HTML

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Tax-Aware Overlay C Portfolio

June 30, 2023 (unaudited)


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 64.4%
Long-Term Municipal Bonds – 64.4%
American Samoa – 0.1%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 6.50%, 09/01/2028^(a)	$	235	$	248,582


California – 52.0%
Anaheim Housing & Public Improvements Authority (City of Anaheim CA Electric System Revenue) Series 2020 2.792%, 10/01/2032		1,150		974,468
Bay Area Toll Authority Series 2021 4.31% (MUNIPSA + 0.30%), 04/01/2056^(b)		2,000		1,951,432
4.42% (MUNIPSA + 0.41%), 04/01/2056^(b)		2,000		1,944,988
California Community Choice Financing Authority (American International Group, Inc.) Series 2023-D 5.50%, 05/01/2054		1,000		1,055,134
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054		2,500		2,615,248
California Community Choice Financing Authority (Goldman Sachs Group, Inc. (The)) Series 2021 4.00%, 10/01/2052		1,300		1,294,446
Series 2023 5.00%, 12/01/2053		2,130		2,222,466
California Community Choice Financing Authority (Morgan Stanley) Series 2023 5.00%, 07/01/2053		1,000		1,050,660
5.014% (SOFR + 1.63%), 07/01/2053^(b)		1,200		1,200,976
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021-A 4.00%, 08/01/2047^(a)		615		472,970
California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) Series 2021 4.00%, 08/01/2046^(a)		500		410,558
California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) Series 2021 4.00%, 02/01/2050^(a)		595		442,954
California Educational Facilities Authority (University of the Pacific) Series 2015 5.00%, 11/01/2027		2,000		2,092,434


	Principal Amount (000)		U.S. $ Value

California Enterprise Development Authority (Rocketship Education Obligated Group) Series 2022 4.00%, 06/01/2031^(a)	$	540	$	491,526
California Health Facilities Financing Authority (CommonSpirit Health) Series 2020-A 4.00%, 04/01/2035		1,850		1,862,098
California Health Facilities Financing Authority (Sutter Health Obligated Group) Series 2018-A 5.00%, 11/15/2030		900		974,002
California Infrastructure & Economic Development Bank (California Academy of Sciences) Series 2021 4.36% (MUNIPSA + 0.35%), 08/01/2047^(b)		2,000		1,977,208
California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) Series 2023 3.65%, 01/01/2050^(a)		5,000		4,978,848
7.75%, 01/01/2050^(a)		230		229,348
California Municipal Finance Authority (Anaheim Electric Utility Fund) Series 2015-B 5.00%, 10/01/2026		1,000		1,042,978
California Municipal Finance Authority (LAX Integrated Express Solutions LLC) Series 2018 5.00%, 12/31/2028		1,700		1,797,294
5.00%, 06/30/2029		1,000		1,058,602
California Municipal Finance Authority (United Airlines, Inc.) Series 2019 4.00%, 07/15/2029		2,140		2,115,646
California Pollution Control Financing Authority (San Diego County Water Authority Desalination Project Pipeline) Series 2019 5.00%, 07/01/2029^(a)		450		470,374
California Public Finance Authority (California University of Science & Medicine Obligated Group) Series 2019 6.25%, 07/01/2054^(a)		1,000		1,058,918
California School Finance Authority (Classical Academy Obligated Group) Series 2022 5.00%, 10/01/2042^(a)		1,000		1,023,154
California School Finance Authority (Fenton Charter Public Schools) Series 2020-A 4.00%, 07/01/2030^(a)		600		582,622


