Table of Contents
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)
1345 Avenue of the Americas, New York, New York 10105
(Address of principal executive offices) (Zip code)
Joseph J. Mantineo
AllianceBernstein L.P.
1345 Avenue of the Americas
New York, New York 10105
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 221-5672
Date of fiscal year end: September 30, 2023
Date of reporting period: March 31, 2023
Table of Contents
ITEM 1. REPORTS TO STOCKHOLDERS.
Table of Contents
SANFORD C. BERNSTEIN FUND, INC.
Emerging Markets Portfolio
Short Duration Diversified Municipal Portfolio
California Municipal Portfolio
Diversified Municipal Portfolio
New York Municipal Portfolio
Intermediate Duration Portfolio
Short Duration Plus Portfolio
SEMI-ANNUAL REPORT
MARCH 31, 2023
Table of Contents
1 | ||||
6 | ||||
13 | ||||
22 | ||||
24 | ||||
28 | ||||
34 | ||||
37 | ||||
43 | ||||
67 | ||||
107 |
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 13 portfolios (hereafter collectively referred to as the “Portfolios” and each individually a “Portfolio”). This report relates only to the Emerging Markets Portfolio, Fixed Income Municipal Portfolios and Fixed Income Taxable Portfolios (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
Table of Contents
Portfolio Manager Commentary (Unaudited)
To Our Shareholders—May 15, 2023
On the following pages, you will find the 2023 semi-annual report for the Portfolios1 (collectively, the “Portfolios”, and individually, a “Portfolio”) of the Sanford C. Bernstein Fund, Inc. (the “SCB Fund”). The semi-annual report covers the six- and 12-month periods ended March 31, 2023, and includes financial statements as well as notes to the financial statements, information about the recent performance of the Portfolios and a listing of each Portfolio’s holdings as of the period end.
While the first quarter of 2023 was thankfully less eventful than the first quarter of 2022, it nonetheless had its share of economic and market fireworks. During the six-month period ended March 31, 2023, strong economic data on the one hand and stresses in the banking system on the other set up a challenge for economic policymakers and markets.
Disinflation has continued, though inflation remains higher than policymakers want it to be. But the trend has been generally encouraging, prompting a degree of optimism in the financial markets. We believe interest rates are now likely at or near their peak of this cycle. Recession remains a concern, with the US Federal Reserve’s (the “Fed’s”) own economic staff now expecting one to begin later this year, matching the view of many Wall Street economists. One of the most striking consequences of the economic changes has been the reversal of 2022’s strong dollar, with the dollar falling by almost 10% over the six-month period.
The dollar’s fall has helped the values of other financial assets. After dipping in the third quarter of 2022, most global asset classes rose substantially over the six-month period. Global equities rose 17.5%, with technology stocks leading and financial stocks unsurprisingly lagging. Importantly, while the correlation between stocks and bonds remained elevated, investors finally benefited as a result over this recent period, as both stocks and bonds rose in value simultaneously.
After rising substantially over the course of 2022, Treasury yields stumbled in early 2023, as investors flocked to safety and began to anticipate the end of the Fed’s hiking cycle in the wake of the stresses in the banking sector. The benchmark 10-year Treasury yield fell by 36 basis points (“b.p.”) to 3.47% and the 2-year yield fell by 25 b.p. to 4.03% in the six-month period ended March 31, 2023. Notably, the yield curve remained inverted, with longer-dated bonds yielding less than shorter-dated ones, which we believe suggests economic pressures ahead.
Our portfolio managers continue to monitor the trends for economic activity, corporate profits, the Ukraine situation, China’s reopening, and the likely policy actions of the Fed and other central banks. As the data changes, those portfolio managers are constantly adjusting their portfolios to incorporate their latest views on different geographies, sectors, and companies.
Thank you for your continued confidence in our approach.
If you have any questions about your investments in the Portfolios, please contact your Bernstein Advisor by calling 212.756.4097, or visit www.Bernstein.com. As always, we are firmly dedicated to your investment success.
Sincerely,
Alexander Chaloff
President
Sanford C. Bernstein Fund, Inc.
1 | This performance discussion is intended as a general market commentary. Please note that the information for the Overlay Portfolios of the SCB Fund may be found in a separate report. |
Emerging Markets Portfolio
Investment Objective and Strategy
The Portfolio seeks to provide long-term capital growth through investments in equity securities of companies in emerging-market countries. The Portfolio invests, under normal circumstances, at least 80% of its net assets in securities of companies in emerging markets.
The investment team allocates the Portfolio’s investments among broad sector groups based on the fundamental company research conducted by AllianceBernstein L.P., the Portfolio’s investment adviser’s (the “Adviser’s”) internal research staff, assessing the current and forecasted investment opportunities and conditions, as well as diversification and risk considerations. The Portfolio may own stocks selected using
(Portfolio Manager Commentary continued on next page)
2023 Semi-Annual Report | 1 |
Table of Contents
Portfolio Manager Commentary (continued)
the Adviser’s bottom-up research in value, growth, core and other investment style disciplines. The Adviser may allocate assets to companies in different targeted ranges of market capitalization. The Adviser relies on both fundamental and quantitative research to manage risk and return for the Portfolio.
The Portfolio may invest in companies of any size. The Portfolio invests primarily in common stocks, but may also invest in preferred stocks, warrants and convertible securities of foreign issuers, including sponsored or unsponsored American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). Under most conditions, the Portfolio intends to have its assets invested among multiple emerging-market countries, although the Portfolio may also invest in more developed-country markets. In allocating the Portfolio’s assets among emerging-market countries, the Adviser considers such factors as the geographical distribution of the Portfolio, the sizes of the stock markets represented and the various key economic characteristics of the countries. However, the Portfolio may not necessarily be diversified on a geographical basis. The Adviser also considers the transaction costs and volatility of each individual market.
The Portfolio may enter into foreign currency transactions for hedging and non-hedging purposes on a spot (i.e., cash) basis or through the use of derivatives transactions, such as forward currency exchange contracts, currency futures and options thereon, and options on currencies. An appropriate hedge of currency exposure resulting from the Portfolio’s securities positions may not be available or cost effective, or the Adviser may determine not to hedge the positions, possibly even under market conditions where doing so could benefit the Portfolio. The Portfolio generally invests in foreign-currency futures contracts or foreign-currency forward contracts with terms of up to one year. The Portfolio also purchases foreign currency for immediate settlement in order to purchase foreign securities. In addition, the Portfolio may invest a portion of its uncommitted cash balances in futures contracts on securities or baskets of securities to expose that portion of the Portfolio to the equity markets. The Portfolio may use derivatives, such as options, futures contracts, forward contracts and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio from a decline in value, sometimes within certain ranges.
Short Duration Diversified Municipal Portfolio
Investment Objective and Strategy
The Portfolio seeks to provide safety of principal and a moderate rate of return after taking account of federal taxes. As a matter of fundamental policy, the Portfolio, under normal circumstances, invests at least 80% of its net assets in municipal securities. The Portfolio invests no more than 25% of its total assets in municipal securities of issuers located in any one state.
The Portfolio invests at least 80% of its total assets in municipal securities rated A or better by any nationally recognized statistical rating organization (“NRSRO”) (or, if unrated, determined by the Adviser to be of comparable quality) and comparably rated municipal notes. The Portfolio may invest up to 20% of its total assets in below investment-grade fixed-income securities (commonly known as “junk bonds”).
The Portfolio may invest, without limit, in revenue bonds, which generally do not have the pledge of the credit of the issuer. The Portfolio may invest, without limit, in securities or obligations that are related in such a way that business or political developments or changes affecting one such security could also affect the others (for example, securities with interest that is paid from projects of a similar type).
The Portfolio may also invest up to 20% of its net assets in fixed-income securities of US issuers that are not municipal securities if, in the Adviser’s opinion, these securities will enhance the after-tax return for Portfolio investors.
The Portfolio may use derivatives, such as options, futures contracts, forward contracts and swaps.
In managing the Portfolio, the Adviser may use interest rate forecasting to estimate an appropriate level of interest rate risk at a given time.
The Portfolio seeks to maintain an effective duration of one-half year to two and one-half years under normal market conditions. Duration is a measure that relates the expected price volatility of a security to changes in interest rates. The duration of a debt security is the weighted average term to
(Portfolio Manager Commentary continued on next page)
2 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Portfolio Manager Commentary (continued)
maturity, expressed in years, of the present value of all future cash flows, including coupon payments and principal repayments.
Within the range described above, the Adviser may moderately shorten the average duration of the Portfolio when it expects interest rates to rise and moderately lengthen average duration when it anticipates that interest rates will fall.
The Adviser selects securities for purchase or sale based on its assessment of the securities’ risk and return characteristics as well as the securities’ impact on the overall risk and return characteristics of the Portfolio. In making this assessment, the Adviser takes into account various factors including the credit quality and sensitivity to interest rates of the securities under consideration and of the Portfolio’s other holdings.
California Municipal Portfolio
Diversified Municipal Portfolio
New York Municipal Portfolio
Investment Objective and Strategy
Each of the Portfolios seeks to provide safety of principal and maximize total return after taking account of federal taxes (and, in the case of the California Municipal Portfolio, California state taxes, and, in the case of the New York Municipal Portfolio, New York state and local taxes). As a matter of fundamental policy, each of the Portfolios, under normal circumstances, invests at least 80% of its net assets in municipal securities (and, in the case of the California Municipal and New York Municipal Portfolios, municipal securities issued by the State of California or the State of New York, or their political subdivisions, or otherwise exempt from California or New York state income tax, respectively). The Diversified Municipal Portfolio will invest no more than 25% of its total assets in municipal securities of issuers located in any one state.
Each of the Portfolios invests at least 80% of its total assets in municipal securities rated A or better by NRSROs (or, if unrated, determined by the Adviser to be of comparable quality) and comparably rated municipal notes. Each of the Portfolios may invest up to 20% of its total assets in below investment-grade fixed-income securities (commonly known as “junk bonds”).
Each of the Portfolios may invest, without limit, in revenue bonds, which generally do not have the pledge of the credit of the issuer. Each of the Portfolios may invest, without limit, in securities or obligations that are related in such a way that business or political developments or changes affecting one such security could also affect the others (for example, securities with interest that is paid from projects of a similar type).
Each of the Portfolios may also invest up to 20% of its net assets in fixed-income securities of US issuers that are not municipal securities if, in the Adviser’s opinion, these securities will enhance the after-tax return for investors (and, in the case of the California Municipal and New York Municipal Portfolios, California investors and New York investors, respectively).
The Portfolios may use derivatives, such as options, futures contracts, forward contracts and swaps.
In managing the Portfolios, the Adviser may use interest rate forecasting to estimate an appropriate level of interest rate risk at a given time.
Each Portfolio seeks to maintain an effective duration of three and one-half years to seven years under normal market conditions. Duration is a measure that relates the expected price volatility of a security to changes in interest rates. The duration of a debt security is the weighted average term to maturity, expressed in years, of the present value of all future cash flows, including coupon payments and principal repayments.
The Adviser selects securities for purchase or sale based on its assessment of the securities’ risk and return characteristics as well as the securities’ impact on the overall risk and return characteristics of each of the Portfolios. In making this assessment, the Adviser takes into account various factors including the credit quality and sensitivity to interest rates of the securities under consideration and of the Portfolios’ other holdings.
The California Municipal and New York Municipal Portfolios are “non-diversified,” which means that they may concentrate their assets in a smaller number of issuers than a diversified fund.
Intermediate Duration Portfolio
Investment Objective and Strategy
The Portfolio seeks to provide safety of principal and a moderate to high rate of income that is subject to taxes. The Portfolio seeks to maintain an average portfolio quality minimum of A, based on ratings given to the Portfolio’s securities by NRSROs (or, if unrated, determined by the
(Portfolio Manager Commentary continued on next page)
2023 Semi-Annual Report | 3 |
Table of Contents
Portfolio Manager Commentary (continued)
Adviser, to be of comparable quality). Many types of securities may be purchased by the Portfolio, including corporate bonds, notes, US government and agency securities, asset-backed securities, mortgage-related securities, bank loan debt, preferred stock and inflation-protected securities, as well as others. The Portfolio may also invest up to 25% of its total assets in fixed-income, non-US dollar denominated foreign securities, and may invest without limit in fixed-income, US dollar denominated foreign securities, in each case in developed- or emerging-market countries.
The Portfolio may use derivatives, such as options, futures contracts, forward contracts and swaps.
The Portfolio may invest up to 25% of its total assets in fixed-income securities rated below investment-grade (BB or below) by NRSROs (commonly known as “junk bonds”). No more than 5% of the Portfolio’s total assets may be invested in fixed-income securities rated CCC by NRSROs.
In managing the Portfolio, the Adviser may use interest rate forecasting to estimate an appropriate level of interest rate risk at a given time.
The Portfolio seeks to maintain an effective duration of three to seven years under normal market conditions. Duration is a measure that relates the expected price volatility of a security to changes in interest rates. The duration of a debt security is the weighted average term to maturity, expressed in years, of the present value of all future cash flows, including coupon payments and principal repayments.
Within the range described above, the Adviser may moderately shorten the average duration of the Portfolio when it expects interest rates to rise and moderately lengthen average duration when it anticipates that interest rates will fall.
The Adviser selects securities for purchase or sale based on its assessment of the securities’ risk and return characteristics as well as the securities’ impact on the overall risk and return characteristics of the Portfolio. In making this assessment, the Adviser takes into account various factors including the credit quality and sensitivity to interest rates of the securities under consideration and of the Portfolio’s other holdings.
The Portfolio may enter into foreign currency transactions on a spot (i.e., cash) basis or through the use of derivatives transactions, such as forward currency exchange contracts, currency futures and options thereon, and options on currencies. An appropriate hedge of currency exposure resulting from the Portfolio’s securities positions may not be available or cost effective, or the Adviser may determine not to hedge the positions, possibly even under market conditions where doing so could benefit the Portfolio.
Short Duration Plus Portfolio
Investment Objective and Strategy
The Portfolio seeks to provide safety of principal and a moderate rate of income that is subject to taxes. The Portfolio invests at least 80% of its total assets in securities rated A or better by NRSROs (or, if unrated, determined by the Adviser, to be of comparable quality) and comparably rated commercial paper and notes. Many types of securities may be purchased by the Portfolio, including corporate bonds, notes, US government and agency securities, asset-backed securities, mortgage-related securities, inflation-protected securities, bank loan debt and preferred stock, as well as others. The Portfolio may also invest up to 20% of its total assets in fixed-income foreign securities in developed or emerging-market countries.
The Portfolio may use derivatives, such as options, futures contracts, forward contracts and swaps.
The Portfolio may invest up to 20% of its total assets in fixed-income securities rated BB or B by NRSROs, which are not investment-grade (commonly known as “junk bonds”).
In managing the Portfolio, the Adviser may use interest rate forecasting to estimate an appropriate level of interest rate risk at a given time.
The Portfolio seeks to maintain an effective duration of one to three years under normal market conditions. Duration is a measure that relates the expected price volatility of a security to changes in interest rates. The duration of a debt security is the weighted average term to maturity, expressed in years, of the present value of all future cash flows, including coupon payments and principal repayments.
Within the range described above, the Adviser may moderately shorten the average duration of the Portfolio when it expects interest rates to rise and moderately lengthen average duration when it anticipates that interest rates will fall.
The Adviser selects securities for purchase or sale based on its assessment of the securities’ risk and return characteristics as well as the securities’ impact on the overall risk and return characteristics of the Portfolio. In making this assessment, the Adviser takes into account various factors including the credit quality and sensitivity to interest rates of the securities under consideration and of the Portfolio’s other holdings.
(Portfolio Manager Commentary continued on next page)
4 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Portfolio Manager Commentary (continued)
The Portfolio may enter into foreign currency transactions on a spot (i.e., cash) basis or through the use of derivatives transactions, such as forward currency exchange contracts, currency futures and options thereon, and options on currencies. An appropriate hedge of currency exposure resulting from the Portfolio’s securities positions may not be available or cost effective, or the Adviser may determine not to hedge the positions, possibly even under market conditions where doing so could benefit the Portfolio.
2023 Semi-Annual Report | 5 |
Table of Contents
Disclosures and Risks (Unaudited)
Benchmark Disclosures
None of the following indices or averages reflects fees and expenses associated with the active management of a mutual fund portfolio. The Morgan Stanley Capital International Emerging Markets (“MSCI EM”) Index (net, free float-adjusted, market capitalization weighted) represents the equity market performance of emerging markets. The Bloomberg 1-Year Municipal Bond Index is a total-return performance benchmark for the short-term municipal bond market with maturities of up to 1.99 years. The Bloomberg 1-10 Year Blend Index is the 1-10 Year Blend (1-12) component of the Bloomberg Municipal Bond Index, which represents the performance of the long-term tax-exempt bond market consisting of investment-grade bonds. The Bloomberg 5-Year General Obligation (“GO”) Municipal Bond Index represents the performance of long-term, investment-grade tax-exempt bonds with maturities ranging from four to six years. The Bloomberg US Aggregate Bond Index represents the performance of securities within the US investment-grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities (“CMBS”). The Intercontinental Exchange Bank of America® (“ICE BofA”) 1-3 Year US Treasury Index represents the performance of US dollar-denominated sovereign debt publicly issued by the US government in its domestic market with a remaining term to final maturity of one to three years. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns include the reinvestment of dividends after deduction of non-US withholding tax. Lipper Averages are the equal-weighted average returns of the funds in the relevant Lipper Inc. categories; the average fund in a category may differ in composition from the Portfolios. Investors cannot invest directly in indices, and their results are not indicative of the performance for any specific investment, including the Portfolios.
A Word About Risk
All Portfolios: The share price of the Portfolios will fluctuate and you may lose money. There is no guarantee that the Portfolios will achieve their investment objectives.
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 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.
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
(Disclosures and Risks continued on next page)
6 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Disclosures and Risks (continued)
hedge may not perform as expected. In addition to other risks such as the credit risk of the counterparty, 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 (the party on the other side of the transaction) 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.
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 as 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 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.
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 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.
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.
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.
(Disclosures and Risks continued on next page)
2023 Semi-Annual Report | 7 |
Table of Contents
Disclosures and Risks (continued)
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 ADRs, 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.
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.
Emerging Markets, Intermediate Duration and Short Duration Plus Portfolios:
Foreign Currency Risk: This is the risk that changes in foreign (non-US) 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 US dollar is strong (i.e., gaining value relative to other currencies) and other currencies are weak (i.e., losing value relative to the US dollar). The value of the US dollar has recently appreciated in value against most foreign currencies, which may negatively affect the value of the Portfolios’ foreign investments when converted to US dollars.
Actions by a Few Major Investors Risk: 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.
Emerging-Markets Securities Risk: Investments in foreign securities entail significant risks in addition to those customarily associated with investing in US equities. 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. These risks are heightened with respect to issuers in emerging-market countries because the markets are less developed and less liquid and there may be a greater amount of economic, political and social uncertainty, and 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. In addition, the value of the Portfolios’ investments may decline because of factors such as unfavorable or unsuccessful government actions and reduction of government or central bank support.
Emerging Markets Portfolio:
Country Concentration Risk: The Portfolio may not always be diversified among countries or regions and the effect on the share price of the Portfolio of specific risks such as political, regulatory and currency may be magnified due to concentration of the Portfolio’s investments in a particular country or region.
Capitalization Risk: Investments in small-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies may have limited product lines, markets or financial resources. The prices of securities of small-capitalization companies generally are more volatile than those of large-capitalization
(Disclosures and Risks continued on next page)
8 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Disclosures and Risks (continued)
companies and are more likely to be adversely affected than large-capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of small-capitalization companies may underperform large-capitalization companies, may be harder to sell at times or at prices the portfolio managers believe appropriate and may have greater potential for losses.
Allocation Risk: The allocation of investments among investment disciplines may have a significant effect on the Portfolio’s performance when the investment disciplines in which the Portfolio has greater exposure perform worse than the investment disciplines with less exposure. Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. The Portfolio may allocate a significant portion of its assets to securities of companies in broadly related industries within an economic sector. Companies in the same sector may be similarly affected by economic or market events, making the Portfolio more vulnerable to unfavorable developments in that sector than funds that invest more broadly.
Short Duration Diversified Municipal, California Municipal, Diversified Municipal, New York Municipal, Intermediate Duration and Short Duration Plus 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. During periods of very low or negative interest rates, a Portfolio’s returns may be adversely affected, including to such an extent that the Portfolio may be unable to maintain positive returns. A Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the recent tightening of the US Federal Reserve’s monetary policy, which has caused the Federal Reserve to increase short-term interest rates in an effort to address rising inflation.
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 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.
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. Rates of inflation have recently risen, which have adversely affected economies and markets. Rising inflation has caused the Federal Reserve and other central banks to take actions—including raising interest rates—that have caused further adverse effects to economies and markets, and more such actions may be forthcoming.
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.
(Disclosures and Risks continued on next page)
2023 Semi-Annual Report | 9 |
Table of Contents
Disclosures and Risks (continued)
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.
Short Duration Diversified Municipal and Short Duration Plus Portfolios:
Riskier than a Money-Market Fund: Although the Portfolios maintain a short overall duration, they invest in securities with longer maturities and in some cases lower quality than the assets of the type of mutual fund known as a money-market fund. The risk of a decline in the market value of the Portfolios is greater than for a money-market fund since the credit quality of the Portfolios’ securities may be lower and the effective duration of the Portfolios will be longer.
Short Duration Diversified Municipal, California Municipal, Diversified Municipal and New York Municipal Portfolios:
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. There have been some municipal issuers that have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may get worse, particularly in light of the economic impact of the recent spread of an infectious coronavirus (COVID-19). To the extent the Portfolios invest in a particular state’s municipal securities, they 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 Portfolios may invest in municipal securities of issuers in Puerto Rico or other US territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other US issuers of municipal securities. Puerto Rico continues to face a very challenging economic and fiscal environment, worsened by the spread of COVID-19 and the adverse effect that related governmental and public responses have had on Puerto Rico’s economy. 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.
Tax Risk: There is no guarantee that the income on the Portfolios’ municipal securities will be exempt from regular 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 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. From time to time, the US government and the US Congress consider changes in federal tax law that would, if
(Disclosures and Risks continued on next page)
10 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Disclosures and Risks (continued)
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.
California Municipal and New York Municipal Portfolios:
Non-Diversification Risk: Concentration of investments in a small number of securities tends to increase risk. The Portfolio are not “diversified”. This means that the Portfolios can invest more of their assets in a relatively small number of issuers with greater concentration of risk. Matters affecting these issuers can have a more significant effect on the Portfolios’ NAV.
Intermediate Duration and Short Duration Plus Portfolios:
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-US) Securities Risk: Investments in foreign securities entail significant risks in addition to those customarily associated with investing in US 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 Portfolio invests and adversely affect the value of the Portfolios’ assets.
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.
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.
These risks are discussed in further detail in the Portfolios’ prospectus.
An Important Note About Historical Performance
Except as noted, returns do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. Certain Emerging Markets Portfolio performance data presented herein does not reflect the deduction of historical purchase and redemption fees, which, if reflected, would reduce the level of performance quoted. All fees and expenses related to the operation of the Portfolios have been deducted, except as noted for the Emerging Markets Portfolio. Emerging Markets Portfolio returns throughout this report include dividends net of withholding taxes.
NAV returns do not reflect sales charges; if sales charges were reflected, the Portfolios’ quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 3.00% maximum front-end sales charge for Class A shares of the California Municipal, Diversified Municipal and New York Municipal Portfolios, a 4.25% maximum front-end sales charge for Class A shares of the Intermediate Duration Portfolio, a 2.25% maximum front-end sales charge for Class A shares of the Short Duration Portfolio, and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the
(Disclosures and Risks continued on next page)
2023 Semi-Annual Report | 11 |
Table of Contents
Disclosures and Risks (continued)
different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.
The performance shown in this report represents past performance and does not guarantee future results. Performance information is as of the dates shown. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by calling 212.756.4097. For Class A, Class C, Advisor Class and Class Z Shares (collectively “Retail Classes”) of California Municipal, Diversified Municipal, New York Municipal, Intermediate Duration and Short Duration Plus Portfolios, visit www.abfunds.com. The investment return and principal value of an investment in the Portfolios will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost.
Investors should consider the investment objectives, risks, charges and expenses of the Portfolios carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit www.Bernstein.com, click on “Investments”, found in the footer, then “Mutual Fund Information—Prospectuses, SAIs and Shareholder Reports”, or call Bernstein’s mutual fund shareholder help line at 212.756.4097 or contact your Bernstein Advisor. For Retail Classes of California Municipal, Diversified Municipal, New York Municipal, Intermediate Duration and Short Duration Plus Portfolios, visit www.abfunds.com or call AB at 800.227.4618. Please read the prospectus and/or summary prospectus carefully before investing.
12 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Historical Performance (Unaudited)
Sanford C. Bernstein Fund Portfolios vs. Their Benchmarks and Lipper Averages
TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS | |||||||||||||||||||||
THROUGH MARCH 31, 2023 | PAST SIX MONTHS | PAST 12 MONTHS | PAST FIVE YEARS | PAST 10 YEARS | SINCE INCEPTION | INCEPTION DATE | ||||||||||||||||
Emerging Markets Portfolio1,2 | ||||||||||||||||||||||
Emerging Markets Class Shares3 | 12/15/1995 | |||||||||||||||||||||
NAV Returns | 16.52 | % | -11.49 | % | -1.58 | % | 2.06 | % | 5.72 | % | ||||||||||||
SEC Returns (reflects applicable sales charges) | 16.52 | % | -11.49 | % | -1.58 | % | 1.95 | % | 5.64 | % | ||||||||||||
Class Z Shares3 | 1/15/2016 | |||||||||||||||||||||
NAV Returns | 16.65 | % | -11.29 | % | -1.32 | % | — | 6.84 | % | |||||||||||||
SEC Returns (reflects applicable sales charges) | 16.65 | % | -11.29 | % | -1.32 | % | — | 6.84 | % | |||||||||||||
MSCI EM Index (net) | 14.04 | % | -10.70 | % | -0.91 | % | 2.00 | % | 5.36 | % | ||||||||||||
Lipper Emerging Markets Funds Average | 16.08 | % | -8.63 | % | -0.62 | % | 2.19 | % | — |
Past performance is no guarantee of future results and an investment in the Portfolio described could lose value. The current prospectus fee table shows the total annual operating expense ratios as 1.29% and 1.04% for Emerging Markets Class and Class Z shares, respectively, gross of any fee waivers or expense reimbursements. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods. |
There are no sales charges associated with an investment in the Bernstein Classes of the Portfolios. Total returns and average annual returns are therefore the same. |
1 | Prior to May 2, 2005, the Portfolio imposed a 2% fee on purchases and redemptions. Effective May 2, 2005, the fees were reduced from 2% to 1%. This fee was eliminated effective February 2, 2015. |
2 | Includes the impact of proceeds received and credited to the Portfolio resulting from class-action settlements, which enhanced the performance of all share classes of the Portfolio for the six- and 12-month periods ended March 31, 2023, by 0.01% and 0.08%, respectively. |
3 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio. |
See Disclosures, Risks and Note About Historical Performance on pages 6–12.
(Historical Performance continued on next page)
2023 Semi-Annual Report | 13 |
Table of Contents
Historical Performance (continued from previous page)
Sanford C. Bernstein Fund Portfolios vs. Their Benchmarks and Lipper Averages
TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS | |||||||||||||||||||||||||
THROUGH MARCH 31, 2023 | PAST SIX MONTHS | PAST 12 MONTHS | PAST FIVE YEARS | PAST 10 YEARS | SINCE INCEPTION | INCEPTION DATE | ||||||||||||||||||||
Short Duration Diversified Municipal Portfolio |
| |||||||||||||||||||||||||
Short Duration Diversified Municipal Class Shares1 |
| 10/3/1994 | ||||||||||||||||||||||||
NAV Returns | 2.64 | % | 0.89 | % | 0.84 | % | 0.56 | % | 2.14 | % | ||||||||||||||||
SEC Returns (reflects applicable sales charges) | 2.64 | % | 0.89 | % | 0.84 | % | 0.56 | % | 2.14 | % | ||||||||||||||||
SEC Yields2 | 2.72 | % | ||||||||||||||||||||||||
Taxable Equivalent Yields3 | 4.18 | % | ||||||||||||||||||||||||
Bloomberg 1-Year Municipal Bond Index | 2.31 | % | 1.55 | % | 1.16 | % | 0.91 | % | — | |||||||||||||||||
Lipper Short-Term Municipal Debt Funds Average | 2.49 | % | 1.15 | % | 0.96 | % | 0.73 | % | — |
Past performance is no guarantee of future results and an investment in the Portfolio described could lose value. The current prospectus fee table shows the total annual operating expense ratio as 0.47% for Short Duration Diversified Municipal Class shares. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods. |
There are no sales charges associated with an investment in the Bernstein Classes of the Portfolios. Total returns and average annual returns are therefore the same. |
1 | This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. |
2 | SEC yields are calculated based on SEC guidelines for the 30-day period ended March 31, 2023. |
3 | Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable. |
See Disclosures, Risks and Note About Historical Performance on pages 6–12.
(Historical Performance continued on next page)
14 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Historical Performance (continued from previous page)
Sanford C. Bernstein Fund Portfolios vs. Their Benchmarks and Lipper Averages
TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS | |||||||||||||||||||||||||
THROUGH MARCH 31, 2023 | PAST SIX MONTHS | PAST 12 MONTHS | PAST FIVE YEARS | PAST 10 YEARS | SINCE INCEPTION | INCEPTION DATE | ||||||||||||||||||||
California Municipal Portfolio |
| |||||||||||||||||||||||||
California Municipal Class Shares1 |
| 8/6/1990 | ||||||||||||||||||||||||
NAV Returns |
| 4.85 | % | 1.10 | % | 1.58 | % | 1.40 | % | 3.77 | % | |||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 4.85 | % | 1.10 | % | 1.58 | % | 1.40 | % | 3.77 | % | |||||||||||||||
SEC Yields2 | 2.89 | % | ||||||||||||||||||||||||
Taxable Equivalent Yields3 | 5.13 | % | ||||||||||||||||||||||||
Class A Shares |
| 2/1/2002 | ||||||||||||||||||||||||
NAV Returns |
| 4.75 | % | 0.90 | % | 1.38 | % | 1.19 | % | 2.39 | % | |||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 1.61 | % | -2.12 | % | 0.78 | % | 0.88 | % | 2.25 | % | |||||||||||||||
SEC Yields2 | 2.62 | % | ||||||||||||||||||||||||
Taxable Equivalent Yields3 | 4.65 | % | ||||||||||||||||||||||||
Class C Shares4 |
| 2/1/2002 | ||||||||||||||||||||||||
NAV Returns |
| 4.36 | % | 0.22 | % | 0.63 | % | 0.45 | % | 1.66 | % | |||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 3.36 | % | -0.77 | % | 0.63 | % | 0.45 | % | 1.66 | % | |||||||||||||||
SEC Yields2 | 1.96 | % | ||||||||||||||||||||||||
Taxable Equivalent Yields3 | 3.48 | % | ||||||||||||||||||||||||
Advisor Class Shares1 |
| 7/25/2016 | ||||||||||||||||||||||||
NAV Returns |
| 4.88 | % | 1.16 | % | 1.64 | % | — | 1.13 | % | ||||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 4.88 | % | 1.16 | % | 1.64 | % | — | 1.13 | % | ||||||||||||||||
SEC Yields2 | 2.95 | % | ||||||||||||||||||||||||
Taxable Equivalent Yields3 | 5.23 | % | ||||||||||||||||||||||||
Primary Benchmark:5 Bloomberg 1-10 Year Blend Index |
| 5.18 | % | 1.91 | % | 1.92 | % | 1.85 | % | 3.24 | % | |||||||||||||||
Bloomberg 5-Year GO Municipal Bond Index |
| 5.13 | % | 2.01 | % | 1.80 | % | 1.59 | % | — | ||||||||||||||||
Lipper California Intermediate Municipal Debt Funds Average |
| 5.24 | % | 0.42 | % | 1.36 | % | 1.60 | % | — |
Past performance is no guarantee of future results and an investment in the Portfolio described could lose value. The current prospectus fee table shows the total annual operating expense ratios as 0.55%, 0.73%, 1.49% and 0.48% for California Municipal Class, Class A, Class C and Advisor Class shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods. |
There are no sales charges associated with an investment in the Bernstein Classes of the Portfolios. Total returns and average annual returns are therefore the same. |
1 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio. |
2 | SEC yields are calculated based on SEC guidelines for the 30-day period ended March 31, 2023. |
3 | Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable. |
4 | Assumes conversion of Class C shares into Class A shares after eight years. |
5 | Effective November 1, 2022, the Portfolio’s primary benchmark changed to the Bloomberg 1-10 Year Blend Index. Prior to November 1, 2022, the Portfolio measured its performance against Bloomberg 5-Year GO Municipal Bond Index. |
See Disclosures, Risks and Note About Historical Performance on pages 6–12.
(Historical Performance continued on next page)
2023 Semi-Annual Report | 15 |
Table of Contents
Historical Performance (continued from previous page)
Sanford C. Bernstein Fund Portfolios vs. Their Benchmarks and Lipper Averages
TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS | |||||||||||||||||||||||||
THROUGH MARCH 31, 2023 | PAST SIX MONTHS | PAST 12 MONTHS | PAST FIVE YEARS | PAST 10 YEARS | SINCE INCEPTION | INCEPTION DATE | ||||||||||||||||||||
Diversified Municipal Portfolio |
| |||||||||||||||||||||||||
Diversified Municipal Class Shares1 |
| 1/9/1989 | ||||||||||||||||||||||||
NAV Returns |
| 4.76 | % | 0.63 | % | 1.77 | % | 1.52 | % | 4.00 | % | |||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 4.76 | % | 0.63 | % | 1.77 | % | 1.52 | % | 4.00 | % | |||||||||||||||
SEC Yields2 | 3.01 | % | ||||||||||||||||||||||||
Taxable Equivalent Yields3 | 4.63 | % | ||||||||||||||||||||||||
Class A Shares |
| 2/1/2002 | ||||||||||||||||||||||||
NAV Returns |
| 4.66 | % | 0.45 | % | 1.56 | % | 1.28 | % | 2.50 | % | |||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 1.54 | % | -2.60 | % | 0.94 | % | 0.96 | % | 2.35 | % | |||||||||||||||
SEC Yields2 | 2.73 | % | ||||||||||||||||||||||||
Taxable Equivalent Yields3 | 4.20 | % | ||||||||||||||||||||||||
Class C Shares4 |
| 2/1/2002 | ||||||||||||||||||||||||
NAV Returns |
| 4.27 | % | -0.38 | % | 0.80 | % | 0.52 | % | 1.76 | % | |||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 3.27 | % | -1.36 | % | 0.80 | % | 0.52 | % | 1.76 | % | |||||||||||||||
SEC Yields2 | 2.07 | % | ||||||||||||||||||||||||
Taxable Equivalent Yields3 | 3.18 | % | ||||||||||||||||||||||||
Advisor Class Shares1 |
| 6/26/2015 | ||||||||||||||||||||||||
NAV Returns |
| 4.79 | % | 0.70 | % | 1.84 | % | — | 1.69 | % | ||||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 4.79 | % | 0.70 | % | 1.84 | % | — | 1.69 | % | ||||||||||||||||
SEC Yields2 | 3.06 | % | ||||||||||||||||||||||||
Taxable Equivalent Yields3 | 4.71 | % | ||||||||||||||||||||||||
Class Z Shares1 |
| 7/2/2018 | ||||||||||||||||||||||||
NAV Returns |
| 4.80 | % | 0.71 | % | — | — | 1.80 | % | |||||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 4.80 | % | 0.71 | % | — | — | 1.80 | % | |||||||||||||||||
SEC Yields2 | 3.09 | % | ||||||||||||||||||||||||
Taxable Equivalent Yields3 | 4.75 | % | ||||||||||||||||||||||||
Primary Benchmark:5 Bloomberg 1-10 Year Blend Index |
| 5.18 | % | 1.91 | % | 1.92 | % | 1.85 | % | 3.24 | % | |||||||||||||||
Bloomberg 5-Year GO Municipal Bond Index |
| 5.13 | % | 2.01 | % | 1.80 | % | 1.59 | % | — | ||||||||||||||||
Lipper Intermediate Municipal Debt Funds Average |
| 5.58 | % | -0.06 | % | 1.62 | % | 1.63 | % | — |
Past performance is no guarantee of future results and an investment in the Portfolio described could lose value. The current prospectus fee table shows the total annual operating expense ratios as 0.47%, 0.65%, 1.40%, 0.40% and 0.39% for Diversified Municipal Class, Class A, Class C, Advisor Class and Class Z shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods. |
There are no sales charges associated with an investment in the Bernstein Classes of the Portfolios. Total returns and average annual returns are therefore the same. |
1 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio. |
2 | SEC yields are calculated based on SEC guidelines for the 30-day period ended March 31, 2023. |
3 | Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable. |
4 | Assumes conversion of Class C shares into Class A shares after eight years. |
5 | Effective November 1, 2022, the Portfolio’s primary benchmark changed to the Bloomberg 1-10 Year Blend Index. Prior to November 1, 2022, the Portfolio measured its performance against Bloomberg 5-Year GO Municipal Bond Index. |
See Disclosures, Risks and Note About Historical Performance on pages 6–12.
(Historical Performance continued on next page)
16 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Historical Performance (continued from previous page)
Sanford C. Bernstein Fund Portfolios vs. Their Benchmarks and Lipper Averages
TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS | |||||||||||||||||||||||||
THROUGH MARCH 31, 2023 | PAST SIX MONTHS | PAST 12 MONTHS | PAST FIVE YEARS | PAST 10 YEARS | SINCE INCEPTION | INCEPTION DATE | ||||||||||||||||||||
New York Municipal Portfolio |
| |||||||||||||||||||||||||
New York Municipal Class Shares1 |
| 1/9/1989 | ||||||||||||||||||||||||
NAV Returns |
| 5.03 | % | 0.73 | % | 1.52 | % | 1.40 | % | 3.98 | % | |||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 5.03 | % | 0.73 | % | 1.52 | % | 1.40 | % | 3.98 | % | |||||||||||||||
SEC Yields2 | 2.86 | % | ||||||||||||||||||||||||
Taxable Equivalent Yields3 | 4.94 | % | ||||||||||||||||||||||||
Class A Shares |
| 2/1/2002 | ||||||||||||||||||||||||
NAV Returns |
| 4.85 | % | 0.45 | % | 1.32 | % | 1.19 | % | 2.46 | % | |||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 1.69 | % | -2.56 | % | 0.70 | % | 0.88 | % | 2.31 | % | |||||||||||||||
SEC Yields2 | 2.58 | % | ||||||||||||||||||||||||
Taxable Equivalent Yields3 | 4.45 | % | ||||||||||||||||||||||||
Class C Shares4 |
| 2/1/2002 | ||||||||||||||||||||||||
NAV Returns |
| 4.46 | % | -0.30 | % | 0.56 | % | 0.44 | % | 1.72 | % | |||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 3.46 | % | -1.28 | % | 0.56 | % | 0.44 | % | 1.72 | % | |||||||||||||||
SEC Yields2 | 1.92 | % | ||||||||||||||||||||||||
Taxable Equivalent Yields3 | 3.32 | % | ||||||||||||||||||||||||
Advisor Class Shares1 |
| 7/25/2016 | ||||||||||||||||||||||||
NAV Returns |
| 4.98 | % | 0.78 | % | 1.58 | % | — | 1.09 | % | ||||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 4.98 | % | 0.78 | % | 1.58 | % | — | 1.09 | % | ||||||||||||||||
SEC Yields2 | 2.91 | % | ||||||||||||||||||||||||
Taxable Equivalent Yields3 | 5.02 | % | ||||||||||||||||||||||||
Primary Benchmark:5 Bloomberg 1-10 Year Blend Index |
| 5.18 | % | 1.91 | % | 1.92 | % | 1.85 | % | 3.24 | % | |||||||||||||||
Bloomberg 5-Year GO Municipal Bond Index |
| 5.13 | % | 2.01 | % | 1.80 | % | 1.59 | % | — | ||||||||||||||||
Lipper New York Intermediate Municipal Debt Funds Average |
| 5.36 | % | 0.52 | % | 1.34 | % | 1.37 | % | — |
Past performance is no guarantee of future results and an investment in the Portfolio described could lose value. The current prospectus fee table shows the total annual operating expense ratios as 0.54%, 0.73%, 1.48% and 0.48% for New York Municipal Class, Class A, Class C and Advisor Class shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods. |
There are no sales charges associated with an investment in the Bernstein Classes of the Portfolios. Total returns and average annual returns are therefore the same. |
1 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio. |
2 | SEC yields are calculated based on SEC guidelines for the 30-day period ended March 31, 2023. |
3 | Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable. |
4 | Assumes conversion of Class C shares into Class A shares after eight years. |
5 | Effective November 1, 2022, the Portfolio’s primary benchmark changed to the Bloomberg 1-10 Year Blend Index. Prior to November 1, 2022, the Portfolio measured its performance against Bloomberg 5-Year GO Municipal Bond Index. |
See Disclosures, Risks and Note About Historical Performance on pages 6–12.
(Historical Performance continued on next page)
2023 Semi-Annual Report | 17 |
Table of Contents
Historical Performance (continued from previous page)
Sanford C. Bernstein Fund Portfolios vs. Their Benchmarks and Lipper Averages
TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS | |||||||||||||||||||||||||
THROUGH MARCH 31, 2023 | PAST SIX MONTHS | PAST 12 MONTHS | PAST FIVE YEARS | PAST 10 YEARS | SINCE INCEPTION | INCEPTION DATE | ||||||||||||||||||||
Intermediate Duration Portfolio |
| |||||||||||||||||||||||||
Intermediate Duration Class Shares1 |
| 1/17/1989 | ||||||||||||||||||||||||
NAV Returns |
| 4.82 | % | -5.27 | % | 0.61 | % | 1.41 | % | 5.14 | % | |||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 4.82 | % | -5.27 | % | 0.61 | % | 1.41 | % | 5.14 | % | |||||||||||||||
SEC Yields2 | 4.23 | % | ||||||||||||||||||||||||
Class A Shares |
| 7/22/2019 | ||||||||||||||||||||||||
NAV Returns |
| 4.64 | % | -5.66 | % | — | — | -1.76 | % | |||||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 0.23 | % | -9.65 | % | — | — | -2.91 | % | |||||||||||||||||
SEC Yields2 | -1.12 | % | ||||||||||||||||||||||||
Advisor Class Shares1 |
| 7/22/2019 | ||||||||||||||||||||||||
NAV Returns |
| 4.77 | % | -5.43 | % | — | — | -1.54 | % | |||||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 4.77 | % | -5.43 | % | — | — | -1.54 | % | |||||||||||||||||
SEC Yields2 | -0.93 | % | ||||||||||||||||||||||||
Class Z Shares1 |
| 7/22/2019 | ||||||||||||||||||||||||
NAV Returns |
| 4.73 | % | -5.34 | % | — | — | -1.17 | % | |||||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 4.73 | % | -5.34 | % | — | — | -1.17 | % | |||||||||||||||||
SEC Yields2 | 1.89 | % | ||||||||||||||||||||||||
Bloomberg US Aggregate Bond Index |
| 4.89 | % | -4.78 | % | 0.91 | % | 1.36 | % | 5.39 | % | |||||||||||||||
Lipper Core Bond Funds Average |
| 4.85 | % | -5.28 | % | 0.83 | % | 1.24 | % | — |
Past performance is no guarantee of future results and an investment in the Portfolio described could lose value. The current prospectus fee table shows the total annual operating expense ratios as 0.56%, 5.51%, 5.53% and 3.01% for Intermediate Duration Class, Class A, Advisor Class and Class Z shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limited the Portfolio’s total other expenses (excluding advisory fees, distribution and/or service 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. The Portfolio’s net annual operating expenses (after application of contractual fee waivers and/or expense reimbursements) were: 0.90%, 0.66% and 0.57% for Class A, Advisor Class and Class Z shares, respectively. These waivers/reimbursements may not be terminated before January 28, 2024. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods. |
There are no sales charges associated with an investment in the Bernstein Classes of the Portfolios. Total returns and average annual returns are therefore the same. |
1 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio. |
2 | SEC yields are calculated based on SEC guidelines for the 30-day period ended March 31, 2023. |
See Disclosures, Risks and Note About Historical Performance on pages 6–12.
(Historical Performance continued on next page)
18 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Historical Performance (continued from previous page)
Sanford C. Bernstein Fund Portfolios vs. Their Benchmarks and Lipper Averages
TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS | |||||||||||||||||||||||||
THROUGH MARCH 31, 2023 | PAST SIX MONTHS | PAST 12 MONTHS | PAST FIVE YEARS | PAST 10 YEARS | SINCE INCEPTION | INCEPTION DATE | ||||||||||||||||||||
Short Duration Plus Portfolio |
| |||||||||||||||||||||||||
Short Duration Plus Class Shares1 |
| 12/12/1988 | ||||||||||||||||||||||||
NAV Returns |
| 1.96 | % | -0.18 | % | 0.64 | % | 0.53 | % | 3.41 | % | |||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 1.96 | % | -0.18 | % | 0.64 | % | 0.53 | % | 3.41 | % | |||||||||||||||
SEC Yields2 | 4.01 | % | ||||||||||||||||||||||||
Class A Shares |
| 5/21/2003 | ||||||||||||||||||||||||
NAV Returns |
| 1.80 | % | -0.65 | % | 0.17 | % | 0.12 | % | 0.85 | % | |||||||||||||||
SEC Returns (reflects applicable sales charges) |
| -0.46 | % | -2.89 | % | -0.29 | % | -0.11 | % | 0.74 | % | |||||||||||||||
SEC Yields2 | 3.42 | % | ||||||||||||||||||||||||
Class C Shares3 |
| 5/21/2003 | ||||||||||||||||||||||||
NAV Returns |
| 1.61 | % | -0.91 | % | -0.02 | % | -0.08 | % | 0.44 | % | |||||||||||||||
SEC Returns (reflects applicable sales charges) |
| 0.61 | % | -1.89 | % | -0.02 | % | -0.08 | % | 0.44 | % | |||||||||||||||
SEC Yields2 | 2.76 | % | ||||||||||||||||||||||||
ICE BofA 1-3 Year US Treasury Index |
| 2.30 | % | 0.20 | % | 1.11 | % | 0.81 | % | — | ||||||||||||||||
Lipper Short-Term Investment Grade Debt Funds Average |
| 2.86 | % | -0.10 | % | 1.29 | % | 1.11 | % | — |
Past performance is no guarantee of future results and an investment in the Portfolio described could lose value. The current prospectus fee table shows the total annual operating expense ratios as 0.54%, 0.97% and 1.72% for Short Duration Plus Class, Class A and Class C shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods. |
There are no sales charges associated with an investment in the Bernstein Classes of the Portfolios. Total returns and average annual returns are therefore the same. |
1 | This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolio. |
2 | SEC yields are calculated based on SEC guidelines for the 30-day period ended March 31, 2023. |
3 | Assumes conversion of Class C shares into Class A shares after eight years. |
See Disclosures, Risks and Note About Historical Performance on pages 6–12.
(Historical Performance continued on next page)
2023 Semi-Annual Report | 19 |
Table of Contents
Historical Performance (continued from previous page)
Emerging Markets Class Shares | Short Duration Diversified Municipal Class Shares | |||
Growth of a $10,000 Investment in the Portfolio | Growth of a $25,000 Investment in the Portfolio | |||
California Municipal Class Shares | Diversified Municipal Class Shares | |||
Growth of a $25,000 Investment in the Portfolio | Growth of a $25,000 Investment in the Portfolio | |||
New York Municipal Class Shares | ||||
Growth of a $25,000 Investment in the Portfolio | ||||
Past performance is no guarantee of future results and an investment in the portfolios described could lose value. Except as noted, returns do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. All fees and expenses related to the operation of the Portfolios have been deducted. Emerging Markets Portfolio returns throughout this report include dividends net of withholding taxes. |
Each chart illustrates the total value of an assumed $25,000 or $10,000 investment as compared with the performance of each Portfolio’s respective benchmark and Lipper Average for the 10-year period ended March 31, 2023. |
See Disclosures, Risks and Note About Historical Performance on pages 6–12.
(Historical Performance continued on next page)
20 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Historical Performance (continued from previous page)
Intermediate Duration Class Shares | ||||
Growth of a $25,000 Investment in the Portfolio | ||||
Short Duration Plus Class Shares | ||||
Growth of a $25,000 Investment in the Portfolio | ||||
Past performance is no guarantee of future results and an investment in the portfolios described could lose value. Except as noted, returns do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. All fees and expenses related to the operation of the Portfolios have been deducted. Portfolio returns throughout this report include dividends net of withholding taxes. |
Each chart illustrates the total value of an assumed $25,000 investment as compared with the performance of each Portfolio’s respective benchmark and Lipper Average for the 10-year period ended March 31, 2023. |
See Disclosures, Risks and Note About Historical Performance on pages 6–12.
2023 Semi-Annual Report | 21 |
Table of Contents
Expense Example—March 31, 2023 (Unaudited)
As a shareholder of a Portfolio, you incur various ongoing costs, including management fees and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.
Actual Expenses—The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes—The second line of the table below provides information about hypothetical account values and hypothetical expenses based on a Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
BEGINNING ACCOUNT VALUE OCTOBER 1, 2022 | ENDING ACCOUNT VALUE MARCH 31, 2023 | EXPENSES PAID DURING PERIOD* | ANNUALIZED EXPENSE RATIO* | |||||||||||||
Emerging Markets Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,165.20 | $ | 7.02 | 1.30 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,018.45 | $ | 6.54 | 1.30 | % | ||||||||
Class Z | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,166.50 | $ | 5.62 | 1.04 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,019.75 | $ | 5.24 | 1.04 | % | ||||||||
Short Duration Diversified Municipal Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,026.40 | $ | 2.32 | 0.46 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.64 | $ | 2.32 | 0.46 | % | ||||||||
California Municipal Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,048.50 | $ | 2.86 | 0.56 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.14 | $ | 2.82 | 0.56 | % | ||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,047.50 | $ | 3.83 | 0.75 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.19 | $ | 3.78 | 0.75 | % | ||||||||
Class C | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,043.60 | $ | 7.64 | 1.50 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,017.45 | $ | 7.54 | 1.50 | % | ||||||||
Advisor Class | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,048.80 | $ | 2.55 | 0.50 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.44 | $ | 2.52 | 0.50 | % | ||||||||
Diversified Municipal Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,047.60 | $ | 2.50 | 0.49 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.49 | $ | 2.47 | 0.49 | % | ||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,046.60 | $ | 3.47 | 0.68 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.54 | $ | 3.43 | 0.68 | % | ||||||||
Class C | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,042.70 | $ | 7.33 | 1.44 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,017.75 | $ | 7.24 | 1.44 | % | ||||||||
Advisor Class | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,047.90 | $ | 2.20 | 0.43 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.79 | $ | 2.17 | 0.43 | % | ||||||||
Class Z | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,048.00 | $ | 2.09 | 0.41 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.89 | $ | 2.07 | 0.41 | % | ||||||||
22 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Expense Example—March 31, 2023 (Unaudited) (continued)
BEGINNING ACCOUNT VALUE OCTOBER 1, 2022 | ENDING ACCOUNT VALUE MARCH 31, 2023 | EXPENSES PAID DURING PERIOD* | ANNUALIZED EXPENSE RATIO* | |||||||||||||
New York Municipal Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,050.30 | $ | 2.81 | 0.55 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.19 | $ | 2.77 | 0.55 | % | ||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,048.50 | $ | 3.83 | 0.75 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.19 | $ | 3.78 | 0.75 | % | ||||||||
Class C | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,044.60 | $ | 7.65 | 1.50 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,017.45 | $ | 7.54 | 1.50 | % | ||||||||
Advisor Class | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,049.80 | $ | 2.56 | 0.50 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.44 | $ | 2.52 | 0.50 | % | ||||||||
Intermediate Duration Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,048.20 | $ | 2.91 | 0.57 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.09 | $ | 2.87 | 0.57 | % | ||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,046.40 | $ | 4.64 | 0.91 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,020.39 | $ | 4.58 | 0.91 | % | ||||||||
Advisor Class | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,047.70 | $ | 3.37 | 0.66 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.64 | $ | 3.33 | 0.66 | % | ||||||||
Class Z | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,047.30 | $ | 2.86 | 0.56 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.14 | $ | 2.82 | 0.56 | % | ||||||||
Short Duration Plus Class Shares | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,019.60 | $ | 2.62 | 0.52 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.34 | $ | 2.62 | 0.52 | % | ||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,018.00 | $ | 5.18 | 1.03 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,019.80 | $ | 5.19 | 1.03 | % | ||||||||
Class C | ||||||||||||||||
Actual | $ | 1,000 | $ | 1,016.10 | $ | 6.23 | 1.24 | % | ||||||||
Hypothetical** | $ | 1,000 | $ | 1,018.75 | $ | 6.24 | 1.24 | % | ||||||||
* | Expenses are equal to the classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
** | Assumes 5% annual return before expenses. |
2023 Semi-Annual Report | 23 |
Table of Contents
Portfolio Summary—March 31, 2023 (Unaudited)
Emerging Markets Portfolio | ||||||
Sector Breakdown1 |
| Country Breakdown1 | ||||
Information Technology | 25.9 | % | ||||
Financials | 21.4 | |||||
Consumer Discretionary | 20.0 | |||||
Materials | 7.9 | |||||
Industrials | 7.2 | |||||
Utilities | 4.5 | |||||
Energy | 3.6 | |||||
Real Estate | 3.0 | |||||
Communication Services | 2.7 | |||||
Consumer Staples | 2.2 | |||||
Health Care | 1.6 | |||||
1 | The Portfolio’s country and sector breakdowns are expressed as a percentage of the Portfolio’s long-term investments and may vary over time. The Portfolio may also invest in other financial instruments, including derivative instruments, which provide investment exposure to a variety of asset classes (see “Schedule of Investments” section of the report for additional details). |
2 | “Other” represents 4.4% in MSCI EM Index and 1.4% in other emerging-market countries. |
Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Schedule of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus. |
24 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Portfolio Summary—March 31, 2023 (Unaudited) (continued)
Short Duration Diversified Municipal Portfolio | ||||
Quality Rating Breakdown1 Highest of S&P, Moody’s and Fitch | State Breakdown1
| |||
| ||||
California Municipal Portfolio | ||||
Quality Rating Breakdown1 Highest of S&P, Moody’s and Fitch | State Breakdown1 | |||
| ||||
Diversified Municipal Portfolio | ||||
Quality Rating Breakdown1 Highest of S&P, Moody’s and Fitch | State Breakdown1 | |||
|
2023 Semi-Annual Report | 25 |
Table of Contents
Portfolio Summary—March 31, 2023 (Unaudited) (continued)
New York Municipal Portfolio | ||||
Quality Rating Breakdown1 Highest of S&P, Moody’s and Fitch | State Breakdown1 | |||
|
1 | The Portfolio’s quality rating and state breakdowns are expressed as a percentage of the Portfolio’s total investments in municipal securities and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Schedule of Investments” section of the report for additional details). 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 the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy 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. |
2 | “Other” represents less than 2.8% in 23 different states, Guam and Puerto Rico. |
3 | “Other” represents less than 0.1% in seven different states and American Samoa. |
4 | “Other” represents less than 2.3% in 34 different states, American Samoa, District of Columbia, Guam and Puerto Rico. |
5 | “Other” represents less than 0.3% in eight different states and American Samoa. |
26 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Portfolio Summary—March 31, 2023 (Unaudited) (continued)
Intermediate Duration Portfolio | ||||
Security Type Breakdown1 | ||||
Short Duration Plus Portfolio | ||||
Security Type Breakdown1 | ||||
1 | The Portfolio’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Schedule of Investments” section of the report for additional details). |
2 | “Other” represents less than 0.1% in Common Stocks and Governments—Sovereign Bonds. |
2023 Semi-Annual Report | 27 |
Table of Contents
Statement of Assets and Liabilities—March 31, 2023 (Unaudited)
EMERGING MARKETS PORTFOLIO | SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO | |||||||
ASSETS |
| |||||||
Investments in securities at value |
| |||||||
Unaffiliated issuers | $ | 1,153,341,417 | $ | 263,309,913 | ||||
Affiliated issuers | 12,011,266 | 238,624 | ||||||
Foreign currencies, at value (a) | 7,673,949 | 0 | ||||||
Cash | 984 | 0 | ||||||
Cash collateral due from broker | 511,000 | 37,544 | ||||||
Receivables: |
| |||||||
Unaffiliated interest and dividends | 3,745,863 | 3,526,132 | ||||||
Affiliated dividends | 79,310 | 27,136 | ||||||
Investment securities sold and foreign currency transactions | 2,664,658 | 130,000 | ||||||
Capital shares sold | 537,135 | 17,759 | ||||||
Variation margin on centrally cleared swaps | 0 | 2,379 | ||||||
Unrealized appreciation of forward currency exchange contracts | 2,236,095 | 0 | ||||||
Unrealized appreciation of interest rate swaps | 0 | 56,040 | ||||||
Other assets | 59,360 | 0 | ||||||
|
|
|
| |||||
Total assets | 1,182,861,037 | 267,345,527 | ||||||
|
|
|
| |||||
LIABILITIES |
| |||||||
Cash collateral due to broker | 270,000 | 0 | ||||||
Payables: |
| |||||||
Dividends to shareholders | 0 | 182,349 | ||||||
Investment securities purchased | 5,607,428 | 1,022,925 | ||||||
Management fee | 980,353 | 71,854 | ||||||
Capital shares redeemed | 641,315 | 188,608 | ||||||
Shareholder servicing fee | 220,210 | 24,169 | ||||||
Transfer Agent fee | 36,920 | 3,192 | ||||||
Directors’ fees payable | 424 | 81 | ||||||
Accrued expenses | 545,582 | 77,206 | ||||||
Unrealized depreciation of forward currency exchange contracts | 1,311,243 | 0 | ||||||
|
|
|
| |||||
Total liabilities | 9,613,475 | 1,570,384 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 1,173,247,562 | $ | 265,775,143 | ||||
|
|
|
| |||||
Cost of investments |
| |||||||
Unaffiliated issuers | $ | 1,075,861,328 | $ | 268,277,984 | ||||
Affiliated issuers | 12,011,266 | 238,624 | ||||||
NET ASSETS CONSIST OF: |
| |||||||
Capital stock, at par | $ | 46,846 | $ | 21,517 | ||||
Additional paid-in capital | 1,223,388,177 | 272,499,295 | ||||||
Accumulated loss | (50,187,461 | ) | (6,745,669 | ) | ||||
|
|
|
| |||||
$ | 1,173,247,562 | $ | 265,775,143 | |||||
|
|
|
|
(a) Cost: $7,373,292 and $0, respectively. (Note 1)
See Notes to Financial Statements. The Schedules of Investments, an integral part of the financial statements for each Portfolio, are included as inserts to this Report.
28 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
EMERGING MARKETS PORTFOLIO | SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO | |||||||
CALCULATION OF MAXIMUM OFFERING PRICE |
| |||||||
Emerging Markets Class/Short Duration Diversified Municipal Class Shares | ||||||||
Net Assets | $ | 999,262,409 | $ | 265,775,143 | ||||
Shares of capital stock outstanding | 39,901,968 | 21,517,476 | ||||||
|
|
|
| |||||
Net asset value, offering and redemption price per share | $ | 25.04 | $ | 12.35 | ||||
|
|
|
| |||||
Class Z Shares |
| |||||||
Net Assets | $ | 173,985,153 | ||||||
Shares of capital stock outstanding | 6,944,380 | |||||||
|
| |||||||
Net asset value and offering price per share | $ | 25.05 | ||||||
|
|
See Notes to Financial Statements.
2023 Semi-Annual Report | 29 |
Table of Contents
Statement of Assets and Liabilities—March 31, 2023 (Unaudited) (continued)
CALIFORNIA MUNICIPAL PORTFOLIO | DIVERSIFIED MUNICIPAL PORTFOLIO | NEW YORK MUNICIPAL PORTFOLIO | ||||||||||
ASSETS |
| |||||||||||
Investments in securities at value | $ | 1,074,948,333 | $ | 5,167,874,956 | $ | 1,406,326,880 | ||||||
Cash | 1,181,368 | 2,138,816 | 887,124 | |||||||||
Cash collateral due from broker | 3,154,699 | 13,645,141 | 3,298,803 | |||||||||
Receivables: | ||||||||||||
Interest | 14,290,752 | 63,825,154 | 16,365,109 | |||||||||
Investment securities sold | 0 | 983,759 | 306,344 | |||||||||
Capital shares sold | 914,036 | 6,288,304 | 753,782 | |||||||||
Unrealized appreciation of interest rate swaps | 1,197,619 | 5,522,862 | 1,640,626 | |||||||||
|
|
|
|
|
| |||||||
Total assets | 1,095,686,807 | 5,260,278,992 | 1,429,578,668 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Cash collateral due to broker | 1,470,000 | 5,800,000 | 1,820,000 | |||||||||
Payables: | ||||||||||||
Dividends to shareholders | 1,022,867 | 4,837,645 | 1,260,272 | |||||||||
Investment securities purchased | 3,276,172 | 11,793,244 | 3,123,513 | |||||||||
Capital shares redeemed | 1,373,713 | 7,705,517 | 1,317,284 | |||||||||
Management fee | 413,337 | 1,704,688 | 526,124 | |||||||||
Variation margin on centrally cleared swaps | 185,000 | 954,021 | 135,735 | |||||||||
Shareholder servicing fee | 82,001 | 367,759 | 114,202 | |||||||||
Distribution fee | 14,071 | 65,615 | 24,497 | |||||||||
Transfer Agent fee | 9,046 | 55,461 | 11,248 | |||||||||
Directors’ fees payable | 289 | 1,205 | 435 | |||||||||
Terminated centrally cleared interest rate swaps | 0 | 357 | 0 | |||||||||
Accrued expenses | 203,369 | 536,081 | 204,052 | |||||||||
Market value on credit default swaps (a) | 573,772 | 2,398,802 | 801,219 | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 8,623,637 | 36,220,395 | 9,338,581 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 1,087,063,170 | $ | 5,224,058,597 | $ | 1,420,240,087 | ||||||
|
|
|
|
|
| |||||||
Cost of investments | $ | 1,107,283,108 | $ | 5,316,811,047 | $ | 1,450,049,878 | ||||||
|
|
|
|
|
| |||||||
NET ASSETS CONSIST OF: |
| |||||||||||
Capital stock, at par | $ | 79,041 | $ | 377,743 | $ | 106,243 | ||||||
Additional paid-in capital | 1,118,320,493 | 5,376,653,498 | 1,472,991,815 | |||||||||
Accumulated loss | (31,336,364 | ) | (152,972,644 | ) | (52,857,971 | ) | ||||||
|
|
|
|
|
| |||||||
$ | 1,087,063,170 | $ | 5,224,058,597 | $ | 1,420,240,087 | |||||||
|
|
|
|
|
|
(a) Net premiums received of $270,086, $1,112,953 and $371,748, respectively.
See Notes to Financial Statements. The Schedules of Investments, an integral part of the financial statements for each Portfolio, are included as inserts to this Report.
30 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
CALIFORNIA MUNICIPAL PORTFOLIO | DIVERSIFIED MUNICIPAL PORTFOLIO | NEW YORK MUNICIPAL PORTFOLIO | ||||||||||
CALCULATION OF MAXIMUM OFFERING PRICE |
| |||||||||||
Municipal Class Shares |
| |||||||||||
Net Assets | $ | 907,351,596 | $ | 4,065,346,599 | $ | 1,263,086,341 | ||||||
Shares of capital stock outstanding | 65,974,507 | 293,971,001 | 94,482,148 | |||||||||
|
|
|
|
|
| |||||||
Net asset value, offering and redemption price per share | $ | 13.75 | $ | 13.83 | $ | 13.37 | ||||||
|
|
|
|
|
| |||||||
Class A Shares |
| |||||||||||
Net Assets | $ | 47,719,153 | $ | 242,129,365 | $ | 90,215,879 | ||||||
Shares of capital stock outstanding | 3,469,411 | 17,496,052 | 6,750,778 | |||||||||
|
|
|
|
|
| |||||||
Net asset value and redemption price per share | $ | 13.75 | $ | 13.84 | $ | 13.36 | ||||||
Sales charge—3.00% of public offering price | 0.43 | 0.43 | 0.41 | |||||||||
|
|
|
|
|
| |||||||
Maximum offering price | $ | 14.18 | $ | 14.27 | $ | 13.77 | ||||||
|
|
|
|
|
| |||||||
Class C Shares |
| |||||||||||
Net Assets | $ | 3,529,226 | $ | 12,468,863 | $ | 4,839,305 | ||||||
Shares of capital stock outstanding | 256,637 | 901,298 | 362,125 | |||||||||
|
|
|
|
|
| |||||||
Net asset value and offering price per share | $ | 13.75 | $ | 13.83 | $ | 13.36 | ||||||
|
|
|
|
|
| |||||||
Advisor Class Shares |
| |||||||||||
Net Assets | $ | 128,463,195 | $ | 441,610,277 | $ | 62,098,562 | ||||||
Shares of capital stock outstanding | 9,340,203 | 31,955,005 | 4,647,694 | |||||||||
|
|
|
|
|
| |||||||
Net asset value and offering price per share | $ | 13.75 | $ | 13.82 | $ | 13.36 | ||||||
|
|
|
|
|
| |||||||
Class Z Shares |
| |||||||||||
Net Assets | $ | 462,503,493 | ||||||||||
Shares of capital stock outstanding | 33,419,380 | |||||||||||
|
| |||||||||||
Net asset value and offering price per share | $ | 13.84 | ||||||||||
|
|
See Notes to Financial Statements.
2023 Semi-Annual Report | 31 |
Table of Contents
Statement of Assets and Liabilities—March 31, 2023 (Unaudited) (continued)
INTERMEDIATE DURATION PORTFOLIO | SHORT DURATION PLUS PORTFOLIO | |||||||
ASSETS |
| |||||||
Unaffiliated issuers | $ | 3,438,942,222 | $ | 282,157,965 | ||||
Foreign currencies, at value (a) | 75 | 0 | ||||||
Cash | 5,227,492 | 3,392,885 | ||||||
Cash collateral due from broker | 11,621,310 | 1,220,162 | ||||||
Receivables: |
| |||||||
Interest | 24,001,130 | 2,198,430 | ||||||
Investment securities sold | 69,929,112 | 0 | ||||||
Capital shares sold | 3,571,861 | 223,955 | ||||||
Variation margin on futures | 707,696 | 49,523 | ||||||
Unrealized appreciation of forward currency exchange contracts | 707 | 107,989 | ||||||
Other assets | 29,221 | 2,302 | ||||||
|
|
|
| |||||
Total assets | 3,554,030,826 | 289,353,211 | ||||||
|
|
|
| |||||
LIABILITIES |
| |||||||
Payables: |
| |||||||
Dividends to shareholders | 4,143,180 | 351,748 | ||||||
Investment securities purchased | 330,936,978 | 0 | ||||||
Capital shares redeemed | 1,379,850 | 532,584 | ||||||
Management fee | 1,258,430 | 91,694 | ||||||
Custody and accounting fees payable | 246,896 | 82,930 | ||||||
Shareholder servicing fee | 287,048 | 25,062 | ||||||
Foreign capital gains taxes | 167,436 | 0 | ||||||
Variation margin on centrally cleared swaps | 60,624 | 21,394 | ||||||
Transfer Agent fee | 26,426 | 6,475 | ||||||
Distribution fee | 122 | 4,425 | ||||||
Directors’ fees payable | 1,139 | 83 | ||||||
Accrued expenses | 192,233 | 37,116 | ||||||
Market value on credit default swaps (b) | 1,636,521 | 0 | ||||||
Unrealized depreciation of forward currency exchange contracts | 525,976 | 7,500 | ||||||
|
|
|
| |||||
Total liabilities | 340,862,859 | 1,161,011 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 3,213,167,967 | $ | 288,192,200 | ||||
|
|
|
| |||||
Cost of investments | $ | 3,649,996,454 | $ | 285,515,178 | ||||
|
|
|
| |||||
NET ASSETS CONSIST OF: |
| |||||||
Capital stock, at par | $ | 279,977 | $ | 26,062 | ||||
Additional paid-in capital | 3,696,199,791 | 314,292,067 | ||||||
Accumulated loss | (483,311,801 | ) | (26,125,929 | ) | ||||
|
|
|
| |||||
$ | 3,213,167,967 | $ | 288,192,200 | |||||
|
|
|
|
(a) Cost: $75 and $0, respectively. (Note 1)
(b) Net premiums received of $658,736 and $0, respectively.
See Notes to Financial Statements. The Schedules of Investments, an integral part of the financial statements for each Portfolio, are included as inserts to this Report.
32 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
INTERMEDIATE DURATION PORTFOLIO | SHORT DURATION PLUS PORTFOLIO | |||||||
CALCULATION OF MAXIMUM OFFERING PRICE |
| |||||||
Intermediate Duration Class/Short Duration Plus Class Shares |
| |||||||
Net Assets | $ | 3,212,509,201 | $ | 273,526,401 | ||||
Shares of capital stock outstanding | 279,919,403 | 24,736,316 | ||||||
|
|
|
| |||||
Net asset value, offering and redemption price per share | $ | 11.48 | $ | 11.06 | ||||
|
|
|
| |||||
Class A Shares |
| |||||||
Net Assets | $ | 547,755 | $ | 13,110,192 | ||||
Shares of capital stock outstanding | 47,666 | 1,184,814 | ||||||
|
|
|
| |||||
Net asset value and redemption price per share | $ | 11.49 | $ | 11.07 | ||||
Sales charge—4.25% for Intermediate Duration Portfolio, 2.25% for Short Duration Plus Portfolio of public offering price | 0.51 | 0.25 | ||||||
|
|
|
| |||||
Maximum offering price | $ | 12.00 | $ | 11.32 | ||||
|
|
|
| |||||
Class C Shares |
| |||||||
Net Assets | $ | 1,555,607 | ||||||
Shares of capital stock outstanding | 140,859 | |||||||
|
| |||||||
Net asset value and offering price per share | $ | 11.04 | ||||||
|
| |||||||
Advisor Class Shares |
| |||||||
Net Assets | $ | 102,399 | ||||||
Shares of capital stock outstanding | 8,918.00 | |||||||
|
| |||||||
Net asset value and offering price per share | $ | 11.48 | ||||||
|
| |||||||
Class Z Shares |
| |||||||
Net Assets | $ | 8,612 | ||||||
Shares of capital stock outstanding | 750 | |||||||
|
| |||||||
Net asset value and offering price per share | $ | 11.48 | ||||||
|
|
See Notes to Financial Statements.
2023 Semi-Annual Report | 33 |
Table of Contents
Statement of Operations—for the six months ended March 31, 2023 (Unaudited)
EMERGING MARKETS PORTFOLIO | SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO | |||||||
INVESTMENT INCOME | ||||||||
Income: | ||||||||
Interest | $ | 0 | $ | 2,536,605 | ||||
Dividends |
| |||||||
Unaffiliated issuers (a) | 7,821,916 | 0 | ||||||
Affiliated issuers | 314,033 | 140,330 | ||||||
Non-Cash Dividend Income | 1,262,451 | 0 | ||||||
|
|
|
| |||||
Total income | 9,398,400 | 2,676,935 | ||||||
|
|
|
| |||||
Expenses: | ||||||||
Management fee (see Note 2A) | 5,387,344 | 382,421 | ||||||
Shareholder servicing fee (see Note 2B) | 1,205,604 | 127,474 | ||||||
Custody and accounting fees | 246,448 | 34,128 | ||||||
Transfer Agent fee—Non-Retail Class | 128,284 | 10,440 | ||||||
Transfer Agent fee—Class Z | 16,991 | 0 | ||||||
Registration fees | 23,610 | 16,921 | ||||||
Directors’ fees and expenses | 30,661 | 6,749 | ||||||
Legal fees | 23,324 | 5,518 | ||||||
Auditing and tax fees | 22,011 | 4,506 | ||||||
Printing fees | 12,153 | 6,333 | ||||||
Miscellaneous | 40,547 | 15,491 | ||||||
|
|
|
| |||||
Total expenses | 7,136,977 | 609,981 | ||||||
Less: expenses waived and reimbursed by the Adviser (see Note 2A, 2B and 2E) | (8,482 | ) | (23,538 | ) | ||||
|
|
|
| |||||
Net expenses | 7,128,495 | 586,443 | ||||||
|
|
|
| |||||
Net investment income | 2,269,905 | 2,090,492 | ||||||
|
|
|
| |||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions (b) | (98,373,798 | ) | (458,687 | ) | ||||
Forward currency exchange contracts | (7,021,952 | ) | 0 | |||||
Swaps | 0 | 2,783 | ||||||
Foreign currency transactions | 969,551 | 0 | ||||||
|
|
|
| |||||
Net realized loss on investment and foreign currency transactions | (104,426,199 | ) | (455,904 | ) | ||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) of: | ||||||||
Investments | 264,716,501 | 5,064,747 | ||||||
Forward currency exchange contracts | 6,281,482 | 0 | ||||||
Swaps | 0 | 12,351 | ||||||
Foreign currency denominated assets and liabilities | 357,743 | 0 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 271,355,726 | 5,077,098 | ||||||
|
|
|
| |||||
Net realized and unrealized gain on investment and foreign currency transactions | 166,929,527 | 4,621,194 | ||||||
|
|
|
| |||||
Net increase in net assets resulting from operations | $ | 169,199,432 | $ | 6,711,686 | ||||
|
|
|
|
(a) Net of foreign withholding taxes of $1,752,846 and $0 for the Emerging Markets Portfolio and Short Duration Diversified Municipal Portfolio, respectively.
(b) Net of foreign realized capital gains taxes of $43 and $0 for the Emerging Markets Portfolio and Short Duration Diversified Municipal Portfolio, respectively.
See Notes to Financial Statements.
34 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Statement of Operations—for the six months ended March 31, 2023 (Unaudited) (continued)
CALIFORNIA MUNICIPAL PORTFOLIO | DIVERSIFIED MUNICIPAL PORTFOLIO | NEW YORK MUNICIPAL PORTFOLIO | ||||||||||
INVESTMENT INCOME | ||||||||||||
Income: | ||||||||||||
Interest | $ | 16,256,900 | $ | 80,774,145 | $ | 20,363,292 | ||||||
|
|
|
|
|
| |||||||
Total income | 16,256,900 | 80,774,145 | 20,363,292 | |||||||||
|
|
|
|
|
| |||||||
Expenses: | ||||||||||||
Management fee (see Note 2A) | 2,321,315 | 9,676,833 | 2,943,216 | |||||||||
Shareholder servicing fee (see Note 2B) | 463,157 | 2,099,859 | 638,093 | |||||||||
Custody and accounting fees | 77,541 | 144,839 | 85,687 | |||||||||
Transfer Agent fee—Non-Retail Class | 13,948 | 66,127 | 20,105 | |||||||||
Transfer Agent fee—Class A | 7,534 | 50,912 | 19,216 | |||||||||
Transfer Agent fee—Class C | 537 | 2,667 | 1,093 | |||||||||
Transfer Agent fee—Advisor Class | 17,821 | 90,960 | 12,283 | |||||||||
Transfer Agent fee—Class Z | 0 | 47,646 | 0 | |||||||||
Distribution fees—Class A | 64,294 | 317,520 | 117,351 | |||||||||
Distribution fees—Class C | 17,944 | 65,601 | 25,839 | |||||||||
Directors’ fees and expenses | 30,264 | 147,937 | 39,410 | |||||||||
Registration fees | 22,859 | 94,107 | 41,493 | |||||||||
Legal fees | 22,588 | 107,661 | 27,188 | |||||||||
Auditing and tax fees | 22,681 | 101,653 | 28,615 | |||||||||
Printing fees | 16,208 | 31,480 | 18,269 | |||||||||
Miscellaneous | 29,285 | 208,938 | 32,084 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 3,127,976 | 13,254,740 | 4,049,942 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 13,128,924 | 67,519,405 | 16,313,350 | |||||||||
|
|
|
|
|
| |||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investment transactions | (5,055,306 | ) | (38,338,911 | ) | (5,297,696 | ) | ||||||
Swaps | 6,207,973 | 13,649,506 | 3,848,238 | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) on investment transactions | 1,152,667 | (24,689,405 | ) | (1,449,458 | ) | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) of: | ||||||||||||
Investments | 43,637,803 | 227,385,469 | 58,325,627 | |||||||||
Swaps | (6,185,066 | ) | (19,311,083 | ) | (3,742,763 | ) | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) of investments | 37,452,737 | 208,074,386 | 54,582,864 | |||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain on investment transactions | 38,605,404 | 183,384,981 | 53,133,406 | |||||||||
|
|
|
|
|
| |||||||
Net increase in net assets resulting from operations | $ | 51,734,328 | $ | 250,904,386 | $ | 69,446,756 | ||||||
|
|
|
|
|
|
See Notes to Financial Statements
2023 Semi-Annual Report | 35 |
Table of Contents
Statement of Operations—for the six months ended March 31, 2023 (Unaudited) (continued)
INTERMEDIATE DURATION PORTFOLIO | SHORT DURATION PLUS PORTFOLIO | |||||||
INVESTMENT INCOME | ||||||||
Income: | ||||||||
Interest | $ | 59,518,007 | $ | 5,223,629 | ||||
Dividends | 112,868 | 0 | ||||||
|
|
|
| |||||
Total income | 59,630,875 | 5,223,629 | ||||||
|
|
|
| |||||
Expenses: | ||||||||
Management fee (see Note 2A) | 6,940,856 | 520,305 | ||||||
Shareholder servicing fee (see Note 2B) | 1,577,432 | 140,849 | ||||||
Custody and accounting fees | 124,984 | 46,889 | ||||||
Transfer Agent fee—Non-Retail Class | 99,518 | 10,271 | ||||||
Transfer Agent fee—Class A | 8,725 | 15,643 | ||||||
Transfer Agent fee—Class C | 0 | 1,664 | ||||||
Transfer Agent fee—Advisor Class | 775 | 0 | ||||||
Transfer Agent fee—Class Z | 5 | 0 | ||||||
Distribution fees—Class A | 681 | 17,683 | ||||||
Distribution fees—Class C | 0 | 7,415 | ||||||
Directors’ fees and expenses | 86,094 | 7,767 | ||||||
Registration fees | 40,119 | 33,320 | ||||||
Legal fees | 63,309 | 5,892 | ||||||
Auditing and tax fees | 58,990 | 8,196 | ||||||
Printing fees | 17,649 | 16,800 | ||||||
Miscellaneous | 58,317 | 6,089 | ||||||
|
|
|
| |||||
Total expenses | 9,077,454 | 838,783 | ||||||
Less: expenses waived and reimbursed by the Adviser (see Note 2A, 2B and 2D) | (16,598 | ) | (30,332 | ) | ||||
|
|
|
| |||||
Net expenses | 9,060,856 | 808,451 | ||||||
|
|
|
| |||||
Net investment income | 50,570,019 | 4,415,178 | ||||||
|
|
|
| |||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | (121,465,229 | ) | (5,894,318 | ) | ||||
Forward currency exchange contracts | (1,376,764 | ) | (12,892 | ) | ||||
Futures | (18,260,374 | ) | (2,050,518 | ) | ||||
Swaps | (1,187,949 | ) | 56,424 | |||||
Foreign currency transactions | (985,346 | ) | (97,615 | ) | ||||
|
|
|
| |||||
Net realized loss on investment and foreign currency transactions | (143,275,662 | ) | (7,998,919 | ) | ||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) of: | ||||||||
Investments | 221,156,586 | 7,322,161 | ||||||
Forward currency exchange contracts | (1,358,943 | ) | 59,005 | |||||
Futures | 21,162,574 | 1,988,938 | ||||||
Swaps | (443,807 | ) | (237,701 | ) | ||||
Foreign currency denominated assets and liabilities | 118,108 | 10,517 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 240,634,518 | 9,142,920 | ||||||
|
|
|
| |||||
Net realized and unrealized gain on investment and foreign currency transactions | 97,358,856 | 1,144,001 | ||||||
|
|
|
| |||||
Net increase in net assets resulting from operations | $ | 147,928,875 | $ | 5,559,179 | ||||
|
|
|
|
See Notes to Financial Statements.
36 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Statement of Changes in Net Assets
EMERGING MARKETS PORTFOLIO | SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM |
| |||||||||||||||||||
Operations: |
| |||||||||||||||||||
Net investment income | $ | 2,269,905 | $ | 18,119,479 | $ | 2,090,492 | $ | 1,854,254 | ||||||||||||
Net realized loss on investment and foreign currency transactions | (104,426,199 | ) | (14,942,947 | ) | (455,904 | ) | (474,192 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 271,355,726 | (415,177,902 | ) | 5,077,098 | (12,192,639 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 169,199,432 | (412,001,370 | ) | 6,711,686 | (10,812,577 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to shareholders | (14,810,926 | ) | (127,708,313 | ) | (2,087,784 | ) | (1,847,857 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Capital-share transactions: |
| |||||||||||||||||||
Net proceeds from sales of shares | 65,163,743 | 104,232,917 | 103,711,633 | 198,031,690 | ||||||||||||||||
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 12,035,795 | 120,829,789 | 1,737,875 | 1,578,267 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total proceeds from shares sold | 77,199,538 | 225,062,706 | 105,449,508 | 199,609,957 | ||||||||||||||||
Cost of shares redeemed | (82,363,114 | ) | (106,519,109 | ) | (70,345,481 | ) | (243,044,047 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets from capital-share transactions | (5,163,576 | ) | 118,543,597 | 35,104,027 | (43,434,090 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | 149,224,930 | (421,166,086 | ) | 39,727,929 | (56,094,524 | ) | ||||||||||||||
NET ASSETS: |
| |||||||||||||||||||
Beginning of period | 1,024,022,632 | 1,445,188,718 | 226,047,214 | 282,141,738 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 1,173,247,562 | $ | 1,024,022,632 | $ | 265,775,143 | $ | 226,047,214 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
2023 Semi-Annual Report | 37 |
Table of Contents
Statement of Changes in Net Assets (continued)
CALIFORNIA MUNICIPAL PORTFOLIO | DIVERSIFIED MUNICIPAL PORTFOLIO | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM |
| |||||||||||||||||||
Operations: |
| |||||||||||||||||||
Net investment income | $ | 13,128,924 | $ | 22,322,921 | $ | 67,519,405 | $ | 123,590,667 | ||||||||||||
Net realized gain (loss) on investment transactions | 1,152,667 | (2,022,839 | ) | (24,689,405 | ) | (13,166,796 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) of investments | 37,452,737 | (116,739,711 | ) | 208,074,386 | (625,404,701 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 51,734,328 | (96,439,629 | ) | 250,904,386 | (514,980,830 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to shareholders | (13,918,794 | ) | (21,456,217 | ) | (68,598,766 | ) | (120,398,406 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Capital-share transactions: |
| |||||||||||||||||||
Net proceeds from sales of shares | 375,595,566 | 307,949,541 | 1,177,792,019 | 1,334,029,727 | ||||||||||||||||
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 9,916,824 | 15,729,268 | 48,664,755 | 89,555,226 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total proceeds from shares sold | 385,512,390 | 323,678,809 | 1,226,456,774 | 1,423,584,953 | ||||||||||||||||
Cost of shares redeemed | (438,161,541 | ) | (496,377,732 | ) | (1,704,255,163 | ) | (1,989,402,821 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease in net assets from capital-share transactions | (52,649,151 | ) | (172,698,923 | ) | (477,798,389 | ) | (565,817,868 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease in net assets | (14,833,617 | ) | (290,594,769 | ) | (295,492,769 | ) | (1,201,197,104 | ) | ||||||||||||
NET ASSETS: |
| |||||||||||||||||||
Beginning of period | 1,101,896,787 | 1,392,491,556 | 5,519,551,366 | 6,720,748,470 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 1,087,063,170 | $ | 1,101,896,787 | $ | 5,224,058,597 | $ | 5,519,551,366 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
38 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Statement of Changes in Net Assets (continued)
NEW YORK MUNICIPAL PORTFOLIO | INTERMEDIATE DURATION PORTFOLIO | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM |
| |||||||||||||||||||
Operations: |
| |||||||||||||||||||
Net investment income | $ | 16,313,350 | $ | 31,623,088 | $ | 50,570,019 | $ | 58,543,003 | ||||||||||||
Net realized loss on investment transactions | (1,449,458 | ) | (6,167,733 | ) | (143,275,662 | ) | (131,827,478 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments | 54,582,864 | (160,860,446 | ) | 240,634,518 | (501,449,742 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | 69,446,756 | (135,405,091 | ) | 147,928,875 | (574,734,217 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to shareholders | (16,871,087 | ) | (31,131,616 | ) | (51,321,018 | ) | (96,525,241 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Capital-share transactions: |
| |||||||||||||||||||
Net proceeds from sales of shares | 476,834,488 | 205,642,206 | 246,451,005 | 395,517,888 | ||||||||||||||||
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 12,140,029 | 23,893,460 | 35,877,623 | 80,772,362 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total proceeds from shares sold | 488,974,517 | 229,535,666 | 282,328,628 | 476,290,250 | ||||||||||||||||
Cost of shares redeemed | (561,754,189 | ) | (422,401,671 | ) | (256,319,943 | ) | (561,976,742 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets from capital-share transactions | (72,779,672 | ) | (192,866,005 | ) | 26,008,685 | (85,686,492 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets | (20,204,003 | ) | (359,402,712 | ) | 122,616,542 | (756,945,950 | ) | |||||||||||||
NET ASSETS: |
| |||||||||||||||||||
Beginning of period | 1,440,444,090 | 1,799,846,802 | 3,090,551,425 | 3,847,497,375 | ||||||||||||||||
|
|
|
|
|
| �� |
|
|
|
| ||||||||||
End of period | $ | 1,420,240,087 | $ | 1,440,444,090 | $ | 3,213,167,967 | $ | 3,090,551,425 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
2023 Semi-Annual Report | 39 |
Table of Contents
Statement of Changes in Net Assets (continued)
SHORT DURATION PLUS PORTFOLIO | ||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||
INCREASE (DECREASE) IN NET ASSETS FROM |
| |||||||
Operations: |
| |||||||
Net investment income | $ | 4,415,178 | $ | 1,850,606 | ||||
Net realized loss on investment and foreign currency transactions | (7,998,919 | ) | (5,295,795 | ) | ||||
Net change in unrealized appreciation (depreciation) of investments | 9,142,920 | (10,628,827 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 5,559,179 | (14,074,016 | ) | |||||
|
|
|
| |||||
Distributions to shareholders | (4,397,346 | ) | (1,831,719 | ) | ||||
|
|
|
| |||||
Capital-share transactions: |
| |||||||
Net proceeds from sales of shares | 76,541,821 | 191,978,729 | ||||||
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 3,642,573 | 1,347,261 | ||||||
|
|
|
| |||||
Total proceeds from shares sold | 80,184,394 | 193,325,990 | ||||||
Cost of shares redeemed | (132,565,642 | ) | (100,109,377 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets from capital-share transactions | (52,381,248 | ) | 93,216,613 | |||||
|
|
|
| |||||
Net increase (decrease) in net assets | (51,219,415 | ) | 77,310,878 | |||||
NET ASSETS: |
| |||||||
Beginning of period | 339,411,615 | 262,100,737 | ||||||
|
|
|
| |||||
End of period | $ | 288,192,200 | $ | 339,411,615 | ||||
|
|
|
|
See Notes to Financial Statements.
40 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Statement of Changes in Net Assets (continued)
EMERGING MARKETS PORTFOLIO | ||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||
Distributions to shareholders: | ||||||||
Emerging Markets Class | $ | (12,145,220 | ) | $ | (107,857,795 | ) | ||
Class Z | (2,665,706 | ) | (19,850,518 | ) | ||||
|
|
|
| |||||
$ | (14,810,926 | ) | $ | (127,708,313 | ) | |||
|
|
|
|
CALIFORNIA MUNICIPAL PORTFOLIO | DIVERSIFIED MUNICIPAL PORTFOLIO | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
Municipal Class | $ | (11,703,737 | ) | $ | (18,916,809 | ) | $ | (53,469,701 | ) | $ | (95,675,758 | ) | ||||||||
Class A | (601,182 | ) | (971,204 | ) | (2,986,851 | ) | (5,215,911 | ) | ||||||||||||
Class C | (28,700 | ) | (32,897 | ) | (105,088 | ) | (153,564 | ) | ||||||||||||
Advisor Class | (1,585,175 | ) | (1,535,307 | ) | (5,911,118 | ) | (9,328,332 | ) | ||||||||||||
Class Z | 0 | 0 | (6,126,008 | ) | (10,024,841 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
$ | (13,918,794 | ) | $ | (21,456,217 | ) | $ | (68,598,766 | ) | $ | (120,398,406 | ) | |||||||||
|
|
|
|
|
|
|
|
NEW YORK MUNICIPAL PORTFOLIO | ||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||
Distributions to shareholders: |
| |||||||
Municipal Class | $ | (15,094,309 | ) | $ | (28,049,433 | ) | ||
Class A | (1,015,393 | ) | (1,772,845 | ) | ||||
Class C | (36,398 | ) | (67,861 | ) | ||||
Advisor Class | (724,987 | ) | (1,241,477 | ) | ||||
|
|
|
| |||||
$ | (16,871,087 | ) | $ | (31,131,616 | ) | |||
|
|
|
|
See Notes to Financial Statements.
2023 Semi-Annual Report | 41 |
Table of Contents
Statement of Changes in Net Assets (continued)
INTERMEDIATE DURATION PORTFOLIO | ||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||
Distributions to shareholders: |
| |||||||
Intermediate Duration Portfolio | $ | (51,312,122 | ) | $ | (96,507,904 | ) | ||
Class A | (7,885 | ) | (16,803 | ) | ||||
Advisor Class | (871 | ) | (279 | ) | ||||
Class Z | (140 | ) | (255 | ) | ||||
|
|
|
| |||||
$ | (51,321,018 | ) | $ | (96,525,241 | ) | |||
|
|
|
|
SHORT DURATION PLUS PORTFOLIO | ||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||
Distributions to shareholders: |
| |||||||
Short Duration Plus Class | $ | (4,204,775 | ) | $ | (1,792,732 | ) | ||
Class A | (175,465 | ) | (36,975 | ) | ||||
Class C | (17,106 | ) | (2,012 | ) | ||||
|
|
|
| |||||
$ | (4,397,346 | ) | $ | (1,831,719 | ) | |||
|
|
|
|
See Notes to Financial Statements.
42 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:
EMERGING MARKETS PORTFOLIO EMERGING MARKETS CLASS | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 21.77 | $ | 33.43 | $ | 27.17 | $ | 26.03 | $ | 28.39 | $ | 31.25 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Investment income, net (a)(b) | .04 | .38 | .50 | .32 | .51 | .28 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.54 | (9.10 | ) | 6.32 | 1.26 | (.95 | ) | (2.90 | ) | |||||||||||||||
Contributions from affiliates | 0 | 0 | 0 | .00 | (c) | .00 | (c) | .00 | (c) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 3.58 | (8.72 | ) | 6.82 | 1.58 | (.44 | ) | (2.62 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (.31 | ) | (.66 | ) | (.56 | ) | (.44 | ) | (.33 | ) | (.17 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | 0 | (2.28 | ) | 0 | 0 | (1.59 | ) | (.07 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions | (.31 | ) | (2.94 | ) | (.56 | ) | (.44 | ) | (1.92 | ) | (.24 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 25.04 | $ | 21.77 | $ | 33.43 | $ | 27.17 | $ | 26.03 | $ | 28.39 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d)(e) | 16.52% | (28.60)% | 25.20% | 6.04% | (.91)% | (8.46)% | (f) | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $999,263 | $871,486 | $1,225,396 | $1,056,249 | $1,120,427 | $1,174,312 | ||||||||||||||||||
Average net assets (000 omitted) | $956,621 | $1,120,511 | $1,252,078 | $1,085,654 | $1,123,274 | $1,316,137 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements | 1.30% | (g) | 1.28% | 1.28% | 1.29% | 1.30% | 1.33% | |||||||||||||||||
Expenses, before waivers/reimbursements | 1.30% | (g) | 1.29% | 1.28% | 1.30% | 1.30% | 1.33% | |||||||||||||||||
Net investment income (b) | .36% | (g) | 1.34% | 1.50% | 1.22% | 1.96% | .86% | |||||||||||||||||
Portfolio turnover rate | 26% | 57% | 68% | 85% | 92% | 65% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
2023 Semi-Annual Report | 43 |
Table of Contents
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:
EMERGING MARKETS PORTFOLIO CLASS Z | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 21.81 | $ | 33.50 | $ | 27.22 | $ | 26.08 | $ | 28.43 | $ | 31.32 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income (a)(b) | .07 | .45 | .59 | .39 | .57 | .37 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.55 | (9.11 | ) | 6.32 | 1.26 | (.93 | ) | (2.92 | ) | |||||||||||||||
Contributions from affiliates | 0 | 0 | 0 | .00 | (c) | .00 | (c) | .00 | (c) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 3.62 | (8.66 | ) | 6.91 | 1.65 | (.36 | ) | (2.55 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (.38 | ) | (.75 | ) | (.63 | ) | (.51 | ) | (.40 | ) | (.27 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | 0 | (2.28 | ) | 0 | 0 | (1.59 | ) | (.07 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions | (.38 | ) | (3.03 | ) | (.63 | ) | (.51 | ) | (1.99 | ) | (.34 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 25.05 | $ | 21.81 | $ | 33.50 | $ | 27.22 | $ | 26.08 | $ | 28.43 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d)(e) | 16.65% | (28.43)% | 25.56% | 6.33% | (.66)% | (8.26)% | (f) | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 173,985 | $ | 152,537 | $ | 219,793 | $ | 181,910 | $ | 176,887 | $ | 177,907 | ||||||||||||
Average net assets (000 omitted) | $ | 168,311 | $ | 198,222 | $ | 220,989 | $ | 178,143 | $ | 175,583 | $ | 189,542 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements | 1.04% | (g) | 1.03% | 1.03% | 1.04% | 1.04% | 1.07% | |||||||||||||||||
Expenses, before waivers/reimbursements | 1.04% | (g) | 1.04% | 1.03% | 1.04% | 1.04% | 1.08% | |||||||||||||||||
Net investment income (b) | .62% | (g) | 1.57% | 1.76% | 1.50% | 2.21% | 1.16% | |||||||||||||||||
Portfolio turnover rate | 26% | 57% | 68% | 85% | 92% | 65% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
44 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO SHORT DURATION DIVERSIFIED MUNICIPAL CLASS | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 12.13 | $ | 12.77 | $ | 12.76 | $ | 12.63 | $ | 12.50 | $ | 12.60 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations | ||||||||||||||||||||||||
Investment income, net (a)(b) | .10 | .09 | .10 | .14 | .17 | .12 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .22 | (.64 | ) | .02 | .14 | .13 | (.10 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | .32 | (.55 | ) | .12 | .28 | .30 | .02 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less: Dividends | ||||||||||||||||||||||||
Dividends from net investment income | (.10 | ) | (.09 | ) | (.11 | ) | (.15 | ) | (.17 | ) | (.12 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 12.35 | $ | 12.13 | $ | 12.77 | $ | 12.76 | $ | 12.63 | $ | 12.50 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d) | 2.64% | (4.27)% | .91% | 2.20% | 2.41% | .18% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $265,775 | $226,047 | $282,142 | $210,145 | $191,091 | $188,148 | ||||||||||||||||||
Average net assets (000 omitted) | $252,869 | $245,118 | $238,495 | $205,125 | $186,888 | $199,804 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements (h) | .46% | (g) | .36% | .39% | .48% | .50% | .52% | |||||||||||||||||
Expenses, before waivers/reimbursements (h) | .48% | (g) | .47% | .48% | .49% | .50% | .52% | |||||||||||||||||
Net investment income (b) | 1.64% | (g) | .76% | .81% | 1.13% | 1.34% | .97% | |||||||||||||||||
Portfolio turnover rate | 14% | 40% | 35% | 45% | 57% | 58% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
2023 Semi-Annual Report | 45 |
Table of Contents
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:
CALIFORNIA MUNICIPAL PORTFOLIO MUNICIPAL CLASS | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 13.28 | $ | 14.60 | $ | 14.52 | $ | 14.44 | $ | 13.99 | $ | 14.32 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Investment income, net (a) | .16 | .25 | .24 | .29 | .31 | .31 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .48 | (1.33 | ) | .08 | .08 | .45 | (.33 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | .64 | (1.08 | ) | .32 | .37 | .76 | (.02 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less dividends: |
| |||||||||||||||||||||||
Dividends from net investment income | (.17 | ) | (.24 | ) | (.24 | ) | (.29 | ) | (.31 | ) | (.31 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 13.75 | $ | 13.28 | $ | 14.60 | $ | 14.52 | $ | 14.44 | $ | 13.99 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return |
| |||||||||||||||||||||||
Total investment return based on net asset value (d) | 4.85% | (7.46)% | 2.21% | 2.59% | 5.50% | (.13)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $907,352 | $938,638 | $1,228,752 | $1,243,747 | $1,212,947 | $1,189,754 | ||||||||||||||||||
Average net assets (000 omitted) | $918,781 | $1,116,698 | $1,252,402 | $1,222,654 | $1,181,680 | $1,177,686 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | .56% | (g) | .55% | .54% | .55% | .55% | .55% | |||||||||||||||||
Net investment income | 2.38% | (g) | 1.76% | 1.66% | 1.98% | 2.17% | 2.19% | |||||||||||||||||
Portfolio turnover rate | 13% | 23% | 27% | 16% | 24% | 38% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
46 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
CALIFORNIA MUNICIPAL PORTFOLIO CLASS A | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 13.28 | $ | 14.60 | $ | 14.52 | $ | 14.44 | $ | 13.99 | $ | 14.33 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income (a) | .15 | .22 | .22 | .26 | .28 | .28 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .48 | (1.33 | ) | .07 | .08 | .46 | (.34 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | .63 | (1.11 | ) | .29 | .34 | .74 | (.06 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less: Dividends | ||||||||||||||||||||||||
Dividends from net investment income | (.16 | ) | (.21 | ) | (.21 | ) | (.26 | ) | (.29 | ) | (.28 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 13.75 | $ | 13.28 | $ | 14.60 | $ | 14.52 | $ | 14.44 | $ | 13.99 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d) | 4.75% | (7.63)% | 2.03% | 2.39% | 5.30% | (.33)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $47,719 | $57,141 | $76,220 | $82,318 | $73,875 | $77,469 | ||||||||||||||||||
Average net assets (000 omitted) | $51,016 | $64,530 | $83,485 | $79,385 | $66,990 | $85,754 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | .75% | (g) | .73% | .73% | .73% | .73% | .75% | |||||||||||||||||
Net investment income | 2.19% | (g) | 1.57% | 1.48% | 1.79% | 1.98% | 1.98% | |||||||||||||||||
Portfolio turnover rate | 13% | 23% | 27% | 16% | 24% | 38% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
2023 Semi-Annual Report | 47 |
Table of Contents
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:
CALIFORNIA MUNICIPAL PORTFOLIO CLASS C | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 13.28 | $ | 14.59 | $ | 14.52 | $ | 14.44 | $ | 13.98 | $ | 14.32 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income (a) | .10 | .12 | .11 | .15 | .18 | .17 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .48 | (1.32 | ) | .06 | .08 | .46 | (.33 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | .58 | (1.20 | ) | .17 | .23 | .64 | (.16 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less: Dividends | ||||||||||||||||||||||||
Dividends from net investment income | (.11 | ) | (.11 | ) | (.10 | ) | (.15 | ) | (.18 | ) | (.18 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 13.75 | $ | 13.28 | $ | 14.59 | $ | 14.52 | $ | 14.44 | $ | 13.98 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d) | 4.36% | (8.26)% | 1.19% | 1.62% | 4.59% | (1.15)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $3,529 | $3,652 | $4,828 | $6,586 | $10,910 | $11,886 | ||||||||||||||||||
Average net assets (000 omitted) | $3,560 | $4,376 | $5,934 | $9,405 | $11,297 | $14,022 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 1.50% | (g) | 1.49% | 1.48% | 1.48% | 1.49% | 1.50% | |||||||||||||||||
Net investment income | 1.46% | (g) | .82% | .73% | 1.05% | 1.24% | 1.23% | |||||||||||||||||
Portfolio turnover rate | 13% | 23% | 27% | 16% | 24% | 38% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
48 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
CALIFORNIA MUNICIPAL PORTFOLIO ADVISOR CLASS | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 13.28 | $ | 14.60 | $ | 14.52 | $ | 14.44 | $ | 13.99 | $ | 14.32 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income (a) | .17 | .26 | .25 | .29 | .31 | .32 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .47 | (1.33 | ) | .08 | .08 | .46 | (.33 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | .64 | (1.07 | ) | .33 | .37 | .77 | (.01 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less: Dividends | ||||||||||||||||||||||||
Dividends from net investment income | (.17 | ) | (.25 | ) | (.25 | ) | (.29 | ) | (.32 | ) | (.32 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 13.75 | $ | 13.28 | $ | 14.60 | $ | 14.52 | $ | 14.44 | $ | 13.99 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d) | 4.88% | (7.40)% | 2.28% | 2.65% | 5.56% | (.08)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $128,463 | $102,466 | $82,692 | $60,140 | $38,534 | $21,792 | ||||||||||||||||||
Average net assets (000 omitted) | $121,253 | $85,505 | $70,376 | $46,691 | $27,392 | $17,250 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | .50% | (g) | .48% | .48% | .49% | .48% | .50% | |||||||||||||||||
Net investment income | 2.45% | (g) | 1.86% | 1.71% | 2.03% | 2.21% | 2.24% | |||||||||||||||||
Portfolio turnover rate | 13% | 23% | 27% | 16% | 24% | 38% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
2023 Semi-Annual Report | 49 |
Table of Contents
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 MUNICIPAL CLASS | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 13.37 | $ | 14.80 | $ | 14.67 | $ | 14.57 | $ | 14.05 | $ | 14.43 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Investment income, net (a) | .17 | .28 | .28 | .33 | .34 | .31 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .46 | (1.44 | ) | .13 | .10 | .52 | (.38 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | .63 | (1.16 | ) | .41 | .43 | .86 | (.07 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less dividends: | ||||||||||||||||||||||||
Dividends from net investment income | (.17 | ) | (.27 | ) | (.28 | ) | (.33 | ) | (.34 | ) | (.31 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 13.83 | $ | 13.37 | $ | 14.80 | $ | 14.67 | $ | 14.57 | $ | 14.05 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d) | 4.76% | (7.89)% | 2.79% | 2.99% | 6.21% | (.45)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $4,065,348 | $4,296,196 | $5,390,502 | $5,035,751 | $4,989,558 | $5,479,314 | ||||||||||||||||||
Average net assets (000 omitted) | $4,165,553 | $5,011,517 | $5,276,753 | $5,013,687 | $5,238,466 | $5,511,547 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | .49% | (g) | .47% | .47% | .47% | .47% | .46% | |||||||||||||||||
Net investment income | 2.51% | (g) | 1.96% | 1.89% | 2.26% | 2.38% | 2.20% | |||||||||||||||||
Portfolio turnover rate | 10% | 15% | 22% | 20% | 22% | 23% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
50 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
DIVERSIFIED MUNICIPAL PORTFOLIO CLASS A | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 13.38 | $ | 14.81 | $ | 14.68 | $ | 14.58 | $ | 14.06 | $ | 14.44 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income (a) | .16 | .25 | .25 | .30 | .31 | .27 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .46 | (1.43 | ) | .13 | .10 | .53 | (.38 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | .62 | (1.18 | ) | .38 | .40 | .84 | (.11 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less: Dividends | ||||||||||||||||||||||||
Dividends from net investment income | (.16 | ) | (.25 | ) | (.25 | ) | (.30 | ) | (.32 | ) | (.27 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 13.84 | $ | 13.38 | $ | 14.81 | $ | 14.68 | $ | 14.58 | $ | 14.06 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d) | 4.66% | (8.06)% | 2.59% | 2.78% | 5.99% | (.73)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $242,129 | $261,936 | $349,953 | $271,074 | $233,833 | $225,477 | ||||||||||||||||||
Average net assets (000 omitted) | $251,945 | $303,281 | $319,098 | $248,192 | $221,783 | $286,472 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | .68% | (g) | .65% | .66% | .67% | .66% | .73% | |||||||||||||||||
Net investment income | 2.31% | (g) | 1.77% | 1.69% | 2.04% | 2.18% | 1.92% | |||||||||||||||||
Portfolio turnover rate | 10% | 15% | 22% | 20% | 22% | 23% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
2023 Semi-Annual Report | 51 |
Table of Contents
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 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 13.37 | $ | 14.81 | $ | 14.68 | $ | 14.57 | $ | 14.05 | $ | 14.44 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income (a) | .11 | .15 | .14 | .19 | .20 | .17 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .46 | (1.45 | ) | .13 | .11 | .53 | (.39 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | .57 | (1.30 | ) | .27 | .30 | .73 | (.22 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less: Dividends | ||||||||||||||||||||||||
Dividends from net investment income | (.11 | ) | (.14 | ) | (.14 | ) | (.19 | ) | (.21 | ) | (.17 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 13.83 | $ | 13.37 | $ | 14.81 | $ | 14.68 | $ | 14.57 | $ | 14.05 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d) | 4.27% | (8.81)% | 1.82% | 2.07% | 5.20% | (1.54)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $12,469 | $13,576 | $18,542 | $34,743 | $42,152 | $56,339 | ||||||||||||||||||
Average net assets (000 omitted) | $13,013 | $15,772 | $28,338 | $39,529 | $50,386 | $64,699 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 1.44% | (g) | 1.40% | 1.41% | 1.43% | 1.43% | 1.48% | |||||||||||||||||
Net investment income | 1.56% | (g) | 1.02% | .96% | 1.30% | 1.42% | 1.17% | |||||||||||||||||
Portfolio turnover rate | 10% | 15% | 22% | 20% | 22% | 23% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
52 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
DIVERSIFIED MUNICIPAL PORTFOLIO ADVISOR CLASS | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 13.36 | $ | 14.79 | $ | 14.66 | $ | 14.55 | $ | 14.04 | $ | 14.42 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income (a) | .18 | .29 | .29 | .33 | .34 | .31 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .46 | (1.44 | ) | .13 | .11 | .52 | (.38 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | .64 | (1.15 | ) | .42 | .44 | .86 | (.07 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less: Dividends | ||||||||||||||||||||||||
Dividends from net investment income | (.18 | ) | (.28 | ) | (.29 | ) | (.33 | ) | (.35 | ) | (.31 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 13.82 | $ | 13.36 | $ | 14.79 | $ | 14.66 | $ | 14.55 | $ | 14.04 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d) | 4.79% | (7.84)% | 2.85% | 3.11% | 6.20% | (.48)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $441,610 | $477,015 | $456,386 | $377,082 | $278,371 | $761,637 | ||||||||||||||||||
Average net assets (000 omitted) | $450,929 | $467,739 | $419,891 | $332,267 | $306,629 | $1,161,023 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | .43% | (g) | .40% | .41% | .43% | .43% | .48% | |||||||||||||||||
Net investment income | 2.56% | (g) | 2.04% | 1.94% | 2.29% | 2.40% | 2.17% | |||||||||||||||||
Portfolio turnover rate | 10% | 15% | 22% | 20% | 22% | 23% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
2023 Semi-Annual Report | 53 |
Table of Contents
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 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | 7/02/18(i) TO | |||||||||||||||||||
Net asset value, beginning of period | $ | 13.38 | $ | 14.81 | $ | 14.68 | $ | 14.58 | $ | 14.06 | $ | 14.15 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income (a) | .18 | .29 | .29 | .34 | .35 | .08 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .46 | (1.44 | ) | .13 | .10 | .53 | (.10 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | .64 | (1.15 | ) | .42 | .44 | .88 | (.02 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less: Dividends | ||||||||||||||||||||||||
Dividends from net investment income | (.18 | ) | (.28 | ) | (.29 | ) | (.34 | ) | (.36 | ) | (.07 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 13.84 | $ | 13.38 | $ | 14.81 | $ | 14.68 | $ | 14.58 | $ | 14.06 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d) | 4.80% | (7.81)% | 2.87% | 3.08% | 6.29% | (.06)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $462,503 | $470,829 | $505,365 | $509,910 | $844,127 | $472,528 | ||||||||||||||||||
Average net assets (000 omitted) | $462,520 | $500,681 | $485,522 | $590,892 | $776,520 | $258,733 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | .41% | (g) | .39% | .38% | .39% | .38% | .40% | (g)(j) | ||||||||||||||||
Net investment income | 2.59% | (g) | 2.05% | 1.97% | 2.34% | 2.47% | 2.49% | (g)(j) | ||||||||||||||||
Portfolio turnover rate | 10% | 15% | 22% | 20% | 22% | 23% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
54 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
NEW YORK MUNICIPAL PORTFOLIO MUNICIPAL CLASS | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 12.88 | $ | 14.25 | $ | 14.04 | $ | 14.18 | $ | 13.68 | $ | 14.07 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Investment income, net (a) | .15 | .26 | .27 | .30 | .32 | .31 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .49 | (1.37 | ) | .20 | (.13 | ) | .50 | (.39 | ) | |||||||||||||||
Contributions from affiliates | 0 | 0 | 0 | 0 | 0 | .00 | (c) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | .64 | (1.11 | ) | .47 | .17 | .82 | (.08 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less dividends: | ||||||||||||||||||||||||
Dividends from net investment income | (.15 | ) | (.26 | ) | (.26 | ) | (.31 | ) | (.32 | ) | (.31 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 13.37 | $ | 12.88 | $ | 14.25 | $ | 14.04 | $ | 14.18 | $ | 13.68 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d) | 5.03% | (7.89)% | 3.38% | 1.22% | 6.03% | (.57)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $1,263,086 | $1,277,132 | $1,606,925 | $1,585,884 | $1,629,139 | $1,631,011 | ||||||||||||||||||
Average net assets (000 omitted) | $1,265,792 | $1,497,091 | $1,623,786 | $1,599,889 | $1,619,580 | $1,621,380 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | .55% | (g) | .54% | .53% | .54% | .53% | .53% | |||||||||||||||||
Net investment income | 2.29% | (g) | 1.90% | 1.86% | 2.17% | 2.27% | 2.23% | |||||||||||||||||
Portfolio turnover rate | 8% | 14% | 18% | 18% | 18% | 23% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
2023 Semi-Annual Report | 55 |
Table of Contents
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:
NEW YORK MUNICIPAL PORTFOLIO CLASS A | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 12.88 | $ | 14.25 | $ | 14.03 | $ | 14.17 | $ | 13.68 | $ | 14.07 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income (a) | .14 | .23 | .24 | .28 | .29 | .28 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .48 | (1.37 | ) | .22 | (.14 | ) | .49 | (.39 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | .62 | (1.14 | ) | .46 | .14 | .78 | (.11 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less: Dividends | ||||||||||||||||||||||||
Dividends from net investment income | (.14 | ) | (.23 | ) | (.24 | ) | (.28 | ) | (.29 | ) | (.28 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 13.36 | $ | 12.88 | $ | 14.25 | $ | 14.03 | $ | 14.17 | $ | 13.68 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d) | 4.85% | (8.07)% | 3.26% | 1.03% | 5.74% | (.77)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $90,216 | $96,286 | $116,552 | $117,874 | $119,718 | $121,201 | ||||||||||||||||||
Average net assets (000 omitted) | $93,115 | $105,328 | $117,041 | $119,315 | $121,023 | $130,420 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | .75% | (g) | .73% | .73% | .72% | .74% | .73% | |||||||||||||||||
Net investment income | 2.08% | (g) | 1.71% | 1.67% | 1.98% | 2.06% | 2.03% | |||||||||||||||||
Portfolio turnover rate | 8% | 14% | 18% | 18% | 18% | 23% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
56 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
NEW YORK MUNICIPAL PORTFOLIO CLASS C | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 12.88 | $ | 14.25 | $ | 14.03 | $ | 14.17 | $ | 13.68 | $ | 14.07 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income (a) | .09 | .13 | .13 | .17 | .18 | .18 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .48 | (1.37 | ) | .22 | (.13 | ) | .49 | (.39 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | .57 | (1.24 | ) | .35 | .04 | .67 | (.21 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less: Dividends | ||||||||||||||||||||||||
Dividends from net investment income | (.09 | ) | (.13 | ) | (.13 | ) | (.18 | ) | (.18 | ) | (.18 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 13.36 | $ | 12.88 | $ | 14.25 | $ | 14.03 | $ | 14.17 | $ | 13.68 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d) | 4.46% | (8.76)% | 2.47% | .27% | 4.95% | (1.50)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $4,839 | $5,515 | $8,982 | $19,813 | $27,143 | $33,716 | ||||||||||||||||||
Average net assets (000 omitted) | $5,126 | $7,393 | $15,076 | $23,921 | $29,799 | $38,176 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 1.50% | (g) | 1.48% | 1.48% | 1.48% | 1.49% | 1.48% | |||||||||||||||||
Net investment income | 1.33% | (g) | .95% | .93% | 1.23% | 1.31% | 1.28% | |||||||||||||||||
Portfolio turnover rate | 8% | 14% | 18% | 18% | 18% | 23% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
2023 Semi-Annual Report | 57 |
Table of Contents
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:
NEW YORK MUNICIPAL PORTFOLIO ADVISOR CLASS | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 12.88 | $ | 14.24 | $ | 14.03 | $ | 14.17 | $ | 13.68 | $ | 14.07 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income (a) | .16 | .27 | .27 | .31 | .32 | .32 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .47 | (1.36 | ) | .21 | (.13 | ) | .49 | (.39 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | .63 | (1.09 | ) | .48 | .18 | .81 | (.07 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less: Dividends | ||||||||||||||||||||||||
Dividends from net investment income | (.15 | ) | (.27 | ) | (.27 | ) | (.32 | ) | (.32 | ) | (.32 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 13.36 | $ | 12.88 | $ | 14.24 | $ | 14.03 | $ | 14.17 | $ | 13.68 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d) | 4.98% | (7.77)% | 3.44% | 1.28% | 6.00% | (.51)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $62,099 | $61,511 | $67,388 | $64,546 | $57,173 | $37,003 | ||||||||||||||||||
Average net assets (000 omitted) | $59,552 | $64,326 | $62,323 | $63,077 | $45,530 | $32,710 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | .50% | (g) | .48% | .48% | .47% | .49% | .48% | |||||||||||||||||
Net investment income | 2.34% | (g) | 1.96% | 1.91% | 2.22% | 2.30% | 2.28% | |||||||||||||||||
Portfolio turnover rate | 8% | 14% | 18% | 18% | 18% | 23% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
58 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
INTERMEDIATE DURATION PORTFOLIO INTERMEDIATE DURATION CLASS | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 11.13 | $ | 13.49 | $ | 14.02 | $ | 13.54 | $ | 12.76 | $ | 13.23 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Investment income, net (a) | .18 | .21 | .25 | .35 | .38 | .30 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | .34 | (2.23 | ) | (.28 | ) | .51 | .83 | (.45 | ) | |||||||||||||||
Contributions from affiliates | 0 | 0 | 0 | 0 | .00 | (c) | 0 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | .52 | (2.02 | ) | (.03 | ) | .86 | 1.21 | (.15 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (.17 | ) | (.21 | ) | (.26 | ) | (.38 | ) | (.43 | ) | (.32 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | 0 | (.13 | ) | (.24 | ) | 0 | 0 | 0 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions | (.17 | ) | (.34 | ) | (.50 | ) | (.38 | ) | (.43 | ) | (.32 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 11.48 | $ | 11.13 | $ | 13.49 | $ | 14.02 | $ | 13.54 | $ | 12.76 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d) | 4.82% | (15.25)% | (.23)% | 6.35% | 9.70% | (1.14)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $3,212,509 | $3,089,962 | $3,845,735 | $3,696,937 | $3,416,459 | $3,291,645 | ||||||||||||||||||
Average net assets (000 omitted) | $3,129,037 | $3,542,155 | $3,818,467 | $3,503,078 | $3,289,133 | $3,339,472 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | .57% | (g) | .56% | .56% | .57% | .57% | .57% | |||||||||||||||||
Net investment income | 3.21% | (g) | 1.65% | 1.81% | 2.54% | 2.95% | 2.34% | |||||||||||||||||
Portfolio turnover rate (k) | 102% | 122% | 123% | 72% | 62% | 201% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
2023 Semi-Annual Report | 59 |
Table of Contents
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:
INTERMEDIATE DURATION PORTFOLIO CLASS A | ||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | 7/23/19(i) TO 9/30/19 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.14 | $ | 13.50 | $ | 14.03 | $ | 13.55 | $ | 13.36 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (a) | .16 | (b) | .16 | (b) | .18 | (b) | .15 | .04 | ||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | .35 | (2.22 | ) | (.29 | ) | .52 | .18 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | .51 | (2.06 | ) | (.11 | ) | .67 | .22 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income | (.16 | ) | (.17 | ) | (.18 | ) | (.19 | ) | (.03 | ) | ||||||||||
Distributions from net realized gain on investment transactions | 0 | (.13 | ) | (.24 | ) | 0 | 0 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total dividends and distributions | (.16 | ) | (.30 | ) | (.42 | ) | (.19 | ) | (.03 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 11.49 | $ | 11.14 | $ | 13.50 | $ | 14.03 | $ | 13.55 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value (d) | 4.64% | (15.54)% | (.86)% | 5.08% | 1.71% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $548 | $572 | $1,741 | $693 | $10 | |||||||||||||||
Average net assets (000 omitted) | $540 | $746 | $1,438 | $170 | $10 | |||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, net of waivers/reimbursements | .91% | (g) | .90% | 1.03% | 1.82% | 2.00% | (g) | |||||||||||||
Expenses, before waivers/reimbursements | 6.47% | (g) | 5.51% | 3.95% | 1.82% | 2.00% | (g) | |||||||||||||
Net investment income | 2.84% | (b)(g) | 1.26% | (b) | 1.29% | (b) | 1.11% | 1.34% | (g) | |||||||||||
Portfolio turnover rate (k) | 102% | 122% | 123% | 72% | 62% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
60 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
INTERMEDIATE DURATION PORTFOLIO ADVISOR CLASS | ||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | 7/23/19(i) TO 9/30/19 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.13 | $ | 13.49 | $ | 14.03 | $ | 13.55 | $ | 13.36 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (a) | .19 | (b) | .20 | (b) | .21 | (b) | .20 | .04 | ||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | .33 | (2.23 | ) | (.29 | ) | .51 | .19 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | .52 | (2.03 | ) | (.08 | ) | .71 | .23 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: Dividends | ||||||||||||||||||||
Dividends from net investment income | (.17 | ) | (.20 | ) | (.22 | ) | (.23 | ) | (.04 | ) | ||||||||||
Distributions from net realized gain on investment transactions | 0 | (.13 | ) | (.24 | ) | 0 | 0 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total dividends and distributions | (.17 | ) | (.33 | ) | (.46 | ) | (.23 | ) | (.04 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 11.48 | $ | 11.13 | $ | 13.49 | $ | 14.03 | $ | 13.55 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value (d) | 4.77% | (15.33)% | (.62)% | 5.28% | 1.76% | |||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $102 | $9 | $11 | $11 | $10 | |||||||||||||||
Average net assets (000 omitted) | $51 | $11 | $11 | $10 | $10 | |||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, net of waivers/reimbursements | .66% | (g) | .66% | .86% | 1.64% | 1.75% | (g) | |||||||||||||
Expenses, before waivers/reimbursements | 5.94% | (g) | 5.53% | 3.36% | 1.64% | 1.75% | (g) | |||||||||||||
Net investment income | 3.37% | (b)(g) | 1.60% | (b) | 1.51% | (b) | 1.47% | 1.64% | (g) | |||||||||||
Portfolio turnover rate (k) | 102% | 122% | 123% | 72% | 62% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
2023 Semi-Annual Report | 61 |
Table of Contents
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:
INTERMEDIATE DURATION PORTFOLIO CLASS Z | ||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | 7/23/19(i) TO 9/30/19 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.13 | $ | 13.49 | $ | 14.03 | $ | 13.55 | $ | 13.36 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income From Investment Operations | ||||||||||||||||||||
Net investment income (a) | .18 | (b) | .21 | (b) | .24 | (b) | .31 | .07 | ||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | .35 | (2.23 | ) | (.29 | ) | .51 | .18 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | .53 | (2.02 | ) | (.05 | ) | .82 | .25 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||
Dividends from net investment income | (.18 | ) | (.21 | ) | (.25 | ) | (.34 | ) | (.06 | ) | ||||||||||
Distributions from net realized gain on investment transactions | 0 | (.13 | ) | (.24 | ) | 0 | 0 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total dividends and distributions | (.18 | ) | (.34 | ) | (.49 | ) | (.34 | ) | (.06 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 11.48 | $ | 11.13 | $ | 13.49 | $ | 14.03 | $ | 13.55 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return | ||||||||||||||||||||
Total investment return based on net asset value (d) | 4.73% | (15.26)% | (f) | (.40)% | 6.16% | 1.95% | ||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000 omitted) | $9 | $8 | $10 | $10 | $10 | |||||||||||||||
Average net assets (000 omitted) | $8 | $9 | $10 | $10 | $10 | |||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, net of waivers/reimbursements | .56% | (g) | .57% | .63% | .82% | .77% | (g) | |||||||||||||
Expenses, before waivers/reimbursements | 3.11% | (g) | 3.01% | 1.87% | .82% | .77% | (g) | |||||||||||||
Net investment income | 3.20% | (b)(g) | 1.69% | (b) | 1.74% | (b) | 2.30% | 2.62% | (g) | |||||||||||
Portfolio turnover rate (k) | 102% | 122% | 123% | 72% | 62% |
See Footnote Summary on page 66.
See Notes to Financial Statements.
62 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
SHORT DURATION PLUS PORTFOLIO SHORT DURATION PLUS CLASS | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 11.01 | $ | 11.67 | $ | 11.78 | $ | 11.74 | $ | 11.53 | $ | 11.68 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Investment income, net (a)(b) | .17 | .08 | .11 | .17 | .22 | .15 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | .04 | (.67 | ) | (.11 | ) | .06 | .23 | (.13 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | .21 | (.59 | ) | 0 | .23 | .45 | .02 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less dividends: | ||||||||||||||||||||||||
Dividends from net investment income | (.16 | ) | (.07 | ) | (.11 | ) | (.19 | ) | (.24 | ) | (.17 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 11.06 | $ | 11.01 | $ | 11.67 | $ | 11.78 | $ | 11.74 | $ | 11.53 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d) | 1.96% | (5.02)% | .01% | 1.97% | 3.96% | .18% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $273,526 | $323,936 | $245,285 | $225,045 | $229,120 | $188,523 | ||||||||||||||||||
Average net assets (000 omitted) | $279,391 | $244,478 | $245,228 | $223,901 | $213,653 | $207,677 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements | .52% | (g) | .44% | .46% | .56% | .56% | .60% | |||||||||||||||||
Expenses, before waivers/reimbursements | .53% | (g) | .54% | .55% | .56% | .56% | .60% | |||||||||||||||||
Net investment income (b) | 3.00% | (g) | .74% | .91% | 1.48% | 1.93% | 1.30% | |||||||||||||||||
Portfolio turnover rate | 53% | 48% | 75% | 50% | 39% | 85% | (k) |
See Footnote Summary on page 66.
See Notes to Financial Statements.
2023 Semi-Annual Report | 63 |
Table of Contents
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:
SHORT DURATION PLUS PORTFOLIO CLASS A | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 11.01 | $ | 11.68 | $ | 11.79 | $ | 11.74 | $ | 11.54 | $ | 11.69 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income (a)(b) | .14 | .03 | .05 | .11 | .18 | .11 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | .05 | (.68 | ) | (.11 | ) | .07 | .22 | (.14 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | .19 | (.65 | ) | (.06 | ) | .18 | .40 | (.03 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less: Dividends | ||||||||||||||||||||||||
Dividends from net investment income | (.13 | ) | (.02 | ) | (.05 | ) | (.13 | ) | (.20 | ) | (.12 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 11.07 | $ | 11.01 | $ | 11.68 | $ | 11.79 | $ | 11.74 | $ | 11.54 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d) | 1.80% | (5.49)% | (.53)% | 1.53% | 3.44% | (.24)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $13,110 | $14,182 | $15,784 | $17,874 | $20,462 | $25,222 | ||||||||||||||||||
Average net assets (000 omitted) | $14,031 | $15,597 | $17,123 | $17,732 | $23,973 | $23,170 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements | 1.03% | (g) | .86% | 1.00% | 1.07% | .97% | 1.01% | |||||||||||||||||
Expenses, before waivers/reimbursements | 1.03% | (g) | .97% | 1.00% | 1.07% | .97% | 1.01% | |||||||||||||||||
Net investment income (b) | 2.49% | (g) | .25% | .40% | .97% | 1.50% | .93% | |||||||||||||||||
Portfolio turnover rate | 53% | 48% | 75% | 50% | 39% | 85% | (k) |
See Footnote Summary on page 66.
See Notes to Financial Statements.
64 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
SHORT DURATION PLUS PORTFOLIO CLASS C | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 10.99 | $ | 11.65 | $ | 11.76 | $ | 11.72 | $ | 11.52 | $ | 11.67 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income (a)(b) | .13 | .02 | .03 | .09 | .15 | .08 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | .04 | (.66 | ) | (.11 | ) | .05 | .22 | (.14 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | .17 | (.64 | ) | (.08 | ) | .14 | .37 | (.06 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less: Dividends | ||||||||||||||||||||||||
Dividends from net investment income | (.12 | ) | (.02 | ) | (.03 | ) | (.10 | ) | (.17 | ) | (.09 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 11.04 | $ | 10.99 | $ | 11.65 | $ | 11.76 | $ | 11.72 | $ | 11.52 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value (d) | 1.61% | (5.49)% | (.79)% | 1.32% | 3.24% | (.44)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $1,556 | $1,293 | $1,032 | $2,976 | $2,304 | $2,976 | ||||||||||||||||||
Average net assets (000 omitted) | $1,471 | $975 | $2,064 | $2,214 | $2,573 | $3,778 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements | 1.24% | (g) | .92% | 1.21% | 1.28% | 1.18% | 1.22% | |||||||||||||||||
Expenses, before waivers/reimbursements | 1.79% | (g) | 1.72% | 1.76% | 1.83% | 1.73% | 1.77% | |||||||||||||||||
Net investment income (b) | 2.32% | (g) | .22% | .26% | .74% | 1.29% | .67% | |||||||||||||||||
Portfolio turnover rate | 53% | 48% | 75% | 50% | 39% | 85% | (k) |
See Footnote Summary on page 66.
See Notes to Financial Statements.
2023 Semi-Annual Report | 65 |
Table of Contents
Financial Highlights (continued)
(a) | Based on average shares outstanding. |
(b) | Net of expenses waived by the Adviser. |
(c) | Amount is less than $.005. |
(d) | 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 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. |
(e) | Includes the impact of proceeds received and credited to the Portfolio resulting from the class action settlements, which enhanced the performance for the Emerging Markets Portfolio for the six months ended March 31, 2023 and the years ended September 30, 2022, September 30, 2020, and September 30, 2018 by 0.01%, 0.07%, 0.32% and 0.03%, respectively. |
(f) | 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. |
(g) | Annualized. |
(h) | 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:
YEAR ENDED 09/30/20 | ||||
Short Duration Diversified Municipal | 0.01% |
Waiver:
YEAR ENDED 09/30/20 | ||||
Short Duration Diversified Municipal | 0.01% |
(i) | Commencement of distributions. |
(j) | The ratio includes expenses attributable to costs of proxy solicitation. |
(k) | The Portfolio accounts for dollar roll transactions as purchases and sales. |
See Notes to Financial Statements.
66 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
NOTE 1. | Organization and Significant Accounting Policies |
Sanford C. Bernstein Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940 as an open-end registered investment company. The Fund, which is a Maryland corporation, operates as a series company currently comprised of 13 portfolios (hereafter collectively referred to as the “Portfolios” and each individually a “Portfolio”) with the following share classes offered:
EMERGING MARKETS PORTFOLIO | SHARE CLASSES OFFERED | |
Emerging Markets | Emerging Markets Class* and Class Z | |
FIXED INCOME MUNICIPAL PORTFOLIOS | ||
Short Duration Diversified Municipal | Short Duration Diversified Municipal Class* | |
California Municipal | Municipal Class*, Class A, Class C and Advisor Class | |
Diversified Municipal | Municipal Class*, Class A, Class C, Advisor Class and Class Z | |
New York Municipal | Municipal Class*, Class A, Class C and Advisor Class | |
FIXED INCOME TAXABLE PORTFOLIOS | ||
Intermediate Duration | Intermediate Duration Class*, Class A, Advisor Class and Class Z | |
Short Duration Plus | Short Duration Plus Class*, Class A and Class C |
* | Bernstein Class |
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 | |
Tax-Aware Overlay C | Class 1 and Class 2 | |
Tax-Aware Overlay N | Class 1 and Class 2 |
Each Portfolio has its own investment objectives. This report relates only to the Emerging Markets Portfolio, Fixed Income Municipal Portfolios and Fixed Income Taxable Portfolios (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 Fixed Income Municipal Portfolios have been authorized but currently are not offered. Class Z shares for California Municipal Portfolio and New York Municipal Portfolio have been authorized but currently are not offered. Class B, Class R and Class T shares of Short Duration Plus Portfolio have been authorized but currently are not offered. 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.
A. | 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.
2023 Semi-Annual Report | 67 |
Table of Contents
Notes to Financial Statements (continued)
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 or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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.
