NPORT-EX 2 NPORT_64D2_50117295_1223.htm HTML

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Tax-Aware Overlay A Portfolio

December 31, 2023 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 50.6%

           

Information Technology – 13.4%

           

Communications Equipment – 0.1%

           

Calix, Inc.(a)

                 14,708        $ 642,592  

Lumentum Holdings, Inc.(a)

         10,530          551,983  
          

 

 

  
             1,194,575  
          

 

 

  

Electronic Equipment, Instruments & Components – 0.6%

           

Avnet, Inc.

         10,430          525,672  

Belden, Inc.

         5,826          450,059  

CDW Corp./DE

         23,300          5,296,556  

Fabrinet(a)

         4,238          806,428  

Littelfuse, Inc.

         1,434          383,414  

Novanta, Inc.(a)

         3,002          505,398  

Shoals Technologies Group, Inc. - Class A(a)

         4,762          73,986  
          

 

 

  
             8,041,513  
          

 

 

  

IT Services – 0.0%

           

MongoDB, Inc.(a)

         1,490          609,186  
          

 

 

  

Semiconductors & Semiconductor Equipment – 3.3%

           

Amkor Technology, Inc.

         22,083          734,701  

Broadcom, Inc.

         4,708          5,254,188  

FormFactor, Inc.(a)

         14,809          617,683  

KLA Corp.

         4,096          2,381,004  

Lattice Semiconductor Corp.(a)

         8,792          606,492  

MACOM Technology Solutions Holdings, Inc.(a)

         8,374          778,364  

Monolithic Power Systems, Inc.

         768          483,808  

NVIDIA Corp.

         41,684          20,642,256  

NXP Semiconductors NV

         32,180          7,390,872  

QUALCOMM, Inc.

         47,012          6,799,346  

Synaptics, Inc.(a)

         6,670          760,914  

Universal Display Corp.

         3,930          751,652  
          

 

 

  
             47,201,280  
          

 

 

  

Software – 6.8%

           

ACI Worldwide, Inc.(a)

         20,341          622,435  

Adobe, Inc.(a)

         17,320          10,332,516  

Autodesk, Inc.(a)

         5,110          1,243,940  

CommVault Systems, Inc.(a)

         6,662          531,961  

Fair Isaac Corp.(a)

         406          471,424  

Five9, Inc.(a)

         9,134          718,676  

Freshworks, Inc. - Class A(a)

         30,690          720,908  

Gen Digital, Inc.

         189,321          4,320,305  

HubSpot, Inc.(a)

         906          525,970  

Klaviyo, Inc. - Class A(a)

         16,160          448,896  

Manhattan Associates, Inc.(a)

         3,870          833,073  

Microsoft Corp.(b)

         147,350          55,409,494  

Monday.com Ltd.(a)

         2,832          531,878  

Oracle Corp.

               103,428          10,904,414  

PTC, Inc.(a)

         4,668          816,538  

ServiceNow, Inc.(a)

         5,998          4,237,526  

Smartsheet, Inc. - Class A(a)

         11,986          573,122  

Workday, Inc. - Class A(a)

         8,754          2,416,630  
          

 

 

  
                 95,659,706  
          

 

 

  

 

1

Company    Shares        U.S. $ Value  

Technology Hardware, Storage & Peripherals – 2.6%

           

Apple, Inc.(b)

               161,732        $ 31,138,262  

Western Digital Corp.(a)

         91,298          4,781,224  
          

 

 

  
             35,919,486  
          

 

 

  
                        188,625,746  
          

 

 

  

Health Care – 8.0%

           

Biotechnology – 1.5%

           

Akero Therapeutics, Inc.(a)

         4,748          110,866  

Arcus Biosciences, Inc.(a)

         9,532          182,062  

Ascendis Pharma A/S (ADR)(a)

         1,978          249,003  

Blueprint Medicines Corp.(a)

         3,816          351,988  

Bridgebio Pharma, Inc.(a)

         7,608          307,094  

Halozyme Therapeutics, Inc.(a)

         7,838          289,692  

Intellia Therapeutics, Inc.(a)

         5,132          156,444  

Karuna Therapeutics, Inc.(a)

         1,070          338,350  

Legend Biotech Corp. (ADR)(a)

         3,844          231,294  

Madrigal Pharmaceuticals, Inc.(a)

         980          226,520  

MoonLake Immunotherapeutics(a)

         3,044          183,828  

Natera, Inc.(a)

