Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Overlay A Portfolio
December 31, 2021 (unaudited)
Company | Shares | U.S. $ Value | ||||||
COMMON STOCKS – 51.1% | ||||||||
Information Technology – 14.0% | ||||||||
Communications Equipment – 0.1% | ||||||||
Ciena Corp.(a) | 7,770 | $ | 598,057 | |||||
Lumentum Holdings, Inc.(a) | 7,720 | 816,544 | ||||||
|
| |||||||
1,414,601 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components – 0.5% | ||||||||
Avnet, Inc. | 18,130 | 747,500 | ||||||
Belden, Inc. | 10,833 | 712,053 | ||||||
CDW Corp./DE | 35,978 | 7,367,575 | ||||||
Cognex Corp. | 9,080 | 706,061 | ||||||
Littelfuse, Inc. | 1,930 | 607,332 | ||||||
Novanta, Inc.(a) | 4,020 | 708,846 | ||||||
|
| |||||||
10,849,367 | ||||||||
|
| |||||||
IT Services – 2.4% | ||||||||
DigitaloOean Holdings, Inc.(a) | 4,293 | 344,857 | ||||||
FleetCor Technologies, Inc.(a) | 17,951 | 4,018,152 | ||||||
Flywire Corp.(a) | 10,861 | 413,370 | ||||||
Genpact Ltd. | 158,376 | 8,406,598 | ||||||
MongoDB, Inc.(a) | 2,120 | 1,122,222 | ||||||
PayPal Holdings, Inc.(a) | 40,405 | 7,619,575 | ||||||
Shift4 Payments, Inc. - Class A(a) | 8,078 | 467,958 | ||||||
Visa, Inc. - Class A | 111,385 | 24,138,243 | ||||||
|
| |||||||
46,530,975 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment – 2.9% | ||||||||
Analog Devices, Inc. | 25,599 | 4,499,536 | ||||||
Entegris, Inc. | 5,478 | 759,141 | ||||||
KLA Corp. | 13,973 | 6,009,927 | ||||||
Kulicke & Soffa Industries, Inc. | 8,846 | 535,537 | ||||||
Lattice Semiconductor Corp.(a) | 11,115 | 856,522 | ||||||
MACOM Technology Solutions Holdings, Inc.(a) | 10,048 | 786,759 | ||||||
MaxLinear, Inc. - Class A(a) | 4,182 | 315,281 | ||||||
Monolithic Power Systems, Inc. | 1,790 | 883,061 | ||||||
NVIDIA Corp. | 53,912 | 15,856,058 | ||||||
NXP Semiconductors NV | 44,641 | 10,168,327 | ||||||
ON Semiconductor Corp.(a) | 26,546 | 1,803,004 | ||||||
QUALCOMM, Inc. | 70,594 | 12,909,525 | ||||||
Synaptics, Inc.(a) | 2,406 | 696,561 | ||||||
Wolfspeed, Inc.(a) | 4,170 | 466,081 | ||||||
|
| |||||||
56,545,320 | ||||||||
|
| |||||||
Software – 5.6% | ||||||||
ACI Worldwide, Inc.(a) | 15,560 | 539,932 | ||||||
Adobe, Inc.(a) | 18,145 | 10,289,304 | ||||||
Avalara, Inc.(a) | 5,612 | 724,565 | ||||||
Citrix Systems, Inc. | 60,120 | 5,686,751 | ||||||
CommVault Systems, Inc.(a) | 8,890 | 612,699 | ||||||
Freshworks, Inc.(a) | 18,391 | 482,948 | ||||||
HashiCorp, Inc.(a) | 3,914 | 356,330 | ||||||
Manhattan Associates, Inc.(a) | 5,261 | 818,033 |
1
Company | Shares | U.S. $ Value | ||||||
Microsoft Corp.(b) | 208,801 | $ | 70,223,952 | |||||
Monday.com Ltd.(a) | 1,499 | 462,771 | ||||||
NortonLifeLock, Inc. | 359,635 | 9,343,317 | ||||||
Oracle Corp.(b) | 92,360 | 8,054,716 | ||||||
Samsara, Inc.(a) | 15,137 | 425,501 | ||||||
Smartsheet, Inc. - Class A(a) | 7,355 | 569,645 | ||||||
Varonis Systems, Inc.(a) | 11,104 | 541,653 | ||||||
|
| |||||||
109,132,117 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals – 2.5% | ||||||||
Apple, Inc. | 233,043 | 41,381,446 | ||||||
Change Healthcare, Inc.(a) | 31,380 | 670,904 | ||||||
Western Digital Corp.(a) | 113,242 | 7,384,511 | ||||||
|
| |||||||
49,436,861 | ||||||||
|
| |||||||
273,909,241 | ||||||||
|
| |||||||
Consumer Discretionary – 7.0% | ||||||||
Auto Components – 0.4% | ||||||||
Dana, Inc. | 18,552 | 423,356 | ||||||
Goodyear Tire & Rubber Co. (The)(a) | 306,462 | 6,533,770 | ||||||
Lear Corp. | 2,856 | 522,505 | ||||||
|
| |||||||
7,479,631 | ||||||||
|
| |||||||
Automobiles – 0.4% | ||||||||
Stellantis NV | 391,238 | 7,339,625 | ||||||
|
| |||||||
Distributors – 0.1% | ||||||||
Pool Corp. | 1,910 | 1,081,060 | ||||||
|
| |||||||
Diversified Consumer Services – 0.1% | ||||||||
Chegg, Inc.(a) | 60,460 | 1,856,122 | ||||||
Houghton Mifflin Harcourt Co.(a) | 25,452 | 409,777 | ||||||
Mister Car Wash, Inc.(a) | 27,265 | 496,496 | ||||||
|
| |||||||
2,762,395 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure – 0.2% | ||||||||
