Sanford C. Bernstein Fund, Inc.
Schedule of Investments
New York Municipal Portfolio
December 31, 2023 (unaudited)
| Principal Amount (000) |
U.S. $ Value | |||||||
| MUNICIPAL OBLIGATIONS – 94.4% |
||||||||
| Long-Term Municipal Bonds – 89.0% |
||||||||
| New York – 74.8% |
||||||||
| Albany County Airport Authority |
$ | 855 | $ | 866,024 | ||||
| 5.00%, 12/15/2025 |
855 | 879,589 | ||||||
| 5.00%, 12/15/2026 |
855 | 895,142 | ||||||
| Broome County Local Development Corp. (United Health Services Hospitals Obligated Group) |
2,220 | 2,016,872 | ||||||
| 3.00%, 04/01/2036 |
2,000 | 1,789,217 | ||||||
| 3.00%, 04/01/2037 |
1,500 | 1,314,123 | ||||||
| 4.00%, 04/01/2034 |
725 | 754,972 | ||||||
| 4.00%, 04/01/2038 |
1,400 | 1,421,836 | ||||||
| 4.00%, 04/01/2039 |
1,400 | 1,414,756 | ||||||
| 4.00%, 04/01/2040 |
1,500 | 1,510,383 | ||||||
| 5.00%, 04/01/2032 |
2,000 | 2,209,616 | ||||||
| 5.00%, 04/01/2033 |
1,000 | 1,104,336 | ||||||
| Build NYC Resource Corp. (East Harlem Scholars Academy Charter School Obligated Group) |
375 | 384,278 | ||||||
| 5.75%, 06/01/2042(a) |
1,855 | 1,906,872 | ||||||
| Build NYC Resource Corp. (Grand Concourse Acadmey Charter School) |
550 | 567,077 | ||||||
| Build NYC Resource Corp. (Integration Charter Schools) |
1,050 | 1,053,902 | ||||||
| 5.00%, 06/01/2041(a) |
800 | 773,775 | ||||||
| Build NYC Resource Corp. (Metropolitan College of New York) |
1,750 | 1,050,000 | ||||||
| 5.25%, 11/01/2029 |
2,100 | 1,260,000 | ||||||
| Build NYC Resource Corp. (NEW World Preparatory Charter School) |
525 | 424,122 | ||||||
| City of New York NY |
1,365 | 1,414,785 | ||||||
| Series 2017-C |
1,260 | 1,275,691 | ||||||
| Series 2018-A |
7,690 | 8,162,807 | ||||||
| Series 2018-D |
9,665 | 10,504,284 | ||||||
| Series 2020-C |
4,960 | 5,573,090 | ||||||
1
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2021 |
$ | 4,950 | $ | 4,453,294 | ||||
| Series 2021-D |
6,000 | 5,512,616 | ||||||
| 1.623%, 08/01/2028 |
4,000 | 3,538,476 | ||||||
| Series 2022-B |
3,405 | 3,447,403 | ||||||
| Series 2023 |
2,500 | 3,000,545 | ||||||
| 5.00%, 08/01/2040 |
1,000 | 1,158,375 | ||||||
| 5.00%, 08/01/2043 |
5,000 | 5,697,694 | ||||||
| City of Rochester NY |
7,000 | 7,041,744 | ||||||
| Corning City School District |
17,000 | 17,124,756 | ||||||
| County of Nassau NY |
10,190 | 10,238,306 | ||||||
| Series 2017-C |
8,920 | 9,539,091 | ||||||
| 5.00%, 10/01/2027 |
13,255 | 14,532,049 | ||||||
| County of Suffolk NY |
1,770 | 2,003,970 | ||||||
| AGM Series 2017-A |
1,000 | 1,000,762 | ||||||
| Dutchess County Local Development Corp. (Bard College)
|
2,400 | 2,511,218 | ||||||
| Series 2020-B |
4,755 | 4,696,866 | ||||||
| Hempstead Town Local Development Corp. (Evergreen Charter School, Inc.) |
4,000 | 3,990,511 | ||||||
| Hudson Yards Infrastructure Corp. |
17,060 | 18,231,708 | ||||||
| 5.00%, 02/15/2032 |
5,590 | 5,971,412 | ||||||
| Series 2021 |
5,000 | 5,146,317 | ||||||
| Long Island Power Authority |
9,535 | 9,414,694 | ||||||
| Metropolitan Transportation Authority |
1,210 | 1,264,400 | ||||||
| Series 2017-B |
5,050 | 5,445,682 | ||||||
| 5.00%, 11/15/2028 |
4,020 | 4,408,423 | ||||||
| Series 2017-C |
9,140 | 9,856,145 | ||||||
| 5.00%, 11/15/2028 |
7,400 | 8,045,487 | ||||||
| 5.00%, 11/15/2029 |
1,790 | 1,944,994 | ||||||
| 5.00%, 11/15/2031 |
39,930 | 43,242,333 | ||||||
2
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2021 |
$ | 1,205 | $ | 1,193,112 | ||||
| AGM Series 2021 |
3,000 | 3,000,025 | ||||||
| 4.385% (SOFR + 0.80%), 11/01/2032(b) |
3,715 | 3,699,316 | ||||||
| Metropolitan Transportation Authority (Metropolitan Transportation Authority Dedicated Tax Fund) |
2,060 | 2,211,055 | ||||||
| Series 2022-A |
11,605 | 11,940,902 | ||||||
| Monroe County Industrial Development Corp./NY (Academy of Health Sciences Charter School) |
250 | 249,144 | ||||||
| 5.625%, 07/01/2042(a) |
2,000 | 1,967,284 | ||||||
| Monroe County Industrial Development Corp./NY (Rochester Regional Health Obligated Group) |
