UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05555

SANFORD C. BERNSTEIN FUND, INC.

(Exact name of registrant as specified in charter)

66 Hudson Boulevard East

New York, New York 10005

(Address of principal executive offices) (Zip code)

Stephen M. Woetzel

AllianceBernstein L.P.

66 Hudson Boulevard East

New York, New York 10005

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 221-5672

Date of fiscal year end: September 30, 2026

Date of reporting period: March 31, 2026

ITEM 1. REPORTS TO STOCKHOLDERS.

Class Z: IDPZX

March 31, 2026

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Portfolio Information

AB Core Bond Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Core Bond Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/IDPZX-S. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Portfolio that occurred during the reporting period.

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$14	0.27%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Table Summary
Net Assets	$4,467,945,686
# of Portfolio Holdings	712
Portfolio Turnover Rate	110%
Total Advisory Fees Paid (Net)	$4,278,917

Graphical Representation of Holdings

Portfolio Breakdown (% of Net Assets)

Table Summary
Governments - Treasuries	29.1%
Corporates - Investment Grade	26.6%
Mortgage Pass-Throughs	19.6%
Collateralized Mortgage Obligations	6.0%
Asset-Backed Securities	4.9%
Commercial Mortgage-Backed Securities	1.3%
Corporates - Non-Investment Grade	0.9%
Agencies	0.8%
Others	2.2%
Short-Term Investments	18.1%
Other assets less liabilities	-9.5%
Total	100.0%

Class Z: IDPZX

Material Portfolio Changes

This is a summary of certain changes to the Portfolio during the reporting period.

At meetings held on May 6-8, 2025, the Board of Directors of the Portfolio approved the following:

(i) a contractual waiver of a portion of the advisory fee paid by the Portfolio; (ii) contractual limits on Portfolio operating expenses; (iii) a name change from Intermediate Duration Portfolio to AB Core Bond Portfolio;and (iv) the adoption of non-fundamental investment policy to invest, under normal circumstances, at least 80% of its net assets, including any borrowings for investment purposes, in fixed-income securities. For more information on these policies, please see the Portfolio's statutory prospectus dated January 31, 2026.

Availability of Additional Information

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/BWM/IDPZX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

IDP-Z-0154-0326

Class Z: IDPZX

Core Bond Class: SNIDX

March 31, 2026

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Portfolio Information

AB Core Bond Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Core Bond Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/SNIDX-S. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Portfolio that occurred during the reporting period.

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Core Bond Class	$16	0.31%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Table Summary
Net Assets	$4,467,945,686
# of Portfolio Holdings	712
Portfolio Turnover Rate	110%
Total Advisory Fees Paid (Net)	$4,278,917

Graphical Representation of Holdings

Portfolio Breakdown (% of Net Assets)

Table Summary
Governments - Treasuries	29.1%
Corporates - Investment Grade	26.6%
Mortgage Pass-Throughs	19.6%
Collateralized Mortgage Obligations	6.0%
Asset-Backed Securities	4.9%
Commercial Mortgage-Backed Securities	1.3%
Corporates - Non-Investment Grade	0.9%
Agencies	0.8%
Others	2.2%
Short-Term Investments	18.1%
Other assets less liabilities	-9.5%
Total	100.0%

Core Bond Class: SNIDX

Material Portfolio Changes

This is a summary of certain changes to the Portfolio during the reporting period.

At meetings held on May 6-8, 2025, the Board of Directors of the Portfolio approved the following:

Availability of Additional Information

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/BWM/SNIDX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBI-1947-IDP-0154-0326

Core Bond Class: SNIDX

Advisor Class: AIDYX

March 31, 2026

Diversified Municipal Portfolio

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Portfolio Information

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Diversified Municipal Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/AIDYX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$21	0.41%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Table Summary
Net Assets	$5,291,469,789
# of Portfolio Holdings	1,113
Portfolio Turnover Rate	14%
Total Advisory Fees Paid (Net)	$9,514,965

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Table Summary
AAA	8.5%
AA	43.2%
A	25.2%
BBB	9.5%
BB	2.8%
B	0.2%
A-1+	6.6%
Not Rated	4.0%
Total	100.0%

Footnote	Description
Footnote^*	The Portfolio’s quality rating breakdown is expressed as a percentage of the Portfolio’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Portfolio considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.

Footnote

Description

Footnote^*

The Portfolio’s quality rating breakdown is expressed as a percentage of the Portfolio’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Portfolio considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.

Advisor Class: AIDYX

State Breakdown (% of Net Assets)

Table Summary
California	10.3%
New York	10.1%
Texas	6.7%
Florida	5.9%
New Jersey	5.0%
Pennsylvania	4.7%
Illinois	4.0%
Alabama	3.8%
South Carolina	3.7%
Colorado	3.6%
Georgia	3.4%
Washington	2.7%
Wisconsin	2.6%
Other	32.7%
Other assets less liabilities	0.8%
Total	100.0%

Availability of Additional Information

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/BWM/AIDYX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

IDM-ADV-0154-0326

Advisor Class: AIDYX

Class A: AIDAX

March 31, 2026

Diversified Municipal Portfolio

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Portfolio Information

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Diversified Municipal Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/AIDAX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$33	0.66%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Table Summary
Net Assets	$5,291,469,789
# of Portfolio Holdings	1,113
Portfolio Turnover Rate	14%
Total Advisory Fees Paid (Net)	$9,514,965

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Table Summary
AAA	8.5%
AA	43.2%
A	25.2%
BBB	9.5%
BB	2.8%
B	0.2%
A-1+	6.6%
Not Rated	4.0%
Total	100.0%

Footnote	Description
Footnote^*	The Portfolio’s quality rating breakdown is expressed as a percentage of the Portfolio’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Portfolio considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.

Footnote

Description

Footnote^*

Class A: AIDAX

State Breakdown (% of Net Assets)

Table Summary
California	10.3%
New York	10.1%
Texas	6.7%
Florida	5.9%
New Jersey	5.0%
Pennsylvania	4.7%
Illinois	4.0%
Alabama	3.8%
South Carolina	3.7%
Colorado	3.6%
Georgia	3.4%
Washington	2.7%
Wisconsin	2.6%
Other	32.7%
Other assets less liabilities	0.8%
Total	100.0%

Availability of Additional Information

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/BWM/AIDAX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

IDM-A-0154-0326

Class A: AIDAX

Class C: AIMCX

March 31, 2026

Diversified Municipal Portfolio

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Portfolio Information

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Diversified Municipal Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/AIMCX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$71	1.41%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Table Summary
Net Assets	$5,291,469,789
# of Portfolio Holdings	1,113
Portfolio Turnover Rate	14%
Total Advisory Fees Paid (Net)	$9,514,965

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Table Summary
AAA	8.5%
AA	43.2%
A	25.2%
BBB	9.5%
BB	2.8%
B	0.2%
A-1+	6.6%
Not Rated	4.0%
Total	100.0%

Footnote	Description
Footnote^*	The Portfolio’s quality rating breakdown is expressed as a percentage of the Portfolio’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Portfolio considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.

Footnote

Description

Footnote^*

Class C: AIMCX

State Breakdown (% of Net Assets)

Table Summary
California	10.3%
New York	10.1%
Texas	6.7%
Florida	5.9%
New Jersey	5.0%
Pennsylvania	4.7%
Illinois	4.0%
Alabama	3.8%
South Carolina	3.7%
Colorado	3.6%
Georgia	3.4%
Washington	2.7%
Wisconsin	2.6%
Other	32.7%
Other assets less liabilities	0.8%
Total	100.0%

Availability of Additional Information

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/BWM/AIMCX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

IDM-C-0154-0326

Class C: AIMCX

Class Z: AIDZX

March 31, 2026

Diversified Municipal Portfolio

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Portfolio Information

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Diversified Municipal Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/AIDZX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$20	0.39%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Table Summary
Net Assets	$5,291,469,789
# of Portfolio Holdings	1,113
Portfolio Turnover Rate	14%
Total Advisory Fees Paid (Net)	$9,514,965

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Table Summary
AAA	8.5%
AA	43.2%
A	25.2%
BBB	9.5%
BB	2.8%
B	0.2%
A-1+	6.6%
Not Rated	4.0%
Total	100.0%

Footnote	Description
Footnote^*	The Portfolio’s quality rating breakdown is expressed as a percentage of the Portfolio’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Portfolio considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.

Footnote

Description

Footnote^*

Class Z: AIDZX

State Breakdown (% of Net Assets)

Table Summary
California	10.3%
New York	10.1%
Texas	6.7%
Florida	5.9%
New Jersey	5.0%
Pennsylvania	4.7%
Illinois	4.0%
Alabama	3.8%
South Carolina	3.7%
Colorado	3.6%
Georgia	3.4%
Washington	2.7%
Wisconsin	2.6%
Other	32.7%
Other assets less liabilities	0.8%
Total	100.0%

Availability of Additional Information

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/BWM/AIDZX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

IDM-Z-0154-0326

Class Z: AIDZX

Municipal Class: SNDPX

March 31, 2026

Diversified Municipal Portfolio

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Portfolio Information

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Diversified Municipal Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/SNDPX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Municipal Class	$24	0.48%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Table Summary
Net Assets	$5,291,469,789
# of Portfolio Holdings	1,113
Portfolio Turnover Rate	14%
Total Advisory Fees Paid (Net)	$9,514,965

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Table Summary
AAA	8.5%
AA	43.2%
A	25.2%
BBB	9.5%
BB	2.8%
B	0.2%
A-1+	6.6%
Not Rated	4.0%
Total	100.0%

Footnote	Description
Footnote^*	The Portfolio’s quality rating breakdown is expressed as a percentage of the Portfolio’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Portfolio considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.

Footnote

Description

Footnote^*

Municipal Class: SNDPX

State Breakdown (% of Net Assets)

Table Summary
California	10.3%
New York	10.1%
Texas	6.7%
Florida	5.9%
New Jersey	5.0%
Pennsylvania	4.7%
Illinois	4.0%
Alabama	3.8%
South Carolina	3.7%
Colorado	3.6%
Georgia	3.4%
Washington	2.7%
Wisconsin	2.6%
Other	32.7%
Other assets less liabilities	0.8%
Total	100.0%

Availability of Additional Information

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/BWM/SNDPX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBI-1947-DM-0154-0326

Municipal Class: SNDPX

Class 1: SAOOX

March 31, 2026

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Portfolio Information

Overlay A Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Overlay A Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/SAOOX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$36	0.72%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Table Summary
Net Assets	$396,939,143
# of Portfolio Holdings	705
Portfolio Turnover Rate	32%
Total Advisory Fees Paid (Net)	$698,224

Graphical Representation of Holdings

Portfolio Breakdown^{Footnote Reference1}

Table Summary
Global Equity	x
US	55.4%
Developed International	12.6%
Emerging Markets	7.1%
Real Assets	6.7%
Global Bond	x
US	19.3%
Developed International	0.7%

Footnote	Description
Footnote¹	The Portfolio's portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Portfolio's total net assets, based on the Adviser's internal classification. The percentages will vary over time, and the total of the percentages may be less than or greater than 100% in light of the leveraging effect of the derivative transactions.

Class 1: SAOOX

Availability of Additional Information

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/BWM/SAOOX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBII-OA-1-0154-0326

Class 1: SAOOX

Class 2: SAOTX

March 31, 2026

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Portfolio Information

Overlay A Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Overlay A Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/SAOTX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$31	0.62%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Table Summary
Net Assets	$396,939,143
# of Portfolio Holdings	705
Portfolio Turnover Rate	32%
Total Advisory Fees Paid (Net)	$698,224

Graphical Representation of Holdings

Portfolio Breakdown^{Footnote Reference1}

Table Summary
Global Equity	x
US	55.4%
Developed International	12.6%
Emerging Markets	7.1%
Real Assets	6.7%
Global Bond	x
US	19.3%
Developed International	0.7%

Footnote	Description
Footnote¹	The Portfolio's portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Portfolio's total net assets, based on the Adviser's internal classification. The percentages will vary over time, and the total of the percentages may be less than or greater than 100% in light of the leveraging effect of the derivative transactions.

Class 2: SAOTX

Availability of Additional Information

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/BWM/SAOTX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBII-OA-2-0154-0326

Class 2: SAOTX

Class 1: SBOOX

March 31, 2026

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Portfolio Information

Overlay B Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Overlay B Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/SBOOX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$39	0.78%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Table Summary
Net Assets	$288,696,290
# of Portfolio Holdings	1,107
Portfolio Turnover Rate	75%
Total Advisory Fees Paid (Net)	$678,089

Graphical Representation of Holdings

Portfolio Breakdown^{Footnote Reference1}

Table Summary
Global Equity	x
US	20.2%
Developed International	4.5%
Emerging Markets	2.6%
Global Credit	x
Investment Grade	9.3%
Real Assets	3.4%
Global Bond	x
US	38.6%
Developed International	10.5%
Linkers	21.1%

Footnote	Description
Footnote¹	The Portfolio's portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Portfolio's total net assets, based on the Adviser's internal classification. The percentages will vary over time, and the total of the percentages may be less than or greater than 100% in light of the leveraging effect of the derivative transactions.

Class 1: SBOOX

Availability of Additional Information

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/BWM/SBOOX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBII-OB-1-0154-0326

Class 1: SBOOX

Class 2: SBOTX

March 31, 2026

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Portfolio Information

Overlay B Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Overlay B Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/SBOTX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$34	0.67%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Table Summary
Net Assets	$288,696,290
# of Portfolio Holdings	1,107
Portfolio Turnover Rate	75%
Total Advisory Fees Paid (Net)	$678,089

Graphical Representation of Holdings

Portfolio Breakdown^{Footnote Reference1}

Table Summary
Global Equity	x
US	20.2%
Developed International	4.5%
Emerging Markets	2.6%
Global Credit	x
Investment Grade	9.3%
Real Assets	3.4%
Global Bond	x
US	38.6%
Developed International	10.5%
Linkers	21.1%

Footnote	Description
Footnote¹	The Portfolio's portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Portfolio's total net assets, based on the Adviser's internal classification. The percentages will vary over time, and the total of the percentages may be less than or greater than 100% in light of the leveraging effect of the derivative transactions.

Class 2: SBOTX

Availability of Additional Information

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/BWM/SBOTX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBII-OB-2-0154-0326

Class 2: SBOTX

Class 1: SATOX

March 31, 2026

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Portfolio Information

Tax-Aware Overlay A Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Tax-Aware Overlay A Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/SATOX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$30	0.60%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Table Summary
Net Assets	$780,170,898
# of Portfolio Holdings	710
Portfolio Turnover Rate	24%
Total Advisory Fees Paid (Net)	$1,527,332

Graphical Representation of Holdings

Portfolio Breakdown^{Footnote Reference1}

Table Summary
Global Equity	x
US	53.3%
Developed International	12.0%
Emerging Markets	6.9%
Real Assets	7.7%
Global Bond	x
US	19.7%
Developed International	-%

Footnote	Description
Footnote¹	The Portfolio's portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Portfolio's total net assets, based on the Adviser's internal classification. The percentages will vary over time, and the total of the percentages may be less than or greater than 100% in light of the leveraging effect of the derivative transactions.

Class 1: SATOX

Availability of Additional Information

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/BWM/SATOX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBII-TAOA-1-0154-0326

Class 1: SATOX

Class 2: SATTX

March 31, 2026

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Portfolio Information

Tax-Aware Overlay A Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Tax-Aware Overlay A Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/SATTX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$25	0.50%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Table Summary
Net Assets	$780,170,898
# of Portfolio Holdings	710
Portfolio Turnover Rate	24%
Total Advisory Fees Paid (Net)	$1,527,332

Graphical Representation of Holdings

Portfolio Breakdown^{Footnote Reference1}

Table Summary
Global Equity	x
US	53.3%
Developed International	12.0%
Emerging Markets	6.9%
Real Assets	7.7%
Global Bond	x
US	19.7%
Developed International	-%

Footnote	Description
Footnote¹	The Portfolio's portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Portfolio's total net assets, based on the Adviser's internal classification. The percentages will vary over time, and the total of the percentages may be less than or greater than 100% in light of the leveraging effect of the derivative transactions.

Class 2: SATTX

Availability of Additional Information

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/BWM/SATTX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBII-TAOA-2-0154-0326

Class 2: SATTX

Class 1: SBTOX

March 31, 2026

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Portfolio Information

Tax-Aware Overlay B Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Tax-Aware Overlay B Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/SBTOX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$40	0.79%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Table Summary
Net Assets	$441,760,009
# of Portfolio Holdings	736
Portfolio Turnover Rate	11%
Total Advisory Fees Paid (Net)	$1,289,607

Graphical Representation of Holdings

Portfolio Breakdown^{Footnote Reference1}

Table Summary
Global Equity	x
US	21.8%
Developed International	5.0%
Emerging Markets	2.8%
Real Assets	-%
Global Bond	x
US	71.7%
Developed International	-%

Footnote	Description
Footnote¹	The Portfolio's portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Portfolio's total net assets, based on the Adviser's internal classification. The percentages will vary over time, and the total of the percentages may be less than or greater than 100% in light of the leveraging effect of the derivative transactions.

Class 1: SBTOX

Availability of Additional Information

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/BWM/SBTOX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBII-TAOB-1-0154-0326

Class 1: SBTOX

Class 2: SBTTX

March 31, 2026

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Portfolio Information

Tax-Aware Overlay B Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Tax-Aware Overlay B Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at https://www.abfunds.com/link/BWM/SBTTX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Portfolio costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$35	0.69%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Table Summary
Net Assets	$441,760,009
# of Portfolio Holdings	736
Portfolio Turnover Rate	11%
Total Advisory Fees Paid (Net)	$1,289,607

Graphical Representation of Holdings

Portfolio Breakdown^{Footnote Reference1}

Table Summary
Global Equity	x
US	21.8%
Developed International	5.0%
Emerging Markets	2.8%
Real Assets	-%
Global Bond	x
US	71.7%
Developed International	-%

Footnote	Description
Footnote¹	The Portfolio's portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Portfolio's total net assets, based on the Adviser's internal classification. The percentages will vary over time, and the total of the percentages may be less than or greater than 100% in light of the leveraging effect of the derivative transactions.

Class 2: SBTTX

Availability of Additional Information

You can find additional information on the Portfolio’s website at https://www.abfunds.com/link/BWM/SBTTX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein^® are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCBII-TAOB-2-0154-0326

Class 2: SBTTX

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Financial Statements included under Item 7 of this Form N-CSR.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

SANFORD C. BERNSTEIN FUND, INC.

Diversified Municipal Portfolio

AB Core Bond Portfolio

SEMI-ANNUAL FINANCIAL STATEMENTS

AND ADDITIONAL INFORMATION

MARCH 31, 2026

Table of Contents


Schedule of Investments			1

Statement of Assets and Liabilities			51

Statement of Operations			53

Statement of Changes in Net Assets			54

Financial Highlights			56

Notes to Financial Statements			63

Other			86

Before investing in any portfolio of the Sanford C. Bernstein Fund, Inc., a prospective investor should consider carefully the portfolio’s investment objectives and policies, charges, expenses and risks. These and other matters of importance to prospective investors are contained in the portfolio’s prospectus, an additional copy of which may be obtained by visiting our website at www.Bernstein.com and clicking on “Investments”, found in the footer, then “Mutual Fund Information—Prospectuses, SAIs and Shareholder Reports” or by calling your financial advisor or by calling Bernstein’s mutual fund shareholder help line at 212.756.4097. For Class A, Class C, Advisor Class and Class Z Shares (collectively “Retail Classes”), visit www.abfunds.com or call AB at 800.227.4618. Please read the prospectus carefully before investing.

For performance information current to the most recent month-end, please visit our website at www.Bernstein.com and click on “Investments”, found in the footer, then “Mutual Fund Information—Mutual Fund Performance at a Glance”. For Retail Classes, visit www.abfunds.com

Sanford C. Bernstein Fund, Inc. (the “Fund”) operates as a series company currently comprised of 6 portfolios (hereafter collectively referred to as the “Portfolios” and each individually a “Portfolio”). This report relates only to the Diversified Municipal Portfolio and the AB Core Bond Portfolio (together the “SCB Portfolios”). The financial statements of the Overlay Portfolios are presented in a separate report.

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

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

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

The Report of Independent Registered Public Accounting Firm can be found with the applicable Portfolio’s Schedules of Investments. The Schedules of Investments, an integral part of the financial statements for each Portfolio, are included as inserts to this Report.

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

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Diversified Municipal Portfolio

March 31, 2026 (unaudited)



	Principal Amount (000)			U.S. $ Value

MUNICIPAL OBLIGATIONS–98.4%

Long-Term Municipal Bonds–89.7%
Alabama–3.8%
Alabama Highway Authority (Alabama Highway Authority) AG Series 2025 5.00%, 09/01/2044		$	4,000	$	4,304,158
Black Belt Energy Gas District (BP PLC) Series 2024-D 5.00%, 03/01/2055			12,000		12,703,100
Series 2025-E 5.00%, 12/01/2055			4,415		4,669,336
Black Belt Energy Gas District (Canadian Imperial Bank of Commerce) Series 2026-B 5.00%, 12/01/2034			3,520		3,755,945
Black Belt Energy Gas District (Citadel LP) Series 2025-C 5.50%, 11/01/2056(a)			3,500		3,700,843
Black Belt Energy Gas District (Forethought Life Insurance) Series 2025-B 5.00%, 10/01/2035			1,000		1,000,890
Black Belt Energy Gas District (Goldman Sachs Group) Series 2023-D 4.296% (SOFR + 1.85%), 06/01/2049(b)			5,000		5,082,396
5.50%, 06/01/2049			11,435		12,023,043
Series 2024-B 5.00%, 10/01/2055			3,615		3,813,688
Series 2025-G 5.00%, 10/01/2035			12,920		13,457,406
Series 2026-E 5.00%, 07/01/2033			2,825		2,952,947
Black Belt Energy Gas District (Morgan Stanley)
Series 2022-C 5.25%, 02/01/2053			2,830		2,968,873
Black Belt Energy Gas District (Pacific Life Insurance) Series 2024-C 5.00%, 05/01/2055			3,100		3,287,942
Series 2026-F 5.00%, 12/01/2035			4,985		5,280,037
County of Jefferson AL (County of Jefferson AL Sales & Use Tax Revenue) Series 2017 5.00%, 09/15/2027			4,965		5,066,939
Energy Southeast A Cooperative District (Goldman Sachs Group) Series 2025-A 5.00%, 11/01/2035		$	1,670	$	1,737,360
Energy Southeast A Cooperative District (Morgan Stanley) Series 2023-B 4.646% (SOFR + 2.20%), 04/01/2054(b)			10,000		10,240,665
Southeast Alabama Gas Supply District (The) (Pacific Life Insurance) Series 2024-A 5.00%, 08/01/2054			10,000		10,595,919
Southeast Energy Authority A Cooperative District (Athene Annuity & Life Co.) Series 2025-A 5.00%, 01/01/2056			4,920		4,947,820
Southeast Energy Authority A Cooperative District (BP PLC) Series 2025-F 5.25%, 11/01/2055			8,685		9,374,605
Southeast Energy Authority A Cooperative District (Deutsche Bank AG) Series 2024-A 5.00%, 11/01/2035			3,140		3,207,181
Southeast Energy Authority A Cooperative District (JPMorgan Chase & Co.) Series 2025-E 5.00%, 10/01/2030			7,850		8,329,385
Southeast Energy Authority A Cooperative District (Morgan Stanley) Series 2021-B 4.00%, 12/01/2051			44,385		44,603,152
Southeast Energy Authority A Cooperative District (New York Life Insurance)
Series 2025 5.00%, 09/01/2035			2,320		2,496,890
Southeast Energy Authority A Cooperative District (Royal Bank of Canada)
Series 2023-B 5.00%, 01/01/2054			7,000		7,345,905
Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group)
Series 2023-A 5.25%, 01/01/2054			13,025		13,660,908

					200,607,333



2026 Semi-Annual Report		1

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
American Samoa–0.0%
American Samoa Economic Development Authority (American Samoa Economic Development Authority)
Series 2025-A 5.00%, 09/01/2033(a)		$	1,000	$	1,038,151
American Samoa Economic Development Authority (Territory of American Samoa)
Series 2018 6.50%, 09/01/2028(a)			1,225		1,269,613

					2,307,764

Arizona–2.2%
Arizona Industrial Development Authority (Equitable School Revolving Fund Obligated Group)
Series 2020 5.00%, 11/01/2034			1,000		1,061,800
Series 2026 5.00%, 11/01/2031			1,000		1,084,868
Arizona Industrial Development Authority (Legacy Cares, Inc.)
Series 2020 6.50%, 07/01/2026(c)(d)(e)			2,000		47,000
Arizona Sports & Tourism Authority (Arizona Sports & Tourism Authority)
BAM Series 2022 5.00%, 07/01/2027			5,370		5,528,719
Chandler Industrial Development Authority (Intel Corp.)
Series 2022 5.00%, 09/01/2052			19,030		19,332,954
Series 2024 4.00%, 06/01/2049			18,155		18,385,961
City of Glendale AZ (City of Glendale AZ COP)
Series 2021 2.062%, 07/01/2029			2,900		2,718,159
2.542%, 07/01/2033			5,000		4,365,602
2.642%, 07/01/2034			10,000		8,594,561
City of Phoenix Civic Improvement Corp. (City of Phoenix AZ Water System Revenue)
Series 2020 5.00%, 07/01/2030			600		656,330
5.00%, 07/01/2031			850		927,864
5.00%, 07/01/2032			825		898,234
Series 2020-A 5.00%, 07/01/2030			500		546,941
5.00%, 07/01/2031			650		709,543
5.00%, 07/01/2032			400		435,508
5.00%, 07/01/2033			490		531,507
Series 2021-A 5.00%, 07/01/2039			1,720		1,840,224
City of Tempe AZ (City of Tempe AZ COP)
Series 2021 2.071%, 07/01/2032		$	5,000	$	4,350,956
2.171%, 07/01/2033			5,000		4,266,385
Gilbert Water Resource Municipal Property Corp. (Town of Gilbert AZ Waterworks & Sewer System Revenue)
Series 2022 5.00%, 07/15/2037			1,805		1,971,752
5.00%, 07/15/2038			5,500		5,979,171
Industrial Development Authority of the City of Phoenix Arizona (The) (Brooks West Rehabilitation Services I)
Series 2024 5.00%, 10/31/2044			13,000		13,556,042
Maricopa County Industrial Development Authority (HonorHealth Obligated Group)
Series 2024-D 5.00%, 12/01/2039			1,000		1,076,049
Salt River Project Agricultural Improvement & Power District (Salt River Project Agricultural Improvement & Power District)
Series 2016-A 5.00%, 01/01/2030			3,000		3,051,161
Sierra Vista Industrial Development Authority (American Leadership Academy)
Series 2024 5.00%, 06/15/2034(a)			1,250		1,262,819
State of Arizona Lottery Revenue (Prerefunded–US Treasuries)
Series 2019 5.00%, 07/01/2027			5,500		5,660,980
Yuma Industrial Development Authority (Yuma Regional Medical Center Obligated Group)
AG Series 2024 5.25%, 08/01/2042			2,125		2,313,813
5.25%, 08/01/2043			2,750		2,973,428

					114,128,331

Arkansas–0.1%
Arkansas Development Finance Authority (Hybar LLC)
Series 2024 7.375%, 07/01/2048(a)			1,900		2,055,562
Arkansas Development Finance Authority (Weyerhaeuser Co.)
Series 2025-C 3.875%, 10/15/2065			1,500		1,492,472



2		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
City of Fayetteville AR Sales & Use Tax Revenue (City of Fayetteville AR Sales & Use Tax Revenue)
Series 2022 2.875%, 11/01/2032		$	2,005	$	1,990,568

					5,538,602

California–9.6%
Burbank-Glendale-Pasadena Airport Authority Brick Campaign (Burbank-Glendale-Pasadena Airport Authority Brick Campaign)
Series 2024-B 5.00%, 07/01/2032			1,700		1,858,569
5.00%, 07/01/2034			2,300		2,542,082
5.00%, 07/01/2037			2,100		2,284,109
5.00%, 07/01/2038			2,700		2,918,366
California Community Choice Financing Authority (American General Life Insurance)
Series 2024C 5.00%, 08/01/2055			2,500		2,594,145
Series 2025C 5.00%, 12/01/2055			2,260		2,356,222
California Community Choice Financing Authority (Athene Annuity & Life Co.)
Series 2024G 5.00%, 11/01/2055			1,175		1,198,613
Series 2025-A 5.00%, 01/01/2056			1,500		1,519,424
California Community Choice Financing Authority (Bank of Nova Scotia (The))
Series 2025E 5.00%, 10/01/2056			9,035		9,680,403
California Community Choice Financing Authority (Canadian Imperial Bank of Commerce)
Series 2025F 5.00%, 11/01/2033			2,955		3,161,275
Series 2026 5.00%, 02/01/2031			3,000		3,178,226
California Community Choice Financing Authority (Deutsche Bank AG)
Series 2023 5.25%, 01/01/2054			10,000		10,578,058
California Community Choice Financing Authority (Goldman Sachs Group)
Series 2023 5.25%, 11/01/2054			11,115		11,727,568
California Community Choice Financing Authority (Morgan Stanley)
Series 2023 4.075% (SOFR + 1.63%), 07/01/2053(b)		$	5,000	$	5,056,878
4.115% (SOFR + 1.67%), 02/01/2054(b)			5,000		5,069,162
Series 2024-E 5.00%, 02/01/2055			1,400		1,481,817
Series 2026-A 3.895% (SOFR + 1.45%), 04/01/2056(b)			4,500		4,459,051
5.00%, 04/01/2056			4,940		5,222,072
California Community Choice Financing Authority (New York Life Insurance)
Series 2024H 5.00%, 01/01/2056			2,070		2,239,736
Series 2025G 5.00%, 12/01/2035			6,400		6,926,528
California Community Choice Financing Authority (Nomura Holdings, Inc.)
Series 2026 5.00%, 03/01/2036			3,000		3,115,471
California Community Choice Financing Authority (Pacific Life Insurance)
Series 2025B 5.00%, 03/01/2056			3,840		4,133,172
California Community Choice Financing Authority (Realty Income Corp.)
Series 2026 5.25%, 02/01/2036			3,000		3,217,784
California Community Choice Financing Authority (Royal Bank of Canada)
Series 2024D 5.00%, 02/01/2055			8,015		8,584,255
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments)
Series 2021-A 4.00%, 08/01/2047(a)			18,035		14,140,528
California Health Facilities Financing Authority (Adventist Health System/West Obligated Group)
Series 2025 5.00%, 12/01/2032			4,650		5,078,220
California Housing Finance Agency (CAHFA 2019-2)
Series 2019-2, Class A 4.00%, 03/20/2033			9,016		9,187,790
California Housing Finance Agency (CAHFA 2021-1)
Series 2021-1, Class A 3.50%, 11/20/2035			3,225		3,174,562



2026 Semi-Annual Report		3

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
California Housing Finance Agency (CAHFA 2021-2)
Series 2021-2, Class A 3.75%, 03/25/2035		$	15,443	$	15,543,577
Series 2021-2, Class X 0.825%, 03/25/2035(f)			9,360		347,068
California Housing Finance Agency (CAHFA 2021-3)
Series 2021-3, Class A 3.25%, 08/20/2036			3,720		3,555,790
Series 2021-3, Class X 0.721%, 08/20/2036(f)			7,603		320,895
California Infrastructure & Economic Development Bank (Desertxpress Enterprises)
Series 2025 3.50%, 01/01/2065(a)			20,000		20,009,438
California Municipal Finance Authority (California Municipal Finance Authority Municipal Certificates Series 2026-1)
Series 2026-1 4.05%, 07/20/2041			3,000		2,861,097
California State University (California State University)
Series 2021-B 2.374%, 11/01/2035			5,000		4,088,454
California Statewide Communities Development Authority (CHF-Irvine LLC)
Series 2016 5.00%, 05/15/2040			1,000		1,000,815
Central Valley Energy Authority (Goldman Sachs Group)
Series 2026 5.00%, 08/01/2034			1,000		1,051,848
Central Valley Energy Authority (Pacific Life Insurance)
Series 2025 5.00%, 12/01/2055			8,000		8,608,592
City of Los Angeles CA Wastewater System Revenue (City of Los Angeles CA Wastewater System Revenue)
Series 2025-C 5.00%, 06/01/2042			1,500		1,674,224
City of Los Angeles Department of Airports (City of Los Angeles Dept. of Airports)
Series 2018 5.00%, 05/15/2028			6,730		7,029,040
Series 2021 5.00%, 05/15/2040			1,530		1,596,438
Series 2023 5.00%, 05/15/2030			10,420		11,221,615
Series 2025 5.00%, 05/15/2031			3,410		3,717,496
5.25%, 05/15/2044			4,015		4,318,143
CMFA Special Finance Agency VIII Elan Huntington Beach (CMFA Special Finance Agency VIII Elan Huntington Beach)
Series 2021 4.00%, 08/01/2047(a)		$	860	$	785,633
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona)
Series 2021 3.60%, 05/01/2047(a)			13,250		10,948,448
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)
Series 2021 4.00%, 10/01/2046(a)			5,500		4,462,372
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments)
Series 2021 3.50%, 10/01/2046(a)			12,755		10,840,694
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)
Series 2021 3.375%, 07/01/2043(a)			7,000		5,888,031
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay)
Series 2021-A 3.10%, 07/01/2045(a)			3,000		2,566,465
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments)
Series 2021 4.00%, 10/01/2048(a)			6,545		5,053,018
Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2022-ML13)
Series 2022-ML13, Class XCA 0.959%, 07/25/2036(f)			1,919		82,359
Series 2022-ML13, Class XUS 0.986%, 09/25/2036(f)			3,577		197,138
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization)
Series 2021 3.85%, 06/01/2050			6,555		5,989,788
Los Angeles Department of Water & Power (Los Angeles Dept. of Water & Power Power System Revenue)
Series 2022 5.00%, 07/01/2028			1,600		1,672,583
Series 2022-C 5.00%, 07/01/2038			1,000		1,063,858
5.00%, 07/01/2042			1,400		1,466,303



4		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
Series 2023-A 5.00%, 07/01/2029		$	3,080	$	3,271,714
Series 2023-E 5.00%, 07/01/2038			2,005		2,162,197
Series 2024-A 5.00%, 07/01/2040			2,680		2,877,172
Series 2024-B 5.00%, 07/01/2036			2,000		2,190,728
5.00%, 07/01/2037			4,000		4,358,171
5.00%, 07/01/2039			4,640		4,994,463
Series 2024-C 5.00%, 07/01/2041			2,000		2,134,307
Series 2024-D 5.00%, 07/01/2043			7,165		7,585,037
Series 2024-E 5.00%, 07/01/2039			4,530		4,895,083
BAM Series 2025-A 5.25%, 07/01/2044			2,250		2,426,386
Los Angeles Department of Water & Power Power System Revenue (Los Angeles Dept. of Water & Power Power System Revenue)
Series 2020-B 5.00%, 07/01/2039			2,000		2,097,288
5.00%, 07/01/2045			3,040		3,117,281
Los Angeles Department of Water & Power Water System Revenue (Los Angeles Dept. of Water & Power Water System Revenue)
Series 2021-B 5.00%, 07/01/2040			2,075		2,173,860
Series 2022-D 5.00%, 07/01/2041			1,140		1,203,493
Series 2023-A 5.00%, 07/01/2041			1,285		1,366,481
Sacramento County Water Financing Authority (Sacramento County Water Agency)
NATL Series 2007-B 3.202% (CME Term SOFR 3 Month + 0.57%), 06/01/2039(b)			15,000		14,308,915
San Diego County Regional Airport Authority (San Diego County Regional Airport Authority)
Series 2023 5.00%, 07/01/2042			20,735		21,749,646
Series 2025 5.25%, 07/01/2041			1,600		1,756,456
5.25%, 07/01/2045			1,550		1,652,907
San Francisco Intl Airport (San Francisco Intl Airport)
Series 2020-E 5.00%, 05/01/2037			9,645		10,101,693
Series 2021-A 5.00%, 05/01/2035			1,500		1,605,022
Series 2023-E 5.00%, 05/01/2029		$	8,360	$	8,882,925
5.00%, 05/01/2030			6,165		6,621,223
5.00%, 05/01/2033			2,500		2,765,930
5.25%, 05/01/2034			22,275		24,933,370
5.25%, 05/01/2035			10,870		12,101,168
Series 2024 5.00%, 05/01/2038			7,000		7,563,956
5.25%, 05/01/2042			10,000		10,777,854
Series 2025-D 5.00%, 05/01/2031			2,000		2,173,470
Series 2025-E 5.00%, 05/01/2033			1,960		2,156,790
San Joaquin Valley Clean Energy Authority (Goldman Sachs Group)
Series 2025 5.50%, 01/01/2056			2,990		3,256,078
Southern California Public Power Authority (American General Life Insurance)
Series 2024-A 5.00%, 04/01/2055			7,000		7,296,951
Southern California Public Power Authority (Los Angeles Dept. of Water & Power Power System Revenue)
Series 2023 5.00%, 07/01/2034			1,315		1,457,477
5.00%, 07/01/2036			2,335		2,545,075
5.00%, 07/01/2039			6,485		6,952,652
5.00%, 07/01/2041			2,355		2,504,329
Series 2024 5.00%, 07/01/2042			1,000		1,064,791
5.00%, 07/01/2044			1,000		1,052,342
State of California (State of California)
Series 2023 5.00%, 09/01/2043			10,000		10,814,906
6.00%, 03/01/2033			1,000		1,080,318
Series 2026 5.00%, 10/01/2042			2,535		2,820,527
University of California (University of California)
Series 2023-B 5.00%, 05/15/2043			5,000		5,373,513
Series 2025-C 5.50%, 05/15/2040			2,000		2,327,919
Series 2026-C 5.25%, 11/15/2041			3,500		3,981,850
Yucaipa Valley Water District Financing Authority (Yucaipa Valley Water District Water & Sewer Revenue)
Series 2024-A 5.00%, 06/01/2026			3,000		3,004,027

					506,183,047



2026 Semi-Annual Report		5

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Colorado–2.2%
Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J (Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J)
Series 2024 5.00%, 12/15/2026		$	3,865	$	3,934,544
City & County of Denver CO (City & County of Denver CO COP)
Series 2023 5.00%, 12/01/2026			3,635		3,697,112
City & County of Denver CO Airport System Revenue (City & County of Denver CO Airport System Revenue)
Series 2022-A 5.00%, 11/15/2034			2,000		2,165,827
5.00%, 11/15/2036			1,500		1,605,289
Series 2022-D 5.50%, 11/15/2029			3,600		3,904,820
5.75%, 11/15/2034			1,700		1,939,171
Series 2023-B 5.00%, 11/15/2029			3,250		3,460,629
City & County of Denver CO Airport System Revenue (Denver Intl Airport)
Series 2018-A 5.00%, 12/01/2026			16,080		16,294,634
5.00%, 12/01/2028			16,105		16,943,858
5.00%, 12/01/2029			9,560		10,021,857
5.00%, 12/01/2036			1,150		1,266,312
Colorado Educational & Cultural Facilities Authority (Ascent Classical Academy Charter Schools)
Series 2024 4.75%, 04/01/2034(a)			2,100		2,117,058
Colorado Health Facilities Authority (CommonSpirit Health Obligated Group)
Series 2019-A 5.00%, 08/01/2030			3,000		3,186,561
Series 2025 5.00%, 09/01/2035			3,300		3,630,400
Colorado Health Facilities Authority (Sanford Obligated Group)
Series 2019-A 5.00%, 11/01/2027			2,280		2,350,013
Colorado Housing & Finance Authority (Albion Apartments LLLP)
Series 2025 3.375%, 07/01/2044			3,250		3,264,910
E-470 Public Highway Authority (E-470 Public Highway Authority)
Series 2024-B 3.182% (SOFR + 0.75%), 09/01/2039(b)			5,200		5,194,061
Johnstown Plaza Metropolitan District (Johnstown Plaza Metropolitan District)
Series 2022 4.25%, 12/01/2046		$	1,931	$	1,862,213
Platte River Metropolitan District (Platte River Metropolitan District)
Series 2023-A 6.50%, 08/01/2053(a)			1,045		1,058,535
Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado (Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado)
Series 2025-A 5.00%, 04/01/2035(a)			10,000		10,704,799
State of Colorado (State of Colorado COP)
Series 2018-A 5.00%, 12/15/2027			4,000		4,163,072
Series 2022 6.00%, 12/15/2041			11,000		12,543,948
Sterling Ranch Community Authority Board (Sterling Ranch Metropolitan District No. 3)
Series 2022 5.80%, 12/01/2032			1,630		1,710,350
Vauxmont Metropolitan District (Vauxmont Metropolitan District)
AG Series 2019 3.25%, 12/15/2050			469		404,924
5.00%, 12/15/2026			270		273,941
AG Series 2020 5.00%, 12/01/2027			305		315,038
5.00%, 12/01/2030			385		410,409
5.00%, 12/01/2033			285		300,779
5.00%, 12/01/2050			300		301,070

					119,026,134

Connecticut–1.8%
City of Bridgeport CT (City of Bridgeport CT)
Series 2017-A 5.00%, 11/01/2028			1,000		1,035,476
Series 2017-B 5.00%, 08/15/2026			4,500		4,539,196
5.00%, 08/15/2027			6,610		6,818,423
Series 2017-C 5.00%, 08/15/2026			2,480		2,501,601
5.00%, 08/15/2027			2,605		2,687,140
5.00%, 08/15/2028			1,620		1,669,981
City of Bridgeport CT (Prerefunded–US Treasuries)
Series 2017-B 5.00%, 08/15/2027			755		779,727
Connecticut State Health & Educational Facilities Authority (Stamford Hospital Obligated Group)
Series 2022 4.00%, 07/01/2037			1,980		1,948,063



6		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
Connecticut State Health & Educational Facilities Authority (University of New Haven)
Series 2018-K1 5.00%, 07/01/2026		$	1,000	$	1,002,664
5.00%, 07/01/2027			1,100		1,117,536
5.00%, 07/01/2028			1,100		1,126,960
5.00%, 07/01/2029			1,200		1,226,956
5.00%, 07/01/2037			1,500		1,507,149
State of Connecticut (State of Connecticut)
Series 2016-A 5.00%, 03/15/2029			14,500		14,518,216
Series 2018-C 5.00%, 06/15/2026			5,500		5,527,991
Series 2020-A 5.00%, 01/15/2040			2,565		2,683,161
Series 2022-E 5.00%, 11/15/2026			3,510		3,564,070
Series 2025-D 5.00%, 08/15/2029			7,000		7,542,171
State of Connecticut Special Tax Revenue (State of Connecticut Special Tax Revenue)
Series 2021-A 5.00%, 05/01/2041			2,840		3,008,840
Series 2023-A 5.25%, 07/01/2042			10,000		11,001,015
Town of Stratford CT (Town of Stratford CT)
BAM Series 2019 5.00%, 01/01/2030			2,035		2,069,125
5.00%, 01/01/2031			3,890		3,953,677
5.00%, 01/01/2032			3,890		3,953,038
5.00%, 01/01/2033			3,555		3,610,526
University of Connecticut (University of Connecticut)
Series 2022-A 5.00%, 05/01/2040			7,065		7,578,787

					96,971,489

Delaware–0.0%
Delaware State Economic Development Authority (Newark Charter School)
Series 2020 4.00%, 09/01/2030			575		577,817
5.00%, 09/01/2050			1,000		959,502

					1,537,319

District of Columbia–1.5%
District of Columbia (Plenary Infrastructure DC State Lease)
Series 2022 5.50%, 02/28/2033			2,270		2,523,508
District of Columbia Income Tax Revenue (District of Columbia Income Tax Revenue)
Series 2025-A 5.00%, 06/01/2044		$	9,000	$	9,669,110
Metropolitan Washington Airports Authority Aviation Revenue (Metropolitan Washington Airports Authority Aviation Revenue)
Series 2022-A 5.00%, 10/01/2028			4,000		4,196,748
Series 2024-A 5.00%, 10/01/2029			2,920		3,112,178
5.00%, 10/01/2033			20,500		22,611,594
5.00%, 10/01/2034			13,100		14,367,732
5.00%, 10/01/2036			8,500		9,202,006
5.00%, 10/01/2040			1,675		1,773,325
5.00%, 10/01/2044			2,000		2,073,040
Series 2025-A 5.00%, 10/01/2035			4,200		4,655,256
5.00%, 10/01/2036			2,980		3,281,022

					77,465,519

Florida–5.4%
Buckhead Trails II Community Development District (Buckhead Trails II Community Development District)
Series 2026 4.125%, 05/01/2033			300		295,324
Capital Trust Authority (AIDS Healthcare Foundation Obligated Group)
Series 2026 4.75%, 12/01/2042			1,675		1,674,910
Capital Trust Authority (Shands Teaching Hospital & Clinics Obligated Group)
Series 2025-A 5.00%, 12/01/2032			5,500		6,040,879
Central Florida Tourism Oversight District (Central Florida Tourism Oversight District)
Series 2016 5.00%, 06/01/2033			3,300		3,309,978
City of Lakeland FL (Lakeland Regional Health Systems Obligated Group)
Series 2024 5.00%, 11/15/2043			2,420		2,555,073
5.00%, 11/15/2044			2,000		2,089,639
City of South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group)
Series 2017 5.00%, 08/15/2031			5,000		5,134,346



2026 Semi-Annual Report		7

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Series 2025 5.00%, 08/15/2035		$	8,350	$	9,396,901
City of Tampa FL (State of Florida Cigarette Tax Revenue)
Series 2020-A
Zero Coupon, 09/01/2034			650		473,489
Zero Coupon, 09/01/2035			650		451,891
County of Broward FL Airport System Revenue (County of Broward FL Airport System Revenue)
Series 2019-C 2.384%, 10/01/2026			1,250		1,240,140
County of Broward FL Convention Center Hotel Revenue (County of Broward FL Convention Center Hotel Revenue)
Series 2022 5.00%, 01/01/2035			2,685		2,933,628
County of Broward FL Port Facilities Revenue (County of Broward FL Port Facilities Revenue)
Series 2019-B 5.00%, 09/01/2032			2,610		2,718,645
County of Lee FL Airport Revenue (County of Lee FL Airport Revenue)
Series 2024 5.25%, 10/01/2040			2,460		2,658,849
Series 2026-A 5.00%, 10/01/2056			9,600		10,289,014
5.25%, 10/01/2038			2,250		2,499,867
5.25%, 10/01/2039			2,000		2,206,949
County of Miami-Dade FL (County of Miami-Dade FL)
Series 2025 5.00%, 07/01/2028			2,110		2,220,290
County of Miami-Dade FL Aviation Revenue (County of Miami-Dade FL Aviation Revenue)
Series 2024-A 5.00%, 10/01/2027			4,650		4,789,152
5.00%, 10/01/2033			2,000		2,206,009
5.00%, 10/01/2034			8,095		8,968,182
5.00%, 10/01/2035			31,845		35,035,506
5.00%, 10/01/2036			3,170		3,461,550
County of Miami-Dade Seaport Department (County of Miami-Dade Seaport Dept.)
Series 2023-A 5.00%, 10/01/2029			5,500		5,802,228
5.00%, 10/01/2038			2,535		2,649,787
County of Osceola FL Transportation Revenue (County of Osceola FL Transportation Revenue)
Series 2020-A
Zero Coupon, 10/01/2030		$	735	$	616,654
Zero Coupon, 10/01/2031			905		726,134
Zero Coupon, 10/01/2032			500		383,464
Zero Coupon, 10/01/2033			1,210		884,781
Zero Coupon, 10/01/2034			1,260		877,090
County of Palm Beach FL (Palm Beach Atlantic University)
Series 2025 5.50%, 10/01/2045(a)			1,000		1,026,401
County of Pasco FL (H Lee Moffitt Cancer Center & Research Institute Obligated Group)
Series 2023 5.00%, 07/01/2030(a)			25,000		26,691,963
Edgewater West Community Development District (Edgewater West Community Development District Assessment Area Two)
Series 2026 5.50%, 05/01/2046			1,065		1,066,824
Florida Development Finance Corp. (Brightline Trains Florida)
AG Series 2024 5.00%, 07/01/2044			14,420		14,013,797
Florida Development Finance Corp. (GFL Solid Waste Southeast)
Series 2024 4.375%, 10/01/2054(a)			2,000		2,009,280
Florida Development Finance Corp. (Mayflower Retirement Center Obligated Group)
Series 2020 5.125%, 06/01/2040(a)			3,675		3,711,910
Florida Development Finance Corp. (Renaissance Charter School Series 2025 Obligated Group)
Series 2025 6.00%, 06/15/2045(a)			2,250		2,357,180
Florida Development Finance Corp. (Renaissance Charter School)
Series 2023 6.50%, 06/15/2038(a)			2,000		2,139,628
6.625%, 06/15/2043(a)			2,195		2,344,226
Florida Local Government Finance Commission (BridgePrep Academy Series 2025 Obligated Group)
Series 2025 6.00%, 06/15/2045(a)			1,365		1,406,093



8		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
Florida Municipal Power Agency (Florida Municipal Power Agency All-Requirements Power Supply Project Revenue)
Series 2021 1.425%, 10/01/2026		$	3,000	$	2,961,217
Series 2025 5.00%, 10/01/2027			1,200		1,240,039
Florida State Board of Governors (Florida State University Athletics Association)
BAM Series 2024-A 5.00%, 10/01/2043			10,000		10,721,433
Greater Orlando Aviation Authority (Greater Orlando Aviation Authority)
Series 2019-A 5.00%, 10/01/2044			2,870		2,921,336
Series 2024 5.00%, 10/01/2031			2,420		2,637,199
5.00%, 10/01/2032			1,000		1,095,206
5.00%, 10/01/2034			4,285		4,740,576
5.00%, 10/01/2035			2,000		2,206,533
5.00%, 10/01/2036			1,235		1,348,585
Greater Orlando Aviation Authority (Prerefunded–US Treasuries)
Series 2017-A 5.00%, 10/01/2029			3,000		3,100,412
5.00%, 10/01/2030			6,250		6,459,191
Greater Orlando Aviation Authority (United Airlines, Inc.)
Series 2025 5.25%, 11/01/2034			1,000		1,043,255
5.50%, 11/01/2036			2,750		2,880,682
5.50%, 11/01/2037			1,000		1,041,736
Hillsborough County Aviation Authority (Hillsborough County Aviation Authority)
Series 2024 5.25%, 10/01/2043			6,500		6,971,867
Hillsborough County Industrial Development Authority (BayCare Obligated Group)
Series 2024 5.00%, 11/15/2034			2,000		2,259,384
Hillsborough County School Board (Hillsborough County School Board COP)
Series 2015 5.00%, 07/01/2026			1,480		1,486,386
JEA Electric System Revenue (JEA Electric System Revenue)
Series 2017-B 5.00%, 10/01/2030			1,185		1,220,183
JEA Water & Sewer System Revenue (JEA Water & Sewer System Revenue)
Series 2024-A 5.00%, 10/01/2043			1,635		1,750,671
Lee County Industrial Development Authority/FL (Shell Point Obligated Group)
Series 2024 4.125%, 11/15/2029		$	2,975	$	2,986,458
Manatee County School District (Prerefunded–US Treasuries)
Series 2016-A 5.00%, 07/01/2028			7,795		7,841,651
5.00%, 07/01/2029			6,215		6,252,195
Miami-Dade County Educational Facilities Authority (University of Miami)
Series 2025-B 5.25%, 04/01/2040			2,860		3,132,671
Miami-Dade County Industrial Development Authority (PRG–Casa Properties LLC)
Series 2026 5.375%, 07/01/2065(a)			2,000		2,051,147
North Broward Hospital District (North Broward Hospital District)
Series 2017-B 5.00%, 01/01/2029			3,000		3,104,012
5.00%, 01/01/2030			3,180		3,287,038
Orange County Health Facilities Authority (Orlando Health Obligated Group)
Series 2025 5.00%, 10/01/2044			4,800		5,023,394
Orange County Health Facilities Authority (Presbyterian Retirement Communities Obligated Group)
Series 2023 4.00%, 08/01/2036			1,000		990,739
Palm Beach County Health Facilities Authority (Jupiter Medical Center Obligated Group)
Series 2025 5.00%, 11/01/2034			1,230		1,329,245
5.25%, 11/01/2041			2,055		2,152,238
Pinery Community Development District (Pinery Community Development District Assessment Area One)
Series 2026 4.50%, 05/01/2036			300		290,913
Polk County Industrial Development Authority/FL (Mineral Development LLC)
Series 2020 5.875%, 01/01/2033(c)(d)(e)(g)(h)			1,905		381,000
South Broward Hospital District (South Broward Hospital District Obligated Group)
Series 2015 5.00%, 05/01/2027			3,350		3,355,551



2026 Semi-Annual Report		9

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
State of Florida Department of Transportation Turnpike System Revenue (State of Florida Dept. of Transportation Turnpike System Revenue)
Series 2025-A 5.00%, 07/01/2026		$	2,000	$	2,012,744
Village Community Development District No. 15 (Village Community Development District No. 15 Series 2023 Phase I Special Assmnt)
Series 2023 4.85%, 05/01/2038(a)			985		1,008,068
Woodlands Section 9 Community Development District (Woodlands Section 9 Community Development District)
Series 2026 4.25%, 05/01/2031			200		196,579
4.50%, 05/01/2036			810		775,788

					285,614,973

Georgia–3.1%
Atlanta Development Authority (The) (PRG–CAU Properties LLC)
Series 2025 6.00%, 07/01/2045(a)			1,445		1,511,492
Augusta GA Water & Sewer Revenue (Augusta GA Water & Sewer Revenue)
Series 2017 5.00%, 10/01/2026			5,925		5,996,562
City of Atlanta GA Airport Passenger Facility Charge (City of Atlanta GA Airport Passenger Facility Charge)
Series 2023 5.25%, 07/01/2041			6,000		6,477,228
City of Atlanta GA Department of Aviation (City of Atlanta GA Dept. of Aviation)
Series 2020-B 5.00%, 07/01/2029			1,000		1,061,862
Series 2022-B 5.00%, 07/01/2035			1,565		1,694,510
5.00%, 07/01/2036			2,845		3,057,550
5.00%, 07/01/2037			2,535		2,709,424
5.00%, 07/01/2039			2,765		2,927,118
5.00%, 07/01/2040			7,105		7,489,082
5.00%, 07/01/2041			7,460		7,836,731
Series 2025-B 5.00%, 07/01/2035			1,125		1,245,574
5.00%, 07/01/2037			4,000		4,350,684
5.00%, 07/01/2038			1,100		1,188,964
5.25%, 07/01/2045			1,850		1,961,775
Cobb County Kennestone Hospital Authority (WellStar Health System Obligated Group)
Series 2021 5.00%, 04/01/2026		$	1,000	$	1,000,000
5.00%, 04/01/2027			250		255,652
5.00%, 04/01/2028			250		261,030
5.00%, 04/01/2029			300		319,158
5.00%, 04/01/2030			225		243,089
5.00%, 04/01/2031			250		268,883
Development Authority of Cobb County (The) (MT Bethel Christian Academy)
Series 2025 6.00%, 06/01/2045(a)			1,000		1,037,560
Fayette County Development Authority (United States Soccer Federation)
Series 2024 5.00%, 10/01/2026			300		302,488
5.00%, 10/01/2027			270		276,561
5.00%, 10/01/2028			320		332,462
5.00%, 10/01/2029			375		394,352
Main Street Energy, Inc. (Citigroup, Inc.)
Series 2025-D 5.00%, 12/01/2033			11,410		11,953,823
Main Street Natural Gas, Inc. (Citadel LP)
Series 2022-C 4.00%, 08/01/2052(a)			3,500		3,492,488
Main Street Natural Gas, Inc. (Citigroup, Inc.)
Series 2022-B 5.00%, 12/01/2052			3,360		3,505,673
Series 2023-A 5.00%, 06/01/2053			28,965		30,307,316
Series 2024-E 5.00%, 05/01/2055			7,335		7,694,846
Series 2025-B 5.00%, 12/01/2055			8,845		9,285,388
Main Street Natural Gas, Inc. (Royal Bank of Canada)
Series 2023 4.132% (SOFR + 1.70%), 12/01/2053(b)			5,000		5,130,087
Main Street Natural Gas, Inc. (Toronto-Dominion Bank)
Series 2024-D 5.00%, 04/01/2054			4,745		5,038,045
Metropolitan Atlanta Rapid Transit Authority (Metropolitan Atlanta Rapid Transit Authority Sales Tax)
Series 2025-B 5.00%, 07/01/2037			1,100		1,269,951
5.00%, 07/01/2038			2,350		2,715,666



10		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
Municipal Electric Authority of Georgia (Municipal Electric Authority of Georgia)
Series 2024
5.00%, 01/01/2042		$	1,500	$	1,589,152
Private Colleges & Universities Authority (Emory University) Series 2023 5.00%, 09/01/2033(a)			25,000		28,142,502

					164,324,728

Guam–0.2%
Guam Government Waterworks Authority (Guam Waterworks Authority Water And Wastewater System) Series 2025-A 5.50%, 07/01/2045			1,250		1,327,868
Territory of Guam (Territory of Guam) Series 2019 5.00%, 11/15/2031			615		642,303
Series 2025-G 5.00%, 01/01/2030			2,050		2,166,626
5.00%, 01/01/2031			2,500		2,668,114
5.00%, 01/01/2032			1,350		1,453,029
5.00%, 01/01/2033			1,900		2,056,919
5.00%, 01/01/2034			2,300		2,499,533

					12,814,392

Hawaii–0.2%
City & County of Honolulu HI (City & County of Honolulu HI) Series 2024-A 5.25%, 07/01/2043			1,000		1,100,592
5.25%, 07/01/2044			1,000		1,093,546
State of Hawaii Airports System Revenue (State of Hawaii Airports System Revenue) Series 2025-C 5.00%, 07/01/2041			3,030		3,222,287
State of Hawaii Harbor System Revenue (State of Hawaii Harbor System Revenue) Series 2020-A 4.00%, 07/01/2035			2,765		2,773,464

					8,189,889

Illinois–4.0%
Chicago Board of Education (Chicago Board of Education) Series 2012-B 5.00%, 12/01/2033			2,265		2,209,893
Series 2015-C 5.25%, 12/01/2035			340		329,136
Series 2018-A 5.00%, 12/01/2026			1,000		1,006,873
Series 2021-A 5.00%, 12/01/2037			3,750		3,721,199
Series 2023-A 5.00%, 12/01/2034		$	7,000	$	7,097,339
Series 2025-B 6.00%, 12/01/2037			5,000		5,444,275
6.00%, 12/01/2038			4,650		5,029,631
6.00%, 12/01/2039			3,500		3,762,804
6.00%, 12/01/2041			4,000		4,264,617
6.00%, 12/01/2043			1,000		1,056,941
Series 2025-C 6.00%, 12/01/2040			1,750		1,869,953
AG Series 2018-A 5.00%, 12/01/2027			1,375		1,416,379
Chicago Midway International Airport (Chicago Midway Intl Airport) Series 2024-C 5.00%, 01/01/2033			3,365		3,642,493
Chicago O’Hare International Airport (Chicago O’Hare Intl Airport) Series 2018-A 5.00%, 01/01/2039			6,000		6,132,473
Series 2022 5.00%, 01/01/2029			500		526,092
5.00%, 01/01/2030			800		852,718
5.00%, 01/01/2033			890		958,389
5.00%, 01/01/2040			1,850		1,921,784
5.00%, 01/01/2041			2,000		2,066,874
5.00%, 01/01/2042			2,200		2,261,907
Series 2024-A 5.00%, 01/01/2036			1,180		1,269,501
5.00%, 01/01/2037			2,500		2,671,239
5.00%, 01/01/2038			2,500		2,654,696
5.00%, 01/01/2039			1,600		1,689,265
5.25%, 01/01/2040			4,000		4,269,292
Series 2024-C 5.00%, 01/01/2030			4,745		5,057,683
5.00%, 01/01/2034			5,285		5,787,481
5.25%, 01/01/2041			2,250		2,400,055
Series 2024-E 5.00%, 01/01/2029			2,885		3,035,548
Series 2025-A 5.00%, 01/01/2036			4,055		4,396,047
5.00%, 01/01/2037			1,595		1,716,088
Chicago Transit Authority Sales Tax Receipts Fund (Chicago Transit Authority Sales Tax Receipts Fund) Series 2026-A 5.00%, 12/01/2041			605		656,771
City of Chicago IL (City of Chicago IL)
Series 2024-B 5.00%, 01/01/2034			1,350		1,403,622
Series 2025-B 5.00%, 01/01/2033			4,000		4,167,751
5.50%, 01/01/2040			2,000		2,089,187



2026 Semi-Annual Report		11

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Eastern Illinois Economic Development Authority (City of Mattoon IL) Series 2025 6.50%, 02/15/2040		$	1,000	$	995,549
Illinois Finance Authority (Bradley University) Series 2024 5.00%, 08/01/2026			450		452,589
Illinois Finance Authority (Centerpoint Joliet Terminal Railroad)
Series 2024 4.125%, 12/01/2043(a)			2,300		2,244,086
Series 2025 4.80%, 12/01/2043(a)			4,175		4,203,155
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2034			600		589,260
Illinois Finance Authority (Moorings of Arlington Heights Obligated Group) Series 2025 5.00%, 11/01/2036			970		1,033,288
Illinois Finance Authority (OSF Healthcare System Obligated Group) Series 2015-A 5.00%, 11/15/2027			1,000		1,001,373
5.00%, 11/15/2028			1,250		1,254,705
Illinois Finance Authority (Prerefunded–US Treasuries) Series 2016 5.00%, 12/01/2040			3,200		3,212,745
Illinois Housing Development Authority (Circle Park Preservation) Series 2024-H 4.00%, 01/01/2042			10,000		9,517,692
Illinois Municipal Electric Agency (Illinois Municipal Electric Agency) Series 2025-A 5.00%, 02/01/2027			5,200		5,297,684
5.00%, 02/01/2029			4,600		4,877,517
Illinois State Toll Highway Authority (Illinois State Toll Highway Authority) Series 2009 6.184%, 01/01/2034			2,669		2,837,793
Series 2020-A 5.00%, 01/01/2041			27,195		28,667,770
Metropolitan Water Reclamation District of Greater Chicago (Metropolitan Water Reclamation District of Greater Chicago) Series 2009 5.72%, 12/01/2038			2,000		2,060,163
Sales Tax Securitization Corp. (Sales Tax Securitization)
Series 2025-A 5.00%, 01/01/2041		$	4,365	$	4,635,828
State of Illinois (State of Illinois) Series 2016 5.00%, 02/01/2029			1,100		1,117,012
Series 2019-B 4.00%, 11/01/2033			9,000		9,043,333
Series 2020 5.50%, 05/01/2039			1,500		1,580,537
Series 2022-B 5.25%, 10/01/2037			4,000		4,292,372
Series 2024 5.00%, 02/01/2038			9,000		9,633,052
Series 2024-B 5.00%, 05/01/2039			2,250		2,385,062
5.00%, 05/01/2040			1,765		1,860,220
5.00%, 05/01/2041			7,530		7,884,644
Series 2025-E 5.00%, 09/01/2043			1,980		2,044,891

					211,558,316

Indiana–1.1%
City of Fort Wayne IN (Do Good Foods Fort Wayne Obligated Group) 10.75%, 12/01/2029(c)(e)			159		16
City of Whiting IN (BP PLC) Series 2023 4.40%, 11/01/2045			14,460		15,045,896
Series 2025 4.20%, 06/01/2044			1,820		1,872,636
Indiana Finance Authority (Ascension Health Credit Group) Series 2025 5.00%, 11/15/2042			1,000		1,073,490
Indiana Finance Authority (CWA Authority, Inc.) Series 2024 5.00%, 10/01/2028			1,175		1,241,874
5.00%, 10/01/2029			1,425		1,532,630
5.00%, 10/01/2034			800		907,153
Indiana Finance Authority (Good Samaritan Hospital Obligated Group) Series 2022 5.00%, 04/01/2026			790		790,000
5.00%, 04/01/2027			830		842,192
5.00%, 04/01/2028			875		898,990
Indiana Finance Authority (Indiana University Health Obligated Group) Series 2015 4.00%, 12/01/2040			11,690		11,110,085



12		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
Series 2023-B 5.00%, 10/01/2062		$	11,200	$	11,709,956
Series 2025 5.00%, 10/01/2064			1,545		1,654,276
Indiana Finance Authority (Ohio Valley Electric) Series 2021-B 2.50%, 11/01/2030			1,895		1,804,893
Indiana Finance Authority (SFP-PUFW I LLC) Series 2024 4.25%, 07/01/2044			1,700		1,565,667
Indianapolis Local Public Improvement Bond Bank (Indianapolis Airport Authority) Series 2023 5.00%, 01/01/2033			3,955		4,328,245

					56,377,999

Kansas–0.0%
City of Overland Park KS Sales Tax Revenue (City of Overland Park KS Sales Tax Revenue) Series 2022 6.00%, 11/15/2034(a)			135		141,423
6.50%, 11/15/2042(a)			1,610		1,689,166

					1,830,589

Kentucky–1.6%
County of Carroll KY (Kentucky Utilities Co.) Series 2019 1.75%, 10/01/2034			3,835		3,795,644
Kenton County Airport Board (Cincinnati/Northern Kentucky Intl Airport) Series 2024-A 5.25%, 01/01/2040			2,910		3,133,809
5.25%, 01/01/2042			2,860		3,043,329
Kentucky Economic Development Finance Authority (Baptist Healthcare System Obligated Group) Series 2017-B 5.00%, 08/15/2029			1,000		1,025,873
5.00%, 08/15/2041			1,260		1,277,027
Kentucky Economic Development Finance Authority (Owensboro Health Obligated Group) Series 2017-A 5.00%, 06/01/2028			8,780		8,900,120
5.00%, 06/01/2030			5,870		5,939,172
Kentucky Public Energy Authority (BP PLC) Series 2024-B 5.00%, 01/01/2055			20,065		21,239,589
Series 2025-C 5.00%, 05/01/2036			3,145		3,309,886
Kentucky Public Energy Authority (Morgan Stanley) Series 2023-A 4.426% (SOFR + 1.98%), 04/01/2054(b)		$	20,000	$	20,000,000
5.25%, 04/01/2054			7,280		7,795,172
Kentucky State Property & Building Commission (Commonwealth of Kentucky Lease) Series 2016-B 5.00%, 11/01/2028			1,005		1,019,642
Kentucky Turnpike Authority (Kentucky Turnpike Authority) Series 2016-A 5.00%, 07/01/2027			5,075		5,105,372

					85,584,635

Louisiana–0.7%
City of New Orleans LA (City of New Orleans LA) Series 2024-A 5.00%, 12/01/2028			2,050		2,138,128
City of New Orleans LA Water System Revenue (City of New Orleans LA Water System Revenue) AG Series 2021 2.889%, 12/01/2041			2,000		1,513,496
Louisiana Local Government Environmental Facilities & Community Development Auth (LCDA 2023-ELL) Series 2023-ELL, Class A1 5.081%, 06/01/2031			4,705		4,765,338
Louisiana Public Facilities Authority (Acadiana Renaissance Charter Academy) Series 2025 5.00%, 06/15/2035(a)			1,000		1,033,417
6.00%, 06/15/2045(a)			1,000		1,032,101
Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group) Series 2017 5.00%, 05/15/2035			3,365		3,409,200
New Orleans Aviation Board (New Orleans Aviation Board) Series 2024 5.00%, 01/01/2029			8,985		9,405,412
5.00%, 01/01/2034			1,835		2,000,389
5.00%, 01/01/2039			1,340		1,419,314
Parish of St. James LA (NuStar Logistics LP) Series 2020 6.10%, 06/01/2038(a)			3,030		3,315,688
6.10%, 12/01/2040(a)			2,595		2,839,246



2026 Semi-Annual Report		13

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Parish of St. John the Baptist LA (Marathon Oil Corp.) Series 2024 3.30%, 06/01/2037		$	1,700	$	1,714,378

					34,586,107

Maryland–1.4%
County of Frederick MD (Prerefunded–US Treasuries) Series 2019-A 5.00%, 08/01/2027			165		170,033
Maryland Economic Development Corp. (Purple Line Transit Partners) Series 2022 5.00%, 11/12/2028			10,000		10,039,213
Maryland Health & Higher Educational Facilities Authority (Johns Hopkins Health System) Series 2025 5.00%, 05/15/2035			5,800		6,585,003
5.00%, 05/15/2036			2,000		2,277,943
Maryland Health & Higher Educational Facilities Authority (UPMC Obligated Group) Series 2020-B 5.00%, 04/15/2031			1,365		1,466,080
Maryland Stadium Authority (Prerefunded–US Treasuries)
Series 2016 5.00%, 05/01/2034			5,035		5,045,526
Maryland Stadium Authority (State of Maryland Built to Learn Revenue State Lease) Series 2024 5.00%, 06/01/2038			3,000		3,302,009
5.00%, 06/01/2041			2,465		2,670,093
5.00%, 06/01/2042			2,335		2,515,112
Maryland Stadium Authority Sports Entertainment Facilities Revenue (Maryland Stadium Authority Sports Entertainment Facilities Revenue State Lease) Series 2025 5.00%, 06/15/2035			3,600		4,058,756
State of Maryland (State of Maryland) Series 2025-B 5.00%, 08/01/2026			10,000		10,082,681
5.00%, 08/01/2028			12,480		13,186,948
State of Maryland Department of Transportation (Baltimore/Washington Intl Thurgood Marshall Airport) Series 2021 5.00%, 08/01/2029			700		743,084
5.00%, 08/01/2036			1,000		1,060,362
State of Maryland Department of Transportation (State of Maryland Dept. of Transportation) Series 2025-C 5.00%, 11/01/2027		$	8,000	$	8,311,334

					71,514,177

Massachusetts–1.5%
City of Quincy MA (City of Quincy MA) Series 2025 5.00%, 07/24/2026			18,140		18,263,112
Commonwealth of Massachusetts (Commonwealth of Massachusetts) Series 2022-B 4.11%, 07/15/2031			1,255		1,252,634
Series 2024-A 5.00%, 01/01/2040			5,000		5,484,209
Massachusetts Bay Transportation Authority Sales Tax Revenue (Massachusetts Bay Transportation Authority Sales Tax Revenue) Series 2025-B 5.00%, 07/01/2045			10,000		10,736,747
Massachusetts Development Finance Agency (Beth Israel Lahey Health Obligated Group) Series 2016-I 5.00%, 07/01/2034			1,935		1,942,538
Massachusetts Development Finance Agency (Boston Medical Center Obligated Group) Series 2023 5.00%, 07/01/2026			1,000		1,003,922
Massachusetts Development Finance Agency (Lifespan Obligated Group)
Series 2025 5.25%, 08/15/2045			1,000		1,017,278
Massachusetts Development Finance Agency (Mass General Brigham)
Series 2017-S1 5.00%, 07/01/2029			9,000		9,364,944
Massachusetts Development Finance Agency (Trustees of Boston College)
Series 2020-U 5.00%, 07/01/2028			950		1,001,620
Massachusetts Development Finance Agency (Tufts Medicine Obligated Group)
Series 2019-A 5.00%, 07/01/2028			1,425		1,457,145
5.00%, 07/01/2030			2,100		2,148,071
5.00%, 07/01/2032			2,000		2,037,871
5.00%, 07/01/2033			2,000		2,032,957
Series 2026 5.50%, 10/01/2037			1,500		1,659,186
7.375%, 10/01/2035			1,000		1,022,257
AG Series 2020-C 5.00%, 10/01/2026			325		328,390
5.00%, 10/01/2027			440		455,069
5.00%, 10/01/2028			500		527,711



14		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
5.00%, 10/01/2029		$	295	$	316,873
5.00%, 10/01/2030			315		343,543
5.00%, 10/01/2031			375		407,504
5.00%, 10/01/2032			245		265,210
Massachusetts Development Finance Agency (UMass Memorial Health Care Obligated Group)
Series 2025 5.00%, 07/01/2035			12,840		14,087,614
Massachusetts Port Authority (Massachusetts Port Authority)
Series 2016-B 5.00%, 07/01/2043			2,000		2,000,279

					79,156,684

Michigan–1.5%
City of Detroit MI Sewage Disposal System Revenue (Great Lakes Water Authority Sewage Disposal System Revenue)
AG Series 2006-D 3.228% (CME Term SOFR 3 Month + 0.60%), 07/01/2032(b)			14,000		13,950,412
Detroit Downtown Development Authority (Detroit Downtown Development Authority Catalyst Development Area) Series 2024 5.00%, 07/01/2048			3,295		3,368,401
Great Lakes Water Authority Water Supply System Revenue (Great Lakes Water Authority Water Supply System Revenue)
Series 2025-A
5.00%, 07/01/2035			2,365		2,670,816
Michigan Finance Authority (City of Detroit MI) Series 2024 5.00%, 11/01/2026			3,725		3,777,774
5.00%, 11/01/2029			2,250		2,420,795
Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) Series 2020-A 3.267%, 06/01/2039			4,340		4,123,484
4.00%, 06/01/2035			1,000		1,007,879
4.00%, 06/01/2036			1,000		1,003,205
4.00%, 06/01/2037			1,000		998,412
4.00%, 06/01/2038			1,000		993,167
5.00%, 06/01/2026			1,290		1,294,017
5.00%, 06/01/2028			1,000		1,042,232
5.00%, 06/01/2031			745		803,309
Michigan Finance Authority (Public Lighting Authority) BAM Series 2025 5.00%, 07/01/2034			1,100		1,230,061
5.00%, 07/01/2036			1,930		2,140,842
5.00%, 07/01/2040			1,000		1,086,788
5.00%, 07/01/2043			1,750		1,865,843
Michigan Finance Authority (Trinity Health Corp.) Series 2015 5.50%, 12/01/2026		$	4,500	$	4,518,364
5.50%, 12/01/2027			2,720		2,740,618
Michigan State Hospital Finance Authority (Prerefunded–Others) Series 2019 5.00%, 11/01/2026			2,000		2,026,550
Michigan Strategic Fund (Michigan Strategic Fund–I 75 Improvement Project) Series 2018 5.00%, 06/30/2026			2,400		2,408,409
5.00%, 12/31/2026			5,770		5,831,307
5.00%, 06/30/2027			7,635		7,768,610
5.00%, 12/31/2027			5,770		5,909,116
5.00%, 06/30/2028			4,645		4,786,801

					79,767,212

Minnesota–1.0%
City of Shakopee MN Senior Housing Revenue (Benedictine Living Community of Shakopee Obligated Group) Series 2025 5.625%, 11/01/2045			800		809,206
City of St. Cloud MN (CentraCare Health System Obligated Group) Series 2024 5.00%, 05/01/2042			3,250		3,455,358
County of Hennepin MN (County of Hennepin MN) Series 2025-C
5.00%, 12/01/2027			6,280		6,538,593
Series 2025-D 5.00%, 12/01/2027			3,870		4,029,356
Minneapolis-St. Paul Metropolitan Airports Commission (Minneapolis-St Paul Metropolitan Airports Commission) Series 2024 5.00%, 01/01/2031			3,275		3,524,668
5.00%, 01/01/2041			3,250		3,421,279
5.25%, 01/01/2044			2,000		2,100,753
Minnesota Municipal Gas Agency (Nomura Holdings, Inc.) Series 2026-A 5.00%, 09/01/2035			6,150		6,336,528
Minnesota Municipal Gas Agency (Royal Bank of Canada) Series 2022-A 4.00%, 12/01/2052			5,425		5,494,742
State of Minnesota (State of Minnesota) Series 2024 5.00%, 08/01/2027			10,345		10,688,524



2026 Semi-Annual Report		15

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Series 2025-D 5.00%, 08/01/2029		$	7,000	$	7,544,022
Western Minnesota Municipal Power Agency (Western Minnesota Municipal Power Agency) Series 2019-A 3.156%, 01/01/2039			1,000		853,808

					54,796,837

Mississippi–0.0%
City of Gulfport MS (Memorial Hospital at Gulfport Obligated Group) Series 2025 5.00%, 07/01/2033			1,630		1,763,034

Missouri–0.8%
Cape Girardeau County Industrial Development Authority (Mercy Health/MO) Series 2017-A 5.00%, 03/01/2028			1,375		1,400,445
Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group) Series 2021-C 5.00%, 05/01/2052			2,320		2,423,809
Series 2026-A 5.00%, 04/01/2036(i)			2,165		2,451,699
Howard Bend Levee District (Howard Bend Levee District) XLCA Series 2005 5.75%, 03/01/2027			775		791,598
Metropolitan St. Louis Sewer District (Metropolitan St. Louis Sewer District) Series 2022-A 5.00%, 05/01/2038			1,725		1,873,488
5.00%, 05/01/2039			3,100		3,344,360
Series 2025-C 5.00%, 05/01/2036			5,875		6,681,535
Missouri Development Finance Board (Missouri Development Finance Board) Series 2025-A 6.00%, 06/15/2040(a)			1,000		996,212
Missouri Highway & Transportation Commission (Missouri Highway & Transportation Commission) Series 2025 5.00%, 05/01/2027			19,500		20,020,704

					39,983,850

Montana–0.2%
Montana Facility Finance Authority (Benefis Health System Obligated Group) Series 2016 5.00%, 02/15/2027			6,950		7,066,012
5.00%, 02/15/2028		$	2,375	$	2,416,018

					9,482,030

Nebraska–0.4%
Central Plains Energy Project (Bank of Montreal) Series 2023-A 5.00%, 05/01/2054			5,000		5,288,361
Central Plains Energy Project (Goldman Sachs Group) Series 2022-1 5.00%, 05/01/2053			10,000		10,443,909
Central Plains Energy Project (Royal Bank of Canada) Series 2025-A 5.00%, 08/01/2055			3,005		3,180,938

					18,913,208

Nevada–0.1%
City of Las Vegas NV (Prerefunded–US Treasuries) Series 2015-C 5.00%, 09/01/2026			2,930		2,935,048
Reno-Tahoe Airport Authority (Reno-Tahoe Airport Authority) Series 2024 5.00%, 07/01/2035			1,175		1,265,126
5.25%, 07/01/2038			1,430		1,558,053

					5,758,227

New Hampshire–1.9%
National Finance Authority (NFA 2024-3) Series 2024-3, Class A 3.776%, 10/01/2051			6,925		6,631,578
National Finance Authority Affordable Housing Certificates Series 2024-1 (ARC70 2024-1) Series 2024-1, Class A
4.15%, 10/20/2040			1,993		1,971,630
National Finance Authority Subordinate Municipal Certificates Series 2025-1 (NFASM 2025-1) Series 2025-1, Class B1 5.15%, 09/28/2037			1,375		1,356,656
New Hampshire Business Finance Authority (ARC70 2025-1) Series 2025-1, Class A1 4.75%, 06/20/2041			1,182		1,200,477
New Hampshire Business Finance Authority (ARC70 2026-1) Series 2026-1, Class A1 4.125%, 04/20/2043			4,380		4,255,569
Series 2026-1, Class A2 4.50%, 04/20/2043			1,000		975,996