Dine Brands Global, Inc. | 9,430 | 714,888 | ||||||
Dutch Bros, Inc.(a) | 5,105 | 259,896 | ||||||
Hilton Grand Vacations, Inc.(a) | 10,580 | 551,324 | ||||||
Papa John’s International, Inc. | 5,800 | 774,126 | ||||||
Planet Fitness, Inc.(a) | 8,414 | 762,140 | ||||||
Portillo’s, Inc.(a) | 6,750 | 253,395 | ||||||
Scientific Games Corp./DE - Class A(a) | 7,600 | 507,908 | ||||||
Vail Resorts, Inc. | 2,770 | 908,283 | ||||||
|
| |||||||
4,731,960 | ||||||||
|
| |||||||
Household Durables – 0.2% | ||||||||
KB Home | 15,940 | 712,996 | ||||||
NVR, Inc.(a) | 121 | 714,973 | ||||||
PulteGroup, Inc. | 17,520 | 1,001,443 | ||||||
Taylor Morrison Home Corp. - Class A(a) | 14,643 | 511,919 | ||||||
Tempur Sealy International, Inc. | 18,282 | 859,803 | ||||||
TopBuild Corp.(a) | 2,727 | 752,407 | ||||||
|
| |||||||
4,553,541 | ||||||||
|
|
2
Company | Shares | U.S. $ Value | ||||||
Internet & Direct Marketing Retail – 2.1% | ||||||||
Amazon.com, Inc.(a) (b) | 9,622 | $ | 32,083,019 | |||||
eBay, Inc. | 96,445 | 6,413,593 | ||||||
Etsy, Inc.(a) | 15,937 | 3,489,247 | ||||||
|
| |||||||
41,985,859 | ||||||||
|
| |||||||
Leisure Products – 0.1% | ||||||||
Brunswick Corp.,/DE | 3,176 | 319,918 | ||||||
Latham Group, Inc.(a) | 20,386 | 510,262 | ||||||
|
| |||||||
830,180 | ||||||||
|
| |||||||
Specialty Retail – 2.4% | ||||||||
AutoZone, Inc.(a) | 5,292 | 11,094,096 | ||||||
Dynatrace, Inc.(a) | 11,100 | 669,885 | ||||||
Five Below, Inc.(a) | 3,948 | 816,802 | ||||||
Floor & Decor Holdings, Inc. - Class A(a) | 6,830 | 887,968 | ||||||
Home Depot, Inc. (The) | 57,547 | 23,882,580 | ||||||
Lithia Motors, Inc. - Class A | 1,905 | 565,690 | ||||||
National Vision Holdings, Inc.(a) | 12,376 | 593,924 | ||||||
Sally Beauty Holdings, Inc.(a) | 30,570 | 564,322 | ||||||
TJX Cos., Inc. (The) | 83,642 | 6,350,101 | ||||||
Williams-Sonoma, Inc. | 3,885 | 657,070 | ||||||
|
| |||||||
46,082,438 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods – 1.0% | ||||||||
Carter’s, Inc. | 8,860 | 896,809 | ||||||
Deckers Outdoor Corp.(a) | 11,198 | 4,101,940 | ||||||
Kontoor Brands, Inc. | 9,760 | 500,200 | ||||||
NIKE, Inc. - Class B | 81,978 | 13,663,273 | ||||||
Ralph Lauren Corp. | 6,220 | 739,309 | ||||||
Tapestry, Inc. | 13,050 | 529,830 | ||||||
|
| |||||||
20,431,361 | ||||||||
|
| |||||||
137,278,050 | ||||||||
|
| |||||||
Health Care – 6.7% | ||||||||
Biotechnology – 0.9% | ||||||||
ADC Therapeutics SA(a) | 7,783 | 157,217 | ||||||
Arrowhead Pharmaceuticals, Inc.(a) | 5,340 | 354,042 | ||||||
Ascendis Pharma A/S (Sponsored ADR)(a) | 2,073 | 278,881 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.(a) | 2,548 | 351,140 | ||||||
Blueprint Medicines Corp.(a) | 3,506 | 375,528 | ||||||
Coherus Biosciences, Inc.(a) | 15,625 | 249,375 | ||||||
Erasca, Inc.(a) | 9,287 | 144,691 | ||||||
Instil Bio, Inc.(a) | 12,805 | 219,093 | ||||||
Intellia Therapeutics, Inc.(a) | 3,170 | 374,821 | ||||||
Legend Biotech Corp. (ADR)(a) | 5,979 | 278,681 | ||||||
Regeneron Pharmaceuticals, Inc.(a) | 8,890 | 5,614,213 | ||||||
Turning Point Therapeutics, Inc. - Class I(a) | 5,266 | 251,188 |
3
Company | Shares | U.S. $ Value | ||||||
Ultragenyx Pharmaceutical, Inc.(a) | 4,043 | $ | 339,976 | |||||
Vertex Pharmaceuticals, Inc.(a) | 36,976 | 8,119,929 | ||||||
Vir Biotechnology, Inc.(a) | 6,660 | 278,854 | ||||||
|
| |||||||
17,387,629 | ||||||||
|
| |||||||
Health Care Equipment & Supplies – 1.8% | ||||||||
Align Technology, Inc.(a) | 10,085 | 6,627,660 | ||||||
AtriCure, Inc.(a) | 9,530 | 662,621 | ||||||
Edwards Lifesciences Corp.(a) | 65,557 | 8,492,909 | ||||||
Insulet Corp.(a) | 1,805 | 480,256 | ||||||
Integra LifeSciences Holdings Corp.(a) | 10,610 | 710,764 | ||||||
Medtronic PLC | 118,866 | 12,296,688 | ||||||
Silk Road Medical, Inc.(a) | 8,335 | 355,154 | ||||||
Zimmer Biomet Holdings, Inc. | 50,334 | 6,394,432 | ||||||
|
| |||||||
36,020,484 | ||||||||
|
| |||||||
Health Care Providers & Services – 2.3% | ||||||||
