Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Short Duration Diversified Municipal Portfolio
December 31, 2023 (unaudited)
| Principal Amount (000) |
U.S. $ Value | |||||||||||
| MUNICIPAL OBLIGATIONS – 94.2% |
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| Long-Term Municipal Bonds – 91.5% |
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| Alabama – 9.9% |
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| Black Belt Energy Gas District (Royal Bank of Canada) |
$ | 2,000 | $ | 2,011,008 | ||||||||
| Lower Alabama Gas District (The) (Goldman Sachs Group, Inc. (The)) |
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| Series 2020 |
5,000 | 5,018,466 | ||||||||||
| Southeast Energy Authority A Cooperative District (Royal Bank of Canada) |
2,000 | 2,134,654 | ||||||||||
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| 9,164,128 | ||||||||||||
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| Arizona – 3.0% |
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| Salt River Project Agricultural Improvement & Power District |
2,710 | 2,790,009 | ||||||||||
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| California – 13.1% |
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| California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) |
860 | 859,058 | ||||||||||
| Foothill-Eastern Transportation Corridor Agency |
3,560 | 3,562,824 | ||||||||||
| 6.00%, 01/15/2053 (Pre-refunded/ETM) |
3,000 | 3,002,380 | ||||||||||
| AGM Series 2014-A |
1,700 | 1,698,108 | ||||||||||
| Port of Oakland |
1,000 | 1,102,070 | ||||||||||
| San Francisco Intl Airport |
1,890 | 1,901,434 | ||||||||||
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| 12,125,874 | ||||||||||||
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| Colorado – 4.8% |
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| City & County of Denver Co. Airport System Revenue |
4,000 | 4,486,758 | ||||||||||
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| Connecticut – 2.4% |
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| State of Connecticut |
2,250 | 2,250,716 | ||||||||||
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| Delaware – 0.9% |
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| Delaware River & Bay Authority |
820 | 820,000 | ||||||||||
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| Principal Amount (000) |
U.S. $ Value | |||||||||||
| Florida – 2.3% |
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| Brevard County Health Facilities Authority (Health First, Inc. Obligated Group) |
$ | 2,110 | $ | 2,143,499 | ||||||||
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| Georgia – 6.7% |
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| Augusta Development Authority (AU Health System Obligated Group) |
1,000 | 1,061,828 | ||||||||||
| City of Atlanta GA Department of Aviation |
1,000 | 1,007,124 | ||||||||||
| Series 2023-G |
1,500 | 1,595,811 | ||||||||||
| Main Street Natural Gas, Inc. (Citigroup, Inc.) |
2,500 | 2,512,041 | ||||||||||
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| 6,176,804 | ||||||||||||
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| Illinois – 5.9% |
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| Chicago O’Hare International Airport |
2,000 | 2,000,000 | ||||||||||
| Metropolitan Pier & Exposition Authority |
1,000 | 995,670 | ||||||||||
| State of Illinois |
1,500 | 1,503,634 | ||||||||||
| Series 2023-C |
1,000 | 1,005,423 | ||||||||||
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| 5,504,727 | ||||||||||||
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| Kentucky – 5.4% |
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| Kentucky Public Energy Authority (Morgan Stanley) |
5,000 | 5,012,586 | ||||||||||
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| Massachusetts – 1.3% |
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| City of Quincy MA |
1,000 | 1,000,433 | ||||||||||
| Massachusetts Development Finance Agency (Lasell University) |
240 | 237,476 | ||||||||||
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| 1,237,909 | ||||||||||||
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| New Jersey – 2.2% |
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| New Brunswick Parking Authority |
1,955 | 2,066,304 | ||||||||||
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| Principal Amount (000) |
U.S. $ Value | |||||||||||
| New York – 10.5% |
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| Metropolitan Transportation Authority |
$ | 2,500 | $ | 2,500,534 | ||||||||
| New York State Dormitory Authority (Icahn School of Medicine at Mount Sinai) |
1,055 | 1,080,480 | ||||||||||
| Port Authority of New York & New Jersey |
1,000 | 1,064,730 | ||||||||||
| Triborough Bridge & Tunnel Authority |
4,905 | 5,109,600 | ||||||||||
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| 9,755,344 | ||||||||||||
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| North Carolina – 4.5% |
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| City of Charlotte NC Airport Revenue |
1,005 | 1,028,238 | ||||||||||
| County of Gaston NC |
3,110 | 3,144,590 | ||||||||||
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| 4,172,828 | ||||||||||||
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| Pennsylvania – 5.4% |
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| City of Philadelphia PA |
1,000 | 1,018,567 | ||||||||||
| Commonwealth of Pennsylvania |
3,000 | 3,002,042 | ||||||||||
| Reading School District BAM |
1,000 | 1,021,759 | ||||||||||
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| 5,042,368 | ||||||||||||
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| South Carolina – 3.0% |