16		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
New Hampshire Business Finance Authority (Brazoria-Fort Bend County Municipal Utility District No. 3) Series 2024 4.875%, 12/01/2033(a)		$	427	$	425,942
New Hampshire Business Finance Authority (Bridgeland Water & Utility Districts 490, 491 & 158) Series 2024 5.375%, 12/15/2035(a)			5,336		5,335,287
New Hampshire Business Finance Authority (Collin County Municipal Utility District No. 4) Series 2025 5.50%, 12/01/2030(a)			802		801,980
New Hampshire Business Finance Authority (Emberly & Canterra Creek Projects) Series 2024 5.375%, 12/01/2031(a)			956		950,955
New Hampshire Business Finance Authority (Greater Raleigh Area Christian Education) Series 2025 5.75%, 08/01/2045			1,750		1,761,667
New Hampshire Business Finance Authority (Lakes Fresh Water Supply District of Denton County) Series 2024 5.00%, 12/01/2028(a)			748		745,711
New Hampshire Business Finance Authority (New Hampshire Business Finance Authority) Series 2025-A Zero Coupon, 02/01/2035(a)			2,311		1,301,608
New Hampshire Business Finance Authority (NFA 2020-1) Series 2020-1, Class A 4.125%, 01/20/2034			8,598		8,619,081
New Hampshire Business Finance Authority (NFA 2022-1) Series 2022-1, Class A 4.375%, 09/20/2036			23,746		23,880,064
Series 2022-1, Class X 0.303%, 09/20/2036(f)			18,996		347,223
New Hampshire Business Finance Authority (NFA 2022-2) Series 2022-2, Class A 4.00%, 10/20/2036			9,521		9,379,447
Series 2022-2, Class X 0.643%, 10/01/2036(f)			9,521		380,950
New Hampshire Business Finance Authority (NFA 2024-1) Series 2024-1, Class A 4.25%, 07/01/2051			5,499		5,406,018
Series 2024-1, Class X 0.497%, 07/01/2051(f)			7,117		248,555
New Hampshire Business Finance Authority (NFA 2024-2) Series 2024-2, Class A 3.625%, 08/20/2039		$	4,929	$	4,632,198
Series 2024-2, Class X 0.511%, 08/20/2039(f)			4,929		187,097
New Hampshire Business Finance Authority (NFA 2025-1) Series 2025 5.875%, 12/15/2033(a)			2,743		2,705,850
Series 2025-1, Class A1 3.922%, 01/20/2041			991		959,090
New Hampshire Business Finance Authority (NFA 2025-2) Series 2025-2, Class A1 3.824%, 11/20/2042			9,938		9,539,803
New Hampshire Business Finance Authority (NFA 2025-3) Series 2025-3, Class A1 4.493%, 02/20/2041			1,700		1,740,227
New Hampshire Business Finance Authority (NFAAH 2025-1) Series 2025-1, Class B1 5.75%, 04/28/2042			1,080		1,100,824
New Hampshire Business Finance Authority (Tamarron Project) Series 2024 5.25%, 12/01/2035(a)			2,000		1,987,095

					98,828,578

New Jersey–4.3%
New Jersey Economic Development Authority (DRP Urban Renewal 4 LLC) Series 2025 6.375%, 01/01/2035(a)			1,300		1,350,374
6.625%, 01/01/2045(a)			2,500		2,611,909
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) Series 2019 5.25%, 04/01/2026(j)			5,930		5,930,000
New Jersey Economic Development Authority (New Jersey-American Water)
Series 2023
3.75%, 11/01/2034			7,755		7,782,599
New Jersey Economic Development Authority (NYNJ Link Borrower LLC) Series 2013 5.50%, 01/01/2027			1,000		1,002,454
New Jersey Economic Development Authority (Port Newark Container Terminal) Series 2017 5.00%, 10/01/2037			3,400		3,441,116



2026 Semi-Annual Report		17

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
New Jersey Economic Development Authority (Rutgers The State University of New Jersey) Series 2013 5.00%, 06/15/2026		$	3,500	$	3,506,452
New Jersey Economic Development Authority (State of New Jersey Lease) Series 2017-D 5.00%, 06/15/2029			3,500		3,594,055
Series 2024-S 5.00%, 06/15/2027			3,000		3,086,687
5.00%, 06/15/2033			2,065		2,323,362
NATL Series 2005-N 5.50%, 09/01/2027			5,000		5,203,632
New Jersey Economic Development Authority (United Airlines, Inc.) Series 2012 5.25%, 09/15/2029			2,765		2,768,210
New Jersey Educational Facilities Authority (Trustees of Princeton University) Series 2017-I 5.00%, 07/01/2028			1,910		1,967,803
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2027			12,830		12,887,205
5.00%, 06/15/2028			975		979,523
Series 2018-A 5.00%, 06/15/2029			3,050		3,063,484
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2019-B 5.00%, 06/15/2033			3,885		4,079,943
AG Series 2006-C
Zero Coupon, 12/15/2033			6,600		5,068,330
New Jersey Transportation Trust Fund Authority (Prerefunded–US Treasuries) Series 2019 5.00%, 06/15/2029			1,525		1,625,203
New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) Series 2018-A 5.00%, 12/15/2027			8,605		8,952,875
5.00%, 12/15/2029			38,555		40,825,758
5.00%, 12/15/2030			5,885		6,215,552
5.00%, 12/15/2033			7,230		7,591,745
Series 2023-B 5.00%, 06/15/2041			9,685		10,403,997
5.00%, 06/15/2043			1,505		1,599,191
Series 2024-A
4.00%, 06/15/2042		$	7,570	$	7,398,552
5.00%, 06/15/2037			8,000		8,876,750
5.00%, 06/15/2042			3,550		3,826,592
New Jersey Turnpike Authority (New Jersey Turnpike Authority) Series 2014-A 5.00%, 01/01/2027			1,800		1,803,620
Series 2017-B 5.00%, 01/01/2029			10,000		10,408,314
Series 2024-C 5.00%, 01/01/2043			7,500		8,050,756
5.00%, 01/01/2044			2,500		2,670,652
Series 2025-A 5.00%, 01/01/2045			5,500		5,887,765
Series 2025-C 5.00%, 01/01/2031			2,000		2,196,892
Series 2027-A 5.00%, 01/01/2031(i)			2,000		2,138,917
South Jersey Transportation Authority (South Jersey Transportation Authority) BAM Series 2022 5.00%, 11/01/2036			450		493,530
5.00%, 11/01/2037			400		435,750
Tobacco Settlement Financing Corp./NJ (Tobacco Settlement Financing Corp/NJ) Series 2018-A 5.00%, 06/01/2026			3,000		3,010,109
5.00%, 06/01/2027			4,000		4,092,691
5.00%, 06/01/2028			2,140		2,225,324
5.00%, 06/01/2035			2,620		2,706,042
5.00%, 06/01/2046			2,000		1,945,139
Series 2018-B 5.00%, 06/01/2046			9,950		9,521,606

					225,550,460

New Mexico–0.1%
New Mexico Municipal Energy Acquisition Authority (Royal Bank of Canada) Series 2025 5.00%, 06/01/2054			5,000		5,271,163

New York–8.5%
City of New York NY (City of New York NY) Series 2020-A 5.00%, 08/01/2026			3,130		3,155,132
Series 2021 1.396%, 08/01/2027			18,750		18,123,397
Series 2024-A 5.00%, 08/01/2026			4,000		4,032,118
Series 2024-I 5.00%, 04/01/2032			2,000		2,215,090
Series 2025-A 5.00%, 08/01/2035			1,440		1,629,166
Series 2025-B 5.00%, 08/01/2028			9,585		10,081,345
AG Series 2024-C
5.00%, 10/01/2027			3,250		3,373,967



18		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
Dutchess County Local Development Corp. (Bard College) Series 2020-B 5.918%, 07/01/2039		$	4,300	$	4,294,499
Hudson Yards Infrastructure Corp. (Hudson Yards Infrastructure) Series 2017-A 5.00%, 02/15/2036			6,880		6,989,361
Metropolitan Transportation Authority (Metropolitan Transportation Authority) Series 2016-A 5.00%, 11/15/2028			20,070		20,318,685
Series 2017-C 5.00%, 11/15/2029			22,370		23,370,411
5.00%, 11/15/2030			13,755		14,332,750
5.00%, 11/15/2031			5,505		5,726,780
5.00%, 11/15/2033			8,500		8,807,493
Series 2025 5.00%, 11/15/2035			2,000		2,274,248
5.00%, 11/15/2044			4,060		4,253,173
BAM Series 2024-A 4.00%, 11/15/2048			6,500		5,834,920
New York City Transitional Finance Authority Building Aid Revenue (New York City Transitional Finance Authority Building Aid Revenue State Lease) Series 2017-S 5.00%, 07/15/2036			10,245		10,468,311
Series 2018-S 5.00%, 07/15/2031			18,035		18,965,216
5.00%, 07/15/2032			15,945		16,740,600
New York City Transitional Finance Authority Future Tax Secured Revenue (New York City Transitional Finance Authority Future Tax Secured Revenue) Series 2017-A 5.00%, 08/01/2033			4,860		4,993,275
Series 2024 5.00%, 11/01/2026			4,875		4,944,636
5.00%, 11/01/2038			17,000		18,661,673
5.00%, 11/01/2039			3,400		3,702,797
Series 2025 5.00%, 05/01/2044			3,000		3,189,011
5.00%, 05/01/2045			4,985		5,254,195
Series 2025-H 5.00%, 11/01/2043			1,010		1,082,159
5.00%, 11/01/2044			5,140		5,463,838
New York Energy Finance Development Corp. (Athene Annuity & Life Co.) Series 2025 5.00%, 07/01/2056			2,255		2,302,105
New York Liberty Development Corp. (3 World Trade Center LLC) Series 2014 5.375%, 11/15/2040(a)			400		397,841
New York Liberty Development Corp. (One Bryant Park LLC)
Series 2019 2.45%, 09/15/2069		$	4,250	$	4,039,149
2.80%, 09/15/2069			11,555		10,791,432
New York State Dormitory Authority (New York State Sales Tax) Series 2017-A 5.00%, 03/15/2039			14,705		14,924,403
Series 2018-C 5.00%, 03/15/2040			6,990		7,204,112
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2019-A 5.00%, 03/15/2036			10,000		10,532,703
Series 2021-A 4.00%, 03/15/2039			1,825		1,826,222
Series 2021-E 4.00%, 03/15/2037			19,200		19,411,359
Series 2022-A 4.00%, 03/15/2039			3,500		3,500,934
Series 2024-A 5.00%, 03/15/2042			5,000		5,374,492
5.00%, 03/15/2046			2,840		2,971,520
New York State Thruway Authority (State of New York Pers Income Tax) Series 2025-A 5.00%, 03/15/2045			8,980		9,538,687
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 5.00%, 01/01/2028			22,110		22,766,194
5.00%, 01/01/2029			27,145		27,903,154
Series 2023 5.625%, 04/01/2040			7,000		7,355,435
6.00%, 04/01/2035			5,000		5,482,500
New York Transportation Development Corp. (JFK Intl Air Terminal) Series 2022 5.00%, 12/01/2040			4,015		4,153,462
New York Transportation Development Corp. (Laguardia Gateway Partners) Series 2016-A 5.00%, 07/01/2046			2,095		2,094,898
Port Authority of New York & New Jersey (Port Authority of New York & New Jersey) Series 2018-2 5.00%, 09/15/2026			4,000		4,037,971
5.00%, 09/15/2031			3,475		3,587,955
Series 2019 4.00%, 11/01/2037			2,915		2,858,328
Series 2021-2 4.00%, 07/15/2037			2,980		2,934,540



2026 Semi-Annual Report		19

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Series 2024-2 5.00%, 09/01/2030		$	5,460	$	5,910,148
Suffolk Regional Off-Track Betting Corp. (Suffolk Regional Off-Track Betting) Series 2024 5.00%, 12/01/2034			1,000		1,023,428
Suffolk Tobacco Asset Securitization Corp. (Suffolk Tobacco Asset Securitization)
Series 2021 5.00%, 06/01/2027			1,045		1,068,489
5.00%, 06/01/2029			2,080		2,196,330
5.00%, 06/01/2033			2,395		2,580,036
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021-A 2.411%, 05/15/2034			14,725		12,583,103
2.591%, 05/15/2036			2,000		1,654,488
Series 2023 5.00%, 11/15/2041			4,025		4,371,717
Series 2026 5.00%, 02/01/2028			7,500		7,826,378
5.00%, 02/01/2029			1,965		2,091,951
Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) Series 2025-A 5.00%, 03/01/2028			2,500		2,614,992

					452,188,702

North Carolina–0.6%
County of Wake NC (County of Wake NC) Series 2026 5.00%, 04/01/2037(i)			3,100		3,554,329
Cumberland County Industrial Facilities & Pollution Control Financing Authority (American Titanium Metal) Series 2025 3.125%, 12/01/2027			3,765		3,765,388
Greater Asheville Regional Airport Authority (Greater Asheville Regional Airport Authority) AG Series 2022-A 5.00%, 07/01/2035			1,740		1,855,815
5.00%, 07/01/2036			1,500		1,590,545
5.00%, 07/01/2037			1,250		1,318,191
5.25%, 07/01/2038			1,200		1,289,304
5.25%, 07/01/2039			1,300		1,390,356
5.25%, 07/01/2040			3,220		3,429,011
5.25%, 07/01/2042			1,140		1,204,562
AG Series 2023 5.00%, 07/01/2036			650		694,686
5.00%, 07/01/2037			1,400		1,486,944
5.00%, 07/01/2038			420		443,588
5.25%, 07/01/2041			1,000		1,069,786
5.25%, 07/01/2042			1,000		1,064,413
North Carolina Medical Care Commission (Deerfield Episcopal Retirement Community Obligated Group) Series 2026 3.20%, 11/01/2030		$	2,130	$	2,112,226
North Carolina Medical Care Commission (Duke University Health System Obligated Group) Series 2025-A 5.00%, 06/01/2029			4,000		4,273,390

					30,542,534

North Dakota–0.1%
County of Ward ND (Trinity Health Obligated Group) Series 2017-C 5.00%, 06/01/2028			2,000		2,015,144
5.00%, 06/01/2030			3,000		3,010,681
5.00%, 06/01/2031			1,665		1,668,189

					6,694,014

Ohio–2.0%
Akron Bath Copley Joint Township Hospital District (Prerefunded–US Treasuries) Series 2020 4.00%, 11/15/2038			5,700		5,997,087
Buckeye Tobacco Settlement Financing Authority (Buckeye Tobacco Settlement Financing Authority) Series 2020-A 5.00%, 06/01/2036			1,935		2,027,997
Columbus Regional Airport Authority (Columbus Regional Airport Authority) Series 2025 5.00%, 01/01/2034			3,120		3,423,280
5.25%, 01/01/2045			3,205		3,341,982
County of Allen OH Hospital Facilities Revenue (Bon Secours Mercy Health) Series 2017-A 5.00%, 08/01/2026			2,700		2,720,410
5.00%, 08/01/2027			8,465		8,716,663
5.00%, 08/01/2028			1,955		2,031,929
5.00%, 08/01/2042			3,055		3,101,169
Series 2020 5.00%, 12/01/2028			5,400		5,700,040
County of Cuyahoga OH (MetroHealth System/The) Series 2017 5.00%, 02/15/2027			2,710		2,739,359
County of Franklin OH (Nationwide Children’s Hospital) Series 2017-A 5.00%, 11/01/2031			1,000		1,031,553



20		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
County of Hamilton OH (Christ Hospital Obligated Group) Series 2023 5.00%, 06/01/2042		$	4,045	$	4,097,212
County of Washington OH (Marietta Area Health Care Obligated Group) Series 2022 5.50%, 12/01/2027			300		303,015
6.375%, 12/01/2037			5,000		5,315,532
Lancaster Port Authority (Royal Bank of Canada) Series 2024-A 5.00%, 02/01/2055			1,000		1,052,415
Ohio Air Quality Development Authority (American Electric Power) Series 2024 3.70%, 04/01/2028			10,400		10,466,118
3.70%, 07/01/2028			1,750		1,761,844
3.75%, 01/01/2029			6,000		6,054,053
Ohio Air Quality Development Authority (Ohio Valley Electric) Series 2026 3.875%, 01/01/2036			1,100		1,085,831
4.35%, 06/30/2040			1,250		1,229,023
Ohio Higher Educational Facility Commission (John Carroll University) Series 2025 5.00%, 10/01/2035			1,195		1,242,922
Ohio Higher Educational Facility Commission (Oberlin College) Series 2023 5.00%, 10/01/2037			1,270		1,388,227
5.00%, 10/01/2038			1,335		1,451,426
Ohio Water Development Authority Water Pollution Control Loan Fund (Ohio Water Development Authority Water Pollution Control Loan Fund) Series 2024-D 5.00%, 12/01/2034			7,705		8,844,227
Port of Greater Cincinnati Development Authority (Duke Energy Convention Center Project) Series 2024 5.00%, 12/01/2029			1,000		1,069,387
Reynoldsburg City School District (Reynoldsburg City School District) Series 2013 4.919%, 09/01/2030			2,555		2,669,600
Series 2014 4.939%, 09/01/2032			2,955		3,113,386
State of Ohio (Cleveland Clinic Health System Obligated Group) Series 2024 5.00%, 01/01/2035			4,885		5,471,928
State of Ohio (Prerefunded–US Treasuries) Series 2024 5.00%, 01/01/2035		$	115	$	130,111
State of Ohio (State of Ohio Fed Hwy Grant) Series 2018-1 5.00%, 12/15/2028			2,000		2,009,886
State of Ohio (State of Ohio) Series 2026-A 5.00%, 09/15/2035			3,460		3,987,344

					103,574,956

Oklahoma–0.3%
Oklahoma Development Finance Authority (Oklahoma Development Finance Authority) Series 2022 4.38%, 11/01/2045			4,000		3,782,197
Oklahoma Development Finance Authority (OU Medicine Obligated Group) Series 2022-A 5.50%, 08/15/2037			4,245		4,393,930
Oklahoma Turnpike Authority (Oklahoma Turnpike Authority) Series 2025-B 5.00%, 01/01/2032			2,500		2,760,464
Tulsa Municipal Airport Trust Trustees/OK (American Airlines, Inc.) Series 2025 6.25%, 12/01/2035			3,225		3,654,502

					14,591,093

Oregon–0.5%
Medford Hospital Facilities Authority (Asante Health System Obligated Group) Series 2020-A 5.00%, 08/15/2030			415		448,050
5.00%, 08/15/2031			1,245		1,340,686
5.00%, 08/15/2033			1,030		1,098,773
5.00%, 08/15/2034			875		928,164
5.00%, 08/15/2035			755		796,070
5.00%, 08/15/2036			1,300		1,363,523
Port of Portland OR Airport Revenue (Port of Portland OR Airport Revenue) Series 2022-2 4.00%, 07/01/2040			7,155		6,859,591
Series 2023 5.25%, 07/01/2041			4,455		4,780,328
Series 2024-T 5.00%, 07/01/2032			1,950		2,131,888
Salem Hospital Facility Authority (Salem Health Obligated Group) Series 2019 5.00%, 05/15/2038			2,205		2,283,997



2026 Semi-Annual Report		21

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Tri-County Metropolitan Transportation District of Oregon (Tri-County Metropolitan Transportation District of Oregon) Series 2018-A 5.00%, 10/01/2028		$	2,335	$	2,435,237
Umatilla County School District No. 6R Umatilla (Umatilla County School District No. 6R Umatilla) Series 2023-B Zero Coupon, 06/15/2043			2,000		897,469

					25,363,776

Other–2.3%
2026 Loan Holding-1 (2026 Loan Holding-1) Series 2026-C 3.30% (MUNIPSA + 0.88%), 10/01/2027(a)(b)			15,400		15,424,178
Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2021-ML10) Series 2021-ML10, Class ACA 2.046%, 06/25/2038			1,874		1,549,825
Series 2021-ML10, Class AUS 2.032%, 01/25/2038			4,703		3,770,683
Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2021-ML12) Series 2021-ML12, Class AUS 2.34%, 07/25/2041			7,119		5,854,907
Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2024-ML21) Series 2024-ML21, Class AUS 4.326%, 08/25/2041			8,316		8,521,364
Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2024-ML22) Series 2024-ML22, Class AUS 4.27%, 10/25/2040			985		999,335
Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2024-ML23) Series 2024-ML23, Class AUS 4.291%, 04/25/2042			2,083		2,182,374
Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2024-ML24) Series 2024-ML24, Class AUS 3.869%, 05/25/2041			10,421		10,330,830
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates (FHLM) 4.759%, 08/25/2041			9,923		10,291,977
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates (FHLMC Multifamily VRD Certificates) 4.837%, 03/25/2042		$	9,995	$	10,248,356
Series 2025-M 4.095%, 11/25/2042			6,458		6,600,159
4.604%, 06/25/2042			3,993		4,084,204
Series 2026-M 4.64%, 10/25/2040			5,000		5,164,283
Federal Home Loan Mortgage Corp. VA FEDMFH (FMMV M051) Series M051, Class A 2.65%, 06/15/2035			4,555		3,847,889
Illinois Housing Development Authority (FCR 2019-A) Series 2019-A, Class 1 3.87%, 11/15/2035(a)			23,326		21,043,807
Illinois Housing Development Authority (FCR 2019-C) Series 2019-C, Class 1 3.87%, 11/15/2035(a)			5,504		4,965,803
Illinois Housing Development Authority (FCR 2019-D) Series 2019-D, Class 1 3.87%, 11/01/2051^(a)			5,026		4,534,292
Illinois Housing Development Authority (FCR 2019-E) Series 2019-E, Class 1
3.87%, 11/15/2035(a)			3,285		2,964,010

					122,378,276

Pennsylvania–4.6%
Allegheny County Hospital Development Authority (UPMC Obligated Group) Series 2022 3.12% (RFUCCT1Y + 0.70%), 11/15/2047(b)			10,000		9,927,650
Berks County Municipal Authority (The) (Tower Health Obligated Group) Series 2024 7.00%, 06/30/2039			1,000		839,476
Chester County Industrial Development Authority (Collegium Charter School) Series 2022 5.00%, 10/15/2032(a)			875		877,187
City of Philadelphia PA (City of Philadelphia PA) Series 2017-A 5.00%, 08/01/2028			12,310		12,664,974
Series 2019-A 5.00%, 08/01/2026			1,420		1,431,116
Series 2025-A 5.00%, 08/01/2042			4,500		4,896,185



22		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
City of Philadelphia PA Airport Revenue (City of Philadelphia PA Airport Revenue) Series 2021 5.00%, 07/01/2028		$	10,350	$	10,812,155
Commonwealth of Pennsylvania (Commonwealth of Pennsylvania) Series 2026 5.00%, 04/01/2027			10,250		10,504,350
5.00%, 08/01/2027			1,380		1,425,273
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) AG Series 2022 4.00%, 07/01/2038			10,000		9,801,668
4.00%, 07/01/2039			6,000		5,805,046
Lancaster Municipal Authority (Garden Spot Village Obligated Group) Series 2024 5.00%, 05/01/2031			210		224,055
5.00%, 05/01/2032			300		322,325
5.00%, 05/01/2033			400		431,074
5.00%, 05/01/2034			420		452,652
5.00%, 05/01/2044			1,300		1,323,339
Montgomery County Higher Education & Health Authority (HumanGood Pennsylvania Obligated Group) Series 2017 5.00%, 12/01/2027			965		980,031
5.00%, 12/01/2032			2,750		2,794,779
Montgomery County Higher Education & Health Authority (Thomas Jefferson University Obligated Group) Series 2018 5.00%, 09/01/2026			1,400		1,412,785
5.00%, 09/01/2027			1,750		1,803,220
5.00%, 09/01/2028			1,500		1,565,161
5.00%, 09/01/2029			3,000		3,125,884
5.00%, 09/01/2030			3,000		3,120,136
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Dept. of Transportation) Series 2022 5.50%, 06/30/2038			3,350		3,600,126
5.50%, 06/30/2039			5,455		5,833,921
5.50%, 06/30/2040			5,000		5,323,009
Pennsylvania Economic Development Financing Authority (Noble Environmental, Inc.) Series 2026 5.45%, 03/01/2056(a)			1,000		1,001,075
Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) Series 2015 5.00%, 06/30/2026		$	8,540	$	8,574,178
5.00%, 12/31/2026			4,500		4,517,860
5.00%, 06/30/2027			12,450		12,497,565
5.00%, 12/31/2027			6,000		6,021,989
5.00%, 06/30/2028			10,790		10,827,650
5.00%, 12/31/2028			8,910		8,940,551
5.00%, 06/30/2042			1,015		1,015,579
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) Series 2022-C 3.12% (MUNIPSA + 0.70%), 11/15/2047(b)			15,140		15,082,859
Pennsylvania Turnpike Commission (Pennsylvania Turnpike Commission) Series 2017-B 5.00%, 06/01/2028			7,025		7,217,324
5.00%, 06/01/2030			6,255		6,416,933
Series 2019 5.00%, 12/01/2029			8,000		8,495,707
Pennsylvania Turnpike Commission (Prerefunded–US Treasuries)
Series 2016-A 5.00%, 12/01/2041			5,000		5,019,914
Philadelphia Authority for Industrial Development (MaST Community Charter School III)
Series 2021 5.00%, 08/01/2030			655		670,091
5.00%, 08/01/2040			3,445		3,432,073
Philadelphia Authority for Industrial Development (St. Joseph’s University)
Series 2020 5.00%, 11/01/2027			835		860,248
5.00%, 11/01/2028			1,000		1,045,609
5.00%, 11/01/2029			1,000		1,058,410
5.00%, 11/01/2030			1,750		1,848,541
5.00%, 11/01/2031			1,685		1,771,135
5.00%, 11/01/2032			1,810		1,896,220
5.00%, 11/01/2033			1,750		1,826,361
5.00%, 11/01/2034			2,110		2,193,751
Pittsburgh Water & Sewer Authority (Pittsburgh Water & Sewer Authority)
AG Series 2023-C 3.341% (SOFR + 0.80%), 09/01/2040(a)(b)			26,000		25,810,132
School District of Philadelphia (The) (School District of Philadelphia/The)
Series 2023-A 5.25%, 09/01/2038			2,000		2,207,089
5.25%, 09/01/2039			3,695		4,047,363

					245,593,784



2026 Semi-Annual Report		23

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Puerto Rico–0.3%
Commonwealth of Puerto Rico (Commonwealth of Puerto Rico)
Series 2021-A
Zero Coupon, 07/01/2033		$	1,346	$	977,067
5.625%, 07/01/2029			1,982		2,092,713
Series 2022-C
Zero Coupon, 11/01/2043			3,591		2,406,004
Puerto Rico Commonwealth Aqueduct & Sewer Authority (Puerto Rico Commonwealth Aqueduct & Sewer Authority)
Series 2021-C 3.50%, 07/01/2026(a)			2,000		1,998,260
3.75%, 07/01/2027(a)			2,000		1,999,590
Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority)
AG Series 2007-V 5.25%, 07/01/2031			5,150		5,238,376
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC)
Series 2024 6.50%, 01/01/2041			2,000		2,272,949

					16,984,959

Rhode Island–0.0%
Providence Public Building Authority (City of Providence RI Lease)
AG Series 2020-A 5.00%, 09/15/2032			2,195		2,311,701

South Carolina–2.8%
Kershaw County School District/SC (Kershaw County School District/SC)
Series 2018-A 5.00%, 03/01/2029			2,000		2,065,674
Patriots Energy Group Financing Agency (Royal Bank of Canada)
Series 2023
5.25%, 02/01/2054			50,000		53,375,185
Series 2023-B 4.346% (SOFR + 1.90%), 02/01/2054(b)			18,000		18,596,495
Patriots Energy Group Financing Agency (Sumitomo Mitsui Financial Group)
Series 2023-A 5.25%, 10/01/2054			7,460		8,021,311
South Carolina Jobs-Economic Development Authority (Bon Secours Mercy Health)
Series 2025 5.25%, 11/01/2043			3,500		3,759,958
South Carolina Jobs-Economic Development Authority (Connexion Communities Obligated Group)
Series 2025 6.25%, 10/15/2042(a)			2,000		2,037,627
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC)
Series 2021 6.00%, 06/01/2031(c)(d)(e)		$	1,445	$	158,950
South Carolina Jobs-Economic Development Authority (Novant Health Obligated Group)
Series 2024 5.00%, 11/01/2034			10,000		11,098,774
5.00%, 11/01/2039			18,615		20,065,040
South Carolina Jobs-Economic Development Authority (Prisma Health Obligated Group)
Series 2018 5.00%, 05/01/2038			7,500		7,701,252
South Carolina Jobs-Economic Development Authority (Rolling Green Village)
Series 2025 4.00%, 12/01/2030			1,990		1,993,548
South Carolina Ports Authority (South Carolina Ports Authority)
Series 2018 5.00%, 07/01/2031			1,945		2,012,196
South Carolina Public Service Authority (Prerefunded–US Treasuries)
Series 2016-A 5.00%, 12/01/2030			465		466,892
5.00%, 12/01/2034			325		326,322
South Carolina Public Service Authority (South Carolina Public Service Authority)
Series 2016-A 5.00%, 12/01/2030			970		973,326
5.00%, 12/01/2034			675		676,928
Series 2020-A 5.00%, 12/01/2043			1,800		1,870,244
Series 2021-B 5.00%, 12/01/2043			6,350		6,638,637
Series 2024-B 4.125%, 12/01/2044			1,200		1,140,602
Series 2025-B 5.00%, 12/01/2044			3,695		3,912,010

					146,890,971

South Dakota–0.1%
South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group)
Series 2017 5.00%, 09/01/2029			3,400		3,483,485
5.00%, 09/01/2030			3,625		3,707,887

					7,191,372



24		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
Tennessee–2.3%
City of Memphis TN (City of Memphis TN)
Series 2024-B 5.00%, 04/01/2041		$	7,040	$	7,544,073
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Vanderbilt University Medical Center Obligated Group)
Series 2024 5.00%, 07/01/2034			5,500		6,150,727
Metropolitan Government of Nashville & Davidson County TN (Metropolitan Govt of Nashville & Davidson County TN)
Series 2024-C 5.00%, 01/01/2041			5,570		6,024,689
Metropolitan Nashville Airport Authority (The) (Metropolitan Nashville Airport Authority/The)
Series 2022-B 5.50%, 07/01/2039			2,500		2,725,358
Series 2026-B 5.00%, 07/01/2034			3,000		3,315,759
5.00%, 07/01/2036			2,000		2,210,869
5.00%, 07/01/2037			1,000		1,096,645
5.00%, 07/01/2038			1,800		1,959,848
Series 2026-D 5.00%, 07/01/2032			1,535		1,678,179
Shelby County Health & Educational Facilities Board (Madrone Memphis Student Housing I)
Series 2024 5.00%, 06/01/2044(a)			1,250		1,243,751
Tennergy Corp./TN (Nomura Holdings, Inc.)
Series 2022-A 5.50%, 10/01/2053			21,150		22,482,852
Tennessee Energy Acquisition Corp. (Goldman Sachs Group)
Series 2023-A 5.00%, 05/01/2053			43,555		44,925,232
Tennessee Energy Acquisition Corp. (Massachusetts Mutual Life Insurance)
Series 2026-A 5.00%, 11/01/2034			10,370		11,065,489
Tennessee Energy Acquisition Corp. (Pacific Life Insurance)
Series 2025-A 5.00%, 12/01/2035			10,000		10,588,336

					123,011,807

Texas–6.7%
Arlington Higher Education Finance Corp. (BASIS Texas Charter Schools)
Series 2024 4.125%, 06/15/2034(a)			850		840,710
Series 2025 5.00%, 06/15/2035(a)		$	1,000	$	1,043,086
Arlington Higher Education Finance Corp. (Cypress Christian School)
Series 2024-2 5.75%, 06/01/2043(a)			2,000		2,038,964
Arlington Higher Education Finance Corp. (Magellan School/The)
Series 2022 6.00%, 06/01/2042(a)			1,000		1,006,937
City of Arlington TX (City of Arlington TX)
Series 2024-A 5.00%, 08/15/2026			3,795		3,830,769
City of Austin TX Airport System Revenue (City of Austin TX Airport System Revenue)
Series 2022 5.00%, 11/15/2039			2,260		2,379,297
City of Dallas TX (City of Dallas TX)
Series 2023-A 5.00%, 02/15/2039			2,000		2,161,751
5.00%, 02/15/2043			6,700		7,119,397
Series 2024-B 5.00%, 02/15/2027			7,305		7,461,320
City of El Paso TX Water & Sewer Revenue (City of El Paso TX Water & Sewer Revenue)
Series 2022 5.00%, 03/01/2037			4,275		4,541,801
5.00%, 03/01/2039			3,880		4,084,758
City of Frisco TX (City of Frisco TX)
Series 2024 5.00%, 02/15/2042			1,140		1,228,392
City of Houston TX Airport System Revenue (City of Houston TX Airport System Revenue)
Series 2018-C 5.00%, 07/01/2029			2,450		2,549,379
Series 2021-A 4.00%, 07/01/2041			1,140		1,072,071
Series 2025-A 5.00%, 07/01/2033			5,710		6,247,047
5.00%, 07/01/2035			8,000		8,845,749
5.25%, 07/01/2036			4,000		4,484,617
5.25%, 07/01/2037			2,000		2,225,333
5.25%, 07/01/2038			2,285		2,521,396
AG Series 2023 5.00%, 07/01/2032			12,095		13,223,173
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2018 5.00%, 07/15/2028			15,135		15,519,659



2026 Semi-Annual Report		25

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Series 2024-B 5.50%, 07/15/2036		$	5,495	$	5,791,187
5.50%, 07/15/2039			3,715		3,848,447
Series 2025 5.25%, 07/15/2030			2,000		2,093,087
City of Houston TX Combined Utility System Revenue (City of Houston TX Combined Utility System Revenue) Series 2018-D 5.00%, 11/15/2043			5,720		5,873,397
City of Houston TX Hotel Occupancy Tax & Special Revenue (City of Houston TX Hotel Occupancy Tax & Special Revenue) Series 2026 5.00%, 09/01/2042(i)			1,890		2,035,926
AG Series 2026 5.00%, 09/01/2045(i)			4,000		4,216,971
City of San Antonio TX Electric & Gas Systems Revenue (City of San Antonio TX Electric & Gas Systems Revenue) Series 2024-A 5.25%, 02/01/2043			5,000		5,480,719
County of Harris TX (County of Harris TX) Series 2025-A 5.00%, 09/15/2026			5,500		5,563,015
5.00%, 09/15/2027			3,515		3,641,135
Dallas Fort Worth International Airport (Dallas Fort Worth Intl Airport) Series 2023-C 5.00%, 11/01/2028			6,500		6,829,140
5.00%, 11/01/2032			5,500		6,016,558
Series 2025-A 5.00%, 11/01/2033			1,450		1,594,921
5.00%, 11/01/2034			4,490		4,958,144
5.00%, 11/01/2035			1,550		1,699,458
5.25%, 11/01/2038			11,950		13,093,852
Dallas Independent School District (Dallas Independent School District) Series 2026-B 5.00%, 02/15/2056			2,500		2,672,796
El Paso County Hospital District (El Paso County Hospital District) AG Series 2024 5.00%, 08/15/2039			5,000		5,354,106
5.00%, 08/15/2040			2,000		2,129,180
Grand Parkway Transportation Corp. (Grand Parkway Transportation) Series 2013
5.80%, 10/01/2045(j)			4,000		4,188,168
Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital Obligated Group) Series 2026-A 5.00%, 12/01/2029			6,100		6,582,717
5.00%, 12/01/2036		$	1,450	$	1,645,601
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group) Series 2022 3.27% (MUNIPSA + 0.85%), 07/01/2049(b)			7,545		7,545,478
Series 2024 5.00%, 07/01/2034			3,875		4,335,837
5.00%, 07/01/2036			7,300		8,015,972
Harris County Hospital District (Harris County Hospital District) Series 2016 5.00%, 02/15/2027			2,465		2,468,819
Harris County Housing Finance Corp. (Kobayashi Baypointe Apartments) Series 2025 2.95%, 09/01/2043			2,000		1,992,172
Hidalgo County Regional Mobility Authority (Hidalgo County Regional Mobility Authority) Series 2022-A 5.00%, 12/01/2028			200		207,447
5.00%, 12/01/2029			500		523,175
5.00%, 12/01/2030			500		527,234
5.00%, 12/01/2031			500		530,625
5.00%, 12/01/2032			795		840,134
Irving Hospital Authority (Baylor Medical Center at Irving) Series 2017-A 5.00%, 10/15/2026			600		602,585
5.00%, 10/15/2029			600		602,124
5.00%, 10/15/2030			1,000		1,003,232
5.00%, 10/15/2031			1,020		1,022,997
Leander Independent School District (Leander Independent School District) Series 2016-A Zero Coupon, 08/16/2042			2,000		947,342
Legacy Denton Public Facility Corp. (LDG Vintage Ranch LP) Series 2022 5.00%, 04/01/2043			15,000		15,000,000
Longview Independent School District (Prerefunded–US Treasuries) Series 2017 4.00%, 02/15/2037			2,130		2,169,783
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031(a)			9,240		9,250,802
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas Obligated Group) Series 2017-A 5.00%, 08/15/2026			2,000		2,017,795



26		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
5.00%, 08/15/2028		$	2,750	$	2,830,101
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group) Series 2020 5.00%, 01/01/2035			1,300		1,251,076
Series 2022 4.00%, 01/01/2032			840		787,407
4.00%, 01/01/2037			1,155		1,034,963
New Hope Cultural Education Facilities Finance Corp. (Prerefunded–Others) Series 2017-A 5.00%, 04/01/2028			1,130		1,158,346
New Hope Cultural Education Facilities Finance Corp. (SLF CHP LLC) Series 2025 5.75%, 07/01/2035(a)			1,500		1,529,990
6.25%, 07/01/2045(a)			1,155		1,155,571
North Texas Tollway Authority (North Texas Tollway Authority) Series 2024-B 5.00%, 01/01/2034			13,995		15,698,401
Plano Independent School District (Plano Independent School District) Series 2025 5.00%, 02/15/2027			11,000		11,241,154
Port Arthur Housing Authority (Foothill Willow Lakes LLC) Series 2026-A 3.90%, 04/01/2036			6,900		6,909,124
Port of Beaumont Industrial Development Authority (Jefferson 2020 Bond Lessee & Borrower Obligated Group) Series 2021 4.10%, 01/01/2028(a)			6,575		5,977,418
Port of Beaumont Navigation District (Jefferson 2020 Bond Lessee & Borrower Obligated Group) Series 2024 5.00%, 01/01/2039(a)			1,285		1,220,311
10.00%, 07/01/2026(a)			2,000		2,001,701
Rockwall Independent School District (Rockwall Independent School District) Series 2018 5.00%, 02/15/2043			3,000		3,055,145
State of Texas (State of Texas) Series 2021-B 4.00%, 08/01/2026			2,335		2,337,677
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources Obligated Group) Series 2025 5.00%, 11/15/2064			5,000		5,522,036
Series 2025-A 5.00%, 11/15/2038		$	4,650	$	5,112,214
5.00%, 11/15/2040			4,650		5,047,573
Texas Department of Transportation State Highway Fund (Texas Dept. of Transportation State Highway Fund) Series 2016-A 5.00%, 10/01/2026			7,210		7,300,722
Texas Municipal Gas Acquisition & Supply Corp. II (JPMorgan Chase & Co.) Series 2007 3.507% (CME Term SOFR 3 Month + 1.05%), 09/15/2027(b)			1,430		1,432,937
Series 2012-C 3.288% (CME Term SOFR 3 Month + 0.86%), 09/15/2027(b)			2,890		2,892,384
Texas Municipal Gas Acquisition & Supply Corp. V (Bank of America Corp.) Series 2024 5.00%, 01/01/2055			7,845		8,333,798
Texas Municipal Gas Acquisition & Supply Corp. VI (Bank of America Corp.) Series 2025 5.00%, 01/01/2036			3,200		3,397,681
Texas State University System (Texas State University System) Series 2024 5.00%, 03/15/2042			2,900		3,123,977
University of Houston (University of Houston) Series 2020-A 5.00%, 02/15/2027			4,000		4,084,164
Series 2022-A 5.00%, 02/15/2040			1,750		1,856,833

					355,630,388

Utah–1.4%
City of Salt Lake City UT Airport Revenue (City of Salt Lake City UT Airport Revenue) Series 2021-A 4.00%, 07/01/2040			2,615		2,488,372
5.00%, 07/01/2029			3,365		3,566,732
5.00%, 07/01/2030			7,670		8,226,244
Series 2023-A 5.00%, 07/01/2032			9,270		10,134,668
5.00%, 07/01/2034			4,850		5,306,107
Series 2025-A 5.00%, 07/01/2035			1,705		1,885,250
5.00%, 07/01/2036			1,255		1,379,556
5.00%, 07/01/2038			1,645		1,782,190
BAM Series 2018-A
5.00%, 07/01/2043			17,000		17,246,196



2026 Semi-Annual Report		27

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Downtown Daybreak Public Infrastructure District No. 1 (Downtown Daybreak Public Infrastructure District No. 1) Series 2026 5.00%, 03/01/2041(a)		$	1,000	$	1,002,102
Grapevine Wash Local District (Grapevine Wash Local District Assessment Area No. 1) Series 2024-A 5.25%, 12/01/2044(a)			1,600		1,563,156
Intermountain Power Agency (Intermountain Power Agency) Series 2022-A 5.00%, 07/01/2028			3,500		3,679,962
5.00%, 07/01/2042			2,360		2,477,460
Series 2023 5.00%, 07/01/2039			5,000		5,351,936
Series 2024-A 5.00%, 07/01/2039			2,915		3,148,856
Mida Mountain Village Public Infrastructure District (Mida Mountain Village Public Infrastructure District) Series 2025-1 5.25%, 06/01/2045(a)			1,135		1,147,027
Utah Transit Authority (Utah Transit Authority Sales Tax) Series 2015-A 5.00%, 06/15/2026			1,305		1,307,573
AG Series 2006-C 5.25%, 06/15/2032			1,590		1,754,344

					73,447,731

Virginia–1.0%
County of Chesterfield VA (County of Chesterfield VA) Series 2025-B 5.00%, 01/01/2027			6,150		6,267,453
County of Loudoun VA (County of Loudoun VA) Series 2022-A 5.00%, 12/01/2026			9,295		9,451,900
Federal Home Loan Mortgage Corp. VA FEDMFH (FMMV M042) Series M042, Class A 2.60%, 11/15/2033			8,965		7,766,677
Federal Home Loan Mortgage Corp. VA FEDMFH (Freddie Mac Multifamily Variable Rate Certificate) Series M046, Class A 2.625%, 06/15/2035			9,035		7,917,988
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay Obligated Group) Series 2023 5.375%, 09/01/2029			1,000		1,007,050
Virginia College Building Authority (Washington & Lee University)
Series 2021 3.00%, 01/01/2040		$	4,345	$	3,534,288
Virginia Small Business Financing Authority (Elizabeth River Crossings OpCo) Series 2022 4.00%, 07/01/2030			2,000		2,033,490
4.00%, 01/01/2032			5,030		5,083,319
Virginia Small Business Financing Authority (National Senior Communities Obligated Group) Series 2020 5.00%, 01/01/2029			1,400		1,471,618
5.00%, 01/01/2030			1,650		1,735,265
5.00%, 01/01/2031			1,250		1,313,308
5.00%, 01/01/2033			1,750		1,834,903
5.00%, 01/01/2034			1,600		1,675,765
5.00%, 01/01/2035			1,570		1,642,762

					52,735,786

Washington–2.7%
Central Puget Sound Regional Transit Authority (Central Puget Sound Regional Transit Authority Sales & Use Tax) Series 2009-2 5.491%, 11/01/2039			5,000		5,076,306
Energy Northwest (Bonneville Power Administration) Series 2021 5.00%, 07/01/2040			5,120		5,424,803
Port of Seattle WA (Port of Seattle WA) Series 2018-A 5.00%, 05/01/2038			4,015		4,061,342
Series 2019 5.00%, 04/01/2034			1,000		1,043,646
Series 2021 4.00%, 08/01/2041			5,000		4,812,631
5.00%, 08/01/2033			5,000		5,381,349
Series 2022 5.00%, 08/01/2030			1,250		1,345,102
5.00%, 08/01/2033			3,835		4,176,715
5.00%, 08/01/2042			5,000		5,220,815
Series 2024 5.25%, 07/01/2043			4,140		4,431,439
Series 2025-B 5.00%, 10/01/2029			2,100		2,238,210
5.00%, 10/01/2030			1,730		1,865,362
5.00%, 10/01/2033			7,430		8,185,000
5.00%, 10/01/2036			1,140		1,255,156
5.00%, 10/01/2037			7,500		8,195,186
5.00%, 10/01/2038			4,000		4,340,635
5.00%, 10/01/2039			3,445		3,703,354



28		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
Port of Tacoma WA (Port of Tacoma WA) Series 2016-B 5.00%, 12/01/2037		$	6,835	$	6,890,728
5.00%, 12/01/2038			6,775		6,823,999
Snohomish County School District No. 201 Snohomish (Snohomish County School District No. 201 Snohomish) Series 2025 5.00%, 12/01/2027			3,000		3,122,130
Snohomish County School District No. 6 Mukilteo (Snohomish County School District No. 6 Mukilteo) Series 2022 5.00%, 12/01/2026			1,630		1,657,525
Spokane County School District No. 81 Spokane (Spokane County School District No. 81 Spokane) Series 2012 3.00%, 12/01/2031			10,000		9,701,153
State of Washington (State of Washington) Series 2017 5.00%, 08/01/2030			5,440		5,609,520
Series 2026-C 5.00%, 02/01/2038			5,260		5,937,000
Vancouver Housing Authority (Vancouver Housing Authority) Series 2025 4.25%, 02/01/2038			2,175		2,188,053
Washington Health Care Facilities Authority (CommonSpirit Health Obligated Group) Series 2017 5.00%, 08/15/2027			2,175		2,238,823
5.00%, 08/15/2028			3,700		3,801,944
5.00%, 08/15/2030			8,005		8,205,589
Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences) Series 2023 5.875%, 07/01/2043(a)			2,025		2,143,890
Washington State Housing Finance Commission (WSHFC 2021-1) Series 2021-1, Class A 3.50%, 12/20/2035			4,568		4,376,887
Series 2021-1, Class X 0.726%, 12/20/2035(f)			3,015		108,938
Washington State Housing Finance Commission (WSHFC 2023-1) Series 2023-1, Class X 1.362%, 04/20/2037(f)			9,754		911,119
Washington State Housing Finance Commission (WSHFC 2024-1) Series 2024-1, Class A 3.812%, 03/01/2050		$	3,264	$	3,142,918
Washington State Housing Finance Commission (WSHFC 2025-1) Series 2025-1, Class A1 3.685%, 08/20/2063			6,463		6,122,489

					143,739,756

West Virginia–0.2%
Tobacco Settlement Finance Authority/WV (Tobacco Settlement Finance Authority/WV) Series 2020
4.875%, 06/01/2049			10,625		10,424,447

Wisconsin–2.6%
Public Finance Authority (PFA 2026-1) Series 2026-1, Class A1 4.126%, 01/20/2041			6,672		6,298,103
State of Wisconsin (Prerefunded–US Treasuries) Series 2019-A 5.00%, 05/01/2027			12,500		12,832,024
5.00%, 05/01/2028			12,000		12,318,743
State of Wisconsin (State of Wisconsin) Series 2027-1 5.00%, 05/01/2030(i)			1,400		1,490,123
University of Wisconsin Hospitals & Clinics (University of Wisconsin Hospitals & Clinics Authority Obligated Group) Series 2024-B 5.00%, 04/01/2054			10,000		10,852,495
Wisconsin Center District (Wisconsin Center District) AG Series 2020-C Zero Coupon, 12/15/2028			1,075		988,576
Zero Coupon, 12/15/2030			2,140		1,828,845
Zero Coupon, 12/15/2032			2,800		2,206,479
Zero Coupon, 12/15/2034			2,500		1,797,421
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group) Series 2022 2.60% (MUNIPSA + 0.18%), 08/15/2054(b)			4,000		3,991,744
Wisconsin Health & Educational Facilities Authority (Chiara Housing & Services Obligated Group) Series 2024 5.00%, 07/01/2035			1,060		1,083,471



2026 Semi-Annual Report		29

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Wisconsin Health & Educational Facilities Authority (Gundersen Lutheran Obligated Group) Series 2021 4.00%, 10/15/2034		$	2,500	$	2,536,585
4.00%, 10/15/2035			1,000		1,008,130
Wisconsin Health & Educational Facilities Authority (Hospital Sisters Services Obligated Group) Series 2025 5.00%, 08/15/2030			9,380		10,123,033
Wisconsin Public Finance Authority (Absolute Awakenings) Series 2025-A 7.00%, 01/01/2045(a)			1,465		1,562,692
Wisconsin Public Finance Authority (Alpha Ranch Water Control & Improvement District of Denton & Wise Counties) Series 2024 Zero Coupon, 12/15/2038(a)			2,000		939,767
Wisconsin Public Finance Authority (Carmelite System Obligated Group) Series 2020
5.00%, 01/01/2040			3,750		3,802,680
Wisconsin Public Finance Authority (CFC-SA LLC) Series 2022 5.00%, 02/01/2042			2,000		2,039,494
5.50%, 02/01/2042(a)			6,955		7,192,928
Wisconsin Public Finance Authority (Duke Energy Progress LLC) Series 2022 3.30%, 10/01/2046			5,315		5,320,690
Wisconsin Public Finance Authority (Heritage Bend Project) Series 2025 Zero Coupon, 12/15/2042(a)			5,520		1,727,708
Wisconsin Public Finance Authority (Lackland Project) Series 2024 Zero Coupon, 02/01/2031			1,361		975,956
Wisconsin Public Finance Authority (North San Gabriel Municipal Utility District No. 1) Series 2023 Zero Coupon, 09/01/2029(a)			342		265,647
Wisconsin Public Finance Authority (Puerto Rico Tollroads LLC) Series 2024 5.50%, 07/01/2044			1,800		1,838,245
Wisconsin Public Finance Authority (Queens University of Charlotte) Series 2022 5.25%, 03/01/2042			6,000		6,216,817
Wisconsin Public Finance Authority (Signorelli Projects) Series 2024 5.375%, 12/15/2032(a)		$	1,905	$	1,896,334
Wisconsin Public Finance Authority (Southeast Overtown Park West Community Redevelopment Agency) Series 2024 5.00%, 06/01/2041(a)			1,000		1,000,822
Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group) Series 2021 4.00%, 02/01/2035			615		559,658
4.00%, 02/01/2036			3,335		2,988,404
4.00%, 02/01/2038			3,575		3,128,406
4.00%, 02/01/2040			3,945		3,351,127
Series 2022 5.00%, 02/01/2031			3,375		3,373,666
5.00%, 02/01/2032			2,545		2,536,487
Wisconsin Public Finance Authority (Triad Math & Science Academy) Series 2026 5.00%, 06/15/2036(a)(i)			1,750		1,757,351
Wisconsin Public Finance Authority (UMA Education, Inc.) Series 2019
5.00%, 10/01/2026(a)			3,605		3,625,273
5.00%, 10/01/2029(a)			835		864,143
Wisconsin Public Finance Authority (Wisconsin Public Finance Authority) 5.50%, 12/15/2038(a)			1,201		1,201,991
Wisconsin Public Finance Authority (Wisconsin Public Finance Authority-MF Affordable Housing) Series 2024-1 4.10%, 09/25/2039			3,042		2,921,250
Wisconsin Public Finance Authority (Wisconsin Public Finance Authority-Muni Certificates) Series 2026 3.625%, 06/15/2063			4,800		4,766,592

					135,209,900

Total Long-Term Municipal Bonds (cost $4,775,686,007)					4,743,938,579



Short-Term Municipal Notes–8.7%
Arizona Health Facilities Authority (Banner Health Obligated Group) Series 2017-C 2.70%, 01/01/2046(k)			2,785		2,785,000
City of Cranston RI (City of Cranston RI) Series 2025-1 4.00%, 08/19/2026			5,250		5,277,453



30		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
City of Danbury CT (City of Danbury CT) Series 2026 4.00%, 02/22/2027		$	10,000	$	10,137,796
City of Hoboken NJ (City of Hoboken NJ) Series 2026-A 4.00%, 03/08/2027			10,000		10,142,074
City of Los Angeles CA (City of Los Angeles CA) Series 2025 5.00%, 06/25/2026			23,785		23,922,197
City of Quincy MA (City of Quincy MA) Series 2025 5.00%, 09/29/2026			19,025		19,251,184
City of Rochester NY (City of Rochester NY) Series 2025-I 4.00%, 07/30/2026			15,000		15,072,097
Clover School District No. 2 (Clover School District No. 2) Series 2025 5.00%, 10/01/2026			18,095		18,318,133
Cobb County School District (Cobb County School District) Series 2026 4.00%, 12/15/2026			15,000		15,157,787
Colorado Educational & Cultural Facilities Authority (Michael Ann Russell Jewish Community Center) Series 2012 2.70%, 01/01/2039(k)			5,025		5,025,000
Colorado Health Facilities Authority (Children’s Hospital Colorado Obligated Group) Series 2020 2.70%, 12/01/2052(k)			7,500		7,500,000
Colorado State Education Loan Program (Colorado State Education Loan Program) Series 2025 5.00%, 06/30/2026			34,100		34,303,250
Series 2026 5.00%, 06/30/2026			27,000		27,164,403
Connetquot Central School District of Islip (Connetquot Central School District of Islip) Series 2025 4.00%, 06/18/2026			9,000		9,029,691
County of Hudson NJ (County of Hudson NJ) Series 2026 4.00%, 02/24/2027			10,000		10,131,532
County of Miami-Dade FL Water & Sewer System Revenue (County of Miami-Dade FL Water & Sewer System Revenue) Series 2025-B 5.00%, 10/01/2026		$	8,600	$	8,704,729
County of Montgomery OH (Premier Health Partners Obligated Group) Series 2019 2.85%, 11/15/2045(k)			10,000		10,000,000
County of Suffolk NY (County of Suffolk NY) Series 2025 4.00%, 07/24/2026			13,500		13,564,427
District of Columbia (MedStar Health Obligated Group) Series 2017-A 2.70%, 08/15/2038(k)			11,675		11,675,000
Essex County Improvement Authority (County of Essex NJ) Series 2026 4.00%, 03/12/2027			4,500		4,565,172
Green Lake Township Economic Development Corp. (Interlochen Center for the Arts) Series 2023 2.70%, 06/01/2034(k)			3,500		3,500,000
Greenville County School District (Greenville County School District) Series 2025-C 5.00%, 06/29/2026			5,980		6,014,870
Hampton Roads Sanitation District (Hampton Roads Sanitation District) Series 2025-A 5.00%, 07/15/2026			14,500		14,601,262
Idaho Health Facilities Authority (St. Luke’s Health System Obligated Group/ID) Series 2018-C 2.80%, 03/01/2048(k)			4,915		4,915,000
Jersey City Redevelopment Agency (Jersey City Redevelopment Agency) Series 2025 5.00%, 12/09/2026			3,360		3,414,908
Long Beach Unified School District (Long Beach Unified School District) Series 2026-B 5.00%, 08/01/2026(i)			10,000		10,076,534
Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group) Series 2016-B 2.70%, 10/01/2039(k)			1,950		1,950,000



2026 Semi-Annual Report		31

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Monmouth County Improvement Authority (The) (Monmouth County Improvement Authority/The) Series 2026 4.00%, 03/12/2027		$	4,500	$	4,562,164
Nuveen AMT-Free Municipal Credit Income Fund (Nuveen AMT-Free Municipal Credit Income Fund) Series 2019 2.87%, 03/01/2029(k)			12,955		12,955,000
Nuveen AMT-Free Quality Municipal Income Fund (Nuveen AMT-Free Quality Municipal Income Fund) Series 2021 2.87%, 03/01/2029(k)			15,515		15,515,000
Nuveen California AMT-Free Quality Municipal Income Fund (Nuveen California AMT-Free Quality Municipal Income Fund) Series 2017 2.87%, 10/01/2047(a)(k)			5,000		5,000,000
Orangeburg County School District (Orangeburg County School District) Series 2025 5.00%, 08/13/2026			25,000		25,224,693
Oregon State Facilities Authority (PeaceHealth Obligated Group) Series 2018-A 2.75%, 08/01/2034(k)			8,500		8,500,000
Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson University Obligated Group) Series 2024 2.70%, 11/01/2061(k)			3,690		3,690,000
School District of Broward County/FL (School District of Broward County/FL) Series 2025 4.00%, 06/25/2026			19,510		19,575,468
Tarrant County Housing Finance Corp. (One Oaklake VIII LLC) Series 2003
2.49%, 02/15/2036(k)			245		245,000
Town of Greenwich CT (Town of Greenwich CT) Series 2026 4.00%, 02/04/2027			15,390		15,597,639
Town of Oyster Bay NY (Town of Oyster Bay NY) Series 2025 4.00%, 08/21/2026			27,970		28,123,922
Series 2026 4.00%, 03/05/2027			5,500		5,577,411
Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) Series 2018-2 2.75%, 01/01/2031(k)		$	3,500	$	3,500,000
Series 2025 5.00%, 05/15/2026			4,875		4,890,792

Total Short-Term Municipal Notes (cost $459,286,070)					459,156,588

Total Municipal Obligations (cost $5,234,972,077)					5,203,095,167



CORPORATES—INVESTMENT GRADE–0.7%

Industrial–0.7%
Consumer Non-Cyclical–0.7%
Baylor Scott & White Holdings Series 2021 1.777%, 11/15/2030			5,000		4,440,150
Hackensack Meridian Health, Inc. Series 2020 2.675%, 09/01/2041			7,000		4,984,280
Novant Health, Inc. 2.637%, 11/01/2036			19,100		15,147,637
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031			10,000		8,536,600
Sutter Health Series 20A 3.161%, 08/15/2040			4,000		3,086,520

					36,195,187

Transportation—Airlines–0.0%
United Airlines, Inc. 4.625%, 04/15/2029(a)			2,300		2,254,690

Total Corporates—Investment Grade (cost $47,298,893)					38,449,877



CORPORATES—NON-INVESTMENT GRADE–0.1%

Industrial–0.1%
Communications—Media–0.1%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034(a) (cost $7,730,000)			7,730		6,613,324



32		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value

ASSET-BACKED SECURITIES–0.0%
Autos—Fixed Rate–0.0%
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028(a) (cost $1,782,223)		$	1,782	$	1,799,664

Total Investments—99.2% (cost $5,291,783,193)					5,249,958,032

Other assets less liabilities—0.8%					41,511,757

Net Assets—100.0%				$	5,291,469,789



CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)
Description	Fixed Rate (Pay) Receive	Payment Frequency		Implied Credit Spread at March 31, 2026		Notional Amount (000)	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts

CDX-NAHY Series 46, 5 Year Index, 06/20/2031*	(5.00)%		Quarterly		3.86%	USD 65,440	$	(3,242,655	)	$	(2,549,485	)	$	(693,170	)
* Termination date



	CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)
					Rate Type		Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Notional Amount (000)			Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
	USD	81,000		10/15/2029	2.485%	CPI#	Maturity	$	593,134	$	—	$	593,134
	USD	27,700		10/15/2029	2.545%	CPI#	Maturity		121,952		—		121,952
	USD	5,300		10/15/2029	2.569%	CPI#	Maturity		17,185		—		17,185

								$	732,271	$	—	$	732,271

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



	CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)
					Rate Type		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Notional Amount (000)			Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
	USD	57,300		07/30/2032	1 Day SOFR	3.712%	Annual	$	(31,374	)	$	—	$	(31,374	)
	USD	15,600		07/30/2032	1 Day SOFR	3.700%	Annual		(20,850	)		—		(20,850	)
	USD	61,500		01/03/2033	1 Day SOFR	3.695%	Annual		(36,714	)		—		(36,714	)
	USD	67,400		09/25/2035	3.587%	1 Day SOFR	Annual		1,439,568			—		1,439,568
	USD	36,600		09/25/2035	3.509%	1 Day SOFR	Annual		1,025,369			—		1,025,369

								$	2,375,999		$	—	$	2,375,999



2026 Semi-Annual Report		33

Schedule of Investments (continued)

INTEREST RATE SWAPS (see Note 3)

Rate Type

Payment
Frequency Paid/
Received

Market
Value

Upfront
Premiums
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Swap Counterparty

Notional Amount
(000)

Termination
Date

Payments made
by the Fund

Payments received
by the Fund

Citibank NA

USD 57,160

10/09/2029

1.125%

1 Week SIFMA*

Quarterly

2,868,193

—

2,868,193

* 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 March 31, 2026, the aggregate market value of these securities amounted to $366,464,702 or 6.9% of net assets.

(b)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at March 31, 2026.

(c)

Non-income producing security.

(d)

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 March 31, 2026, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost	Market Value		Percentage of Net Assets
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 6.50%, 07/01/2026		06/13/2022	$ 2,077,317	$	47,000		0.00	%
Polk County Industrial Development Authority/FL (Mineral Development LLC) Series 2020 5.875%, 01/01/2033		10/23/2020	1,905,000		381,000		0.01	%
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) Series 2021 6.00%, 06/01/2031		10/04/2022	1,180,754		158,950		0.00	%

(e)

Defaulted.

(f)

IO—Interest Only.

(g)

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

(h)

Fair valued by the Adviser.

(i)

When-Issued or delayed delivery security.

(j)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at March 31, 2026.

(k)

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

As of March 31, 2026, 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 4.5% and 0.0%, respectively.

Glossary:

AG—Assured Guaranty Inc.

AMT—Alternative Minimum Tax (subject to)

BAM—Build American Mutual

CDX-NAHY—North American High Yield Credit Default Swap

CHF—Collegiate Housing Foundation

CME—Chicago Mercantile Exchange

COP—Certificate of Participation

FHLMC—Federal Home Loan Mortgage Corporation

ID—Improvement District

MUNIPSA—SIFMA Municipal Swap Index

NATL—National Interstate Corporation

OSF—Order of St. Francis

PFA—Public Finance Authority

RFUCCT1Y—Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year

SOFR—Secured Overnight Financing Rate

UPMC—University of Pittsburgh Medical Center

XLCA—XL Capital Assurance Inc.

See notes to financial statements.



34		Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

AB Core Bond Portfolio

March 31, 2026 (unaudited)



	Principal Amount (000)			U.S. $ Value

GOVERNMENTS—TREASURIES–29.1%
Japan–0.9%
Japan Government Thirty Year Bond Series 86 2.40%, 03/20/2055		JPY	8,224,100	$	40,238,782

United States–28.2%
U.S. Treasury Bonds 1.75%, 08/15/2041		U.S.$	46,935		31,380,448
1.875%, 02/15/2051			125,178		69,493,460
2.00%, 11/15/2041			9,057		6,263,758
2.25%, 08/15/2046			12,530		8,164,078
2.375%, 02/15/2042			11,433		8,331,872
2.375%, 11/15/2049			2,885		1,838,286
2.50%, 02/15/2045			1,916		1,343,894
2.50%, 05/15/2046			23,956		16,458,521
3.00%, 05/15/2045			23,139		17,607,333
3.00%, 08/15/2048			20,827		15,281,811
3.00%, 02/15/2049			26,971		19,697,477
3.25%, 05/15/2042			11,593		9,553,192
3.375%, 08/15/2042			19,569		16,345,896
3.375%, 05/15/2044			5,710		4,665,732
3.50%, 02/15/2039			4,254		3,835,247
3.625%, 05/15/2053			27,235		21,834,650
3.75%, 11/15/2043			10,205		8,840,081
3.875%, 02/15/2043			12,073		10,725,839
3.875%, 05/15/2043			19,718		17,480,796
4.00%, 11/15/2042			33,530		30,344,650
4.125%, 08/15/2053			30,804		27,021,234
4.25%, 02/15/2054			4,634		4,150,961
4.375%, 02/15/2038			9,484		9,461,373
4.375%, 11/15/2039			47,210		46,000,244
4.375%, 08/15/2043			19,182		18,106,293
4.50%, 02/15/2044			20,030		19,150,080
4.625%, 05/15/2054			16,704		15,929,021
4.75%, 11/15/2043			17,479		17,265,975
4.75%, 11/15/2053			24,746		24,062,007
U.S. Treasury Notes 3.50%, 04/30/2028			16,210		16,107,620
3.625%, 03/31/2028			28,384		28,283,203
3.625%, 05/31/2028			105,963		105,549,381
3.75%, 12/31/2028			80,830		80,672,229
3.875%, 12/31/2027			32,671		32,693,972
4.00%, 02/29/2028			13,956		14,002,639
4.00%, 01/31/2029			73,672		74,011,683
4.00%, 02/15/2034			35,083		34,611,967
4.125%, 03/31/2029			8,646		8,718,376
4.125%, 08/31/2030			23,463		23,644,572
4.125%, 11/15/2032			22,001		22,010,813
4.25%, 02/28/2029			15,011		15,183,392
4.375%, 08/31/2028			29,238		29,605,354
4.375%, 11/30/2028			47,131		47,786,314
	Principal Amount (000)			U.S. $ Value
4.375%, 05/15/2034	U.S.$		12,471	$	12,601,758
4.50%, 05/31/2029			36,587		37,298,732
4.50%, 11/15/2033			17,484		17,846,829
4.625%, 04/30/2029			59,634		60,985,492
4.875%, 10/31/2028			95,833		98,280,824

					1,260,529,359

Total Governments—Treasuries (cost $1,391,053,437)					1,300,768,141



CORPORATES—INVESTMENT GRADE–26.6%

Industrial–13.9%
Basic–0.4%
Freeport Indonesia PT 4.763%, 04/14/2027(a)			904		902,083
Glencore Funding LLC 4.907%, 04/01/2028(a)			4,150		4,180,129
5.186%, 04/01/2030(a)			1,756		1,779,899
5.338%, 04/04/2027(a)			2,571		2,592,571
6.50%, 10/06/2033(a)			2,016		2,180,385
Marcobre SAC 5.75%, 01/22/2036(a)			1,689		1,635,628
Nexa Resources SA 6.75%, 04/09/2034(a)			1,853		1,929,436
Smurfit Westrock Financing DAC 5.418%, 01/15/2035			3,723		3,747,534

					18,947,665

Capital Goods–1.2%
Boeing Co. (The) 3.25%, 02/01/2028			4,850		4,752,951
Caterpillar Financial Services Corp. 4.45%, 10/16/2026			10,001		10,018,702
Flowserve Corp. 2.80%, 01/15/2032			4,669		4,120,953
General Electric Co. 4.90%, 01/29/2036			4,323		4,321,228
Republic Services, Inc. 4.75%, 07/15/2030			10,365		10,486,685
Waste Management, Inc. 4.50%, 03/15/2028			10,132		10,195,122
Westinghouse Air Brake Technologies Corp. 4.90%, 05/29/2030			10,353		10,461,603

					54,357,244

Communications—Media–0.3%
Meta Platforms, Inc. 5.50%, 11/15/2045			3,999		3,786,933
5.75%, 11/15/2065			4,126		3,826,618
Prosus NV 3.257%, 01/19/2027(a)			1,724		1,698,140
Time Warner Cable LLC 4.50%, 09/15/2042			2,370		1,777,500

					11,089,191



2026 Semi-Annual Report		35

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Communications—Telecommunications–0.2%
AT&T, Inc. 4.50%, 05/15/2035		U.S.$	2,034	$	1,927,357
T-Mobile USA, Inc. 3.875%, 04/15/2030			1,696		1,651,107
TELUS Corp. 7.00%, 10/15/2055			4,120		4,182,295

					7,760,759

Consumer Cyclical—Automotive–1.5%
BMW US Capital LLC 4.60%, 08/13/2027(a)			10,014		10,042,840
4.65%, 03/19/2027(a)			317		318,347
Ford Motor Co. 3.25%, 02/12/2032			6,003		5,214,866
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			902		895,307
5.918%, 03/20/2028			695		703,868
6.125%, 03/08/2034			3,932		3,891,658
General Motors Financial Co., Inc. 2.40%, 04/10/2028			783		750,866
4.90%, 10/06/2029			1,822		1,830,746
5.00%, 07/15/2027			2,061		2,072,707
5.55%, 07/15/2029			3,336		3,414,696
Honda Motor Co., Ltd. 4.436%, 07/08/2028			10,522		10,493,380
Hyundai Capital America 4.30%, 09/24/2027(a)			625		622,475
4.50%, 09/18/2030(a)			375		368,903
5.25%, 01/08/2027(a)			2,195		2,207,577
5.275%, 06/24/2027(a)			293		295,508
5.30%, 03/19/2027(a)			2,599		2,618,700
6.10%, 09/21/2028(a)			4,320		4,462,258
Mercedes-Benz Finance North America LLC 4.125%, 03/10/2028(a)			5,911		5,882,805
Toyota Motor Credit Corp. 4.80%, 05/15/2030			10,363		10,479,998

					66,567,505

Consumer Cyclical—Entertainment–0.1%
Hasbro, Inc. 4.65%, 03/12/2031			1,341		1,325,632
6.05%, 05/14/2034			2,322		2,417,945

					3,743,577

Consumer Cyclical—Other–0.8%
Flutter Treasury DAC 5.875%, 06/04/2031(a)			13,275		13,131,232
Las Vegas Sands Corp. 3.90%, 08/08/2029			7,323		7,065,084
Marriott International, Inc./MD 4.20%, 07/15/2027			10,684		10,667,974
5.10%, 05/01/2038			510		484,689
Sekisui House US, Inc. 6.00%, 01/15/2043			3,776		3,445,184

					34,794,163

	Principal Amount (000)			U.S. $ Value
Consumer Cyclical—Restaurants–0.2%
Starbucks Corp. 4.85%, 02/08/2027	U.S.$		9,151	$	9,192,180

Consumer Cyclical—Retailers–0.2%
AutoNation, Inc. 4.45%, 01/15/2029			2,318		2,299,039
Ross Stores, Inc. 4.70%, 04/15/2027			7,988		7,995,269

					10,294,308

Consumer Non-Cyclical–2.7%
Altria Group, Inc. 3.40%, 05/06/2030			7,300		6,978,289
5.80%, 02/14/2039			6,302		6,328,657
BAT Capital Corp. 4.625%, 03/22/2033			2,906		2,843,405
5.35%, 08/15/2032			6,424		6,591,217
7.75%, 10/19/2032			704		807,565
Baxter International, Inc. 5.65%, 12/15/2035			6,489		6,340,142
Cargill, Inc. 4.125%, 10/23/2030(a)			7,256		7,143,387
5.125%, 10/11/2032(a)			3,643		3,735,204
Cencosud SA 5.95%, 05/28/2031(a)			1,110		1,132,145
General Mills, Inc. 4.70%, 01/30/2027			2,460		2,462,755
4.875%, 01/30/2030			7,545		7,592,156
Imperial Brands Finance PLC 3.875%, 07/26/2029(a)			244		238,063
4.50%, 06/30/2028(a)			848		848,594
5.875%, 07/01/2034(a)			7,441		7,658,724
Mars, Inc. 4.60%, 03/01/2028(a)			5,997		6,031,783
Mondelez International, Inc. 4.50%, 05/06/2030			6,469		6,445,000
Novartis Capital Corp. 3.90%, 11/05/2028			11,050		10,992,982
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031			5,660		4,831,716
Philip Morris International, Inc. 5.375%, 02/15/2033			8,162		8,389,067
5.625%, 11/17/2029			829		862,077
Roche Holdings, Inc. 4.075%, 12/02/2030(a)			742		732,302
4.203%, 09/09/2029(a)			10,206		10,185,384
Sysco Corp. 4.40%, 07/25/2031			5,173		5,014,758
Viatris, Inc. 2.70%, 06/22/2030			5,162		4,676,307

					118,861,679

Energy–2.7%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. 4.35%, 06/15/2031			4,030		3,978,134



36		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)		U.S. $ Value
Cenovus Energy, Inc. 4.65%, 03/20/2031	U.S.$	2,633	$	2,615,412
5.40%, 03/20/2036		2,841		2,824,778
ConocoPhillips Co. 5.65%, 01/15/2065		10,063		9,589,737
Continental Resources, Inc./OK 2.875%, 04/01/2032(a)		6,461		5,643,942
4.375%, 01/15/2028		1,885		1,870,712
5.75%, 01/15/2031(a)		2,866		2,921,457
Devon Energy Corp. 5.60%, 07/15/2041		4,914		4,756,211
Eni SpA 5.75%, 05/19/2035(a)		10,363		10,745,498
Enterprise Products Operating LLC 5.95%, 02/01/2041		9,957		10,377,086
MPLX LP 5.30%, 04/01/2036		6,179		6,092,494
ONEOK, Inc. 3.10%, 03/15/2030		5,744		5,416,994
5.40%, 10/15/2035		6,434		6,393,594
6.05%, 09/01/2033		1,323		1,386,491
Plains All American Pipeline LP/PAA Finance Corp. 5.60%, 01/15/2036		628		629,997
5.70%, 09/15/2034		9,697		9,910,625
Suncor Energy, Inc. 6.80%, 05/15/2038		3,011		3,287,350
Targa Resources Corp. 4.35%, 01/15/2029		4,095		4,077,105
4.90%, 09/15/2030		1,903		1,919,842
5.65%, 02/15/2036		2,106		2,135,252
6.05%, 05/15/2056		3,135		3,033,833
Var Energi ASA 7.50%, 01/15/2028(a)		5,044		5,270,425
Williams Cos., Inc. (The) 4.625%, 06/30/2030		5,930		5,925,078
4.80%, 11/15/2029		4,524		4,569,240
Woodside Finance Ltd.
5.40%, 05/19/2030		1,523		1,554,998
6.00%, 05/19/2035		3,979		4,143,134

				121,069,419

Services–0.5%
Amazon.com, Inc. 3.90%, 11/20/2028		5,533		5,507,327
4.875%, 03/13/2036		5,533		5,481,432
Global Payments, Inc. 4.875%, 11/15/2030		2,130		2,090,723
5.20%, 11/15/2032		2,185		2,120,433
Mastercard, Inc. 4.55%, 01/15/2035		7,332		7,198,558

				22,398,473

Technology–2.1%
Alphabet, Inc. 4.70%, 11/15/2035		1,657		1,637,630
5.45%, 11/15/2055		2,947		2,850,486
5.65%, 02/15/2056		3,849		3,833,681
5.70%, 11/15/2075		2,947		2,853,875
	Principal Amount (000)		U.S. $ Value
Apple, Inc. 4.10%, 08/08/2062	U.S.$	5,020	$	3,825,842
Broadcom, Inc. 4.30%, 01/15/2031		5,140		5,097,287
4.90%, 07/15/2032		873		880,857
4.926%, 05/15/2037(a)		3,190		3,092,003
Cisco Systems, Inc. 4.75%, 02/24/2030		10,247		10,435,135
Dell International LLC/EMC Corp. 4.35%, 02/01/2030		10,401		10,292,621
5.30%, 04/01/2032		736		747,614
Fidelity National Information Services, Inc. 4.45%, 03/10/2028		3,441		3,430,952
Fiserv, Inc. 3.50%, 07/01/2029		9,632		9,228,130
4.55%, 02/15/2031		875		856,502
International Business Machines Corp. 5.00%, 02/10/2032		10,207		10,292,330
NXP BV/NXP Funding LLC 5.55%, 12/01/2028		4,119		4,216,332
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.40%, 05/01/2030		3,313		3,157,753
Oracle Corp. 4.375%, 05/15/2055		2,022		1,336,522
5.20%, 09/26/2035		829		776,964
5.95%, 09/26/2055		1,738		1,461,276
Salesforce, Inc. 4.90%, 09/15/2031		5,678		5,670,278
5.20%, 03/15/2033		5,678		5,667,950
TSMC Arizona Corp. 3.875%, 04/22/2027		2,710		2,698,049

				94,340,069

Transportation—Airlines–0.5%
AS Mileage Plan IP Ltd.
5.021%, 10/20/2029(a)		3,671		3,629,114
5.308%, 10/20/2031(a)		4,045		3,961,228
Delta Air Lines, Inc. 5.25%, 07/10/2030		9,641		9,714,754
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028(a)		3,612		3,605,382
Southwest Airlines Co. 4.375%, 11/15/2028		3,158		3,117,767

				24,028,245

Transportation—Railroads–0.0%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036(a)		353		334,234
5.875%, 07/05/2034(a)		832		848,694

				1,182,928

Transportation—Services–0.5%
ENA Master Trust 4.00%, 05/19/2048(a)		1,235		972,081
ERAC USA Finance LLC 4.60%, 05/01/2028(a)		2,517		2,528,427
6.70%, 06/01/2034(a)		4,401		4,912,660



2026 Semi-Annual Report		37

Schedule of Investments (continued)



	Principal Amount (000)		U.S. $ Value
Ryder System, Inc. 5.375%, 03/15/2029	U.S.$	7,365	$	7,537,783
TTX Co. 5.50%, 09/25/2026(a)		8,329		8,368,896

				24,319,847

				622,947,252



Financial Institutions–9.9%
Banking–8.1%
AIB Group PLC 5.32%, 05/15/2031(a)		5,091		5,183,503
6.608%, 09/13/2029(a)		1,569		1,641,582
Ally Financial, Inc. 5.543%, 01/17/2031		1,695		1,706,306
5.737%, 05/15/2029		2,267		2,302,297
6.992%, 06/13/2029		4,741		4,936,661
American Express Co. 5.098%, 02/16/2028		9,109		9,159,373
Banco Bilbao Vizcaya Argentaria SA 5.127%, 03/03/2036		10,600		10,303,518
7.883%, 11/15/2034		800		902,568
Banco Santander SA 4.175%, 03/24/2028		3,200		3,185,760
6.35%, 03/14/2034		3,000		3,148,560
6.921%, 08/08/2033		3,200		3,452,640
Bank of America Corp. 5.744%, 02/12/2036		10,267		10,445,235
Bank of Ireland Group PLC 5.601%, 03/20/2030(a)		1,428		1,464,971
Banque Federative du Credit Mutuel SA 5.538%, 01/22/2030(a)		9,994		10,263,738
Barclays PLC 5.088%, 06/20/2030		1,648		1,654,378
5.207%, 02/24/2037		1,032		998,563
5.335%, 09/10/2035		2,534		2,507,089
5.674%, 03/12/2028		736		742,948
6.224%, 05/09/2034		4,811		5,047,268
BNP Paribas SA 2.591%, 01/20/2028(a)		2,660		2,619,063
4.625%, 02/25/2031(a)(b)		943		837,959
4.792%, 05/09/2029(a)		904		906,368
5.497%, 05/20/2030(a)		6,651		6,803,374
BPCE SA 5.389%, 05/28/2031(a)		414		419,295
5.876%, 01/14/2031(a)		475		488,894
6.293%, 01/14/2036(a)		469		490,757
6.508%, 01/18/2035(a)		8,900		9,209,453
CaixaBank SA
4.885%, 07/03/2031(a)		1,593		1,592,506
6.037%, 06/15/2035(a)		2,782		2,892,668
6.684%, 09/13/2027(a)		5,127		5,173,861
Capital One Financial Corp.
4.722%, 01/30/2032		78		76,808
5.468%, 02/01/2029		1,883		1,911,396
6.377%, 06/08/2034		5,768		6,078,088
	Principal Amount (000)		U.S. $ Value
Capital One NA 5.974%, 08/09/2028	U.S.$	2,264	$	2,320,170
Citigroup, Inc. 4.075%, 04/23/2029		5,373		5,330,768
4.503%, 09/11/2031		431		425,850
4.643%, 05/07/2028		5,011		5,018,617
Citizens Bank NA/Providence RI 4.192%, 01/29/2029		5,776		5,739,553
Cooperatieve Rabobank UA 5.564%, 02/28/2029(a)		7,918		8,065,750
Credit Agricole SA 4.656%, 01/12/2032(a)		3,656		3,603,025
5.222%, 05/27/2031(a)		2,885		2,917,629
6.251%, 01/10/2035(a)		4,108		4,259,174
Danske Bank A/S 4.613%, 10/02/2030(a)		4,420		4,401,569
Deutsche Bank AG/New York NY 2.552%, 01/07/2028		604		594,783
4.469%, 12/10/2031		4,421		4,342,925
4.725%, 02/06/2032		2,398		2,361,910
4.95%, 08/04/2031		4,403		4,386,665
7.146%, 07/13/2027		1,492		1,501,937
Goldman Sachs Group, Inc. (The) 4.937%, 04/23/2028		5,495		5,520,607
Series V 4.125%, 11/10/2026(b)		3,016		2,968,709
HSBC Holdings PLC 2.804%, 05/24/2032		2,559		2,300,055
2.848%, 06/04/2031		7,601		7,023,400
7.399%, 11/13/2034		5,415		5,986,120
8.113%, 11/03/2033		4,435		5,069,072
ING Groep NV 6.083%, 09/11/2027		6,267		6,305,291
Intesa Sanpaolo SpA 7.20%, 11/28/2033(a)		4,756		5,332,237
JPMorgan Chase & Co. 2.963%, 01/25/2033		12,789		11,595,914
KBC Group NV 4.932%, 10/16/2030(a)		5,859		5,899,251
5.796%, 01/19/2029(a)		1,666		1,703,068
Lloyds Banking Group PLC 4.425%, 11/04/2031		1,244		1,226,659
4.976%, 08/11/2033		366		364,430
5.087%, 11/26/2028		791		798,064
5.462%, 01/05/2028		656		660,841
7.953%, 11/15/2033		2,446		2,789,247
Mizuho Financial Group, Inc. 5.376%, 05/26/2030		2,363		2,412,694
Morgan Stanley 4.238%, 01/09/2030		825		816,420
Series I 4.133%, 10/18/2029		2,300		2,273,435
Morgan Stanley Bank NA
5.016%, 01/12/2029		351		354,763
5.504%, 05/26/2028		6,454		6,527,769
Morgan Stanley Private Bank NA 4.213%, 02/08/2030		636		629,386