Acadia Healthcare Co., Inc.(a) | 13,190 | 800,633 | ||||||
Alignment Healthcare, Inc.(a) | 26,964 | 379,114 | ||||||
Anthem, Inc. | 24,966 | 11,572,740 | ||||||
Guardant Health, Inc.(a) | 4,419 | 441,988 | ||||||
LianBio (ADR)(a) | 8,273 | 50,962 | ||||||
MEDNAX, Inc.(a) | 34,560 | 940,378 | ||||||
UnitedHealth Group, Inc. | 60,104 | 30,180,622 | ||||||
|
| |||||||
44,366,437 | ||||||||
|
| |||||||
Life Sciences Tools & Services – 0.1% | ||||||||
10X Genomics, Inc.(a) | 4,804 | 715,604 | ||||||
ICON PLC(a) | 2,411 | 746,687 | ||||||
Repligen Corp.(a) | 3,291 | 871,588 | ||||||
Syneos Health, Inc.(a) | 7,970 | 818,360 | ||||||
|
| |||||||
3,152,239 | ||||||||
|
| |||||||
Pharmaceuticals – 1.6% | ||||||||
Johnson & Johnson | 33,623 | 5,751,887 | ||||||
Roche Holding AG (Sponsored ADR) | 278,962 | 14,419,546 | ||||||
Zoetis, Inc. | 44,676 | 10,902,284 | ||||||
|
| |||||||
31,073,717 | ||||||||
|
| |||||||
132,000,506 | ||||||||
|
| |||||||
Communication Services – 5.8% | ||||||||
Diversified Telecommunication Services – 0.7% | ||||||||
Comcast Corp. - Class A | 268,649 | 13,521,104 | ||||||
|
| |||||||
Entertainment – 0.6% | ||||||||
Electronic Arts, Inc. | 34,033 | 4,488,953 | ||||||
Take-Two Interactive Software, Inc.(a) | 41,802 | 7,429,051 | ||||||
|
| |||||||
11,918,004 | ||||||||
|
|
4
Company | Shares | U.S. $ Value | ||||||
Interactive Media & Services – 4.0% | ||||||||
Alphabet, Inc. - Class C(a) | 17,184 | $ | 49,723,451 | |||||
Meta Platforms, Inc. - Class A(a) | 86,367 | 29,049,540 | ||||||
|
| |||||||
78,772,991 | ||||||||
|
| |||||||
Media – 0.1% | ||||||||
Criteo SA (Sponsored ADR)(a) | 18,376 | 714,275 | ||||||
|
| |||||||
Wireless Telecommunication Services – 0.4% | ||||||||
T-Mobile US, Inc.(a) | 72,753 | 8,437,893 | ||||||
|
| |||||||
113,364,267 | ||||||||
|
| |||||||
Industrials – 5.4% | ||||||||
Aerospace & Defense – 0.7% | ||||||||
Axon Enterprise, Inc.(a) | 4,372 | 686,404 | ||||||
Howmet Aerospace, Inc. | 15,710 | 500,049 | ||||||
Raytheon Technologies Corp. | 133,322 | 11,473,691 | ||||||
Spirit AeroSystems Holdings, Inc. - Class A | 20,940 | 902,305 | ||||||
|
| |||||||
13,562,449 | ||||||||
|
| |||||||
Airlines – 0.0% | ||||||||
SkyWest, Inc.(a) | 15,832 | 622,198 | ||||||
|
| |||||||
Building Products – 0.1% | ||||||||
Armstrong World Industries, Inc. | 6,320 | 733,878 | ||||||
Masonite International Corp.(a) | 5,747 | 677,859 | ||||||
Trex Co., Inc.(a) | 6,294 | 849,879 | ||||||
|
| |||||||
2,261,616 | ||||||||
|
| |||||||
Commercial Services & Supplies – 0.1% | ||||||||
ADT, Inc. | 69,140 | 581,467 | ||||||
MillerKnoll, Inc. | 16,730 | 655,649 | ||||||
|
| |||||||
1,237,116 | ||||||||
|
| |||||||
Construction & Engineering – 0.6% | ||||||||
AECOM(a) | 135,056 | 10,446,582 | ||||||
Dycom Industries, Inc.(a) | 7,990 | 749,142 | ||||||
WillScot Mobile Mini Holdings Corp.(a) | 17,180 | 701,631 | ||||||
|
| |||||||
11,897,355 | ||||||||
|
| |||||||
Electrical Equipment – 1.2% | ||||||||
AMETEK, Inc. | 3,926 | 577,279 | ||||||
Eaton Corp. PLC | 69,396 | 11,993,017 | ||||||
Plug Power, Inc.(a) | 19,550 | 551,896 | ||||||
Regal Rexnord Corp. | 59,464 | 10,119,584 | ||||||
Sensata Technologies Holding PLC(a) | 2,773 | 171,066 | ||||||
|
| |||||||
23,412,842 | ||||||||
|
| |||||||
Machinery – 0.6% | ||||||||
Chart Industries, Inc.(a) | 3,430 | 547,051 | ||||||
Crane Co. | 4,876 | 496,036 | ||||||
Ingersoll Rand, Inc. | 10,970 | 678,714 | ||||||
ITT, Inc. | 5,980 | 611,096 | ||||||
Middleby Corp. (The)(a) | 3,470 | 682,757 | ||||||
Oshkosh Corp. | 66,348 | 7,478,083 | ||||||
Timken Co. (The) | 8,380 | 580,650 | ||||||
|
| |||||||
11,074,387 | ||||||||
|
|
5
Company | Shares | U.S. $ Value | ||||||
Marine – 0.0% | ||||||||
Kirby Corp.(a) | 4,675 | $ | 277,788 | |||||
|
| |||||||
Professional Services – 0.8% | ||||||||
Booz Allen Hamilton Holding Corp. | 70,295 | 5,960,313 | ||||||
Jacobs Engineering Group, Inc. | 3,700 | 515,151 | ||||||
Korn Ferry | 7,920 | 599,782 | ||||||
