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)

Stephen M. Woetzel

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, 2023

Date of reporting period: September 30, 2023

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, 2023

Table of Contents

Portfolio Manager Commentary	1
Disclosures and Risks	8
Historical Performance	15
Expense Example	24
Portfolio Summary	26
Statement of Assets and Liabilities	30
Statement of Operations	36
Statement of Changes in Net Assets	39
Financial Highlights	45
Notes to Financial Statements	69
Other	111

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. For Class A, Class C, Advisor Class and Class Z Shares (collectively “Retail Classes”), visit www.abfunds.com or call AB at 800.227.4618. 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”. For Retail Classes, visit www.abfunds.com

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 are presented in a separate report.

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, 2023

On the following pages, you will find the 2023 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, 2023, 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.

What a difference a year makes. When we sent out our update a year ago, the stock market was touching its lowest point in almost two years. Since then, it’s rallied strongly, even in the face of numerous scary headlines, from a crisis in several regional banks to the debt ceiling and government shutdown standoffs.

The economy, too, remains strong—perhaps even surprisingly so. Inflation has steadily tracked lower, though it remains above the Fed’s target. After-inflation wage growth has turned from negative to positive and the aggregate paycheck for American workers has risen steadily as that wage growth has combined with more workers returning to the workforce and finding jobs. That’s eased the pressure in the labor market without disrupting it. In fact, while we can’t say for sure that a “soft landing” lies ahead for the economy, it certainly has been on that path for the past two or three quarters.

In our spring update, we wrote about the dollar weakening after an incredible rise in value against other currencies in 2022. That weakening has reversed somewhat in the past six months, but the dollar remains down around 5% over the past year.

Global equities have risen around 20% over the past twelve months. Part of that has come from a reversal in sentiment after last fall’s lows. Part has come from a combination of hope and hype surrounding artificial intelligence and trillions of dollars of value being added to the stocks of a few leading US technology companies.

Bonds have been more challenged, as persistent economic strength has led to further interest rate increases by the Federal Reserve and other central banks and led the market to anticipate better growth and higher rates over the medium to long term. That has driven 10-year Treasury bond yields up by 0.75 percentage points to 4.57%, with most of that move happening in August and September.

Our portfolio managers continue to track both the opportunities and the risks to the economy and market from here. We’re watching for any signs of economic acceleration or deceleration that could drive interest rates higher or foreshadow an upturn or downturn in the economy, monitoring the situation in Israel and Gaza for any signs of outward expansion, and keeping an eye on China’s actions to support its economy. These managers will constantly adjust portfolios to incorporate the latest information.

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,

Alexander Chaloff

President

Sanford C. Bernstein Fund, Inc.

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

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2023 Annual Report 1

Portfolio Manager Commentary (continued)

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.

The investment team allocates the Portfolio’s investments among broad sector groups based on the fundamental company research conducted by AllianceBernstein L.P., the Portfolio’s investment adviser’s (the “Adviser’s”) internal research staff, assessing the current and forecasted investment opportunities and conditions, as well as diversification and risk considerations. 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. 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 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 15 shows the Portfolio’s performance compared with its benchmark, the Morgan Stanley Capital International Emerging Markets (“MSCI EM”) Index (net), for the six- and 12-month periods ended September 30, 2023. 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 outperformed the benchmark but underperformed the Lipper Average. Security and country selection contributed to positive performance, relative to the benchmark, while sector and currency selection were not significant factors. The Portfolio gained, recovering some of the earlier losses from the beginning of 2022. While security selection within financials, materials and technology contributed to overall performance, weaker selection within consumer discretionary partially offset the benefit.

Over the six-month period, both share classes of the Portfolio underperformed the benchmark and Lipper Average. Weak security selection was the largest detractor, while sector selection contributed. Country and currency selection combined to be a small contributor. Security selection within Chinese consumer discretionary was weak as positions were hit by the ongoing worries about a slowdown in Chinese

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2 Sanford C. Bernstein Fund, Inc.

Portfolio Manager Commentary (continued)

consumer spending. However, an underweight to communication services helped to offset losses.

The Portfolio used 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 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 Portfolio investors.

The Portfolio may use derivatives, such as options, futures contracts, forward contracts and swaps.

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-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 16 shows the Portfolio’s performance compared with its benchmark, the Bloomberg 1-Year Municipal Bond Index, for the six- and 12-month periods ended September 30, 2023. 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.

During the 12-month period, the Short Duration Diversified Municipal Portfolio outperformed its benchmark but underperformed the Lipper Average. During the six-month period, the Portfolio underperformed both the benchmark and Lipper Average.

In the 12-month period, sector selection contributed, relative to the benchmark. Specifically, overweights to industrial development revenue and taxable municipal bonds were primary contributors. However, yield-curve positioning modestly detracted. Over the six-month period, yield-curve positioning detracted from returns. Specifically, an overweight to duration detracted as yields rose. However, similar to the 12-month period, an overweight to industrial development revenue bonds contributed to performance.

During both periods, the Portfolio used derivatives for hedging purposes in the form of interest rate swaps, which added to returns, and inflation swaps, which had no material impact on absolute returns.

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2023 Annual Report 3

Portfolio Manager Commentary (continued)

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, 2023, 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 3.55% 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 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 its 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.

In managing the Portfolios, the Adviser may use interest rate forecasting to estimate an appropriate level of interest rate risk at a given time.

Each Portfolio seeks to maintain an effective duration of three and one-half years 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.

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 tables on page 17 shows each Portfolio’s performance compared with its benchmark, the Bloomberg 1-10 Year Blend Index, for the six- and 12-month periods ended September 30,

(Portfolio Manager Commentary continued on next page)

4 Sanford C. Bernstein Fund, Inc.

Portfolio Manager Commentary (continued)

2023. The table also includes the Portfolios’ previous benchmark, the Bloomberg 5-Year General Obligation (“GO”) Municipal Bond Index, and 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.

During the 12-month period, the Diversified Municipal, New York Municipal and California Municipal Portfolios outperformed their primary benchmark and their respective Lipper Averages, except for Diversified Municipal Class C, New York Municipal Class C and California Municipal Class C. During the six-month period, the Diversified Municipal, New York Municipal, and California Municipal Portfolios outperformed both their primary benchmark and their respective Lipper Averages.

In the 12-month period, overall security selection contributed, relative to the benchmark. In particular, selection within airport bonds contributed, while selection in the water and sewer sector detracted. During the six-month period, security selection contributed, particularly within airport bonds, while selection in pre-pay gas bonds detracted.

During both periods, credit default swaps were used 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. During the six-month period, interest rate swaps added for the New York Municipal, detracted for the California Municipal and had no material impact for the Diversified Municipal Portfolios. During the 12-month period, interest rate swaps added to absolute returns for all Portfolios.

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, 2023, 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 2.57% and 0.00%, respectively, for the California Municipal Portfolio; 5.44% and 0.00%, respectively, for the Diversified Municipal Portfolio; and 2.81% 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 (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

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2023 Annual Report 5

Portfolio Manager Commentary (continued)

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 20 shows the Portfolio’s performance compared with its benchmark, the Bloomberg US Aggregate Bond Index, for the six- and 12-month periods ended September 30, 2023. 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 both periods, the Portfolio underperformed the benchmark and the Lipper Average. Over the 12-month period, yield-curve positioning was the largest detractor, relative to the benchmark, due to losses from overweights to the two- and five-year parts of the curve. Country allocation to the UK and Japan detracted. Sector allocation was the greatest contributor to performance results, mainly from off-benchmark exposures to agency risk sharing transactions, collateralized loan obligations, high-yield and emerging market corporate bonds, an underweight to US agency mortgages that added more to performance than losses from an underweight to investment-grade corporate bonds and no exposure to sovereign bonds. Security selection also contributed, as selection within investment-grade corporate bonds, US agency mortgages and asset-backed securities added more to performance than a loss from selections in high-yield corporate bonds. Currency decisions did not impact performance during the period.

During the six-month period, the greatest detractor to performance was yield-curve positioning, as overweights to the five- and 10-year parts of the curve, primarily from an overweight to the five- and 10-year parts of the curve. Country allocation detracted, a result of exposure to Japan that was partially offset by exposure to the eurozone. Sector allocation contributed on a relative basis, given off-benchmark allocations to agency risk sharing transactions, collateralized loan obligations and an underweight to US agency mortgages that were partially offset by a loss from an underweight to investment-grade corporate bonds. Security selection also contributed, from selections in investment-grade corporates, asset-backed securities and US agency mortgages. Currency decisions did not impact results.

During both periods, the Portfolio used 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. Credit default swaps were used 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 187%.

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.

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6 Sanford C. Bernstein Fund, Inc.

Portfolio Manager Commentary (continued)

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”).

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 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 21 shows the Portfolio’s performance compared with 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, 2023. 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 the Lipper Average. In the 12-month period, yield-curve positioning detracted the most, relative to the benchmark, primarily from an overweight to the five-year part of the curve. Country allocation to the UK, also, detracted from results. Sector allocation was the greatest contributor, as exposure to agency risk sharing transactions, asset-backed securities and collateralized loan obligations outweighed a loss from an allocation to commercial mortgage-backed securities (“CMBS”). Security selection in investment-grade corporate bonds also added value. Currency decisions did not impact performance during the period.

During the six-month period, yield-curve positioning was the largest detractor from performance, primarily from an overweight to the five-year part of the curve. Country allocation to Japan negatively impacted performance during the period. Sector allocation contributed, due to exposure to asset-backed securities and agency risk sharing transactions, along with collateralized loan obligations and investment-grade corporate bonds. Security selection among investment-grade corporate bonds, also, contributed. Currency decisions had no impact on performance results.

During both periods, the Portfolio used 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. Credit default swaps were used to hedge credit risk and as a tool to effectively gain exposure to specific sectors.

2023 Annual Report 7

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 1-10 Year Blend Index is the 1-10 Year Blend (1-12) component of the Bloomberg Municipal Bond Index, which represents the performance of the long-term tax-exempt bond market consisting of investment-grade bonds. 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.

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. While hedging can guard against potential risks, there is also a risk that a derivative intended as a hedge may not perform as expected. In addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may

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8 Sanford C. Bernstein Fund, Inc.

Disclosures and Risks (continued)

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

Illiquid Investments Risk: Illiquid investments risk exists when particular investments are difficult or impossible to purchase or sell, possibly preventing the Portfolios from purchasing or selling these securities at an advantageous price. In certain cases, governmental actions could prevent sales of securities or repatriation of proceeds. Over recent years, regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Illiquid investments risk may be magnified in a rising interest rate environment, where the value and liquidity of fixed-income securities generally go down. The municipal Portfolios are subject to greater risk because the market for municipal securities is generally smaller and may not be as liquid as many other fixed-income markets, which may make municipal securities more difficult to trade or dispose of than other types of securities. Illiquid securities may also be difficult to value. If the Portfolios are forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the Portfolios may be forced to sell at a substantial loss or may not be able to sell at all.

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

Market Risk: The Portfolios are subject to market risk, which is the risk that stock or bond prices in general or in particular countries or sectors may decline over short or extended periods. Stock or bond prices may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest rate, currency and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts; cybersecurity events; market disruptions caused by tariffs; trade disputes; measures to address budget deficits; downgrading of sovereign debt; sanctions or other government actions; and other factors.

Economies and financial markets throughout the world are becoming increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, armed conflict, including Russia’s military invasion of Ukraine, terrorism, natural disasters (including the spread of infectious illness) and other circumstances in one country or region could have profound impacts on global economies or markets. Following Russia’s recent invasion of Ukraine, the United States, the European Union and the regulatory bodies of certain other countries instituted numerous sanctions against certain Russian individuals and Russian entities. These sanctions, and other intergovernmental actions that may be undertaken against Russia in the future, may result in the devaluation of Russian

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2023 Annual Report 9

Disclosures and Risks (continued)

currency, a downgrade in the country’s credit rating, and a decline in the value and liquidity of Russian stocks. These sanctions could result in the immediate freeze of Russian securities, including securities in the form of ADRs, impairing the ability of the Portfolio to buy, sell, receive or deliver those securities. Retaliatory action by the Russian government could involve the seizure of US and/or European residents’ assets and any such actions are likely to impair the value and liquidity of such assets. The continued disruption of the Russian economy has had severe adverse effects on the region and beyond, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. As a result, whether or not the 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 (“NAV”), 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). The value of the US dollar has recently appreciated in value against most foreign currencies, which may negatively affect the value of the Portfolios’ foreign investments when converted to US dollars.

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: Investments in foreign securities entail significant risks in addition to those customarily associated with investing in US equities. These risks include risks related to unfavorable or unsuccessful government actions, reduction of government or central bank support, economic sanctions and potential responses to those sanctions, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, social instability, armed conflict, and other adverse market, economic, political and regulatory factors, all of which could disrupt the financial markets in which the Portfolios invest and adversely affect the value of the Portfolios’ assets. These risks are heightened with respect to issuers in emerging-market countries because the markets are less developed and less liquid and there may be a greater amount of economic, political and social uncertainty, and these risks are even more pronounced in “frontier” markets, which are investable markets with lower total market capitalization and liquidity than the more developed emerging markets. Emerging markets typically have fewer medical and economic resources than more developed countries, and thus they may be less able to control or mitigate the effects of a pandemic, climate change, or a natural disaster. In addition, the value of the Portfolios’ investments may decline because of factors such as unfavorable or unsuccessful government actions and reduction of government or central bank support.

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 may 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

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Disclosures and Risks (continued)

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:

Interest-Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. During periods of very low or negative interest rates, a Portfolio’s returns may be adversely affected, including to such an extent that the Portfolio may be unable to maintain positive returns. A Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the recent tightening of the US Federal Reserve’s monetary policy, which has caused the Federal Reserve to increase short-term interest rates in an effort to address rising inflation.

Credit Risk: This is the risk that the issuer or the guarantor of a debt security, or the counterparty to a derivatives or other contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The issuer or guarantor may default, potentially causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating, although credit ratings are opinions and not guarantees of quality. The credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations, making credit risk greater for medium-quality and lower-rated debt securities. Lower-rated debt securities and similar unrated securities (commonly known as “junk bonds”) have speculative elements or are predominantly speculative credit risks. At times when credit risk is perceived to be greater, credit “spreads” (i.e., the difference between the yields on lower quality securities and the yields on higher quality securities) may get larger or “widen”. As a result, the values of the lower quality securities may go down more and they may become harder to sell.

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

Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the 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 have adversely affected economies and markets. Rising inflation has caused the Federal Reserve and other central banks to take actions—including raising interest rates—that have caused further adverse effects to economies and markets, and more such actions may be forthcoming.

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

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2023 Annual Report 11

Disclosures and Risks (continued)

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, and 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, which may be further exacerbated by recent environmental conditions and climate change patterns. 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.

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.

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12 Sanford C. Bernstein Fund, Inc.

Disclosures and Risks (continued)

California Municipal and New York Municipal Portfolios:

Non-Diversification Risk: Concentration of investments in a small number of securities tends to increase risk. The Portfolio are not “diversified”. This means that the Portfolios 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’ NAV.

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, economic sanctions and potential responses to those sanctions, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, social instability, armed conflict, and other adverse market, economic, political and regulatory factors, all of which could disrupt the financial markets in which the Portfolio invests and adversely affect the value of the 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.

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.

NAV returns do not reflect sales charges; if sales charges were reflected, the Portfolios’ quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 3.00% maximum front-end sales charge for Class A shares of the California Municipal, Diversified Municipal and New York Municipal Portfolios, a 4.25% maximum front-end sales charge for Class A shares of the Intermediate Duration Portfolio, a 2.25% maximum front-end sales charge for Class A shares of the Short Duration Portfolio, and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.

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2023 Annual Report 13

Disclosures and Risks (continued)

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. For 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, visit www.abfunds.com. 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. For Retail Classes of California Municipal, Diversified Municipal, New York Municipal, Intermediate Duration and Short Duration Plus Portfolios, visit www.abfunds.com or call AB at 800.227.4618. Please read the prospectus and/or summary prospectus carefully before investing.

14 Sanford C. Bernstein Fund, Inc.

Historical Performance (Unaudited)

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

	TOTAL RETURNS						AVERAGE ANNUAL TOTAL RETURNS
THROUGH SEPTEMBER 30, 2023	PAST SIX MONTHS			PAST 12 MONTHS			PAST FIVE YEARS			PAST 10 YEARS			SINCE INCEPTION			INCEPTION DATE
Emerging Markets Portfolio1,2
Emerging Markets Class Shares3																	12/15/1995
NAV Returns		-3.59	%		12.33	%		1.08	%		1.92	%		5.47	%
SEC Returns (reflects applicable sales charges)		-3.59	%		12.33	%		1.08	%		1.82	%		5.40	%
Class Z Shares3																	1/15/2016
NAV Returns		-3.47	%		12.60	%		1.34	%		—			5.90	%
SEC Returns (reflects applicable sales charges)		-3.47	%		12.60	%		1.34	%		—			5.90	%
MSCI EM Index (net)		-2.05	%		11.70	%		0.55	%		2.07	%		5.18	%
Lipper Emerging Markets Funds Average		-1.04	%		14.88	%		1.43	%		2.34	%		—

Past performance is no guarantee of future results and an investment in the Portfolio described could lose value. The current prospectus fee table shows the total annual operating expense ratios as 1.29% and 1.04% for Emerging Markets Class and Class Z shares, respectively, gross of any fee waivers or expense reimbursements. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

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

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

2 Includes the impact of proceeds received and credited to the Portfolio resulting from class-action settlements, which enhanced the performance of all share classes of the Portfolio for the six- and 12-month periods ended September 30, 2023, by 0.00% and 0.01%, respectively.

3 These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio.

See Disclosures, Risks and Note About Historical Performance on pages 8–14.

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2023 Annual Report 15

Historical Performance (continued from previous page)

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

			TOTAL RETURNS						AVERAGE ANNUAL TOTAL RETURNS
THROUGH SEPTEMBER 30, 2023			PAST SIX MONTHS			PAST 12 MONTHS			PAST FIVE YEARS			PAST 10 YEARS			SINCE INCEPTION			INCEPTION DATE
Short Duration Diversified Municipal Portfolio
Short Duration Diversified Municipal Class Shares1																			10/3/1994
NAV Returns				-0.25	%		2.38	%		0.69	%		0.54	%		2.10	%
SEC Returns (reflects applicable sales charges)				-0.25	%		2.38	%		0.69	%		0.54	%		2.10	%
SEC Yields2	3.29	%
Taxable Equivalent Yields3	5.06	%
Bloomberg 1-Year Municipal Bond Index				-0.01	%		2.29	%		1.04	%		0.88	%		—
Lipper Short-Term Municipal Debt Funds Average				-0.06	%		2.43	%		0.84	%		0.77	%		—

Past performance is no guarantee of future results and an investment in the Portfolio described could lose value. The current prospectus fee table shows the total annual operating expense ratio as 0.47% for Short Duration Diversified Municipal Class shares. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

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

1 This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns.

2 SEC yields are calculated based on SEC guidelines for the 30-day period ended September 30, 2023.

3 Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.

See Disclosures, Risks and Note About Historical Performance on pages 8–14.

(Historical Performance continued on next page)

16 Sanford C. Bernstein Fund, Inc.

Historical Performance (continued from previous page)

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

			TOTAL RETURNS						AVERAGE ANNUAL TOTAL RETURNS
THROUGH SEPTEMBER 30, 2023			PAST SIX MONTHS			PAST 12 MONTHS			PAST FIVE YEARS			PAST 10 YEARS			SINCE INCEPTION			INCEPTION DATE
California Municipal Portfolio
California Municipal Class Shares1																		8/6/1990
NAV Returns				-1.55	%		3.23	%		1.11	%		1.44	%		3.66	%
SEC Returns (reflects applicable sales charges)				-1.55	%		3.23	%		1.11	%		1.44	%		3.66	%
SEC Yields2	3.31	%
Taxable Equivalent Yields3	5.87	%
Class A Shares																		2/1/2002
NAV Returns				-1.65	%		3.03	%		0.92	%		1.24	%		2.26	%
SEC Returns (reflects applicable sales charges)				-4.62	%		-0.06	%		0.31	%		0.93	%		2.12	%
SEC Yields2	2.98	%
Taxable Equivalent Yields3	5.29	%
Class C Shares4																		2/1/2002
NAV Returns				-2.02	%		2.25	%		0.18	%		0.49	%		1.53	%
SEC Returns (reflects applicable sales charges)				-2.99	%		1.25	%		0.18	%		0.49	%		1.53	%
SEC Yields2	2.31	%
Taxable Equivalent Yields3	4.10	%
Advisor Class Shares1																		7/25/2016
NAV Returns				-1.52	%		3.28	%		1.17	%		—			0.84	%
SEC Returns (reflects applicable sales charges)				-1.52	%		3.28	%		1.17	%		—			0.84	%
SEC Yields2	3.32	%
Taxable Equivalent Yields3	5.89	%
Primary Benchmark:5 Bloomberg 1-10 Year Blend Index				-2.75	%		2.29	%		1.20	%		1.68	%		N/A
Bloomberg 5-Year GO Municipal Bond Index				-2.96	%		2.02	%		1.04	%		1.38	%		—
Lipper California Intermediate Municipal Debt Funds Average				-2.59	%		2.52	%		0.69	%		1.55	%		—

Past performance is no guarantee of future results and an investment in the Portfolio described could lose value. The current prospectus fee table shows the total annual operating expense ratios as 0.55%, 0.73%, 1.49% and 0.48% for California Municipal Class, 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.

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

1 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.

2 SEC yields are calculated based on SEC guidelines for the 30-day period ended September 30, 2023.

3 Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.

4 Assumes conversion of Class C shares into Class A shares after eight years.

5 Effective November 1, 2022, the Portfolio’s primary benchmark changed from the Bloomberg 5-Year GO Municipal Bond Index to the Bloomberg 1-10 Year Blend Index.

See Disclosures, Risks and Note About Historical Performance on pages 8–14.

(Historical Performance continued on next page)

2023 Annual Report 17

Historical Performance (continued from previous page)

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

			TOTAL RETURNS						AVERAGE ANNUAL TOTAL RETURNS
THROUGH SEPTEMBER 30, 2023			PAST SIX MONTHS			PAST 12 MONTHS			PAST FIVE YEARS			PAST 10 YEARS			SINCE INCEPTION			INCEPTION DATE
Diversified Municipal Portfolio
Diversified Municipal Class Shares1																		1/9/1989
NAV Returns				-1.87	%		2.80	%		1.26	%		1.48	%		3.89	%
SEC Returns (reflects applicable sales charges)				-1.87	%		2.80	%		1.26	%		1.48	%		3.89	%
SEC Yields2	3.49	%
Taxable Equivalent Yields3	5.37	%
Class A Shares																		2/1/2002
NAV Returns				-1.97	%		2.59	%		1.06	%		1.25	%		2.34	%
SEC Returns (reflects applicable sales charges)				-4.92	%		-0.46	%		0.45	%		0.94	%		2.20	%
SEC Yields2	3.16	%
Taxable Equivalent Yields3	4.86	%
Class C Shares4																		2/1/2002
NAV Returns				-2.27	%		1.90	%		0.32	%		0.50	%		1.61	%
SEC Returns (reflects applicable sales charges)				-3.24	%		0.90	%		0.32	%		0.50	%		1.61	%
SEC Yields2	2.49	%
Taxable Equivalent Yields3	3.83	%
Advisor Class Shares1																		6/26/2015
NAV Returns				-1.85	%		2.85	%		1.32	%		—			1.36	%
SEC Returns (reflects applicable sales charges)				-1.85	%		2.85	%		1.32	%		—			1.36	%
SEC Yields2	3.51	%
Taxable Equivalent Yields3	5.40	%
Class Z Shares1																		7/2/2018
NAV Returns				-1.83	%		2.88	%		1.34	%		—			1.27	%
SEC Returns (reflects applicable sales charges)				-1.83	%		2.88	%		1.34	%		—			1.27	%
SEC Yields2	3.57	%
Taxable Equivalent Yields3	5.49	%
Primary Benchmark:5 Bloomberg 1-10 Year Blend Index				-2.75	%		2.29	%		1.20	%		1.68	%		N/A
Bloomberg 5-Year GO Municipal Bond Index				-2.96	%		2.02	%		1.04	%		1.38	%		—
Lipper Intermediate Municipal Debt Funds Average				-2.76	%		2.67	%		0.93	%		1.63	%		—

Past performance is no guarantee of future results and an investment in the Portfolio described could lose value. The current prospectus fee table shows the total annual operating expense ratios as 0.47%, 0.65%, 1.40%, 0.40% and 0.39% for Diversified Municipal Class, 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.

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

1 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.

2 SEC yields are calculated based on SEC guidelines for the 30-day period ended September 30, 2023.

3 Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.

4 Assumes conversion of Class C shares into Class A shares after eight years.

5 Effective November 1, 2022, the Portfolio’s primary benchmark changed from the Bloomberg 5-Year GO Municipal Bond Index to the Bloomberg 1-10 Year Blend Index.

See Disclosures, Risks and Note About Historical Performance on pages 8–14.

(Historical Performance continued on next page)

18 Sanford C. Bernstein Fund, Inc.

Historical Performance (continued from previous page)

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

			TOTAL RETURNS						AVERAGE ANNUAL TOTAL RETURNS
THROUGH SEPTEMBER 30, 2023			PAST SIX MONTHS			PAST 12 MONTHS			PAST FIVE YEARS			PAST 10 YEARS			SINCE INCEPTION			INCEPTION DATE
New York Municipal Portfolio
New York Municipal Class Shares1																		1/9/1989
NAV Returns				-1.86	%		3.07	%		1.05	%		1.42	%		3.87	%
SEC Returns (reflects applicable sales charges)				-1.86	%		3.07	%		1.05	%		1.42	%		3.87	%
SEC Yields2	3.23	%
Taxable Equivalent Yields3	5.58	%
Class A Shares																		2/1/2002
NAV Returns				-1.97	%		2.78	%		0.83	%		1.21	%		2.31	%
SEC Returns (reflects applicable sales charges)				-4.89	%		-0.31	%		0.22	%		0.90	%		2.16	%
SEC Yields2	2.93	%
Taxable Equivalent Yields3	5.06	%
Class C Shares4																		2/1/2002
NAV Returns				-2.34	%		2.01	%		0.07	%		0.45	%		1.57	%
SEC Returns (reflects applicable sales charges)				-3.31	%		1.01	%		0.07	%		0.45	%		1.57	%
SEC Yields2	2.26	%
Taxable Equivalent Yields3	3.90	%
Advisor Class Shares1																		7/25/2016
NAV Returns				-1.85	%		3.04	%		1.09	%		—			0.75	%
SEC Returns (reflects applicable sales charges)				-1.85	%		3.04	%		1.09	%		—			0.75	%
SEC Yields2	3.27	%
Taxable Equivalent Yields3	5.65	%
Primary Benchmark:5 Bloomberg 1-10 Year Blend Index				-2.75	%		2.29	%		1.20	%		1.68	%		N/A
Bloomberg 5-Year GO Municipal Bond Index				-2.96	%		2.02	%		1.04	%		1.38	%		—
Lipper New York Intermediate Municipal Debt Funds Average				-2.84	%		2.37	%		0.67	%		1.32	%		—

Past performance is no guarantee of future results and an investment in the Portfolio described could lose value. The current prospectus fee table shows the total annual operating expense ratios as 0.54%, 0.73%, 1.48% and 0.48% for New York Municipal Class, 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.

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

1 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.

2 SEC yields are calculated based on SEC guidelines for the 30-day period ended September 30, 2023.

3 Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.

4 Assumes conversion of Class C shares into Class A shares after eight years.

5 Effective November 1, 2022, the Portfolio’s primary benchmark changed from the Bloomberg 5-Year GO Municipal Bond Index to the Bloomberg 1-10 Year Blend Index.

See Disclosures, Risks and Note About Historical Performance on pages 8–14.

(Historical Performance continued on next page)

2023 Annual Report 19

Historical Performance (continued from previous page)

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

			TOTAL RETURNS						AVERAGE ANNUAL TOTAL RETURNS
THROUGH SEPTEMBER 30, 2023			PAST SIX MONTHS			PAST 12 MONTHS			PAST FIVE YEARS			PAST 10 YEARS			SINCE INCEPTION			INCEPTION DATE
Intermediate Duration Portfolio
Intermediate Duration Class Shares1																		1/17/1989
NAV Returns				-4.18	%		0.43	%		-0.18	%		1.22	%		4.93	%
SEC Returns (reflects applicable sales charges)				-4.18	%		0.43	%		-0.18	%		1.22	%		4.93	%
SEC Yields2	4.84	%
Class A Shares																		7/22/2019
NAV Returns				-4.33	%		0.10	%		—			—			-2.59	%
SEC Returns (reflects applicable sales charges)				-8.40	%		-4.11	%		—			—			-3.59	%
SEC Yields2	0.20	%
Advisor Class Shares1																		7/22/2019
NAV Returns				-4.21	%		0.36	%		—			—			-2.36	%
SEC Returns (reflects applicable sales charges)				-4.21	%		0.36	%		—			—			-2.36	%
SEC Yields2	0.47	%
Class Z Shares1,3																		7/22/2019
NAV Returns				-4.16	%		0.38	%		—			—			-2.03	%
SEC Returns (reflects applicable sales charges)				-4.16	%		0.38	%		—			—			-2.03	%
SEC Yields2	2.08	%
Bloomberg US Aggregate Bond Index				-4.05	%		0.64	%		0.10	%		1.13	%		5.18	%
Lipper Core Bond Funds Average				-3.77	%		0.90	%		0.09	%		1.07	%		—

Past performance is no guarantee of future results and an investment in the Portfolio described could lose value. The current prospectus fee table shows the total annual operating expense ratios as 0.56%, 5.51%, 5.53% and 3.01% for Intermediate Duration Class, Class A, Advisor Class and Class Z shares, respectively, gross of any fee waivers or expense reimbursements. 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%, 0.66% and 0.57% for Class A, Advisor Class and Class Z shares, respectively. These waivers/reimbursements may not be terminated before January 28, 2024. 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.

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

1 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.

2 SEC yields are calculated based on SEC guidelines for the 30-day period ended September 30, 2023.

3 The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the Financial Highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

See Disclosures, Risks and Note About Historical Performance on pages 8–14.

(Historical Performance continued on next page)

20 Sanford C. Bernstein Fund, Inc.

Historical Performance (continued from previous page)

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

			TOTAL RETURNS						AVERAGE ANNUAL TOTAL RETURNS
THROUGH SEPTEMBER 30, 2023			PAST SIX MONTHS			PAST 12 MONTHS			PAST FIVE YEARS			PAST 10 YEARS			SINCE INCEPTION			INCEPTION DATE
Short Duration Plus Portfolio
Short Duration Plus Class Shares1																		12/12/1988
NAV Returns				-0.24	%		1.72	%		0.48	%		0.53	%		3.36	%
SEC Returns (reflects applicable sales charges)				-0.24	%		1.72	%		0.48	%		0.53	%		3.36	%
SEC Yields2	4.79	%
Class A Shares																		5/21/2003
NAV Returns				-0.62	%		1.17	%		-0.02	%		0.10	%		0.80	%
SEC Returns (reflects applicable sales charges)				-2.81	%		-1.08	%		-0.49	%		-0.13	%		0.69	%
SEC Yields2	4.20	%
Class C Shares3																		5/21/2003
NAV Returns				-0.63	%		0.96	%		-0.19	%		-0.08	%		0.39	%
SEC Returns (reflects applicable sales charges)				-1.61	%		-0.02	%		-0.19	%		-0.08	%		0.39	%
SEC Yields2	3.55	%
ICE BofA 1-3 Year US Treasury Index				0.17	%		2.47	%		1.06	%		0.81	%		—
Lipper Short-Term Investment Grade Debt Funds Average				1.06	%		3.95	%		1.34	%		1.23	%		—

Past performance is no guarantee of future results and an investment in the Portfolio described could lose value. The current prospectus fee table shows the total annual operating expense ratios as 0.54%, 0.97% and 1.72% for Short Duration Plus Class, 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.

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

1 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.

2 SEC yields are calculated based on SEC guidelines for the 30-day period ended September 30, 2023.

3 Assumes conversion of Class C shares into Class A shares after eight years.

See Disclosures, Risks and Note About Historical Performance on pages 8–14.

(Historical Performance continued on next page)

2023 Annual Report 21

Historical Performance (continued from previous page)

Emerging Markets Class Shares	Diversified Municipal Class Shares
Growth of a $10,000 Investment in the Portfolio	Growth of a $25,000 Investment in the Portfolio
Short Duration Diversified Municipal Class Shares	New York Municipal Class Shares
Growth of a $25,000 Investment in the Portfolio	Growth of a $25,000 Investment in the Portfolio
California Municipal Class Shares
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 or $10,000 investment as compared with the performance of each Portfolio’s respective benchmark and Lipper Average for the 10-year period ended September 30, 2023.

See Disclosures, Risks and Note About Historical Performance on pages 8–14.

(Historical Performance continued on next page)

22 Sanford C. Bernstein Fund, Inc.

Historical Performance (continued from previous page)

Intermediate Duration Class Shares

Growth of a $25,000 Investment in the Portfolio

Short Duration Plus Class Shares

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.

Each chart illustrates the total value of an assumed $25,000 investment as compared with the performance of each Portfolio’s respective benchmark and Lipper Average for the 10-year period ended September 30, 2023.

See Disclosures, Risks and Note About Historical Performance on pages 8–14.

2023 Annual Report 23

Expense Example—September 30, 2023 (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, 2023		ENDING ACCOUNT VALUE SEPTEMBER 30, 2023		EXPENSES PAID DURING PERIOD*		ANNUALIZED EXPENSE RATIO*
Emerging Markets Class Shares
Actual	$	1,000	$	964.10	$	6.40		1.30	%
Hypothetical**	$	1,000	$	1,018.55	$	6.58		1.30	%
Class Z
Actual	$	1,000	$	965.30	$	5.17		1.05	%
Hypothetical**	$	1,000	$	1,019.80	$	5.32		1.05	%
Short Duration Diversified Municipal Class Shares
Actual	$	1,000	$	997.50	$	2.45		0.49	%
Hypothetical**	$	1,000	$	1,022.61	$	2.48		0.49	%
California Municipal Class Shares
Actual	$	1,000	$	984.50	$	2.84		0.57	%
Hypothetical**	$	1,000	$	1,022.21	$	2.89		0.57	%
Class A
Actual	$	1,000	$	983.50	$	3.83		0.77	%
Hypothetical**	$	1,000	$	1,021.21	$	3.90		0.77	%
Class C
Actual	$	1,000	$	979.80	$	7.54		1.52	%
Hypothetical**	$	1,000	$	1,017.45	$	7.69		1.52	%
Advisor Class
Actual	$	1,000	$	984.80	$	2.59		0.52	%
Hypothetical**	$	1,000	$	1,022.46	$	2.64		0.52	%
Diversified Municipal Class Shares
Actual	$	1,000	$	981.30	$	2.48		0.50	%
Hypothetical**	$	1,000	$	1,022.56	$	2.54		0.50	%
Class A
Actual	$	1,000	$	980.30	$	3.48		0.70	%
Hypothetical**	$	1,000	$	1,021.56	$	3.55		0.70	%
Class C
Actual	$	1,000	$	977.30	$	7.19		1.45	%
Hypothetical**	$	1,000	$	1,017.80	$	7.33		1.45	%
Advisor Class
Actual	$	1,000	$	981.50	$	2.24		0.45	%
Hypothetical**	$	1,000	$	1,022.81	$	2.28		0.45	%
Class Z
Actual	$	1,000	$	981.70	$	2.04		0.41	%
Hypothetical**	$	1,000	$	1,023.01	$	2.08		0.41	%

24 Sanford C. Bernstein Fund, Inc.

Expense Example—September 30, 2023 (Unaudited) (continued)

	BEGINNING ACCOUNT VALUE APRIL 1, 2023		ENDING ACCOUNT VALUE SEPTEMBER 30, 2023		EXPENSES PAID DURING PERIOD*		ANNUALIZED EXPENSE RATIO*
New York Municipal Class Shares
Actual	$	1,000	$	981.40	$	2.78		0.56	%
Hypothetical**	$	1,000	$	1,022.26	$	2.84		0.56	%
Class A
Actual	$	1,000	$	980.30	$	3.82		0.77	%
Hypothetical**	$	1,000	$	1,021.21	$	3.90		0.77	%
Class C
Actual	$	1,000	$	976.60	$	7.53		1.52	%
Hypothetical**	$	1,000	$	1,017.45	$	7.69		1.52	%
Advisor Class
Actual	$	1,000	$	981.50	$	2.58		0.52	%
Hypothetical**	$	1,000	$	1,022.46	$	2.64		0.52	%
Intermediate Duration Class Shares
Actual	$	1,000	$	958.20	$	2.85		0.58	%
Hypothetical**	$	1,000	$	1,022.16	$	2.94		0.58	%
Class A
Actual	$	1,000	$	956.70	$	4.46		0.91	%
Hypothetical**	$	1,000	$	1,020.51	$	4.61		0.91	%
Advisor Class
Actual	$	1,000	$	957.90	$	3.24		0.66	%
Hypothetical**	$	1,000	$	1,021.76	$	3.35		0.66	%
Class Z
Actual	$	1,000	$	958.40	$	2.80		0.57	%
Hypothetical**	$	1,000	$	1,022.21	$	2.89		0.57	%
Short Duration Plus Class Shares
Actual	$	1,000	$	997.60	$	2.90		0.58	%
Hypothetical**	$	1,000	$	1,022.16	$	2.94		0.58	%
Class A
Actual	$	1,000	$	993.80	$	5.70		1.14	%
Hypothetical**	$	1,000	$	1,019.35	$	5.77		1.14	%
Class C
Actual	$	1,000	$	993.70	$	6.75		1.35	%
Hypothetical**	$	1,000	$	1,018.30	$	6.83		1.35	%

* 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.

2023 Annual Report 25

Portfolio Summary—September 30, 2023 (Unaudited)

Emerging Markets Portfolio
Sector Breakdown1			Country Breakdown1
Information Technology	29.2	%
Financials	21.3
Consumer Discretionary	16.1
Industrials	7.3
Materials	6.1
Utilities	5.0
Real Estate	3.6
Communication Services	3.5
Energy	3.0
Health Care	2.8
Consumer Staples	2.1

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

2 “Other” represents 0.1% in MSCI EAFE Index, 3.4% in MSCI EM Index and 0.7% 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.

26 Sanford C. Bernstein Fund, Inc.

Portfolio Summary—September 30, 2023 (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

2023 Annual Report 27

Portfolio Summary—September 30, 2023 (Unaudited) (continued)

New York Municipal Portfolio
Quality Rating Breakdown1 Highest of S&P, Moody’s and Fitch	State Breakdown1

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

2 “Other” represents less than 2.5% in 18 different states, Guam and Puerto Rico.

3 “Other” represents less than 0.1% in six different states and American Samoa.

4 “Other” represents less than 2.3% in 32 different states, American Samoa, District of Columbia, Guam and Puerto Rico.

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

28 Sanford C. Bernstein Fund, Inc.

Portfolio Summary—September 30, 2023 (Unaudited) (continued)

Intermediate Duration Portfolio

Security Type Breakdown¹

Short Duration Plus Portfolio

Security Type Breakdown¹

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

2 “Other” represents less than 0.1% in Common Stocks and Governments—Sovereign Bonds.

2023 Annual Report 29

Statement of Assets and Liabilities—September 30, 2023

	EMERGING MARKETS PORTFOLIO			SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO
ASSETS
Investments in securities at value
Unaffiliated issuers	$	1,032,228,311		$	224,061,223
Affiliated issuers		15,930,255			190,201
Foreign currencies, at value (a)		3,888,432			0
Cash		1,296			1,589,378
Cash collateral due from broker		297,000			252,159
Receivables:
Unaffiliated interest and dividends		2,204,598			3,144,883
Due from broker		0			991,358
Affiliated dividends		78,725			4,138
Investment securities sold		7,184,042			0
Capital shares sold		200,788			291,422
Variation margin on centrally cleared swaps		0			13,936
Unrealized appreciation of forward currency exchange contracts		4,192,974			0
Unrealized appreciation of interest rate swaps		0			70,296
Other assets		61,243			0
Total assets		1,066,267,664			230,608,994
LIABILITIES
Cash collateral due to broker		1,890,000			0
Payables:
Dividends to shareholders		0			129,843
Investment securities purchased and foreign currency transactions		10,492,150			0
Foreign capital gains taxes		1,333,837			0
Capital shares redeemed		715,234			356,593
Management fee		836,916			58,269
Custody and accounting fees payable		714,213			101,909
Shareholder servicing fee		200,724			19,462
Transfer Agent fee		16,722			1,504
Accrued expenses		78,815			22,136
Unrealized depreciation of forward currency exchange contracts		2,735,717			0
Total liabilities		19,014,328			689,716
NET ASSETS	$	1,047,253,336		$	229,919,278
Cost of investments
Unaffiliated issuers	$	977,752,309		$	231,030,207
Affiliated issuers		15,930,255			190,201
NET ASSETS CONSIST OF:
Capital stock, at par	$	43,377		$	18,849
Additional paid-in capital		1,138,617,792			239,602,296
Accumulated loss		(91,407,833	)		(9,701,867	)
	$	1,047,253,336		$	229,919,278

(a) Cost: $3,999,037 and $0, respectively. (Note 1)

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.

30 Sanford C. Bernstein Fund, Inc.

	EMERGING MARKETS PORTFOLIO		SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO
CALCULATION OF MAXIMUM OFFERING PRICE
Emerging Markets Class/Short Duration Diversified Municipal Class Shares
Net Assets	$	951,154,333	$	229,919,278
Shares of capital stock outstanding		39,402,277		18,848,560
Net asset value, offering and redemption price per share	$	24.14	$	12.20
Class Z Shares
Net Assets	$	96,099,003
Shares of capital stock outstanding		3,974,563
Net asset value and offering price per share	$	24.18

See Notes to Financial Statements.

2023 Annual Report 31

Statement of Assets and Liabilities—September 30, 2023 (continued)

	CALIFORNIA MUNICIPAL PORTFOLIO			DIVERSIFIED MUNICIPAL PORTFOLIO			NEW YORK MUNICIPAL PORTFOLIO
ASSETS
Investments in securities, at value	$	978,751,207		$	4,903,462,885		$	1,352,814,018
Cash		10,385,189			26,046,837			11,638,592
Cash collateral due from broker		965,108			10,273,692			2,488,794
Receivables:
Interest		12,682,450			61,575,419			15,680,105
Investment securities sold		4,397,725			1,295,275			4,218,638
Capital shares sold		264,176			3,851,042			31,567
Variation margin on centrally cleared swaps		25,453			509,745			153,822
Unrealized appreciation of interest rate swaps		1,502,266			6,927,756			2,057,965
Total assets		1,008,973,574			5,013,942,651			1,389,083,501
LIABILITIES
Cash collateral due to broker		1,750,000			6,980,000			2,080,000
Payables:
Dividends to shareholders		749,901			3,831,908			927,326
Investment securities purchased		16,017,466			44,557,671			40,636,827
Capital shares redeemed		4,252,447			9,605,984			2,896,398
Management fee		356,985			1,516,650			463,805
Shareholder servicing fee		70,362			322,425			100,471
Distribution fee		12,076			53,769			19,772
Transfer Agent fee		7,323			36,378			7,323
Accrued expenses		312,354			751,634			358,446
Market value on credit default swaps (a)		222,950			931,537			311,215
Total liabilities		23,751,864			68,587,956			47,801,583
NET ASSETS	$	985,221,710		$	4,945,354,695		$	1,341,281,918
Cost of investments	$	1,037,443,696		$	5,191,022,147		$	1,433,476,369
NET ASSETS CONSIST OF:
Capital stock, at par	$	73,752		$	369,279		$	103,534
Additional paid-in capital		1,046,614,369			5,262,421,576			1,437,415,182
Accumulated loss		(61,466,411	)		(317,436,160	)		(96,236,798	)
		$985,221,710		$	4,945,354,695		$	1,341,281,918

(a) Net premiums received of $144,489, $654,598 and $218,897, 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.

32 Sanford C. Bernstein Fund, Inc.

	CALIFORNIA MUNICIPAL PORTFOLIO		DIVERSIFIED MUNICIPAL PORTFOLIO		NEW YORK MUNICIPAL PORTFOLIO
CALCULATION OF MAXIMUM OFFERING PRICE
Municipal Class Shares
Net Assets	$	831,101,638	$	3,824,088,096	$	1,195,461,181
Shares of capital stock outstanding		62,215,408		285,563,111		92,273,854
Net asset value, offering and redemption price per share	$	13.36	$	13.39	$	12.96
Class A Shares
Net Assets	$	43,223,947	$	215,352,040	$	79,541,756
Shares of capital stock outstanding		3,235,462		16,069,745		6,141,706
Net asset value and redemption price per share	$	13.36	$	13.40	$	12.95
Sales charge—3.00% of public offering price		0.41		0.41		0.40
Maximum offering price	$	13.77	$	13.81	$	13.35
Class C Shares
Net Assets	$	3,256,520	$	10,184,694	$	3,596,760
Shares of capital stock outstanding		243,804		760,251		277,716
Net asset value and offering price per share	$	13.36	$	13.40	$	12.95
Advisor Class Shares
Net Assets	$	107,639,605	$	445,885,415	$	62,682,221
Shares of capital stock outstanding		8,057,311		33,318,971		4,840,860
Net asset value and offering price per share	$	13.36	$	13.38	$	12.95
Class Z Shares
Net Assets			$	449,844,450
Shares of capital stock outstanding				33,567,059
Net asset value and offering price per share			$	13.40

See Notes to Financial Statements.

2023 Annual Report 33

Statement of Assets and Liabilities—September 30, 2023 (continued)

	INTERMEDIATE DURATION PORTFOLIO			SHORT DURATION PLUS PORTFOLIO
ASSETS
Investments in securities, at value	$	3,518,314,107		$	217,656,676
Cash		10,017,460			532,047
Cash collateral due from broker		12,946,365			1,363,845
Receivables:
Interest		26,814,506			1,260,495
Investment securities sold		23,095,530			11,035,157
Capital shares sold		3,919,186			9,082
Variation margin on futures		2,491,182			101,202
Variation margin on centrally cleared swaps		0			2,449
Unrealized appreciation of forward currency exchange contracts		1,061,535			2,061
Other assets		29,770			2,265
Total assets		3,598,689,641			231,965,279
LIABILITIES
Payables:
Dividends to shareholders		3,342,612			231,136
Investment securities purchased		317,086,743			11,025,762
Capital shares redeemed		2,249,330			64,712
Management fee		1,189,244			63,959
Shareholder servicing fee		272,455			17,366
Foreign capital gains taxes		167,436			0
Variation margin on centrally cleared swaps		33,724			0
Transfer Agent fee		13,544			4,006
Distribution fee		90			3,454
Accrued expenses		602,371			182,981
Market value on credit default swaps (a)		948,838			0
Unrealized depreciation of forward currency exchange contracts		447			0
Total liabilities		325,906,834			11,593,376
NET ASSETS	$	3,272,782,807		$	220,371,903
Cost of investments	$	3,859,489,088		$	221,708,484
NET ASSETS CONSIST OF:
Capital stock, at par	$	303,342		$	20,355
Additional paid-in capital		3,959,663,643			251,730,791
Accumulated loss		(687,184,178	)		(31,379,243	)
	$	3,272,782,807		$	220,371,903

(a) Net premiums received of $555,017 and $0, 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.

34 Sanford C. Bernstein Fund, Inc.

	INTERMEDIATE DURATION PORTFOLIO		SHORT DURATION PLUS PORTFOLIO
CALCULATION OF MAXIMUM OFFERING PRICE
Intermediate Duration Class/Short Duration Plus Class Shares
Net Assets	$	3,271,751,168	$	207,329,332
Shares of capital stock outstanding		303,246,493		19,150,905
Net asset value, offering and redemption price per share	$	10.79	$	10.83
Class A Shares
Net Assets	$	480,648	$	11,799,815
Shares of capital stock outstanding		44,493		1,089,322
Net asset value and redemption price per share	$	10.80	$	10.83
Sales charge—4.25% for Intermediate Duration Portfolio, 2.25% for Short Duration Plus Portfolio of public offering price		0.48		0.25
Maximum offering price	$	11.28	$	11.08
Class C Shares
Net Assets			$	1,242,756
Shares of capital stock outstanding				114,948
Net asset value and offering price per share			$	10.81
Advisor Class Shares
Net Assets	$	542,895
Shares of capital stock outstanding		50,294
Net asset value and offering price per share	$	10.79
Class Z Shares
Net Assets	$	8,096
Shares of capital stock outstanding		750
Net asset value and offering price per share	$	10.79

See Notes to Financial Statements.

2023 Annual Report 35

Statement of Operations—for the year ended September 30, 2023

	EMERGING MARKETS PORTFOLIO			SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO
INVESTMENT INCOME
Income:
Interest	$	0		$	5,480,034
Dividends
Unaffiliated issuers (a)		27,762,558			0
Affiliated issuers		608,773			197,072
Total income		28,371,331			5,677,106
Expenses:
Management fee (see Note 2A)		10,602,072			751,130
Shareholder servicing fee (see Note 2B)		2,445,562			250,377
Custody and accounting fees		499,735			76,003
Transfer Agent fee—Non-Retail Class		247,252			20,975
Transfer Agent fee—Class Z		27,598			0
Auditing and tax fees		70,976			19,791
Directors’ fees and expenses		58,284			12,871
Legal fees		53,936			16,982
Registration fees		37,598			27,258
Printing fees		20,215			15,326
Miscellaneous		60,427			25,227
Total expenses		14,123,655			1,215,940
Less: expenses waived and reimbursed by the Adviser (see Note 2A, 2B and 2E)		(15,116	)		(24,706	)
Net expenses		14,108,539			1,191,234
Net investment income		14,262,792			4,485,872
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (b)		(121,707,057	)		(1,073,511	)
Forward currency exchange contracts		(10,473,400	)		0
Swaps		0			435,809
Foreign currency transactions		826,827			0
Net realized loss on investment and foreign currency transactions		(131,353,630	)		(637,702	)
Net change in unrealized appreciation (depreciation) of:
Investments (c)		240,378,577			3,063,834
Forward currency exchange contracts		6,813,887			0
Swaps		0			(789,435	)
Foreign currency denominated assets and liabilities		(7,498	)		0
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		247,184,966			2,274,399
Net realized and unrealized gain on investment and foreign currency transactions		115,831,336			1,636,697
Net increase in net assets resulting from operations	$	130,094,128		$	6,122,569

(a) Net of foreign withholding taxes of $4,496,226 and $0 for the Emerging Markets Portfolio and Short Duration Diversified Municipal Portfolio, respectively.

(b) Net of foreign realized capital gains taxes of $366 and $0 for the Emerging Markets Portfolio and Short Duration Diversified Municipal Portfolio, respectively.

(c) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $1,333,837 and $0 for the Emerging Markets Portfolio and Short Duration Diversified Municipal Portfolio, respectively.

See Notes to Financial Statements.

36 Sanford C. Bernstein Fund, Inc.

	CALIFORNIA MUNICIPAL PORTFOLIO			DIVERSIFIED MUNICIPAL PORTFOLIO			NEW YORK MUNICIPAL PORTFOLIO
INVESTMENT INCOME
Income:
Interest	$	32,410,533		$	161,492,432		$	41,015,419
Other income		7,936			41,445			3,010
Total income		32,418,469			161,533,877			41,018,429
Expenses:
Management fee (see Note 2A)		4,545,896			18,989,374			5,800,420
Shareholder servicing fee (see Note 2B)		903,273			4,105,138			1,258,009
Custody and accounting fees		162,561			297,464			179,331
Transfer Agent fee—Non-Retail Class		27,669			131,819			41,724
Transfer Agent fee—Class A		16,061			95,460			36,305
Transfer Agent fee—Class C		1,157			4,950			1,951
Transfer Agent fee—Advisor Class		40,382			180,650			24,697
Transfer Agent fee—Class Z		0			94,054			0
Distribution fees—Class A		122,838			597,524			224,237
Distribution fees—Class C		34,633			122,343			46,546
Directors’ fees and expenses		56,933			277,665			74,294
Legal fees		56,020			258,428			71,952
Registration fees		53,650			180,428			100,892
Auditing and tax fees		53,252			196,993			65,231
Printing fees		38,589			105,955			49,402
Miscellaneous		59,757			417,594			69,526
Total expenses		6,172,671			26,055,839			8,044,517
Net investment income		26,245,798			135,478,038			32,973,912
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		(8,981,649	)		(59,796,096	)		(9,519,306	)
Swaps		7,749,962			21,854,907			6,602,733
Net realized loss on investment transactions		(1,231,687	)		(37,941,189	)		(2,916,573	)
Net change in unrealized appreciation (depreciation) of:
Investments		17,280,089			88,762,298			21,386,274
Swaps		(6,908,736	)		(30,955,436	)		(8,438,356	)
Net change in unrealized appreciation (depreciation) of investments		10,371,353			57,806,862			12,947,918
Net realized and unrealized gain on investment transactions		9,139,666			19,865,673			10,031,345
Contributions from affiliates (see Note 2E)		0			0			338
Net increase in net assets resulting from operations	$	35,385,464		$	155,343,711		$	43,005,595

See Notes to Financial Statements.

2023 Annual Report 37

Statement of Operations—for the year ended September 30, 2023 (continued)

	INTERMEDIATE DURATION PORTFOLIO			SHORT DURATION PLUS PORTFOLIO
INVESTMENT INCOME
Income:
Interest	$	130,390,206		$	10,464,580
Dividends		939,368			0
Other income		0			42
Total income		131,329,574			10,464,622
Expenses:
Management fee (see Note 2A)		14,127,641			952,551
Shareholder servicing fee (see Note 2B)		3,218,780			257,555
Custody and accounting fees		272,200			106,459
Transfer Agent fee—Non-Retail Class		200,480			21,001
Transfer Agent fee—Class A		15,860			29,892
Transfer Agent fee—Class C		0			3,324
Transfer Agent fee—Advisor Class		2,951			0
Transfer Agent fee—Class Z		9			0
Distribution fees—Class A		1,343			32,917
Distribution fees—Class C		0			14,410
Directors’ fees and expenses		168,431			14,289
Legal fees		156,258			16,384
Auditing and tax fees		137,646			24,770
Registration fees		85,790			55,729
Printing fees		35,998			41,372
Miscellaneous		135,023			22,546
Total expenses		18,558,410			1,593,199
Less: expenses waived and reimbursed by the Adviser (see Note 2A, 2B and 2D)		(37,395	)		(34,179	)
Net expenses		18,521,015			1,559,020
Net investment income		112,808,559			8,905,602
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		(156,245,693	)		(6,736,538	)
Forward currency exchange contracts		(1,376,764	)		39,886
Futures		(41,717,665	)		(4,808,203	)
Swaps		(1,624,660	)		(61,321	)
Foreign currency transactions		(1,773,860	)		122,316
Net realized loss on investment and foreign currency transactions		(202,738,642	)		(11,443,860	)
Net change in unrealized appreciation (depreciation) of:
Investments		91,035,837			6,627,566
Forward currency exchange contracts		227,414			(39,423	)
Futures		2,894,685			729,848
Swaps		1,509,119			21,478
Foreign currency denominated assets and liabilities		34,661			5,061
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		95,701,716			7,344,530
Net realized and unrealized loss on investment and foreign currency transactions		(107,036,926	)		(4,099,330	)
Net increase in net assets resulting from operations	$	5,771,633		$	4,806,272

See Notes to Financial Statements.

38 Sanford C. Bernstein Fund, Inc.

Statement of Changes in Net Assets

	EMERGING MARKETS PORTFOLIO						SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income	$	14,262,792		$	18,119,479		$	4,485,872		$	1,854,254
Net realized loss on investment and foreign currency transactions		(131,353,630	)		(14,942,947	)		(637,702	)		(474,192	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		247,184,966			(415,177,902	)		2,274,399			(12,192,639	)
Net increase (decrease) in net assets resulting from operations		130,094,128			(412,001,370	)		6,122,569			(10,812,577	)
Distributions to shareholders (a)		(14,810,926	)		(127,708,313	)		(4,454,865	)		(1,847,857	)
Capital-share transactions:
Net proceeds from sales of shares		126,490,994			104,232,917			147,984,369			198,031,690
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions		12,035,795			120,829,789			3,854,282			1,578,267
Total proceeds from shares sold		138,526,789			225,062,706			151,838,651			199,609,957
Cost of shares redeemed		(230,579,287	)		(106,519,109	)		(149,634,291	)		(243,044,047	)
Net increase (decrease) in net assets from capital-share transactions		(92,052,498	)		118,543,597			2,204,360			(43,434,090	)
Net increase (decrease) in net assets		23,230,704			(421,166,086	)		3,872,064			(56,094,524	)
NET ASSETS:
Beginning of period		1,024,022,632			1,445,188,718			226,047,214			282,141,738
End of period	$	1,047,253,336		$	1,024,022,632		$	229,919,278		$	226,047,214

(a) See page 43 for share class information on dividend distributions for the Emerging Markets Portfolio.

See Notes to Financial Statements.

2023 Annual Report 39

Statement of Changes in Net Assets (continued)

	CALIFORNIA MUNICIPAL PORTFOLIO						DIVERSIFIED MUNICIPAL PORTFOLIO
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income	$	26,245,798		$	22,322,921		$	135,478,038		$	123,590,667
Net realized loss on investment transactions		(1,231,687	)		(2,022,839	)		(37,941,189	)		(13,166,796	)
Net change in unrealized appreciation (depreciation) of investments		10,371,353			(116,739,711	)		57,806,862			(625,404,701	)
Net increase (decrease) in net assets resulting from operations		35,385,464			(96,439,629	)		155,343,711			(514,980,830	)
Distributions to shareholders (a)		(27,699,977	)		(21,456,217	)		(137,506,921	)		(120,398,406	)
Capital-share transactions:
Net proceeds from sales of shares		500,501,953			307,949,541			1,744,549,014			1,334,029,727
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions		20,012,002			15,729,268			99,358,117			89,555,226
Total proceeds from shares sold		520,513,955			323,678,809			1,843,907,131			1,423,584,953
Cost of shares redeemed		(644,874,519	)		(496,377,732	)		(2,435,940,592	)		(1,989,402,821	)
Net decrease in net assets from capital-share transactions		(124,360,564	)		(172,698,923	)		(592,033,461	)		(565,817,868	)
Net decrease in net assets		(116,675,077	)		(290,594,769	)		(574,196,671	)		(1,201,197,104	)
NET ASSETS:
Beginning of period		1,101,896,787			1,392,491,556			5,519,551,366			6,720,748,470
End of period	$	985,221,710		$	1,101,896,787		$	4,945,354,695		$	5,519,551,366

(a) See page 43 for share class information on dividend distributions for the California Municipal and Diversified Municipal Portfolios.

See Notes to Financial Statements.

40 Sanford C. Bernstein Fund, Inc.

	NEW YORK MUNICIPAL PORTFOLIO						INTERMEDIATE DURATION PORTFOLIO
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income	$	32,973,912		$	31,623,088		$	112,808,559		$	58,543,003
Net realized loss on investment transactions		(2,916,573	)		(6,167,733	)		(202,738,642	)		(131,827,478	)
Net change in unrealized appreciation (depreciation) of investments		12,947,918			(160,860,446	)		95,701,716			(501,449,742	)
Contributions from affiliates (see Note 2E)		338			0			0			0
Net increase (decrease) in net assets resulting from operations		43,005,595			(135,405,091	)		5,771,633			(574,734,217	)
Distributions to shareholders (a)		(33,808,753	)		(31,131,616	)		(114,225,211	)		(96,525,241	)
Capital-share transactions:
Net proceeds from sales of shares		586,846,724			205,642,206			658,939,419			395,517,888
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions		25,071,565			23,893,460			82,884,093			80,772,362
Total proceeds from shares sold		611,918,289			229,535,666			741,823,512			476,290,250
Cost of shares redeemed		(720,277,303	)		(422,401,671	)		(451,138,552	)		(561,976,742	)
Net increase (decrease) in net assets from capital-share transactions		(108,359,014	)		(192,866,005	)		290,684,960			(85,686,492	)
Net increase (decrease) in net assets		(99,162,172	)		(359,402,712	)		182,231,382			(756,945,950	)
NET ASSETS:
Beginning of period		1,440,444,090			1,799,846,802			3,090,551,425			3,847,497,375
End of period	$	1,341,281,918		$	1,440,444,090		$	3,272,782,807		$	3,090,551,425

(a) See page 43 and 44 for share class information on dividend distributions for the New York Municipal and Intermediate Duration Portfolios.

See Notes to Financial Statements.

2023 Annual Report 41

Statement of Changes in Net Assets (continued)

	SHORT DURATION PLUS PORTFOLIO
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income	$	8,905,602		$	1,850,606
Net realized loss on investment and foreign currency transactions		(11,443,860	)		(5,295,795	)
Net change in unrealized appreciation (depreciation) of investments		7,344,530			(10,628,827	)
Net increase (decrease) in net assets resulting from operations		4,806,272			(14,074,016	)
Distributions to shareholders (a)		(8,897,753	)		(1,831,719	)
Capital-share transactions:
Net proceeds from sales of shares		101,916,532			191,978,729
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions		7,659,243			1,347,261
Total proceeds from shares sold		109,575,775			193,325,990
Cost of shares redeemed		(224,524,006	)		(100,109,377	)
Net increase (decrease) in net assets from capital-share transactions		(114,948,231	)		93,216,613
Net increase (decrease) in net assets		(119,039,712	)		77,310,878
NET ASSETS:
Beginning of period		339,411,615			262,100,737
End of period	$	220,371,903		$	339,411,615

(a) See page 44 for share class information on dividend distributions for the Short Duration Plus Portfolio.

See Notes to Financial Statements.

42 Sanford C. Bernstein Fund, Inc.

	EMERGING MARKETS PORTFOLIO
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Distributions to shareholders:
Emerging Markets Class	$	(12,145,220	)	$	(107,857,795	)
Class Z		(2,665,706	)		(19,850,518	)
	$	(14,810,926	)	$	(127,708,313	)

	CALIFORNIA MUNICIPAL PORTFOLIO						DIVERSIFIED MUNICIPAL PORTFOLIO
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Distributions to shareholders:
Municipal Class	$	(23,238,751	)	$	(18,916,809	)	$	(107,125,212	)	$	(95,675,758	)
Class A		(1,167,846	)		(971,204	)		(5,753,554	)		(5,215,911	)
Class C		(56,580	)		(32,897	)		(202,683	)		(153,564	)
Advisor Class		(3,236,800	)		(1,535,307	)		(12,061,867	)		(9,328,332	)
Class Z		0			0			(12,363,605	)		(10,024,841	)
	$	(27,699,977	)	$	(21,456,217	)	$	(137,506,921	)	$	(120,398,406	)

	NEW YORK MUNICIPAL PORTFOLIO
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Distributions to shareholders:
Municipal Class	$	(30,269,371	)	$	(28,049,433	)
Class A		(1,973,811	)		(1,772,845	)
Class C		(67,311	)		(67,861	)
Advisor Class		(1,498,260	)		(1,241,477	)
	$	(33,808,753	)	$	(31,131,616	)

See Notes to Financial Statements.

2023 Annual Report 43

Statement of Changes in Net Assets (continued)

	INTERMEDIATE DURATION PORTFOLIO
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Distributions to shareholders:
Intermediate Duration Portfolio	$	(114,202,494	)	$	(96,507,904	)
Class A		(17,125	)		(16,803	)
Advisor Class		(5,291	)		(279	)
Class Z		(301	)		(255	)
	$	(114,225,211	)	$	(96,525,241	)

	SHORT DURATION PLUS PORTFOLIO
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Distributions to shareholders:
Short Duration Plus Class	$	(8,493,503	)	$	(1,792,732	)
Class A		(366,639	)		(36,975	)
Class C		(37,611	)		(2,012	)
	$	(8,897,753	)	$	(1,831,719	)

See Notes to Financial Statements.

44 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 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	21.77		$	33.43		$	27.17		$	26.03		$	28.39
Income from investment operations:
Investment income, net (a)(b)		.31			.38			.50			.32			.51
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.37			(9.10	)		6.32			1.26			(.95	)
Contributions from affiliates		0			0			0			.00	(c)		.00	(c)
Total from investment operations		2.68			(8.72	)		6.82			1.58			(0.44	)
Less dividends and distributions:
Dividends from net investment income		(.31	)		(.66	)		(.56	)		(.44	)		(.33	)
Distributions from net realized gain on investment transactions		0			(2.28	)		0			0			(1.59	)
Total dividends and distributions		(0.31	)		(2.94	)		(0.56	)		(0.44	)		(1.92	)
Net asset value, end of period	$	24.14		$	21.77		$	33.43		$	27.17		$	26.03
Total return
Total investment return based on net asset value (d)(e)		12.33%			(28.60)%			25.20%			6.04%			(0.91)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$951,154			$871,486			$1,225,396			$1,056,249			$1,120,427
Average net assets (000 omitted)		$978,225			$1,120,511			$1,252,078			$1,085,654			$1,123,274
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.30%			1.28%			1.28%			1.29%			1.30%
Expenses, before waivers/reimbursements		1.30%			1.29%			1.28%			1.30%			1.30%
Net investment income (b)		1.28%			1.34%			1.50%			1.22%			1.96%
Portfolio turnover rate		58%			57%			68%			85%			92%

See Footnote Summary on page 68.

See Notes to Financial Statements.

2023 Annual Report 45

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 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	21.81		$	33.50		$	27.22		$	26.08		$	28.43
Income from investment operations:
Net investment income (a)(b)		.30			.45			.59			.39			.57
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.45			(9.11	)		6.32			1.26			(.93	)
Contributions from affiliates		0			0			0			.00	(c)		.00	(c)
Total from investment operations		2.75			(8.66	)		6.91			1.65			(.36	)
Less dividends and distributions:
Dividends from net investment income		(.38	)		(.75	)		(.63	)		(.51	)		(.40	)
Distributions from net realized gain on investment transactions		0			(2.28	)		0			0			(1.59	)
Total dividends and distributions		(.38	)		(3.03	)		(.63	)		(.51	)		(1.99	)
Net asset value, end of period	$	24.18		$	21.81		$	33.50		$	27.22		$	26.08
Total Return
Total investment return based on net asset value (d)(e)		12.60%			(28.43)%			25.56%			6.33%			(.66)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$96,099			$152,537			$219,793			$181,910			$176,887
Average net assets (000 omitted)		$137,783			$198,222			$220,989			$178,143			$175,583
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.04%			1.03%			1.03%			1.04%			1.04%
Expenses, before waivers/reimbursements		1.05%			1.04%			1.03%			1.04%			1.04%
Net investment income (b)		1.24%			1.57%			1.76%			1.50%			2.21%
Portfolio turnover rate		58%			57%			68%			85%			92%

See Footnote Summary on page 68.

See Notes to Financial Statements.

46 Sanford C. Bernstein Fund, Inc.

	SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO SHORT DURATION DIVERSIFIED MUNICIPAL CLASS
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	12.13		$	12.77		$	12.76		$	12.63		$	12.50
Income from investment operations:
Investment income, net (a)(b)		.22			.09			.10			.14			.17
Net realized and unrealized gain (loss) on investment transactions		.06			(.64	)		.02			.14			.13
Total from investment operations		0.28			(0.55	)		0.12			0.28			0.30
Less dividends:
Dividends from net investment income		(.21	)		(.09	)		(.11	)		(.15	)		(.17	)
Net asset value, end of period	$	12.20		$	12.13		$	12.77		$	12.76		$	12.63
Total return
Total investment return based on net asset value (d)		2.38%			(4.27)%			.91%			2.20%			2.41%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$229,919			$226,047			$282,142			$210,145			$191,091
Average net assets (000 omitted)		$250,377			$245,118			$238,495			$205,125			$186,888
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)		.48%			.36%			.39%			.48%			.50%
Expenses, before waivers/reimbursements (f)		.49%			.47%			.48%			.49%			.50%
Net investment income (b)		1.79%			.76%			.81%			1.13%			1.34%
Portfolio turnover rate		37%			40%			35%			45%			57%

See Footnote Summary on page 68.

See Notes to Financial Statements.

2023 Annual Report 47

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 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	13.28		$	14.60		$	14.52		$	14.44		$	13.99
Income from investment operations:
Investment income, net (a)		.33			.25			.24			.29			.31
Net realized and unrealized gain (loss) on investment transactions		.10			(1.33	)		.08			.08			.45
Total from investment operations		.43			(1.08	)		.32			.37			.76
Less dividends:
Dividends from net investment income		(.35	)		(.24	)		(.24	)		(.29	)		(.31	)
Net asset value, end of period	$	13.36		$	13.28		$	14.60		$	14.52		$	14.44
Total return
Total investment return based on net asset value (d)		3.23%			(7.46)%			2.21%			2.59%			5.50%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$831,102			$938,638			$1,228,752			$1,243,747			$1,212,947
Average net assets (000 omitted)		$903,282			$1,116,698			$1,252,402			$1,222,654			$1,181,680
Ratio to average net assets of:
Expenses		.57%			.55%			.54%			.55%			.55%
Net investment income		2.44%			1.76%			1.66%			1.98%			2.17%
Portfolio turnover rate		31%			23%			27%			16%			24%

See Footnote Summary on page 68.

See Notes to Financial Statements.

48 Sanford C. Bernstein Fund, Inc.

	CALIFORNIA MUNICIPAL PORTFOLIO CLASS A
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	13.28		$	14.60		$	14.52		$	14.44		$	13.99
Income from investment operations:
Net investment income (a)		.31			.22			.22			.26			.28
Net realized and unrealized gain (loss) on investment transactions		.09			(1.33	)		.07			.08			.46
Total from investment operations		.40			(1.11	)		.29			.34			.74
Less dividends:
Dividends from net investment income		(.32	)		(.21	)		(.21	)		(.26	)		(.29	)
Net asset value, end of period	$	13.36		$	13.28		$	14.60		$	14.52		$	14.44
Total Return
Total investment return based on net asset value (d)		3.03%			(7.63)%			2.03%			2.39%			5.30%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$43,223			$57,141			$76,220			$82,318			$73,875
Average net assets (000 omitted)		$49,135			$64,530			$83,485			$79,385			$66,990
Ratio to average net assets of:
Expenses		.76%			.73%			.73%			.73%			.73%
Net investment income		2.24%			1.57%			1.48%			1.79%			1.98%
Portfolio turnover rate		31%			23%			27%			16%			24%

See Footnote Summary on page 68.

See Notes to Financial Statements.

2023 Annual Report 49

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 CLASS C
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	13.28		$	14.59		$	14.52		$	14.44		$	13.98
Income from investment operations:
Net investment income (a)		.20			.12			.11			.15			.18
Net realized and unrealized gain (loss) on investment transactions		.10			(1.32	)		.06			.08			.46
Total from investment operations		.30			(1.20	)		.17			.23			.64
Less dividends:
Dividends from net investment income		(.22	)		(.11	)		(.10	)		(.15	)		(.18	)
Net asset value, end of period	$	13.36		$	13.28		$	14.59		$	14.52		$	14.44
Total Return
Total investment return based on net asset value (d)		2.25%			(8.26)%			1.19%			1.62%			4.59%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$3,257			$3,652			$4,828			$6,586			$10,910
Average net assets (000 omitted)		$3,463			$4,376			$5,934			$9,405			$11,297
Ratio to average net assets of:
Expenses		1.51%			1.49%			1.48%			1.48%			1.49%
Net investment income		1.50%			.82%			.73%			1.05%			1.24%
Portfolio turnover rate		31%			23%			27%			16%			24%

See Footnote Summary on page 68.

See Notes to Financial Statements.

50 Sanford C. Bernstein Fund, Inc.

	CALIFORNIA MUNICIPAL PORTFOLIO ADVISOR CLASS
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	13.28		$	14.60		$	14.52		$	14.44		$	13.99
Income from investment operations:
Net investment income (a)		.34			.26			.25			.29			.31
Net realized and unrealized gain (loss) on investment transactions		.10			(1.33	)		.08			.08			.46
Total from investment operations		.44			(1.07	)		.33			.37			.77
Less dividends:
Dividends from net investment income		(.36	)		(.25	)		(.25	)		(.29	)		(.32	)
Net asset value, end of period	$	13.36		$	13.28		$	14.60		$	14.52		$	14.44
Total Return
Total investment return based on net asset value (d)		3.28%			(7.40)%			2.28%			2.65%			5.56%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$107,640			$102,466			$82,692			$60,140			$38,534
Average net assets (000 omitted)		$123,025			$85,505			$70,376			$46,691			$27,392
Ratio to average net assets of:
Expenses		.51%			.48%			.48%			.49%			.48%
Net investment income		2.50%			1.86%			1.71%			2.03%			2.21%
Portfolio turnover rate		31%			23%			27%			16%			24%

See Footnote Summary on page 68.

See Notes to Financial Statements.

2023 Annual Report 51

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 MUNICIPAL CLASS
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	13.37		$	14.80		$	14.67		$	14.57		$	14.05
Income from investment operations:
Investment income, net (a)		0.35			0.28			0.28			0.33			0.34
Net realized and unrealized gain (loss) on investment transactions		0.03			(1.44	)		0.13			0.10			0.52
Total from investment operations		0.38			(1.16	)		0.41			0.43			0.86
Less dividends:
Dividends from net investment income		(0.36	)		(0.27	)		(0.28	)		(0.33	)		(0.34	)
Net asset value, end of period	$	13.39		$	13.37		$	14.80		$	14.67		$	14.57
Total return
Total investment return based on net asset value (d)		2.80%			(7.89)%			2.79%			2.99%			6.21%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$3,824,089			$4,296,196			$5,390,502			$5,035,751			$4,989,558
Average net assets (000 omitted)		$4,105,175			$5,011,517			$5,276,753			$5,013,687			$5,238,466
Ratio to average net assets of:
Expenses		0.50%			0.47%			0.47%			0.47%			0.47%
Net investment income		2.57%			1.96%			1.89%			2.26%			2.38%
Portfolio turnover rate		24%			15%			22%			20%			22%

See Footnote Summary on page 68.

See Notes to Financial Statements.

52 Sanford C. Bernstein Fund, Inc.

	DIVERSIFIED MUNICIPAL PORTFOLIO CLASS A
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	13.38		$	14.81		$	14.68		$	14.58		$	14.06
Income from investment operations:
Net investment income (a)		.32			.25			.25			.30			.31
Net realized and unrealized gain (loss) on investment transactions		.03			(1.43	)		.13			.10			.53
Total from investment operations		.35			(1.18	)		.38			.40			.84
Less dividends:
Dividends from net investment income		(.33	)		(.25	)		(.25	)		(.30	)		(.32	)
Net asset value, end of period	$	13.40		$	13.38		$	14.81		$	14.68		$	14.58
Total Return
Total investment return based on net asset value (d)		2.59%			(8.06)%			2.59%			2.78%			5.99%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$215,352			$261,936			$349,953			$271,074			$233,833
Average net assets (000 omitted)		$239,010			$303,281			$319,098			$248,192			$221,783
Ratio to average net assets of:
Expenses		.69%			.65%			.66%			.67%			.66%
Net investment income		2.37%			1.77%			1.69%			2.04%			2.18%
Portfolio turnover rate		24%			15%			22%			20%			22%

See Footnote Summary on page 68.

See Notes to Financial Statements.

2023 Annual Report 53

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 C
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	13.37		$	14.81		$	14.68		$	14.57		$	14.05
Income from investment operations:
Net investment income (a)		.22			.15			.14			.19			.20
Net realized and unrealized gain (loss) on investment transactions		.04			(1.45	)		.13			.11			.53
Total from investment operations		.26			(1.30	)		.27			.30			.73
Less dividends:
Dividends from net investment income		(.23	)		(.14	)		(.14	)		(.19	)		(.21	)
Net asset value, end of period	$	13.40		$	13.37		$	14.81		$	14.68		$	14.57
Total Return
Total investment return based on net asset value (d)		1.90%			(8.81)%			1.82%			2.07%			5.20%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$10,185			$13,576			$18,542			$34,743			$42,152
Average net assets (000 omitted)		$12,234			$15,772			$28,338			$39,529			$50,386
Ratio to average net assets of:
Expenses		1.44%			1.40%			1.41%			1.43%			1.43%
Net investment income		1.62%			1.02%			.96%			1.30%			1.42%
Portfolio turnover rate		24%			15%			22%			20%			22%

See Footnote Summary on page 68.

See Notes to Financial Statements.

54 Sanford C. Bernstein Fund, Inc.

	DIVERSIFIED MUNICIPAL PORTFOLIO ADVISOR CLASS
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	13.36		$	14.79		$	14.66		$	14.55		$	14.04
Income from investment operations:
Net investment income (a)		.36			.29			.29			.33			.34
Net realized and unrealized gain (loss) on investment transactions		.02			(1.44	)		.13			.11			.52
Total from investment operations		.38			(1.15	)		.42			.44			.86
Less dividends:
Dividends from net investment income		(.36	)		(.28	)		(.29	)		(.33	)		(.35	)
Net asset value, end of period	$	13.38		$	13.36		$	14.79		$	14.66		$	14.55
Total Return
Total investment return based on net asset value (d)		2.85%			(7.84)%			2.85%			3.11%			6.20%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$445,885			$477,015			$456,386			$377,082			$278,371
Average net assets (000 omitted)		$453,119			$467,739			$419,891			$332,267			$306,629
Ratio to average net assets of:
Expenses		.44%			.40%			.41%			.43%			.43%
Net investment income		2.62%			2.04%			1.94%			2.29%			2.40%
Portfolio turnover rate		24%			15%			22%			20%			22%

See Footnote Summary on page 68.

See Notes to Financial Statements.

2023 Annual Report 55

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 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	13.38		$	14.81		$	14.68		$	14.58		$	14.06
Income from investment operations:
Net investment income (a)		.36			.29			.29			.34			.35
Net realized and unrealized gain (loss) on investment transactions		.03			(1.44	)		.13			.10			.53
Total from investment operations		.39			(1.15	)		.42			.44			.88
Less dividends:
Dividends from net investment income		(.37	)		(.28	)		(.29	)		(.34	)		(.36	)
Net asset value, end of period	$	13.40		$	13.38		$	14.81		$	14.68		$	14.58
Total Return
Total investment return based on net asset value (d)		2.88%			(7.81)%			2.87%			3.08%			6.29%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$449,844			$470,829			$505,365			$509,910			$844,127
Average net assets (000 omitted)		$459,325			$500,681			$485,522			$590,892			$776,520
Ratio to average net assets of:
Expenses		.41%			.39%			.38%			.39%			.38%
Net investment income		2.65%			2.05%			1.97%			2.34%			2.47%
Portfolio turnover rate		24%			15%			22%			20%			22%

See Footnote Summary on page 68.

See Notes to Financial Statements.

56 Sanford C. Bernstein Fund, Inc.

	NEW YORK MUNICIPAL PORTFOLIO MUNICIPAL CLASS
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	12.88		$	14.25		$	14.04		$	14.18		$	13.68
Income from investment operations:
Investment income, net (a)		.31			.26			.27			.30			.32
Net realized and unrealized gain (loss) on investment transactions		.08			(1.37	)		.20			(.13	)		.50
Contributions from affiliates		.00	(c)		0			0			0			0
Total from investment operations		.39			(1.11	)		.47			.17			.82
Less dividends:
Dividends from net investment income		(.31	)		(.26	)		(.26	)		(.31	)		(.32	)
Net asset value, end of period	$	12.96		$	12.88		$	14.25		$	14.04		$	14.18
Total return
Total investment return based on net asset value (d)		3.07%			(7.89)%			3.38%			1.22%			6.03%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$1,195,461			$1,277,132			$1,606,925			$1,585,884			$1,629,139
Average net assets (000 omitted)		$1,258,015			$1,497,091			$1,623,786			$1,599,889			$1,619,580
Ratio to average net assets of:
Expenses		.56%			.54%			.53%			.54%			.53%
Net investment income		2.35%			1.90%			1.86%			2.17%			2.27%
Portfolio turnover rate		20%			14%			18%			18%			18%

See Footnote Summary on page 68.

See Notes to Financial Statements.

2023 Annual Report 57

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 CLASS A
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	12.88		$	14.25		$	14.03		$	14.17		$	13.68
Income from investment operations:
Net investment income (a)		.28			.23			.24			.28			.29
Net realized and unrealized gain (loss) on investment transactions		.08			(1.37	)		.22			(.14	)		.49
Contributions from affiliates		.00	(c)		0			0			0			0
Total from investment operations		.36			(1.14	)		.46			.14			.78
Less dividends:
Dividends from net investment income		(.29	)		(.23	)		(.24	)		(.28	)		(.29	)
Net asset value, end of period	$	12.95		$	12.88		$	14.25		$	14.03		$	14.17
Total Return
Total investment return based on net asset value (d)		2.78%			(8.07)%			3.26%			1.03%			5.74%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$79,542			$96,286			$116,552			$117,874			$119,718
Average net assets (000 omitted)		$89,695			$105,328			$117,041			$119,315			$121,023
Ratio to average net assets of:
Expenses		.76%			.73%			.73%			.72%			.74%
Net investment income		2.14%			1.71%			1.67%			1.98%			2.06%
Portfolio turnover rate		20%			14%			18%			18%			18%

See Footnote Summary on page 68.

See Notes to Financial Statements.

58 Sanford C. Bernstein Fund, Inc.

	NEW YORK MUNICIPAL PORTFOLIO CLASS C
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	12.88		$	14.25		$	14.03		$	14.17		$	13.68
Income from investment operations:
Net investment income (a)		.18			.13			.13			.17			.18
Net realized and unrealized gain (loss) on investment transactions		.08			(1.37	)		.22			(.13	)		.49
Contributions from affiliates		.00	(c)		0			0			0			0
Total from investment operations		.26			(1.24	)		.35			.04			.67
Less dividends:
Dividends from net investment income		(.19	)		(.13	)		(.13	)		(.18	)		(.18	)
Net asset value, end of period	$	12.95		$	12.88		$	14.25		$	14.03		$	14.17
Total Return
Total investment return based on net asset value (d)		2.01%			(8.76)%			2.47%			.27%			4.95%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$3,597			$5,515			$8,982			$19,813			$27,143
Average net assets (000 omitted)		$4,655			$7,393			$15,076			$23,921			$29,799
Ratio to average net assets of:
Expenses		1.51%			1.48%			1.48%			1.48%			1.49%
Net investment income		1.38%			.95%			.93%			1.23%			1.31%
Portfolio turnover rate		20%			14%			18%			18%			18%

See Footnote Summary on page 68.

See Notes to Financial Statements.

2023 Annual Report 59

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 ADVISOR CLASS
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	12.88		$	14.24		$	14.03		$	14.17		$	13.68
Income from investment operations:
Net investment income (a)		.32			.27			.27			.31			.32
Net realized and unrealized gain (loss) on investment transactions		.07			(1.36	)		.21			(.13	)		.49
Contributions from affiliates		.00	(c)		0			0			0			0
Total from investment operations		.39			(1.09	)		.48			.18			.81
Less dividends:
Dividends from net investment income		(.32	)		(.27	)		(.27	)		(.32	)		(.32	)
Net asset value, end of period	$	12.95		$	12.88		$	14.24		$	14.03		$	14.17
Total Return
Total investment return based on net asset value (d)		3.04%			(7.77)%			3.44%			1.28%			6.00%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$62,682			$61,511			$67,388			$64,546			$57,173
Average net assets (000 omitted)		$61,081			$64,326			$62,323			$63,077			$45,530
Ratio to average net assets of:
Expenses		.51%			.48%			.48%			.47%			.49%
Net investment income		2.40%			1.96%			1.91%			2.22%			2.30%
Portfolio turnover rate		20%			14%			18%			18%			18%

See Footnote Summary on page 68.

See Notes to Financial Statements.

60 Sanford C. Bernstein Fund, Inc.

	INTERMEDIATE DURATION PORTFOLIO INTERMEDIATE DURATION CLASS
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	11.13		$	13.49		$	14.02		$	13.54		$	12.76
Income from investment operations:
Investment income, net (a)		.39			.21			.25			.35			.38
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.34	)		(2.23	)		(.28	)		.51			.83
Contributions from affiliates		0			0			0			0			.00	(c)
Total from investment operations		0.05			(2.02	)		(0.03	)		0.86			1.21
Less dividends and distributions:
Dividends from net investment income		(.39	)		(.21	)		(.26	)		(.38	)		(.43	)
Distributions from net realized gain on investment transactions		0			(.13	)		(.24	)		0			0
Total dividends and distributions		(.39	)		(.34	)		(.50	)		(.38	)		(.43	)
Net asset value, end of period	$	10.79		$	11.13		$	13.49		$	14.02		$	13.54
Total return
Total investment return based on net asset value (d)		.43%			(15.25)%			(.23)%			6.35%			9.70%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$3,271,751			$3,089,962			$3,845,735			$3,696,937			$3,416,459
Average net assets (000 omitted)		$3,218,725			$3,542,155			$3,818,467			$3,503,078			$3,289,133
Ratio to average net assets of:
Expenses		.58%			.56%			.56%			.57%			.57%
Net investment income		3.50%			1.65%			1.81%			2.54%			2.95%
Portfolio turnover rate(g)		187%			122%			123%			72%			62%

See Footnote Summary on page 68.

See Notes to Financial Statements.

2023 Annual Report 61

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:

	INTERMEDIATE DURATION PORTFOLIO CLASS A
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			7/23/19(h) TO 9/30/19
Net asset value, beginning of period	$	11.14		$	13.50		$	14.03		$	13.55		$	13.36
Income from investment operations:
Net investment income (a)		.35	(b)		.16	(b)		.18	(b)		.15			.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.34	)		(2.22	)		(.29	)		.52			.18
Total from investment operations		.01			(2.06	)		(.11	)		.67			.22
Less dividends and distributions:
Dividends from net investment income		(.35	)		(.17	)		(.18	)		(.19	)		(.03	)
Distributions from net realized gain on investment transactions		0			(.13	)		(.24	)		0			0
Total dividends and distributions		(.35	)		(.30	)		(.42	)		(.19	)		(.03	)
Net asset value, end of period	$	10.80		$	11.14		$	13.50		$	14.03		$	13.55
Total Return
Total investment return based on net asset value (d)		.10%			(15.54)%			(.86)%			5.08%			1.71%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$481			$572			$1,741			$693			$10
Average net assets (000 omitted)		$537			$746			$1,438			$170			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.91%			.90%			1.03%			1.82%			2.00%	(i)
Expenses, before waivers/reimbursements		6.62%			5.51%			3.95%			1.82%			2.00%	(i)
Net investment income		3.14%	(b)		1.26%	(b)		1.29%	(b)		1.11%			1.34%	(i)
Portfolio turnover rate (g)		187%			122%			123%			72%			62%

See Footnote Summary on page 68.

See Notes to Financial Statements.

62 Sanford C. Bernstein Fund, Inc.

	INTERMEDIATE DURATION PORTFOLIO ADVISOR CLASS
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			7/23/19(h) TO 9/30/19
Net asset value, beginning of period	$	11.13		$	13.49		$	14.03		$	13.55		$	13.36
Income from investment operations:
Net investment income (a)		.40	(b)		.20	(b)		.21	(b)		.20			.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.36	)		(2.23	)		(.29	)		.51			.19
Total from investment operations		.04			(2.03	)		(.08	)		.71			.23
Less dividends and distributions:
Dividends from net investment income		(.38	)		(.20	)		(.22	)		(.23	)		(.04	)
Distributions from net realized gain on investment transactions		0			(.13	)		(.24	)		0			0
Total dividends and distributions		(.38	)		(.33	)		(.46	)		(.23	)		(.04	)
Net asset value, end of period	$	10.79		$	11.13		$	13.49		$	14.03		$	13.55
Total Return
Total investment return based on net asset value (d)		.36%			(15.33)%			(.62)%			5.28%			1.76%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$543			$9			$11			$11			$10
Average net assets (000 omitted)		$139			$11			$11			$10			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.66%			.66%			.86%			1.64%			1.75%	(i)
Expenses, before waivers/reimbursements		5.32%			5.53%			3.36%			1.64%			1.75%	(i)
Net investment income		3.71%	(b)		1.60%	(b)		1.51%	(b)		1.47%			1.64%	(i)
Portfolio turnover rate (g)		187%			122%			123%			72%			62%

See Footnote Summary on page 68.

See Notes to Financial Statements.

2023 Annual Report 63

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:

	INTERMEDIATE DURATION PORTFOLIO CLASS Z
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			7/23/19(h) TO 9/30/19
Net asset value, beginning of period	$	11.13		$	13.49		$	14.03		$	13.55		$	13.36
Income from investment operations:
Net investment income (a)		.39	(b)		.21	(b)		.24	(b)		.31			.07
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.33	)		(2.23	)		(.29	)		.51			.18
Total from investment operations		.06			(2.02	)		(.05	)		.82			.25
Less dividends and distributions:
Dividends from net investment income		(.40	)		(.21	)		(.25	)		(.34	)		(.06	)
Distributions from net realized gain on investment transactions		0			(.13	)		(.24	)		0			0
Total dividends and distributions		(.40	)		(.34	)		(.49	)		(.34	)		(.06	)
Net asset value, end of period	$	10.79		$	11.13		$	13.49		$	14.03		$	13.55
Total Return
Total investment return based on net asset value (d)		.47%	(j)		(15.26)%	(j)		(.40)%			6.16%			1.95%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$8			$8			$10			$10			$10
Average net assets (000 omitted)		$8			$9			$10			$10			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.57%			.57%			.63%			.82%			.77%	(i)
Expenses, before waivers/reimbursements		3.50%			3.01%			1.87%			.82%			.77%	(i)
Net investment income		3.50%	(b)		1.69%	(b)		1.74%	(b)		2.30%			2.62%	(i)
Portfolio turnover rate (g)		187%			122%			123%			72%			62%

See Footnote Summary on page 68.

See Notes to Financial Statements.

64 Sanford C. Bernstein Fund, Inc.

	SHORT DURATION PLUS PORTFOLIO SHORT DURATION PLUS CLASS
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	11.01		$	11.67		$	11.78		$	11.74		$	11.53
Income from investment operations:
Investment income, net (a)(b)		.36			.08			.11			.17			.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.18	)		(.67	)		(.11	)		.06			.23
Total from investment operations		.18			(.59	)		0			.23			.45
Less dividends:
Dividends from net investment income		(.36	)		(.07	)		(.11	)		(.19	)		(.24	)
Net asset value, end of period	$	10.83		$	11.01		$	11.67		$	11.78		$	11.74
Total return
Total investment return based on net asset value (d)		1.72%			(5.02)%			.01%			1.97%			3.96%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$207,329			$323,936			$245,285			$225,045			$229,120
Average net assets (000 omitted)		$257,550			$244,478			$245,228			$223,901			$213,653
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.54%			.44%			.46%			.56%			.56%
Expenses, before waivers/reimbursements		.55%			.54%			.55%			.56%			.56%
Net investment income (b)		3.30%			.74%			.91%			1.48%			1.93%
Portfolio turnover rate		81%			48%			75%			50%			39%

See Footnote Summary on page 68.

See Notes to Financial Statements.

2023 Annual Report 65

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 CLASS A
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	11.01		$	11.68		$	11.79		$	11.74		$	11.54
Income from investment operations:
Net investment income (a)(b)		.31			.03			.05			.11			.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.19	)		(.68	)		(.11	)		.07			.22
Total from investment operations		.12			(.65	)		(.06	)		.18			.40
Less dividends:
Dividends from net investment income		(.30	)		(.02	)		(.05	)		(.13	)		(.20	)
Net asset value, end of period	$	10.83		$	11.01		$	11.68		$	11.79		$	11.74
Total Return
Total investment return based on net asset value (d)		1.17%			(5.49)%			(.53	)%		1.53%			3.44%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$11,800			$14,182			$15,784			$17,874			$20,462
Average net assets (000 omitted)		$13,167			$15,597			$17,123			$17,732			$23,973
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.08%			.86%			1.00%			1.07%			.97%
Expenses, before waivers/reimbursements		1.08%			.97%			1.00%			1.07%			.97%
Net investment income (b)		2.78%			.25%			.40%			.97%			1.50%
Portfolio turnover rate		81%			48%			75%			50%			39%

See Footnote Summary on page 68.

See Notes to Financial Statements.

66 Sanford C. Bernstein Fund, Inc.

	SHORT DURATION PLUS PORTFOLIO CLASS C
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	10.99		$	11.65		$	11.76		$	11.72		$	11.52
Income from investment operations:
Net investment income (a)(b)		.29			.02			.03			.09			.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.19	)		(.66	)		(.11	)		.05			.22
Total from investment operations		.10			(.64	)		(.08	)		.14			.37
Less dividends:
Dividends from net investment income		(.28	)		(.02	)		(.03	)		(.10	)		(.17	)
Net asset value, end of period	$	10.81		$	10.99		$	11.65		$	11.76		$	11.72
Total Return
Total investment return based on net asset value (d)		.96%			(5.49)%			(.79)%			1.32%			3.24%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$1,243			$1,293			$1,032			$2,976			$2,304
Average net assets (000 omitted)		$1,441			$975			$2,064			$2,214			$2,573
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.29%			.92%			1.21%			1.28%			1.18%
Expenses, before waivers/reimbursements		1.84%			1.72%			1.76%			1.83%			1.73%
Net investment income (b)		2.61%			.22%			.26%			.74%			1.29%
Portfolio turnover rate		81%			48%			75%			50%			39%

See Footnote Summary on page 68.

See Notes to Financial Statements.

2023 Annual Report 67

Financial Highlights (continued)

(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, 2023, September 30, 2022 and September 30, 2020, by 0.01%, 0.07% and 0.32%, respectively.

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

Acquired Fund Fees and Expenses:

	YEAR ENDED 09/30/20
Short Duration Diversified Municipal		.01%

Waiver:

	YEAR ENDED 09/30/20
Short Duration Diversified Municipal		.01%

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

(h) Commencement of distributions.

(i) Annualized.

(j) 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.

68 Sanford C. Bernstein Fund, Inc.

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 are presented in separate financial reports. Class B and Class T shares of the Fixed Income Municipal Portfolios 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 B, Class R and Class T shares of Short Duration Plus Portfolio have been authorized but currently are not offered. Each class of shares has identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan, as applicable. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolios.

A. Portfolio Valuation

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

2023 Annual Report 69

Notes to Financial Statements (continued)

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

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

B. Fair Value Measurements

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

• 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)

70 Sanford C. Bernstein Fund, Inc.

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, 2023:

EMERGING MARKETS PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1		LEVEL 2			LEVEL 3			TOTAL
Assets:
Common Stocks:
Information Technology	$	25,364,661	$	257,552,012		$	0		$	282,916,673
Financials		37,689,979		182,353,212			0	(a)		220,043,191
Consumer Discretionary		24,921,626		141,021,593			0			165,943,219
Industrials		23,165,699		52,043,370			0	(a)		75,209,069
Materials		30,455,939		32,466,247			0			62,922,186
Utilities		19,141,591		32,127,904			0			51,269,495
Real Estate		469,534		36,826,755			0			37,296,289
Communication Services		4,935,594		31,648,646			0			36,584,240
Energy		12,391,346		18,036,120			0	(a)		30,427,466
Health Care		13,243,183		16,025,732			0			29,268,915
Consumer Staples		4,806,376		16,843,417			0	(a)		21,649,793
Equity Linked Notes		0		18,697,775			0			18,697,775
Short-Term Investments		15,930,255		0			0			15,930,255
Total Investments in Securities		212,515,783		835,642,783	(b)		0	(a)		1,048,158,566

2023 Annual Report 71

Notes to Financial Statements (continued)

EMERGING MARKETS PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1		LEVEL 2			LEVEL 3			TOTAL
Other Financial Instruments (c):
Assets:
Forward Currency Exchange Contracts	$	0	$	4,192,974		$	0		$	4,192,974
Liabilities:
Forward Currency Exchange Contracts		0		(2,735,717	)		0			(2,735,717	)
Total	$	212,515,783	$	837,100,040		$	0	(a)	$	1,049,615,823
SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1		LEVEL 2			LEVEL 3			TOTAL
Assets:
Long-Term Municipal Bonds	$	0	$	221,158,969		$	0		$	221,158,969
Corporates—Investment Grade		0		1,899,630			0			1,899,630
Asset-Backed Securities		0		725,019			0			725,019
Corporates—Non-Investment Grade		0		277,605			0			277,605
Short-Term Investments		190,201		0			0			190,201
Total Investments in Securities		190,201		224,061,223			0			224,251,424
Other Financial Instruments (c):
Assets:
Interest Rate Swaps		0		70,296			0			70,296
Liabilities:
Centrally Cleared Interest Rate Swaps		0		(394,352	)		0			(394,352	)(d)
Total	$	190,201	$	223,737,167		$	0		$	223,927,368
CALIFORNIA MUNICIPAL PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1		LEVEL 2			LEVEL 3			TOTAL
Assets:
Long-Term Municipal Bonds	$	0	$	913,987,677		$	0	(a)	$	913,987,677
Short-Term Municipal Notes		0		27,319,529			0			27,319,529
Commercial Mortgage-Backed Securities		0		32,365,616			0			32,365,616
Asset-Backed Securities		0		2,518,174			0			2,518,174
Governments—Treasuries		0		2,122,397			0			2,122,397
Collateralized Mortgage Obligations		0		437,814			0			437,814
Total Investments in Securities		0		978,751,207			0	(a)		978,751,207
Other Financial Instruments (c):
Assets:
Centrally Cleared Inflation (CPI) Swaps		0		6,866,523			0			6,866,523	(d)
Centrally Cleared Interest Rate Swaps		0		2,567,083			0			2,567,083	(d)
Interest Rate Swaps		0		1,502,266			0			1,502,266
Liabilities:
Centrally Cleared Inflation (CPI) Swaps		0		(1,663,900	)		0			(1,663,900	)(d)
Centrally Cleared Interest Rate Swaps		0		(942,427	)		0			(942,427	)(d)
Credit Default Swaps		0		(222,950	)		0			(222,950	)
Total	$	0	$	986,857,802		$	0	(a)	$	986,857,802

72 Sanford C. Bernstein Fund, Inc.

DIVERSIFIED MUNICIPAL PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL
Assets:
Long-Term Municipal Bonds	$	0	$	4,544,122,787		$	0	$	4,544,122,787
Short-Term Municipal Notes		0		178,933,247			0		178,933,247
Commercial Mortgage-Backed Securities		0		88,255,903			0		88,255,903
Corporates—Investment Grade		0		51,100,081			0		51,100,081
Asset-Backed Securities		0		21,011,752			0		21,011,752
Corporates—Non-Investment Grade		0		17,797,489			0		17,797,489
Collateralized Mortgage Obligations		0		2,241,626			0		2,241,626
Total Investments in Securities		0		4,903,462,885			0		4,903,462,885
Other Financial Instruments (c):
Assets:
Centrally Cleared Inflation (CPI) Swaps		0		49,396,394			0		49,396,394	(d)
Interest Rate Swaps		0		6,927,756			0		6,927,756
Liabilities:
Centrally Cleared Credit Default Swaps		0		(427,838	)		0		(427,838	)(d)
Centrally Cleared Inflation (CPI) Swaps		0		(11,284,549	)		0		(11,284,549	)(d)
Centrally Cleared Interest Rate Swaps		0		(4,631,250	)		0		(4,631,250	)(d)
Credit Default Swaps		0		(931,537	)		0		(931,537	)
Total	$	0	$	4,942,511,861		$	0	$	4,942,511,861
NEW YORK MUNICIPAL PORTFOLIO INVESTMENT IN SECURITIES:	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL
Assets:
Long-Term Municipal Bonds	$	0	$	1,191,430,021		$	250,000	$	1,191,680,021
Short-Term Municipal Notes		0		154,939,093			0		154,939,093
Asset-Backed Securities		0		2,518,174			0		2,518,174
Governments—Treasuries		0		2,150,442			0		2,150,442
Commercial Mortgage-Backed Securities		0		878,334			0		878,334
Collateralized Mortgage Obligations		0		647,954			0		647,954
Total Investments in Securities		0		1,352,564,018			250,000		1,352,814,018
Other Financial Instruments (c):
Assets:
Centrally Cleared Inflation (CPI) Swaps		0		14,012,665			0		14,012,665	(d)
Centrally Cleared Interest Rate Swaps		0		1,375,223			0		1,375,223	(d)
Interest Rate Swaps		0		2,057,965			0		2,057,965
Liabilities:
Centrally Cleared Inflation (CPI) Swaps		0		(3,189,259	)		0		(3,189,259	)(d)
Centrally Cleared Interest Rate Swaps		0		(3,618,116	)		0		(3,618,116	)(d)
Credit Default Swaps		0		(311,215	)		0		(311,215	)
Total	$	0	$	1,362,891,281		$	250,000	$	1,363,141,281

2023 Annual Report 73

Notes to Financial Statements (continued)

INTERMEDIATE DURATION PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Assets:
Governments—Treasuries	$	0		$	1,113,148,311		$	0	$	1,113,148,311
Corporates—Investment Grade		0			719,741,414			0		719,741,414
Mortgage Pass-Throughs		0			614,547,702			0		614,547,702
Collateralized Mortgage Obligations		0			276,944,993			0		276,944,993
Asset-Backed Securities					198,722,832			0		198,722,832
Collateralized Loan Obligations		0			114,643,780			0		114,643,780
Commercial Mortgage-Backed Securities		0			82,008,443			12,389,541		94,397,984
Corporates—Non-Investment Grade		0			46,356,738			0		46,356,738
Agencies		0			32,530,982			0		32,530,982
Local Governments—US Municipal Bonds		0			20,894,958			0		20,894,958
Emerging Markets—Corporate Bonds		0			12,610,472			0		12,610,472
Quasi-Sovereigns		0			8,705,481			0		8,705,481
Emerging Markets—Sovereigns		0			3,106,338			0		3,106,338
Common Stocks		0			0			2,657,509		2,657,509
Governments—Sovereign Bonds		0			1,838,865			0		1,838,865
Short-Term Investments		0			257,465,748			0		257,465,748
Total Investments in Securities		0			3,503,267,057			15,047,050		3,518,314,107
Other Financial Instruments (c):
Assets:
Futures		991,059			0			0		991,059	(d)
Forward Currency Exchange Contracts		0			1,061,535			0		1,061,535
Centrally Cleared Interest Rate Swaps		0			3,216,413			0		3,216,413	(d)
Liabilities:
Futures		(11,162,444	)		0			0		(11,162,444	)(d)
Forward Currency Exchange Contracts		0			(447	)		0		(447	)
Credit Default Swaps		0			(948,838	)		0		(948,838	)
Total	$	(10,171,385	)	$	3,506,595,720		$	15,047,050	$	3,511,471,385
SHORT DURATION PLUS PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Assets:
Governments—Treasuries	$	0		$	152,264,220		$	0	$	152,264,220
Corporates—Investment Grade		0			24,379,249			0		24,379,249
Asset-Backed Securities		0			15,187,575			0		15,187,575
Collateralized Mortgage Obligations		0			11,582,830			0		11,582,830
Commercial Mortgage-Backed Securities		0			5,111,897			879,797		5,991,694
Agencies		0			3,782,304			0		3,782,304
Collateralized Loan Obligations		0			2,989,346			0		2,989,346
Mortgage Pass-Throughs		0			1,365,296			0		1,365,296
Local Governments—US Municipal Bonds		0			114,162			0		114,162
Total Investments in Securities		0			216,776,879			879,797		217,656,676

74 Sanford C. Bernstein Fund, Inc.

SHORT DURATION PLUS PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Other Financial Instruments (c):
Assets:
Futures	$	68,371		$	0		$	0	$	68,371	(d)
Forward Currency Exchange Contracts		0			2,061			0		2,061
Centrally Cleared Interest Rate Swaps		0			572,605			0		572,605	(d)
Liabilities:
Futures		(559,517	)		0			0		(559,517	)(d)
Centrally Cleared Credit Default Swaps		0			(26,394	)		0		(26,394	)(d)
Total	$	(491,146	)	$	217,325,151		$	879,797	$	217,713,802

(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, written options and written swaptions 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.