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| Piedmont Municipal Power Agency (Piedmont Municipal Power Agency Catawba Project Power Sales Revenue) |
1,525 | 1,525,000 | ||||||||||
| SCAGO Educational Facilities Corp. for Pickens School District (Pickens County School District/SC) |
1,250 | 1,279,653 | ||||||||||
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| 2,804,653 | ||||||||||||
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| Texas – 6.8% |
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| Mansfield Independent School District |
1,000 | 1,011,637 | ||||||||||
| North Texas Tollway Authority (North Texas Tollway System) |
2,260 | 2,260,000 | ||||||||||
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| Principal Amount (000) |
U.S. $ Value | |||||||||||
| State of Texas |
$ | 1,000 | $ | 1,059,485 | ||||||||
| Tarrant Regional Water District Water Supply System Revenue (Pre-refunded - US Govt Agencies) |
2,000 | 2,005,997 | ||||||||||
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| 6,337,119 | ||||||||||||
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| Virginia – 3.4% |
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| Town of Leesburg VA |
3,180 | 3,182,165 | ||||||||||
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| Total Long-Term Municipal Bonds |
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85,073,791 | ||||||||||
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| Short-Term Municipal Notes – 2.7% |
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| Colorado Educational & Cultural Facilities Authority (Michael Ann Russell Jewish Community Center, Inc.) |
2,200 | 2,200,000 | ||||||||||
| Grand Traverse County Hospital Finance Authority (Munson Healthcare Obligated Group) |
300 | 300,000 | ||||||||||
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| Total Short-Term Municipal Notes |
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2,500,000 | ||||||||||
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| Total Municipal Obligations |
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87,573,791 | ||||||||||
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| GOVERNMENTS - TREASURIES – 3.3% |
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| United States – 3.3% |
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| U.S. Treasury Notes |
3,000 | 3,073,125 | ||||||||||
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| SHORT-TERM INVESTMENTS – 0.8% |
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| U.S. Treasury Bills – 0.8% |
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| United States – 0.8% |
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| U.S. Treasury Bill |
700 | 692,020 | ||||||||||
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| Total Investments – 98.3% |
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91,338,936 | ||||||||||
| Other assets less liabilities – 1.7% |
1,615,556 | |||||||||||
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| Net Assets – 100.0% |
$ | 92,954,492 | ||||||||||
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4
CENTRALLY CLEARED INTEREST RATE SWAPS
| 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) |
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| USD | 8,100 | 11/01/2030 | 1 Day SOFR | 4.084% | Annual | $ | 283,727 | $ | — | $ | 283,727 | |||||||||||||
| (a) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration. At December 31, 2023, the market value of this security amounted to $859,058 or 0.9% of net assets. |
| (b) | 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. |
| (c) | 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 $880,317 and gross unrealized depreciation of investments was $(356,521), resulting in net unrealized appreciation of $523,796. |
As of December 31, 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 5.5% and 0.0%, respectively.
Glossary:
AGM – Assured Guaranty Municipal
BAM – Build American Mutual
ETM – Escrowed to Maturity
SOFR – Secured Overnight Financing Rate
5
Sanford C. Bernstein Fund, Inc.
Short Duration Diversified Municipal 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.
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.
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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: |
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| Long-Term Municipal Bonds | $ | — | $ | 85,073,791 | $ | — | $ | 85,073,791 | ||||||||
| Short-Term Municipal Notes | — | 2,500,000 | — | 2,500,000 | ||||||||||||
| Governments - Treasuries | — | 3,073,125 | — | 3,073,125 | ||||||||||||
| Short-Term Investments | — | 692,020 | — | 692,020 | ||||||||||||
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| Total Investments in Securities | — | 91,338,936 | — | 91,338,936 | ||||||||||||
| Other Financial Instruments(a): | ||||||||||||||||
| Assets: | ||||||||||||||||
| Centrally Cleared Interest Rate Swaps | — | 283,727 | — | 283,727 | ||||||||||||
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| Total | $ | — | $ | 91,622,663 | $ | — | $ | 91,622,663 | ||||||||
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| (a) | 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. |
A summary of the Portfolio’s transactions in AB mutual funds for the three months ended December 31, 2023 is as follows:
| Portfolio | Market Value 09/30/2023 (000) |
Purchases at Cost (000) |
Sales Proceeds (000) |
Market Value 12/31/2023 (000) |
Dividend Income (000) |
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| Government Money Market Portfolio | $ | 190 | $ | 63,749 | $ | 63,939 | $ | 0 | $ | 34 | ||||||||||
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