Robert Half International, Inc. | 74,625 | 8,322,180 | ||||||
|
| |||||||
15,397,426 | ||||||||
|
| |||||||
Road & Rail – 1.2% | ||||||||
CSX Corp. | 375,565 | 14,121,244 | ||||||
Knight-Swift Transportation Holdings, Inc. | 137,540 | 8,381,687 | ||||||
TFI International, Inc. | 5,460 | 612,121 | ||||||
|
| |||||||
23,115,052 | ||||||||
|
| |||||||
Trading Companies & Distributors – 0.1% | ||||||||
Applied Industrial Technologies, Inc. | 5,070 | 520,689 | ||||||
GATX Corp. | 3,790 | 394,880 | ||||||
Herc Holdings, Inc. | 5,970 | 934,604 | ||||||
SiteOne Landscape Supply, Inc.(a) | 3,230 | 782,564 | ||||||
|
| |||||||
2,632,737 | ||||||||
|
| |||||||
105,490,966 | ||||||||
|
| |||||||
Financials – 5.1% | ||||||||
Banks – 2.7% | ||||||||
Bank of America Corp. | 416,154 | 18,514,692 | ||||||
Citigroup, Inc. | 88,292 | 5,331,954 | ||||||
Comerica, Inc. | 10,430 | 907,410 | ||||||
First Citizens BancShares, Inc./NC - Class A | 1,110 | 921,123 | ||||||
First Hawaiian, Inc. | 24,460 | 668,492 | ||||||
Pinnacle Financial Partners, Inc. | 6,280 | 599,740 | ||||||
PNC Financial Services Group, Inc. (The) | 37,488 | 7,517,094 | ||||||
Signature Bank/New York NY | 2,090 | 676,052 | ||||||
SVB Financial Group(a) | 517 | 350,650 | ||||||
Synovus Financial Corp. | 16,074 | 769,462 | ||||||
Texas Capital Bancshares, Inc.(a) | 11,785 | 710,046 | ||||||
Umpqua Holdings Corp. | 26,258 | 505,204 | ||||||
Webster Financial Corp. | 13,422 | 749,485 | ||||||
Wells Fargo & Co. | 295,432 | 14,174,827 | ||||||
Wintrust Financial Corp. | 8,460 | 768,337 | ||||||
Zions Bancorp NA | 11,171 | 705,560 | ||||||
|
| |||||||
53,870,128 | ||||||||
|
| |||||||
Capital Markets – 1.8% | ||||||||
Ares Management Corp. - Class A | 9,793 | 795,877 | ||||||
CME Group, Inc. - Class A | 26,571 | 6,070,411 | ||||||
Goldman Sachs Group, Inc. (The) | 48,760 | 18,653,138 | ||||||
LPL Financial Holdings, Inc. | 49,629 | 7,945,106 | ||||||
Moelis & Co. | 11,302 | 706,488 | ||||||
Stifel Financial Corp. | 9,645 | 679,201 | ||||||
|
| |||||||
34,850,221 | ||||||||
|
|
6
Company | Shares | U.S. $ Value | ||||||
Consumer Finance – 0.0% | ||||||||
Fisker, Inc.(a) | 14,130 | $ | 222,265 | |||||
|
| |||||||
Insurance – 0.6% | ||||||||
American Financial Group, Inc./OH | 5,442 | 747,296 | ||||||
Everest Re Group Ltd. | 1,960 | 536,883 | ||||||
Goosehead Insurance, Inc. - Class A | 2,730 | 355,118 | ||||||
Hanover Insurance Group, Inc. (The) | 4,820 | 631,709 | ||||||
Inari Medical, Inc.(a) | 7,728 | 705,335 | ||||||
Kemper Corp. | 2,945 | 173,137 | ||||||
Kinsale Capital Group, Inc. | 3,424 | 814,535 | ||||||
Progressive Corp. (The) | 62,890 | 6,455,659 | ||||||
Selective Insurance Group, Inc. | 6,444 | 528,021 | ||||||
|
| |||||||
10,947,693 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance – 0.0% | ||||||||
BankUnited, Inc. | 14,430 | 610,533 | ||||||
|
| |||||||
100,500,840 | ||||||||
|
| |||||||
Consumer Staples – 2.7% | ||||||||
Beverages – 0.9% | ||||||||
Coca-Cola Co., (The) | 185,650 | 10,992,336 | ||||||
Constellation Brands, Inc. - Class A | 22,444 | 5,632,771 | ||||||
|
| |||||||
16,625,107 | ||||||||
|
| |||||||
Food & Staples Retailing – 1.1% | ||||||||
Costco Wholesale Corp. | 12,412 | 7,046,293 | ||||||
Walmart, Inc. | 102,858 | 14,882,524 | ||||||
|
| |||||||
21,928,817 | ||||||||
|
| |||||||
Food Products – 0.1% | ||||||||
Freshpet, Inc.(a) | 3,515 | 334,874 | ||||||
Hain Celestial Group, Inc. (The)(a) | 20,187 | 860,168 | ||||||
Nomad Foods Ltd.(a) | 30,584 | 776,528 | ||||||
|
| |||||||
1,971,570 | ||||||||
|
| |||||||
Household Products – 0.6% | ||||||||
Procter & Gamble Co. (The)(b) | 72,378 | 11,839,593 | ||||||
|
| |||||||
52,365,087 | ||||||||
|
| |||||||
Real Estate – 1.6% | ||||||||
Diversified REITs – 0.0% | ||||||||
Broadstone Net Lease, Inc. | 20,080 | 498,386 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) – 1.6% | ||||||||
American Campus Communities, Inc. | 101,575 | 5,819,232 | ||||||
American Tower Corp. | 20,542 | 6,008,535 | ||||||
