Sanford C. Bernstein Fund, Inc.
Schedule of Investments
California Municipal Portfolio
June 30, 2025 (unaudited)
| Principal Amount (000) |
U.S. $ Value | |||||||
| MUNICIPAL OBLIGATIONS – 97.9% |
| |||||||
| Long-Term Municipal Bonds – 89.8% |
| |||||||
| California – 83.1% |
| |||||||
| Bay Area Toll Authority (Bay Area Toll Authority) |
$ | 5,000 | $ | 4,884,240 | ||||
| 2.33% (MUNIPSA + 0.41%), 04/01/2056(a) |
13,415 | 12,937,747 | ||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign (Burbank-Glendale-Pasadena Airport Authority Brick Campaign) |
950 | 984,782 | ||||||
| 5.25%, 07/01/2044 |
8,865 | 9,093,244 | ||||||
| AG Series 2024-B |
4,500 | 4,269,196 | ||||||
| 4.125%, 07/01/2041 |
3,000 | 2,774,644 | ||||||
| California Community Choice Financing Authority (American General Life Insurance) |
5,000 | 5,261,711 | ||||||
| Series 2024 |
7,600 | 8,010,069 | ||||||
| California Community Choice Financing Authority (Athene Annuity & Life Co.) |
10,000 | 10,330,964 | ||||||
| 5.00%, 11/01/2055 |
10,000 | 10,318,388 | ||||||
| California Community Choice Financing Authority (Deutsche Bank AG) |
10,000 | 10,479,216 | ||||||
| California Community Choice Financing Authority (Goldman Sachs Group) |
7,015 | 7,035,095 | ||||||
| Series 2023 |
9,590 | 10,016,860 | ||||||
| California Community Choice Financing Authority (Morgan Stanley) |
4,435 | 4,408,020 | ||||||
| Series 2023 |
5,000 | 5,000,888 | ||||||
| 4.591% (SOFR + 1.67%), 02/01/2054(a) |
5,000 | 5,006,881 | ||||||
| 5.00%, 02/01/2054 |
14,770 | 15,545,886 | ||||||
| California Community Choice Financing Authority (New York Life Insurance) |
12,250 | 13,132,135 | ||||||
| California Community Choice Financing Authority (Pacific Mutual Holding) |
6,045 | 6,421,586 | ||||||
1
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Community Choice Financing Authority (Royal Bank of Canada) |
$ | 10,000 | $ | 10,636,344 | ||||
| California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) |
4,450 | 3,328,880 | ||||||
| California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) |
1,330 | 1,089,309 | ||||||
| California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) |
3,390 | 2,510,581 | ||||||
| California County Tobacco Securitization Agency (Los Angeles County Securitization) |
510 | 486,138 | ||||||
| 4.00%, 06/01/2038 |
1,000 | 945,612 | ||||||
| 5.00%, 06/01/2027 |
800 | 820,626 | ||||||
| 5.00%, 06/01/2028 |
700 | 725,378 | ||||||
| 5.00%, 06/01/2030 |
500 | 523,859 | ||||||
| 5.00%, 06/01/2031 |
400 | 418,369 | ||||||
| 5.00%, 06/01/2032 |
300 | 312,416 | ||||||
| California Earthquake Authority (California Earthquake Authority) |
1,520 | 1,536,152 | ||||||
| California Educational Facilities Authority (St. Mary’s College of California) |
1,375 | 1,470,894 | ||||||
| California Educational Facilities Authority (University of the Pacific) |
1,545 | 1,550,200 | ||||||
| California Enterprise Development Authority (Real Journey Academies Obligated Group) |
2,000 | 1,895,942 | ||||||
| California Enterprise Development Authority (Rocketship Education Obligated Group) |
615 | 607,533 | ||||||
| 4.00%, 06/01/2031(b) |
2,000 | 1,924,121 | ||||||
| California Health Facilities Financing Authority (Adventist Health System/West Obligated Group) |
1,265 | 1,350,898 | ||||||
| 5.00%, 12/01/2036 |
1,000 | 1,050,868 | ||||||
2
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Health Facilities Financing Authority (Cedars-Sinai Medical Center) |
$ | 6,500 | $ | 6,546,001 | ||||
| 5.00%, 11/15/2028 |
6,000 | 6,039,959 | ||||||
| 5.00%, 11/15/2029 |
7,000 | 7,042,503 | ||||||
| California Health Facilities Financing Authority (Children’s Hospital Los Angeles) |
1,215 | 1,233,038 | ||||||
| California Health Facilities Financing Authority (CommonSpirit Health Obligated Group) |
750 | 807,568 | ||||||
| California Health Facilities Financing Authority (Providence St. Joseph Health Obligated Group) |
3,000 | 3,015,325 | ||||||
| California Health Facilities Financing Authority (Sutter Health) |
1,280 | 1,341,764 | ||||||
| California Housing Finance Agency (CAHFA 2019-2) |
9,967 | 9,978,108 | ||||||
| California Housing Finance Agency (CAHFA 2021-1) |
9,343 | 8,718,221 | ||||||
| California Housing Finance Agency (CAHFA 2021-2) |
7,586 | 7,557,291 | ||||||
| Series 2021-2, Class X |
3,793 | 155,129 | ||||||
| California Housing Finance Agency (CAHFA 2021-3) |
1,886 | 1,757,832 | ||||||
| California Infrastructure & Economic Development Bank (California Academy of Sciences) |