	Principal Amount (000)		U.S. $ Value

California School Finance Authority (Rocketship Education Obligated Group) Series 2015-A 4.25%, 03/01/2028^(a)	$	460	$	450,282
California State University Series 2020-D 1.49%, 11/01/2028		400		341,138
Series 2021-B 2.274%, 11/01/2034		2,000		1,553,584
California Statewide Communities Development Authority (Lancer Educational Housing LLC) Series 2019 5.00%, 06/01/2034^(a)		375		370,332
California Statewide Communities Development Authority (Loma Linda University Medical Center) Series 2016-A 5.00%, 12/01/2041^(a)		1,000		984,100
Series 2018-A 5.00%, 12/01/2028^(a)		500		512,506
California Statewide Communities Development Authority (Methodist Hospital of Southern California Obligated Group) Series 2018 5.00%, 01/01/2028		2,915		3,065,290
5.00%, 01/01/2029		2,790		2,933,866
California Statewide Communities Development Authority (NCCD-Hooper Street LLC) Series 2019 5.00%, 07/01/2024^(a)		40		39,874
5.00%, 07/01/2029^(a)		215		215,384
City of Los Angeles CA Series 2023 5.00%, 06/27/2024^(c)		1,000		1,016,584
City of Los Angeles Department of Airports Series 2016-A 5.00%, 05/15/2026 (Pre-refunded/ETM)		215		225,286
Series 2017-A 5.00%, 05/15/2030		3,585		3,779,022
Series 2018-D 5.00%, 05/15/2026		2,890		3,005,440
Series 2019 5.00%, 05/15/2031		485		524,766
City of Roseville CA (Fiddyment Ranch Community Facilities District No. 1) Series 2017 5.00%, 09/01/2031		1,000		1,049,018
City of Roseville CA (HP Campus Oaks Community Facilities District No. 1) Series 2016 5.00%, 09/01/2031		305		316,648


	Principal Amount (000)		U.S. $ Value

City of San Jose CA Airport Revenue (Norman Y Mineta San Jose International Airport SJC) Series 2014-A 5.00%, 03/01/2024	$	1,955	$	1,969,562
Series 2014-B 5.00%, 03/01/2026		2,360		2,386,050
CMFA Special Finance Agency VII (CMFA Special Finance Agency VII The Breakwater Apartments) Series A-2 4.00%, 08/01/2047^(a)		350		293,115
CMFA Special Finance Agency VIII Elan Huntington Beach Series 2021 4.00%, 08/01/2047^(a)		290		243,324
Coronado Community Development Agency Successor Agency Series 2018-A 5.00%, 09/01/2033		2,520		2,623,622
County of Los Angeles CA Community Facilities District No. 2021-01 Series 2022 5.00%, 09/01/2042		1,800		1,830,660
County of San Diego CA (County of San Diego CA COP) Series 2014-A 5.00%, 10/15/2027		1,250		1,283,180
5.00%, 10/15/2028		1,300		1,334,176
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) Series 2021 3.35%, 04/01/2047^(a)		500		386,064
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.60%, 05/01/2047^(a)		950		744,782
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2046^(a)		1,000		757,128
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 3.50%, 10/01/2046^(a)		700		530,406
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) Series 2021-A1 2.875%, 08/01/2041^(a)		945		825,802
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.375%, 07/01/2043^(a)		500		400,770


	Principal Amount (000)		U.S. $ Value

CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) Series 2021 2.65%, 12/01/2046^(a)	$	995	$	766,706
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 3.50%, 05/01/2047^(a)		1,000		793,646
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A 3.10%, 07/01/2045^(a)		400		301,516
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 4.00%, 10/01/2048^(a)		1,000		718,074
Fremont Community Facilities District No. 1 Series 2015 5.00%, 09/01/2028		1,505		1,551,696
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization Corp. Lease) Series 2021 1.40%, 06/01/2025		1,000		920,946
Irvine Unified School District Series 2017-A 5.00%, 09/01/2023		920		921,474
Los Angeles Department of Water & Power Power System Revenue Series 2020-B 5.00%, 07/01/2028		365		405,904
5.00%, 07/01/2029		455		516,768
Metropolitan Water District of Southern California Series 2021-D 4.15% (MUNIPSA + 0.14%), 07/01/2037^(b)		1,000		999,014
Middle Fork Project Finance Authority Series 2020 5.00%, 04/01/2033		450		488,458
Newport Mesa Unified School District Series 2020 5.00%, 08/01/2024		510		520,514
Oakland Unified School District/Alameda County Series 2015-A 5.00%, 08/01/2026		1,025		1,064,398
Regents of the University of California Medical Center Pooled Revenue Series 2022 5.00%, 05/15/2039		3,000		3,409,642