510 | 515,583 | ||||||
| 5.00%, 12/01/2028 |
1,210 | 1,289,931 | ||||||
| Monroe County Industrial Development Corp./NY (St. Ann’s of Greater Rochester Obligated Group) |
2,145 | 1,966,105 | ||||||
| Monroe County Industrial Development Corp./NY (True North Rochester Prep Charter School) |
2,265 | 2,311,776 | ||||||
| Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group) |
4,550 | 4,581,969 | ||||||
| Nassau County Local Economic Assistance Corp. (Roosevelt Children’s Academy Charter School) |
750 | 764,467 | ||||||
| New York City Municipal Water Finance Authority
|
3,000 | 3,025,594 | ||||||
| Series 2015-F |
1,845 | 1,903,537 | ||||||
| Series 2015-G |
11,465 | 11,828,756 | ||||||
| Series 2017 |
3,725 | 3,956,011 | ||||||
| Series 2017-E |
1,795 | 1,912,141 | ||||||
| Series 2018-AA |
8,280 | 8,361,055 | ||||||
| Series 2021-B |
2,000 | 2,068,916 | ||||||
| Series 2023 |
13,345 | 16,423,962 | ||||||
3
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York City Transitional Finance Authority (New York City Transitional Finance Authority Future Tax Secured Revenue) |
$ | 5,000 | $ | 5,986,554 | ||||
| New York City Transitional Finance Authority Building Aid Revenue (New York City Transitional Finance Authority Building Aid Revenue
State Lease) |
2,000 | 2,075,235 | ||||||
| Series 2018-S |
2,065 | 2,284,633 | ||||||
| 5.00%, 07/15/2032 |
16,090 | 17,785,243 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue
|
1,655 | 1,671,611 | ||||||
| 5.00%, 08/01/2029 |
5,000 | 5,044,450 | ||||||
| Series 2014-C |
6,345 | 6,382,133 | ||||||
| Series 2014-D1 |
7,110 | 7,142,318 | ||||||
| 5.00%, 02/01/2029 (Pre-refunded/ETM) |
2,425 | 2,436,023 | ||||||
| Series 2015-C |
20,000 | 20,557,656 | ||||||
| Series 2016-B |
2,200 | 2,312,086 | ||||||
| Series 2017-F |
1,220 | 1,306,135 | ||||||
| Series 2020 |
2,580 | 2,824,606 | ||||||
| Series 2021-E |
12,575 | 12,882,738 | ||||||
| Series 2022 |
2,220 | 2,280,962 | ||||||
| 4.00%, 02/01/2041 |
1,675 | 1,717,435 | ||||||
| New York Liberty Development Corp. (3 World Trade Center LLC) |
2,000 | 2,002,459 | ||||||
| 7.25%, 11/15/2044(a) |
3,260 | 3,282,097 | ||||||
| New York Liberty Development Corp. (One Bryant Park LLC) |
20,000 | 18,593,838 | ||||||
| 2.625%, 09/15/2069 |
22,240 | 20,550,062 | ||||||
| 2.80%, 09/15/2069 |
6,470 | 5,881,169 | ||||||
| New York Liberty Development Corp. (Port Authority of New York & New Jersey) |
20,000 | 17,514,490 | ||||||
| New York Power Authority (New York Power Authority SFP Transmission Project) |
1,000 | 1,178,777 | ||||||
| 5.25%, 11/15/2041 |
1,000 | 1,174,062 | ||||||
4
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York State Dormitory Authority |
$ | 40 | $ | 40,094 | ||||
| Series 2014-A |
2,400 | 2,405,625 | ||||||
| Series 2017 |
2,775 | 2,842,476 | ||||||
| Series 2020-A |
6,475 | 6,501,249 | ||||||
| Series 2021 |
5,500 | 5,131,826 | ||||||
| AGM Series 2020 |
5 | 5,328 | ||||||
| 5.00%, 10/01/2029 (Pre-refunded/ETM) |
5 | 5,579 | ||||||
| New York State Dormitory Authority (Catholic Health System Obligated Group) |
1,000 | 845,590 | ||||||
| New York State Dormitory Authority (Garnet Health Medical Center Obligated Group) |
1,700 | 1,705,889 | ||||||
| 5.00%, 12/01/2026(a) |
1,500 | 1,497,028 | ||||||
| 5.00%, 12/01/2034(a) |
2,500 | 2,417,304 | ||||||
| New York State Dormitory Authority (Icahn School of Medicine at Mount Sinai) |
3,745 | 3,850,032 | ||||||
| New York State Dormitory Authority (Iona College) |
555 | 558,411 | ||||||
| 5.00%, 07/01/2026 |
620 | 636,576 | ||||||
| 5.00%, 07/01/2027 |
325 | 337,879 | ||||||
| 5.00%, 07/01/2029 |
500 | 529,723 | ||||||
| 5.00%, 07/01/2030 |
300 | 319,847 | ||||||
| 5.00%, 07/01/2031 |
320 | 342,841 | ||||||
| 5.00%, 07/01/2032 |
280 | 301,982 | ||||||
| New York State Dormitory Authority (New York and Presbyterian Hospital Obligated Group) |
4,250 | 5,010,219 | ||||||
| 5.00%, 08/01/2038 |
5,000 | 5,768,251 | ||||||