38		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)		U.S. $ Value
National Bank of Canada 4.166%, 01/20/2029	U.S.$	4,862	$	4,834,432
Nationwide Building Society 2.972%, 02/16/2028(a)		5,154		5,081,792
NatWest Group PLC 3.032%, 11/28/2035		669		609,098
5.115%, 05/23/2031		9,177		9,269,045
5.908%, 03/03/2047		458		445,277
6.475%, 06/01/2034		537		556,869
Santander Holdings USA, Inc. 5.741%, 03/20/2031		4,861		4,983,303
6.565%, 06/12/2029		465		481,201
Santander UK Group Holdings PLC 4.32%, 09/22/2029		1,279		1,267,105
4.858%, 09/11/2030		1,481		1,482,807
5.694%, 04/15/2031		430		442,186
Skandinaviska Enskilda Banken AB 4.50%, 09/03/2030(a)		10,732		10,663,852
Societe Generale SA
2.797%, 01/19/2028(a)		4,567		4,500,916
2.889%, 06/09/2032(a)		200		179,524
5.249%, 05/22/2029(a)		2,991		3,019,624
5.519%, 01/19/2028(a)		4,676		4,707,563
Standard Chartered PLC 5.438% (CME Term SOFR 3 Month + 1.77%), 01/30/2027(a)(b)(c)		300		286,446
5.545%, 01/21/2029(a)		676		685,768
6.187%, 07/06/2027(a)		3,042		3,053,833
Sumitomo Mitsui Financial Group, Inc. 5.316%, 07/09/2029		8,152		8,323,844
Sumitomo Mitsui Trust Bank Ltd. 4.45%, 09/10/2027(a)		886		887,896
Swedbank AB 4.898%, 03/30/2031(a)		2,267		2,273,710
Synchrony Financial 5.45%, 03/06/2031		3,272		3,267,877
Toronto-Dominion Bank (The) 5.146%, 09/10/2034		3,542		3,549,969
5.298%, 01/30/2032		4,709		4,841,747
UBS Group AG 3.091%, 05/14/2032(a)		9,944		9,111,190
3.875%, 06/02/2026(a)(b)		204		203,100
4.194%, 04/01/2031(a)		2,852		2,789,028
6.625%, 01/08/2031(a)(b)		1,671		1,622,558
7.125%, 08/10/2034(a)(b)		1,240		1,218,920
9.25%, 11/13/2028(a)(b)		449		478,154
UniCredit SpA 1.982%, 06/03/2027(a)		271		269,715
Wells Fargo & Co. 3.35%, 03/02/2033		12,130		11,128,790
3.584%, 05/22/2028		2,117		2,096,148
Westpac New Zealand Ltd. 4.127%, 01/29/2029(a)		971		963,805

				361,952,297

Brokerage–0.3%
Charles Schwab Corp. (The) 4.914%, 11/14/2036		3,535		3,435,773
Series I 4.00%, 06/01/2026(b)		7,570		7,519,432

				10,955,205

	Principal Amount (000)		U.S. $ Value
Finance–0.1%
Aircastle Ltd. 4.25%, 06/15/2026	U.S.$	530	$	529,369
Aviation Capital Group LLC
1.95%, 09/20/2026(a)		1,485		1,466,824
3.50%, 11/01/2027(a)		893		876,560
4.75%, 04/14/2027(a)		1,112		1,113,479

				3,986,232

Financial Services–0.0%
Lincoln Financial Global Funding 4.20%, 01/12/2029(a)		1,521		1,504,786

Insurance–0.8%
Athene Global Funding 1.985%, 08/19/2028(a)		3,079		2,868,242
2.55%, 11/19/2030(a)		606		536,674
2.717%, 01/07/2029(a)		1,145		1,073,712
5.033%, 07/17/2030(a)		5,950		5,885,085
5.583%, 01/09/2029(a)		541		546,437
MetLife Capital Trust IV 7.875% (CME Term SOFR 3 Month + 3.96%), 12/15/2067(a)(c)		5,200		5,645,588
New York Life Global Funding 4.05%, 02/02/2029(a)		10,734		10,649,631
Principal Life Global Funding II 5.10%, 01/25/2029(a)		6,566		6,658,384
Swiss Re Finance Luxembourg SA 5.00%, 04/02/2049(a)		1,600		1,578,912

				35,442,665

REITs–0.6%
American Tower Corp. 2.10%, 06/15/2030		1,515		1,364,182
3.65%, 03/15/2027		1,936		1,922,138
Crown Castle, Inc. 5.60%, 06/01/2029		1,920		1,966,234
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032		4,575		4,085,338
4.00%, 01/15/2031		1,790		1,692,821
5.625%, 03/01/2036		5,501		5,349,942
Omega Healthcare Investors, Inc. 5.20%, 07/01/2030		1,797		1,805,715
Realty Income Corp. 5.125%, 04/15/2035		1,136		1,136,443
Simon Property Group LP 4.75%, 09/26/2034		5,987		5,860,555
Trust 2401 4.869%, 01/15/2030(a)		2,340		2,242,872
Trust Fibra Uno 4.869%, 01/15/2030(a)		1,208		1,157,327

				28,583,567

				442,424,752



Utility–2.8%
Electric–2.8%
AEP Transmission Co. LLC 5.15%, 04/01/2034		4,040		4,071,068
5.375%, 06/15/2035		2,630		2,673,947



2026 Semi-Annual Report		39

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
AES Andes SA 6.25%, 03/14/2032(a)	U.S.$	6,158		$	6,305,792
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(a)		1,559			1,446,302
Alexander Funding Trust II 7.467%, 07/31/2028(a)		1,615			1,700,304
American Electric Power Co., Inc. 6.95%, 12/15/2054		1,624			1,717,006
Series D 6.05%, 03/15/2056		1,610			1,596,267
CenterPoint Energy Houston Electric LLC 4.95%, 04/01/2033		409			410,955
5.05%, 03/01/2035		9,309			9,286,379
Series AQ 4.95%, 08/15/2035		621			615,200
DTE Electric Co. Series A 4.85%, 03/01/2036		6,869			6,740,481
Series B 5.55%, 03/01/2056		4,563			4,410,961
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2043		3,641			2,946,370
Electricite de France SA 9.125%, 03/15/2033(a)(b)		1,420			1,643,309
ENEL Finance International NV 4.125%, 09/30/2028(a)		2,684			2,660,569
5.50%, 06/26/2034(a)		6,934			7,032,393
Entergy Mississippi LLC 5.05%, 04/15/2036		2,100			2,066,379
Eversource Energy Series A 6.10%, 08/15/2056		1,208			1,192,477
Series B 6.35%, 08/15/2056		987			973,577
FIEMEX Energia–Banco Actinver SA Institucion de Banca Multiple 7.25%, 01/31/2041(a)		2,088			2,087,990
Florida Power & Light Co. 5.30%, 06/15/2034		3,505			3,601,948
Niagara Mohawk Power Corp. 4.647%, 10/03/2030(a)		7,261			7,232,537
5.29%, 01/17/2034(a)		3,243			3,249,875
NRG Energy, Inc. 4.45%, 06/15/2029(a)		542			534,038
4.734%, 10/15/2030(a)		1,934			1,911,082
PacifiCorp 4.25%, 03/15/2029		32			31,639
5.10%, 04/15/2031		1,707			1,711,711
5.80%, 04/15/2036		2,007			2,022,534
7.125%, 08/15/2056		4,536			4,291,918
Public Service Co. of Colorado 5.15%, 09/15/2035		10,714			10,674,037
Public Service Co. of Oklahoma 5.45%, 01/15/2036		6			6,044
	Principal Amount (000)			U.S. $ Value
Public Service Electric & Gas Co. Series R 4.20%, 01/01/2031	U.S.$	10,685		$	10,552,399
Virginia Electric & Power Co. Series C 4.90%, 09/15/2035		9,261			9,059,851
Vistra Operations Co. LLC 4.30%, 10/15/2028(a)		2,901			2,869,611
5.05%, 12/30/2026(a)		373			374,153
6.95%, 10/15/2033(a)		4,313			4,702,464

					124,403,567

Total Corporates—Investment Grade (cost $1,194,844,898)					1,189,775,571



MORTGAGE PASS-THROUGHS–19.6%
Agency Fixed Rate 30-Year–19.4%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 09/01/2049		4,477			4,153,304
3.50%, 10/01/2049		4,417			4,094,188
3.50%, 11/01/2049		1,648			1,527,698
Series 2020 3.50%, 01/01/2050		3,481			3,235,733
Series 2022 2.00%, 03/01/2052		21,160			17,245,635
2.50%, 04/01/2052		25,522			21,813,472
3.00%, 03/01/2052		13,647			12,160,617
3.00%, 05/01/2052		19,709			17,366,777
Series 2024 5.50%, 11/01/2054		6,673			6,706,389
Series 2025 2.50%, 01/01/2053		15,744			13,312,323
Federal Home Loan Mortgage Corp. Gold Series 2003 5.00%, 08/01/2033		0	**		335
Series 2007 5.50%, 07/01/2035		277			285,116
Series 2016 4.00%, 02/01/2046		3,431			3,343,880
Series 2017 4.00%, 07/01/2044		2,362			2,300,243
Series 2018 4.00%, 08/01/2048		1,769			1,693,242
5.00%, 09/01/2048		785			788,276
5.00%, 11/01/2048		1,296			1,300,847
Federal National Mortgage Association Series 2001 6.50%, 08/01/2031		0	**		491
Series 2003 5.50%, 04/01/2033		243			248,830
5.50%, 07/01/2033		542			555,091
5.50%, 11/01/2033		0	**		58
Series 2004 5.50%, 04/01/2034		132			135,257
5.50%, 05/01/2034		120			122,968



40		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
5.50%, 11/01/2034	U.S.$	480		$	493,054
6.50%, 08/01/2034		1			722
Series 2005 5.50%, 02/01/2035		653			670,992
Series 2006 5.50%, 04/01/2036		124			127,348
Series 2007 5.50%, 09/01/2036		240			246,683
Series 2008 6.00%, 03/01/2037		2			1,810
Series 2010 4.00%, 12/01/2040		1,442			1,405,602
Series 2012 3.50%, 02/01/2042		891			844,275
3.50%, 11/01/2042		1,578			1,490,998
3.50%, 01/01/2043		1,673			1,579,599
Series 2013 3.50%, 04/01/2043		492			464,780
4.00%, 10/01/2043		4,444			4,303,276
Series 2015 3.00%, 05/01/2045		1,966			1,784,686
3.00%, 08/01/2045		3,406			3,084,494
Series 2018 3.50%, 02/01/2048		2,408			2,238,707
3.50%, 05/01/2048		846			787,138
Series 2019 3.50%, 08/01/2049		1,215			1,127,153
3.50%, 09/01/2049		1,735			1,609,200
3.50%, 10/01/2049		4,643			4,302,534
Series 2020 3.50%, 01/01/2050		3,416			3,167,779
Series 2021 2.00%, 07/01/2051		22,891			18,592,489
2.00%, 12/01/2051		40,699			32,954,540
2.50%, 01/01/2052		6,763			5,780,567
Series 2022 2.00%, 05/01/2052		11,096			8,984,517
2.50%, 03/01/2052		14,990			12,811,094
2.50%, 04/01/2052		15,694			13,404,202
2.50%, 05/01/2052		20,241			17,289,997
3.00%, 02/01/2052		16,121			14,364,508
3.00%, 03/01/2052		20,193			17,993,285
Government National Mortgage Association Series 2016 3.00%, 04/20/2046		972			880,695
3.00%, 05/20/2046		905			820,063
3.00%, 12/20/2046		262			237,297
Series 2023 5.50%, 04/20/2053		13,221			13,425,088
5.50%, 07/20/2053		7,114			7,221,143
Series 2026 2.50%, 04/01/2056, TBA		75,209			64,566,485
3.00%, 04/01/2056, TBA		26,390			23,534,281
4.00%, 04/01/2056, TBA		4,157			3,888,775
4.50%, 04/01/2056, TBA		43,828			42,270,893
5.00%, 04/01/2056, TBA		57,025			56,427,484
	Principal Amount (000)			U.S. $ Value
5.50%, 04/01/2056, TBA	U.S.$	22,421		$	22,545,304
6.00%, 04/01/2056, TBA		38,472			39,106,113
Uniform Mortgage-Backed Security Series 2026 2.00%, 04/01/2056, TBA		118,040			94,869,796
2.50%, 04/01/2056, TBA		69,193			58,165,366
3.00%, 04/01/2056, TBA		37,577			33,023,629
5.00%, 04/01/2056, TBA		33,691			33,208,009
5.50%, 04/01/2056, TBA		60,514			60,767,094
6.00%, 04/01/2056, TBA		27,124			27,639,188

					866,893,502

Agency Fixed Rate 15-Year–0.2%
Federal National Mortgage Association Series 2012 2.50%, 04/01/2027		1			1,092
Series 2016 2.50%, 02/01/2031		6			5,721
2.50%, 04/01/2031		4			4,178
2.50%, 05/01/2031		18			17,446
2.50%, 07/01/2031		595			574,195
2.50%, 08/01/2031		211			203,528
2.50%, 09/01/2031		127			122,458
2.50%, 10/01/2031		659			635,781
2.50%, 11/01/2031		4,616			4,451,667
2.50%, 12/01/2031		1,834			1,766,803
2.50%, 01/01/2032		282			271,373
Series 2017 2.50%, 01/01/2032		1,168			1,125,962
2.50%, 02/01/2032		72			69,223

					9,249,427

Other Agency Fixed Rate Programs–0.0%
Federal National Mortgage Association Series 2009 4.50%, 07/01/2029		65			65,102
4.50%, 08/01/2029		17			17,355
4.50%, 10/01/2029		4			3,509

					85,966

Agency ARMs–0.0%
Federal Home Loan Mortgage Corp. Series 2006 6.875% (RFUCCT1Y + 2.50%), 12/01/2036(c)		0	**		89
Series 2007 6.225% (RFUCCT1Y + 2.10%), 03/01/2037(c)		0	**		168

					257

Total Mortgage Pass-Throughs (cost $902,508,665)					876,229,152



COLLATERALIZED MORTGAGE OBLIGATIONS–6.0%
Risk Share Floating Rate–3.8%
Connecticut Avenue Securities Series 2025-R01, Class 1A1 4.612% (CME Term SOFR + 0.95%), 01/25/2045(a)(c)		8,035			8,015,095



2026 Semi-Annual Report		41

Schedule of Investments (continued)



	Principal Amount (000)		U.S. $ Value
Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 5.312% (CME Term SOFR + 1.65%), 12/25/2041(a)(c)	U.S.$	3,478	$	3,483,658
Series 2022-R03, Class 1M2 7.162% (CME Term SOFR + 3.50%), 03/25/2042(a)(c)		6,435		6,559,754
Series 2022-R04, Class 1M2 6.762% (CME Term SOFR + 3.10%), 03/25/2042(a)(c)		1,747		1,770,941
Series 2022-R05, Class 2M2 6.662% (CME Term SOFR + 3.00%), 04/25/2042(a)(c)		5,001		5,071,952
Series 2023-R03, Class 2M1 6.162% (CME Term SOFR + 2.50%), 04/25/2043(a)(c)		3,093		3,118,055
Series 2023-R04, Class 1M1 5.962% (CME Term SOFR + 2.30%), 05/25/2043(a)(c)		4,084		4,159,838
Series 2023-R05, Class 1M1 5.562% (CME Term SOFR + 1.90%), 06/25/2043(a)(c)		2,804		2,815,828
Series 2023-R06, Class 1M1 5.362% (CME Term SOFR + 1.70%), 07/25/2043(a)(c)		2,238		2,241,163
Series 2024-R02, Class 1M1 4.762% (CME Term SOFR + 1.10%), 02/25/2044(a)(c)		985		984,354
Series 2024-R03, Class 2M1 4.812% (CME Term SOFR + 1.15%), 03/25/2044(a)(c)		2,035		2,032,979
Series 2024-R04, Class 1M1 4.762% (CME Term SOFR + 1.10%), 05/25/2044(a)(c)		998		997,875
Series 2025-R02, Class 1A1 4.662% (CME Term SOFR + 1.00%), 02/25/2045(a)(c)		2,329		2,325,568
Series 2025-R03, Class 2M1 5.262% (CME Term SOFR + 1.60%), 03/25/2045(a)(c)		4,307		4,317,744
Series 2025-R04, Class 1A1 4.662% (CME Term SOFR + 1.00%), 05/25/2045(a)(c)		2,289		2,289,133
Series 2025-R04, Class 1M1 4.862% (CME Term SOFR + 1.20%), 05/25/2045(a)(c)		3,082		3,082,785
Series 2025-R05, Class 2M1 4.862% (CME Term SOFR + 1.20%), 07/25/2045(a)(c)		7,468		7,460,624
Series 2025-R06, Class 1A1 4.562% (CME Term SOFR + 0.90%), 09/25/2045(a)(c)		3,281		3,273,227
Series 2025-R06, Class 1M1 4.612% (CME Term SOFR + 0.95%), 09/25/2045(a)(c)		3,932		3,926,263
Series 2026-R01, Class 2M1 4.662% (CME Term SOFR + 1.00%), 01/25/2046(a)(c)		6,268		6,267,064
	Principal Amount (000)		U.S. $ Value
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2021-DNA5, Class M2 5.312% (CME Term SOFR + 1.65%), 01/25/2034(a)(c)	U.S.$	551	$	550,774
Series 2021-DNA6, Class M2 5.162% (CME Term SOFR + 1.50%), 10/25/2041(a)(c)		7,333		7,339,359
Series 2021-DNA7, Class M2 5.462% (CME Term SOFR + 1.80%), 11/25/2041(a)(c)		9,563		9,587,297
Series 2021-HQA4, Class M2 6.012% (CME Term SOFR + 2.35%), 12/25/2041(a)(c)		6,126		6,168,521
Series 2022-DNA3, Class M1B 6.562% (CME Term SOFR + 2.90%), 04/25/2042(a)(c)		2,957		3,010,300
Series 2022-DNA4, Class M1B 7.012% (CME Term SOFR + 3.35%), 05/25/2042(a)(c)		5,585		5,703,359
Series 2022-DNA5, Class M1B 8.162% (CME Term SOFR + 4.50%), 06/25/2042(a)(c)		9,989		10,361,724
Series 2022-DNA7, Class M1A 6.162% (CME Term SOFR + 2.50%), 03/25/2052(a)(c)		1,724		1,729,860
Series 2023-DNA1, Class M1A 5.761% (CME Term SOFR + 2.10%), 03/25/2043(a)(c)		2,099		2,118,852
Series 2023-DNA2, Class M1A 5.762% (CME Term SOFR + 2.10%), 04/25/2043(a)(c)		8,109		8,182,338
Series 2023-HQA1, Class M1A 5.662% (CME Term SOFR + 2.00%), 05/25/2043(a)(c)		2,061		2,070,901
Series 2023-HQA2, Class M1A 5.662% (CME Term SOFR + 2.00%), 06/25/2043(a)(c)		676		676,450
Series 2024-DNA3, Class A1 4.712% (CME Term SOFR + 1.05%), 10/25/2044(a)(c)		4,719		4,720,651
Series 2024-HQA1, Class M1 4.912% (CME Term SOFR + 1.25%), 03/25/2044(a)(c)		2,059		2,057,961
Series 2024-HQA2, Class M1 4.862% (CME Term SOFR + 1.20%), 08/25/2044(a)(c)		3,724		3,726,126
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA1 Series 2025-DNA1, Class A1 4.612% (CME Term SOFR + 0.95%), 01/25/2045(a)(c)		3,713		3,705,580
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA2 Series 2025-DNA2, Class A1 4.762% (CME Term SOFR + 1.10%), 05/25/2045(a)(c)		1,928		1,930,356



42		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)		U.S. $ Value
Series 2025-DNA2, Class M1 4.862% (CME Term SOFR + 1.20%), 05/25/2045(a)(c)	U.S.$	1,463	$	1,460,834
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-Dna3 Series 2025-DNA3, Class A1 4.612% (CME Term SOFR + 0.95%), 09/25/2045(a)(c)		8,497		8,479,078
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA4 Series 2025-DNA4, Class M1 4.762% (CME Term SOFR + 1.10%), 10/25/2045(a)(c)		7,194		7,193,650
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-Hqa1 Series 2025-HQA1, Class A1 4.612% (CME Term SOFR + 0.95%), 02/25/2045(a)(c)		4,392		4,391,860

				169,359,731

Non-Agency Fixed Rate–2.0%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 07/25/2035		218		139,933
Series 2006-24CB, Class A16 5.75%, 08/25/2036		1,801		868,950
Series 2006-J1, Class 1A13 5.50%, 02/25/2036		401		263,850
CHL Mortgage Pass-Through Trust Series 2006-13, Class 1A19 6.25%, 09/25/2036		593		254,993
COOPR Residential Mortgage Trust Series 2026-CES1, Class A1A 4.874%, 01/01/2061(a)		8,429		8,358,635
FIGRE Trust Series 2025-HE7, Class A 5.15%, 11/25/2055(a)		7,907		7,855,700
Series 2025-HE8, Class A 5.206%, 11/25/2055(a)		9,298		9,239,695
Series 2026-HE1, Class A 4.982%, 01/25/2056(a)		1,362		1,350,931
Series 2026-HE2, Class A 5.049%, 01/25/2056(a)		6,460		6,406,935
JP Morgan Mortgage Trust Series 2025-CES7, Class A1A 5.055%, 04/25/2056(a)		5,720		5,693,271
Series 2025-HE3, Class A1 5.023% (CME Term SOFR + 1.35%), 03/20/2056(a)(c)		8,099		8,116,238
Series 2026-CES1, Class A1A 4.909%, 06/25/2056(a)		6,698		6,644,163
RCKT Mortgage Trust Series 2025-CES12, Class A1A 5.027%, 11/25/2055(a)		8,531		8,490,714
	Principal Amount (000)		U.S. $ Value
Series 2026-CES1, Class A1A 4.827%, 01/25/2056(a)	U.S.$	4,230	$	4,198,146
Series 2026-CES2, Class A1A 4.762%, 02/25/2056(a)		5,875		5,810,041
Santander Mortgage Asset Receivable Trust Series 2026-CES1, Class A1A 4.876%, 01/25/2056(a)		8,492		8,427,100
Towd Point Mortgage Trust
Series 2026-CES2, Class A1A
4.72%, 02/25/2066(a)		1,922		1,896,594
Series 2026-FIX1, Class A1
4.98%, 12/25/2065(a)		3,070		3,047,581

				87,063,470

Agency Fixed Rate–0.1%
Federal Home Loan Mortgage Corp. REMICS Series 5008, Class AI 3.50%, 09/25/2050(d)		7,202		1,273,945
Series 5040, Class AI 3.50%, 11/25/2050(d)		5,151		822,772
Series 5043, Class IO 5.00%, 11/25/2050(d)		10,206		2,507,908
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 5.063%, 05/28/2035		1,019		1,004,079
Federal National Mortgage Association REMICS Series 2015-30, Class EI 5.00%, 05/25/2045(d)		3,681		471,359

				6,080,063

Agency Floating Rate–0.1%
Federal Home Loan Mortgage Corp. REMICS Series 4416, Class BS 2.313% (5.99%–CME Term SOFR), 12/15/2044(c)(e)		5,013		518,668
Series 4585, Class DS 2.213% (5.89%–CME Term SOFR), 05/15/2046(c)(e)		3,195		331,427
Series 4693, Class SL 2.363% (6.04%–CME Term SOFR), 06/15/2047(c)(e)		2,094		225,661
Series 4954, Class SL 2.274% (5.94%–CME Term SOFR), 02/25/2050(c)(e)		1,390		149,079
Series 4981, Class HS 2.324% (5.99%–CME Term SOFR), 06/25/2050(c)(e)		12,471		1,309,012
Federal National Mortgage Association REMICS Series 2015-26, Class SH 2.674% (6.34%–CME Term SOFR), 05/25/2045(c)(e)		3,840		431,249



2026 Semi-Annual Report		43

Schedule of Investments (continued)



	Principal Amount (000)		U.S. $ Value
Series 2016-106, Class ES 2.224% (5.89%–CME Term SOFR), 01/25/2047(c)(e)	U.S.$	2,302	$	244,376
Series 2017-62, Class AS 2.374% (6.04%–CME Term SOFR), 08/25/2047(c)(e)		2,848		315,035
Series 2017-97, Class SW 2.424% (6.09%–CME Term SOFR), 12/25/2047(c)(e)		4,007		457,179
Government National Mortgage Association Series 2017-122, Class SA 2.41% (6.09%–CME Term SOFR 1 Month), 08/20/2047(c)(e)		3,519		432,159
Series 2017-134, Class MS 2.41% (6.09%–CME Term SOFR 1 Month), 09/20/2047(c)(e)		3,973		497,041
Series 2017-43, Class ST 2.31% (5.99%–CME Term SOFR 1 Month), 03/20/2047(c)(e)		4,928		568,472

				5,479,358

Non-Agency Floating Rate–0.0%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 4.173% (CME Term SOFR 1 Month + 0.49%), 12/25/2036(c)		3,385		1,053,776
Federal Home Loan Mortgage Corp. Mscr Trust Mn1 Series 2021-MN1, Class M1 5.662% (CME Term SOFR + 2.00%), 01/25/2051(a)(c)		201		200,170
HomeBanc Mortgage Trust Series 2005-1, Class A1 4.293% (CME Term SOFR 1 Month + 0.61%), 03/25/2035(c)		401		329,432
JPMorgan Chase Bank NA–CHASE Series 2019-CL1, Class M3 5.893% (CME Term SOFR 1 Month + 2.21%), 04/25/2047(a)(c)		561		566,000
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates Series 2004-1, Class 1A 4.393% (CME Term SOFR 1 Month + 0.71%), 04/25/2034(c)		2		1,629

				2,151,007

Total Collateralized Mortgage Obligations (cost $272,340,039)				270,133,629



ASSET-BACKED SECURITIES–4.9%
Autos—Fixed Rate–2.5%
ACM Auto Trust Series 2024-2A, Class A 6.06%, 02/20/2029(a)		77		77,014
Series 2025-1A, Class A 5.38%, 06/20/2029(a)		871		871,212
	Principal Amount (000)		U.S. $ Value
Series 2025-2A, Class A 5.55%, 06/20/2028(a)	U.S.$	4,356	$	4,362,191
American Credit Acceptance Receivables Trust Series 2025-2, Class B 4.85%, 05/14/2029(a)		9,890		9,919,899
Arivo Acceptance Auto Loan Receivables Trust Series 2024-1A, Class A 6.46%, 04/17/2028(a)		176		176,708
Series 2025-1A, Class A2 4.92%, 05/15/2029(a)		4,745		4,758,697
AutoNation Finance Trust Series 2025-1A, Class A2 4.72%, 04/10/2028(a)		4,654		4,660,480
Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class A 5.44%, 02/22/2028(a)		4,800		4,834,286
Series 2023-5A, Class B 6.12%, 04/20/2028(a)		3,817		3,867,905
Carvana Auto Receivables Trust Series 2021-N3, Class C 1.02%, 06/12/2028		225		220,160
Series 2021-N4, Class D 2.30%, 09/11/2028		403		394,934
Series 2021-P4, Class D 2.61%, 09/11/2028		4,063		3,936,904
FHF Trust Series 2023-1A, Class A2 6.57%, 06/15/2028(a)		336		336,826
Flagship Credit Auto Trust Series 2024-3, Class A 4.88%, 11/15/2028(a)		1,137		1,137,338
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033(a)		5,650		5,643,230
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028(a)		1,415		1,428,754
Series 2023-2A, Class A2 7.09%, 10/16/2028(a)		928		937,738
Series 2025-1A, Class A2 5.10%, 10/15/2030(a)		5,653		5,666,328
Series 2025-2A, Class A2 5.18%, 05/15/2030(a)		5,803		5,823,304
Series 2026-1A, Class A1 4.176%, 01/15/2027(a)		3,277		3,277,226
Lobel Automobile Receivables Trust Series 2025-1, Class A 5.06%, 11/15/2027(a)		1,584		1,585,451
OCCU Auto Receivables Trust Series 2025-1A, Class A2 4.82%, 04/17/2028(a)		6,879		6,891,163
Prestige Auto Receivables Trust Series 2025-1A, Class A2 4.87%, 12/15/2027(a)		3,157		3,158,012



44		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)		U.S. $ Value
Research-Driven Pagaya Motor Asset Trust Series 2025-4A, Class A2 5.124%, 04/25/2034(a)	U.S.$	10,656	$	10,688,840
Santander Drive Auto Receivables Trust Series 2023-3, Class B 5.61%, 07/17/2028		1,298		1,300,767
Tesla Auto Lease Trust Series 2024-A, Class A3 5.30%, 06/21/2027(a)		899		901,029
Tricolor Auto Securitization Trust Series 2024-2A, Class A 6.36%, 12/15/2027(f)(g)(h)(i)(j)		604		565,152
Series 2025-1A, Class A 4.94%, 02/15/2029(f)(g)(h)(i)(j)		6,558		3,787,729
Series 2025-2A, Class A 5.12%, 01/16/2029(f)(g)(h)(i)(j)		9,430		5,718,742
United Auto Credit Securitization Trust Series 2025-1, Class A 4.80%, 06/10/2027(a)		652		652,309
Series 2026-1, Class A 4.41%, 06/12/2028(a)		9,776		9,771,132
Westlake Automobile Receivables Trust Series 2023-P1, Class C 6.44%, 06/15/2027(a)		2,202		2,206,073

				109,557,533

Other ABS—Fixed Rate–2.0%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051(a)		8,000		7,615,252
Affirm Asset Securitization Trust Series 2025-X1, Class A 5.08%, 04/15/2030(a)		937		937,592
Amur Equipment Finance Receivables XI LLC Series 2022-2A, Class A2 5.30%, 06/21/2028(a)		88		88,307
College Ave Student Loans LLC Series 2021-C, Class B 2.72%, 07/26/2055(a)		1,348		1,246,863
Diamond Infrastructure Funding LLC Series 2021-1A, Class B 2.355%, 04/15/2049(a)		3,651		3,579,741
Diamond Issuer LLC Series 2021-1A, Class A 2.305%, 11/20/2051(a)		7,711		7,469,345
Equify ABS LLC Series 2024-1A, Class A 5.43%, 04/18/2033(a)		2,294		2,299,903
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046(a)		1,570		1,439,359
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048(a)		3,099		3,061,570
	Principal Amount (000)		U.S. $ Value
Series 2020-1A, Class A2 3.981%, 12/20/2050(a)	U.S.$	2,512	$	2,417,877
MVW LLC Series 2021-2A, Class B 1.83%, 05/20/2039(a)		936		890,355
Neighborly Issuer LLC Series 2022-1A, Class A2 3.695%, 01/30/2052(a)		5,302		4,995,265
Series 2023-1A, Class A2 7.308%, 01/30/2053(a)		6,435		6,453,656
Nelnet Student Loan Trust Series 2021-BA, Class B 2.68%, 04/20/2062(a)		2,008		1,808,429
Series 2021-CA, Class B 2.53%, 04/20/2062(a)		3,421		3,036,577
Series 2021-DA, Class B 2.90%, 04/20/2062(a)		3,096		2,792,062
NMEF Funding LLC Series 2024-A, Class A2 5.15%, 12/15/2031(a)		4,414		4,434,782
Oportun Funding Trust Series 2025-1, Class A 4.96%, 08/16/2032(a)		909		909,372
Pagaya AI Debt Grantor Trust Series 2024-5, Class A 6.278%, 10/15/2031(a)		1,048		1,050,205
Series 2024-9, Class B 5.306%, 03/15/2032(a)		4,806		4,814,526
Series 2025-3, Class A2 5.365%, 12/15/2032(a)		482		484,563
Series 2025-6, Class A2 4.497%, 04/15/2033(a)		2,120		2,112,379
Pagaya AI Debt Trust Series 2024-2, Class A 6.319%, 08/15/2031(a)		843		843,741
Series 2024-3, Class A 6.258%, 10/15/2031(a)		1,211		1,211,483
Series 2025-4, Class A2 5.373%, 01/17/2033(a)		425		426,970
Pagaya Point of Sale Holdings Grantor Trust Series 2025-1, Class A 5.715%, 01/20/2034(a)		3,363		3,374,702
SoFi Consumer Loan Program Trust Series 2025-4, Class A 4.24%, 08/25/2035(a)		7,038		7,026,511
Upgrade Master Pass-Thru Trust Series 2026-ST1, Class A 4.244%, 03/15/2034(a)		6,498		6,488,210
UPSTART Securitization Trust Series 2026-1, Class A1 4.142%, 02/22/2027(a)		4,712		4,712,339

				88,021,936

Credit Cards—Fixed Rate–0.4%
Mission Lane Credit Card Master Trust Series 2024-A, Class A1 6.20%, 08/15/2029(a)		4,135		4,145,498



2026 Semi-Annual Report		45

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Series 2024-B, Class A 5.88%, 01/15/2030(a)	U.S.$		10,160	$	10,176,492
Series 2025-A, Class A 5.80%, 05/15/2030(a)			4,940		4,967,550

					19,289,540

Other ABS—Floating Rate–0.0%
Pagaya AI Debt Grantor Trust Series 2025-1, Class A 5.156%, 07/15/2032(a)			561		563,792
Series 2025-5, Class A 4.968%, 03/15/2033(a)			565		566,928

					1,130,720

Total Asset-Backed Securities (cost $226,730,106)					217,999,729



COMMERCIAL MORTGAGE-BACKED SECURITIES–1.3%
Non-Agency Floating Rate CMBS–0.7%
ALA Trust Series 2025-OANA, Class A 5.416% (CME Term SOFR 1 Month + 1.74%), 06/15/2040(a)(c)			7,553		7,571,472
AREIT Trust Series 2022-CRE6, Class A 4.922% (CME Term SOFR + 1.25%), 01/20/2037(a)(c)			5,010		5,006,387
BHMS Commercial Mortgage Trust Series 2025-ATLS, Class A 5.523% (CME Term SOFR 1 Month + 1.85%), 08/15/2042(a)(c)			7,313		7,317,698
BX Commercial Mortgage Trust Series 2019-IMC, Class D 5.619% (CME Term SOFR 1 Month + 1.95%), 04/15/2034(a)(c)			1,772		1,754,452
Series 2019-IMC, Class E 5.869% (CME Term SOFR 1 Month + 2.20%), 04/15/2034(a)(c)			6,595		6,513,016
CLNY Trust Series 2019-IKPR, Class D 6.059% (CME Term SOFR 1 Month + 2.39%), 11/15/2038(a)(c)			2,751		2,627,205
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 5.252% (CME Term SOFR 1 Month + 1.58%), 07/15/2036(a)(c)			2,335		2,268,740

					33,058,970

Non-Agency Fixed Rate CMBS–0.5%
Barclays Commercial Mortgage Trust Series 2019-C3, Class B 4.096%, 05/15/2052			3,523		3,275,814
GS Mortgage Securities Trust Series 2011-GC5, Class D 5.558%, 08/10/2044(a)			333		262,094
GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class A2 2.435%, 08/15/2026(h)			9,000		8,907,277
	Principal Amount (000)			U.S. $ Value
Series 2021-1, Class AS 2.638%, 08/15/2026(h)		U.S.$	249	$	242,931
JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP3, Class B 3.397%, 08/15/2049			3,000		2,802,654
JPMBB Commercial Mortgage Securities Trust Series 2013-C14, Class D 3.931%, 08/15/2046(a)			2,527		1,996,219
Series 2015-C27, Class AS 3.634%, 02/15/2048			3,415		3,176,624
Wells Fargo Commercial Mortgage Trust Series 2019-C51, Class B 3.836%, 06/15/2052			1,269		1,102,879

					21,766,492

Non-Agency Fixed Rate–0.1%
Ellington Financial Mortgage Trust Series 2026-CES1, Class A1A 4.914%, 12/25/2060(a)			3,682		3,646,926

Total Commercial Mortgage-Backed Securities (cost $60,155,710)					58,472,388



CORPORATES—NON-INVESTMENT GRADE–0.9%

Industrial–0.9%
Communications—Media–0.1%
VZ Vendor Financing II BV 2.875%, 01/15/2029(a)		EUR	2,093		2,208,023

Communications—Telecommunications–0.0%
Altice France SA 4.75%, 10/15/2030(a)			780		852,655

Consumer Cyclical—Automotive–0.2%
Nissan Motor Co., Ltd. 4.345%, 09/17/2027(a)		U.S.$	8,330		8,099,925

Consumer Cyclical—Other–0.1%
Hilton Domestic Operating Co., Inc. 5.875%, 04/01/2029(a)			2,297		2,319,281
6.125%, 04/01/2032(a)			1,315		1,335,461

					3,654,742

Consumer Cyclical—Retailers–0.1%
Advance Auto Parts, Inc. 7.00%, 08/01/2030(a)			6,237		6,315,399

Consumer Non-Cyclical–0.1%
CVS Health Corp. 6.75%, 12/10/2054			241		243,263
7.00%, 03/10/2055			4,093		4,212,352
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028(a)		EUR	1,420		1,580,267

					6,035,882



46		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)		U.S. $ Value
Energy–0.2%
Sunoco LP 5.625%, 03/15/2031(a)	U.S.$	3,775	$	3,756,314
Venture Global Plaquemines LNG LLC 6.125%, 12/15/2030(a)		3,072		3,160,105

				6,916,419

Technology–0.1%
OAK-Eagle Acquireco, Inc. 7.25%, 07/01/2033(a)		4,226		4,376,742

Total Corporates—Non-Investment Grade (cost $38,483,258)				38,459,787



AGENCIES–0.8%
Agency Debentures–0.8%
Federal Home Loan Banks 4.00%, 06/30/2028		27,220		27,314,453
4.75%, 12/08/2028		8,990		9,185,173

Total Agencies (cost $36,283,431)				36,499,626



GOVERNMENTS—SOVEREIGN BONDS–0.6%
Colombia–0.1%
Colombia Government International Bond 3.125%, 04/15/2031		2,490		2,126,460
6.50%, 01/21/2033		1,634		1,597,235

				3,723,695

Ecuador–0.2%
Amazon Conservation DAC 6.034%, 01/16/2042(a)		5,572		5,684,443
GPS Blue Financing DAC 5.645%, 11/09/2041(h)		4,889		4,842,701

				10,527,144

Mexico–0.1%
Mexico Government International Bond 5.375%, 03/22/2033		3,485		3,404,845

Romania–0.2%
Romanian Government International Bond 5.75%, 09/16/2030(a)		10,020		9,977,415

Total Governments—Sovereign Bonds (cost $28,046,300)				27,633,099



EMERGING MARKETS—CORPORATE BONDS–0.6%

Industrial–0.4%
Basic–0.1%
Braskem Netherlands Finance BV 4.50%, 01/10/2028(a)		5,326		2,535,176
Sasol Financing USA LLC 8.75%, 04/10/2033(a)		3,314		3,294,450

				5,829,626

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical—Other–0.1%
Wynn Macau Ltd. 5.625%, 08/26/2028(a)	U.S.$	2,862	$	2,813,239

Energy–0.2%
Ecopetrol SA 8.375%, 01/19/2036		2,327		2,355,738
8.625%, 01/19/2029		3,217		3,395,061
Raizen Fuels Finance SA 5.30%, 01/20/2027(a)(g)(j)		307		168,083
6.25%, 07/08/2032(a)(g)(j)		1,836		1,005,632
6.70%, 02/25/2037(a)(g)(j)		5,945		3,225,163

				10,149,677

				18,792,542



Utility–0.2%
Other Utility–0.2%
Aegea Finance SARL 6.75%, 05/20/2029(a)		538		516,211
7.625%, 01/20/2036(a)		6,547		5,687,706

				6,203,917

Total Emerging Markets—Corporate Bonds (cost $30,508,400)				24,996,459



LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.5%
United States–0.5%
State Board of Administration Finance Corp. (Florida Hurricane Catastrophe Fund) Series 2020-A 1.705%, 07/01/2027		6,821		6,634,768
State of California (State of California) Series 2010 7.625%, 03/01/2040		8,520		10,139,231
University of California (University of California) Series 2021-B 3.071%, 05/15/2051		7,960		5,315,617

Total Local Governments—US Municipal Bonds (cost $23,335,034)				22,089,616



COLLATERALIZED LOAN OBLIGATIONS–0.3%
CLO—Floating Rate–0.3%
Ballyrock CLO 27 Ltd. Series 2024-27A, Class A1A 5.018% (CME Term SOFR 3 Month + 1.35%), 10/25/2037(a)(c)		3,533		3,533,651
Benefit Street Partners CLO XXXVIII Ltd. Series 2024-38A, Class A 4.978% (CME Term SOFR 3 Month + 1.31%), 01/25/2038(a)(c)		4,053		4,056,634
OCP CLO Ltd. Series 2024-34A, Class A1 5.032% (CME Term SOFR 3 Month + 1.36%), 10/15/2037(a)(c)		2,778		2,779,851



2026 Semi-Annual Report		47

Schedule of Investments (continued)



Principal Amount (000)					U.S. $ Value
Rad CLO 14 Ltd. Series 2021-14A, Class A 5.104% (CME Term SOFR 3 Month + 1.43%), 01/15/2035(a)(c)	U.S.$			829	$	827,750
Total Collateralized Loan Obligations (cost $11,173,852)						11,197,886



EMERGING MARKETS—SOVEREIGNS–0.1%
Mexico–0.1%
Eagle Funding Luxco SARL 5.50%, 08/17/2030(a) (cost $4,897,004)				4,908		4,920,270



QUASI-SOVEREIGNS–0.1%

Quasi-Sovereign Bonds–0.1%
Mexico–0.1%
Comision Federal de Electricidad 4.688%, 05/15/2029(a)				314		307,791
5.70%, 01/24/2030(a)				4,505		4,498,242

Total Quasi-Sovereigns (cost $4,817,268)						4,806,033



GOVERNMENTS—SOVEREIGN AGENCIES – 0.0%
Kazakhstan–0.0%
Baiterek National Investment Holding JSC 5.45%, 05/08/2028(a) (cost $1,324,798)				1,330		1,332,992


			Shares		U.S. $ Value

COMMON STOCKS–0.0%

Communication Services–0.0%
Diversified Telecommunication Services–0.0%
Altice France SA/LuxCo3(f)(g)(i) (cost $96,326)				5,298	$	88,794



	Principal Amount (000)

SHORT-TERM INVESTMENTS–18.1%
U.S. Treasury Bills–18.1%
U.S. Treasury Bill Zero Coupon, 04/09/2026		U.S.$		198,862		198,702,506
Zero Coupon, 05/07/2026				150,408		149,860,503
Zero Coupon, 05/21/2026				231,413		230,247,583
Zero Coupon, 06/04/2026				229,562		228,086,223

Total Short-Term Investments (cost $806,935,641)						806,896,815

Total Investments–109.5% (cost $5,033,534,167)						4,892,299,987

Other assets less liabilities–(9.5)%						(424,354,301	)


Net Assets–100.0%					$	4,467,945,686



FUTURES (see Note 3)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)

Purchased Contracts

Australian 10 Yr Bond Futures		801	June 2026	$	59,550,137	$	(463,477	)

U.S. Long Bond (CBT) Futures		483	June 2026		55,001,625		(1,695,003	)

U.S. T-Note 5 Yr (CBT) Futures		9,726	June 2026		1,052,155,645		(11,559,297	)

U.S. T-Note 10 Yr (CBT) Futures		1,867	June 2026		207,324,516		441,234

U.S. Ultra Bond (CBT) Futures		774	June 2026		90,219,375		(3,103,840	)

Sold Contracts

Japan 10 Yr Bond (OSE) Futures		147	June 2026		120,699,222		1,435,334

U.S. 10 Yr Ultra Futures		374	June 2026		42,454,844		(180,632	)

						$	(15,125,681	)



48		Sanford C. Bernstein Fund, Inc.



FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)
Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)

Barclays Capital, Inc.	EUR	4,227	USD	5,082		04/16/2026	$	192,912

Morgan Stanley Capital Services, Inc.	AUD	2,709	USD	1,879		04/22/2026		10,398

State Street Bank & Trust Co.	JPY	6,964,055	USD	45,823		04/10/2026		1,912,726

State Street Bank & Trust Co.	USD	621	JPY	98,689		04/10/2026		1,274

							$	2,117,310

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)

Rate Type

Payment
Frequency Paid/
Received

Market
Value

Upfront
Premiums
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Notional Amount

(000)

Termination
Date

Payments made
by the Fund

Payments received
by the Fund

USD

19,060

12/13/2029

1.537%

1 Day SOFR

Annual

1,470,890

1,050,090

420,800

** Principal amount less than 500.

(a)

(b)

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

(c)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at March 31, 2026.

(d)

IO—Interest Only.

(e)

Inverse interest only security.

(f)

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

(g)

Non-income producing security.

(h)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.54% of net assets as of March 31, 2026, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost	Market Value		Percentage of Net Assets
GPS Blue Financing DAC 5.645%, 11/09/2041		05/18/2023-05/22/2023	$4,894,022	$	4,842,701		0.11	%
GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021-09/06/2022	9,022,183		8,907,277		0.20	%
GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021-04/01/2021	249,494		242,931		0.01	%
Tricolor Auto Securitization Trust Series 2025-1A, Class A 4.94%, 02/15/2029		03/11/2025	6,557,797		3,787,729		0.08	%
Tricolor Auto Securitization Trust Series 2025-2A, Class A 5.12%, 01/16/2029		06/10/2025	9,429,381		5,718,742		0.13	%
Tricolor Auto Securitization Trust Series 2024-2A, Class A 6.36%, 12/15/2027		05/14/2024	604,440		565,152		0.01	%



2026 Semi-Annual Report		49

Schedule of Investments (continued)

(i)

Fair valued by the Adviser.

(j)

Defaulted.

Currency Abbreviations:

AUD—Australian Dollar

EUR—Euro

JPY—Japanese Yen

USD—United States Dollar

Glossary:

ABS—Asset-Backed Securities

ARMs—Adjustable Rate Mortgages

CBT—Chicago Board of Trade

CLO—Collateralized Loan Obligations

CMBS—Commercial Mortgage-Backed Securities

CME—Chicago Mercantile Exchange

OSE—Osaka Securities Exchange

REIT—Real Estate Investment Trust

REMIC—Real Estate Mortgage Investment Conduits

RFUCCT1Y—Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year

SOFR—Secured Overnight Financing Rate

TBA—To Be Announced

See notes to financial statements.



50		Sanford C. Bernstein Fund, Inc.

Statement of Assets and Liabilities—March 31, 2026 (Unaudited)


	DIVERSIFIED MUNICIPAL PORTFOLIO			AB CORE BOND PORTFOLIO

ASSETS

Investments in securities, at value	$	5,249,958,032		$	4,892,299,987

Foreign currencies, at value (a)		0			122

Cash		1,680,767			92,777,898

Cash collateral due from broker		7,590,031			31,332,128

Interest receivable		67,374,111			31,802,859

Receivable for capital shares sold		3,369,778			2,185,759

Unrealized appreciation of interest rate swaps		2,868,193			0

Receivable for investment securities sold		760,000			112,258,728

Unrealized appreciation of forward currency exchange contracts		0			2,117,310

Receivable for variation margin on futures		0			1,671,939

Receivable due from Adviser		0			984,537


Total assets		5,333,600,912			5,167,431,267


LIABILITIES

Cash collateral due to broker		2,810,000			0

Payable for investment securities purchased		27,878,888			685,943,025

Payable for capital shares redeemed		4,665,726			6,974,158

Dividends payable		4,066,837			4,372,557

Management fee payable		1,579,379			1,583,454

Shareholder servicing fee payable		305,109			369,460

Payable for variation margin on centrally cleared swaps		636,224			12,993

Foreign capital gains taxes payable		0			91,538

Transfer Agent fee payable		41,292			12,005

Distribution fee payable		40,625			0

Accrued expenses		107,043			126,391


Total liabilities		42,131,123			699,485,581


NET ASSETS	$	5,291,469,789		$	4,467,945,686


Cost of investments	$	5,291,783,193		$	5,033,534,167


NET ASSETS CONSIST OF:

Capital stock, at par	$	379,612		$	396,857

Additional paid-in capital		5,406,638,618			5,010,036,089

Accumulated loss		(115,548,441	)		(542,487,260	)


	$	5,291,469,789		$	4,467,945,686

(a) Cost: $0 and $125, respectively. (Note 1)

See Notes to Financial Statements.



2026 Semi-Annual Report		51


	DIVERSIFIED MUNICIPAL PORTFOLIO		AB CORE BOND PORTFOLIO

CALCULATION OF MAXIMUM OFFERING PRICE

Municipal Class/Core Bond Class Shares

Net Assets	$	3,661,814,572	$	4,459,233,670

Shares of capital stock outstanding		262,714,102		396,083,935


Net asset value, offering and redemption price per share	$	13.94	$	11.26


Class A Shares

Net Assets	$	169,682,894

Shares of capital stock outstanding		12,164,894


Net asset value and redemption price per share	$	13.95

Sales charge—3.00% of public offering price		0.43


Maximum offering price	$	14.38


Class C Shares

Net Assets	$	5,660,234

Shares of capital stock outstanding		405,923


Net asset value and offering price per share	$	13.94


Advisor Class Shares

Net Assets	$	551,653,071

Shares of capital stock outstanding		39,607,438


Net asset value and offering price per share	$	13.93


Class Z Shares

Net Assets	$	902,659,018	$	8,712,016

Shares of capital stock outstanding		64,719,762		773,368


Net asset value and offering price per share	$	13.95	$	11.27

See Notes to Financial Statements.



52		Sanford C. Bernstein Fund, Inc.

Statement of Operations—for the six months ended March 31, 2026 (Unaudited)


	DIVERSIFIED MUNICIPAL PORTFOLIO			AB CORE BOND PORTFOLIO

INVESTMENT INCOME

Income:

Interest	$	94,067,819		$	97,369,751


Total income		94,067,819			97,369,751


Expenses:

Management fee (see Note 2A)		9,514,965			9,427,493

Shareholder servicing fee (see Note 2B)		1,851,349			2,197,421

Transfer Agent fee—Non-Retail Class		56,650			106,694

Transfer Agent fee—Class A		25,961			405

Transfer Agent fee—Class C		942			0

Transfer Agent fee—Advisor Class		78,065			1,537

Transfer Agent fee—Class Z		89,513			674

Distribution fees—Class A		217,537			128

Distribution fees—Class C		30,830			0

Custody and accounting fees		130,389			113,832

Registration fees		82,815			41,396

Legal fees		46,721			61,056

Auditing and tax fees		56,799			47,171

Directors’ fees and expenses		33,290			28,823

Printing fees		24,257			15,863

Miscellaneous		35,938			25,624


Total expenses		12,276,021			12,068,117

Less: expenses waived and reimbursed by the Adviser (see Note 2A)		0			(5,148,576	)


Net expenses		12,276,021			6,919,541


Net investment income		81,791,798			90,450,210


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

Net realized gain on:

Investment transactions (a)		2,907,718			6,340,100

Forward currency exchange contracts		0			113,573

Futures		0			8,196,917

Swaps		4,124,036			409,454

Foreign currency transactions		0			1,934,810


Net realized gain on investment transactions		7,031,754			16,994,854


Net change in unrealized appreciation (depreciation) of:

Investments (b)		(11,429,903	)		(57,291,024	)

Forward currency exchange contracts		0			1,647,086

Futures		0			(19,620,986	)

Swaps		(3,276,213	)		(178,979	)

Foreign currency denominated assets and liabilities		0			21,224


Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(14,706,116	)		(75,422,679	)


Net realized and unrealized loss on investment transactions		(7,674,362	)		(58,427,825	)


Net increase in net assets resulting from operations	$	74,117,436		$	32,022,385

(a) Net of foreign realized capital gains taxes of $0 and $77,758 for the Diversified Municipal Portfolio and AB Core Bond Portfolio, respectively.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $0 and $63,235 for the Diversified Municipal Portfolio and AB Core Bond Portfolio, respectively.

See Notes to Financial Statements.



2026 Semi-Annual Report		53

Statement of Changes in Net Assets



	DIVERSIFIED MUNICIPAL PORTFOLIO						AB CORE BOND PORTFOLIO

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25

INCREASE (DECREASE) IN NET ASSETS FROM

Operations:

Net investment income	$	81,791,798		$	152,707,375		$	90,450,210		$	174,789,853

Net realized gain (loss) on investment and foreign currency transactions		7,031,754			(2,433,693	)		16,994,854			(30,543,722	)

Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(14,706,116	)		(32,339,890	)		(75,422,679	)		(27,833,331	)


Net increase in net assets resulting from operations		74,117,436			117,933,792			32,022,385			116,412,800


Distributions to shareholders (a)		(81,350,390	)		(152,481,096	)		(92,333,084	)		(174,512,053	)


Capital-share transactions:

Net proceeds from sales of shares		586,173,872			1,270,203,026			593,791,036			725,344,719

Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions		54,371,120			108,192,886			68,833,028			130,472,408


Total proceeds from shares sold		640,544,992			1,378,395,912			662,624,064			855,817,127

Cost of shares redeemed		(502,026,737	)		(1,227,969,461	)		(492,207,396	)		(594,981,648	)


Net increase in net assets from capital-share transactions		138,518,255			150,426,451			170,416,668			260,835,479


Net increase in net assets		131,285,301			115,879,147			110,105,969			202,736,226

NET ASSETS:

Beginning of period		5,160,184,488			5,044,305,341			4,357,839,717			4,155,103,491


End of period	$	5,291,469,789		$	5,160,184,488		$	4,467,945,686		$	4,357,839,717

(a) See page 55 for share class information on dividend distributions for the Diversified Municipal and AB Core Bond Portfolios.

See Notes to Financial Statements.



54		Sanford C. Bernstein Fund, Inc.



	DIVERSIFIED MUNICIPAL PORTFOLIO

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25

Distributions to shareholders:

Municipal Class	$	(56,718,953	)	$	(116,034,357	)

Class A		(2,505,540	)		(5,253,801	)

Class C		(65,593	)		(176,999	)

Advisor Class		(8,185,980	)		(15,143,563	)

Class Z		(13,874,324	)		(15,872,376	)


	$	(81,350,390	)	$	(152,481,096	)



	AB CORE BOND PORTFOLIO

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25

Distributions to shareholders:

Core Bond Class	$	(92,180,832	)	$	(174,419,517	)

Class A		(1,886	)		(24,411	)

Advisor Class		(7,569	)		(67,764	)

Class Z		(142,797	)		(361	)


	$	(92,333,084	)	$	(174,512,053	)

See Notes to Financial Statements.



2026 Semi-Annual Report		55

Financial Highlights

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:



	DIVERSIFIED MUNICIPAL PORTFOLIO MUNICIPAL CLASS

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			YEAR ENDED 9/30/24			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Net asset value, beginning of period	$	13.96		$	14.06		$	13.39		$	13.37		$	14.80		$	14.67


Income from investment operations:

Net investment income (a)		.22			.43			.41	(b)		.35			.28			.28

Net realized and unrealized gain (loss) on investment transactions		(.03	)		(.10	)		.67			.03			(1.44	)		.13


Total from investment operations		.19			.33			1.08			.38			(1.16	)		.41


Less: dividends

Dividends from net investment income		(.21	)		(.43	)		(.41	)		(.36	)		(.27	)		(.28	)


Net asset value, end of period	$	13.94		$	13.96		$	14.06		$	13.39		$	13.37		$	14.80


Total return

Total investment return based on net asset value (c)		1.39%			2.44%			8.15%			2.80%			(7.89)%			2.79%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$3,661,815			$3,665,370			$3,927,063			$3,824,089			$4,296,196			$5,390,502

Average net assets (000 omitted)		$3,712,869			$3,709,185			$3,847,503			$4,105,175			$5,011,517			$5,276,753

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.48%	^		.49%			.50%			.50%			.47%			.47%

Expenses, before waivers/reimbursements		.48%	^		.49%			.50%			.50%			.47%			.47%

Net investment income		3.08%	^		3.13%			3.00%	(b)		2.57%			1.96%			1.89%

Portfolio turnover rate		14%			26%			43%			24%			15%			22%

See Footnote Summary on page 62.

See Notes to Financial Statements.



56		Sanford C. Bernstein Fund, Inc.



	DIVERSIFIED MUNICIPAL PORTFOLIO CLASS A

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			YEAR ENDED 9/30/24			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Net asset value, beginning of period	$	13.97		$	14.07		$	13.40		$	13.38		$	14.81		$	14.68


Income from investment operations:

Investment income, net (a)		.20			.41	†		.39	(b)		.32			.25			.25

Net realized and unrealized gain (loss) on investment transactions		(.02	)		(.10	)		.66			.03			(1.43	)		.13


Total from investment operations		.18			.31			1.05			.35			(1.18	)		.38


Less: dividends

Dividends from net investment income		(.20	)		(.41	)		(.38	)		(.33	)		(.25	)		(.25	)


Net asset value, end of period	$	13.95		$	13.97		$	14.07		$	13.40		$	13.38		$	14.81


Total return

Total investment return based on net asset value (c)		1.30%			2.26%	†		7.93%			2.59%			(8.06)%			2.59%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$169,683			$167,274			$194,550			$215,352			$261,936			$349,953

Average net assets (000 omitted)		$174,507			$178,554			$205,151			$239,010			$303,281			$319,098

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.66%	^		.67%			.69%			.69%			.65%			.66%

Expenses, before waivers/reimbursements		.66%	^		.67%			.69%			.69%			.65%			.66%

Net investment income		2.90%	^		2.95%	†		2.80%	(b)		2.37%			1.77%			1.69%

Portfolio turnover rate		14%			26%			43%			24%			15%			22%

See Footnote Summary on page 62.

See Notes to Financial Statements.



2026 Semi-Annual Report		57

Financial Highlights (continued)

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:



	DIVERSIFIED MUNICIPAL PORTFOLIO CLASS C

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			YEAR ENDED 9/30/24			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Net asset value, beginning of period	$	13.96		$	14.07		$	13.40		$	13.37		$	14.81		$	14.68


Income From Investment Operations

Net investment income (a)		.15			.30	†		.28	(b)		.22			.15			.14

Net realized and unrealized gain (loss) on investment transactions		(.02	)		(.11	)		.67			.04			(1.45	)		.13


Total from investment operations		.13			.19			.95			.26			(1.30	)		.27


Less: dividends

Dividends from net investment income		(.15	)		(.30	)		(.28	)		(.23	)		(.14	)		(.14	)


Net asset value, end of period	$	13.94		$	13.96		$	14.07		$	13.40		$	13.37		$	14.81


Total return

Total investment return based on net asset value (c)		.92%			1.42%	†		7.13%			1.90%			(8.81)%			1.82%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$5,660			$6,993			$9,618			$10,185			$13,576			$18,542

Average net assets (000 omitted)		$6,183			$8,089			$9,982			$12,234			$15,772			$28,338

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		1.41%	^		1.42%			1.44%			1.44%			1.40%			1.41%

Expenses, before waivers/reimbursements		1.41%	^		1.42%			1.44%			1.44%			1.40%			1.41%

Net investment income		2.14%	^		2.19%	†		2.05%	(b)		1.62%			1.02%			.96%

Portfolio turnover rate		14%			26%			43%			24%			15%			22%

See Footnote Summary on page 62.

See Notes to Financial Statements.



58		Sanford C. Bernstein Fund, Inc.



	DIVERSIFIED MUNICIPAL PORTFOLIO ADVISOR CLASS

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			YEAR ENDED 9/30/24			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Net asset value, beginning of period	$	13.94		$	14.05		$	13.38		$	13.36		$	14.79		$	14.66


Income from investment operations

Net investment income (a)		.22			.44	†		.42	(b)		.36			.29			.29

Net realized and unrealized gain (loss) on investment transactions		(.01	)		(.11	)		.67			.02			(1.44	)		.13


Total from investment operations		.21			.33			1.09			.38			(1.15	)		.42


Less dividends:

Dividends from net investment income		(.22	)		(.44	)		(.42	)		(.36	)		(.28	)		(.29	)


Net asset value, end of period	$	13.93		$	13.94		$	14.05		$	13.38		$	13.36		$	14.79


Total return

Total investment return based on net asset value (c)		1.50%			2.45%	†		8.22%			2.85%			(7.84)%			2.85%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$551,653			$479,672			$494,733			$445,885			$477,015			$456,386

Average net assets (000 omitted)		$524,086			$473,356			$483,738			$453,119			$467,739			$419,891

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.41%	^		.42%			.44%			.44%			.40%			.41%

Expenses, before waivers/reimbursements		.41%	^		.42%			.44%			.44%			.40%			.41%

Net investment income		3.15%	^		3.20%	†		3.06%	(b)		2.62%			2.04%			1.94%

Portfolio turnover rate		14%			26%			43%			24%			15%			22%

See Footnote Summary on page 62.

See Notes to Financial Statements.



2026 Semi-Annual Report		59

Financial Highlights (continued)

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:



	DIVERSIFIED MUNICIPAL PORTFOLIO CLASS Z

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			YEAR ENDED 9/30/24			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Net asset value, beginning of period	$	13.96		$	14.07		$	13.40		$	13.38		$	14.81		$	14.68


Income from investment operations

Investment income, net (a)		.22			.44			.43	(b)		.36			.29			.29

Net realized and unrealized gain (loss) on investment transactions		(.01	)		(.11	)		.66			.03			(1.44	)		.13


Total from investment operations		.21			.33			1.09			.39			(1.15	)		.42


Less: dividends

Dividends from net investment income		(.22	)		(.44	)		(.42	)		(.37	)		(.28	)		(.29	)


Net asset value, end of period	$	13.95		$	13.96		$	14.07		$	13.40		$	13.38		$	14.81


Total return

Total investment return based on net asset value (c)		1.51%			2.45%			8.23%			2.88%			(7.81)%			2.87%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$902,659			$840,875			$418,341			$449,844			$470,829			$505,365

Average net assets (000 omitted)		$884,975			$492,992			$430,653			$459,325			$500,681			$485,522

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.39%	^		.40%			.41%			.41%			.39%			.38%

Expenses, before waivers/reimbursements		.39%	^		.40%			.41%			.41%			.39%			.38%

Net investment income		3.16%	^		3.22%			3.08%	(b)		2.65%			2.05%			1.97%

Portfolio turnover rate		14%			26%			43%			24%			15%			22%

See Footnote Summary on page 62.

See Notes to Financial Statements.



60		Sanford C. Bernstein Fund, Inc.



	AB CORE BOND PORTFOLIO CORE BOND CLASS

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			YEAR ENDED 9/30/24			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Net asset value, beginning of period	$	11.41		$	11.59		$	10.79		$	11.13		$	13.49		$	14.02


Income from investment operations:

Net investment income (a)		.23	(b)		.47	(b)		.47	(b)		.39			.21			.25

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.14	)		(.18	)		.80			(.34	)		(2.23	)		(.28	)


Total from investment operations		.09			.29			1.27			.05			(2.02	)		(.03	)


Less: dividends and distributions

Dividends from net investment income		(.24	)		(.47	)		(.47	)		(.39	)		(.21	)		(.26	)

Distributions from net realized gain on investment transactions		0			0			0			0			(.13	)		(.24	)


Total dividends and distributions		(.24	)		(.47	)		(.47	)		(.39	)		(.34	)		(.50	)


Net asset value, end of period		$11.26			$11.41			$11.59			$10.79			$11.13			$13.49


Total return

Total investment return based on net asset value (c)		0.78%			2.77%			12.04%			0.43%			(15.25)%			(0.23)%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$4,459,234			$4,355,395			$4,153,600			$3,271,751			$3,089,962			$3,845,735

Average net assets (000 omitted)		$4,406,916			$4,139,851			$3,705,904			$3,218,725			$3,542,155			$3,818,467

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.31%	^		.47%			.57%			.58%			.56%			.56%

Expenses, before waivers/reimbursements		.55%	^		.56%			.57%			.58%			.56%			.56%

Net investment income		4.11%	(b)^		4.22%	(b)		4.24%	(b)		3.50%			1.65%			1.81%

Portfolio turnover rate (d)		110%			193%			195%			187%			122%			123%

See Footnote Summary on page 62.

See Notes to Financial Statements.



2026 Semi-Annual Report		61

Financial Highlights (continued)

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:



	AB CORE BOND PORTFOLIO CLASS Z

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			YEAR ENDED 9/30/24			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Net asset value, beginning of period	$	11.42		$	11.59		$	10.79		$	11.13		$	13.49		$	14.03


Income From investment operations:

Net investment income (a)(b)		.23			.47			.47			.39			.21			.24

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.12	)		(.17	)		.81			(.33	)		(2.23	)		(.29	)


Total from investment operations		.11			.30			1.28			.06			(2.02	)		(.05	)


Less: dividends and distributions

Dividends from net investment income		(.26	)		(.47	)		(.48	)		(.40	)		(.21	)		(.25	)

Distributions from net realized gain on investment transactions		0			0			0			0			(.13	)		(.24	)


Total dividends and distributions		(.26	)		(.47	)		(.48	)		(.40	)		(.34	)		(.49	)


Net asset value, end of period		$11.27			$11.42			$11.59			$10.79			$11.13			$13.49


Total return

Total investment return based on net asset value (c)		.94%			2.68%			12.05%			.47%	(e)		(15.26)%	(e)		(.40)%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$8,712			$10			$9			$8			$8			$10

Average net assets (000 omitted)		$6,761			$9			$8			$8			$9			$10

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.27%	^		.48%			.57%			.57%			.57%			.63%

Expenses, before waivers/reimbursements		.59%	^		.86%			.83%			3.50%			3.01%			1.87%

Net investment income (b)		4.13%	^		4.21%			4.23%			3.50%			1.69%			1.74%

Portfolio turnover rate (d)		110%			193%			195%			187%			122%			123%

(a)

Based on average shares outstanding.

(b)

Net of expenses waived by the Adviser.

(c)

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(d)

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

(e)

The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.

(f)

Amount is less than $.005.

†

During the year ended September 30, 2025, the Adviser reimbursed the Fund for overpayment of prior years’ omnibus account services, sub-accounting services and related transfer agency expenses. The impact of the reimbursement to the financial highlights is as follows.

DIVERSIFIED MUNICIPAL PORTFOLIO

NET
INVESTMENT

INCOME PER

NET
INVESTMENT

INCOME
RATIO

TOTAL
RETURN

Class A

$.00 (f)

.01%

Class C

$.00 (f)

.01%

Advisor Class

$.00 (f)

.01%

Annualized.

See Notes to Financial Statements.



62		Sanford C. Bernstein Fund, Inc.

Notes to Financial Statements

NOTE 1.

Organization and Significant Accounting Policies

Sanford C. Bernstein Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end registered investment company. The Fund, which is a Maryland corporation, operates as a series company currently comprised of 6 portfolios (hereafter collectively referred to as the “Portfolios” and each individually a “Portfolio”) with the following share classes offered:


FIXED INCOME MUNICIPAL PORTFOLIO		SHARE CLASSES OFFERED

Diversified Municipal		Municipal Class*, Class A, Class C, Advisor Class and Class Z

FIXED INCOME TAXABLE PORTFOLIO

AB Core Bond**		Core Bond Class* and Class Z

Bernstein Class

Formerly known as Intermediate Duration.


OVERLAY PORTFOLIOS

Overlay A		Class 1 and Class 2

Tax-Aware Overlay A		Class 1 and Class 2

Overlay B		Class 1 and Class 2

Tax-Aware Overlay B		Class 1 and Class 2

Each Portfolio has its own investment objectives. This report relates only to the Diversified Municipal Portfolio and the AB Core Bond Portfolio (formerly Intermediate Duration Portfolio) (together the “SCB Portfolios”). The financial statements of the Overlay Portfolios are presented in separate financial reports. Class B and Class T shares of the Diversified Municipal Portfolio have been authorized but currently are not offered. Class A and Advisor Class shares of the AB Core Bond Portfolio have been authorized but currently are not offered. Effective November 7, 2025, Class A and Advisor Class shares of the AB Core Bond Portfolio were liquidated. Each class of shares has identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan, as applicable. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolios.

Portfolio Valuation

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



2026 Semi-Annual Report		63

Notes to Financial Statements (continued)

typically valued at transaction price on the trade date. On days when a trade does not occur, these options are valued using models that consider the terms of the option and relevant market inputs; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

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

Fair Value Measurements

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

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Portfolios’ own assumptions in determining the fair value of investments)

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



64		Sanford C. Bernstein Fund, Inc.

discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are: the value of collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following tables summarize the valuation of the Portfolios’ investments by the above fair value hierarchy levels as of March 31, 2026:


DIVERSIFIED MUNICIPAL PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL

Assets:

Long-Term Municipal Bonds	$	0	$	4,743,557,579		$	381,000	$	4,743,938,579

Short-Term Municipal Notes		0		459,156,588			0		459,156,588

Corporates—Investment Grade		0		38,449,877			0		38,449,877

Corporates—Non-Investment Grade		0		6,613,324			0		6,613,324

Asset-Backed Securities		0		1,799,664			0		1,799,664

Total Investments in Securities		0		5,249,577,032			381,000		5,249,958,032

Other Financial Instruments^(a):

Assets:

Centrally Cleared Inflation (CPI) Swaps		0		732,271			0		732,271	(b)

Centrally Cleared Interest Rate Swaps		0		2,464,937			0		2,464,937	(b)

Interest Rate Swaps		0		2,868,193			0		2,868,193

Liabilities:

Centrally Cleared Credit Default Swaps		0		(3,242,655	)		0		(3,242,655	)(b)

Centrally Cleared Interest Rate Swaps		0		(88,938	)		0		(88,938	)(b)

Total	$	0	$	5,252,310,840		$	381,000	$	5,252,691,840



2026 Semi-Annual Report		65

Notes to Financial Statements (continued)


AB CORE BOND PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2		LEVEL 3		TOTAL

Assets:

Governments—Treasuries	$	0		$	1,300,768,141	$	0	$	1,300,768,141

Corporates—Investment Grade		0			1,189,775,571		0		1,189,775,571

Mortgage Pass-Throughs		0			876,229,152		0		876,229,152

Collateralized Mortgage Obligations		0			270,133,629		0		270,133,629

Asset-Backed Securities		0			207,928,106		10,071,623		217,999,729

Commercial Mortgage-Backed Securities		0			58,472,388		0		58,472,388

Corporates—Non-Investment Grade		0			38,459,787		0		38,459,787

Agencies		0			36,499,626		0		36,499,626

Governments—Sovereign Bonds		0			27,633,099		0		27,633,099

Emerging Markets—Corporate Bonds		0			24,996,459		0		24,996,459

Local Governments—US Municipal Bonds		0			22,089,616		0		22,089,616

Collateralized Loan Obligations		0			11,197,886		0		11,197,886

Emerging Markets—Sovereigns		0			4,920,270		0		4,920,270

Quasi-Sovereigns		0			4,806,033		0		4,806,033

Governments—Sovereign Agencies		0			1,332,992		0		1,332,992

Common Stocks		0			0		88,794		88,794

Short-Term Investments		0			806,896,815		0		806,896,815

Total Investments in Securities		0			4,882,139,570		10,160,417		4,892,299,987

Other Financial Instruments^(a):

Assets:

Futures		1,876,568			0		0		1,876,568	(b)

Forward Currency Exchange Contracts		0			2,117,310		0		2,117,310

Centrally Cleared Interest Rate Swaps		0			1,470,890		0		1,470,890	(b)

Liabilities:

Futures		(17,002,249	)		0		0		(17,002,249	)(b)

Total	$	(15,125,681	)	$	4,885,727,770	$	10,160,417	$	4,880,762,506

(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.

(b)

Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the schedule of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

Foreign Currency Translation

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

Net realized gain or loss on foreign currency transactions represents net foreign exchange gains or losses from the disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on security transactions and the difference between the amount of dividends, interest and foreign withholding taxes recorded on the Portfolios’ books and the U.S. dollar equivalent amount actually received or paid. Net unrealized currency gains and



66		Sanford C. Bernstein Fund, Inc.

losses arising from valuing foreign currency denominated assets and liabilities, other than security investments, at the current exchange rate are reflected as part of unrealized appreciation/depreciation on foreign currencies.

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

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

Taxes

Each Portfolio is treated as a separate entity for federal income tax purposes. Each Portfolio intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986 as they apply to regulated investment companies. By so complying, each Portfolio will not be subject to federal and state income taxes to the extent that all of its income is distributed. The Portfolios may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned based on management’s understanding of applicable local tax law.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolios’ tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolios’ financial statements. As of September 30, 2025, the Portfolios did not have any unrecognized tax benefits.

Security Transactions and Related Investment Income

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

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

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

Class Allocations

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

Distribution of Income and Gains

Net investment income of each Portfolio Found is intended to be declared and recorded as a dividend to shareholders daily and is payable to shareholders monthly.



2026 Semi-Annual Report		67

Notes to Financial Statements (continued)

Distributions of net realized gains, less any available loss carryforwards, if any, for all the Portfolios will be paid to shareholders at least once a year, and recorded on the ex-dividend date.

Elements of realized gains and net investment income may be recorded in different accounting periods for financial reporting (book) and federal income tax (tax) purposes (temporary differences). To the extent that such distributions required for tax purposes exceed income and gains recorded for book purposes as a result of such temporary differences, “excess distributions” are reflected in the accompanying statement of assets and liabilities. To the extent distributions exceed income and gains for tax purposes, such distributions would be shown as “return of capital” on the statement of changes in net assets. Certain other differences—permanent differences—arise because treatment of elements of income and gains is different between book and tax accounting. Permanent differences are reclassified in the year they arise.

Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

Segment Information

Each Portfolio represent a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Portfolios’ President is the CODM. The CODM monitors the operating results of the Portfolios as a whole and the pre-determined Portfolios’ long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segment’s performance versus the Portfolios’ comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

NOTE 2.

Investment Management and Transactions with Affiliated Persons

Management Fee

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

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


ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO
PORTFOLIO	FIRST $1 BILLION			NEXT $2 BILLION			NEXT $2 BILLION			NEXT $2 BILLION			THEREAFTER
Diversified Municipal		0.425	%		0.375	%		0.325	%		0.275	%		0.225	%

				FIRST $2.5 BILLION			NEXT $2.5 BILLION			NEXT $3 BILLION			THEREAFTER
AB Core Bond					0.450	%		0.400	%		0.350	%		0.300	%

The Adviser has agreed to waive its fees and bear certain expenses of the AB Core Bond Portfolio to the extent necessary to limit the total operating expenses (excluding any acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Portfolio may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions, and other transaction costs), to 0.28% and 0.28% for the Core Bond Class and Class Z shares, respectively. Prior to November 7, 2025, the Adviser agreed to waive its fees and bear certain expenses of the AB Core Bond Portfolio



68		Sanford C. Bernstein Fund, Inc.

to the extent necessary to limit the total other expenses (exclusive of advisory fees, distribution and/or service (Rule 12b-1) fees, extraordinary expenses, interest expense, acquired fund fees and expenses other than the advisory fees of any affiliated funds in which the Portfolio may invest, expenses associated with securities sold short, and brokerage commission and other transaction costs) to 0.22%, 0.22% and 0.13% for Class A, Advisor Class and Class Z shares, respectively. For the six months ended March 31, 2026, such reimbursements/waivers amounted to $2,069,895. The Expense Caps may not be terminated by the Adviser before January 31, 2027. The Adviser has contractually agreed to waive its management fee of the AB Core Bond Portfolio by an amount equal to 0.15% of the Portfolio’s daily average net assets. Prior to November 7, 2025, the Adviser voluntarily agreed to waive its management fee of the AB Core Bond Portfolio by an amount equal to 0.10% of the Portfolio’s daily average net assets. For the six months ended March 31, 2026, such reimbursements/waivers amounted to $3,078,681.

Shareholder Servicing Fee; Transfer Agency Fee

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

Under a Transfer Agency Agreement between the Fund on behalf of the Retail Classes, and AllianceBernstein Investor Services, Inc. (“ABIS”), the Retail Classes compensate ABIS, a wholly owned subsidiary of the Adviser, for providing personnel and facilities to perform transfer agency services. ABIS may make payments to intermediaries that provide omnibus account services, sub accounting services and/or networking services. For the six months ended March 31, 2026, the compensation retained by ABIS amounted to: Diversified Municipal Portfolio, $106,413; AB Core Bond Portfolio, $3,580.

Distribution Arrangements—the Portfolios Except the Retail Classes

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

Distribution Arrangements—the Retail Classes Only

The Retail Classes of the Portfolios have adopted a Distribution Services Agreement (the “Agreement”), including a distribution plan pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, each of the Retail Classes pays distribution services fees to AllianceBernstein Investments, Inc., (the “Retail Distributor”), a wholly owned subsidiary of the Adviser, at an annual rate of up to 0.30 of 1% of the Class A Shares, and 1% of the Class C Shares of the respective average daily net assets attributable to the Retail Classes. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of 0.25 of 1% of Class A shares’ average daily net assets. The Agreement provides that the Retail Distributor will use such payments in their entirety for distribution assistance and promotional activities. The Retail Distributor has advised the Fund, that it has incurred expenses in excess of the distribution costs reimbursed by each of the Retail Classes as follows:


	PORTFOLIO
	DIVERSIFIED MUNICIPAL
Class C	$	3,293,847



2026 Semi-Annual Report		69

Notes to Financial Statements (continued)

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

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

Other Transactions with Affiliates

Class A Shares of the Retail Classes are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. The Diversified Municipal Portfolio’s Class A shares are sold with a reduced front-end sales charge of up to 3.00% for purchases up to $500,000; purchases of $500,000 or more will not be subject to a sales charge. With respect to purchases of $1,000,000 or more ($500,000 or more with respect to the Diversified Municipal Portfolio’s), Class A Shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%.

Class C Shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Effective May 31, 2021, Class C shares automatically converted to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares ten years after the end of the calendar month of purchase. Advisor Class and Class Z shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses.

AllianceBernstein Investments, Inc. has advised the Fund, that it has retained front-end sales charges from sales of Class A Shares and received contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C Shares for the six months ended March 31, 2026, as follows:


	FRONT-END SALES CHARGES CLASS A		CONTINGENT DEFERRED SALES CHARGES
PORTFOLIO	FRONT-END SALES CHARGES CLASS A		CLASS A		CLASS C
Diversified Municipal	$	38	$	0	$	42

NOTE 3.

Investment Security Transactions

Purchases and Sales

For the six months ended March 31, 2026, the Portfolios had purchases and sales transactions, excluding transactions in short-term instruments, as follows:


PORTFOLIO	PURCHASES EXCLUDING U.S. GOVERNMENT SECURITIES		PURCHASES OF U.S. GOVERNMENT SECURITIES		SALES EXCLUDING U.S. GOVERNMENT SECURITIES		SALES OF U.S. GOVERNMENT SECURITIES
Diversified Municipal	$	808,250,625	$	15,788,605	$	648,740,289	$	287,476

AB Core Bond		480,169,791		4,163,733,839		349,727,023		4,241,298,788

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:


	GROSS UNREALIZED					NET UNREALIZED APPRECIATION (DEPRECIATION)
PORTFOLIO	APPRECIATION		(DEPRECIATION)			NET UNREALIZED APPRECIATION (DEPRECIATION)

Diversified Municipal	$	54,615,903	$	(91,157,771	)	$	(36,541,868	)

AB Core Bond		31,836,827		(185,658,578	)		(153,821,751	)



70		Sanford C. Bernstein Fund, Inc.

Derivative Financial Instruments

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

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

•

Futures

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

At the time a Portfolio enters into futures, a Portfolio deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Portfolios agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Portfolio agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Portfolios as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Portfolios to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Portfolios to unlimited risk of loss. Each Portfolio may enter into futures only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transactions; therefore, the Portfolios’ credit risk is subject to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended March 31, 2026, the AB Core Bond Portfolio held futures for hedging and non-hedging purposes.