B. | 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) |
68 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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 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, 2023:
EMERGING MARKETS PORTFOLIO INVESTMENTSIN SECURITIES: | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Assets: |
| |||||||||||||||
Common Stocks: | ||||||||||||||||
Information Technology | $ | 19,465,779 | $ | 263,176,338 | $ | 0 | $ | 282,642,117 | ||||||||
Financials | 36,384,320 | 210,742,985 | 0 | (a) | 247,127,305 | |||||||||||
Consumer Discretionary | 28,426,103 | 200,690,314 | 0 | 229,116,417 | ||||||||||||
Materials | 52,308,670 | 39,044,671 | 0 | 91,353,341 | ||||||||||||
Industrials | 23,435,711 | 59,901,450 | 0 | (a) | 83,337,161 | |||||||||||
Utilities | 15,557,746 | 36,489,364 | 0 | 52,047,110 | ||||||||||||
Energy | 9,349,978 | 32,184,724 | 0 | (a) | 41,534,702 | |||||||||||
Communication Services | 0 | 30,576,643 | 0 | 30,576,643 | ||||||||||||
Real Estate | 0 | 27,823,769 | 0 | 27,823,769 | ||||||||||||
Consumer Staples | 5,176,302 | 20,065,078 | 0 | (a) | 25,241,380 | |||||||||||
Health Care | 2,827,881 | 15,637,537 | 0 | 18,465,418 | ||||||||||||
Equity Linked Notes | 0 | 24,076,054 | 0 | 24,076,054 | ||||||||||||
Short-Term Investments | 12,011,266 | 0 | 0 | 12,011,266 | ||||||||||||
Total Investments in Securities | 204,943,756 | 960,408,927 | (b) | 0 | (a) | 1,165,352,683 |
2023 Semi-Annual Report | 69 |
Table of Contents
Notes to Financial Statements (continued)
EMERGING MARKETS PORTFOLIO INVESTMENTSIN SECURITIES: | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Other Financial Instruments (c): | ||||||||||||||||
Assets: | ||||||||||||||||
Forward Currency Exchange Contracts | $ | 0 | $ | 2,236,095 | $ | 0 | $ | 2,236,095 | ||||||||
Liabilities: | ||||||||||||||||
Forward Currency Exchange Contracts | 0 | (1,311,243 | ) | 0 | (1,311,243 | ) | ||||||||||
Total | $ | 204,943,756 | $ | 961,333,779 | $ | 0 | (a) | $ | 1,166,277,535 | |||||||
SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO INVESTMENTSIN SECURITIES: | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Assets: | ||||||||||||||||
Long-Term Municipal Bonds | $ | 0 | $ | 251,627,282 | $ | 0 | $ | 251,627,282 | ||||||||
Short-Term Municipal Notes | 0 | 6,510,000 | 0 | 6,510,000 | ||||||||||||
Corporates—Investment Grade | 0 | 3,886,070 | 0 | 3,886,070 | ||||||||||||
Corporates—Non-Investment Grade | 0 | 287,670 | 0 | 287,670 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Commercial Paper | 0 | 998,891 | 0 | 998,891 | ||||||||||||
Investment Companies | 238,624 | 0 | 0 | 238,624 | ||||||||||||
Total Investments in Securities | 238,624 | 263,309,913 | 0 | 263,548,537 | ||||||||||||
Other Financial Instruments (c): | ||||||||||||||||
Assets: | ||||||||||||||||
Centrally Cleared Inflation (CPI) Swaps | 0 | 632,014 | 0 | 632,014 | (d) | |||||||||||
Interest Rate Swaps | 0 | 56,040 | 0 | 56,040 | ||||||||||||
Liabilities: | ||||||||||||||||
Centrally Cleared Inflation (CPI) Swaps | 0 | (211,200 | ) | 0 | (211,200 | )(d) | ||||||||||
Total | $ | 238,624 | $ | 263,786,767 | $ | 0 | $ | 264,025,391 | ||||||||
CALIFORNIA MUNICIPAL PORTFOLIO INVESTMENTSIN SECURITIES: | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Assets: | ||||||||||||||||
Long-Term Municipal Bonds | $ | 0 | $ | 1,019,113,561 | $ | 0 | (a) | $ | 1,019,113,561 | |||||||
Short-Term Municipal Notes | 0 | 15,105,000 | 0 | 15,105,000 | ||||||||||||
Commercial Mortgage-Backed Securities | 0 | 35,032,880 | 0 | 35,032,880 | ||||||||||||
Asset-Backed Securities | 0 | 2,971,953 | 0 | 2,971,953 | ||||||||||||
Governments—Treasuries | 0 | 2,222,468 | 0 | 2,222,468 | ||||||||||||
Collateralized Mortgage Obligations | 0 | 502,471 | 0 | 502,471 | ||||||||||||
Total Investments in Securities | 0 | 1,074,948,333 | 0 | (a) | 1,074,948,333 | |||||||||||
Other Financial Instruments (c): | ||||||||||||||||
Assets: | ||||||||||||||||
Centrally Cleared Inflation (CPI) Swaps | 0 | 7,088,114 | 0 | 7,088,114 | (d) | |||||||||||
Centrally Cleared Interest Rate Swaps | 0 | 2,720,564 | 0 | 2,720,564 | (d) | |||||||||||
Interest Rate Swaps | 0 | 1,197,619 | 0 | 1,197,619 | ||||||||||||
Liabilities: | ||||||||||||||||
Centrally Cleared Inflation (CPI) Swaps | 0 | (1,728,964 | ) | 0 | (1,728,964 | )(d) | ||||||||||
Credit Default Swaps | 0 | (573,772 | ) | 0 | (573,772 | ) | ||||||||||
Total | $ | 0 | $ | 1,083,651,894 | $ | 0 | (a) | $ | 1,083,651,894 |
70 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
DIVERSIFIED MUNICIPAL PORTFOLIO INVESTMENTSIN SECURITIES: | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Assets: |
| |||||||||||||||
Long-Term Municipal Bonds | $ | 0 | $ | 4,688,082,362 | $ | 0 | $ | 4,688,082,362 | ||||||||
Short-Term Municipal Notes | 0 | 280,527,000 | 0 | 280,527,000 | ||||||||||||
Commercial Mortgage-Backed Securities | 0 | 94,234,246 | 0 | 94,234,246 | ||||||||||||
Corporates—Investment Grade | 0 | 54,031,826 | 0 | 54,031,826 | ||||||||||||
Corporates—Non-Investment Grade | 0 | 18,501,794 | 0 | 18,501,794 | ||||||||||||
Asset-Backed Securities | 0 | 18,262,390 | 0 | 18,262,390 | ||||||||||||
Collateralized Mortgage Obligations | 0 | 2,448,428 | 0 | 2,448,428 | ||||||||||||
Short-Term Investments | 0 | 11,786,910 | 0 | 11,786,910 | ||||||||||||
Total Investments in Securities | 0 | 5,167,874,956 | 0 | 5,167,874,956 | ||||||||||||
Other Financial Instruments (c): | ||||||||||||||||
Assets: |
| |||||||||||||||
Centrally Cleared Inflation (CPI) Swaps | 0 | 51,074,512 | 0 | 51,074,512 | (d) | |||||||||||
Centrally Cleared Interest Rate Swaps | 0 | 9,225,085 | 0 | 9,225,085 | (d) | |||||||||||
Interest Rate Swaps | 0 | 5,522,862 | 0 | 5,522,862 | ||||||||||||
Liabilities: |
| |||||||||||||||
Centrally Cleared Credit Default Swaps | 0 | (879,564 | ) | 0 | (879,564 | )(d) | ||||||||||
Centrally Cleared Inflation (CPI) Swaps | 0 | (11,843,930 | ) | 0 | (11,843,930 | )(d) | ||||||||||
Centrally Cleared Interest Rate Swaps | 0 | (154,187 | ) | 0 | (154,187 | )(d) | ||||||||||
Credit Default Swaps | 0 | (2,398,802 | ) | 0 | (2,398,802 | ) | ||||||||||
Total | $ | 0 | $ | 5,218,420,932 | $ | 0 | $ | 5,218,420,932 | ||||||||
NEW YORK MUNICIPAL PORTFOLIO INVESTMENTIN SECURITIES: | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Assets: | ||||||||||||||||
Long-Term Municipal Bonds | $ | 0 | $ | 1,246,698,991 | $ | 250,000 | $ | 1,246,948,991 | ||||||||
Short-Term Municipal Notes | 0 | 130,390,000 | 0 | 130,390,000 | ||||||||||||
Asset-Backed Securities | 0 | 2,971,953 | 0 | 2,971,953 | ||||||||||||
Governments—Treasuries | 0 | 2,251,836 | 0 | 2,251,836 | ||||||||||||
Commercial Mortgage-Backed Securities | 0 | 960,044 | 0 | 960,044 | ||||||||||||
Collateralized Mortgage Obligations | 0 | 747,496 | 0 | 747,496 | ||||||||||||
Short-Term Investments | 0 | 22,056,560 | 0 | 22,056,560 | ||||||||||||
Total Investments in Securities | 0 | 1,406,076,880 | 250,000 | 1,406,326,880 | ||||||||||||
Other Financial Instruments (c): | ||||||||||||||||
Assets: | ||||||||||||||||
Centrally Cleared Inflation (CPI) Swaps | 0 | 14,488,801 | 0 | 14,488,801 | (d) | |||||||||||
Centrally Cleared Interest Rate Swaps | 0 | 3,935,829 | 0 | 3,935,829 | (d) | |||||||||||
Interest Rate Swaps | 0 | 1,640,626 | 0 | 1,640,626 | ||||||||||||
Liabilities: |
| |||||||||||||||
Centrally Cleared Inflation (CPI) Swaps | 0 | (3,345,301 | ) | 0 | (3,345,301 | )(d) | ||||||||||
Centrally Cleared Interest Rate Swaps | 0 | (1,050,175 | ) | 0 | (1,050,175 | )(d) | ||||||||||
Credit Default Swaps | 0 | (801,219 | ) | 0 | (801,219 | ) | ||||||||||
Total | $ | 0 | $ | 1,420,945,441 | $ | 250,000 | $ | 1,421,195,441 |
2023 Semi-Annual Report | 71 |
Table of Contents
Notes to Financial Statements (continued)
INTERMEDIATE DURATION PORTFOLIO INVESTMENTSIN SECURITIES: | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Assets: | ||||||||||||||||
Governments—Treasuries | $ | 0 | $ | 1,211,987,240 | $ | 0 | $ | 1,211,987,240 | ||||||||
Corporates—Investment Grade | 0 | 719,739,759 | 0 | 719,739,759 | ||||||||||||
Mortgage Pass-Throughs | 0 | 594,040,962 | 0 | 594,040,962 | ||||||||||||
Collateralized Mortgage Obligations | 0 | 234,898,993 | 0 | 234,898,993 | ||||||||||||
Asset-Backed Securities | 4,799,193 | 184,231,415 | 0 | 189,030,608 | ||||||||||||
Commercial Mortgage-Backed Securities | 0 | 87,893,522 | 12,488,953 | 100,382,475 | ||||||||||||
Collateralized Loan Obligations | 0 | 86,421,591 | 0 | 86,421,591 | ||||||||||||
Corporates—Non-Investment Grade | 0 | 44,234,488 | 0 | 44,234,488 | ||||||||||||
Local Governments—US Municipal Bonds | 0 | 29,051,206 | 0 | 29,051,206 | ||||||||||||
Emerging Markets—Corporate Bonds | 0 | 14,333,745 | 0 | 14,333,745 | ||||||||||||
Quasi-Sovereigns | 0 | 9,401,603 | 0 | 9,401,603 | ||||||||||||
Emerging Markets—Sovereigns | 0 | 6,938,336 | 0 | 6,938,336 | ||||||||||||
Agencies | 0 | 6,049,068 | 0 | 6,049,068 | ||||||||||||
Common Stocks | 0 | 0 | 3,218,782 | 3,218,782 | ||||||||||||
Governments—Sovereign Bonds | 0 | 1,899,870 | 0 | 1,899,870 | ||||||||||||
Short-Term Investments | 0 | 187,313,496 | 0 | 187,313,496 | ||||||||||||
Total Investments in Securities | 4,799,193 | 3,418,435,294 | 15,707,735 | 3,438,942,222 | ||||||||||||
Other Financial Instruments (c): | ||||||||||||||||
Assets: |
| |||||||||||||||
Futures | 10,038,463 | 0 | 0 | 10,038,463 | (d) | |||||||||||
Forward Currency Exchange Contracts | 0 | 707 | 0 | 707 | ||||||||||||
Centrally Cleared Interest Rate Swaps | 0 | 1,988,033 | 0 | 1,988,033 | (d) | |||||||||||
Liabilities: |
| |||||||||||||||
Futures | (1,941,959 | ) | 0 | 0 | (1,941,959 | )(d) | ||||||||||
Forward Currency Exchange Contracts | 0 | (525,976 | ) | 0 | (525,976 | ) | ||||||||||
Credit Default Swaps | 0 | (1,636,521 | ) | 0 | (1,636,521 | ) | ||||||||||
Total | $ | 12,895,697 | $ | 3,418,261,537 | $ | 15,707,735 | $ | 3,446,864,969 | ||||||||
SHORT DURATION PLUS PORTFOLIO INVESTMENTSIN SECURITIES: | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Assets: | ||||||||||||||||
Governments—Treasuries | $ | 0 | $ | 196,873,829 | $ | 0 | $ | 196,873,829 | ||||||||
Corporates—Investment Grade | 0 | 25,696,088 | 0 | 25,696,088 | ||||||||||||
Asset-Backed Securities | 0 | 21,347,394 | 0 | 21,347,394 | ||||||||||||
Collateralized Mortgage Obligations | 0 | 13,372,045 | 0 | 13,372,045 | ||||||||||||
Commercial Mortgage-Backed Securities | 0 | 6,159,174 | 885,873 | 7,045,047 | ||||||||||||
Collateralized Loan Obligations | 0 | 4,272,708 | 0 | 4,272,708 | ||||||||||||
Agencies | 0 | 3,195,342 | 0 | 3,195,342 | ||||||||||||
Mortgage Pass-Throughs | 0 | 1,542,740 | 0 | 1,542,740 | ||||||||||||
Local Governments—US Municipal Bonds | 0 | 882,681 | 0 | 882,681 | ||||||||||||
Corporates—Non-Investment Grade | 0 | 288,766 | 0 | 288,766 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Governments—Treasuries | 0 | 6,135,166 | 0 | 6,135,166 | ||||||||||||
U.S. Treasury Bills | 0 | 1,506,159 | 0 | 1,506,159 | ||||||||||||
Total Investments in Securities | 0 | 281,272,092 | 885,873 | 282,157,965 |
72 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
SHORT DURATION PLUS PORTFOLIO INVESTMENTSIN SECURITIES: | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Other Financial Instruments (c): | ||||||||||||||||
Assets: | ||||||||||||||||
Futures | $ | 957,283 | $ | 0 | $ | 0 | $ | 957,283 | (d) | |||||||
Forward Currency Exchange Contracts | 0 | 107,989 | 0 | 107,989 | ||||||||||||
Centrally Cleared Interest Rate Swaps | 0 | 377,303 | 0 | 377,303 | (d) | |||||||||||
Liabilities: | ||||||||||||||||
Futures | (189,339 | ) | — | 0 | (189,339 | )(d) | ||||||||||
Forward Currency Exchange Contracts | 0 | (7,500 | ) | 0 | (7,500 | ) | ||||||||||
Centrally Cleared Credit Default Swaps | 0 | (46,908 | ) | 0 | (46,908 | )(d) | ||||||||||
Total | $ | 767,944 | $ | 281,702,976 | $ | 885,873 | $ | 283,356,793 |
(a) | The Portfolio held securities with zero market value at period end. |
(b) | A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available, see Note 1.A. |
(c) | 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. |
(d) | 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. |
C. | 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 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 Emerging Markets Portfolio, Intermediate Duration Portfolio and Short Duration Plus 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.
D. | 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
2023 Semi-Annual Report | 73 |
Table of Contents
Notes to Financial Statements (continued)
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, 2022, the Portfolios did not have any unrecognized tax benefits.
E. | 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 from 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.
F. | 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.
G. | 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.
H. | Distribution of Income and Gains |
Net investment income of each Portfolio except the Emerging Markets Portfolio is declared and recorded as a dividend to shareholders daily and is payable to shareholders monthly. Dividends from net investment income, if any, of the Emerging Markets Portfolio 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.
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.
74 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
NOTE 2. | Investment Management and Transactions with Affiliated Persons |
A. | 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 PERCENTAGEOF AVERAGE DAILY NET ASSETSOF EACH PORTFOLIO | ||||||||||||||||||||
PORTFOLIO | FIRST $2.5 BILLION | NEXT $2.5 BILLION | THEREAFTER | |||||||||||||||||
Emerging Markets | 0.950 | % | 0.900 | % | 0.850 | % | ||||||||||||||
FIRST $750 MILLION | THEREAFTER | |||||||||||||||||||
Short Duration Diversified Municipal | 0.300 | % | 0.250 | % | ||||||||||||||||
FIRST $1 BILLION | NEXT $2 BILLION | NEXT $2 BILLION | THEREAFTER | |||||||||||||||||
California Municipal and New York Municipal | 0.425 | % | 0.375 | % | 0.325 | % | 0.275 | % | ||||||||||||
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 | |||||||||||||||||
Intermediate Duration | 0.450 | % | 0.400 | % | 0.350 | % | 0.300 | % | ||||||||||||
FIRST $750 MILLION | THEREAFTER | |||||||||||||||||||
Short Duration Plus | 0.350 | % | 0.300 | % |
Effective January 28, 2021, the Adviser has agreed to waive its fees and bear certain expenses of the Intermediate Duration Portfolio 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, 2023, such reimbursements/waivers amounted to $16,598. The Expense Caps may not be terminated by the Adviser before January 28, 2024.
B. | 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,
2023 Semi-Annual Report | 75 |
Table of Contents
Notes to Financial Statements (continued)
except the Emerging Markets 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, and the fee paid by the Emerging Markets Portfolio for services is 0.25 of 1%, annualized, of the average daily net assets attributable to the Bernstein Class during the month. Effective November 13, 2020 through November 1, 2022, the Adviser voluntarily agreed to waive the shareholder servicing fee of 0.10 of 1%, annualized, of the average daily net assets attributable to the Bernstein Class of the Short Duration Diversified Municipal Portfolio and the Short Duration Plus Portfolio. For the six months ended March 31, 2023, such waiver amounted to:
PORTFOLIO | AMOUNT | |||
Short Duration Diversified Municipal | $ | 19,646 | ||
Short Duration Plus | 26,254 |
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, 2023, the compensation retained by ABIS amounted to: Emerging Markets Portfolio, $16,969; California Municipal Portfolio, $9,007; Diversified Municipal Portfolio, $78,456; New York Municipal Portfolio, $9,138; Intermediate Duration Portfolio $9,000 and Short Duration Plus Portfolio, $8,752.
C. | 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.
D. | Distribution Arrangements—the Retail Classes Only |
The Retail Classes of the Intermediate Municipal Portfolios and the Fixed Income Taxable Portfolios and Class Z Shares of the Emerging Markets Portfolio 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. With respect to the Short Duration Plus Portfolio, the Retail Distributor voluntarily agreed to waive 0.55 of 1% to limit distribution service fees for Short Duration Plus Portfolio to 0.45 of 1% of the average daily net assets attributable to the Class C Shares. The fees are accrued daily and paid monthly. For the six months ended March 31, 2023, such waiver amounted to $4,078. 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 | ||||||||||||||||
CALIFORNIA MUNICIPAL | DIVERSIFIED MUNICIPAL | NEW YORK MUNICIPAL | SHORT DURATION PLUS | |||||||||||||
Class C | $ | 1,335,550 | $ | 3,281,069 | $ | 2,420,167 | $ | 1,038,061 |
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
76 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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.
E. | Investments in Affiliated Issuers |
The Emerging Markets Portfolio and the Short Duration Diversified Municipal Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”), advised by the Adviser, which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the investment by the Portfolios in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolios in an amount equal to each Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolios as an acquired fund fee and expense. For the six months ended March 31, 2023, such waivers amounted to:
PORTFOLIO | AMOUNT | |||
Emerging Markets | $ | 8,482 | ||
Short Duration Diversified Municipal | 3,892 |
A summary of the Portfolios’ transactions in shares of the Government Money Market Portfolio for the six months ended March 31, 2023 is as follows:
PORTFOLIO | MARKET VALUE 9/30/22 (000) | PURCHASES AT COST (000) | SALES PROCEEDS (000) | MARKET VALUE 3/31/23 (000) | DIVIDEND INCOME (000) | |||||||||||||||
Emerging Markets | $ | 20,028 | $ | 123,173 | $ | 131,190 | $ | 12,011 | $ | 314 | ||||||||||
Short Duration Diversified Municipal | 0 | 106,739 | 106,500 | 239 | 140 |
F. | 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 Intermediate 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 Intermediate Municipal Portfolios), Class A Shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Effective March 7, 2022, the maximum sales charge for purchases of the Short Duration Plus Portfolio’s Class A shares is reduced from 4.25% to 2.25% and purchases in amounts of $500,000 or more, or by certain group retirement plans, may be subject to a 1%, 18-month contingent deferred sales charge, which may be subject to waiver in certain circumstances. Prior to March 7, 2022, purchases of the Short Duration Plus Portfolio’s Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, which may be subject to waiver in certain circumstances.
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.
2023 Semi-Annual Report | 77 |
Table of Contents
Notes to Financial Statements (continued)
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, 2023, as follows:
PORTFOLIO | FRONT-END CLASS A | CONTINGENT DEFERRED SALES CHARGES | ||||||||||
CLASS A | CLASS C | |||||||||||
California Municipal | $ | 6 | $ | 0 | $ | 0 | ||||||
Diversified Municipal | 0 | 39,037 | 1,321 | |||||||||
New York Municipal | 0 | 0 | 210 | |||||||||
Intermediate Duration | 22 | 6 | N/A | |||||||||
Short Duration Plus | 3 | 17 | 0 |
NOTE 3. | Investment Security Transactions |
A. | Purchases and Sales |
For the six months ended March 31, 2023, the Portfolios had purchases and sales transactions, excluding transactions in short-term instruments, as follows:
PORTFOLIO | PURCHASES EXCLUDING U.S. GOVERNMENT SECURITIES | PURCHASESOF U.S. GOVERNMENT SECURITIES | SALES EXCLUDING U.S. GOVERNMENT SECURITIES | SALESOF U.S. GOVERNMENT SECURITIES | ||||||||||||
Emerging Markets | $ | 287,693,348 | $ | 0 | $ | 297,515,203 | $ | 0 | ||||||||
Short Duration Diversified Municipal | 63,985,795 | 0 | 33,582,241 | 0 | ||||||||||||
California Municipal | 137,032,509 | 1,022,831 | 149,740,537 | 0 | ||||||||||||
Diversified Municipal | 508,276,490 | 388,306 | 858,070,894 | 675,020 | ||||||||||||
New York Municipal | 104,439,026 | 0 | 194,138,356 | 105,704 | ||||||||||||
Intermediate Duration | 338,086,451 | 2,871,297,439 | 318,017,843 | 2,890,041,360 | ||||||||||||
Short Duration Plus | 19,157,656 | 125,679,112 | 12,195,687 | 161,609,456 |
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) | ||||||||||
Emerging Markets | $ | 164,533,580 | $ | (86,128,639 | ) | $ | 78,404,941 | |||||
Short Duration Diversified Municipal | 1,292,219 | (5,782,560 | ) | (4,490,341 | ) | |||||||
California Municipal | 18,685,807 | (42,038,478 | ) | (23,352,671 | ) | |||||||
Diversified Municipal | 92,802,186 | (189,924,580 | ) | (97,122,394 | ) | |||||||
New York Municipal | 25,362,192 | (53,833,847 | ) | (28,471,655 | ) | |||||||
Intermediate Duration | 32,800,818 | (237,173,360 | ) | (204,372,542 | ) | |||||||
Short Duration Plus | 1,552,927 | (4,080,898 | ) | (2,527,971 | ) |
B. | 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.
78 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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 and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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, 2023, the Intermediate Duration Portfolio and Short Duration Plus Portfolio held futures for hedging and non-hedging purposes.
• | Forward Currency Exchange Contracts |
The Emerging Markets Portfolio, Intermediate Duration Portfolio and Short Duration Plus 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. 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.
Under certain circumstances, Emerging Markets Portfolio 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.
2023 Semi-Annual Report | 79 |
Table of Contents
Notes to Financial Statements (continued)
During the six months ended March 31, 2023, the Emerging Markets Portfolio and Short Duration Plus Portfolio held forward currency exchange contracts for hedging purposes, Intermediate Duration Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.
• | Swaps |
The Portfolios 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 and maintain as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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:
The Portfolios are 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.
80 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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, 2023, the Short Duration Diversified Municipal Portfolio, California Municipal Portfolio, Diversified Municipal Portfolio and New York Municipal Portfolio held interest rate swaps for hedging purposes, Intermediate Duration Portfolio and Short Duration Plus 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, 2023, the Short Duration Diversified Municipal Portfolio, California Municipal Portfolio, Diversified Municipal Portfolio and New York Municipal Portfolio held inflation (CPI) swaps for hedging purposes.
Credit Default Swaps:
The Fixed-Income Portfolios 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 a 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, 2023, the California Municipal Portfolio, Diversified Municipal Portfolio, Intermediate Duration Portfolio and Short Duration Plus Portfolio held credit default swaps for hedging and non-hedging purposes. New York Municipal Portfolio held credit swaps for non-hedging purposes.
2023 Semi-Annual Report | 81 |
Table of Contents
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, 2023, the Portfolios had entered into the following derivatives:
EMERGING MARKETS PORTFOLIO | ASSET DERIVATIVES | LIABILITY DERIVATIVES | ||||||||||
DERIVATIVE TYPE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | ||||||||
Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | $ | 2,236,095 | Unrealized depreciation on forward currency exchange contracts | $ | 1,311,243 | ||||||
Total | $ | 2,236,095 | $ | 1,311,243 |
DERIVATIVE TYPE | LOCATIONOF GAINOR (LOSS)ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | REALIZED GAIN OR (LOSS)ON DERIVATIVES | CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION) | |||||||
Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | $ | (7,021,952 | ) | $ | 6,281,482 | ||||
Total | $ | (7,021,952 | ) | $ | 6,281,482 |
SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO | ASSET DERIVATIVES | LIABILITY DERIVATIVES | ||||||||||
DERIVATIVE TYPE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | ||||||||
Interest rate contracts | Receivable for variation margin on centrally cleared swaps | $ | 632,014 | * | Payable for variation margin on centrally cleared swaps | $ | 210,324 | * | ||||
Interest rate contracts | Unrealized appreciation on interest rate swaps | 56,040 | ||||||||||
Total | $ | 688,054 | $ | 210,324 |
* | 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. |
82 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
DERIVATIVE TYPE | LOCATIONOF GAINOR (LOSS)ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | REALIZED GAIN OR (LOSS)ON DERIVATIVES | CHANGE IN UNREALIZED APPRECIATIONOR (DEPRECIATION) | |||||||
Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $ | 2,783 | $ | 12,351 | |||||
Total | $ | 2,783 | $ | 12,351 |
CALIFORNIA MUNICIPAL PORTFOLIO | ASSET DERIVATIVES | LIABILITY DERIVATIVES | ||||||||||
DERIVATIVE TYPE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | ||||||||
Interest rate contracts | Receivable for variation margin on centrally cleared swaps | $ | 9,808,678 | * | Payable for variation margin on centrally cleared swaps | $ | 1,720,507 | * | ||||
Interest rate contracts | Unrealized appreciation on interest rate swaps | 1,197,619 | ||||||||||
Credit contracts | Market value on credit default swaps | 573,772 | ||||||||||
Total | $ | 11,006,297 | $ | 2,294,279 |
* | 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 | LOCATIONOF GAINOR (LOSS)ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | REALIZED GAIN OR (LOSS)ON DERIVATIVES | CHANGE IN UNREALIZED APPRECIATIONOR (DEPRECIATION) | |||||||
Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $ | 5,761,160 | $ | (6,310,744 | ) | ||||
Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 446,813 | 125,678 | |||||||
Total | $ | 6,207,973 | $ | (6,185,066 | ) |
2023 Semi-Annual Report | 83 |
Table of Contents
Notes to Financial Statements (continued)
DIVERSIFIED MUNICIPAL PORTFOLIO | ASSET DERIVATIVES | LIABILITY DERIVATIVES | ||||||||||
DERIVATIVE TYPE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | ||||||||
Credit contracts | Unrealized appreciation on credit default swap contracts | Unrealized depreciation on credit default swap contracts | $ | 765,535 | * | |||||||
Interest rate contracts | Receivable for variation margin on centrally cleared swaps | $ | 60,299,597 | * | Payable for variation margin on centrally cleared swaps | 11,957,378 | * | |||||
Interest rate contracts | Unrealized appreciation on interest rate swaps | 5,522,862 | ||||||||||
Credit contracts | Market value on credit default swaps | 2,398,802 | ||||||||||
Total | $ | 65,822,459 | $ | 15,121,715 |
* | 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 | LOCATIONOF GAINOR (LOSS)ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | REALIZED GAIN OR (LOSS)ON DERIVATIVES | CHANGE IN UNREALIZED APPRECIATIONOR (DEPRECIATION) | |||||||
Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $ | 16,252,049 | $ | (19,042,862 | ) | ||||
Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (2,602,543 | ) | (268,221 | ) | |||||
Total | $ | 13,649,506 | $ | (19,311,083 | ) |
NEW YORK MUNICIPAL PORTFOLIO | ASSET DERIVATIVES | LIABILITY DERIVATIVES | ||||||||||
DERIVATIVE TYPE | STATEMENTOF ASSETS LOCATION | FAIR VALUE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | ||||||||
Interest rate contracts | Receivable for variation margin on centrally cleared swaps | $ | 18,424,630 | * | Payable for variation margin on centrally cleared swaps | $ | 4,384,442 | * | ||||
Interest rate contracts | Unrealized appreciation on interest rate swaps | 1,640,626 | ||||||||||
Credit contracts | Market value on credit default swaps | 801,219 | ||||||||||
Total | $ | 20,065,256 | $ | 5,185,661 |
* | 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. |
84 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
DERIVATIVE TYPE | LOCATIONOF GAINOR (LOSS)ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | REALIZED GAIN OR (LOSS)ON DERIVATIVES | CHANGE IN UNREALIZED APPRECIATIONOR (DEPRECIATION) | |||||||
Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $ | 3,953,836 | $ | (3,904,743 | ) | ||||
Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (105,598 | ) | 161,980 | ||||||
Total | $ | 3,848,238 | $ | (3,742,763 | ) |
INTERMEDIATE DURATION PORTFOLIO | ASSET DERIVATIVES | LIABILITY DERIVATIVES | ||||||||||
DERIVATIVE TYPE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | ||||||||
Interest rate contracts | Receivable for variation margin on futures | $ | 10,038,463 | * | Payable for variation margin on futures | $ | 1,941,959 | * | ||||
Interest rate contracts | Receivable for variation margin on centrally cleared swaps | 88,240 | * | |||||||||
Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 707 | Unrealized depreciation on forward currency exchange contracts | 525,976 | ||||||||
Credit contracts | Market value on credit default swaps | 1,636,521 | ||||||||||
Total | $ | 10,127,410 | $ | 4,104,456 |
* | 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 | LOCATIONOF GAINOR (LOSS)ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | REALIZED GAIN OR (LOSS)ON DERIVATIVES | CHANGE IN UNREALIZED APPRECIATIONOR (DEPRECIATION) | |||||||
Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $ | (18,260,374 | ) | $ | 21,162,574 | ||||
Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | (1,376,764 | ) | (1,358,943 | ) | |||||
Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 2,109,859 | (2,375,988 | ) | ||||||
Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (3,297,808 | ) | 1,932,181 | ||||||
Total | $ | (20,825,087 | ) | $ | 19,359,824 |
2023 Semi-Annual Report | 85 |
Table of Contents
Notes to Financial Statements (continued)
SHORT DURATION PLUS PORTFOLIO | ASSET DERIVATIVES | LIABILITY DERIVATIVES | ||||||||||
DERIVATIVE TYPE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | ||||||||
Interest rate contracts | Receivable for variation margin on futures | $ | 957,283 | * | Payable for variation margin on futures | $ | 189,339 | * | ||||
Credit contracts | Payable for variation margin on centrally cleared swaps | 40,827 | * | |||||||||
Interest rate contracts | Receivable for variation margin on centrally cleared swaps | 1,636 | * | |||||||||
Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 107,989 | Unrealized depreciation on forward currency exchange contracts | 7,500 | ||||||||
Total | $ | 1,066,908 | $ | 237,666 |
* | 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 | LOCATIONOF GAINOR (LOSS)ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | REALIZED GAIN OR (LOSS)ON DERIVATIVES | CHANGE IN UNREALIZED APPRECIATIONOR (DEPRECIATION) | |||||||
Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $ | (2,050,518 | ) | $ | 1,988,938 | ||||
Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | (12,892 | ) | 59,005 | ||||||
Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 408,155 | (447,950 | ) | ||||||
Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (351,731 | ) | 210,249 | ||||||
Total | $ | (2,006,986 | ) | $ | 1,810,242 |
EMERGING MARKETS PORTFOLIO | ||||||||
Forward Currency Exchange Contracts: | ||||||||
Average principal amount of buy contracts | $ | 209,036,304 | ||||||
Average principal amount of sale contracts | $ | 178,423,048 |
86 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO | ||||||||
Interest Rate Swaps: | ||||||||
Average notional amount | $ | 580,000 | ||||||
Centrally Cleared Inflation Swaps: | ||||||||
Average notional amount | $ | 10,880,000 |
CALIFORNIA MUNICIPAL PORTFOLIO | ||||||||
Interest Rate Swaps: | ||||||||
Average notional amount | $ | 12,395,000 | ||||||
Centrally Cleared Interest Rate Swaps: | ||||||||
Average notional amount | $ | 67,942,857 | ||||||
Centrally Cleared Inflation Swaps: | ||||||||
Average notional amount | $ | 134,811,429 | ||||||
Credit Default Swaps: | ||||||||
Average notional amount of sale contracts | $ | 3,028,741 | ||||||
Centrally Cleared Credit Default Swaps: | ||||||||
Average notional amount of sale contracts | $ | 8,300,000 | (a) |
(a) | Positions were open for two months during the period. |
DIVERSIFIED MUNICIPAL PORTFOLIO | ||||||||
Interest Rate Swaps: | ||||||||
Average notional amount | $ | 57,160,000 | ||||||
Centrally Cleared Interest Rate Swaps: | ||||||||
Average notional amount | $ | 309,342,857 | ||||||
Centrally Cleared Inflation Swaps: | ||||||||
Average notional amount | $ | 676,320,000 | ||||||
Credit Default Swaps: | ||||||||
Average notional amount of sale contracts | $ | 12,662,443 | ||||||
Centrally Cleared Credit Default Swaps: | ||||||||
Average notional amount of buy contracts | $ | 44,282,857 |
NEW YORK MUNICIPAL PORTFOLIO | ||||||||
Interest Rate Swaps: | ||||||||
Average notional amount | $ | 16,980,000 | ||||||
Centrally Cleared Interest Rate Swaps: | ||||||||
Average notional amount | $ | 124,228,571 | ||||||
Centrally Cleared Inflation Swaps: | ||||||||
Average notional amount | $ | 190,640,000 | ||||||
Credit Default Swaps: | ||||||||
Average notional amount of sale contracts | $ | 4,229,352 |
2023 Semi-Annual Report | 87 |
Table of Contents
Notes to Financial Statements (continued)
INTERMEDIATE DURATION PORTFOLIO | ||||||||
Futures: | ||||||||
Average notional amount of buy contracts | $ | 279,867,157 | ||||||
Average notional amount of sale contracts | $ | 134,401,195 | ||||||
Forward Currency Exchange Contracts: |
| |||||||
Average principal amount of buy contracts | $ | 34,579,237 | (a) | |||||
Average principal amount of sale contracts | $ | 82,695,446 | ||||||
Centrally Cleared Interest Rate Swaps: | ||||||||
Average notional amount | $ | 19,060,000 | ||||||
Credit Default Swaps: | ||||||||
Average notional amount of sale contracts | $ | 14,959,663 | ||||||
Centrally Cleared Credit Default Swaps: | ||||||||
Average notional amount of buy contracts | $ | 19,575,000 | (a) |
(a) | Positions were open for four months during the period. |
SHORT DURATION PLUS PORTFOLIO | ||||||||
Futures: | ||||||||
Average notional amount of buy contracts | $ | 66,597,227 | ||||||
Average notional amount of sale contracts | $ | 24,292,770 | ||||||
Forward Currency Exchange Contracts: | ||||||||
Average principal amount of buy contracts | $ | 1,546,432 | (a) | |||||
Average principal amount of sale contracts | $ | 7,748,814 | ||||||
Centrally Cleared Interest Rate Swaps: | ||||||||
Average notional amount | $ | 2,830,000 | ||||||
Credit Default Swaps: | ||||||||
Average notional amount of sale contracts | $ | 1,743,742 | (a) | |||||
Centrally Cleared Credit Default Swaps: | ||||||||
Average notional amount of buy contracts | $ | 2,770,000 |
(a) | Positions were open for two 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, 2023. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.
88 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
EMERGING MARKETS PORTFOLIO | ||||||||||||||||||||
COUNTERPARTY | DERIVATIVE ASSETS SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL RECEIVED* | SECURITY COLLATERAL RECEIVED* | NET AMOUNT OF DERIVATIVE ASSETS | |||||||||||||||
Bank of America, NA | $ | 103,397 | $ | (103,397 | ) | $ | 0 | $ | 0 | $ | 0 | |||||||||
Barclays Bank PLC | 372,221 | (175,981 | ) | 0 | 0 | 196,240 | ||||||||||||||
BNP Paribas SA | 27,602 | 0 | 0 | 0 | 27,602 | |||||||||||||||
Citibank, NA | 281,192 | (170,379 | ) | 0 | 0 | 110,813 | ||||||||||||||
HSBC Bank USA | 492,096 | (27,023 | ) | 0 | 0 | 465,073 | ||||||||||||||
JPMorgan Chase Bank, NA | 120,246 | (2,514 | ) | 0 | 0 | 117,732 | ||||||||||||||
Morgan Stanley Capital Services, Inc. | 632,737 | (261,494 | ) | (270,000 | ) | 0 | 101,243 | |||||||||||||
State Street Bank & Trust Co. | 206,604 | (29,200 | ) | 0 | 0 | 177,404 | ||||||||||||||
Total | $ | 2,236,095 | $ | (769,988 | ) | $ | (270,000 | ) | $ | 0 | $ | 1,196,107 | ^ | |||||||
COUNTERPARTY | DERIVATIVE LIABILITIES SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL PLEDGED* | SECURITY COLLATERAL PLEDGED* | NET AMOUNT OF DERIVATIVE LIABILITIES | |||||||||||||||
Bank of America, NA | $ | 248,822 | $ | (103,397 | ) | $ | 0 | $ | 0 | $ | 145,425 | |||||||||
Barclays Bank PLC | 175,981 | (175,981 | ) | 0 | 0 | 0 | ||||||||||||||
Citibank, NA | 170,379 | (170,379 | ) | 0 | 0 | 0 | ||||||||||||||
Deutsche Bank AG | 117,786 | 0 | 0 | 0 | 117,786 | |||||||||||||||
Goldman Sachs Bank USA | 273,525 | 0 | 0 | 0 | 273,525 | |||||||||||||||
HSBC Bank USA | 27,023 | (27,023 | ) | 0 | 0 | 0 | ||||||||||||||
JPMorgan Chase Bank, NA | 2,514 | (2,514 | ) | 0 | 0 | 0 | ||||||||||||||
Morgan Stanley Capital Services, Inc. | 261,494 | (261,494 | ) | 0 | 0 | 0 | ||||||||||||||
Standard Chartered Bank | 4,519 | 0 | 0 | 0 | 4,519 | |||||||||||||||
State Street Bank & Trust Co. | 29,200 | (29,200 | ) | 0 | 0 | 0 | ||||||||||||||
Total | $ | 1,311,243 | $ | (769,988 | ) | $ | 0 | $ | 0 | $ | 541,255 | ^ |
* | 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. |
SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO | ||||||||||||||||||||
COUNTERPARTY | DERIVATIVE ASSETS SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL RECEIVED* | SECURITY COLLATERAL RECEIVED* | NET AMOUNT OF DERIVATIVE ASSETS | |||||||||||||||
Citibank, NA | $ | 56,040 | $ | 0 | $ | 0 | $ | 0 | $ | 56,040 | ||||||||||
Total | $ | 56,040 | $ | 0 | $ | 0 | $ | 0 | $ | 56,040 | ^ |
* | 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. |
2023 Semi-Annual Report | 89 |
Table of Contents
Notes to Financial Statements (continued)
CALIFORNIA MUNICIPAL PORTFOLIO | ||||||||||||||||||||
COUNTERPARTY | DERIVATIVE ASSETS SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL RECEIVED* | SECURITY COLLATERAL RECEIVED* | NET AMOUNT OF DERIVATIVE ASSETS | |||||||||||||||
Citibank, NA/Citigroup Global Markets, Inc. | $ | 1,197,619 | $ | (184,383 | ) | $ | (1,013,236 | ) | $ | 0 | $ | 0 | ||||||||
Total | $ | 1,197,619 | $ | (184,383 | ) | $ | (1,013,236 | ) | $ | 0 | $ | 0 | ^ | |||||||
COUNTERPARTY | DERIVATIVE LIABILITIES SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL PLEDGED* | SECURITY COLLATERAL PLEDGED* | NET AMOUNTOF DERIVATIVE LIABILITIES | |||||||||||||||
Citibank, NA/Citigroup Global Markets, Inc. | $ | 184,383 | $ | (184,383 | ) | $ | 0 | $ | 0 | $ | 0 | |||||||||
Credit Suisse International | 258,865 | 0 | (258,865 | ) | 0 | 0 | ||||||||||||||
Goldman Sachs International | 130,524 | 0 | 0 | (130,524 | ) | 0 | ||||||||||||||
Total | $ | 573,772 | $ | (184,383 | ) | $ | (258,865 | ) | $ | (130,524 | ) | $ | 0 | ^ |
* | 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. |
DIVERSIFIED MUNICIPAL PORTFOLIO | ||||||||||||||||||||
COUNTERPARTY | DERIVATIVE ASSETS SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL RECEIVED* | SECURITY COLLATERAL RECEIVED* | NET AMOUNT OF DERIVATIVE ASSETS | |||||||||||||||
Citibank, NA/Citigroup Global Markets, Inc. | $ | 5,522,862 | $ | (264,687 | ) | $ | (5,258,175 | ) | $ | 0 | $ | 0 | ||||||||
Total | $ | 5,522,862 | $ | (264,687 | ) | $ | (5,258,175 | ) | $ | 0 | $ | 0 | ^ | |||||||
COUNTERPARTY | DERIVATIVE LIABILITIES SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL PLEDGED* | SECURITY COLLATERAL PLEDGED* | NET AMOUNTOF DERIVATIVE LIABILITIES | |||||||||||||||
Citibank, NA/Citigroup Global Markets, Inc. | $ | 264,687 | $ | (264,687 | ) | $ | 0 | $ | 0 | $ | 0 | |||||||||
Credit Suisse International | 1,509,759 | 0 | (1,421,600 | ) | 0 | 88,159 | ||||||||||||||
Goldman Sachs International | 624,356 | 0 | (576,500 | ) | 0 | 47,856 | ||||||||||||||
Total | $ | 2,398,802 | $ | (264,687 | ) | $ | (1,998,100 | ) | $ | 0 | $ | 136,015 | ^ |
* | 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. |
90 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
NEW YORK MUNICIPAL PORTFOLIO | ||||||||||||||||||||
COUNTERPARTY | DERIVATIVE ASSETS SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL RECEIVED* | SECURITY COLLATERAL RECEIVED* | NET AMOUNT OF DERIVATIVE ASSETS | |||||||||||||||
Citibank, NA/Citigroup Global Markets, Inc. | $ | 1,640,626 | $ | (88,432 | ) | $ | (1,552,194 | ) | $ | 0 | $ | 0 | ||||||||
Total | $ | 1,640,626 | $ | (88,432 | ) | $ | (1,552,194 | ) | $ | 0 | $ | 0 | ^ | |||||||
COUNTERPARTY | DERIVATIVE LIABILITIES SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL PLEDGED* | SECURITY COLLATERAL PLEDGED* | NET AMOUNTOF DERIVATIVE LIABILITIES | |||||||||||||||
Citibank, NA/Citigroup Global Markets, Inc. | $ | 88,432 | $ | (88,432 | ) | $ | 0 | $ | 0 | $ | 0 | |||||||||
Credit Suisse International | 504,264 | 0 | (465,200 | ) | (15,158 | ) | 23,906 | |||||||||||||
Goldman Sachs International | 208,523 | 0 | 0 | (208,523 | ) | 0 | ||||||||||||||
Total | $ | 801,219 | $ | (88,432 | ) | $ | (465,200 | ) | $ | (223,681 | ) | $ | 23,906 | ^ |
* | 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. |
INTERMEDIATE DURATION PORTFOLIO | ||||||||||||||||||||
COUNTERPARTY | DERIVATIVE ASSETS SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL RECEIVED* | SECURITY COLLATERAL RECEIVED* | NET AMOUNT OF DERIVATIVE ASSETS | |||||||||||||||
State Street Bank & Trust Co. | $ | 707 | $ | 0 | $ | 0 | $ | 0 | $ | 707 | ||||||||||
Total | $ | 707 | $ | 0 | $ | 0 | $ | 0 | $ | 707 | ^ | |||||||||
COUNTERPARTY | DERIVATIVE LIABILITIES SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL PLEDGED* | SECURITY COLLATERAL PLEDGED* | NET AMOUNTOF DERIVATIVE LIABILITIES | |||||||||||||||
Bank of America, NA | $ | 525,976 | $ | 0 | $ | 0 | $ | 0 | $ | 525,976 | ||||||||||
Citigroup Global Markets, Inc. | 194,085 | 0 | 0 | (194,085 | ) | 0 | ||||||||||||||
Credit Suisse International | 166,915 | 0 | 0 | (166,915 | ) | 0 | ||||||||||||||
Goldman Sachs International | 1,033,275 | 0 | 0 | (997,210 | ) | 36,065 | ||||||||||||||
Morgan Stanley Capital Services LLC | 242,246 | 0 | 0 | (242,246 | ) | 0 | ||||||||||||||
Total | $ | 2,162,497 | $ | 0 | $ | 0 | $ | (1,600,456 | ) | $ | 562,041 | ^ |
* | 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. |
2023 Semi-Annual Report | 91 |
Table of Contents
Notes to Financial Statements (continued)
SHORT DURATION PLUS PORTFOLIO | ||||||||||||||||||||
COUNTERPARTY | DERIVATIVE ASSETS SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL RECEIVED* | SECURITY COLLATERAL RECEIVED* | NET AMOUNT OF DERIVATIVE ASSETS | |||||||||||||||
State Street Bank & Trust Co. | $ | 107,989 | $ | (7,500 | ) | $ | 0 | $ | 0 | $ | 100,489 | |||||||||
Total | $ | 107,989 | $ | (7,500 | ) | $ | 0 | $ | 0 | $ | 100,489 | ^ | ||||||||
COUNTERPARTY | DERIVATIVE LIABILITIES SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL PLEDGED* | SECURITY COLLATERAL PLEDGED* | NET AMOUNTOF DERIVATIVE LIABILITIES | |||||||||||||||
State Street Bank & Trust Co. | $ | 7,500 | $ | (7,500 | ) | $ | 0 | $ | 0 | $ | 0 | |||||||||
Total | $ | 7,500 | $ | (7,500 | ) | $ | 0 | $ | 0 | $ | 0 | ^ |
* | 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. |
C. | Currency Transactions |
The Emerging Markets, Intermediate Duration and Short Duration Plus 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).
D. | TBA and Dollar Rolls |
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.
The Intermediate Duration 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 Portfolio’s 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, 2023, Intermediate Duration Portfolio earned drop income of $203,546, which is included in interest income in the accompanying statement of operations.
92 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
NOTE 4. | Distributions to Shareholders |
The tax character of distributions to be paid for the year ending September 30, 2023 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended September 30, 2022 and September 30, 2021 were as follows:
PORTFOLIO | 2022 | 2021 | ||||||
Emerging Markets | ||||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 31,590,201 | $ | 25,337,814 | ||||
Long-term capital gains | 96,118,112 | 0 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 127,708,313 | $ | 25,337,814 | ||||
|
|
|
| |||||
Short Duration Diversified Municipal | ||||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 125,273 | $ | 23,327 | ||||
Long-term capital gains | 0 | 0 | ||||||
|
|
|
| |||||
Total taxable distributions | 125,273 | 23,327 | ||||||
Tax exempt distributions | 1,722,584 | 1,911,615 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 1,847,857 | $ | 1,934,942 | ||||
|
|
|
| |||||
California Municipal | ||||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 577,641 | $ | 412,224 | ||||
Long-term capital gains | 0 | 0 | ||||||
|
|
|
| |||||
Total taxable distributions | 577,641 | 412,224 | ||||||
Tax exempt distributions | 20,878,576 | 22,592,812 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 21,456,217 | $ | 23,005,036 | ||||
|
|
|
| |||||
Diversified Municipal | ||||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 3,126,374 | $ | 3,286,540 | ||||
Long-term capital gains | 0 | 0 | ||||||
|
|
|
| |||||
Total taxable distributions | 3,126,374 | 3,286,540 | ||||||
Tax exempt distributions | 117,272,032 | 118,404,005 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 120,398,406 | $ | 121,690,545 | ||||
|
|
|
| |||||
New York Municipal | ||||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 938,188 | $ | 965,122 | ||||
Long-term capital gains | 0 | 0 | ||||||
|
|
|
| |||||
Total taxable distributions | 938,188 | 965,122 | ||||||
Tax exempt distributions | 30,193,428 | 32,163,171 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 31,131,616 | $ | 33,128,293 | ||||
|
|
|
| |||||
2023 Semi-Annual Report | 93 |
Table of Contents
Notes to Financial Statements (continued)
PORTFOLIO | 2022 | 2021 | ||||||
Intermediate Duration | ||||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 59,305,742 | $ | 90,958,859 | ||||
Long-term capital gains | 37,219,499 | 45,450,546 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 96,525,241 | $ | 136,409,405 | ||||
|
|
|
| |||||
Short Duration Plus | ||||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 1,831,719 | $ | 2,361,508 | ||||
Long-term capital gains | 0 | 0 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 1,831,719 | $ | 2,361,508 | ||||
|
|
|
|
As of September 30, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:
PORTFOLIO | UNDISTRIBUTED INCOME(a) | UNDISTRIBUTED LONG TERM CAPITAL GAINS | ACCUMULATED CAPITAL AND OTHER LOSSES(b) | UNREALIZED APPRECIATION | TOTAL ACCUMULATED EARNINGS/ (DEFICIT)(d) | |||||||||||||||
Emerging Markets | $ | 16,525,771 | $ | 0 | $ | (29,474,161 | ) | $ | (191,627,577 | ) | $ | (204,575,967 | ) | |||||||
Short Duration Diversified Municipal | 51,225 | 0 | (1,797,799 | ) | (9,567,655 | ) | (11,314,229 | ) | ||||||||||||
California Municipal | 0 | 0 | (8,421,400 | ) | (60,015,011 | ) | (68,436,411 | ) | ||||||||||||
Diversified Municipal | 0 | 0 | (30,424,611 | ) | (301,473,873 | ) | (331,898,484 | ) | ||||||||||||
New York Municipal | 0 | 0 | (22,914,638 | ) | (81,931,357 | ) | (104,845,995 | ) | ||||||||||||
Intermediate Duration | 0 | 0 | (148,662,338 | ) | (429,818,769 | ) | (578,481,107 | ) | ||||||||||||
Short Duration Plus | 141,322 | 0 | (17,190,991 | ) | (10,032,924 | ) | (27,082,593 | ) |
(a) | Includes tax exempt income as shown below: |
Short Duration Diversified Municipal | $ | 51,225 |
(b) | As of September 30, 2022, certain Portfolios had capital loss carryforwards for federal income tax purposes. As of September 30, 2022, Emerging Markets Portfolio and Intermediate Duration Portfolio deferred $29,474,161, and $148,662,338, respectively, in post-October losses. These losses will be treated as arising on October 1, 2022. As of September 30, 2022 Short Duration Plus Portfolio deferred $1,192 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, 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 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.
94 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
As of September 30, 2022, the following Portfolios had net capital loss carryforwards as follows:
PORTFOLIO | SHORT-TERM AMOUNT | LONG-TERM AMOUNT | ||||||
Emerging Markets | $ | 0 | $ | 0 | ||||
Short Duration Diversified Municipal | 785,259 | 1,012,540 | ||||||
California Municipal | 8,421,400 | 0 | ||||||
Diversified Municipal | 30,424,611 | 0 | ||||||
New York Municipal | 22,914,638 | 0 | ||||||
Intermediate Duration Portfolio | 0 | 0 | ||||||
Short Duration Plus | 5,479,273 | 11,710,526 |
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. During periods of very low or negative interest rates, the Portfolios’ returns may be adversely affected, including to such an extent that the Portfolios may be unable to maintain positive returns. The Portfolios may be subject to a greater risk of rising interest rates than would normally be the case due to the recent tightening of the U.S. Federal Reserve’s monetary policy, which has caused the Federal Reserve to increase short-term interest rates in an effort to address rising inflation.
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 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. There have been some municipal issuers that have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may get worse, particularly in light of the economic impact of the recent spread of an infectious coronavirus (COVID-19). 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
2023 Semi-Annual Report | 95 |
Table of Contents
Notes to Financial Statements (continued)
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 Portfolios may invest in municipal securities of issuers in Puerto Rico or other U.S. territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities 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, worsened by the spread of COVID-19 and the adverse effect that related governmental and public responses have had on Puerto Rico’s economy. 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. Rates of inflation have recently risen, which have adversely affected economies and markets. Rising inflation has caused the Federal Reserve and other central banks to take actions—including raising interest rates—that have caused further adverse effects to economies and markets, and more such actions may be forthcoming.
Non-diversification Risk—Concentration of investments in a small number of securities tends to increase risk. The New York Municipal and California Municipal Portfolios are not “diversified”, meaning they can invest more of their assets in a relatively small number of issuers with greater concentration of risk. Matters affecting these issuers can have a more significant effect on the Portfolios’ NAV.
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.
Emerging-Markets Securities Risk—Investments in foreign securities entail significant risks in addition to those customarily associated with investing in U.S. equities. 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. These risks are heightened with respect to issuers in emerging-market countries because the markets are less developed and less liquid and there may be a greater amount of economic, political and social uncertainty, and these risks are even more pronounced in “frontier” markets, which are investable markets with lower total market capitalization and
96 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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. In addition, the value of the Portfolios’ investments may decline because of factors such as unfavorable or unsuccessful government actions and reduction of government or central bank support.
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, 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 (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portflios. 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 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.
2023 Semi-Annual Report | 97 |
Table of Contents
Notes to Financial Statements (continued)
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, 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). The value of the U.S. Dollar has recently appreciated in value against most foreign currencies, which may negatively affect the value of the Portfolios’ foreign investments when converted to U.S. Dollars.
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 securities prices and, therefore, share prices of 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.
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 ADRs, impairing the ability of the Portfolios 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.
Tax Risk—There is no guarantee that the income on the Portfolios’ municipal securities will be exempt from regular federal income, and if applicable, state income taxes. Unfavorable legislation, adverse interpretations by federal or state
98 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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 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. From time to time, the US government and the U.S Congress 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.
Capitalization Risk—Investments in small-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies may have limited product lines, markets or financial resources. The prices of securities of small-capitalization companies generally are more volatile than those of large-capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of small-capitalization companies may underperform large capitalization companies, may be harder to sell at times or at prices the portfolio managers believe appropriate and may have greater potential for losses.
Allocation Risk—The allocation of investments among investment disciplines may have a significant effect on the Portfolios’ performance when the investment disciplines in which the Portfolios have greater exposure perform worse than the investment disciplines with less exposure. Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. The Portfolios may allocate a significant portion of its assets to securities of companies in broadly related industries within an economic sector. Companies in the same sector may be similarly affected by economic or market events, making the Portfolios more vulnerable to unfavorable developments in that sector than funds that invest more broadly.
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.
Riskier than a Money-Market Fund—Although the Short Duration Portfolios maintain a short overall duration, they invest in securities with longer maturities and in some cases lower quality than the assets of the type of mutual fund known as a money-market fund. The risk of a decline in the market value of the Portfolios is greater than for a money-market fund since the credit quality of the Portfolios’ securities may be lower and the effective duration of the Portfolios will be longer.
LIBOR Transition and Associated Risk—The Portfolios may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. As announced by the FCA and LIBOR’s administrator, ICE Benchmark Administration, most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) have not been published since the end of 2021, but the most widely used U.S. Dollar LIBOR settings are expected to continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the Secured Overnight Financing Rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the law by identifying benchmark rates based on SOFR that will replace LIBOR in different categories of financial contracts after June 30, 2023. The regulations include provisions
2023 Semi-Annual Report | 99 |
Table of Contents
Notes to Financial Statements (continued)
that (i) provide a safe harbor for selection or use of a replacement benchmark rate selected by the Federal Reserve Board; (ii) clarify who may choose the replacement benchmark rate selected by the Federal Reserve Board; and (iii) ensure that contracts adopting a replacement benchmark rate selected by the Federal Reserve Board will not be interrupted or terminated following the replacement of LIBOR.
The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolios’ performance and/or NAV. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting the Portfolios’ performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.
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 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 assets, customer data (including private shareholder information), or proprietary information, or cause the Portfolios, 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.
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.
100 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
NOTE 6. | Capital-Share Transactions |
The Fund has authorized 17.5 billion shares of common stock, par value $0.001 per share, of which 10.0 billion shares are allocated to the SCB Portfolios. The allocation is as follows:
ALLOCATIONOF 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 | |||||||||||||||||||||||||||
Emerging Markets | 200 | 0 | 0 | 0 | 0 | 0 | 300 | 0 | 500 | |||||||||||||||||||||||||||
Short Duration Diversified Municipal | 100 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100 | |||||||||||||||||||||||||||
California Municipal | 200 | 200 | 200 | 200 | 200 | 0 | 200 | 300 | 1,500 | |||||||||||||||||||||||||||
Diversified Municipal | 800 | 400 | 400 | 400 | 400 | 0 | 600 | 300 | 3,300 | |||||||||||||||||||||||||||
New York Municipal | 400 | 200 | 200 | 200 | 200 | 0 | 200 | 300 | 1,700 | |||||||||||||||||||||||||||
Intermediate Duration | 600 | 300 | 0 | 0 | 300 | 0 | 400 | 0 | 1,600 | |||||||||||||||||||||||||||
Short Duration Plus | 200 | 200 | 200 | 200 | 0 | 200 | 0 | 300 | 1,300 |
Share transactions for each Portfolio for the six months ended March 31, 2023 and the year ended September 30, 2022, were as follows:
EMERGING MARKETS PORTFOLIO | ||||||||||||||||||||
SHARES | AMOUNT | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
Emerging Markets Class Shares |
| |||||||||||||||||||
Shares sold | 2,741,113 | 3,685,661 | $ | 65,163,743 | $ | 104,232,916 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends and distributions | 395,029 | 3,307,543 | 9,370,090 | 100,979,276 | ||||||||||||||||
Shares redeemed | (3,273,238 | ) | (3,607,740 | ) | (78,397,981 | ) | (100,444,166 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (137,096 | ) | 3,385,464 | $ | (3,864,148 | ) | $ | 104,768,026 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Class Z Shares |
| |||||||||||||||||||
Shares issued to shareholders on reinvestment of dividends and distributions | 112,430 | 649,984 | 2,665,705 | 19,850,514 | ||||||||||||||||
Shares redeemed | (160,982 | ) | (217,209 | ) | (3,965,133 | ) | (6,074,943 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (48,552 | ) | 432,775 | $ | (1,299,428 | ) | $ | 13,775,571 | ||||||||||||
|
|
|
|
|
|
|
|
2023 Semi-Annual Report | 101 |
Table of Contents
Notes to Financial Statements (continued)
SHORT DURATION DIVERSIFIED MUNICIPAL PORTFOLIO | ||||||||||||||||||||
SHARES | AMOUNT | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
Shares sold | 8,473,834 | 15,864,467 | $ | 103,711,633 | $ | 198,031,690 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends and distributions | 141,629 | 126,694 | 1,737,875 | 1,578,267 | ||||||||||||||||
Shares redeemed | (5,734,806 | ) | (19,443,823 | ) | (70,345,481 | ) | (243,044,047 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 2,880,657 | (3,452,662 | ) | $ | 35,104,027 | $ | (43,434,090 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CALIFORNIA MUNICIPAL PORTFOLIO | ||||||||||||||||||||
SHARES | AMOUNT | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
Municipal Class Shares |
| |||||||||||||||||||
Shares sold | 23,560,764 | 12,311,797 | $ | 318,257,049 | $ | 174,656,807 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends | 630,126 | 1,009,552 | 8,570,105 | 14,102,842 | ||||||||||||||||
Shares redeemed | (28,882,376 | ) | (26,842,110 | ) | (389,867,551 | ) | (375,193,360 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (4,691,486 | ) | (13,520,761 | ) | $ | (63,040,397 | ) | $ | (186,433,711 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Class A Shares |
| |||||||||||||||||||
Shares sold | 404,699 | 1,171,581 | $ | 5,469,935 | $ | 16,109,805 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends | 30,203 | 42,872 | 410,828 | 599,060 | ||||||||||||||||
Shares converted from Class C | 1,127 | 25,586 | 14,992 | 355,254 | ||||||||||||||||
Shares redeemed | (1,268,192 | ) | (2,160,119 | ) | (17,126,375 | ) | (30,181,052 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (832,163 | ) | (920,080 | ) | $ | (11,230,620 | ) | $ | (13,116,933 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Class C Shares |
| |||||||||||||||||||
Shares sold | 46,053 | 48,267 | $ | 627,230 | $ | 703,388 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends | 1,180 | 1,270 | 16,071 | 17,673 | ||||||||||||||||
Shares converted to Class A | (1,127 | ) | (25,591 | ) | (14,992 | ) | (355,254 | ) | ||||||||||||
Shares redeemed | (64,397 | ) | (79,832 | ) | (875,400 | ) | (1,134,319 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (18,291 | ) | (55,886 | ) | $ | (247,091 | ) | $ | (768,512 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Advisor Class Shares |
| |||||||||||||||||||
Shares sold | 3,789,925 | 8,408,826 | $ | 51,226,360 | $ | 116,124,287 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends | 67,596 | 72,507 | 919,820 | 1,009,693 | ||||||||||||||||
Shares redeemed | (2,231,480 | ) | (6,432,742 | ) | (30,277,223 | ) | (89,513,747 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase | 1,626,041 | 2,048,591 | $ | 21,868,957 | $ | 27,620,233 | ||||||||||||||
|
|
|
|
|
|
|
|
102 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
DIVERSIFIED MUNICIPAL PORTFOLIO | ||||||||||||||||||||
SHARES | AMOUNT | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
Municipal Class Shares |
| |||||||||||||||||||
Shares sold | 66,893,603 | 50,300,036 | $ | 907,932,540 | $ | 719,443,646 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends and distributions | 2,791,243 | 5,053,908 | 38,114,014 | 71,413,394 | ||||||||||||||||
Shares redeemed | (97,119,839 | ) | (98,087,052 | ) | (1,318,912,501 | ) | (1,380,384,877 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (27,434,993 | ) | (42,733,108 | ) | $ | (372,865,947 | ) | $ | (589,527,837 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Class A Shares |
| |||||||||||||||||||
Shares sold | 4,040,832 | 5,709,516 | $ | 55,072,671 | $ | 80,501,672 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends and distributions | 127,259 | 219,371 | 1,738,605 | 3,102,384 | ||||||||||||||||
Shares converted from Class C | 74,441 | 177,812 | 1,009,698 | 2,519,088 | ||||||||||||||||
Shares redeemed | (6,328,238 | ) | (10,147,772 | ) | (86,285,597 | ) | (143,973,903 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (2,085,706 | ) | (4,041,073 | ) | $ | (28,464,623 | ) | $ | (57,850,759 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Class C Shares |
| |||||||||||||||||||
Shares sold | 208,245 | 252,296 | $ | 2,836,953 | $ | 3,523,929 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends and distributions | 5,599 | 8,337 | 76,464 | 117,462 | ||||||||||||||||
Shares converted to Class A | (74,463 | ) | (177,882 | ) | (1,009,698 | ) | (2,519,088 | ) | ||||||||||||
Shares redeemed | (253,341 | ) | (319,560 | ) | (3,462,908 | ) | (4,525,288 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (113,960 | ) | (236,809 | ) | $ | (1,559,189 | ) | $ | (3,402,985 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Advisor Class Shares |
| |||||||||||||||||||
Shares sold | 10,893,377 | 24,470,151 | $ | 148,348,572 | $ | 343,696,163 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends and distributions | 266,288 | 444,293 | 3,631,891 | 6,259,866 | ||||||||||||||||
Shares redeemed | (14,915,108 | ) | (20,054,547 | ) | (202,889,044 | ) | (280,936,037 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (3,755,443 | ) | 4,859,897 | $ | (50,908,581 | ) | $ | 69,019,992 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Class Z Shares |
| |||||||||||||||||||
Shares sold | 4,596,759 | 13,103,740 | $ | 62,591,585 | $ | 184,345,229 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends and distributions | 373,422 | 613,484 | 5,103,781 | 8,662,120 | ||||||||||||||||
Shares redeemed | (6,748,060 | ) | (12,632,970 | ) | (91,695,415 | ) | (177,063,628 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,777,879 | ) | 1,084,254 | $ | (24,000,049 | ) | $ | 15,943,721 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
2023 Semi-Annual Report | 103 |
Table of Contents
Notes to Financial Statements (continued)
NEW YORK MUNICIPAL PORTFOLIO | ||||||||||||||||||||
SHARES | AMOUNT | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
Municipal Class Shares |
| |||||||||||||||||||
Shares sold | 34,999,846 | 12,059,783 | $ | 457,844,911 | $ | 165,908,471 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends | 832,012 | 1,603,025 | 10,974,372 | 21,850,536 | ||||||||||||||||
Shares redeemed | (40,481,690 | ) | (27,280,993 | ) | (529,547,580 | ) | (368,640,545 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (4,649,832 | ) | (13,618,185 | ) | $ | (60,728,297 | ) | $ | (180,881,538 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Class A Shares |
| |||||||||||||||||||
Shares sold | 400,908 | 471,554 | $ | 5,287,953 | $ | 6,366,675 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends | 48,686 | 85,207 | 641,907 | 1,160,365 | ||||||||||||||||
Shares converted from Class C | 36,342 | 113,133 | 479,447 | 1,531,169 | ||||||||||||||||
Shares redeemed | (1,211,496 | ) | (1,374,303 | ) | (15,979,782 | ) | (18,878,182 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (725,560 | ) | (704,409 | ) | $ | (9,570,475 | ) | $ | (9,819,973 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Class C Shares |
| |||||||||||||||||||
Shares sold | 29,192 | 36,928 | $ | 386,306 | $ | 511,114 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends | 2,120 | 3,839 | 27,966 | 52,286 | ||||||||||||||||
Shares converted to Class A | (36,342 | ) | (113,130 | ) | (479,447 | ) | (1,531,169 | ) | ||||||||||||
Shares redeemed | (61,035 | ) | (129,865 | ) | (800,983 | ) | (1,788,068 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (66,065 | ) | (202,228 | ) | $ | (866,158 | ) | $ | (2,755,837 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Advisor Class Shares |
| |||||||||||||||||||
Shares sold | 971,684 | 2,313,427 | $ | 12,835,871 | $ | 31,324,777 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends | 37,605 | 60,903 | 495,784 | 830,273 | ||||||||||||||||
Shares redeemed | (1,138,827 | ) | (2,328,084 | ) | (14,946,397 | ) | (31,563,707 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (129,538 | ) | 46,246 | $ | (1,614,742 | ) | $ | 591,343 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
104 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
INTERMEDIATE DURATION PORTFOLIO | ||||||||||||||||||||
SHARES | AMOUNT | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
Intermediate Duration Class Shares |
| |||||||||||||||||||
Shares sold | 21,723,936 | 31,316,820 | $ | 246,323,206 | $ | 395,481,316 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends and distributions | 3,173,437 | 6,326,514 | 35,869,933 | 80,755,796 | ||||||||||||||||
Shares redeemed | (22,695,612 | ) | (45,054,689 | ) | (256,236,616 | ) | (560,890,334 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 2,201,761 | (7,411,355 | ) | $ | 25,956,523 | $ | (84,653,222 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Class A Shares |
| |||||||||||||||||||
Shares sold | 3,115 | 2,869 | $ | 35,745 | $ | 36,572 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends and distributions | 625 | 1,293 | 7,073 | 16,533 | ||||||||||||||||
Shares redeemed | (7,378 | ) | (81,780 | ) | (83,327 | ) | (1,086,408 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (3,638 | ) | (77,618 | ) | $ | (40,509 | ) | $ | (1,033,303 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Advisor Class Shares |
| |||||||||||||||||||
Shares sold | 8,012 | 0 | $ | 92,054 | $ | 0 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends and distributions | 54 | 2 | 617 | 33 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase | 8,066 | 2 | $ | 92,671 | $ | 33 | ||||||||||||||
|
|
|
|
|
|
|
|
There were no transactions in capital shares of Class Z shares for the six months ended March 31, 2023 and the year ended September 30, 2022.
SHORT DURATION PLUS PORTFOLIO | ||||||||||||||||||||
SHARES | AMOUNT | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
Short Duration Plus Class Shares |
| |||||||||||||||||||
Shares sold | 6,793,915 | 16,273,311 | $ | 74,633,447 | $ | 183,646,854 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends | 317,464 | 117,287 | 3,491,912 | 1,321,157 | ||||||||||||||||
Shares redeemed | (11,808,626 | ) | (7,977,343 | ) | (129,622,877 | ) | (91,363,133 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (4,697,247 | ) | 8,413,255 | $ | (51,497,518 | ) | $ | 93,604,878 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
2023 Semi-Annual Report | 105 |
Table of Contents
Notes to Financial Statements (continued)
SHORT DURATION PLUS PORTFOLIO | ||||||||||||||||||||
SHARES | AMOUNT | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
Class A Shares |
| |||||||||||||||||||
Shares sold | 139,075 | 659,486 | $ | 1,528,898 | $ | 7,508,658 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends | 12,600 | 2,223 | 138,644 | 24,860 | ||||||||||||||||
Shares converted from Class C | 5,506 | 7,817 | 60,249 | 88,635 | ||||||||||||||||
Shares redeemed | (260,253 | ) | (733,314 | ) | (2,865,746 | ) | (8,329,493 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (103,072 | ) | (63,788 | ) | $ | (1,137,955 | ) | $ | (707,340 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Class C Shares |
| |||||||||||||||||||
Shares sold | 29,128 | 65,930 | $ | 319,227 | $ | 734,582 | ||||||||||||||
Shares issued to shareholders on reinvestment of dividends | 1,094 | 111 | 12,017 | 1,244 | ||||||||||||||||
Shares converted to Class A | (5,516 | ) | (7,835 | ) | (60,249 | ) | (88,635 | ) | ||||||||||||
Shares redeemed | (1,529 | ) | (29,129 | ) | (16,770 | ) | (328,116 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase | 23,177 | 29,077 | $ | 254,225 | $ | 319,075 | ||||||||||||||
|
|
|
|
|
|
|
|
At March 31, 2023, certain AllianceBernstein mutual funds owned 13% of Emerging Markets Portfolio in aggregate of the Portfolio’s shares outstanding. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.
NOTE 7. | Recent Accounting Pronouncements |
In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbankoffered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.
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.
106 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Sanford C. Bernstein Fund, Inc.
BOARDOF DIRECTORS
Debra Perry*
Chair
R. Jay Gerken*
Director
Jeffrey R. Holland*
Director
William Kristol*
Director
Michelle McCloskey*
Director
Donald K. Peterson*
Director
OFFICERS
Alex Chaloff
President
Sergey Davalchenko(1)
Vice President
Daryl Clements(1)
Vice President
Matthew S. Sheridan(1)
Vice President
Matthew J. Norton(1)
Vice President
Andrew Potter(1)
Vice President
Michael Canter(1)
Vice President
Stuart Rae(1)
Vice President
Nelson Yu(1)
Vice President
Nancy E. Hay
Secretary
Michael B. Reyes
Senior Vice President
Joseph J. Mantineo
Treasurer and Chief Financial Officer
Phyllis J. Clarke
Controller
Jennifer Friedland
Chief Compliance Officer
INDEPENDENT REGISTEREDPUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP
300 Madison Avenue New York, NY 10017
LEGAL COUNSEL
Willkie Farr & Gallagher LLP
787 Seventh Avenue New York, NY 10019
CUSTODIANAND ACCOUNTING AGENT
State Street Bank and Trust Company
State Street Corporation CCB/5
One Congress Street, Suite 1
Boston, MA 02114
DISTRIBUTORS+
Sanford C. Bernstein & Co., LLC
1345 Avenue of the Americas
New York, NY 10105
AllianceBernstein Investments, Inc.
501 Commerce Street
Nashville, TN 37203
TRANSFER AGENTS
AllianceBernstein Investor Services, Inc.
P.O. Box 786003
San Antonio, TX 78278
DST Asset Manager Solutions
2000 Crown Colony Drive Quincy, MA 02169
INVESTMENT ADVISER
AllianceBernstein L.P.
501 Commerce Street
Nashville, TN 37203
* Member of the Audit Committee, the Governance, Nominating and Compensation Committee, and the Independent Directors Committee.
(1) The day-to-day management of, and investment decisions for, the Emerging Markets Portfolio are made by the Emerging Markets Team; Messrs. Rae, Davalchenko and Yu are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s Portfolio. The day-to-day management of, and investment decisions for, the Short Duration Plus Portfolio are made by the U.S. Investment Grade: Liquid Markets Structured Products Investment Team; Messrs. Canter and Sheridan are the professionals with the most significant responsibility for the day-to-day management of the Fund’s Portfolio. The day-to-day management of, and investment decisions for, the Intermediate Duration Portfolio are made by the U.S. Investment Grade: Core Fixed Income Team; Messrs. Canter and Sheridan are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s Portfolio. The day-to-day management of, and investment decisions for, the Fixed Income Municipal Portfolios are made by the Municipal Bond Investment Team; Messrs. Clements, Norton and Potter are the investment professionals with the most significant responsibility for the day-to-day management of the Funds’ Portfolios.
+ Sanford C. Bernstein & Co., LLC acts as distributor to sell SCB Class shares of the Portfolios. AllianceBernstein Investments, Inc. acts as the principal underwriter and distributor of the Portfolios’ Class A, Class C, Class Z and Advisor Class shares. Advisor Class shares and Class Z shares are not subject to the Rule 12b-1 asset based sales charges.
2023 Semi-Annual Report | 107 |
Table of Contents
Operation and Effectiveness of the Portfolios’ Liquidity Risk Management Program:
In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.
One of the requirements of the Liquidity Rule is for the Portfolios to designate an Administrator of the Portfolios’ Liquidity Risk Management Program. The Administrator of the Portfolios’ LRMP is AllianceBernstein L.P., the Portfolios’ investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).
Another requirement of the Liquidity Rule is for the Portfolios’ Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolios’ LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2023, which covered the period January 1, 2022 through December 31, 2022 (the “Program Reporting Period”).
The LRMP’s principal objectives include supporting the Portfolios’ compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolios will be unable to meet their redemption obligations in a timely manner.
Pursuant to the LRMP, the Portfolios classify the liquidity of their portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.
During the Program Reporting Period, the Committee reviewed whether the Portfolios’ strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolios participated in derivative transactions, the exposure from such transactions were considered in the LRMP.
The Committee also performed an analysis to determine whether the Portfolios are required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolios’ reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.
The Adviser informed the Fund Board that the Committee believes the Portfolios’ LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Portfolios or their ability to timely meet redemptions during the Program Reporting Period.
108 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Board Consideration of Investment Management Arrangement
Sanford C. Bernstein Fund, Inc. (the “Fund”) is subject to Section 15 of the Investment Company Act of 1940, as amended. Section 15 provides that any investment advisory agreement with a registered investment company such as the Fund may continue in effect for a period of more than two years from the date of its execution, only so long as such continuance is specifically approved at least annually by the board of directors (or by vote of a majority of the outstanding voting securities of the investment company). Pursuant to this requirement, the Fund’s Board of Directors, including the Directors who are not interested persons of the Fund (the “Independent Directors”), unanimously approved the continuation of the Investment Management Agreement between the Fund, on behalf of the Emerging Markets, Short Duration Diversified Municipal, New York Municipal, California Municipal, Diversified Municipal, Short Duration Plus, Intermediate Duration, Overlay A, Tax-Aware Overlay A, Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios (each, a “Portfolio” and collectively, the “Portfolios”) of the Fund, and AllianceBernstein L.P. (the “Adviser”)( the “Investment Management Agreement”) at a meeting held on October 26-27, 2022.
The following discussion describes the considerations in connection with the Board’s review of the Investment Management Agreement.
In connection with the annual review of the continuation of the Investment Management Agreement between the Fund and the Adviser, counsel to the Independent Directors sent a letter to the Adviser dated August 10, 2022, that contained a list of information requested by the Independent Directors to conduct their annual review. The Board of Directors, including the Independent Directors, met by video conference and received and evaluated extensive materials relating to the continuation of the Investment Management Agreement from the Adviser. In addition, the Board received materials from the Senior Vice president of the Fund and an independent fee consultant as described below. On September 29, 2022, the Board of Directors held a video conference meeting to discuss its review of the Investment Management Agreement and the materials the Directors had been provided. At that meeting, the Independent Directors met separately with their independent counsel and the Senior Vice President and the independent fee consultant in executive sessions. Following the September 29, 2022 meeting, the Independent Directors, through counsel, requested certain additional information by means of an email from their independent counsel dated October 6, 2022, and the Adviser provided certain additional information by means of a memorandum dated October 19, 2022. On October 26-27, 2022, the Board of Directors held a meeting to continue their review of the Investment Management Agreement. During this meeting, the Adviser provided further information requested by the Independent Directors relating to contract renewal, and the Independent Directors also met separately with counsel to the Independent Directors as well as the Senior Vice President to review the contract renewal materials provided by the Adviser and the materials prepared by the Senior Vice President. At the conclusion of this meeting, the Board approved the continuation of the Investment Management Agreement for an additional annual term as described below.
In approving the Investment Management Agreement, the Board, including the Independent Directors, considered all information it deemed reasonably necessary to evaluate the terms of the Investment Management Agreement and considered whether the Agreement would be in the best interests of the Fund. In particular, the Board considered the information that was provided to them by the Adviser in response to their requests, as well as information prepared by the Senior Vice President and the independent fee consultant at the request of the Board. The Fund’s Senior Vice President assists the Board (as well as the boards of other funds sponsored by the Adviser) in evaluating investment management agreements and certain other plans and agreements pursuant to which the Adviser or its affiliates provide services to the Funds. The Board also considered other information provided to the Board in connection with the September 29, 2022 and October 26-27, 2022 meetings and throughout the past year.
The information considered by the Board included information with respect to the nature, extent and quality of services provided, investment performance, fees and expenses, profitability, economies of scale, and fall-out benefits and other revenue.
In the Board’s consideration of the factors discussed below, no single factor was considered in isolation or to be determinative to the decision of the Board to approve the Investment Management Agreement. Rather, the Board concluded, in light of a weighing and balancing of all factors considered and in the exercise of the Directors’ business judgment, that it was in the best interests of the Fund to approve the Investment Management Agreement including the fees to be charged for services thereunder, as summarized below.
2023 Semi-Annual Report | 109 |
Table of Contents
Fees and Expenses
The Board, including the Independent Directors, compared the fees and expense ratios of each Portfolio (before and after any fee waivers and expense reimbursements) against fees and expense ratios of a peer group of funds with similar investment objectives (“peer group”). Both the peer group and the funds within the peer group, with respect to the fee and expense data, were available from Strategic Insight, an independent provider of investment company data. The Senior Vice President also performed analyses of the advisory fees, and compared such analyses to the Portfolios’ peer groups. In addition, the Board received and considered information from an independent fee consultant regarding the fees and expenses of the Portfolios as well as their investment performance.
The Board also received and considered information about the services rendered, and the fee rates charged, to other clients advised by the Adviser, including information about any recent advisory fee changes with respect to other investment companies advised by the Adviser. The Board noted the differences between the services provided to the Portfolios in comparison to those provided to other types of clients, including institutional clients and other investment companies for which the Adviser acted as investment adviser or subadviser, and the differences in the entrepreneurial and other risks borne by the Adviser in serving the Portfolios compared to other types of clients.
The Board noted that the Adviser had elected to discontinue its voluntary waiver of the 0.10% shareholder servicing fee for the private client class of the Short Duration Plus Portfolio and the Short Duration Diversified Municipal Portfolio, during the next term of the shareholder servicing agreement. In that regard, the Board considered that the increasing interest rate environment had increased yields available in the marketplace on short-term investments, and that the Adviser indicated that the waivers were no longer necessary to maintain positive performance. The Board further considered that the total expense ratios of the Portfolios remained below the median of the peer group after removal of the waiver, and the Board reviewed materials estimating the impact of the removal of the waiver on the performance of the Portfolios.
The Board also noted that the Adviser had recently modified the advisory fee schedule of the Overlay A and Tax-Aware Overlay Portfolios by reducing the level where each Portfolio reaches its first breakpoint, and adding a new breakpoint on assets over $5 billion. With respect to the advisory fees charged to the Overlay Portfolios, the Directors noted that the Portfolios are intended to have an impact on a private client’s entire account, rather than just an impact at the Portfolio level.
On the basis of its review and consideration of the fees as described above and the Board’s consideration of the other factors described below, and in light of the Adviser’s implementation of certain fee waivers and/or expense caps for certain Portfolios, the Board concluded that the contractual advisory fees as proposed were reasonable.
Nature, Extent and Quality of Services Provided
The Board, including the Independent Directors, considered the nature, quality and extent of services performed by the Adviser and its affiliates gained from their experience as Directors of the Fund, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, and the Adviser’s initiative in identifying and raising potential issues with the Directors. The Board also considered the Adviser’s responsiveness, frankness and attention to concerns raised by the Directors from time to time, including the Adviser’s willingness to consider and implement organizational and other changes designed to improve investment results and the services provided to the Portfolios. The Board also considered the scope and quality of the Adviser’s investment management capabilities, other resources dedicated to performing its services, the quality of its compliance, administrative and other services provided to the Portfolios and the background and experience of the Adviser’s senior management. The Board reviewed the qualifications, backgrounds and responsibilities of the investment staff primarily responsible for day-to-day portfolio management services for each Portfolio and noted the Adviser’s commitment to strong research and investment management capabilities throughout changing market environments. The Board reviewed the compliance and administrative services of the Adviser that support the investment advisory services provided to the Portfolios.
In considering the nature and quality of the services provided by the Adviser, the Board, including the Independent Directors, received and considered information about each Portfolio’s investment performance, as well as the performance of its peer group and the performance of an appropriate benchmark index. The Board was provided with performance data versus each Portfolio’s peer group, for the 1-year, 3-year, 5-year and 10-year periods, as applicable,
110 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
ended July 31, 2022 and versus each Portfolio’s benchmark index, for the relevant periods, as well as the most recently available Morningstar rating for those Portfolios with an available rating. The Board also received certain updated performance information as of September 30, 2022. In addition, the Directors considered information showing performance compared to peer groups and benchmarks for rolling calendar year periods and the year to date. The Directors also receive detailed comparative performance information for the Portfolios at each regular Board meeting during the year. The Board recognized that the benchmark indices do not account for fees and expenses incurred by a fund, including the Portfolios. The Directors also considered how peer groups have changed over time and how comparisons may differ depending upon the selection of the peer groups or benchmark indices.
The Directors noted the complexity of the Overlay Portfolios, in particular the complexity of managing the globally diversified set of asset classes and derivatives in which the Overlay Portfolios can invest as well as the complexity of dynamically allocating assets through the Overlay Portfolios among various asset classes as economic and market conditions change in seeking to provide the desired risk/return trade-off for their investors in light of their overall portfolios (and not just their investment in the Overlay Portfolios themselves). In considering the performance of the Overlay Portfolios, the Board reviewed the performance of the Overlay Portfolios’ dynamic asset allocation component and the impact of that component in the recent volatile market environment. The Board considered the Adviser’s continued research efforts to enhance the dynamic asset allocation component utilized by the Overlay Portfolios. The Board further acknowledged the difficulty in selecting relevant peer groups for the Overlay Portfolios because of their unique structure and noted that the Overlay A Portfolio and Tax-Aware Overlay A Portfolio held higher percentages of equities and international equities than the funds in their relevant peer groups.
In evaluating the performance of the Portfolios that invest primarily in fixed-income securities, the Directors considered whether those Portfolios may have incurred less credit risk or interest rate risk, or both, in relation to their peer groups and benchmark indices. The Directors also noted the Adviser’s explanation that certain Portfolios are designed to maintain higher credit quality and a more conservative approach versus the funds in their relevant peer groups, and that as a result of a lower risk profile, those Portfolios have underperformed the peer group during periods when riskier assets have outperformed.
Where the Portfolios had underperformed their peer groups or benchmark indices, the Directors considered the Adviser’s explanations for performance and, as applicable, measures the Adviser had taken or proposed to take to improve performance, including enhancements to portfolio management models. The Directors noted generally the Adviser’s continued efforts to enhance the services provided to the Portfolios. The Directors also noted that they would continue to monitor investment performance closely.
The Board concluded that the Adviser had the experience and resources necessary to provide services of appropriate nature, quality and scope with respect to the Portfolios.
Profitability
The Board, including the Independent Directors, considered the level of the Adviser’s profits in respect of its management of the respective Portfolios. The materials provided to the Independent Directors included information indicating the profitability of the Portfolios to the Adviser for calendar years 2020 and 2021, which had been reviewed by an independent consultant. The Directors reviewed the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data, noting that the methodology was consistent with the Adviser’s internal financial reporting. The Directors acknowledged that there are many potentially acceptable allocation methodologies for cost allocation, and that in certain cases the selected allocation methodology may not capture all costs borne by the Adviser with respect to a Portfolio. The Directors noted that they received information regarding all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to the Adviser’s subsidiaries that provide transfer agency and distribution services to the Fund, and that they had focused on profitability before taxes and distribution expenses. The Board further considered materials provided by the Adviser estimating the profitability of the Short Duration Plus Portfolio and the Short Duration Diversified Municipal Portfolio to the Adviser after the termination of the voluntary waiver in effect for the Portfolios. The Directors reviewed comparative information regarding profitability for other publicly-traded advisers, recognizing that it is difficult to make comparisons of profitability among different investment advisers because only limited comparative information is publicly available and the comparisons are affected by numerous factors including different business mixes.
2023 Semi-Annual Report | 111 |
Table of Contents
After reviewing all relevant factors, the Directors, including the Independent Directors, concluded that the levels of the Adviser’s profits in respect of its management of the Portfolios were not excessive.
Economies of Scale
The Board, including the Independent Directors, considered whether there have been economies of scale in respect of the management of the Portfolios, whether the Portfolios have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Directors discussed possible ways in which any such economies of scale may be shared with the Portfolios, including by investment in enhanced services.
The Directors also considered the Senior Vice President materials which they received in connection with the review of the Investment Management Agreement, which included information reflecting changes in asset levels of the Portfolios and in the profitability of the Adviser over various periods.
After reviewing the profitability and economies of scale information provided by the Adviser, the Board concluded that the benefits of any economies of scale were appropriately being shared with Portfolio investors by way of, among other things and as applicable, establishing advisory fees at levels that contemplated future achievement of scale, 2018 fee reductions for the Short Duration Diversified Municipal, Short Duration Plus, Intermediate Duration, and Emerging Markets Portfolios, breakpoint arrangements including the lowering of the first breakpoint and the addition of a new breakpoint in the advisory fee schedule for the Overlay A and Tax-Aware Overlay A Portfolios as well as other recently adopted or modified breakpoints for certain Portfolios, expense caps and waivers applying to select Portfolios, and the Adviser’s continued reinvestment in the business, including by researching and implementing new product enhancements. The Directors also noted that they would continue to monitor the growth of the Portfolios.
Fall-Out Benefits and Other Revenue
The Board, including the Independent Directors, also took into account so-called “fall-out benefits” to the Adviser, such as soft dollar arrangements (whereby the Adviser receives the benefit of research services from many of the brokers and dealers that execute purchases and sales of securities on behalf of its clients on an agency basis), Rule 12b-1 fees and sales charges received by the principal underwriter (which is a wholly owned subsidiary of the Adviser) with respect to the retail share classes of certain Portfolios, and transfer agency fees paid by the retail share classes of certain Portfolios to a wholly-owned subsidiary of the Adviser. The Directors recognized that the Adviser’s profitability would be lower without these benefits. They also considered other benefits potentially derived from an increase in the Adviser’s business as a result of its relationship with the Fund. The Directors concluded that these fall-out benefits to the Adviser were acceptable.
Advisory Fee Rate Schedule
On the basis of the information considered, the Board determined to approve the continuation of the Investment Management Agreement for an additional annual term, without change to the Portfolios’ contractual fee schedules, as set forth below.
PORTFOLIO | ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO | |
Short Duration Diversified Municipal | 0.30% of the first $750 million; 0.25% of assets in excess of $750 million. | |
Short Duration Plus | 0.35% of the first $750 million; 0.30% of assets in excess of $750 million. | |
New York Municipal | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion. | |
112 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
PORTFOLIO | ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO | |
California Municipal | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion. | |
Diversified Municipal | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% in excess of $5 billion up to, but not exceeding $7 billion; 0.225% of assets in excess of $7 billion. | |
Intermediate Duration | 0.45% on the first $2.5 billion; 0.40% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.35% in excess of $5 billion up to, but not exceeding $8 billion; 0.30% of assets in excess of $8 billion. | |
Emerging Markets | 0.95% of the first $2.5 billion; 0.90% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. | |
Overlay A | 0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. | |
Tax-Aware Overlay A | 0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. | |
Overlay B | 0.65% of assets. | |
Tax-Aware Overlay B | 0.65% of assets. | |
Tax-Aware Overlay C | 0.65% of assets. | |
Tax-Aware Overlay N | 0.65% of assets. |
2023 Semi-Annual Report | 113 |
Table of Contents
Distributor
SANFORD C. BERNSTEIN FUND, INC.
1345 AVENUEOFTHE AMERICAS, NEW YORK, NY 10105
(212) 756-4097
SCBI-1947-0323
Table of Contents
Sanford C. Bernstein Fund, Inc.
March 31, 2023
Schedule of Investments
To the Semi-Annual Report
For the Emerging Markets Portfolio
Table of Contents
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Emerging Markets Portfolio
March 31, 2023 (unaudited)
Company | Shares | U.S. $ Value | ||||||
COMMON STOCKS–96.2% |
| |||||||
Information Technology–24.1% |
| |||||||
Electronic Equipment, Instruments & Components–5.3% |
| |||||||
BOE Technology Group Co., Ltd.–Class A | 28,025,300 | $ | 18,108,467 | |||||
Daejoo Electronic Materials Co., Ltd. | 23,210 | 1,831,399 | ||||||
Lotes Co., Ltd. | 92,000 | 2,780,648 | ||||||
Park Systems Corp. | 16,080 | 1,889,302 | ||||||
Samsung SDI Co., Ltd. | 32,310 | 18,353,329 | ||||||
Sinbon Electronics Co., Ltd. | 1,715,000 | 19,301,773 | ||||||
|
| |||||||
62,264,918 | ||||||||
|
| |||||||
IT Services–0.5% |
| |||||||
Chinasoft International Ltd.(a) | 2,110,000 | 1,336,727 | ||||||
FPT Corp. | 375,780 | 1,268,928 | ||||||
Locaweb Servicos de Internet SA(a)(b) | 866,100 | 818,518 | ||||||
Persistent Systems Ltd. | 46,630 | 2,627,190 | ||||||
|
| |||||||
6,051,363 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment–16.0% |
| |||||||
ASPEED Technology, Inc. | 141,400 | 12,340,904 | ||||||
Broadcom, Inc. | 16,890 | 10,835,611 | ||||||
eMemory Technology, Inc. | 25,000 | 1,538,950 | ||||||
Gudeng Precision Industrial Co., Ltd. | 144,000 | 1,777,056 | ||||||
King Yuan Electronics Co., Ltd. | 5,838,000 | 9,334,480 | ||||||
Koh Young Technology, Inc. | 180,660 | 2,370,796 | ||||||
LEENO Industrial, Inc. | 17,310 | 1,919,683 | ||||||
MediaTek, Inc. | 482,000 | 12,496,388 | ||||||
Nanya Technology Corp. | 1,930,000 | 4,233,102 | ||||||
Novatek Microelectronics Corp. | 474,000 | 6,735,789 | ||||||
Parade Technologies Ltd. | 106,000 | 3,669,915 | ||||||
Realtek Semiconductor Corp. | 779,000 | 9,943,444 | ||||||
Silergy Corp. | 466,000 | 7,398,486 | ||||||
SK Hynix, Inc. | 283,643 | 19,411,085 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 3,269,706 | 57,300,309 | ||||||
United Microelectronics Corp.(a) | 13,961,000 | 24,430,793 | ||||||
WONIK IPS Co., Ltd. | 81,520 | 2,212,811 | ||||||
|
| |||||||
187,949,602 | ||||||||
|
| |||||||
Software–0.9% |
| |||||||
Glodon Co., Ltd.–Class A(a) | 185,700 | 2,007,909 | ||||||
TOTVS SA | 1,406,000 | 7,811,650 | ||||||
|
| |||||||
9,819,559 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals–1.4% |
| |||||||
Samsung Electronics Co., Ltd. | 334,810 | 16,556,675 | ||||||
|
| |||||||
282,642,117 | ||||||||
|
| |||||||
Financials–21.1% |
| |||||||
Banks–14.8% |
| |||||||
Agricultural Bank of China Ltd.–Class H | 6,868,000 | $ | 2,543,397 | |||||
Al Rajhi Bank | 478,534 | 9,420,441 | ||||||
Alpha Services and Holdings SA(a) | 1,635,120 | 2,009,612 | ||||||
AU Small Finance Bank Ltd.(b) | 341,579 | 2,411,555 | ||||||
Bank BTPN Syariah Tbk PT | 11,366,200 | 1,660,532 | ||||||
Bank for Foreign Trade of Vietnam JSC(a) | 2,455,901 | 9,591,583 | ||||||
Bank Mandiri Persero Tbk PT | 4,590,500 | 3,161,231 | ||||||
Bank Negara Indonesia Persero Tbk PT | 4,231,200 | 2,647,632 | ||||||
Bank of the Philippine Islands | 4,057,708 | 7,671,734 | ||||||
Bank Polska Kasa Opieki SA | 426,373 | 8,481,950 | ||||||
China Construction Bank Corp.–Class H | 9,090,000 | 5,883,002 | ||||||
China Merchants Bank Co., Ltd.–Class H | 1,124,000 | 5,707,691 | ||||||
Credicorp Ltd. | 35,208 | 4,661,187 | ||||||
Emirates NBD Bank PJSC | 1,760,698 | 6,300,666 | ||||||
Eurobank Ergasias Services and Holdings SA(a) | 2,499,500 | 3,311,796 | ||||||
Hana Financial Group, Inc. | 573,040 | 17,947,008 | ||||||
HDFC Bank Ltd. | 942,119 | 18,524,051 | ||||||
Itau Unibanco Holding SA (Preference Shares) | 1,208,600 | 5,899,390 | ||||||
Kasikornbank PCL | 1,415,800 | 5,493,398 | ||||||
KB Financial Group, Inc. | 494,619 | 18,064,568 | ||||||
Metropolitan Bank & Trust Co. | 7,361,320 | 7,939,520 | ||||||
NU Holdings Ltd./Cayman Islands–Class A(a) | 1,839,370 | 8,755,401 | ||||||
Ping An Bank Co., Ltd.–Class A(a) | 2,355,460 | 4,292,229 | ||||||
Regional SAB de CV | 413,676 | 3,159,961 | ||||||
Sberbank of Russia PJSC(a)(c)(d) | 951,472 | 0 | ||||||
State Bank of India | 1,254,023 | 8,004,911 | ||||||
|
| |||||||
173,544,446 | ||||||||
|
| |||||||
Capital Markets–0.9% |
| |||||||
B3 SA–Brasil Bolsa Balcao | 3,320,400 | 6,780,404 | ||||||
Banco BTG Pactual S.A | 981,700 | 3,805,977 | ||||||
|
| |||||||
10,586,381 | ||||||||
|
| |||||||
Consumer Finance –0.4% |
| |||||||
Kaspi.KZ JSC (GDR)(b) | 44,000 | 3,322,000 | ||||||
Muangthai Capital PCL | 1,623,000 | 1,643,826 | ||||||
|
| |||||||
4,965,826 | ||||||||
|
| |||||||
Financial Services–1.3% |
| |||||||
Housing Development Finance Corp. Ltd. | 460,720 | 14,743,441 | ||||||
|
| |||||||
Insurance–3.7% |
| |||||||
AIA Group Ltd. | 1,925,200 | 20,190,256 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 159,790 | 4,148,632 | ||||||
Ping An Insurance Group Co. of China Ltd.–Class H | 2,929,000 | 18,948,323 | ||||||
|
| |||||||
43,287,211 | ||||||||
|
| |||||||
247,127,305 | ||||||||
|
|
Schedule of Investments—Emerging Markets Portfolio | 1 |
Table of Contents
Company | Shares | U.S. $ Value | ||||||
Consumer Discretionary–19.5% |
| |||||||
Automobile Components–0.2% |
| |||||||
Balkrishna Industries Ltd. | 93,663 | $ | 2,234,156 | |||||
|
| |||||||
Automobiles–2.1% |
| |||||||
Great Wall Motor Co., Ltd.–Class H | 3,893,000 | 4,817,007 | ||||||
Kia Corp. | 229,273 | 14,308,480 | ||||||
Maruti Suzuki India Ltd. | 51,102 | 5,174,011 | ||||||
|
| |||||||
24,299,498 | ||||||||
|
| |||||||
Broadline Retail–6.0% |
| |||||||
Alibaba Group Holding Ltd.(a) | 3,757,880 | 47,595,380 | ||||||
JD.com, Inc.–Class A | 529,063 | 11,552,722 | ||||||
MercadoLibre, Inc.(a) | 8,310 | 10,953,078 | ||||||
|
| |||||||
70,101,180 | ||||||||
|
| |||||||
Diversified Consumer Services–0.5% |
| |||||||
Fu Shou Yuan International Group Ltd. | 7,306,000 | 5,911,482 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure–4.5% |
| |||||||
Americana Restaurants International PLC(a) | 4,926,680 | 5,302,445 | ||||||
Galaxy Entertainment Group Ltd.(a) | 1,312,000 | 8,776,183 | ||||||
H World Group Ltd.(a) | 1,130,100 | 5,531,795 | ||||||
Meituan–Class B(a)(b) | 478,670 | 8,684,134 | ||||||
Melco Resorts & Entertainment Ltd. (ADR)(a) | 149,110 | 1,898,170 | ||||||
Sands China Ltd.(a) | 3,219,200 | 11,183,463 | ||||||
Shanghai Jinjiang International Hotels Co., Ltd. | 1,192,000 | 10,918,637 | ||||||
Westlife Foodworld Ltd.(a) | 123,507 | 1,022,548 | ||||||
|
| |||||||
53,317,375 | ||||||||
|
| |||||||
Household Durables–1.0% |
| |||||||
Gree Electric Appliances, Inc. of Zhuhai–Class A | 513,300 | 2,740,029 | ||||||
Midea Group Co., Ltd.–Class A | 1,144,000 | 8,951,522 | ||||||
|
| |||||||
11,691,551 | ||||||||
|
| |||||||
Specialty Retail–2.7% |
| |||||||
China Tourism Group Duty Free Corp. Ltd.–Class A | 399,700 | 10,673,610 | ||||||
Lojas Renner SA | 2,727,017 | 8,915,284 | ||||||
Mobile World Investment Corp. | 420,200 | 692,595 | ||||||
Pet Center Comercio e Participacoes SA | 1,109,440 | 1,357,126 | ||||||
Trent Ltd. | 179,033 | 3,006,769 | ||||||
Wilcon Depot, Inc. | 3,847,400 | 2,126,009 | ||||||
Zhongsheng Group Holdings Ltd. | 968,500 | 4,772,164 | ||||||
|
| |||||||
31,543,557 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods–2.5% |
| |||||||
ANTA Sports Products Ltd. | 403,000 | 5,851,201 | ||||||
F&F Co., Ltd./New | 26,520 | 2,853,475 | ||||||
Li Ning Co., Ltd. | 1,350,000 | 10,616,276 | ||||||
Samsonite International SA(a)(b) | 3,449,700 | 10,696,666 | ||||||
|
| |||||||
30,017,618 | ||||||||
|
| |||||||
229,116,417 | ||||||||
|
| |||||||
Materials–7.8% |
| |||||||
Chemicals–2.2% |
| |||||||
Atul Ltd. | 22,634 | $ | 1,921,115 | |||||
Chunbo Co., Ltd. | 10,930 | 2,112,225 | ||||||
Deepak Fertilisers & Petrochemicals Corp. Ltd. | 91,774 | 615,050 | ||||||
Ganfeng Lithium Group Co., Ltd.–Class H(b) | 283,000 | 1,763,477 | ||||||
Hansol Chemical Co., Ltd. | 9,830 | 1,816,408 | ||||||
Navin Fluorine International Ltd. | 35,791 | 1,863,256 | ||||||
PI Advanced Materials Co., Ltd. | 30,230 | 877,407 | ||||||
PI Industries Ltd. | 64,884 | 2,398,733 | ||||||
Rianlon Corp.–Class A | 88,500 | 599,377 | ||||||
Shandong Sinocera Functional Material Co., Ltd.–Class A | 295,000 | 1,217,662 | ||||||
Sociedad Quimica y Minera de Chile SA (Sponsored ADR) | 101,990 | 8,267,309 | ||||||
SRF Ltd. | 55,796 | 1,636,022 | ||||||
Tianqi Lithium Corp.–Class A(a) | 96,900 | 1,066,772 | ||||||
|
| |||||||
26,154,813 | ||||||||
|
| |||||||
Construction Materials–0.8% |
| |||||||
Anhui Conch Cement Co., Ltd.–Class H | 680,000 | 2,356,684 | ||||||
GCC SAB de CV | 807,122 | 6,405,019 | ||||||
|
| |||||||
8,761,703 | ||||||||
|
| |||||||
Metals & Mining–4.8% |
| |||||||
Aluminum Corp. of China Ltd.–Class H | 9,908,000 | 5,018,484 | ||||||
First Quantum Minerals Ltd. | 530,567 | 12,197,349 | ||||||
Freeport-McMoRan, Inc. | 380,050 | 15,547,845 | ||||||
Hoa Phat Group JSC | 1,305,542 | 1,161,332 | ||||||
Ivanhoe Mines Ltd.–Class A(a) | 1,094,831 | 9,891,148 | ||||||
KGHM Polska Miedz SA | 212,950 | 6,048,409 | ||||||
POSCO Holdings, Inc. | 23,230 | 6,572,258 | ||||||
|
| |||||||
56,436,825 | ||||||||
|
| |||||||
91,353,341 | ||||||||
|
| |||||||
Industrials–7.1% |
| |||||||
Building Products–0.3% |
| |||||||
Astral Ltd. | 133,794 | 2,178,908 | ||||||
Kajaria Ceramics Ltd. | 89,884 | 1,151,323 | ||||||
|
| |||||||
3,330,231 | ||||||||
|
| |||||||
Construction & Engineering–0.7% |
| |||||||
Sinopec Engineering Group Co., Ltd.–Class H | 11,784,000 | 5,857,068 | ||||||
Voltas Ltd. | 178,710 | 1,781,310 | ||||||
|
| |||||||
7,638,378 | ||||||||
|
| |||||||
Electrical Equipment–1.9% |
| |||||||
Bizlink Holding, Inc. | 217,000 | 1,995,355 | ||||||
Contemporary Amperex Technology Co., Ltd.–Class A | 90,500 | 5,356,833 | ||||||
Ecopro BM Co., Ltd. | 22,450 | 3,890,461 |
2 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Company | Shares | U.S. $ Value | ||||||
KEI Industries Ltd. | 79,825 | $ | 1,646,946 | |||||
Sungrow Power Supply Co., Ltd.–Class A | 234,400 | 3,584,526 | ||||||
Suzhou Maxwell Technologies Co., Ltd.–Class A | 67,600 | 3,000,473 | ||||||
Voltronic Power Technology Corp. | 54,158 | 3,083,955 | ||||||
|
| |||||||
22,558,549 | ||||||||
|
| |||||||
Ground Transportation–0.2% |
| |||||||
Globaltrans Investment PLC (Sponsored GDR)(a)(b)(c)(d) | 658,169 | 0 | ||||||
Rumo SA | 562,700 | 2,092,730 | ||||||
|
| |||||||
2,092,730 | ||||||||
|
| |||||||
Industrial Conglomerates–0.6% |
| |||||||
Ayala Corp. | 190,060 | 2,283,957 | ||||||
Bidvest Group Ltd. (The) | 362,680 | 5,162,054 | ||||||
|
| |||||||
7,446,011 | ||||||||
|
| |||||||
Machinery–1.8% |
| |||||||
Airtac International Group | 81,000 | 3,167,860 | ||||||
Escorts Ltd. | 23,265 | 536,336 | ||||||
Estun Automation Co., Ltd.–Class A | 1,936,800 | 7,905,588 | ||||||
Weichai Power Co., Ltd.–Class H | 4,331,000 | 6,949,658 | ||||||
Zhengzhou Yutong Bus Co., Ltd.–Class A(a) | 1,524,800 | 2,740,082 | ||||||
|
| |||||||
21,299,524 | ||||||||
|
| |||||||
Professional Services–0.2% |
| |||||||
Centre Testing International Group Co., Ltd.–Class A | 510,756 | 1,523,923 | ||||||
Sporton International, Inc. | 142,415 | 1,266,888 | ||||||
|
| |||||||
2,790,811 | ||||||||
|
| |||||||
Trading Companies & Distributors–0.3% |
| |||||||
Barloworld Ltd. | 745,079 | 3,737,321 | ||||||
|
| |||||||
Transportation Infrastructure–1.1% |
| |||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 926,128 | 10,342,619 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV–Class B | 107,700 | 2,100,987 | ||||||
|
| |||||||
12,443,606 | ||||||||
|
| |||||||
83,337,161 | ||||||||
|
| |||||||
Utilities–4.4% |
| |||||||
Electric Utilities–2.0% |
| |||||||
Centrais Eletricas Brasileiras SA | 442,749 | 2,907,139 | ||||||
Equatorial Energia SA | 2,378,300 | 12,650,607 | ||||||
Power Grid Corp. of India Ltd. | 2,898,536 | 7,972,830 | ||||||
|
| |||||||
23,530,576 | ||||||||
|
| |||||||
Gas Utilities–1.4% |
| |||||||
GAIL India Ltd. | 6,058,287 | 7,793,412 | ||||||
Kunlun Energy Co., Ltd. | 11,406,000 | 8,904,990 | ||||||
|
| |||||||
16,698,402 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers–1.0% |
| |||||||
ACEN Corp. | 478,950 | $ | 54,214 | |||||
China Datang Corp. Renewable Power Co., Ltd.–Class H | 12,569,000 | 4,497,703 | ||||||
China Longyuan Power Group Corp. Ltd.–Class H | 5,333,000 | 6,083,958 | ||||||
Xinyi Energy Holdings Ltd. | 3,936,000 | 1,182,257 | ||||||
|
| |||||||
11,818,132 | ||||||||
|
| |||||||
52,047,110 | ||||||||
|
| |||||||
Energy–3.5% |
| |||||||
Energy Equipment & Services–0.6% |
| |||||||
China Oilfield Services Ltd.–Class H | 7,000,000 | 7,195,965 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels–2.9% |
| |||||||
China Petroleum & Chemical Corp.–Class H | 25,032,000 | 14,771,877 | ||||||
Gazprom PJSC (Sponsored ADR)(a)(c)(d) | 436,750 | 0 | ||||||
LUKOIL PJSC(c)(d) | 80,321 | 0 | ||||||
Parex Resources, Inc. | 502,645 | 9,349,978 | ||||||
PetroChina Co., Ltd.–Class H | 5,648,000 | 3,336,466 | ||||||
Reliance Industries Ltd. | 241,984 | 6,880,416 | ||||||
|
| |||||||
34,338,737 | ||||||||
|
| |||||||
41,534,702 | ||||||||
|
| |||||||
Communication Services–2.6% |
| |||||||
Entertainment–0.6% |
| |||||||
International Games System Co., Ltd. | 386,000 | 7,280,650 | ||||||
|
| |||||||
Interactive Media & Services–2.0% |
| |||||||
Tencent Holdings Ltd. | 476,700 | 23,295,993 | ||||||
|
| |||||||
30,576,643 | ||||||||
|
| |||||||
Real Estate–2.4% |
| |||||||
Real Estate Management & Development–2.4% |
| |||||||
Ayala Land, Inc. | 10,141,100 | 4,970,213 | ||||||
China Overseas Land & Investment Ltd. | 3,231,000 | 7,794,713 | ||||||
China Resources Land Ltd. | 786,000 | 3,579,312 | ||||||
Emaar Properties PJSC | 3,558,297 | 5,437,084 | ||||||
Megaworld Corp. | 52,878,000 | 1,949,336 | ||||||
Vincom Retail JSC(a) | 1,326,300 | 1,676,665 | ||||||
Vinhomes JSC(b) | 1,099,700 | 2,416,446 | ||||||
|
| |||||||
27,823,769 | ||||||||
|
| |||||||
Consumer Staples–2.1% |
| |||||||
Beverages–0.7% |
| |||||||
Kweichow Moutai Co., Ltd.–Class A | 29,500 | 7,792,705 | ||||||
|
| |||||||
Consumer Staples Distribution & Retail–0.7% |
| |||||||
Atacadao SA | 2,117,500 | 5,176,302 |
Schedule of Investments—Emerging Markets Portfolio | 3 |
Table of Contents
Company | Shares | U.S. $ Value | ||||||
BGF retail Co., Ltd. | 13,620 | $ | 1,897,340 | |||||
Dino Polska SA(a)(b) | 20,120 | 1,827,506 | ||||||
X5 Retail Group NV (GDR)(a)(b)(c) | 226,094 | 0 | ||||||
|
| |||||||
8,901,148 | ||||||||
|
| |||||||
Personal Care Products–0.2% |
| |||||||
Proya Cosmetics Co., Ltd.–Class A | 116,740 | 3,091,293 | ||||||
|
| |||||||
Tobacco–0.5% |
| |||||||
ITC Ltd. | 1,167,053 | 5,456,234 | ||||||
|
| |||||||
25,241,380 | ||||||||
|
| |||||||
Health Care–1.6% |
| |||||||
Health Care Providers & Services–1.6% |
| |||||||
Apollo Hospitals Enterprise Ltd. | 85,642 | 4,499,062 | ||||||
Hapvida Participacoes e Investimentos SA(a)(b) | 5,470,600 | 2,827,881 | ||||||
Universal Vision Biotechnology Co., Ltd. | 853,450 | 11,138,475 | ||||||
|
| |||||||
18,465,418 | ||||||||
|
| |||||||
Total Common Stocks (cost $1,062,096,760) | 1,129,265,363 | |||||||
|
| |||||||
EQUITY LINKED NOTES–2.1% |
| |||||||
Information Technology–1.4% |
| |||||||
IT Services–1.4% |
| |||||||
FPT Corp., Macquarie Bank Ltd., expiring 07/15/2024(a) | 4,720,355 | 15,922,390 | ||||||
|
| |||||||
Real Estate–0.5% |
| |||||||
Real Estate Management & Development–0.5% |
| |||||||
Vincom Retail JSC, Macquarie Bank Ltd., expiring 07/15/2024(a) | 5,053,410 | $ | 6,367,938 | |||||
|
| |||||||
Consumer Discretionary–0.2% |
| |||||||
Specialty Retail–0.2% |
| |||||||
Mobile World Investment Corp., Macquarie Bank Ltd., expiring 07/15/2024(a) | 1,087,000 | 1,785,726 | ||||||
|
| |||||||
Total Equity Linked Notes (cost $13,764,568) | 24,076,054 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS–1.0% |
| |||||||
Investment Companies–1.0% |
| |||||||
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.75%(e)(f)(g) | 12,011,266 | 12,011,266 | ||||||
Total Investments–99.3% (cost $1,087,872,594) |
| 1,165,352,683 | ||||||
Other assets less liabilities–0.7% | 7,894,879 | |||||||
|
| |||||||
Net Assets–100.0% | $ | 1,173,247,562 | ||||||
|
|
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 | BRL | 15,954 | USD | 3,054 | 04/04/2023 | $ | (93,434 | ) | ||||||||||||||||
Bank of America, NA | USD | 3,140 | BRL | 15,954 | 04/04/2023 | 7,404 | ||||||||||||||||||
Bank of America, NA | USD | 3,044 | IDR | 46,846,249 | 04/13/2023 | 90,085 | ||||||||||||||||||
Bank of America, NA | CNH | 15,534 | USD | 2,264 | 04/20/2023 | 517 | ||||||||||||||||||
Bank of America, NA | CNH | 29,671 | USD | 4,270 | 04/20/2023 | (52,657 | ) | |||||||||||||||||
Bank of America, NA | CLP | 2,410,590 | USD | 2,969 | 05/17/2023 | (48,842 | ) | |||||||||||||||||
Bank of America, NA | TWD | 67,119 | USD | 2,219 | 06/15/2023 | 4,704 | ||||||||||||||||||
Bank of America, NA | TWD | 320,656 | USD | 10,524 | 06/15/2023 | (53,889 | ) | |||||||||||||||||
Bank of America, NA | HKD | 20,681 | USD | 2,647 | 07/12/2023 | 687 | ||||||||||||||||||
Barclays Bank PLC | BRL | 27,028 | USD | 5,320 | 04/04/2023 | (12,543 | ) | |||||||||||||||||
Barclays Bank PLC | USD | 5,197 | BRL | 27,028 | 04/04/2023 | 135,994 | ||||||||||||||||||
Barclays Bank PLC | PHP | 1,036,389 | USD | 18,938 | 04/27/2023 | (155,320 | ) | |||||||||||||||||
Barclays Bank PLC | INR | 157,594 | USD | 1,903 | 06/22/2023 | (8,118 | ) | |||||||||||||||||
Barclays Bank PLC | HKD | 394,739 | USD | 50,739 | 07/12/2023 | 236,227 | ||||||||||||||||||
BNP Paribas SA | CNH | 18,791 | USD | 2,763 | 04/20/2023 | 25,211 | ||||||||||||||||||
BNP Paribas SA | USD | 2,114 | CNH | 14,528 | 04/20/2023 | 2,391 | ||||||||||||||||||
Citibank, NA | BRL | 44,198 | USD | 8,700 | 04/04/2023 | (20,512 | ) | |||||||||||||||||
Citibank, NA | USD | 8,566 | BRL | 44,198 | 04/04/2023 | 154,716 | ||||||||||||||||||
Citibank, NA | USD | 4,150 | CNH | 28,610 | 04/20/2023 | 17,905 | ||||||||||||||||||
Citibank, NA | USD | 2,356 | PLN | 10,546 | 04/27/2023 | 84,068 | ||||||||||||||||||
Citibank, NA | BRL | 44,198 | USD | 8,528 | 05/03/2023 | (149,867 | ) |
4 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Citibank, NA | USD | 30,775 | INR | 2,540,081 | 06/22/2023 | $ | 23,458 | |||||||||||||||||
Citibank, NA | HKD | 22,842 | USD | 2,923 | 07/12/2023 | 1,045 | ||||||||||||||||||
Deutsche Bank AG | PLN | 53,572 | USD | 12,276 | 04/27/2023 | (117,786 | ) | |||||||||||||||||
Goldman Sachs Bank USA | USD | 35,241 | CNH | 240,032 | 04/20/2023 | (273,525 | ) | |||||||||||||||||
HSBC Bank USA | CNH | 14,396 | USD | 2,071 | 04/20/2023 | (26,622 | ) | |||||||||||||||||
HSBC Bank USA | USD | 7,513 | ZAR | 138,484 | 04/20/2023 | 253,526 | ||||||||||||||||||
HSBC Bank USA | USD | 4,463 | MXN | 85,534 | 05/25/2023 | 237,329 | ||||||||||||||||||
HSBC Bank USA | HKD | 9,105 | USD | 1,165 | 07/12/2023 | 101 | ||||||||||||||||||
HSBC Bank USA | HKD | 14,698 | USD | 1,880 | 07/12/2023 | (401 | ) | |||||||||||||||||
HSBC Bank USA | USD | 2,754 | HKD | 21,538 | 07/12/2023 | 1,140 | ||||||||||||||||||
JPMorgan Chase Bank, NA | USD | 8,422 | IDR | 127,673,774 | 04/13/2023 | 120,246 | ||||||||||||||||||
JPMorgan Chase Bank, NA | USD | 2,334 | HKD | 18,222 | 07/12/2023 | (2,514 | ) | |||||||||||||||||
Morgan Stanley Capital Services, Inc. | BRL | 55,272 | USD | 10,702 | 04/04/2023 | (203,229 | ) | |||||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 10,879 | BRL | 55,272 | 04/04/2023 | 25,651 | ||||||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 2,020 | IDR | 30,663,131 | 04/13/2023 | 31,478 | ||||||||||||||||||
Morgan Stanley Capital Services, Inc. | CNH | 25,222 | USD | 3,632 | 04/20/2023 | (41,838 | ) | |||||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 23,921 | ZAR | 429,077 | 04/20/2023 | 143,360 | ||||||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 4,583 | PLN | 20,400 | 04/27/2023 | 135,974 | ||||||||||||||||||
Morgan Stanley Capital Services, Inc. | TWD | 57,676 | USD | 1,903 | 06/15/2023 | 550 | ||||||||||||||||||
Morgan Stanley Capital Services, Inc. | INR | 254,774 | USD | 3,078 | 06/22/2023 | (11,451 | ) | |||||||||||||||||
Morgan Stanley Capital Services, Inc. | MYR | 5,073 | USD | 1,155 | 06/22/2023 | (2,138 | ) | |||||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 17,581 | MYR | 78,373 | 06/22/2023 | 294,483 | ||||||||||||||||||
Morgan Stanley Capital Services, Inc. | HKD | 26,691 | USD | 3,416 | 07/12/2023 | 1,241 | ||||||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 3,456 | HKD | 26,987 | 07/12/2023 | (2,838 | ) | |||||||||||||||||
Standard Chartered Bank | CNH | 12,827 | USD | 1,864 | 04/20/2023 | (4,519 | ) | |||||||||||||||||
State Street Bank & Trust Co. | ZAR | 25,313 | USD | 1,392 | 04/20/2023 | (27,225 | ) | |||||||||||||||||
State Street Bank & Trust Co. | USD | 16,430 | THB | 562,744 | 04/27/2023 | 67,276 | ||||||||||||||||||
State Street Bank & Trust Co. | USD | 3,655 | MXN | 69,051 | 05/25/2023 | 139,328 | ||||||||||||||||||
State Street Bank & Trust Co. | USD | 3,380 | HKD | 26,400 | 07/12/2023 | (1,975 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
$ | 924,852 | |||||||||||||||||||||||
|
|
(a) | Non-income producing security. |
(b) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At March 31, 2023, the aggregate market value of these securities amounted to $34,768,183 or 3.0% of net assets. |
(c) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(d) | Fair valued by the Adviser. |
(e) | Affiliated investments. |
(f) | The rate shown represents the 7-day yield as of period end. |
(g) | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618. |
Currency Abbreviations:
BRL—Brazilian Real
CLP—Chilean Peso
CNH—Chinese Yuan Renminbi (Offshore)
HKD—Hong Kong Dollar
IDR—Indonesian Rupiah
INR—Indian Rupee
MXN—Mexican Peso
MYR—Malaysian Ringgit
PHP—Philippine Peso
PLN—Polish Zloty
THB—Thailand Baht
TWD—New Taiwan Dollar
USD—United States Dollar
ZAR—South African Rand
Glossary:
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
JSC—Joint Stock Company
PJSC—Public Joint Stock Company
See notes to financial statements.
Schedule of Investments—Emerging Markets Portfolio | 5 |
Table of Contents
SCB–ST–1946–0323
Table of Contents
Sanford C. Bernstein Fund, Inc.