	Principal Amount (000)		U.S. $ Value

River Islands Public Financing Authority (River Islands Public Financing Authority Community Facilities District No. 2003-1) Series 2022 4.50%, 09/01/2037	$	1,000	$	955,874
5.00%, 09/01/2042		1,000		958,608
Romoland School District Series 2015 5.00%, 09/01/2023		300		300,466
Sacramento County Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District) Series 2014-A 5.00%, 12/01/2029		2,000		2,038,348
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 4.252% (LIBOR 3 Month + 0.57%), 06/01/2039^(b)		1,450		1,296,266
San Diego Association of Governments (State of California DOT Fed Hwy Grant) Series 2019 1.80%, 11/15/2027		220		203,698
San Diego County Water Authority Series 2021-A 5.00%, 05/01/2024		500		508,374
Saugus/Hart School Facilities Financing Authority (Saugus Union School District Community Facilities District No. 06-01) Series 2016 5.00%, 09/01/2027		750		773,094
State of California Series 2013-B 5.00%, 09/01/2023		5,635		5,652,032
Series 2023 6.00%, 03/01/2033		1,000		1,098,486
Stockton Redevelopment Agency Successor Agency AGM Series 2016-A 5.00%, 09/01/2025		1,900		1,964,686
Tobacco Securitization Authority of Southern California Series 2019 5.00%, 06/01/2030		960		1,059,590
University of California Series 2023-B 4.693%, 05/15/2033		1,500		1,490,906
Walnut Energy Center Authority Series 2014 5.00%, 01/01/2026		1,000		1,018,218
5.00%, 01/01/2028		1,800		1,830,856

				107,911,371


Colorado – 0.1%
Vauxmont Metropolitan District AGM Series 2020 5.00%, 12/01/2050		100		105,980


Florida – 0.1%
Capital Trust Agency, Inc. (Franklin Academy Series 2020 Obligated Group) Series 2020 5.00%, 12/15/2026^(a)		100		99,997


	Principal Amount (000)		U.S. $ Value

County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2031	$	100	$	69,800

				169,797


Guam – 2.2%
Antonio B Won Pat International Airport Authority Series 2021-A 2.899%, 10/01/2027		200		175,914
3.489%, 10/01/2031		120		98,684
Guam Power Authority Series 2022-A 5.00%, 10/01/2028		1,000		1,058,114
Territory of Guam Series 2019 5.00%, 11/15/2031		85		87,700
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2029		140		144,072
5.00%, 12/01/2030		225		231,478
5.00%, 12/01/2032		205		210,696
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2015-D 5.00%, 11/15/2023		420		420,806
5.00%, 11/15/2025		350		354,732
5.00%, 11/15/2031		840		853,620
Territory of Guam (Territory of Guam Hotel Occupancy Tax) Series 2021-A 5.00%, 11/01/2040		1,000		1,007,833

				4,643,649


Illinois – 1.9%
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2023		100		99,927
5.00%, 09/01/2029		100		99,732
5.00%, 09/01/2033		100		98,430
Metropolitan Pier & Exposition Authority Series 2017-B 5.00%, 12/15/2030		1,400		1,468,558
State of Illinois Series 2014 5.00%, 05/01/2025		2,165		2,185,806

				3,952,453


Kentucky – 0.1%
City of Ashland KY (Ashland Hospital Corp. Obligated Group) Series 2019 5.00%, 02/01/2027		140		145,674
5.00%, 02/01/2031		100		105,644

