since prior to 2017.

Michael B. Reyes, 46	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2017.

Joseph J. Mantineo, 63	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2017.

Phyllis J. Clarke, 61	Controller	Vice President of ABIS**, with which she has been associated since prior to 2017.

Vincent S. Noto, 57	Chief Compliance Officer	Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser**, since prior to 2017.

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

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

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or AB at (212) 486-5800, or visit www.bernstein.com, for a free prospectus or SAI.



2022 Annual Report		175

Operation and Effectiveness of the Portfolios’ Liquidity Risk Management Program:



176		Sanford C. Bernstein Fund, Inc.

Board Consideration of Investment Management Arrangement

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



2022 Annual Report		177

Board Consideration of Investment Management Arrangement (continued)

Fees and Expenses

Nature, Extent and Quality of Services Provided



178		Sanford C. Bernstein Fund, Inc.

available Morningstar rating for those Portfolios with an available rating. The Board also received certain updated performance information as of September 30, 2022. In addition, the Directors considered information showing performance compared to peer groups and benchmarks for rolling calendar year periods and the year to date. The Directors also receive detailed comparative performance information for the Portfolios at each regular Board meeting during the year. The Board recognized that the benchmark indices do not account for fees and expenses incurred by a fund, including the Portfolios. The Directors also considered how peer groups have changed over time and how comparisons may differ depending upon the selection of the peer groups or benchmark indices.

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

Profitability



2022 Annual Report		179

Board Consideration of Investment Management Arrangement (continued)

Economies of Scale

Fall-Out Benefits and Other Revenue

Advisory Fee Rate Schedule


PORTFOLIO		ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO
Short Duration Diversified Municipal		0.30% of the first $750 million; 0.25% of assets in excess of $750 million.

Short Duration Plus		0.35% of the first $750 million; 0.30% of assets in excess of $750 million.

New York Municipal		0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion.



180		Sanford C. Bernstein Fund, Inc.

Board Consideration of Investment Management Arrangement (continued)


PORTFOLIO		ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO
California Municipal		0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion.

Diversified Municipal		0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% in excess of $5 billion up to, but not exceeding $7 billion; 0.225% of assets in excess of $7 billion.

Intermediate Duration		0.45% on the first $2.5 billion; 0.40% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.35% in excess of $5 billion up to, but not exceeding $8 billion; 0.30% of assets in excess of $8 billion.

Emerging Markets		0.95% of the first $2.5 billion; 0.90% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion.

Overlay A		0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion.

Tax-Aware Overlay A		0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion.

Overlay B		0.65% of assets.

Tax-Aware Overlay B		0.65% of assets.

Tax-Aware Overlay C		0.65% of assets.

Tax-Aware Overlay N		0.65% of assets.



2022 Annual Report		181

LOGO

Distributor

SANFORD C. BERNSTEIN FUND, INC.

1345 AVENUE OF THE AMERICAS, NEW YORK, NY 10105

(212) 756-4097

SCBII-1947-0922

ITEM 2. CODE OF ETHICS.

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant’s code of ethics is filed herewith as Exhibit 12(a)(1).

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors has determined that independent directors Donald K. Peterson, Debra Perry, R. Jay Gerken, Jeffrey R. Holland and Michelle McCloskey qualify as audit committee financial experts.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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


	Audit Fees				Audit-Related Fees		Tax Fees
Short Duration Plus Portfolio		2021	$	5,988	$	1,099	$	3,073
		2022	$	12,183	$	1,926	$	6,755
Intermediate Duration Portfolio		2021	$	89,964	$	1,099	$	38,290
		2022	$	89,023	$	1,926	$	32,119
Short Duration Diversified Muni Portfolio		2021	$	5,096	$	—	$	1,845
		2022	$	6,033	$	—	$	4,039
New York Muni Portfolio		2021	$	43,513	$	1,099	$	15,822
		2022	$	45,167	$	1,926	$	14,331
California Muni Portfolio		2021	$	33,902	$	1,099	$	12,306
		2022	$	36,512	$	1,926	$	11,575
Diversified Muni Portfolio		2021	$	151,778	$	1,099	$	55,297
		2022	$	150,538	$	1,926	$	47,778
Emerging Markets Portfolio		2021	$	30,145	$	1,099	$	17,545
		2022	$	37,161	$	1,926	$	16,943
Overlay A		2021	$	69,244	$	—	$	54,414
		2022	$	69,244	$	—	$	51,609
Tax-Aware Overlay A		2021	$	56,655	$	—	$	54,376
		2022	$	56,655	$	—	$	51,611
Overlay B		2021	$	79,244	$	—	$	51,970
		2022	$	79,244	$	—	$	49,686
Tax-Aware Overlay B		2021	$	56,655	$	—	$	51,408
		2022	$	56,655	$	—	$	50,589
Tax-Aware Overlay C		2021	$	56,655	$	—	$	51,132
		2022	$	56,655	$	—	$	50,365
Tax-Aware Overlay N		2021	$	56,655	$	—	$	51,408
		2022	$	56,655	$	—	$	50,587

(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.