March 31, 2023
Schedule of Investments To the Semi-Annual
Report For the Fixed Income Taxable Portfolios
Intermediate Duration
Short Duration Plus
Table of Contents
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Intermediate Duration Portfolio
March 31, 2023 (unaudited)
Principal Amount (000) | U.S. $ Value | |||||||||||
GOVERNMENTS–TREASURIES–37.7% |
| |||||||||||
United States–37.7% |
| |||||||||||
U.S. Treasury Bonds | U.S.$ | 193,079 | $ | 111,684,250 | ||||||||
1.75%, 08/15/2041 | 67,323 | 48,640,795 | ||||||||||
2.00%, 11/15/2041 | 9,057 | 6,815,694 | ||||||||||
2.25%, 08/15/2046 | 12,530 | 9,417,078 | ||||||||||
2.375%, 02/15/2042 | 11,433 | 9,173,276 | ||||||||||
2.375%, 11/15/2049 | 2,885 | 2,218,745 | ||||||||||
2.50%, 02/15/2045 | 1,916 | 1,523,819 | ||||||||||
2.50%, 05/15/2046 | 23,956 | 18,940,213 | ||||||||||
3.00%, 05/15/2045 | 23,139 | 20,087,544 | ||||||||||
3.00%, 08/15/2048 | 28,274 | 24,589,370 | ||||||||||
3.00%, 02/15/2049 | 26,971 | 23,515,602 | ||||||||||
3.25%, 05/15/2042 | 11,593 | 10,676,244 | ||||||||||
3.375%, 08/15/2042 | 19,569 | 18,339,447 | ||||||||||
3.375%, 05/15/2044 | 5,710 | 5,295,561 | ||||||||||
3.50%, 02/15/2039 | 4,254 | 4,192,849 | ||||||||||
3.75%, 11/15/2043 | 10,205 | 10,048,736 | ||||||||||
4.00%, 11/15/2042 | 33,530 | 34,378,728 | ||||||||||
4.375%, 02/15/2038 | 1,920 | 2,098,800 | ||||||||||
4.375%, 11/15/2039 | 47,210 | 51,481,030 | ||||||||||
4.50%, 02/15/2036 | 4,048 | 4,490,306 | ||||||||||
4.75%, 02/15/2037 | 4,156 | 4,728,749 | ||||||||||
U.S. Treasury Notes |
| |||||||||||
0.50%, 11/30/2023 | 32,279 | 31,391,036 | ||||||||||
1.25%, 11/30/2026 | 48,088 | 43,955,803 | ||||||||||
1.25%, 08/15/2031(a) | 28,478 | 23,868,208 | ||||||||||
1.625%, 04/30/2023 | 7,910 | 7,891,860 | ||||||||||
1.625%, 05/15/2026(a) | 236,708 | 221,432,750 | ||||||||||
1.75%, 11/15/2029 | 11,550 | 10,366,125 | ||||||||||
2.625%, 02/15/2029 | 30,853 | 29,228,586 | ||||||||||
2.75%, 07/31/2027 | 20,566 | 19,785,519 | ||||||||||
3.125%, 08/31/2027 | 14,336 | 14,011,298 | ||||||||||
3.50%, 02/15/2033 | 11,840 | 11,849,050 | ||||||||||
3.875%, 11/30/2027 | 159,618 | 161,114,520 | ||||||||||
3.875%, 12/31/2027 | 75,973 | 76,709,190 | ||||||||||
4.00%, 02/29/2028 | 13,956 | 14,193,993 | ||||||||||
4.125%, 01/31/2025 | 14,192 | 14,181,312 | ||||||||||
4.125%, 09/30/2027 | 20,692 | 21,063,606 | ||||||||||
4.125%, 11/15/2032 | 22,554 | 23,681,175 | ||||||||||
4.625%, 02/28/2025 | 64,333 | 64,926,373 | ||||||||||
|
| |||||||||||
Total Governments–Treasuries (cost $1,289,069,180) |
| 1,211,987,240 | ||||||||||
|
| |||||||||||
Principal Amount (000) | U.S. $ Value | |||||||||||
CORPORATES–INVESTMENT GRADE–22.4% |
| |||||||||||
Financial Institutions–10.9% |
| |||||||||||
Banking–8.5% |
| |||||||||||
AIB Group PLC | U.S.$ | 12,422 | $ | 12,727,209 | ||||||||
American Express Co. | 3,594 | 3,622,393 | ||||||||||
Banco de Credito del Peru S.A. | 5,996 | 5,405,019 | ||||||||||
Banco Santander SA | 3,200 | 3,001,312 | ||||||||||
Bank of America Corp. | 6,858 | 6,649,105 | ||||||||||
Bank of Ireland Group PLC | 2,285 | 2,276,911 | ||||||||||
Barclays PLC | 7,866 | 8,328,914 | ||||||||||
BNP Paribas SA | 2,660 | 2,386,313 | ||||||||||
4.625%, 02/25/2031(b)(c) | 1,913 | 1,415,276 | ||||||||||
7.375%, 08/19/2025(b)(c) | 260 | 246,327 | ||||||||||
7.75%, 08/16/2029(b)(c) | 2,860 | 2,733,245 | ||||||||||
Capital One Financial Corp. | 1,883 | 1,835,548 | ||||||||||
Citigroup, Inc. | 5,373 | 5,120,362 | ||||||||||
8.87% (LIBOR 3 Month + 4.07%), 07/30/2023(c)(d) | 1,058 | 1,052,297 | ||||||||||
Series W | 3,243 | 2,841,679 | ||||||||||
Citizens Financial Group, Inc. | 4,790 | 4,305,108 | ||||||||||
Cooperatieve Rabobank UA | 7,918 | 7,971,842 | ||||||||||
Credit Suisse Group AG | 8,899 | 7,140,914 | ||||||||||
4.194%, 04/01/2031(b) | 2,852 | 2,513,439 | ||||||||||
6.373%, 07/15/2026(b) | 6,080 | 5,911,584 | ||||||||||
Danske Bank A/S | 5,462 | 5,144,166 | ||||||||||
6.466%, 01/09/2026(b) | 1,891 | 1,894,423 | ||||||||||
Deutsche Bank AG/New York NY | 4,221 | 3,632,128 | ||||||||||
2.552%, 01/07/2028 | 604 | 514,499 | ||||||||||
3.961%, 11/26/2025 | 1,336 | 1,263,054 | ||||||||||
6.119%, 07/14/2026 | 4,828 | 4,685,043 | ||||||||||
Discover Bank | 2,264 | 2,086,842 | ||||||||||
Federation des Caisses Desjardins du Quebec | 6,672 | 6,520,679 | ||||||||||
Goldman Sachs Group, Inc. (The) | 3,016 | 2,506,055 |
Schedule of Investments—Intermediate Duration Portfolio | 1 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
HSBC Holdings PLC | U.S.$ | 2,559 | $ | 2,091,164 | ||||||||
2.848%, 06/04/2031 | 7,601 | 6,386,892 | ||||||||||
4.762%, 03/29/2033 | 3,381 | 3,082,863 | ||||||||||
8.00%, 03/07/2028(c) | 7,100 | 7,097,799 | ||||||||||
8.113%, 11/03/2033 | 2,992 | 3,341,226 | ||||||||||
Intesa Sanpaolo SpA | 6,204 | 6,042,696 | ||||||||||
7.00%, 11/21/2025(b) | 819 | 831,154 | ||||||||||
JPMorgan Chase & Co. | 9,618 | 8,101,530 | ||||||||||
4.851%, 07/25/2028 | 6,901 | 6,889,889 | ||||||||||
KBC Group NV | 1,666 | 1,676,229 | ||||||||||
Lloyds Banking Group PLC 5.871%, 03/06/2029 | 2,422 | 2,443,192 | ||||||||||
7.50%, 06/27/2024(c) | 1,092 | 1,030,804 | ||||||||||
7.953%, 11/15/2033 | 3,067 | 3,391,151 | ||||||||||
8.00%, 09/27/2029(c) | 5,663 | 5,212,452 | ||||||||||
Mitsubishi UFJ Financial Group, Inc. | 761 | 767,004 | ||||||||||
Mizuho Financial Group, Inc. | 6,462 | 6,487,396 | ||||||||||
5.739%, 05/27/2031 | 7,918 | 8,077,469 | ||||||||||
Morgan Stanley | EUR | 3,196 | 3,028,159 | |||||||||
4.21%, 04/20/2028 | U.S.$ | 4,283 | 4,160,849 | |||||||||
6.296%, 10/18/2028 | 3,910 | 4,112,968 | ||||||||||
Series G | 5,695 | 5,396,069 | ||||||||||
Nationwide Building Society | 5,154 | 4,672,256 | ||||||||||
NatWest Group PLC | 569 | 557,717 | ||||||||||
5.847%, 03/02/2027 | 1,660 | 1,663,785 | ||||||||||
7.472%, 11/10/2026 | 2,737 | 2,838,926 | ||||||||||
PNC Financial Services Group, Inc. (The) | 1,755 | 1,732,676 | ||||||||||
Santander Holdings USA, Inc. | 3,137 | 2,713,474 | ||||||||||
6.499%, 03/09/2029 | 2,742 | 2,740,273 | ||||||||||
Santander UK Group Holdings PLC | 7,481 | 7,582,816 | ||||||||||
Societe Generale SA | 9,487 | 8,380,247 | ||||||||||
Standard Chartered PLC | 3,723 | 3,580,484 | ||||||||||
6.312% (LIBOR 3 Month + 1.51%), 01/30/2027(b)(c)(d) | 300 | 252,381 | ||||||||||
7.75%, 04/02/2023(b)(c) | 822 | 822,000 | ||||||||||
7.776%, 11/16/2025(b) | 4,277 | 4,374,644 | ||||||||||
Swedbank AB | 400 | 380,300 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Truist Financial Corp. | U.S.$ | 1,039 | $ | 838,400 | ||||||||
5.122%, 01/26/2034 | 2,822 | 2,748,938 | ||||||||||
UBS Group AG | 4,928 | 4,697,074 | ||||||||||
7.00%, 02/19/2025(b)(c) | 408 | 384,006 | ||||||||||
UniCredit SpA | 271 | 236,952 | ||||||||||
2.569%, 09/22/2026(b) | 6,253 | 5,652,274 | ||||||||||
3.127%, 06/03/2032(b) | 1,858 | 1,458,363 | ||||||||||
US Bancorp | 3,485 | 2,985,948 | ||||||||||
Wells Fargo & Co. | 2,117 | 1,993,727 | ||||||||||
Series BB | 2,664 | 2,345,812 | ||||||||||
|
| |||||||||||
271,014,114 | ||||||||||||
|
| |||||||||||
Brokerage–0.4% | ||||||||||||
Charles Schwab Corp. (The) | 1,529 | 1,448,987 | ||||||||||
Series I | 7,570 | 6,222,010 | ||||||||||
Nomura Holdings, Inc. | 5,892 | 5,898,776 | ||||||||||
|
| |||||||||||
13,569,773 | ||||||||||||
|
| |||||||||||
Finance–1.0% | ||||||||||||
Air Lease Corp. | 303 | 281,335 | ||||||||||
Aircastle Ltd. | 8,390 | 7,234,781 | ||||||||||
4.125%, 05/01/2024 | 1,481 | 1,447,663 | ||||||||||
4.25%, 06/15/2026 | 530 | 501,507 | ||||||||||
5.25%, 08/11/2025(b) | 3,730 | 3,644,359 | ||||||||||
Aviation Capital Group LLC | 4,547 | 4,042,010 | ||||||||||
1.95%, 09/20/2026(b) | 1,485 | 1,285,282 | ||||||||||
3.50%, 11/01/2027(b) | 1,314 | 1,171,904 | ||||||||||
4.125%, 08/01/2025(b) | 35 | 33,291 | ||||||||||
4.375%, 01/30/2024(b) | 1,300 | 1,278,186 | ||||||||||
4.875%, 10/01/2025(b) | 1,447 | 1,395,270 | ||||||||||
5.50%, 12/15/2024(b) | 3,623 | 3,581,046 | ||||||||||
Synchrony Financial | 4,872 | 3,473,054 | ||||||||||
3.95%, 12/01/2027 | 861 | 730,369 | ||||||||||
4.50%, 07/23/2025 | 869 | 788,896 | ||||||||||
4.875%, 06/13/2025 | 831 | 770,503 | ||||||||||
|
| |||||||||||
31,659,456 | ||||||||||||
|
| |||||||||||
Insurance–0.6% | ||||||||||||
Guardian Life Insurance Co. of America (The) | 2,851 | 2,478,146 | ||||||||||
MetLife Capital Trust IV | 5,200 | 5,399,004 |
2 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Prudential Financial, Inc. | U.S.$ | 1,970 | $ | 1,871,244 | ||||||||
5.375%, 05/15/2045 | 615 | 573,365 | ||||||||||
5.625%, 06/15/2043 | 1,099 | 1,080,998 | ||||||||||
Swiss Re Finance Luxembourg SA | 5,000 | 4,699,300 | ||||||||||
Voya Financial, Inc. | 3,089 | 2,974,676 | ||||||||||
|
| |||||||||||
19,076,733 | ||||||||||||
|
| |||||||||||
REITs–0.4% | ||||||||||||
American Tower Corp. | 3,517 | 3,338,547 | ||||||||||
GLP Capital LP/GLP Financing II, Inc. | 4,731 | 3,862,720 | ||||||||||
Host Hotels & Resorts LP | 1,343 | 1,138,421 | ||||||||||
Vornado Realty LP | 7,733 | 5,351,081 | ||||||||||
|
| |||||||||||
13,690,769 | ||||||||||||
|
| |||||||||||
349,010,845 | ||||||||||||
|
| |||||||||||
Industrial–10.8% |
| |||||||||||
Basic–0.3% |
| |||||||||||
Braskem Netherlands Finance BV | 1,724 | 1,454,194 | ||||||||||
Celanese US Holdings LLC | 6,569 | 6,572,087 | ||||||||||
Freeport Indonesia PT | 904 | 879,875 | ||||||||||
|
| |||||||||||
8,906,156 | ||||||||||||
|
| |||||||||||
Capital Goods–0.6% | ||||||||||||
Flowserve Corp. | 4,669 | 3,708,353 | ||||||||||
Parker-Hannifin Corp. | 2,817 | 2,595,415 | ||||||||||
Regal Rexnord Corp. | 6,295 | 6,338,058 | ||||||||||
Trane Technologies Financing Ltd. | 1,849 | 1,911,552 | ||||||||||
Westinghouse Air Brake Technologies Corp. | 1,117 | 1,065,864 | ||||||||||
4.40%, 03/15/2024 | 4,344 | 4,286,094 | ||||||||||
|
| |||||||||||
19,905,336 | ||||||||||||
|
| |||||||||||
Communications–Media–0.6% |
| |||||||||||
Discovery Communications LLC | 1,999 | 1,647,656 | ||||||||||
5.30%, 05/15/2049 | 857 | 714,901 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Fox Corp. | U.S.$ | 2,656 | $ | 2,632,441 | ||||||||
5.576%, 01/25/2049 | 4,396 | 4,204,598 | ||||||||||
Interpublic Group of Cos., Inc. (The) | 1,966 | 1,924,734 | ||||||||||
Prosus NV | 1,724 | 1,564,530 | ||||||||||
3.68%, 01/21/2030(b) | 550 | 465,781 | ||||||||||
4.027%, 08/03/2050(b) | 1,993 | 1,296,447 | ||||||||||
Tencent Holdings Ltd. | 4,830 | 3,161,537 | ||||||||||
Time Warner Cable LLC | 2,370 | 1,823,288 | ||||||||||
|
| |||||||||||
19,435,913 | ||||||||||||
|
| |||||||||||
Consumer Cyclical–Automotive– 0.7% |
| |||||||||||
General Motors Co. | 1,152 | 1,172,137 | ||||||||||
General Motors Financial Co., Inc. | 710 | 661,521 | ||||||||||
Harley-Davidson Financial Services, Inc. | 7,064 | 6,334,218 | ||||||||||
6.50%, 03/10/2028(b) | 1,242 | 1,258,308 | ||||||||||
Mercedes-Benz Finance North America LLC | 5,380 | 5,384,519 | ||||||||||
Nissan Motor Co., Ltd. | 8,330 | 7,751,482 | ||||||||||
|
| |||||||||||
22,562,185 | ||||||||||||
|
| |||||||||||
Consumer Cyclical–Other–0.6% |
| |||||||||||
Las Vegas Sands Corp. | 8,755 | 7,907,253 | ||||||||||
Marriott International, Inc,/MD | 6,432 | 6,372,375 | ||||||||||
MDC Holdings, Inc. | 3,776 | 3,278,588 | ||||||||||
|
| |||||||||||
17,558,216 | ||||||||||||
|
| |||||||||||
Consumer Cyclical–Retailers–0.7% |
| |||||||||||
Advance Auto Parts, Inc. | 73 | 62,050 | ||||||||||
3.90%, 04/15/2030 | 8,625 | 7,847,801 | ||||||||||
Lowe’s Cos., Inc. | 4,887 | 4,914,025 | ||||||||||
Ross Stores, Inc. | 7,988 | 7,933,362 | ||||||||||
|
| |||||||||||
20,757,238 | ||||||||||||
|
| |||||||||||
Consumer Non-Cyclical –1.5% |
| |||||||||||
Altria Group, Inc. | 7,300 | 6,497,146 | ||||||||||
BAT Capital Corp. | 11,104 | 9,536,670 | ||||||||||
4.906%, 04/02/2030 | 3,799 | 3,664,743 | ||||||||||
7.75%, 10/19/2032 | 838 | 929,375 |
Schedule of Investments—Intermediate Duration Portfolio | 3 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Cargill, Inc. | U.S.$ | 3,643 | $ | 3,761,507 | ||||||||
Cigna Corp. | 3,600 | 3,546,000 | ||||||||||
CVS Health Corp. | 179 | 175,812 | ||||||||||
Ochsner LSU Health System of North Louisiana | 5,660 | 4,230,397 | ||||||||||
Philip Morris International, Inc. 4.875%, 02/13/2026 | 2,541 | 2,559,626 | ||||||||||
5.00%, 11/17/2025 | 4,607 | 4,646,298 | ||||||||||
5.625%, 11/17/2029 | 829 | 866,454 | ||||||||||
Takeda Pharmaceutical Co., Ltd. | 2,211 | 2,195,059 | ||||||||||
Zoetis, Inc. | 5,180 | 5,271,220 | ||||||||||
|
| |||||||||||
47,880,307 | ||||||||||||
|
| |||||||||||
Energy–1.5% | ||||||||||||
BP Capital Markets America, Inc. | 12,047 | 8,357,486 | ||||||||||
Continental Resources, Inc./OK | 5,368 | 4,167,447 | ||||||||||
5.75%, 01/15/2031(b) | 3,997 | 3,835,841 | ||||||||||
Devon Energy Corp. | 4,914 | 4,707,415 | ||||||||||
EQT Corp. | 1,958 | 1,962,621 | ||||||||||
Oleoducto Central SA | 631 | 542,581 | ||||||||||
ONEOK Partners LP | 294 | 289,699 | ||||||||||
ONEOK, Inc. | 4,164 | 3,940,643 | ||||||||||
6.35%, 01/15/2031 | 1,081 | 1,129,256 | ||||||||||
Plains All American Pipeline LP/PAA Finance Corp. | 3,754 | 3,357,052 | ||||||||||
Suncor Energy, Inc. | 5,543 | 6,087,267 | ||||||||||
Tengizchevroil Finance Co. International Ltd. | 833 | 622,667 | ||||||||||
Var Energi ASA | 5,044 | 5,301,698 | ||||||||||
8.00%, 11/15/2032(b) | 4,495 | 4,811,628 | ||||||||||
|
| |||||||||||
49,113,301 | ||||||||||||
|
| |||||||||||
Services–0.7% | ||||||||||||
Alibaba Group Holding Ltd. | 9,680 | 7,955,315 | ||||||||||
Booking Holdings, Inc. | EUR | 3,033 | 3,421,551 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Expedia Group, Inc. | U.S.$ | 211 | $ | 213,827 | ||||||||
Global Payments, Inc. | 3,208 | 2,825,703 | ||||||||||
5.40%, 08/15/2032 | 4,124 | 4,038,633 | ||||||||||
S&P Global, Inc. | 1,574 | 1,552,200 | ||||||||||
4.75%, 08/01/2028 | 307 | 311,218 | ||||||||||
Verisk Analytics, Inc. | 3,088 | 3,242,307 | ||||||||||
|
| |||||||||||
23,560,754 | ||||||||||||
|
| |||||||||||
Technology–3.4% | ||||||||||||
Apple, Inc. | 5,020 | 4,479,446 | ||||||||||
Broadcom, Inc. | 1,202 | 926,321 | ||||||||||
3.187%, 11/15/2036(b) | 8,430 | 6,389,350 | ||||||||||
4.15%, 11/15/2030 | 1,542 | 1,429,388 | ||||||||||
4.15%, 04/15/2032(b) | 2,002 | 1,825,384 | ||||||||||
4.926%, 05/15/2037(b) | 4,241 | 3,847,987 | ||||||||||
Entegris Escrow Corp. | 5,311 | 5,012,150 | ||||||||||
Fiserv, Inc. | 9,632 | 8,939,652 | ||||||||||
Honeywell International, Inc. | EUR | 5,113 | 5,626,782 | |||||||||
HP, Inc. | U.S.$ | 8,393 | 8,315,868 | |||||||||
Infor, Inc. | 2,719 | 2,478,939 | ||||||||||
Intel Corp. | 6,717 | 6,220,614 | ||||||||||
International Business Machines Corp. | 6,404 | 6,389,207 | ||||||||||
4.90%, 07/27/2052 | 6,550 | 6,127,459 | ||||||||||
KLA Corp. | 1,349 | 1,328,171 | ||||||||||
Kyndryl Holdings, Inc. | 9,627 | 8,414,287 | ||||||||||
Lenovo Group Ltd. | 2,626 | 2,641,152 | ||||||||||
6.536%, 07/27/2032(b) | 5,309 | 5,373,040 | ||||||||||
Micron Technology, Inc. | 8,375 | 8,910,246 | ||||||||||
NXP BV/NXP Funding LLC | 4,119 | 4,208,877 | ||||||||||
NXP BV/NXP Funding LLC/NXP USA, Inc. | 3,313 | 2,978,553 | ||||||||||
Oracle Corp. | 1,114 | 1,066,466 | ||||||||||
SK Hynix, Inc. | 1,818 | 1,356,537 | ||||||||||
TSMC Arizona Corp. | 2,710 | 2,647,805 |
4 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Western Digital Corp. | U.S.$ | 1,351 | $ | 1,099,957 | ||||||||
3.10%, 02/01/2032 | 408 | 308,138 | ||||||||||
|
| |||||||||||
108,341,776 | ||||||||||||
|
| |||||||||||
Transportation–Airlines–0.2% |
| |||||||||||
Delta Air Lines, Inc./SkyMiles IP Ltd. | 3,110 | 3,055,897 | ||||||||||
4.75%, 10/20/2028(b) | 3,940 | 3,779,681 | ||||||||||
|
| |||||||||||
6,835,578 | ||||||||||||
|
| |||||||||||
Transportation–Railroads –0.0% |
| |||||||||||
Lima Metro Line 2 Finance Ltd. | 430 | 376,643 | ||||||||||
5.875%, 07/05/2034(b) | 1,041 | 992,418 | ||||||||||
|
| |||||||||||
1,369,061 | ||||||||||||
|
| |||||||||||
Transportation–Services–0.0% |
| |||||||||||
ENA Master Trust | 1,235 | 917,759 | ||||||||||
|
| |||||||||||
347,143,580 | ||||||||||||
|
| |||||||||||
Utility–0.7% |
| |||||||||||
Electric–0.7% |
| |||||||||||
AES Panama Generation Holdings SRL | 1,670 | 1,428,518 | ||||||||||
Chile Electricity Pec SpA Zero Coupon, 01/25/2028(b) | 3,081 | 2,285,332 | ||||||||||
Duke Energy Carolinas NC Storm Funding LLC | 3,641 | 2,790,462 | ||||||||||
Engie Energia Chile SA | 3,834 | 3,123,033 | ||||||||||
NRG Energy, Inc. | 5,900 | 6,132,047 | ||||||||||
Public Service Enterprise Group, Inc. | 6,033 | 6,272,389 | ||||||||||
|
| |||||||||||
22,031,781 | ||||||||||||
|
| |||||||||||
Other Utility–0.0% | ||||||||||||
American Water Capital Corp. | 1,654 | 1,553,553 | ||||||||||
|
| |||||||||||
23,585,334 | ||||||||||||
|
| |||||||||||
Total Corporates–Investment Grade (cost $781,019,087) |
| 719,739,759 | ||||||||||
|
| |||||||||||
Principal Amount (000) | U.S. $ Value | |||||||||||
MORTGAGE PASS-THROUGHS–18.5% |
| |||||||||||
Agency Fixed Rate 30-Year–17.9% |
| |||||||||||
Federal Home Loan Mortgage Corp. | U.S.$ | 6,024 | $ | 5,686,019 | ||||||||
3.50%, 10/01/2049 | 5,955 | 5,614,697 | ||||||||||
3.50%, 11/01/2049 | 2,276 | 2,146,003 | ||||||||||
Series 2020 | 5,004 | 4,726,929 | ||||||||||
Series 2022 | 26,310 | 21,824,589 | ||||||||||
2.50%, 04/01/2052 | 31,699 | 27,446,644 | ||||||||||
3.00%, 03/01/2052 | 17,111 | 15,432,057 | ||||||||||
Federal Home Loan Mortgage Corp. Gold | 1 | 530 | ||||||||||
Series 2007 | 537 | 556,879 | ||||||||||
Series 2016 | 4,652 | 4,565,561 | ||||||||||
Series 2017 | 3,217 | 3,156,603 | ||||||||||
Series 2018 | 2,470 | 2,402,727 | ||||||||||
4.50%, 10/01/2048 | 3,873 | 3,868,387 | ||||||||||
4.50%, 11/01/2048 | 4,325 | 4,319,004 | ||||||||||
5.00%, 09/01/2048 | 1,298 | 1,322,886 | ||||||||||
5.00%, 11/01/2048 | 1,589 | 1,619,479 | ||||||||||
Federal National Mortgage Association | 1 | 1,104 | ||||||||||
Series 2003 | 441 | 456,076 | ||||||||||
5.50%, 07/01/2033 | 974 | 1,006,373 | ||||||||||
5.50%, 11/01/2033 | 0 | ** | 105 | |||||||||
Series 2004 | 227 | 234,891 | ||||||||||
5.50%, 05/01/2034 | 209 | 216,710 | ||||||||||
5.50%, 11/01/2034 | 797 | 827,450 | ||||||||||
6.50%, 08/01/2034 | 1 | 1,066 | ||||||||||
Series 2005 | 1,095 | 1,134,859 | ||||||||||
Series 2006 | 198 | 206,681 | ||||||||||
Series 2007 | 378 | 392,104 | ||||||||||
Series 2008 | 3 | 2,920 | ||||||||||
Series 2010 | 2,061 | 2,020,679 | ||||||||||
Series 2012 | 1,346 | 1,288,405 | ||||||||||
3.50%, 11/01/2042 | 14,054 | 13,453,053 |
Schedule of Investments—Intermediate Duration Portfolio | 5 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
3.50%, 01/01/2043 | U.S.$ | 2,370 | $ | 2,267,728 | ||||||||
Series 2013 | 8,029 | 7,623,318 | ||||||||||
4.00%, 10/01/2043 | 6,530 | 6,391,543 | ||||||||||
Series 2015 | 2,594 | 2,381,452 | ||||||||||
3.00%, 08/01/2045 | 4,734 | 4,345,604 | ||||||||||
Series 2018 | 3,139 | 2,952,402 | ||||||||||
3.50%, 05/01/2048 | 1,280 | 1,210,282 | ||||||||||
4.50%, 09/01/2048 | 6,225 | 6,211,791 | ||||||||||
Series 2019 | 1,955 | 1,843,106 | ||||||||||
3.50%, 09/01/2049 | 2,427 | 2,291,465 | ||||||||||
3.50%, 10/01/2049 | 6,252 | 5,891,548 | ||||||||||
3.50%, 11/01/2049 | 4,834 | 4,555,601 | ||||||||||
Series 2020 | 4,707 | 4,441,993 | ||||||||||
Series 2021 | 27,437 | 22,698,914 | ||||||||||
2.50%, 01/01/2052 | 8,749 | 7,579,154 | ||||||||||
Series 2022 | 18,952 | 16,376,899 | ||||||||||
2.50%, 04/01/2052 | 20,504 | 17,744,039 | ||||||||||
2.50%, 05/01/2052 | 25,705 | 22,247,945 | ||||||||||
3.00%, 02/01/2052 | 20,474 | 18,477,871 | ||||||||||
3.00%, 03/01/2052 | 26,014 | 23,461,361 | ||||||||||
Government National Mortgage Association | 1,320 | 1,220,335 | ||||||||||
3.00%, 05/20/2046 | 1,230 | 1,137,164 | ||||||||||
3.00%, 12/20/2046 | 353 | 325,441 | ||||||||||
Series 2023 | 4,175 | 3,797,637 | ||||||||||
4.00%, 04/01/2053, TBA | 13,580 | 13,072,579 | ||||||||||
4.50%, 04/01/2053, TBA | 58,866 | 57,980,596 | ||||||||||
5.00%, 04/01/2053, TBA | 48,025 | 48,073,933 | ||||||||||
Uniform Mortgage-Backed Security | 54,968 | 45,419,003 | ||||||||||
2.50%, 04/01/2053, TBA | 44,513 | 38,366,373 | ||||||||||
3.00%, 04/01/2053, TBA | 9,249 | 8,293,908 | ||||||||||
4.00%, 04/01/2053, TBA | 20,528 | 19,631,054 | ||||||||||
5.50%, 04/01/2053, TBA | 31,585 | 31,905,777 | ||||||||||
|
| |||||||||||
576,149,286 | ||||||||||||
|
| |||||||||||
Agency Fixed Rate 15-Year–0.6% |
| |||||||||||
Federal National Mortgage Association | 7 | 7,065 | ||||||||||
Series 2016 | 13 | 12,499 | ||||||||||
2.50%, 04/01/2031 | 9 | 8,344 | ||||||||||
2.50%, 05/01/2031 | 37 | 35,170 |
Principal Amount (000) | U.S. $ Value | |||||||||||
2.50%, 07/01/2031 | U.S.$ | 1,211 | $ | 1,146,271 | ||||||||
2.50%, 08/01/2031 | 433 | 409,563 | ||||||||||
2.50%, 09/01/2031 | 229 | 216,332 | ||||||||||
2.50%, 10/01/2031 | 1,345 | 1,272,481 | ||||||||||
2.50%, 11/01/2031 | 9,177 | 8,683,553 | ||||||||||
2.50%, 12/01/2031 | 3,405 | 3,217,865 | ||||||||||
2.50%, 01/01/2032 | 455 | 429,448 | ||||||||||
Series 2017 | 2,212 | 2,089,267 | ||||||||||
2.50%, 02/01/2032 | 126 | 119,237 | ||||||||||
|
| |||||||||||
17,647,095 | ||||||||||||
|
| |||||||||||
Other Agency Fixed Rate Programs–0.0% |
| |||||||||||
Federal National Mortgage Association | 183 | 182,459 | ||||||||||
4.50%, 08/01/2029 | 52 | 51,912 | ||||||||||
4.50%, 10/01/2029 | 10 | 9,706 | ||||||||||
|
| |||||||||||
244,077 | ||||||||||||
|
| |||||||||||
Agency ARMs–0.0% | ||||||||||||
Federal Home Loan Mortgage Corp. Gold | 0 | ** | 147 | |||||||||
Series 2007 | 0 | ** | 357 | |||||||||
|
| |||||||||||
504 | ||||||||||||
|
| |||||||||||
Total Mortgage Pass-Throughs (cost $617,356,638) |
| 594,040,962 | ||||||||||
|
| |||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS–7.3% |
| |||||||||||
Risk Share Floating Rate–6.6% |
| |||||||||||
Bellemeade Re Ltd. |
| 562 | 559,841 | |||||||||
Series 2021-1A, Class M1C |
| 4,197 | 4,191,668 | |||||||||
Series 2021-2A, Class M1B |
| 7,664 | 7,521,475 | |||||||||
Series 2021-3A, Class A2 |
| 7,199 | 6,986,822 | |||||||||
Series 2022-1, Class M1B |
| 3,969 | 3,925,786 | |||||||||
Series 2022-2, Class M1A |
| 7,387 | 7,396,950 |
6 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Connecticut Avenue Securities Trust | U.S.$ | 3,513 | $ | 3,324,697 | ||||||||
Series 2022-R01, Class 1M2 |
| 9,352 | 8,952,490 | |||||||||
Series 2022-R02, Class 2M1 |
| 6,616 | 6,562,321 | |||||||||
Series 2022-R03, Class 1M2 |
| 6,435 | 6,475,366 | |||||||||
Series 2022-R04, Class 1M2 |
| 1,747 | 1,730,418 | |||||||||
Series 2022-R05, Class 2M2 |
| 5,001 | 4,875,921 | |||||||||
Series 2022-R06, Class 1M1 |
| 6,180 | 6,278,668 | |||||||||
Series 2022-R07, Class 1M1 |
| 8,321 | 8,472,171 | |||||||||
Series 2022-R08, Class 1M1 |
| 6,383 | 6,423,728 | |||||||||
Series 2023-R01, Class 1M1 |
| 5,026 | 5,037,547 | |||||||||
Series 2023-R02, Class 1M1 |
| 3,698 | 3,694,085 | |||||||||
Eagle Re Ltd. |
| 617 | 619,368 | |||||||||
Series 2021-2, Class M1B |
| 2,360 | 2,335,232 | |||||||||
Federal Home Loan Mortgage Corp. |
| 392 | 397,455 | |||||||||
Series 2014-DN3, Class M3 |
| 355 | 359,031 | |||||||||
Series 2015-DNA1, Class M3 |
| 949 | 957,401 | |||||||||
Series 2016-HQA3, Class M3 |
| 1,145 | 1,187,793 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Series 2020-DNA5, Class M2 | U.S.$ | 2,373 | $ | 2,400,403 | ||||||||
Series 2021-DNA3, Class M2 |
| 3,221 | 3,112,749 | |||||||||
Series 2021-DNA5, Class M2 |
| 2,248 | 2,206,089 | |||||||||
Series 2021-DNA6, Class M2 |
| 9,778 | 9,304,072 | |||||||||
Series 2021-DNA7, Class M2 |
| 9,563 | 9,086,012 | |||||||||
Series 2021-HQA3, Class M1 |
| 2,978 | 2,872,867 | |||||||||
Series 2021-HQA4, Class M2 |
| 6,126 | 5,513,991 | |||||||||
Series 2022-DNA1, Class M1A |
| 3,594 | 3,522,263 | |||||||||
Series 2022-DNA1, Class M1B |
| 4,940 | 4,668,987 | |||||||||
Series 2022-DNA2, Class M1B |
| 7,072 | 6,869,695 | |||||||||
Series 2022-DNA3, Class M1B |
| 2,957 | 2,935,205 | |||||||||
Series 2022-DNA4, Class M1B |
| 5,585 | 5,622,916 | |||||||||
Series 2022-DNA5, Class M1B |
| 9,989 | 10,363,149 | |||||||||
Series 2022-DNA6, Class M1A |
| 3,098 | 3,106,436 | |||||||||
Series 2022-DNA7, Class M1A |
| 8,446 | 8,509,220 | |||||||||
Series 2022-HQA1, Class M1B |
| 1,664 | 1,651,854 | |||||||||
Series 2023-DNA1, Class M1A |
| 4,544 | 4,550,702 |
Schedule of Investments—Intermediate Duration Portfolio | 7 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Federal National Mortgage Association Connecticut Avenue Securities | U.S.$ | 940 | $ | 1,003,686 | ||||||||
Series 2016-C02, Class 1M2 |
| 294 | 309,536 | |||||||||
Series 2016-C03, Class 1M2 |
| 1,132 | 1,195,818 | |||||||||
Series 2021-R02, Class 2M2 |
| 4,242 | 3,934,049 | |||||||||
Home Re Ltd. |
| 4,253 | 4,204,791 | |||||||||
JPMorgan Madison Avenue Securities Trust |
| 200 | 193,286 | |||||||||
Oaktown Re VII Ltd. |
| 6,767 | 6,712,236 | |||||||||
PMT Credit Risk Transfer Trust |
| 2,660 | 2,598,357 | |||||||||
Series 2019-3R, Class A |
| 204 | 197,197 | |||||||||
Series 2020-1R, Class A |
| 857 | 821,092 | |||||||||
Radnor Re Ltd. |
| 2,657 | 2,655,905 | |||||||||
Triangle Re Ltd. |
| 3,646 | 3,617,592 | |||||||||
Wells Fargo Credit Risk Transfer Securities Trust |
| 960 | 891,943 | |||||||||
Series 2015-WF1, Class 2M2 |
| 249 | 235,984 | |||||||||
|
| |||||||||||
213,134,316 | ||||||||||||
|
|
Principal Amount (000) | U.S. $ Value | |||||||||||
Agency Fixed Rate–0.3% | ||||||||||||
Federal Home Loan Mortgage Corp. REMICs | U.S.$ | 9,808 | $ | 1,553,406 | ||||||||
Series 5040, Class AI | 7,198 | 1,198,647 | ||||||||||
Series 5043, Class IO | 14,798 | 3,237,600 | ||||||||||
Federal National Mortgage Association Grantor Trust | 1,370 | 1,243,159 | ||||||||||
Federal National Mortgage Association REMICs | 6,734 | 1,107,306 | ||||||||||
|
| |||||||||||
8,340,118 | ||||||||||||
|
| |||||||||||
Agency Floating Rate–0.2% | ||||||||||||
Federal Home Loan Mortgage Corp. REMICs | 7,023 | 730,661 | ||||||||||
Series 4585, Class DS | 4,637 | 513,851 | ||||||||||
Series 4693, Class SL | 2,950 | 341,275 | ||||||||||
Series 4954, Class SL | 2,142 | 233,676 | ||||||||||
Series 4981, Class HS | 17,848 | 1,970,623 | ||||||||||
Federal National Mortgage Association REMICs | 5,555 | 756,972 | ||||||||||
Series 2016-106, Class ES | 3,277 | 372,152 | ||||||||||
Series 2017-62, Class AS | 4,131 | 507,706 | ||||||||||
Series 2017-97, Class SW | 5,966 | 698,047 | ||||||||||
Government National Mortgage Association | 6,884 | 792,332 |
8 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Series 2017-122, Class SA | U.S.$ | 4,990 | $ | 605,795 | ||||||||
Series 2017-134, Class MS 1.439% (6.20%–LIBOR 1 Month), 09/20/2047(d)(g) | 5,643 | 713,773 | ||||||||||
|
| |||||||||||
8,236,863 | ||||||||||||
|
| |||||||||||
Non-Agency Fixed Rate–0.1% |
| |||||||||||
Alternative Loan Trust |
| 281 | 201,527 | |||||||||
Series 2006-24CB, Class A16 5.75%, 08/25/2036 |
| 2,008 | 1,131,920 | |||||||||
Series 2006-28CB, Class A14 6.25%, 10/25/2036 |
| 1,400 | 776,461 | |||||||||
Series 2006-J1, Class 1A13 |
| 494 | 356,044 | |||||||||
CHL Mortgage Pass-Through Trust |
| 594 | 238,016 | |||||||||
|
| |||||||||||
2,703,968 | ||||||||||||
|
| |||||||||||
Non-Agency Floating Rate–0.1% |
| |||||||||||
Deutsche Alt-A Securities Mortgage Loan Trust | 3,794 | 1,306,640 | ||||||||||
HomeBanc Mortgage Trust | 619 | 514,675 | ||||||||||
JPMorgan Chase Bank, NA |
| 702 | 662,413 | |||||||||
|
| |||||||||||
2,483,728 | ||||||||||||
|
| |||||||||||
Total Collateralized Mortgage Obligations (cost $239,928,798) |
| 234,898,993 | ||||||||||
|
| |||||||||||
ASSET-BACKED SECURITIES –5.9% |
| |||||||||||
Autos–Fixed Rate–3.1% |
| |||||||||||
Americredit Automobile Receivables Trust | 7,246 | 7,277,352 | ||||||||||
Avis Budget Rental Car Funding AESOP LLC | 4,800 | 4,799,193 | ||||||||||
Carvana Auto Receivables Trust |
| 2,144 | 2,040,283 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Series 2021-N4, Class D | U.S.$ | 3,177 | $ | 2,947,415 | ||||||||
Series 2021-P4, Class D | 4,063 | 3,421,115 | ||||||||||
CPS Auto Receivables Trust |
| 5,050 | 4,666,636 | |||||||||
Series 2022-A, Class C | 5,564 | 5,247,241 | ||||||||||
Series 2023-A, Class A | 3,493 | 3,486,357 | ||||||||||
DT Auto Owner Trust | 5,571 | 5,561,353 | ||||||||||
FHF Trust | 1,675 | 1,594,880 | ||||||||||
Ford Credit Auto Owner Trust |
| 5,650 | 4,941,279 | |||||||||
LAD Auto Receivables Trust | 2,204 | 2,138,488 | ||||||||||
Series 2022-1A, Class A | 4,730 | 4,702,355 | ||||||||||
Lendbuzz Securitization Trust | 7,939 | 7,947,909 | ||||||||||
Prestige Auto Receivables Trust |
| 4,193 | 4,192,423 | |||||||||
Research-Driven Pagaya Motor Asset Trust VII | 5,875 | 5,765,990 | ||||||||||
Santander Bank Auto Credit-Linked Notes | 4,810 | 4,706,771 | ||||||||||
Series 2022-C, Class B | 4,981 | 4,981,115 | ||||||||||
Santander Bank NA–SBCLN | 2,231 | 2,141,625 | ||||||||||
United Auto Credit Securitization Trust | 3,127 | 3,114,778 | ||||||||||
Westlake Automobile Receivables Trust | 7,716 | 7,729,392 | ||||||||||
World Omni Select Auto Trust | 7,850 | 7,834,865 | ||||||||||
|
| |||||||||||
101,238,815 | ||||||||||||
|
|
Schedule of Investments—Intermediate Duration Portfolio | 9 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Other ABS–Fixed Rate–2.5% |
| |||||||||||
AB Issuer LLC | U.S.$ | 8,404 | $ | 6,932,536 | ||||||||
Affirm Asset Securitization Trust | 1,106 | 1,073,510 | ||||||||||
Series 2021-Z2, Class A | 1,146 | 1,099,154 | ||||||||||
Series 2022-A, Class B | 750 | 708,732 | ||||||||||
Series 2022-X1, Class A | 2,276 | 2,215,909 | ||||||||||
Amur Equipment Finance Receivables XI LLC | 2,643 | 2,631,323 | ||||||||||
Atalaya Equipment Leasing Trust | 1,762 | 1,669,666 | ||||||||||
BHG Securitization Trust | 1,273 | 1,219,205 | ||||||||||
Cajun Global LLC | 1,738 | 1,490,398 | ||||||||||
College Ave Student Loans LLC | 2,202 | 1,896,151 | ||||||||||
Dext ABS LLC | 493 | 448,101 | ||||||||||
Diamond Infrastructure Funding LLC | 3,651 | 3,056,939 | ||||||||||
Diamond Issuer | 7,711 | 6,654,487 | ||||||||||
Domino’s Pizza Master Issuer LLC | 4,353 | 3,736,516 | ||||||||||
GCI Funding I LLC | 2,271 | 1,953,446 | ||||||||||
Hardee’s Funding LLC | 3,200 | 2,974,823 | ||||||||||
Series 2020-1A, Class A2 | 2,591 | 2,253,213 | ||||||||||
Kubota Credit Owner Trust | 5,570 | 5,563,920 |
Principal Amount (000) | U.S. $ Value | |||||||||||
MVW LLC | U.S.$ | 3,012 | $ | 2,699,203 | ||||||||
Neighborly Issuer | 5,468 | 4,492,413 | ||||||||||
Series 2023-1A, Class A2 | 6,634 | 6,522,615 | ||||||||||
Neighborly Issuer LLC | 3,199 | 2,717,175 | ||||||||||
Nelnet Student Loan Trust | 2,008 | 1,650,083 | ||||||||||
Series 2021-CA, Class B | 3,421 | 2,759,941 | ||||||||||
Series 2021-DA, Class B | 3,096 | 2,588,358 | ||||||||||
NMEF Funding LLC | 2,786 | 2,805,968 | ||||||||||
Upstart Securitization Trust | 5,220 | 4,968,127 | ||||||||||
|
| |||||||||||
78,781,912 | ||||||||||||
|
| |||||||||||
Credit Cards–Fixed Rate–0.3% |
| |||||||||||
Brex Commercial Charge Card Master Trust | 7,665 | 7,481,644 | ||||||||||
Mission Lane Credit Card Master Trust | 1,601 | 1,525,759 | ||||||||||
|
| |||||||||||
9,007,403 | ||||||||||||
|
| |||||||||||
Home Equity Loans–Floating Rate–0.0% |
| |||||||||||
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates | 3 | 2,478 | ||||||||||
|
| |||||||||||
Total Asset-Backed Securities (cost $201,433,256) |
| 189,030,608 | ||||||||||
|
| |||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES –3.1% |
| |||||||||||
Non-Agency Floating Rate CMBS–1.7% |
| |||||||||||
AREIT Trust |
| 12,093 | 11,727,503 |
10 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
BAMLL Commercial Mortgage Securities Trust | U.S.$ | 10,570 | $ | 10,045,266 | ||||||||
BBCMS Mortgage Trust | 7,708 | 7,443,082 | ||||||||||
BFLD Trust | 11,683 | 11,060,011 | ||||||||||
BX Commercial Mortgage Trust | 1,772 | 1,675,454 | ||||||||||
Series 2019-IMC, Class E | 6,595 | 6,257,698 | ||||||||||
CLNY Trust | 5,360 | 4,916,869 | ||||||||||
Federal Home Loan Mortgage Corp. |
| 746 | 699,912 | |||||||||
Natixis Commercial Mortgage Securities Trust | 2,750 | 2,639,751 | ||||||||||
|
| |||||||||||
56,465,546 | ||||||||||||
|
| |||||||||||
Non-Agency Fixed Rate CMBS–1.4% |
| |||||||||||
BAMLL Commercial Mortgage Securities Trust |
| 2,805 | 2,341,422 | |||||||||
Barclays Commercial Mortgage Trust | 3,523 | 3,077,551 | ||||||||||
Commercial Mortgage Trust | 3,938 | 2,271,007 | ||||||||||
GS Mortgage Securities Trust | 333 | 124,770 | ||||||||||
GSF | 3,575 | 3,363,963 | ||||||||||
Series 2021-1, Class A2 | 9,371 | 8,894,681 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Series 2021-1, Class AS | U.S.$ | 249 | $ | 230,309 | ||||||||
HFX Funding Issuer | 6,860 | 6,561,591 | ||||||||||
JPMBB Commercial Mortgage Securities Trust | 2,527 | 1,090,317 | ||||||||||
Series 2014-C21, Class B | 1,857 | 1,691,589 | ||||||||||
Series 2015-C27, Class AS | 3,415 | 3,239,338 | ||||||||||
JPMorgan Chase Commercial Mortgage Securities Trust | 3,967 | 2,995,021 | ||||||||||
Series 2016-JP3, Class B | 3,000 | 2,522,714 | ||||||||||
LB-UBS Commercial Mortgage Trust | 817 | 343,144 | ||||||||||
LSTAR Commercial Mortgage Trust | 1,342 | 1,339,558 | ||||||||||
Wells Fargo Commercial Mortgage Trust |
| 2,906 | 2,748,326 | |||||||||
Series 2019-C51, Class B |
| 1,269 | 1,081,628 | |||||||||
|
| |||||||||||
43,916,929 | ||||||||||||
|
| |||||||||||
Total Commercial Mortgage-Backed Securities (cost $111,072,197) |
| 100,382,475 | ||||||||||
|
| |||||||||||
COLLATERALIZED LOAN OBLIGATIONS–2.7% |
| |||||||||||
CLO–Floating Rate–2.7% | ||||||||||||
AGL CLO 10 Ltd. | 450 | 438,638 | ||||||||||
Balboa Bay Loan Funding Ltd. | 6,496 | 6,332,239 | ||||||||||
Dryden 78 CLO Ltd. | 4,670 | 4,396,693 | ||||||||||
Elevation CLO Ltd. | 4,500 | 3,955,648 |
Schedule of Investments—Intermediate Duration Portfolio | 11 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Elmwood CLO IX Ltd. | U.S.$ | 5,900 | $ | 5,757,857 | ||||||||
Elmwood CLO XII Ltd. | 2,100 | 1,991,869 | ||||||||||
Flatiron CLO 21 Ltd. | 4,290 | 4,191,412 | ||||||||||
Goldentree Loan Management US CLO 7 Ltd. | 6,463 | 6,273,974 | ||||||||||
Golub Capital Partners 48 LP | 644 | 631,648 | ||||||||||
Neuberger Berman Loan Advisers CLO 43 Ltd. | 6,910 | 6,750,203 | ||||||||||
OCP CLO Ltd. |
| 8,088 | 7,928,383 | |||||||||
Palmer Square CLO Ltd. | 730 | 711,173 | ||||||||||
Pikes Peak CLO 8 | 7,300 | 7,139,203 | ||||||||||
Rad CLO 7 Ltd. | 2,090 | 1,984,867 | ||||||||||
Rad CLO 11 Ltd. | 3,800 | 3,526,731 | ||||||||||
Rad CLO 14 Ltd | 829 | 802,568 | ||||||||||
Regatta XX Funding Ltd. | 11,084 | 10,782,179 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Rockford Tower CLO Ltd. | U.S.$ | 5,449 | $ | 5,289,708 | ||||||||
Series 2021-3A, Class D | 3,200 | 2,803,994 | ||||||||||
Sixth Street CLO XVII Ltd. | 1,089 | 1,069,153 | ||||||||||
Sixth Street CLO XX Ltd. | 1,900 | 1,792,658 | ||||||||||
TICP CLO XV Ltd. | 250 | 246,580 | ||||||||||
Voya CLO Ltd. |
| 1,850 | 1,624,213 | |||||||||
|
| |||||||||||
Total Collateralized Loan Obligations |
| 86,421,591 | ||||||||||
|
| |||||||||||
CORPORATES–NON-INVESTMENT GRADE –1.4% |
| |||||||||||
Industrial–1.3% |
| |||||||||||
Capital Goods–0.0% |
| |||||||||||
TK Elevator Midco GmbH | EUR | 1,444 | 1,418,092 | |||||||||
|
| |||||||||||
Communications–Media–0.5% |
| |||||||||||
Altice Financing SA | 2,174 | 1,878,004 | ||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | U.S.$ | 1,424 | 1,200,304 | |||||||||
4.50%, 06/01/2033(b) | 5,124 | 4,086,082 | ||||||||||
4.75%, 02/01/2032(b) | 1,041 | 876,116 | ||||||||||
DISH DBS Corp. | 3,890 | 2,904,430 | ||||||||||
Summer BC Holdco B SARL | EUR | 2,174 | 2,054,314 | |||||||||
VZ Vendor Financing II BV | 2,093 | 1,807,307 | ||||||||||
|
| |||||||||||
14,806,557 | ||||||||||||
|
| |||||||||||
Communications–Telecommunications–0.1% |
| |||||||||||
Altice France SA/France | 1,024 | 867,100 | ||||||||||
Lorca Telecom Bondco SA | 2,174 | 2,167,083 | ||||||||||
|
| |||||||||||
3,034,183 | ||||||||||||
|
|
12 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Consumer Cyclical–Automotive–0.1% |
| |||||||||||
Ford Motor Co. | U.S.$ | 3,333 | $ | 3,220,044 | ||||||||
Ford Motor Credit Co. LLC | 1,450 | 1,495,762 | ||||||||||
|
| |||||||||||
4,715,806 | ||||||||||||
|
| |||||||||||
Consumer Cyclical–Entertainment–0.3% |
| |||||||||||
Carnival Corp. | 5,633 | 4,852,041 | ||||||||||
Royal Caribbean Cruises Ltd. | 4,339 | 4,539,375 | ||||||||||
|
| |||||||||||
9,391,416 | ||||||||||||
|
| |||||||||||
Consumer Cyclical–Other–0.1% |
| |||||||||||
Caesars Entertainment, Inc. | 1,793 | 1,824,019 | ||||||||||
|
| |||||||||||
Consumer Non-Cyclical–0.1% |
| |||||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | 3,900 | 3,393,351 | ||||||||||
Organon & Co./Organon Foreign Debt Co-Issuer BV | EUR | 1,420 | 1,354,236 | |||||||||
|
| |||||||||||
4,747,587 | ||||||||||||
|
| |||||||||||
Services–0.1% | ||||||||||||
APCOA Parking Holdings GmbH | 2,174 | 2,009,706 | ||||||||||
|
| |||||||||||
41,947,366 | ||||||||||||
|
| |||||||||||
Utility–0.1% |
| |||||||||||
Electric–0.1% |
| |||||||||||
Vistra Corp. | U.S.$ | 2,589 | 2,287,122 | |||||||||
|
| |||||||||||
Total Corporates–Non-Investment Grade (cost $51,052,887) |
| 44,234,488 | ||||||||||
|
| |||||||||||
LOCAL GOVERNMENTS–US MUNICIPAL BONDS–0.9% |
| |||||||||||
United States–0.9% | ||||||||||||
Port Authority of New York & New Jersey | 4,170 | 4,129,751 | ||||||||||
State Board of Administration Finance Corp. | 6,821 | 6,081,385 | ||||||||||
State of California | 8,520 | 11,014,296 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Tobacco Settlement Finance Authority/WV | U.S.$ | 2,088 | $ | 2,089,820 | ||||||||
University of California | 7,960 | 5,735,954 | ||||||||||
|
| |||||||||||
Total Local Governments–US Municipal Bonds (cost $29,603,955) |
| 29,051,206 | ||||||||||
|
| |||||||||||
EMERGING MARKETS–CORPORATE BONDS–0.4% |
| |||||||||||
Industrial–0.4% |
| |||||||||||
Basic–0.1% |
| |||||||||||
CSN Resources SA | 1,862 | 1,426,199 | ||||||||||
Volcan Cia Minera SAA | 761 | 628,681 | ||||||||||
|
| |||||||||||
2,054,880 | ||||||||||||
|
| |||||||||||
Capital Goods–0.1% | ||||||||||||
Embraer Netherlands Finance BV | 4,960 | 4,777,720 | ||||||||||
6.95%, 01/17/2028(b) | 1,797 | 1,805,761 | ||||||||||
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(b) | 3,418 | 10,597 | ||||||||||
|
| |||||||||||
6,594,078 | ||||||||||||
|
| |||||||||||
Communications–Media–0.0% |
| |||||||||||
Globo Comunicacao e Participacoes SA | 825 | 652,678 | ||||||||||
|
| |||||||||||
Consumer Cyclical–Other–0.1% |
| |||||||||||
Wynn Macau Ltd. | 2,862 | 2,432,700 | ||||||||||
|
| |||||||||||
Consumer Non-Cyclical–0.1% |
| |||||||||||
Natura & Co. Luxembourg Holdings SARL | 2,258 | 1,958,815 | ||||||||||
|
| |||||||||||
13,693,151 | ||||||||||||
|
| |||||||||||
Utility–0.0% |
| |||||||||||
Electric–0.0% |
| |||||||||||
Terraform Global Operating LP | 565 | 537,400 | ||||||||||
|
| |||||||||||
Schedule of Investments—Intermediate Duration Portfolio | 13 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Financial Institutions–0.0% |
| |||||||||||
Other Finance–0.0% |
| |||||||||||
OEC Finance Ltd. | U.S.$ | 2,541 | $ | 77,329 | ||||||||
7.125%, 12/26/2046(b)(i) | 745 | 25,865 | ||||||||||
|
| |||||||||||
103,194 | ||||||||||||
|
| |||||||||||
Total Emerging Markets–Corporate Bonds (cost $21,122,755) |
| 14,333,745 | ||||||||||
|
| |||||||||||
QUASI-SOVEREIGNS–0.3% |
| |||||||||||
Quasi-Sovereign Bonds–0.3% |
| |||||||||||
Indonesia–0.1% |
| |||||||||||
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 2,363 | 2,353,105 | ||||||||||
|
| |||||||||||
Mexico–0.2% | ||||||||||||
Comision Federal de Electricidad | 6,919 | 5,447,848 | ||||||||||
4.688%, 05/15/2029(b) | 1,800 | 1,600,650 | ||||||||||
|
| |||||||||||
7,048,498 | ||||||||||||
|
| |||||||||||
Total Quasi-Sovereigns (cost $11,076,458) |
| 9,401,603 | ||||||||||
|
| |||||||||||
EMERGING MARKETS-SOVEREIGNS–0.2% |
| |||||||||||
Dominican Republic–0.2% |
| |||||||||||
Dominican Republic International Bond |
| 8,182 | 6,938,336 | |||||||||
|
| |||||||||||
AGENCIES –0.2% |
| |||||||||||
Agency Debentures–0.2% |
| |||||||||||
Federal Home Loan Banks | 6,170 | 6,049,068 | ||||||||||
|
| |||||||||||
Shares | ||||||||||||
COMMON STOCKS–0.1% |
| |||||||||||
Financials–0.1% |
| |||||||||||
Insurance–0.1% |
| |||||||||||
Mt. Logan Re Ltd. (Special Investment)(h)(j)(k) |
| 3,599 | 3,218,782 | |||||||||
|
| |||||||||||
Principal Amount (000) | U.S. $ Value | |||||||||||
GOVERNMENTS–SOVEREIGN BONDS–0.1% |
| |||||||||||
Colombia–0.1% |
| |||||||||||
Colombia Government International Bond | U.S.$ | 2,490 | $ | 1,899,870 | ||||||||
|
| |||||||||||
SHORT-TERM INVESTMENTS –5.8% |
| |||||||||||
U.S. Treasury Bills–5.8% |
| |||||||||||
U.S. Treasury Bill | 32,342 | 32,278,933 | ||||||||||
Zero Coupon, 05/02/2023 | 12,017 | 11,972,610 | ||||||||||
Zero Coupon, 06/22/2023 | 32,679 | 32,341,845 | ||||||||||
Zero Coupon, 06/27/2023 | 57,540 | 56,910,976 | ||||||||||
Zero Coupon, 07/11/2023 | 54,516 | 53,809,132 | ||||||||||
|
| |||||||||||
Total Short-Term Investments (cost $187,279,655) |
| 187,313,496 | ||||||||||
|
| |||||||||||
Total Investments—107.0% (cost $3,649,996,454) |
| 3,438,942,222 | ||||||||||
Other assets less liabilities—(7.0)% |
| (225,774,255 | ) | |||||||||
|
| |||||||||||
Net Assets—100.0% |
| $ | 3,213,167,967 | |||||||||
|
|
14 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
FUTURES (see Note 3)
Description | Number of Contracts | Expiration Month | Current Notional | Value and Unrealized Appreciation (Depreciation) | ||||||||||||
Purchased Contracts | ||||||||||||||||
U.S. 10 Yr Ultra Futures | 1,391 | June 2023 | $ | 168,506,609 | $ | 4,382,060 | ||||||||||
U.S. Long Bond (CBT) Futures | 182 | June 2023 | 23,870,438 | 886,452 | ||||||||||||
U.S. T-Note 5 Yr (CBT) Futures | 2,347 | June 2023 | 257,014,837 | 4,769,951 | ||||||||||||
U.S. Ultra Bond (CBT) Futures | 56 | June 2023 | 7,903,000 | (26,652 | ) | |||||||||||
Sold Contracts | ||||||||||||||||
10 Yr Japan Bond (OSE) Futures | 94 | June 2023 | 104,863,717 | (1,915,307 | ) | |||||||||||
|
| |||||||||||||||
$ | 8,096,504 | |||||||||||||||
|
|
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 | EUR | 23,499 | USD | 25,012 | 05/11/2023 | $ | (525,976 | ) | ||||||||||||||||
State Street Bank & Trust Co. | JPY | 4,444 | USD | 34 | 04/28/2023 | 707 | ||||||||||||||||||
|
| |||||||||||||||||||||||
$ | (525,269 | ) | ||||||||||||||||||||||
|
|
CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)
Rate Type | ||||||||||||||||||||||||||||||||
Notional Amount (000) | Termination Date | Payments made by the Fund | Payments received by the Fund | Payment Frequency Paid/ Received | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
USD | 19,060 | 12/13/2029 | 1.537 | % | 1 Day SOFR | Annual | $ | 1,988,033 | $ | 1,899,793 | $ | 88,240 |
CREDIT DEFAULT SWAPS (see Note 3)
Swap Counterparty & Referenced Obligation | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 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 | 22 | $ | (4,730 | ) | $ | (3,325 | ) | $ | (1,405 | ) | ||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 74 | (15,648 | ) | (8,235 | ) | (7,413 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 92 | (19,409 | ) | (11,106 | ) | (8,303 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 79 | (16,740 | ) | (7,430 | ) | (9,310 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 111 | (23,533 | ) | (13,030 | ) | (10,503 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 131 | (27,778 | ) | (15,887 | ) | (11,891 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 136 | (28,870 | ) | (16,709 | ) | (12,161 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 129 | (27,293 | ) | (15,112 | ) | (12,181 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 142 | (30,084 | ) | (17,825 | ) | (12,259 | ) |
Schedule of Investments—Intermediate Duration Portfolio | 15 |
Table of Contents
Swap Counterparty & Referenced Obligation | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional Amount (000) | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
Credit Suisse International | ||||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | % | Monthly | 7.50 | % | USD | 1 | $ | (121 | ) | $ | (66 | ) | $ | (55 | ) | ||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 788 | (166,794 | ) | (59,027 | ) | (107,767 | ) | |||||||||||||||||||||
Goldman Sachs International | ||||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 85 | (17,953 | ) | (11,899 | ) | (6,054 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 71 | (15,042 | ) | (8,230 | ) | (6,812 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 198 | (41,851 | ) | (21,409 | ) | (20,442 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 1,899 | (402,125 | ) | (200,730 | ) | (201,395 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 2,627 | (556,304 | ) | (174,169 | ) | (382,135 | ) | |||||||||||||||||||||
Morgan Stanley Capital Services LLC | ||||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 1,144 | (242,246 | ) | (74,547 | ) | (167,699 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (1,636,521 | ) | $ | (658,736 | ) | $ | (977,785 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
* Termination date
** | Principal amount less than 500. |
(a) | Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding. |
(b) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At March 31, 2023, the aggregate market value of these securities amounted to $844,736,601 or 26.3% of net assets. |
(c) | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(d) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at March 31, 2023. |
(e) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.69% of net assets as of March 31, 2023, are considered illiquid and restricted. Additional information regarding such securities follows: |
144A/Restricted & Illiquid Securities | Acquisition Date | Cost | Market Value | Percentage of Net Assets | ||||||||||||
GSF | 02/25/2021 | $ | 3,470,159 | $ | 3,363,963 | 0.10 | % | |||||||||
GSF Series 2021-1, Class A2 2.435%, 08/15/2026 | 02/25/2021 | 9,581,442 | 8,894,681 | 0.28 | % | |||||||||||
GSF Series 2021-1, Class AS 2.638%, 08/15/2026 | 02/25/2021 | 253,716 | 230,309 | 0.01 | % | |||||||||||
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035 | 11/19/2020 | 7,292,420 | 6,561,591 | 0.20 | % | |||||||||||
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 9.095%, 11/25/2024 | 11/06/2015 | 199,369 | 193,286 | 0.01 | % | |||||||||||
PMT Credit Risk Transfer Trust Series 2020-1R, Class A 8.202%, 02/27/2023 | 02/11/2020 | 856,715 | 821,092 | 0.03 | % | |||||||||||
Terraform Global Operating LP 6.125%, 03/01/2026 | 02/08/2018 | 565,000 | 537,400 | 0.02 | % | |||||||||||
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 10.095%, 11/25/2025 | 09/28/2015 | 962,660 | 891,943 | 0.03 | % | |||||||||||
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 | 09/28/2015 | 248,236 | 235,984 | 0.01 | % |
16 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
(f) | IO—Interest Only. |
(g) | Inverse interest only security. |
(h) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(i) | Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at March 31, 2023. |
(j) | Fair valued by the Adviser. |
(k) | Non-income producing security. |
Currency Abbreviations:
EUR—Euro
JPY—Japanese Yen
USD—United States Dollar
Glossary:
ABS—Asset-Backed Securities
ARMs—Adjustable Rate Mortgages
CBT—Chicago Board of Trade
CDX-CMBX.NA—North American Commercial Mortgage-Backed Index
CLO—Collateralized Loan Obligations
CMBS—Commercial Mortgage-Backed Securities
LIBOR—London Interbank Offered Rate
OSE—Osaka Securities Exchange
REIT—Real Estate Investment Trust
REMICs—Real Estate Mortgage Investment Conduits
SOFR—Secured Overnight Financing Rate
TBA—To Be Announced
See notes to financial statements.
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Short Duration Plus Portfolio
March 31, 2023 (unaudited)
Principal Amount (000) | U.S. $ Value | |||||||||||
GOVERNMENTS–TREASURIES–68.3% |
| |||||||||||
United States–68.3% |
| |||||||||||
U.S. Treasury Notes | ||||||||||||
0.75%, 08/31/2026 | U.S.$ | 1,749 | $ | 1,579,746 | ||||||||
3.00%, 06/30/2024 | 15,954 | 15,662,734 | ||||||||||
3.25%, 08/31/2024 | 57,972 | 57,066,089 | ||||||||||
4.00%, 12/15/2025 | 7,207 | 7,229,823 | ||||||||||
4.125%, 01/31/2025 | 23,491 | 23,473,047 | ||||||||||
4.125%, 10/31/2027 | 1,610 | 1,638,924 | ||||||||||
4.25%, 09/30/2024 | 5,741 | 5,731,730 | ||||||||||
4.25%, 12/31/2024 | 30,520 | 30,529,037 | ||||||||||
4.375%, 10/31/2024 | 11,470 | 11,478,761 | ||||||||||
4.50%, 11/30/2024 | 42,338 | 42,483,938 | ||||||||||
|
| |||||||||||
Total Governments–Treasuries (cost $197,884,741) |
| 196,873,829 | ||||||||||
|
| |||||||||||
CORPORATES–INVESTMENT GRADE–8.9% |
| |||||||||||
Financial Institutions–5.4% |
| |||||||||||
Banking–4.5% |
| |||||||||||
AIB Group PLC | 681 | 697,732 | ||||||||||
American Express Co. | 202 | 203,596 | ||||||||||
Australia & New Zealand Banking Group Ltd. | 294 | 294,938 | ||||||||||
Banco Bilbao Vizcaya Argentaria SA | 600 | 592,758 | ||||||||||
Banco Santander SA | 200 | 187,582 | ||||||||||
Bank of Ireland Group PLC | 343 | 341,786 | ||||||||||
Bank of Nova Scotia (The) | 297 | 295,280 | ||||||||||
Barclays PLC | 396 | 407,242 | ||||||||||
Cooperatieve Rabobank UA | 282 | 266,586 | ||||||||||
Credit Suisse Group AG | 479 | 465,732 | ||||||||||
Danske Bank A/S | 353 | 344,680 | ||||||||||
6.466%, 01/09/2026(a) | 262 | 262,474 | ||||||||||
Deutsche Bank AG/New York NY 6.119%, 07/14/2026 | 267 | 259,094 | ||||||||||
HSBC Holdings PLC | 595 | 564,185 | ||||||||||
5.21%, 08/11/2028 | 790 | 783,427 |
Schedule of Investments—Short Duration Plus Portfolio | 17 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Intesa Sanpaolo SpA | U.S.$ | 201 | $ | 203,983 | ||||||||
JPMorgan Chase & Co. | 533 | 532,142 | ||||||||||
5.546%, 12/15/2025 | 426 | 428,833 | ||||||||||
KBC Group NV | 234 | 235,437 | ||||||||||
Lloyds Banking Group PLC | 227 | 228,986 | ||||||||||
Mitsubishi UFJ Financial Group, Inc. | 267 | 264,279 | ||||||||||
Morgan Stanley | 303 | 277,042 | ||||||||||
4.21%, 04/20/2028 | 175 | 170,009 | ||||||||||
Nationwide Building Society | 310 | 281,024 | ||||||||||
NatWest Group PLC | 448 | 449,022 | ||||||||||
7.472%, 11/10/2026 | 396 | 410,747 | ||||||||||
Santander Holdings USA, Inc. | 185 | 160,023 | ||||||||||
6.499%, 03/09/2029 | 159 | 158,900 | ||||||||||
Santander UK Group Holdings PLC | 407 | 412,539 | ||||||||||
Societe Generale SA | 367 | 324,186 | ||||||||||
6.447%, 01/12/2027(a) | 273 | 272,277 | ||||||||||
Standard Chartered PLC | 621 | 594,974 | ||||||||||
7.776%, 11/16/2025(a) | 307 | 314,009 | ||||||||||
State Street Corp. | 280 | 278,261 | ||||||||||
Sumitomo Mitsui Financial Group, Inc. | 757 | 764,290 | ||||||||||
UBS Group AG | 233 | 224,775 | ||||||||||
|
| |||||||||||
12,952,830 | ||||||||||||
|
| |||||||||||
Brokerage–0.1% | ||||||||||||
Nomura Holdings, Inc. | 235 | 235,270 | ||||||||||
|
| |||||||||||
Finance–0.3% | ||||||||||||
Aviation Capital Group LLC | 298 | 264,904 | ||||||||||
1.95%, 09/20/2026(a) | 99 | 85,686 | ||||||||||
5.50%, 12/15/2024(a) | 65 | 64,247 | ||||||||||
Synchrony Financial | 204 | 173,049 | ||||||||||
4.875%, 06/13/2025 | 199 | 184,513 | ||||||||||
|
| |||||||||||
772,399 | ||||||||||||
|
|
Principal Amount (000) | U.S. $ Value | |||||||||||
REITs–0.5% | ||||||||||||
American Tower Corp. | U.S.$ | 235 | $ | 223,076 | ||||||||
Vornado Realty LP | 426 | 341,920 | ||||||||||
WEA Finance LLC/Westfield UK & Europe Finance PLC | 1,072 | 1,016,717 | ||||||||||
|
| |||||||||||
1,581,713 | ||||||||||||
|
| |||||||||||
15,542,212 | ||||||||||||
|
| |||||||||||
Industrial–3.4% |
| |||||||||||
Basic–0.2% |
| |||||||||||
Glencore Funding LLC | 623 | 618,670 | ||||||||||
|
| |||||||||||
Capital Goods–0.3% | ||||||||||||
CNH Industrial Capital LLC | 376 | 366,765 | ||||||||||
Parker-Hannifin Corp. | 389 | 383,239 | ||||||||||
|
| |||||||||||
750,004 | ||||||||||||
|
| |||||||||||
Communications–Media–0.2% |
| |||||||||||
Prosus NV | 367 | 333,052 | ||||||||||
Warnermedia Holdings, Inc. | 359 | 348,180 | ||||||||||
|
| |||||||||||
681,232 | ||||||||||||
|
| |||||||||||
Consumer Cyclical–Automotive–0.5% |
| |||||||||||
Harley-Davidson Financial Services, Inc. | 577 | 517,390 | ||||||||||
Hyundai Capital America | 1,010 | 927,968 | ||||||||||
|
| |||||||||||
1,445,358 | ||||||||||||
|
| |||||||||||
Consumer Cyclical–Other–0.2% |
| |||||||||||
Las Vegas Sands Corp. | 393 | 372,709 | ||||||||||
3.20%, 08/08/2024 | 227 | 219,475 | ||||||||||
|
| |||||||||||
592,184 | ||||||||||||
|
| |||||||||||
Consumer Non-Cyclical–0.6% |
| |||||||||||
BAT International Finance PLC | 740 | 673,948 | ||||||||||
Philip Morris International, Inc. | 445 | 448,262 | ||||||||||
5.00%, 11/17/2025 | 407 | 410,472 | ||||||||||
Zoetis, Inc. | 230 | 234,050 | ||||||||||
|
| |||||||||||
1,766,732 | ||||||||||||
|
| |||||||||||
Energy–0.7% | ||||||||||||
Canadian Natural Resources Ltd. 2.05%, 07/15/2025 | 663 | 621,238 |
18 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Continental Resources, Inc./OK | U.S.$ | 618 | $ | 547,839 | ||||||||
Marathon Oil Corp. | 352 | 341,250 | ||||||||||
Var Energi ASA | 349 | 366,830 | ||||||||||
|
| |||||||||||
1,877,157 | ||||||||||||
|
| |||||||||||
Services–0.1% | ||||||||||||
Amazon.com, Inc. | 412 | 418,184 | ||||||||||
|
| |||||||||||
Technology–0.3% | ||||||||||||
Kyndryl Holdings, Inc. | 641 | 560,253 | ||||||||||
TSMC Arizona Corp. | 227 | 221,791 | ||||||||||
|
| |||||||||||
782,044 | ||||||||||||
|
| |||||||||||
Transportation–Airlines–0.3% |
| |||||||||||
Delta Air Lines, Inc./SkyMiles IP Ltd. | 962 | 945,756 | ||||||||||
|
| |||||||||||
9,877,321 | ||||||||||||
|
| |||||||||||
Utility–0.1% |
| |||||||||||
Electric–0.1% | ||||||||||||
Public Service Enterprise Group, Inc. | 266 | 276,555 | ||||||||||
|
| |||||||||||
Total Corporates–Investment Grade (cost $26,387,336) |
| 25,696,088 | ||||||||||
|
| |||||||||||
ASSET-BACKED SECURITIES–7.4% |
| |||||||||||
Autos–Fixed Rate–5.4% | ||||||||||||
ACM Auto Trust | 627 | 626,147 | ||||||||||
American Credit Acceptance Receivables Trust | 446 | 443,601 | ||||||||||
Carmax Auto Owner Trust | 190 | 174,377 | ||||||||||
Carvana Auto Receivables Trust | 213 | 197,883 | ||||||||||
CPS Auto Receivables Trust | 276 | 273,888 | ||||||||||
Series 2021-B, Class C | 389 | 379,966 | ||||||||||
Series 2022-D, Class A | 784 | 785,556 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Series 2023-A, Class A | U.S.$ | 331 | $ | 330,380 | ||||||||
Donlen Fleet Lease Funding 2 LLC | 371 | 348,783 | ||||||||||
Drive Auto Receivables Trust | 169 | 166,013 | ||||||||||
DT Auto Owner Trust | 185 | 177,535 | ||||||||||
Series 2023-1A, Class A | 665 | 663,550 | ||||||||||
Exeter Automobile Receivables Trust | 133 | 131,877 | ||||||||||
Series 2021-1A, Class C | 311 | 305,586 | ||||||||||
First Investors Auto Owner Trust | 351 | 331,987 | ||||||||||
Flagship Credit Auto Trust | 615 | 589,229 | ||||||||||
Ford Credit Auto Owner Trust | 202 | 181,424 | ||||||||||
Foursight Capital Automobile Receivables Trust | 229 | 220,232 | ||||||||||
Hertz Vehicle Financing III LLC | 562 | 523,559 | ||||||||||
JPMorgan Chase Bank NA–CACLN | 68 | 67,703 | ||||||||||
Series 2020-2, Class D | 43 | 42,209 | ||||||||||
Series 2021-1, Class B | 244 | 236,107 | ||||||||||
Series 2021-2, Class B | 200 | 192,477 | ||||||||||
LAD Auto Receivables Trust | 468 | 465,359 | ||||||||||
Lendbuzz Securitization Trust | 293 | 293,312 | ||||||||||
Prestige Auto Receivables Trust | 848 | 847,883 |
Schedule of Investments—Short Duration Plus Portfolio | 19 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Research-Driven Pagaya Motor Asset Trust VII | U.S.$ | 587 | $ | 576,515 | ||||||||
Santander Bank Auto Credit-Linked Notes | 352 | 344,358 | ||||||||||
Series 2022-B, Class B | 536 | 534,602 | ||||||||||
Series 2022-C, Class B | 400 | 400,209 | ||||||||||
Santander Consumer Auto Receivables Trust | 727 | 668,405 | ||||||||||
Santander Drive Auto Receivables Trust | 424 | 408,172 | ||||||||||
Tricolor Auto Securitization Trust | 519 | 518,794 | ||||||||||
United Auto Credit Securitization Trust | 253 | 252,526 | ||||||||||
Westlake Automobile Receivables Trust | 657 | 645,523 | ||||||||||
Series 2022-3A, Class A1 | 343 | 342,179 | ||||||||||
Series 2023-1A, Class A2A | 822 | 821,496 | ||||||||||
World Omni Select Auto Trust | 1,008 | 1,006,057 | ||||||||||
|
| |||||||||||
15,515,459 | ||||||||||||
|
| |||||||||||
Other ABS–Fixed Rate–2.0% |
| |||||||||||
Affirm Asset Securitization Trust | 198 | 184,476 | ||||||||||
Series 2021-Z1, Class A | 72 | 69,947 | ||||||||||
Amur Equipment Finance Receivables XI LLC | 281 | 279,759 | ||||||||||
Atalaya Equipment Leasing Trust | 250 | 243,615 | ||||||||||
Avant Loans Funding Trust | 811 | 787,353 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Cajun Global LLC | U.S.$ | 101 | $ | 86,680 | ||||||||
College Ave Student Loans LLC | 416 | 360,609 | ||||||||||
Crossroads Asset Trust | 172 | 169,944 | ||||||||||
Dext ABS LLC | 413 | 396,697 | ||||||||||
Hardee’s Funding LLC | 856 | 796,040 | ||||||||||
HPEFS Equipment Trust | 206 | 206,342 | ||||||||||
Kubota Credit Owner Trust | 760 | 759,171 | ||||||||||
MVW LLC | 388 | 347,898 | ||||||||||
Neighborly Issuer LLC | 222 | 188,630 | ||||||||||
Nelnet Student Loan Trust | 343 | 308,225 | ||||||||||
Series 2021-DA, Class AFX | 112 | 101,833 | ||||||||||
NMEF Funding LLC | 306 | 308,193 | ||||||||||
Upstart Securitization Trust | 100 | 98,603 | ||||||||||
|
| |||||||||||
5,694,015 | ||||||||||||
|
| |||||||||||
Credit Cards–Fixed Rate–0.0% |
| |||||||||||
Mission Lane Credit Card Master Trust | 142 | 137,920 | ||||||||||
|
| |||||||||||
Total Asset-Backed Securities (cost $22,063,296) |
| 21,347,394 | ||||||||||
|
| |||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS–4.7% |
| |||||||||||
Risk Share Floating Rate–4.3% |
| |||||||||||
Bellemeade Re Ltd. | 684 | 683,540 |
20 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Series 2021-2A, Class M1A | U.S.$ | 220 | $ | 218,367 | ||||||||
Series 2021-3A, Class A2 | 480 | 465,830 | ||||||||||
Series 2022-2, Class M1A | 858 | 859,137 | ||||||||||
Connecticut Avenue Securities Trust | 59 | 58,792 | ||||||||||
Series 2021-R03, Class 1M1 | 436 | 429,137 | ||||||||||
Series 2022-R01, Class 1M1 | 984 | 972,354 | ||||||||||
Series 2022-R02, Class 2M1 | 331 | 328,190 | ||||||||||
Series 2022-R05, Class 2M1 | 133 | 132,569 | ||||||||||
Series 2022-R08, Class 1M1 | 717 | 721,341 | ||||||||||
Series 2023-R02, Class 1M1 | 343 | 342,711 | ||||||||||
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes | 64 | 64,058 | ||||||||||
Series 2021-DNA5, Class M2 | 156 | 152,905 | ||||||||||
Series 2021-DNA6, Class M1 | 358 | 354,509 | ||||||||||
Series 2021-DNA7, Class M1 | 657 | 646,579 | ||||||||||
Series 2021-HQA4, Class M1 | 444 | 427,792 | ||||||||||
Series 2022-DNA1, Class M1A | 341 | 334,596 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Series 2022-DNA2, Class M1A | U.S.$ | 355 | $ | 351,741 | ||||||||
Series 2022-DNA4, Class M1A | 307 | 308,084 | ||||||||||
Series 2022-DNA5, Class M1A | 426 | 433,168 | ||||||||||
Series 2022-DNA6, Class M1A | 344 | 344,794 | ||||||||||
Series 2022-DNA7, Class M1A | 913 | 920,205 | ||||||||||
Series 2022-HQA1, Class M1A | 462 | 462,462 | ||||||||||
Series 2022-HQA2, Class M1A | 721 | 729,910 | ||||||||||
Series 2023-DNA1, Class M1A | 431 | 431,570 | ||||||||||
Federal National Mortgage Association Connecticut Avenue Securities | 171 | 178,010 | ||||||||||
Series 2015-C01, Class 1M2 | 33 | 33,786 | ||||||||||
Series 2015-C02, Class 1M2 | 9 | 9,799 | ||||||||||
Series 2021-R02, Class 2M1 | 354 | 349,707 | ||||||||||
PMT Credit Risk Transfer Trust | 66 | 64,450 | ||||||||||
Series 2019-3R, Class A | 21 | 20,601 |
Schedule of Investments—Short Duration Plus Portfolio | 21 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Radnor Re Ltd. | U.S.$ | 192 | $ | 191,488 | ||||||||
Triangle Re Ltd. | 216 | 214,744 | ||||||||||
|
| |||||||||||
12,236,926 | ||||||||||||
|
| |||||||||||
Agency Floating Rate–0.3% | ||||||||||||
Federal Home Loan Mortgage Corp. REMICs | 251 | 245,793 | ||||||||||
Series 4286, Class VF | 215 | 209,694 | ||||||||||
Federal National Mortgage Association REMICs | 159 | 154,547 | ||||||||||
Series 2014-49, Class AF | 283 | 276,198 | ||||||||||
|
| |||||||||||
886,232 | ||||||||||||
|
| |||||||||||
Agency Fixed Rate–0.1% | ||||||||||||
Federal Home Loan Mortgage Corp. REMICs | 210 | 201,046 | ||||||||||
|
| |||||||||||
Non-Agency Floating Rate–0.0% |
| |||||||||||
JPMorgan Chase Bank, NA | 51 | 47,841 | ||||||||||
|
| |||||||||||
Total Collateralized Mortgage Obligations (cost $13,462,389) |
| 13,372,045 | ||||||||||
|
| |||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES–2.5% |
| |||||||||||
Non-Agency Floating Rate CMBS–1.4% |
| |||||||||||
AREIT Trust | 763 | 739,896 | ||||||||||
BBCMS Mortgage Trust | 546 | 527,234 | ||||||||||
BFLD Trust | 795 | 752,607 |
Principal Amount (000) | U.S. $ Value | |||||||||||
CLNY Trust | U.S.$ | 180 | $ | 165,119 | ||||||||
GCT Commercial Mortgage Trust | 469 | 409,301 | ||||||||||
Morgan Stanley Capital I Trust | 365 | 344,065 | ||||||||||
Natixis Commercial Mortgage Securities Trust | 166 | 158,978 | ||||||||||
VASA Trust | 830 | 770,544 | ||||||||||
|
| |||||||||||
3,867,744 | ||||||||||||
|
| |||||||||||
Non-Agency Fixed Rate CMBS–1.1% |
| |||||||||||
BAMLL Commercial Mortgage Securities Trust | 185 | 154,425 | ||||||||||
Citigroup Commercial Mortgage Trust | 243 | 242,322 | ||||||||||
Series 2013-GC15, Class C | 516 | 484,845 | ||||||||||
GS Mortgage Securities Trust | 443 | 434,826 | ||||||||||
GSF | 381 | 358,570 | ||||||||||
Series 2021-1, Class A2 | 538 | 510,654 | ||||||||||
Series 2021-1, Class AS | 18 | 16,649 | ||||||||||
HFX Funding Issuer | 470 | 449,555 | ||||||||||
LSTAR Commercial Mortgage Trust | 125 | 124,896 | ||||||||||
Morgan Stanley Capital I Trust | 33 | 32,391 |
22 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
UBS-Barclays Commercial Mortgage Trust | U.S.$ | 505 | $ | 358,680 | ||||||||
Wells Fargo Commercial Mortgage Trust | 6 | 5,988 | ||||||||||
|
| |||||||||||
3,173,801 | ||||||||||||
|
| |||||||||||
Agency CMBS–0.0% | ||||||||||||
Government National Mortgage Association | 253 | 3,502 | ||||||||||
|
| |||||||||||
Total Commercial Mortgage-Backed Securities (cost $7,682,773) |
| 7,045,047 | ||||||||||
|
| |||||||||||
COLLATERALIZED LOAN OBLIGATIONS–1.5% |
| |||||||||||
CLO–Floating Rate–1.5% |
| |||||||||||
AGL CLO 12 Ltd. | 686 | 670,441 | ||||||||||
Dryden 78 CLO Ltd. | 320 | 301,272 | ||||||||||
Elevation CLO Ltd. | 250 | 229,694 | ||||||||||
Goldentree Loan Management US CLO 7 Ltd. | 453 | 439,608 | ||||||||||
Magnetite XXVI Ltd. | 739 | 722,474 | ||||||||||
Neuberger Berman Loan Advisers CLO 42 Ltd | 799 | 779,868 | ||||||||||
OCP CLO Ltd. | 590 | 578,356 | ||||||||||
Rad CLO 7 Ltd. | 444 | 436,861 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Voya CLO Ltd. | U.S.$ | 130 | $ | 114,134 | ||||||||
|
| |||||||||||
Total Collateralized Loan Obligations (cost $4,401,541) |
| 4,272,708 | ||||||||||
|
| |||||||||||
AGENCIES–1.1% |
| |||||||||||
Agency Debentures–1.1% |
| |||||||||||
Federal Home Loan Banks | 445 | 436,278 | ||||||||||
Federal Home Loan Mortgage Corp. | 2,000 | 1,964,467 | ||||||||||
Federal National Mortgage Association | 810 | 794,597 | ||||||||||
|
| |||||||||||
Total Agencies (cost $3,253,911) |
| 3,195,342 | ||||||||||
|
| |||||||||||
MORTGAGE PASS-THROUGHS–0.5% |
| |||||||||||
Agency Fixed Rate 30-Year–0.5% |
| |||||||||||
Federal Home Loan Mortgage Corp. | 129 | 121,564 | ||||||||||
3.50%, 11/01/2049 | 613 | 578,163 | ||||||||||
Federal National Mortgage Association | 555 | 569,888 | ||||||||||
Government National Mortgage Association | 27 | 28,681 | ||||||||||
Series 2009 | 222 | 226,830 | ||||||||||
|
| |||||||||||
1,525,126 | ||||||||||||
|
| |||||||||||
Agency Fixed Rate 15-Year–0.0% |
| |||||||||||
Federal Home Loan Mortgage Corp. Gold | 6 | 5,651 | ||||||||||
6.50%, 03/01/2026 | 11 | 11,461 | ||||||||||
|
| |||||||||||
17,112 | ||||||||||||
|
| |||||||||||
Agency ARMs–0.0% | ||||||||||||
Federal National Mortgage Association | 0 | ** | 502 | |||||||||
|
| |||||||||||
Total Mortgage Pass-Throughs (cost $1,658,429) |
| 1,542,740 | ||||||||||
|
|
Schedule of Investments—Short Duration Plus Portfolio | 23 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
LOCAL GOVERNMENTS–US MUNICIPAL BONDS–0.3% |
| |||||||||||
United States–0.3% |
| |||||||||||
City of New York NY | U.S.$ | 265 | $ | 244,238 | ||||||||
New Jersey Turnpike Authority | 125 | 113,250 | ||||||||||
Port Authority of New York & New Jersey | 280 | 277,297 | ||||||||||
Tobacco Settlement Finance Authority/WV | 248 | 247,896 | ||||||||||
|
| |||||||||||
Total Local Governments–US Municipal Bonds (cost $917,736) |
| 882,681 | ||||||||||
|
| |||||||||||
CORPORATES–NON-INVESTMENT GRADE–0.1% |
| |||||||||||
Financial Institutions–0.1% |
| |||||||||||
Banking–0.1% | ||||||||||||
Credit Suisse AG | 302 | 288,766 | ||||||||||
|
|
Principal Amount (000) | U.S. $ Value | |||||||||||
SHORT-TERM INVESTMENTS–2.6% |
| |||||||||||
Governments–Treasuries–2.1% |
| |||||||||||
Japan–2.1% |
| |||||||||||
Japan Treasury Discount Bill | JPY | 814,100 | $ | 6,135,166 | ||||||||
|
| |||||||||||
U.S. Treasury Bills–0.5% |
| |||||||||||
U.S. Treasury Bill Zero Coupon, 08/24/2023 | U.S.$ | 1,535 | 1,506,159 | |||||||||
|
| |||||||||||
Total Short-Term Investments (cost $7,496,714) |
| 7,641,325 | ||||||||||
|
| |||||||||||
Total Investments—97.9% (cost $285,515,178) |
| 282,157,965 | ||||||||||
Other assets less liabilities—2.1% |
| 6,034,235 | ||||||||||
|
| |||||||||||
Net Assets—100.0% |
| $ | 288,192,200 | |||||||||
|
|
FUTURES (see Note 3)
Description | Number of Contracts | Expiration Month | Current Notional | Value and Unrealized Appreciation (Depreciation) | ||||||||||||
Purchased Contracts | ||||||||||||||||
U.S. 10 Yr Ultra Futures | 6 | June 2023 | $ | 726,844 | $ | 24,116 | ||||||||||
U.S. T-Note 2 Yr (CBT) Futures | 220 | June 2023 | 45,419,688 | 446,055 | ||||||||||||
U.S. T-Note 5 Yr (CBT) Futures | 218 | June 2023 | 23,872,703 | 487,112 | ||||||||||||
Sold Contracts | ||||||||||||||||
10 Yr Japan Bond (OSE) Futures | 9 | June 2023 | 10,040,143 | (183,400 | ) | |||||||||||
U.S. Ultra Bond (CBT) Futures | 1 | June 2023 | 141,125 | (5,939 | ) | |||||||||||
|
| |||||||||||||||
$ | 767,944 | |||||||||||||||
|
|
FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
State Street Bank & Trust Co. | JPY | 772,161 | USD | 5,944 | 04/28/2023 | $ | 107,989 | |||||||||||||||
State Street Bank & Trust Co. | JPY | 46,145 | USD | 341 | 04/28/2023 | (7,500 | ) | |||||||||||||||
|
| |||||||||||||||||||||
$ | 100,489 | |||||||||||||||||||||
|
|
24 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)
Description | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional Amount (000) | Market Value | Upfront Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
Buy Contracts | ||||||||||||||||||||||||||||||||
CDX-NAHY Series 40, 5 Year Index, 06/20/2028* | (5.00 | )% | Quarterly | 4.63 | % | USD | 2,770 | $ | (46,908 | ) | $ | (6,081 | ) | $ | (40,827 | ) |
* Termination date
CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)
Rate Type | ||||||||||||||||||||||||||||||
Notional Amount (000) | Termination Date | Payments made by the Fund | Payments received by the Fund | Payment Frequency Paid/ Received | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
USD | 2,830 | 05/21/2031 | 1.365 | % | 1 Day SOFR | Annual | $ | 377,303 | $ | 375,667 | $ | 1,636 |
** | Principal amount less than 500. |
(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, 2023, the aggregate market value of these securities amounted to $51,386,225 or 17.8% of net assets. |
(b) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at March 31, 2023. |
(c) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(d) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.47% of net assets as of March 31, 2023, are considered illiquid and restricted. Additional information regarding such securities follows: |
144A/Restricted & Illiquid Securities | Acquisition Date | Cost | Market Value | Percentage of Net Assets | ||||||||||||
GSF | 02/25/2021 | $ | 369,616 | $ | 358,570 | 0.12 | % | |||||||||
GSF | 02/25/2021 | 550,036 | 510,654 | 0.18 | % | |||||||||||
GSF | 02/25/2021 | 18,341 | 16,649 | 0.01 | % | |||||||||||
HFX Funding Issuer | 11/19/2022 | 499,627 | 449,555 | 0.16 | % |
(e) | IO—Interest Only. |
Currency Abbreviations:
JPY—Japanese Yen
USD—United States Dollar
Glossary:
ABS—Asset-Backed Securities
ARMs—Adjustable Rate Mortgages
CBT—Chicago Board of Trade
CDX-NAHY—North American High Yield Credit Default Swap Index
CLO—Collateralized Loan Obligations
CMBS—Commercial Mortgage-Backed Securities
LIBOR—London Interbank Offered Rate
OSE—Osaka Securities Exchange
REIT—Real Estate Investment Trust
REMICs—Real Estate Mortgage Investment Conduits
SOFR—Secured Overnight Financing Rate
See notes to financial statements.
Schedule of Investments—Short Duration Plus Portfolio | 25 |
Table of Contents
SCB–TAX–1944-0323
Table of Contents
Sanford C. Bernstein Fund, Inc.
March 31, 2023
Schedule of Investments To the Semi-Annual Report For the Fixed Income Municipal Portfolios
Short Duration Diversified Municipal
California Municipal
Diversified Municipal
New York Municipal
Table of Contents
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Short Duration Diversified Municipal Portfolio
March 31, 2023 (unaudited)
Principal Amount (000) | U.S. $ Value | |||||||
MUNICIPAL OBLIGATIONS–97.1% |
| |||||||
Long-Term Municipal Bonds–94.7% |
| |||||||
Alabama–2.7% |
| |||||||
Lower Alabama Gas District (The) | $ | 5,000 | $ | 4,956,609 | ||||
Southeast Alabama Gas Supply District (The) | 2,100 | 2,100,856 | ||||||
|
| |||||||
7,057,465 | ||||||||
|
| |||||||
Alaska–0.0% |
| |||||||
Northern Tobacco Securitization Corp. | 115 | 114,642 | ||||||
|
| |||||||
Arizona–4.6% |
| |||||||
Arizona Industrial Development Authority | 1,300 | 1,323,331 | ||||||
5.00%, 02/01/2025 | 1,100 | 1,145,037 | ||||||
Chandler Industrial Development Authority | 1,980 | 2,074,666 | ||||||
5.00%, 09/01/2052 | 5,000 | 5,239,814 | ||||||
City of Glendale AZ | 2,000 | 1,899,108 | ||||||
Industrial Development Authority of the County of Pima (The) | 500 | 496,791 | ||||||
|
| |||||||
12,178,747 | ||||||||
|
| |||||||
Arkansas–0.2% |
| |||||||
City of Fayetteville AR Sales & Use Tax Revenue | 395 | 394,701 | ||||||
|
| |||||||
Principal Amount (000) | U.S. $ Value | |||||||
California–6.4% |
| |||||||
California Community Choice Financing Authority | $ | 2,260 | $ | 2,313,059 | ||||
California Infrastructure & Economic Development Bank | 1,000 | 1,000,245 | ||||||
California State University | 2,000 | 1,792,100 | ||||||
Golden State Tobacco Securitization Corp. | 235 | 233,860 | ||||||
Los Angeles Unified School District/CA | 1,915 | 1,926,022 | ||||||
Orange County Transportation Authority | 2,000 | 2,078,956 | ||||||
San Francisco Intl Airport | 1,890 | 1,932,664 | ||||||
State of California | 4,520 | 4,620,790 | ||||||
Series 2023 | 1,000 | 1,035,748 | ||||||
|
| |||||||
16,933,444 | ||||||||
|
| |||||||
Colorado–3.0% |
| |||||||
City & County of Denver Co. Airport System Revenue | 4,000 | 4,505,497 | ||||||
Colorado Health Facilities Authority | 1,885 | 2,029,788 | ||||||
E-470 Public Highway Authority | 1,500 | 1,493,923 | ||||||
|
| |||||||
8,029,208 | ||||||||
|
| |||||||
Connecticut–0.8% |
| |||||||
Connecticut State Health & Educational Facilities Authority | 1,000 | 994,774 |
Schedule of Investments—Short Duration Diversified Municipal Portfolio | 1 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
State of Connecticut | $ | 1,000 | $ | 1,025,013 | ||||
|
| |||||||
2,019,787 | ||||||||
|
| |||||||
Delaware–0.3% |
| |||||||
Delaware River & Bay Authority | 820 | 833,538 | ||||||
|
| |||||||
District of Columbia–4.0% |
| |||||||
District of Columbia | 2,200 | 2,233,733 | ||||||
5.00%, 12/01/2024 | 855 | 888,051 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue | 7,230 | 7,420,407 | ||||||
|
| |||||||
10,542,191 | ||||||||
|
| |||||||
Florida–4.4% |
| |||||||
Brevard County Health Facilities Authority | 2,110 | 2,174,199 | ||||||
Capital Projects Finance Authority/FL | 1,000 | 1,019,447 | ||||||
Capital Trust Agency, Inc. | 365 | 363,074 | ||||||
County of Broward FL Airport System Revenue | 2,000 | 2,021,066 | ||||||
Series 2015-C | 1,015 | 1,022,696 | ||||||
Series 2019-C | 1,000 | 933,180 | ||||||
Florida Development Finance Corp. | 1,025 | 924,300 | ||||||
Florida Municipal Power Agency | 1,000 | 891,894 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Florida State Board of Education | $ | 1,165 | $ | 1,197,981 | ||||
State of Florida Department of Transportation Turnpike System Revenue | 1,070 | 1,102,414 | ||||||
Village Community Development District No. 13 | 125 | 122,731 | ||||||
|
| |||||||
11,772,982 | ||||||||
|
| |||||||
Georgia–4.4% |
| |||||||
Augusta Development Authority | 1,000 | 992,521 | ||||||
City of Atlanta GA Department of Aviation | 1,000 | 1,022,753 | ||||||
Cobb County Kennestone Hospital Authority | 1,200 | 1,200,000 | ||||||
Development Authority of Monroe County (The) | 2,150 | 2,048,225 | ||||||
Main Street Natural Gas, Inc. | 2,500 | 2,485,974 | ||||||
Main Street Natural Gas, Inc. | 4,000 | 3,998,634 | ||||||
|
| |||||||
11,748,107 | ||||||||
|
| |||||||
Guam–0.6% |
| |||||||
Antonio B Won Pat International Airport Authority | 610 | 552,393 | ||||||
Guam Department of Education | 1,050 | 1,031,607 | ||||||
|
| |||||||
1,584,000 | ||||||||
|
|
2 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Hawaii–2.8% |
| |||||||
City & County of Honolulu HI | $ | 2,360 | $ | 2,392,746 | ||||
5.00%, 11/01/2024 | 2,660 | 2,761,624 | ||||||
State of Hawaii Airports System Revenue | 2,180 | 2,188,076 | ||||||
|
| |||||||
7,342,446 | ||||||||
|
| |||||||
Illinois–5.1% |
| |||||||
Chicago O’Hare International Airport | 2,000 | 2,025,633 | ||||||
5.00%, 01/01/2025 | 2,000 | 2,062,046 | ||||||
City of Chicago IL | 1,000 | 1,023,035 | ||||||
Illinois Finance Authority | 2,025 | 2,140,747 | ||||||
Metropolitan Pier & Exposition Authority | 1,000 | 991,668 | ||||||
Railsplitter Tobacco Settlement Authority | 1,000 | 1,003,023 | ||||||
Sales Tax Securitization Corp. | 2,740 | 2,895,974 | ||||||
State of Illinois | ||||||||
5.00%, 03/01/2024 | 1,500 | 1,525,967 | ||||||
|
| |||||||
13,668,093 | ||||||||
|
| |||||||
Indiana–0.2% |
| |||||||
Indiana Finance Authority | 650 | 650,000 | ||||||
|
| |||||||
Kansas–0.5% |
| |||||||
Kansas Development Finance Authority (State of Kansas Department of Administration Lease) | 1,500 | 1,431,057 | ||||||
|
| |||||||
Kentucky–2.7% |
| |||||||
Kentucky Asset Liability Commission | 1,000 | 1,009,115 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Kentucky Economic Development Finance Authority | $ | 1,000 | $ | 1,020,127 | ||||
Kentucky Public Energy Authority | 5,000 | 5,006,159 | ||||||
|
| |||||||
7,035,401 | ||||||||
|
| |||||||
Louisiana–1.6% |
| |||||||
Louisiana Local Government Environmental Facilities & Community Development Auth | 1,000 | 1,008,242 | ||||||
Louisiana Stadium & Exposition District | 2,000 | 2,001,222 | ||||||
Parish of St. James LA | 100 | 102,575 | ||||||
6.10%, 06/01/2038(a) | 105 | 112,782 | ||||||
6.10%, 12/01/2040(a) | 100 | 107,414 | ||||||
State of Louisiana Gasoline & Fuels Tax Revenue | 990 | 971,204 | ||||||
|
| |||||||
4,303,439 | ||||||||
|
| |||||||
Maryland–1.1% |
| |||||||
State of Maryland | 2,930 | 3,024,970 | ||||||
|
| |||||||
Massachusetts–0.9% |
| |||||||
Commonwealth of Massachusetts | 1,000 | 989,668 | ||||||
Massachusetts Development Finance Agency | 220 | 219,569 | ||||||
4.00%, 07/01/2026 | 240 | 235,908 | ||||||
Massachusetts Development Finance Agency | 365 | 365,927 |
Schedule of Investments—Short Duration Diversified Municipal Portfolio | 3 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Massachusetts Development Finance Agency | $ | 300 | $ | 302,861 | ||||
5.00%, 10/01/2025 | 195 | 204,362 | ||||||
|
| |||||||
2,318,295 | ||||||||
|
| |||||||
Michigan–2.8% |
| |||||||
Bloomfield Hills School District | 705 | 722,274 | ||||||
5.00%, 05/01/2025 | 775 | 811,946 | ||||||
5.00%, 05/01/2026 | 600 | 644,632 | ||||||
City of Detroit MI | 770 | 770,000 | ||||||
City of Detroit MI Sewage Disposal System Revenue | 2,530 | 2,374,581 | ||||||
Michigan State Building Authority | 2,000 | 2,025,571 | ||||||
|
| |||||||
7,349,004 | ||||||||
|
| |||||||
Missouri–0.9% |
| |||||||
Health & Educational Facilities Authority of the State of Missouri | 940 | 941,968 | ||||||
Southeast Missouri State University | 1,275 | 1,327,286 | ||||||
|
| |||||||
2,269,254 | ||||||||
|
| |||||||
Nebraska–1.1% |
| |||||||
Central Plains Energy Project | 2,095 | 2,168,641 | ||||||
Central Plains Energy Project | 810 | 812,287 | ||||||
|
| |||||||
2,980,928 | ||||||||
|
| |||||||
Nevada–1.3% |
| |||||||
City of Sparks NV | 65 | 63,455 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Clark County School District | $ | 2,150 | $ | 2,365,774 | ||||
State of Nevada Department of Business & Industry | 1,000 | 1,000,985 | ||||||
|
| |||||||
3,430,214 | ||||||||
|
| |||||||
New Jersey–3.3% |
| |||||||
County of Union NJ | 1,210 | 1,214,327 | ||||||
New Jersey Economic Development Authority | 4,000 | 3,985,488 | ||||||
New Jersey Transportation Trust Fund Authority | 490 | 506,432 | ||||||
New Jersey Turnpike Authority | 1,125 | 1,087,921 | ||||||
Township of Jefferson NJ | 2,000 | 1,999,555 | ||||||
|
| |||||||
8,793,723 | ||||||||
|
| |||||||
New York–9.1% |
| |||||||
City of New York NY | 685 | 708,378 | ||||||
Metropolitan Transportation Authority | 940 | 975,214 | ||||||
Series 2021-D | 1,795 | 1,779,551 | ||||||
New York Transportation Development Corp. | 1,600 | 1,615,098 | ||||||
Port Authority of New York & New Jersey | 1,195 | 1,245,109 | ||||||
Suffolk Tobacco Asset Securitization Corp. | 2,250 | 2,321,309 | ||||||
5.00%, 06/01/2026 | 2,200 | 2,302,578 |
4 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Triborough Bridge & Tunnel Authority | $ | 4,905 | $ | 5,207,263 | ||||
Triborough Bridge & Tunnel Authority | 6,925 | 7,139,381 | ||||||
Series 2022-E | 1,000 | 1,009,410 | ||||||
|
| |||||||
24,303,291 | ||||||||
|
| |||||||
North Carolina–1.4% |
| |||||||
City of Charlotte NC Airport Revenue | 875 | 895,017 | ||||||
5.00%, 07/01/2025 | 1,005 | 1,047,405 | ||||||
County of Mecklenburg NC | 1,805 | 1,867,363 | ||||||
|
| |||||||
3,809,785 | ||||||||
|
| |||||||
Ohio–3.6% |
| |||||||
County of Franklin OH | 1,910 | 1,914,321 | ||||||
County of Washington OH | 175 | 175,878 | ||||||
Ohio Air Quality Development Authority | 2,000 | 1,843,187 | ||||||
Ohio Turnpike & Infrastructure Commission | 2,500 | 2,551,288 | ||||||
5.00%, 02/15/2025 | 3,000 | 3,136,257 | ||||||
|
| |||||||
9,620,931 | ||||||||
|
| |||||||
Pennsylvania–2.6% |
| |||||||
Allentown Neighborhood Improvement Zone Development Authority | 175 | 175,084 | ||||||
Commonwealth Financing Authority | 465 | 466,197 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Monroe County Hospital Authority/PA | $ | 1,025 | $ | 1,029,997 | ||||
Pennsylvania Economic Development Financing Authority | 1,000 | 967,854 | ||||||
Philadelphia Authority for Industrial Development | 800 | 801,251 | ||||||
Philadelphia Authority for Industrial Development | 500 | 506,705 | ||||||
5.00%, 11/01/2025 | 1,000 | 1,047,340 | ||||||
5.00%, 11/01/2026 | 850 | 904,837 | ||||||
Reading School District | 1,000 | 1,044,171 | ||||||
|
| |||||||
6,943,436 | ||||||||
|
| |||||||
Puerto Rico–0.2% |
| |||||||
Commonwealth of Puerto Rico | 62 | 62,587 | ||||||
5.375%, 07/01/2025 | 125 | 126,925 | ||||||
5.625%, 07/01/2027 | 400 | 413,271 | ||||||
|
| |||||||
602,783 | ||||||||
|
| |||||||
South Carolina–1.1% |
| |||||||
Piedmont Municipal Power Agency | 1,525 | 1,535,371 | ||||||
4.00%, 01/01/2025 | 1,240 | 1,260,791 | ||||||
|
| |||||||
2,796,162 | ||||||||
|
| |||||||
Tennessee–0.2% |
| |||||||
Bristol Industrial Development Board | 500 | 457,944 | ||||||
|
| |||||||
Texas–8.3% |
| |||||||
Arlington Higher Education Finance Corp. | 500 | 479,973 |
Schedule of Investments—Short Duration Diversified Municipal Portfolio | 5 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Board of Regents of the University of Texas System | $ | 1,565 | $ | 1,616,219 | ||||
City of Dallas TX Hotel Occupancy Tax Revenue | 1,940 | 1,988,575 | ||||||
Coppell Independent School District | 2,135 | 2,153,881 | ||||||
Dallas Fort Worth International Airport | 1,295 | 1,436,432 | ||||||
Harris County Cultural Education Facilities Finance Corp. | 1,000 | 1,023,573 | ||||||
5.00%, 06/01/2032 | 4,355 | 4,607,743 | ||||||
Houston Independent School District | 2,030 | 2,033,718 | ||||||
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue | 1,080 | 1,094,613 | ||||||
North Texas Tollway Authority | 2,260 | 2,298,988 | ||||||
State of Texas | 1,000 | 1,096,083 | ||||||
Texas Transportation Commission State Highway Fund | 2,150 | 2,176,092 | ||||||
|
| |||||||
22,005,890 | ||||||||
|
| |||||||
Utah–1.3% |
| |||||||
City of Salt Lake City UT Airport Revenue | 3,180 | 3,482,536 | ||||||
|
| |||||||
Virginia–0.9% |
| |||||||
Virginia Small Business Financing Authority | 505 | 516,783 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Virginia Small Business Financing Authority | $ | 2,000 | $ | 1,998,152 | ||||
|
| |||||||
2,514,935 | ||||||||
|
| |||||||
Washington–5.2% |
| |||||||
Spokane County School District No 81 Spokane | 5,035 | 5,115,189 | ||||||
State of Washington | 2,000 | 2,056,387 | ||||||
5.00%, 06/01/2025 | 2,500 | 2,633,148 | ||||||
Tobacco Settlement Authority/WA | 855 | 857,803 | ||||||
Washington Economic Development Finance Authority | 2,000 | 2,000,380 | ||||||
Washington Health Care Facilities Authority | 250 | 253,455 | ||||||
5.00%, 12/01/2024(a) | 195 | 201,701 | ||||||
5.00%, 12/01/2025(a) | 275 | 289,522 | ||||||
5.00%, 12/01/2026(a) | 285 | 305,254 | ||||||
|
| |||||||
13,712,839 | ||||||||
|
| |||||||
West Virginia–0.1% |
| |||||||
Tobacco Settlement Finance Authority/WV | 232 | 232,042 | ||||||
West Virginia Economic Development Authority | 100 | 98,056 | ||||||
|
| |||||||
330,098 | ||||||||
|
| |||||||
Wisconsin–5.0% |
| |||||||
City of Milwaukee WI | 1,415 | 1,440,924 | ||||||
Series 2020-N | 3,610 | 3,959,306 | ||||||
State of Wisconsin | 3,275 | 3,280,924 |
6 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Series 2023-1 | $ | 1,000 | $ | 1,026,112 | ||||
UMA Education, Inc. | 360 | 360,776 | ||||||
Wisconsin Health & Educational Facilities Authority | 1,000 | 967,449 | ||||||
Wisconsin Public Finance Authority | 2,000 | 2,025,673 | ||||||
Wisconsin Public Finance Authority | 200 | 179,852 | ||||||
|
| |||||||
13,241,016 | ||||||||
|
| |||||||
Total Long-Term Municipal Bonds (cost $256,467,984) |
| 251,627,282 | ||||||
|
| |||||||
Short-Term Municipal Notes–2.4% |
| |||||||
Florida–0.7% |
| |||||||
County of Palm Beach FL | 2,000 | 2,000,000 | ||||||
|
| |||||||
Indiana–0.8% |
| |||||||
Indiana Municipal Power Agency | 2,000 | 2,000,000 | ||||||
|
| |||||||
Minnesota–0.9% |
| |||||||
City of Minneapolis MN/St. Paul Housing & Redevelopment Authority | 1,770 | 1,770,000 | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota | 740 | 740,000 | ||||||
|
| |||||||
2,510,000 | ||||||||
|
| |||||||
Total Short-Term Municipal Notes (cost $6,510,000) |
| 6,510,000 | ||||||
|
| |||||||
Total Municipal Obligations (cost $262,977,984) |
| 258,137,282 | ||||||
|
| |||||||
Principal Amount (000) | U.S. $ Value | |||||||
CORPORATES–INVESTMENT GRADE–1.5% |
| |||||||
Industrial–1.5% |
| |||||||
Capital Goods–0.8% |
| |||||||
Caterpillar Financial Services Corp. | $ | 1,000 | $ | 995,810 | ||||
John Deere Capital Corp. | 1,000 | 997,690 | ||||||
|
| |||||||
1,993,500 | ||||||||
|
| |||||||
Consumer Cyclical–Automotive–0.4% |
| |||||||
General Motors Financial Co., Inc. | 1,000 | 992,890 | ||||||
|
| |||||||
Consumer Cyclical–Entertainment–0.3% |
| |||||||
YMCA of Greater New York | 1,000 | 899,680 | ||||||
|
| |||||||
Total Corporates–Investment Grade (cost $4,000,000) |
| 3,886,070 | ||||||
|
| |||||||
CORPORATES–NON-INVESTMENT GRADE–0.1% |
| |||||||
Industrial–0.1% |
| |||||||
Transportation–Airlines–0.1% |
| |||||||
United Airlines, Inc. | 300 | 287,670 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS–0.5% |
| |||||||
Commercial Paper–0.4% |
| |||||||
Harris County Cultural Education Facilities Finance Corp. | 1,000 | 998,891 | ||||||
|
| |||||||
Shares | ||||||||
Investment Companies–0.1% |
| |||||||
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.75%(d)(e)(f) | 238,624 | 238,624 | ||||||
|
| |||||||
Total Short-Term Investments (cost $1,238,624) |
| 1,237,515 | ||||||
|
| |||||||
Total Investments—99.2% (cost $268,516,608) | 263,548,537 | |||||||
Other assets less liabilities—0.8% | 2,226,606 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 265,775,143 | ||||||
|
|
Schedule of Investments—Short Duration Diversified Municipal Portfolio | 7 |
Table of Contents
CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)
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 (Depreciation) | |||||||||||||||||||||||
USD | 700 | 01/15/2025 | 4.028% | CPI# | Maturity | $ | 23,624 | $ | — | $ | 23,624 | |||||||||||||||||||
USD | 450 | 01/15/2025 | 2.565% | CPI# | Maturity | 42,114 | — | 42,114 | ||||||||||||||||||||||
USD | 225 | 01/15/2025 | 2.585% | CPI# | Maturity | 20,877 | — | 20,877 | ||||||||||||||||||||||
USD | 225 | 01/15/2025 | 2.613% | CPI# | Maturity | 20,629 | — | 20,629 | ||||||||||||||||||||||
USD | 850 | 01/15/2027 | CPI# | 3.466% | Maturity | (32,202 | ) | (876 | ) | (31,326 | ) | |||||||||||||||||||
USD | 800 | 01/15/2027 | CPI# | 3.320% | Maturity | (37,557 | ) | — | (37,557 | ) | ||||||||||||||||||||
USD | 670 | 01/15/2027 | CPI# | 3.323% | Maturity | (31,330 | ) | — | (31,330 | ) | ||||||||||||||||||||
USD | 1,310 | 01/15/2029 | CPI# | 3.290% | Maturity | (47,759 | ) | — | (47,759 | ) | ||||||||||||||||||||
USD | 560 | 01/15/2029 | CPI# | 3.735% | Maturity | 570 | — | 570 | ||||||||||||||||||||||
USD | 875 | 01/15/2030 | 1.714% | CPI# | Maturity | 144,265 | — | 144,265 | ||||||||||||||||||||||
USD | 875 | 01/15/2030 | 1.731% | CPI# | Maturity | 142,872 | — | 142,872 | ||||||||||||||||||||||
USD | 425 | 01/15/2030 | 1.572% | CPI# | Maturity | 75,684 | — | 75,684 | ||||||||||||||||||||||
USD | 425 | 01/15/2030 | 1.587% | CPI# | Maturity | 75,094 | — | 75,094 | ||||||||||||||||||||||
USD | 500 | 01/15/2031 | 2.782% | CPI# | Maturity | 36,792 | — | 36,792 | ||||||||||||||||||||||
USD | 430 | 01/15/2031 | 2.989% | CPI# | Maturity | 22,705 | — | 22,705 | ||||||||||||||||||||||
USD | 320 | 01/15/2031 | 2.680% | CPI# | Maturity | 26,788 | — | 26,788 | ||||||||||||||||||||||
USD | 560 | 01/15/2032 | CPI# | 3.064% | Maturity | (21,760 | ) | — | (21,760 | ) | ||||||||||||||||||||
USD | 380 | 04/15/2032 | CPI# | 2.909% | Maturity | (19,741 | ) | — | (19,741 | ) | ||||||||||||||||||||
USD | 300 | 04/15/2032 | CPI# | 2.748% | Maturity | (20,851 | ) | — | (20,851 | ) | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 420,814 | $ | (876 | ) | $ | 421,690 | ||||||||||||||||||||||||
|
|
|
|
|
|
# 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 | ||||||||||||||||||||||||||||||||||
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 | 580 | 10/09/2029 | 1.125 | % | SIFMA | * | Quarterly | $ | 56,040 | $ | — | $ | 56,040 |
* 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, 2023, the aggregate market value of these securities amounted to $9,163,232 or 3.4% of net assets. |
(b) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at March 31, 2023. |
(c) | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
(d) | Affiliated investments. |
(e) | The rate shown represents the 7-day yield as of period end. |
(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, or call AB at (800) 227-4618. |
As of March 31, 2023, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 1.5% and 0.0%, respectively.
Glossary:
AGM—Assured Guaranty Municipal
BAM—Build American Mutual
COP—Certificate of Participation
CPI—Consumer Price Index
ETM—Escrowed to Maturity
LIBOR —London Interbank Offered Rate
MUNIPSA—SIFMA Municipal Swap Index.
OSF—Order of St. Francis
SOFR—Secured Overnight Financing Rate
UPMC—University of Pittsburgh Medical Center
See notes to financial statements.
8 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
California Municipal Portfolio
March 31, 2023 (unaudited)
Principal Amount (000) | U.S. $ Value | |||||||
MUNICIPAL OBLIGATIONS–95.2% | ||||||||
Long-Term Municipal Bonds–93.8% | ||||||||
California–82.2% | ||||||||
Anaheim Housing & Public Improvements Authority | $ | 3,850 | $ | 3,263,758 | ||||
Bay Area Toll Authority | 5,000 | 5,000,441 | ||||||
4.27% (MUNIPSA + 0.30%), 04/01/2056(a) | 5,000 | 4,880,949 | ||||||
4.38% (MUNIPSA + 0.41%), 04/01/2056(a) | 9,215 | 8,924,983 | ||||||
Bay Area Water Supply & Conservation Agency | 4,710 | 4,710,000 | ||||||
California Community Choice Financing Authority | 10,000 | 10,234,773 | ||||||
California Community Choice Financing Authority | 6,020 | 6,005,105 | ||||||
Series 2023 | 8,650 | 9,038,454 | ||||||
California Community Choice Financing Authority | 4,435 | 4,376,758 | ||||||
Series 2023 | 5,000 | 5,014,203 | ||||||
5.00%, 07/01/2053 | 5,000 | 5,256,132 | ||||||
California Community Housing Agency | 935 | 762,024 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
California Community Housing Agency | $ | 5,000 | $ | 3,834,130 | ||||
California Community Housing Agency | 2,500 | 1,996,374 | ||||||
California Community Housing Agency | 3,990 | 3,009,784 | ||||||
California County Tobacco Securitization Agency | 510 | 506,927 | ||||||
4.00%, 06/01/2038 | 1,000 | 990,020 | ||||||
5.00%, 06/01/2027 | 800 | 848,249 | ||||||
5.00%, 06/01/2028 | 700 | 751,865 | ||||||
5.00%, 06/01/2030 | 500 | 550,430 | ||||||
5.00%, 06/01/2031 | 400 | 440,077 | ||||||
5.00%, 06/01/2032 | 300 | 329,259 | ||||||
California Earthquake Authority | 2,000 | 2,057,118 | ||||||
California Educational Facilities Authority | 1,545 | 1,642,782 | ||||||
California Enterprise Development Authority | 1,125 | 1,077,873 | ||||||
4.00%, 06/01/2031(b) | 2,000 | 1,824,505 | ||||||
California Health Facilities Financing Authority | 6,500 | 6,951,122 | ||||||
5.00%, 11/15/2028 | 6,000 | 6,416,798 | ||||||
5.00%, 11/15/2029 | 7,000 | 7,484,253 | ||||||
California Health Facilities Financing Authority | 1,215 | 1,295,162 |
Schedule of Investments—California Municipal Portfolio | 9 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
California Health Facilities Financing Authority | $ | 2,900 | $ | 3,227,019 | ||||
5.00%, 04/01/2033 | 2,000 | 2,220,932 | ||||||
5.00%, 04/01/2034 | 750 | 829,810 | ||||||
California Health Facilities Financing Authority | 4,250 | 4,314,211 | ||||||
5.00%, 11/15/2029 | 1,280 | 1,413,387 | ||||||
California Infrastructure & Economic Development Bank | 8,700 | 8,601,238 | ||||||
California Infrastructure & Economic Development Bank | 5,000 | 5,195,483 | ||||||
Series 2018 | 13,965 | 15,800,195 | ||||||
California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) | 20,000 | 20,004,902 | ||||||
7.75%, 01/01/2050(b) | 1,000 | 998,800 | ||||||
California Infrastructure & Economic Development Bank | 2,370 | 2,526,254 | ||||||
Series 2016-B | 12,760 | 12,838,124 | ||||||
California Municipal Finance Authority | 1,000 | 1,054,160 | ||||||
California Municipal Finance Authority (LAX Integrated Express Solutions LLC) | 800 | 807,902 | ||||||
5.00%, 12/31/2024 | 250 | 256,046 | ||||||
5.00%, 12/31/2026 | 2,200 | 2,320,037 | ||||||
5.00%, 06/30/2027 | 2,250 | 2,380,257 | ||||||
5.00%, 12/31/2027 | 3,000 | 3,193,813 | ||||||
5.00%, 06/30/2029 | 1,050 | 1,114,408 | ||||||
5.00%, 12/31/2029 | 1,150 | 1,219,896 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
5.00%, 12/31/2031 | $ | 1,930 | $ | 2,035,026 | ||||
California Municipal Finance Authority | 5,250 | 5,090,708 | ||||||
California Pollution Control Financing Authority | 3,195 | 3,200,235 | ||||||
California Pollution Control Financing Authority | 1,335 | 1,350,125 | ||||||
5.00%, 07/01/2029(b) | 3,400 | 3,576,881 | ||||||
California Public Finance Authority | 1,500 | 1,590,992 | ||||||
California School Finance Authority | 800 | 753,566 | ||||||
California School Finance Authority | 1,000 | 1,023,969 | ||||||
California School Finance Authority | 1,120 | 1,092,825 | ||||||
Series 2016-A | 1,000 | 1,000,946 | ||||||
California State Public Works Board | 11,220 | 11,617,145 | ||||||
Series 2014-B | 4,445 | 4,611,476 | ||||||
Series 2017-H | 2,000 | 2,205,049 | ||||||
5.00%, 04/01/2031 | 2,000 | 2,204,457 | ||||||
5.00%, 04/01/2032 | 1,270 | 1,399,149 | ||||||
California State University | 280 | 290,962 |
10 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Series 2017-A | $ | 5,620 | $ | 6,198,082 | ||||
Series 2020-A | 600 | 702,251 | ||||||
5.00%, 11/01/2031 | 400 | 467,722 | ||||||
Series 2020-D | 1,500 | 1,279,589 | ||||||
Series 2021-B | 7,000 | 5,438,816 | ||||||
California Statewide Communities Development Authority | 1,210 | 1,264,300 | ||||||
California Statewide Communities Development Authority | 720 | 775,169 | ||||||
5.00%, 04/01/2028 | 535 | 583,390 | ||||||
California Statewide Communities Development Authority | 3,250 | 3,194,461 | ||||||
Series 2019 | 755 | 745,426 | ||||||
5.00%, 06/01/2039(b) | 1,800 | 1,745,541 | ||||||
California Statewide Communities Development Authority | 4,500 | 4,602,575 | ||||||
Series 2016-A | 2,000 | 1,982,576 | ||||||
Series 2018-A | 250 | 261,497 | ||||||
5.00%, 12/01/2033(b) | 1,000 | 1,033,725 | ||||||
California Statewide Communities Development Authority | 180 | 179,986 | ||||||
5.00%, 07/01/2029(b) | 685 | 681,323 | ||||||
City & County of San Francisco CA | 3,095 | 3,110,388 | ||||||
5.00%, 06/15/2025 | 4,235 | 4,367,702 | ||||||
Series 2018-E | 1,490 | 1,497,408 | ||||||
City & County of San Francisco CA | 3,970 | 4,010,966 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
City of Hayward CA | $ | 3,000 | $ | 3,041,971 | ||||
City of Los Angeles CA | 38,315 | 38,437,934 | ||||||
City of Los Angeles Department of Airports | 1,440 | 1,542,424 | ||||||
5.00%, 05/15/2029 | 2,575 | 2,758,704 | ||||||
Series 2018 | 3,000 | 3,292,810 | ||||||
5.00%, 05/15/2035 | 1,190 | 1,272,711 | ||||||
Series 2018-C | 2,955 | 3,074,662 | ||||||
Series 2019 | 4,205 | 4,079,694 | ||||||
Series 2019-A | 4,315 | 4,578,862 | ||||||
Series 2020-C | 5,000 | 5,592,862 | ||||||
5.00%, 05/15/2039 | 2,655 | 2,855,979 | ||||||
Series 2021 | 5,020 | 5,587,924 | ||||||
5.00%, 05/15/2033 | 265 | 305,435 | ||||||
5.00%, 05/15/2033 | 4,735 | 5,334,011 | ||||||
5.00%, 05/15/2035 | 1,685 | 1,863,028 | ||||||
Series 2021-D | 2,165 | 2,163,169 | ||||||
Series 2022 | 1,300 | 1,330,868 | ||||||
4.00%, 05/15/2041 | 1,100 | 1,089,854 | ||||||
5.00%, 05/15/2033 | 4,000 | 4,541,338 | ||||||
Series 2022-A | 6,160 | 6,103,182 | ||||||
City of Riverside CA Sewer Revenue | 2,000 | 2,127,822 | ||||||
5.00%, 08/01/2030 | 3,320 | 3,526,390 | ||||||
Series 2018-A | 2,785 | 3,174,387 | ||||||
City of Roseville CA | 1,010 | 1,089,785 | ||||||
5.00%, 09/01/2030 | 1,295 | 1,381,842 | ||||||
City of Roseville CA | 995 | 1,046,639 |
Schedule of Investments—California Municipal Portfolio | 11 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
City of San Jose CA Airport Revenue | $ | 3,600 | $ | 3,656,304 | ||||
CMFA Special Finance Agency VII | 3,975 | 3,073,957 | ||||||
CMFA Special Finance Agency VIII Elan Huntington Beach | 1,000 | 780,996 | ||||||
Contra Costa Transportation Authority Sales Tax Revenue | 1,250 | 1,380,102 | ||||||
Coronado Community Development Agency Successor Agency | 3,625 | 3,814,743 | ||||||
CSCDA Community Improvement Authority | 4,000 | 3,051,209 | ||||||
CSCDA Community Improvement Authority | 1,500 | 1,177,724 | ||||||
CSCDA Community Improvement Authority | 4,000 | 3,044,673 | ||||||
CSCDA Community Improvement Authority | 5,000 | 3,754,782 | ||||||
CSCDA Community Improvement Authority | 3,755 | 3,148,996 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
CSCDA Community Improvement Authority | $ | 1,000 | $ | 788,050 | ||||
CSCDA Community Improvement Authority | 5,000 | 3,590,304 | ||||||
CSCDA Community Improvement Authority | 2,485 | 1,901,513 | ||||||
CSCDA Community Improvement Authority | 2,000 | 1,597,016 | ||||||
CSCDA Community Improvement Authority | 3,000 | 2,269,936 | ||||||
CSCDA Community Improvement Authority | 4,000 | 2,888,000 | ||||||
CSCDA Community Improvement Authority | 1,500 | 984,776 | ||||||
Fontana Redevelopment Agency Successor Agency | 1,750 | 1,938,220 | ||||||
Fremont Community Facilities District No. 1 | 1,000 | 1,045,308 | ||||||
Golden State Tobacco Securitization Corp. | 1,175 | 1,169,299 | ||||||
3.115%, 06/01/2038 | 2,500 | 1,997,800 |
12 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
3.85%, 06/01/2050 | $ | 5,000 | $ | 4,514,632 | ||||
Golden State Tobacco Securitization Corp. | 2,900 | 2,688,517 | ||||||
Lake Elsinore Public Financing Authority | 630 | 634,533 | ||||||
Long Beach Unified School District | 1,000 | 1,001,801 | ||||||
Los Angeles Department of Water & Power | 14,750 | 14,840,670 | ||||||
Los Angeles Department of Water & Power Power System Revenue | 1,600 | 1,630,812 | ||||||
5.00%, 07/01/2027 | 2,190 | 2,233,153 | ||||||
Series 2014-C | 9,945 | 10,257,403 | ||||||
5.00%, 07/01/2026 | 11,725 | 12,105,001 | ||||||
Series 2015-E | 820 | 845,759 | ||||||
Series 2022 | 3,000 | 3,360,797 | ||||||
Series 2022-B | 3,000 | 3,583,544 | ||||||
5.00%, 07/01/2040 | 2,800 | 3,205,982 | ||||||
Los Angeles Department of Water & Power System Revenue | 4,800 | 5,369,863 | ||||||
Los Angeles Department of Water & Power Water System Revenue | 1,345 | 1,519,447 | ||||||
Los Angeles Unified School District/CA | 2,000 | 2,167,342 | ||||||
Series 2014-C | 3,860 | 3,882,216 | ||||||
5.00%, 07/01/2027 | 10,365 | 10,711,266 | ||||||
Series 2016-A | 18,645 | 19,718,544 | ||||||
Series 2017-A | 6,905 | 6,944,742 | ||||||
5.00%, 07/01/2024 | 1,470 | 1,513,802 | ||||||
Series 2018-B | 9,020 | 10,181,375 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Series 2018-M | $ | 1,550 | $ | 1,551,525 | ||||
Metropolitan Water District of Southern California | 2,900 | 2,889,304 | ||||||
Middle Fork Project Finance Authority | 1,650 | 1,819,238 | ||||||
5.00%, 04/01/2034 | 1,100 | 1,212,000 | ||||||
5.00%, 04/01/2035 | 1,150 | 1,257,235 | ||||||
Natomas Unified School District BAM Series 2014 | 1,930 | 1,944,407 | ||||||
Newport Mesa Unified School District | 1,600 | 1,651,860 | ||||||
Oakland Unified School District/Alameda County | 1,575 | 1,586,603 | ||||||
Series 2016 | 1,420 | 1,536,336 | ||||||
Palm Desert Redevelopment Agency Successor Agency | 1,000 | 1,034,472 | ||||||
Peralta Community College District | 1,820 | 1,874,654 | ||||||
Pittsburg Successor Agency Redevelopment Agency | 2,785 | 2,992,766 | ||||||
Port of Los Angeles | 1,000 | 1,029,029 | ||||||
5.00%, 08/01/2027 | 1,565 | 1,611,170 | ||||||
Port of Oakland | 4,800 | 4,963,862 | ||||||
Regents of the University of California Medical Center Pooled Revenue | 10,000 | 11,314,389 | ||||||
River Islands Public Financing Authority | 2,905 | 2,885,858 | ||||||
5.00%, 09/01/2042 | 2,510 | 2,458,189 |
Schedule of Investments—California Municipal Portfolio | 13 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Riverside County Public Financing Authority | $ | 3,395 | $ | 3,623,486 | ||||
Romoland School District | 955 | 961,482 | ||||||
Sacramento County Water Financing Authority | 5,700 | 5,139,826 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency | 1,500 | 1,503,868 | ||||||
San Francisco Intl Airport | 11,015 | 12,003,574 | ||||||
5.00%, 05/01/2035 | 1,000 | 1,083,290 | ||||||
Series 2019-E | 3,450 | 3,759,631 | ||||||
5.00%, 05/01/2035 | 3,275 | 3,547,773 | ||||||
5.00%, 05/01/2036 | 3,385 | 3,636,592 | ||||||
Series 2019-H | 5,500 | 5,897,134 | ||||||
Series 2020-E | 3,815 | 4,114,420 | ||||||
Series 2021-A | 1,950 | 2,139,012 | ||||||
Series 2022-C | 1,625 | 1,424,243 | ||||||
San Mateo County Community College District | 5,000 | 5,312,044 | ||||||
San Mateo Joint Powers Financing Authority | 4,000 | 4,027,212 | ||||||
5.00%, 07/15/2024 | 3,660 | 3,774,493 | ||||||
5.00%, 07/15/2025 | 5,790 | 6,117,971 | ||||||
5.00%, 07/15/2026 | 3,310 | 3,590,412 | ||||||
Saugus/Hart School Facilities Financing Authority | 1,000 | 1,045,789 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
5.00%, 09/01/2030 | $ | 1,365 | $ | 1,420,331 | ||||
Southern California Public Power Authority | 1,030 | 1,059,541 | ||||||
Southwestern Community College District | 3,250 | 3,275,645 | ||||||
5.00%, 08/01/2024 | 3,550 | 3,662,713 | ||||||
5.00%, 08/01/2025 | 3,870 | 4,103,032 | ||||||
State of California | 8,890 | 8,979,778 | ||||||
Series 2014 | 2,285 | 2,322,145 | ||||||
5.00%, 05/01/2029 | 5,295 | 5,442,954 | ||||||
Series 2015-B | 3,330 | 3,445,991 | ||||||
Series 2017 | 5,540 | 5,723,242 | ||||||
Series 2019 | 1,935 | 2,228,835 | ||||||
5.00%, 11/01/2031 | 1,310 | 1,492,718 | ||||||
5.00%, 04/01/2037 | 615 | 686,605 | ||||||
Series 2022 | 7,780 | 9,174,613 | ||||||
5.00%, 04/01/2042 | 4,630 | 4,976,224 | ||||||
Series 2023 | 4,000 | 4,454,861 | ||||||
Stockton Unified School District | 7,770 | 8,340,289 | ||||||
Sweetwater Union High School District | 3,205 | 3,423,966 | ||||||
BAM Series 2014 | 5,760 | 5,925,366 | ||||||
5.00%, 08/01/2029 | 2,220 | 2,280,516 | ||||||
Tobacco Securitization Authority of Northern California | 1,000 | 1,026,313 | ||||||
4.00%, 06/01/2036 | 1,015 | 1,018,854 | ||||||
4.00%, 06/01/2038 | 1,210 | 1,193,235 | ||||||
4.00%, 06/01/2040 | 1,150 | 1,109,752 | ||||||
5.00%, 06/01/2026 | 1,360 | 1,434,575 | ||||||
5.00%, 06/01/2027 | 1,500 | 1,606,539 | ||||||
5.00%, 06/01/2028 | 1,220 | 1,328,453 | ||||||
5.00%, 06/01/2030 | 1,500 | 1,665,992 | ||||||
5.00%, 06/01/2032 | 1,300 | 1,440,075 |
14 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Transbay Joint Powers Authority | $ | 500 | $ | 556,107 | ||||
5.00%, 10/01/2032 | 450 | 498,149 | ||||||
5.00%, 10/01/2034 | 600 | 652,873 | ||||||
5.00%, 10/01/2035 | 600 | 647,464 | ||||||
5.00%, 10/01/2036 | 800 | 854,510 | ||||||
5.00%, 10/01/2037 | 700 | 743,252 | ||||||
5.00%, 10/01/2038 | 1,000 | 1,059,428 | ||||||
University of California | 11,610 | 11,642,329 | ||||||
5.00%, 05/15/2034 | 10,685 | 10,714,753 | ||||||
5.00%, 05/15/2048 | 9,785 | 9,812,247 | ||||||
Series 2014-A | 1,000 | 1,029,762 | ||||||
Series 2015-A | 2,280 | 2,344,292 | ||||||
Series 2017-A | 1,000 | 1,112,764 | ||||||
5.00%, 05/15/2029 | 3,000 | 3,333,954 | ||||||
5.00%, 05/15/2031 | 2,465 | 2,732,181 | ||||||
Series 2017-M | 4,000 | 4,426,916 | ||||||
Series 2018-O | 8,320 | 8,586,363 | ||||||
Series 2020-B | 7,000 | 8,229,009 | ||||||
5.00%, 05/15/2035 | 10,000 | 11,631,947 | ||||||
Series 2021-Q | 7,750 | 7,906,835 | ||||||
Series 2022-S | 2,000 | 2,458,236 | ||||||
Series 2023-B | 6,260 | 6,317,963 | ||||||
5.00%, 05/15/2028 | 3,000 | 3,416,194 | ||||||
5.00%, 05/15/2032 | 5,000 | 6,181,886 | ||||||
5.00%, 05/15/2033 | 3,180 | 3,993,138 | ||||||
5.00%, 05/15/2037 | 2,000 | 2,383,156 | ||||||
|
| |||||||
893,940,792 | ||||||||
|
| |||||||
Alabama–2.3% | ||||||||
Southeast Alabama Gas Supply District (The) | 24,615 | 24,625,031 | ||||||
|
| |||||||
American Samoa–0.1% | ||||||||
American Samoa Economic Development Authority | 735 | 790,758 | ||||||
|
| |||||||
Principal Amount (000) | U.S. $ Value | |||||||
Florida–0.1% | ||||||||
Capital Trust Agency, Inc. | $ | 100 | $ | 100,382 | ||||
City of Tampa FL | 175 | 119,997 | ||||||
County of Osceola FL Transportation Revenue | 150 | 106,119 | ||||||
Zero Coupon, 10/01/2031 | 185 | 124,731 | ||||||
Zero Coupon, 10/01/2032 | 100 | 64,155 | ||||||
Zero Coupon, 10/01/2033 | 250 | 152,105 | ||||||
Zero Coupon, 10/01/2034 | 270 | 154,587 | ||||||
New River Community Development District | 405 | 0 | ||||||
|
| |||||||
822,076 | ||||||||
|
| |||||||
Georgia–0.2% | ||||||||
Municipal Electric Authority of Georgia | 460 | 502,147 | ||||||
5.00%, 01/01/2035 | 250 | 269,228 | ||||||
5.00%, 01/01/2036 | 1,590 | 1,701,655 | ||||||
|
| |||||||
2,473,030 | ||||||||
|
| |||||||
Guam–1.8% | ||||||||
Antonio B Won Pat International Airport Authority | 625 | 557,547 | ||||||
3.489%, 10/01/2031 | 500 | 418,691 | ||||||
Series 2023 | 1,080 | 1,112,618 | ||||||
5.125%, 10/01/2034(g) | 140 | 143,804 | ||||||
5.375%, 10/01/2040(g) | 275 | 276,230 | ||||||
Guam Department of Education | 1,500 | 1,514,681 | ||||||
5.00%, 02/01/2040 | 1,090 | 1,100,807 | ||||||
Guam Power Authority | 3,000 | 3,245,023 | ||||||
Territory of Guam | 495 | 519,698 |
Schedule of Investments—California Municipal Portfolio | 15 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Territory of Guam | $ | 455 | $ | 474,733 | ||||
5.00%, 12/01/2030 | 730 | 760,834 | ||||||
5.00%, 12/01/2032 | 675 | 702,130 | ||||||
Series A | 1,000 | 1,047,683 | ||||||
Territory of Guam | 1,365 | 1,373,549 | ||||||
5.00%, 11/15/2025 | 1,140 | 1,170,941 | ||||||
5.00%, 11/15/2031 | 2,735 | 2,794,683 | ||||||
Series 2021-F | 1,000 | 1,074,726 | ||||||
Territory of Guam | 350 | 372,300 | ||||||
5.00%, 11/01/2028 | 455 | 488,852 | ||||||
5.00%, 11/01/2029 | 500 | 541,326 | ||||||
5.00%, 11/01/2030 | 320 | 348,545 | ||||||
|
| |||||||
20,039,401 | ||||||||
|
| |||||||
Illinois–0.7% | ||||||||
Illinois Finance Authority | 100 | 99,975 | ||||||
5.00%, 09/01/2027 | 100 | 100,191 | ||||||
5.00%, 09/01/2029 | 100 | 100,431 | ||||||
5.00%, 09/01/2032 | 100 | 99,594 | ||||||
5.00%, 09/01/2033 | 200 | 198,039 | ||||||
Metropolitan Pier & Exposition Authority | 3,250 | 3,380,886 | ||||||
Village of Bolingbrook IL Sales Tax Revenue | 4,450 | 4,098,967 | ||||||
|
| |||||||
8,078,083 | ||||||||
|
| |||||||
Indiana–0.1% | ||||||||
City of Fort Wayne IN | 780 | 769,607 | ||||||
10.75%, 12/01/2029 | 105 | 104,610 | ||||||
|
| |||||||
874,217 | ||||||||
|
| |||||||
Principal Amount (000) | U.S. $ Value | |||||||
Kentucky–0.4% | ||||||||
City of Ashland KY | $ | 230 | $ | 240,248 | ||||
5.00%, 02/01/2027 | 260 | 276,053 | ||||||
5.00%, 02/01/2030 | 160 | 176,048 | ||||||
5.00%, 02/01/2031 | 200 | 215,379 | ||||||
Kentucky Economic Development Finance Authority | 3,500 | 3,641,100 | ||||||
|
| |||||||
4,548,828 | ||||||||
|
| |||||||
Louisiana–0.1% | ||||||||
Parish of St. James LA | 185 | 189,763 | ||||||
6.10%, 06/01/2038(b) | 270 | 290,011 | ||||||
6.10%, 12/01/2040(b) | 355 | 381,319 | ||||||
|
| |||||||
861,093 | ||||||||
|
| |||||||
Michigan–0.2% | ||||||||
City of Detroit MI | 1,745 | 1,819,673 | ||||||
|
| |||||||
Missouri–0.0% | ||||||||
Howard Bend Levee District XLCA Series 2005 | 175 | 177,597 | ||||||
5.75%, 03/01/2027 | 150 | 153,325 | ||||||
|
| |||||||
330,922 | ||||||||
|
| |||||||
Nevada–0.1% | ||||||||
City of Sparks NV | 200 | 195,246 | ||||||
2.75%, 06/15/2028(b) | 525 | 474,638 | ||||||
|
| |||||||
669,884 | ||||||||
|
| |||||||
New Jersey–1.6% | ||||||||
New Jersey Transportation Trust Fund Authority | 1,410 | 1,499,852 | ||||||
5.00%, 06/15/2029 | 6,660 | 7,071,477 | ||||||
Series 2018-A | 2,710 | 2,880,619 | ||||||
5.00%, 06/15/2029 | 1,290 | 1,369,700 |
16 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Tobacco Settlement Financing Corp./NJ | $ | 1,000 | $ | 1,002,321 | ||||
5.00%, 06/01/2025 | 1,000 | 1,032,912 | ||||||
5.00%, 06/01/2026 | 1,000 | 1,051,818 | ||||||
5.00%, 06/01/2028 | 1,000 | 1,083,813 | ||||||
|
| |||||||
16,992,512 | ||||||||
|
| |||||||
New York–1.2% | ||||||||
Metropolitan Transportation Authority | 2,065 | 2,191,050 | ||||||
Series 2017-C | 2,960 | 3,140,439 | ||||||
Series 2020-E | 3,750 | 4,017,128 | ||||||
5.00%, 11/15/2028 | 3,500 | 3,786,229 | ||||||
New York Transportation Development Corp. | 220 | 220,433 | ||||||
|
| |||||||
13,355,279 | ||||||||
|
| |||||||
Ohio–0.1% | ||||||||
Buckeye Tobacco Settlement Financing Authority | 1,175 | 1,250,253 | ||||||
|
| |||||||
Pennsylvania–0.1% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority | 1,000 | 1,016,505 | ||||||
|
| |||||||
Puerto Rico–1.2% | ||||||||
Commonwealth of Puerto Rico | 800 | 752,494 | ||||||
Zero Coupon, 07/01/2033 | 1,680 | 951,376 | ||||||
4.00%, 07/01/2033 | 500 | 449,467 | ||||||
5.25%, 07/01/2023 | 350 | 350,490 | ||||||
5.375%, 07/01/2025 | 655 | 665,088 | ||||||
5.625%, 07/01/2029 | 725 | 756,872 | ||||||
5.75%, 07/01/2031 | 220 | 233,302 | ||||||
HTA HRRB Custodial Trust | 150 | 154,186 | ||||||
HTA TRRB Custodial Trust | 740 | 744,614 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority | 2,690 | 2,712,558 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
5.00%, 07/01/2035(b) | $ | 1,735 | $ | 1,714,546 | ||||
Series 2022-A | 250 | 245,486 | ||||||
Puerto Rico Electric Power Authority | 1,720 | 1,739,335 | ||||||
Puerto Rico Highway & Transportation Authority | 970 | 605,038 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 982 | 928,548 | ||||||
|
| |||||||
13,003,400 | ||||||||
|
| |||||||
South Carolina–0.5% | ||||||||
Patriots Energy Group Financing Agency | 5,000 | 5,008,566 | ||||||
|
| |||||||
Texas–0.4% | ||||||||
Mission Economic Development Corp. | 3,205 | 3,126,976 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. I | 995 | 1,046,982 | ||||||
|
| |||||||
4,173,958 | ||||||||
|
| |||||||
Washington–0.1% | ||||||||
Washington Health Care Facilities Authority | 825 | 905,802 | ||||||
|
| |||||||
Wisconsin–0.3% | ||||||||
UMA Education, Inc. | 195 | 195,420 | ||||||
5.00%, 10/01/2025(b) | 730 | 733,557 | ||||||
5.00%, 10/01/2026(b) | 770 | 774,156 | ||||||
5.00%, 10/01/2027(b) | 805 | 808,529 | ||||||
5.00%, 10/01/2028(b) | 700 | 701,662 | ||||||
5.00%, 10/01/2029(b) | 320 | 320,174 | ||||||
|
| |||||||
3,533,498 | ||||||||
|
| |||||||
Total Long-Term Municipal Bonds (cost $1,045,128,499) | 1,019,113,561 | |||||||
|
| |||||||
Schedule of Investments—California Municipal Portfolio | 17 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Short-Term Municipal Notes–1.4% | ||||||||
California–1.4% | ||||||||
Bay Area Toll Authority | $ | 6,375 | $ | 6,375,000 | ||||
Series 2019 | 2,810 | 2,810,000 | ||||||
California Health Facilities Financing Authority | 800 | 800,000 | ||||||
Orange County Water District | 5,120 | 5,120,000 | ||||||
|
| |||||||
Total Short-Term Municipal Notes (cost $15,105,000) | 15,105,000 | |||||||
|
| |||||||
Total Municipal Obligations (cost $1,060,233,499) | 1,034,218,561 | |||||||
|
| |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES–3.2% |
| |||||||
Agency CMBS–3.2% | ||||||||
California Housing Finance Agency | 10,946 | 10,990,091 | ||||||
Series 2021-1, Class A | 9,706 | 9,242,544 | ||||||
Series 2021-2, Class A | 7,854 | 7,789,769 | ||||||
Series 2021-2, Class X | 3,927 | 210,026 | ||||||
Series 2021-3, Class A | 1,960 | 1,796,894 | ||||||
Series 2021-3, Class X | 3,331 | 181,680 | ||||||
Federal Home Loan Mortgage Corp. | 4,907 | 3,788,765 | ||||||
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates | 992 | 875,160 | ||||||
Series 2022-ML13, Class XCA | 2,678 | 157,951 | ||||||
|
| |||||||
Total Commercial Mortgage-Backed Securities (cost $41,165,333) |
| 35,032,880 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES–0.3% |
| |||||||
Autos–Fixed Rate–0.3% | ||||||||
Lendbuzz Securitization Trust | 2,000 | 2,002,245 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Tricolor Auto Securitization Trust | $ | 970 | $ | 969,708 | ||||
|
| |||||||
Total Asset-Backed Securities (cost $2,969,851) | 2,971,953 | |||||||
|
| |||||||
GOVERNMENTS–TREASURIES–0.2% |
| |||||||
United States–0.2% | ||||||||
U.S. Treasury Notes | 2,346 | 2,222,468 | ||||||
|
| |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% |
| |||||||
Risk Share Floating Rate–0.0% | ||||||||
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes | 85 | 86,658 | ||||||
Federal National Mortgage Association Connecticut Avenue Securities | 60 | 60,823 | ||||||
Series 2014-C04, Class 1M2 | 52 | 53,942 | ||||||
Series 2015-C02, Class 1M2 | 32 | 32,644 | ||||||
Series 2015-C03, Class 1M2 | 31 | 32,539 | ||||||
Series 2016-C01, Class 1M2 | 94 | 100,595 | ||||||
Series 2016-C02, Class 1M2 | 46 | 48,365 | ||||||
Series 2016-C03, Class 1M2 | 82 | 86,905 | ||||||
|
| |||||||
Total Collateralized Mortgage Obligations (cost $484,710) |
| 502,471 | ||||||
|
| |||||||
Total Investments—98.9% (cost $1,107,283,108) | 1,074,948,333 | |||||||
Other assets less liabilities—1.1% | 12,114,837 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 1,087,063,170 | ||||||
|
|
18 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)
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 | 5,605 | 01/15/2025 | 2.565% | CPI# | Maturity | $ | 524,555 | $ | — | $ | 524,555 | |||||||||||||||||||
USD | 3,100 | 01/15/2025 | 4.028% | CPI# | Maturity | 104,623 | — | 104,623 | ||||||||||||||||||||||
USD | 2,803 | 01/15/2025 | 2.613% | CPI# | Maturity | 256,988 | — | 256,988 | ||||||||||||||||||||||
USD | 2,802 | 01/15/2025 | 2.585% | CPI# | Maturity | 259,986 | — | 259,986 | ||||||||||||||||||||||
USD | 12,110 | 01/15/2026 | CPI# | 3.720% | Maturity | (409,063 | ) | — | (409,063 | ) | ||||||||||||||||||||
USD | 8,400 | 01/15/2027 | CPI# | 3.320% | Maturity | (394,351 | ) | — | (394,351 | ) | ||||||||||||||||||||
USD | 4,540 | 01/15/2027 | CPI# | 3.466% | Maturity | (171,998 | ) | (8,457 | ) | (163,541 | ) | |||||||||||||||||||
USD | 15,980 | 01/15/2028 | 0.735% | CPI# | Maturity | 3,527,891 | — | 3,527,891 | ||||||||||||||||||||||
USD | 10,130 | 01/15/2029 | CPI# | 3.290% | Maturity | (369,309 | ) | — | (369,309 | ) | ||||||||||||||||||||
USD | 8,210 | 01/15/2029 | CPI# | 3.735% | Maturity | 8,351 | — | 8,351 | ||||||||||||||||||||||
USD | 4,115 | 01/15/2030 | 1.572% | CPI# | Maturity | 732,796 | — | 732,796 | ||||||||||||||||||||||
USD | 4,115 | 01/15/2030 | 1.587% | CPI# | Maturity | 727,089 | — | 727,089 | ||||||||||||||||||||||
USD | 4,900 | 01/15/2031 | 2.782% | CPI# | Maturity | 360,564 | — | 360,564 | ||||||||||||||||||||||
USD | 4,500 | 01/15/2031 | 2.680% | CPI# | Maturity | 376,706 | — | 376,706 | ||||||||||||||||||||||
USD | 3,950 | 01/15/2031 | 2.989% | CPI# | Maturity | 208,565 | — | 208,565 | ||||||||||||||||||||||
USD | 4,300 | 01/15/2032 | CPI# | 3.064% | Maturity | (167,090 | ) | — | (167,090 | ) | ||||||||||||||||||||
USD | 4,180 | 04/15/2032 | CPI# | 2.909% | Maturity | (217,153 | ) | — | (217,153 | ) | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 5,359,150 | $ | (8,457 | ) | $ | 5,367,607 | ||||||||||||||||||||||||
|
|
|
|
|
|
# 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 | ||||||||||||||||||||||||||||||
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 | 16,800 | 01/15/2027 | 1 Day SOFR | 4.217% | Annual | $ | 393,155 | $ | — | $ | 393,155 | |||||||||||||||||||
USD | 34,000 | 04/15/2032 | 2.525% | 1 Day SOFR | Annual | 2,004,637 | — | 2,004,637 | ||||||||||||||||||||||
USD | 28,000 | 04/15/2032 | 3.120% | 1 Day SOFR | Annual | 322,772 | — | 322,772 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 2,720,564 | $ | — | $ | 2,720,564 | |||||||||||||||||||||||||
|
|
|
|
|
|
CREDIT DEFAULT SWAPS (see Note 3)
Swap Counterparty & Referenced Obligation | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional | 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 | 69 | $ | (14,678 | ) | $ | (6,394 | ) | $ | (8,284 | ) | ||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 801 | (169,705 | ) | (97,105 | ) | (72,600 | ) | |||||||||||||||||||||
Credit Suisse International | ||||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 1 | (121 | ) | (66 | ) | (55 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 38 | (8,006 | ) | (3,520 | ) | (4,486 | ) |
Schedule of Investments—California Municipal Portfolio | 19 |
Table of Contents
Swap Counterparty & Referenced Obligation | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 473 | $ | (100,077 | ) | $ | (44,052 | ) | $ | (56,025 | ) | ||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 712 | (150,661 | ) | (64,615 | ) | (86,046 | ) | |||||||||||||||||||||
Goldman Sachs International | ||||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 616 | (130,524 | ) | (54,334 | ) | (76,190 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (573,772 | ) | $ | (270,086 | ) | $ | (303,686 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
* Termination date
INTEREST RATE SWAPS (see Note 3)
Rate Type | ||||||||||||||||||||||||||||||||||
Swap Counterparty | Notional Amount (000) | Termination Date | Payments made by the Fund | Payments received by the Fund | Payment Frequency Paid/Received | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||
Citibank, NA | USD | 12,395 | 10/09/2029 | 1.125 | % | SIFMA | * | Quarterly | $ | 1,197,619 | $ | — | $ | 1,197,619 |
* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.