C. Foreign Currency Translation

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

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

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

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

D. Taxes

Each Portfolio is treated as a separate entity for federal income tax purposes. Each Portfolio intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986 as they apply to regulated investment companies. By so complying, each Portfolio will not be subject to federal and state income taxes to the extent that all of

2023 Annual Report 75

Notes to Financial Statements (continued)

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, 2023, the Portfolios did not have any unrecognized tax benefits.

E. Security Transactions and Related Investment Income

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

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

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

G. Class Allocations

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

H. Distribution of Income and Gains

Net investment income of each Portfolio except the Emerging Markets Portfolio is intended to be 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.

76 Sanford C. Bernstein Fund, Inc.

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, 2023, as shown below:

PORTFOLIO	INCREASE (DECREASE) TO ADDITIONAL PAID-IN CAPITAL			INCREASE (DECREASE) TO DISTRIBUTABLE EARNINGS/ ACCUMULATED LOSS
Emerging Markets Portfolio	$	2,115,068		$	(2,115,068	)
Short Duration Diversified Municipal Portfolio		0			0
California Municipal Portfolio		0			0
Diversified Municipal Portfolio		(5,314	)		5,314
New York Municipal Portfolio		(338	)		338
Intermediate Duration Portfolio		(1,189,058	)		1,189,058
Short Duration Plus Portfolio		0			0

NOTE 2. Investment Management and Transactions with Affiliated Persons

A. Management Fee

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

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

	ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO
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	%

2023 Annual Report 77

Notes to Financial Statements (continued)

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, 2023, such reimbursements/waivers amounted to $37,395. The Expense Caps may not be terminated by the Adviser before January 28, 2024.

B. Shareholder Servicing Fee; Transfer Agency Fee

Under the Shareholder Servicing Agreement between the Fund and the Adviser, the Adviser pays expenses it incurs in providing shareholder servicing to the Fund, the Portfolios and individual shareholders. The Shareholder Servicing Agreement does not apply to the Retail Classes. Such services include, but are not limited to, providing information to shareholders concerning their fund investments, systematic withdrawal plans, fund dividend payments and reinvestments, shareholder account or transactions status, net asset value of shares, fund performance, fund services, plans and options, fund investment policies, portfolio holdings and tax consequences of fund investments; dealing with shareholder complaints and other correspondence relating to fund matters; and communications with shareholders when proxies are being solicited from them with respect to voting their fund shares. Under the agreement, the fee paid by each Portfolio, except the Emerging Markets Portfolio, to the Adviser for services is 0.10 of 1%, annualized, of the average daily net assets attributable to the Bernstein Class during the month, and the fee paid by the Emerging Markets Portfolio for services is 0.25 of 1%, annualized, of the average daily net assets attributable to the Bernstein Class during the month. Effective November 13, 2020 through November 1, 2022, 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, 2023, such waiver amounted to:

PORTFOLIO	AMOUNT
Short Duration Diversified Municipal	$	19,646
Short Duration Plus		26,254

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, 2023, the compensation retained by ABIS amounted to: Emerging Markets Portfolio, $27,557; California Municipal Portfolio, $18,505; Diversified Municipal Portfolio, $154,505; New York Municipal Portfolio, $18,285; Intermediate Duration Portfolio $18,000 and Short Duration Plus Portfolio, $17,722.

C. Distribution Arrangements—the Portfolios Except the Retail Classes

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

D. Distribution Arrangements—the Retail Classes Only

The 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

78 Sanford C. Bernstein Fund, Inc.

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, 2023, such waiver amounted to $7,925. 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	$	1,337,778	$	3,274,509	$	2,421,824	$	1,038,297

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

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

E. Investments in Affiliated Issuers

The Emerging Markets Portfolio and the Short Duration Diversified Municipal Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”), advised by the Adviser, which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had 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. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Portfolios in 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, 2023, such waivers amounted to:

PORTFOLIO	AMOUNT
Emerging Markets	$	15,116
Short Duration Diversified Municipal		5,060

A summary of the Portfolios’ transactions in shares of the Government Money Market Portfolio for the year ended September 30, 2023 is as follows:

PORTFOLIO	MARKET VALUE 9/30/22 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		MARKET VALUE 9/30/23 (000)		DIVIDEND INCOME (000)
Emerging Markets	$	20,028	$	265,047	$	269,145	$	15,930	$	609
Short Duration Diversified Municipal	$	0	$	166,245	$	166,055	$	190	$	197

During the year ended September 30, 2023, the Adviser reimbursed the New York Municipal Portfolio $338 for trading losses incurred due to trade entry errors.

2023 Annual Report 79

Notes to Financial Statements (continued)

F. Other Transactions with Affiliates

Class A Shares of the Retail Classes are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. The Intermediate Municipal Portfolio’s Class A shares are sold with a reduced front-end sales charge of up to 3.00% for purchases up to $500,000; purchases of $500,000 or more will not be subject to a sales charge. With respect to 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. Advisor Class and Class Z shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses.

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, 2023, as follows:

	FRONT-END SALES CHARGES CLASS A		CONTINGENT DEFERRED SALES CHARGES
PORTFOLIO			CLASS A		CLASS C
California Municipal	$	37	$	248	$	0
Diversified Municipal		34		40,516		3,779
New York Municipal		0		0		229
Intermediate Duration		41		13		N/A
Short Duration Plus		53		87		166

NOTE 3. Investment Security Transactions

A. Purchases and Sales

For the year ended September 30, 2023, 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	$	633,348,318	$	0	$	716,306,013	$	0
Short Duration Diversified Municipal		97,093,825		0		86,395,121		0
California Municipal		314,852,767		1,022,831		395,053,386		0
Diversified Municipal		1,182,479,337		388,306		1,500,111,526		880,020
New York Municipal		252,779,686		0		322,187,523		105,704
Intermediate Duration		589,088,372		5,689,491,000		503,975,461		5,529,588,683
Short Duration Plus		25,131,934		169,058,228		22,071,978		290,633,022

80 Sanford C. Bernstein Fund, Inc.

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)
Emerging Markets Portfolio	$	998,061,481	$	143,698,813	$	(94,127,972	)	$	49,570,841
Short Duration Diversified Municipal Portfolio		231,220,408		153,515		(7,407,599	)		(7,254,084	)
California Municipal Portfolio		1,037,446,788		11,254,121		(61,561,925	)		(50,307,804	)
Diversified Municipal Portfolio		5,191,334,824		59,937,542		(305,908,230	)		(245,970,688	)
New York Municipal Portfolio		1,433,669,597		18,623,257		(87,991,077	)		(69,367,820	)
Intermediate Duration Portfolio		3,860,645,254		21,475,572		(360,714,815	)		(339,239,243	)
Short Duration Plus Portfolio		221,752,538		377,938		(4,229,436	)		(3,851,498	)

B. Derivative Financial Instruments

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

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

• Futures

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

At the time a Portfolio enters into futures, a Portfolio deposits 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, 2023, 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

2023 Annual Report 81

Notes to Financial Statements (continued)

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, 2023, the Emerging Markets Portfolio, Intermediate Duration Portfolio and Short Duration Plus 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.

82 Sanford C. Bernstein Fund, Inc.

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, 2023, 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, 2023, the Short Duration Diversified Municipal Portfolio, California Municipal Portfolio, Diversified Municipal Portfolio and New York Municipal Portfolio held inflation (CPI) swaps for 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 (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

2023 Annual Report 83

Notes to Financial Statements (continued)

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, 2023, the California Municipal Portfolio, Diversified Municipal Portfolio, Intermediate Duration Portfolio and Short Duration Plus Portfolio held credit default swaps for hedging and non-hedging purposes and New York Municipal Portfolio held credit default swaps for 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, 2023, 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	$	4,192,974	Unrealized depreciation on forward currency exchange contracts	$	2,735,717
Total		$	4,192,974		$	2,735,717

84 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)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts	$	(10,473,400	)	$	6,813,887
Total		$	(10,473,400	)	$	6,813,887

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				Payable for variation margin on centrally cleared swaps	$	394,352	*
Interest rate contracts	Unrealized appreciation on interest rate swaps	$	70,296
Total		$	70,296		$	394,352

* 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	$435,809	$	(789,435	)
Total		$435,809	$	(789,435	)

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
Interest rate contracts	Receivable for variation margin on centrally cleared swaps	$	9,433,606	*	Payable for variation margin on centrally cleared swaps	$	2,598,977	*
Interest rate contracts	Unrealized appreciation on interest rate swaps		1,502,266
Credit contracts					Market value on credit default swaps		222,950
Total		$	10,935,872			$	2,821,927

* 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.

2023 Annual Report 85

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 swaps; Net change in unrealized appreciation (depreciation) of swaps	$	7,429,706		$(7,259,639)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		320,256		350,903
Total		$	7,749,962	$	(6,908,736	)

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 for variation margin on centrally cleared swaps	$	2,525	*
Interest rate contracts	Receivable for variation margin on centrally cleared swaps		49,396,394	*	Payable for variation margin on centrally cleared swaps	$	15,880,392	*
Interest rate contracts	Unrealized appreciation on interest rate swaps		6,927,756
Credit contracts					Market value on credit default swaps		931,537
Total		$	56,326,675			$	16,811,929

* 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	$	27,192,064		$	(32,464,185	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(5,337,157	)		1,508,749
Total		$	21,854,907		$	(30,955,436	)

86 Sanford C. Bernstein Fund, Inc.

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 for variation margin on centrally cleared swaps	$	15,387,888	*	Payable for variation margin on centrally cleared swaps	$	6,797,785	*
Interest rate contracts	Unrealized appreciation on interest rate swaps		2,057,965
Credit contracts					Market value on credit default swaps		311,215
Total		$	17,445,853			$	7,109,000

* 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	$	6,917,786		$	(8,937,489	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(315,053	)		499,133
Total		$	6,602,733		$	(8,438,356	)

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 for variation margin on futures	$	991,059	*	Payable for variation margin on futures	$	11,162,444	*
Interest rate contracts	Receivable for variation margin on centrally cleared swaps		1,457,202	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		1,061,535		Unrealized depreciation on forward currency exchange contracts		447
Credit contracts					Market value on credit default swaps		948,838
Total		$	3,509,796			$	12,111,729

* 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.

2023 Annual Report 87

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	$	(41,717,665	)	$	2,894,685
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		(1,376,764	)		227,414
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		1,973,046			(1,007,026	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(3,597,706	)		2,516,145
Total		$	(44,719,089	)	$	4,631,218

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 for variation margin on futures	$	68,371	*	Payable for variation margin on futures	$	559,517	*
Credit contracts	Receivable for variation margin on centrally cleared swaps		156	*
Interest rate contracts	Receivable for variation margin on centrally cleared swaps		219,832	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		2,061
Total		$	290,420			$	559,517

* 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.

88 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	$	(4,808,203	)	$	729,848
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		39,886			(39,423	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		402,093			(229,754	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(463,414	)		251,232
Total		$	(4,829,638	)	$	711,903

EMERGING MARKETS PORTFOLIO
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	236,127,392
Average principal amount of sale contracts	$	208,439,888

SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO
Interest Rate Swaps:
Average notional amount	$	580,000
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	7,044,000	(a)
Centrally Cleared Inflation Swaps:
Average notional amount	$	10,880,000	(b)

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

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

2023 Annual Report 89

Notes to Financial Statements (continued)

CALIFORNIA MUNICIPAL PORTFOLIO
Interest Rate Swaps:
Average notional amount	$	12,395,000
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	80,984,615
Centrally Cleared Inflation Swaps:
Average notional amount	$	120,470,769
Credit Default Swaps:
Average notional amount of sale contracts	$	2,698,264
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	8,300,000	(a)

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

DIVERSIFIED MUNICIPAL PORTFOLIO
Interest Rate Swaps:
Average notional amount	$	57,160,000
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	251,873,077
Centrally Cleared Inflation Swaps:
Average notional amount	$	676,320,000
Credit Default Swaps:
Average notional amount of sale contracts	$	11,280,194
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	47,275,385

NEW YORK MUNICIPAL PORTFOLIO
Interest Rate Swaps:
Average notional amount	$	16,980,000
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	130,213,846
Centrally Cleared Inflation Swaps:
Average notional amount	$	190,640,000
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	3,767,751

90 Sanford C. Bernstein Fund, Inc.

INTERMEDIATE DURATION PORTFOLIO
Futures:
Average notional amount of buy contracts	$	468,573,607
Average notional amount of sale contracts	$	161,237,466
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	27,672,676	(a)
Average principal amount of sale contracts	$	56,428,783
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	19,060,000
Credit Default Swaps:
Average notional amount of sale contracts	$	11,435,659
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	19,575,000	(b)

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

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

SHORT DURATION PLUS PORTFOLIO
Futures:
Average notional amount of buy contracts	$	85,902,751
Average notional amount of sale contracts	$	17,179,399
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	3,059,997	(a)
Average principal amount of sale contracts	$	5,139,636
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	2,830,000
Credit Default Swaps:
Average notional amount of sale contracts	$	1,743,742	(b)
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	2,770,000

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

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

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

All OTC derivatives held at period end were subject to netting arrangements. The following tables present the Portfolios’ derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements

2023 Annual Report 91

Notes to Financial Statements (continued)

(“MA”) and net of the related collateral received/pledged by the Portfolios as of September 30, 2023. 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
Bank of America, NA	$	729,605	$	(524,435	)	$	0		$	0	$	205,170
Barclays Bank PLC		52,203		(52,203	)		0			0		0
BNP Paribas SA		113,208		(19,699	)		0			0		93,509
Citibank, NA		2,087,452		(548,823	)		(1,360,000	)		0		178,629
Goldman Sachs Bank USA		168,221		(18,964	)		(40,000	)		0		109,257
HSBC Bank USA		5,868		(5,868	)		0			0		0
JPMorgan Chase Bank, NA		38,082		(12,059	)		0			0		26,023
Morgan Stanley Capital Services, Inc.		806,857		(217,514	)		(490,000	)		0		99,343
Standard Chartered Bank		2,518		0			0			0		2,518
State Street Bank & Trust Co.		188,960		(188,960	)		0			0		0
Total	$	4,192,974	$	(1,588,525	)	$	(1,890,000	)	$	0	$	714,449	^
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	$	524,435	$	(524,435	)	$	0		$	0	$	0
Barclays Bank PLC		472,502		(52,203	)		(297,000	)		0		123,299
BNP Paribas SA		19,699		(19,699	)		0			0		0
Citibank, NA		548,823		(548,823	)		0			0		0
Deutsche Bank AG		37,168		0			0			0		37,168
Goldman Sachs Bank USA		18,964		(18,964	)		0			0		0
HSBC Bank USA		34,825		(5,868	)		0			0		28,957
JPMorgan Chase Bank, NA		12,059		(12,059	)		0			0		0
Morgan Stanley Capital Services, Inc.		217,514		(217,514	)		0			0		0
State Street Bank & Trust Co.		832,672		(188,960	)		0			0		643,712
UBS AG		17,056		0			0			0		17,056
Total	$	2,735,717	$	(1,588,525	)	$	(297,000	)	$	0	$	850,192	^

* 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 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	$	70,296	$	0	$	0	$	0	$	70,296
Total	$	70,296	$	0	$	0	$	0	$	70,296	^

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

92 Sanford C. Bernstein Fund, Inc.

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

CALIFORNIA MUNICIPAL PORTFOLIO
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.	$	1,502,266	$	(36,572	)	$	(1,221,000	)	$	0		$	244,694
Total	$	1,502,266	$	(36,572	)	$	(1,221,000	)	$	0		$	244,694	^
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.	$	36,572	$	(36,572	)	$	0		$	0		$	0
Credit Suisse International		110,701		0			(110,701	)		0			0
Goldman Sachs International		75,677		0			0			(75,677	)		0
Total	$	222,950	$	(36,572	)	$	(110,701	)	$	(75,677	)	$	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.

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.	$	6,927,756	$	(153,462	)	$	(6,774,294	)	$	0	$	0
Total	$	6,927,756	$	(153,462	)	$	(6,774,294	)	$	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.	$	153,462	$	(153,462	)	$	0		$	0	$	0
Credit Suisse International		594,018		0			(594,018	)		0		0
Goldman Sachs International		184,057		0			(184,057	)		0		0
Total	$	931,537	$	(153,462	)	$	(778,075	)	$	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.

2023 Annual Report 93

Notes to Financial Statements (continued)

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.	$	2,057,965	$	(51,271	)	$	(2,006,694	)	$	0		$	0
Total	$	2,057,965	$	(51,271	)	$	(2,006,694	)	$	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.	$	51,271	$	(51,271	)	$	0		$	0		$	0
Credit Suisse International		209,376		0			(209,376	)		0			0
Goldman Sachs International		50,568		0			0			(50,568	)		0
Total	$	311,215	$	(51,271	)	$	(209,376	)	$	(50,568	)	$	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.

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
Morgan Stanley Capital Services, Inc./ Morgan Stanley Capital Services LLC	$	1,060,377	$	(140,451	)	$	0	$	0		$	919,926
State Street Bank & Trust Co.		1,158		(447	)		0		0			711
Total	$	1,061,535	$	(140,898	)	$	0	$	0		$	920,637	^
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.	$	112,530	$	0		$	0	$	(112,530	)	$	0
Credit Suisse International		96,777		0			0		(96,777	)		0
Goldman Sachs International		599,080		0			0		(599,080	)		0
Morgan Stanley Capital Services, Inc./ Morgan Stanley Capital Services LLC		140,451		(140,451	)		0		0			0
State Street Bank & Trust Co.		447		(447	)		0		0			0
Total	$	949,285	$	(140,898	)	$	0	$	(808,387	)	$	0	^

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

94 Sanford C. Bernstein Fund, Inc.

^ 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
State Street Bank & Trust Co.	$	2,061	$	0	$	0	$	0	$	2,061
Total	$	2,061	$	0	$	0	$	0	$	2,061	^

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

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

C. Currency Transactions

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

D. TBA and Dollar Rolls

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

The Intermediate Duration Portfolio may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Portfolios of securities for delivery in the current month and the Portfolio’s 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, 2023, Intermediate Duration Portfolio earned drop income of $253,777, which is included in interest income in the accompanying statement of operations.

2023 Annual Report 95

Notes to Financial Statements (continued)

NOTE 4. Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended September 30, 2023 and September 30, 2022 were as follows:    

PORTFOLIO	2023		2022
Emerging Markets
Distributions paid from:
Ordinary income	$	14,810,926	$	31,590,201
Long-term capital gains		0		96,118,112
Total distributions paid	$	14,810,926	$	127,708,313
Short Duration Diversified Municipal
Distributions paid from:
Ordinary income	$	324,644	$	125,273
Long-term capital gains		0		0
Total taxable distributions		324,644		125,273
Tax exempt distributions		4,130,221		1,722,584
Total distributions paid	$	4,454,865	$	1,847,857
California Municipal
Distributions paid from:
Ordinary income	$	2,336,350	$	577,641
Long-term capital gains		0		0
Total taxable distributions		2,336,350		577,641
Tax exempt distributions		25,363,627		20,878,576
Total distributions paid	$	27,699,977	$	21,456,217
Diversified Municipal
Distributions paid from:
Ordinary income	$	9,540,555	$	3,126,374
Long-term capital gains		0		0
Total taxable distributions		9,540,555		3,126,374
Tax exempt distributions		127,966,366		117,272,032
Total distributions paid	$	137,506,921	$	120,398,406
New York Municipal
Distributions paid from:
Ordinary income	$	2,608,675	$	938,188
Long-term capital gains		0		0
Total taxable distributions		2,608,675		938,188
Tax exempt distributions		31,200,078		30,193,428
Total distributions paid	$	33,808,753	$	31,131,616
Intermediate Duration
Distributions paid from:
Ordinary income	$	114,225,211	$	59,305,742
Long-term capital gains		0		37,219,499
Total distributions paid	$	114,225,211	$	96,525,241

96 Sanford C. Bernstein Fund, Inc.

PORTFOLIO	2023		2022
Short Duration Plus
Distributions paid from:
Ordinary income	$	8,897,753	$	1,831,719
Long-term capital gains		0		0
Total distributions paid	$	8,897,753	$	1,831,719

As of September 30, 2023, 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	$	16,217,037	$	0	$	(155,737,250	)	$	48,112,381		$	(91,407,832	)
Short Duration Diversified Municipal		125,932		0		(2,443,872	)		(7,254,084	)		(9,572,024	)
California Municipal		100,479		0		(10,509,185	)		(50,307,804	)		(60,716,510	)
Diversified Municipal		723,021		0		(68,231,702	)		(246,095,571	)		(313,604,252	)
New York Municipal		573,678		0		(26,375,493	)		(69,507,657	)		(95,309,472	)
Intermediate Duration		122,595		0		(344,517,000	)		(339,279,724	)		(683,674,129	)
Short Duration Plus		211,243		0		(27,505,725	)		(3,853,623	)		(31,148,105	)

(a) Includes tax exempt income as shown below:

Short Duration Diversified Municipal	$	125,932
California Municipal		100,479
Diversified Municipal		723,021
New York Municipal		573,678

(b) As of September 30, 2023 certain Portfolios had capital loss carryforwards for federal income tax purposes. As of September 30, 2023 Intermediate Duration Portfolio deferred $21,047 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, the tax treatment of Puerto Rico 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.

2023 Annual Report 97

Notes to Financial Statements (continued)

As of September 30, 2023, the following Portfolios had net capital loss carryforwards as follows:

PORTFOLIO	SHORT-TERM AMOUNT		LONG-TERM AMOUNT
Emerging Markets	$	98,191,791	$	57,545,459
Short Duration Diversified Municipal		1,254,001		1,189,871
California Municipal		10,509,185		0
Diversified Municipal		51,270,479		16,961,223
New York Municipal		25,268,373		1,107,120
Intermediate Duration Portfolio		137,941,724		206,554,229
Short Duration Plus		10,290,288		17,215,437

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. During periods of very low or negative interest rates, the Portfolios’ returns may be adversely affected, including to such an extent that the Portfolios may be unable to maintain positive returns. The Portfolios may be subject to a greater risk of rising interest rates than would normally be the case due to the recent tightening of the U.S. Federal Reserve’s monetary policy, which has caused the Federal Reserve to increase short-term interest rates in an effort to address rising inflation.

Credit Risk—This is the risk that the issuer or the guarantor of a debt security, or the counterparty to a derivatives or other contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The issuer or guarantor may default, potentially causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating, although credit ratings are opinions and not guarantees of quality. The credit rating of a fixed-income security may be downgraded after purchase, 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, and 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 invests 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, which may be further exacerbated by recent environmental conditions and climate change patterns. The Portfolios’ investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or

98 Sanford C. Bernstein Fund, Inc.

facility, and not general tax revenues, are subject to the risk that factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

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

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

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolios’ assets can decline as can the value of the Portfolios’ distributions. This risk is significantly greater for fixed-income securities with longer maturities. Rates of inflation have recently risen, which have adversely affected economies and markets. Rising inflation has caused the Federal Reserve and other central banks to take actions—including raising interest rates—that have caused further adverse effects to economies and markets, and more such actions may be forthcoming.

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 not “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’ NAV.

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

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

2023 Annual Report 99

Notes to Financial Statements (continued)

resources than more developed countries, and thus they may be less able to control or mitigate the effects of a pandemic, climate change, or a natural disaster. In addition, the value of the Portfolios’ investments may decline because of factors such as unfavorable or unsuccessful government actions and reduction of government or central bank support.

Derivatives Risk—The 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. While hedging can guard against potential risks, there is also a risk that a derivative intended as a hedge may not perform as expected. In addition to other risks such as the credit risk of the counterparty, 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 as margin or collateral for derivatives positions may themselves go down in value, and these collateral and other requirements may limit investment flexibility. Some derivatives involve leverage, which can make the Portfolios more volatile and can compound other risks. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios. Use of derivatives may have different tax consequences for the Portfolios than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders. The U.S. government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as additional regulations governing margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.

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

Prepayment and Extension Risk—Prepayment risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. If this happens, particularly during a time of declining interest rates or credit spreads, the Portfolios will not 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.

100 Sanford C. Bernstein Fund, Inc.

Illiquid Investments Risk—Illiquid investments risk exists when particular investments are difficult or impossible to purchase or sell, possibly preventing the Portfolios from purchasing or selling these securities at an advantageous price. In certain cases, governmental actions could prevent sales of securities or repatriation of proceeds. 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 municipal Portfolios are subject to greater risk because the market for municipal securities is generally smaller and may not be 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 is forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the Portfolios may be forced to sell at a substantial loss or may not be able to sell at all.

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

Foreign 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). The value of the U.S. Dollar has recently appreciated in value against most foreign currencies, which may negatively affect the value of the Portfolios’ foreign investments when converted to U.S. Dollars.

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 securities stock 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) and regional and global conflicts; cybersecurity events; market disruptions caused by tariffs; trade disputes; measures to address budget deficits; downgrading of sovereign debt; sanctions or other government actions; and other factors.

Economies and financial markets throughout the world are becoming increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, armed conflict, including Russia’s military invasion of Ukraine, terrorism, natural disasters (including the spread of infectious illness) and other circumstances in one country or region could have profound impacts on global economies or markets. Following Russia’s recent invasion of Ukraine, the United States, the European Union and the regulatory bodies of certain other countries instituted numerous sanctions against certain Russian individuals and Russian entities. These sanctions, and other intergovernmental actions that may be undertaken against Russia in the future, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, and a decline in the value and liquidity of Russian stocks. These sanctions could result in the immediate freeze of Russian securities, including securities in the form of ADRs, impairing the ability of the Portfolios to buy, sell, receive or deliver those securities. Retaliatory action by the Russian government could involve the seizure of US and/or European residents’ assets and any such actions are likely to impair the value and liquidity of such assets. The continued disruption of the Russian economy has had severe adverse effects on the region and beyond, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. As a result, whether or not the Portfolios invest in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolios’ investments may be negatively affected.

Tax Risk—There is no guarantee that the income on the Portfolios’ municipal securities will be exempt from regular federal income, and if applicable, state income taxes. Unfavorable legislation, adverse interpretations by federal or state

2023 Annual Report 101

Notes to Financial Statements (continued)

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 U.S Congress 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.

Capitalization Risk—Investments in small-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies may have limited product lines, markets or financial resources. 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.

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 Replacement Risk—The Portfolios may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. LIBOR’s administrator, ICE Benchmark Administration, ceased publishing most LIBOR settings (including some U.S. LIBOR settings) by the end of 2021 and the remaining (and most widely used) U.S. Dollar LIBOR settings after June 30, 2023. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will permit the use of synthetic U.S. Dollar LIBOR rates for non-U.S. contracts through September 30, 2024, but any such rates would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the Secured Overnight Financing 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. There is no assurance that the composition or characteristics of SOFR or any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that the market for SOFR-linked financial instruments will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability. Neither the long-term effects 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

102 Sanford C. Bernstein Fund, Inc.

(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 the Portfolios’ service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or lose operational functionality, or prevent Portfolio investors from purchasing, redeeming or exchanging shares or receiving distributions. A Portfolio and the Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers. Cybersecurity incidents may result in financial losses to such Portfolio and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.

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

NOTE 6. Capital-Share Transactions

The Fund has authorized 17.5 billion shares of common stock, par value $0.001 per share, of which 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

2023 Annual Report 103

Notes to Financial Statements (continued)

Share transactions for each Portfolio for the years ended September 30, 2023 and September 30, 2022, were as follows:

	EMERGING MARKETS PORTFOLIO
	SHARES						AMOUNT
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Emerging Markets Class Shares
Shares sold		5,171,577			3,685,661		$	125,393,994		$	104,232,916
Shares issued to shareholders on reinvestment of dividends and distributions		395,029			3,307,543			9,370,090			100,979,276
Shares redeemed		(6,203,393	)		(3,607,740	)		(151,436,713	)		(100,444,166	)
Net increase (decrease)		(636,787	)		3,385,464		$	(16,672,629	)	$	104,768,026
Class Z Shares
Shares sold		44,720			0		$	1,097,000		$	0
Shares issued to shareholders on reinvestment of dividends and distributions		112,430			649,984			2,665,705			19,850,514
Shares redeemed		(3,175,519	)		(217,209	)		(79,142,574	)		(6,074,943	)
Net increase (decrease)		(3,018,369	)		432,775		$	(75,379,869	)	$	13,775,571
	SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO
	SHARES						AMOUNT
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Shares sold		12,070,493			15,864,467		$	147,984,369		$	198,031,690
Shares issued to shareholders on reinvestment of dividends		313,740			126,694			3,854,282			1,578,267
Shares redeemed		(12,172,492	)		(19,443,823	)		(149,634,291	)		(243,044,047	)
Net increase (decrease)		211,741			(3,452,662	)	$	2,204,360		$	(43,434,090	)

104 Sanford C. Bernstein Fund, Inc.

	CALIFORNIA MUNICIPAL PORTFOLIO
	SHARES						AMOUNT
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Municipal Class Shares
Shares sold		30,876,806			12,311,797		$	418,356,489		$	174,656,807
Shares issued to shareholders on reinvestment of dividends		1,266,740			1,009,552			17,257,123			14,102,842
Shares redeemed		(40,594,131	)		(26,842,110	)		(549,746,525	)		(375,193,360	)
Net decrease		(8,450,585	)		(13,520,761	)	$	(114,132,913	)	$	(186,433,711	)
Class A Shares
Shares sold		620,818			1,171,581		$	8,422,885		$	16,109,805
Shares issued to shareholders on reinvestment of dividends		61,249			42,872			834,476			599,060
Shares converted from Class C		16,104			25,586			220,521			355,254
Shares redeemed		(1,764,283	)		(2,160,119	)		(23,862,422	)		(30,181,052	)
Net decrease		(1,066,112	)		(920,080	)	$	(14,384,540	)	$	(13,116,933	)
Class C Shares
Shares sold		50,418			48,267		$	687,219		$	703,388
Shares issued to shareholders on reinvestment of dividends		2,412			1,270			32,855			17,673
Shares converted to Class A		(16,104	)		(25,591	)		(220,521	)		(355,254	)
Shares redeemed		(67,850	)		(79,832	)		(922,712	)		(1,134,319	)
Net decrease		(31,124	)		(55,886	)	$	(423,159	)	$	(768,512	)
Advisor Class Shares
Shares sold		5,369,668			8,408,826		$	72,814,839		$	116,124,287
Shares issued to shareholders on reinvestment of dividends		138,514			72,507			1,887,548			1,009,693
Shares redeemed		(5,165,033	)		(6,432,742	)		(70,122,339	)		(89,513,747	)
Net increase		343,149			2,048,591		$	4,580,048		$	27,620,233

2023 Annual Report 105

Notes to Financial Statements (continued)

	DIVERSIFIED MUNICIPAL PORTFOLIO
	SHARES						AMOUNT
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Municipal Class Shares
Shares sold		96,718,598			50,300,036		$	1,317,807,308		$	719,443,646
Shares issued to shareholders on reinvestment of dividends		5,686,092			5,053,908			77,761,683			71,413,394
Shares redeemed		(138,247,573	)		(98,087,052	)		(1,882,055,184	)		(1,380,384,877	)
Net decrease		(35,842,883	)		(42,733,108	)	$	(486,486,193	)	$	(589,527,837	)
Class A Shares
Shares sold		5,061,562			5,709,516		$	69,060,275		$	80,501,672
Shares issued to shareholders on reinvestment of dividends		250,522			219,371			3,427,931			3,102,384
Shares converted from Class C		109,610			177,812			1,492,179			2,519,088
Shares redeemed		(8,933,707	)		(10,147,772	)		(122,020,374	)		(143,973,903	)
Net decrease		(3,512,013	)		(4,041,073	)	$	(48,039,989	)	$	(57,850,759	)
Class C Shares
Shares sold		217,083			252,296		$	2,958,494		$	3,523,929
Shares issued to shareholders on reinvestment of dividends		11,244			8,337			153,794			117,462
Shares converted to Class A		(109,644	)		(177,882	)		(1,492,179	)		(2,519,088	)
Shares redeemed		(373,690	)		(319,560	)		(5,114,086	)		(4,525,288	)
Net decrease		(255,007	)		(236,809	)	$	(3,493,977	)	$	(3,402,985	)
Advisor Class Shares
Shares sold		17,069,504			24,470,151		$	233,009,960		$	343,696,163
Shares issued to shareholders on reinvestment of dividends		547,907			444,293			7,485,665			6,259,866
Shares redeemed		(20,008,888	)		(20,054,547	)		(272,470,483	)		(280,936,037	)
Net increase (decrease)		(2,391,477	)		4,859,897		$	(31,974,858	)	$	69,019,992
Class Z Shares
Shares sold		8,816,897			13,103,740		$	120,220,798		$	184,345,229
Shares issued to shareholders on reinvestment of dividends		769,265			613,484			10,529,044			8,662,120
Shares redeemed		(11,216,362	)		(12,632,970	)		(152,788,286	)		(177,063,628	)
Net increase (decrease)		(1,630,200	)		1,084,254		$	(22,038,444	)	$	15,943,721

106 Sanford C. Bernstein Fund, Inc.

	NEW YORK MUNICIPAL PORTFOLIO
	SHARES						AMOUNT
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Municipal Class Shares
Shares sold		42,388,211			12,059,783		$	555,942,293		$	165,908,471
Shares issued to shareholders on reinvestment of dividends		1,714,656			1,603,025			22,666,327			21,850,536
Shares redeemed		(50,960,993	)		(27,280,993	)		(668,327,906	)		(368,640,545	)
Net decrease		(6,858,126	)		(13,618,185	)	$	(89,719,286	)	$	(180,881,538	)
Class A Shares
Shares sold		494,415			471,554		$	6,524,957		$	6,366,675
Shares issued to shareholders on reinvestment of dividends		98,090			85,207			1,296,066			1,160,365
Shares converted from Class C		76,036			113,133			1,005,408			1,531,169
Shares redeemed		(2,003,173	)		(1,374,303	)		(26,453,918	)		(18,878,182	)
Net decrease		(1,334,632	)		(704,409	)	$	(17,627,487	)	$	(9,819,973	)
Class C Shares
Shares sold		29,327			36,928		$	388,106		$	511,114
Shares issued to shareholders on reinvestment of dividends		4,044			3,839			53,445			52,286
Shares converted to Class A		(76,036	)		(113,130	)		(1,005,408	)		(1,531,169	)
Shares redeemed		(107,809	)		(129,865	)		(1,422,508	)		(1,788,068	)
Net decrease		(150,474	)		(202,228	)	$	(1,986,365	)	$	(2,755,837	)
Advisor Class Shares
Shares sold		1,736,940			2,313,427		$	22,985,960		$	31,324,777
Shares issued to shareholders on reinvestment of dividends		79,910			60,903			1,055,727			830,273
Shares redeemed		(1,753,222	)		(2,328,084	)		(23,067,563	)		(31,563,707	)
Net increase		63,628			46,246		$	974,124		$	591,343

2023 Annual Report 107

Notes to Financial Statements (continued)

	INTERMEDIATE DURATION PORTFOLIO
	SHARES						AMOUNT
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Intermediate Duration Class Shares
Shares sold		58,162,482			31,316,820		$	658,209,557		$	395,481,316
Shares issued to shareholders on reinvestment of dividends and distributions		7,366,414			6,326,514			82,867,229			80,755,796
Shares redeemed		(40,000,045	)		(45,054,689	)		(450,871,067	)		(560,890,334	)
Net increase (decrease)		25,528,851			(7,411,355	)	$	290,205,719		$	(84,653,222	)
Class A Shares
Shares sold		7,389			2,869		$	84,107		$	36,572
Shares issued to shareholders on reinvestment of dividends and distributions		1,390			1,293			15,666			16,533
Shares redeemed		(15,590	)		(81,780	)		(175,320	)		(1,086,408	)
Net decrease		(6,811	)		(77,618	)	$	(75,547	)	$	(1,033,303	)
Advisor Class Shares
Shares sold		57,450			0		$	645,755		$	0
Shares issued to shareholders on reinvestment of dividends and distributions		105			2			1,198			33
Shares redeemed		(8,113	)		0			(92,165	)		0
Net increase		49,442			2		$	554,788		$	33

There were no transactions in capital shares of Class Z shares for the years ended September 30, 2023 and September 30, 2022.

	SHORT DURATION PLUS PORTFOLIO
	SHARES						AMOUNT
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Short Duration Plus Class Shares
Shares sold		9,091,013			16,273,311		$	99,649,221		$	183,646,854
Shares issued to shareholders on reinvestment of dividends		669,017			117,287			7,333,774			1,321,157
Shares redeemed		(20,042,688	)		(7,977,343	)		(219,714,174	)		(91,363,133	)
Net increase (decrease)		(10,282,658	)		8,413,255		$	(112,731,179	)	$	93,604,878

108 Sanford C. Bernstein Fund, Inc.

	SHORT DURATION PLUS PORTFOLIO
	SHARES						AMOUNT
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Class A Shares
Shares sold		159,666			659,486		$	1,753,970		$	7,508,658
Shares issued to shareholders on reinvestment of dividends		27,209			2,223			298,318			24,860
Shares converted from Class C		14,449			7,817			157,776			88,635
Shares redeemed		(399,888	)		(733,314	)		(4,399,127	)		(8,329,493	)
Net decrease		(198,564	)		(63,788	)	$	(2,189,063	)	$	(707,340	)
Class C Shares
Shares sold		32,473			65,930		$	355,565		$	734,582
Shares issued to shareholders on reinvestment of dividends		2,481			111			27,151			1,244
Shares converted to Class A		(14,475	)		(7,835	)		(157,776	)		(88,635	)
Shares redeemed		(23,213	)		(29,129	)		(252,929	)		(328,116	)
Net increase (decrease)		(2,734	)		29,077		$	(27,989	)	$	319,075

NOTE 7. Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE 8. Subsequent Events

At a meeting held on October 25-26, 2023, the Board approved the liquidation and termination of the Short Duration Plus Portfolio and the Short Duration Diversified Municipal Portfolio. Each Portfolio has suspended sales of its shares pending the completion of the liquidation and the payment of one or more liquidating distributions to its shareholders. The Portfolios expect to make the liquidating distribution or distributions on or shortly after January 26, 2024 (the “Liquidation Date”). The liquidation of the Portfolios may result in a taxable event for shareholders who are subject to federal income tax. Shareholders should consult their tax advisers.

Shareholders may redeem shares of the Portfolios until January 24, 2024, and generally may use the proceeds of the redemption to purchase shares of other registered funds advised by the Adviser. Shareholders that remain invested in a Portfolio on the Liquidation Date will have their shares redeemed for cash based on the Portfolio’s most recently determined net asset value and will receive their proceeds on or shortly after the Liquidation Date.

In connection with the liquidations, the Board approved the immediate suspension of each Portfolio’s distribution and/or service (Rule 12b-1) fees. The Board also approved the waiver of contingent deferred sales charges (“CDSCs”) upon redemption of a Portfolio’s shares on or after October 31, 2023. This CDSC waiver will also apply to redemptions of shares of other AllianceBernstein Mutual Funds that are acquired through exchange of a Portfolio’s shares on or after October 31, 2023. Additionally, the Board approved the waiver of shareholder servicing fees on the private client classes of each Portfolio.

2023 Annual Report 109

Notes to Financial Statements (continued)

In order to protect shareholders from expense increases resulting from reductions in assets in the Portfolios in connection with the liquidations, the Adviser will waive its management fee and/or bear Portfolio operating expenses until the Liquidation Date so that the total operating expenses of the Short Duration Plus Portfolio and the Short Duration Diversified Municipal Portfolio, excluding management and shareholder servicing fees and expenses relating to the liquidations, do not exceed the following percentages of each Portfolio’s average daily net assets on an annualized basis: 0.48% of Class A shares of the Short Duration Plus Portfolio, 0.49% of Class C shares of the Short Duration Plus Portfolio, 0.10% of Short Duration Plus Class shares of the Short Duration Plus Portfolio, and 0.08% of Short Duration Diversified Municipal Class shares of the Short Duration Diversified Municipal Portfolio. In addition, the Adviser will waive its management fee with respect to each Portfolio in its entirety once a substantial portion of the Portfolio’s assets are converted to cash and/or cash equivalents, which is expected to occur approximately two weeks before the Liquidation Date. After the Portfolios convert their assets to cash, the Portfolios will no longer pursue their stated investment objective or engage in any business activities except for the purposes of winding up their business and affairs, preserving the value of their assets, paying their liabilities, and distributing their remaining assets to shareholders.

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

110 Sanford C. Bernstein Fund, Inc.

2023 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, 2023. 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 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)
Short Duration Plus		0	%		99.82	%
Intermediate Duration		0	%		95.58	%
Emerging Markets		1.04	%		0	%

For the taxable year ended September 30, 2023 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	$	17,576,289

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, 2023, 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	$	4,500,247	$	31,749,983

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 2024.

2023 Annual Report 111

Sanford C. Bernstein Fund, Inc.

BOARD OF DIRECTORS

R. Jay Gerken*

Chair

Debra Perry*

Director

Jeffrey R. Holland*

Director

William Kristol*

Director

Donald K. Peterson*

Director

OFFICERS

Alexander Chaloff

President

Stuart Rae⁽¹⁾

Vice President

Sergey Davalchenko⁽¹⁾

Vice President

Nelson Yu⁽¹⁾

Vice President

Daryl Clements⁽¹⁾

Vice President

Matthew J. Norton⁽¹⁾

Vice President

Andrew D. Potter⁽¹⁾

Vice President

Michael Canter⁽¹⁾

Vice President

Matthew S. Sheridan⁽¹⁾

Vice President

Nancy E. Hay

Secretary

Michael B. Reyes

Senior Vice President

Stephen M. Woetzel

Treasurer and Chief Financial Officer

Phyllis J. Clarke

Controller

Jennifer Friedland

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

One Congress Street, Suite 1 Boston, MA 02114

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.

⁽¹⁾ The day-to-day management of, and investment decisions for, the Emerging Markets Portfolio are made by the Emerging Markets Team; Messrs. Rae, 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 Sheridan 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 Sheridan 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, 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.

112 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
DISINTERESTED DIRECTORS
R. Jay Gerken,# Chair of the Board 72 (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
Debra Perry,# 72 (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
Jeffrey R. Holland,# 57 (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,# 70 (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 in Society at Davidson College since 2019.		17	The Institute for the Study of War; Foundation for Constitutional Government; Defending Democracy Together Institute and Defending Democracy Together (All are non-profit educational corporations)

2023 Annual Report 113

Sanford C. Bernstein Fund, Inc. (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
DIRECTORS’ INFORMATION (continued)
Donald K. Peterson,# 74 (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.

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

114 Sanford C. Bernstein Fund, Inc.

OFFICERS’ INFORMATION
Name, Address* and Age	Position(s) Held with Fund	Principal Occupation During Past Five (5) Years
Alexander Chaloff, 52	President	Senior Vice President of the Adviser†, with which he has been associated since prior to 2018. He is Chief Investment Officer and Head of Investment & Wealth Strategies since April 2023. He previously served as Co-Head of the Investment Strategy Group since 2020. Prior to joining the firm in 2005, he was a managing director at Wilshire Associates, a leading global investment consultant, serving on the firm’s investment committee.
Stuart Rae, 58	Vice President	Senior Vice President and Chief Investment Officer of Asia-Pacific Value Equities of the Adviser†, with which he has been associated since prior to 2018. He is also Chief Investment Officer of Emerging Markets Value Equities since 2023.
Sergey Davalchenko, 48	Vice President	Senior Vice President of the Adviser†, with which he has been associated since prior to 2018. He is also Chief Investment Officer of Emerging Markets Growth as of February 2022.
Nelson Yu, 52	Vice President	Senior Vice President of the Adviser†, with which he has been associated since prior to 2018. He is also Chief Investment Officer of Invesment Sciences and Insights since 2021 and Head of Blend Strategies since 2018.
Daryl Clements, 56	Vice President	Senior Vice President of the Adviser†, with which he has been associated since prior to 2018.
Matthew Norton, 40	Vice President	Senior Vice President of the Adviser†, with which he has been associated since prior to 2018. He is also Chief Investment Officer of Municipal Bonds.
Andrew D. Potter, 38	Vice President	Vice President of the Adviser†, with which he has been associated since prior to 2018.
Michael Canter, 54	Vice President	Senior Vice President of the Adviser†, with which he has been associated since prior to 2018. He is also Director and Chief Investment Officer of Securitized Assets.
Matthew S. Sheridan, 47	Vice President	Senior Vice President of the Adviser†, with which he has been associated since prior to 2018. He is also Director of US Multi-Sector Fixed Income.
Nancy E. Hay, 51	Secretary	Senior Vice President and Counsel of the Adviser†, with which she has been associated since prior to 2018 and Assistant Secretary of the Retail Distributor†.

2023 Annual Report 115

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, 47	Senior Vice President	Vice President of the Adviser†, with which he has been associated since prior to 2018.
Stephen M. Woetzel, 52	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)†, with which he has been associated since prior to 2018.
Phyllis J. Clarke, 62	Controller	Vice President of ABIS†, with which she has been associated since prior to 2018.
Jennifer Friedland, 49	Chief Compliance Officer	Vice President of the Adviser† since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser† in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from prior to 2018 until 2019.

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

† The Adviser, the Retail Distributor 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.

116 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 2023, which covered the period January 1, 2022 through December 31, 2022 (the “Program Reporting Period”).

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

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

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

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

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

2023 Annual Report 117

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 (i) the Emerging Markets Portfolio, (ii) the Short Duration Diversified Municipal, New York Municipal, California Municipal, Diversified Municipal, Short Duration Plus, and Intermediate Duration Portfolios (collectively, the “Fixed Income Portfolios”), and (iii) the Overlay A, Tax-Aware Overlay A, Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios (the “Overlay Portfolios” and collectively with the Emerging Markets Portfolio and the Fixed Income Portfolios, the “Portfolios”) of the Fund, and AllianceBernstein L.P. (the “Adviser”)( the “Investment Management Agreement”) at a meeting held on October 25-26, 2023.

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 15, 2023, 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 in person 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 27, 2023, 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 27, 2023 meeting, the Independent Directors, through counsel, requested certain additional information by means of an email from their independent counsel dated October 2, 2023, and the Adviser provided certain additional information by means of a memorandum dated October 11, 2023. On October 13, 2023, the Board of Directors held an executive session via video conference with independent counsel and the Senior Vice President to further discuss the additional materials the Directors had been provided. On October 25-26, 2023, the Board of Directors held an in person meeting to continue their review of the Investment Management Agreement. During this meeting, the Adviser provided further information requested by the Independent Directors relating to contract renewal, and the Independent Directors also met separately with counsel to the Independent Directors as well as the Senior Vice President to review the contract renewal materials provided by the Adviser and 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 27, 2023 and October 25-26, 2023 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

118 Sanford C. Bernstein Fund, Inc.

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

Fees and Expenses

The Board, including the Independent Directors, compared the fees and expense ratios of each Portfolio (before and after any fee waivers and expense reimbursements) against fees and expense ratios of a peer group of funds with similar investment objectives (“peer group”). Both the peer group and the funds within the peer group, with respect to the fee and expense data, were available from 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 noted that (i) the contractual advisory fee of the Emerging Market Portfolio was below the median of the peer group; (ii) the contractual advisory fee of each Fixed Income Portfolio, other than the Intermediate Duration Portfolio, was below the median of the peer group; and (iii) the contractual advisory fee of each Overlay Portfolio was above the median of the peer group. With respect to the advisory fees charged to the Intermediate Duration Portfolio, the Directors noted the independent fee consultant’s assessment that the advisory fees were within the range of peers. 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. The Board further noted that each Portfolio’s total expense ratio was below the peer group median in the Strategic Insight report.

The Directors also considered information about the recent drop in assets under management for the Overlay Portfolios, and the Adviser’s expectation that the assets under management may drop further due to changes in the Bernstein Wealth Management asset allocation models. The Board noted that a further drop in assets could affect the expenses borne by shareholders, and determined to continue to monitor the Overlay Portfolios and any potential impact on expenses.

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.

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

Nature, Extent and Quality of Services Provided

The Board, including the Independent Directors, considered the nature, quality and extent of services performed by the Adviser and its affiliates gained from their experience as Directors of the Fund, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, and the Adviser’s initiative in identifying and raising potential issues with the Directors. The Board also considered the Adviser’s responsiveness, frankness and attention to concerns raised by the Directors from time to time, including the Adviser’s willingness to consider and implement organizational and other changes designed to improve investment results and the services provided to the Portfolios. The Board also considered the scope and quality of the Adviser’s investment management capabilities, other resources dedicated to performing its services, the quality of its compliance, administrative and other services provided to the Portfolios and the background and experience of the Adviser’s senior management. The Board reviewed the qualifications, backgrounds and responsibilities of the investment staff primarily responsible for day-to-day portfolio management services for each Portfolio and noted the Adviser’s commitment to strong research and investment management capabilities throughout changing market environments. The Board reviewed the compliance and administrative services of the Adviser that support the investment advisory services provided to the Portfolios.

In considering the nature and quality of the services provided by the Adviser, the Board, including the Independent Directors, received and considered information about each Portfolio’s investment performance, as well as the

2023 Annual Report 119

Board Consideration of Investment Management Arrangement (continued)

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, 2023 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, 2023. 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.

In evaluating the performance of the Fixed Income Portfolios, 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 Fixed Income Portfolios are designed to maintain higher credit quality and a more conservative approach versus the funds in their relevant peer groups. As a result of a lower risk profile, those Fixed Income Portfolios are generally expected to underperform the peer group during periods when riskier assets have outperformed and likewise are generally expected to outperform the peer group during periods when higher quality assets are in favor.

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.

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. 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. They further noted, with respect to the Short Duration Diversified Municipal and Short Duration Plus Portfolios, the plans to liquidate those Portfolios, and, with respect to the Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios, the plans to reorganize those Portfolios with and into the Tax-Aware Overlay B Portfolio.

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 2021 and 2022. The Directors considered the assessment of an independent consultant that had reviewed the profitability statements for consistency with cost accounting theory and industry standards. The Directors reviewed the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data, noting that the methodology was consistent with the Adviser’s internal financial reporting. The Directors acknowledged that there are many potentially acceptable allocation methodologies for cost allocation, and that in certain cases the selected allocation methodology may not capture all costs borne by the Adviser with respect to a Portfolio. The Directors noted that they received information regarding 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

120 Sanford C. Bernstein Fund, Inc.

and distribution expenses. The Directors reviewed comparative information regarding profitability for other publicly-traded advisers, recognizing that it is difficult to make comparisons of profitability among different investment advisers because only limited comparative information is publicly available and the comparisons are affected by numerous factors including different business mixes.

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

Economies of Scale

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

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

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

2023 Annual Report 121

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.

122 Sanford C. Bernstein Fund, Inc.

Distributor

SANFORD C. BERNSTEIN FUND, INC.

1345 AVENUE OF THE AMERICAS, NEW YORK, NY 10105

(212) 756-4097

SCBI-1947-0923

Sanford C. Bernstein Fund, Inc.

September 30, 2023

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 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, 2023, the statement of operations for the year ended September 30, 2023, the statement of changes in net assets for each of the two years in the period ended September 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2023 (collectively referred to as the “financial statements”), which appear in the Sanford C. Bernstein Fund, Inc. September 30, 2023 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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended September 30, 2023 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, 2023 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 22, 2023

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

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Emerging Markets Portfolio

September 30, 2023

Company	Shares		U.S. $ Value
COMMON STOCKS–96.8%
Information Technology–27.0%
Communications Equipment–0.1%
Accton Technology Corp.		50,000	$	767,109
Electronic Equipment, Instruments & Components–4.1%
BOE Technology Group Co., Ltd.–Class A		12,347,800		6,538,026
China Railway Signal & Communication Corp., Ltd.–Class A		2,490,132		1,802,117
China Railway Signal & Communication Corp., Ltd.–Class H(a)		2,228,400		709,492
Daejoo Electronic Materials Co., Ltd.		21,080		1,301,473
Delta Electronics, Inc.		38,000		382,733
Lotes Co., Ltd.		67,000		1,712,200
Park Systems Corp.		11,930		1,440,333
Samsung SDI Co., Ltd.		29,190		11,031,265
Sinbon Electronics Co., Ltd.		1,124,000		11,266,926
Tripod Technology Corp.		535,000		3,194,898
Unimicron Technology Corp.		675,000		3,641,801
				43,021,264
IT Services–1.1%
Chinasoft International Ltd.(b)		1,652,000		1,171,905
FPT Corp.		432,147		1,647,419
Globant SA(b)		28,830		5,704,016
Locaweb Servicos de Internet SA(a)		653,300		830,507
Persistent Systems Ltd.		34,831		2,417,625
				11,771,472
Semiconductors & Semiconductor Equipment–15.4%
ASPEED Technology, Inc.		40,400		3,480,152
Broadcom, Inc.		14,970		12,433,783
eMemory Technology, Inc.		19,000		1,192,891
Gudeng Precision Industrial Co., Ltd.		110,000		1,176,195
King Yuan Electronics Co., Ltd.		4,948,000		11,668,782
Koh Young Technology, Inc.		137,510		1,265,215
LEENO Industrial, Inc.		13,300		1,513,477
MediaTek, Inc.		520,000		11,888,687
Nanya Technology Corp.		1,576,000		3,211,777
Novatek Microelectronics Corp.		121,000		1,588,924
Parade Technologies Ltd.		62,000		1,897,694
Realtek Semiconductor Corp.		449,000		5,513,001
SK Hynix, Inc.		322,303		27,287,670
Taiwan Semiconductor Manufacturing Co., Ltd.		3,336,706		54,409,105
Tongwei Co., Ltd.–Class A		779,700		3,452,032
Company	Shares		U.S. $ Value
United Microelectronics Corp.		12,522,000	$	17,582,971
WONIK IPS Co., Ltd.		62,290		1,474,082
				161,036,438
Software–0.7%
Glodon Co., Ltd.–Class A		195,880		627,418
TOTVS SA		1,190,800		6,396,355
				7,023,773
Technology Hardware, Storage & Peripherals–5.6%
Advantech Co., Ltd.		49,294		527,821
Asia Vital Components Co., Ltd.		24,000		255,370
Asustek Computer, Inc.		99,000		1,126,525
Quanta Computer, Inc.		166,000		1,242,362
Samsung Electronics Co., Ltd.		1,004,853		50,799,448
Samsung Electronics Co., Ltd. (Preference Shares)		113,000		4,552,370
Wiwynn Corp.		17,000		792,721
				59,296,617
				282,916,673
Financials–21.0%
Banks–14.8%
Agricultural Bank of China Ltd.–Class H		792,000		294,516
Al Rajhi Bank		404,604		7,330,022
Alpha Services and Holdings SA(b)		3,323,290		4,394,803
AU Small Finance Bank Ltd.(a)		260,513		2,233,804
Banco do Brasil SA		657,400		6,170,461
Bank BTPN Syariah Tbk PT		8,754,200		1,077,351
Bank Central Asia TBK PT		3,766,000		2,145,621
Bank for Foreign Trade of Vietnam JSC(b)		2,630,324		9,450,217
Bank Mandiri Persero Tbk PT		12,461,500		4,850,349
Bank of the Philippine Islands		2,808,685		5,554,531
Bank Polska Kasa Opieki SA		167,683		3,855,989
BDO Unibank, Inc.		868,700		2,174,244
China Construction Bank Corp.–Class H		3,341,000		1,878,149
China Merchants Bank Co., Ltd.–Class A		307,000		1,396,551
Credicorp Ltd.		13,908		1,779,807
Emirates NBD Bank PJSC		1,560,404		7,561,910
Eurobank Ergasias Services and Holdings SA(b)		4,148,690		6,381,109
Hana Financial Group, Inc.		378,380		11,854,067
HDFC Bank Ltd.		1,215,276		22,281,467
Itau Unibanco Holding SA (Preference Shares)		1,427,800		7,729,046
KB Financial Group, Inc.		545,521		22,250,102
Metropolitan Bank & Trust Co.		6,806,810		6,490,082
NU Holdings Ltd./Cayman Islands–Class A(b)		764,970		5,546,033
Regional SAB de CV		170,235		1,220,632
Sberbank of Russia PJSC(c)(d)(e)		951,472		0

Schedule of Investments—Emerging Markets Portfolio 1

Company	Shares		U.S. $ Value
State Bank of India		1,316,961	$	9,455,917
				155,356,780
Capital Markets–1.3%
B3 SA–Brasil Bolsa Balcao		2,823,700		6,903,994
Banco BTG Pactual SA		1,157,900		7,157,186
				14,061,180
Consumer Finance–0.5%
Kaspi.KZ JSC (GDR)(a)		40,780		3,947,504
Muangthai Capital PCL		1,207,800		1,194,117
				5,141,621
Financial Services–0.3%
L&T Finance Holdings Ltd.		1,594,516		2,552,819
Insurance–4.1%
AIA Group Ltd.		1,693,200		13,693,149
BB Seguridade Participacoes SA		190,500		1,182,820
Hyundai Marine & Fire Insurance Co., Ltd.		170,489		4,093,616
PICC Property & Casualty Co., Ltd.–Class H		4,976,000		6,371,713
Ping An Insurance Group Co. of China Ltd.–Class H		2,766,000		15,687,771
Samsung Fire & Marine Insurance Co., Ltd.		9,888		1,901,722
				42,930,791
				220,043,191
Consumer Discretionary–15.8%
Automobile Components–0.7%
Balkrishna Industries Ltd.		73,338		2,253,965
Hankook Tire & Technology Co., Ltd.		57,520		1,682,519
Minth Group Ltd.		1,260,000		3,238,534
				7,175,018
Automobiles–0.9%
Bajaj Auto Ltd.		23,934		1,456,835
Kia Corp.		35,221		2,119,961
Li Auto, Inc.–Class A(b)		27,500		490,755
Maruti Suzuki India Ltd.		44,696		5,685,873
				9,753,424
Broadline Retail–5.7%
Alibaba Group Holding Ltd.(b)		4,499,780		48,787,434
JD.com, Inc.–Class A		28,100		408,822
MercadoLibre, Inc.(b)		3,952		5,010,662
PDD Holdings, Inc. (ADR)(b)		55,379		5,431,018
				59,637,936
Diversified Consumer Services–0.7%
Fu Shou Yuan International Group Ltd.		6,062,000		4,214,033
YDUQS Participacoes SA		714,900		2,826,007
				7,040,040
Hotels, Restaurants & Leisure–3.7%
Americana Restaurants International PLC		6,198,440	$	6,924,893
Galaxy Entertainment Group Ltd.		1,584,000		9,478,055
H World Group Ltd.(b)		2,224,000		8,745,792
Melco Resorts & Entertainment Ltd. (ADR)(b)		113,580		1,123,306
OPAP SA		25,421		425,590
Sands China Ltd.(b)		2,852,800		8,675,307
Shanghai Jinjiang International Hotels Co., Ltd.–Class A		243,100		1,256,583
TravelSky Technology Ltd.–Class H		167,000		287,966
Westlife Foodworld Ltd.		148,471		1,664,552
				38,582,044
Household Durables–1.2%
Gree Electric Appliances, Inc. of Zhuhai–Class A		1,262,800		6,300,096
Hisense Visual Technology Co., Ltd.–Class A		325,900		1,004,882
Midea Group Co., Ltd.–Class A		751,400		5,732,016
				13,036,994
Specialty Retail–1.2%
China Tourism Group Duty Free Corp., Ltd.–Class A		350,500		5,131,410
HLA Group Corp., Ltd.–Class A		822,200		866,958
Pet Center Comercio e Participacoes SA		853,540		801,486
Topsports International Holdings Ltd.(a)		2,591,000		1,958,905
Trent Ltd.		115,988		2,902,554
Wilcon Depot, Inc.		2,930,900		1,139,702
				12,801,015
Textiles, Apparel & Luxury Goods–1.7%
ANTA Sports Products Ltd.		327,400		3,663,388
F&F Co., Ltd./New		19,450		1,627,098
Li Ning Co., Ltd.		1,414,500		5,906,500
Samsonite International SA(a)(b)		1,965,000		6,719,762
				17,916,748
				165,943,219
Industrials–7.2%
Building Products–0.4%
Astral Ltd.		104,837		2,411,922
Kajaria Ceramics Ltd.		97,704		1,556,861
				3,968,783
Construction & Engineering–0.8%
Larsen & Toubro Ltd.		202,606		7,367,225
Voltas Ltd.		138,412		1,430,694
				8,797,919
Electrical Equipment–2.0%
Bizlink Holding, Inc.		163,568		1,371,904
Contemporary Amperex Technology Co., Ltd.–Class A		162,900		4,550,236

2 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Company	Shares		U.S. $ Value
KEI Industries Ltd.		49,948	$	1,590,580
Polycab India Ltd.		8,729		560,672
Sociedad Quimica y Minera de Chile SA (Sponsored ADR)		120,360		7,181,881
Sungrow Power Supply Co., Ltd.–Class A		296,300		3,631,982
Voltronic Power Technology Corp.		39,158		1,928,411
				20,815,666
Ground Transportation–0.2%
Globaltrans Investment PLC (Sponsored GDR)(b)(c)(d)(f)		658,169		0
Rumo SA		422,300		1,917,197
				1,917,197
Industrial Conglomerates–0.4%
Bidvest Group Ltd. (The)		310,670		4,475,847
Machinery–1.5%
Airtac International Group		61,000		1,853,342
Escorts Kubota Ltd.		19,446		743,991
Estun Automation Co., Ltd.–Class A		2,037,652		6,168,308
Weichai Power Co., Ltd.–Class H		2,640,000		3,578,269
Yutong Bus Co., Ltd.–Class A		2,070,000		3,762,207
				16,106,117
Professional Services–0.2%
Centre Testing International Group Co., Ltd.–Class A		389,156		997,085
Sporton International, Inc.		115,935		908,131
				1,905,216
Transportation Infrastructure–1.7%
China Merchants Expressway Network & Technology Holdings Co., Ltd.–Class A		2,898,800		3,830,945
Grupo Aeroportuario del Centro Norte SAB de CV		756,536		8,224,114
Grupo Aeroportuario del Pacifico SAB de CV–Class B		83,240		1,366,660
TangShan Port Group Co., Ltd.–Class A		7,511,800		3,800,605
				17,222,324
				75,209,069
Materials–6.0%
Chemicals–0.7%
Atul Ltd.		18,167		1,541,779
Chunbo Co., Ltd.		8,392		812,036
Deepak Fertilisers & Petrochemicals Corp., Ltd.		74,163		576,267
Hansol Chemical Co., Ltd.		7,560		935,671
Navin Fluorine International Ltd.		31,236		1,413,813
PI Industries Ltd.		17,782		739,217
Rianlon Corp.–Class A		66,000		307,074
Shandong Sinocera Functional Material Co., Ltd.–Class A		218,100		817,618
SRF Ltd.		20,074	$	543,111
				7,686,586
Construction Materials–0.7%
GCC SAB de CV		754,529		7,103,461
JK Cement Ltd.		13,514		518,370
				7,621,831
Metals & Mining–4.6%
Aluminum Corp. of China Ltd.–Class H		5,966,000		3,318,741
APL Apollo Tubes Ltd.		48,984		958,548
First Quantum Minerals Ltd.		462,897		10,936,400
Freeport-McMoRan, Inc.		332,960		12,416,078
Hoa Phat Group JSC(b)		1,325,642		1,430,174
Jiangxi Copper Co., Ltd.–Class A		445,400		1,176,871
Western Mining Co., Ltd.–Class A		1,663,900		2,935,644
Zijin Mining Group Co., Ltd.–Class A		1,556,600		2,589,245
Zijin Mining Group Co., Ltd.–Class H		7,818,000		11,852,068
				47,613,769
				62,922,186
Utilities–4.9%
Electric Utilities–2.7%
Centrais Eletricas Brasileiras SA		582,649		4,276,078
Equatorial Energia SA		2,330,700		14,865,513
Power Grid Corp. of India Ltd.		3,572,513		8,594,413
				27,736,004
Gas Utilities–1.6%
GAIL India Ltd.		4,957,004		7,431,603
Kunlun Energy Co., Ltd.		11,062,000		9,519,451
				16,951,054
Independent Power and Renewable Electricity Producers–0.6%
China Longyuan Power Group Corp., Ltd.–Class H		6,869,000		5,957,307
Xinyi Energy Holdings Ltd.		2,934,000		625,130
				6,582,437
				51,269,495
Real Estate–3.6%
Real Estate Management & Development–3.6%
Aldar Properties PJSC		382,818		600,450
Ayala Land, Inc.		11,175,500		5,807,036
China Overseas Land & Investment Ltd.		1,904,500		3,935,096
Corp. Inmobiliaria Vesta SAB de CV		142,657		469,534
Emaar Properties PJSC		6,556,147		14,347,701
Macrotech Developers Ltd.(a)(b)		523,299		4,998,773
Megaworld Corp.		49,284,000		1,757,743

Schedule of Investments—Emerging Markets Portfolio 3

Company	Shares		U.S. $ Value
Vinhomes JSC(a)(b)		2,881,250	$	5,379,956
				37,296,289
Communication Services–3.5%
Entertainment–0.6%
G-bits Network Technology Xiamen Co., Ltd.–Class A		4,300		215,246
International Games System Co., Ltd.		208,000		4,208,517
NetEase, Inc.		82,700		1,658,238
				6,082,001
Interactive Media & Services–2.9%
Kanzhun Ltd. (ADR)(b)		278,240		4,220,901
Tencent Holdings Ltd.		665,100		25,781,891
				30,002,792
Wireless Telecommunication Services–0.0%
Etihad Etisalat Co.		42,046		499,447
				36,584,240
Energy–2.9%
Oil, Gas & Consumable Fuels–2.9%
China Petroleum & Chemical Corp.–Class H		5,052,000		2,747,706
Gazprom PJSC (Sponsored ADR)(b)(c)(d)(e)		436,750		0
LUKOIL PJSC(c)(d)(e)		80,321		0
Parex Resources, Inc.		178,387		3,347,753
PetroChina Co., Ltd.–Class H		20,400,000		15,288,414
Petroleo Brasileiro SA (Preference Shares)		1,312,300		9,043,593
				30,427,466
Health Care–2.8%
Health Care Equipment & Supplies–0.0%
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.–Class A		6,400		237,812
Health Care Providers & Services–2.8%
Apollo Hospitals Enterprise Ltd.		71,531		4,423,124
Hapvida Participacoes e Investimentos SA(a)(b)		11,875,054		11,103,591
Jointown Pharmaceutical Group Co., Ltd.–Class A		1,443,000		2,139,592
Max Healthcare Institute Ltd.		578,367		3,949,784
Universal Vision Biotechnology Co., Ltd.		711,737		7,415,012
				29,031,103
				29,268,915
Consumer Staples–2.1%
Beverages–0.6%
Kweichow Moutai Co., Ltd.–Class A		25,400	$	6,299,519
Consumer Staples Distribution & Retail–0.6%
BGF retail Co., Ltd.		10,420		1,089,331
Jeronimo Martins SGPS SA		23,429		526,173
Sendas Distribuidora SA		1,986,800		4,806,376
X5 Retail Group NV (GDR)(b)(c)(d)(f)		226,094		0
				6,421,880
Food Products–0.0%
Britannia Industries Ltd.		7,129		388,710
Personal Care Products–0.2%
Proya Cosmetics Co., Ltd.–Class A		122,776		1,711,490
Tobacco–0.7%
ITC Ltd.		1,280,557		6,828,194
				21,649,793
Total Common Stocks (cost $973,374,179)				1,013,530,536
EQUITY LINKED NOTES–1.8%
Information Technology–1.8%
IT Services–1.8%
FPT Corp., Macquarie Bank Ltd., expiring 07/15/2024(b) (cost $4,378,130)		4,892,048		18,697,775
SHORT-TERM INVESTMENTS–1.5%
Investment Companies–1.5%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.25%(g)(h)(i) (cost $15,930,255)		15,930,255		15,930,255
Total Investments—100.1% (cost $993,682,564)				1,048,158,566
Other assets less liabilities—(0.1)%				(905,230	)
Net Assets—100.0%			$	1,047,253,336

4 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

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	146,150		USD	29,186		10/03/2023	$	110,029
Bank of America, NA		USD	29,336		BRL	146,150		10/03/2023		(260,000	)
Bank of America, NA		IDR	8,419,410		USD	547		10/12/2023		3,505
Bank of America, NA		KRW	7,651,782		USD	5,915		10/26/2023		251,717
Bank of America, NA		USD	2,054		KRW	2,634,184		10/26/2023		(104,302	)
Bank of America, NA		USD	1,067		CAD	1,439		10/27/2023		(6,893	)
Bank of America, NA		BRL	146,150		USD	29,206		11/03/2023		256,858
Bank of America, NA		USD	12,238		MXN	212,164		11/16/2023		(153,240	)
Bank of America, NA		USD	53,232		INR	4,448,053		12/14/2023		107,413
Bank of America, NA		CNH	20,250		USD	2,787		01/11/2024		83
Barclays Bank PLC		BRL	41,303		USD	8,248		10/03/2023		31,095
Barclays Bank PLC		USD	8,433		BRL	41,303		10/03/2023		(216,371	)
Barclays Bank PLC		KRW	1,997,783		USD	1,495		10/26/2023		16,466
Barclays Bank PLC		USD	6,568		KRW	8,527,728		10/26/2023		(256,131	)
Barclays Bank PLC		CAD	741		USD	549		10/27/2023		3,721
Barclays Bank PLC		INR	125,641		USD	1,508		12/14/2023		921
BNP Paribas SA		BRL	25,517		USD	5,190		10/03/2023		113,208
BNP Paribas SA		USD	5,096		BRL	25,517		10/03/2023		(19,210	)
BNP Paribas SA		USD	1,144		CAD	1,552		10/27/2023		(489	)
Citibank, NA		BRL	5,309		USD	1,069		10/03/2023		13,244
Citibank, NA		USD	1,060		BRL	5,309		10/03/2023		(3,997	)
Citibank, NA		IDR	48,327,528		USD	3,192		10/12/2023		70,704
Citibank, NA		USD	17,178		IDR	258,125,314		10/12/2023		(506,531	)
Citibank, NA		KRW	29,856,970		USD	23,440		10/26/2023		1,341,944
Citibank, NA		PHP	959,288		USD	17,548		10/26/2023		593,623
Citibank, NA		USD	2,186		KRW	2,911,420		10/26/2023		(31,572	)
Citibank, NA		USD	2,046		CAD	2,787		10/27/2023		6,833
Citibank, NA		USD	1,401		CAD	1,893		10/27/2023		(6,723	)
Citibank, NA		BRL	6,143		USD	1,221		11/03/2023		4,543
Citibank, NA		PLN	9,783		USD	2,293		11/29/2023		56,561
Deutsche Bank AG		BRL	8,196		USD	1,615		11/03/2023		(8,938	)
Deutsche Bank AG		PLN	12,035		USD	2,734		11/29/2023		(16,580	)
Deutsche Bank AG		USD	2,306		PLN	10,036		11/29/2023		(11,650	)
Goldman Sachs Bank USA		BRL	25,190		USD	5,180		10/03/2023		168,221
Goldman Sachs Bank USA		USD	5,030		BRL	25,190		10/03/2023		(18,964	)
HSBC Bank USA		ZAR	18,157		USD	962		11/06/2023		5,868
HSBC Bank USA		CNH	160,669		USD	22,074		01/11/2024		(34,825	)
JPMorgan Chase Bank, NA		BRL	16,018		USD	3,225		10/03/2023		38,082
JPMorgan Chase Bank, NA		USD	3,199		BRL	16,018		10/03/2023		(12,059	)
Morgan Stanley Capital Services, Inc.		BRL	115,419		USD	23,442		10/03/2023		480,359
Morgan Stanley Capital Services, Inc.		USD	23,049		BRL	115,419		10/03/2023		(86,893	)
Morgan Stanley Capital Services, Inc.		IDR	16,329,216		USD	1,063		10/12/2023		8,366
Morgan Stanley Capital Services, Inc.		USD	1,166		IDR	17,869,683		10/12/2023		(11,454	)
Morgan Stanley Capital Services, Inc.		USD	1,115		TRY	30,971		10/20/2023		(10,361	)
Morgan Stanley Capital Services, Inc.		KRW	5,342,953		USD	4,025		10/26/2023		70,617
Morgan Stanley Capital Services, Inc.		USD	1,282		KRW	1,704,405		10/26/2023		(20,641	)
Morgan Stanley Capital Services, Inc.		CAD	23,872		USD	17,627		10/27/2023		46,061
Morgan Stanley Capital Services, Inc.		USD	2,407		CAD	3,285		10/27/2023		12,151
Morgan Stanley Capital Services, Inc.		USD	26,383		ZAR	504,375		11/06/2023		177,117
Morgan Stanley Capital Services, Inc.		ZAR	59,731		USD	3,132		11/06/2023		(13,032	)
Morgan Stanley Capital Services, Inc.		CLP	1,601,500		USD	1,785		11/16/2023		(11,804	)
Morgan Stanley Capital Services, Inc.		TWD	49,681		USD	1,559		11/29/2023		12,186
Morgan Stanley Capital Services, Inc.		USD	1,522		PLN	6,630		11/29/2023		(6,590	)
Morgan Stanley Capital Services, Inc.		MYR	2,545		USD	546		01/11/2024		(410	)

Schedule of Investments—Emerging Markets Portfolio 5

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.		USD	1,081		CNH	7,835		01/11/2024	$	(2,930	)
Morgan Stanley Capital Services, Inc.		USD	14,634		MYR	67,875		01/11/2024		(53,399	)
Standard Chartered Bank		USD	4,377		TRY	122,774		10/20/2023		2,518
State Street Bank & Trust Co.		CNH	1,721		USD	236		10/10/2023		120
State Street Bank & Trust Co.		CNH	3,594		USD	491		10/10/2023		(1,247	)
State Street Bank & Trust Co.		THB	171,652		USD	4,872		10/11/2023		154,288
State Street Bank & Trust Co.		USD	4,686		THB	171,641		10/11/2023		30,949
State Street Bank & Trust Co.		USD	16,926		THB	585,776		10/11/2023		(828,167	)
State Street Bank & Trust Co.		CAD	1,756		USD	1,293		10/27/2023		(754	)
State Street Bank & Trust Co.		CNH	13,126		USD	1,810		01/11/2024		3,603
State Street Bank & Trust Co.		CNH	15,653		USD	2,151		01/11/2024		(2,504	)
UBS AG		USD	1,195		PLN	5,152		11/29/2023		(17,056	)
									$	1,457,257

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2023, the aggregate market value of these securities amounted to $37,882,294 or 3.6% of net assets.

(b) Non-income producing security.

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

(d) Fair valued by the Adviser.

(e) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Gazprom PJSC (Sponsored ADR)		12/09/2009– 08/01/2017	$	4,522,921	$	0		0.00	%
LUKOIL PJSC		06/22/2012		3,192,255		0		0.00	%
Sberbank of Russia PJSC		07/10/2022		2,848,601		0		0.00	%

(f) 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, 2023, 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	$	0		0.00	%
X5 Retail Group NV (GDR)		09/26/2011		7,119,877		0		0.00	%

(g) Affiliated investments.

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

(i) 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

CAD—Canadian Dollar

CLP—Chilean Peso

CNH—Chinese Yuan Renminbi (Offshore)

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

TRY—Turkish Lira

TWD—New Taiwan Dollar

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.

6 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

SCB–ST–1946–0923

Sanford C. Bernstein Fund, Inc.

September 30, 2023

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 Shareholders of Intermediate Duration Portfolio and 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 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, 2023, the statements of operations for the year ended September 30, 2023, the statements of changes in net assets for each of the two years in the period ended September 30, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”), which appear in the Sanford C. Bernstein Fund, Inc. September 30, 2023 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, 2023, 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, 2023 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating 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, 2023 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 22, 2023

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

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Intermediate Duration Portfolio

September 30, 2023

	Principal Amount (000)		U.S. $ Value
GOVERNMENTS-TREASURIES–34.0%
United States–34.0%
U.S. Treasury Bonds
1.25%, 05/15/2050	U.S.$	209,050	$	98,384,062
1.75%, 08/15/2041		67,323		41,866,428
2.00%, 11/15/2041		9,057		5,868,912
2.25%, 08/15/2046		12,530		7,927,183
2.375%, 02/15/2042		11,433		7,892,412
2.375%, 11/15/2049		2,885		1,842,794
2.50%, 02/15/2045		1,916		1,298,689
2.50%, 05/15/2046		23,956		16,013,089
3.00%, 05/15/2045		23,139		17,159,015
3.00%, 08/15/2048		28,274		20,626,621
3.00%, 02/15/2049		26,971		19,680,620
3.25%, 05/15/2042		11,593		9,230,767
3.375%, 08/15/2042		19,569		15,844,451
3.375%, 05/15/2044		5,710		4,548,866
3.50%, 02/15/2039		4,254		3,670,404
3.625%, 05/15/2053		27,235		22,519,775
3.75%, 11/15/2043		10,205		8,650,332
3.875%, 02/15/2043		12,073		10,497,590
3.875%, 05/15/2043		19,718		17,129,578
4.00%, 11/15/2042		33,530		29,736,919
4.125%, 08/15/2053		15,588		14,136,316
4.375%, 02/15/2038		14,232		13,778,549
4.375%, 11/15/2039		47,210		44,871,630
4.50%, 02/15/2036		4,048		4,032,421
4.75%, 02/15/2037		4,156		4,222,236
U.S. Treasury Notes
0.50%, 11/30/2023		32,279		32,021,479
1.625%, 05/15/2026(a)		204,404		188,115,924
1.75%, 11/15/2029		11,550		9,826,523
2.625%, 02/15/2029		30,853		27,912,504
2.75%, 07/31/2027		20,566		19,158,887
3.125%, 08/31/2027		14,336		13,531,934
3.375%, 05/15/2033		16,456		14,928,405
3.50%, 04/30/2028		16,210		15,455,413
3.50%, 02/15/2033		24,243		22,250,070
3.625%, 03/31/2028		28,384		27,217,691
3.875%, 11/30/2027		159,618		154,779,676
3.875%, 12/31/2027(a)		75,973		73,658,392
3.875%, 08/15/2033		8,647		8,172,955
4.00%, 02/29/2028		13,956		13,598,670
4.125%, 09/30/2027		20,692		20,265,032
4.125%, 11/15/2032		18,170		17,528,468
4.375%, 08/31/2028		13,427		13,296,629
Total Governments-Treasuries (cost $1,277,245,148)				1,113,148,311
CORPORATES-INVESTMENT GRADE–22.0%
Industrial–11.7%
Basic–0.4%
Braskem Netherlands Finance BV 4.50%, 01/31/2030(b)	U.S.$	1,724		1,396,871
Celanese US Holdings LLC
6.35%, 11/15/2028		1,012		999,046
6.55%, 11/15/2030		2,451		2,398,132
Freeport Indonesia PT 4.763%, 04/14/2027(b)		904		857,580
Glencore Funding LLC
5.40%, 05/08/2028(b)		3,861		3,763,664
6.50%, 10/06/2033(b)		2,016		2,012,129
				11,427,422
Capital Goods–0.5%
Flowserve Corp. 2.80%, 01/15/2032		4,669		3,568,843
Regal Rexnord Corp. 6.05%, 02/15/2026(b)		6,295		6,214,298
Trane Technologies Financing Ltd. 5.25%, 03/03/2033		1,849		1,781,364
Westinghouse Air Brake Technologies Corp.
3.20%, 06/15/2025		1,117		1,061,418
4.15%, 03/15/2024(c)		4,344		4,301,646
				16,927,569
Communications-Media–0.8%
Cox Communications, Inc. 5.70%, 06/15/2033(b)		2,332		2,243,827
Discovery Communications LLC
5.20%, 09/20/2047		1,999		1,511,424
5.30%, 05/15/2049		857		654,937
Fox Corp.
4.709%, 01/25/2029		2,656		2,512,735
5.576%, 01/25/2049		4,396		3,664,110
Interpublic Group of Cos., Inc. (The)
4.65%, 10/01/2028		1,966		1,849,750
5.375%, 06/15/2033		3,206		2,992,288
Meta Platforms, Inc. 4.95%, 05/15/2033		3,350		3,211,779
Prosus NV
3.257%, 01/19/2027(b)		1,724		1,527,895
4.027%, 08/03/2050(b)		1,993		1,136,209
Tencent Holdings Ltd. 3.24%, 06/03/2050(b)		4,830		2,755,950
Time Warner Cable LLC 4.50%, 09/15/2042		2,370		1,642,292
				25,703,196

Schedule of Investments—Intermediate Duration Portfolio 1

	Principal Amount (000)		U.S. $ Value
Communications-Telecommunications–0.2%
T-Mobile USA, Inc.
3.875%, 04/15/2030	U.S.$	3,533	$	3,127,306
5.05%, 07/15/2033		2,403		2,225,562
				5,352,868
Consumer Cyclical-Automotive–1.1%
Ford Motor Co. 6.10%, 08/19/2032		3,333		3,140,853
Ford Motor Credit Co., LLC
6.95%, 06/10/2026		243		242,696
7.35%, 11/04/2027		1,450		1,479,203
General Motors Co. 6.125%, 10/01/2025		1,152		1,149,684
General Motors Financial Co., Inc.
4.30%, 04/06/2029		710		636,834
5.80%, 06/23/2028		3,929		3,835,765
Harley-Davidson Financial Services, Inc.
3.05%, 02/14/2027(b)		7,064		6,300,099
6.50%, 03/10/2028(b)		1,242		1,227,593
Hyundai Capital America 6.10%, 09/21/2028(b)		4,320		4,291,186
Mercedes-Benz Finance North America LLC 4.80%, 03/30/2026(b)		5,380		5,285,043
Nissan Motor Co., Ltd. 4.345%, 09/17/2027(b)		8,330		7,597,460
				35,186,416
Consumer Cyclical-Other–0.6%
Las Vegas Sands Corp. 3.90%, 08/08/2029		8,755		7,472,743
Marriott International, Inc./MD
4.90%, 04/15/2029		6,432		6,130,597
5.55%, 10/15/2028		1,998		1,969,548
MDC Holdings, Inc. 6.00%, 01/15/2043		3,776		3,163,684
				18,736,572
Consumer Cyclical-Retailers–0.4%
Advance Auto Parts, Inc. 3.90%, 04/15/2030		8,625		7,001,085
Ross Stores, Inc. 4.70%, 04/15/2027		7,988		7,674,471
				14,675,556
Consumer Non-Cyclical–1.9%
Altria Group, Inc. 3.40%, 05/06/2030		7,300		6,242,449
BAT Capital Corp.
2.259%, 03/25/2028		8,570		7,245,250
4.906%, 04/02/2030		3,799		3,484,063
6.421%, 08/02/2033		2,925		2,837,513
7.75%, 10/19/2032		838		885,138
Cargill, Inc. 5.125%, 10/11/2032(b)		3,643		3,523,583
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL 6.75%, 03/15/2034(b)	U.S.$	4,192		4,079,026
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031		5,660		3,991,262
Philip Morris International, Inc.
4.875%, 02/13/2026		2,541		2,497,879
5.00%, 11/17/2025		4,607		4,551,117
5.375%, 02/15/2033		8,162		7,716,028
5.625%, 11/17/2029		829		818,969
Pilgrim’s Pride Corp. 6.875%, 05/15/2034		6,561		6,442,049
Takeda Pharmaceutical Co., Ltd. 4.40%, 11/26/2023		2,211		2,205,649
Zoetis, Inc. 5.40%, 11/14/2025		5,180		5,158,399
				61,678,374
Energy–1.7%
BP Capital Markets America, Inc.
2.939%, 06/04/2051		5,587		3,406,338
4.893%, 09/11/2033		4,713		4,423,292
Continental Resources, Inc./OK
2.875%, 04/01/2032(b)		5,635		4,216,107
5.75%, 01/15/2031(b)		3,738		3,508,524
Devon Energy Corp. 5.60%, 07/15/2041		4,914		4,335,180
Ecopetrol SA 8.625%, 01/19/2029		4,800		4,805,280
EQT Corp. 5.70%, 04/01/2028		1,958		1,919,545
Oleoducto Central SA 4.00%, 07/14/2027(b)		319		284,229
ONEOK Partners LP 6.125%, 02/01/2041		294		272,050
ONEOK, Inc.
4.35%, 03/15/2029		4,164		3,831,796
6.05%, 09/01/2033		1,323		1,300,178
6.35%, 01/15/2031		1,081		1,085,594
Ovintiv, Inc.
5.65%, 05/15/2028		1,555		1,521,054
6.25%, 07/15/2033		2,216		2,145,265
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029		3,754		3,221,645
Suncor Energy, Inc. 6.80%, 05/15/2038		5,543		5,607,410
Var Energi ASA
7.50%, 01/15/2028(b)		5,044		5,178,322
8.00%, 11/15/2032(b)		4,495		4,703,164
				55,764,973

2 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

	Principal Amount (000)			U.S. $ Value
Other Industrial–0.2%
LKQ Corp.
5.75%, 06/15/2028(b)		U.S.$	4,277	$	4,178,715
6.25%, 06/15/2033(b)			2,528		2,445,208
					6,623,923
Services–0.6%
Alibaba Group Holding Ltd. 2.125%, 02/09/2031			9,680		7,552,723
Booking Holdings, Inc. 4.50%, 11/15/2031		EUR	3,033		3,247,396
Expedia Group, Inc. 6.25%, 05/01/2025(b)		U.S.$	211		211,055
Global Payments, Inc.
3.20%, 08/15/2029			3,208		2,727,410
5.40%, 08/15/2032			4,124		3,857,507
Verisk Analytics, Inc. 5.75%, 04/01/2033			3,088		3,060,393
					20,656,484
Technology–2.6%
Apple, Inc. 4.10%, 08/08/2062			5,020		3,863,392
Broadcom, Inc.
3.137%, 11/15/2035(b)			1,202		876,006
3.187%, 11/15/2036(b)			8,430		6,045,659
4.15%, 11/15/2030			1,542		1,366,042
4.15%, 04/15/2032(b)			2,002		1,732,851
4.926%, 05/15/2037(b)			4,241		3,653,325
Entegris Escrow Corp. 4.75%, 04/15/2029(b)			5,311		4,770,606
Fiserv, Inc. 3.50%, 07/01/2029			9,632		8,574,310
Honeywell International, Inc. 4.125%, 11/02/2034		EUR	5,113		5,307,282
HP, Inc. 5.50%, 01/15/2033		U.S.$	7,293		6,836,166
Infor, Inc. 1.75%, 07/15/2025(b)			2,719		2,502,105
KLA Corp. 4.10%, 03/15/2029			1,349		1,273,267
Kyndryl Holdings, Inc. 2.05%, 10/15/2026			9,627		8,390,027
Lenovo Group Ltd.
5.831%, 01/27/2028(b)			2,626		2,568,438
6.536%, 07/27/2032(b)			5,309		5,224,003
Micron Technology, Inc. 6.75%, 11/01/2029			8,375		8,513,858
NXP BV/NXP Funding LLC 5.55%, 12/01/2028			4,119		4,044,117
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.40%, 05/01/2030			3,313		2,831,389
Oracle Corp. 5.375%, 07/15/2040			1,114		987,750
SK Hynix, Inc. 2.375%, 01/19/2031(b)			1,818		1,366,282
TSMC Arizona Corp. 3.875%, 04/22/2027	U.S.$		2,710		2,575,638
Western Digital Corp.
2.85%, 02/01/2029			1,351		1,082,786
3.10%, 02/01/2032			408		298,423
					84,683,722
Transportation-Airlines–0.2%
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.50%, 10/20/2025(b)			2,545		2,468,583
4.75%, 10/20/2028(b)			3,940		3,747,413
					6,215,996
Transportation-Railroads–0.0%
Lima Metro Line 2 Finance Ltd.
4.35%, 04/05/2036(b)			418		361,782
5.875%, 07/05/2034(b)			1,008		960,553
					1,322,335
Transportation-Services–0.5%
ENA Master Trust 4.00%, 05/19/2048(b)			1,235		884,223
ERAC USA Finance LLC
4.60%, 05/01/2028(b)			3,217		3,083,044
4.90%, 05/01/2033(b)			5,027		4,710,852
TTX Co. 5.50%, 09/25/2026(b)			8,329		8,311,259
					16,989,378
					381,944,784
Financial Institutions–9.7%
Banking–7.4%
AIB Group PLC
4.263%, 04/10/2025(b)			1,293		1,274,420
6.608%, 09/13/2029(b)			1,569		1,562,959
7.583%, 10/14/2026(b)			8,806		8,964,684
Ally Financial, Inc. 6.992%, 06/13/2029			4,741		4,639,163
Banco de Credito del Peru S.A. 3.125%, 07/01/2030(b)			5,996		5,510,330
Banco Santander SA
4.175%, 03/24/2028			3,200		2,953,472
6.921%, 08/08/2033			3,200		3,061,344
Bank of Ireland Group PLC 6.253%, 09/16/2026(b)			2,285		2,269,279
Barclays PLC
6.224%, 05/09/2034			3,451		3,270,306
7.385%, 11/02/2028			2,899		2,972,809
BNP Paribas SA
2.591%, 01/20/2028(b)			2,660		2,370,220
4.625%, 02/25/2031(b)(d)			943		669,634
7.375%, 08/19/2025(b)(d)			3,060		2,997,392
8.50%, 08/14/2028(b)(d)			1,560		1,530,032

Schedule of Investments—Intermediate Duration Portfolio 3

	Principal Amount (000)			U.S. $ Value
CaixaBank SA 6.684%, 09/13/2027(b)		U.S.$	5,127	$	5,127,410
Capital One Financial Corp.
5.468%, 02/01/2029			1,883		1,789,528
6.377%, 06/08/2034			5,768		5,435,302
Citigroup, Inc.
4.075%, 04/23/2029			5,373		4,941,494
9.699% (SOFR + 4.33%), 10/30/2023(d)(e)			1,058		1,058,994
Series W
4.00%, 12/10/2025(d)			3,243		2,839,895
Citizens Financial Group, Inc. 4.30%, 12/03/2025			4,790		4,502,600
Cooperatieve Rabobank UA 5.564%, 02/28/2029(b)			7,918		7,718,783
Credit Agricole SA 6.316%, 10/03/2029(b)			1,811		1,811,109
Danske Bank A/S 4.298%, 04/01/2028(b)			5,462		5,083,702
Deutsche Bank AG/New York NY
2.129%, 11/24/2026			4,221		3,815,868
2.552%, 01/07/2028			604		527,238
3.961%, 11/26/2025			1,336		1,289,374
6.119%, 07/14/2026			4,678		4,628,413
7.146%, 07/13/2027			1,492		1,500,758
Discover Bank 5.974%, 08/09/2028			2,264		2,069,115
Goldman Sachs Group, Inc. (The)
Series P
8.501% (SOFR + 3.14%), 10/30/2023(d)(e)			1,153		1,148,976
Series V
4.125%, 11/10/2026(d)			3,016		2,470,285
HSBC Holdings PLC
2.804%, 05/24/2032			2,559		1,981,690
2.848%, 06/04/2031			7,601		6,084,372
8.113%, 11/03/2033			9,225		9,731,545
ING Groep NV 6.083%, 09/11/2027			6,267		6,240,240
Intesa Sanpaolo SpA
5.017%, 06/26/2024(b)			6,204		6,052,808
7.00%, 11/21/2025(b)			819		827,911
KBC Group NV 5.796%, 01/19/2029(b)			1,666		1,626,166
Lloyds Banking Group PLC
5.871%, 03/06/2029			2,422		2,366,996
7.50%, 06/27/2024(d)			1,270		1,242,200
7.50%, 09/27/2025(d)			1,016		949,838
7.953%, 11/15/2033			3,067		3,175,142
8.00%, 09/27/2029(d)			4,131		3,686,959
Mizuho Financial Group, Inc. 5.739%, 05/27/2031			7,918		7,662,882
Morgan Stanley
0.406%, 10/29/2027		EUR	3,196		2,993,363
4.21%, 04/20/2028		U.S.$	4,283		4,024,778
Series G
3.772%, 01/24/2029			5,695		5,189,967
Nationwide Building Society 2.972%, 02/16/2028(b)			5,154		4,609,686
NatWest Group PLC 4.269%, 03/22/2025			2,373		2,347,704
PNC Financial Services Group, Inc. (The)
5.068%, 01/24/2034			1,755		1,590,223
Series R
8.711% (SOFR + 3.30%), 12/01/2023(d)(e)			1,677		1,672,371
Santander Holdings USA, Inc.
2.49%, 01/06/2028			3,137		2,722,634
6.499%, 03/09/2029			2,560		2,497,843
6.565%, 06/12/2029			196		191,035
Santander UK Group Holdings PLC 6.833%, 11/21/2026			7,481		7,520,275
Societe Generale SA 2.797%, 01/19/2028(b)			9,487		8,430,243
Standard Chartered PLC
3.971%, 03/30/2026(b)			3,723		3,583,239
6.187%, 07/06/2027(b)			3,042		3,029,041
7.141% (LIBOR 3 Month + 1.51%), 01/30/2027(b)(d)(e)			300		278,664
Swedbank AB Series NC5 5.625%, 09/17/2024(b)(d)			400		382,956
Truist Financial Corp. 1.95%, 06/05/2030			1,039		792,996
UBS Group AG
3.091%, 05/14/2032(b)			8,899		7,045,694
4.194%, 04/01/2031(b)			2,852		2,496,327
4.988%, 08/05/2033(b)			4,928		4,399,768
6.373%, 07/15/2026(b)			6,080		6,060,118
7.00%, 02/19/2025(b)(d)			408		396,042
UniCredit SpA
1.982%, 06/03/2027(b)			271		239,380
2.569%, 09/22/2026(b)			6,253		5,727,811
3.127%, 06/03/2032(b)			1,858		1,421,036
US Bancorp Series J 5.30%, 04/15/2027(d)			3,485		2,916,039
Wells Fargo & Co.
3.584%, 05/22/2028			2,117		1,935,594
7.625%, 09/15/2028(d)			1,827		1,849,454
Series BB
3.90%, 03/15/2026(d)			2,664		2,322,795
					242,100,713

4 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

	Principal Amount (000)			U.S. $ Value
Brokerage–0.2%
Charles Schwab Corp. (The)
Series G
5.375%, 06/01/2025(d)	U.S.$	1,529		$	1,472,702
Series I
4.00%, 06/01/2026(d)		7,570			6,324,962
					7,797,664
Finance–1.0%
Air Lease Corp. 3.625%, 04/01/2027		303			278,351
Aircastle Ltd.
2.85%, 01/26/2028(b)		8,390			7,119,754
4.125%, 05/01/2024		1,481			1,456,756
4.25%, 06/15/2026		530			501,550
5.25%, 08/11/2025(b)		3,730			3,632,386
Aviation Capital Group LLC
1.95%, 01/30/2026(b)		4,547			4,081,114
1.95%, 09/20/2026(b)		1,485			1,294,816
3.50%, 11/01/2027(b)		1,314			1,158,081
4.125%, 08/01/2025(b)		35			33,296
4.375%, 01/30/2024(b)		1,300			1,288,079
4.875%, 10/01/2025(b)		1,447			1,388,816
5.50%, 12/15/2024(b)		2,808			2,761,500
6.375%, 07/15/2030(b)		1,599			1,547,416
Synchrony Financial
2.875%, 10/28/2031		4,872			3,451,227
3.95%, 12/01/2027		861			756,621
4.50%, 07/23/2025		869			824,151
4.875%, 06/13/2025		831			793,430
					32,367,344
Insurance–0.4%
MetLife Capital Trust IV 7.875%, 12/15/2037(b)		5,200			5,388,032
Prudential Financial, Inc.
5.20%, 03/15/2044		1,970			1,935,328
5.375%, 05/15/2045		615			597,165
Swiss Re Finance Luxembourg SA 5.00%, 04/02/2049(b)		5,000			4,691,600
					12,612,125
Other Finance–0.2%
GPS Blue Financing DAC 5.645%, 11/09/2041(b)		4,889			4,650,221
REITs–0.5%
American Tower Corp.
2.10%, 06/15/2030		1,515			1,179,428
3.65%, 03/15/2027		3,517			3,260,962
5.80%, 11/15/2028		2,388			2,369,445
GLP Capital LP/GLP Financing II, Inc.
3.25%, 01/15/2032		3,272			2,536,095
4.00%, 01/15/2031		1,790			1,489,978
Host Hotels & Resorts LP Series I 3.50%, 09/15/2030		1,343			1,118,518
Vornado Realty LP 3.40%, 06/01/2031	U.S.$	7,733			5,576,962
					17,531,388
					317,059,455
Utility–0.6%
Electric–0.6%
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(b)		1,655			1,405,948
Alexander Funding Trust II 7.467%, 07/31/2028(b)		1,615			1,613,659
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2041		3,641			2,505,154
Electricite de France SA 9.125%, 03/15/2033(b)(d)		1,420			1,477,879
Engie Energia Chile SA 3.40%, 01/28/2030(b)		3,834			3,158,564
National Grid PLC 5.809%, 06/12/2033		3,036			2,949,444
NRG Energy, Inc.
4.45%, 06/15/2029(b)		542			471,459
7.00%, 03/15/2033(b)		5,900			5,664,649
					19,246,756
Other Utility–0.0%
American Water Capital Corp. 3.45%, 06/01/2029		1,654			1,490,419
					20,737,175
Total Corporates–Investment Grade (cost $794,703,226)					719,741,414
MORTGAGE PASS-THROUGHS–18.8%
Agency Fixed Rate 30-Year–18.3%
Federal Home Loan Mortgage Corp.
Series 2019
3.50%, 09/01/2049		5,724			5,009,192
3.50%, 10/01/2049		5,679			4,964,792
3.50%, 11/01/2049		2,130			1,862,575
Series 2020
3.50%, 01/01/2050		4,703			4,116,014
Series 2022
2.00%, 03/01/2052		25,482			19,494,256
2.50%, 04/01/2052		30,600			24,476,221
3.00%, 03/01/2052		16,420			13,677,829
Federal Home Loan Mortgage Corp. Gold
Series 2003
5.00%, 08/01/2033		0	**		493
Series 2007
5.50%, 07/01/2035		479			479,844

Schedule of Investments—Intermediate Duration Portfolio 5

	Principal Amount (000)			U.S. $ Value
Series 2016
4.00%, 02/01/2046	U.S.$	4,383		$	4,060,070
Series 2017
4.00%, 07/01/2044		3,069			2,840,335
Series 2018
4.00%, 08/01/2048		2,229			2,023,349
4.50%, 10/01/2048		3,708			3,466,249
4.50%, 11/01/2048		4,089			3,821,812
5.00%, 09/01/2048		1,211			1,165,473
5.00%, 11/01/2048		1,569			1,509,871
Federal National Mortgage Association
Series 2001
6.50%, 08/01/2031		1			923
Series 2003
5.50%, 04/01/2033		403			402,137
5.50%, 07/01/2033		887			885,669
5.50%, 11/01/2033		0	**		81
Series 2004
5.50%, 04/01/2034		209			208,843
5.50%, 05/01/2034		193			192,842
5.50%, 11/01/2034		736			735,514
6.50%, 08/01/2034		1			927
Series 2005
5.50%, 02/01/2035		1,010			1,009,513
Series 2006
5.50%, 04/01/2036		184			183,949
Series 2007
5.50%, 09/01/2036		356			356,267
Series 2008
6.00%, 03/01/2037		3			2,569
Series 2010
4.00%, 12/01/2040		1,938			1,795,367
Series 2012
3.50%, 02/01/2042		1,236			1,103,276
3.50%, 11/01/2042		13,219			11,789,392
3.50%, 01/01/2043		2,249			2,002,266
Series 2013
3.50%, 04/01/2043		7,720			6,869,288
4.00%, 10/01/2043		6,094			5,562,939
Series 2015
3.00%, 05/01/2045		2,473			2,100,250
3.00%, 08/01/2045		4,424			3,752,150
Series 2018
3.50%, 02/01/2048		2,991			2,612,248
3.50%, 05/01/2048		1,225			1,073,275
4.50%, 09/01/2048		5,688			5,310,969
Series 2019
3.50%, 08/01/2049		1,931			1,688,557
3.50%, 09/01/2049		2,172			1,900,331
3.50%, 10/01/2049		5,895			5,151,351
3.50%, 11/01/2049		4,575			3,997,971
Series 2020
3.50%, 01/01/2050		4,403			3,851,576
Series 2021
2.00%, 07/01/2051		26,651			20,347,017
2.50%, 01/01/2052		8,357			6,689,560
Series 2022
2.50%, 03/01/2052	U.S.$	18,290			14,579,323
2.50%, 04/01/2052		19,466			15,565,974
2.50%, 05/01/2052		24,956			19,957,151
3.00%, 02/01/2052		19,592			16,319,932
3.00%, 03/01/2052		25,214			21,003,334
Government National Mortgage Association
Series 2016
3.00%, 04/20/2046		1,242			1,067,417
3.00%, 05/20/2046		1,157			993,764
3.00%, 12/20/2046		334			286,698
Series 2022
3.50%, 07/20/2052		10,946			9,601,281
Series 2023
3.00%, 10/23/2053, TBA		4,175			3,537,882
4.00%, 10/23/2053, TBA		13,580			12,234,769
4.50%, 10/23/2053, TBA		58,866			54,372,405
5.00%, 10/23/2053, TBA		48,025			45,522,288
5.50%, 04/20/2053		19,773			19,196,498
5.50%, 07/20/2053		10,095			9,800,712
5.50%, 10/23/2053, TBA		13,531			13,131,883
Uniform Mortgage-Backed Security
Series 2023
2.00%, 10/12/2053, TBA		54,968			41,783,953
2.50%, 10/13/2052, TBA		44,513			35,306,087
3.00%, 10/12/2053, TBA		9,249			7,646,827
4.00%, 10/12/2053, TBA		29,290			26,085,974
4.50%, 10/13/2052, TBA		8,559			7,859,900
5.00%, 10/12/2053, TBA		8,405			7,931,239
5.50%, 10/12/2053, TBA		31,585			30,528,892
					598,859,575
Agency Fixed Rate 15-Year–0.5%
Federal National Mortgage Association
Series 2012
2.50%, 04/01/2027		6			5,601
Series 2016
2.50%, 02/01/2031		12			10,639
2.50%, 04/01/2031		8			7,193
2.50%, 05/01/2031		34			30,782
2.50%, 07/01/2031		1,110			1,014,928
2.50%, 08/01/2031		399			365,111
2.50%, 09/01/2031		208			190,671
2.50%, 10/01/2031		1,215			1,110,887
2.50%, 11/01/2031		8,295			7,572,831
2.50%, 12/01/2031		3,114			2,838,400
2.50%, 01/01/2032		425			386,491
Series 2017
2.50%, 01/01/2032		2,039			1,849,689
2.50%, 02/01/2032		108			97,682
					15,480,905