| New York State Dormitory Authority (New York State Dormitory Authority Lease) |
1,000 | 1,036,617 | ||||||
| AGM Series 2020 |
3,045 | 3,247,130 | ||||||
| 5.00%, 10/01/2029 |
2,130 | 2,371,805 | ||||||
| AGM Series 2023 |
4,695 | 4,878,939 | ||||||
| BAM Series 2022 |
3,975 | 4,132,970 | ||||||
5
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York State Dormitory Authority (New York State Sales Tax) |
$ | 2,000 | $ | 2,135,645 | ||||
| New York State Dormitory Authority (New York University) |
2,975 | 3,361,938 | ||||||
| New York State Dormitory Authority (Northwell Health Obligated Group) |
2,500 | 2,508,081 | ||||||
| 4.00%, 05/01/2040 |
6,000 | 5,984,435 | ||||||
| New York State Dormitory Authority (Rochester Institute of Technology) |
1,000 | 1,053,506 | ||||||
| New York State Dormitory Authority (St. John’s University/NY) |
1,130 | 1,139,990 | ||||||
| Series 2021-A |
1,400 | 1,513,581 | ||||||
| New York State Dormitory Authority (State of New York Pers Income Tax) |
11,415 | 11,436,542 | ||||||
| Series 2014-C |
12,485 | 12,535,613 | ||||||
| 5.00%, 03/15/2029 |
2,010 | 2,016,580 | ||||||
| Series 2021-A |
1,000 | 1,038,801 | ||||||
| Series 2021-E |
4,645 | 4,992,120 | ||||||
| Series 2022-A |
2,000 | 2,086,981 | ||||||
| AMBAC Series 2005-B |
1,000 | 1,005,333 | ||||||
| New York State Dormitory Authority (State of New York Sales Tax Revenue) |
4,350 | 4,411,411 | ||||||
| New York State Dormitory Authority (Wagner College) |
1,000 | 1,063,997 | ||||||
| 5.00%, 07/01/2039 |
1,500 | 1,568,877 | ||||||
| 5.00%, 07/01/2042 |
1,630 | 1,681,859 | ||||||
| New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority) |
445 | 485,522 | ||||||
| Series 2023 |
1,800 | 1,822,981 | ||||||
| New York State Thruway Authority (New York State Thruway Authority Gen Toll Road) |
18,900 | 18,928,556 | ||||||
6
| Principal Amount (000) |
U.S. $ Value | |||||||
| 5.00%, 01/01/2027 |
$ | 15,000 | $ | 15,023,821 | ||||
| Series 2014-K |
1,310 | 1,337,197 | ||||||
| 5.00%, 01/01/2028 |
3,150 | 3,214,774 | ||||||
| Series 2019-M |
21,075 | 18,345,364 | ||||||
| New York State Thruway Authority (State of New York Pers Income Tax) |
7,250 | 8,378,195 | ||||||
| New York State Urban Development Corp. (State of New York Pers Income Tax) |
5,010 | 5,269,298 | ||||||
| Series 2020-E |
4,650 | 4,722,873 | ||||||
| Series 2022 |
6,830 | 7,804,847 | ||||||
| New York Transportation Development Corp. (American Airlines, Inc.) |
1,070 | 1,070,145 | ||||||
| Series 2021 |
1,230 | 1,175,880 | ||||||
| New York Transportation Development Corp. (Delta Air Lines, Inc.) |
24,485 | 25,129,443 | ||||||
| 5.00%, 01/01/2032 |
2,355 | 2,408,281 | ||||||
| 5.00%, 01/01/2036 |
2,000 | 2,022,340 | ||||||
| Series 2023 |
2,165 | 2,329,158 | ||||||
| New York Transportation Development Corp. (Elevated Accessibility Enhancements Holding Co., LLC) |
2,000 | 1,997,784 | ||||||
| New York Transportation Development Corp. (Empire State Thruway Partners LLC) |
500 | 508,329 | ||||||
| 4.00%, 10/31/2041 |
2,075 | 1,981,151 | ||||||
| New York Transportation Development Corp. (JFK International Air Terminal LLC) |
2,210 | 2,342,091 | ||||||
| 5.00%, 12/01/2030 |
1,010 | 1,107,842 | ||||||
| 5.00%, 12/01/2031 |
400 | 438,361 | ||||||
| 5.00%, 12/01/2032 |
1,035 | 1,133,600 | ||||||
| 5.00%, 12/01/2036 |
1,050 | 1,133,777 | ||||||
| Series 2022 |
1,000 | 949,679 | ||||||
| 5.00%, 12/01/2027 |
2,115 | 2,241,413 | ||||||
| 5.00%, 12/01/2031 |
2,035 | 2,254,799 | ||||||
| 5.00%, 12/01/2039 |
2,765 | 2,968,815 | ||||||
| 5.00%, 12/01/2040 |
3,310 | 3,536,029 | ||||||
| 5.00%, 12/01/2042 |
2,645 | 2,789,919 | ||||||
7
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York Transportation Development Corp. (JFK NTO LLC) |
$ | 2,250 | $ | 2,489,713 | ||||
| 5.50%, 06/30/2044 |
2,500 | 2,757,391 | ||||||
| New York Transportation Development Corp. (Laguardia Gateway Partners LLC) |
2,535 | 2,537,718 | ||||||
| Niagara Area Development Corp. (Covanta Holding Corp.) |