•

Forward Currency Exchange Contracts

The AB Core Bond Portfolio may enter into forward currency exchange contracts on either a spot (i.e., cash) or forward basis. Spot contracts are entered into at the rate then prevailing in the currency-exchange market. Forward currency exchange contracts obligate the contracting parties to purchase or sell a specific currency at a specified future date at a specified price. The Portfolios will generally not enter into a forward currency exchange contract with a term greater than one year. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Forward currency exchange contracts used to protect the Portfolios from adverse currency movements involve the risk that the Adviser may not accurately predict currency movements. As a result, total return could be adversely affected. The Adviser may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps and other options. The Adviser may enter into foreign currency transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value.



2026 Semi-Annual Report		71

Notes to Financial Statements (continued)

During the six months ended March 31, 2026, the AB Core Bond Portfolio held forward currency exchange contracts for hedging purposes.

•

Swaps

Each Portfolio may enter into swaps to hedge their exposure to interest rates, credit risk, or currencies. Certain Portfolios may also enter into swaps for non-hedging purposes as a means of gaining market exposures, including by making direct investments in foreign currencies, as described below under “Currency Transactions.” A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Portfolios in accordance with the terms of the respective swaps to provide value and recourse to the Portfolios or their counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Portfolios, and/or the termination value at the end of the contract. Therefore, the Portfolios consider the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Portfolios and the counterparty and by the posting of collateral by the counterparty to the Portfolios to cover the Portfolios’ exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Portfolios accrue for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Portfolios enter into a centrally cleared swap, the Portfolios deposit with the broker or segregates at is custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Portfolios agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Portfolios as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

Each Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolios hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolios may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolios may elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate on a notional amount.



72		Sanford C. Bernstein Fund, Inc.

In addition, a Portfolio may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Portfolio anticipates purchasing at a later date. Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended March 31, 2026, the Diversified Municipal Portfolio held interest rate swaps for hedging purposes. AB Core Bond Portfolio held interest rate swaps for hedging and non-hedging purposes.

Inflation (CPI) Swaps:

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Portfolio against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the six months ended March 31, 2026, the Diversified Municipal Portfolio held inflation (CPI) swaps for hedging purposes.

Credit Default Swaps:

Each Portfolio may enter into credit default swaps for multiple reasons, including to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults by corporate and sovereign issuers held by the Portfolios, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed. The Portfolios may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Portfolios receive/(pay) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolios will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolios for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if the Portfolio had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If a Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If a Portfolio is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Portfolio coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Portfolio.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the schedule of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the market’s assessment of the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the six months ended March 31, 2026, the Diversified Municipal Portfolio held credit default swaps for hedging purposes.



2026 Semi-Annual Report		73

Notes to Financial Statements (continued)

A Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, a Portfolio typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of a Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

A Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of a Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, a Portfolio’s OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty tables below for additional details.

During the six months ended March 31, 2026, the Portfolios had entered into the following derivatives:

DIVERSIFIED

MUNICIPAL PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS
AND LIABILITIES
LOCATION

FAIR VALUE

STATEMENT OF ASSETS
AND LIABILITIES LOCATION

FAIR VALUE

Credit contracts

Payable for variation margin on centrally cleared swaps

693,170

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

3,197,208

Payable for variation margin on centrally cleared swaps

88,938

Interest rate contracts

Unrealized appreciation on interest rate swaps

2,868,193

Total

6,065,401

782,108

Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the schedule of investments.


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES		CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	3,169,209	$	(2,654,144	)

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		954,827		(622,069	)

Total		$	4,124,036	$	(3,276,213	)



74		Sanford C. Bernstein Fund, Inc.

AB CORE BOND PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS
AND LIABILITIES
LOCATION

FAIR VALUE

STATEMENT OF ASSETS
AND LIABILITIES LOCATION

FAIR VALUE

Interest rate contracts

Receivable for variation margin on futures

1,876,568

Payable for variation margin on futures

17,002,249

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

420,800

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

2,117,310

Total

4,414,678

17,002,249


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES		CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	8,196,917	$	(19,620,986	)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		113,573		1,647,086

Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		409,454		(178,979	)

Total		$	8,719,944	$	(18,152,879	)

The following tables represent the average monthly volume of the Portfolios’ derivative transactions during the six months ended March 31, 2026:


DIVERSIFIED MUNICIPAL PORTFOLIO

Interest Rate Swaps:

Average notional amount	$	57,160,000

Centrally Cleared Interest Rate Swaps:

Average notional amount	$	265,514,286

Centrally Cleared Inflation Swaps:

Average notional amount	$	276,200,000

Centrally Cleared Credit Default Swaps:

Average notional amount of buy contracts	$	58,624,457



2026 Semi-Annual Report		75

Notes to Financial Statements (continued)


AB CORE BOND PORTFOLIO

Futures:

Average notional amount of buy contracts	$	1,000,251,616

Average notional amount of sale contracts	$	133,960,038

Forward Currency Exchange Contracts:

Average principal amount of buy contracts	$	557,741	(a)

Average principal amount of sale contracts	$	48,668,336

Centrally Cleared Interest Rate Swaps:

Average notional amount	$	19,060,000

(a)

Positions were open for four months during the period.

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

All OTC derivatives held at period end were subject to netting arrangements. The following tables present the Portfolios’ derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolios as of March 31, 2026. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.


DIVERSIFIED MUNICIPAL PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET		CASH COLLATERAL RECEIVED*		SECURITY COLLATERAL RECEIVED*		NET AMOUNT OF DERIVATIVE ASSETS

Citibank NA	$	2,868,193	$	0	$	2,810,000	$	0	$	58,193

Total	$	2,868,193	$	0	$	2,810,000	$	0	$	58,193	^

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

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


AB CORE BOND PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET		CASH COLLATERAL RECEIVED*		SECURITY COLLATERAL RECEIVED*		NET AMOUNT OF DERIVATIVE ASSETS
Barclays Capital, Inc.	$	192,912	$	0	$	0	$	0	$	192,912
Morgan Stanley Capital Services, Inc.		10,398		0		0		0		10,398
State Street Bank & Trust Co.		1,914,000		0		0		0		1,914,000
Total	$	2,117,310	$	0	$	0	$	0	$	2,117,310	^

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



76		Sanford C. Bernstein Fund, Inc.

Currency Transactions

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

TBA and Dollar Rolls

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

The AB Core Bond Portfolio may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Portfolios of securities for delivery in the current month and The Fund simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolios forgo principal and interest paid on the securities. The Portfolios are compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolios are obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the six months ended March 31, 2026, the AB Core Bond Portfolio earned drop income of $1,675,921, which is included in interest income in the accompanying statement of operations.

NOTE 4.

Distributions to Shareholders

The tax character of distributions to be paid for the year ending September 30, 2026 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended September 30, 2025 and September 30, 2024 were as follows:


PORTFOLIO	2025		2024
Diversified Municipal

Distributions paid from:

Ordinary income	$	7,588,973	$	8,764,865

Long-term capital gains				0


Total taxable distributions		7,588,973	$	8,764,865

Tax exempt distributions		144,892,123		138,497,943


Total distributions paid	$	152,481,096		147,262,808


AB Core Bond

Distributions paid from:

Ordinary income	$	174,512,053	$	157,150,760

Long-term capital gains		0		0


Total distributions paid	$	174,512,053	$	157,150,760



2026 Semi-Annual Report		77

Notes to Financial Statements (continued)

As of September 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


PORTFOLIO	UNDISTRIBUTED ORDINARY INCOME^(a)		UNDISTRIBUTED LONG-TERM GAINS		ACCUMULATED CAPITAL AND OTHER (LOSSES)^(b)			UNREALIZED APPRECIATION/ (DEPRECIATION)^(c)			TOTAL ACCUMULATED EARNINGS/ (DEFICIT)^(d)
Diversified Municipal	$	1,766,305	$	0	$	(83,570,287	)	$	(22,549,144	)	$	(104,353,126	)

AB Core Bond		9,431,724		0		(403,061,599	)		(84,289,104	)		(477,918,979	)

(a)

Includes tax exempt income as shown below:


Diversified Municipal		$	1,766,305

(b)

As of September 30, 2025 certain Portfolios had capital loss carryforwards for federal income tax purposes. As of September 30, 2025 AB Core Bond Portfolio deferred $1,787,450 in straddle losses.

(c)

The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales, the tax treatment of swaps and passive foreign investment companies (PFICs), the tax treatment of callable bonds, the tax treatment of Puerto Rico bonds, and the realization for tax purposes of gains/losses on certain derivative instruments.

(d)

The differences between book-basis and tax-basis components of accumulated earnings/(deficit) are attributable primarily to the tax treatment of the accrual of foreign capital gains tax, and dividends payable to shareholders.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses.

As of September 30, 2025, the following Portfolios had net capital loss carryforwards as follows:


PORTFOLIO	SHORT-TERM AMOUNT		LONG-TERM AMOUNT
Diversified Municipal		63,805,377		19,764,910

AB Core Bond		130,806,605		270,467,544

NOTE 5.

Risks Involved in Investing in the Portfolios

Interest Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Portfolio performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

Credit Risk—This is the risk that the issuer or the guarantor of a debt security, or the counterparty to a derivatives or other contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The issuer or guarantor may default, potentially causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating, although credit ratings are opinions and not guarantees of quality. The credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations, making credit risk greater for



78		Sanford C. Bernstein Fund, Inc.

medium-quality and lower-rated debt securities. Lower-rated debt securities and similar unrated securities (commonly known as “junk bonds”) have speculative elements or are predominantly speculative credit risks. At times when credit risk is perceived to be greater, credit “spreads” (i.e., the difference between the yields on lower quality securities and the yields on higher quality securities) may get larger or “widen”. As a result, the values of the lower quality securities may go down more and they may become harder to sell.

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

Municipal Market Risk—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolios’ investments in municipal securities. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. To the extent the Portfolios invests in the municipal securities of a particular state or territory, it may be vulnerable to events adversely affecting that state or territory, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as droughts, wildfires, flooding and earthquakes, which may be further exacerbated by recent environmental conditions and climate change patterns. The Portfolios’ investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, are subject to the risk that factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

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

The municipal securities issued by Puerto Rico and its government agencies and municipalities may have more risks than those of other U.S. issuers of municipal securities. Puerto Rico continues to face a very challenging economic and fiscal environment. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolios’ assets can decline as can the value of the Portfolios’ distributions. This risk is significantly greater for fixed-income securities with longer maturities.

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

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

Country Concentration Risk—The Portfolios may not always be diversified among countries or regions and the effect on the share price of the Portfolios of specific risks such as political, regulatory and currency may be magnified due to concentration of the Portfolios’ investments in a particular country or region.



2026 Semi-Annual Report		79

Notes to Financial Statements (continued)

Emerging Markets Securities Risk—The risks of investing in foreign (non-U.S.) securities are heightened with respect to issuers in emerging-market countries because the markets are less developed, less liquid and subject to increased potential for market manipulation and there may be a greater amount of economic, political and social uncertainty. These risks are even more pronounced in “frontier” markets, which are investable markets with lower total market capitalization and liquidity than the more developed emerging markets. Emerging markets typically have fewer medical and economic resources than the more developed countries, and thus they may be less able to control or mitigate the effects of a pandemic, climate change, or a natural disaster.

Derivatives Risk—The Portfolios may use derivatives as direct investments to earn income, enhance return and broaden portfolio diversification, which entail greater risk than if used solely for hedging purposes. While hedging can guard against potential risks, there is also a risk that a derivative intended as a hedge may not perform as expected. In addition to other risks such as the credit risk of the counterparty (the party on the other side of the transaction), derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolios. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted as margin or collateral for derivatives positions may themselves go down in value, and these collateral and other requirements may limit investment flexibility. Some derivatives involve leverage, which can make the Portfolios more volatile and can compound other risks. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio. Use of derivatives may have different tax consequences for the Portfolios than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders. The U.S. government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as additional regulations governing margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.

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

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

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

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



80		Sanford C. Bernstein Fund, Inc.

these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. In addition, the Adviser may change the Portfolios’ investment strategies or policies from time to time. Those changes may not lead to the results intended by the Adviser and could also have an adverse effect on the value or performance of the Portfolios.

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

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

Foreign Currency Risk—This is the risk that changes in foreign (non-U.S.) currency exchange rates may negatively affect the value of the Portfolios’ investments or reduce the returns of the Portfolios. For example, the value of the Portfolios’ investments in foreign securities and foreign currency positions may decrease if the U.S. Dollar is strong (i.e., gaining value relative to other currencies) and other currencies are weak (i.e., losing value relative to the U.S. Dollar).

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

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

The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs on various categories of goods imported from the other country, restrictions on investment and adverse impacts on affected companies and securities. For example, the current political climate between the United States and China has intensified concerns about protectionist trade policies and a potential trade war between China and the United States. The United States has imposed tariffs and other trade barriers on Chinese exports and placed other restrictions on or barriers to investments in China. Trade disputes, particularly prolonged disputes, may adversely affect the economies of the United States and its trading partners, as well as the companies directly or indirectly affected by the dispute and financial markets generally, and thus may adversely affect the value of the Portfolio’s assets. In addition, an increase in tariffs or trade restrictions, or even the threat of such increased tariffs or restrictions, could lead to a significant reduction in international trade, which could have a negative impact on the global economy and a commensurately negative impact on the Portfolio. The United States government has in the recent past acted to prohibit U.S. persons, such as the Portfolio, from owning, and required them to divest, certain Chinese companies designated as related to the Chinese military. There is no assurance that more such companies will not be so designated in the future, which could limit the Portfolio’s opportunities for investment and require the sale of securities at a loss or make them illiquid. Some countries and regions in which the Portfolio invests have strained international relations due to territorial disputes, historical animosities or other defense concerns. Incidents involving a country’s or region’s security may cause uncertainty in the markets and may adversely affect a Portfolio’s investments. For example, the Chinese government is involved in a territorial dispute



2026 Semi-Annual Report		81

Notes to Financial Statements (continued)

with Taiwan as well as other territorial disputes; the risk of a forced unification with Taiwan by the Chinese government may adversely affect securities of Chinese, Taiwan-based and other issuers both in and outside the region. If the political climate between the United States, China and other countries in Asia continues to deteriorate, economies and markets may be adversely affected.

Policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation, and these and other events affecting global markets, such as the United Kingdom’s exit from the European Union; potential trade imbalances with China or other countries; or sanctions or other government actions against Russia, other nations, or individuals or companies (or countermeasures taken in response to such sanctions), may contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the implications for market participants, may not be fully known for some time.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, armed conflict, including Russia’s military invasion of Ukraine and the conflict involving Israel and other countries in the Middle East, terrorism, natural disasters (including the spread of infectious illness) and other circumstances in one country or region could have profound impacts on global economies or markets. Following Russia’s invasion of Ukraine commencing in February of 2022, the United States, the European Union and other countries instituted numerous sanctions against Russia and Belarus and certain companies and individuals. Russia in turn has taken a large number of retaliatory actions, some of which effectively froze Russian securities held by U.S. investors (including U.S. funds such as the Portfolio) and investors in other countries viewed as “unfriendly” by Russia, including securities represented by depositary receipts, effectively precluding the Portfolio from buying, selling, receiving or delivering those securities or accessing income received on such securities. Since then, Russian securities held by investors in the U.S. and other jurisdictions viewed as “unfriendly” by Russia have lost all, or nearly all, of their market value, and many other issuers, securities and markets have been adversely affected. The disruption of the Russian economy has had severe adverse effects on the region and beyond, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolio’s investments may be negatively affected.

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

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

Active Trading Risk—The Portfolio expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Portfolio’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Portfolio shareholders.

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



82		Sanford C. Bernstein Fund, Inc.

NOTE 6.

Joint Credit Facility

A number of open-end mutual funds and ETFs managed by the Adviser, including the Portfolios, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short-term liquidity requirements, which will expire on June 23, 2026. A commitment fee of 0.15% per annum of the Facility amount is allocated among the participating funds. The portion of the commitment fee allocated to the ETFs is paid by the Adviser pursuant to the ETFs’ unitary fee structure. The Portfolios did not utilize the Facility during the six months ended March 31, 2026.

NOTE 7.

Capital-Share Transactions

The Fund has authorized 17.5 billion shares of common stock, par value $0.001 per share, of which 5.1 billion shares are allocated to the SCB Portfolios. The allocation is as follows:


	ALLOCATION OF SHARES (IN MILLIONS)
PORTFOLIO	BERNSTEIN CLASS SHARES		CLASS A SHARES		CLASS B SHARES		CLASS C SHARES		ADVISOR CLASS SHARES		CLASS R SHARES		CLASS Z SHARES		CLASS T SHARES		TOTAL
Diversified Municipal		800		400		400		400		400		0		600		300		3,300

AB Core Bond		800		300		0		0		300		0		400		0		1,800

Share transactions for each Portfolio for the six months ended March 31, 2026 and the year ended September 30, 2025, were as follows:



	DIVERSIFIED MUNICIPAL PORTFOLIO


	SHARES						AMOUNT

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25
Municipal Class Shares

Shares sold		21,015,758			40,682,264		$	295,100,127		$	563,151,678

Shares issued to shareholders on reinvestment of dividends		2,902,632			6,082,834			40,782,286			84,052,031

Shares redeemed		(23,850,129	)		(63,376,165	)		(335,179,477	)		(876,528,695	)


Net increase (decrease)		68,261			(16,611,067	)	$	702,936		$	(229,324,986	)


Class A Shares

Shares sold		1,488,967			1,522,261		$	20,905,492		$	21,082,028

Shares issued to shareholders on reinvestment of dividends		111,455			235,901			1,567,254			3,261,770

Shares converted from Class C		50,779			85,754			713,449			1,189,838

Shares redeemed		(1,463,566	)		(3,691,276	)		(20,536,830	)		(51,069,947	)


Net increase (decrease)		187,635			(1,847,360	)	$	2,649,365		$	(25,536,311	)



2026 Semi-Annual Report		83

Notes to Financial Statements (continued)



	DIVERSIFIED MUNICIPAL PORTFOLIO


	SHARES						AMOUNT

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25
Class C Shares

Shares sold		13,603			37,580		$	190,766		$	521,182

Shares issued to shareholders on reinvestment of dividends		3,746			9,929			52,646			137,299

Shares converted to Class A		(50,779	)		(85,773	)		(713,449	)		(1,189,838	)

Shares redeemed		(61,519	)		(144,557	)		(863,006	)		(2,002,923	)


Net decrease		(94,949	)		(182,821	)	$	(1,333,043	)	$	(2,534,280	)


Advisor Class Shares

Shares sold		9,707,324			10,832,422		$	136,405,762		$	149,542,939

Shares issued to shareholders on reinvestment of dividends		349,531			685,445			4,907,832			9,465,085

Shares redeemed		(4,846,909	)		(12,325,366	)		(67,984,827	)		(170,253,733	)


Net increase (decrease)		5,209,946			(807,499	)	$	73,328,767		$	(11,245,709	)


Class Z Shares

Shares sold		9,454,391			38,870,273		$	132,858,276		$	534,715,361

Shares issued to shareholders on reinvestment of dividends		502,260			815,538			7,061,102			11,276,701

Shares redeemed		(5,452,897	)		(9,195,534	)		(76,749,148	)		(126,924,325	)


Net increase		4,503,754			30,490,277		$	63,170,230		$	419,067,737



84		Sanford C. Bernstein Fund, Inc.



	AB CORE BOND PORTFOLIO


	SHARES						AMOUNT

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25
Core Bond Class Shares

Shares sold		51,387,354			64,414,540		$	585,086,161		$	723,808,613

Shares issued to shareholders on reinvestment of dividends and distributions		6,032,502			11,624,664			68,697,467			130,447,643

Shares redeemed		(43,028,276	)		(52,872,100	)		(489,763,894	)		(594,356,453	)


Net increase		14,391,580			23,167,104		$	164,019,734		$	259,899,803


Class A Shares

Shares sold		49			14,341		$	562		$	160,889

Shares issued to shareholders on reinvestment of dividends and distributions		106			1,978			1,220			22,225

Shares redeemed		(50,290	)		(18,160	)		(576,474	)		(204,767	)


Net decrease		(50,135	)		(1,841	)	$	(574,692	)	$	(21,653	)


Advisor Class Shares

Shares sold		0			123,608		$	0		$	1,374,250

Shares issued to shareholders on reinvestment of dividends and distributions		21			226			240			2,534

Shares redeemed		(163,142	)		(37,670	)		(1,865,608	)		(420,319	)


Net increase (decrease)		(163,121	)		86,164		$	(1,865,368	)	$	956,465


Class Z Shares

Shares sold		760,861			86		$	8,704,313		$	967

Shares issued to shareholders on reinvestment of dividends and distributions		11,796			1			134,101			6

Shares redeemed		(125	)		(10	)		(1,420	)		(109	)


Net increase		772,532			77		$	8,836,994		$	864

NOTE 8.

Subsequent Events

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



2026 Semi-Annual Report		85

Board Consideration of Investment Management Arrangement

Information Regarding the Review and Approval of the Advisory Agreement in Respect of Each Fund

The disinterested directors (the “directors”) of Sanford C. Bernstein Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of each of the portfolios listed below (each, a “Fund” and collectively, the “Funds”) at a meeting held in-person on August 5-6, 2025 (the “Meeting”):


• Emerging Markets Portfolio		• Diversified Municipal Portfolio
• New York Municipal Portfolio • California Municipal Portfolio		• Intermediate Duration Portfolio (effective on or about November 7, 2025 name change to AB Core Bond Portfolio)

Prior to approval of the continuance of the Advisory Agreement in respect of each Fund, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of each Fund. The directors also discussed the proposed continuances in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Funds gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Funds and the money market fund advised by the Adviser in which Emerging Markets Portfolio invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee in respect of each Fund. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage each Fund and the overall arrangements between each Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for each Fund. The directors noted that the Adviser from time to time reviews each Fund’s investment strategies and from time to time proposes changes intended to improve a Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of each Fund’s portfolio management team and other senior personnel of the Adviser. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of each Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to each of the Funds under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of each Fund to the Adviser for calendar years 2023 and 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the



86		Sanford C. Bernstein Fund, Inc.

profitability information reflected all revenues and expenses of the Adviser’s relationships with the Funds, including those relating to its subsidiaries that provide transfer agency and distribution services to the Funds. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationships with the Funds before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with each Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Funds and the money market fund advised by the Adviser in which Emerging Markets Portfolio invests, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Funds’ principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Funds’ shares, as applicable, and transfer agency fees paid by the Funds to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Funds.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for each Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Private Client Class shares of each Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Private Client Class shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2025. The directors discussed with the Adviser the reasons for Diversified Municipal Portfolio’s underperformance in certain of the more recent periods reviewed. Based on their review, the directors concluded that the investment performance for each Fund was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by each Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as such Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared each Fund’s contractual effective advisory fee rate with a peer group median and noted that it was lower than the median for each of Emerging Markets Portfolio, California Municipal Portfolio and New York Municipal Portfolio, and equal to the median for Diversified Municipal Portfolio. The directors noted that for Intermediate Duration Portfolio, the Fund’s pro forma contractual effective fee (pertaining to the Adviser’s proposal to implement effective November 7, 2025, an advisory fee waiver to effectively reduce the Fund’s advisory fee from 0.43% to 0.28%) was lower than the median.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Funds. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Funds’ Senior Vice President and noted the differences between each Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Funds relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, each Fund (i) demands considerably more portfolio



2026 Semi-Annual Report		87

Board Consideration of Investment Management Arrangement (continued)

management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Funds, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of each Fund’s advisory fee, the directors also considered the total expense ratio of the Private Client Class shares of each Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The expense ratio of each Fund was based on the Fund’s latest fiscal year. The information provided for Emerging Markets Portfolio included a pro forma expense ratio for the Fund’s latest fiscal year adjusted to reflect the Adviser’s proposal to waive a portion of the shareholder servicing fee charged to the Fund’s Private Client Class to effectively reduce such fee from 0.25% to 0.105%. The information provided for Intermediate Duration Portfolio included a pro forma expense ratio for the Fund’s latest fiscal year adjusted to reflect the Adviser’s proposal to implement an advisory fee waiver to reduce the Fund’s advisory fee from 0.43% to 0.28% and to implement an expense cap of 0.28%. The directors noted that it was likely that the expense ratios of some of the other funds in each Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Funds by others. The directors noted that for California Municipal Portfolio and New York Municipal Portfolio, the expense ratio was below the medians, and that for Emerging Markets Portfolio and Intermediate Duration Portfolio, the pro forma expense ratio was below the medians. They noted that the expense ratio for Diversified Municipal Portfolio was above the medians and discussed the Adviser’s explanations of the reasons for this. Based on their review, the directors concluded that the expense ratio for each Fund was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for each Fund contains breakpoints that reduce the fee rates on assets above specified levels and that the net assets of each of New York Municipal Portfolio, California Municipal Portfolio, Diversified Municipal Portfolio and Intermediate Duration Portfolio were above the first breakpoint level. Accordingly, each such Fund’s current effective advisory fee rate reflected a reduction due to the breakpoint and would be further reduced to the extent the net assets of the Fund increase. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that in the case of New York Municipal Portfolio, California Municipal Portfolio, Diversified Municipal Portfolio and Intermediate Duration Portfolio, the Funds’ breakpoint arrangements were acceptable and provide a means for sharing any economies of scale, and in the case of Emerging Markets Portfolio, the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.



88		Sanford C. Bernstein Fund, Inc.

LOGO

Distributor

SANFORD C. BERNSTEIN FUND, INC.

66 HUDSON BOULEVARD EAST, NEW YORK, NY 10001

(212) 756-4097

SCBI-1947-0326

SANFORD C. BERNSTEIN FUND, INC.

Overlay Portfolios

Overlay A Portfolio

Tax-Aware Overlay A Portfolio

Overlay B Portfolio

Tax-Aware Overlay B Portfolio

SEMI-ANNUAL FINANCIAL STATEMENTS
AND ADDITIONAL INFORMATION

MARCH 31, 2026

Table of Contents


Schedule of Investments			1

Statement of Assets and Liabilities			76

Statement of Operations			80

Statement of Changes in Net Assets			82

Financial Highlights			85

Notes to Financial Statements			95

Other			134

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

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

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

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

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

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Overlay A Portfolio

March 31, 2026 (Unaudited)



Company	Shares		U.S. $ Value

COMMON STOCKS–56.7%

Information Technology–15.5%
Communications Equipment–1.1%
Arista Networks, Inc.(a)		2,646	$	324,876
Calix, Inc.(a)		1,807		88,525
Ciena Corp.(a)		306		118,798
Cisco Systems, Inc.		27,408		2,126,587
F5, Inc.(a)		1,060		306,690
Motorola Solutions, Inc.		2,960		1,284,551
Nokia Oyj		7,900		63,374

				4,313,401

Electronic Equipment, Instruments & Components–0.6%
Amphenol Corp.–Class A		4,490		567,311
Avnet, Inc.		1,971		121,453
CDW Corp./DE		274		33,159
Celestica, Inc.(a)		248		69,959
Coherent Corp.(a)		297		70,748
Corning, Inc.		556		75,599
Crane NXT Co.		2,482		100,744
Fabrinet(a)		280		146,026
Halma PLC		3,858		196,877
Jabil, Inc.		227		60,298
Keyence Corp.		651		231,696
Kyocera Corp.		10,780		165,296
Littelfuse, Inc.		180		61,083
Plexus Corp.(a)		541		109,574
Shimadzu Corp.		2,359		56,057
TD SYNNEX Corp.		730		123,158
TE Connectivity PLC		250		52,255
Teledyne Technologies, Inc.(a)		393		237,769
Yokogawa Electric Corp.		2,278		70,399
Zebra Technologies Corp.–Class A(a)		296		61,888

				2,611,349

IT Services–0.5%
Accenture PLC–Class A		2,021		400,744
CGI, Inc.		1,970		144,022
Cognizant Technology Solutions Corp.–Class A		2,470		151,534
DigitalOcean Holdings, Inc.(a)(b)		1,512		129,699
Fujitsu Ltd.		6,743		137,899
Gartner, Inc.(a)		271		42,910
Globant SA(a)		1,331		61,372
GoDaddy, Inc.–Class A(a)		1,134		93,748
Indra Sistemas SA(b)		667		37,279
International Business Machines Corp.		962		233,179
MongoDB, Inc.(a)		307		75,144
NEC Corp.		2,409		59,943
Nomura Research Institute Ltd.		3,641		99,646
Obic Co., Ltd.		3,274		79,465
Company	Shares		U.S. $ Value
Otsuka Corp.		2,315	$	44,320
TIS, Inc.		2,133		45,607
VeriSign, Inc.		699		173,604

				2,010,115

Semiconductors & Semiconductor Equipment–7.1%
Advantest Corp.		1,833		252,966
Applied Materials, Inc.		6,612		2,259,915
ASM International NV		78		59,120
ASML Holding NV		1,170		1,555,815
ASML Holding NV (REG)		516		681,548
BE Semiconductor Industries NV		171		36,627
Broadcom, Inc.		12,872		3,984,013
Credo Technology Group Holding Ltd.(a)		1,042		97,813
Disco Corp.		193		78,664
First Solar, Inc.(a)		264		52,077
FormFactor, Inc.(a)		1,665		161,488
KLA Corp.		331		487,368
Lam Research Corp.		3,560		760,630
Lasertec Corp.(b)		204		45,405
Lattice Semiconductor Corp.(a)		1,399		129,771
MACOM Technology Solutions Holdings, Inc.(a)		437		97,045
MKS, Inc.		349		80,204
Monolithic Power Systems, Inc.		128		139,949
Nova Ltd. (NASDAQ GS)(a)		204		88,593
Nova Ltd. (Tel Aviv)(a)		57		25,172
NVIDIA Corp.		70,543		12,302,699
NXP Semiconductors NV		6,233		1,227,028
ON Semiconductor Corp.(a)		1,932		119,629
Qnity Electronics, Inc.		189		21,807
QUALCOMM, Inc.		2,430		312,935
SCREEN Holdings Co., Ltd.(b)		306		18,230
Semtech Corp.(a)		1,236		95,036
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		6,410		2,166,260
Teradyne, Inc.		551		163,349
Texas Instruments, Inc.		1,886		366,148
Tokyo Electron Ltd.		953		236,774
Universal Display Corp.		987		90,468

				28,194,546

Software–3.8%
ACI Worldwide, Inc.(a)		1,772		72,670
Adobe, Inc.(a)		1,497		363,891
Autodesk, Inc.(a)		866		207,320
Cadence Design Systems, Inc.(a)		582		161,720
Check Point Software Technologies Ltd.(a)		662		94,567
Constellation Software, Inc./Canada		129		226,452
Crowdstrike Holdings, Inc.–Class A(a)		65		25,377
Dassault Systemes SE		2,534		51,299
Descartes Systems Group, Inc. (The)(a)		721		51,643
Fair Isaac Corp.(a)		19		20,283
Fortinet, Inc.(a)		2,321		189,672
Gen Digital, Inc.		2,367		44,571
Intuit, Inc.		839		362,767



2026 Semi-Annual Report		1

Schedule of Investments (continued)



Company	Shares		U.S. $ Value
Klaviyo, Inc.–Class A(a)		2,200	$	42,812
Microsoft Corp.(c)		26,738		9,897,606
Nemetschek SE		106		7,935
Nice Ltd.(a)		107		11,814
Nice Ltd. (Sponsored ADR)(a)(b)		554		61,084
Oracle Corp.		9,697		1,426,526
Oracle Corp. Japan		418		22,669
Palantir Technologies, Inc.–Class A(a)		133		19,455
Palo Alto Networks, Inc.(a)		567		90,901
Procore Technologies, Inc.(a)		1,703		97,071
PTC, Inc.(a)		415		59,133
Roper Technologies, Inc.		826		292,288
Runway AI, Inc.(a)(d)(e)		1,263		17,549
Sage Group PLC (The)		6,146		68,868
Salesforce, Inc.		788		147,096
Samsara, Inc.–Class A(a)		2,452		77,704
SAP SE		1,105		188,383
ServiceNow, Inc.(a)		5,203		543,974
Tyler Technologies, Inc.(a)		288		98,605
Workday, Inc.–Class A(a)		308		40,015
Xero Ltd.(a)		620		32,767
Zoom Communications, Inc.(a)		433		34,809
Zscaler, Inc.(a)		102		14,310

				15,165,606

Technology Hardware, Storage & Peripherals–2.4%
Apple, Inc.(c)		35,233		8,941,783
Canon, Inc.(b)		7,311		202,861
FUJIFILM Holdings Corp.		7,785		148,348
Logitech International SA (REG)		344		31,945
NetApp, Inc.		356		36,451

				9,361,388

				61,656,405



Financials–7.7%
Banks–1.8%
AIB Group PLC		5,558		59,332
Bank Hapoalim BM		3,871		90,910
Bank Leumi Le-Israel BM		3,061		68,453
Bank of America Corp.		41,037		2,000,554
BOC Hong Kong Holdings Ltd.–Class H		24,546		135,420
Canadian Imperial Bank of Commerce(b)		704		66,721
DBS Group Holdings Ltd.		2,860		127,270
East West Bancorp, Inc.		588		62,775
Fifth Third Bancorp		14,493		673,345
FinecoBank Banca Fineco SpA		1,187		26,409
First BanCorp/Puerto Rico		3,104		66,301
First Citizens BancShares, Inc./NC–Class A		79		148,888
First Hawaiian, Inc.		1,607		39,596
Flagstar Bank NA		5,969		78,612
Independent Bank Corp.		1,161		87,319
Japan Post Bank Co., Ltd.		1,675		27,320
Mizrahi Tefahot Bank Ltd.		431		31,496
Nordea Bank Abp(b)		1,499		25,812
Company	Shares		U.S. $ Value
Oversea-Chinese Banking Corp., Ltd.		2,590	$	44,361
PNC Financial Services Group, Inc. (The)		3,767		783,875
Royal Bank of Canada		360		58,196
Texas Capital Bancshares, Inc.(a)		1,043		98,960
Toronto-Dominion Bank (The)		659		61,546
UMB Financial Corp.		934		105,346
UniCredit SpA		388		27,837
WaFd, Inc.		3,125		98,125
Wells Fargo & Co.		24,461		1,947,340
Wintrust Financial Corp.		570		79,196

				7,121,315

Capital Markets–1.9%
3i Group PLC		1,842		60,033
Affiliated Managers Group, Inc.		241		66,685
Ameriprise Financial, Inc.		201		89,324
ASX Ltd.		338		12,263
Blackrock, Inc.		245		235,619
Brookfield Asset Management Ltd.–Class A		959		42,638
Cboe Global Markets, Inc.		1,198		336,722
Charles Schwab Corp. (The)		25,004		2,349,876
CME Group, Inc.		1,708		504,458
CVC Capital Partners PLC(b)(f)		485		6,332
Deutsche Boerse AG		82		24,021
Futu Holdings Ltd. (ADR)(a)		106		14,497
Goldman Sachs Group, Inc. (The)		1,599		1,352,738
Hong Kong Exchanges & Clearing Ltd.–Class H		2,601		131,215
Invesco Ltd.		5,047		122,592
Japan Exchange Group, Inc.		1,875		21,896
Moody’s Corp.		357		155,741
Partners Group Holding AG		59		63,593
S&P Global, Inc.		3,687		1,568,229
Singapore Exchange Ltd.		4,909		74,887
Stifel Financial Corp.		2,337		172,751
T. Rowe Price Group, Inc.		416		37,498

				7,443,608

Consumer Finance–0.4%
Capital One Financial Corp.		6,891		1,257,125
Figure Technology Solutions, Inc.–Class A(a)		1,252		42,506
FirstCash Holdings, Inc.		583		109,604

				1,409,235

Financial Services–1.8%
Adyen NV(a)		49		49,042
Berkshire Hathaway, Inc.–Class B(a)		860		412,112
Chime Financial, Inc.–Class A(a)(b)		2,341		43,847
HA Sustainable Infrastructure Capital, Inc.(b)		3,428		125,979
Infratil Ltd.		7,097		47,854
Jack Henry & Associates, Inc.		387		61,161
Mastercard, Inc.–Class A		1,746		872,406
NCR Atleos Corp.(a)		201		8,760



2		Sanford C. Bernstein Fund, Inc.



Company	Shares		U.S. $ Value
PayPal Holdings, Inc.		1,659	$	75,037
Sofina SA		62		15,055
Visa, Inc.–Class A		18,381		5,555,473
Walker & Dunlop, Inc.		1,173		52,058
Wise PLC–Class A(a)		1,449		17,449

				7,336,233

Insurance–1.8%
Accelerant Holdings–Class A(a)		1,905		25,451
Admiral Group PLC		1,243		51,989
Allstate Corp. (The)		344		71,325
American Financial Group, Inc./OH		800		102,168
Aon PLC–Class A		368		118,783
Arch Capital Group Ltd.(a)		1,397		134,098
Arthur J Gallagher & Co.		251		54,362
Brown & Brown, Inc.		1,162		75,774
Chubb Ltd.		1,061		345,812
Erie Indemnity Co.–Class A		56		14,073
Everest Group Ltd.		2,343		765,810
Fairfax Financial Holdings Ltd.(b)		50		85,196
Gjensidige Forsikring ASA		410		10,725
Great-West Lifeco, Inc.		453		21,216
Hannover Rueck SE		110		34,584
Hanover Insurance Group, Inc. (The)		809		140,240
Hartford Insurance Group, Inc. (The)		487		65,857
Helvetia Baloise Holding AG		157		40,633
iA Financial Corp., Inc.		155		17,201
Intact Financial Corp.		991		179,578
Loews Corp.		906		96,706
Marsh & McLennan Cos., Inc.		7,740		1,342,503
Medibank Pvt. Ltd.		5,496		16,630
MS&AD Insurance Group Holdings, Inc.		2,335		60,933
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		235		148,412
Progressive Corp. (The)		5,884		1,166,444
Prudential PLC		4,433		61,633
Sampo Oyj–Class A		14,151		150,512
Swiss Re AG		543		91,212
Tokio Marine Holdings, Inc.		3,892		182,694
Travelers Cos., Inc. (The)		756		220,510
Tryg A/S		1,480		35,276
W R Berkley Corp.		2,590		171,665
Willis Towers Watson PLC		2,918		848,263
Zurich Insurance Group AG		496		350,582

				7,298,850

				30,609,241



Health Care–7.1%
Biotechnology–0.9%
AbbVie, Inc.		819		178,124
Amgen, Inc.		277		97,463
Apogee Therapeutics, Inc.(a)		579		48,734
Argenx SE(a)		243		176,355
Ascendis Pharma A/S (ADR)(a)		158		36,139
Bridgebio Pharma, Inc.(a)		968		71,884
Company	Shares		U.S. $ Value
CG oncology, Inc.(a)		683	$	46,226
Denali Therapeutics, Inc.(a)		1,699		32,621
Dianthus Therapeutics, Inc.(a)		553		46,408
Erasca, Inc.(a)		1,563		25,289
Genmab A/S(a)		176		47,401
Gilead Sciences, Inc.		1,503		209,473
Halozyme Therapeutics, Inc.(a)		826		53,384
Incyte Corp.(a)		1,352		127,250
Insmed, Inc.(a)		871		142,426
Kymera Therapeutics, Inc.(a)		486		40,479
Madrigal Pharmaceuticals, Inc.(a)		58		30,361
Natera, Inc.(a)		333		66,597
Neurocrine Biosciences, Inc.(a)		835		110,003
Newamsterdam Pharma Co. NV(a)(b)		741		23,719
Nuvalent, Inc.–Class A(a)		430		44,054
Regeneron Pharmaceuticals, Inc.		58		44,813
Rhythm Pharmaceuticals, Inc.(a)		504		43,833
Swedish Orphan Biovitrum AB(a)		370		15,507
United Therapeutics Corp.(a)		185		109,701
Vera Therapeutics, Inc.(a)		728		29,287
Vertex Pharmaceuticals, Inc.(a)		3,093		1,381,148
Xenon Pharmaceuticals, Inc.(a)		780		45,357

				3,324,036

Health Care Equipment & Supplies–1.2%
Abbott Laboratories		5,607		575,671
AtriCure, Inc.(a)		2,105		60,056
Boston Scientific Corp.(a)		962		60,365
Cochlear Ltd.		126		14,827
Coloplast A/S–Class B		214		14,577
Dexcom, Inc.(a)		631		39,627
Edwards Lifesciences Corp.(a)		1,856		148,628
Envista Holdings Corp.(a)		4,481		113,683
Fisher & Paykel Healthcare Corp., Ltd.		1,069		23,180
GE HealthCare Technologies, Inc.		763		54,310
Glaukos Corp.(a)		842		90,650
Globus Medical, Inc.–Class A(a)		1,537		132,428
Hologic, Inc.(a)		1,367		103,332
Hoya Corp.		691		119,792
IDEXX Laboratories, Inc.(a)		223		125,301
Integer Holdings Corp.(a)		1,175		103,400
Intuitive Surgical, Inc.(a)		626		288,580
Medtronic PLC		13,690		1,186,238
ResMed, Inc.		292		65,548
Sonova Holding AG (REG)		87		19,837
Straumann Holding AG (REG)		224		23,436
Stryker Corp.		3,741		1,229,255
Sysmex Corp.		812		7,081

				4,599,802

Health Care Providers & Services–1.3%
BrightSpring Health Services, Inc.(a)		2,105		89,694
Cardinal Health, Inc.		493		104,176
Cencora, Inc.		1,435		450,791
Cigna Group (The)		246		65,620
Elevance Health, Inc.		437		127,932
Encompass Health Corp.		7,158		692,393



2026 Semi-Annual Report		3

Schedule of Investments (continued)



Company	Shares		U.S. $ Value
Guardant Health, Inc.(a)		1,089	$	100,591
HCA Healthcare, Inc.		182		86,130
Labcorp Holdings, Inc.		2,574		686,769
Lumexa Imaging Holdings, Inc.(a)		1,901		16,349
McKesson Corp.		412		356,528
Quest Diagnostics, Inc.		560		109,749
Tenet Healthcare Corp.(a)		721		136,060
UnitedHealth Group, Inc.		8,048		2,177,708

				5,200,490

Health Care Technology–0.0%
Pro Medicus Ltd.		159		13,104
Veeva Systems, Inc.–Class A(a)		268		47,077

				60,181

Life Sciences Tools & Services–0.9%
Agilent Technologies, Inc.		495		56,420
Bio-Techne Corp.		2,000		104,520
ICON PLC(a)		684		75,692
IQVIA Holdings, Inc.(a)		7,865		1,341,297
Repligen Corp.(a)		502		59,146
Thermo Fisher Scientific, Inc.		4,056		1,993,646
Waters Corp.(a)		118		35,140
West Pharmaceutical Services, Inc.		125		31,330

				3,697,191

Pharmaceuticals–2.8%
Astellas Pharma, Inc.		9,066		147,792
AstraZeneca PLC		3,283		641,958
Chugai Pharmaceutical Co., Ltd.		1,287		70,976
Daiichi Sankyo Co., Ltd.		3,243		58,019
Edgewise Therapeutics, Inc.(a)		1,032		32,508
Eli Lilly & Co.		2,999		2,758,390
Galderma Group AG(a)		89		17,491
GSK PLC		9,563		263,417
Ipsen SA		66		12,334
Johnson & Johnson		6,822		1,667,570
Merck & Co., Inc.		20,972		2,522,722
Novartis AG (REG)		7,163		1,099,480
Novo Nordisk A/S–Class B		8,831		323,166
Ocular Therapeutix, Inc.(a)		2,511		21,268
Orion Oyj–Class B		262		21,177
Otsuka Holdings Co., Ltd.		1,857		131,793
Roche Holding AG		1,809		721,955
Roche Holding AG (BR)(a)		82		33,978
Sanofi SA		1,383		133,556
Shionogi & Co., Ltd.		3,993		88,329
Structure Therapeutics, Inc. (ADR)(a)		379		18,268
Takeda Pharmaceutical Co., Ltd.		6,197		228,222
Terns Pharmaceuticals, Inc.(a)		616		32,476
Zoetis, Inc.		1,109		131,095

				11,177,940

				28,059,640

Company	Shares		U.S. $ Value

Industrials–6.8%
Aerospace & Defense–1.2%
Airbus SE (ADR)		15,413	$	728,264
BAE Systems PLC (Sponsored ADR)		7,779		906,254
Curtiss-Wright Corp.		139		94,676
General Dynamics Corp.		619		212,453
Hexcel Corp.		1,197		96,873
Howmet Aerospace, Inc.		741		170,771
Kongsberg Gruppen ASA		991		42,243
Kratos Defense & Security Solutions, Inc.(a)		1,293		91,169
Lockheed Martin Corp.		730		441,205
MTU Aero Engines AG		100		36,482
Northrop Grumman Corp.		354		241,513
Rheinmetall AG		98		165,305
Rocket Lab Corp.(a)		2,358		151,431
RTX Corp.		8,215		1,584,673

				4,963,312

Air Freight & Logistics–0.1%
CH Robinson Worldwide, Inc.		991		164,576
Expeditors International of Washington, Inc.		313		44,831
GXO Logistics, Inc.(a)		2,132		110,544

				319,951

Building Products–0.3%
Allegion PLC		169		24,554
Belimo Holding AG (REG)		23		18,679
Carlisle Cos., Inc.		90		30,026
Carrier Global Corp.		10,566		594,971
Geberit AG (REG)		86		58,053
Gibraltar Industries, Inc.(a)		2,022		80,617
Lennox International, Inc.		76		35,274
ROCKWOOL A/S–Class B		178		4,944
Trane Technologies PLC		497		207,120
Zurn Elkay Water Solutions Corp.–Class C		1,960		87,886

				1,142,124

Commercial Services & Supplies–0.7%
Brambles Ltd.		2,520		39,550
Cintas Corp.		854		144,446
Copart, Inc.(a)		1,670		55,444
GFL Environmental, Inc.		502		20,941
Republic Services, Inc.		1,815		397,521
Rollins, Inc.		2,313		123,537
Secom Co., Ltd.		3,022		115,110
Veralto Corp.		13,489		1,192,697
Waste Connections, Inc.		1,368		222,218
Waste Management, Inc.		1,582		363,528

				2,674,992

Construction & Engineering–0.2%
API Group Corp.(a)		1,215		49,232
Cardinal Infrastructure Group, Inc.–Class A(a)		64		2,538



4		Sanford C. Bernstein Fund, Inc.



Company	Shares		U.S. $ Value
Comfort Systems USA, Inc.		241	$	332,336
EMCOR Group, Inc.		106		78,261
Granite Construction, Inc.		839		100,579
WillScot Holdings Corp.(b)		5,241		90,984

				653,930

Electrical Equipment–1.4%
ABB Ltd. (REG)		3,187		259,128
Bloom Energy Corp.–Class A(a)		837		113,405
BWX Technologies, Inc.		467		95,497
Eaton Corp. PLC		7,094		2,537,311
Forgent Power Solutions, Inc.(a)		1,520		44,490
Fujikura Ltd.		2,682		73,761
GE Vernova, Inc.		2,467		2,153,444
Generac Holdings, Inc.(a)		353		68,952
Hubbell, Inc.		100		49,074
Nextpower, Inc.–Class A(a)		1,143		137,789
Regal Rexnord Corp.		736		137,823
Rockwell Automation, Inc.		194		69,623

				5,740,297

Ground Transportation–0.8%
ArcBest Corp.		942		92,655
Canadian National Railway Co.		857		88,207
Central Japan Railway Co.		6,426		167,084
CSX Corp.		36,498		1,498,243
East Japan Railway Co.		7,043		161,084
Hankyu Hanshin Holdings, Inc.		1,543		44,616
Knight-Swift Transportation Holdings, Inc.		1,938		111,590
MTR Corp., Ltd.–Class H(b)		12,869		52,737
Old Dominion Freight Line, Inc.		394		76,988
Saia, Inc.(a)		226		79,389
Tokyu Corp.		1,637		19,323
Uber Technologies, Inc.(a)		4,046		291,029
Union Pacific Corp.		1,254		304,245
West Japan Railway Co.(b)		1,772		34,925

				3,022,115

Industrial Conglomerates–0.1%
3M Co.		941		136,662
Honeywell International, Inc.		1,208		273,044
Lifco AB–Class B		402		12,162
Smiths Group PLC		599		18,279
Swire Pacific Ltd.–Class H		2,916		31,871

				472,018

Machinery–1.2%
Alfa Laval AB		537		29,374
Atlas Copco AB–Class A		5,715		100,852
Atlas Copco AB–Class B		3,321		51,915
Caterpillar, Inc.		1,044		739,632
CNH Industrial NV		6,866		75,526
Crane Co.		451		77,121
Cummins, Inc.		266		143,113
Daifuku Co., Ltd.		591		20,868
Deere & Co.		2,367		1,333,331
Epiroc AB–Class A		1,220		30,033
Company	Shares		U.S. $ Value
Epiroc AB–Class B		722	$	15,466
GEA Group AG		270		19,364
Graco, Inc.		319		27,003
Illinois Tool Works, Inc.		601		156,434
ITT, Inc.		465		88,596
JBT Marel Corp.		727		92,962
Kone Oyj–Class B		1,167		74,502
Metso Oyj		1,094		18,959
Oshkosh Corp.		895		131,753
PACCAR, Inc.		4,418		510,279
Parker-Hannifin Corp.		229		205,010
Pentair PLC		1,130		98,434
Rational AG		12		8,804
RBC Bearings, Inc.(a)		185		100,477
Sandvik AB		1,769		68,004
Schindler Holding AG		80		26,351
Schindler Holding AG (REG)		243		76,533
Snap-on, Inc.		94		34,143
Techtronic Industries Co., Ltd.–Class H		2,652		35,219
Tennant Co.		6		398
Terex Corp.		1,798		106,262
VAT Group AG(f)		58		36,183
Wartsila Oyj Abp		947		35,274
Yangzijiang Shipbuilding Holdings Ltd.		5,419		16,097

				4,584,272

Marine Transportation–0.0%
Kirby Corp.(a)		1,010		134,209
Kuehne & Nagel International AG (REG)		125		28,625
SITC International Holdings Co., Ltd.–Class H		3,452		15,115

				177,949

Passenger Airlines–0.0%
ANA Holdings, Inc.		1,380		24,715
Ryanair Holdings PLC		860		24,210

				48,925

Professional Services–0.3%
Automatic Data Processing, Inc.		1,019		207,040
Broadridge Financial Solutions, Inc.		223		36,233
Bureau Veritas SA		636		19,036
CACI International, Inc.–Class A(a)		213		115,844
CBIZ, Inc.(a)		819		21,990
Computershare Ltd.		1,036		20,433
Experian PLC		1,798		62,201
First Advantage Corp.(a)(b)		7,379		86,777
FTI Consulting, Inc.(a)		525		92,804
Intertek Group PLC		338		16,447
Leidos Holdings, Inc.		218		33,903
Paychex, Inc.		739		68,077
Planet Labs PBC(a)		2,380		66,521
Recruit Holdings Co., Ltd.		3,005		130,928
RELX PLC		4,333		141,959
Robert Half, Inc.		3,574		90,780
Wolters Kluwer NV		489		36,523

				1,247,496



2026 Semi-Annual Report		5

Schedule of Investments (continued)



Company	Shares		U.S. $ Value
Trading Companies & Distributors–0.4%
AddTech AB–Class B		477	$	16,368
Applied Industrial Technologies, Inc.		330		87,556
Boise Cascade Co.		1,178		89,351
Core & Main, Inc.–Class A(a)		1,787		88,278
Fastenal Co.		2,631		122,078
Ferguson Enterprises, Inc.		388		90,505
GATX Corp.		624		106,542
MonotaRO Co., Ltd.		537		5,821
Toromont Industries Ltd.		142		19,881
United Rentals, Inc.		1,132		824,730
Watsco, Inc.		64		23,282
WW Grainger, Inc.		119		129,806

				1,604,198

Transportation Infrastructure–0.1%
Aena SME SA		5,717		168,636
Aeroports de Paris SA		196		23,945
Getlink SE		2,538		54,767

				247,348

				26,898,927



Communication Services–6.7%
Diversified Telecommunication Services–0.7%
AST SpaceMobile, Inc.(a)(b)		1,281		106,157
AT&T, Inc.		17,056		494,454
Deutsche Telekom AG (REG)		7,016		261,860
Elisa Oyj		1,480		72,091
HKT Trust & HKT Ltd.–Class H		31,526		49,266
Koninklijke KPN NV		32,056		178,668
NTT, Inc.		250,267		250,384
Orange SA		15,593		319,704
Singapore Telecommunications Ltd.		62,219		239,062
Swisscom AG (REG)		217		182,098
Telia Co. AB		10,174		52,124
Telstra Group Ltd.		20,565		75,918
TELUS Corp.		3,084		39,639
Verizon Communications, Inc.		8,317		417,513

				2,738,938

Entertainment–1.0%
Capcom Co., Ltd.(b)		719		15,194
CTS Eventim AG & Co. KGaA		397		23,253
Electronic Arts, Inc.		1,258		256,468
Liberty Media Corp.-Liberty Formula One–Class C(a)		1,302		110,696
Netflix, Inc.(a)		10,057		966,980
Nintendo Co., Ltd.		2,136		121,935
TKO Group Holdings, Inc.		466		93,969
Toho Co., Ltd./Tokyo		2,030		21,323
Universal Music Group NV		2,977		57,786
Walt Disney Co. (The)		22,459		2,164,598

				3,832,202

Interactive Media & Services–4.3%
Alphabet, Inc.–Class A		4,840		1,391,791
Company	Shares		U.S. $ Value
Alphabet, Inc.–Class C(c)		29,435	$	8,443,724
Autotrader Group PLC		2,410		15,084
Meta Platforms, Inc.–Class A		11,690		6,688,200
REA Group Ltd.		122		13,366
Reddit, Inc.–Class A(a)		3,675		494,839
Scout24 SE		758		58,486

				17,105,490

Media–0.0%
Omnicom Group, Inc.		348		26,208
Publicis Groupe SA		395		32,694

				58,902

Wireless Telecommunication Services–0.7%
KDDI Corp.		20,509		349,201
SoftBank Corp.		240,817		322,243
T-Mobile US, Inc.		9,299		1,953,069
Vodafone Group PLC		45,515		68,652

				2,693,165

				26,428,697



Consumer Discretionary–4.2%
Automobile Components–0.0%
BorgWarner, Inc.		2,730		148,130
Bridgestone Corp.		1,442		30,049
Continental AG		212		14,799

				192,978

Automobiles–0.0%
Ferrari NV		435		147,597

Broadline Retail–1.6%
Amazon.com, Inc.(a)		28,351		5,904,663
Dollarama, Inc.		861		105,671
MercadoLibre, Inc.(a)		35		60,516
Next PLC		269		45,447
Pan Pacific International Holdings Corp.		7,088		43,238
Wesfarmers Ltd.		2,129		108,698

				6,268,233

Diversified Consumer Services–0.1%
ADT, Inc.		13,400		88,038
Frontdoor, Inc.(a)		1,697		89,703
Laureate Education, Inc.(a)		3,314		115,460

				293,201

Hotels, Restaurants & Leisure–0.5%
Aristocrat Leisure Ltd.		960		30,514
Cava Group, Inc.(a)		1,244		100,640
Chipotle Mexican Grill, Inc.(a)		3,045		97,471
Compass Group PLC		6,255		174,520
Darden Restaurants, Inc.		210		41,168
Evolution AB(a)(b)(f)		305		19,169
Hyatt Hotels Corp.–Class A		4,400		632,676
McDonald’s Corp.		1,222		379,785
Oriental Land Co., Ltd./Japan(b)		6,158		104,808
Viking Holdings Ltd.(a)		1,307		96,038



6		Sanford C. Bernstein Fund, Inc.



Company	Shares		U.S. $ Value
Yum! Brands, Inc.		1,212	$	188,442

				1,865,231

Household Durables–0.1%
DR Horton, Inc.		445		61,063
Garmin Ltd.		314		72,851
NVR, Inc.(a)		6		39,539
PulteGroup, Inc.		372		43,751
SharkNinja, Inc.(a)		934		98,910
Taylor Morrison Home Corp.(a)		1,024		59,638

				375,752

Leisure Products–0.1%
Bandai Namco Holdings, Inc.		1,026		25,312
Brunswick Corp./DE		773		56,243
Hasbro, Inc.		1,415		132,444

				213,999

Specialty Retail–1.7%
AutoZone, Inc.(a)		608		2,053,690
Bath & Body Works, Inc.		4,245		79,254
Best Buy Co., Inc.		461		29,596
Burlington Stores, Inc.(a)		314		102,169
Dick’s Sporting Goods, Inc.		119		23,597
Fast Retailing Co., Ltd.		347		137,102
Home Depot, Inc. (The)		3,951		1,299,444
Industria de Diseno Textil SA		4,987		290,287
Murphy USA, Inc.		245		121,023
O’Reilly Automotive, Inc.(a)		2,624		242,222
Sanrio Co., Ltd.(b)		1,625		10,103
TJX Cos., Inc. (The)		12,951		2,068,275
Tractor Supply Co.		999		45,255
Ulta Beauty, Inc.(a)		97		50,703
Williams-Sonoma, Inc.		325		59,257
ZOZO, Inc.		1,293		9,055

				6,621,032

Textiles, Apparel & Luxury Goods–0.1%
Amer Sports, Inc.(a)		2,841		93,526
Asics Corp.		1,320		35,488
Deckers Outdoor Corp.(a)		376		37,634
Hermes International SCA		66		125,027
Lululemon Athletica, Inc.(a)		268		41,031
Moncler SpA		425		25,589
NIKE, Inc.–Class B		1,983		104,742
On Holding AG–Class A(a)		1,719		58,480
Pandora A/S		165		11,793

				533,310

				16,511,333



Consumer Staples–3.4%
Beverages–1.3%
Carlsberg AS–Class B		166		20,623
Celsius Holdings, Inc.(a)		2,038		72,308
Coca-Cola Co. (The)		36,333		2,763,124
Coca-Cola HBC AG(a)		376		21,180
Company	Shares		U.S. $ Value
Keurig Dr. Pepper, Inc.		3,621	$	95,341
Kirin Holdings Co., Ltd.		4,000		63,625
Monster Beverage Corp.(a)		17,345		1,256,819
PepsiCo, Inc.		5,188		805,644

				5,098,664

Consumer Staples Distribution & Retail–1.2%
BJ’s Wholesale Club Holdings, Inc.(a)		1,506		148,220
Costco Wholesale Corp.		1,606		1,600,267
Dollar General Corp.		232		27,545
Dollar Tree, Inc.(a)		1,074		117,614
Jeronimo Martins SGPS SA		700		16,738
Koninklijke Ahold Delhaize NV		1,955		91,043
Kroger Co. (The)		4,104		296,965
Loblaw Cos. Ltd.		2,207		100,617
US Foods Holding Corp.(a)		1,621		149,472
Walmart, Inc.		16,063		1,996,310

				4,544,791

Food Products–0.4%
Chocoladefabriken Lindt & Spruengli AG (REG)		1		143,132
Danone SA		968		77,350
Freshpet, Inc.(a)		1,104		65,092
General Mills, Inc.		3,933		146,386
Hershey Co. (The)		888		184,606
Hormel Foods Corp.		1,483		33,590
Lotus Bakeries NV		1		11,291
Magnum Ice Cream Co. NV (The)(a)		1,008		14,808
Mondelez International, Inc.–Class A		3,703		213,441
Nestle SA (REG)		5,639		553,135
Tyson Foods, Inc.–Class A		1,394		89,314

				1,532,145

Household Products–0.4%
Church & Dwight Co., Inc.		2,428		226,581
Colgate-Palmolive Co.		2,888		246,144
Kimberly-Clark Corp.		231		22,284
Procter & Gamble Co. (The)		7,038		1,016,569
Reckitt Benckiser Group PLC		1,289		86,673
WD-40 Co.		400		81,576

				1,679,827

Personal Care Products–0.1%
Beiersdorf AG		165		14,832
Kao Corp.		403		15,688
L’Oreal SA		452		184,547
Unilever PLC		5,327		292,449

				507,516

Tobacco–0.0%
Imperial Brands PLC		1,393		56,483
Philip Morris International, Inc.		513		84,820

				141,303

				13,504,246



2026 Semi-Annual Report		7

Schedule of Investments (continued)



Company	Shares		U.S. $ Value

Energy–1.6%
Energy Equipment & Services–0.1%
TechnipFMC PLC		4,310	$	297,950

Oil, Gas & Consumable Fuels–1.5%
Cheniere Energy, Inc.		154		43,699
Chevron Corp.		812		168,003
Coterra Energy, Inc.		1,136		39,919
DT Midstream, Inc.		372		50,097
Eni SpA(b)		3,930		111,745
EOG Resources, Inc.		14,737		2,130,528
Expand Energy Corp.		1,186		130,199
Exxon Mobil Corp.		14,600		2,477,036
Galp Energia SGPS SA		1,208		28,965
Imperial Oil Ltd.		245		32,091
Inpex Corp.		3,734		110,450
Magnolia Oil & Gas Corp.–Class A		3,665		115,704
Matador Resources Co.		1,804		113,977
Northern Oil & Gas, Inc.(b)		2,888		84,416
Shell PLC		1,552		71,881
Texas Pacific Land Corp.		140		66,438
TotalEnergies SE		1,139		104,531
Uranium Energy Corp.(a)		3,818		51,543
Williams Cos., Inc. (The)		2,102		152,983

				6,084,205

				6,382,155



Materials–1.5%
Chemicals–1.0%
Air Liquide SA		399		82,473
Albemarle Corp.		438		78,634
Avient Corp.		2,348		85,232
Corteva, Inc.		18,949		1,586,221
Element Solutions, Inc.		2,479		84,633
EMS-Chemie Holding AG(a)		14		11,008
Givaudan SA (REG)		29		98,064
Linde PLC		3,719		1,843,731
RPM International, Inc.		1,062		105,563
Sherwin-Williams Co. (The)		467		149,697
Sika AG (REG)(a)		255		42,207

				4,167,463

Construction Materials–0.2%
Buzzi SpA		132		6,673
Eagle Materials, Inc.		3,148		596,389
Holcim AG(a)		903		74,644

				677,706

Containers & Packaging–0.0%
Avery Dennison Corp.		145		25,039
Ball Corp.		682		40,313
O-I Glass, Inc.(a)		7,867		82,682

				148,034

Metals & Mining–0.3%
Alcoa Corp.		973		64,539
Company	Shares		U.S. $ Value
Barrick Mining Corp.		970	$	39,641
BHP Group Ltd.		8,826		319,347
Fortescue Ltd.		2,882		41,183
Franco-Nevada Corp.		243		60,169
Fresnillo PLC		414		18,351
Kinross Gold Corp.		2,086		63,775
Lundin Gold, Inc.(b)		191		14,596
MP Materials Corp.(a)(b)		796		38,415
Newmont Corp.		680		73,610
Reliance, Inc.		510		154,999
Rio Tinto Ltd.		632		71,804
Rio Tinto PLC		1,947		180,630

				1,141,059

				6,134,262



Utilities–1.5%
Electric Utilities–0.9%
Alliant Energy Corp.		296		21,241
American Electric Power Co., Inc.		13,543		1,775,216
BKW AG		177		34,897
Chubu Electric Power Co., Inc.		1,075		17,723
CLP Holdings Ltd.–Class H		11,086		104,373
Duke Energy Corp.		4,017		525,986
FirstEnergy Corp.		1,353		68,543
Hydro One Ltd.(b)(f)		1,482		61,204
Iberdrola SA		3,545		81,160
IDACORP, Inc.		1,124		160,698
Oklo, Inc.(a)		318		15,770
PG&E Corp.		980		17,219
Power Assets Holdings Ltd.–Class H		11,523		89,902
PPL Corp.		819		31,286
Redeia Corp. SA		3,269		55,411
Southern Co. (The)		5,136		495,727
Verbund AG		370		28,275
Xcel Energy, Inc.		804		63,870

				3,648,501

Gas Utilities–0.1%
Chesapeake Utilities Corp.		671		84,794
Hong Kong & China Gas Co., Ltd.–Class H		66,753		60,722
ONE Gas, Inc.		1,168		100,600
Osaka Gas Co., Ltd.		1,807		73,191
Tokyo Gas Co., Ltd.		772		36,358

				355,665

Multi-Utilities–0.5%
Ameren Corp.		9,921		1,090,516
CMS Energy Corp.		941		73,003
Consolidated Edison, Inc.		3,023		342,143
Dominion Energy, Inc.		420		25,964
E.ON SE		1,041		22,800
Engie SA		1,526		49,179
WEC Energy Group, Inc.		1,810		209,544

				1,813,149



8		Sanford C. Bernstein Fund, Inc.



Company			Shares		U.S. $ Value
Water Utilities–0.0%
American Water Works Co., Inc.				343	$	46,679

						5,863,994



Real Estate–0.7%
Diversified REITs–0.0%
Broadstone Net Lease, Inc.				2,887		52,746

Health Care REITs–0.1%
American Healthcare REIT, Inc.				982		46,311
Ventas, Inc.				503		41,135
Welltower, Inc.				691		136,618

						224,064

Hotel & Resort REITs–0.0%
Ryman Hospitality Properties, Inc.				534		49,272

Industrial REITs–0.0%
STAG Industrial, Inc.				2,264		81,640

Office REITs–0.0%
COPT Defense Properties				3,339		102,174

Real Estate Management & Development–0.1%
Daito Trust Construction Co., Ltd.(b)				550		12,889
Jones Lang LaSalle, Inc.(a)				448		136,335

						149,224

Residential REITs–0.0%
Independence Realty Trust, Inc.				5,337		79,468
Sun Communities, Inc.				364		45,849

						125,317

Retail REITs–0.0%
Brixmor Property Group, Inc.				2,193		63,158

Specialized REITs–0.5%
CubeSmart				1,186		43,467
Digital Realty Trust, Inc.				5,541		998,544
Extra Space Storage, Inc.				7,061		925,909
Public Storage				265		71,783

						2,039,703

						2,887,298

Total Common Stocks (cost $140,540,752)						224,936,198



INVESTMENT COMPANIES–24.7%
Funds and Investment Trusts–24.7%(g)(h)
AB Bond Fund, Inc.–AB All Market Real Return Portfolio–Class Z				2,397,730		26,614,806
AB Emerging Markets Opportunities ETF				144,823		6,346,144
Bernstein Fund, Inc.–International Small Cap Portfolio–Class Z				826,056		11,713,480
Bernstein Fund, Inc.–International Strategic Equities Portfolio–Class Z				2,746,635		46,939,994
Company			Shares		U.S. $ Value
Bernstein Fund, Inc.–Small Cap Core Portfolio–Class Z				538,812	$	6,352,595

Total Investment Companies (cost $66,193,800)						97,967,019



	Notional Amount

PURCHASED OPTIONS–PUTS–2.0%
Options on Equity Indices–2.0%
Euro STOXX 50 Price EUR Index Expiration: Feb 2027; Contracts: 3,600; Exercise Price: EUR 4,900.00; Counterparty: UBS AG(a)		EUR		17,640,000		936,782
FTSE 100 Index Expiration: Mar 2027; Contracts: 730; Exercise Price: GBP 9,200.00; Counterparty: UBS AG(a)		GBP		6,716,000		301,051
Nikkei 225 Index Expiration: Mar 2027; Contracts: 43,000; Exercise Price: JPY 44,000.00; Counterparty: UBS AG(a)		JPY		1,892,000,000		840,277
S&P 500 Index Expiration: Jan 2027; Contracts: 28,100; Exercise Price: USD 5,775.00; Counterparty: UBS AG(a)		USD		162,277,500		6,030,496

Total Purchased Options–Puts (premiums paid $5,361,312)						8,108,606



			Shares

SHORT-TERM INVESTMENTS–18.3%
Investment Companies–18.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 3.50%(g)(h)(i) (cost $72,742,984)				72,742,984		72,742,984

Total Investments Before Security Lending Collateral for Securities Loaned–101.7% (cost $284,838,848)						403,754,807



2026 Semi-Annual Report		9

Schedule of Investments (continued)



Company	Shares		U.S. $ Value

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.1%
Investment Companies–0.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 3.50%(g)(h)(i) (cost $325,718)		325,718	$	325,718

Total Investments—101.8% (cost $285,164,566)				404,080,525

Other assets less liabilities—(1.8)%				(7,141,382	)

Net Assets—100.0%			$	396,939,143



FUTURES (see Note 3)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)

Purchased Contracts

Canadian 10 Yr Bond Futures		78	June 2026	$	6,729,049	$	(20,525	)

E-Mini Russell 2000 Index Futures		5	June 2026		628,050		613

Euro Buxl 30 Yr Bond Futures		5	June 2026		637,220		(6,479	)

Euro STOXX 50 Index Futures		5	June 2026		317,570		(1,032	)

Euro-BOBL Futures		24	June 2026		3,202,075		(46,516	)

Euro-Bund Futures		27	June 2026		3,913,166		(86,050	)

Long Gilt Futures		169	June 2026		19,637,611		(763,857	)

MSCI Emerging Markets Index Futures		58	June 2026		4,218,340		(45,149	)

Nikkei 225 (OSE) Futures		10	June 2026		3,223,591		(99,873	)

S&P 500 E-Mini Futures		164	June 2026		53,880,150		(507,143	)

S&P Mid 400 E-Mini Futures		1	June 2026		339,650		1,638

U.S. T-Note 2 Yr (CBT) Futures		155	June 2026		32,154,023		(230,529	)

U.S. T-Note 10 Yr (CBT) Futures		331	June 2026		36,756,516		(739,855	)

U.S. Ultra Bond (CBT) Futures		90	June 2026		10,490,625		(353,107	)

Sold Contracts

Australian 10 Yr Bond Futures		40	June 2026		2,973,790		23,553

FTSE 100 Index Futures		18	June 2026		2,429,892		(45,771	)

Japan 10 Yr Bond (OSE) Futures		58	June 2026		47,622,822		557,847

SPI 200 Futures		32	June 2026		4,698,837		(8,896	)

TOPIX Index Futures		1	June 2026		220,787		3,357

						$	(2,367,774	)



10		Sanford C. Bernstein Fund, Inc.



FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)
Counterparty	Contracts to Deliver (000)		In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)


Bank of America NA	JPY	5,199,102		USD	33,119		04/10/2026	$	337,391

Bank of America NA	USD	4,340		CHF	3,378		04/16/2026		(108,519	)

Bank of America NA	USD	9,524		AUD	13,487		04/22/2026		(221,388	)

Barclays Capital, Inc.	USD	4,779		JPY	755,417		04/10/2026		(15,736	)

Barclays Capital, Inc.	USD	3,080		CAD	4,224		04/17/2026		(40,912	)

Barclays Capital, Inc.	USD	4,363		NZD	7,486		04/22/2026		(58,604	)

Barclays Capital, Inc.	GBP	2,899		USD	3,846		04/24/2026		9,317

Barclays Capital, Inc.	USD	3,429		GBP	2,554		04/24/2026		(48,175	)

Citibank NA	USD	4,434		JPY	684,567		04/10/2026		(117,889	)

Citibank NA	USD	2,077		CHF	1,630		04/16/2026		(35,673	)

Citibank NA	CAD	6,046		USD	4,440		04/17/2026		90,466

Citibank NA	NZD	8,180		USD	4,868		04/22/2026		164,076

Citibank NA	USD	1,281		AUD	1,829		04/22/2026		(19,552	)

Citibank NA	USD	699		SEK	6,501		04/23/2026		(11,542	)

Citibank NA	GBP	3,763		USD	5,043		04/24/2026		62,279

Deutsche Bank AG	EUR	4,970		USD	5,967		04/16/2026		218,542

Goldman Sachs Bank USA	USD	777		JPY	123,433		04/10/2026		1,641

Goldman Sachs Bank USA	EUR	8,923		USD	10,547		04/16/2026		226,183

Goldman Sachs Bank USA	USD	8,217		EUR	7,071		04/16/2026		(38,166	)

Goldman Sachs Bank USA	USD	4,918		NZD	8,180		04/22/2026		(214,188	)

Goldman Sachs Bank USA	GBP	7,363		USD	9,955		04/24/2026		209,945

HSBC Bank USA	USD	14,807		JPY	2,291,435		04/10/2026		(358,734	)

HSBC Bank USA	EUR	12,577		USD	14,737		04/16/2026		189,835

HSBC Bank USA	USD	4,305		EUR	3,711		04/16/2026		(13,193	)

HSBC Bank USA	USD	4,305		SEK	40,145		04/23/2026		(60,159	)

JPMorgan Chase Bank	USD	4,313		JPY	669,200		04/10/2026		(93,430	)

Morgan Stanley & Co., Inc.	CHF	5,792		USD	7,623		04/16/2026		368,313

Morgan Stanley & Co., Inc.	EUR	2,666		USD	3,062		04/16/2026		(21,222	)

Morgan Stanley & Co., Inc.	USD	3,073		EUR	2,561		04/16/2026		(110,746	)

Morgan Stanley & Co., Inc.	AUD	16,458		USD	11,503		04/22/2026		150,983

State Street Bank & Trust Co.	USD	1,334		JPY	206,652		04/10/2026		(31,337	)

State Street Bank & Trust Co.	USD	362		CHF	278		04/16/2026		(13,040	)

State Street Bank & Trust Co.	USD	1,859		EUR	1,567		04/16/2026		(46,164	)

State Street Bank & Trust Co.	USD	727		CAD	989		04/17/2026		(15,966	)

State Street Bank & Trust Co.	NZD	143		USD	85		04/22/2026		2,958

State Street Bank & Trust Co.	USD	83		NZD	143		04/22/2026		(1,051	)

State Street Bank & Trust Co.	NOK	1,138		USD	120		04/23/2026		2,184

State Street Bank & Trust Co.	SEK	7,172		USD	806		04/23/2026		47,966

State Street Bank & Trust Co.	USD	72		SEK	671		04/23/2026		(962	)

UBS	USD	9,582		JPY	1,458,517		04/10/2026		(385,243	)

								$	488



2026 Semi-Annual Report		11

Schedule of Investments (continued)

(a)

Non-income producing security.

(b)

Represents entire or partial securities out on loan. See Note E for securities lending information.

(c)

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

(d)

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

(e)

Fair valued by the Adviser.

(f)

(g)

Affiliated investments.

(h)

To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(i)

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

BOBL—Bundesobligationen

CBT—Chicago Board of Trade

ETF—Exchange Traded Fund

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

NASDAQ—National Association of Securities Dealers Automated Quotations

OSE—Osaka Securities Exchange

REG—Registered Shares

REIT—Real Estate Investment Trust

SPI—Share Price Index

TOPIX—Tokyo Price Index

See notes to financial statements.