6 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

	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.$	159		$	154,928
4.50%, 08/01/2029		44			43,464
4.50%, 10/01/2029		9			8,345
					206,737
Agency ARMs–0.0%
Federal Home Loan Mortgage Corp.
Series 2006
4.595% (RFUCCT1Y + 2.18%), 12/01/2036(e)		0	**		142
Series 2007
4.60% (RFUCCT1Y + 2.10%), 03/01/2037(e)		0	**		343
					485
Total Mortgage Pass-Throughs (cost $670,684,565)					614,547,702
COLLATERALIZED MORTGAGE OBLIGATIONS–8.4%
Risk Share Floating Rate–7.9%
Bellemeade Re Ltd.
Series 2019-3A, Class M1C
7.384% (LIBOR 1 Month + 1.95%), 07/25/2029(b)(e)		343			344,062
Series 2021-1A, Class M1C
8.26% (SOFR + 2.95%), 03/25/2031(b)(e)		4,197			4,269,093
Series 2021-2A, Class M1B
6.81% (SOFR + 1.50%), 06/25/2031(b)(e)		7,664			7,639,631
Series 2021-3A, Class A2
6.31% (SOFR + 1.00%), 09/25/2031(b)(e)		7,199			7,122,237
Series 2022-1, Class M1B
7.46% (SOFR + 2.15%), 01/26/2032(b)(e)		3,969			3,962,545
Series 2022-2, Class M1A
9.31% (SOFR + 4.00%), 09/27/2032(b)(e)		7,387			7,587,039
Connecticut Avenue Securities Trust
Series 2021-R03, Class 1M2
6.96% (SOFR + 1.65%), 12/25/2041(b)(e)		3,513			3,441,031
Series 2022-R01, Class 1M2
7.21% (SOFR + 1.90%), 12/25/2041(b)(e)		9,352			9,177,001
Series 2022-R02, Class 2M1
6.51% (SOFR + 1.20%), 01/25/2042(b)(e)		5,268			5,233,937
Series 2022-R03, Class 1M2
8.81% (SOFR + 3.50%), 03/25/2042(b)(e)	U.S.$	6,435			6,612,350
Series 2022-R04, Class 1M2
8.41% (SOFR + 3.10%), 03/25/2042(b)(e)		1,747			1,772,108
Series 2022-R05, Class 2M2
8.31% (SOFR + 3.00%), 04/25/2042(b)(e)		5,001			5,071,016
Series 2022-R06, Class 1M1
8.06% (SOFR + 2.75%), 05/25/2042(b)(e)		7,290			7,472,545
Series 2022-R07, Class 1M1
8.26% (SOFR + 2.95%), 06/25/2042(b)(e)		7,459			7,654,621
Series 2022-R08, Class 1M1
7.86% (SOFR + 2.55%), 07/25/2042(b)(e)		5,891			5,999,565
Series 2023-R01, Class 1M1
7.71% (SOFR + 2.40%), 12/25/2042(b)(e)		4,630			4,708,548
Series 2023-R02, Class 1M1
7.61% (SOFR + 2.30%), 01/25/2043(b)(e)		3,406			3,451,024
Series 2023-R03, Class 2M1
7.81% (SOFR + 2.50%), 04/25/2043(b)(e)		9,492			9,601,656
Series 2023-R04, Class 1M1
7.61% (SOFR + 2.30%), 05/25/2043(b)(e)		7,376			7,468,712
Series 2023-R05, Class 1M1
7.21% (SOFR + 1.90%), 06/25/2043(b)(e)		7,021			7,044,725
Series 2023-R06, Class 1M1
7.01% (SOFR + 1.70%), 07/25/2043(b)(e)		6,991			6,991,265
Eagle Re Ltd.
Series 2018-1, Class M2
8.429% (LIBOR 1 Month + 3.00%), 11/25/2028(b)(e)		617			618,680
Series 2021-2, Class M1B
7.36% (SOFR + 2.05%), 04/25/2034(b)(e)		2,360			2,360,398
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2013-DN2, Class M2
9.679% (SOFR + 4.36%), 11/25/2023(e)		370			371,581
Series 2014-DN3, Class M3
9.429% (SOFR + 4.11%), 08/25/2024(e)		314			315,990
Series 2015-DNA1, Class M3
8.729% (SOFR + 3.41%), 10/25/2027(e)		644			651,834

Schedule of Investments—Intermediate Duration Portfolio 7

	Principal Amount (000)		U.S. $ Value
Series 2016-HQA3, Class M3
9.279% (SOFR + 3.96%), 03/25/2029(e)	U.S.$	1,030	$	1,074,171
Series 2020-DNA5, Class M2
8.11% (SOFR + 2.80%), 10/25/2050(b)(e)		1,880		1,898,684
Series 2021-DNA3, Class M2
7.41% (SOFR + 2.10%), 10/25/2033(b)(e)		3,221		3,226,890
Series 2021-DNA5, Class M2
6.96% (SOFR + 1.65%), 01/25/2034(b)(e)		1,925		1,923,568
Series 2021-DNA6, Class M2
6.81% (SOFR + 1.50%), 10/25/2041(b)(e)		9,778		9,637,966
Series 2021-DNA7, Class M2
7.11% (SOFR + 1.80%), 11/25/2041(b)(e)		9,563		9,339,331
Series 2021-HQA3, Class M1
6.16% (SOFR + 0.85%), 09/25/2041(b)(e)		2,645		2,586,276
Series 2021-HQA4, Class M1
6.26% (SOFR + 0.95%), 12/25/2041(b)(e)		3,888		3,815,900
Series 2021-HQA4, Class M2
7.66% (SOFR + 2.35%), 12/25/2041(b)(e)		6,126		5,919,607
Series 2022-DNA1, Class M1A
6.31% (SOFR + 1.00%), 01/25/2042(b)(e)		3,178		3,148,361
Series 2022-DNA1, Class M1B
7.16% (SOFR + 1.85%), 01/25/2042(b)(e)		4,940		4,872,240
Series 2022-DNA2, Class M1B
7.71% (SOFR + 2.40%), 02/25/2042(b)(e)		7,072		7,107,870
Series 2022-DNA3, Class M1B
8.21% (SOFR + 2.90%), 04/25/2042(b)(e)		2,957		3,020,826
Series 2022-DNA4, Class M1B
8.66% (SOFR + 3.35%), 05/25/2042(b)(e)		5,585		5,788,305
Series 2022-DNA5, Class M1B
9.81% (SOFR + 4.50%), 06/25/2042(b)(e)		9,989		10,720,386
Series 2022-DNA7, Class M1A
7.81% (SOFR + 2.50%), 03/25/2052(b)(e)		7,192		7,305,929
Series 2022-HQA1, Class M1B
8.81% (SOFR + 3.50%), 03/25/2042(b)(e)		1,664		1,719,829
Series 2023-DNA1, Class M1A
7.41% (SOFR + 2.10%), 03/25/2043(b)(e)		4,131		4,169,326
Series 2023-DNA2, Class M1A
7.41% (SOFR + 2.10%), 04/25/2043(b)(e)		13,048		13,170,442
Series 2023-HQA1, Class M1A
7.31% (SOFR + 2.00%), 05/25/2043(b)(e)	U.S.$	5,386		5,419,125
Series 2023-HQA2, Class M1A
7.31% (SOFR + 2.00%), 06/25/2043(b)(e)		5,303		5,328,519
Federal National Mortgage Association Connecticut Avenue Securities
Series 2015-C04, Class 1M2
11.129% (SOFR + 5.81%), 04/25/2028(e)		864		921,730
Series 2016-C02, Class 1M2
11.429% (SOFR + 6.11%), 09/25/2028(e)		236		248,099
Series 2016-C03, Class 1M2
10.729% (SOFR + 5.41%), 10/25/2028(e)		976		1,031,244
Series 2021-R02, Class 2M2
7.31% (SOFR + 2.00%), 11/25/2041(b)(e)		4,242		4,172,698
Home Re Ltd. Series 2021-2, Class M1B 6.91% (SOFR + 1.60%), 01/25/2034(b)(e)		2,367		2,366,969
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 9.679% (SOFR + 4.36%), 11/25/2024(e)(f)		192		194,024
Oaktown Re VII Ltd. Series 2021-2, Class M1A 6.91% (SOFR + 1.60%), 04/25/2034(b)(e)		5,286		5,285,604
PMT Credit Risk Transfer Trust
Series 2019-2R, Class A
9.182% (SOFR + 3.86%), 05/30/2025(b)(e)		2,510		2,506,867
Series 2019-3R, Class A
9.129% (SOFR + 3.81%), 11/27/2031(b)(e)		189		188,489
Series 2020-1R, Class A
8.779% (SOFR + 3.46%), 02/27/2023(e)(f)		797		788,444
Triangle Re Ltd. Series 2021-3, Class M1A 7.21% (SOFR + 1.90%), 02/25/2034(b)(e)		1,725		1,726,858
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2
10.679% (SOFR + 5.36%), 11/25/2025(e)(f)		919		930,109

8 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

	Principal Amount (000)		U.S. $ Value
Series 2015-WF1, Class 2M2
10.929% (SOFR + 5.61%), 11/25/2025(e)(f)	U.S.$	228	$	235,151
				258,733,031
Agency Fixed Rate–0.2%
Federal Home Loan Mortgage Corp. REMICs
Series 5008, Class AI
3.50%, 09/25/2050(g)		9,306		1,683,061
Series 5040, Class AI
3.50%, 11/25/2050(g)		6,797		1,091,362
Series 5043, Class IO
5.00%, 11/25/2050(g)		13,788		3,170,515
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 4.263%, 05/28/2035		1,291		1,205,170
Federal National Mortgage Association REMICs Series 2015-30, Class EI 5.00%, 05/25/2045(g)		6,203		1,008,383
				8,158,491
Agency Floating Rate–0.1%
Federal Home Loan Mortgage Corp. REMICs
Series 4416, Class BS
0.672% (5.99%–SOFR), 12/15/2044(e)(h)		6,534		508,692
Series 4585, Class DS
0.572% (5.89%–SOFR), 05/15/2046(e)(h)		4,367		346,150
Series 4693, Class SL
0.722% (6.04%–SOFR), 06/15/2047(e)(h)		2,762		232,276
Series 4954, Class SL
0.621% (5.94%–SOFR), 02/25/2050(e)(h)		1,975		167,862
Series 4981, Class HS
0.671% (5.99%–SOFR), 06/25/2050(e)(h)		16,659		1,496,492
Federal National Mortgage Association REMICs
Series 2015-26, Class SH
1.021% (6.34%–SOFR), 05/25/2045(e)(h)		5,238		536,739
Series 2016-106, Class ES
0.571% (5.89%–SOFR), 01/25/2047(e)(h)		3,081		258,800
Series 2017-62, Class AS
0.721% (6.04%–SOFR), 08/25/2047(e)(h)		3,834		349,473
Series 2017-97, Class SW
0.771% (6.09%–SOFR), 12/25/2047(e)(h)		5,554		487,928
Government National Mortgage Association
Series 2017-122, Class SA
0.761% (6.09%–SOFR), 08/20/2047(e)(h)	U.S.$	4,606		438,281
Series 2017-134, Class MS
0.761% (6.09%–SOFR), 09/20/2047(e)(h)		5,341		511,648
Series 2017-43, Class ST
0.661% (5.99%–SOFR), 03/20/2047(e)(h)		6,369		574,542
				5,908,883
Non-Agency Floating Rate–0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 5.814% (SOFR + 0.49%), 12/25/2036(e)		3,692		1,206,765
HomeBanc Mortgage Trust Series 2005-1, Class A1 5.934% (SOFR + 0.61%), 03/25/2035(e)		576		463,994
JPMorgan Chase Bank, NA Series 2019-CL1, Class M3 7.534% (SOFR + 2.21%), 04/25/2047(b)(e)		676		676,151
				2,346,910
Non-Agency Fixed Rate–0.1%
Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 07/25/2035		267		183,226
Series 2006-24CB, Class A16
5.75%, 08/25/2036		1,970		1,040,977
Series 2006-J1, Class 1A13
5.50%, 02/25/2036		469		321,975
CHL Mortgage Pass-Through Trust Series 2006-13, Class 1A19 6.25%, 09/25/2036		593		251,500
				1,797,678
Total Collateralized Mortgage Obligations (cost $277,920,090)				276,944,993
ASSET-BACKED SECURITIES–6.1%
Autos-Fixed Rate–3.6%
American Credit Acceptance Receivables Trust Series 2023-3, Class B 6.09%, 11/12/2027(b)		8,592		8,577,895
Americredit Automobile Receivables Trust Series 2023-1, Class A2A 5.84%, 10/19/2026		6,530		6,526,700

Schedule of Investments—Intermediate Duration Portfolio 9

	Principal Amount (000)		U.S. $ Value
Avis Budget Rental Car Funding AESOP LLC
Series 2023-3A, Class A
5.44%, 02/22/2028(b)	U.S.$	4,800	$	4,712,852
Series 2023-5A, Class B
6.12%, 04/20/2028(b)		3,817		3,748,122
Carvana Auto Receivables Trust
Series 2021-N3, Class C
1.02%, 06/12/2028		856		787,081
Series 2021-N4, Class D
2.30%, 09/11/2028		3,177		3,022,115
Series 2021-P4, Class D
2.61%, 09/11/2028		4,063		3,459,495
CPS Auto Receivables Trust
Series 2021-C, Class D
1.69%, 06/15/2027(b)		5,050		4,755,213
Series 2022-A, Class C
2.17%, 04/16/2029(b)		5,564		5,314,801
Series 2023-A, Class A
5.54%, 03/16/2026(b)		2,149		2,144,235
DT Auto Owner Trust Series 2023-1A, Class A 5.48%, 04/15/2027(b)		3,549		3,536,800
FHF Trust
Series 2021-2A, Class A
0.83%, 12/15/2026(b)		1,166		1,117,485
Series 2023-1A, Class A2
6.57%, 06/15/2028(b)		3,519		3,482,114
Flagship Credit Auto Trust Series 2023-2, Class A2 5.76%, 04/15/2027(b)		6,310		6,281,733
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033(b)		5,650		4,955,761
LAD Auto Receivables Trust
Series 2021-1A, Class A
1.30%, 08/17/2026(b)		1,250		1,227,765
Series 2022-1A, Class A
5.21%, 06/15/2027(b)		3,448		3,421,275
Lendbuzz Securitization Trust
Series 2023-1A, Class A2
6.92%, 08/15/2028(b)		7,575		7,543,736
Series 2023-2A, Class A2
7.09%, 10/16/2028(b)		4,487		4,475,640
Lobel Automobile Receivables Trust Series 2023-1, Class A 6.97%, 07/15/2026(b)		1,585		1,585,450
Prestige Auto Receivables Trust Series 2022-1A, Class A2 5.90%, 07/15/2025(b)		1,928		1,925,555
Research-Driven Pagaya Motor Asset Trust VII Series 2022-3A, Class A 5.38%, 11/25/2030(b)		4,369		4,298,178
Santander Bank Auto Credit-Linked Notes
Series 2022-A, Class B
5.281%, 05/15/2032(b)	U.S.$	3,314		3,274,108
Series 2022-C, Class B
6.451%, 12/15/2032(b)		3,633		3,622,560
Santander Bank NA–SBCLN Series 2021-1A, Class B 1.833%, 12/15/2031(b)		1,420		1,384,198
Santander Drive Auto Receivables Trust Series 2023-3, Class B 5.61%, 07/17/2028		4,065		4,027,396
United Auto Credit Securitization Trust Series 2022-2, Class A 4.39%, 04/10/2025(b)		832		830,891
Westlake Automobile Receivables Trust
Series 2023-2A, Class A2A
5.87%, 07/15/2026(b)		7,698		7,689,504
Series 2023-P1, Class C
6.44%, 06/15/2027(b)		2,202		2,191,967
World Omni Select Auto Trust Series 2023-A, Class A2A 5.92%, 03/15/2027		7,447		7,434,964
				117,355,589
Other ABS-Fixed Rate–2.3%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051(b)		8,341		6,945,042
Affirm Asset Securitization Trust
Series 2021-Z1, Class A
1.07%, 08/15/2025(b)		575		565,299
Series 2021-Z2, Class A
1.17%, 11/16/2026(b)		659		637,673
Series 2022-A, Class B
4.64%, 05/17/2027(b)		750		726,120
Series 2022-X1, Class A
1.75%, 02/15/2027(b)		813		799,593
Amur Equipment Finance Receivables XI LLC Series 2022-2A, Class A2 5.30%, 06/21/2028(b)		2,170		2,149,027
Atalaya Equipment Leasing Trust Series 2021-1A, Class B 2.08%, 02/15/2027(b)		1,762		1,678,113
BHG Securitization Trust Series 2022-A, Class A 1.71%, 02/20/2035(b)		905		874,540
Cajun Global LLC Series 2021-1, Class A2 3.931%, 11/20/2051(b)		1,725		1,507,099

10 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

	Principal Amount (000)		U.S. $ Value
College Ave Student Loans LLC Series 2021-C, Class B 2.72%, 07/26/2055(b)	U.S.$	2,202	$	1,893,822
Dext ABS LLC Series 2021-1, Class B 1.76%, 02/15/2028(b)		493		454,000
Diamond Infrastructure Funding LLC Series 2021-1A, Class B 2.355%, 04/15/2049(b)		3,651		3,098,556
Diamond Issuer Series 2021-1A, Class A 2.305%, 11/20/2051(b)		7,711		6,563,091
Domino’s Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.662%, 04/25/2051(b)		4,331		3,651,448
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046(b)		2,161		1,826,015
Hardee’s Funding LLC
Series 2018-1A, Class A23
5.71%, 06/20/2048(b)		3,183		2,842,863
Series 2020-1A, Class A2
3.981%, 12/20/2050(b)		2,578		2,169,027
Kubota Credit Owner Trust Series 2023-1A, Class A2 5.40%, 02/17/2026(b)		5,570		5,540,338
MVW LLC Series 2021-2A, Class B 1.83%, 05/20/2039(b)		2,419		2,171,939
Neighborly Issuer
Series 2022-1A, Class A2
3.695%, 01/30/2052(b)		5,440		4,432,715
Series 2023-1A, Class A2
7.308%, 01/30/2053(b)		6,601		6,404,066
Neighborly Issuer LLC Series 2021-1A, Class A2 3.584%, 04/30/2051(b)		3,183		2,654,701
Nelnet Student Loan Trust
Series 2021-BA, Class B
2.68%, 04/20/2062(b)		2,008		1,579,120
Series 2021-CA, Class B
2.53%, 04/20/2062(b)		3,421		2,671,352
Series 2021-DA, Class B
2.90%, 04/20/2062(b)		3,096		2,470,672
NMEF Funding LLC Series 2022-B, Class A2 6.07%, 06/15/2029(b)		2,419		2,408,235
Upstart Securitization Trust Series 2021-3, Class B 1.66%, 07/20/2031(b)		5,220		5,109,432
				73,823,898
Credit Cards-Fixed Rate–0.2%
Brex Commercial Charge Card Master Trust Series 2022-1, Class A 4.63%, 07/15/2025(b)	U.S.$	7,665		7,541,107
Home Equity Loans-Floating Rate–0.0%
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates Series 2004-1, Class 1A 6.034% (SOFR + 0.71%), 04/25/2034(e)		2		2,238
Total Asset-Backed Securities (cost $211,192,100)				198,722,832
COLLATERALIZED LOAN OBLIGATIONS–3.5%
CLO-Floating Rate–3.5%
AGL CLO 10 Ltd. Series 2021-10A, Class A 6.70% (SOFR + 1.39%), 04/15/2034(b)(e)		3,427		3,396,717
Balboa Bay Loan Funding Ltd. Series 2021-1A, Class A 6.788% (SOFR + 1.46%), 07/20/2034(b)(e)		6,496		6,460,096
Dryden 78 CLO Ltd. Series 2020-78A, Class C 7.52% (SOFR + 2.21%), 04/17/2033(b)(e)		4,670		4,615,940
Elevation CLO Ltd. Series 2020-11A, Class D1 9.42% (SOFR + 4.11%), 04/15/2033(b)(e)		4,500		4,307,746
Elmwood CLO IX Ltd. Series 2021-2A, Class A 6.718% (SOFR + 1.39%), 07/20/2034(b)(e)		5,900		5,876,087
Elmwood CLO VIII Ltd. Series 2021-1A, Class A1 6.828% (SOFR + 1.50%), 01/20/2034(b)(e)		8,833		8,815,316
Elmwood CLO XII Ltd. Series 2021-5A, Class D 8.638% (SOFR + 3.31%), 01/20/2035(b)(e)		2,100		2,080,688
Flatiron CLO 21 Ltd. Series 2021-1A, Class A1 6.692% (LIBOR 3 Month + 1.11%), 07/19/2034(b)(e)		4,290		4,262,102

Schedule of Investments—Intermediate Duration Portfolio 11

	Principal Amount (000)		U.S. $ Value
Goldentree Loan Management US CLO 7 Ltd. Series 2020-7A, Class AR 6.658% (SOFR + 1.33%), 04/20/2034(b)(e)	U.S.$	6,463	$	6,409,674
Golub Capital Partners 48 LP Series 2020-48A, Class A1 6.88% (SOFR + 1.57%), 04/17/2033(b)(e)		644		641,947
Kings Park CLO Ltd. Series 2021-1A, Class A 6.725% (SOFR + 1.39%), 01/21/2035(b)(e)		8,477		8,422,112
Neuberger Berman Loan Advisers CLO 43 Ltd. Series 2021-43A, Class A 6.70% (SOFR + 1.39%), 07/17/2035(b)(e)		6,910		6,865,593
OCP CLO Ltd. Series 2020-18A, Class AR 6.678% (SOFR + 1.35%), 07/20/2032(b)(e)		8,088		8,068,112
Palmer Square CLO Ltd. Series 2021-4A, Class A 6.74% (SOFR + 1.43%), 10/15/2034(b)(e)		730		726,657
Peace Park CLO Ltd. Series 2021-1A, Class D 8.538% (LIBOR 3 Month + 2.95%), 10/20/2034(b)(e)		400		386,565
Pikes Peak CLO 8 Series 2021-8A, Class A 6.758% (SOFR + 1.43%), 07/20/2034(b)(e)		7,300		7,213,466
Rad CLO 7 Ltd. Series 2020-7A, Class C 7.57% (SOFR + 2.26%), 04/17/2033(b)(e)		2,090		2,069,982
Rad CLO 11 Ltd. Series 2021-11A, Class D 8.47% (SOFR + 3.16%), 04/15/2034(b)(e)		3,800		3,643,991
Rad CLO 14 Ltd. Series 2021-14A, Class A 6.74% (SOFR + 1.43%), 01/15/2035(b)(e)		829		821,663
Regatta XIX Funding Ltd. Series 2022-1A, Class A1 6.646% (SOFR + 1.32%), 04/20/2035(b)(e)		5,153		5,099,721
Regatta XX Funding Ltd. Series 2021-2A, Class A 6.73% (SOFR + 1.42%), 10/15/2034(b)(e)		11,084		11,036,497
Rockford Tower CLO Ltd.
Series 2021-2A, Class A1
6.748% (SOFR + 1.42%), 07/20/2034(b)(e)	U.S.$	5,449		5,408,169
Series 2021-3A, Class D
8.838% (SOFR + 3.51%), 10/20/2034(b)(e)		3,200		3,063,597
Sixth Street CLO XVII Ltd. Series 2021-17A, Class A 6.828% (SOFR + 1.50%), 01/20/2034(b)(e)		1,089		1,084,927
Sixth Street CLO XX Ltd. Series 2021-20A, Class D 8.638% (SOFR + 3.31%), 10/20/2034(b)(e)		1,900		1,852,399
TICP CLO XV Ltd. Series 2020-15A, Class A 6.868% (SOFR + 1.54%), 04/20/2033(b)(e)		250		249,197
Voya CLO Ltd. Series 2019-1A, Class DR 8.42% (SOFR + 3.11%), 04/15/2031(b)(e)		1,850		1,764,819
Total Collateralized Loan Obligations (cost $115,653,029)				114,643,780
COMMERCIAL MORTGAGE-BACKED SECURITIES–2.9%
Non-Agency Floating Rate CMBS–1.7%
AREIT Trust Series 2022-CRE6, Class A 6.563% (SOFR + 1.25%), 01/20/2037(b)(e)		11,543		11,385,355
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 6.38% (SOFR + 1.05%), 11/15/2033(b)(e)		10,570		9,487,831
BBCMS Mortgage Trust Series 2020-BID, Class A 7.588% (SOFR + 2.25%), 10/15/2037(b)(e)		7,708		7,339,652
BFLD Trust Series 2021-FPM, Class A 7.048% (SOFR + 1.71%), 06/15/2038(b)(e)		11,683		11,166,857
BX Commercial Mortgage Trust
Series 2019-IMC, Class D
7.347% (SOFR + 2.01%), 04/15/2034(b)(e)		1,772		1,744,924
Series 2019-IMC, Class E
7.597% (SOFR + 2.26%), 04/15/2034(b)(e)		6,595		6,460,249

12 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

	Principal Amount (000)			U.S. $ Value
CLNY Trust Series 2019-IKPR, Class D 7.468% (SOFR + 2.14%), 11/15/2038(b)(e)	U.S.$		5,360	$	4,944,028
Federal Home Loan Mortgage Corp. Series 2021-MN1, Class M1 7.31% (SOFR + 2.00%), 01/25/2051(b)(e)			728		705,712
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 6.912% (SOFR + 1.58%), 07/15/2036(b)(e)			2,335		2,129,539
					55,364,147
Non-Agency Fixed Rate CMBS–1.2%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.652%, 03/10/2037(b)			2,805		2,224,513
Barclays Commercial Mortgage Trust Series 2019-C3, Class B 4.096%, 05/15/2052			3,523		2,911,159
Commercial Mortgage Trust Series 2012-CR3, Class E 4.438%, 10/15/2045(b)			3,938		1,181,420
GS Mortgage Securities Trust Series 2011-GC5, Class D 5.299%, 08/10/2044(b)			333		98,497
GSF
Series 2021-1, Class A1
1.433%, 08/15/2026(f)(i)			3,572		3,358,162
Series 2021-1, Class A2
2.435%, 08/15/2026(f)(i)			9,371		8,807,203
Series 2021-1, Class AS
2.638%, 08/15/2026(f)(i)			249		224,176
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035(f)			6,860		6,593,053
JPMBB Commercial Mortgage Securities Trust
Series 2013-C14, Class D
4.385%, 08/15/2046(b)			2,527		1,059,950
Series 2014-C21, Class B
4.341%, 08/15/2047			1,857		1,716,239
Series 2015-C27, Class AS
3.634%, 02/15/2048			3,415		3,209,221
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP3, Class B 3.397%, 08/15/2049			3,000		2,408,382
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039			817		307,114
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(b)		U.S.$	1,228		1,192,318
Wells Fargo Commercial Mortgage Trust
Series 2015-SG1, Class AS
4.047%, 09/15/2048			2,906		2,718,900
Series 2019-C51, Class B
3.836%, 06/15/2052			1,269		1,023,530
					39,033,837
Total Commercial Mortgage-Backed Securities (cost $106,573,151)					94,397,984
CORPORATES–NON-INVESTMENT GRADE–1.4%
Industrial–1.3%
Capital Goods–0.0%
TK Elevator Midco GmbH 4.375%, 07/15/2027(b)		EUR	1,444		1,382,460
Communications-Media–0.4%
Altice Financing SA 3.00%, 01/15/2028(b)			2,174		1,934,960
CCO Holdings LLC/CCO Holdings Capital Corp.
4.50%, 08/15/2030(b)		U.S.$	1,424		1,168,022
4.50%, 06/01/2033(b)			5,124		3,920,065
4.75%, 02/01/2032(b)			1,041		832,862
DISH DBS Corp. 5.75%, 12/01/2028(b)			3,890		2,989,465
Summer BC Holdco B SARL 5.75%, 10/31/2026(b)		EUR	2,174		2,108,080
VZ Vendor Financing II BV 2.875%, 01/15/2029(b)			2,093		1,709,518
					14,662,972
Communications-Telecommunications–0.1%
Altice France SA/France 3.375%, 01/15/2028(b)			1,024		802,094
Lorca Telecom Bondco SA 4.00%, 09/18/2027(b)			2,174		2,135,409
					2,937,503
Consumer Cyclical-Automotive–0.1%
ZF North America Capital, Inc.
6.875%, 04/14/2028(b)		U.S.$	1,988		1,946,352
7.125%, 04/14/2030(b)			1,617		1,585,630
					3,531,982
Consumer Cyclical-Entertainment–0.3%
Carnival Corp. 4.00%, 08/01/2028(b)			5,633		4,875,643
Royal Caribbean Cruises Ltd. 8.25%, 01/15/2029(b)			4,339		4,493,859
					9,369,502

Schedule of Investments—Intermediate Duration Portfolio 13

	Principal Amount (000)			U.S. $ Value
Consumer Cyclical-Other–0.1%
Caesars Entertainment, Inc. 7.00%, 02/15/2030(b)		U.S.$	1,793	$	1,743,746
Consumer Non-Cyclical–0.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/2029(b)			3,900		3,322,839
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028(b)		EUR	1,420		1,292,300
					4,615,139
Services–0.1%
APCOA Parking Holdings GmbH 4.625%, 01/15/2027(b)			2,174		2,088,037
Technology–0.1%
Seagate HDD Cayman 8.25%, 12/15/2029(b)		U.S.$	3,553		3,643,957
					43,975,298
Utility–0.1%
Electric–0.1%
Vistra Corp. 7.00%, 12/15/2026(b)(d)			2,589		2,381,440
Total Corporates–Non-Investment Grade (cost $53,418,552)					46,356,738
AGENCIES–1.0%
Agency Debentures–1.0%
Federal Home Loan Banks
2.50%, 02/13/2024			6,170		6,101,451
4.00%, 06/30/2028			27,220		26,429,531
Total Agencies (cost $33,318,770)					32,530,982
LOCAL GOVERNMENTS-US MUNICIPAL BONDS–0.6%
United States–0.6%
State Board of Administration Finance Corp. (Florida Hurricane Catastrophe Fund)
Series 2020-A
1.705%, 07/01/2027			6,821		5,952,492
State of California
Series 2010
7.625%, 03/01/2040			8,520		9,987,179
University of California
Series 2021-B
3.071%, 05/15/2051	U.S.$		7,960		4,955,287
Total Local Governments–US Municipal Bonds (cost $23,340,430)					20,894,958
EMERGING MARKETS–CORPORATE BONDS–0.4%
Industrial–0.4%
Basic–0.1%
CSN Resources SA 4.625%, 06/10/2031(b)			1,862		1,408,472
Volcan Cia Minera SAA 4.375%, 02/11/2026(b)			761		433,222
					1,841,694
Capital Goods–0.1%
Embraer Netherlands Finance BV 5.40%, 02/01/2027			4,960		4,823,550
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(b)			3,418		3,077
					4,826,627
Communications-Media–0.0%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(b)			825		682,564
Consumer Cyclical-Other–0.1%
Wynn Macau Ltd. 5.625%, 08/26/2028(b)			2,862		2,468,475
Consumer Non-Cyclical–0.1%
Natura & Co. Luxembourg Holdings SARL 6.00%, 04/19/2029(b)			2,258		2,077,360
					11,896,720
Utility–0.0%
Electric–0.0%
Terraform Global Operating LP 6.125%, 03/01/2026(b)			565		554,282
Financial Institutions–0.0%
Other Finance–0.0%
OEC Finance Ltd.
5.25%, 12/27/2033(b)(c)(j)			2,635		105,389
7.125%, 12/26/2046(b)(c)(j)			782		54,081
					159,470
Total Emerging Markets–Corporate Bonds (cost $19,471,730)					12,610,472

14 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

	Principal Amount (000)			U.S. $ Value
QUASI-SOVEREIGNS–0.2%
Quasi-Sovereign Bonds–0.2%
Hungary–0.1%
Magyar Export-Import Bank Zrt 6.125%, 12/04/2027(b)		U.S.$	4,878	$	4,791,903
Indonesia–0.1%
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.45%, 05/21/2028(b)			2,363		2,302,578
Mexico–0.0%
Comision Federal de Electricidad 4.688%, 05/15/2029(b)			1,800		1,611,000
Total Quasi-Sovereigns (cost $9,018,740)					8,705,481
EMERGING MARKETS-SOVEREIGNS–0.1%
Dominican Republic–0.1%
Dominican Republic International Bond 4.875%, 09/23/2032(b) (cost $3,827,000)			3,827		3,106,338
	Shares
COMMON STOCKS–0.1%
Financials–0.1%
Insurance–0.1%
Mt Logan Re Ltd. Special Investment, Series 2, December 2022–Class U-1(i)(k)(l)			2,136		1,861,050
Mt Logan Re Ltd. Special Investment, Series 5, December 2022–Class U-1(i)(k)(l)			1,463		796,459
Total Common Stocks (cost $3,196,458)					2,657,509
	Principal Amount (000)
GOVERNMENTS-SOVEREIGN BONDS–0.1%
Colombia–0.1%
Colombia Government International Bond 3.125%, 04/15/2031 (cost $2,483,409)		U.S.$	2,490		1,838,865
SHORT-TERM INVESTMENTS–7.9%
U.S. TREASURY BILLS–7.9%
U.S. Treasury Bill
Zero Coupon, 10/24/2023			102,015		101,685,831
Zero Coupon, 10/31/2023			13,509		13,451,243
Zero Coupon, 11/07/2023			58,965		58,653,370
Zero Coupon, 12/26/2023			13,561		13,390,659
Zero Coupon, 02/01/2024			9,632		9,458,967
Zero Coupon, 03/07/2024			28,050		27,399,306
Zero Coupon, 03/14/2024			34,255		33,426,372
Total U.S. Treasury Bills (cost $257,442,690)					257,465,748
Total Investments—107.5% (cost $3,859,489,088)					3,518,314,107
Other assets less liabilities—(7.5)%					(245,531,300	)
Net Assets—100.0%				$	3,272,782,807

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		1,022	December 2023	$	114,016,875	$	(3,564,940	)
U.S. Long Bond (CBT) Futures		181	December 2023		20,594,406		(1,147,133	)
U.S. T-Note 5 Yr (CBT) Futures		6,030	December 2023		635,317,031		(6,038,223	)
U.S. Ultra Bond (CBT) Futures		113	December 2023		13,411,688		(412,148	)
Sold Contracts
10 Yr Japan Bond (OSE) Futures		106	December 2023		102,822,270		790,555
U.S. T-Note 2 Yr (CBT) Futures		384	December 2023		77,841,000		200,504
						$	(10,171,385	)

Schedule of Investments—Intermediate Duration Portfolio 15

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.		EUR	23,499		USD	25,914		10/12/2023	$	1,060,377
State Street Bank & Trust Co.		USD	46		EUR	43		10/12/2023		(447	)
State Street Bank & Trust Co.		JPY	4,444		USD	31		10/19/2023		1,158
									$	1,061,088

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		1.537	%		1 Day SOFR		Annual	$	3,216,413	$	1,759,211	$	1,457,202

CREDIT DEFAULT SWAPS (see Note 3)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2023			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	19		$	(2,743	)	$	(2,802	)	$	59
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	78			(11,253	)		(9,357	)		(1,896	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	63			(9,072	)		(6,938	)		(2,134	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	121			(17,442	)		(15,018	)		(2,424	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	116			(16,739	)		(14,079	)		(2,660	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	95			(13,645	)		(10,979	)		(2,666	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	112			(16,106	)		(13,386	)		(2,720	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	110			(15,825	)		(12,733	)		(3,092	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	67			(9,705	)		(6,260	)		(3,445	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	0	***		(71	)		(56	)		(15	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	672			(96,706	)		(49,734	)		(46,972	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	72			(10,409	)		(10,026	)		(383	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	61			(8,721	)		(6,928	)		(1,793	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	169			(24,264	)		(18,038	)		(6,226	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,620			(233,148	)		(169,126	)		(64,022	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	2,241			(322,538	)		(146,747	)		(175,791	)

16 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2023			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	976	$	(140,451	)	$	(62,810	)	$	(77,641	)
												$	(948,838	)	$	(555,017	)	$	(393,821	)

* Termination date

** Principal amount less than 500.

*** Notional amount less than 500.

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

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2023, the aggregate market value of these securities amounted to $956,358,586 or 29.2% of net assets.

(c) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2023.

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

(e) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2023.

(f) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.65% of net assets as of September 30, 2023, 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	$	3,454,213	$	3,358,162		0.10	%
GSF Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021		9,551,343		8,807,203		0.27	%
GSF Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021		253,041		224,176		0.01	%
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035		11/19/2020		7,277,532		6,593,053		0.20	%
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 9.679%, 11/25/2024		11/06/2015		191,138		194,024		0.01	%
PMT Credit Risk Transfer Trust Series 2020-1R, Class A 8.779%, 02/27/2023		02/11/2020		796,512		788,444		0.02	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 10.679%, 11/25/2025		09/28/2015		920,819		930,109		0.03	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 10.929%, 11/25/2025		09/28/2015		227,885		235,151		0.01	%

(g) IO—Interest Only.

(h) Inverse interest only security.

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

(j) 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, 2023.

(k) Fair valued by the Adviser.

(l) 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

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

RFUCCT1Y—Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year

SOFR—Secured Overnight Financing Rate

TBA—To Be Announced

See notes to financial statements.

Schedule of Investments—Intermediate Duration Portfolio 17

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Short Duration Plus Portfolio

September 30, 2023

	Principal Amount (000)		U.S. $ Value
GOVERNMENTS–TREASURIES–69.1%
United States–69.1%
U.S. Treasury Notes
0.125%, 12/15/2023	U.S.$	43,266	$	42,806,694
0.75%, 08/31/2026		1,749		1,557,608
3.00%, 06/30/2024		1,434		1,407,785
3.25%, 08/31/2024		46,057		45,128,370
4.00%, 06/30/2028		1,650		1,605,880
4.125%, 10/31/2027		983		962,460
4.125%, 07/31/2028		1,051		1,028,306
4.25%, 09/30/2024		5,741		5,673,426
4.25%, 12/31/2024		20,699		20,414,586
4.375%, 10/31/2024		11,470		11,340,765
4.375%, 08/31/2028		586		580,125
4.50%, 11/30/2024		8,826		8,736,757
5.00%, 09/30/2025		11,032		11,021,458
Total Governments–Treasuries (cost $153,944,020)				152,264,220
CORPORATES–INVESTMENT GRADE–11.1%
Financial Institutions–5.7%
Banking–4.4%
AIB Group PLC 7.583%, 10/14/2026(a)		681		693,272
American Express Co. 5.389%, 07/28/2027		359		353,794
Australia & New Zealand Banking Group Ltd. 4.829%, 02/03/2025(a)		294		291,219
Banco Bilbao Vizcaya Argentaria SA 5.862%, 09/14/2026		600		593,808
Banco Santander SA 4.175%, 03/24/2028		200		184,592
Bank of Ireland Group PLC 6.253%, 09/16/2026(a)		343		340,640
CaixaBank SA 6.684%, 09/13/2027(a)		228		228,018
Cooperatieve Rabobank UA 3.75%, 07/21/2026		282		262,618
Danske Bank A/S 3.773%, 03/28/2025(a)		353		347,659
Deutsche Bank AG/New York NY 7.146%, 07/13/2027		164		164,963
HSBC Holdings PLC
2.999%, 03/10/2026		595		566,821
4.755%, 06/09/2028		790		747,229
ING Groep NV 6.083%, 09/11/2027		343		341,535
Intesa Sanpaolo SpA 7.00%, 11/21/2025(a)	U.S.$	201	$	203,187
JPMorgan Chase & Co. 5.546%, 12/15/2025		426		423,112
Mitsubishi UFJ Financial Group, Inc. 4.788%, 07/18/2025		267		263,847
Nationwide Building Society 2.972%, 02/16/2028(a)		310		277,261
Santander Holdings USA, Inc.
2.49%, 01/06/2028		185		160,563
6.499%, 03/09/2029		159		155,139
Santander UK Group Holdings PLC 6.833%, 11/21/2026		407		409,137
Societe Generale SA
2.797%, 01/19/2028(a)		367		326,120
6.447%, 01/12/2027(a)		273		272,664
Standard Chartered PLC
0.991%, 01/12/2025(a)		621		610,747
6.17%, 01/09/2027(a)		200		198,966
Sumitomo Mitsui Financial Group, Inc. 5.464%, 01/13/2026		757		749,332
UBS Group AG 6.373%, 07/15/2026(a)		479		477,434
				9,643,677
Finance–0.5%
Aircastle Ltd. 6.50%, 07/18/2028(a)		215		210,534
Aviation Capital Group LLC
1.95%, 01/30/2026(a)		298		267,467
1.95%, 09/20/2026(a)		99		86,321
5.50%, 12/15/2024(a)		65		63,924
Synchrony Financial
3.95%, 12/01/2027		204		179,269
4.875%, 06/13/2025		199		190,003
				997,518
REITs–0.8%
American Tower Corp.
3.65%, 03/15/2027		235		217,892
5.25%, 07/15/2028		106		102,459
5.80%, 11/15/2028		145		143,873
Vornado Realty LP 2.15%, 06/01/2026		426		361,815
WEA Finance LLC/Westfield UK & Europe Finance PLC 3.75%, 09/17/2024(a)		1,072		1,030,985
				1,857,024
				12,498,219
Industrial–5.2%
Basic–0.3%
Glencore Funding LLC 4.625%, 04/29/2024(a)		623		616,745

18 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

	Principal Amount (000)		U.S. $ Value
Capital Goods–0.5%
Caterpillar Financial Services Corp. 5.15%, 08/11/2025	U.S.$	358	$	356,013
CNH Industrial Capital LLC 3.95%, 05/23/2025		376		364,483
Parker-Hannifin Corp. 3.65%, 06/15/2024		389		382,434
				1,102,930
Communications-Media–0.3%
Prosus NV 3.257%, 01/19/2027(a)		367		325,254
Warnermedia Holdings, Inc. 3.788%, 03/15/2025		359		346,686
				671,940
Consumer Cyclical-Automotive–1.0%
General Motors Financial Co., Inc. 5.80%, 06/23/2028		211		205,993
Harley-Davidson Financial Services, Inc. 3.05%, 02/14/2027(a)		577		514,603
Hyundai Capital America 2.75%, 09/27/2026(a)		1,010		921,645
Toyota Motor Credit Corp. 5.00%, 08/14/2026		594		587,930
				2,230,171
Consumer Cyclical-Other–0.3%
Las Vegas Sands Corp.
2.90%, 06/25/2025		393		366,079
3.20%, 08/08/2024		227		219,616
				585,695
Consumer Non-Cyclical–0.8%
Bat International Finance PLC 5.931%, 02/02/2029		238		233,526
Philip Morris International, Inc.
4.875%, 02/13/2026		445		437,448
5.00%, 11/17/2025		407		402,063
Thermo Fisher Scientific, Inc. 4.953%, 08/10/2026		358		354,069
Zoetis, Inc. 5.40%, 11/14/2025		230		229,041
				1,656,147
Energy–1.0%
Canadian Natural Resources Ltd. 2.05%, 07/15/2025		663		618,314
Continental Resources, Inc./OK 2.268%, 11/15/2026(a)		618		547,560
Marathon Oil Corp. 4.40%, 07/15/2027		352		330,989
ONEOK, Inc. 5.55%, 11/01/2026		356		353,679
Var Energi ASA 7.50%, 01/15/2028(a)		349		358,294
				2,208,836
Other Industrial–0.2%
LKQ Corp. 5.75%, 06/15/2028(a)	U.S.$	368	$	359,544
Services–0.2%
Amazon.com, Inc. 4.55%, 12/01/2027		412		403,352
Technology–0.3%
Kyndryl Holdings, Inc. 2.05%, 10/15/2026		641		558,638
TSMC Arizona Corp. 3.875%, 04/22/2027		227		215,745
				774,383
Transportation–Airlines–0.3%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(a)		788		763,991
				11,373,734
Utility–0.2%
Electric–0.2%
Alexander Funding Trust II 7.467%, 07/31/2028(a)		240		239,801
Public Service Enterprise Group, Inc. 5.85%, 11/15/2027		266		267,495
				507,296
Total Corporates–Investment Grade (cost $25,183,402)				24,379,249
ASSET-BACKED SECURITIES–6.9%
Autos-Fixed Rate–5.0%
ACM Auto Trust Series 2023-1A, Class A 6.61%, 01/22/2030(a)		264		263,676
American Credit Acceptance Receivables Trust Series 2022-3, Class A 4.12%, 02/13/2026(a)		73		72,703
Carmax Auto Owner Trust Series 2021-1, Class C 0.94%, 12/15/2026		190		175,383
Carvana Auto Receivables Trust Series 2021-N1, Class C 1.30%, 01/10/2028		170		158,379
CPS Auto Receivables Trust
Series 2021-B, Class C 1.23%, 03/15/2027(a)		186		184,408
Series 2022-D, Class A 6.09%, 01/15/2027(a)		516		515,354
Series 2023-A, Class A 5.54%, 03/16/2026(a)		204		203,196
Donlen Fleet Lease Funding 2 LLC Series 2021-2, Class C 1.20%, 12/11/2034(a)		371		354,858

Schedule of Investments—Short Duration Plus Portfolio 19

	Principal Amount (000)		U.S. $ Value
Drive Auto Receivables Trust Series 2021-1, Class C 1.02%, 06/15/2027	U.S.$	77	$	75,783
DT Auto Owner Trust
Series 2021-2A, Class C 1.10%, 02/16/2027(a)		185		180,906
Series 2023-1A, Class A 5.48%, 04/15/2027(a)		423		421,992
Enterprise Fleet Financing LLC Series 2023-2, Class A2 5.56%, 04/22/2030(a)		720		714,445
Exeter Automobile Receivables Trust Series 2021-1A, Class C 0.74%, 01/15/2026		100		99,703
First Investors Auto Owner Trust Series 2021-1A, Class C 1.17%, 03/15/2027(a)		351		336,856
Flagship Credit Auto Trust Series 2020-4, Class C 1.28%, 02/16/2027(a)		584		567,884
Ford Credit Auto Owner Trust Series 2021-1, Class C 1.91%, 10/17/2033(a)		202		180,211
Foursight Capital Automobile Receivables Trust Series 2021-1, Class C 1.02%, 09/15/2026(a)		229		225,670
Hertz Vehicle Financing III LLC Series 2022-1A, Class A 1.99%, 06/25/2026(a)		562		526,571
JPMorgan Chase Bank, NA–CACLN
Series 2020-2, Class D 1.487%, 02/25/2028(a)		15		14,399
Series 2021-1, Class B 0.875%, 09/25/2028(a)		138		135,038
Series 2021-2, Class B 0.889%, 12/26/2028(a)		120		116,247
LAD Auto Receivables Trust Series 2022-1A, Class A 5.21%, 06/15/2027(a)		341		338,579
Lendbuzz Securitization Trust Series 2023-2A, Class A1 5.835%, 05/15/2024(a)		94		94,247
Prestige Auto Receivables Trust Series 2022-1A, Class A2 5.90%, 07/15/2025(a)		390		389,428
Research-Driven Pagaya Motor Asset Trust VII Series 2022-3A, Class A 5.38%, 11/25/2030(a)		437		429,755
Santander Bank Auto Credit-Linked Notes
Series 2022-A, Class B 5.281%, 05/15/2032(a)		242		239,541
Series 2022-B, Class B 5.721%, 08/16/2032(a)		348		346,360
Series 2022-C, Class B 6.451%, 12/15/2032(a)	U.S.$	292	$	291,056
Santander Consumer Auto Receivables Trust Series 2021-AA, Class D 1.57%, 01/15/2027(a)		727		668,051
Santander Drive Auto Receivables Trust Series 2020-4, Class D 1.48%, 01/15/2027		395		384,634
Tricolor Auto Securitization Trust Series 2023-1A, Class A 6.48%, 08/17/2026(a)		331		330,496
United Auto Credit Securitization Trust Series 2022-2, Class A 4.39%, 04/10/2025(a)		67		67,363
Westlake Automobile Receivables Trust
Series 2020-3A, Class C 1.24%, 11/17/2025(a)		208		206,707
Series 2023-1A, Class A2A 5.51%, 06/15/2026(a)		733		730,963
World Omni Select Auto Trust Series 2023-A, Class A2A 5.92%, 03/15/2027		956		954,706
				10,995,548
Other ABS-Fixed Rate–1.9%
Affirm Asset Securitization Trust Series 2021-Z1, Class A 1.07%, 08/15/2025(a)		37		36,833
Amur Equipment Finance Receivables XI LLC Series 2022-2A, Class A2 5.30%, 06/21/2028(a)		231		228,481
Atalaya Equipment Leasing Trust Series 2021-1A, Class A2 1.23%, 05/15/2026(a)		122		120,648
Avant Loans Funding Trust Series 2021-REV1, Class A 1.21%, 07/15/2030(a)		502		496,022
Cajun Global LLC Series 2021-1, Class A2 3.931%, 11/20/2051(a)		100		87,652
College Ave Student Loans LLC Series 2021-C, Class A2 2.32%, 07/26/2055(a)		383		329,346
Dext ABS LLC Series 2021-1, Class A 1.12%, 02/15/2028(a)		289		279,274
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048(a)		852		760,728
Kubota Credit Owner Trust Series 2023-1A, Class A2 5.40%, 02/17/2026(a)		760		755,953

20 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

	Principal Amount (000)		U.S. $ Value
MVW LLC Series 2021-2A, Class A 1.43%, 05/20/2039(a)	U.S.$	311	$	280,791
Neighborly Issuer LLC Series 2021-1A, Class A2 3.584%, 04/30/2051(a)		221		184,293
Nelnet Student Loan Trust
Series 2021-CA, Class AFX 1.32%, 04/20/2062(a)		302		270,471
Series 2021-DA, Class AFX 1.63%, 04/20/2062(a)		100		89,715
NMEF Funding LLC Series 2022-B, Class A2 6.07%, 06/15/2029(a)		266		264,508
Upstart Securitization Trust Series 2021-3, Class A 0.83%, 07/20/2031(a)		7		7,312
				4,192,027
Total Asset-Backed Securities (cost $15,798,244)				15,187,575
COLLATERALIZED MORTGAGE OBLIGATIONS–5.2%
Risk Share Floating Rate–4.8%
Bellemeade Re Ltd.
Series 2021-1A, Class M1B 7.51% (SOFR + 2.20%), 03/25/2031(a)(b)		684		686,407
Series 2021-2A, Class M1A 6.51% (SOFR + 1.20%), 06/25/2031(a)(b)		113		112,346
Series 2021-3A, Class A2 6.31% (SOFR + 1.00%), 09/25/2031(a)(b)		480		474,858
Series 2022-2, Class M1A 9.31% (SOFR + 4.00%), 09/27/2032(a)(b)		858		881,215
Connecticut Avenue Securities Trust
Series 2021-R01, Class 1M1 6.06% (SOFR + 0.75%), 10/25/2041(a)(b)		26		26,273
Series 2021-R03, Class 1M1 6.16% (SOFR + 0.85%), 12/25/2041(a)(b)		352		348,962
Series 2022-R01, Class 1M1 6.31% (SOFR + 1.00%), 12/25/2041(a)(b)		818		813,146
Series 2022-R02, Class 2M1 6.51% (SOFR + 1.20%), 01/25/2042(a)(b)		263		261,756
Series 2022-R05, Class 2M1 7.21% (SOFR + 1.90%), 04/25/2042(a)(b)		111		110,482
Series 2022-R08, Class 1M1 7.86% (SOFR + 2.55%), 07/25/2042(a)(b)	U.S.$	662	$	673,710
Series 2023-R02, Class 1M1 7.61% (SOFR + 2.30%), 01/25/2043(a)(b)		316		320,162
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2015-DNA1, Class M3 8.729% (SOFR + 3.41%), 10/25/2027(b)		43		43,613
Series 2021-DNA5, Class M2 6.96% (SOFR + 1.65%), 01/25/2034(a)(b)		133		133,323
Series 2021-DNA6, Class M1 6.11% (SOFR + 0.80%), 10/25/2041(a)(b)		252		251,639
Series 2021-DNA7, Class M1 6.16% (SOFR + 0.85%), 11/25/2041(a)(b)		543		537,214
Series 2021-HQA4, Class M1 6.26% (SOFR + 0.95%), 12/25/2041(a)(b)		402		394,692
Series 2022-DNA1, Class M1A 6.31% (SOFR + 1.00%), 01/25/2042(a)(b)		302		299,077
Series 2022-DNA2, Class M1A 6.61% (SOFR + 1.30%), 02/25/2042(a)(b)		299		298,021
Series 2022-DNA4, Class M1A 7.51% (SOFR + 2.20%), 05/25/2042(a)(b)		269		271,919
Series 2022-DNA5, Class M1A 8.26% (SOFR + 2.95%), 06/25/2042(a)(b)		373		382,950
Series 2022-DNA7, Class M1A 7.81% (SOFR + 2.50%), 03/25/2052(a)(b)		778		790,079
Series 2022-HQA1, Class M1A 7.41% (SOFR + 2.10%), 03/25/2042(a)(b)		387		389,953
Series 2022-HQA2, Class M1A 7.96% (SOFR + 2.65%), 07/25/2042(a)(b)		656		670,749
Series 2023-DNA1, Class M1A 7.41% (SOFR + 2.10%), 03/25/2043(a)(b)		392		395,402
Series 2023-DNA2, Class M1A 7.41% (SOFR + 2.10%), 04/25/2043(a)(b)		304		307,045
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C04, Class 1M2 10.329% (SOFR + 5.01%), 11/25/2024(b)		157		162,677

Schedule of Investments—Short Duration Plus Portfolio 21

	Principal Amount (000)		U.S. $ Value
Series 2015-C01, Class 1M2 9.729% (SOFR + 4.41%), 02/25/2025(b)	U.S.$	28	$	28,680
Series 2015-C02, Class 1M2 9.429% (SOFR + 4.11%), 05/25/2025(b)		8		8,691
Series 2021-R02, Class 2M1 6.21% (SOFR + 0.90%), 11/25/2041(a)(b)		279		276,465
PMT Credit Risk Transfer Trust
Series 2019-2R, Class A 9.182% (SOFR + 3.86%), 05/30/2025(a)(b)		62		62,181
Series 2019-3R, Class A 9.129% (SOFR + 3.81%), 11/27/2031(a)(b)		20		19,692
Triangle Re Ltd. Series 2021-3, Class M1A 7.21% (SOFR + 1.90%), 02/25/2034(a)(b)		102		102,508
				10,535,887
Agency Floating Rate–0.3%
Federal Home Loan Mortgage Corp. REMICs
Series 4248, Class QF 5.928% (SOFR + 0.61%), 06/15/2039(b)		235		228,503
Series 4286, Class VF 5.878% (SOFR + 0.56%), 12/15/2043(b)		203		196,359
Federal National Mortgage Association REMICs
Series 2013-57, Class FN 5.779% (SOFR + 0.46%), 06/25/2043(b)		151		145,838
Series 2014-49, Class AF 5.068% (SOFR + 0.43%), 08/25/2044(b)		260		250,829
				821,529
Agency Fixed Rate–0.1%
Federal Home Loan Mortgage Corp. REMICs Series 4029, Class NE 2.50%, 03/15/2041		188		176,581
Non-Agency Floating Rate – 0.0%
JPMorgan Chase Bank, NA Series 2019-CL1, Class M3 7.534% (SOFR + 2.21%), 04/25/2047(a)(b)		49		48,833
Total Collateralized Mortgage Obligations (cost $11,566,237)				11,582,830
COMMERCIAL MORTGAGE-BACKED SECURITIES–2.7%
Non-Agency Floating Rate CMBS–1.7%
AREIT Trust Series 2022-CRE6, Class A 6.563% (SOFR + 1.25%), 01/20/2037(a)(b)	U.S.$	728	$	718,309
BBCMS Mortgage Trust Series 2020-BID, Class A 7.588% (SOFR + 2.25%), 10/15/2037(a)(b)		546		519,908
BFLD Trust Series 2021-FPM, Class A 7.048% (SOFR + 1.71%), 06/15/2038(a)(b)		795		759,878
CLNY Trust Series 2019-IKPR, Class D 7.468% (SOFR + 2.14%), 11/15/2038(a)(b)		180		166,031
GCT Commercial Mortgage Trust Series 2021-GCT, Class B 6.698% (SOFR + 1.36%), 02/15/2038(a)(b)		469		309,469
Morgan Stanley Capital I Trust Series 2019-BPR, Class C 8.972% (SOFR + 3.64%), 05/15/2036(a)(b)		365		344,075
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 6.912% (SOFR + 1.58%), 07/15/2036(a)(b)		141		128,250
VASA Trust Series 2021-VASA, Class A 6.348% (SOFR + 1.01%), 07/15/2039(a)(b)		830		726,035
				3,671,955
Non-Agency Fixed Rate CMBS–1.0%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.652%, 03/10/2037(a)		185		146,715
GS Mortgage Securities Trust Series 2011-GC5, Class AS 5.209%, 08/10/2044(a)		385		368,438
GSF
Series 2021-1, Class A1 1.433%, 08/15/2026(c)(d)		381		357,960
Series 2021-1, Class A2 2.435%, 08/15/2026(c)(d)		538		505,632
Series 2021-1, Class AS 2.638%, 08/15/2026(c)(d)		18		16,205
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035(d)		470		451,711
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(a)		114		111,168

22 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

	Principal Amount (000)			U.S. $ Value
UBS-Barclays Commercial Mortgage Trust Series 2013-C5, Class C 3.865%, 03/10/2046(a)	U.S.$	505		$	358,546
					2,316,375
Agency CMBS–0.0%
Government National Mortgage Association Series 2006-51, Class IO 0.939%, 08/16/2046(e)		246			3,364
Total Commercial Mortgage-Backed Securities (cost $6,705,385)					5,991,694
AGENCIES–1.7%
Agency Debentures–1.7%
Federal Farm Credit Banks Fund 4.50%, 08/14/2026		605			598,811
Federal Home Loan Banks
2.50%, 02/13/2024		445			440,056
4.00%, 06/30/2028		2,000			1,941,920
Federal National Mortgage Association 2.50%, 02/05/2024		810			801,517
Total Agencies (cost $3,819,429)					3,782,304
COLLATERALIZED LOAN OBLIGATIONS–1.4%
CLO–Floating Rate–1.4%
AGL CLO 12 Ltd. Series 2021-12A, Class A1 6.748% (SOFR + 1.42%), 07/20/2034(a)(b)		686			679,696
Dryden 78 CLO Ltd. Series 2020-78A, Class C 7.52% (SOFR + 2.21%), 04/17/2033(a)(b)		320			316,296
Elevation CLO Ltd. Series 2020-11A, Class C 7.77% (SOFR + 2.46%), 04/15/2033(a)(b)		250			242,510
Goldentree Loan Management US CLO 7 Ltd. Series 2020-7A, Class AR 6.658% (SOFR + 1.33%), 04/20/2034(a)(b)		453			449,116
Magnetite XXVI Ltd. Series 2020-26A, Class A1R 6.733% (SOFR + 1.38%), 07/25/2034(a)(b)		739			735,254
Rad CLO 7 Ltd. Series 2020-7A, Class A1 6.77% (SOFR + 1.46%), 04/17/2033(a)(b)		444			442,460
Voya CLO Ltd. Series 2019-1A, Class DR 8.42% (SOFR + 3.11%), 04/15/2031(a)(b)	U.S.$	130		$	124,014
Total Collateralized Loan Obligations (cost $3,013,248)					2,989,346
MORTGAGE PASS-THROUGHS–0.6%
Agency Fixed Rate 30-Year–0.6%
Federal Home Loan Mortgage Corp.
Series 2019
3.50%, 10/01/2049		122			106,727
3.50%, 11/01/2049		595			520,517
Federal National Mortgage Association Series 2010 5.00%, 02/01/2040		522			514,506
Government National Mortgage Association
Series 2002
7.50%, 03/15/2032		25			25,520
Series 2009
5.00%, 10/15/2039		198			193,952
					1,361,222
Agency Fixed Rate 15-Year–0.0%
Federal Home Loan Mortgage Corp. Gold
Series 2011
5.00%, 07/01/2025		2			2,316
6.50%, 03/01/2026		1			1,345
					3,661
Agency ARMs–0.0%
Federal National Mortgage Association Series 2007 6.814% (RFUCCT6M + 1.31%), 01/01/2037(b)		0	**		413
Total Mortgage Pass-Throughs (cost $1,553,519)					1,365,296
LOCAL GOVERNMENTS–US MUNICIPAL BONDS–0.1%
United States–0.1%
New Jersey Turnpike Authority Series 2021-B 1.047%, 01/01/2026 (cost $125,000)		125			114,162
Total Investments—98.8% (cost $221,708,484)					217,656,676
Other assets less liabilities—1.2%					2,715,227
Net Assets—100.0%				$	220,371,903

Schedule of Investments—Short Duration Plus Portfolio 23

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		3		December 2023	$	334,687	$	(9,426	)
U.S. T-Note 2 Yr (CBT) Futures		393		December 2023		79,665,399		(154,588	)
U.S. T-Note 5 Yr (CBT) Futures		344		December 2023		36,243,625		(395,503	)
Sold Contracts
10 Yr Japan Bond (OSE) Futures		8		December 2023		7,760,171		59,654
U.S. Ultra Bond (CBT) Futures		1		December 2023		118,688		8,717
							$	(491,146	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.		JPY	22,267		USD    151		10/19/2023	$	2,061

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2023			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 41, 5 Year Index, 12/20/2028*		(5.00	)%		Quarterly		4.79	%		USD	2,770	$	(26,394	)	$	(26,550	)	$	156

* 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	2,830	05/21/2031		1.365	%		1 Day SOFR		Annual	$	572,605	$	352,773	$	219,832

** Principal amount less than 500.

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2023, the aggregate market value of these securities amounted to $41,900,069 or 19.0% of net assets.

(b) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2023.

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

(d) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.61% of net assets as of September 30, 2023, 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	$	367,922	$	357,960		0.16	%
GSF Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021		548,315		505,632		0.23	%
GSF Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021		18,292		16,205		0.01	%

24 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

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	$	498,606	$	451,711		0.21	%

(e) IO—Interest Only.

Currency Abbreviations:

JPY—Japanese Yen

USD—United States Dollar

Glossary:

ARMs—Adjustable Rate Mortgages

CBT—Chicago Board of Trade

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

CLO—Collateralized Loan Obligations

CMBS—Commercial Mortgage-Backed Securities

OSE—Osaka Securities Exchange

RFUCCT6M—Refinitiv USD IBOR Consumer Cash Fallbacks Term 6 Months

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 25

SCB–TAX–1944-0923

Sanford C. Bernstein Fund, Inc.

September 30, 2023

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 Shareholders of Short Duration Diversified Municipal Portfolio, 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 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, 2023, the statements of operations for the year ended September 30, 2023, the statements of changes in net assets for each of the two years in the period ended September 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2023 (collectively referred to as the “financial statements”), which appear in the Sanford C. Bernstein Fund, Inc. September 30, 2023 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, 2023, 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, 2023 and each of the financial highlights for each of the five years in the period ended September 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

November 22, 2023

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

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Short Duration Diversified Municipal Portfolio

September 30, 2023

Principal Amount (000)			U.S. $ Value
MUNICIPAL OBLIGATIONS–96.2%
Long-Term Municipal Bonds–96.2%
Alabama–4.8%
Black Belt Energy Gas District Series 2018 4.548% (SOFR + 0.90%), 12/01/2048 (Pre-refunded/ETM)(a)	$	2,000	$	1,999,691
Lower Alabama Gas District (The) (Goldman Sachs Group, Inc. (The)) Series 2020 4.00%, 12/01/2050		5,000		4,901,326
Southeast Alabama Gas Supply District (The) (Morgan Stanley) Series 2018-A 4.00%, 06/01/2049		2,100		2,086,150
Southeast Energy Authority A Cooperative District (Royal Bank of Canada) Series 2023-B 5.00%, 01/01/2054		2,000		2,020,174
				11,007,341
Arizona–5.8%
Arizona Industrial Development Authority (Phoenix Children’s Hospital Obligated Group) Series 2021 5.00%, 02/01/2025		1,100		1,113,561
Chandler Industrial Development Authority (Intel Corp.) Series 2022 5.00%, 09/01/2042		1,980		2,001,961
5.00%, 09/01/2052		5,000		5,055,801
City of Glendale AZ (City of Glendale AZ COP) Series 2021 0.897%, 07/01/2024		2,000		1,928,400
Industrial Development Authority of the County of Pima (The) (La Posada at Park Centre, Inc. Obligated Group) Series 2022 5.125%, 11/15/2029(b)		500		491,867
Salt River Project Agricultural Improvement & Power District Series 2015-A 5.00%, 12/01/2036		2,710		2,746,398
				13,337,988

Principal Amount (000)			U.S. $ Value
California–6.2%
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054	$	2,260	$	2,254,670
California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) Series 2023 3.65%, 01/01/2050(b)		860		854,746
California State University Series 2021-B 0.55%, 11/01/2049		2,000		1,752,993
Orange County Transportation Authority Series 2021 5.00%, 10/15/2024 (Pre-refunded/ETM)		2,000		2,028,783
San Francisco Intl Airport Series 2019-H 5.00%, 05/01/2024 (Pre-refunded/ETM)		1,890		1,900,090
State of California Series 2021 4.00%, 10/01/2024		4,520		4,539,465
Series 2023 5.10%, 03/01/2029		1,000		996,527
				14,327,274
Colorado–3.3%
City & County of Denver Co. Airport System Revenue Series 2022-A 5.00%, 11/15/2030		4,000		4,188,078
Colorado Health Facilities Authority (Sanford Obligated Group) Series 2019-A 5.00%, 11/01/2026		1,885		1,936,084
E-470 Public Highway Authority Series 2021-B 3.914% (SOFR + 0.35%), 09/01/2039(a)		1,500		1,494,438
				7,618,600
Connecticut–0.9%
Connecticut State Health & Educational Facilities Authority (Yale University) Series 2023-A 2.80%, 07/01/2048		1,000		963,644
State of Connecticut Series 2019-A 5.00%, 04/15/2024		1,000		1,005,647
				1,969,291

Schedule of Investments—Short Duration Diversified Municipal Portfolio 1

Principal Amount (000)			U.S. $ Value
Delaware–0.4%
Delaware River & Bay Authority Series 2022 5.00%, 01/01/2024	$	820	$	821,760
District of Columbia–3.6%
District of Columbia (District of Columbia Fed Hwy Grant) Series 2020 5.00%, 12/01/2023		2,200		2,203,397
5.00%, 12/01/2024		855		865,869
Metropolitan Washington Airports Authority Aviation Revenue Series 2020-A 5.00%, 10/01/2024		5,230		5,260,815
				8,330,081
Florida–4.6%
Brevard County Health Facilities Authority (Health First, Inc. Obligated Group) Series 2023 5.00%, 04/01/2025		2,110		2,119,624
Capital Projects Finance Authority/FL (CAPFA Capital Corp. 2000F) Series 2020-A 5.00%, 10/01/2025		1,000		1,005,267
Capital Trust Agency, Inc. (Franklin Academy Series 2020 Obligated Group) Series 2020 4.00%, 12/15/2023(b)		365		363,875
County of Broward FL Airport System Revenue Series 2013-A 5.125%, 10/01/2038 (Pre-refunded/ETM)		2,000		2,000,000
Series 2015-C 5.00%, 10/01/2023		1,015		1,015,000
Series 2019-C 2.384%, 10/01/2026		1,000		923,906
County of Pasco FL (H Lee Moffitt Cancer Center & Research Institute Obligated Group) Series 2023 5.00%, 07/01/2030(b)		1,000		1,020,792
Florida Municipal Power Agency (Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) Series 2021 1.425%, 10/01/2026		1,000		892,740
State of Florida Department of Transportation Turnpike System Revenue Series 2017-A 5.00%, 07/01/2024		1,070		1,078,370

Principal Amount (000)			U.S. $ Value
Village Community Development District No. 13 Series 2019 2.625%, 05/01/2024	$	125	$	123,550
				10,543,124
Georgia–4.6%
Augusta Development Authority (AU Health System Obligated Group) Series 2018 5.00%, 07/01/2027		1,000		1,016,949
City of Atlanta GA Department of Aviation Series 2021-C 5.00%, 07/01/2024		1,000		1,005,044
Development Authority of Monroe County (The) (Oglethorpe Power Corp.) Series 2013-A 1.50%, 01/01/2039		2,150		2,034,208
Main Street Natural Gas, Inc. (Citigroup, Inc.) Series 2019-C 4.00%, 03/01/2050		2,500		2,443,407
Main Street Natural Gas, Inc. (Royal Bank of Canada) Series 2021-A 4.00%, 07/01/2052		2,000		1,947,178
Series 2023-B 5.00%, 07/01/2053		2,000		2,019,566
				10,466,352
Guam–1.1%
Antonio B. Won Pat International Airport Authority Series 2021-A 2.699%, 10/01/2026		610		548,691
Guam Department of Education (Guam Department of Education COP) Series 2020 3.625%, 02/01/2025		1,050		1,011,289
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2023		1,000		1,000,371
				2,560,351
Hawaii–2.2%
City & County of Honolulu HI Series 2022-A 5.00%, 11/01/2023		2,360		2,361,630
5.00%, 11/01/2024		2,660		2,692,431
				5,054,061

2 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
Illinois–5.8%
Chicago O’Hare International Airport Series 2022 5.00%, 01/01/2024	$	2,000	$	2,001,840
5.00%, 01/01/2025		2,000		2,013,785
City of Chicago IL Series 2020-A 5.00%, 01/01/2025		1,000		1,007,778
Illinois Finance Authority (OSF Healthcare System Obligated Group) Series 2020 5.00%, 05/15/2050		2,025		2,055,889
Metropolitan Pier & Exposition Authority Series 2022 3.00%, 06/15/2024		1,000		985,072
Sales Tax Securitization Corp. Series 2020-A 5.00%, 01/01/2026		2,740		2,790,699
State of Illinois Series 2022-B 5.00%, 03/01/2024		1,500		1,504,288
Series 2023-C 5.00%, 05/01/2024		1,000		1,004,133
				13,363,484
Kansas–0.6%
Kansas Development Finance Authority (State of Kansas Department of Administration Lease) Series 2021-K 0.662%, 05/01/2024		1,500		1,456,975
Kentucky–2.6%
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group) Series 2017-A 5.00%, 06/01/2024		1,000		1,003,203
Kentucky Public Energy Authority (Morgan Stanley) Series 2018-A 4.00%, 04/01/2048		5,000		4,980,347
				5,983,550
Louisiana–1.0%
Louisiana Local Government Environmental Facilities & Community Development Auth (Louisiana Utilities Restoration Corp ELL System Restoration Revenue) Series 2023 5.081%, 06/01/2031		1,000		984,733
Parish of St. James LA (NuStar Logistics LP) Series 2020 5.85%, 08/01/2041(b)		100		101,554
Principal Amount (000)			U.S. $ Value
6.10%, 06/01/2038(b)	$	105	$	110,798
6.10%, 12/01/2040(b)		100		105,522
State of Louisiana Gasoline & Fuels Tax Revenue Series 2022-A 4.224% (SOFR + 0.50%), 05/01/2043(a)		990		966,721
				2,269,328
Massachusetts–0.3%
Massachusetts Development Finance Agency (Lasell University) Series 2021 4.00%, 07/01/2026		240		232,409
Massachusetts Development Finance Agency (Tufts Medicine Obligated Group) AGM Series 2020-C 5.00%, 10/01/2023		300		300,000
5.00%, 10/01/2025		195		197,498
				729,907
Michigan–4.3%
Bloomfield Hills School District Series 2023 5.00%, 05/01/2024		705		709,527
5.00%, 05/01/2025		775		789,160
5.00%, 05/01/2026		600		618,857
City of Detroit MI Sewage Disposal System Revenue (Great Lakes Water Authority Sewage Disposal System Revenue) AGM Series 2006-D 4.291% (LIBOR 3 Month + 0.60%), 07/01/2032(a)		2,530		2,347,962
Michigan State Building Authority (Michigan State Building Authority Lease) Series 2013-I 5.00%, 10/15/2029 (Pre-refunded/ETM)		2,000		2,000,464
Series 2015-I 5.00%, 04/15/2033		3,390		3,457,361
				9,923,331
Missouri–1.0%
Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group) Series 2014 5.00%, 02/01/2026		940		937,894
Southeast Missouri State University Series 2020 5.00%, 04/01/2025		1,275		1,290,725
				2,228,619

Schedule of Investments—Short Duration Diversified Municipal Portfolio 3

Principal Amount (000)			U.S. $ Value
Nebraska–1.3%
Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) Series 2022-1 5.00%, 05/01/2053	$	2,095	$	2,084,662
Central Plains Energy Project (Royal Bank of Canada) Series 2019 4.00%, 12/01/2049		810		799,466
				2,884,128
Nevada–1.1%
Clark County School District Series 2021-A 5.00%, 06/15/2027		2,150		2,233,171
State of Nevada Department of Business & Industry (DesertXpress Enterprises LLC) Series 2023 3.70%, 01/01/2050(b)		260		258,453
				2,491,624
New Jersey–2.1%
County of Union NJ Series 2018-A 3.00%, 03/01/2027		1,210		1,169,508
New Brunswick Parking Authority BAM Series 2016-A 5.00%, 09/01/2030		1,955		2,007,331
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2019 5.00%, 12/15/2024		490		494,784
New Jersey Turnpike Authority Series 2021-B 0.638%, 01/01/2024		1,125		1,111,702
				4,783,325
New York–10.4%
City of New York NY Series 2022-A 5.00%, 09/01/2024		685		692,170
Metropolitan Transportation Authority Series 2015-D 5.00%, 11/15/2028		940		948,388
Series 2021-D 3.894% (SOFR + 0.33%), 11/01/2035(a)		1,795		1,789,592
New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2020 5.00%, 12/01/2023		1,600		1,601,037

Principal Amount (000)			U.S. $ Value
Port Authority of New York & New Jersey Series 2015 5.00%, 10/15/2027	$	1,195	$	1,208,527
Suffolk Tobacco Asset Securitization Corp. Series 2021 5.00%, 06/01/2025		2,250		2,287,463
5.00%, 06/01/2026		2,200		2,259,475
Triborough Bridge & Tunnel Authority Series 2021-A 5.00%, 11/01/2025		4,905		5,029,920
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2022-A 5.00%, 08/15/2024		6,925		6,988,757
Series 2022-E 4.608% (SOFR + 1.05%), 04/01/2026(a)		1,000		1,003,445
				23,808,774
North Carolina–2.2%
City of Charlotte NC Airport Revenue Series 2021-B 5.00%, 07/01/2024		875		878,839
5.00%, 07/01/2025		1,005		1,016,779
County of Gaston NC Series 2023 4.00%, 05/01/2025		3,110		3,111,696
				5,007,314
Ohio–2.2%
County of Washington OH (Marietta Area Health Care, Inc. Obligated Group) Series 2022 5.50%, 12/01/2027		175		166,831
Ohio Air Quality Development Authority (Ohio Valley Electric Corp.) Series 2021 1.50%, 02/01/2026		2,000		1,817,833
Ohio Turnpike & Infrastructure Commission Series 2022 5.00%, 02/15/2025		3,000		3,039,396
				5,024,060
Pennsylvania–4.9%
Allegheny County Hospital Development Authority (UPMC Obligated Group) Series 2022 4.68% (MUNIPSA + 0.70%), 11/15/2047(a)		1,000		989,452

4 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
City of Philadelphia PA Series 2019-B 5.00%, 02/01/2025	$	1,000	$	1,011,940
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) Series 2022-C 4.68% (MUNIPSA + 0.70%), 11/15/2047(a)		2,000		1,979,009
Pennsylvania Turnpike Commission Series 2023 4.83% (MUNIPSA + 0.85%), 07/15/2041(a)		2,000		2,000,012
Philadelphia Authority for Industrial Development (St. Joseph’s University) Series 2020 4.00%, 11/01/2024		500		497,025
5.00%, 11/01/2025		1,000		1,011,883
5.00%, 11/01/2026		850		864,908
Pittsburgh Water & Sewer Authority AGM Series 2023-C 4.524% (SOFR + 0.80%), 09/01/2040(a)(b)		2,000		1,979,743
Reading School District BAM Series 2019-D 5.00%, 04/01/2025		1,000		1,012,912
				11,346,884
Puerto Rico–0.2%
Commonwealth of Puerto Rico Series 2021-A 5.375%, 07/01/2025		125		126,283
5.625%, 07/01/2027		400		410,466
				536,749
South Carolina–1.8%
Piedmont Municipal Power Agency (Piedmont Municipal Power Agency Catawba Project Power Sales Revenue) Series 2021-A 4.00%, 01/01/2024		1,525		1,523,700
4.00%, 01/01/2025		1,240		1,238,016
SCAGO Educational Facilities Corp. for Pickens School District (Pickens County School District/SC) Series 2015 5.00%, 12/01/2030		1,250		1,262,066
				4,023,782
Tennessee–0.2%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-B Zero Coupon, 12/01/2024(b)		500		468,043
Principal Amount (000)			U.S. $ Value
Texas–7.2%
Arlington Higher Education Finance Corp. (BASIS Texas Charter Schools, Inc.) Series 2021 4.50%, 06/15/2056(b)	$	500	$	490,638
City of Dallas TX Hotel Occupancy Tax Revenue Series 2021 4.00%, 08/15/2027		1,940		1,909,520
Dallas Fort Worth International Airport Series 2021-A 5.00%, 11/01/2027		1,295		1,363,364
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group) Series 2020 5.00%, 06/01/2032		4,355		4,434,417
Series 2022 4.83% (MUNIPSA + 0.85%), 07/01/2049(a)		1,000		999,000
Mansfield Independent School District Series 2015 4.00%, 02/15/2033 (Pre-refunded/ETM)		1,000		1,001,245
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue Series 2017-B 5.00%, 11/01/2023		1,080		1,080,686
North Texas Tollway Authority (North Texas Tollway System) Series 2022-B 5.00%, 01/01/2024		2,260		2,264,185
State of Texas Series 2016 5.50%, 08/01/2026		1,000		1,037,721
Tarrant Regional Water District Water Supply System Revenue Series 2014 5.00%, 03/01/2044 (Pre-refunded/ETM)		2,000		2,007,697
				16,588,473
Utah–1.4%
City of Salt Lake City UT Airport Revenue Series 2021-A 5.00%, 07/01/2029		3,180		3,286,874
Virginia–1.5%
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group) Series 2020 5.00%, 01/01/2025		505		507,751

Schedule of Investments—Short Duration Diversified Municipal Portfolio 5

Principal Amount (000)			U.S. $ Value
Virginia Small Business Financing Authority (Pure Salmon Virginia, LLC) Series 2022 3.50%, 11/01/2052	$	3,000	$	2,997,463
				3,505,214
Washington–2.4%
State of Washington Series 2021 5.00%, 06/01/2025		2,500		2,552,268
Washington Economic Development Finance Authority (Mura Cascade ELP LLC) Series 2022 3.90%, 12/01/2042(b)		2,000		1,995,166
Washington Health Care Facilities Authority (Fred Hutchinson Cancer Center Obligated Group) Series 2021 5.00%, 12/01/2023(b)		250		250,292
5.00%, 12/01/2024(b)		195		196,904
5.00%, 12/01/2025(b)		275		278,608
5.00%, 12/01/2026(b)		285		290,458
				5,563,696
West Virginia–0.0%
West Virginia Economic Development Authority (Arch Resources, Inc.) Series 2021 4.125%, 07/01/2045		100		98,125
Wisconsin–4.2%
City of Milwaukee WI Series 2017-N 5.00%, 04/01/2024		1,415		1,417,909
Series 2020-N 5.00%, 04/01/2028		3,610		3,725,337
State of Wisconsin Series 2023-1 5.00%, 05/01/2024		1,000		1,006,364
UMA Education, Inc. Series 2019 5.00%, 10/01/2023(b)		360		360,000
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group) Series 2022 4.16% (MUNIPSA + 0.18%), 08/15/2054(a)		1,000		980,299
Wisconsin Public Finance Authority (Celanese US Holdings LLC) Series 2016-B 5.00%, 12/01/2025		2,000		2,014,110
Wisconsin Public Finance Authority (North San Gabriel Municipal Utility District No. 1) Series 2023 Zero Coupon, 09/01/2029(b)		100		62,843
Principal Amount (000)			U.S. $ Value
Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group) Series 2021-B 2.25%, 06/01/2027(b)	$	200	$	183,625
				9,750,487
Total Municipal Obligations (cost $227,976,823)				221,158,969
CORPORATES–INVESTMENT GRADE–0.8%
Industrial–0.8%
Consumer Cyclical–Automotive–0.4%
General Motors Financial Co., Inc. 6.579% (SOFR + 1.30%), 04/07/2025(a)		1,000		1,001,290
Consumer Cyclical–Entertainment–0.4%
YMCA of Greater New York 2.303%, 08/01/2026		1,000		898,340
Total Corporates–Investment Grade (cost $2,000,000)				1,899,630
ASSET-BACKED SECURITIES–0.3%
Other ABS–Fixed Rate–0.0%
Commonwealth of Massachusetts Series 2022-B 4.11%, 07/15/2031 (cost $753,384)		753		725,019
CORPORATES–NON-INVESTMENT GRADE–0.1%
Industrial–0.0%
Transportation–Airlines–0.0%
United Airlines, Inc. 4.375%, 04/15/2026(b) (cost $300,000)		300		277,605
	Shares
SHORT-TERM INVESTMENTS–0.1%
Investment Companies–0.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.25%(c)(d)(e) (cost $190,201)		190,201		190,201
Total Investments—97.5% (cost $231,220,408)				224,251,424
Other assets less liabilities—2.5%				5,667,854
Net Assets—100.0%			$	229,919,278

6 Sanford C. Bernstein Fund, Inc.—2023 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	4,100	07/31/2025	1 Day SOFR	4.851%	Annual	$	(16,129	)	$	—	$	(16,129	)
USD	2,700	04/30/2030	1 Day SOFR	3.075%	Annual		(210,890	)		—		(210,890	)
USD	1,630	04/30/2030	1 Day SOFR	3.500%	Annual		(83,341	)		—		(83,341	)
USD	1,400	04/30/2030	1 Day SOFR	3.369%	Annual		(83,992	)		—		(83,992	)
						$	(394,352	)	$	—	$	(394,352	)

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

$

70,296

$

—

$

70,296

* 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, 2023.

(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, 2023, the aggregate market value of these securities amounted to $10,141,532 or 4.4% of net assets.

(c) Affiliated investments.

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

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

As of September 30, 2023, 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 3.5% and 0.0%, respectively.

Glossary:

ABS—Asset-Backed Securities

AGM—Assured Guaranty Municipal

BAM—Build American Mutual

COP—Certificate of Participation

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.

Schedule of Investments—Short Duration Diversified Municipal Portfolio 7

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

California Municipal Portfolio

September 30, 2023

Principal Amount (000)			U.S. $ Value
MUNICIPAL OBLIGATIONS–95.6%
Long-Term Municipal Bonds–92.8%
California–83.2%
Anaheim Housing & Public Improvements Authority (City of Anaheim CA Electric System Revenue) Series 2020 2.792%, 10/01/2032	$	3,850	$	3,099,286
Bay Area Toll Authority Series 2021 4.26% (MUNIPSA + 0.28%), 04/01/2056(a)		5,000		4,980,534
4.28% (MUNIPSA + 0.30%), 04/01/2056(a)		5,000		4,888,970
4.39% (MUNIPSA + 0.41%), 04/01/2056(a)		9,215		8,981,831
California Community Choice Financing Authority Series 2023 5.228% (SOFR + 1.67%), 02/01/2054(a)		5,000		4,965,611
California Community Choice Financing Authority (American International Group, Inc.) Series 2023-D 5.50%, 05/01/2054		5,000		5,145,311
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054		10,000		9,976,414
California Community Choice Financing Authority (Goldman Sachs Group, Inc. (The)) Series 2021 4.00%, 10/01/2052		7,015		6,798,306
Series 2023 5.00%, 12/01/2053		9,590		9,658,477
California Community Choice Financing Authority (Morgan Stanley) Series 2021-B 4.00%, 02/01/2052		4,435		4,184,203
Series 2023 5.00%, 07/01/2053		12,000		12,103,867
5.00%, 02/01/2054		2,770		2,794,373
5.188% (SOFR + 1.63%), 07/01/2053(a)		5,000		4,969,555

Principal Amount (000)			U.S. $ Value
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021-A 4.00%, 08/01/2047(b)	$	4,450	$	3,299,005
California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) Series 2021 4.00%, 08/01/2046(b)		1,345		1,029,002
California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) Series 2021 4.00%, 02/01/2050(b)		3,390		2,360,567
California County Tobacco Securitization Agency Series 2020-A 4.00%, 06/01/2037		510		480,913
4.00%, 06/01/2038		1,000		927,711
5.00%, 06/01/2027		800		824,473
5.00%, 06/01/2028		700		727,047
5.00%, 06/01/2030		500		527,388
5.00%, 06/01/2031		400		422,440
5.00%, 06/01/2032		300		316,618
California Earthquake Authority Series 2022-A 5.603%, 07/01/2027		2,250		2,235,488
California Educational Facilities Authority (University of the Pacific) Series 2015 5.00%, 11/01/2028		1,545		1,587,103
California Enterprise Development Authority (Rocketship Education Obligated Group) Series 2022 4.00%, 06/01/2027(b)		885		838,095
4.00%, 06/01/2031(b)		2,000		1,777,441
California Health Facilities Financing Authority Series 2023-A 5.00%, 08/15/2033		10,000		11,212,451
California Health Facilities Financing Authority (Cedars-Sinai Medical Center) Series 2015 5.00%, 11/15/2027		6,500		6,675,771
5.00%, 11/15/2028		6,000		6,162,160
5.00%, 11/15/2029		7,000		7,183,796
California Health Facilities Financing Authority (Children’s Hospital Los Angeles) Series 2017-A 5.00%, 08/15/2032		1,215		1,240,144

8 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
California Health Facilities Financing Authority (CommonSpirit Health) Series 2020-A 5.00%, 04/01/2032	$	2,900	$	3,033,170
5.00%, 04/01/2033		2,000		2,093,910
5.00%, 04/01/2034		750		781,865
California Health Facilities Financing Authority (Sutter Health Obligated Group) Series 2018-A 5.00%, 11/15/2023		4,250		4,255,306
5.00%, 11/15/2029		1,280		1,342,540
California Infrastructure & Economic Development Bank (California Academy of Sciences) Series 2021 4.33% (MUNIPSA + 0.35%), 08/01/2047(a)		8,700		8,617,375
California Infrastructure & Economic Development Bank (California Infrastructure & Economic Development Bank SRF) Series 2017 5.00%, 10/01/2024		5,000		5,072,777
Series 2018 5.00%, 10/01/2032		13,965		15,003,081
California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) Series 2023 3.65%, 01/01/2050(b)		17,215		17,109,837
8.00%, 01/01/2050(b)		1,605		1,602,861
California Infrastructure & Economic Development Bank (Segerstrom Center for the Arts) Series 2016 5.00%, 07/01/2026		2,370		2,426,482
California Municipal Finance Authority (Emerson College) Series 2017-B 5.00%, 01/01/2030		1,000		1,019,260
California Municipal Finance Authority (LAX Integrated Express Solutions LLC) Series 2018 5.00%, 12/31/2023		800		799,855
5.00%, 12/31/2024		250		250,372
5.00%, 12/31/2026		2,200		2,222,600
5.00%, 06/30/2029		1,050		1,071,603
5.00%, 12/31/2029		1,150		1,173,505
5.00%, 12/31/2031		1,930		1,969,044
California Municipal Finance Authority (United Airlines, Inc.) Series 2019 4.00%, 07/15/2029		5,250		5,024,421

Principal Amount (000)			U.S. $ Value
California Pollution Control Financing Authority (Poseidon Resources Channelside LP) Series 2012 5.00%, 07/01/2027(b)	$	2,740	$	2,744,948
California Pollution Control Financing Authority (San Diego County Water Authority Desalination Project Pipeline) Series 2019 5.00%, 07/01/2024(b)		1,335		1,343,637
5.00%, 07/01/2029(b)		3,400		3,487,167
California Public Finance Authority (California University of Science & Medicine Obligated Group) Series 2019 6.25%, 07/01/2054(b)		1,500		1,548,650
California School Finance Authority (KIPP SoCal Public Schools Obligated Group) Series 2020-A 4.00%, 07/01/2040(b)		1,305		1,119,127
California School Finance Authority (Lighthouse Community Public Schools Obligated Group) Series 2022 6.25%, 06/01/2042(b)		1,000		1,009,366
California School Finance Authority (Partnerships to Uplift Communities Series 2023 Obligated Group) Series 2023 5.00%, 08/01/2033(b)		775		774,052
5.25%, 08/01/2038(b)		500		480,541
California School Finance Authority (Rocketship Education Obligated Group)
Series 2015-A 4.25%, 03/01/2028(b)		945		917,216
Series 2016-A 5.00%, 06/01/2031(b)		1,000		1,000,879
California State Public Works Board (California State Public Works Board Lease) Series 2014-A 5.00%, 09/01/2030		11,220		11,346,483
Series 2014-B 5.00%, 10/01/2029		4,445		4,501,436
Series 2017-H 5.00%, 04/01/2030		2,000		2,097,502
5.00%, 04/01/2031		2,000		2,096,653
5.00%, 04/01/2032		1,270		1,330,871
Series 2021-A 5.00%, 02/01/2024		3,810		3,824,123
Series 2021-B 5.00%, 05/01/2024		1,000		1,006,877

Schedule of Investments—California Municipal Portfolio 9

Principal Amount (000)			U.S. $ Value
California State University Series 2014 5.00%, 11/01/2028 (Pre-refunded/ETM)	$	280	$	284,333
Series 2017-A 5.00%, 11/01/2033		5,620		5,897,676
Series 2020-A 5.00%, 11/01/2030		600		650,991
5.00%, 11/01/2031		400		434,382
Series 2020-D 1.49%, 11/01/2028		1,500		1,260,728
Series 2021-B 2.274%, 11/01/2034		7,000		5,152,288
California Statewide Communities Development Authority (CHF-Irvine LLC) Series 2017-A 5.00%, 05/15/2029		1,210		1,242,930
California Statewide Communities Development Authority (Emanate Health Obligated Group) Series 2020-A 5.00%, 04/01/2027		720		738,023
5.00%, 04/01/2028		535		551,651
California Statewide Communities Development Authority (Lancer Educational Housing LLC) Series 2016 5.00%, 06/01/2036(b)		3,250		3,057,720
Series 2019 5.00%, 06/01/2034(b)		755		716,620
5.00%, 06/01/2039(b)		1,800		1,659,956
California Statewide Communities Development Authority (Loma Linda University Medical Center) Series 2014 5.25%, 12/01/2034		4,500		4,510,653
Series 2018-A 5.00%, 12/01/2027(b)		250		248,769
5.00%, 12/01/2033(b)		1,000		972,837
California Statewide Communities Development Authority (NCCD-Hooper Street LLC) Series 2019 5.00%, 07/01/2024(b)		60		60,065
5.00%, 07/01/2029(b)		685		675,213
City & County of San Francisco CA Series 2018-C 5.00%, 06/15/2025		4,235		4,280,839
City & County of San Francisco CA (City & County of San Francisco CA COP) Series 2015-R 5.00%, 09/01/2024		3,970		3,972,283
Principal Amount (000)			U.S. $ Value
City of Fremont CA Community Facilities District No. 1 Series 2015 5.00%, 09/01/2027	$	1,000	$	1,012,665
City of Los Angeles Department of Airports Series 2017 5.00%, 05/15/2029		1,145		1,166,277
Series 2017-A 5.00%, 05/15/2028		1,440		1,476,019
5.00%, 05/15/2029		2,575		2,639,835
5.00%, 05/15/2031		1,275		1,306,756
Series 2018 5.00%, 05/15/2031		3,000		3,122,129
5.00%, 05/15/2035		1,190		1,220,778
Series 2018-C 5.00%, 05/15/2025		2,955		2,991,859
Series 2019 4.00%, 05/15/2044		4,205		3,710,308
Series 2019-A 5.00%, 05/15/2038		4,315		4,364,772
Series 2020-C 5.00%, 05/15/2031		5,000		5,267,619
5.00%, 05/15/2039		2,655		2,705,888
Series 2021 5.00%, 05/15/2030		5,020		5,256,815
5.00%, 05/15/2033		4,735		4,985,535
5.00%, 05/15/2033 (Pre-refunded/ETM)		265		280,951
5.00%, 05/15/2035		1,685		1,757,055
Series 2021-D 4.00%, 05/15/2040		2,165		1,969,900
Series 2022 4.00%, 05/15/2036		1,300		1,244,305
4.00%, 05/15/2041		1,100		993,377
5.00%, 05/15/2032		4,000		4,246,216
Series 2022-A 4.00%, 05/15/2041		6,160		5,562,914
City of Riverside CA Sewer Revenue Series 2015-A 5.00%, 08/01/2027		2,000		2,051,705
5.00%, 08/01/2030		3,320		3,404,114
Series 2018-A 5.00%, 08/01/2031		2,785		2,983,365
City of Roseville CA (Fiddyment Ranch Community Facilities District No. 1) Series 2017 5.00%, 09/01/2028		1,010		1,037,410
5.00%, 09/01/2030		1,295		1,324,142
City of Roseville CA (HP Campus Oaks Community Facilities District No. 1) Series 2016 5.00%, 09/01/2031		995		1,011,949

10 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
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	$	3,608,343
CMFA Special Finance Agency VIII Elan Huntington Beach Series 2021 4.00%, 08/01/2047(b)		970		744,950
Compton Community Redevelopment Agency Successor Agency AGM Series 2022-A 5.25%, 08/01/2032		3,925		4,234,672
Contra Costa Transportation Authority Sales Tax Revenue Series 2017-A 5.00%, 03/01/2030		1,250		1,314,539
Coronado Community Development Agency Successor Agency Series 2018-A 5.00%, 09/01/2033		2,935		2,999,048
County of Los Angeles CA Series 2023 5.00%, 06/28/2024		10,000		10,119,251
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.60%, 05/01/2047(b)		1,500		1,127,570
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) Series 2021 3.35%, 04/01/2047(b)		3,500		2,536,352
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)
Series 2021 4.00%, 10/01/2046(b)		4,000		2,837,300
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 3.50%, 10/01/2046(b)		5,000		3,544,714
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) Series 2021-A1 2.875%, 08/01/2041(b)		3,695		2,975,905
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(b)	$	1,000	$	748,907
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Oceanaire Apartments) Series 2021 3.20%, 09/01/2046(b)		5,000		3,273,344
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) Series 2021 2.65%, 12/01/2046(b)		2,480		1,733,895
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 3.50%, 05/01/2047(b)		2,000		1,475,022
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A 3.10%, 07/01/2045(b)		3,000		2,126,224
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 4.00%, 10/01/2048(b)		4,000		2,651,914
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments) Series 2021-A 3.00%, 09/01/2056(b)		1,500		913,506
Desert Sands Unified School District Series 2015 5.00%, 08/01/2038 (Pre-refunded/ETM)		1,510		1,547,933
Fontana Redevelopment Agency Successor Agency Series 2017-A 5.00%, 10/01/2031		1,750		1,837,780
Foothill-Eastern Transportation Corridor Agency Series 2021-C 4.00%, 01/15/2043		1,889		1,695,745

Schedule of Investments—California Municipal Portfolio 11

Principal Amount (000)			U.S. $ Value
Fremont Union High School District Series 2024 5.00%, 08/01/2026(c)	$	1,000	$	1,026,227
5.00%, 08/01/2031(c)		1,605		1,748,079
5.00%, 08/01/2033(c)		1,000		1,104,696
5.00%, 08/01/2035(c)		1,000		1,103,243
Golden State Tobacco Securitization Corp. Series 2021 2.746%, 06/01/2034		3,165		2,489,630
3.115%, 06/01/2038		2,500		1,833,547
3.85%, 06/01/2050		4,515		4,095,349
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization Corp. Lease) Series 2021 1.40%, 06/01/2025		2,900		2,711,183
Long Beach Bond Finance Authority Series 2007-A 5.50%, 11/15/2037		1,000		1,040,240
Long Beach Bond Finance Authority (Bank of America Corp.) Series 2007-A 5.00%, 11/15/2024		1,175		1,180,910
Long Beach Unified School District Series 2010-A 5.00%, 08/01/2025		1,000		1,000,787
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue Series 2022 5.00%, 07/01/2025		3,000		3,071,180
Los Angeles Department of Water & Power Series 2022 5.00%, 07/01/2024		1,500		1,516,585
Los Angeles Department of Water & Power Power System Revenue Series 2014-B 5.00%, 07/01/2026		1,600		1,604,496
5.00%, 07/01/2027		2,190		2,196,424
Series 2014-C 5.00%, 07/01/2025		9,945		10,054,498
5.00%, 07/01/2026		11,725		11,827,904
Series 2015-E 5.00%, 07/01/2025		820		829,029
Series 2022 5.00%, 07/01/2042		3,000		3,176,165
Series 2022-B 5.00%, 07/01/2036		3,000		3,330,434
5.00%, 07/01/2040		2,800		3,022,547
Los Angeles Department of Water & Power System Revenue Series 2021-B 5.00%, 07/01/2041		4,800		5,105,146

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	$	1,437,209
Los Angeles Unified School District/CA Series 2009 5.75%, 07/01/2034		2,000		2,016,106
Series 2014-C 5.00%, 07/01/2027		10,365		10,455,208
Series 2016-A 5.00%, 07/01/2027		18,645		19,103,354
Series 2017-A 5.00%, 07/01/2024		1,470		1,486,579
Series 2018-B 5.00%, 07/01/2029		9,020		9,608,748
Metropolitan Water District of Southern California Series 2021-D 4.12% (MUNIPSA + 0.14%), 07/01/2037(a)		2,900		2,890,551
Middle Fork Project Finance Authority Series 2020 5.00%, 04/01/2033		1,650		1,700,491
5.00%, 04/01/2034		1,100		1,131,953
5.00%, 04/01/2035		1,150		1,181,257
Newport Mesa Unified School District Series 2020 5.00%, 08/01/2024		1,600		1,619,460
Oakland Unified School District/Alameda County Series 2016 5.00%, 08/01/2030		1,420		1,472,862
Palm Desert Redevelopment Agency Successor Agency BAM Series 2017-A 5.00%, 10/01/2024		1,000		1,010,551
Peralta Community College District Series 2014-A 5.00%, 08/01/2028		1,820		1,833,714
Pittsburg Successor Agency Redevelopment Agency AGM Series 2016-A 5.00%, 09/01/2027		2,785		2,863,238
Port of Los Angeles Series 2014-A 5.00%, 08/01/2026		1,000		1,004,503
5.00%, 08/01/2027		1,565		1,571,010
Port of Oakland Series 2021 5.00%, 05/01/2025		4,800		4,855,385
River Islands Public Financing Authority (River Islands Public Financing Authority Community Facilities District No 2003-1) Series 2022 5.00%, 09/01/2042		2,510		2,331,837

12 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
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	$	2,647,305
Riverside County Public Financing Authority Series 2015 5.00%, 11/01/2028 (Pre-refunded/ETM)		3,395		3,497,241
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 4.37% (LIBOR 3 Month + 0.57%), 06/01/2039(a)		5,700		4,668,440
San Diego County Regional Airport Authority Series 2021-B 5.00%, 07/01/2028		5,245		5,435,323
San Diego Unified School District/CA Series 2023-A 5.00%, 06/28/2024		16,675		16,844,471
San Francisco City & County Redevelopment Agency Successor Agency (Mission Bay South Public Imp) Series 2013-A 5.00%, 08/01/2024		1,500		1,502,425
San Francisco Intl Airport Series 2014-A 5.00%, 05/01/2039		5,620		5,608,244
Series 2019-A 5.00%, 05/01/2034		11,015		11,392,246
5.00%, 05/01/2035		1,000		1,030,839
Series 2019-E 5.00%, 05/01/2034		3,450		3,568,157
5.00%, 05/01/2035		3,275		3,375,998
5.00%, 05/01/2036		3,385		3,469,009
Series 2020-E 5.00%, 05/01/2037		3,815		3,902,863
Series 2021-A 5.00%, 05/01/2036		1,950		2,018,115
Series 2022-C 2.583%, 05/01/2030		1,625		1,369,571
San Mateo County Community College District Series 2015-A 5.00%, 09/01/2045 (Pre-refunded/ETM)		5,000		5,145,826
San Mateo Joint Powers Financing Authority (County of San Mateo CA Lease) Series 2019-A 5.00%, 07/15/2024		3,660		3,702,768
5.00%, 07/15/2025		5,790		5,950,872
5.00%, 07/15/2026		3,310		3,459,513

Principal Amount (000)			U.S. $ Value
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	$	1,013,245
5.00%, 09/01/2030		1,365		1,378,613
Southern California Public Power Authority (Los Angeles Department of Water & Power PWR) Series 2014-A 5.00%, 07/01/2030		1,030		1,037,152
Southwestern Community College District Series 2015 5.00%, 08/01/2024		3,550		3,583,899
5.00%, 08/01/2025		3,870		3,963,080
State of California Series 2013 5.00%, 09/01/2028		8,890		8,907,878
Series 2014 5.00%, 12/01/2024 (Pre-refunded/ETM)		3,315		3,321,992
5.00%, 12/01/2028 (Pre-refunded/ETM)		2,285		2,289,820
5.00%, 05/01/2029		5,295		5,329,300
Series 2015-B 5.00%, 09/01/2024		3,330		3,372,348
Series 2017 5.00%, 08/01/2024		5,540		5,603,302
Series 2018 4.60%, 04/01/2038		2,000		1,793,804
Series 2019 5.00%, 04/01/2024		3,000		3,019,762
5.00%, 04/01/2031		1,935		2,075,127
5.00%, 11/01/2031		1,310		1,398,183
5.00%, 04/01/2037		615		646,667
Series 2021 5.00%, 10/01/2024		3,000		3,041,977
Series 2022 5.00%, 09/01/2036		7,780		8,444,380
5.00%, 04/01/2042		4,630		4,774,600
Series 2023 5.00%, 09/01/2038		10,000		10,775,248
5.00%, 10/01/2042		2,625		2,785,176
6.00%, 03/01/2033		4,000		4,161,329
State of California Department of Water Resources Series 2014-A 5.00%, 12/01/2029 (Pre-refunded/ETM)		1,000		1,017,273
Stockton Unified School District Series 2016 5.00%, 08/01/2028		7,770		7,995,206

Schedule of Investments—California Municipal Portfolio 13

Principal Amount (000)			U.S. $ Value
Sweetwater Union High School District Series 2016 5.00%, 08/01/2030	$	3,205	$	3,303,332
BAM Series 2014 5.00%, 08/01/2028		5,760		5,812,772
5.00%, 08/01/2029		2,220		2,239,797
Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization Corp.) Series 2021 4.00%, 06/01/2034		1,000		996,519
4.00%, 06/01/2036		1,015		983,532
4.00%, 06/01/2038		1,210		1,144,267
4.00%, 06/01/2040		1,150		1,062,669
5.00%, 06/01/2026		1,360		1,409,590
5.00%, 06/01/2027		1,500		1,575,564
5.00%, 06/01/2028		1,220		1,296,400
5.00%, 06/01/2030		1,500		1,622,399
5.00%, 06/01/2032		1,300		1,406,252
Transbay Joint Powers Authority (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Rev) Series 2020 5.00%, 10/01/2031		500		512,267
5.00%, 10/01/2032		450		461,004
5.00%, 10/01/2034		600		613,493
5.00%, 10/01/2035		600		610,320
5.00%, 10/01/2036		800		810,188
5.00%, 10/01/2037		700		705,144
5.00%, 10/01/2038		1,000		1,003,161
University of California Series 2014-A 5.00%, 05/15/2028		1,000		1,008,594
Series 2015-A 5.00%, 05/15/2024		2,280		2,299,038
Series 2017-A 5.00%, 05/15/2028		1,000		1,055,364
5.00%, 05/15/2029		3,000		3,157,466
5.00%, 05/15/2031		2,465		2,590,805
Series 2017-M 5.00%, 05/15/2031		4,000		4,198,593
Series 2018-O 4.00%, 05/15/2025		8,320		8,367,520
Series 2020-B 5.00%, 05/15/2034		7,000		7,697,704
5.00%, 05/15/2035		10,000		10,913,272
Series 2022-S 5.00%, 05/15/2033		2,000		2,248,518
Series 2023-B 4.693%, 05/15/2033		6,260		5,906,627
5.00%, 05/15/2025		3,000		3,069,973
5.00%, 05/15/2028		3,000		3,235,934
5.00%, 05/15/2032		5,000		5,656,791
5.00%, 05/15/2033		3,180		3,624,346
5.00%, 05/15/2037		2,000		2,209,511
Principal Amount (000)			U.S. $ Value
Washington Township Health Care District Series 2023-A 5.00%, 07/01/2040	$	400	$	374,861
5.00%, 07/01/2041		360		334,110
5.00%, 07/01/2042		350		321,899
5.00%, 07/01/2043		275		250,974
AGM Series 2023-B 4.125%, 08/01/2041		750		716,225
4.125%, 08/01/2042		275		260,241
4.25%, 08/01/2043		370		353,907
				819,765,117
American Samoa–0.1%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028(b)		735		760,505
Florida–0.1%
Capital Trust Agency, Inc. (Franklin Academy Obligated Group) Series 2020 5.00%, 12/15/2026(b)		100		97,724
City of Tampa FL (State of Florida Cigarette Tax Revenue) Series 2020-A Zero Coupon, 09/01/2033		175		106,303
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2030		150		106,962
Zero Coupon, 10/01/2031		185		125,487
Zero Coupon, 10/01/2032		100		64,430
Zero Coupon, 10/01/2033		250		153,358
Zero Coupon, 10/01/2034		270		156,350
New River Community Development District Series 2006-B 5.00%, 05/01/2013(d)(e)(f)(g)		405		0
				810,614
Georgia–0.2%
Municipal Electric Authority of Georgia Series 2019 5.00%, 01/01/2032		460		473,864
5.00%, 01/01/2035		250		256,354
5.00%, 01/01/2036		1,590		1,623,200
				2,353,418
Guam–2.1%
Antonio B Won Pat International Airport Authority Series 2021-A 2.899%, 10/01/2027		625		548,958
3.489%, 10/01/2031		500		398,040

14 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
Series 2023 5.00%, 10/01/2028	$	1,080	$	1,059,258
5.125%, 10/01/2034		140		132,663
5.375%, 10/01/2040		275		248,629
Guam Department of Education (Guam Department of Education COP) Series 2020 4.25%, 02/01/2030		1,500		1,391,323
5.00%, 02/01/2040		1,090		981,870
Guam Education Financing Foundation (Guam Education Financing Foundation COP) Series 2016-B 5.00%, 10/01/2026(b)		3,000		2,909,815
Guam Power Authority Series 2022-A 5.00%, 10/01/2028		3,000		3,075,281
Territory of Guam Series 2019 5.00%, 11/15/2031		495		487,860
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2026		1,000		1,009,441
5.00%, 12/01/2029		455		457,552
5.00%, 12/01/2030		730		732,970
5.00%, 12/01/2032		675		678,456
Territory of Guam (Territory of Guam Business Privilege Tax) 5.00%, 11/15/2030		2,625		2,597,441
Series 2015-D 5.00%, 11/15/2025		1,140		1,137,247
Series 2021-F 5.00%, 01/01/2031		1,000		993,476
Territory of Guam (Territory of Guam Hotel Occupancy Tax) Series 2021-A 5.00%, 11/01/2027		350		352,992
5.00%, 11/01/2028		455		459,753
5.00%, 11/01/2029		500		504,564
5.00%, 11/01/2030		320		321,366
				20,478,955
Illinois–0.8%
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2027		100		98,360
5.00%, 09/01/2029		100		97,648
5.00%, 09/01/2032		100		96,101
5.00%, 09/01/2033		200		190,811
Metropolitan Pier & Exposition Authority Series 2017-B 5.00%, 12/15/2026		3,250		3,294,994

Principal Amount (000)			U.S. $ Value
Village of Bolingbrook IL Sales Tax Revenue Series 2005 6.00%, 01/01/2026	$	4,450	$	4,108,289
				7,886,203
Indiana–0.0%
City of Fort Wayne IN 10.75%, 12/01/2029(d)(h)		25		2
Kentucky–0.4%
City of Ashland KY (Ashland Hospital Corp. Obligated Group) Series 2019 5.00%, 02/01/2026		230		231,761
5.00%, 02/01/2027		260		263,699
5.00%, 02/01/2030		160		164,398
5.00%, 02/01/2031		200		201,521
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group)
Series 2017-A 5.00%, 06/01/2029		3,500		3,482,612
				4,343,991
Louisiana–0.1%
Parish of St. James LA (NuStar Logistics LP)
Series 2020 5.85%, 08/01/2041(b)		185		187,875
6.10%, 06/01/2038(b)		270		284,909
6.10%, 12/01/2040(b)		355		374,603
				847,387
Michigan–0.2%
City of Detroit MI Series 2018 5.00%, 04/01/2031		1,745		1,759,788
Missouri–0.0%
Howard Bend Levee District XLCA Series 2005
5.75%, 03/01/2025		175		175,829
5.75%, 03/01/2027		150		150,748
				326,577
Nevada–0.0%
City of Sparks NV (City of Sparks NV Sales Tax)
Series 2019-A 2.75%, 06/15/2028(b)		510		465,910
New Jersey–1.6%
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant)
Series 2016 5.00%, 06/15/2027		1,410		1,435,874
5.00%, 06/15/2029		6,660		6,791,482

Schedule of Investments—California Municipal Portfolio 15

Principal Amount (000)			U.S. $ Value
Series 2018-A 5.00%, 06/15/2028	$	2,710	$	2,763,926
5.00%, 06/15/2029		1,290		1,315,467
Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/2025		1,000		1,013,196
5.00%, 06/01/2026		1,000		1,019,636
5.00%, 06/01/2028		1,000		1,034,776
				15,374,357
New York–1.3%
Metropolitan Transportation Authority Series 2016-A 5.00%, 11/15/2026		2,065		2,113,029
Series 2017-C 5.00%, 11/15/2026		2,960		3,028,846
Series 2020-E 5.00%, 11/15/2027		3,750		3,859,304
5.00%, 11/15/2028		3,500		3,616,605
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) Series 2016-A 5.00%, 07/01/2046		220		209,124
				12,826,908
Ohio–0.1%
Buckeye Tobacco Settlement Financing Authority Series 2020-A 5.00%, 06/01/2036		1,175		1,225,177
Pennsylvania–0.1%
Allentown Neighborhood Improvement Zone Development Authority Series 2018 5.00%, 05/01/2033(b)		1,000		1,002,440
Puerto Rico–1.1%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024		390		376,606
Zero Coupon, 07/01/2033		1,680		990,135
5.625%, 07/01/2029		525		542,487
5.75%, 07/01/2031		220		229,751
HTA TRRB Custodial Trust  Series 2022 5.25%, 07/01/2041		740		722,216
Puerto Rico Commonwealth Aqueduct & Sewer Authority Series 2020-A 5.00%, 07/01/2030(b)		2,690		2,682,183
5.00%, 07/01/2035(b)		1,735		1,697,193
Series 2022-A 5.00%, 07/01/2037(b)		250		240,582
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2027		1,720		1,711,208
Principal Amount (000)			U.S. $ Value
Puerto Rico Highway & Transportation Authority Series 2022-B Zero Coupon, 07/01/2032	$	970	$	625,650
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024		556		538,246
				10,356,257
South Carolina–0.5%
Patriots Energy Group Financing Agency (Royal Bank of Canada) Series 2018-A 4.00%, 10/01/2048		5,000		4,985,217
Texas–0.4%
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031(b)		3,205		3,067,501
Texas Municipal Gas Acquisition & Supply Corp. I (Bank of America Corp.) Series 2008-D 6.25%, 12/15/2026		995		1,015,817
				4,083,318
Washington–0.1%
Washington Health Care Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2031		825		849,912
Wisconsin–0.4%
UMA Education, Inc. Series 2019 5.00%, 10/01/2023(b)		195		195,000
5.00%, 10/01/2025(b)		730		723,597
5.00%, 10/01/2026(b)		770		761,586
5.00%, 10/01/2027(b)		805		796,975
5.00%, 10/01/2028(b)		700		692,698
5.00%, 10/01/2029(b)		320		315,768
				3,485,624
Total Long-Term Municipal Bonds (cost $964,088,061)				913,987,677
Short-Term Municipal Notes–2.8%
California–2.8%
City of Los Angeles CA Series 2023 5.00%, 06/27/2024 (cost $27,348,718)		27,000		27,319,529
Total Municipal Obligations (cost $991,436,779)				941,307,206

16 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES–3.3%
Agency CMBS–2.4%
California Housing Finance Agency Series 2019-2, Class A 4.00%, 03/20/2033	$	10,845	$	10,317,550
Series 2021-2, Class A 3.75%, 03/25/2035		7,801		7,215,689
Series 2021-2, Class X 0.825%, 03/25/2035(i)		3,901		192,012
Series 2021-3, Class A 3.25%, 08/20/2036		1,944		1,701,587
Series 2021-3, Class X 0.79%, 08/20/2036(i)		3,305		171,736
Federal Home Loan Mortgage Corp. Series 2021-ML10, Class AUS 2.032%, 01/25/2038		4,876		3,374,604
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates Series 2022-ML13, Class ACA 2.875%, 07/25/2036		980		802,350
Series 2022-ML13, Class XCA 0.96%, 07/25/2036(i)		2,645		146,686
				23,922,214
Non-Agency Fixed Rate CMBS–0.9%
California Housing Finance Agency Series 2021-1, Class A 3.50%, 11/20/2035		9,628		8,443,402
Total Commercial Mortgage-Backed Securities (cost $40,632,435)				32,365,616
ASSET-BACKED SECURITIES–0.2%
Autos–Fixed Rate–0.2%
Lendbuzz Securitization Trust  Series 2023-1A, Class A2 6.92%, 08/15/2028(b)		1,908		1,900,425
Tricolor Auto Securitization Trust  Series 2023-1A, Class A 6.48%, 08/17/2026(b)		619		617,749
Total Asset-Backed Securities (cost $2,527,224)				2,518,174
GOVERNMENTS–TREASURIES–0.2%
United States–0.2%
U.S. Treasury Notes  2.625%, 02/15/2029(j) (cost $2,422,984)		2,346		2,122,397
Principal Amount (000)			U.S. $ Value
COLLATERALIZED MORTGAGE OBLIGATIONS–0.0%
Risk Share Floating Rate–0.0%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2013-DN2, Class M2 9.679% (SOFR + 4.36%), 11/25/2023(a)	$	81	$	81,016
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 2M2 8.329% (SOFR + 3.01%), 07/25/2024(a)		50		50,795
Series 2014-C04, Class 1M2 10.329% (SOFR + 5.01%), 11/25/2024(a)		48		49,296
Series 2015-C02, Class 1M2 9.429% (SOFR + 4.11%), 05/25/2025(a)		28		28,954
Series 2015-C03, Class 1M2 10.429% (SOFR + 5.11%), 07/25/2025(a)		28		29,367
Series 2016-C01, Class 1M2 12.179% (SOFR + 6.86%), 08/25/2028(a)		79		84,675
Series 2016-C02, Class 1M2 11.429% (SOFR + 6.11%), 09/25/2028(a)		37		38,766
Series 2016-C03, Class 1M2 10.729% (SOFR + 5.41%), 10/25/2028(a)		71		74,945
Total Collateralized Mortgage Obligations (cost $424,274)				437,814
Total Investments—99.3% (cost $1,037,443,696)				978,751,207
Other assets less liabilities—0.7%				6,470,503
Net Assets—100.0%			$	985,221,710

Schedule of Investments—California Municipal Portfolio 17

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	$	536,247		$	—		$	536,247
USD	3,100	01/15/2025		4.028%		CPI#		Maturity		109,797			—			109,797
USD	2,803	01/15/2025		2.613%		CPI#		Maturity		262,798			—			262,798
USD	2,802	01/15/2025		2.585%		CPI#		Maturity		265,815			—			265,815
USD	12,110	01/15/2026		CPI#		3.720%		Maturity		(411,324	)		—			(411,324	)
USD	8,400	01/15/2027		CPI#		3.320%		Maturity		(380,876	)		—			(380,876	)
USD	4,540	01/15/2027		CPI#		3.466%		Maturity		(165,365	)		(7,350	)		(158,015	)
USD	15,980	01/15/2028		0.735%		CPI#		Maturity		3,403,899			—			3,403,899
USD	10,130	01/15/2029		CPI#		3.290%		Maturity		(331,459	)		—			(331,459	)
USD	8,210	01/15/2029		CPI#		3.735%		Maturity		27,725			—			27,725
USD	4,115	01/15/2030		1.572%		CPI#		Maturity		691,277			—			691,277
USD	4,115	01/15/2030		1.587%		CPI#		Maturity		685,841			—			685,841
USD	4,900	01/15/2031		2.782%		CPI#		Maturity		336,774			—			336,774
USD	4,500	01/15/2031		2.680%		CPI#		Maturity		352,231			—			352,231
USD	3,950	01/15/2031		2.989%		CPI#		Maturity		194,119			—			194,119
USD	4,300	01/15/2032		CPI#		3.064%		Maturity		(163,366	)		—			(163,366	)
USD	4,180	04/15/2032		CPI#		2.909%		Maturity		(211,510	)		—			(211,510	)
									$	5,202,623		$	(7,350	)	$	5,209,973

# 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	16,000	04/30/2030		1 Day SOFR		3.715	%		Annual	$	(598,385	)	$	—	$	(598,385	)
USD	1,700	04/30/2030		1 Day SOFR		3.500	%		Annual		(86,920	)		—		(86,920	)
USD	14,000	07/31/2030		1 Day SOFR		4.016	%		Annual		(257,122	)		—		(257,122	)
USD	28,000	04/15/2032		1 Day SOFR		3.120	%		Annual		2,567,083			—		2,567,083
										$	1,624,656		$	—	$	1,624,656

CREDIT DEFAULT SWAPS (see Note 3)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2023			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	59		$	(8,510	)	$	(5,387	)	$	(3,123	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	195			(28,062	)		(23,303	)		(4,759	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	0	**		(71	)		(56	)		(15	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	32			(4,642	)		(2,966	)		(1,676	)

18 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive		Payment Frequency		Implied Credit Spread at September 30, 2023			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	333	$	(47,965	)	$	(29,881	)	$	(18,084	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	403		(58,023	)		(37,116	)		(20,907	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	526		(75,677	)		(45,780	)		(29,897	)
											$	(222,950	)	$	(144,489	)	$	(78,461	)

* 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

$

1,502,266

$

—

$

1,502,266

* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

** Notional amount less than 500.

(a) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2023.