1,000 | 850,004 | ||||||
| Series 2018-B |
3,400 | 3,357,627 | ||||||
| Niagara Falls City School District |
4,055 | 4,083,960 | ||||||
| 5.00%, 06/15/2025 |
3,660 | 3,751,618 | ||||||
| Onondaga Civic Development Corp. (Le Moyne College) |
300 | 303,481 | ||||||
| 4.00%, 07/01/2036 |
350 | 350,845 | ||||||
| 4.00%, 07/01/2039 |
450 | 432,986 | ||||||
| Port Authority of New York & New Jersey |
7,500 | 7,547,170 | ||||||
| Series 2015 |
8,405 | 8,638,698 | ||||||
| Series 2017 |
6,925 | 7,292,754 | ||||||
| Series 2018-2 |
3,040 | 3,133,296 | ||||||
| 5.00%, 09/15/2027 |
1,000 | 1,064,730 | ||||||
| 5.00%, 09/15/2028 |
8,000 | 8,579,800 | ||||||
| Series 2019 |
3,135 | 3,418,913 | ||||||
| 5.00%, 11/01/2036 |
5,365 | 5,808,746 | ||||||
| Series 2020-2 |
3,000 | 3,346,555 | ||||||
| 5.00%, 07/15/2034 |
10,195 | 11,350,517 | ||||||
| 5.00%, 07/15/2035 |
5,095 | 5,643,127 | ||||||
| Sales Tax Asset Receivable Corp. |
6,075 | 6,176,057 | ||||||
| 5.00%, 10/15/2026 (Pre-refunded/ETM) |
7,065 | 7,182,526 | ||||||
| State of New York |
1,000 | 1,027,097 | ||||||
| 5.00%, 03/15/2026 |
1,395 | 1,471,098 | ||||||
| 5.00%, 03/15/2031 |
5,600 | 6,639,377 | ||||||
| 5.00%, 03/15/2032 |
1,815 | 2,187,943 | ||||||
| 5.00%, 03/15/2033 |
1,750 | 2,145,807 | ||||||
| 5.00%, 03/15/2036 |
1,500 | 1,819,073 | ||||||
| 5.00%, 03/15/2038 |
1,500 | 1,769,887 | ||||||
| 5.00%, 03/15/2039 |
2,000 | 2,344,399 | ||||||
| 5.00%, 03/15/2040 |
2,250 | 2,623,547 | ||||||
| Series 2023-C |
1,670 | 2,003,612 | ||||||
8
| Principal Amount (000) |
U.S. $ Value | |||||||
| Suffolk County Economic Development Corp. (Peconic Landing at Southold, Inc.) |
$ | 500 | $ | 505,578 | ||||
| 5.00%, 12/01/2034 |
1,000 | 1,009,632 | ||||||
| Suffolk Tobacco Asset Securitization Corp. |
2,300 | 2,371,955 | ||||||
| 4.00%, 06/01/2036 |
2,425 | 2,483,216 | ||||||
| 4.00%, 06/01/2037 |
1,170 | 1,187,087 | ||||||
| 4.00%, 06/01/2050 |
2,345 | 2,359,902 | ||||||
| 5.00%, 06/01/2034 |
2,275 | 2,514,946 | ||||||
| Town of Oyster Bay NY |
4,650 | 4,663,013 | ||||||
| Triborough Bridge & Tunnel Authority |
2,535 | 2,640,741 | ||||||
| Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) |
15,035 | 15,678,889 | ||||||
| Series 2021-A |
9,185 | 9,115,840 | ||||||
| 2.511%, 05/15/2035 |
10,000 | 7,920,472 | ||||||
| Series 2021-C |
5,000 | 5,678,055 | ||||||
| Series 2022 |
1,750 | 1,978,540 | ||||||
| Series 2022-A |
20,055 | 20,286,254 | ||||||
| Series 2022-E |
7,500 | 7,503,895 | ||||||
| Series 2023 |
10,420 | 12,220,203 | ||||||
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute) |
2,570 | 2,873,967 | ||||||
| 5.00%, 09/01/2032 |
3,460 | 3,866,717 | ||||||
| 5.00%, 09/01/2033 |
2,365 | 2,640,147 | ||||||
| Trust for Cultural Resources of The City of New York (The) (Lincoln Center for the Performing Arts, Inc.) |
7,175 | 7,643,746 | ||||||
| Series 2020 |
1,160 | 1,231,963 | ||||||
| 5.00%, 12/01/2031 |
1,800 | 2,060,706 | ||||||
| 5.00%, 12/01/2032 |
2,000 | 2,285,625 | ||||||
| Utility Debt Securitization Authority |
2,800 | 2,810,632 | ||||||
| Westchester County Local Development Corp. (Kendal on Hudson Obligated Group) |
400 | 407,450 | ||||||
9
| Principal Amount (000) |
U.S. $ Value | |||||||
| 5.00%, 01/01/2032 |
$ | 520 | $ | 529,827 | ||||
| 5.00%, 01/01/2037 |
530 | 531,860 | ||||||
| 5.00%, 01/01/2041 |
720 | 709,466 | ||||||
|
|
|
|||||||
| 1,027,973,393 | ||||||||
|
|
|
|||||||
| American Samoa – 0.1% |
||||||||
| American Samoa Economic Development Authority (Territory of American Samoa) |
1,055 | 1,119,931 | ||||||
|
|
|
|||||||
| California – 0.1% |
||||||||
| California Community Choice Financing Authority (Goldman Sachs Group, Inc. (The)) |
1,215 | 1,315,576 | ||||||
|
|
|
|||||||
| Colorado – 0.9% |
||||||||
| Colorado Health Facilities Authority (CommonSpirit Health) |
6,280 | 6,873,939 | ||||||
| 5.00%, 08/01/2031 |
2,000 | 2,187,686 | ||||||
| 5.00%, 08/01/2033 |
2,750 | 3,008,129 | ||||||