4,750 | 4,775,168 | ||||||
| California Infrastructure & Economic Development Bank (Museum Associates) |
4,000 | 3,979,838 | ||||||
| California Infrastructure & Economic Development Bank (Roseville Sustainable Energy Partner) |
2,355 | 2,410,043 | ||||||
| 5.00%, 07/01/2044 |
2,000 | 2,032,455 | ||||||
| California Municipal Finance Authority (California Municipal Finance Authority) |
3,597 | 3,203,564 | ||||||
3
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Municipal Finance Authority (Emerson College) |
$ | 1,000 | $ | 1,033,392 | ||||
| California Municipal Finance Authority (Generics Municipal Bond) |
1,500 | 1,417,465 | ||||||
| California Municipal Finance Authority (LAX Integrated Express Solutions) |
2,200 | 2,242,713 | ||||||
| 5.00%, 12/31/2028 |
1,000 | 1,034,362 | ||||||
| 5.00%, 06/30/2029 |
1,050 | 1,082,156 | ||||||
| 5.00%, 12/31/2029 |
2,150 | 2,213,741 | ||||||
| 5.00%, 12/31/2031 |
1,930 | 1,973,456 | ||||||
| 5.00%, 12/31/2033 |
1,500 | 1,524,902 | ||||||
| 5.00%, 12/31/2043 |
2,000 | 1,951,857 | ||||||
| California Municipal Finance Authority (PRS-California Obligated Group) |
410 | 445,179 | ||||||
| 5.00%, 04/01/2035 |
720 | 779,560 | ||||||
| 5.00%, 04/01/2038 |
500 | 524,675 | ||||||
| 5.00%, 04/01/2044 |
1,415 | 1,417,322 | ||||||
| California Pollution Control Financing Authority (Channelside Water Resources) |
1,580 | 1,588,587 | ||||||
| California Pollution Control Financing Authority (San Diego County Water Authority Desalination Project Pipeline) |
2,900 | 2,967,643 | ||||||
| 5.00%, 07/01/2039(b) |
2,465 | 2,489,387 | ||||||
| California Public Finance Authority (California University of Science & Medicine Obligated Group) |
1,500 | 1,534,378 | ||||||
| California School Finance Authority (Kipp SoCal Public Schools Obligated Group) |
1,305 | 1,172,564 | ||||||
| California School Finance Authority (Lighthouse Community Public Schools Obligated Group) |
1,000 | 1,033,771 | ||||||
| California School Finance Authority (Partnerships to Uplift Communities Series 2023 Obligated Group) |
650 | 663,496 | ||||||
| 5.25%, 08/01/2038(b) |
500 | 503,785 | ||||||
4
| Principal Amount (000) |
U.S. $ Value | |||||||
| California School Finance Authority (Rex & Margaret Fortune School of Education) |
$ | 2,000 | $ | 1,858,010 | ||||
| California School Finance Authority (Rocketship Education Obligated Group) |
570 | 568,833 | ||||||
| Series 2016-A |
1,000 | 1,000,454 | ||||||
| California State Public Works Board (California State Public Works Board Lease) |
2,000 | 2,068,163 | ||||||
| 5.00%, 04/01/2031 |
2,000 | 2,065,800 | ||||||
| 5.00%, 04/01/2032 |
1,270 | 1,308,700 | ||||||
| Series 2025 |
2,000 | 2,118,389 | ||||||
| 5.00%, 04/01/2044 |
2,000 | 2,110,429 | ||||||
| 5.00%, 04/01/2045 |
2,385 | 2,501,474 | ||||||
| California State Public Works Board (State of California Lease) |
7,000 | 7,350,827 | ||||||
| Series 2022-B |
10,000 | 10,206,661 | ||||||
| Series 2023 |
5,000 | 5,134,241 | ||||||
| Series 2024 |
2,000 | 2,052,476 | ||||||
| 5.06%, 04/01/2033 |
1,000 | 1,015,232 | ||||||
| California State University (California State University) |
5,620 | 5,810,487 | ||||||
| Series 2020-A |
600 | 658,730 | ||||||
| 5.00%, 11/01/2031 |
400 | 437,813 | ||||||
| Series 2020-D |
1,500 | 1,384,418 | ||||||
| Series 2021-B |
7,000 | 5,699,037 | ||||||
| California Statewide Communities Development Authority (CHF-Irvine LLC) |
1,210 | 1,241,065 | ||||||
| California Statewide Communities Development Authority (Emanate Health Obligated Group) |
720 | 745,123 | ||||||
| 5.00%, 04/01/2028 |
535 | 565,410 | ||||||
| California Statewide Communities Development Authority (John Muir Health Obligated Group) |
3,250 | 3,408,756 | ||||||
5
| Principal Amount (000) |
U.S. $ Value | |||||||
| 5.25%, 12/01/2040 |
$ | 2,400 | $ | 2,598,971 | ||||
| 5.25%, 12/01/2044 |
2,725 | 2,851,721 | ||||||
| California Statewide Communities Development Authority (Lancer Educational Housing) |
3,250 | 3,255,524 | ||||||
| Series 2019 |
755 | 768,659 | ||||||
| 5.00%, 06/01/2039(b) |
1,800 | 1,775,444 | ||||||
| California Statewide Communities Development Authority (Loma Linda University Medical Center) |
4,500 | 4,502,224 | ||||||
| Series 2018-A |
250 | 257,135 | ||||||
| 5.00%, 12/01/2033(b) |
1,000 | 1,014,145 | ||||||
| California Statewide Communities Development Authority (NCCD-Hooper Street LLC) |
570 | 578,725 | ||||||
| California Statewide Communities Development Authority (Redlands Community Hospital Obligated Group) |