(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, 2023, the aggregate market value of these securities amounted to $96,298,212 or 9.8% of net assets.

(c) When-Issued or delayed delivery security.

(d) Non-income producing security.

(e) Defaulted matured security.

(f) Fair valued by the Adviser.

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

(h) Defaulted.

(i) IO—Interest Only.

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

As of September 30, 2023, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 2.6% and 0.0%, respectively.

Glossary:

AGM—Assured Guaranty Municipal

BAM—Build American Mutual

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

CMBS—Commercial Mortgage-Backed Securities

COP—Certificate of Participation

ETM—Escrowed to Maturity

LIBOR—London Interbank Offered Rate

MUNIPSA—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.

Schedule of Investments—California Municipal Portfolio 19

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Diversified Municipal Portfolio

September 30, 2023

Principal Amount (000)			U.S. $ Value
MUNICIPAL OBLIGATIONS–95.5%
Long-Term Municipal Bonds–91.9%
Alabama–3.4%
Alabama Federal Aid Highway Finance Authority (State of Alabama Fed Hwy Grant) Series 2015 5.00%, 09/01/2025 (Pre-refunded/ETM)	$	1,390	$	1,404,922
Black Belt Energy Gas District Series 2018 4.548% (SOFR + 0.90%), 12/01/2048 (Pre-refunded/ETM)(a)		8,140		8,138,742
Black Belt Energy Gas District (Goldman Sachs Group Inc/The) Series 2023-D 5.50%, 06/01/2049		11,435		11,662,129
Infirmary Health System Special Care Facilities Financing Authority of Mobile (Infirmary Health System Obligated Group) Series 2021 4.00%, 02/01/2039		1,000		867,678
4.00%, 02/01/2040		2,680		2,289,010
Southeast Alabama Gas Supply District (The) (Goldman Sachs Group, Inc. (The)) Series 2018-A 4.00%, 04/01/2049		23,985		23,887,789
Southeast Alabama Gas Supply District (The) (Morgan Stanley) Series 2018-A 4.00%, 06/01/2049		52,335		51,989,846
Southeast Energy Authority A Cooperative District (Morgan Stanley) Series 2021-B 4.00%, 12/01/2051		44,385		41,281,849
Southeast Energy Authority A Cooperative District (Royal Bank of Canada) Series 2023-B 5.00%, 01/01/2054		7,000		7,070,610
Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group, Inc.) Series 2023-A 5.25%, 01/01/2054		13,025		13,109,528
Principal Amount (000)			U.S. $ Value
Sumter County Industrial Development Authority/AL (Enviva, Inc.) Series 2022 6.00%, 07/15/2052	$	6,480	$	4,551,456
				166,253,559
Alaska–0.1%
Municipality of Anchorage AK Series 2015-B 5.00%, 09/01/2024		4,375		4,419,617
Series 2015-C 5.00%, 09/01/2024		2,730		2,757,841
				7,177,458
American Samoa–0.0%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028(b)		1,920		1,986,626
Arizona–1.6%
Arizona Health Facilities Authority (HonorHealth) Series 2014-A 5.00%, 12/01/2023		1,270		1,271,547
5.00%, 12/01/2024		1,500		1,515,155
Arizona Industrial Development Authority (Equitable School Revolving Fund LLC Obligated Group) Series 2020 5.00%, 11/01/2034		1,000		1,036,528
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 6.50%, 07/01/2026(c)(d)(e)		2,000		120,000
Chandler Industrial Development Authority (Intel Corp.) Series 2022 5.00%, 09/01/2052		11,680		11,810,351
City of Glendale AZ (City of Glendale AZ COP) Series 2021 2.062%, 07/01/2029		2,900		2,420,564
2.542%, 07/01/2033		5,000		3,831,715
2.642%, 07/01/2034		10,000		7,540,603
City of Glendale AZ (City of Glendale AZ Excise Tax) Series 2015-A 5.00%, 07/01/2024		9,010		9,086,431
City of Phoenix Civic Improvement Corp. (City of Phoenix AZ Water System Revenue) Series 2020 5.00%, 07/01/2030		600		654,139
5.00%, 07/01/2031		850		922,441
5.00%, 07/01/2032		825		892,017

20 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
Series 2020-A 5.00%, 07/01/2030	$	500	$	545,115
5.00%, 07/01/2031		650		705,396
5.00%, 07/01/2032		400		432,493
5.00%, 07/01/2033		490		529,954
City of Tempe AZ (City of Tempe AZ COP) Series 2021 2.071%, 07/01/2032		5,000		3,776,416
2.171%, 07/01/2033		5,000		3,694,508
Gilbert Water Resource Municipal Property Corp. (Town of Gilbert AZ Waterworks & Sewer System Revenue) Series 2022 5.00%, 07/15/2037		1,805		1,941,882
5.00%, 07/15/2038		5,500		5,870,501
Industrial Development Authority of the County of Pima (The) (La Posada at Park Centre, Inc. Obligated Group) Series 2022 5.125%, 11/15/2029(b)		2,500		2,459,334
Maricopa County Special Health Care District Series 2018-C 5.00%, 07/01/2028		6,000		6,366,239
State of Arizona Lottery Revenue Series 2019 5.00%, 07/01/2024 (Pre-refunded/ETM)		2,000		2,014,913
5.00%, 07/01/2025 (Pre-refunded/ETM)		5,000		5,094,001
5.00%, 07/01/2027 (Pre-refunded/ETM)		5,500		5,757,160
				80,289,403
Arkansas–0.1%
Arkansas Development Finance Authority (Hybar LLC) Series 2023 12.00%, 07/01/2048(b)		1,900		1,946,817
City of Fayetteville AR Sales & Use Tax Revenue Series 2022 2.875%, 11/01/2032		3,000		2,809,455
				4,756,272
California–7.3%
California Community Choice Financing Authority Series 2023 5.228% (SOFR + 1.67%), 02/01/2054(a)		5,000		4,965,612
California Community Choice Financing Authority (American International Group, Inc.) Series 2023-D 5.50%, 05/01/2054		10,000		10,290,623
Principal Amount (000)			U.S. $ Value
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054	$	16,165	$	16,126,873
California Community Choice Financing Authority (Morgan Stanley) Series 2023 5.188% (SOFR + 1.63%), 07/01/2053(a)		5,000		4,969,556
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021-A 4.00%, 08/01/2047(b)		18,035		13,370,236
California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) Series 2023 3.65%, 01/01/2050(b)		23,560		23,416,077
California State Public Works Board (California State Public Works Board Lease) Series 2014-B 5.00%, 10/01/2028		1,225		1,241,152
Series 2021-A 5.00%, 02/01/2027		12,040		12,547,276
California State University Series 2021-B 2.374%, 11/01/2035		5,000		3,618,928
City of Los Angeles Department of Airports Series 2018-C 5.00%, 05/15/2036		5,840		5,942,415
Series 2019 5.00%, 05/15/2039		5,215		5,260,654
City of Riverside CA Electric Revenue Series 2019-A 5.00%, 10/01/2033		5,230		5,647,821
CMFA Special Finance Agency VIII Elan Huntington Beach Series 2021 4.00%, 08/01/2047(b)		2,425		1,862,374
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.60%, 05/01/2047(b)		13,250		9,960,205
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2046(b)		5,500		3,901,287

Schedule of Investments—Diversified Municipal Portfolio 21

Principal Amount (000)			U.S. $ Value
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 3.50%, 10/01/2046(b)	$	12,800	$	9,074,468
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.375%, 07/01/2043(b)		7,000		5,242,349
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A 3.10%, 07/01/2045(b)		3,000		2,126,224
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 4.00%, 10/01/2048(b)		6,545		4,339,194
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue Series 2021-A 4.00%, 06/01/2037		6,165		6,174,985
Regents of the University of California Medical Center Pooled Revenue Series 2022 5.00%, 05/15/2038		5,000		5,362,414
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 4.37% (LIBOR 3 Month + 0.57%), 06/01/2039(a)		15,000		12,285,367
San Francisco Intl Airport Series 2020-E 5.00%, 05/01/2037		9,645		9,867,134
State of California Series 2013 5.00%, 11/01/2024		18,550		18,569,797
5.00%, 11/01/2024 (Pre-refunded/ETM)		1,450		1,452,774
5.00%, 11/01/2025		15,995		16,009,215
5.00%, 11/01/2025 (Pre-refunded/ETM)		7,470		7,484,289
Series 2014 5.00%, 05/01/2025		30,965		31,225,211
5.00%, 05/01/2026		50,000		50,303,945

Principal Amount (000)			U.S. $ Value
Series 2019 5.00%, 11/01/2031	$	11,225	$	11,980,612
5.00%, 04/01/2036		16,225		17,157,852
Series 2020 5.00%, 03/01/2035		460		493,713
Series 2023 5.00%, 09/01/2037		10,000		10,832,139
5.00%, 09/01/2043		10,000		10,625,891
5.10%, 03/01/2029		2,000		1,993,054
6.00%, 03/01/2033		1,000		1,040,332
University of California Series 2023-B 5.00%, 05/15/2042		5,000		5,299,950
				362,061,998
Colorado–2.2%
Centerra Metropolitan District No. 1 Series 2017 5.00%, 12/01/2029(b)		3,680		3,550,000
City & County of Denver Co. Airport System Revenue (Denver Intl Airport) Series 2016-A 5.00%, 11/15/2023		4,085		4,089,906
Series 2018-A 5.00%, 12/01/2023		14,315		14,323,343
5.00%, 12/01/2025		10,000		10,092,158
5.00%, 12/01/2026		16,080		16,345,180
5.00%, 12/01/2027		8,865		9,081,287
5.00%, 12/01/2028		24,320		25,092,384
5.00%, 12/01/2032		1,620		1,657,500
Colorado Health Facilities Authority (CommonSpirit Health Obligated Group) Series 2019-A 5.00%, 08/01/2030		1,000		1,032,479
Colorado Health Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2030		2,000		2,064,957
5.00%, 08/01/2035		1,995		2,044,266
Colorado Health Facilities Authority (Sanford Obligated Group) Series 2019-A 5.00%, 11/01/2027		2,280		2,366,166
Johnstown Plaza Metropolitan District Series 2022 4.25%, 12/01/2046		2,312		1,742,075
State of Colorado (State of Colorado COP) Series 2022 6.00%, 12/15/2041		11,000		12,423,334
Sterling Ranch Community Authority Board (Sterling Ranch Metropolitan District No. 3) Series 2022 5.80%, 12/01/2032		1,630		1,618,440

22 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
Vauxmont Metropolitan District AGM Series 2019 3.25%, 12/15/2050	$	822	$	593,616
5.00%, 12/15/2026		270		278,598
AGM Series 2020
5.00%, 12/01/2024		485		489,735
5.00%, 12/01/2027		305		317,505
5.00%, 12/01/2030		385		406,054
5.00%, 12/01/2033		285		300,240
5.00%, 12/01/2050		300		301,811
				110,211,034
Connecticut–3.2%
City of Bridgeport CT Series 2017-A 5.00%, 11/01/2023		1,420		1,420,925
5.00%, 11/01/2028		1,000		1,041,888
Series 2017-B 5.00%, 08/15/2025		1,085		1,107,370
5.00%, 08/15/2026		4,500		4,617,149
5.00%, 08/15/2027		6,610		6,866,946
5.00%, 08/15/2027 (Pre-refunded/ETM)		755		794,455
Series 2017-C 5.00%, 08/15/2024		2,245		2,265,287
5.00%, 08/15/2026		2,480		2,544,562
5.00%, 08/15/2027		2,605		2,706,262
5.00%, 08/15/2028		1,620		1,684,858
Connecticut State Health & Educational Facilities Authority (University of New Haven, Inc.) Series 2018-K1 5.00%, 07/01/2026		1,000		995,850
5.00%, 07/01/2027		1,100		1,096,539
5.00%, 07/01/2028		1,100		1,097,250
5.00%, 07/01/2029		1,200		1,194,494
Connecticut State Health & Educational Facilities Authority (Yale University) Series 2023-A 2.80%, 07/01/2048		19,535		18,824,780
State of Connecticut Series 2014-A 5.00%, 03/01/2028		6,360		6,385,086
Series 2015-B 5.00%, 06/15/2032		7,345		7,443,918
Series 2015-F 5.00%, 11/15/2027		1,570		1,607,626
Series 2016-A 5.00%, 03/15/2024		2,805		2,818,121
5.00%, 03/15/2029		14,500		14,885,137
Series 2016-E 5.00%, 10/15/2024		17,000		17,198,589
5.00%, 10/15/2025		3,025		3,091,883
Series 2017-B 5.00%, 04/15/2028		2,515		2,666,447
Principal Amount (000)			U.S. $ Value
Series 2018-C 5.00%, 06/15/2026	$	5,500	$	5,688,188
Series 2018-D 5.00%, 04/15/2026		16,655		17,184,511
Series 2020-A 5.00%, 01/15/2040		2,565		2,653,093
State of Connecticut Special Tax Revenue Series 2020 4.00%, 05/01/2036		1,000		987,591
Series 2021-A 4.00%, 05/01/2040		3,835		3,570,446
Series 2021-D 4.00%, 11/01/2039		1,060		1,002,236
Town of Stratford CT BAM Series 2019
5.00%, 01/01/2030		2,035		2,103,121
5.00%, 01/01/2031		3,890		4,023,778
5.00%, 01/01/2032		3,890		4,023,535
5.00%, 01/01/2033		3,555		3,674,920
University of Connecticut Series 2022-A 5.00%, 05/01/2040		7,065		7,392,469
				156,659,310
Delaware–0.1%
Delaware River & Bay Authority Series 2014-C 5.00%, 01/01/2026		3,250		3,257,216
5.00%, 01/01/2027		2,220		2,224,766
Delaware State Economic Development Authority (Newark Charter School, Inc.) Series 2020 4.00%, 09/01/2030		575		553,541
5.00%, 09/01/2050		1,000		936,572
				6,972,095
District of Columbia–0.2%
Metropolitan Washington Airports Authority Aviation Revenue Series 2017 5.00%, 10/01/2025		3,750		3,795,178
Series 2019-A 5.00%, 10/01/2032		5,000		5,145,763
				8,940,941
Florida–4.3%
Capital Trust Agency, Inc. (Franklin Academy Obligated Group) Series 2020 5.00%, 12/15/2030(b)		510		492,307
City of Lakeland FL Department of Electric Utilities AGM Series 2010
4.50%, 10/01/2023		5,355		5,355,000

Schedule of Investments—Diversified Municipal Portfolio 23

Principal Amount (000)			U.S. $ Value
City of South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group) Series 2017 5.00%, 08/15/2031	$	5,000	$	5,111,098
City of Tampa FL (State of Florida Cigarette Tax Revenue) Series 2020-A Zero Coupon, 09/01/2034		650		374,310
Zero Coupon, 09/01/2035		650		350,557
County of Broward FL Airport System Revenue Series 2019-A 5.00%, 10/01/2031		1,070		1,101,276
Series 2019-C 2.384%, 10/01/2026		1,250		1,154,882
County of Broward FL Airport System Revenue (Fort Lauderdale Hollywood Intl Airport) Series 2012-Q 5.00%, 10/01/2023		5,000		5,000,000
County of Broward FL Convention Center Hotel Revenue Series 2022 5.00%, 01/01/2035		2,685		2,903,876
County of Miami-Dade FL Aviation Revenue Series 2015-A 5.00%, 10/01/2023		1,725		1,725,000
5.00%, 10/01/2024		1,610		1,616,376
County of Miami-Dade FL Water & Sewer System Revenue Series 2021 4.00%, 10/01/2038		2,490		2,360,195
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2030		735		524,116
Zero Coupon, 10/01/2031		905		613,870
Zero Coupon, 10/01/2032		500		322,148
Zero Coupon, 10/01/2033		1,210		742,251
Zero Coupon, 10/01/2034		1,260		729,633
County of Pasco FL (H Lee Moffitt Cancer Center & Research Institute Obligated Group) Series 2023 5.00%, 07/01/2030(b)		25,000		25,519,808
Duval County School Board (Duval County School Board COP) Series 2015-B 5.00%, 07/01/2026		4,280		4,354,286

Principal Amount (000)			U.S. $ Value
Florida Development Finance Corp. (Mayflower Retirement Center, Inc. Obligated Group) Series 2020 5.125%, 06/01/2040(b)	$	3,765	$	3,121,935
Florida Municipal Power Agency (Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) Series 2015-B 5.00%, 10/01/2024		1,000		1,010,356
5.00%, 10/01/2026		1,750		1,780,780
5.00%, 10/01/2028		1,015		1,033,632
Series 2021 1.425%, 10/01/2026		3,000		2,678,221
Greater Orlando Aviation Authority Series 2017-A 5.00%, 10/01/2029 (Pre-refunded/ETM)		3,000		3,107,433
5.00%, 10/01/2030 (Pre-refunded/ETM)		6,250		6,473,818
5.00%, 10/01/2031		4,085		4,160,517
Series 2019-A 5.00%, 10/01/2033		7,975		8,206,147
Hillsborough County Aviation Authority Series 2015 5.00%, 10/01/2040 (Pre-refunded/ETM)		2,020		2,034,052
Hillsborough County School Board (Hillsborough County School Board COP) Series 2015 5.00%, 07/01/2026		1,480		1,495,229
Hillsborough County School Board (Hillsborough County School Board Sales Tax) AGM Series 2015
5.00%, 10/01/2023		2,650		2,650,000
JEA Electric System Revenue Series 2017-B 5.00%, 10/01/2030		1,185		1,232,022
JEA Water & Sewer System Revenue Series 2014-A 5.00%, 10/01/2025 (Pre-refunded/ETM)		1,565		1,573,239
5.00%, 10/01/2025		1,495		1,502,368
Series 2017-A 5.00%, 10/01/2026		22,290		23,101,844
Manatee County School District (Manatee County School District COP) Series 2016-A 5.00%, 07/01/2028		7,795		8,008,781
5.00%, 07/01/2029		6,215		6,391,972

24 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
North Broward Hospital District Series 2017-B 5.00%, 01/01/2029	$	3,000	$	3,061,032
5.00%, 01/01/2030		3,180		3,242,479
Orange County Health Facilities Authority (Orlando Health Obligated Group) Series 2019 5.00%, 10/01/2023		5,000		5,000,000
5.00%, 10/01/2024		6,560		6,608,178
Orange County Health Facilities Authority (Presbyterian Retirement Communities, Inc. Obligated Group) Series 2023 4.00%, 08/01/2036		1,000		882,068
Orange County School Board Series 2014-A 5.00%, 08/01/2028 (Pre-refunded/ETM)		25,075		25,306,269
5.00%, 08/01/2029 (Pre-refunded/ETM)		21,280		21,476,268
Polk County Industrial Development Authority (Mineral Development LLC) Series 2020 5.875%, 01/01/2033(b)		2,000		1,954,556
South Broward Hospital District (South Broward Hospital District Obligated Group) Series 2015 5.00%, 05/01/2027		3,350		3,415,784
Village Community Development District No. 15 Series 2023 4.85%, 05/01/2038(b)		1,000		963,508
				211,823,477
Georgia–2.7%
City of Atlanta GA Department of Aviation Series 2014-A 5.00%, 01/01/2028		12,250		12,241,468
Series 2021-C 4.00%, 07/01/2042		1,250		1,109,675
5.00%, 07/01/2029		1,250		1,301,687
5.00%, 07/01/2030		1,315		1,374,087
5.00%, 07/01/2031		1,725		1,811,983
5.00%, 07/01/2032		1,000		1,050,989
5.00%, 07/01/2033		1,400		1,465,484
5.00%, 07/01/2034		3,000		3,135,416
5.00%, 07/01/2036		2,400		2,483,186
5.00%, 07/01/2037		2,500		2,567,210
Series 2022-B 5.00%, 07/01/2035		1,565		1,637,546
5.00%, 07/01/2036		2,845		2,954,078
5.00%, 07/01/2037		2,535		2,610,351

Principal Amount (000)			U.S. $ Value
5.00%, 07/01/2039	$	2,765	$	2,819,916
5.00%, 07/01/2040		7,105		7,224,079
5.00%, 07/01/2041		7,460		7,547,703
Cobb County Kennestone Hospital Authority (WellStar Health System Obligated Group) Series 2021 5.00%, 04/01/2026		1,000		1,019,987
5.00%, 04/01/2027		250		257,322
5.00%, 04/01/2028		250		259,646
5.00%, 04/01/2029		300		313,475
5.00%, 04/01/2030		225		235,980
5.00%, 04/01/2031		250		260,137
Main Street Natural Gas, Inc. (Citadel LP) Series 2022-C 4.00%, 08/01/2052(b)		10,000		9,428,033
Main Street Natural Gas, Inc. (Citigroup, Inc.) Series 2023-A 5.00%, 06/01/2053		22,965		22,775,693
Main Street Natural Gas, Inc. (Royal Bank of Canada) Series 2018-C 4.00%, 08/01/2048 (Pre-refunded/ETM)		8,000		7,997,381
Series 2023 5.264% (SOFR + 1.70%), 12/01/2053(a)		5,000		4,964,678
Main Street Natural Gas, Inc. (Toronto-Dominion Bank (The)) Series 2019-B 4.00%, 08/01/2049		5,350		5,315,652
Private Colleges & Universities Authority (Emory University) Series 2023 5.00%, 09/01/2033(b)		25,000		26,830,363
				132,993,205
Guam–0.0%
Territory of Guam Series 2019 5.00%, 11/15/2031		855		842,667
Hawaii–0.1%
State of Hawaii Harbor System Revenue Series 2020-A 4.00%, 07/01/2035		2,765		2,600,542
Illinois–5.8%
Chicago Board of Education Series 2012-B 5.00%, 12/01/2033		2,265		2,174,160
Series 2017-F 5.00%, 12/01/2023		7,000		7,009,978
Series 2018-A 5.00%, 12/01/2026		1,000		1,013,333

Schedule of Investments—Diversified Municipal Portfolio 25

Principal Amount (000)			U.S. $ Value
Series 2021-A 5.00%, 12/01/2037	$	3,750	$	3,641,052
Series 2022-B 4.00%, 12/01/2041		2,200		1,807,932
Series 2023 5.25%, 04/01/2034		2,125		2,278,973
5.25%, 04/01/2039		1,250		1,287,827
Chicago O’Hare International Airport Series 2016-C 5.00%, 01/01/2027		3,020		3,085,802
Series 2018-A 5.00%, 01/01/2039		6,000		6,005,255
Series 2022 4.00%, 01/01/2042		3,160		2,882,304
5.00%, 01/01/2029		500		515,612
5.00%, 01/01/2030		800		827,024
5.00%, 01/01/2033		890		930,199
5.00%, 01/01/2040		1,850		1,843,261
5.00%, 01/01/2041		2,000		1,985,578
5.00%, 01/01/2042		2,200		2,183,313
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2025		350		345,667
5.00%, 09/01/2026		300		295,290
5.00%, 09/01/2027		455		447,539
5.00%, 09/01/2029		575		561,478
5.00%, 09/01/2031		1,000		967,602
5.00%, 09/01/2034		600		566,192
Illinois Finance Authority (OSF Healthcare System Obligated Group) Series 2015-A 5.00%, 11/15/2027		1,000		1,017,036
5.00%, 11/15/2028		1,250		1,269,756
Illinois Municipal Electric Agency Series 2015-A 5.00%, 02/01/2027		16,370		16,627,253
5.00%, 02/01/2028		13,565		13,763,832
5.00%, 02/01/2029		12,885		13,094,304
Illinois State Toll Highway Authority Series 2021-A 5.00%, 01/01/2041		27,195		28,149,156
Metropolitan Pier & Exposition Authority Series 2022 4.00%, 12/15/2042		2,745		2,370,775
Metropolitan Water Reclamation District of Greater Chicago Series 2007-B 5.25%, 12/01/2034		2,240		2,559,155
5.25%, 12/01/2035		4,835		5,521,048
Series 2015-A 5.00%, 12/01/2044 (Pre-refunded/ETM)		8,350		8,451,404
Series 2015-B 5.00%, 12/01/2039 (Pre-refunded/ETM)		7,660		7,753,024
Principal Amount (000)			U.S. $ Value
Railsplitter Tobacco Settlement Authority Series 2017 5.00%, 06/01/2024 (Pre-refunded/ETM)	$	10,020	$	10,082,014
5.00%, 06/01/2025 (Pre-refunded/ETM)		12,450		12,661,995
State of Illinois Series 2014 5.00%, 02/01/2024		3,500		3,507,690
5.00%, 05/01/2025		18,120		18,151,020
5.00%, 05/01/2027		5,000		5,004,349
Series 2016 5.00%, 02/01/2029		1,100		1,128,030
Series 2017-A 5.00%, 12/01/2024		8,590		8,665,982
Series 2017-D 5.00%, 11/01/2024		55,545		56,000,902
5.00%, 11/01/2028		1,675		1,729,465
Series 2019-B 4.00%, 11/01/2033		9,000		8,678,657
Series 2020 5.50%, 05/01/2039		1,500		1,564,924
Series 2022-B 5.25%, 10/01/2037		4,000		4,149,653
Series 2023-B 5.00%, 05/01/2033		10,000		10,504,719
				285,061,514
Indiana–1.2%
City of Fort Wayne IN 10.75%, 12/01/2029(c)(d)		159		16
City of Whiting IN (BP Products North America, Inc.) Series 2019 5.00%, 12/01/2044		9,670		9,819,059
Series 2023 4.40%, 11/01/2045		14,460		14,083,239
Indiana Finance Authority (CWA Authority, Inc.) Series 2024 5.00%, 10/01/2028(f)		1,175		1,214,154
5.00%, 10/01/2029(f)		1,425		1,479,164
5.00%, 10/01/2030(f)		1,000		1,044,205
5.00%, 10/01/2032(f)		1,715		1,797,400
5.00%, 10/01/2034(f)		800		842,869
Indiana Finance Authority (Good Samaritan Hospital Obligated Group) Series 2022 5.00%, 04/01/2024		715		713,843
5.00%, 04/01/2025		750		748,822
5.00%, 04/01/2026		790		787,290
5.00%, 04/01/2027		830		824,443
5.00%, 04/01/2028		875		861,610
Indiana Finance Authority (Indiana University Health, Inc. Obligated Group) Series 2015 4.00%, 12/01/2040		11,690		10,798,715

26 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
Indiana Finance Authority (Ohio Valley Electric Corp.) Series 2021-B 2.50%, 11/01/2030	$	1,895	$	1,630,110
Indianapolis Local Public Improvement Bond Bank Series 2015 4.00%, 01/01/2025		11,570		11,483,689
				58,128,628
Iowa–0.5%
Iowa Finance Authority (Iowa Fertilizer Co. LLC) Series 2022 4.00%, 12/01/2050		5,450		5,079,676
Iowa Finance Authority (Iowa Finance Authority State Revolving Fund) Series 2021-A 5.00%, 08/01/2038		5,460		5,811,565
PEFA, Inc. (Goldman Sachs Group, Inc. (The)) Series 2019 5.00%, 09/01/2049		14,000		13,966,323
				24,857,564
Kansas–0.0%
City of Overland Park KS Sales Tax Revenue Series 2022 6.00%, 11/15/2034(b)		215		215,106
6.50%, 11/15/2042(b)		1,610		1,590,783
				1,805,889
Kentucky–2.3%
County of Carroll KY (Kentucky Utilities Co.) Series 2019 1.75%, 10/01/2034		3,835		3,421,015
Kentucky Asset Liability Commission (Commonwealth of Kentucky Fed Hwy Grant) Series 2023-A 5.00%, 09/01/2024		11,545		11,635,923
Kentucky Economic Development Finance Authority (Baptist Healthcare System Obligated Group) Series 2017-B 5.00%, 08/15/2029		1,000		1,026,150
5.00%, 08/15/2041		1,260		1,245,956
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group) Series 2017-A 5.00%, 06/01/2028		8,780		8,774,791
5.00%, 06/01/2030		5,870		5,802,263
Principal Amount (000)			U.S. $ Value
Kentucky Public Energy Authority (BP PLC) Series 2018-B 4.00%, 01/01/2049	$	24,850	$	24,617,553
Kentucky Public Energy Authority (Morgan Stanley) Series 2018-C 4.00%, 12/01/2049		36,475		35,939,339
Series 2019-A 4.00%, 12/01/2049		10,895		10,733,297
Kentucky Turnpike Authority Series 2016-A 5.00%, 07/01/2024		3,420		3,441,496
5.00%, 07/01/2025		2,515		2,557,603
5.00%, 07/01/2027		5,075		5,211,169
				114,406,555
Louisiana–1.1%
Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax Series 2015 5.00%, 08/01/2027		6,450		6,543,224
5.00%, 08/01/2028		2,535		2,567,182
Louisiana Local Government Environmental Facilities & Community Development Auth (American BioCarbon CT LLC) Series 2023 4.00%, 12/01/2046		20,275		20,188,995
Louisiana Local Government Environmental Facilities & Community Development Auth (Louisiana Utilities Restoration Corp ELL System Restoration Revenue) Series 2023 5.081%, 06/01/2031		8,000		7,877,862
Parish of St. James LA (NuStar Logistics LP) Series 2020 5.85%, 08/01/2041(b)		2,250		2,284,966
6.10%, 06/01/2038(b)		3,030		3,197,314
6.10%, 12/01/2040(b)		2,595		2,738,293
St. Tammany Parish Finance Authority (Christwood) Series 2015 5.25%, 11/15/2029		1,200		1,159,754
State of Louisiana Gasoline & Fuels Tax Revenue Series 2022-A 4.224% (SOFR + 0.50%), 05/01/2043(a)		10,340		10,096,870
				56,654,460

Schedule of Investments—Diversified Municipal Portfolio 27

Principal Amount (000)			U.S. $ Value
Maine–0.0%
Maine Municipal Bond Bank Series 2014-A 5.00%, 09/01/2025	$	1,000	$	1,010,361
Maryland–0.9%
County of Frederick MD Series 2019-A 5.00%, 08/01/2027 (Pre-refunded/ETM)		165		173,843
County of Prince George’s MD Series 2019-A 5.00%, 07/15/2024		10,000		10,093,641
Maryland Economic Development Corp. (Purple Line Transit Partners LLC) Series 2022 5.00%, 11/12/2028		10,000		10,077,673
Maryland Health & Higher Educational Facilities Authority (UPMC Obligated Group) Series 2020-B 5.00%, 04/15/2029		1,500		1,579,900
5.00%, 04/15/2031		1,365		1,439,637
State of Maryland Series 2017-B 5.00%, 08/01/2025		15,000		15,328,741
State of Maryland Department of Transportation (Baltimore/Washington International Thurgood Marshall Airport) Series 2021 5.00%, 08/01/2026		1,500		1,520,731
5.00%, 08/01/2028		1,050		1,081,058
5.00%, 08/01/2029		700		724,531
5.00%, 08/01/2033		1,000		1,039,767
5.00%, 08/01/2034		1,000		1,037,972
				44,097,494
Massachusetts–1.4%
Commonwealth of Massachusetts Series 2017-D 5.00%, 02/01/2036		4,435		4,591,760
Commonwealth of Massachusetts Transportation Fund Revenue Series 2021 5.00%, 06/01/2041		10,340		10,854,064
Massachusetts Bay Transportation Authority Assessment Revenue Series 2022-A 4.00%, 07/01/2039		2,290		2,156,250
Massachusetts Development Finance Agency (Brandeis University) Series 2019-S 5.00%, 10/01/2029		1,000		1,064,403
5.00%, 10/01/2030		1,000		1,064,248
5.00%, 10/01/2031		1,010		1,074,256
5.00%, 10/01/2032		1,055		1,122,586
5.00%, 10/01/2033		1,625		1,730,500

Principal Amount (000)			U.S. $ Value
Massachusetts Development Finance Agency (Mass General Brigham, Inc.) Series 2017-S1 5.00%, 07/01/2025	$	7,565	$	7,709,787
5.00%, 07/01/2028		7,500		7,879,825
5.00%, 07/01/2029		9,000		9,395,235
Massachusetts Development Finance Agency (Trustees of Boston College) Series 2020-U 5.00%, 07/01/2028		950		1,016,976
Massachusetts Development Finance Agency (Tufts Medicine Obligated Group) Series 2019-A 5.00%, 07/01/2028		1,425		1,402,584
5.00%, 07/01/2030		2,100		2,037,153
5.00%, 07/01/2032		2,000		1,923,052
5.00%, 07/01/2033		2,000		1,916,011
AGM Series 2020-C 5.00%, 10/01/2026		325		332,118
5.00%, 10/01/2027		440		454,609
5.00%, 10/01/2028		500		521,644
5.00%, 10/01/2029		295		309,881
5.00%, 10/01/2030		315		333,128
5.00%, 10/01/2031		375		388,208
5.00%, 10/01/2032		245		253,310
Massachusetts Port Authority Series 2021-E 5.00%, 07/01/2036		8,615		8,907,901
				68,439,489
Michigan–5.6%
Bloomfield Hills School District Series 2023 5.00%, 05/01/2027		600		627,707
5.00%, 05/01/2028		635		673,639
5.00%, 05/01/2029		700		750,937
5.00%, 05/01/2030		635		687,965
5.00%, 05/01/2032		1,100		1,217,024
City of Detroit MI Sewage Disposal System Revenue (Great Lakes Water Authority Sewage Disposal System Revenue) AGM Series 2006-D 4.291% (LIBOR 3 Month + 0.60%), 07/01/2032(a)		14,000		12,992,678
Great Lakes Water Authority Water Supply System Revenue Series 2016-C 5.00%, 07/01/2024		2,700		2,718,748
5.00%, 07/01/2025		9,805		9,977,722
Lake Orion Community School District Series 2016 5.00%, 05/01/2024		2,915		2,934,050

28 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
Michigan Finance Authority (Bronson Healthcare Group Obligated Group) Series 2020 5.00%, 05/15/2036	$	48,585	$	49,128,715
Michigan Finance Authority (City of Detroit MI Income Tax) Series 2015 3.875%, 10/01/2023		2,000		2,000,000
4.00%, 10/01/2024		3,000		2,966,740
4.50%, 10/01/2029		12,065		11,554,518
Michigan Finance Authority (Great Lakes Water Authority Sewage Disposal System Revenue) AGM Series 2014
5.00%, 07/01/2025		22,045		22,160,000
5.00%, 07/01/2027		17,895		17,959,173
Michigan Finance Authority (Great Lakes Water Authority Water Supply System Revenue) AGM Series 2014-D2
5.00%, 07/01/2024		7,770		7,805,222
5.00%, 07/01/2025		16,525		16,611,204
5.00%, 07/01/2026		25,000		25,155,307
5.00%, 07/01/2027		5,110		5,128,325
Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) Series 2020-A 3.267%, 06/01/2039		5,000		4,349,187
4.00%, 06/01/2034		2,000		1,989,115
4.00%, 06/01/2035		1,000		982,649
4.00%, 06/01/2036		1,000		968,012
4.00%, 06/01/2037		1,000		953,132
4.00%, 06/01/2038		1,000		943,846
4.00%, 06/01/2039		2,000		1,868,017
5.00%, 06/01/2025		610		618,500
5.00%, 06/01/2026		1,290		1,322,190
5.00%, 06/01/2028		1,000		1,047,089
5.00%, 06/01/2029		2,000		2,109,647
5.00%, 06/01/2031		745		794,578
Michigan Finance Authority (Public Lighting Authority) Series 2014 5.00%, 07/01/2030		1,600		1,595,691
Series 2014-B 5.00%, 07/01/2027		4,990		4,967,584
5.00%, 07/01/2031		2,460		2,452,213
Michigan Finance Authority (Trinity Health Corp.) Series 2019 4.00%, 12/01/2040		5,595		5,118,764
Series 2015 5.00%, 12/01/2023		5,675		5,682,652
5.00%, 12/01/2024		4,400		4,448,941
5.00%, 12/01/2025		3,000		3,054,131
5.50%, 12/01/2026		4,500		4,599,904
5.50%, 12/01/2027		2,720		2,785,312
Principal Amount (000)			U.S. $ Value
Michigan Strategic Fund (Michigan Strategic Fund –I 75 Improvement Project) Series 2018 5.00%, 12/31/2024	$	3,210	$	3,205,963
5.00%, 12/31/2025		2,200		2,208,845
5.00%, 06/30/2026		2,400		2,413,794
5.00%, 12/31/2026		5,770		5,818,901
5.00%, 06/30/2027		7,635		7,719,764
5.00%, 12/31/2027		5,770		5,851,809
5.00%, 06/30/2028		4,645		4,719,447
				277,639,351
Minnesota–0.2%
State of Minnesota Series 2023-D 5.00%, 08/01/2024		12,000		12,122,415
Missouri–0.5%
Cape Girardeau County Industrial Development Authority (SoutheastHEALTH Obligated Group) Series 2017-A 5.00%, 03/01/2025		1,445		1,445,783
5.00%, 03/01/2028		1,375		1,376,349
City of Kansas City MO (City of Kansas City MO Lease) Series 2022 5.00%, 09/01/2037		4,000		4,155,606
Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group) Series 2021-A 4.00%, 07/01/2033		4,000		3,947,182
4.00%, 07/01/2034		2,000		1,969,862
4.00%, 07/01/2035		1,500		1,465,059
4.00%, 07/01/2039		5,000		4,610,617
4.00%, 07/01/2040		1,500		1,376,369
Howard Bend Levee District XLCA Series 2005 5.75%, 03/01/2025		845		849,003
5.75%, 03/01/2027		775		778,864
Missouri Joint Municipal Electric Utility Commission Series 2014-A 5.00%, 01/01/2025		2,630		2,659,894
				24,634,588
Montana–0.3%
Montana Facility Finance Authority (Benefis Health System Obligated Group) Series 2016 5.00%, 02/15/2025		2,500		2,514,628
5.00%, 02/15/2026		3,190		3,227,297
5.00%, 02/15/2027		6,950		7,088,177
5.00%, 02/15/2028		2,375		2,407,726
				15,237,828

Schedule of Investments—Diversified Municipal Portfolio 29

Principal Amount (000)			U.S. $ Value
Nebraska–0.7%
Central Plains Energy Project (Bank of Montreal) Series 2023-A 5.00%, 05/01/2054	$	5,000	$	5,058,156
Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) Series 2018 5.00%, 03/01/2050 (Pre-refunded/ETM)		17,480		17,539,018
Series 2022-1 5.00%, 05/01/2053		10,000		9,950,655
				32,547,829
Nevada–0.9%
City of Las Vegas NV Series 2015-C 5.00%, 09/01/2026		2,930		3,016,820
Clark County School District Series 2016-D 5.00%, 06/15/2024		26,915		27,068,787
County of Clark NV Series 2017 5.00%, 06/01/2024		6,550		6,596,512
Las Vegas Valley Water District Series 2016-B 5.00%, 06/01/2028		4,590		4,729,057
State of Nevada Department of Business & Industry (DesertXpress Enterprises LLC) Series 2023 3.70%, 01/01/2050(b)		2,500		2,485,124
8.125%, 01/01/2050(b)		3,075		3,071,225
				46,967,525
New Hampshire–0.1%
New Hampshire Business Finance Authority Series 2022-2 0.35%, 09/20/2036(g)		20,000		445,698
New Hampshire Business Finance Authority (Covanta Holding Corp.) Series 2018-A 4.00%, 11/01/2027(b)		2,250		2,137,578
				2,583,276
New Jersey–6.6%
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) Series 2019 5.25%, 04/01/2026		4,930		5,054,358

Principal Amount (000)			U.S. $ Value
New Jersey Economic Development Authority (New Jersey-American Water Co., Inc.) Series 2023 3.75%, 11/01/2034	$	5,000	$	4,750,676
New Jersey Economic Development Authority (NYNJ Link Borrower LLC) Series 2013 5.50%, 01/01/2026		1,000		1,002,634
5.50%, 01/01/2027		1,000		1,002,911
New Jersey Economic Development Authority (Port Newark Container Terminal LLC) Series 2017 5.00%, 10/01/2023		1,500		1,500,000
5.00%, 10/01/2024		2,000		2,004,218
5.00%, 10/01/2025		2,750		2,762,928
New Jersey Economic Development Authority (Rutgers The State University of New Jersey) Series 2013 5.00%, 06/15/2025		1,000		1,000,574
5.00%, 06/15/2026		3,500		3,502,009
New Jersey Economic Development Authority (State of New Jersey) Series 2024-S 5.00%, 06/15/2027(f)		3,000		3,053,290
5.00%, 06/15/2033(f)		9,065		9,406,004
New Jersey Economic Development Authority (United Airlines, Inc.) Series 2012 5.25%, 09/15/2029		3,920		3,904,067
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2027		12,830		13,065,434
5.00%, 06/15/2028		975		994,402
Series 2018-A 5.00%, 06/15/2029		3,050		3,110,213
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2018-A 5.00%, 12/15/2027		8,605		8,973,340
5.00%, 12/15/2029		38,555		40,374,688
5.00%, 12/15/2030		5,885		6,134,627
5.00%, 12/15/2032		5,230		5,419,633
5.00%, 12/15/2033		7,230		7,477,309

30 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
Series 2019 5.00%, 12/15/2028	$	4,000	$	4,214,235
5.00%, 06/15/2029		1,525		1,598,332
5.00%, 12/15/2031		3,195		3,372,067
Series 2019-B 5.00%, 06/15/2033		3,885		4,021,814
Series 2020-A 5.00%, 06/15/2035		1,810		1,905,428
Series 2022-A 5.00%, 06/15/2034		6,635		7,078,318
New Jersey Turnpike Authority Series 2014-A 5.00%, 01/01/2027		5,040		5,073,610
5.00%, 01/01/2028		40,000		40,274,480
5.00%, 01/01/2029		30,900		31,102,920
Series 2014-C 5.00%, 01/01/2024		14,720		14,755,215
Series 2017-A 5.00%, 01/01/2029		7,235		7,498,509
Series 2017-B 5.00%, 01/01/2029		10,000		10,537,170
5.00%, 01/01/2030		14,830		15,556,372
5.00%, 01/01/2031		15,220		15,959,191
Series 2021-B 1.713%, 01/01/2029		6,625		5,614,824
AGM Series 2005-D3
5.25%, 01/01/2026		14,770		15,225,638
South Jersey Transportation Authority BAM Series 2022
5.00%, 11/01/2036		450		475,844
5.00%, 11/01/2037		400		418,918
Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/2025		4,125		4,179,435
5.00%, 06/01/2026		3,000		3,058,907
5.00%, 06/01/2027		4,000		4,110,058
5.00%, 06/01/2028		2,140		2,214,419
5.00%, 06/01/2035		2,620		2,690,609
				325,429,628
New York–9.7%
City of New York NY Series 2014-A 5.00%, 08/01/2027		1,130		1,139,318
Series 2018-D 5.00%, 12/01/2039		2,435		2,492,722
Series 2020-A 5.00%, 08/01/2024		1,260		1,271,826
Series 2021 1.396%, 08/01/2027		18,750		16,257,666
Series 2021-F 5.00%, 06/01/2044(h)		5,000		5,069,563
County of Nassau NY Series 2017-C 5.00%, 10/01/2026		8,840		9,215,464
Dutchess County Local Development Corp. (Bard College)
Series 2020-B 5.918%, 07/01/2039		4,695		4,370,026

Principal Amount (000)			U.S. $ Value
Metropolitan Transportation Authority Series 2013-B 5.00%, 11/15/2026 (Pre-refunded/ETM)	$	9,505	$	9,514,580
Series 2014-A 5.00%, 11/15/2026 (Pre-refunded/ETM)		4,205		4,209,985
5.00%, 11/15/2027 (Pre-refunded/ETM)		4,065		4,069,819
Series 2014-C 5.00%, 11/15/2027 (Pre-refunded/ETM)		5,000		5,066,348
Series 2017-C 5.00%, 11/15/2028		1,610		1,667,541
5.00%, 11/15/2030		56,065		57,946,962
5.00%, 11/15/2031		5,505		5,684,455
5.00%, 11/15/2033		8,500		8,751,321
Series 2021-D 3.894% (SOFR + 0.33%), 11/01/2035(a)		8,980		8,952,943
New York City Municipal Water Finance Authority 5.00%, 06/15/2034		10,650		11,927,042
5.00%, 06/15/2035		2,000		2,213,300
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		29,481,995
5.00%, 07/15/2032		25,945		27,281,572
New York City Transitional Finance Authority Future Tax Secured Revenue Series 2017-A 5.00%, 08/01/2033		4,860		4,983,229
Series 2019-B 5.00%, 11/01/2035		10,000		10,555,869
5.00%, 11/01/2036		41,825		43,828,188
Series 2020 4.00%, 05/01/2042		4,750		4,327,914
New York Liberty Development Corp. (3 World Trade Center LLC) Series 2014 5.375%, 11/15/2040(b)		400		384,614
New York Liberty Development Corp. (One Bryant Park LLC) Series 2019 2.45%, 09/15/2069		4,250		3,684,822
2.80%, 09/15/2069		11,555		9,949,073
New York State Dormitory Authority Series 2014-C 5.00%, 03/15/2027 (Pre-refunded/ETM)		2,015		2,024,890
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2021-A 4.00%, 03/15/2039		1,825		1,710,843

Schedule of Investments—Diversified Municipal Portfolio 31

Principal Amount (000)			U.S. $ Value
Series 2021-E 4.00%, 03/15/2037	$	19,200	$	18,488,569
Series 2022-A 4.00%, 03/15/2039		3,500		3,281,068
4.00%, 03/15/2040		6,990		6,495,541
New York State Urban Development Corp. (State of New York Pers Income Tax) Series 2016-A 5.00%, 03/15/2024		4,010		4,030,544
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 5.00%, 01/01/2027		20,115		20,308,020
5.00%, 01/01/2028		22,110		22,364,882
5.00%, 01/01/2029		27,145		27,382,446
New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2022 5.00%, 12/01/2039		7,015		6,976,751
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) Series 2016-A 5.00%, 07/01/2046		2,095		1,991,433
Port Authority of New York & New Jersey Series 2013-178 5.00%, 12/01/2028		3,450		3,455,667
Series 2019 4.00%, 11/01/2037		2,915		2,679,943
Series 2020-2 5.00%, 07/15/2033		5,910		6,242,247
Series 2021-2 4.00%, 07/15/2037		2,980		2,759,157
Suffolk Tobacco Asset Securitization Corp. Series 2021 5.00%, 06/01/2027		1,045		1,083,089
5.00%, 06/01/2029		2,080		2,194,788
5.00%, 06/01/2033		2,395		2,519,769
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021-A 2.411%, 05/15/2034		14,725		11,148,168
2.591%, 05/15/2036		2,000		1,466,127
Series 2022 5.00%, 05/15/2030		7,000		7,582,516
Series 2022-A 5.00%, 08/15/2024		16,720		16,873,938
Principal Amount (000)			U.S. $ Value
Series 2022-E 4.608% (SOFR + 1.05%), 04/01/2026(a)	$	14,000	$	14,048,234
				481,406,787
North Carolina–0.5%
Greater Asheville Regional Airport Authority
AGM Series 2022-A 5.00%, 07/01/2035		1,740		1,803,996
5.00%, 07/01/2036		1,500		1,544,367
5.00%, 07/01/2037		1,250		1,279,914
5.25%, 07/01/2038		1,200		1,244,833
5.25%, 07/01/2039		1,300		1,343,234
5.25%, 07/01/2040		3,220		3,314,732
5.25%, 07/01/2042		1,140		1,164,472
AGM Series 2023 5.00%, 07/01/2036		650		670,981
5.00%, 07/01/2037		1,400		1,436,553
5.00%, 07/01/2038		420		427,348
5.25%, 07/01/2041		1,000		1,028,149
5.25%, 07/01/2042		1,000		1,023,395
State of North Carolina Series 2020-A 5.00%, 06/01/2025		7,500		7,656,803
				23,938,777
North Dakota–0.1%
County of Ward ND (Trinity Health Obligated Group) Series 2017-C 5.00%, 06/01/2028		2,000		1,885,218
5.00%, 06/01/2030		3,000		2,769,327
				4,654,545
Ohio–1.2%
American Municipal Power, Inc. (American Municipal Power AMP Fremont Energy Center Revenue) Series 2021 4.00%, 02/15/2036		1,000		943,779
Buckeye Tobacco Settlement Financing Authority Series 2020-A 4.00%, 06/01/2037		2,000		1,917,451
4.00%, 06/01/2038		1,000		943,973
County of Allen OH Hospital Facilities Revenue (Bon Secours Mercy Health, Inc.) Series 2017-A 5.00%, 08/01/2026		10,000		10,266,501
5.00%, 08/01/2027		8,465		8,786,347
5.00%, 08/01/2028		1,955		2,038,692
Series 2020 5.00%, 12/01/2028		5,400		5,676,045
5.00%, 12/01/2029		1,565		1,658,008
County of Cuyahoga OH (MetroHealth System (The)) Series 2017 5.00%, 02/15/2026		2,745		2,739,300
5.00%, 02/15/2027		2,710		2,707,596

32 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
County of Franklin OH (Nationwide Children’s Hospital, Inc.) Series 2017-A 5.00%, 11/01/2031	$	1,000	$	1,045,248
County of Washington OH (Marietta Area Health Care, Inc. Obligated Group) Series 2022 5.50%, 12/01/2027		695		662,556
6.375%, 12/01/2037		5,000		4,743,239
Hamilton County Convention Facilities Authority Series 2014 5.00%, 12/01/2023		1,280		1,281,350
Ohio Higher Educational Facility Commission (Oberlin College) Series 2023 5.00%, 10/01/2028		1,425		1,504,647
5.00%, 10/01/2030		4,560		4,917,431
5.00%, 10/01/2032		3,030		3,316,738
5.00%, 10/01/2037		1,270		1,347,265
5.00%, 10/01/2038		1,335		1,406,670
				57,902,836
Oklahoma–0.2%
Comanche County Memorial Hospital Series 2015 5.00%, 07/01/2026		1,235		1,210,734
5.00%, 07/01/2028		1,280		1,243,712
Oklahoma Development Finance Authority Series 2022 4.38%, 11/01/2045		4,000		3,509,912
Oklahoma Development Finance Authority (OU Medicine Obligated Group) Series 2022-A 5.50%, 08/15/2037		4,245		3,867,934
				9,832,292
Oregon–0.8%
Hospital Facilities Authority of Multnomah County Oregon (Mirabella at South Waterfront) Series 2014-A 5.00%, 10/01/2024 (Pre-refunded/ETM)		220		220,984
Medford Hospital Facilities Authority (Asante Health System Obligated Group) Series 2020-A 5.00%, 08/15/2030		415		438,749
5.00%, 08/15/2031		1,245		1,305,596
5.00%, 08/15/2033		500		523,862
5.00%, 08/15/2034		875		916,871
5.00%, 08/15/2035		755		786,721
5.00%, 08/15/2036		1,300		1,342,558
Principal Amount (000)			U.S. $ Value
Multnomah County School District No. 1 Portland/OR Series 2020 5.00%, 06/15/2024	$	5,000	$	5,036,145
Port of Portland OR Airport Revenue Series 2020-T 5.00%, 07/01/2035		4,290		4,449,696
Series 2022-2 4.00%, 07/01/2038		11,255		10,420,322
4.00%, 07/01/2040		7,170		6,505,088
Salem Hospital Facility Authority (Salem Health Obligated Group) Series 2019 5.00%, 05/15/2038		2,205		2,231,051
State of Oregon Department of Administrative Services (State of Oregon Department of Administrative Services COP) Series 2009-D 5.00%, 11/01/2023		10		10,007
Tri-County Metropolitan Transportation District of Oregon Series 2018-A 5.00%, 10/01/2028		2,335		2,449,321
Umatilla County School District No. 6R Umatilla Series 2023-B Zero Coupon, 06/15/2043		2,000		704,101
				37,341,072
Other–1.0%
Federal Home Loan Mortgage Corp. Enhanced Receipt Series 2019-A, Class 1 3.87%, 11/15/2035(b)		23,651		20,157,683
Series 2019-C, Class 1 3.87%, 11/15/2035(b)		5,517		4,618,878
Series 2019-D, Class 1 3.87%, 11/15/2035(b)		5,037		4,199,803
Series 2019-E, Class 1 3.87%, 11/15/2035(b)		3,384		2,809,724
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates 2.625%, 06/15/2035(b)		9,455		7,576,141
2.65%, 06/15/2035(b)		4,745		3,766,622
Series 2019-M 2.60%, 09/15/2033(b)		9,395		7,513,538
				50,642,389
Pennsylvania–8.5%
Allegheny County Hospital Development Authority (UPMC Obligated Group) Series 2019 5.00%, 07/15/2030		5,290		5,563,136
5.00%, 07/15/2032		6,500		6,820,543
5.00%, 07/15/2033		7,600		7,980,075

Schedule of Investments—Diversified Municipal Portfolio 33

Principal Amount (000)			U.S. $ Value
Series 2022 4.68% (MUNIPSA + 0.70%), 11/15/2047(a)	$	10,000	$	9,894,521
Allegheny County Sanitary Authority Series 2015 5.00%, 12/01/2023		3,500		3,505,461
Chester County Industrial Development Authority (Collegium Charter School) Series 2022 5.00%, 10/15/2032(b)		950		927,070
City of Philadelphia PA Series 2017-A 5.00%, 08/01/2027		12,000		12,511,898
5.00%, 08/01/2028		12,310		12,762,714
5.00%, 08/01/2029		9,970		10,317,949
5.00%, 08/01/2030		4,000		4,141,644
5.00%, 08/01/2032		8,010		8,289,634
Series 2019-A 5.00%, 08/01/2026		1,420		1,461,290
Series 2019-B 5.00%, 02/01/2030		1,020		1,078,198
City of Philadelphia PA Airport Revenue Series 2021 5.00%, 07/01/2028		10,350		10,631,314
City of Philadelphia PA Water & Wastewater Revenue Series 2016 5.00%, 10/01/2024		7,000		7,075,217
5.00%, 10/01/2025		7,750		7,923,617
5.00%, 10/01/2026		2,675		2,768,591
AGM Series 2023-B 5.00%, 09/01/2037		1,500		1,605,970
Commonwealth of Pennsylvania Series 2016 5.00%, 09/15/2024		9,575		9,677,267
Series 2017 5.00%, 01/01/2024		1,000		1,002,048
5.00%, 01/01/2025		2,145		2,175,378
5.00%, 01/01/2026		6,065		6,234,907
5.00%, 01/01/2027		14,415		15,016,748
Geisinger Authority (Geisinger Health System Obligated Group) Series 2020 5.00%, 04/01/2043		2,500		2,591,083
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) Series 2017 5.00%, 07/01/2025		6,000		6,013,289
AGM Series 2022
4.00%, 07/01/2038		10,000		9,249,432
4.00%, 07/01/2039		10,000		9,096,422
Principal Amount (000)			U.S. $ Value
Montgomery County Higher Education and Health Authority (HumanGood Pennsylvania Obligated Group) Series 2017 5.00%, 12/01/2027	$	2,250	$	2,229,058
5.00%, 12/01/2032		2,750		2,632,796
Montgomery County Higher Education and Health Authority (Thomas Jefferson University Obligated Group) Series 2018 5.00%, 09/01/2026		1,400		1,426,002
5.00%, 09/01/2027		1,750		1,797,377
5.00%, 09/01/2028		1,500		1,552,118
5.00%, 09/01/2029		3,000		3,093,305
5.00%, 09/01/2030		3,000		3,078,022
Series 2019 5.00%, 09/01/2030		1,710		1,770,530
5.00%, 09/01/2032		1,200		1,239,076
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Department of Transportation) Series 2022 5.50%, 06/30/2038		3,350		3,520,456
5.50%, 06/30/2039		4,750		4,965,506
5.50%, 06/30/2040		5,000		5,201,465
Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) Series 2015 5.00%, 06/30/2026		8,540		8,547,794
5.00%, 12/31/2026		4,500		4,510,754
5.00%, 06/30/2027		12,450		12,480,311
5.00%, 12/31/2027		6,000		6,021,424
5.00%, 06/30/2028		10,790		10,822,572
5.00%, 12/31/2028		8,910		8,937,208
5.00%, 06/30/2042		1,015		951,110
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) Series 2020-A1 5.00%, 04/15/2029		3,000		3,159,800
5.00%, 04/15/2030		1,150		1,218,541
5.00%, 04/15/2031		1,635		1,724,401
Series 2022-C 4.68% (MUNIPSA + 0.70%), 11/15/2047(a)		15,140		14,981,101
Pennsylvania Higher Educational Facilities Authority (University of Pennsylvania Health System Obligated Group (The)) Series 2017 4.00%, 08/15/2042		2,720		2,472,294
Series 2022 4.00%, 08/15/2038		1,065		1,008,568

34 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
4.00%, 08/15/2040	$	1,345	$	1,245,786
5.00%, 08/15/2029		825		876,911
5.00%, 08/15/2030		750		802,668
Pennsylvania Turnpike Commission Series 2017-B 5.00%, 06/01/2028		7,025		7,307,045
5.00%, 06/01/2030		6,255		6,475,187
Series 2019 5.00%, 12/01/2029		8,000		8,458,016
5.00%, 12/01/2030		5,890		6,212,734
Series 2022-A 5.00%, 12/01/2036		1,000		1,058,507
Series 2023 4.83% (MUNIPSA + 0.85%), 07/15/2041(a)		24,000		24,000,139
Philadelphia Authority for Industrial Development (MaST Community Charter School III) Series 2021 5.00%, 08/01/2030		920		911,215
5.00%, 08/01/2040		3,445		3,164,158
Philadelphia Authority for Industrial Development (St. Joseph’s University) Series 2020 4.00%, 11/01/2035		1,700		1,556,453
4.00%, 11/01/2036		1,510		1,361,513
4.00%, 11/01/2037		1,350		1,191,570
4.00%, 11/01/2038		1,000		871,075
5.00%, 11/01/2027		835		856,124
5.00%, 11/01/2028		1,000		1,030,440
5.00%, 11/01/2029		1,000		1,033,589
5.00%, 11/01/2030		1,750		1,807,386
5.00%, 11/01/2031		1,685		1,738,164
5.00%, 11/01/2032		1,810		1,868,100
5.00%, 11/01/2033		1,750		1,808,481
5.00%, 11/01/2034		2,110		2,182,007
Pittsburgh Water & Sewer Authority AGM Series 2023-C 4.524% (SOFR + 0.80%), 09/01/2040(a)(b)		26,000		25,736,656
School District of Philadelphia (The) Series 2016-D 5.00%, 09/01/2024		8,360		8,422,858
Series 2016-F 5.00%, 09/01/2024		24,200		24,381,957
				422,015,744
Puerto Rico–0.8%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024		15		14,848
Zero Coupon, 07/01/2033		1,346		793,474
4.00%, 07/01/2035		85		73,641
4.00%, 07/01/2046		103		79,284
5.375%, 07/01/2025		1,270		1,283,031

Principal Amount (000)			U.S. $ Value
5.625%, 07/01/2027	$	4,709	$	4,832,247
5.625%, 07/01/2029		1,982		2,048,016
5.75%, 07/01/2031		624		652,090
Series 2022-C 0.00%, 11/01/2043		4,414		2,289,865
HTA TRRB Custodial Trust  Series 2022 5.25%, 07/01/2034		5,100		4,969,488
5.25%, 07/01/2036		5,425		5,446,448
5.25%, 07/01/2041		4,260		4,157,620
Puerto Rico Electric Power Authority
AGM Series 2007-V 5.25%, 07/01/2031		5,150		5,081,982
Puerto Rico Highway & Transportation Authority Series 2022-B Zero Coupon, 07/01/2032		1,945		1,254,525
Puerto Rico Housing Finance Authority (El Mirador LLC) Series 2023 5.00%, 03/01/2027		2,250		2,295,065
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024		2,938		2,844,186
				38,115,810
Rhode Island–0.0%
Providence Public Building Authority (City of Providence RI Lease) AGM Series 2020-A 5.00%, 09/15/2032		2,195		2,277,210
South Carolina–1.7%
Patriots Energy Group Financing Agency (Royal Bank of Canada) Series 2018-A 4.00%, 10/01/2048		48,725		48,580,940
Patriots Energy Group Financing Agency (Sumitomo Mitsui Financial Group, Inc.) Series 2023-A 5.25%, 10/01/2054		7,000		7,045,673
SCAGO Educational Facilities Corp. for Pickens School District (SCAGO Educational Facilities Corp. for Pickens School District Lease) Series 2015 5.00%, 12/01/2026		3,000		3,045,993
5.00%, 12/01/2027		2,500		2,534,792
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) Series 2021 6.00%, 06/01/2031(b)		1,445		1,235,674

Schedule of Investments—Diversified Municipal Portfolio 35

Principal Amount (000)			U.S. $ Value
South Carolina Public Service Authority Series 2016-A 5.00%, 12/01/2030	$	1,435	$	1,456,770
5.00%, 12/01/2034		1,000		1,010,320
Series 2020-A 4.00%, 12/01/2037		1,690		1,544,174
5.00%, 12/01/2043		1,800		1,803,075
Series 2021-A 4.00%, 12/01/2035		5,475		5,167,033
4.00%, 12/01/2036		3,650		3,392,386
Series 2021-B 5.00%, 12/01/2040		1,200		1,213,355
5.00%, 12/01/2043		6,350		6,362,131
				84,392,316
South Dakota–0.1%
South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group) Series 2017 5.00%, 09/01/2029		3,400		3,473,657
5.00%, 09/01/2030		3,625		3,700,347
				7,174,004
Tennessee–1.5%
Metropolitan Nashville Airport Authority (The) Series 2022-B 5.50%, 07/01/2039		2,500		2,636,519
Tennergy Corp./TN (Royal Bank of Canada) Series 2019-A 5.00%, 02/01/2050		5,445		5,459,009
Tennergy Corp/TN (Goldman Sachs Group, Inc. (The)) Series 2022-A 5.50%, 10/01/2053		21,150		21,481,133
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The)) Series 2023-A 5.00%, 05/01/2053		43,555		43,453,756
				73,030,417
Texas–4.7%
Arlington Higher Education Finance Corp. (Magellan School (The)) Series 2022 6.00%, 06/01/2042(b)		1,000		972,584
Board of Regents of the University of Texas System Series 2022-A 4.00%, 08/15/2042		1,895		1,721,639
Central Texas Turnpike System Series 2015-C 5.00%, 08/15/2025		1,000		1,001,770

Principal Amount (000)			U.S. $ Value
City of Austin TX Airport System Revenue Series 2019 5.00%, 11/15/2025	$	3,200	$	3,228,653
City of Austin TX Water & Wastewater System Revenue Series 2015-A 5.00%, 11/15/2024		4,730		4,793,444
City of Dallas TX Series 2023-A 5.00%, 02/15/2039		2,000		2,090,548
5.00%, 02/15/2042		7,250		7,490,729
City of El Paso TX Water & Sewer Revenue Series 2019-B 5.00%, 03/01/2025		3,000		3,046,574
Series 2022 5.00%, 03/01/2037		4,275		4,466,669
5.00%, 03/01/2039		3,880		3,999,383
City of Houston TX Series 2017-A 5.00%, 03/01/2025		16,370		16,626,394
City of Houston TX (City of Houston TX Hotel Occupancy Tax)
Series 2015 5.00%, 09/01/2025		2,000		2,010,202
City of Houston TX Airport System Revenue (United Airlines, Inc.)
Series 2018 5.00%, 07/15/2028		9,135		9,093,482
City of Houston TX Combined Utility System Revenue Series 2014-C 5.00%, 05/15/2027		10,785		10,844,205
5.00%, 05/15/2028		6,065		6,099,399
City of San Antonio TX Electric & Gas Systems Revenue Series 2021-A 5.00%, 02/01/2035		2,200		2,342,710
5.00%, 02/01/2036		1,875		1,980,009
Dallas Fort Worth International Airport Series 2014-A 5.25%, 11/01/2028 (Pre-refunded/ETM)		11,585		11,589,422
Series 2023-C 5.00%, 11/01/2028		6,500		6,703,835
5.00%, 11/01/2031		5,500		5,662,044
Denton Independent School District Series 2015 5.00%, 08/15/2024		6,685		6,749,394
Series 2016 5.00%, 08/15/2027		1,220		1,253,986
Grand Parkway Transportation Corp.
Series 2013-B 5.25%, 10/01/2051 (Pre-refunded/ETM)		2,425		2,425,000

36 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group)
Series 2022
4.83% (MUNIPSA + 0.85%), 07/01/2049(a)	$	1,500	$	1,498,500
Harris County Cultural Education Facilities Finance Corp. (Texas Children’s Hospital Obligated Group)
Series 2021 4.00%, 10/01/2042		5,000		4,402,018
Harris County Hospital District Series 2016 5.00%, 02/15/2027		2,465		2,507,279
Hidalgo County Regional Mobility Authority Series 2022-A 4.00%, 12/01/2038		1,850		1,646,633
4.00%, 12/01/2039		1,000		879,837
5.00%, 12/01/2028		200		205,259
5.00%, 12/01/2029		500		515,203
5.00%, 12/01/2030		500		517,498
5.00%, 12/01/2031		500		517,924
5.00%, 12/01/2032		350		361,790
5.00%, 12/01/2034		750		765,943
5.00%, 12/01/2035		595		602,289
5.00%, 12/01/2036		1,000		1,003,842
Irving Hospital Authority (Baylor Medical Center at Irving)
Series 2017-A 5.00%, 10/15/2026		600		608,232
5.00%, 10/15/2029		600		609,233
5.00%, 10/15/2030		1,000		1,013,259
5.00%, 10/15/2031		1,020		1,030,308
Legacy Denton Public Facility Corp. (LDG Vintage Ranch LP)
Series 2022 5.00%, 04/01/2043		15,000		15,073,800
Mission Economic Development Corp. (Natgasoline LLC)
Series 2018 4.625%, 10/01/2031(b)		10,680		10,221,813
New Hope Cultural Education Facilities Finance Corp.
Series 2017-A 5.00%, 04/01/2028 (Pre-refunded/ETM)		1,130		1,178,419
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		2,545,220
5.00%, 08/15/2026		2,000		2,058,620
5.00%, 08/15/2028		2,750		2,857,853
Principal Amount (000)			U.S. $ Value
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group)
Series 2020 5.00%, 01/01/2035	$	875	$	767,530
Series 2022 4.00%, 01/01/2032		840		698,975
4.00%, 01/01/2037		1,155		872,959
North Texas Tollway Authority Series 2014 5.00%, 01/01/2024 (Pre-refunded/ETM)		900		902,065
North Texas Tollway Authority (North Texas Tollway System)
Series 2014 5.00%, 01/01/2024		1,845		1,848,961
Series 2015-B 5.00%, 01/01/2026		3,200		3,226,623
5.00%, 01/01/2027		2,100		2,117,412
5.00%, 01/01/2028		5,975		6,025,728
Series 2019-B 5.00%, 01/01/2027		2,000		2,064,300
Port Beaumont Navigation District (Jefferson Railport Terminal II LLC)
Series 2020 3.625%, 01/01/2035(b)		1,360		1,051,379
State of Texas Series 2021-B 4.00%, 08/01/2026		2,335		2,332,923
Tarrant Regional Water District Water Supply System Revenue Series 2014 5.00%, 03/01/2044 (Pre-refunded/ETM)		38,020		38,166,312
University of Houston Series 2022-A 5.00%, 02/15/2040		1,750		1,811,180
				230,699,194
Utah–1.0%
City of Salt Lake City UT Airport Revenue Series 2021-A 5.00%, 07/01/2029		3,365		3,478,092
5.00%, 07/01/2030		7,670		7,964,459
5.00%, 07/01/2031		5,000		5,215,206
Series 2023-A 5.00%, 07/01/2033		4,905		5,158,525
BAM Series 2018-A 5.00%, 07/01/2043		17,000		16,746,591
Intermountain Power Agency Series 2023 5.00%, 07/01/2039		5,000		5,261,742
Utah Transit Authority Series 2015-A 5.00%, 06/15/2027 (Pre-refunded/ETM)		2,000		2,039,774

Schedule of Investments—Diversified Municipal Portfolio 37

Principal Amount (000)			U.S. $ Value
5.00%, 06/15/2028 (Pre-refunded/ETM)	$	2,150	$	2,192,757
Utah Transit Authority (Utah Transit Authority Sales Tax)
Series 2015-A 5.00%, 06/15/2026		1,305		1,329,387
				49,386,533
Virginia–1.0%
County of Loudoun VA Series 2020-B 5.00%, 12/01/2024		3,300		3,343,827
Virginia Commonwealth Transportation Board (Virginia Commonwealth Transportation Board State Lease)
Series 2019 5.00%, 05/15/2024		4,000		4,026,333
Virginia Small Business Financing Authority (Elizabeth River Crossings OpCo LLC)
Series 2022 4.00%, 07/01/2030		2,000		1,893,564
4.00%, 01/01/2032		5,030		4,712,794
4.00%, 01/01/2037		7,250		6,577,085
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group)
Series 2020 5.00%, 01/01/2029		1,400		1,422,037
5.00%, 01/01/2030		1,650		1,677,768
5.00%, 01/01/2031		1,250		1,262,191
5.00%, 01/01/2033		1,750		1,766,679
5.00%, 01/01/2034		1,600		1,614,309
5.00%, 01/01/2035		1,570		1,579,795
Virginia Small Business Financing Authority (Pure Salmon Virginia, LLC)
Series 2022 3.50%, 11/01/2052		18,000		17,984,777
				47,861,159
Washington–2.8%
Energy Northwest (Bonneville Power Administration)
Series 2021 4.00%, 07/01/2042		12,825		11,901,043
Port of Seattle WA Series 2018-A 5.00%, 05/01/2025		8,320		8,421,072
Series 2018-B 5.00%, 05/01/2025		4,695		4,752,035
Series 2019 5.00%, 04/01/2032		1,500		1,548,669
5.00%, 04/01/2033		1,000		1,032,585

Principal Amount (000)			U.S. $ Value
Series 2021 4.00%, 08/01/2041	$	5,000	$	4,419,014
5.00%, 08/01/2033		5,000		5,216,206
Spokane County School District No. 81 Spokane Series 2012 3.00%, 12/01/2031		10,000		8,873,964
State of Washington Series 2021-R 5.00%, 08/01/2024		5,220		5,271,973
Washington Economic Development Finance Authority (Mura Cascade ELP LLC)
Series 2022 3.90%, 12/01/2042(b)		31,200		31,124,593
Washington Health Care Facilities Authority (Multicare Health System Obligated Group)
Series 2015-B 5.00%, 08/15/2028		8,590		8,686,130
5.00%, 08/15/2029		16,560		16,697,183
5.00%, 08/15/2030		6,400		6,442,324
Washington Health Care Facilities Authority (Virginia Mason Medical Center Obligated Group)
Series 2017 5.00%, 08/15/2025		2,000		2,007,575
5.00%, 08/15/2027		2,175		2,208,783
5.00%, 08/15/2028		3,700		3,755,465
5.00%, 08/15/2030		8,005		8,123,430
Washington State Convention Center Public Facilities District (Washington State Convention Center Public Facilities Dist Lodging Tax Revenue)
Series 2021 4.00%, 07/01/2031		7,015		6,454,552
				136,936,596
West Virginia–0.3%
Tobacco Settlement Finance Authority/WV Series 2020 4.875%, 06/01/2049		15,920		14,415,559
Wisconsin–2.6%
DeForest Area School District/WI Series 2020 5.00%, 04/01/2024		1,810		1,819,794
State of Wisconsin Series 2019-A 5.00%, 05/01/2025 (Pre-refunded/ETM)		9,000		9,158,908
5.00%, 05/01/2027 (Pre-refunded/ETM)		12,500		13,072,955
5.00%, 05/01/2028 (Pre-refunded/ETM)		12,000		12,550,037

38 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
Series 2023-1 5.00%, 05/01/2024	$	3,170	$	3,190,174
UMA Education, Inc.
Series 2019 5.00%, 10/01/2023(b)		895		895,000
5.00%, 10/01/2025(b)		3,360		3,330,528
5.00%, 10/01/2026(b)		3,605		3,565,605
5.00%, 10/01/2027(b)		3,720		3,682,913
5.00%, 10/01/2028(b)		3,525		3,488,231
5.00%, 10/01/2029(b)		835		823,958
Wisconsin Center District
AGM Series 2020-C Zero Coupon, 12/15/2028		1,075		863,127
Zero Coupon, 12/15/2030		2,140		1,566,790
Zero Coupon, 12/15/2032		2,800		1,862,447
Zero Coupon, 12/15/2034		2,500		1,499,740
Wisconsin Department of Transportation (Wisconsin Department of Transportation Vehicle Fee Revenue)
Series 2024-1 5.00%, 07/01/2029(f)		2,520		2,634,233
5.00%, 07/01/2031(f)		7,100		7,524,716
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group)
Series 2022 4.16% (MUNIPSA + 0.18%), 08/15/2054(a)		4,000		3,921,196
Series 2023 5.00%, 08/15/2054		5,000		5,102,597
Wisconsin Health & Educational Facilities Authority (Gundersen Lutheran Obligated Group)
Series 2021 4.00%, 10/15/2034		2,500		2,434,680
4.00%, 10/15/2035		1,000		956,206
Wisconsin Public Finance Authority Series 2020 3.00%, 04/01/2025 (Pre-refunded/ETM)(b)		20		19,715
Series 2022 5.50%, 02/01/2042(b)		6,955		6,337,955
Wisconsin Public Finance Authority (Carmelite System, Inc. Obligated Group (The))
Series 2020 5.00%, 01/01/2040		3,750		3,485,231
Wisconsin Public Finance Authority (Celanese US Holdings LLC)
Series 2016-A 5.00%, 01/01/2024		1,000		1,000,825
Wisconsin Public Finance Authority (CFC-SA LLC)
Series 2022 5.00%, 02/01/2042		2,000		1,869,186

Principal Amount (000)			U.S. $ Value
Wisconsin Public Finance Authority (Duke Energy Progress LLC)
Series 2022 3.30%, 10/01/2046	$	5,315	$	5,189,923
Wisconsin Public Finance Authority (North San Gabriel Municipal Utility District No. 1)
Series 2023 Zero Coupon, 09/01/2029(b)		1,000		628,431
Wisconsin Public Finance Authority (Queens University of Charlotte)
Series 2022 5.25%, 03/01/2042		6,000		5,607,712
Wisconsin Public Finance Authority (Roseman University of Health Sciences)
Series 2020 3.00%, 04/01/2025(b)		165		159,387
Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group)
Series 2021 2.75%, 06/01/2026(b)		2,510		2,440,272
Series 2021-B 2.25%, 06/01/2027(b)		1,420		1,303,738
Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group)
Series 2021 4.00%, 02/01/2035		615		484,099
4.00%, 02/01/2036		3,335		2,589,578
4.00%, 02/01/2038		3,575		2,689,296
4.00%, 02/01/2040		3,945		2,900,792
Series 2022 5.00%, 02/01/2031		3,375		3,011,642
5.00%, 02/01/2032		2,545		2,239,905
WPPI Energy Series 2014-A 5.00%, 07/01/2029		1,000		1,005,044
				126,906,566
Total Long-Term Municipal Bonds (cost $4,797,814,200)				4,544,122,787
Short-Term Municipal Notes–3.6%
California–0.5%
City of Los Angeles CA Series 2023 5.00%, 06/27/2024		25,000		25,295,860
District of Columbia–0.2%
District of Columbia (Carnegie Endowment for International Peace)
Series 2010 4.05%, 11/01/2045(i)		8,020		8,020,000

Schedule of Investments—Diversified Municipal Portfolio 39

Principal Amount (000)			U.S. $ Value
Florida–0.3%
County of Palm Beach FL (Raymond F Kravis Center for the Performing Arts, Inc. (The))
Series 2002 3.93%, 07/01/2032(i)	$	1,920	$	1,920,000
Florida Gulf Coast University Financing Corp.
Series 2009-A 3.90%, 02/01/2039(i)		1,540		1,540,000
Florida Keys Aqueduct Authority Series 2013 4.13%, 09/01/2035(i)		10,735		10,735,000
				14,195,000
Illinois–0.5%
Illinois Development Finance Authority (American College of Surgeons)
Series 1996 3.85%, 08/01/2026(i)		508		508,000
Illinois Educational Facilities Authority (Lincoln Park Society (The))
Series 1999 4.10%, 01/01/2029(i)		100		100,000
Illinois Housing Development Authority (Steadfast Foxview LP)
Series 2008 4.12%, 01/01/2041(i)		14,500		14,500,000
University of Illinois (University of Illinois Health Services Facilities System)
Series 2011-B 4.05%, 10/01/2026(i)		200		200,000
Village of Brookfield IL (Chicago Zoological Society (The))
Series 2008 3.85%, 06/01/2038(i)		6,740		6,740,000
				22,048,000
Iowa–0.0%
Iowa Finance Authority (Iowa Health System Obligated Group)
Series 2018 4.05%, 11/15/2041(i)		1,815		1,815,000
Louisiana–0.0%
Louisiana Offshore Terminal Authority (Loop LLC)
Series 2013 4.05%, 09/01/2033(i)		400		400,000
Maryland–0.1%
Maryland Health & Higher Educational Facilities Authority Series 2014-A 3.92%, 04/01/2035(i)		3,600		3,600,000

Principal Amount (000)			U.S. $ Value
Montgomery County Housing Opportunities Commission Series 2011-A 3.90%, 01/01/2049(i)	$	1,795	$	1,795,000
				5,395,000
Michigan–0.4%
Grand Valley State University Series 2019-B 3.90%, 12/01/2031(i)		16,095		16,095,000
Oakland University Series 2010 4.10%, 03/01/2031(i)		750		750,000
				16,845,000
Minnesota–0.0%
City of Minneapolis MN (One Ten Grant LP)
Series 1989 3.90%, 09/01/2026(i)		805		805,000
Midwest Consortium of Municipal Utilities Series 2005-B 3.80%, 10/01/2035(i)		420		420,000
				1,225,000
Nevada–0.1%
County of Clark Department of Aviation Series 2014-D 4.00%, 07/01/2040(i)		6,815		6,815,000
New Jersey–0.7%
New Jersey Health Care Facilities Financing Authority Series 2017 3.90%, 07/01/2035(i)		2,995		2,995,000
New Jersey Health Care Facilities Financing Authority (AHS Hospital Corp.)
Series 2008-B 3.90%, 07/01/2036(i)		15,730		15,730,000
Series 2008-C 3.90%, 07/01/2036(i)		16,050		16,050,000
				34,775,000
New York–0.1%
City of Rochester NY Series 2023-I 4.50%, 08/01/2024		6,000		6,029,387
New York City Housing Development Corp.
Series 2008 3.85%, 04/15/2035(i)		300		300,000
Trust for Cultural Resources of The City of New York (The) (Pierpont Morgan Library)
Series 2004 4.00%, 02/01/2034(i)		450		450,000
				6,779,387

40 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
North Carolina–0.0%
Durham County Industrial Facilities & Pollution Control Financing Authority (Research Triangle Institute)
Series 2022 4.05%, 09/01/2037(i)	$	1,100	$	1,100,000
Ohio–0.2%
Columbus Regional Airport Authority Series 2006 3.85%, 12/01/2036(i)		7,060		7,060,000
Pennsylvania–0.2%
Philadelphia Gas Works Co.
Series 2020-D 3.85%, 08/01/2031(i)		10,950		10,950,000
Tennessee–0.1%
Greeneville Health & Educational Facilities Board (Ballad Health Obligated Group)
Series 2018-B 3.85%, 07/01/2045(i)		4,960		4,960,000
Texas–0.0%
Tarrant County Housing Finance Corp. (One Oaklake VIII LLC)
Series 2003 4.04%, 02/15/2036(i)		270		270,000
Washington–0.2%
Washington State Housing Finance Commission (Bitter Lake Village Associates 2 LP)
Series 2009 4.09%, 12/15/2044(i)		2,955		2,955,000
Washington State Housing Finance Commission (Redmond Ridge Apartments LLC)
Series 2017 4.12%, 11/01/2047(i)		7,440		7,440,000
				10,395,000
West Virginia–0.0%
West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group)
Series 2018 3.85%, 06/01/2034(i)		590		590,000
Total Short-Term Municipal Notes (cost $178,983,821)				178,933,247
Total Municipal Obligations (cost $4,976,798,021)				4,723,056,034
Principal Amount (000)			U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES–1.8%
Agency CMBS–0.9%
California Housing Finance Agency Series 2019-2, Class A 4.00%, 03/20/2033	$	10,355	$	9,851,049
Series 2021-2, Class A 3.75%, 03/25/2035		16,090		14,882,358
Series 2021-2, Class X 0.825%, 03/25/2035(g)		9,751		480,030
Series 2021-3, Class A 3.25%, 08/20/2036		3,888		3,403,180
Series 2021-3, Class X 0.79%, 08/20/2036(g)		7,945		412,923
Federal Home Loan Mortgage Corp.
Series 2021-ML10, Class ACA 2.046%, 06/25/2038		1,948		1,355,406
Series 2021-ML10, Class AUS 2.032%, 01/25/2038		4,876		3,374,604
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates Series 2021-ML12, Class AUS 2.34%, 07/25/2041(b)		7,374		5,262,477
Series 2022-ML13, Class XCA 0.96%, 07/25/2036(g)		2,057		114,089
Series 2022-ML13, Class XUS 1.00%, 09/25/2036(g)		3,748		256,760
Washington State Housing Finance Commission Series 2021-1, Class A 3.50%, 12/20/2035		4,829		4,172,393
Series 2021-1, Class X 0.726%, 12/20/2035(g)		3,187		144,723
				43,709,992
Non-Agency Fixed Rate CMBS–0.9%
California Housing Finance Agency Series 2021-1, Class A 3.50%, 11/20/2035		3,370		2,955,191
National Finance Authority Series 2022-2, Class X 0.697%, 10/01/2036(g)		9,878		476,793
New Hampshire Business Finance Authority Series 2020-1, Class A 4.125%, 01/20/2034		9,021		8,390,672
Series 2022-1, Class A 4.375%, 09/20/2036		24,607		22,785,325
Series 2022-2, Class A 4.00%, 10/20/2036		9,878		8,849,448
Washington State Housing Finance Commission Series 2023-1, Class X 1.448%, 04/20/2037(g)		10,000		1,088,482
				44,545,911
Total Commercial Mortgage-Backed Securities (cost $104,176,075)				88,255,903

Schedule of Investments—Diversified Municipal Portfolio 41

Principal Amount (000)			U.S. $ Value
CORPORATES–INVESTMENT GRADE–1.0%
Industrial–1.0%
Consumer Cyclical–Automotive–0.2%
General Motors Financial Co., Inc.
6.579% (SOFR + 1.30%), 04/07/2025(a)	$	10,000	$	10,012,900
Consumer Non-Cyclical–0.8%
Baylor Scott & White Holdings Series 2021 0.827%, 11/15/2025		5,835		5,210,830
1.777%, 11/15/2030		5,000		3,874,500
CommonSpirit Health 1.547%, 10/01/2025		4,513		4,139,233
Hackensack Meridian Health, Inc.
Series 2020 2.675%, 09/01/2041		7,000		4,532,780
Novant Health, Inc.
2.637%, 11/01/2036		19,100		13,491,858
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031		10,000		7,051,700
Sutter Health Series 20A 3.161%, 08/15/2040		4,000		2,786,280
				41,087,181
Total Corporates–Investment Grade (cost $65,333,044)				51,100,081
ASSET-BACKED SECURITIES–0.4%
Autos–Fixed Rate–0.3%
Flagship Credit Auto Trust  Series 2023-1, Class A2 5.38%, 12/15/2026(b)		1,888		1,878,541
Foursight Capital Automobile Receivables Trust  Series 2023-1, Class A2 5.43%, 10/15/2026(b)		1,103		1,097,903
LAD Auto Receivables Trust  Series 2023-1A, Class A2 5.68%, 10/15/2026(b)		1,582		1,577,987
Lendbuzz Securitization Trust  Series 2023-1A, Class A2 6.92%, 08/15/2028(b)		9,542		9,502,123
Tricolor Auto Securitization Trust  Series 2023-1A, Class A 6.48%, 08/17/2026(b)		1,703		1,698,811
				15,755,365
Principal Amount (000)			U.S. $ Value
Other ABS–Fixed Rate–0.1%
Commonwealth of Massachusetts Series 2022-B 4.11%, 07/15/2031	$	5,462	$	5,256,387
Total Asset-Backed Securities (cost $21,278,159)				21,011,752
CORPORATES–NON-INVESTMENT GRADE–0.4%
Industrial–0.4%
Communications–Media–0.1%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034(b)		7,730		5,699,870
Consumer Non-Cyclical–0.1%
Medline Borrower LP 3.875%, 04/01/2029(b)		6,500		5,492,110
Transportation–Airlines–0.2%
United Airlines, Inc.
4.375%, 04/15/2026(b)		5,000		4,626,750
4.625%, 04/15/2029(b)		2,300		1,978,759
				6,605,509
Total Corporates–Non-Investment Grade (cost $21,528,146)				17,797,489
COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%
Risk Share Floating Rate–0.1%
Connecticut Avenue Securities Trust Series 2020-SBT1, Class 2M2 9.079% (SOFR + 3.76%), 02/25/2040(a)(b)		813		847,291
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2013-DN2, Class M2 9.679% (SOFR + 4.36%), 11/25/2023(a)		210		211,291
Series 2014-DN3, Class M3 9.429% (SOFR + 4.11%), 08/25/2024(a)		40		40,086
Series 2015-DNA1, Class M3 8.729% (SOFR + 3.41%), 10/25/2027(a)		107		108,141
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 2M2 8.329% (SOFR + 3.01%), 07/25/2024(a)		239		240,807
Series 2014-C04, Class 1M2 10.329% (SOFR + 5.01%), 11/25/2024(a)		133		138,029
Series 2015-C02, Class 1M2 9.429% (SOFR + 4.11%), 05/25/2025(a)		219		225,845

42 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
Series 2016-C01, Class 1M2 12.179% (SOFR + 6.86%), 08/25/2028(a)	$	282	$	301,231
Series 2016-C03, Class 1M2 10.729% (SOFR + 5.41%), 10/25/2028(a)		122		128,905
Total Collateralized Mortgage Obligations (cost $1,908,702)				2,241,626
Total Investments—99.2% (cost $5,191,022,147)				4,903,462,885
Other assets less liabilities—0.8%				41,891,810
Net Assets—100.0%			$	4,945,354,695

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2023			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 41, 5 Year Index, 12/20/2028*		(5.00	)%		Quarterly		4.79	%		USD	44,900	$	(427,838	)	$	(430,363	)	$	2,525

* 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	25,420	01/15/2025	2.565%	CPI#	Maturity	$	2,432,005		$	—		$	2,432,005
USD	15,240	01/15/2025	4.028%	CPI#	Maturity		539,779			—			539,779
USD	12,710	01/15/2025	2.585%	CPI#	Maturity		1,205,748			—			1,205,748
USD	12,710	01/15/2025	2.613%	CPI#	Maturity		1,191,638			—			1,191,638
USD	52,790	01/15/2026	CPI#	3.720%	Maturity		(1,793,047	)		—			(1,793,047	)
USD	40,000	01/15/2027	CPI#	3.320%	Maturity		(1,813,697	)		—			(1,813,697	)
USD	39,500	01/15/2027	CPI#	3.466%	Maturity		(1,438,741	)		(35,407	)		(1,403,334	)
USD	31,450	01/15/2027	CPI#	3.323%	Maturity		(1,420,276	)		—			(1,420,276	)
USD	87,590	01/15/2028	1.230%	CPI#	Maturity		15,580,180			—			15,580,180
USD	87,240	01/15/2028	0.735%	CPI#	Maturity		18,582,991			—			18,582,991
USD	94,820	01/15/2029	CPI#	3.290%	Maturity		(3,102,563	)		—			(3,102,563	)
USD	40,500	01/15/2029	CPI#	3.735%	Maturity		136,766			—			136,766
USD	16,275	01/15/2030	1.572%	CPI#	Maturity		2,734,031			—			2,734,031
USD	16,275	01/15/2030	1.587%	CPI#	Maturity		2,712,532			—			2,712,532
USD	23,500	01/15/2031	2.782%	CPI#	Maturity		1,615,139			—			1,615,139
USD	22,000	01/15/2031	2.680%	CPI#	Maturity		1,722,018			—			1,722,018
USD	19,200	01/15/2031	2.989%	CPI#	Maturity		943,567			—			943,567
USD	20,800	01/15/2032	CPI#	3.064%	Maturity		(790,236	)		—			(790,236	)
USD	18,300	04/15/2032	CPI#	2.909%	Maturity		(925,989	)		—			(925,989	)
						$	38,111,845		$	(35,407	)	$	38,147,252

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

Schedule of Investments—Diversified Municipal Portfolio 43

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	20,000	01/15/2027	1 Day SOFR	3.389%	Annual	$	(938,551	)	$	—	$	(938,551	)
USD	11,900	04/30/2030	1 Day SOFR	3.369%	Annual		(713,931	)		—		(713,931	)
USD	56,600	07/31/2030	1 Day SOFR	4.016%	Annual		(1,039,509	)		—		(1,039,509	)
USD	39,800	07/31/2030	1 Day SOFR	3.781%	Annual		(1,302,729	)		—		(1,302,729	)
USD	25,800	07/31/2030	1 Day SOFR	3.897%	Annual		(636,530	)		—		(636,530	)
						$	(4,631,250	)	$	—	$	(4,631,250	)

CREDIT DEFAULT SWAPS (see Note 3)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2023			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	247	$	(35,517	)	$	(22,484	)	$	(13,033	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	820		(117,945	)		(96,328	)		(21,617	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	55		(7,877	)		(6,239	)		(1,638	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	135		(19,482	)		(12,447	)		(7,035	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	583		(83,835	)		(52,156	)		(31,679	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,669		(240,111	)		(188,920	)		(51,191	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,687		(242,713	)		(155,257	)		(87,456	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	316		(45,505	)		(37,009	)		(8,496	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	963		(138,552	)		(83,758	)		(54,794	)
												$	(931,537	)	$	(654,598	)	$	(276,939	)

* 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

$

6,927,756

$

—

$

6,927,756

* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

44 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

(a) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2023.