| Vauxmont Metropolitan District |
160 | 168,992 | ||||||
|
|
|
|||||||
| 12,238,746 | ||||||||
|
|
|
|||||||
| Connecticut – 1.8% |
||||||||
| State of Connecticut |
14,565 | 14,967,351 | ||||||
| Series 2018-C |
4,715 | 5,114,931 | ||||||
| Series 2018-F |
4,025 | 4,392,927 | ||||||
|
|
|
|||||||
| 24,475,209 | ||||||||
|
|
|
|||||||
| Florida – 0.1% |
||||||||
| County of Osceola FL Transportation Revenue
|
100 | 74,462 | ||||||
| Zero Coupon, 10/01/2032 |
100 | 68,173 | ||||||
| Zero Coupon, 10/01/2033 |
100 | 65,006 | ||||||
| Zero Coupon, 10/01/2034 |
110 | 68,109 | ||||||
| Volusia County School Board (Volusia County School Board COP) |
1,000 | 1,010,439 | ||||||
|
|
|
|||||||
| 1,286,189 | ||||||||
|
|
|
|||||||
| Georgia – 0.2% |
||||||||
| Municipal Electric Authority of Georgia |
905 | 974,063 | ||||||
| 5.00%, 01/01/2032 |
565 | 607,740 | ||||||
| 5.00%, 01/01/2035 |
1,185 | 1,261,484 | ||||||
|
|
|
|||||||
| 2,843,287 | ||||||||
|
|
|
|||||||
10
| Principal Amount (000) |
U.S. $ Value | |||||||
| Guam – 1.9% |
||||||||
| Antonio B Won Pat International Airport Authority
|
$ | 1,430 | $ | 1,277,661 | ||||
| 3.189%, 10/01/2029 |
1,650 | 1,440,465 | ||||||
| 3.339%, 10/01/2030 |
1,050 | 900,943 | ||||||
| Series 2023 |
250 | 258,628 | ||||||
| 5.25%, 10/01/2031 |
1,025 | 1,068,833 | ||||||
| 5.25%, 10/01/2035 |
265 | 274,966 | ||||||
| 5.375%, 10/01/2033 |
525 | 551,857 | ||||||
| Guam Government Waterworks Authority |
1,250 | 1,313,525 | ||||||
| 5.00%, 07/01/2030 |
1,000 | 1,050,636 | ||||||
| 5.00%, 07/01/2031 |
2,000 | 2,099,702 | ||||||
| Guam Power Authority |
2,980 | 3,048,179 | ||||||
| 5.00%, 10/01/2026 |
1,225 | 1,274,199 | ||||||
| 5.00%, 10/01/2027 |
1,230 | 1,300,405 | ||||||
| Territory of Guam |
225 | 234,562 | ||||||
| Territory of Guam (Guam Section 30 Income Tax) |
1,150 | 1,196,268 | ||||||
| 5.00%, 12/01/2029 |
620 | 642,494 | ||||||
| 5.00%, 12/01/2030 |
1,000 | 1,034,582 | ||||||
| 5.00%, 12/01/2032 |
925 | 957,378 | ||||||
| Territory of Guam (Territory of Guam Business Privilege Tax) |
3,580 | 3,649,839 | ||||||
| Series 2015-D |
1,555 | 1,584,115 | ||||||
| Series 2021-F |
1,000 | 1,076,908 | ||||||
|
|
|
|||||||
| 26,236,145 | ||||||||
|
|
|
|||||||
| Illinois – 0.7% |
||||||||
| Illinois Finance Authority (Illinois Institute of Technology) |
145 | 145,568 | ||||||
| 5.00%, 09/01/2029 |
225 | 226,086 | ||||||
| 5.00%, 09/01/2032 |
365 | 365,154 | ||||||
| 5.00%, 09/01/2033 |
200 | 199,229 | ||||||
| 5.00%, 09/01/2034 |
100 | 98,855 | ||||||
| Metropolitan Pier & Exposition Authority
|
2,000 | 2,144,004 | ||||||
11
| Principal Amount (000) |
U.S. $ Value | |||||||
| State of Illinois |
$ | 2,105 | $ | 2,138,697 | ||||
| Series 2018-A |
2,910 | 2,947,227 | ||||||
| Series 2018-B |
1,405 | 1,412,477 | ||||||
|
|
|
|||||||
| 9,677,297 | ||||||||
|
|
|
|||||||
| Kentucky – 0.3% |
||||||||
| City of Ashland KY (Royal Blue Health LLC Obligated Group) |
350 | 359,586 | ||||||
| 5.00%, 02/01/2027 |
375 | 391,806 | ||||||
| 5.00%, 02/01/2030 |
210 | 229,091 | ||||||
| 5.00%, 02/01/2031 |
275 | 294,503 | ||||||
| Kentucky Economic Development Finance Authority (CommonSpirit Health) |
1,000 | 1,093,865 | ||||||
| 5.00%, 08/01/2034 |
1,635 | 1,786,744 | ||||||
| 5.00%, 08/01/2035 |
555 | 602,828 | ||||||
|
|
|
|||||||
| 4,758,423 | ||||||||
|
|
|
|||||||
| Michigan – 1.2% |
||||||||
| City of Detroit MI |
250 | 263,750 | ||||||
| 5.00%, 04/01/2032 |
1,005 | 1,058,949 | ||||||
| Michigan Strategic Fund (Michigan Strategic Fund - I 75 Improvement Project) |
8,600 | 9,152,468 | ||||||
| 5.00%, 12/31/2030 |
4,000 | 4,254,835 | ||||||
| 5.00%, 06/30/2032 |
1,690 | 1,798,458 | ||||||
|
|
|
|||||||
| 16,528,460 | ||||||||
|
|
|
|||||||
| Missouri – 0.0% |
||||||||
| Howard Bend Levee District |
120 | 121,341 | ||||||
| 5.75%, 03/01/2027 |
275 | 281,461 | ||||||
|
|
|
|||||||
| 402,802 | ||||||||
|
|
|
|||||||
| Nebraska – 0.8% |
||||||||
| Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) |