         12,986          813,380  

Regeneron Pharmaceuticals, Inc.(a)

         7,492          6,580,148  

Sarepta Therapeutics, Inc.(a)

         1,936          186,592  

Ultragenyx Pharmaceutical, Inc.(a)

         5,602          267,840  

Vaxcyte, Inc.(a)

         5,414          340,000  

Vertex Pharmaceuticals, Inc.(a)

         25,702          10,457,480  

Viking Therapeutics, Inc.(a)

         10,938          203,556  

Vir Biotechnology, Inc.(a)

         8,544          85,942  

Xenon Pharmaceuticals, Inc.(a)

         5,462          251,534  
          

 

 

  
             21,813,613  
          

 

 

  

Health Care Equipment & Supplies – 1.2%

           

AtriCure, Inc.(a)

         11,960          426,852  

Avantor, Inc.(a)

         24,510          559,563  

Edwards Lifesciences Corp.(a)

         87,582          6,678,128  

Envista Holdings Corp.(a)

         18,590          447,275  

Integra LifeSciences Holdings Corp.(a)

         13,710          597,071  

iRhythm Technologies, Inc.(a)

         4,408          471,726  

Lantheus Holdings, Inc.(a)

         6,070          376,340  

Medtronic PLC

         93,040          7,664,636  

Shockwave Medical, Inc.(a)

         1,016          193,608  
          

 

 

  
             17,415,199  
          

 

 

  

Health Care Providers & Services – 2.5%

           

Acadia Healthcare Co., Inc.(a)

         5,320          413,683  

AMN Healthcare Services, Inc.(a)

         6,475          484,848  

Elevance Health, Inc. 

         11,624          5,481,414  

 

2

Company    Shares        U.S. $ Value  

Guardant Health, Inc.(a)

         12,962        $ 350,622  

HCA Healthcare, Inc.

         16,466          4,457,016  

Inari Medical, Inc.(a)

         8,186          531,370  

Pediatrix Medical Group, Inc.(a)

         34,795          323,593  

UnitedHealth Group, Inc.

         44,544          23,450,554  
          

 

 

  
                     35,493,100  
          

 

 

  

Life Sciences Tools & Services – 1.6%

 

Danaher Corp.

         5,724          1,324,190  

Fortrea Holdings, Inc.(a)

         16,269          567,788  

ICON PLC(a)

         2,260          639,454  

Illumina, Inc.(a)

         9,222          1,283,932  

IQVIA Holdings, Inc.(a)

         35,978          8,324,590  

Repligen Corp.(a)

         3,042          546,952  

Thermo Fisher Scientific, Inc.

         8,686          4,610,442  

Waters Corp.(a)

         13,880          4,569,384  
          

 

 

  
             21,866,732  
          

 

 

  

Pharmaceuticals – 1.2%

 

Intra-Cellular Therapies, Inc.(a)

         4,966          355,594  

Johnson & Johnson

         27,072          4,243,108  

Pfizer, Inc.

         35,952          1,035,058  

Roche Holding AG (Sponsored ADR)

               164,550          5,961,610  

Viatris, Inc.

         23,224          251,505  

Zoetis, Inc.

         25,984          5,128,462  
          

 

 

  
             16,975,337  
          

 

 

  
                113,563,981  
          

 

 

  

Financials – 6.7%

 

Banks – 1.9%

 

Bank of America Corp.

         270,448          9,105,984  

BankUnited, Inc.

         10,902          353,552  

Comerica, Inc.

         14,540          811,478  

First BanCorp./Puerto Rico

         43,384          713,667  

First Citizens BancShares, Inc./NC - Class A

         590          837,192  

First Hawaiian, Inc.

         33,880          774,497  

PNC Financial Services Group, Inc. (The)

         16,964          2,626,720  

Texas Capital Bancshares, Inc.(a)

         9,373          605,777  

Webster Financial Corp.

         9,154          464,657  

Wells Fargo & Co.

         195,138          9,604,692  

Wintrust Financial Corp.

         7,040          652,960  

Zions Bancorp NA

         11,255          493,757  
          

 

 

  
             27,044,933  
          

 

 

  

Capital Markets – 1.5%

 

Ares Management Corp. - Class A

         5,456          648,828  

Cboe Global Markets, Inc.

         4,550          812,448  

Charles Schwab Corp. (The)

         96,520          6,640,506  

Goldman Sachs Group, Inc. (The)

         21,376          8,246,220  

LPL Financial Holdings, Inc.