(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, 2023, the aggregate market value of these securities amounted to $357,901,217 or 7.2% of net assets.

(c) Non-income producing security.

(d) Defaulted.

(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, 2023, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 6.50%, 07/01/2026		06/13/2022	$	2,077,317	$	120,000		0.00	%

(f) When-Issued or delayed delivery security.

(g) IO—Interest Only.

(h) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2023.

(i) 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, 2023, 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 5.4% and 0.0%, respectively.

Glossary:

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

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, 2023

Principal Amount (000)			U.S. $ Value
MUNICIPAL OBLIGATIONS–100.4%
Long-Term Municipal Bonds–88.8%
New York–73.2%
Albany County Airport Authority Series 2020-B 5.00%, 12/15/2023	$	1,050	$	1,050,467
5.00%, 12/15/2024		855		858,769
5.00%, 12/15/2025		855		863,088
5.00%, 12/15/2026		855		869,384
Broome County Local Development Corp. (United Health Services Hospitals Obligated Group) AGM Series 2020 3.00%, 04/01/2035		2,220		1,793,467
3.00%, 04/01/2036		2,000		1,573,898
3.00%, 04/01/2037		1,500		1,145,392
4.00%, 04/01/2034		725		689,656
4.00%, 04/01/2038		1,400		1,259,533
4.00%, 04/01/2039		1,400		1,244,977
4.00%, 04/01/2040		1,500		1,320,222
5.00%, 04/01/2032		2,000		2,056,899
5.00%, 04/01/2033		1,000		1,028,609
Build NYC Resource Corp. (East Harlem Scholars Academy Charter School Obligated Group) Series 2022 5.00%, 06/01/2032(a)		375		373,932
5.75%, 06/01/2042(a)		1,855		1,862,975
Build NYC Resource Corp. (Grand Concourse Acadmey Charter School) Series 2022 5.00%, 07/01/2042		550		519,049
Build NYC Resource Corp. (Integration Charter Schools) Series 2021 5.00%, 06/01/2036(a)		1,050		1,008,969
5.00%, 06/01/2041(a)		800		730,617
Build NYC Resource Corp. (Metropolitan College of New York) Series 2014 5.00%, 11/01/2023		1,585		1,188,750
5.00%, 11/01/2025		1,750		1,312,500
5.25%, 11/01/2029		2,100		1,575,000
Build NYC Resource Corp. (NEW World Preparatory Charter School) Series 2021 4.00%, 06/15/2041(a)		525		406,143

Schedule of Investments—Diversified Municipal Portfolio 45

Principal Amount (000)			U.S. $ Value
City of New York NY Series 2017-1 5.00%, 08/01/2025	$	1,365	$	1,394,915
Series 2017-C 5.00%, 08/01/2024		1,260		1,271,826
Series 2018-A 5.00%, 08/01/2026		7,690		7,955,284
Series 2018-D 5.00%, 12/01/2038		9,665		9,919,505
Series 2020-C 5.00%, 08/01/2038		4,960		5,147,665
Series 2021 1.396%, 08/01/2027		4,950		4,292,024
Series 2021-D 1.216%, 08/01/2026		6,000		5,351,147
1.623%, 08/01/2028		4,000		3,381,214
Series 2022-B 5.00%, 08/01/2024		3,405		3,436,959
Series 2023 5.00%, 08/01/2036		2,500		2,676,956
5.00%, 08/01/2040		1,000		1,041,527
5.00%, 08/01/2041		2,550		2,643,542
5.00%, 08/01/2042		2,500		2,579,488
County of Albany NY Series 2020-C 5.00%, 11/01/2023		1,515		1,516,359
County of Nassau NY Series 2014-A 5.00%, 04/01/2025 (Pre-refunded/ETM)		10,190		10,241,163
Series 2017-C 5.00%, 10/01/2026		8,920		9,298,862
5.00%, 10/01/2027		13,255		14,045,698
County of Suffolk NY Series 2022 5.00%, 09/01/2029		1,770		1,899,549
Dutchess County Local Development Corp. (Bard College) Series 2020-A 5.00%, 07/01/2040		2,400		2,364,935
Series 2020-B 5.918%, 07/01/2039		4,755		4,425,873
Hempstead Town Local Development Corp. (Evergreen Charter School, Inc.) Series 2022-A 5.25%, 06/15/2042		4,000		3,794,253
Hudson Yards Infrastructure Corp. Series 2017-A 5.00%, 02/15/2031		17,060		17,734,496
5.00%, 02/15/2032		5,590		5,808,870
Series 2021 4.00%, 02/15/2040		5,000		4,699,042
Jefferson County Industrial Development Agency (ReEnergy Black River LLC) Series 2019 5.25%, 01/01/2024(b)(c)(d)(e)		1,250		250,000

Principal Amount (000)			U.S. $ Value
Long Island Power Authority Series 2019-B 1.65%, 09/01/2049	$	9,535	$	9,291,924
Metropolitan Transportation Authority Series 2016-D 5.00%, 11/15/2027		1,210		1,234,105
Series 2017-B 5.00%, 11/15/2027		5,050		5,196,008
5.00%, 11/15/2028		4,020		4,153,929
Series 2017-C 5.00%, 11/15/2027		9,140		9,404,260
5.00%, 11/15/2028		7,400		7,664,475
5.00%, 11/15/2029		1,790		1,852,487
5.00%, 11/15/2031		39,930		41,231,662
Series 2021 3.994% (SOFR + 0.43%), 11/01/2026(f)		1,655		1,637,679
AGM Series 2021 4.114% (SOFR + 0.55%), 11/01/2032(f)		3,000		2,998,753
4.358% (SOFR + 0.80%), 11/01/2032(f)		3,715		3,681,102
Metropolitan Transportation Authority (Metropolitan Transportation Authority Dedicated Tax Fund) Series 2017-A 5.00%, 11/15/2031		2,060		2,144,821
Series 2022-A 4.00%, 11/15/2038		11,605		10,922,428
Monroe County Industrial Development Corp./NY (Academy of Health Sciences Charter School) Series 2022 5.00%, 07/01/2032(a)		250		240,052
5.625%, 07/01/2042(a)		2,000		1,864,972
Monroe County Industrial Development Corp./NY (Rochester Regional Health Obligated Group) Series 2020 5.00%, 12/01/2024		510		511,990
5.00%, 12/01/2028		1,210		1,229,387
Monroe County Industrial Development Corp./NY (St. Ann’s of Greater Rochester Obligated Group) Series 2019 4.00%, 01/01/2030		2,455		2,201,028
Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group) Series 2014 5.00%, 07/01/2024		4,550		4,566,317

46 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
Nassau County Local Economic Assistance Corp. (Roosevelt Children’s Academy Charter School) Series 2023 4.00%, 07/01/2033	$	750	$	700,751
New York City Municipal Water Finance Authority Series 2014-D 5.00%, 06/15/2029		3,000		3,012,608
Series 2015-F 5.00%, 06/15/2028		1,845		1,874,003
Series 2015-G 5.00%, 06/15/2028		11,465		11,645,225
Series 2017 5.00%, 06/15/2038		3,725		3,814,051
Series 2017-E 5.00%, 06/15/2037		1,795		1,844,438
Series 2018-AA 5.00%, 06/15/2024		8,280		8,348,428
Series 2021-B 4.00%, 06/15/2039		2,000		1,881,090
Series A 5.00%, 06/15/2035		13,345		14,768,244
New York City Transitional Finance Authority Building Aid Revenue (New York City Transitional Finance Authority Building Aid Revenue State Lease) Series 2016-S 5.00%, 07/15/2034		2,000		2,047,996
Series 2018-S 5.00%, 07/15/2031		2,065		2,174,297
5.00%, 07/15/2032		16,090		16,918,886
New York City Transitional Finance Authority Future Tax Secured Revenue Series 2014-A 5.00%, 08/01/2027		1,655		1,666,228
5.00%, 08/01/2029		5,000		5,033,110
Series 2014-C 5.00%, 11/01/2026		6,345		6,373,822
Series 2014-D1 5.00%, 02/01/2028		7,110		7,126,349
5.00%, 02/01/2029		2,425		2,430,497
Series 2015-C 5.00%, 11/01/2026		20,000		20,301,006
Series 2016-B 5.00%, 08/01/2031		2,200		2,257,827
Series 2017-F 5.00%, 05/01/2032		1,220		1,247,591
Series 2020 5.00%, 11/01/2027		2,580		2,716,200
Series 2021-A 5.00%, 11/01/2023 (Pre-refunded/ETM)		185		185,138
5.00%, 11/01/2023		6,585		6,590,070
Principal Amount (000)			U.S. $ Value
Series 2021-E 4.00%, 02/01/2040	$	12,575	$	11,670,411
Series 2022 4.00%, 02/01/2040		2,220		2,060,303
4.00%, 02/01/2041		1,675		1,542,121
New York Liberty Development Corp. (3 World Trade Center LLC) Series 2014 5.375%, 11/15/2040(a)		2,000		1,923,068
7.25%, 11/15/2044(a)		3,260		3,275,862
New York Liberty Development Corp. (One Bryant Park LLC) Series 2019 2.45%, 09/15/2069		20,000		17,340,338
2.625%, 09/15/2069		22,240		19,168,865
2.80%, 09/15/2069		6,470		5,570,792
New York Liberty Development Corp. (Port Authority of New York & New Jersey) Series 2021-1 3.00%, 02/15/2042		20,000		14,266,566
New York State Dormitory Authority Series 2014 5.00%, 02/15/2029 (Pre-refunded/ETM)		40		40,149
Series 2017 5.00%, 02/15/2025 (Pre-refunded/ETM)		2,775		2,818,714
Series 2020-A 5.00%, 03/15/2024 (Pre-refunded/ETM)		6,475		6,506,781
Series 2021 1.187%, 03/15/2026 (Pre-refunded/ETM)		5,500		4,993,256
AGM Series 2020 5.00%, 10/01/2026 (Pre-refunded/ETM)		5		5,192
5.00%, 10/01/2029 (Pre-refunded/ETM)		5		5,340
New York State Dormitory Authority (Catholic Health System Obligated Group) Series 2019 5.00%, 07/01/2036		1,000		819,834
New York State Dormitory Authority (Garnet Health Medical Center Obligated Group) Series 2017 5.00%, 12/01/2023(a)		1,400		1,397,262
5.00%, 12/01/2024(a)		1,700		1,684,040
5.00%, 12/01/2026(a)		1,500		1,462,198
5.00%, 12/01/2034(a)		2,700		2,553,577
New York State Dormitory Authority (Icahn School of Medicine at Mount Sinai) Series 2015-A 5.00%, 07/01/2026		3,745		3,795,679

Schedule of Investments—New York Municipal Portfolio 47

Principal Amount (000)			U.S. $ Value
New York State Dormitory Authority (Iona College) Series 2022-2 5.00%, 07/01/2024	$	555	$	556,264
5.00%, 07/01/2026		620		626,267
5.00%, 07/01/2027		325		330,284
5.00%, 07/01/2029		500		511,696
5.00%, 07/01/2030		300		307,285
5.00%, 07/01/2031		320		328,056
5.00%, 07/01/2032		280		287,152
New York State Dormitory Authority (New York and Presbyterian Hospital Obligated Group) Series 2023 5.00%, 08/01/2036		4,250		4,600,856
5.00%, 08/01/2038		5,000		5,318,074
New York State Dormitory Authority (New York State Dormitory Authority Lease) Series 2022-C 5.00%, 10/01/2025		1,000		1,023,561
AGM Series 2020 5.00%, 10/01/2026		3,045		3,145,434
5.00%, 10/01/2029		2,130		2,252,833
AGM Series 2023 5.00%, 10/01/2025		4,695		4,809,505
BAM Series 2022 5.00%, 10/01/2025		3,975		4,071,730
New York State Dormitory Authority (New York University) Series 2019-A 5.00%, 07/01/2032		2,975		3,189,192
New York State Dormitory Authority (Northwell Health Obligated Group) Series 2022 4.00%, 05/01/2039		2,500		2,191,533
4.00%, 05/01/2040		6,000		5,201,998
New York State Dormitory Authority (Rochester Institute of Technology) Series 2020-A 5.00%, 07/01/2026		1,000		1,035,400
New York State Dormitory Authority (St. John’s University/NY) Series 2015-A 5.00%, 07/01/2024		1,130		1,137,103
Series 2021-A 4.00%, 07/01/2031		1,400		1,408,406
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2014 5.00%, 02/15/2029		11,415		11,445,321
Series 2014-A 5.00%, 02/15/2028		2,400		2,407,512
Series 2014-C 5.00%, 03/15/2028		12,485		12,534,511
5.00%, 03/15/2029		2,010		2,016,809

Principal Amount (000)			U.S. $ Value
Series 2021-A 4.00%, 03/15/2039	$	1,000	$	937,448
Series 2021-E 4.00%, 03/15/2037		4,645		4,472,886
Series 2022-A 4.00%, 03/15/2039		2,000		1,874,896
4.00%, 03/15/2040		2,000		1,858,524
New York State Dormitory Authority (State of New York Sales Tax Revenue) Series 2023-A 4.00%, 03/15/2043		4,350		3,914,920
New York State Dormitory Authority (Wagner College) Series 2022 5.00%, 07/01/2037		1,000		981,162
5.00%, 07/01/2039		1,500		1,443,071
5.00%, 07/01/2042		1,630		1,531,005
New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority) Series 2019-B 5.00%, 06/15/2027		445		469,756
Series 2023 5.125%, 09/01/2050(a)		1,800		1,773,695
New York State Thruway Authority (New York State Thruway Authority Gen Toll Road) Series 2014-J 5.00%, 01/01/2026		18,900		18,935,001
5.00%, 01/01/2027		15,000		15,025,936
Series 2014-K 5.00%, 01/01/2026		1,310		1,325,760
5.00%, 01/01/2028		3,150		3,186,366
Series 2019-M 2.90%, 01/01/2035		12,775		10,343,235
New York State Thruway Authority (State of New York Pers Income Tax) Series 2022-A 5.00%, 03/15/2039		7,250		7,563,801
New York State Urban Development Corp. (State of New York Pers Income Tax) Series 2016-A 5.00%, 03/15/2028		5,010		5,136,230
Series 2020-E 4.00%, 03/15/2043		4,650		4,187,733
Series 2022 5.00%, 09/15/2029		6,830		7,321,455
New York Transportation Development Corp. (American Airlines, Inc.) Series 2016 5.00%, 08/01/2026		1,070		1,062,959
Series 2021 2.25%, 08/01/2026		1,230		1,160,147

48 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 5.00%, 01/01/2027	$	2,165	$	2,185,775
5.00%, 01/01/2030		24,485		24,714,723
5.00%, 01/01/2032		2,355		2,372,739
5.00%, 01/01/2036		2,000		1,985,838
New York Transportation Development Corp. (Elevated Accessibility Enhancements Holding Co. LLC) Series 2023 6.971%, 06/30/2051		2,000		1,878,525
New York Transportation Development Corp. (Empire State Thruway Partners LLC) Series 2021 4.00%, 10/31/2034		500		470,716
4.00%, 10/31/2041		2,075		1,776,110
New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2020 5.00%, 12/01/2027		2,210		2,258,012
5.00%, 12/01/2030		1,010		1,036,993
5.00%, 12/01/2031		400		410,639
5.00%, 12/01/2032		1,035		1,062,419
5.00%, 12/01/2036		1,050		1,059,207
Series 2022 4.00%, 12/01/2042		1,000		854,001
5.00%, 12/01/2027		2,115		2,160,948
5.00%, 12/01/2031		2,035		2,095,402
5.00%, 12/01/2039		2,765		2,749,924
5.00%, 12/01/2040		3,310		3,271,328
5.00%, 12/01/2042		2,645		2,576,894
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) Series 2016-A 5.25%, 01/01/2050		2,535		2,484,625
Niagara Area Development Corp. (Covanta Holding Corp.) Series 2018-A 4.75%, 11/01/2042(a)		1,000		836,092
Series 2018-B 3.50%, 11/01/2024(a)		3,400		3,337,292
Niagara Falls City School District Series 2016 5.00%, 06/15/2024		4,055		4,073,433
5.00%, 06/15/2025		3,660		3,704,655
Onondaga Civic Development Corp. (Le Moyne College) Series 2022 4.00%, 07/01/2034		300		277,224
4.00%, 07/01/2036		350		314,080
4.00%, 07/01/2039		450		383,333
Principal Amount (000)			U.S. $ Value
Port Authority of New York & New Jersey Series 2013-178 5.00%, 12/01/2023	$	10,480	$	10,493,618
Series 2014 5.00%, 09/01/2027		7,500		7,522,301
Series 2014-1 5.00%, 10/15/2023		3,455		3,455,955
Series 2015 5.00%, 10/15/2023		5,850		5,851,617
5.00%, 10/15/2026		8,405		8,485,494
Series 2017 5.00%, 10/15/2028		6,925		7,078,884
Series 2018-2 5.00%, 09/15/2025		3,040		3,079,566
5.00%, 09/15/2027		9,340		9,586,753
Series 2019 5.00%, 11/01/2035		3,135		3,220,568
5.00%, 11/01/2036		5,365		5,471,464
Series 2020-2 5.00%, 07/15/2033		3,000		3,168,653
5.00%, 07/15/2034		10,195		10,739,987
5.00%, 07/15/2035		5,095		5,339,331
Series 2021-2 5.00%, 10/15/2023		2,750		2,750,760
Sales Tax Asset Receivable Corp. Series 2014-A 5.00%, 10/15/2025 (Pre-refunded/ETM)		6,075		6,158,722
5.00%, 10/15/2026 (Pre-refunded/ETM)		7,065		7,162,366
State of New York Series A 5.00%, 03/15/2025		1,000		1,017,700
5.00%, 03/15/2026		1,395		1,440,212
5.00%, 03/15/2031		5,600		6,149,696
5.00%, 03/15/2032		1,815		2,008,007
5.00%, 03/15/2033		1,750		1,954,435
5.00%, 03/15/2036		1,500		1,642,260
5.00%, 03/15/2038		1,500		1,609,200
5.00%, 03/15/2039		2,000		2,134,820
5.00%, 03/15/2040		2,250		2,390,243
Series C 5.00%, 03/15/2037		1,670		1,807,909
Suffolk County Economic Development Corp. (Peconic Landing at Southold, Inc.) Series 2020 5.00%, 12/01/2029		500		496,569
5.00%, 12/01/2034		1,000		968,350
Suffolk Tobacco Asset Securitization Corp. Series 2021 4.00%, 06/01/2035		2,300		2,223,520
4.00%, 06/01/2036		2,425		2,306,513
4.00%, 06/01/2037		1,170		1,095,823
4.00%, 06/01/2050		2,345		2,129,994
5.00%, 06/01/2034		2,275		2,388,659

Schedule of Investments—New York Municipal Portfolio 49

Principal Amount (000)			U.S. $ Value
Triborough Bridge & Tunnel Authority Series 2021-A 5.00%, 11/01/2025	$	2,535	$	2,599,561
Series 2021-B 3.938% (SOFR + 0.38%), 01/01/2032(f)		5,040		5,018,356
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021 5.00%, 05/15/2050		15,035		15,323,938
Series 2021-A 2.00%, 05/15/2045		9,185		9,025,356
2.511%, 05/15/2035		10,000		7,455,072
Series 2021-C 5.00%, 05/15/2039		5,000		5,202,970
Series 2022 5.00%, 05/15/2030		2,500		2,708,042
5.00%, 05/15/2032		5,000		5,506,614
5.00%, 05/15/2033		1,000		1,088,006
5.00%, 05/15/2034		1,590		1,724,962
5.00%, 05/15/2035		1,000		1,078,738
5.00%, 05/15/2036		1,000		1,068,708
5.00%, 05/15/2041		1,750		1,810,262
Series 2022-A 5.00%, 08/15/2024		20,025		20,209,366
Series 2022-E 4.608% (SOFR + 1.05%), 04/01/2026(f)		7,500		7,525,840
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute) Series 2020 5.00%, 09/01/2031		2,570		2,675,312
5.00%, 09/01/2032		3,460		3,601,630
5.00%, 09/01/2033		2,365		2,461,279
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		7,428,156
Series 2020 4.00%, 12/01/2033		1,160		1,165,267
5.00%, 12/01/2031		1,800		1,942,480
5.00%, 12/01/2032		2,000		2,155,481
Utility Debt Securitization Authority Series 2013-T 5.00%, 06/15/2026		2,800		2,803,444
Series 2022 4.421%, 12/15/2025		7,700		7,681,740
Westchester County Local Development Corp. (Kendal on Hudson Obligated Group) Series 2022 5.00%, 01/01/2027		520		523,052
Principal Amount (000)			U.S. $ Value
5.00%, 01/01/2032	$	520	$	514,772
5.00%, 01/01/2037		530		509,596
5.00%, 01/01/2041		720		672,557
				982,173,231
American Samoa–0.1%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028(a)		1,055		1,091,610
Colorado–1.2%
Colorado Health Facilities Authority (CommonSpirit Health Obligated Group) Series 2019-A 5.00%, 08/01/2030		3,280		3,386,530
Colorado Health Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2030		3,000		3,097,436
5.00%, 08/01/2031		2,000		2,060,393
5.00%, 08/01/2033		2,750		2,835,043
5.00%, 08/01/2034		4,000		4,116,085
Vauxmont Metropolitan District AGM Series 2020 5.00%, 12/01/2050		160		160,966
				15,656,453
Connecticut–1.8%
State of Connecticut Series 2018-B 5.00%, 04/15/2025		14,565		14,801,642
Series 2018-C 5.00%, 06/15/2027		4,715		4,938,818
Series 2018-F 5.00%, 09/15/2027		4,025		4,232,880
				23,973,340
Florida–0.1%
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2030		100		71,308
Zero Coupon, 10/01/2032		100		64,430
Zero Coupon, 10/01/2033		100		61,343
Zero Coupon, 10/01/2034		110		63,698
Volusia County School Board (Volusia County School Board COP) Series 2014-B 5.00%, 08/01/2026		1,000		1,006,723
				1,267,502
Georgia–0.2%
Municipal Electric Authority of Georgia Series 2019 5.00%, 01/01/2031		905		934,317

50 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
5.00%, 01/01/2032	$	565	$	582,029
5.00%, 01/01/2035		1,185		1,204,967
				2,721,313
Guam–2.0%
Antonio B Won Pat International Airport Authority Series 2021-A 3.099%, 10/01/2028		665		569,550
3.189%, 10/01/2029		550		457,252
3.339%, 10/01/2030		450		365,514
Series 2023 5.125%, 10/01/2034		250		236,898
5.25%, 10/01/2031		1,025		995,758
5.25%, 10/01/2035		265		250,783
5.375%, 10/01/2033		525		508,104
Guam Government Waterworks Authority Series 2017 5.00%, 07/01/2028		1,250		1,260,596
5.00%, 07/01/2030		1,000		1,007,857
5.00%, 07/01/2031		2,000		2,014,867
Guam Power Authority Series 2017-A 5.00%, 10/01/2025		2,980		3,000,059
5.00%, 10/01/2026		1,225		1,239,457
5.00%, 10/01/2027		1,230		1,253,580
Series 2022-A 5.00%, 10/01/2023		1,250		1,250,000
Territory of Guam Series 2019 5.00%, 11/15/2031		250		246,394
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2026		1,150		1,160,857
5.00%, 12/01/2029		620		623,477
5.00%, 12/01/2030		1,000		1,004,068
5.00%, 12/01/2032		925		929,736
Territory of Guam (Territory of Guam Business Privilege Tax) 5.00%, 11/15/2030		3,580		3,542,415
Series 2015-D 5.00%, 11/15/2023		1,865		1,864,878
5.00%, 11/15/2025		1,555		1,551,245
Series 2021-F 5.00%, 01/01/2030		1,000		997,025
				26,330,370
Illinois–1.3%
Chicago Board of Education Series 2017-C 5.00%, 12/01/2023		8,160		8,171,631
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2027		145		142,622

Principal Amount (000)			U.S. $ Value
5.00%, 09/01/2029	$	225	$	219,709
5.00%, 09/01/2032		365		350,770
5.00%, 09/01/2033		200		190,811
5.00%, 09/01/2034		100		94,365
Metropolitan Pier & Exposition Authority Series 2017-B 5.00%, 12/15/2028		2,000		2,044,948
State of Illinois Series 2017-A 5.00%, 12/01/2024		2,105		2,123,620
Series 2018-A 5.00%, 10/01/2024		2,910		2,932,064
Series 2018-B 5.00%, 05/01/2024		1,405		1,410,797
				17,681,337
Kentucky–0.3%
City of Ashland KY (Ashland Hospital Corp. Obligated Group) Series 2019 5.00%, 02/01/2026		350		352,679
5.00%, 02/01/2027		375		380,335
5.00%, 02/01/2030		210		215,772
5.00%, 02/01/2031		275		277,091
Kentucky Economic Development Finance Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2033		1,000		1,030,925
5.00%, 08/01/2034		1,635		1,682,450
5.00%, 08/01/2035		555		568,706
				4,507,958
Louisiana–0.1%
Parish of St. James LA (NuStar Logistics LP) Series 2020 5.85%, 08/01/2041(a)		240		243,730
6.10%, 06/01/2038(a)		345		364,050
6.10%, 12/01/2040(a)		460		485,401
				1,093,181
Michigan–1.2%
City of Detroit MI Series 2018 5.00%, 04/01/2029		250		253,116
5.00%, 04/01/2032		1,005		1,011,828
Michigan Strategic Fund (Michigan Strategic Fund –I 75 Improvement Project) Series 2018 5.00%, 12/31/2029		8,600		8,744,179
5.00%, 12/31/2030		4,000		4,066,526
5.00%, 06/30/2032		1,690		1,720,252
				15,795,901

Schedule of Investments—New York Municipal Portfolio 51

Principal Amount (000)			U.S. $ Value
Missouri–0.0%
Howard Bend Levee District XLCA Series 2005 5.75%, 03/01/2025	$	120	$	120,569
5.75%, 03/01/2027		275		276,371
				396,940
Nevada–0.0%
City of Sparks NV (City of Sparks NV Sales Tax) Series 2019-A 2.75%, 06/15/2028(a)		695		634,916
New Jersey–2.8%
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2024		5,090		5,116,984
5.00%, 06/15/2027		5,000		5,091,752
Series 2018-A 5.00%, 06/15/2028		11,680		11,912,420
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2018-A 5.00%, 12/15/2030		3,360		3,502,523
Series 2019-B 5.00%, 06/15/2030		1,500		1,565,417
5.00%, 06/15/2034		2,360		2,438,416
Series 2019-BB1 5.00%, 06/15/2034		2,900		2,996,358
AMBAC Series 2005-B 5.25%, 12/15/2023		4,700		4,708,271
				37,332,141
Puerto Rico–1.5%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024		468		451,622
Zero Coupon, 07/01/2033		2,420		1,426,266
4.00%, 07/01/2033		675		605,026
5.375%, 07/01/2025		870		878,932
5.625%, 07/01/2027		3,150		3,232,415
5.625%, 07/01/2029		760		785,314
5.75%, 07/01/2031		285		297,632
Series 2022-C 0.00%, 11/01/2043		948		491,908
HTA TRRB Custodial Trust  Series 2022 5.25%, 07/01/2034		1,580		1,539,567
5.25%, 07/01/2036		1,515		1,520,990
Puerto Rico Commonwealth Aqueduct & Sewer Authority Series 2020-A 5.00%, 07/01/2030(a)		3,490		3,479,858

Principal Amount (000)			U.S. $ Value
5.00%, 07/01/2035(a)	$	2,310	$	2,259,663
Series 2022-A 5.00%, 07/01/2037(a)		250		240,582
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		1,390		1,371,642
Puerto Rico Highway & Transportation Authority Series 2022-B Zero Coupon, 07/01/2032		1,265		815,925
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024		796		770,583
				20,167,925
South Carolina–0.3%
South Carolina Public Service Authority Series 2020-A 5.00%, 12/01/2043		1,500		1,502,563
Series 2021-B 4.00%, 12/01/2038		2,125		1,926,063
5.00%, 12/01/2040		1,000		1,011,129
				4,439,755
Tennessee–0.6%
Chattanooga Health Educational & Housing Facility Board (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2031		1,500		1,545,295
5.00%, 08/01/2033		1,000		1,030,925
5.00%, 08/01/2034		1,000		1,029,021
Tennergy Corp./TN (Royal Bank of Canada) Series 2019-A 5.00%, 02/01/2050		4,735		4,747,182
				8,352,423
Texas–0.5%
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2018 5.00%, 07/15/2028		1,750		1,742,046
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031(a)		4,540		4,345,228
				6,087,274
Washington–0.6%
Washington Health Care Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2032		2,165		2,231,502

52 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

Principal Amount (000)			U.S. $ Value
5.00%, 08/01/2033	$	2,595	$	2,675,250
5.00%, 08/01/2034		2,520		2,593,134
				7,499,886
Wisconsin–0.3%
UMA Education, Inc. Series 2019 5.00%, 10/01/2023(a)		260		260,000
5.00%, 10/01/2025(a)		995		986,273
5.00%, 10/01/2026(a)		1,050		1,038,526
5.00%, 10/01/2027(a)		1,090		1,079,133
5.00%, 10/01/2028(a)		900		890,612
5.00%, 10/01/2029(a)		275		271,363
				4,525,907
Indiana–0.0%
City of Fort Wayne IN 10.75%, 12/01/2029(c)(d)		32		3
Nebraska–0.7%
Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) Series 2022-1 5.00%, 05/01/2053		10,000		9,950,655
Total Long-Term Municipal Bonds (cost $1,271,695,336)				1,191,680,021
Short-Term Municipal Notes–11.6%
New York–11.5%
Build NYC Resource Corp. (Asia Society (The)) Series 2015 4.05%, 04/01/2045(g)		1,685		1,685,000
City of New York NY Series 2008-L 4.50%, 04/01/2038(g)		1,275		1,275,000
Series 2009-B 4.06%, 09/01/2027(g)		5,850		5,850,000
Series 2016 4.06%, 08/01/2044(g)		8,995		8,995,000
City of Rochester NY Series 2023-I 4.50%, 08/01/2024		7,000		7,034,285
Corning City School District Series 2023-A 5.00%, 06/21/2024		17,000		17,127,456
Dutchess County Industrial Development Agency (Marist College) Series 2008 4.05%, 07/01/2038(g)		1,275		1,275,000
Metropolitan Transportation Authority Series 2015 3.93%, 11/01/2026(g)		540		540,000
New York City Health and Hospitals Corp. Series 2008-B 4.10%, 02/15/2031(g)		9,350		9,350,000

Principal Amount (000)			U.S. $ Value
Series 2008-D 4.10%, 02/15/2026(g)	$	375	$	375,000
Series 2008-E 4.10%, 02/15/2026(g)		1,925		1,925,000
New York City Health and Hospitals Corp. (HHC Capital Corp.) Series 2008-C 4.10%, 02/15/2031(g)		3,190		3,190,000
New York City Housing Development Corp. Series 2008 3.85%, 04/15/2035(g)		9,900		9,900,000
Series 2012-A 4.10%, 09/01/2049(g)		1,000		1,000,000
New York City Housing Development Corp. (201 Pearl LLC) Series 2006-A 3.94%, 10/15/2041(g)		250		250,000
New York City Housing Development Corp. (Hewitt Westchester LP) Series 2011 4.05%, 11/01/2048(g)		3,400		3,400,000
New York City Municipal Water Finance Authority Series 2015-F 4.50%, 06/15/2035(g)		27,190		27,190,000
New York State Dormitory Authority (Royal Charter Properties-East, Inc.) Series 2008 3.85%, 11/15/2036(g)		19,090		19,090,000
New York State Housing Finance Agency (8 East 102nd Street LLC) Series 2023 3.80%, 05/01/2044(g)		5,790		5,790,000
New York State Housing Finance Agency (Liberty Street Realty LLC) Series 2005 3.85%, 05/01/2035(g)		3,773		3,773,000
Town of Oyster Bay NY Series 2023 5.00%, 03/08/2024		4,650		4,669,352
Triborough Bridge & Tunnel Authority Series 2018-2 4.50%, 01/01/2031(g)		6,700		6,700,000
Trust for Cultural Resources of The City of New York (The) (New York Botanical Garden (The)) Series 2009 4.05%, 07/01/2032(g)		8,060		8,060,000

Schedule of Investments—New York Municipal Portfolio 53

Principal Amount (000)			U.S. $ Value
Trust for Cultural Resources of The City of New York (The) (Pierpont Morgan Library) Series 2004 4.00%, 02/01/2034(g)	$	5,465	$	5,465,000
				153,909,093
Nevada–0.1%
County of Clark Department of Aviation Series 2008-D 4.10%, 07/01/2029(g)		1,030		1,030,000
Total Short-Term Municipal Notes (cost $155,036,544)				154,939,093
Total Municipal Obligations (cost $1,426,731,880)				1,346,619,114
ASSET-BACKED SECURITIES–0.2%
Autos–Fixed Rate–0.2%
Tricolor Auto Securitization Trust  Series 2023-1A, Class A 6.48%, 08/17/2026(a)		619		617,749
Lendbuzz Securitization Trust  Series 2023-1A, Class A2 6.92%, 08/15/2028(a)		1,908		1,900,425
Total Asset-Backed Securities (cost $2,527,224)				2,518,174
GOVERNMENTS–TREASURIES–0.2%
United States–0.2%
U.S. Treasury Notes  2.625%, 02/15/2029(h) (cost $2,468,592)		2,377		2,150,442
COMMERCIAL MORTGAGE-BACKED SECURITIES–0.1%
Agency CMBS–0.1%
Washington State Housing Finance Commission Series 2021-1, Class A 3.50%, 12/20/2035		966		834,479
Series 2021-1, Class X 0.726%, 12/20/2035(i)		966		43,855
Total Commercial Mortgage-Backed Securities (cost $1,118,808)				878,334

Principal Amount (000)			U.S. $ Value
COLLATERALIZED MORTGAGE OBLIGATIONS–0.0%
Risk Share Floating Rate–0.0%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2013-DN2, Class M2 9.679% (SOFR + 4.36%), 11/25/2023(f)	$	118	$	118,932
Series 2014-DN3, Class M3 9.429% (SOFR + 4.11%), 08/25/2024(f)		79		79,599
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 2M2
8.329% (SOFR + 3.01%), 07/25/2024(f)		69		69,413
Series 2015-C02, Class 1M2 9.429% (SOFR + 4.11%), 05/25/2025(f)		79		81,073
Series 2016-C01, Class 1M2 12.179% (SOFR + 6.86%), 08/25/2028(f)		174		185,226
Series 2016-C02, Class 1M2 11.429% (SOFR + 6.11%), 09/25/2028(f)		37		38,766
Series 2016-C03, Class 1M2 10.729% (SOFR + 5.41%), 10/25/2028(f)		71		74,945
Total Collateralized Mortgage Obligations (cost $629,865)				647,954
Total Investments—100.9% (cost $1,433,476,369)				1,352,814,018
Other assets less liabilities—(0.9)%				(11,532,100	)
Net Assets—100.0%			$	1,341,281,918

54 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

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	$	682,148		$	—		$	682,148
USD	4,070	01/15/2025		4.028%		CPI#		Maturity		144,154			—			144,154
USD	3,565	01/15/2025		2.585%		CPI#		Maturity		338,198			—			338,198
USD	3,565	01/15/2025		2.613%		CPI#		Maturity		334,240			—			334,240
USD	16,830	01/15/2026		CPI#		3.720%		Maturity		(571,642	)		—			(571,642	)
USD	10,700	01/15/2027		CPI#		3.466%		Maturity		(389,735	)		(9,590	)		(380,145	)
USD	10,500	01/15/2027		CPI#		3.320%		Maturity		(476,095	)		—			(476,095	)
USD	8,430	01/15/2027		CPI#		3.323%		Maturity		(380,697	)		—			(380,697	)
USD	27,600	01/15/2028		1.230%		CPI#		Maturity		4,909,384			—			4,909,384
USD	23,260	01/15/2028		0.735%		CPI#		Maturity		4,954,612			—			4,954,612
USD	27,050	01/15/2029		CPI#		3.290%		Maturity		(885,091	)		—			(885,091	)
USD	10,810	01/15/2029		CPI#		3.735%		Maturity		36,505			—			36,505
USD	4,375	01/15/2030		1.572%		CPI#		Maturity		734,954			—			734,954
USD	4,375	01/15/2030		1.587%		CPI#		Maturity		729,175			—			729,175
USD	6,400	01/15/2031		2.782%		CPI#		Maturity		439,868			—			439,868
USD	5,830	01/15/2031		2.680%		CPI#		Maturity		456,335			—			456,335
USD	5,150	01/15/2031		2.989%		CPI#		Maturity		253,092			—			253,092
USD	5,600	01/15/2032		CPI#		3.064%		Maturity		(212,756	)		—			(212,756	)
USD	5,400	04/15/2032		CPI#		2.909%		Maturity		(273,243	)		—			(273,243	)
									$	10,823,406		$	(9,590	)	$	10,832,996

# 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	33,300		01/15/2027		1 Day SOFR		4.217%		Annual	$	(527,743	)	$	—	$	(527,743	)
USD	25,000		01/15/2027		1 Day SOFR		2.540%		Annual		(1,969,336	)		—		(1,969,336	)
USD	8,000		04/30/2030		1 Day SOFR		3.411%		Annual		(455,435	)		—		(455,435	)
USD	13,900		07/31/2030		1 Day SOFR		3.897%		Annual		(342,937	)		—		(342,937	)
USD	10,200		07/31/2030		1 Day SOFR		3.806%		Annual		(322,665	)		—		(322,665	)
USD	15,000		04/15/2032		1 Day SOFR		3.120%		Annual		1,375,223			—		1,375,223
										$	(2,242,893	)	$	—	$	(2,242,893	)

CREDIT DEFAULT SWAPS (see Note 3)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2023			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	83	$	(11,885	)	$	(7,524	)	$	(4,361	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	274		(39,386	)		(32,167	)		(7,219	)

Schedule of Investments—New York Municipal Portfolio 55

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2023			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	18	$	(2,602	)	$	(2,061	)	$	(541	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	45		(6,541	)		(4,179	)		(2,362	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	271		(38,963	)		(24,256	)		(14,707	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	558		(80,319	)		(63,195	)		(17,124	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	563		(80,951	)		(51,782	)		(29,169	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	106		(15,191	)		(12,355	)		(2,836	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	246		(35,377	)		(21,378	)		(13,999	)
												$	(311,215	)	$	(218,897	)	$	(92,318	)

* 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

$

2,057,965

$

—

$

2,057,965

* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2023, the aggregate market value of these securities amounted to $44,919,865 or 3.3% of net assets.

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

(c) Non-income producing security.

(d) Defaulted.

(e) 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, 2023, 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	$	1,250,089	$	250,000		0.02	%

(f) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2023.

(g) Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

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

(i) IO—Interest Only.

56 Sanford C. Bernstein Fund, Inc.—2023 Annual Report

As of September 30, 2023, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 2.8% and 0.0%, respectively.

Glossary:

AGM—Assured Guaranty Municipal

AMBAC—Ambac Assurance Corporation

BAM—Build American Mutual

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

CMBS—Commercial Mortgage-Backed Securities

COP—Certificate of Participation

CPI—Consumer Price Index

ETM—Escrowed to Maturity

OTC—Over-the-Counter

SOFR—Secured Overnight Financing Rate

XLCA—XL Capital Assurance Inc.

See notes to financial statements.

Schedule of Investments—New York Municipal Portfolio 57

SCB–MU–1945-0923

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, 2023

Table of Contents

Portfolio Manager Commentary	1
Disclosures and Risks	5
Historical Performance	12
Expense Example	16
Portfolio Summary	18
Schedule of Investments	19
Statement of Assets and Liabilities	90
Statement of Operations	94
Statement of Changes in Net Assets	96
Financial Highlights	100
Notes to Financial Statements	113
Other	159

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

For performance information current to the most recent month-end, please call (collect) 212.486.5800.

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

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

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

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

Portfolio Manager Commentary (Unaudited)

To Our Shareholders—November 15, 2023

On the following pages, you will find the 2023 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, 2023, 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.

What a difference a year makes. When we sent out our update a year ago, the stock market was touching its lowest point in almost two years. Since then, it’s rallied strongly, even in the face of numerous scary headlines, from a crisis in several regional banks to the debt ceiling and government shutdown standoffs.

The economy, too, remains strong—perhaps even surprisingly so. Inflation has steadily tracked lower, though it remains above the Fed’s target. After-inflation wage growth has turned from negative to positive and the aggregate paycheck for American workers has risen steadily as that wage growth has combined with more workers returning to the workforce and finding jobs. That’s eased the pressure in the labor market without disrupting it. In fact, while we can’t say for sure that a “soft landing” lies ahead for the economy, it certainly has been on that path for the past two or three quarters.

In our spring update, we wrote about the dollar weakening after an incredible rise in value against other currencies in 2022. That weakening has reversed somewhat in the past six months, but the dollar remains down around 5% over the past year.

Global equities have risen around 20% over the past twelve months. Part of that has come from a reversal in sentiment after last fall’s lows. Part has come from a combination of hope and hype surrounding artificial intelligence and trillions of dollars of value being added to the stocks of a few leading US technology companies.

Bonds have been more challenged, as persistent economic strength has led to further interest rate increases by the Federal Reserve and other central banks and led the market to anticipate better growth and higher rates over the medium to long term. That has driven 10-year Treasury bond yields up by 0.75 percentage points to 4.57%, with most of that move happening in August and September.

Our portfolio managers continue to track both the opportunities and the risks to the economy and market from here. We’re watching for any signs of economic acceleration or deceleration that could drive interest rates higher or foreshadow an upturn or downturn in the economy, monitoring the situation in Israel and Gaza for any signs of outward expansion, and keeping an eye on China’s actions to support its economy. These managers will constantly adjust portfolios to incorporate the latest information.

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,

Alexander Chaloff

President

Sanford C. Bernstein Fund, Inc.

¹  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.

(Portfolio Manager Commentary continued on next page)

2023 Annual Report 1

Portfolio Manager Commentary (continued)

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 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 12-14 show each Portfolio’s performance compared with its respective primary and composite benchmark, for the six- and 12-month periods ended

(Portfolio Manager Commentary continued on next page)

2 Sanford C. Bernstein Fund, Inc.

Portfolio Manager Commentary (continued)

September 30, 2023. 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 trailed their current composite benchmark. For the six-month period, each of the Overlay Portfolios underperformed their current composite benchmark.

The Portfolios’ Senior Investment Management Team (the “Team”) employs dynamic allocation shifts based on the relative attractiveness or unattractiveness across multiple global asset classes. For additional diversification and protection, the Team also deploys 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 the 12-month period, underperformance, relative to the benchmark, can be attributed to the Overlays’ duration extension and equity tactical allocation shifts. An underweight to equity during the fourth quarter of 2022 and the first and second quarter of 2023 detracted, while an overweight to equities in the third quarter of 2023 also detracted from performance. In contrast, equity country selection contributed to performance. The duration extension also detracted as interest rates rose substantially.

During the six-month period, an underweight to equity in the second quarter of 2023 and an overweight in the third quarter of 2023 detracted from performance. Selection in equity country contributed to performance. Hawkish rate communication by the US Federal Reserve (the “Fed”), increasing interest rates and a market rebound followed by an equity sell-off in the third quarter led to the duration extension detracting from performance. The Team’s options strategies were modestly negative for both periods, as equity markets were generally positive, and the third quarter sell-off was not severe enough to generate a substantial increase in volatility. The net effect was underperformance of the Portfolios as the duration underperformance and tactical equity decisions overwhelmed the positive contribution of the equity country selection.

The Portfolios entered the third quarter of 2022 with a modest underweight to equities. The underweight was motivated by elevated volatility as inflation concerns and rate hikes plagued market progression. Additionally, the hawkish tone of the Fed surfaced fears that a soft landing could be out of reach. In response, the Team maintained an equity underweight during the fourth quarter of 2022 and through most of the first half of 2023, as uncertainties around rising rates, high inflation and international instability dampened the return outlook for equities. The Portfolios entered 2023 underweight to equities but moved allocations toward neutral. The Team was generally constructive on equities over the mid-term but continued to monitor stubbornly high inflation and uncertainty around terminal policy rates. The Team gradually moved to an equity overweight in the middle of the second quarter of 2023 as investor confidence, resilient economic data and positive inflation news became more consistent. The Team believed that the path towards a “soft landing” appeared to be revealing itself. A healthy job market and stronger than expected consumer spending added to the belief that equity markets would remain strong. Equity and bond markets suffered as the “higher for longer” message around rate hikes became clearer with the Fed continuing to carry an insistent tone regarding the potential to further increase rates later in the year. This dampened the bullish sentiment that had lifted stocks initially in the beginning of third quarter causing the tactical equity overweight to detract from performance. 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 have begun to moderate, but still maintain the overweight to equities as of the end of the third quarter.

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 Overlay A, Tax-Aware Overlay A, Tax-Aware Overlay B and Tax-Aware Overlay N. During the six-month period futures detracted, but added during the 12-month period for Overlay B and Tax-Aware Overlay C. Currency forwards detracted for all Portfolios except Tax-Aware Overlay B and Tax-Aware Overlay N for the six-month period. During the 12-month period, currency forwards detracted for all Portfolios except Tax-Aware Overly C. Total return swaps added for both periods for all Portfolios except Overlay A and Tax-Aware Overlay A, which detracted during the six-month period. Purchased options detracted during both periods for all portfolios. Credit default swaps detracted during the six-month

(Portfolio Manager Commentary continued on next page)

2023 Annual Report 3

Portfolio Manager Commentary (continued)

period for all portfolios except Overlay A, Tax-Aware Overlay A and N, and detracted for all portfolios except Tax-Aware Portfolio N during the 12-month period. 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 Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N.

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 159% whereas transactions in cash securities are included. Over the past year an increased volume of outflows were funded by selling cash securities leading to increased turnover. 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 rose during the 12-month period ended September 30, 2023. Aggressive central bank tightening—led by the US Federal Reserve (the “Fed”)—created headwinds for global equity markets. Despite bouts of increased volatility, equity markets rallied amid signs of easing inflationary pressures and as central banks began to pause or lower rate hikes. In March, the collapse of select US regional banks and the threat of a US government default briefly drove stocks lower. China’s reopening impulse initially benefited equity markets, but its effect quickly deteriorated—especially in emerging markets—as China’s economic recovery stalled. Toward the end of the period, equity markets pulled back as investors reacted to rising bond yields and hawkish commentary from the Fed that emphasized its intention to hold interest rates higher for longer, given mostly resilient economic growth and sticky inflation. Concern over a broadening United Auto Workers strike, the looming risk of a US government shutdown later in the year and some signs of weaker consumer spending also weighed on sentiment. Within large-cap markets, both growth- and value-oriented stocks rose, but growth significantly outperformed value, led by a technology-sector rally—especially among companies closely related to artificial intelligence technologies. Large-cap stocks outperformed small-cap stocks by a wide margin, although both rose in absolute terms.

Fixed-income government bond market yields were extremely volatile in all major developed markets, falling in the first half of the period, then rising, particularly when the Fed adjusted its quarterly expectations of interest rates to be higher for longer. Other developed-market treasury yields rose in tandem. Government bond returns in aggregate were positive, as returns rose in Japan, Australia and the eurozone, and fell in the UK, Canada and the US. Most central banks raised interest rates significantly to combat inflation until the last reporting quarter. Overall, developed-market investment-grade corporate bonds significantly outperformed government bonds, including in the US and eurozone. High-yield corporate bonds advanced and materially outperformed government bonds—especially in the US and eurozone. Emerging-market local-currency sovereign bonds led risk asset returns, as the US dollar fell against most developed-market currencies and was mixed against emerging-market currencies. Emerging-market hard-currency sovereign and corporate bonds had strong relative positive returns, particularly among high-yield sovereigns and corporates.

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, 2023, 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 8.91% and 0.00%, respectively, for Tax-Aware Overlay B Portfolio; 2.72% and 0.00%, respectively, for Tax-Aware Overlay C Portfolio and 5.87% 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 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 TIPS 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 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 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 stand-alone investment.

Cybersecurity Risk: As the use of the internet and other technologies has become more prevalent in the course of business, the Portfolios have become more susceptible to operational and financial risks associated with cybersecurity.

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2023 Annual Report 5

Disclosures and Risks (continued)

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

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

Market Risk: The Portfolios are subject to market risk, which is the risk that stock or bond prices in general or in particular countries or sectors may decline over short or extended periods. Stock or bond prices may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest rate, currency and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts; cybersecurity events; market disruptions caused by tariffs; trade disputes; measures to address budget deficits; downgrading of sovereign debt; sanctions or other government actions; and other factors.

Economies and financial markets throughout the world are becoming increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, armed conflict, including Russia’s military invasion of Ukraine, terrorism, natural disasters (including the spread of infectious illness) and other circumstances in one country or region could have profound impacts on global economies or markets. Following Russia’s recent invasion of Ukraine, the United States, the European Union and the regulatory bodies of certain other countries instituted numerous sanctions against certain Russian individuals and Russian entities. These sanctions, and other intergovernmental actions that may be undertaken against Russia in the future, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, and a decline in the value and liquidity of Russian stocks. These sanctions could result in the immediate freeze of Russian securities, including securities in the form of American Depositary Receipts, impairing the ability of the Portfolio to buy, sell, receive or deliver those securities. Retaliatory action by the Russian government could involve the seizure of US and/or European residents’ assets and any such actions are likely to impair the value and liquidity of such assets. The continued disruption of the Russian economy has had severe adverse effects on the region and beyond, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. As a result, whether or not the Portfolios invest in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolios’ investments may be negatively affected.

Management Risk: The Portfolios are subject to management risk because they are actively managed investment portfolios. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolios, but these techniques, analyses and decisions may not work as intended or may not produce the desired results, and may, during certain periods, result in increased volatility for the Portfolios or cause the value of the Portfolios’ shares to go down. In some cases, derivatives and other investment techniques may be unavailable or the Adviser may determine

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6 Sanford C. Bernstein Fund, Inc.

Disclosures and Risks (continued)

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. The use of dynamic asset allocation strategies by the Adviser may result in less favorable performance than if such strategies had not been used. 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 be transaction costs which may be, over time, significant. In addition, there is a risk that 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. While hedging can guard against potential risks, there is also a risk that a derivative intended as a hedge may not perform as expected. In addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolios. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Portfolios to suffer a (potentially unlimited) loss. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted as margin or collateral for derivatives positions may themselves go down in value, and these collateral and other requirements may limit investment flexibility. Some derivatives involve leverage, which can make the Portfolios more volatile and can compound other risks. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (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. In certain cases, governmental actions could prevent sales of securities or repatriation of proceeds. Over recent years, regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Illiquid investments risk may be magnified in a rising interest rate environment, where the value and liquidity of fixed-income securities generally go down. The Portfolios that invest in municipal securities are subject to greater risk because the market for municipal securities is generally smaller and may not be as liquid as many other fixed income markets, which may make municipal securities more difficult to trade or dispose of than other types of securities. Illiquid securities may also be difficult to value. If the Portfolios are forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the Portfolios may be forced to sell at a substantial loss or may not be able to sell at all.

Redemption Risk: The Portfolios may experience heavy redemptions that could cause the Portfolios to liquidate their

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2023 Annual Report 7

Disclosures and Risks (continued)

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

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

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

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). The value of the US dollar has recently appreciated in value against most foreign currencies, which may negatively affect the value of the Portfolios’ foreign investments when converted to US dollars.

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

Interest-Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. During periods of very low or negative interest rates, the Portfolios’ returns may be adversely affected, including to such an extent that the Portfolios may be unable to maintain positive returns. A Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the recent tightening of the US Federal Reserve’s monetary policy, which has caused the Federal Reserve to increase short-term interest rates in an effort to address rising inflation.

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

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Disclosures and Risks (continued)

Fixed-income securities with longer durations have more interest-rate risk and will decrease in price as interest rates rise. Securities that have final maturities longer than their durations may be affected by increased credit spreads to a far greater degree than their durations would suggest, because they are exposed to credit risk until final maturity.

Commodity Risk: The value of commodity-linked derivatives, exchange traded notes and exchange traded funds may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as changes in climate conditions, drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolios’ assets can decline as can the value of the Portfolios’ distributions. This risk is significantly greater for fixed-income securities with longer maturities. Rates of inflation have recently risen, which have adversely affected economies and markets. Rising inflation has caused the Federal Reserve and other central banks to take actions—including raising interest rates—that have caused further adverse effects to economies and markets, and more such actions may be forthcoming.

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

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

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

Real Estate Related Securities Risk: Investing in real estate related securities includes, among others, the following risks: possible declines in the value of real estate; risks related to general and local economic conditions, including increases in the rate of inflation; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; changes in zoning laws; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; limitations on and variations in rents; and changes in interest rates. In addition, global climate change may have an adverse effect on property and security values and may exacerbate the risks of natural disasters. The COVID-19 pandemic has also impacted certain real estate sectors by accelerating the trend towards online shopping and remote-working environments. Investing in real estate investment trusts (“REITs”) involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. Among other risks, global climate change may have an adverse effect on property and security values and may exacerbate the risks of natural disasters. The COVID-19 pandemic has also impacted certain real estate sectors by accelerating the trend towards online shopping and remote-working environments. 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

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2023 Annual Report 9

Disclosures and Risks (continued)

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. REIT issuers may also fail to maintain their exemptions from investment company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended.

Investment in Other Investment Companies Risk: As with other investments, investments in other investment companies, including other AB Mutual Funds and ETFs, are subject to market and management risk. The market value of the shares of other investment companies and ETFs may differ from their net asset value. 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.

Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios

Municipal Market Risk: This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolios’ investments in municipal securities. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, and 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, which may be further exacerbated by recent environmental conditions and climate change patterns. 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.

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

Overlay A, Tax-Aware Overlay A, Overlay B and Tax-Aware Overlay B Portfolios

Subordination Risk: The Portfolios may invest in securities that are subordinated to more senior securities of an issuer, or

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Disclosures and Risks (continued)

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

Overlay B and Tax-Aware Overlay B Portfolios:

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

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

An Important Note About Historical Performance

Except as noted, returns do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. All fees and expenses related to the operation of the Portfolios have been deducted.

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

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

2023 Annual Report 11

Historical Performance (Unaudited)

Overlay Portfolios vs. Their Benchmarks

	TOTAL RETURNS						AVERAGE ANNUAL TOTAL RETURNS
THROUGH SEPTEMBER 30, 2023	PAST SIX MONTHS			PAST 12 MONTHS			PAST FIVE YEARS			PAST 10 YEARS			SINCE INCEPTION1
Overlay A Portfolio Class 1		-4.52	%		0.74	%		-0.34	%		2.59	%		4.11	%
Return after taxes on Distributions2		-4.52	%		0.28	%		-1.21	%		1.80	%		3.32	%
Return after taxes on Distributions and sale of shares2		-2.68	%		0.69	%		-0.17	%		2.02	%		3.24	%
Overlay A Portfolio Class 2		-4.43	%		0.97	%		-0.15	%		2.79	%		4.31	%
Return after taxes on Distributions2		-4.43	%		0.45	%		-1.07	%		1.95	%		3.47	%
Return after taxes on Distributions and sale of shares2		-2.62	%		0.87	%		-0.02	%		2.17	%		3.40	%
Composite Benchmark		1.77	%		16.79	%		5.75	%		6.95	%		8.12	%
S&P 500 Index		5.18	%		21.62	%		9.92	%		11.91	%		13.00	%
Tax-Aware Overlay A Portfolio Class 1		-4.69	%		0.48	%		-0.31	%		2.65	%		3.99	%
Return after taxes on Distributions2		-4.69	%		0.01	%		-1.07	%		1.92	%		3.38	%
Return after taxes on Distributions and sale of shares2		-2.78	%		0.56	%		-0.15	%		2.07	%		3.21	%
Tax-Aware Overlay A Portfolio Class 2		-4.60	%		0.65	%		-0.11	%		2.86	%		4.20	%
Return after taxes on Distributions2		-4.60	%		0.11	%		-0.92	%		2.08	%		3.54	%
Return after taxes on Distributions and sale of shares2		-2.73	%		0.69	%		0.00	%		2.23	%		3.37	%
Composite Benchmark		1.52	%		16.61	%		5.70	%		6.89	%		8.08	%
S&P 500 Index		5.18	%		21.62	%		9.92	%		11.91	%		13.00	%

The current prospectus fee table shows the total annual operating expense ratios for Class 1 and Class 2 shares as 1.50% and 1.30% for Overlay A, and 1.47% and 1.27% for Tax-Aware Overlay A. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

There are no sales charges associated with an investment in the Bernstein funds. Total returns and average annual returns are therefore the same. The Portfolios are not standalone Portfolios and are used only in conjunction with globally diversified Private Client portfolios.

1 Inception date: 2/8/2010.

2 After-tax returns are an estimate, which is based on the highest historical individual federal marginal income-tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown, and are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

See Disclosures, Risks and Note About Historical Performance on pages 5-11.

(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, 2023	PAST SIX MONTHS			PAST 12 MONTHS			PAST FIVE YEARS			PAST 10 YEARS			SINCE INCEPTION1
Overlay B Portfolio Class 1		-3.74	%		1.67	%		0.46	%		2.06	%		3.01	%
Return after taxes on Distributions2		-3.74	%		0.41	%		-1.45	%		0.36	%		1.56	%
Return after taxes on Distributions and sale of shares2		-2.21	%		1.04	%		-0.17	%		1.02	%		1.89	%
Overlay B Portfolio Class 2		-3.73	%		1.86	%		0.62	%		2.22	%		3.17	%
Return after taxes on Distributions2		-3.73	%		0.52	%		-1.33	%		0.47	%		1.67	%
Return after taxes on Distributions and sale of shares2		-2.21	%		1.15	%		-0.07	%		1.12	%		1.99	%
Composite Benchmark		-1.01	%		7.23	%		3.04	%		3.68	%		4.48	%
Bloomberg Global Aggregate Bond Index (USD hedged)		-1.76	%		2.10	%		0.57	%		1.84	%		2.38	%
Tax-Aware Overlay B Portfolio Class 1		-3.08	%		2.59	%		0.96	%		2.25	%		3.06	%
Return after taxes on Distributions2		-3.08	%		2.33	%		0.36	%		1.47	%		2.42	%
Return after taxes on Distributions and sale of shares2		-1.82	%		2.21	%		0.92	%		1.76	%		2.45	%
Tax-Aware Overlay B Portfolio Class 2		-2.98	%		2.67	%		1.11	%		2.39	%		3.21	%
Return after taxes on Distributions2		-2.98	%		2.39	%		0.49	%		1.60	%		2.56	%
Return after taxes on Distributions and sale of shares2		-1.76	%		2.32	%		1.05	%		1.89	%		2.59	%
Composite Benchmark		-1.01	%		7.59	%		3.55	%		3.90	%		4.66	%
Bloomberg 5-Year GO Municipal Bond Index		-2.96	%		2.02	%		1.04	%		1.38	%		1.82	%

The current prospectus fee table shows the total annual operating expense ratios for Class 1 and Class 2 shares as 0.90% and 0.75% for Overlay B and 0.86% and 0.71% for Tax-Aware Overlay B. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

There are no sales charges associated with an investment in the Bernstein funds. Total returns and average annual returns are therefore the same. The Portfolios are not standalone Portfolios and are used only in conjunction with globally diversified Private Client portfolios.

1 Inception date: 2/8/2010.

2 After-tax returns are an estimate, which is based on the highest historical individual federal marginal income-tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown, and are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

See Disclosures, Risks and Note About Historical Performance on pages 5-11.

(Historical Performance continued on next page)

2023 Annual Report 13

Historical Performance (continued from previous page)

	TOTAL RETURNS						AVERAGE ANNUAL TOTAL RETURNS
THROUGH SEPTEMBER 30, 2023	PAST SIX MONTHS			PAST 12 MONTHS			PAST FIVE YEARS			PAST 10 YEARS			SINCE INCEPTION1
Tax-Aware Overlay C Portfolio Class 1		-2.55	%		2.77	%		0.79	%		2.14	%		2.96	%
Return after taxes on Distributions2		-2.55	%		2.58	%		0.11	%		1.33	%		2.28	%
Return after taxes on Distributions and sale of shares2		-1.51	%		2.34	%		0.73	%		1.64	%		2.33	%
Tax-Aware Overlay C Portfolio Class 2		-2.45	%		2.96	%		0.93	%		2.29	%		3.11	%
Return after taxes on Distributions2		-2.45	%		2.75	%		0.24	%		1.47	%		2.42	%
Return after taxes on Distributions and sale of shares2		-1.45	%		2.51	%		0.86	%		1.78	%		2.47	%
Composite Benchmark		-1.01	%		7.59	%		3.55	%		3.90	%		4.66	%
Bloomberg 5-Year GO Municipal Bond Index		-2.96	%		2.02	%		1.04	%		1.38	%		1.82	%
Tax-Aware Overlay N Portfolio Class 1		-3.03	%		2.46	%		0.68	%		2.12	%		2.90	%
Return after taxes on Distributions2		-3.03	%		2.29	%		0.11	%		1.35	%		2.25	%
Return after taxes on Distributions and sale of shares2		-1.79	%		2.22	%		0.70	%		1.65	%		2.31	%
Tax-Aware Overlay N Portfolio Class 2		-2.93	%		2.65	%		0.83	%		2.27	%		3.06	%
Return after taxes on Distributions2		-2.93	%		2.46	%		0.25	%		1.48	%		2.39	%
Return after taxes on Distributions and sale of shares2		-1.73	%		2.39	%		0.84	%		1.78	%		2.45	%
Composite Benchmark		-1.01	%		7.59	%		3.55	%		3.90	%		4.66	%
Bloomberg 5-Year GO Municipal Bond Index		-2.96	%		2.02	%		1.04	%		1.38	%		1.82	%

The current prospectus fee table shows the total annual operating expense ratios for Class 1 and Class 2 shares as 0.90% and 0.75% for Tax-Aware Overlay C and 0.92% and 0.77% for Tax-Aware Overlay N. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

There are no sales charges associated with an investment in the Bernstein funds. Total returns and average annual returns are therefore the same. The Portfolios are not standalone Portfolios and are used only in conjunction with globally diversified Private Client portfolios.

1 Inception date: 2/8/2010.

2 After-tax returns are an estimate, which is based on the highest historical individual federal marginal income-tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown, and are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

See Disclosures, Risks and Note About Historical Performance on pages 5-11.

(Historical Performance continued on next page)

14 Sanford C. Bernstein Fund, Inc.

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 with the performance of each Portfolio’s respective benchmark and composite benchmark for the 10-year period ended September 30, 2023.

See Disclosures, Risks and Note About Historical Performance on pages 5-11.

2023 Annual Report 15

Expense Example—September 30, 2023 (Unaudited)

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

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

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

	BEGINNING ACCOUNT VALUE APRIL 1, 2023		ENDING ACCOUNT VALUE SEPTEMBER 30, 2023		EXPENSES PAID DURING PERIOD*		ANNUALIZED EXPENSE RATIO*			TOTAL EXPENSES PAID DURING PERIOD+		TOTAL ANNUALIZED EXPENSE RATIO+
Overlay A
Class 1
Actual	$	1,000	$	954.80	$	4.61		0.94	%	$	6.22		1.27	%
Hypothetical**	$	1,000	$	1,020.36	$	4.76		0.94	%	$	6.43		1.27	%
Class 2
Actual	$	1,000	$	955.70	$	3.63		0.74	%	$	5.25		1.07	%
Hypothetical**	$	1,000	$	1,021.36	$	3.75		0.74	%	$	5.42		1.07	%
Tax-Aware Overlay A
Class 1
Actual	$	1,000	$	953.10	$	4.60		0.94	%	$	6.22		1.27	%
Hypothetical**	$	1,000	$	1,020.36	$	4.76		0.94	%	$	6.43		1.27	%
Class 2
Actual	$	1,000	$	954.00	$	3.62		0.74	%	$	5.24		1.07	%
Hypothetical**	$	1,000	$	1,021.36	$	3.75		0.74	%	$	5.42		1.07	%
Overlay B
Class 1
Actual	$	1,000	$	962.60	$	4.23		0.86	%	$	4.53		0.92	%
Hypothetical**	$	1,000	$	1,020.76	$	4.36		0.86	%	$	4.66		0.92	%
Class 2
Actual	$	1,000	$	962.70	$	3.54		0.72	%	$	3.84		0.78	%
Hypothetical**	$	1,000	$	1,021.46	$	3.65		0.72	%	$	3.95		0.78	%
Tax-Aware Overlay B
Class 1
Actual	$	1,000	$	969.20	$	4.29		0.87	%	$	4.44		0.90	%
Hypothetical**	$	1,000	$	1,020.71	$	4.41		0.87	%	$	4.56		0.90	%
Class 2
Actual	$	1,000	$	970.20	$	3.56		0.72	%	$	3.70		0.75	%
Hypothetical**	$	1,000	$	1,021.46	$	3.65		0.72	%	$	3.80		0.75	%
Tax-Aware Overlay C
Class 1
Actual	$	1,000	$	974.50	$	4.41		0.89	%	$	4.55		0.92	%
Hypothetical**	$	1,000	$	1,020.61	$	4.51		0.89	%	$	4.66		0.92	%
Class 2
Actual	$	1,000	$	975.50	$	3.66		0.74	%	$	3.81		0.77	%
Hypothetical**	$	1,000	$	1,021.36	$	3.75		0.74	%	$	3.90		0.77	%

16 Sanford C. Bernstein Fund, Inc.

Expense Example—September 30, 2023 (Unaudited) (continued)

	BEGINNING ACCOUNT VALUE APRIL 1, 2023		ENDING ACCOUNT VALUE SEPTEMBER 30, 2023		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	$	969.70	$	4.39		0.89	%	$	4.54		0.92	%
Hypothetical**	$	1,000	$	1,020.61	$	4.51		0.89	%	$	4.66		0.92	%
Class 2
Actual	$	1,000	$	970.70	$	3.71		0.75	%	$	3.85		0.78	%
Hypothetical**	$	1,000	$	1,021.31	$	3.80		0.75	%	$	3.95		0.78	%

* 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).

2023 Annual Report 17

Portfolio Summary—September 30, 2023 (Unaudited)

PORTFOLIO BREAKDOWN1	OVERLAY A PORTFOLIO			TAX AWARE OVERLAY A PORTFOLIO
Global Equity
US		51.6	%		52.0	%
Developed International		19.3	%		19.0	%
Emerging Markets		8.5	%		8.4	%
Global Credit
High Yield		8.9	%		9.0	%
Real Assets		7.8	%		7.3	%
Global Bond
US		50.4	%		62.8	%
Developed International		13.2	%		0.0	%
PORTFOLIO BREAKDOWN1	OVERLAY B PORTFOLIO			TAX AWARE OVERLAY B PORTFOLIO
Global Equity
US		18.7	%		21.0	%
Developed International		7.2	%		8.0	%
Emerging Markets		3.1	%		3.4	%
Global Credit
Investment Grade		10.2	%		0.0	%
High Yield		3.4	%		3.4	%
Real Assets		3.8	%		0.0	%
Global Bond
US		49.9	%		97.3	%
Developed International		15.7	%		0.0	%
Linkers		23.2	%		0.0	%
PORTFOLIO BREAKDOWN1	TAX AWARE OVERLAY C PORTFOLIO			TAX AWARE OVERLAY N PORTFOLIO
Global Equity
US		21.2	%		21.0	%
Developed International		8.2	%		8.1	%
Emerging Markets		3.5	%		3.5	%
Global Credit
High Yield		3.4	%		3.4	%
Global Bond
US		99.9	%		103.1	%

1 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.

18 Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Overlay A Portfolio

September 30, 2023

Company	Shares		U.S. $ Value
COMMON STOCKS–56.0%
Information Technology–14.7%
Communications Equipment–0.0%
Calix, Inc.(a)		358	$	16,410
Lumentum Holdings, Inc.(a)		5,350		241,713
				258,123
Electronic Equipment, Instruments & Components–0.6%
Avnet, Inc.		6,300		303,597
Belden, Inc.		3,123		301,526
CDW Corp./DE		15,986		3,225,134
Crane NXT Co.		3,584		199,163
Fabrinet(a)		380		63,316
Littelfuse, Inc.		944		233,222
Novanta, Inc.(a)		1,842		264,073
Shoals Technologies Group, Inc.–Class A(a)		10,874		198,432
				4,788,463
IT Services–0.0%
MongoDB, Inc.(a)		666		229,997
Semiconductors & Semiconductor Equipment–3.8%
Amkor Technology, Inc.		9,290		209,954
Broadcom, Inc.		5,010		4,160,376
FormFactor, Inc.(a)		9,508		332,209
KLA Corp.		4,340		1,990,126
Kulicke & Soffa Industries, Inc.		2,816		136,942
Lattice Semiconductor Corp.(a)		4,982		428,104
MACOM Technology Solutions Holdings, Inc.(a)		4,404		359,278
Monolithic Power Systems, Inc.		470		216,678
NVIDIA Corp.		30,400		13,223,260
NXP Semiconductors NV		21,502		4,298,480
QUALCOMM, Inc.		32,728		3,634,772
Synaptics, Inc.(a)		3,150		281,736
Universal Display Corp.		2,302		361,234
				29,633,149
Software–7.5%
ACI Worldwide, Inc.(a)		11,250		253,800
Adobe, Inc.(a)		12,124		6,182,028
Autodesk, Inc.(a)		6,278		1,298,980
CommVault Systems, Inc.(a)		4,410		298,160
Fair Isaac Corp.(a)		336		290,958
Five9, Inc.(a)		5,018		322,658
Freshworks, Inc.–Class A(a)		15,362		306,012
Gen Digital, Inc.		145,711		2,576,170
HubSpot, Inc.(a)		422		207,342
Klaviyo, Inc.–Class A(a)		6,566		226,528
Manhattan Associates, Inc.(a)		2,258		446,316
Company	Shares		U.S. $ Value
Microsoft Corp.(b)		104,658	$	33,045,448
Monday.com Ltd.(a)		1,604		255,230
Oracle Corp.		73,558		7,791,158
PTC, Inc.(a)		2,732		387,070
ServiceNow, Inc.(a)		5,478		3,061,982
Smartsheet, Inc.–Class A(a)		6,080		245,956
Workday, Inc.–Class A(a)		8,620		1,852,006
				59,047,802
Technology Hardware, Storage & Peripherals–2.8%
Apple, Inc.		112,122		19,196,407
Western Digital Corp.(a)		54,958		2,507,688
				21,704,095
				115,661,629
Health Care–8.8%
Biotechnology–1.6%
Akero Therapeutics, Inc.(a)		1,860		94,028
Arcus Biosciences, Inc.(a)		3,582		64,298
Ascendis Pharma A/S (ADR)(a)		984		92,048
Blueprint Medicines Corp.(a)		2,148		107,872
Bridgebio Pharma, Inc.(a)		4,022		106,060
Halozyme Therapeutics, Inc.(a)		3,638		138,972
Intellia Therapeutics, Inc.(a)		2,306		72,916
Karuna Therapeutics, Inc.(a)		784		132,398
Legend Biotech Corp. (ADR)(a)		1,718		115,332
Madrigal Pharmaceuticals, Inc.(a)		512		74,772
Natera, Inc.(a)		6,338		280,412
Regeneron Pharmaceuticals, Inc.(a)		4,390		3,611,972
Sarepta Therapeutics, Inc.(a)		1,800		218,074
Ultragenyx Pharmaceutical, Inc.(a)		2,736		97,538
Vaxcyte, Inc.(a)		2,676		136,372
Vertex Pharmaceuticals, Inc.(a)		19,794		6,883,166
Viking Therapeutics, Inc.(a)		5,168		57,198
Vir Biotechnology, Inc.(a)		4,342		40,684
Xenon Pharmaceuticals, Inc.(a)		1,728		58,994
				12,383,106
Health Care Equipment & Supplies–1.8%
AtriCure, Inc.(a)		5,480		240,024
Avantor, Inc.(a)		12,655		266,767
Edwards Lifesciences Corp.(a)		54,106		3,748,394
Envista Holdings Corp.(a)		10,570		294,692
Insulet Corp.(a)		504		80,224
Integra LifeSciences Holdings Corp.(a)		6,970		266,184
iRhythm Technologies, Inc.(a)		2,240		211,142
Lantheus Holdings, Inc.(a)		3,466		240,748
Medtronic PLC		80,172		6,282,200
Shockwave Medical, Inc.(a)		1,380		274,758
Zimmer Biomet Holdings, Inc.		16,798		1,884,960
				13,790,093
Health Care Providers & Services–2.6%
Acadia Healthcare Co., Inc.(a)		3,390		238,351
AMN Healthcare Services, Inc.(a)		2,700		229,986

2023 Annual Report 19

Schedule of Investments (continued)

Company	Shares		U.S. $ Value
Elevance Health, Inc.		10,870	$	4,733,016
Guardant Health, Inc.(a)		6,588		195,238
Inari Medical, Inc.(a)		3,954		258,526
Pediatrix Medical Group, Inc.(a)		17,685		224,776
UnitedHealth Group, Inc.		29,122		14,682,517
				20,562,410
Life Sciences Tools & Services–1.5%
Fortrea Holdings, Inc.(a)		8,279		236,697
ICON PLC(a)		794		195,276
Illumina, Inc.(a)		16,034		2,201,010
IQVIA Holdings, Inc.(a)		32,674		6,428,610
Repligen Corp.(a)		1,484		235,812
Waters Corp.(a)		9,930		2,722,630
				12,020,035
Pharmaceuticals–1.3%
Intra-Cellular Therapies, Inc.(a)		2,598		135,330
Johnson & Johnson		12,058		1,878,034
Roche Holding AG (Sponsored ADR)		161,012		5,463,102
Zoetis, Inc.		16,430		2,858,318
				10,334,784
				69,090,428
Financials–7.2%
Banks–1.8%
Bank of America Corp.		152,792		4,183,444
BankUnited, Inc.		5,540		125,758
Comerica, Inc.		7,389		307,013
First BanCorp./Puerto Rico		22,036		296,605
First Citizens BancShares, Inc./NC–Class A		295		407,130
First Hawaiian, Inc.		17,221		310,839
PNC Financial Services Group, Inc. (The)		14,248		1,749,104
Texas Capital Bancshares, Inc.(a)		4,745		279,481
Webster Financial Corp.		5,254		211,789
Wells Fargo & Co.		144,668		5,911,134
Wintrust Financial Corp.		3,890		293,695
Zions Bancorp NA		6,051		211,119
				14,287,111
Capital Markets–1.6%
Ares Management Corp.–Class A		3,044		313,034
Cboe Global Markets, Inc.		2,450		382,714
Charles Schwab Corp. (The)		78,528		4,311,188
Goldman Sachs Group, Inc. (The)		16,668		5,393,264
LPL Financial Holdings, Inc.		8,042		1,911,182
Moelis & Co.–Class A		5,382		242,890
PJT Partners, Inc.–Class A		3,224		256,114
Stifel Financial Corp.		5,105		313,651
				13,124,037
Financial Services–2.3%
Flywire Corp.(a)		10,034		319,952
PayPal Holdings, Inc.(a)		35,160		2,055,454

Company	Shares		U.S. $ Value
Shift4 Payments, Inc.–Class A(a)		3,930	$	217,549
Visa, Inc.–Class A		66,390		15,270,364
				17,863,319
Insurance–1.5%
American Financial Group, Inc./OH		2,282		254,831
Everest Re Group Ltd.		1,081		401,775
Hanover Insurance Group, Inc. (The)		1,910		211,972
Kemper Corp.		4,220		177,367
Kinsale Capital Group, Inc.		1,076		445,190
Progressive Corp. (The)		52,668		7,336,512
Ryan Specialty Holdings, Inc.(a)		4,222		204,344
Selective Insurance Group, Inc.		1,934		199,531
Willis Towers Watson PLC		11,612		2,426,444
				11,657,966
				56,932,433
Communication Services–6.0%
Diversified Telecommunication Services–0.7%
Comcast Corp.–Class A		121,772		5,399,370
Entertainment–0.4%
Walt Disney Co. (The)(a)		39,466		3,198,638
Interactive Media & Services–4.1%
Alphabet, Inc.–Class C(a)(b)		169,558		22,356,222
Meta Platforms, Inc.–Class A(a)		34,672		10,408,581
				32,764,803
Media–0.1%
Criteo SA (Sponsored ADR)(a)		8,976		262,099
Nexstar Media Group, Inc.		2,082		298,497
				560,596
Wireless Telecommunication Services–0.7%
T-Mobile US, Inc.(a)		38,176		5,346,409
				47,269,816
Industrials–5.4%
Aerospace & Defense–0.7%
Axon Enterprise, Inc.(a)		2,318		461,260
Curtiss-Wright Corp.		1,610		314,768
Hexcel Corp.		3,834		249,746
Howmet Aerospace, Inc.		6,516		301,319
RTX Corp.		54,994		3,957,846
Spirit AeroSystems Holdings, Inc.–Class A(a)		9,520		153,653
				5,438,592
Building Products–0.6%
AZEK Co., Inc. (The)(a)		6,930		206,068
Builders FirstSource, Inc.(a)		4,738		589,834
Carlisle Cos., Inc.		994		257,704
Masonite International Corp.(a)		1,710		159,406
Otis Worldwide Corp.		43,812		3,518,462
				4,731,474

20 Sanford C. Bernstein Fund, Inc.

Company	Shares		U.S. $ Value
Commercial Services & Supplies–0.1%
ABM Industries, Inc.		6,426	$	257,105
Stericycle, Inc.(a)		5,966		266,740
Tetra Tech, Inc.		1,944		295,546
				819,391
Construction & Engineering–0.4%
Dycom Industries, Inc.(a)		3,775		335,975
Fluor Corp.(a)		11,650		427,555
MasTec, Inc.(a)		32,565		2,343,703
				3,107,233
Electrical Equipment–1.3%
Eaton Corp. PLC		32,744		6,983,640
Regal Rexnord Corp.		11,347		1,621,259
Sensata Technologies Holding PLC		48,081		1,818,424
				10,423,323
Ground Transportation–0.8%
ArcBest Corp.		2,845		289,194
CSX Corp.		174,932		5,379,128
Knight-Swift Transportation Holdings, Inc.		6,079		304,862
Saia, Inc.(a)		660		263,110
TFI International, Inc.		2,056		263,882
				6,500,176
Machinery–0.9%
Ingersoll Rand, Inc.		3,322		211,614
ITT, Inc.		2,388		233,810
Middleby Corp. (The)(a)		3,907		500,096
Oshkosh Corp.		3,373		321,885
PACCAR, Inc.		64,176		5,456,158
				6,723,563
Marine Transportation–0.0%
Star Bulk Carriers Corp.		12,651		243,911
Passenger Airlines–0.0%
Alaska Air Group, Inc.(a)		6,210		230,267
Professional Services–0.5%
Booz Allen Hamilton Holding Corp.		17,430		1,904,466
FTI Consulting, Inc.(a)		1,178		210,168
Genpact Ltd.		6,516		235,879
Korn Ferry		3,480		165,091
Robert Half, Inc.		16,915		1,239,531
				3,755,135
Trading Companies & Distributors–0.1%
Herc Holdings, Inc.		2,780		330,653
SiteOne Landscape Supply, Inc.(a)		1,852		302,710
				633,363
				42,606,428
Consumer Discretionary–5.2%
Automobile Components–0.1%
Dana, Inc.		12,682		186,045

Company	Shares		U.S. $ Value
Goodyear Tire & Rubber Co. (The)(a)		15,930	$	198,010
				384,055
Automobiles–0.2%
Stellantis NV		86,526		1,655,242
Broadline Retail–1.7%
Amazon.com, Inc.(a)		104,376		13,268,150
Global-e Online Ltd.(a)		4,560		181,214
				13,449,364
Diversified Consumer Services–0.0%
ADT, Inc.		49,300		295,799
Hotels, Restaurants & Leisure–1.0%
Cava Group, Inc.(a)		5,472		167,576
Dine Brands Global, Inc.		4,480		221,536
Hilton Grand Vacations, Inc.(a)		6,081		247,497
Hyatt Hotels Corp.–Class A		21,980		2,331,532
Papa John’s International, Inc.		3,149		214,825
Restaurant Brands International, Inc.		60,854		4,054,094
Vail Resorts, Inc.		1,044		231,652
Wingstop, Inc.		2,156		387,556
				7,856,268
Household Durables–0.1%
NVR, Inc.(a)		40		238,532
PulteGroup, Inc.		3,780		279,909
Taylor Morrison Home Corp.(a)		5,363		228,518
				746,959
Specialty Retail–1.4%
AutoZone, Inc.(a)		1,252		3,180,068
Bath & Body Works, Inc.		8,650		292,370
Dynatrace, Inc.(a)		8,558		399,915
Five Below, Inc.(a)		2,398		385,838
Home Depot, Inc. (The)		20,088		6,069,790
Lithia Motors, Inc.		1,012		298,874
Sally Beauty Holdings, Inc.(a)		5,544		46,459
Williams-Sonoma, Inc.		1,625		252,525
				10,925,839
Textiles, Apparel & Luxury Goods–0.7%
Deckers Outdoor Corp.(a)		828		425,666
NIKE, Inc.–Class B		44,474		4,252,604
PVH Corp.		4,458		341,082
Ralph Lauren Corp.		2,680		311,121
Tapestry, Inc.		7,402		212,808
				5,543,281
				40,856,807
Consumer Staples–3.3%
Beverages–1.0%
Celsius Holdings, Inc.(a)		1,984		340,282
Coca-Cola Co. (The)		93,296		5,222,654
Constellation Brands, Inc.–Class A		10,934		2,747,792
				8,310,728

2023 Annual Report 21

Schedule of Investments (continued)

Company	Shares		U.S. $ Value
Consumer Staples Distribution & Retail–1.8%
Costco Wholesale Corp.		6,732	$	3,803,310
Grocery Outlet Holding Corp.(a)		10,044		289,770
Maplebear, Inc.(a)		1,830		54,332
Walmart, Inc.		60,868		9,734,620
				13,882,032
Food Products–0.1%
Freshpet, Inc.(a)		4,238		279,199
Hain Celestial Group, Inc. (The)(a)		16,797		174,185
Nomad Foods Ltd.(a)		17,831		271,388
				724,772
Household Products–0.4%
Procter & Gamble Co. (The)		19,382		2,826,913
				25,744,445
Energy–2.2%
Energy Equipment & Services–0.7%
Baker Hughes Co.		136,662		4,826,866
ChampionX Corp.		9,590		341,596
TechnipFMC PLC		16,970		345,150
				5,513,612
Oil, Gas & Consumable Fuels–1.5%
Cameco Corp.		9,770		387,283
Chevron Corp.		22,688		3,825,482
EOG Resources, Inc.		47,978		6,081,692
HF Sinclair Corp.		4,735		269,563
International Seaways, Inc.		6,120		275,400
Magnolia Oil & Gas Corp.–Class A		14,940		342,275
Permian Resources Corp.		24,384		340,386
Southwestern Energy Co.(a)		38,982		251,428
				11,773,509
				17,287,121
Materials–1.3%
Chemicals–1.2%
Element Solutions, Inc.		12,540		245,910
Huntsman Corp.		1,730		42,212
Linde PLC		12,704		4,730,334
LyondellBasell Industries NV–Class A		45,354		4,295,024
				9,313,480
Containers & Packaging–0.1%
Berry Global Group, Inc.		5,290		327,504
Metals & Mining–0.0%
ATI, Inc.(a)		5,540		227,971
				9,868,955
Equity Real Estate Investment Trusts (REITs)–1.1%
Diversified REITs–0.0%
Broadstone Net Lease, Inc.–Class A		12,650		180,895

Company	Shares		U.S. $ Value
Health Care REITs–0.0%
Physicians Realty Trust		19,146	$	233,390
Hotel & Resort REITs–0.0%
Ryman Hospitality Properties, Inc.		1,034		86,111
Industrial REITs–0.6%
First Industrial Realty Trust, Inc.		4,782		227,575
Prologis, Inc.		39,462		4,428,031
STAG Industrial, Inc.		9,280		320,253
				4,975,859
Real Estate Management & Development–0.0%
Jones Lang LaSalle, Inc.(a)		2,010		283,772
Residential REITs–0.1%
Apartment Income REIT Corp.		9,508		291,896
Specialized REITs–0.4%
American Tower Corp.		16,078		2,643,863
CubeSmart		6,471		246,739
				2,890,602
				8,942,525
Utilities–0.8%
Electric Utilities–0.8%
American Electric Power Co., Inc.		35,730		2,687,536
IDACORP, Inc.		3,691		345,662
NextEra Energy, Inc.		58,676		3,361,490
Portland General Electric Co.		6,970		282,146
				6,676,834
Total Common Stocks (cost $273,835,057)				440,937,421
INVESTMENT COMPANIES–40.8%
Funds and Investment Trusts–40.8%(c)(d)
AB All Market Real Return Portfolio–Class Z		7,254,972		61,377,072
AB International Small Cap Portfolio–Class Z		3,517,758		37,428,952
Bernstein International Strategic Equities Portfolio–Class Z		17,150,550		188,999,054
Bernstein Small Cap Core Portfolio–Class Z		1,336,024		16,112,444
Sanford C Bernstein Fund, Inc.–Emerging Markets Portfolio–Class Z		714,554		17,277,899
Total Investment Companies (cost $298,793,801)				321,195,421

22 Sanford C. Bernstein Fund, Inc.

Company	Notional Amount			U.S. $ Value
PURCHASED OPTIONS—PUTS–2.1%
Options on Equity Indices–2.1%
Euro STOXX 50 Index Expiration: Jul 2024; Contracts: 16,690; Exercise Price: EUR 3,750.00; Counterparty: UBS AG(a)		EUR	62,587,500	$	1,975,605
FTSE 100 Index Expiration: Jul 2024; Contracts: 3,580; Exercise Price: GBP 6,600.00; Counterparty: UBS AG(a)		GBP	23,628,000		440,100
Nikkei 225 Index Expiration: Sep 2024; Contracts: 221,000; Exercise Price: JPY 26,500.00; Counterparty: UBS AG(a)		JPY	5,856,500,000		1,142,480
S&P 500 Index Expiration: Jul 2024; Contracts: 133,200; Exercise Price: USD 3,850.00; Counterparty: UBS AG(a)		USD	512,820,000		13,017,329
Total Purchased Options—Puts (premiums paid $14,382,914)					16,575,514

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS–1.8%
Investment Companies–1.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.25%(c)(d)(e) (cost $14,389,945)		14,389,945	$	14,389,945
Total Investments—100.7% (cost $601,401,717)				793,098,301
Other assets less liabilities—(0.7)%				(5,832,332	)
Net Assets—100.0%			$	787,265,969

FUTURES (see Note 3)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures		110	December 2023	$	7,919,218	$	(203,706	)
10 Yr Canadian Bond Futures		204	December 2023		17,291,750		(413,893	)
10 Yr Japan Bond (OSE) Futures		22	December 2023		21,340,471		(148,782	)
Euro Buxl 30 Yr Bond Futures		36	December 2023		4,657,144		(314,422	)
Euro STOXX 50 Index Futures		333	December 2023		14,800,782		171,396
Euro-BOBL Futures		98	December 2023		11,992,916		(119,257	)
Euro-Bund Futures		95	December 2023		12,920,442		(269,277	)
FTSE 100 Index Futures		18	December 2023		1,684,690		19,532
Hang Seng Index Futures		2	October 2023		228,440		1,321
Long Gilt Futures		80	December 2023		9,190,769		(14,733	)
MSCI Singapore IX ETS Futures		33	October 2023		689,572		11,606
Nikkei 225 (OSE) Futures		37	December 2023		7,888,249		(196,689	)
OMXS 30 Index Futures		19	October 2023		375,633		(4,582	)
S&P 500 E-Mini Futures		285	December 2023		61,638,375		(1,596,310	)
S&P/TSX 60 Index Futures		53	December 2023		9,180,033		(306,710	)
TOPIX Index Futures		116	December 2023		18,035,733		(253,654	)
U.S. T-Note 2 Yr (CBT) Futures		726	December 2023		147,168,141		(279,212	)
U.S. T-Note 10 Yr (CBT) Futures		1,797	December 2023		194,188,313		(3,448,873	)
U.S. Ultra Bond (CBT) Futures		535	December 2023		63,497,813		(4,665,324	)

2023 Annual Report 23

Schedule of Investments (continued)

Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)
Sold Contracts
E-Mini Russell 2000 Futures		33	December 2023	$	2,967,690	$	48,868
MSCI Emerging Markets Futures		240	December 2023		11,466,000		234,283
S&P 400 E-Mini Futures		12	December 2023		3,024,480		45,381
SPI 200 Futures		331	December 2023		37,700,432		835,670
						$	(10,867,367	)

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	15,925	EUR	14,675		10/12/2023	$	(403,668	)
Bank of America, NA	JPY	2,392,394	USD	16,256		10/19/2023		205,971
Bank of America, NA	NZD	11,214	USD	6,635		10/27/2023		(85,650	)
Bank of America, NA	AUD	2,828	USD	1,833		11/08/2023		12,225
Bank of America, NA	AUD	37,218	USD	23,776		11/08/2023		(181,492	)
Bank of America, NA	CHF	37,853	USD	42,447		11/16/2023		899,661
Bank of America, NA	USD	11,111	CHF	9,920		11/16/2023		(223,502	)
Bank of America, NA	NOK	12,614	USD	1,167		12/07/2023		(13,961	)
Bank of America, NA	USD	4,791	NOK	51,606		12/07/2023		41,834
Barclays Bank PLC	EUR	1,544	USD	1,650		10/12/2023		17,665
Barclays Bank PLC	CAD	30,682	USD	22,814		10/27/2023		217,376
Barclays Bank PLC	NZD	35,253	USD	20,721		10/27/2023		(407,388	)
Barclays Bank PLC	USD	6,531	NZD	10,993		10/27/2023		57,301
Barclays Bank PLC	USD	5,984	GBP	4,829		11/17/2023		(90,452	)
BNP Paribas SA	EUR	40,333	USD	43,360		10/12/2023		701,000
BNP Paribas SA	USD	12,097	JPY	1,775,969		10/19/2023		(182,313	)
BNP Paribas SA	NZD	10,793	USD	6,436		10/27/2023		(33,031	)
BNP Paribas SA	AUD	5,199	USD	3,339		11/08/2023		(7,095	)
Deutsche Bank AG	EUR	1,314	USD	1,395		10/12/2023		4,494
Goldman Sachs Bank USA	USD	8,584	EUR	7,778		10/12/2023		(357,341	)
Goldman Sachs Bank USA	CAD	11,692	USD	8,574		10/27/2023		(37,015	)
Goldman Sachs Bank USA	USD	21,110	AUD	32,717		11/08/2023		(49,118	)
Goldman Sachs Bank USA	GBP	754	USD	919		11/17/2023		(1,344	)
Goldman Sachs Bank USA	USD	4,487	SEK	49,185		12/07/2023		27,154
HSBC Bank USA	AUD	19,328	USD	12,509		11/08/2023		67,903
JPMorgan Chase Bank, NA	USD	601	CAD	817		10/27/2023		1,458
JPMorgan Chase Bank, NA	USD	21,782	GBP	17,479		11/17/2023		(450,353	)
Morgan Stanley Capital Services, Inc.	EUR	28,098	USD	30,929		10/12/2023		1,211,518
Morgan Stanley Capital Services, Inc.	USD	37,377	EUR	33,894		10/12/2023		(1,529,430	)
Morgan Stanley Capital Services, Inc.	JPY	210,654	USD	1,444		10/19/2023		31,060
Morgan Stanley Capital Services, Inc.	USD	26,545	JPY	3,807,181		10/19/2023		(1,003,468	)
Morgan Stanley Capital Services, Inc.	USD	8,030	CAD	10,875		10/27/2023		(20,983	)
Morgan Stanley Capital Services, Inc.	USD	25,369	NZD	42,700		10/27/2023		222,919
Morgan Stanley Capital Services, Inc.	CHF	8,258	USD	9,089		11/16/2023		24,555

24 Sanford C. Bernstein Fund, Inc.

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.	USD	20,937	SEK	230,821		12/07/2023	$	249,507
State Street Bank & Trust Co.	CAD	570	USD	417		10/27/2023		(2,147	)
							$	(1,086,150	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)
Description	Fixed Rate (Pay) Receive		Payment Frequency		Implied Credit Spread at September 30, 2023		Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Sale Contracts
CDX-NAHY Series 41, 5 Year Index, 12/20/2028*		5.00%		Quarterly		4.79%		USD	69,850	$	658,542	$	600,437	$	58,105

* Termination date

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	110		12/15/2023	$	71

(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

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

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.