Camden Property Trust | 5,728 | 1,023,479 | ||||||
Cousins Properties, Inc. | 16,857 | 679,000 | ||||||
CubeSmart | 14,851 | 845,170 | ||||||
MGM Growth Properties LLC - Class A | 7,280 | 297,388 | ||||||
Mid-America Apartment Communities, Inc. | 28,280 | 6,488,563 | ||||||
Physicians Realty Trust | 44,336 | 834,847 | ||||||
Prologis, Inc. | 47,104 | 7,930,429 | ||||||
Safehold, Inc. | 6,450 | 515,033 | ||||||
STAG Industrial, Inc. | 15,100 | 724,196 | ||||||
|
| |||||||
31,165,872 | ||||||||
|
| |||||||
31,664,258 | ||||||||
|
|
7
Company | Shares | U.S. $ Value | ||||||
Utilities – 1.0% | ||||||||
Electric Utilities – 1.0% | ||||||||
American Electric Power Co., Inc. | 95,165 | $ | 8,466,830 | |||||
IDACORP, Inc. | 8,411 | 953,050 | ||||||
NextEra Energy, Inc. | 110,471 | 10,313,573 | ||||||
|
| |||||||
19,733,453 | ||||||||
|
| |||||||
Gas Utilities – 0.0% | ||||||||
Southwest Gas Holdings, Inc. | 6,760 | 473,538 | ||||||
|
| |||||||
20,206,991 | ||||||||
|
| |||||||
Energy – 1.0% | ||||||||
Energy Equipment & Services – 0.0% | ||||||||
Cactus, Inc. - Class A | 21,640 | 825,133 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels – 1.0% | ||||||||
Chevron Corp. | 74,515 | 8,744,335 | ||||||
Coterra Energy, Inc. | 38,599 | 733,381 | ||||||
EOG Resources, Inc. | 95,456 | 8,479,357 | ||||||
HollyFrontier Corp. | 20,105 | 659,042 | ||||||
Matador Resources Co. | 11,860 | 437,871 | ||||||
|
| |||||||
19,053,986 | ||||||||
|
| |||||||
19,879,119 | ||||||||
|
| |||||||
Materials – 0.8% | ||||||||
Chemicals – 0.6% | ||||||||
GCP Applied Technologies, Inc.(a) | 1,772 | 56,102 | ||||||
Innospec, Inc. | 4,320 | 390,269 | ||||||
Linde PLC | 30,669 | 10,624,662 | ||||||
Orion Engineered Carbons SA(a) | 22,745 | 417,598 | ||||||
Trinseo PLC | 8,755 | 459,287 | ||||||
|
| |||||||
11,947,918 | ||||||||
|
| |||||||
Containers & Packaging – 0.1% | ||||||||
Berry Global Group, Inc.(a) | 10,080 | 743,702 | ||||||
Sealed Air Corp. | 10,208 | 688,734 | ||||||
|
| |||||||
1,432,436 | ||||||||
|
| |||||||
Metals & Mining – 0.1% | ||||||||
Carpenter Technology Corp. | 18,511 | 540,336 | ||||||
Reliance Steel & Aluminum Co. | 4,513 | 732,099 | ||||||
|
| |||||||
1,272,435 | ||||||||
|
| |||||||
14,652,789 | ||||||||
|
| |||||||
Capital Goods – 0.0% | ||||||||
Electrical Components & Equipment – 0.0% | ||||||||
Vertiv Holdings Co. | 18,340 | 457,950 | ||||||
|
| |||||||
Total Common Stocks | 1,001,770,064 | |||||||
|
|
8
Company | Shares | U.S. $ Value | ||||||||||
INVESTMENT COMPANIES – 41.0% | ||||||||||||
Funds and Investment Trusts – 41.0%(c) (d) | ||||||||||||
AB All Market Real Return Portfolio - Class Z | 13,915,572 | $ | 134,841,897 | |||||||||
Bernstein Fund, Inc. - International Small Cap Portfolio - Class Z | 9,127,634 | 118,476,686 | ||||||||||
Bernstein Fund, Inc. - International Strategic Equities Portfolio - Class Z | 34,714,344 | 461,006,486 | ||||||||||
Bernstein Fund, Inc. - Small Cap Core Portfolio - Class Z | 2,551,203 | 38,982,379 | ||||||||||
Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio - Class Z | 1,689,709 | 50,961,628 | ||||||||||
|
| |||||||||||
Total Investment Companies | 804,269,076 | |||||||||||
|
| |||||||||||
Notional Amount | ||||||||||||
OPTIONS PURCHASED - PUTS – 1.2% | ||||||||||||
Options on Equity Indices – 1.2% | ||||||||||||
Euro STOXX 50 Index | EUR | 88,044,000 | 2,344,707 | |||||||||
FTSE 100 Index | GBP | 32,032,000 | 196,569 | |||||||||
FTSE 100 Index | GBP | 29,811,000 | 1,060,765 | |||||||||
Nikkei 225 Index | JPY | 7,291,000,000 | 1,937,697 | |||||||||
S&P 500 Index | USD | 669,240,000 | 18,697,625 | |||||||||
|
| |||||||||||
Total Options Purchased - Puts | 24,237,363 | |||||||||||
|
| |||||||||||
Shares | ||||||||||||
SHORT-TERM INVESTMENTS – 7.2% | ||||||||||||
Investment Companies – 7.2% | ||||||||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e) | 140,905,683 | 140,905,683 | ||||||||||
|
| |||||||||||
Total Investments – 100.5% | 1,971,182,186 | |||||||||||