         11,860          2,699,573  

Moelis & Co. - Class A

         10,539          591,554  

PJT Partners, Inc. - Class A

         6,404          652,274  

Stifel Financial Corp.

         8,500          587,775  
          

 

 

  
             20,879,178  
          

 

 

  

 

3

Company    Shares        U.S. $ Value  

Financial Services – 2.0%

           

Flywire Corp.(a)

         18,316        $ 424,016  

PayPal Holdings, Inc.(a)

         42,276          2,596,108  

Shift4 Payments, Inc. - Class A(a)

         8,350          620,738  

Visa, Inc. - Class A

         97,066          25,271,133  
          

 

 

  
                         28,911,995  
          

 

 

  

Insurance – 1.3%

           

American Financial Group, Inc./OH

         4,481          532,746  

Everest Group Ltd.

         1,440          509,155  

Hanover Insurance Group, Inc. (The)

         2,950          358,189  

Kemper Corp.

         7,170          348,964  

Kinsale Capital Group, Inc.

         1,960          656,424  

Progressive Corp. (The)

         78,490          12,501,888  

Ryan Specialty Holdings, Inc.(a)

         13,552          583,007  

Willis Towers Watson PLC

         10,824          2,610,748  
          

 

 

  
             18,101,121  
          

 

 

  
             94,937,227  
          

 

 

  

Consumer Discretionary – 5.2%

           

Automobile Components – 0.1%

           

Dana, Inc.

         28,515          416,604  

Goodyear Tire & Rubber Co. (The)(a)

         42,649          610,734  
          

 

 

  
             1,027,338  
          

 

 

  

Automobiles – 0.1%

           

Stellantis NV

         98,882          2,305,928  
          

 

 

  

Broadline Retail – 1.5%

           

Amazon.com, Inc.(a)

               136,272          20,705,168  
          

 

 

  

Diversified Consumer Services – 0.0%

           

ADT, Inc.

         89,566          610,840  
          

 

 

  

Hotels, Restaurants & Leisure – 1.0%

           

Cava Group, Inc.(a)

         10,766          462,680  

Dine Brands Global, Inc.

         8,821          437,963  

Domino’s Pizza, Inc.

         1,294          533,014  

Hyatt Hotels Corp. - Class A

         33,386          4,353,868  

Papa John’s International, Inc.

         6,191          471,940  

Restaurant Brands International, Inc.

         82,776          6,467,210  

Vail Resorts, Inc.

         2,004          427,794  

Wingstop, Inc.

         2,488          638,371  
          

 

 

  
             13,792,840  
          

 

 

  

Household Durables – 0.2%

           

NVR, Inc.(a)

         90          623,040  

PulteGroup, Inc.

         7,432          767,131  

SharkNinja, Inc.

         10,444          534,368  

Taylor Morrison Home Corp.(a)

         9,972          532,007  
          

 

 

  
             2,456,546  
          

 

 

  

Leisure Products – 0.1%

           

Brunswick Corp./DE

         8,160          789,480  
          

 

 

  

 

4

Company    Shares        U.S. $ Value  

Specialty Retail – 1.5%

           

AutoZone, Inc.(a)

         1,886        $ 4,873,874  

Bath & Body Works, Inc.

         19,957          861,344  

Dick’s Sporting Goods, Inc.

         5,380          790,591  

Dynatrace, Inc.(a)

         16,894          923,932  

Five Below, Inc.(a)

         4,380          933,428  

Home Depot, Inc. (The)

                32,934          11,412,931  

Lithia Motors, Inc.

         1,948          641,438  

Wayfair, Inc. - Class A(a)

         8,956          552,586  

Williams-Sonoma, Inc.

         2,927          590,610  
          

 

 

  
                         21,580,734  
          

 

 

  

Textiles, Apparel & Luxury Goods – 0.7%

           

Deckers Outdoor Corp.(a)

         1,254          838,212  

NIKE, Inc. - Class B

         66,308          7,198,950  

PVH Corp.

         7,993          976,105  

Ralph Lauren Corp.

         4,900          706,580  

Tapestry, Inc.