2023 Annual Report 25

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Tax-Aware Overlay A Portfolio

September 30, 2023

Company	Shares		U.S. $ Value
COMMON STOCKS–59.8%
Information Technology–15.5%
Communications Equipment–0.0%
Calix, Inc.(a)		574	$	26,312
Lumentum Holdings, Inc.(a)		10,530		475,746
				502,058
Electronic Equipment, Instruments & Components–0.7%
Avnet, Inc.		12,390		597,074
Belden, Inc.		6,136		592,431
CDW Corp./DE		34,968		7,055,144
Crane NXT Co.		7,040		391,213
Fabrinet(a)		748		124,466
Littelfuse, Inc.		1,856		459,026
Novanta, Inc.(a)		3,624		519,682
Shoals Technologies Group, Inc.–Class A(a)		21,396		390,476
				10,129,512
IT Services–0.0%
MongoDB, Inc.(a)		1,308		452,385
Semiconductors & Semiconductor Equipment –3.8%
Amkor Technology, Inc.		18,273		412,970
Broadcom, Inc.		7,758		6,442,810
FormFactor, Inc.(a)		18,699		653,343
KLA Corp.		7,710		3,536,268
Kulicke & Soffa Industries, Inc.		5,552		269,994
Lattice Semiconductor Corp.(a)		9,804		842,372
MACOM Technology Solutions Holdings, Inc.(a)		8,666		706,890
Monolithic Power Systems, Inc.		924		426,426
NVIDIA Corp.		59,464		25,866,246
NXP Semiconductors NV		44,992		8,994,800
QUALCOMM, Inc.		60,310		6,698,028
Synaptics, Inc.(a)		6,190		553,634
Universal Display Corp.		4,530		711,008
				56,114,789
Software–7.9%
ACI Worldwide, Inc.(a)		22,141		499,501
Adobe, Inc.(a)		23,484		11,974,492
Autodesk, Inc.(a)		9,220		1,907,710
CommVault Systems, Inc.(a)		8,752		591,723
Fair Isaac Corp.(a)		660		573,230
Five9, Inc.(a)		9,874		634,834
Freshworks, Inc.–Class A(a)		30,228		602,142
Gen Digital, Inc.		244,239		4,318,145
HubSpot, Inc.(a)		830		408,282
Klaviyo, Inc.–Class A(a)		12,920		445,740
Manhattan Associates, Inc.(a)		4,444		878,204

Company	Shares		U.S. $ Value
Microsoft Corp.(b)		207,598	$	65,548,752
Monday.com Ltd.(a)		3,156		502,338
Oracle Corp.		162,484		17,210,306
PTC, Inc.(a)		5,376		761,672
ServiceNow, Inc.(a)		9,012		5,037,348
Smartsheet, Inc.–Class A(a)		11,962		483,942
Workday, Inc.–Class A(a)		15,728		3,379,160
				115,757,521
Technology Hardware, Storage & Peripherals–3.1%
Apple, Inc.(b)		232,910		39,876,350
Western Digital Corp.(a)		102,946		4,697,380
				44,573,730
				227,529,995
Health Care–9.8%
Biotechnology–1.6%
Akero Therapeutics, Inc.(a)		3,658		184,970
Arcus Biosciences, Inc.(a)		7,050		126,530
Ascendis Pharma A/S (ADR)(a)		1,944		181,942
Blueprint Medicines Corp.(a)		4,228		212,280
Bridgebio Pharma, Inc.(a)		7,914		208,666
Halozyme Therapeutics, Inc.(a)		7,158		273,398
Intellia Therapeutics, Inc.(a)		4,540		143,523
Karuna Therapeutics, Inc.(a)		1,540		260,398
Legend Biotech Corp. (ADR)(a)		3,384		227,304
Madrigal Pharmaceuticals, Inc.(a)		1,008		147,062
Natera, Inc.(a)		12,470		551,754
Regeneron Pharmaceuticals, Inc.(a)		7,810		6,426,494
Sarepta Therapeutics, Inc.(a)		3,540		428,998
Ultragenyx Pharmaceutical, Inc.(a)		5,382		191,868
Vaxcyte, Inc.(a)		5,264		268,358
Vertex Pharmaceuticals, Inc.(a)		39,542		13,749,988
Viking Therapeutics, Inc.(a)		10,168		112,560
Vir Biotechnology, Inc.(a)		8,544		80,048
Xenon Pharmaceuticals, Inc.(a)		3,398		116,042
				23,892,183
Health Care Equipment & Supplies–1.9%
Align Technology, Inc.(a)		11,062		3,377,450
AtriCure, Inc.(a)		10,784		472,296
Avantor, Inc.(a)		24,510		516,671
Edwards Lifesciences Corp.(a)		109,314		7,573,274
Envista Holdings Corp.(a)		20,780		579,346
Insulet Corp.(a)		990		157,894
Integra LifeSciences Holdings Corp.(a)		13,710		523,585
iRhythm Technologies, Inc.(a)		4,408		415,404
Lantheus Holdings, Inc.(a)		6,820		473,784
Medtronic PLC		130,042		10,190,091
Shockwave Medical, Inc.(a)		2,714		540,358
Zimmer Biomet Holdings, Inc.		21,448		2,406,894
				27,227,047
Health Care Providers & Services–2.8%
Acadia Healthcare Co., Inc.(a)		6,680		469,671
AMN Healthcare Services, Inc.(a)		5,320		453,157

26 Sanford C. Bernstein Fund, Inc.

Company	Shares		U.S. $ Value
Elevance Health, Inc.		16,682	$	7,263,676
Guardant Health, Inc.(a)		12,962		384,194
Inari Medical, Inc.(a)		7,778		508,616
Pediatrix Medical Group, Inc.(a)		34,795		442,244
UnitedHealth Group, Inc.		64,200		32,368,494
				41,890,052
Life Sciences Tools & Services–1.5%
Fortrea Holdings, Inc.(a)		16,269		465,131
ICON PLC(a)		1,560		384,150
Illumina, Inc.(a)		31,818		4,367,838
IQVIA Holdings, Inc.(a)		57,746		11,361,526
Repligen Corp.(a)		2,918		463,832
Waters Corp.(a)		17,070		4,680,490
				21,722,967
Pharmaceuticals–2.0%
Intra-Cellular Therapies, Inc.(a)		5,112		266,284
Johnson & Johnson		59,956		9,337,992
Pfizer, Inc.		35,952		1,192,528
Roche Holding AG (Sponsored ADR)		291,192		9,880,110
Viatris, Inc.		23,224		228,979
Zoetis, Inc.		46,384		8,069,888
				28,975,781
				143,708,030
Financials–7.8%
Banks–2.1%
Bank of America Corp.		398,366		10,907,234
BankUnited, Inc.		10,902		247,475
Comerica, Inc.		14,540		604,137
First BanCorp./Puerto Rico		43,334		583,276
First Citizens BancShares, Inc./NC–Class A		580		800,458
First Hawaiian, Inc.		33,880		611,534
PNC Financial Services Group, Inc. (The)		24,196		2,970,420
Texas Capital Bancshares, Inc.(a)		9,333		549,714
Webster Financial Corp.		10,344		416,967
Wells Fargo & Co.		298,294		12,188,292
Wintrust Financial Corp.		7,660		578,330
Zions Bancorp NA		11,905		415,366
				30,873,203
Capital Markets–1.8%
Ares Management Corp.–Class A		5,988		615,986
Cboe Global Markets, Inc.		4,810		751,370
Charles Schwab Corp. (The)		140,632		7,720,642
Goldman Sachs Group, Inc. (The)		37,966		12,284,334
LPL Financial Holdings, Inc.		16,364		3,888,904
Moelis & Co.–Class A		10,589		477,882
PJT Partners, Inc.–Class A		6,344		503,968
Stifel Financial Corp.		10,040		616,858
				26,859,944

Company	Shares		U.S. $ Value
Financial Services–2.5%
Flywire Corp.(a)		19,742	$	629,572
PayPal Holdings, Inc.(a)		56,318		3,292,350
Shift4 Payments, Inc.–Class A(a)		7,732		428,121
Visa, Inc.–Class A		137,594		31,647,996
				35,998,039
Insurance–1.4%
American Financial Group, Inc./OH		4,483		500,617
Everest Re Group Ltd.		2,120		787,940
Hanover Insurance Group, Inc. (The)		3,760		417,285
Kemper Corp.		8,300		348,849
Kinsale Capital Group, Inc.		2,116		876,299
Progressive Corp. (The)		96,164		13,395,506
Ryan Specialty Holdings, Inc.(a)		8,308		402,058
Selective Insurance Group, Inc.		3,794		391,427
Willis Towers Watson PLC		16,818		3,514,290
				20,634,271
				114,365,457
Communication Services–6.5%
Diversified Telecommunication Services–0.9%
Comcast Corp.–Class A		308,618		13,684,078
Entertainment–0.4%
Walt Disney Co. (The)(a)		61,332		4,970,877
Interactive Media & Services–4.5%
Alphabet, Inc.–Class C(a)		347,850		45,864,023
Meta Platforms, Inc.–Class A(a)		67,754		20,340,128
				66,204,151
Media–0.1%
Criteo SA (Sponsored ADR)(a)		17,652		515,438
Nexstar Media Group, Inc.		4,100		587,817
				1,103,255
Wireless Telecommunication Services–0.6%
T-Mobile US, Inc.(a)		66,398		9,298,900
				95,261,261
Industrials–5.7%
Aerospace & Defense–0.7%
Axon Enterprise, Inc.(a)		4,562		907,792
Curtiss-Wright Corp.		3,166		619,364
Hexcel Corp.		7,544		491,352
Howmet Aerospace, Inc.		12,820		592,926
L3Harris Technologies, Inc.		7,140		1,243,042
RTX Corp.		85,998		6,189,276
Spirit AeroSystems Holdings, Inc.–Class A(a)		18,730		302,302
				10,346,054
Building Products–0.5%
AZEK Co., Inc. (The)(a)		13,634		405,474

2023 Annual Report 27

Schedule of Investments (continued)

Company	Shares		U.S. $ Value
Builders FirstSource, Inc.(a)		9,333	$	1,161,865
Carlisle Cos., Inc.		1,958		507,372
Masonite International Corp.(a)		3,363		313,499
Otis Worldwide Corp.		61,488		4,938,102
				7,326,312
Commercial Services & Supplies–0.1%
ABM Industries, Inc.		12,642		505,807
Stericycle, Inc.(a)		11,734		524,627
Tetra Tech, Inc.		3,826		581,514
				1,611,948
Construction & Engineering–0.7%
AECOM		52,682		4,374,713
Dycom Industries, Inc.(a)		7,432		661,448
Fluor Corp.(a)		22,916		841,017
MasTec, Inc.(a)		52,439		3,774,035
				9,651,213
Electrical Equipment–1.4%
Eaton Corp. PLC		69,884		14,904,860
Regal Rexnord Corp.		25,122		3,589,431
Sensata Technologies Holding PLC		71,516		2,704,735
				21,199,026
Ground Transportation–0.8%
ArcBest Corp.		5,600		569,240
CSX Corp.		310,722		9,554,671
Knight-Swift Transportation Holdings, Inc.		11,945		599,042
Saia, Inc.(a)		1,300		517,846
TFI International, Inc.		4,044		519,290
XPO, Inc.(a)		3,710		276,989
				12,037,078
Industrial Conglomerates–0.1%
Honeywell International, Inc.		4,686		865,692
Machinery–0.8%
Ingersoll Rand, Inc.		6,536		416,474
ITT, Inc.		4,700		460,177
Middleby Corp. (The)(a)		7,684		983,552
Oshkosh Corp.		6,637		633,369
PACCAR, Inc.		105,678		8,984,658
				11,478,230
Marine Transportation–0.0%
Star Bulk Carriers Corp.		24,880		479,686
Passenger Airlines–0.0%
Alaska Air Group, Inc.(a)		12,208		452,673
Professional Services–0.4%
Booz Allen Hamilton Holding Corp.		34,480		3,767,520
FTI Consulting, Inc.(a)		2,320		413,732
Genpact Ltd.		12,803		463,469
Korn Ferry		6,840		324,490
Robert Half, Inc.		21,331		1,563,136
				6,532,347

Company	Shares		U.S. $ Value
Trading Companies & Distributors–0.2%
Herc Holdings, Inc.		5,460	$	649,412
SiteOne Landscape Supply, Inc.(a)		3,646		595,776
United Rentals, Inc.		2,680		1,191,003
				2,436,191
				84,416,450
Consumer Discretionary–5.7%
Automobile Components–0.1%
Dana, Inc.		24,945		365,943
Goodyear Tire & Rubber Co. (The)(a)		31,337		389,519
				755,462
Automobiles–0.3%
Stellantis NV		197,926		3,786,305
Broadline Retail–1.7%
Amazon.com, Inc.(a)		198,646		25,251,752
Global-e Online Ltd.(a)		8,972		356,548
				25,608,300
Diversified Consumer Services–0.0%
ADT, Inc.		96,946		581,676
Hotels, Restaurants & Leisure–1.0%
Booking Holdings, Inc.(a)		568		1,751,684
Cava Group, Inc.(a)		10,766		329,732
Dine Brands Global, Inc.		8,821		436,198
Hilton Grand Vacations, Inc.(a)		11,950		486,365
Hyatt Hotels Corp.–Class A		33,386		3,541,586
Papa John’s International, Inc.		6,191		422,350
Restaurant Brands International, Inc.		103,522		6,896,636
Vail Resorts, Inc.		2,054		455,762
Wingstop, Inc.		4,240		762,522
				15,082,835
Household Durables–0.1%
NVR, Inc.(a)		80		477,064
PulteGroup, Inc.		7,432		550,339
Taylor Morrison Home Corp.(a)		10,542		449,195
				1,476,598
Specialty Retail–1.8%
AutoZone, Inc.(a)		2,720		6,906,232
Bath & Body Works, Inc.		17,030		575,614
Dynatrace, Inc.(a)		16,840		786,934
Five Below, Inc.(a)		4,720		759,288
Home Depot, Inc. (The)		51,144		15,453,670
Lithia Motors, Inc.		1,992		588,298
Sally Beauty Holdings, Inc.(a)		10,908		91,409
Williams-Sonoma, Inc.		3,187		495,260
				25,656,705
Textiles, Apparel & Luxury Goods–0.7%
Deckers Outdoor Corp.(a)		1,628		836,938
NIKE, Inc.–Class B		82,014		7,842,084
PVH Corp.		8,763		670,457

28 Sanford C. Bernstein Fund, Inc.

Company	Shares		U.S. $ Value
Ralph Lauren Corp.		5,270	$	611,794
Tapestry, Inc.		14,560		418,600
				10,379,873
				83,327,754
Consumer Staples–3.2%
Beverages–0.9%
Celsius Holdings, Inc.(a)		3,902		669,584
Coca-Cola Co. (The)		140,462		7,863,007
Constellation Brands, Inc.–Class A		17,642		4,433,712
				12,966,303
Consumer Staples Distribution & Retail–1.8%
Costco Wholesale Corp.		18,044		10,193,574
Grocery Outlet Holding Corp.(a)		19,764		570,162
Maplebear, Inc.(a)		3,602		106,914
Walmart, Inc.		101,222		16,188,274
				27,058,924
Food Products–0.1%
Freshpet, Inc.(a)		8,340		549,374
Hain Celestial Group, Inc. (The)(a)		33,030		342,521
Nomad Foods Ltd.(a)		35,057		533,567
				1,425,462
Household Products–0.4%
Procter & Gamble Co. (The)		43,064		6,281,169
				47,731,858
Energy–2.3%
Energy Equipment & Services–0.7%
Baker Hughes Co.		248,712		8,784,508
ChampionX Corp.		18,870		672,149
TechnipFMC PLC		33,392		679,173
				10,135,830
Oil, Gas & Consumable Fuels–1.6%
Cameco Corp.		19,230		762,277
Chevron Corp.		42,424		7,153,366
ConocoPhillips		8,504		1,018,660
EOG Resources, Inc.		95,456		12,100,002
HF Sinclair Corp.		9,311		530,075
International Seaways, Inc.		12,030		541,350
Magnolia Oil & Gas Corp.–Class A		29,370		672,867
Permian Resources Corp.		47,978		669,773
Southwestern Energy Co.(a)		76,702		494,728
				23,943,098
				34,078,928
Materials–1.3%
Chemicals–1.3%
Element Solutions, Inc.		24,670		483,778
Huntsman Corp.		3,400		82,960

Company	Shares		U.S. $ Value
Linde PLC		20,050	$	7,465,618
LyondellBasell Industries NV–Class A		109,034		10,325,520
				18,357,876
Containers & Packaging–0.0%
Berry Global Group, Inc.		10,410		644,483
Metals & Mining–0.0%
ATI, Inc.(a)		10,890		448,124
				19,450,483
Real Estate–1.1%
Diversified REITs–0.0%
Broadstone Net Lease, Inc.–Class A		24,874		355,698
Health Care REITs–0.0%
Physicians Realty Trust		37,650		458,954
Hotel & Resort REITs–0.0%
Ryman Hospitality Properties, Inc.		1,746		145,407
Industrial REITs–0.6%
First Industrial Realty Trust, Inc.		9,408		447,727
Prologis, Inc.		65,824		7,386,110
STAG Industrial, Inc.		18,260		630,153
				8,463,990
Real Estate Management & Development–0.1%
Jones Lang LaSalle, Inc.(a)		3,950		557,661
Residential REITs–0.1%
Apartment Income REIT Corp.		18,700		574,090
Specialized REITs–0.3%
American Tower Corp.		27,188		4,470,902
CubeSmart		12,717		484,899
				4,955,801
				15,511,601
Utilities–0.9%
Electric Utilities–0.9%
American Electric Power Co., Inc.		81,298		6,115,160
IDACORP, Inc.		7,266		680,461
NextEra Energy, Inc.		95,898		5,493,939
Portland General Electric Co.		13,710		554,981
				12,844,541
Total Common Stocks (cost $458,328,668)				878,226,358
INVESTMENT COMPANIES–41.2%
Funds and Investment Trusts–41.2%(c)(d)
AB All Market Real Return Portfolio–Class Z		12,748,168		107,849,507
AB International Small Cap Portfolio–Class Z		6,919,848		73,627,176

2023 Annual Report 29

Schedule of Investments (continued)

Company			Shares		U.S. $ Value
Bernstein International Strategic Equities Portfolio–Class Z				32,377,890	$	356,804,350
Bernstein Small Cap Core Portfolio–Class Z				2,644,452		31,892,102
Sanford C Bernstein Fund, Inc.–Emerging Markets Portfolio–Class Z				1,413,644		34,181,890
Total Investment Companies (cost $559,300,891)						604,355,025
	Notional Amount
PURCHASED OPTIONS—PUTS–2.2%
Options on Equity Indices–2.2%
Euro STOXX 50 Index Expiration: Jul 2024; Contracts: 31,970; Exercise Price: EUR 3,750.00; Counterparty: UBS AG(a)		EUR		119,887,500		3,784,308
FTSE 100 Index Expiration: Jul 2024; Contracts: 6,840; Exercise Price: GBP 6,600.00; Counterparty: UBS AG(a)		GBP		45,144,000		840,862

Company	Notional Amount			U.S. $ Value
Nikkei 225 Index Expiration: Sep 2024; Contracts: 421,000; Exercise Price: JPY 26,500.00; Counterparty: UBS AG(a)		JPY	11,156,500,000	$	2,176,399
S&P 500 Index Expiration: Jul 2024; Contracts: 255,600; Exercise Price: USD 3,850.00; Counterparty: UBS AG(a)		USD	984,060,000		24,979,198
Total Purchased Options—Puts (premiums paid $27,578,947)					31,780,767
Total Investments—103.2% (cost $1,045,208,506)					1,514,362,150
Other assets less liabilities—(3.2)%					(46,723,256	)
Net Assets—100.0%				$	1,467,638,894

FUTURES (see Note 3)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
Euro STOXX 50 Index Futures		762	December 2023	$	33,868,457	$	(417,500	)
FTSE 100 Index Futures		22	December 2023		2,059,065		23,872
Hang Seng Index Futures		2	October 2023		228,440		1,321
MSCI Singapore IX ETS Futures		56	October 2023		1,170,183		19,696
Nikkei 225 (OSE) Futures		71	December 2023		15,136,911		(374,653	)
OMXS 30 Index Futures		21	October 2023		415,174		(5,065	)
S&P 500 E-Mini Futures		378	December 2023		81,751,950		(1,524,450	)
S&P/TSX 60 Index Futures		124	December 2023		21,477,813		(667,204	)
TOPIX Index Futures		207	December 2023		32,184,455		(481,962	)
U.S. T-Note 2 Yr (CBT) Futures		1,679	December 2023		340,351,665		(647,072	)
U.S. T-Note 10 Yr (CBT) Futures		4,213	December 2023		455,267,312		(8,215,200	)
U.S. Ultra Bond (CBT) Futures		1,245	December 2023		147,765,938		(10,856,761	)
Sold Contracts
E-Mini Russell 2000 Futures		101	December 2023		9,082,930		186,386
Euro STOXX 50 Index Futures		180	December 2023		8,000,423		141,496
MSCI Emerging Markets Futures		555	December 2023		26,515,125		654,707
S&P 400 E-Mini Futures		31	December 2023		7,813,240		138,873
S&P/TSX 60 Index Futures		31	December 2023		5,369,453		192,215
SPI 200 Futures		627	December 2023		71,414,413		1,584,064
						$	(20,247,237	)

30 Sanford C. Bernstein Fund, Inc.

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	30,723	EUR	28,312		10/12/2023	$	(778,780	)
Bank of America, NA	JPY	4,650,035	USD	31,596		10/19/2023		400,341
Bank of America, NA	NZD	21,306	USD	12,607		10/27/2023		(162,734	)
Bank of America, NA	AUD	6,072	USD	3,935		11/08/2023		26,243
Bank of America, NA	AUD	71,111	USD	45,429		11/08/2023		(346,779	)
Bank of America, NA	CHF	61,882	USD	69,392		11/16/2023		1,470,770
Bank of America, NA	USD	21,078	CHF	18,817		11/16/2023		(423,979	)
Bank of America, NA	NOK	24,933	USD	2,307		12/07/2023		(27,595	)
Bank of America, NA	USD	9,014	NOK	97,090		12/07/2023		78,705
Barclays Bank PLC	EUR	3,622	USD	3,872		10/12/2023		41,448
Barclays Bank PLC	CAD	58,521	USD	43,514		10/27/2023		414,612
Barclays Bank PLC	NZD	67,168	USD	39,481		10/27/2023		(776,199	)
Barclays Bank PLC	USD	12,353	NZD	20,792		10/27/2023		108,380
Barclays Bank PLC	USD	11,178	GBP	9,020		11/17/2023		(168,956	)
BNP Paribas SA	EUR	78,350	USD	84,238		10/12/2023		1,371,934
BNP Paribas SA	USD	22,600	JPY	3,317,902		10/19/2023		(340,602	)
BNP Paribas SA	NZD	20,344	USD	12,131		10/27/2023		(62,264	)
BNP Paribas SA	AUD	9,585	USD	6,157		11/08/2023		(13,083	)
Goldman Sachs Bank USA	USD	16,622	EUR	15,062		10/12/2023		(691,987	)
Goldman Sachs Bank USA	CAD	23,664	USD	17,353		10/27/2023		(74,913	)
Goldman Sachs Bank USA	USD	40,267	AUD	62,408		11/08/2023		(93,693	)
Goldman Sachs Bank USA	USD	8,396	SEK	92,028		12/07/2023		50,807
HSBC Bank USA	AUD	36,779	USD	23,804		11/08/2023		129,214
JPMorgan Chase Bank, NA	USD	1,342	CAD	1,827		10/27/2023		3,259
JPMorgan Chase Bank, NA	USD	36,474	GBP	29,268		11/17/2023		(754,107	)
Morgan Stanley Capital Services, Inc.	EUR	53,655	USD	59,061		10/12/2023		2,313,493
Morgan Stanley Capital Services, Inc.	USD	76,136	EUR	69,041		10/12/2023		(3,115,373	)
Morgan Stanley Capital Services, Inc.	JPY	449,759	USD	3,084		10/19/2023		66,315
Morgan Stanley Capital Services, Inc.	USD	49,901	JPY	7,157,039		10/19/2023		(1,886,397	)
Morgan Stanley Capital Services, Inc.	USD	14,139	CAD	19,148		10/27/2023		(36,946	)
Morgan Stanley Capital Services, Inc.	USD	48,262	NZD	81,232		10/27/2023		424,078
Morgan Stanley Capital Services, Inc.	CHF	14,817	USD	16,307		11/16/2023		44,058
Morgan Stanley Capital Services, Inc.	USD	42,602	SEK	469,668		12/07/2023		507,692
							$	(2,303,038	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)
Description	Fixed Rate (Pay) Receive	Payment Frequency		Implied Credit Spread at September 30, 2023			Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Sale Contracts
CDX-NAHY Series 41, 5 Year Index, 12/20/2028*	5.00%		Quarterly		4.79	%		USD	131,280	$	1,237,701	$	1,128,496	$	109,205

* Termination date

2023 Annual Report 31

Schedule of Investments (continued)

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
Morgan Stanley Capital Services LLC
Swiss Market Index Futures		0.00%	Maturity		CHF	330		12/15/2023	$	(305	)

(a) Non-income producing security.

(b) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(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) Affiliated investments.

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

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

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.

32 Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Overlay B Portfolio

September 30, 2023

	Principal Amount (000)			U.S. $ Value
GOVERNMENTS—TREASURIES–20.4%
Australia–0.2%
Australia Government Bond Series 150 3.00%, 03/21/2047(a)		AUD	239	$	114,513
Series 166 3.00%, 11/21/2033(a)			1,263		716,680
					831,193
Austria–0.6%
Republic of Austria Government Bond 0.00%, 02/20/2030(a)		EUR	405		348,659
0.90%, 02/20/2032(a)			3,497		3,039,176
					3,387,835
Belgium–0.1%
Kingdom of Belgium Government Bond Series 84 1.45%, 06/22/2037(a)			755		607,605
Canada–0.1%
Canadian Government Bond 2.25%, 12/01/2029		CAD	1,206		800,859
China–0.6%
China Government Bond Series INBK 2.80%, 03/24/2029		CNY	11,310		1,562,908
3.81%, 09/14/2050			11,930		1,844,844
					3,407,752
Finland–0.5%
Finland Government Bond 2.875%, 04/15/2029(a)		EUR	2,860		2,970,306
Germany–0.6%
Bundesrepublik Deutschland Bundesanleihe 1.00%, 05/15/2038(a)			1,377		1,115,896
1.80%, 08/15/2053(a)			1,335		1,074,926
3.25%, 07/04/2042(a)			1,035		1,127,475
					3,318,297
Indonesia–0.1%
Indonesia Treasury Bond Series FR87 6.50%, 02/15/2031		IDR	9,208,000		580,899
Italy–0.6%
Italy Buoni Poliennali Del Tesoro Series 8Y 4.00%, 10/30/2031(a)		EUR	2,166		2,216,494

	Principal Amount (000)			U.S. $ Value
Series 10Y 4.40%, 05/01/2033(a)		EUR	167	$	173,234
Series 13Y 4.00%, 04/30/2035(a)			835		821,044
					3,210,772
Japan–0.9%
Japan Government Ten Year Bond Series 371 0.40%, 06/20/2033		JPY	141,400		915,022
Japan Government Thirty Year Bond Series 68 0.60%, 09/20/2050			130,550		678,565
Japan Government Twenty Year Bond Series 140 1.70%, 09/20/2032			144,050		1,047,390
Series 183 1.40%, 12/20/2042			315,750		2,108,218
					4,749,195
Malaysia–0.1%
Malaysia Government Bond Series 310 4.498%, 04/15/2030		MYR	3,315		729,904
Mexico–0.3%
Mexican Bonos Series M 8.00%, 11/07/2047		MXN	5,041		238,802
8.00%, 07/31/2053			17,402		817,059
8.50%, 05/31/2029			11,966		643,928
					1,699,789
South Korea–2.4%
Korea Treasury Bond Series 2506 3.125%, 06/10/2025		KRW	11,966,760		8,759,977
Series 2703 2.375%, 03/10/2027			6,773,850		4,769,210
					13,529,187
Spain–0.3%
Spain Government Bond 3.90%, 07/30/2039(a)		EUR	1,391		1,406,618
Thailand–0.1%
Thailand Government Bond 3.35%, 06/17/2033		THB	17,556		486,843
					486,843
United Kingdom–0.6%
United Kingdom Gilt 0.125%, 01/31/2028(a)		GBP	1,338		1,364,762
0.875%, 01/31/2046(a)			758		426,849
1.25%, 10/22/2041(a)			825		580,124
1.50%, 07/31/2053(a)			1,097		638,598
1.75%, 09/07/2037(a)			430		369,374
					3,379,707

2023 Annual Report 33

Schedule of Investments (continued)

	Principal Amount (000)			U.S. $ Value
United States–12.3%
U.S. Treasury Bonds 1.125%, 08/15/2040(b)		U.S.$	5,488	$	3,112,726
1.25%, 05/15/2050			4,125		1,941,092
1.875%, 02/15/2051			4,362		2,440,452
2.00%, 08/15/2051			2,453		1,413,714
2.25%, 08/15/2046			854		540,288
2.25%, 08/15/2049			590		366,538
2.25%, 02/15/2052			139		84,976
2.375%, 02/15/2042			1,883		1,299,582
2.375%, 11/15/2049			450		287,438
2.875%, 05/15/2043			1,196		884,666
2.875%, 05/15/2049			905		644,388
2.875%, 05/15/2052			1,035		732,768
3.00%, 11/15/2045			169		124,796
3.00%, 08/15/2052			321		233,482
3.25%, 05/15/2042			2,114		1,683,432
3.375%, 08/15/2042			1,464		1,185,058
3.375%, 11/15/2048			495		387,570
3.625%, 08/15/2043			1,272		1,060,216
3.625%, 02/15/2053			966		798,322
3.625%, 05/15/2053			462		381,850
3.875%, 02/15/2043			2,161		1,878,622
4.00%, 11/15/2042			790		700,808
4.375%, 11/15/2039(c)			5,290		5,027,980
4.375%, 08/15/2043			674		628,400
4.50%, 08/15/2039			1,991		1,925,498
U.S. Treasury Notes  1.00%, 07/31/2028			1,570		1,324,688
1.25%, 11/30/2026(b)(c)			7,793		6,992,552
1.625%, 05/15/2026(b)(c)			6,600		6,073,970
1.875%, 02/28/2027			2,357		2,145,238
2.75%, 04/30/2027			975		911,462
3.375%, 05/15/2033			2,812		2,550,648
3.50%, 02/15/2033(c)			7,664		7,033,748
3.625%, 03/31/2028			1,498		1,436,058
3.625%, 05/31/2028			1,777		1,703,316
3.875%, 08/15/2033			1,852		1,750,524
4.00%, 06/30/2028			1,040		1,012,472
4.25%, 05/31/2025			672		661,630
4.625%, 09/30/2028			6,060		6,062,339
					69,423,307
Total Governments—Treasuries (cost $130,152,324)					114,520,068
CORPORATES—INVESTMENT GRADE–15.2%
Industrial–7.8%
Basic–0.3%
BHP Billiton Finance Ltd. Series 17 1.50%, 04/29/2030(a)		EUR	500		445,456
Braskem Netherlands Finance BV 7.25%, 02/13/2033(a)		U.S.$	249		228,482
Freeport Indonesia PT 4.763%, 04/14/2027(a)			585		554,960

	Principal Amount (000)			U.S. $ Value
Glencore Funding LLC 6.50%, 10/06/2033(a)		U.S.$	96	$	95,816
LyondellBasell Industries NV 5.75%, 04/15/2024			277		276,067
					1,600,781
Capital Goods–0.5%
CNH Industrial Capital LLC 3.95%, 05/23/2025			423		410,044
Flowserve Corp. 2.80%, 01/15/2032			372		284,346
Parker-Hannifin Corp. 3.25%, 06/14/2029			223		198,028
Regal Rexnord Corp. 6.05%, 02/15/2026(a)			1,028		1,014,820
RTX Corp. 4.125%, 11/16/2028			671		624,674
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025			90		85,522
4.15%, 03/15/2024(d)			343		339,656
					2,957,090
Communications—Media–0.7%
Cox Communications, Inc. 2.60%, 06/15/2031(a)			471		366,466
5.45%, 09/15/2028(a)			79		77,594
5.70%, 06/15/2033(a)			194		186,664
Discovery Communications LLC 5.20%, 09/20/2047			213		161,048
5.30%, 05/15/2049			96		73,365
Fox Corp. 4.709%, 01/25/2029			210		198,672
5.576%, 01/25/2049			795		662,640
Interpublic Group of Cos., Inc. (The) 4.65%, 10/01/2028			590		555,114
5.375%, 06/15/2033			198		184,801
Omnicom Group, Inc. 2.45%, 04/30/2030			72		58,054
Paramount Global 4.20%, 05/19/2032			109		86,654
4.95%, 01/15/2031			340		291,924
Tencent Holdings Ltd. 3.24%, 06/03/2050(a)			525		299,560
Time Warner Cable LLC 4.50%, 09/15/2042			290		200,956
Warnermedia Holdings, Inc. 3.755%, 03/15/2027			206		190,150
4.279%, 03/15/2032			614		521,090
					4,114,752
Communications—Telecommunications–0.4%
Bell Telephone Co. of Canada or Bell Canada (The) 3.00%, 03/17/2031		CAD	107		65,378
4.55%, 02/09/2030			73		50,380
5.85%, 11/10/2032			422		309,244

34 Sanford C. Bernstein Fund, Inc.

	Principal Amount (000)			U.S. $ Value
CK Hutchison Group Telecom Finance SA 1.125%, 10/17/2028(a)		EUR	530	$	481,660
Corning, Inc. 3.875%, 05/15/2026			328		343,696
T-Mobile USA, Inc. 3.875%, 04/15/2030		U.S.$	317		280,598
5.05%, 07/15/2033			236		218,574
5.75%, 01/15/2034			33		32,192
TELUS Corp. 5.25%, 11/15/2032		CAD	542		377,830
Vodafone Group PLC 4.20%, 12/13/2027(a)		AUD	130		79,316
					2,238,868
Consumer Cyclical—Automotive–0.6%
Ford Motor Co. 6.10%, 08/19/2032		U.S.$	532		501,331
General Motors Co. 6.125%, 10/01/2025			94		93,812
General Motors Financial Co., Inc. 5.80%, 06/23/2028			120		117,152
Harley-Davidson Financial Services, Inc. 3.05%, 02/14/2027(a)			1,043		930,210
6.50%, 03/10/2028(a)			111		109,712
Hyundai Capital America 2.10%, 09/15/2028(a)			550		455,604
6.10%, 09/21/2028(a)			87		86,420
Lear Corp. 3.50%, 05/30/2030			43		36,522
Mercedes-Benz Finance North America LLC 4.80%, 03/30/2026(a)			408		400,798
Nissan Motor Acceptance Co., LLC 1.85%, 09/16/2026(a)			175		152,226
Volkswagen International Finance NV 3.748%, 12/28/2027(a)(e)		EUR	200		182,472
					3,066,259
Consumer Cyclical—Entertainment–0.1%
Hasbro, Inc. 3.55%, 11/19/2026		U.S.$	117		108,848
3.90%, 11/19/2029			399		353,072
					461,920
Consumer Cyclical—Other–0.3%
GENM Capital Labuan Ltd. 3.882%, 04/19/2031(a)			205		160,944
Marriott International, Inc./MD 4.90%, 04/15/2029			716		682,447
Series EE 5.75%, 05/01/2025			77		76,829
Series HH 2.85%, 04/15/2031			112		90,060

	Principal Amount (000)			U.S. $ Value
MDC Holdings, Inc. 6.00%, 01/15/2043		U.S.$	791	$	662,732
					1,673,012
Consumer Cyclical—Retailers–0.2%
AutoNation, Inc. 3.80%, 11/15/2027			195		175,070
3.85%, 03/01/2032			22		17,866
Ross Stores, Inc. 4.70%, 04/15/2027			658		632,174
VF Corp. 2.95%, 04/23/2030			385		303,152
					1,128,262
Consumer Non—Cyclical–1.1%
Altria Group, Inc. 3.125%, 06/15/2031		EUR	343		308,688
3.40%, 05/06/2030		U.S.$	595		508,802
BAT Capital Corp. 6.421%, 08/02/2033			181		175,586
7.75%, 10/19/2032			125		132,032
Cargill, Inc. 3.875%, 04/24/2030(a)		EUR	430		446,684
5.125%, 10/11/2032(a)		U.S.$	446		431,380
Cencora, Inc. 2.70%, 03/15/2031			79		64,288
Cigna Group (The) 4.375%, 10/15/2028			250		236,220
CVS Health Corp. 5.00%, 01/30/2029			106		102,550
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL 6.75%, 03/15/2034(a)			298		289,969
Loblaw Cos. Ltd. 2.284%, 05/07/2030		CAD	121		73,474
5.008%, 09/13/2032			250		175,998
6.54%, 02/17/2033(a)			240		183,670
McKesson Corp. 4.90%, 07/15/2028		U.S.$	171		166,902
Metro, Inc./CN 4.657%, 02/07/2033		CAD	651		446,090
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031		U.S.$	810		571,187
Philip Morris International, Inc. 4.875%, 02/13/2026			216		212,334
5.00%, 11/17/2025			390		385,270
5.625%, 11/17/2029			72		71,128
Pilgrim’s Pride Corp. 6.875%, 05/15/2034			129		126,662
Saputo, Inc. 2.242%, 06/16/2027		CAD	572		373,568
5.25%, 11/29/2029			104		74,667
Sutter Health 5.164%, 08/15/2033		U.S.$	101		96,872

2023 Annual Report 35

Schedule of Investments (continued)

	Principal Amount (000)			U.S. $ Value
Takeda Pharmaceutical Co., Ltd. 4.40%, 11/26/2023		U.S.$	225	$	224,456
Zoetis, Inc. 5.40%, 11/14/2025			439		437,170
					6,315,647
Energy–1.3%
BP Capital Markets America, Inc. 4.893%, 09/11/2033			236		221,494
BP Capital Markets PLC 3.25%, 03/22/2026(a)(e)		EUR	100		98,852
3.625%, 03/22/2029(a)(e)			320		294,708
Continental Resources, Inc./OK 2.875%, 04/01/2032(a)		U.S.$	472		353,150
5.75%, 01/15/2031(a)			546		512,482
Devon Energy Corp. 5.60%, 07/15/2041			383		337,886
7.875%, 09/30/2031			18		19,704
7.95%, 04/15/2032			222		245,532
Diamondback Energy, Inc. 6.25%, 03/15/2033			380		380,444
Ecopetrol SA 8.625%, 01/19/2029			396		396,436
Enbridge Pipelines, Inc. 2.82%, 05/12/2031		CAD	192		115,708
Enbridge, Inc. 6.10%, 11/09/2032			186		137,534
Eni SpA Series NC9 3.375%, 07/13/2029(a)(e)		EUR	435		387,456
EQT Corp. 5.70%, 04/01/2028		U.S.$	142		139,212
Hess Corp. 7.125%, 03/15/2033			287		302,464
Oleoducto Central SA 4.00%, 07/14/2027(a)			528		470,447
ONEOK Partners LP 6.125%, 02/01/2041			32		29,610
ONEOK, Inc. 6.05%, 09/01/2033			155		152,327
Ovintiv, Inc. 5.65%, 05/15/2028			79		77,276
6.25%, 07/15/2033			272		263,318
Suncor Energy, Inc. 6.80%, 05/15/2038			436		441,066
TotalEnergies SE 2.00%, 01/17/2027(a)(e)		EUR	505		466,910
Var Energi ASA 7.50%, 01/15/2028(a)		U.S.$	795		816,170
8.00%, 11/15/2032(a)			749		783,686
					7,443,872
Services–0.3%
Alibaba Group Holding Ltd. 2.125%, 02/09/2031			399		311,316
Booking Holdings, Inc. 4.50%, 11/15/2031		EUR	372		398,296

	Principal Amount (000)			U.S. $ Value
Chicago Parking Meters LLC 4.93%, 12/30/2025(f)		U.S. $	800	$	761,838
GTCR W-2 Merger Sub LLC 7.50%, 01/15/2031(a)			308		308,388
S&P Global, Inc. 4.25%, 05/01/2029			125		117,854
					1,897,692
Technology–1.4%
Apple, Inc. 4.10%, 08/08/2062			417		320,923
Entegris Escrow Corp. 4.75%, 04/15/2029(a)			429		385,350
Fiserv, Inc. 1.625%, 07/01/2030		EUR	193		170,994
5.625%, 08/21/2033		U.S.$	174		168,636
Honeywell International, Inc. 2.25%, 02/22/2028		EUR	233		230,266
4.125%, 11/02/2034			1,315		1,364,966
HP, Inc. 5.50%, 01/15/2033		U.S.$	597		559,604
Infor, Inc. 1.75%, 07/15/2025(a)			227		208,892
KLA Corp. 4.10%, 03/15/2029			108		101,936
Kyndryl Holdings, Inc. 2.05%, 10/15/2026			1,611		1,404,002
Lenovo Group Ltd. 5.831%, 01/27/2028(a)			772		755,078
NXP BV/NXP Funding LLC 5.55%, 12/01/2028			445		436,910
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.40%, 05/01/2030			261		223,058
Oracle Corp. 5.375%, 07/15/2040			89		78,914
6.90%, 11/09/2052			287		295,532
SK Hynix, Inc. 2.375%, 01/19/2031(a)			468		351,716
TSMC Arizona Corp. 3.875%, 04/22/2027			504		479,012
Western Digital Corp. 2.85%, 02/01/2029			118		94,574
					7,630,363
Transportation—Airlines–0.1%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(a)			205		199,074
4.75%, 10/20/2028(a)			563		535,481
					734,555
Transportation—Railroads–0.1%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036(a)			375		324,144
Transportation—Services–0.4%
ENA Master Trust  4.00%, 05/19/2048(a)			1,113		796,874

36 Sanford C. Bernstein Fund, Inc.

	Principal Amount (000)			U.S. $ Value
ERAC USA Finance LLC 4.60%, 05/01/2028(a)		U.S.$	264	$	253,008
4.90%, 05/01/2033(a)			127		119,014
FedEx Corp. 0.45%, 05/04/2029		EUR	423		364,921
Heathrow Funding Ltd. Series E 2.75%, 10/13/2029(a)		GBP	290		296,314
TTX Co. 5.50%, 09/25/2026(a)		U.S.$	380		379,190
					2,209,321
					43,796,538
Financial Institutions–6.8%
Banking–5.0%
AIB Group PLC 4.263%, 04/10/2025(a)			359		353,842
Ally Financial, Inc. 6.992%, 06/13/2029			315		308,233
Banco de Credito del Peru S.A. 3.125%, 07/01/2030(a)			1,095		1,006,306
Banco Santander SA 4.175%, 03/24/2028			1,000		922,960
6.921%, 08/08/2033			200		191,334
Bank of America Corp. 3.559%, 04/23/2027			369		346,184
Bank of Ireland Group PLC 6.253%, 09/16/2026(a)			248		246,294
Series E 0.375%, 05/10/2027(a)		EUR	279		264,558
Banque Federative du Credit Mutuel SA 3.875%, 06/16/2032(a)			300		299,362
Barclays PLC 6.125%, 12/15/2025(e)		U.S.$	283		256,486
BNP Paribas SA 7.375%, 08/19/2025(a)(e)			200		195,908
BPCE SA 3.116%, 10/19/2032(a)			355		264,692
CaixaBank SA 6.684%, 09/13/2027(a)			200		200,016
Capital One Financial Corp. 4.166%, 05/09/2025			93		91,136
5.468%, 02/01/2029			162		153,958
6.034% (SOFR + 0.69%), 12/06/2024(g)			72		71,110
6.377%, 06/08/2034			156		147,002
Citigroup, Inc. 7.625%, 11/15/2028(e)			75		73,232
9.699% (SOFR + 4.33%), 10/30/2023(e)(g)			118		118,111
Series W 4.00%, 12/10/2025(e)			574		502,652
Series Y 4.15%, 11/15/2026(e)			340		271,534

	Principal Amount (000)			U.S. $ Value
Citizens Financial Group, Inc. 4.30%, 12/03/2025		U.S.$	376	$	353,440
Commonwealth Bank of Australia 5.94% (SOFR + 0.63%), 01/10/2025(a)(g)			107		107,070
Cooperatieve Rabobank UA Series E 4.625%, 05/23/2029(a)		GBP	284		314,702
Danske Bank A/S 6.466%, 01/09/2026(a)		U.S.$	593		591,885
Deutsche Bank AG 3.25%, 05/24/2028(a)		EUR	300		295,208
5.375%, 01/11/2029(a)			200		210,770
Deutsche Bank AG/New York NY 2.129%, 11/24/2026		U.S.$	272		245,894
3.961%, 11/26/2025			455		439,120
6.119%, 07/14/2026			192		189,964
Discover Bank 5.974%, 08/09/2028			300		274,176
Federation des Caisses Desjardins du Quebec 4.55%, 08/23/2027(a)			555		530,808
Goldman Sachs Group, Inc. (The) Series E 3.625%, 10/29/2029(a)		GBP	355		386,756
Series P 8.501% (SOFR + 3.14%), 10/30/2023(e)(g)		U.S.$	171		170,403
Series V 4.125%, 11/10/2026(e)			237		194,118
HSBC Holdings PLC 8.113%, 11/03/2033			454		478,930
ING Groep NV 6.083%, 09/11/2027			577		574,536
6.75%, 04/16/2024(a)(e)			281		275,448
Intesa Sanpaolo SpA 5.017%, 06/26/2024(a)			770		751,236
6.625%, 06/20/2033(a)			248		233,212
7.00%, 11/21/2025(a)			226		228,458
JPMorgan Chase & Co. 6.263% (SOFR + 0.92%), 02/24/2026(g)			95		95,046
Series E 1.09%, 03/11/2027(a)		EUR	427		417,294
Series X 6.10%, 10/01/2024(e)		U.S.$	360		356,606
Lloyds Banking Group PLC 7.50%, 09/27/2025(e)			408		381,432
Mizuho Financial Group, Inc. 5.739%, 05/27/2031			672		650,348
Morgan Stanley 0.406%, 10/29/2027		EUR	677		634,076
4.656%, 03/02/2029			215		227,224
4.813%, 10/25/2028			346		370,922
Nationwide Building Society 2.972%, 02/16/2028(a)		U.S.$	1,007		900,650
6.632% (SOFR + 1.29%), 02/16/2028(a)(g)			384		374,910

2023 Annual Report 37

Schedule of Investments (continued)

	Principal Amount (000)			U.S. $ Value
NatWest Group PLC 4.269%, 03/22/2025		U.S.$	666	$	658,900
Series E 5.763%, 02/28/2034(a)		EUR	215		224,322
PNC Financial Services Group, Inc. (The) Series O 9.312% (SOFR + 3.94%), 11/01/2023(e)(g)		U.S.$	56		56,164
Series R 8.711% (SOFR + 3.30%), 12/01/2023(e)(g)			111		110,694
Santander Holdings USA, Inc. 2.49%, 01/06/2028			350		303,768
4.26%, 06/09/2025			158		154,608
6.499%, 03/09/2029			234		228,318
6.565%, 06/12/2029			20		19,494
Santander UK Group Holdings PLC 2.469%, 01/11/2028			443		385,818
6.833%, 11/21/2026			1,079		1,084,664
Series E 0.603%, 09/13/2029(a)		EUR	151		128,752
Societe Generale SA 6.447%, 01/12/2027(a)		U.S.$	376		375,538
Standard Chartered PLC 2.608%, 01/12/2028(a)			455		402,448
3.971%, 03/30/2026(a)			550		529,353
7.141% (LIBOR 3 Month + 1.51%), 01/30/2027(a)(e)(g)			700		650,216
Svenska Handelsbanken AB 4.75%, 03/01/2031(a)(e)			600		458,850
Swedbank AB Series G 3.625%, 08/23/2032(a)		EUR	492		481,924
Series NC5 5.625%, 09/17/2024(a)(e)		U.S.$	400		382,956
UBS Group AG 4.194%, 04/01/2031(a)			690		603,950
6.246%, 09/22/2029(a)			465		460,778
6.373%, 07/15/2026(a)			452		450,522
7.00%, 02/19/2025(a)(e)			400		388,276
UniCredit SpA 2.569%, 09/22/2026(a)			1,264		1,157,836
3.127%, 06/03/2032(a)			301		230,210
US Bancorp Series J 5.30%, 04/15/2027(e)			107		89,532
Wells Fargo & Co. 5.574%, 07/25/2029			198		193,146
7.625%, 09/15/2028(e)			100		101,228
					27,851,817
Brokerage–0.4%
Charles Schwab Corp. (The) 5.861% (SOFR + 0.52%), 05/13/2026(g)			564		554,610
Series G 5.375%, 06/01/2025(e)			210		202,267

	Principal Amount (000)			U.S. $ Value
Series I 4.00%, 06/01/2026(e)		U.S.$	1,407	$	1,175,591
Nomura Holdings, Inc. 5.709%, 01/09/2026			379		374,706
					2,307,174
Finance–0.5%
Aircastle Ltd. 5.25%, 08/11/2025(a)			292		284,358
6.50%, 07/18/2028(a)			391		382,878
Aviation Capital Group LLC 1.95%, 01/30/2026(a)			312		280,032
1.95%, 09/20/2026(a)			285		248,501
3.50%, 11/01/2027(a)			267		235,318
4.125%, 08/01/2025(a)			12		11,416
4.375%, 01/30/2024(a)			290		287,341
4.875%, 10/01/2025(a)			147		141,090
5.50%, 12/15/2024(a)			347		341,254
6.375%, 07/15/2030(a)			104		100,644
Synchrony Financial 2.875%, 10/28/2031			427		302,478
3.95%, 12/01/2027			298		261,874
4.50%, 07/23/2025			109		103,374
4.875%, 06/13/2025			109		104,072
					3,084,630
Insurance–0.2%
Credit Agricole Assurances SA 1.50%, 10/06/2031(a)		EUR	400		312,620
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039(a)		U.S.$	170		205,151
Swiss Re Finance Luxembourg SA 5.00%, 04/02/2049(a)			400		375,328
					893,099
REITs–0.7%
American Tower Corp. 0.50%, 01/15/2028		EUR	540		484,370
2.10%, 06/15/2030		U.S.$	36		28,026
3.65%, 03/15/2027			284		263,324
5.80%, 11/15/2028			125		124,028
Annington Funding PLC Series E 3.184%, 07/12/2029(a)		GBP	160		162,274
Aroundtown SA Series E 1.45%, 07/09/2028(a)		EUR	100		76,444
Digital Euro Finco LLC 2.50%, 01/16/2026(a)			480		481,548
Equinix, Inc. 2.50%, 05/15/2031		U.S.$	569		443,906
Essential Properties LP 2.95%, 07/15/2031			418		304,618
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032			658		510,009
4.00%, 01/15/2031			278		231,404

38 Sanford C. Bernstein Fund, Inc.

	Principal Amount (000)			U.S. $ Value
Omega Healthcare Investors, Inc. 3.25%, 04/15/2033		U.S.$	286	$	209,506
3.625%, 10/01/2029			67		55,942
Vornado Realty LP 3.40%, 06/01/2031			852		614,454
					3,989,853
					38,126,573
Utility–0.6%
Electric–0.4%
Adani Transmission Step-One Ltd. 4.00%, 08/03/2026(a)			328		286,219
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(a)			501		425,994
Alexander Funding Trust II 7.467%, 07/31/2028(a)			106		105,912
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2041			542		372,918
Electricite de France SA 2.875%, 12/15/2026(a)(e)		EUR	200		184,192
5.993%, 05/23/2030(a)		CAD	77		55,304
9.125%, 03/15/2033(a)(e)		U.S.$	200		208,152
Enel Finance International NV 7.50%, 10/14/2032(a)			328		350,038
National Grid PLC 5.809%, 06/12/2033			176		170,982
NRG Energy, Inc. 4.45%, 06/15/2029(a)			41		35,664
7.00%, 03/15/2033(a)			287		275,552
					2,470,927
Natural Gas–0.1%
Centrica PLC Series E 4.375%, 03/13/2029(a)		GBP	350		398,172
CU, Inc. 5.896%, 11/20/2034		CAD	38		28,907
					427,079
Other Utility–0.1%
Suez SACA Series E 4.625%, 11/03/2028(a)		EUR	400		428,246
Thames Water Utilities Finance PLC Series E 6.75%, 11/16/2028		GBP	260		306,798
					735,044
					3,633,050
Total Corporates—Investment Grade (cost $92,879,081)					85,556,161

	Principal Amount (000)			U.S. $ Value
INFLATION-LINKED SECURITIES–15.1%
Canada–0.1%
Canadian Government Real Return Bond 4.00%, 12/01/2031		CAD	450	$	373,190
					373,190
Sweden–0.1%
Sweden Inflation Linked Bond Series 3113 0.125%, 12/01/2027(a)		SEK	3,495		387,114
					387,114
United States–14.9%
U.S. Treasury Inflation Index 0.125%, 07/15/2026 (TIPS)		U.S.$	9,201		8,601,228
0.125%, 10/15/2026 (TIPS)			3,705		3,445,840
0.125%, 07/15/2030 (TIPS)			44,743		38,786,628
0.125%, 07/15/2031 (TIPS)			4,112		3,491,600
0.375%, 07/15/2027 (TIPS)			4,779		4,432,808
0.625%, 07/15/2032 (TIPS)			1,085		945,366
0.75%, 07/15/2028 (TIPS)			5,793		5,393,020
2.50%, 01/15/2029 (TIPS)			19,077		19,211,129
					84,307,619
Total Inflation-Linked Securities (cost $88,377,019)					85,067,923
MORTGAGE PASS-THROUGHS–8.6%
Agency Fixed Rate 30-Year–8.4%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 09/01/2049			554		484,731
3.50%, 11/01/2049			204		178,170
4.00%, 06/01/2049			260		235,524
Series 2022 2.00%, 03/01/2052			2,072		1,585,168
2.50%, 04/01/2052			739		590,730
Federal Home Loan Mortgage Corp. Gold Series 2016 4.00%, 02/01/2046			487		451,118
Series 2017 4.00%, 07/01/2044			324		299,784
Series 2018 4.50%, 03/01/2048			128		119,824
4.50%, 11/01/2048			371		347,032
5.00%, 11/01/2048			144		138,296
Federal National Mortgage Association Series 2007 5.50%, 08/01/2037			116		115,974
Series 2010 4.00%, 12/01/2040			199		184,456

2023 Annual Report 39

Schedule of Investments (continued)

	Principal Amount (000)		U.S. $ Value
Series 2012 3.50%, 02/01/2042	U.S.$	119	$	105,788
3.50%, 11/01/2042		187		166,314
3.50%, 01/01/2043		346		308,216
Series 2013 3.50%, 03/01/2043		6		4,902
3.50%, 04/01/2043		738		656,458
4.00%, 10/01/2043		566		516,244
Series 2014 5.50%, 09/01/2041		311		312,578
Series 2015 3.00%, 05/01/2045		76		64,442
3.00%, 08/01/2045		562		476,562
Series 2018 3.50%, 03/01/2048		1,173		1,028,276
4.50%, 09/01/2048		957		893,279
Series 2019 3.50%, 11/01/2049		432		377,804
Series 2020 3.50%, 01/01/2050		1,127		986,004
Series 2021 2.00%, 07/01/2051		2,171		1,657,830
2.50%, 01/01/2052		1,350		1,080,676
Series 2022 2.50%, 03/01/2052		1,476		1,176,884
2.50%, 04/01/2052		951		760,438
2.50%, 05/01/2052		2,029		1,622,808
3.00%, 02/01/2052		2,909		2,423,378
3.00%, 03/01/2052		2,028		1,688,970
Government National Mortgage Association Series 2016 3.00%, 04/20/2046		62		53,370
3.00%, 05/20/2046		165		141,966
Series 2022 5.00%, 11/20/2052		2,011		1,908,686
Series 2023 4.00%, 10/23/2053, TBA		1,107		997,376
4.50%, 10/23/2053, TBA		5,388		4,976,410
5.00%, 10/23/2053, TBA		4,494		4,259,086
5.50%, 04/20/2053		925		898,194
5.50%, 10/23/2053, TBA		5,521		5,357,257
6.00%, 10/23/2053, TBA		3,130		3,100,818
Uniform Mortgage-Backed Security Series 2018 4.50%, 10/13/2053, TBA		450		413,278
Series 2023 2.00%, 10/12/2053, TBA		248		188,204
5.50%, 10/12/2053, TBA		2,252		2,177,360
6.00%, 10/12/2053, TBA		1,726		1,704,108
				47,214,771
Agency Fixed Rate 15-Year–0.2%
Federal National Mortgage Association Series 2013 2.50%, 03/01/2028		23		21,898

	Principal Amount (000)		U.S. $ Value
2.50%, 06/01/2028	U.S.$	5	$	4,804
Series 2014 2.50%, 09/01/2029		72		66,852
Series 2016 2.50%, 11/01/2031		17		15,462
2.50%, 12/01/2031		1,242		1,133,296
2.50%, 01/01/2032		28		25,694
Series 2017 2.50%, 02/01/2032		88		80,280
				1,348,286
Total Mortgage Pass-Throughs (cost $52,880,383)				48,563,057
ASSET-BACKED SECURITIES–4.6%
Other ABS—Fixed Rate–2.4%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051(a)		1,135		944,814
ACHV ABS Trust  Series 2023-2PL, Class A 6.42%, 05/20/2030(a)		129		128,670
Affirm Asset Securitization Trust  Series 2021-Z1, Class A 1.07%, 08/15/2025(a)		73		71,854
Series 2021-Z2, Class A 1.17%, 11/16/2026(a)		94		90,743
Series 2022-X1, Class A 1.75%, 02/15/2027(a)		119		116,914
Amur Equipment Finance Receivables XI LLC Series 2022-2A, Class A2 5.30%, 06/21/2028(a)		349		345,568
Atalaya Equipment Leasing Trust  Series 2021-1A, Class B 2.08%, 02/15/2027(a)		249		237,146
BHG Securitization Trust  Series 2022-A, Class A 1.71%, 02/20/2035(a)		48		46,576
Series 2023-A, Class A 5.55%, 04/17/2036(a)		347		342,048
Cajun Global LLC Series 2021-1, Class A2 3.931%, 11/20/2051(a)		238		207,640
CNH Equipment Trust  Series 2022-C, Class A2 5.42%, 07/15/2026		256		255,642
College Ave Student Loans LLC Series 2021-C, Class B 2.72%, 07/26/2055(a)		311		267,676
Dell Equipment Finance Trust  Series 2023-1, Class A2 5.65%, 09/22/2028(a)		189		188,570
Dext ABS LLC Series 2023-1, Class A2 5.99%, 03/15/2032(a)		664		653,770

40 Sanford C. Bernstein Fund, Inc.

	Principal Amount (000)		U.S. $ Value
Diamond Issuer Series 2021-1A, Class A 2.305%, 11/20/2051(a)	U.S.$	1,139	$	969,094
Domino’s Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.662%, 04/25/2051(a)		618		520,812
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046(a)		393		332,366
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048(a)		561		501,294
Series 2020-1A, Class A2 3.981%, 12/20/2050(a)		426		358,192
HPEFS Equipment Trust  Series 2022-3A, Class A2 5.26%, 08/20/2029(a)		213		212,404
Series 2023-1A, Class A2 5.43%, 08/20/2025(a)		188		187,364
Kubota Credit Owner Trust  Series 2023-1A, Class A2 5.40%, 02/17/2026(a)		1,094		1,088,174
M&T Equipment Notes  Series 2023-1A, Class A1 5.742%, 08/15/2024(a)		280		280,042
Marlette Funding Trust  Series 2022-2A, Class A 4.25%, 08/15/2032(a)		68		67,808
MVW LLC Series 2021-2A, Class B 1.83%, 05/20/2039(a)		357		321,023
Neighborly Issuer LLC Series 2021-1A, Class A2 3.584%, 04/30/2051(a)		441		368,036
Series 2022-1A, Class A2 3.695%, 01/30/2052(a)		828		674,980
Series 2023-1A, Class A2 7.308%, 01/30/2053(a)		1,035		1,003,954
Nelnet Student Loan Trust  Series 2021-BA, Class B 2.68%, 04/20/2062(a)		140		110,098
Series 2021-CA, Class B 2.53%, 04/20/2062(a)		499		389,892
Series 2021-DA, Class B 2.90%, 04/20/2062(a)		457		364,696
NMEF Funding LLC Series 2022-B, Class A2 6.07%, 06/15/2029(a)		391		388,983
Prosper Marketplace Issuance Trust  Series 2023-1A, Class A 7.06%, 07/16/2029(a)		190		190,112
SBA Tower Trust  Series 2014-2A, Class C 3.869%, 10/15/2049(a)		774		753,318
Upstart Securitization Trust  Series 2021-3, Class B 1.66%, 07/20/2031(a)		750		734,114

	Principal Amount (000)		U.S. $ Value
Verdant Receivables LLC Series 2023-1A, Class A1 5.822%, 08/12/2024(a)	U.S.$	143	$	143,166
				13,857,553
Autos—Fixed Rate–2.1%
ACM Auto Trust  Series 2023-1A, Class A 6.61%, 01/22/2030(a)		314		313,934
Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class A 5.44%, 02/22/2028(a)		399		391,756
Carvana Auto Receivables Trust  Series 2021-N3, Class C 1.02%, 06/12/2028		125		114,892
Series 2021-N4, Class D 2.30%, 09/11/2028		215		204,518
Series 2021-P4, Class D 2.61%, 09/11/2028		596		507,472
CPS Auto Receivables Trust  Series 2021-C, Class D 1.69%, 06/15/2027(a)		740		696,803
Series 2022-A, Class C 2.17%, 04/16/2029(a)		824		787,096
DT Auto Owner Trust  Series 2023-1A, Class A 5.48%, 04/15/2027(a)		735		732,397
FHF Trust  Series 2021-2A, Class A 0.83%, 12/15/2026(a)		167		159,728
Ford Credit Auto Owner Trust  Series 2021-1, Class D 2.31%, 10/17/2033(a)		824		722,752
GLS Auto Receivables Issuer Trust  Series 2023-3A, Class A1 5.715%, 08/15/2024(a)		313		312,600
Hertz Vehicle Financing III LLC Series 2022-1A, Class C 2.63%, 06/25/2026(a)		380		354,224
LAD Auto Receivables Trust  Series 2021-1A, Class A 1.30%, 08/17/2026(a)		186		182,541
Series 2022-1A, Class A 5.21%, 06/15/2027(a)		264		261,538
Lendbuzz Securitization Trust  Series 2023-1A, Class A2 6.92%, 08/15/2028(a)		1,678		1,671,424
OCCU Auto Receivables Trust  Series 2023-1A, Class A2 6.23%, 04/15/2027(a)		110		109,978
Prestige Auto Receivables Trust  Series 2022-1A, Class A2 5.90%, 07/15/2025(a)		151		151,086
Research-Driven Pagaya Motor Asset Trust VII Series 2022-3A, Class A 5.38%, 11/25/2030(a)		699		687,260

2023 Annual Report 41

Schedule of Investments (continued)

	Principal Amount (000)		U.S. $ Value
Santander Bank Auto Credit-Linked Notes  Series 2022-A, Class B 5.281%, 05/15/2032(a)	U.S.$	250	$	246,678
Series 2022-B, Class B 5.721%, 08/16/2032(a)		664		660,106
Series 2022-C, Class B 6.451%, 12/15/2032(a)		595		593,398
Santander Bank NA–SBCLN Series 2021-1A, Class B 1.833%, 12/15/2031(a)		102		99,848
Tricolor Auto Securitization Trust  Series 2023-1A, Class A 6.48%, 08/17/2026(a)		281		280,458
United Auto Credit Securitization Trust  Series 2022-2, Class A 4.39%, 04/10/2025(a)		63		62,766
Westlake Automobile Receivables Trust  Series 2023-3A, Class A1 5.781%, 08/15/2024(a)		321		321,368
Series 2023-P1, Class A1 5.644%, 08/15/2024(a)		230		230,084
World Omni Select Auto Trust  Series 2023-A, Class A2A 5.92%, 03/15/2027		866		864,728
				11,721,433
Credit Cards—Fixed Rate–0.1%
Brex Commercial Charge Card Master Trust  Series 2022-1, Class A 4.63%, 07/15/2025(a)		555		546,029
				546,029
Total Asset-Backed Securities (cost $27,857,755)				26,125,015
COLLATERALIZED MORTGAGE OBLIGATIONS –4.2%
Risk Share Floating Rate–4.1%
Bellemeade Re Ltd. Series 2019-2A, Class M1C 7.434% (LIBOR 1 Month + 2.00%), 04/25/2029(a)(g)		151		151,180
Series 2019-3A, Class M1C 7.384% (LIBOR 1 Month + 1.95%), 07/25/2029(a)(g)		141		141,828
Series 2019-4A, Class M1C 7.934% (LIBOR 1 Month + 2.50%), 10/25/2029(a)(g)		113		113,014
Series 2019-4A, Class M2 8.284% (LIBOR 1 Month + 2.85%), 10/25/2029(a)(g)		330		332,898
Series 2021-1A, Class M1C 8.26% (SOFR + 2.95%), 03/25/2031(a)(g)		329		334,724

	Principal Amount (000)		U.S. $ Value
Series 2021-2A, Class M1B 6.81% (SOFR + 1.50%), 06/25/2031(a)(g)	U.S.$	918	$	914,672
Series 2021-3A, Class A2 6.31% (SOFR + 1.00%), 09/25/2031(a)(g)		878		868,684
Series 2022-1, Class M1B 7.46% (SOFR + 2.15%), 01/26/2032(a)(g)		335		333,948
Series 2022-2, Class M1A 9.31% (SOFR + 4.00%), 09/27/2032(a)(g)		1,387		1,424,517
Connecticut Avenue Securities Trust  Series 2018-R07, Class 1M2 7.829% (SOFR + 2.51%), 04/25/2031(a)(g)		14		13,661
Series 2019-R03, Class 1M2 7.579% (SOFR + 2.26%), 09/25/2031(a)(g)		1		840
Series 2019-R07, Class 1M2 7.529% (SOFR + 2.21%), 10/25/2039(a)(g)		25		25,350
Series 2020-R01, Class 1M2 7.479% (SOFR + 2.16%), 01/25/2040(a)(g)		218		218,454
Series 2020-R02, Class 2M2 7.429% (SOFR + 2.11%), 01/25/2040(a)(g)		169		168,946
Series 2021-R01, Class 1M1 6.06% (SOFR + 0.75%), 10/25/2041(a)(g)		6		5,636
Series 2021-R01, Class 1M2 6.86% (SOFR + 1.55%), 10/25/2041(a)(g)		48		47,614
Series 2022-R01, Class 1M2 7.21% (SOFR + 1.90%), 12/25/2041(a)(g)		1,382		1,355,820
Series 2022-R02, Class 2M1 6.51% (SOFR + 1.20%), 01/25/2042(a)(g)		330		328,164
Series 2022-R03, Class 1M1 7.41% (SOFR + 2.10%), 03/25/2042(a)(g)		219		221,278
Series 2022-R03, Class 1M2 8.81% (SOFR + 3.50%), 03/25/2042(a)(g)		1,602		1,645,830
Series 2022-R04, Class 1M2 8.41% (SOFR + 3.10%), 03/25/2042(a)(g)		130		131,408
Series 2022-R06, Class 1M1 8.06% (SOFR + 2.75%), 05/25/2042(a)(g)		451		462,724
Series 2022-R08, Class 1M1 7.86% (SOFR + 2.55%), 07/25/2042(a)(g)		457		465,288

42 Sanford C. Bernstein Fund, Inc.

	Principal Amount (000)		U.S. $ Value
Series 2023-R01, Class 1M1 7.71% (SOFR + 2.40%), 12/25/2042(a)(g)	U.S.$	932	$	947,466
Series 2023-R02, Class 1M1 7.61% (SOFR + 2.30%), 01/25/2043(a)(g)		971		983,682
Series 2023-R04, Class 1M1 7.61% (SOFR + 2.30%), 05/25/2043(a)(g)		239		242,094
Eagle Re Ltd. Series 2018-1, Class M1 7.129% (LIBOR 1 Month + 1.70%), 11/25/2028(a)(g)		208		207,776
Series 2018-1, Class M2 8.429% (LIBOR 1 Month + 3.00%), 11/25/2028(a)(g)		295		295,708
Series 2021-2, Class M1B 7.36% (SOFR + 2.05%), 04/25/2034(a)(g)		216		215,950
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes  Series 2013-DN2, Class M2 9.679% (SOFR + 4.36%), 11/25/2023(g)		126		126,856
Series 2015-DNA1, Class M3 8.729% (SOFR + 3.41%), 10/25/2027(g)		38		38,874
Series 2015-HQA2, Class M3 10.229% (SOFR + 4.91%), 05/25/2028(g)		70		73,314
Series 2019-DNA3, Class M2 7.479% (SOFR + 2.16%), 07/25/2049(a)(g)		30		30,294
Series 2019-DNA4, Class M2 7.379% (SOFR + 2.06%), 10/25/2049(a)(g)		23		22,540
Series 2020-DNA1, Class M2 7.129% (SOFR + 1.81%), 01/25/2050(a)(g)		113		112,515
Series 2020-DNA5, Class M2 8.11% (SOFR + 2.80%), 10/25/2050(a)(g)		466		470,546
Series 2021-DNA3, Class M1 6.06% (SOFR + 0.75%), 10/25/2033(a)(g)		110		109,156
Series 2021-DNA5, Class M2 6.96% (SOFR + 1.65%), 01/25/2034(a)(g)		401		400,782
Series 2021-DNA6, Class M1 6.11% (SOFR + 0.80%), 10/25/2041(a)(g)		40		40,424
Series 2021-DNA6, Class M2 6.81% (SOFR + 1.50%), 10/25/2041(a)(g)		670		660,292
Series 2021-HQA4, Class M1 6.26% (SOFR + 0.95%), 12/25/2041(a)(g)		418		410,312

	Principal Amount (000)		U.S. $ Value
Series 2021-HQA4, Class M2 7.66% (SOFR + 2.35%), 12/25/2041(a)(g)	U.S.$	415	$	400,810
Series 2022-DNA1, Class M1B 7.16% (SOFR + 1.85%), 01/25/2042(a)(g)		731		720,745
Series 2022-DNA3, Class M1A 7.31% (SOFR + 2.00%), 04/25/2042(a)(g)		294		296,118
Series 2022-DNA3, Class M1B 8.21% (SOFR + 2.90%), 04/25/2042(a)(g)		239		244,570
Series 2022-DNA4, Class M1B 8.66% (SOFR + 3.35%), 05/25/2042(a)(g)		878		910,120
Series 2022-DNA5, Class M1B 9.81% (SOFR + 4.50%), 06/25/2042(a)(g)		769		825,844
Series 2022-DNA7, Class M1A 7.81% (SOFR + 2.50%), 03/25/2052(a)(g)		555		563,958
Series 2022-HQA1, Class M1B 8.81% (SOFR + 3.50%), 03/25/2042(a)(g)		134		138,388
Series 2023-DNA1, Class M1A 7.41% (SOFR + 2.10%), 03/25/2043(a)(g)		350		353,450
Series 2023-DNA2, Class M1A 7.41% (SOFR + 2.10%), 04/25/2043(a)(g)		457		460,958
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C04, Class 1M2 10.329% (SOFR + 5.01%), 11/25/2024(g)		65		67,304
Series 2014-C04, Class 2M2 10.429% (SOFR + 5.11%), 11/25/2024(g)		3		2,738
Series 2015-C01, Class 1M2 9.729% (SOFR + 4.41%), 02/25/2025(g)		102		105,188
Series 2015-C03, Class 1M2 10.429% (SOFR + 5.11%), 07/25/2025(g)		106		111,844
Series 2015-C04, Class 1M2 11.129% (SOFR + 5.81%), 04/25/2028(g)		290		309,183
Series 2015-C04, Class 2M2 10.979% (SOFR + 5.66%), 04/25/2028(g)		147		152,836
Series 2016-C01, Class 2M2 12.379% (SOFR + 7.06%), 08/25/2028(g)		42		43,636
Series 2016-C02, Class 1M2 11.429% (SOFR + 6.11%), 09/25/2028(g)		112		118,002

2023 Annual Report 43

Schedule of Investments (continued)

	Principal Amount (000)		U.S. $ Value
Series 2017-C04, Class 2M2 8.279% (SOFR + 2.96%), 11/25/2029(g)	U.S.$	308	$	315,733
Series 2021-R02, Class 2M2 7.31% (SOFR + 2.00%), 11/25/2041(a)(g)		630		620,209
JPMorgan Madison Avenue Securities Trust  Series 2014-CH1, Class M2 9.679% (SOFR + 4.36%), 11/25/2024(g)(h)		19		18,760
PMT Credit Risk Transfer Trust  Series 2019-2R, Class A 9.182% (SOFR + 3.86%), 05/30/2025(a)(g)		557		556,771
Series 2019-3R, Class A 9.129% (SOFR + 3.81%), 11/27/2031(a)(g)		59		58,905
Series 2020-1R, Class A 8.779% (SOFR + 3.46%), 02/27/2023(g)(h)		135		133,887
Traingle Re Ltd. Series 2021-3, Class M1A 7.21% (SOFR + 1.90%), 02/25/2034(a)(g)		121		121,520
Wells Fargo Credit Risk Transfer Securities Trust  Series 2015-WF1, Class 1M2 10.679% (SOFR + 5.36%), 11/25/2025(g)(h)		117		118,860
Series 2015-WF1, Class 2M2 10.929% (SOFR + 5.61%), 11/25/2025(g)(h)		28		29,271
				22,894,667
Agency Floating Rate–0.1%
Federal Home Loan Mortgage Corp. REMICs Series 4693, Class SL 0.722% (6.04%–SOFR), 06/15/2047(g)(i)		1,206		101,440
Series 4719, Class JS 0.722% (6.04%–SOFR), 09/15/2047(g)(i)		366		31,876
Series 4954, Class SL 0.621% (5.94%–SOFR), 02/25/2050(g)(i)		1,226		104,212
Series 4981, Class HS 0.671% (5.99%–SOFR), 06/25/2050(g)(i)		2,934		263,564
Federal National Mortgage Association REMICs Series 2014-78, Class SE 0.671% (5.99%–SOFR), 12/25/2044(g)(i)		425		33,908
Series 2016-77, Class DS 0.571% (5.89%–SOFR), 10/25/2046(g)(i)		1,000		77,775

	Principal Amount (000)			U.S. $ Value
Series 2017-62, Class AS 0.721% (6.04%–SOFR), 08/25/2047(g)(i)	U.S.$		466	$	42,446
Series 2017-97, Class LS 0.771% (6.09%–SOFR), 12/25/2047(g)(i)			951		89,132
Series 2017-97, Class SW 0.771% (6.09%–SOFR), 12/25/2047(g)(i)			492		43,234
Government National Mortgage Association Series 2017-122, Class SA 0.761% (6.09%–SOFR), 08/20/2047(g)(i)			461		43,828
Series 2017-134, Class SE 0.761% (6.09%–SOFR), 09/20/2047(g)(i)			341		26,380
Series 2017-65, Class ST 0.711% (6.04%–SOFR), 04/20/2047(g)(i)			591		50,310
					908,105
Non-Agency Floating Rate–0.0%
JPMorgan Chase Bank, NA Series 2019-CL1, Class M3 7.534% (SOFR + 2.21%), 04/25/2047(a)(g)			116		116,448
Total Collateralized Mortgage Obligations (cost $23,668,671)					23,919,220
		Shares
INVESTMENT COMPANIES–3.8%
Funds and Investment Trusts–3.8%
AB All Market Real Return Portfolio–Class Z(j)(k) (cost $23,125,423)			2,509,580		21,231,039
	Principal Amount (000)
COLLATERALIZED LOAN OBLIGATIONS–1.9%
CLO—Floating Rate–1.9%
AGL CLO 10 Ltd. Series 2021-10A, Class A 6.70% (SOFR + 1.39%), 04/15/2034(a)(g)	U.S.$		330		327,130
AGL CLO 12 Ltd. Series 2021-12A, Class A1 6.748% (SOFR + 1.42%), 07/20/2034(a)(g)			1,120		1,110,262
Series 2021-12A, Class D 8.438% (SOFR + 3.11%), 07/20/2034(a)(g)			350		329,254

44 Sanford C. Bernstein Fund, Inc.

	Principal Amount (000)			U.S. $ Value
Ballyrock CLO 15 Ltd. Series 2021-1A, Class C 8.67% (SOFR + 3.36%), 04/15/2034(a)(g)	U.S. $	$	375	$	364,378
Ballyrock CLO 17 Ltd. Series 2021-17A, Class A1A 6.738% (SOFR + 1.41%), 10/20/2034(a)(g)			250		248,880
Dryden 78 CLO Ltd. Series 2020-78A, Class C 7.52% (SOFR + 2.21%), 04/17/2033(a)(g)			830		820,391
Series 2020-78A, Class D 8.57% (SOFR + 3.26%), 04/17/2033(a)(g)			250		235,542
Elevation CLO Ltd. Series 2020-11A, Class C 7.77% (SOFR + 2.46%), 04/15/2033(a)(g)			250		242,510
Elmwood CLO 15 Ltd. Series 2022-2A, Class A1 6.686% (SOFR + 1.34%), 04/22/2035(a)(g)			500		497,042
Elmwood CLO IX Ltd. Series 2021-2A, Class A 6.718% (SOFR + 1.39%), 07/20/2034(a)(g)			452		450,168
Series 2021-2A, Class D 8.538% (SOFR + 3.21%), 07/20/2034(a)(g)			368		359,418
Flatiron CLO 21 Ltd. Series 2021-1A, Class A1 6.692% (LIBOR 3 Month + 1.11%), 07/19/2034(a)(g)			340		337,788
Series 2021-1A, Class D 8.482% (LIBOR 3 Month + 2.90%), 07/19/2034(a)(g)			390		386,094
Kings Park CLO Ltd. Series 2021-1A, Class A 6.725% (SOFR + 1.39%), 01/21/2035(a)(g)			250		248,376
Marble Point CLO XI Ltd. Series 2017-2A, Class A 6.752% (SOFR + 1.44%), 12/18/2030(a)(g)			611		608,046
Neuberger Berman Loan Advisers CLO 42 Ltd. Series 2021-42A, Class D 8.37% (SOFR + 3.06%), 07/16/2035(a)(g)			455		431,344
OZLM XVIII Ltd. Series 2018-18A, Class A 6.59% (SOFR + 1.28%), 04/15/2031(a)(g)			700		696,536
Pikes Peak CLO 8 Series 2021-8A, Class A 6.758% (SOFR + 1.43%), 07/20/2034(a)(g)			1,046		1,033,573

	Principal Amount (000)		U.S. $ Value
Rad CLO 7 Ltd. Series 2020-7A, Class C 7.57% (SOFR + 2.26%), 04/17/2033(a)(g)	U.S.$	250	$	247,606
Rockford Tower CLO Ltd. Series 2021-1A, Class D 8.588% (SOFR + 3.26%), 07/20/2034(a)(g)		600		560,876
Series 2021-2A, Class D 8.838% (SOFR + 3.51%), 07/20/2034(a)(g)		449		427,412
Signal Peak CLO 12 Ltd. Series 2022-12A, Class A1 6.85% (SOFR + 1.54%), 07/18/2034(a)(g)		384		382,922
Voya CLO Ltd. Series 2019-1A, Class DR 8.42% (SOFR + 3.11%), 04/15/2031(a)(g)		155		147,863
Total Collateralized Loan Obligations (cost $10,678,349)				10,493,411
COMMERCIAL MORTGAGE-BACKED SECURITIES–1.8%
Non-Agency Fixed Rate CMBS–1.1%
BAMLL Commercial Mortgage Securities Trust  Series 2013-WBRK, Class D 3.652%, 03/10/2037(a)		500		396,526
Commercial Mortgage Trust  Series 2010-C1, Class D 5.985%, 07/10/2046(a)		860		799,645
GS Mortgage Securities Trust  Series 2011-GC5, Class AS 5.209%, 08/10/2044(a)		333		319,314
Series 2011-GC5, Class D 5.299%, 08/10/2044(a)		26		7,598
Series 2014-GC18, Class D 5.234%, 01/10/2047(a)		40		10,904
GSF Series 2021-1, Class A1 1.433%, 08/15/2026(h)(l)		411		386,806
Series 2021-1, Class A2 2.435%, 08/15/2026(h)(l)		1,071		1,006,564
Series 2021-1, Class AS 2.638%, 08/15/2026(h)(l)		39		35,112
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035(h)		1,230		1,182,137
JPMBB Commercial Mortgage Securities Trust  Series 2014-C21, Class B 4.341%, 08/15/2047		150		138,144
Series 2014-C22, Class XA 0.943%, 09/15/2047(m)		11,502		46,538
Series 2014-C26, Class AS 3.80%, 01/15/2048		770		727,288

2023 Annual Report 45

Schedule of Investments (continued)

	Principal Amount (000)			U.S. $ Value
LB-UBS Commercial Mortgage Trust  Series 2006-C6, Class AJ 5.452%, 09/15/2039		U.S.$	117	$	43,950
LSTAR Commercial Mortgage Trust  Series 2016-4, Class A2 2.579%, 03/10/2049(a)			259		251,290
UBS Commercial Mortgage Trust  Series 2019-C17, Class AS 3.203%, 10/15/2052			364		293,718
Wells Fargo Commercial Mortgage Trust  Series 2016-LC25, Class C 4.489%, 12/15/2059			125		104,310
Series 2016-NXS6, Class C 4.535%, 11/15/2049			750		632,847
					6,382,691
Non-Agency Floating Rate CMBS–0.7%
Ashford Hospitality Trust  Series 2018-KEYS, Class A 6.505% (SOFR + 1.17%), 06/15/2035(a)(g)			426		421,047
BAMLL Commercial Mortgage Securities Trust  Series 2017-SCH, Class AF 6.38% (SOFR + 1.05%), 11/15/2033(a)(g)			1,935		1,736,892
BBCMS Mortgage Trust  Series 2020-BID, Class A 7.588% (SOFR + 2.25%), 10/15/2037(a)(g)			1,089		1,036,959
BX Commercial Mortgage Trust  Series 2019-IMC, Class E 7.597% (SOFR + 2.26%), 04/15/2034(a)(g)			430		421,436
Federal Home Loan Mortgage Corp. Series 2021-MN1, Class M1 7.31% (SOFR + 2.00%), 01/25/2051(a)(g)			104		100,816
Natixis Commercial Mortgage Securities Trust  Series 2019-MILE, Class A 6.912% (SOFR + 1.58%), 07/15/2036(a)(g)			316		288,267
					4,005,417
Total Commercial Mortgage-Backed Securities (cost $11,503,940)					10,388,108
COVERED BONDS–1.4%
Banco de Sabadell SA 1.00%, 04/26/2027(a)		EUR	200		191,760

	Principal Amount (000)			U.S. $ Value
Bank of Montreal Series E 0.125%, 01/26/2027(a)		EUR	545	$	510,018
Bank of Nova Scotia (The) 0.01%, 01/14/2027(a)			537		501,568
BPCE SFH SA 0.01%, 01/21/2027(a)			300		281,334
Cie de Financement Foncier SA 0.375%, 04/09/2027(a)			600		566,189
Commonwealth Bank of Australia 0.125%, 10/15/2029(a)			850		722,318
Credit Agricole Home Loan SFH SA Series E 0.875%, 08/31/2027(a)			600		570,876
Credit Mutuel Home Loan SFH SA Series E 3.125%, 06/22/2027(a)			400		415,288
Korea Housing Finance Corp. 3.714%, 04/11/2027(a)			641		669,938
National Australia Bank Ltd. 0.01%, 01/06/2029(a)			850		736,616
Nationwide Building Society Series E 0.625%, 03/25/2027(a)			650		618,574
Royal Bank of Canada Series E 0.125%, 04/26/2027(a)			705		655,374
Santander UK PLC Series G 0.05%, 01/12/2027(a)			175		163,728
Toronto-Dominion Bank (The) Series 28 0.10%, 07/19/2027(a)			645		593,338
Westpac Banking Corp. Series E 0.375%, 04/02/2026(a)			565		547,898
Total Covered Bonds (cost $8,483,738)					7,744,817
CORPORATES—NON-INVESTMENT GRADE–1.1%
Industrial–0.9%
Basic–0.0%
INEOS Quattro Finance 2 PLC 2.50%, 01/15/2026(a)			147		141,551
Capital Goods–0.1%
TK Elevator Midco GmbH 4.375%, 07/15/2027(a)			320		306,362
Communications—Media–0.4%
Altice Financing SA 3.00%, 01/15/2028(a)			320		284,814
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030(a)		U.S.$	40		32,810

46 Sanford C. Bernstein Fund, Inc.

	Principal Amount (000)			U.S. $ Value
4.50%, 06/01/2033(a)		U.S.$	136	$	104,046
4.75%, 02/01/2032(a)			431		344,826
DISH DBS Corp. 5.25%, 12/01/2026(a)			242		205,654
5.75%, 12/01/2028(a)			725		557,163
Summer BC Holdco B SARL 5.75%, 10/31/2026(a)		EUR	320		310,296
VZ Vendor Financing II BV 2.875%, 01/15/2029(a)			320		261,369
					2,100,978
Communications—Telecommunications–0.1%
Altice France SA/France 3.375%, 01/15/2028(a)			320		250,654
Lorca Telecom Bondco SA 4.00%, 09/18/2027(a)			320		314,320
					564,974
Consumer Cyclical—Automotive–0.0%
ZF Finance GmbH Series E 2.00%, 05/06/2027(a)			100		92,642
Consumer Cyclical—Entertainment–0.1%
Carnival Corp. 4.00%, 08/01/2028(a)		U.S.$	846		732,255
Carnival PLC 1.00%, 10/28/2029		EUR	176		119,005
					851,260
Consumer Non-Cyclical–0.0%
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028(a)			200		182,014
Services–0.1%
APCOA Parking Holdings GmbH 4.625%, 01/15/2027(a)			320		307,347
Technology–0.1%
Seagate HDD Cayman 8.25%, 12/15/2029(a)		U.S.$	316		324,090
					4,871,218
Financial Institutions–0.1%
Finance–0.0%
SLM Corp. 4.20%, 10/29/2025			311		290,928
REITs–0.1%
Vivion Investments SARL 3.00%, 08/08/2024(a)		EUR	400		385,139
					676,067

	Principal Amount (000)			U.S. $ Value
Utility–0.1%
Electric–0.1%
EDP–Energias de Portugal SA Series NC5. 1.50%, 03/14/2082(a)		EUR	300	$	269,012
Vistra Corp. 7.00%, 12/15/2026(a)(e)		U.S.$	384		353,215
					622,227
Total Corporates—Non-Investment Grade (cost $7,398,317)					6,169,512
	Notional Amount
PURCHASED OPTIONS—PUTS–0.8%
Options on Equity Indices–0.8%
Euro STOXX 50 Index Expiration: Jul 2024; Contracts: 4,280; Exercise Price: EUR 3,750.00; Counterparty: UBS AG(n)		EUR	16,050,000		506,626
FTSE 100 Index Expiration: Jul 2024; Contracts: 920; Exercise Price: GBP 6,600.00; Counterparty: UBS AG(n)		GBP	6,072,000		113,098
Nikkei 225 Index Expiration: Sep 2024; Contracts: 58,000; Exercise Price: JPY 26,500.00; Counterparty: UBS AG(n)		JPY	1,537,000,000		299,837
S&P 500 Index Expiration: Jul 2024; Contracts: 34,200; Exercise Price: USD 3,850.00; Counterparty: UBS AG(n)		USD	131,670,000		3,342,287
Total Purchased Options—Puts (premiums paid $3,698,237)					4,261,848
	Principal Amount (000)
GOVERNMENTS—SOVEREIGN BONDS–0.7%
Chile–0.1%
Chile Electricity Lux MPC SARL 6.01%, 01/20/2033(a)		U.S.$	385		382,112
					382,112
France–0.2%
Dexia Credit Local SA Series E 0.00%, 01/21/2028(a)		EUR	900		820,690
0.01%, 01/22/2027(a)			200		188,472
					1,009,162

2023 Annual Report 47

Schedule of Investments (continued)

	Principal Amount (000)			U.S. $ Value
Germany–0.2%
Kreditanstalt fuer Wiederaufbau 4.10%, 02/20/2026		AUD	1,999	$	1,272,816
					1,272,816
Indonesia–0.1%
Indonesia Government International Bond 3.375%, 07/30/2025(a)		EUR	470		487,496
Panama–0.1%
Panama Government International Bond 6.875%, 01/31/2036		U.S.$	381		379,095
					379,095
Romania–0.0%
Romanian Government International Bond 6.625%, 09/27/2029(a)		EUR	215		232,953
					232,953
Total Governments—Sovereign Bonds (cost $3,995,450)					3,763,634
GOVERNMENTS—SOVEREIGN AGENCIES–0.6%
Canada–0.1%
Canada Housing Trust No. 1 3.95%, 06/15/2028(a)		CAD	720		516,746
					516,746
France–0.1%
SNCF Reseau Series E 1.125%, 05/25/2030(a)		EUR	500		452,656
					452,656
Japan–0.2%
Development Bank of Japan, Inc. Series G 0.01%, 09/09/2025(a)			335		328,826
0.01%, 10/15/2024(a)			776		786,658
					1,115,484
Netherlands–0.2%
BNG Bank NV 3.50%, 07/19/2027		AUD	2,100		1,293,244
Series E 0.75%, 01/24/2029(a)		EUR	306		282,282
					1,575,526
Total Governments—Sovereign Agencies (cost $3,967,122)					3,660,412

	Principal Amount (000)			U.S. $ Value
SUPRANATIONALS–0.5%
European Investment Bank 0.75%, 07/15/2027		AUD	690	$	385,412
1.80%, 01/19/2027			905		533,540
Inter-American Development Bank 4.25%, 06/11/2026			662		422,386
2.50%, 04/14/2027(a)			155		92,916
International Bank for Reconstruction & Development 3.00%, 10/19/2026			375		230,810
Series G 0.00%, 01/15/2027		EUR	441		417,888
Series GDIF 0.01%, 04/24/2028			318		289,282
International Finance Corp. 4.45%, 05/14/2027		AUD	477		305,386
Total Supranationals (cost $3,033,251)					2,677,620
LOCAL GOVERNMENTS—US MUNICIPAL BONDS –0.4%
United States–0.4%
California Earthquake Authority Series 2022-A 5.603%, 07/01/2027		U.S.$	165		163,936
Commonwealth Financing Authority Series 2016-A 4.144%, 06/01/2038			80		68,765
New Jersey Economic Development Authority NATL Series 1997-A 7.425%, 02/15/2029			177		186,940
New York State Thruway Authority (New York State Thruway Authority Gen Toll Road) Series 2019-M 2.90%, 01/01/2035			175		141,688
State Board of Administration Finance Corp. Series 2020-A 1.705%, 07/01/2027			652		568,982
2.154%, 07/01/2030			224		179,402
University of California Series 2021-B 3.071%, 05/15/2051			1,130		703,452
Total Local Governments—US Municipal Bonds (cost $2,533,496)					2,013,165
QUASI-SOVEREIGNS–0.3%
Quasi-Sovereign Bonds–0.3%
Chile–0.1%
Corp. Nacional del Cobre de Chile 5.125%, 02/02/2033(a)			321		295,846

48 Sanford C. Bernstein Fund, Inc.

	Principal Amount (000)			U.S. $ Value
Mexico–0.2%
Comision Federal de Electricidad 3.348%, 02/09/2031(a)		U.S.$	454	$	354,120
4.688%, 05/15/2029(a)			593		530,734
Petroleos Mexicanos 6.70%, 02/16/2032			206		152,544
					1,037,398
South Africa–0.0%
Transnet SOC Ltd. 8.25%, 02/06/2028(a)			279		266,604
Total Quasi-Sovereigns (cost $1,675,365)					1,599,848
EMERGING MARKETS—CORPORATE BONDS–0.3%
Industrial–0.3%
Basic–0.1%
Braskem Idesa SAPI 6.99%, 02/20/2032(a)			305		183,028
Volcan Cia Minera SAA 4.375%, 02/11/2026(a)			152		86,530
					269,558
Capital Goods–0.0%
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(a)			639		575
Communications—Media–0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(a)			627		518,748
Consumer Cyclical—Other–0.1%
Wynn Macau Ltd. 5.625%, 08/26/2028(a)			587		506,288
Energy–0.0%
Leviathan Bond Ltd. 6.125%, 06/30/2025(a)			101		98,245
					1,393,414
Utility–0.0%
Electric–0.0%
Terraform Global Operating LP 6.125%, 03/01/2026(a)			86		84,369
					84,369
Financial Institutions–0.0%
Other Finance–0.0%
OEC Finance Ltd. 5.25%, 12/27/2033(a)(d)(o)			134		5,380
7.125%, 12/26/2046(a)(d)(o)			528		36,534
					41,914
Total Emerging Markets—Corporate Bonds (cost $2,499,616)					1,519,697

	Principal Amount (000)				U.S. $ Value
AGENCIES–0.2%
Agency Debentures–0.2%
Federal Home Loan Banks 4.00%, 06/30/2028		U.S.$		865	$	839,880
2.50%, 02/13/2024				585		578,501
Total Agencies (cost $1,447,630)						1,418,381
LOCAL GOVERNMENTS—REGIONAL BONDS–0.2%
Japan–0.2%
Japan Finance Organization for Municipalities Series G 0.05%, 02/12/2027(a) (cost $1,646,796)		EUR		1,481		1,386,145
LOCAL GOVERNMENTS—PROVINCIAL BONDS–0.2%
Canada–0.2%
Province of Quebec Canada 3.65%, 05/20/2032		CAD		289		196,559
0.875%, 05/04/2027(a)		EUR		988		950,260
Total Local Governments—Provincial Bonds (cost $1,204,355)						1,146,819
EMERGING MARKETS—SOVEREIGNS–0.0%
Dominican Republic–0.0%
Dominican Republic International Bond 4.875%, 09/23/2032(a) (cost $330,000)		U.S.$		330		267,858
			Shares
SHORT-TERM INVESTMENTS–21.8%
Investment Companies–20.7%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.25%(j)(k)(p) (cost $116,399,093)				116,399,093		116,399,093

2023 Annual Report 49

Schedule of Investments (continued)

	Principal Amount (000)			U.S. $ Value
U.S. Treasury Bills–1.1%
U.S. Treasury Bill Zero Coupon, 10/12/2023	U.S. $	$	2,325	$	2,321,593
Zero Coupon, 11/14/2023			790		785,008
Zero Coupon, 01/02/2024			2,976		2,935,654
Total U.S. Treasury Bills (cost $6,041,328)					6,042,255
Total Short-Term Investments (cost $122,440,421)					122,441,348
Total Investments—104.1% (cost $625,476,739)					585,935,106
Other assets less liabilities—(4.1)%					(23,318,983	)
Net Assets—100.0%				$	562,616,123

FUTURES (see Note 3)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
5 Yr Canadian Bond Futures		138	December 2023	$	10,970,911	$	(95,361	)
10 Yr Australian Bond Futures		22	December 2023		1,583,844		(40,741	)
10 Yr Canadian Bond Futures		39	December 2023		3,305,776		(80,417	)
E-Mini Russell 2000 Index Futures		94	December 2023		8,453,420		(347,043	)
Euro STOXX 50 Index Futures		419	December 2023		18,623,207		(68,399	)
Euro-BOBL Futures		12	December 2023		1,468,520		(753	)
Euro-Bund Futures		17	December 2023		2,312,079		(40,807	)
FTSE 100 Index Futures		69	December 2023		6,457,977		68,330
Hang Seng Index Futures		8	October 2023		913,759		5,284
Long Gilt Futures		27	December 2023		3,101,884		(4,972	)
MSCI Emerging Markets Futures		367	December 2023		17,533,425		(454,273	)
MSCI Singapore IX ETS Futures		26	October 2023		543,299		9,144
Nikkei 225 (OSE) Futures		10	December 2023		2,131,959		(52,470	)
OMXS 30 Index Futures		81	October 2023		1,601,384		(19,535	)
S&P 500 E-Mini Futures		555	December 2023		120,032,625		(4,748,593	)
S&P Mid 400 E-Mini Futures		24	December 2023		6,048,960		(194,880	)
S&P/TSX 60 Index Futures		38	December 2023		6,581,911		(256,205	)
TOPIX Index Futures		90	December 2023		13,993,241		(178,085	)
U.S. 10 Yr Ultra Futures		128	December 2023		14,280,000		(398,850	)
U.S. T-Note 2 Yr (CBT) Futures		327	December 2023		66,286,477		(132,592	)
U.S. T-Note 5 Yr (CBT) Futures		480	December 2023		50,572,500		(469,814	)
U.S. T-Note 10 Yr (CBT) Futures		264	December 2023		28,528,500		(515,148	)
U.S. Ultra Bond (CBT) Futures		87	December 2023		10,325,812		(646,509	)
Sold Contracts
3 Yr Australian Bond Futures		40	December 2023		2,709,166		20,728
10 Yr Canadian Bond Futures		5	December 2023		423,817		11,331
10 Yr Japan Bond (OSE) Futures		9	December 2023		8,730,193		67,112
Euro-OAT Futures		15	December 2023		1,953,798		45,340

50 Sanford C. Bernstein Fund, Inc.

Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)
Euro-Schatz Futures		49	December 2023	$	5,439,034	$	19,110
SPI 200 Futures		63	December 2023		7,175,611		157,537
U.S. T-Note 2 Yr (CBT) Futures		25	December 2023		5,067,773		13,055
U.S. Ultra Bond (CBT) Futures		7	December 2023		830,813		61,021
						$	(8,267,455	)

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	4,091	EUR	3,770		10/12/2023	$	(103,703	)
Bank of America, NA	JPY	555,143	USD	3,772		10/19/2023		47,795
Bank of America, NA	NZD	2,778	USD	1,644		10/27/2023		(21,222	)
Bank of America, NA	AUD	11,643	USD	7,545		11/08/2023		50,323
Bank of America, NA	AUD	9,946	USD	6,354		11/08/2023		(48,502	)
Bank of America, NA	USD	2,488	AUD	3,839		11/08/2023		(16,591	)
Bank of America, NA	EUR	16,582	USD	17,832		11/09/2023		274,537
Bank of America, NA	CHF	5,673	USD	6,361		11/16/2023		134,823
Bank of America, NA	MXN	11,867	USD	685		11/16/2023		8,571
Bank of America, NA	USD	2,858	CHF	2,552		11/16/2023		(57,498	)
Bank of America, NA	USD	1,542	NOK	16,612		12/07/2023		13,466
Barclays Bank PLC	EUR	477	USD	510		10/12/2023		5,456
Barclays Bank PLC	CAD	8,001	USD	5,950		10/27/2023		56,691
Barclays Bank PLC	NZD	9,369	USD	5,507		10/27/2023		(108,270	)
Barclays Bank PLC	USD	1,748	NZD	2,941		10/27/2023		15,332
Barclays Bank PLC	USD	1,854	GBP	1,496		11/17/2023		(28,023	)
BNP Paribas SA	EUR	10,674	USD	11,475		10/12/2023		185,289
BNP Paribas SA	USD	3,192	JPY	468,682		10/19/2023		(48,113	)
BNP Paribas SA	NZD	2,904	USD	1,732		10/27/2023		(8,889	)
BNP Paribas SA	AUD	1,280	USD	822		11/08/2023		(1,748	)
Citibank, NA	THB	19,196	USD	556		10/11/2023		28,444
Citibank, NA	EUR	5,008	USD	5,397		10/12/2023		99,521
Citibank, NA	GBP	4,634	USD	5,778		11/17/2023		122,823
Goldman Sachs Bank USA	USD	1,876	EUR	1,700		10/12/2023		(78,102	)
Goldman Sachs Bank USA	CAD	3,047	USD	2,235		10/27/2023		(9,647	)
Goldman Sachs Bank USA	USD	5,543	AUD	8,591		11/08/2023		(12,898	)
Goldman Sachs Bank USA	USD	1,297	SEK	14,218		12/07/2023		7,849
HSBC Bank USA	KRW	16,760,925	USD	13,146		10/26/2023		740,491
HSBC Bank USA	AUD	5,057	USD	3,273		11/08/2023		17,765
JPMorgan Chase Bank, NA	JPY	156,351	USD	1,091		10/19/2023		41,615
JPMorgan Chase Bank, NA	USD	11,719	GBP	9,404		11/17/2023		(242,286	)
Morgan Stanley Capital Services, Inc.	EUR	27,772	USD	30,612		10/12/2023		1,239,614
Morgan Stanley Capital Services, Inc.	IDR	9,196,616	USD	611		10/12/2023		17,006
Morgan Stanley Capital Services, Inc.	USD	28,721	EUR	26,045		10/12/2023		(1,175,236	)
Morgan Stanley Capital Services, Inc.	JPY	1,015,082	USD	7,077		10/19/2023		267,548
Morgan Stanley Capital Services, Inc.	USD	18,131	JPY	2,605,875		10/19/2023		(648,877	)

2023 Annual Report 51

Schedule of Investments (continued)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.	KRW	1,764,986	USD	1,357		10/26/2023	$	50,639
Morgan Stanley Capital Services, Inc.	CAD	7,457	USD	5,506		10/27/2023		14,388
Morgan Stanley Capital Services, Inc.	USD	6,745	CAD	9,135		10/27/2023		(17,625	)
Morgan Stanley Capital Services, Inc.	USD	6,691	NZD	11,262		10/27/2023		58,792
Morgan Stanley Capital Services, Inc.	CHF	2,182	USD	2,401		11/16/2023		6,487
Morgan Stanley Capital Services, Inc.	USD	7,185	SEK	79,211		12/07/2023		85,623
Morgan Stanley Capital Services, Inc.	MYR	4,039	USD	871		01/11/2024		3,177
State Street Bank & Trust Co.	EUR	1,111	USD	1,215		10/12/2023		39,577
State Street Bank & Trust Co.	USD	112	EUR	106		10/12/2023		761
State Street Bank & Trust Co.	USD	1,318	EUR	1,225		10/12/2023		(21,008	)
State Street Bank & Trust Co.	JPY	139,401	USD	959		10/19/2023		23,986
State Street Bank & Trust Co.	USD	213	JPY	31,549		10/19/2023		(1,418	)
State Street Bank & Trust Co.	CAD	522	USD	387		10/27/2023		2,128
State Street Bank & Trust Co.	USD	1,464	CAD	1,973		10/27/2023		(11,093	)
State Street Bank & Trust Co.	USD	228	NZD	384		10/27/2023		2,056
State Street Bank & Trust Co.	USD	63	AUD	98		11/08/2023		27
State Street Bank & Trust Co.	USD	1,909	AUD	2,951		11/08/2023		(9,267	)
State Street Bank & Trust Co.	MXN	10,832	USD	627		11/16/2023		10,142
State Street Bank & Trust Co.	MXN	7,713	USD	434		11/16/2023		(5,612	)
State Street Bank & Trust Co.	USD	682	GBP	551		11/17/2023		(9,479	)
State Street Bank & Trust Co.	SEK	4,248	USD	385		12/07/2023		(4,475	)
UBS AG	CNH	25,609	USD	3,528		01/11/2024		4,042
							$	987,202

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)
Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2023			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 41, 5 Year Index, 12/20/2028*		(5.00	)%		Quarterly		4.79	%		USD	8,030	$	(76,515	)	$	(76,967	)	$	452
iTraxx Australia Series 10, 5 Year Index, 12/20/2028*		(1.00	)		Quarterly		0.88			USD	5,300		(45,972	)		(62,520	)		16,548
Malaysia, 12/20/2028*		(1.00	)		Quarterly		0.51			USD	13,200		(301,768	)		(308,011	)		6,243
Sale Contracts
CDX-NAHY Series 41, 5 Year Index, 12/20/2028*		5.00			Quarterly		4.79			USD	18,720		176,491			160,919			15,572
CDX-NAIG Series 41, 5 Year Index, 12/20/2028*		1.00			Quarterly		0.74			USD	5,300		95,552			105,720			(10,168	)
												$	(152,212	)	$	(180,859	)	$	28,647

* Termination date

52 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
	USD	18,945		02/26/2025	1.589%	CPI#	Maturity	$	2,478,270	$	—	$	2,478,270
	USD	17,150		02/28/2025	1.527%	CPI#	Maturity		2,295,021		—		2,295,021
	USD	6,245		07/08/2027	2.770%	CPI#	Maturity		61,909		—		61,909
	USD	6,245		07/08/2027	2.778%	CPI#	Maturity		59,699		—		59,699
	USD	4,160		07/15/2027	2.753%	CPI#	Maturity		37,005		—		37,005
								$	4,931,904	$	—	$	4,931,904

# 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
	NZD	5,299		11/02/2024	3 Month BKBM	2.503%	Quarterly/Semi-Annual	$	(110,420	)	$	—		$	(110,420	)
	USD	610		04/21/2025	1.815%	1 Day SOFR	Annual		39,647			27,117			12,530
	USD	370		06/09/2025	1.970%	1 Day SOFR	Annual		22,439			16,473			5,966
	USD	484		08/04/2025	1.950%	1 Day SOFR	Annual		28,687			22,943			5,744
	USD	1,990		04/27/2026	1.57%	1 Day SOFR	Annual		182,786			136,835			45,951
	USD	840		10/04/2026	1.150%	1 Day SOFR	Annual		100,225			74,052			26,173
	USD	420		11/08/2026	1.450%	1 Day SOFR	Annual		46,734			33,826			12,908
	USD	420		11/09/2026	1.505%	1 Day SOFR	Annual		45,943			32,984			12,959
	USD	1,040		04/04/2027	2.240%	1 Day SOFR	Annual		91,669			66,288			25,381
	USD	580		04/26/2027	2.110%	1 Day SOFR	Annual		53,462			38,831			14,631
	USD	10,260		06/05/2027	0.343%	1 Day SOFR	Annual		1,596,861			1,317,006			279,855
	USD	6,030		07/20/2027	1.885%	1 Day SOFR	Annual		584,782			473,399			111,383
	HUF	362,017		06/02/2028	8.820%	6 Month BUBOR	Annual/ Semi-Annual		(17,774	)		—			(17,774	)
	HUF	340,363		06/05/2028	8.698%	6 Month BUBOR	Annual/ Semi-Annual		(12,637	)		—			(12,637	)
	JPY	674,600		08/18/2028	0.438%	1 Day TONAR	Annual		24,261			(711	)		24,972
	CNY	45,210		09/28/2028	2.420%	China 7-Day Reverse Repo Rate	Quarterly		(7,579	)		—			(7,579	)
	CNY	45,210		09/28/2028	China 7-Day Reverse Repo Rate	2.418%	Quarterly		6,935			—			6,935
	CNY	45,210		09/28/2028	China 7-Day Reverse Repo Rate	2.420%	Quarterly		7,579			—			7,579
	USD	1,360		09/27/2029	1.300%	1 Day SOFR	Annual		215,440			184,541			30,899
	USD	1,830		12/13/2029	1.537%	1 Day SOFR	Annual		308,816			168,906			139,910
	USD	15,740		05/21/2031	1.395%	1 Day SOFR	Annual		3,152,629			2,422,222			730,407
	NZD	3,290		04/26/2033	3 Month BKBM	4.1800%	Quarterly/Semi-Annual		(132,221	)		—			(132,221	)
	JPY	183,740		08/18/2033	1 Day TONAR	0.838%	Annual		(14,361	)		90			(14,451	)
	USD	1,010		11/10/2035	2.390%	1 Day SOFR	Annual		193,516			120,367			73,149
	EUR	2,300		09/30/2050	0.122%	6 Month EURIBOR	Annual/ Semi-Annual		1,312,943			—			1,312,943
	EUR	2,300		09/30/2050	6 Month EURIBOR	(0.017)%	Semi-Annual/ Annual		(1,373,271	)		—			(1,373,271	)
	EUR	2,310		11/10/2050	0.023%	6 Month EURIBOR	Annual/ Semi-Annual		1,397,913			—			1,397,913
	EUR	2,310		11/10/2050	6 Month EURIBOR	(0.043)%	Semi-Annual/ Annual		(1,428,102	)		—			(1,428,102	)
								$	6,316,902		$	5,135,169		$	1,181,733

2023 Annual Report 53

Schedule of Investments (continued)

CREDIT DEFAULT SWAPS (see Note 3)
Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2023			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	$	(281	)	$	(287	)	$	6
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	2		(282	)		(230	)		(52	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	2		(281	)		(181	)		(100	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	4		(633	)		(532	)		(101	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	8		(1,195	)		(1,029	)		(166	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	5		(773	)		(591	)		(182	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	26		(3,728	)		(1,632	)		(2,096	)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	4		(633	)		(470	)		(163	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	5		(704	)		(256	)		(448	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	28		(4,009	)		(3,199	)		(810	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	32		(4,571	)		(3,311	)		(1,260	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	32		(4,571	)		(3,310	)		(1,261	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	126		(18,075	)		(8,034	)		(10,041	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	4		(633	)		(302	)		(331	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	2		(1,265	)		(719	)		(546	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	45		(6,541	)		(5,637	)		(904	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	4		(2,462	)		(1,542	)		(920	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	4		(2,462	)		(1,425	)		(1,037	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	31		(4,431	)		(2,989	)		(1,442	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	9		(4,852	)		(3,322	)		(1,530	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	27		(3,869	)		(2,117	)		(1,752	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	127		(18,315	)		(9,766	)		(8,549	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	36		(5,204	)		(2,324	)		(2,880	)
												$	(89,770	)	$	(53,205	)	$	(36,565	)

* Termination date

54 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	4,071		12/15/2023	$	(24,976	)

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2023, the aggregate market value of these securities amounted to $143,665,836 or 25.5% of net assets.

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

(c) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(d) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2023.

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

(f) Fair valued by the Adviser.

(g) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2023.

(h) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.52% of net assets as of September 30, 2023, 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	$	396,776	$	386,806		0.07	%
GSF Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021		1,091,515		1,006,564		0.18	%
GSF Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021		39,632		35,112		0.01	%
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035		11/19/2020		1,304,864		1,182,137		0.21	%
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 9.679%, 11/25/2024		11/06/2015		18,482		18,760		0.00	%
PMT Credit Risk Transfer Trust Series 2020-1R, Class A 8.779%, 02/27/2023		02/11/2020		135,256		133,887		0.02	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 10.679%, 11/25/2025		02/08/2018		117,601		118,860		0.02	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 10.929%, 11/25/2025		09/28/2015		28,330		29,271		0.01	%

(i) Inverse interest only security.

(j) 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.

(k) Affiliated investments.

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

(m) IO— Interest Only.

(n) Non-income producing security.

(o) 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, 2023.