(a) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at March 31, 2023. |
(b) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At March 31, 2023, the aggregate market value of these securities amounted to $107,487,644 or 9.9% of net assets. |
(c) | Non-income producing security. |
(d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(e) | Defaulted matured security. |
(f) | Fair valued by the Adviser. |
(g) | When-Issued or delayed delivery security. |
(h) | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
(i) | IO—Interest Only. |
(j) | Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding. |
As of March 31, 2023, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 2.1% and 0.0%, respectively.
Glossary:
AGM—Assured Guaranty Municipal
BAM—Build American Mutual
CDX-CMBX.NA—North American Commercial Mortgage-Backed Index
CMBS—Commercial Mortgage-Backed Securities
COP—Certificate of Participation
CPI—Consumer Price Index
ETM—Escrowed to Maturity
LIBOR—London Interbank Offered Rate
MUNIPSA—Municipal Swap Index
NATL—National Interstate Corporation
SOFR—Secured Overnight Financing Rate
SRF—State Revolving Fund
XLCA—XL Capital Assurance Inc.
See notes to financial statements.
20 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Diversified Municipal Portfolio
March 31, 2023 (unaudited)
Principal Amount (000) | U.S. $ Value | |||||||
MUNICIPAL OBLIGATIONS–95.1% | ||||||||
Long-Term Municipal Bonds–89.7% |
| |||||||
Alabama–2.5% |
| |||||||
Alabama Federal Aid Highway Finance Authority | $ | 1,390 | $ | 1,434,506 | ||||
Black Belt Energy Gas District | 5,000 | 4,936,546 | ||||||
Infirmary Health System Special Care Facilities Financing Authority of Mobile | 1,000 | 968,452 | ||||||
4.00%, 02/01/2040 | 2,680 | 2,579,127 | ||||||
Southeast Alabama Gas Supply District (The) | 23,985 | 23,982,642 | ||||||
Southeast Alabama Gas Supply District (The) | 69,310 | 69,338,244 | ||||||
Southeast Energy Authority A Cooperative District | 10,000 | 9,718,308 | ||||||
Southeast Energy Authority A Cooperative District | 13,000 | 13,712,232 | ||||||
Sumter County Industrial Development Authority/AL | 6,480 | 5,833,520 | ||||||
|
| |||||||
132,503,577 | ||||||||
|
| |||||||
Principal Amount (000) | U.S. $ Value | |||||||
Alaska–0.2% | ||||||||
Municipality of Anchorage AK | $ | 4,375 | $ | 4,522,461 | ||||
Series 2015-C | 1,890 | 1,908,312 | ||||||
5.00%, 09/01/2024 | 2,730 | 2,822,016 | ||||||
|
| |||||||
9,252,789 | ||||||||
|
| |||||||
American Samoa–0.0% | ||||||||
American Samoa Economic Development Authority | 1,920 | 2,065,655 | ||||||
|
| |||||||
Arizona–1.9% | ||||||||
Arizona Health Facilities Authority | 1,270 | 1,287,802 | ||||||
5.00%, 12/01/2024 | 1,500 | 1,552,288 | ||||||
Arizona Industrial Development Authority | 1,000 | 1,082,082 | ||||||
Arizona Industrial Development Authority | 2,000 | 1,300,000 | ||||||
Chandler Industrial Development Authority | 11,680 | 12,240,205 | ||||||
City of Glendale AZ | 2,900 | 2,482,738 | ||||||
2.542%, 07/01/2033 | 5,000 | 4,052,006 | ||||||
2.642%, 07/01/2034 | 10,000 | 8,038,896 | ||||||
City of Glendale AZ | 7,945 | 7,992,088 | ||||||
5.00%, 07/01/2024 | 9,010 | 9,282,948 | ||||||
City of Phoenix Civic Improvement Corp. | 600 | 707,520 | ||||||
5.00%, 07/01/2031 | 850 | 1,000,374 | ||||||
5.00%, 07/01/2032 | 825 | 969,378 |
Schedule of Investments—Diversified Municipal Portfolio | 21 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Series 2020-A | $ | 500 | $ | 589,600 | ||||
5.00%, 07/01/2031 | 650 | 764,992 | ||||||
5.00%, 07/01/2032 | 400 | 470,001 | ||||||
5.00%, 07/01/2033 | 490 | 572,504 | ||||||
City of Tempe AZ | 5,000 | 4,015,145 | ||||||
2.171%, 07/01/2033 | 5,000 | 3,954,635 | ||||||
Gilbert Water Resource Municipal Property Corp. | 1,805 | 2,094,995 | ||||||
5.00%, 07/15/2038 | 5,500 | 6,357,787 | ||||||
Industrial Development Authority of the County of Pima (The) | 2,500 | 2,483,958 | ||||||
Maricopa County Special Health Care District | 6,000 | 6,732,012 | ||||||
State of Arizona Lottery Revenue | 4,000 | 4,022,728 | ||||||
5.00%, 07/01/2024 | 2,000 | 2,058,601 | ||||||
5.00%, 07/01/2025 | 5,000 | 5,274,421 | ||||||
5.00%, 07/01/2027 | 5,500 | 6,095,130 | ||||||
|
| |||||||
97,474,834 | ||||||||
|
| |||||||
Arkansas–0.1% | ||||||||
City of Fayetteville AR Sales & Use Tax Revenue | 3,000 | 2,941,065 | ||||||
|
| |||||||
California–7.1% | ||||||||
California Community Choice Financing Authority | 16,165 | 16,544,511 | ||||||
California Community Choice Financing Authority | 5,000 | 5,014,203 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
California Community Housing Agency | $ | 18,035 | $ | 13,829,707 | ||||
California Infrastructure & Economic Development Bank | 27,375 | 27,381,710 | ||||||
7.75%, 01/01/2050(a) | 2,355 | 2,352,175 | ||||||
California State Public Works Board | 1,225 | 1,270,879 | ||||||
Series 2021-A | 12,040 | 13,261,317 | ||||||
California State University | 5,000 | 3,848,465 | ||||||
City of Los Angeles Department of Airports | 5,840 | 6,151,378 | ||||||
Series 2019 | 5,215 | 5,516,605 | ||||||
City of Riverside CA Electric Revenue | 5,230 | 6,015,107 | ||||||
CMFA Special Finance Agency VII | 1,985 | 1,535,045 | ||||||
CMFA Special Finance Agency VIII Elan Huntington Beach | 2,505 | 1,956,395 | ||||||
CSCDA Community Improvement Authority | 13,250 | 10,403,228 | ||||||
CSCDA Community Improvement Authority | 5,500 | 4,186,425 | ||||||
CSCDA Community Improvement Authority | 13,000 | 9,762,432 |
22 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
CSCDA Community Improvement Authority | $ | 7,000 | $ | 5,516,347 | ||||
CSCDA Community Improvement Authority | 3,000 | 2,269,936 | ||||||
CSCDA Community Improvement Authority | 6,545 | 4,725,490 | ||||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue | 6,165 | 6,564,994 | ||||||
Regents of the University of California Medical Center Pooled Revenue | 5,000 | 5,737,710 | ||||||
Sacramento County Water Financing Authority | 15,000 | 13,525,859 | ||||||
San Francisco Intl Airport | 9,645 | 10,401,987 | ||||||
State of California | 20,000 | 20,287,946 | ||||||
5.00%, 11/01/2025 | 23,465 | 23,777,092 | ||||||
Series 2014 | 30,965 | 31,793,549 | ||||||
5.00%, 05/01/2026 | 50,000 | 51,370,180 | ||||||
Series 2019 | 11,225 | 12,790,656 | ||||||
5.00%, 04/01/2036 | 16,225 | 18,262,534 | ||||||
Series 2020 | 460 | 529,532 | ||||||
Series 2023 | 2,000 | 2,071,497 | ||||||
6.00%, 03/01/2033 | 1,000 | 1,113,715 | ||||||
University of California | 13,345 | 13,367,151 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
5.00%, 05/15/2034 | $ | 11,160 | $ | 11,191,076 | ||||
Series 2023-B | 5,000 | 5,744,575 | ||||||
|
| |||||||
370,071,408 | ||||||||
|
| |||||||
Colorado–2.1% | ||||||||
Centerra Metropolitan District No. 1 | 3,680 | 3,638,156 | ||||||
City & County of Denver Co. Airport System Revenue | 4,085 | 4,139,696 | ||||||
Series 2018-A | 10,000 | 10,449,769 | ||||||
5.00%, 12/01/2026 | 16,080 | 17,056,300 | ||||||
5.00%, 12/01/2027 | 19,215 | 20,648,883 | ||||||
5.00%, 12/01/2028 | 24,320 | 26,506,079 | ||||||
5.00%, 12/01/2032 | 1,620 | 1,753,105 | ||||||
Colorado Health Facilities Authority | 1,000 | 1,101,706 | ||||||
Colorado Health Facilities Authority | 2,175 | 2,388,022 | ||||||
5.00%, 08/01/2035 | 1,995 | 2,143,224 | ||||||
Colorado Health Facilities Authority | 2,280 | 2,501,046 | ||||||
Johnstown Plaza Metropolitan District | 2,312 | 1,859,841 | ||||||
State of Colorado | 11,000 | 13,342,881 | ||||||
Sterling Ranch Community Authority Board (Sterling Ranch Metropolitan District No 3) | 1,630 | 1,650,949 | ||||||
Vauxmont Metropolitan District | 822 | 696,885 | ||||||
5.00%, 12/15/2026 | 270 | 288,451 | ||||||
AGM Series 2020 | 485 | 501,667 | ||||||
5.00%, 12/01/2027 | 305 | 335,371 | ||||||
5.00%, 12/01/2030 | 385 | 434,314 | ||||||
5.00%, 12/01/2033 | 285 | 319,644 |
Schedule of Investments—Diversified Municipal Portfolio | 23 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
5.00%, 12/01/2050 | $ | 300 | $ | 316,340 | ||||
|
| |||||||
112,072,329 | ||||||||
|
| |||||||
Connecticut–3.3% | ||||||||
City of Bridgeport CT | 1,420 | 1,438,234 | ||||||
5.00%, 11/01/2028 | 1,000 | 1,101,597 | ||||||
Series 2017-B | 1,085 | 1,140,809 | ||||||
5.00%, 08/15/2026 | 4,500 | 4,833,676 | ||||||
5.00%, 08/15/2027 | 6,610 | 7,247,540 | ||||||
5.00%, 08/15/2027 | 755 | 838,988 | ||||||
Series 2017-C | 2,245 | 2,310,839 | ||||||
5.00%, 08/15/2026 | 2,480 | 2,663,893 | ||||||
5.00%, 08/15/2027 | 2,605 | 2,856,255 | ||||||
5.00%, 08/15/2028 | 1,620 | 1,777,258 | ||||||
Connecticut State Health & Educational Facilities Authority | 19,535 | 19,432,916 | ||||||
Connecticut State Health & Educational Facilities Authority | 4,650 | 4,942,177 | ||||||
Connecticut State Health & Educational Facilities Authority | 1,000 | 1,020,156 | ||||||
5.00%, 07/01/2027 | 1,100 | 1,130,069 | ||||||
5.00%, 07/01/2028 | 1,100 | 1,135,656 | ||||||
5.00%, 07/01/2029 | 1,200 | 1,238,399 | ||||||
State of Connecticut | 6,360 | 6,495,706 | ||||||
Series 2015-B | 7,345 | 7,673,112 | ||||||
Series 2015-F | 1,570 | 1,666,214 | ||||||
Series 2016-A | 2,805 | 2,869,417 | ||||||
5.00%, 03/15/2029 | 14,500 | 15,504,563 | ||||||
Series 2016-E | 17,000 | 17,640,939 | ||||||
5.00%, 10/15/2025 | 3,025 | 3,217,752 | ||||||
Series 2017-B | 2,515 | 2,831,591 | ||||||
Series 2018-C | 5,500 | 5,948,577 | ||||||
Series 2018-D | 16,655 | 17,941,625 | ||||||
Series 2020-A | 2,565 | 2,812,090 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
State of Connecticut Special Tax Revenue | $ | 1,000 | $ | 1,041,495 | ||||
5.00%, 05/01/2037 | 2,645 | 2,976,805 | ||||||
Series 2021-A | 3,835 | 3,886,817 | ||||||
Series 2021-D | 1,060 | 1,079,505 | ||||||
Town of Stratford CT | 2,035 | 2,204,090 | ||||||
5.00%, 01/01/2031 | 3,890 | 4,211,605 | ||||||
5.00%, 01/01/2032 | 3,890 | 4,204,487 | ||||||
5.00%, 01/01/2033 | 3,555 | 3,834,269 | ||||||
University of Connecticut | 7,065 | 7,902,164 | ||||||
|
| |||||||
171,051,285 | ||||||||
|
| |||||||
Delaware–0.1% | ||||||||
Delaware River & Bay Authority | 3,250 | 3,303,416 | ||||||
5.00%, 01/01/2027 | 2,220 | 2,256,158 | ||||||
Delaware State Economic Development Authority | 575 | 580,359 | ||||||
5.00%, 09/01/2050 | 1,000 | 1,011,846 | ||||||
|
| |||||||
7,151,779 | ||||||||
|
| |||||||
District of Columbia–2.0% | ||||||||
District of Columbia | 20,860 | 20,935,811 | ||||||
5.00%, 06/01/2026 | 19,580 | 19,651,160 | ||||||
5.00%, 06/01/2027 | 18,675 | 18,742,871 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue | 1,155 | 1,259,806 | ||||||
Series 2019-A | 3,840 | 4,261,059 | ||||||
5.00%, 10/01/2032 | 5,000 | 5,509,844 | ||||||
Series 2020-A | 2,540 | 2,820,896 | ||||||
5.00%, 10/01/2030 | 5,500 | 6,185,672 | ||||||
5.00%, 10/01/2031 | 5,000 | 5,617,882 | ||||||
5.00%, 10/01/2032 | 5,500 | 6,168,350 | ||||||
5.00%, 10/01/2033 | 5,000 | 5,590,599 | ||||||
5.00%, 10/01/2034 | 2,870 | 3,190,524 |
24 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Washington Metropolitan Area Transit Authority | $ | 3,205 | $ | 3,636,670 | ||||
|
| |||||||
103,571,144 | ||||||||
|
| |||||||
Florida–3.6% | ||||||||
Capital Trust Agency, Inc. | 510 | 510,114 | ||||||
City of South Miami Health Facilities Authority, Inc. | 5,000 | 5,433,034 | ||||||
City of Tampa FL | 650 | 425,690 | ||||||
Zero Coupon, 09/01/2035 | 650 | 403,799 | ||||||
County of Broward FL Airport System Revenue | 1,070 | 1,177,070 | ||||||
Series 2019-C | 1,250 | 1,166,475 | ||||||
County of Broward FL Airport System Revenue | 5,000 | 5,007,894 | ||||||
County of Broward FL Convention Center Hotel Revenue | 2,685 | 3,120,845 | ||||||
County of Miami-Dade FL Aviation Revenue | 1,725 | 1,738,080 | ||||||
5.00%, 10/01/2024 | 1,610 | 1,647,671 | ||||||
County of Miami-Dade FL Water & Sewer System Revenue | 2,490 | 2,532,563 | ||||||
County of Osceola FL Transportation Revenue | 735 | 519,984 | ||||||
Zero Coupon, 10/01/2031 | 905 | 610,168 | ||||||
Zero Coupon, 10/01/2032 | 500 | 320,773 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Zero Coupon, 10/01/2033 | $ | 1,210 | $ | 736,187 | ||||
Zero Coupon, 10/01/2034 | 1,260 | 721,408 | ||||||
Duval County School Board | 4,280 | 4,495,754 | ||||||
Florida Development Finance Corp. | 3,765 | 3,456,304 | ||||||
Florida Municipal Power Agency | 1,000 | 1,034,026 | ||||||
5.00%, 10/01/2026 | 1,750 | 1,843,925 | ||||||
5.00%, 10/01/2028 | 1,015 | 1,074,003 | ||||||
Series 2021 | 3,000 | 2,675,681 | ||||||
Greater Orlando Aviation Authority | 3,000 | 3,289,723 | ||||||
5.00%, 10/01/2030 | 6,250 | 6,853,589 | ||||||
5.00%, 10/01/2031 | 4,085 | 4,359,293 | ||||||
Series 2019-A | 7,975 | 8,759,777 | ||||||
Hillsborough County Aviation Authority | 2,020 | 2,075,280 | ||||||
Hillsborough County School Board | 1,480 | 1,549,663 | ||||||
Hillsborough County School Board | 2,650 | 2,679,425 | ||||||
JEA Electric System Revenue | 1,185 | 1,307,429 | ||||||
JEA Water & Sewer System Revenue | 1,565 | 1,601,390 | ||||||
5.00%, 10/01/2025 | 1,495 | 1,529,318 | ||||||
Series 2017-A | 22,290 | 24,232,892 |
Schedule of Investments—Diversified Municipal Portfolio | 25 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Manatee County School District | $ | 7,795 | $ | 8,371,506 | ||||
5.00%, 07/01/2029 | 6,215 | 6,682,678 | ||||||
North Broward Hospital District | 3,000 | 3,208,885 | ||||||
5.00%, 01/01/2030 | 3,180 | 3,396,393 | ||||||
Orange County Health Facilities Authority | 5,000 | 5,047,679 | ||||||
5.00%, 10/01/2024 | 6,560 | 6,752,105 | ||||||
Orange County Health Facilities Authority | 1,000 | 918,792 | ||||||
Orange County School Board | 25,075 | 25,877,781 | ||||||
5.00%, 08/01/2029 | 21,280 | 21,961,283 | ||||||
Polk County Industrial Development Authority (Mineral Development LLC) | 2,000 | 2,007,882 | ||||||
South Broward Hospital District | 3,350 | 3,520,382 | ||||||
|
| |||||||
186,634,593 | ||||||||
|
| |||||||
Georgia–2.8% | ||||||||
City of Atlanta GA Department of Aviation | 12,250 | 12,455,191 | ||||||
Series 2021-C | 1,000 | 983,229 | ||||||
4.00%, 07/01/2042 | 1,250 | 1,212,446 | ||||||
5.00%, 07/01/2029 | 1,250 | 1,383,782 | ||||||
5.00%, 07/01/2030 | 1,315 | 1,474,165 | ||||||
5.00%, 07/01/2031 | 1,725 | 1,957,603 | ||||||
5.00%, 07/01/2032 | 1,000 | 1,132,809 | ||||||
5.00%, 07/01/2033 | 1,400 | 1,581,444 | ||||||
5.00%, 07/01/2034 | 3,000 | 3,371,121 | ||||||
5.00%, 07/01/2036 | 2,400 | 2,641,900 | ||||||
5.00%, 07/01/2037 | 2,500 | 2,730,793 | ||||||
Series 2022-B | 1,565 | 1,762,022 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
5.00%, 07/01/2036 | $ | 2,845 | $ | 3,161,201 | ||||
5.00%, 07/01/2037 | 2,535 | 2,792,931 | ||||||
5.00%, 07/01/2039 | 2,765 | 3,017,791 | ||||||
5.00%, 07/01/2040 | 7,105 | 7,708,116 | ||||||
5.00%, 07/01/2041 | 7,460 | 8,053,800 | ||||||
Cobb County Kennestone Hospital Authority | 1,000 | 1,062,240 | ||||||
5.00%, 04/01/2027 | 250 | 270,429 | ||||||
5.00%, 04/01/2028 | 250 | 274,800 | ||||||
5.00%, 04/01/2029 | 300 | 334,521 | ||||||
5.00%, 04/01/2030 | 225 | 253,688 | ||||||
5.00%, 04/01/2031 | 250 | 275,120 | ||||||
Main Street Natural Gas, Inc. | 10,000 | 9,537,072 | ||||||
Main Street Natural Gas, Inc. | 22,500 | 23,471,449 | ||||||
Main Street Natural Gas, Inc. | 34,735 | 34,776,164 | ||||||
Series 2018-C | 18,000 | 18,032,709 | ||||||
Private Colleges & Universities Authority | 1,280 | 1,363,742 | ||||||
|
| |||||||
147,072,278 | ||||||||
|
| |||||||
Guam–0.0% | ||||||||
Territory of Guam | 855 | 897,659 | ||||||
|
| |||||||
Hawaii–0.1% | ||||||||
State of Hawaii Harbor System Revenue | 2,765 | 2,816,835 | ||||||
|
| |||||||
Idaho–0.0% | ||||||||
Idaho Housing & Finance Association | 1,320 | 1,328,232 | ||||||
|
| |||||||
Illinois–5.4% | ||||||||
Chicago Board of Education | 2,265 | 2,270,503 | ||||||
Series 2017-F | 7,000 | 7,042,846 |
26 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Series 2018-A | $ | 1,000 | $ | 1,037,114 | ||||
Series 2021-A | 3,750 | 3,808,517 | ||||||
Series 2022-B | 11,000 | 9,829,469 | ||||||
Series 2023 | 2,125 | 2,354,940 | ||||||
5.25%, 04/01/2039 | 1,250 | 1,336,194 | ||||||
Chicago O’Hare International Airport | 3,020 | 3,216,088 | ||||||
Series 2018-A | 6,000 | 6,305,989 | ||||||
Series 2022 | 3,160 | 3,159,994 | ||||||
5.00%, 01/01/2029 | 500 | 545,565 | ||||||
5.00%, 01/01/2030 | 800 | 883,523 | ||||||
5.00%, 01/01/2033 | 890 | 998,727 | ||||||
5.00%, 01/01/2040 | 1,850 | 1,977,262 | ||||||
5.00%, 01/01/2041 | 2,000 | 2,127,642 | ||||||
5.00%, 01/01/2042 | 2,200 | 2,329,281 | ||||||
Illinois Finance Authority | 470 | 469,881 | ||||||
5.00%, 09/01/2025 | 350 | 349,513 | ||||||
5.00%, 09/01/2026 | 300 | 299,986 | ||||||
5.00%, 09/01/2027 | 455 | 455,870 | ||||||
5.00%, 09/01/2029 | 575 | 577,476 | ||||||
5.00%, 09/01/2031 | 1,000 | 999,542 | ||||||
5.00%, 09/01/2034 | 600 | 587,717 | ||||||
Illinois Finance Authority | 1,000 | 1,051,432 | ||||||
5.00%, 11/15/2028 | 1,250 | 1,311,470 | ||||||
Illinois Finance Authority | 1,350 | 1,633,718 | ||||||
5.00%, 10/01/2038 | 1,700 | 2,060,649 | ||||||
Illinois Municipal Electric Agency | 16,370 | 17,211,189 | ||||||
5.00%, 02/01/2028 | 13,565 | 14,262,051 | ||||||
5.00%, 02/01/2029 | 12,885 | 13,547,109 | ||||||
Metropolitan Pier & Exposition Authority | 2,745 | 2,529,639 | ||||||
Metropolitan Water Reclamation District of Greater Chicago | 2,240 | 2,822,014 | ||||||
5.25%, 12/01/2035 | 4,835 | 6,096,871 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Series 2015-A | $ | 8,350 | $ | 8,688,000 | ||||
Series 2015-B | 7,660 | 7,970,070 | ||||||
Railsplitter Tobacco Settlement Authority | 10,020 | 10,244,669 | ||||||
5.00%, 06/01/2025 | 12,450 | 12,990,069 | ||||||
Regional Transportation Authority | 7,445 | 7,471,009 | ||||||
State of Illinois | 5,415 | 5,441,897 | ||||||
Series 2013-A | 4,415 | 4,415,000 | ||||||
Series 2014 | 3,500 | 3,555,431 | ||||||
5.00%, 05/01/2025 | 18,120 | 18,441,139 | ||||||
5.00%, 05/01/2027 | 5,000 | 5,083,798 | ||||||
Series 2016 | 1,100 | 1,178,137 | ||||||
Series 2017-A | 8,590 | 8,862,879 | ||||||
Series 2017-D | 55,520 | 57,196,110 | ||||||
5.00%, 11/01/2028 | 1,675 | 1,816,716 | ||||||
Series 2019-B | 9,000 | 9,295,178 | ||||||
Series 2020 | 1,500 | 1,659,658 | ||||||
Series 2022-B | 4,000 | 4,504,569 | ||||||
|
| |||||||
284,304,110 | ||||||||
|
| |||||||
Indiana–1.1% | ||||||||
City of Fort Wayne IN | 5,040 | 4,972,843 | ||||||
10.75%, 12/01/2029 | 680 | 677,479 | ||||||
City of Whiting IN | 9,670 | 9,885,257 | ||||||
Series 2023 | 14,460 | 14,728,924 | ||||||
Indiana Finance Authority | 715 | 722,372 |
Schedule of Investments—Diversified Municipal Portfolio | 27 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
5.00%, 04/01/2025 | $ | 750 | $ | 766,573 | ||||
5.00%, 04/01/2026 | 790 | 815,981 | ||||||
5.00%, 04/01/2027 | 830 | 861,551 | ||||||
5.00%, 04/01/2028 | 875 | 910,075 | ||||||
Indiana Finance Authority | 11,690 | 11,621,243 | ||||||
Indiana Finance Authority | 1,895 | 1,696,777 | ||||||
Indianapolis Local Public Improvement Bond Bank | 11,570 | 11,650,343 | ||||||
|
| |||||||
59,309,418 | ||||||||
|
| |||||||
Iowa–0.5% | ||||||||
Iowa Finance Authority | 5,450 | 5,300,620 | ||||||
Iowa Finance Authority | 5,460 | 6,234,519 | ||||||
PEFA, Inc. | 14,000 | 14,280,441 | ||||||
|
| |||||||
25,815,580 | ||||||||
|
| |||||||
Kansas–0.1% | ||||||||
City of Junction City KS | 3,805 | 3,837,971 | ||||||
City of Overland Park KS Sales Tax Revenue | 215 | 221,329 | ||||||
6.50%, 11/15/2042(a) | 1,610 | 1,644,694 | ||||||
|
| |||||||
5,703,994 | ||||||||
|
| |||||||
Kentucky–2.4% | ||||||||
County of Carroll KY | 3,835 | 3,524,523 | ||||||
Kentucky Economic Development Finance Authority | 1,000 | 1,080,229 | ||||||
5.00%, 08/15/2041 | 1,260 | 1,305,227 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Kentucky Economic Development Finance Authority | $ | 8,780 | $ | 9,166,859 | ||||
5.00%, 06/01/2030 | 5,870 | 6,079,222 | ||||||
Kentucky Public Energy Authority | 24,850 | 24,836,395 | ||||||
Kentucky Public Energy Authority | 18,590 | 18,612,901 | ||||||
Series 2018-C | 36,475 | 36,309,546 | ||||||
Series 2019-A | 10,895 | 10,845,579 | ||||||
Kentucky Turnpike Authority | 2,365 | 2,377,397 | ||||||
5.00%, 07/01/2024 | 3,420 | 3,513,003 | ||||||
5.00%, 07/01/2025 | 2,515 | 2,644,588 | ||||||
5.00%, 07/01/2027 | 5,075 | 5,450,339 | ||||||
|
| |||||||
125,745,808 | ||||||||
|
| |||||||
Louisiana–0.7% | ||||||||
Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax | 6,450 | 6,760,609 | ||||||
5.00%, 08/01/2028 | 2,535 | 2,651,248 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Auth | 8,000 | 8,065,941 | ||||||
Parish of St. James LA | 2,250 | 2,307,932 | ||||||
6.10%, 06/01/2038(a) | 3,030 | 3,254,562 | ||||||
6.10%, 12/01/2040(a) | 2,595 | 2,787,387 | ||||||
St. Tammany Parish Finance Authority | 1,200 | 1,191,998 | ||||||
State of Louisiana Gasoline & Fuels Tax Revenue | 10,340 | 10,143,684 | ||||||
|
| |||||||
37,163,361 | ||||||||
|
|
28 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Maine–0.0% | ||||||||
Maine Municipal Bond Bank | $ | 1,000 | $ | 1,033,283 | ||||
|
| |||||||
Maryland–0.4% | ||||||||
County of Frederick MD | 165 | 183,558 | ||||||
Maryland Economic Development Corp. | 10,000 | 10,338,069 | ||||||
Maryland Health & Higher Educational Facilities Authority | 1,500 | 1,684,126 | ||||||
5.00%, 04/15/2031 | 1,365 | 1,534,523 | ||||||
State of Maryland Department of Transportation | 1,500 | 1,582,471 | ||||||
5.00%, 08/01/2028 | 1,050 | 1,139,114 | ||||||
5.00%, 08/01/2029 | 700 | 769,836 | ||||||
5.00%, 08/01/2033 | 1,000 | 1,117,954 | ||||||
5.00%, 08/01/2034 | 1,000 | 1,111,698 | ||||||
|
| |||||||
19,461,349 | ||||||||
|
| |||||||
Massachusetts–2.1% | ||||||||
Commonwealth of Massachusetts | 3,965 | 3,988,985 | ||||||
Series 2017-D | 4,435 | 4,789,487 | ||||||
Series 2018-B | 3,685 | 4,116,637 | ||||||
AGC Series 2007-A | 15,250 | 14,966,920 | ||||||
Commonwealth of Massachusetts | 7,250 | 7,175,091 | ||||||
Commonwealth of Massachusetts Transportation Fund Revenue | 10,340 | 11,578,257 | ||||||
Massachusetts Bay Transportation Authority Assessment Revenue | 2,290 | 2,387,744 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Massachusetts Development Finance Agency | $ | 2,670 | $ | 2,829,191 | ||||
5.00%, 10/01/2026 | 2,535 | 2,756,849 | ||||||
5.00%, 10/01/2029 | 1,000 | 1,135,585 | ||||||
5.00%, 10/01/2030 | 1,000 | 1,131,126 | ||||||
5.00%, 10/01/2031 | 1,010 | 1,138,536 | ||||||
5.00%, 10/01/2032 | 1,055 | 1,187,458 | ||||||
5.00%, 10/01/2033 | 1,625 | 1,824,433 | ||||||
Massachusetts Development Finance Agency | 7,565 | 7,964,944 | ||||||
5.00%, 07/01/2028 | 7,500 | 8,315,047 | ||||||
5.00%, 07/01/2029 | 9,000 | 9,864,717 | ||||||
Massachusetts Development Finance Agency | 950 | 1,076,386 | ||||||
Massachusetts Development Finance Agency | 1,425 | 1,503,331 | ||||||
5.00%, 07/01/2030 | 2,100 | 2,211,165 | ||||||
5.00%, 07/01/2032 | 2,000 | 2,097,748 | ||||||
5.00%, 07/01/2033 | 2,000 | 2,091,342 | ||||||
AGM Series 2020-C | 325 | 347,470 | ||||||
5.00%, 10/01/2027 | 440 | 478,800 | ||||||
5.00%, 10/01/2028 | 500 | 552,980 | ||||||
5.00%, 10/01/2029 | 295 | 331,310 | ||||||
5.00%, 10/01/2030 | 315 | 358,782 | ||||||
5.00%, 10/01/2031 | 375 | 422,141 | ||||||
5.00%, 10/01/2032 | 245 | 274,598 | ||||||
Massachusetts Port Authority | 8,615 | 9,515,684 | ||||||
|
| |||||||
108,412,744 | ||||||||
|
| |||||||
Michigan–5.8% | ||||||||
Bloomfield Hills School District | 600 | 659,483 | ||||||
5.00%, 05/01/2028 | 635 | 713,019 | ||||||
5.00%, 05/01/2029 | 700 | 802,037 | ||||||
5.00%, 05/01/2030 | 635 | 740,580 | ||||||
5.00%, 05/01/2032 | 1,100 | 1,325,907 | ||||||
City of Detroit MI Sewage Disposal System Revenue | 14,000 | 13,139,976 |
Schedule of Investments—Diversified Municipal Portfolio | 29 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Great Lakes Water Authority Water Supply System Revenue | $ | 2,700 | $ | 2,782,129 | ||||
5.00%, 07/01/2025 | 9,805 | 10,327,758 | ||||||
Kalamazoo Economic Development Corp. | 115 | 109,793 | ||||||
Lake Orion Community School District | 2,915 | 2,990,177 | ||||||
Lakeview School District/MI | 5,230 | 5,230,000 | ||||||
Michigan Finance Authority | 48,585 | 50,525,670 | ||||||
Michigan Finance Authority | 2,000 | 1,999,261 | ||||||
4.00%, 10/01/2024 | 3,000 | 3,004,379 | ||||||
4.50%, 10/01/2029 | 12,065 | 12,153,950 | ||||||
Michigan Finance Authority | 22,045 | 22,587,309 | ||||||
5.00%, 07/01/2027 | 17,895 | 18,363,933 | ||||||
Michigan Finance Authority | 7,770 | 7,975,531 | ||||||
5.00%, 07/01/2025 | 16,525 | 16,931,517 | ||||||
5.00%, 07/01/2026 | 25,000 | 25,630,423 | ||||||
5.00%, 07/01/2027 | 5,060 | 5,192,596 | ||||||
Michigan Finance Authority | 15,000 | 14,845,608 | ||||||
Michigan Finance Authority | 2,000 | 2,021,946 | ||||||
4.00%, 06/01/2035 | 1,000 | 1,002,573 | ||||||
4.00%, 06/01/2036 | 1,000 | 991,711 | ||||||
4.00%, 06/01/2037 | 1,000 | 980,596 | ||||||
4.00%, 06/01/2038 | 1,000 | 973,065 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
4.00%, 06/01/2039 | $ | 2,000 | $ | 1,927,014 | ||||
5.00%, 06/01/2025 | 610 | 626,176 | ||||||
5.00%, 06/01/2026 | 1,290 | 1,339,480 | ||||||
5.00%, 06/01/2028 | 1,000 | 1,064,528 | ||||||
5.00%, 06/01/2029 | 2,000 | 2,153,521 | ||||||
5.00%, 06/01/2031 | 745 | 813,495 | ||||||
Michigan Finance Authority | 1,600 | 1,621,055 | ||||||
Series 2014-B | 4,990 | 5,055,205 | ||||||
5.00%, 07/01/2031 | 2,460 | 2,492,032 | ||||||
Michigan Finance Authority | 5,595 | 5,520,373 | ||||||
Series 2015 | 5,675 | 5,763,138 | ||||||
5.00%, 12/01/2024 | 4,400 | 4,575,190 | ||||||
5.00%, 12/01/2025 | 3,000 | 3,155,927 | ||||||
5.50%, 12/01/2026 | 4,500 | 4,789,023 | ||||||
5.50%, 12/01/2027 | 2,720 | 2,896,269 | ||||||
Michigan Strategic Fund | 3,210 | 3,272,372 | ||||||
5.00%, 12/31/2025 | 2,200 | 2,261,875 | ||||||
5.00%, 06/30/2026 | 2,400 | 2,479,847 | ||||||
5.00%, 12/31/2026 | 5,770 | 5,994,320 | ||||||
5.00%, 06/30/2027 | 7,635 | 7,957,766 | ||||||
5.00%, 12/31/2027 | 5,770 | 6,042,536 | ||||||
5.00%, 06/30/2028 | 4,645 | 4,882,196 | ||||||
|
| |||||||
300,684,265 | ||||||||
|
| |||||||
Missouri–0.5% | ||||||||
Cape Girardeau County Industrial Development Authority | 1,445 | 1,479,647 | ||||||
5.00%, 03/01/2028 | 1,375 | 1,434,609 | ||||||
City of Kansas City MO | 4,000 | 4,445,956 | ||||||
Health & Educational Facilities Authority of the State of Missouri | 4,000 | 4,215,818 | ||||||
4.00%, 07/01/2034 | 2,000 | 2,089,275 | ||||||
4.00%, 07/01/2035 | 1,500 | 1,536,965 | ||||||
4.00%, 07/01/2039 | 5,000 | 5,004,636 | ||||||
4.00%, 07/01/2040 | 1,500 | 1,491,311 |
30 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Howard Bend Levee District XLCA Series 2005 | $ | 845 | $ | 857,543 | ||||
5.75%, 03/01/2027 | 775 | 792,178 | ||||||
Missouri Joint Municipal Electric Utility Commission | 2,630 | 2,729,738 | ||||||
|
| |||||||
26,077,676 | ||||||||
|
| |||||||
Montana–0.3% | ||||||||
Montana Facility Finance Authority | 2,500 | 2,577,061 | ||||||
5.00%, 02/15/2026 | 3,190 | 3,351,598 | ||||||
5.00%, 02/15/2027 | 6,950 | 7,433,296 | ||||||
5.00%, 02/15/2028 | 2,375 | 2,527,729 | ||||||
|
| |||||||
15,889,684 | ||||||||
|
| |||||||
Nebraska–1.1% | ||||||||
Central Plains Energy Project | 57,480 | 57,880,952 | ||||||
|
| |||||||
Nevada–1.1% | ||||||||
City of Las Vegas NV | 5,675 | 5,730,681 | ||||||
5.00%, 09/01/2026 | 2,930 | 3,144,493 | ||||||
Clark County School District | 26,915 | 27,661,584 | ||||||
County of Clark NV | 6,530 | 6,716,376 | ||||||
Las Vegas Valley Water District | 4,590 | 4,956,797 | ||||||
State of Nevada Department of Business & Industry | 9,400 | 9,409,263 | ||||||
|
| |||||||
57,619,194 | ||||||||
|
| |||||||
New Hampshire–0.1% | ||||||||
New Hampshire Business Finance Authority | 20,000 | 479,172 | ||||||
New Hampshire Business Finance Authority | 2,250 | 2,136,847 | ||||||
|
| |||||||
2,616,019 | ||||||||
|
| |||||||
Principal Amount (000) | U.S. $ Value | |||||||
New Jersey–7.0% | ||||||||
New Jersey Economic Development Authority | $ | 4,930 | $ | 5,252,987 | ||||
New Jersey Economic Development Authority | 1,000 | 1,013,196 | ||||||
5.50%, 01/01/2027 | 1,000 | 1,012,769 | ||||||
New Jersey Economic Development Authority | 1,500 | 1,505,550 | ||||||
5.00%, 10/01/2024 | 2,000 | 2,020,587 | ||||||
5.00%, 10/01/2025 | 2,750 | 2,793,067 | ||||||
New Jersey Economic Development Authority | 1,000 | 1,004,432 | ||||||
5.00%, 06/15/2026 | 3,500 | 3,514,811 | ||||||
New Jersey Economic Development Authority | 3,920 | 3,925,848 | ||||||
New Jersey Transportation Trust Fund Authority | 5,885 | 6,489,670 | ||||||
5.00%, 12/15/2032 | 5,230 | 5,758,727 | ||||||
New Jersey Transportation Trust Fund Authority | 3,195 | 3,573,572 | ||||||
New Jersey Transportation Trust Fund Authority | 12,830 | 13,647,588 | ||||||
5.00%, 06/15/2028 | 975 | 1,036,385 | ||||||
Series 2018-A | 3,050 | 3,238,439 | ||||||
New Jersey Transportation Trust Fund Authority | 8,605 | 9,361,811 | ||||||
5.00%, 12/15/2029 | 38,555 | 42,562,893 | ||||||
5.00%, 12/15/2033 | 7,230 | 7,919,895 |
Schedule of Investments—Diversified Municipal Portfolio | 31 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Series 2019 | $ | 4,000 | $ | 4,421,012 | ||||
5.00%, 06/15/2029 | 1,525 | 1,684,492 | ||||||
Series 2019-B | 3,885 | 4,262,202 | ||||||
Series 2020-A | 1,810 | 2,002,707 | ||||||
Series 2022-A | 11,635 | 13,242,547 | ||||||
New Jersey Turnpike Authority | 5,040 | 5,181,521 | ||||||
5.00%, 01/01/2028 | 40,000 | 41,070,808 | ||||||
5.00%, 01/01/2029 | 30,900 | 31,723,911 | ||||||
Series 2014-C | 14,720 | 14,980,494 | ||||||
Series 2017-A | 7,235 | 7,905,010 | ||||||
Series 2017-B | 10,000 | 11,183,800 | ||||||
5.00%, 01/01/2030 | 14,830 | 16,567,937 | ||||||
5.00%, 01/01/2031 | 15,220 | 16,988,290 | ||||||
Series 2021-B | 6,625 | 5,695,716 | ||||||
AGM Series 2005-D3 | 14,770 | 15,797,191 | ||||||
Rutgers The State University of New Jersey | 36,000 | 36,064,570 | ||||||
South Jersey Transportation Authority BAM Series 2022 | 450 | 504,953 | ||||||
5.00%, 11/01/2037 | 400 | 444,828 | ||||||
Tobacco Settlement Financing Corp./NJ | 1,500 | 1,503,481 | ||||||
5.00%, 06/01/2025 | 4,125 | 4,260,762 | ||||||
5.00%, 06/01/2026 | 3,000 | 3,155,453 | ||||||
5.00%, 06/01/2027 | 4,000 | 4,272,547 | ||||||
5.00%, 06/01/2028 | 2,140 | 2,319,360 | ||||||
5.00%, 06/01/2035 | 2,620 | 2,793,786 | ||||||
|
| |||||||
363,659,605 | ||||||||
|
| |||||||
New York–9.6% | ||||||||
City of New York NY | 1,130 | 1,163,337 | ||||||
Series 2015-A | 2,040 | 2,056,097 | ||||||
Series 2018-D | 2,435 | 2,652,739 | ||||||
Series 2020-A | 1,260 | 1,300,339 | ||||||
Series 2021 | 18,750 | 16,549,354 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Series 2021-F | $ | 5,000 | $ | 5,213,693 | ||||
County of Nassau NY | 8,840 | 9,613,628 | ||||||
Dutchess County Local Development Corp. | 4,875 | 4,674,958 | ||||||
Metropolitan Transportation Authority | 9,505 | 9,645,676 | ||||||
Series 2014-A | 4,205 | 4,267,235 | ||||||
5.00%, 11/15/2027 | 4,040 | 4,099,793 | ||||||
Series 2014-C | 5,000 | 5,196,417 | ||||||
Series 2017-C | 1,610 | 1,737,951 | ||||||
5.00%, 11/15/2030 | 56,065 | 60,345,417 | ||||||
5.00%, 11/15/2031 | 5,455 | 5,861,561 | ||||||
5.00%, 11/15/2033 | 8,500 | 9,095,667 | ||||||
Series 2021-D | 8,980 | 8,902,713 | ||||||
New York City Transitional Finance Authority Building Aid Revenue | 28,000 | 31,483,906 | ||||||
5.00%, 07/15/2032 | 25,945 | 29,150,461 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue | 4,860 | 5,337,584 | ||||||
Series 2019-B | 17,960 | 20,321,063 | ||||||
5.00%, 11/01/2036 | 41,825 | 46,839,023 | ||||||
Series 2020 | 4,750 | 4,718,934 | ||||||
New York Liberty Development Corp. | 400 | 398,397 | ||||||
New York Liberty Development Corp. | 4,250 | 3,892,011 | ||||||
2.80%, 09/15/2069 | 11,555 | 10,580,459 |
32 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
New York State Dormitory Authority | $ | 2,015 | $ | 2,061,462 | ||||
New York State Dormitory Authority | 1,825 | 1,836,593 | ||||||
Series 2021-E | 19,200 | 19,670,963 | ||||||
Series 2022-A | 3,500 | 3,524,584 | ||||||
4.00%, 03/15/2040 | 6,990 | 7,002,089 | ||||||
New York State Urban Development Corp. | 4,010 | 4,105,511 | ||||||
New York Transportation Development Corp. | 20,115 | 20,791,417 | ||||||
5.00%, 01/01/2028 | 22,110 | 23,079,232 | ||||||
5.00%, 01/01/2029 | 27,145 | 28,353,732 | ||||||
New York Transportation Development Corp. | 7,000 | 7,368,864 | ||||||
New York Transportation Development Corp. | 2,095 | 2,099,125 | ||||||
Port Authority of New York & New Jersey | 3,385 | 3,422,245 | ||||||
Series 2019 | 2,915 | 2,930,820 | ||||||
Series 2020-2 | 5,910 | 6,669,221 | ||||||
Series 2021-2 | 2,980 | 3,010,674 | ||||||
Suffolk Tobacco Asset Securitization Corp. | 1,045 | 1,104,801 | ||||||
5.00%, 06/01/2029 | 2,080 | 2,248,651 | ||||||
5.00%, 06/01/2033 | 2,395 | 2,595,410 | ||||||
Triborough Bridge & Tunnel Authority | 14,725 | 11,863,105 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
2.591%, 05/15/2036 | $ | 2,000 | $ | 1,582,865 | ||||
Series 2022 | 7,000 | 8,234,548 | ||||||
Series 2022-A | 16,500 | 17,010,799 | ||||||
Series 2022-E | 14,000 | 14,131,733 | ||||||
|
| |||||||
499,796,857 | ||||||||
|
| |||||||
North Carolina–0.2% | ||||||||
Greater Asheville Regional Airport Authority | 1,740 | 1,944,417 | ||||||
5.00%, 07/01/2036 | 1,500 | 1,659,249 | ||||||
5.00%, 07/01/2037 | 1,250 | 1,371,026 | ||||||
5.25%, 07/01/2038 | 1,200 | 1,333,816 | ||||||
5.25%, 07/01/2039 | 1,300 | 1,437,559 | ||||||
5.25%, 07/01/2040 | 3,220 | 3,539,555 | ||||||
5.25%, 07/01/2042 | 1,140 | 1,240,907 | ||||||
|
| |||||||
12,526,529 | ||||||||
|
| |||||||
North Dakota–0.1% | ||||||||
County of Ward ND | 2,000 | 1,982,674 | ||||||
5.00%, 06/01/2030 | 3,000 | 2,973,413 | ||||||
|
| |||||||
4,956,087 | ||||||||
|
| |||||||
Ohio–1.1% | ||||||||
American Municipal Power, Inc. | 1,000 | 1,019,895 | ||||||
Buckeye Tobacco Settlement Financing Authority | 2,000 | 1,975,645 | ||||||
4.00%, 06/01/2038 | 1,000 | 979,177 | ||||||
County of Allen OH Hospital Facilities Revenue | 10,000 | 10,735,952 | ||||||
5.00%, 08/01/2027 | 8,465 | 9,270,662 | ||||||
5.00%, 08/01/2028 | 1,955 | 2,166,362 | ||||||
Series 2020 | 5,400 | 6,060,342 | ||||||
5.00%, 12/01/2029 | 1,565 | 1,783,004 | ||||||
County of Cuyahoga OH | 2,745 | 2,878,676 | ||||||
5.00%, 02/15/2027 | 2,710 | 2,870,047 |
Schedule of Investments—Diversified Municipal Portfolio | 33 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
County of Franklin OH | $ | 1,000 | $ | 1,103,409 | ||||
County of Hamilton OH Sewer System Revenue | 9,375 | 10,689,827 | ||||||
County of Washington OH | 695 | 698,486 | ||||||
6.375%, 12/01/2037 | 5,000 | 5,101,836 | ||||||
Hamilton County Convention Facilities Authority | 1,230 | 1,246,434 | ||||||
|
| |||||||
58,579,754 | ||||||||
|
| |||||||
Oklahoma–0.2% | ||||||||
Comanche County Memorial Hospital | 1,235 | 1,242,666 | ||||||
5.00%, 07/01/2028 | 1,280 | 1,287,230 | ||||||
Oklahoma Development Finance Authority | 4,000 | 3,840,989 | ||||||
Oklahoma Development Finance Authority | 4,245 | 4,105,923 | ||||||
|
| |||||||
10,476,808 | ||||||||
|
| |||||||
Oregon–0.6% | ||||||||
Hospital Facilities Authority of Multnomah County Oregon | 430 | 429,388 | ||||||
Medford Hospital Facilities Authority | 415 | 473,287 | ||||||
5.00%, 08/15/2031 | 1,245 | 1,408,971 | ||||||
5.00%, 08/15/2033 | 500 | 561,206 | ||||||
5.00%, 08/15/2034 | 875 | 976,991 | ||||||
5.00%, 08/15/2035 | 755 | 834,756 | ||||||
5.00%, 08/15/2036 | 1,300 | 1,425,391 | ||||||
Port of Portland OR Airport Revenue | 4,290 | 4,726,987 | ||||||
Series 2022-2 | 11,255 | 11,207,924 | ||||||
4.00%, 07/01/2040 | 7,170 | 7,023,756 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Salem Hospital Facility Authority | $ | 2,205 | $ | 2,350,963 | ||||
State of Oregon Department of Administrative Services | 10 | 10,019 | ||||||
Tri-County Metropolitan Transportation District of Oregon | 2,335 | 2,595,880 | ||||||
|
| |||||||
34,025,519 | ||||||||
|
| |||||||
Other–1.1% | ||||||||
Federal Home Loan Mortgage Corp. Enhanced Receipt | 23,651 | 22,074,332 | ||||||
Series 2019-C, Class 1 | 5,517 | 5,052,796 | ||||||
Series 2019-D, Class 1 | 5,037 | 4,593,216 | ||||||
Series 2019-E, Class 1 | 3,384 | 3,072,164 | ||||||
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates | 9,475 | 8,147,708 | ||||||
2.625%, 06/15/2035(a) | 9,540 | 8,087,096 | ||||||
2.65%, 06/15/2035(a) | 4,785 | 4,076,275 | ||||||
|
| |||||||
55,103,587 | ||||||||
|
| |||||||
Pennsylvania–7.4% | ||||||||
Allegheny County Airport Authority | 5,000 | 4,887,127 | ||||||
4.00%, 01/01/2039 | 2,235 | 2,179,756 | ||||||
Allegheny County Hospital Development Authority | 5,290 | 5,920,436 | ||||||
5.00%, 07/15/2032 | 6,500 | 7,247,515 | ||||||
5.00%, 07/15/2033 | 7,600 | 8,440,690 | ||||||
Allegheny County Sanitary Authority | 3,500 | 3,553,897 | ||||||
Chester County Industrial Development Authority | 1,025 | 1,008,217 | ||||||
City of Philadelphia PA | 12,000 | 13,219,501 |
34 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
5.00%, 08/01/2028 | $ | 12,310 | $ | 13,478,814 | ||||
5.00%, 08/01/2029 | 9,970 | 10,928,833 | ||||||
5.00%, 08/01/2030 | 4,000 | 4,376,507 | ||||||
5.00%, 08/01/2032 | 8,010 | 8,760,587 | ||||||
Series 2019-A | 1,420 | 1,530,612 | ||||||
Series 2019-B | 1,005 | 1,141,451 | ||||||
City of Philadelphia PA Water & Wastewater Revenue | 7,000 | 7,241,305 | ||||||
5.00%, 10/01/2025 | 7,750 | 8,190,895 | ||||||
5.00%, 10/01/2026 | 2,675 | 2,895,087 | ||||||
Commonwealth of Pennsylvania | 15,025 | 15,152,374 | ||||||
Series 2016 | 9,575 | 9,912,699 | ||||||
Series 2017 | 1,000 | 1,017,845 | ||||||
5.00%, 01/01/2026 | 6,065 | 6,481,457 | ||||||
5.00%, 01/01/2027 | 14,415 | 15,779,371 | ||||||
Geisinger Authority | 2,500 | 2,770,273 | ||||||
Hospitals & Higher Education Facilities Authority of Philadelphia (The) | 6,000 | 6,180,787 | ||||||
AGM Series 2022 | 10,000 | 9,824,017 | ||||||
4.00%, 07/01/2039 | 10,000 | 9,735,857 | ||||||
Montgomery County Higher Education and Health Authority | 2,250 | 2,271,746 | ||||||
5.00%, 12/01/2032 | 2,750 | 2,753,211 | ||||||
Montgomery County Higher Education and Health Authority | 1,400 | 1,496,734 | ||||||
5.00%, 09/01/2027 | 1,750 | 1,906,780 | ||||||
5.00%, 09/01/2028 | 1,500 | 1,658,987 | ||||||
5.00%, 09/01/2029 | 3,000 | 3,295,235 | ||||||
5.00%, 09/01/2030 | 3,000 | 3,284,820 | ||||||
Series 2019 | 1,710 | 1,895,347 | ||||||
5.00%, 09/01/2032 | 1,200 | 1,319,669 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Pennsylvania Economic Development Financing Authority | $ | 3,350 | $ | 3,661,443 | ||||
5.50%, 06/30/2039 | 4,750 | 5,164,265 | ||||||
5.50%, 06/30/2040 | 5,000 | 5,403,747 | ||||||
Pennsylvania Economic Development Financing Authority | 8,540 | 8,832,011 | ||||||
5.00%, 12/31/2026 | 4,500 | 4,656,999 | ||||||
5.00%, 06/30/2027 | 12,450 | 12,867,313 | ||||||
5.00%, 12/31/2027 | 6,000 | 6,202,717 | ||||||
5.00%, 06/30/2028 | 10,790 | 11,140,171 | ||||||
5.00%, 12/31/2028 | 8,910 | 9,197,714 | ||||||
5.00%, 06/30/2042 | 1,000 | 1,001,422 | ||||||
Pennsylvania Economic Development Financing Authority | 3,000 | 3,368,251 | ||||||
5.00%, 04/15/2030 | 1,150 | 1,306,701 | ||||||
5.00%, 04/15/2031 | 1,635 | 1,838,055 | ||||||
Series 2022-C | 10,500 | 10,162,471 | ||||||
Pennsylvania Higher Educational Facilities Authority | 2,720 | 2,712,857 | ||||||
Series 2022 | 1,065 | 1,075,200 | ||||||
4.00%, 08/15/2040 | 1,345 | 1,349,480 | ||||||
5.00%, 08/15/2029 | 825 | 940,270 | ||||||
5.00%, 08/15/2030 | 750 | 868,818 | ||||||
Pennsylvania Turnpike Commission | 7,025 | 7,632,603 | ||||||
5.00%, 06/01/2030 | 6,255 | 6,791,805 | ||||||
Series 2019 | 8,000 | 9,067,158 | ||||||
5.00%, 12/01/2030 | 5,890 | 6,688,189 | ||||||
Series 2022-A | 1,000 | 1,145,903 | ||||||
Philadelphia Authority for Industrial Development | 1,060 | 1,105,635 | ||||||
5.00%, 08/01/2040 | 3,445 | 3,500,387 |
Schedule of Investments—Diversified Municipal Portfolio | 35 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Philadelphia Authority for Industrial Development | $ | 1,700 | $ | 1,718,903 | ||||
4.00%, 11/01/2036 | 1,510 | 1,515,299 | ||||||
4.00%, 11/01/2037 | 1,350 | 1,344,771 | ||||||
4.00%, 11/01/2038 | 1,000 | 992,349 | ||||||
5.00%, 11/01/2027 | 835 | 902,136 | ||||||
5.00%, 11/01/2028 | 1,000 | 1,093,991 | ||||||
5.00%, 11/01/2029 | 1,000 | 1,106,714 | ||||||
5.00%, 11/01/2030 | 1,750 | 1,935,240 | ||||||
5.00%, 11/01/2031 | 1,685 | 1,861,604 | ||||||
5.00%, 11/01/2032 | 1,810 | 1,996,325 | ||||||
5.00%, 11/01/2033 | 1,750 | 1,924,680 | ||||||
5.00%, 11/01/2034 | 2,110 | 2,308,016 | ||||||
School District of Philadelphia (The) | 8,360 | 8,607,749 | ||||||
Series 2016-F | 5,000 | 5,042,508 | ||||||
5.00%, 09/01/2024 | 24,200 | 24,917,169 | ||||||
|
| |||||||
386,687,478 | ||||||||
|
| |||||||
Puerto Rico–0.8% | ||||||||
Commonwealth of Puerto Rico | 32 | 29,667 | ||||||
Zero Coupon, 07/01/2033 | 1,346 | 762,414 | ||||||
4.00%, 07/01/2033 | 1,674 | 1,505,060 | ||||||
4.00%, 07/01/2035 | 85 | 73,859 | ||||||
4.00%, 07/01/2037 | 73 | 61,533 | ||||||
4.00%, 07/01/2041 | 99 | 80,156 | ||||||
4.00%, 07/01/2046 | 103 | 80,132 | ||||||
5.25%, 07/01/2023 | 1,803 | 1,805,164 | ||||||
5.375%, 07/01/2025 | 2,270 | 2,304,954 | ||||||
5.625%, 07/01/2027 | 4,709 | 4,865,273 | ||||||
5.625%, 07/01/2029 | 2,507 | 2,617,579 | ||||||
5.75%, 07/01/2031 | 624 | 662,168 | ||||||
Commonwealth of Puerto Rico | 621 | 270,209 | ||||||
HTA HRRB Custodial Trust | 510 | 524,231 | ||||||
HTA TRRB Custodial Trust | 5,100 | 5,065,388 | ||||||
5.25%, 07/01/2036 | 5,425 | 5,452,334 | ||||||
5.25%, 07/01/2041 | 4,260 | 4,286,562 | ||||||
PR Custodial Trust | 76 | 75,486 | ||||||
Puerto Rico Electric Power Authority | 5,150 | 5,211,375 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Puerto Rico Highway & Transportation Authority | $ | 1,945 | $ | 1,213,194 | ||||
Puerto Rico Housing Finance Authority (El Mirador LLC) | 2,250 | 2,378,940 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5,190 | 4,907,498 | ||||||
|
| |||||||
44,233,176 | ||||||||
|
| |||||||
Rhode Island–0.2% | ||||||||
Providence Public Building Authority (City of Providence RI Lease) | 2,195 | 2,451,416 | ||||||
Tobacco Settlement Financing Corp./RI | 6,635 | 6,650,641 | ||||||
|
| |||||||
9,102,057 | ||||||||
|
| |||||||
South Carolina–1.5% | ||||||||
Patriots Energy Group Financing Agency | 48,725 | 48,808,471 | ||||||
SCAGO Educational Facilities Corp. for Pickens School District | 3,000 | 3,150,979 | ||||||
5.00%, 12/01/2027 | 2,500 | 2,621,865 | ||||||
South Carolina Jobs-Economic Development Authority | 1,445 | 1,263,058 | ||||||
South Carolina Public Service Authority Series 2016-A | 1,435 | 1,510,972 | ||||||
5.00%, 12/01/2034 | 1,000 | 1,039,120 | ||||||
Series 2020-A | 1,690 | 1,673,005 | ||||||
Series 2021-A | 5,475 | 5,515,306 | ||||||
4.00%, 12/01/2036 | 10,000 | 9,969,347 | ||||||
Series 2021-B | 3,000 | 3,193,476 | ||||||
|
| |||||||
78,745,599 | ||||||||
|
|
36 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
South Dakota–0.1% | ||||||||
South Dakota Health & Educational Facilities Authority | $ | 3,400 | $ | 3,675,265 | ||||
5.00%, 09/01/2030 | 3,625 | 3,908,165 | ||||||
|
| |||||||
7,583,430 | ||||||||
|
| |||||||
Tennessee–0.9% | ||||||||
Metropolitan Nashville Airport Authority (The) | 2,500 | 2,814,759 | ||||||
Tennergy Corp./TN | 5,445 | 5,537,498 | ||||||
Tennergy Corp/TN | 21,150 | 22,453,307 | ||||||
Tennessee Energy Acquisition Corp. | 13,555 | 13,950,600 | ||||||
|
| |||||||
44,756,164 | ||||||||
|
| |||||||
Texas–4.4% | ||||||||
Arlington Higher Education Finance Corp. | 1,000 | 983,154 | ||||||
Board of Regents of the University of Texas System | 1,895 | 1,921,667 | ||||||
Central Texas Turnpike System | 1,000 | 1,015,537 | ||||||
City of Austin TX Airport System Revenue | 3,200 | 3,341,093 | ||||||
City of Austin TX Water & Wastewater System Revenue | 10,100 | 10,127,069 | ||||||
Series 2015-A | 4,730 | 4,916,136 | ||||||
City of El Paso TX Water & Sewer Revenue | 4,275 | 4,818,149 | ||||||
5.00%, 03/01/2039 | 3,880 | 4,311,189 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
City of Houston TX | $ | 16,370 | $ | 17,113,460 | ||||
City of Houston TX | 1,800 | 1,815,671 | ||||||
5.00%, 09/01/2025 | 2,000 | 2,046,725 | ||||||
City of Houston TX Airport System Revenue | 6,160 | 6,873,744 | ||||||
City of Houston TX Airport System Revenue | 9,135 | 9,188,146 | ||||||
City of Houston TX Combined Utility System Revenue | 8,000 | 8,021,534 | ||||||
5.00%, 05/15/2027 | 10,785 | 11,060,283 | ||||||
5.00%, 05/15/2028 | 6,065 | 6,222,505 | ||||||
City of San Antonio TX Electric & Gas Systems Revenue | 2,200 | 2,498,954 | ||||||
5.00%, 02/01/2036 | 1,875 | 2,106,686 | ||||||
Dallas Fort Worth International Airport | 11,585 | 11,686,006 | ||||||
Denton Independent School District | 6,685 | 6,908,346 | ||||||
Series 2016 | 1,220 | 1,306,014 | ||||||
Harris County Cultural Education Facilities Finance Corp. | 5,000 | 4,966,941 | ||||||
Harris County Hospital District | 2,465 | 2,602,271 | ||||||
Hidalgo County Regional Mobility Authority | 1,850 | 1,706,421 | ||||||
4.00%, 12/01/2039 | 1,000 | 912,132 | ||||||
5.00%, 12/01/2028 | 200 | 208,964 | ||||||
5.00%, 12/01/2029 | 500 | 525,678 | ||||||
5.00%, 12/01/2030 | 500 | 529,176 | ||||||
5.00%, 12/01/2031 | 500 | 531,368 | ||||||
5.00%, 12/01/2032 | 350 | 371,139 | ||||||
5.00%, 12/01/2034 | 750 | 785,222 |
Schedule of Investments—Diversified Municipal Portfolio | 37 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
5.00%, 12/01/2035 | $ | 595 | $ | 617,153 | ||||
5.00%, 12/01/2036 | 1,000 | 1,028,154 | ||||||
Irving Hospital Authority | 600 | 633,676 | ||||||
5.00%, 10/15/2029 | 600 | 632,633 | ||||||
5.00%, 10/15/2030 | 1,000 | 1,050,787 | ||||||
5.00%, 10/15/2031 | 1,020 | 1,068,095 | ||||||
Legacy Denton Public Facility Corp. | 15,000 | 15,570,160 | ||||||
Lower Colorado River Authority | 8,635 | 9,577,486 | ||||||
5.00%, 05/15/2040 | 12,345 | 13,618,332 | ||||||
5.00%, 05/15/2041 | 6,570 | 7,215,757 | ||||||
Mission Economic Development Corp. | 10,680 | 10,420,001 | ||||||
New Hope Cultural Education Facilities Finance Corp. | 1,130 | 1,236,643 | ||||||
New Hope Cultural Education Facilities Finance Corp. | 2,500 | 2,632,117 | ||||||
5.00%, 08/15/2026 | 2,000 | 2,152,979 | ||||||
5.00%, 08/15/2028 | 2,750 | 3,014,571 | ||||||
New Hope Cultural Education Facilities Finance Corp. | 875 | 800,549 | ||||||
Series 2022 | 840 | 719,723 | ||||||
4.00%, 01/01/2037 | 1,155 | 913,952 | ||||||
North Texas Tollway Authority | 900 | 915,393 | ||||||
North Texas Tollway Authority | 1,845 | 1,876,829 | ||||||
Series 2015-B | 3,200 | 3,334,504 | ||||||
5.00%, 01/01/2027 | 2,100 | 2,189,505 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
5.00%, 01/01/2028 | $ | 5,975 | $ | 6,228,019 | ||||
Series 2019-B | 2,000 | 2,177,306 | ||||||
Port Beaumont Navigation District (Jefferson Railport Terminal II LLC) | 1,360 | 1,094,452 | ||||||
San Antonio Water System | 3,000 | 3,008,005 | ||||||
State of Texas | 2,335 | 2,416,197 | ||||||
University of Houston | 1,750 | 1,950,385 | ||||||
|
| |||||||
229,514,743 | ||||||||
|
| |||||||
Utah–0.4% | ||||||||
City of Salt Lake City UT Airport Revenue | 7,000 | 6,768,523 | ||||||
5.00%, 07/01/2035 | 5,000 | 5,506,190 | ||||||
5.00%, 07/01/2036 | 5,000 | 5,455,472 | ||||||
Utah Transit Authority | 2,000 | 2,112,787 | ||||||
5.00%, 06/15/2028 | 2,150 | 2,271,245 | ||||||
Utah Transit Authority | 1,305 | 1,373,044 | ||||||
|
| |||||||
23,487,261 | ||||||||
|
| |||||||
Virginia–0.7% | ||||||||
County of Loudoun VA | 3,300 | 3,435,224 | ||||||
Virginia Small Business Financing Authority | 2,000 | 2,026,410 | ||||||
4.00%, 01/01/2032 | 5,030 | 5,099,485 | ||||||
4.00%, 01/01/2037 | 7,250 | 7,040,722 | ||||||
Virginia Small Business Financing Authority | 1,400 | 1,513,104 | ||||||
5.00%, 01/01/2030 | 1,650 | 1,793,428 | ||||||
5.00%, 01/01/2031 | 1,250 | 1,358,075 | ||||||
5.00%, 01/01/2032 | 1,500 | 1,625,366 |
38 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
5.00%, 01/01/2033 | $ | 1,750 | $ | 1,892,499 | ||||
5.00%, 01/01/2034 | 1,600 | 1,726,665 | ||||||
5.00%, 01/01/2035 | 1,570 | 1,688,043 | ||||||
Virginia Small Business Financing Authority | 10,000 | 9,990,761 | ||||||
|
| |||||||
39,189,782 | ||||||||
|
| |||||||
Washington–2.9% | ||||||||
Chelan County Public Utility District No. 1 | 1,005 | 1,010,023 | ||||||
Energy Northwest | 12,825 | 12,858,515 | ||||||
Port of Seattle WA | 1,750 | 1,750,000 | ||||||
Series 2018-A | 8,320 | 8,666,928 | ||||||
Series 2018-B | 4,695 | 4,890,773 | ||||||
Series 2019 | 1,500 | 1,650,621 | ||||||
5.00%, 04/01/2033 | 1,000 | 1,095,567 | ||||||
Series 2021 | 5,750 | 5,568,117 | ||||||
Spokane County School District No. 81 Spokane | 10,000 | 9,931,749 | ||||||
State of Washington | 10,220 | 10,551,259 | ||||||
Washington Economic Development Finance Authority | 31,200 | 31,205,922 | ||||||
Washington Health Care Facilities Authority | 8,590 | 8,956,924 | ||||||
5.00%, 08/15/2029 | 16,560 | 17,247,079 | ||||||
5.00%, 08/15/2030 | 6,400 | 6,660,033 | ||||||
Washington Health Care Facilities Authority | 2,000 | 2,067,569 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
5.00%, 08/15/2027 | $ | 2,175 | $ | 2,319,994 | ||||
5.00%, 08/15/2028 | 3,700 | 3,936,506 | ||||||
5.00%, 08/15/2030 | 8,005 | 8,510,051 | ||||||
Washington State Convention Center Public Facilities District | 10,600 | 10,124,848 | ||||||
|
| |||||||
149,002,478 | ||||||||
|
| |||||||
West Virginia–0.3% | ||||||||
Tobacco Settlement Finance Authority/WV | 16,125 | 14,573,449 | ||||||
|
| |||||||
Wisconsin–2.8% | ||||||||
DeForest Area School District/WI | 1,810 | 1,852,445 | ||||||
State of Wisconsin | 9,000 | 9,453,287 | ||||||
5.00%, 05/01/2027 | 12,500 | 13,800,587 | ||||||
5.00%, 05/01/2028 | 12,000 | 13,248,564 | ||||||
Series 2021-2 | 12,000 | 12,621,823 | ||||||
Series 2023-1 | 3,170 | 3,252,776 | ||||||
UMA Education, Inc. | 895 | 896,929 | ||||||
5.00%, 10/01/2025(a) | 3,360 | 3,376,372 | ||||||
5.00%, 10/01/2026(a) | 3,605 | 3,624,459 | ||||||
5.00%, 10/01/2027(a) | 3,720 | 3,736,305 | ||||||
5.00%, 10/01/2028(a) | 3,525 | 3,533,368 | ||||||
5.00%, 10/01/2029(a) | 835 | 835,454 | ||||||
Wisconsin Center District | 1,075 | 897,291 | ||||||
Zero Coupon, 12/15/2030 | 2,140 | 1,648,072 | ||||||
Zero Coupon, 12/15/2032 | 2,800 | 1,976,816 | ||||||
Zero Coupon, 12/15/2034 | 2,500 | 1,594,862 | ||||||
Wisconsin Department of Transportation | 2,520 | 2,775,761 | ||||||
5.00%, 07/01/2031(e) | 7,100 | 8,052,860 |
Schedule of Investments—Diversified Municipal Portfolio | 39 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Wisconsin Health & Educational Facilities Authority | $ | 4,000 | $ | 3,869,795 | ||||
Series 2023 | 5,000 | 5,340,373 | ||||||
Wisconsin Health & Educational Facilities Authority | 2,500 | 2,617,844 | ||||||
4.00%, 10/15/2035 | 1,000 | 1,037,276 | ||||||
Wisconsin Public Finance Authority | 2,000 | 2,034,221 | ||||||
5.50%, 02/01/2042(a) | 6,955 | 6,890,590 | ||||||
Wisconsin Public Finance Authority | 3,750 | 3,658,351 | ||||||
Wisconsin Public Finance Authority (Celanese US Holdings LLC) | 1,000 | 1,003,755 | ||||||
Wisconsin Public Finance Authority (Duke Energy Progress LLC) | 5,315 | 5,379,206 | ||||||
Wisconsin Public Finance Authority | 6,000 | 6,115,409 | ||||||
Wisconsin Public Finance Authority | 185 | 177,730 | ||||||
Wisconsin Public Finance Authority | 2,510 | 2,418,624 | ||||||
Series 2021-B | 1,420 | 1,276,951 | ||||||
Wisconsin Public Finance Authority | 615 | 603,863 | ||||||
4.00%, 02/01/2036 | 3,335 | 3,262,219 | ||||||
4.00%, 02/01/2038 | 3,575 | 3,415,361 | ||||||
4.00%, 02/01/2040 | 3,945 | 3,712,888 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Series 2022 | $ | 3,375 | $ | 3,676,951 | ||||
5.00%, 02/01/2032 | 2,545 | 2,767,155 | ||||||
WPPI Energy | 1,000 | 1,022,507 | ||||||
|
| |||||||
147,459,100 | ||||||||
|
| |||||||
Total Long-Term Municipal Bonds (cost $4,813,022,581) | 4,688,082,362 | |||||||
|
| |||||||
Short-Term Municipal Notes–5.4% | ||||||||
District of Columbia–0.2% | ||||||||
District of Columbia | 8,020 | 8,020,000 | ||||||
District of Columbia | 3,825 | 3,825,000 | ||||||
|
| |||||||
11,845,000 | ||||||||
|
| |||||||
Florida–0.3% | ||||||||
County of Palm Beach FL | 1,920 | 1,920,000 | ||||||
Florida Gulf Coast University Financing Corp. | 1,540 | 1,540,000 | ||||||
Florida Keys Aqueduct Authority | 1,045 | 1,045,000 | ||||||
Halifax Hospital Medical Center | 7,900 | 7,900,000 | ||||||
Orange County Health Facilities Authority | 5,180 | 5,180,000 | ||||||
|
| |||||||
17,585,000 | ||||||||
|
| |||||||
Hawaii–0.1% | ||||||||
Hawaii Housing Finance & Development Corp. | 3,640 | 3,640,000 | ||||||
|
|
40 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Illinois–0.4% | ||||||||
Illinois Development Finance Authority | $ | 672 | $ | 672,000 | ||||
Illinois Development Finance Authority | 585 | 585,000 | ||||||
Illinois Educational Facilities Authority | 100 | 100,000 | ||||||
Illinois Housing Development Authority | 14,500 | 14,500,000 | ||||||
Village of Brookfield IL | 6,165 | 6,165,000 | ||||||
|
| |||||||
22,022,000 | ||||||||
|
| |||||||
Indiana–0.1% | ||||||||
Indiana Municipal Power Agency | 5,765 | 5,765,000 | ||||||
|
| |||||||
Iowa–0.1% | ||||||||
Iowa Finance Authority | 6,425 | 6,425,000 | ||||||
|
| |||||||
Kentucky–0.3% | ||||||||
Louisville/Jefferson County Metropolitan Government | 12,485 | 12,485,000 | ||||||
|
| |||||||
Louisiana–0.1% | ||||||||
Louisiana Public Facilities Authority (Coca-Cola Bottling Co. United-Gulf Coast LLC) | 2,265 | 2,265,000 | ||||||
|
| |||||||
Maryland–0.1% | ||||||||
Maryland Health & Higher Educational Facilities Authority | 3,600 | 3,600,000 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Montgomery County Housing Opportunities Commission | $ | 1,825 | $ | 1,825,000 | ||||
|
| |||||||
5,425,000 | ||||||||
|
| |||||||
Michigan–0.3% | ||||||||
Grand Valley State University | 16,095 | 16,095,000 | ||||||
Oakland University | 750 | 750,000 | ||||||
|
| |||||||
16,845,000 | ||||||||
|
| |||||||
Minnesota–0.6% | ||||||||
City of Minneapolis MN | 4,500 | 4,500,000 | ||||||
City of Minneapolis MN | 835 | 835,000 | ||||||
City of Minneapolis MN/St. Paul Housing & Redevelopment Authority | 9,100 | 9,100,000 | ||||||
3.90%, 11/15/2034(f) | 17,800 | 17,800,000 | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota | 1,000 | 1,000,000 | ||||||
|
| |||||||
33,235,000 | ||||||||
|
| |||||||
Nevada–0.7% | ||||||||
County of Clark Department of Aviation | 26,945 | 26,945,000 | ||||||
Series 2014-D | 6,815 | 6,815,000 | ||||||
|
| |||||||
33,760,000 | ||||||||
|
| |||||||
New Jersey–0.7% | ||||||||
New Jersey Health Care Facilities Financing Authority | 2,995 | 2,995,000 | ||||||
New Jersey Health Care Facilities Financing Authority | 15,730 | 15,730,000 | ||||||
Series 2008-C | 16,050 | 16,050,000 | ||||||
|
| |||||||
34,775,000 | ||||||||
|
|
Schedule of Investments—Diversified Municipal Portfolio | 41 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
New York–0.4% | ||||||||
New York City Housing Development Corp. | $ | 300 | $ | 300,000 | ||||
New York State Housing Finance Agency | 21,910 | 21,910,000 | ||||||
|
| |||||||
22,210,000 | ||||||||
|
| |||||||
North Carolina–0.0% | ||||||||
Durham County Industrial Facilities & Pollution Control Financing Authority | 1,100 | 1,100,000 | ||||||
|
| |||||||
Ohio–0.1% | ||||||||
Columbus Regional Airport Authority | 7,225 | 7,225,000 | ||||||
|
| |||||||
Oregon–0.1% | ||||||||
Oregon State Facilities Authority | 2,200 | 2,200,000 | ||||||
|
| |||||||
Pennsylvania–0.3% | ||||||||
Emmaus General Authority | 700 | 700,000 | ||||||
Series 2008-E | 1,000 | 1,000,000 | ||||||
Haverford Township School District | 2,115 | 2,115,000 | ||||||
Philadelphia Gas Works Co. | 10,950 | 10,950,000 | ||||||
|
| |||||||
14,765,000 | ||||||||
|
| |||||||
Rhode Island–0.1% | ||||||||
Rhode Island Health and Educational Building Corp. | 5,120 | 5,120,000 | ||||||
|
| |||||||
Tennessee–0.1% | ||||||||
Greeneville Health & Educational Facilities Board | 4,960 | 4,960,000 | ||||||
|
| |||||||
Principal Amount (000) | U.S. $ Value | |||||||
Texas–0.0% | ||||||||
Tarrant County Housing Finance Corp. (One Oaklake VIII LLC) | $ | 270 | $ | 270,000 | ||||
|
| |||||||
Vermont–0.1% | ||||||||
Vermont Educational & Health Buildings Financing Agency | 4,330 | 4,330,000 | ||||||
|
| |||||||
Washington–0.2% | ||||||||
Washington State Housing Finance Commission | 3,025 | 3,025,000 | ||||||
Washington State Housing Finance Commission | 7,440 | 7,440,000 | ||||||
|
| |||||||
10,465,000 | ||||||||
|
| |||||||
West Virginia–0.0% | ||||||||
West Virginia Hospital Finance Authority | 635 | 635,000 | ||||||
|
| |||||||
Wisconsin–0.0% | ||||||||
Wisconsin Health & Educational Facilities Authority | 1,175 | 1,175,000 | ||||||
|
| |||||||
Total Short-Term Municipal Notes (cost $280,527,000) | 280,527,000 | |||||||
|
| |||||||
Total Municipal Obligations (cost $5,093,549,581) | 4,968,609,362 | |||||||
|
| |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES–1.8% |
| |||||||
Agency CMBS–1.0% | ||||||||
California Housing Finance Agency | 10,451 | 10,493,181 | ||||||
Series 2021-1, Class A | 3,397 | 3,234,891 | ||||||
Series 2021-2, Class A | 16,199 | 16,066,398 |
42 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Series 2021-2, Class X | $ | 9,817 | $ | 525,065 | ||||
Series 2021-3, Class A | 3,919 | 3,593,787 | ||||||
Series 2021-3, Class X | 8,009 | 436,835 | ||||||
Federal Home Loan Mortgage Corp. | 1,961 | 1,516,668 | ||||||
Series 2021-ML10, Class AUS | 4,907 | 3,788,765 | ||||||
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates | 7,413 | 5,854,782 | ||||||
Series 2022-ML13, Class XCA | 2,083 | 122,850 | ||||||
Series 2022-ML13, Class XUS | 3,779 | 270,287 | ||||||
Washington State Housing Finance Commission | 4,867 | 4,560,824 | ||||||
Series 2021-1, Class X | 3,212 | 158,003 | ||||||
|
| |||||||
50,622,336 | ||||||||
|
| |||||||
Non-Agency Fixed Rate CMBS–0.8% | ||||||||
National Finance Authority | 9,940 | 508,200 | ||||||
New Hampshire Business Finance Authority | 24,767 | 24,522,184 | ||||||
Series 2020-1, Class A | 9,100 | 9,070,835 | ||||||
Series 2022-2, Class A | 9,940 | 9,510,691 | ||||||
|
| |||||||
43,611,910 | ||||||||
|
| |||||||
Total Commercial Mortgage-Backed Securities (cost $104,204,416) |
| 94,234,246 | ||||||
|
| |||||||
CORPORATES–INVESTMENT GRADE–1.0% |
| |||||||
Industrial–1.0% | ||||||||
Consumer Cyclical–Automotive–0.2% |
| |||||||
General Motors Financial Co., Inc. | 10,000 | 9,928,900 | ||||||
|
| |||||||
Consumer Non-Cyclical–0.8% | ||||||||
Baylor Scott & White Holdings | 5,835 | 5,276,065 | ||||||
1.777%, 11/15/2030 | 5,000 | 4,052,400 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
CommonSpirit Health | $ | 4,513 | $ | 4,148,124 | ||||
Hackensack Meridian Health, Inc. | 7,000 | 4,997,160 | ||||||
Novant Health, Inc. | 19,100 | 15,097,977 | ||||||
Ochsner LSU Health System of North Louisiana | 10,000 | 7,474,200 | ||||||
Sutter Health | 4,000 | 3,057,000 | ||||||
|
| |||||||
44,102,926 | ||||||||
|
| |||||||
Total Corporates–Investment Grade (cost $65,332,888) | 54,031,826 | |||||||
|
| |||||||
CORPORATES–NON-INVESTMENT GRADE–0.4% |
| |||||||
Industrial–0.4% | ||||||||
Communications–Media–0.1% |
| |||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 7,730 | 5,987,426 | ||||||
|
| |||||||
Consumer Non-Cyclical–0.1% | ||||||||
Medline Borrower LP | 6,500 | 5,639,725 | ||||||
|
| |||||||
Transportation–Airlines–0.2% | ||||||||
United Airlines, Inc. | 5,000 | 4,794,500 | ||||||
4.625%, 04/15/2029(a) | 2,300 | 2,080,143 | ||||||
|
| |||||||
6,874,643 | ||||||||
|
| |||||||
Total Corporates–Non-Investment Grade (cost $21,527,998) |
| 18,501,794 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES–0.4% |
| |||||||
Autos–Fixed Rate–0.4% | ||||||||
Flagship Credit Auto Trust | 2,250 | 2,243,702 | ||||||
Foursight Capital Automobile Receivables Trust | 1,350 | 1,343,871 | ||||||
LAD Auto Receivables Trust | 2,000 | 1,996,897 | ||||||
Lendbuzz Securitization Trust | 10,000 | 10,011,222 | ||||||
Tricolor Auto Securitization Trust | 2,668 | 2,666,698 | ||||||
|
| |||||||
Total Asset-Backed Securities (cost $18,266,126) | 18,262,390 | |||||||
|
|
Schedule of Investments—Diversified Municipal Portfolio | 43 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% |
| |||||||
Risk Share Floating Rate–0.0% | ||||||||
Connecticut Avenue Securities Trust | $ | 813 | $ | 816,689 | ||||
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes | 223 | 226,004 | ||||||
Series 2014-DN3, Class M3 | 45 | 45,546 | ||||||
Series 2015-DNA1, Class M3 | 157 | 158,836 | ||||||
Federal National Mortgage Association Connecticut Avenue Securities | 286 | 288,350 | ||||||
Series 2014-C04, Class 1M2 | 145 | 151,039 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Series 2015-C02, Class 1M2 | $ | 246 | $ | 254,621 | ||||
Series 2016-C01, Class 1M2 | 335 | 357,866 | ||||||
Series 2016-C03, Class 1M2 | 141 | 149,477 | ||||||
|
| |||||||
Total Collateralized Mortgage Obligations (cost $2,130,038) |
| 2,448,428 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS–0.2% |
| |||||||
Commercial Paper–0.2% | ||||||||
Harris County Cultural Education Facilities Finance Corp. | 11,800 | 11,786,910 | ||||||
|
| |||||||
Total Investments—98.9% (cost $5,316,811,047) | 5,167,874,956 | |||||||
Other assets less liabilities—1.1% | 56,183,641 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 5,224,058,597 | ||||||
|
|
CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)
Description | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional Amount | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
Buy Contracts | ||||||||||||||||||||||||||||||||
CDX-NAHY Series 40, 5 Year Index, 06/20/2028* | (5.00 | )% | Quarterly | 4.63 | % | USD | 51,940 | $ | (879,564 | ) | $ | (114,029 | ) | $ | (765,535 | ) |
* Termination date
CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)
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 | 25,420 | 01/15/2025 | 2.565% | CPI# | Maturity | $ | 2,378,983 | $ | — | $ | 2,378,983 | |||||||||||||
USD | 15,240 | 01/15/2025 | 4.028% | CPI# | Maturity | 514,338 | — | 514,338 | ||||||||||||||||
USD | 12,710 | 01/15/2025 | 2.585% | CPI# | Maturity | 1,179,308 | — | 1,179,308 | ||||||||||||||||
USD | 12,710 | 01/15/2025 | 2.613% | CPI# | Maturity | 1,165,295 | — | 1,165,295 | ||||||||||||||||
USD | 52,790 | 01/15/2026 | CPI# | 3.720% | Maturity | (1,783,190 | ) | — | (1,783,190 | ) | ||||||||||||||
USD | 40,000 | 01/15/2027 | CPI# | 3.320% | Maturity | (1,877,862 | ) | — | (1,877,862 | ) | ||||||||||||||
USD | 39,500 | 01/15/2027 | CPI# | 3.466% | Maturity | (1,496,456 | ) | (40,739 | ) | (1,455,717 | ) | |||||||||||||
USD | 31,450 | 01/15/2027 | CPI# | 3.323% | Maturity | (1,470,633 | ) | — | (1,470,633 | ) |
44 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
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 | 87,590 | 01/15/2028 | 1.230% | CPI# | Maturity | $ | 16,176,890 | $ | — | $ | 16,176,890 | |||||||||||||
USD | 87,240 | 01/15/2028 | 0.735% | CPI# | Maturity | 19,259,902 | — | 19,259,902 | ||||||||||||||||
USD | 94,820 | 01/15/2029 | CPI# | 3.290% | Maturity | (3,456,846 | ) | — | (3,456,846 | ) | ||||||||||||||
USD | 40,500 | 01/15/2029 | CPI# | 3.735% | Maturity | 41,194 | — | 41,194 | ||||||||||||||||
USD | 16,275 | 01/15/2030 | 1.572% | CPI# | Maturity | 2,898,240 | — | 2,898,240 | ||||||||||||||||
USD | 16,275 | 01/15/2030 | 1.587% | CPI# | Maturity | 2,875,667 | — | 2,875,667 | ||||||||||||||||
USD | 23,500 | 01/15/2031 | 2.782% | CPI# | Maturity | 1,729,235 | — | 1,729,235 | ||||||||||||||||
USD | 22,000 | 01/15/2031 | 2.680% | CPI# | Maturity | 1,841,674 | — | 1,841,674 | ||||||||||||||||
USD | 19,200 | 01/15/2031 | 2.989% | CPI# | Maturity | 1,013,786 | — | 1,013,786 | ||||||||||||||||
USD | 20,800 | 01/15/2032 | CPI# | 3.064% | Maturity | (808,248 | ) | — | (808,248 | ) | ||||||||||||||
USD | 18,300 | 04/15/2032 | CPI# | 2.909% | Maturity | (950,695 | ) | — | (950,695 | ) | ||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
$ | 39,230,582 | $ | (40,739 | ) | $ | 39,271,321 | ||||||||||||||||||
|
|
|
|
|
|
# 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 | ||||||||||||||||||||||||
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 | 20,000 | 01/15/2027 | 1 Day SOFR | 3.389% | Annual | $ | (154,187 | ) | $ | — | $ | (154,187 | ) | |||||||||||
USD | 136,500 | 04/15/2032 | 2.569% | 1 Day SOFR | Annual | 7,210,497 | — | 7,210,497 | ||||||||||||||||
USD | 38,200 | 04/15/2032 | 2.632% | 1 Day SOFR | Annual | 1,807,476 | — | 1,807,476 | ||||||||||||||||
USD | 11,000 | 04/15/2032 | 3.082% | 1 Day SOFR | Annual | 129,846 | — | 129,846 | ||||||||||||||||
USD | 6,000 | 04/15/2032 | 3.069% | 1 Day SOFR | Annual | 77,266 | — | 77,266 | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
$ | 9,070,898 | $ | — | $ | 9,070,898 | |||||||||||||||||||
|
|
|
|
|
|
CREDIT DEFAULT SWAPS (see Note 3)
Swap Counterparty & Referenced Obligation | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 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 | 289 | $ | (61,259 | ) | $ | (26,686 | ) | $ | (34,573 | ) | ||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 961 | (203,428 | ) | (114,328 | ) | (89,100 | ) | |||||||||||||||||||||
Credit Suisse International | ||||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 64 | (13,586 | ) | (7,405 | ) | (6,181 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 159 | (33,602 | ) | (14,773 | ) | (18,829 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 1,956 | (414,134 | ) | (224,222 | ) | (189,912 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 1,977 | (418,623 | ) | (184,270 | ) | (234,353 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 2,974 | (629,814 | ) | (270,111 | ) | (359,703 | ) |
Schedule of Investments—Diversified Municipal Portfolio | 45 |
Table of Contents
Swap Counterparty & Referenced Obligation | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional Amount (000) | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
Goldman Sachs International | ||||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 371 | $ | (78,484 | ) | $ | (43,924 | ) | $ | (34,560 | ) | ||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 2,578 | (545,872 | ) | (227,234 | ) | (318,638 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (2,398,802 | ) | $ | (1,112,953 | ) | $ | (1,285,849 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
* Termination date
INTEREST RATE SWAPS (see Note 3)
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 | 57,160 | 10/09/2029 | 1.125% | SIFMA* | Quarterly | $ | 5,522,862 | $ | — | $ | 5,522,862 |
* 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, 2023, the aggregate market value of these securities amounted to $312,007,071 or 6.0% of net assets. |
(b) | Non-income producing security. |
(c) | Defaulted. |
(d) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at March 31, 2023. |
(e) | When-Issued or delayed delivery security. |
(f) | 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. |
(g) | IO—Interest Only. |
As of March 31, 2023, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 4.7% and 0.0%, respectively.
Glossary:
AGC—Assured Guaranty Corporation
AGM—Assured Guaranty Municipal
BAM—Build American Mutual
CDX-CMBX.NA—North American Commercial Mortgage-
Backed Index
CDX-NAHY—North American High Yield Credit Default Swap
CMBS—Commercial Mortgage-Backed Securities
COP—Certificate of Participation
CPI—Consumer Price Index
ETM—Escrowed to Maturity
LIBOR—London Interbank Offered Rate
MUNIPSA—SIFMA Municipal Swap Index
NATL—National Interstate Corporation
OSF—Order of St. Francis
SOFR—Secured Overnight Financing Rate
UPMC—University of Pittsburgh Medical Center
XLCA—XL Capital Assurance Inc.
See notes to financial statements.
46 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
New York Municipal Portfolio
March 31, 2023 (unaudited)
Principal Amount (000) | U.S. $ Value | |||||||
MUNICIPAL OBLIGATIONS–97.0% |
| |||||||
Long-Term Municipal Bonds–87.8% |
| |||||||
New York–71.4% |
| |||||||
Albany County Airport Authority | $ | 1,050 | $ | 1,060,845 | ||||
5.00%, 12/15/2024 | 855 | 877,235 | ||||||
5.00%, 12/15/2025 | 855 | 891,886 | ||||||
5.00%, 12/15/2026 | 855 | 905,647 | ||||||
Broome County Local Development Corp. | 2,220 | 2,010,400 | ||||||
3.00%, 04/01/2036 | 2,000 | 1,770,812 | ||||||
3.00%, 04/01/2037 | 1,500 | 1,298,798 | ||||||
4.00%, 04/01/2034 | 725 | 752,134 | ||||||
4.00%, 04/01/2038 | 1,400 | 1,391,164 | ||||||
4.00%, 04/01/2039 | 1,400 | 1,376,275 | ||||||
4.00%, 04/01/2040 | 1,500 | 1,464,423 | ||||||
5.00%, 04/01/2032 | 2,000 | 2,211,011 | ||||||
5.00%, 04/01/2033 | 1,000 | 1,103,224 | ||||||
Buffalo & Erie County Industrial Land Development Corp. | 1,000 | 996,306 | ||||||
Build NYC Resource Corp. | 375 | 380,609 | ||||||
5.75%, 06/01/2042(a) | 1,855 | 1,906,264 | ||||||
Build NYC Resource Corp. | 550 | 561,365 | ||||||
Build NYC Resource Corp. | 1,050 | 1,034,024 | ||||||
5.00%, 06/01/2041(a) | 800 | 756,123 | ||||||
Build NYC Resource Corp. | 1,585 | 1,573,900 | ||||||
5.00%, 11/01/2025 | 1,750 | 1,705,083 | ||||||
5.25%, 11/01/2029 | 2,100 | 2,030,826 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Build NYC Resource Corp. | $ | 525 | $ | 431,964 | ||||
City of New York NY | 1,365 | 1,446,875 | ||||||
Series 2017-C | 1,075 | 1,083,483 | ||||||
5.00%, 08/01/2024 | 1,260 | 1,300,339 | ||||||
Series 2018-A | 7,690 | 8,353,063 | ||||||
Series 2018-D | 9,665 | 10,575,987 | ||||||
Series 2020-C | 4,960 | 5,557,032 | ||||||
Series 2021 | 4,950 | 4,369,029 | ||||||
Series 2021-D | 6,000 | 5,411,426 | ||||||
1.623%, 08/01/2028 | 4,000 | 3,472,366 | ||||||
Series 2022-B | 2,405 | 2,481,996 | ||||||
County of Albany NY | 1,515 | 1,536,544 | ||||||
County of Nassau NY | 10,190 | 10,436,023 | ||||||
Series 2017-C | 8,920 | 9,700,629 | ||||||
5.00%, 10/01/2027 | 13,200 | 14,675,528 | ||||||
County of Suffolk NY | 1,770 | 2,041,371 | ||||||
Dutchess County Local Development Corp. | 2,400 | 2,451,481 | ||||||
Series 2020-B | 4,940 | 4,737,291 | ||||||
Dutchess County Local Development Corp. | 4,795 | 4,982,529 | ||||||
Hempstead Town Local Development Corp. | 4,000 | 4,002,565 | ||||||
Hudson Yards Infrastructure Corp. | 17,060 | 18,468,069 |
Schedule of Investments—New York Municipal Portfolio | 47 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
5.00%, 02/15/2032 | $ | 5,590 | $ | 6,040,422 | ||||
Series 2021 | 5,000 | 5,034,518 | ||||||
Jefferson County Industrial Development Agency | 1,250 | 250,000 | ||||||
Long Island Power Authority | 9,535 | 9,303,918 | ||||||
Metropolitan Transportation Authority | 1,210 | 1,279,716 | ||||||
Series 2017-B | 5,050 | 5,409,732 | ||||||
5.00%, 11/15/2028 | 4,020 | 4,348,754 | ||||||
Series 2017-C | 9,140 | 9,791,080 | ||||||
5.00%, 11/15/2028 | 7,400 | 7,988,098 | ||||||
5.00%, 11/15/2029 | 1,790 | 1,929,554 | ||||||
5.00%, 11/15/2031 | 39,900 | 42,873,743 | ||||||
Series 2021 | 1,655 | 1,635,743 | ||||||
AGM Series 2021 | 3,000 | 2,989,364 | ||||||
4.043% (SOFR + 0.80%), 11/01/2032(f) | 3,715 | 3,639,862 | ||||||
Metropolitan Transportation Authority | 2,060 | 2,248,636 | ||||||
Series 2022-A | 11,605 | 11,794,250 | ||||||
Monroe County Industrial Development Corp./NY | 250 | 244,734 | ||||||
5.625%, 07/01/2042(a) | 2,000 | 1,949,364 | ||||||
Monroe County Industrial Development Corp./NY | 510 | 523,184 | ||||||
5.00%, 12/01/2028 | 1,210 | 1,303,200 | ||||||
Monroe County Industrial Development Corp./NY | 2,455 | 2,193,380 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Nassau County Local Economic Assistance Corp. | $ | 4,550 | $ | 4,647,377 | ||||
New York City Housing Development Corp. | 2,000 | 2,011,127 | ||||||
New York City Municipal Water Finance Authority | 3,000 | 3,083,216 | ||||||
Series 2015-F | 1,845 | 1,941,605 | ||||||
Series 2015-G | 11,465 | 12,065,312 | ||||||
Series 2017 | 3,725 | 4,012,542 | ||||||
Series 2017-E | 1,795 | 1,937,224 | ||||||
Series 2018-AA | 8,280 | 8,521,568 | ||||||
Series 2019-F | 6,190 | 6,772,737 | ||||||
Series 2021-B | 2,000 | 2,031,379 | ||||||
New York City Transitional Finance Authority Building Aid Revenue | 2,065 | 2,321,938 | ||||||
5.00%, 07/15/2032 | 16,090 | 18,077,892 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue | 27,990 | 28,039,131 | ||||||
Series 2014-A | 1,655 | 1,709,302 | ||||||
5.00%, 08/01/2029 | 5,000 | 5,160,739 | ||||||
Series 2014-C | 6,345 | 6,510,683 | ||||||
Series 2014-D1 | 7,110 | 7,256,959 | ||||||
5.00%, 02/01/2029 | 2,425 | 2,473,120 | ||||||
Series 2015-C | 20,000 | 20,949,320 | ||||||
Series 2016-B | 2,200 | 2,382,343 | ||||||
Series 2017-F | 1,220 | 1,333,444 |
48 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Series 2020 | $ | 2,580 | $ | 2,887,861 | ||||
Series 2021-A | 185 | 187,407 | ||||||
5.00%, 11/01/2023 | 6,585 | 6,674,096 | ||||||
Series 2022 | 2,220 | 2,220,458 | ||||||
4.00%, 02/01/2041 | 14,250 | 14,227,362 | ||||||
New York Liberty Development Corp. | 2,000 | 1,991,988 | ||||||
7.25%, 11/15/2044(a) | 1,000 | 1,012,129 | ||||||
New York Liberty Development Corp. | 20,000 | 18,315,346 | ||||||
2.625%, 09/15/2069 | 22,240 | 20,371,389 | ||||||
2.80%, 09/15/2069 | 6,470 | 5,924,325 | ||||||
New York Liberty Development Corp. | 20,000 | 15,966,296 | ||||||
New York State Dormitory Authority | 40 | 40,810 | ||||||
Series 2017 | 2,775 | 2,901,836 | ||||||
Series 2020-A | 6,475 | 6,624,300 | ||||||
Series 2021 | 5,500 | 5,026,584 | ||||||
AGM Series 2020 | 5 | 5,446 | ||||||
5.00%, 10/01/2029 | 5 | 5,685 | ||||||
New York State Dormitory Authority | 1,000 | 838,983 | ||||||
New York State Dormitory Authority | 1,400 | 1,405,582 | ||||||
5.00%, 12/01/2024(a) | 1,700 | 1,718,726 | ||||||
5.00%, 12/01/2026(a) | 1,500 | 1,538,382 | ||||||
5.00%, 12/01/2034(a) | 2,700 | 2,696,257 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
New York State Dormitory Authority | $ | 3,745 | $ | 3,905,650 | ||||
New York State Dormitory Authority | 555 | 565,654 | ||||||
5.00%, 07/01/2026 | 620 | 652,614 | ||||||
5.00%, 07/01/2027 | 325 | 346,997 | ||||||
5.00%, 07/01/2029 | 500 | 546,094 | ||||||
5.00%, 07/01/2030 | 300 | 330,384 | ||||||
5.00%, 07/01/2031 | 320 | 355,291 | ||||||
5.00%, 07/01/2032 | 280 | 312,750 | ||||||
New York State Dormitory Authority | 3,045 | 3,298,712 | ||||||
5.00%, 10/01/2029 | 2,130 | 2,413,844 | ||||||
New York State Dormitory Authority | 2,040 | 2,051,991 | ||||||
Series 2019-A | 2,975 | 3,440,090 | ||||||
New York State Dormitory Authority | 2,500 | 2,486,447 | ||||||
4.00%, 05/01/2040 | 6,000 | 5,921,903 | ||||||
New York State Dormitory Authority | 1,000 | 1,005,242 | ||||||
5.00%, 07/01/2026 | 1,000 | 1,084,341 | ||||||
New York State Dormitory Authority | 1,130 | 1,159,332 | ||||||
Series 2021-A | 1,400 | 1,533,587 | ||||||
New York State Dormitory Authority | 11,415 | 11,656,088 | ||||||
Series 2014-A | 2,400 | 2,449,029 | ||||||
Series 2014-C | 12,485 | 12,774,085 | ||||||
5.00%, 03/15/2029 | 2,010 | 2,056,160 | ||||||
Series 2021-A | 1,000 | 1,006,352 | ||||||
Series 2021-E | 4,645 | 4,758,939 |
Schedule of Investments—New York Municipal Portfolio | 49 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Series 2022-A | $ | 2,000 | $ | 2,014,048 | ||||
4.00%, 03/15/2040 | 2,000 | 2,003,459 | ||||||
New York State Dormitory Authority | 1,000 | 1,037,404 | ||||||
5.00%, 07/01/2039 | 1,500 | 1,537,158 | ||||||
5.00%, 07/01/2042 | 1,630 | 1,649,206 | ||||||
New York State Environmental Facilities Corp. | 445 | 496,056 | ||||||
New York State Thruway Authority | 18,900 | 19,157,550 | ||||||
5.00%, 01/01/2027 | 15,000 | 15,209,938 | ||||||
Series 2014-K | 1,310 | 1,358,772 | ||||||
5.00%, 01/01/2028 | 3,070 | 3,189,617 | ||||||
Series 2019-M | 8,775 | 7,434,014 | ||||||
New York State Thruway Authority | 7,250 | 8,258,406 | ||||||
New York State Urban Development Corp. | 5,010 | 5,385,440 | ||||||
Series 2020-E | 4,650 | 4,617,467 | ||||||
Series 2022 | 6,830 | 7,949,141 | ||||||
New York Transportation Development Corp. | 1,395 | 1,395,924 | ||||||
Series 2021 | 1,625 | 1,511,299 | ||||||
New York Transportation Development Corp. | 2,165 | 2,237,804 | ||||||
5.00%, 01/01/2030 | 24,485 | 25,504,475 | ||||||
5.00%, 01/01/2032 | 2,355 | 2,440,261 | ||||||
5.00%, 01/01/2036 | 2,000 | 2,021,706 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
New York Transportation Development Corp. | $ | 500 | $ | 495,645 | ||||
4.00%, 10/31/2041 | 2,075 | 1,876,620 | ||||||
New York Transportation Development Corp. | 2,210 | 2,360,133 | ||||||
5.00%, 12/01/2030 | 1,010 | 1,109,387 | ||||||
5.00%, 12/01/2031 | 400 | 437,450 | ||||||
5.00%, 12/01/2032 | 1,035 | 1,126,054 | ||||||
5.00%, 12/01/2036 | 1,050 | 1,108,762 | ||||||
Series 2022 | 1,000 | 914,454 | ||||||
5.00%, 12/01/2031 | 2,035 | 2,246,801 | ||||||
5.00%, 12/01/2039 | 2,765 | 2,910,701 | ||||||
5.00%, 12/01/2040 | 2,635 | 2,756,767 | ||||||
5.00%, 12/01/2041 | 3,670 | 3,820,357 | ||||||
New York Transportation Development Corp. | 2,535 | 2,542,112 | ||||||
Niagara Area Development Corp. | 1,000 | 848,933 | ||||||
Series 2018-B | 3,400 | 3,316,066 | ||||||
Niagara Falls City School District | 4,055 | 4,147,187 | ||||||
5.00%, 06/15/2025 | 3,660 | 3,818,085 | ||||||
Oneida City School District | 3,925 | 3,932,483 | ||||||
Onondaga Civic Development Corp. | 300 | 300,519 | ||||||
4.00%, 07/01/2036 | 350 | 341,663 | ||||||
4.00%, 07/01/2039 | 450 | 425,439 | ||||||
Port Authority of New York & New Jersey | 10,480 | 10,602,165 | ||||||
Series 2014 | 5,080 | 5,116,757 | ||||||
5.00%, 09/01/2027 | 7,500 | 7,689,812 | ||||||
Series 2014-1 | 3,455 | 3,487,597 | ||||||
Series 2015 | 5,850 | 5,905,194 |
50 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
5.00%, 10/15/2026 | $ | 8,405 | $ | 8,755,366 | ||||
Series 2017 | 6,925 | 7,433,848 | ||||||
Series 2018-2 | 3,040 | 3,161,003 | ||||||
5.00%, 09/15/2027 | 9,340 | 10,030,395 | ||||||
Series 2019 | 3,135 | 3,446,293 | ||||||
5.00%, 11/01/2036 | 5,365 | 5,847,528 | ||||||
Series 2020-2 | 3,000 | 3,385,391 | ||||||
5.00%, 07/15/2034 | 10,195 | 11,441,713 | ||||||
5.00%, 07/15/2035 | 5,095 | 5,659,611 | ||||||
Series 2021-2 | 2,750 | 2,775,946 | ||||||
Sales Tax Asset Receivable Corp. | 6,075 | 6,302,728 | ||||||
5.00%, 10/15/2026 | 7,065 | 7,329,839 | ||||||
Suffolk County Economic Development Corp. | 500 | 508,920 | ||||||
5.00%, 12/01/2034 | 1,000 | 1,004,430 | ||||||
Suffolk Tobacco Asset Securitization Corp. | 410 | 406,517 | ||||||
4.00%, 06/01/2035 | 2,300 | 2,280,517 | ||||||
4.00%, 06/01/2036 | 2,425 | 2,374,401 | ||||||
4.00%, 06/01/2037 | 1,170 | 1,135,287 | ||||||
4.00%, 06/01/2050 | 2,500 | 2,447,125 | ||||||
5.00%, 06/01/2034 | 2,275 | 2,449,670 | ||||||
Town of Oyster Bay NY | 4,650 | 4,748,825 | ||||||
Triborough Bridge & Tunnel Authority | 5,000 | 5,013,633 | ||||||
Series 2021-A | 2,535 | 2,691,216 | ||||||
Series 2021-B | 5,040 | 5,001,160 | ||||||
Triborough Bridge & Tunnel Authority | 15,035 | 16,000,285 | ||||||
Series 2021-A | 9,185 | 9,043,832 | ||||||
2.511%, 05/15/2035 | 10,000 | 7,997,084 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Series 2021-C | $ | 5,000 | $ | 5,654,257 | ||||
Series 2022 | 2,500 | 2,940,910 | ||||||
5.00%, 05/15/2032 | 5,000 | 6,075,632 | ||||||
5.00%, 05/15/2033 | 1,000 | 1,207,106 | ||||||
5.00%, 05/15/2034 | 1,590 | 1,902,236 | ||||||
5.00%, 05/15/2035 | 1,000 | 1,180,900 | ||||||
5.00%, 05/15/2036 | 1,000 | 1,164,452 | ||||||
5.00%, 05/15/2041 | 1,750 | 1,954,391 | ||||||
Series 2022-A | 20,025 | 20,644,924 | ||||||
Series 2022-E | 7,500 | 7,570,571 | ||||||
Troy Capital Resource Corp. | 2,570 | 2,881,126 | ||||||
5.00%, 09/01/2032 | 3,460 | 3,847,925 | ||||||
5.00%, 09/01/2033 | 2,365 | 2,619,361 | ||||||
Trust for Cultural Resources of The City of New York (The) | 7,175 | 7,767,839 | ||||||
Series 2020 | 1,800 | 2,087,316 | ||||||
5.00%, 12/01/2032 | 2,000 | 2,311,611 | ||||||
Trust for Cultural Resources of The City of New York (The) | 1,160 | 1,223,606 | ||||||
TSASC, Inc./NY | 1,000 | 1,002,605 | ||||||
Utility Debt Securitization Authority | 2,800 | 2,846,024 | ||||||
Series 2022 | 15,400 | 15,382,227 | ||||||
Westchester County Local Development Corp. | 520 | 529,718 | ||||||
5.00%, 01/01/2032 | 520 | 523,459 | ||||||
5.00%, 01/01/2037 | 530 | 521,227 | ||||||
5.00%, 01/01/2041 | 720 | 694,171 | ||||||
|
| |||||||
1,013,529,423 | ||||||||
|
|
Schedule of Investments—New York Municipal Portfolio | 51 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Alabama–0.7% |
| |||||||
Southeast Alabama Gas Supply District (The) | $ | 10,000 | $ | 9,999,017 | ||||
|
| |||||||
American Samoa–0.1% |
| |||||||
American Samoa Economic Development Authority | 1,055 | 1,135,034 | ||||||
|
| |||||||
Colorado–1.2% |
| |||||||
Colorado Health Facilities Authority | 3,280 | 3,613,595 | ||||||
Colorado Health Facilities Authority | 5,265 | 5,780,661 | ||||||
5.00%, 08/01/2033 | 2,750 | 2,997,885 | ||||||
5.00%, 08/01/2034 | 4,000 | 4,334,152 | ||||||
Vauxmont Metropolitan District | 160 | 168,715 | ||||||
|
| |||||||
16,895,008 | ||||||||
|
| |||||||
Connecticut–1.8% |
| |||||||
State of Connecticut | 14,565 | 15,290,287 | ||||||
Series 2018-C | 4,715 | 5,213,985 | ||||||
Series 2018-F | 4,025 | 4,475,920 | ||||||
|
| |||||||
24,980,192 | ||||||||
|
| |||||||
Florida–0.1% |
| |||||||
County of Osceola FL Transportation Revenue | 100 | 70,746 | ||||||
Zero Coupon, 10/01/2032 | 100 | 64,154 | ||||||
Zero Coupon, 10/01/2033 | 100 | 60,842 | ||||||
Zero Coupon, 10/01/2034 | 110 | 62,980 | ||||||
Volusia County School Board | 1,000 | 1,027,260 | ||||||
|
| |||||||
1,285,982 | ||||||||
|
| |||||||
Principal Amount (000) | U.S. $ Value | |||||||
Georgia–0.2% |
| |||||||
Municipal Electric Authority of Georgia | $ | 905 | $ | 988,808 | ||||
5.00%, 01/01/2032 | 565 | 616,768 | ||||||
5.00%, 01/01/2035 | 1,185 | 1,250,487 | ||||||
|
| |||||||
2,856,063 | ||||||||
|
| |||||||
Guam–1.9% |
| |||||||
Antonio B Won Pat International Airport Authority | 665 | 583,712 | ||||||
3.189%, 10/01/2029 | 550 | 473,025 | ||||||
3.339%, 10/01/2030 | 450 | 381,327 | ||||||
Series 2023 | 250 | 256,793 | ||||||
5.25%, 10/01/2031(g) | 1,025 | 1,073,955 | ||||||
5.25%, 10/01/2035(g) | 265 | 271,399 | ||||||
5.375%, 10/01/2033(g) | 525 | 552,319 | ||||||
Guam Government Waterworks Authority | 1,250 | 1,318,140 | ||||||
5.00%, 07/01/2030 | 1,000 | 1,052,992 | ||||||
5.00%, 07/01/2031 | 2,000 | 2,104,266 | ||||||
Guam Power Authority | 2,980 | 3,094,701 | ||||||
5.00%, 10/01/2026 | 1,225 | 1,292,592 | ||||||
5.00%, 10/01/2027 | 1,230 | 1,316,506 | ||||||
Series 2022-A | 1,250 | 1,258,322 | ||||||
Territory of Guam | 250 | 262,474 | ||||||
Territory of Guam | 620 | 646,889 | ||||||
5.00%, 12/01/2030 | 1,000 | 1,042,239 | ||||||
5.00%, 12/01/2032 | 925 | 962,179 | ||||||
Series A | 1,150 | 1,204,835 | ||||||
Territory of Guam | 1,865 | 1,876,681 | ||||||
5.00%, 11/15/2025 | 1,555 | 1,597,205 | ||||||
5.00%, 11/15/2031 | 3,730 | 3,811,396 | ||||||
Series 2021-F | 1,000 | 1,068,177 | ||||||
|
| |||||||
27,502,124 | ||||||||
|
|
52 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Illinois–2.0% |
| |||||||
Chicago Board of Education | $ | 8,160 | $ | 8,209,946 | ||||
Illinois Finance Authority | 130 | 129,967 | ||||||
5.00%, 09/01/2027 | 145 | 145,277 | ||||||
5.00%, 09/01/2029 | 225 | 225,969 | ||||||
5.00%, 09/01/2032 | 365 | 363,520 | ||||||
5.00%, 09/01/2033 | 200 | 198,039 | ||||||
5.00%, 09/01/2034 | 100 | 97,953 | ||||||
Metropolitan Pier & Exposition Authority | 2,000 | 2,089,310 | ||||||
State of Illinois | 3,370 | 3,391,009 | ||||||
Series 2013 | 7,435 | 7,471,627 | ||||||
Series 2017-A | 2,105 | 2,171,869 | ||||||
Series 2018-A | 2,910 | 2,993,271 | ||||||
Series 2018-B | 1,405 | 1,433,964 | ||||||
|
| |||||||
28,921,721 | ||||||||
|
| |||||||
Indiana–0.1% |
| |||||||
City of Fort Wayne IN | 1,000 | 986,675 | ||||||
10.75%, 12/01/2029 | 135 | 134,500 | ||||||
|
| |||||||
1,121,175 | ||||||||
|
| |||||||
Kentucky–0.3% |
| |||||||
City of Ashland KY | 350 | 365,595 | ||||||
5.00%, 02/01/2027 | 375 | 398,153 | ||||||
5.00%, 02/01/2030 | 210 | 231,063 | ||||||
5.00%, 02/01/2031 | 275 | 296,146 | ||||||
Kentucky Economic Development Finance Authority | 1,000 | 1,090,140 | ||||||
5.00%, 08/01/2034 | 1,635 | 1,771,585 | ||||||
5.00%, 08/01/2035 | 555 | 596,235 | ||||||
|
| |||||||
4,748,917 | ||||||||
|
| |||||||
Principal Amount (000) | U.S. $ Value | |||||||
Louisiana–0.1% |
| |||||||
Parish of St. James LA | $ | 240 | $ | 246,180 | ||||
6.10%, 06/01/2038(a) | 345 | 370,569 | ||||||
6.10%, 12/01/2040(a) | 460 | 494,103 | ||||||
|
| |||||||
1,110,852 | ||||||||
|
| |||||||
Michigan–1.2% |
| |||||||
City of Detroit MI | 250 | 262,199 | ||||||
5.00%, 04/01/2032 | 1,005 | 1,046,930 | ||||||
Michigan Strategic Fund | 8,600 | 9,054,133 | ||||||
5.00%, 12/31/2030 | 4,000 | 4,210,973 | ||||||
5.00%, 06/30/2032 | 1,690 | 1,775,249 | ||||||
|
| |||||||
16,349,484 | ||||||||
|
| |||||||
Missouri–0.0% |
| |||||||
Howard Bend Levee District | 120 | 121,781 | ||||||
5.75%, 03/01/2027 | 275 | 281,096 | ||||||
|
| |||||||
402,877 | ||||||||
|
| |||||||
Nevada–0.1% |
| |||||||
City of Sparks NV | 260 | 253,819 | ||||||
2.75%, 06/15/2028(a) | 715 | 646,412 | ||||||
|
| |||||||
900,231 | ||||||||
|
| |||||||
New Jersey–2.7% |
| |||||||
New Jersey Transportation Trust Fund Authority | 3,360 | 3,705,232 | ||||||
New Jersey Transportation Trust Fund Authority | 5,090 | 5,220,251 | ||||||
5.00%, 06/15/2027 | 5,000 | 5,318,623 | ||||||
Series 2018-A | 11,680 | 12,415,365 | ||||||
New Jersey Transportation Trust Fund Authority | 1,500 | 1,654,423 | ||||||
5.00%, 06/15/2034 | 2,360 | 2,573,184 |
Schedule of Investments—New York Municipal Portfolio | 53 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
Series 2019-BB1 | $ | 2,900 | $ | 3,161,963 | ||||
AMBAC Series 2005-B | 4,700 | 4,771,224 | ||||||
|
| |||||||
38,820,265 | ||||||||
|
| |||||||
Pennsylvania–0.1% |
| |||||||
Hospitals & Higher Education Facilities Authority of Philadelphia (The) | 1,690 | 1,695,149 | ||||||
|
| |||||||
Puerto Rico–1.6% |
| |||||||
Commonwealth of Puerto Rico | 959 | 902,381 | ||||||
Zero Coupon, 07/01/2033 | 2,420 | 1,370,435 | ||||||
4.00%, 07/01/2033 | 675 | 606,781 | ||||||
5.25%, 07/01/2023 | 465 | 465,650 | ||||||
5.375%, 07/01/2025 | 870 | 883,399 | ||||||
5.625%, 07/01/2027 | 3,150 | 3,254,508 | ||||||
5.625%, 07/01/2029 | 1,070 | 1,117,038 | ||||||
5.75%, 07/01/2031 | 285 | 302,232 | ||||||
HTA HRRB Custodial Trust | 1,000 | 1,027,894 | ||||||
HTA TRRB Custodial Trust | 1,580 | 1,569,277 | ||||||
5.25%, 07/01/2036 | 1,515 | 1,522,634 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority | 3,490 | 3,519,267 | ||||||
5.00%, 07/01/2035(a) | 2,310 | 2,282,767 | ||||||
Series 2022-A | 250 | 245,486 | ||||||
Puerto Rico Electric Power Authority | 1,390 | 1,406,565 | ||||||
Puerto Rico Highway & Transportation Authority | 1,265 | 789,044 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 1,406 | 1,329,469 | ||||||
|
| |||||||
22,594,827 | ||||||||
|
| |||||||
South Carolina–0.3% |
| |||||||
South Carolina Public Service Authority | 2,125 | 2,096,523 | ||||||
5.00%, 12/01/2040 | 2,500 | 2,661,230 | ||||||
|
| |||||||
4,757,753 | ||||||||
|
| |||||||
Principal Amount (000) | U.S. $ Value | |||||||
Tennessee–0.6% |
| |||||||
Chattanooga Health Educational & Housing Facility Board | $ | 1,500 | $ | 1,646,912 | ||||
5.00%, 08/01/2033 | 1,000 | 1,090,140 | ||||||
5.00%, 08/01/2034 | 1,000 | 1,083,538 | ||||||
Tennergy Corp./TN | 4,735 | 4,815,436 | ||||||
|
| |||||||
8,636,026 | ||||||||
|
| |||||||
Texas–0.4% |
| |||||||
City of Houston TX Airport System Revenue | 1,750 | 1,760,181 | ||||||
Mission Economic Development Corp. | 4,540 | 4,429,476 | ||||||
|
| |||||||
6,189,657 | ||||||||
|
| |||||||
Washington–0.6% |
| |||||||
Washington Health Care Facilities Authority | 2,165 | 2,369,645 | ||||||
5.00%, 08/01/2033 | 2,595 | 2,828,913 | ||||||
5.00%, 08/01/2034 | 2,520 | 2,730,516 | ||||||
|
| |||||||
7,929,074 | ||||||||
|
| |||||||
Wisconsin–0.3% |
| |||||||
UMA Education, Inc. | 260 | 260,560 | ||||||
5.00%, 10/01/2025(a) | 995 | 999,848 | ||||||
5.00%, 10/01/2026(a) | 1,050 | 1,055,668 | ||||||
5.00%, 10/01/2027(a) | 1,090 | 1,094,778 | ||||||
5.00%, 10/01/2028(a) | 900 | 902,136 | ||||||
5.00%, 10/01/2029(a) | 275 | 275,150 | ||||||
|
| |||||||
4,588,140 | ||||||||
|
| |||||||
Total Long-Term Municipal Bonds (cost $1,290,289,473) |
| 1,246,948,991 | ||||||
|
| |||||||
Short-Term Municipal Notes–9.2% |
| |||||||
Nevada–0.1% |
| |||||||
County of Clark Department of Aviation | 1,035 | 1,035,000 | ||||||
|
|
54 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
New York–9.1% |
| |||||||
Build NYC Resource Corp. | $ | 1,685 | $ | 1,685,000 | ||||
City of New York NY | 800 | 800,000 | ||||||
Series 2009-B | 5,850 | 5,850,000 | ||||||
Series 2016 | 8,995 | 8,995,000 | ||||||
Dutchess County Industrial Development Agency | 1,230 | 1,230,000 | ||||||
Metropolitan Transportation Authority | 540 | 540,000 | ||||||
New York City Health and Hospitals Corp. | 10,600 | 10,600,000 | ||||||
Series 2008-E | 1,925 | 1,925,000 | ||||||
New York City Health and Hospitals Corp. | 2,000 | 2,000,000 | ||||||
New York City Housing Development Corp. | 10,300 | 10,300,000 | ||||||
Series 2012-A | 1,000 | 1,000,000 | ||||||
New York City Housing Development Corp. | 250 | 250,000 | ||||||
New York City Housing Development Corp. | 3,400 | 3,400,000 | ||||||
New York City Housing Development Corp. | 1,200 | 1,200,000 | ||||||
New York City Municipal Water Finance Authority | 27,300 | 27,300,000 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
New York State Dormitory Authority | $ | 19,390 | $ | 19,390,000 | ||||
New York State Housing Finance Agency | 5,790 | 5,790,000 | ||||||
New York State Housing Finance Agency | 3,900 | 3,900,000 | ||||||
Triborough Bridge & Tunnel Authority | 3,300 | 3,300,000 | ||||||
Series 2018-C | 6,975 | 6,975,000 | ||||||
Trust for Cultural Resources of The City of New York (The) | 7,460 | 7,460,000 | ||||||
Trust for Cultural Resources of The City of New York (The) | 5,465 | 5,465,000 | ||||||
|
| |||||||
129,355,000 | ||||||||
|
| |||||||
Total Short-Term Municipal Notes (cost $130,390,000) |
| 130,390,000 | ||||||
|
| |||||||
Total Municipal Obligations (cost $1,420,679,473) |
| 1,377,338,991 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES–0.2% |
| |||||||
Autos–Fixed Rate–0.2% |
| |||||||
Lendbuzz Securitization Trust | 2,000 | 2,002,245 | ||||||
Tricolor Auto Securitization Trust | 970 | 969,708 | ||||||
|
| |||||||
Total Asset-Backed Securities (cost $2,969,851) |
| 2,971,953 | ||||||
|
| |||||||
GOVERNMENTS–TREASURIES–0.1% |
| |||||||
United States–0.1% |
| |||||||
U.S. Treasury Notes 2.625%, 02/15/2029(i) | 2,377 | 2,251,836 | ||||||
|
| |||||||
Schedule of Investments—New York Municipal Portfolio | 55 |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES–0.1% |
| |||||||
Agency CMBS–0.1% |
| |||||||
Washington State Housing Finance Commission | $ | 973 | $ | 912,164 | ||||
Series 2021-1, Class X | 973 | 47,880 | ||||||
|
| |||||||
Total Commercial Mortgage-Backed Securities (cost $1,137,572) |
| 960,044 | ||||||
|
| |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS–0.1% |
| |||||||
Risk Share Floating Rate–0.1% |
| |||||||
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes | 125 | 127,214 | ||||||
Series 2014-DN3, Class M3 | 89 | 90,441 | ||||||
Federal National Mortgage Association Connecticut Avenue Securities | 82 | 83,118 | ||||||
Series 2015-C02, Class 1M2 | 88 | 91,402 | ||||||
Principal Amount (000) | U.S. $ Value | |||||||
Series 2016-C01, Class 1M2 | $ | 206 | $ | 220,051 | ||||
Series 2016-C02, Class 1M2 | 46 | 48,365 | ||||||
Series 2016-C03, Class 1M2 | 82 | 86,905 | ||||||
|
| |||||||
Total Collateralized Mortgage Obligations (cost $721,886) |
| 747,496 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS–1.5% |
| |||||||
U.S. Treasury Bills–1.5% |
| |||||||
United States–1.5% |
| |||||||
U.S. Treasury Bill | 8,000 | 7,880,272 | ||||||
Zero Coupon, 09/21/2023 | 14,500 | 14,176,288 | ||||||
|
| |||||||
Total Short-Term Investments (cost $22,064,469) |
| 22,056,560 | ||||||
|
| |||||||
Total Investments—99.0% (cost $1,450,049,878) |
| 1,406,326,880 | ||||||
Other assets less liabilities—1.0% | 13,913,207 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 1,420,240,087 | ||||||
|
|
CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3)
Rate Type | ||||||||||||||||||||||||
Notional Amount (000) | Termination Date | Payments made by the | Payments received by the | Payment Frequency Paid/Received | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
USD | 7,130 | 01/15/2025 | 2.565% | CPI# | Maturity | $ | 667,276 | $ | — | $ | 667,276 | |||||||||||||
USD | 4,070 | 01/15/2025 | 4.028% | CPI# | Maturity | 137,359 | — | 137,359 | ||||||||||||||||
USD | 3,565 | 01/15/2025 | 2.585% | CPI# | Maturity | 330,781 | — | 330,781 | ||||||||||||||||
USD | 3,565 | 01/15/2025 | 2.613% | CPI# | Maturity | 326,851 | — | 326,851 | ||||||||||||||||
USD | 16,830 | 01/15/2026 | CPI# | 3.720% | Maturity | (568,500 | ) | — | (568,500 | ) | ||||||||||||||
USD | 10,700 | 01/15/2027 | CPI# | 3.466% | Maturity | (405,369 | ) | (11,034 | ) | (394,335 | ) | |||||||||||||
USD | 10,500 | 01/15/2027 | CPI# | 3.320% | Maturity | (492,939 | ) | — | (492,939 | ) | ||||||||||||||
USD | 8,430 | 01/15/2027 | CPI# | 3.323% | Maturity | (394,195 | ) | — | (394,195 | ) | ||||||||||||||
USD | 27,600 | 01/15/2028 | 1.230% | CPI# | Maturity | 5,097,410 | — | 5,097,410 | ||||||||||||||||
USD | 23,260 | 01/15/2028 | 0.735% | CPI# | Maturity | 5,135,091 | — | 5,135,091 | ||||||||||||||||
USD | 27,050 | 01/15/2029 | CPI# | 3.290% | Maturity | (986,160 | ) | — | (986,160 | ) | ||||||||||||||
USD | 10,810 | 01/15/2029 | CPI# | 3.735% | Maturity | 10,995 | — | 10,995 | ||||||||||||||||
USD | 4,375 | 01/15/2030 | 1.587% | CPI# | Maturity | 773,029 | — | 773,029 | ||||||||||||||||
USD | 4,375 | 01/15/2030 | 1.572% | CPI# | Maturity | 779,097 | — | 779,097 | ||||||||||||||||
USD | 6,400 | 01/15/2031 | 2.782% | CPI# | Maturity | 470,941 | — | 470,941 | ||||||||||||||||
USD | 5,830 | 01/15/2031 | 2.680% | CPI# | Maturity | 488,044 | — | 488,044 | ||||||||||||||||
USD | 5,150 | 01/15/2031 | 2.989% | CPI# | Maturity | 271,927 | — | 271,927 | ||||||||||||||||
USD | 5,600 | 01/15/2032 | CPI# | 3.064% | Maturity | (217,605 | ) | — | (217,605 | ) | ||||||||||||||
USD | 5,400 | 04/15/2032 | CPI# | 2.909% | Maturity | (280,533 | ) | — | (280,533 | ) | ||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
$ | 11,143,500 | $ | (11,034 | ) | $ | 11,154,534 | ||||||||||||||||||
|
|
|
|
|
|
# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).