         14,560          535,954  
          

 

 

  
             10,255,801  
          

 

 

  
             73,524,675  
          

 

 

  

Communication Services – 5.1%

           

Diversified Telecommunication Services – 0.6%

           

Comcast Corp. - Class A

         199,168          8,733,517  
          

 

 

  

Entertainment – 0.3%

           

Walt Disney Co. (The)

         43,664          3,942,332  
          

 

 

  

Interactive Media & Services – 3.6%

           

Alphabet, Inc. - Class C(a)

         237,898          33,526,965  

Meta Platforms, Inc. - Class A(a)

         47,510          16,816,640  
          

 

 

  
             50,343,605  
          

 

 

  

Media – 0.1%

           

Criteo SA (Sponsored ADR)(a)

         17,652          446,949  

Nexstar Media Group, Inc.

         4,740          742,995  
          

 

 

  
             1,189,944  
          

 

 

  

Wireless Telecommunication Services – 0.5%

           

T-Mobile US, Inc.

         47,304          7,584,090  
          

 

 

  
             71,793,488  
          

 

 

  

Industrials – 4.8%

           

Aerospace & Defense – 0.5%

           

Axon Enterprise, Inc.(a)

         4,312          1,113,919  

Curtiss-Wright Corp.

         2,308          514,200  

Hexcel Corp.

         7,310          539,112  

Howmet Aerospace, Inc.

         10,950          592,560  

L3Harris Technologies, Inc.

         3,096          651,868  

RTX Corp.

         28,984          2,438,714  

Spirit AeroSystems Holdings, Inc. - Class A(a)

         21,510          683,588  
          

 

 

  
             6,533,961  
          

 

 

  

 

5

Company    Shares        U.S. $ Value  

Building Products – 0.5%

           

AZEK Co., Inc. (The)(a)

                 15,822        $ 605,154  

Builders FirstSource, Inc.(a)

         8,916          1,488,438  

Carlisle Cos., Inc.

         1,658          518,008  

Lennox International, Inc.

         1,386          620,262  

Otis Worldwide Corp.

         38,562          3,450,142  
          

 

 

  
             6,682,004  
          

 

 

  

Commercial Services & Supplies – 0.1%

           

ABM Industries, Inc.

         12,642          566,741  

Stericycle, Inc.(a)

         13,914          689,577  

Tetra Tech, Inc.

         3,820          637,506  
          

 

 

  
             1,893,824  
          

 

 

  

Construction & Engineering – 0.4%

           

AECOM

         11,380          1,051,761  

Dycom Industries, Inc.(a)

         7,432          855,349  

Fluor Corp.(a)

         18,986          743,682  

MasTec, Inc.(a)

         46,828          3,545,816  
          

 

 

  
             6,196,608  
          

 

 

  

Electrical Equipment – 1.0%

           

BWX Technologies, Inc.

         4,232          324,644  

Eaton Corp. PLC

         42,672          10,276,272  

Regal Rexnord Corp.

         4,672          691,549  

Sensata Technologies Holding PLC

         71,451          2,684,414  
          

 

 

  
             13,976,879  
          

 

 

  

Ground Transportation – 0.7%

           

ArcBest Corp.

         5,210          626,294  

CSX Corp.

         212,944          7,382,734  

Knight-Swift Transportation Holdings, Inc.

         11,045          636,744  

Saia, Inc.(a)

         1,250          547,337  

XPO, Inc.(a)

         6,322          553,656  
          

 

 

  
             9,746,765  
          

 

 

  

Industrial Conglomerates – 0.1%

           

Honeywell International, Inc.

         4,686          982,701  
          

 

 

  

Machinery – 0.9%

           

Gates Industrial Corp. PLC(a)

         16,598          222,745  

Ingersoll Rand, Inc.

         7,304          564,814  

ITT, Inc.

         5,134          612,470  

Middleby Corp. (The)(a)

         5,330          784,416  

Oshkosh Corp.

         6,637          719,517  

PACCAR, Inc.

               105,678          10,319,359  
          

 

 

  
                 13,223,321  
          

 

 

  

Marine Transportation – 0.0%

           

Star Bulk Carriers Corp.

         24,880          528,949  
          

 

 

  

Passenger Airlines – 0.0%

           

Alaska Air Group, Inc.(a)

         13,528          528,539  
          

 

 

  

Professional Services – 0.4%

           

Booz Allen Hamilton Holding Corp.

         21,416          2,739,192  

FTI Consulting, Inc.(a)

         2,714          540,494  

Korn Ferry

         5,880          348,978  

Robert Half, Inc.