10,000 | 10,539,615 | ||||||
|
|
|
|||||||
| Nevada – 0.0% |
||||||||
| City of Sparks NV (City of Sparks NV Sales Tax) |
565 | 536,685 | ||||||
|
|
|
|||||||
12
| Principal Amount (000) |
U.S. $ Value | |||||||
| New Jersey – 2.5% |
||||||||
| New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) |
$ | 5,090 | $ | 5,132,282 | ||||
| 5.00%, 06/15/2027 |
5,000 | 5,250,407 | ||||||
| Series 2018-A |
11,680 | 12,281,033 | ||||||
| New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease)
|
3,360 | 3,715,710 | ||||||
| Series 2019-B |
1,500 | 1,659,726 | ||||||
| 5.00%, 06/15/2034 |
2,360 | 2,588,891 | ||||||
| Series 2019-BB1 |
2,900 | 3,181,265 | ||||||
|
|
|
|||||||
| 33,809,314 | ||||||||
|
|
|
|||||||
| Puerto Rico – 1.3% |
||||||||
| Commonwealth of Puerto Rico |
468 | 458,336 | ||||||
| Zero Coupon, 07/01/2033 |
2,420 | 1,508,670 | ||||||
| 5.625%, 07/01/2027 |
3,150 | 3,331,177 | ||||||
| 5.625%, 07/01/2029 |
760 | 824,275 | ||||||
| Series 2022-C |
888 | 483,817 | ||||||
| HTA TRRB Custodial Trust |
1,580 | 1,540,496 | ||||||
| 5.25%, 07/01/2036 |
1,515 | 1,520,767 | ||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority
|
3,490 | 3,544,124 | ||||||
| 5.00%, 07/01/2035(a) |
2,310 | 2,331,661 | ||||||
| Puerto Rico Electric Power Authority |
1,390 | 1,381,504 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
|
796 | 780,360 | ||||||
|
|
|
|||||||
| 17,705,187 | ||||||||
|
|
|
|||||||
| South Carolina – 0.3% |
||||||||
| South Carolina Public Service Authority |
1,500 | 1,601,933 | ||||||
| Series 2021-B |
2,125 | 2,160,944 | ||||||
| 5.00%, 12/01/2040 |
1,000 | 1,088,578 | ||||||
|
|
|
|||||||
| 4,851,455 | ||||||||
|
|
|
|||||||
13
| Principal Amount (000) |
U.S. $ Value | |||||||
| Tennessee – 0.6% |
||||||||
| Chattanooga Health Educational & Housing Facility Board (CommonSpirit Health) |
$ | 1,500 | $ | 1,640,764 | ||||
| 5.00%, 08/01/2033 |
1,000 | 1,093,865 | ||||||
| 5.00%, 08/01/2034 |
1,000 | 1,092,810 | ||||||
| Tennergy Corp./TN (Royal Bank of Canada) |
4,735 | 4,776,171 | ||||||
|
|
|
|||||||
| 8,603,610 | ||||||||
|
|
|
|||||||
| Texas – 0.5% |
||||||||
| City of Houston TX Airport System Revenue (United Airlines, Inc.) |
1,750 | 1,760,536 | ||||||
| Mission Economic Development Corp. (Natgasoline LLC) |
4,540 | 4,477,264 | ||||||
|
|
|
|||||||
| 6,237,800 | ||||||||
|
|
|
|||||||
| Washington – 0.6% |
||||||||
| Washington Health Care Facilities Authority (CommonSpirit Health) |
2,165 | 2,369,112 | ||||||
| 5.00%, 08/01/2033 |
2,595 | 2,838,580 | ||||||
| 5.00%, 08/01/2034 |
2,520 | 2,753,881 | ||||||
|
|
|
|||||||
| 7,961,573 | ||||||||
|
|
|
|||||||
| Wisconsin – 0.3% |
||||||||
| Wisconsin Public Finance Authority (UMA Education, Inc.) |
995 | 1,004,686 | ||||||
| 5.00%, 10/01/2026(a) |
1,050 | 1,068,495 | ||||||
| 5.00%, 10/01/2027(a) |
1,090 | 1,116,816 | ||||||
| 5.00%, 10/01/2028(a) |
900 | 926,720 | ||||||
| 5.00%, 10/01/2029(a) |
275 | 283,699 | ||||||
|
|
|
|||||||
| 4,400,416 | ||||||||
|
|
|
|||||||
| Total Long-Term Municipal Bonds |
1,223,501,113 | |||||||
|
|
|
|||||||
| Short-Term Municipal Notes – 5.4% |
||||||||
| New York – 5.4% |
||||||||
| Build NYC Resource Corp. (Asia Society (The)) |
1,685 | 1,685,000 | ||||||
14
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of New York NY |
$ | 1,275 | $ | 1,275,000 | ||||
| Series 2013-I |
3,940 | 3,940,000 | ||||||
| Series 2016 |
8,995 | 8,995,000 | ||||||
| Dutchess County Industrial Development Agency (Marist College) |
1,165 | 1,165,000 | ||||||
| Metropolitan Transportation Authority |
380 | 380,000 | ||||||
| New York City Health and Hospitals Corp. |
375 | 375,000 | ||||||
| New York City Housing Development Corp. |
1,000 | 1,000,000 | ||||||
| New York City Housing Development Corp. (201 Pearl LLC) |
250 | 250,000 | ||||||
| New York City Housing Development Corp. (Hewitt Westchester LP) |
3,400 | 3,400,000 | ||||||
| New York City Municipal Water Finance Authority
|