Other assets less liabilities – (0.5)% | (9,588,827 | ) | ||||||||||
|
| |||||||||||
Net Assets – 100.0% | $ | 1,961,593,359 | ||||||||||
|
|
9
FUTURES
Description | Number of Contracts | Expiration Month | Current Notional | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||
Purchased Contracts | ||||||||||||||||
10 Yr Australian Bond Futures | 548 | March 2022 | $ | 55,485,652 | $ | 113,442 | ||||||||||
10 Yr Japan Bond (OSE) Futures | 106 | March 2022 | 139,689,994 | (485,800 | ) | |||||||||||
Euro Buxl 30 Yr Bond Futures | 27 | March 2022 | 6,355,082 | (317,261 | ) | |||||||||||
Euro STOXX 50 Index Futures | 2,132 | March 2022 | 104,069,681 | 2,522,930 | ||||||||||||
Euro-BOBL Futures | 66 | March 2022 | 10,011,783 | (84,983 | ) | |||||||||||
Euro-Bund Futures | 530 | March 2022 | 103,405,480 | (1,839,257 | ) | |||||||||||
FTSE 100 Index Futures | 346 | March 2022 | 34,300,364 | (253,216 | ) | |||||||||||
Long Gilt Futures | 481 | March 2022 | 81,317,085 | (1,038,035 | ) | |||||||||||
MSCI Singapore IX ETS Futures | 982 | January 2022 | 24,786,829 | 164,574 | ||||||||||||
Nikkei 225 (OSE) Futures | 51 | March 2022 | 12,759,976 | 111,357 | ||||||||||||
S&P 500 E-Mini Futures | 564 | March 2022 | 134,189,700 | 1,479,129 | ||||||||||||
TOPIX Index Futures | 319 | March 2022 | 55,241,937 | 202,528 | ||||||||||||
U.S. T-Note 2 Yr (CBT) Futures | 900 | March 2022 | 196,354,688 | (368,491 | ) | |||||||||||
U.S. T-Note 10 Yr (CBT) Futures | 3,188 | March 2022 | 415,934,375 | 3,402,900 | ||||||||||||
U.S. Ultra Bond (CBT) Futures | 490 | March 2022 | 96,591,250 | 1,308,232 | ||||||||||||
Sold Contracts | ||||||||||||||||
10 Yr Canadian Bond Futures | 10 | March 2022 | 1,127,475 | (21,597 | ) | |||||||||||
E-Mini Russell 2000 Futures | 201 | March 2022 | 22,540,140 | 248,792 | ||||||||||||
Hang Seng Index Futures | 228 | January 2022 | 34,285,308 | (424,037 | ) | |||||||||||
MSCI Emerging Markets Futures | 2,150 | March 2022 | 131,827,250 | (21,514 | ) | |||||||||||
OMXS 30 Index Futures | 1,260 | January 2022 | 33,733,815 | (124,193 | ) | |||||||||||
S&P 400 E-Mini Futures | 56 | March 2022 | 15,891,120 | (526,705 | ) | |||||||||||
S&P/TSX 60 Index Futures | 272 | March 2022 | 55,085,940 | (364,239 | ) | |||||||||||
SPI 200 Futures | 146 | March 2022 | 19,510,381 | 174,490 | ||||||||||||
|
| |||||||||||||||
$ | 3,859,046 | |||||||||||||||
|
|
FORWARD CURRENCY EXCHANGE CONTRACTS
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Settlement Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||
BNP Paribas SA | GBP | 23,283 | USD | 31,573 | 01/14/2022 | $ | 58,188 | |||||||||||||||||
BNP Paribas SA | USD | 510 | NOK | 4,348 | 01/20/2022 | (16,367 | ) | |||||||||||||||||
BNP Paribas SA | AUD | 41,101 | USD | 30,032 | 02/08/2022 | 125,687 | ||||||||||||||||||
Citibank, NA | NOK | 89,591 | USD | 9,855 | 01/20/2022 | (314,959 | ) | |||||||||||||||||
Citibank, NA | USD | 4,060 | SEK | 36,936 | 01/20/2022 | 28,434 | ||||||||||||||||||
Citibank, NA | EUR | 11,940 | USD | 13,811 | 02/10/2022 | 206,478 | ||||||||||||||||||
Citibank, NA | USD | 70,510 | CAD | 88,780 | 02/10/2022 | (328,687 | ) | |||||||||||||||||
Goldman Sachs Bank USA | GBP | 52,609 | USD | 69,756 | 01/14/2022 | (1,452,507 | ) | |||||||||||||||||
Goldman Sachs Bank USA | NOK | 114,431 | USD | 12,706 | 01/20/2022 | (283,870 | ) | |||||||||||||||||
Goldman Sachs Bank USA | SEK | 215,186 | USD | 23,769 | 01/20/2022 | (47,632 | ) | |||||||||||||||||
Goldman Sachs Bank USA | USD | 708 | SEK | 6,424 | 01/20/2022 | 3,187 | ||||||||||||||||||
Goldman Sachs Bank USA | USD | 27,649 | JPY | 3,152,262 | 02/09/2022 | (238,117 | ) | |||||||||||||||||
Goldman Sachs Bank USA | EUR | 20,374 | USD | 23,422 | 02/10/2022 | 208,238 | ||||||||||||||||||
HSBC Bank USA | CHF | 62,099 | USD | 67,661 | 01/13/2022 | (505,607 | ) | |||||||||||||||||
HSBC Bank USA | GBP | 21,975 | USD | 29,449 | 01/14/2022 | (294,582 | ) | |||||||||||||||||