         7,178          631,090  

WNS Holdings Ltd. (ADR)(a)

         8,450          534,040  
          

 

 

  
             4,793,794  
          

 

 

  

 

6

Company    Shares        U.S. $ Value  

Trading Companies & Distributors – 0.2%

           

Herc Holdings, Inc.

         5,460        $ 812,940  

SiteOne Landscape Supply, Inc.(a)

         3,754          609,862  

United Rentals, Inc.

         2,680          1,536,192  
          

 

 

  
             2,958,994  
          

 

 

  
                 68,046,339  
          

 

 

  

Consumer Staples – 2.7%

           

Beverages – 0.7%

           

Celsius Holdings, Inc.(a)

                 12,694          692,078  

Coca-Cola Co. (The)

         90,676          5,343,536  

Constellation Brands, Inc. - Class A

         14,758          3,567,746  
          

 

 

  
             9,603,360  
          

 

 

  

Consumer Staples Distribution & Retail – 1.5%

           

Costco Wholesale Corp.

         11,884          7,844,391  

Grocery Outlet Holding Corp.(a)

         19,764          532,810  

Walmart, Inc.

         80,618          12,709,428  
          

 

 

  
             21,086,629  
          

 

 

  

Food Products – 0.2%

           

Freshpet, Inc.(a)

         7,260          629,878  

Hain Celestial Group, Inc. (The)(a)

         33,030          361,678  

Lamb Weston Holdings, Inc.

         5,430          586,929  

Nomad Foods Ltd.(a)

         35,057          594,216  
          

 

 

  
             2,172,701  
          

 

 

  

Household Products – 0.3%

           

Procter & Gamble Co. (The)

         32,334          4,738,224  
          

 

 

  

Personal Care Products – 0.0%

           

BellRing Brands, Inc.(a)

         6,970          386,347  
          

 

 

  
             37,987,261  
          

 

 

  

Energy – 1.7%

           

Energy Equipment & Services – 0.5%

           

Baker Hughes Co.

               171,070          5,847,138  

ChampionX Corp.

         18,870          551,193  

TechnipFMC PLC

         21,144          425,840  
          

 

 

  
             6,824,171  
          

 

 

  

Oil, Gas & Consumable Fuels – 1.2%

           

Cameco Corp.

         16,930          729,683  

Chevron Corp.

         28,702          4,281,190  

ConocoPhillips

         8,504          986,944  

EOG Resources, Inc.

         69,450          8,399,978  

HF Sinclair Corp.

         8,451          469,622  

International Seaways, Inc.

         10,150          461,622  

Magnolia Oil & Gas Corp. - Class A

         29,370          625,287  

Permian Resources Corp.

         29,880          406,354  

Southwestern Energy Co.(a)

         55,384          362,765  
          

 

 

  
             16,723,445  
          

 

 

  
             23,547,616  
          

 

 

  

 

7

Company    Shares        U.S. $ Value  

Materials – 1.1%

           

Chemicals – 1.0%

           

Corteva, Inc.

                 43,280        $ 2,073,930  

Element Solutions, Inc.

         27,091          626,886  

Linde PLC

         15,530          6,377,916  

LyondellBasell Industries NV - Class A

                56,762          5,396,930  
          

 

 

  
                 14,475,662  
          

 

 

  

Containers & Packaging – 0.1%

           

Berry Global Group, Inc.

         10,410          701,530  
          

 

 

  

Metals & Mining – 0.0%

           

ATI, Inc.(a)

         11,260          511,992  
          

 

 

  
             15,689,184  
          

 

 

  

Real Estate – 1.1%

           

Diversified REITs – 0.0%

           

Broadstone Net Lease, Inc. - Class A

         24,874          428,330  
          

 

 

  

Hotel & Resort REITs – 0.0%

           

Ryman Hospitality Properties, Inc.

         5,651          621,949  
          

 

 

  

Industrial REITs – 0.6%

           

First Industrial Realty Trust, Inc.

         9,408          495,519  

Prologis, Inc.

         53,274          7,101,424  

STAG Industrial, Inc.

         18,260          716,888  
          

 

 

  
             8,313,831  
          

 

 

  

Real Estate Management & Development – 0.1%

           

Jones Lang LaSalle, Inc.(a)

         4,640          876,357  
          

 

 

  

Residential REITs – 0.1%

           

Apartment Income REIT Corp.

         18,700          649,451  
          

 

 

  

Specialized REITs – 0.3%

           

American Tower Corp.