56 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)
Rate Type | ||||||||||||||||||||||||||||||
Notional Amount (000) | Termination Date | Payments made by the | Payments received by the | Payment Frequency Paid/Received | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
USD | 33,300 | 01/15/2027 | 1 Day SOFR | 4.217% | Annual | $ | 779,289 | $ | — | $ | 779,289 | |||||||||||||||||||
USD | 26,700 | 01/15/2027 | 1 Day SOFR | 3.527% | Annual | (62,345 | ) | — | (62,345 | ) | ||||||||||||||||||||
USD | 25,000 | 01/15/2027 | 1 Day SOFR | 2.540% | Annual | (987,830 | ) | — | (987,830 | ) | ||||||||||||||||||||
USD | 43,200 | 04/15/2032 | 2.569% | 1 Day SOFR | Annual | 2,282,003 | — | 2,282,003 | ||||||||||||||||||||||
USD | 15,000 | 04/15/2032 | 3.120% | 1 Day SOFR | Annual | 172,914 | — | 172,914 | ||||||||||||||||||||||
USD | 13,200 | 04/15/2032 | 2.632% | 1 Day SOFR | Annual | 624,573 | — | 624,573 | ||||||||||||||||||||||
USD | 5,000 | 04/15/2032 | 3.082% | 1 Day SOFR | Annual | 59,021 | — | 59,021 | ||||||||||||||||||||||
USD | 1,400 | 04/15/2032 | 3.069% | 1 Day SOFR | Annual | 18,029 | — | 18,029 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 2,885,654 | $ | — | $ | 2,885,654 | |||||||||||||||||||||||||
|
|
|
|
|
|
CREDIT DEFAULT SWAPS (see Note 3)
Swap Referenced | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional Amount | 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 | 97 | $ | (20,501 | ) | $ | (8,931 | ) | $ | (11,570 | ) | ||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 321 | (67,931 | ) | (38,178 | ) | (29,753 | ) | |||||||||||||||||||||
Credit Suisse International | ||||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 21 | (4,488 | ) | (2,446 | ) | (2,042 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 53 | (11,282 | ) | (4,960 | ) | (6,322 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 654 | (138,529 | ) | (75,003 | ) | (63,526 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 659 | (139,622 | ) | (61,459 | ) | (78,163 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 993 | (210,343 | ) | (90,211 | ) | (120,132 | ) | |||||||||||||||||||||
Goldman Sachs International | ||||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 124 | (26,202 | ) | (14,664 | ) | (11,538 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 861 | (182,321 | ) | (75,896 | ) | (106,425 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (801,219 | ) | $ | (371,748 | ) | $ | (429,471 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
* Termination date
Schedule of Investments—New York Municipal Portfolio | 57 |
Table of Contents
INTEREST RATE SWAPS (see Note 3)
Rate Type | ||||||||||||||||||||||||||
Swap Counterparty | Notional Amount (000) | Termination Date | Payments made by the | Payments received by the | Payment Frequency Paid/Received | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Citibank, NA | USD | 16,980 | 10/09/2029 | 1.125% | SIFMA* | Quarterly | $ | 1,640,626 | $ | — | $ | 1,640,626 |
* 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, 2023, the aggregate market value of these securities amounted to $45,420,543 or 3.2% of net assets. |
(b) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.02% of net assets as of March 31, 2023, are considered illiquid and restricted. Additional information regarding such securities follows: |
144A/Restricted & Illiquid Securities | Acquisition Date | Cost | Market Value | Percentage of Net Assets | ||||||||||||
Jefferson County Industrial Development Agency | 12/09/2019 | $ | 1,250,265 | $ | 250,000 | 0.02 | % |
(c) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(d) | Defaulted. |
(e) | Non-income producing security. |
(f) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at March 31, 2023. |
(g) | When-Issued or delayed delivery security. |
(h) | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
(i) | Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding. |
(j) | IO—Interest Only. |
As of March 31, 2023, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 2.4% and 0.0%, respectively.
Glossary:
AGM—Assured Guaranty Municipal
AMBAC—Ambac Assurance Corporation
CDX-CMBX.NA —North American Commercial Mortgage-Backed Index
CMBS—Commercial Mortgage-Backed Securities
COP—Certificate of Participation
CPI—Consumer Price Index
ETM—Escrowed to Maturity
LIBOR—London Interbank Offered Rate
SOFR—Secured Overnight Financing Rate
XLCA—XL Capital Assurance Inc.
See notes to financial statements.
58 | Sanford C. Bernstein Fund, Inc.—2023 Semi-Annual Report |
Table of Contents
SCB–MU–1945-0323
Table of Contents
SANFORD C. BERNSTEIN FUND, INC.
Overlay Portfolios
Overlay A Portfolio
Tax-Aware Overlay A Portfolio
Overlay B Portfolio
Tax-Aware Overlay B Portfolio
Tax-Aware Overlay C Portfolio
Tax-Aware Overlay N Portfolio
SEMI-ANNUAL REPORT
MARCH 31, 2023
Table of Contents
1 | ||||
3 | ||||
10 | ||||
14 | ||||
16 | ||||
17 | ||||
96 | ||||
100 | ||||
102 | ||||
106 | ||||
119 | ||||
165 |
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.
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.
Investment Products Offered: · Are Not FDIC Insured · May Lose Value · Are Not Bank Guaranteed
Table of Contents
Portfolio Manager Commentary (Unaudited)
To Our Shareholders—May 15, 2023
On the following pages, you will find the 2023 semi-annual report for the Overlay Portfolios1 of the Sanford C. Bernstein Fund, Inc. (collectively, the “Portfolios”, and individually, a “Portfolio”). The semi-annual report covers the six- and 12-month periods ended March 31, 2023, and includes financial statements as well as notes to the financial statements, information about the recent performance of the Portfolios and a listing of each Portfolio’s holdings as of the period end.
While the first quarter of 2023 was thankfully less eventful than the first quarter of 2022, it nonetheless had its share of economic and market fireworks. During the six-month period ended March 31, 2023, strong economic data on the one hand and stresses in the banking system on the other set up a challenge for economic policymakers and markets.
Disinflation has continued, though inflation remains higher than policymakers want it to be. But the trend has been generally encouraging, prompting a degree of optimism in the financial markets. We believe interest rates are now likely at or near their peak of this cycle. Recession remains a concern, with the US Federal Reserve’s (the “Fed’s”) own economic staff now expecting one to begin later this year, matching the view of many Wall Street economists. One of the most striking consequences of the economic changes has been the reversal of 2022’s strong dollar, with the dollar falling by almost 10% over the six-month period.
The dollar’s fall has helped the values of other financial assets. After dipping in the third quarter of 2022, most global asset classes rose substantially over the six-month period. Global equities rose 17.5%, with technology stocks leading and financial stocks unsurprisingly lagging. Importantly, while the correlation between stocks and bonds remained elevated, investors finally benefited as a result over this recent period, as both stocks and bonds rose in value simultaneously.
After rising substantially over the course of 2022, Treasury yields stumbled in early 2023, as investors flocked to safety and began to anticipate the end of the Fed’s hiking cycle in the wake of the stresses in the banking sector. The benchmark 10-year Treasury yield fell by 36 basis points (“b.p.”) to 3.47% and the 2-year yield fell by 25 b.p. to 4.03% in the six-month period ended March 31, 2023. Notably, the yield curve remained inverted, with longer-dated bonds yielding less than shorter-dated ones, which we believe suggests economic pressures ahead.
Our portfolio managers continue to monitor the trends for economic activity, corporate profits, the Ukraine situation, China’s reopening, and the likely policy actions of the Fed and other central banks. As the data changes, those portfolio managers are constantly adjusting their portfolios to incorporate their latest views on different geographies, sectors, and companies.
Thank you for your continued confidence in our approach.
If you have any questions about your investments in the Portfolios, please contact your Bernstein Advisor by calling 212.756.4097, or visit www.Bernstein.com. As always, we are firmly dedicated to your investment success.
Sincerely,
Alexander Chaloff
President
Sanford C. Bernstein Fund, Inc.
1 | This performance discussion is intended as a general market commentary. Please note that information for the Emerging Markets, California Municipal, Diversified Municipal, New York Municipal, Short Duration Diversified Municipal, Intermediate Duration and Short Duration Plus Portfolios of the Sanford C. Bernstein Fund, Inc. may be found in a separate report. |
The Portfolios are intended to be used as part of a broader investment program administered directly by Sanford C. Bernstein & Co. LLC. The performance and objectives of the Portfolios should be evaluated only in the context of the investor’s complete investment program. The Portfolios are NOT designed to be used as a standalone investment.
(Portfolio Manager Commentary continued on next page)
2023 Semi-Annual Report | 1 |
Table of Contents
Portfolio Manager Commentary (continued)
Investment Objectives and Policies
The investment objective of the Overlay A and Tax-Aware Overlay A Portfolios is to manage the volatility of an equity-oriented asset allocation over the long term, as part of a Private Client’s overall asset allocation managed by Sanford C. Bernstein & Co. LLC (“Bernstein”). The investment objective of the Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios is to manage the volatility of a fixed-income-oriented asset allocation over the long term, as part of a Private Client’s overall asset allocation managed by Bernstein.
The Portfolios may invest in a diversified portfolio of securities and other financial instruments, including derivative instruments that provide investment exposure to a variety of asset classes. These asset classes may include: equity securities and fixed-income instruments of issuers located within and outside the United States, real estate-related securities, below investment-grade (“high yield”) securities (commonly known as “junk bonds”), currencies and commodities. The Overlay A and Tax-Aware Overlay A Portfolios obtain equity exposure by investing directly in equity securities and through investments in other registered funds, including, but not limited to, other funds managed by AllianceBernstein L.P. (the “Adviser”). By adjusting investment exposure among the various asset classes in the Portfolios, the Adviser seeks to manage the volatility of diversified client portfolios managed by Bernstein that reflect a significant allocation to equity securities, in the case of the Overlay A and Tax-Aware Overlay A Portfolios, and a significant allocation to taxable or municipal fixed-income securities in the case of the Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios. The Portfolios’ asset class exposures may be implemented and adjusted either through transactions in individual securities or through derivatives.
The Adviser alters asset class exposures as market and economic conditions change. The Adviser employs risk/return tools and fundamental research insights to determine how to adjust the Portfolios’ exposures to various asset classes. These dynamic adjustments to the Portfolios’ asset class exposures are implemented principally through the use of derivatives.
The Adviser also may use exchange-traded funds (“ETFs”), exchange traded notes, structured investments and commodity-linked notes in seeking to carry out the Portfolios’ investment strategies. The Portfolios may enter into foreign currency transactions for hedging and non-hedging purposes on a spot (i.e., cash) basis or through the use of derivatives. An appropriate hedge of currency exposure resulting from the Portfolios’ securities positions may not be available or cost effective, or the Adviser may determine not to hedge the positions, possibly even under market conditions where doing so could benefit the Portfolios. The Portfolios may use options strategies (involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices), futures contracts (including futures contracts on individual securities and stock indices), swap agreements (including interest rate swaps and currency swaps) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolios from a decline in value, sometimes within certain ranges.
Exposure to certain other asset classes may also be achieved through investments in other AB mutual funds. The Overlay A and Overlay B Portfolios are managed without regard to potential tax consequences to the shareholder. In the case of the Tax-Aware Portfolios, the Adviser will employ tax management strategies in an attempt to reduce the impact of taxes on shareholders in the Portfolios.
2 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Disclosures and Risks (Unaudited)
Benchmark Disclosures
None of the following indices or averages reflects fees and expenses associated with the active management of a mutual fund portfolio. The Standard and Poor’s (“S&P”) 500® Index includes 500 US stocks and is a common representation of the performance of the overall US stock market. The Bloomberg Global Aggregate Bond Index (USD hedged) represents the performance of the global investment-grade developed fixed-income markets, hedged to the US dollar. The Bloomberg 5-Year General Obligation (“GO”) Municipal Bond Index represents the performance of long-term, investment-grade tax-exempt bonds with maturities ranging from four to six years. The Russell 3000® Index measures the performance of the largest 3,000 US public companies representing approximately 98% of the investible US equity market by stock market capitalization. The Morgan Stanley Capital International (“MSCI”) All Country World Index (“ACWI”) ex USA Investable Markets Index (“IMI”) (net) captures large-, mid- and small-cap representation across 22 of 23 developed-market countries (excluding the US) and 23 emerging-market countries. The MSCI ACWI Commodity Producers Index captures the global opportunity set of commodity producers in the energy, metal and agricultural sectors. Constituents are selected from the equity universe of MSCI ACWI, the parent index, which covers mid- and large-cap securities across 23 developed markets and 23 emerging-markets countries. The Bloomberg US Aggregate Bond Index represents the performance of securities within the US investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. The Bloomberg 1-10 Year US Treasury Inflation Protected Securities (“TIPS”) Index measures the performance of the US TIPS market, with maturities between one and ten years. The Bloomberg 1-10 Year Municipal Bond Index represents the performance of the long-term tax-exempt bond market consisting of investment-grade bonds.
The composite benchmark for a Portfolio is a customized benchmark and uses index returns to represent performance of the asset classes. The Composite Benchmark for Overlay A is 47% Russell 3000, 26.4% MSCI ACWI ex USA IMI (net), 6.6% MSCI ACWI Commodity Producers (net), 10% Bloomberg US Aggregate Bond, 10% Bloomberg Global Aggregate Bond (USD hedged). The Composite Benchmark for Tax-Aware Overlay A is 47.2% Russell 3000, 26.5% MSCI ACWI ex USA IMI (net), 6.3% MSCI ACWI Commodity Producers (net), 20% Bloomberg US Aggregate Bond. The Composite Benchmark for Overlay B is 16.9% Russell 3000, 9.8% MSCI ACWI ex USA IMI (net), 3.3% MSCI ACWI Commodity Producers (net), 24.5% Bloomberg US Aggregate Bond, 24.5% Bloomberg Global Aggregate Bond (USD hedged), 21% Bloomberg 1-10 Year US TIPS. The Composite Benchmark for Tax-Aware Overlay B, C and N is 19% Russell 3000, 11% MSCI ACWI ex USA IMI (net), 42% Bloomberg 1-10 Year Municipal Bond, 28% Bloomberg 1-10 Year US TIPS.
The Russell 3000, MSCI ACWI ex USA IMI (net) and MSCI ACWI Commodity Producers Index (net) represent the allocation to global stocks. The Bloomberg US Aggregate Bond, Bloomberg 1-10 Year US TIPS, Bloomberg 1-10 Year Municipal Bond and Bloomberg Global Aggregate Bond (USD hedged) represent the allocation to bonds.
MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns include the reinvestment of dividends after deduction of non-US withholding tax. Investors cannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including the Portfolios.
A Word About Risk
All Overlay Portfolios:
The share price of the Portfolios will fluctuate and you may lose money. There is no guarantee that the Portfolios will achieve their investment objective.
The Portfolios are intended to be used as part of a broader investment program administered directly by Bernstein. The performance and objectives of the Portfolios should be evaluated only in the context of the Private Client’s complete investment program. Changes in value of the Portfolios may be particularly pronounced because the Portfolios are managed in such a fashion as to affect the investor’s assets subject to that broader investment program. The Portfolios are NOT designed to be used as a stand-alone investment.
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
(Disclosures and Risks continued on next page)
2023 Semi-Annual Report | 3 |
Table of Contents
Disclosures and Risks (continued)
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 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.
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.
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.
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
(Disclosures and Risks continued on next page)
4 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Disclosures and Risks (continued)
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 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, 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 instrument, 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 (the party on the other side of the transaction) 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 them 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. The Portfolios that invest in municipal securities are subject to greater risk because the market for municipal securities is generally smaller and may not be as 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 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.
(Disclosures and Risks continued on next page)
2023 Semi-Annual Report | 5 |
Table of Contents
Disclosures and Risks (continued)
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, or performance, which could cause the value of your investment to decline. Redemption risk is heightened during periods of overall market turmoil.
Foreign (Non-US) Securities Risk: Investments in foreign securities entail significant risks in addition to those customarily associated with investing in US 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 Portfolio invests and adversely affect the value of the Portfolios’ assets.
Emerging-Markets Securities Risk: The risks of investing in foreign (non-US) securities are heightened with respect to issuers in emerging-market countries, because the markets are less developed and less liquid and there may be a greater amount of economic, political and social uncertainty. 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. In addition, the value of the Portfolios’ investments may decline because of factors such as unfavorable or unsuccessful government actions and reduction of government or central bank support.
Foreign Currency Risk: This is the risk that changes in foreign (non-US) 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 US dollar is strong (i.e., gaining value relative to other currencies) and other currencies are weak (i.e., losing value relative to the US dollar). The value of the US dollar has recently appreciated in value against most foreign currencies, which may negatively affect the value of the Portfolios’ foreign investments when converted to US dollars.
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.
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. During periods of very low or negative interest rates, the Portfolios’ returns may be adversely affected, including to such an extent that the Portfolios may be unable to maintain positive returns. A Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the recent tightening of the US Federal Reserve’s monetary policy, which has caused the Federal Reserve to increase short-term interest rates in an effort to address rising inflation.
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 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
(Disclosures and Risks continued on next page)
6 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Disclosures and Risks (continued)
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.
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.
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. Rates of inflation have recently risen, which have adversely affected economies and markets. Rising inflation has caused the Federal Reserve and other central banks to take actions—including raising interest rates—that have caused further adverse effects to economies and markets, and more such actions may be forthcoming.
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.
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.
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.
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 and may exacerbate the risks of natural disasters. The COVID-19 pandemic has also impacted certain real estate sectors by accelerating the trend towards online shopping and remote-working environments. 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
(Disclosures and Risks continued on next page)
2023 Semi-Annual Report | 7 |
Table of Contents
Disclosures and Risks (continued)
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. The market value of the shares of other investment companies and ETFs may differ from their net asset value. 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.
Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios
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. There have been some municipal issuers that have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may get worse, particularly in light of the economic impact of the recent spread of an infectious coronavirus (COVID-19). To the extent the Portfolios invest in a particular state’s municipal securities, they 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 Portfolios may invest in municipal securities of issuers in Puerto Rico or other US territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other US issuers of municipal securities. Puerto Rico continues to face a very challenging economic and fiscal environment, worsened by the spread of COVID-19 and the adverse effect that related governmental and public responses have had on Puerto Rico’s economy. 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.
Tax Risk: There is no guarantee that the income on the Portfolios’ municipal securities will be exempt from regular 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 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 US Congress has considered changes to US 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.
Overlay A, Tax-Aware Overlay A, Overlay B and Tax-Aware Overlay B Portfolios
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
(Disclosures and Risks continued on next page)
8 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Disclosures and Risks (continued)
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.
Overlay B and Tax-Aware Overlay B Portfolios:
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.
These risks are discussed in further detail in the Portfolios’ prospectus.
An Important Note About Historical Performance
Except as noted, returns do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. All fees and expenses related to the operation of the Portfolios have been deducted.
The performance shown in this report represents past performance and does not guarantee future results. Performance information is as of the dates shown. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by calling 212.756.4097. The investment return and principal value of an investment in the Portfolios will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance assumes reinvestment of distributions and does not account for taxes.
Investors should consider the investment objectives, risks, charges and expenses of the Portfolios carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit www.Bernstein.com, click on “Investments”, found in the footer, then “Mutual Fund Information—Prospectuses, SAIs and Shareholder Reports”, or call Bernstein’s mutual fund shareholder help line at 212.756.4097 or contact your Bernstein Advisor. Please read the prospectus and/or summary prospectus carefully before investing.
2023 Semi-Annual Report | 9 |
Table of Contents
Historical Performance (Unaudited)
Overlay Portfolios vs. Their Benchmarks
TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS | |||||||||||||||||||
THROUGH MARCH 31, 2023 | PAST SIX MONTHS | PAST 12 MONTHS | PAST FIVE YEARS | PAST 10 YEARS | SINCE INCEPTION1 | |||||||||||||||
Overlay A Portfolio Class 1 | ||||||||||||||||||||
Return after taxes on Distributions2 | 5.03 | % | -13.62 | % | -0.22 | % | 2.87 | % | 3.81 | % | ||||||||||
Return after taxes on Distributions and sale of shares2 | 3.51 | % | -7.63 | % | 0.56 | % | 2.86 | % | 3.64 | % | ||||||||||
Overlay A Portfolio Class 2 | ||||||||||||||||||||
Return after taxes on Distributions2 | 5.11 | % | -13.46 | % | -0.08 | % | 3.03 | % | 3.97 | % | ||||||||||
Return after taxes on Distributions and sale of shares2 | 3.63 | % | -7.48 | % | 0.71 | % | 3.02 | % | 3.80 | % | ||||||||||
Composite Benchmark | 14.75 | % | -6.16 | % | 6.47 | % | 7.38 | % | 8.29 | % | ||||||||||
S&P 500 Index | 15.62 | % | -7.73 | % | 11.19 | % | 12.24 | % | 13.09 | % | ||||||||||
Tax-Aware Overlay A Portfolio Class 1 | ||||||||||||||||||||
Return after taxes on Distributions2 | 4.93 | % | -13.86 | % | -0.07 | % | 3.12 | % | 3.89 | % | ||||||||||
Return after taxes on Distributions and sale of shares2 | 3.47 | % | -7.75 | % | 0.59 | % | 3.02 | % | 3.63 | % | ||||||||||
Tax-Aware Overlay A Portfolio Class 2 | ||||||||||||||||||||
Return after taxes on Distributions2 | 4.94 | % | -13.74 | % | 0.07 | % | 3.27 | % | 4.05 | % | ||||||||||
Return after taxes on Distributions and sale of shares2 | 3.55 | % | -7.62 | % | 0.73 | % | 3.18 | % | 3.79 | % | ||||||||||
Composite Benchmark | 14.86 | % | -6.28 | % | 6.46 | % | 7.34 | % | 8.28 | % | ||||||||||
S&P 500 Index | 15.62 | % | -7.73 | % | 11.19 | % | 12.24 | % | 13.09 | % |
The current prospectus fee table shows the total annual operating expense ratios for Class 1 and Class 2 shares as 1.50% and 1.30% for Overlay A, and 1.47% and 1.27% for Tax-Aware Overlay A. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods. |
There are no sales charges associated with an investment in the Bernstein funds. Total returns and average annual returns are therefore the same. The Portfolios are not standalone Portfolios and are used only in conjunction with globally diversified Private Client portfolios. |
1 | Inception date: 2/8/2010. |
2 | After-tax returns are an estimate, which is based on the highest historical individual federal marginal income-tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown, and are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
See Disclosures, Risks and Note About Historical Performance on pages 3-9.
(Historical Performance continued on next page)
10 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Historical Performance (continued from previous page)
TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS | |||||||||||||||||||
THROUGH MARCH 31, 2023 | PAST SIX MONTHS | PAST 12 MONTHS | PAST FIVE YEARS | PAST 10 YEARS | SINCE INCEPTION1 | |||||||||||||||
Overlay B Portfolio Class 1 | ||||||||||||||||||||
Return after taxes on Distributions2 | 4.31 | % | -8.99 | % | -0.66 | % | 0.81 | % | 1.92 | % | ||||||||||
Return after taxes on Distributions and sale of shares2 | 3.35 | % | -4.63 | % | 0.40 | % | 1.35 | % | 2.18 | % | ||||||||||
Overlay B Portfolio Class 2 | ||||||||||||||||||||
Return after taxes on Distributions2 | 4.41 | % | -8.86 | % | -0.55 | % | 0.92 | % | 2.02 | % | ||||||||||
Return after taxes on Distributions and sale of shares2 | 3.46 | % | -4.51 | % | 0.50 | % | 1.45 | % | 2.29 | % | ||||||||||
Composite Benchmark | 8.33 | % | -4.46 | % | 3.66 | % | 3.84 | % | 4.74 | % | ||||||||||
Bloomberg Global Aggregate Bond Index (USD hedged) | 3.92 | % | -3.86 | % | 0.95 | % | 1.93 | % | 2.61 | % | ||||||||||
Tax-Aware Overlay B Portfolio Class 1 | ||||||||||||||||||||
Return after taxes on Distributions2 | 5.58 | % | -4.85 | % | 1.17 | % | 1.89 | % | 2.76 | % | ||||||||||
Return after taxes on Distributions and sale of shares2 | 4.14 | % | -2.11 | % | 1.53 | % | 2.08 | % | 2.73 | % | ||||||||||
Tax-Aware Overlay B Portfolio Class 2 | ||||||||||||||||||||
Return after taxes on Distributions2 | 5.54 | % | -4.85 | % | 1.30 | % | 2.03 | % | 2.89 | % | ||||||||||
Return after taxes on Distributions and sale of shares2 | 4.19 | % | -2.06 | % | 1.66 | % | 2.22 | % | 2.87 | % | ||||||||||
Composite Benchmark | 8.69 | % | -2.03 | % | 4.22 | % | 4.07 | % | 4.92 | % | ||||||||||
Bloomberg 5-Year GO Municipal Bond Index | 5.13 | % | 2.01 | % | 1.80 | % | 1.59 | % | 2.12 | % |
The current prospectus fee table shows the total annual operating expense ratios for Class 1 and Class 2 shares as 0.90% and 0.75% for Overlay B and 0.86% and 0.71% for Tax-Aware Overlay B. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods. |
There are no sales charges associated with an investment in the Bernstein funds. Total returns and average annual returns are therefore the same. The Portfolios are not standalone Portfolios and are used only in conjunction with globally diversified Private Client portfolios. |
1 | Inception date: 2/8/2010. |
2 | After-tax returns are an estimate, which is based on the highest historical individual federal marginal income-tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown, and are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
See Disclosures, Risks and Note About Historical Performance on pages 3-9.
(Historical Performance continued on next page)
2023 Semi-Annual Report | 11 |
Table of Contents
Historical Performance (continued from previous page)
TOTAL RETURNS | AVERAGE ANNUAL TOTAL RETURNS | |||||||||||||||||||
THROUGH MARCH 31, 2023 | PAST SIX MONTHS | PAST 12 MONTHS | PAST FIVE YEARS | PAST 10 YEARS | SINCE INCEPTION1 | |||||||||||||||
Tax-Aware Overlay C Portfolio Class 1 | ||||||||||||||||||||
Return after taxes on Distributions2 | 5.26 | % | -5.02 | % | 0.82 | % | 1.68 | % | 2.57 | % | ||||||||||
Return after taxes on Distributions and sale of shares2 | 3.92 | % | -2.24 | % | 1.27 | % | 1.91 | % | 2.57 | % | ||||||||||
Tax-Aware Overlay C Portfolio Class 2 | ||||||||||||||||||||
Return after taxes on Distributions2 | 5.33 | % | -4.94 | % | 0.95 | % | 1.82 | % | 2.70 | % | ||||||||||
Return after taxes on Distributions and sale of shares2 | 4.04 | % | -2.12 | % | 1.40 | % | 2.04 | % | 2.71 | % | ||||||||||
Composite Benchmark | 8.69 | % | -2.03 | % | 4.22 | % | 4.07 | % | 4.92 | % | ||||||||||
Bloomberg 5-Year GO Municipal Bond Index | 5.13 | % | 2.01 | % | 1.80 | % | 1.59 | % | 2.12 | % | ||||||||||
Tax-Aware Overlay N Portfolio Class 1 | ||||||||||||||||||||
Return after taxes on Distributions2 | 5.48 | % | -5.14 | % | 0.89 | % | 1.76 | % | 2.58 | % | ||||||||||
Return after taxes on Distributions and sale of shares2 | 4.11 | % | -2.27 | % | 1.29 | % | 1.96 | % | 2.58 | % | ||||||||||
Tax-Aware Overlay N Portfolio Class 2 | ||||||||||||||||||||
Return after taxes on Distributions2 | 5.55 | % | -5.06 | % | 1.03 | % | 1.89 | % | 2.72 | % | ||||||||||
Return after taxes on Distributions and sale of shares2 | 4.22 | % | -2.15 | % | 1.43 | % | 2.09 | % | 2.72 | % | ||||||||||
Composite Benchmark | 8.69 | % | -2.03 | % | 4.22 | % | 4.07 | % | 4.92 | % | ||||||||||
Bloomberg 5-Year GO Municipal Bond Index | 5.13 | % | 2.01 | % | 1.80 | % | 1.59 | % | 2.12 | % |
The current prospectus fee table shows the total annual operating expense ratios for Class 1 and Class 2 shares as 0.90% and 0.75% for Tax-Aware Overlay C and 0.92% and 0.77% for Tax-Aware Overlay N. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods. |
There are no sales charges associated with an investment in the Bernstein funds. Total returns and average annual returns are therefore the same. The Portfolios are not standalone Portfolios and are used only in conjunction with globally diversified Private Client portfolios. |
1 | Inception date: 2/8/2010. |
2 | After-tax returns are an estimate, which is based on the highest historical individual federal marginal income-tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown, and are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
See Disclosures, Risks and Note About Historical Performance on pages 3-9.
(Historical Performance continued on next page)
12 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Historical Performance (continued from previous page)
Overlay A Class 1 Shares | Tax-Aware Overlay B Class 1 Shares | |||
Growth of a $25,000 Investment in the Portfolio | Growth of a $25,000 Investment in the Portfolio | |||
Tax-Aware Overlay A Class 1 Shares | Tax-Aware Overlay C Class 1 Shares | |||
Growth of a $25,000 Investment in the Portfolio | Growth of a $25,000 Investment in the Portfolio | |||
Overlay B Class 1 Shares | Tax-Aware Overlay N Class 1 Shares | |||
Growth of a $25,000 Investment in the Portfolio | Growth of a $25,000 Investment in the Portfolio | |||
Each chart illustrates the total value of an assumed $25,000 investment as compared with the performance of each Portfolio’s respective benchmark and composite benchmark for the 10-year period ended March 31, 2023. |
See Disclosures, Risks and Note About Historical Performance on pages 3-9.
2023 Semi-Annual Report | 13 |
Table of Contents
Expense Example—March 31, 2023 (Unaudited)
Fund Expenses—As a shareholder of a Portfolio, you incur various ongoing costs, including management fees and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.
Actual Expenses—The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes—The second line of the table below provides information about hypothetical account values and hypothetical expenses based on a Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
BEGINNING ACCOUNT VALUE OCTOBER 1, 2022 | ENDING ACCOUNT VALUE MARCH 31, 2023 | EXPENSES PAID DURING PERIOD* | ANNUALIZED EXPENSE RATIO* | TOTAL EXPENSES PAID DURING PERIOD+ | TOTAL ANNUALIZED EXPENSE RATIO+ | |||||||||||||||||||
Overlay A | ||||||||||||||||||||||||
Class 1 | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,055.10 | $ | 4.46 | 0.87 | % | $ | 6.30 | 1.23 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,020.59 | $ | 4.38 | 0.87 | % | $ | 6.19 | 1.23 | % | ||||||||||||
Class 2 | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,056.60 | $ | 3.44 | 0.67 | % | $ | 5.28 | 1.03 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.59 | $ | 3.38 | 0.67 | % | $ | 5.19 | 1.03 | % | ||||||||||||
Tax-Aware Overlay A | ||||||||||||||||||||||||
Class 1 | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,054.30 | $ | 4.25 | 0.83 | % | $ | 6.20 | 1.21 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,020.79 | $ | 4.18 | 0.83 | % | $ | 6.09 | 1.21 | % | ||||||||||||
Class 2 | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,055.10 | $ | 3.23 | 0.63 | % | $ | 5.17 | 1.01 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.79 | $ | 3.18 | 0.63 | % | $ | 5.09 | 1.01 | % | ||||||||||||
Overlay B | ||||||||||||||||||||||||
Class 1 | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,056.20 | $ | 4.36 | 0.85 | % | $ | 4.56 | 0.89 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,020.69 | $ | 4.28 | 0.85 | % | $ | 4.48 | 0.89 | % | ||||||||||||
Class 2 | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,058.00 | $ | 3.59 | 0.70 | % | $ | 3.80 | 0.74 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.44 | $ | 3.53 | 0.70 | % | $ | 3.73 | 0.74 | % | ||||||||||||
Tax-Aware Overlay B | ||||||||||||||||||||||||
Class 1 | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,058.50 | $ | 4.36 | 0.85 | % | $ | 4.46 | 0.87 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,020.69 | $ | 4.28 | 0.85 | % | $ | 4.38 | 0.87 | % | ||||||||||||
Class 2 | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,058.30 | $ | 3.59 | 0.70 | % | $ | 3.69 | 0.72 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.44 | $ | 3.53 | 0.70 | % | $ | 3.63 | 0.72 | % | ||||||||||||
Tax-Aware Overlay C | ||||||||||||||||||||||||
Class 1 | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,054.50 | $ | 4.61 | 0.90 | % | $ | 4.71 | 0.92 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,020.44 | $ | 4.53 | 0.90 | % | $ | 4.63 | 0.92 | % | ||||||||||||
Class 2 | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,055.40 | $ | 3.84 | 0.75 | % | $ | 3.95 | 0.77 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.19 | $ | 3.78 | 0.75 | % | $ | 3.88 | 0.77 | % | ||||||||||||
14 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Expense Example—March 31, 2023 (Unaudited) (continued)
BEGINNING ACCOUNT VALUE OCTOBER 1, 2022 | ENDING ACCOUNT VALUE MARCH 31, 2023 | EXPENSES PAID DURING PERIOD* | ANNUALIZED EXPENSE RATIO* | TOTAL EXPENSES PAID DURING PERIOD+ | TOTAL ANNUALIZED EXPENSE RATIO+ | |||||||||||||||||||
Tax-Aware Overlay N | ||||||||||||||||||||||||
Class 1 | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,056.60 | $ | 4.61 | 0.90 | % | $ | 4.72 | 0.92 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,020.44 | $ | 4.53 | 0.90 | % | $ | 4.63 | 0.92 | % | ||||||||||||
Class 2 | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,057.40 | $ | 3.85 | 0.75 | % | $ | 3.95 | 0.77 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.19 | $ | 3.78 | 0.75 | % | $ | 3.88 | 0.77 | % | ||||||||||||
* | Expenses are equal to the classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
** | Assumes 5% annual return before expenses. |
+ | In connection with the Portfolio’s investments in affiliated/unaffiliated 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/unaffiliated 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 of the affiliated underlying portfolios. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
2023 Semi-Annual Report | 15 |
Table of Contents
Portfolio Summary—March 31, 2023 (Unaudited)
PORTFOLIO BREAKDOWN1 | OVERLAY A PORTFOLIO | TAX-AWARE OVERLAY A PORTFOLIO | ||||||
Global Equity | ||||||||
US | 35.1 | % | 36.3 | % | ||||
Developed International | 13.2 | % | 13.1 | % | ||||
Emerging Markets | 10.4 | % | 10.4 | % | ||||
Global Credit | ||||||||
High Yield | 4.8 | % | 4.8 | % | ||||
Real Assets | 7.7 | % | 8.2 | % | ||||
Global Bond | ||||||||
US | 25.8 | % | 29.7 | % | ||||
Developed International | 7.6 | % | 0.0 | % | ||||
PORTFOLIO BREAKDOWN1 | OVERLAY B PORTFOLIO | TAX-AWARE OVERLAY B PORTFOLIO | ||||||
Global Equity | ||||||||
US | 12.6 | % | 14.9 | % | ||||
Developed International | 4.7 | % | 5.9 | % | ||||
Emerging Markets | 4.0 | % | 4.4 | % | ||||
Global Credit | ||||||||
Investment Grade | 12.3 | % | 0.0 | % | ||||
High Yield | 1.7 | % | 1.8 | % | ||||
Real Assets | 3.7 | % | 0.0 | % | ||||
Global Bond | ||||||||
US | 40.3 | % | 87.4 | % | ||||
Developed International | 13.7 | % | 0.0 | % | ||||
Linkers | 26.5 | % | 0.0 | % | ||||
PORTFOLIO BREAKDOWN1 | TAX-AWARE OVERLAY C PORTFOLIO | TAX-AWARE OVERLAY N PORTFOLIO | ||||||
Global Equity | ||||||||
US | 14.9 | % | 14.8 | % | ||||
Developed International | 5.7 | % | 5.7 | % | ||||
Emerging Markets | 4.4 | % | 4.3 | % | ||||
Global Credit | ||||||||
High Yield | 1.8 | % | 1.8 | % | ||||
Global Bond | ||||||||
US | 92.7 | % | 87.0 | % |
1 | 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. |
16 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Overlay A Portfolio
March 31, 2023 (Unaudited)
Company | Shares | U.S. $ Value | ||||||||||
COMMON STOCKS–50.7% |
| |||||||||||
Information Technology–12.1% |
| |||||||||||
Communications Equipment–0.1% |
| |||||||||||
Ciena Corp.(a) | 6,610 | $ | 347,157 | |||||||||
Lumentum Holdings, Inc.(a) | 7,110 | 384,011 | ||||||||||
|
| |||||||||||
731,168 | ||||||||||||
|
| |||||||||||
Electronic Equipment, Instruments & Components–0.5% |
| |||||||||||
Avnet, Inc. | 12,100 | 546,920 | ||||||||||
Belden, Inc. | 4,693 | 407,211 | ||||||||||
CDW Corp./DE | 24,238 | 4,723,744 | ||||||||||
Littelfuse, Inc. | 1,600 | 428,944 | ||||||||||
Novanta, Inc.(a) | 3,150 | 501,134 | ||||||||||
Shoals Technologies Group, Inc.–Class A(a) | 15,960 | 363,706 | ||||||||||
|
| |||||||||||
6,971,659 | ||||||||||||
|
| |||||||||||
IT Services–0.0% |
| |||||||||||
DigitalOcean Holdings, Inc.(a) | 5,964 | 233,571 | ||||||||||
|
| |||||||||||
Semiconductors & Semiconductor Equipment–2.5% |
| |||||||||||
FormFactor, Inc.(a) | 10,865 | 346,050 | ||||||||||
KLA Corp. | 9,554 | 3,813,271 | ||||||||||
Kulicke & Soffa Industries, Inc. | 9,407 | 495,655 | ||||||||||
Lattice Semiconductor Corp.(a) | 6,466 | 617,408 | ||||||||||
MACOM Technology Solutions Holdings, Inc.(a) | 5,568 | 394,438 | ||||||||||
Monolithic Power Systems, Inc. | 500 | 250,270 | ||||||||||
NVIDIA Corp. | 45,836 | 12,731,588 | ||||||||||
NXP Semiconductors NV | 34,908 | 6,509,282 | ||||||||||
ON Semiconductor Corp.(a) | 2,336 | 192,300 | ||||||||||
QUALCOMM, Inc. | 40,902 | 5,218,150 | ||||||||||
Synaptics, Inc.(a) | 4,730 | 525,739 | ||||||||||
Universal Display Corp. | 3,650 | 566,224 | ||||||||||
|
| |||||||||||
31,660,375 | ||||||||||||
|
| |||||||||||
Software–6.5% |
| |||||||||||
ACI Worldwide, Inc.(a) | 14,950 | 403,351 | ||||||||||
Adobe, Inc.(a) | 20,132 | 7,757,884 | ||||||||||
Autodesk, Inc.(a) | 18,438 | 3,838,054 | ||||||||||
CommVault Systems, Inc.(a) | 6,200 | 351,788 | ||||||||||
Fair Isaac Corp.(a) | 810 | 569,178 | ||||||||||
Five9, Inc.(a) | 5,970 | 431,572 | ||||||||||
Freshworks, Inc.–Class A(a) | 21,512 | 330,408 | ||||||||||
Gen Digital, Inc. | 337,972 | 5,799,600 | ||||||||||
HubSpot, Inc.(a) | 1,090 | 467,338 | ||||||||||
Manhattan Associates, Inc.(a) | 3,662 | 566,906 | ||||||||||
Microsoft Corp.(b) | 152,892 | 44,078,764 | ||||||||||
Monday.com Ltd.(a) | 2,380 | 339,602 | ||||||||||
Oracle Corp. | 136,590 | 12,691,850 | ||||||||||
PTC, Inc.(a) | 5,090 | 652,690 |
Company | Shares | U.S. $ Value | ||||||||||
ServiceNow, Inc.(a) | 7,220 | $ | 3,355,278 | |||||||||
Smartsheet, Inc.–Class A(a) | 10,406 | 497,359 | ||||||||||
|
| |||||||||||
82,131,622 | ||||||||||||
|
| |||||||||||
Technology Hardware, Storage & Peripherals–2.5% |
| |||||||||||
Apple, Inc.(b) | 169,476 | 27,946,428 | ||||||||||
Western Digital Corp.(a) | 83,028 | 3,127,664 | ||||||||||
|
| |||||||||||
31,074,092 | ||||||||||||
|
| |||||||||||
152,802,487 | ||||||||||||
|
| |||||||||||
Health Care–8.1% |
| |||||||||||
Biotechnology–1.2% |
| |||||||||||
Arcus Biosciences, Inc.(a) | 5,440 | 99,226 | ||||||||||
Ascendis Pharma A/S (ADR)(a) | 1,282 | 137,456 | ||||||||||
Blueprint Medicines Corp.(a) | 3,846 | 173,032 | ||||||||||
Coherus Biosciences, Inc.(a) | 14,656 | 100,240 | ||||||||||
Intellia Therapeutics, Inc.(a) | 3,880 | 144,608 | ||||||||||
IVERIC bio, Inc.(a) | 8,760 | 213,132 | ||||||||||
Karuna Therapeutics, Inc.(a) | 1,310 | 237,948 | ||||||||||
Legend Biotech Corp. (ADR)(a) | 3,430 | 165,346 | ||||||||||
Natera, Inc.(a) | 4,000 | 222,080 | ||||||||||
Regeneron Pharmaceuticals, Inc.(a) | 3,844 | 3,157,678 | ||||||||||
Sarepta Therapeutics, Inc.(a) | 2,420 | 333,548 | ||||||||||
Ultragenyx Pharmaceutical, Inc.(a) | 3,804 | 152,500 | ||||||||||
Vertex Pharmaceuticals, Inc.(a) | 31,162 | 9,817,896 | ||||||||||
Vir Biotechnology, Inc.(a) | 6,024 | 140,178 | ||||||||||
|
| |||||||||||
15,094,868 | ||||||||||||
|
| |||||||||||
Health Care Equipment & Supplies–1.8% |
| |||||||||||
Align Technology, Inc.(a) | 5,358 | 1,790,322 | ||||||||||
AtriCure, Inc.(a) | 8,080 | 334,916 | ||||||||||
Edwards Lifesciences Corp.(a) | 75,862 | 6,275,980 | ||||||||||
Envista Holdings Corp.(a) | 17,530 | 716,626 | ||||||||||
Insulet Corp.(a) | 1,016 | 323,744 | ||||||||||
Integra LifeSciences Holdings Corp.(a) | 11,560 | 663,660 | ||||||||||
iRhythm Technologies, Inc.(a) | 2,658 | 329,672 | ||||||||||
Lantheus Holdings, Inc.(a) | 6,670 | 550,676 | ||||||||||
Medtronic PLC | 103,362 | 8,332,964 | ||||||||||
Silk Road Medical, Inc.(a) | 6,296 | 246,324 | ||||||||||
Zimmer Biomet Holdings, Inc. | 29,196 | 3,772,123 | ||||||||||
|
| |||||||||||
23,337,007 | ||||||||||||
|
| |||||||||||
Health Care Providers & Services–2.4% |
| |||||||||||
Acadia Healthcare Co., Inc.(a) | 6,200 | 447,950 | ||||||||||
Elevance Health, Inc. | 15,986 | 7,350,062 | ||||||||||
Guardant Health, Inc.(a) | 9,980 | 233,908 | ||||||||||
Inari Medical, Inc.(a) | 4,988 | 307,959 | ||||||||||
Pediatrix Medical Group, Inc.(a) | 30,549 | 455,486 | ||||||||||
UnitedHealth Group, Inc. | 44,640 | 21,096,418 | ||||||||||
|
| |||||||||||
29,891,783 | ||||||||||||
|
| |||||||||||
Life Sciences Tools & Services–1.0% |
| |||||||||||
ICON PLC(a) | 1,402 | 299,240 | ||||||||||
Illumina, Inc.(a) | 17,804 | 4,140,088 | ||||||||||
IQVIA Holdings, Inc.(a) | 37,414 | 7,441,270 | ||||||||||
Repligen Corp.(a) | 2,532 | 426,119 |
2023 Semi-Annual Report | 17 |
Table of Contents
Schedule of Investments (continued)
Company | Shares | U.S. $ Value | ||||||||||
Syneos Health, Inc.(a) | 7,920 | $ | 282,110 | |||||||||
|
| |||||||||||
12,588,827 | ||||||||||||
|
| |||||||||||
Pharmaceuticals–1.7% |
| |||||||||||
Intra-Cellular Therapies, Inc.(a) | 4,280 | 231,762 | ||||||||||
Johnson & Johnson | 32,586 | 5,050,830 | ||||||||||
Revance Therapeutics, Inc.(a) | 4,400 | 141,724 | ||||||||||
Roche Holding AG (Sponsored ADR) | 252,498 | 9,054,578 | ||||||||||
Zoetis, Inc. | 40,160 | 6,684,064 | ||||||||||
|
| |||||||||||
21,162,958 | ||||||||||||
|
| |||||||||||
102,075,443 | ||||||||||||
|
| |||||||||||
Financials–7.3% |
| |||||||||||
Banks–2.0% |
| |||||||||||
Bank of America Corp. | 256,626 | 7,339,475 | ||||||||||
BankUnited, Inc. | 9,180 | 207,284 | ||||||||||
Comerica, Inc. | 9,240 | 401,201 | ||||||||||
First BanCorp./Puerto Rico | 42,316 | 483,249 | ||||||||||
First Citizens BancShares, Inc./NC–Class A | 805 | 783,346 | ||||||||||
First Hawaiian, Inc. | 24,040 | 495,945 | ||||||||||
PNC Financial Services Group, Inc. (The) | 26,180 | 3,327,350 | ||||||||||
Synovus Financial Corp. | 11,634 | 358,676 | ||||||||||
Texas Capital Bancshares, Inc.(a) | 8,585 | 420,322 | ||||||||||
Webster Financial Corp. | 7,582 | 298,882 | ||||||||||
Wells Fargo & Co. | 270,894 | 10,125,980 | ||||||||||
Wintrust Financial Corp. | 6,400 | 466,880 | ||||||||||
Zions Bancorp NA | 12,421 | 371,761 | ||||||||||
|
| |||||||||||
25,080,351 | ||||||||||||
|
| |||||||||||
Capital Markets–1.6% |
| |||||||||||
Ares Management Corp.–Class A | 3,394 | 283,112 | ||||||||||
Cboe Global Markets, Inc. | 3,460 | 464,470 | ||||||||||
Charles Schwab Corp. (The) | 76,440 | 4,003,876 | ||||||||||
Goldman Sachs Group, Inc. (The) | 31,488 | 10,299,712 | ||||||||||
LPL Financial Holdings, Inc. | 18,252 | 3,694,205 | ||||||||||
Moelis & Co.–Class A | 8,922 | 342,962 | ||||||||||
PJT Partners, Inc.–Class A | 5,370 | 387,660 | ||||||||||
Stifel Financial Corp. | 9,115 | 538,605 | ||||||||||
|
| |||||||||||
20,014,602 | ||||||||||||
|
| |||||||||||
Financial Services–2.1% |
| |||||||||||
Flywire Corp.(a) | 15,612 | 458,340 | ||||||||||
PayPal Holdings, Inc.(a) | 53,190 | 4,039,172 | ||||||||||
Shift4 Payments, Inc.–Class A(a) | 6,518 | 494,064 | ||||||||||
Visa, Inc.–Class A | 98,648 | 22,241,178 | ||||||||||
|
| |||||||||||
27,232,754 | ||||||||||||
|
| |||||||||||
Insurance–1.6% |
| |||||||||||
American Financial Group, Inc./OH | 3,072 | 373,248 | ||||||||||
American International Group, Inc. | 44,010 | 2,216,344 | ||||||||||
Everest Re Group Ltd. | 1,881 | 673,436 | ||||||||||
Hanover Insurance Group, Inc. (The) | 3,570 | 458,745 | ||||||||||
Kemper Corp. | 7,740 | 423,068 | ||||||||||
Kinsale Capital Group, Inc. | 1,824 | 547,474 |
Company | Shares | U.S. $ Value | ||||||||||
Progressive Corp. (The) | 67,392 | $ | 9,641,100 | |||||||||
Reinsurance Group of America, Inc. | 3,460 | 459,349 | ||||||||||
Selective Insurance Group, Inc. | 4,444 | 423,646 | ||||||||||
Trupanion, Inc.(a) | 2,850 | 122,236 | ||||||||||
Willis Towers Watson PLC | 20,388 | 4,737,764 | ||||||||||
|
| |||||||||||
20,076,410 | ||||||||||||
|
| |||||||||||
92,404,117 | ||||||||||||
|
| |||||||||||
Consumer Discretionary–5.4% |
| |||||||||||
Automobile Components–0.0% |
| |||||||||||
Dana, Inc. | 18,752 | 282,218 | ||||||||||
Goodyear Tire & Rubber Co. (The)(a) | 30,020 | 330,820 | ||||||||||
|
| |||||||||||
613,038 | ||||||||||||
|
| |||||||||||
Automobiles–0.3% |
| |||||||||||
Stellantis NV | 176,154 | 3,204,241 | ||||||||||
|
| |||||||||||
Broadline Retail–1.5% |
| |||||||||||
Amazon.com, Inc.(a)(b) | 159,802 | 16,505,846 | ||||||||||
Driven Brands Holdings, Inc.(a) | 16,610 | 503,449 | ||||||||||
Etsy, Inc.(a) | 18,968 | 2,111,596 | ||||||||||
|
| |||||||||||
19,120,891 | ||||||||||||
|
| |||||||||||
Distributors–0.0% |
| |||||||||||
Pool Corp. | 1,310 | 448,596 | ||||||||||
|
| |||||||||||
Diversified Consumer Services–0.0% |
| |||||||||||
ADT, Inc. | 56,560 | 408,929 | ||||||||||
|
| |||||||||||
Hotels, Restaurants & Leisure–1.3% |
| |||||||||||
Booking Holdings, Inc.(a) | 1,368 | 3,625,844 | ||||||||||
Dine Brands Global, Inc. | 6,080 | 411,251 | ||||||||||
Hilton Grand Vacations, Inc.(a) | 12,931 | 574,524 | ||||||||||
Hyatt Hotels Corp.–Class A(a) | 37,520 | 4,194,362 | ||||||||||
Papa John’s International, Inc. | 4,670 | 349,923 | ||||||||||
Planet Fitness, Inc.–Class A(a) | 7,174 | 557,204 | ||||||||||
Restaurant Brands International, Inc. | 79,288 | 5,323,330 | ||||||||||
Vail Resorts, Inc. | 1,870 | 436,982 | ||||||||||
Wingstop, Inc. | 2,870 | 526,874 | ||||||||||
|
| |||||||||||
16,000,294 | ||||||||||||
|
| |||||||||||
Household Durables–0.2% |
| |||||||||||
KB Home | 11,670 | 468,901 | ||||||||||
NVR, Inc.(a) | 74 | 406,770 | ||||||||||
PulteGroup, Inc. | 11,240 | 655,067 | ||||||||||
Taylor Morrison Home Corp.(a) | 10,723 | 410,262 | ||||||||||
|
| |||||||||||
1,941,000 | ||||||||||||
|
| |||||||||||
Specialty Retail–1.4% |
| |||||||||||
AutoZone, Inc.(a) | 1,898 | 4,663,110 | ||||||||||
Bath & Body Works, Inc. | 10,960 | 400,917 | ||||||||||
Burlington Stores, Inc.(a) | 2,160 | 436,536 | ||||||||||
Dynatrace, Inc.(a) | 11,110 | 469,953 | ||||||||||
Five Below, Inc.(a) | 3,168 | 652,512 | ||||||||||
Home Depot, Inc. (The) | 35,340 | 10,429,246 | ||||||||||
Lithia Motors, Inc. | 1,476 | 337,672 | ||||||||||
National Vision Holdings, Inc.(a) | 4,816 | 90,734 | ||||||||||
Sally Beauty Holdings, Inc.(a) | 27,175 | 423,386 |
18 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Company | Shares | U.S. $ Value | ||||||||||
Williams-Sonoma, Inc. | 3,245 | $ | 394,787 | |||||||||
|
| |||||||||||
18,298,853 | ||||||||||||
|
| |||||||||||
Textiles, Apparel & Luxury Goods–0.7% |
| |||||||||||
Carter’s, Inc. | 4,170 | 299,906 | ||||||||||
NIKE, Inc.–Class B | 57,600 | 7,063,942 | ||||||||||
Ralph Lauren Corp. | 4,780 | 557,682 | ||||||||||
Tapestry, Inc. | 13,000 | 560,430 | ||||||||||
|
| |||||||||||
8,481,960 | ||||||||||||
|
| |||||||||||
68,517,802 | ||||||||||||
|
| |||||||||||
Industrials–5.1% |
| |||||||||||
Aerospace & Defense–0.9% |
| |||||||||||
Axon Enterprise, Inc.(a) | 2,752 | 618,787 | ||||||||||
Curtiss-Wright Corp. | 2,330 | 410,686 | ||||||||||
Hexcel Corp. | 5,550 | 378,788 | ||||||||||
Howmet Aerospace, Inc. | 10,510 | 445,308 | ||||||||||
Raytheon Technologies Corp. | 87,754 | 8,593,750 | ||||||||||
Spirit AeroSystems Holdings, Inc.–Class A | 14,270 | 492,743 | ||||||||||
|
| |||||||||||
10,940,062 | ||||||||||||
|
| |||||||||||
Building Products–0.6% |
| |||||||||||
Armstrong World Industries, Inc. | 3,840 | 273,562 | ||||||||||
Carlisle Cos., Inc. | 2,000 | 452,140 | ||||||||||
Masonite International Corp.(a) | 5,147 | 467,193 | ||||||||||
Otis Worldwide Corp. | 72,616 | 6,128,706 | ||||||||||
|
| |||||||||||
7,321,601 | ||||||||||||
|
| |||||||||||
Commercial Services & Supplies–0.0% |
| |||||||||||
Tetra Tech, Inc. | 3,600 | 528,876 | ||||||||||
|
| |||||||||||
Construction & Engineering–0.4% |
| |||||||||||
AECOM | 37,310 | 3,145,979 | ||||||||||
Arcosa, Inc. | 7,630 | 481,529 | ||||||||||
Dycom Industries, Inc.(a) | 6,635 | 621,368 | ||||||||||
Fluor Corp.(a) | 16,480 | 509,397 | ||||||||||
|
| |||||||||||
4,758,273 | ||||||||||||
|
| |||||||||||
Electrical Equipment–1.2% |
| |||||||||||
Eaton Corp. PLC | 52,050 | 8,918,247 | ||||||||||
Regal Rexnord Corp. | 34,424 | 4,844,490 | ||||||||||
Sensata Technologies Holding PLC | 9,960 | 498,199 | ||||||||||
Vertiv Holdings Co. | 39,530 | 565,674 | ||||||||||
|
| |||||||||||
14,826,610 | ||||||||||||
|
| |||||||||||
Ground Transportation–0.8% |
| |||||||||||
CSX Corp. | 265,606 | 7,952,244 | ||||||||||
Knight-Swift Transportation Holdings, Inc. | 11,549 | 653,443 | ||||||||||
Saia, Inc.(a) | 1,880 | 511,510 | ||||||||||
TFI International, Inc. | 3,720 | 443,758 | ||||||||||
XPO, Inc.(a) | 16,370 | 522,203 | ||||||||||
|
| |||||||||||
10,083,158 | ||||||||||||
|
| |||||||||||
Machinery–0.7% |
| |||||||||||
Crane Holdings Co. | 5,074 | 575,899 | ||||||||||
IDEX Corp. | 1,240 | 286,478 |
Company | Shares | U.S. $ Value | ||||||||||
Ingersoll Rand, Inc. | 6,940 | $ | 403,770 | |||||||||
ITT, Inc. | 4,510 | 389,212 | ||||||||||
Middleby Corp. (The)(a) | 2,450 | 359,194 | ||||||||||
Oshkosh Corp. | 4,318 | 359,171 | ||||||||||
PACCAR, Inc. | 76,682 | 5,613,050 | ||||||||||
Timken Co. (The) | 6,810 | 556,513 | ||||||||||
|
| |||||||||||
8,543,287 | ||||||||||||
|
| |||||||||||
Marine Transportation–0.0% |
| |||||||||||
Star Bulk Carriers Corp. | 20,370 | 430,214 | ||||||||||
|
| |||||||||||
Passenger Airlines–0.0% |
| |||||||||||
Alaska Air Group, Inc.(a) | 11,930 | 500,583 | ||||||||||
|
| |||||||||||
Professional Services–0.4% |
| |||||||||||
Booz Allen Hamilton Holding Corp. | 26,536 | 2,459,529 | ||||||||||
FTI Consulting, Inc.(a) | 2,730 | 538,766 | ||||||||||
Genpact Ltd. | 10,786 | 498,529 | ||||||||||
Korn Ferry | 5,770 | 298,540 | ||||||||||
Robert Half International, Inc. | 25,577 | 2,060,738 | ||||||||||
|
| |||||||||||
5,856,102 | ||||||||||||
|
| |||||||||||
Trading Companies & Distributors–0.1% |
| |||||||||||
Herc Holdings, Inc. | 4,780 | 544,442 | ||||||||||
SiteOne Landscape Supply, Inc.(a) | 3,260 | 446,196 | ||||||||||
|
| |||||||||||
990,638 | ||||||||||||
|
| |||||||||||
64,779,404 | ||||||||||||
|
| |||||||||||
Communication Services–4.7% |
| |||||||||||
Diversified Telecommunication Services–0.6% |
| |||||||||||
Comcast Corp.–Class A | 202,424 | 7,673,894 | ||||||||||
|
| |||||||||||
Entertainment–0.5% |
| |||||||||||
Walt Disney Co. (The)(a) | 59,792 | 5,986,873 | ||||||||||
|
| |||||||||||
Interactive Media & Services–3.0% |
| |||||||||||
Alphabet, Inc.–Class C(a)(b) | 259,588 | 26,997,048 | ||||||||||
Meta Platforms, Inc.–Class A(a) | 52,432 | 11,112,226 | ||||||||||
|
| |||||||||||
38,109,274 | ||||||||||||
|
| |||||||||||
Media–0.0% |
| |||||||||||
Criteo SA (Sponsored ADR)(a) | 16,026 | 504,899 | ||||||||||
|
| |||||||||||
Wireless Telecommunication Services–0.6% |
| |||||||||||
T-Mobile US, Inc.(a) | 49,186 | 7,124,100 | ||||||||||
|
| |||||||||||
59,399,040 | ||||||||||||
|
| |||||||||||
Consumer Staples–2.8% |
| |||||||||||
Beverages–1.0% |
| |||||||||||
Coca-Cola Co. (The) | 133,494 | 8,280,570 | ||||||||||
Constellation Brands, Inc.–Class A | 16,606 | 3,750,904 | ||||||||||
|
| |||||||||||
12,031,474 | ||||||||||||
|
| |||||||||||
Consumer Staples Distribution & Retail–1.3% |
| |||||||||||
Costco Wholesale Corp. | 10,214 | 5,075,030 | ||||||||||
Grocery Outlet Holding Corp.(a) | 16,600 | 469,116 | ||||||||||
Walmart, Inc. | 77,744 | 11,463,206 | ||||||||||
|
| |||||||||||
17,007,352 | ||||||||||||
|
|
2023 Semi-Annual Report | 19 |
Table of Contents
Schedule of Investments (continued)
Company | Shares | U.S. $ Value | ||||||||||
Food Products–0.1% |
| |||||||||||
Freshpet, Inc.(a) | 4,980 | $ | 329,626 | |||||||||
Hain Celestial Group, Inc. (The)(a) | 27,817 | 477,062 | ||||||||||
Nomad Foods Ltd.(a) | 33,541 | 628,558 | ||||||||||
|
| |||||||||||
1,435,246 | ||||||||||||
|
| |||||||||||
Household Products–0.4% |
| |||||||||||
Procter & Gamble Co. (The) | 29,878 | 4,442,560 | ||||||||||
|
| |||||||||||
34,916,632 | ||||||||||||
|
| |||||||||||
Energy–1.9% |
| |||||||||||
Energy Equipment & Services–0.6% |
| |||||||||||
Baker Hughes Co. | 207,008 | 5,974,222 | ||||||||||
Cactus, Inc.–Class A | 6,180 | 254,802 | ||||||||||
ChampionX Corp. | 14,130 | 383,347 | ||||||||||
Helmerich & Payne, Inc. | 239 | 8,544 | ||||||||||
NOV, Inc. | 15,730 | 291,162 | ||||||||||
Patterson-UTI Energy, Inc. | 19,080 | 223,236 | ||||||||||
|
| |||||||||||
7,135,313 | ||||||||||||
|
| |||||||||||
Oil, Gas & Consumable Fuels–1.3% |
| |||||||||||
Cameco Corp. | 20,890 | 546,691 | ||||||||||
Chevron Corp. | 34,372 | 5,608,136 | ||||||||||
EOG Resources, Inc. | 72,696 | 8,333,028 | ||||||||||
HF Sinclair Corp. | 7,845 | 379,541 | ||||||||||
Magnolia Oil & Gas Corp.–Class A | 24,720 | 540,874 | ||||||||||
Matador Resources Co. | 7,430 | 354,040 | ||||||||||
Permian Resources Corp. | 25,090 | 263,444 | ||||||||||
Southwestern Energy Co.(a) | 40,030 | 200,150 | ||||||||||
Targa Resources Corp. | 3,790 | 276,480 | ||||||||||
|
| |||||||||||
16,502,384 | ||||||||||||
|
| |||||||||||
23,637,697 | ||||||||||||
|
| |||||||||||
Materials–1.2% |
| |||||||||||
Chemicals–1.1% |
| |||||||||||
FMC Corp. | 3,720 | 454,324 | ||||||||||
Huntsman Corp. | 18,830 | 515,189 | ||||||||||
Innospec, Inc. | 711 | 72,998 | ||||||||||
Linde PLC | 19,256 | 6,844,352 | ||||||||||
LyondellBasell Industries NV–Class A | 68,698 | 6,450,056 | ||||||||||
|
| |||||||||||
14,336,919 | ||||||||||||
|
| |||||||||||
Containers & Packaging–0.1% |
| |||||||||||
Berry Global Group, Inc. | 10,760 | 633,764 | ||||||||||
|
| |||||||||||
Metals & Mining–0.0% |
| |||||||||||
ATI, Inc.(a) | 11,800 | 465,628 | ||||||||||
|
| |||||||||||
15,436,311 | ||||||||||||
|
| |||||||||||
Equity Real Estate Investment Trusts (REITs)–1.1% |
| |||||||||||
American Tower Corp. | 27,532 | 5,625,684 | ||||||||||
Broadstone Net Lease, Inc.–Class A | 20,980 | 356,870 | ||||||||||
Camden Property Trust | 4,178 | 438,022 | ||||||||||
CubeSmart | 11,731 | 542,207 | ||||||||||
Physicians Realty Trust | 31,766 | 474,266 | ||||||||||
Prologis, Inc. | 42,776 | 5,337,037 |
Company | Shares | U.S. $ Value | ||||||||||
STAG Industrial, Inc. | 16,510 | $ | 558,368 | |||||||||
|
| |||||||||||
13,332,454 | ||||||||||||
|
| |||||||||||
Utilities–1.0% |
| |||||||||||
Electric Utilities–0.9% |
| |||||||||||
American Electric Power Co., Inc. | 54,382 | 4,948,127 | ||||||||||
IDACORP, Inc. | 6,141 | 665,254 | ||||||||||
NextEra Energy, Inc. | 77,684 | 5,987,806 | ||||||||||
|
| |||||||||||
11,601,187 | ||||||||||||
|
| |||||||||||
Gas Utilities–0.1% |
| |||||||||||
Southwest Gas Holdings, Inc. | 4,960 | 309,752 | ||||||||||
|
| |||||||||||
11,910,939 | ||||||||||||
|
| |||||||||||
Total Common Stocks (cost $425,606,494) | 639,212,326 | |||||||||||
|
| |||||||||||
INVESTMENT COMPANIES–47.0% |
| |||||||||||
Funds and Investment Trusts–47.0%(c)(d) |
| |||||||||||
AB All Market Real Return Portfolio–Class Z, | 11,391,980 | 97,971,026 | ||||||||||
AB International Small Cap Portfolio–Class Z, | 7,546,246 | 81,574,908 | ||||||||||
Bernstein International Strategic Equities Portfolio–Class Z, | 30,395,160 | 342,249,496 | ||||||||||
Bernstein Small Cap Core Portfolio–Class Z, | 2,276,940 | 26,958,978 | ||||||||||
Sanford C Bernstein Fund, Inc.–Emerging Markets Portfolio–Class Z, | 1,716,876 | 43,007,734 | ||||||||||
|
| |||||||||||
Total Investment Companies (cost $552,825,425) | 591,762,142 | |||||||||||
|
| |||||||||||
Notional Amount | ||||||||||||
PURCHASED OPTIONS—PUTS–1.3% |
| |||||||||||
Options on Equity Indices–1.3% |
| |||||||||||
Euro STOXX 50 Index | EUR | 74,445,000 | 2,116,161 | |||||||||
FTSE 100 Index | GBP | 31,614,000 | 755,740 | |||||||||
Nikkei 225 Index | JPY | 6,336,000,000 | 957,215 |
20 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Notional Amount | U.S. $ Value | |||||||||||
S&P 500 Index | USD | 582,450,000 | $ | 12,183,087 | ||||||||
|
| |||||||||||
Total Purchased Options—Puts (premiums paid $18,420,008) | 16,012,203 | |||||||||||
|
| |||||||||||
Shares | ||||||||||||
SHORT-TERM INVESTMENTS–1.6% |
| |||||||||||
Investment Companies–1.6% |
| |||||||||||
AB Fixed Income Shares, Inc.—Government Money Market Portfolio—Class AB, 4.75%(c)(d)(e) | 20,152,505 | 20,152,505 | ||||||||||
|
| |||||||||||
Total Investments—100.6% (cost $1,017,004,432) |
| 1,267,139,176 | ||||||||||
Other assets less liabilities—(0.6)% |
| (7,737,603 | ) | |||||||||
|
| |||||||||||
Net Assets—100.0% | $ | 1,259,401,573 | ||||||||||
|
|
FUTURES (see Note 3) |
| |||||||||||||
Description | Number of Contracts | Expiration Month | Current Notional | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Purchased Contracts |
| |||||||||||||
10 Yr Australian Bond Futures | 361 | June 2023 | $ | 29,653,784 | $ | 490,084 | ||||||||
10 Yr Canadian Bond Futures | 26 | June 2023 | 2,427,051 | 98,143 | ||||||||||
10 Yr Japan Bond (OSE) Futures | 26 | June 2023 | 29,004,858 | 529,569 | ||||||||||
Euro Buxl 30 Yr Bond Futures | 14 | June 2023 | 2,138,677 | 124,182 | ||||||||||
Euro-BOBL Futures | 62 | June 2023 | 7,926,133 | 177,443 | ||||||||||
Euro-Bund Futures | 44 | June 2023 | 6,482,012 | 223,272 | ||||||||||
FTSE 100 Index Futures | 137 | June 2023 | 12,910,147 | 191,945 | ||||||||||
Long Gilt Futures | 45 | June 2023 | 5,737,162 | (110,024 | ) | |||||||||
Nikkei 225 (OSE) Futures | 41 | June 2023 | 8,658,558 | 92,389 | ||||||||||
OMXS 30 Index Futures | 782 | April 2023 | 16,701,980 | 659,370 | ||||||||||
U.S. T-Note 2 Yr (CBT) Futures | 539 | June 2023 | 111,278,235 | 1,224,716 | ||||||||||
U.S. T-Note 10 Yr (CBT) Futures | 1,395 | June 2023 | 160,316,016 | 4,472,335 | ||||||||||
U.S. Ultra Bond (CBT) Futures | 385 | June 2023 | 54,333,125 | 1,789,056 | ||||||||||
Sold Contracts |
| |||||||||||||
E-Mini Russell 2000 Index Futures | 274 | June 2023 | 24,844,950 | (305,381 | ) | |||||||||
Euro STOXX 50 Index Futures | 273 | June 2023 | 12,615,478 | (508,541 | ) | |||||||||
Hang Seng Index Futures | 19 | April 2023 | 2,478,624 | (15,130 | ) | |||||||||
MSCI Emerging Markets Futures | 451 | June 2023 | 22,448,525 | (929,176 | ) | |||||||||
MSCI Singapore IX ETS Futures | 534 | April 2023 | 12,288,661 | (227,281 | ) | |||||||||
S&P 500 E-Mini Futures | 484 | June 2023 | 100,133,550 | (3,045,979 | ) | |||||||||
S&P Mid 400 E-Mini Futures | 64 | June 2023 | 16,190,080 | (361,193 | ) |
2023 Semi-Annual Report | 21 |
Table of Contents
Schedule of Investments (continued)
Description | Number of Contracts | Expiration Month | Current Notional | Value and Unrealized Appreciation (Depreciation) | ||||||||||
S&P/TSX 60 Index Futures | 353 | June 2023 | $ | 63,166,496 | $ | (964,055 | ) | |||||||
SPI 200 Futures | 445 | June 2023 | 53,475,924 | (1,267,668 | ) | |||||||||
TOPIX Index Futures | 19 | June 2023 | 2,866,993 | (80,618 | ) | |||||||||
|
| |||||||||||||
$ | 2,257,458 | |||||||||||||
|
|
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 | EUR | 50,598 | USD | 54,351 | 05/11/2023 | $ | (636,204 | ) | ||||||||||||||
Bank of America, NA | USD | 35,395 | EUR | 33,248 | 05/11/2023 | 737,702 | ||||||||||||||||
BNP Paribas SA | SEK | 259,585 | USD | 25,138 | 04/21/2023 | 103,656 | ||||||||||||||||
BNP Paribas SA | USD | 16,810 | JPY | 2,217,104 | 04/28/2023 | (53,939 | ) | |||||||||||||||
Citibank, NA | AUD | 27,439 | USD | 18,289 | 04/13/2023 | (58,434 | ) | |||||||||||||||
Citibank, NA | JPY | 6,177,934 | USD | 46,861 | 04/28/2023 | 170,599 | ||||||||||||||||
Citibank, NA | USD | 16,995 | JPY | 2,207,245 | 04/28/2023 | (313,381 | ) | |||||||||||||||
Goldman Sachs Bank USA | USD | 46,268 | EUR | 42,837 | 05/11/2023 | 284,585 | ||||||||||||||||
Goldman Sachs Bank USA | CHF | 17,016 | USD | 18,571 | 05/24/2023 | (127,498 | ) | |||||||||||||||
Goldman Sachs Bank USA | USD | 40,583 | CHF | 36,743 | 05/24/2023 | (207,728 | ) | |||||||||||||||
Goldman Sachs Bank USA | USD | 28,032 | CAD | 38,232 | 06/09/2023 | 286,462 | ||||||||||||||||
HSBC Bank USA | USD | 26,520 | SEK | 279,952 | 04/21/2023 | 478,776 | ||||||||||||||||
JPMorgan Chase Bank, NA | NZD | 2,432 | USD | 1,569 | 04/20/2023 | 47,777 | ||||||||||||||||
JPMorgan Chase Bank, NA | USD | 10,955 | NOK | 115,174 | 04/21/2023 | 54,691 | ||||||||||||||||
JPMorgan Chase Bank, NA | USD | 2,964 | NOK | 29,435 | 04/21/2023 | (150,097 | ) | |||||||||||||||
JPMorgan Chase Bank, NA | USD | 21,302 | GBP | 17,375 | 05/24/2023 | 153,561 | ||||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 48,026 | AUD | 69,670 | 04/13/2023 | (1,440,189 | ) | |||||||||||||||
Morgan Stanley Capital Services, Inc. | NOK | 87,623 | USD | 8,635 | 04/21/2023 | 259,224 | ||||||||||||||||
Morgan Stanley Capital Services, Inc. | SEK | 461,958 | USD | 44,506 | 04/21/2023 | (46,017 | ) | |||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 16,331 | SEK | 169,725 | 04/21/2023 | 37,150 | ||||||||||||||||
Morgan Stanley Capital Services, Inc. | JPY | 3,360,036 | USD | 25,310 | 04/28/2023 | (83,672 | ) | |||||||||||||||
Morgan Stanley Capital Services, Inc. | CHF | 65,974 | USD | 70,987 | 05/24/2023 | (1,508,988 | ) | |||||||||||||||
|
| |||||||||||||||||||||
$ | (2,011,964 | ) | ||||||||||||||||||||
|
|
CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) |
| |||||||||||||||||||||||||||||||
Description | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional | Market Value | Upfront Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
Sale Contracts | ||||||||||||||||||||||||||||||||
CDX-NAHY Series 39, | 5.00 | % | Quarterly | 4.69 | % | USD | 59,770 | $ | 817,654 | $ | 1,232,579 | $ | (414,925 | ) |
* Termination date
22 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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 | 2,969 | 06/16/2023 | $ | (58,333 | ) |
(a) | Non-income producing security. |
(b) | Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts. |
(c) | 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. |
(d) | Affiliated investments. |
(e) | 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
CDX-NAHY—North American High Yield Credit Default Swap Index
ETS—Emission Trading Scheme
FTSE—Financial Times Stock Exchange
MSCI—Morgan Stanley Capital International
OMXS—Stockholm Stock Exchange
OSE—Osaka Securities Exchange
REIT—Real Estate Investment Trust
SPI—Share Price Index
TOPIX—Tokyo Price Index
TSX—Toronto Stock Exchange
See notes to financial statements.
2023 Semi-Annual Report | 23 |
Table of Contents
Schedule of Investments
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Tax-Aware Overlay A Portfolio
March 31, 2023 (Unaudited)
Company | Shares | U.S. $ Value | ||||||||||
INVESTMENT COMPANIES–52.3% |
| |||||||||||
Funds and Investment Trusts–52.3%(a)(b) |
| |||||||||||
AB All Market Real Return Portfolio–Class Z | 23,558,860 | $ | 202,606,203 | |||||||||
AB International Small Cap Portfolio–Class Z | 17,125,534 | 185,127,024 | ||||||||||
Bernstein International Strategic Equities Portfolio–Class Z | 64,036,204 | 721,047,654 | ||||||||||
Bernstein Small Cap Core Portfolio–Class Z | 4,978,684 | 58,947,628 | ||||||||||
Sanford C Bernstein Fund, Inc.–Emerging Markets Portfolio–Class Z | 3,425,858 | 85,817,756 | ||||||||||
|
| |||||||||||
Total Investment Companies (cost $1,162,600,917) | 1,253,546,265 | |||||||||||
|
| |||||||||||
COMMON STOCKS–47.5% |
| |||||||||||
Information Technology–11.2% |
| |||||||||||
Communications Equipment–0.1% |
| |||||||||||
Ciena Corp.(c) | 14,490 | 761,014 | ||||||||||
Lumentum Holdings, Inc.(c) | 15,540 | 839,316 | ||||||||||
|
| |||||||||||
1,600,330 | ||||||||||||
|
| |||||||||||
Electronic Equipment, Instruments & Components–0.6% |
| |||||||||||
Avnet, Inc. | 26,470 | 1,196,444 | ||||||||||
Belden, Inc. | 10,264 | 890,607 | ||||||||||
CDW Corp./DE | 45,364 | 8,840,990 | ||||||||||
Littelfuse, Inc. | 3,512 | 941,264 | ||||||||||
Novanta, Inc.(c) | 6,900 | 1,097,722 | ||||||||||
Shoals Technologies Group, Inc. Class A(c) | 35,002 | 797,672 | ||||||||||
|
| |||||||||||
13,764,699 | ||||||||||||
|
| |||||||||||
IT Services–0.0% |
| |||||||||||
DigitalOcean Holdings, Inc.(c) | 13,068 | 511,874 | ||||||||||
|
| |||||||||||
Semiconductors & Semiconductor Equipment–2.2% |
| |||||||||||
FormFactor, Inc.(c) | 23,764 | 756,884 | ||||||||||
KLA Corp. | 11,916 | 4,756,510 | ||||||||||
Kulicke & Soffa Industries, Inc. | 20,567 | 1,083,675 | ||||||||||
Lattice Semiconductor Corp.(c) | 14,186 | 1,354,764 | ||||||||||
MACOM Technology Solutions Holdings, Inc.(c) | 12,220 | 865,664 | ||||||||||
Monolithic Power Systems, Inc. | 1,090 | 545,588 | ||||||||||
NVIDIA Corp. | 77,880 | 21,632,728 | ||||||||||
NXP Semiconductors NV | 65,578 | 12,228,658 | ||||||||||
ON Semiconductor Corp.(c) | 5,114 | 420,902 | ||||||||||
QUALCOMM, Inc. | 57,652 | 7,355,114 | ||||||||||
Synaptics, Inc.(c) | 10,360 | 1,151,514 | ||||||||||
Universal Display Corp. | 8,000 | 1,241,040 | ||||||||||
|
| |||||||||||
53,393,041 | ||||||||||||
|
|
Company | Shares | U.S. $ Value | ||||||||||
Software–5.9% |
| |||||||||||
ACI Worldwide, Inc.(c) | 32,700 | $ | 882,246 | |||||||||
Adobe, Inc.(c) | 27,934 | 10,764,540 | ||||||||||
Autodesk, Inc.(c) | 30,750 | 6,400,712 | ||||||||||
CommVault Systems, Inc.(c) | 13,572 | 770,075 | ||||||||||
Fair Isaac Corp.(c) | 1,780 | 1,250,788 | ||||||||||
Five9, Inc.(c) | 13,100 | 947,000 | ||||||||||
Freshworks, Inc. Class A(c) | 47,180 | 724,684 | ||||||||||
Gen Digital, Inc. | 499,743 | 8,575,589 | ||||||||||
HubSpot, Inc.(c) | 2,380 | 1,020,425 | ||||||||||
Manhattan Associates, Inc.(c) | 8,030 | 1,243,290 | ||||||||||
Microsoft Corp.(d) | 277,156 | 79,903,786 | ||||||||||
Monday.com Ltd.(c) | 5,216 | 744,442 | ||||||||||
Oracle Corp. | 234,414 | 21,781,656 | ||||||||||
PTC, Inc.(c) | 11,170 | 1,432,330 | ||||||||||
ServiceNow, Inc.(c) | 7,858 | 3,651,770 | ||||||||||
Smartsheet, Inc. Class A(c) | 22,810 | 1,090,318 | ||||||||||
|
| |||||||||||
141,183,651 | ||||||||||||
|
| |||||||||||
Technology Hardware, Storage & Peripherals–2.4% |
| |||||||||||
Apple, Inc.(d) | 321,954 | 53,090,214 | ||||||||||
Western Digital Corp.(c) | 131,536 | 4,954,924 | ||||||||||
|
| |||||||||||
58,045,138 | ||||||||||||
|
| |||||||||||
268,498,733 | ||||||||||||
|
| |||||||||||
Health Care–7.5% |
| |||||||||||
Biotechnology–1.1% |
| |||||||||||
Arcus Biosciences, Inc.(c) | 11,930 | 217,604 | ||||||||||
Ascendis Pharma A/S (ADR)(c) | 2,824 | 302,682 | ||||||||||
Blueprint Medicines Corp.(c) | 8,440 | 379,670 | ||||||||||
Coherus Biosciences, Inc.(c) | 32,146 | 219,878 | ||||||||||
Intellia Therapeutics, Inc.(c) | 8,520 | 317,540 | ||||||||||
IVERIC bio, Inc.(c) | 19,180 | 466,650 | ||||||||||
Karuna Therapeutics, Inc.(c) | 2,882 | 523,305 | ||||||||||
Legend Biotech Corp. (ADR)(c) | 7,532 | 363,144 | ||||||||||
Natera, Inc.(c) | 8,770 | 486,910 | ||||||||||
Regeneron Pharmaceuticals, Inc.(c) | 7,152 | 5,875,762 | ||||||||||
Sarepta Therapeutics, Inc.(c) | 5,300 | 730,500 | ||||||||||
Ultragenyx Pharmaceutical, Inc.(c) | 8,326 | 333,872 | ||||||||||
Vertex Pharmaceuticals, Inc.(c) | 53,230 | 16,770,862 | ||||||||||
Vir Biotechnology, Inc.(c) | 13,206 | 307,304 | ||||||||||
|
| |||||||||||
27,295,683 | ||||||||||||
|
| |||||||||||
Health Care Equipment & Supplies–1.6% |
| |||||||||||
Align Technology, Inc.(c) | 11,062 | 3,696,256 | ||||||||||
AtriCure, Inc.(c) | 17,720 | 734,494 | ||||||||||
Edwards Lifesciences Corp.(c) | 158,590 | 13,120,068 | ||||||||||
Envista Holdings Corp.(c) | 38,350 | 1,567,748 | ||||||||||
Insulet Corp.(c) | 2,218 | 707,134 | ||||||||||
Integra LifeSciences Holdings Corp.(c) | 25,290 | 1,451,899 | ||||||||||
iRhythm Technologies, Inc.(c) | 5,842 | 724,460 | ||||||||||
Lantheus Holdings, Inc.(c) | 14,630 | 1,207,852 | ||||||||||
Medtronic PLC | 144,310 | 11,634,192 | ||||||||||
Silk Road Medical, Inc.(c) | 13,806 | 540,228 | ||||||||||
Zimmer Biomet Holdings, Inc. | 28,010 | 3,618,764 | ||||||||||
|
| |||||||||||
39,003,095 | ||||||||||||
|
|
24 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Company | Shares | U.S. $ Value | ||||||||||
Health Care Providers & Services–2.3% |
| |||||||||||
Acadia Healthcare Co., Inc.(c) | 13,560 | $ | 979,710 | |||||||||
Elevance Health, Inc. | 23,564 | 10,834,504 | ||||||||||
Guardant Health, Inc.(c) | 21,882 | 512,914 | ||||||||||
Inari Medical, Inc.(c) | 10,944 | 675,682 | ||||||||||
Pediatrix Medical Group, Inc.(c) | 66,817 | 996,241 | ||||||||||
UnitedHealth Group, Inc. | 87,730 | 41,459,848 | ||||||||||
|
| |||||||||||
55,458,899 | ||||||||||||
|
| |||||||||||
Life Sciences Tools & Services–0.9% |
| |||||||||||
ICON PLC(c) | 3,064 | 654,440 | ||||||||||
Illumina, Inc.(c) | 34,100 | 7,929,722 | ||||||||||
IQVIA Holdings, Inc.(c) | 50,836 | 10,110,772 | ||||||||||
Repligen Corp.(c) | 5,554 | 934,903 | ||||||||||
Syneos Health, Inc.(c) | 16,100 | 573,482 | ||||||||||
|
| |||||||||||
20,203,319 | ||||||||||||
|
| |||||||||||
Pharmaceuticals–1.6% |
| |||||||||||
Intra-Cellular Therapies, Inc.(c) | 9,220 | 499,264 | ||||||||||
Johnson & Johnson | 59,956 | 9,293,025 | ||||||||||
Pfizer, Inc. | 35,952 | 1,466,842 | ||||||||||
Revance Therapeutics, Inc.(c) | 9,650 | 310,826 | ||||||||||
Roche Holding AG (Sponsored ADR) | 358,394 | 12,851,972 | ||||||||||
Viatris, Inc. | 23,224 | 223,406 | ||||||||||
Zoetis, Inc. | 80,800 | 13,448,352 | ||||||||||
|
| |||||||||||
38,093,687 | ||||||||||||
|
| |||||||||||
180,054,683 | ||||||||||||
|
| |||||||||||
Financials–7.0% |
| |||||||||||
Banks–2.0% |
| |||||||||||
Bank of America Corp. | 636,610 | 18,207,018 | ||||||||||
BankUnited, Inc. | 20,072 | 453,226 | ||||||||||
Comerica, Inc. | 20,230 | 878,387 | ||||||||||
First BanCorp./Puerto Rico | 92,554 | 1,056,967 | ||||||||||
First Citizens BancShares, Inc./NC–Class A | 1,760 | 1,712,656 | ||||||||||
First Hawaiian, Inc. | 52,590 | 1,084,932 | ||||||||||
PNC Financial Services Group, Inc. (The) | 40,570 | 5,156,446 | ||||||||||
Synovus Financial Corp. | 25,458 | 784,870 | ||||||||||
Texas Capital Bancshares, Inc.(c) | 18,803 | 920,595 | ||||||||||
Webster Financial Corp. | 16,594 | 654,135 | ||||||||||
Wells Fargo & Co. | 423,224 | 15,820,076 | ||||||||||
Wintrust Financial Corp. | 13,990 | 1,020,570 | ||||||||||
Zions Bancorp NA | 27,175 | 813,348 | ||||||||||
|
| |||||||||||
48,563,226 | ||||||||||||
|
| |||||||||||
Capital Markets–1.4% |
| |||||||||||
Ares Management Corp. Class A | 7,446 | 621,294 | ||||||||||
Cboe Global Markets, Inc. | 7,580 | 1,017,539 | ||||||||||
Charles Schwab Corp. (The) | 109,828 | 5,752,738 | ||||||||||
Goldman Sachs Group, Inc. (The) | 49,920 | 16,329,004 | ||||||||||
LPL Financial Holdings, Inc. | 32,302 | 6,537,723 | ||||||||||
Moelis & Co.–Class A | 19,509 | 749,926 | ||||||||||
PJT Partners, Inc. Class A | 11,770 | 849,676 | ||||||||||
Stifel Financial Corp. | 19,950 | 1,178,846 | ||||||||||
|
| |||||||||||
33,036,746 | ||||||||||||
|
|
Company | Shares | U.S. $ Value | ||||||||||
Financial Services–2.1% |
| |||||||||||
Flywire Corp.(c) | 34,232 | $ | 1,005,022 | |||||||||
PayPal Holdings, Inc.(c) | 72,084 | 5,474,059 | ||||||||||
Shift4 Payments, Inc. Class A(c) | 14,284 | 1,082,728 | ||||||||||
Visa, Inc.–Class A | 191,402 | 43,153,494 | ||||||||||
|
| |||||||||||
50,715,303 | ||||||||||||
|
| |||||||||||
Insurance–1.5% |
| |||||||||||
American Financial Group, Inc./OH | 6,723 | 816,844 | ||||||||||
American International Group, Inc. | 49,370 | 2,486,274 | ||||||||||
Everest Re Group Ltd. | 4,120 | 1,475,042 | ||||||||||
Hanover Insurance Group, Inc. (The) | 7,810 | 1,003,585 | ||||||||||
Kemper Corp. | 16,920 | 924,847 | ||||||||||
Kinsale Capital Group, Inc. | 4,008 | 1,202,700 | ||||||||||
Progressive Corp. (The) | 140,404 | 20,086,053 | ||||||||||
Reinsurance Group of America, Inc. | 7,580 | 1,006,321 | ||||||||||
Selective Insurance Group, Inc. | 9,714 | 926,036 | ||||||||||
Trupanion, Inc.(c) | 6,240 | 267,634 | ||||||||||
Willis Towers Watson PLC | 23,548 | 5,471,852 | ||||||||||
|
| |||||||||||
35,667,188 | ||||||||||||
|
| |||||||||||
167,982,463 | ||||||||||||
|
| |||||||||||
Consumer Discretionary–5.4% |
| |||||||||||
Automobile Components–0.1% |
| |||||||||||
Dana, Inc. | 46,055 | 693,128 | ||||||||||
Goodyear Tire & Rubber Co. (The)(c) | 65,647 | 723,430 | ||||||||||
|
| |||||||||||
1,416,558 | ||||||||||||
|
| |||||||||||
Automobiles–0.2% |
| |||||||||||
Stellantis NV | 296,100 | 5,386,059 | ||||||||||
|
| |||||||||||
Broadline Retail–1.2% |
| |||||||||||
Amazon.com, Inc.(c) | 247,024 | 25,515,109 | ||||||||||
Driven Brands Holdings, Inc.(c) | 36,420 | 1,103,890 | ||||||||||
Etsy, Inc.(c) | 22,962 | 2,556,248 | ||||||||||
|
| |||||||||||
29,175,247 | ||||||||||||
|
| |||||||||||
Distributors–0.1% |
| |||||||||||
Pool Corp. | 2,880 | 986,227 | ||||||||||
|
| |||||||||||
Diversified Consumer Services–0.0% |
| |||||||||||
ADT, Inc. | 123,696 | 894,322 | ||||||||||
|
| |||||||||||
Hotels, Restaurants & Leisure–1.3% |
| |||||||||||
Booking Holdings, Inc.(c) | 4,736 | 12,561,814 | ||||||||||
Dine Brands Global, Inc. | 12,711 | 859,772 | ||||||||||
Hilton Grand Vacations, Inc.(c) | 28,300 | 1,257,369 | ||||||||||
Hyatt Hotels Corp. Class A(c) | 37,840 | 4,230,022 | ||||||||||
Papa John’s International, Inc. | 10,221 | 765,859 | ||||||||||
Planet Fitness, Inc. Class A(c) | 15,730 | 1,221,671 | ||||||||||
Restaurant Brands International, Inc. | 125,934 | 8,455,142 | ||||||||||
Vail Resorts, Inc. | 4,100 | 958,088 | ||||||||||
Wingstop, Inc. | 6,290 | 1,154,718 | ||||||||||
|
| |||||||||||
31,464,455 | ||||||||||||
|
| |||||||||||
Household Durables–0.2% |
| |||||||||||
KB Home | 24,300 | 976,374 | ||||||||||
NVR, Inc.(c) | 166 | 919,412 | ||||||||||
PulteGroup, Inc. | 24,582 | 1,432,639 |
2023 Semi-Annual Report | 25 |
Table of Contents
Schedule of Investments (continued)
Company | Shares | U.S. $ Value | ||||||||||
Taylor Morrison Home Corp.(c) | 23,452 | $ | 897,273 | |||||||||
|
| |||||||||||
4,225,698 | ||||||||||||
|
| |||||||||||
Specialty Retail–1.6% |
| |||||||||||
AutoZone, Inc.(c) | 4,174 | 10,257,860 | ||||||||||
Bath & Body Works, Inc. | 23,980 | 877,188 | ||||||||||
Burlington Stores, Inc.(c) | 4,740 | 957,954 | ||||||||||
Dynatrace, Inc.(c) | 24,370 | 1,030,850 | ||||||||||
Five Below, Inc.(c) | 6,942 | 1,429,844 | ||||||||||
Home Depot, Inc. (The) | 74,012 | 21,842,422 | ||||||||||
Lithia Motors, Inc. | 3,242 | 741,962 | ||||||||||
National Vision Holdings, Inc.(c) | 10,558 | 198,894 | ||||||||||
Sally Beauty Holdings, Inc.(c) | 59,730 | 930,593 | ||||||||||
Williams-Sonoma, Inc. | 7,107 | 864,638 | ||||||||||
|
| |||||||||||
39,132,205 | ||||||||||||
|
| |||||||||||
Textiles, Apparel & Luxury Goods–0.7% |
| |||||||||||
Carter’s, Inc. | 9,120 | 655,910 | ||||||||||
NIKE, Inc.–Class B | 113,328 | 13,898,424 | ||||||||||
Ralph Lauren Corp. | 10,450 | 1,219,202 | ||||||||||
Tapestry, Inc. | 28,440 | 1,226,048 | ||||||||||
|
| |||||||||||
16,999,584 | ||||||||||||
|
| |||||||||||
129,680,355 | ||||||||||||
|
| |||||||||||
Industrials–5.0% |
| |||||||||||
Aerospace & Defense–0.8% | ||||||||||||
Axon Enterprise, Inc.(c) | 6,034 | 1,356,520 | ||||||||||
Curtiss-Wright Corp. | 5,110 | 900,688 | ||||||||||
Hexcel Corp. | 12,160 | 829,920 | ||||||||||
Howmet Aerospace, Inc. | 23,050 | 976,628 | ||||||||||
L3Harris Technologies, Inc. | 7,140 | 1,400,958 | ||||||||||
Raytheon Technologies Corp. | 129,344 | 12,666,658 | ||||||||||
Spirit AeroSystems Holdings, Inc.–Class A | 31,210 | 1,077,682 | ||||||||||
|
| |||||||||||
19,209,054 | ||||||||||||
|
| |||||||||||
Building Products–0.5% |
| |||||||||||
Armstrong World Industries, Inc. | 8,430 | 600,553 | ||||||||||
Carlisle Cos., Inc. | 4,390 | 992,448 | ||||||||||
Masonite International Corp.(c) | 11,256 | 1,021,707 | ||||||||||
Otis Worldwide Corp. | 118,758 | 10,023,090 | ||||||||||
|
| |||||||||||
12,637,798 | ||||||||||||
|
| |||||||||||
Commercial Services & Supplies–0.1% |
| |||||||||||
Tetra Tech, Inc. | 7,890 | 1,159,120 | ||||||||||
|
| |||||||||||
Construction & Engineering–0.5% |
| |||||||||||
AECOM | 102,694 | 8,659,074 | ||||||||||
Arcosa, Inc. | 16,680 | 1,052,675 | ||||||||||
Dycom Industries, Inc.(c) | 14,512 | 1,359,049 | ||||||||||
Fluor Corp.(c) | 36,040 | 1,113,996 | ||||||||||
|
| |||||||||||
12,184,794 | ||||||||||||
|
| |||||||||||
Electrical Equipment–1.1% |
| |||||||||||
Eaton Corp. PLC | 94,668 | 16,220,415 | ||||||||||
Regal Rexnord Corp. | 56,895 | 8,006,833 | ||||||||||
Sensata Technologies Holding PLC | 21,790 | 1,089,936 |
Company | Shares | U.S. $ Value | ||||||||||
Vertiv Holdings Co. | 86,447 | $ | 1,237,057 | |||||||||
|
| |||||||||||
26,554,241 | ||||||||||||
|
| |||||||||||
Ground Transportation–0.7% |
| |||||||||||
CSX Corp. | 367,050 | 10,989,447 | ||||||||||
Knight-Swift Transportation Holdings, Inc. | 25,275 | 1,430,059 | ||||||||||
Saia, Inc.(c) | 4,120 | 1,120,970 | ||||||||||
TFI International, Inc. | 8,160 | 973,406 | ||||||||||
XPO, Inc.(c) | 35,800 | 1,142,020 | ||||||||||
|
| |||||||||||
15,655,902 | ||||||||||||
|
| |||||||||||
Industrial Conglomerates–0.1% |
| |||||||||||
Honeywell International, Inc. | 8,620 | 1,647,454 | ||||||||||
|
| |||||||||||
Machinery–0.5% |
| |||||||||||
Crane Holdings Co. | 11,090 | 1,258,715 | ||||||||||
IDEX Corp. | 2,720 | 628,402 | ||||||||||
Ingersoll Rand, Inc. | 15,214 | 885,092 | ||||||||||
ITT, Inc. | 9,890 | 853,508 | ||||||||||
Middleby Corp. (The)(c) | 5,380 | 788,762 | ||||||||||
Oshkosh Corp. | 9,452 | 786,217 | ||||||||||
PACCAR, Inc. | 89,794 | 6,572,920 | ||||||||||
Timken Co. (The) | 14,900 | 1,217,628 | ||||||||||
|
| |||||||||||
12,991,244 | ||||||||||||
|
| |||||||||||
Marine Transportation–0.0% |
| |||||||||||
Star Bulk Carriers Corp. | 44,700 | 944,064 | ||||||||||
|
| |||||||||||
Passenger Airlines–0.1% |
| |||||||||||
Alaska Air Group, Inc.(c) | 26,090 | 1,094,736 | ||||||||||
|
| |||||||||||
Professional Services–0.4% |
| |||||||||||
Booz Allen Hamilton Holding Corp. | 45,560 | 4,222,956 | ||||||||||
FTI Consulting, Inc.(c) | 5,980 | 1,180,154 | ||||||||||
Genpact Ltd. | 23,593 | 1,090,468 | ||||||||||
Korn Ferry | 12,620 | 652,959 | ||||||||||
Robert Half International, Inc. | 32,835 | 2,645,516 | ||||||||||
|
| |||||||||||
9,792,053 | ||||||||||||
|
| |||||||||||
Trading Companies & Distributors–0.2% |
| |||||||||||
Herc Holdings, Inc. | 10,450 | 1,190,255 | ||||||||||
SiteOne Landscape Supply, Inc.(c) | 7,144 | 977,799 | ||||||||||
United Rentals, Inc. | 6,952 | 2,751,324 | ||||||||||
|
| |||||||||||
4,919,378 | ||||||||||||
|
| |||||||||||
118,789,838 | ||||||||||||
|
| |||||||||||
Communication Services–4.4% |
| |||||||||||
Diversified Telecommunication Services–0.7% |
| |||||||||||
Comcast Corp.–Class A | 455,736 | 17,276,952 | ||||||||||
|
| |||||||||||
Entertainment–0.3% |
| |||||||||||
Walt Disney Co. (The)(c) | 80,908 | 8,101,318 | ||||||||||
|
| |||||||||||
Interactive Media & Services–2.9% |
| |||||||||||
Alphabet, Inc.–Class C(c) | 475,588 | 49,461,048 | ||||||||||
Meta Platforms, Inc.–Class A(c)(d) | 93,590 | 19,835,464 | ||||||||||
|
| |||||||||||
69,296,512 | ||||||||||||
|
|
26 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Company | Shares | U.S. $ Value | ||||||||||
Media–0.1% |
| |||||||||||
Criteo SA (Sponsored ADR)(c) | 33,592 | $ | 1,058,316 | |||||||||
|
| |||||||||||
Wireless Telecommunication Services–0.4% |
| |||||||||||
T-Mobile US, Inc.(c) | 66,550 | 9,639,102 | ||||||||||
|
| |||||||||||
105,372,200 | ||||||||||||
|
| |||||||||||
Consumer Staples–2.4% |
| |||||||||||
Beverages–0.7% |
| |||||||||||
Coca-Cola Co. (The) | 186,250 | 11,553,025 | ||||||||||
Constellation Brands, Inc.–Class A | 23,458 | 5,298,702 | ||||||||||
|
| |||||||||||
16,851,727 | ||||||||||||
|
| |||||||||||
Consumer Staples Distribution & Retail–1.3% |
| |||||||||||
Costco Wholesale Corp. | 20,536 | 10,203,226 | ||||||||||
Grocery Outlet Holding Corp.(c) | 36,400 | 1,028,664 | ||||||||||
Walmart, Inc. | 129,952 | 19,161,275 | ||||||||||
|
| |||||||||||
30,393,165 | ||||||||||||
|
| |||||||||||
Food Products–0.1% |
| |||||||||||
Freshpet, Inc.(c) | 10,930 | 723,457 | ||||||||||
Hain Celestial Group, Inc. (The)(c) | 60,840 | 1,043,406 | ||||||||||
Nomad Foods Ltd.(c) | 73,377 | 1,375,085 | ||||||||||
|
| |||||||||||
3,141,948 | ||||||||||||
|
| |||||||||||
Household Products–0.3% |
| |||||||||||
Procter & Gamble Co. (The) | 56,638 | 8,421,504 | ||||||||||
|
| |||||||||||
58,808,344 | ||||||||||||
|
| |||||||||||
Energy–1.8% |
| |||||||||||
Energy Equipment & Services–0.5% |
| |||||||||||
Baker Hughes Co. | 362,708 | 10,467,724 | ||||||||||
Cactus, Inc. Class A | 13,560 | 559,078 | ||||||||||
ChampionX Corp. | 30,890 | 838,046 | ||||||||||
Helmerich & Payne, Inc. | 521 | 18,626 | ||||||||||
NOV, Inc. | 34,500 | 638,595 | ||||||||||
Patterson-UTI Energy, Inc. | 41,840 | 489,528 | ||||||||||
|
| |||||||||||
13,011,597 | ||||||||||||
|
| |||||||||||
Oil, Gas & Consumable Fuels–1.3% |
| |||||||||||
Cameco Corp. | 45,700 | 1,195,969 | ||||||||||
Chevron Corp. | 56,926 | 9,288,046 | ||||||||||
ConocoPhillips | 19,748 | 1,959,200 | ||||||||||
EOG Resources, Inc. | 115,652 | 13,257,074 | ||||||||||
HF Sinclair Corp. | 17,181 | 831,217 | ||||||||||
Magnolia Oil & Gas Corp.–Class A | 54,060 | 1,182,833 | ||||||||||
Matador Resources Co. | 16,290 | 776,218 | ||||||||||
Permian Resources Corp. | 55,018 | 577,689 | ||||||||||
Southwestern Energy Co.(c) | 87,770 | 438,850 | ||||||||||
Targa Resources Corp. | 8,310 | 606,214 | ||||||||||
|
| |||||||||||
30,113,310 | ||||||||||||
|
| |||||||||||
43,124,907 | ||||||||||||
|
|
Company | Shares | U.S. $ Value | ||||||||||
Materials–1.0% |
| |||||||||||
Chemicals–0.9% |
| |||||||||||
FMC Corp. | 8,150 | $ | 995,360 | |||||||||
Huntsman Corp. | 41,210 | 1,127,506 | ||||||||||
Innospec, Inc. | 1,550 | 159,139 | ||||||||||
Linde PLC | 26,302 | 9,348,782 | ||||||||||
LyondellBasell Industries NV–Class A | 114,946 | 10,792,280 | ||||||||||
|
| |||||||||||
22,423,067 | ||||||||||||
|
| |||||||||||
Containers & Packaging–0.1% |
| |||||||||||
Berry Global Group, Inc. | 23,530 | 1,385,917 | ||||||||||
|
| |||||||||||
Metals & Mining–0.0% |
| |||||||||||
ATI, Inc.(c) | 25,800 | 1,018,068 | ||||||||||
|
| |||||||||||
24,827,052 | ||||||||||||
|
| |||||||||||
Utilities–0.9% |
| |||||||||||
Electric Utilities–0.9% |
| |||||||||||
American Electric Power Co., Inc. | 116,858 | 10,632,819 | ||||||||||
IDACORP, Inc. | 13,146 | 1,424,106 | ||||||||||
NextEra Energy, Inc. | 116,378 | 8,970,416 | ||||||||||
|
| |||||||||||
21,027,341 | ||||||||||||
|
| |||||||||||
Gas Utilities–0.0% |
| |||||||||||
Southwest Gas Holdings, Inc. | 10,355 | 646,670 | ||||||||||
|
| |||||||||||
21,674,011 | ||||||||||||
|
| |||||||||||
Real Estate–0.9% |
| |||||||||||
Diversified REITs–0.0% |
| |||||||||||
Broadstone Net Lease, Inc.–Class A | 45,764 | 778,446 | ||||||||||
|
| |||||||||||
Health Care REITs–0.1% |
| |||||||||||
Physicians Realty Trust | 69,510 | 1,037,784 | ||||||||||
|
| |||||||||||
Industrial REITs–0.4% |
| |||||||||||
Prologis, Inc. | 61,872 | 7,719,770 | ||||||||||
STAG Industrial, Inc. | 36,120 | 1,221,578 | ||||||||||
|
| |||||||||||
8,941,348 | ||||||||||||
|
| |||||||||||
Residential REITs–0.0% |
| |||||||||||
Camden Property Trust | 8,862 | 929,092 | ||||||||||
|
| |||||||||||
Specialized REITs–0.4% |
| |||||||||||
American Tower Corp. | 37,724 | 7,708,522 | ||||||||||
CubeSmart | 25,667 | 1,186,329 | ||||||||||
|
| |||||||||||
8,894,851 | ||||||||||||
|
| |||||||||||
20,581,521 | ||||||||||||
|
| |||||||||||
Total Common Stocks (cost $627,570,304) | 1,139,394,107 | |||||||||||
|
|
2023 Semi-Annual Report | 27 |
Table of Contents
Schedule of Investments (continued)
Notional Amount | U.S. $ Value | |||||||||||
PURCHASED OPTIONS—PUTS –1.3% |
| |||||||||||
Options on Equity Indices–1.3% |
| |||||||||||
Euro STOXX 50 Index | EUR | 144,935,000 | $ | 4,119,898 | ||||||||
FTSE 100 Index | GBP | 61,512,000 | 1,470,458 | |||||||||
Nikkei 225 Index | JPY | 12,364,000,000 | 1,867,899 | |||||||||
S&P 500 Index | USD | 1,134,870,000 | 23,738,038 | |||||||||
|
| |||||||||||
Total Purchased Options—Puts (premiums paid $35,891,616) | 31,196,293 | |||||||||||
|
| |||||||||||
Total Investments—101.1% (cost $1,826,062,837) |
| 2,424,136,665 | ||||||||||
Other assets less liabilities—(1.1)% |
| (27,160,455 | ) | |||||||||
|
| |||||||||||
Net Assets—100.0% | $ | 2,396,976,210 | ||||||||||
|
|
FUTURES (see Note 3) |
| |||||||||||||
Description | Number of Contracts | Expiration Month | Current Notional | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Purchased Contracts |
| |||||||||||||
FTSE 100 Index Futures | 858 | June 2023 | $ | 80,853,330 | $ | 1,018,067 | ||||||||
Hang Seng Index Futures | 296 | April 2023 | 38,614,352 | 1,548,923 | ||||||||||
Nikkei 225 (OSE) Futures | 80 | June 2023 | 16,894,747 | 161,790 | ||||||||||
OMXS 30 Index Futures | 1,403 | April 2023 | 29,965,317 | 1,184,453 | ||||||||||
S&P 500 E-Mini Futures | 29 | June 2023 | 5,999,738 | 197,299 | ||||||||||
TOPIX Index Futures | 416 | June 2023 | 62,772,058 | (316,710 | ) | |||||||||
U.S. T-Note 2 Yr (CBT) Futures | 1,210 | June 2023 | 249,808,283 | 2,749,362 | ||||||||||
U.S. T-Note 10 Yr (CBT) Futures | 3,123 | June 2023 | 358,901,016 | 10,011,488 | ||||||||||
U.S. Ultra Bond (CBT) Futures | 862 | June 2023 | 121,649,750 | 4,005,626 | ||||||||||
Sold Contracts | ||||||||||||||
E-Mini Russell 2000 Index Futures | 679 | June 2023 | 61,568,325 | (792,514 | ) | |||||||||
Euro STOXX 50 Index Futures | 1,009 | June 2023 | 46,626,435 | (2,124,525 | ) | |||||||||
FTSE 100 Index Futures | 684 | June 2023 | 64,456,501 | (312,535 | ) | |||||||||
Hang Seng Index Futures | 345 | April 2023 | 45,006,592 | (274,731 | ) | |||||||||
MSCI Emerging Markets Futures | 1,376 | June 2023 | 68,490,400 | (2,641,113 | ) | |||||||||
MSCI Singapore IX ETS Futures | 1,039 | April 2023 | 23,909,961 | (442,218 | ) | |||||||||
S&P 500 E-Mini Futures | 370 | June 2023 | 76,548,375 | (1,677,858 | ) | |||||||||
S&P Mid 400 E-Mini Futures | 165 | June 2023 | 41,740,050 | (940,126 | ) | |||||||||
S&P/TSX 60 Index Futures | 715 | June 2023 | 127,943,470 | (1,952,690 | ) | |||||||||
SPI 200 Futures | 887 | June 2023 | 106,591,337 | (2,526,790 | ) | |||||||||
TOPIX Index Futures | 537 | June 2023 | 81,030,277 | (3,184,793 | ) | |||||||||
|
| |||||||||||||
$ | 3,690,405 | |||||||||||||
|
|
28 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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 | EUR | 84,271 | USD | 90,523 | 05/11/2023 | $ | (1,059,604 | ) | ||||||||||||||
Bank of America, NA | USD | 44,424 | EUR | 41,729 | 05/11/2023 | 925,871 | ||||||||||||||||
BNP Paribas SA | SEK | 499,653 | USD | 48,387 | 04/21/2023 | 199,519 | ||||||||||||||||
BNP Paribas SA | USD | 32,702 | JPY | 4,313,116 | 04/28/2023 | (104,932 | ) | |||||||||||||||
Citibank, NA | AUD | 51,632 | USD | 34,414 | 04/13/2023 | (109,956 | ) | |||||||||||||||
Citibank, NA | JPY | 12,041,716 | USD | 91,339 | 04/28/2023 | 332,522 | ||||||||||||||||
Citibank, NA | USD | 18,278 | JPY | 2,373,855 | 04/28/2023 | (337,036 | ) | |||||||||||||||
Goldman Sachs Bank USA | USD | 87,219 | EUR | 80,750 | 05/11/2023 | 536,467 | ||||||||||||||||
Goldman Sachs Bank USA | CHF | 32,750 | USD | 35,742 | 05/24/2023 | (245,389 | ) | |||||||||||||||
Goldman Sachs Bank USA | USD | 84,721 | CHF | 76,704 | 05/24/2023 | (433,652 | ) | |||||||||||||||
Goldman Sachs Bank USA | USD | 46,651 | CAD | 63,626 | 06/09/2023 | 476,735 | ||||||||||||||||
HSBC Bank USA | USD | 52,160 | SEK | 550,612 | 04/21/2023 | 941,661 | ||||||||||||||||
JPMorgan Chase Bank | NZD | 5,077 | USD | 3,275 | 04/20/2023 | 99,737 | ||||||||||||||||
JPMorgan Chase Bank | USD | 21,224 | NOK | 223,144 | 04/21/2023 | 105,963 | ||||||||||||||||
JPMorgan Chase Bank | USD | 5,272 | NOK | 52,359 | 04/21/2023 | (266,988 | ) | |||||||||||||||
JPMorgan Chase Bank | USD | 34,141 | GBP | 27,847 | 05/24/2023 | 246,114 | ||||||||||||||||
Morgan Stanley & Co., Inc. | USD | 87,926 | AUD | 127,579 | 04/13/2023 | (2,618,232 | ) | |||||||||||||||
Morgan Stanley & Co., Inc. | NOK | 170,201 | USD | 16,773 | 04/21/2023 | 503,519 | ||||||||||||||||
Morgan Stanley & Co., Inc. | SEK | 898,684 | USD | 86,581 | 04/21/2023 | (89,521 | ) | |||||||||||||||
Morgan Stanley & Co., Inc. | USD | 29,523 | SEK | 306,825 | 04/21/2023 | 67,158 | ||||||||||||||||
Morgan Stanley & Co., Inc. | JPY | 5,993,945 | USD | 45,151 | 04/28/2023 | (149,262 | ) | |||||||||||||||
Morgan Stanley & Co., Inc. | CHF | 127,190 | USD | 136,855 | 05/24/2023 | (2,909,159 | ) | |||||||||||||||
|
| |||||||||||||||||||||
$ | (3,888,465 | ) | ||||||||||||||||||||
|
|
CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) |
| |||||||||||||||||||||||||||||||
Description | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional | Market Value | Upfront Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
Sale Contracts | ||||||||||||||||||||||||||||||||
CDX-NAHY Series 39, | 5.00 | % | Quarterly | 4.69 | % | USD | 116,160 | $ | 1,589,070 | $ | 2,395,458 | $ | (806,388 | ) |
* Termination date
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 | 11,106 | 06/16/2023 | $ | (218,209 | ) |
(a) | Affiliated investments. |
(b) | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618. |
(c) | Non-income producing security. |
(d) | Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts. |
2023 Semi-Annual Report | 29 |
Table of Contents
Schedule of Investments (continued)
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
CDX-NAHY—North American High Yield Credit Default Swap Index
ETS—Emission Trading Scheme
FTSE—Financial Times Stock Exchange
MSCI—Morgan Stanley Capital International
OMXS—Stockholm Stock Exchange
OSE—Osaka Securities Exchange
SPI—Share Price Index
TOPIX—Tokyo Price Index
TSX—Toronto Stock Exchange
See notes to financial statements.