HSBC Bank USA | SEK | 126,320 | USD | 14,474 | 01/20/2022 | 493,108 | ||||||||||||||||||
HSBC Bank USA | USD | 75,250 | NOK | 643,555 | 01/20/2022 | (2,194,295 | ) | |||||||||||||||||
HSBC Bank USA | USD | 931 | SEK | 8,123 | 01/20/2022 | (32,292 | ) | |||||||||||||||||
JPMorgan Chase Bank, NA | USD | 18,010 | SEK | 156,597 | 01/20/2022 | (678,247 | ) | |||||||||||||||||
Morgan Stanley & Co., Inc. | CHF | 50,070 | USD | 54,451 | 01/13/2022 | (511,474 | ) | |||||||||||||||||
Morgan Stanley & Co., Inc. | USD | 84,930 | CHF | 77,962 | 01/13/2022 | 649,553 | ||||||||||||||||||
Morgan Stanley & Co., Inc. | GBP | 38,740 | USD | 51,922 | 01/14/2022 | (513,216 | ) | |||||||||||||||||
Morgan Stanley & Co., Inc. | USD | 113,695 | GBP | 85,951 | 01/14/2022 | 2,641,689 |
10
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Settlement Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||
Morgan Stanley & Co., Inc. | NOK | 67,257 | USD | 7,942 | 01/20/2022 | $ | 307,108 | |||||||||||||||||
Morgan Stanley & Co., Inc. | NOK | 581,031 | USD | 64,724 | 01/20/2022 | (1,234,369 | ) | |||||||||||||||||
Morgan Stanley & Co., Inc. | NZD | 2,029 | USD | 1,407 | 01/20/2022 | 17,176 | ||||||||||||||||||
Morgan Stanley & Co., Inc. | NZD | 1,903 | USD | 1,294 | 01/20/2022 | (9,369 | ) | |||||||||||||||||
Morgan Stanley & Co., Inc. | SEK | 267,872 | USD | 31,023 | 01/20/2022 | 1,375,135 | ||||||||||||||||||
Morgan Stanley & Co., Inc. | USD | 28,829 | NOK | 250,252 | 01/20/2022 | (420,373 | ) | |||||||||||||||||
Morgan Stanley & Co., Inc. | USD | 70,144 | SEK | 635,286 | 01/20/2022 | 169,494 | ||||||||||||||||||
Morgan Stanley & Co., Inc. | USD | 82,046 | SEK | 727,819 | 01/20/2022 | (1,490,567 | ) | |||||||||||||||||
Morgan Stanley & Co., Inc. | AUD | 49,865 | USD | 36,676 | 02/08/2022 | 393,186 | ||||||||||||||||||
Morgan Stanley & Co., Inc. | AUD | 17,282 | USD | 12,361 | 02/08/2022 | (212,982 | ) | |||||||||||||||||
Morgan Stanley & Co., Inc. | USD | 14,335 | AUD | 19,831 | 02/08/2022 | 94,206 | ||||||||||||||||||
Morgan Stanley & Co., Inc. | JPY | 11,361,086 | USD | 99,567 | 02/09/2022 | 774,994 | ||||||||||||||||||
Morgan Stanley & Co., Inc. | USD | 15,313 | JPY | 1,726,374 | 02/09/2022 | (300,913 | ) | |||||||||||||||||
Morgan Stanley & Co., Inc. | CAD | 53,842 | USD | 42,630 | 02/10/2022 | 67,362 | ||||||||||||||||||
Morgan Stanley & Co., Inc. | EUR | 81,166 | USD | 92,139 | 02/10/2022 | (336,784 | ) | |||||||||||||||||
Morgan Stanley & Co., Inc. | USD | 58,341 | CAD | 74,461 | 02/10/2022 | 520,465 | ||||||||||||||||||
Morgan Stanley & Co., Inc. | USD | 53,338 | EUR | 47,012 | 02/10/2022 | 224,480 | ||||||||||||||||||
State Street Bank & Trust Co. | GBP | 168 | USD | 223 | 01/14/2022 | (3,318 | ) | |||||||||||||||||
State Street Bank & Trust Co. | USD | 222 | GBP | 168 | 01/14/2022 | 5,016 | ||||||||||||||||||
|
| |||||||||||||||||||||||
$ | (3,057,343 | ) | ||||||||||||||||||||||
|
|
PUT OPTIONS WRITTEN
Description | Counterparty | Contracts | Exercise Price | Expiration Month | Notional (000) | Premiums Received | U.S. $ Value | |||||||||||||||||||||||||
FTSE 100 Index(g) | UBS AG | 5,720 | GBP | 5,600.00 | April 2022 | GBP | 32,032 | $ | 832,104 | $ | (196,569 | ) |
TOTAL RETURN SWAPS
Counterparty & Referenced Obligation | Rate Paid/ Received | Payment Frequency | Current Notional (000) | Maturity Date | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||||
Receive Total Return on Reference Obligation | ||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | ||||||||||||||||||||||||
Swiss Market Index Futures | 0.00% | Monthly | CHF | 21,740 | 03/18/2022 | $ | 741,201 | |||||||||||||||||
Swiss Market Index Futures | 0.00% | Monthly | CHF | 1,662 | 03/18/2022 | 13,472 | ||||||||||||||||||
Swiss Market Index Futures | 0.00% | Monthly | CHF | 3,325 | 03/18/2022 | (9,971 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
$ | 744,702 | |||||||||||||||||||||||
|
|
(a) | Non-income producing security. |
(b) | Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts. |