         18,462          3,985,577  

CubeSmart

         10,177          471,704  
          

 

 

  
             4,457,281  
          

 

 

  
             15,347,199  
          

 

 

  

Utilities – 0.8%

           

Electric Utilities – 0.8%

           

American Electric Power Co., Inc.

         61,446          4,990,644  

IDACORP, Inc.

         5,356          526,602  

NextEra Energy, Inc.

         69,920          4,246,941  

Portland General Electric Co.

         13,710          594,191  
          

 

 

  
             10,358,378  
          

 

 

  

 

8

Company    Shares        U.S. $ Value  

Multi-Utilities – 0.0%

           

CenterPoint Energy, Inc.

                        15,059        $        430,236  
          

 

 

  
             10,788,614  
          

 

 

  

Total Common Stocks
(cost $337,883,707)

              713,851,330  
          

 

 

  

INVESTMENT COMPANIES – 45.8%

           

Funds and Investment Trusts – 45.8%(c) (d)

           

AB All Market Real Return Portfolio - Class Z

         12,413,312          106,878,616  

AB International Small Cap Portfolio - Class Z

         7,136,248          79,569,172  

Bernstein International Strategic Equities Portfolio - Class Z

         33,426,640          386,411,953  

Bernstein Small Cap Core Portfolio - Class Z

         2,890,508          36,622,736  

Sanford C Bernstein Fund, Inc. - Emerging Markets Portfolio - Class Z

         1,441,916          36,610,246  
          

 

 

  

Total Investment Companies
(cost $572,360,913)

              646,092,723  
          

 

 

  
     Notional
Amount		           

PURCHASED OPTIONS - PUTS – 1.3%

           

Options on Equity Indices – 1.3%

           

Euro STOXX 50 Index
Expiration: Nov 2024; Contracts: 25,720;
Exercise Price: EUR 3,650.00;
Counterparty: UBS AG(a)

      EUR        93,878,000          1,744,163  

FTSE 100 Index
Expiration: Dec 2024; Contracts: 5,490;
Exercise Price: GBP 6,600.00;
Counterparty: UBS AG(a)

      GBP        36,234,000          690,263  

Nikkei 225 Index
Expiration: Nov 2024; Contracts: 363,000;
Exercise Price: JPY 27,000.00;
Counterparty: UBS AG(a)

      JPY        9,801,000,000          1,486,782  

S&P 500 Index
Expiration: Dec 2024; Contracts: 202,000;
Exercise Price: USD 3,950.00;
Counterparty: UBS AG(a)

      USD        797,900,000          14,555,334  
          

 

 

  

Total Purchased Options - Puts
(premiums paid $21,888,518)

              18,476,542  
          

 

 

  
     Shares           

SHORT-TERM INVESTMENTS – 4.0%

           

Investment Companies – 4.0%

           

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.27%(c) (d) (e)
(cost $56,785,417)

         56,785,417          56,785,417  
          

 

 

  

Total Investments – 101.7%
(cost $988,918,555)(f)

              1,435,206,012  

Other assets less liabilities – (1.7)%

              (24,001,798 ) 
          

 

 

  

Net Assets – 100.0%

            $  1,411,204,214  
          

 

 

  

 

9

FUTURES

 

Description   

Number

of
Contracts

   

Expiration

Month

   

Current

Notional

   

Value and

Unrealized
Appreciation

(Depreciation)

Purchased Contracts                    
Euro STOXX 50 Index Futures        1,783        March 2024      $ 89,421,828      $ (1,086,862 )
FTSE 100 Index Futures        97        March 2024        9,590,219        193,364
Nikkei 225 (OSE) Futures        50        March 2024        11,861,702        134,901
S&P 500 E-Mini Futures        1,182        March 2024        284,862,000        8,619,010
TOPIX Index Futures        270        March 2024        45,306,383        334,566
U.S. T-Note 2 Yr (CBT) Futures        1,231        March 2024         253,480,211        2,607,435
U.S. T-Note 10 Yr (CBT) Futures        3,192        March 2024        360,346,875        12,646,002
U.S. Ultra Bond (CBT) Futures        879        March 2024        117,428,906        9,907,998
Sold Contracts                    
E-Mini Russell 2000 Futures        151        March 2024        15,460,135        (1,038,868 )
FTSE 100 Index Futures        624        March 2024        61,693,781        (1,364,903 )
Hang Seng Index Futures        2        January 2024        219,402        (9,404 )
MSCI Emerging Markets Futures        497        March 2024        25,687,445        (1,184,096 )
MSCI Singapore IX ETS Futures        11        January 2024        239,795        (8,313 )
OMXS 30 Index Futures        11        January 2024        261,884        (5,747 )
S&P Mid 400 E-Mini Futures        45        March 2024        12,642,750        (618,648 )
S&P/TSX 60 Index Futures        314        March 2024        60,209,894        (1,218,458 )
SPI 200 Futures        461        March 2024        59,570,404        (732,450 )
                   