12		Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Tax-Aware Overlay A Portfolio

March 31, 2026 (unaudited)



Company	Shares		U.S. $ Value

COMMON STOCKS–59.8%

Information Technology–16.6%
Communications Equipment–0.9%
Arista Networks, Inc.(a)		2,668	$	327,577
Calix, Inc.(a)		4,439		217,467
Ciena Corp.(a)		752		291,949
Cisco Systems, Inc.		39,943		3,099,177
F5, Inc.(a)		1,746		505,170
Motorola Solutions, Inc.		5,712		2,478,837
Nokia Oyj		7,956		63,823

				6,984,000

Electronic Equipment, Instruments & Components–0.5%
Amphenol Corp.–Class A		4,523		571,481
Avnet, Inc.		4,843		298,426
CDW Corp./DE		276		33,402
Celestica, Inc.(a)		250		70,523
Coherent Corp.(a)		726		172,940
Corning, Inc.		560		76,143
Crane NXT Co.		6,095		247,396
Fabrinet(a)		685		357,241
Halma PLC		3,887		198,357
Jabil, Inc.		229		60,829
Keyence Corp.		654		232,763
Kyocera Corp.		10,856		166,461
Littelfuse, Inc.		440		149,314
Plexus Corp.(a)		1,329		269,176
Shimadzu Corp.		2,376		56,461
TD SYNNEX Corp.		1,793		302,497
TE Connectivity PLC		252		52,673
Teledyne Technologies, Inc.(a)		396		239,584
Yokogawa Electric Corp.		2,294		70,893
Zebra Technologies Corp.–Class A(a)		729		152,419

				3,778,979

IT Services–0.3%
Accenture PLC–Class A		2,036		403,719
CGI, Inc.		1,984		145,046
Cognizant Technology Solutions Corp.–Class A		2,489		152,700
DigitalOcean Holdings, Inc.(a)		3,695		316,957
Fujitsu Ltd.		6,770		138,451
Gartner, Inc.(a)		273		43,227
Globant SA(a)		3,271		150,826
GoDaddy, Inc.–Class A(a)		1,142		94,409
Indra Sistemas SA		672		37,558
International Business Machines Corp.		969		234,876
MongoDB, Inc.(a)		749		183,333
NEC Corp.		2,426		60,366
Nomura Research Institute Ltd.		3,667		100,357
Obic Co., Ltd.		3,298		80,047
Otsuka Corp.		2,331		44,626
TIS, Inc.		2,149		45,949
VeriSign, Inc.		704		174,845

				2,407,292

Semiconductors & Semiconductor Equipment–8.1%
Advantest Corp.		1,846		254,760
Applied Materials, Inc.		18,121		6,193,577
ASM International NV		79		59,878
ASML Holding NV		1,180		1,569,112
ASML Holding NV (REG)		591		780,611
BE Semiconductor Industries NV		172		36,841
Broadcom, Inc.		33,479		10,362,085
Credo Technology Group Holding Ltd.(a)		2,551		239,462
Disco Corp.		194		79,071
First Solar, Inc.(a)		265		52,274
FormFactor, Inc.(a)		4,083		396,010
KLA Corp.		669		985,042
Lam Research Corp.		3,590		767,039
Lasertec Corp.		205		45,628
Lattice Semiconductor Corp.(a)		3,423		317,518
MACOM Technology Solutions Holdings, Inc.(a)		1,079		239,614
MKS, Inc.		856		196,717
Monolithic Power Systems, Inc.		129		141,042
Nova Ltd. (NASDAQ GS)(a)		500		217,140
Nova Ltd. (Tel Aviv)(a)		58		25,613
NVIDIA Corp.		167,868		29,276,179
NXP Semiconductors NV		17,689		3,482,257
ON Semiconductor Corp.(a)		4,747		293,934
Qnity Electronics, Inc.		191		22,038
QUALCOMM, Inc.		2,450		315,511
SCREEN Holdings Co., Ltd.		308		18,350
Semtech Corp.(a)		3,020		232,208
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		15,792		5,336,907
Teradyne, Inc.		931		276,004
Texas Instruments, Inc.		1,900		368,866
Tokyo Electron Ltd.		960		238,513
Universal Display Corp.		2,426		222,367

				63,042,168

Software–4.3%
ACI Worldwide, Inc.(a)		4,355		178,599
Adobe, Inc.(a)		1,508		366,565
Autodesk, Inc.(a)		872		208,757
Cadence Design Systems, Inc.(a)		587		163,110
Check Point Software Technologies Ltd.(a)		668		95,424
Constellation Software, Inc./Canada		130		228,207
Crowdstrike Holdings, Inc.–Class A(a)		66		25,767
Dassault Systemes SE		2,552		51,663
Descartes Systems Group, Inc. (The)(a)		726		52,001
Fair Isaac Corp.(a)		19		20,283
Fortinet, Inc.(a)		2,340		191,225
Gen Digital, Inc.		2,384		44,891
Intuit, Inc.		845		365,361
Klaviyo, Inc.–Class A(a)		5,366		104,422
Microsoft Corp.(b)		67,770		25,086,421



2026 Semi-Annual Report		13

Schedule of Investments (continued)



Company	Shares		U.S. $ Value
Nemetschek SE		107	$	8,010
Nice Ltd.(a)		108		11,924
Nice Ltd. (Sponsored ADR)(a)		1,361		150,064
Oracle Corp.		26,558		3,906,947
Oracle Corp. Japan		421		22,832
Palantir Technologies, Inc.–Class A(a)		134		19,602
Palo Alto Networks, Inc.(a)		571		91,543
Procore Technologies, Inc.(a)		4,162		237,234
PTC, Inc.(a)		418		59,561
Roper Technologies, Inc.		832		294,411
Runway AI, Inc.(a)(c)(d)		3,804		52,857
Sage Group PLC (The)		6,191		69,373
Salesforce, Inc.		793		148,029
Samsara, Inc.–Class A(a)		5,992		189,886
SAP SE		1,113		189,747
ServiceNow, Inc.(a)		6,755		706,235
Tyler Technologies, Inc.(a)		290		99,290
Workday, Inc.–Class A(a)		310		40,275
Xero Ltd.(a)		625		33,031
Zoom Communications, Inc.(a)		436		35,050
Zscaler, Inc.(a)		103		14,450

				33,563,047

Technology Hardware, Storage & Peripherals–2.5%
Apple, Inc.		75,473		19,154,292
Canon, Inc.		7,363		204,304
FUJIFILM Holdings Corp.		7,840		149,396
Logitech International SA (REG)		347		32,224
NetApp, Inc.		359		36,758

				19,576,974

				129,352,460



Financials–8.7%
Banks–2.3%
AIB Group PLC		5,597		59,749
Bank Hapoalim BM		3,898		91,544
Bank Leumi Le-Israel BM		3,083		68,945
Bank of America Corp.		125,522		6,119,197
BOC Hong Kong Holdings Ltd.–Class H		24,718		136,369
Canadian Imperial Bank of Commerce		709		67,195
DBS Group Holdings Ltd.		2,881		128,205
East West Bancorp, Inc.		1,440		153,734
Fifth Third Bancorp		19,904		924,740
FinecoBank Banca Fineco SpA		1,197		26,632
First BanCorp/Puerto Rico		7,628		162,934
First Citizens BancShares, Inc./NC–Class A		169		318,508
First Hawaiian, Inc.		3,949		97,303
Flagstar Bank NA		14,665		193,138
Independent Bank Corp.		2,854		214,649
Japan Post Bank Co., Ltd.		1,687		27,515
Mizrahi Tefahot Bank Ltd.		434		31,715
Nordea Bank Abp		1,510		26,001
Oversea-Chinese Banking Corp., Ltd.		2,609		44,686
PNC Financial Services Group, Inc. (The)		4,878		1,015,063
Royal Bank of Canada		362		58,520
Texas Capital Bancshares, Inc.(a)		2,564		243,272
Toronto-Dominion Bank (The)		664		62,013
UMB Financial Corp.		2,297		259,079
UniCredit SpA		391		28,052
WaFd, Inc.		7,677		241,058
Wells Fargo & Co.		83,893		6,678,722
Wintrust Financial Corp.		1,400		194,516

				17,673,054

Capital Markets–2.1%
3i Group PLC		1,857		60,521
Affiliated Managers Group, Inc.		596		164,913
Ameriprise Financial, Inc.		203		90,213
ASX Ltd.		340		12,336
Blackrock, Inc.		247		237,542
Brookfield Asset Management Ltd.–Class A		967		42,994
Cboe Global Markets, Inc.		1,395		392,093
Charles Schwab Corp. (The)		57,372		5,391,821
CME Group, Inc.		1,721		508,297
CVC Capital Partners PLC(e)		489		6,384
Deutsche Boerse AG		82		24,022
Futu Holdings Ltd. (ADR)(a)		106		14,497
Goldman Sachs Group, Inc. (The)		6,553		5,543,772
Hong Kong Exchanges & Clearing Ltd.–Class H		2,620		132,174
Invesco Ltd.		12,402		301,245
Japan Exchange Group, Inc.		1,888		22,048
Moody’s Corp.		360		157,050
Partners Group Holding AG		60		64,670
S&P Global, Inc.		7,093		3,016,937
Singapore Exchange Ltd.		4,947		75,467
Stifel Financial Corp.		5,727		423,340
T. Rowe Price Group, Inc.		420		37,859

				16,720,195

Consumer Finance–0.3%
Capital One Financial Corp.		11,083		2,021,872
Figure Technology Solutions, Inc.–Class A(a)		3,048		103,479
FirstCash Holdings, Inc.		1,424		267,712

				2,393,063

Financial Services–2.2%
Adyen NV(a)		49		49,042
Berkshire Hathaway, Inc.–Class B(a)		866		414,987
Chime Financial, Inc.–Class A(a)		5,691		106,592
HA Sustainable Infrastructure Capital, Inc.		8,423		309,545
Infratil Ltd.		7,147		48,192
Jack Henry & Associates, Inc.		390		61,636
Mastercard, Inc.–Class A		1,761		879,901
NCR Atleos Corp.(a)		518		22,574
PayPal Holdings, Inc.		1,672		75,625
Sofina SA		62		15,055
Visa, Inc.–Class A		48,631		14,698,233
Walker & Dunlop, Inc.		2,794		123,998
Wise PLC–Class A(a)		1,460		17,582

				16,822,962



14		Sanford C. Bernstein Fund, Inc.



Company	Shares		U.S. $ Value
Insurance–1.8%
Accelerant Holdings–Class A(a)		4,629	$	61,843
Admiral Group PLC		1,252		52,366
Allstate Corp. (The)		346		71,740
American Financial Group, Inc./OH		1,966		251,078
Aon PLC–Class A		371		119,751
Arch Capital Group Ltd.(a)		1,407		135,058
Arthur J Gallagher & Co.		253		54,795
Brown & Brown, Inc.		1,170		76,296
Chubb Ltd.		1,068		348,093
Erie Indemnity Co.–Class A		57		14,325
Everest Group Ltd.		3,583		1,171,104
Fairfax Financial Holdings Ltd.		50		85,196
Gjensidige Forsikring ASA		413		10,804
Great-West Lifeco, Inc.		457		21,403
Hannover Rueck SE		111		34,898
Hanover Insurance Group, Inc. (The)		1,987		344,446
Hartford Insurance Group, Inc. (The)		491		66,398
Helvetia Baloise Holding AG		158		40,892
iA Financial Corp., Inc.		156		17,312
Intact Financial Corp.		999		181,028
Loews Corp.		912		97,347
Marsh & McLennan Cos., Inc.		12,230		2,121,293
Medibank Pvt. Ltd.		5,541		16,766
MS&AD Insurance Group Holdings, Inc.		2,351		61,351
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		237		149,675
Progressive Corp. (The)		27,533		5,458,142
Prudential PLC		4,469		62,133
Sampo Oyj–Class A		14,253		151,597
Swiss Re AG		547		91,884
Tokio Marine Holdings, Inc.		3,920		184,008
Travelers Cos., Inc. (The)		761		221,968
Tryg A/S		1,490		35,515
W R Berkley Corp.		2,609		172,925
Willis Towers Watson PLC		6,392		1,858,154
Zurich Insurance Group AG		499		352,702

				14,194,286

				67,803,560



Industrials–7.1%
Aerospace & Defense–1.7%
Airbus SE (ADR)		22,085		1,043,516
BAE Systems PLC (Sponsored ADR)		15,884		1,850,486
Curtiss-Wright Corp.		343		233,624
General Dynamics Corp.		624		214,169
Hexcel Corp.		33,411		2,703,952
Howmet Aerospace, Inc.		747		172,154
Kongsberg Gruppen ASA		999		42,584
Kratos Defense & Security Solutions, Inc.(a)		3,159		222,741
L3Harris Technologies, Inc.		1,963		677,529
Lockheed Martin Corp.		736		444,831
MTU Aero Engines AG		101		36,847
Northrop Grumman Corp.		357		243,560
Rheinmetall AG		99		166,992
Rocket Lab Corp.(a)		5,769		370,485
RTX Corp.		25,514		4,921,651

				13,345,121

Air Freight & Logistics–0.1%
CH Robinson Worldwide, Inc.		2,115		351,238
Expeditors International of Washington, Inc.		316		45,261
GXO Logistics, Inc.(a)		5,239		271,642

				668,141

Building Products–0.3%
Allegion PLC		170		24,699
Belimo Holding AG (REG)		23		18,679
Carlisle Cos., Inc.		91		30,359
Carrier Global Corp.		26,042		1,466,425
Geberit AG (REG)		86		58,053
Gibraltar Industries, Inc.(a)		4,968		198,074
Lennox International, Inc.		77		35,738
ROCKWOOL A/S–Class B		180		5,000
Trane Technologies PLC		502		209,204
Zurn Elkay Water Solutions Corp.–Class C		4,792		214,873

				2,261,104

Commercial Services & Supplies–0.4%
Brambles Ltd.		2,540		39,863
Cintas Corp.		861		145,630
Copart, Inc.(a)		1,683		55,876
GFL Environmental, Inc.		505		21,066
Republic Services, Inc.		1,828		400,369
Rollins, Inc.		2,330		124,445
Secom Co., Ltd.		3,044		115,948
Veralto Corp.		22,238		1,966,284
Waste Connections, Inc.		1,378		223,842
Waste Management, Inc.		1,593		366,056

				3,459,379

Construction & Engineering–0.2%
API Group Corp.(a)		2,968		120,263
Cardinal Infrastructure Group, Inc.–Class A(a)		234		9,279
Comfort Systems USA, Inc.		475		655,020
EMCOR Group, Inc.		107		78,999
Granite Construction, Inc.		2,052		245,994
WillScot Holdings Corp.		12,876		223,528

				1,333,083

Electrical Equipment–1.8%
ABB Ltd. (REG)		3,210		260,998
Bloom Energy Corp.–Class A(a)		2,049		277,619
BWX Technologies, Inc.		1,143		233,732
Eaton Corp. PLC		18,381		6,574,332
Forgent Power Solutions, Inc.(a)		3,714		108,709
Fujikura Ltd.		2,700		74,256
GE Vernova, Inc.		6,557		5,723,605
Generac Holdings, Inc.(a)		867		169,351
Hubbell, Inc.		101		49,565



2026 Semi-Annual Report		15

Schedule of Investments (continued)



Company	Shares		U.S. $ Value
Nextpower, Inc.–Class A(a)		2,795	$	336,937
Regal Rexnord Corp.		1,809		338,753
Rockwell Automation, Inc.		195		69,982

				14,217,839

Ground Transportation–0.8%
ArcBest Corp.		2,316		227,802
Canadian National Railway Co.		864		88,928
Central Japan Railway Co.		6,472		168,280
CSX Corp.		106,098		4,355,323
East Japan Railway Co.		7,093		162,227
Hankyu Hanshin Holdings, Inc.		1,554		44,934
Knight-Swift Transportation Holdings, Inc.		4,762		274,196
MTR Corp., Ltd.–Class H		12,903		52,876
Old Dominion Freight Line, Inc.		397		77,574
Saia, Inc.(a)		554		194,609
Tokyu Corp.		1,649		19,465
Uber Technologies, Inc.(a)		4,078		293,330
Union Pacific Corp.		1,263		306,429
West Japan Railway Co.		1,785		35,181

				6,301,154

Industrial Conglomerates – 0.1%
3M Co.		949		137,823
Honeywell International, Inc.		1,218		275,305
Lifco AB–Class B		406		12,282
Smiths Group PLC		604		18,432
Swire Pacific Ltd.–Class H		2,937		32,101

				475,943

Machinery – 1.1%
Alfa Laval AB		542		29,647
Atlas Copco AB–Class A		5,762		101,681
Atlas Copco AB–Class B		3,348		52,337
Caterpillar, Inc.		1,052		745,300
CNH Industrial NV		16,868		185,548
Crane Co.		1,107		189,297
Cummins, Inc.		268		144,189
Daifuku Co., Ltd.		595		21,009
Deere & Co.		6,044		3,404,585
Epiroc AB–Class A		1,229		30,254
Epiroc AB–Class B		728		15,595
GEA Group AG		272		19,507
Graco, Inc.		321		27,173
Illinois Tool Works, Inc.		606		157,736
ITT, Inc.		1,141		217,395
JBT Marel Corp.		1,786		228,376
Kone Oyj–Class B		1,176		75,077
Metso Oyj		1,103		19,115
Oshkosh Corp.		2,199		323,715
PACCAR, Inc.		6,621		764,725
Parker-Hannifin Corp.		231		206,800
Pentair PLC		5,184		451,578
Rational AG		12		8,804
RBC Bearings, Inc.(a)		456		247,663
Sandvik AB		1,784		68,580
Schindler Holding AG		81		26,681
Schindler Holding AG (REG)		245		77,163
Snap-on, Inc.		94		34,143
Techtronic Industries Co., Ltd.–Class H		2,671		35,471
Tennant Co.		15		996
Terex Corp.		4,417		261,045
VAT Group AG(e)		59		36,807
Wartsila Oyj Abp		954		35,535
Yangzijiang Shipbuilding Holdings Ltd.		5,458		16,212

				8,259,739

Marine Transportation–0.0%
Kirby Corp.(a)		2,482		329,808
Kuehne & Nagel International AG (REG)		126		28,854
SITC International Holdings Co., Ltd.–Class H		3,476		15,220

				373,882

Passenger Airlines–0.0%
ANA Holdings, Inc.		1,387		24,840
Ryanair Holdings PLC		866		24,380

				49,220

Professional Services–0.2%
Automatic Data Processing, Inc.		1,027		208,666
Broadridge Financial Solutions, Inc.		225		36,558
Bureau Veritas SA		641		19,186
CACI International, Inc.–Class A(a)		523		284,444
CBIZ, Inc.(a)		1,941		52,116
Computershare Ltd.		1,044		20,590
Experian PLC		1,812		62,685
First Advantage Corp.(a)		18,130		213,209
FTI Consulting, Inc.(a)		1,285		227,150
Intertek Group PLC		340		16,544
Leidos Holdings, Inc.		219		34,059
Paychex, Inc.		745		68,629
Planet Labs PBC(a)		5,815		162,529
Recruit Holdings Co., Ltd.		3,026		131,843
RELX PLC		4,368		143,106
Robert Half, Inc.		8,782		223,063
Wolters Kluwer NV		493		36,821

				1,941,198

Trading Companies & Distributors–0.4%
AddTech AB–Class B		480		16,471
Applied Industrial Technologies, Inc.		811		215,174
Boise Cascade Co.		2,895		219,586
Core & Main, Inc.–Class A(a)		4,392		216,965
Fastenal Co.		2,653		123,099
Ferguson Enterprises, Inc.		391		91,205
GATX Corp.		1,533		261,744
MonotaRO Co., Ltd.		541		5,864
Toromont Industries Ltd.		143		20,021
United Rentals, Inc.		1,966		1,432,349
Watsco, Inc.		64		23,283
WW Grainger, Inc.		120		130,897

				2,756,658

Transportation Infrastructure–0.0%
Aena SME SA		5,759		169,875



16		Sanford C. Bernstein Fund, Inc.



Company	Shares		U.S. $ Value
Aeroports de Paris SA		198	$	24,189
Getlink SE		2,555		55,134

				249,198

				55,691,659



Communication Services–6.9%
Diversified Telecommunication Services–0.4%
AST SpaceMobile, Inc.(a)		3,144		260,543
AT&T, Inc.		17,176		497,932
Comcast Corp.–Class A		19,517		560,333
Deutsche Telekom AG (REG)		7,065		263,689
Elisa Oyj		1,491		72,627
HKT Trust & HKT Ltd.–Class H		31,750		49,616
Koninklijke KPN NV		32,289		179,967
NTT, Inc.		252,040		252,157
Orange SA		15,703		321,960
Singapore Telecommunications Ltd.		62,660		240,756
Swisscom AG (REG)		219		183,777
Telia Co. AB		10,245		52,488
Telstra Group Ltd.		20,710		76,453
TELUS Corp.		3,106		39,922
Verizon Communications, Inc.		8,375		420,425

				3,472,645

Entertainment–0.9%
Capcom Co., Ltd.		724		15,300
CTS Eventim AG & Co. KGaA		401		23,487
Electronic Arts, Inc.		1,267		258,303
Liberty Media Corp.-Liberty Formula One–Class C(a)		1,312		111,546
Netflix, Inc.(a)		10,139		974,865
Nintendo Co., Ltd.		2,152		122,848
TKO Group Holdings, Inc.		1,142		230,284
Toho Co., Ltd./Tokyo		2,045		21,480
Universal Music Group NV		3,001		58,252
Walt Disney Co. (The)		53,166		5,124,139

				6,940,504

Interactive Media & Services–5.0%
Alphabet, Inc.–Class A		4,880		1,403,293
Alphabet, Inc.–Class C(b)		76,391		21,913,522
Autotrader Group PLC		2,429		15,203
Meta Platforms, Inc.–Class A		25,372		14,516,083
REA Group Ltd.		123		13,476
Reddit, Inc.–Class A(a)		8,014		1,079,085
Scout24 SE		764		58,949

				38,999,611

Media–0.0%
Omnicom Group, Inc.		351		26,434
Publicis Groupe SA		398		32,942

				59,376

Wireless Telecommunication Services–0.6%
KDDI Corp.		20,654		351,670
SoftBank Corp.		242,521		324,523
T-Mobile US, Inc.		18,900		3,969,567
Vodafone Group PLC		45,837		69,138

				4,714,898

				54,187,034



Health Care–6.5%
Biotechnology–0.9%
AbbVie, Inc.		825		179,429
Amgen, Inc.		279		98,166
Apogee Therapeutics, Inc.(a)		1,418		119,353
Argenx SE(a)		245		177,806
Ascendis Pharma A/S (ADR)(a)		386		88,290
Bridgebio Pharma, Inc.(a)		2,361		175,328
CG oncology, Inc.(a)		1,670		113,026
Denali Therapeutics, Inc.(a)		4,135		79,392
Dianthus Therapeutics, Inc.(a)		1,353		113,544
Erasca, Inc.(a)		3,820		61,808
Genmab A/S(a)		178		47,939
Gilead Sciences, Inc.		1,514		211,006
Halozyme Therapeutics, Inc.(a)		2,014		130,165
Incyte Corp.(a)		1,362		128,191
Insmed, Inc.(a)		2,137		349,442
Kymera Therapeutics, Inc.(a)		1,179		98,199
Madrigal Pharmaceuticals, Inc.(a)		142		74,333
Natera, Inc.(a)		816		163,192
Neurocrine Biosciences, Inc.(a)		1,657		218,293
Newamsterdam Pharma Co. NV(a)		1,805		57,778
Nuvalent, Inc.–Class A(a)		1,050		107,573
Regeneron Pharmaceuticals, Inc.		59		45,586
Rhythm Pharmaceuticals, Inc.(a)		1,235		107,408
Swedish Orphan Biovitrum AB(a)		373		15,633
United Therapeutics Corp.(a)		187		110,887
Vera Therapeutics, Inc.(a)		1,775		71,408
Vertex Pharmaceuticals, Inc.(a)		9,106		4,066,193
Xenon Pharmaceuticals, Inc.(a)		1,902		110,601

				7,319,969

Health Care Equipment & Supplies–1.0%
Abbott Laboratories		5,650		580,085
AtriCure, Inc.(a)		5,138		146,587
Boston Scientific Corp.(a)		969		60,805
Cochlear Ltd.		127		14,944
Coloplast A/S–Class B		216		14,714
Dexcom, Inc.(a)		636		39,941
Edwards Lifesciences Corp.(a)		10,433		835,475
Envista Holdings Corp.(a)		11,010		279,324
Fisher & Paykel Healthcare Corp., Ltd.		1,078		23,375
GE HealthCare Technologies, Inc.		769		54,737
Glaukos Corp.(a)		2,060		221,780
Globus Medical, Inc.–Class A(a)		3,777		325,426
Hologic, Inc.(a)		1,376		104,012
Hoya Corp.		695		120,485
IDEXX Laboratories, Inc.(a)		225		126,425
Integer Holdings Corp.(a)		2,888		254,144
Intuitive Surgical, Inc.(a)		631		290,885
Medtronic PLC		26,657		2,309,829



2026 Semi-Annual Report		17

Schedule of Investments (continued)



Company	Shares		U.S. $ Value
ResMed, Inc.		294	$	65,997
Sonova Holding AG (REG)		88		20,065
Straumann Holding AG (REG)		225		23,540
Stryker Corp.		5,238		1,721,154
Sysmex Corp.		818		7,134

				7,640,863

Health Care Providers & Services–1.4%
BrightSpring Health Services, Inc.(a)		5,140		219,015
Cardinal Health, Inc.		497		105,021
Cencora, Inc.		1,445		453,932
Cigna Group (The)		248		66,154
Elevance Health, Inc.		440		128,810
Encompass Health Corp.		13,789		1,333,810
Guardant Health, Inc.(a)		2,661		245,797
HCA Healthcare, Inc.		183		86,603
Labcorp Holdings, Inc.		7,549		2,014,149
Lumexa Imaging Holdings, Inc.(a)		4,666		40,128
McKesson Corp.		415		359,124
Quest Diagnostics, Inc.		564		110,533
Tenet Healthcare Corp.(a)		1,772		334,394
UnitedHealth Group, Inc.		20,092		5,436,694

				10,934,164

Health Care Technology–0.0%
Pro Medicus Ltd.		160		13,187
Veeva Systems, Inc.–Class A(a)		270		47,428

				60,615

Life Sciences Tools & Services–1.2%
Agilent Technologies, Inc.		499		56,876
Bio-Techne Corp.		4,914		256,806
ICON PLC(a)		1,681		186,019
IQVIA Holdings, Inc.(a)		20,453		3,488,054
Repligen Corp.(a)		1,229		144,801
Thermo Fisher Scientific, Inc.		9,977		4,903,995
Waters Corp.(a)		119		35,438
West Pharmaceutical Services, Inc.		126		31,581

				9,103,570

Pharmaceuticals–2.0%
Astellas Pharma, Inc.		9,104		148,412
AstraZeneca PLC		3,310		647,237
Chugai Pharmaceutical Co., Ltd.		1,296		71,472
Daiichi Sankyo Co., Ltd.		3,266		58,431
Edgewise Therapeutics, Inc.(a)		2,514		79,191
Eli Lilly & Co.		4,627		4,255,776
Galderma Group AG(a)		89		17,491
GSK PLC		9,640		265,538
Ipsen SA		67		12,521
Johnson & Johnson		8,474		2,071,385
Merck & Co., Inc.		36,700		4,414,643
Novartis AG (REG)		7,218		1,107,922
Novo Nordisk A/S–Class B		8,902		325,764
Ocular Therapeutix, Inc.(a)		6,089		51,574
Orion Oyj–Class B		264		21,338
Otsuka Holdings Co., Ltd.		1,870		132,715
Roche Holding AG		1,824		727,942
Roche Holding AG (BR)(a)		83		34,392
Sanofi SA		1,393		134,522
Shionogi & Co., Ltd.		4,012		88,749
Structure Therapeutics, Inc. (ADR)(a)		918		44,248
Takeda Pharmaceutical Co., Ltd.		6,241		229,843
Terns Pharmaceuticals, Inc.(a)		1,506		79,396
Zoetis, Inc.		5,584		660,085

				15,680,587

				50,739,768



Consumer Discretionary–4.9%
Automobile Components–0.1%
BorgWarner, Inc.		6,708		363,976
Bridgestone Corp.		1,452		30,257
Continental AG		214		14,939

				409,172

Automobiles–0.0%
Ferrari NV		439		148,954

Broadline Retail–2.0%
Amazon.com, Inc.(a)		74,047		15,421,769
Dollarama, Inc.		867		106,407
MercadoLibre, Inc.(a)		35		60,516
Next PLC		271		45,785
Pan Pacific International Holdings Corp.		7,138		43,543
Wesfarmers Ltd.		2,147		109,617

				15,787,637

Diversified Consumer Services–0.1%
ADT, Inc.		32,922		216,298
Frontdoor, Inc.(a)		4,170		220,426
Laureate Education, Inc.(a)		8,143		283,702

				720,426

Hotels, Restaurants & Leisure–0.3%
Aristocrat Leisure Ltd.		968		30,768
Cava Group, Inc.(a)		3,041		246,017
Chipotle Mexican Grill, Inc.(a)		3,070		98,271
Compass Group PLC		6,303		175,859
Darden Restaurants, Inc.		212		41,560
Evolution AB(a)(e)		307		19,294
Hyatt Hotels Corp.–Class A		8,102		1,164,987
McDonald’s Corp.		1,231		382,583
Oriental Land Co., Ltd./Japan		6,188		105,318
Viking Holdings Ltd.(a)		3,193		234,622
Yum! Brands, Inc.		1,221		189,841

				2,689,120

Household Durables–0.1%
DR Horton, Inc.		449		61,612
Garmin Ltd.		317		73,547
NVR, Inc.(a)		6		39,539
PulteGroup, Inc.		375		44,104
SharkNinja, Inc.(a)		2,283		241,770
Taylor Morrison Home Corp.(a)		2,517		146,590

				607,162



18		Sanford C. Bernstein Fund, Inc.



Company	Shares		U.S. $ Value
Leisure Products–0.1%
Bandai Namco Holdings, Inc.		1,033	$	25,484
Brunswick Corp./DE		1,901		138,317
Hasbro, Inc.		3,478		325,541

				489,342

Specialty Retail–2.1%
AutoZone, Inc.(a)		1,284		4,337,070
Bath & Body Works, Inc.		10,431		194,747
Best Buy Co., Inc.		465		29,853
Burlington Stores, Inc.(a)		769		250,217
Dick’s Sporting Goods, Inc.		120		23,795
Fast Retailing Co., Ltd.		349		137,892
Home Depot, Inc. (The)		18,643		6,131,496
Industria de Diseno Textil SA		5,026		292,558
Murphy USA, Inc.		598		295,394
O’Reilly Automotive, Inc.(a)		2,643		243,975
Sanrio Co., Ltd.		1,635		10,165
TJX Cos., Inc. (The)		27,806		4,440,618
Tractor Supply Co.		1,007		45,617
Ulta Beauty, Inc.(a)		98		51,226
Williams-Sonoma, Inc.		328		59,804
ZOZO, Inc.		1,302		9,118

				16,553,545

Textiles, Apparel & Luxury Goods – 0.1%
Amer Sports, Inc.(a)		6,941		228,498
Asics Corp.		1,329		35,730
Deckers Outdoor Corp.(a)		379		37,934
Hermes International SCA		67		126,922
Lululemon Athletica, Inc.(a)		270		41,337
Moncler SpA		428		25,769
NIKE, Inc.–Class B		1,999		105,587
On Holding AG–Class A(a)		4,203		142,986
Pandora A/S		166		11,865

				756,628

				38,161,986



Consumer Staples–3.4%
Beverages–1.1%
Carlsberg AS–Class B		167		20,747
Celsius Holdings, Inc.(a)		4,982		176,761
Coca-Cola Co. (The)		69,646		5,296,578
Coca-Cola HBC AG(a)		379		21,349
Keurig Dr. Pepper, Inc.		3,646		95,999
Kirin Holdings Co., Ltd.		4,000		63,625
Monster Beverage Corp.(a)		27,273		1,976,202
PepsiCo, Inc.		5,228		811,856

				8,463,117

Consumer Staples Distribution & Retail–1.7%
BJ’s Wholesale Club Holdings, Inc.(a)		3,700		364,154
Costco Wholesale Corp.		4,556		4,539,735
Dollar General Corp.		234		27,783
Dollar Tree, Inc.(a)		23,908		2,618,165
Jeronimo Martins SGPS SA		705		16,857
Koninklijke Ahold Delhaize NV		1,969		91,695
Kroger Co. (The)		4,133		299,064
Loblaw Cos. Ltd.		2,223		101,346
US Foods Holding Corp.(a)		3,982		367,180
Walmart, Inc.		35,981		4,471,719

				12,897,698

Food Products–0.2%
Chocoladefabriken Lindt & Spruengli AG (REG)		1		143,132
Danone SA		975		77,909
Freshpet, Inc.(a)		2,697		159,015
General Mills, Inc.		3,962		147,466
Hershey Co. (The)		894		185,854
Hormel Foods Corp.		1,493		33,816
Lotus Bakeries NV		1		11,291
Magnum Ice Cream Co. NV (The)(a)		1,016		14,926
Mondelez International, Inc.–Class A		3,730		214,997
Nestle SA (REG)		5,684		557,549
Tyson Foods, Inc.–Class A		1,404		89,954

				1,635,909

Household Products–0.3%
Church & Dwight Co., Inc.		2,446		228,261
Colgate-Palmolive Co.		2,909		247,934
Kimberly-Clark Corp.		233		22,478
Procter & Gamble Co. (The)		12,207		1,763,179
Reckitt Benckiser Group PLC		1,299		87,345
WD-40 Co.		984		200,677

				2,549,874

Personal Care Products–0.1%
Beiersdorf AG		166		14,921
Kao Corp.		406		15,805
L’Oreal SA		456		186,180
Unilever PLC		5,368		294,700

				511,606

Tobacco–0.0%
Imperial Brands PLC		1,404		56,929
Philip Morris International, Inc.		516		85,316

				142,245

				26,200,449



Energy–1.8%
Energy Equipment & Services–0.2%
Baker Hughes Co.		14,662		895,115
TechnipFMC PLC		10,564		730,290

				1,625,405

Oil, Gas & Consumable Fuels–1.6%
Cheniere Energy, Inc.		155		43,983
Chevron Corp.		2,652		548,699
ConocoPhillips		8,503		1,122,396
Coterra Energy, Inc.		1,144		40,200
DT Midstream, Inc.		908		122,280
Eni SpA		3,958		112,541



2026 Semi-Annual Report		19

Schedule of Investments (continued)



Company	Shares		U.S. $ Value
EOG Resources, Inc.		41,585	$	6,011,944
Expand Energy Corp.		1,194		131,077
Exxon Mobil Corp.		18,817		3,192,492
Galp Energia SGPS SA		1,217		29,181
Imperial Oil Ltd.		247		32,353
Inpex Corp.		3,761		111,248
Magnolia Oil & Gas Corp.–Class A		9,006		284,319
Matador Resources Co.		4,447		280,962
Northern Oil & Gas, Inc.		7,097		207,445
Shell PLC		1,563		72,390
Texas Pacific Land Corp.		141		66,913
TotalEnergies SE		1,147		105,265
Uranium Energy Corp.(a)		9,277		125,240
Williams Cos., Inc. (The)		2,117		154,075

				12,795,003

				14,420,408



Materials–1.7%
Chemicals–1.3%
Air Liquide SA		402		83,093
Albemarle Corp.		1,073		192,636
Avient Corp.		5,770		209,451
Corteva, Inc.		49,947		4,181,063
Element Solutions, Inc.		6,087		207,810
EMS-Chemie Holding AG(a)		14		11,008
Givaudan SA (REG)		29		98,063
Linde PLC		8,731		4,328,481
RPM International, Inc.		2,610		259,434
Sherwin-Williams Co. (The)		471		150,979
Sika AG (REG)(a)		258		42,704

				9,764,722

Construction Materials–0.2%
Buzzi SpA		133		6,724
Eagle Materials, Inc.		6,841		1,296,028
Holcim AG(a)		910		75,222

				1,377,974

Containers & Packaging–0.0%
Avery Dennison Corp.		146		25,211
Ball Corp.		687		40,609
O-I Glass, Inc.(a)		19,328		203,137

				268,957

Metals & Mining–0.2%
Alcoa Corp.		2,374		157,467
Barrick Mining Corp.		977		39,927
BHP Group Ltd.		8,898		321,952
Fortescue Ltd.		2,905		41,511
Franco-Nevada Corp.		245		60,664
Fresnillo PLC		417		18,484
Kinross Gold Corp.		2,103		64,295
Lundin Gold, Inc.		193		14,749
MP Materials Corp.(a)		1,941		93,673
Newmont Corp.		685		74,151
Reliance, Inc.		1,254		381,116
Rio Tinto Ltd.		638		72,486
Rio Tinto PLC		1,963		182,115

				1,522,590

				12,934,243



Utilities–1.4%
Electric Utilities–1.0%
Alliant Energy Corp.		298		21,385
American Electric Power Co., Inc.		43,516		5,704,077
BKW AG		178		35,095
Chubu Electric Power Co., Inc.		1,015		16,734
CLP Holdings Ltd.–Class H		11,165		105,117
Duke Energy Corp.		4,045		529,652
FirstEnergy Corp.		1,363		69,050
Hydro One Ltd.(e)		1,492		61,617
Iberdrola SA		3,570		81,732
IDACORP, Inc.		2,762		394,883
Oklo, Inc.(a)		321		15,918
PG&E Corp.		987		17,342
Power Assets Holdings Ltd.–Class H		11,605		90,542
PPL Corp.		825		31,515
Redeia Corp. SA		3,292		55,801
Southern Co. (The)		5,172		499,202
Verbund AG		373		28,504
Xcel Energy, Inc.		810		64,346

				7,822,512

Gas Utilities–0.1%
Chesapeake Utilities Corp.		1,649		208,384
Hong Kong & China Gas Co., Ltd.–Class H		67,229		61,155
ONE Gas, Inc.		2,871		247,279
Osaka Gas Co., Ltd.		1,820		73,718
Tokyo Gas Co., Ltd.		777		36,594

				627,130

Multi-Utilities–0.3%
Ameren Corp.		14,218		1,562,842
CMS Energy Corp.		948		73,546
Consolidated Edison, Inc.		3,044		344,520
Dominion Energy, Inc.		423		26,150
E.ON SE		1,048		22,953
Engie SA		1,537		49,533
WEC Energy Group, Inc.		1,823		211,049

				2,290,593

Water Utilities–0.0%
American Water Works Co., Inc.		346		47,087

				10,787,322



Real Estate–0.8%
Diversified REITs–0.0%
Broadstone Net Lease, Inc.		7,093		129,589

Health Care REITs–0.1%
American Healthcare REIT, Inc.		2,413		113,797



20		Sanford C. Bernstein Fund, Inc.



Company		Shares		U.S. $ Value
Ventas, Inc.			507	$	41,463
Welltower, Inc.			696		137,606

					292,866

Hotel & Resort REITs–0.0%
Ryman Hospitality Properties, Inc.			1,313		121,151

Industrial REITs–0.1%
Prologis, Inc.			3,963		523,829
STAG Industrial, Inc.			5,562		200,566

					724,395

Office REITs–0.0%
COPT Defense Properties			8,205		251,073

Real Estate Management & Development–0.1%
Daito Trust Construction Co., Ltd.			554		12,982
Jones Lang LaSalle, Inc.(a)			1,103		335,665

					348,647

Residential REITs–0.0%
Independence Realty Trust, Inc.			13,112		195,238
Sun Communities, Inc.			367		46,227

					241,465

Retail REITs–0.0%
Brixmor Property Group, Inc.			5,389		155,203

Specialized REITs–0.5%
CubeSmart			2,916		106,871
Digital Realty Trust, Inc.			10,761		1,939,240
Extra Space Storage, Inc.			14,399		1,888,141
Public Storage			267		72,325

					4,006,577

					6,270,966

Total Common Stocks (cost $237,609,378)					466,549,855



INVESTMENT COMPANIES – 35.6%
Funds and Investment Trusts–35.6%(f)
AB Bond Fund, Inc.–AB All Market Real Return Portfolio–Class Z(g)			5,427,992		60,250,715
AB Emerging Markets Opportunities ETF(g)			359,379		15,747,988
Bernstein Fund, Inc.–International Small Cap Portfolio–Class Z(g)			2,051,749		29,093,794
Bernstein Fund, Inc.–International Strategic Equities Portfolio–Class Z(g)			9,311,084		159,126,417
Bernstein Fund, Inc.–Small Cap Core Portfolio–Class Z(g)			1,171,608		13,813,260

Total Investment Companies (cost $193,579,478)					278,032,174


PURCHASED OPTIONS—PUTS – 2.1%
Options on Equity Indices – 2.1%
Euro STOXX 50 Price EUR Index Expiration: Feb 2027; Contracts: 7,100; Exercise Price: EUR 4,900.00; Counterparty: UBS AG(a)	EUR		34,790,000		1,847,542
FTSE 100 Index Expiration: Mar 2027; Contracts: 1,430; Exercise Price: GBP 9,200.00; Counterparty: UBS AG(a)	GBP		13,156,000		589,730
Nikkei 225 Index Expiration: Mar 2027; Contracts: 85,000; Exercise Price: JPY 44,000.00; Counterparty: UBS AG(a)	JPY		3,740,000,000		1,661,013
S&P 500 Index Expiration: Jan 2027; Contracts: 55,500; Exercise Price: USD 5,775.00; Counterparty: UBS AG(a)	USD		320,512,500		11,910,767

Total Purchased Options—Puts (premiums paid $10,587,144)					16,009,052



		Shares

SHORT-TERM INVESTMENTS – 4.3%
Investment Companies–4.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 3.50%(f)(g)(h) (cost $33,844,797)			33,844,797		33,844,797

Total Investments—101.8% (cost $475,620,797)					794,435,878

Other assets less liabilities—(1.8)%					(14,264,980	)

Net Assets—100.0%				$	780,170,898



2026 Semi-Annual Report		21

Schedule of Investments (continued)



FUTURES (see Note 3)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts

Nikkei 225 (OSE) Futures		19	June 2026	$	6,124,823	$	(197,305	)

S&P 500 E-Mini Futures		170	June 2026		55,851,375		(575,030	)

U.S. T-Note 2 Yr (CBT) Futures		306	June 2026		63,478,266		(453,676	)

U.S. T-Note 10 Yr (CBT) Futures		662	June 2026		73,513,031		(1,475,279	)

U.S. Ultra Bond (CBT) Futures		182	June 2026		21,214,375		(714,062	)

Sold Contracts

E-Mini Russell 2000 Index Futures		37	June 2026		4,647,570		(9,814	)

Euro STOXX 50 Index Futures		156	June 2026		9,908,179		118,409

FTSE 100 Index Futures		68	June 2026		9,179,593		(187,080	)

Hang Seng Index Futures		4	April 2026		631,408		8,426

MSCI Emerging Markets Index Futures		252	June 2026		18,327,960		337,153

MSCI Singapore ETS Index Futures		17	April 2026		577,289		(1,598	)

OMXS 30 Index Futures		50	April 2026		1,542,256		42,263

S&P Mid 400 E-Mini Futures		13	June 2026		4,415,450		(31,979	)

S&P/TSX 60 Index Futures		16	June 2026		4,388,585		(9,091	)

SPI 200 Futures		74	June 2026		10,866,060		11,416

TOPIX Index Futures		32	June 2026		7,065,184		107,394

						$	(3,029,853	)



FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)
Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)

Bank of America NA	JPY	10,097,890	USD	64,325		04/10/2026	$	655,252

Bank of America NA	USD	8,504	CHF	6,619		04/16/2026		(212,634	)

Bank of America NA	USD	18,791	AUD	26,608		04/22/2026		(436,794	)

Barclays Capital, Inc.	USD	4,421	JPY	698,808		04/10/2026		(14,557	)

Barclays Capital, Inc.	USD	2,786	CAD	3,822		04/17/2026		(37,019	)

Barclays Capital, Inc.	USD	8,511	NZD	14,603		04/22/2026		(114,320	)

Barclays Capital, Inc.	GBP	6,217	USD	8,248		04/24/2026		19,984

Barclays Capital, Inc.	USD	3,509	GBP	2,614		04/24/2026		(49,310	)

Citibank NA	USD	8,420	JPY	1,299,947		04/10/2026		(223,863	)

Citibank NA	USD	2,041	CHF	1,602		04/16/2026		(35,050	)

Citibank NA	CAD	13,126	USD	9,639		04/17/2026		196,255

Citibank NA	NZD	15,013	USD	8,934		04/22/2026		301,126

Citibank NA	USD	1,034	AUD	1,476		04/22/2026		(15,783	)

Citibank NA	SEK	14,323	USD	1,610		04/23/2026		95,584

Citibank NA	GBP	7,178	USD	9,619		04/24/2026		118,795

Deutsche Bank AG	EUR	11,484	USD	13,787		04/16/2026		504,922

Goldman Sachs Bank USA	USD	1,407	JPY	223,572		04/10/2026		2,972

Goldman Sachs Bank USA	EUR	17,874	USD	21,127		04/16/2026		453,084

Goldman Sachs Bank USA	USD	8,755	EUR	7,534		04/16/2026		(40,667	)

Goldman Sachs Bank USA	USD	9,835	NZD	16,359		04/22/2026		(428,335	)



22		Sanford C. Bernstein Fund, Inc.


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)

Goldman Sachs Bank USA	GBP	18,180	USD	24,580		04/24/2026	$	518,365

HSBC Bank USA	USD	28,523	JPY	4,414,144		04/10/2026		(691,054	)

HSBC Bank USA	EUR	24,562	USD	28,779		04/16/2026		370,723

HSBC Bank USA	USD	8,489	EUR	7,317		04/16/2026		(26,017	)

HSBC Bank USA	USD	9,104	SEK	84,891		04/23/2026		(127,213	)

JPMorgan Chase Bank	USD	9,214	JPY	1,429,715		04/10/2026		(199,608	)

JPMorgan Chase Bank	USD	1,212	AUD	1,710		04/22/2026		(32,992	)

Morgan Stanley & Co., Inc.	CHF	11,836	USD	15,578		04/16/2026		752,660

Morgan Stanley & Co., Inc.	EUR	5,568	USD	6,395		04/16/2026		(44,317	)

Morgan Stanley & Co., Inc.	USD	4,040	EUR	3,367		04/16/2026		(145,591	)

Morgan Stanley & Co., Inc.	AUD	34,033	USD	23,793		04/22/2026		317,631

State Street Bank & Trust Co.	USD	2,897	JPY	452,919		04/10/2026		(41,508	)

State Street Bank & Trust Co.	USD	1,239	CHF	954		04/16/2026		(43,939	)

State Street Bank & Trust Co.	USD	5,290	EUR	4,460		04/16/2026		(130,471	)

State Street Bank & Trust Co.	USD	2,217	CAD	3,018		04/17/2026		(45,291	)

State Street Bank & Trust Co.	NZD	327	USD	195		04/22/2026		6,775

State Street Bank & Trust Co.	USD	191	NZD	327		04/22/2026		(2,408	)

State Street Bank & Trust Co.	NOK	3,164	USD	333		04/23/2026		6,069

UBS	USD	19,226	JPY	2,926,670		04/10/2026		(773,032	)

UBS	NZD	1,346	USD	817		04/22/2026		43,260

							$	451,684

TOTAL RETURN SWAPS (see Note 3)

Counterparty & Referenced Obligation

Rate Paid/
Received

Payment
Frequency

Current
Notional
(000)

Maturity
Date

Unrealized
Appreciation
(Depreciation)

Pay Total Return on Reference Obligation

Morgan Stanley Capital Services LLC

Swiss Market Index Futures

0.00%

Maturity

CHF

2,281

06/19/2026

$ 25,343

(a)

Non-income producing security.

(b)

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

(c)

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

(d)

Fair valued by the Adviser.

(e)

(f)

(g)

Affiliated investments.

(h)

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

CBT—Chicago Board of Trade

ETF—Exchange Traded Fund

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International



2026 Semi-Annual Report		23

Schedule of Investments (continued)

NASDAQ—National Association of Securities Dealers Automated Quotations

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

REG—Registered Shares

REIT—Real Estate Investment Trust

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.



24		Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Overlay B Portfolio

March 31, 2026 (unaudited)



	Principal Amount (000)			U.S. $ Value

GOVERNMENTS—TREASURIES–19.0%
Austria–0.2%
Republic of Austria Government Bond 0.90%, 02/20/2032(a)		EUR	494	$	506,776

Belgium–0.1%
Kingdom of Belgium Government Bond Series 100 2.85%, 10/22/2034(a)			22		24,258
Series 104 3.45%, 06/22/2042(a)			263		282,822
Series 106 3.40%, 06/22/2036(a)			19		20,982

					328,062

Canada–1.9%
Canadian Government Bond 2.75%, 03/01/2030		CAD	1,128		802,678
2.75%, 09/01/2030			2,252		1,598,372
2.75%, 03/01/2031			3,871		2,739,962
2.75%, 12/01/2055			669		384,982

					5,525,994

China–0.3%
China Government Bond Series INBK 1.61%, 02/15/2035		CNY	1,890		269,650
1.92%, 01/15/2055			1,830		241,199
2.11%, 08/25/2034			710		105,704
3.19%, 04/15/2053			1,170		196,796

					813,349

Colombia–0.0%
Colombian TES Series B 13.25%, 02/09/2033		COP	310,700		83,111

Finland–0.1%
Finland Government Bond Series 10Y 1.50%, 09/15/2032(a)		EUR	146		153,133

Germany–0.8%
Bundesrepublik Deutschland Bundesanleihe 2.50%, 08/15/2046(a)			271		271,387
2.50%, 08/15/2054(a)			185		177,400
3.25%, 07/04/2042(a)			1,022		1,165,046
Series TWIN 2.60%, 05/15/2041(a)			542		572,826

					2,186,659

Hungary–0.2%
Hungary Government Bond Series 35/A 7.00%, 10/24/2035		HUF	187,160		555,374

Indonesia–0.2%
Indonesia Treasury Bond Series 101 6.875%, 04/15/2029		IDR	7,797,000		462,498
Series 109 5.875%, 03/15/2031			2,507,000		142,914

					605,412

Italy–0.5%
Italy Buoni Poliennali Del Tesoro Series 7Y 3.15%, 11/15/2031(a)		EUR	141		161,239
Series 10Y 3.45%, 02/01/2036(a)			462		515,575
4.20%, 03/01/2034(a)			69		82,642
Series 13Y 4.05%, 10/30/2037(a)			364		422,854
Series 16Y 3.25%, 03/01/2038(a)			134		143,618

					1,325,928

Japan–1.7%
Japan Government Five Year Bond Series 161 0.30%, 06/20/2028		JPY	411,150		2,529,231
Series 183 1.60%, 12/20/2030			53,300		333,361
Japan Government Forty Year Bond Series 4 2.20%, 03/20/2051			108,150		526,804
Series 16 1.30%, 03/20/2063			57,650		190,584
Japan Government Thirty Year Bond Series 68 0.60%, 09/20/2050			76,100		249,597
Series 81 1.60%, 12/20/2053			42,900		174,398
Series 82 1.80%, 03/20/2054			53,300		227,662
Japan Government Twenty Year Bond Series 140 1.70%, 09/20/2032			49,250		305,446
Series 183 1.40%, 12/20/2042			102,050		503,887

					5,040,970

Mexico–0.1%
Mexican Bonos Series M 8.00%, 02/21/2036		MXN	3,719		189,769



2026 Semi-Annual Report		25

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Peru–0.1%
Peru Government Bond 6.85%, 08/12/2035(a)		PEN	1,510	$	440,158

Poland–0.0%
Republic of Poland Government Bond Series 1035 5.00%, 10/25/2035		PLN	525		132,427

South Korea–0.2%
Korea Treasury Bond Series 3412 3.00%, 12/10/2034		KRW	429,190		261,628
Series 5509 2.625%, 09/10/2055			412,240		214,010

					475,638

Spain–0.0%
Spain Government Bond 3.50%, 01/31/2041(a)		EUR	116		128,686

Thailand–0.1%
Thailand Government Bond 2.98%, 06/17/2045		THB	4,525		132,364
3.45%, 06/17/2043			5,509		172,119

					304,483

United Kingdom–2.0%
United Kingdom Gilt 0.875%, 01/31/2046(a)		GBP	146		86,246
4.00%, 10/22/2031(a)			1,024		1,321,217
4.25%, 12/07/2040(a)			566		672,055
4.375%, 01/31/2040(a)			365		442,368
4.50%, 03/07/2035(a)			1,355		1,746,065
4.75%, 10/22/2035(a)			814		1,063,178
4.75%, 10/22/2043(a)			340		415,620

					5,746,749

United States–10.5%
U.S. Treasury Bonds 1.125%, 08/15/2040		U.S.$	3,393		2,114,669
1.875%, 02/15/2051(b)			2,134		1,184,759
2.25%, 08/15/2046			471		307,081
2.25%, 02/15/2052			875		527,187
2.875%, 05/15/2043			476		365,400
2.875%, 05/15/2049			480		341,100
2.875%, 05/15/2052			1,035		717,569
3.00%, 11/15/2045			759		574,059
3.00%, 08/15/2052			1,235		878,008
3.625%, 08/15/2043			1,272		1,086,055
3.625%, 02/15/2053			581		466,413
3.625%, 05/15/2053			462		370,234
3.875%, 02/15/2043			1,411		1,253,230
4.00%, 11/15/2042			790		715,131
4.25%, 02/15/2054			673		602,502
4.375%, 11/15/2039(b)			1,474		1,436,326
4.375%, 08/15/2043			674		636,193
4.625%, 02/15/2055			52		49,968
4.75%, 11/15/2043			477		471,483
4.75%, 05/15/2055			958		932,411
U.S. Treasury Notes
1.50%, 02/15/2030(b)		U.S.$	4,652		4,257,309
3.75%, 12/31/2030			686		679,762
3.875%, 04/30/2030			3,430		3,426,816
4.00%, 01/31/2029			1,018		1,022,291
4.125%, 03/31/2029			742		747,698
4.25%, 02/28/2029			798		807,569
4.25%, 06/30/2029			297		300,565
4.375%, 05/15/2034			415		419,648
4.50%, 05/31/2029			248		252,620
4.50%, 11/15/2033			426		434,751
4.625%, 09/30/2028			2,216		2,257,906
4.625%, 04/30/2029			642		656,648

					30,293,361

Total Governments–Treasuries (cost $59,534,736)					54,836,039



INFLATION-LINKED SECURITIES–15.4%
United States–15.4%
U.S. Treasury Inflation Index 0.125%, 07/15/2030 (TIPS)(c)			22,087		21,020,413
0.125%, 07/15/2031 (TIPS)			2,686		2,509,405
0.25%, 07/15/2029 (TIPS)			1,604		1,560,247
1.375%, 07/15/2033 (TIPS)			6,231		6,091,436
1.75%, 01/15/2034 (TIPS)			4,880		4,859,090
1.875%, 07/15/2034 (TIPS)			3,068		3,081,838
1.875%, 07/15/2035 (TIPS)			1,185		1,179,445
1.875%, 01/15/2036 (TIPS)			3,507		3,465,253
2.125%, 01/15/2035 (TIPS)			730		741,964

Total Inflation-Linked Securities (cost $44,009,404)					44,509,091



CORPORATES—INVESTMENT GRADE–15.0%

Industrial–7.3%
Basic–0.3%
Anglo American Capital PLC 5.00%, 03/21/2033(a)			244		240,169
Glencore Capital Finance DAC Series E 3.75%, 02/04/2032(a)		EUR	100		114,085
Glencore Funding LLC
2.85%, 04/27/2031(a)		U.S.$	4		3,642
4.90%, 07/01/2031(a)			4		3,998
4.907%, 04/01/2028(a)			148		149,074
5.186%, 04/01/2030(a)			65		65,885
5.338%, 04/04/2027(a)			97		97,814
SNF Group SACA 5.626%, 03/31/2031(a)			202		204,230

					878,897

Capital Goods–0.4%
Boeing Co. (The) 3.25%, 02/01/2028			77		75,459



26		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
Eaton Capital ULC 3.55%, 03/10/2034		EUR	103	$	116,685
General Electric Co. 4.90%, 01/29/2036		U.S.$	81		80,967
John Deere Financial Ltd. 5.05%, 06/28/2029		AUD	230		156,743
Parker-Hannifin Corp. 2.90%, 03/01/2030		EUR	118		133,016
Republic Services, Inc. 4.75%, 07/15/2030		U.S.$	295		298,463
Westinghouse Air Brake Technologies Corp. 4.90%, 05/29/2030			194		196,035

					1,057,368

Communications—Media–0.2%
Grupo Televisa SAB 8.50%, 03/11/2032			49		51,512
Meta Platforms, Inc. 5.50%, 11/15/2045			107		101,326
5.75%, 11/15/2065			287		266,175
Pinewood Finco PLC 6.00%, 03/27/2030(a)		GBP	100		129,231

					548,244

Communications—Telecommunications–0.2%
Bell Telephone Co. of Canada or Bell Canada 5.85%, 11/10/2032		CAD	136		106,104
TELUS Corp. 4.95%, 02/18/2031			10		7,482
7.00%, 10/15/2055		U.S.$	146		148,207
Series CAG 5.25%, 11/15/2032		CAD	154		116,515
Verizon Communications, Inc. 4.246%, 08/15/2056		EUR	174		194,105

					572,413

Consumer Cyclical—Automotive–0.8%
BMW US Capital LLC 4.65%, 03/19/2027(a)		U.S.$	195		195,829
Ford Motor Co. 3.25%, 02/12/2032			715		621,128
General Motors Financial Co., Inc. 2.40%, 04/10/2028			38		36,440
4.90%, 10/06/2029			73		73,350
5.00%, 07/15/2027			8		8,045
5.55%, 07/15/2029			134		137,161
Honda Motor Co., Ltd. 4.436%, 07/08/2028			299		298,187
Hyundai Capital America 2.10%, 09/15/2028(a)			211		198,739
4.30%, 09/24/2027(a)			10		9,960
4.75%, 04/06/2029(a)			14		14,002
5.25%, 01/08/2027(a)			200		201,146
5.275%, 06/24/2027(a)			70		70,599
6.10%, 09/21/2028(a)			87		89,865
Mercedes-Benz Finance North America LLC 4.125%, 03/10/2028(a)		U.S.$	207		206,013
Toyota Finance Australia Ltd. 4.65%, 09/17/2029		AUD	220		147,912

					2,308,376

Consumer Cyclical—Entertainment–0.1%
Hasbro, Inc. 4.65%, 03/12/2031		U.S.$	91		89,957
Polaris, Inc. 5.60%, 03/01/2031			55		54,517

					144,474

Consumer Cyclical—Other–0.4%
Flutter Treasury DAC 5.875%, 06/04/2031(a)			400		395,668
Las Vegas Sands Corp. 6.00%, 06/14/2030			46		47,318
Marriott International, Inc./MD 5.10%, 05/01/2038			237		225,238
Sekisui House US, Inc. 6.00%, 01/15/2043			599		546,521

					1,214,745

Consumer Cyclical—Restaurants–0.1%
1011778 BC ULC/New Red Finance, Inc. 3.875%, 01/15/2028(a)			40		39,147
Starbucks Corp. 4.85%, 02/08/2027			272		273,224

					312,371

Consumer Cyclical—Retailers–0.3%
AutoNation, Inc. 4.45%, 01/15/2029			96		95,215
Ross Stores, Inc. 4.70%, 04/15/2027			658		658,599

					753,814

Consumer Non-Cyclical–1.5%
Altria Group, Inc. 3.40%, 05/06/2030			595		568,778
BAT Capital Corp. 4.625%, 03/22/2033			55		53,815
5.35%, 08/15/2032			117		120,046
7.75%, 10/19/2032			16		18,354
BAT International Finance PLC Series E 4.125%, 04/12/2032(a)		EUR	100		116,084
Baxter International, Inc. 5.65%, 12/15/2035		U.S.$	122		119,201
BMS Ireland Capital Funding DAC 3.363%, 11/10/2033		EUR	140		156,960
CommonSpirit Health 4.352%, 09/01/2030		U.S.$	150		147,888
Imperial Brands Finance PLC 5.875%, 07/01/2034(a)			275		283,046



2026 Semi-Annual Report		27

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Series E 3.875%, 02/12/2034(a)		EUR	212	$	236,420
Loblaw Cos. Ltd. 6.54%, 02/17/2033(a)		CAD	110		88,973
Maple Parent Holdings Corp. 3.881%, 03/26/2030(a)		EUR	176		202,388
Nestle Finance International Ltd. Series E 2.80%, 05/29/2035(a)		CNH	1,000		145,167
Novartis Capital Corp. 3.90%, 11/05/2028		U.S.$	309		307,406
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031			810		691,465
Philip Morris International, Inc. 0.80%, 08/01/2031		EUR	210		209,196
4.375%, 04/30/2030		U.S.$	101		100,515
Roche Holdings, Inc. 4.203%, 09/09/2029(a)			284		283,426
Sutter Health Series 2025 5.213%, 08/15/2032			39		39,937
Sysco Corp. 4.40%, 07/25/2031			96		93,063
Takeda Pharmaceutical Co., Ltd. 2.05%, 03/31/2030			200		181,740
Woolworths Group Ltd. 5.762%, 04/18/2031(a)		AUD	230		158,516

					4,322,384

Energy–1.4%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. 3.226%, 03/11/2030		EUR	103		117,873
4.35%, 06/15/2031		U.S.$	166		163,864
BP Capital Markets PLC 3.625%, 03/22/2029(a)(d)		EUR	195		222,195
Cenovus Energy, Inc. 4.65%, 03/20/2031		U.S.$	30		29,800
5.40%, 03/20/2036			79		78,549
Cheniere Energy, Inc. 5.20%, 07/30/2036(a)			21		20,768
Continental Resources, Inc./OK 2.875%, 04/01/2032(a)			738		644,672
5.75%, 01/15/2031(a)			223		227,315
MPLX LP 5.30%, 04/01/2036			136		134,096
5.40%, 09/15/2035			229		228,013
ONEOK, Inc. 4.40%, 10/15/2029			46		45,737
5.40%, 10/15/2035			455		452,143
6.05%, 09/01/2033			87		91,175
Ovintiv, Inc. 7.375%, 11/01/2031			17		18,815
Plains All American Pipeline LP/PAA Finance Corp. 5.60%, 01/15/2036			200		200,636
Targa Resources Corp. 4.35%, 04/15/2031		U.S.$	74		72,454
4.35%, 01/15/2029			109		108,524
4.90%, 09/15/2030			37		37,327
5.65%, 02/15/2036			61		61,847
6.05%, 05/15/2056			90		87,096
TotalEnergies SE 2.00%, 01/17/2027(a)(d)		EUR	166		189,031
Var Energi ASA 5.875%, 05/22/2030(a)		U.S.$	200		206,236
Williams Cos., Inc. (The) 4.625%, 06/30/2030			68		67,944
4.80%, 11/15/2029			127		128,270
Wintershall Dea Finance BV 1.823%, 09/25/2031(a)		EUR	200		203,661
Woodside Finance Ltd. 5.40%, 05/19/2030		U.S.$	46		46,966
6.00%, 05/19/2035			194		202,002

					4,087,009

Services–0.3%
Amazon.com, Inc. 3.90%, 11/20/2028			308		306,571
6.05%, 03/13/2076			82		81,501
Global Payments, Inc. 4.50%, 11/15/2028			69		68,360
4.55%, 03/15/2028			45		44,805
4.875%, 11/15/2030			153		150,179
5.20%, 11/15/2032			56		54,345
Mastercard, Inc. 4.55%, 01/15/2035			203		199,306
S&P Global, Inc. 4.25%, 05/01/2029			125		124,666

					1,029,733

Technology–0.7%
Alphabet, Inc. 4.625%, 11/13/2032		GBP	100		128,277
4.70%, 11/15/2035		U.S.$	12		11,860
5.45%, 11/15/2055			77		74,478
5.65%, 02/15/2056			117		116,534
5.70%, 11/15/2075			158		153,007
Applied Materials, Inc. 4.00%, 01/15/2031			203		199,145
Baidu, Inc. 2.70%, 03/12/2030(a)		CNH	1,400		206,178
Broadcom, Inc. 4.30%, 01/15/2031		U.S.$	115		114,044
4.90%, 07/15/2032			88		88,792
Fidelity National Information Services, Inc. 3.45%, 03/10/2030		EUR	102		116,529
4.45%, 03/10/2028		U.S.$	92		91,731
Fiserv, Inc. 4.55%, 02/15/2031			126		123,336
Oracle Corp. 4.375%, 05/15/2055			40		26,440
5.20%, 09/26/2035			42		39,364



28		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
5.95%, 09/26/2055		U.S.$	34	$	28,586
Salesforce, Inc. 4.90%, 09/15/2031			273		272,629
5.20%, 03/15/2033			273		272,517

					2,063,447

Transportation—Airlines–0.2%
AS Mileage Plan IP Ltd. 5.021%, 10/20/2029(a)			30		29,658
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028(a)			516		515,186
Southwest Airlines Co. 4.375%, 11/15/2028			59		58,248

					603,092

Transportation—Railroads–0.1%
Guangzhou Metro Investment Finance BVI Ltd. Series E 2.15%, 08/19/2028(a)		CNH	1,000		144,288
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036(a)		U.S.$	317		299,462

					443,750

Transportation—Services—0.3%
ENA Master Trust 4.00%, 05/19/2048(a)			691		543,893
FedEx Corp. 3.50%, 07/30/2032		EUR	101		114,136
Heathrow Funding Ltd. 6.45%, 12/10/2033(a)		GBP	71		97,755

					755,784

					21,095,901



Financial Institutions–5.9%
Banking–4.7%
ABN AMRO Bank NV Series E 5.50%, 09/21/2033(a)		EUR	100		119,040
AIB Group PLC 5.32%, 05/15/2031(a)		U.S.$	236		240,288
Ally Financial, Inc. 5.543%, 01/17/2031			54		54,360
6.848%, 01/03/2030			23		23,984
6.992%, 06/13/2029			315		328,000
Australia & New Zealand Banking Group Ltd. 5.731%, 09/18/2034(a)			203		208,030
Banco Bilbao Vizcaya Argentaria SA 5.127%, 03/03/2036			200		194,406
7.883%, 11/15/2034			400		451,284
Banco Santander SA 4.175%, 03/24/2028			400		398,220
6.35%, 03/14/2034			200		209,904
6.499%, 01/23/2031(a)		AUD	200		141,074
Series E 5.75%, 08/23/2033(a)		EUR	100		119,723
Bank of Ireland Group PLC 5.601%, 03/20/2030(a)		U.S.$	800		820,712
Bank of Nova Scotia (The) 4.588%, 05/04/2037			171		163,650
Banque Federative du Credit Mutuel SA 5.126%, 05/24/2027(a)		AUD	200		137,528
Barclays PLC 5.674%, 03/12/2028		U.S.$	270		272,549
Series E 8.407%, 11/14/2032(a)		GBP	100		137,890
BNP Paribas SA 5.83%, 08/23/2034(a)		AUD	200		135,843
BPCE SA 5.716%, 01/18/2030(a)		U.S.$	250		256,225
CaixaBank SA 4.885%, 07/03/2031(a)			238		237,926
6.037%, 06/15/2035(a)			272		282,820
Capital One Financial Corp. 5.468%, 02/01/2029			162		164,443
Capital One NA 5.974%, 08/09/2028			300		307,443
Citigroup, Inc. 4.643%, 05/07/2028			196		196,298
5.592%, 11/19/2034			133		134,853
Series Y 4.15%, 11/15/2026(d)			104		102,401
Cooperatieve Rabobank UA Series G 4.233%, 04/25/2029(a)		EUR	200		235,179
Credit Agricole SA 6.064%, 01/16/2035(a)		AUD	200		137,038
Danske Bank A/S Series E 4.625%, 05/14/2034(a)		EUR	100		117,931
Deutsche Bank AG/New York NY 3.729%, 01/14/2032		U.S.$	200		185,464
5.373%, 01/10/2029			232		234,705
Erste Group Bank AG Series E 3.75%, 04/21/2036(a)		EUR	100		112,765
Goldman Sachs Group, Inc. (The) 4.937%, 04/23/2028		U.S.$	103		103,480
HSBC Holdings PLC
4.899%, 03/03/2029			286		287,484
5.733%, 05/17/2032			200		206,650
Intesa Sanpaolo SpA 4.198%, 06/01/2032(a)			200		187,234
JPMorgan Chase & Co. Series E 4.457%, 11/13/2031(a)		EUR	200		238,512
KBC Group NV Series E 6.151%, 03/19/2034(a)		GBP	100		134,657
Lloyds Banking Group PLC 5.087%, 11/26/2028		U.S.$	233		235,081



2026 Semi-Annual Report		29

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Macquarie Group Ltd. 1.935%, 04/14/2028(a)		U.S.$	88	$	85,626
Morgan Stanley 3.521%, 05/22/2031		EUR	170		195,115
4.238%, 01/09/2030		U.S.$	73		72,241
Series I 4.133%, 10/18/2029			179		176,933
National Australia Bank Ltd. 3.933%, 08/02/2034(a)			250		242,300
Nationwide Building Society 2.972%, 02/16/2028(a)			775		764,142
5.537%, 07/14/2036(a)			200		200,384
NatWest Group PLC 3.032%, 11/28/2035			468		426,095
Series E 0.78%, 02/26/2030(a)		EUR	150		159,970
NatWest Markets PLC 4.888%, 06/05/2030(a)		AUD	130		87,079
Royal Bank of Canada/Toronto 5.70%, 10/04/2028			120		83,151
Santander Holdings USA, Inc. 6.565%, 06/12/2029		U.S.$	29		30,010
Santander UK Group Holdings PLC 2.469%, 01/11/2028			443		435,637
6.534%, 01/10/2029			229		236,170
Societe Generale SA 5.249%, 05/22/2029(a)			232		234,220
5.512%, 05/22/2031(a)			235		239,533
Standard Chartered PLC 5.438% (CME Term SOFR 3 Month + 1.77%), 01/30/2027(a)(d)(e)			100		95,482
Series E 3.864%, 03/17/2033(a)		EUR	140		160,050
Sumitomo Mitsui Financial Group, Inc. 4.494%, 01/15/2032		U.S.$	244		240,328
Swedbank AB 4.898%, 03/30/2031(a)			206		206,610
Series G 3.625%, 08/23/2032(a)		EUR	192		221,351
Synchrony Financial 5.935%, 08/02/2030		U.S.$	78		79,311
UBS Group AG 6.625%, 01/08/2031(a)(d)			200		194,202
UniCredit SpA 5.861%, 06/19/2032(a)			200		201,360
Westpac Banking Corp. 4.50%, 10/30/2030(a)		AUD	70		46,564
Westpac New Zealand Ltd. 4.127%, 01/29/2029(a)		U.S.$	205		203,481

					13,572,419

Brokerage–0.0%
Charles Schwab Corp. (The) 4.914%, 11/14/2036			105		102,053

Finance–0.2%
Aviation Capital Group LLC 1.95%, 09/20/2026(a)		U.S.$	71		70,131
4.75%, 04/14/2027(a)			61		61,081
Credicorp Capital Sociedad Titulizadora SA 10.10%, 12/15/2043(a)		PEN	725		226,048
Temasek Financial I Ltd. Series E 2.75%, 08/28/2034(a)		CNH	1,000		149,098

					506,358

Financial Services–0.1%
Ford Credit Canada Co. Cie Credit Ford Du Canada 6.382%, 11/10/2028		CAD	210		157,533
Lincoln Financial Global Funding 4.20%, 01/12/2029(a)		U.S.$	46		45,510

					203,043

Insurance–0.3%
Athene Global Funding 2.717%, 01/07/2029(a)			19		17,817
5.033%, 07/17/2030(a)			16		15,825
5.38%, 01/07/2030(a)			38		38,062
5.526%, 07/11/2031(a)			163		163,150
5.583%, 01/09/2029(a)			2		2,020
Chubb INA Holdings LLC 2.75%, 08/06/2035(a)		CNH	1,000		142,946
New York Life Global Funding 4.05%, 02/02/2029(a)		U.S.$	205		203,389
5.35%, 09/19/2028(a)		AUD	200		137,548
Swiss Re Finance Luxembourg SA 5.00%, 04/02/2049(a)		U.S.$	200		197,364

					918,121

REITs–0.6%
American Assets Trust LP 3.375%, 02/01/2031			178		160,476
Digital Dutch Finco BV 1.00%, 01/15/2032(a)		EUR	100		96,567
Digital Intrepid Holding BV 1.375%, 07/18/2032(a)			100		97,193
EPR Properties 4.50%, 06/01/2027		U.S.$	165		164,360
GLP Capital LP/GLP Financing II, Inc. 4.00%, 01/15/2030			163		156,535
4.00%, 01/15/2031			72		68,091
5.625%, 03/01/2036			302		293,707
Highwoods Realty LP 5.35%, 01/15/2033			58		56,677
Kilroy Realty LP 3.05%, 02/15/2030			176		160,639
Omega Healthcare Investors, Inc. 5.20%, 07/01/2030			35		35,170
Swire Properties MTN Financing Ltd. Series E 3.40%, 09/03/2029(a)		CNH	1,000		149,397



30		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
Westfield America Management Ltd. 2.625%, 03/30/2029(a)		GBP	100	$	122,433

					1,561,245

					16,863,239



Utility–1.8%
Electric–1.5%
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(a)		U.S.$	472		438,221
Alexander Funding Trust II 7.467%, 07/31/2028(a)			106		111,599
American Electric Power Co., Inc. 6.95%, 12/15/2054			111		117,357
Series D 6.05%, 03/15/2056			85		84,275
CenterPoint Energy Houston Electric LLC 4.95%, 04/01/2033			5		5,024
5.05%, 03/01/2035			110		109,733
Series AQ 4.95%, 08/15/2035			61		60,430
DTE Electric Co. 5.25%, 05/15/2035			68		68,993
Series A 4.85%, 03/01/2036			124		121,680
Series B 5.55%, 03/01/2056			83		80,234
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2043			542		438,597
EDP SA Series E 4.75%, 05/29/2054(a)		EUR	100		116,163
EDP Servicios Financieros Espana SA Series E 3.50%, 07/16/2030(a)			100		115,285
Electricite de France SA 9.125%, 03/15/2033(a)(d)		U.S.$	200		231,452
Series MPLE 5.993%, 05/23/2030(a)		CAD	77		59,195
Enel SpA Series E 6.375%, 04/16/2028(a)(d)		EUR	100		119,959
Entergy Mississippi LLC 5.05%, 04/15/2036		U.S.$	57		56,087
Eversource Energy Series A 6.10%, 08/15/2056			65		64,165
Series B 6.35%, 08/15/2056			36		35,510
Florida Power & Light Co. 5.30%, 06/15/2034		U.S.$	81		83,240
Iberdrola International BV Series NC9 1.825%, 08/09/2029(a)(d)		EUR	100		106,649
National Grid PLC Series E 0.553%, 09/18/2029(a)			113		118,169
NextEra Energy Capital Holdings, Inc. 3.624%, 02/10/2034			100		113,083
Niagara Mohawk Power Corp. 4.647%, 10/03/2030(a)		U.S.$	50		49,804
5.29%, 01/17/2034(a)			206		206,437
PacifiCorp
5.10%, 04/15/2031			81		81,224
5.80%, 04/15/2036			90		90,697
7.125%, 08/15/2056			233		220,462
Public Service Co. of Colorado
4.15%, 03/13/2029			67		66,806
5.15%, 09/15/2035			302		300,874
Public Service Co. of Oklahoma 5.45%, 01/15/2036			90		90,653
Public Service Electric & Gas Co. Series R 4.20%, 01/01/2031			204		201,468
San Diego Gas & Electric Co. Series EEEE 5.95%, 03/15/2056			120		120,265
Virginia Electric & Power Co. Series C 4.90%, 09/15/2035			171		167,286
Vistra Operations Co. LLC 5.05%, 12/30/2026(a)			4		4,012

					4,455,088

Natural Gas–0.1%
Cadent Finance PLC Series E 3.75%, 04/16/2033(a)		EUR	109		123,584
National Grid North America, Inc. Series E 3.631%, 09/03/2031(a)			100		114,690

					238,274

Other Utility–0.2%
Anglian Water Services Financing PLC Series A5 6.293%, 07/30/2030(a)		GBP	70		94,736
Suez SACA Series E 4.50%, 11/13/2033(a)		EUR	200		237,442
Veolia Environnement SA Series E 1.625%, 09/21/2032(a)			100		100,707



2026 Semi-Annual Report		31

Schedule of Investments (continued)



	Principal Amount (000)				U.S. $ Value
4.322%, 10/24/2032(a)(d)		EUR		100	$	112,162

						545,047

						5,238,409

Total Corporates—Investment Grade (cost $43,586,816)						43,197,549



			Shares

INVESTMENT COMPANIES–12.1%
Funds and Investment Trusts–12.1%(f)
AB Bond Fund, Inc.–AB All Market Real Return Portfolio–Class Z(g)				870,887		9,666,841
iShares Core MSCI EAFE ETF				171,623		15,537,030
iShares Core MSCI Emerging Markets ETF				138,734		9,676,696

Total Investment Companies (cost $26,848,266)						34,880,567



	Principal Amount (000)

MORTGAGE PASS-THROUGHS–8.3%
Agency Fixed Rate 30-Year–8.0%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 11/01/2049		U.S.$		158		146,136
Series 2022 3.00%, 05/01/2052				559		492,257
Federal Home Loan Mortgage Corp. Gold Series 2018 4.50%, 03/01/2048				102		100,392
Federal National Mortgage Association Series 2007 5.50%, 08/01/2037				79		81,486
Series 2010 4.00%, 12/01/2040				148		144,411
Series 2012 3.50%, 02/01/2042				85		80,954
3.50%, 11/01/2042				151		142,755
3.50%, 01/01/2043				160		151,497
Series 2013 4.00%, 10/01/2043				133		128,840
Series 2015 3.00%, 05/01/2045				60		54,760
3.00%, 08/01/2045				433		391,763
Series 2021 2.00%, 07/01/2051				1,865		1,514,875
2.00%, 12/01/2051				348		281,396
2.50%, 01/01/2052				564		481,918
Series 2022 2.50%, 03/01/2052				673		574,954
2.50%, 05/01/2052				703		600,401
3.00%, 03/01/2052				129		114,538
Government National Mortgage Association Series 2016 3.00%, 04/20/2046	U.S.$			49		44,035
3.00%, 05/20/2046				129		117,152
Series 2022 5.00%, 11/20/2052				1,099		1,096,342
Series 2026 2.50%, 04/01/2056, TBA				2,059		1,767,597
3.00%, 04/01/2056, TBA				1,558		1,389,379
3.50%, 04/01/2056, TBA				443		405,526
4.00%, 04/01/2056, TBA				555		518,951
4.50%, 04/01/2056, TBA				1,420		1,369,821
5.00%, 04/01/2056, TBA				2,268		2,244,280
5.50%, 04/01/2056, TBA				2,414		2,427,003
6.00%, 04/01/2056, TBA				1,246		1,266,571
Uniform Mortgage-Backed Security Series 2026 2.00%, 04/01/2056, TBA				1,303		1,047,447
2.50%, 04/01/2056, TBA				556		467,387
3.00%, 04/01/2056, TBA				704		618,606
5.00%, 04/01/2056, TBA				338		332,712
5.50%, 04/01/2056, TBA				1,624		1,630,899
6.00%, 04/01/2056, TBA				651		663,248
6.50%, 04/01/2056, TBA				232		240,370

						23,130,659

Agency Fixed Rate 15-Year–0.3%
Federal National Mortgage Association Series 2013 2.50%, 03/01/2028				6		5,790
2.50%, 06/01/2028				2		2,119
Series 2014 2.50%, 09/01/2029				30		29,703
Series 2016 2.50%, 11/01/2031				9		8,773
2.50%, 12/01/2031				601		580,379
2.50%, 01/01/2032				16		15,564
Series 2017 2.50%, 02/01/2032				55		53,356

						695,684

Total Mortgage Pass-Throughs (cost $24,440,083)						23,826,343



			Shares

COMMON STOCKS–7.7%

Information Technology–2.0%
Communications Equipment–0.2%
Arista Networks, Inc.(h)				700		85,946
Cisco Systems, Inc.				3,691		286,384
F5, Inc.(h)				157		45,425
Motorola Solutions, Inc.				265		115,002



32		Sanford C. Bernstein Fund, Inc.



Company	Shares		U.S. $ Value
Nokia Oyj		2,091	$	16,774

				549,531

Electronic Equipment, Instruments & Components–0.2%
Amphenol Corp.–Class A		1,196		151,115
CDW Corp./DE		72		8,713
Celestica, Inc.(h)		66		18,618
Corning, Inc.		146		19,852
Halma PLC		1,023		52,204
Jabil, Inc.		60		15,938
Keyence Corp.		170		60,504
Kyocera Corp.		2,839		43,532
Shimadzu Corp.		765		18,179
TE Connectivity PLC		66		13,795
Teledyne Technologies, Inc.(h)		104		62,921
Yokogawa Electric Corp.		721		22,282

				487,653

IT Services–0.1%
Accenture PLC–Class A		534		105,887
CGI, Inc.		526		38,455
Cognizant Technology Solutions Corp.–Class A		650		39,878
Fujitsu Ltd.		1,795		36,709
Gartner, Inc.(h)		83		13,142
GoDaddy, Inc.–Class A(h)		306		25,297
Indra Sistemas SA		177		9,893
International Business Machines Corp.		255		61,809
NEC Corp.		640		15,925
Nomura Research Institute Ltd.		968		26,492
Obic Co., Ltd.		926		22,475
Otsuka Corp.		504		9,649
TIS, Inc.		470		10,049
VeriSign, Inc.		186		46,195

				461,855

Semiconductors & Semiconductor Equipment–0.7%
Advantest Corp.		487		67,209
Applied Materials, Inc.		478		163,375
ASM International NV		21		15,917
ASML Holding NV		310		412,224
BE Semiconductor Industries NV		45		9,639
Disco Corp.		51		20,787
First Solar, Inc.(h)		69		13,611
KLA Corp.		88		129,572
Lam Research Corp.		942		201,268
Lasertec Corp.		54		12,019
Monolithic Power Systems, Inc.		34		37,174
Nova Ltd.(h)		21		9,274
NVIDIA Corp.		3,897		679,637
Qnity Electronics, Inc.		57		6,577
QUALCOMM, Inc.		643		82,805
Teradyne, Inc.		76		22,531
Texas Instruments, Inc.		499		96,876
Tokyo Electron Ltd.		253		62,858

				2,043,353

Software–0.5%
Adobe, Inc.(h)		396		96,260
Autodesk, Inc.(h)		224		53,626
Cadence Design Systems, Inc.(h)		154		42,792
Check Point Software Technologies Ltd.(h)		174		24,856
Constellation Software, Inc./Canada		34		59,685
Crowdstrike Holdings, Inc.–Class A(h)		17		6,637
Dassault Systemes SE		665		13,462
Descartes Systems Group, Inc. (The)(h)		190		13,609
Fair Isaac Corp.(h)		5		5,338
Fortinet, Inc.(h)		613		50,094
Gen Digital, Inc.		621		11,693
Intuit, Inc.		222		95,988
Microsoft Corp.		1,608		595,233
Nemetschek SE		61		4,566
Oracle Corp.		22		3,236
Oracle Corp. Japan		165		8,948
Palantir Technologies, Inc.–Class A(h)		27		3,950
Palo Alto Networks, Inc.(h)		149		23,888
PTC, Inc.(h)		109		15,531
Roper Technologies, Inc.		217		76,788
Sage Group PLC (The)		1,618		18,130
Salesforce, Inc.		207		38,641
SAP SE		290		49,440
ServiceNow, Inc.(h)		305		31,888
Tyler Technologies, Inc.(h)		75		25,678
Workday, Inc.–Class A(h)		81		10,524
Xero Ltd.(h)		163		8,615
Zoom Communications, Inc.(h)		115		9,245
Zscaler, Inc.(h)		19		2,666

				1,401,007

Technology Hardware, Storage & Peripherals–0.3%
Apple, Inc.		2,572		652,748
Canon, Inc.		1,917		53,191
FUJIFILM Holdings Corp.		2,043		38,931
Logitech International SA (REG)		91		8,451
NetApp, Inc.		94		9,624

				762,945

				5,706,344



Health Care–1.2%
Biotechnology–0.1%
AbbVie, Inc.		215		46,760
Amgen, Inc.		73		25,685
Argenx SE (h)		64		46,447
Genmab A/S (h)		34		9,157
Gilead Sciences, Inc.		402		56,027
Incyte Corp.(h)		355		33,413
Neurocrine Biosciences, Inc.(h)		71		9,353
Regeneron Pharmaceuticals, Inc.		15		11,590
Swedish Orphan Biovitrum AB(h)		190		7,963
United Therapeutics Corp.(h)		49		29,056



2026 Semi-Annual Report		33

Schedule of Investments (continued)



Company	Shares		U.S. $ Value
Vertex Pharmaceuticals, Inc.(h)		278	$	124,138

				399,589

Health Care Equipment & Supplies–0.1%
Abbott Laboratories		1,480		151,952
Boston Scientific Corp.(h)		253		15,876
Cochlear Ltd.		37		4,354
Coloplast A/S–Class B		76		5,177
Dexcom, Inc.(h)		167		10,488
Edwards Lifesciences Corp.(h)		491		39,319
Fisher & Paykel Healthcare Corp., Ltd.		311		6,744
GE HealthCare Technologies, Inc.		202		14,378
Hologic, Inc.(h)		359		27,137
Hoya Corp.		184		31,898
IDEXX Laboratories, Inc.(h)		59		33,151
Intuitive Surgical, Inc.(h)		166		76,524
ResMed, Inc.		77		17,285
Sonova Holding AG (REG)		27		6,156
Straumann Holding AG (REG)		59		6,173