(c) | Affiliated investments. |
(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, or call AB at (800) 227-4618. |
(e) | The rate shown represents the 7-day yield as of period end. |
(f) | As of December 31, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $627,033,766 and gross unrealized depreciation of investments was $(32,558,975), resulting in net unrealized appreciation of $594,474,791. |
(g) | One contract relates to 1 share. |
11
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. |
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
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
SPI – Share Price Index
TOPIX – Tokyo Price Index
TSX – Toronto Stock Exchange
12
Sanford C. Bernstein Fund, Inc.
Overlay A Portfolio
December 31, 2021 (unaudited)
In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.
• | Level 1 - quoted prices in active markets for identical investments |
• | Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) |
The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which 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, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.
Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.
13
The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2021:
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks(a) | $ | 1,001,770,064 | $ | — | $ | — | $ | 1,001,770,064 | ||||||||
Investment Companies | 804,269,076 | — | — | 804,269,076 | ||||||||||||
Options Purchased - Puts | — | 24,237,363 | — | 24,237,363 | ||||||||||||
Short-Term Investments | 140,905,683 | — | — | 140,905,683 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | 1,946,944,823 | 24,237,363 | — | 1,971,182,186 | ||||||||||||
Other Financial Instruments(b): | ||||||||||||||||
Assets: | ||||||||||||||||
Futures | 9,728,374 | — | — | 9,728,374 | ||||||||||||
Forward Currency Exchange Contracts | — | 8,363,184 | — | 8,363,184 | ||||||||||||
Total Return Swaps | — | 754,673 | — | 754,673 | ||||||||||||
Liabilities: | ||||||||||||||||
Futures | (5,869,328 | ) | — | — | (5,869,328 | ) | ||||||||||
Forward Currency Exchange Contracts | — | (11,420,527 | ) | — | (11,420,527 | ) | ||||||||||
Put Options Written | — | (196,569 | ) | — | (196,569 | ) | ||||||||||
Total Return Swaps | — | (9,971 | ) | — | (9,971 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 1,950,803,869 | $ | 21,728,153 | $ | — | $ | 1,972,532,022 | ||||||||
|
|
|
|
|
|
|
|
(a) | See the Schedule of Investments for sector classifications. |
(b) | 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, options written and swaptions written which are valued at market value. |
14
A summary of the Portfolio’s transactions in AB mutual funds for the three months ended December 31, 2021 is as follows:
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value | Purchases at Cost (000) | Sales Proceeds (000) | Realized (Loss) | Change in | Market Value | Dividend Income | Realized Gains (000) | ||||||||||||||||||||||||
Government Money Market Portfolio | $ | 171,734 | $ | 113,516 | $ | 144,344 | $ | 0 | $ | 0 | $ | 140,906 | $ | 4 | $ | 0 | ||||||||||||||||
AB All Market Real Return Portfolio | 171,932 | 16,492 | 43,821 | 978 | (10,739 | ) | 134,842 | 16,492 | 0 | |||||||||||||||||||||||
Bernstein Fund, Inc. - International Small Cap Portfolio | 117,805 | 4,422 | 0 | 0 | (3,750 | ) | 118,477 | 4,421 | 0 | |||||||||||||||||||||||
Bernstein Fund, Inc. - International Strategic Equities Portfolio | 451,328 | 25,936 | 0 | 0 | (16,258 | ) | 461,006 | 25,937 | 0 | |||||||||||||||||||||||
Bernstein Fund, Inc. - Small Cap Core Portfolio | 36,856 | 2,190 | 0 | 0 | (64 | ) | 38,982 | 2,190 | 0 | |||||||||||||||||||||||
Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio | 51,516 | 4,654 | 0 | 0 | (5,208 | ) | 50,962 | 4,653 | 0 | |||||||||||||||||||||||
Total | $ | 1,001,171 | $ | 167,210 | $ | 188,165 | $ | 978 | $ | (36,019 | ) | $ | 945,175 | $ | 53,697 | $ | 0 |
15