2,360 | 2,388,246 | ||||||
| 5.00%, 10/01/2028 |
1,230 | 1,243,346 | ||||||
| 5.00%, 10/01/2033 |
2,135 | 2,144,228 | ||||||
| California Statewide Communities Development Authority (Southern California Edison) |
6,700 | 6,850,121 | ||||||
| Central Valley Energy Authority (Pacific Mutual Holding) |
1,000 | 1,065,894 | ||||||
| City of Fremont CA Community Facilities District No. 1 (City of Fremont CA Community Facilities District No. 1) |
1,000 | 1,002,655 | ||||||
| City of Los Angeles CA Wastewater System Revenue (City of Los Angeles CA Wastewater System Revenue) |
2,000 | 2,119,915 | ||||||
| City of Los Angeles Department of Airports (City of Los Angeles Dept. of Airports) |
1,145 | 1,158,599 | ||||||
| Series 2017-A |
1,440 | 1,483,716 | ||||||
6
| Principal Amount (000) |
U.S. $ Value | |||||||
| 5.00%, 05/15/2031 |
$ | 1,275 | $ | 1,306,171 | ||||
| Series 2018 |
3,000 | 3,146,543 | ||||||
| 5.00%, 05/15/2035 |
1,190 | 1,214,785 | ||||||
| Series 2019 |
4,205 | 3,788,890 | ||||||
| Series 2019-A |
4,315 | 4,391,022 | ||||||
| Series 2020-C |
5,000 | 5,325,003 | ||||||
| 5.00%, 05/15/2039 |
2,655 | 2,702,639 | ||||||
| Series 2021 |
5,020 | 5,378,353 | ||||||
| 5.00%, 05/15/2033 |
4,735 | 5,052,684 | ||||||
| 5.00%, 05/15/2035 |
1,685 | 1,766,889 | ||||||
| Series 2021-D |
2,165 | 2,051,242 | ||||||
| Series 2022 |
1,300 | 1,292,333 | ||||||
| 4.00%, 05/15/2041 |
1,100 | 1,034,095 | ||||||
| 5.00%, 05/15/2032 |
4,000 | 4,295,155 | ||||||
| Series 2022-A |
6,160 | 5,790,932 | ||||||
| Series 2025 |
3,500 | 3,553,319 | ||||||
| 5.00%, 05/15/2036 |
1,050 | 1,126,285 | ||||||
| 5.00%, 05/15/2037 |
1,065 | 1,131,348 | ||||||
| City of Los Angeles Department of Airports (Prerefunded - US Treasuries) |
265 | 289,455 | ||||||
| City of Riverside CA Sewer Revenue (City of Riverside CA Sewer Revenue) |
2,000 | 2,003,676 | ||||||
| 5.00%, 08/01/2030 |
3,320 | 3,325,693 | ||||||
| City of Roseville CA (City of Roseville CA Fiddyment Ranch Community Facilities District No. 1) |
1,010 | 1,049,752 | ||||||
| 5.00%, 09/01/2030 |
1,295 | 1,334,969 | ||||||
| City of Roseville CA (HP Campus Oaks Community Facilities District No. 1) |
995 | 1,009,257 | ||||||
| City of San Jose CA Airport Revenue (Norman Y Mineta San Jose Intl Airport SJC) |
2,480 | 2,547,140 | ||||||
| CMFA Special Finance Agency VIII Elan Huntington Beach (CMFA Special Finance Agency VIII Elan Huntington Beach) |
345 | 301,709 | ||||||
7
| Principal Amount (000) |
U.S. $ Value | |||||||
| Compton Community Redevelopment Agency Successor Agency (Compton Community Redevelopment Agency Successor Agency) |
$ | 3,925 | $ | 4,383,282 | ||||
| Contra Costa Transportation Authority Sales Tax Revenue (Contra Costa Transportation Authority Sales Tax Revenue) |
1,250 | 1,297,408 | ||||||
| Coronado Community Development Agency Successor Agency (Coronado Community Development Agency Successor Agency) |
1,995 | 2,000,727 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) |
1,500 | 1,183,611 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) |
3,325 | 2,614,155 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) |
4,000 | 3,037,834 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) |
5,000 | 3,892,197 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) |
3,410 | 2,998,746 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) |
1,000 | 774,395 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Oceanaire Apartments) |
5,000 | 3,538,464 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) |
2,355 | 1,810,006 | ||||||
8
| Principal Amount (000) |
U.S. $ Value | |||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) |
$ | 2,000 | $ | 1,619,746 | ||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) |
3,000 | 2,412,785 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) |
4,000 | 2,976,494 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments) |
1,500 | 978,138 | ||||||
| East County Advanced Water Purification Joint Powers Authority (East County Advanced Water Purification Joint Powers Authority) |
5,500 | 5,619,619 | ||||||
| Fontana Redevelopment Agency Successor Agency (Fontana Redevelopment Agency Successor Agency) |
1,750 | 1,828,603 | ||||||
| Foothill-De Anza Community College District (Foothill-De Anza Community College District) |
1,000 | 741,824 | ||||||
| Foothill-Eastern Transportation Corridor Agency (Foothill-Eastern Transportation Corridor Agency) |
3,290 | 3,095,350 | ||||||
| Series 2021-C |