				251,318


	Principal Amount (000)		U.S. $ Value

Louisiana – 0.1%
Parish of St. James LA (NuStar Logistics LP) Series 2020 6.10%, 06/01/2038^(a)	$	110	$	118,584
6.10%, 12/01/2040^(a)		100		107,802

				226,386


Michigan – 2.9%
City of Detroit MI Series 2018 5.00%, 04/01/2029		1,000		1,029,807
5.00%, 04/01/2030		600		617,268
Michigan Finance Authority (Public Lighting Authority) Series 2014-B 5.00%, 07/01/2025		2,175		2,182,450
Michigan Strategic Fund (Michigan Strategic Fund - I 75 Improvement Project) Series 2018 5.00%, 06/30/2030		2,000		2,095,018

				5,924,543


Missouri – 0.0%
Howard Bend Levee District XLCA Series 2005 5.75%, 03/01/2027		100		102,217


Nevada – 0.2%
City of Sparks NV (City of Sparks NV Sales Tax) Series 2019-A 2.75%, 06/15/2028^(a)		410		381,662


Ohio – 0.3%
Ohio Air Quality Development Authority (Pratt Paper OH LLC) Series 2017 3.75%, 01/15/2028^(a)		590		580,821


Puerto Rico – 1.9%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024		94		89,564
Zero Coupon, 07/01/2033		555		339,316
4.00%, 07/01/2033		130		123,508
5.25%, 07/01/2023		90		89,996
5.375%, 07/01/2025		255		261,294
5.625%, 07/01/2027		750		789,718
5.75%, 07/01/2031		100		109,222
HTA HRRB Custodial Trust Series 2022 5.50%, 07/01/2031		110		113,002
HTA TRRB Custodial Trust Series 2022 5.25%, 07/01/2041		190		191,189


	Principal Amount (000)		U.S. $ Value

Puerto Rico Commonwealth Aqueduct & Sewer Authority Series 2020-A 5.00%, 07/01/2030^(a)	$	600	$	616,730
5.00%, 07/01/2035^(a)		250		252,938
Puerto Rico Highway & Transportation Authority Series 2022-B Zero Coupon, 07/01/2032		225		143,122
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) Series 2000 6.625%, 06/01/2026^(d) (e)		995		696,500
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024		176		169,042

				3,985,141


Texas – 1.5%
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031^(a)		1,010		983,278
Texas Municipal Gas Acquisition and Supply Corp. I (Bank of America Corp.) Series 2008-D 6.25%, 12/15/2026		2,140		2,229,868

				3,213,146


Washington – 0.5%
Kalispel Tribe of Indians Series 2018-A 5.00%, 01/01/2032^(a)		990		1,016,514


Wisconsin – 0.5%
UMA Education, Inc. Series 2019 5.00%, 10/01/2023^(a)		100		99,936
5.00%, 10/01/2025^(a)		225		224,936
5.00%, 10/01/2026^(a)		235		235,468
5.00%, 10/01/2027^(a)		245		246,282
5.00%, 10/01/2028^(a)		135		136,166
5.00%, 10/01/2029^(a)		100		101,114

				1,043,902


Total Municipal Obligations (cost $139,026,059)				133,757,482


Company	Shares			U.S. $ Value

INVESTMENT COMPANIES – 15.1%
Funds and Investment Trusts – 15.1%^(f)
iShares Core MSCI Emerging Markets ETF			227,886	$	11,232,501
SPDR S&P 500 ETF Trust			45,594		20,210,908


Total Investment Companies (cost $21,263,158)					31,443,409


	Principal Amount (000)

COMMERCIAL MORTGAGE-BACKED SECURITIES – 3.6%
Agency CMBS – 3.6%
California Housing Finance Agency Series 2019-2, Class A 4.00%, 03/20/2033		$	2,100		2,062,074
Series 2021-2, Class A 3.75%, 03/25/2035			1,959		1,904,090
Series 2021-2, Class X 0.845%, 03/25/2035^(g)			980		50,294
California Housing Finance Agency Series 2021-1, Class A 3.50%, 11/20/2035			2,562		2,396,882
Federal Home Loan Mortgage Corp. Series 2021-ML10, Class AUS 2.032%, 01/25/2038			1,247		955,074