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

2023 Annual Report 55

Schedule of Investments (continued)

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

CNH—Chinese Yuan Renminbi (Offshore)

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

THB—Thailand Baht

USD—United States Dollar

Glossary:

ABS—Asset-Backed Securities

BKBM—Bank Bill Benchmark (New Zealand)

BOBL—Bundesobligationen

BUBOR—Budapest Interbank Offered Rate

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

ETS—Emission Trading Scheme

EURIBOR—Euro Interbank Offered Rate

FTSE—Financial Times Stock Exchange

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

NATL—National Interstate Corporation

OAT—Obligations Assimilables du Trésor

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

OTC—Over-the-Counter

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

TONAR—Tokyo Overnight Average Rate

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

56 Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Tax-Aware Overlay B Portfolio

September 30, 2023

	Principal Amount (000)			U.S. $ Value
MUNICIPAL OBLIGATIONS–66.4%
Long-Term Municipal Bonds–66.0%
Alabama–1.3%
Southeast Energy Authority A Cooperative District (Morgan Stanley) Series 2021-B 4.00%, 12/01/2051		$	5,500	$	5,115,470
Southeast Energy Authority A Cooperative District (Royal Bank of Canada) Series 2023-B 5.00%, 01/01/2054			1,000		1,010,087
Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group, Inc.) Series 2023-A 5.25%, 01/01/2054			2,000		2,012,980
Sumter County Industrial Development Authority/AL (Enviva, Inc.) Series 2022 6.00%, 07/15/2052			1,250		877,982
					9,016,519
American Samoa–0.1%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028(a)			400		413,880
Arizona–1.3%
Arizona Industrial Development Authority (Equitable School Revolving Fund LLC Obligated Group) Series 2020 4.00%, 11/01/2037			1,100		998,774
4.00%, 11/01/2038			600		538,004
4.00%, 11/01/2039			750		664,798
5.00%, 11/01/2035			850		875,938
Chandler Industrial Development Authority (Intel Corp.) Series 2022 5.00%, 09/01/2052			2,000		2,022,320
City of Glendale AZ (City of Glendale AZ COP) Series 2021 2.062%, 07/01/2029			1,000		834,678

	Principal Amount (000)			U.S. $ Value
2.442%, 07/01/2032		$	2,250	$	1,756,336
City of Tempe AZ (City of Tempe AZ COP) Series 2021 2.171%, 07/01/2033			1,475		1,089,880
					8,780,728
California–4.8%
California Community Choice Financing Authority (American International Group, Inc.) Series 2023-D 5.50%, 05/01/2054			1,000		1,029,062
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054			3,070		3,062,760
California Community Choice Financing Authority (Morgan Stanley) Series 2023 5.188% (SOFR + 1.63%), 07/01/2053(b)			1,000		993,912
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021-A 4.00%, 08/01/2047(a)			2,585		1,916,388
California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) Series 2023 3.65%, 01/01/2050(a)			3,980		3,955,688
California Municipal Finance Authority (Waste Management, Inc.) Series 2019-A 2.40%, 10/01/2044			4,710		4,113,680
California State University Series 2021-B 2.374%, 11/01/2035			1,000		723,786
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.60%, 05/01/2047(a)			1,800		1,353,084
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2046(a)			1,000		709,324

2023 Annual Report 57

Schedule of Investments (continued)

	Principal Amount (000)			U.S. $ Value
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 3.50%, 10/01/2046(a)		$	1,500	$	1,063,414
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.375%, 07/01/2043(a)			800		599,126
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 3.50%, 05/01/2047(a)			1,700		1,253,768
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A 3.10%, 07/01/2045(a)			600		425,244
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 4.37% (LIBOR 3 Month + 0.57%), 06/01/2039(b)			3,675		3,009,916
San Francisco Intl Airport Series 2019-H 5.00%, 05/01/2024 (Pre-refunded/ETM)			3,755		3,775,046
State of California Series 2014 5.00%, 10/01/2029			50		50,576
Series 2015 5.00%, 03/01/2026			2,085		2,123,384
Series 2023 6.00%, 03/01/2033			1,000		1,040,332
University of California Series 2023-B 5.00%, 05/15/2042			1,000		1,059,990
					32,258,480
Colorado–2.5%
Centerra Metropolitan District No. 1 Series 2017 5.00%, 12/01/2029(a)			2,375		2,291,100
Colorado Health Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2033			845		871,132
5.00%, 08/01/2036			8,975		9,149,384
Johnstown Plaza Metropolitan District Series 2022 4.25%, 12/01/2046			588		443,054

	Principal Amount (000)			U.S. $ Value
State of Colorado (State of Colorado COP) Series 2022 6.00%, 12/15/2041		$	3,000	$	3,388,182
Vauxmont Metropolitan District AGM Series 2019 3.25%, 12/15/2050			177		127,822
AGM Series 2020 5.00%, 12/01/2024			115		116,122
5.00%, 12/01/2027			105		109,305
5.00%, 12/01/2033			110		115,882
5.00%, 12/01/2050			100		100,604
					16,712,587
Connecticut–1.7%
City of Bridgeport CT Series 2017-A 5.00%, 11/01/2027			1,735		1,807,200
5.00%, 11/01/2029			1,890		1,968,576
5.00%, 11/01/2030			2,015		2,097,836
5.00%, 11/01/2031			1,335		1,389,726
Series 2017-C 5.00%, 08/15/2025			1,000		1,020,618
Connecticut State Health & Educational Facilities Authority Series 2023-A 2.80%, 07/01/2048			3,380		3,257,116
					11,541,072
District of Columbia–0.3%
Metropolitan Washington Airports Authority Aviation Revenue Series 2018-A 5.00%, 10/01/2030			1,910		1,957,696
Florida–3.2%
Capital Trust Agency, Inc. (Franklin Academy Series 2020 Obligated Group) Series 2020 4.00%, 12/15/2024(a)			385		377,958
City of South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group) Series 2017 5.00%, 08/15/2027			3,550		3,680,254
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2030			100		71,308
Zero Coupon, 10/01/2032			100		64,430
Zero Coupon, 10/01/2034			100		57,908
County of Pasco FL (H Lee Moffitt Cancer Center & Research Institute Obligated Group) Series 2023 5.00%, 07/01/2030(a)			1,000		1,020,792

58 Sanford C. Bernstein Fund, Inc.

	Principal Amount (000)			U.S. $ Value
Florida Municipal Power Agency (Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) Series 2021 1.425%, 10/01/2026		$	500	$	446,370
Lakewood Ranch Stewardship District (Lakewood Ranch Stewardship District Country Club East Project) AGM Series 2020 2.50%, 05/01/2033			1,830		1,493,412
North Broward Hospital District Series 2017-B 5.00%, 01/01/2027			5,000		5,063,378
5.00%, 01/01/2031			3,590		3,658,746
5.00%, 01/01/2032			2,950		3,003,978
Palm Beach County Health Facilities Authority (Federation CCRC Operations Corp. Obligated Group) Series 2020 5.00%, 06/01/2055			200		159,920
Polk County Industrial Development Authority (Mineral Development LLC) Series 2020 5.875%, 01/01/2033(a)			1,000		977,278
St Lucie County School Board (St Lucie County School Board Sales Tax) AGM Series 2015 5.00%, 10/01/2023			1,565		1,565,000
					21,640,732
Georgia–0.6%
City of Atlanta GA Department of Aviation Series 2021-A 5.00%, 07/01/2029			640		688,443
Series 2021-B 5.00%, 07/01/2029			600		645,416
Series 2021-C 5.00%, 07/01/2035			2,350		2,448,438
Municipal Electric Authority of Georgia Series 2019 5.00%, 01/01/2028			180		186,480
					3,968,777
Guam–0.0%
Territory of Guam Series 2019 5.00%, 11/15/2031			180		177,404
Illinois–6.4%
Chicago Board of Education Series 2010 6.319%, 11/01/2029			1,000		969,836
Series 2019-B 5.00%, 12/01/2030			270		273,522

	Principal Amount (000)			U.S. $ Value
5.00%, 12/01/2031		$	310	$	312,756
5.00%, 12/01/2032			200		201,500
5.00%, 12/01/2033			160		160,978
Series 2022-B 4.00%, 12/01/2041			2,000		1,643,575
Series 2023 5.25%, 04/01/2039			1,000		1,030,262
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2026			100		98,430
5.00%, 09/01/2027			100		98,360
5.00%, 09/01/2029			100		97,648
5.00%, 09/01/2032			100		96,102
5.00%, 09/01/2033			200		190,810
5.00%, 09/01/2034			100		94,366
Illinois Finance Authority (Memorial Health Obligated Group) Series 2019 5.00%, 04/01/2030			3,020		3,110,460
5.00%, 04/01/2031			2,450		2,517,656
5.00%, 04/01/2032			1,725		1,770,360
Illinois Finance Authority (OSF Healthcare System Obligated Group) Series 2018-A 5.00%, 05/15/2032			7,130		7,210,080
5.00%, 05/15/2033			6,775		6,841,944
State of Illinois Series 2017-A 5.00%, 12/01/2025			3,810		3,876,770
Series 2017-D 5.00%, 11/01/2024			12,010		12,108,576
					42,703,991
Indiana–0.7%
City of Whiting IN (BP Products North America, Inc.) Series 2023 4.40%, 11/01/2045			2,000		1,947,888
Indiana Finance Authority (Indiana University Health, Inc. Obligated Group) Series 2015 4.00%, 12/01/2040			3,000		2,771,270
Indiana Finance Authority (Ohio Valley Electric Corp.) Series 2021-B 2.50%, 11/01/2030			330		283,872
					5,003,030
Iowa–0.1%
Iowa Finance Authority (Iowa Fertilizer Co. LLC) Series 2022 4.00%, 12/01/2050			1,000		932,051

2023 Annual Report 59

Schedule of Investments (continued)

	Principal Amount (000)			U.S. $ Value
Kansas–0.3%
Kansas Development Finance Authority (State of Kansas Department of Administration Lease) Series 2021-K 1.149%, 05/01/2026		$	2,000	$	1,797,643
Kentucky–3.3%
City of Ashland KY (Ashland Hospital Corp. Obligated Group) Series 2019 5.00%, 02/01/2026			225		226,722
5.00%, 02/01/2027			240		243,414
5.00%, 02/01/2030			155		159,260
5.00%, 02/01/2031			195		196,482
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group) Series 2017-A 5.00%, 06/01/2026			4,265		4,299,566
5.00%, 06/01/2031			6,195		6,113,830
Kentucky Public Energy Authority (BP PLC) Series 2020-A 4.00%, 12/01/2050			6,370		6,246,612
Kentucky Public Energy Authority (Morgan Stanley) Series 2018-C 4.00%, 12/01/2049			5,000		4,926,572
					22,412,458
Louisiana–0.9%
Louisiana Local Government Environmental Facilities & Community Development Auth (Louisiana Utilities Restoration Corp. ELL System Restoration Revenue) Series 2023 5.081%, 06/01/2031			1,400		1,378,626
Louisiana Local Government Environmental Facilities & Community Development Auth (St James Place of Baton Rouge) Series 2015-A 6.00%, 11/15/2030			1,550		1,520,056
Parish of St. James LA (NuStar Logistics LP) Series 2020 5.85%, 08/01/2041(a)			435		441,760
6.10%, 06/01/2038(a)			585		617,304
6.10%, 12/01/2040(a)			500		527,610
Parish of St. John the Baptist LA (Marathon Oil Corp.) Series 2019 2.10%, 06/01/2037			1,570		1,540,876
					6,026,232

	Principal Amount (000)			U.S. $ Value
Massachusetts–0.2%
Commonwealth of Massachusetts (Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue) Series 2022-B 4.11%, 07/15/2031		$	1,507	$	1,450,038
Michigan–3.0%
City of Detroit MI Series 2018 5.00%, 04/01/2026			1,200		1,204,788
5.00%, 04/01/2028			2,475		2,510,543
Michigan Finance Authority (City of Detroit MI Income Tax) Series 2015 4.50%, 10/01/2029			900		861,920
Michigan Finance Authority (Great Lakes Water Authority Sewage Disposal System Revenue) AGM Series 2014 5.00%, 07/01/2024			10,115		10,160,852
Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) Series 2020-A 3.267%, 06/01/2039			1,000		869,838
Michigan Strategic Fund (Michigan Strategic Fund–I 75 Improvement Project) Series 2018 5.00%, 06/30/2033			1,090		1,108,870
South Lyon Community Schools Series 2016 5.00%, 05/01/2028			3,640		3,731,392
					20,448,203
Minnesota–0.3%
Brainerd Independent School District No. 181 Series 2018-A 4.00%, 02/01/2041			2,500		2,294,607
Mississippi–0.1%
Mississippi Development Bank (Magnolia Regional Health Center) Series 2021 4.00%, 10/01/2035(a)			1,100		925,692
Missouri–0.3%
City of Kansas City MO (City of Kansas City MO Lease) Series 2022 5.00%, 09/01/2038			1,500		1,553,114
Howard Bend Levee District XLCA Series 2005 5.75%, 03/01/2025			185		185,876
5.75%, 03/01/2027			155		155,773
					1,894,763

60 Sanford C. Bernstein Fund, Inc.

	Principal Amount (000)			U.S. $ Value
Nebraska–1.0%
Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) Series 2018 5.00%, 03/01/2050 (Pre-refunded/ETM)		$	6,500	$	6,521,946
Nevada–0.3%
Clark County School District Series 2022-A 5.00%, 06/15/2038			1,155		1,212,673
State of Nevada Department of Business & Industry (DesertXpress Enterprises LLC) Series 2023 3.70%, 01/01/2050(a)			450		447,322
8.125%, 01/01/2050(a)			520		519,362
					2,179,357
New Hampshire–0.0%
New Hampshire Business Finance Authority Series 2022-2 0.35%, 09/20/2036(c)			3,750		83,568
New Jersey–4.1%
New Jersey Economic Development Authority (United Airlines, Inc.) Series 2012 5.25%, 09/15/2029			1,185		1,180,184
New Jersey Health Care Facilities Financing Authority (Inspira Health Obligated Group) Series 2017-A 5.00%, 07/01/2027			1,325		1,370,990
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2018-A 5.00%, 06/15/2024			2,750		2,764,578
5.00%, 06/15/2029			1,630		1,662,180
5.00%, 06/15/2030			1,675		1,706,198
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2018-A 5.00%, 12/15/2029			160		167,552
Series 2019-B 5.00%, 06/15/2034			1,570		1,622,166
Series 2019-BB1 5.00%, 06/15/2034			1,250		1,291,534
New Jersey Turnpike Authority Series 2021-B 1.713%, 01/01/2029			1,225		1,038,212
AGM Series 2005-D3 5.25%, 01/01/2026			11,070		11,411,498

	Principal Amount (000)			U.S. $ Value
Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/2028		$	3,450	$	3,569,975
					27,785,067
New York–8.1%
City of New York NY Series 2021 1.396%, 08/01/2027			3,385		2,935,050
Series 2021-A 4.00%, 08/01/2035			2,500		2,466,552
Metropolitan Transportation Authority Series 2017-C 5.00%, 11/15/2030			4,340		4,485,682
Series 2020-C 4.75%, 11/15/2045			1,355		1,260,196
New York City Transitional Finance Authority Future Tax Secured Revenue Series 2014-B 5.00%, 02/01/2027			5,275		5,287,302
5.00%, 11/01/2027			3,350		3,365,028
5.00%, 02/01/2028			2,000		2,004,599
5.00%, 11/01/2028			6,000		6,026,572
5.00%, 02/01/2029			2,500		2,505,666
5.00%, 11/01/2029			1,155		1,160,050
Series 2014-C 5.00%, 11/01/2028			10,665		10,712,234
New York Liberty Development Corp. (3 World Trade Center LLC) Series 2014 5.375%, 11/15/2040(a)			100		96,154
New York Liberty Development Corp. (One Bryant Park LLC) Series 2019 2.45%, 09/15/2069			855		741,300
2.80%, 09/15/2069			2,370		2,040,614
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2014-C 5.00%, 03/15/2029			2,340		2,347,928
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 4.00%, 01/01/2036			265		243,852
Series 2020 4.00%, 10/01/2030			4,000		3,855,512
New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2022 5.00%, 12/01/2039			1,000		994,548

2023 Annual Report 61

Schedule of Investments (continued)

	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	$	2,271,274
					54,800,113
North Carolina–0.3%
State of North Carolina (State of North Carolina Fed Hwy Grant) Series 2015 5.00%, 03/01/2026			1,850		1,873,366
Ohio–2.9%
American Municipal Power, Inc. (American Municipal Power Prairie State Energy Campus Revenue) Series 2019 5.00%, 02/15/2035			5,260		5,506,204
5.00%, 02/15/2036			3,085		3,209,904
County of Cuyahoga OH (MetroHealth System (The)) Series 2017 5.00%, 02/15/2025			1,500		1,507,197
5.00%, 02/15/2028			4,000		4,004,762
County of Montgomery OH (Dayton Children’s Hospital Obligated Group) Series 2021 5.00%, 08/01/2034			1,150		1,218,112
County of Washington OH (Marietta Area Health Care, Inc. Obligated Group) Series 2022 6.375%, 12/01/2037			1,000		948,648
Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group) Series 2022 5.00%, 01/01/2034			360		367,738
5.25%, 01/01/2035			750		777,404
5.25%, 01/01/2038			1,110		1,114,148
5.25%, 01/01/2039			780		779,978
					19,434,095
Oklahoma–0.7%
Comanche County Memorial Hospital Series 2015 5.00%, 07/01/2026			1,000		980,351
5.00%, 07/01/2028			1,000		971,650
5.00%, 07/01/2029			1,000		966,904
Oklahoma Development Finance Authority Series 2022 4.38%, 11/01/2045			1,000		877,478

	Principal Amount (000)			U.S. $ Value
Oklahoma Development Finance Authority (OU Medicine Obligated Group) Series 2022-A 5.50%, 08/15/2037		$	1,000	$	911,174
					4,707,557
Other–0.6%
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates 2.65%, 06/15/2035(a)			4,745		3,766,622
Pennsylvania–3.1%
Allegheny County Sanitary Authority BAM Series 2013 5.00%, 12/01/2024			3,105		3,110,822
5.00%, 12/01/2025			4,365		4,371,526
City of Philadelphia PA Water & Wastewater Revenue Series 2020-A 5.00%, 11/01/2037			685		708,698
Moon Industrial Development Authority (Baptist Homes Society) Series 2015 5.125%, 07/01/2025			1,095		1,042,670
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Department of Transportation) Series 2022 5.50%, 06/30/2041			3,300		3,419,776
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) Series 2022-C 4.68% (MUNIPSA + 0.70%), 11/15/2047(b)			2,000		1,979,010
Pennsylvania Turnpike Commission Series 2017 5.00%, 12/01/2030			2,540		2,673,070
Philadelphia Authority for Industrial Development (MaST Community Charter School III) Series 2021 5.00%, 08/01/2030			760		752,744
Pittsburgh Water & Sewer Authority AGM Series 2023-C 4.524% (SOFR + 0.80%), 09/01/2040(a)(b)			2,500		2,474,678
					20,532,994
Puerto Rico–1.4%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024			2		1,896
Zero Coupon, 07/01/2033			325		191,834
4.00%, 07/01/2033			312		279,690

62 Sanford C. Bernstein Fund, Inc.

	Principal Amount (000)			U.S. $ Value
4.00%, 07/01/2035		$	11	$	9,404
4.00%, 07/01/2046			13		10,124
5.375%, 07/01/2025			423		427,754
5.625%, 07/01/2027			1,053		1,080,843
5.625%, 07/01/2029			110		113,664
5.75%, 07/01/2031			113		117,688
Series 2022-C 0.00%, 11/01/2043			80		41,146
HTA TRRB Custodial Trust  Series 2022 5.25%, 07/01/2034			1,005		979,282
5.25%, 07/01/2036			1,110		1,114,388
5.25%, 07/01/2041			905		883,250
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031			1,010		996,660
Puerto Rico Highway & Transportation Authority Series 2022-B Zero Coupon, 07/01/2032			325		209,626
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) Series 2000 6.625%, 06/01/2026(d)(e)			3,315		2,320,500
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024			578		559,544
					9,337,293
South Carolina–1.5%
Patriots Energy Group Financing Agency (Royal Bank of Canada) Series 2018-A 4.00%, 10/01/2048			7,390		7,368,151
South Carolina Public Service Authority Series 2021-B 4.00%, 12/01/2038			3,000		2,719,148
					10,087,299
Tennessee–0.9%
Metropolitan Nashville Airport Authority (The) Series 2019-B 5.00%, 07/01/2032			1,205		1,247,407
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The)) Series 2023-A 5.00%, 05/01/2053			5,000		4,988,378
					6,235,785

	Principal Amount (000)			U.S. $ Value
Texas–1.0%
City of Corpus Christi TX Utility System Revenue Series 2015 5.00%, 07/15/2024		$	1,290	$	1,299,593
Series 2015-C 5.00%, 07/15/2026			1,030		1,050,090
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2014 5.00%, 07/01/2029			375		368,914
Irving Hospital Authority (Baylor Medical Center at Irving) Series 2017-A 5.00%, 10/15/2028			1,100		1,118,616
Port Beaumont Navigation District (Jefferson Railport Terminal II LLC) Series 2020 3.625%, 01/01/2035(a)			300		231,922
Via Metropolitan Transit (Via Metropolitan Transit Sales Tax) Series 2017 5.00%, 07/15/2024			2,580		2,598,590
					6,667,725
Virginia–0.4%
Virginia Small Business Financing Authority (95 Express Lanes LLC) Series 2022 5.00%, 07/01/2038			1,120		1,130,278
Virginia Small Business Financing Authority (Pure Salmon Virginia LLC) Series 2022 3.50%, 11/01/2052			1,320		1,318,884
					2,449,162
Washington–5.2%
Franklin County School District No. 1 Pasco Series 2015 5.00%, 12/01/2025			8,615		8,726,474
Port of Seattle WA Series 2018-A 5.00%, 05/01/2027			6,500		6,642,338
Series 2018-B 5.00%, 05/01/2026			4,925		5,002,204
5.00%, 05/01/2027			5,340		5,456,936
5.00%, 05/01/2028			5,775		5,929,696
Spokane County School District No. 81 Spokane Series 2012 3.00%, 12/01/2031			2,000		1,774,792

2023 Annual Report 63

Schedule of Investments (continued)

	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		$	1,650	$	1,518,178
					35,050,618
West Virginia–0.4%
Tobacco Settlement Finance Authority/WV Series 2020 4.875%, 06/01/2049			3,030		2,743,665
Wisconsin–2.7%
State of Wisconsin Series 2021-2 5.00%, 05/01/2035			750		809,156
UMA Education, Inc. Series 2019 5.00%, 10/01/2023(a)			195		195,000
5.00%, 10/01/2025(a)			730		723,597
5.00%, 10/01/2026(a)			770		761,586
5.00%, 10/01/2027(a)			805		796,974
5.00%, 10/01/2028(a)			440		435,410
5.00%, 10/01/2029(a)			200		197,356
Wausau School District Series 2022 5.00%, 03/01/2031			2,180		2,328,544
Wisconsin Department of Transportation (Wisconsin Department of Transportation Vehicle Fee Revenue) Series 2024-1 5.00%, 07/01/2031(f)			1,765		1,870,580
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group) Series 2023 5.00%, 08/15/2054			1,000		1,020,520
Wisconsin Public Finance Authority Series 2022 5.50%, 02/01/2042(a)			1,400		1,275,792
Wisconsin Public Finance Authority (Celanese US Holdings LLC) Series 2016-A 5.00%, 01/01/2024			3,245		3,247,676
Wisconsin Public Finance Authority (Queens University of Charlotte) Series 2022 5.25%, 03/01/2042			1,000		934,618
Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group) Series 2021-B 2.25%, 06/01/2027(a)			1,000		918,126

	Principal Amount (000)			U.S. $ Value
Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group) Series 2021 4.00%, 02/01/2038		$	1,000	$	752,250
4.00%, 02/01/2040			1,000		735,308
Series 2022 5.00%, 02/01/2032			1,000		880,120
					17,882,613
Total Long-Term Municipal Bonds (cost $473,835,422)					444,495,428
Short-Term Municipal Notes–0.4%
California–0.4%
City of Los Angeles CA Series 2023 5.00%, 06/27/2024 (cost $2,532,252)			2,500		2,529,586
Total Municipal Obligations (cost $476,367,674)					447,025,014
Company		Shares
INVESTMENT COMPANIES–26.6%
Funds and Investment Trusts–26.6%(g)
iShares Core MSCI EAFE ETF			1,345,053		86,554,160
SPDR S&P 500 ETF Trust			216,510		92,553,695
Total Investment Companies (cost $135,695,908)					179,107,855
	Principal Amount (000)
COMMERCIAL MORTGAGE-BACKED SECURITIES–2.3%
Agency CMBS–1.0%
California Housing Finance Agency Series 2019-2, Class A 4.00%, 03/20/2033		$	2,137		2,033,125
Series 2021-2, Class A 3.75%, 03/25/2035			2,925		2,705,883
Series 2021-2, Class X 0.825%, 03/25/2035(c)			1,950		96,006
City of Fort Wayne IN 10.75%, 12/01/2029(d)(e)			27		2
Federal Home Loan Mortgage Corp. Series 2021-ML10, Class ACA 2.046%, 06/25/2038			974		677,704
Washington State Housing Finance Commission Series 2021-1, Class A 3.50%, 12/20/2035			966		834,478
					6,347,198

64 Sanford C. Bernstein Fund, Inc.

	Principal Amount (000)				U.S. $ Value
Non-Agency Fixed Rate CMBS–1.3%
California Housing Finance Agency Series 2021-1, Class A 3.50%, 11/20/2035			$	963	$	844,340
New Hampshire Business Finance Authority Series 2020-1, Class A 4.125%, 01/20/2034				1,697		1,578,748
Series 2022-1, Class A 4.375%, 09/20/2036				4,921		4,557,065
Series 2022-2, Class A 4.00%, 10/20/2036				1,976		1,769,890
						8,750,043
Total Commercial Mortgage-Backed Securities (cost $17,514,348)						15,097,241
GOVERNMENTS—TREASURIES–1.3%
United States–1.3%
U.S. Treasury Notes  2.125%, 11/30/2023(h)				1,698		1,688,979
2.625%, 02/15/2029(h)				7,796		7,052,944
Total Governments—Treasuries (cost $9,570,734)						8,741,923
CORPORATES—INVESTMENT GRADE–0.8%
Industrial–0.8%
Consumer Non-Cyclical–0.8%
Baylor Scott & White Holdings Series 2021 0.827%, 11/15/2025				1,075		960,007
1.777%, 11/15/2030				1,000		774,900
Novant Health, Inc. 2.637%, 11/01/2036				3,525		2,489,990
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031				2,000		1,410,340
Total Corporates—Investment Grade (cost $7,599,303)						5,635,237
	Notional Amount
PURCHASED OPTIONS—PUTS–0.8%
Options on Equity Indices–0.8%
Euro STOXX 50 Index Expiration: Jul 2024; Contracts: 5,250; Exercise Price: EUR 3,750.00; Counterparty: UBS AG(d)		EUR		19,687,500		621,446

	Notional Amount				U.S. $ Value
FTSE 100 Index Expiration: Jul 2024; Contracts: 1,120; Exercise Price: GBP 6,600.00; Counterparty: UBS AG(d)		GBP		7,392,000	$	137,685
Nikkei 225 Index Expiration: Sep 2024; Contracts: 70,000; Exercise Price: JPY 26,500.00; Counterparty: UBS AG(d)		JPY		1,855,000,000		361,871
S&P 500 Index Expiration: Jul 2024; Contracts: 41,900; Exercise Price: USD 3,850.00; Counterparty: UBS AG(d)		USD		161,315,000		4,094,790
Total Purchased Options—Puts (premiums paid $4,525,657)						5,215,792
	Principal Amount (000)
ASSET-BACKED SECURITIES–0.4%
Autos—Fixed Rate–0.4%
Foursight Capital Automobile Receivables Trust  Series 2023-1, Class A2 5.43%, 10/15/2026(a)			$	948		943,384
Lendbuzz Securitization Trust  Series 2023-1A, Class A2 6.92%, 08/15/2028(a)				1,908		1,900,424
Total Asset-Backed Securities (cost $2,856,185)						2,843,808
CORPORATES—NON-INVESTMENT GRADE–0.3%
Industrial–0.3%
Communications—Media–0.2%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034(a)				1,546		1,139,974
Consumer Non-Cyclical–0.1%
Medline Borrower LP 3.875%, 04/01/2029(a)				1,150		971,681
Total Corporates—Non-Investment Grade (cost $2,695,671)						2,111,655
COLLATERALIZED MORTGAGE OBLIGATIONS–0.1%
Risk Share Floating Rate–0.1%
Bellemeade Re Ltd. Series 2018-1A, Class M2 8.334% (LIBOR 1 Month + 2.90%), 04/25/2028(a)(b)				51		50,812

2023 Annual Report 65

Schedule of Investments (continued)

	Principal Amount (000)			U.S. $ Value
Connecticut Avenue Securities Trust  Series 2020-SBT1, Class 2M2 9.079% (SOFR + 3.76%), 02/25/2040(a)(b)		$	250	$	260,544
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes  Series 2013-DN2, Class M2 9.679% (SOFR + 4.36%), 11/25/2023(b)			81		81,016
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 2M2 8.329% (SOFR + 3.01%), 07/25/2024(b)			45		45,552
Series 2015-C03, Class 1M2 10.429% (SOFR + 5.11%), 07/25/2025(b)			29		30,616

	Principal Amount (000)			U.S. $ Value
Series 2016-C01, Class 1M2 12.179% (SOFR + 6.86%), 08/25/2028(b)		$	80	$	85,734
Series 2016-C02, Class 1M2 11.429% (SOFR + 6.11%), 09/25/2028(b)			37		38,766
Total Collateralized Mortgage Obligations (cost $488,213)					593,040
Total Investments—99.0% (cost $657,313,693)					666,371,565
Other assets less liabilities—1.0%					6,716,726
Net Assets—100.0%				$	673,088,291

FUTURES (see Note 3)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
E-Mini Russell 2000 Index Futures		125	December 2023	$	11,241,250	$	(461,493	)
Euro STOXX 50 Index Futures		125	December 2023		5,555,849		(68,149	)
FTSE 100 Index Futures		15	December 2023		1,403,908		16,277
MSCI Emerging Markets Futures		486	December 2023		23,218,650		(601,271	)
Nikkei 225 (OSE) Futures		12	December 2023		2,558,351		(63,896	)
S&P 500 E-Mini Futures		303	December 2023		65,531,325		(2,431,332	)
S&P Mid 400 E-Mini Futures		33	December 2023		8,317,320		(267,960	)
S&P/TSX 60 Index Futures		49	December 2023		8,487,201		(330,370	)
U.S. T-Note 2 Yr (CBT) Futures		188	December 2023		38,109,656		(72,350	)
U.S. T-Note 10 Yr (CBT) Futures		480	December 2023		51,870,000		(936,402	)
U.S. Ultra Bond (CBT) Futures		142	December 2023		16,853,625		(1,238,266	)
Sold Contracts
Euro STOXX 50 Index Futures		308	December 2023		13,689,613		234,462
FTSE 100 Index Futures		66	December 2023		6,177,195		12,126
Hang Seng Index Futures		5	October 2023		571,099		5,510
MSCI Singapore IX ETS Futures		28	October 2023		585,091		(10,071	)
OMXS 30 Index Futures		34	October 2023		672,186		8,084
SPI 200 Futures		128	December 2023		14,579,019		324,638
TOPIX Index Futures		15	December 2023		2,332,207		11,476
						$	(5,868,987	)

66 Sanford C. Bernstein Fund, Inc.

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	5,227	EUR	4,817		10/12/2023	$	(132,497	)
Bank of America, NA	JPY	802,045	USD	5,450		10/19/2023		69,052
Bank of America, NA	NZD	3,417	USD	2,022		10/27/2023		(26,102	)
Bank of America, NA	AUD	5,076	USD	3,289		11/08/2023		21,938
Bank of America, NA	AUD	11,719	USD	7,487		11/08/2023		(57,149	)
Bank of America, NA	CHF	13,837	USD	15,516		11/16/2023		328,869
Bank of America, NA	USD	3,581	CHF	3,197		11/16/2023		(72,028	)
Bank of America, NA	USD	1,284	NOK	13,826		12/07/2023		11,208
Barclays Bank PLC	EUR	548	USD	586		10/12/2023		6,269
Barclays Bank PLC	CAD	9,707	USD	7,218		10/27/2023		68,774
Barclays Bank PLC	NZD	11,234	USD	6,603		10/27/2023		(129,819	)
Barclays Bank PLC	USD	2,031	NZD	3,419		10/27/2023		17,823
Barclays Bank PLC	USD	2,125	GBP	1,715		11/17/2023		(32,120	)
BNP Paribas SA	EUR	13,158	USD	14,142		10/12/2023		226,166
BNP Paribas SA	USD	3,251	JPY	477,289		10/19/2023		(48,997	)
BNP Paribas SA	NZD	3,359	USD	2,003		10/27/2023		(10,280	)
BNP Paribas SA	AUD	1,887	USD	1,212		11/08/2023		(2,575	)
Goldman Sachs Bank USA	USD	2,934	EUR	2,659		10/12/2023		(122,162	)
Goldman Sachs Bank USA	CAD	3,897	USD	2,858		10/27/2023		(12,337	)
Goldman Sachs Bank USA	USD	6,762	AUD	10,480		11/08/2023		(15,733	)
Goldman Sachs Bank USA	USD	1,541	SEK	16,894		12/07/2023		9,327
HSBC Bank USA	AUD	6,152	USD	3,982		11/08/2023		21,614
JPMorgan Chase Bank, NA	USD	1,537	GBP	1,234		11/17/2023		(31,782	)
Morgan Stanley & Co. LLC	EUR	9,195	USD	10,123		10/12/2023		397,914
Morgan Stanley & Co. LLC	USD	511	JPY	73,266		10/19/2023		(19,311	)
Morgan Stanley & Co. LLC	USD	8,859	CAD	11,998		10/27/2023		(23,149	)
Morgan Stanley & Co. LLC	USD	7,921	NZD	13,332		10/27/2023		69,603
Morgan Stanley & Co. LLC	CHF	2,674	USD	2,943		11/16/2023		7,951
Morgan Stanley & Co. LLC	USD	6,102	SEK	67,271		12/07/2023		72,717
							$	593,184

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)
Description	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at September 30, 2023			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 41, 5 Year Index, 12/20/2028*		(5.00	)%	Quarterly		4.79	%		USD	14,100	$	(134,354	)	$	(135,147	)	$	793
Sale Contracts
CDX-NAHY Series 41, 5 Year Index, 12/20/2028*		5.00		Quarterly		4.79			USD	22,580		212,883			194,099			18,784
											$	78,529		$	58,952		$	19,577

* Termination date

2023 Annual Report 67

Schedule of Investments (continued)

	CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)
			Termination Date		Rate Type		Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Notional Amount (000)					Payments made by the Fund	Payments received by the Fund
	USD	2,900		01/15/2025	2.565%	CPI#	Maturity	$	277,451	$	—	$	277,451
	USD	2,355		01/15/2025	2.613%	CPI#	Maturity		220,795		—		220,795
	USD	4,990		01/15/2028	0.735%	CPI#	Maturity		1,062,920		—		1,062,920
	USD	5,125		01/15/2030	1.572%	CPI#	Maturity		860,947		—		860,947
	USD	5,125		01/15/2030	1.587%	CPI#	Maturity		854,177		—		854,177
	USD	1,130		01/15/2030	1.714%	CPI#	Maturity		175,618		—		175,618
	USD	1,130		01/15/2030	1.731%	CPI#	Maturity		173,904		—		173,904
	USD	4,400		01/15/2031	2.782%	CPI#	Maturity		302,409		—		302,409
	USD	4,150		01/15/2031	2.680%	CPI#	Maturity		324,835		—		324,835
	USD	3,500		01/15/2031	2.989%	CPI#	Maturity		172,004		—		172,004
								$	4,425,060	$	—	$	4,425,060

# 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)
			Termination Date		Rate Type		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Notional Amount (000)					Payments made by the Fund	Payments received by the Fund
	USD	28,200		04/20/2028	1 Day SOFR	3.478%	Annual	$	(1,289,306	)	$	—	$	(1,289,306	)
	USD	21,000		04/30/2030	1 Day SOFR	3.075%	Annual		(1,640,253	)		—		(1,640,253	)
	USD	5,300		04/30/2030	1 Day SOFR	3.411%	Annual		(301,726	)		—		(301,726	)
	USD	4,600		04/30/2030	1 Day SOFR	3.500%	Annual		(235,195	)		—		(235,195	)
	USD	4,500		04/30/2030	1 Day SOFR	3.715%	Annual		(168,296	)		—		(168,296	)
	USD	6,900		07/31/2030	1 Day SOFR	3.806%	Annual		(218,273	)		—		(218,273	)
	USD	6,600		07/31/2030	1 Day SOFR	3.897%	Annual		(162,833	)		—		(162,833	)
	USD	5,300		07/31/2030	1 Day SOFR	4.016%	Annual		(97,339	)		—		(97,339	)
	USD	55,400		03/31/2033	3.120%	1 Day SOFR	Annual		5,435,897			—		5,435,897
								$	1,322,676		$	—	$	1,322,676

CREDIT DEFAULT SWAPS (see Note 3)
Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at September 30, 2023			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	47		$	(6,822	)	$	(4,319	)	$	(2,503	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	168			(24,194	)		(20,087	)		(4,107	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	0	**		(71	)		(56	)		(15	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	26			(3,728	)		(2,382	)		(1,346	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	324			(46,560	)		(29,783	)		(16,777	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	325			(46,771	)		(29,142	)		(17,629	)

68 Sanford C. Bernstein Fund, Inc.

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at September 30, 2023			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%	Monthly		7.50	%		USD	422	$	(60,696	)	$	(36,717	)	$	(23,979	)
											$	(188,842	)	$	(122,486	)	$	(66,356	)

* 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
Barclays Bank PLC	USD	12,000		10/23/2026		2.310	%		CPI	#		Maturity	$	717,279	$	—	$	717,279
Barclays Bank PLC	USD	10,000		12/04/2027		2.170	%		CPI	#		Maturity		1,112,438		—		1,112,438
Barclays Bank PLC	USD	10,000		10/23/2029		2.388	%		CPI	#		Maturity		551,711		—		551,711
Barclays Bank PLC	USD	13,000		12/04/2032		2.233	%		CPI	#		Maturity		1,541,659		—		1,541,659
Citibank, NA	USD	22,000		11/04/2023		1.900	%		CPI	#		Maturity		2,927,568		—		2,927,568
Citibank, NA	USD	10,000		07/20/2027		2.104	%		CPI	#		Maturity		1,198,808		—		1,198,808
Deutsche Bank AG	USD	10,000		09/04/2025		1.818	%		CPI	#		Maturity		1,335,303		—		1,335,303
JPMorgan Chase Bank, NA	USD	10,000		03/02/2024		2.175	%		CPI	#		Maturity		1,099,192		—		1,099,192
JPMorgan Chase Bank, NA	USD	33,000		07/20/2024		1.995	%		CPI	#		Maturity		4,024,291		—		4,024,291
JPMorgan Chase Bank, NA	USD	13,000		11/04/2026		2.015	%		CPI	#		Maturity		1,662,797		—		1,662,797
JPMorgan Chase Bank, NA	USD	28,000		12/27/2028		2.009	%		CPI	#		Maturity		3,497,592		—		3,497,592
JPMorgan Chase Bank, NA	USD	30,420		01/15/2030		3.493	%		CPI	#		Maturity		237,552		—		237,552
													$	19,906,190	$	—	$	19,906,190

# 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

12,470

10/09/2029

1.125

%

SIFMA

*

Quarterly

$

1,511,424

$

—

$

1,511,424

* 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)
Pay Total Return on Reference Obligation
Morgan Stanley Capital Services LLC
Swiss Market Index Futures		0.00%	Maturity		CHF	2,640		12/15/2023	$	14,433

2023 Annual Report 69

Schedule of Investments (continued)

** Notional amount less than 500.

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2023, the aggregate market value of these securities amounted to $36,976,130 or 5.5% of net assets.

(b) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2023.

(c) IO—Interest Only.

(d) Non-income producing security.

(e) Defaulted.

(f) When-Issued or delayed delivery security.

(g) 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.

(h) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

As of September 30, 2023, 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 8.9% and 0.0%, respectively.

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

AGM—Assured Guaranty Municipal

BAM—Build American Mutual

CBT—Chicago Board of Trade

CCRC—Congregate Care Retirement Center

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

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

CMBS—Commercial Mortgage-Backed Securities

COP—Certificate of Participation

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.

70 Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Tax-Aware Overlay C Portfolio

September 30, 2023

	Principal Amount (000)			U.S. $ Value
MUNICIPAL OBLIGATIONS–68.3%
Long-Term Municipal Bonds–67.7%
American Samoa–0.1%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028(a)		$	235	$	243,155
California–53.7%
Anaheim Housing & Public Improvements Authority (City of Anaheim CA Electric System Revenue) Series 2020 2.792%, 10/01/2032			1,150		925,760
Bay Area Toll Authority Series 2021 4.28% (MUNIPSA + 0.30%), 04/01/2056(b)			2,000		1,955,588
4.39% (MUNIPSA + 0.41%), 04/01/2056(b)			2,000		1,949,394
California Community Choice Financing Authority Series 2023 5.228% (SOFR + 1.67%), 02/01/2054(b)			1,000		993,122
California Community Choice Financing Authority (American International Group, Inc.) Series 2023-D 5.50%, 05/01/2054			1,000		1,029,062
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054			2,500		2,494,104
California Community Choice Financing Authority (Goldman Sachs Group, Inc. (The)) Series 2021 4.00%, 10/01/2052			1,300		1,259,842
Series 2023 5.00%, 12/01/2053			2,130		2,145,210
California Community Choice Financing Authority (Morgan Stanley) Series 2023 5.00%, 07/01/2053			1,000		1,008,656
5.188% (SOFR + 1.63%), 07/01/2053(b)			1,200		1,192,694

	Principal Amount (000)			U.S. $ Value
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021-A 4.00%, 08/01/2047(a)		$	615	$	455,930
California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) Series 2021 4.00%, 02/01/2050(a)			595		414,318
California Educational Facilities Authority (University of the Pacific) Series 2015 5.00%, 11/01/2027			2,000		2,052,456
California Enterprise Development Authority (Rocketship Education Obligated Group) Series 2022 4.00%, 06/01/2031(a)			540		479,910
California Health Facilities Financing Authority (CommonSpirit Health) Series 2020-A 4.00%, 04/01/2035			1,850		1,774,494
California Health Facilities Financing Authority (Sutter Health Obligated Group) Series 2018-A 5.00%, 11/15/2030			900		944,966
California Infrastructure & Economic Development Bank (California Academy of Sciences) Series 2021 4.33% (MUNIPSA + 0.35%), 08/01/2047(b)			2,000		1,981,006
California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) Series 2023 3.65%, 01/01/2050(a)			4,305		4,278,702
8.00%, 01/01/2050(a)			370		369,508
California Municipal Finance Authority (Anaheim Electric Utility Fund) Series 2015-B 5.00%, 10/01/2026			1,000		1,023,536
California Municipal Finance Authority (LAX Integrated Express Solutions LLC) Series 2018 5.00%, 12/31/2028			1,700		1,735,328
5.00%, 06/30/2029			1,000		1,020,574
California Municipal Finance Authority (United Airlines, Inc.) Series 2019 4.00%, 07/15/2029			2,140		2,048,050

2023 Annual Report 71

Schedule of Investments (continued)

	Principal Amount (000)			U.S. $ Value
California Pollution Control Financing Authority (San Diego County Water Authority Desalination Project Pipeline) Series 2019 5.00%, 07/01/2029(a)		$	450	$	461,536
California Public Finance Authority (California University of Science & Medicine Obligated Group) Series 2019 6.25%, 07/01/2054(a)			1,000		1,032,434
California School Finance Authority (Classical Academy Obligated Group) Series 2022 5.00%, 10/01/2042(a)			1,000		943,376
California School Finance Authority (Fenton Charter Public Schools) Series 2020-A 4.00%, 07/01/2030(a)			600		569,356
California School Finance Authority (Rocketship Education Obligated Group) Series 2015-A 4.25%, 03/01/2028(a)			460		446,476
California State University Series 2020-D 1.49%, 11/01/2028			400		336,194
Series 2021-B 2.274%, 11/01/2034			2,000		1,472,082
California Statewide Communities Development Authority (Lancer Educational Housing LLC) Series 2019 5.00%, 06/01/2034(a)			375		355,936
California Statewide Communities Development Authority (Loma Linda University Medical Center) Series 2016-A 5.00%, 12/01/2041(a)			1,000		927,506
Series 2018-A 5.00%, 12/01/2028(a)			500		495,804
California Statewide Communities Development Authority (Methodist Hospital of Southern California Obligated Group) Series 2018 5.00%, 01/01/2028			2,915		2,970,952
5.00%, 01/01/2029			2,790		2,840,282
California Statewide Communities Development Authority (NCCD-Hooper Street LLC) Series 2019 5.00%, 07/01/2024(a)			40		40,044
5.00%, 07/01/2029(a)			215		211,928
City of Fremont CA Community Facilities District No. 1 Series 2015 5.00%, 09/01/2028			1,505		1,523,560

	Principal Amount (000)			U.S. $ Value
City of Los Angeles Department of Airports Series 2016-A 5.00%, 05/15/2026 (Pre-refunded/ETM)		$	215	$	220,556
Series 2017-A 5.00%, 05/15/2030			3,585		3,674,598
Series 2018-D 5.00%, 05/15/2026			2,890		2,946,974
Series 2019 5.00%, 05/15/2031			485		504,744
City of Roseville CA (Fiddyment Ranch Community Facilities District No. 1) Series 2017 5.00%, 09/01/2031			1,000		1,021,700
City of Roseville CA (HP Campus Oaks Community Facilities District No. 1) Series 2016 5.00%, 09/01/2031			305		310,196
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		1,958,466
Series 2014-B 5.00%, 03/01/2026			2,360		2,370,076
CMFA Special Finance Agency VIII Elan Huntington Beach Series 2021 4.00%, 08/01/2047(a)			280		215,038
Coronado Community Development Agency Successor Agency Series 2018-A 5.00%, 09/01/2033			2,040		2,084,518
County of Los Angeles CA Community Facilities District No. 2021-01 Series 2022 5.00%, 09/01/2042			1,800		1,726,884
County of San Diego CA (County of San Diego CA COP) Series 2014-A 5.00%, 10/15/2027			1,250		1,266,220
5.00%, 10/15/2028			1,300		1,316,078
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) Series 2021 3.35%, 04/01/2047(a)			500		362,336
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.60%, 05/01/2047(a)			950		714,128

72 Sanford C. Bernstein Fund, Inc.

	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)		$	1,000	$	709,324
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 3.50%, 10/01/2046(a)			700		496,260
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) Series 2021-A1 2.875%, 08/01/2041(a)			930		749,010
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.375%, 07/01/2043(a)			500		374,454
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) Series 2021 2.65%, 12/01/2046(a)			995		695,656
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 3.50%, 05/01/2047(a)			1,000		737,510
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A 3.10%, 07/01/2045(a)			400		283,496
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 4.00%, 10/01/2048(a)			1,000		662,978
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization Corp. Lease) Series 2021 1.40%, 06/01/2025			1,000		934,890
Los Angeles Department of Water & Power Power System Revenue Series 2020-B 5.00%, 07/01/2028			365		393,222
5.00%, 07/01/2029			455		496,608
Metropolitan Water District of Southern California Series 2021-D 4.12% (MUNIPSA + 0.14%), 07/01/2037(b)			1,000		996,742

	Principal Amount (000)			U.S. $ Value
Middle Fork Project Finance Authority Series 2020 5.00%, 04/01/2033		$	450	$	463,770
Newport Mesa Unified School District Series 2020 5.00%, 08/01/2024			510		516,202
Oakland Unified School District/Alameda County Series 2015-A 5.00%, 08/01/2026			1,025		1,048,890
Regents of the University of California Medical Center Pooled Revenue Series 2022 5.00%, 05/15/2039			3,000		3,196,870
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		911,292
5.00%, 09/01/2042			1,000		929,018
Sacramento County Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District) Series 2014-A 5.00%, 12/01/2029			2,000		2,018,512
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 4.37% (LIBOR 3 Month + 0.57%), 06/01/2039(b)			1,450		1,187,586
San Diego Association of Governments (State of California DOT Fed Hwy Grant) Series 2019 1.80%, 11/15/2027			220		196,052
San Diego County Water Authority Series 2021-A 5.00%, 05/01/2024			500		503,752
Saugus/Hart School Facilities Financing Authority (Saugus Union School District Community Facilities District No. 06-01) Series 2016 5.00%, 09/01/2027			750		760,151
State of California Series 2023 6.00%, 03/01/2033			1,000		1,040,332
Stockton Redevelopment Agency Successor Agency AGM Series 2016-A 5.00%, 09/01/2025			1,900		1,932,840
Tobacco Securitization Authority of Southern California Series 2019 5.00%, 06/01/2030			960		1,018,370

2023 Annual Report 73

Schedule of Investments (continued)

	Principal Amount (000)			U.S. $ Value
University of California Series 2023-B 4.693%, 05/15/2033		$	1,500	$	1,415,326
Walnut Energy Center Authority Series 2014 5.00%, 01/01/2026			1,000		1,008,262
5.00%, 01/01/2028			1,800		1,813,422
					96,342,985
Colorado–0.1%
Vauxmont Metropolitan District AGM Series 2020 5.00%, 12/01/2050			100		100,604
Florida–0.1%
Capital Trust Agency, Inc. (Franklin Academy Series 2020 Obligated Group) Series 2020 5.00%, 12/15/2026(a)			100		97,724
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2031			100		67,831
					165,555
Guam–2.5%
Antonio B Won Pat International Airport Authority Series 2021-A 2.899%, 10/01/2027			200		175,666
3.489%, 10/01/2031			120		95,530
Guam Power Authority Series 2022-A 5.00%, 10/01/2028			1,000		1,025,094
Territory of Guam Series 2019 5.00%, 11/15/2031			85		83,774
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2029			140		140,784
5.00%, 12/01/2030			225		225,916
5.00%, 12/01/2032			205		206,050
Territory of Guam (Territory of Guam Business Privilege Tax) 5.00%, 11/15/2030			805		796,549
Series 2015-D 5.00%, 11/15/2023			420		419,972
5.00%, 11/15/2025			350		349,154
Territory of Guam (Territory of Guam Hotel Occupancy Tax) Series 2021-A 5.00%, 11/01/2040			1,000		928,054
					4,446,543

	Principal Amount (000)			U.S. $ Value
Illinois–2.1%
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2029		$	100	$	97,648
5.00%, 09/01/2033			100		95,405
Metropolitan Pier & Exposition Authority Series 2017-B 5.00%, 12/15/2030			1,400		1,429,786
State of Illinois Series 2014 5.00%, 05/01/2025			2,165		2,168,706
					3,791,545
Kentucky–0.1%
City of Ashland KY (Ashland Hospital Corp. Obligated Group) Series 2019 5.00%, 02/01/2027			140		141,992
5.00%, 02/01/2031			100		100,760
					242,752
Louisiana–0.1%
Parish of St. James LA (NuStar Logistics LP) Series 2020 6.10%, 06/01/2038(a)			110		116,074
6.10%, 12/01/2040(a)			100		105,522
					221,596
Michigan–3.2%
City of Detroit MI Series 2018 5.00%, 04/01/2029			1,000		1,012,464
5.00%, 04/01/2030			600		606,356
Michigan Finance Authority (Public Lighting Authority) Series 2014-B 5.00%, 07/01/2025			2,175		2,162,962
Michigan Strategic Fund (Michigan Strategic Fund–I 75 Improvement Project) Series 2018 5.00%, 06/30/2030			2,000		2,033,386
					5,815,168
Missouri–0.1%
Howard Bend Levee District XLCA Series 2005 5.75%, 03/01/2027			100		100,499
Nevada–0.2%
City of Sparks NV (City of Sparks NV Sales Tax) Series 2019-A 2.75%, 06/15/2028(a)			410		374,555

74 Sanford C. Bernstein Fund, Inc.

	Principal Amount (000)			U.S. $ Value
Ohio–0.3%
Ohio Air Quality Development Authority (Pratt Paper OH LLC) Series 2017 3.75%, 01/15/2028(a)		$	590	$	578,077
Puerto Rico–2.1%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024			94		90,324
Zero Coupon, 07/01/2033			555		327,098
4.00%, 07/01/2033			130		116,524
5.375%, 07/01/2025			255		257,618
5.625%, 07/01/2027			750		769,623
5.75%, 07/01/2031			100		104,432
HTA TRRB Custodial Trust  Series 2022 5.25%, 07/01/2041			190		185,434
Puerto Rico Commonwealth Aqueduct & Sewer Authority Series 2020-A 5.00%, 07/01/2030(a)			600		598,256
5.00%, 07/01/2035(a)			250		244,552
Puerto Rico Highway & Transportation Authority Series 2022-B Zero Coupon, 07/01/2032			225		145,126
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) Series 2000 6.625%, 06/01/2026(c)(d)			995		696,500
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024			176		170,380
					3,705,867
Texas–1.8%
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031(a)			1,010		966,670
Texas Municipal Gas Acquisition and Supply Corp. I (Bank of America Corp.) Series 2008-D 6.25%, 12/15/2026			2,140		2,184,772
					3,151,442
Washington–0.6%
Kalispel Tribe of Indians Series 2018-A 5.00%, 01/01/2032(a)			990		1,010,774

	Principal Amount (000)			U.S. $ Value
Wisconsin–0.6%
UMA Education, Inc. Series 2019 5.00%, 10/01/2023(a)		$	100	$	100,000
5.00%, 10/01/2025(a)			225		223,026
5.00%, 10/01/2026(a)			235		232,432
5.00%, 10/01/2027(a)			245		242,557
5.00%, 10/01/2028(a)			135		133,592
5.00%, 10/01/2029(a)			100		98,678
					1,030,285
Total Long-Term Municipal Bonds (cost $129,451,708)					121,321,402
Short-Term Municipal Notes–0.6%
California–0.6%
City of Los Angeles CA Series 2023 5.00%, 06/27/2024 (cost $1,012,901)			1,000		1,011,834
Total Municipal Obligations (cost $130,464,609)					122,333,236
		Shares
INVESTMENT COMPANIES–16.9%
Funds and Investment Trusts–16.9%(e)
iShares Core MSCI Emerging Markets ETF			227,886		10,845,095
SPDR S&P 500 ETF Trust			45,594		19,490,523
Total Investment Companies (cost $21,263,158)					30,335,618
	Principal Amount (000)
COMMERCIAL MORTGAGE-BACKED SECURITIES–3.9%
Agency CMBS–2.6%
California Housing Finance Agency Series 2019-2, Class A Series 2021-1, Class A 4.00%, 03/20/2033		$	2,090		1,988,440
Series 2021-2, Class A 3.75%, 03/25/2035			1,950		1,803,922
Series 2021-2, Class X 0.825%, 03/25/2035(f)			975		48,004
Federal Home Loan Mortgage Corp. Series 2021-ML10, Class AUS 2.032%, 01/25/2038			1,243		860,524
					4,700,890

2023 Annual Report 75

Schedule of Investments (continued)

	Principal Amount (000)				U.S. $ Value
Non-Agency Fixed Rate CMBS–1.3%
California Housing Finance Agency Series 2021-1, Class A 3.50%, 11/20/2035			$	2,551	$	2,237,502
Total Commercial Mortgage-Backed Securities (cost $8,796,014)						6,938,392
GOVERNMENTS—TREASURIES–1.4%
United States–1.4%
U.S. Treasury Notes  2.125%, 11/30/2023				200		198,937
2.625%, 02/15/2029(g)(h)				2,670		2,415,516
Total Governments—Treasuries (cost $2,976,779)						2,614,453
	Notional Amount
PURCHASED OPTIONS—PUTS–0.8%
Options on Equity Indices–0.8%
Euro STOXX 50 Index Expiration: Jul 2024; Contracts: 1,420; Exercise Price: EUR 3,750.00; Counterparty: UBS AG(d)		EUR		5,325,000		168,086
FTSE 100 Index Expiration: Jul 2024; Contracts: 300; Exercise Price: GBP 6,600.00; Counterparty: UBS AG(d)		GBP		1,980,000		36,880
Nikkei 225 Index Expiration: Sep 2024; Contracts: 19,000; Exercise Price: JPY 26,500.00; Counterparty: UBS AG(d)		JPY		503,500,000		98,222

	Notional Amount				U.S. $ Value
S&P 500 Index Expiration: Jul 2024; Contracts: 11,300; Exercise Price: USD 3,850.00; Counterparty: UBS AG(d)		USD		43,505,000	$	1,104,323
Total Purchased Options—Puts (premiums paid $1,221,209)						1,407,511
	Principal Amount (000)
COLLATERALIZED MORTGAGE OBLIGATIONS–0.0%
Risk Share Floating Rate–0.0%
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 2M2 8.329% (SOFR + 3.01%), 07/25/2024(b)			$	22		22,596
Series 2015-C02, Class 1M2 9.429% (SOFR + 4.11%), 05/25/2025(b)				28		28,954
Total Collateralized Mortgage Obligations (cost $50,332)						51,550
			Shares
SHORT-TERM INVESTMENTS–6.3%
Investment Companies–6.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.25%(e)(i)(j) (cost $11,321,658)				11,321,658		11,321,658
Total Investments—97.6% (cost $176,093,759)						175,002,418
Other assets less liabilities—2.4%						4,276,598
Net Assets—100.0%					$	179,279,016

FUTURES (see Note 3)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
E-Mini Russell 2000 Index Futures		34	December 2023	$	3,057,620	$	(125,526	)
Euro STOXX 50 Index Futures		148	December 2023		6,578,126		(32,011	)
FTSE 100 Index Futures		25	December 2023		2,339,847		24,656
Hang Seng Index Futures		4	October 2023		456,879		2,642
MSCI Singapore IX ETS Futures		10	October 2023		208,961		3,517
Nikkei 225 (OSE) Futures		3	December 2023		639,588		(17,139	)
OMXS 30 Index Futures		30	October 2023		593,105		(7,235	)

76 Sanford C. Bernstein Fund, Inc.

Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Futures		106	December 2023	$	22,925,150	$	(871,569	)
S&P Mid 400 E-Mini Futures		9	December 2023		2,268,360		(73,080	)
S&P/TSX 60 Index Futures		14	December 2023		2,424,914		(88,766	)
TOPIX Index Futures		31	December 2023		4,819,894		(65,361	)
U.S. T-Note 10 Yr (CBT) Futures		130	December 2023		14,048,125		(253,774	)
U.S. T-Note 2 Yr (CBT) Futures		51	December 2023		10,338,258		(19,634	)
U.S. Ultra Bond (CBT) Futures		38	December 2023		4,510,125		(331,371	)
Sold Contracts
MSCI Emerging Markets Futures		95	December 2023		4,538,625		144,788
SPI 200 Futures		20	December 2023		2,277,971		49,559
						$	(1,660,304	)

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	1,296	EUR	1,195		10/12/2023	$	(32,858	)
Bank of America, NA	JPY	205,080	USD	1,393		10/19/2023		17,656
Bank of America, NA	NZD	904	USD	535		10/27/2023		(6,904	)
Bank of America, NA	AUD	3,201	USD	2,045		11/08/2023		(15,608	)
Bank of America, NA	USD	893	AUD	1,379		11/08/2023		(5,959	)
Bank of America, NA	CHF	2,071	USD	2,323		11/16/2023		49,231
Bank of America, NA	USD	955	CHF	853		11/16/2023		(19,218	)
Bank of America, NA	USD	512	NOK	5,516		12/07/2023		4,472
Barclays Bank PLC	CAD	2,346	USD	1,744		10/27/2023		16,620
Barclays Bank PLC	NZD	2,803	USD	1,648		10/27/2023		(32,394	)
Barclays Bank PLC	USD	728	GBP	588		11/17/2023		(11,009	)
BNP Paribas SA	EUR	3,322	USD	3,567		10/12/2023		53,488
BNP Paribas SA	USD	1,349	JPY	197,986		10/19/2023		(20,324	)
Goldman Sachs Bank USA	USD	595	EUR	539		10/12/2023		(24,763	)
Goldman Sachs Bank USA	CAD	881	USD	646		10/27/2023		(2,790	)
Goldman Sachs Bank USA	USD	1,793	AUD	2,779		11/08/2023		(4,172	)
HSBC Bank USA	AUD	1,775	USD	1,149		11/08/2023		6,235
JPMorgan Chase Bank, NA	USD	3,834	GBP	3,077		11/17/2023		(79,275	)
Morgan Stanley Capital Services, Inc.	EUR	2,244	USD	2,470		10/12/2023		96,768
Morgan Stanley Capital Services, Inc.	USD	7,419	EUR	6,728		10/12/2023		(303,570	)
Morgan Stanley Capital Services, Inc.	USD	5,466	JPY	783,946		10/19/2023		(206,627	)
Morgan Stanley Capital Services, Inc.	USD	2,383	CAD	3,227		10/27/2023		(6,227	)
Morgan Stanley Capital Services, Inc.	USD	2,203	NZD	3,707		10/27/2023		19,353
Morgan Stanley Capital Services, Inc.	CHF	710	USD	781		11/16/2023		2,111
Morgan Stanley Capital Services, Inc.	USD	2,374	SEK	26,176		12/07/2023		28,295
State Street Bank & Trust Co.	EUR	309	USD	334		10/12/2023		7,808
State Street Bank & Trust Co.	JPY	30,090	USD	206		10/19/2023		4,438
State Street Bank & Trust Co.	CAD	404	USD	301		10/27/2023		3,524
State Street Bank & Trust Co.	NZD	1,157	USD	688		10/27/2023		(6,486	)

2023 Annual Report 77

Schedule of Investments (continued)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.	USD	551	NZD	922		10/27/2023	$	2,421
State Street Bank & Trust Co.	AUD	304	USD	195		11/08/2023		(718	)
State Street Bank & Trust Co.	USD	404	SEK	4,446		12/07/2023		3,607
							$	(462,875	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)
Description	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at September 30, 2023			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 41, 5 Year Index, 12/20/2028*		(5.00	)%	Quarterly		4.79	%		USD	3,800	$	(36,210	)	$	(36,423	)	$	213
Sale Contracts
CDX-NAHY Series 41, 5 Year Index, 12/20/2028*		5.00		Quarterly		4.79			USD	6,080		57,322			52,264			5,058
											$	21,112		$	15,841		$	5,271

* Termination date

	CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)
			Termination Date		Rate Type		Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Notional Amount (000)					Payments made by the Fund	Payments received by the Fund
	USD	3,700		01/15/2028	1.230%	CPI#	Maturity	$	658,142	$	—	$	658,142
	USD	1,575		01/15/2030	1.572%	CPI#	Maturity		264,584		—		264,584
	USD	1,575		01/15/2030	1.587%	CPI#	Maturity		262,503		—		262,503
	USD	240		01/15/2030	1.714%	CPI#	Maturity		37,299		—		37,299
	USD	240		01/15/2030	1.731%	CPI#	Maturity		36,936		—		36,936
	USD	1,300		01/15/2031	2.782%	CPI#	Maturity		89,348		—		89,348
	USD	1,180		01/15/2031	2.680%	CPI#	Maturity		92,363		—		92,363
	USD	1,030		01/15/2031	2.989%	CPI#	Maturity		50,618		—		50,618
								$	1,491,793	$	—	$	1,491,793

# 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)
			Termination Date		Rate Type		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Notional Amount (000)					Payments made by the Fund	Payments received by the Fund
	USD	1,600		04/20/2028	1 Day SOFR	3.478%	Annual	$	(73,152	)	$	—	$	(73,152	)
	USD	5,900		04/30/2030	1 Day SOFR	3.075%	Annual		(460,833	)		—		(460,833	)
	USD	1,400		04/30/2030	1 Day SOFR	3.411%	Annual		(79,701	)		—		(79,701	)
	USD	1,010		04/30/2030	1 Day SOFR	3.500%	Annual		(51,641	)		—		(51,641	)
	USD	2,600		07/31/2030	1 Day SOFR	3.806%	Annual		(82,248	)		—		(82,248	)
	USD	2,100		07/31/2030	1 Day SOFR	3.897%	Annual		(51,811	)		—		(51,811	)
	USD	1,600		07/31/2030	1 Day SOFR	4.016%	Annual		(29,385	)		—		(29,385	)
	USD	14,000		03/31/2033	3.120%	1 Day SOFR	Annual		1,373,693			—		1,373,693
								$	544,922		$	—	$	544,922

78 Sanford C. Bernstein Fund, Inc.

CREDIT DEFAULT SWAPS (see Note 3)
Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at September 30, 2023			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	18	$	(2,602	)	$	(1,647	)	$	(955	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	60		(8,651	)		(7,065	)		(1,586	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	4		(563	)		(446	)		(117	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	10		(1,407	)		(899	)		(508	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	50		(7,173	)		(4,464	)		(2,709	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	123		(17,654	)		(13,890	)		(3,764	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	125		(17,934	)		(11,472	)		(6,462	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	23		(3,376	)		(2,746	)		(630	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	64		(9,213	)		(5,569	)		(3,644	)
											$	(68,573	)	$	(48,198	)	$	(20,375	)

* Termination date

INFLATION (CPI) SWAPS (see Note 3)
			Termination Date		Rate Type						Payment Frequency Paid/ Received		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Swap Counterparty	Notional Amount (000)				Payments made by the Fund			Payments received by the Fund
Barclays Bank PLC	USD	5,000		10/23/2026		2.310	%		CPI	#		Maturity	$	298,866	$	—	$	298,866
Barclays Bank PLC	USD	5,000		12/04/2027		2.170	%		CPI	#		Maturity		556,219		—		556,219
Barclays Bank PLC	USD	1,000		10/23/2029		2.388	%		CPI	#		Maturity		55,171		—		55,171
Citibank, NA	USD	7,000		11/04/2023		1.900	%		CPI	#		Maturity		931,499		—		931,499
Citibank, NA	USD	3,000		07/20/2027		2.104	%		CPI	#		Maturity		359,642		—		359,642
Deutsche Bank AG	USD	4,000		09/04/2025		1.818	%		CPI	#		Maturity		534,121		—		534,121
JPMorgan Chase Bank, NA	USD	3,000		03/02/2024		2.175	%		CPI	#		Maturity		329,758		—		329,758
JPMorgan Chase Bank, NA	USD	5,000		07/20/2024		1.995	%		CPI	#		Maturity		609,741		—		609,741
JPMorgan Chase Bank, NA	USD	4,000		11/04/2026		2.015	%		CPI	#		Maturity		511,630		—		511,630
JPMorgan Chase Bank, NA	USD	7,000		12/27/2028		2.009	%		CPI	#		Maturity		874,398		—		874,398
JPMorgan Chase Bank, NA	USD	3,100		01/15/2030		3.493	%		CPI	#		Maturity		24,208		—		24,208
Morgan Stanley Capital Services LLC	USD	5,000		07/20/2032		2.158	%		CPI	#		Maturity		654,257		—		654,257
													$	5,739,510	$	—	$	5,739,510

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

2023 Annual Report 79

Schedule of Investments (continued)

INTEREST RATE SWAPS (see Note 3)

Termination Date

Rate Type

Payment Frequency Paid/ Received

Market Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Swap Counterparty

Notional Amount (000)

Payments made by the Fund

Payments received by the Fund

Citibank, NA

USD

3,815

10/09/2029

1.125

%

SIFMA

*

Quarterly

$

462,396

$

—

$

462,396

* 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	1,320		12/15/2023	$	(8,100	)

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2023, the aggregate market value of these securities amounted to $22,848,598 or 12.7% of net assets.

(b) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2023.

(c) Defaulted.

(d) Non-income producing security.

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

(f) IO—Interest Only.

(g) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

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

(i) Affiliated investments.

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

As of September 30, 2023, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 2.7% and 0.0%, respectively.

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

AGM—Assured Guaranty Municipal

CBT—Chicago Board of Trade

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

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

CMBS—Commercial Mortgage-Backed Securities

COP—Certificate of Participation

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.

80 Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Tax-Aware Overlay N Portfolio

September 30, 2023

	Principal Amount (000)			U.S. $ Value
MUNICIPAL OBLIGATIONS–74.0%
Long-Term Municipal Bonds–72.6%
American Samoa–0.1%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028(a)		$	180	$	186,246
Colorado–0.1%
Vauxmont Metropolitan District AGM Series 2020 5.00%, 12/01/2050			100		100,604
Florida–0.1%
Capital Trust Agency, Inc. (Franklin Academy Series 2020 Obligated Group) Series 2020 5.00%, 12/15/2026(a)			100		97,724
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2032			100		64,429
					162,153
Guam–2.0%
Antonio B Won Pat International Airport Authority Series 2021-A 3.099%, 10/01/2028			100		85,646
3.339%, 10/01/2030			150		121,838
Guam Power Authority Series 2022-A 5.00%, 10/01/2028			1,000		1,025,094
Territory of Guam Series 2019 5.00%, 11/15/2031			80		78,846
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2026			100		100,944
5.00%, 12/01/2029			105		105,588
5.00%, 12/01/2030			165		165,672
5.00%, 12/01/2032			155		155,794
Territory of Guam (Territory of Guam Business Privilege Tax) 5.00%, 11/15/2030			600		593,700
Series 2015-D 5.00%, 11/15/2023			315		314,980
5.00%, 11/15/2025			265		264,360
					3,012,462

	Principal Amount (000)			U.S. $ Value
Illinois–1.8%
Chicago Board of Education Series 2017-C 5.00%, 12/01/2023		$	1,465	$	1,467,088
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2027			100		98,360
5.00%, 09/01/2033			100		95,405
Metropolitan Pier & Exposition Authority Series 2017-B 5.00%, 12/15/2025			1,000		1,007,378
					2,668,231
Kentucky–0.1%
City of Ashland KY (Ashland Hospital Corp. Obligated Group) Series 2019 5.00%, 02/01/2026			100		100,766
5.00%, 02/01/2030			100		102,748
					203,514
Louisiana–0.1%
Parish of St. James LA (NuStar Logistics LP) Series 2020 5.85%, 08/01/2041(a)			100		101,554
6.10%, 06/01/2038(a)			100		105,522
					207,076
Michigan–4.0%
City of Detroit MI Series 2018 5.00%, 04/01/2025			800		802,276
Michigan Finance Authority (Great Lakes Water Authority Sewage Disposal System Revenue) AGM Series 2014 5.00%, 07/01/2026			5,055		5,086,403
					5,888,679
Nebraska–1.6%
Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) Series 2018 5.00%, 03/01/2050 (Pre-refunded/ETM)			2,290		2,297,732
Nevada–0.2%
City of Sparks NV (City of Sparks NV Sales Tax) Series 2019-A 2.75%, 06/15/2028(a)			290		264,929

2023 Annual Report 81

Schedule of Investments (continued)

	Principal Amount (000)			U.S. $ Value
New Jersey–0.1%
New Jersey Economic Development Authority (United Airlines, Inc.) Series 2012 5.25%, 09/15/2029		$	125	$	124,492
New York–57.2%
Albany County Airport Authority Series 2020-B 5.00%, 12/15/2023			175		175,078
5.00%, 12/15/2024			145		145,640
5.00%, 12/15/2025			145		146,372
5.00%, 12/15/2026			145		147,440
Build NYC Resource Corp. (East Harlem Scholars Academy Charter School Obligated Group) Series 2022 5.75%, 06/01/2042(a)			245		246,054
Build NYC Resource Corp. (Integration Charter Schools) Series 2021 5.00%, 06/01/2041(a)			300		273,982
Build NYC Resource Corp. (Metropolitan College of New York) Series 2014 5.25%, 11/01/2029			1,000		750,000
City of New York NY Series 2014-A 5.00%, 08/01/2028			1,285		1,295,806
Series 2014-J 5.00%, 08/01/2027			1,085		1,093,948
Series 2018-E 5.00%, 03/01/2031			1,055		1,102,538
Series 2021 1.396%, 08/01/2027			2,970		2,575,214
County of Onondaga NY Series 2022 4.00%, 06/15/2040			1,145		1,105,070
Dutchess County Local Development Corp. (Bard College) Series 2020-B 5.918%, 07/01/2039			940		874,936
Hempstead Town Local Development Corp. (Evergreen Charter School, Inc.) Series 2022-A 5.25%, 06/15/2042			1,000		948,564
Metropolitan Transportation Authority Series 2017-C 5.00%, 11/15/2028			6,400		6,628,736
AGM Series 2021 4.114% (SOFR + 0.55%), 11/01/2032(b)			1,000		999,584

	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)		$	370	$	355,278
Monroe County Industrial Development Corp./NY (Rochester Regional Health Obligated Group) Series 2020 5.00%, 12/01/2030			955		963,094
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			1,460		1,537,276
New York City Transitional Finance Authority Future Tax Secured Revenue Series 2014-B 5.00%, 11/01/2026			4,000		4,018,170
Series 2015-C 5.00%, 11/01/2028			2,145		2,176,626
Series 2021 5.00%, 11/01/2024			4,415		4,469,294
New York Liberty Development Corp. (3 World Trade Center LLC) Series 2014 5.375%, 11/15/2040(a)			250		240,384
7.25%, 11/15/2044(a)			100		100,486
New York Liberty Development Corp. (One Bryant Park LLC) Series 2019 2.45%, 09/15/2069			1,900		1,647,332
2.625%, 09/15/2069			320		275,810
2.80%, 09/15/2069			2,250		1,937,292
New York Liberty Development Corp. (Port Authority of New York & New Jersey) Series 2021-1 3.00%, 02/15/2042			3,000		2,139,984
New York State Dormitory Authority Series 2021 1.187%, 03/15/2026 (Pre-refunded/ETM)			1,000		907,864
New York State Dormitory Authority (Garnet Health Medical Center Obligated Group) Series 2017 5.00%, 12/01/2024(a)			700		693,428
5.00%, 12/01/2034(a)			400		378,308

82 Sanford C. Bernstein Fund, Inc.

	Principal Amount (000)			U.S. $ Value
New York State Dormitory Authority (New York and Presbyterian Hospital Obligated Group) Series 2023 5.00%, 08/01/2038		$	1,000	$	1,063,614
New York State Dormitory Authority (Northwell Health Obligated Group) Series 2022 4.00%, 05/01/2039			1,000		876,614
4.00%, 05/01/2040			1,000		867,000
New York State Dormitory Authority (Rochester Institute of Technology) Series 2020-A 5.00%, 07/01/2029			1,000		1,078,390
5.00%, 07/01/2031			1,200		1,279,118
5.00%, 07/01/2032			1,040		1,104,190
New York State Dormitory Authority (St John’s University/NY) Series 2021-A 4.00%, 07/01/2032			1,105		1,109,476
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2014-A 5.00%, 02/15/2028			2,035		2,041,370
Series 2014-C 5.00%, 03/15/2029			3,000		3,010,164
New York State Dormitory Authority (Wagner College) Series 2022 5.00%, 07/01/2037			540		529,828
New York State Thruway Authority (New York State Thruway Authority Gen Toll Road) Series 2019-M 2.90%, 01/01/2035			2,000		1,619,294
Series 2021-O 4.00%, 01/01/2038			2,810		2,646,086
New York State Urban Development Corp. (State of New York Pers Income Tax) Series 2022 5.00%, 09/15/2029			275		294,788
New York Transportation Development Corp. (American Airlines, Inc.) Series 2021 3.00%, 08/01/2031			1,000		863,520
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 5.00%, 01/01/2030			2,065		2,084,374
5.00%, 01/01/2032			1,495		1,506,260

	Principal Amount (000)			U.S. $ Value
New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2022 4.00%, 12/01/2042		$	2,000	$	1,708,002
Niagara Area Development Corp. (Covanta Holding Corp.) Series 2018-B 3.50%, 11/01/2024(a)			600		588,934
Port Authority of New York & New Jersey Series 2014 5.00%, 09/01/2028			3,615		3,624,150
Series 2019 5.00%, 11/01/2031			1,455		1,510,546
Series 2021-2 4.00%, 07/15/2038			1,365		1,241,816
Suffolk Tobacco Asset Securitization Corp. Series 2021 4.00%, 06/01/2050			470		426,906
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021 5.00%, 05/15/2050			2,265		2,308,528
Series 2021-A 2.511%, 05/15/2035			1,500		1,118,260
Series 2022 5.00%, 05/15/2034			500		542,440
5.00%, 05/15/2035			1,000		1,078,738
5.00%, 05/15/2036			1,000		1,068,708
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute) Series 2020 5.00%, 09/01/2031			305		317,498
5.00%, 09/01/2032			415		431,988
5.00%, 09/01/2033			395		411,080
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		5,771,702
					84,472,970
Ohio–0.4%
Ohio Air Quality Development Authority (Pratt Paper OH LLC) Series 2017 3.75%, 01/15/2028(a)			590		578,077

2023 Annual Report 83

Schedule of Investments (continued)

	Principal Amount (000)			U.S. $ Value
Puerto Rico–2.4%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024		$	48	$	46,384
Zero Coupon, 07/01/2033			414		243,840
4.00%, 07/01/2033			103		92,234
4.00%, 07/01/2035			3		2,266
4.00%, 07/01/2046			3		2,440
5.375%, 07/01/2025			203		205,318
5.625%, 07/01/2027			508		521,498
5.75%, 07/01/2031			103		107,626
Series 2022-C 0.00%, 11/01/2043			19		9,914
HTA TRRB Custodial Trust  Series 2022 5.25%, 07/01/2034			165		160,778
5.25%, 07/01/2036			215		215,850
5.25%, 07/01/2041			205		200,074
Puerto Rico Commonwealth Aqueduct & Sewer Authority Series 2020-A 5.00%, 07/01/2030(a)			725		722,893
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031			230		226,962
Puerto Rico Highway & Transportation Authority Series 2022-B Zero Coupon, 07/01/2032			170		109,650
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) Series 2000 6.625%, 06/01/2026(c)(d)			745		521,500
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024			133		128,754
					3,517,981
South Carolina–1.3%
Patriots Energy Group Financing Agency (Royal Bank of Canada) Series 2018-A 4.00%, 10/01/2048			2,000		1,994,087
Texas–0.1%
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2014 5.00%, 07/01/2029			100		98,377
Washington–0.5%
Kalispel Tribe of Indians Series 2018-B 5.00%, 01/01/2032(a)			700		714,508

	Principal Amount (000)				U.S. $ Value
Wisconsin–0.5%
UMA Education, Inc. Series 2019 5.00%, 10/01/2025(a)			$	165	$	163,552
5.00%, 10/01/2026(a)				180		178,034
5.00%, 10/01/2027(a)				155		153,454
5.00%, 10/01/2028(a)				105		103,905
5.00%, 10/01/2029(a)				100		98,678
						697,623
Total Long-Term Municipal Bonds (cost $115,104,516)						107,189,741
Short-Term Municipal Notes–1.4%
New York–1.4%
Town of Oyster Bay NY Series 2023 5.00%, 03/08/2024				1,000		1,004,162
Corning City School District Series 2023-A 5.00%, 06/21/2024				1,000		1,007,497
Total Short-Term Municipal Notes (cost $2,018,681)						2,011,659
Total Municipal Obligations (cost $117,123,197)						109,201,400
			Shares
INVESTMENT COMPANIES–20.0%
Funds and Investment Trusts–20.0% (e)
iShares Core MSCI EAFE ETF				368,888		23,737,943
iShares Core MSCI Emerging Markets ETF				58,348		2,776,781
Vanguard Mid-Cap ETF				14,360		2,990,326
Total Investment Companies (cost $29,678,252)						29,505,050
	Principal Amount (000)
GOVERNMENTS—TREASURIES–2.2%
United States–2.2%
U.S. Treasury Notes  2.625%, 02/15/2029(f)(g) (cost $3,688,925)			$	3,543		3,205,308
	Notional Amount
PURCHASED OPTIONS—PUTS–0.8%
Options on Equity Indices–0.8%
Euro STOXX 50 Index Expiration: Jul 2024; Contracts: 1,220; Exercise Price: EUR 3,750.00; Counterparty: UBS AG(d)		EUR		4,575,000		144,412

84 Sanford C. Bernstein Fund, Inc.

	Notional Amount				U.S. $ Value
FTSE 100 Index Expiration: Jul 2024; Contracts: 260; Exercise Price: GBP 6,600.00; Counterparty: UBS AG(d)		GBP		1,716,000	$	31,963
Nikkei 225 Index Expiration: Sep 2024; Contracts: 16,000; Exercise Price: JPY 26,500.00; Counterparty: UBS AG(d)		JPY		424,000,000		82,714
S&P 500 Index Expiration: Jul 2024; Contracts: 9,800; Exercise Price: USD 3,850.00; Counterparty: UBS AG(d)		USD		37,730,000		957,731
Total Purchased Options—Puts (premiums paid $1,055,836)						1,216,820
	Principal Amount (000)
COMMERCIAL MORTGAGE-BACKED SECURITIES–0.1%
Agency CMBS–0.1%
Washington State Housing Finance Commission Series 2021-1, Class A 3.50%, 12/20/2035 (cost $161,628)			$	145		125,172

	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 12.179% (SOFR + 6.86%), 08/25/2028(b) (cost $51,560)		$	50	$	52,922
	Shares
SHORT-TERM INVESTMENTS–1.1%
Investment Companies–1.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 5.25%(e)(h)(i) (cost $1,623,840)			1,623,840		1,623,840
Total Investments—98.2% (cost $153,383,238)					144,930,512
Other assets less liabilities—1.8%					2,729,023
Net Assets—100.0%				$	147,659,535

FUTURES (see Note 3)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
E-Mini Russell 2000 Index Futures		28	December 2023	$	2,518,040	$	(103,374	)
Euro STOXX 50 Index Futures		29	December 2023		1,288,957		(15,790	)
FTSE 100 Index Futures		3	December 2023		280,782		3,255
MSCI Emerging Markets Futures		49	December 2023		2,340,975		(37,964	)
Nikkei 225 (OSE) Futures		3	December 2023		639,588		(12,480	)
S&P 500 E-Mini Futures		163	December 2023		35,252,825		(1,400,754	)
S&P/TSX 60 Index Futures		11	December 2023		1,905,290		(74,165	)
U.S. T-Note 2 Yr (CBT) Futures		42	December 2023		8,513,859		(16,216	)
U.S. T-Note 10 Yr (CBT) Futures		108	December 2023		11,670,750		(211,072	)
U.S. Ultra Bond (CBT) Futures		31	December 2023		3,679,312		(270,329	)
Sold Contracts
Euro STOXX 50 Index Futures		107	December 2023		4,755,807		80,849
FTSE 100 Index Futures		22	December 2023		2,059,065		9,973
Hang Seng Index Futures		2	October 2023		228,440		2,204
MSCI Singapore IX ETS Futures		6	October 2023		125,377		(2,158	)
OMXS 30 Index Futures		13	October 2023		257,012		3,091

2023 Annual Report 85

Schedule of Investments (continued)

Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)
S&P Mid 400 E-Mini Futures		5	December 2023	$	1,260,200	$	40,716
SPI 200 Futures		31	December 2023		3,530,856		79,120
TOPIX Index Futures		10	December 2023		1,554,804		10,996
						$	(1,914,098	)

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	1,094	EUR	1,008		10/12/2023	$	(27,724	)
Bank of America, NA	JPY	186,143	USD	1,265		10/19/2023		16,026
Bank of America, NA	NZD	850	USD	503		10/27/2023		(6,494	)
Bank of America, NA	AUD	1,611	USD	1,044		11/08/2023		6,962
Bank of America, NA	AUD	1,906	USD	1,218		11/08/2023		(9,295	)
Bank of America, NA	CHF	3,643	USD	4,085		11/16/2023		86,584
Bank of America, NA	USD	818	CHF	730		11/16/2023		(16,450	)
Barclays Bank PLC	CAD	1,820	USD	1,353		10/27/2023		12,892
Barclays Bank PLC	NZD	2,245	USD	1,320		10/27/2023		(25,949	)
BNP Paribas SA	EUR	2,883	USD	3,095		10/12/2023		46,414
BNP Paribas SA	USD	739	JPY	108,464		10/19/2023		(11,134	)
Goldman Sachs Bank USA	USD	658	EUR	596		10/12/2023		(27,382	)
Goldman Sachs Bank USA	CAD	987	USD	724		10/27/2023		(3,125	)
Goldman Sachs Bank USA	USD	1,039	AUD	1,611		11/08/2023		(2,418	)
HSBC Bank USA	AUD	1,401	USD	907		11/08/2023		4,922
Morgan Stanley Capital Services LLC	EUR	3,358	USD	3,699		10/12/2023		147,707
Morgan Stanley Capital Services LLC	JPY	112,902	USD	787		10/19/2023		29,758
Morgan Stanley Capital Services LLC	USD	2,073	CAD	2,807		10/27/2023		(5,416	)
Morgan Stanley Capital Services LLC	USD	1,839	NZD	3,096		10/27/2023		16,161
Morgan Stanley Capital Services LLC	CHF	584	USD	643		11/16/2023		1,736
Morgan Stanley Capital Services LLC	USD	1,229	SEK	13,551		12/07/2023		14,648
State Street Bank & Trust Co.	EUR	301	USD	327		10/12/2023		8,321
State Street Bank & Trust Co.	EUR	186	USD	196		10/12/2023		0
State Street Bank & Trust Co.	JPY	29,738	USD	204		10/19/2023		4,386
State Street Bank & Trust Co.	CAD	370	USD	276		10/27/2023		3,224
State Street Bank & Trust Co.	NZD	1,066	USD	632		10/27/2023		(6,568	)
State Street Bank & Trust Co.	USD	458	NZD	768		10/27/2023		2,014
State Street Bank & Trust Co.	AUD	1,204	USD	770		11/08/2023		(4,175	)
State Street Bank & Trust Co.	USD	500	AUD	777		11/08/2023		(70	)
State Street Bank & Trust Co.	GBP	311	USD	388		11/17/2023		8,151
State Street Bank & Trust Co.	GBP	130	USD	158		11/17/2023		(378	)
State Street Bank & Trust Co.	USD	462	GBP	373		11/17/2023		(6,026	)
State Street Bank & Trust Co.	USD	257	NOK	2,770		12/07/2023		2,250
State Street Bank & Trust Co.	USD	302	SEK	3,323		12/07/2023		2,696
							$	262,248

86 Sanford C. Bernstein Fund, Inc.

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)
Description	Fixed Rate (Pay) Receive	Payment Frequency		Implied Credit Spread at September 30, 2023			Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Sale Contracts
CDX-NAHY Series 41, 5 Year Index, 12/20/2028*	5.00%		Quarterly		4.79	%		USD	4,950	$	46,668	$	42,551	$	4,117

* 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
	USD	2,900		01/15/2028	1.230%	CPI#	Maturity	$	515,841	$	—	$	515,841
	USD	1,125		01/15/2030	1.572%	CPI#	Maturity		188,988		—		188,988
	USD	1,125		01/15/2030	1.587%	CPI#	Maturity		187,502		—		187,502
	USD	180		01/15/2030	1.714%	CPI#	Maturity		27,975		—		27,975
	USD	180		01/15/2030	1.731%	CPI#	Maturity		27,702		—		27,702
	USD	1,000		01/15/2031	2.782%	CPI#	Maturity		68,729		—		68,729
	USD	880		01/15/2031	2.680%	CPI#	Maturity		68,881		—		68,881
	USD	770		01/15/2031	2.989%	CPI#	Maturity		37,841		—		37,841
								$	1,123,459	$	—	$	1,123,459

# 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	5,000	04/19/2028	1 Day SOFR	3.496%	Annual	$	(224,744	)	$	—	$	(224,744	)
	USD	1,200	04/30/2030	1 Day SOFR	3.411%	Annual		(68,315	)		—		(68,315	)
	USD	1,000	04/30/2030	1 Day SOFR	3.715%	Annual		(37,399	)		—		(37,399	)
	USD	870	04/30/2030	1 Day SOFR	3.500%	Annual		(44,483	)		—		(44,483	)
	USD	1,800	07/31/2030	1 Day SOFR	3.806%	Annual		(56,941	)		—		(56,941	)
	USD	1,100	07/31/2030	1 Day SOFR	4.016%	Annual		(20,202	)		—		(20,202	)
	USD	8,700	03/31/2033	3.120%	1 Day SOFR	Annual		853,652			—		853,652
							$	401,568		$	—	$	401,568

2023 Annual Report 87

Schedule of Investments (continued)

CREDIT DEFAULT SWAPS (see Note 3)
Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2023			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	15	$	(2,110	)	$	(1,336	)	$	(774	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	48		(6,963	)		(5,687	)		(1,276	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	3		(492	)		(390	)		(102	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	8		(1,196	)		(764	)		(432	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	98		(14,137	)		(11,123	)		(3,014	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	59		(8,440	)		(5,256	)		(3,184	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	100		(14,418	)		(9,223	)		(5,195	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	19		(2,673	)		(2,174	)		(499	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	33		(4,783	)		(2,889	)		(1,894	)
												$	(55,212	)	$	(38,842	)	$	(16,370	)

* 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
Barclays Bank PLC	USD	4,000		10/23/2026		2.310	%		CPI#		Maturity	$	239,093	$	—	$	239,093
Barclays Bank PLC	USD	1,000		10/23/2029		2.388	%		CPI#		Maturity		55,171		—		55,171
Barclays Bank PLC	USD	3,000		12/04/2032		2.233	%		CPI#		Maturity		355,768		—		355,768
Citibank, NA	USD	7,000		11/04/2023		1.900	%		CPI#		Maturity		931,499		—		931,499
Citibank, NA	USD	3,500		07/20/2027		2.104	%		CPI#		Maturity		419,583		—		419,583
Deutsche Bank AG	USD	4,000		09/04/2025		1.818	%		CPI#		Maturity		534,121		—		534,121
JPMorgan Chase Bank, NA	USD	2,500		03/02/2024		2.175	%		CPI#		Maturity		274,798		—		274,798
JPMorgan Chase Bank, NA	USD	7,000		07/20/2024		1.995	%		CPI#		Maturity		853,637		—		853,637
JPMorgan Chase Bank, NA	USD	3,000		11/04/2026		2.015	%		CPI#		Maturity		383,722		—		383,722
JPMorgan Chase Bank, NA	USD	5,000		12/27/2028		2.009	%		CPI#		Maturity		624,570		—		624,570
JPMorgan Chase Bank, NA	USD	1,000		01/15/2030		3.493	%		CPI#		Maturity		7,809		—		7,809
JPMorgan Chase Bank, NA	USD	4,420		01/15/2032		3.325	%		CPI#		Maturity		45,299		—		45,299
Morgan Stanley Capital Services LLC	USD	1,800		07/20/2032		2.158	%		CPI#		Maturity		235,532		—		235,532
												$	4,960,602	$	—	$	4,960,602

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

88 Sanford C. Bernstein Fund, Inc.

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

2,840

10/09/2029

1.125

%

SIFMA*

Quarterly

$

344,222

$

—

$

344,222

* 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)
Pay Total Return on Reference Obligation
Morgan Stanley Capital Services LLC
Swiss Market Index Futures		0.00%	Maturity		CHF	1,100		12/15/2023	$	6,014

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2023, the aggregate market value of these securities amounted to $6,345,930 or 4.3% of net assets.

(b) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2023.

(c) Defaulted.

(d) Non-income producing security.

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

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

(g) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(h) Affiliated investments.

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

As of September 30, 2023, 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 5.9% and 0.0%, respectively.

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

AGM—Assured Guaranty Municipal

CBT—Chicago Board of Trade

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

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

CMBS—Commercial Mortgage-Backed Securities

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

ETM—Escrowed to Maturity

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

SOFR—Secured Overnight Financing Rate

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

2023 Annual Report 89

Statement of Assets and Liabilities—September 30, 2023

	OVERLAY A PORTFOLIO		TAX-AWARE OVERLAY A PORTFOLIO		OVERLAY B PORTFOLIO
ASSETS
Investments in securities at value
Unaffiliated issuers	$	457,512,935	$	910,007,125	$	448,304,974
Affiliated issuers		335,585,366		604,355,025		137,630,132
Foreign currencies, at value (a)		10,727,167		923,977		1,043,925
Cash		0		0		20,837
Cash collateral due from broker		7,134,161		12,032,181		5,310,436
Receivables:
Unaffiliated interest and dividends		205,409		353,659		2,936,567
Affiliated dividends		122,578		44,645		558,966
Investment securities sold and foreign currency transactions		512,558		376,702		9,041,037
Capital shares sold		795,831		972,312		624,573
Variation margin on futures		916,487		1,205,706		0
Terminated centrally cleared credit default swaps		590,908		1,110,581		157,727
Unrealized appreciation of forward currency exchange contracts		3,993,601		7,451,349		3,676,784
Unrealized appreciation of total return swaps		71		0		0
Other assets		245,815		534,645		653
Total assets		818,342,887		1,539,367,907		609,306,611
LIABILITIES
Due to custodian		0		8,963,486		0
Cash collateral due to broker		16,900,000		32,385,779		4,908,000
Payables:
Investment securities purchased		521,283		484,642		35,206,398
Variation margin on centrally cleared swaps		5,775,619		9,754,480		1,669,938
Capital shares redeemed		324,573		6,083,643		660,186
Management fee		388,421		726,883		278,975
Shareholder servicing fee		111,189		197,016		56,729
Variation margin on futures		0		0		53,496
Transfer Agent fee		3,983		5,409		2,580
Foreign capital gains taxes		0		0		8,180
Terminated centrally cleared credit default swaps		833,794		1,567,072		223,458
Newly entered centrally cleared credit default swaps		700,115		1,315,837		187,633
Accrued expenses		438,190		490,074		630,587
Unrealized depreciation of forward currency exchange contracts		5,079,751		9,754,387		2,689,582
Market value on credit default swaps (b)		0		0		89,770
Unrealized depreciation of total return swaps		0		305		24,976
Total liabilities		31,076,918		71,729,013		46,690,488
NET ASSETS	$	787,265,969	$	1,467,638,894	$	562,616,123
Cost of investments
Unaffiliated issuers	$	288,217,971	$	485,907,615	$	485,952,223
Affiliated issuers		313,183,746		559,300,891		139,524,516
NET ASSETS CONSIST OF:
Capital stock, at par	$	70,357	$	122,367	$	66,190
Additional paid-in capital		643,524,593		1,060,038,265		751,129,559
Distributable earnings (accumulated loss)		143,671,019		407,478,262		(188,579,626	)
	$	787,265,969	$	1,467,638,894	$	562,616,123

(a) Cost: $10,883,465, $929,633 and $1,082,800, respectively. (Note 1)

(b) Net premiums received of $0, $0 and $53,205, respectively.

See Notes to Financial Statements.

90 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	$	647,296,627	$	1,136,154,155	$	447,543,997
Shares of capital stock outstanding		57,866,647		94,781,604		52,688,764
Net asset value, offering and redemption price per share	$	11.19	$	11.99	$	8.49
Class 2 Shares
Net Assets	$	139,969,342	$	331,484,739	$	115,072,126
Shares of capital stock outstanding		12,490,815		27,585,567		13,501,112
Net asset value, offering and redemption price per share	$	11.21	$	12.02	$	8.52

See Notes to Financial Statements.

2023 Annual Report 91

Statement of Assets and Liabilities—September 30, 2023 (continued)

	TAX-AWARE OVERLAY B PORTFOLIO			TAX-AWARE OVERLAY C PORTFOLIO			TAX-AWARE OVERLAY N PORTFOLIO
ASSETS
Investments in securities at value
Unaffiliated issuers	$	666,371,565		$	163,680,760		$	143,306,672
Affiliated issuers		0			11,321,658			1,623,840
Foreign currencies, at value (a)		613,498			927,813			398,519
Cash collateral due from broker		7,742,076			2,781,361			2,305,712
Receivables:
Unaffiliated interest and dividends		6,929,353			1,737,943			1,424,977
Affiliated dividends		40,062			72,214			8,611
Investment securities sold		50			844,231			628,123
Capital shares sold		1,198,480			6,385			51,517
Variation margin on centrally cleared swaps		317,848			75,548			0
Terminated centrally cleared credit default swaps		191,020			51,435			41,873
Unrealized appreciation of inflation swaps		19,906,190			5,739,510			4,960,602
Unrealized appreciation of interest rate swaps		1,511,424			462,396			344,222
Unrealized appreciation of forward currency exchange contracts		1,329,225			316,027			414,852
Unrealized appreciation of total return swaps		14,433			0			6,014
Total assets		706,165,224			188,017,281			155,515,534
LIABILITIES
Due to custodian		1,529,108			0			0
Cash collateral due to broker		26,930,000			6,300,000			6,000,000
Payables:
Investment securities purchased		1,981,089			812,790			605,806
Management fee		370,779			83,369			63,599
Variation margin on centrally cleared swaps		0			0			421,037
Capital shares redeemed		153,418			212,496			51,269
Variation margin on futures		221,485			26,832			100,066
Shareholder servicing fee		60,832			15,786			16,139
Transfer Agent fee		3,299			1,495			1,494
Terminated centrally cleared credit default swaps		269,537			72,577			59,085
Newly entered centrally cleared credit default swaps		226,322			60,941			49,615
Accrued expenses		406,181			296,404			280,073
Unrealized depreciation of forward currency exchange contracts		736,041			778,902			152,604
Market value on credit default swaps (b)		188,842			68,573			55,212
Unrealized depreciation of total return swaps		0			8,100			0
Total liabilities		33,076,933			8,738,265			7,855,999
NET ASSETS	$	673,088,291		$	179,279,016		$	147,659,535
Cost of investments
Unaffiliated issuers	$	657,313,693		$	164,772,101		$	151,759,398
Affiliated issuers		0			11,321,658			1,623,840
NET ASSETS CONSIST OF:
Capital stock, at par	$	66,816		$	18,000		$	14,872
Additional paid-in capital		705,957,270			192,833,142			154,463,091
Accumulated loss		(32,935,795	)		(13,572,126	)		(6,818,428	)
	$	673,088,291		$	179,279,016		$	147,659,535

(a) Cost: $628,122, $952,057 and $409,206, respectively. (Note 1)

(b) Net premiums received of $122,486, $48,198 and $38,842, respectively.

See Notes to Financial Statements.

92 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	$	479,517,236	$	120,464,149	$	123,957,297
Shares of capital stock outstanding		47,634,388		12,102,009		12,489,244
Net asset value, offering and redemption price per share	$	10.07	$	9.95	$	9.93
Class 2 Shares
Net Assets	$	193,571,055	$	58,814,867	$	23,702,238
Shares of capital stock outstanding		19,181,658		5,898,019		2,382,788
Net asset value, offering and redemption price per share	$	10.09	$	9.97	$	9.95

See Notes to Financial Statements.

2023 Annual Report 93

Statement of Operations—for the year ended September 30, 2023

	OVERLAY A PORTFOLIO			TAX-AWARE OVERLAY A PORTFOLIO			OVERLAY B PORTFOLIO
INVESTMENT INCOME
Income:
Interest (net of foreign taxes withheld of $0, $0 and $43,202, respectively)	$	0		$	134,592		$	23,779,376
Dividends
Unaffiliated issuers (net of foreign withholding taxes of $187,015, $314,177 and $0, respectively)		7,962,318			15,801,247			0
Affiliated issuers		25,561,708			51,550,142			7,619,449
Total income		33,524,026			67,485,981			31,398,825
Expenses:
Management fee (see Note 2A)		10,154,325			19,910,579			4,938,619
Shareholder servicing fee (see Note 2B)		1,865,417			3,463,323			932,397
Custody and accounting fees		200,604			242,741			344,029
Transfer Agent fee—Class 1		51,762			68,830			50,656
Transfer Agent fee—Class 2		10,885			19,137			11,331
Auditing and tax fees		129,908			116,690			137,243
Directors’ fees and expenses		59,729			118,377			40,064
Legal fees		61,279			111,514			42,007
Registration fees		40,195			41,493			37,923
Printing fees		7,775			11,057			14,044
Miscellaneous		75,006			228,841			65,445
Total expenses before interest expense		12,656,885			24,332,582			6,613,758
Interest expense		862,488			1,911,120			0
Total expenses		13,519,373			26,243,702			6,613,758
Less: expenses waived and reimbursed by the Adviser (see Note 2A and 2D)		(3,795,167	)		(7,854,908	)		(322,191	)
Net expenses		9,724,206			18,388,794			6,291,567
Net investment income		23,799,820			49,097,187			25,107,258
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (a)		65,246,308			222,354,717			(66,621,459	)
Affiliated Underlying Portfolios		12,912,766			34,053,804			(717,618	)
Forward currency exchange contracts		(16,189,014	)		(35,846,043	)		(9,973,736	)
Futures		(71,563,045	)		(155,005,772	)		820,259
Swaps		(430,317	)		(1,129,389	)		4,523,577
Foreign currency transactions		790,842			1,130,703			(4,671,077	)
Net realized gain distributions from Affiliated Underlying Portfolios		1,905,509			4,166,524			0
Net realized gain (loss) on investment and foreign currency transactions		(7,326,951	)		69,724,544			(76,640,054	)
Net change in unrealized appreciation (depreciation) of:
Investments (b)		(14,997,442	)		(113,662,929	)		70,223,929
Affiliated Underlying Portfolios		52,742,467			111,425,966			476,629
Forward currency exchange contracts		5,360,415			11,257,784			2,149,428
Futures		(24,456,460	)		(59,106,142	)		9,000,144
Swaps		719,544			1,451,361			(3,684,014	)
Foreign currency denominated assets and liabilities		(177,519	)		(82,177	)		234,937
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		19,191,005			(48,716,137	)		78,401,053
Net realized and unrealized gain on investment and foreign currency transactions		11,864,054			21,008,407			1,760,999
Net increase in net assets resulting from operations	$	35,663,874		$	70,105,594		$	26,868,257

(a) Net of foreign realized capital gains taxes of $0, $0 and $16,478, respectively.

(b) Net of increase in accrued foreign capital gains taxes on unrealized gains of $0, $0 and $716, respectively.

See Notes to Financial Statements.

94 Sanford C. Bernstein Fund, Inc.

	TAX-AWARE OVERLAY B PORTFOLIO			TAX-AWARE OVERLAY C PORTFOLIO			TAX-AWARE OVERLAY N PORTFOLIO
INVESTMENT INCOME
Income:
Interest	$	21,235,142		$	6,218,369		$	4,472,666
Dividends
Unaffiliated issuers		5,311,719			731,416			969,393
Affiliated issuers		811,981			1,030,168			715,578
Total income		27,358,842			7,979,953			6,157,637
Expenses:
Management fee (see Note 2A)		6,475,911			1,785,420			1,412,058
Shareholder servicing fee (see Note 2B)		1,072,081			280,802			278,181
Custody and accounting fees		184,844			121,423			108,336
Transfer Agent fee—Class 1		36,133			14,834			18,635
Transfer Agent fee—Class 2		14,275			6,904			3,227
Auditing and tax fees		114,797			113,386			113,673
Registration fees		40,772			34,982			35,208
Legal fees		55,580			17,789			14,150
Directors’ fees and expenses		53,144			14,704			11,573
Printing fees		14,268			14,669			15,015
Miscellaneous		101,811			46,619			45,697
Total expenses		8,163,616			2,451,532			2,055,753
Less: expenses waived and reimbursed by the Adviser (see Note 2A and 2D)		(19,241	)		(123,523	)		(152,605	)
Net expenses		8,144,375			2,328,009			1,903,148
Net investment income		19,214,467			5,651,944			4,254,489
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		20,243,746			503,544			446,359
Forward currency exchange contracts		(5,491,319	)		(118,039	)		(1,104,952	)
Futures		(17,689,563	)		1,455,835			(1,439,167	)
Swaps		3,926,362			958,564			806,968
Foreign currency transactions		255,599			6,063			65,458
Net realized gain (loss) on investment and foreign currency transactions		1,244,825			2,805,967			(1,225,334	)
Net change in unrealized appreciation (depreciation) of:
Investments		23,943,023			3,376,862			4,413,292
Forward currency exchange contracts		3,787,641			324,005			907,756
Futures		(1,331,257	)		831,064			771,100
Swaps		(23,072	)		686,882			324,699
Foreign currency denominated assets and liabilities		(44,719	)		(25,824	)		(14,318	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		26,331,616			5,192,989			6,402,529
Net realized and unrealized gain on investment and foreign currency transactions		27,576,441			7,998,956			5,177,195
Net increase in net assets resulting from operations	$	46,790,908		$	13,650,900		$	9,431,684

See Notes to Financial Statements.