27,300 | 27,300,000 | ||||||
| New York State Housing Finance Agency (8 East 102nd Street LLC) |
5,790 | 5,790,000 | ||||||
| New York State Housing Finance Agency (Liberty Street Realty LLC) |
3,773 | 3,773,000 | ||||||
| Triborough Bridge & Tunnel Authority |
2,160 | 2,160,000 | ||||||
| Trust for Cultural Resources of The City of New York (The) (New York Botanical Garden (The)) |
8,060 | 8,060,000 | ||||||
| Trust for Cultural Resources of The City of New York (The) (Pierpont Morgan Library) |
5,465 | 5,465,000 | ||||||
|
|
|
|||||||
| Total Short-Term Municipal Notes |
75,013,000 | |||||||
|
|
|
|||||||
| Total Municipal Obligations |
1,298,514,113 | |||||||
|
|
|
|||||||
15
| Principal Amount (000) |
U.S. $ Value | |||||||
| GOVERNMENTS - TREASURIES – 0.2% |
||||||||
| United States – 0.2% |
||||||||
| U.S. Treasury Notes |
$ | 2,377 | $ | 2,240,694 | ||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES – 0.2% |
||||||||
| Autos - Fixed Rate – 0.2% |
||||||||
| Lendbuzz Securitization Trust |
1,694 | 1,702,516 | ||||||
| Tricolor Auto Securitization Trust |
454 | 453,752 | ||||||
|
|
|
|||||||
| Total Asset-Backed Securities |
2,156,268 | |||||||
|
|
|
|||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.1% |
||||||||
| Non-Agency Fixed Rate CMBS – 0.1% |
||||||||
| City of Fort Wayne IN |
32 | 3 | ||||||
| Jefferson County Industrial Development Agency |
933 | 101,218 | ||||||
| Washington State Housing Finance Commission |
962 | 917,339 | ||||||
| Series 2021-1, Class X |
962 | 44,170 | ||||||
|
|
|
|||||||
| Total Commercial Mortgage-Backed Securities |
1,062,730 | |||||||
|
|
|
|||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0% |
||||||||
| Risk Share Floating Rate – 0.0% |
||||||||
| Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
|
75 | 74,897 | ||||||
| Federal National Mortgage Association Connecticut Avenue Securities
|
63 | 63,136 | ||||||
| Series 2015-C02, Class 1M2 |
74 | 76,770 | ||||||
| Series 2016-C01, Class 1M2 |
158 | 168,463 | ||||||
| Series 2016-C02, Class 1M2 |
33 | 34,434 | ||||||
|
|
|
|||||||
| Total Collateralized Mortgage Obligations |
417,700 | |||||||
|
|
|
|||||||
16
| Principal Amount (000) |
U.S. $ Value | |||||||
| SHORT-TERM INVESTMENTS – 2.0% |
||||||||
| U.S. Treasury Bills – 2.0% |
||||||||
| United States – 2.0% |
||||||||
| U.S. Treasury Bill |
$ | 28,000 | $ | 27,680,796 | ||||
|
|
|
|||||||
| Total Investments – 96.9% |
1,332,072,301 | |||||||
| Other assets less liabilities – 3.1% |
43,001,623 | |||||||
|
|
|
|||||||
| Net Assets – 100.0% |
$ | 1,375,073,924 | ||||||
|
|
|
|||||||
CENTRALLY CLEARED INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||
| Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||
| USD | 25,000 | 01/15/2027 | 1 Day SOFR | 2.540% | Annual | $ | (1,463,004 | ) | $ | — | $ | (1,463,004 | ) | |||||||||||
| USD | 16,300 | 07/31/2030 | 1 Day SOFR | 4.656% | Annual | 1,092,714 | — | 1,092,714 | ||||||||||||||||
| USD | 15,000 | 04/15/2032 | 3.120% | 1 Day SOFR | Annual | 610,567 | — | 610,567 | ||||||||||||||||
| USD | 5,600 | 04/15/2032 | 4.274% | 1 Day SOFR | Annual | (310,799 | ) | — | (310,799 | ) | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | (70,522 | ) | $ | — | $ | (70,522 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
17
CREDIT DEFAULT SWAPS
| Swap Counterparty & Referenced Obligation |
Fixed Rate (Pay) Receive |
Payment Frequency |
Implied Credit Spread at December 31, |
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 | 78 | $ | (10,156 | ) | $ | (7,098 | ) | $ | (3,058 | ) | ||||||||||||||||
| CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 260 | (33,653 | ) | (30,342 | ) | (3,311 | ) | |||||||||||||||||||||
| Credit Suisse International | ||||||||||||||||||||||||||||||||
| CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 17 | (2,223 | ) | (1,944 | ) | (279 | ) | |||||||||||||||||||||
| CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 43 | (5,589 | ) | (3,942 | ) | (1,647 | ) | |||||||||||||||||||||
| CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 530 | (68,628 | ) | (59,610 | ) | (9,018 | ) | |||||||||||||||||||||
| CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 257 | (33,293 | ) | (22,879 | ) | (10,414 | ) | |||||||||||||||||||||
| CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 534 | (69,169 | ) | (48,845 | ) | (20,324 | ) | |||||||||||||||||||||
| Goldman Sachs International | ||||||||||||||||||||||||||||||||
| CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 100 | (12,980 | ) | (11,654 | ) | (1,326 | ) | |||||||||||||||||||||
| CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 233 | (30,227 | ) | (20,164 | ) | (10,063 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | (265,918 | ) | $ | (206,478 | ) | $ | (59,440 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| * | Termination date |
18
INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||||||
| Swap Counterparty | Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| Citibank, NA | USD | 16,980 | 10/09/2029 | 1.125% | SIFMA* | Quarterly | $ | 1,453,327 | $ | — | $ | 1,453,327 | ||||||||||||||||
| * | 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 December 31, 2023, the aggregate market value of these securities amounted to $44,572,891 or 3.2% of net assets. |
| (b) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at December 31, 2023. |
| (c) | 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. |
| (d) | Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding. |
| (e) | Defaulted. |
| (f) | Non-income producing security. |
| (g) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (h) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.01% of net assets as of December 31, 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 |
12/09/2019 | $ | 932,884 | $ | 101,218 | 0.01% | ||||||
| (i) | IO - Interest Only. |
| (j) | 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 $16,796,911 and gross unrealized depreciation of investments was $(37,511,021), resulting in net unrealized depreciation of $(20,714,110). |
| 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 3.6% 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
ETM – Escrowed to Maturity
OTC – Over-the-Counter
SOFR – Secured Overnight Financing Rate
XLCA – XL Capital Assurance Inc.
19
Sanford C. Bernstein Fund, Inc.
New York 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.
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 value of the 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.
20
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: | ||||||||||||||||
| Long-Term Municipal Bonds | $ | — | $ | 1,223,501,113 | $ | — | $ | 1,223,501,113 | ||||||||
| Short-Term Municipal Notes | — | 75,013,000 | — | 75,013,000 | ||||||||||||
| Governments - Treasuries | — | 2,240,694 | — | 2,240,694 | ||||||||||||
| Asset-Backed Securities | — | 2,156,268 | — | 2,156,268 | ||||||||||||
| Commercial Mortgage-Backed Securities | — | 961,512 | 101,218 | 1,062,730 | ||||||||||||
| Collateralized Mortgage Obligations | — | 417,700 | — | 417,700 | ||||||||||||
| Short-Term Investments | — | 27,680,796 | — | 27,680,796 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities | — | 1,331,971,083 | 101,218 | 1,332,072,301 | ||||||||||||
| Other Financial Instruments(a): | ||||||||||||||||
| Assets: | ||||||||||||||||
| Centrally Cleared Interest Rate Swaps | — | 1,703,281 | — | 1,703,281 | ||||||||||||
| Interest Rate Swaps | — | 1,453,327 | — | 1,453,327 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Centrally Cleared Interest Rate Swaps | — | (1,773,803 | ) | — | (1,773,803 | ) | ||||||||||
| Credit Default Swaps | — | (265,918 | ) | — | (265,918 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total | $ | — | $ | 1,333,087,970 | $ | 101,218 | $ | 1,333,189,188 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (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. |
21