Total Commercial Mortgage-Backed Securities (cost $8,846,796)					7,368,414


GOVERNMENTS - TREASURIES – 1.3%
United States – 1.3%
U.S. Treasury Notes 2.125%, 11/30/2023			200		197,344
2.625%, 02/15/2029^{(h) (i)}			2,670		2,473,087


Total Governments - Treasuries (cost $2,981,341)					2,670,431


	Notional Amount

PURCHASED OPTIONS - PUTS – 0.5%
Options on Equity Indices – 0.5%
Euro STOXX 50 Index Expiration: Jun 2024; Contracts: 1,520; Exercise Price: EUR 3,600.00; Counterparty: UBS AG^(e)		EUR	5,472,000		120,969
FTSE 100 Index Expiration: Apr 2024; Contracts: 380; Exercise Price: GBP 6,600.00; Counterparty: UBS AG^(e)		GBP	2,508,000		46,835
Nikkei 225 Index Expiration: May 2024; Contracts: 23,000; Exercise Price: JPY 27,000.00; Counterparty: UBS AG^(e)		JPY	621,000,000		95,215


	Notional Amount			U.S. $ Value

S&P 500 Index Expiration: Jun 2024; Contracts: 12,000; Exercise Price: USD 3,675.00; Counterparty: UBS AG^(e)		USD	44,100,000	$	833,771


Total Purchased Options - Puts (premiums paid $1,408,586)					1,096,790


	Principal Amount (000)

COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%
Risk Share Floating Rate – 0.0%
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 2M2 8.05% (LIBOR 1 Month + 2.90%), 07/25/2024^(b)		$	25		24,981
Series 2015-C02, Class 1M2 9.15% (LIBOR 1 Month + 4.00%), 05/25/2025^(b)			30		30,918


Total Collateralized Mortgage Obligations (cost $54,450)					55,899


	Shares

SHORT-TERM INVESTMENTS – 12.7%
Investment Companies – 12.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.02%^{(f) (j) (k)} (cost $26,261,416)			26,261,417		26,261,417


Total Investments – 97.6% (cost $199,841,806)^(l)					202,653,842
Other assets less liabilities – 2.4%					4,943,380


Net Assets – 100.0%				$	207,597,222

FUTURES


Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
E-Mini Russell 2000 Futures		31		September 2023		$	2,950,735		$	2,986
Euro STOXX 50 Index Futures		91		September 2023			4,395,977			79,958
FTSE 100 Index Futures		46		September 2023			4,405,742			5,951
Hang Seng Index Futures		16		July 2023			1,920,061			215
Nikkei 225 (OSE) Futures		4		September 2023			919,505			32,495
OMXS 30 Index Futures		93		July 2023			1,997,258			957
S&P 500 E-Mini Futures		108		September 2023			24,236,550			744,502
S&P Mid 400 E-Mini Futures		9		September 2023			2,379,690			55,858
TOPIX Index Futures		34		September 2023			5,391,178			171,844
U.S. T-Note 2 Yr (CBT) Futures		55		September 2023			11,183,906			(134,947	)
U.S. T-Note 10 Yr (CBT) Futures		134		September 2023			15,043,594			(161,205	)
U.S. Ultra Bond (CBT) Futures		41		September 2023			5,584,969			67,356


Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation (Depreciation)
Sold Contracts
MSCI Emerging Markets Futures		19		September 2023		$	948,005		$	9,983
MSCI Singapore IX ETS Futures		23		July 2023			491,327			(1,031	)
S&P/TSX 60 Index Futures		3		September 2023			551,923			(8,949	)
SPI 200 Futures		25		September 2023			2,981,438			(37,482	)