 

 

  
                    $  27,175,527
                   

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty    Contracts to
Deliver
(000)		    In Exchange
For
(000)		    Settlement
Date		    Unrealized
Appreciation
(Depreciation)
Bank of America, NA        CAD        9,331        USD        6,822        01/10/2024      $ (221,034 )
Bank of America, NA        EUR        23,212        USD        24,685        01/10/2024        (947,073 )
Bank of America, NA        JPY        2,940,803        USD        20,542        01/12/2024        (338,149 )
Bank of America, NA        USD        11,847        JPY        1,753,722        01/12/2024        604,730
Bank of America, NA        USD        894        CHF        785        01/18/2024        40,600
Bank of America, NA        GBP        28,532        USD        35,756        01/25/2024        (616,937 )
Bank of America, NA        USD        4,588        GBP        3,608        01/25/2024        11,995
Bank of America, NA        NOK        398,213        USD        38,014        02/16/2024        (1,221,714 )
Bank of America, NA        USD        39,091        NOK        423,891        02/16/2024          2,674,024
Barclays Bank PLC        CAD        4,255        USD        3,109        01/10/2024        (102,442 )
Barclays Bank PLC        EUR        3,205        USD        3,495        01/10/2024        (44,638 )
Barclays Bank PLC        NZD        43,681        USD        26,836        01/11/2024        (777,486 )
Barclays Bank PLC        USD        4,214        NZD        7,224        01/11/2024        352,784
Barclays Bank PLC        USD        2,463        JPY        365,852        01/12/2024        134,822
Barclays Bank PLC        AUD        4,323        USD        2,815        01/25/2024        (133,464 )
Barclays Bank PLC        USD        42,589        AUD        65,149        01/25/2024        1,838,196
Barclays Bank PLC        SEK        260,896        USD        25,206        02/16/2024        (706,394 )
BNP Paribas SA        USD        39,622        CAD        53,695        01/10/2024        906,446
BNP Paribas SA        USD        12,778        EUR        11,599        01/10/2024        30,001
BNP Paribas SA        USD        23,378        NZD        40,127        01/11/2024        1,988,532
Citibank, NA        USD        1,850        CAD        2,467        01/10/2024        12,068
Citibank, NA        AUD        1,577        USD        1,067        01/25/2024        (8,333 )
Citibank, NA        USD        1,939        AUD        2,980        01/25/2024        93,575
Deutsche Bank AG        USD        49,776        EUR        45,648        01/10/2024        630,911
Deutsche Bank AG        USD        3,974        NZD        6,569        01/11/2024        178,933
Deutsche Bank AG        JPY        3,861,669        USD        26,086        01/12/2024        (1,331,814 )
Deutsche Bank AG        CHF        55,819        USD        63,022        01/18/2024        (3,442,603 )
Goldman Sachs Bank USA        EUR        12,272        USD        13,162        01/10/2024        (389,310 )
Goldman Sachs Bank USA        USD        40,306        CAD        55,259        01/10/2024        1,402,737
Goldman Sachs Bank USA         USD        15,782        JPY        2,317,462        01/12/2024        671,574

 

10

Counterparty    Contracts to
Deliver
(000)		    In Exchange
For
(000)		    Settlement
Date		    Unrealized
Appreciation
(Depreciation)
Goldman Sachs Bank USA        AUD        3,292        USD        2,192        01/25/2024      $ (52,411 )
Goldman Sachs Bank USA        USD        73,694        GBP        58,265        01/25/2024        583,013
HSBC Bank USA        USD        19,972        EUR        18,193        01/10/2024        117,140
JPMorgan Chase Bank, NA        EUR        25,952        USD        27,798        01/10/2024        (858,770 )
JPMorgan Chase Bank, NA        USD        10,416        NZD        16,746        01/11/2024        169,993
JPMorgan Chase Bank, NA        JPY        1,142,241        USD        8,066        01/12/2024        (43,612 )
Morgan Stanley & Co., Inc.        CAD        100,983        USD        74,985        01/10/2024        (1,235,326 )
Morgan Stanley & Co., Inc.        USD        12,573        EUR        11,850        01/10/2024        512,398
Morgan Stanley & Co., Inc.        GBP        4,092        USD        5,083        01/25/2024        (133,262 )
Morgan Stanley & Co., Inc.        CHF        23,954        USD        27,723        02/15/2024        (881,876 )
State Street Bank & Trust Co.        USD        18,855        JPY        2,784,238        01/12/2024            912,960
UBS AG        CAD        86,650        USD        62,943        01/10/2024        (2,459,774 )
                             