1,889 | 1,792,482 | ||||||
| Fremont Union High School District (Fremont Union High School District) |
1,000 | 1,028,397 | ||||||
| Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization Lease) |
3,165 | 2,737,235 | ||||||
| 3.115%, 06/01/2038 |
2,500 | 2,011,737 | ||||||
| Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization) |
4,765 | 4,335,855 | ||||||
9
| Principal Amount (000) |
U.S. $ Value | |||||||
| Lake Elsinore Public Financing Authority (Prerefunded - US Treasuries) |
$ | 2,295 | $ | 2,302,665 | ||||
| Long Beach Bond Finance Authority (Bank of America Corp.) |
3,700 | 4,088,307 | ||||||
| Long Beach Unified School District (Long Beach Unified School District) |
1,000 | 1,001,659 | ||||||
| Los Angeles Department of Water & Power (Los Angeles Dept. of Water & Power Power System Revenue) |
2,500 | 2,603,272 | ||||||
| Series 2024-B |
2,000 | 2,151,714 | ||||||
| 5.00%, 07/01/2037 |
1,405 | 1,500,724 | ||||||
| 5.00%, 07/01/2038 |
2,055 | 2,175,365 | ||||||
| 5.00%, 07/01/2039 |
1,845 | 1,940,760 | ||||||
| Series 2024-C |
1,070 | 1,115,803 | ||||||
| Series 2024-D |
4,165 | 4,313,917 | ||||||
| Series 2024-E |
2,000 | 2,108,827 | ||||||
| Series 2025-B |
3,665 | 4,022,990 | ||||||
| 5.00%, 07/01/2034 |
2,000 | 2,201,320 | ||||||
| BAM Series 2025-A |
1,750 | 1,822,228 | ||||||
| Los Angeles Department of Water & Power Power System Revenue (Los Angeles Dept. of Water & Power Power System Revenue) |
1,130 | 1,132,978 | ||||||
| Series 2021 |
1,000 | 1,042,346 | ||||||
| Los Angeles Department of Water & Power Water System Revenue (Los Angeles Dept. of Water & Power Water System Revenue) |
1,495 | 1,505,551 | ||||||
| Series 2023-A |
2,125 | 2,205,351 | ||||||
| Los Angeles Unified School District/CA (Los Angeles Unified School District/CA) |
2,500 | 2,551,326 | ||||||
| Series 2017-A |
1,545 | 1,545,000 | ||||||
| Series 2018-B |
9,020 | 9,521,618 | ||||||
| Series 2019-A |
1,045 | 1,095,335 | ||||||
10
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2020-A |
$ | 785 | $ | 785,000 | ||||
| Series 2020-R |
700 | 700,000 | ||||||
| Series 2024-A |
1,590 | 1,763,642 | ||||||
| 5.00%, 07/01/2032 |
26,740 | 30,384,352 | ||||||
| Series 2025-A |
2,000 | 2,129,186 | ||||||
| M-S-R Energy Authority (Citigroup, Inc.) |
5,285 | 6,316,103 | ||||||
| Series 2009-B |
5,555 | 6,627,201 | ||||||
| Middle Fork Project Finance Authority (Middle Fork Project Finance Authority) |
1,650 | 1,723,630 | ||||||
| 5.00%, 04/01/2034 |
1,100 | 1,143,776 | ||||||
| 5.00%, 04/01/2035 |
1,150 | 1,190,126 | ||||||
| Northern California Energy Authority (Pacific Mutual Holding) |
10,000 | 10,512,287 | ||||||
| Peralta Community College District (Prerefunded - US Treasuries) |
2,720 | 2,724,796 | ||||||
| Pittsburg Successor Agency Redevelopment Agency (Pittsburg Successor Agency Redevelopment Agency) |
2,785 | 2,857,476 | ||||||
| Port of Los Angeles (Port of Los Angeles) |
1,295 | 1,382,858 | ||||||
| 5.00%, 08/01/2030 |
2,110 | 2,278,460 | ||||||
| 5.00%, 08/01/2035 |
2,330 | 2,545,370 | ||||||
| River Islands Public Financing Authority (River Islands Public Financing Authority Cmnty Facs District No. 2003-1 Area
1) |
2,905 | 2,864,321 | ||||||
| 5.00%, 09/01/2042 |
2,510 | 2,505,865 | ||||||
| Riverside County Public Financing Authority (Prerefunded - US Treasuries) |
3,395 | 3,420,829 | ||||||
| Sacramento County Water Financing Authority (Sacramento County Water Agency) |
5,700 | 5,150,351 | ||||||
11
| Principal Amount (000) |
U.S. $ Value | |||||||
| San Diego Community College District (Prerefunded - US Treasuries) |
$ | 4,000 | $ | 4,066,455 | ||||
| San Diego County Regional Airport Authority (San Diego County Regional Airport Authority) |
5,245 | 5,502,932 | ||||||
| Series 2023 |
10,320 | 10,426,325 | ||||||
| San Diego Unified School District/CA (San Diego Unified School District/CA) |
875 | 968,065 | ||||||
| San Francisco City & County Public Utilities Commission Wastewater Revenue (San Francisco City & County Public Utilities Commission Wastewater Revenue) |
2,650 | 2,686,356 | ||||||
| San Francisco Intl Airport (San Francisco Intl Airport) |
11,015 | 11,426,162 | ||||||
| 5.00%, 05/01/2035 |
1,000 | 1,032,813 | ||||||
| Series 2019-E |
3,450 | 3,578,780 | ||||||
| 5.00%, 05/01/2035 |
3,275 | 3,382,462 | ||||||
| 5.00%, 05/01/2036 |
3,385 | 3,480,721 | ||||||
| Series 2022-C |
1,625 | 1,512,946 | ||||||
| Series 2024 |
13,000 | 13,973,375 | ||||||
| 5.00%, 05/01/2036 |
1,950 | 2,072,592 | ||||||
| 5.00%, 05/01/2039 |