										$	828,491

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA		GBP	533		USD	660		07/21/2023	$	(17,614	)
Bank of America, NA		USD	4,205		GBP	3,375		07/21/2023		81,846
Bank of America, NA		EUR	738		USD	814		07/31/2023		7,655
Bank of America, NA		JPY	270,272		USD	1,941		08/25/2023		53,533
Barclays Bank PLC		USD	2,782		CAD	3,674		08/24/2023		(6,061	)
Barclays Bank PLC		USD	1,357		SEK	14,324		09/13/2023		(24,031	)
BNP Paribas SA		USD	1,519		NZD	2,466		08/24/2023		(5,832	)
Citibank, NA		USD	4,219		AUD	6,186		08/25/2023		(91,546	)
Deutsche Bank AG		USD	4,787		EUR	4,409		07/31/2023		30,136
Deutsche Bank AG		USD	2,582		CAD	3,455		08/24/2023		28,298
Goldman Sachs Bank USA		CHF	508		USD	564		07/21/2023		(3,757	)
Goldman Sachs Bank USA		USD	944		GBP	739		07/21/2023		(4,775	)
Goldman Sachs Bank USA		EUR	752		USD	818		07/31/2023		(4,096	)
Goldman Sachs Bank USA		USD	4,932		EUR	4,482		07/31/2023		(35,756	)
Goldman Sachs Bank USA		AUD	3,964		USD	2,696		08/25/2023		51,929
HSBC Bank USA		USD	774		EUR	708		07/31/2023		(808	)
HSBC Bank USA		USD	895		NOK	9,396		09/13/2023		(17,317	)
HSBC Bank USA		USD	678		SEK	7,222		09/13/2023		(5,874	)
JPMorgan Chase Bank, NA		EUR	3,249		USD	3,554		07/31/2023		3,480
Morgan Stanley & Co. LLC		CHF	2,328		USD	2,609		07/21/2023		3,588
Morgan Stanley & Co. LLC		GBP	1,336		USD	1,700		07/21/2023		3,587
Morgan Stanley & Co. LLC		CAD	4,881		USD	3,664		08/24/2023		(23,704	)
State Street Bank & Trust Co.		USD	449		GBP	355		07/21/2023		1,197
State Street Bank & Trust Co.		USD	236		EUR	220		07/31/2023		3,703
State Street Bank & Trust Co.		JPY	56,072		USD	399		08/25/2023		7,475
State Street Bank & Trust Co.		USD	239		JPY	33,918		08/25/2023		(1,702	)
State Street Bank & Trust Co.		SEK	2,368		USD	221		09/13/2023		646
UBS AG		USD	7,439		JPY	1,024,538		08/25/2023		(283,137	)

									$	(248,937	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS


Description	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at June 30, 2023	Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 40, 5 Year Index, 06/20/2028*		(5.00	)%	Quarterly	4.29%		USD	6,600	$	(196,509	)	$	(43,441	)	$	(153,068	)

*	Termination date

CENTRALLY CLEARED INFLATION (CPI) SWAPS


			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
USD	3,700	01/15/2028	1.230%	CPI#	Maturity	$	648,566	$	—	$	648,566
USD	1,575	01/15/2030	1.572%	CPI#	Maturity		263,796		—		263,796
USD	1,575	01/15/2030	1.587%	CPI#	Maturity		261,658		—		261,658
USD	240	01/15/2030	1.714%	CPI#	Maturity		37,096		—		37,096
USD	240	01/15/2030	1.731%	CPI#	Maturity		36,722		—		36,722
USD	1,300	01/15/2031	2.782%	CPI#	Maturity		84,976		—		84,976
USD	1,180	01/15/2031	2.680%	CPI#	Maturity		88,816		—		88,816
USD	1,030	01/15/2031	2.989%	CPI#	Maturity		46,400		—		46,400