 

 

  
                              $ (2,078,990 )
                             

 

 

  

TOTAL RETURN SWAPS

 

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        554        03/15/2024      $  (2,933 ) 

 

(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.

(f)

As of December 31, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $514,188,268 and gross unrealized depreciation of investments was $(42,807,207), resulting in net unrealized appreciation of $471,381,061.

 

 

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.

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

 

11

Glossary:

ADR – American Depositary Receipt

CBT – Chicago Board of Trade

ETS – Emission Trading Scheme

FTSE – Financial Times Stock Exchange

MSCI – Morgan Stanley Capital International

OMXS – Stockholm Stock Exchange

OSE – Osaka Securities Exchange

REIT – Real Estate Investment Trust

SPI – Share Price Index

TOPIX – Tokyo Price Index

TSX – Toronto Stock Exchange

 

12

Sanford C. Bernstein Fund, Inc.

Tax-Aware Overlay A Portfolio

December 31, 2023 (unaudited)

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

 

  •  

Level 1 - quoted prices in active markets for identical investments

  •  

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

  •  

Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

 

13

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 generally will be classified as Level 2. For options that do not trade on 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.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2023:

 

Investments in Securities:

    Level 1     Level 2     Level 3      Total  
Assets:

 

Common Stocks(a)    $ 713,851,330     $ —     $     —      $ 713,851,330  
Investment Companies      646,092,723       —       —        646,092,723  
Purchased Options - Puts      —       18,476,542       —        18,476,542  
Short-Term Investments      56,785,417       —       —        56,785,417  
  

 

 

    

 

 

    

 

 

     

 

 

  
Total Investments in Securities      1,416,729,470       18,476,542       —         1,435,206,012  
Other Financial Instruments(b):       
Assets:          
Futures      34,443,276       —       —        34,443,276  
Forward Currency Exchange Contracts      —       13,867,432       —        13,867,432  
Liabilities:          
Futures      (7,267,749 )      —       —        (7,267,749 ) 
Forward Currency Exchange Contracts      —       (15,946,422 )      —        (15,946,422 ) 
Total Return Swaps      —       (2,933 )      —        (2,933 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  
Total    $  1,443,904,997     $   16,394,619     $ —      $ 1,460,299,616  
  

 

 

    

 

 

    

 

 

     

 

 

  

 

(a)

See Portfolio of Investments for sector classifications.

 

(b)

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

 

14

A summary of the Portfolio’s transactions in AB mutual funds for the three months ended December 31, 2023 is as follows:

 

                                              Distributions  
Fund   

Market
Value

09/30/2023

(000)

     

Purchases

at Cost

(000)

     

Sales

Proceeds

(000)

     

Realized

Gain
(Loss)

(000)

    

Change

in

Unrealized

Appr./

(Depr.)

(000)

     

Market
Value

12/31/2023

(000)

     

Dividend
Income

(000)

     

Realized

Gains

(000)

  
AB All Market Real Return Portfolio    $ 107,850      $ 4,161      $ 6,834      $ (1,610 )    $ 3,312      $ 106,879      $ 4,161      $ 0  
Bernstein Fund, Inc. - International Small Cap Portfolio      73,627        2,279        0        0       3,663        79,569        2,279        0  
Bernstein Fund, Inc. - International Strategic Equities Portfolio      356,804        11,537        0        0       18,071        386,412        11,536        0  
Bernstein Fund, Inc. - Small Cap Core Portfolio      31,892        2,852        0        0       1,879        36,623        2,852        0  
Government Money Market Portfolio      0        217,452        160,667        0       0        56,785        671        0  
Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio      34,182        676        0        0       1,752        36,610        676        0  
Total    $  604,355      $  238,957      $  167,501      $ (1,610 )    $  28,677      $  702,878      $  22,175      $    0  

 

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