5,860 | 6,058,679 | ||||||
| 5.25%, 05/01/2044 |
10,000 | 10,238,529 | ||||||
| San Joaquin Valley Clean Energy Authority (Goldman Sachs Group) |
2,840 | 3,114,596 | ||||||
| San Mateo Joint Powers Financing Authority (County of San Mateo CA Lease) |
3,310 | 3,396,301 | ||||||
| Saugus/Hart School Facilities Financing Authority (Saugus Union School District Community Facilities District No. 06-01) |
1,000 | 1,009,829 | ||||||
| 5.00%, 09/01/2030 |
1,365 | 1,377,807 | ||||||
| South San Francisco Unified School District (South San Francisco Unified School District) |
3,510 | 3,606,004 | ||||||
| 5.00%, 09/01/2027 |
2,160 | 2,280,977 | ||||||
| 5.00%, 09/01/2029 |
1,000 | 1,102,526 | ||||||
| 5.00%, 09/01/2030 |
1,675 | 1,879,571 | ||||||
| 5.00%, 09/01/2032 |
1,380 | 1,591,421 | ||||||
12
| Principal Amount (000) |
U.S. $ Value | |||||||
| Southern California Public Power Authority (American General Life Insurance) |
$ | 3,500 | $ | 3,680,865 | ||||
| Southern California Public Power Authority (Los Angeles Dept. of Water & Power Power System Revenue) |
2,000 | 2,161,212 | ||||||
| 5.00%, 07/01/2039 |
2,000 | 2,104,213 | ||||||
| 5.00%, 07/01/2041 |
1,100 | 1,144,773 | ||||||
| State of California (State of California) |
1,000 | 1,156,559 | ||||||
| 7.55%, 04/01/2039 |
1,000 | 1,198,482 | ||||||
| Series 2018 |
1,885 | 1,888,250 | ||||||
| Series 2019 |
615 | 644,428 | ||||||
| Series 2022 |
7,780 | 8,534,299 | ||||||
| Series 2023 |
10,000 | 10,892,874 | ||||||
| 6.00%, 03/01/2033 |
4,000 | 4,347,090 | ||||||
| Series 2024 |
2,000 | 2,052,228 | ||||||
| Series 2025 |
5,000 | 5,359,021 | ||||||
| 5.00%, 03/01/2043 |
5,000 | 5,326,617 | ||||||
| Sweetwater Union High School District (Sweetwater Union High School District) |
3,205 | 3,245,581 | ||||||
| Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization) |
1,000 | 990,787 | ||||||
| 4.00%, 06/01/2036 |
1,015 | 990,488 | ||||||
| 4.00%, 06/01/2038 |
1,210 | 1,157,437 | ||||||
| 4.00%, 06/01/2040 |
1,150 | 1,072,422 | ||||||
| 5.00%, 06/01/2026 |
1,360 | 1,375,883 | ||||||
| 5.00%, 06/01/2027 |
1,500 | 1,539,895 | ||||||
| 5.00%, 06/01/2028 |
1,220 | 1,266,123 | ||||||
| 5.00%, 06/01/2030 |
1,500 | 1,581,141 | ||||||
| 5.00%, 06/01/2032 |
1,300 | 1,368,317 | ||||||
| Transbay Joint Powers Authority (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment) |
500 | 522,275 | ||||||
| 5.00%, 10/01/2032 |
950 | 987,330 | ||||||
| 5.00%, 10/01/2034 |
600 | 619,319 | ||||||
| 5.00%, 10/01/2035 |
600 | 617,020 | ||||||
| 5.00%, 10/01/2036 |
800 | 819,392 | ||||||
| 5.00%, 10/01/2037 |
1,375 | 1,400,648 | ||||||
| 5.00%, 10/01/2038 |
1,000 | 1,012,705 | ||||||
13
| Principal Amount (000) |
U.S. $ Value | |||||||
| University of California (University of California) |
$ | 1,000 | $ | 1,041,316 | ||||
| 5.00%, 05/15/2029 |
3,000 | 3,119,062 | ||||||
| 5.00%, 05/15/2031 |
2,465 | 2,554,348 | ||||||
| Series 2017-M |
4,000 | 4,143,506 | ||||||
| Series 2023-B |
6,260 | 6,319,994 | ||||||
| Series 2024-B |
20,000 | 20,412,580 | ||||||
| Washington Township Health Care District (Washington Township Health Care District) |
400 | 400,260 | ||||||
| 5.00%, 07/01/2041 |
360 | 355,575 | ||||||
| 5.00%, 07/01/2042 |
350 | 342,328 | ||||||
| 5.00%, 07/01/2043 |
275 | 266,916 | ||||||
| AG Series 2023-B |
750 | 738,441 | ||||||
| 4.125%, 08/01/2042 |
275 | 268,585 | ||||||
| 4.25%, 08/01/2043 |
370 | 363,285 | ||||||
| Yucaipa Valley Water District Financing Authority (Yucaipa Valley Water District Water & Sewer Revenue) |
10,000 | 10,148,147 | ||||||
|
|
|
|||||||
| 866,825,021 | ||||||||
|
|
|
|||||||
| American Samoa – 0.1% |
| |||||||
| American Samoa Economic Development Authority (Territory of American Samoa) |
610 | 634,561 | ||||||
|
|
|
|||||||
| Florida – 0.1% |
| |||||||
| City of Tampa FL (State of Florida Cigarette Tax Revenue) |
175 | 126,020 | ||||||
| County of Osceola FL Transportation Revenue (County of Osceola FL Transportation Revenue) |
150 | 123,051 | ||||||
| Zero Coupon, 10/01/2031 |
185 | 145,020 | ||||||
| Zero Coupon, 10/01/2032 |
100 | 74,862 | ||||||
| Zero Coupon, 10/01/2033 |
250 | 177,131 | ||||||
| Zero Coupon, 10/01/2034 |
270 | 182,882 | ||||||
| New River Community Development District (New River Community Development District) |
405 | 4 | ||||||
|
|
|
|||||||
| 828,970 | ||||||||
|
|
|
|||||||
| Georgia – 0.2% |
| |||||||
| Municipal Electric Authority of Georgia (Municipal Electric Authority of Georgia) |
460 | 482,559 | ||||||
| 5.00%, 01/01/2035 |