30 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Schedule of Investments
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Overlay B Portfolio
March 31, 2023 (Unaudited)
Principal Amount (000) | U.S. $ Value | |||||||||||
GOVERNMENTS—TREASURIES–27.5% |
| |||||||||||
Australia–0.2% |
| |||||||||||
Australia Government Bond | AUD | 518 | $ | 323,246 | ||||||||
Series 150 | 1,043 | 610,274 | ||||||||||
Series 165 | 1,088 | 636,146 | ||||||||||
|
| |||||||||||
1,569,666 | ||||||||||||
|
| |||||||||||
Austria–0.6% |
| |||||||||||
Republic of Austria Government Bond | EUR | 405 | 361,986 | |||||||||
0.90%, 02/20/2032(a) | 5,412 | 4,957,808 | ||||||||||
|
| |||||||||||
5,319,794 | ||||||||||||
|
| |||||||||||
Belgium–0.3% |
| |||||||||||
Kingdom of Belgium Government Bond |
| |||||||||||
Series 84 | 1,242 | 1,083,876 | ||||||||||
Series 96 | 1,442 | 1,469,485 | ||||||||||
|
| |||||||||||
2,553,361 | ||||||||||||
|
| |||||||||||
Canada–0.5% |
| |||||||||||
Canadian Government Bond | CAD | 2,305 | 1,275,024 | |||||||||
2.25%, 12/01/2029 | 808 | 575,620 | ||||||||||
2.75%, 09/01/2027 | 2,588 | 1,888,426 | ||||||||||
|
| |||||||||||
3,739,070 | ||||||||||||
|
| |||||||||||
China–1.0% |
| |||||||||||
China Government Bond | CNY | 13,960 | 2,030,534 | |||||||||
3.01%, 05/13/2028 | 19,890 | 2,937,197 | ||||||||||
3.81%, 09/14/2050 | 18,950 | 3,024,256 | ||||||||||
|
| |||||||||||
7,991,987 | ||||||||||||
|
| |||||||||||
Germany–0.6% |
| |||||||||||
Bundesrepublik Deutschland Bundesanleihe | EUR | 950 | 916,870 | |||||||||
1.80%, 08/15/2053(a) | 2,125 | 2,023,126 | ||||||||||
3.25%, 07/04/2042(a) | 1,775 | 2,163,282 | ||||||||||
|
| |||||||||||
5,103,278 | ||||||||||||
|
| |||||||||||
Indonesia–0.2% |
| |||||||||||
Indonesia Treasury Bond | IDR | 19,486,000 | 1,290,966 | |||||||||
|
|
Principal Amount (000) | U.S. $ Value | |||||||||||
Italy–0.3% |
| |||||||||||
Italy Buoni Poliennali Del Tesoro | EUR | 1,257 | $ | 1,398,988 | ||||||||
Series 13Y | 835 | 885,462 | ||||||||||
|
| |||||||||||
2,284,450 | ||||||||||||
|
| |||||||||||
Japan–2.1% |
| |||||||||||
Japan Government Five Year Bond |
| |||||||||||
Series 140 | JPY | 264,600 | 1,998,046 | |||||||||
Series 156 | 451,050 | 3,413,814 | ||||||||||
Japan Government Ten Year Bond | 632,600 | 4,806,092 | ||||||||||
Japan Government Thirty Year Bond | 198,950 | 1,265,324 | ||||||||||
Series 74 | 47,250 | 331,450 | ||||||||||
Japan Government Twenty Year Bond |
| |||||||||||
Series 140 | 146,450 | 1,238,656 | ||||||||||
Series 171 | 112,650 | 766,512 | ||||||||||
Series 183 | 532,450 | 4,265,415 | ||||||||||
|
| |||||||||||
18,085,309 | ||||||||||||
|
| |||||||||||
Malaysia–0.1% |
| |||||||||||
Malaysia Government Bond | MYR | 4,736 | 1,115,925 | |||||||||
|
| |||||||||||
Mexico–0.1% |
| |||||||||||
Mexican Bonos | MXN | 16,955 | 926,252 | |||||||||
|
| |||||||||||
South Korea–2.0% |
| |||||||||||
Korea Treasury Bond | KRW | 15,958,420 | 12,198,049 | |||||||||
Series 2703 | 6,846,450 | 5,072,748 | ||||||||||
|
| |||||||||||
17,270,797 | ||||||||||||
|
| |||||||||||
Spain–0.3% |
| |||||||||||
Spain Government Bond | EUR | 2,511 | 2,796,460 | |||||||||
|
| |||||||||||
United Kingdom–0.6% | ||||||||||||
United Kingdom Gilt | GBP | 2,808 | 1,897,792 | |||||||||
1.25%, 10/22/2041(a) | 825 | 670,840 | ||||||||||
1.25%, 07/31/2051(a) | 201 | 138,072 | ||||||||||
1.50%, 07/31/2053(a) | 1,097 | 790,356 |
2023 Semi-Annual Report | 31 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
1.75%, 09/07/2037(a) | GBP | 945 | $ | 905,626 | ||||||||
3.75%, 01/29/2038(a) | 647 | 792,912 | ||||||||||
|
| |||||||||||
5,195,598 | ||||||||||||
|
| |||||||||||
United States–18.6% |
| |||||||||||
U.S. Treasury Bonds | U.S.$ | 9,703 | 6,396,400 | |||||||||
1.25%, 05/15/2050 | 8,388 | 4,851,992 | ||||||||||
1.75%, 08/15/2041 | 6,975 | 5,039,582 | ||||||||||
1.875%, 02/15/2051 | 5,892 | 4,004,922 | ||||||||||
2.00%, 11/15/2041 | 2,643 | 1,988,556 | ||||||||||
2.00%, 02/15/2050 | 215 | 151,676 | ||||||||||
2.00%, 08/15/2051 | 5,771 | 4,039,560 | ||||||||||
2.25%, 08/15/2046 | 854 | 641,834 | ||||||||||
2.25%, 08/15/2049 | 590 | 441,578 | ||||||||||
2.25%, 02/15/2052 | 139 | 102,942 | ||||||||||
2.375%, 02/15/2042 | 1,485 | 1,191,160 | ||||||||||
2.375%, 11/15/2049 | 450 | 346,078 | ||||||||||
2.875%, 05/15/2049 | 905 | 770,946 | ||||||||||
2.875%, 05/15/2052 | 1,035 | 881,197 | ||||||||||
3.00%, 11/15/2045 | 169 | 146,554 | ||||||||||
3.00%, 08/15/2052 | 321 | 280,500 | ||||||||||
3.25%, 05/15/2042 | 2,114 | 1,947,046 | ||||||||||
3.375%, 08/15/2042 | 1,464 | 1,371,668 | ||||||||||
3.375%, 11/15/2048 | 495 | 461,278 | ||||||||||
3.625%, 08/15/2043 | 1,873 | 1,812,326 | ||||||||||
3.875%, 02/15/2043 | 789 | 794,470 | ||||||||||
4.00%, 11/15/2042 | 1,364 | 1,398,424 | ||||||||||
4.375%, 11/15/2039(b) | 5,290 | 5,768,580 | ||||||||||
U.S. Treasury Notes | 1,309 | 1,207,328 | ||||||||||
0.375%, 01/31/2026 | 5,434 | 4,929,838 | ||||||||||
0.625%, 07/31/2026 | 1,865 | 1,681,122 | ||||||||||
0.875%, 09/30/2026 | 6,397 | 5,788,832 | ||||||||||
1.25%, 11/30/2026(c) | 8,434 | 7,709,386 | ||||||||||
1.25%, 12/31/2026 | 1,505 | 1,373,782 | ||||||||||
1.25%, 08/15/2031 | 2,242 | 1,878,824 | ||||||||||
1.375%, 11/15/2031 | 4,369 | 3,684,212 | ||||||||||
1.50%, 02/15/2030(b) | 3,867 | 3,386,042 | ||||||||||
1.625%, 05/15/2026(c) | 6,600 | 6,174,000 | ||||||||||
1.875%, 02/28/2027 | 2,357 | 2,197,534 | ||||||||||
2.125%, 05/31/2026 | 5,545 | 5,266,018 | ||||||||||
2.25%, 02/15/2027(b) | 12,993 | 12,298,686 | ||||||||||
2.50%, 04/30/2024 | 5,719 | 5,590,322 | ||||||||||
2.75%, 04/30/2027 | 745 | 716,910 | ||||||||||
2.75%, 07/31/2027 | 7,319 | 7,040,626 | ||||||||||
2.875%, 09/30/2023 | 5,987 | 5,934,614 | ||||||||||
2.875%, 05/15/2032 | 5,146 | 4,893,006 | ||||||||||
3.125%, 08/31/2027 | 598 | 584,256 | ||||||||||
3.25%, 08/31/2024 | 6,518 | 6,415,762 | ||||||||||
3.50%, 01/31/2028 | 1,820 | 1,808,626 | ||||||||||
3.50%, 02/15/2033 | 965 | 965,754 | ||||||||||
3.875%, 11/30/2027 | 12,989 | 13,110,470 | ||||||||||
3.875%, 12/31/2027 | 2,990 | 3,019,066 | ||||||||||
4.125%, 09/30/2027 | 1,748 | 1,779,410 |
Principal Amount (000) | U.S. $ Value | |||||||||||
4.125%, 11/15/2032 | U.S.$ | 3,595 | $ | 3,774,960 | ||||||||
|
| |||||||||||
158,038,655 | ||||||||||||
|
| |||||||||||
Total Governments—Treasuries (cost $249,545,003) |
| 233,281,568 | ||||||||||
|
| |||||||||||
CORPORATES—INVESTMENT GRADE–20.0% |
| |||||||||||
Financial Institutions–9.6% |
| |||||||||||
Banking–7.2% | ||||||||||||
AIB Group PLC | EUR | 700 | 659,056 | |||||||||
7.583%, 10/14/2026(a) | U.S.$ | 1,524 | 1,561,444 | |||||||||
American Express Co. | 306 | 308,418 | ||||||||||
Banco de Credito del Peru S.A. | 1,095 | 987,074 | ||||||||||
Banco Santander SA | 1,600 | 1,500,656 | ||||||||||
Bank of America Corp. | 369 | 351,694 | ||||||||||
4.376%, 04/27/2028 | 1,066 | 1,033,530 | ||||||||||
Bank of Ireland Group PLC | EUR | 440 | 420,414 | |||||||||
6.253%, 09/16/2026(a) | U.S.$ | 497 | 495,240 | |||||||||
Banque Federative du Credit Mutuel SA | EUR | 500 | 520,696 | |||||||||
4.753%, 07/13/2027(a) | U.S.$ | 224 | 218,268 | |||||||||
4.935%, 01/26/2026(a) | 889 | 877,408 | ||||||||||
Barclays PLC | 573 | 489,490 | ||||||||||
7.385%, 11/02/2028 | 1,202 | 1,272,737 | ||||||||||
BNP Paribas SA | 498 | 414,624 | ||||||||||
4.625%, 02/25/2031(a)(d) | 1,469 | 1,086,795 | ||||||||||
7.375%, 08/19/2025(a)(d) | 200 | 189,482 | ||||||||||
BPCE SA | 665 | 664,148 | ||||||||||
CaixaBank SA | EUR | 100 | 97,686 | |||||||||
1.50%, 12/03/2026(a) | GBP | 100 | 108,530 | |||||||||
6.208%, 01/18/2029(a) | U.S.$ | 498 | 500,984 | |||||||||
Capital One Financial Corp. | 209 | 179,476 | ||||||||||
4.927%, 05/10/2028 | 180 | 173,032 | ||||||||||
5.468%, 02/01/2029 | 164 | 159,868 | ||||||||||
Citigroup, Inc. | ||||||||||||
2.666%, 01/29/2031 | 129 | 110,204 | ||||||||||
4.075%, 04/23/2029 | 415 | 395,486 | ||||||||||
8.87% (LIBOR 3 Month + 4.07%), 07/30/2023(d)(e) | 194 | 192,954 | ||||||||||
Series P | 367 | 348,400 | ||||||||||
Series W | 574 | 502,967 |
32 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Series Y | U.S.$ | 340 | $ | 278,011 | ||||||||
Citizens Financial Group, Inc. | 376 | 337,938 | ||||||||||
Commonwealth Bank of Australia | 311 | 262,074 | ||||||||||
Cooperatieve Rabobank UA | GBP | 495 | 558,906 | |||||||||
5.564%, 02/28/2029(a) | U.S.$ | 672 | 676,570 | |||||||||
Credit Suisse Group AG | 1,262 | 1,112,187 | ||||||||||
6.373%, 07/15/2026(a) | 832 | 808,954 | ||||||||||
Danske Bank A/S | 542 | 538,260 | ||||||||||
4.298%, 04/01/2028(a) | 497 | 468,079 | ||||||||||
6.466%, 01/09/2026(a) | 838 | 839,517 | ||||||||||
Deutsche Bank AG | EUR | 300 | 295,004 | |||||||||
Deutsche Bank AG/New York NY | U.S.$ | 272 | 234,054 | |||||||||
3.961%, 11/26/2025 | 455 | 430,158 | ||||||||||
6.119%, 07/14/2026 | 596 | 578,353 | ||||||||||
6.72%, 01/18/2029 | 255 | 253,898 | ||||||||||
Discover Bank | 300 | 276,526 | ||||||||||
Discover Financial Services | 221 | 228,094 | ||||||||||
Federation Des Caisses Desjard | 405 | 395,814 | ||||||||||
Federation des Caisses Desjardins du Quebec | 405 | 395,815 | ||||||||||
Goldman Sachs Group, Inc. (The) | GBP | 500 | 556,106 | |||||||||
Series V | U.S.$ | 676 | 561,702 | |||||||||
HSBC Holdings PLC | 463 | 378,354 | ||||||||||
5.21%, 08/11/2028 | 483 | 478,982 | ||||||||||
6.254%, 03/09/2034 | 900 | 940,860 | ||||||||||
7.336%, 11/03/2026 | 1,481 | 1,541,040 | ||||||||||
8.00%, 03/07/2028(d) | 467 | 466,856 | ||||||||||
8.113%, 11/03/2033 | 200 | 223,344 | ||||||||||
ING Groep NV | 281 | 259,524 | ||||||||||
Intesa Sanpaolo SpA | 970 | 944,780 | ||||||||||
7.00%, 11/21/2025(a) | 589 | 597,740 | ||||||||||
JPMorgan Chase & Co. | EUR | 427 | 425,946 | |||||||||
2.58%, 04/22/2032 | U.S.$ | 749 | 630,906 | |||||||||
4.005%, 04/23/2029 | 112 | 107,026 | ||||||||||
4.565%, 06/14/2030 | 779 | 758,270 | ||||||||||
Series X | 360 | 351,842 | ||||||||||
KBC Group NV | 750 | 754,605 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Lloyds Banking Group PLC | U.S.$ | 806 | $ | 813,052 | ||||||||
7.50%, 06/27/2024(d) | 216 | 203,896 | ||||||||||
7.953%, 11/15/2033 | 638 | 705,430 | ||||||||||
Mitsubishi UFJ Financial Group, Inc. | 850 | 856,706 | ||||||||||
Mizuho Financial Group, Inc. | 787 | 790,092 | ||||||||||
5.739%, 05/27/2031 | 672 | 685,534 | ||||||||||
Morgan Stanley | EUR | 677 | 641,447 | |||||||||
4.21%, 04/20/2028 | U.S.$ | 516 | 501,284 | |||||||||
4.656%, 03/02/2029 | EUR | 385 | 425,232 | |||||||||
4.813%, 10/25/2028 | 620 | 687,976 | ||||||||||
6.296%, 10/18/2028 | U.S.$ | 637 | 670,067 | |||||||||
Series G | 450 | 426,380 | ||||||||||
Nationwide Building Society | 1,007 | 912,875 | ||||||||||
5.895% (SOFR + 1.29%), | 584 | 558,596 | ||||||||||
NatWest Group PLC | EUR | 750 | 654,124 | |||||||||
4.269%, 03/22/2025 | U.S.$ | 666 | 652,794 | |||||||||
5.847%, 03/02/2027 | 254 | 254,580 | ||||||||||
7.472%, 11/10/2026 | 900 | 933,515 | ||||||||||
PNC Financial Services Group, Inc. (The) | 218 | 215,228 | ||||||||||
Series O | 56 | 55,472 | ||||||||||
Santander Holdings USA, Inc. | 585 | 506,019 | ||||||||||
4.26%, 06/09/2025 | 158 | 152,480 | ||||||||||
6.499%, 03/09/2029 | 793 | 792,500 | ||||||||||
Santander UK Group Holdings PLC | EUR | 151 | 130,512 | |||||||||
2.469%, 01/11/2028 | U.S.$ | 687 | 603,922 | |||||||||
6.833%, 11/21/2026 | 1,334 | 1,352,156 | ||||||||||
Societe Generale SA | 1,142 | 1,008,775 | ||||||||||
6.447%, 01/12/2027(a) | 678 | 676,204 | ||||||||||
Standard Chartered PLC | 455 | 403,416 | ||||||||||
3.971%, 03/30/2026(a) | 550 | 528,946 | ||||||||||
6.00%, 07/26/2025(a)(d) | 558 | 519,766 | ||||||||||
6.17%, 01/09/2027(a) | 200 | 200,966 | ||||||||||
6.312% (LIBOR 3 Month + 1.51%), 01/30/2027(a)(d)(e) | 1,100 | 925,397 | ||||||||||
7.776%, 11/16/2025(a) | 513 | 524,712 | ||||||||||
Svenska Handelsbanken AB | 300 | 239,916 | ||||||||||
Series . | 300 | 239,916 | ||||||||||
Swedbank AB | ||||||||||||
Series G | EUR | 695 | 699,474 |
2023 Semi-Annual Report | 33 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
Series NC5 | U.S.$ | 400 | $ | 380,300 | ||||||||
Truist Financial Corp. | 211 | 170,262 | ||||||||||
5.122%, 01/26/2034 | 576 | 561,087 | ||||||||||
UBS Group AG | 254 | 245,034 | ||||||||||
6.182% (SOFR + 1.58%), 05/12/2026(a)(e) | 845 | 841,628 | ||||||||||
7.00%, 02/19/2025(a)(d) | 400 | 376,476 | ||||||||||
UniCredit SpA | 202 | 176,620 | ||||||||||
2.569%, 09/22/2026(a) | 1,264 | 1,142,568 | ||||||||||
3.127%, 06/03/2032(a) | 554 | 434,840 | ||||||||||
US Bancorp | 423 | 362,426 | ||||||||||
Wells Fargo & Co. | 168 | 158,218 | ||||||||||
3.90%, 03/15/2026(d) | 195 | 171,269 | ||||||||||
Series BB | 195 | 171,269 | ||||||||||
|
| |||||||||||
61,108,210 | ||||||||||||
|
| |||||||||||
Brokerage–0.4% |
| |||||||||||
Charles Schwab Corp. (The) | 3 | 2,504 | ||||||||||
5.122% (SOFR + 0.52%), 05/13/2026(e) | 564 | 540,668 | ||||||||||
Series G | 210 | 199,010 | ||||||||||
Series I | 1,742 | 1,431,802 | ||||||||||
Nomura Holdings, Inc. | 1,197 | 1,198,376 | ||||||||||
|
| |||||||||||
3,372,360 | ||||||||||||
|
| |||||||||||
Finance–0.8% |
| |||||||||||
Air Lease Corp. | 114 | 95,186 | ||||||||||
2.875%, 01/15/2026 | 104 | 96,958 | ||||||||||
3.625%, 04/01/2027 | 51 | 47,354 | ||||||||||
Aircastle Ltd. | 1,604 | 1,383,145 | ||||||||||
4.125%, 05/01/2024 | 215 | 210,161 | ||||||||||
4.25%, 06/15/2026 | 249 | 235,614 | ||||||||||
5.25%, 08/11/2025(a) | 849 | 829,507 | ||||||||||
Aviation Capital Group LLC | 675 | 600,034 | ||||||||||
1.95%, 09/20/2026(a) | 285 | 246,671 | ||||||||||
3.50%, 11/01/2027(a) | 267 | 238,126 | ||||||||||
4.125%, 08/01/2025(a) | 12 | 11,414 | ||||||||||
4.375%, 01/30/2024(a) | 290 | 285,134 | ||||||||||
4.875%, 10/01/2025(a) | 271 | 261,311 | ||||||||||
5.50%, 12/15/2024(a) | 828 | 818,411 | ||||||||||
Synchrony Financial | 1,032 | 735,672 |
Principal Amount (000) | U.S. $ Value | |||||||||||
3.95%, 12/01/2027 | U.S.$ | 298 | $ | 252,788 | ||||||||
4.50%, 07/23/2025 | 109 | 98,953 | ||||||||||
4.875%, 06/13/2025 | 109 | 101,064 | ||||||||||
|
| |||||||||||
6,547,503 | ||||||||||||
|
| |||||||||||
Insurance–0.5% |
| |||||||||||
Alleghany Corp. | 474 | 447,802 | ||||||||||
Allianz SE | EUR | 200 | 176,908 | |||||||||
4.252%, 07/05/2052(a) | 300 | 299,410 | ||||||||||
Credit Agricole Assurances SA | 700 | 577,796 | ||||||||||
Guardian Life Insurance Co. of America (The) | U.S.$ | 423 | 367,680 | |||||||||
Nationwide Mutual Insurance Co. | 420 | 564,694 | ||||||||||
Swiss Re Finance Luxembourg SA | 800 | 751,888 | ||||||||||
Voya Financial, Inc. | 895 | 861,877 | ||||||||||
|
| |||||||||||
4,048,055 | ||||||||||||
|
| |||||||||||
REITs–0.7% |
| |||||||||||
American Tower Corp. | EUR | 720 | 651,720 | |||||||||
0.875%, 05/21/2029 | 880 | 767,802 | ||||||||||
3.65%, 03/15/2027 | U.S.$ | 413 | 392,044 | |||||||||
4.05%, 03/15/2032 | 208 | 190,381 | ||||||||||
Annington Funding PLC | GBP | 305 | 315,024 | |||||||||
Digital Euro Finco LLC | EUR | 820 | 830,241 | |||||||||
Essential Properties LP | U.S.$ | 533 | 393,424 | |||||||||
GLP Capital LP/GLP Financing II, Inc. | 955 | 779,729 | ||||||||||
Host Hotels & Resorts LP | 268 | 257,572 | ||||||||||
Series I | 189 | 160,210 | ||||||||||
Omega Healthcare Investors, Inc. | 425 | 310,296 | ||||||||||
3.625%, 10/01/2029 | 67 | 56,252 | ||||||||||
SBB Treasury Oyj | EUR | 366 | 223,530 | |||||||||
1.125%, 11/26/2029(a) | 111 | 65,604 | ||||||||||
Vornado Realty LP | 852 | 589,566 | ||||||||||
WPC Eurobond BV | EUR | 277 | 221,848 | |||||||||
1.35%, 04/15/2028 | 138 | 123,422 | ||||||||||
|
| |||||||||||
6,328,665 | ||||||||||||
|
| |||||||||||
81,404,793 | ||||||||||||
|
|
34 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Industrial–9.4% | ||||||||||||
Basic–0.5% | ||||||||||||
Air Products and Chemicals, Inc. | EUR | 650 | $ | 710,296 | ||||||||
Braskem Netherlands Finance BV | U.S.$ | 201 | 169,544 | |||||||||
7.25%, 02/13/2033(a) | 449 | 430,142 | ||||||||||
Celanese US Holdings LLC | 1,039 | 1,039,487 | ||||||||||
Freeport Indonesia PT | 585 | 569,388 | ||||||||||
Glencore Capital Finance DAC | EUR | 260 | 242,658 | |||||||||
LyondellBasell Industries NV | U.S.$ | 277 | 277,164 | |||||||||
Nucor Corp. | 180 | 176,770 | ||||||||||
Orbia Advance Corp. SAB de CV | 365 | 287,278 | ||||||||||
WRKCo, Inc. | 519 | 494,976 | ||||||||||
|
| |||||||||||
4,397,703 | ||||||||||||
|
| |||||||||||
Capital Goods–0.5% | ||||||||||||
CNH Industrial Capital LLC | 815 | 794,984 | ||||||||||
Flowserve Corp. | 530 | 420,953 | ||||||||||
Parker-Hannifin Corp. | ||||||||||||
3.25%, 06/14/2029 | 223 | 205,458 | ||||||||||
4.50%, 09/15/2029 | 667 | 662,584 | ||||||||||
Raytheon Technologies Corp. | 671 | 661,210 | ||||||||||
Regal Rexnord Corp. | 1,028 | 1,035,031 | ||||||||||
Trane Technologies Financing Ltd. | 159 | 164,379 | ||||||||||
Westinghouse Air Brake Technologies Corp. | 162 | 154,584 | ||||||||||
4.40%, 03/15/2024 | 343 | 338,428 | ||||||||||
|
| |||||||||||
4,437,611 | ||||||||||||
|
| |||||||||||
Communications—Media–0.8% | ||||||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 66 | 50,209 | ||||||||||
5.125%, 07/01/2049 | 100 | 78,980 | ||||||||||
5.375%, 05/01/2047 | 140 | 115,082 | ||||||||||
Discovery Communications LLC | 156 | 145,060 | ||||||||||
4.65%, 05/15/2050 | 115 | 87,686 | ||||||||||
5.20%, 09/20/2047 | 599 | 493,719 | ||||||||||
5.30%, 05/15/2049 | 96 | 80,082 | ||||||||||
Fox Corp. | 210 | 208,138 |
Principal Amount (000) | U.S. $ Value | |||||||||||
5.576%, 01/25/2049 | U.S.$ | 795 | $ | 760,386 | ||||||||
Interpublic Group of Cos., Inc. (The) | 725 | 709,782 | ||||||||||
Netflix, Inc. | 615 | 647,718 | ||||||||||
Paramount Global | 109 | 93,642 | ||||||||||
4.95%, 01/15/2031 | 675 | 622,356 | ||||||||||
Prosus NV | 604 | 548,130 | ||||||||||
3.68%, 01/21/2030(a) | 786 | 665,644 | ||||||||||
Tencent Holdings Ltd. | 525 | 343,646 | ||||||||||
Time Warner Cable LLC | 290 | 223,102 | ||||||||||
Warnermedia Holdings, Inc. | 206 | 194,068 | ||||||||||
4.279%, 03/15/2032(a) | 947 | 844,990 | ||||||||||
|
| |||||||||||
6,912,420 | ||||||||||||
|
| |||||||||||
Communications—Telecommunications–0.2% |
| |||||||||||
Bell Telephone Co. of Canada or Bell Canada (The) | CAD | 107 | 70,140 | |||||||||
4.55%, 02/09/2030 | 73 | 53,764 | ||||||||||
5.15%, 02/09/2053 | 181 | 130,968 | ||||||||||
5.85%, 11/10/2032 | 422 | 335,102 | ||||||||||
CK Hutchison Group Telecom Finance SA | EUR | 940 | 856,240 | |||||||||
TELUS Corp. | CAD | 542 | 410,086 | |||||||||
Vodafone Group PLC | AUD | 30 | 19,558 | |||||||||
|
| |||||||||||
1,875,858 | ||||||||||||
|
| |||||||||||
Consumer Cyclical—Automotive–0.7% |
| |||||||||||
General Motors Co. | U.S.$ | 169 | 171,955 | |||||||||
6.80%, 10/01/2027 | 100 | 105,757 | ||||||||||
General Motors Financial Co., Inc. | ||||||||||||
0.60%, 05/20/2027(a) | EUR | 755 | 707,548 | |||||||||
5.25%, 03/01/2026 | U.S.$ | 206 | 206,026 | |||||||||
Harley-Davidson Financial Services, Inc. | ||||||||||||
3.05%, 02/14/2027(a) | 1,711 | 1,534,236 | ||||||||||
6.50%, 03/10/2028(a) | 111 | 112,458 | ||||||||||
Lear Corp. | ||||||||||||
3.50%, 05/30/2030 | 43 | 37,930 | ||||||||||
4.25%, 05/15/2029 | 603 | 570,812 | ||||||||||
Mercedes-Benz Finance North America LLC | 408 | 408,342 | ||||||||||
Nissan Motor Acceptance Co. LLC | ||||||||||||
1.85%, 09/16/2026(a) | 175 | 151,362 | ||||||||||
2.45%, 09/15/2028(a) | 288 | 233,442 |
2023 Semi-Annual Report | 35 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
Nissan Motor Co., Ltd. | U.S.$ | 1,550 | $ | 1,442,352 | ||||||||
Volkswagen International Finance NV | EUR | 400 | 409,078 | |||||||||
|
| |||||||||||
6,091,298 | ||||||||||||
|
| |||||||||||
Consumer Cyclical—Entertainment–0.1% |
| |||||||||||
Hasbro, Inc. | U.S.$ | 626 | 570,092 | |||||||||
|
| |||||||||||
Consumer Cyclical—Other–0.3% |
| |||||||||||
Las Vegas Sands Corp. | 1,121 | 1,012,453 | ||||||||||
Marriott International, Inc./MD | 716 | 709,363 | ||||||||||
Series EE | 77 | 77,878 | ||||||||||
MDC Holdings, Inc. | 1,027 | 891,713 | ||||||||||
|
| |||||||||||
2,691,407 | ||||||||||||
|
| |||||||||||
Consumer Cyclical—Retailers–0.4% |
| |||||||||||
Advance Auto Parts, Inc. | 16 | 13,600 | ||||||||||
3.90%, 04/15/2030 | 1,234 | 1,122,804 | ||||||||||
AutoNation, Inc. | 195 | 180,332 | ||||||||||
3.85%, 03/01/2032 | 22 | 18,748 | ||||||||||
4.75%, 06/01/2030 | 65 | 61,260 | ||||||||||
Lowe’s Cos., Inc. | 406 | 408,245 | ||||||||||
PVH Corp. | EUR | 385 | 387,892 | |||||||||
Ross Stores, Inc. | U.S.$ | 1,097 | 1,089,497 | |||||||||
VF Corp. | ||||||||||||
4.125%, 03/07/2026 | EUR | 170 | 184,986 | |||||||||
4.25%, 03/07/2029 | 179 | 193,594 | ||||||||||
|
| |||||||||||
3,660,958 | ||||||||||||
|
| |||||||||||
Consumer Non-Cyclical–0.9% | ||||||||||||
Altria Group, Inc. | ||||||||||||
3.125%, 06/15/2031 | 768 | 711,318 | ||||||||||
3.40%, 05/06/2030 | U.S.$ | 985 | 876,670 | |||||||||
4.80%, 02/14/2029 | 200 | 198,596 | ||||||||||
Amgen, Inc. | 481 | 406,026 | ||||||||||
BAT Capital Corp. | ||||||||||||
2.259%, 03/25/2028 | 1,614 | 1,386,184 | ||||||||||
4.70%, 04/02/2027 | 245 | 240,440 | ||||||||||
4.906%, 04/02/2030 | 292 | 281,680 | ||||||||||
7.75%, 10/19/2032 | 125 | 138,630 | ||||||||||
Cargill, Inc. | 446 | 460,508 | ||||||||||
Cigna Group (The) | 416 | 409,760 | ||||||||||
CVS Health Corp. | 32 | 31,431 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Ochsner LSU Health System of North Louisiana | U.S.$ | 810 | $ | 605,410 | ||||||||
Philip Morris International, Inc. | 594 | 598,354 | ||||||||||
5.00%, 11/17/2025 | 390 | 393,326 | ||||||||||
5.625%, 11/17/2029 | 138 | 144,236 | ||||||||||
Takeda Pharmaceutical Co., Ltd. | 225 | 223,378 | ||||||||||
Zoetis, Inc. | 646 | 657,377 | ||||||||||
|
| |||||||||||
7,763,324 | ||||||||||||
|
| |||||||||||
Energy–1.5% | ||||||||||||
BP Capital Markets America, Inc. | 1,736 | 1,204,333 | ||||||||||
BP Capital Markets PLC | ||||||||||||
3.25%, 03/22/2026(a)(d) | EUR | 218 | 218,408 | |||||||||
3.625%, 03/22/2029(a)(d) | 578 | 546,142 | ||||||||||
Continental Resources, Inc./OK | ||||||||||||
2.875%, 04/01/2032(a) | U.S.$ | 796 | 617,974 | |||||||||
5.75%, 01/15/2031(a) | 905 | 868,510 | ||||||||||
Devon Energy Corp. | 383 | 366,898 | ||||||||||
Ecopetrol SA | ||||||||||||
4.625%, 11/02/2031 | 101 | 77,230 | ||||||||||
5.875%, 11/02/2051 | 358 | 238,518 | ||||||||||
6.875%, 04/29/2030 | 80 | 73,204 | ||||||||||
Enbridge Pipelines, Inc. | CAD | 192 | 123,336 | |||||||||
Enbridge, Inc. | 186 | 148,550 | ||||||||||
Energy Transfer LP | U.S.$ | 407 | 390,724 | |||||||||
Eni SpA | 350 | 330,282 | ||||||||||
Series NC9 | ||||||||||||
3.375%, 07/13/2029(a)(d) | EUR | 590 | 532,736 | |||||||||
EQT Corp. | U.S.$ | 388 | 388,916 | |||||||||
Marathon Petroleum Corp. | 269 | 271,400 | ||||||||||
Oleoducto Central SA | 1,046 | 899,429 | ||||||||||
ONEOK Partners LP | 72 | 70,946 | ||||||||||
ONEOK, Inc. | ||||||||||||
3.40%, 09/01/2029 | 37 | 32,954 | ||||||||||
4.00%, 07/13/2027 | 263 | 251,386 | ||||||||||
4.35%, 03/15/2029 | 333 | 315,138 | ||||||||||
6.10%, 11/15/2032 | 78 | 80,780 | ||||||||||
6.35%, 01/15/2031 | 438 | 457,553 | ||||||||||
Plains All American Pipeline LP/PAA Finance Corp. | 287 | 256,652 |
36 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Suncor Energy, Inc. | ||||||||||||
6.50%, 06/15/2038 | U.S.$ | 166 | $ | 178,108 | ||||||||
6.80%, 05/15/2038 | 436 | 478,810 | ||||||||||
6.85%, 06/01/2039 | 281 | 307,538 | ||||||||||
TotalEnergies SE | EUR | 505 | 474,454 | |||||||||
Series NC7 | 304 | 272,596 | ||||||||||
Var Energi ASA | ||||||||||||
7.50%, 01/15/2028(a) | U.S.$ | 1,430 | 1,503,058 | |||||||||
8.00%, 11/15/2032(a) | 749 | 801,760 | ||||||||||
|
| |||||||||||
12,778,323 | ||||||||||||
|
| |||||||||||
Services–0.8% | ||||||||||||
Alibaba Group Holding Ltd. | 1,590 | 1,306,710 | ||||||||||
Amazon.com, Inc. | 1,024 | 1,039,370 | ||||||||||
Booking Holdings, Inc. | EUR | 805 | 908,126 | |||||||||
4.625%, 04/13/2030 | U.S.$ | 585 | 584,316 | |||||||||
Chicago Parking Meters LLC | 800 | 782,965 | ||||||||||
Expedia Group, Inc. | 159 | 156,370 | ||||||||||
6.25%, 05/01/2025(a) | 33 | 33,443 | ||||||||||
Global Payments, Inc. | 253 | 222,850 | ||||||||||
4.875%, 03/17/2031 | EUR | 232 | 251,558 | |||||||||
5.30%, 08/15/2029 | U.S.$ | 281 | 277,904 | |||||||||
5.40%, 08/15/2032 | 343 | 335,900 | ||||||||||
S&P Global, Inc. | 232 | 228,787 | ||||||||||
4.75%, 08/01/2028 | 51 | 51,700 | ||||||||||
Verisk Analytics, Inc. | 262 | 275,092 | ||||||||||
|
| |||||||||||
6,455,091 | ||||||||||||
|
| |||||||||||
Technology–2.3% | ||||||||||||
Apple, Inc. | 417 | 372,098 | ||||||||||
Broadcom, Inc. | ||||||||||||
3.137%, 11/15/2035(a) | 70 | 53,946 | ||||||||||
3.187%, 11/15/2036(a) | 479 | 363,048 | ||||||||||
4.00%, 04/15/2029(a) | 83 | 77,722 | ||||||||||
4.15%, 11/15/2030 | 128 | 118,652 | ||||||||||
4.15%, 04/15/2032(a) | 202 | 184,180 | ||||||||||
4.926%, 05/15/2037(a) | 298 | 270,384 | ||||||||||
Dell International LLC/EMC Corp. | 252 | 258,646 | ||||||||||
Entegris Escrow Corp. | 1,249 | 1,178,718 | ||||||||||
Fidelity National Information Services, Inc. | EUR | 691 | 643,726 | |||||||||
1.50%, 05/21/2027 | 126 | 124,474 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Fiserv, Inc. | EUR | 193 | $ | 176,586 | ||||||||
3.50%, 07/01/2029 | U.S.$ | 758 | 703,514 | |||||||||
Honeywell International, Inc. | EUR | 1,000 | 1,100,486 | |||||||||
HP, Inc. | U.S.$ | 1,248 | 1,236,531 | |||||||||
Infor, Inc. | 398 | 362,860 | ||||||||||
Intel Corp. | 986 | 913,134 | ||||||||||
5.90%, 02/10/2063 | 417 | 428,792 | ||||||||||
International Business Machines Corp. | 794 | 792,165 | ||||||||||
4.90%, 07/27/2052 | 788 | 737,166 | ||||||||||
KLA Corp. | 108 | 106,332 | ||||||||||
5.25%, 07/15/2062 | 524 | 530,010 | ||||||||||
Kyndryl Holdings, Inc. | 1,611 | 1,408,062 | ||||||||||
Lenovo Group Ltd. | 1,318 | 1,325,604 | ||||||||||
6.536%, 07/27/2032(a) | 280 | 283,378 | ||||||||||
Micron Technology, Inc. | 1,044 | 1,110,722 | ||||||||||
NXP BV/NXP Funding LLC | 445 | 454,710 | ||||||||||
NXP BV/NXP Funding LLC/NXP USA, Inc. | 261 | 234,652 | ||||||||||
Oracle Corp. | 441 | 377,382 | ||||||||||
3.60%, 04/01/2040 | 163 | 126,306 | ||||||||||
5.375%, 07/15/2040 | 89 | 85,202 | ||||||||||
6.90%, 11/09/2052 | 477 | 534,684 | ||||||||||
QUALCOMM, Inc. | 395 | 448,890 | ||||||||||
SK Hynix, Inc. | 468 | 349,208 | ||||||||||
6.375%, 01/17/2028(a) | 275 | 276,032 | ||||||||||
TSMC Arizona Corp. | 504 | 492,434 | ||||||||||
VeriSign, Inc. | 84 | 71,440 | ||||||||||
Western Digital Corp. | 462 | 376,152 | ||||||||||
3.10%, 02/01/2032 | 658 | 496,948 | ||||||||||
Workday, Inc. | 82 | 76,816 | ||||||||||
|
| |||||||||||
19,261,792 | ||||||||||||
|
| |||||||||||
Transportation—Airlines–0.1% | ||||||||||||
Delta Air Lines, Inc./SkyMiles IP Ltd. | 448 | 439,788 | ||||||||||
4.75%, 10/20/2028(a) | 563 | 540,092 | ||||||||||
|
| |||||||||||
979,880 | ||||||||||||
|
|
2023 Semi-Annual Report | 37 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
Transportation—Railroads–0.1% | ||||||||||||
Lima Metro Line 2 Finance Ltd. | U.S.$ | 386 | $ | 337,460 | ||||||||
|
| |||||||||||
Transportation—Services–0.2% | ||||||||||||
ENA Master Trust | 1,113 | 827,098 | ||||||||||
FedEx Corp. | EUR | 423 | 369,882 | |||||||||
Heathrow Funding Ltd. | GBP | 290 | 306,716 | |||||||||
6.45%, 12/10/2031(a) | 300 | 393,842 | ||||||||||
|
| |||||||||||
1,897,538 | ||||||||||||
|
| |||||||||||
80,110,755 | ||||||||||||
|
| |||||||||||
Utility–1.0% | ||||||||||||
Electric–0.8% | ||||||||||||
Adani Transmission Step-One Ltd. | U.S.$ | 328 | 273,880 | |||||||||
AES Panama Generation Holdings SRL | 731 | 625,299 | ||||||||||
Berkshire Hathaway Energy Co. | 209 | 230,492 | ||||||||||
Chile Electricity Pec SpA | 910 | 674,993 | ||||||||||
Duke Energy Carolinas NC Storm Funding LLC | 542 | 415,388 | ||||||||||
E.ON International Finance BV | GBP | 375 | 486,960 | |||||||||
Electricite de France SA | EUR | 400 | 363,598 | |||||||||
5.875%, 07/18/2031 | GBP | 230 | 285,950 | |||||||||
Enel Finance International NV | U.S.$ | 800 | 892,088 | |||||||||
Engie Energia Chile SA | 543 | 442,307 | ||||||||||
Iberdrola International BV | EUR | 500 | 461,942 | |||||||||
NextEra Energy Capital Holdings, Inc. | U.S.$ | 143 | 145,508 | |||||||||
NRG Energy, Inc. | 1,206 | 1,253,432 | ||||||||||
Public Service Enterprise Group, Inc. | 510 | 530,236 | ||||||||||
|
| |||||||||||
7,082,073 | ||||||||||||
|
| |||||||||||
Natural Gas–0.1% | ||||||||||||
Centrica PLC | GBP | 600 | 695,395 | |||||||||
|
| |||||||||||
Other Utility–0.1% | ||||||||||||
American Water Capital Corp. | U.S.$ | 132 | 123,984 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Thames Water Utilities Finance PLC | GBP | 360 | $ | 474,085 | ||||||||
|
| |||||||||||
598,069 | ||||||||||||
|
| |||||||||||
8,375,537 | ||||||||||||
|
| |||||||||||
Total Corporates—Investment Grade (cost $181,092,369) | 169,891,085 | |||||||||||
|
| |||||||||||
INFLATION-LINKED SECURITIES–19.2% |
| |||||||||||
United States–19.2% |
| |||||||||||
U.S. Treasury Inflation Index | ||||||||||||
0.125%, 07/15/2024 (TIPS) | U.S.$ | 19,129 | 18,743,582 | |||||||||
0.125%, 07/15/2026 (TIPS) | 17,461 | 16,811,204 | ||||||||||
0.125%, 10/15/2026 (TIPS) | 4,906 | 4,708,738 | ||||||||||
0.125%, 07/15/2030 (TIPS) | 69,544 | 64,686,849 | ||||||||||
0.375%, 07/15/2027 (TIPS) | 20,343 | 19,643,992 | ||||||||||
2.50%, 01/15/2029 (TIPS) | 35,459 | 37,957,558 | ||||||||||
|
| |||||||||||
Total Inflation-Linked Securities (cost $162,205,008) | 162,551,923 | |||||||||||
|
| |||||||||||
MORTGAGE PASS-THROUGHS–8.0% |
| |||||||||||
Agency Fixed Rate 30-Year–7.8% | ||||||||||||
Federal Home Loan Mortgage Corp. | 583 | 550,226 | ||||||||||
3.50%, 10/01/2049 | 167 | 157,744 | ||||||||||
3.50%, 11/01/2049 | 218 | 205,282 | ||||||||||
4.00%, 06/01/2049 | 282 | 274,034 | ||||||||||
Series 2020 | 994 | 939,354 | ||||||||||
Series 2022 | 2,139 | 1,774,658 | ||||||||||
2.50%, 04/01/2052 | 3,451 | 2,988,626 | ||||||||||
3.00%, 03/01/2052 | 1,383 | 1,246,862 | ||||||||||
Federal Home Loan Mortgage Corp. Gold | 517 | 507,284 | ||||||||||
Series 2017 | 340 | 333,166 | ||||||||||
Series 2018 | 130 | 129,606 | ||||||||||
4.50%, 11/01/2048 | 393 | 392,178 | ||||||||||
5.00%, 11/01/2048 | 146 | 148,336 | ||||||||||
Series 2019 | 313 | 312,578 | ||||||||||
Federal National Mortgage Association | 120 | 126,100 | ||||||||||
Series 2010 | 212 | 207,604 | ||||||||||
Series 2012 | 207 | 198,286 | ||||||||||
3.50%, 11/01/2042 | 2,160 | 2,067,944 |
38 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
3.50%, 01/01/2043 | U.S.$ | 365 | $ | 349,080 | ||||||||
Series 2013 | 6 | 5,684 | ||||||||||
3.50%, 04/01/2043 | 1,233 | 1,170,802 | ||||||||||
4.00%, 10/01/2043 | 606 | 593,140 | ||||||||||
Series 2014 | 332 | 347,606 | ||||||||||
Series 2015 | 80 | 73,070 | ||||||||||
3.00%, 08/01/2045 | 601 | 551,938 | ||||||||||
Series 2018 | 1,220 | 1,154,135 | ||||||||||
4.50%, 09/01/2048 | 1,054 | 1,051,550 | ||||||||||
Series 2019 | 457 | 430,498 | ||||||||||
Series 2020 | 1,205 | 1,137,150 | ||||||||||
Series 2021 | 2,235 | 1,849,458 | ||||||||||
2.50%, 01/01/2052 | 1,413 | 1,224,386 | ||||||||||
Series 2022 | 1,530 | 1,321,990 | ||||||||||
2.50%, 04/01/2052 | 1,837 | 1,589,946 | ||||||||||
2.50%, 05/01/2052 | 2,090 | 1,809,084 | ||||||||||
3.00%, 02/01/2052 | 3,040 | 2,743,813 | ||||||||||
3.00%, 03/01/2052 | 2,092 | 1,886,630 | ||||||||||
Government National Mortgage Association | 66 | 61,016 | ||||||||||
3.00%, 05/20/2046 | 176 | 162,452 | ||||||||||
Series 2022 | 2,763 | 2,766,754 | ||||||||||
Series 2023 | 308 | 280,994 | ||||||||||
4.00%, 04/01/2053, TBA | 1,108 | 1,065,674 | ||||||||||
4.50%, 04/01/2053, TBA | 8,414 | 8,286,484 | ||||||||||
5.00%, 04/01/2053, TBA | 7,464 | 7,470,604 | ||||||||||
Uniform Mortgage-Backed Security | 5,012 | 4,141,320 | ||||||||||
2.50%, 04/01/2053, TBA | 2,858 | 2,463,368 | ||||||||||
3.00%, 04/01/2053, TBA | 1,068 | 957,144 | ||||||||||
4.00%, 04/01/2053, TBA | 1,112 | 1,064,194 | ||||||||||
4.50%, 04/01/2053, TBA | 1,924 | 1,884,618 | ||||||||||
5.50%, 04/01/2053, TBA | 4,060 | 4,100,224 | ||||||||||
|
| |||||||||||
66,554,674 | ||||||||||||
|
| |||||||||||
Agency Fixed Rate 15-Year–0.2% | ||||||||||||
Federal National Mortgage Association | 27 | 25,510 | ||||||||||
2.50%, 06/01/2028 | 6 | 5,500 | ||||||||||
Series 2014 | 84 | 79,926 | ||||||||||
Series 2016 | 19 | 17,654 |
Principal Amount (000) | U.S. $ Value | |||||||||||
2.50%, 12/01/2031 | U.S.$ | 1,393 | $ | 1,316,850 | ||||||||
2.50%, 01/01/2032 | 31 | 29,540 | ||||||||||
Series 2017 | 94 | 88,612 | ||||||||||
|
| |||||||||||
1,563,592 | ||||||||||||
|
| |||||||||||
Total Mortgage Pass-Throughs (cost $70,641,512) | 68,118,266 | |||||||||||
|
| |||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 4.3% |
| |||||||||||
Risk Share Floating Rate–4.1% | ||||||||||||
Bellemeade Re Ltd. | 227 | 226,166 | ||||||||||
Series 2019-3A, Class M1C | 431 | 429,422 | ||||||||||
Series 2019-4A, Class M1C | 177 | 177,666 | ||||||||||
Series 2019-4A, Class M2 | 330 | 328,740 | ||||||||||
Series 2021-1A, Class M1C | 602 | 601,448 | ||||||||||
Series 2021-2A, Class M1B | 918 | 900,526 | ||||||||||
Series 2021-3A, Class A2 | 878 | 852,168 | ||||||||||
Series 2022-1, Class M1B | 335 | 330,850 | ||||||||||
Series 2022-2, Class M1A | 1,387 | 1,388,826 | ||||||||||
Connecticut Avenue Securities Trust | 32 | 31,661 | ||||||||||
Series 2019-R02, Class 1M2 | 15 | 14,859 | ||||||||||
Series 2019-R03, Class 1M2 | 12 | 12,433 | ||||||||||
Series 2019-R07, Class 1M2 | 70 | 70,714 | ||||||||||
Series 2020-R01, Class 1M2 | 250 | 251,268 |
2023 Semi-Annual Report | 39 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
Series 2020-R02, Class 2M2 | U.S.$ | 202 | $ | 200,560 | ||||||||
Series 2021-R01, Class 1M1 | 13 | 12,612 | ||||||||||
Series 2021-R01, Class 1M2 | 48 | 46,336 | ||||||||||
Series 2021-R03, Class 1M2 | 200 | 189,256 | ||||||||||
Series 2022-R01, Class 1M2 | 1,987 | 1,901,733 | ||||||||||
Series 2022-R02, Class 2M1 | 415 | 411,454 | ||||||||||
Series 2022-R02, Class 2M2 | 602 | 571,164 | ||||||||||
Series 2022-R03, Class 1M2 | 1,602 | 1,611,734 | ||||||||||
Series 2022-R04, Class 1M2 | 130 | 128,318 | ||||||||||
Series 2022-R05, Class 2M2 | 1,234 | 1,203,046 | ||||||||||
Series 2022-R06, Class 1M1 | 507 | 515,040 | ||||||||||
Series 2022-R07, Class 1M1 | 686 | 697,984 | ||||||||||
Series 2022-R08, Class 1M1 | 720 | 724,060 | ||||||||||
Series 2023-R01, Class 1M1 | 1,011 | 1,013,668 | ||||||||||
Series 2023-R02, Class 1M1 | 1,054 | 1,052,964 | ||||||||||
Eagle Re Ltd. | 208 | 207,396 | ||||||||||
Series 2018-1, Class M2 | 295 | 296,036 | ||||||||||
Series 2021-2, Class M1B | 216 | 213,648 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes | U.S.$ | 134 | $ | 135,688 | ||||||||
Series 2015-DNA1, Class M3 | 57 | 57,098 | ||||||||||
Series 2015-HQA2, Class M3 | 82 | 84,842 | ||||||||||
Series 2019-DNA3, Class M2 | 35 | 34,676 | ||||||||||
Series 2019-DNA4, Class M2 | 61 | 60,526 | ||||||||||
Series 2020-DNA1, Class M2 | 153 | 151,798 | ||||||||||
Series 2020-DNA5, Class M2 | 588 | 594,885 | ||||||||||
Series 2021-DNA3, Class M1 | 186 | 184,764 | ||||||||||
Series 2021-DNA5, Class M2 | 468 | 459,646 | ||||||||||
Series 2021-DNA6, Class M1 | 57 | 56,950 | ||||||||||
Series 2021-DNA6, Class M2 | 1,965 | 1,869,331 | ||||||||||
Series 2021-DNA7, Class M2 | 2,181 | 2,071,902 | ||||||||||
Series 2021-HQA4, Class M1 | 462 | 444,722 | ||||||||||
Series 2021-HQA4, Class M2 | 415 | 373,346 | ||||||||||
Series 2022-DNA1, Class M1B | 731 | 690,678 | ||||||||||
Series 2022-DNA2, Class M1B | 561 | 544,786 | ||||||||||
Series 2022-DNA3, Class M1A | 336 | 336,482 | ||||||||||
Series 2022-DNA3, Class M1B | 239 | 237,638 |
40 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Series 2022-DNA4, Class M1B | U.S.$ | 878 | $ | 884,116 | ||||||||
Series 2022-DNA5, Class M1B | 1,591 | 1,650,304 | ||||||||||
Series 2022-DNA6, Class M1A | 534 | 535,474 | ||||||||||
Series 2022-DNA7, Class M1A | 1,356 | 1,366,270 | ||||||||||
Series 2022-HQA1, Class M1B | 134 | 132,919 | ||||||||||
Series 2023-DNA1, Class M1A | 772 | 773,492 | ||||||||||
Federal National Mortgage Association Connecticut Avenue Securities | 196 | 204,618 | ||||||||||
Series 2014-C04, Class 2M2 | 19 | 18,950 | ||||||||||
Series 2015-C01, Class 1M2 | 120 | 123,916 | ||||||||||
Series 2015-C02, Class 1M2 | 194 | 200,630 | ||||||||||
Series 2015-C03, Class 1M2 | 217 | 226,374 | ||||||||||
Series 2015-C04, Class 1M2 | 315 | 336,674 | ||||||||||
Series 2015-C04, Class 2M2 | 170 | 177,452 | ||||||||||
Series 2016-C01, Class 2M2 | 50 | 53,358 | ||||||||||
Series 2016-C02, Class 1M2 | 140 | 147,222 | ||||||||||
Series 2017-C04, Class 2M2 | 335 | 340,660 | ||||||||||
Series 2021-R02, Class 2M2 | 630 | 584,738 | ||||||||||
JPMorgan Madison Avenue Securities Trust | 20 | 19,010 |
Principal Amount (000) | U.S. $ Value | |||||||||||
PMT Credit Risk Transfer Trust | U.S.$ | 591 | $ | 577,092 | ||||||||
Series 2019-3R, Class A | 64 | 61,626 | ||||||||||
Series 2020-1R, Class A | 145 | 139,431 | ||||||||||
Radnor Re Ltd. | 809 | 808,863 | ||||||||||
Traingle Re Ltd. | 257 | 254,572 | ||||||||||
Wells Fargo Credit Risk Transfer Securities Trust | 125 | 116,166 | ||||||||||
Series 2015-WF1, Class 2M2 | 31 | 29,374 | ||||||||||
|
| |||||||||||
34,766,815 | ||||||||||||
|
| |||||||||||
Agency Floating Rate–0.2% |
| |||||||||||
Federal Home Loan Mortgage Corp. REMICs | 1,288 | 149,042 | ||||||||||
Series 4719, Class JS | 388 | 44,676 | ||||||||||
Series 4954, Class SL | 1,330 | 145,070 | ||||||||||
Series 4981, Class HS | 3,143 | 347,069 | ||||||||||
Federal National Mortgage Association REMICs | 453 | 49,468 | ||||||||||
Series 2016-77, Class DS | 1,056 | 114,302 | ||||||||||
Series 2017-62, Class AS | 502 | 61,666 | ||||||||||
Series 2017-97, Class LS | 1,021 | 126,896 |
2023 Semi-Annual Report | 41 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
Series 2017-97, Class SW | U.S.$ | 529 | $ | 61,852 | ||||||||
Government National Mortgage Association | 625 | 72,000 | ||||||||||
Series 2017-122, Class SA | 499 | 60,580 | ||||||||||
Series 2017-134, Class SE | 360 | 36,164 | ||||||||||
|
| |||||||||||
1,268,785 | ||||||||||||
|
| |||||||||||
Non-Agency Floating Rate–0.0% |
| |||||||||||
JPMorgan Chase Bank, NA | 121 | 114,082 | ||||||||||
|
| |||||||||||
Total Collateralized Mortgage Obligations (cost $36,317,595) |
| 36,149,682 | ||||||||||
|
| |||||||||||
Shares | ||||||||||||
INVESTMENT COMPANIES–3.8% |
| |||||||||||
Funds and Investment Trusts–3.8%(i)(j) |
| |||||||||||
AB All Market Real Return | 3,721,380 | 32,003,866 | ||||||||||
|
| |||||||||||
Principal Amount (000) | ||||||||||||
ASSET-BACKED SECURITIES–3.6% |
| |||||||||||
Autos—Fixed Rate–1.8% |
| |||||||||||
ACM Auto Trust | U.S.$ | 746 | 745,494 | |||||||||
Avis Budget Rental Car Funding AESOP LLC | 399 | 398,932 | ||||||||||
Carvana Auto Receivables Trust | 313 | 297,826 | ||||||||||
Series 2021-N4, Class D | 215 | 199,463 | ||||||||||
Series 2021-P4, Class D | 596 | 501,842 | ||||||||||
CPS Auto Receivables Trust | 740 | 683,824 | ||||||||||
Series 2022-A, Class C | 824 | 777,089 |
Principal Amount (000) | U.S. $ Value | |||||||||||
DT Auto Owner Trust | U.S.$ | 1,154 | $ | 1,151,638 | ||||||||
FHF Trust | 239 | 227,966 | ||||||||||
First Investors Auto Owner Trust | 498 | 501,220 | ||||||||||
Ford Credit Auto Owner Trust | 824 | 720,640 | ||||||||||
Hertz Vehicle Financing III LLC | 380 | 347,838 | ||||||||||
LAD Auto Receivables Trust | 328 | 317,944 | ||||||||||
Series 2022-1A, Class A | 755 | 750,983 | ||||||||||
Lendbuzz Securitization Trust | 1,759 | 1,760,974 | ||||||||||
Prestige Auto Receivables Trust | 681 | 680,906 | ||||||||||
Research-Driven Pagaya Motor Asset Trust VII | 939 | 921,957 | ||||||||||
Santander Bank Auto Credit-Linked Notes | 752 | 736,388 | ||||||||||
Series 2022-B, Class B | 1,022 | 1,018,862 | ||||||||||
Series 2022-C, Class B | 816 | 815,938 | ||||||||||
Santander Bank NA–SBCLN | 161 | 154,484 | ||||||||||
Tricolor Auto Securitization Trust | 440 | 440,248 | ||||||||||
United Auto Credit Securitization Trust | 495 | 493,417 | ||||||||||
World Omni Select Auto Trust | 913 | 911,240 | ||||||||||
|
| |||||||||||
15,557,113 | ||||||||||||
|
| |||||||||||
Other ABS—Fixed Rate–1.7% |
| |||||||||||
AB Issuer LLC | 1,143 | 943,112 |
42 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Affirm Asset Securitization Trust | U.S.$ | 141 | $ | 136,454 | ||||||||
Series 2021-Z2, Class A | 163 | 156,412 | ||||||||||
Series 2022-X1, Class A | 333 | 324,004 | ||||||||||
Amur Equipment Finance Receivables XI LLC | 425 | 423,122 | ||||||||||
Atalaya Equipment Leasing Trust | 249 | 235,952 | ||||||||||
BHG Securitization Trust | 68 | 64,932 | ||||||||||
Series 2023-A, Class A | 383 | 379,944 | ||||||||||
Cajun Global LLC | 239 | 205,340 | ||||||||||
CNH Equipment Trust | 336 | 336,528 | ||||||||||
College Ave Student Loans LLC | 311 | 268,005 | ||||||||||
Dell Equipment Finance Trust | 189 | 188,908 | ||||||||||
Dext ABS LLC | 664 | 663,940 | ||||||||||
Diamond Issuer | 1,139 | 982,589 | ||||||||||
Domino’s Pizza Master Issuer LLC | 621 | 532,945 | ||||||||||
GCI Funding I LLC | 413 | 355,561 | ||||||||||
Hardee’s Funding LLC | 564 | 524,562 | ||||||||||
Series 2020-1A, Class A2 | 428 | 372,096 | ||||||||||
HPEFS Equipment Trust | 297 | 296,672 | ||||||||||
Series 2023-1A, Class A2 | 188 | 187,784 | ||||||||||
Kubota Credit Owner Trust | 1,094 | 1,092,806 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Marlette Funding Trust | U.S.$ | 180 | $ | 177,608 | ||||||||
MVW LLC | 445 | 398,954 | ||||||||||
Neighborly Issuer LLC | 444 | 376,698 | ||||||||||
Series 2022-1A, Class A2 | 833 | 684,070 | ||||||||||
Series 2023-1A, Class A2 | 1,040 | 1,022,538 | ||||||||||
Nelnet Student Loan Trust | 140 | 115,046 | ||||||||||
Series 2021-CA, Class B | 859 | 693,096 | ||||||||||
Series 2021-DA, Class B | 457 | 382,067 | ||||||||||
NMEF Funding LLC | 450 | 453,226 | ||||||||||
SBA Tower Trust | 774 | 751,651 | ||||||||||
Upstart Securitization Trust | 750 | 713,811 | ||||||||||
|
| |||||||||||
14,440,433 | ||||||||||||
|
| |||||||||||
Credit Cards—Fixed Rate–0.1% |
| |||||||||||
Brex Commercial Charge Card Master Trust | 555 | 541,724 | ||||||||||
Mission Lane Credit Card Master Trust | 244 | 232,533 | ||||||||||
|
| |||||||||||
774,257 | ||||||||||||
|
| |||||||||||
Total Asset-Backed Securities (cost $32,573,624) | 30,771,803 | |||||||||||
|
| |||||||||||
COLLATERALIZED LOAN OBLIGATIONS–2.2% |
| |||||||||||
CLO—Floating Rate–2.2% | ||||||||||||
AGL CLO 10 Ltd. | 330 | 321,668 | ||||||||||
AGL CLO 12 Ltd. | 1,120 | 1,095,142 | ||||||||||
Series 2021-12A, Class D | 350 | 327,106 |
2023 Semi-Annual Report | 43 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
AGL CLO 16 Ltd. | U.S.$ | 1,028 | $ | 997,894 | ||||||||
Balboa Bay Loan Funding Ltd. | 700 | 627,846 | ||||||||||
Series 2021-1A, Class A | 816 | 795,637 | ||||||||||
Ballyrock CLO 15 Ltd. | 375 | 338,834 | ||||||||||
Ballyrock CLO 17 Ltd. | 250 | 243,688 | ||||||||||
Dryden 78 CLO Ltd. | 830 | 781,425 | ||||||||||
Series 2020-78A, Class D | 250 | 231,080 | ||||||||||
Elevation CLO Ltd. | 670 | 615,581 | ||||||||||
Elmwood CLO IX Ltd. | 452 | 441,110 | ||||||||||
Series 2021-2A, Class D | 368 | 348,826 | ||||||||||
Flatiron CLO 21 Ltd. | 340 | 332,186 | ||||||||||
Series 2021-1A, Class D | 390 | 357,744 | ||||||||||
Goldentree Loan Management US CLO 7 Ltd. | 883 | 857,056 | ||||||||||
ICG US CLO Ltd. | 355 | 352,854 | ||||||||||
Kings Park CLO Ltd. | 250 | 242,430 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Magnetite XXVI Ltd. | U.S.$ | 1,576 | $ | 1,539,316 | ||||||||
Marble Point CLO XI Ltd. | 678 | 666,250 | ||||||||||
Neuberger Berman Loan Advisers CLO 42 Ltd. | 197 | 192,058 | ||||||||||
Series 2021-42A, Class D | 455 | 424,462 | ||||||||||
Neuberger Berman Loan Advisers CLO 43 Ltd. | 965 | 942,512 | ||||||||||
OCP CLO Ltd. | 1,156 | 1,133,186 | ||||||||||
Octagon Loan Funding Ltd. | 461 | 453,242 | ||||||||||
OZLM XVIII Ltd. | 745 | 731,599 | ||||||||||
Peace Park CLO Ltd. | 287 | 280,462 | ||||||||||
Pikes Peak CLO 8 | 1,046 | 1,022,932 | ||||||||||
Rad CLO 7 Ltd. | 250 | 237,424 | ||||||||||
Regatta XIX Funding Ltd. | 250 | 243,044 | ||||||||||
Regatta XXIV Funding Ltd. | 250 | 243,688 | ||||||||||
Rockford Tower CLO Ltd. | 600 | 535,710 |
44 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Series 2021-2A, Class D | U.S.$ | 449 | $ | 398,320 | ||||||||
Signal Peak CLO 12 Ltd. | 384 | 377,802 | ||||||||||
Voya CLO Ltd. | 340 | 298,504 | ||||||||||
|
| |||||||||||
Total Collateralized Loan Obligations (cost $19,788,781) | 19,028,618 | |||||||||||
|
| |||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES–1.9% |
| |||||||||||
Non-Agency Floating Rate CMBS–1.0% |
| |||||||||||
AREIT Trust | 960 | 930,660 | ||||||||||
Ashford Hospitality Trust | 600 | 580,444 | ||||||||||
BAMLL Commercial Mortgage Securities Trust | 1,935 | 1,838,940 | ||||||||||
BBCMS Mortgage Trust | 1,089 | 1,051,572 | ||||||||||
BFLD Trust | 1,653 | 1,564,855 | ||||||||||
BX Commercial Mortgage Trust | 430 | 408,222 | ||||||||||
CLNY Trust | 500 | 458,664 | ||||||||||
Federal Home Loan Mortgage Corp. | 107 | 99,987 | ||||||||||
GS Mortgage Securities Corp. Trust | 230 | 209,690 | ||||||||||
Invitation Homes Trust | 810 | 806,772 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Natixis Commercial Mortgage Securities Trust | U.S.$ | 372 | $ | 357,332 | ||||||||
|
| |||||||||||
8,307,138 | ||||||||||||
|
| |||||||||||
Non-Agency Fixed Rate CMBS–0.9% |
| |||||||||||
BAMLL Commercial Mortgage Securities Trust | 500 | 417,366 | ||||||||||
Commercial Mortgage Trust | 938 | 900,882 | ||||||||||
GS Mortgage Securities Trust | 384 | 376,850 | ||||||||||
Series 2011-GC5, Class D | 114 | 42,840 | ||||||||||
Series 2013-GC12, Class B | 465 | 462,446 | ||||||||||
Series 2014-GC18, Class D | 40 | 13,010 | ||||||||||
GSF | 412 | 387,466 | ||||||||||
Series 2021-1, Class A2 | 1,071 | 1,016,562 | ||||||||||
Series 2021-1, Class AS | 39 | 36,072 | ||||||||||
HFX Funding Issuer | 1,230 | 1,176,495 | ||||||||||
JPMBB Commercial Mortgage Securities Trust | 150 | 136,160 | ||||||||||
Series 2014-C22, Class XA | 12,784 | 93,950 | ||||||||||
Series 2014-C26, Class AS | 770 | 729,942 | ||||||||||
Series 2015-C33, Class AS | 440 | 418,562 | ||||||||||
JPMorgan Chase Commercial Mortgage Securities Trust | 375 | 282,854 | ||||||||||
LB-UBS Commercial Mortgage Trust | 117 | 49,106 | ||||||||||
LSTAR Commercial Mortgage Trust | 283 | 282,321 | ||||||||||
Morgan Stanley Capital I Trust | 50 | 49,234 |
2023 Semi-Annual Report | 45 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
UBS Commercial Mortgage Trust | U.S.$ | 364 | $ | 304,238 | ||||||||
Wells Fargo Commercial Mortgage Trust | 125 | 108,488 | ||||||||||
Series 2016-NXS6, Class C | 750 | 651,245 | ||||||||||
|
| |||||||||||
7,936,089 | ||||||||||||
|
| |||||||||||
Total Commercial Mortgage-Backed Securities (cost $17,536,591) | 16,243,227 | |||||||||||
|
| |||||||||||
CORPORATES—NON-INVESTMENT GRADE–1.4% |
| |||||||||||
Industrial–1.1% |
| |||||||||||
Basic–0.1% |
| |||||||||||
INEOS Quattro Finance 2 PLC | EUR | 147 | 142,466 | |||||||||
Reno de Medici SpA | 410 | 427,850 | ||||||||||
|
| |||||||||||
570,316 | ||||||||||||
|
| |||||||||||
Capital Goods–0.0% |
| |||||||||||
TK Elevator Midco GmbH | 320 | 314,259 | ||||||||||
|
| |||||||||||
Communications—Media–0.4% |
| |||||||||||
Altice Financing SA | 320 | 276,432 | ||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | U.S.$ | 153 | 128,965 | |||||||||
4.50%, 06/01/2033(a) | 539 | 429,820 | ||||||||||
4.75%, 02/01/2032(a) | 655 | 551,254 | ||||||||||
DISH DBS Corp. | 1,260 | 1,006,652 | ||||||||||
5.75%, 12/01/2028(a) | 875 | 653,310 | ||||||||||
Summer BC Holdco B SARL | EUR | 320 | 302,383 | |||||||||
VZ Vendor Financing II BV | 320 | 276,320 | ||||||||||
|
| |||||||||||
3,625,136 | ||||||||||||
|
| |||||||||||
Communications—Telecommunications–0.1% |
| |||||||||||
Altice France SA/France | 320 | 270,969 | ||||||||||
Lorca Telecom Bondco SA | 320 | 318,982 | ||||||||||
|
| |||||||||||
589,951 | ||||||||||||
|
| |||||||||||
Consumer Cyclical—Automotive–0.1% |
| |||||||||||
Ford Motor Co. | U.S.$ | 532 | 513,970 |
Principal Amount (000) | U.S. $ Value | |||||||||||
ZF Finance GmbH | EUR | 500 | $ | 466,818 | ||||||||
|
| |||||||||||
980,788 | ||||||||||||
|
| |||||||||||
Consumer Cyclical—Entertainment–0.2% |
| |||||||||||
Carnival Corp. | U.S.$ | 1,057 | 910,457 | |||||||||
Carnival PLC | EUR | 490 | 270,156 | |||||||||
Royal Caribbean Cruises Ltd. | U.S.$ | 121 | 126,588 | |||||||||
|
| |||||||||||
1,307,201 | ||||||||||||
|
| |||||||||||
Consumer Cyclical—Other–0.0% |
| |||||||||||
Caesars Entertainment, Inc. | 154 | 156,664 | ||||||||||
|
| |||||||||||
Consumer Cyclical—Restaurants–0.0% |
| |||||||||||
Stonegate Pub Co. Financing 2019 PLC | GBP | 230 | 264,426 | |||||||||
|
| |||||||||||
Consumer Non-Cyclical–0.1% |
| |||||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | U.S.$ | 307 | 267,118 | |||||||||
Organon & Co./Organon Foreign Debt Co-Issuer BV | EUR | 200 | 190,737 | |||||||||
|
| |||||||||||
457,855 | ||||||||||||
|
| |||||||||||
Other Industrial–0.1% |
| |||||||||||
Azelis Finance NV | 515 | 565,817 | ||||||||||
|
| |||||||||||
Services–0.0% |
| |||||||||||
APCOA Parking Holdings GmbH | 320 | 295,817 | ||||||||||
|
| |||||||||||
Technology–0.0% |
| |||||||||||
Cedacri Mergeco SpA | 130 | 138,346 | ||||||||||
|
| |||||||||||
9,266,576 | ||||||||||||
|
| |||||||||||
Financial Institutions–0.2% | ||||||||||||
Banking–0.1% | ||||||||||||
Societe Generale SA | U.S.$ | 695 | 654,996 | |||||||||
|
| |||||||||||
Finance–0.0% |
| |||||||||||
SLM Corp. | 311 | 279,999 | ||||||||||
|
| |||||||||||
Other Finance–0.0% |
| |||||||||||
Motion Finco SARL | EUR | 255 | 279,825 | |||||||||
|
|
46 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
REITs–0.1% |
| |||||||||||
Office Properties Income Trust | U.S.$ | 338 | $ | 187,637 | ||||||||
Vivion Investments SARL | EUR | 600 | 476,150 | |||||||||
|
| |||||||||||
663,787 | ||||||||||||
|
| |||||||||||
1,878,607 | ||||||||||||
|
| |||||||||||
Utility–0.1% |
| |||||||||||
Electric–0.1% |
| |||||||||||
EDP—Energias de Portugal SA | 300 | 273,548 | ||||||||||
Vistra Corp. | U.S.$ | 384 | 339,225 | |||||||||
|
| |||||||||||
612,773 | ||||||||||||
|
| |||||||||||
Total Corporates—Non-Investment Grade (cost $14,155,898) |
| 11,757,956 | ||||||||||
|
| |||||||||||
COVERED BONDS–0.9% |
| |||||||||||
Bank of Montreal | EUR | 815 | 781,118 | |||||||||
Bank of Nova Scotia (The) | 537 | 512,550 | ||||||||||
Commonwealth Bank of Australia | 850 | 747,646 | ||||||||||
Danske Mortgage Bank PLC | 434 | 419,190 | ||||||||||
DNB Boligkreditt AS | 336 | 343,294 | ||||||||||
Korea Housing Finance Corp. | 641 | 695,004 | ||||||||||
National Australia Bank Ltd. | 850 | 760,156 | ||||||||||
Nationwide Building Society | 1,655 | 1,615,650 | ||||||||||
Royal Bank of Canada | 1,105 | 1,053,142 | ||||||||||
Westpac Banking Corp. | 565 | 559,194 | ||||||||||
|
| |||||||||||
Total Covered Bonds (cost $8,117,941) | 7,486,944 | |||||||||||
|
| |||||||||||
GOVERNMENTS—SOVEREIGN BONDS–0.8% |
| |||||||||||
Colombia–0.1% |
| |||||||||||
Colombia Government International Bond | U.S.$ | 484 | 427,070 | |||||||||
|
|
Principal Amount (000) | U.S. $ Value | |||||||||||
France–0.1% |
| |||||||||||
Dexia Credit Local SA | EUR | 1,300 | $ | 1,214,769 | ||||||||
0.01%, 01/22/2027(a) | 200 | 192,564 | ||||||||||
|
| |||||||||||
1,407,333 | ||||||||||||
|
| |||||||||||
Germany–0.3% |
| |||||||||||
Kreditanstalt fuer Wiederaufbau | AUD | 1,999 | 1,355,366 | |||||||||
Landwirtschaftliche Rentenbank | EUR | 1,199 | 1,073,164 | |||||||||
|
| |||||||||||
2,428,530 | ||||||||||||
|
| |||||||||||
Indonesia–0.1% |
| |||||||||||
Indonesia Government International Bond | 225 | 198,763 | ||||||||||
3.375%, 07/30/2025(a) | 470 | 503,758 | ||||||||||
|
| |||||||||||
702,521 | ||||||||||||
|
| |||||||||||
Israel–0.0% |
| |||||||||||
Israel Government International Bond | U.S.$ | 367 | 364,431 | |||||||||
|
| |||||||||||
Panama–0.0% |
| |||||||||||
Panama Government International Bond | 334 | 342,559 | ||||||||||
|
| |||||||||||
Poland–0.1% |
| |||||||||||
Republic of Poland Government International Bond | 695 | 692,032 | ||||||||||
|
| |||||||||||
Romania–0.1% |
| |||||||||||
Romanian Government International Bond | EUR | 515 | 567,593 | |||||||||
|
| |||||||||||
Total Governments—Sovereign Bonds (cost $7,139,403) | 6,932,069 | |||||||||||
|
| |||||||||||
EMERGING MARKETS—TREASURIES–0.8% |
| |||||||||||
Brazil–0.4% |
| |||||||||||
Brazil Notas do Tesouro Nacional Serie F | BRL | 10,412 | 1,851,123 | |||||||||
10.00%, 01/01/2031 | 5,995 | 1,035,020 | ||||||||||
|
| |||||||||||
2,886,143 | ||||||||||||
|
| |||||||||||
South Africa–0.4% |
| |||||||||||
Republic of South Africa Government Bond | ZAR | 26,340 | 1,347,078 | |||||||||
Series 2032 | 26,020 | 1,274,026 |
2023 Semi-Annual Report | 47 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
Series 2035 | ZAR | 21,643 | $ | 1,041,123 | ||||||||
|
| |||||||||||
3,662,227 | ||||||||||||
|
| |||||||||||
Total Emerging Markets—Treasuries (cost $6,372,464) | 6,548,370 | |||||||||||
|
| |||||||||||
EMERGING MARKETS—CORPORATE BONDS–0.6% |
| |||||||||||
Industrial–0.6% |
| |||||||||||
Basic–0.1% | ||||||||||||
Braskem Idesa SAPI | U.S.$ | 305 | 227,225 | |||||||||
Cia de Minas Buenaventura SAA | 228 | 195,552 | ||||||||||
Volcan Cia Minera SAA | 152 | 125,572 | ||||||||||
|
| |||||||||||
548,349 | ||||||||||||
|
| |||||||||||
Capital Goods–0.2% |
| |||||||||||
Embraer Netherlands Finance BV | 725 | 698,356 | ||||||||||
6.95%, 01/17/2028(a) | 652 | 655,178 | ||||||||||
Odebrecht Holdco Finance Ltd. | 639 | 1,982 | ||||||||||
|
| |||||||||||
1,355,516 | ||||||||||||
|
| |||||||||||
Communications—Media–0.1% |
| |||||||||||
Globo Comunicacao e Participacoes SA | 1,127 | 891,598 | ||||||||||
|
| |||||||||||
Consumer Cyclical—Other–0.1% |
| |||||||||||
Wynn Macau Ltd. | 587 | 498,950 | ||||||||||
|
| |||||||||||
Consumer Non-Cyclical–0.1% |
| |||||||||||
Natura &Co Luxembourg Holdings SARL | 202 | 175,236 | ||||||||||
Natura Cosmeticos SA | 984 | 797,654 | ||||||||||
|
| |||||||||||
972,890 | ||||||||||||
|
| |||||||||||
Energy–0.0% |
| |||||||||||
Greenko Solar Mauritius Ltd. | 200 | 187,912 | ||||||||||
Leviathan Bond Ltd. | 196 | 190,512 | ||||||||||
|
| |||||||||||
378,424 | ||||||||||||
|
| |||||||||||
4,645,727 | ||||||||||||
|
| |||||||||||
Utility–0.0% | ||||||||||||
Electric–0.0% | ||||||||||||
JSW Hydro Energy Ltd. | 177 | 145,672 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Terraform Global Operating LP | U.S.$ | 133 | $ | 126,502 | ||||||||
|
| |||||||||||
272,174 | ||||||||||||
|
| |||||||||||
Financial Institutions–0.0% |
| |||||||||||
Other Finance–0.0% |
| |||||||||||
OEC Finance Ltd. | 130 | 3,947 | ||||||||||
7.125%, 12/26/2046(a)(m) | 503 | 17,474 | ||||||||||
|
| |||||||||||
21,421 | ||||||||||||
|
| |||||||||||
Total Emerging Markets—Corporate Bonds (cost $6,187,521) |
| 4,939,322 | ||||||||||
|
| |||||||||||
LOCAL GOVERNMENTS—REGIONAL BONDS–0.5% |
| |||||||||||
Australia–0.3% |
| |||||||||||
New South Wales Treasury Corp. | AUD | 5,531 | 3,067,971 | |||||||||
|
| |||||||||||
Japan–0.2% |
| |||||||||||
Japan Finance Organization for Municipalities | EUR | 1,481 | 1,414,660 | |||||||||
|
| |||||||||||
Total Local Governments—Regional Bonds (cost $4,738,589) |
| 4,482,631 | ||||||||||
|
| |||||||||||
SUPRANATIONALS–0.5% | ||||||||||||
European Investment Bank | AUD | 690 | 406,746 | |||||||||
1.80%, 01/19/2027 | 905 | 564,010 | ||||||||||
Inter-American Development Bank | 155 | 98,636 | ||||||||||
4.25%, 06/11/2026 | 662 | 450,236 | ||||||||||
International Bank for Reconstruction & Development | 375 | 245,352 | ||||||||||
Series G | EUR | 871 | 843,462 | |||||||||
Series GDIF | 318 | 296,878 | ||||||||||
International Finance Corp. | AUD | 1,360 | 883,520 | |||||||||
4.45%, 05/14/2027 | 977 | 671,080 | ||||||||||
|
| |||||||||||
Total Supranationals (cost $4,746,218) | 4,459,920 | |||||||||||
|
|
48 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Notional Amount | U.S. $ Value | |||||||||||
PURCHASED OPTIONS—PUTS–0.4% |
| |||||||||||
Options on Equity Indices–0.4% |
| |||||||||||
Euro STOXX 50 Index | EUR | 18,200,000 | $ | 517,350 | ||||||||
FTSE 100 Index | GBP | 7,788,000 | 186,174 | |||||||||
Nikkei 225 Index | JPY | 1,562,000,000 | 235,980 | |||||||||
S&P 500 Index | USD | 141,900,000 | 2,968,118 | |||||||||
|
| |||||||||||
Total Purchased Options—Puts (premiums paid $4,495,396) | 3,907,622 | |||||||||||
|
| |||||||||||
Principal Amount (000) | ||||||||||||
LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.4% |
| |||||||||||
United States–0.4% |
| |||||||||||
City of New York NY | U.S.$ | 885 | 724,080 | |||||||||
Port Authority of New York & New Jersey | 745 | 737,809 | ||||||||||
State Board of Administration Finance Corp. | 652 | 581,302 | ||||||||||
Tobacco Settlement Finance Authority | 298 | 298,340 | ||||||||||
University of California | 1,130 | 814,275 | ||||||||||
|
| |||||||||||
Total Local Governments—US Municipal Bonds (cost $3,699,411) | 3,155,806 | |||||||||||
|
|
Principal Amount (000) | U.S. $ Value | |||||||||||
QUASI-SOVEREIGNS–0.4% |
| |||||||||||
Quasi-Sovereign Bonds–0.4% |
| |||||||||||
Chile–0.1% |
| |||||||||||
Corp. Nacional del Cobre de Chile | U.S.$ | 321 | $ | 322,465 | ||||||||
|
| |||||||||||
Indonesia–0.1% |
| |||||||||||
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 618 | 615,412 | ||||||||||
|
| |||||||||||
Mexico–0.2% |
| |||||||||||
Comision Federal de Electricidad | 1,170 | 921,229 | ||||||||||
4.688%, 05/15/2029(a) | 593 | 527,326 | ||||||||||
Petroleos Mexicanos | 175 | 158,130 | ||||||||||
6.70%, 02/16/2032 | 346 | 274,308 | ||||||||||
|
| |||||||||||
1,880,993 | ||||||||||||
|
| |||||||||||
South Africa–0.0% |
| |||||||||||
Transnet SOC Ltd. | 279 | 276,907 | ||||||||||
|
| |||||||||||
Total Quasi-Sovereigns (cost $3,309,843) | 3,095,777 | |||||||||||
|
| |||||||||||
GOVERNMENTS—SOVEREIGN AGENCIES–0.3% |
| |||||||||||
Japan–0.1% |
| |||||||||||
Development Bank of Japan, Inc. | EUR | 776 | 797,010 | |||||||||
|
| |||||||||||
Netherlands–0.2% |
| |||||||||||
BNG Bank NV | AUD | 2,100 | 1,379,096 | |||||||||
0.75%, 01/24/2029(a) | EUR | 306 | 291,858 | |||||||||
|
| |||||||||||
1,670,954 | ||||||||||||
|
| |||||||||||
Total Governments—Sovereign Agencies (cost $2,588,886) |
| 2,467,964 | ||||||||||
|
| |||||||||||
LOCAL GOVERNMENTS—PROVINCIAL BONDS–0.3% |
| |||||||||||
Canada–0.3% |
| |||||||||||
Province of Ontario Canada | CAD | 1,295 | 918,027 | |||||||||
Province of Quebec Canada | 494 | 367,080 | ||||||||||
0.875%, 05/04/2027(a) | EUR | 988 | 975,524 | |||||||||
|
| |||||||||||
Total Local Governments—Provincial Bonds (cost $2,409,762) |
| 2,260,631 | ||||||||||
|
| |||||||||||
2023 Semi-Annual Report | 49 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
EMERGING MARKETS—SOVEREIGNS–0.2% |
| |||||||||||
Dominican Republic–0.2% |
| |||||||||||
Dominican Republic International Bond | U.S.$ | 1,627 | $ | 1,379,696 | ||||||||
|
| |||||||||||
AGENCIES–0.1% |
| |||||||||||
Agency Debentures–0.1% |
| |||||||||||
Federal Home Loan Banks | 585 | 573,534 | ||||||||||
|
| |||||||||||
Shares | ||||||||||||
SHORT-TERM INVESTMENTS–4.6% |
| |||||||||||
Investment Companies–2.9% |
| |||||||||||
AB Fixed Income Shares, Inc.—Government Money Market Portfolio—Class AB, 4.75%(i)(j)(o) | 24,983,254 | 24,983,254 | ||||||||||
|
|
Principal Amount (000) | U.S. $ Value | |||||||||||
U.S. Treasury Bills–1.1% |
| |||||||||||
U.S. Treasury Bill | U.S.$ | 586 | $ | 585,666 | ||||||||
Zero Coupon, 06/01/2023 | 1,349 | 1,338,378 | ||||||||||
Zero Coupon, 07/11/2023 | 7,630 | 7,531,068 | ||||||||||
|
| |||||||||||
Total U.S. Treasury Bills (cost $9,455,228) | 9,455,112 | |||||||||||
|
| |||||||||||
Governments—Treasuries–0.6% |
| |||||||||||
Japan–0.6% |
| |||||||||||
Japan Treasury Discount Bill | JPY | 723,100 | 5,449,377 | |||||||||
|
| |||||||||||
Total Short-Term Investments (cost $39,760,285) | 39,887,743 | |||||||||||
|
| |||||||||||
Total Investments—102.7% (cost $913,933,497) | 871,376,023 | |||||||||||
Other assets less liabilities—(2.7)% |
| (23,136,594 | ) | |||||||||
|
| |||||||||||
Net Assets—100.0% | $ | 848,239,429 | ||||||||||
|
|
FUTURES (see Note 3) |
| |||||||||||||
Description | Number of Contracts | Expiration Month | Current Notional | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Purchased Contracts |
| |||||||||||||
10 Yr Australian Bond Futures | 69 | June 2023 | $ | 5,667,898 | $ | 74,492 | ||||||||
E-Mini Russell 2000 Index Futures | 90 | June 2023 | 8,160,750 | 240,742 | ||||||||||
Euro STOXX 50 Index Futures | 497 | June 2023 | 22,966,639 | 831,657 | ||||||||||
FTSE 100 Index Futures | 144 | June 2023 | 13,569,790 | 172,315 | ||||||||||
Hang Seng Index Futures | 10 | April 2023 | 1,304,539 | 52,328 | ||||||||||
MSCI Emerging Markets Futures | 681 | June 2023 | 33,896,775 | 1,285,586 | ||||||||||
Nikkei 225 (OSE) Futures | 10 | June 2023 | 2,111,843 | 21,780 | ||||||||||
OMXS 30 Index Futures | 310 | April 2023 | 6,620,989 | 258,148 | ||||||||||
S&P 500 E-Mini Futures | 562 | June 2023 | 116,270,775 | 6,701,238 | ||||||||||
S&P Mid 400 E-Mini Futures | 23 | June 2023 | 5,818,310 | 238,970 | ||||||||||
TOPIX Index Futures | 96 | June 2023 | 14,485,860 | (64,427 | ) | |||||||||
U.S. 10 Yr Ultra Futures | 258 | June 2023 | 31,254,281 | 995,423 | ||||||||||
U.S. Long Bond (CBT) Futures | 46 | June 2023 | 6,033,187 | 224,053 | ||||||||||
U.S. T-Note 2 Yr (CBT) Futures | 215 | June 2023 | 44,387,422 | 516,085 | ||||||||||
U.S. T-Note 5 Yr (CBT) Futures | 309 | June 2023 | 33,837,914 | 650,719 | ||||||||||
U.S. Ultra Bond (CBT) Futures | 49 | June 2023 | 6,915,125 | 227,698 | ||||||||||
Sold Contracts |
| |||||||||||||
3 Yr Australian Bond Futures | 40 | June 2023 | 2,909,513 | (33,916 | ) | |||||||||
10 Yr Canadian Bond Futures | 35 | June 2023 | 3,267,184 | 10,044 | ||||||||||
10 Yr Japan Bond (OSE) Futures | 27 | June 2023 | 30,120,429 | (482,298 | ) | |||||||||
Euro-BOBL Futures | 34 | June 2023 | 4,346,589 | (100,321 | ) |
50 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Description | Number of Contracts | Expiration Month | Current Notional | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Euro-Bund Futures | 111 | June 2023 | $ | 16,352,350 | $ | (154,128 | ) | |||||||
Euro-OAT Futures | 21 | June 2023 | 2,965,923 | (71,827 | ) | |||||||||
Long Gilt Futures | 30 | June 2023 | 3,824,775 | (99,229 | ) | |||||||||
MSCI Singapore IX ETS Futures | 102 | April 2023 | 2,347,272 | (43,413 | ) | |||||||||
S&P/TSX 60 Index Futures | 45 | June 2023 | 8,052,386 | (122,897 | ) | |||||||||
SPI 200 Futures | 71 | June 2023 | 8,532,114 | (202,257 | ) | |||||||||
U.S. T-Note 2 Yr (CBT) Futures | 110 | June 2023 | 22,709,844 | (151,304 | ) | |||||||||
U.S. T-Note 5 Yr (CBT) Futures | 82 | June 2023 | 8,979,641 | (17,172 | ) | |||||||||
U.S. T-Note 10 Yr (CBT) Futures | 268 | June 2023 | 30,799,062 | (538,592 | ) | |||||||||
U.S. Ultra Bond (CBT) Futures | 86 | June 2023 | 12,136,750 | (300,648 | ) | |||||||||
|
| |||||||||||||
$ | 10,118,849 | |||||||||||||
|
|
FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) |
| |||||||||||||||||||
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
Australia and New Zealand Banking Group Ltd. | AUD | 4,444 | USD | 2,987 | 04/13/2023 | $ | 15,540 | |||||||||||||
Australia and New Zealand Banking Group Ltd. | USD | 5,507 | AUD | 8,010 | 04/13/2023 | (151,115 | ) | |||||||||||||
Bank of America, NA | USD | 5,453 | AUD | 8,228 | 04/13/2023 | 48,969 | ||||||||||||||
Bank of America, NA | AUD | 1,225 | USD | 850 | 04/13/2023 | 30,278 | ||||||||||||||
Bank of America, NA | USD | 5,495 | CLP | 4,461,380 | �� | 05/17/2023 | 90,393 | |||||||||||||
Bank of America, NA | CLP | 2,183,876 | USD | 2,720 | 05/17/2023 | (14,450 | ) | |||||||||||||
Bank of America, NA | USD | 2,705 | CNH | 18,796 | 04/20/2023 | 33,356 | ||||||||||||||
Bank of America, NA | USD | 849 | EUR | 800 | 04/20/2023 | 18,763 | ||||||||||||||
Bank of America, NA | USD | 36,385 | EUR | 34,178 | 05/11/2023 | 758,337 | ||||||||||||||
Bank of America, NA | EUR | 45,706 | USD | 48,756 | 05/11/2023 | (915,696 | ) | |||||||||||||
Bank of America, NA | USD | 2,370 | GBP | 1,921 | 05/24/2023 | 2,227 | ||||||||||||||
Bank of America, NA | GBP | 4,524 | USD | 5,545 | 05/24/2023 | (41,441 | ) | |||||||||||||
Bank of America, NA | INR | 232,282 | USD | 2,808 | 06/22/2023 | (8,463 | ) | |||||||||||||
Bank of America, NA | JPY | 224,670 | USD | 1,722 | 04/28/2023 | 23,593 | ||||||||||||||
Bank of America, NA | USD | 8,313 | TWD | 251,458 | 06/15/2023 | (17,971 | ) | |||||||||||||
Bank of America, NA | USD | 2,802 | NZD | 4,546 | 04/20/2023 | 40,482 | ||||||||||||||
Bank of America, NA | NOK | 27,126 | USD | 2,556 | 04/21/2023 | (36,818 | ) | |||||||||||||
Bank of America, NA | USD | 5,582 | PLN | 24,698 | 04/27/2023 | 132,034 | ||||||||||||||
Bank of America, NA | PLN | 12,285 | USD | 2,774 | 04/27/2023 | (68,535 | ) | |||||||||||||
Bank of America, NA | USD | 2,730 | SGD | 3,670 | 05/15/2023 | 31,882 | ||||||||||||||
Bank of America, NA | ZAR | 98,304 | USD | 5,365 | 04/20/2023 | (148,002 | ) | |||||||||||||
Bank of America, NA | KRW | 15,547,668 | USD | 12,581 | 04/26/2023 | 664,638 | ||||||||||||||
Bank of America, NA | USD | 2,737 | SEK | 28,731 | 04/21/2023 | 33,397 | ||||||||||||||
Barclays Bank PLC | USD | 2,761 | EUR | 2,577 | 05/11/2023 | 39,926 | ||||||||||||||
Barclays Bank PLC | USD | 2,771 | NOK | 28,391 | 04/21/2023 | (56,954 | ) | |||||||||||||
Barclays Bank PLC | USD | 2,769 | SGD | 3,663 | 05/15/2023 | (12,810 | ) | |||||||||||||
Barclays Bank PLC | SEK | 29,556 | USD | 2,860 | 04/21/2023 | 9,324 | ||||||||||||||
Barclays Bank PLC | SEK | 28,525 | USD | 2,694 | 04/21/2023 | (57,067 | ) | |||||||||||||
BNP Paribas SA | AUD | 4,362 | USD | 3,006 | 04/13/2023 | 88,889 | ||||||||||||||
BNP Paribas SA | USD | 3,804 | AUD | 5,399 | 04/13/2023 | (193,437 | ) |
2023 Semi-Annual Report | 51 |
Table of Contents
Schedule of Investments (continued)
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
BNP Paribas SA | USD | 2,710 | CAD | 3,706 | 06/09/2023 | $ | 35,179 | |||||||||||||||
BNP Paribas SA | EUR | 4,800 | USD | 5,101 | 05/11/2023 | (114,774 | ) | |||||||||||||||
BNP Paribas SA | USD | 5,275 | JPY | 695,767 | 04/28/2023 | (16,927 | ) | |||||||||||||||
BNP Paribas SA | USD | 4,082 | MXN | 76,338 | 05/25/2023 | 113,068 | ||||||||||||||||
BNP Paribas SA | USD | 2,624 | NZD | 4,198 | 04/20/2023 | 675 | ||||||||||||||||
BNP Paribas SA | NZD | 8,547 | USD | 5,321 | 04/20/2023 | (23,251 | ) | |||||||||||||||
BNP Paribas SA | USD | 2,642 | NZD | 4,202 | 04/20/2023 | (14,488 | ) | |||||||||||||||
BNP Paribas SA | NOK | 29,040 | USD | 2,738 | 04/21/2023 | (38,124 | ) | |||||||||||||||
BNP Paribas SA | USD | 8,275 | NOK | 83,165 | 04/21/2023 | (325,705 | ) | |||||||||||||||
BNP Paribas SA | PLN | 5,814 | USD | 1,347 | 04/27/2023 | 2,470 | ||||||||||||||||
BNP Paribas SA | PLN | 18,258 | USD | 4,200 | 04/27/2023 | (24,259 | ) | |||||||||||||||
BNP Paribas SA | USD | 2,798 | SGD | 3,739 | 05/15/2023 | 15,565 | ||||||||||||||||
BNP Paribas SA | USD | 2,774 | ZAR | 51,476 | 04/20/2023 | 113,380 | ||||||||||||||||
BNP Paribas SA | SEK | 67,570 | USD | 6,544 | 04/21/2023 | 26,982 | ||||||||||||||||
BNP Paribas SA | USD | 5,516 | SEK | 57,283 | 04/21/2023 | 8,026 | ||||||||||||||||
Brown Brothers Harriman & Co. | USD | 6,570 | GBP | 5,328 | 05/24/2023 | 9,728 | ||||||||||||||||
Brown Brothers Harriman & Co. | USD | 3,322 | JPY | 449,331 | 04/28/2023 | 73,775 | ||||||||||||||||
Citibank, NA | AUD | 864 | USD | 588 | 04/13/2023 | 9,796 | ||||||||||||||||
Citibank, NA | AUD | 6,140 | USD | 4,092 | 04/13/2023 | (13,075 | ) | |||||||||||||||
Citibank, NA | USD | 8,242 | BRL | 42,529 | 04/04/2023 | 148,874 | ||||||||||||||||
Citibank, NA | BRL | 42,529 | USD | 8,371 | 04/04/2023 | (19,737 | ) | |||||||||||||||
Citibank, NA | BRL | 42,529 | USD | 8,206 | 05/03/2023 | (144,208 | ) | |||||||||||||||
Citibank, NA | USD | 5,341 | EUR | 4,978 | 05/11/2023 | 68,781 | ||||||||||||||||
Citibank, NA | EUR | 3,422 | USD | 3,647 | 05/11/2023 | (72,921 | ) | |||||||||||||||
Citibank, NA | USD | 2,826 | INR | 234,223 | 06/22/2023 | 13,907 | ||||||||||||||||
Citibank, NA | JPY | 3,370,933 | USD | 25,777 | 04/28/2023 | 301,035 | ||||||||||||||||
Citibank, NA | USD | 2,753 | JPY | 365,531 | 04/28/2023 | 10,018 | ||||||||||||||||
Citibank, NA | JPY | 377,116 | USD | 2,820 | 04/28/2023 | (29,822 | ) | |||||||||||||||
Citibank, NA | USD | 17,875 | JPY | 2,321,528 | 04/28/2023 | (329,607 | ) | |||||||||||||||
Citibank, NA | MXN | 68,383 | USD | 3,607 | 05/25/2023 | (150,125 | ) | |||||||||||||||
Citibank, NA | TWD | 82,177 | USD | 2,713 | 06/15/2023 | 2,246 | ||||||||||||||||
Citibank, NA | USD | 2,779 | NOK | 29,168 | 04/21/2023 | 8,606 | ||||||||||||||||
Citibank, NA | PLN | 12,383 | USD | 2,814 | 04/27/2023 | (50,730 | ) | |||||||||||||||
Citibank, NA | KRW | 17,776,588 | USD | 14,389 | 04/26/2023 | 764,515 | ||||||||||||||||
Citibank, NA | USD | 2,676 | KRW | 3,405,451 | 04/26/2023 | (65,966 | ) | |||||||||||||||
Citibank, NA | SEK | 28,596 | USD | 2,765 | 04/21/2023 | 7,324 | ||||||||||||||||
Deutsche Bank AG | EUR | 513 | USD | 553 | 05/11/2023 | (4,128 | ) | |||||||||||||||
Deutsche Bank AG | USD | 4,923 | JPY | 654,662 | 04/28/2023 | 25,028 | ||||||||||||||||
Deutsche Bank AG | USD | 2,774 | PLN | 12,106 | 04/27/2023 | 26,617 | ||||||||||||||||
Goldman Sachs Bank USA | USD | 15,067 | CAD | 20,549 | 06/09/2023 | 153,970 | ||||||||||||||||
Goldman Sachs Bank USA | USD | 10,181 | EUR | 9,426 | 05/11/2023 | 62,622 | ||||||||||||||||
Goldman Sachs Bank USA | USD | 2,962 | JPY | 384,552 | 04/28/2023 | (55,280 | ) | |||||||||||||||
Goldman Sachs Bank USA | USD | 3,470 | NZD | 5,562 | 04/20/2023 | 8,120 | ||||||||||||||||
Goldman Sachs Bank USA | CHF | 4,371 | USD | 4,771 | 05/24/2023 | (32,753 | ) | |||||||||||||||
Goldman Sachs Bank USA | USD | 10,060 | CHF | 9,108 | 05/24/2023 | (51,492 | ) | |||||||||||||||
HSBC Bank USA | CLP | 2,265,142 | USD | 2,804 | 05/17/2023 | (31,896 | ) | |||||||||||||||
HSBC Bank USA | USD | 2,720 | CNH | 18,670 | 04/20/2023 | (568 | ) |
52 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
HSBC Bank USA | EUR | 19,215 | USD | 20,695 | 04/20/2023 | $ | (162,459 | ) | ||||||||||||||
HSBC Bank USA | INR | 454,570 | USD | 5,485 | 06/22/2023 | (26,417 | ) | |||||||||||||||
HSBC Bank USA | JPY | 638,428 | USD | 4,876 | 04/28/2023 | 50,782 | ||||||||||||||||
HSBC Bank USA | TWD | 85,131 | USD | 2,815 | 06/15/2023 | 6,720 | ||||||||||||||||
HSBC Bank USA | TWD | 84,035 | USD | 2,766 | 06/15/2023 | (5,861 | ) | |||||||||||||||
HSBC Bank USA | KRW | 3,707,283 | USD | 2,901 | 04/26/2023 | 59,719 | ||||||||||||||||
HSBC Bank USA | USD | 6,510 | SEK | 68,721 | 04/21/2023 | 117,528 | ||||||||||||||||
JPMorgan Chase Bank, NA | USD | 2,053 | CAD | 2,809 | 06/09/2023 | 27,231 | ||||||||||||||||
JPMorgan Chase Bank, NA | USD | 986 | EUR | 925 | 05/11/2023 | 18,579 | ||||||||||||||||
JPMorgan Chase Bank, NA | EUR | 1,550 | USD | 1,643 | 05/11/2023 | (42,112 | ) | |||||||||||||||
JPMorgan Chase Bank, NA | USD | 9,561 | GBP | 7,799 | 05/24/2023 | 68,925 | ||||||||||||||||
JPMorgan Chase Bank, NA | MXN | 50,448 | USD | 2,642 | 05/25/2023 | (129,561 | ) | |||||||||||||||
JPMorgan Chase Bank, NA | NZD | 4,313 | USD | 2,800 | 04/20/2023 | 103,122 | ||||||||||||||||
JPMorgan Chase Bank, NA | USD | 2,705 | NOK | 28,438 | 04/21/2023 | 13,504 | ||||||||||||||||
JPMorgan Chase Bank, NA | USD | 5,420 | PLN | 24,060 | 04/27/2023 | 145,819 | ||||||||||||||||
JPMorgan Chase Bank, NA | PLN | 24,672 | USD | 5,484 | 04/27/2023 | (223,868 | ) | |||||||||||||||
Morgan Stanley Capital Services, Inc. | AUD | 26,901 | USD | 18,818 | 04/13/2023 | 829,814 | ||||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 17,180 | AUD | 24,812 | 04/13/2023 | (588,765 | ) | |||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 8,371 | BRL | 42,529 | 04/04/2023 | 19,737 | ||||||||||||||||
Morgan Stanley Capital Services, Inc. | BRL | 42,529 | USD | 8,235 | 04/04/2023 | (156,375 | ) | |||||||||||||||
Morgan Stanley Capital Services, Inc. | CAD | 8,643 | USD | 6,335 | 06/09/2023 | (66,618 | ) | |||||||||||||||
Morgan Stanley Capital Services, Inc. | CNH | 54,644 | USD | 8,028 | 04/20/2023 | 67,277 | ||||||||||||||||
Morgan Stanley Capital Services, Inc. | GBP | 472 | USD | 579 | 05/24/2023 | (4,459 | ) | |||||||||||||||
Morgan Stanley Capital Services, Inc. | IDR | 19,062,780 | USD | 1,245 | 04/13/2023 | (30,843 | ) | |||||||||||||||
Morgan Stanley Capital Services, Inc. | JPY | 224,718 | USD | 1,702 | 04/28/2023 | 3,619 | ||||||||||||||||
Morgan Stanley Capital Services, Inc. | JPY | 663,709 | USD | 5,000 | 04/28/2023 | (16,528 | ) | |||||||||||||||
Morgan Stanley Capital Services, Inc. | MYR | 5,519 | USD | 1,238 | 06/22/2023 | (20,736 | ) | |||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 1,412 | MXN | 26,454 | 05/25/2023 | 41,901 | ||||||||||||||||
Morgan Stanley Capital Services, Inc. | NZD | 5,331 | USD | 3,444 | 04/20/2023 | 110,708 | ||||||||||||||||
Morgan Stanley Capital Services, Inc. | NOK | 9,217 | USD | 908 | 04/21/2023 | 27,267 | ||||||||||||||||
Morgan Stanley Capital Services, Inc. | PLN | 12,083 | USD | 2,752 | 04/27/2023 | (43,526 | ) | |||||||||||||||
Morgan Stanley Capital Services, Inc. | ZAR | 12,179 | USD | 668 | 04/20/2023 | (14,823 | ) | |||||||||||||||
Morgan Stanley Capital Services, Inc. | KRW | 3,613,957 | USD | 2,782 | 04/26/2023 | 11,970 | ||||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 5,829 | KRW | 7,107,592 | 04/26/2023 | (381,214 | ) | |||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 9,092 | SEK | 94,680 | 04/21/2023 | 38,644 | ||||||||||||||||
Morgan Stanley Capital Services, Inc. | SEK | 140,775 | USD | 13,558 | 04/21/2023 | (18,735 | ) | |||||||||||||||
Morgan Stanley Capital Services, Inc. | CHF | 14,435 | USD | 15,532 | 05/24/2023 | (329,906 | ) | |||||||||||||||
Natwest Markets PLC | JPY | 1,516,940 | USD | 11,567 | 04/28/2023 | 102,399 | ||||||||||||||||
Natwest Markets PLC | SGD | 3,671 | USD | 2,731 | 05/15/2023 | (30,920 | ) | |||||||||||||||
Standard Chartered Bank | USD | 2,713 | INR | 223,766 | 06/22/2023 | (300 | ) | |||||||||||||||
Standard Chartered Bank | JPY | 213,433 | USD | 1,613 | 04/28/2023 | (513 | ) | |||||||||||||||
Standard Chartered Bank | USD | 2,759 | TWD | 82,914 | 06/15/2023 | (23,878 | ) | |||||||||||||||
Standard Chartered Bank | KRW | 7,309,731 | USD | 5,734 | 04/26/2023 | 132,201 | ||||||||||||||||
Standard Chartered Bank | USD | 11,426 | KRW | 14,745,067 | 04/26/2023 | (124,765 | ) | |||||||||||||||
State Street Bank & Trust Co. | AUD | 463 | USD | 322 | 04/13/2023 | 12,107 | ||||||||||||||||
State Street Bank & Trust Co. | USD | 376 | AUD | 539 | 04/13/2023 | (15,719 | ) | |||||||||||||||
State Street Bank & Trust Co. | USD | 198 | DKK | 1,342 | 04/21/2023 | (2,494 | ) |
2023 Semi-Annual Report | 53 |
Table of Contents
Schedule of Investments (continued)
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
State Street Bank & Trust Co. | EUR | 1,085 | USD | 1,157 | 04/20/2023 | $ | (20,026 | ) | ||||||||||||||
State Street Bank & Trust Co. | USD | 786 | EUR | 730 | 05/11/2023 | 7,527 | ||||||||||||||||
State Street Bank & Trust Co. | EUR | 288 | USD | 306 | 05/11/2023 | (6,784 | ) | |||||||||||||||
State Street Bank & Trust Co. | JPY | 725,508 | USD | 5,585 | 04/28/2023 | 101,464 | ||||||||||||||||
State Street Bank & Trust Co. | USD | 103 | JPY | 13,717 | 04/28/2023 | 595 | ||||||||||||||||
State Street Bank & Trust Co. | JPY | 89,255 | USD | 663 | 04/28/2023 | (11,834 | ) | |||||||||||||||
State Street Bank & Trust Co. | USD | 196 | JPY | 25,450 | 04/28/2023 | (4,052 | ) | |||||||||||||||
State Street Bank & Trust Co. | NZD | 394 | USD | 254 | 04/20/2023 | 8,021 | ||||||||||||||||
State Street Bank & Trust Co. | USD | 48 | NZD | 76 | 04/20/2023 | (817 | ) | |||||||||||||||
State Street Bank & Trust Co. | NOK | 4,247 | USD | 418 | 04/21/2023 | 12,194 | ||||||||||||||||
State Street Bank & Trust Co. | USD | 427 | NOK | 4,247 | 04/21/2023 | (21,018 | ) | |||||||||||||||
State Street Bank & Trust Co. | USD | 208 | ZAR | 3,723 | 04/20/2023 | 1,036 | ||||||||||||||||
State Street Bank & Trust Co. | ZAR | 10,963 | USD | 594 | 04/20/2023 | (20,814 | ) | |||||||||||||||
UBS AG | USD | 5,586 | MXN | 103,057 | 05/25/2023 | 76,461 | ||||||||||||||||
UBS AG | MXN | 103,750 | USD | 5,605 | 05/25/2023 | (95,458 | ) | |||||||||||||||
UBS AG | NOK | 55,458 | USD | 5,348 | 04/21/2023 | 46,811 | ||||||||||||||||
UBS AG | USD | 2,833 | NOK | 29,168 | 04/21/2023 | (44,448 | ) | |||||||||||||||
|
| |||||||||||||||||||||
$ | 316,776 | |||||||||||||||||||||
|
|
CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) |
| |||||||||||||||||||||||||||||||
Description | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 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 | 4.63 | % | USD | 9,140 | $ | (154,779 | ) | $ | (20,066 | ) | $ | (134,713 | ) | ||||||||||||||||
Malaysia Government Bond, 06/20/2028* | (1.00 | ) | Quarterly | 0.72 | USD | 26,220 | (350,670 | ) | (179,097 | ) | (171,573 | ) | ||||||||||||||||||||
Sale Contracts |
| |||||||||||||||||||||||||||||||
CDX-NAHY Series 39, 5 Year Index, 12/20/2027* | 5.00 | Quarterly | 4.69 | USD | 14,600 | 199,728 | 301,081 | (101,353 | ) | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (305,721 | ) | $ | 101,918 | $ | (407,639 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
* Termination date
CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | ||||||||||||||||||||||||||||
Termination Date | Rate Type | Payment Frequency Paid/ Received | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
Notional Amount (000) | Payments made by the Fund | Payments received by the Fund | ||||||||||||||||||||||||||
USD | 31,087 | 07/15/2024 | 3.440% | CPI# | Maturity | $ | 89,288 | $ | — | $ | 89,288 | |||||||||||||||||
USD | 28,500 | 02/26/2025 | 1.589% | CPI# | Maturity | 3,667,742 | — | 3,667,742 | ||||||||||||||||||||
USD | 17,150 | 02/28/2025 | 1.527% | CPI# | Maturity | 2,258,564 | — | 2,258,564 | ||||||||||||||||||||
USD | 12,590 | 05/13/2027 | 3.263% | CPI# | Maturity | (53,267 | ) | — | (53,267 | ) | ||||||||||||||||||
USD | 6,245 | 07/08/2027 | 2.770% | CPI# | Maturity | 70,799 | — | 70,799 | ||||||||||||||||||||
USD | 6,245 | 07/08/2027 | 2.778% | CPI# | Maturity | 68,542 | — | 68,542 | ||||||||||||||||||||
USD | 8,760 | 07/15/2027 | 2.753% | CPI# | Maturity | 90,429 | — | 90,429 | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | 6,192,097 | $ | — | $ | 6,192,097 | |||||||||||||||||||||||
|
|
|
|
|
|
# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).
54 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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) | Payments made by the Fund | Payments received by the Fund | ||||||||||||||||||||||||||
NZD | 1,981 | 11/01/2024 | 3 Month BKBM | 2.580% | Quarterly/ Semi-Annual | $ | (44,860 | ) | $ | — | $ | (44,860 | ) | |||||||||||||||
NZD | 5,299 | 11/02/2024 | 3 Month BKBM | 2.503% | Quarterly/ Semi-Annual | (125,006 | ) | — | (125,006 | ) | ||||||||||||||||||
USD | 610 | 04/21/2025 | 1.815% | 1 Day SOFR | Annual | 28,107 | 35,759 | (7,652 | ) | |||||||||||||||||||
USD | 370 | 06/09/2025 | 1.970% | 1 Day SOFR | Annual | 16,304 | 21,306 | (5,002 | ) | |||||||||||||||||||
USD | 484 | 08/04/2025 | 1.950% | 1 Day SOFR | Annual | 22,190 | 29,114 | (6,924 | ) | |||||||||||||||||||
USD | 1,990 | 04/27/2026 | 1.570% | 1 Day SOFR | Annual | 126,387 | 163,211 | (36,824 | ) | |||||||||||||||||||
USD | 840 | 10/04/2026 | 1.150% | 1 Day SOFR | Annual | 69,247 | 86,248 | (17,001 | ) | |||||||||||||||||||
USD | 420 | 11/08/2026 | 1.450% | 1 Day SOFR | Annual | 30,896 | 39,224 | (8,328 | ) | |||||||||||||||||||
USD | 420 | 11/09/2026 | 1.505% | 1 Day SOFR | Annual | 30,104 | 38,244 | (8,140 | ) | |||||||||||||||||||
USD | 1,040 | 04/04/2027 | 2.240% | 1 Day SOFR | Annual | 50,558 | 75,655 | (25,097 | ) | |||||||||||||||||||
USD | 580 | 04/26/2027 | 2.110% | 1 Day SOFR | Annual | 31,239 | 44,225 | (12,986 | ) | |||||||||||||||||||
EUR | 3,459 | 05/12/2027 | 6 Month EURIBOR | 1.494% | Semi-Annual/ Annual | (208,548 | ) | — | (208,548 | ) | ||||||||||||||||||
EUR | 2,641 | 05/13/2027 | 6 Month EURIBOR | 1.464% | Semi-Annual/ Annual | (166,177 | ) | — | (166,177 | ) | ||||||||||||||||||
USD | 10,260 | 06/05/2027 | 0.343% | 1 Day SOFR | Annual | 1,272,456 | 1,494,503 | (222,047 | ) | |||||||||||||||||||
USD | 6,030 | 07/20/2027 | 1.885% | 1 Day SOFR | Annual | 387,980 | 535,132 | (147,152 | ) | |||||||||||||||||||
USD | 1,360 | 09/27/2029 | 1.300% | 1 Day SOFR | Annual | 159,062 | 199,807 | (40,745 | ) | |||||||||||||||||||
USD | 1,830 | 12/13/2029 | 1.537% | 1 Day SOFR | Annual | 190,876 | 182,404 | 8,472 | ||||||||||||||||||||
USD | 15,740 | 05/21/2031 | 1.395% | 1 Day SOFR | Annual | 2,084,261 | 2,579,419 | (495,158 | ) | |||||||||||||||||||
EUR | 1,930 | 08/18/2032 | 6 Month EURIBOR | 1.800% | Semi-Annual/ Annual | (180,924 | ) | — | (180,924 | ) | ||||||||||||||||||
USD | 1,010 | 11/10/2035 | 2.390% | 1 Day SOFR | Annual | 86,282 | 125,292 | (39,010 | ) | |||||||||||||||||||
EUR | 2,300 | 09/30/2050 | 0.122% | 6 Month EURIBOR | Annual/ Semi-Annual | 1,191,206 | — | 1,191,206 | ||||||||||||||||||||
EUR | 2,300 | 09/30/2050 | 6 Month EURIBOR | (0.017)% | Semi-Annual/ Annual | (1,259,210 | ) | — | (1,259,210 | ) | ||||||||||||||||||
EUR | 2,310 | 11/10/2050 | 0.023% | 6 Month EURIBOR | Annual/ Semi-Annual | 1,244,694 | — | 1,244,694 | ||||||||||||||||||||
EUR | 2,310 | 11/10/2050 | 6 Month EURIBOR | (0.043)% | Semi-Annual/ Annual | (1,277,155 | ) | — | (1,277,155 | ) | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | 3,759,969 | $ | 5,649,543 | $ | (1,889,574 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
CREDIT DEFAULT SWAPS (see Note 3) |
| |||||||||||||||||||||||||||||||
Swap Counterparty & Referenced Obligation | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional Amount (000) | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
Sale Contracts | ||||||||||||||||||||||||||||||||
Citigroup Global Markets, Inc. |
| |||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | % | Monthly | 7.50 | % | USD | 2 | $ | (485 | ) | $ | (341 | ) | $ | (144 | ) | ||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 2 | (486 | ) | (273 | ) | (213 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 2 | (485 | ) | (215 | ) | (270 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 5 | (1,092 | ) | (631 | ) | (461 | ) |
2023 Semi-Annual Report | 55 |
Table of Contents
Schedule of Investments (continued)
Swap Counterparty & Referenced Obligation | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional Amount (000) | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | % | Monthly | 7.50 | % | USD | 6 | $ | (1,334 | ) | $ | (702 | ) | $ | (632 | ) | ||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 10 | (2,063 | ) | (1,222 | ) | (841 | ) | |||||||||||||||||||||
Credit Suisse International |
| |||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 30 | (6,429 | ) | (1,937 | ) | (4,492 | ) | |||||||||||||||||||||
Deutsche Bank AG |
| |||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 5 | (1,092 | ) | (558 | ) | (534 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 6 | (1,214 | ) | (304 | ) | (910 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 33 | (6,915 | ) | (3,797 | ) | (3,118 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 37 | (7,886 | ) | (3,931 | ) | (3,955 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 37 | (7,885 | ) | (3,929 | ) | (3,956 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 147 | (31,175 | ) | (9,535 | ) | (21,640 | ) | |||||||||||||||||||||
Goldman Sachs International |
| |||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 5 | (1,091 | ) | (361 | ) | (730 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 10 | (2,184 | ) | (854 | ) | (1,330 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 20 | (4,246 | ) | (1,830 | ) | (2,416 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 20 | (4,246 | ) | (1,691 | ) | (2,555 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 36 | (7,643 | ) | (3,549 | ) | (4,094 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 32 | (6,672 | ) | (2,513 | ) | (4,159 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 40 | (8,370 | ) | (3,943 | ) | (4,427 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 53 | (11,282 | ) | (6,692 | ) | (4,590 | ) | |||||||||||||||||||||
JPMorgan Securities, LLC |
| |||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 597 | (126,355 | ) | (46,319 | ) | (80,036 | ) | |||||||||||||||||||||
Morgan Stanley Capital Services LLC |
| |||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 42 | (8,977 | ) | (2,759 | ) | (6,218 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (249,607 | ) | $ | (97,886 | ) | $ | (151,721 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
* Termination date
56 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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 | 4,069 | 06/16/2023 | $ | 198,092 | |||||||||||||
Swiss Market Index Futures | 0.00% | Maturity | CHF | 1,649 | 06/16/2023 | 89,317 | ||||||||||||||
|
| |||||||||||||||||||
$ | 287,409 | |||||||||||||||||||
|
|
(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, 2023, the aggregate market value of these securities amounted to $221,049,847 or 26.1% of net assets. |
(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 OTC derivatives outstanding. |
(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, 2023. |
(f) | Fair valued by the Adviser. |
(g) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.35% of net assets as of March 31, 2023, are considered illiquid and restricted. Additional information regarding such securities follows: |
144A/Restricted & Illiquid Securities | Acquisition Date | Cost | Market Value | Percentage of Net Assets | ||||||||||||
GSF | 02/25/2021 | $ | 398,602 | $ | 387,466 | 0.05 | % | |||||||||
GSF | 02/25/2021 | 1,094,940 | 1,016,562 | 0.12 | % | |||||||||||
GSF | 02/25/2021 | 39,738 | 36,072 | 0.00 | % | |||||||||||
HFX Funding Issuer | 11/19/2020 | 1,307,532 | 1,176,495 | 0.14 | % | |||||||||||
JPMorgan Madison Avenue Securities Trust | 11/06/2015 | 19,608 | 19,010 | 0.00 | % | |||||||||||
PMT Credit Risk Transfer Trust | 02/11/2020 | 145,480 | 139,431 | 0.02 | % | |||||||||||
Terraform Global Operating LP | 02/08/2018 | 133,000 | 126,502 | 0.01 | % | |||||||||||
Wells Fargo Credit Risk Transfer Securities Trust | 09/28/2015 | 125,284 | 116,166 | 0.01 | % | |||||||||||
Wells Fargo Credit Risk Transfer Securities Trust | 09/28/2015 | 30,850 | 29,374 | 0.00 | % |
(h) | Inverse interest only security. |
(i) | Affiliated investments. |
(j) | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618. |
(k) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(l) | IO—Interest Only. |
(m) | Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at March 31, 2023. |
(n) | Non-income producing security. |
(o) | The rate shown represents the 7-day yield as of period end. |
2023 Semi-Annual Report | 57 |
Table of Contents
Schedule of Investments (continued)
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
DKK—Danish Krone
EUR—Euro
GBP—Great British Pound
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
PLN—Polish Zloty
SEK—Swedish Krona
SGD—Singapore Dollar
TWD—New Taiwan Dollar
USD—United States Dollar
ZAR—South African Rand
Glossary:
ABS—Asset-Backed Securities
BKBM—Bank Bill Benchmark (New Zealand)
BOBL—Bundesobligationen
CBT—Chicago Board of Trade
CDX-CMBX.NA—North American Commercial Mortgage-Backed Index
CDX-NAHY—North American High Yield Credit Default Swap Index
CLO—Collateralized Loan Obligations
CMBS—Commercial Mortgage-Backed Securities
CPI—Consumer Price Index
ETS—Emission Trading Scheme
EURIBOR—Euro Interbank Offered Rate
FTSE—Financial Times Stock Exchange
LIBOR—London Interbank Offered Rate
MSCI—Morgan Stanley Capital International
OAT—Obligations Assimilables du Trésor
OMXS—Stockholm Stock Exchange
OSE—Osaka Securities Exchange
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.