				446,612

Health Care Providers & Services–0.2%
Cardinal Health, Inc.		129		27,259
Cencora, Inc.		390		122,515
Cigna Group (The)		65		17,339
Elevance Health, Inc.		116		33,959
HCA Healthcare, Inc.		48		22,715
McKesson Corp.		109		94,324
Quest Diagnostics, Inc.		147		28,809
UnitedHealth Group, Inc.		490		132,589

				479,509

Health Care Technology–0.0%
Pro Medicus Ltd.		42		3,462
Veeva Systems, Inc.–Class A(h)		71		12,472

				15,934

Life Sciences Tools & Services–0.0%
Agilent Technologies, Inc.		131		14,931
Waters Corp.(h)		31		9,232
West Pharmaceutical Services, Inc.		33		8,271

				32,434

Pharmaceuticals–0.8%
Astellas Pharma, Inc.		2,408		39,255
AstraZeneca PLC		869		169,924
Chugai Pharmaceutical Co., Ltd.		342		18,861
Daiichi Sankyo Co., Ltd.		862		15,422
Eli Lilly & Co.		484		445,169
Galderma Group AG(h)		25		4,913
GSK PLC		2,531		69,718
Johnson & Johnson		1,807		441,703
Merck & Co., Inc.		1,932		232,400
Novartis AG (REG)		1,897		291,179
Novo Nordisk A/S–Class B		2,337		85,521
Orion Oyj–Class B		95		7,679
Otsuka Holdings Co., Ltd.		494		35,060
Roche Holding AG		479		191,164
Roche Holding AG (BR)(h)		22		9,116
Sanofi SA		364		35,151
Shionogi & Co., Ltd.		1,128		24,952
Takeda Pharmaceutical Co., Ltd.		1,621		59,698
Zoetis, Inc.		293		34,636

				2,211,521

				3,585,599



Communication Services–1.0%
Diversified Telecommunication Services–0.3%
Altice France SA/LuxCo3 (h)(i)(j)		895		15,000
AT&T, Inc.		4,522		131,093
Deutsche Telekom AG (REG)		1,860		69,421
Elisa Oyj		315		15,344
HKT Trust & HKT Ltd.–Class H		8,380		13,095
Koninklijke KPN NV		8,599		47,928
NTT, Inc.		66,073		66,104
Orange SA		4,209		86,297
Singapore Telecommunications Ltd.		16,432		63,136
Swisscom AG (REG)		63		52,867
Telia Co. AB		2,670		13,679
Telstra Group Ltd.		5,397		19,924
TELUS Corp.		810		10,411
Verizon Communications, Inc.		2,187		109,787

				714,086

Entertainment–0.1%
Capcom Co., Ltd.		286		6,044
CTS Eventim AG & Co. KGaA		76		4,451
Electronic Arts, Inc.		332		67,685
Liberty Media Corp.-Liberty Formula One–Class C(h)		345		29,332
Netflix, Inc.(h)		2,690		258,643
Nintendo Co., Ltd.		568		32,425
Toho Co., Ltd./Tokyo		540		5,672
Universal Music Group NV		788		15,296

				419,548

Interactive Media & Services–0.5%
Alphabet, Inc.–Class A		1,304		374,978
Alphabet, Inc.–Class C		1,163		333,618
Meta Platforms, Inc.–Class A		1,122		641,930
REA Group Ltd.		54		5,916
Scout24 SE		166		12,809

				1,369,251

Media–0.0%
Omnicom Group, Inc.		94		7,079
Publicis Groupe SA		105		8,691

				15,770

Wireless Telecommunication Services–0.1%
KDDI Corp.		5,658		96,337
SoftBank Corp.		66,857		89,463
T-Mobile US, Inc.		456		95,774



34		Sanford C. Bernstein Fund, Inc.



Company	Shares		U.S. $ Value
Vodafone Group PLC		11,945	$	18,017

				299,591

				2,818,246



Financials–0.9%
Banks–0.1%
AIB Group PLC		1,459		15,575
Bank Hapoalim BM		1,016		23,861
Bank Leumi Le-Israel BM		803		17,957
BOC Hong Kong Holdings Ltd.–Class H		6,392		35,265
Canadian Imperial Bank of Commerce		186		17,628
DBS Group Holdings Ltd.		760		33,820
FinecoBank Banca Fineco SpA		314		6,986
First Citizens BancShares, Inc./NC–Class A		6		11,308
Japan Post Bank Co., Ltd.		445		7,258
Mizrahi Tefahot Bank Ltd.		124		9,062
Nordea Bank Abp		394		6,784
Oversea-Chinese Banking Corp., Ltd.		689		11,801
Royal Bank of Canada		95		15,357
Toronto-Dominion Bank (The)		174		16,251
UniCredit SpA		102		7,318

				236,231

Capital Markets–0.2%
3i Group PLC		488		15,904
Ameriprise Financial, Inc.		53		23,553
Blackrock, Inc.		65		62,511
Brookfield Asset Management Ltd.–Class A		254		11,293
Cboe Global Markets, Inc.		281		78,981
CME Group, Inc.		451		133,203
CVC Capital Partners PLC(a)		177		2,311
Deutsche Boerse AG		21		6,152
Futu Holdings Ltd. (ADR)(h)		40		5,470
Hong Kong Exchanges & Clearing Ltd.–Class H		691		34,860
Japan Exchange Group, Inc.		610		7,124
Moody’s Corp.		95		41,444
Partners Group Holding AG		16		17,245
Singapore Exchange Ltd.		1,450		22,120
T. Rowe Price Group, Inc.		110		9,915

				472,086

Financial Services–0.3%
Adyen NV(h)		13		13,011
Berkshire Hathaway, Inc.–Class B(h)		228		109,257
Infratil Ltd.		1,670		11,261
Jack Henry & Associates, Inc.		102		16,120
Mastercard, Inc.–Class A		462		230,843
PayPal Holdings, Inc.		439		19,856
Sofina SA		16		3,885
Visa, Inc.–Class A		1,443		436,132
Wise PLC–Class A(h)		586		7,057

				847,422

Insurance–0.3%
Admiral Group PLC		329		13,761
Allstate Corp. (The)		91		18,868
Aon PLC–Class A		97		31,310
Arch Capital Group Ltd.(h)		367		35,228
Arthur J Gallagher & Co.		66		14,294
Brown & Brown, Inc.		305		19,889
Chubb Ltd.		279		90,935
Erie Indemnity Co.–Class A		23		5,780
Fairfax Financial Holdings Ltd.		15		25,559
Great-West Lifeco, Inc.		149		6,978
Hannover Rueck SE		29		9,118
Hartford Insurance Group, Inc. (The)		129		17,445
Helvetia Baloise Holding AG		59		15,270
iA Financial Corp., Inc.		58		6,437
Intact Financial Corp.		261		47,296
Loews Corp.		238		25,404
Marsh & McLennan Cos., Inc.		594		103,029
Medibank Pvt. Ltd.		2,226		6,735
MS&AD Insurance Group Holdings, Inc.		621		16,205
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		62		39,156
Progressive Corp. (The)		583		115,574
Prudential PLC		1,174		16,322
Sampo Oyj–Class A		3,720		39,566
Swiss Re AG		144		24,189
Tokio Marine Holdings, Inc.		1,035		48,584
Travelers Cos., Inc. (The)		199		58,044
Tryg A/S		380		9,057
W R Berkley Corp.		693		45,932
Willis Towers Watson PLC		67		19,477
Zurich Insurance Group AG		137		96,834

				1,022,276

				2,578,015



Industrials–0.9%
Aerospace & Defense–0.1%
General Dynamics Corp.		163		55,945
Howmet Aerospace, Inc.		196		45,170
Kongsberg Gruppen ASA		288		12,277
Lockheed Martin Corp.		194		117,252
MTU Aero Engines AG		26		9,485
Northrop Grumman Corp.		93		63,448
Rheinmetall AG		27		45,543
RTX Corp.		82		15,818

				364,938

Air Freight & Logistics–0.0%
CH Robinson Worldwide, Inc.		59		9,798
Expeditors International of Washington, Inc.		83		11,888

				21,686

Building Products–0.0%
Allegion PLC		45		6,538
Carlisle Cos., Inc.		24		8,007



2026 Semi-Annual Report		35

Schedule of Investments (continued)



Company	Shares		U.S. $ Value
Geberit AG (REG)		23	$	15,526
Lennox International, Inc.		20		9,282
Trane Technologies PLC		132		55,010

				94,363

Commercial Services & Supplies–0.2%
Brambles Ltd.		667		10,468
Cintas Corp.		226		38,226
Copart, Inc.(h)		442		14,674
GFL Environmental, Inc.		133		5,548
Republic Services, Inc.		483		105,787
Rollins, Inc.		612		32,687
Secom Co., Ltd.		803		30,587
Veralto Corp.		126		11,141
Waste Connections, Inc.		360		58,478
Waste Management, Inc.		416		95,593

				403,189

Construction & Engineering–0.0%
Comfort Systems USA, Inc.		22		30,338
EMCOR Group, Inc.		28		20,673

				51,011

Electrical Equipment–0.1%
ABB Ltd. (REG)		847		68,868
Eaton Corp. PLC		189		67,600
Fujikura Ltd.		714		19,636
Hubbell, Inc.		26		12,759
Rockwell Automation, Inc.		51		18,303

				187,166

Ground Transportation–0.1%
Canadian National Railway Co.		227		23,364
Central Japan Railway Co.		1,708		44,410
East Japan Railway Co.		1,846		42,221
Hankyu Hanshin Holdings, Inc.		410		11,855
MTR Corp., Ltd.–Class H		3,456		14,162
Old Dominion Freight Line, Inc.		104		20,322
Tokyu Corp.		435		5,135
Uber Technologies, Inc.(h)		1,057		76,030
Union Pacific Corp.		331		80,307
West Japan Railway Co.		471		9,283

				327,089

Industrial Conglomerates–0.1%
3M Co.		249		36,162
Honeywell International, Inc.		320		72,330
Lifco AB–Class B		187		5,657
Smiths Group PLC		212		6,469
Swire Pacific Ltd.–Class H		775		8,471

				129,089

Machinery–0.2%
Alfa Laval AB		144		7,877
Atlas Copco AB–Class A		1,513		26,700
Atlas Copco AB–Class B		879		13,741
Caterpillar, Inc.		276		195,535
Cummins, Inc.		70		37,661
Daifuku Co., Ltd.		213		7,521
Epiroc AB–Class A		323		7,951
GEA Group AG		102		7,315
Graco, Inc.		84		7,111
Illinois Tool Works, Inc.		159		41,386
Kone Oyj–Class B		309		19,727
Metso Oyj		406		7,036
Parker-Hannifin Corp.		61		54,610
Pentair PLC		76		6,620
Sandvik AB		468		17,991
Schindler Holding AG		21		6,917
Schindler Holding AG (REG)		85		26,771
Snap-on, Inc.		25		9,080
Techtronic Industries Co., Ltd.–Class H		705		9,362
VAT Group AG(a)		15		9,358
Wartsila Oyj Abp		251		9,349
Yangzijiang Shipbuilding Holdings Ltd.		2,613		7,762

				537,381

Marine Transportation–0.0%
Kuehne & Nagel International AG (REG)		34		7,786

Passenger Airlines–0.0%
ANA Holdings, Inc.		355		6,358
Ryanair Holdings PLC		228		6,418

				12,776

Professional Services–0.1%
Automatic Data Processing, Inc.		270		54,859
Broadridge Financial Solutions, Inc.		59		9,586
Bureau Veritas SA		221		6,615
Computershare Ltd.		290		5,719
Experian PLC		476		16,467
Intertek Group PLC		112		5,450
Leidos Holdings, Inc.		58		9,020
Paychex, Inc.		196		18,056
Recruit Holdings Co., Ltd.		799		34,812
RELX PLC		1,147		37,578
Wolters Kluwer NV		129		9,635

				207,797

Trading Companies & Distributors–0.0%
Fastenal Co.		697		32,341
Ferguson Enterprises, Inc.		103		24,026
Watsco, Inc.		20		7,276
WW Grainger, Inc.		31		33,815

				97,458

Transportation Infrastructure–0.0%
Aena SME SA		1,516		44,718
Aeroports de Paris SA		51		6,230
Getlink SE		672		14,501

				65,449

				2,507,178



Consumer Staples–0.8%
Beverages–0.2%
Carlsberg AS–Class B		54		6,709



36		Sanford C. Bernstein Fund, Inc.



Company	Shares		U.S. $ Value
Coca-Cola Co. (The)		3,168	$	240,926
Coca-Cola HBC AG(h)		137		7,717
Keurig Dr. Pepper, Inc.		950		25,014
Kirin Holdings Co., Ltd.		1,054		16,765
Monster Beverage Corp.(h)		1,115		80,793
PepsiCo, Inc.		1,369		212,592

				590,516

Consumer Staples Distribution & Retail–0.2%
Costco Wholesale Corp.		269		268,040
Dollar General Corp.		61		7,242
Jeronimo Martins SGPS SA		185		4,424
Koninklijke Ahold Delhaize NV		517		24,076
Kroger Co. (The)		1,079		78,076
Loblaw Cos. Ltd.		584		26,624
Walmart, Inc.		2,427		301,628

				710,110

Food Products–0.1%
Danone SA		254		20,296
General Mills, Inc.		1,034		38,486
Hershey Co. (The)		234		48,646
Hormel Foods Corp.		389		8,811
Magnum Ice Cream Co. NV (The)(h)		266		3,908
Mondelez International, Inc.–Class A		974		56,141
Nestle SA (REG)		1,536		150,668
Tyson Foods, Inc.–Class A		369		23,642

				350,598

Household Products–0.2%
Church & Dwight Co., Inc.		649		60,565
Colgate-Palmolive Co.		759		64,689
Kimberly-Clark Corp.		61		5,885
Procter & Gamble Co. (The)		1,859		268,514
Reckitt Benckiser Group PLC		340		22,862

				422,515

Personal Care Products–0.1%
Beiersdorf AG		64		5,753
Kao Corp.		113		4,399
L’Oreal SA		120		48,995
Unilever PLC		1,397		76,694

				135,841

Tobacco–0.0%
Imperial Brands PLC		369		14,962
Philip Morris International, Inc.		135		22,321

				37,283

				2,246,863



Consumer Discretionary–0.4%
Automobile Components–0.0%
Bridgestone Corp.		384		8,002
Continental AG		89		6,213

				14,215

Automobiles–0.0%
Ferrari NV		116		39,359

Broadline Retail–0.0%
Dollarama, Inc.		226		27,737
MercadoLibre, Inc.(h)		11		19,019
Next PLC		71		11,995
Pan Pacific International Holdings Corp.		1,858		11,334
Wesfarmers Ltd.		564		28,796

				98,881

Hotels, Restaurants & Leisure–0.1%
Aristocrat Leisure Ltd.		254		8,073
Chipotle Mexican Grill, Inc.(h)		806		25,800
Compass Group PLC		1,649		46,009
Darden Restaurants, Inc.		56		10,978
Evolution AB(a)(h)		100		6,285
McDonald’s Corp.		321		99,764
Oriental Land Co., Ltd./Japan		1,629		27,725
Yum! Brands, Inc.		319		49,598

				274,232

Household Durables–0.0%
DR Horton, Inc.		118		16,192
Garmin Ltd.		83		19,257
NVR, Inc.(h)		2		13,179
PulteGroup, Inc.		98		11,526

				60,154

Leisure Products–0.0%
Bandai Namco Holdings, Inc.		273		6,735

Specialty Retail–0.2%
AutoZone, Inc.(h)		19		64,178
Best Buy Co., Inc.		122		7,832
Dick’s Sporting Goods, Inc.		32		6,345
Fast Retailing Co., Ltd.		92		36,350
Industria de Diseno Textil SA		1,329		77,360
O’Reilly Automotive, Inc.(h)		690		63,694
Sanrio Co., Ltd.		995		6,186
TJX Cos., Inc. (The)		1,068		170,560
Tractor Supply Co.		264		11,959
Ulta Beauty, Inc.(h)		26		13,591
Williams-Sonoma, Inc.		86		15,680

				473,735

Textiles, Apparel & Luxury Goods–0.1%
Asics Corp.		351		9,437
Deckers Outdoor Corp.(h)		100		10,009
Hermes International SCA		17		32,204
Lululemon Athletica, Inc.(h)		71		10,870
Moncler SpA		112		6,743
NIKE, Inc.–Class B		528		27,889
Pandora A/S		59		4,217

				101,369

				1,068,680



2026 Semi-Annual Report		37

Schedule of Investments (continued)



Company	Shares		U.S. $ Value

Utilities–0.2%
Electric Utilities–0.1%
Alliant Energy Corp.		78	$	5,597
American Electric Power Co., Inc.		103		13,501
BKW AG		68		13,407
Chubu Electric Power Co., Inc.		287		4,732
CLP Holdings Ltd.–Class H		2,947		27,746
Duke Energy Corp.		1,095		143,379
FirstEnergy Corp.		355		17,984
Hydro One Ltd.(a)		389		16,065
Iberdrola SA		930		21,292
Oklo, Inc.(h)		84		4,166
PG&E Corp.		333		5,851
Power Assets Holdings Ltd.–Class H		3,063		23,897
PPL Corp.		215		8,213
Redeia Corp. SA		858		14,543
Southern Co. (The)		1,402		135,321
Verbund AG		62		4,738
Xcel Energy, Inc.		211		16,762

				477,194

Gas Utilities–0.0%
Hong Kong & China Gas Co., Ltd.–Class H		17,744		16,141
Osaka Gas Co., Ltd.		480		19,442
Tokyo Gas Co., Ltd.		205		9,655

				45,238

Multi-Utilities–0.1%
Ameren Corp.		201		22,094
CMS Energy Corp.		247		19,162
Consolidated Edison, Inc.		797		90,204
Dominion Energy, Inc.		110		6,800
E.ON SE		273		5,979
Engie SA		401		12,923
WEC Energy Group, Inc.		476		55,107

				212,269

Water Utilities–0.0%
American Water Works Co., Inc.		90		12,248

				746,949



Materials–0.2%
Chemicals–0.1%
Air Liquide SA		105		21,704
Corteva, Inc.		83		6,948
EMS-Chemie Holding AG(h)		10		7,863
Givaudan SA (REG)		8		27,052
Linde PLC		237		117,495
Sherwin-Williams Co. (The)		124		39,748
Sika AG (REG)(h)		68		11,255

				232,065

Construction Materials–0.0%
Holcim AG(h)		239		19,756

Containers & Packaging–0.0%
Avery Dennison Corp.		39		6,734
Ball Corp.		181		10,699

				17,433

Metals & Mining–0.1%
Barrick Mining Corp.		257		10,503
BHP Group Ltd.		2,336		84,522
Fortescue Ltd.		786		11,232
Franco-Nevada Corp.		64		15,847
Fresnillo PLC		188		8,333
Kinross Gold Corp.		552		16,876
Lundin Gold, Inc.		85		6,496
Newmont Corp.		178		19,269
Rio Tinto Ltd.		167		18,974
Rio Tinto PLC		515		47,778

				239,830

				509,084



Energy–0.1%
Oil, Gas & Consumable Fuels–0.1%
Eni SpA		1,031		29,315
Texas Pacific Land Corp.		36		17,084
Williams Cos., Inc. (The)		553		40,247
Shell PLC		407		18,850
Cheniere Energy, Inc.		41		11,634
Exxon Mobil Corp.		960		162,874
Imperial Oil Ltd.		64		8,383
Inpex Corp.		993		29,372
TotalEnergies SE		299		27,441
Galp Energia SGPS SA		317		7,601
Coterra Energy, Inc.		298		10,472
Expand Energy Corp.		312		34,251
Chevron Corp.		214		44,277

				441,801



Real Estate–0.0%
Health Care REITs–0.0%
Ventas, Inc.		133		10,877
Welltower, Inc.		182		35,983

				46,860

Residential REITs–0.0%
Sun Communities, Inc.		96		12,092

Specialized REITs–0.0%
Public Storage		70		18,962

				77,914

Total Common Stocks (cost $22,776,730)				22,286,673



38		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)		U.S. $ Value

ASSET-BACKED SECURITIES–4.0%
Other ABS—Fixed Rate–2.7%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051(a)	U.S.$	1,088	$	1,035,991
Amur Equipment Finance Receivables XI LLC Series 2022-2A, Class A2 5.30%, 06/21/2028(a)		14		14,200
APL Finance DAC Series 2025-1A, Class A 4.81%, 03/20/2036(a)		201		201,121
Auxilior Term Funding LLC Series 2023-1A, Class A2 6.18%, 12/15/2028(a)		25		25,458
CCG Receivables Trust Series 2025-1, Class B 4.69%, 10/14/2032(a)		100		100,522
Clarus Capital Funding LLC Series 2024-1A, Class B 4.79%, 08/20/2032(a)		115		115,255
College Ave Student Loans LLC Series 2021-C, Class B 2.72%, 07/26/2055(a)		191		176,233
Dext ABS LLC Series 2023-1, Class A2 5.99%, 03/15/2032(a)		74		74,518
Diamond Issuer LLC Series 2021-1A, Class A 2.305%, 11/20/2051(a)		1,139		1,102,910
FIP Master Funding LLC Series 2025-1A, Class A1 4.98%, 10/15/2055(a)		120		117,619
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046(a)		286		261,989
HINNT LLC Series 2024-A, Class A 5.49%, 03/15/2043(a)		35		35,327
MVW LLC Series 2021-2A, Class B 1.83%, 05/20/2039(a)		138		131,598
Series 2025-1A, Class A 4.97%, 09/22/2042(a)		95		95,427
Neighborly Issuer LLC Series 2022-1A, Class A2 3.695%, 01/30/2052(a)		807		760,641
Series 2023-1A, Class A2 7.308%, 01/30/2053(a)		1,009		1,011,728
Nelnet Student Loan Trust Series 2021-BA, Class B 2.68%, 04/20/2062(a)		140		126,086
Series 2021-CA, Class B 2.53%, 04/20/2062(a)		499		443,199
Series 2021-DA, Class B 2.90%, 04/20/2062(a)		457		412,136
NMEF Funding LLC Series 2024-A, Class A2 5.15%, 12/15/2031(a)	U.S.$	98		98,756
Pagaya AI Debt Grantor Trust Series 2024-5, Class A 6.278%, 10/15/2031(a)		23		23,121
Series 2024-9, Class B 5.306%, 03/15/2032(a)		246		246,506
Series 2025-8, Class A2 4.851%, 07/15/2033(a)		100		99,932
Pagaya AI Debt Trust Series 2024-2, Class A 6.319%, 08/15/2031(a)		18		18,460
Series 2025-4, Class A2 5.373%, 01/17/2033(a)		133		133,448
PEAC Solutions Receivables LLC Series 2025-1A, Class A2 4.94%, 10/20/2028(a)		26		26,262
Series 2025-1A, Class B 5.20%, 07/20/2032(a)		51		51,620
SCF Equipment Leasing LLC Series 2024-1A, Class A2 5.88%, 11/20/2029(a)		22		21,719
Series 2025-1A, Class A3 5.11%, 11/21/2033(a)		100		101,659
Sierra Timeshare Receivables Funding LLC Series 2024-2A, Class A 5.14%, 06/20/2041(a)		54		54,633
Sotheby’s Artfi Master Trust Series 2026-1A, Class A1 4.80%, 06/20/2033(a)		165		164,743
Series 2026-1A, Class B 4.90%, 06/20/2033(a)		120		119,734
Upgrade Master Pass-Thru Trust Series 2026-ST1, Class A 4.244%, 03/15/2034(a)		203		202,734
UPSTART Securitization Trust Series 2026-1, Class A1 4.142%, 02/22/2027(a)		197		197,014
VFI ABS LLC Series 2025-1A, Class A 4.78%, 06/24/2030(a)		143		143,447

				7,945,746

Autos—Fixed Rate–1.3%
Ally Bank Auto Credit-Linked Notes Series 2024-A, Class A2 5.681%, 05/17/2032(a)		104		105,016
Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class A 5.44%, 02/22/2028(a)		399		401,850
Carvana Auto Receivables Trust Series 2021-N3, Class C 1.02%, 06/12/2028		33		32,137
Series 2021-N4, Class D 2.30%, 09/11/2028		27		26,727



2026 Semi-Annual Report		39

Schedule of Investments (continued)



	Principal Amount (000)		U.S. $ Value
Series 2021-P4, Class D 2.61%, 09/11/2028	U.S.$	596	$	577,503
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033(a)		824		823,013
Hertz Vehicle Financing III LLC Series 2025-1A, Class A 4.91%, 09/25/2029(a)		145		146,077
Hyundai Auto Lease Securitization Trust Series 2025-A, Class B 5.15%, 06/15/2029(a)		140		141,416
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028(a)		314		316,561
Series 2025-2A, Class A2 5.18%, 05/15/2030(a)		109		109,160
Series 2026-1A, Class A2 4.68%, 07/15/2030(a)		79		79,042
Merchants Fleet Funding LLC Series 2023-1A, Class A 7.21%, 05/20/2036(a)		32		32,355
OCCU Auto Receivables Trust Series 2025-1A, Class A2 4.82%, 04/17/2028(a)		135		134,948
PenFed Auto Receivables Owner Trust Series 2024-A, Class A3 4.70%, 06/15/2029(a)		60		60,568
Research-Driven Pagaya Motor Asset Trust Series 2025-4A, Class A2 5.124%, 04/25/2034(a)		199		199,398
Securitized Term Auto Receivables Trust Series 2025-A, Class B 5.038%, 07/25/2031(a)		42		42,348
Tesla Auto Lease Trust Series 2024-A, Class A3 5.30%, 06/21/2027(a)		22		22,399
Tricolor Auto Securitization Trust Series 2024-2A, Class A 6.36%, 12/15/2027(h)(i)(j)(k)(l)		17		15,884
United Auto Credit Securitization Trust Series 2025-1, Class A 4.80%, 06/10/2027(a)		13		12,909
Series 2026-1, Class A 4.41%, 06/12/2028(a)		186		186,291
Wheels Fleet Lease Funding 1 LLC Series 2023-2A, Class A 6.46%, 08/18/2038(a)		42		42,651
Series 2024-2A, Class A1 4.87%, 06/21/2039(a)		115		115,650

				3,623,903

Total Asset-Backed Securities (cost $11,846,390)				11,569,649


COLLATERALIZED MORTGAGE OBLIGATIONS–3.9%
Risk Share Floating Rate–1.7%
Connecticut Avenue Securities Series 2025-R01, Class 1M1 4.762% (CME Term SOFR + 1.10%), 01/25/2045(a)(e)	U.S.$	43		43,279
Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 5.212% (CME Term SOFR + 1.55%), 10/25/2041(a)(e)		21		20,577
Series 2022-R04, Class 1M2 6.762% (CME Term SOFR + 3.10%), 03/25/2042(a)(e)		130		131,322
Series 2024-R04, Class 1M1 4.762% (CME Term SOFR + 1.10%), 05/25/2044(a)(e)		18		18,033
Series 2025-R02, Class 1A1 4.662% (CME Term SOFR + 1.00%), 02/25/2045(a)(e)		69		69,120
Series 2025-R03, Class 2M1 5.262% (CME Term SOFR + 1.60%), 03/25/2045(a)(e)		151		150,937
Series 2025-R04, Class 1A1 4.662% (CME Term SOFR + 1.00%), 05/25/2045(a)(e)		75		74,595
Series 2025-R04, Class 1M1
4.862% (CME Term SOFR + 1.20%), 05/25/2045(a)(e)		105		104,877
Series 2025-R05, Class 2M1 4.862% (CME Term SOFR + 1.20%), 07/25/2045(a)(e)		260		260,076
Series 2025-R06, Class 1A1 4.562% (CME Term SOFR + 0.90%), 09/25/2045(a)(e)		185		184,700
Series 2025-R06, Class 1M1 4.612% (CME Term SOFR + 0.95%), 09/25/2045(a)(e)		228		227,993
Series 2026-R01, Class 2M1 4.662% (CME Term SOFR + 1.00%), 01/25/2046(a)(e)		211		211,254
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2021-DNA5, Class M2 5.312% (CME Term SOFR + 1.65%), 01/25/2034(a)(e)		80		79,695
Series 2021-HQA4, Class M2 6.012% (CME Term SOFR + 2.35%), 12/25/2041(a)(e)		415		417,663
Series 2022-DNA3, Class M1B 6.562% (CME Term SOFR + 2.90%), 04/25/2042(a)(e)		239		243,717
Series 2022-DNA4, Class M1B 7.012% (CME Term SOFR + 3.35%), 05/25/2042(a)(e)		878		896,764
Series 2022-DNA5, Class M1B 8.162% (CME Term SOFR + 4.50%), 06/25/2042(a)(e)		769		798,214



40		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)		U.S. $ Value
Series 2022-DNA7, Class M1A 6.162% (CME Term SOFR + 2.50%), 03/25/2052(a)(e)	U.S.$	133	$	133,531
Series 2023-DNA2, Class M1A 5.762% (CME Term SOFR + 2.10%), 04/25/2043(a)(e)		129		130,314
Series 2024-HQA2, Class M1 4.862% (CME Term SOFR + 1.20%), 08/25/2044(a)(e)		241		241,286
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA2 Series 2025-DNA2, Class A1 4.762% (CME Term SOFR + 1.10%), 05/25/2045(a)(e)		58		58,391
Series 2025-DNA2, Class M1 4.862% (CME Term SOFR + 1.20%), 05/25/2045(a)(e)		25		25,054
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA4 Series 2025-DNA4, Class M1 4.762% (CME Term SOFR + 1.10%), 10/25/2045(a)(e)		247		247,064
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-Hqa1 Series 2025-HQA1, Class A1 4.612% (CME Term SOFR + 0.95%), 02/25/2045(a)(e)		110		110,175

				4,878,631

Non-Agency Fixed Rate–1.5%
Angel Oak Mortgage Trust Series 2025-4, Class A1 5.855%, 04/25/2070(a)		51		51,709
Series 2025-6, Class A1 5.515%, 04/25/2070(a)		60		60,214
COLT Mortgage Loan Trust Series 2025-5, Class A1 5.536%, 05/25/2070(a)		101		101,326
COOPR Residential Mortgage Trust Series 2026-CES1, Class A1A 4.874%, 01/01/2061(a)		292		289,570
Cross Mortgage Trust Series 2025-H4, Class A1 5.596%, 06/25/2070(a)		162		162,432
FIGRE Trust Series 2025-HE7, Class A 5.15%, 11/25/2055(a)		188		186,319
Series 2026-HE1, Class A 4.982%, 01/25/2056(a)		321		318,139
GCAT Trust Series 2025-NQM2, Class A1 5.604%, 04/25/2070(a)		75		74,993
JP Morgan Mortgage Trust Series 2025-CES7, Class A1A 5.055%, 04/25/2056(a)		154		153,318
Series 2025-HE3, Class A1 5.023% (CME Term SOFR + 1.35%), 03/20/2056(a)(e)	U.S.$	330		331,174
Series 2026-CES1, Class A1A 4.909%, 06/25/2056(a)		259		257,388
OBX Trust Series 2025-NQM8, Class A1 5.472%, 03/25/2065(a)		109		109,401
Series 2025-NQM10, Class A1 5.453%, 05/25/2065(a)		125		125,841
RCKT Mortgage Trust Series 2025-CES12, Class A1A 5.027%, 11/25/2055(a)		161		160,415
Series 2026-CES2, Class A1A 4.762%, 02/25/2056(a)		513		507,441
Series 2026-CES3, Class A1A 5.144%, 03/25/2056(a)		356		354,648
Santander Mortgage Asset Receivable Trust Series 2026-CES1, Class A1A 4.876%, 01/25/2056(a)		300		297,707
Towd Point Mortgage Trust Series 2026-CES2, Class A1A 4.72%, 02/25/2066(a)		535		528,196
Series 2026-FIX1, Class A1 4.98%, 12/25/2065(a)		194		192,193
Verus Securitization Trust Series 2025-5, Class A1 5.427%, 06/25/2070(a)		83		83,655
Series 2025-6, Class A1 5.417%, 07/25/2070(a)		87		86,862

				4,432,941

Non-Agency Floating Rate–0.4%
Angel Oak Mortgage Trust Series 2025-10, Class A1 4.96%, 09/25/2070(a)		183		181,983
BRAVO Residential Funding Trust Series 2025-NQM5, Class A1 5.496%, 02/25/2065(a)		146		146,370
COLT Mortgage Loan Trust Series 2025-10, Class A1 5.088%, 10/25/2070(a)		94		93,371
Cross Mortgage Trust Series 2025-H9, Class A1 5.036%, 11/25/2070(a)		160		159,551
Federal Home Loan Mortgage Corp. Mscr Trust Mn1 Series 2021-MN1, Class M1 5.662% (CME Term SOFR + 2.00%), 01/25/2051(a)(e)		29		28,596
Morgan Stanley Residential Mortgage Loan Trust Series 2025-NQM9, Class A1 5.016%, 09/25/2070(a)		93		93,053



2026 Semi-Annual Report		41

Schedule of Investments (continued)



	Principal Amount (000)		U.S. $ Value
Santander Mortgage Asset Receivable Trust Series 2025-NQM6, Class A1 5.138%, 11/25/2065(a)	U.S.$	153	$	152,620
Series 2026-NQM2, Class A1 4.704%, 01/25/2066(a)		112		110,677
Verus Securitization Trust Series 2025-9, Class A1 4.935%, 10/27/2070(a)		95		94,418

				1,060,639

Agency Floating Rate–0.3%
Federal Home Loan Mortgage Corp. REMICS Series 4693, Class SL 2.363% (6.04%–CME Term SOFR), 06/15/2047(e)(m)		914		98,551
Series 4719, Class JS 2.363% (6.04%–CME Term SOFR), 09/15/2047(e)(m)		280		31,412
Series 4954, Class SL 2.274% (5.94%–CME Term SOFR), 02/25/2050(e)(m)		863		92,551
Series 4981, Class HS 2.324% (5.99%–CME Term SOFR), 06/25/2050(e)(m)		2,196		230,545
Federal National Mortgage Association REMICS Series 2014-78, Class SE 2.324% (5.99%–CME Term SOFR), 12/25/2044(e)(m)		292		29,657
Series 2016-77, Class DS 2.224% (5.89%–CME Term SOFR), 10/25/2046(e)(m)		721		71,040
Series 2017-62, Class AS 2.374% (6.04%–CME Term SOFR), 08/25/2047(e)(m)		346		38,264
Series 2017-97, Class LS 2.424% (6.09%–CME Term SOFR), 12/25/2047(e)(m)		700		76,536
Series 2017-97, Class SW 2.424% (6.09%–CME Term SOFR), 12/25/2047(e)(m)		355		40,510
Government National Mortgage Association Series 2017-65, Class ST 2.36% (6.04%–CME Term SOFR 1 Month), 04/20/2047(e)(m)		458		54,331
Series 2017-122, Class SA 2.41% (6.09%–CME Term SOFR 1 Month), 08/20/2047(e)(m)		352		43,216
Series 2017-134, Class SE 2.41% (6.09%–CME Term SOFR 1 Month), 09/20/2047(e)(m)		268		31,346

				837,959

Total Collateralized Mortgage Obligations (cost $11,095,055)				11,210,170


COMMERCIAL MORTGAGE-BACKED SECURITIES–1.8%
Non-Agency Floating Rate CMBS–0.9%
ALA Trust Series 2025-OANA, Class A 5.416% (CME Term SOFR 1 Month + 1.74%), 06/15/2040(a)(e)	U.S.$	125		125,303
BHMS Commercial Mortgage Trust Series 2025-ATLS, Class A 5.523% (CME Term SOFR 1 Month + 1.85%), 08/15/2042(a)(e)		100		100,064
BOCA Commercial Mortgage Trust Series 2025-BOCA, Class A 5.273% (CME Term SOFR 1 Month + 1.60%), 12/15/2042(a)(e)		131		131,082
BX Commercial Mortgage Trust Series 2019-IMC, Class E 5.869% (CME Term SOFR 1 Month + 2.20%), 04/15/2034(a)(e)		430		424,878
Series 2024-AIR2, Class A 5.165% (CME Term SOFR 1 Month + 1.49%), 10/15/2041(a)(e)		106		105,609
DBC Mortgage Trust Series 2025-DBC, Class A 5.023% (CME Term SOFR 1 Month + 1.35%), 11/15/2042(a)(e)		200		199,875
Great Wolf Trust Series 2024-WOLF, Class A 5.215% (CME Term SOFR 1 Month + 1.54%), 03/15/2039(a)(e)		232		231,928
Hawaii Hotel Trust Series 2025-MAUI, Class A 5.065% (CME Term SOFR 1 Month + 1.39%), 03/15/2042(a)(e)		117		116,927
HILT Commercial Mortgage Trust Series 2024-ORL, Class A 5.214% (CME Term SOFR 1 Month + 1.54%), 05/15/2037(a)(e)		176		175,890
HLTN Commercial Mortgage Trust Series 2024-DPLO, Class A 5.314% (CME Term SOFR 1 Month + 1.64%), 06/15/2041(a)(e)		250		249,558
KIND Trust Series 2021-KIND, Class A 4.74% (CME Term SOFR 1 Month + 1.06%), 08/15/2038(a)(e)		99		98,676



42		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 5.252% (CME Term SOFR 1 Month + 1.58%), 07/15/2036(a)(e)	U.S.$		316	$	307,110
NJ Trust Series 2023-GSP, Class A 6.481%, 01/06/2029(a)			165		170,702
ORL Trust Series 2024-GLKS, Class A 5.165% (CME Term SOFR 1 Month + 1.49%), 12/15/2039(a)(e)			100		100,000
SWCH Commercial Mortgage Trust Series 2025-DATA, Class A 5.115% (CME Term SOFR 1 Month + 1.44%), 02/15/2042(a)(e)			269		265,950

					2,803,552

Non-Agency Fixed Rate CMBS–0.8%
Commercial Mortgage Trust Series 2010-C1, Class D 5.795%, 07/10/2046(a)			621		616,269
DTP Commercial Mortgage Trust Series 2023-STE2, Class A 5.454%, 01/15/2041(a)			116		117,316
GS Mortgage Securities Trust Series 2011-GC5, Class D 5.558%, 08/10/2044(a)			26		20,219
GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class A2 2.435%, 08/15/2026(l)			1,029		1,018,002
Series 2021-1, Class AS 2.638%, 08/15/2026(l)			39		38,049
JPMBB Commercial Mortgage Securities Trust Series 2014-C22, Class XA 0.405%, 09/15/2047(n)			644		6
NYC Commercial Mortgage Trust Series 2025-28L, Class A 4.668%, 11/05/2038(a)			165		164,303
TORY Commercial Mortgage Trust Series 2026-HGTS, Class A 4.748%, 01/13/2046(a)			200		196,389
Wells Fargo Commercial Mortgage Trust Series 2016-LC25, Class C 4.312%, 12/15/2059			125		121,394

					2,291,947

Non-Agency Fixed Rate–0.1%
Ellington Financial Mortgage Trust Series 2026-CES1, Class A1A 4.914%, 12/25/2060(a)			161		159,110

Total Commercial Mortgage-Backed Securities (cost $5,317,443)					5,254,609


CORPORATES—NON-INVESTMENT GRADE–1.1%

Industrial–1.0%
Basic–0.0%
INEOS Quattro Finance 2 PLC 8.50%, 03/15/2029(a)		EUR	100		96,600

Capital Goods – 0.1%
EMRLD Borrower LP/Emerald Co-Issuer, Inc. 6.375%, 12/15/2030(a)			100		117,702

Communications—Media–0.1%
VZ Vendor Financing II BV 2.875%, 01/15/2029(a)			320		337,586

Communications—Telecommunications–0.2%
Altice France SA 4.75%, 10/15/2030(a)			132		144,052
Fibercop SpA 4.75%, 06/30/2030(a)			135		154,758
Vmed O2 UK Financing I PLC 5.625%, 04/15/2032(a)			100		106,105
Vodafone Group PLC 3.00%, 08/27/2080(a)		U.S.$	100		108,814

					513,729

Consumer Cyclical—Automotive–0.1%
Nissan Motor Acceptance Co. LLC 1.85%, 09/16/2026(a)			143		140,533
5.30%, 09/13/2027(a)			59		58,620

					199,153

Consumer Cyclical—Other–0.1%
Hilton Domestic Operating Co., Inc. 5.875%, 04/01/2029(a)			122		123,183
Standard Industries, Inc./NY 4.375%, 07/15/2030(a)			51		48,152
4.75%, 01/15/2028(a)			69		68,298

					239,633

Consumer Cyclical—Retailers–0.0%
Advance Auto Parts, Inc. 7.00%, 08/01/2030(a)			103		104,295

Consumer Non-Cyclical–0.2%
CVS Health Corp. 6.75%, 12/10/2054			19		19,178
7.00%, 03/10/2055			242		249,057
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028(a)		EUR	200		222,573
Tenet Healthcare Corp. 5.125%, 11/01/2027		U.S.$	79		78,930

					569,738

Energy–0.1%
Sunoco LP 5.625%, 03/15/2031(a)			131		130,351



2026 Semi-Annual Report		43

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Sunoco LP/Sunoco Finance Corp. 7.00%, 09/15/2028(a)		U.S.$	77	$	78,559
Venture Global Plaquemines LNG LLC 6.125%, 12/15/2030(a)			110		113,155

					322,065

Technology–0.1%
Almaviva-The Italian Innovation Co. SpA 5.00%, 10/30/2030(a)		EUR	100		109,424
OAK-Eagle Acquireco, Inc. 7.25%, 07/01/2033(a)		U.S.$	186		192,635

					302,059

Transportation—Airlines–0.0%
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.75%, 04/20/2029(a)			81		80,369

					2,882,929



Utility–0.1%
Other Utility–0.1%
Holding d’Infrastructures des Metiers de l’Environnement SAS 4.875%, 10/24/2029(a)		EUR	100		117,468



Financial Institutions–0.0%
REITs – 0.0%
alstria SARL 4.25%, 10/15/2029(a)			100		110,428

Total Corporates—Non-Investment Grade (cost $3,180,384)					3,110,825



COLLATERALIZED LOAN OBLIGATIONS–0.8%
CLO—Floating Rate–0.8%
AGL CLO 44 Ltd. Series 2025-44A, Class A 4.981% (CME Term SOFR 3 Month + 1.15%), 10/22/2037(a)(e)		U.S.$	250		249,000
Allegany Park CLO Ltd. Series 2019-1A, Class ARR 4.768% (CME Term SOFR 3 Month + 1.10%), 01/20/2035(a)(e)			250		249,649
Clover CLO LLC Series 2021-3A, Class BR 5.118% (CME Term SOFR 3 Month + 1.45%), 01/25/2035(a)(e)			250		247,825
Galaxy 36 CLO Ltd. Series 2025-36A, Class A1 5.008% (CME Term SOFR 3 Month + 1.23%), 10/15/2038(a)(e)			150		149,607
Hartwick Park CLO Ltd. Series 2023-1A, Class AR 4.828% (CME Term SOFR 3 Month + 1.16%), 01/20/2037(a)(e)		U.S.$	250		249,617
Magnetite XIX Ltd. Series 2017-19A, Class B1RR 5.118% (CME Term SOFR 3 Month + 1.45%), 04/17/2034(a)(e)			250		249,411
Neuberger Berman Loan Advisers CLO 42 Ltd. Series 2021-42A, Class AR 4.621% (CME Term SOFR 3 Month + 0.95%), 07/16/2036(a)(e)			250		249,312
OCP CLO Ltd. Series 2021-23A, Class B1R2 5.118% (CME Term SOFR 3 Month + 1.45%), 01/17/2039(a)(e)			250		246,848
Palmer Square CLO Ltd. Series 2026-1A, Class A 4.86% (CME Term SOFR 3 Month + 1.19%), 04/20/2039(a)(e)			250		249,987
Pikes Peak CLO 18 Series 2025-18A, Class A1 4.888% (CME Term SOFR 3 Month + 1.22%), 04/20/2038(a)(e)			250		249,273

Total Collateralized Loan Obligations (cost $2,399,749)					2,390,529



	Notional Amount

PURCHASED OPTIONS—PUTS–0.8%
Options on Equity Indices–0.8%
Euro STOXX 50 Price EUR Index Expiration: Feb 2027; Contracts: 960; Exercise Price: EUR 4,900.00; Counterparty: UBS AG(h)		EUR	4,704,000		249,808
FTSE 100 Index Expiration: Mar 2027; Contracts: 190; Exercise Price: GBP 9,200.00; Counterparty: UBS AG(h)		GBP	1,748,000		78,356
Nikkei 225 Index Expiration: Mar 2027; Contracts: 12,000; Exercise Price: JPY 44,000.00; Counterparty: UBS AG(h)		JPY	528,000,000		234,496



44		Sanford C. Bernstein Fund, Inc.



	Notional Amount			U.S. $ Value
S&P 500 Index Expiration: Jan 2027; Contracts: 7,600; Exercise Price: USD 5,775.00; Counterparty: UBS AG(h)		USD	43,890,000	$	1,631,024

Total Purchased Options—Puts (premiums paid $1,450,109)					2,193,684



	Principal Amount (000)

COVERED BONDS–0.7%
BPCE SFH SA Series E 0.01%, 01/29/2029(a)		EUR	200		212,600
Caisse de Refinancement de l’Habitat SA 2.75%, 04/12/2028(a)			200		230,111
Caisse Francaise de Financement Local SA 3.25%, 02/19/2029(a)			200		232,423
Credit Agricole Home Loan SFH SA Series E 0.875%, 08/31/2027(a)			300		337,140
Credit Mutuel Home Loan SFH SA Series E 3.25%, 10/31/2029(a)			100		116,247
National Australia Bank Ltd. 0.01%, 01/06/2029(a)			461		491,003
Santander UK PLC Series E 3.00%, 03/12/2029(a)			145		167,196
Societe Generale SFH SA 0.125%, 07/18/2029(a)			200		210,127

Total Covered Bonds (cost $1,943,370)					1,996,847



GOVERNMENTS—SOVEREIGN AGENCIES–0.6%
Belgium–0.1%
Dexia SA Series E 0.00%, 01/21/2028(a)			200		219,346

Canada–0.2%
Canada Housing Trust No. 1 3.55%, 09/15/2032(a)		CAD	535		388,141
4.25%, 03/15/2034(a)			270		203,370

					591,511

France–0.2%
SNCF Reseau Series E 1.125%, 05/25/2030(a)		EUR	500		529,859

Netherlands–0.1%
BNG Bank NV 3.50%, 07/19/2027		AUD	488		330,244

Total Governments—Sovereign Agencies (cost $1,624,213)					1,670,960



LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.6%
United States–0.6%
California Earthquake Authority (California Earthquake Authority) Series 2022-A 5.603%, 07/01/2027		U.S.$	110		110,991
Commonwealth Financing Authority (Commonwealth of Pennsylvania Dept. of Education State Lease) Series 2016-A 4.144%, 06/01/2038			80		74,897
State Board of Administration Finance Corp. (Florida Hurricane Catastrophe Fund) Series 2020-A 1.705%, 07/01/2027			652		634,199
2.154%, 07/01/2030			60		55,223
University of California (University of California) Series 2021-B 3.071%, 05/15/2051			1,130		754,604

Total Local Governments—US Municipal Bonds (cost $2,010,128)					1,629,914



GOVERNMENTS—SOVEREIGN BONDS–0.5%
Chile–0.0%
Chile Government International Bond 3.75%, 01/14/2032		EUR	117		133,967

Colombia–0.1%
Colombia Government International Bond 5.75%, 11/26/2034			140		152,676

Hong Kong–0.1%
Hong Kong Government International Bond Series G 3.15%, 07/24/2054(a)		CNH	1,000		163,855

Indonesia–0.1%
Indonesia Government International Bond 2.50%, 10/31/2030			1,000		143,518
2.90%, 10/31/2035			1,000		142,371

					285,889

Mexico–0.1%
Mexico Government International Bond 5.375%, 03/22/2033		U.S.$	403		393,731



2026 Semi-Annual Report		45

Schedule of Investments (continued)



	Principal Amount (000)			U.S. $ Value
Romania–0.1%
Romanian Government International Bond 3.00%, 02/14/2031(a)		U.S.$	134	$	117,645
5.75%, 09/16/2030(a)			342		340,547

					458,192

Total Governments—Sovereign Bonds (cost $1,568,616)					1,588,310



EMERGING MARKETS—TREASURIES–0.4%
Brazil–0.3%
Brazil Notas do Tesouro Nacional Series F 10.00%, 01/01/2035		BRL	4,841		760,003

South Africa–0.1%
Republic of South Africa Government Bond Series 2048 8.75%, 02/28/2048		ZAR	8,767		468,317

Total Emerging Markets—Treasuries (cost $1,237,488)					1,228,320



AGENCIES–0.4%
Agency Debentures–0.4%
Federal Home Loan Banks 4.00%, 06/30/2028		U.S.$	865		868,002
4.75%, 12/08/2028			265		270,753

Total Agencies (cost $1,132,085)					1,138,755



EMERGING MARKETS—CORPORATE BONDS–0.3%

Industrial–0.3%
Basic–0.2%
Braskem Netherlands Finance BV 4.50%, 01/10/2028(a)			200		95,200
Periama Holdings LLC/DE 5.95%, 04/19/2026(a)			200		199,694
Stillwater Mining Co. 4.00%, 11/16/2026(a)			200		198,376

					493,270

Energy–0.1%
Ecopetrol SA 8.375%, 01/19/2036			111		112,371
8.625%, 01/19/2029			113		119,254
Raizen Fuels Finance SA 6.70%, 02/25/2037(a)(h)(k)			400		217,000

					448,625

Total Emerging Markets—Corporate Bonds (cost $1,200,839)					941,895


SUPRANATIONALS–0.2%
European Union Series UFA 4.00%, 04/04/2044(a)		EUR	223		259,527
3.375%, 10/05/2054(a)			325		329,933

Total Supranationals (cost $599,842)					589,460



QUASI-SOVEREIGNS–0.1%

Quasi-Sovereign Bonds–0.1%
Chile–0.0%
Corp. Nacional del Cobre de Chile 5.95%, 01/08/2034(a)		U.S.$	200		204,674

Saudi Arabia–0.1%
Gaci First Investment Co. Series E 3.375%, 10/14/2032(a)		EUR	200		220,767

Total Quasi-Sovereigns (cost $432,714)					425,441



EMERGING MARKETS—SOVEREIGNS–0.1%
Mexico–0.1%
Eagle Funding Luxco SARL 5.50%, 08/17/2030(a)		U.S.$	250		250,625

Uzbekistan–0.0%
Republic of Uzbekistan International Bond 5.10%, 02/25/2029(a)		EUR	100		115,787

Total Emerging Markets—Sovereigns (cost $369,030)					366,412



LOCAL GOVERNMENTS—CANADIAN MUNICIPAL BONDS–0.0%
Canada–0.0%
City of Calgary Canada 4.20%, 06/01/2034 (cost $51,971)		CAD	70		51,564



	Shares

SHORT-TERM INVESTMENTS–10.8%
Investment Companies–9.7%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 3.50%(f)(g)(o) (cost $28,125,642)			28,125,642		28,125,642



46		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)			U.S. $ Value
U.S. Treasury Bills–1.1%
U.S. Treasury Bill Zero Coupon, 04/09/2026 (cost $3,097,560)		U.S.$	3,100	$	3,097,517

Total Short-Term Investments (cost $31,223,202)					31,223,159

Total Investments—104.6% (cost $299,878,663)					302,116,765

Other assets less liabilities—(4.6)%					(13,420,475	)

Net Assets—100.0%				$	288,696,290



FUTURES (see Note 3)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)

Purchased Contracts

Australian 10 Yr Bond Futures		43	June 2026	$	3,196,824	$	(24,891	)

Canadian 10 Yr Bond Futures		16	June 2026		1,380,318		2,728

E-Mini Russell 2000 Index Futures		28	June 2026		3,517,080		6,899

Euro STOXX 50 Index Futures		19	June 2026		1,206,765		(46,369	)

Euro-BOBL Futures		8	June 2026		1,067,358		(275	)

Euro-BTP Futures		8	June 2026		1,075,218		(33,575	)

Euro-Bund Futures		3	June 2026		434,796		(9,574	)

Euro-OAT Futures		7	June 2026		960,315		(26,466	)

FTSE 100 Index Futures		4	June 2026		539,976		(10,754	)

Long Gilt Futures		43	June 2026		4,996,552		(172,555	)

Mini Japan 10 Yr Government Bond Futures		8	June 2026		657,572		(7,263	)

MSCI Emerging Markets Index Futures		3	June 2026		218,190		(4,530	)

Nikkei 225 (OSE) Futures		3	June 2026		967,077		(15,913	)

S&P 500 E-Mini Futures		147	June 2026		48,295,013		(783,749	)

S&P Mid 400 E-Mini Futures		8	June 2026		2,717,200		19,649

S&P/TSX 60 Index Futures		5	June 2026		1,371,433		26,920

TOPIX Index Futures		1	June 2026		220,787		(3,753	)

U.S. Long Bond (CBT) Futures		9	June 2026		1,024,875		(31,583	)

U.S. T-Note 2 Yr (CBT) Futures		105	June 2026		21,781,758		(138,406	)

U.S. T-Note 5 Yr (CBT) Futures		346	June 2026		37,430,172		(359,684	)

U.S. T-Note 10 Yr (CBT) Futures		96	June 2026		10,660,500		(60,615	)

Sold Contracts

Australian 3 Yr Bond Futures		16	June 2026		1,144,267		2,472

Australian 10 Yr Bond Futures		14	June 2026		1,040,826		8,244

Canadian 10 Yr Bond Futures		19	June 2026		1,639,127		32,889

Euro STOXX 50 Index Futures		54	June 2026		3,429,754		40,988

Euro-BOBL Futures		1	June 2026		133,420		1,929

Euro-Bund Futures		31	June 2026		4,492,894		31,781

Euro-Schatz Futures		4	June 2026		488,925		3,867

FTSE 100 Index Futures		16	June 2026		2,159,904		(17,534	)



2026 Semi-Annual Report		47

Schedule of Investments (continued)


Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)


Japan 10 Yr Bond (OSE) Futures		17	June 2026	$	13,958,413	$	158,654

MSCI Emerging Markets Index Futures		33	June 2026		2,400,090		44,151

MSCI Singapore ETS Index Futures		3	April 2026		101,874		(282	)

OMXS 30 Index Futures		9	April 2026		277,606		7,607

SPI 200 Futures		12	June 2026		1,762,064		5,803

TOPIX Index Futures		8	June 2026		1,766,296		26,845

U.S. 10 Yr Ultra Futures		50	June 2026		5,675,781		92,493

U.S. Long Bond (CBT) Futures		20	June 2026		2,277,500		24,135

U.S. T-Note 2 Yr (CBT) Futures		2	June 2026		414,891		(878	)

U.S. Ultra Bond (CBT) Futures		2	June 2026		233,125		(1,504	)

						$	(1,212,099	)



FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)
Counterparty	Contracts to Deliver (000)		In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)

Bank of America NA	JPY	2,594,811		USD	16,528		04/10/2026	$	167,323

Bank of America NA	USD	1,129		CHF	879		04/16/2026		(28,238	)

Bank of America NA	USD	2,519		AUD	3,567		04/22/2026		(58,556	)

Bank of New York (The)	USD	2,284		EUR	1,980		04/16/2026		5,862

Barclays Capital, Inc.	USD	603		JPY	95,306		04/10/2026		(1,985	)

Barclays Capital, Inc.	USD	1,177		NZD	2,020		04/22/2026		(15,814	)

Barclays Capital, Inc.	GBP	805		USD	1,068		04/24/2026		2,587

BNP Paribas SA	GBP	822		USD	1,095		04/24/2026		7,767

Citibank NA	BRL	1,544		USD	298		04/02/2026		222

Citibank NA	USD	296		BRL	1,544		04/02/2026		2,258

Citibank NA	USD	1,133		JPY	174,912		04/10/2026		(30,121	)

Citibank NA	EUR	7,686		USD	9,224		04/16/2026		333,847

Citibank NA	CAD	8,230		USD	6,032		04/17/2026		111,499

Citibank NA	USD	1,043		CAD	1,420		04/17/2026		(21,561	)

Citibank NA	NZD	2,181		USD	1,298		04/22/2026		43,738

Citibank NA	GBP	992		USD	1,329		04/24/2026		16,414

Citibank NA	USD	403		INR	36,622		05/13/2026		(14,554	)

Citibank NA	COP	1,582,129		USD	428		05/14/2026		1,229

Citibank NA	USD	55		COP	206,677		05/14/2026		329

Citibank NA	EUR	9,442		USD	11,164		05/27/2026		222,874

Deutsche Bank AG	EUR	1,285		USD	1,543		04/16/2026		56,517

Goldman Sachs Bank USA	BRL	2,613		USD	504		04/02/2026		(545	)

Goldman Sachs Bank USA	USD	501		BRL	2,613		04/02/2026		3,823

Goldman Sachs Bank USA	EUR	2,224		USD	2,629		04/16/2026		56,367

Goldman Sachs Bank USA	USD	597		EUR	514		04/16/2026		(2,774	)

Goldman Sachs Bank USA	CAD	1,125		USD	825		04/17/2026		16,349

Goldman Sachs Bank USA	USD	825		AUD	1,167		04/17/2026		(20,450	)

Goldman Sachs Bank USA	USD	1,311		NZD	2,181		04/22/2026		(57,096	)



48		Sanford C. Bernstein Fund, Inc.


Counterparty	Contracts to Deliver (000)		In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)

Goldman Sachs Bank USA	GBP	8,037		USD	10,867		04/24/2026	$	229,163

Goldman Sachs Bank USA	USD	474		MYR	1,891		06/18/2026		(5,877	)

HSBC Bank USA	BRL	4,157		USD	796		04/02/2026		(6,081	)

HSBC Bank USA	USD	788		BRL	4,157		04/02/2026		14,027

HSBC Bank USA	USD	3,922		JPY	607,007		04/10/2026		(95,030	)

HSBC Bank USA	KRW	229,919		USD	159		04/14/2026		6,351

HSBC Bank USA	EUR	3,286		USD	3,850		04/16/2026		49,596

HSBC Bank USA	USD	1,222		EUR	1,054		04/16/2026		(3,746	)

HSBC Bank USA	USD	1,008		SEK	9,396		04/23/2026		(14,080	)

HSBC Bank USA	BRL	4,157		USD	784		05/05/2026		(14,061	)

HSBC Bank USA	USD	204		CLP	185,926		05/14/2026		(2,789	)

JPMorgan Chase Bank	USD	2,048		JPY	318,098		04/10/2026		(42,095	)

Morgan Stanley Capital Services, Inc.	CHF	2,501		USD	3,292		04/16/2026		159,064

Morgan Stanley Capital Services, Inc.	EUR	838		USD	962		04/16/2026		(6,669	)

Morgan Stanley Capital Services, Inc.	USD	2,307		EUR	1,923		04/16/2026		(83,143	)

Morgan Stanley Capital Services, Inc.	AUD	7,877		USD	5,487		04/22/2026		54,289

Morgan Stanley Capital Services, Inc.	PEN	752		USD	215		05/14/2026		(916	)

Morgan Stanley Capital Services, Inc.	MYR	1,885		USD	478		06/18/2026		11,602

Societe Generale	USD	1,507		GBP	1,136		04/24/2026		(3,541	)

Standard Chartered Bank	IDR	2,580,701		USD	152		04/23/2026		230

Standard Chartered Bank	INR	36,382		USD	394		05/13/2026		8,098

Standard Chartered Bank	PEN	430		USD	124		05/14/2026		199

Standard Chartered Bank	PEN	1,185		USD	340		05/14/2026		(279	)

State Street Bank & Trust Co.	JPY	91,378		USD	599		04/10/2026		21,746

State Street Bank & Trust Co.	JPY	16,907		USD	106		04/10/2026		(610	)

State Street Bank & Trust Co.	USD	1,289		JPY	205,494		04/10/2026		6,340

State Street Bank & Trust Co.	USD	271		JPY	42,682		04/10/2026		(2,639	)

State Street Bank & Trust Co.	EUR	1,395		USD	1,649		04/16/2026		38,090

State Street Bank & Trust Co.	EUR	411		USD	474		04/16/2026		(1,734	)

State Street Bank & Trust Co.	USD	685		EUR	596		04/16/2026		2,849

State Street Bank & Trust Co.	USD	2,518		EUR	2,132		04/16/2026		(54,397	)

State Street Bank & Trust Co.	CAD	2,290		USD	1,679		04/17/2026		31,187

State Street Bank & Trust Co.	USD	149		CAD	208		04/17/2026		176

State Street Bank & Trust Co.	USD	717		CAD	992		04/17/2026		(2,706	)

State Street Bank & Trust Co.	AUD	1,033		USD	727		04/22/2026		13,822

State Street Bank & Trust Co.	NZD	44		USD	26		04/22/2026		908

State Street Bank & Trust Co.	USD	972		AUD	1,415		04/22/2026		4,276

State Street Bank & Trust Co.	USD	88		AUD	126		04/22/2026		(1,476	)

State Street Bank & Trust Co.	USD	26		NZD	44		04/22/2026		(323	)

State Street Bank & Trust Co.	NOK	464		USD	49		04/23/2026		890

State Street Bank & Trust Co.	SEK	2,248		USD	253		04/23/2026		15,035

State Street Bank & Trust Co.	USD	75		IDR	1,267,966		04/23/2026		(268	)

State Street Bank & Trust Co.	USD	241		SEK	2,248		04/23/2026		(3,222	)

State Street Bank & Trust Co.	GBP	276		USD	368		04/24/2026		2,252

State Street Bank & Trust Co.	JPY	20,505		USD	130		04/24/2026		536

State Street Bank & Trust Co.	USD	363		GBP	272		04/24/2026		(3,381	)



2026 Semi-Annual Report		49

Schedule of Investments (continued)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)

State Street Bank & Trust Co.	USD	814		ZAR	13,117		04/24/2026	$	(40,511	)

State Street Bank & Trust Co.	ZAR	16,271		USD	996		04/24/2026		35,987

State Street Bank & Trust Co.	ZAR	1,631		USD	96		04/24/2026		(575	)

State Street Bank & Trust Co.	USD	38		COP	141,632		05/14/2026		(9	)

State Street Bank & Trust Co.	HUF	221,244		USD	659		05/20/2026		(3,541	)

State Street Bank & Trust Co.	PLN	486		USD	132		05/20/2026		804

State Street Bank & Trust Co.	USD	102		HUF	34,553		05/20/2026		1,653

State Street Bank & Trust Co.	MXN	3,549		USD	201		05/21/2026		3,366

State Street Bank & Trust Co.	THB	24,459		USD	772		05/22/2026		27,079

State Street Bank & Trust Co.	USD	540		CNH	3,718		05/22/2026		2,399

UBS	USD	2,504		JPY	381,170		04/10/2026		(100,680	)

UBS	IDR	15,236,171		USD	902		04/23/2026		4,490

UBS	CNH	18,745		USD	2,729		05/22/2026		(1,933	)

								$	1,047,503



CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)
Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2026			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 46, 5 Year Index, 06/20/2031*		(5.00	)%		Quarterly		3.86	%		USD	910	$	(45,092	)	$	(36,680	)	$	(8,412	)
iTraxx Australia Series 45, 5 Year Index, 06/20/2031*		(1.00	)		Quarterly		0.92			USD	4,960		(21,163	)		(31,178	)		10,015
Malaysia, 06/20/2031*		(1.00	)		Quarterly		0.48			USD	6,590		(165,205	)		(153,341	)		(11,864	)

Sale Contracts
CDX-NAHY Series 45, 5 Year Index, 12/20/2030*		5.00			Quarterly		3.65			USD	180		9,785			10,233			(448	)
CDX-NAHY Series 46, 5 Year Index, 06/20/2031*		5.00			Quarterly		3.86			USD	1,197		59,313			56,632			2,681
CDX-NAIG Series 46, 5 Year Index, 06/20/2031*		1.00			Quarterly		0.63			USD	4,960		87,314			83,322			3,992
iTraxx XOVER Series 45, 5 Year Index, 06/20/2031*		5.00			Quarterly		3.53			EUR	100		7,446			7,675			(229	)

												$	(67,602	)	$	(63,337	)	$	(4,265	)

* Termination date



	CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)
Notional Amount (000)			Termination Date		Rate Type		Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Notional Amount (000)			Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
	USD	2,460		04/15/2026	2.530%	CPI#	Maturity	$	6,437	$	—	$	6,437
	USD	6,245		07/08/2027	2.770%	CPI#	Maturity		161,818		—		161,818
	USD	6,245		07/08/2027	2.778%	CPI#	Maturity		159,325		—		159,325
	USD	4,160		07/15/2027	2.753%	CPI#	Maturity		102,701		—		102,701

								$	430,281	$	—	$	430,281



50		Sanford C. Bernstein Fund, Inc.



	CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)
			Termination Date		Rate Type		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Notional Amount (000)			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	1,990		04/27/2026	1.570%	1 Day SOFR	Annual	$	49,744		$	3,789	$	45,955
	USD	840		10/04/2026	1.150%	1 Day SOFR	Annual		22,201			12,533		9,668
	USD	420		11/08/2026	1.450%	1 Day SOFR	Annual		9,607			6,592		3,015
	USD	420		11/09/2026	1.505%	1 Day SOFR	Annual		9,349			6,452		2,897
	USD	1,040		04/04/2027	2.240%	1 Day SOFR	Annual		34,356			19,043		15,313
	USD	580		04/26/2027	2.110%	1 Day SOFR	Annual		20,293			11,623		8,670
	USD	10,260		06/05/2027	0.343%	1 Day SOFR	Annual		712,294			421,677		290,617
	USD	6,030		07/20/2027	1.885%	1 Day SOFR	Annual		227,034			162,006		65,028
	BRL	3,590		01/02/2029	1 Day CDI	12.618%	Maturity		(14,759	)		—		(14,759	)
	BRL	1,557		01/02/2029	1 Day CDI	12.682%	Maturity		(6,031	)		—		(6,031	)
	BRL	1,508		01/02/2029	1 Day CDI	13.220%	Maturity		(2,547	)		—		(2,547	)
	BRL	1,386		01/02/2029	1 Day CDI	13.020%	Maturity		(3,361	)		—		(3,361	)
	BRL	1,321		01/02/2029	1 Day CDI	12.490%	Maturity		(5,772	)		—		(5,772	)
	BRL	1,321		01/02/2029	1 Day CDI	12.555%	Maturity		(5,443	)		—		(5,443	)
	USD	1,360		09/27/2029	1.300%	1 Day SOFR	Annual		119,425			107,537		11,888
	USD	1,830		12/13/2029	1.537%	1 Day SOFR	Annual		141,224			100,822		40,402
	CNY	9,158		02/20/2030	China 7-Day Reverse Repo Rate	1.602%	Quarterly		1,547			—		1,547
	CNY	6,221		04/03/2030	China 7-Day Reverse Repo Rate	1.591%	Quarterly		891			—		891
	CNY	5,759		04/03/2030	China 7-Day Reverse Repo Rate	1.583%	Quarterly		549			—		549
	USD	15,740		05/21/2031	1.395%	1 Day SOFR	Annual		2,006,605			1,629,290		377,315
	NZD	1,088		03/18/2035	3 Month BKBM	4.153%	Quarterly/Semi-Annual		(6,578	)		—		(6,578	)
	NZD	552		03/18/2035	3 Month BKBM	4.155%	Quarterly/Semi-Annual		(3,277	)		—		(3,277	)
	USD	1,010		11/10/2035	2.390%	1 Day SOFR	Annual		123,513			95,521		27,992
	NZD	290		12/05/2035	3 Month BKBM	3.980%	Quarterly/Semi-Annual		(2,977	)		—		(2,977	)

								$	3,427,887		$	2,576,885	$	851,002

TOTAL RETURN SWAPS (see Note 3)

Counterparty & Referenced Obligation

Rate Paid/
Received

Payment
Frequency

Current
Notional
(000)

Maturity
Date

Unrealized
Appreciation
(Depreciation)

Pay Total Return on Reference Obligation

Morgan Stanley Capital Services LLC

Swiss Market Index Futures

0.00

Maturity

CHF

507

06/19/2026

5,632



REVERSE REPURCHASE AGREEMENTS (see Note 3)
Broker	Currency		Principal Amount (000)	Interest Rate			Maturity		U.S. $ Value at March 31, 2026
HSBC Securities (USA), Inc.^†		USD	1,961		3.77	%		—	$	2,019,254

^† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on March 31, 2026.



2026 Semi-Annual Report		51

Schedule of Investments (continued)

The type of underlying collateral and the remaining maturity of open reverse repurchase agreements on the statements of assets and liabilities is as follows:


	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Inflation-Linked Securities	$	2,019,254	$	—	$	—	$	—	$	2,019,254

(a)

(b)

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

(c)

Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

(d)

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

(e)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at March 31, 2026.

(f)

(g)

Affiliated investments.

(h)

Non-income producing security.

(i)

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

(j)

Fair valued by the Adviser.

(k)

Defaulted.

(l)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.37% of net assets as of March 31, 2026, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost	Market Value		Percentage of Net Assets

GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021-09/06/2022	$ 1,031,097	$	1,018,002		0.35	%

GSF 2021 1 Issuer LLC 08/26 1 Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021-04/01/2021	39,077		38,049		0.01	%
Tricolor Auto Securitization Trust Series 2024-2A, Class A 6.36%, 12/15/2027		05/14/2024	16,989		15,884		0.01	%

(m)

Inverse interest only security.

(n)

IO—Interest Only.

(o)

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

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Yuan Renminbi (Offshore)

CNY—Chinese Yuan Renminbi

COP—Colombian Peso

EUR—Euro

GBP—Great British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Sol

PLN—Polish Zloty

SEK—Swedish Krona

THB—Thailand Baht

USD—United States Dollar

ZAR—South African Rand

Glossary:

ABS—Asset-Backed Securities

ADR—American Depositary Receipt

BKBM—Bank Bill Benchmark (New Zealand)

BOBL—Bundesobligationen

BTP—Buoni del Tesoro Poliennali

CBT—Chicago Board of Trade

CDI—CHESS Depositary Interest

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

CDX-NAIG—North American Investment Grade Credit Default Swap Index

CLO—Collateralized Loan Obligations

CMBS—Commercial Mortgage-Backed Securities

CME—Chicago Mercantile Exchange

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

ETS—Emission Trading Scheme

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

OAT—Obligations Assimilables du Trésor



52		Sanford C. Bernstein Fund, Inc.

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

REG—Registered Shares

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

SOFR—Secured Overnight Financing Rate

SPI—Share Price Index

TBA—To Be Announced

TIPS—Treasury Inflation Protected Security

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.