						$	1,468,030	$	—	$	1,468,030

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

CENTRALLY CLEARED INTEREST RATE SWAPS


			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
USD	1,600	04/20/2028	1 Day SOFR	3.478%	Annual	$	(37,417	)	$	—	$	(37,417	)
USD	5,900	04/30/2030	1 Day SOFR	3.075%	Annual		(241,518	)		—		(241,518	)
USD	1,400	04/30/2030	1 Day SOFR	3.411%	Annual		(27,467	)		—		(27,467	)
USD	1,010	04/30/2030	1 Day SOFR	3.500%	Annual		(13,914	)		—		(13,914	)
USD	14,000	03/31/2033	3.120%	1 Day SOFR	Annual		563,652			—		563,652

						$	243,336		$	—	$	243,336

CREDIT DEFAULT SWAPS


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2023		Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50%		USD	21	$	(4,552	)	$	(1,933	)	$	(2,619	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	70		(15,132	)		(8,292	)		(6,840	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	5		(984	)		(523	)		(461	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	11		(2,461	)		(1,055	)		(1,406	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	143		(30,879	)		(16,300	)		(14,579	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	145		(31,372	)		(13,464	)		(17,908	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	218		(46,995	)		(19,651	)		(27,344	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	27		(5,905	)		(3,222	)		(2,683	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	189		(40,721	)		(16,527	)		(24,194	)

											$	(179,001	)	$	(80,967	)	$	(98,034	)

*	Termination date

INFLATION (CPI) SWAPS


					Rate Type
Swap Counterparty	Notional Amount (000)			Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Barclays Bank PLC		USD	5,000	10/23/2026	2.310%	CPI#	Maturity	$	280,961	$	—	$	280,961
Barclays Bank PLC		USD	5,000	12/04/2027	2.170%	CPI#	Maturity		538,927		—		538,927
Barclays Bank PLC		USD	1,000	10/23/2029	2.388%	CPI#	Maturity		51,113		—		51,113
Citibank, NA		USD	7,000	11/04/2023	1.900%	CPI#	Maturity		934,785		—		934,785
Citibank, NA		USD	3,000	07/20/2027	2.104%	CPI#	Maturity		348,510		—		348,510
Deutsche Bank AG		USD	4,000	09/04/2025	1.818%	CPI#	Maturity		517,471		—		517,471
JPMorgan Chase Bank, NA		USD	3,000	03/02/2024	2.175%	CPI#	Maturity		323,841		—		323,841
JPMorgan Chase Bank, NA		USD	5,000	07/20/2024	1.995%	CPI#	Maturity		592,562		—		592,562
JPMorgan Chase Bank, NA		USD	4,000	11/04/2026	2.015%	CPI#	Maturity		497,518		—		497,518
JPMorgan Chase Bank, NA		USD	7,000	12/27/2028	2.009%	CPI#	Maturity		856,097		—		856,097
JPMorgan Chase Bank, NA		USD	3,100	01/15/2030	3.493%	CPI#	Maturity		9,075		—		9,075
Morgan Stanley Capital Services LLC		USD	5,000	07/20/2032	2.158%	CPI#	Maturity		645,097		—		645,097

								$	5,595,957	$	—	$	5,595,957

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

INTEREST RATE SWAPS

Rate Type

Swap Counterparty

Notional
Amount
(000)

Termination
Date

Payments
made
by the
Fund

Payments
received
by the
Fund

Payment
Frequency
Paid/
Received

Market
Value

Upfront
Premiums
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Citibank, NA

USD

3,815

10/09/2029

1.125%

SIFMA*

Quarterly

433,396

—

433,396

*	Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

TOTAL RETURN SWAPS

Counterparty &

Referenced Obligation

Rate Paid/

Received

Payment

Frequency

Current

Notional

(000)

Maturity

Date

Unrealized

Appreciation

(Depreciation)

Receive Total Return on Reference Obligation

Morgan Stanley Capital Services LLC

Swiss Market Index Futures

0.00

Maturity

CHF

1,133

09/15/2023

15,269

(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 June 30, 2023, the aggregate market value of these securities amounted to $24,945,893 or 12.0% of net assets.