250 | 259,864 | ||||||
| 5.00%, 01/01/2036 |
1,590 | 1,646,426 | ||||||
|
|
|
|||||||
| 2,388,849 | ||||||||
|
|
|
|||||||
14
| Principal Amount (000) |
U.S. $ Value | |||||||
| Guam – 2.2% |
| |||||||
| Antonio B Won Pat International Airport Authority (Antonio B Won Pat Intl Airport Authority) |
$ | 825 | $ | 798,902 | ||||
| Series 2023 |
1,045 | 1,073,207 | ||||||
| 5.125%, 10/01/2034 |
140 | 146,816 | ||||||
| 5.375%, 10/01/2040 |
275 | 283,946 | ||||||
| Series 2024-A |
155 | 158,562 | ||||||
| 5.00%, 10/01/2031 |
600 | 628,507 | ||||||
| 5.00%, 10/01/2033 |
600 | 628,230 | ||||||
| 5.00%, 10/01/2034 |
450 | 469,141 | ||||||
| Guam Department of Education (Guam Dept. of Education COP) |
1,500 | 1,487,737 | ||||||
| 5.00%, 02/01/2040 |
1,090 | 1,052,130 | ||||||
| Guam Education Financing Foundation (Guam Education Financing Foundation COP) |
2,050 | 2,047,133 | ||||||
| Guam Power Authority (Guam Power Authority) |
3,000 | 3,167,743 | ||||||
| Territory of Guam (Guam Section 30 Income Tax) |
1,000 | 1,019,488 | ||||||
| 5.00%, 12/01/2029 |
455 | 463,138 | ||||||
| 5.00%, 12/01/2030 |
730 | 742,609 | ||||||
| 5.00%, 12/01/2032 |
675 | 684,952 | ||||||
| Territory of Guam (Territory of Guam) |
405 | 412,937 | ||||||
| Territory of Guam (Territory of Guam Business Privilege Tax) |
2,625 | 2,631,560 | ||||||
| Series 2015-D |
1,140 | 1,145,229 | ||||||
| Series 2021-F |
1,000 | 1,059,452 | ||||||
| Territory of Guam (Territory of Guam Hotel Occupancy Tax) |
795 | 818,966 | ||||||
| 5.00%, 11/01/2028 |
955 | 994,639 | ||||||
| 5.00%, 11/01/2029 |
1,000 | 1,051,506 | ||||||
| 5.00%, 11/01/2030 |
320 | 338,898 | ||||||
|
|
|
|||||||
| 23,305,428 | ||||||||
|
|
|
|||||||
15
| Principal Amount (000) |
U.S. $ Value | |||||||
| Illinois – 0.6% |
| |||||||
| Illinois Finance Authority (Illinois Institute of Technology) |
$ | 100 | $ | 100,359 | ||||
| 5.00%, 09/01/2033 |
200 | 199,611 | ||||||
| Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority) |
3,250 | 3,335,227 | ||||||
| Village of Bolingbrook IL Sales Tax Revenue (Village of Bolingbrook IL Sales Tax Revenue) |
4,450 | 3,159,500 | ||||||
|
|
|
|||||||
| 6,794,697 | ||||||||
|
|
|
|||||||
| Indiana – 0.0% |
| |||||||
| City of Fort Wayne IN (Do Good Foods Fort Wayne Obligated Group) |
25 | 2 | ||||||
|
|
|
|||||||
| Kentucky – 0.4% |
| |||||||
| City of Ashland KY (Royal Blue Health Obligated Group) |
230 | 231,638 | ||||||
| 5.00%, 02/01/2027 |
260 | 265,945 | ||||||
| 5.00%, 02/01/2030 |
160 | 168,733 | ||||||
| 5.00%, 02/01/2031 |
200 | 206,606 | ||||||
| Kentucky Economic Development Finance Authority (Owensboro Health Obligated Group) |
3,500 | 3,569,317 | ||||||
|
|
|
|||||||
| 4,442,239 | ||||||||
|
|
|
|||||||
| Michigan – 0.2% |
| |||||||
| City of Detroit MI (City of Detroit MI) |
1,745 | 1,802,646 | ||||||
|
|
|
|||||||
| Missouri – 0.0% |
| |||||||
| Howard Bend Levee District (Howard Bend Levee District) XLCA |
150 | 155,354 | ||||||
|
|
|
|||||||
| Nevada – 0.0% |
| |||||||
| City of Sparks NV (City of Sparks NV Sales Tax) |
145 | 141,553 | ||||||
|
|
|
|||||||
| New Jersey – 1.4% |
| |||||||
| New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) |
1,410 | 1,436,183 | ||||||
16
| Principal Amount (000) |
U.S. $ Value | |||||||
| 5.00%, 06/15/2029 |
$ | 6,660 | $ | 6,768,490 | ||||
| Series 2018-A |
2,710 | 2,758,753 | ||||||
| 5.00%, 06/15/2029 |
1,290 | 1,311,624 | ||||||
| Tobacco Settlement Financing Corp./NJ (Tobacco Settlement Financing Corp/NJ) |
1,000 | 1,010,559 | ||||||
| 5.00%, 06/01/2028 |
1,000 | 1,032,172 | ||||||
|
|
|
|||||||
| 14,317,781 | ||||||||
|
|
|
|||||||
| New York – 0.0% |
| |||||||
| New York Transportation Development Corp. (Laguardia Gateway Partners) |
220 | 212,997 | ||||||
|
|
|
|||||||
| Ohio – 0.1% |
| |||||||
| Buckeye Tobacco Settlement Financing Authority (Buckeye Tobacco Settlement Financing Authority) |
1,175 | 1,205,219 | ||||||
|
|
|
|||||||
| Pennsylvania – 0.1% |
| |||||||
| Allentown Neighborhood Improvement Zone Development Authority (Allentown Neighborhood Improvement Zone Center City Investment Revenue) |
1,000 | 1,021,085 | ||||||
|
|
|
|||||||
| Puerto Rico – 0.9% |
| |||||||
| Commonwealth of Puerto Rico (Commonwealth of Puerto Rico) |
1,680 | 1,161,435 | ||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority (Puerto Rico Commonwealth Aqueduct & Sewer Authority) |
2,440 | 2,535,695 | ||||||
| 5.00%, 07/01/2035(b) |
1,735 | 1,782,375 | ||||||
| Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority) |