2026 Semi-Annual Report		53

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Tax-Aware Overlay B Portfolio

March 31, 2026 (Unaudited)



	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS–65.7%

Long-Term Municipal Bonds–62.2%
Alabama–2.7%
Black Belt Energy Gas District (Goldman Sachs Group) Series 2025-G 5.00%, 10/01/2035	$	1,000	$	1,041,595
Series 2026-E 5.00%, 07/01/2033		1,000		1,045,291
Black Belt Energy Gas District (Pacific Life Insurance) Series 2025-D 5.00%, 12/01/2055		1,945		2,057,988
Energy Southeast A Cooperative District (Goldman Sachs Group) Series 2025-A 5.00%, 11/01/2035		1,000		1,040,336
Southeast Energy Authority A Cooperative District (BP PLC) Series 2025-F 5.25%, 11/01/2055		355		383,188
Southeast Energy Authority A Cooperative District (JPMorgan Chase & Co.) Series 2025-E 5.00%, 10/01/2030		1,000		1,061,068
Southeast Energy Authority A Cooperative District (Morgan Stanley) Series 2021-B 4.00%, 12/01/2051		2,000		2,009,830
Southeast Energy Authority A Cooperative District (New York Life Insurance) Series 2025 5.00%, 09/01/2035		1,000		1,076,246
Southeast Energy Authority A Cooperative District (Royal Bank of Canada) Series 2023-B 5.00%, 01/01/2054		1,000		1,049,415
Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group) Series 2023-A 5.25%, 01/01/2054		1,100		1,153,704

				11,918,661

American Samoa–0.1%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028(a)		520		538,938

Arizona–1.7%
Arizona Industrial Development Authority (Equitable School Revolving Fund Obligated Group) Series 2020 4.00%, 11/01/2038		600		596,338
4.00%, 11/01/2039		750		739,525
5.00%, 11/01/2035		850		898,027
Chandler Industrial Development Authority (Intel Corp.) Series 2022 5.00%, 09/01/2052		2,000		2,031,840
Series 2024 4.00%, 06/01/2049		1,000		1,012,722
City of Glendale AZ (City of Glendale AZ COP) Series 2021 2.062%, 07/01/2029		1,000		937,296
City of Tempe AZ (City of Tempe AZ COP) Series 2021 2.171%, 07/01/2033		1,475		1,258,584

				7,474,332

California–14.8%
Bay Area Toll Authority (Bay Area Toll Authority) Series 2021 2.72% (MUNIPSA + 0.30%), 04/01/2056(b)		2,000		1,986,874
2.83% (MUNIPSA + 0.41%), 04/01/2056(b)		2,000		1,974,076
California Community Choice Financing Authority (American General Life Insurance) Series 2023-D 5.50%, 05/01/2054		2,000		2,091,497
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054		1,000		1,057,806
California Community Choice Financing Authority (Morgan Stanley) Series 2023 4.075% (SOFR + 1.63%), 07/01/2053(b)		2,200		2,225,026
4.115% (SOFR + 1.67%), 02/01/2054(b)		1,000		1,013,833
5.00%, 02/01/2054		1,000		1,056,206



54		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)		U.S. $ Value
California Community Choice Financing Authority (Pacific Life Insurance) Series 2025B 5.00%, 03/01/2056	$	1,000	$	1,076,347
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021-A 4.00%, 08/01/2047(a)		1,500		1,176,090
California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) Series 2021 4.00%, 02/01/2050(a)		595		436,612
California Enterprise Development Authority (Rocketship Education Obligated Group) Series 2022 4.00%, 06/01/2031(a)		540		533,382
California Health Facilities Financing Authority (Sutter Health) Series 2018-A 5.00%, 11/15/2030		900		934,159
California Housing Finance Agency (CAHFA 2019-2) Series 2019-2, Class A 4.00%, 03/20/2033		1,636		1,667,022
California Housing Finance Agency (CAHFA 2021-1) Series 2021-1, Class A 3.50%, 11/20/2035		1,843		1,814,036
California Housing Finance Agency (CAHFA 2021-2) Series 2021-2, Class A 3.75%, 03/25/2035		1,872		1,884,070
Series 2021-2, Class X 0.825%, 03/25/2035(c)		2,808		104,121
California Infrastructure & Economic Development Bank (Desertxpress Enterprises) Series 2025 3.50%, 01/01/2065(a)		1,000		1,000,472
California Municipal Finance Authority (LAX Integrated Express Solutions) Series 2018 5.00%, 12/31/2028		1,700		1,762,880
California Municipal Finance Authority (Waste Management, Inc.) Series 2019-A 2.40%, 10/01/2044		4,710		4,567,728
California Pollution Control Financing Authority (San Diego County Water Authority Desalination Project Pipeline) Series 2019 5.00%, 07/01/2029(a)		385		396,046
California Public Finance Authority (California University of Science & Medicine Obligated Group) Series 2019 6.25%, 07/01/2054(a)		1,000		1,032,264
California School Finance Authority (Classical Academy Obligated Group) Series 2022 5.00%, 10/01/2042(a)		1,000		1,010,178
California School Finance Authority (Fenton Charter Public Schools) Series 2020-A 4.00%, 07/01/2030(a)		510		507,290
California School Finance Authority (Rocketship Education Obligated Group) Series 2015-A 4.25%, 03/01/2028(a)		275		275,013
California State University (California State University) Series 2020-D 1.49%, 11/01/2028		400		374,843
Series 2021-B 2.374%, 11/01/2035		1,000		817,691
California Statewide Communities Development Authority (Lancer Educational Housing) Series 2019 5.00%, 06/01/2034(a)		375		384,898
California Statewide Communities Development Authority (Loma Linda University Medical Center) Series 2018-A 5.00%, 12/01/2028(a)		500		518,462
California Statewide Communities Development Authority (NCCD-Hooper Street LLC) Series 2019 5.00%, 07/01/2029(a)		180		183,157
City of Fremont CA Community Facilities District No. 1 (City of Fremont CA Community Facilities District No. 1) Series 2015 5.00%, 09/01/2028		1,505		1,514,807
City of Los Angeles Department of Airports (City of Los Angeles Dept. of Airports) Series 2019 5.00%, 05/15/2031		485		512,462



2026 Semi-Annual Report		55

Schedule of Investments (continued)



	Principal Amount (000)		U.S. $ Value
Series 2022-A 5.00%, 05/15/2035	$	1,000	$	1,083,188
City of Los Angeles Department of Airports (Prerefunded—US Treasuries) Series 2016-A 5.00%, 05/15/2026		215		215,582
City of Roseville CA (City of Roseville CA Fiddyment Ranch Community Facilities District No. 1) Series 2017 5.00%, 09/01/2031		1,000		1,019,824
City of Roseville CA (HP Campus Oaks Community Facilities District No. 1) Series 2016 5.00%, 09/01/2031		305		306,771
CMFA Special Finance Agency VIII Elan Huntington Beach (CMFA Special Finance Agency VIII Elan Huntington Beach) Series 2021 4.00%, 08/01/2047(a)		100		91,353
Coronado Community Development Agency Successor Agency (Coronado Community Development Agency Successor Agency) Series 2018-A 5.00%, 09/01/2033		470		470,538
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.60%, 05/01/2047(a)		1,000		826,298
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) Series 2021 3.35%, 04/01/2047(a)		475		405,432
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2046(a)		1,000		811,340
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.375%, 07/01/2043(a)		1,300		1,093,491
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) Series 2021 2.65%, 12/01/2046(a)		940		789,605
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 3.50%, 05/01/2047(a)		2,700		2,284,077
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 4.00%, 10/01/2048(a)		1,000		772,043
Los Angeles Department of Water & Power (Los Angeles Dept. of Water & Power Power System Revenue) Series 2024-A 5.00%, 07/01/2039		1,000		1,076,393
Series 2024-B 5.00%, 07/01/2039		1,000		1,076,393
Los Angeles Department of Water & Power Power System Revenue (Los Angeles Dept. of Water & Power Power System Revenue) Series 2020-B 5.00%, 07/01/2028		365		381,558
5.00%, 07/01/2029		455		483,321
Middle Fork Project Finance Authority (Middle Fork Project Finance Authority) Series 2020 5.00%, 04/01/2033		450		473,216
Oakland Unified School District/Alameda County (Oakland Unified School District/Alameda County) Series 2015-A 5.00%, 08/01/2026		1,025		1,025,573
River Islands Public Financing Authority (River Islands Public Financing Authority Cmnty Facs District No. 2003-1 Area 1)
Series 2022 4.50%, 09/01/2037		1,000		1,001,722
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 3.202% (CME Term SOFR 3 Month + 0.57%), 06/01/2039(b)		5,125		4,888,879



56		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)		U.S. $ Value
San Joaquin Valley Clean Energy Authority (Goldman Sachs Group) Series 2025 5.50%, 01/01/2056	$	2,000	$	2,177,979
Saugus/Hart School Facilities Financing Authority (Saugus Union School District Community Facilities District No. 06-01) Series 2016 5.00%, 09/01/2027		750		753,845
Southern California Public Power Authority (American General Life Insurance) Series 2024-A 5.00%, 04/01/2055		1,400		1,459,390
Southern California Public Power Authority (Los Angeles Dept. of Water & Power Power System Revenue) Series 2023 5.00%, 07/01/2039		1,000		1,072,113
State of California (State of California) Series 2023 6.00%, 03/01/2033		1,000		1,080,318
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization) Series 2019 5.00%, 06/01/2030		960		1,027,260
University of California (University of California) Series 2023-B 4.693%, 05/15/2033		1,500		1,523,814

				65,560,664

Colorado–1.2%
City & County of Denver CO Airport System Revenue (Denver Intl Airport) Series 2018-A 5.00%, 12/01/2032		1,615		1,680,963
5.00%, 12/01/2036		1,500		1,651,712
Johnstown Plaza Metropolitan District (Johnstown Plaza Metropolitan District) Series 2022 4.25%, 12/01/2046		500		482,189
Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado (Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado) Series 2025-A 5.00%, 04/01/2035(a)		1,000		1,070,480
Vauxmont Metropolitan District (Vauxmont Metropolitan District) AG Series 2019 3.25%, 12/15/2050		102		88,064
AG Series 2020 5.00%, 12/01/2027		105		108,456
5.00%, 12/01/2033		110		116,090
5.00%, 12/01/2050		300		301,070

				5,499,024

District of Columbia–0.6%
Metropolitan Washington Airports Authority Aviation Revenue (Metropolitan Washington Airports Authority Aviation Revenue) Series 2018-A 5.00%, 10/01/2030		1,910		1,995,590
Series 2025-A 5.00%, 10/01/2035		390		432,274

				2,427,864

Florida–3.5%
County of Miami-Dade FL Aviation Revenue (County of Miami-Dade FL Aviation Revenue) Series 2024-A 5.00%, 10/01/2031		1,020		1,108,866
5.00%, 10/01/2034		2,000		2,215,734
County of Osceola FL Transportation Revenue (County of Osceola FL Transportation Revenue) Series 2020-A Zero Coupon, 10/01/2030		100		83,898
Zero Coupon, 10/01/2031		100		80,236
Zero Coupon, 10/01/2032		200		153,386
Zero Coupon, 10/01/2034		100		69,610
County of Pasco FL (H Lee Moffitt Cancer Center & Research Institute Obligated Group) Series 2023 5.00%, 07/01/2030(a)		1,000		1,067,678
Greater Orlando Aviation Authority (Greater Orlando Aviation Authority) Series 2019-A 5.00%, 10/01/2044		1,000		1,017,887
Series 2024 5.00%, 10/01/2037		3,000		3,253,292
Hillsborough County Aviation Authority (Hillsborough County Aviation Authority) Series 2024 5.25%, 10/01/2042		1,000		1,077,464



2026 Semi-Annual Report		57

Schedule of Investments (continued)



	Principal Amount (000)		U.S. $ Value
Lakewood Ranch Stewardship District (Lakewood Ranch Stewardship District Series 2020 Assessment Country Club East) AG Series 2020 2.50%, 05/01/2033	$	1,830	$	1,626,408
North Broward Hospital District (North Broward Hospital District) Series 2017-B 5.00%, 01/01/2031		3,590		3,704,728
Polk County Industrial Development Authority/FL (Mineral Development LLC) Series 2020 5.875%, 01/01/2033(d)(e)(f)(g)(h)		950		190,000

				15,649,187

Georgia–1.5%
City of Atlanta GA Department of Aviation (City of Atlanta GA Dept. of Aviation) Series 2021-A 5.00%, 07/01/2029		640		687,610
Series 2021-B 5.00%, 07/01/2029		600		644,634
Series 2021-C 5.00%, 07/01/2035		2,350		2,516,111
Fayette County Development Authority (United States Soccer Federation) Series 2024 5.00%, 10/01/2030		400		424,769
Main Street Natural Gas, Inc. (Citigroup, Inc.) Series 2024-C 5.00%, 12/01/2054		2,000		2,110,574
Municipal Electric Authority of Georgia (Municipal Electric Authority of Georgia) Series 2019 5.00%, 01/01/2028		180		187,613

				6,571,311

Guam–0.6%
Antonio B Won Pat International Airport Authority (Antonio B Won Pat Intl Airport Authority) Series 2021-A 2.899%, 10/01/2027		200		195,787
3.099%, 10/01/2028		100		96,730
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2026		100		101,089
5.00%, 12/01/2029		245		247,026
5.00%, 12/01/2030		390		393,019
5.00%, 12/01/2032		360		362,401
Territory of Guam (Territory of Guam Hotel Occupancy Tax) Series 2021-A 5.00%, 11/01/2040		1,000		1,033,266
Territory of Guam (Territory of Guam) Series 2019 5.00%, 11/15/2031		250		261,099

				2,690,417

Hawaii–0.2%
State of Hawaii Airports System Revenue (State of Hawaii Airports System Revenue) Series 2025-C 5.00%, 07/01/2041		1,000		1,063,461

Illinois–1.9%
Chicago Board of Education (Chicago Board of Education) Series 2010 6.319%, 11/01/2029		1,000		988,517
Series 2025-B 6.00%, 12/01/2038		1,000		1,081,641
Chicago O’Hare International Airport (Chicago O’Hare Intl Airport) Series 2024-C 5.00%, 01/01/2033		1,500		1,638,724
Illinois Finance Authority (Centerpoint Joliet Terminal Railroad) Series 2025 4.80%, 12/01/2043(a)		1,000		1,006,744
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2034		100		98,210
Illinois Housing Development Authority (Circle Park Preservation) Series 2024-H 4.00%, 01/01/2042		1,000		951,769
Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority) Series 2017-B 5.00%, 12/15/2030		1,400		1,436,758
State of Illinois (State of Illinois) Series 2024-B 5.25%, 05/01/2043		1,000		1,053,053

				8,255,416



58		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)		U.S. $ Value
Indiana–0.7%
City of Fort Wayne IN (Do Good Foods Fort Wayne Obligated Group) 10.75%, 12/01/2029(e)(h)	$	27	$	2
City of Whiting IN (BP PLC) Series 2023 4.40%, 11/01/2045		2,000		2,081,037
Indiana Finance Authority (Indiana University Health Obligated Group) Series 2023-B 5.00%, 10/01/2062		1,000		1,045,532

				3,126,571

Kentucky–1.3%
City of Ashland KY (Royal Blue Health Obligated Group) Series 2019 5.00%, 02/01/2027		380		385,779
5.00%, 02/01/2030		255		270,226
5.00%, 02/01/2031		295		312,629
Kenton County Airport Board (Cincinnati/Northern Kentucky Intl Airport) Series 2024-A 5.25%, 01/01/2044		1,210		1,271,765
Kentucky Economic Development Finance Authority (Owensboro Health Obligated Group) Series 2017-A 5.00%, 06/01/2031		3,445		3,480,467

				5,720,866

Louisiana–0.8%
Louisiana Local Government Environmental Facilities & Community Development Auth (LCDA 2023-ELL) Series 2023-ELL, Class A1 5.081%, 06/01/2031		823		833,934
Louisiana Local Government Environmental Facilities & Community Development Auth (St. James Place of Baton Rouge) Series 2015-A 6.00%, 11/15/2030		1,550		1,555,572
Parish of St. James LA (NuStar Logistics LP) Series 2020 6.10%, 06/01/2038(a)		515		563,558
6.10%, 12/01/2040(a)		500		547,061

				3,500,125

Massachusetts–0.8%
Commonwealth of Massachusetts (Commonwealth of Massachusetts) Series 2022-B 4.11%, 07/15/2031		346		345,554
Massachusetts Bay Transportation Authority Sales Tax Revenue (Massachusetts Bay Transportation Authority Sales Tax Revenue) Series 2025-B 5.00%, 07/01/2045		1,000		1,073,675
Massachusetts Water Resources Authority (Massachusetts Water Resources Authority) Series 2024-C 5.00%, 08/01/2040		2,000		2,203,369

				3,622,598

Michigan–2.5%
City of Detroit MI (City of Detroit MI) Series 2018 5.00%, 04/01/2028		1,475		1,522,609
5.00%, 04/01/2029		1,000		1,031,716
5.00%, 04/01/2030		600		618,308
Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) Series 2020-A 3.267%, 06/01/2039		870		826,597
Michigan Strategic Fund (Michigan Strategic Fund–I 75 Improvement Project)
Series 2018 5.00%, 06/30/2030		2,000		2,066,647
5.00%, 06/30/2033		1,090		1,118,967
South Lyon Community Schools (South Lyon Community Schools) Series 2016 5.00%, 05/01/2028		3,640		3,646,836

				10,831,680

Minnesota–0.2%
Minneapolis-St. Paul Metropolitan Airports Commission (Minneapolis-St Paul Metropolitan Airports Commission) Series 2024 5.25%, 01/01/2044		1,000		1,050,377

Mississippi–0.2%
Mississippi Development Bank (Magnolia Regional Health Center) Series 2021 4.00%, 10/01/2035(a)		1,100		991,502



2026 Semi-Annual Report		59

Schedule of Investments (continued)



	Principal Amount (000)		U.S. $ Value
Missouri–0.1%
Howard Bend Levee District (Howard Bend Levee District) XLCA Series 2005 5.75%, 03/01/2027	$	255	$	260,461

Nevada–0.3%
Las Vegas Valley Water District (Las Vegas Valley Water District) Series 2025-A 5.00%, 06/01/2045		1,350		1,443,495

New Hampshire–1.4%
New Hampshire Business Finance Authority (Bridgeland Water & Utility Districts 490, 491 & 158) Series 2024 5.375%, 12/15/2035(a)		741		740,901
New Hampshire Business Finance Authority (NFA 2020-1) Series 2020-1, Class A 4.125%, 01/20/2034		1,618		1,621,725
New Hampshire Business Finance Authority (NFA 2022-1) Series 2022-1, Class A 4.375%, 09/20/2036		1,900		1,910,405
Series 2022-1, Class X 0.303%, 09/20/2036(c)		3,562		65,104
New Hampshire Business Finance Authority (NFA 2022-2) Series 2022-2, Class A 4.00%, 10/20/2036		1,904		1,875,890
New Hampshire Business Finance Authority (NFA 2024-2) Series 2024-2, Class X
0.511%, 08/20/2039(c)		986		37,419

				6,251,444

New Jersey–1.8%
New Jersey Economic Development Authority (United Airlines, Inc.) Series 2012 5.25%, 09/15/2029		925		926,074
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2018-A 5.00%, 06/15/2029		1,630		1,637,206
5.00%, 06/15/2030		1,675		1,682,010
New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) Series 2018-A 5.00%, 12/15/2029		160		169,424
New Jersey Turnpike Authority (New Jersey Turnpike Authority) Series 2024-C 5.00%, 01/01/2043		1,000		1,073,434
Tobacco Settlement Financing Corp./NJ (Tobacco Settlement Financing Corp/NJ) Series 2018-A 5.00%, 06/01/2028		2,450		2,547,684

				8,035,832

New York–8.0%
Albany County Airport Authority (Albany County Airport Authority) Series 2020-B 5.00%, 12/15/2026		145		147,076
Build NYC Resource Corp. (East Harlem Scholars Academy Charter School Obligated Group) Series 2022 5.75%, 06/01/2042(a)		495		500,206
Build NYC Resource Corp. (Integration Charter Schools) Series 2021 5.00%, 06/01/2041(a)		300		265,452
Build NYC Resource Corp. (Metropolitan College of New York) 5.25%, 11/01/2029		361		289,169
City of New York NY (City of New York NY) Series 2021 1.396%, 08/01/2027		1,385		1,338,715
Dutchess County Local Development Corp. (Bard College) Series 2020-B 5.918%, 07/01/2039		860		858,900
Empire State Development Corp. (State of New York Pers Income Tax) Series 2022 5.00%, 09/15/2029		275		297,347
Hempstead Town Local Development Corp. (Evergreen Charter School) Series 2022-A 5.25%, 06/15/2042		1,000		1,010,675



60		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)		U.S. $ Value
Metropolitan Transportation Authority (Metropolitan Transportation Authority) Series 2016-A 5.00%, 11/15/2028	$	1,540	$	1,559,082
Monroe County Industrial Development Corp./NY (Academy of Health Sciences Charter School) Series 2022 5.00%, 07/01/2032(a)		370		378,076
Monroe County Industrial Development Corp./NY (Rochester Regional Health Obligated Group) Series 2020 5.00%, 12/01/2030		955		1,018,100
New York City Transitional Finance Authority Future Tax Secured Revenue (New York City Transitional Finance Authority Future Tax Secured Revenue) Series 2025 5.00%, 05/01/2045		1,000		1,054,001
New York Energy Finance Development Corp. (Athene Annuity & Life Co.) Series 2025 5.00%, 07/01/2056		1,000		1,020,889
New York Liberty Development Corp. (3 World Trade Center LLC) Series 2014 5.375%, 11/15/2040(a)		350		348,111
7.25%, 11/15/2044(a)		100		100,084
New York Liberty Development Corp. (One Bryant Park LLC) Series 2019 2.45%, 09/15/2069		2,755		2,618,319
2.625%, 09/15/2069		320		300,291
2.80%, 09/15/2069		4,620		4,314,705
New York State Dormitory Authority (Northwell Health Obligated Group) Series 2022 4.00%, 05/01/2039		1,000		969,481
New York State Dormitory Authority (Wagner College) Series 2022 5.00%, 07/01/2037		1,000		925,574
New York State Thruway Authority (State of New York Pers Income Tax) Series 2025-A 5.00%, 03/15/2045		1,000		1,062,215
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 5.00%, 01/01/2032		1,495		1,528,240
New York Transportation Development Corp. (JFK Intl Air Terminal) Series 2022 4.00%, 12/01/2042		2,000		1,826,970
5.00%, 12/01/2040		1,000		1,034,486
New York Transportation Development Corp. (JFK NTO LLC) AG Series 2024 4.25%, 06/30/2042		1,675		1,592,264
Port Authority of New York & New Jersey (Port Authority of New York & New Jersey) Series 2019 5.00%, 11/01/2031		1,455		1,539,216
Suffolk Tobacco Asset Securitization Corp. (Suffolk Tobacco Asset Securitization) Series 2021 4.00%, 06/01/2050		395		348,676
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021-A 2.411%, 05/15/2034		1,000		854,540
Series 2022 5.00%, 05/15/2034		500		556,154
Series 2026 5.00%, 02/01/2028		3,500		3,652,310
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute) Series 2020 5.00%, 09/01/2031		305		327,170
5.00%, 09/01/2032		415		443,587
5.00%, 09/01/2033		1,000		1,064,252

				35,144,333

Ohio–1.9%
Columbus Regional Airport Authority (Columbus Regional Airport Authority) Series 2025 5.00%, 01/01/2037		1,000		1,079,756
County of Cuyahoga OH (MetroHealth System/The) Series 2017 5.00%, 02/15/2028		3,000		3,031,899



2026 Semi-Annual Report		61

Schedule of Investments (continued)



	Principal Amount (000)		U.S. $ Value
County of Washington OH (Marietta Area Health Care Obligated Group) Series 2022 6.375%, 12/01/2037	$	1,000	$	1,063,106
Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group) Series 2022 5.00%, 01/01/2034		360		380,195
5.25%, 01/01/2035		750		804,054
5.25%, 01/01/2038		1,110		1,169,647
5.25%, 01/01/2039		780		817,066

				8,345,723

Oklahoma–0.4%
Oklahoma Development Finance Authority (Oklahoma Development Finance Authority) Series 2022 4.38%, 11/01/2045		1,000		945,549
Oklahoma Development Finance Authority (OU Medicine Obligated Group) Series 2022-A 5.50%, 08/15/2037		1,000		1,035,084

				1,980,633

Other–1.3%
Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2021-ML10) Series 2021-ML10, Class ACA 2.046%, 06/25/2038		937		774,912
Series 2021-ML10, Class AUS 2.032%, 01/25/2038		1,199		961,524
Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2024-ML22) Series 2024-ML22, Class AUS 4.27%, 10/25/2040		985		999,335
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates (FHLM) 4.759%, 08/25/2041		992		1,029,198
Federal Home Loan Mortgage Corp. VA FEDMFH (FMMV M051) Series M051, Class A 2.65%, 06/15/2035		2,131		1,800,507

				5,565,476

Pennsylvania–2.5%
Commonwealth of Pennsylvania (Commonwealth of Pennsylvania) Series 2026 5.00%, 04/01/2027		1,250		1,281,018
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Dept. of Transportation) Series 2022 5.50%, 06/30/2041		3,300		3,500,711
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) Series 2022-C 3.12% (MUNIPSA + 0.70%), 11/15/2047(b)		2,000		1,992,452
Pennsylvania State University (The) (Pennsylvania State University) Series 2025 5.00%, 09/01/2044		1,000		1,076,202
Philadelphia Authority for Industrial Development (MaST Community Charter School III) Series 2021 5.00%, 08/01/2030		540		552,442
Pittsburgh Water & Sewer Authority (Pittsburgh Water & Sewer Authority) AG Series 2023-C 3.341% (SOFR + 0.80%), 09/01/2040(a)(b)		2,500		2,481,743

				10,884,568

Puerto Rico–1.2%
Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority) AG Series 2007-V 5.25%, 07/01/2031		1,240		1,261,279
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) Series 2023-A 6.625%, 01/01/2027		458		456,690
6.625%, 01/01/2028		3,494		3,476,045

				5,194,014

South Carolina–1.4%
Patriots Energy Group Financing Agency (Royal Bank of Canada) Series 2023 5.25%, 02/01/2054		5,000		5,337,518



62		Sanford C. Bernstein Fund, Inc.



	Principal Amount (000)		U.S. $ Value
South Carolina Public Service Authority (South Carolina Public Service Authority) Series 2024-A 5.00%, 12/01/2044	$	1,000	$	1,056,071

				6,393,589

Tennessee–1.0%
Memphis-Shelby County Airport Authority (Memphis-Shelby County Airport Authority) Series 2021-A 5.00%, 07/01/2045		1,000		1,016,121
Metropolitan Nashville Airport Authority (The) (Metropolitan Nashville Airport Authority/The) Series 2019-B 5.00%, 07/01/2032		1,205		1,279,976
Series 2026-B 5.00%, 07/01/2037		1,000		1,096,645
Tennessee Energy Acquisition Corp. (Pacific Life Insurance) Series 2025-A 5.00%, 12/01/2035		1,000		1,058,834

				4,451,576

Texas–2.0%
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2014 5.00%, 07/01/2029		390		390,378
Series 2024-B 5.25%, 07/15/2034		1,000		1,048,391
City of Houston TX Combined Utility System Revenue (City of Houston TX Combined Utility System Revenue) Series 2018-D
5.00%, 11/15/2043		1,000		1,026,818
Dallas Fort Worth International Airport (Dallas Fort Worth Intl Airport) Series 2025-A 5.25%, 11/01/2039		1,000		1,089,406
Irving Hospital Authority (Baylor Medical Center at Irving) Series 2017-A 5.00%, 10/15/2028		1,100		1,104,184
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031(a)		870		871,017
Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) Series 2023-A 5.50%, 01/01/2054		2,915		3,077,106

				8,607,300

Virginia–0.5%
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates (FHLMC Multifamily VRD Certificates) 4.837%, 03/25/2042		999		1,024,836
Virginia Small Business Financing Authority (95 Express Lanes LLC) Series 2022 5.00%, 07/01/2038		1,120		1,162,682

				2,187,518

Washington–0.7%
Port of Seattle WA (Port of Seattle WA) Series 2022 5.00%, 08/01/2033		1,000		1,089,104
Series 2025-B 5.00%, 10/01/2034		1,000		1,106,319
Washington State Housing Finance Commission (WSHFC 2021-1) Series 2021-1, Class A 3.50%, 12/20/2035		1,051		1,006,684

				3,202,107

West Virginia–0.5%
Tobacco Settlement Finance Authority/WV (Tobacco Settlement Finance Authority/WV) Series 2020 4.875%, 06/01/2049		2,025		1,986,777

Wisconsin–1.9%
State of Wisconsin (State of Wisconsin) Series 2021-2 5.00%, 05/01/2035		750		805,278
University of Wisconsin Hospitals & Clinics (University of Wisconsin Hospitals & Clinics Authority Obligated Group)
Series 2024-B 5.00%, 04/01/2054		2,000		2,170,499
Wisconsin Public Finance Authority (CFC-SA LLC) Series 2022 5.50%, 02/01/2042(a)		1,400		1,447,894



2026 Semi-Annual Report		63

Schedule of Investments (continued)



	Principal Amount (000)		U.S. $ Value
Wisconsin Public Finance Authority (Queens University of Charlotte) Series 2022 5.25%, 03/01/2042	$	1,000	$	1,036,136
Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group) Series 2021 4.00%, 02/01/2040		1,000		849,462
Series 2022 5.00%, 02/01/2032		1,000		996,655
Wisconsin Public Finance Authority (UMA Education, Inc.) Series 2019 5.00%, 10/01/2028(a)		680		698,014
5.00%, 10/01/2029(a)		400		413,960

				8,417,898

Total Long-Term Municipal Bonds (cost $282,104,693)				274,845,738



Short-Term Municipal Notes–3.5%
California–0.4%
City of Los Angeles CA (City of Los Angeles CA) Series 2025 5.00%, 06/25/2026		1,790		1,800,325

Colorado–1.6%
Colorado State Education Loan Program (Colorado State Education Loan Program) Series 2025 5.00%, 06/30/2026		1,750		1,760,431
Series 2026 5.00%, 06/30/2026		5,000		5,030,445

				6,790,876

Connecticut–0.2%
City of Danbury CT (City of Danbury CT) Series 2026 4.00%, 02/22/2027		1,000		1,013,780

Georgia–0.2%
Cobb County School District (Cobb County School District) Series 2026 4.00%, 12/15/2026		1,000		1,010,519

New Jersey–0.9%
City of Hoboken NJ (City of Hoboken NJ) Series 2026-A
4.00%, 03/08/2027		1,000		1,014,207
County of Hudson NJ (County of Hudson NJ) Series 2026 4.00%, 02/24/2027		1,000		1,013,153
Essex County Improvement Authority (County of Essex NJ) Series 2026 4.00%, 03/12/2027		1,000		1,014,483
Monmouth County Improvement Authority (The) (Monmouth County Improvement Authority/The) Series 2026 4.00%, 03/12/2027		1,000		1,013,814

				4,055,657

New York–0.2%
Town of Oyster Bay NY (Town of Oyster Bay NY) Series 2026 4.00%, 03/05/2027		1,000		1,014,075

Total Short-Term Municipal Notes (cost $15,702,960)				15,685,232

Total Municipal Obligations (cost $297,807,653)				290,530,970



	Shares

INVESTMENT COMPANIES–17.3%
Funds and Investment Trusts–17.3%(i)
iShares Core MSCI EAFE ETF		184,227		16,678,070
State Street SPDR S&P 500 ETF Trust		92,165		59,938,586

Total Investment Companies (cost $31,746,013)				76,616,656



COMMON STOCKS–3.9%

Communication Services–0.5%
Diversified Telecommunication Services–0.1%
AT&T, Inc.		3,557		103,117
Deutsche Telekom AG (REG)		1,463		54,604
Elisa Oyj		247		12,032
HKT Trust & HKT Ltd.–Class H		6,588		10,295
Koninklijke KPN NV		6,761		37,683
NTT, Inc.		51,947		51,971
Orange SA		3,279		67,230
Singapore Telecommunications Ltd.		12,919		49,638
Swisscom AG (REG)		45		37,762
Telia Co. AB		2,099		10,754
Telstra Group Ltd.		4,243		15,664
TELUS Corp.		637		8,187
Verizon Communications, Inc.		1,719		86,294

				545,231



64		Sanford C. Bernstein Fund, Inc.



	Shares		U.S. $ Value
Entertainment–0.1%
Capcom Co., Ltd.		225	$	4,755
CTS Eventim AG & Co. KGaA		60		3,514
Electronic Arts, Inc.		261		53,210
Liberty Media Corp.-Liberty Formula One–Class C(e)		271		23,040
Netflix, Inc.(e)		2,078		199,800
Nintendo Co., Ltd.		446		25,460
Toho Co., Ltd./Tokyo		425		4,464
Universal Music Group NV		620		12,035

				326,278

Interactive Media & Services–0.2%
Alphabet, Inc.–Class A		1,007		289,573
Alphabet, Inc.–Class C		914		262,190
Meta Platforms, Inc.–Class A		883		505,191
REA Group Ltd.		43		4,711
Scout24 SE		130		10,030

				1,071,695

Media–0.0%
Omnicom Group, Inc.		74		5,573
Publicis Groupe SA		82		6,787

				12,360

Wireless Telecommunication Services–0.1%
KDDI Corp.		4,448		75,735
SoftBank Corp.		52,563		70,336
T-Mobile US, Inc.		359		75,401
Vodafone Group PLC		9,392		14,166

				235,638

				2,191,202



Health Care–0.6%
Biotechnology–0.1%
AbbVie, Inc.		169		36,756
Amgen, Inc.		57		20,055
Argenx SE(e)		51		37,013
Genmab A/S(e)		32		8,618
Gilead Sciences, Inc.		316		44,041
Incyte Corp.(e)		279		26,260
Neurocrine Biosciences, Inc.(e)		56		7,377
Regeneron Pharmaceuticals, Inc.		12		9,272
Swedish Orphan Biovitrum AB(e)		149		6,245
United Therapeutics Corp.(e)		38		22,533
Vertex Pharmaceuticals, Inc.(e)		219		97,792

				315,962

Health Care Equipment & Supplies–0.1%
Abbott Laboratories		1,164		119,508
Boston Scientific Corp.(e)		199		12,487
Cochlear Ltd.		29		3,412
Coloplast A/S–Class B		59		4,019
Dexcom, Inc.(e)		131		8,227
Edwards Lifesciences Corp.(e)		386		30,911
Fisher & Paykel Healthcare Corp., Ltd.		245		5,313
GE HealthCare Technologies, Inc.		159		11,318
Hologic, Inc.(e)		282		21,316
Hoya Corp.		144		24,964
IDEXX Laboratories, Inc.(e)		46		25,847
Intuitive Surgical, Inc.(e)		130		59,929
ResMed, Inc.		61		13,693
Sonova Holding AG (REG)		21		4,788
Straumann Holding AG (REG)		47		4,917

				350,649

Health Care Providers & Services–0.1%
Cardinal Health, Inc.		102		21,554
Cencora, Inc.		297		93,299
Cigna Group (The)		51		13,604
Elevance Health, Inc.		91		26,640
HCA Healthcare, Inc.		38		17,983
McKesson Corp.		86		74,421
Quest Diagnostics, Inc.		116		22,734
UnitedHealth Group, Inc.		386		104,448

				374,683

Health Care Technology–0.0%
Pro Medicus Ltd.		33		2,720
Veeva Systems, Inc.–Class A(e)		56		9,837

				12,557

Life Sciences Tools & Services–0.0%
Agilent Technologies, Inc.		103		11,740
Waters Corp.(e)		25		7,445
West Pharmaceutical Services, Inc.		26		6,517

				25,702

Pharmaceuticals–0.3%
Astellas Pharma, Inc.		1,894		30,876
AstraZeneca PLC		683		133,554
Chugai Pharmaceutical Co., Ltd.		269		14,835
Daiichi Sankyo Co., Ltd.		678		12,130
Eli Lilly & Co.		385		354,111
Galderma Group AG(e)		20		3,931
GSK PLC		1,990		54,815
Johnson & Johnson		1,420		347,105
Merck & Co., Inc.		1,520		182,841
Novartis AG (REG)		1,491		228,860
Novo Nordisk A/S–Class B		1,838		67,260
Orion Oyj–Class B		75		6,062
Otsuka Holdings Co., Ltd.		389		27,608
Roche Holding AG		376		150,058
Roche Holding AG (BR)(e)		17		7,044
Sanofi SA		286		27,619
Shionogi & Co., Ltd.		887		19,621
Takeda Pharmaceutical Co., Ltd.		1,274		46,919
Zoetis, Inc.		231		27,306

				1,742,555

				2,822,108



2026 Semi-Annual Report		65

Schedule of Investments (continued)



	Shares		U.S. $ Value

Information Technology–1.0%
Communications Equipment–0.1%
Arista Networks, Inc.(e)		550	$	67,529
Cisco Systems, Inc.		2,902		225,166
F5, Inc.(e)		123		35,588
Motorola Solutions, Inc.		217		94,171
Nokia Oyj		1,645		13,196

				435,650

Electronic Equipment, Instruments & Components–0.1%
Amphenol Corp.–Class A		941		118,895
CDW Corp./DE		57		6,898
Celestica, Inc.(e)		52		14,669
Corning, Inc.		115		15,637
Halma PLC		804		41,029
Jabil, Inc.		47		12,485
Keyence Corp.		134		47,692
Kyocera Corp.		2,232		34,224
Shimadzu Corp.		601		14,281
TE Connectivity PLC		52		10,869
Teledyne Technologies, Inc.(e)		82		49,611
Yokogawa Electric Corp.		567		17,522

				383,812

IT Services–0.1%
Accenture PLC–Class A		419		83,084
CGI, Inc.		414		30,267
Cognizant Technology Solutions Corp.–Class A		511		31,350
Fujitsu Ltd.		1,412		28,876
Gartner, Inc.(e)		65		10,292
GoDaddy, Inc.–Class A(e)		241		19,923
Indra Sistemas SA		139		7,769
International Business Machines Corp.		201		48,720
NEC Corp.		503		12,516
Nomura Research Institute Ltd.		761		20,827
Obic Co., Ltd.		728		17,670
Otsuka Corp.		396		7,581
TIS, Inc.		370		7,911
VeriSign, Inc.		146		36,261

				363,047

Semiconductors & Semiconductor Equipment–0.4%
Advantest Corp.		383		52,857
Applied Materials, Inc.		376		128,513
ASM International NV		16		12,127
ASML Holding NV		243		323,131
BE Semiconductor Industries NV		36		7,711
Disco Corp.		40		16,303
First Solar, Inc.(e)		54		10,652
KLA Corp.		69		101,596
Lam Research Corp.		741		158,322
Lasertec Corp.		43		9,571
Monolithic Power Systems, Inc.		27		29,520
Nova Ltd.(e)		17		7,507
NVIDIA Corp.		3,063		534,187
Qnity Electronics, Inc.		45		5,192
QUALCOMM, Inc.		506		65,163
Teradyne, Inc.		60		17,788
Texas Instruments, Inc.		392		76,103
Tokyo Electron Ltd.		199		49,442

				1,605,685

Software–0.2%
Adobe, Inc.(e)		312		75,841
Autodesk, Inc.(e)		177		42,374
Cadence Design Systems, Inc.(e)		121		33,622
Check Point Software Technologies Ltd.(e)		137		19,571
Constellation Software, Inc./Canada		27		47,397
Crowdstrike Holdings, Inc.–Class A(e)		14		5,466
Dassault Systemes SE		523		10,588
Descartes Systems Group, Inc. (The)(e)		149		10,672
Fair Isaac Corp.(e)		4		4,270
Fortinet, Inc.(e)		482		39,389
Gen Digital, Inc.		488		9,189
Intuit, Inc.		174		75,234
Microsoft Corp.		1,263		467,525
Nemetschek SE		48		3,593
Oracle Corp.		18		2,648
Oracle Corp. Japan		130		7,050
Palantir Technologies, Inc.–Class A(e)		21		3,072
Palo Alto Networks, Inc.(e)		117		18,758
PTC, Inc.(e)		86		12,254
Roper Technologies, Inc.		171		60,510
Sage Group PLC (The)		1,272		14,253
Salesforce, Inc.		163		30,427
SAP SE		228		38,870
ServiceNow, Inc.(e)		240		25,092
Tyler Technologies, Inc.(e)		59		20,200
Workday, Inc.–Class A(e)		64		8,315
Xero Ltd.(e)		128		6,765
Zoom Communications, Inc.(e)		90		7,235
Zscaler, Inc.(e)		39		5,471

				1,105,651

Technology Hardware, Storage & Peripherals–0.1%
Apple, Inc.		2,022		513,164
Canon, Inc.		1,507		41,815
FUJIFILM Holdings Corp.		1,606		30,603
Logitech International SA (REG)		72		6,686
NetApp, Inc.		74		7,577

				599,845

				4,493,690



Utilities–0.1%
Electric Utilities–0.1%
Alliant Energy Corp.		61		4,377
American Electric Power Co., Inc.		81		10,617
BKW AG		56		11,041
Chubu Electric Power Co., Inc.		225		3,710
CLP Holdings Ltd.–Class H		2,317		21,814
Duke Energy Corp.		861		112,739



66		Sanford C. Bernstein Fund, Inc.



	Shares		U.S. $ Value
FirstEnergy Corp.		279	$	14,134
Hydro One Ltd.(a)		306		12,637
Iberdrola SA		731		16,736
Oklo, Inc.(e)		66		3,273
PG&E Corp.		262		4,603
Power Assets Holdings Ltd.–Class H		2,408		18,787
PPL Corp.		169		6,456
Redeia Corp. SA		674		11,425
Southern Co. (The)		1,103		106,462
Verbund AG		49		3,745
Xcel Energy, Inc.		166		13,187

				375,743

Gas Utilities–0.0%
Hong Kong & China Gas Co., Ltd.–Class H		13,950		12,690
Osaka Gas Co., Ltd.		378		15,311
Tokyo Gas Co., Ltd.		161		7,582

				35,583

Multi-Utilities–0.0%
Ameren Corp.		158		17,367
CMS Energy Corp.		194		15,051
Consolidated Edison, Inc.		627		70,964
Dominion Energy, Inc.		87		5,378
E.ON SE		215		4,709
Engie SA		315		10,152
WEC Energy Group, Inc.		374		43,298

				166,919

Water Utilities–0.0%
American Water Works Co., Inc.		71		9,662

				587,907



Financials–0.5%
Banks–0.0%
AIB Group PLC		1,147		12,244
Bank Hapoalim BM		799		18,765
Bank Leumi Le-Israel BM		632		14,133
BOC Hong Kong Holdings Ltd.–Class H		5,025		27,723
Canadian Imperial Bank of Commerce		147		13,932
DBS Group Holdings Ltd.		598		26,611
FinecoBank Banca Fineco SpA		247		5,495
First Citizens BancShares, Inc./NC–Class A		5		9,423
Japan Post Bank Co., Ltd.		350		5,709
Mizrahi Tefahot Bank Ltd.		98		7,162
Nordea Bank Abp		309		5,321
Oversea-Chinese Banking Corp., Ltd.		541		9,266
Royal Bank of Canada		75		12,124
Toronto-Dominion Bank (The)		137		12,795
UniCredit SpA		80		5,739

				186,442

Capital Markets–0.1%
3i Group PLC		383		12,482
Ameriprise Financial, Inc.		42		18,665
Blackrock, Inc.		51		49,047
Brookfield Asset Management Ltd.–Class A		200		8,892
Cboe Global Markets, Inc.		222		62,398
CME Group, Inc.		354		104,554
CVC Capital Partners PLC(a)		358		4,674
Deutsche Boerse AG		17		4,980
Futu Holdings Ltd. (ADR)(e)		31		4,240
Hong Kong Exchanges & Clearing Ltd.–Class H		544		27,444
Japan Exchange Group, Inc.		480		5,605
Moody’s Corp.		74		32,283
Partners Group Holding AG		12		12,934
Singapore Exchange Ltd.		1,141		17,406
T. Rowe Price Group, Inc.		87		7,842

				373,446

Financial Services–0.2%
Adyen NV(e)		10		10,009
Berkshire Hathaway, Inc.–Class B(e)		180		86,256
Infratil Ltd.		1,313		8,853
Jack Henry & Associates, Inc.		81		12,801
Mastercard, Inc.–Class A		363		181,377
PayPal Holdings, Inc.		345		15,604
Sofina SA		13		3,157
Visa, Inc.–Class A		1,116		337,300
Wise PLC–Class A(e)		461		5,551

				660,908

Insurance–0.2%
Admiral Group PLC		259		10,833
Allstate Corp. (The)		71		14,721
Aon PLC–Class A		76		24,531
Arch Capital Group Ltd.(e)		289		27,741
Arthur J Gallagher & Co.		52		11,262
Brown & Brown, Inc.		240		15,650
Chubb Ltd.		219		71,379
Erie Indemnity Co.–Class A		18		4,524
Fairfax Financial Holdings Ltd.		12		20,447
Great-West Lifeco, Inc.		117		5,480
Hannover Rueck SE		23		7,231
Hartford Insurance Group, Inc. (The)		102		13,793
Helvetia Baloise Holding AG		46		11,905
iA Financial Corp., Inc.		46		5,105
Intact Financial Corp.		205		37,148
Loews Corp.		187		19,960
Marsh & McLennan Cos., Inc.		467		81,001
Medibank Pvt. Ltd.		1,750		5,295
MS&AD Insurance Group Holdings, Inc.		488		12,735
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		49		30,946
Progressive Corp. (The)		458		90,794
Prudential PLC		923		12,833
Sampo Oyj–Class A		2,925		31,111
Swiss Re AG		113		18,981
Tokio Marine Holdings, Inc.		813		38,163
Travelers Cos., Inc. (The)		156		45,502
Tryg A/S		299		7,127
W R Berkley Corp.		545		36,123



2026 Semi-Annual Report		67

Schedule of Investments (continued)



	Shares		U.S. $ Value
Willis Towers Watson PLC		52	$	15,116
Zurich Insurance Group AG		113		79,870

				807,307

				2,028,103



Consumer Staples–0.4%
Beverages–0.1%
Carlsberg AS–Class B		43		5,342
Coca-Cola Co. (The)		2,491		189,441
Coca-Cola HBC AG(e)		107		6,027
Keurig Dr. Pepper, Inc.		747		19,669
Kirin Holdings Co., Ltd.		829		13,186
Monster Beverage Corp.(e)		877		63,547
PepsiCo, Inc.		1,076		167,092

				464,304

Consumer Staples Distribution & Retail–0.1%
Costco Wholesale Corp.		211		210,247
Dollar General Corp.		48		5,699
Jeronimo Martins SGPS SA		146		3,491
Koninklijke Ahold Delhaize NV		407		18,954
Kroger Co. (The)		848		61,361
Loblaw Cos. Ltd.		459		20,926
Walmart, Inc.		1,908		237,126

				557,804

Food Products–0.1%
Danone SA		200		15,981
General Mills, Inc.		813		30,260
Hershey Co. (The)		184		38,252
Hormel Foods Corp.		306		6,931
Magnum Ice Cream Co. NV (The)(e)		209		3,070
Mondelez International, Inc.–Class A		765		44,095
Nestle SA (REG)		1,173		115,061
Tyson Foods, Inc.–Class A		290		18,580

				272,230

Household Products–0.1%
Church & Dwight Co., Inc.		510		47,593
Colgate-Palmolive Co.		597		50,882
Kimberly-Clark Corp.		48		4,631
Procter & Gamble Co. (The)		1,461		211,027
Reckitt Benckiser Group PLC		267		17,953

				332,086

Personal Care Products–0.0%
Beiersdorf AG		51		4,584
Kao Corp.		89		3,465
L’Oreal SA		94		38,379
Unilever PLC		1,098		60,280

				106,708

Tobacco–0.0%
Imperial Brands PLC		290		11,759
Philip Morris International, Inc.		106		17,526

				29,285

				1,762,417


Industrials–0.4%
Aerospace & Defense–0.1%
General Dynamics Corp.		128		43,932
Howmet Aerospace, Inc.		154		35,491
Kongsberg Gruppen ASA		226		9,634
Lockheed Martin Corp.		152		91,867
MTU Aero Engines AG		21		7,661
Northrop Grumman Corp.		73		49,804
Rheinmetall AG		22		37,109
RTX Corp.		65		12,538

				288,036

Air Freight & Logistics–0.0%
CH Robinson Worldwide, Inc.		46		7,639
Expeditors International of Washington, Inc.		65		9,310

				16,949

Building Products–0.0%
Allegion PLC		35		5,085
Carlisle Cos., Inc.		19		6,339
Geberit AG (REG)		18		12,150
Lennox International, Inc.		16		7,426
Trane Technologies PLC		104		43,341

				74,341

Commercial Services & Supplies–0.1%
Brambles Ltd.		524		8,224
Cintas Corp.		178		30,107
Copart, Inc.(e)		348		11,554
GFL Environmental, Inc.		104		4,338
Republic Services, Inc.		380		83,228
Rollins, Inc.		481		25,690
Secom Co., Ltd.		632		24,073
Veralto Corp.		99		8,754
Waste Connections, Inc.		283		45,970
Waste Management, Inc.		327		75,141

				317,079

Construction & Engineering–0.0%
Comfort Systems USA, Inc.		17		23,443
EMCOR Group, Inc.		22		16,243

				39,686

Electrical Equipment–0.0%
ABB Ltd. (REG)		666		54,151
Eaton Corp. PLC		149		53,293
Fujikura Ltd.		558		15,346
Hubbell, Inc.		21		10,306
Rockwell Automation, Inc.		40		14,355

				147,451

Ground Transportation–0.1%
Canadian National Railway Co.		178		18,321
Central Japan Railway Co.		1,343		34,920
East Japan Railway Co.		1,451		33,186
Hankyu Hanshin Holdings, Inc.		322		9,311
MTR Corp., Ltd.–Class H		2,718		11,138



68		Sanford C. Bernstein Fund, Inc.



	Shares		U.S. $ Value
Old Dominion Freight Line, Inc.		82	$	16,023
Tokyu Corp.		342		4,037
Uber Technologies, Inc.(e)		831		59,774
Union Pacific Corp.		261		63,324
West Japan Railway Co.		370		7,292

				257,326

Industrial Conglomerates–0.0%
3M Co.		196		28,465
Honeywell International, Inc.		251		56,734
Lifco AB–Class B		147		4,447
Smiths Group PLC		166		5,066
Swire Pacific Ltd.–Class H		609		6,656

				101,368

Machinery–0.1%
Alfa Laval AB		113		6,181
Atlas Copco AB–Class A		1,189		20,982
Atlas Copco AB–Class B		691		10,802
Caterpillar, Inc.		217		153,736
Cummins, Inc.		55		29,591
Daifuku Co., Ltd.		167		5,897
Epiroc AB–Class A		254		6,253
GEA Group AG		80		5,737
Graco, Inc.		66		5,587
Illinois Tool Works, Inc.		125		32,536
Kone Oyj–Class B		242		15,449
Metso Oyj		319		5,528
Parker-Hannifin Corp.		48		42,972
Pentair PLC		59		5,139
Sandvik AB		368		14,147
Schindler Holding AG		17		5,600
Schindler Holding AG (REG)		67		21,102
Snap-on, Inc.		20		7,264
Techtronic Industries Co., Ltd.–Class H		554		7,357
VAT Group AG(a)		12		7,486
Wartsila Oyj Abp		197		7,338
Yangzijiang Shipbuilding Holdings Ltd.		1,262		3,749

				420,433

Marine Transportation–0.0%
Kuehne & Nagel International AG (REG)		27		6,183

Passenger Airlines–0.0%
ANA Holdings, Inc.		279		4,997
Ryanair Holdings PLC		179		5,039

				10,036

Professional Services–0.0%
Automatic Data Processing, Inc.		212		43,074
Broadridge Financial Solutions, Inc.		46		7,474
Bureau Veritas SA		174		5,208
Computershare Ltd.		228		4,497
Experian PLC		374		12,938
Intertek Group PLC		88		4,282
Leidos Holdings, Inc.		45		6,998
Paychex, Inc.		154		14,187
Recruit Holdings Co., Ltd.		628		27,362
RELX PLC		902		29,552
Wolters Kluwer NV		102		7,618

				163,190

Trading Companies & Distributors–0.0%
Fastenal Co.		548		25,427
Ferguson Enterprises, Inc.		81		18,894
Watsco, Inc.		16		5,821
WW Grainger, Inc.		25		27,270

				77,412

Transportation Infrastructure–0.0%
Aena SME SA		1,192		35,161
Aeroports de Paris SA		40		4,887
Getlink SE		528		11,393

				51,441

				1,970,931



Consumer Discretionary–0.2%
Automobile Components–0.0%
Bridgestone Corp.		302		6,293
Continental AG		70		4,887

				11,180

Automobiles–0.0%
Ferrari NV		91		30,877

Broadline Retail–0.0%
Dollarama, Inc.		178		21,846
MercadoLibre, Inc.(e)		7		12,103
Next PLC		56		9,461
Pan Pacific International Holdings Corp.		1,460		8,906
Wesfarmers Ltd.		443		22,618

				74,934

Hotels, Restaurants & Leisure–0.1%
Aristocrat Leisure Ltd.		200		6,357
Chipotle Mexican Grill, Inc.(e)		634		20,294
Compass Group PLC		1,297		36,188
Darden Restaurants, Inc.		44		8,626
Evolution AB(a)(e)		79		4,965
McDonald’s Corp.		253		78,630
Oriental Land Co., Ltd./Japan		1,281		21,802
Yum! Brands, Inc.		250		38,870

				215,732

Household Durables–0.0%
DR Horton, Inc.		93		12,761
Garmin Ltd.		65		15,081
NVR, Inc.(e)		2		13,180
PulteGroup, Inc.		77		9,056

				50,078

Leisure Products–0.0%
Bandai Namco Holdings, Inc.		214		5,279

Specialty Retail–0.1%
AutoZone, Inc.(e)		15		50,667
Best Buy Co., Inc.		96		6,163
Dick’s Sporting Goods, Inc.		25		4,957



2026 Semi-Annual Report		69

Schedule of Investments (continued)



	Shares			U.S. $ Value
Fast Retailing Co., Ltd.			73	$	28,843
Industria de Diseno Textil SA			1,045		60,828
O’Reilly Automotive, Inc.(e)			542		50,032
Sanrio Co., Ltd.			780		4,850
TJX Cos., Inc. (The)			840		134,148
Tractor Supply Co.			208		9,422
Ulta Beauty, Inc.(e)			20		10,454
Williams-Sonoma, Inc.			68		12,399

					372,763

Textiles, Apparel & Luxury Goods–0.0%
Asics Corp.			276		7,420
Deckers Outdoor Corp.(e)			78		7,807
Hermes International SCA			14		26,521
Lululemon Athletica, Inc.(e)			56		8,574
Moncler SpA			88		5,298
NIKE, Inc.–Class B			415		21,920
Pandora A/S			46		3,288

					80,828

					841,671



Materials–0.1%
Chemicals–0.0%
Air Liquide SA			82		16,949
Corteva, Inc.			66		5,525
EMS-Chemie Holding AG(e)			8		6,290
Givaudan SA (REG)			7		23,671
Linde PLC			187		92,707
Sherwin-Williams Co. (The)			97		31,093
Sika AG (REG)(e)			53		8,773

					185,008

Construction Materials–0.0%
Holcim AG(e)			188		15,540

Containers & Packaging–0.0%
Avery Dennison Corp.			31		5,353
Ball Corp.			142		8,394

					13,747

Metals & Mining–0.1%
Barrick Mining Corp.			202		8,255
BHP Group Ltd.			1,837		66,467
Fortescue Ltd.			618		8,831
Franco-Nevada Corp.			50		12,381
Fresnillo PLC			148		6,560
Kinross Gold Corp.			434		13,269
Lundin Gold, Inc.			67		5,120
Newmont Corp.			140		15,155
Rio Tinto Ltd.			132		14,997
Rio Tinto PLC			405		37,573

					188,608

					402,903



Energy–0.1%
Oil, Gas & Consumable Fuels–0.1%
Cheniere Energy, Inc.			32		9,080
Chevron Corp.			168		34,759
Coterra Energy, Inc.			235		8,258
Eni SpA			811		23,060
Expand Energy Corp.			245		26,896
Exxon Mobil Corp.			755		128,093
Galp Energia SGPS SA			249		5,970
Imperial Oil Ltd.			51		6,680
Inpex Corp.			781		23,102
Shell PLC			320		14,821
Texas Pacific Land Corp.			30		14,237
TotalEnergies SE			235		21,567
Williams Cos., Inc. (The)			434		31,587

					348,110



Real Estate–0.0%
Health Care REITs–0.0%
Ventas, Inc.			105		8,587
Welltower, Inc.			143		28,273

					36,860

Residential REITs–0.0%
Sun Communities, Inc.			76		9,573

Specialized REITs–0.0%
Public Storage			55		14,898

					61,331

Total Common Stocks (cost $17,908,240)					17,510,373



	Notional Amount (000)

PURCHASED OPTIONS—PUTS–0.8%
Options on Equity Indices–0.8%
Euro STOXX 50 Price EUR Index Expiration: Feb 2027; Contracts: 1,490; Exercise Price: EUR 4,900.00; Counterparty: UBS AG(e)		EUR	7,301,000		387,723
FTSE 100 Index Expiration: Mar 2027; Contracts: 300; Exercise Price: GBP 9,200.00; Counterparty: UBS AG(e)		GBP	2,760,000		123,720
Nikkei 225 Index Expiration: Mar 2027; Contracts: 18,000; Exercise Price: JPY 44,000.00; Counterparty: UBS AG(e)		JPY	792,000,000		351,744



70		Sanford C. Bernstein Fund, Inc.



	Notional Amount (000)			U.S. $ Value
S&P 500 Index Expiration: Jan 2027; Contracts: 11,700; Exercise Price: USD 5,775.00; Counterparty: UBS AG(e)		USD	67,567,500	$	2,510,918

Total Options Purchased—Puts (premiums paid $2,230,904)					3,374,105



	Principal Amount (000)

CORPORATES—INVESTMENT GRADE–0.7%

Industrial–0.7%
Consumer Non-Cyclical–0.7%
Baylor Scott & White Holdings Series 2021 1.777%, 11/15/2030	$		1,000		888,030
Novant Health, Inc. 2.637%, 11/01/2036			1,525		1,209,432
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031			1,000		853,660

Total Corporates—Investment Grade (cost $3,524,418)					2,951,122



CORPORATES—NON-INVESTMENT GRADE–0.3%

Industrial–0.3%
Communications–Media–0.3%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034(a) (cost $1,546,000)			1,546		1,322,665


ASSET-BACKED SECURITIES–0.1%
Autos—Fixed Rate–0.1%
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028(a) (cost $356,445)			356		359,933



	Shares

PREFERRED STOCKS–0.1%

Industrials–0.1%
Energy–0.1%
AES Guayama Holdings 0.00%(d)(e)(g) (cost $1,388,269)			76,842		223,610



SHORT-TERM INVESTMENTS–7.4%
Investment Companies–7.4%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 3.50%(i)(j)(k) (cost $32,626,886)			32,626,886		32,626,886

Total Investments—96.3% (cost $389,134,828)					425,516,320

Other assets less liabilities—3.7%					16,243,689

Net Assets—100.0%				$	441,760,009



FUTURES (see Note 3)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts

E-Mini Russell 2000 Index Futures		46	June 2026	$	5,778,060	$	11,334

Euro STOXX 50 Index Futures		28	June 2026		1,778,391		2,783

MSCI Emerging Markets Index Futures		172	June 2026		12,509,560		(242,183	)

MSCI Singapore ETS Index Futures		4	April 2026		135,833		347

Nikkei 225 (OSE) Futures		4	June 2026		1,289,436		(27,511	)

OMXS 30 Index Futures		7	April 2026		215,916		3,950

S&P 500 E-Mini Futures		101	June 2026		33,182,288		(490,692	)

S&P Mid 400 E-Mini Futures		13	June 2026		4,415,450		31,929

S&P/TSX 60 Index Futures		11	June 2026		3,017,152		50,692

TOPIX Index Futures		4	June 2026		883,148		(10,083	)



2026 Semi-Annual Report		71

Schedule of Investments (continued)


Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)

Sold Contracts

FTSE 100 Index Futures		3	June 2026	$	404,982	$	(2,725	)

SPI 200 Futures		12	June 2026		1,762,064		(4,282	)

U.S. T-Note 2 Yr (CBT) Futures		5	June 2026		1,037,227		1,547

U.S. T-Note 10 Yr (CBT) Futures		7	June 2026		777,328		3,489

U.S. Ultra Bond (CBT) Futures		1	June 2026		116,563		311

						$	(671,094	)



FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)
Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)

Bank of America NA	JPY	2,247,848	USD	14,319		04/10/2026	$	145,730

Bank of America NA	USD	1,770	CHF	1,378		04/16/2026		(44,254	)

Bank of America NA	USD	3,873	AUD	5,484		04/22/2026		(90,020	)

Barclays Capital, Inc.	USD	939	JPY	148,460		04/10/2026		(3,093	)

Barclays Capital, Inc.	USD	682	CHF	525		04/16/2026		(24,170	)

Barclays Capital, Inc.	USD	1,869	NZD	3,207		04/22/2026		(25,107	)

Barclays Capital, Inc.	GBP	1,392	USD	1,847		04/24/2026		4,476

Brown Brothers Harriman & Co.	USD	671	AUD	956		04/22/2026		(11,505	)

Citibank NA	USD	1,798	JPY	277,609		04/10/2026		(47,807	)

Citibank NA	USD	2,501	CAD	3,405		04/17/2026		(51,707	)

Citibank NA	NZD	3,438	USD	2,046		04/22/2026		68,967

Citibank NA	GBP	1,461	USD	1,958		04/24/2026		24,176

Deutsche Bank AG	EUR	2,092	USD	2,511		04/16/2026		91,965

Goldman Sachs Bank USA	EUR	3,547	USD	4,193		04/16/2026		89,914

Goldman Sachs Bank USA	USD	1,035	EUR	891		04/16/2026		(4,809	)

Goldman Sachs Bank USA	USD	2,067	NZD	3,438		04/22/2026		(90,030	)

Goldman Sachs Bank USA	GBP	1,947	USD	2,633		04/24/2026		55,518

HSBC Bank USA	USD	5,917	JPY	915,625		04/10/2026		(143,345	)

HSBC Bank USA	EUR	5,086	USD	5,959		04/16/2026		76,768

HSBC Bank USA	USD	1,945	EUR	1,677		04/16/2026		(5,962	)

HSBC Bank USA	USD	1,954	SEK	18,220		04/23/2026		(27,304	)

JPMorgan Chase Bank	USD	5,258	JPY	816,395		04/10/2026		(110,430	)

JPMorgan Chase Bank	USD	864	CHF	665		04/16/2026		(31,399	)

JPMorgan Chase Bank	USD	2,654	EUR	2,239		04/16/2026		(64,625	)

Morgan Stanley & Co., Inc.	CHF	2,583	USD	3,400		04/16/2026		164,280

Morgan Stanley & Co., Inc.	EUR	5,463	USD	6,554		04/16/2026		236,195

Morgan Stanley & Co., Inc.	EUR	1,359	USD	1,561		04/16/2026		(10,814	)

Morgan Stanley & Co., Inc.	USD	3,325	EUR	2,805		04/16/2026		(81,295	)

Morgan Stanley & Co., Inc.	AUD	7,060	USD	4,930		04/22/2026		59,587

State Street Bank & Trust Co.	USD	424	JPY	66,306		04/10/2026		(6,125	)

State Street Bank & Trust Co.	AUD	255	USD	179		04/22/2026		3,545

State Street Bank & Trust Co.	NZD	16	USD	10		04/22/2026		330

State Street Bank & Trust Co.	USD	435	AUD	620		04/22/2026		(7,314	)

State Street Bank & Trust Co.	USD	9	NZD	16		04/22/2026		(117	)



72		Sanford C. Bernstein Fund, Inc.


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)

State Street Bank & Trust Co.	NOK	756	USD	80		04/23/2026	$	1,451

State Street Bank & Trust Co.	USD	125	SEK	1,110		04/23/2026		(7,426	)

UBS	USD	3,938	JPY	599,438		04/10/2026		(158,332	)

							$	(24,088	)



CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)
Description	Fixed Rate (Pay) Receive	Payment Frequency		Implied Credit Spread at March 31, 2026			Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 46, 5 Year Index, 06/20/2031*	(5.00)%		Quarterly		3.86	%		USD	13,560		$ (671,920)	$	(528,286	)	$	(143,634	)

* Termination date



	CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)
Notional Amount (000)			Termination Date		Rate Type		Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Notional Amount (000)			Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
	USD	6,600		01/15/2028	1.230%	CPI#	Maturity	$	1,426,839	$	541,977	$	884,862
	USD	4,990		01/15/2028	0.735%	CPI#	Maturity		1,276,997		—		1,276,997
	USD	6,831		10/15/2029	2.451%	CPI#	Maturity		61,221		—		61,221
	USD	3,750		10/15/2029	2.485%	CPI#	Maturity		27,460		—		27,460
	USD	7,825		01/15/2030	1.572%	CPI#	Maturity		1,558,060		291,023		1,267,037
	USD	7,825		01/15/2030	1.587%	CPI#	Maturity		1,546,255		288,639		1,257,616
	USD	1,550		01/15/2030	1.714%	CPI#	Maturity		286,365		41,740		244,625
	USD	1,550		01/15/2030	1.731%	CPI#	Maturity		283,682		41,315		242,367
	USD	6,700		01/15/2031	2.782%	CPI#	Maturity		545,685		101,117		444,568
	USD	6,210		01/15/2031	2.680%	CPI#	Maturity		573,708		104,817		468,891
	USD	3,360		01/15/2031	2.989%	CPI#	Maturity		198,233		53,582		144,651

								$	7,784,505	$	1,464,210	$	6,320,295

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



	CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)
Notional Amount (000)			Termination Date		Rate Type		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Notional Amount (000)			Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
	USD	4,150		08/15/2031	1 Day SOFR	4.027%	Annual	$	79,460		$	—	$	79,460
	USD	5,300		09/15/2031	1 Day SOFR	3.768%	Annual		27,979			—		27,979
	USD	8,400		12/03/2031	1 Day SOFR	3.732%	Annual		31,372			—		31,372
	USD	4,700		01/03/2033	1 Day SOFR	3.595%	Annual		(32,373	)		—		(32,373	)
	USD	3,600		01/03/2033	1 Day SOFR	3.477%	Annual		(49,652	)		—		(49,652	)
	USD	4,100		03/25/2033	1 Day SOFR	3.743%	Annual		7,598			—		7,598
	USD	33,000		08/15/2033	3.407%	1 Day SOFR	Annual		794,125			—		794,125

								$	858,509		$	—	$	858,509



2026 Semi-Annual Report		73

Schedule of Investments (continued)



INFLATION (CPI) SWAPS (see Note 3)
					Rate Type						Payment Frequency Paid/ Received		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund			Payment Frequency Paid/ Received		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	USD	5,400		10/23/2029		2.388	%		CPI	#		Maturity	$	388,645	$	—	$	388,645
Barclays Bank PLC	USD	2,000		10/23/2029		2.388	%		CPI	#		Maturity		143,943		—		143,943
Barclays Bank PLC	USD	6,400		12/04/2032		2.233	%		CPI	#		Maturity		834,980		—		834,980
Barclays Bank PLC	USD	3,000		12/04/2032		2.233	%		CPI	#		Maturity		391,397		—		391,397
JPMorgan Chase Bank NA	USD	23,000		12/27/2028		2.009	%		CPI	#		Maturity		3,537,871		—		3,537,871
JPMorgan Chase Bank NA	USD	22,020		01/15/2030		3.493	%		CPI	#		Maturity		354,697		—		354,697
JPMorgan Chase Bank NA	USD	2,800		01/15/2030		3.493	%		CPI	#		Maturity		45,102		—		45,102
JPMorgan Chase Bank NA	USD	1,620		01/15/2032		3.325	%		CPI	#		Maturity		15,930		—		15,930
Morgan Stanley Capital Services LLC	USD	6,800		07/20/2032		2.158	%		CPI	#		Maturity		993,841		—		993,841

													$	6,706,406	$	—	$	6,706,406

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



INTEREST RATE SWAPS (see Note 3)
					Rate Type						Payment Frequency Paid/ Received		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund			Payment Frequency Paid/ Received		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Citibank NA	USD	12,470		10/09/2029		1.125	%		1 Week SIFMA	*		Quarterly	$	625,724	$	—	$	625,724
Citibank NA	USD	6,655		10/09/2029		1.125	%		1 Week SIFMA	*		Quarterly		333,937		—		333,937

													$	959,661	$	—	$	959,661

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

TOTAL RETURN SWAPS (see Note 3)

Counterparty & Referenced Obligation

Rate Paid/
Received

Payment
Frequency

Current
Notional
(000)

Maturity
Date

Unrealized
Appreciation
(Depreciation)

Receive Total Return on Reference Obligation

Morgan Stanley Capital Services LLC

Swiss Market Index Futures

0.00

Maturity

CHF

127

06/19/2026

(1,463

)

(a)

(b)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at March 31, 2026.

(c)

IO—Interest Only.

(d)

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

(e)

Non-income producing security.

(f)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.04% of net assets as of March 31, 2026, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost	Market Value		Percentage of Net Assets

Polk County Industrial Development Authority/FL (Mineral Development LLC) Series 2020 5.875%, 01/01/2033		10/23/2020	$ 950,000	$	190,000		0.04	%



74		Sanford C. Bernstein Fund, Inc.

(g)

Fair valued by the Adviser.

(h)

Defaulted.

(i)

(j)

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

(k)

Affiliated investments.

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

AG—Assured Guaranty Inc.

CBT—Chicago Board of Trade

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

CME—Chicago Mercantile Exchange

COP—Certificate of Participation

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

ETS—Emission Trading Scheme

FHLMC—Federal Home Loan Mortgage Corporation

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

MUNIPSA—SIFMA Municipal Swap Index

NATL—National Interstate Corporation

OMXS—Stockholm Stock Exchange

OSE—Osaka Securities Exchange

REG—Registered Shares

SOFR—Secured Overnight Financing Rate

SPDR—Standard & Poor’s Depository Receipt

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

UPMC—University of Pittsburgh Medical Center

XLCA—XL Capital Assurance Inc.

See notes to financial statements.



2026 Semi-Annual Report		75

Statement of Assets and Liabilities—March 31, 2026 (Unaudited)


	OVERLAY A PORTFOLIO		TAX-AWARE OVERLAY A PORTFOLIO

ASSETS

Investments in securities at value

Unaffiliated issuers (a)	$	233,044,804	$	482,558,907

Affiliated issuers		171,035,721		311,876,971

Foreign currencies, at value (b)		2,384,633		4,124,418

Cash		2,415		0

Cash collateral due from broker		0		280,000

Unrealized appreciation of forward currency exchange contracts		2,082,079		4,363,457

Receivable for variation margin on futures		990,679		258,847

Unaffiliated interest and dividends		191,500		288,189

Receivable due from Adviser		184,351		347,895

Affiliated dividends		58,390		33,726

Investment securities sold		40,882		297,669

Capital shares sold		200		116,445

Unrealized appreciation of total return swaps		0		25,343

Other assets		329,534		646,935


Total assets		410,345,188		805,218,802


LIABILITIES

Payable for collateral on securities lending at value		325,718		0

Due to custodian		0		5,648

Cash collateral due to broker		9,760,000		19,344,279

Unrealized depreciation of forward currency exchange contracts		2,081,591		3,911,773

Capital shares redeemed		786,410		962,142

Management fee		299,770		590,845

Investment securities purchased and foreign currency transactions		28,759		71,809

Shareholder servicing fee		30,907		50,739

Transfer Agent fee		2,927		3,786

Accrued expenses and other liabilities		89,963		106,883


Total liabilities		13,406,045		25,047,904


NET ASSETS	$	396,939,143	$	780,170,898


Cost of investments

Unaffiliated issuers	$	145,902,064	$	248,196,522

Affiliated issuers		139,262,502		227,424,275

NET ASSETS CONSIST OF:

Capital stock, at par	$	35,878	$	63,366

Additional paid-in capital		215,942,735		340,814,579

Distributable earnings		180,960,530		439,292,953


	$	396,939,143	$	780,170,898

(a) Includes securities on loan with a value of $1,538,661 and $0, respectively. (Note 4)

(b) Cost: $2,387,625 and $4,124,828, respectively. (Note 1)

See Notes to Financial Statements.



76		Sanford C. Bernstein Fund, Inc.


	OVERLAY A PORTFOLIO		TAX-AWARE OVERLAY A PORTFOLIO

NET ASSET VALUE PER SHARE

Class 1 Shares

Net Assets	$	350,459,707	$	573,438,378

Shares of capital stock outstanding		31,673,852		46,585,266


Net asset value, offering and redemption price per share	$	11.06	$	12.31


Class 2 Shares

Net Assets	$	46,479,436	$	206,732,520

Shares of capital stock outstanding		4,204,252		16,781,074


Net asset value, offering and redemption price per share	$	11.06	$	12.32

See Notes to Financial Statements.



2026 Semi-Annual Report		77

Statement of Assets and Liabilities—March 31, 2026 (Unaudited) (continued)


	OVERLAY B PORTFOLIO			TAX-AWARE OVERLAY B PORTFOLIO

ASSETS

Investments in securities at value

Unaffiliated issuers	$	264,324,282		$	392,889,434

Affiliated issuers		37,792,483			32,626,886

Foreign currencies, at value (a)		2,081,382			723,679

Cash		0			151,584

Cash collateral due from broker		1,722,769			10,666,416

Unaffiliated dividends and interest		1,421,824			3,779,014

Affiliated dividends		30,820			77,683

Investment securities sold and foreign currency transactions		7,097,649			70,000

Capital shares sold		974,898			94,009

Receivable for variation margin on futures		1,500,004			1,671,174

Terminated centrally cleared credit default swaps		55,223			0

Receivable due from Adviser		44,866			36,015

Unrealized appreciation of inflation swaps		0			6,706,406

Unrealized appreciation of interest rate swaps		0			959,661

Unrealized appreciation of total return swaps		5,632			0

Unrealized appreciation of forward currency exchange contracts		1,795,509			1,022,902

Other assets		3,890			3,716


Total assets		318,851,231			451,478,579


LIABILITIES

Due to custodian		25,994			0

Cash collateral due to broker		2,830,000			7,600,000

Reverse repurchase agreements		2,019,254			0

Investment securities purchased and foreign currency transactions		24,111,380			13

Unrealized depreciation of forward currency exchange contracts		748,006			1,046,990

Capital shares redeemed		70,845			520,662

Management fee		155,711			240,595

Payable for variation margin on centrally cleared swaps		38,243			134,451

Shareholder servicing fee		20,218			28,305

Foreign capital gains taxes		32,942			0

Transfer Agent fee		2,875			3,015

Unrealized depreciation of total return swaps		0			1,463

Accrued expenses and other liabilities		99,473			143,076


Total liabilities		30,154,941			9,718,570


NET ASSETS	$	288,696,290		$	441,760,009


Cost of investments

Unaffiliated issuers	$	264,388,705		$	356,507,942

Affiliated issuers		35,489,958			32,626,886

NET ASSETS CONSIST OF:

Capital stock, at par	$	29,934		$	40,175

Additional paid-in capital		422,534,091			423,251,175

Distributable earnings (accumulated loss)		(133,867,735	)		18,468,659


	$	288,696,290		$	441,760,009

(a) Cost: $2,125,191 and $723,547, respectively. (Note 1)

See Notes to Financial Statements.



78		Sanford C. Bernstein Fund, Inc.


	OVERLAY B PORTFOLIO		TAX-AWARE OVERLAY B PORTFOLIO

NET ASSET VALUE PER SHARE

Class 1 Shares

Net Assets	$	232,071,765	$	321,022,834

Shares of capital stock outstanding		24,068,754		29,191,177


Net asset value, offering and redemption price per share	$	9.64	$	11.00


Class 2 Shares

Net Assets	$	56,624,525	$	120,737,175

Shares of capital stock outstanding		5,864,836		10,983,958


Net asset value, offering and redemption price per share	$	9.65	$	10.99

See Notes to Financial Statements.



2026 Semi-Annual Report		79

Statement of Operations—for the six months ended March 31, 2026 (Unaudited)


	OVERLAY A PORTFOLIO			TAX-AWARE OVERLAY A PORTFOLIO

INVESTMENT INCOME

Income:

Interest	$	10,184		$	16,803

Dividends

Unaffiliated issuers (net of foreign withholding taxes of $29,766 and $36,789, respectively)		1,623,028			2,826,763

Affiliated issuers		5,800,958			12,051,756

Securities lending income, net		2,513			0

Total income		7,436,683			14,895,322


Expenses:

Management fee (see Note 2A)		1,904,415			3,773,882

Shareholder servicing fee (see Note 2B)		373,383			619,532

Transfer Agent fee—Class 1		16,572			18,446

Transfer Agent fee—Class 2		2,211			6,530

Custody and accounting fees		55,518			60,994

Auditing and tax fees		55,224			49,293

Legal fees		24,963			26,632

Registration fees		20,303			20,042

Directors’ fees and expenses		10,489			12,482

Printing fees		9,935			8,684

Miscellaneous		18,133			21,677

Total expenses before interest expense/bank overdraft		2,491,146			4,618,194

Interest expense/bank overdraft		212,866			45,810

Total expenses		2,704,012			4,664,004

Less: expenses waived and reimbursed by the Adviser (see Note 2A, 2D and Note 4)		(1,206,191	)		(2,246,550	)


Net expenses		1,497,821			2,417,454

Net investment income		5,938,862			12,477,868


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

Net realized gain (loss) on:

Investment transactions		31,827,506			75,554,560

Affiliated Underlying Portfolios		25,891,399			35,913,870

Forward currency exchange contracts		(409,112	)		(729,202	)

Futures		3,532,202			1,194,083

Swaps		4,143			(214,968	)

Foreign currency transactions		(71,872	)		(72,249	)

Net realized gain distributions from Affiliated Underlying Portfolios		8,581,778			19,168,543

Net realized gain on investment and foreign currency transactions		69,356,044			130,814,637

Net change in unrealized appreciation (depreciation) of:

Investments		(39,553,971	)		(90,740,120	)

Affiliated Underlying Portfolios		(23,669,224	)		(30,094,507	)

Forward currency exchange contracts		(271,119	)		(200,996	)

Futures		(4,749,326	)		(5,713,568	)

Swaps		(35,655	)		(44,661	)

Foreign currency denominated assets and liabilities		(11,506	)		12,312

Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(68,290,801	)		(126,781,540	)

Net realized and unrealized gain on investment and foreign currency transactions		1,065,243			4,033,097

Contributions from affiliates (see Note 2D)		273			9,065

Net increase in net assets resulting from operations	$	7,004,378		$	16,520,030

See Notes to Financial Statements.



80		Sanford C. Bernstein Fund, Inc.


	OVERLAY B PORTFOLIO			TAX-AWARE OVERLAY B PORTFOLIO

INVESTMENT INCOME

Income:

Interest	$	4,489,428		$	6,107,146

Dividends

Unaffiliated issuers (net of foreign withholding taxes of $8,570 and $5,395, respectively)		584,008			1,065,263

Affiliated issuers		1,070,054			204,247

Total income		6,143,490			7,376,656


Expenses:

Management fee (see Note 2A)		973,696			1,514,431

Shareholder servicing fee (see Note 2B)		182,730			255,212

Transfer Agent fee—Class 1		15,950			15,318

Transfer Agent fee—Class 2		3,670			5,662

Custody and accounting fees		81,561			59,950

Auditing and tax fees		57,141			51,571

Legal fees		24,418			25,943

Registration fees		19,000			18,450

Directors’ fees and expenses		9,836			10,614

Printing fees		8,727			8,419

Miscellaneous		15,311			18,612

Total expenses before interest expense/bank overdraft		1,392,040			1,984,182

Interest expense/bank overdraft		44,515			23,268

Total expenses		1,436,555			2,007,450

Less: expenses waived and reimbursed by the Adviser (see Note 2A and 2D)		(295,607	)		(224,824	)

Net expenses		1,140,948			1,782,626

Net investment income		5,002,542			5,594,030


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

Net realized gain (loss) on:

Investment transactions (a)		(753,109	)		14,231,667

Affiliated Underlying Portfolios		385,531			0

Forward currency exchange contracts		214,542			(119,841	)

Futures		1,116,545			1,561,062

Swaps		(353,497	)		3,411,692

Foreign currency transactions		525,706			(1,448	)

Net realized gain on investment and foreign currency transactions		1,135,718			19,083,132

Net change in unrealized appreciation (depreciation) of:

Investments (b)		(2,788,219	)		(13,367,088	)

Affiliated Underlying Portfolios		439,567			0

Forward currency exchange contracts		905,055			(150,498	)

Futures		(2,422,343	)		(1,698,160	)

Swaps		608,337			(3,803,612	)

Foreign currency denominated assets and liabilities		(15,315	)		18

Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(3,272,918	)		(19,019,340	)

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2,137,200	)		63,792

Net increase in net assets resulting from operations	$	2,865,342		$	5,657,822

(a) Net of foreign realized capital gains taxes of $15,477 and $0, respectively.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $7,075 and $0, respectively.

See Notes to Financial Statements.



2026 Semi-Annual Report		81

Statement of Changes in Net Assets



	OVERLAY A PORTFOLIO						TAX-AWARE OVERLAY A PORTFOLIO

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25

INCREASE (DECREASE) IN NET ASSETS FROM

Operations:

Net investment income	$	5,938,862		$	4,742,896		$	12,477,868		$	8,887,638

Net realized gain on investment and foreign currency transactions		69,356,044			26,740,063			130,814,637			99,459,912

Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(68,290,801	)		13,179,741			(126,781,540	)		(23,917,704	)

Contributions from affiliates (see Note 2A)		273			0			9,065			21,662


Net increase in net assets resulting from operations		7,004,378			44,662,700			16,520,030			84,451,508


Distributions to shareholders (a)		(31,890,289	)		(126,036,718	)		(99,424,724	)		(233,592,488	)


Capital-share transactions

Net proceeds from sales of shares		6,967,135			16,427,536			13,277,540			28,312,530

Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions		30,223,497			123,363,074			79,652,676			168,934,089


Total proceeds from shares sold		37,190,632			139,790,610			92,930,216			197,246,619

Cost of shares redeemed		(53,919,272	)		(127,474,074	)		(96,948,195	)		(328,541,047	)


Net increase (decrease) in net assets from capital-share transactions		(16,728,640	)		12,316,536			(4,017,979	)		(131,294,428	)


Net decrease in net assets		(41,614,551	)		(69,057,482	)		(86,922,673	)		(280,435,408	)

NET ASSETS:

Beginning of period		438,553,694			507,611,176			867,093,571			1,147,528,979


End of period	$	396,939,143		$	438,553,694		$	780,170,898		$	867,093,571

(a) See page 84 for share class information on dividend distributions for the Overlay A and Tax-Aware Overlay A Portfolios.

See Notes to Financial Statements.



82		Sanford C. Bernstein Fund, Inc.



	OVERLAY B PORTFOLIO						TAX-AWARE OVERLAY B PORTFOLIO

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25

INCREASE (DECREASE) IN NET ASSETS FROM

Operations:

Net investment income	$	5,002,542		$	11,046,389		$	5,594,030		$	12,083,035

Net realized gain on investment and foreign currency transactions		1,135,718			10,406,944			19,083,132			25,917,464

Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(3,272,918	)		(3,616,832	)		(19,019,340	)		(14,539,938	)

Contributions from affiliates (see Note 2A)		0			0			0			4,175


Net increase in net assets resulting from operations		2,865,342			17,836,501			5,657,822			23,464,736


Distributions to shareholders (a)		(10,988,507	)		(17,681,772	)		(27,829,055	)		(27,601,903	)


Capital-share transactions

Net proceeds from sales of shares		13,425,058			21,741,846			11,295,246			15,262,347

Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions		8,369,074			13,264,931			20,264,331			18,687,805


Total proceeds from shares sold		21,794,132			35,006,777			31,559,577			33,950,152

Cost of shares redeemed		(33,103,135	)		(113,490,582	)		(49,299,406	)		(188,507,419	)


Net decrease in net assets from capital-share transactions		(11,309,003	)		(78,483,805	)		(17,739,829	)		(154,557,267	)


Net decrease in net assets		(19,432,168	)		(78,329,076	)		(39,911,062	)		(158,694,434	)

NET ASSETS:

Beginning of period		308,128,458			386,457,534			481,671,071			640,365,505


End of period	$	288,696,290		$	308,128,458		$	441,760,009		$	481,671,071

(a) See page 84 for share class information on dividend distributions for the Overlay B and Tax-Aware Overlay B Portfolios.

See Notes to Financial Statements.



2026 Semi-Annual Report		83

Statement of Changes in Net Assets (continued)



	OVERLAY A PORTFOLIO						TAX-AWARE OVERLAY A PORTFOLIO

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25

Distributions to shareholders:

Class 1	$	(28,092,709	)	$	(109,623,974	)	$	(73,505,680	)	$	(174,132,064	)

Class 2		(3,797,580	)		(16,412,744	)		(25,919,044	)		(59,460,424	)


	$	(31,890,289	)	$	(126,036,718	)	$	(99,424,724	)	$	(233,592,488	)



	OVERLAY B PORTFOLIO						TAX-AWARE OVERLAY B PORTFOLIO

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25

Distributions to shareholders:

Class 1	$	(8,906,576	)	$	(13,159,652	)	$	(20,214,047	)	$	(20,026,690	)

Class 2		(2,081,931	)		(4,522,120	)		(7,615,008	)		(7,575,213	)


	$	(10,988,507	)	$	(17,681,772	)	$	(27,829,055	)	$	(27,601,903	)

See Notes to Financial Statements.



84		Sanford C. Bernstein Fund, Inc.

Financial Highlights

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:



	OVERLAY A PORTFOLIO

	CLASS 1
	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			YEAR ENDED 9/30/24			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Net asset value, beginning of period	$	11.81		$	14.70		$	11.19		$	11.30		$	16.01		$	12.81


Income from investment operations:

Net investment income (a)(b)		0.16			0.12			0.21			0.24			0.23			0.07

Net realized and unrealized gain (loss) on investment and foreign currency transactions		0			0.93			3.37			(0.15	)		(3.17	)		3.25

Contributions from affiliates		.00	(g)		0			0			0			0			0


Total from investment operations		0.16			1.05			3.58			0.09			(2.94	)		3.32


Less: dividends and distributions

Dividends from net investment income		(0.18	)		(0.19	)		(0.07	)		(0.20	)		(0.34	)		(0.12	)

Distributions from net realized gain on investment transactions		(0.73	)		(3.75	)		0			0			(1.43	)		0


Total dividends and distributions		(0.91	)		(3.94	)		(0.07	)		(0.20	)		(1.77	)		(0.12	)


Net asset value, end of period	$	11.06		$	11.81		$	14.70		$	11.19		$	11.30		$	16.01


Total return (c)(d)		1.53%			11.34%			32.10%			0.74%			(21.17)%			26.16%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$350,460			$387,255			$441,211			$647,297			$1,121,710			$1,596,442

Average net assets (000 omitted)		$374,408			$386,403			$513,196			$932,709			$1,430,298			$1,606,920

Ratio to average net assets of:

Expenses, net of waivers/ reimbursements (e)(f)		0.72%	^{^}		0.99%			0.97%			0.90%			0.83%			0.80%

Expenses, before waivers/ reimbursements (e)(f)		1.30%	^{^}		1.29%			1.29%			1.23%			1.16%			1.15%

Net investment income (b)		2.79%	^{^}		1.05%			1.68%			2.08%			1.67%			0.47%

Portfolio turnover rate		32%			28%			21%			19%			24%			21%

See Footnote Summary on page 93-94.

See Notes to Financial Statements.



2026 Semi-Annual Report		85

Financial Highlights (continued)

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:



	OVERLAY A PORTFOLIO

	CLASS 2
	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			YEAR ENDED 9/30/24			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Net asset value, beginning of period	$	11.81		$	14.72		$	11.21		$	11.32		$	16.05		$	12.84


Income from investment operations:

Investment income, net (a)(b)		0.17			0.14			0.27			0.26			0.25			0.10

Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.01			0.92			3.34			(0.14	)		(3.18	)		3.26

Contributions from affiliates		.00	(g)		0			0			0			0			0


Total from investment operations		0.18			1.06			3.61			0.12			(2.93	)		3.36


Less: dividends and distributions

Dividends from net investment income		(0.20	)		(0.22	)		(0.10	)		(0.23	)		(0.37	)		(0.15	)

Distributions from net realized gain on investment transactions		(0.73	)		(3.75	)		0			0			(1.43	)		0


Total dividends and distributions		(0.93	)		(3.97	)		(0.10	)		(0.23	)		(1.80	)		(0.15	)


Net asset value, end of period	$	11.06		$	11.81		$	14.72		$	11.21		$	11.32		$	16.05


Total return (c)(d)		1.62%			11.48%			32.38%			0.97%			(21.02)%			26.34%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$46,479			$51,299			$66,400			$139,969			$228,680			$320,324

Average net assets (000 omitted)		$49,958			$55,724			$90,394			$195,550			$291,541			$323,834

Ratio to average net assets of:

Expenses, net of waivers/reimbursements (e)(f)		0.62%	^{^}		0.80%			0.77%			0.70%			0.63%			0.59%

Expenses, before waivers/reimbursements (e)(f)		1.10%	^{^}		1.09%			1.09%			1.03%			0.96%			0.95%

Net investment income (b)		2.96%	^{^}		1.27%			2.10%			2.26%			1.81%			0.69%

Portfolio turnover rate		32%			28%			21%			19%			24%			21%

See Footnote Summary on page 93-94.