58 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Schedule of Investments
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Tax-Aware Overlay B Portfolio
March 31, 2023 (Unaudited)
Principal Amount (000) | U.S. $ Value | |||||||||||
MUNICIPAL OBLIGATIONS–70.4% |
| |||||||||||
Long-Term Municipal Bonds–70.4% |
| |||||||||||
Alabama–1.0% |
| |||||||||||
Black Belt Energy Gas District | $ | 1,000 | $ | 987,310 | ||||||||
Infirmary Health System Special Care Facilities Financing Authority of Mobile | 1,000 | 962,360 | ||||||||||
Southeast Energy Authority A Cooperative District | 5,500 | 5,345,070 | ||||||||||
Southeast Energy Authority A Cooperative District | 2,000 | 2,109,574 | ||||||||||
Sumter County Industrial Development Authority/AL | 1,250 | 1,125,293 | ||||||||||
|
| |||||||||||
10,529,607 | ||||||||||||
|
| |||||||||||
American Samoa–0.0% |
| |||||||||||
American Samoa Economic Development Authority | 400 | 430,345 | ||||||||||
|
| |||||||||||
Arizona–0.8% |
| |||||||||||
Arizona Industrial Development Authority | 1,100 | 1,075,562 | ||||||||||
4.00%, 11/01/2038 | 600 | 583,920 | ||||||||||
4.00%, 11/01/2039 | 750 | 722,988 | ||||||||||
5.00%, 11/01/2035 | 850 | 912,124 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Chandler Industrial Development Authority | $ | 2,000 | $ | 2,095,926 | ||||||||
City of Glendale AZ | 1,000 | 856,116 | ||||||||||
2.442%, 07/01/2032 | 2,250 | 1,845,700 | ||||||||||
City of Tempe AZ | 1,475 | 1,166,618 | ||||||||||
|
| |||||||||||
9,258,954 | ||||||||||||
|
| |||||||||||
Arkansas–0.1% |
| |||||||||||
City of Fayetteville AR Sales & Use Tax Revenue | 1,000 | 980,355 | ||||||||||
|
| |||||||||||
California–3.2% |
| |||||||||||
California Community Choice Financing Authority | 3,070 | 3,142,076 | ||||||||||
California Community Choice Financing Authority | 1,000 | 1,002,840 | ||||||||||
California Community Housing Agency | 3,385 | 2,595,706 | ||||||||||
California Infrastructure & Economic Development Bank | 4,625 | 4,626,134 | ||||||||||
7.75%, 01/01/2050(a) | 400 | 399,520 | ||||||||||
California Municipal Finance Authority | 4,710 | 4,290,460 | ||||||||||
California State University | 1,000 | 769,692 |
2023 Semi-Annual Report | 59 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
CSCDA Community Improvement Authority | $ | 2,500 | $ | 1,962,873 | ||||||||
CSCDA Community Improvement Authority | 1,000 | 761,168 | ||||||||||
CSCDA Community Improvement Authority | 2,000 | 1,501,912 | ||||||||||
CSCDA Community Improvement Authority | 1,000 | 788,050 | ||||||||||
CSCDA Community Improvement Authority | 1,700 | 1,357,464 | ||||||||||
CSCDA Community Improvement Authority | 1,000 | 756,646 | ||||||||||
Sacramento County Water Financing Authority | 3,675 | 3,313,836 | ||||||||||
San Francisco Intl Airport | 3,755 | 3,839,764 | ||||||||||
State of California | ||||||||||||
Series 2014 | 50 | 51,924 | ||||||||||
Series 2015 | 2,085 | 2,188,712 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Series 2023 | $ | 1,000 | $ | 1,113,716 | ||||||||
University of California | 1,000 | 1,148,914 | ||||||||||
|
| |||||||||||
35,611,407 | ||||||||||||
|
| |||||||||||
Colorado–2.3% | ||||||||||||
Centerra Metropolitan District No. 1 | 2,375 | 2,347,994 | ||||||||||
Colorado Health Facilities Authority | 845 | 921,168 | ||||||||||
5.00%, 08/01/2034 | 3,000 | 3,250,613 | ||||||||||
5.00%, 08/01/2035 | 4,100 | 4,404,620 | ||||||||||
5.00%, 08/01/2036 | 8,975 | 9,550,668 | ||||||||||
Johnstown Plaza Metropolitan District | 488 | 392,562 | ||||||||||
State of Colorado | 3,000 | 3,638,968 | ||||||||||
Vauxmont Metropolitan District | 177 | 150,060 | ||||||||||
AGM Series 2020 5.00%, 12/01/2024 | 115 | 118,952 | ||||||||||
5.00%, 12/01/2027 | 105 | 115,456 | ||||||||||
5.00%, 12/01/2033 | 110 | 123,372 | ||||||||||
5.00%, 12/01/2050 | 100 | 105,446 | ||||||||||
|
| |||||||||||
25,119,879 | ||||||||||||
|
| |||||||||||
Connecticut–1.7% | ||||||||||||
City of Bridgeport CT | 1,650 | 1,800,268 | ||||||||||
5.00%, 11/01/2027 | 1,735 | 1,910,270 | ||||||||||
5.00%, 11/01/2029 | 1,890 | 2,080,342 | ||||||||||
5.00%, 11/01/2030 | 2,015 | 2,217,582 | ||||||||||
5.00%, 11/01/2031 | 1,335 | 1,468,208 | ||||||||||
Series 2017-C | 1,000 | 1,051,438 | ||||||||||
Connecticut State Health & Educational Facilities Authority | 3,380 | 3,362,336 | ||||||||||
State of Connecticut | 3,060 | 3,130,274 | ||||||||||
Series 2018-C 5.00%, 06/15/2027 | 1,415 | 1,564,748 | ||||||||||
|
| |||||||||||
18,585,466 | ||||||||||||
|
|
60 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
District of Columbia–0.2% | ||||||||||||
Metropolitan Washington Airports Authority Aviation Revenue | $ | 1,910 | $ | 2,081,797 | ||||||||
|
| |||||||||||
Florida–3.4% |
| |||||||||||
Capital Trust Agency, Inc. | 385 | 380,138 | ||||||||||
City of South Miami Health Facilities Authority, Inc. | 3,550 | 3,854,240 | ||||||||||
5.00%, 08/15/2028 | 2,625 | 2,868,482 | ||||||||||
5.00%, 08/15/2029 | 2,750 | 2,998,834 | ||||||||||
5.00%, 08/15/2030 | 2,000 | 2,175,212 | ||||||||||
County of Osceola FL Transportation Revenue | 100 | 70,746 | ||||||||||
Zero Coupon, 10/01/2032 | 100 | 64,154 | ||||||||||
Zero Coupon, 10/01/2034 | 100 | 57,254 | ||||||||||
Florida Municipal Power Agency | 500 | 445,947 | ||||||||||
Florida State Board of Education | 1,310 | 1,315,036 | ||||||||||
Lakewood Ranch Stewardship District | 1,830 | 1,621,342 | ||||||||||
North Broward Hospital District | 7,070 | 7,514,518 | ||||||||||
5.00%, 01/01/2031 | 3,590 | 3,829,240 | ||||||||||
5.00%, 01/01/2032 | 2,950 | 3,137,382 | ||||||||||
Palm Beach County Health Facilities Authority | 200 | 174,954 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Polk County Industrial Development Authority | $ | 1,000 | $ | 1,003,940 | ||||||||
St Lucie County School Board | 1,565 | 1,581,456 | ||||||||||
State of Florida Department of Transportation Turnpike System Revenue | 3,795 | 3,909,966 | ||||||||||
|
| |||||||||||
37,002,841 | ||||||||||||
|
| |||||||||||
Georgia–1.9% |
| |||||||||||
City of Atlanta GA Airport Passenger Facility Charge | 4,000 | 4,216,846 | ||||||||||
City of Atlanta GA Department of Aviation | ||||||||||||
Series 2021-A | 640 | 735,900 | ||||||||||
Series 2021-B | 600 | 689,906 | ||||||||||
Series 2021-C | 1,000 | 993,338 | ||||||||||
5.00%, 07/01/2035 | 2,350 | 2,618,087 | ||||||||||
Main Street Natural Gas, Inc. | 6,465 | 6,472,662 | ||||||||||
Municipal Electric Authority of Georgia | 180 | 195,894 | ||||||||||
Private Colleges & Universities Authority | 5,000 | 5,277,012 | ||||||||||
|
| |||||||||||
21,199,645 | ||||||||||||
|
| |||||||||||
Guam–0.0% |
| |||||||||||
Territory of Guam | 180 | 188,981 | ||||||||||
|
| |||||||||||
Hawaii–1.4% |
| |||||||||||
City & County of Honolulu HI | 1,180 | 1,375,108 | ||||||||||
University of Hawaii | 6,035 | 6,105,568 |
2023 Semi-Annual Report | 61 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
5.00%, 10/01/2026 | $ | 7,010 | $ | 7,618,568 | ||||||||
|
| |||||||||||
15,099,244 | ||||||||||||
|
| |||||||||||
Illinois–7.9% |
| |||||||||||
Chicago Board of Education | 1,000 | 1,001,226 | ||||||||||
Series 2019-B 5.00%, 12/01/2030 | 270 | 283,658 | ||||||||||
5.00%, 12/01/2031 | 310 | 323,834 | ||||||||||
5.00%, 12/01/2032 | 200 | 208,502 | ||||||||||
5.00%, 12/01/2033 | 160 | 166,234 | ||||||||||
Series 2022-B 4.00%, 12/01/2041 | 2,000 | 1,787,176 | ||||||||||
Series 2023 5.25%, 04/01/2039 | 1,000 | 1,068,956 | ||||||||||
Chicago O’Hare International Airport | 11,425 | 11,617,860 | ||||||||||
5.00%, 01/01/2028 | 6,690 | 6,943,078 | ||||||||||
AGM Series 2020-E 4.00%, 01/01/2039 | 1,275 | 1,294,840 | ||||||||||
Illinois Finance Authority | ||||||||||||
Series 2019 5.00%, 09/01/2023 | 100 | 99,974 | ||||||||||
5.00%, 09/01/2026 | 100 | 99,996 | ||||||||||
5.00%, 09/01/2027 | 100 | 100,192 | ||||||||||
5.00%, 09/01/2029 | 100 | 100,430 | ||||||||||
5.00%, 09/01/2032 | 100 | 99,594 | ||||||||||
5.00%, 09/01/2033 | 200 | 198,040 | ||||||||||
5.00%, 09/01/2034 | 100 | 97,952 | ||||||||||
Illinois Finance Authority | 3,020 | 3,307,832 | ||||||||||
5.00%, 04/01/2031 | 2,450 | 2,675,505 | ||||||||||
5.00%, 04/01/2032 | 1,725 | 1,876,600 | ||||||||||
Illinois Finance Authority | 20,130 | 21,889,052 | ||||||||||
5.00%, 05/15/2033 | 6,775 | 7,353,270 | ||||||||||
State of Illinois | ||||||||||||
Series 2017-A 5.00%, 12/01/2025 | 3,810 | 4,005,810 | ||||||||||
Series 2017-D 5.00%, 11/01/2024 | 12,010 | 12,372,574 | ||||||||||
Series 2019-A 5.00%, 11/01/2026 | 5,740 | 6,136,680 | ||||||||||
State of Illinois Sales Tax Revenue | 1,340 | 1,344,412 | ||||||||||
|
| |||||||||||
86,453,277 | ||||||||||||
|
|
Principal Amount (000) | U.S. $ Value | |||||||||||
Indiana–0.6% | ||||||||||||
City of Fort Wayne IN | $ | 850 | $ | 838,674 | ||||||||
10.75%, 12/01/2029 | 115 | 114,574 | ||||||||||
City of Whiting IN | 2,000 | 2,037,196 | ||||||||||
Indiana Finance Authority | 3,000 | 2,982,355 | ||||||||||
Indiana Finance Authority | 330 | 295,480 | ||||||||||
|
| |||||||||||
6,268,279 | ||||||||||||
|
| |||||||||||
Iowa–0.1% | ||||||||||||
Iowa Finance Authority | 1,000 | 972,591 | ||||||||||
|
| |||||||||||
Kansas–0.2% | ||||||||||||
Kansas Development Finance Authority | 2,000 | 1,801,900 | ||||||||||
|
| |||||||||||
Kentucky–2.4% | ||||||||||||
City of Ashland KY | 225 | 235,026 | ||||||||||
5.00%, 02/01/2027 | 240 | 254,818 | ||||||||||
5.00%, 02/01/2030 | 155 | 170,546 | ||||||||||
5.00%, 02/01/2031 | 195 | 209,994 | ||||||||||
Kentucky Economic Development Finance Authority | 4,265 | 4,472,952 | ||||||||||
5.00%, 06/01/2031 | 6,195 | 6,413,398 | ||||||||||
Kentucky Public Energy Authority | 6,370 | 6,353,394 |
62 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Kentucky Public Energy Authority | $ | 8,500 | $ | 8,461,443 | ||||||||
|
| |||||||||||
26,571,571 | ||||||||||||
|
| |||||||||||
Louisiana–1.0% | ||||||||||||
Louisiana Local Government Environmental Facilities & Community Development Auth | 1,400 | 1,411,540 | ||||||||||
Louisiana Local Government Environmental Facilities & Community Development Auth | 1,550 | 1,550,620 | ||||||||||
Parish of St. James LA | 435 | 446,200 | ||||||||||
6.10%, 06/01/2038(a) | 585 | 628,356 | ||||||||||
6.10%, 12/01/2040(a) | 500 | 537,068 | ||||||||||
Parish of St. John the Baptist LA | 1,570 | 1,532,506 | ||||||||||
Series 2023 | 4,885 | 4,885,000 | ||||||||||
|
| |||||||||||
10,991,290 | ||||||||||||
|
| |||||||||||
Massachusetts–0.4% | ||||||||||||
Commonwealth of Massachusetts | 2,775 | 2,723,488 | ||||||||||
Commonwealth of Massachusetts | 2,000 | 1,979,336 | ||||||||||
|
| |||||||||||
4,702,824 | ||||||||||||
|
| |||||||||||
Michigan–3.2% | ||||||||||||
City of Detroit MI | 1,200 | 1,240,838 | ||||||||||
5.00%, 04/01/2028 | 2,475 | 2,606,164 | ||||||||||
Great Lakes Water Authority Water Supply System Revenue | 3,000 | 3,091,254 |
Principal Amount (000) | U.S. $ Value | |||||||||||
5.00%, 07/01/2025 | $ | 2,500 | $ | 2,626,582 | ||||||||
5.00%, 07/01/2027 | 1,745 | 1,913,086 | ||||||||||
Michigan Finance Authority | 900 | 906,636 | ||||||||||
Michigan Finance Authority | 10,115 | 10,382,560 | ||||||||||
Michigan Finance Authority | 5,000 | 4,948,536 | ||||||||||
Michigan Strategic Fund | 1,090 | 1,142,624 | ||||||||||
South Lyon Community Schools | 3,640 | 3,897,366 | ||||||||||
University of Michigan | ||||||||||||
Series 2017-A 5.00%, 04/01/2023 (Pre-refunded/ETM) | 1,250 | 1,250,000 | ||||||||||
5.00%, 04/01/2023 | 705 | 705,000 | ||||||||||
|
| |||||||||||
34,710,646 | ||||||||||||
|
| |||||||||||
Minnesota–0.4% | ||||||||||||
Brainerd Independent School District No. 181 | 2,500 | 2,552,182 | ||||||||||
North St Paul-Maplewood-Oakdale Independent School District No. 622 | 2,000 | 1,772,730 | ||||||||||
|
| |||||||||||
4,324,912 | ||||||||||||
|
| |||||||||||
Mississippi–0.6% | ||||||||||||
Mississippi Development Bank | 1,100 | 1,025,708 | ||||||||||
Mississippi Development Bank | ||||||||||||
Series 2010-C | 1,720 | 1,722,703 | ||||||||||
Series 2010-D | 3,695 | 3,700,806 | ||||||||||
|
| |||||||||||
6,449,217 | ||||||||||||
|
|
2023 Semi-Annual Report | 63 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
Missouri–0.2% |
| |||||||||||
City of Kansas City MO | $ | 1,500 | $ | 1,651,622 | ||||||||
Howard Bend Levee District | 185 | 187,746 | ||||||||||
5.75%, 03/01/2027 | 155 | 158,435 | ||||||||||
|
| |||||||||||
1,997,803 | ||||||||||||
|
| |||||||||||
Nebraska–1.5% |
| |||||||||||
Central Plains Energy Project | 17,000 | 17,118,583 | ||||||||||
|
| |||||||||||
Nevada–0.3% |
| |||||||||||
Clark County School District | 1,155 | 1,299,214 | ||||||||||
State of Nevada Department of Business & Industry | 1,700 | 1,701,675 | ||||||||||
|
| |||||||||||
3,000,889 | ||||||||||||
|
| |||||||||||
New Hampshire–0.0% |
| |||||||||||
National Finance Authority | 3,750 | 89,845 | ||||||||||
|
| |||||||||||
New Jersey–4.0% |
| |||||||||||
New Jersey Economic Development Authority | 1,610 | 1,616,072 | ||||||||||
New Jersey Economic Development Authority | 1,185 | 1,186,768 | ||||||||||
New Jersey Health Care Facilities Financing Authority | 1,325 | 1,435,432 |
Principal Amount (000) | U.S. $ Value | |||||||||||
New Jersey Transportation Trust Fund Authority | $ | 2,750 | $ | 2,820,372 | ||||||||
5.00%, 06/15/2029 | 1,630 | 1,730,706 | ||||||||||
5.00%, 06/15/2030 | 1,675 | 1,775,874 | ||||||||||
New Jersey Transportation Trust Fund Authority | 160 | 176,632 | ||||||||||
5.00%, 12/15/2030 | 5,975 | 6,588,918 | ||||||||||
Series 2019 | 3,075 | 3,396,598 | ||||||||||
Series 2019-B | 1,570 | 1,711,822 | ||||||||||
Series 2019-BB1 | 1,250 | 1,362,916 | ||||||||||
Series 2022-A | 1,865 | 2,122,678 | ||||||||||
New Jersey Turnpike Authority | 1,565 | 1,748,404 | ||||||||||
Series 2021-B 1.713%, 01/01/2029 | 1,225 | 1,053,170 | ||||||||||
AGM Series 2005-D3 5.25%, 01/01/2026 | 11,070 | 11,839,872 | ||||||||||
Tobacco Settlement Financing Corp./NJ | 3,450 | 3,739,154 | ||||||||||
|
| |||||||||||
44,305,388 | ||||||||||||
|
| |||||||||||
New York–6.8% |
| |||||||||||
City of New York NY | 2,510 | 2,527,504 | ||||||||||
Series 2015-A 5.00%, 08/01/2023 | 7,220 | 7,276,972 | ||||||||||
Series 2021 1.396%, 08/01/2027 | 3,385 | 2,987,710 | ||||||||||
Series 2021-A 4.00%, 08/01/2035 | 2,500 | 2,643,222 | ||||||||||
Metropolitan Transportation Authority | 4,340 | 4,671,348 | ||||||||||
Series 2020-C 4.75%, 11/15/2045 | 1,355 | 1,374,210 |
64 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue | $ | 5,275 | $ | 5,381,850 | ||||||||
5.00%, 11/01/2027 | 3,350 | 3,438,556 | ||||||||||
5.00%, 02/01/2028 | 2,000 | 2,041,338 | ||||||||||
5.00%, 11/01/2028 | 6,000 | 6,161,838 | ||||||||||
5.00%, 02/01/2029 | 2,500 | 2,549,608 | ||||||||||
5.00%, 11/01/2029 | 1,155 | 1,184,912 | ||||||||||
Series 2014-C 5.00%, 11/01/2028 | 10,665 | 10,952,666 | ||||||||||
New York Liberty Development Corp. | 100 | 99,600 | ||||||||||
New York Liberty Development Corp. | 855 | 782,981 | ||||||||||
2.80%, 09/15/2069 | 2,370 | 2,170,116 | ||||||||||
New York State Dormitory Authority | 8,340 | 8,531,530 | ||||||||||
New York Transportation Development Corp. | 265 | 252,150 | ||||||||||
Series 2020 | 5,000 | 4,900,256 | ||||||||||
New York Transportation Development Corp. | 1,000 | 1,052,694 | ||||||||||
Triborough Bridge & Tunnel Authority | 3,000 | 2,416,932 | ||||||||||
Series 2022 5.00%, 05/15/2030 | 1,000 | 1,176,364 | ||||||||||
|
| |||||||||||
74,574,357 | ||||||||||||
|
| |||||||||||
North Carolina–0.2% |
| |||||||||||
State of North Carolina | 1,850 | 1,932,834 | ||||||||||
|
|
Principal Amount (000) | U.S. $ Value | |||||||||||
Ohio–1.9% |
| |||||||||||
American Municipal Power, Inc. | $ | 5,260 | $ | 5,886,996 | ||||||||
5.00%, 02/15/2036 | 3,085 | 3,427,133 | ||||||||||
County of Cuyahoga OH | 1,500 | 1,544,042 | ||||||||||
5.00%, 02/15/2028 | 4,000 | 4,217,028 | ||||||||||
County of Montgomery OH | 1,150 | 1,315,128 | ||||||||||
County of Washington OH | 1,000 | 1,020,367 | ||||||||||
Ohio Higher Educational Facility Commission | 360 | 395,830 | ||||||||||
5.25%, 01/01/2035 | 750 | 832,250 | ||||||||||
5.25%, 01/01/2038 | 1,110 | 1,191,394 | ||||||||||
5.25%, 01/01/2039 | 780 | 834,290 | ||||||||||
|
| |||||||||||
20,664,458 | ||||||||||||
|
| |||||||||||
Oklahoma–0.4% |
| |||||||||||
Comanche County Memorial Hospital | 1,000 | 1,006,208 | ||||||||||
5.00%, 07/01/2028 | 1,000 | 1,005,648 | ||||||||||
5.00%, 07/01/2029 | 1,000 | 1,005,662 | ||||||||||
Oklahoma Development Finance Authority | 1,000 | 960,248 | ||||||||||
Oklahoma Development Finance Authority | 1,000 | 967,238 | ||||||||||
|
| |||||||||||
4,945,004 | ||||||||||||
|
|
2023 Semi-Annual Report | 65 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
Oregon–0.3% |
| |||||||||||
Port of Portland OR Airport Revenue | $ | 3,000 | $ | 2,938,810 | ||||||||
|
| |||||||||||
Pennsylvania–6.2% |
| |||||||||||
Allegheny County Airport Authority | 2,000 | 1,950,564 | ||||||||||
Allegheny County Sanitary Authority | 3,105 | 3,155,248 | ||||||||||
5.00%, 12/01/2025 | 4,365 | 4,432,504 | ||||||||||
Capital Region Water Water Revenue | 1,500 | 1,676,426 | ||||||||||
City of Philadelphia PA | 2,890 | 3,260,738 | ||||||||||
City of Philadelphia PA Water & Wastewater Revenue | 685 | 769,048 | ||||||||||
5.00%, 11/01/2038 | 1,655 | 1,836,720 | ||||||||||
Coatesville School District | 1,250 | 1,259,168 | ||||||||||
Commonwealth of Pennsylvania | 1,000 | 1,068,666 | ||||||||||
Moon Industrial Development Authority | 1,600 | 1,553,332 | ||||||||||
Pennsylvania Economic Development Financing Authority | 3,300 | 3,548,822 | ||||||||||
Pennsylvania Economic Development Financing Authority | 2,000 | 1,935,708 | ||||||||||
Pennsylvania Turnpike Commission | 2,905 | 3,204,306 |
Principal Amount (000) | U.S. $ Value | |||||||||||
5.00%, 12/01/2028 | $ | 3,065 | $ | 3,397,678 | ||||||||
5.00%, 12/01/2029 | 2,500 | 2,786,002 | ||||||||||
5.00%, 12/01/2030 | 2,540 | 2,824,356 | ||||||||||
Series 2017-B 5.00%, 06/01/2031 | 11,050 | 11,993,774 | ||||||||||
Series 2019 5.00%, 12/01/2024 | 4,000 | 4,147,352 | ||||||||||
5.00%, 12/01/2025 | 3,900 | 4,153,340 | ||||||||||
Series 2019-A 5.00%, 12/01/2031 | 2,650 | 2,982,932 | ||||||||||
5.00%, 12/01/2032 | 1,355 | 1,522,538 | ||||||||||
Philadelphia Authority for Industrial Development | 3,205 | 3,509,216 | ||||||||||
Philadelphia Authority for Industrial Development | 880 | 917,886 | ||||||||||
|
| |||||||||||
67,886,324 | ||||||||||||
|
| |||||||||||
Puerto Rico–1.0% |
| |||||||||||
Commonwealth of Puerto Rico | ||||||||||||
Zero Coupon, 07/01/2024 | 4 | 3,788 | ||||||||||
Zero Coupon, 07/01/2033 | 325 | 184,324 | ||||||||||
4.00%, 07/01/2033 | 312 | 280,502 | ||||||||||
4.00%, 07/01/2035 | 11 | 9,432 | ||||||||||
4.00%, 07/01/2037 | 9 | 7,858 | ||||||||||
4.00%, 07/01/2041 | 13 | 10,236 | ||||||||||
4.00%, 07/01/2046 | 13 | 10,232 | ||||||||||
5.25%, 07/01/2023 | 322 | 322,172 | ||||||||||
5.375%, 07/01/2025 | 423 | 429,928 | ||||||||||
5.625%, 07/01/2027 | 1,053 | 1,088,230 | ||||||||||
5.625%, 07/01/2029 | 423 | 441,668 | ||||||||||
5.75%, 07/01/2031 | 113 | 119,508 | ||||||||||
Commonwealth of Puerto Rico | 79 | 34,504 | ||||||||||
HTA TRRB Custodial Trust | ||||||||||||
Series 2022 5.25%, 07/01/2034 | 1,005 | 998,180 | ||||||||||
5.25%, 07/01/2036 | 1,110 | 1,115,592 | ||||||||||
5.25%, 07/01/2041 | 905 | 910,642 | ||||||||||
Puerto Rico Electric Power Authority | 1,010 | 1,022,036 | ||||||||||
Puerto Rico Highway & Transportation Authority | 325 | 202,718 |
66 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth | $ | 3,315 | $ | 3,363,148 | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 1,021 | 965,424 | ||||||||||
|
| |||||||||||
11,520,122 | ||||||||||||
|
| |||||||||||
South Carolina–1.8% |
| |||||||||||
Patriots Energy Group Financing Agency | 7,390 | 7,402,660 | ||||||||||
Renewable Water Resources | 7,220 | 7,531,454 | ||||||||||
South Carolina Public Service Authority | 2,000 | 1,913,312 | ||||||||||
Series 2021-B | 3,000 | 2,959,798 | ||||||||||
|
| |||||||||||
19,807,224 | ||||||||||||
|
| |||||||||||
South Dakota–0.2% |
| |||||||||||
South Dakota Health & Educational Facilities Authority | 2,000 | 2,168,296 | ||||||||||
|
| |||||||||||
Tennessee–0.6% |
| |||||||||||
Metropolitan Nashville Airport Authority (The) | 1,205 | 1,333,761 | ||||||||||
Tennessee Energy Acquisition Corp. |
| 5,000 | 5,145,924 | |||||||||
|
| |||||||||||
6,479,685 | ||||||||||||
|
| |||||||||||
Texas–2.6% |
| |||||||||||
City of Corpus Christi TX Utility System Revenue | 1,290 | 1,327,878 | ||||||||||
Series 2015-C | 1,030 | 1,084,988 |
Principal Amount (000) | U.S. $ Value | |||||||||||
City of Houston TX Airport System Revenue | $ | 375 | $ | 375,194 | ||||||||
City of San Antonio TX Electric & Gas Systems Revenue | 1,750 | 1,945,958 | ||||||||||
Dallas Fort Worth International Airport | 2,500 | 2,719,606 | ||||||||||
5.00%, 11/01/2027 | 1,225 | 1,358,786 | ||||||||||
Irving Hospital Authority | 1,100 | 1,161,848 | ||||||||||
Lower Colorado River Authority | 5,255 | 5,958,030 | ||||||||||
Metropolitan Transit Authority of Harris County |
| 1,185 | 1,347,659 | |||||||||
New Hope Cultural Education Facilities Finance Corp. | 1,160 | 1,169,198 | ||||||||||
Port Beaumont Navigation District | 300 | 241,424 | ||||||||||
Texas A&M University | 3,950 | 3,960,908 | ||||||||||
Texas Private Activity Bond Surface Transportation Corp. | 1,880 | 1,899,196 | ||||||||||
Texas Water Development Board | 1,255 | 1,416,160 |
2023 Semi-Annual Report | 67 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
Via Metropolitan Transit | $ | 2,580 | $ | 2,651,472 | ||||||||
|
| |||||||||||
28,618,305 | ||||||||||||
|
| |||||||||||
Virginia–0.4% |
| |||||||||||
Greater Richmond Convention Center Authority | 2,065 | 2,074,234 | ||||||||||
Virginia Small Business Financing Authority | 1,120 | 1,165,238 | ||||||||||
Virginia Small Business Financing Authority | 1,320 | 1,318,781 | ||||||||||
|
| |||||||||||
4,558,253 | ||||||||||||
|
| |||||||||||
Washington–5.0% |
| |||||||||||
Franklin County School District No. 1 Pasco | 8,615 | 8,950,876 | ||||||||||
Port of Seattle WA | 6,000 | 6,374,864 | ||||||||||
5.00%, 05/01/2027 | 6,500 | 7,002,906 | ||||||||||
5.00%, 05/01/2029 | 1,875 | 2,008,902 | ||||||||||
Series 2018-B 5.00%, 05/01/2026 | 4,925 | 5,232,700 | ||||||||||
5.00%, 05/01/2027 | 5,340 | 5,753,156 | ||||||||||
5.00%, 05/01/2028 | 5,775 | 6,299,836 | ||||||||||
Series 2021 4.00%, 08/01/2040 | 1,000 | 968,368 | ||||||||||
Snohomish & Island Counties School District No. 41 Stanwood-Camano | 1,000 | 1,120,540 | ||||||||||
Spokane County School District No. 81 Spokane | 2,000 | 1,986,350 | ||||||||||
State of Washington | 3,755 | 3,868,754 | ||||||||||
Series 2015-R 5.00%, 07/01/2023 | 3,735 | 3,756,954 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Washington State Convention Center Public Facilities District | $ | 1,960 | $ | 1,872,142 | ||||||||
|
| |||||||||||
55,196,348 | ||||||||||||
|
| |||||||||||
West Virginia–0.2% |
| |||||||||||
Tobacco Settlement Finance Authority/WV | 3,070 | 2,774,604 | ||||||||||
|
| |||||||||||
Wisconsin–4.0% |
| |||||||||||
State of Wisconsin | 3,800 | 4,305,718 | ||||||||||
5.00%, 05/01/2030 | 2,500 | 2,951,280 | ||||||||||
Series 2021-2 5.00%, 05/01/2030 | 3,390 | 4,001,936 | ||||||||||
5.00%, 05/01/2032 | 1,000 | 1,173,152 | ||||||||||
5.00%, 05/01/2033 | 1,400 | 1,638,732 | ||||||||||
5.00%, 05/01/2035 | 750 | 863,678 | ||||||||||
5.00%, 05/01/2036 | 1,210 | 1,379,312 | ||||||||||
5.00%, 05/01/2037 | 1,300 | 1,471,928 | ||||||||||
5.00%, 05/01/2038 | 1,450 | 1,632,948 | ||||||||||
5.00%, 05/01/2039 | 1,500 | 1,682,208 | ||||||||||
5.00%, 05/01/2040 | 1,500 | 1,673,058 | ||||||||||
UMA Education, Inc. | 195 | 195,420 | ||||||||||
5.00%, 10/01/2025(a) | 730 | 733,558 | ||||||||||
5.00%, 10/01/2026(a) | 770 | 774,156 | ||||||||||
5.00%, 10/01/2027(a) | 805 | 808,528 | ||||||||||
5.00%, 10/01/2028(a) | 440 | 441,044 | ||||||||||
5.00%, 10/01/2029(a) | 200 | 200,108 | ||||||||||
Wausau School District | 2,180 | 2,505,288 | ||||||||||
Wisconsin Department of Transportation | ||||||||||||
Series 2024-1 | 1,765 | 2,001,874 | ||||||||||
Wisconsin Health & Educational Facilities Authority | 1,000 | 1,068,712 | ||||||||||
Wisconsin Public Finance Authority | 1,400 | 1,387,034 |
68 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Wisconsin Public Finance Authority | $ | 3,245 | $ | 3,257,186 | ||||||||
Series 2016-B | 2,510 | 2,542,220 | ||||||||||
Wisconsin Public Finance Authority | 1,000 | 1,019,236 | ||||||||||
Wisconsin Public Finance Authority | 1,000 | 899,262 | ||||||||||
Wisconsin Public Finance Authority | ||||||||||||
Series 2021 | 1,000 | 955,346 | ||||||||||
4.00%, 02/01/2040 | 1,000 | 941,164 | ||||||||||
Series 2022 | 1,000 | 1,087,290 | ||||||||||
|
| |||||||||||
43,591,376 | ||||||||||||
|
| |||||||||||
Total Municipal Obligations (cost $790,372,379) | 773,503,536 | |||||||||||
|
| |||||||||||
Shares | ||||||||||||
INVESTMENT COMPANIES–22.5% |
| |||||||||||
Funds and Investment Trusts–22.5%(d) |
| |||||||||||
iShares Core MSCI EAFE ETF | 1,670,856 | 111,696,723 | ||||||||||
iShares Core MSCI Emerging Markets ETF | 950,834 | 46,391,191 | ||||||||||
SPDR S&P 500 ETF Trust | 216,510 | 88,637,029 | ||||||||||
|
| |||||||||||
Total Investment Companies (cost $204,530,304) | 246,724,943 | |||||||||||
|
| |||||||||||
Principal Amount (000) | ||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES–1.5% |
| |||||||||||
Agency CMBS–0.7% |
| |||||||||||
California Housing Finance Agency | $ | 2,157 | 2,165,652 | |||||||||
Series 2021-1, Class A | 971 | 924,254 | ||||||||||
Series 2021-2, Class A | 2,945 | 2,921,164 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Series 2021-2, Class X | $ | 1,963 | $ | 105,014 | ||||||||
Federal Home Loan Mortgage Corp. | 981 | 758,334 | ||||||||||
Washington State Housing Finance Commission Series 2021-1, Class A | 973 | 912,164 | ||||||||||
|
| |||||||||||
7,786,582 | ||||||||||||
|
| |||||||||||
Non-Agency Fixed Rate CMBS–0.8% |
| |||||||||||
National Finance Authority | 1,712 | 1,706,724 | ||||||||||
Series 2022-2, Class A | 1,988 | 1,902,138 | ||||||||||
New Hampshire Business Finance Authority | 4,953 | 4,904,438 | ||||||||||
|
| |||||||||||
8,513,300 | ||||||||||||
|
| |||||||||||
Total Commercial Mortgage-Backed Securities (cost $17,637,580) |
| 16,299,882 | ||||||||||
|
| |||||||||||
CORPORATES—INVESTMENT GRADE–1.0% |
| |||||||||||
Industrial–1.0% |
| |||||||||||
Capital Goods–0.3% |
| |||||||||||
Caterpillar Financial Services Corp. |
| 1,800 | 1,792,458 | |||||||||
John Deere Capital Corp. | 1,000 | 997,690 | ||||||||||
|
| |||||||||||
2,790,148 | ||||||||||||
|
| |||||||||||
Consumer Cyclical—Automotive–0.2% |
| |||||||||||
General Motors Financial Co., Inc. 5.69% (SOFR + 1.30%), 04/07/2025(b) | 2,000 | 1,985,780 | ||||||||||
|
| |||||||||||
Consumer Non-Cyclical–0.5% |
| |||||||||||
Baylor Scott & White Holdings | 1,075 | 972,026 | ||||||||||
1.777%, 11/15/2030 | 1,000 | 810,480 | ||||||||||
Novant Health, Inc. | 3,525 | 2,786,407 | ||||||||||
Ochsner LSU Health System of North Louisiana | 2,000 | 1,494,840 | ||||||||||
|
| |||||||||||
6,063,753 | ||||||||||||
|
| |||||||||||
Total Corporates—Investment Grade (cost $12,399,281) |
| 10,839,681 | ||||||||||
|
|
2023 Semi-Annual Report | 69 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
GOVERNMENTS—TREASURIES–0.8% |
| |||||||||||
United States–0.8% |
| |||||||||||
U.S. Treasury Notes 2.125%, 11/30/2023(f) | $ | 1,698 | $ | 1,669,346 | ||||||||
2.625%, 02/15/2029(f) | 7,796 | 7,385,492 | ||||||||||
|
| |||||||||||
Total Governments—Treasuries (cost $9,575,396) | 9,054,838 | |||||||||||
|
| |||||||||||
Notional Amount | ||||||||||||
PURCHASED OPTIONS—PUTS–0.5% |
| |||||||||||
Options on Equity Indices–0.5% |
| |||||||||||
Euro STOXX 50 Index | EUR | 24,185,000 | 687,479 | |||||||||
FTSE 100 Index | GBP | 10,362,000 | 247,706 | |||||||||
Nikkei 225 Index | JPY | 2,090,000,000 | 315,748 | |||||||||
S&P 500 Index | USD | 188,760,000 | 3,948,286 | |||||||||
|
| |||||||||||
Total Purchased Options—Puts (premiums paid $5,981,762) | 5,199,219 | |||||||||||
|
| |||||||||||
Principal Amount (000) | ||||||||||||
CORPORATES—NON-INVESTMENT GRADE–0.4% |
| |||||||||||
Industrial–0.4% |
| |||||||||||
Communications—Media–0.1% |
| |||||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | $ | 1,546 | 1,197,485 | |||||||||
|
| |||||||||||
Consumer Non-Cyclical–0.1% |
| |||||||||||
Medline Borrower LP | 1,150 | 997,798 | ||||||||||
|
| |||||||||||
Transportation—Airlines–0.2% |
| |||||||||||
American Airlines Inc/AAdvantage Loyalty IP Ltd. | 700 | 689,772 | ||||||||||
5.75%, 04/20/2029(a) | 620 | 595,058 | ||||||||||
United Airlines, Inc. | 1,000 | 958,900 |
Principal Amount (000) | U.S. $ Value | |||||||||||
4.625%, 04/15/2029(a) | $ | 500 | $ | 452,205 | ||||||||
|
| |||||||||||
2,695,935 | ||||||||||||
|
| |||||||||||
Total Corporates—Non-Investment Grade (cost $5,515,645) |
| 4,891,218 | ||||||||||
|
| |||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS–0.4% |
| |||||||||||
Non-Agency Fixed Rate–0.3% |
| |||||||||||
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates | 4,780 | 4,072,015 | ||||||||||
|
| |||||||||||
Risk Share Floating Rate–0.1% |
| |||||||||||
Bellemeade Re Ltd. | 89 | 89,280 | ||||||||||
Connecticut Avenue Securities Trust Series 2020-SBT1, Class 2M2 | 250 | 251,134 | ||||||||||
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes | 85 | 86,658 | ||||||||||
Federal National Mortgage Association Connecticut Avenue Securities | 54 | 54,546 | ||||||||||
Series 2015-C03, Class 1M2 | 32 | 33,924 | ||||||||||
Series 2016-C01, Class 1M2 | 95 | 101,852 | ||||||||||
Series 2016-C02, Class 1M2 | 46 | 48,365 | ||||||||||
|
| |||||||||||
665,759 | ||||||||||||
|
| |||||||||||
Total Collateralized Mortgage Obligations (cost $5,440,719) |
| 4,737,774 | ||||||||||
|
| |||||||||||
ASSET-BACKED SECURITIES–0.3% |
| |||||||||||
Autos—Fixed Rate–0.3% |
| |||||||||||
Foursight Capital Automobile Receivables Trust |
| 1,160 | 1,154,734 |
70 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Lendbuzz Securitization Trust | $ | 2,000 | $ | 2,002,244 | ||||||||
|
| |||||||||||
Total Asset-Backed Securities (cost $3,159,631) |
| 3,156,978 | ||||||||||
|
| |||||||||||
Shares | ||||||||||||
SHORT-TERM INVESTMENTS–1.3% |
| |||||||||||
Investment Companies–1.3% |
| |||||||||||
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.75%(d)(h)(i) |
| 13,894,725 | 13,894,725 | |||||||||
|
| |||||||||||
Total Investments—99.1% (cost $1,068,507,422) |
| 1,088,302,794 | ||||||||||
Other assets less liabilities—0.9% |
| 9,860,058 | ||||||||||
|
| |||||||||||
Net Assets—100.0% |
| $ | 1,098,162,852 | |||||||||
|
|
FUTURES (see Note 3) |
| |||||||||||||
Description | Number of Contracts | Expiration Month | Current Notional | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Purchased Contracts | ||||||||||||||
FTSE 100 Index Futures | 29 | June 2023 | $ | 2,732,805 | $ | 33,091 | ||||||||
MSCI Emerging Markets Futures | 27 | June 2023 | 1,343,925 | 50,970 | ||||||||||
Nikkei 225 (OSE) Futures | 13 | June 2023 | 2,745,396 | 28,896 | ||||||||||
OMXS 30 Index Futures | 240 | April 2023 | 5,125,927 | 202,099 | ||||||||||
Russell 2000 E-Mini Futures | 138 | June 2023 | 12,513,150 | 369,137 | ||||||||||
S&P 500 E-Mini Futures | 411 | June 2023 | 85,030,763 | 4,377,885 | ||||||||||
S&P Mid 400 E-Mini Futures | 36 | June 2023 | 9,106,920 | 374,039 | ||||||||||
U.S. T-Note 2 Yr (CBT) Futures | 63 | June 2023 | 13,006,547 | 143,148 | ||||||||||
U.S. T-Note 10 Yr (CBT) Futures | 179 | June 2023 | 20,571,016 | 573,564 | ||||||||||
U.S. Ultra Bond (CBT) Futures | 48 | June 2023 | 6,774,000 | 223,051 | ||||||||||
Sold Contracts | ||||||||||||||
Euro STOXX 50 Index Futures | 170 | June 2023 | 7,855,792 | (347,641 | ) | |||||||||
FTSE 100 Index Futures | 4 | June 2023 | 376,939 | (1,889 | ) | |||||||||
Hang Seng Index Futures | 8 | April 2023 | 1,043,631 | (6,368 | ) | |||||||||
MSCI Singapore IX ETS Futures | 183 | April 2023 | 4,211,283 | (77,888 | ) | |||||||||
S&P/TSX 60 Index Futures | 52 | June 2023 | 9,304,980 | (142,014 | ) | |||||||||
SPI 200 Futures | 155 | June 2023 | 18,626,445 | (441,547 | ) | |||||||||
TOPIX Index Futures | 24 | June 2023 | 3,621,465 | (110,281 | ) | |||||||||
|
| |||||||||||||
$ | 5,248,252 | |||||||||||||
|
|
2023 Semi-Annual Report | 71 |
Table of Contents
Schedule of Investments (continued)
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 | EUR | 14,050 | USD | 15,092 | 05/11/2023 | $ | (176,661 | ) | ||||||||||||
Bank of America, NA | USD | 6,632 | EUR | 6,230 | 05/11/2023 | 138,233 | ||||||||||||||
BNP Paribas SA | SEK | 87,187 | USD | 8,443 | 04/21/2023 | 34,815 | ||||||||||||||
BNP Paribas SA | USD | 5,193 | JPY | 684,873 | 04/28/2023 | (16,662 | ) | |||||||||||||
Citibank, NA | AUD | 8,723 | USD | 5,814 | 04/13/2023 | (18,578 | ) | |||||||||||||
Citibank, NA | JPY | 2,145,659 | USD | 16,275 | 04/28/2023 | 59,251 | ||||||||||||||
Citibank, NA | USD | 2,798 | JPY | 363,394 | 04/28/2023 | (51,594 | ) | |||||||||||||
Goldman Sachs Bank USA | USD | 14,337 | EUR | 13,274 | 05/11/2023 | 88,186 | ||||||||||||||
Goldman Sachs Bank USA | CHF | 5,922 | USD | 6,463 | 05/24/2023 | (44,370 | ) | |||||||||||||
Goldman Sachs Bank USA | USD | 13,931 | CHF | 12,613 | 05/24/2023 | (71,308 | ) | |||||||||||||
Goldman Sachs Bank USA | USD | 20,513 | CAD | 27,976 | 06/09/2023 | 209,622 | ||||||||||||||
HSBC Bank USA | USD | 8,763 | SEK | 92,503 | 04/21/2023 | 158,200 | ||||||||||||||
JPMorgan Chase Bank, NA | NZD | 902 | USD | 582 | 04/20/2023 | 17,725 | ||||||||||||||
JPMorgan Chase Bank, NA | USD | �� | 3,609 | NOK | 37,942 | 04/21/2023 | 18,017 | |||||||||||||
JPMorgan Chase Bank, NA | USD | 5,458 | GBP | 4,452 | 05/24/2023 | 39,345 | ||||||||||||||
Morgan Stanley & Co. LLC | USD | 14,931 | AUD | 21,661 | 04/13/2023 | (447,067 | ) | |||||||||||||
Morgan Stanley & Co. LLC | NOK | 18,294 | USD | 1,803 | 04/21/2023 | 54,121 | ||||||||||||||
Morgan Stanley & Co. LLC | SEK | 151,119 | USD | 14,559 | 04/21/2023 | (15,054 | ) | |||||||||||||
Morgan Stanley & Co. LLC | USD | 4,950 | SEK | 51,445 | 04/21/2023 | 11,260 | ||||||||||||||
Morgan Stanley & Co. LLC | JPY | 924,998 | USD | 6,968 | 04/28/2023 | (23,034 | ) | |||||||||||||
Morgan Stanley & Co. LLC | CHF | 21,501 | USD | 23,135 | 05/24/2023 | (491,778 | ) | |||||||||||||
State Street Bank & Trust Co. | NOK | 1,368 | USD | 138 | 04/21/2023 | 6,770 | ||||||||||||||
|
| |||||||||||||||||||
$ | (520,561 | ) | ||||||||||||||||||
|
|
CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) |
| |||||||||||||||||||||||||||||
Description | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional Amount (000) | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
Buy Contracts |
| |||||||||||||||||||||||||||||
CDX-NAHY Series 40, | (5.00 | )% | Quarterly | 4.63 | % | USD | 4,400 | $ | (74,511 | ) | $ | (9,660 | ) | $ | (64,851 | ) | ||||||||||||||
Sale Contracts |
| |||||||||||||||||||||||||||||
CDX-NAHY Series 39, | 5.00 | Quarterly | 4.69 | USD | 19,400 | 265,392 | 400,068 | (134,676 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 190,881 | $ | 390,408 | $ | (199,527 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
* Termination date
72 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | ||||||||||||||||||||||||||||
Rate Type | Payment | 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 | 4,710 | 01/15/2025 | 2.565% | CPI# | Maturity | $ | 440,795 | $ | — | $ | 440,795 | |||||||||||||||||
USD | 2,355 | 01/15/2025 | 2.585% | CPI# | Maturity | 218,511 | — | 218,511 | ||||||||||||||||||||
USD | 2,355 | 01/15/2025 | 2.613% | CPI# | Maturity | 215,914 | — | 215,914 | ||||||||||||||||||||
USD | 11,470 | 01/15/2026 | CPI# | 3.720% | Maturity | (387,444 | ) | — | (387,444 | ) | ||||||||||||||||||
USD | 7,300 | 01/15/2027 | CPI# | 3.320% | Maturity | (342,710 | ) | — | (342,710 | ) | ||||||||||||||||||
USD | 7,200 | 01/15/2027 | CPI# | 3.466% | Maturity | (272,772 | ) | (7,425 | ) | (265,347 | ) | |||||||||||||||||
USD | 20,920 | 01/15/2028 | 1.230% | CPI# | Maturity | 3,863,689 | — | 3,863,689 | ||||||||||||||||||||
USD | 16,190 | 01/15/2028 | 0.735% | CPI# | Maturity | 3,574,253 | — | 3,574,253 | ||||||||||||||||||||
USD | 30,110 | 01/15/2029 | CPI# | 3.290% | Maturity | (1,097,718 | ) | — | (1,097,718 | ) | ||||||||||||||||||
USD | 5,860 | 01/15/2029 | CPI# | 3.735% | Maturity | 5,960 | — | 5,960 | ||||||||||||||||||||
USD | 5,125 | 01/15/2030 | 1.572% | CPI# | Maturity | 912,656 | — | 912,656 | ||||||||||||||||||||
USD | 5,125 | 01/15/2030 | 1.587% | CPI# | Maturity | 905,548 | — | 905,548 | ||||||||||||||||||||
USD | 1,130 | 01/15/2030 | 1.714% | CPI# | Maturity | 186,308 | — | 186,308 | ||||||||||||||||||||
USD | 1,130 | 01/15/2030 | 1.731% | CPI# | Maturity | 184,509 | — | 184,509 | ||||||||||||||||||||
USD | 4,400 | 01/15/2031 | 2.782% | CPI# | Maturity | 323,772 | — | 323,772 | ||||||||||||||||||||
USD | 4,150 | 01/15/2031 | 2.680% | CPI# | Maturity | 347,407 | — | 347,407 | ||||||||||||||||||||
USD | 3,500 | 01/15/2031 | 2.989% | CPI# | Maturity | 184,805 | — | 184,805 | ||||||||||||||||||||
USD | 3,800 | 04/15/2032 | CPI# | 2.909% | Maturity | (197,412 | ) | — | (197,412 | ) | ||||||||||||||||||
USD | 3,350 | 04/15/2032 | CPI# | 2.748% | Maturity | (232,842 | ) | — | (232,842 | ) | ||||||||||||||||||
USD | 2,000 | 04/15/2032 | CPI# | 2.722% | Maturity | (144,735 | ) | — | (144,735 | ) | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | 8,688,494 | $ | (7,425 | ) | $ | 8,695,919 | ||||||||||||||||||||||
|
|
|
|
|
|
# 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 | 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 | 10,850 | 04/15/2032 | 2.777% | 1 Day SOFR | Annual | $ | 396,066 | $ | — | $ | 396,066 |
CREDIT DEFAULT SWAPS (see Note 3) |
| |||||||||||||||||||||||||||||
Swap Counterparty & Referenced Obligation | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional Amount (000) | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
Sale Contracts |
| |||||||||||||||||||||||||||||
Citigroup Global Markets, Inc. |
| |||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | % | Monthly | 7.50 | % | USD | 56 | $ | (11,767 | ) | $ | (5,126 | ) | $ | (6,641 | ) | ||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 770 | (163,033 | ) | (93,287 | ) | (69,746 | ) | |||||||||||||||||||
Credit Suisse International |
| |||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 1 | (121 | ) | (66 | ) | (55 | ) | |||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 30 | (6,430 | ) | (2,827 | ) | (3,603 | ) | |||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 379 | (80,304 | ) | (35,348 | ) | (44,956 | ) |
2023 Semi-Annual Report | 73 |
Table of Contents
Schedule of Investments (continued)
Swap Counterparty & Referenced Obligation | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional Amount (000) | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | % | Monthly | 7.50 | % | USD | 570 | $ | (120,698 | ) | $ | (51,764 | ) | $ | (68,934 | ) | ||||||||||||||
Goldman Sachs International |
| |||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 494 | (104,685 | ) | (43,578 | ) | (61,107 | ) | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | (487,038 | ) | $ | (231,996 | ) | $ | (255,042 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
* Termination date
INFLATION (CPI) SWAPS (see Note 3) |
| |||||||||||||||||||||||||||||||||
Rate Type | Payment | Market | Upfront Premiums Paid (Received) | Unrealized | ||||||||||||||||||||||||||||||
Swap Counterparty | Notional Amount (000) | Termination Date | Payments made by the Fund | Payments received by the Fund | ||||||||||||||||||||||||||||||
Barclays Bank PLC | USD | 13,000 | 11/24/2026 | 2.233 | % | CPI | # | Maturity | $ | 1,619,310 | $ | — | $ | 1,619,310 | ||||||||||||||||||||
Barclays Bank PLC | USD | 12,000 | 10/23/2026 | 2.310 | % | CPI | # | Maturity | 737,599 | — | 737,599 | |||||||||||||||||||||||
Barclays Bank PLC | USD | 10,000 | 10/23/2029 | 2.388 | % | CPI | # | Maturity | 599,636 | — | 599,636 | |||||||||||||||||||||||
Barclays Bank PLC | USD | 10,000 | 12/04/2027 | 2.170 | % | CPI | # | Maturity | 1,160,828 | — | 1,160,828 | |||||||||||||||||||||||
Citibank, NA | USD | 22,000 | 11/04/2023 | 1.900 | % | CPI | # | Maturity | 3,060,420 | — | 3,060,420 | |||||||||||||||||||||||
Citibank, NA | USD | 10,000 | 07/20/2027 | 2.104 | % | CPI | # | Maturity | 1,239,421 | — | 1,239,421 | |||||||||||||||||||||||
Deutsche Bank AG | USD | 10,000 | 09/04/2025 | 1.818 | % | CPI | # | Maturity | 1,328,668 | — | 1,328,668 | |||||||||||||||||||||||
JPMorgan Chase Bank, NA | USD | 33,000 | 07/20/2024 | 1.995 | % | CPI | # | Maturity | 3,945,998 | — | 3,945,998 | |||||||||||||||||||||||
JPMorgan Chase Bank, NA | USD | 28,000 | 12/0272028 | 2.009 | % | CPI | # | Maturity | 3,700,069 | — | 3,700,069 | |||||||||||||||||||||||
JPMorgan Chase Bank, NA | USD | 13,000 | 11/04/2026 | 2.015 | % | CPI | # | Maturity | 1,697,438 | — | 1,697,438 | |||||||||||||||||||||||
JPMorgan Chase Bank, NA | USD | 10,000 | 03/02/2024 | 2.175 | % | CPI | # | Maturity | 1,144,346 | — | 1,144,346 | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||
$ | 20,233,733 | $ | — | $ | 20,233,733 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
# 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 | Market | Upfront Premiums Paid (Received) | Unrealized | ||||||||||||||||||||||||||||
Swap Counterparty | Notional Amount (000) | Termination Date | Payments made by the Fund | Payments received by the Fund | ||||||||||||||||||||||||||||||
Citibank, NA | USD | 12,470 | 10/09/2029 | 1.125 | % | SIFMA | * | Quarterly | $ | 1,204,865 | $ | — | $ | 1,204,865 |
* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.
74 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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 | 2,089 | 06/16/2023 | $ | (41,049 | ) |
(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, 2023, the aggregate market value of these securities amounted to $42,330,330 or 3.9% of net assets. |
(b) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at March 31, 2023. |
(c) | When-Issued or delayed delivery security. |
(d) | 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. |
(e) | IO—Interest Only. |
(f) | Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts. |
(g) | Non-income producing security. |
(h) | Affiliated investments. |
(i) | The rate shown represents the 7-day yield as of period end. |
As of March 31, 2023, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 5.6% 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:
AGC—Assured Guaranty Corporation
AGM—Assured Guaranty Municipal
BAM—Build American Mutual
CBT—Chicago Board of Trade
CCRC—Congregate Care Retirement Center
CDX-CMBX.NA—North American Commercial Mortgage-Backed Index
CDX-NAHY—North American High Yield Credit Default Swap Index
CMBS—Commercial Mortgage-Backed Securities
COP—Certificate of Participation
CPI—Consumer Price Index
EAFE—Europe, Australia, and Far East
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
OSF—Order of St. Francis
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.
2023 Semi-Annual Report | 75 |
Table of Contents
Schedule of Investments
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Tax-Aware Overlay C Portfolio
March 31, 2023 (Unaudited)
Principal Amount (000) | U.S. $ Value | |||||||||||
MUNICIPAL OBLIGATIONS–81.0% |
| |||||||||||
Long-Term Municipal Bonds–81.0% |
| |||||||||||
American Samoa–0.1% |
| |||||||||||
American Samoa Economic Development Authority | $ | 235 | $ | 252,828 | ||||||||
|
| |||||||||||
California–69.3% |
| |||||||||||
Anaheim Housing & Public Improvements Authority | 1,150 | 974,888 | ||||||||||
Antelope Valley-East Kern Water Agency | 1,000 | 1,003,748 | ||||||||||
5.00%, 06/01/2025 | 1,000 | 1,052,180 | ||||||||||
Bay Area Toll Authority | 2,000 | 1,952,380 | ||||||||||
4.38% (MUNIPSA + 0.41%), 04/01/2056(b) | 2,000 | 1,937,056 | ||||||||||
California Community Choice Financing Authority | 2,500 | 2,558,694 | ||||||||||
California Community Choice Financing Authority | 1,300 | 1,296,784 | ||||||||||
Series 2023 | 2,130 | 2,225,654 | ||||||||||
California Community Choice Financing Authority | 1,200 | 1,203,408 | ||||||||||
5.00%, 07/01/2053 | 1,000 | 1,051,226 | ||||||||||
California Community Housing Agency | 1,265 | 970,034 |
Principal Amount (000) | U.S. $ Value | |||||||||||
California Community Housing Agency | $ | 500 | $ | 399,274 | ||||||||
California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) | 995 | 750,560 | ||||||||||
California Educational Facilities Authority | 2,000 | 2,125,922 | ||||||||||
California Enterprise Development Authority | 540 | 492,616 | ||||||||||
California Health Facilities Financing Authority | 1,850 | 1,888,990 | ||||||||||
California Health Facilities Financing Authority | 900 | 991,188 | ||||||||||
California Infrastructure & Economic Development Bank | 2,000 | 1,977,296 | ||||||||||
California Infrastructure & Economic Development Bank | 5,000 | 5,001,226 | ||||||||||
7.75%, 01/01/2050(a) | 230 | 229,724 | ||||||||||
California Municipal Finance Authority | 1,000 | 1,066,938 | ||||||||||
California Municipal Finance Authority | 2,320 | 2,558,446 | ||||||||||
California Municipal Finance Authority | 1,325 | 1,412,696 |
76 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
5.00%, 12/31/2028 | $ | 1,700 | $ | 1,812,910 | ||||||||
5.00%, 06/30/2029 | 2,000 | 2,122,682 | ||||||||||
California Municipal Finance Authority | 2,140 | 2,075,070 | ||||||||||
California Pollution Control Financing Authority | 450 | 473,410 | ||||||||||
California Public Finance Authority | 1,000 | 1,060,662 | ||||||||||
California School Finance Authority | 1,000 | 1,035,980 | ||||||||||
California School Finance Authority | 600 | 571,600 | ||||||||||
California School Finance Authority | 545 | 531,776 | ||||||||||
California State Public Works Board | 4,375 | 4,529,858 | ||||||||||
Series 2022-A | 4,715 | 4,754,524 | ||||||||||
California State University | 1,000 | 1,066,008 | ||||||||||
Series 2017-A 5.00%, 11/01/2025 | 2,160 | 2,302,576 | ||||||||||
5.00%, 11/01/2030 | 1,000 | 1,110,550 | ||||||||||
Series 2020-D | 400 | 341,224 | ||||||||||
Series 2021-B | 2,000 | 1,553,948 | ||||||||||
California Statewide Communities Development Authority | 2,200 | 2,362,870 | ||||||||||
California Statewide Communities Development Authority | 375 | 370,244 |
Principal Amount (000) | U.S. $ Value | |||||||||||
California Statewide Communities Development Authority | $ | 1,000 | $ | 991,288 | ||||||||
Series 2018-A | 500 | 523,134 | ||||||||||
California Statewide Communities Development Authority | 2,915 | 3,129,672 | ||||||||||
5.00%, 01/01/2029 | 2,790 | 2,988,052 | ||||||||||
California Statewide Communities Development Authority | 120 | 119,990 | ||||||||||
5.00%, 07/01/2029(a) | 215 | 213,846 | ||||||||||
City & County of San Francisco CA | 4,175 | 4,218,876 | ||||||||||
City of Los Angeles Department of Airports | 215 | 229,786 | ||||||||||
5.00%, 05/15/2026 | 1,580 | 1,673,206 | ||||||||||
Series 2017-A 5.00%, 05/15/2030 | 3,585 | 3,829,186 | ||||||||||
5.00%, 05/15/2031 | 1,275 | 1,357,828 | ||||||||||
Series 2018 | 4,670 | 4,680,132 | ||||||||||
Series 2018-D | 2,890 | 3,060,484 | ||||||||||
Series 2019 | 485 | 532,338 | ||||||||||
Series 2020 | 1,000 | 1,174,794 | ||||||||||
City of Roseville CA | 1,000 | 1,065,622 | ||||||||||
City of Roseville CA | 305 | 320,830 | ||||||||||
City of San Jose CA Airport Revenue | 1,955 | 1,984,798 |
2023 Semi-Annual Report | 77 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
Series 2014-B | $ | 2,360 | $ | 2,416,280 | ||||||||
CMFA Special Finance Agency VII | 995 | 769,456 | ||||||||||
CMFA Special Finance Agency VIII Elan Huntington Beach | 290 | 226,488 | ||||||||||
Coronado Community Development Agency Successor Agency | 2,520 | 2,651,904 | ||||||||||
County of Los Angeles CA Community Facilities District No. 2021-01 | 1,800 | 1,855,888 | ||||||||||
County of Monterey CA | 4,870 | 5,426,808 | ||||||||||
County of Sacramento CA Airport System Revenue | 1,280 | 1,457,388 | ||||||||||
County of San Diego CA | 1,250 | 1,300,002 | ||||||||||
5.00%, 10/15/2028 | 1,300 | 1,351,604 | ||||||||||
CSCDA Community Improvement Authority | 1,000 | 762,802 | ||||||||||
CSCDA Community Improvement Authority | 1,250 | 981,436 | ||||||||||
CSCDA Community Improvement Authority | 1,000 | 761,168 | ||||||||||
CSCDA Community Improvement Authority | 1,000 | 750,956 |
Principal Amount (000) | U.S. $ Value | |||||||||||
CSCDA Community Improvement Authority | $ | 945 | $ | 792,490 | ||||||||
CSCDA Community Improvement Authority | 1,000 | 788,050 | ||||||||||
CSCDA Community Improvement Authority | 995 | 761,370 | ||||||||||
CSCDA Community Improvement Authority | 1,000 | 798,508 | ||||||||||
CSCDA Community Improvement Authority | 1,000 | 756,646 | ||||||||||
CSCDA Community Improvement Authority | 1,000 | 722,000 | ||||||||||
Fremont Community Facilities District No. 1 | 1,505 | 1,572,262 | ||||||||||
Golden State Tobacco Securitization Corp. | 235 | 233,860 | ||||||||||
Golden State Tobacco Securitization Corp. | 1,000 | 927,074 | ||||||||||
Irvine Unified School District | 920 | 926,356 |
78 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Los Angeles Department of Water & Power | $ | 1,660 | $ | 1,877,638 | ||||||||
Los Angeles Department of Water & Power Power System Revenue | 365 | 417,634 | ||||||||||
5.00%, 07/01/2029 | 455 | 532,088 | ||||||||||
Los Angeles Unified School District/CA | 6,815 | 7,042,670 | ||||||||||
Series 2021-R | 2,725 | 2,740,684 | ||||||||||
Metropolitan Water District of Southern California | 1,000 | 996,312 | ||||||||||
Middle Fork Project Finance Authority | 450 | 496,156 | ||||||||||
Newport Mesa Unified School District | 510 | 526,530 | ||||||||||
Oakland Unified School District/Alameda County | 1,310 | 1,383,388 | ||||||||||
5.00%, 08/01/2026 | 1,025 | 1,084,858 | ||||||||||
Peralta Community College District | 5,855 | 6,032,374 | ||||||||||
Regents of the University of California Medical Center Pooled Revenue | 3,000 | 3,419,794 | ||||||||||
River Islands Public Financing Authority | 1,000 | 993,410 | ||||||||||
5.00%, 09/01/2042 | 1,000 | 979,358 | ||||||||||
Riverside County Redevelopment Successor Agency AGM | 1,900 | 2,097,584 | ||||||||||
Romoland School District | 300 | 302,036 | ||||||||||
Sacramento County Sanitation Districts Financing Authority | 2,000 | 2,061,264 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Sacramento County Water Financing Authority | $ | 1,450 | $ | 1,307,500 | ||||||||
San Diego Association of Governments | 1,500 | 1,443,376 | ||||||||||
San Diego County Water Authority | 780 | 781,494 | ||||||||||
5.00%, 05/01/2024 | 500 | 513,810 | ||||||||||
5.00%, 05/01/2025 | 1,000 | 1,055,150 | ||||||||||
San Francisco Intl Airport | 1,050 | 1,106,156 | ||||||||||
5.00%, 05/01/2026 | 1,680 | 1,819,502 | ||||||||||
Saugus/Hart School Facilities Financing Authority | 750 | 785,618 | ||||||||||
State of California | 5,635 | 5,694,450 | ||||||||||
Series 2015 | 2,135 | 2,184,152 | ||||||||||
Series 2015-B | 5,700 | 5,760,136 | ||||||||||
Series 2020 | 4,900 | 4,971,658 | ||||||||||
Series 2021 | 2,000 | 2,021,100 | ||||||||||
Series 2023 | 1,000 | 1,113,716 | ||||||||||
Stockton Redevelopment Agency Successor Agency AGM | 1,900 | 1,998,478 | ||||||||||
Tobacco Securitization Authority of Southern California | 960 | 1,059,474 | ||||||||||
University of California | 6,000 | 6,016,708 | ||||||||||
Series 2018-A | 2,120 | 2,156,630 | ||||||||||
Series 2023-B | 1,500 | 1,513,888 |
2023 Semi-Annual Report | 79 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
Walnut Energy Center Authority | $ | 1,000 | $ | 1,029,300 | ||||||||
5.00%, 01/01/2028 | 1,800 | 1,850,286 | ||||||||||
|
| |||||||||||
203,447,838 | ||||||||||||
|
| |||||||||||
Colorado–0.0% |
| |||||||||||
Vauxmont Metropolitan District AGM | 100 | 105,447 | ||||||||||
|
| |||||||||||
Connecticut–0.4% |
| |||||||||||
State of Connecticut | 1,250 | 1,310,100 | ||||||||||
|
| |||||||||||
Florida–0.1% |
| |||||||||||
Capital Trust Agency, Inc. | 100 | 100,382 | ||||||||||
County of Osceola FL Transportation Revenue | 100 | 67,422 | ||||||||||
|
| |||||||||||
167,804 | ||||||||||||
|
| |||||||||||
Guam–1.6% |
| |||||||||||
Antonio B Won Pat International Airport Authority | 200 | 178,416 | ||||||||||
3.489%, 10/01/2031 | 120 | 100,486 | ||||||||||
Guam Power Authority | 1,000 | 1,081,674 | ||||||||||
Territory of Guam | 85 | 89,241 | ||||||||||
Territory of Guam | 140 | 146,072 | ||||||||||
5.00%, 12/01/2030 | 225 | 234,504 | ||||||||||
5.00%, 12/01/2032 | 205 | 213,240 | ||||||||||
Territory of Guam | 420 | 422,630 | ||||||||||
5.00%, 11/15/2025 | 350 | 359,500 | ||||||||||
5.00%, 11/15/2031 | 840 | 858,330 | ||||||||||
Territory of Guam | 1,000 | 1,020,158 | ||||||||||
|
| |||||||||||
4,704,251 | ||||||||||||
|
|
Principal Amount (000) | U.S. $ Value | |||||||||||
Illinois–1.3% |
| |||||||||||
Illinois Finance Authority | $ | 100 | $ | 99,974 | ||||||||
5.00%, 09/01/2029 | 100 | 100,430 | ||||||||||
5.00%, 09/01/2033 | 100 | 99,020 | ||||||||||
Metropolitan Pier & Exposition Authority | 1,400 | 1,463,236 | ||||||||||
State of Illinois | 2,165 | 2,203,370 | ||||||||||
|
| |||||||||||
3,966,030 | ||||||||||||
|
| |||||||||||
Kentucky–0.1% |
| |||||||||||
City of Ashland KY | 140 | 148,644 | ||||||||||
5.00%, 02/01/2031 | 100 | 107,689 | ||||||||||
|
| |||||||||||
256,333 | ||||||||||||
|
| |||||||||||
Louisiana–0.1% |
| |||||||||||
Parish of St. James LA | 110 | 118,152 | ||||||||||
6.10%, 12/01/2040(a) | 100 | 107,414 | ||||||||||
|
| |||||||||||
225,566 | ||||||||||||
|
| |||||||||||
Michigan–2.9% |
| |||||||||||
City of Detroit MI | 2,000 | 2,097,592 | ||||||||||
5.00%, 04/01/2030 | 600 | 625,878 | ||||||||||
Michigan Finance Authority | 2,175 | 2,199,470 | ||||||||||
Michigan Strategic Fund | 3,325 | 3,501,011 | ||||||||||
|
| |||||||||||
8,423,951 | ||||||||||||
|
| |||||||||||
Missouri–0.0% |
| |||||||||||
Howard Bend Levee District XLCA | 100 | 102,217 | ||||||||||
|
| |||||||||||
Nevada–0.1% |
| |||||||||||
City of Sparks NV | 420 | 379,710 | ||||||||||
|
|
80 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
New Jersey–0.8% |
| |||||||||||
New Jersey Transportation Trust Fund Authority | $ | 2,000 | $ | 2,207,905 | ||||||||
|
| |||||||||||
Ohio–0.2% |
| |||||||||||
Ohio Air Quality Development Authority | 655 | 636,241 | ||||||||||
|
| |||||||||||
Puerto Rico–1.5% |
| |||||||||||
Commonwealth of Puerto Rico | 192 | 180,476 | ||||||||||
Zero Coupon, 07/01/2033 | 555 | 314,294 | ||||||||||
4.00%, 07/01/2033 | 130 | 116,862 | ||||||||||
5.25%, 07/01/2023 | 90 | 90,126 | ||||||||||
5.375%, 07/01/2025 | 255 | 258,928 | ||||||||||
5.625%, 07/01/2027 | 750 | 774,882 | ||||||||||
5.625%, 07/01/2029 | 100 | 104,396 | ||||||||||
5.75%, 07/01/2031 | 100 | 106,046 | ||||||||||
HTA HRRB Custodial Trust | 110 | 113,070 | ||||||||||
HTA TRRB Custodial Trust | 190 | 191,184 | ||||||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority | 600 | 605,032 | ||||||||||
5.00%, 07/01/2035(a) | 250 | 247,052 | ||||||||||
Puerto Rico Highway & Transportation Authority | 225 | 140,344 | ||||||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth | 995 | 1,009,452 | ||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 310 | 293,126 | ||||||||||
|
| |||||||||||
4,545,270 | ||||||||||||
|
| |||||||||||
South Carolina–0.7% |
| |||||||||||
South Carolina Public Service Authority Series 2021-B 4.00%, 12/01/2039 | 2,000 | 1,955,616 | ||||||||||
|
|
Principal Amount (000) | U.S. $ Value | |||||||||||
Texas–1.1% |
| |||||||||||
Mission Economic Development Corp. | $ | 1,010 | $ | 985,412 | ||||||||
Texas Municipal Gas Acquisition and Supply Corp. I | 2,140 | 2,251,801 | ||||||||||
|
| |||||||||||
3,237,213 | ||||||||||||
|
| |||||||||||
Washington–0.3% |
| |||||||||||
Kalispel Tribe of Indians | 990 | 1,021,654 | ||||||||||
|
| |||||||||||
Wisconsin–0.4% |
| |||||||||||
UMA Education, Inc. | 100 | 100,216 | ||||||||||
5.00%, 10/01/2025(a) | 225 | 226,096 | ||||||||||
5.00%, 10/01/2026(a) | 235 | 236,269 | ||||||||||
5.00%, 10/01/2027(a) | 245 | 246,074 | ||||||||||
5.00%, 10/01/2028(a) | 135 | 135,320 | ||||||||||
5.00%, 10/01/2029(a) | 100 | 100,054 | ||||||||||
|
| |||||||||||
1,044,029 | ||||||||||||
|
| |||||||||||
Total Municipal Obligations (cost $244,756,460) | 237,990,003 | |||||||||||
|
| |||||||||||
Shares | ||||||||||||
INVESTMENT COMPANIES–11.0% |
| |||||||||||
Funds and Investment Trusts–11.0%(c) |
| |||||||||||
iShares Core MSCI Emerging Markets ETF | 278,526 | 13,589,283 | ||||||||||
SPDR S&P 500 ETF Trust | 45,594 | 18,665,728 | ||||||||||
|
| |||||||||||
Total Investment Companies (cost $23,962,762) | 32,255,011 | |||||||||||
|
| |||||||||||
Principal Amount (000) | ||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES–2.6% |
| |||||||||||
Agency CMBS–2.6% |
| |||||||||||
California Housing Finance Agency | $ | 2,572 | 2,449,274 | |||||||||
Series 2021-2, Class A | 1,963 | 1,947,442 | ||||||||||
Series 2021-2, Class X | 982 | 52,506 | ||||||||||
Series 2019-2, Class A | 2,110 | 2,118,056 |
2023 Semi-Annual Report | 81 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
Federal Home Loan Mortgage Corp. | $ | 1,251 | $ | 966,136 | ||||||||
|
| |||||||||||
Total Commercial Mortgage-Backed Securities (cost $8,891,766) |
| 7,533,414 | ||||||||||
|
| |||||||||||
GOVERNMENTS—TREASURIES–0.9% |
| |||||||||||
United States–0.9% |
| |||||||||||
U.S. Treasury Notes | 200 | 196,625 | ||||||||||
2.625%, 02/15/2029(e)(f) |
| 2,670 | 2,529,408 | |||||||||
|
| |||||||||||
Total Governments—Treasuries (cost $2,985,973) |
| 2,726,033 | ||||||||||
|
| |||||||||||
Notional Amount | ||||||||||||
PURCHASED OPTIONS—PUTS–0.5% |
| |||||||||||
Options on Equities indices–0.5% |
| |||||||||||
Euro STOXX 50 Index | EUR | 6,510,000 | 185,052 | |||||||||
FTSE 100 Index | GBP | 2,838,000 | 67,843 | |||||||||
Nikkei 225 Index | JPY | 572,000,000 | 86,415 |
Notional Amount | U.S. $ Value | |||||||||||
S&P 500 Index | USD | 51,810,000 | $ | 1,083,708 | ||||||||
|
| |||||||||||
Total Purchased Options—Puts (premiums paid $1,637,744) |
| 1,423,018 | ||||||||||
|
| |||||||||||
Principal Amount (000) | ||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% |
| |||||||||||
Risk Share Floating Rate–0.0% |
| |||||||||||
Federal National Mortgage Association Connecticut Avenue Securities | $ | 27 | 27,056 | |||||||||
Series 2015-C02, Class 1M2 | 32 | 32,644 | ||||||||||
|
| |||||||||||
Total Collateralized Mortgage Obligations (cost $57,987) |
| 59,700 | ||||||||||
|
| |||||||||||
Total Investments—96.0% (cost $282,292,692) |
| 281,987,179 | ||||||||||
Other assets less liabilities—4.0% |
| 11,769,066 | ||||||||||
|
| |||||||||||
Net Assets—100.0% |
| $ | 293,756,245 | |||||||||
|
|
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 | 37 | June 2023 | $ | 3,354,975 | $ | 98,972 | ||||||||
Euro STOXX 50 Index Futures | 197 | June 2023 | 9,103,477 | 328,927 | ||||||||||
FTSE 100 Index Futures | 54 | June 2023 | 5,088,671 | 60,452 | ||||||||||
Hang Seng Index Futures | 4 | April 2023 | 521,816 | 20,931 | ||||||||||
Nikkei 225 (OSE) Futures | 4 | June 2023 | 844,737 | 7,550 | ||||||||||
OMXS 30 Index Futures | 112 | April 2023 | 2,392,099 | 93,202 | ||||||||||
S&P 500 E-Mini Futures | 136 | June 2023 | 28,136,700 | 1,426,974 | ||||||||||
S&P Mid 400 E-Mini Futures | 9 | June 2023 | 2,276,730 | 40,582 | ||||||||||
TOPIX Index Futures | 37 | June 2023 | 5,583,092 | (24,831 | ) | |||||||||
U.S. T-Note 2 Yr (CBT) Futures | 17 | June 2023 | 3,509,703 | 38,627 | ||||||||||
U.S. T-Note 10 Yr (CBT) Futures | 48 | June 2023 | 5,516,250 | 153,800 | ||||||||||
U.S. Ultra Bond (CBT) Futures | 13 | June 2023 | 1,834,625 | 60,410 |
82 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Description | Number of Contracts | Expiration Month | Current Notional | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Sold Contracts | ||||||||||||||
MSCI Emerging Markets Futures | 14 | April 2023 | $ | 696,850 | $ | (31,668 | ) | |||||||
MSCI Singapore IX ETS Futures | 33 | April 2023 | 759,412 | (14,045 | ) | |||||||||
S&P/TSX 60 Index Futures | 14 | June 2023 | 2,505,187 | (38,234 | ) | |||||||||
SPI 200 Futures | 23 | June 2023 | 2,763,924 | (65,520) | ||||||||||
|
| |||||||||||||
$ | 2,156,129 | |||||||||||||
|
|
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 | EUR | 3,996 | USD | 4,293 | 05/11/2023 | $ | (50,251 | ) | ||||||||||||
Bank of America, NA | USD | 11,100 | EUR | 10,427 | 05/11/2023 | 231,345 | ||||||||||||||
BNP Paribas SA | SEK | 23,664 | USD | 2,292 | 04/21/2023 | 9,449 | ||||||||||||||
BNP Paribas SA | USD | 1,685 | JPY | 222,214 | 04/28/2023 | (5,406 | ) | |||||||||||||
Brown Brothers Harriman & Co. | USD | 2,411 | GBP | 1,956 | 05/24/2023 | 3,571 | ||||||||||||||
Citibank, NA | AUD | 2,499 | USD | 1,666 | 04/13/2023 | (5,322 | ) | |||||||||||||
Citibank, NA | JPY | 581,670 | USD | 4,412 | 04/28/2023 | 16,062 | ||||||||||||||
Citibank, NA | USD | 6,859 | JPY | 890,866 | 04/28/2023 | (126,484 | ) | |||||||||||||
Goldman Sachs Bank USA | USD | 3,471 | EUR | 3,214 | 05/11/2023 | 21,349 | ||||||||||||||
Goldman Sachs Bank USA | CHF | 1,542 | USD | 1,682 | 05/24/2023 | (11,551 | ) | |||||||||||||
Goldman Sachs Bank USA | USD | 3,643 | CHF | 3,299 | 05/24/2023 | (18,649 | ) | |||||||||||||
Goldman Sachs Bank USA | USD | 5,564 | CAD | 7,589 | 06/09/2023 | 56,861 | ||||||||||||||
HSBC Bank USA | USD | 2,305 | SEK | 24,331 | 04/21/2023 | 41,612 | ||||||||||||||
JPMorgan Chase Bank, NA | USD | 662 | NOK | 6,957 | 04/21/2023 | 3,304 | ||||||||||||||
JPMorgan Chase Bank, NA | USD | 3,366 | GBP | 2,745 | 05/24/2023 | 24,262 | ||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 6,550 | AUD | 9,458 | 04/13/2023 | (226,112 | ) | |||||||||||||
Morgan Stanley Capital Services, Inc. | SEK | 40,356 | USD | 3,888 | 04/21/2023 | (4,020 | ) | |||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 2,369 | SEK | 24,617 | 04/21/2023 | 5,388 | ||||||||||||||
Morgan Stanley Capital Services, Inc. | JPY | 244,637 | USD | 1,843 | 04/28/2023 | (6,092 | ) | |||||||||||||
Morgan Stanley Capital Services, Inc. | CHF | 3,476 | USD | 3,740 | 05/24/2023 | (79,512 | ) | |||||||||||||
State Street Bank & Trust Co. | NZD | 147 | USD | 95 | 04/20/2023 | 2,990 | ||||||||||||||
State Street Bank & Trust Co. | NOK | 5,002 | USD | 492 | 04/21/2023 | 14,360 | ||||||||||||||
State Street Bank & Trust Co. | USD | 298 | NOK | 3,135 | 04/21/2023 | 1,738 | ||||||||||||||
State Street Bank & Trust Co. | USD | 188 | NOK | 1,867 | 04/21/2023 | (9,237 | ) | |||||||||||||
|
| |||||||||||||||||||
$ | (110,345) | |||||||||||||||||||
|
|
CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) |
| |||||||||||||||||||||||||||||||
Description | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional | Market Value | Upfront Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
Sale Contracts | ||||||||||||||||||||||||||||||||
CDX-NAHY Series 39, 5 Year Index, 12/20/2027* | 5.00 | % | Quarterly | 4.69 | % | USD | 5,200 | $ | 71,136 | $ | 107,234 | $ | (36,098 | ) |
* Termination date
2023 Semi-Annual Report | 83 |
Table of Contents
Schedule of Investments (continued)
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 | |||||||||||||||||||||||||
USD | 1,420 | 01/15/2025 | 2.565% | CPI# | Maturity | $ | 132,894 | $ | — | $ | 132,894 | |||||||||||||||||
USD | 710 | 01/15/2025 | 2.585% | CPI# | Maturity | 65,878 | — | 65,878 | ||||||||||||||||||||
USD | 710 | 01/15/2025 | 2.613% | CPI# | Maturity | 65,095 | — | 65,095 | ||||||||||||||||||||
USD | 3,780 | 01/15/2026 | CPI# | 3.720% | Maturity | (127,684 | ) | — | (127,684 | ) | ||||||||||||||||||
USD | 2,150 | 01/15/2027 | CPI# | 3.320% | Maturity | (100,935 | ) | — | (100,935 | ) | ||||||||||||||||||
USD | 2,110 | 01/15/2027 | CPI# | 3.466% | Maturity | (79,938 | ) | (2,177 | ) | (77,761 | ) | |||||||||||||||||
USD | 6,470 | 01/15/2028 | 1.230% | CPI# | Maturity | 1,194,936 | — | 1,194,936 | ||||||||||||||||||||
USD | 5,230 | 01/15/2028 | 0.735% | CPI# | Maturity | 1,154,623 | — | 1,154,623 | ||||||||||||||||||||
USD | 9,210 | 01/15/2029 | CPI# | 3.290% | Maturity | (335,768 | ) | — | (335,768 | ) | ||||||||||||||||||
USD | 1,720 | 01/15/2029 | CPI# | 3.735% | Maturity | 1,749 | — | 1,749 | ||||||||||||||||||||
USD | 1,575 | 01/15/2030 | 1.572% | CPI# | Maturity | 280,475 | — | 280,475 | ||||||||||||||||||||
USD | 1,575 | 01/15/2030 | 1.587% | CPI# | Maturity | 278,290 | — | 278,290 | ||||||||||||||||||||
USD | 240 | 01/15/2030 | 1.714% | CPI# | Maturity | 39,570 | — | 39,570 | ||||||||||||||||||||
USD | 240 | 01/15/2030 | 1.731% | CPI# | Maturity | 39,188 | — | 39,188 | ||||||||||||||||||||
USD | 1,300 | 01/15/2031 | 2.782% | CPI# | Maturity | 95,660 | — | 95,660 | ||||||||||||||||||||
USD | 1,180 | 01/15/2031 | 2.680% | CPI# | Maturity | 98,781 | — | 98,781 | ||||||||||||||||||||
USD | 1,030 | 01/15/2031 | 2.989% | CPI# | Maturity | 54,385 | — | 54,385 | ||||||||||||||||||||
USD | 1,110 | 04/15/2032 | CPI# | 2.909% | Maturity | (57,665 | ) | — | (57,665 | ) | ||||||||||||||||||
USD | 1,000 | 04/15/2032 | CPI# | 2.748% | Maturity | (69,505 | ) | — | (69,505 | ) | ||||||||||||||||||
USD | 600 | 04/15/2032 | CPI# | 2.722% | Maturity | (43,421 | ) | — | (43,421 | ) | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | 2,686,608 | $ | (2,177 | ) | $ | 2,688,785 | ||||||||||||||||||||||
|
|
|
|
|
|
# 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 | 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 | 10,300 | 01/15/2027 | 1 Day SOFR | 2.728% | Annual | $ | (334,694 | ) | $ | — | $ | (334,694 | ) |
CREDIT DEFAULT SWAPS (see Note 3) |
| |||||||||||||||||||||||||||||
Swap Counterparty & Referenced Obligation | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
Sale Contracts | ||||||||||||||||||||||||||||||
Citigroup Global Markets, Inc. |
| |||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | % | Monthly | 7.50 | % | USD | 21 | $ | (4,488 | ) | $ | (1,955 | ) | $ | (2,533 | ) | ||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 70 | (14,920 | ) | (8,385 | ) | (6,535 | ) | |||||||||||||||||||
Credit Suisse International | ||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 5 | (971) | (529) | (442) | ||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 11 | (2,426) | (1,067) | (1,359) | ||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 144 | (30,447) | (16,485) | (13,962) |
84 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Swap Counterparty & Referenced Obligation | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | % | Monthly | 7.50 | % | USD | 146 | $ | (30,933) | $ | (13,616) | $ | (17,317) | |||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 219 | (46,338) | (19,873) | (26,465) | ||||||||||||||||||||||
Goldman Sachs International |
| |||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.5 | USD | 27 | (5,823) | (3,259) | (2,564) | ||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 190 | (40,152) | (16,714) | (23,438) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | (176,498) | $ | (81,883) | $ | (94,615) | |||||||||||||||||||||||||
|
|
|
|
|
|
* Termination date
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 | ||||||||||||||||||||||||||||||
Barclays Bank PLC | USD | 5,000 | 10/23/2026 | 2.310% | CPI# | Maturity | $ | 307,333 | $ | — | $ | 307,333 | ||||||||||||||||||||||
Barclays Bank PLC | USD | 5,000 | 12/04/2027 | 2.170% | CPI# | Maturity | 580,414 | — | 580,414 | |||||||||||||||||||||||||
Barclays Bank PLC | USD | 1,000 | 10/23/2029 | 2.388% | CPI# | Maturity | 59,964 | — | 59,964 | |||||||||||||||||||||||||
Citibank, NA | USD | 7,000 | 11/04/2023 | 1.900% | CPI# | Maturity | 973,770 | — | 973,770 | |||||||||||||||||||||||||
Citibank, NA | USD | 3,000 | 07/20/2027 | 2.104% | CPI# | Maturity | 371,826 | — | 371,826 | |||||||||||||||||||||||||
Deutsche Bank AG | USD | 4,000 | 09/04/2025 | 1.818% | CPI# | Maturity | 531,467 | — | 531,467 | |||||||||||||||||||||||||
JPMorgan Chase Bank, NA | USD | 3,000 | 03/02/2024 | 2.175% | CPI# | Maturity | 343,304 | — | 343,304 | |||||||||||||||||||||||||
JPMorgan Chase Bank, NA | USD | 5,000 | 07/20/2024 | 1.995% | CPI# | Maturity | 597,879 | — | 597,879 | |||||||||||||||||||||||||
JPMorgan Chase Bank, NA | USD | 4,000 | 11/04/2026 | 2.015% | CPI# | Maturity | 522,289 | — | 522,289 | |||||||||||||||||||||||||
JPMorgan Chase Bank, NA | USD | 7,000 | 12/27/2028 | 2.009% | CPI# | Maturity | 925,017 | — | 925,017 | |||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | USD | 5,000 | 07/20/2032 | 2.158% | CPI# | Maturity | 690,027 | — | 690,027 | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||
$ | 5,903,290 | $ | — | $ | 5,903,290 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
# 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 | ||||||||||||||||||||||||
Citibank, NA | USD | 3,815 | 10/09/2029 | 1.125% | SIFMA* | Quarterly | $ | 368,609 | $ | — | $ | 368,609 |
* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.
2023 Semi-Annual Report | 85 |
Table of Contents
Schedule of Investments (continued)
TOTAL RETURN SWAPS (see Note 3) |
| |||||||||||||||||||||
Counterparty & Referenced Obligation | Rate Paid/ Received | Payment Frequency | Current | Maturity Date | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Receive Total Return on Reference Obligation |
| |||||||||||||||||||||
Morgan Stanley Capital Services LLC | ||||||||||||||||||||||
Swiss Market Index Futures | 0.00% | Maturity | CHF | 1,539 | 06/16/2023 | $ | 74,954 | |||||||||||||||
Swiss Market Index Futures | 0.00% | Maturity | CHF | 660 | 06/16/2023 | 35,727 | ||||||||||||||||
|
| |||||||||||||||||||||
$ | 110,681 | |||||||||||||||||||||
|
|
(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, 2023, the aggregate market value of these securities amounted to $28,104,640 or 9.6% of net assets. |
(b) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at March 31, 2023. |
(c) | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. |
(d) | IO—Interest Only. |
(e) | Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding. |
(f) | Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts. |
(g) | Non-income producing security. |
As of March 31, 2023, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 2.4% 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
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.
See notes to financial statements.
86 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Schedule of Investments
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Tax-Aware Overlay N Portfolio
March 31, 2023 (Unaudited)
Principal Amount (000) | U.S. $ Value | |||||||||||
MUNICIPAL OBLIGATIONS–77.6% |
| |||||||||||
Long-Term Municipal Bonds–77.6% |
| |||||||||||
American Samoa–0.1% |
| |||||||||||
American Samoa Economic Development Authority | $ | 180 | $ | 193,655 | ||||||||
|
| |||||||||||
Arkansas–0.1% |
| |||||||||||
City of Fayetteville AR Sales & Use Tax Revenue | 150 | 149,887 | ||||||||||
|
| |||||||||||
Colorado–0.0% |
| |||||||||||
Vauxmont Metropolitan District | 100 | 105,447 | ||||||||||
|
| |||||||||||
Florida–0.1% |
| |||||||||||
Capital Trust Agency, Inc. | 100 | 100,382 | ||||||||||
County of Osceola FL Transportation Revenue | 100 | 64,155 | ||||||||||
|
| |||||||||||
164,537 | ||||||||||||
|
| |||||||||||
Guam–1.4% |
| |||||||||||
Antonio B Won Pat International Airport Authority | 100 | 87,776 | ||||||||||
3.339%, 10/01/2030 | 150 | 127,110 | ||||||||||
Guam Power Authority | 1,000 | 1,081,674 | ||||||||||
Territory of Guam | 80 | 83,992 | ||||||||||
Territory of Guam | 100 | 104,768 | ||||||||||
5.00%, 12/01/2029 | 105 | 109,554 | ||||||||||
5.00%, 12/01/2030 | 165 | 171,970 | ||||||||||
5.00%, 12/01/2032 | 155 | 161,230 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Territory of Guam | $ | 315 | $ | 316,973 | ||||||||
5.00%, 11/15/2025 | 265 | 272,192 | ||||||||||
5.00%, 11/15/2031 | 625 | 638,638 | ||||||||||
|
| |||||||||||
3,155,877 | ||||||||||||
|
| |||||||||||
Illinois–2.9% |
| |||||||||||
Chicago Board of Education | 1,465 | 1,473,966 | ||||||||||
Illinois Finance Authority | 100 | 100,192 | ||||||||||
5.00%, 09/01/2033 | 100 | 99,020 | ||||||||||
Metropolitan Pier & Exposition Authority | 1,000 | 1,032,766 | ||||||||||
State of Illinois | 3,990 | 3,995,762 | ||||||||||
|
| |||||||||||
6,701,706 | ||||||||||||
|
| |||||||||||
Kentucky–0.1% |
| |||||||||||
City of Ashland KY | 100 | 104,455 | ||||||||||
5.00%, 02/01/2030 | 100 | 110,030 | ||||||||||
|
| |||||||||||
214,485 | ||||||||||||
|
| |||||||||||
Louisiana–0.1% |
| |||||||||||
Parish of St. James LA | 100 | 102,574 | ||||||||||
6.10%, 06/01/2038(a) | 100 | 107,412 | ||||||||||
|
| |||||||||||
209,986 | ||||||||||||
|
| |||||||||||
Michigan–3.1% |
| |||||||||||
City of Detroit MI | 1,315 | 1,326,264 | ||||||||||
5.00%, 04/01/2025 | 800 | 815,984 | ||||||||||
Michigan Finance Authority | 5,055 | 5,182,472 | ||||||||||
|
| |||||||||||
7,324,720 | ||||||||||||
|
|
2023 Semi-Annual Report | 87 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
Nebraska–1.4% |
| |||||||||||
Central Plains Energy Project | $ | 3,290 | $ | 3,312,949 | ||||||||
|
| |||||||||||
Nevada–0.1% |
| |||||||||||
City of Sparks NV | 300 | 271,222 | ||||||||||
|
| |||||||||||
New Jersey–2.9% |
| |||||||||||
New Jersey Economic Development Authority | 125 | 125,186 | ||||||||||
New Jersey Transportation Trust Fund Authority | 3,490 | 3,852,795 | ||||||||||
New Jersey Turnpike Authority | 2,555 | 2,732,690 | ||||||||||
|
| |||||||||||
6,710,671 | ||||||||||||
|
| |||||||||||
New York–61.1% |
| |||||||||||
Albany County Airport Authority | 175 | 176,808 | ||||||||||
5.00%, 12/15/2024 | 145 | 148,770 | ||||||||||
5.00%, 12/15/2025 | 145 | 151,256 | ||||||||||
5.00%, 12/15/2026 | 145 | 153,590 | ||||||||||
Build NYC Resource Corp. | 245 | 251,770 | ||||||||||
Build NYC Resource Corp. | 300 | 283,546 | ||||||||||
Build NYC Resource Corp. | 1,000 | 967,060 | ||||||||||
City of New York NY | 1,285 | 1,323,248 | ||||||||||
Series 2014-J | 1,085 | 1,117,010 | ||||||||||
Series 2016-C | 1,770 | 1,783,966 | ||||||||||
Series 2018-E | 1,055 | 1,176,926 |
Principal Amount (000) | U.S. $ Value | |||||||||||
Series 2020-C | $ | 1,355 | $ | 1,578,134 | ||||||||
Series 2021 | 2,970 | 2,621,418 | ||||||||||
County of Albany NY | 1,595 | 1,657,444 | ||||||||||
County of Nassau NY | 4,775 | 4,890,286 | ||||||||||
Series 2017-C | 1,875 | 1,989,594 | ||||||||||
County of Onondaga NY | 1,145 | 1,168,784 | ||||||||||
Dutchess County Local Development Corp. | 975 | 934,992 | ||||||||||
Hempstead Town Local Development Corp. | 1,000 | 1,000,642 | ||||||||||
Long Island Power Authority | 2,000 | 2,292,480 | ||||||||||
Metropolitan Transportation Authority | 1,000 | 985,776 | ||||||||||
Series 2017-C | 6,400 | 6,908,626 | ||||||||||
AGM Series 2021 | 1,000 | 996,454 | ||||||||||
Metropolitan Transportation Authority | 1,375 | 1,457,604 | ||||||||||
Monroe County Industrial Development Corp./NY | 370 | 362,206 | ||||||||||
Monroe County Industrial Development Corp./NY | 955 | 1,036,290 | ||||||||||
New York City Municipal Water Finance Authority | 2,885 | 3,042,610 |
88 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
New York City Transitional Finance Authority Building Aid Revenue | $ | 1,955 | $ | 2,152,334 | ||||||||
Series 2018-S | 1,460 | 1,641,660 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue | 2,500 | 2,504,388 | ||||||||||
5.00%, 05/01/2042 (Pre-refunded/ETM) | 9,550 | 9,566,764 | ||||||||||
Series 2014-B | 4,000 | 4,104,450 | ||||||||||
Series 2015-C | 2,145 | 2,249,034 | ||||||||||
Series 2017 | 1,925 | 2,105,160 | ||||||||||
Series 2021 | 4,415 | 4,580,894 | ||||||||||
New York Liberty Development Corp. | 250 | 248,998 | ||||||||||
7.25%, 11/15/2044(a) | 100 | 101,212 | ||||||||||
New York Liberty Development Corp. (One Bryant Park LLC) | 2,900 | 2,655,726 | ||||||||||
2.625%, 09/15/2069 | 320 | 293,114 | ||||||||||
2.80%, 09/15/2069 | 4,250 | 3,891,558 | ||||||||||
New York Liberty Development Corp. | 3,000 | 2,394,944 | ||||||||||
New York State Dormitory Authority | 1,000 | 913,924 | ||||||||||
New York State Dormitory Authority | 700 | 707,710 | ||||||||||
5.00%, 12/01/2034(a) | 400 | 399,446 | ||||||||||
New York State Dormitory Authority | 1,000 | 994,578 | ||||||||||
4.00%, 05/01/2040 | 1,000 | 986,984 |
Principal Amount (000) | U.S. $ Value | |||||||||||
New York State Dormitory Authority | $ | 1,000 | $ | 1,158,008 | ||||||||
5.00%, 07/01/2031 | 1,200 | 1,374,542 | ||||||||||
5.00%, 07/01/2032 | 1,040 | 1,189,574 | ||||||||||
New York State Dormitory Authority | 1,105 | 1,209,910 | ||||||||||
New York State Dormitory Authority | 2,035 | 2,076,572 | ||||||||||
Series 2014-C | 3,000 | 3,068,896 | ||||||||||
New York State Dormitory Authority | 540 | 560,198 | ||||||||||
New York State Environmental Facilities Corp. | 2,680 | 2,692,842 | ||||||||||
New York State Thruway Authority | 2,000 | 1,694,362 | ||||||||||
Series 2021-O | 2,810 | 2,840,762 | ||||||||||
New York State Urban Development Corp. | ||||||||||||
5.00%, 03/15/2024 | 2,635 | 2,697,760 | ||||||||||
Series 2022 | 275 | 320,060 | ||||||||||
New York Transportation Development Corp. | 1,000 | 873,700 | ||||||||||
New York Transportation Development Corp. | 2,065 | 2,150,980 | ||||||||||
5.00%, 01/01/2032 | 1,495 | 1,549,126 | ||||||||||
New York Transportation Development Corp. | 2,000 | 1,828,908 |
2023 Semi-Annual Report | 89 |
Table of Contents
Schedule of Investments (continued)
Principal Amount (000) | U.S. $ Value | |||||||||||
Niagara Area Development Corp. | $ | 600 | $ | 585,188 | ||||||||
Port Authority of New York & New Jersey | 2,515 | 2,544,318 | ||||||||||
Series 2014 | 2,000 | 2,014,472 | ||||||||||
5.00%, 09/01/2028 | 3,615 | 3,701,464 | ||||||||||
Series 2015 | 1,000 | 1,009,434 | ||||||||||
Series 2019 | 1,455 | 1,633,146 | ||||||||||
Series 2021-2 | 1,365 | 1,367,172 | ||||||||||
Suffolk Tobacco Asset Securitization Corp. | 500 | 489,425 | ||||||||||
Town of Oyster Bay NY | 1,000 | 1,021,252 | ||||||||||
Triborough Bridge & Tunnel Authority | 3,000 | 3,184,870 | ||||||||||
Triborough Bridge & Tunnel Authority | 2,265 | 2,410,418 | ||||||||||
Series 2021-A | 1,500 | 1,199,562 | ||||||||||
Series 2022 | 500 | 598,188 | ||||||||||
5.00%, 05/15/2035 | 1,000 | 1,180,900 | ||||||||||
5.00%, 05/15/2036 | 1,000 | 1,164,452 | ||||||||||
Troy Capital Resource Corp. | 305 | 341,924 | ||||||||||
5.00%, 09/01/2032 | 415 | 461,528 | ||||||||||
5.00%, 09/01/2033 | 395 | 437,484 | ||||||||||
Trust for Cultural Resources of The City of New York (The) | 5,575 | 6,035,638 | ||||||||||
|
| |||||||||||
141,617,203 | ||||||||||||
|
| |||||||||||
Ohio–0.3% |
| |||||||||||
Ohio Air Quality Development Authority | 655 | 636,241 | ||||||||||
|
| |||||||||||
Principal Amount (000) | U.S. $ Value | |||||||||||
Puerto Rico–1.8% |
| |||||||||||
Commonwealth of Puerto Rico | $ | 98 | $ | 92,680 | ||||||||
Zero Coupon, 07/01/2033 | 414 | 234,296 | ||||||||||
4.00%, 07/01/2033 | 103 | 92,502 | ||||||||||
4.00%, 07/01/2035 | 3 | 2,272 | ||||||||||
4.00%, 07/01/2037 | 2 | 1,894 | ||||||||||
4.00%, 07/01/2041 | 3 | 2,466 | ||||||||||
4.00%, 07/01/2046 | 3 | 2,466 | ||||||||||
5.25%, 07/01/2023 | 69 | 69,216 | ||||||||||
5.375%, 07/01/2025 | 203 | 206,361 | ||||||||||
5.625%, 07/01/2027 | 508 | 525,062 | ||||||||||
5.625%, 07/01/2029 | 103 | 107,684 | ||||||||||
5.75%, 07/01/2031 | 103 | 109,290 | ||||||||||
Commonwealth of Puerto Rico (Commonwealth of Puerto Rico) | 19 | 8,314 | ||||||||||
HTA TRRB Custodial Trust | 165 | 163,880 | ||||||||||
5.25%, 07/01/2036 | 215 | 216,084 | ||||||||||
5.25%, 07/01/2041 | 205 | 206,278 | ||||||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority | 725 | 731,080 | ||||||||||
Puerto Rico Electric Power Authority AGM Series 2007-V | 230 | 232,740 | ||||||||||
Puerto Rico Highway & Transportation Authority | 170 | 106,038 | ||||||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth | 745 | 755,820 | ||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 235 | 222,208 | ||||||||||
|
| |||||||||||
4,088,631 | ||||||||||||
|
| |||||||||||
South Carolina–1.5% |
| |||||||||||
Patriots Energy Group Financing Agency | 3,000 | 3,005,139 | ||||||||||
South Carolina Public Service Authority | 500 | 488,904 | ||||||||||
|
| |||||||||||
3,494,043 | ||||||||||||
|
|
90 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Principal Amount (000) | U.S. $ Value | |||||||||||
Texas–0.0% |
| |||||||||||
City of Houston TX Airport System Revenue | $ | 100 | $ | 100,052 | ||||||||
|
| |||||||||||
Washington–0.3% |
| |||||||||||
Kalispel Tribe of Indians | 700 | 722,382 | ||||||||||
|
| |||||||||||
Wisconsin–0.3% |
| |||||||||||
UMA Education, Inc. | 165 | 165,804 | ||||||||||
5.00%, 10/01/2026(a) | 180 | 180,972 | ||||||||||
5.00%, 10/01/2027(a) | 155 | 155,680 | ||||||||||
5.00%, 10/01/2028(a) | 105 | 105,249 | ||||||||||
5.00%, 10/01/2029(a) | 100 | 100,054 | ||||||||||
|
| |||||||||||
707,759 | ||||||||||||
|
| |||||||||||
Total Municipal Obligations (cost $184,165,132) |
| 179,881,453 | ||||||||||
|
| |||||||||||
Shares | ||||||||||||
INVESTMENT COMPANIES–16.4% |
| |||||||||||
Funds and Investment Trusts–16.4%(c) |
| |||||||||||
iShares Core MSCI EAFE ETF | 368,888 | 24,660,163 | ||||||||||
iShares Core MSCI Emerging Markets ETF | 209,923 | 10,242,143 | ||||||||||
Vanguard Mid-Cap ETF | 15,037 | 3,171,604 | ||||||||||
|
| |||||||||||
Total Investment Companies (cost $37,652,427) |
| 38,073,910 | ||||||||||
|
| |||||||||||
Principal Amount (000) | ||||||||||||
GOVERNMENTS—TREASURIES–1.4% |
| |||||||||||
United States–1.4% |
| |||||||||||
U.S. Treasury Notes | $ | 3,543 | 3,356,439 | |||||||||
|
| |||||||||||
Notional Amount | ||||||||||||
PURCHASED OPTIONS—PUTS–0.5% |
| |||||||||||
Options on Equity Indices–0.5% |
| |||||||||||
Euro STOXX 50 Index | EUR | 5,180,000 | 147,246 |
Notional Amount | U.S. $ Value | |||||||||||
FTSE 100 Index | GBP | 2,178,000 | $ | 52,066 | ||||||||
Nikkei 225 Index | JPY | 440,000,000 | 66,473 | |||||||||
S&P 500 Index | USD | 39,930,000 | 835,214 | |||||||||
|
| |||||||||||
Total Purchased Options—Puts (premiums paid $1,266,741) |
| 1,100,999 | ||||||||||
|
| |||||||||||
Principal Amount (000) | ||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES–0.1% |
| |||||||||||
Agency CMBS–0.1% |
| |||||||||||
Washington State Housing Finance Commission | $ | 146 | 136,824 | |||||||||
|
| |||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% |
| |||||||||||
Risk Share Floating Rate–0.0% |
| |||||||||||
Federal National Mortgage Association Connecticut Avenue Securities | 59 | 62,872 | ||||||||||
|
| |||||||||||
Shares | ||||||||||||
SHORT-TERM INVESTMENTS–2.8% |
| |||||||||||
Investment Companies–2.8% |
| |||||||||||
AB Fixed Income Shares, Inc.—Government Money Market Portfolio—Class AB, | 6,533,199 | 6,533,199 | ||||||||||
|
| |||||||||||
Total Investments—98.8% (cost $233,544,222) |
| 229,145,696 | ||||||||||
Other assets less liabilities—1.2% | 2,772,284 | |||||||||||
|
| |||||||||||
Net Assets—100.0% | $ | 231,917,980 | ||||||||||
|
|
2023 Semi-Annual Report | 91 |
Table of Contents
Schedule of Investments (continued)
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 | 30 | June 2023 | $ | 2,720,250 | $ | 80,247 | ||||||||
Euro STOXX 50 Index Futures | 23 | June 2023 | 1,062,842 | 41,606 | ||||||||||
FTSE 100 Index Futures | 6 | June 2023 | 565,408 | 7,398 | ||||||||||
Nikkei 225 (OSE) Futures | 3 | June 2023 | 633,553 | 1,303 | ||||||||||
OMXS 30 Index Futures | 49 | April 2023 | 1,046,544 | 41,409 | ||||||||||
S&P 500 E-Mini Futures | 176 | June 2023 | 36,412,200 | 1,985,144 | ||||||||||
U.S. T-Note 2 Yr (CBT) Futures | 13 | June 2023 | 2,683,891 | 29,539 | ||||||||||
U.S. T-Note 10 Yr (CBT) Futures | 38 | June 2023 | 4,367,031 | 121,760 | ||||||||||
U.S. Ultra Bond (CBT) Futures | 10 | June 2023 | 1,411,250 | 46,469 | ||||||||||
Sold Contracts | ||||||||||||||
Euro STOXX 50 Index Futures | 68 | June 2023 | 3,142,317 | (161,747 | ) | |||||||||
FTSE 100 Index Futures | 3 | June 2023 | 282,704 | (1,417 | ) | |||||||||
Hang Seng Index Futures | 2 | April 2023 | 260,908 | (1,592 | ) | |||||||||
MSCI Emerging Markets Futures | 4 | June 2023 | 199,100 | (9,048 | ) | |||||||||
MSCI Singapore IX ETS Futures | 48 | April 2023 | 1,104,599 | (20,430 | ) | |||||||||
S&P Mid 400 E-Mini Futures | 5 | June 2023 | 1,264,850 | (29,649 | ) | |||||||||
S&P/TSX 60 Index Futures | 11 | June 2023 | 1,968,361 | (30,041 | ) | |||||||||
SPI 200 Futures | 33 | June 2023 | 3,965,630 | (94,007 | ) | |||||||||
TOPIX Index Futures | 7 | June 2023 | 1,056,260 | (34,763 | ) | |||||||||
|
| |||||||||||||
$ | 1,972,181 | |||||||||||||
|
|
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 | EUR | 3,171 | USD | 3,406 | 05/11/2023 | $ | (39,872 | ) | ||||||||||
Bank of America, NA | USD | 1,154 | EUR | 1,084 | 05/11/2023 | 24,050 | ||||||||||||
BNP Paribas SA | SEK | 18,099 | USD | 1,753 | 04/21/2023 | 7,227 | ||||||||||||
BNP Paribas SA | USD | 1,160 | JPY | 152,985 | 04/28/2023 | (3,722 | ) | |||||||||||
Citibank, NA | AUD | 1,838 | USD | 1,225 | 04/13/2023 | (3,915 | ) | |||||||||||
Citibank, NA | JPY | 453,071 | USD | 3,437 | 04/28/2023 | 12,511 | ||||||||||||
Goldman Sachs Bank USA | USD | 3,017 | EUR | 2,793 | 05/11/2023 | 18,555 | ||||||||||||
Goldman Sachs Bank USA | CHF | 1,247 | USD | 1,361 | 05/24/2023 | (9,342 | ) | |||||||||||
Goldman Sachs Bank USA | USD | 2,859 | CHF | 2,588 | 05/24/2023 | (14,633 | ) | |||||||||||
Goldman Sachs Bank USA | USD | 4,306 | CAD | 5,873 | 06/09/2023 | 44,008 | ||||||||||||
HSBC Bank USA | USD | 1,840 | SEK | 19,427 | 04/21/2023 | 33,225 | ||||||||||||
JPMorgan Chase Bank, NA | USD | 888 | GBP | 725 | 05/24/2023 | 6,405 | ||||||||||||
Morgan Stanley & Co., Inc. | USD | 3,039 | AUD | 4,410 | 04/13/2023 | (89,838 | ) | |||||||||||
Morgan Stanley & Co., Inc. | SEK | 32,047 | USD | 3,087 | 04/21/2023 | (3,193 | ) | |||||||||||
Morgan Stanley & Co., Inc. | USD | 996 | SEK | 10,356 | 04/21/2023 | 2,267 | ||||||||||||
Morgan Stanley & Co., Inc. | JPY | 197,254 | USD | 1,486 | 04/28/2023 | (4,912 | ) | |||||||||||
Morgan Stanley & Co., Inc. | CHF | 4,707 | USD | 5,064 | 05/24/2023 | (107,655 | ) | |||||||||||
State Street Bank & Trust Co. | NZD | 194 | USD | 125 | 04/20/2023 | 3,958 |
92 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||
State Street Bank & Trust Co. | NOK | 4,254 | USD | 420 | 04/21/2023 | $ | 12,952 | |||||||||||
State Street Bank & Trust Co. | USD | 762 | NOK | 8,020 | 04/21/2023 | 4,446 | ||||||||||||
State Street Bank & Trust Co. | JPY | 9,080 | USD | 68 | 04/28/2023 | (466 | ) | |||||||||||
State Street Bank & Trust Co. | USD | 341 | JPY | 44,268 | 04/28/2023 | (6,365 | ) | |||||||||||
|
| |||||||||||||||||
$ | (114,309 | ) | ||||||||||||||||
|
|
CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) |
| |||||||||||||||||||||||||||||
Description | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional Amount (000) | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
Sale Contracts |
| |||||||||||||||||||||||||||||
CDX-NAHY Series 39, | 5.00% | Quarterly | 4.69 | % | USD | 4,140 | $ | 56,636 | $ | 85,376 | $ | (28,740 | ) |
* Termination date
CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | ||||||||||||||||||||||||||||
Rate Type | Payment | 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 | 1,060 | 01/15/2025 | 2.565% | CPI# | Maturity | $ | 99,202 | $ | — | $ | 99,202 | |||||||||||||||||
USD | 530 | 01/15/2025 | 2.585% | CPI# | Maturity | 49,177 | — | 49,177 | ||||||||||||||||||||
USD | 530 | 01/15/2025 | 2.613% | CPI# | Maturity | 48,592 | — | 48,592 | ||||||||||||||||||||
USD | 2,740 | 01/15/2026 | CPI# | 3.720% | Maturity | (92,554 | ) | — | (92,554 | ) | ||||||||||||||||||
USD | 1,610 | 01/15/2027 | CPI# | 3.466% | Maturity | (60,995 | ) | (1,660 | ) | (59,335 | ) | |||||||||||||||||
USD | 1,600 | 01/15/2027 | CPI# | 3.320% | Maturity | (75,114 | ) | — | (75,114 | ) | ||||||||||||||||||
USD | 4,950 | 01/15/2028 | 1.230% | CPI# | Maturity | 914,209 | — | 914,209 | ||||||||||||||||||||
USD | 3,410 | 01/15/2028 | 0.735% | CPI# | Maturity | 752,823 | — | 752,823 | ||||||||||||||||||||
USD | 6,440 | 01/15/2029 | CPI# | 3.290% | Maturity | (234,783 | ) | — | (234,783 | ) | ||||||||||||||||||
USD | 1,290 | 01/15/2029 | CPI# | 3.735% | Maturity | 1,312 | — | 1,312 | ||||||||||||||||||||
USD | 1,125 | 01/15/2030 | 1.572% | CPI# | Maturity | 200,339 | — | 200,339 | ||||||||||||||||||||
USD | 1,125 | 01/15/2030 | 1.587% | CPI# | Maturity | 198,779 | — | 198,779 | ||||||||||||||||||||
USD | 180 | 01/15/2030 | 1.714% | CPI# | Maturity | 29,677 | — | 29,677 | ||||||||||||||||||||
USD | 180 | 01/15/2030 | 1.731% | CPI# | Maturity | 29,391 | — | 29,391 | ||||||||||||||||||||
USD | 1,000 | 01/15/2031 | 2.782% | CPI# | Maturity | 73,584 | — | 73,584 | ||||||||||||||||||||
USD | 880 | 01/15/2031 | 2.680% | CPI# | Maturity | 73,667 | — | 73,667 | ||||||||||||||||||||
USD | 770 | 01/15/2031 | 2.989% | CPI# | Maturity | 40,657 | — | 40,657 | ||||||||||||||||||||
USD | 860 | 04/15/2032 | CPI# | 2.909% | Maturity | (44,677 | ) | — | (44,677 | ) | ||||||||||||||||||
USD | 750 | 04/15/2032 | CPI# | 2.748% | Maturity | (52,129 | ) | — | (52,129 | ) | ||||||||||||||||||
USD | 450 | 04/15/2032 | CPI# | 2.722% | Maturity | (32,566 | ) | — | (32,566 | ) | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | 1,918,591 | $ | (1,660 | ) | $ | 1,920,251 | ||||||||||||||||||||||
|
|
|
|
|
|
# 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 | 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 | 2,850 | 04/15/2032 | 2.777% | 1 Day SOFR | Annual | $ | 104,036 | $ | — | $ | 104,036 |
2023 Semi-Annual Report | 93 |
Table of Contents
Schedule of Investments (continued)
CREDIT DEFAULT SWAPS (see Note 3) |
| |||||||||||||||||||||||||||||||
Swap Counterparty & Referenced Obligation | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at March 31, 2023 | Notional Amount (000) | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
Sale Contracts |
| |||||||||||||||||||||||||||||||
Citigroup Global Markets, Inc. |
| |||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | % | Monthly | 7.50 | % | USD | 17 | $ | (3,639 | ) | $ | (1,585 | ) | $ | (2,054 | ) | ||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 57 | (12,009 | ) | (6,749 | ) | (5,260 | ) | |||||||||||||||||||||
Credit Suisse International |
| |||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 4 | (849 | ) | (463 | ) | (386 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 10 | (2,063 | ) | (907 | ) | (1,156 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 115 | (24,382 | ) | (13,201 | ) | (11,181 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 117 | (24,867 | ) | (10,946 | ) | (13,921 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 178 | (37,605 | ) | (16,128 | ) | (21,477 | ) | |||||||||||||||||||||
Goldman Sachs International |
| |||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 22 | (4,610 | ) | (2,580 | ) | (2,030 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- | 3.00 | Monthly | 7.50 | USD | 154 | (32,510 | ) | (13,533 | ) | (18,977 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (142,534 | ) | $ | (66,092 | ) | $ | (76,442 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
* Termination date
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 | ||||||||||||||||||||||||||||||
Barclays Bank PLC | USD | 4,000 | 10/23/2026 | 2.310 | % | CPI | # | Maturity | $ | 245,866 | $ | — | $ | 245,866 | ||||||||||||||||||||
Barclays Bank PLC | USD | 1,000 | 10/23/2029 | 2.388 | % | CPI | # | Maturity | 59,964 | — | 59,964 | |||||||||||||||||||||||
Barclays Bank PLC | USD | 3,000 | 12/04/2032 | 2.233 | % | CPI | # | Maturity | 373,687 | — | 373,687 | |||||||||||||||||||||||
Citibank, NA | USD | 7,000 | 11/04/2023 | 1.900 | % | CPI | # | Maturity | 973,770 | — | 973,770 | |||||||||||||||||||||||
Citibank, NA | USD | 3,500 | 07/20/2027 | 2.104 | % | CPI | # | Maturity | 433,797 | — | 433,797 | |||||||||||||||||||||||
Deutsche Bank AG | USD | 4,000 | 09/04/2025 | 1.818 | % | CPI | # | Maturity | 531,467 | — | 531,467 | |||||||||||||||||||||||
JPMorgan Chase Bank, NA | USD | 2,500 | 03/02/2024 | 2.175 | % | CPI | # | Maturity | 286,087 | — | 286,087 | |||||||||||||||||||||||
JPMorgan Chase Bank, NA | USD | 7,000 | 07/20/2024 | 1.995 | % | CPI | # | Maturity | 837,030 | — | 837,030 | |||||||||||||||||||||||
JPMorgan Chase Bank, NA | USD | 3,000 | 11/04/2026 | 2.015 | % | CPI | # | Maturity | 391,716 | — | 391,716 | |||||||||||||||||||||||
JPMorgan Chase Bank, NA | USD | 5,000 | 12/27/2028 | 2.009 | % | CPI | # | Maturity | 660,727 | — | 660,727 | |||||||||||||||||||||||
Morgan Stanley Capital Services LLC | USD | 1,800 | 07/20/2032 | 2.158 | % | CPI | # | Maturity | 248,410 | — | 248,410 | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||
$ | 5,042,521 | $ | — | $ | 5,042,521 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).
94 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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 | 2,840 | 10/09/2029 | 1.125 | % | SIFMA | * | Quarterly | $ | 274,404 | $ | — | $ | 274,404 |
* 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) | |||||||||||||||||
Pay Total Return on Reference Obligation |
| |||||||||||||||||||||
Morgan Stanley Capital Services LLC | ||||||||||||||||||||||
Swiss Market Index Futures | 0.00% | Maturity | CHF | 550 | 06/16/2023 | $ | (10,802 | ) |
(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, 2023, the aggregate market value of these securities amounted to $6,512,783 or 2.8% of net assets. |
(b) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at March 31, 2023. |
(c) | 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. |
(d) | Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts. |
(e) | Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding. |
(f) | Non-income producing security. |
(g) | Affiliated investments. |
(h) | The rate shown represents the 7-day yield as of period end. |
As of March 31, 2023, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 5.1% 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
CDX-NAHY—North American High Yield Credit Default Swap Index
CMBS—Commercial Mortgage–Backed Securities
CPI—Consumer Price Index
EAFE—Europe, Australia, and Far East
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
OMXS—Stockholm Stock Exchange
OSE—Osaka Securities Exchange
SOFR—Secured Overnight Financing Rate
SPDR—Standard & Poor’s Depository Receipt
SPI—Share Price Index
TOPIX—Tokyo Price Index
TSX—Toronto Stock Exchange
See notes to financial statements.
2023 Semi-Annual Report | 95 |
Table of Contents
Statement of Assets and Liabilities—March 31, 2023 (Unaudited)
OVERLAY A PORTFOLIO | TAX-AWARE OVERLAY A PORTFOLIO | OVERLAY B PORTFOLIO | ||||||||||
ASSETS |
| |||||||||||
Investments in securities at value |
| |||||||||||
Unaffiliated issuers | $ | 655,224,529 | $ | 1,170,590,400 | $ | 814,388,903 | ||||||
Affiliated issuers | 611,914,647 | 1,253,546,265 | 56,987,120 | |||||||||
Foreign currencies, at value (a) | 10,413,031 | 1,615,432 | 769,852 | |||||||||
Cash | 17 | 0 | 9,943 | |||||||||
Cash collateral due from broker | 5,898,928 | 10,379,061 | 7,102,105 | |||||||||
Receivables: |
| |||||||||||
Unaffiliated interest and dividends | 347,593 | 616,620 | 5,087,944 | |||||||||
Affiliated dividends | 153,893 | 101,205 | 112,502 | |||||||||
Investment securities sold and foreign currency transactions | 1,185,628 | 37,621,962 | 13,841,729 | |||||||||
Capital shares sold | 379,106 | 261,971 | 223,735 | |||||||||
Variation margin on futures | 0 | 0 | 2,166,992 | |||||||||
Variation margin on centrally cleared swaps | 389,642 | 750,869 | 35,134 | |||||||||
Terminated total return swaps | 0 | 0 | 115,319 | |||||||||
Terminated centrally cleared interest rate swaps | 0 | 0 | 35,415 | |||||||||
Unrealized appreciation of forward currency exchange contracts | 2,614,183 | 4,435,266 | 6,336,017 | |||||||||
Unrealized appreciation of total return swaps | 0 | 0 | 287,409 | |||||||||
Other assets | 310,424 | 636,365 | 5,308 | |||||||||
|
|
|
|
|
| |||||||
Total assets | 1,288,831,621 | 2,480,555,416 | 907,505,427 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES |
| |||||||||||
Due to custodian | 0 | 25,877,030 | 0 | |||||||||
Cash collateral due to broker | 17,520,000 | 33,984,279 | 5,610,000 | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 1,242,365 | 561,513 | 44,336,277 | |||||||||
Capital shares redeemed | 3,397,872 | 10,825,844 | 2,073,071 | |||||||||
Variation margin on futures | 1,494,844 | 2,001,952 | 0 | |||||||||
Management fee | 595,928 | 1,075,103 | 472,273 | |||||||||
Shareholder servicing fee | 189,093 | 347,194 | 94,434 | |||||||||
Transfer Agent fee | 9,104 | 15,897 | 9,555 | |||||||||
Foreign capital gains taxes | 0 | 0 | 8,763 | |||||||||
Directors’ fees payable | 1,335 | 5,719 | 267 | |||||||||
Accrued expenses | 295,027 | 342,735 | 392,510 | |||||||||
Unrealized depreciation of forward currency exchange contracts | 4,626,147 | 8,323,731 | 6,019,241 | |||||||||
Unrealized depreciation of total return swaps | 58,333 | 218,209 | 0 | |||||||||
Market value on credit default swaps (b) | 0 | 0 | 249,607 | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 29,430,048 | 83,579,206 | 59,265,998 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 1,259,401,573 | $ | 2,396,976,210 | $ | 848,239,429 | ||||||
|
|
|
|
|
| |||||||
Cost of investments |
| |||||||||||
Unaffiliated issuers | $ | 444,026,502 | $ | 663,461,920 | $ | 854,600,890 | ||||||
Affiliated issuers | 572,977,930 | 1,162,600,917 | 59,332,607 | |||||||||
NET ASSETS CONSIST OF: |
| |||||||||||
Capital stock, at par | $ | 107,463 | $ | 190,384 | $ | 96,111 | ||||||
Additional paid-in capital | 1,079,454,684 | 1,917,764,244 | 1,015,178,905 | |||||||||
Distributable earnings (accumulated loss) | 179,839,426 | 479,021,582 | (167,035,587 | ) | ||||||||
|
|
|
|
|
| |||||||
$ | 1,259,401,573 | $ | 2,396,976,210 | $ | 848,239,429 | |||||||
|
|
|
|
|
|
(a) Cost: $10,366,249, $1,618,584 and $796,052, respectively. (Note 1)
(b) Net premiums received of $0, $0 and $97,886, respectively.
See Notes to Financial Statements.
96 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
OVERLAY A PORTFOLIO | TAX-AWARE OVERLAY A PORTFOLIO | OVERLAY B PORTFOLIO | ||||||||||
NET ASSET VALUE PER SHARE | ||||||||||||
Class 1 Shares | ||||||||||||
Net Assets | $ | 1,049,554,279 | $ | 1,898,235,434 | $ | 697,950,622 | ||||||
Shares of capital stock outstanding | 89,571,535 | 150,820,720 | 79,117,798 | |||||||||
|
|
|
|
|
| |||||||
Net asset value, offering and redemption price per share | $ | 11.72 | $ | 12.59 | $ | 8.82 | ||||||
|
|
|
|
|
| |||||||
Class 2 Shares | ||||||||||||
Net Assets | $ | 209,847,294 | $ | 498,740,776 | $ | 150,288,807 | ||||||
Shares of capital stock outstanding | 17,891,562 | 39,562,958 | 16,993,232 | |||||||||
|
|
|
|
|
| |||||||
Net asset value, offering and redemption price per share | $ | 11.73 | $ | 12.61 | $ | 8.84 | ||||||
|
|
|
|
|
|
See Notes to Financial Statements.
2023 Semi-Annual Report | 97 |
Table of Contents
Statement of Assets and Liabilities—March 31, 2023 (Unaudited) (continued)
TAX-AWARE OVERLAY B PORTFOLIO | TAX-AWARE OVERLAY C PORTFOLIO | TAX-AWARE OVERLAY N PORTFOLIO | ||||||||||
ASSETS | ||||||||||||
Investments in securities at value |
| |||||||||||
Unaffiliated issuers | $ | 1,074,408,069 | $ | 281,987,179 | $ | 222,612,497 | ||||||
Affiliated issuers | 13,894,725 | 0 | 6,533,199 | |||||||||
Foreign currencies, at value (a) | 979,121 | 918,587 | 504,901 | |||||||||
Cash | 171 | 0 | 33 | |||||||||
Cash collateral due from broker | 7,951,388 | 3,699,397 | 1,394,337 | |||||||||
Receivables: | ||||||||||||
Unaffiliated interest and dividends | 11,064,183 | 3,134,921 | 2,509,095 | |||||||||
Affiliated dividends | 55,099 | 10,336 | 8,844 | |||||||||
Investment securities sold | 0 | 4,133,898 | 0 | |||||||||
Capital shares sold | 49,735 | 106,695 | 40,080 | |||||||||
Variation margin on futures | 1,488,435 | 669,330 | 520,089 | |||||||||
Variation margin on centrally cleared swaps | 84,935 | 61,824 | 22,250 | |||||||||
Unrealized appreciation of inflation swaps | 20,233,733 | 5,903,290 | 5,042,521 | |||||||||
Unrealized appreciation of interest rate swaps | 1,204,865 | 368,609 | 274,404 | |||||||||
Unrealized appreciation of forward currency exchange contracts | 835,545 | 432,291 | 169,604 | |||||||||
Unrealized appreciation of total return swaps | 0 | 110,681 | 0 | |||||||||
|
|
|
|
|
| |||||||
Total assets | 1,132,250,004 | 301,537,038 | 239,631,854 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES |
| |||||||||||
Due to custodian | 0 | 130,523 | 0 | |||||||||
Cash collateral due to broker | 26,200,000 | 6,400,000 | 6,100,000 | |||||||||
Payables: | ||||||||||||
Investment securities purchased | 1,981,089 | 0 | 104,049 | |||||||||
Capital shares redeemed | 2,989,859 | 154,376 | 749,250 | |||||||||
Management fee | 649,021 | 168,183 | 127,260 | |||||||||
Shareholder servicing fee | 108,942 | 28,452 | 27,302 | |||||||||
Transfer Agent fee | 8,145 | 3,162 | 3,141 | |||||||||
Directors’ fees payable | 1,249 | 560 | 406 | |||||||||
Accrued expenses | 264,654 | 176,403 | 165,217 | |||||||||
Unrealized depreciation of forward currency exchange contracts | 1,356,106 | 542,636 | 283,913 | |||||||||
Market value on credit default swaps (b) | 487,038 | 176,498 | 142,534 | |||||||||
Unrealized depreciation of total return swaps | 41,049 | 0 | 10,802 | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 34,087,152 | 7,780,793 | 7,713,874 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 1,098,162,852 | $ | 293,756,245 | $ | 231,917,980 | ||||||
|
|
|
|
|
| |||||||
Cost of investments |
| |||||||||||
Unaffiliated issuers | $ | 1,054,612,697 | $ | 282,292,692 | $ | 227,011,023 | ||||||
Affiliated issuers | 13,894,725 | 0 | 6,533,199 | |||||||||
NET ASSETS CONSIST OF: |
| |||||||||||
Capital stock, at par | $ | 105,661 | $ | 28,758 | $ | 22,643 | ||||||
Additional paid-in capital | 1,108,297,956 | 302,896,086 | 234,072,674 | |||||||||
Accumulated loss | (10,240,765 | ) | (9,168,599 | ) | (2,177,337 | ) | ||||||
|
|
|
|
|
| |||||||
$ | 1,098,162,852 | $ | 293,756,245 | $ | 231,917,980 | |||||||
|
|
|
|
|
|
(a) Cost: $970,296, $914,277 and $502,139, respectively. (Note 1)
(b) Net premiums received of $231,996, $81,883 and $66,092, respectively.
See Notes to Financial Statements.
98 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
TAX-AWARE OVERLAY B PORTFOLIO | TAX-AWARE OVERLAY C PORTFOLIO | TAX-AWARE OVERLAY N PORTFOLIO | ||||||||||
NET ASSET VALUE PER SHARE | ||||||||||||
Class 1 Shares | ||||||||||||
Net Assets | $ | 796,202,405 | $ | 206,728,875 | $ | 199,595,875 | ||||||
Shares of capital stock outstanding | 76,640,258 | 20,244,618 | 19,490,989 | |||||||||
|
|
|
|
|
| |||||||
Net asset value, offering and redemption price per share | $ | 10.39 | $ | 10.21 | $ | 10.24 | ||||||
|
|
|
|
|
| |||||||
Class 2 Shares | ||||||||||||
Net Assets | $ | 301,960,447 | $ | 87,027,370 | $ | 32,322,105 | ||||||
Shares of capital stock outstanding | 29,020,863 | 8,513,653 | 3,151,593 | |||||||||
|
|
|
|
|
| |||||||
Net asset value, offering and redemption price per share | $ | 10.40 | $ | 10.22 | $ | 10.26 | ||||||
|
|
|
|
|
|
See Notes to Financial Statements.
2023 Semi-Annual Report | 99 |
Table of Contents
Statement of Operations—for the six months ended March 31, 2023 (Unaudited)
OVERLAY A PORTFOLIO | TAX-AWARE OVERLAY A PORTFOLIO | OVERLAY B PORTFOLIO | ||||||||||
INVESTMENT INCOME | ||||||||||||
Income: | ||||||||||||
Interest | $ | 0 | $ | 0 | $ | 13,705,143 | ||||||
Dividends |
| |||||||||||
Unaffiliated issuers (net of foreign withholding taxes of $73,396, $119,236 and $0, respectively) | 4,996,095 | 9,833,369 | 0 | |||||||||
Affiliated issuers | 23,515,102 | 48,160,732 | 3,776,838 | |||||||||
|
|
|
|
|
| |||||||
Total income | 28,511,197 | 57,994,101 | 17,481,981 | |||||||||
|
|
|
|
|
| |||||||
Expenses: | ||||||||||||
Management fee (see Note 2A) | 6,024,521 | 11,990,674 | 2,880,354 | |||||||||
Shareholder servicing fee (see Note 2B) | 1,109,535 | 2,097,538 | 550,479 | |||||||||
Custody and accounting fees | 102,101 | 116,388 | 168,781 | |||||||||
Transfer Agent fee—Class 1 | 27,867 | 39,725 | 28,212 | |||||||||
Transfer Agent fee—Class 2 | 5,757 | 10,804 | 5,855 | |||||||||
Auditing and tax fees | 59,445 | 52,781 | 64,389 | |||||||||
Directors’ fees and expenses | 38,053 | 79,555 | 24,524 | |||||||||
Legal fees | 28,831 | 52,754 | 20,257 | |||||||||
Registration fees | 20,824 | 21,623 | 19,413 | |||||||||
Printing fees | 4,393 | 5,595 | 5,337 | |||||||||
Miscellaneous | 38,181 | 58,502 | 33,720 | |||||||||
|
|
|
|
|
| |||||||
Total expenses before interest expense | 7,459,508 | 14,525,939 | 3,801,321 | |||||||||
Interest expense | 469,779 | 1,000,504 | 0 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 7,929,287 | 15,526,443 | 3,801,321 | |||||||||
Less: expenses waived and reimbursed by the Adviser (see Note 2A and 2D) | (2,335,276 | ) | (4,986,513 | ) | (155,133 | ) | ||||||
|
|
|
|
|
| |||||||
Net expenses | 5,594,011 | 10,539,930 | 3,646,188 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 22,917,186 | 47,454,171 | 13,835,793 | |||||||||
|
|
|
|
|
| |||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investment transactions (a) | 17,003,277 | 126,584,756 | (39,903,130 | ) | ||||||||
Affiliated Underlying Portfolios | 0 | (5,596,336 | ) | 0 | ||||||||
Forward currency exchange contracts | (10,827,236 | ) | (25,126,894 | ) | (7,760,619 | ) | ||||||
Futures | (49,727,110 | ) | (108,713,904 | ) | (8,122,067 | ) | ||||||
Swaps | 13,023 | (72,552 | ) | 4,880,623 | ||||||||
Foreign currency transactions | 1,084,671 | 1,586,213 | (5,567,605 | ) | ||||||||
Net realized gain distributions from Affiliated Underlying Portfolios | 1,905,509 | 4,166,524 | 0 | |||||||||
|
|
|
|
|
| |||||||
Net realized loss on investment and foreign currency transactions | (40,547,866 | ) | (7,172,193 | ) | (56,472,798 | ) | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) of: | ||||||||||||
Investments (b) | 26,905,621 | (30,633,959 | ) | 67,658,608 | ||||||||
Affiliated Underlying Portfolios | 69,277,564 | 157,317,180 | 25,526 | |||||||||
Forward currency exchange contracts | 4,434,601 | 9,672,357 | 1,479,002 | |||||||||
Futures | (11,331,635 | ) | (35,168,500 | ) | 27,386,448 | |||||||
Swaps | 188,110 | 317,864 | (5,734,185 | ) | ||||||||
Foreign currency denominated assets and liabilities | (11,301 | ) | (138,006 | ) | 233,902 | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 89,462,960 | 101,366,936 | 91,049,301 | |||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain on investment and foreign currency transactions | 48,915,094 | 94,194,743 | 34,576,503 | |||||||||
|
|
|
|
|
| |||||||
Net increase in net assets resulting from operations | $ | 71,832,280 | $ | 141,648,914 | $ | 48,412,296 | ||||||
|
|
|
|
|
|
(a) Net of foreign realized capital gains taxes of $0, $0 and $16,478, respectively.
(b) Net of increase in accrued foreign capital gains taxes on unrealized gains of $0, $0 and $1,299, respectively.
See Notes to Financial Statements.
100 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
TAX-AWARE OVERLAY B PORTFOLIO | TAX-AWARE OVERLAY C PORTFOLIO | TAX-AWARE OVERLAY N PORTFOLIO | ||||||||||
INVESTMENT INCOME | ||||||||||||
Income: | ||||||||||||
Interest | $ | 12,822,373 | $ | 3,809,607 | $ | 2,684,994 | ||||||
Dividends |
| |||||||||||
Unaffiliated issuers | 2,225,420 | 474,429 | 383,550 | |||||||||
Affiliated issuers | 355,393 | 381,729 | 314,129 | |||||||||
|
|
|
|
|
| |||||||
Total income | 15,403,186 | 4,665,765 | 3,382,673 | |||||||||
|
|
|
|
|
| |||||||
Expenses: | ||||||||||||
Management fee (see Note 2A) | 3,922,699 | 1,093,232 | 828,570 | |||||||||
Shareholder servicing fee (see Note 2B) | 652,352 | 171,027 | 164,050 | |||||||||
Custody and accounting fees | 94,001 | 60,129 | 55,152 | |||||||||
Transfer Agent fee—Class 1 | 20,266 | 7,455 | 9,293 | |||||||||
Transfer Agent fee—Class 2 | 7,845 | 3,518 | 1,534 | |||||||||
Auditing and tax fees | 52,499 | 52,798 | 52,500 | |||||||||
Registration fees | 19,360 | 17,413 | 17,412 | |||||||||
Directors’ fees and expenses | 34,770 | 9,893 | 7,414 | |||||||||
Legal fees | 24,205 | 8,272 | 5,376 | |||||||||
Printing fees | 5,605 | 3,375 | 4,780 | |||||||||
Miscellaneous | 58,645 | 25,847 | 23,428 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 4,892,247 | 1,452,959 | 1,169,509 | |||||||||
Less: expenses waived and reimbursed by the Adviser (see Note 2A and 2D) | (9,511 | ) | (22,577 | ) | (49,239 | ) | ||||||
|
|
|
|
|
| |||||||
Net expenses | 4,882,736 | 1,430,382 | 1,120,270 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 10,520,450 | 3,235,383 | 2,262,403 | |||||||||
|
|
|
|
|
| |||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investment transactions | 31,643,063 | 4,891,131 | 2,881,444 | |||||||||
Forward currency exchange contracts | (5,042,534 | ) | 586,352 | (1,121,144 | ) | |||||||
Futures | (19,285,075 | ) | (1,420,668 | ) | (4,429,610 | ) | ||||||
Swaps | 81,602 | 179,470 | (1,810 | ) | ||||||||
Foreign currency transactions | 335,755 | 15,897 | 99,493 | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) on investment and foreign currency transactions | 7,732,811 | 4,252,182 | (2,571,627 | ) | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) of: | ||||||||||||
Investments | 34,680,523 | 4,162,690 | 8,467,492 | |||||||||
Forward currency exchange contracts | 2,673,896 | 676,535 | 531,199 | |||||||||
Futures | 9,785,982 | 4,647,497 | 4,657,379 | |||||||||
Swaps | 2,878,889 | 1,077,423 | 726,315 | |||||||||
Foreign currency denominated assets and liabilities | (24,079 | ) | 2,717 | (385 | ) | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 49,995,211 | 10,566,862 | 14,382,000 | |||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain on investment and foreign currency transactions | 57,728,022 | 14,819,044 | 11,810,373 | |||||||||
|
|
|
|
|
| |||||||
Net increase in net assets resulting from operations | $ | 68,248,472 | $ | 18,054,427 | $ | 14,072,776 | ||||||
|
|
|
|
|
|
See Notes to Financial Statements.
2023 Semi-Annual Report | 101 |
Table of Contents
Statement of Changes in Net Assets
OVERLAY A PORTFOLIO | TAX-AWARE OVERLAY A PORTFOLIO | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM | ||||||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 22,917,186 | $ | 29,241,589 | $ | 47,454,171 | $ | 58,965,905 | ||||||||||||
Net realized loss on investment and foreign currency transactions | (40,547,866 | ) | (17,943,843 | ) | (7,172,193 | ) | (94,262,449 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 89,462,960 | (385,966,264 | ) | 101,366,936 | (775,632,343 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 71,832,280 | (374,668,518 | ) | 141,648,914 | (810,928,887 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to shareholders (a) | (23,545,276 | ) | (207,352,448 | ) | (49,602,887 | ) | (394,503,020 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Capital-share transactions | ||||||||||||||||||||
Net proceeds from sales of shares | 48,459,152 | 119,384,193 | 83,039,526 | 179,133,723 | ||||||||||||||||
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 18,378,842 | 198,473,085 | 34,957,267 | 370,050,729 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total proceeds from shares sold | 66,837,994 | 317,857,278 | 117,996,793 | 549,184,452 | ||||||||||||||||
Cost of shares redeemed | (206,113,284 | ) | (302,212,406 | ) | (688,177,034 | ) | (556,152,201 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets from capital-share transactions | (139,275,290 | ) | 15,644,872 | (570,180,241 | ) | (6,967,749 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease in net assets | (90,988,286 | ) | (566,376,094 | ) | (478,134,214 | ) | (1,212,399,656 | ) | ||||||||||||
NET ASSETS: | ||||||||||||||||||||
Beginning of period | 1,350,389,859 | 1,916,765,953 | 2,875,110,424 | 4,087,510,080 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 1,259,401,573 | $ | 1,350,389,859 | $ | 2,396,976,210 | $ | 2,875,110,424 | ||||||||||||
|
|
|
|
|
|
|
|
(a) See page 105 for share class information on dividend distributions for the Overlay A and Tax-Aware Overlay A Portfolios.
See Notes to Financial Statements.
102 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
OVERLAY B PORTFOLIO | TAX-AWARE OVERLAY B PORTFOLIO | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM | ||||||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 13,835,793 | $ | 29,135,635 | $ | 10,520,450 | $ | 26,617,554 | ||||||||||||
Net realized gain (loss) on investment and foreign currency transactions | (56,472,798 | ) | (81,454,587 | ) | 7,732,811 | (1,973,774 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 91,049,301 | (127,736,494 | ) | 49,995,211 | (231,999,358 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 48,412,296 | (180,055,446 | ) | 68,248,472 | (207,355,578 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to shareholders (a) | (28,384,143 | ) | (165,424,767 | ) | (27,706,973 | ) | (116,715,476 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Capital-share transactions | ||||||||||||||||||||
Net proceeds from sales of shares | 44,846,454 | 80,744,870 | 30,862,287 | 87,883,986 | ||||||||||||||||
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 20,368,115 | 153,087,964 | 18,935,388 | 105,964,711 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total proceeds from shares sold | 65,214,569 | 233,832,834 | 49,797,675 | 193,848,697 | ||||||||||||||||
Cost of shares redeemed | (137,824,466 | ) | (181,956,584 | ) | (303,156,472 | ) | (277,063,943 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets from capital-share transactions | (72,609,897 | ) | 51,876,250 | (253,358,797 | ) | (83,215,246 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease in net assets | (52,581,744 | ) | (293,603,963 | ) | (212,817,298 | ) | (407,286,300 | ) | ||||||||||||
NET ASSETS: | ||||||||||||||||||||
Beginning of period | 900,821,173 | 1,194,425,136 | 1,310,980,150 | 1,718,266,450 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 848,239,429 | $ | 900,821,173 | $ | 1,098,162,852 | $ | 1,310,980,150 | ||||||||||||
|
|
|
|
|
|
|
|
(a) See page 105 for share class information on dividend distributions for the Overlay B and Tax-Aware Overlay B Portfolios.
See Notes to Financial Statements.
2023 Semi-Annual Report | 103 |
Table of Contents
Statement of Changes in Net Assets (continued)
TAX-AWARE OVERLAY C PORTFOLIO | TAX-AWARE OVERLAY N PORTFOLIO | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 | YEAR ENDED 9/30/22 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM | ||||||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 3,235,383 | $ | 7,396,751 | $ | 2,262,403 | $ | 5,458,333 | ||||||||||||
Net realized gain (loss) on investment and foreign currency transactions | 4,252,182 | 838,034 | (2,571,627 | ) | 10,085,893 | |||||||||||||||
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 10,566,862 | (67,179,551 | ) | 14,382,000 | (60,387,549 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 18,054,427 | (58,944,766 | ) | 14,072,776 | (44,843,323 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to shareholders (a) | (7,610,182 | ) | (38,805,221 | ) | (5,756,446 | ) | (23,991,831 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Capital-share transactions | ||||||||||||||||||||
Net proceeds from sales of shares | 6,569,987 | 25,287,046 | 6,791,143 | 15,718,881 | ||||||||||||||||
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | 4,975,099 | 35,406,411 | 4,062,413 | 22,169,742 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total proceeds from shares sold | 11,545,086 | 60,693,457 | 10,853,556 | 37,888,623 | ||||||||||||||||
Cost of shares redeemed | (95,313,290 | ) | (97,298,985 | ) | (60,063,915 | ) | (74,561,335 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease in net assets from capital-share transactions | (83,768,204 | ) | (36,605,528 | ) | (49,210,359 | ) | (36,672,712 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease in net assets | (73,323,959 | ) | (134,355,515 | ) | (40,894,029 | ) | (105,507,866 | ) | ||||||||||||
NET ASSETS: | ||||||||||||||||||||
Beginning of period | 367,080,204 | 501,435,719 | 272,812,009 | 378,319,875 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 293,756,245 | $ | 367,080,204 | $ | 231,917,980 | $ | 272,812,009 | ||||||||||||
|
|
|
|
|
|
|
|
(a) See page 105 for share class information on dividend distributions for the Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios.
See Notes to Financial Statements.
104 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
OVERLAY A PORTFOLIO | TAX-AWARE OVERLAY A PORTFOLIO | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
Class 1 | $ | (19,040,150 | ) | $ | (172,626,965 | ) | $ | (37,815,896 | ) | $ | (302,970,210 | ) | ||||||||
Class 2 | (4,505,126 | ) | (34,725,483 | ) | (11,786,991 | ) | (91,532,810 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
$ | (23,545,276 | ) | $ | (207,352,448 | ) | $ | (49,602,887 | ) | $ | (394,503,020 | ) | |||||||||
|
|
|
|
|
|
|
|
OVERLAY B PORTFOLIO | TAX-AWARE OVERLAY B PORTFOLIO | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
Class 1 | $ | (23,297,142 | ) | $ | (138,511,977 | ) | $ | (19,521,368 | ) | $ | (80,780,738 | ) | ||||||||
Class 2 | (5,087,001 | ) | (26,912,790 | ) | (8,185,605 | ) | (35,934,738 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
$ | (28,384,143 | ) | $ | (165,424,767 | ) | $ | (27,706,973 | ) | $ | (116,715,476 | ) | |||||||||
|
|
|
|
|
|
|
|
TAX-AWARE OVERLAY C PORTFOLIO | TAX-AWARE OVERLAY N PORTFOLIO | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
Class 1 | $ | (4,868,088 | ) | $ | (24,700,468 | ) | $ | (4,866,224 | ) | $ | (19,695,922 | ) | ||||||||
Class 2 | (2,742,094 | ) | (14,104,753 | ) | (890,222 | ) | (4,295,909 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
$ | (7,610,182 | ) | $ | (38,805,221 | ) | $ | (5,756,446 | ) | $ | (23,991,831 | ) | |||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
2023 Semi-Annual Report | 105 |
Table of Contents
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 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 11.30 | $ | 16.01 | $ | 12.81 | $ | 13.05 | $ | 13.69 | $ | 13.18 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Investment income, net (a)(b) | 0.20 | 0.23 | 0.07 | 0.13 | 0.14 | 0.12 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.42 | (3.17 | ) | 3.25 | (0.19 | ) | (0.37 | ) | 0.57 | |||||||||||||||
Contributions from affiliates | 0 | 0 | 0 | 0 | 0.00 | (c) | 0 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.62 | (2.94 | ) | 3.32 | (0.06 | ) | (0.23 | ) | 0.69 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.20 | ) | (0.34 | ) | (0.12 | ) | (0.15 | ) | (0.13 | ) | (0.18 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | 0 | (1.43 | ) | 0 | (0.03 | ) | (0.28 | ) | 0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions | (0.20 | ) | (1.77 | ) | (0.12 | ) | (0.18 | ) | (0.41 | ) | (0.18 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 11.72 | $ | 11.30 | $ | 16.01 | $ | 12.81 | $ | 13.05 | $ | 13.69 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (d)(e) | 5.51% | (21.17)% | 26.16% | (0.45)% | (1.46)% | 5.21% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $1,049,555 | $1,121,710 | $1,596,442 | $1,465,081 | $1,653,447 | $1,811,002 | ||||||||||||||||||
Average net assets (000 omitted) | $1,100,490 | $1,430,298 | $1,606,920 | $1,539,035 | $1,663,944 | $1,829,185 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements (f)(g) | 0.87% | (h) | 0.83% | 0.80% | 0.81% | 0.80% | 0.78% | |||||||||||||||||
Expenses, before waivers/reimbursements (f)(g) | 1.22% | (h) | 1.16% | 1.15% | 1.15% | 1.14% | 1.13% | |||||||||||||||||
Net investment income (b) | 3.39% | (h) | 1.67% | 0.47% | 1.02% | 1.11% | 0.88% | |||||||||||||||||
Portfolio turnover rate | 9% | 24% | 21% | 22% | 21% | 39% |
See Footnote Summary on page 118.
See Notes to Financial Statements.
106 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
OVERLAY A PORTFOLIO | ||||||||||||||||||||||||
CLASS 2 | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 11.32 | $ | 16.05 | $ | 12.84 | $ | 13.07 | $ | 13.72 | $ | 13.22 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Investment income, net (a)(b) | 0.21 | 0.25 | 0.10 | 0.15 | 0.18 | 0.15 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.43 | (3.18 | ) | 3.26 | (0.17 | ) | (0.39 | ) | 0.56 | |||||||||||||||
Contributions from affiliates | 0 | 0 | 0 | 0 | 0.00 | (c) | 0 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.64 | (2.93 | ) | 3.36 | (0.02 | ) | (0.21 | ) | 0.71 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.23 | ) | (0.37 | ) | (0.15 | ) | (0.18 | ) | (0.16 | ) | (0.21 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | 0 | (1.43 | ) | 0 | (0.03 | ) | (0.28 | ) | 0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions | (0.23 | ) | (1.80 | ) | (0.15 | ) | (0.21 | ) | (0.44 | ) | (0.21 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 11.73 | $ | 11.32 | $ | 16.05 | $ | 12.84 | $ | 13.07 | $ | 13.72 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (d)(e) | 5.66% | (21.02)% | 26.34% | (0.25)% | (1.23)% | 5.37% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $209,847 | $228,680 | $320,324 | $309,925 | $330,953 | $427,346 | ||||||||||||||||||
Average net assets (000 omitted) | $227,379 | $291,541 | $323,834 | $319,363 | $367,721 | $420,846 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements (f)(g) | 0.67% | (h) | 0.63% | 0.59% | 0.61% | 0.60% | 0.58% | |||||||||||||||||
Expenses, before waivers/reimbursements (f)(g) | 1.02% | (h) | 0.96% | 0.95% | 0.95% | 0.94% | 0.93% | |||||||||||||||||
Net investment income (b) | 3.60% | (h) | 1.81% | 0.69% | 1.17% | 1.37% | 1.09% | |||||||||||||||||
Portfolio turnover rate | 9% | 24% | 21% | 22% | 21% | 39% |
See Footnote Summary on page 118.