1,720 | 1,726,615 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) |
1,665 | 1,837,907 | ||||||
|
|
|
|||||||
| 9,044,027 | ||||||||
|
|
|
|||||||
| Washington – 0.1% |
| |||||||
| Washington Health Care Facilities Authority (CommonSpirit Health Obligated Group) |
825 | 877,484 | ||||||
|
|
|
|||||||
17
| Principal Amount (000) |
U.S. $ Value | |||||||
| Wisconsin – 0.3% |
| |||||||
| Wisconsin Public Finance Authority (UMA Education, Inc.) |
$ | 730 | $ | 731,222 | ||||
| 5.00%, 10/01/2026(b) |
770 | 779,187 | ||||||
| 5.00%, 10/01/2027(b) |
805 | 822,191 | ||||||
| 5.00%, 10/01/2028(b) |
700 | 720,270 | ||||||
| 5.00%, 10/01/2029(b) |
320 | 330,649 | ||||||
|
|
|
|||||||
| 3,383,519 | ||||||||
|
|
|
|||||||
| Total Long-Term Municipal Bonds |
|
937,381,432 | ||||||
|
|
|
|||||||
| Short-Term Municipal Notes – 8.1% |
| |||||||
| California – 8.1% |
| |||||||
| Anaheim Housing & Public Improvements Authority (City of Anaheim CA Water System Revenue) |
3,310 | 3,310,000 | ||||||
| City of Los Angeles CA (City of Los Angeles CA) |
50,000 | 51,007,995 | ||||||
| County of Riverside CA (County of Riverside CA) |
2,500 | 2,498,243 | ||||||
| Los Angeles Unified School District/CA (Los Angeles Unified School District/CA) |
4,540 | 4,540,000 | ||||||
| Nuveen California AMT-Free Quality Municipal Income Fund (Nuveen California AMT-Free Quality Municipal Income Fund) |
5,000 | 5,000,000 | ||||||
| Peralta Community College District (Peralta Community College District) |
5,360 | 5,369,437 | ||||||
| State of California (State of California) |
4,600 | 4,600,000 | ||||||
| 0.90%, 05/01/2053(h) |
8,220 | 8,220,000 | ||||||
|
|
|
|||||||
| Total Short-Term Municipal Notes |
|
84,545,675 | ||||||
|
|
|
|||||||
| Total Municipal Obligations |
|
1,021,927,107 | ||||||
|
|
|
|||||||
18
| Principal Amount (000) |
U.S. $ Value | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.5% |
| |||||||
| Agency CMBS – 0.5% |
| |||||||
| California Housing Finance Agency |
$ | 3,207 | $ | 146,673 | ||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates |
4,757 | 3,791,698 | ||||||
| Series 2022-ML13, Class ACA |
934 | 862,111 | ||||||
| Series 2022-ML13, Class XCA |
2,523 | 134,639 | ||||||
|
|
|
|||||||
| Total Commercial Mortgage-Backed Securities |
4,935,121 | |||||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES – 0.1% |
| |||||||
| Autos - Fixed Rate – 0.1% |
| |||||||
| Lendbuzz Securitization Trust |
702 | 712,238 | ||||||
|
|
|
|||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0% |
| |||||||
| Risk Share Floating Rate – 0.0% |
| |||||||
| Federal National Mortgage Association Connecticut Avenue Securities |
11 | 10,987 | ||||||
| Series 2015-C03, Class 1M2 |
19 | 18,755 | ||||||
| Series 2016-C01, Class 1M2 |
35 | 36,177 | ||||||
|
|
|
|||||||
| Total Collateralized Mortgage Obligations |
65,919 | |||||||
|
|
|
|||||||
| Total Investments – 98.5% |
1,027,640,385 | |||||||
| Other assets less liabilities – 1.5% |
15,407,836 | |||||||
|
|
|
|||||||
| Net Assets – 100.0% |
$ | 1,043,048,221 | ||||||
|
|
|
|||||||
19
CENTRALLY CLEARED CREDIT DEFAULT SWAPS
| Description | Fixed Rate (Pay) Receive |
Payment Frequency |
Implied Credit Spread at June 30, 2025 |
Notional Amount (000) |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
| Buy Contracts |
| |||||||||||||||||||||||||||
| CDX-NAHY Series 44, 5 Year Index, 06/20/2030* |
(5.00 | )% | Quarterly | 3.18% | USD | 7,600 | $ | (583,005 | ) | $ | (344,919 | ) | $ | (238,086 | ) | |||||||||||||
| * | Termination date |
CENTRALLY CLEARED INFLATION (CPI) 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) |
|||||||||||||||||
| USD | 19,630 | 10/15/2028 | CPI# | 2.565% | Maturity | $ | (23,784 | ) | $ | — | $ | (23,784 | ) | |||||||||||
| USD | 17,750 | 10/15/2029 | 2.569% | CPI# | Maturity | (19,586 | ) | — | (19,586 | ) | ||||||||||||||
| USD | 17,250 | 10/15/2029 | 2.485% | CPI# | Maturity | 50,003 | — | 50,003 | ||||||||||||||||
| USD | 13,425 | 10/15/2029 | 2.516% | CPI# | Maturity | 19,060 | — | 19,060 | ||||||||||||||||
| USD | 13,413 | 10/15/2029 | 2.451% | CPI# | Maturity | 60,450 | — | 60,450 | ||||||||||||||||
| USD | 13,412 | 10/15/2029 | 2.499% | CPI# | Maturity | 29,922 | — | 29,922 | ||||||||||||||||
| USD | 20,620 | 10/15/2030 | CPI# | 2.531% | Maturity | 18,717 | — | 18,717 | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 134,782 | $ | — | $ | 134,782 | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| # | Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI). |