See Notes to Financial Statements.



86		Sanford C. Bernstein Fund, Inc.



	TAX-AWARE OVERLAY A PORTFOLIO

	CLASS 1
	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			YEAR ENDED 9/30/24			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Net asset value, beginning of period	$	13.73		$	15.75		$	11.99		$	12.15		$	16.98		$	13.65


Income from investment operations:

Investment income, net (a)(b)		0.19			0.12			0.25			0.27			0.23			0.08

Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.03			1.22			3.56			(0.20	)		(3.41	)		3.39

Contributions from affiliates		.00	(g)		.00	(g)		0			0			0			0


Total from investment operations		0.22			1.34			3.81			0.07			(3.18	)		3.47


Less: dividends and distributions

Dividends from net investment income		(0.11	)		(0.16	)		(0.05	)		(0.23	)		(0.23	)		(0.14	)

Distributions from net realized gain on investment transactions		(1.53	)		(3.20	)		0			0			(1.42	)		0


Total dividends and distributions		(1.64	)		(3.36	)		(0.05	)		(0.23	)		(1.65	)		(0.14	)


Net asset value, end of period	$	12.31		$	13.73		$	15.75		$	11.99		$	12.15		$	16.98


Total return (c)(d)		1.85%			11.72%			31.88%			0.48%			(21.15)%			25.54%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$573,438			$640,438			$856,885			$1,136,154			$2,232,773			$3,144,804

Average net assets (000 omitted)		$621,234			$673,627			$924,175			$1,731,661			$2,880,460			$3,057,954

Ratio to average net assets of:

Expenses, net of waivers/ reimbursements (e)(f)		0.60%	^{^}		0.95%			0.95%			0.87%			0.81%			0.77%

Expenses, before waivers/ reimbursements (e)(f)		1.16%	^{^}		1.25%			1.26%			1.23%			1.14%			1.12%

Net investment income (b)		2.93%	^{^}		0.94%			1.83%			2.18%			1.53%			0.49%

Portfolio turnover rate		24%			24%			19%			17%			25%			20%

See Footnote Summary on page 93-94.

See Notes to Financial Statements.



2026 Semi-Annual Report		87

Financial Highlights (continued)

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:



	TAX-AWARE OVERLAY A PORTFOLIO

	CLASS 2
	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			YEAR ENDED 9/30/24			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Net asset value, beginning of period	$	13.76		$	15.77		$	12.02		$	12.19		$	17.03		$	13.69


Income from investment operations:

Investment income, net (a)(b)		0.20			0.14			0.27			0.30			0.26			0.11

Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.03			1.24			3.57			(0.21	)		(3.42	)		3.40

Contributions from affiliates		.00	(g)		.00	(g)		0			0			0			0


Total from investment operations		0.23			1.38			3.84			0.09			(3.16	)		3.51


Less: dividends and distributions

Dividends from net investment income		(0.14	)		(0.19	)		(0.09	)		(0.26	)		(0.26	)		(0.17	)

Distributions from net realized gain on investment transactions		(1.53	)		(3.20	)		0			0			(1.42	)		0


Total dividends and distributions		(1.67	)		(3.39	)		(0.09	)		(0.26	)		(1.68	)		(0.17	)


Net asset value, end of period	$	12.32		$	13.76		$	15.77		$	12.02		$	12.19		$	17.03


Total return (c)(d)		1.91%			12.05%	(h)		32.07%			0.65%			(20.98)%			25.78%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$206,733			$226,656			$290,644			$331,485			$642,337			$942,706

Average net assets (000 omitted)		$219,711			$231,908			$292,476			$480,625			$854,251			$937,234

Ratio to average net assets of:

Expenses, net of waivers/reimbursements (e)(f)		0.50%	^{^}		0.76%			0.75%			0.68%			0.61%			0.57%

Expenses, before waivers/reimbursements (e)(f)		0.96%	^{^}		1.06%			1.06%			1.03%			0.94%			0.92%

Net investment income (b)		3.09%	^{^}		1.13%			1.95%			2.37%			1.73%			0.71%

Portfolio turnover rate		24%			24%			19%			17%			25%			20%

See Footnote Summary on page 93-94.

See Notes to Financial Statements.



88		Sanford C. Bernstein Fund, Inc.



	OVERLAY B PORTFOLIO

	CLASS 1
	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			YEAR ENDED 9/30/24			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Net asset value, beginning of period	$	9.92		$	9.80		$	8.49		$	8.62		$	11.92		$	10.96


Income from investment operations:

Investment income, net (a)(b)		0.16			0.31			0.31			0.29			0.27			0.21

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.08	)		0.28			1.21			(0.14	)		(1.90	)		1.05


Total from investment operations		0.08			0.59			1.52			0.15			(1.63	)		1.26


Less: dividends and distributions

Dividends from net investment income		(0.36	)		(0.47	)		(0.21	)		(0.28	)		(0.40	)		(0.25	)

Distributions from net realized gain on investment transactions		0			0			0			0			(1.27	)		(0.05	)


Total dividends and distributions		(0.36	)		(0.47	)		(0.21	)		(0.28	)		(1.67	)		(0.30	)


Net asset value, end of period	$	9.64		$	9.92		$	9.80		$	8.49		$	8.62		$	11.92


Total return (c)(d)		0.86%			6.44%	(h)		18.20%			1.67%			(16.10)%			11.61%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$232,071			$252,393			$293,900			$447,544			$750,137			$999,357

Average net assets (000 omitted)		$244,309			$259,424			$341,630			$621,598			$908,265			$1,021,208

Ratio to average net assets of:

Expenses, net of waivers/ reimbursements (e)(f)		0.78%	^{^}		0.87%			0.86%			0.86%			0.81%			0.83%

Expenses, before waivers/ reimbursements (e)(f)		0.99%	^{^}		0.93%			0.97%			0.90%			0.85%			0.87%

Net investment income (b)		3.32%	^{^}		3.31%			3.46%			3.27%			2.65%			1.78%

Portfolio turnover rate		75%			140%			160%			159%			115%			98%

See Footnote Summary on page 93-94.

See Notes to Financial Statements.



2026 Semi-Annual Report		89

Financial Highlights (continued)

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:



	OVERLAY B PORTFOLIO

	CLASS 2
	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			YEAR ENDED 9/30/24			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Net asset value, beginning of period	$	9.94		$	9.83		$	8.52		$	8.65		$	11.96		$	11.00


Income from investment operations:

Investment income, net (a)(b)		0.17			0.32			0.32			0.30			0.28			0.23

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.08	)		0.27			1.22			(0.13	)		(1.90	)		1.04


Total from investment operations		0.09			0.59			1.54			0.17			(1.62	)		1.27


Less: dividends and distributions

Dividends from net investment income		(0.38	)		(0.48	)		(0.23	)		(0.30	)		(0.42	)		(0.26	)

Distributions from net realized gain on investment transactions		0			0			0			0			(1.27	)		(0.05	)


Total dividends and distributions		(0.38	)		(0.48	)		(0.23	)		(0.30	)		(1.69	)		(0.31	)


Net asset value, end of period	$	9.65		$	9.94		$	9.83		$	8.52		$	8.65		$	11.96


Total return (c)(d)		0.92%			6.51%			18.40%			1.86%			(15.98)%	(h)		11.64%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$56,625			$55,735			$92,558			$115,072			$150,684			$195,068

Average net assets (000 omitted)		$56,113			$71,448			$93,742			$138,190			$181,909			$202,314

Ratio to average net assets of:

Expenses, net of waivers/reimbursements (e)(f)		0.67%	^{^}		0.74%			0.71%			0.71%			0.66%			0.68%

Expenses, before waivers/reimbursements (e)(f)		0.84%	^{^}		0.79%			0.82%			0.75%			0.70%			0.72%

Net investment income (b)		3.43%	^{^}		3.44%			3.58%			3.44%			2.80%			1.93%

Portfolio turnover rate		75%			140%			160%			159%			115%			98%

See Footnote Summary on page 93-94.

See Notes to Financial Statements.



90		Sanford C. Bernstein Fund, Inc.



	TAX-AWARE OVERLAY B PORTFOLIO

	CLASS 1
	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			YEAR ENDED 9/30/24			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Net asset value, beginning of period	$	11.56		$	11.49		$	10.07		$	10.04		$	12.36		$	11.27


Income from investment operations:

Investment income, net (a)(b)		0.13			0.25			0.23			0.19			0.18			0.17

Net realized and unrealized gain (loss) on investment and foreign currency transactions		0			0.34			1.41			0.07			(1.66	)		1.19

Contributions from affiliates		0			.00	(g)		0			0			0			0


Total from investment operations		0.13			0.59			1.64			0.26			(1.48	)		1.36


Less: dividends and distributions

Dividends from net investment income		(0.28	)		(0.22	)		(0.22	)		(0.23	)		(0.19	)		(0.27	)

Distributions from net realized gain on investment transactions		(0.41	)		(0.30	)		0			0			(0.65	)		0


Total dividends and distributions		(0.69	)		(0.52	)		(0.22	)		(0.23	)		(0.84	)		(0.27	)


Net asset value, end of period	$	11.00		$	11.56		$	11.49		$	10.07		$	10.04		$	12.36


Total return (c)		1.16%			5.49%			16.54%			2.59%			(12.95)%			12.11%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$321,023			$352,501			$466,594			$479,517			$932,107			$1,194,517

Average net assets (000 omitted)		$341,217			$382,398			$458,098			$714,721			$1,111,920			$1,196,104

Ratio to average net assets of:

Expenses, net of waivers/ reimbursements (e)(f)		0.79%	^{^}		0.88%			0.89%			0.86%			0.83%			0.84%

Expenses, before waivers/ reimbursements (e)(f)		0.90%	^{^}		0.89%			0.90%			0.86%			0.83%			0.84%

Net investment income (b)		2.37%	^{^}		2.28%			2.14%			1.88%			1.63%			1.44%

Portfolio turnover rate		11%			13%			20%			7%			12%			19%

See Footnote Summary on page 93-94.

See Notes to Financial Statements.



2026 Semi-Annual Report		91

Financial Highlights (continued)

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:



	TAX-AWARE OVERLAY B PORTFOLIO

	CLASS 2
	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			YEAR ENDED 9/30/24			YEAR ENDED 9/30/23			YEAR ENDED 9/30/22			YEAR ENDED 9/30/21

Net asset value, beginning of period	$	11.57		$	11.50		$	10.09		$	10.07		$	12.39		$	11.30


Income from investment operations:

Investment income, net (a)(b)		0.14			0.27			0.25			0.21			0.20			0.19

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.01	)		0.34			1.42			0.06			(1.66	)		1.19

Contributions from affiliates		0			.00	(g)		0			0			0			0


Total from investment operations		0.13			0.61			1.67			0.27			(1.46	)		1.38


Less: dividends and distributions

Dividends from net investment income		(0.30	)		(0.24	)		(0.26	)		(0.25	)		(0.21	)		(0.29	)

Distributions from net realized gain on investment transactions		(0.41	)		(0.30	)		0			0			(0.65	)		0


Total dividends and distributions		(0.71	)		(0.54	)		(0.26	)		(0.25	)		(0.86	)		(0.29	)


Net asset value, end of period	$	10.99		$	11.57		$	11.50		$	10.09		$	10.07		$	12.39


Total return (c)		1.16%			5.66%			16.77%			2.67%			(12.78)%			12.35%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)		$120,737			$129,170			$173,771			$193,571			$378,873			$523,749

Average net assets (000 omitted)		$126,042			$139,242			$169,853			$281,573			$478,848			$534,158

Ratio to average net assets of:

Expenses, net of waivers/reimbursements (e)(f)		0.69%	^{^}		0.74%			0.74%			0.71%			0.68%			0.69%

Expenses, before waivers/reimbursements (e)(f)		0.75%	^{^}		0.75%			0.75%			0.71%			0.68%			0.69%

Net investment income (b)		2.48%	^{^}		2.43%			2.27%			2.04%			1.78%			1.59%

Portfolio turnover rate		11%			13%			20%			7%			12%			19%

See Footnote Summary on page 93-94.

See Notes to Financial Statements.



92		Sanford C. Bernstein Fund, Inc.

(a)

Based on average shares outstanding.

(b)

Net of expenses waived/reimbursed by the Adviser.

(c)

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(d)

Includes the impact of proceeds received and credited to the Portfolio resulting from the class action settlements, which enhanced the performance for the Overlay A Portfolio for the six months ended March 31, 2026 and for the year ended September 30, 2025 by .04% and .10%, the Tax-Aware Overlay A Portfolio for the six months ended March 31, 2026 and for the year ended September 30, 2025 by .03% and .11% and the Overlay B Portfolio for the year ended September 30, 2025 by .07%.

(e)

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

Acquired Fund Fees and Expenses:


	SIX MONTHS ENDED 3/31/2026		YEAR ENDED 9/30/2025		YEAR ENDED 9/30/2024		YEAR ENDED 9/30/2023		YEAR ENDED 9/30/2022		YEAR ENDED 9/30/2021
Overlay A Portfolio		.28%^		.30%		.33%		.35%		.34%		.36%
Tax-Aware Overlay A Portfolio		.30%^		.31%		.32%		.36%		.33%		.36%
Overlay B Portfolio		.05%^		.07%		.05%		.05%		.05%		.04%
Tax-Aware Overlay B Portfolio		.02%^		.03%		.02%		.02%		.03%		.03%

Waiver:


	SIX MONTHS ENDED 3/31/2026			YEAR ENDED 9/30/2025		YEAR ENDED 9/30/2024			YEAR ENDED 9/30/2023			YEAR ENDED 9/30/2022			YEAR ENDED 9/30/2021
Overlay A Portfolio		.27%	^		.30%		.32%			.34%			.33%			.35%
Tax-Aware Overlay A Portfolio		.29%	^		.30%		.31%			.36%			.32%			.35%
Overlay B Portfolio		.04%	^		.05%		.05%			.04%			.04%			.04%
Tax-Aware Overlay B Portfolio		.00%	(g)^		.01%		.00%	(g)		.00%	(g)		.00%	(g)		.00%	(g)

(f)

The expense ratios presented below exclude interest/bank overdraft expense:


	SIX MONTHS ENDED 3/31/26 (UNAUDITED)		YEAR ENDED 9/30/25		YEAR ENDED 9/30/24		YEAR ENDED 9/30/23		YEAR ENDED 9/30/22		YEAR ENDED 9/30/21
Overlay A Portfolio
Class 1
Expenses, net of waivers/reimbursements		.62%^		.87%		.88%		.82%		.80%		.79%
Expenses, before waivers/reimbursements		1.20%^		1.17%		1.20%		1.16%		1.13%		1.14%
Class 2
Expenses, net of waivers/reimbursements		.51%^		.68%		.68%		.62%		.60%		.58%
Expenses, before waivers/reimbursements		1.00%^		.98%		1.00%		.96%		.93%		.94%
Tax-Aware Overlay A Portfolio
Class 1
Expenses, net of waivers/reimbursements		.59%^		.83%		.85%		.79%		.79%		.77%
Expenses, before waivers/reimbursements		1.15%^		1.13%		1.17%		1.14%		1.12%		1.11%
Class 2
Expenses, net of waivers/reimbursements		.49%^		.64%		.66%		.59%		.59%		.56%
Expenses, before waivers/reimbursements		.95%^		.94%		.97%		.94%		.92%		.91%
Overlay B Portfolio
Class 1
Expenses, net of waivers/reimbursements		.75%^		.83%		.86%		.86%		.81%		.83%
Expenses, before waivers/reimbursements		.96%^		.89%		.97%		.90%		.85%		.87%
Class 2
Expenses, net of waivers/reimbursements		.64%^		.69%		.71%		.71%		.66%		.68%
Expenses, before waivers/reimbursements		.81%^		.75%		.82%		.75%		.70%		.72%

See Notes to Financial Statements.



2026 Semi-Annual Report		93

Financial Highlights (continued)

Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:


	SIX MONTHS ENDED 3/31/26 (UNAUDITED)		YEAR ENDED 9/30/25		YEAR ENDED 9/30/24		YEAR ENDED 9/30/23		YEAR ENDED 9/30/22		YEAR ENDED 9/30/21
Tax-Aware Overlay B Portfolio
Class 1
Expenses, net of waivers/reimbursements		.78%^{^}		.86%		.89%		.86%		.83%		.84%
Expenses, before waivers/reimbursements		.89%^{^}		.87%		.90%		.86%		.83%		.84%
Class 2
Expenses, net of waivers/reimbursements		.68%^{^}		.71%		.74%		.71%		.68%		.69%
Expenses, before waivers/reimbursements		.74%^{^}		.72%		.75%		.71%		.68%		.69%

(g)

Amount is less than .005%.

(h)

Annualized.

See Notes to Financial Statements.



94		Sanford C. Bernstein Fund, Inc.

Notes to Financial Statements

NOTE 1.

Organization and Significant Accounting Policies


FIXED INCOME MUNICIPAL PORTFOLIO

Diversified Municipal		Municipal Class*, Class A, Class C, Advisor Class and Class Z

FIXED INCOME TAXABLE PORTFOLIO

AB Core Bond**		Core Bond Class* and Class Z

Bernstein Class

Formerly known as Intermediate Duration.


OVERLAY PORTFOLIOS

Overlay A		Class 1 and Class 2

Tax-Aware Overlay A		Class 1 and Class 2

Overlay B		Class 1 and Class 2

Tax-Aware Overlay B		Class 1 and Class 2

Each Portfolio has its own investment objectives. Each class of shares has identical voting, dividend, liquidation and other rights, except that the classes may bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan, as applicable. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolios.

Portfolio Valuation

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

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed and over-the-counter (“OTC”) options, including flexible exchange-traded options (“Flex Options”), are typically valued at transaction price on the trade date. On days when a trade does not occur, these options are valued using models that consider the terms of the option and relevant market inputs; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as



2026 Semi-Annual Report		95

Notes to Financial Statements (continued)

short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Fair Value Measurements

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

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Portfolios’ own assumptions in determining the fair value of investments)



96		Sanford C. Bernstein Fund, Inc.

is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options will be classified as Level 2. For options that do not trade on an exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.



2026 Semi-Annual Report		97

Notes to Financial Statements (continued)

The following tables summarize the valuation of the Portfolios’ investments by the above fair value hierarchy levels as of March 31, 2026:


OVERLAY A PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL

Assets:

Common Stocks:

Information Technology	$	57,377,470		$	4,261,386		$	17,549	$	61,656,405

Financials		28,370,954			2,238,287			0		30,609,241

Health Care		23,590,900			4,468,740			0		28,059,640

Industrials		24,335,868			2,563,059			0		26,898,927

Communication Services		23,908,690			2,520,007			0		26,428,697

Consumer Discretionary		15,122,738			1,388,595			0		16,511,333

Consumer Staples		11,982,811			1,521,435			0		13,504,246

Energy		5,954,583			427,572			0		6,382,155

Materials		5,187,878			946,384			0		6,134,262

Utilities		5,210,003			653,991			0		5,863,994

Real Estate		2,874,409			12,889			0		2,887,298

Investment Companies		97,967,019			0			0		97,967,019

Purchased Options—Puts		0			8,108,606			0		8,108,606

Short-Term Investments		72,742,984			0			0		72,742,984

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		325,718			0			0		325,718

Total Investments in Securities		374,952,025			29,110,951			17,549		404,080,525

Other Financial Instruments (a):

Assets:

Futures		587,008			0			0		587,008	(b)

Forward Currency Exchange Contracts		0			2,082,079			0		2,082,079

Liabilities:

Futures		(2,954,782	)		0			0		(2,954,782	)(b)

Forward Currency Exchange Contracts		0			(2,081,591	)		0		(2,081,591	)

Total	$	372,584,251		$	29,111,439		$	17,549	$	401,713,239



98		Sanford C. Bernstein Fund, Inc.


TAX-AWARE OVERLAY A PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL

Assets:

Common Stocks:

Information Technology	$	125,006,100		$	4,293,503		$	52,857	$	129,352,460

Financials		65,549,175			2,254,385			0		67,803,560

Industrials		53,109,224			2,582,435			0		55,691,659

Communication Services		51,648,512			2,538,522			0		54,187,034

Health Care		46,236,657			4,503,111			0		50,739,768

Consumer Discretionary		36,762,149			1,399,837			0		38,161,986

Consumer Staples		24,668,662			1,531,787			0		26,200,449

Energy		13,989,783			430,625			0		14,420,408

Materials		11,980,881			953,362			0		12,934,243

Utilities		10,129,844			657,478			0		10,787,322

Real Estate		6,257,984			12,982			0		6,270,966

Investment Companies		278,032,174			0			0		278,032,174

Purchased Options—Puts		0			16,009,052			0		16,009,052

Short-Term Investments		33,844,797			0			0		33,844,797

Total Investments in Securities		757,215,942			37,167,079			52,857		794,435,878

Other Financial Instruments (a):

Assets:

Futures		625,061			0			0		625,061	(b)

Forward Currency Exchange Contracts		0			4,363,457			0		4,363,457

Total Return Swaps		0			25,343			0		25,343

Liabilities:

Futures		(3,654,914	)		0			0		(3,654,914	)(b)

Forward Currency Exchange Contracts		0			(3,911,773	)		0		(3,911,773	)

Total	$	754,186,089		$	37,644,106		$	52,857	$	791,883,052



2026 Semi-Annual Report		99

Notes to Financial Statements (continued)


OVERLAY B PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL

Assets:

Governments—Treasuries	$	0		$	54,836,039		$	0	$	54,836,039

Inflation-Linked Securities		0			44,509,091			0		44,509,091

Corporates—Investment Grade		0			43,197,549			0		43,197,549

Investment Companies		34,880,567			0			0		34,880,567

Mortgage Pass-Throughs		0			23,826,343			0		23,826,343

Common Stocks		16,713,583			5,558,090			15,000		22,286,673

Asset-Backed Securities		0			11,553,765			15,884		11,569,649

Collateralized Mortgage Obligations		0			11,210,170			0		11,210,170

Commercial Mortgage-Backed Securities		0			5,254,609			0		5,254,609

Corporates—Non-Investment Grade		0			3,110,825			0		3,110,825

Collateralized Loan Obligations		0			2,390,529			0		2,390,529

Purchased Options—Puts		0			2,193,684			0		2,193,684

Covered Bonds		0			1,996,847			0		1,996,847

Governments—Sovereign Agencies		0			1,670,960			0		1,670,960

Local Governments—US Municipal Bonds		0			1,629,914			0		1,629,914

Governments—Sovereign Bonds		0			1,588,310			0		1,588,310

Emerging Markets—Treasuries		0			1,228,320			0		1,228,320

Agencies		0			1,138,755			0		1,138,755

Emerging Markets—Corporate Bonds		0			941,895			0		941,895

Supranationals		0			589,460			0		589,460

Quasi-Sovereigns		0			425,441			0		425,441

Emerging Markets—Sovereigns		0			366,412			0		366,412

Local Governments—Canadian Municipal Bonds		0			51,564			0		51,564
Short-Term Investments:

Investment Companies		28,125,642			0			0		28,125,642

U.S. Treasury Bills		0			3,097,517			0		3,097,517

Total Investments in Securities		79,719,792			222,366,089			30,884		302,116,765

Other Financial Instruments (a):

Assets:

Futures		538,054			0			0		538,054	(b)

Forward Currency Exchange Contracts		0			1,795,509			0		1,795,509

Centrally Cleared Credit Default Swaps		0			163,858			0		163,858	(b)

Centrally Cleared Inflation (CPI) Swaps		0			430,281			0		430,281	(b)

Centrally Cleared Interest Rate Swaps		0			3,478,632			0		3,478,632	(b)

Total Return Swaps		0			5,632			0		5,632

Liabilities:

Futures		(1,750,153	)		0			0		(1,750,153	)(b)

Forward Currency Exchange Contracts		0			(748,006	)		0		(748,006	)

Centrally Cleared Credit Default Swaps		0			(231,460	)		0		(231,460	)(b)

Centrally Cleared Interest Rate Swaps		0			(50,745	)		0		(50,745	)(b)

Total	$	78,507,693		$	227,209,790		$	30,884	$	305,748,367



100		Sanford C. Bernstein Fund, Inc.


TAX-AWARE OVERLAY B PORTFOLIO INVESTMENTS IN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL

Assets:

Long-Term Municipal Bonds	$	0		$	274,655,738		$	190,000	$	274,845,738

Short-Term Municipal Notes		0			15,685,232			0		15,685,232

Investment Companies		76,616,656			0			0		76,616,656

Common Stocks		13,138,053			4,372,320			0		17,510,373

Purchased Options- Puts		0			3,374,105			0		3,374,105

Corporates—Investment Grade		0			2,951,122			0		2,951,122

Corporates—Non-Investment Grade		0			1,322,665			0		1,322,665

Asset-Backed Securities		0			359,933			0		359,933

Preferred Stocks		0			0			223,610		223,610

Short-Term Investments		32,626,886			0			0		32,626,886

Total Investments in Securities		122,381,595			302,721,115			413,610		425,516,320

Other Financial Instruments (a):

Assets:

Futures		106,382			0			0		106,382	(b)

Forward Currency Exchange Contracts		0			1,022,902			0		1,022,902

Centrally Cleared Inflation (CPI) Swaps		0			7,784,505			0		7,784,505	(b)

Centrally Cleared Interest Rate Swaps		0			940,534			0		940,534	(b)

Inflation (CPI) Swaps		0			6,706,406			0		6,706,406

Interest Rate Swaps		0			959,661			0		959,661

Liabilities:

Futures		(777,476	)		0			0		(777,476	)(b)

Forward Currency Exchange Contracts		0			(1,046,990	)		0		(1,046,990	)

Centrally Cleared Credit Default Swaps		0			(671,920	)		0		(671,920	)(b)

Centrally Cleared Interest Rate Swaps		0			(82,025	)		0		(82,025	)(b)

Total Return Swaps		0			(1,463	)		0		(1,463	)

Total	$	121,710,501		$	318,332,725		$	413,610	$	440,456,836

(a)

(b)

Foreign Currency Translation



2026 Semi-Annual Report		101

Notes to Financial Statements (continued)

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

Taxes

Each Portfolio is treated as a separate entity for federal income tax purposes. Each Portfolio intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986 as they apply to regulated investment companies. By so complying, each Portfolio will not be subject to federal and state income taxes to the extent that all of its income is distributed. The Portfolios may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned based on, management’s understanding of applicable local tax law.

In consideration of recent decisions rendered by the European courts, certain Portfolios filed reclaims to recover taxes withheld on dividends earned from certain European Union countries during calendar years 2008 through 2022. These filing are subject to various administrative and judicial proceedings within these countries. No other amounts for additional tax reclaims are disclosed in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

Security Transactions and Related Investment Income

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

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

Class Allocations



102		Sanford C. Bernstein Fund, Inc.

or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

Distribution of Income and Gains

Dividends from net investment income, if any, will be paid to shareholders at least once a year.

Distributions of net realized gains, less any available loss carryforwards, if any, for all the Portfolios will be paid to shareholders at least once a year, and recorded on the ex-dividend date.

Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

Segment Information

Each Portfolio represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Portfolios’ President is the CODM. The CODM monitors the operating results of the Portfolios as a whole and the pre-determined Portfolios’ long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segment’s performance versus the Portfolios’ comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

NOTE 2.

Investment Management and Transactions with Affiliated Persons

Management Fee

The Portfolios pay the Adviser an investment management fee at an annual rate of 0.90% of the first $2.5 billion, 0.875% of the next $2.5 billion and 0.85% in excess of $5 billion for Overlay A and Tax-Aware Overlay A; 0.65% for Overlay B and Tax-Aware Overlay B, of the average daily net assets of each Portfolio.



2026 Semi-Annual Report		103

Notes to Financial Statements (continued)

The Adviser has agreed to waive its fees and bear certain expenses, exclusive of acquired fund fees and other than the advisory fees of any registered funds advised by the Adviser in which a Portfolio may invest, interest expense, taxes, extraordinary expenses, brokerage commission, and other transaction costs, to the extent necessary to limit the total portfolio operating expenses as a percentage of daily average net assets on an annual basis as follows:


PORTFOLIO	CLASS 1			CLASS 2

Overlay A		1.20	%		1.00	%

Tax-Aware Overlay A		1.20	%		1.00	%

Overlay B		0.90	%		0.75	%

Tax-Aware Overlay B		0.90	%		0.75	%

This fee waiver and/or expense limitation agreement will remain in effect until January 31, 2027, and then may be extended by the Adviser for additional one year terms. For the six months ended March 31, 2026, there were no such reimbursements/waivers.

Effective November 14, 2025, the Adviser put in place a voluntary expense limitation to prevent total operating expenses from exceeding 0.84% of average daily net assets for Class 1 of the Overlay A and Tax-Aware Overlay A Portfolios, and 0.77% of average daily net assets for Class 1 of the Overlay B and Tax-Aware Overlay B Portfolios respectively. For the six months ended March 31, 2026, such reimbursements/waivers for the Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B Portfolio and Tax-Aware Overlay B Portfolio amounted to $447,503, $731,714, $180,881 and $137,335, respectively.

Shareholder Servicing Fee

Under the Shareholder Servicing Agreement between the Fund and the Adviser, the Adviser pays expenses it incurs in providing shareholder servicing to the Fund, the Portfolios and individual shareholders. Such services include, but are not limited to, providing information to shareholders concerning their fund investments, systematic withdrawal plans, fund dividend payments and reinvestments, shareholder account or transactions status, net asset value of shares, fund performance, fund services, plans and options, fund investment policies, portfolio holdings and tax consequences of fund investments; dealing with shareholder complaints and other correspondence relating to fund matters; and communications with shareholders when proxies are being solicited from them with respect to voting their fund shares. Under the agreement, the fee paid by each Portfolio to the Adviser for services is 0.20 of 1%, annualized, of the average daily net assets of Class 1 Shares of Overlay A and Tax-Aware Overlay A Portfolios during the month, and 0.15 of 1%, annualized, of the average daily net assets of Class 1 Shares of Overlay B and Tax-Aware Overlay B Portfolios during the month.

Effective September 2, 2025, the Adviser put in place a voluntary waiver of the Shareholder Servicing fees paid by each Overlay Portfolio to the Adviser lowering the effective fee to 0.105 of 1%, annualized, of the average daily net assets of Class 1 Shares during the month. For the six months ended, March 31, 2026, such waivers amounted for the Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B Portfolio and Tax-Aware Overlay B Portfolio amounted to $177,357, $294,278, $54,819 and $76,564, respectively.

Distribution Arrangements

Investments in Affiliated Issuers

The Portfolios may invest in other investment companies advised by the Adviser, including AB Government Money Market Portfolio and AB All-Market Real Return Portfolio—Class Z (“AMRR”) which have contractual annual advisory fee rates of 0.20% and 0.75%, respectively, of the portfolios’ average daily net assets and bear their own expenses. The



104		Sanford C. Bernstein Fund, Inc.

Adviser had contractually agreed to waive .10% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Portfolios in affiliated registered investment companies, the Adviser has contractually agreed to waive its advisory fee from the Portfolios in an amount equal to the Portfolios’ pro rata share of the effective advisory fee of the underlying affiliated registered investment company, as borne indirectly by the Portfolios as an acquired fund fee and expense.

For the six months ended March 31, 2026, such waivers amounted to:


AB GOVERNMENT MONEY MARKET PORTFOLIO	AMOUNT

Overlay A	$	10,904

Tax-Aware Overlay A		7,281

Overlay B		16,528

Tax-Aware Overlay B		10,925

AMRR	AMOUNT

Overlay A	$	120,678

Tax-Aware Overlay A		227,016

Overlay B		43,379

Overlay A Portfolio and Tax-Aware Overlay A Portfolio currently invest in Bernstein Fund, Inc.—International Small Cap Portfolio—Class Z, Bernstein Fund, Inc.—International Strategic Equities Portfolio—Class Z, Bernstein Fund Inc.—Small Cap Core Portfolio—Class Z and AB Active ETFs, Inc.—AB Emerging Markets Opportunities ETF, respectively. With respect to the Overlay A Portfolio and Tax-Aware Overlay A Portfolio, the Adviser has contractually agreed to waive its management fees and/or bear Portfolio expenses through January 31, 2027, in an amount equal to the Portfolios’ proportionate share of all advisory fees and other expenses of the aforementioned funds that are indirectly borne by the Portfolios. For the six months ended March 31, 2026, such waivers amounted to:


PORTFOLIO	AB ACTIVE ETFS, INC. - AB EMERGING MARKETS OPPORTUNITIES ETF		BERNSTEIN FUND, INC. - INTERNATIONAL STRATEGIC EQUITIES PORTFOLIO CLASS Z		BERNSTEIN FUND, INC. - INTERNATIONAL SMALL CAP PORTFOLIO CLASS Z		BERNSTEIN FUND, INC. - SMALL CAP CORE PORTFOLIO CLASS Z

Overlay A	$	27,812	$	278,784	$	88,567	$	54,272

Tax-Aware Overlay A	$	57,297	$	637,596	$	228,962	$	62,406



2026 Semi-Annual Report		105

Notes to Financial Statements (continued)

The Portfolios may invest in other investment companies managed by the Adviser. A summary of the Portfolios’ transactions in such holdings for the six months ended March 31, 2026 is as follows:


SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO
															DISTRIBUTIONS
FUND	MARKET VALUE 9/30/25 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		REALIZED GAIN (LOSS) (000)			CHANGE IN UNREALIZED APPR./(DEPR.) (000)			MARKET VALUE 3/31/26 (000)		DIVIDEND INCOME (000)		REALIZED GAINS (000)

AB Government Money Market Portfolio	$	26,939	$	109,745	$	63,941	$	0		$	0		$	72,743	$	208	$	0

AB Bond Fund, Inc.: AB All Market Real Return Portfolio		31,106		2,124		8,515		865			1,035			26,615		2,123		0

Bernstein Fund, Inc.: International Small Cap Portfolio		15,609		2,150		5,058		969			(1,957	)		11,713		861		1,289

Bernstein Fund, Inc.—International Strategic Equities Portfolio		92,081		8,019		55,151		20,485			(18,494	)		46,940		2,370		5,648

Bernstein Fund, Inc.—Small Cap Core Portfolio		12,404		1,215		6,244		270			(1,292	)		6,353		67		1,148

Sanford C. Bernstein Fund, Inc.—AB Emerging Markets Portfolio		7,965		669		9,061		3,321			(2,894	)		0		172		497

AB Active ETFs, Inc—AB Emerging Markets Opportunities ETF		0		9,060		2,628		(19	)		(67	)		6,346

AB Government Money Market Portfolio*		166		7,242		7,082		0			0			326		1		0

Total							$	25,891		$	(23,669	)	$	171,036	$	5,802	$	8,582

Investments of cash collateral for securities lending transactions (see Note 4).



106		Sanford C. Bernstein Fund, Inc.


SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO
															DISTRIBUTIONS
FUND	MARKET VALUE 9/30/25 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		REALIZED GAIN (LOSS) (000)			CHANGE IN UNREALIZED APPR (DEPR) (000)			MARKET VALUE 3/31/26 (000)		DIVIDEND INCOME (000)		REALIZED GAINS (000)

AB Government Money Market Portfolio	$	406	$	138,463	$	105,024	$	0		$	0		$	33,845	$	131	$	0

AB Bond Fund, Inc.: AB All Market Real Return Portfolio		55,941		3,574		3,640		597			3,779			60,251		3,575		0

Bernstein Fund, Inc.: International Small Cap Portfolio		40,397		5,564		14,313		4,408			(6,962	)		29,094		2,229		3,335

Bernstein Fund, Inc.—International Strategic Equities Portfolio		191,709		19,242		56,203		23,757			(19,379	)		159,126		5,688		13,554

Bernstein Fund, Inc.—Small Cap Core Portfolio		14,866		1,330		1,309		353			(1,427	)		13,813		74		1,256

Sanford C. Bernstein Fund, Inc.—AB Emerging Markets Portfolio		16,409		1,378		18,666		6,819			(5,940	)		0		355		1,024

AB Active ETFs, Inc—AB Emerging Markets Opportunities ETF		0		18,667		2,733		(20	)		(166	)		15,748		0		0

Total							$	35,914		$	(30,095	)	$	311,877	$	12,052	$	19,169


SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO
													DISTRIBUTIONS
FUND	MARKET VALUE 9/30/25 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		REALIZED GAIN (LOSS) (000)		CHANGE IN UNREALIZED APPR./(DEPR.) (000)		MARKET VALUE 3/31/26 (000)		DIVIDEND INCOME (000)		REALIZED GAINS (000)

AB Government Money Market Portfolio	$	34,062	$	70,249	$	76,186	$	0	$	0	$	28,125	$	319	$	0

AB Bond Fund, Inc.: AB All Market Real Return Portfolio		11,004		751		2,914		386		440		9,667		751		0

Total							$	386	$	440	$	37,792	$	1,070	$	0


SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO
PORTFOLIO	MARKET VALUE 9/30/25 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		MARKET VALUE 3/31/26 (000)		DIVIDEND INCOME (000)
AB Government Money Market Portfolio	$	18,702	$	90,190	$	76,265	$	32,627	$	204



2026 Semi-Annual Report		107

Notes to Financial Statements (continued)

During the six months ended March 31, 2026, the Adviser reimbursed the Overlay A and the Tax-Aware Overlay A Portfolios $273 and $9,065, respectively, for trading losses incurred due to NAV errors and During the year ended September 30, 2025, the Adviser reimbursed the Tax-Aware Overlay A and the Tax-Aware Overlay B Portfolios $21,662 and $4,175, respectively, for trading losses incurred due to trade entry errors.

NOTE 3.

Investment Security Transactions

Purchases and Sales

For the six months ended March 31, 2026, the Portfolios had purchases and sales transactions, excluding transactions in short-term instruments, as follows:


PORTFOLIO	PURCHASES EXCLUDING U.S. GOVERNMENT SECURITIES		PURCHASES OF U.S. GOVERNMENT SECURITIES		SALES EXCLUDING U.S. GOVERNMENT SECURITIES		SALES OF U.S. GOVERNMENT SECURITIES

Overlay A	$	129,591,608	$	0	$	216,829,130	$	0

Tax-Aware Overlay A		198,573,653		0		319,316,181		0

Overlay B		74,127,816		147,292,710		68,649,850		169,009,716

Tax-Aware Overlay B		44,883,173		1,049,793		109,935,166		61,547


	GROSS UNREALIZED					NET UNREALIZED APPRECIATION
PORTFOLIO	APPRECIATION		(DEPRECIATION)			NET UNREALIZED APPRECIATION

Overlay A	$	128,299,925	$	(11,751,252	)	$	116,548,673

Tax-Aware Overlay A		332,523,471		(16,261,216	)		316,262,255

Overlay B		15,553,501		(12,197,345	)		3,356,156

Tax-Aware Overlay B		65,550,460		(15,164,376	)		50,386,084

Derivative Financial Instruments

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

•

Futures



108		Sanford C. Bernstein Fund, Inc.

futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

During the six months ended March 31, 2026, the Portfolios held futures for hedging and non-hedging purposes.

•

Forward Currency Exchange Contracts

Each Portfolio may enter into forward currency exchange contracts on either a spot (i.e., cash) or forward basis. Spot contracts are entered into at the rate then prevailing in the currency-exchange market. Forward currency exchange contracts obligate the contracting parties to purchase or sell a specific currency at a specified future date at a specified price. The Portfolios will generally not enter into a forward currency exchange contract with a term greater than one year. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Under certain circumstances, the Portfolios may commit a substantial portion or the entire value of the Portfolios to the consummation of these contracts. The Adviser will consider the effect that a substantial commitment of assets to forward currency exchange contracts would have on the investment program of the Portfolios and the flexibility of the Portfolios to purchase additional securities.

During the six months ended March 31, 2026, the Portfolios held forward currency exchange contracts for hedging and non-hedging purposes.

•

Option Transactions

For hedging and investment purposes, each Portfolio may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, certain Portfolios may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions” and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

The risk associated with purchasing an option is that the Portfolios pay a premium whether or not the option is exercised. Additionally, the Portfolios bear the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call purchased option by the Portfolios were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolios. Put and call purchased options are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.



2026 Semi-Annual Report		109

Notes to Financial Statements (continued)

When a Portfolio writes an option, the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option. The Portfolios’ maximum payment for written put options equates to the number of shares multiplied by the strike price. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. Premiums received from written options which expire unexercised are recorded by the Portfolios on the expiration date as realized gains from written options. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Portfolios have realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Portfolios. In writing an option, the Portfolios bear the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of a written option by the Portfolios could result in the Portfolios selling or buying a security or currency at a price different from the current market value.

During the six months ended March 31, 2026, the Portfolios held purchased options for hedging and non-hedging purposes.

•

Swaps



110		Sanford C. Bernstein Fund, Inc.

Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

During the six months ended March 31, 2026, the Overlay B and Tax-Aware Overlay B Portfolios held interest rate swaps for hedging and non-hedging purposes.

Inflation (CPI) Swaps:

During the six months ended March 31, 2026, the Overlay B Portfolio and Tax-Aware Overlay B Portfolios held inflation (CPI) swaps for hedging and non-hedging purposes.

Credit Default Swaps:

Each Portfolio may enter into credit default swaps, including to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults by corporate and sovereign issuers held by the Portfolios, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed. The Portfolios may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Portfolios receive/(pay) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If a Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolios will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolios for the same referenced obligations with the same counterparty.



2026 Semi-Annual Report		111

Notes to Financial Statements (continued)

During the six months ended March 31, 2026, the Portfolios held credit default swaps for hedging and non-hedging purposes.

Total Return Swaps:

Each Portfolio may enter into total return swaps in order to take a “long” or “short” position with respect to an underlying referenced asset. A Portfolio is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

During the six months ended March 31, 2026, the Portfolios held total return swaps for hedging and non-hedging purposes.

During the six months ended March 31, 2026, the Portfolios had entered into the following derivatives:

OVERLAY A PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS AND
LIABILITIES LOCATION

FAIR
VALUE

STATEMENT OF ASSETS AND
LIABILITIES LOCATION

FAIR
VALUE

Interest rate contracts

Receivable for variation margin on futures

581,400

Payable for variation margin on futures

2,246,918

Equity contracts

Receivable for variation margin on futures

5,608

Payable for variation margin on futures

707,864

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

2,082,079

Unrealized depreciation on forward currency exchange contracts

2,081,591

Equity contracts

Investments in securities, at value

8,108,606

Total

10,777,693

5,036,373



112		Sanford C. Bernstein Fund, Inc.


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES			CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	1,991,255		$	(3,060,854	)

Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		1,540,947			(1,688,472	)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		(409,112	)		(271,119	)

Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(4,026,011	)		3,340,325

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		9,513			(35,552	)

Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(5,370	)		(103	)

Total		$	(898,778	)	$	(1,715,775	)

TAX-AWARE
OVERLAY A PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS AND
LIABILITIES LOCATION

FAIR
VALUE

STATEMENT OF ASSETS AND
LIABILITIES LOCATION

FAIR
VALUE

Interest rate contracts

Payable for variation margin on futures

2,643,017

Equity contracts

Receivable for variation margin on futures

625,061

Payable for variation margin on futures

1,011,897

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

4,363,457

Unrealized depreciation on forward currency exchange contracts

3,911,773

Equity contracts

Investments in securities, at value

16,009,052

Equity contracts

Unrealized appreciation on total return swaps

25,343

Total

21,022,913

7,566,687



2026 Semi-Annual Report		113

Notes to Financial Statements (continued)


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES			CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	1,731,179		$	(3,750,933	)

Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		(537,096	)		(1,962,635	)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		(729,202	)		(200,996	)

Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(8,048,773	)		6,594,441

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		22,889			(69,592	)

Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(237,857	)		24,931

Total		$	(7,798,860	)	$	635,216

OVERLAY B PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS AND
LIABILITIES LOCATION

FAIR
VALUE

STATEMENT OF ASSETS AND
LIABILITIES LOCATION

FAIR
VALUE

Interest rate contracts

Receivable for variation margin on futures

359,192

Payable for variation margin on futures

867,269

Equity contracts

Receivable for variation margin on futures

178,862

Payable for variation margin on futures

882,884

Credit contracts

Receivable for variation margin on centrally cleared swaps

16,688

Payable for variation margin on centrally cleared swaps

20,953

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

1,332,028

Payable for variation margin on centrally cleared swaps

50,745

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

1,795,509

Unrealized depreciation on forward currency exchange contracts

748,006

Equity contracts

Investments in securities, at value

2,193,684

Equity contracts

Unrealized appreciation on total return swaps

5,632

Total

5,881,595

2,569,857



114		Sanford C. Bernstein Fund, Inc.


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES			CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	503,161		$	(655,065	)

Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		613,384			(1,767,278	)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		214,542			905,055

Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(1,084,948	)		900,476

Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(317,953	)		603,559

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		11,330			(785	)

Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(46,874	)		5,563

Total		$	(107,358	)	$	(8,475	)

TAX-AWARE
OVERLAY B PORTFOLIO

ASSET DERIVATIVES

LIABILITY DERIVATIVES

DERIVATIVE TYPE

STATEMENT OF ASSETS AND
LIABILITIES LOCATION

FAIR
VALUE

STATEMENT OF ASSETS AND
LIABILITIES LOCATION

FAIR
VALUE

Interest rate contracts

Receivable for variation margin on futures

5,347

Equity contracts

Receivable for variation margin on futures

101,035

Payable for variation margin on futures

777,476

Credit contracts

Payable for variation margin on centrally cleared swaps

143,634

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

7,260,829

Payable for variation margin on centrally cleared swaps

82,025

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

1,022,902

Unrealized depreciation on forward currency exchange contracts

1,046,990

Equity contracts

Investments in securities, at value

3,374,105

Interest rate contracts

Unrealized appreciation on inflation swaps

6,706,406

Interest rate contracts

Unrealized appreciation on interest rate swaps

959,661

Equity contracts

Unrealized depreciation on total return swaps

1,463

Total

19,430,285

2,051,588



2026 Semi-Annual Report		115

Notes to Financial Statements (continued)


DERIVATIVE TYPE	LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS) ON DERIVATIVES			CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)

Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	(9,001	)	$	(8,027	)

Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		1,570,063			(1,690,133	)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		(119,841	)		(150,498	)

Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(1,700,790	)		1,387,399

Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		3,326,774			(3,663,961	)

Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		207,608			(138,085	)

Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(122,690	)		(1,566	)

Total		$	3,152,123		$	(4,264,871	)

The following tables represent the average monthly volume of the Portfolios’ derivative transactions during the six months ended March 31, 2026:


OVERLAY A PORTFOLIO
Futures:

Average notional amount of buy contracts	$	209,128,597

Average notional amount of sale contracts	$	72,255,749

Forward Currency Exchange Contracts:

Average principal amount of buy contracts	$	68,372,743

Average principal amount of sale contracts	$	89,369,304

Purchased Options:

Average notional amount	$	383,221,811

Centrally Cleared Credit Default Swaps:

Average notional amount of sale contracts	$	13,525,000	(a)

Total Return Swaps:

Average notional amount	$	1,557,516	(b)

(a)

Positions were open for one months during the period.

(b)

Positions were open for five months during the period.



116		Sanford C. Bernstein Fund, Inc.


TAX-AWARE OVERLAY A PORTFOLIO
Futures:

Average notional amount of buy contracts	$	339,939,062

Average notional amount of sale contracts	$	81,061,339

Forward Currency Exchange Contracts:

Average principal amount of buy contracts	$	129,735,650

Average principal amount of sale contracts	$	186,047,721

Purchased Options:

Average notional amount	$	759,407,359

Centrally Cleared Credit Default Swaps:

Average notional amount of sale contracts	$	26,775,000	(a)

Total Return Swaps:

Average notional amount	$	3,924,360

(a)

Positions were open for one months during the period.


OVERLAY B PORTFOLIO
Futures:

Average notional amount of buy contracts	$	159,208,745

Average notional amount of sale contracts	$	43,500,363

Forward Currency Exchange Contracts:

Average principal amount of buy contracts	$	25,091,520

Average principal amount of sale contracts	$	80,140,935

Purchased Options:

Average notional amount	$	101,068,728

Centrally Cleared Interest Rate Swaps:

Average notional amount	$	46,243,910

Centrally Cleared Inflation Swaps:

Average notional amount	$	19,110,000

Centrally Cleared Credit Default Swaps:

Average notional amount of buy contracts	$	12,521,697

Average notional amount of sale contracts	$	6,194,681

Total Return Swaps:

Average notional amount	$	635,878



2026 Semi-Annual Report		117

Notes to Financial Statements (continued)


TAX-AWARE OVERLAY B PORTFOLIO
Futures:

Average notional amount of buy contracts	$	89,583,421

Average notional amount of sale contracts	$	10,434,780

Forward Currency Exchange Contracts:

Average principal amount of buy contracts	$	28,689,730

Average principal amount of sale contracts	$	41,969,315

Purchased Options:

Average notional amount	$	157,146,475

Interest Rate Swaps:

Average notional amount	$	19,125,000

Inflation Swaps:

Average notional amount	$	88,545,714

Centrally Cleared Interest Rate Swaps:

Average notional amount	$	78,584,286

Centrally Cleared Inflation Swaps:

Average notional amount	$	59,762,429

Centrally Cleared Credit Default Swaps:

Average notional amount of buy contracts	$	13,064,114

Average notional amount of sale contracts	$	5,595,000	(a)

Total Return Swaps:

Average notional amount	$	791,799

(a)

Positions were open for one month during the period.

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


OVERLAY A PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL RECEIVED*			SECURITY COLLATERAL RECEIVED*		NET AMOUNT OF DERIVATIVE ASSETS

Bank of America NA	$	337,391	$	(329,907	)	$	0		$	0	$	7,484

Barclays Capital, Inc.		9,317		(9,317	)		0			0		0

Citibank NA		316,821		(184,656	)		0			0		132,165

Deutsche Bank AG		218,542		0			0			0		218,542

Goldman Sachs Bank USA		437,769		(252,354	)		(185,415	)		0		0

HSBC Bank USA		189,835		(189,835	)		0			0		0

Morgan Stanley & Co., Inc.		519,296		(131,968	)		0			0		387,328

State Street Bank & Trust Co.		53,108		(53,108	)		0			0		0

UBS/UBS AG		8,108,606		(385,243	)		(7,723,363	)		0		0

Total	$	10,190,685	$	(1,536,388	)	$	(7,908,778	)	$	0	$	745,519	^



118		Sanford C. Bernstein Fund, Inc.


COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*		SECURITY COLLATERAL PLEDGED*		NET AMOUNT OF DERIVATIVE LIABILITIES

Bank of America NA	$	329,907	$	(329,907	)	$	0	$	0	$	0

Barclays Capital, Inc.		163,427		(9,317	)		0		0		154,110

Citibank NA		184,656		(184,656	)		0		0		0

Goldman Sachs Bank USA		252,354		(252,354	)		0		0		0

HSBC Bank USA		432,086		(189,835	)		0		0		242,251

JPMorgan Chase Bank		93,430		0			0		0		93,430

Morgan Stanley & Co., Inc.		131,968		(131,968	)		0		0		0

State Street Bank & Trust Co.		108,520		(53,108	)		0		0		55,412

UBS/UBS AG		385,243		(385,243	)		0		0		0

Total	$	2,081,591	$	(1,536,388	)	$	0	$	0	$	545,203	^

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


TAX-AWARE OVERLAY A PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL RECEIVED*			SECURITY COLLATERAL RECEIVED*		NET AMOUNT OF DERIVATIVE ASSETS

Bank of America NA	$	655,252	$	(649,428	)	$	0		$	0	$	5,824

Barclays Capital, Inc.		19,984		(19,984	)		0			0		0

Citibank NA		711,760		(274,696	)		0			0		437,064

Deutsche Bank AG		504,922		0			0			0		504,922

Goldman Sachs Bank USA		974,421		(469,002	)		(505,419	)		0		0

HSBC Bank USA		370,723		(370,723	)		0			0		0

Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC		1,095,634		(189,908	)		0			0		905,726

State Street Bank & Trust Co.		12,844		(12,844	)		0			0		0

UBS/UBS AG		16,052,312		(773,032	)		(15,279,280	)		0		0

Total	$	20,397,852	$	(2,759,617	)	$	(15,784,699	)	$	0	$	1,853,536	^



2026 Semi-Annual Report		119

Notes to Financial Statements (continued)


COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*			SECURITY COLLATERAL PLEDGED*		NET AMOUNT OF DERIVATIVE LIABILITIES

Bank of America NA	$	649,428	$	(649,428	)	$	0		$	0	$	0

Barclays Capital, Inc.		215,206		(19,984	)		0			0		195,222

Citibank NA		274,696		(274,696	)		0			0		0

Goldman Sachs Bank USA		469,002		(469,002	)		0			0		0

HSBC Bank USA		844,284		(370,723	)		0			0		473,561

JPMorgan Chase Bank		232,600		0			(232,600	)		0		0

Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC		189,908		(189,908	)		0			0		0

State Street Bank & Trust Co.		263,617		(12,844	)		0			0		250,773

UBS/UBS AG		773,032		(773,032	)		0			0		0

Total	$	3,911,773	$	(2,759,617	)	$	(232,600	)	$	0	$	919,556	^

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


OVERLAY B PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL RECEIVED*			SECURITY COLLATERAL RECEIVED*		NET AMOUNT OF DERIVATIVE ASSETS

Bank of America NA	$	167,323	$	(86,794	)	$	0		$	0	$	80,529

Bank of New York (The)		5,862		0			0			0		5,862

Barclays Capital, Inc.		2,587		(2,587	)		0			0		0

BNP Paribas SA		7,767		0			0			0		7,767

Citibank NA		732,410		(66,236	)		0			0		666,174

Deutsche Bank AG		56,517		0			0			0		56,517

Goldman Sachs Bank USA		305,702		(86,742	)		(218,960	)		0		0

HSBC Bank USA		69,974		(69,974	)		0			0		0

Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc.		230,587		(90,728	)		0			0		139,859

Standard Chartered Bank		8,527		(279	)		0			0		8,248

State Street Bank & Trust Co.		209,395		(115,392	)		0			0		94,003

UBS/UBS AG		2,198,174		(102,613	)		(2,095,561	)		0		0

Total	$	3,994,825	$	(621,345	)	$	(2,314,521	)	$	0	$	1,058,959	^



120		Sanford C. Bernstein Fund, Inc.


COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*		SECURITY COLLATERAL PLEDGED*		NET AMOUNT OF DERIVATIVE LIABILITIES

Bank of America NA	$	86,794	$	(86,794	)	$	0	$	0	$	0

Barclays Capital, Inc.		17,799		(2,587	)		0		0		15,212

Citibank NA		66,236		(66,236	)		0		0		0

Goldman Sachs Bank USA		86,742		(86,742	)		0		0		0

HSBC Bank USA		135,787		(69,974	)		0		0		65,813

JPMorgan Chase Bank		42,095		0			0		0		42,095

Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc.		90,728		(90,728	)		0		0		0

Societe Generale		3,541		0			0		0		3,541

Standard Chartered Bank		279		(279	)		0		0		0

State Street Bank & Trust Co.		115,392		(115,392	)		0		0		0

UBS/UBS AG		102,613		(102,613	)		0		0		0

Total	$	748,006	$	(621,345	)	$	0	$	0	$	126,661	^

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


TAX-AWARE OVERLAY B PORTFOLIO
COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL RECEIVED*			SECURITY COLLATERAL RECEIVED*		NET AMOUNT OF DERIVATIVE ASSETS

Bank of America NA	$	145,730	$	(134,274	)	$	0		$	0	$	11,456

Barclays Bank PLC/Barclays Capital, Inc.		1,763,441		(52,370	)		(1,711,071	)		0		0

Citibank NA		1,052,804		(99,514	)		(950,000	)		0		3,290

Deutsche Bank AG		91,965		0			0			0		91,965

Goldman Sachs Bank USA		145,432		(94,839	)		0			0		50,593

HSBC Bank USA		76,768		(76,768	)		0			0		0

JPMorgan Chase Bank/JPMorgan Chase Bank NA		3,953,600		(206,454	)		0			0		3,747,146

Morgan Stanley Capital Services LLC/Morgan Stanley & Co., Inc.		1,453,903		(92,109	)		(860,000	)		0		501,794

State Street Bank & Trust Co.		5,326		(5,326	)		0			0		0

UBS/UBS AG		3,374,105		(158,332	)		(3,215,773	)		0		0

Total	$	12,063,074	$	(919,986	)	$	(6,736,844	)	$	0	$	4,406,244	^



2026 Semi-Annual Report		121

Notes to Financial Statements (continued)


COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*		SECURITY COLLATERAL PLEDGED*		NET AMOUNT OF DERIVATIVE LIABILITIES

Bank of America NA	$	134,274	$	(134,274	)	$	0	$	0	$	0

Barclays Bank PLC/Barclays Capital, Inc.		52,370		(52,370	)		0		0		0

Brown Brothers Harriman & Co.		11,505		0			0		0		11,505

Citibank NA		99,514		(99,514	)		0		0		0

Goldman Sachs Bank USA		94,839		(94,839	)		0		0		0

HSBC Bank USA		176,611		(76,768	)		0		0		99,843

JPMorgan Chase Bank/JPMorgan Chase Bank NA		206,454		(206,454	)		0		0		0

Morgan Stanley Capital Services LLC/Morgan Stanley & Co., Inc.		92,109		(92,109	)		0		0		0

State Street Bank & Trust Co.		20,982		(5,326	)		0		0		15,656

UBS/UBS AG		158,332		(158,332	)		0		0		0

Total	$	1,046,990	$	(919,986	)	$	0	$	0	$	127,004	^

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

Currency Transactions

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

TBA

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

Reverse Repurchase Agreements

The Overlay B Portfolio may enter into reverse repurchase transactions (“RVP”) in accordance with the terms of a Master Repurchase Agreement (“MRA”), under which the Portfolio sells securities and agrees to repurchase them at a mutually agreed upon date and price. At the time the Portfolio enters into a reverse repurchase agreement, it will establish a



122		Sanford C. Bernstein Fund, Inc.

segregated account with the custodian containing liquid assets having a value comparable to the repurchase price. Under the MRA and other Master Agreements, the Portfolio is permitted to offset payables and/or receivables with collateral held and/ or posted to the counterparty and create one single net payment due to or from the Portfolio in the event of a default. In the event of a default by a MRA counterparty, the Portfolio may be considered an unsecured creditor with respect to any excess collateral (collateral with a market value in excess of the repurchase price) held by and/or posted to the counterparty, and as such the return of such excess collateral may be delayed or denied. For the period ended September 30, 2025, the carrying value of the payable for the reverse repurchase agreements approximated its fair value. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as a Level 1 investment. For the period ended March 31, 2026, the average amount of reverse repurchase agreements outstanding was $1,961,438 and the daily weighted average interest rate was 4.44%. At March 31, 2026, the Portfolio had reverse repurchase agreements outstanding in the amount of $2,019,254 as reported on the statement of assets and liabilities.

The following table presents the Fund’s RVP liabilities by counterparty net of the related collateral pledged by the Fund as of March 31, 2026


OVERLAY B PORTFOLIO
COUNTERPARTY	RVP LIABILITIES SUBJECT TO A MRA		SECURITIES COLLATERAL PLEDGED^†^*			NET AMOUNT OF RVP LIABILITIES

HSBC Securities (USA), Inc.	$	2,019,254	$	(1,992,294	)	$	26,960

†

Including accrued interest.

The actual collateral pledged may be more than the amount reported due to overcollateralization.

NOTE 4.

Securities Lending

The Fund may enter into securities lending transactions. Under the Fund’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If the Fund cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Fund will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Fund in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Fund receives non-cash collateral, the Fund will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Fund will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Fund amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Fund will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Fund, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the consolidated statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and AB Government Money Market Portfolio are reflected in the consolidated statement of operations. When the Fund earns net securities lending income from AB Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned.



2026 Semi-Annual Report		123

Notes to Financial Statements (continued)

A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

A summary of the Overlay A Portfolio transactions surrounding securities lending for the period ended March 31, 2026 is as follows:


MARKET VALUE OF SECURITIES ON LOAN*	CASH COLLATERAL*		MARKET VALUE OF NON-CASH COLLATERAL*		INCOME FROM BORROWERS		AB GOVERNMENT MONEY MARKET PORTFOLIO
MARKET VALUE OF SECURITIES ON LOAN*	CASH COLLATERAL*		MARKET VALUE OF NON-CASH COLLATERAL*		INCOME FROM BORROWERS		INCOME EARNED		ADVISORY FEE WAIVED

$1,538,661	$	325,718	$	1,243,987	$	1,382	$	1,131	$	314

As of March 31, 2026

NOTE 5.

Distributions to Shareholders


PORTFOLIO	2025		2024
Overlay A

Distributions paid from:

Ordinary income	$	6,147,730	$	4,503,411

Long-term capital gains		119,888,988		—


Total distributions paid	$	126,036,718	$	4,503,411


Tax-Aware Overlay A

Distributions paid from:

Ordinary income	$	11,739,977	$	6,500,740

Long-term capital gains		221,852,511		—


Total distributions paid	$	233,592,488	$	6,500,740


Overlay B

Distributions paid from:

Ordinary income	$	17,681,772	$	13,001,230


Total distributions paid	$	17,681,772	$	13,001,230


Tax-Aware Overlay B

Distributions paid from:

Ordinary income	$	18,754,213	$	—


Total taxable distributions		18,754,213		—

Tax exempt distributions		8,847,690		13,230,943


Total distributions paid	$	27,601,903	$	13,230,943



124		Sanford C. Bernstein Fund, Inc.

As of September 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:


PORTFOLIO	UNDISTRIBUTED ORDINARY INCOME^(a)		UNDISTRIBUTED LONG-TERM GAINS		ACCUMULATED CAPITAL AND OTHER LOSSES^(b)			UNREALIZED APPRECIATION (DEPRECIATION)^(c)		TOTAL ACCUMULATED EARNINGS (DEFICIT)^(d)
Overlay A	$	774,343	$	24,198,874	$	(140,173	)	$	181,013,670	$	205,846,714

Tax-Aware Overlay A		0		87,302,421		(4,423,529	)		439,327,820		522,206,712

Overlay B		7,350,044		0		(137,692,506	)		4,608,879		(125,733,583	)

Tax-Aware Overlay B		22,324,757		768,217		(49,849,786	)		67,396,704		40,639,892

(a)

Includes tax exempt income as shown below:


Tax-Aware Overlay B		$	6,491,394

(b)

As of September 30, 2025 certain Portfolios had capital loss carryforwards for federal income tax purposes. As of September 30, 2025, Overlay B Portfolio, and Tax-Aware Overlay B Portfolio utilized capital loss carryforwards of $8,240,764 and $1,189,418 respectively. As of September 30, 2025, Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B Portfolio, Tax-Aware Overlay B Portfolio deferred $140,173, $258,021, $601,853, and $49,849,786 in straddle losses, respectively. As of September 30, 2025, Tax-Aware Overlay A Portfolio had a qualified late-year loss deferral of $4,165,508.

(c)

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses on wash sales, the tax treatment of swaps and passive foreign investment companies (PFICs), the realization for tax purposes of gains/losses on certain derivative instruments, the tax treatment of Puerto Rico bonds, and the tax treatment of callable bonds.

(d)

The differences between book-basis and tax-basis components of accumulated earnings (deficit) are attributable primarily to the accrual of foreign capital gains tax.

For tax purposes, net capital losses may be carried over to offset future capital gains, if any. Portfolios are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses.

As of September 30, 2025, the following Portfolios had net capital loss carryforwards as follows:


PORTFOLIO	SHORT-TERM AMOUNT		LONG-TERM AMOUNT

Overlay B	$	52,836,194	$	84,254,459

NOTE 6.

Risks Involved in Investing in the Portfolios

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



2026 Semi-Annual Report		125

Notes to Financial Statements (continued)

intensified concerns about protectionist trade policies and a potential trade war between China and the United States. The United States has imposed tariffs and other trade barriers on Chinese exports and placed other restrictions on or barriers to investments in China. Trade disputes, particularly prolonged disputes, may adversely affect the economies of the United States and its trading partners, as well as the companies directly or indirectly affected by the dispute and financial markets generally, and thus may adversely affect the value of the Portfolios’ assets. The United States government has in the recent past acted to prohibit U.S. persons, such as the Portfolios, from owning, and required them to divest, certain Chinese companies designated as related to the Chinese military. There is no assurance that more such companies will not be so designated in the future, which could limit the Portfolios’ opportunities for investment and require the sale of securities at a loss or make them illiquid. Some countries and regions in which the Portfolios invests have strained international relations due to territorial disputes, historical animosities or other defense concerns. Incidents involving a country’s or region’s security may cause uncertainty in the markets and may adversely affect a Portfolios’ investments. For example, the Chinese government is involved in a territorial dispute with Taiwan as well as other territorial disputes; the risk of a forced unification with Taiwan by the Chinese government may adversely affect securities of Chinese, Taiwan-based and other issuers both in and outside the region. If the political climate between the United States, China and other countries in Asia continues to deteriorate, economies and markets may be adversely affected.

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

Capital Gain Risk—As of the date of this Prospectus, a substantial portion of the Portfolio’s net asset value is attributable to realized and/or net unrealized capital gains on portfolio securities. If the Portfolio realizes capital gains in excess of realized capital losses in any fiscal year, it generally expects to make capital gain distributions to shareholders. You may receive distributions that are attributable to appreciation of portfolio securities that happened before you made your investment. Unless you purchase shares through a tax-advantaged account (such as an IRA or 401(k) plan), these distributions will be taxable to you even though they economically represent a return of a portion of your investment. You should consult your tax professional about your investment in the Portfolio.

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



126		Sanford C. Bernstein Fund, Inc.

techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. In addition, the Adviser may change the Portfolios’ investment strategies or policies from time to time. Those changes may not lead to the results intended by the Adviser and could have an adverse effect on the value or performance of the Portfolios.

Allocation Risk—The allocation of investments among different global asset classes may have a significant effect on the Portfolios’ net asset value (“NAV”) when one of these asset classes is performing more poorly than others. The use of dynamic asset allocation strategies by the Adviser may result in less favorable performance than if such strategies had not been used. As direct investments, investments in other funds and derivative positions will be periodically rebalanced to reflect the Adviser’s view of market and economic conditions, there will be transaction costs which may be, over time, significant. In addition, there is a risk that asset allocation decisions may not achieve the desired results and, as a result, the Portfolios may incur significant losses.

Derivatives Risk—The Portfolios intend to use derivatives as direct investments to earn income, enhance return and broaden portfolio diversification, which entail greater risk than if used solely for hedging purposes. While hedging can guard against potential risks, there is also a risk that a derivative intended as a hedge may not perform as expected. In addition to other risks such as the credit risk of the counterparty (the party on the others side of the transaction), derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolios. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Portfolios to suffer a potentially unlimited loss. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted as margin or collateral for derivatives positions may themselves go down in value, and these collateral and other requirements may limit investment flexibility. Some derivatives involve leverage, which can make the Portfolios more volatile and can compound other risks. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios. Use of derivatives may have different tax consequences for the Portfolios than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders. The US government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as additional regulations governing margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.

Leverage Risk—Leverage creates exposure to gains and losses in a greater amount than the dollar amount made in an investment by attempting to enhance return or value without increasing the investment amount. Leverage can magnify the effects of changes in the value of the Portfolios’ investments and make it more volatile. The use of leverage may cause the Portfolios to liquidate portfolio positions when it may not be advantageous to do so.

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

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



2026 Semi-Annual Report		127

Notes to Financial Statements (continued)

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

Municipal Market Risk—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolios’ investments in municipal securities. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. The value of municipal securities may also be adversely affected by health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. There have been some municipal issuers that have defaulted on obligations, been downgraded or commenced insolvency proceedings. To the extent the Portfolios invests in a particular state’s municipal securities, it may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, wildfires, flooding and earthquakes, which may be further exacerbated by recent environmental conditions and climate change patterns. The Portfolios’ investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, are subject to the risk that factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

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

The municipal securities issued by Puerto Rico and its government agencies and municipalities may have more risks than those of other U.S. issuers of municipal securities. Puerto Rico continues to face a challenging economic and fiscal environment. If the general economic situation in Puerto Rico persists or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

Interest-Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Portfolios performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.



128		Sanford C. Bernstein Fund, Inc.

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

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

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

Emerging-Markets Securities Risk—The risks of investing in foreign (non-U.S.) securities are heightened with respect to issuers in emerging-market countries, because the markets are less developed and less liquid and subject to increased potential for market manipulation, and there may be a greater amount of economic, political and social uncertainty. These risks are even more pronounced in “frontier” markets, which are investable markets with lower total market capitalization and liquidity than the more developed emerging markets. Emerging markets typically have fewer medical and economic resources than more developed countries, and thus they may be less able to control or mitigate the effects of a pandemic, climate change, or a natural disaster.

Foreign Currency Risk—This is the risk that changes in foreign (non-U.S.) currency exchange rates may negatively affect the value of the Portfolios investments or reduce the returns of the Portfolios. For example, the value of the Portfolios’ investments in foreign securities and foreign currency positions may decrease if the U.S. Dollar is strong (i.e., gaining value relative to other currencies) and other currencies are weak (i.e., losing value relative to the U.S. Dollar).

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



2026 Semi-Annual Report		129

Notes to Financial Statements (continued)

Real Estate Related Securities Risk— Investing in real estate related securities includes, among others, the following risks: possible declines in the value of real estate; risks related to general and local economic conditions, including increases in the rate of inflation; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; changes in zoning laws; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; limitations on and variations in rents; and changes in interest rates. In addition, global climate change may have an adverse effect on property and security values. Investing in Real Estate Investment Trusts (“REITs”) involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, are not diversified, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. Investing in REITs also involves risks similar to those associated with investing in small-capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities. REIT issuers may also fail to maintain their exemptions from investment company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended.

Investment in Other Investment Companies Risk—As with other investments, investments in other investment companies, including other AB Mutual Funds and ETFs, are subject to market and management risk. In addition, if the Portfolios acquire shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolios (including management and advisory fees) and, indirectly, the expenses of the investment companies in which the Portfolios invest.

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



130		Sanford C. Bernstein Fund, Inc.

the cybersecurity defenses or plans of their service providers, financial intermediaries and companies in which they invest or with which they do business.

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

NOTE 7.

Joint Credit Facility

A number of open-end mutual funds and ETFs managed by the Adviser, including the Portfolios, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short-term liquidity requirements, which will expire on June 23, 2026. A commitment fee of 0.15% per annum of the Facility amount is allocated among the participating portfolios and, with respect to the mutual funds, is paid by the funds. The portion of the commitment fee allocated to the ETFs is paid by the Adviser pursuant to the ETFs’ unitary fee structure. The Portfolios did not utilize the Facility during the six months ended March 31, 2026.

NOTE 8.

Capital-Share Transactions

As of March 31, 2026, the Sanford C. Bernstein Fund, Inc., has authorized 17.5 billion shares of common stock, par value $0.001 per share, of which 2.5 billion shares are allocated to the Overlay Portfolios. Each Class 1 and Class 2 of the Overlay Portfolios with the exception of Class 1 of the Tax-Aware Overlay A Portfolio, is allocated 300 million shares, Class 1 of the Tax-Aware Overlay A Portfolio is allocated 400 million shares.

Share transactions for each Portfolio for the six months ended March 31, 2026 and the year ended September 30, 2025, were as follows:



	OVERLAY A PORTFOLIO


	SHARES						AMOUNT

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25
Class 1 Shares

Shares sold		524,430			1,267,659		$	6,062,465		$	14,075,324

Shares issued on reinvestment of dividends and distributions		2,438,370			10,518,041			26,578,235			107,178,838

Shares redeemed		(4,080,869	)		(9,001,116	)		(47,462,932	)		(104,827,454	)


Net increase (decrease)		(1,118,069	)		2,784,584		$	(14,822,232	)	$	16,426,708



2026 Semi-Annual Report		131

Notes to Financial Statements (continued)



	OVERLAY A PORTFOLIO


	SHARES						AMOUNT

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25
Class 2 Shares

Shares sold		77,713			216,756		$	904,670		$	2,352,212

Shares issued on reinvestment of dividends and distributions		334,735			1,589,807			3,645,262			16,184,236

Shares redeemed		(550,123	)		(1,975,139	)		(6,456,340	)		(22,646,620	)


Net decrease		(137,675	)		(168,576	)	$	(1,906,408	)	$	(4,110,172	)



	TAX-AWARE OVERLAY A PORTFOLIO


	SHARES						AMOUNT

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25
Class 1 Shares

Shares sold		744,578			1,802,883		$	9,467,076		$	21,914,902

Shares issued on reinvestment of dividends and distributions		4,971,744			10,592,770			60,058,669			126,265,824

Shares redeemed		(5,771,718	)		(20,174,555	)		(75,251,486	)		(252,846,732	)


Net decrease		(55,396	)		(7,778,902	)	$	(5,725,741	)	$	(104,666,006	)


Class 2 Shares

Shares sold		302,960			531,675		$	3,810,464		$	6,397,628

Shares issued on reinvestment of dividends and distributions		1,620,679			3,576,552			19,594,007			42,668,265

Shares redeemed		(1,610,887	)		(6,064,536	)		(21,696,709	)		(75,694,315	)


Net increase (decrease)		312,752			(1,956,309	)	$	1,707,762		$	(26,628,422	)



132		Sanford C. Bernstein Fund, Inc.



	OVERLAY B PORTFOLIO


	SHARES						AMOUNT

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25
Class 1 Shares

Shares sold		1,005,339			1,691,912		$	9,866,838		$	15,825,288

Shares issued on reinvestment of dividends and distributions		671,886			1,015,053			6,443,390			9,186,230

Shares redeemed		(3,050,819	)		(7,244,203	)		(30,105,951	)		(67,948,475	)


Net decrease		(1,373,594	)		(4,537,238	)	$	(13,795,723	)	$	(42,936,957	)


Class 2 Shares

Shares sold		361,271			635,700		$	3,558,220		$	5,916,558

Shares issued on reinvestment of dividends and distributions		200,592			450,188			1,925,684			4,078,701

Shares redeemed		(302,705	)		(4,894,432	)		(2,997,184	)		(45,542,107	)


Net increase (decrease)		259,158			(3,808,544	)	$	2,486,720		$	(35,546,848	)



	TAX-AWARE OVERLAY B PORTFOLIO


	SHARES						AMOUNT

	SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25			SIX MONTHS ENDED 3/31/26 (UNAUDITED)			YEAR ENDED 9/30/25
Class 1 Shares

Shares sold		771,720			1,164,012		$	8,612,835		$	12,785,540

Shares issued on reinvestment of dividends and distributions		1,420,460			1,273,059			15,525,631			13,952,427

Shares redeemed		(3,490,774	)		(12,552,748	)		(39,517,371	)		(137,982,739	)


Net decrease		(1,298,594	)		(10,115,677	)	$	(15,378,905	)	$	(111,244,772	)


Class 2 Shares

Shares sold		239,914			228,847		$	2,682,411		$	2,476,807

Shares issued on reinvestment of dividends and distributions		433,947			432,317			4,738,700			4,735,378

Shares redeemed		(854,613	)		(4,605,520	)		(9,782,035	)		(50,524,680	)


Net decrease		(180,752	)		(3,944,356	)	$	(2,360,924	)	$	(43,312,495	)

NOTE 9.

Subsequent Events



2026 Semi-Annual Report		133

Board Consideration of Investment Management Arrangement

Information Regarding the Review and Approval of the Advisory Agreement in Respect of Each Fund


• Overlay A Portfolio		• Tax-Aware Overlay A Portfolio
• Overlay B Portfolio		• Tax-Aware Overlay B Portfolio

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Funds gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Funds and the underlying funds advised by the Adviser in which the Funds invest.

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability



134		Sanford C. Bernstein Fund, Inc.

those relating to its subsidiaries that provide shareholder and distribution services to the Funds. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationships with the Funds before taxes. The directors noted that Overlay B Portfolio was not profitable to the Adviser in 2024. The directors concluded that the Adviser’s level of profitability from its relationship with Overlay B Portfolio in 2023 and with each other Fund in the periods reviewed was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Funds and the underlying funds advised by the Adviser in which the Funds invests, including, but not limited to, benefits relating to shareholder servicing fees paid by the Funds to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits and that Overlay B Portfolio’s recent unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Funds.

Investment Results

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class 1 shares of each Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class 1 shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended July 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review and their discussion with the Adviser of the reasons for the Funds’ underperformance in certain periods reviewed, the directors determined to continue to monitor each Fund’s performance closely.

Advisory Fees and Other Expenses

The directors considered the schedule of fees charged by the Adviser for services to any sub-advised funds utilizing investment strategies similar to those of the Funds.

In connection with their review of each Fund’s advisory fee, the directors also considered the total expense ratio of the Class 1 shares of each Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The expense ratio of each Fund was based on the Fund’s latest fiscal year and reflected the impact of the Adviser’s expense cap for the Fund. The information provided included a pro forma expense ratio for each Fund’s latest fiscal year adjusted to reflect the Adviser’s proposal to waive a portion of the shareholder servicing fee charged to the Fund’s Class 1 shares to effectively reduce such fee from 0.20% to 0.105% in the case of Overlay A Portfolio and Tax-Aware Overlay A Portfolio and from 0.15% to 0.105% in the case of Overlay B Portfolio and Tax-Aware Overlay B Portfolio. The directors noted that it was likely that the expense ratios of some of the other funds in each Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Funds by others. The directors noted that the pro forma expense ratio for each Fund was above the medians. After reviewing and discussing the Adviser’s explanations for this, the directors requested that the Adviser implement voluntary expense limitation agreements capping



2026 Semi-Annual Report		135

Board Consideration of Investment Management Arrangement (continued)

total expenses at 0.84% for Overlay A Portfolio and Tax-Aware Overlay A Portfolio and 0.77% for Overlay B Portfolio and Tax-Aware Overlay B Portfolio, and the Adviser agreed to this, effective November 14, 2025.

Economies of Scale

The directors noted that the advisory fee schedule for each of Overlay A Portfolio and Tax-Aware Overlay A Portfolio contains breakpoints that reduce the fee rates on assets above specified levels. The directors also noted that the advisory fee schedule for each of Overlay B Portfolio and Tax-Aware Overlay B Portfolio does not contain breakpoints and that they had previously discussed their strong preference for breakpoints in advisory contracts with the Adviser. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that in the case of each of Overlay A Portfolio and Tax-Aware Overlay A Portfolio, the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future. In the case of each of Overlay B Portfolio and Tax-Aware Overlay B Portfolio, the directors informed the Adviser they would monitor the Fund’s asset level (which was well below the level at which they would anticipate adding an initial breakpoint) and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.



136		Sanford C. Bernstein Fund, Inc.

LOGO

Distributor

SANFORD C. BERNSTEIN FUND, INC.

66 HUDSON BOULEVARD EAST, NEW YORK, NY 10001

(212) 756-4097

SCBII-1947-0326

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

There were no disagreements with accountants during the reporting period.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

There were no shareholder meetings during the reporting period.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Aggregate remuneration paid to all Directors and advisory board members are included within the Financial Statements under Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Statement regarding basis for Approval of Investment Advisory Contract included within the Financial Statements under Item 7 of this Form N-CSR.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to the registrant.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable to the registrant.

ITEM 19. EXHIBITS.

The following exhibits are attached to this Form N-CSR:


		EXHIBIT NO.		DESCRIPTION OF EXHIBIT

		19(b)(1)		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

		19(b)(2)		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

		19(c)		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant): Sanford C. Bernstein Fund, Inc.

By:		/s/ Alex Chaloff
		Alex Chaloff
		President

Date:		May 27, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Alex Chaloff
		Alex Chaloff
		President

Date:		May 27, 2026

By:		/s/ Stephen M. Woetzel
		Stephen M. Woetzel
		Treasurer and Chief Financial Officer

Date:		May 27, 2026

ATTACHMENTS / EXHIBITS

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Portfolio Breakdown^{Footnote Reference1}

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