(e) (2) All of the amounts for Audit Fees, Audit-Related Fees and Tax Fees in the table under Item 4 (a)–(c) are for services pre-approved by the Fund’s Audit Committee.

(f) Not applicable.

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


		All Fees for Non-Audit Services Provided to the Portfolio, the Adviser and Service Affiliates		Total Amount of Foregoing Column Pre-approved by the Audit Committee (Portion Comprised of Audit Related Fees) (Portion Comprised of Tax Fees)
Short Duration Plus Portfolio	2021	$	3,025,222	$	4,172
				$	(1,099	)
				$	(3,073	)
	2022	$	5,858,244	$	8,681
				$	(1,926	)
				$	(6,755	)

Intermediate Duration Portfolio	2021	$	3,060,439	$	39,389
				$	(1,099	)
				$	(38,290	)
	2022	$	5,883,608	$	34,045
				$	(1,926	)
				$	(32,119	)

Short Duration Diversified Muni Portfolio	2021	$	3,022,895	$	1,845
				$	—
				$	(1,845	)
	2022	$	5,853,602	$	4,039
				$	—
				$	(4,039	)

New York Muni Portfolio	2021	$	3,037,971	$	16,921
					(1,099	)
					(15,822	)
	2022	$	5,865,820	$	16,257
				$	(1,926	)
				$	(14,331	)

California Muni Portfolio	2021	$	3,034,455	$	13,405
				$	(1,099	)
				$	(12,306	)
	2022	$	5,863,064	$	13,501
				$	(1,926	)
				$	(11,575	)

Diversified Muni Portfolio	2021	$	3,077,446	$	56,396
				$	(1,099	)
				$	(55,297	)
	2022	$	5,899,267	$	49,704
				$	(1,926	)
				$	(47,778	)

Emerging Markets Portfolio	2021	$	3,039,694	$	18,644
				$	(1,099	)
				$	(17,545	)
	2022	$	5,868,432	$	18,869
				$	(1,926	)
				$	(16,943	)

Overlay A	2021	$	3,075,464	$	54,414
				$	—
				$	(54,414	)
	2022	$	5,901,172	$	51,609
				$	—
				$	(51,609	)

Tax-Aware Overlay A	2021	$	3,075,426	$	54,376
				$	—
				$	(54,376	)
	2022	$	5,901,174	$	51,611
				$	—
				$	(51,611	)

Overlay B	2021	$	3,073,020	$	51,970
				$	—
				$	(51,970	)
	2022	$	5,899,249	$	49,686
				$	—
				$	(49,686	)

Tax-Aware Overlay B	2021	$	3,072,458	$	51,408
				$	—
				$	(51,408	)
	2022	$	5,900,152	$	50,589
				$	—
				$	(50,589	)

Tax-Aware Overlay C	2021	$	3,072,182	$	51,132
				$	—
				$	(51,132	)
	2022	$	5,899,928	$	50,365
				$	—
				$	(50,365	)

Tax-Aware Overlay N	2021	$	3,072,458	$	51,408
				$	—
				$	(51,408	)
	2022	$	5,900,150	$	50,587
				$	—
				$	(50,587	)

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 13. EXHIBITS.

The following exhibits are attached to this Form N-CSR:


EXHIBIT NO.		DESCRIPTION OF EXHIBIT

12 (a) (1)		Code of Ethics that is subject to the disclosure of Item 2 hereof

12 (b) (1)		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

12 (b) (2)		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

12 (c)		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Sanford C. Bernstein Fund, Inc.


By:		/s/ Beata Kirr
		Beata Kirr
		President

Date: March 3, 2023

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


By:		/s/ Beata Kirr
		Beata Kirr
		President

Date: March 3, 2023


By:		/s/ Joseph J. Mantineo
		Joseph J. Mantineo
		Treasurer and Chief Financial Officer

Date: March 3, 2023