(b)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at June 30, 2023.

(c)

When-Issued or delayed delivery security.

(d)

Defaulted.

(e)

Non-income producing security.

(f)

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.

(g)

IO - Interest Only.

(h)

Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(i)

Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(j)

Affiliated investments.

(k)

The rate shown represents the 7-day yield as of period end.

(l)

As of June 30, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $20,216,960 and gross unrealized depreciation of investments was $(9,320,484), resulting in net unrealized appreciation of $10,896,476.

As of June 30, 2023, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 2.6% and 0.0%, respectively.

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:

AGM – Assured Guaranty Municipal

CBT – Chicago Board of Trade

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CMBS – Commercial Mortgage-Backed Securities

COP – Certificate of Participation

CPI – Consumer Price Index

DOT – Department of Transportation

ETF – Exchange Traded Fund

ETM – Escrowed to Maturity

ETS – Emission Trading Scheme

FTSE – Financial Times Stock Exchange

LIBOR – London Interbank Offered Rate

MSCI – Morgan Stanley Capital International

MUNIPSA – SIFMA Municipal Swap Index

NATL – National Interstate Corporation

OMXS – Stockholm Stock Exchange

OSE – Osaka Securities Exchange

OTC – Over-the-Counter

SOFR – Secured Overnight Financing Rate

SPDR – Standard & Poor’s Depository Receipt

SPI – Share Price Index

TOPIX – Tokyo Price Index

TSX – Toronto Stock Exchange

XLCA – XL Capital Assurance Inc.

Sanford C. Bernstein Fund, Inc.

Tax-Aware Overlay C Portfolio

June 30, 2023 (unaudited)

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

•

Level 1 - quoted prices in active markets for identical investments

•

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

•

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

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

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

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

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 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.

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2023:


Investments in Securities:	Level 1			Level 2			Level 3		Total
Assets:
Long-Term Municipal Bonds	$	—		$	133,757,482		$	—	$	133,757,482
Investment Companies		31,443,409			—			—		31,443,409
Commercial Mortgage-Backed Securities		—			7,368,414			—		7,368,414
Governments - Treasuries		—			2,670,431			—		2,670,431
Purchased Options - Puts		—			1,096,790			—		1,096,790
Collateralized Mortgage Obligations		—			55,899			—		55,899
Short-Term Investments		26,261,417			—			—		26,261,417

Total Investments in Securities		57,704,826			144,949,016			—		202,653,842
Other Financial Instruments^(a):
Assets:
Futures		1,172,105			—			—		1,172,105
Forward Currency Exchange Contracts		—			277,073			—		277,073
Centrally Cleared Inflation (CPI) Swaps		—			1,468,030			—		1,468,030
Centrally Cleared Interest Rate Swaps		—			563,652			—		563,652
Inflation (CPI) Swaps		—			5,595,957			—		5,595,957
Interest Rate Swaps		—			433,396			—		433,396
Total Return Swaps		—			15,269			—		15,269
Liabilities:
Futures		(343,614	)		—			—		(343,614	)
Forward Currency Exchange Contracts		—			(526,010	)		—		(526,010	)
Centrally Cleared Credit Default Swaps		—			(196,509	)		—		(196,509	)
Centrally Cleared Interest Rate Swaps		—			(320,316	)		—		(320,316	)
Credit Default Swaps		—			(179,001	)		—		(179,001	)

Total	$	58,533,317		$	152,080,557		$	—	$	210,613,874

^(a)

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

A summary of the Portfolio’s transactions in AB mutual funds for nine months ended June 30, 2023 is as follows:

Fund

Market Value

09/30/2022

(000)

Purchases

at Cost

(000)

Sales

Proceeds

(000)

Market Value

06/30/2023

(000)

Dividend
Income

(000)

Government Money Market Portfolio

17,560

188,019

179,318

26,261

809