See Notes to Financial Statements.
2023 Semi-Annual Report | 107 |
Table of Contents
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 1 | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 12.15 | $ | 16.98 | $ | 13.65 | $ | 13.78 | $ | 14.29 | $ | 13.95 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Investment income, net (a)(b) | 0.22 | 0.23 | 0.08 | 0.13 | 0.15 | 0.13 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.45 | (3.41 | ) | 3.39 | (0.08 | ) | (0.37 | ) | 0.55 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.67 | (3.18 | ) | 3.47 | 0.05 | (0.22 | ) | 0.68 | �� | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.23 | ) | (0.23 | ) | (0.14 | ) | (0.18 | ) | (0.12 | ) | (0.30 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | 0 | (1.42 | ) | 0 | (0.00 | ) (c) | (0.17 | ) | (0.04 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions | (0.23 | ) | (1.65 | ) | (0.14 | ) | (0.18 | ) | (0.29 | ) | (0.34 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 12.59 | $ | 12.15 | $ | 16.98 | $ | 13.65 | $ | 13.78 | $ | 14.29 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (d)(e) | 5.43% | (21.15)% | 25.54% | 0.29% | (1.28)% | 4.85% | (i) | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $1,898,235 | $2,232,773 | $3,144,804 | $2,712,320 | $3,143,494 | $3,464,533 | ||||||||||||||||||
Average net assets (000 omitted) | $2,080,439 | $2,880,460 | $3,057,954 | $2,913,890 | $3,181,790 | $3,513,988 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements (f)(g) | 0.83% | (h) | 0.81% | 0.77% | 0.80% | 0.80% | 0.77% | |||||||||||||||||
Expenses, before waivers/reimbursements (f)(g) | 1.21% | (h) | 1.14% | 1.12% | 1.13% | 1.13% | 1.12% | |||||||||||||||||
Net investment income (b) | 3.50% | (h) | 1.53% | 0.49% | 0.99% | 1.09% | 0.89% | |||||||||||||||||
Portfolio turnover rate | 8% | 25% | 20% | 22% | 20% | 42% |
See Footnote Summary on page 118.
See Notes to Financial Statements.
108 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
TAX-AWARE OVERLAY A PORTFOLIO | ||||||||||||||||||||||||
CLASS 2 | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 12.19 | $ | 17.03 | $ | 13.69 | $ | 13.82 | $ | 14.33 | $ | 14.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Investment income, net (a)(b) | 0.24 | 0.26 | 0.11 | 0.16 | 0.17 | 0.16 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.44 | (3.42 | ) | 3.40 | (0.08 | ) | (0.36 | ) | 0.54 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.68 | (3.16 | ) | 3.51 | 0.08 | (0.19 | ) | 0.70 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.26 | ) | (0.26 | ) | (0.17 | ) | (0.21 | ) | (0.15 | ) | (0.33 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | 0 | (1.42 | ) | 0 | (0.00 | ) (c) | (0.17 | ) | (0.04 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions | (0.26 | ) | (1.68 | ) | (0.17 | ) | (0.21 | ) | (0.32 | ) | (0.37 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 12.61 | $ | 12.19 | $ | 17.03 | $ | 13.69 | $ | 13.82 | $ | 14.33 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (d)(e) | 5.51% | (20.98)% | 25.78% | 0.56% | (1.12)% | 5.01% | (i) | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $498,741 | $642,337 | $942,706 | $847,108 | $1,041,177 | $1,119,490 | ||||||||||||||||||
Average net assets (000 omitted) | $566,515 | $854,251 | $937,234 | $935,278 | $1,048,726 | $1,114,328 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements (f)(g) | 0.63% | (h) | 0.61% | 0.57% | 0.60% | 0.60% | 0.57% | |||||||||||||||||
Expenses, before waivers/reimbursements (f)(g) | 1.01% | (h) | 0.94% | 0.92% | 0.93% | 0.93% | 0.92% | |||||||||||||||||
Net investment income (b) | 3.75% | (h) | 1.73% | 0.71% | 1.21% | 1.28% | 1.09% | |||||||||||||||||
Portfolio turnover rate | 8% | 25% | 20% | 22% | 20% | 42% |
See Footnote Summary on page 118.
See Notes to Financial Statements.
2023 Semi-Annual Report | 109 |
Table of Contents
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 1 | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 8.62 | $ | 11.92 | $ | 10.96 | $ | 10.94 | $ | 10.96 | $ | 11.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Investment income, net (a)(b) | 0.14 | 0.27 | 0.21 | 0.16 | 0.21 | 0.20 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.34 | (1.90 | ) | 1.05 | 0.22 | 0.17 | 0.01 | |||||||||||||||||
Contributions from affiliates | 0 | 0 | 0 | 0 | 0.00 | (c) | 0.00 | (c) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.48 | (1.63 | ) | 1.26 | 0.38 | 0.38 | 0.21 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.28 | ) | (0.40 | ) | (0.25 | ) | (0.32 | ) | (0.26 | ) | (0.23 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | 0 | (1.27 | ) | (0.05 | ) | (0.04 | ) | (0.14 | ) | (0.02 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions | (0.28 | ) | (1.67 | ) | (0.30 | ) | (0.36 | ) | (0.40 | ) | (0.25 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 8.82 | $ | 8.62 | $ | 11.92 | $ | 10.96 | $ | 10.94 | $ | 10.96 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (d) | 5.62% | (16.10)% | 11.61% | 3.56% | 3.75% | 1.93% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $697,950 | $750,137 | $999,357 | $991,266 | $1,024,761 | $1,052,414 | ||||||||||||||||||
Average net assets (000 omitted) | $727,988 | $908,265 | $1,021,208 | $991,542 | $1,014,279 | $1,055,548 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements (f) | 0.85% | (h) | 0.81% | 0.83% | 0.84% | 0.83% | 0.81% | |||||||||||||||||
Expenses, before waivers/reimbursements (f) | 0.88% | (h) | 0.85% | 0.87% | 0.87% | 0.86% | 0.86% | |||||||||||||||||
Net investment income (b) | 3.10% | (h) | 2.65% | 1.78% | 1.51% | 1.95% | 1.78% | |||||||||||||||||
Portfolio turnover rate | 85% | 115% | 98% | 74% | 67% | 116% |
See Footnote Summary on page 118.
See Notes to Financial Statements.
110 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
OVERLAY B PORTFOLIO | ||||||||||||||||||||||||
CLASS 2 | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 8.65 | $ | 11.96 | $ | 11.00 | $ | 10.97 | $ | 10.98 | $ | 11.03 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Investment income, net (a)(b) | 0.14 | 0.28 | 0.23 | 0.18 | 0.22 | 0.21 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.35 | (1.90 | ) | 1.04 | 0.23 | 0.18 | 0.01 | |||||||||||||||||
Contributions from affiliates | 0 | 0 | 0 | 0 | 0.00 | (c) | 0.00 | (c) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.49 | (1.62 | ) | 1.27 | 0.41 | 0.40 | 0.22 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.30 | ) | (0.42 | ) | (0.26 | ) | (0.34 | ) | (0.27 | ) | (0.25 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | 0 | (1.27 | ) | (0.05 | ) | (0.04 | ) | (0.14 | ) | (0.02 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions | (0.30 | ) | (1.69 | ) | (0.31 | ) | (0.38 | ) | (0.41 | ) | (0.27 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 8.84 | $ | 8.65 | $ | 11.96 | $ | 11.00 | $ | 10.97 | $ | 10.98 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (d) | 5.80% | (15.98)% | (i) | 11.64% | 3.76% | 3.97% | 2.02% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $150,289 | $150,684 | $195,068 | $203,349 | $218,022 | $228,731 | ||||||||||||||||||
Average net assets (000 omitted) | $151,050 | $181,909 | $202,314 | $209,927 | $226,099 | $226,777 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements (f) | 0.70% | (h) | 0.66% | 0.68% | 0.69% | 0.68% | 0.66% | |||||||||||||||||
Expenses, before waivers/reimbursements (f) | 0.73% | (h) | 0.70% | 0.72% | 0.72% | 0.71% | 0.71% | |||||||||||||||||
Net investment income (b) | 3.25% | (h) | 2.80% | 1.93% | 1.66% | 2.10% | 1.93% | |||||||||||||||||
Portfolio turnover rate | 85% | 115% | 98% | 74% | 67% | 116% |
See Footnote Summary on page 118.
See Notes to Financial Statements.
2023 Semi-Annual Report | 111 |
Table of Contents
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 1 | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 10.04 | $ | 12.36 | $ | 11.27 | $ | 11.12 | $ | 11.25 | $ | 11.50 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Investment income, net (a)(b) | 0.09 | 0.18 | 0.17 | 0.19 | 0.21 | 0.19 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.49 | (1.66 | ) | 1.19 | 0.12 | (0.03 | ) | 0.02 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.58 | (1.48 | ) | 1.36 | 0.31 | 0.18 | 0.21 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.23 | ) | (0.19 | ) | (0.27 | ) | (0.16 | ) | (0.20 | ) | (0.18 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | 0 | (0.65 | ) | 0 | 0 | (0.11 | ) | (0.28 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions | (0.23 | ) | (0.84 | ) | (0.27 | ) | (0.16 | ) | (0.31 | ) | (0.46 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 10.39 | $ | 10.04 | $ | 12.36 | $ | 11.27 | $ | 11.12 | $ | 11.25 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (d) | 5.85% | (12.95)% | 12.11% | 2.93% | 1.81% | 1.86% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $796,203 | $932,107 | $1,194,517 | $1,140,951 | $1,240,530 | $1,314,251 | ||||||||||||||||||
Average net assets (000 omitted) | $862,712 | $1,111,920 | $1,196,104 | $1,191,962 | $1,254,989 | $1,319,846 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements (f) | 0.85% | (h) | 0.83% | 0.84% | 0.84% | 0.83% | 0.81% | |||||||||||||||||
Expenses, before waivers/reimbursements (f) | 0.85% | (h) | 0.83% | 0.84% | 0.84% | 0.84% | 0.83% | |||||||||||||||||
Net investment income (b) | 1.70% | (h) | 1.63% | 1.44% | 1.74% | 1.89% | 1.68% | |||||||||||||||||
Portfolio turnover rate | 5% | 12% | 19% | 8% | 12% | 22% |
See Footnote Summary on page 118.
See Notes to Financial Statements.
112 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
TAX-AWARE OVERLAY B PORTFOLIO | ||||||||||||||||||||||||
CLASS 2 | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 10.07 | $ | 12.39 | $ | 11.30 | $ | 11.14 | $ | 11.27 | $ | 11.52 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Investment income, net (a)(b) | 0.10 | 0.20 | 0.19 | 0.21 | 0.22 | 0.21 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.48 | (1.66 | ) | 1.19 | 0.13 | (0.02 | ) | 0.02 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.58 | (1.46 | ) | 1.38 | 0.34 | 0.20 | 0.23 | |||||||||||||||||
|
|
|
|
| �� |
|
|
|
|
|
| |||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.25 | ) | (0.21 | ) | (0.29 | ) | (0.18 | ) | (0.22 | ) | (0.20 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | 0 | (0.65 | ) | 0 | 0 | (0.11 | ) | (0.28 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions | (0.25 | ) | (0.86 | ) | (0.29 | ) | (0.18 | ) | (0.33 | ) | (0.48 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 10.40 | $ | 10.07 | $ | 12.39 | $ | 11.30 | $ | 11.14 | $ | 11.27 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (d) | 5.83% | (12.78)% | 12.35% | 3.04% | 1.93% | 2.01% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $301,960 | $378,873 | $523,749 | $521,628 | $601,605 | $643,676 | ||||||||||||||||||
Average net assets (000 omitted) | $334,433 | $478,848 | $534,158 | $559,800 | $611,585 | $646,854 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements (f) | 0.70% | (h) | 0.68% | 0.69% | 0.69% | 0.68% | 0.66% | |||||||||||||||||
Expenses, before waivers/reimbursements (f) | 0.70% | (h) | 0.68% | 0.69% | 0.69% | 0.69% | 0.68% | |||||||||||||||||
Net investment income (b) | 1.85% | (h) | 1.78% | 1.59% | 1.89% | 2.03% | 1.83% | |||||||||||||||||
Portfolio turnover rate | 5% | 12% | 19% | 8% | 12% | 22% |
See Footnote Summary on page 118.
See Notes to Financial Statements.
2023 Semi-Annual Report | 113 |
Table of Contents
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 C PORTFOLIO | ||||||||||||||||||||||||
CLASS 1 | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 9.89 | $ | 12.29 | $ | 11.26 | $ | 11.14 | $ | 11.29 | $ | 11.49 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Investment income, net (a)(b) | 0.10 | 0.17 | 0.16 | 0.18 | 0.19 | 0.17 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.44 | (1.61 | ) | 1.13 | 0.10 | (0.03 | ) | 0.07 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.54 | (1.44 | ) | 1.29 | 0.28 | 0.16 | 0.24 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.22 | ) | (0.18 | ) | (0.26 | ) | (0.16 | ) | (0.18 | ) | (0.18 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | 0 | (0.78 | ) | 0 | 0 | (0.13 | ) | (0.26 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions | (0.22 | ) | (0.96 | ) | (0.26 | ) | (0.16 | ) | (0.31 | ) | (0.44 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 10.21 | $ | 9.89 | $ | 12.29 | $ | 11.26 | $ | 11.14 | $ | 11.29 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (d) | 5.45% | (12.84)% | 11.57% | 2.48% | 1.53% | 2.13% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $206,729 | $240,668 | $321,782 | $315,270 | $356,936 | $368,640 | ||||||||||||||||||
Average net assets (000 omitted) | $226,178 | $293,443 | $323,453 | $339,567 | $355,345 | $366,150 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements (f) | 0.90% | (h) | 0.87% | 0.88% | 0.88% | 0.86% | 0.85% | |||||||||||||||||
Expenses, before waivers/reimbursements (f) | 0.91% | (h) | 0.87% | 0.88% | 0.88% | 0.87% | 0.87% | |||||||||||||||||
Net investment income (b) | 1.87% | (h) | 1.56% | 1.31% | 1.60% | 1.75% | 1.49% | |||||||||||||||||
Portfolio turnover rate | 6% | 18% | 23% | 13% | 14% | 28% |
See Footnote Summary on page 118.
See Notes to Financial Statements.
114 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
TAX-AWARE OVERLAY C PORTFOLIO | ||||||||||||||||||||||||
CLASS 2 | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 9.92 | $ | 12.32 | $ | 11.29 | $ | 11.16 | $ | 11.31 | $ | 11.50 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Investment income, net (a)(b) | 0.10 | 0.19 | 0.18 | 0.19 | 0.21 | 0.19 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.44 | (1.61 | ) | 1.13 | 0.11 | (0.04 | ) | 0.08 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.54 | (1.42 | ) | 1.31 | 0.30 | 0.17 | 0.27 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.24 | ) | (0.20 | ) | (0.28 | ) | (0.17 | ) | (0.19 | ) | (0.20 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | 0 | (0.78 | ) | 0 | 0 | (0.13 | ) | (0.26 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions | (0.24 | ) | (0.98 | ) | (0.28 | ) | (0.17 | ) | (0.32 | ) | (0.46 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 10.22 | $ | 9.92 | $ | 12.32 | $ | 11.29 | $ | 11.16 | $ | 11.31 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (d) | 5.54% | (12.66)% | (i) | 11.72% | 2.68% | 1.65% | 2.37% | (i) | ||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $87,027 | $126,412 | $179,654 | $196,312 | $209,891 | $221,368 | ||||||||||||||||||
Average net assets (000 omitted) | $107,459 | $164,116 | $192,674 | $203,874 | $217,264 | $225,633 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements (f) | 0.75% | (h) | 0.72% | 0.73% | 0.73% | 0.71% | 0.70% | |||||||||||||||||
Expenses, before waivers/reimbursements (f) | 0.76% | (h) | 0.72% | 0.73% | 0.73% | 0.72% | 0.72% | |||||||||||||||||
Net investment income (b) | 2.03% | (h) | 1.71% | 1.46% | 1.75% | 1.90% | 1.64% | |||||||||||||||||
Portfolio turnover rate | 6% | 18% | 23% | 13% | 14% | 28% |
See Footnote Summary on page 118.
See Notes to Financial Statements.
2023 Semi-Annual Report | 115 |
Table of Contents
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 N PORTFOLIO | ||||||||||||||||||||||||
CLASS 1 | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 9.91 | $ | 12.17 | $ | 11.02 | $ | 11.04 | $ | 11.19 | $ | 11.43 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Investment income, net (a)(b) | 0.09 | 0.18 | 0.15 | 0.18 | 0.20 | 0.17 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.47 | (1.66 | ) | 1.25 | (0.03 | ) | (0.03 | ) | 0.04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.56 | (1.48 | ) | 1.40 | 0.15 | 0.17 | 0.21 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.23 | ) | (0.17 | ) | (0.25 | ) | (0.17 | ) | (0.19 | ) | (0.18 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | 0 | (0.61 | ) | 0 | 0 | (0.13 | ) | (0.27 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions | (0.23 | ) | (0.78 | ) | (0.25 | ) | (0.17 | ) | (0.32 | ) | (0.45 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 10.24 | $ | 9.91 | $ | 12.17 | $ | 11.02 | $ | 11.04 | $ | 11.19 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (d) | 5.66% | (13.16)% | 12.82% | 1.35% | 1.67% | 1.84% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $199,596 | $230,496 | $312,157 | $303,111 | $335,908 | $372,015 | ||||||||||||||||||
Average net assets (000 omitted) | $216,951 | $282,579 | $313,333 | $317,504 | $343,928 | $375,576 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements (f) | 0.90% | (h) | 0.89% | 0.90% | 0.90% | 0.88% | 0.86% | |||||||||||||||||
Expenses, before waivers/reimbursements (f) | 0.94% | (h) | 0.89% | 0.90% | 0.91% | 0.89% | 0.88% | |||||||||||||||||
Net investment income (b) | 1.75% | (h) | 1.57% | 1.30% | 1.65% | 1.84% | 1.54% | |||||||||||||||||
Portfolio turnover rate | 9% | 14% | 19% | 11% | 19% | 31% |
See Footnote Summary on page 118.
See Notes to Financial Statements.
116 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
TAX-AWARE OVERLAY N PORTFOLIO | ||||||||||||||||||||||||
CLASS 2 | ||||||||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | YEAR ENDED 9/30/21 | YEAR ENDED 9/30/20 | YEAR ENDED 9/30/19 | YEAR ENDED 9/30/18 | |||||||||||||||||||
Net asset value, beginning of period | $ | 9.93 | $ | 12.20 | $ | 11.05 | $ | 11.06 | $ | 11.21 | $ | 11.45 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Investment income, net (a)(b) | 0.10 | 0.19 | 0.17 | 0.20 | 0.22 | 0.19 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.48 | (1.66 | ) | 1.25 | (0.02 | ) | (0.04 | ) | 0.04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.58 | (1.47 | ) | 1.42 | 0.18 | 0.18 | 0.23 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.25 | ) | (0.19 | ) | (0.27 | ) | (0.19 | ) | (0.20 | ) | (0.20 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | 0 | (0.61 | ) | 0 | 0 | (0.13 | ) | (0.27 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions | (0.25 | ) | (0.80 | ) | (0.27 | ) | (0.19 | ) | (0.33 | ) | (0.47 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 10.26 | $ | 9.93 | $ | 12.20 | $ | 11.05 | $ | 11.06 | $ | 11.21 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return (d) | 5.74% | (13.08)% | 12.96% | 1.60% | 1.79% | 1.99% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $32,322 | $42,316 | $66,163 | $71,348 | $84,996 | $85,946 | ||||||||||||||||||
Average net assets (000 omitted) | $35,916 | $59,773 | $71,584 | $78,103 | $81,875 | $87,212 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements (f) | 0.75% | (h) | 0.74% | 0.75% | 0.75% | 0.73% | 0.71% | |||||||||||||||||
Expenses, before waivers/reimbursements (f) | 0.79% | (h) | 0.74% | 0.75% | 0.76% | 0.74% | 0.73% | |||||||||||||||||
Net investment income (b) | 1.90% | (h) | 1.72% | 1.44% | 1.80% | 1.99% | 1.69% | |||||||||||||||||
Portfolio turnover rate | 9% | 14% | 19% | 11% | 19% | 31% |
See Footnote Summary on page 118.
See Notes to Financial Statements.
2023 Semi-Annual Report | 117 |
Table of Contents
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:
(a) | Based on average shares outstanding. |
(b) | Net of expenses waived/reimbursed by the Adviser. |
(c) | Amount is less than $.005. |
(d) | 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 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. |
(e) | 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 year ended September 30, 2020 by .02% and the Tax-Aware Overlay A Portfolio for the year ended September 30, 2020 by .02%. |
(f) | 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 3/31/2023 (UNAUDITED) | YEAR ENDED 9/30/2022 | YEAR ENDED 9/30/2021 | YEAR ENDED 9/30/2020 | YEAR ENDED 9/30/2019 | YEAR ENDED 9/30/2018 | |||||||||||||||||||
Overlay A Portfolio | .36% | (h) | .34% | .36% | .35% | .34% | .37% | |||||||||||||||||
Tax-Aware Overlay A Portfolio | .38% | (h) | .33% | .36% | .34% | .34% | .36% | |||||||||||||||||
Overlay B Portfolio | .04% | (h) | .05% | .04% | .03% | .05% | .07% | |||||||||||||||||
Tax-Aware Overlay B Portfolio | .02% | (h) | .03% | .03% | .02% | .05% | .04% | |||||||||||||||||
Tax-Aware Overlay C Portfolio | .02% | (h) | .03% | .03% | .03% | .03% | .04% | |||||||||||||||||
Tax-Aware Overlay N Portfolio | .02% | (h) | .03% | .03% | .03% | .03% | .04% |
Waiver: |
SIX MONTHS ENDED 3/31/2023 (UNAUDITED) | YEAR ENDED 9/30/2022 | YEAR ENDED 9/30/2021 | YEAR ENDED 9/30/2020 | YEAR ENDED 9/30/2019 | YEAR ENDED 9/30/2018 | |||||||||||||||||||
Overlay A Portfolio | .35% | (h) | .33% | .35% | .34% | .33% | .37% | |||||||||||||||||
Tax-Aware Overlay A Portfolio | .37% | (h) | .32% | .35% | .34% | .33% | .36% | |||||||||||||||||
Overlay B Portfolio | .04% | (h) | .04% | .04% | .03% | .03% | .07% | |||||||||||||||||
Tax-Aware Overlay B Portfolio | .00% | (c)(h) | .00% | (c) | .00% | (c) | .00% | (c) | .02% | .04% | ||||||||||||||
Tax-Aware Overlay C Portfolio | .01% | (h) | .00% | (c) | .00% | (c) | .00% | (c) | .01% | .04% | ||||||||||||||
Tax-Aware Overlay N Portfolio | .01% | (h) | .00% | (c) | .00% | (c) | .00% | (c) | .01% | .04% |
(g) | The expense ratios presented below exclude interest/bank overdraft expense: |
SIX MONTHS ENDED | YEAR ENDED SEPTEMBER 30, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||
Overlay A Portfolio |
| |||||||||||||||||||||||
Class 1 |
| |||||||||||||||||||||||
Expenses, net of waivers/reimbursements | .80% | (h) | .80% | .79% | .80% | .80% | .78% | |||||||||||||||||
Expenses, before waivers/reimbursements | 1.15% | (h) | 1.13% | 1.14% | 1.14% | 1.14% | 1.13% | |||||||||||||||||
Class 2 |
| |||||||||||||||||||||||
Expenses, net of waivers/reimbursements | .60% | (h) | .60% | .58% | .60% | .60% | .58% | |||||||||||||||||
Expenses, before waivers/reimbursements | .95% | (h) | .93% | .94% | .94% | .94% | .93% | |||||||||||||||||
Tax-Aware Overlay A Portfolio |
| |||||||||||||||||||||||
Class 1 |
| |||||||||||||||||||||||
Expenses, net of waivers/reimbursements | .76% | (h) | .79% | .77% | .79% | .80% | .77% | |||||||||||||||||
Expenses, before waivers/reimbursements | 1.13% | (h) | 1.12% | 1.11% | 1.13% | 1.13% | 1.12% | |||||||||||||||||
Class 2 |
| |||||||||||||||||||||||
Expenses, net of waivers/reimbursements | .56% | (h) | .59% | .56% | .59% | .60% | .57% | |||||||||||||||||
Expenses, before waivers/reimbursements | .93% | (h) | .92% | .91% | .92% | .93% | .92% |
(h) | Annualized. |
(i) | 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. |
See Notes to Financial Statements.
118 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
NOTE 1. | Organization and Significant Accounting Policies |
Sanford C. Bernstein Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940 as an open-end registered investment company. The Fund, which is a Maryland corporation, operates as a series company currently comprised of 13 portfolios (hereafter collectively referred to as the “Portfolios” and each individually a “Portfolio”) with the following share classes offered:
INTERNATIONAL EQUITY PORTFOLIO | SHARE CLASSES OFFERED | |
Emerging Markets | Emerging Markets Class* and Class Z | |
FIXED INCOME MUNICIPAL PORTFOLIOS | ||
Short Duration Diversified Municipal | Short Duration Diversified Municipal Class* | |
California Municipal | Municipal Class*, Class A, Class C and Advisor Class | |
Diversified Municipal | Municipal Class*, Class A, Class C, Advisor Class and Class Z | |
New York Municipal | Municipal Class*, Class A, Class C and Advisor Class | |
FIXED INCOME TAXABLE PORTFOLIOS | ||
Intermediate Duration | Intermediate Duration Class*, Class A, Advisor Class and Class Z | |
Short Duration Plus | Short Duration Plus Class*, Class A and Class C |
* | Bernstein Class |
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 | |
Tax-Aware Overlay C | Class 1 and Class 2 | |
Tax-Aware Overlay N | Class 1 and Class 2 |
Each Portfolio has its own investment objectives. This report relates only to the Overlay A, Tax-Aware Overlay A, Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios. 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.
A. | 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.
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
2023 Semi-Annual Report | 119 |
Table of Contents
Notes to Financial Statements (continued)
NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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.
B. | 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) |
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 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
120 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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.
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.
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, 2023:
OVERLAY A PORTFOLIO INVESTMENTSIN SECURITIES: | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Information Technology | $ | 152,802,487 | $ | 0 | $ | 0 | $ | 152,802,487 | ||||||||
Health Care | 93,020,865 | 9,054,578 | 0 | 102,075,443 | ||||||||||||
Financials | 92,404,117 | 0 | 0 | 92,404,117 | ||||||||||||
Consumer Discretionary | 68,517,802 | 0 | 0 | 68,517,802 | ||||||||||||
Industrials | 64,779,404 | 0 | 0 | 64,779,404 | ||||||||||||
Communication Services | 59,399,040 | 0 | 0 | 59,399,040 | ||||||||||||
Consumer Staples | 34,916,632 | 0 | 0 | 34,916,632 | ||||||||||||
Energy | 23,637,697 | 0 | 0 | 23,637,697 | ||||||||||||
Materials | 15,436,311 | 0 | 0 | 15,436,311 | ||||||||||||
Equity Real Estate Investment Trusts (REITs) | 13,332,454 | 0 | 0 | 13,332,454 | ||||||||||||
Utilities | 11,910,939 | 0 | 0 | 11,910,939 | ||||||||||||
Investment Companies | 591,762,142 | 0 | 0 | 591,762,142 | ||||||||||||
Purchased Options—Puts | 0 | 16,012,203 | 0 | 16,012,203 | ||||||||||||
Short-Term Investments | 20,152,505 | 0 | 0 | 20,152,505 | ||||||||||||
Total Investments in Securities | 1,242,072,395 | 25,066,781 | 0 | 1,267,139,176 |
2023 Semi-Annual Report | 121 |
Table of Contents
Notes to Financial Statements (continued)
OVERLAY A PORTFOLIO INVESTMENTSIN SECURITIES: | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Other Financial Instruments (a): | ||||||||||||||||
Assets: |
| |||||||||||||||
Futures | $ | 10,072,504 | $ | 0 | $ | 0 | $ | 10,072,504 | (b) | |||||||
Forward Currency Exchange Contracts | 0 | 2,614,183 | 0 | 2,614,183 | ||||||||||||
Centrally Cleared Credit Default Swaps | 0 | 817,654 | 0 | 817,654 | (b) | |||||||||||
Liabilities: |
| |||||||||||||||
Futures | (7,815,046 | ) | 0 | 0 | (7,815,046 | )(b) | ||||||||||
Forward Currency Exchange Contracts | 0 | (4,626,147 | ) | 0 | (4,626,147 | ) | ||||||||||
Total Return Swaps | 0 | (58,333 | ) | 0 | (58,333 | ) | ||||||||||
Total | $ | 1,244,329,853 | $ | 23,814,138 | $ | 0 | $ | 1,268,143,991 | ||||||||
TAX-AWARE OVERLAY A PORTFOLIO INVESTMENTSIN SECURITIES: | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Assets: | ||||||||||||||||
Investment Companies | $ | 1,253,546,265 | $ | 0 | $ | 0 | $ | 1,253,546,265 | ||||||||
Common Stocks: | ||||||||||||||||
Information Technology | 268,498,733 | 0 | 0 | 268,498,733 | ||||||||||||
Health Care | 167,202,711 | 12,851,972 | 0 | 180,054,683 | ||||||||||||
Financials | 167,982,463 | 0 | 0 | 167,982,463 | ||||||||||||
Consumer Discretionary | 129,680,355 | 0 | 0 | 129,680,355 | ||||||||||||
Industrials | 118,789,838 | 0 | 0 | 118,789,838 | ||||||||||||
Communication Services | 105,372,200 | 0 | 0 | 105,372,200 | ||||||||||||
Consumer Staples | 58,808,344 | 0 | 0 | 58,808,344 | ||||||||||||
Energy | 43,124,907 | 0 | 0 | 43,124,907 | ||||||||||||
Materials | 24,827,052 | 0 | 0 | 24,827,052 | ||||||||||||
Utilities | 21,674,011 | 0 | 0 | 21,674,011 | ||||||||||||
Real Estate | 20,581,521 | 0 | 0 | 20,581,521 | ||||||||||||
Purchased Options—Puts | 0 | 31,196,293 | 0 | 31,196,293 | ||||||||||||
Total Investments in Securities | 2,380,088,400 | 44,048,265 | 0 | 2,424,136,665 | ||||||||||||
Other Financial Instruments (a): | ||||||||||||||||
Assets: |
| |||||||||||||||
Futures | 20,877,008 | 0 | 0 | 20,877,008 | (b) | |||||||||||
Forward Currency Exchange Contracts | 0 | 4,435,266 | 0 | 4,435,266 | ||||||||||||
Centrally Cleared Credit Default Swaps | 0 | 1,589,070 | 0 | 1,589,070 | (b) | |||||||||||
Liabilities: |
| |||||||||||||||
Futures | (17,186,603 | ) | 0 | 0 | (17,186,603 | )(b) | ||||||||||
Forward Currency Exchange Contracts | 0 | (8,323,731 | ) | 0 | (8,323,731 | ) | ||||||||||
Total Return Swaps | 0 | (218,209 | ) | 0 | (218,209 | ) | ||||||||||
Total | $ | 2,383,778,805 | $ | 41,530,661 | $ | 0 | $ | 2,425,309,466 |
122 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
OVERLAY B PORTFOLIO INVESTMENTSIN SECURITIES: | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Assets: |
| |||||||||||||||
Governments—Treasuries | $ | 0 | $ | 233,281,568 | $ | 0 | $ | 233,281,568 | ||||||||
Corporates—Investment Grade | 0 | 169,891,085 | 0 | 169,891,085 | ||||||||||||
Inflation-Linked Securities | 0 | 162,551,923 | 0 | 162,551,923 | ||||||||||||
Mortgage Pass-Throughs | 0 | 68,118,266 | 0 | 68,118,266 | ||||||||||||
Collateralized Mortgage Obligations | 0 | 36,149,682 | 0 | 36,149,682 | ||||||||||||
Investment Companies | 32,003,866 | 0 | 0 | 32,003,866 | ||||||||||||
Asset-Backed Securities | 1,062,872 | 29,708,931 | 0 | 30,771,803 | ||||||||||||
Collateralized Loan Obligations | 0 | 19,028,618 | 0 | 19,028,618 | ||||||||||||
Commercial Mortgage-Backed Securities | 0 | 14,803,127 | 1,440,100 | 16,243,227 | ||||||||||||
Corporates—Non-Investment Grade | 0 | 11,757,956 | 0 | 11,757,956 | ||||||||||||
Covered Bonds | 0 | 7,486,944 | 0 | 7,486,944 | ||||||||||||
Governments—Sovereign Bonds | 0 | 6,932,069 | 0 | 6,932,069 | ||||||||||||
Emerging Markets—Treasuries | 0 | 6,548,370 | 0 | 6,548,370 | ||||||||||||
Emerging Markets—Corporate Bonds | 0 | 4,939,322 | 0 | 4,939,322 | ||||||||||||
Local Governments—Regional Bonds | 0 | 4,482,631 | 0 | 4,482,631 | ||||||||||||
Supranationals | 0 | 4,459,920 | 0 | 4,459,920 | ||||||||||||
Purchased Options—Puts | 0 | 3,907,622 | 0 | 3,907,622 | ||||||||||||
Local Governments—US Municipal Bonds | 0 | 3,155,806 | 0 | 3,155,806 | ||||||||||||
Quasi-Sovereigns | 0 | 3,095,777 | 0 | 3,095,777 | ||||||||||||
Governments—Sovereign Agencies | 0 | 2,467,964 | 0 | 2,467,964 | ||||||||||||
Local Governments—Provincial Bonds | 0 | 2,260,631 | 0 | 2,260,631 | ||||||||||||
Emerging Markets—Sovereigns | 0 | 1,379,696 | 0 | 1,379,696 | ||||||||||||
Agencies | 0 | 573,534 | 0 | 573,534 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Investment Companies | 24,983,254 | 0 | 0 | 24,983,254 | ||||||||||||
U.S. Treasury Bills | 0 | 9,455,112 | 0 | 9,455,112 | ||||||||||||
Governments—Treasuries | 0 | 5,449,377 | 0 | 5,449,377 | ||||||||||||
Total Investments in Securities | 58,049,992 | 811,885,931 | 1,440,100 | 871,376,023 | ||||||||||||
Other Financial Instruments (a): | ||||||||||||||||
Assets: |
| |||||||||||||||
Futures | 12,501,278 | 0 | 0 | 12,501,278 | (b) | |||||||||||
Forward Currency Exchange Contracts | 0 | 6,336,017 | 0 | 6,336,017 | ||||||||||||
Centrally Cleared Credit Default Swaps | 0 | 199,728 | 0 | 199,728 | (b) | |||||||||||
Centrally Cleared Inflation (CPI) Swaps | 0 | 6,245,364 | 0 | 6,245,364 | (b) | |||||||||||
Centrally Cleared Interest Rate Swaps | 0 | 7,021,849 | 0 | 7,021,849 | (b) | |||||||||||
Total Return Swaps | 0 | 287,409 | 0 | 287,409 | ||||||||||||
Liabilities: |
| |||||||||||||||
Futures | (2,382,429 | ) | 0 | 0 | (2,382,429 | )(b) | ||||||||||
Forward Currency Exchange Contracts | 0 | (6,019,241 | ) | 0 | (6,019,241 | ) | ||||||||||
Centrally Cleared Credit Default Swaps | 0 | (505,449 | ) | 0 | (505,449 | )(b) | ||||||||||
Centrally Cleared Inflation (CPI) Swaps | 0 | (53,267 | ) | 0 | (53,267 | )(b) | ||||||||||
Centrally Cleared Interest Rate Swaps | 0 | (3,261,880 | ) | 0 | (3,261,880 | )(b) | ||||||||||
Credit Default Swaps | 0 | (249,607 | ) | 0 | (249,607 | ) | ||||||||||
Total | $ | 68,168,841 | $ | 821,886,854 | $ | 1,440,100 | $ | 891,495,795 |
2023 Semi-Annual Report | 123 |
Table of Contents
Notes to Financial Statements (continued)
TAX-AWARE OVERLAY B PORTFOLIO INVESTMENTSIN SECURITIES: | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Assets: |
| |||||||||||||||
Long-Term Municipal Bonds | $ | 0 | $ | 773,503,536 | $ | 0 | $ | 773,503,536 | ||||||||
Investment Companies | 246,724,943 | 0 | 0 | 246,724,943 | ||||||||||||
Commercial Mortgage-Backed Securities | 0 | 16,299,882 | 0 | 16,299,882 | ||||||||||||
Corporates—Investment Grade | 0 | 10,839,681 | 0 | 10,839,681 | ||||||||||||
Governments—Treasuries | 0 | 9,054,838 | 0 | 9,054,838 | ||||||||||||
Purchased Options—Puts | 0 | 5,199,219 | 0 | 5,199,219 | ||||||||||||
Corporates—Non-Investment Grade | 0 | 4,891,218 | 0 | 4,891,218 | ||||||||||||
Collateralized Mortgage Obligations | 0 | 4,737,774 | 0 | 4,737,774 | ||||||||||||
Asset-Backed Securities | 0 | 3,156,978 | 0 | 3,156,978 | ||||||||||||
Short-Term Investments | 13,894,725 | 0 | 0 | 13,894,725 | ||||||||||||
Total Investments in Securities | 260,619,668 | 827,683,126 | 0 | 1,088,302,794 | ||||||||||||
Other Financial Instruments (a): | ||||||||||||||||
Assets: |
| |||||||||||||||
Futures | 6,375,880 | 0 | 0 | 6,375,880 | (b) | |||||||||||
Forward Currency Exchange Contracts | 0 | 835,545 | 0 | 835,545 | ||||||||||||
Centrally Cleared Credit Default Swaps | 0 | 265,392 | 0 | 265,392 | (b) | |||||||||||
Centrally Cleared Inflation (CPI) Swaps | 0 | 11,364,127 | 0 | 11,364,127 | (b) | |||||||||||
Centrally Cleared Interest Rate Swaps | 0 | 396,066 | 0 | 396,066 | (b) | |||||||||||
Inflation (CPI) Swaps | 0 | 20,233,733 | 0 | 20,233,733 | ||||||||||||
Interest Rate Swaps | 0 | 1,204,865 | 0 | 1,204,865 | ||||||||||||
Liabilities: |
| |||||||||||||||
Futures | (1,127,628 | ) | 0 | 0 | (1,127,628 | )(b) | ||||||||||
Forward Currency Exchange Contracts | 0 | (1,356,106 | ) | 0 | (1,356,106 | ) | ||||||||||
Centrally Cleared Credit Default Swaps | 0 | (74,511 | ) | 0 | (74,511 | )(b) | ||||||||||
Centrally Cleared Inflation (CPI) Swaps | 0 | (2,675,633 | ) | 0 | (2,675,633 | )(b) | ||||||||||
Credit Default Swaps | 0 | (487,038 | ) | 0 | (487,038 | ) | ||||||||||
Total Return Swaps | 0 | (41,049 | ) | 0 | (41,049 | ) | ||||||||||
Total | $ | 265,867,920 | $ | 857,348,517 | $ | 0 | $ | 1,123,216,437 | ||||||||
TAX-AWARE OVERLAY C PORTFOLIO INVESTMENTIN SECURITIES: | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Assets: |
| |||||||||||||||
Long-Term Municipal Bonds | $ | 0 | $ | 237,990,003 | $ | 0 | $ | 237,990,003 | ||||||||
Investment Companies | 32,255,011 | 0 | 0 | 32,255,011 | ||||||||||||
Commercial Mortgage-Backed Securities | 0 | 7,533,414 | 0 | 7,533,414 | ||||||||||||
Governments—Treasuries | 0 | 2,726,033 | 0 | 2,726,033 | ||||||||||||
Purchased Options—Puts | 0 | 1,423,018 | 0 | 1,423,018 | ||||||||||||
Collateralized Mortgage Obligations | 0 | 59,700 | 0 | 59,700 | ||||||||||||
Total Investments in Securities | 32,255,011 | 249,732,168 | 0 | 281,987,179 |
124 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
TAX-AWARE OVERLAY C PORTFOLIO INVESTMENTIN SECURITIES: | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Other Financial Instruments (a): | ||||||||||||||||
Assets: |
| |||||||||||||||
Futures | $ | 2,330,427 | $ | 0 | $ | 0 | $ | 2,330,427 | (b) | |||||||
Forward Currency Exchange Contracts | 0 | 432,291 | 0 | 432,291 | ||||||||||||
Centrally Cleared Credit Default Swaps | 0 | 71,136 | 0 | 71,136 | (b) | |||||||||||
Centrally Cleared Inflation (CPI) Swaps | 0 | 3,501,524 | 0 | 3,501,524 | (b) | |||||||||||
Inflation (CPI) Swaps | 0 | 5,903,290 | 0 | 5,903,290 | ||||||||||||
Interest Rate Swaps | 0 | 368,609 | 0 | 368,609 | ||||||||||||
Total Return Swaps | 0 | 110,681 | 0 | 110,681 | ||||||||||||
Liabilities: |
| |||||||||||||||
Futures | (174,298 | ) | 0 | 0 | (174,298 | )(b) | ||||||||||
Forward Currency Exchange Contracts | 0 | (542,636 | ) | 0 | (542,636 | ) | ||||||||||
Centrally Cleared Inflation (CPI) Swaps | 0 | (814,916 | ) | 0 | (814,916 | )(b) | ||||||||||
Centrally Cleared Interest Rate Swaps | 0 | (334,694 | ) | 0 | (334,694 | )(b) | ||||||||||
Credit Default Swaps | 0 | (176,498 | ) | 0 | (176,498 | ) | ||||||||||
Total | $ | 34,411,140 | $ | 258,250,955 | $ | 0 | $ | 292,662,095 | ||||||||
TAX-AWARE OVERLAY N PORTFOLIO INVESTMENTSIN SECURITIES: | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
Assets: |
| |||||||||||||||
Long-Term Municipal Bonds | $ | 0 | $ | 179,881,453 | $ | 0 | $ | 179,881,453 | ||||||||
Investment Companies | 38,073,910 | 0 | 0 | 38,073,910 | ||||||||||||
Governments—Treasuries | 0 | 3,356,439 | 0 | 3,356,439 | ||||||||||||
Purchased Options—Puts | 0 | 1,100,999 | 0 | 1,100,999 | ||||||||||||
Commercial Mortgage-Backed Securities | 0 | 136,824 | 0 | 136,824 | ||||||||||||
Collateralized Mortgage Obligations | 0 | 62,872 | 0 | 62,872 | ||||||||||||
Short-Term Investments | 6,533,199 | 0 | 0 | 6,533,199 | ||||||||||||
Total Investments in Securities | 44,607,109 | 184,538,587 | 0 | 229,145,696 | ||||||||||||
Other Financial Instruments (a): | ||||||||||||||||
Assets: |
| |||||||||||||||
Futures | 2,354,875 | 0 | 0 | 2,354,875 | (b) | |||||||||||
Forward Currency Exchange Contracts | 0 | 169,604 | 0 | 169,604 | ||||||||||||
Centrally Cleared Credit Default Swaps | 0 | 56,636 | 0 | 56,636 | (b) | |||||||||||
Centrally Cleared Inflation (CPI) Swaps | 0 | 2,511,409 | 0 | 2,511,409 | (b) | |||||||||||
Centrally Cleared Interest Rate Swaps | 0 | 104,036 | 0 | 104,036 | (b) | |||||||||||
Inflation (CPI) Swaps | 0 | 5,042,521 | 0 | 5,042,521 | ||||||||||||
Interest Rate Swaps | 0 | 274,404 | 0 | 274,404 | ||||||||||||
Liabilities: | ||||||||||||||||
Futures | (382,694 | ) | 0 | 0 | (382,694 | )(b) | ||||||||||
Forward Currency Exchange Contracts | 0 | (283,913 | ) | 0 | (283,913 | ) | ||||||||||
Centrally Cleared Inflation (CPI) Swaps | 0 | (592,818 | ) | 0 | (592,818 | )(b) | ||||||||||
Credit Default Swaps | 0 | (142,534 | ) | 0 | (142,534 | ) | ||||||||||
Total Return Swaps | 0 | (10,802 | ) | 0 | (10,802 | ) | ||||||||||
Total | $ | 46,579,290 | $ | 191,667,130 | $ | 0 | $ | 238,246,420 |
2023 Semi-Annual Report | 125 |
Table of Contents
Notes to Financial Statements (continued)
(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. |
(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. |
C. | 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 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 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.
D. | 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 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.
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, 2022, the Portfolios did not have any unrecognized tax benefits.
E. | 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
126 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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 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.
F. | 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.
G. | 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.
H. | 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.
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.
NOTE 2. | Investment Management and Transactions with Affiliated Persons |
A. | 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 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, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N, of the average daily net assets of each Portfolio. Prior to November 13, 2020, the Overlay A and Tax-Aware Overlay A paid the Adviser an investment management fee at an annual rate of 0.90% of the first $5 billion and 0.875% in excess of $5 billion of the average daily net assets of each respective Portfolio.
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,
2023 Semi-Annual Report | 127 |
Table of Contents
Notes to Financial Statements (continued)
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 | % | ||||
Tax-Aware Overlay C | 0.90 | % | 0.75 | % | ||||
Tax-Aware Overlay N | 0.90 | % | 0.75 | % |
This fee waiver and/or expense limitation agreement will remain in effect until January 28, 2024, and then may be extended by the Adviser for additional one year terms. For the six months ended March 31, 2023, such waivers amounted to:
AMOUNT | ||||
Tax-Aware Overlay C | $ | 12,023 | ||
Tax-Aware Overlay N | 41,001 |
B. | 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, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios during the month.
C. | Distribution Arrangements |
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.
D. | Investments in Affiliated Issuers |
The Portfolios may invest in other investment companies advised by the Adviser, including AB Government Money Market Portfolio (the “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 Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. 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.
128 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
For the six months ended March 31, 2023, such waivers amounted to:
GOVERNMENT MONEY MARKET PORTFOLIO | AMOUNT | |||
Overlay A | $ | 43,155 | ||
Tax-Aware Overlay A | 35,949 | |||
Overlay B | 34,886 | |||
Tax-Aware Overlay B | 9,511 | |||
Tax-Aware Overlay C | 10,554 | |||
Tax-Aware Overlay N | 8,238 | |||
AMRR | AMOUNT | |||
Overlay A | $ | 368,103 | ||
Tax-Aware Overlay A | 761,245 | |||
Overlay B | $ | 120,247 |
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 Sanford C. Bernstein Fund, Inc.—Emerging Markets Portfolio—Class Z, 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 28, 2024, 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, 2023, such waivers amounted to:
PORTFOLIO | SANFORD C. BERNSTEIN FUND, INC. - EMERGING MARKETS PORTFOLIO CLASS Z | 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 | $ | 214,228 | $ | 1,173,802 | $ | 418,237 | $ | 117,751 | ||||||||
Tax-Aware Overlay A | $ | 442,500 | $ | 2,540,196 | $ | 949,151 | $ | 257,472 |
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, 2023 is as follows:
SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO | ||||||||||||||||||||||||||||||||
DISTRIBUTIONS | ||||||||||||||||||||||||||||||||
FUND | MARKET VALUE 9/30/22 (000) | PURCHASES AT COST (000) | SALES PROCEEDS (000) | REALIZED GAIN (LOSS) (000) | CHANGEIN UNREALIZED APPR./(DEPR.) (000) | MARKET VALUE 3/31/23 (000) | DIVIDEND INCOME (000) | REALIZED GAINS (000) | ||||||||||||||||||||||||
Government Money Market Portfolio | $ | 177,760 | $ | 311,253 | $ | 468,860 | $ | 0 | $ | 0 | $ | 20,153 | $ | 1,563 | $ | 0 | ||||||||||||||||
AB Bond Fund, Inc.: | 90,173 | 7,720 | 0 | 0 | 78 | 97,971 | 7,720 | 0 | ||||||||||||||||||||||||
Bernstein Fund, Inc.: | 66,676 | 809 | 0 | 0 | 14,090 | 81,575 | 809 | 0 |
2023 Semi-Annual Report | 129 |
Table of Contents
Notes to Financial Statements (continued)
SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO | ||||||||||||||||||||||||||||||||
DISTRIBUTIONS | ||||||||||||||||||||||||||||||||
FUND | MARKET VALUE 9/30/22 (000) | PURCHASES AT COST (000) | SALES PROCEEDS (000) | REALIZED GAIN (LOSS) (000) | CHANGEIN UNREALIZED APPR./(DEPR.) (000) | MARKET VALUE 3/31/23 (000) | DIVIDEND INCOME (000) | REALIZED GAINS (000) | ||||||||||||||||||||||||
Bernstein Fund, Inc.—International Strategic Equities Portfolio | $ | 280,892 | $ | 12,645 | $ | 0 | $ | 0 | $ | 48,712 | $ | 342,249 | $ | 12,646 | $ | 0 | ||||||||||||||||
Bernstein Fund, Inc.—Small Cap Core Portfolio | 24,016 | 2,039 | 0 | 0 | 904 | 26,959 | 133 | 1,906 | ||||||||||||||||||||||||
Sanford C. Bernstein Fund, Inc.—AB Emerging Markets Portfolio | 36,869 | 645 | 0 | 0 | 5,494 | 43,008 | 644 | 0 | ||||||||||||||||||||||||
Total | $ | 0 | $ | 69,278 | $ | 611,915 | $ | 23,515 | $ | 1,906 |
SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO | ||||||||||||||||||||||||||||||||
DISTRIBUTIONS | ||||||||||||||||||||||||||||||||
FUND | MARKET VALUE 9/30/22 (000) | PURCHASES AT COST (000) | SALES PROCEEDS (000) | REALIZED GAIN (LOSS) (000) | CHANGEIN UNREALIZED APPR./(DEPR.) (000) | MARKET VALUE 3/31/23 (000) | DIVIDEND INCOME (000) | REALIZED GAINS (000) | ||||||||||||||||||||||||
Government Money Market Portfolio | $ | 314,374 | $ | 620,972 | $ | 935,346 | $ | 0 | $ | 0 | $ | 0 | $ | 1,152 | $ | 0 | ||||||||||||||||
AB Bond Fund, Inc.: | 186,480 | 15,964 | 0 | 0 | 162 | 202,606 | 15,965 | 0 | ||||||||||||||||||||||||
Bernstein Fund, Inc.: | 151,315 | 1,837 | 0 | 0 | 31,975 | 185,127 | 1,837 | 0 | ||||||||||||||||||||||||
Bernstein Fund, Inc.—International Strategic Equities Portfolio | 612,418 | 27,571 | 25,161 | (4,361 | ) | 110,580 | 721,047 | 27,572 | 0 | |||||||||||||||||||||||
Bernstein Fund, Inc.—Small Cap Core Portfolio | 52,513 | 4,458 | 0 | 0 | 1,977 | 58,948 | 292 | 4,167 | ||||||||||||||||||||||||
Sanford C. Bernstein Fund, Inc.—AB Emerging Markets Portfolio | 76,851 | 1,343 | 3,764 | (1,235 | ) | 12,623 | 85,818 | 1,343 | 0 | |||||||||||||||||||||||
Total | $ | (5,596 | ) | $ | 157,317 | $ | 1,253,546 | $ | 48,161 | $ | 4,167 |
130 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
SANFORD C. BERNSTEIN FUND, INC.—OVERLAY B PORTFOLIO | ||||||||||||||||||||||||||||||||
DISTRIBUTIONS | ||||||||||||||||||||||||||||||||
FUND | MARKET VALUE 9/30/22 (000) | PURCHASES AT COST (000) | SALES PROCEEDS (000) | REALIZED GAIN (LOSS) (000) | CHANGEIN UNREALIZED APPR./(DEPR.) (000) | MARKET VALUE 3/31/23 (000) | DIVIDEND INCOME (000) | REALIZED GAINS (000) | ||||||||||||||||||||||||
Government Money Market Portfolio | $ | 99,713 | $ | 213,733 | $ | 288,463 | $ | 0 | $ | 0 | $ | 24,983 | $ | 1,255 | $ | 0 | ||||||||||||||||
AB Bond Fund, Inc.: | 29,457 | 2,521 | 0 | 0 | 26 | 32,004 | 2,522 | 0 | ||||||||||||||||||||||||
Total | $ | 0 | $ | 26 | $ | 56,987 | $ | 3,777 | $ | 0 |
SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO | ||||||||||||||||||||
PORTFOLIO | MARKET VALUE 9/30/22 (000) | PURCHASES AT COST (000) | SALES PROCEEDS (000) | MARKET VALUE 3/31/23 (000) | DIVIDEND INCOME (000) | |||||||||||||||
Government Money Market Portfolio | $ | 7,141 | $ | 244,682 | $ | 237,928 | $ | 13,895 | $ | 355 |
SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY C PORTFOLIO | ||||||||||||||||||||
PORTFOLIO | MARKET VALUE 9/30/22 (000) | PURCHASES AT COST (000) | SALES PROCEEDS (000) | MARKET VALUE 3/31/23 (000) | DIVIDEND INCOME (000) | |||||||||||||||
Government Money Market Portfolio | $ | 17,560 | $ | 85,214 | $ | 102,774 | $ | 0 | $ | 382 |
SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY N PORTFOLIO | ||||||||||||||||||||
PORTFOLIO | MARKET VALUE 9/30/22 (000) | PURCHASES AT COST (000) | SALES PROCEEDS (000) | MARKET VALUE 3/31/23 (000) | DIVIDEND INCOME (000) | |||||||||||||||
Government Money Market Portfolio | $ | 10,452 | $ | 70,610 | $ | 74,529 | $ | 6,533 | $ | 314 |
NOTE 3. | Investment Security Transactions |
A. | Purchases and Sales |
For the six months ended March 31, 2023, 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 | SALESOF U.S. GOVERNMENT SECURITIES | ||||||||||||
Overlay A | $ | 109,904,386 | $ | 0 | $ | 191,365,532 | $ | 0 | ||||||||
Tax-Aware Overlay A | 203,154,764 | 0 | 665,128,223 | 0 | ||||||||||||
Overlay B | 220,705,162 | 472,453,434 | 211,716,712 | 490,556,927 | ||||||||||||
Tax-Aware Overlay B | 53,707,656 | 0 | 338,827,775 | 150,704 | ||||||||||||
Tax-Aware Overlay C | 18,503,896 | 0 | 88,775,126 | 0 | ||||||||||||
Tax-Aware Overlay N | 21,553,294 | 0 | 68,218,250 | 0 |
2023 Semi-Annual Report | 131 |
Table of Contents
Notes to Financial Statements (continued)
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 | |||||||||||
PORTFOLIO | APPRECIATION | (DEPRECIATION) | ||||||||||
Overlay A | $ | 294,902,550 | $ | (44,995,570 | ) | $ | 249,906,980 | |||||
Tax-Aware Overlay A | 671,345,608 | (74,494,437 | ) | 596,851,171 | ||||||||
Overlay B | 34,896,471 | (62,987,748 | ) | (28,091,277 | ) | |||||||
Tax-Aware Overlay B | 88,180,054 | (33,622,026 | ) | 54,558,028 | ||||||||
Tax-Aware Overlay C | 22,615,036 | (12,268,807 | ) | 10,346,229 | ||||||||
Tax-Aware Overlay N | 12,350,642 | (7,666,068 | ) | 4,684,574 |
B. | 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 and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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, 2023, 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
132 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
included in net realized gain or loss on foreign currency transactions. 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.
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, 2023, 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.
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, 2023, the Portfolios held purchased options for hedging and non-hedging purposes.
• | Swaps |
The Portfolios 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
2023 Semi-Annual Report | 133 |
Table of Contents
Notes to Financial Statements (continued)
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 and maintain as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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:
The Portfolios are 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.
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 the 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).
134 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
During the six months ended March 31, 2023, the Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios 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, 2023, the Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios held inflation (CPI) swaps for hedging and non-hedging purposes.
Credit Default Swaps:
The Portfolios 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.
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, 2023, 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, 2023, the Portfolios held total return swaps for hedging and non-hedging purposes.
2023 Semi-Annual Report | 135 |
Table of Contents
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, 2023, the Portfolios had entered into the following derivatives:
OVERLAY A PORTFOLIO | ASSET DERIVATIVES | LIABILITY DERIVATIVES | ||||||||||
DERIVATIVE TYPE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | ||||||||
Interest rate contracts | Receivable for variation margin on futures | $ | 9,128,800 | * | Payable for variation margin on futures | $ | 110,024 | * | ||||
Equity contracts | Receivable for variation margin on futures | 943,704 | * | Payable for variation margin on futures | 7,705,022 | * | ||||||
Credit contracts | Payable for variation margin on centrally cleared swaps | 414,925 | * | |||||||||
Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 2,614,183 | Unrealized depreciation on forward currency exchange contracts | 4,626,147 | ||||||||
Equity contracts | Investments in securities, at value | 16,012,203 | ||||||||||
Equity contracts | Unrealized depreciation on total return swaps | 58,333 | ||||||||||
Total | $ | 28,698,890 | $ | 12,914,451 |
* | 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 | LOCATIONOF GAINOR (LOSS)ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | REALIZED GAIN OR (LOSS)ON DERIVATIVES | CHANGE IN UNREALIZED APPRECIATIONOR (DEPRECIATION) | |||||||
Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $ | (23,494,757 | ) | $ | 31,029,481 | ||||
Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | (26,232,353 | ) | (42,361,116 | ) | |||||
Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | (10,827,236 | ) | 4,434,601 |
136 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
DERIVATIVE TYPE | LOCATIONOF GAINOR (LOSS)ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | REALIZED GAIN OR (LOSS)ON DERIVATIVES | CHANGE IN UNREALIZED APPRECIATIONOR (DEPRECIATION) | |||||||
Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | $ | (20,004,572 | ) | $ | (20,835,867 | ) | |||
Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 112,942 | (414,925 | ) | ||||||
Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (99,919 | ) | 603,035 | ||||||
Total | $ | (80,545,895 | ) | $ | (27,544,791 | ) |
TAX-AWARE OVERLAY A PORTFOLIO | ASSET DERIVATIVES | LIABILITY DERIVATIVES | ||||||||||
DERIVATIVE TYPE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | ||||||||
Interest rate contracts | Receivable for variation margin on futures | $ | 16,766,476 | * | ||||||||
Equity contracts | Receivable for variation margin on futures | 4,110,532 | * | Payable for variation margin on futures | $ | 17,186,603 | * | |||||
Credit contracts | Payable for variation margin on centrally cleared swaps | 806,388 | * | |||||||||
Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 4,435,266 | Unrealized depreciation on forward currency exchange contracts | 8,323,731 | ||||||||
Equity contracts | Investments in securities, at value | 31,196,293 | ||||||||||
Equity contracts | Unrealized depreciation on total return swaps | 218,209 | ||||||||||
Total | $ | 56,508,567 | $ | 26,534,931 |
* | 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 | LOCATIONOF GAINOR (LOSS)ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | REALIZED GAIN OR (LOSS)ON DERIVATIVES | CHANGE IN UNREALIZED APPRECIATIONOR (DEPRECIATION) | |||||||
Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $ | (51,079,340 | ) | $ | 64,584,979 | ||||
Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | (57,634,564 | ) | (99,753,479 | ) |
2023 Semi-Annual Report | 137 |
Table of Contents
Notes to Financial Statements (continued)
DERIVATIVE TYPE | LOCATIONOF GAINOR (LOSS)ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | REALIZED GAIN OR (LOSS)ON DERIVATIVES | CHANGE IN UNREALIZED APPRECIATIONOR (DEPRECIATION) | |||||||
Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | $ | (25,126,894 | ) | $ | 9,672,357 | ||||
Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | (41,194,651 | ) | (44,524,093 | ) | |||||
Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 222,241 | (806,388 | ) | ||||||
Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (294,793 | ) | 1,124,252 | ||||||
Total | $ | (175,108,001 | ) | $ | (69,702,372 | ) |
OVERLAY B PORTFOLIO | ASSET DERIVATIVES | LIABILITY DERIVATIVES | ||||||||||
DERIVATIVE TYPE | STATEMENTOF ASSETS LOCATION | FAIR VALUE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | ||||||||
Interest rate contracts | Receivable for variation margin on futures | $ | 2,698,514 | * | Payable for variation margin on futures | $ | 1,949,435 | * | ||||
Equity contracts | Receivable for variation margin on futures | 9,802,764 | * | Payable for variation margin on futures | 432,994 | * | ||||||
Credit contracts | Payable for variation margin on centrally cleared swaps | 407,639 | * | |||||||||
Interest rate contracts | Receivable for variation margin on centrally cleared swaps | 8,689,736 | * | Payable for variation margin on centrally cleared swaps | 4,387,213 | * | ||||||
Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 6,336,017 | Unrealized depreciation on forward currency exchange contracts | 6,019,241 | ||||||||
Equity contracts | Investments in securities, at value | 3,907,622 | ||||||||||
Credit contracts | Market value on credit default swaps | 249,607 | ||||||||||
Equity contracts | Unrealized appreciation on total return swaps | 287,409 | ||||||||||
Total | $ | 31,722,062 | $ | 13,446,129 |
* | 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. |
138 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
DERIVATIVE TYPE | LOCATIONOF GAINOR (LOSS)ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | REALIZED GAIN OR (LOSS)ON DERIVATIVES | CHANGE IN UNREALIZED APPRECIATIONOR (DEPRECIATION) | |||||||
Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $ | (232,006 | ) | $ | 1,966,993 | ||||
Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | (7,890,061 | ) | 25,419,455 | ||||||
Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | (7,760,619 | ) | 1,479,002 | ||||||
Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | (4,944,142 | ) | (5,056,238 | ) | |||||
Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 6,088,852 | (5,847,214 | ) | ||||||
Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (1,008,948 | ) | (832,386 | ) | |||||
Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (199,281 | ) | 945,415 | ||||||
Total | $ | (15,946,205 | ) | $ | 18,075,027 |
TAX-AWARE OVERLAY B PORTFOLIO | ASSET DERIVATIVES | LIABILITY DERIVATIVES | ||||||||||
DERIVATIVE TYPE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | ||||||||
Interest rate contracts | Receivable for variation margin on futures | $ | 939,763 | * | ||||||||
Equity contracts | Receivable for variation margin on futures | 5,436,117 | * | Payable for variation margin on futures | $ | 1,127,628 | * | |||||
Credit contracts | Payable for variation margin on centrally cleared swaps | 199,527 | * | |||||||||
Interest rate contracts | Receivable for variation margin on centrally cleared swaps | 11,760,193 | * | Payable for variation margin on centrally cleared swaps | 2,668,208 | * | ||||||
Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 835,545 | Unrealized depreciation on forward currency exchange contracts | 1,356,106 |
2023 Semi-Annual Report | 139 |
Table of Contents
Notes to Financial Statements (continued)
TAX-AWARE OVERLAY B PORTFOLIO | ASSET DERIVATIVES | LIABILITY DERIVATIVES | ||||||||||
DERIVATIVE TYPE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | ||||||||
Equity contracts | Investments in securities, at value | $ | 5,199,219 | |||||||||
Interest rate contracts | Unrealized appreciation on inflation swaps | 20,233,733 | ||||||||||
Interest rate contracts | Unrealized appreciation on interest rate swaps | 1,204,865 | ||||||||||
Credit contracts | Market value on credit default swaps | $ | 487,038 | |||||||||
Equity contracts | Unrealized depreciation on total return swaps | 41,049 | ||||||||||
Total | $ | 45,609,435 | $ | 5,879,556 |
* | 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 | LOCATIONOF GAINOR (LOSS)ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | REALIZED GAIN OR (LOSS)ON DERIVATIVES | CHANGE IN UNREALIZED APPRECIATIONOR (DEPRECIATION) | |||||||
Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $ | (3,373,913 | ) | $ | 4,569,706 | ||||
Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | (15,911,162 | ) | 5,216,276 | ||||||
Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | (5,042,534 | ) | 2,673,896 | ||||||
Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | (6,918,784 | ) | (7,288,266 | ) | |||||
Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 60,248 | 2,768,286 | |||||||
Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 45,181 | (102,685 | ) | ||||||
Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (23,827 | ) | 213,288 | ||||||
Total | $ | (31,164,791 | ) | $ | 8,050,501 |
140 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
TAX-AWARE OVERLAY C PORTFOLIO | ASSET DERIVATIVES | LIABILITY DERIVATIVES | ||||||||||
DERIVATIVE TYPE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | ||||||||
Interest rate contracts | Receivable for variation margin on futures | $ | 252,837 | * | ||||||||
Equity contracts | Receivable for variation margin on futures | 2,077,590 | * | Payable for variation margin on futures | $ | 174,298 | * | |||||
Credit contracts | Payable for variation margin on centrally cleared swaps | 36,098 | * | |||||||||
Interest rate contracts | Receivable for variation margin on centrally cleared swaps | 3,501,524 | * | Payable for variation margin on centrally cleared swaps | 1,147,433 | * | ||||||
Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 432,291 | Unrealized depreciation on forward currency exchange contracts | 542,636 | ||||||||
Equity contracts | Investments in securities, at value | 1,423,018 | ||||||||||
Interest rate contracts | Unrealized appreciation on inflation swaps | 5,903,290 | ||||||||||
Interest rate contracts | Unrealized appreciation on interest rate swaps | 368,609 | ||||||||||
Credit contracts | Market value on credit default swaps | 176,498 | ||||||||||
Equity contracts | Unrealized appreciation on total return swaps | 110,681 | ||||||||||
Total | $ | 14,069,840 | $ | 2,076,963 |
* | 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 | LOCATIONOF GAINOR (LOSS)ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | REALIZED GAIN OR (LOSS) ON DERIVATIVES | CHANGE IN UNREALIZED APPRECIATIONOR (DEPRECIATION) | |||||||
Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $ | (947,805 | ) | $ | 1,292,082 | ||||
Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | (472,863 | ) | 3,355,415 | ||||||
Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | 586,352 | 676,535 | |||||||
Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | (1,982,635 | ) | (2,079,840 | ) |
2023 Semi-Annual Report | 141 |
Table of Contents
Notes to Financial Statements (continued)
DERIVATIVE TYPE | LOCATIONOF GAINOR (LOSS)ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | REALIZED GAIN OR (LOSS) ON DERIVATIVES | CHANGE IN UNREALIZED APPRECIATIONOR (DEPRECIATION) | |||||||
Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $ | 23,023 | $ | 937,173 | |||||
Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (13,528 | ) | (414 | ) | |||||
Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 169,975 | 140,664 | |||||||
Total | $ | (2,637,481 | ) | $ | 4,321,615 |
TAX-AWARE OVERLAY N PORTFOLIO | ASSET DERIVATIVES | LIABILITY DERIVATIVES | ||||||||||
DERIVATIVE TYPE | STATEMENTOF ASSETS LOCATION | FAIR VALUE | STATEMENTOF ASSETS AND LIABILITIES LOCATION | FAIR VALUE | ||||||||
Interest rate contracts | Receivable for variation margin on futures | $ | 197,768 | * | ||||||||
Equity contracts | Receivable for variation margin on futures | 2,157,107 | * | Payable for variation margin on futures | $ | 382,694 | * | |||||
Credit contracts | Payable for variation margin on centrally cleared swaps | 28,740 | * | |||||||||
Interest rate contracts | Receivable for variation margin on centrally cleared swaps | 2,615,445 | * | Payable for variation margin on centrally cleared swaps | 591,158 | * | ||||||
Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 169,604 | Unrealized depreciation on forward currency exchange contracts | 283,913 | ||||||||
Equity contracts | Investments in securities, at value | 1,100,999 | ||||||||||
Interest rate contracts | Unrealized appreciation on inflation swaps | 5,042,521 | ||||||||||
Interest rate contracts | Unrealized appreciation on interest rate swaps | 274,404 | ||||||||||
Credit contracts | Market value on credit default swaps | 142,534 | ||||||||||
Equity contracts | Unrealized depreciation on total return swaps | 10,802 | ||||||||||
Total | $ | 11,557,848 | $ | 1,439,841 |
* | 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. |
142 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
DERIVATIVE TYPE | LOCATIONOF GAINOR (LOSS)ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | REALIZED GAIN OR (LOSS)ON DERIVATIVES | CHANGE IN UNREALIZED APPRECIATIONOR (DEPRECIATION) | |||||||
Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $ | (699,467 | ) | $ | 944,757 | ||||
Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | (3,730,143 | ) | 3,712,622 | ||||||
Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | (1,121,144 | ) | 531,199 | ||||||
Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | (1,449,908 | ) | (1,493,980 | ) | |||||
Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 13,717 | 678,777 | |||||||
Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (11,699 | ) | 86 | ||||||
Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (3,828 | ) | 47,452 | ||||||
Total | $ | (7,002,472 | ) | $ | 4,420,913 |
The following tables represent the average monthly volume of the Portfolios’ derivative transactions during the six months ended March 31, 2023:
OVERLAY A PORTFOLIO | ||||||||
Futures: | ||||||||
Average notional amount of buy contracts | $ | 570,044,930 | ||||||
Average notional amount of sale contracts | $ | 438,576,644 | ||||||
Forward Currency Exchange Contracts: | ||||||||
Average principal amount of buy contracts | $ | 367,416,016 | ||||||
Average principal amount of sale contracts | $ | 383,070,723 | ||||||
Purchased Options: | ||||||||
Average notional amount | $ | 755,044,383 | ||||||
Centrally Cleared Credit Default Swaps: | ||||||||
Average notional amount of sale contracts | $ | 59,770,000 | (a) | |||||
Total Return Swaps: | ||||||||
Average notional amount | $ | 13,674,286 |
(a) | Positions were open for two months during the period. |
2023 Semi-Annual Report | 143 |
Table of Contents
Notes to Financial Statements (continued)
TAX-AWARE OVERLAY A PORTFOLIO | ||||||||
Futures: | ||||||||
Average notional amount of buy contracts | $ | 1,090,972,496 | ||||||
Average notional amount of sale contracts | $ | 1,006,255,221 | ||||||
Forward Currency Exchange Contracts: | ||||||||
Average principal amount of buy contracts | $ | 731,306,631 | ||||||
Average principal amount of sale contracts | $ | 805,193,358 | ||||||
Purchased Options: | ||||||||
Average notional amount | $ | 1,534,243,460 | ||||||
Centrally Cleared Credit Default Swaps: | ||||||||
Average notional amount of sale contracts | $ | 116,160,000 | (a) | |||||
Total Return Swaps: | ||||||||
Average notional amount | $ | 28,842,459 |
(a) | Positions were open for two months during the period. |
OVERLAY B PORTFOLIO | ||||||||
Futures: | ||||||||
Average notional amount of buy contracts | $ | 302,990,117 | ||||||
Average notional amount of sale contracts | $ | 136,134,821 | ||||||
Forward Currency Exchange Contracts: | ||||||||
Average principal amount of buy contracts | $ | 314,275,900 | ||||||
Average principal amount of sale contracts | $ | 397,508,215 | ||||||
Purchased Options: | ||||||||
Average notional amount | $ | 185,001,686 | ||||||
Centrally Cleared Interest Rate Swaps: | ||||||||
Average notional amount | $ | 67,840,142 | ||||||
Centrally Cleared Inflation Swaps: | ||||||||
Average notional amount | $ | 100,955,857 | ||||||
Credit Default Swaps: | ||||||||
Average notional amount of sale contracts | $ | 2,502,333 | ||||||
Centrally Cleared Credit Default Swaps: | ||||||||
Average notional amount of buy contracts | $ | 41,825,049 | ||||||
Average notional amount of sale contracts | $ | 7,727,000 | (a) | |||||
Total Return Swaps: | ||||||||
Average notional amount | $ | 14,772,956 |
(a) | Positions were open for three months during the period. |
TAX-AWARE OVERLAY B PORTFOLIO | ||||||||
Futures: | ||||||||
Average notional amount of buy contracts | $ | 153,851,992 | ||||||
Average notional amount of sale contracts | $ | 92,239,719 |
144 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
TAX-AWARE OVERLAY B PORTFOLIO | ||||||||
Forward Currency Exchange Contracts: | ||||||||
Average principal amount of buy contracts | $ | 132,980,940 | ||||||
Average principal amount of sale contracts | $ | 132,466,045 | ||||||
Purchased Options: | ||||||||
Average notional amount | $ | 255,611,010 | ||||||
Interest Rate Swaps: | ||||||||
Average notional amount | $ | 12,470,000 | ||||||
Inflation Swaps: | ||||||||
Average notional amount | $ | 171,000,000 | ||||||
Centrally Cleared Interest Rate Swaps: | ||||||||
Average notional amount | $ | 10,850,000 | ||||||
Centrally Cleared Inflation Swaps: | ||||||||
Average notional amount | $ | 142,180,000 | ||||||
Credit Default Swaps: | ||||||||
Average notional amount of sale contracts | $ | 2,570,908 | ||||||
Centrally Cleared Credit Default Swaps: | ||||||||
Average notional amount of buy contracts | $ | 4,400,000 | (a) | |||||
Average notional amount of sale contracts | $ | 19,400,000 | (b) | |||||
Total Return Swaps: | ||||||||
Average notional amount | $ | 5,008,698 |
(a) | Positions were open for three months during the period. |
(b) | Positions were open for two months during the period. |
TAX-AWARE OVERLAY C PORTFOLIO | ||||||||
Futures: | ||||||||
Average notional amount of buy contracts | $ | 60,007,004 | ||||||
Average notional amount of sale contracts | $ | 12,375,058 | ||||||
Forward Currency Exchange Contracts: | ||||||||
Average principal amount of buy contracts | $ | 57,961,204 | ||||||
Average principal amount of sale contracts | $ | 32,873,770 | ||||||
Purchased Options: | ||||||||
Average notional amount | $ | 72,107,010 | ||||||
Interest Rate Swaps: | ||||||||
Average notional amount | $ | 3,815,000 | ||||||
Inflation Swaps: | ||||||||
Average notional amount | $ | 49,000,000 | ||||||
Centrally Cleared Interest Rate Swaps: | ||||||||
Average notional amount | $ | 10,300,000 | ||||||
Centrally Cleared Inflation Swaps: | ||||||||
Average notional amount | $ | 43,360,000 |
2023 Semi-Annual Report | 145 |
Table of Contents
Notes to Financial Statements (continued)
TAX-AWARE OVERLAY C PORTFOLIO | ||||||||
Credit Default Swaps: | ||||||||
Average notional amount of sale contracts | $ | 931,674 | ||||||
Centrally Cleared Credit Default Swaps: | ||||||||
Average notional amount of sale contracts | $ | 5,200,000 | (a) | |||||
Total Return Swaps: | ||||||||
Average notional amount | $ | 2,341,672 |
(a) | Positions were open for two months during the period. |
TAX-AWARE OVERLAY N PORTFOLIO | ||||||||
Futures: | ||||||||
Average notional amount of buy contracts | $ | 41,358,506 | ||||||
Average notional amount of sale contracts | $ | 15,564,160 | ||||||
Forward Currency Exchange Contracts: | ||||||||
Average principal amount of buy contracts | $ | 27,175,106 | ||||||
Average principal amount of sale contracts | $ | 28,174,793 | ||||||
Purchased Options: | ||||||||
Average notional amount | $ | 53,457,041 | ||||||
Interest Rate Swaps: | ||||||||
Average notional amount | $ | 2,840,000 | ||||||
Inflation Swaps: | ||||||||
Average notional amount | $ | 41,800,000 | ||||||
Centrally Cleared Interest Rate Swaps: | ||||||||
Average notional amount | $ | 2,850,000 | ||||||
Centrally Cleared Inflation Swaps: | ||||||||
Average notional amount | $ | 31,480,000 | ||||||
Credit Default Swaps: | ||||||||
Average notional amount of sale contracts | $ | 752,383 | ||||||
Centrally Cleared Credit Default Swaps: | ||||||||
Average notional amount of sale contracts | $ | 4,140,000 | (a) | |||||
Total Return Swaps: | ||||||||
Average notional amount | $ | 1,042,515 |
(a) | Positions were open for two 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.
146 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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, 2023. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.
OVERLAY A PORTFOLIO |
| |||||||||||||||||||
COUNTERPARTY | DERIVATIVE ASSETS SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL RECEIVED* | SECURITY COLLATERAL RECEIVED* | NET AMOUNT OF DERIVATIVE ASSETS | |||||||||||||||
Bank of America, NA | $ | 737,702 | $ | (636,204 | ) | $ | 0 | $ | 0 | $ | 101,498 | |||||||||
BNP Paribas SA | 103,656 | (53,939 | ) | 0 | 0 | 49,717 | ||||||||||||||
Citibank, NA | 170,599 | (170,599 | ) | 0 | 0 | 0 | ||||||||||||||
Goldman Sachs Bank USA | 571,047 | (335,226 | ) | (235,821 | ) | 0 | 0 | |||||||||||||
HSBC Bank USA | 478,776 | 0 | 0 | 0 | 478,776 | |||||||||||||||
JPMorgan Chase Bank, NA | 256,029 | (150,097 | ) | 0 | 0 | 105,932 | ||||||||||||||
Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc | 296,374 | (296,374 | ) | 0 | 0 | 0 | ||||||||||||||
UBS AG | 16,012,203 | 0 | (16,012,203 | ) | 0 | 0 | ||||||||||||||
Total | $ | 18,626,386 | $ | (1,642,439 | ) | $ | (16,248,024 | ) | $ | 0 | $ | 735,923 | ^ | |||||||
COUNTERPARTY | DERIVATIVE LIABILITIES SUBJECT TOA MA | DERIVATIVES AVAILABLEFOR OFFSET | CASH COLLATERAL PLEDGED* | SECURITY COLLATERAL PLEDGED* | NET AMOUNTOF DERIVATIVE LIABILITIES | |||||||||||||||
Bank of America, NA | $ | 636,204 | $ | (636,204 | ) | $ | 0 | $ | 0 | $ | 0 | |||||||||
BNP Paribas SA | 53,939 | (53,939 | ) | 0 | 0 | 0 | ||||||||||||||
Citibank, NA | 371,815 | (170,599 | ) | 0 | 0 | 201,216 | ||||||||||||||
Goldman Sachs Bank USA | 335,226 | (335,226 | ) | 0 | 0 | 0 | ||||||||||||||
JPMorgan Chase Bank, NA | 150,097 | (150,097 | ) | 0 | 0 | 0 | ||||||||||||||
Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc. | 3,137,199 | (296,374 | ) | (30,000 | ) | 0 | 2,810,825 | |||||||||||||
Total | $ | 4,684,480 | $ | (1,642,439 | ) | $ | (30,000 | ) | $ | 0 | $ | 3,012,041 | ^ |
* | 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. |
2023 Semi-Annual Report | 147 |
Table of Contents
Notes to Financial Statements (continued)
TAX-AWARE OVERLAY A PORTFOLIO |
| |||||||||||||||||||
COUNTERPARTY | DERIVATIVE ASSETS SUBJECT TOA MA | DERIVATIVES AVAILABLEFOR OFFSET | CASH COLLATERAL RECEIVED* | SECURITY COLLATERAL RECEIVED* | NET AMOUNT OF DERIVATIVE ASSETS | |||||||||||||||
Bank of America, NA | $ | 925,871 | $ | (925,871 | ) | $ | 0 | $ | 0 | $ | 0 | |||||||||
BNP Paribas SA | 199,519 | (104,932 | ) | 0 | 0 | 94,587 | ||||||||||||||
Citibank, NA | 332,522 | (332,522 | ) | 0 | 0 | 0 | ||||||||||||||
Goldman Sachs Bank USA | 1,013,202 | (679,041 | ) | (334,161 | ) | 0 | 0 | |||||||||||||
HSBC Bank USA | 941,661 | 0 | 0 | 0 | 941,661 | |||||||||||||||
JPMorgan Chase Bank | 451,814 | (266,988 | ) | 0 | 0 | 184,826 | ||||||||||||||
Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC | 570,677 | (570,677 | ) | 0 | 0 | 0 | ||||||||||||||
UBS AG | 31,196,293 | 0 | (31,196,293 | ) | 0 | 0 | ||||||||||||||
Total | $ | 35,631,559 | $ | (2,880,031 | ) | $ | (31,530,454 | ) | $ | 0 | $ | 1,221,074 | ^ | |||||||
COUNTERPARTY | DERIVATIVE LIABILITIES SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL PLEDGED* | SECURITY COLLATERAL PLEDGED* | NET AMOUNTOF DERIVATIVE LIABILITIES | |||||||||||||||
Bank of America, NA | $ | 1,059,604 | $ | (925,871 | ) | $ | 0 | $ | 0 | $ | 133,733 | |||||||||
BNP Paribas SA | 104,932 | (104,932 | ) | 0 | 0 | 0 | ||||||||||||||
Citibank, NA | 446,992 | (332,522 | ) | 0 | 0 | 114,470 | ||||||||||||||
Goldman Sachs Bank USA | 679,041 | (679,041 | ) | 0 | 0 | 0 | ||||||||||||||
JPMorgan Chase Bank | 266,988 | (266,988 | ) | 0 | 0 | 0 | ||||||||||||||
Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC | 5,984,383 | (570,677 | ) | (10,000 | ) | 0 | 5,403,706 | |||||||||||||
Total | $ | 8,541,940 | $ | (2,880,031 | ) | $ | (10,000 | ) | $ | 0 | $ | 5,651,909 | ^ |
* | 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. |
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 | |||||||||||||||
Australia and New Zealand Banking Group Ltd. | $ | 15,540 | $ | (15,540 | ) | $ | 0 | $ | 0 | $ | 0 | |||||||||
Bank of America, NA | 1,908,349 | (1,251,376 | ) | (656,973 | ) | 0 | 0 | |||||||||||||
Barclays Bank PLC | 49,250 | (49,250 | ) | 0 | 0 | 0 | ||||||||||||||
BNP Paribas SA | 404,234 | (404,234 | ) | 0 | 0 | 0 | ||||||||||||||
Brown Brothers Harriman & Co. | 83,503 | 0 | 0 | 0 | 83,503 | |||||||||||||||
Citibank, NA/Citigroup Global Markets, Inc. | 1,335,102 | (882,136 | ) | (452,966 | ) | 0 | 0 | |||||||||||||
Deutsche Bank AG | 51,645 | (51,645 | ) | 0 | 0 | 0 |
148 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
COUNTERPARTY | DERIVATIVE ASSETS SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL RECEIVED* | SECURITY COLLATERAL RECEIVED* | NET AMOUNT OF DERIVATIVE ASSETS | |||||||||||||||
Goldman Sachs Bank USA/Goldman Sachs International | $ | 224,712 | $ | (185,259 | ) | $ | 0 | $ | 0 | $ | 39,453 | |||||||||
HSBC Bank USA | 234,749 | (227,201 | ) | 0 | 0 | 7,548 | ||||||||||||||
JPMorgan Chase Bank, NA/JPMorgan Securities, LLC | 377,180 | (377,180 | ) | 0 | 0 | 0 | ||||||||||||||
Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc. | 1,438,346 | (1,438,346 | ) | 0 | 0 | 0 | ||||||||||||||
Natwest Markets PLC | 102,399 | (30,920 | ) | 0 | 0 | 71,479 | ||||||||||||||
Standard Chartered Bank | 132,201 | (132,201 | ) | 0 | 0 | 0 | ||||||||||||||
State Street Bank & Trust Co. | 142,944 | (103,558 | ) | 0 | 0 | 39,386 | ||||||||||||||
UBS AG | 4,030,894 | (139,906 | ) | (3,890,988 | ) | 0 | 0 | |||||||||||||
Total | $ | 10,531,048 | $ | (5,288,752 | ) | $ | (5,000,927 | ) | $ | 0 | $ | 241,369 | ^ | |||||||
COUNTERPARTY | DERIVATIVE LIABILITIES SUBJECT TOA MA | DERIVATIVES AVAILABLEFOR OFFSET | CASH COLLATERAL PLEDGED* | SECURITY COLLATERAL PLEDGED* | NET AMOUNTOF DERIVATIVE LIABILITIES | |||||||||||||||
Australia and New Zealand Banking Group Ltd. | $ | 151,115 | $ | (15,540 | ) | $ | 0 | $ | 0 | $ | 135,575 | |||||||||
Bank of America, NA | 1,251,376 | (1,251,376 | ) | 0 | 0 | 0 | ||||||||||||||
Barclays Bank PLC | 126,831 | (49,250 | ) | 0 | 0 | 77,581 | ||||||||||||||
BNP Paribas SA | 750,965 | (404,234 | ) | 0 | 0 | 346,731 | ||||||||||||||
Citibank, NA/Citigroup Global Markets, Inc. | 882,136 | (882,136 | ) | 0 | 0 | 0 | ||||||||||||||
Credit Suisse International | 6,429 | 0 | (6,429 | ) | 0 | 0 | ||||||||||||||
Deutsche Bank AG | 60,295 | (51,645 | ) | 0 | (8,650 | ) | 0 | |||||||||||||
Goldman Sachs Bank USA/Goldman Sachs International | 185,259 | (185,259 | ) | 0 | 0 | 0 | ||||||||||||||
HSBC Bank USA | 227,201 | (227,201 | ) | 0 | 0 | 0 | ||||||||||||||
JPMorgan Chase Bank, NA/JPMorgan Securities, LLC | 521,896 | (377,180 | ) | (144,716 | ) | 0 | 0 | |||||||||||||
Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc. | 1,681,505 | (1,438,346 | ) | (139,000 | ) | 0 | 104,159 | |||||||||||||
Natwest Markets PLC | 30,920 | (30,920 | ) | 0 | 0 | 0 | ||||||||||||||
Standard Chartered Bank | 149,456 | (132,201 | ) | 0 | 0 | 17,255 | ||||||||||||||
State Street Bank & Trust Co. | 103,558 | (103,558 | ) | 0 | 0 | 0 | ||||||||||||||
UBS AG | 139,906 | (139,906 | ) | 0 | 0 | 0 | ||||||||||||||
Total | $ | 6,268,848 | $ | (5,288,752 | ) | $ | (290,145 | ) | $ | (8,650 | ) | $ | 681,301 | ^ |
* | 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. |
2023 Semi-Annual Report | 149 |
Table of Contents
Notes to Financial Statements (continued)
TAX-AWARE OVERLAY B PORTFOLIO |
| |||||||||||||||||||
COUNTERPARTY | DERIVATIVE ASSETS SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL RECEIVED* | SECURITY COLLATERAL RECEIVED* | NET AMOUNT OF DERIVATIVE ASSETS | |||||||||||||||
Bank of America, NA | $ | 138,233 | $ | (138,233 | ) | $ | 0 | $ | 0 | $ | 0 | |||||||||
Barclays Bank PLC | 4,117,373 | 0 | (3,790,000 | ) | 0 | 327,373 | ||||||||||||||
BNP Paribas SA | 34,815 | (16,662 | ) | 0 | 0 | 18,153 | ||||||||||||||
Citibank, NA/Citigroup Global Markets, Inc. | 5,563,957 | (244,972 | ) | (4,912,000 | ) | 0 | 406,985 | |||||||||||||
Deutsche Bank AG | 1,328,668 | 0 | (1,328,668 | ) | 0 | 0 | ||||||||||||||
Goldman Sachs Bank USA/Goldman Sachs International | 297,808 | (220,363 | ) | 0 | 0 | 77,445 | ||||||||||||||
HSBC Bank USA | 158,200 | 0 | 0 | 0 | 158,200 | |||||||||||||||
JPMorgan Chase Bank, NA | 10,562,938 | 0 | (10,010,000 | ) | 0 | 552,938 | ||||||||||||||
Morgan Stanley & Co. LLC/Morgan Stanley Capital Services LLC | 65,381 | (65,381 | ) | 0 | 0 | 0 | ||||||||||||||
State Street Bank & Trust Co. | 6,770 | 0 | 0 | 0 | 6,770 | |||||||||||||||
UBS AG | 5,199,219 | 0 | (5,199,219 | ) | 0 | 0 | ||||||||||||||
Total | $ | 27,473,362 | $ | (685,611 | ) | $ | (25,239,887 | ) | $ | 0 | $ | 1,547,864 | ^ | |||||||
COUNTERPARTY | DERIVATIVE LIABILITIES SUBJECT TOA MA | DERIVATIVES AVAILABLEFOR OFFSET | CASH COLLATERAL PLEDGED* | SECURITY COLLATERAL PLEDGED* | NET AMOUNT OF DERIVATIVE LIABILITIES | |||||||||||||||
Bank of America, NA | $ | 176,661 | $ | (138,233 | ) | $ | 0 | $ | 0 | $ | 38,428 | |||||||||
BNP Paribas SA | 16,662 | (16,662 | ) | 0 | 0 | 0 | ||||||||||||||
Citibank, NA/Citigroup Global Markets, Inc. | 244,972 | (244,972 | ) | 0 | 0 | 0 | ||||||||||||||
Credit Suisse International | 207,553 | 0 | (207,553 | ) | 0 | 0 | ||||||||||||||
Goldman Sachs Bank USA/Goldman Sachs International | 220,363 | (220,363 | ) | 0 | 0 | 0 | ||||||||||||||
Morgan Stanley & Co. LLC/Morgan Stanley Capital Services LLC | 1,017,982 | (65,381 | ) | 0 | 0 | 952,601 | ||||||||||||||
Total | $ | 1,884,193 | $ | (685,611 | ) | $ | (207,553 | ) | $ | 0 | $ | 991,029 | ^ |
* | 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. |
150 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
TAX-AWARE OVERLAY C PORTFOLIO |
| |||||||||||||||||||
COUNTERPARTY | DERIVATIVE ASSETS SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL RECEIVED* | SECURITY COLLATERAL RECEIVED* | NET AMOUNT OF DERIVATIVE ASSETS | |||||||||||||||
Bank of America, NA | $ | 231,345 | $ | (50,251 | ) | $ | 0 | $ | 0 | $ | 181,094 | |||||||||
Barclays Bank PLC | 947,711 | 0 | 0 | (797,801 | ) | 149,910 | ||||||||||||||
BNP Paribas SA | 9,449 | (5,406 | ) | 0 | 0 | 4,043 | ||||||||||||||
Brown Brothers Harriman & Co. | 3,571 | 0 | 0 | 0 | 3,571 | |||||||||||||||
Citibank, NA/Citigroup Global Markets, Inc. | 1,730,267 | (151,214 | ) | (1,579,053 | ) | 0 | 0 | |||||||||||||
Deutsche Bank AG | 531,467 | 0 | (520,000 | ) | 0 | 11,467 | ||||||||||||||
Goldman Sachs Bank USA/Goldman Sachs International | 78,210 | (76,175 | ) | 0 | 0 | 2,035 | ||||||||||||||
HSBC Bank USA | 41,612 | 0 | 0 | 0 | 41,612 | |||||||||||||||
JPMorgan Chase Bank, NA | 2,416,055 | 0 | (2,200,000 | ) | 0 | 216,055 | ||||||||||||||
Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc. | 806,096 | (315,736 | ) | (470,000 | ) | 0 | 20,360 | |||||||||||||
State Street Bank & Trust Co. | 19,088 | (9,237 | ) | 0 | 0 | 9,851 | ||||||||||||||
UBS AG | 1,423,018 | 0 | (1,423,018 | ) | 0 | 0 | ||||||||||||||
Total | $ | 8,237,889 | $ | (608,019 | ) | $ | (6,192,071 | ) | $ | (797,801 | ) | $ | 639,998 | ^ | ||||||
COUNTERPARTY | DERIVATIVE LIABILITIES SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL PLEDGED* | SECURITY COLLATERAL PLEDGED* | NET AMOUNT OF DERIVATIVE LIABILITIES | |||||||||||||||
Bank of America, NA | $ | 50,251 | $ | (50,251 | ) | $ | 0 | $ | 0 | $ | 0 | |||||||||
BNP Paribas SA | 5,406 | (5,406 | ) | 0 | 0 | 0 | ||||||||||||||
Citibank, NA/Citigroup Global Markets, Inc. | 151,214 | (151,214 | ) | 0 | 0 | 0 | ||||||||||||||
Credit Suisse International | 111,115 | 0 | 0 | (111,115 | ) | 0 | ||||||||||||||
Goldman Sachs Bank USA/Goldman Sachs International | 76,175 | (76,175 | ) | 0 | 0 | 0 | ||||||||||||||
Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc. | 315,736 | (315,736 | ) | 0 | 0 | 0 | ||||||||||||||
State Street Bank & Trust Co. | 9,237 | (9,237 | ) | 0 | 0 | 0 | ||||||||||||||
Total | $ | 719,134 | $ | (608,019 | ) | $ | 0 | $ | (111,115 | ) | $ | 0 | ^ |
* | 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. |
2023 Semi-Annual Report | 151 |
Table of Contents
Notes to Financial Statements (continued)
TAX-AWARE OVERLAY N PORTFOLIO |
| |||||||||||||||||||
COUNTERPARTY | DERIVATIVE ASSETS SUBJECT TOA MA | DERIVATIVES AVAILABLE FOR OFFSET | CASH COLLATERAL RECEIVED* | SECURITY COLLATERAL RECEIVED* | NET AMOUNT OF DERIVATIVE ASSETS | |||||||||||||||
Bank of America, NA | $ | 24,050 | $ | (24,050 | ) | $ | 0 | $ | 0 | $ | 0 | |||||||||
Barclays Bank PLC | 679,517 | 0 | (550,000 | ) | 0 | 129,517 | ||||||||||||||
BNP Paribas SA | 7,227 | (3,722 | ) | 0 | 0 | 3,505 | ||||||||||||||
Citibank, NA/Citigroup Global Markets, Inc. | 1,694,482 | (19,563 | ) | (1,560,000 | ) | 0 | 114,919 | |||||||||||||
Deutsche Bank AG | 531,467 | 0 | (520,000 | ) | 0 | 11,467 | ||||||||||||||
Goldman Sachs Bank USA/Goldman Sachs International | 62,563 | (61,095 | ) | 0 | 0 | 1,468 | ||||||||||||||
HSBC Bank USA | 33,225 | 0 | 0 | 0 | 33,225 | |||||||||||||||
JPMorgan Chase Bank, NA | 2,181,965 | 0 | (2,010,000 | ) | 0 | 171,965 | ||||||||||||||
Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC | 250,677 | (216,400 | ) | (34,277 | ) | 0 | 0 | |||||||||||||
State Street Bank & Trust Co. | 21,356 | (6,831 | ) | 0 | 0 | 14,525 | ||||||||||||||
UBS AG | 1,100,999 | 0 | (1,100,999 | ) | 0 | |||||||||||||||
Total | $ | 6,587,528 | $ | (331,661 | ) | $ | (5,775,276 | ) | $ | 0 | $ | 480,591 | ^ | |||||||
COUNTERPARTY | DERIVATIVE LIABILITIES SUBJECT TOA MA | DERIVATIVES AVAILABLEFOR OFFSET | CASH COLLATERAL PLEDGED* | SECURITY COLLATERAL PLEDGED* | NET AMOUNTOF DERIVATIVE LIABILITIES | |||||||||||||||
Bank of America, NA | $ | 39,872 | $ | (24,050 | ) | $ | 0 | $ | 0 | $ | 15,822 | |||||||||
BNP Paribas SA | 3,722 | (3,722 | ) | 0 | 0 | 0 | ||||||||||||||
Citibank, NA/Citigroup Global Markets, Inc. | 19,563 | (19,563 | ) | 0 | 0 | 0 | ||||||||||||||
Credit Suisse International | 89,766 | 0 | 0 | (89,766 | ) | 0 | ||||||||||||||
Goldman Sachs Bank USA/Goldman Sachs International | 61,095 | (61,095 | ) | 0 | 0 | 0 | ||||||||||||||
Morgan Stanley & Co., Inc./Morgan Stanley Capital Services LLC | 216,400 | (216,400 | ) | 0 | 0 | 0 | ||||||||||||||
State Street Bank & Trust Co. | 6,831 | (6,831 | ) | 0 | 0 | 0 | ||||||||||||||
Total | $ | 437,249 | $ | (331,661 | ) | $ | 0 | $ | (89,766 | ) | $ | 15,822 | ^ |
* | 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. |
C. | 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
152 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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).
D. | 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.
NOTE 4. | Distributions to Shareholders |
The tax character of distributions to be paid for the year ending September 30, 2023 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended September 30, 2022 and September 30, 2021 were as follows:
PORTFOLIO | 2022 | 2021 | ||||||
Overlay A | ||||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 43,812,116 | $ | 17,001,108 | ||||
Long-term capital gains | 163,540,332 | 0 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 207,352,448 | $ | 17,001,108 | ||||
|
|
|
| |||||
Tax-Aware Overlay A | ||||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 65,210,029 | $ | 32,574,024 | ||||
Long-term capital gains | 329,292,991 | 4,077,737 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 394,503,020 | $ | 36,651,761 | ||||
|
|
|
| |||||
Overlay B | ||||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 90,817,938 | $ | 26,500,686 | ||||
Long-term capital gains | 74,606,829 | 5,139,074 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 165,424,767 | $ | 31,639,760 | ||||
|
|
|
| |||||
Tax-Aware Overlay B | ||||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 64,895,725 | $ | 9,975,981 | ||||
Long-term capital gains | 35,667,264 | 0 | ||||||
|
|
|
| |||||
Total taxable distributions | 100,562,989 | 9,975,981 | ||||||
Tax exempt distributions | 16,152,487 | 29,957,401 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 116,715,476 | $ | 39,933,382 | ||||
|
|
|
| |||||
2023 Semi-Annual Report | 153 |
Table of Contents
Notes to Financial Statements (continued)
PORTFOLIO | 2022 | 2021 | ||||||
Tax-Aware Overlay C | ||||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 23,218,636 | $ | 4,062,300 | ||||
Long-term capital gains | 10,700,357 | 0 | ||||||
|
|
|
| |||||
Total taxable distributions | 33,918,993 | 4,062,300 | ||||||
Tax exempt distributions | 4,886,228 | 7,665,430 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 38,805,221 | $ | 11,727,730 | ||||
|
|
|
| |||||
Tax-Aware Overlay N | ||||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 13,050,707 | $ | 1,908,675 | ||||
Long-term capital gains | 7,967,575 | 0 | ||||||
|
|
|
| |||||
Total taxable distributions | 21,018,282 | 1,908,675 | ||||||
Tax exempt distributions | 2,973,549 | 6,341,342 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 23,991,831 | $ | 8,250,017 | ||||
|
|
|
| |||||
As of September 30, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:
PORTFOLIO | UNDISTRIBUTED ORDINARY INCOME(a) | UNDISTRIBUTED LONG-TERM | ACCUMULATED CAPITALAND OTHER (LOSSES)(b) | UNREALIZED APPRECIATION | TOTAL ACCUMULATED EARNINGS (DEFICIT)(d) | |||||||||||||||
Overlay A | $ | 1,168,005 | $ | 0 | $ | (21,909,438 | ) | $ | 152,299,276 | $ | 131,557,843 | |||||||||
Tax-Aware Overlay A | 2,104,883 | 0 | (92,861,055 | ) | 477,737,146 | 386,980,974 | ||||||||||||||
Overlay B | 20,175,723 | 0 | (104,937,707 | ) | (102,296,332 | ) | (187,058,316 | ) | ||||||||||||
Tax-Aware Overlay B | 19,820,855 | 0 | (83,607,353 | ) | 13,009,653 | (50,776,845 | ) | |||||||||||||
Tax-Aware Overlay C | 5,672,833 | 0 | (28,313,330 | ) | 3,033,073 | (19,607,424 | ) | |||||||||||||
Tax-Aware Overlay N | 4,041,034 | 0 | (8,377,152 | ) | (6,152,130 | ) | (10,488,248 | ) |
(a) | Includes tax exempt income as shown below: |
PORTFOLIO | ||||
Tax-Aware Overlay B | $ | 14,662,227 | ||
Tax-Aware Overlay C | 4,160,244 | |||
Tax-Aware Overlay N | 3,099,976 |
(b) | As of September 30, 2022 Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B, Tax-Aware Overlay B Portfolio, Tax-Aware Overlay C Portfolio, and Tax-Aware Overylay N Portfolio deferred $15,320,183, $38,748,457, $99,657,192, $9,968,595, $14,097,046, and $1,453,057 in post October losses, respectively. These losses will be treated as arising on October 1, 2022. As of September 30, 2022 Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B Portfolio, Tax-Aware Overlay B Portfolio, Tax-Aware Overlay C Portfolio, and Tax-Aware Overlay N Portfolio deferred $6,589,255, $54,112,598, $5,280,515, $73,638,758, $14,216,284, and $6,924,095 in straddle losses, respectively. |
(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, 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 amortization of offering costs and the accrual of foreign capital gains tax. |
154 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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 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, 2022, the Portfolios did not have any capital loss carryforwards.
NOTE 5. | 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.
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.
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 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.
2023 Semi-Annual Report | 155 |
Table of Contents
Notes to Financial Statements (continued)
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, 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 instrument, 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 (the party on the other side of the transaction) 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. The Portfolios that invest in municipal securities are subject to greater risk because the market for municipal securities is generally smaller and may not be as 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 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’ net asset value, or performance, which could cause the value of your investment to decline. Redemption risk is heightened during periods of overall market turmoil.
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
156 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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.
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. There have been some municipal issuers that have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may get worse, particularly in light of the economic impact of the recent spread of an infectious coronavirus (COVID-19). To the extent the Portfolios invest in a particular state’s municipal securities, they 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 Portfolios may invest in municipal securities of issuers in Puerto Rico or other U.S. territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities 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, worsened by the spread of COVID-19 and the adverse effect that related governmental and public responses have had on Puerto Rico’s economy. 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.
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. During periods of very low or negative interest rates, the Portfolios’ returns may be adversely affected, including to such an extent that the Portfolios may be unable to maintain positive returns. A Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the recent tightening of the U.S. Federal Reserve’s monetary policy, which has caused the Federal Reserve to increase short-term interest rates in an effort to address rising inflation.
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 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
2023 Semi-Annual Report | 157 |
Table of Contents
Notes to Financial Statements (continued)
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 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 Portfolio 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 there may be a greater amount of economic, political and social uncertainty. 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. In addition, the value of the Portfolios’ investments may decline because of factors such as unfavorable or unsuccessful government actions and reduction of government or central bank support.
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). The value of the U.S. Dollar has recently appreciated in value against most foreign currencies, which may negatively affect the value of the Portfolios’ foreign investments when converted to U.S. Dollars.
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.
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.
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. Rates of inflation have recently risen, which have adversely affected economies and markets. Rising inflation has caused the Federal Reserve and other central banks to take actions—including raising interest rates that have caused further adverse effects to economies and markets, and more such actions may be forthcoming.
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.
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
158 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
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.
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 and may exacerbate the risks of natural disasters. The COVID-19 pandemic has also impacted certain real estate sectors by accelerating the trend towards online shopping and remote-working environments. Investing in real esatate 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. The market value of the shares of other investment companies and ETFs may differ from their net asset value. 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.
Tax Risk—There is no guarantee that the income on the Portfolios’ municipal securities will be exempt from regular 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 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 US Congress has considered changes to US 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.
LIBOR Transition and Associated Risk—The Portfolios may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. As announced by the FCA and LIBOR’s administrator, ICE Benchmark Administration, most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) have not been published since the end of 2021, but the most widely used U.S. Dollar LIBOR settings are expected to continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the Secured Overnight Financing Rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and
2023 Semi-Annual Report | 159 |
Table of Contents
Notes to Financial Statements (continued)
based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the law by identifying benchmark rates based on SOFR that will replace LIBOR in different categories of financial contracts after June 30, 2023. The regulations include provisions that (i) provide a safe harbor for selection or use of a replacement benchmark rate selected by the Federal Reserve Board; (ii) clarify who may choose the replacement benchmark rate selected by the Federal Reserve Board; and (iii) ensure that contracts adopting a replacement benchmark rate selected by the Federal Reserve Board will not be interrupted or terminated following the replacement of LIBOR.
The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolios’ performance and/or NAV. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting the Portfolios’ performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.
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 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.
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.
160 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
NOTE 6. | Capital-Share Transactions |
As of March 31, 2023, the Sanford C. Bernstein Fund, Inc., has authorized 17.5 billion shares of common stock, par value $0.001 per share, of which 3.7 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, 2023 and the year ended September 30, 2022, were as follows:
OVERLAY A PORTFOLIO | ||||||||||||||||||||
SHARES | AMOUNT | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
Class 1 Shares |
| |||||||||||||||||||
Shares sold | 2,987,177 | 5,161,881 | $ | 34,593,448 | $ | 73,199,634 | ||||||||||||||
Shares issued on reinvestment of dividends and distributions | 1,254,420 | 11,002,154 | 14,476,000 | 164,812,261 | ||||||||||||||||
Shares redeemed | (13,964,534 | ) | (16,556,316 | ) | (161,631,837 | ) | (229,970,448 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (9,722,937 | ) | (392,281 | ) | $ | (112,562,389 | ) | $ | 8,041,447 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Class 2 Shares |
| |||||||||||||||||||
Shares sold | 1,195,975 | 3,205,618 | $ | 13,865,704 | $ | 46,184,559 | ||||||||||||||
Shares issued on reinvestment of dividends and distributions | 337,908 | 2,245,552 | 3,902,842 | 33,660,824 | ||||||||||||||||
Shares redeemed | (3,839,316 | ) | (5,212,898 | ) | (44,481,447 | ) | (72,241,958 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (2,305,433 | ) | 238,272 | $ | (26,712,901 | ) | $ | 7,603,425 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
TAX-AWARE OVERLAY A PORTFOLIO | ||||||||||||||||||||
SHARES | AMOUNT | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 | YEAR ENDED | |||||||||||||||||
Class 1 Shares |
| |||||||||||||||||||
Shares sold | 5,165,276 | 8,239,428 | $ | 64,065,639 | $ | 124,924,353 | ||||||||||||||
Shares issued on reinvestment of dividends and distributions | 2,194,101 | 17,694,177 | 27,162,976 | 286,114,840 | ||||||||||||||||
Shares redeemed | (40,299,500 | ) | (27,404,212 | ) | (499,498,527 | ) | (392,609,957 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (32,940,123 | ) | (1,470,607 | ) | $ | (408,269,912 | ) | $ | 18,429,236 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Class 2 Shares |
| |||||||||||||||||||
Shares sold | 1,517,778 | 3,637,451 | $ | 18,973,887 | $ | 54,209,370 | ||||||||||||||
Shares issued on reinvestment of dividends and distributions | 628,572 | 5,184,428 | 7,794,291 | 83,935,889 | ||||||||||||||||
Shares redeemed | (15,287,935 | ) | (11,485,349 | ) | (188,678,507 | ) | (163,542,244 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (13,141,585 | ) | (2,663,470 | ) | $ | (161,910,329 | ) | $ | (25,396,985 | ) | ||||||||||
|
|
|
|
|
|
|
|
2023 Semi-Annual Report | 161 |
Table of Contents
Notes to Financial Statements (continued)
OVERLAY B PORTFOLIO | ||||||||||||||||||||
SHARES | AMOUNT | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
Class 1 Shares |
| |||||||||||||||||||
Shares sold | 3,084,885 | 5,187,066 | $ | 26,873,726 | $ | 52,635,006 | ||||||||||||||
Shares issued on reinvestment of dividends and distributions | 1,868,050 | 12,258,298 | 16,233,353 | 128,099,219 | ||||||||||||||||
Shares redeemed | (12,849,373 | ) | (14,266,407 | ) | (112,074,260 | ) | (141,582,540 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (7,896,438 | ) | 3,178,957 | $ | (68,967,181 | ) | $ | 39,151,685 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Class 2 Shares |
| |||||||||||||||||||
Shares sold | 2,059,255 | 2,768,787 | $ | 17,972,728 | $ | 28,109,864 | ||||||||||||||
Shares issued on reinvestment of dividends and distributions | 474,714 | 2,386,700 | 4,134,762 | 24,988,745 | ||||||||||||||||
Shares redeemed | (2,958,389 | ) | (4,048,900 | ) | (25,750,206 | ) | (40,374,044 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (424,420 | ) | 1,106,587 | $ | (3,642,716 | ) | $ | 12,724,565 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
TAX-AWARE OVERLAY B PORTFOLIO | ||||||||||||||||||||
SHARES | AMOUNT | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
Class 1 Shares |
| |||||||||||||||||||
Shares sold | 2,022,604 | 5,167,231 | $ | 20,621,818 | $ | 58,606,873 | ||||||||||||||
Shares issued on reinvestment of dividends and distributions | 1,343,027 | 6,316,673 | 13,698,876 | 74,410,400 | ||||||||||||||||
Shares redeemed | (19,533,492 | ) | (15,340,567 | ) | (199,687,604 | ) | (168,867,440 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (16,167,861 | ) | (3,856,663 | ) | $ | (165,366,910 | ) | $ | (35,850,167 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Class 2 Shares |
| |||||||||||||||||||
Shares sold | 997,124 | 2,637,541 | $ | 10,240,469 | $ | 29,277,113 | ||||||||||||||
Shares issued on reinvestment of dividends and distributions | 512,881 | 2,676,362 | 5,236,512 | 31,554,311 | ||||||||||||||||
Shares redeemed | (10,112,088 | ) | (9,964,823 | ) | (103,468,868 | ) | (108,196,503 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (8,602,083 | ) | (4,650,920 | ) | $ | (87,991,887 | ) | $ | (47,365,079 | ) | ||||||||||
|
|
|
|
|
|
|
|
162 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
TAX-AWARE OVERLAY C PORTFOLIO | ||||||||||||||||||||
SHARES | AMOUNT | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
Class 1 Shares |
| |||||||||||||||||||
Shares sold | 466,393 | 1,057,828 | $ | 4,701,163 | $ | 11,813,931 | ||||||||||||||
Shares issued on reinvestment of dividends and distributions | 329,754 | 1,982,126 | 3,317,318 | 22,913,374 | ||||||||||||||||
Shares redeemed | (4,876,597 | ) | (4,897,168 | ) | (49,161,842 | ) | (53,297,436 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (4,080,450 | ) | (1,857,214 | ) | $ | (41,143,361 | ) | $ | (18,570,131 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
�� | ||||||||||||||||||||
Class 2 Shares |
| |||||||||||||||||||
Shares sold | 185,563 | 1,249,340 | $ | 1,868,824 | $ | 13,473,115 | ||||||||||||||
Shares issued on reinvestment of dividends and distributions | 164,789 | 1,078,846 | 1,657,781 | 12,493,037 | ||||||||||||||||
Shares redeemed | (4,584,540 | ) | (4,167,408 | ) | (46,151,448 | ) | (44,001,549 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (4,234,188 | ) | (1,839,222 | ) | $ | (42,624,843 | ) | $ | (18,035,397 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
TAX-AWARE OVERLAY N PORTFOLIO | ||||||||||||||||||||
SHARES | AMOUNT | |||||||||||||||||||
SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | SIX MONTHS ENDED 3/31/23 (UNAUDITED) | YEAR ENDED 9/30/22 | |||||||||||||||||
Class 1 Shares |
| |||||||||||||||||||
Shares sold | 591,863 | 1,130,667 | $ | 5,961,975 | $ | 12,386,714 | ||||||||||||||
Shares issued on reinvestment of dividends and distributions | 345,877 | 1,555,650 | 3,482,979 | 18,154,440 | ||||||||||||||||
Shares redeemed | (4,714,426 | ) | (5,060,445 | ) | (47,499,243 | ) | (55,112,991 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (3,776,686 | ) | (2,374,128 | ) | $ | (38,054,289 | ) | $ | (24,571,837 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Class 2 Shares |
| |||||||||||||||||||
Shares sold | 82,433 | 291,531 | $ | 829,168 | $ | 3,332,167 | ||||||||||||||
Shares issued on reinvestment of dividends and distributions | 57,483 | 343,776 | 579,434 | 4,015,302 | ||||||||||||||||
Shares redeemed | (1,248,749 | ) | (1,795,974 | ) | (12,564,672 | ) | (19,448,344 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (1,108,833 | ) | (1,160,667 | ) | $ | (11,156,070 | ) | $ | (12,100,875 | ) | ||||||||||
|
|
|
|
|
|
|
|
NOTE 7. | Recent Accounting Pronouncements |
In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.
2023 Semi-Annual Report | 163 |
Table of Contents
Notes to Financial Statements (continued)
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.
164 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Sanford C. Bernstein Fund, Inc.—Overlay Portfolios
BOARDOF DIRECTORS
Debra Perry*
Chair
R. Jay Gerken*
Director
Jeffrey R. Holland*
Director
William Kristol*
Director
Michelle McCloskey*
Director
Donald K. Peterson*
Director
OFFICERS
Alex Chaloff
President
Alexander Barenboym(1)
Vice President
Daniel J. Loewy(1)
Vice President
Caglasu Altunkopru(1)
Vice President
Nancy E. Hay
Secretary
Michael B. Reyes
Senior Vice President
Joseph J. Mantineo
Treasurer and Chief Financial Officer
Phyllis J. Clarke
Controller
Jennifer Friedland
Chief Compliance Officer
INDEPENDENT REGISTEREDPUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP
300 Madison Avenue
New York, New York 10017
LEGAL COUNSEL
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, New York 10019
CUSTODIANAND ACCOUNTING AGENT
State Street Bank and Trust Company
State Street Corporation CCB/5
One Congress Street, Suite 1
Boston, MA 02114
TRANSFER AGENT
DST Asset Manager Solutions
2000 Crown Colony Drive
Quincy, MA 02169
INVESTMENT ADVISER
AllianceBernstein L.P.
501 Commerce Street
Nashville, TN 37203
* | Member of the Audit Committee, the Governance, Nominating and Compensation Committee, and the Independent Directors Committee. |
(1) | The day-to-day management of, and investment decisions for, the Overlay Portfolios are made by the Asset Allocation Team. Messrs. Barenboym and Loewy and Ms. Altunkopru are the investment professionals with the most significant responsibility for the day-to-day management of the Funds’ portfolios. |
2023 Semi-Annual Report | 165 |
Table of Contents
Operation and Effectiveness of the Portfolios’ Liquidity Risk Management Program:
In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.
One of the requirements of the Liquidity Rule is for the Portfolios to designate an Administrator of the Portfolios’ Liquidity Risk Management Program. The Administrator of the Portfolios’ LRMP is AllianceBernstein L.P., the Portfolios’ investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).
Another requirement of the Liquidity Rule is for the Portfolios’ Board of Directors (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolios’ LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2023, which covered the period January 1, 2022 through December 31, 2022 (the “Program Reporting Period”).
The LRMP’s principal objectives include supporting the Portfolios’ compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolios will be unable to meet their redemption obligations in a timely manner.
Pursuant to the LRMP, the Portfolios classify the liquidity of their portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.
During the Program Reporting Period, the Committee reviewed whether the Portfolios’ strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolios participated in derivative transactions, the exposure from such transactions were considered in the LRMP.
The Committee also performed an analysis to determine whether the Portfolios are required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolios’ reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.
The Adviser informed the Fund Board that the Committee believes the Portfolios’ LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Portfolios or their ability to timely meet redemptions during the Program Reporting Period.
166 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
Board Consideration of Investment Management Arrangement
Sanford C. Bernstein Fund, Inc. (the “Fund”) is subject to Section 15 of the Investment Company Act of 1940, as amended. Section 15 provides that any investment advisory agreement with a registered investment company such as the Fund may continue in effect for a period of more than two years from the date of its execution, only so long as such continuance is specifically approved at least annually by the board of directors (or by vote of a majority of the outstanding voting securities of the investment company). Pursuant to this requirement, the Fund’s Board of Directors, including the Directors who are not interested persons of the Fund (the “Independent Directors”), unanimously approved the continuation of the Investment Management Agreement between the Fund, on behalf of the Emerging Markets, Short Duration Diversified Municipal, New York Municipal, California Municipal, Diversified Municipal, Short Duration Plus, Intermediate Duration, Overlay A, Tax-Aware Overlay A, Overlay B, Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios (each, a “Portfolio” and collectively, the “Portfolios”) of the Fund, and AllianceBernstein L.P. (the “Adviser”)( the “Investment Management Agreement”) at a meeting held on October 26-27, 2022.
The following discussion describes the considerations in connection with the Board’s review of the Investment Management Agreement.
In connection with the annual review of the continuation of the Investment Management Agreement between the Fund and the Adviser, counsel to the Independent Directors sent a letter to the Adviser dated August 10, 2022, that contained a list of information requested by the Independent Directors to conduct their annual review. The Board of Directors, including the Independent Directors, met by video conference and received and evaluated extensive materials relating to the continuation of the Investment Management Agreement from the Adviser. In addition, the Board received materials from the Senior Vice president of the Fund and an independent fee consultant as described below. On September 29, 2022, the Board of Directors held a video conference meeting to discuss its review of the Investment Management Agreement and the materials the Directors had been provided. At that meeting, the Independent Directors met separately with their independent counsel and the Senior Vice President and the independent fee consultant in executive sessions. Following the September 29, 2022 meeting, the Independent Directors, through counsel, requested certain additional information by means of an email from their independent counsel dated October 6, 2022, and the Adviser provided certain additional information by means of a memorandum dated October 19, 2022. On October 26-27, 2022, the Board of Directors held a meeting to continue their review of the Investment Management Agreement. During this meeting, the Adviser provided further information requested by the Independent Directors relating to contract renewal, and the Independent Directors also met separately with counsel to the Independent Directors as well as the Senior Vice President to review the contract renewal materials provided by the Adviser and the materials prepared by the Senior Vice President. At the conclusion of this meeting, the Board approved the continuation of the Investment Management Agreement for an additional annual term as described below.
In approving the Investment Management Agreement, the Board, including the Independent Directors, considered all information it deemed reasonably necessary to evaluate the terms of the Investment Management Agreement and considered whether the Agreement would be in the best interests of the Fund. In particular, the Board considered the information that was provided to them by the Adviser in response to their requests, as well as information prepared by the Senior Vice President and the independent fee consultant at the request of the Board. The Fund’s Senior Vice President assists the Board (as well as the boards of other funds sponsored by the Adviser) in evaluating investment management agreements and certain other plans and agreements pursuant to which the Adviser or its affiliates provide services to the Funds. The Board also considered other information provided to the Board in connection with the September 29, 2022 and October 26-27, 2022 meetings and throughout the past year.
The information considered by the Board included information with respect to the nature, extent and quality of services provided, investment performance, fees and expenses, profitability, economies of scale, and fall-out benefits and other revenue.
In the Board’s consideration of the factors discussed below, no single factor was considered in isolation or to be determinative to the decision of the Board to approve the Investment Management Agreement. Rather, the Board concluded, in light of a weighing and balancing of all factors considered and in the exercise of the Directors’ business judgment, that it was in the best interests of the Fund to approve the Investment Management Agreement including the fees to be charged for services thereunder, as summarized below.
2023 Semi-Annual Report | 167 |
Table of Contents
Board Consideration of Investment Management Arrangement (continued)
Fees and Expenses
The Board, including the Independent Directors, compared the fees and expense ratios of each Portfolio (before and after any fee waivers and expense reimbursements) against fees and expense ratios of a peer group of funds with similar investment objectives (“peer group”). Both the peer group and the funds within the peer group, with respect to the fee and expense data, were available from Strategic Insight, an independent provider of investment company data. The Senior Vice President also performed analyses of the advisory fees, and compared such analyses to the Portfolios’ peer groups. In addition, the Board received and considered information from an independent fee consultant regarding the fees and expenses of the Portfolios as well as their investment performance.
The Board also received and considered information about the services rendered, and the fee rates charged, to other clients advised by the Adviser, including information about any recent advisory fee changes with respect to other investment companies advised by the Adviser. The Board noted the differences between the services provided to the Portfolios in comparison to those provided to other types of clients, including institutional clients and other investment companies for which the Adviser acted as investment adviser or subadviser, and the differences in the entrepreneurial and other risks borne by the Adviser in serving the Portfolios compared to other types of clients.
The Board noted that the Adviser had elected to discontinue its voluntary waiver of the 0.10% shareholder servicing fee for the private client class of the Short Duration Plus Portfolio and the Short Duration Diversified Municipal Portfolio, during the next term of the shareholder servicing agreement. In that regard, the Board considered that the increasing interest rate environment had increased yields available in the marketplace on short-term investments, and that the Adviser indicated that the waivers were no longer necessary to maintain positive performance. The Board further considered that the total expense ratios of the Portfolios remained below the median of the peer group after removal of the waiver, and the Board reviewed materials estimating the impact of the removal of the waiver on the performance of the Portfolios.
The Board also noted that the Adviser had recently modified the advisory fee schedule of the Overlay A and Tax-Aware Overlay Portfolios by reducing the level where each Portfolio reaches its first breakpoint, and adding a new breakpoint on assets over $5 billion. With respect to the advisory fees charged to the Overlay Portfolios, the Directors noted that the Portfolios are intended to have an impact on a private client’s entire account, rather than just an impact at the Portfolio level.
On the basis of its review and consideration of the fees as described above and the Board’s consideration of the other factors described below, and in light of the Adviser’s implementation of certain fee waivers and/or expense caps for certain Portfolios, the Board concluded that the contractual advisory fees as proposed were reasonable.
Nature, Extent and Quality of Services Provided
The Board, including the Independent Directors, considered the nature, quality and extent of services performed by the Adviser and its affiliates gained from their experience as Directors of the Fund, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, and the Adviser’s initiative in identifying and raising potential issues with the Directors. The Board also considered the Adviser’s responsiveness, frankness and attention to concerns raised by the Directors from time to time, including the Adviser’s willingness to consider and implement organizational and other changes designed to improve investment results and the services provided to the Portfolios. The Board also considered the scope and quality of the Adviser’s investment management capabilities, other resources dedicated to performing its services, the quality of its compliance, administrative and other services provided to the Portfolios and the background and experience of the Adviser’s senior management. The Board reviewed the qualifications, backgrounds and responsibilities of the investment staff primarily responsible for day-to-day portfolio management services for each Portfolio and noted the Adviser’s commitment to strong research and investment management capabilities throughout changing market environments. The Board reviewed the compliance and administrative services of the Adviser that support the investment advisory services provided to the Portfolios.
In considering the nature and quality of the services provided by the Adviser, the Board, including the Independent Directors, received and considered information about each Portfolio’s investment performance, as well as the performance of its peer group and the performance of an appropriate benchmark index. The Board was provided with performance data versus each Portfolio’s peer group, for the 1-year, 3-year, 5-year and 10-year periods, as applicable, ended July 31, 2022 and versus each Portfolio’s benchmark index, for the relevant periods, as well as the most recently
168 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
available Morningstar rating for those Portfolios with an available rating. The Board also received certain updated performance information as of September 30, 2022. In addition, the Directors considered information showing performance compared to peer groups and benchmarks for rolling calendar year periods and the year to date. The Directors also receive detailed comparative performance information for the Portfolios at each regular Board meeting during the year. The Board recognized that the benchmark indices do not account for fees and expenses incurred by a fund, including the Portfolios. The Directors also considered how peer groups have changed over time and how comparisons may differ depending upon the selection of the peer groups or benchmark indices.
The Directors noted the complexity of the Overlay Portfolios, in particular the complexity of managing the globally diversified set of asset classes and derivatives in which the Overlay Portfolios can invest as well as the complexity of dynamically allocating assets through the Overlay Portfolios among various asset classes as economic and market conditions change in seeking to provide the desired risk/return trade-off for their investors in light of their overall portfolios (and not just their investment in the Overlay Portfolios themselves). In considering the performance of the Overlay Portfolios, the Board reviewed the performance of the Overlay Portfolios’ dynamic asset allocation component and the impact of that component in the recent volatile market environment. The Board considered the Adviser’s continued research efforts to enhance the dynamic asset allocation component utilized by the Overlay Portfolios. The Board further acknowledged the difficulty in selecting relevant peer groups for the Overlay Portfolios because of their unique structure and noted that the Overlay A Portfolio and Tax-Aware Overlay A Portfolio held higher percentages of equities and international equities than the funds in their relevant peer groups.
In evaluating the performance of the Portfolios that invest primarily in fixed-income securities, the Directors considered whether those Portfolios may have incurred less credit risk or interest rate risk, or both, in relation to their peer groups and benchmark indices. The Directors also noted the Adviser’s explanation that certain Portfolios are designed to maintain higher credit quality and a more conservative approach versus the funds in their relevant peer groups, and that as a result of a lower risk profile, those Portfolios have underperformed the peer group during periods when riskier assets have outperformed.
Where the Portfolios had underperformed their peer groups or benchmark indices, the Directors considered the Adviser’s explanations for performance and, as applicable, measures the Adviser had taken or proposed to take to improve performance, including enhancements to portfolio management models. The Directors noted generally the Adviser’s continued efforts to enhance the services provided to the Portfolios. The Directors also noted that they would continue to monitor investment performance closely.
The Board concluded that the Adviser had the experience and resources necessary to provide services of appropriate nature, quality and scope with respect to the Portfolios.
Profitability
The Board, including the Independent Directors, considered the level of the Adviser’s profits in respect of its management of the respective Portfolios. The materials provided to the Independent Directors included information indicating the profitability of the Portfolios to the Adviser for calendar years 2020 and 2021, which had been reviewed by an independent consultant. The Directors reviewed the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data, noting that the methodology was consistent with the Adviser’s internal financial reporting. The Directors acknowledged that there are many potentially acceptable allocation methodologies for cost allocation, and that in certain cases the selected allocation methodology may not capture all costs borne by the Adviser with respect to a Portfolio. The Directors noted that they received information regarding all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to the Adviser’s subsidiaries that provide transfer agency and distribution services to the Fund, and that they had focused on profitability before taxes and distribution expenses. The Board further considered materials provided by the Adviser estimating the profitability of the Short Duration Plus Portfolio and the Short Duration Diversified Municipal Portfolio to the Adviser after the termination of the voluntary waiver in effect for the Portfolios. The Directors reviewed comparative information regarding profitability for other publicly-traded advisers, recognizing that it is difficult to make comparisons of profitability among different investment advisers because only limited comparative information is publicly available and the comparisons are affected by numerous factors including different business mixes.
2023 Semi-Annual Report | 169 |
Table of Contents
Board Consideration of Investment Management Arrangement (continued)
After reviewing all relevant factors, the Directors, including the Independent Directors, concluded that the levels of the Adviser’s profits in respect of its management of the Portfolios were not excessive.
Economies of Scale
The Board, including the Independent Directors, considered whether there have been economies of scale in respect of the management of the Portfolios, whether the Portfolios have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Directors discussed possible ways in which any such economies of scale may be shared with the Portfolios, including by investment in enhanced services.
The Directors also considered the Senior Vice President materials which they received in connection with the review of the Investment Management Agreement, which included information reflecting changes in asset levels of the Portfolios and in the profitability of the Adviser over various periods.
After reviewing the profitability and economies of scale information provided by the Adviser, the Board concluded that the benefits of any economies of scale were appropriately being shared with Portfolio investors by way of, among other things and as applicable, establishing advisory fees at levels that contemplated future achievement of scale, 2018 fee reductions for the Short Duration Diversified Municipal, Short Duration Plus, Intermediate Duration, and Emerging Markets Portfolios, breakpoint arrangements including the lowering of the first breakpoint and the addition of a new breakpoint in the advisory fee schedule for the Overlay A and Tax-Aware Overlay A Portfolios as well as other recently adopted or modified breakpoints for certain Portfolios, expense caps and waivers applying to select Portfolios, and the Adviser’s continued reinvestment in the business, including by researching and implementing new product enhancements. The Directors also noted that they would continue to monitor the growth of the Portfolios.
Fall-Out Benefits and Other Revenue
The Board, including the Independent Directors, also took into account so-called “fall-out benefits” to the Adviser, such as soft dollar arrangements (whereby the Adviser receives the benefit of research services from many of the brokers and dealers that execute purchases and sales of securities on behalf of its clients on an agency basis), Rule 12b-1 fees and sales charges received by the principal underwriter (which is a wholly owned subsidiary of the Adviser) with respect to the retail share classes of certain Portfolios, and transfer agency fees paid by the retail share classes of certain Portfolios to a wholly-owned subsidiary of the Adviser. The Directors recognized that the Adviser’s profitability would be lower without these benefits. They also considered other benefits potentially derived from an increase in the Adviser’s business as a result of its relationship with the Fund. The Directors concluded that these fall-out benefits to the Adviser were acceptable.
Advisory Fee Rate Schedule
On the basis of the information considered, the Board determined to approve the continuation of the Investment Management Agreement for an additional annual term, without change to the Portfolios’ contractual fee schedules, as set forth below.
PORTFOLIO | ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO | |
Short Duration Diversified Municipal | 0.30% of the first $750 million; 0.25% of assets in excess of $750 million. | |
Short Duration Plus | 0.35% of the first $750 million; 0.30% of assets in excess of $750 million. | |
New York Municipal | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion. | |
170 | Sanford C. Bernstein Fund, Inc. |
Table of Contents
PORTFOLIO | ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO | |
California Municipal | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion. | |
Diversified Municipal | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% in excess of $5 billion up to, but not exceeding $7 billion; 0.225% of assets in excess of $7 billion. | |
Intermediate Duration | 0.45% on the first $2.5 billion; 0.40% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.35% in excess of $5 billion up to, but not exceeding $8 billion; 0.30% of assets in excess of $8 billion. | |
Emerging Markets | 0.95% of the first $2.5 billion; 0.90% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. | |
Overlay A | 0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. | |
Tax-Aware Overlay A | 0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. | |
Overlay B | 0.65% of assets. | |
Tax-Aware Overlay B | 0.65% of assets. | |
Tax-Aware Overlay C | 0.65% of assets. | |
Tax-Aware Overlay N | 0.65% of assets. |
2023 Semi-Annual Report | 171 |
Table of Contents
Distributor
SANFORD C. BERNSTEIN FUND, INC.
1345 AVENUEOFTHE AMERICAS, NEW YORK, NY 10105
(212) 756-4097
SCBII-1947-0323
Table of Contents
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 to the registrant.
ITEM 6. INVESTMENTS.
Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the registrant.
ITEM 10. 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.
Table of Contents
ITEM 11. 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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 13. EXHIBITS.
The following exhibits are attached to this Form N-CSR:
Table of Contents
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 29, 2023 |
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 29, 2023 | ||
By: | /s/ Joseph J. Mantineo | |
Joseph J. Mantineo | ||
Treasurer and Chief Financial Officer | ||
Date: May 29, 2023 |