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) |
|||||||||||||||||
| USD | 2,000 | 10/15/2030 | 1 Day SOFR | 4.092% | Annual | $ | 59,351 | $ | — | $ | 59,351 | |||||||||||||
| USD | 10,000 | 08/15/2031 | 1 Day SOFR | 4.053% | Annual | 293,847 | — | 293,847 | ||||||||||||||||
| USD | 13,500 | 06/01/2032 | 1 Day SOFR | 3.717% | Annual | 148,901 | (536 | ) | 149,437 | |||||||||||||||
| USD | 6,200 | 06/15/2034 | 3.543% | 1 Day SOFR | Annual | 51,675 | 713 | 50,962 | ||||||||||||||||
| USD | 11,000 | 08/15/2034 | 3.545% | 1 Day SOFR | Annual | 194,986 | — | 194,986 | ||||||||||||||||
| USD | 6,100 | 08/15/2034 | 3.231% | 1 Day SOFR | Annual | 264,675 | — | 264,675 | ||||||||||||||||
| USD | 4,900 | 08/15/2034 | 3.304% | 1 Day SOFR | Annual | 189,194 | — | 189,194 | ||||||||||||||||
| USD | 3,670 | 08/15/2034 | 3.272% | 1 Day SOFR | Annual | 143,554 | — | 143,554 | ||||||||||||||||
| USD | 9,000 | 02/15/2035 | 3.893% | 1 Day SOFR | Annual | (158,229 | ) | — | (158,229 | ) | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 1,187,954 | $ | 177 | $ | 1,187,777 | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||||||
| Swap Counterparty | Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Frequency Paid/ Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| Citibank, NA | USD | 12,395 | 10/09/2029 | 1.125% | SIFMA* | Quarterly | $ | 806,913 | $ | — | $ | 806,913 | ||||||||||||||||
| * | Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index. |
20
| (a) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at June 30, 2025. |
| (b) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At June 30, 2025, the aggregate market value of these securities amounted to $81,200,810 or 7.8% of net assets. |
| (c) | IO - Interest Only. |
| (d) | Non-income producing security. |
| (e) | Defaulted matured security. |
| (f) | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at June 30, 2025. |
| (g) | Defaulted. |
| (h) | 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. |
| (i) | When-Issued or delayed delivery security. |
| (j) | As of June 30, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $6,930,012 and gross unrealized depreciation of investments was $(33,889,622), resulting in net unrealized depreciation of $(26,959,610). |
As of June 30, 2025, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 2.5% and 0.0%, respectively.
Glossary:
AG – Assured Guaranty Inc.
AMBAC – Ambac Assurance Corporation
AMT – Alternative Minimum Tax (subject to)
BAM – Build American Mutual
CHF – Collegiate Housing Foundation
CME – Chicago Mercantile Exchange
CMBS – Commercial Mortgage-Backed Securities
COP – Certificate of Participation
NATL – National Interstate Corporation
SOFR – Secured Overnight Financing Rate
XLCA – XL Capital Assurance Inc.
21
Sanford C. Bernstein Fund, Inc.
California Municipal Portfolio
June 30, 2025 (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.
22
The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2025:
| Investments in Securities: |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: |
| |||||||||||||||
| Long-Term Municipal Bonds | $ | — | $ | 937,381,432 | $ | — | $ | 937,381,432 | ||||||||
| Short-Term Municipal Notes | — | 84,545,675 | — | 84,545,675 | ||||||||||||
| Commercial Mortgage-Backed Securities | — | 4,935,121 | — | 4,935,121 | ||||||||||||
| Asset-Backed Securities | — | 712,238 | — | 712,238 | ||||||||||||
| Collateralized Mortgage Obligations | — | 65,919 | — | 65,919 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities | — | 1,027,640,385 | — | 1,027,640,385 | ||||||||||||
| Other Financial Instruments(a): | ||||||||||||||||
| Assets: |
| |||||||||||||||
| Centrally Cleared Inflation (CPI) Swaps | — | 178,152 | — | 178,152 | ||||||||||||
| Centrally Cleared Interest Rate Swaps | — | 1,346,183 | — | 1,346,183 | ||||||||||||
| Interest Rate Swaps | — | 806,913 | — | 806,913 | ||||||||||||
| Liabilities: |
| |||||||||||||||
| Centrally Cleared Credit Default Swaps | — | (583,005 | ) | — | (583,005 | ) | ||||||||||
| Centrally Cleared Inflation (CPI) Swaps | — | (43,370 | ) | — | (43,370 | ) | ||||||||||
| Centrally Cleared Interest Rate Swaps | — | (158,229 | ) | — | (158,229 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total | $ | — | $ | 1,029,187,029 | $ | — | $ | 1,029,187,029 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | Other financial instruments include 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. |
23