2023 Annual Report 95

Statement of Changes in Net Assets

	OVERLAY A PORTFOLIO						TAX-AWARE OVERLAY A PORTFOLIO
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income	$	23,799,820		$	29,241,589		$	49,097,187		$	58,965,905
Net realized gain (loss) on investment and foreign currency transactions		(7,326,951	)		(17,943,843	)		69,724,544			(94,262,449	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		19,191,005			(385,966,264	)		(48,716,137	)		(775,632,343	)
Net increase (decrease) in net assets resulting from operations		35,663,874			(374,668,518	)		70,105,594			(810,928,887	)
Distributions to shareholders (a)		(23,545,277	)		(207,352,448	)		(49,602,887	)		(394,503,020	)
Capital-share transactions
Net proceeds from sales of shares		68,504,506			119,384,193			114,399,690			179,133,723
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions		18,378,842			198,473,085			34,957,267			370,050,729
Total proceeds from shares sold		86,883,348			317,857,278			149,356,957			549,184,452
Cost of shares redeemed		(662,125,835	)		(302,212,406	)		(1,577,331,194	)		(556,152,201	)
Net increase (decrease) in net assets from capital-share transactions		(575,242,487	)		15,644,872			(1,427,974,237	)		(6,967,749	)
Net decrease in net assets		(563,123,890	)		(566,376,094	)		(1,407,471,530	)		(1,212,399,656	)
NET ASSETS:
Beginning of period		1,350,389,859			1,916,765,953			2,875,110,424			4,087,510,080
End of period	$	787,265,969		$	1,350,389,859		$	1,467,638,894		$	2,875,110,424

(a) See page 99 for share class information on dividend distributions for the Overlay A and Tax-Aware Overlay A Portfolios.

See Notes to Financial Statements.

96 Sanford C. Bernstein Fund, Inc.

	OVERLAY B PORTFOLIO						TAX-AWARE OVERLAY B PORTFOLIO
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income	$	25,107,258		$	29,135,635		$	19,214,467		$	26,617,554
Net realized gain (loss) on investment and foreign currency transactions		(76,640,054	)		(81,454,587	)		1,244,825			(1,973,774	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		78,401,053			(127,736,494	)		26,331,616			(231,999,358	)
Net increase (decrease) in net assets resulting from operations		26,868,257			(180,055,446	)		46,790,908			(207,355,578	)
Distributions to shareholders (a)		(28,384,143	)		(165,424,767	)		(27,706,973	)		(116,715,476	)
Capital-share transactions
Net proceeds from sales of shares		62,896,966			80,744,870			42,613,212			87,883,986
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions		20,368,115			153,087,964			18,935,388			105,964,711
Total proceeds from shares sold		83,265,081			233,832,834			61,548,600			193,848,697
Cost of shares redeemed		(419,954,245	)		(181,956,584	)		(718,524,394	)		(277,063,943	)
Net increase (decrease) in net assets from capital-share transactions		(336,689,164	)		51,876,250			(656,975,794	)		(83,215,246	)
Net decrease in net assets		(338,205,050	)		(293,603,963	)		(637,891,859	)		(407,286,300	)
NET ASSETS:
Beginning of period		900,821,173			1,194,425,136			1,310,980,150			1,718,266,450
End of period	$	562,616,123		$	900,821,173		$	673,088,291		$	1,310,980,150

(a) See page 99 for share class information on dividend distributions for the Overlay B and Tax-Aware Overlay B Portfolios.

See Notes to Financial Statements.

2023 Annual Report 97

Statement of Changes in Net Assets (continued)

	TAX-AWARE OVERLAY C PORTFOLIO						TAX-AWARE OVERLAY N PORTFOLIO
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income	$	5,651,944		$	7,396,751		$	4,254,489		$	5,458,333
Net realized gain (loss) on investment and foreign currency transactions		2,805,967			838,034			(1,225,334	)		10,085,893
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		5,192,989			(67,179,551	)		6,402,529			(60,387,549	)
Net increase (decrease) in net assets resulting from operations		13,650,900			(58,944,766	)		9,431,684			(44,843,323	)
Distributions to shareholders (a)		(7,610,182	)		(38,805,221	)		(5,756,445	)		(23,991,831	)
Capital-share transactions
Net proceeds from sales of shares		10,338,034			25,287,046			8,311,142			15,718,881
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions		4,975,099			35,406,411			4,062,413			22,169,742
Total proceeds from shares sold		15,313,133			60,693,457			12,373,555			37,888,623
Cost of shares redeemed		(209,155,039	)		(97,298,985	)		(141,201,268	)		(74,561,335	)
Net decrease in net assets from capital-share transactions		(193,841,906	)		(36,605,528	)		(128,827,713	)		(36,672,712	)
Net decrease in net assets		(187,801,188	)		(134,355,515	)		(125,152,474	)		(105,507,866	)
NET ASSETS:
Beginning of period		367,080,204			501,435,719			272,812,009			378,319,875
End of period	$	179,279,016		$	367,080,204		$	147,659,535		$	272,812,009

(a) See page 99 for share class information on dividend distributions for the Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios.

See Notes to Financial Statements.

98 Sanford C. Bernstein Fund, Inc.

	OVERLAY A PORTFOLIO						TAX-AWARE OVERLAY A PORTFOLIO
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Distributions to shareholders:
Class 1	$	(19,040,150	)	$	(172,626,965	)	$	(37,815,896	)	$	(302,970,210	)
Class 2		(4,505,127	)		(34,725,483	)		(11,786,991	)		(91,532,810	)
	$	(23,545,277	)	$	(207,352,448	)	$	(49,602,887	)	$	(394,503,020	)

	OVERLAY B PORTFOLIO						TAX-AWARE OVERLAY B PORTFOLIO
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Distributions to shareholders:
Class 1	$	(23,297,142	)	$	(138,511,977	)	$	(19,521,368	)	$	(80,780,738	)
Class 2		(5,087,001	)		(26,912,790	)		(8,185,605	)		(35,934,738	)
	$	(28,384,143	)	$	(165,424,767	)	$	(27,706,973	)	$	(116,715,476	)

	TAX-AWARE OVERLAY C PORTFOLIO						TAX-AWARE OVERLAY N PORTFOLIO
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Distributions to shareholders:
Class 1	$	(4,868,088	)	$	(24,700,468	)	$	(4,866,223	)	$	(19,695,922	)
Class 2		(2,742,094	)		(14,104,753	)		(890,222	)		(4,295,909	)
	$	(7,610,182	)	$	(38,805,221	)	$	(5,756,445	)	$	(23,991,831	)

See Notes to Financial Statements.

2023 Annual Report 99

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 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	11.30		$	16.01		$	12.81		$	13.05		$	13.69
Income from investment operations:
Investment income, net (a)(b)		0.24			0.23			0.07			0.13			0.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.15	)		(3.17	)		3.25			(0.19	)		(0.37	)
Contributions from affiliates		0			0			0			0			0.00	(c)
Total from investment operations		0.09			(2.94	)		3.32			(0.06	)		(0.23	)
Less dividends and distributions:
Dividends from net investment income		(0.20	)		(0.34	)		(0.12	)		(0.15	)		(0.13	)
Distributions from net realized gain on investment transactions		0			(1.43	)		0			(0.03	)		(0.28	)
Total dividends and distributions		(0.20	)		(1.77	)		(0.12	)		(0.18	)		(0.41	)
Net asset value, end of period	$	11.19		$	11.30		$	16.01		$	12.81		$	13.05
Total return (d)(e)		0.74%			(21.17)%			26.16%			(0.45)%			(1.46)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$647,297			$1,121,710			$1,596,442			$1,465,081			$1,653,447
Average net assets (000 omitted)		$932,709			$1,430,298			$1,606,920			$1,539,035			$1,663,944
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)(g)		0.90%			0.83%			0.80%			0.81%			0.80%
Expenses, before waivers/reimbursements (f)(g)		1.23%			1.16%			1.15%			1.15%			1.14%
Net investment income (b)		2.08%			1.67%			0.47%			1.02%			1.11%
Portfolio turnover rate		19%			24%			21%			22%			21%

See Footnote Summary on page 112.

See Notes to Financial Statements.

100 Sanford C. Bernstein Fund, Inc.

	OVERLAY A PORTFOLIO
	CLASS 2
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	11.32		$	16.05		$	12.84		$	13.07		$	13.72
Income from investment operations:
Investment income, net (a)(b)		0.26			0.25			0.10			0.15			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.14	)		(3.18	)		3.26			(0.17	)		(0.39	)
Contributions from affiliates		0			0			0			0			0.00	(c)
Total from investment operations		0.12			(2.93	)		3.36			(0.02	)		(0.21	)
Less dividends and distributions:
Dividends from net investment income		(0.23	)		(0.37	)		(0.15	)		(0.18	)		(0.16	)
Distributions from net realized gain on investment transactions		0			(1.43	)		0			(0.03	)		(0.28	)
Total dividends and distributions		(0.23	)		(1.80	)		(0.15	)		(0.21	)		(0.44	)
Net asset value, end of period	$	11.21		$	11.32		$	16.05		$	12.84		$	13.07
Total return (d)(e)		0.97%			(21.02)%			26.34%			(0.25)%			(1.23)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$139,969			$228,680			$320,324			$309,925			$330,953
Average net assets (000 omitted)		$195,550			$291,541			$323,834			$319,363			$367,721
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)(g)		0.70%			0.63%			0.59%			0.61%			0.60%
Expenses, before waivers/reimbursements (f)(g)		1.03%			0.96%			0.95%			0.95%			0.94%
Net investment income (b)		2.26%			1.81%			0.69%			1.17%			1.37%
Portfolio turnover rate		19%			24%			21%			22%			21%

See Footnote Summary on page 112.

See Notes to Financial Statements.

2023 Annual Report 101

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 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	12.15		$	16.98		$	13.65		$	13.78		$	14.29
Income from investment operations:
Investment income, net (a)(b)		0.27			0.23			0.08			0.13			0.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.20	)		(3.41	)		3.39			(0.08	)		(0.37	)
Total from investment operations		0.07			(3.18	)		3.47			0.05			(0.22	)
Less dividends and distributions:
Dividends from net investment income		(0.23	)		(0.23	)		(0.14	)		(0.18	)		(0.12	)
Distributions from net realized gain on investment transactions		0			(1.42	)		0			(0.00	)(c)		(0.17	)
Total dividends and distributions		(0.23	)		(1.65	)		(0.14	)		(0.18	)		(0.29	)
Net asset value, end of period	$	11.99		$	12.15		$	16.98		$	13.65		$	13.78
Total return (d)(e)		0.48%			(21.15)%			25.54%			0.29%			(1.28)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$1,136,154			$2,232,773			$3,144,804			$2,712,320			$3,143,494
Average net assets (000 omitted)		$1,731,661			$2,880,460			$3,057,954			$2,913,890			$3,181,790
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)(g)		0.87%			0.81%			0.77%			0.80%			0.80%
Expenses, before waivers/reimbursements (f)(g)		1.23%			1.14%			1.12%			1.13%			1.13%
Net investment income (b)		2.18%			1.53%			0.49%			0.99%			1.09%
Portfolio turnover rate		17%			25%			20%			22%			20%

See Footnote Summary on page 112.

See Notes to Financial Statements.

102 Sanford C. Bernstein Fund, Inc.

	TAX-AWARE OVERLAY A PORTFOLIO
	CLASS 2
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	12.19		$	17.03		$	13.69		$	13.82		$	14.33
Income from investment operations:
Investment income, net (a)(b)		0.30			0.26			0.11			0.16			0.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.21	)		(3.42	)		3.40			(0.08	)		(0.36	)
Total from investment operations		0.09			(3.16	)		3.51			0.08			(0.19	)
Less dividends and distributions:
Dividends from net investment income		(0.26	)		(0.26	)		(0.17	)		(0.21	)		(0.15	)
Distributions from net realized gain on investment transactions		0			(1.42	)		0			(0.00	)(c)		(0.17	)
Total dividends and distributions		(0.26	)		(1.68	)		(0.17	)		(0.21	)		(0.32	)
Net asset value, end of period	$	12.02		$	12.19		$	17.03		$	13.69		$	13.82
Total return (d)(e)		0.65%			(20.98)%			25.78%			0.56%			(1.12)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$331,485			$642,337			$942,706			$847,108			$1,041,177
Average net assets (000 omitted)		$480,625			$854,251			$937,234			$935,278			$1,048,726
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)(g)		0.68%			0.61%			0.57%			0.60%			0.60%
Expenses, before waivers/reimbursements (f)(g)		1.03%			0.94%			0.92%			0.93%			0.93%
Net investment income (b)		2.37%			1.73%			0.71%			1.21%			1.28%
Portfolio turnover rate		17%			25%			20%			22%			20%

See Footnote Summary on page 112.

See Notes to Financial Statements.

2023 Annual Report 103

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 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	8.62		$	11.92		$	10.96		$	10.94		$	10.96
Income from investment operations:
Investment income, net (a)(b)		0.29			0.27			0.21			0.16			0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.14	)		(1.90	)		1.05			0.22			0.17
Contributions from affiliates		0			0			0			0			0.00	(c)
Total from investment operations		0.15			(1.63	)		1.26			0.38			0.38
Less dividends and distributions:
Dividends from net investment income		(0.28	)		(0.40	)		(0.25	)		(0.32	)		(0.26	)
Distributions from net realized gain on investment transactions		0			(1.27	)		(0.05	)		(0.04	)		(0.14	)
Total dividends and distributions		(0.28	)		(1.67	)		(0.30	)		(0.36	)		(0.40	)
Net asset value, end of period	$	8.49		$	8.62		$	11.92		$	10.96		$	10.94
Total return (d)		1.67%			(16.10)%			11.61%			3.56%			3.75%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$447,544			$750,137			$999,357			$991,266			$1,024,761
Average net assets (000 omitted)		$621,598			$908,265			$1,021,208			$991,542			$1,014,279
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)		0.86%			0.81%			0.83%			0.84%			0.83%
Expenses, before waivers/reimbursements (f)		0.90%			0.85%			0.87%			0.87%			0.86%
Net investment income (b)		3.27%			2.65%			1.78%			1.51%			1.95%
Portfolio turnover rate		159%			115%			98%			74%			67%

See Footnote Summary on page 112.

See Notes to Financial Statements.

104 Sanford C. Bernstein Fund, Inc.

	OVERLAY B PORTFOLIO
	CLASS 2
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	8.65		$	11.96		$	11.00		$	10.97		$	10.98
Income from investment operations:
Investment income, net (a)(b)		0.30			0.28			0.23			0.18			0.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.13	)		(1.90	)		1.04			0.23			0.18
Contributions from affiliates		0			0			0			0			0.00	(c)
Total from investment operations		0.17			(1.62	)		1.27			0.41			0.40
Less dividends and distributions:
Dividends from net investment income		(0.30	)		(0.42	)		(0.26	)		(0.34	)		(0.27	)
Distributions from net realized gain on investment transactions		0			(1.27	)		(0.05	)		(0.04	)		(0.14	)
Total dividends and distributions		(0.30	)		(1.69	)		(0.31	)		(0.38	)		(0.41	)
Net asset value, end of period	$	8.52		$	8.65		$	11.96		$	11.00		$	10.97
Total return (d)		1.86%			(15.98)%	(h)		11.64%			3.76%			3.97%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$115,072			$150,684			$195,068			$203,349			$218,022
Average net assets (000 omitted)		$138,190			$181,909			$202,314			$209,927			$226,099
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)		0.71%			0.66%			0.68%			0.69%			0.68%
Expenses, before waivers/reimbursements (f)		0.75%			0.70%			0.72%			0.72%			0.71%
Net investment income (b)		3.44%			2.80%			1.93%			1.66%			2.10%
Portfolio turnover rate		159%			115%			98%			74%			67%

See Footnote Summary on page 112.

See Notes to Financial Statements.

2023 Annual Report 105

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 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	10.04		$	12.36		$	11.27		$	11.12		$	11.25
Income from investment operations:
Investment income, net (a)(b)		0.19			0.18			0.17			0.19			0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.07			(1.66	)		1.19			0.12			(0.03	)
Total from investment operations		0.26			(1.48	)		1.36			0.31			0.18
Less dividends and distributions:
Dividends from net investment income		(0.23	)		(0.19	)		(0.27	)		(0.16	)		(0.20	)
Distributions from net realized gain on investment transactions		0			(0.65	)		0			0			(0.11	)
Total dividends and distributions		(0.23	)		(0.84	)		(0.27	)		(0.16	)		(0.31	)
Net asset value, end of period	$	10.07		$	10.04		$	12.36		$	11.27		$	11.12
Total return (d)		2.59%			(12.95)%			12.11%			2.93%			1.81%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$479,517			$932,107			$1,194,517			$1,140,951			$1,240,530
Average net assets (000 omitted)		$714,721			$1,111,920			$1,196,104			$1,191,962			$1,254,989
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)		0.86%			0.83%			0.84%			0.84%			0.83%
Expenses, before waivers/reimbursements (f)		0.86%			0.83%			0.84%			0.84%			0.84%
Net investment income (b)		1.88%			1.63%			1.44%			1.74%			1.89%
Portfolio turnover rate		7%			12%			19%			8%			12%

See Footnote Summary on page 112.

See Notes to Financial Statements.

106 Sanford C. Bernstein Fund, Inc.

	TAX-AWARE OVERLAY B PORTFOLIO
	CLASS 2
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	10.07		$	12.39		$	11.30		$	11.14		$	11.27
Income from investment operations:
Investment income, net (a)(b)		0.21			0.20			0.19			0.21			0.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.06			(1.66	)		1.19			0.13			(0.02	)
Total from investment operations		0.27			(1.46	)		1.38			0.34			0.20
Less dividends and distributions:
Dividends from net investment income		(0.25	)		(0.21	)		(0.29	)		(0.18	)		(0.22	)
Distributions from net realized gain on investment transactions		0			(0.65	)		0			0			(0.11	)
Total dividends and distributions		(0.25	)		(0.86	)		(0.29	)		(0.18	)		(0.33	)
Net asset value, end of period	$	10.09		$	10.07		$	12.39		$	11.30		$	11.14
Total return (d)		2.67%			(12.78)%			12.35%			3.04%			1.93%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$193,571			$378,873			$523,749			$521,628			$601,605
Average net assets (000 omitted)		$281,573			$478,848			$534,158			$559,800			$611,585
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)		0.71%			0.68%			0.69%			0.69%			0.68%
Expenses, before waivers/reimbursements (f)		0.71%			0.68%			0.69%			0.69%			0.69%
Net investment income (b)		2.04%			1.78%			1.59%			1.89%			2.03%
Portfolio turnover rate		7%			12%			19%			8%			12%

See Footnote Summary on page 112.

See Notes to Financial Statements.

2023 Annual Report 107

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 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	9.89		$	12.29		$	11.26		$	11.14		$	11.29
Income from investment operations:
Investment income, net (a)(b)		0.20			0.17			0.16			0.18			0.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.08			(1.61	)		1.13			0.10			(0.03	)
Total from investment operations		0.28			(1.44	)		1.29			0.28			0.16
Less dividends and distributions:
Dividends from net investment income		(0.22	)		(0.18	)		(0.26	)		(0.16	)		(0.18	)
Distributions from net realized gain on investment transactions		0			(0.78	)		0			0			(0.13	)
Total dividends and distributions		(0.22	)		(0.96	)		(0.26	)		(0.16	)		(0.31	)
Net asset value, end of period	$	9.95		$	9.89		$	12.29		$	11.26		$	11.14
Total return (d)		2.77%			(12.84)%			11.57%			2.48%			1.53%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$120,464			$240,668			$321,782			$315,270			$356,936
Average net assets (000 omitted)		$187,202			$293,443			$323,453			$339,567			$355,345
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)		0.90%			0.87%			0.88%			0.88%			0.86%
Expenses, before waivers/reimbursements (f)		0.94%			0.87%			0.88%			0.88%			0.87%
Net investment income (b)		2.01%			1.56%			1.31%			1.60%			1.75%
Portfolio turnover rate		10%			18%			23%			13%			14%

See Footnote Summary on page 112.

See Notes to Financial Statements.

108 Sanford C. Bernstein Fund, Inc.

	TAX-AWARE OVERLAY C PORTFOLIO
	CLASS 2
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	9.92		$	12.32		$	11.29		$	11.16		$	11.31
Income from investment operations:
Investment income, net (a)(b)		0.22			0.19			0.18			0.19			0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.07			(1.61	)		1.13			0.11			(0.04	)
Total from investment operations		0.29			(1.42	)		1.31			0.30			0.17
Less dividends and distributions:
Dividends from net investment income		(0.24	)		(0.20	)		(0.28	)		(0.17	)		(0.19	)
Distributions from net realized gain on investment transactions		0			(0.78	)		0			0			(0.13	)
Total dividends and distributions		(0.24	)		(0.98	)		(0.28	)		(0.17	)		(0.32	)
Net asset value, end of period	$	9.97		$	9.92		$	12.32		$	11.29		$	11.16
Total return (d)		2.96%			(12.66)%	(h)		11.72%			2.68%			1.65%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$58,815			$126,412			$179,654			$196,312			$209,891
Average net assets (000 omitted)		$87,479			$164,116			$192,674			$203,874			$217,264
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)		0.75%			0.72%			0.73%			0.73%			0.71%
Expenses, before waivers/reimbursements (f)		0.79%			0.72%			0.73%			0.73%			0.72%
Net investment income (b)		2.16%			1.71%			1.46%			1.75%			1.90%
Portfolio turnover rate		10%			18%			23%			13%			14%

See Footnote Summary on page 112.

See Notes to Financial Statements.

2023 Annual Report 109

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 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	9.91		$	12.17		$	11.02		$	11.04		$	11.19
Income from investment operations:
Investment income, net (a)(b)		0.20			0.18			0.15			0.18			0.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.05			(1.66	)		1.25			(0.03	)		(0.03	)
Total from investment operations		0.25			(1.48	)		1.40			0.15			0.17
Less dividends and distributions:
Dividends from net investment income		(0.23	)		(0.17	)		(0.25	)		(0.17	)		(0.19	)
Distributions from net realized gain on investment transactions		0			(0.61	)		0			0			(0.13	)
Total dividends and distributions		(0.23	)		(0.78	)		(0.25	)		(0.17	)		(0.32	)
Net asset value, end of period	$	9.93		$	9.91		$	12.17		$	11.02		$	11.04
Total return (d)		2.46%			(13.16)%			12.82%			1.35%			1.67%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$123,958			$230,496			$312,157			$303,111			$335,908
Average net assets (000 omitted)		$185,454			$282,579			$313,333			$317,504			$343,928
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)		0.90%			0.89%			0.90%			0.90%			0.88%
Expenses, before waivers/reimbursements (f)		0.97%			0.89%			0.90%			0.91%			0.89%
Net investment income (b)		1.94%			1.57%			1.30%			1.65%			1.84%
Portfolio turnover rate		14%			14%			19%			11%			19%

See Footnote Summary on page 112.

See Notes to Financial Statements.

110 Sanford C. Bernstein Fund, Inc.

	TAX-AWARE OVERLAY N PORTFOLIO
	CLASS 2
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19
Net asset value, beginning of period	$	9.93		$	12.20		$	11.05		$	11.06		$	11.21
Income from investment operations:
Investment income, net (a)(b)		0.21			0.19			0.17			0.20			0.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.06			(1.66	)		1.25			(0.02	)		(0.04	)
Total from investment operations		0.27			(1.47	)		1.42			0.18			0.18
Less dividends and distributions:
Dividends from net investment income		(0.25	)		(0.19	)		(0.27	)		(0.19	)		(0.20	)
Distributions from net realized gain on investment transactions		0			(0.61	)		0			0			(0.13	)
Total dividends and distributions		(0.25	)		(0.80	)		(0.27	)		(0.19	)		(0.33	)
Net asset value, end of period	$	9.95		$	9.93		$	12.20		$	11.05		$	11.06
Total return (d)		2.65%			(13.08)%			12.96%			1.60%			1.79%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$23,702			$42,316			$66,163			$71,348			$84,996
Average net assets (000 omitted)		$31,786			$59,773			$71,584			$78,103			$81,875
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)		0.75%			0.74%			0.75%			0.75%			0.73%
Expenses, before waivers/reimbursements (f)		0.82%			0.74%			0.75%			0.76%			0.74%
Net investment income (b)		2.09%			1.72%			1.44%			1.80%			1.99%
Portfolio turnover rate		14%			14%			19%			11%			19%

See Footnote Summary on page 112.

See Notes to Financial Statements.

2023 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:

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

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

(e) Includes the impact of proceeds received and credited to the Portfolio resulting from the class action settlements, which enhanced the performance for the Overlay A Portfolio for the year ended September 30, 2020 by .02% and the Tax-Aware Overlay A Portfolio for the year ended September 30, 2020 by .02%.

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

Acquired Fund Fees and Expenses:

	YEAR ENDED 9/30/23		YEAR ENDED 9/30/22		YEAR ENDED 9/30/21		YEAR ENDED 9/30/20		YEAR ENDED 9/30/19
Overlay A Portfolio		.35%		.34%		.36%		.35%		.34%
Tax-Aware Overlay A Portfolio		.36%		.33%		.36%		.34%		.34%
Overlay B Portfolio		.05%		.05%		.04%		.03%		.05%
Tax-Aware Overlay B Portfolio		.02%		.03%		.03%		.02%		.05%
Tax-Aware Overlay C Portfolio		.02%		.03%		.03%		.03%		.03%
Tax-Aware Overlay N Portfolio		.03%		.03%		.03%		.03%		.03%

Waiver:

	YEAR ENDED 9/30/23			YEAR ENDED 9/30/2022			YEAR ENDED 9/30/2021			YEAR ENDED 9/30/2020			YEAR ENDED 9/30/2019
Overlay A Portfolio		.34%			.33%			.35%			.34%			.33%
Tax-Aware Overlay A Portfolio		.36%			.32%			.35%			.34%			.33%
Overlay B Portfolio		.04%			.04%			.04%			.03%			.03%
Tax-Aware Overlay B Portfolio		.00%	(i)		.00%	(i)		.00%	(i)		.00%	(i)		.02%
Tax-Aware Overlay C Portfolio		.01%			.00%	(i)		.00%	(i)		.00%	(i)		.01%
Tax-Aware Overlay N Portfolio		.01%			.00%	(i)		.00%	(i)		.00%	(i)		.01%

(g) The expense ratios presented below exclude interest/bank overdraft expense:

	YEAR ENDED 9/30/23		YEAR ENDED 9/30/22		YEAR ENDED 9/30/21		YEAR ENDED 9/30/20		YEAR ENDED 9/30/19
Overlay A Portfolio
Class 1
Expenses, net of waivers/reimbursements		.82%		.80%		.79%		.80%		.80%
Expenses, before waivers/reimbursements		1.16%		1.13%		1.14%		1.14%		1.14%
Class 2
Expenses, net of waivers/reimbursements		.62%		.60%		.58%		.60%		.60%
Expenses, before waivers/reimbursements		.96%		.93%		.94%		.94%		.94%
Tax-Aware Overlay A Portfolio
Class 1
Expenses, net of waivers/reimbursements		.79%		.79%		.77%		.79%		.80%
Expenses, before waivers/reimbursements		1.14%		1.12%		1.11%		1.13%		1.13%
Class 2
Expenses, net of waivers/reimbursements		.59%		.59%		.56%		.59%		.60%
Expenses, before waivers/reimbursements		.94%		.92%		.91%		.92%		.93%

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

(i) Amount is less than .005%.

See Notes to Financial Statements.

112 Sanford C. Bernstein Fund, Inc.

Notes to Financial Statements

NOTE 1. Organization and Significant Accounting Policies

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

INTERNATIONAL EQUITY PORTFOLIO	SHARE CLASSES OFFERED
Emerging Markets	Emerging Markets Class* and Class Z
FIXED INCOME MUNICIPAL PORTFOLIOS
Short Duration Diversified Municipal	Short Duration Diversified Municipal Class*
California Municipal	Municipal Class*, Class A, Class C and Advisor Class
Diversified Municipal	Municipal Class*, Class A, Class C, Advisor Class and Class Z
New York Municipal	Municipal Class*, Class A, Class C and Advisor Class
FIXED INCOME TAXABLE PORTFOLIOS
Intermediate Duration	Intermediate Duration Class*, Class A, Advisor Class and Class Z
Short Duration Plus	Short Duration Plus Class*, Class A and Class C

* Bernstein Class

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

Each Portfolio has its own investment objectives. This report relates only to the Overlay A, Tax-Aware Overlay A, Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios. Each class of shares has identical voting, dividend, liquidation and other rights, except that the classes may bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan, as applicable. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolios.

A. Portfolio Valuation

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

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc.

2023 Annual Report 113

Notes to Financial Statements (continued)

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

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

B. Fair Value Measurements

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

• 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)

114 Sanford C. Bernstein Fund, Inc.

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

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

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options will be classified as Level 2. For options that do not trade on an exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

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

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

2023 Annual Report 115

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, 2023:

OVERLAY A PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Assets:
Common Stocks (a)	$	440,937,421		$	0		$	0	$	440,937,421
Investment Companies		321,195,421			0			0		321,195,421
Purchased Options—Puts		0			16,575,514			0		16,575,514
Short-Term Investments		14,389,945			0			0		14,389,945
Total Investments in Securities		776,522,787			16,575,514			0		793,098,301
Other Financial Instruments (b):
Assets:
Futures		1,368,057			0			0		1,368,057	(c)
Forward Currency Exchange Contracts		0			3,993,601			0		3,993,601
Centrally Cleared Credit Default Swaps		0			658,542			0		658,542	(c)
Total Return Swaps		0			71			0		71
Liabilities:
Futures		(12,235,424	)		0			0		(12,235,424	)(c)
Forward Currency Exchange Contracts		0			(5,079,751	)		0		(5,079,751	)
Total	$	765,655,420		$	16,147,977		$	0	$	781,803,397
TAX-AWARE OVERLAY A PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Assets:
Common Stocks (a)	$	878,226,358		$	0		$	0	$	878,226,358
Investment Companies		604,355,025			0			0		604,355,025
Purchased Options—Puts		0			31,780,767			0		31,780,767
Total Investments in Securities		1,482,581,383			31,780,767			0		1,514,362,150
Other Financial Instruments (b):
Assets:
Futures		2,942,630			0			0		2,942,630	(c)
Forward Currency Exchange Contracts		0			7,451,349			0		7,451,349
Centrally Cleared Credit Default Swaps		0			1,237,701			0		1,237,701	(c)
Liabilities:
Futures		(23,189,867	)		0			0		(23,189,867	)(c)
Forward Currency Exchange Contracts		0			(9,754,387	)		0		(9,754,387	)
Total Return Swaps		0			(305	)		0		(305	)
Total	$	1,462,334,146		$	30,715,125		$	0	$	1,493,049,271

116 Sanford C. Bernstein Fund, Inc.

OVERLAY B PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Assets:
Governments—Treasuries	$	0		$	114,520,068		$	0	$	114,520,068
Corporates—Investment Grade		0			85,556,161			0		85,556,161
Inflation-Linked Securities		0			85,067,923			0		85,067,923
Mortgage Pass-Throughs		0			48,563,057			0		48,563,057
Asset-Backed Securities		0			26,125,015			0		26,125,015
Collateralized Mortgage Obligations		0			23,919,220			0		23,919,220
Investment Companies		21,231,039			0			0		21,231,039
Collateralized Loan Obligations		0			10,493,411			0		10,493,411
Commercial Mortgage-Backed Securities		0			8,959,626			1,428,482		10,388,108
Covered Bonds		0			7,744,817			0		7,744,817
Corporates—Non-Investment Grade		0			6,169,512			0		6,169,512
Purchased Options—Puts		0			4,261,848			0		4,261,848
Governments—Sovereign Bonds		0			3,763,634			0		3,763,634
Governments—Sovereign Agencies		0			3,660,412			0		3,660,412
Supranationals		0			2,677,620			0		2,677,620
Local Governments—US Municipal Bonds		0			2,013,165			0		2,013,165
Quasi-Sovereigns		0			1,599,848			0		1,599,848
Emerging Markets—Corporate Bonds		0			1,519,697			0		1,519,697
Agencies		0			1,418,381			0		1,418,381
Local Governments—Regional Bonds		0			1,386,145			0		1,386,145
Local Governments—Provincial Bonds		0			1,146,819			0		1,146,819
Emerging Markets—Sovereigns		0			267,858			0		267,858
Short-Term Investments:
Investment Companies		116,399,093			0			0		116,399,093
U.S. Treasury Bills		0			6,042,255			0		6,042,255
Total Investments in Securities		137,630,132			446,876,492			1,428,482		585,935,106
Other Financial Instruments (b):
Assets:
Futures		477,992			0			0		477,992	(c)
Forward Currency Exchange Contracts		0			3,676,784			0		3,676,784
Centrally Cleared Credit Default Swaps		0			272,043			0		272,043	(c)
Centrally Cleared Inflation (CPI) Swaps		0			4,931,904			0		4,931,904	(c)
Centrally Cleared Interest Rate Swaps		0			9,413,267			0		9,413,267	(c)
Liabilities:
Futures		(8,745,447	)		0			0		(8,745,447	)(c)
Forward Currency Exchange Contracts		0			(2,689,582	)		0		(2,689,582	)
Centrally Cleared Credit Default Swaps		0			(424,255	)		0		(424,255	)(c)
Centrally Cleared Interest Rate Swaps		0			(3,096,365	)		0		(3,096,365	)(c)
Credit Default Swaps		0			(89,770	)		0		(89,770	)
Total Return Swaps		0			(24,976	)		0		(24,976	)
Total	$	129,362,677		$	458,845,542		$	1,428,482	$	589,636,701

2023 Annual Report 117

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	$	0		$	444,495,428		$	0	$	444,495,428
Short-Term Municipal Notes		0			2,529,586			0		2,529,586
Investment Companies		179,107,855			0			0		179,107,855
Commercial Mortgage-Backed Securities		0			15,097,241			0		15,097,241
Governments—Treasuries		0			8,741,923			0		8,741,923
Corporates—Investment Grade		0			5,635,237			0		5,635,237
Purchased Options—Puts		0			5,215,792			0		5,215,792
Asset-Backed Securities		0			2,843,808			0		2,843,808
Corporates—Non-Investment Grade		0			2,111,655			0		2,111,655
Collateralized Mortgage Obligations		0			593,040			0		593,040
Total Investments in Securities		179,107,855			487,263,710			0		666,371,565
Other Financial Instruments (b):
Assets:
Futures		612,573			0			0		612,573	(c)
Forward Currency Exchange Contracts		0			1,329,225			0		1,329,225
Centrally Cleared Credit Default Swaps		0			212,883			0		212,883	(c)
Centrally Cleared Inflation (CPI) Swaps		0			4,425,060			0		4,425,060	(c)
Centrally Cleared Interest Rate Swaps		0			5,435,897			0		5,435,897	(c)
Inflation (CPI) Swaps		0			19,906,190			0		19,906,190
Interest Rate Swaps		0			1,511,424			0		1,511,424
Total Return Swaps		0			14,433			0		14,433
Liabilities:
Futures		(6,481,560	)		0			0		(6,481,560	)(c)
Forward Currency Exchange Contracts		0			(736,041	)		0		(736,041	)
Centrally Cleared Credit Default Swaps		0			(134,354	)		0		(134,354	)(c)
Centrally Cleared Interest Rate Swaps		0			(4,113,221	)		0		(4,113,221	)(c)
Credit Default Swaps		0			(188,842	)		0		(188,842	)
Total	$	173,238,868		$	514,926,364		$	0	$	688,165,232
TAX-AWARE OVERLAY C PORTFOLIO INVESTMENT IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Assets:
Long-Term Municipal Bonds	$	0		$	121,321,402		$	0	$	121,321,402
Short-Term Municipal Notes		0			1,011,834			0		1,011,834
Investment Companies		30,335,618			0			0		30,335,618
Commercial Mortgage-Backed Securities		0			6,938,392			0		6,938,392
Governments—Treasuries		0			2,614,453			0		2,614,453
Purchased Options—Puts		0			1,407,511			0		1,407,511
Collateralized Mortgage Obligations		0			51,550			0		51,550
Short-Term Investments		11,321,658			0			0		11,321,658
Total Investments in Securities		41,657,276			133,345,142			0		175,002,418

118 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	$	225,162		$	0		$	0	$	225,162	(c)
Forward Currency Exchange Contracts		0			316,027			0		316,027
Centrally Cleared Credit Default Swaps		0			57,322			0		57,322	(c)
Centrally Cleared Inflation (CPI) Swaps		0			1,491,793			0		1,491,793	(c)
Centrally Cleared Interest Rate Swaps		0			1,373,693			0		1,373,693	(c)
Inflation (CPI) Swaps		0			5,739,510			0		5,739,510
Interest Rate Swaps		0			462,396			0		462,396
Liabilities:
Futures		(1,885,466	)		0			0		(1,885,466	)(c)
Forward Currency Exchange Contracts		0			(778,902	)		0		(778,902	)
Centrally Cleared Credit Default Swaps		0			(36,210	)		0		(36,210	)(c)
Centrally Cleared Interest Rate Swaps		0			(828,771	)		0		(828,771	)(c)
Credit Default Swaps		0			(68,573	)		0		(68,573	)
Total Return Swaps		0			(8,100	)		0		(8,100	)
Total	$	39,996,972		$	141,065,327		$	0	$	181,062,299
TAX-AWARE OVERLAY N PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Assets:
Long-Term Municipal Bonds	$	0		$	107,189,741		$	0	$	107,189,741
Short-Term Municipal Notes		0			2,011,659			0		2,011,659
Investment Companies		29,505,050			0			0		29,505,050
Governments—Treasuries		0			3,205,308			0		3,205,308
Purchased Options—Puts		0			1,216,820			0		1,216,820
Commercial Mortgage-Backed Securities		0			125,172			0		125,172
Collateralized Mortgage Obligations		0			52,922			0		52,922
Short-Term Investments		1,623,840			0			0		1,623,840
Total Investments in Securities		31,128,890			113,801,622			0		144,930,512
Other Financial Instruments (b):
Assets:
Futures		230,204			0			0		230,204	(c)
Forward Currency Exchange Contracts		0			414,852			0		414,852
Centrally Cleared Credit Default Swaps		0			46,668			0		46,668	(c)
Centrally Cleared Inflation (CPI) Swaps		0			1,123,459			0		1,123,459	(c)
Centrally Cleared Interest Rate Swaps		0			853,652			0		853,652	(c)
Inflation (CPI) Swaps		0			4,960,602			0		4,960,602
Interest Rate Swaps		0			344,222			0		344,222
Total Return Swaps		0			6,014			0		6,014
Liabilities:
Futures		(2,144,302	)		0			0		(2,144,302	)(c)
Forward Currency Exchange Contracts		0			(152,604	)		0		(152,604	)
Centrally Cleared Interest Rate Swaps		0			(452,084	)		0		(452,084	)(c)
Credit Default Swaps		0			(55,212	)		0		(55,212	)
Total	$	29,214,792		$	120,891,191		$	0	$	150,105,983

(a) See Schedule of Investments for sector classifications.

2023 Annual Report 119

Notes to Financial Statements (continued)

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

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

C. Foreign Currency Translation

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

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

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

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

D. Taxes

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

In consideration of recent decisions rendered by the European courts, certain Portfolios filed reclaims to recover taxes withheld on dividends earned from certain European Union countries during calendar years 2008 through 2022. These filing are subject to various administrative and judicial proceedings within these countries. No amounts for additional tax reclaims are disclosed in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolios’ tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolios’ financial statements. As of September 30, 2023, the Portfolios did not have any unrecognized tax benefits.

E. Security Transactions and Related Investment Income

Security transactions are accounted for on the trade date (the date the buy or sell order is executed). Securities gains and losses are calculated on the identified cost basis. Interest income is recorded on the accrual basis and dividend income is

120 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.

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

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

G. Class Allocations

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

H. Distribution of Income and Gains

Dividends from net investment income, if any, will be paid to shareholders at least once a year.

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

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

Permanent differences have no effect on net assets. The effects of such permanent differences on each Portfolio, due to the utilization of earnings and profits distributed to shareholders on redemption of shares which are reflected as adjustments to the components of net assets as of September 30, 2023, as shown below:

PORTFOLIO	INCREASE (DECREASE) TO ADDITIONAL PAID-IN CAPITAL		INCREASE (DECREASE) TO  DISTRIBUTABLE EARNINGS/ ACCUMULATED LOSS
Overlay A	$	0	$	0
Tax-Aware Overlay A		0		0
Overlay B		0		0
Tax-Aware Overlay B		1,237,466		(1,237,466	)
Tax-Aware Overlay C		0		0
Tax-Aware Overlay N		0		0

2023 Annual Report 121

Notes to Financial Statements (continued)

NOTE 2. Investment Management and Transactions with Affiliated Persons

A. Management Fee

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

The Portfolios pay the Adviser an investment management fee at an annual rate of 0.90% of the first $2.5 billion, 0.875% of the next $2.5 billion and 0.85% in excess of $5 billion for Overlay A and Tax-Aware Overlay A; 0.65% for Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N, of the average daily net assets of each Portfolio. Prior to November 13, 2020, the Overlay A and Tax-Aware Overlay A paid the Adviser an investment management fee at an annual rate of 0.90% of the first $5 billion and 0.875% in excess of $5 billion of the average daily net assets of each respective Portfolio.

The Adviser has agreed to waive its fees and bear certain expenses, exclusive of acquired fund fees and other than the advisory fees of any registered funds advised by the Adviser in which a Portfolio may invest, interest expense, taxes, extraordinary expenses, brokerage commission, and other transaction costs, to the extent necessary to limit the total portfolio operating expenses as a percentage of daily average net assets on an annual basis as follows:

PORTFOLIO	CLASS 1			CLASS 2
Overlay A		1.20	%		1.00	%
Tax-Aware Overlay A		1.20	%		1.00	%
Overlay B		0.90	%		0.75	%
Tax-Aware Overlay B		0.90	%		0.75	%
Tax-Aware Overlay C		0.90	%		0.75	%
Tax-Aware Overlay N		0.90	%		0.75	%

This fee waiver and/or expense limitation agreement will remain in effect until January 28, 2024, and then may be extended by the Adviser for additional one year terms. For the year ended September 30, 2023, such waivers amounted to:

	AMOUNT
Tax-Aware Overlay C	$	99,317
Tax-Aware Overlay N		136,215

B. Shareholder Servicing Fee

Under the Shareholder Servicing Agreement between the Fund and the Adviser, the Adviser pays expenses it incurs in providing shareholder servicing to the Fund, the Portfolios and individual shareholders. Such services include, but are not limited to, providing information to shareholders concerning their fund investments, systematic withdrawal plans, fund dividend payments and reinvestments, shareholder account or transactions status, net asset value of shares, fund performance, fund services, plans and options, fund investment policies, portfolio holdings and tax consequences of fund investments; dealing with shareholder complaints and other correspondence relating to fund matters; and communications with shareholders when proxies are being solicited from them with respect to voting their fund shares. Under the agreement, the fee paid by each Portfolio to the Adviser for services is 0.20 of 1%, annualized, of the average daily net assets of Class 1 Shares of Overlay A and Tax-Aware Overlay A Portfolios during the month, and 0.15 of 1%, annualized, of the average daily net assets of Class 1 Shares of Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios during the month.

122 Sanford C. Bernstein Fund, Inc.

C. Distribution Arrangements

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

D. Investments in Affiliated Issuers

The Portfolios may invest in other investment companies advised by the Adviser, including AB Government Money Market Portfolio (the “Government Money Market Portfolio”) and AB All-Market Real Return Portfolio—Class Z (“AMRR”) which have contractual annual advisory fee rates of 0.20% and 0.75%, respectively, of the portfolios’ average daily net assets and bear their own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Portfolios in 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, 2023, such waivers amounted to:

GOVERNMENT MONEY MARKET PORTFOLIO	AMOUNT
Overlay A	$	85,211
Tax-Aware Overlay A		104,137
Overlay B		116,438
Tax-Aware Overlay B		19,241
Tax-Aware Overlay C		24,206
Tax-Aware Overlay N		16,390
AMRR	AMOUNT
Overlay A	$	617,892
Tax-Aware Overlay A		1,236,897
Overlay B		205,753

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, 2024, 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, 2023, 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	$	319,719	$	1,924,759	$	651,704	$	195,882
Tax-Aware Overlay A	$	650,528	$	4,030,314	$	1,419,140	$	413,892

2023 Annual Report 123

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, 2023 is as follows:

SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO
														DISTRIBUTIONS
FUND	MARKET VALUE 9/30/22 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		REALIZED GAIN (LOSS) (000)			CHANGE IN UNREALIZED APPR./(DEPR.) (000)		MARKET VALUE 9/30/23 (000)		DIVIDEND INCOME (000)		REALIZED GAINS (000)
Government Money Market Portfolio	$	177,760	$	721,648	$	885,018	$	0		$	0	$	14,390	$	3,610	$	0
AB Bond Fund, Inc.: AB All Market Real Return Portfolio		90,173		7,720		35,868		(2,416	)		1,768		61,377		7,720		0
Bernstein Fund, Inc.: International Small Cap Portfolio		66,676		809		43,721		4,095			9,570		37,429		809		0
Bernstein Fund, Inc.—International Strategic Equities Portfolio		280,892		12,646		151,238		9,849			36,850		188,999		12,646		0
Bernstein Fund, Inc.—Small Cap Core Portfolio		24,016		2,038		11,132		837			353		16,112		133		1,906
Sanford C. Bernstein Fund, Inc.—AB Emerging Markets Portfolio		36,869		644		24,984		548			4,201		17,278		644		0
Total							$	12,913		$	52,742	$	335,585	$	25,562	$	1,906

SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO
														DISTRIBUTIONS
FUND	MARKET VALUE 9/30/22 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		REALIZED GAIN (LOSS) (000)			CHANGE IN UNREALIZED APPR./(DEPR.) (000)		MARKET VALUE 9/30/23 (000)		DIVIDEND INCOME (000)		REALIZED GAINS (000)
Government Money Market Portfolio	$	314,374	$	1,386,837	$	1,701,211	$	0		$	0	$	0	$	4,541	$	0
AB Bond Fund, Inc.: AB All Market Real Return Portfolio		186,480		15,965		93,682		(7,070	)		6,157		107,850		15,965		0
Bernstein Fund, Inc.: International Small Cap Portfolio		151,315		1,835		110,910		9,814			21,573		73,627		1,837		0
Bernstein Fund, Inc.— International Strategic Equities Portfolio		612,418		27,572		385,761		28,493			74,082		356,804		27,572		0

124 Sanford C. Bernstein Fund, Inc.

SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO
													DISTRIBUTIONS
FUND	MARKET VALUE 9/30/22 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		REALIZED GAIN (LOSS) (000)		CHANGE IN UNREALIZED APPR./(DEPR.) (000)		MARKET VALUE 9/30/23 (000)		DIVIDEND INCOME (000)		REALIZED GAINS (000)
Bernstein Fund, Inc.—Small Cap Core Portfolio	$	52,513	$	4,458	$	27,565	$	2,202	$	284	$	31,892	$	292	$	4,167
Sanford C. Bernstein Fund, Inc.—AB Emerging Markets Portfolio		76,851		1,343		53,957		615		9,330		34,182		1,343		0
Total							$	34,054	$	111,426	$	604,355	$	51,550	$	4,167

SANFORD C. BERNSTEIN FUND, INC. - OVERLAY B PORTFOLIO
														DISTRIBUTIONS
FUND	MARKET VALUE 9/30/22 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		REALIZED GAIN (LOSS) (000)			CHANGE IN UNREALIZED APPR./(DEPR.) (000)		MARKET VALUE 9/30/23 (000)		DIVIDEND INCOME (000)		REALIZED GAINS (000)
Government Money Market Portfolio	$	99,713	$	606,117	$	589,431	$	0		$	0	$	116,399	$	5,097	$	0
AB Bond Fund, Inc.: AB All Market Real Return Portfolio		29,457		2,522		10,507		(718	)		477		21,231		2,522		0
Total							$	(718	)	$	477	$	137,630	$	7,619	$	0

SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO
PORTFOLIO	MARKET VALUE 9/30/22 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		MARKET VALUE 9/30/23 (000)		DIVIDEND INCOME (000)
Government Money Market Portfolio	$	7,141	$	595,892	$	603,033	$	0	$	812

SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY C PORTFOLIO
PORTFOLIO	MARKET VALUE 9/30/22 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		MARKET VALUE 9/30/23 (000)		DIVIDEND INCOME (000)
Government Money Market Portfolio	$	17,560	$	200,378	$	206,616	$	11,322	$	1,030

SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY N PORTFOLIO
PORTFOLIO	MARKET VALUE 9/30/22 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		MARKET VALUE 9/30/23 (000)		DIVIDEND INCOME (000)
Government Money Market Portfolio	$	10,452	$	146,029	$	154,857	$	1,624	$	716

2023 Annual Report 125

Notes to Financial Statements (continued)

NOTE 3. Investment Security Transactions

A. Purchases and Sales

For the year ended September 30, 2023, 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	$	193,290,609	$	0	$	745,732,727	$	0
Tax-Aware Overlay A		347,439,263		0		1,725,452,341		0
Overlay B		295,867,465		745,907,164		442,630,841		945,184,661
Tax-Aware Overlay B		69,971,025		0		739,368,381		185,704
Tax-Aware Overlay C		24,196,347		0		189,918,989		0
Tax-Aware Overlay N		26,909,591		0		143,929,767		0

			GROSS UNREALIZED					NET UNREALIZED APPRECIATION (DEPRECIATION)
PORTFOLIO	COST		APPRECIATION		(DEPRECIATION)
Overlay A	$	606,314,962	$	223,961,146	$	(60,753,635	)	$	163,207,511
Tax-Aware Overlay A		1,046,074,872		503,982,968		(35,505,719	)		468,477,249
Overlay B		625,755,898		10,483,565		(45,137,177	)		(34,653,612	)
Tax-Aware Overlay B		657,311,212		78,926,288		(42,557,775	)		36,368,513
Tax-Aware Overlay C		176,093,760		19,097,405		(12,050,101	)		7,047,304
Tax-Aware Overlay N		153,382,640		8,451,208		(10,026,161	)		(1,574,953	)

B. Derivative Financial Instruments

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

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

• Futures

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

At the time a Portfolio enters into futures, a Portfolio deposits 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.

126 Sanford C. Bernstein Fund, Inc.

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, 2023, 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. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

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

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

During the year ended September 30, 2023, 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 purchased option by the Portfolios were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolios. Put and call purchased options 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 written option. 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

2023 Annual Report 127

Notes to Financial Statements (continued)

the contract. Premiums received from written options which expire unexercised are recorded by the Portfolios on the expiration date as realized gains from written options. 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 a written option 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, 2023, the Portfolios held purchased options for hedging and non-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.

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.

128 Sanford C. Bernstein Fund, Inc.

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 the Portfolio with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments).

During the year ended September 30, 2023, the Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios held interest rate swaps for hedging and non-hedging purposes.

Inflation (CPI) Swaps:

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

During the year ended September 30, 2023, the Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios held inflation (CPI) swaps for hedging and non-hedging purposes.

Credit Default Swaps:

The Portfolios may enter into credit default swaps, including to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults by corporate and sovereign issuers held by the Portfolios, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed. The Portfolios may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Portfolios receive/(pay) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If a Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolios will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolios for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if the 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

2023 Annual Report 129

Notes to Financial Statements (continued)

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, 2023, 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 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, 2023, the Portfolios held total return swaps for hedging and non-hedging purposes.

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

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

During the year ended September 30, 2023, 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					Payable for variation margin on futures	$	9,877,479	*
Equity contracts	Receivable for variation margin on futures	$	1,368,057	*	Payable for variation margin on futures		2,357,945	*
Credit contracts	Receivable for variation margin on centrally cleared swaps		58,105	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		3,993,601		Unrealized depreciation on forward currency exchange contracts		5,079,751
Equity contracts	Investments in securities, at value		16,575,514

130 Sanford C. Bernstein Fund, Inc.

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
Equity contracts	Unrealized appreciation on total return swaps	$	71
Total		$	21,995,348		$	17,315,175

* 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	$	(40,752,802	)	$	12,133,226
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		(30,810,243	)		(36,589,686	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		(16,189,014	)		5,360,415
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(39,555,031	)		(16,235,462	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(98,442	)		58,105
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(331,875	)		661,439
Total		$	(127,737,407	)	$	(34,611,963	)

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					Payable for variation margin on futures	$	19,719,033	*
Equity contracts	Receivable for variation margin on futures	$	2,942,630	*	Payable for variation margin on futures		3,470,834	*

2023 Annual Report 131

Notes to Financial Statements (continued)

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
Credit contracts	Receivable for variation margin on centrally cleared swaps	$	109,205	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		7,451,349		Unrealized depreciation on forward currency exchange contracts	$	9,754,387
Equity contracts	Investments in securities, at value		31,780,767
Equity contracts					Unrealized depreciation on total return swaps		305
Total		$	42,283,951			$	32,944,559

* 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	$	(88,401,281	)	$	28,099,470
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		(66,604,491	)		(87,205,612	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		(35,846,043	)		11,257,784
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(79,025,877	)		(35,626,950	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(144,757	)		109,205
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(984,632	)		1,342,156
Total		$	(271,007,081	)	$	(82,023,947	)

132 Sanford C. Bernstein Fund, Inc.

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 for variation margin on futures	$	237,697	*	Payable for variation margin on futures	$	2,425,964	*
Equity contracts	Receivable for variation margin on futures		240,295	*	Payable for variation margin on futures		6,319,483	*
Credit contracts	Receivable for variation margin on centrally cleared swaps		38,815	*	Payable for variation margin on centrally cleared swaps		10,168	*
Interest rate contracts	Receivable for variation margin on centrally cleared swaps		9,210,092	*	Payable for variation margin on centrally cleared swaps		3,096,455	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		3,676,784		Unrealized depreciation on forward currency exchange contracts		2,689,582
Equity contracts	Investments in securities, at value		4,261,848
Credit contracts					Market value on credit default swaps		89,770
Equity contracts					Unrealized depreciation on total return swaps		24,976
Total		$	17,665,531			$	14,656,398

* 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	$	(8,892,741	)	$	(970,353	)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		9,713,000			9,970,497
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		(9,973,736	)		2,149,428
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(9,931,947	)		(3,904,853	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		6,356,030			(4,036,100	)

2023 Annual Report 133

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)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	(1,979,760	)	$	(280,944	)
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		147,307			633,030
Total		$	(14,561,847	)	$	3,560,705

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					Payable for variation margin on futures	$	2,247,018	*
Equity contracts	Receivable for variation margin on futures	$	612,573	*	Payable for variation margin on futures		4,234,542	*
Credit contracts	Receivable for variation margin on centrally cleared swaps		19,577	*
Interest rate contracts	Receivable for variation margin on centrally cleared swaps		9,860,957	*	Payable for variation margin on centrally cleared swaps		4,113,221	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		1,329,225		Unrealized depreciation on forward currency exchange contracts		736,041
Equity contracts	Investments in securities, at value		5,215,792
Interest rate contracts	Unrealized appreciation on inflation swaps		19,906,190
Interest rate contracts	Unrealized appreciation on interest rate swaps		1,511,424
Credit contracts					Market value on credit default swaps		188,842
Equity contracts	Unrealized appreciation on total return swaps		14,433
Total		$	38,470,171			$	11,519,664

* 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.

134 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	$	(8,198,324	)	$	1,382,925
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		(9,491,239	)		(2,714,182	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		(5,491,319	)		3,787,641
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) on of investments		(13,268,395	)		(5,815,588	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		4,854,347			(596,947	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(920,963	)		305,105
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(7,022	)		268,770
Total		$	(32,522,915	)	$	(3,382,276	)

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					Payable for variation margin on futures	$	604,779	*
Equity contracts	Receivable for variation margin on futures	$	225,162	*	Payable for variation margin on futures		1,280,687	*
Credit contracts	Receivable for variation margin on centrally cleared swaps		5,271	*
Interest rate contracts	Receivable for variation margin on centrally cleared swaps		2,865,486	*	Payable for variation margin on centrally cleared swaps		828,771	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		316,027		Unrealized depreciation on forward currency exchange contracts		778,902

2023 Annual Report 135

Notes to Financial Statements (continued)

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
Equity contracts	Investments in securities, at value	$	1,407,511
Interest rate contracts	Unrealized appreciation on inflation swaps		5,739,510
Interest rate contracts	Unrealized appreciation on interest rate swaps		462,396
Credit contracts				Market value on credit default swaps	$	68,573
Equity contracts				Unrealized depreciation on total return swaps		8,100
Total		$	11,021,363		$	3,569,812

* 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	$	(2,263,125	)	$	434,466
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		3,718,960			396,598
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		(118,039	)		324,005
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(3,720,254	)		(1,678,812	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		929,499			549,804
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(276,230	)		115,195
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		305,295			21,883
Total		$	(1,423,894	)	$	163,139

136 Sanford C. Bernstein Fund, Inc.

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					Payable for variation margin on futures	$	497,617	*
Equity contracts	Receivable for variation margin on futures	$	230,204	*	Payable for variation margin on futures		1,646,685	*
Credit contracts	Receivable for variation margin on centrally cleared swaps		4,117	*
Interest rate contracts	Receivable for variation margin on centrally cleared swaps		1,977,111	*	Payable for variation margin on centrally cleared swaps		452,084	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		414,852		Unrealized depreciation on forward currency exchange contracts		152,604
Equity contracts	Investments in securities, at value		1,216,820
Interest rate contracts	Unrealized appreciation on inflation swaps		4,960,602
Interest rate contracts	Unrealized appreciation on interest rate swaps		344,222
Credit contracts					Market value on credit default swaps		55,212
Equity contracts	Unrealized appreciation on total return swaps		6,014
Total		$	9,153,942			$	2,804,202

* 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	$	(1,850,854	)	$	249,372
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		411,687			521,728
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		(1,104,952	)		907,756
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(2,898,065	)		(1,167,254	)

2023 Annual Report 137

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 swaps; Net change in unrealized appreciation (depreciation) of swaps	$	871,569		$	167,416
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(56,235	)		93,015
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(8,366	)		64,268
Total		$	(4,635,216	)	$	836,301

The following tables represent the average monthly volume of the Portfolios’ derivative transactions during the year ended September 30, 2023:

OVERLAY A PORTFOLIO
Futures:
Average notional amount of buy contracts	$	620,195,959
Average notional amount of sale contracts	$	286,693,488
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	337,192,412
Average principal amount of sale contracts	$	326,019,366
Purchased Options:
Average notional amount	$	710,248,676
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	54,252,600	(a)
Total Return Swaps:
Average notional amount	$	10,603,489

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

TAX-AWARE OVERLAY A PORTFOLIO
Futures:
Average notional amount of buy contracts	$	1,206,181,596
Average notional amount of sale contracts	$	668,919,269
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	661,794,325
Average principal amount of sale contracts	$	656,236,727
Purchased Options:
Average notional amount	$	1,412,307,033

138 Sanford C. Bernstein Fund, Inc.

TAX-AWARE OVERLAY A PORTFOLIO
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	105,168,240	(a)
Total Return Swaps:
Average notional amount	$	21,827,300

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

OVERLAY B PORTFOLIO
Futures:
Average notional amount of buy contracts	$	356,982,193
Average notional amount of sale contracts	$	94,388,098
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	252,715,197
Average principal amount of sale contracts	$	310,761,600
Purchased Options:
Average notional amount	$	177,901,944
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	68,411,648
Centrally Cleared Inflation Swaps:
Average notional amount	$	84,131,615
Credit Default Swaps:
Average notional amount of buy contracts	$	2,328,000	(a)
Average notional amount of sale contracts	$	1,712,826
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	36,635,180
Average notional amount of sale contracts	$	10,052,120	(b)
Total Return Swaps:
Average notional amount	$	9,952,233

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

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

TAX-AWARE OVERLAY B PORTFOLIO
Futures:
Average notional amount of buy contracts	$	190,217,379
Average notional amount of sale contracts	$	76,005,689
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	109,163,553
Average principal amount of sale contracts	$	118,592,106
Purchased Options:
Average notional amount	$	234,840,666
Interest Rate Swaps:
Average notional amount	$	12,470,000

2023 Annual Report 139

Notes to Financial Statements (continued)

TAX-AWARE OVERLAY B PORTFOLIO
Inflation Swaps:
Average notional amount	$	182,700,000
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	66,915,385
Centrally Cleared Inflation Swaps:
Average notional amount	$	94,551,923
Credit Default Swaps:
Average notional amount of sale contracts	$	2,289,948
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	16,644,444	(a)
Average notional amount of sale contracts	$	17,709,120	(b)
Total Return Swaps:
Average notional amount	$	4,954,136

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

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

TAX-AWARE OVERLAY C PORTFOLIO
Futures:
Average notional amount of buy contracts	$	67,832,544
Average notional amount of sale contracts	$	10,067,181
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	49,254,361
Average principal amount of sale contracts	$	27,236,648
Purchased Options:
Average notional amount	$	65,318,807
Interest Rate Swaps:
Average notional amount	$	3,815,000
Inflation Swaps:
Average notional amount	$	50,192,308
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	17,033,846
Centrally Cleared Inflation Swaps:
Average notional amount	$	28,923,077
Credit Default Swaps:
Average notional amount of sale contracts	$	830,006
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	6,133,333	(a)
Average notional amount of sale contracts	$	4,796,840	(b)
Total Return Swaps:
Average notional amount	$	1,956,298

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

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

140 Sanford C. Bernstein Fund, Inc.

TAX-AWARE OVERLAY N PORTFOLIO
Futures:
Average notional amount of buy contracts	$	53,942,223
Average notional amount of sale contracts	$	16,184,048
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	22,730,566
Average principal amount of sale contracts	$	26,318,809
Purchased Options:
Average notional amount	$	51,552,490
Interest Rate Swaps:
Average notional amount	$	2,840,000
Inflation Swaps:
Average notional amount	$	43,884,615
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	10,614,615
Centrally Cleared Inflation Swaps:
Average notional amount	$	21,107,692
Credit Default Swaps:
Average notional amount of sale contracts	$	670,101
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	3,913,200	(a)
Total Return Swaps:
Average notional amount	$	1,194,915

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

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

All OTC derivatives held at period end were subject to netting arrangements. The following tables present the Portfolios’ derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolios as of September 30, 2023. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

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	$	1,159,691	$	(908,273	)	$	0	$	0	$	251,418
Barclays Bank PLC		292,342		(292,342	)		0		0		0
BNP Paribas SA		701,000		(222,439	)		0		0		478,561
Deutsche Bank AG		4,494		0			0		0		4,494
Goldman Sachs Bank USA		27,154		(27,154	)		0		0		0
HSBC Bank USA		67,903		0			0		0		67,903
JPMorgan Chase Bank, NA		1,458		(1,458	)		0		0		0

2023 Annual Report 141

Notes to Financial Statements (continued)

COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL RECEIVED*			SECURITY COLLATERAL RECEIVED*		NET AMOUNT OF DERIVATIVE ASSETS
Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc.	$	1,739,630	$	(1,739,630	)	$	0		$	0	$	0
UBS AG		16,575,514		0			(16,575,514	)		0		0
Total	$	20,569,186	$	(3,191,296	)	$	(16,575,514	)	$	0	$	802,376	^
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	$	908,273	$	(908,273	)	$	0		$	0	$	0
Barclays Bank PLC		497,840		(292,342	)		0			0		205,498
BNP Paribas SA		222,439		(222,439	)		0			0		0
Goldman Sachs Bank USA		444,818		(27,154	)		(417,664	)		0		0
JPMorgan Chase Bank, NA		450,353		(1,458	)		0			0		448,895
Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc.		2,553,881		(1,739,630	)		0			0		814,251
State Street Bank & Trust Co.		2,147		0			0			0		2,147
Total	$	5,079,751	$	(3,191,296	)	$	(417,664	)	$	0	$	1,470,791	^

* 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.

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	$	1,976,059	$	(1,739,867	)	$	0		$	0	$	236,192
Barclays Bank PLC		564,440		(564,440	)		0			0		0
BNP Paribas SA		1,371,934		(415,949	)		0			0		955,985
Goldman Sachs Bank USA		50,807		(50,807	)		0			0		0
HSBC Bank USA		129,214		0			0			0		129,214
JPMorgan Chase Bank, NA		3,259		(3,259	)		0			0		0
Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC		3,355,636		(3,355,636	)		0			0		0
UBS AG		31,780,767		0			(31,780,767	)		0		0
Total	$	39,232,116	$	(6,129,958	)	$	(31,780,767	)	$	0	$	1,321,391	^

142 Sanford C. Bernstein Fund, Inc.

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	$	1,739,867	$	(1,739,867	)	$	0		$	0	$	0
Barclays Bank PLC		945,155		(564,440	)		0			0		380,715
BNP Paribas SA		415,949		(415,949	)		0			0		0
Goldman Sachs Bank USA		860,593		(50,807	)		(809,786	)		0		0
JPMorgan Chase Bank, NA		754,107		(3,259	)		0			0		750,848
Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC		5,039,021		(3,355,636	)		0			0		1,683,385
Total	$	9,754,692	$	(6,129,958	)	$	(809,786	)	$	0	$	2,814,948	^

* 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.

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	$	529,515	$	(247,516	)	$	0		$	0		$	281,999
Barclays Bank PLC		77,479		(77,479	)		0			0			0
BNP Paribas SA		185,289		(58,750	)		0			0			126,539
Citibank, NA/Citigroup Global Markets, Inc		250,788		(3,445	)		0			0			247,343
Goldman Sachs Bank USA/Goldman Sachs International		7,849		(7,849	)		0			0			0
HSBC Bank USA		758,256		0			(558,000	)		0			200,256
JPMorgan Chase Bank, NA/JPMorgan Securities, LLC		41,615		(41,615	)		0			0			0
Morgan Stanley & Co. LLC/Morgan Stanley Capital Services LLC		1,743,274		(1,743,274	)		0			0			0
State Street Bank & Trust Co.		78,677		(62,352	)		0			0			16,325
UBS AG		4,265,890		0			(4,265,890	)		0			0
Total	$	7,938,632	$	(2,242,280	)	$	(4,823,890	)	$	0		$	872,462	^
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	$	247,516	$	(247,516	)	$	0		$	0		$	0
Barclays Bank PLC		136,293		(77,479	)		0			0			58,814
BNP Paribas SA		58,750		(58,750	)		0			0			0
Citibank, NA/Citigroup Global Markets, Inc		3,445		(3,445	)		0			0			0
Credit Suisse International		3,728		0			(3,728	)		0			0
Deutsche Bank AG		32,563		0			0			(32,563	)		0

2023 Annual Report 143

Notes to Financial Statements (continued)

COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*			SECURITY COLLATERAL PLEDGED*			NET AMOUNT OF DERIVATIVE LIABILITIES
Goldman Sachs Bank USA/Goldman Sachs International	$	127,162	$	(7,849	)	$	0		$	(62,673	)	$	56,640
JPMorgan Chase Bank, NA/JPMorgan Securities, LLC		260,601		(41,615	)		(218,986	)		0			0
Morgan Stanley & Co. LLC/Morgan Stanley Capital Services LLC		1,871,918		(1,743,274	)		0			0			128,644
State Street Bank & Trust Co.		62,352		(62,352	)		0			0			0
Total	$	2,804,328	$	(2,242,280	)	$	(222,714	)	$	(95,236	)	$	244,098	^

* 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.

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	$	431,067	$	(287,776	)	$	0		$	0	$	143,291
Barclays Bank PLC		4,015,953		(161,939	)		(3,854,014	)		0		0
BNP Paribas SA		226,166		(61,852	)		0			0		164,314
Citibank, NA/Citigroup Global Markets, Inc.		5,637,800		(31,016	)		(5,412,000	)		0		194,784
Deutsche Bank AG		1,335,303		0			(1,330,000	)		0		5,303
Goldman Sachs Bank USA/ Goldman Sachs International		9,327		(9,327	)		0			0		0
HSBC Bank USA		21,614		0			0			0		21,614
JPMorgan Chase Bank, NA		10,521,424		(31,782	)		(10,489,642	)		0		0
Morgan Stanley & Co. LLC/Morgan Stanley Capital Services LLC		562,618		(42,460	)		0			0		520,158
UBS AG		5,215,792		0			(5,215,792	)		0		0
Total	$	27,977,064	$	(626,152	)	$	(26,301,448	)	$	0	$	1,049,464	^
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	$	287,776	$	(287,776	)	$	0		$	0	$	0
Barclays Bank PLC		161,939		(161,939	)		0			0		0
BNP Paribas SA		61,852		(61,852	)		0			0		0
Citibank, NA/Citigroup Global Markets, Inc.		31,016		(31,016	)		0			0		0
Credit Suisse International		97,130		0			(97,130	)		0		0
Goldman Sachs Bank USA/Goldman Sachs International		210,928		(9,327	)		(201,601	)		0		0

144 Sanford C. Bernstein Fund, Inc.

COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*			SECURITY COLLATERAL PLEDGED*		NET AMOUNT OF DERIVATIVE LIABILITIES
JPMorgan Chase Bank, NA		31,782		(31,782	)		0			0		0
Morgan Stanley & Co. LLC/Morgan Stanley Capital Services LLC		42,460		(42,460	)		0			0		0
Total	$	924,883	$	(626,152	)	$	(298,731	)	$	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.

SCB 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	$	71,359	$	(71,359	)	$	0		$	0		$	0
Barclays Bank PLC		926,876		(43,403	)		0			(744,946	)		138,527
BNP Paribas SA		53,488		(20,324	)		0			0			33,164
Citibank, NA/Citigroup Global Markets, Inc.		1,753,537		(11,253	)		(1,610,000	)		0			132,284
Deutsche Bank AG		534,121		0			(520,000	)		0			14,121
HSBC Bank USA		6,235		0			0			0			6,235
JPMorgan Chase Bank, NA		2,349,735		(79,275	)		(2,200,000	)		0			70,460
Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc.		800,784		(524,524	)		(276,260	)		0			0
State Street Bank & Trust Co.		21,798		(7,204	)		0			0			14,594
UBS AG		1,407,511		0			(1,407,511	)		0			0
Total	$	7,925,444	$	(757,342	)	$	(6,013,771	)	$	(744,946	)	$	409,385	^
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	$	80,547	$	(71,359	)	$	0		$	0		$	9,188
Barclays Bank PLC		43,403		(43,403	)		0			0			0
BNP Paribas SA		20,324		(20,324	)		0			0			0
Citibank, NA/Citigroup Global Markets, Inc.		11,253		(11,253	)		0			0			0
Credit Suisse International		44,731		0			0			(44,731	)		0
Goldman Sachs Bank USA/Goldman Sachs International		44,314		0			0			0			44,314
JPMorgan Chase Bank, NA		79,275		(79,275	)		0			0			0
Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc.		524,524		(524,524	)		0			0			0

2023 Annual Report 145

Notes to Financial Statements (continued)

COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*		SECURITY COLLATERAL PLEDGED*			NET AMOUNT OF DERIVATIVE LIABILITIES
State Street Bank & Trust Co.	$	7,204	$	(7,204	)	$	0	$	0		$	0
Total	$	855,575	$	(757,342	)	$	0	$	(44,731	)	$	53,502	^

* 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.

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	$	109,572	$	(59,963	)	$	0		$	0		$	49,609
Barclays Bank PLC		662,924		(25,949	)		(550,000	)		0			86,975
BNP Paribas SA		46,414		(11,134	)		0			0			35,280
Citibank, NA/Citigroup Global Markets, Inc.		1,695,304		(9,073	)		(1,560,000	)		0			126,231
Deutsche Bank AG		534,121		0			(520,000	)		0			14,121
HSBC Bank USA		4,922		0			0			0			4,922
JPMorgan Chase Bank, NA		2,189,835		0			(2,010,000	)		0			179,835
Morgan Stanley Capital Services LLC		451,556		(5,416	)		(260,000	)		0			186,140
State Street Bank & Trust Co.		31,042		(17,217	)		0			0			13,825
UBS AG		1,216,820		0			(1,100,000	)		0			116,820
Total	$	6,942,510	$	(128,752	)	$	(6,000,000	)	$	0		$	813,758	^
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	$	59,963	$	(59,963	)	$	0		$	0		$	0
Barclays Bank PLC		25,949		(25,949	)		0			0			0
BNP Paribas SA		11,134		(11,134	)		0			0			0
Citibank, NA/Citigroup Global Markets, Inc.		9,073		(9,073	)		0			0			0
Credit Suisse International		38,683		0			0			(38,683	)		0
Goldman Sachs Bank USA/Goldman Sachs International		40,381		0			0			0			40,381
Morgan Stanley Capital Services LLC		5,416		(5,416	)		0			0			0
State Street Bank & Trust Co.		17,217		(17,217	)		0			0			0
Total	$	207,816	$	(128,752	)	$	0		$	(38,683	)	$	40,381	^

* 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.

146 Sanford C. Bernstein Fund, Inc.

C. Currency Transactions

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

D. TBA

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

NOTE 4. Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended September 30, 2023 and September 30, 2022 were as follows:

PORTFOLIO	2023		2022
Overlay A
Distributions paid from:
Ordinary income	$	23,545,277	$	43,812,116
Long-term capital gains		0		163,540,332
Total distributions paid	$	23,545,277	$	207,352,448
Tax-Aware Overlay A
Distributions paid from:
Ordinary income	$	49,602,887	$	65,210,029
Long-term capital gains		0		329,292,991
Total distributions paid	$	49,602,887	$	394,503,020
Overlay B
Distributions paid from:
Ordinary income	$	28,384,143	$	90,817,938
Long-term capital gains		0		74,606,829
Total distributions paid	$	28,384,143	$	165,424,767

2023 Annual Report 147

Notes to Financial Statements (continued)

PORTFOLIO	2023		2022
Tax-Aware Overlay B
Distributions paid from:
Ordinary income	$	9,242,658	$	64,895,725
Long-term capital gains		0		35,667,264
Total taxable distributions		9,242,658		100,562,989
Tax exempt distributions		18,464,315		16,152,487
Total distributions paid	$	27,706,973	$	116,715,476
Tax-Aware Overlay C
Distributions paid from:
Ordinary income	$	2,123,420	$	23,218,344
Long-term capital gains		0		10,700,649
Total taxable distributions		2,123,420		33,918,993
Tax exempt distributions		5,486,762		4,886,228
Total distributions paid	$	7,610,182	$	38,805,221
Tax-Aware Overlay N
Distributions paid from:
Ordinary income	$	1,373,567	$	13,050,707
Long-term capital gains		0		7,967,575
Total taxable distributions		1,373,567		21,018,282
Tax exempt distributions		4,382,878		2,973,549
Total distributions paid	$	5,756,445	$	23,991,831

As of September 30, 2023, 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	$	0	$	0	$	(42,229,376	)	$	185,903,514		$	143,674,138
Tax-Aware Overlay A		0		0		(60,968,528	)		468,449,909			407,481,381
Overlay B		12,283,433		0		(166,085,849	)		(34,766,622	)		(188,569,038	)
Tax-Aware Overlay B		9,789,101		0		(79,044,236	)		36,322,459			(32,932,676	)
Tax-Aware Overlay C		3,500,889		0		(24,091,353	)		7,021,457			(13,569,007	)
Tax-Aware Overlay N		2,228,308		0		(7,457,460	)		(1,586,157	)		(6,815,309	)

(a) Includes tax exempt income as shown below:

Tax-Aware Overlay B	$	9,789,101
Tax-Aware Overlay C		2,930,251
Tax-Aware Overlay N		1,769,853

(b) As of September 30, 2023 Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Tax-Aware Overlay B Portfolio deferred $3,969,752, $12,799,114, and $1,832,443 in late year losses, respectively. These losses will be treated as arising on October 1, 2023. As of September 30, 2023 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 $1,895,817, $5,981,553, $552,452, $46,626,803, $9,855,547, and $372,348 in straddle losses, respectively.

148 Sanford C. Bernstein Fund, Inc.

(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, the tax treatment of Puerto Rico bonds, 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.

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

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

As of September 30, 2023, the following Portfolios had net capital loss carryforwards as follows:

PORTFOLIO	SHORT-TERM AMOUNT		LONG-TERM AMOUNT
Overlay A	$	36,363,807	$	0
Tax-Aware Overlay A		42,187,861		0
Overlay B		69,777,934		95,755,463
Tax-Aware Overlay B		0		30,584,990
Tax-Aware Overlay C		0		14,235,806
Tax-Aware Overlay N		0		7,085,112

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) and regional and global conflicts; cybersecurity events; market disruptions caused by tariffs; trade disputes; measures to address budget deficits; downgrading of sovereign debt; sanctions or other government actions; and other factors.

Economies and financial markets throughout the world are becoming increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, armed conflict, including Russia’s military invasion of Ukraine, terrorism, natural disasters (including the spread of infectious illness) and other circumstances in one country or region could have profound impacts on global economies or markets. Following Russia’s recent invasion of Ukraine, the United States, the European Union and the regulatory bodies of certain other countries instituted numerous sanctions against certain Russian individuals and Russian entities. These sanctions, and other intergovernmental actions that may be undertaken against Russia in the future, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, and a decline in the value and liquidity of Russian stocks. These sanctions could result in the immediate freeze of Russian securities, including securities in the form of American Depositary Receipts, impairing the ability of the Portfolio to buy, sell, receive or deliver those securities. Retaliatory action by the Russian government could involve the seizure of US and/or European residents’ assets and any such actions are likely to impair the value and liquidity of such assets. The continued disruption of the Russian economy has had severe adverse effects on the region and beyond, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. As a result, whether or not the Portfolios invest in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolios’ investments may be negatively affected.

Management Risk—The Portfolios are subject to management risk because they are actively managed investment portfolios. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the

2023 Annual Report 149

Notes to Financial Statements (continued)

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. The use of dynamic asset allocation strategies by the Adviser may result in less favorable performance than if such strategies had not been used. 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 be transaction costs which may be, over time, significant. In addition, there is a risk that 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. While hedging can guard against potential risks, there is also a risk that a derivative intended as a hedge may not perform as expected. In addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolios. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Portfolios to suffer a (potentially unlimited) loss. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted as margin or collateral for derivatives positions may themselves go down in value, and these collateral and other requirements may limit investment flexibility. Some derivatives involve leverage, which can make the Portfolios more volatile and can compound other risks. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (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 it 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. In certain cases, governmental actions could prevent sales of securities or repatriation of proceeds. Over recent years, regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Illiquid investments risk may be magnified in a rising interest rate environment, where the value and liquidity of fixed-income securities generally go down. The 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.

150 Sanford C. Bernstein Fund, Inc.

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

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

Prepayment and Extension Risk—Prepayment risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. If this happens, particularly during a time of declining interest rates or credit spreads, the Portfolios will not benefit from the rise in market price that normally accompanies a decline in interest rates, and may not be able to invest the proceeds in securities providing as much income, resulting in a lower yield to the 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.

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, and 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, which may be further exacerbated by recent environmental conditions and climate change patterns. The Portfolios’ investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, are subject to the risk that factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

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

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

2023 Annual Report 151

Notes to Financial Statements (continued)

Interest-Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. During periods of very low or negative interest rates, the Portfolios’ returns may be adversely affected, including to such an extent that the Portfolios may be unable to maintain positive returns. A Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the recent tightening of the U.S. Federal Reserve’s monetary policy, which has caused the Federal Reserve to increase short-term interest rates in an effort to address rising inflation.

Credit Risk—This is the risk that the issuer or the guarantor of a debt security, or the counterparty to a derivatives or other contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The issuer or guarantor may default, potentially causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating, although credit ratings are opinions and not guarantees of quality. The credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations, making credit risk greater for medium-quality and lower-rated debt securities. Lower-rated debt securities and similar unrated securities (commonly known as “junk bonds”) have speculative elements or are predominantly speculative credit risks. At times when credit risk is perceived to be greater, credit “spreads” (i.e., the difference between the yields on lower quality securities and the yields on higher quality securities) may get larger or “widen”. As a result, the values of the lower quality securities may go down more and they may become harder to sell.

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

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

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

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). The value of the U.S. Dollar has recently appreciated in value against most foreign currencies, which may negatively affect the value of the Portfolios’ foreign investments when converted to U.S. Dollars.

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.

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

152 Sanford C. Bernstein Fund, Inc.

affecting a particular industry or commodity, such as changes in climate conditions, drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolios’ assets can decline as can the value of the Portfolios’ distributions. This risk is significantly greater for fixed-income securities with longer maturities. Rates of inflation have recently risen, which have adversely affected economies and markets. Rising inflation has caused the Federal Reserve and other central banks to take actions—including raising interest rates that have caused further adverse effects to economies and markets, and more such actions may be forthcoming.

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

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

Real Estate Related Securities Risk—Investing in real estate related securities includes, among others, the following risks: possible declines in the value of real estate; risks related to general and local economic conditions, including increases in the rate of inflation; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; changes in zoning laws; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; limitations on and variations in rents; and changes in interest rates. In addition, global climate change may have an adverse effect on property and security values and may exacerbate the risks of natural disasters. The COVID-19 pandemic has also impacted certain real estate sectors by accelerating the trend towards online shopping and remote-working environments. Investing in real estate investment trusts (“REITs”) involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, are not diversified, and are subject to heavy cash flow dependency, default by borrowers and self liquidation. Investing in REITs also involves risks similar to those associated with investing in small-capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities. REIT issuers may also fail to maintain their exemptions from investment company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended.

Investment in Other Investment Companies Risk—As with other investments, investments in other investment companies, including other AB Mutual Funds and ETFs, are subject to market and management risk. The market value of the shares of other investment companies and ETFs may differ from their net asset value. 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.

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.

2023 Annual Report 153

Notes to Financial Statements (continued)

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.

LIBOR Replacement 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. LIBOR’s administrator, ICE Benchmark Administration, ceased publishing most LIBOR settings (including some U.S. LIBOR settings) by the end of 2021 and the remaining (and most widely used) U.S. Dollar LIBOR settings after June 30, 2023. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will permit the use of synthetic U.S. Dollar LIBOR rates for non-U.S. contracts through September 30, 2024, but any such rates would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the Secured Overnight Financing 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. There is no assurance that the composition or characteristics of SOFR or any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that the market for SOFR-linked financial instruments will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability. Neither the long-term effects of the LIBOR transition process nor its ultimate success can yet be known.

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

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

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

NOTE 6. Capital-Share Transactions

As of September 30, 2023, 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.

154 Sanford C. Bernstein Fund, Inc.

Share transactions for each Portfolio for the years ended September 30, 2023 and September 30, 2022, were as follows:

	OVERLAY A PORTFOLIO
	SHARES						AMOUNT
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Class 1 Shares
Shares sold		4,399,520			5,161,881		$	51,171,173		$	73,199,634
Shares issued on reinvestment of dividends and distributions		1,254,420			11,002,154			14,476,001			164,812,261
Shares redeemed		(47,081,765	)		(16,556,316	)		(550,592,982	)		(229,970,448	)
Net increase (decrease)		(41,427,825	)		(392,281	)	$	(484,945,808	)	$	8,041,447
Class 2 Shares
Shares sold		1,493,341			3,205,618		$	17,333,333		$	46,184,559
Shares issued on reinvestment of dividends and distributions		337,908			2,245,552			3,902,841			33,660,824
Shares redeemed		(9,537,429	)		(5,212,898	)		(111,532,853	)		(72,241,958	)
Net increase (decrease)		(7,706,180	)		238,272		$	(90,296,679	)	$	7,603,425
	TAX-AWARE OVERLAY A PORTFOLIO
	SHARES						AMOUNT
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Class 1 Shares
Shares sold		7,125,424			8,239,428		$	88,618,382		$	124,924,353
Shares issued on reinvestment of dividends and distributions		2,194,101			17,694,177			27,162,976			286,114,840
Shares redeemed		(98,298,764	)		(27,404,212	)		(1,230,747,717	)		(392,609,957	)
Net increase (decrease)		(88,979,239	)		(1,470,607	)	$	(1,114,966,359	)	$	18,429,236
Class 2 Shares
Shares sold		2,054,820			3,637,451		$	25,781,308		$	54,209,370
Shares issued on reinvestment of dividends and distributions		628,572			5,184,428			7,794,291			83,935,889
Shares redeemed		(27,802,368	)		(11,485,349	)		(346,583,477	)		(163,542,244	)
Net decrease		(25,118,976	)		(2,663,470	)	$	(313,007,878	)	$	(25,396,985	)

2023 Annual Report 155

Notes to Financial Statements (continued)

	OVERLAY B PORTFOLIO
	SHARES						AMOUNT
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Class 1 Shares
Shares sold		4,726,226			5,187,066		$	41,299,169		$	52,635,006
Shares issued on reinvestment of dividends and distributions		1,868,050			12,258,298			16,233,353			128,099,219
Shares redeemed		(40,919,748	)		(14,266,407	)		(359,702,149	)		(141,582,540	)
Net increase (decrease)		(34,325,472	)		3,178,957		$	(302,169,627	)	$	39,151,685
Class 2 Shares
Shares sold		2,471,762			2,768,787		$	21,597,797		$	28,109,864
Shares issued on reinvestment of dividends and distributions		474,714			2,386,700			4,134,762			24,988,745
Shares redeemed		(6,863,016	)		(4,048,900	)		(60,252,096	)		(40,374,044	)
Net increase (decrease)		(3,916,540	)		1,106,587		$	(34,519,537	)	$	12,724,565
	TAX-AWARE OVERLAY B PORTFOLIO
	SHARES						AMOUNT
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Class 1 Shares
Shares sold		2,988,886			5,167,231		$	30,597,455		$	58,606,873
Shares issued on reinvestment of dividends and distributions		1,343,027			6,316,673			13,698,876			74,410,400
Shares redeemed		(49,505,644	)		(15,340,567	)		(510,949,900	)		(168,867,440	)
Net decrease		(45,173,731	)		(3,856,663	)	$	(466,653,569	)	$	(35,850,167	)
Class 2 Shares
Shares sold		1,168,281			2,637,541		$	12,015,757		$	29,277,113
Shares issued on reinvestment of dividends and distributions		512,881			2,676,362			5,236,512			31,554,311
Shares redeemed		(20,122,450	)		(9,964,823	)		(207,574,494	)		(108,196,503	)
Net decrease		(18,441,288	)		(4,650,920	)	$	(190,322,225	)	$	(47,365,079	)

156 Sanford C. Bernstein Fund, Inc.

	TAX-AWARE OVERLAY C PORTFOLIO
	SHARES						AMOUNT
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Class 1 Shares
Shares sold		761,650			1,057,828		$	7,734,035		$	11,813,931
Shares issued on reinvestment of dividends and distributions		329,754			1,982,126			3,317,318			22,913,374
Shares redeemed		(13,314,463	)		(4,897,168	)		(135,432,689	)		(53,297,436	)
Net decrease		(12,223,059	)		(1,857,214	)	$	(124,381,336	)	$	(18,570,131	)
Class 2 Shares
Shares sold		256,928			1,249,340		$	2,603,999		$	13,473,115
Shares issued on reinvestment of dividends and distributions		164,789			1,078,846			1,657,781			12,493,037
Shares redeemed		(7,271,539	)		(4,167,408	)		(73,722,350	)		(44,001,549	)
Net decrease		(6,849,822	)		(1,839,222	)	$	(69,460,570	)	$	(18,035,397	)
	TAX-AWARE OVERLAY N PORTFOLIO
	SHARES						AMOUNT
	YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22
Class 1 Shares
Shares sold		706,131			1,130,667		$	7,131,179		$	12,386,714
Shares issued on reinvestment of dividends and distributions		345,876			1,555,650			3,482,979			18,154,440
Shares redeemed		(11,830,438	)		(5,060,445	)		(120,382,127	)		(55,112,991	)
Net decrease		(10,778,431	)		(2,374,128	)	$	(109,767,969	)	$	(24,571,837	)
Class 2 Shares
Shares sold		116,878			291,531		$	1,179,963		$	3,332,167
Shares issued on reinvestment of dividends and distributions		57,484			343,776			579,434			4,015,302
Shares redeemed		(2,052,000	)		(1,795,974	)		(20,819,141	)		(19,448,344	)
Net decrease		(1,877,638	)		(1,160,667	)	$	(19,059,744	)	$	(12,100,875	)

At September 30, 2023, shareholders of the Tax-Aware Overlay C Portfolio owned 13% of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolios’ performance.

NOTE 7. Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the

2023 Annual Report 157

Notes to Financial Statements (continued)

LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE 8. Subsequent Events

At a meeting held on October 25-26, 2023, the Board approved an agreement and plan of reorganization whereby each of the Tax-Aware Overlay C Portfolio and the Tax-Aware Overlay N Portfolio (each, an “Acquired Portfolio” and together, the “Acquired Portfolios”) will be reorganized (each, a “Reorganization” and together, the “Reorganizations”) into the Tax-Aware Overlay B Portfolio (the “Acquiring Portfolio” and together with the Acquired Portfolios, the “Portfolios”).

Pursuant to each Reorganization, all of the assets and stated liabilities of the applicable Acquired Portfolio will be transferred to the Acquiring Portfolio in exchange for newly issued shares of the Acquiring Portfolio. Each Acquired Portfolio will distribute the Acquiring Portfolio shares it receives to its shareholders in complete liquidation of the Acquired Portfolio, and shareholders of each Acquired Portfolio will become shareholders of the Acquiring Portfolio. Shareholders of each Acquired Portfolio will receive shares of the Acquiring Portfolio of equal dollar value to their shares held in the applicable Acquired Portfolio immediately prior to the Reorganization. Shareholders will receive the same class of shares of the Acquiring Portfolio as they held in the Acquired Portfolio as illustrated by the following chart:

If a shareholder owns the following Acquired Portfolio shares:	The shareholder will receive the following Acquiring Portfolio shares:
Class 1 Class 2	Class 1 Class 2

No sales charge will be imposed on the shares of the Acquiring Portfolio received by shareholders of an Acquired Portfolio in connection with the Reorganizations.

Shareholders of the Acquired Portfolios are not required to approve the Reorganizations. It is expected that in January 2024, shareholders of the Acquired Portfolios will be sent a prospectus/information statement containing important information about the Acquiring Portfolio, outlining the differences between each Acquired Portfolio and the Acquiring Portfolio, and containing information about the terms and conditions of the Reorganizations.

Each Reorganization is expected to be completed on or around February 23, 2024.

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

158 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 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 portfolios constituting Sanford C. Bernstein Fund, Inc., hereafter collectively referred to as the “Portfolios”) as of September 30, 2023, the related statements of operations for the year ended September 30, 2023, the statements of changes in net assets for each of the two years in the period ended September 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2023 (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, 2023, 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, 2023 and each of the financial highlights for each of the five years in the period ended September 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

November 22, 2023

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

2023 Annual Report 159

2023 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, 2023. 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		28.78	%		12.72	%
Tax-Aware Overlay A		31.95	%		6.68	%
Overlay B		0.00	%		78.14	%
Tax-Aware Overlay B		42.30	%		22.82	%
Tax-Aware Overlay C		30.80	%		24.02	%
Tax-Aware Overlay N		23.27	%		26.92	%

For the taxable year ended September 30, 2023, 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	$	21,825,075
Tax-Aware Overlay A		47,940,316
Overlay B		1,259,242
Tax-Aware Overlay B		8,613,388
Tax-Aware Overlay C		1,293,587
Tax-Aware Overlay N		1,041,176

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 2024.

160 Sanford C. Bernstein Fund, Inc.

Sanford C. Bernstein Fund, Inc.—Overlay Portfolios

BOARD OF DIRECTORS

R. Jay Gerken*

Chair

Debra Perry*

Director

Jeffrey R. Holland*

Director

William Kristol*

Director

Donald K. Peterson*

Director

OFFICERS

Alexander Chaloff,

President

Alexander Barenboym⁽¹⁾

Vice President

Daniel J. Loewy⁽¹⁾

Vice President

Caglasu Altunkopru⁽¹⁾

Vice President

Nancy E. Hay

Secretary

Michael B. Reyes

Senior Vice President

Stephen M. Woetzel

Treasurer and Chief Financial Officer

Phyllis J. Clarke

Controller

Jennifer Friedland

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

One Congress Street, Suite 1

Boston, MA 02114

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.

(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.

2023 Annual Report 161

Sanford C. Bernstein Fund, Inc.—Overlay Portfolios (continued)

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
DISINTERESTED DIRECTORS
R. Jay Gerken,# Chair of the Board 72 (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
Debra Perry,# 72 (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
Jeffrey R. Holland,# 57 (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,# 70 (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 in Society at Davidson College since 2019.		17	The Institute for the Study of War; Foundation for Constitutional Government; Defending Democracy Together Institute and Defending Democracy Together (All are non-profit educational corporations)

162 Sanford C. Bernstein Fund, Inc.

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
Donald K. Peterson,# 74 (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.

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

2023 Annual Report 163

Sanford C. Bernstein Fund, Inc.—Overlay Portfolios (continued)

OFFICERS’ INFORMATION
Name, Address* and Age	Position(s) Held with Fund	Principal Occupation During Past Five (5) Years
Alexander Chaloff, 52	President	Senior Vice President of the Adviser** with which he has been associated since prior to 2018. He is Chief Investment Officer and Head of Investment & Wealth Strategies since April 2023. He previously served as Co-Head of the Investment Strategy Group since 2020. Prior to joining the firm in 2005, he was a managing director at Wilshire Associates, a leading global investment consultant, serving on the firm’s investment committee.
Alexander Barenboym, 52	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018.
Daniel J. Loewy, 49	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2018. He is also Chief Investment Officer and Head of Multi-Asset and Hedge Fund 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 2018.
Nancy E. Hay, 51	Secretary	Senior Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2018 and Assistant Secretary of AllianceBernstein Investments, Inc. (“ABI”)**.
Michael B. Reyes, 47	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2018.
Stephen M. Woetzel, 52	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2018.
Phyllis J. Clarke, 62	Controller	Vice President of ABIS**, with which she has been associated since prior to 2018.
Jennifer Friedland, 49	Chief Compliance Officer	Vice President of the Adviser** since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser** in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from prior to 2018 until 2019.

* 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.

164 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 2023, which covered the period January 1, 2022 through December 31, 2022 (the “Program Reporting Period”).

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

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

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

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

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

2023 Annual Report 165

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 (i) the Emerging Markets Portfolio, (ii) the Short Duration Diversified Municipal, New York Municipal, California Municipal, Diversified Municipal, Short Duration Plus, and Intermediate Duration Portfolios (collectively, the “Fixed Income Portfolios”), and (iii) the Overlay A, Tax-Aware Overlay A, Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios (the “Overlay Portfolios” and collectively with the Emerging Markets Portfolio and the Fixed Income Portfolios, the “Portfolios”) of the Fund, and AllianceBernstein L.P. (the “Adviser”)( the “Investment Management Agreement”) at a meeting held on October 25-26, 2023.

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 15, 2023, 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 in person 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 27, 2023, 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 27, 2023 meeting, the Independent Directors, through counsel, requested certain additional information by means of an email from their independent counsel dated October 2, 2023, and the Adviser provided certain additional information by means of a memorandum dated October 11, 2023. On October 13, 2023, the Board of Directors held an executive session via video conference with independent counsel and the Senior Vice President to further discuss the additional materials the Directors had been provided. On October 25-26, 2023, the Board of Directors held an in person meeting to continue their review of the Investment Management Agreement. During this meeting, the Adviser provided further information requested by the Independent Directors relating to contract renewal, and the Independent Directors also met separately with counsel to the Independent Directors as well as the Senior Vice President to review the contract renewal materials provided by the Adviser and 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 27, 2023 and October 25-26, 2023 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

166 Sanford C. Bernstein Fund, Inc.

concluded, in light of a weighing and balancing of all factors considered and in the exercise of the Directors’ business judgment, that it was in the best interests of the Fund to approve the Investment Management Agreement including the fees to be charged for services thereunder, as summarized below.

Fees and Expenses

The Board, including the Independent Directors, compared the fees and expense ratios of each Portfolio (before and after any fee waivers and expense reimbursements) against fees and expense ratios of a peer group of funds with similar investment objectives (“peer group”). Both the peer group and the funds within the peer group, with respect to the fee and expense data, were available from Strategic Insight, an independent 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 noted that (i) the contractual advisory fee of the Emerging Market Portfolio was below the median of the peer group; (ii) the contractual advisory fee of each Fixed Income Portfolio, other than the Intermediate Duration Portfolio, was below the median of the peer group; and (iii) the contractual advisory fee of each Overlay Portfolio was above the median of the peer group. With respect to the advisory fees charged to the Intermediate Duration Portfolio, the Directors noted the independent fee consultant’s assessment that the advisory fees were within the range of peers. 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. The Board further noted that each Portfolio’s total expense ratio was below the peer group median in the Strategic Insight report.

The Directors also considered information about the recent drop in assets under management for the Overlay Portfolios, and the Adviser’s expectation that the assets under management may drop further due to changes in the Bernstein Wealth Management asset allocation models. The Board noted that a further drop in assets could affect the expenses borne by shareholders, and determined to continue to monitor the Overlay Portfolios and any potential impact on expenses.

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.

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.

2023 Annual Report 167

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, 2023 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, 2023. 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.

In evaluating the performance of the Fixed Income Portfolios, 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 Fixed Income Portfolios are designed to maintain higher credit quality and a more conservative approach versus the funds in their relevant peer groups. As a result of a lower risk profile, those Fixed Income Portfolios are generally expected to underperform the peer group during periods when riskier assets have outperformed and likewise are generally expected to outperform the peer group during periods when higher quality assets are in favor.

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.

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. 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. They further noted, with respect to the Short Duration Diversified Municipal and Short Duration Plus Portfolios, the plans to liquidate those Portfolios, and, with respect to the Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios, the plans to reorganize those Portfolios with and into the Tax-Aware Overlay B Portfolio.

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 2021 and 2022. The Directors considered the assessment of an independent consultant that had reviewed the profitability statements for consistency with cost accounting theory and industry standards. The Directors reviewed the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data, noting that the methodology was consistent with the Adviser’s internal financial reporting. The Directors acknowledged that there are many potentially acceptable allocation methodologies for cost allocation, and that in certain cases the selected allocation methodology may not capture all costs borne by the Adviser with respect to a Portfolio. The Directors noted that they received information regarding all

168 Sanford C. Bernstein Fund, Inc.

revenues and expenses of the Adviser’s relationship with the Fund, including those relating to the Adviser’s subsidiaries that provide transfer agency and distribution services to the Fund, and that they had focused on profitability before taxes and distribution expenses. The Directors reviewed comparative information regarding profitability for other publicly-traded advisers, recognizing that it is difficult to make comparisons of profitability among different investment advisers because only limited comparative information is publicly available and the comparisons are affected by numerous factors including different business mixes.

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

Economies of Scale

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

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

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

2023 Annual Report 169

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.

170 Sanford C. Bernstein Fund, Inc.

Distributor

SANFORD C. BERNSTEIN FUND, INC.

1345 AVENUE OF THE AMERICAS, NEW YORK, NY 10105

(212) 756-4097

SCBII-1947-0923    

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 and Jeffrey R. Holland 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	2022	$	12,183	$	1,926	$	6,755
	2023	$	14,893	$	1,933	$	12,727
Intermediate Duration Portfolio	2022	$	89,023	$	1,926	$	32,119
	2023	$	93,659	$	1,933	$	25,477
Short Duration Diversified Muni Portfolio	2022	$	6,033	$	—	$	4,039
	2023	$	6,457	$	—	$	12,435
New York Muni Portfolio	2022	$	45,167	$	1,926	$	14,331
	2023	$	46,386	$	1,933	$	16,991
California Muni Portfolio	2022	$	36,512	$	1,926	$	11,575
	2023	$	36,790	$	1,933	$	15,721
Diversified Muni Portfolio	2022	$	150,538	$	1,926	$	47,778
	2023	$	163,199	$	1,933	$	32,306
Emerging Markets Portfolio	2022	$	37,161	$	1,926	$	16,943
	2023	$	34,065	$	1,933	$	20,918
Overlay A	2022	$	69,244	$	—	$	51,609
	2023	$	72,706	$	—	$	51,422
Tax-Aware Overlay A	2022	$	56,655	$	—	$	51,611
	2023	$	59,488	$	—	$	51,422
Overlay B	2022	$	79,244	$	—	$	49,686
	2023	$	83,205	$	—	$	48,908
Tax-Aware Overlay B	2022	$	56,655	$	—	$	50,589
	2023	$	59,488	$	—	$	50,180
Tax-Aware Overlay C	2022	$	56,655	$	—	$	50,365
	2023	$	59,488	$	—	$	48,769
Tax-Aware Overlay N	2022	$	56,655	$	—	$	50,587
	2023	$	59,488	$	—	$	49,055

* Paid to Ernst & Young LLP.

(d) Not applicable.

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

(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	2022	$	5,858,244	$	8,681
				$	(1,926	)
				$	(6,755	)
	2023	$	5,884,556	$	14,660
				$	(1,933	)
				$	(12,727	)
Intermediate Duration Portfolio	2022	$	5,883,608	$	34,045
				$	(1,926	)
				$	(32,119	)
	2023	$	5,897,306	$	27,410
				$	(1,933	)
				$	(25,477	)
Short Duration Diversified Muni Portfolio	2022	$	5,853,602	$	4,039
				$	—
				$	(4,039	)
	2023	$	5,882,331	$	12,435
				$	—
				$	(12,435	)
New York Muni Portfolio	2022	$	5,865,820	$	16,257
				$	(1,926	)
				$	(14,331	)
	2023	$	5,888,820	$	18,924
				$	(1,933	)
				$	(16,991	)
California Muni Portfolio	2022	$	5,863,064	$	13,501
				$	(1,926	)
				$	(11,575	)
	2023	$	5,887,550	$	17,654
				$	(1,933	)
				$	(15,721	)
Diversified Muni Portfolio	2022	$	5,899,267	$	49,704
				$	(1,926	)
				$	(47,778	)
	2023	$	5,904,135	$	34,239
				$	(1,933	)
				$	(32,306	)
Emerging Markets Portfolio	2022	$	5,868,432	$	18,869
				$	(1,926	)
				$	(16,943	)
	2023	$	5,892,747	$	22,851
				$	(1,933	)
				$	(20,918	)
Overlay A	2022	$	5,901,172	$	51,609
				$	—
				$	(51,609	)
	2023	$	5,921,318	$	51,422
				$	—
				$	(51,422	)
Tax-Aware Overlay A	2022	$	5,901,174	$	51,611
				$	—
				$	(51,611	)
	2023	$	5,921,318	$	51,422
				$	—
				$	(51,422	)
Overlay B	2022	$	5,899,249	$	49,686
				$	—
				$	(49,686	)
	2023	$	5,918,804	$	48,908
				$	—
				$	(48,908	)
Tax-Aware Overlay B	2022	$	5,900,152	$	50,589
				$	—
				$	(50,589	)
	2023	$	5,920,076	$	50,180
				$	—
				$	(50,180	)
Tax-Aware Overlay C	2022	$	5,899,928	$	50,365
				$	—
				$	(50,365	)
	2023	$	5,918,665	$	48,769
				$	—
				$	(48,769	)
Tax-Aware Overlay N	2022	$	5,900,150	$	50,587
				$	—
				$	(50,587	)
	2023	$	5,918,951	$	49,055
				$	—
				$	(49,055	)

(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/ Alex Chaloff
	Alex Chaloff
	President

Date: November 29, 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/ Alex Chaloff
	Alex Chaloff
	President

Date: November 29, 2023

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

Date: November 29, 2023