Form N-CSR BERNSTEIN SANFORD C FUND For: Sep 30

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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: 811-21034

SANFORD C. BERNSTEIN FUND II, 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)

Registrants telephone number, including area code: (800) 221-5672

Date of fiscal year end: September 30, 2022

Date of reporting period: September 30, 2022

ITEM 1. REPORTS TO STOCKHOLDERS.

SANFORD C. BERNSTEIN FUND II, INC.

INTERMEDIATE DURATION INSTITUTIONAL PORTFOLIO

ANNUAL REPORT

SEPTEMBER 30, 2022

Table of Contents

Before investing in the Sanford C. Bernstein Fund II, Inc., a prospective investor should consider
carefully the portfolios 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 InformationProspectuses, SAIs and Shareholder Reports or by calling your financial advisor or by
calling Bernsteins 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 visit our website at www.Bernstein.com and click on Investments, found in the footer, then Mutual Fund InformationMutual Fund Performance at a Glance.

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

You may obtain a description of the Funds 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 Commissions
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 Funds Form N-PORT reports are available on the Commissions 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 ShareholdersNovember 15, 2022

On the following pages, you will find the 2022 annual report for the Sanford C. Bernstein Fund II, Inc.Intermediate Duration Institutional Portfolio
(the Portfolio). The annual report covers the six- and 12-month periods ended September 30, 2022, and includes financial statements as well as notes to
the financial statements, information about the recent performance of the Portfolio and a listing of the Portfolios holdings as of the period end.

Global equity markets have been challenged over the 12-month period ended September 30, 2022, with most stock
indices down more than 20%, the conventional threshold defining a bear market. In addition, volatility has been elevated throughout most of 2022, marking a turbulent period for investors. Significant economic and geopolitical stress created a tough
macroeconomic backdrop, with both inflation and central banks interest-rate policies coming in higher than the markets anticipated.

One of the
greatest surprises for markets has been the outperformance of the US dollar, which has negatively impacted US companies earnings coming from overseas, while geopolitical forces continue to put pressure on international earnings and economic
growth. In contrast to most of the past decade, value stocks have outperformed growth stocks, but stock selection overall has been challenging. Our equity funds seek to find balanced exposure across factors and the portfolio teams have been pivoting
to companies with strong balance sheets, pricing power and defensive characteristics, while also seeking to capture opportunities due to valuation dislocations.

The pressure on inflation and interest rates has also made the past year one of the worst on record for fixed-income markets. While this has been very
painful for investors, the portfolio teams are leaning into higher yielding issues, with yields notably higher than they were even at the beginning of this calendar year.

Looking ahead, we are carefully minding the odds of recessions in the US and around the world. In this environment, we are confident in our portfolio
teams ability to find the right balance to position for the eventual rebound and the opportunities that are being created today. Thank you for your continued confidence in our approach.

If you have any questions about your investments in the Portfolio, 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,

Onur Erzan

President and Chief Executive Officer

Sanford C. Bernstein Fund II, Inc.

Investment Objectives and Policies

The Portfolio seeks
to provide safety of principal and a moderate to high rate of current income. The Portfolio seeks to maintain an average portfolio quality minimum of A, based on ratings given to the Portfolios securities by any nationally recognized
statistical rating organization (NRSRO) (or, if unrated, determined by AllianceBernstein L.P., the Portfolios investment adviser (the 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 Portfolios 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 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.

(Portfolio Manager Commentary continued on next page)

2022 Annual Report
1

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Portfolio Manager Commentary (continued)

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.

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 Portfolios 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 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 Portfolio.

Investment Results

The table on page 8 shows the Portfolios performance compared to its benchmark, the Bloomberg US Aggregate Bond Index, for the six- and 12-month periods ended September 30, 2022. The table also includes the Portfolios peer group, as represented by the Lipper Core Bond Funds Average (the
Lipper Average). Funds in the Lipper Average have generally similar investment objectives to the Portfolio, although some of the funds may have different investment policies, sales and management fees, and fund expenses.

During both periods, the Portfolio underperformed the benchmark and outperformed the Lipper Average. In the 12-month
period, yield-curve positioning was the largest detractor, relative to the benchmark, mostly from overweights to the five- and 10-year parts of the curve that were partially offset by an overweight to the six-month part of the curve and an underweight to the 20-year part of the yield curve. Security selection also detracted, as selection within investment-grade corporate bonds,
asset-backed securities and US agency mortgages outweighed a gain from selection within commercial mortgage-backed securities (CMBS). Sector allocation contributed, due primarily to gains from an underweight to US agency mortgages, an
overweight to asset-backed securities and exposure to US inflation-linked bonds that were greater than losses from allocation to collateralized loan obligations, agency risk-sharing transactions and eurozone high-yield corporate bonds. Currency
decisions also contributed, mainly from short positions in the Swedish krona and offshore Chinese renminbi. Country allocation was a minor contributor to performance during the period.

During the six-month period, security selection within investment-grade corporate bonds and asset-backed securities
was the largest detractor, offset by gains from selection within CMBS. Country allocation to Japan and the UK also detracted, offset partially by allocation to the eurozone. Yield-curve positioning was a minor detractor to performance. Currency
decisions contributed the most to performance, due to short positions in the offshore Chinese renminbi, Australian dollar and Canadian dollar. Sector allocation also contributed, as gains from an underweight to US agency mortgages, an overweight to
asset-backed securities and exposure to US inflation-linked bonds were larger than a loss from exposure to collateralized mortgage obligations and agency risk-sharing transactions.

During both periods, the Portfolio utilized derivatives in the form of interest rate swaps and futures to manage and hedge duration risk and/or to take
active yield-curve positioning. Currency forwards were used to hedge foreign currency exposure and to take active currency risk. Inflation swaps were used to hedge inflation and for investment purposes to incorporate the Portfolios Investment
Management Teams view on future inflation in the Portfolio. Credit default swaps were utilized to hedge credit risk and as a tool to effectively gain exposure to specific sectors. The utilization of government-agency-related To Be Announced
mortgage positions was a significant contributor to the Portfolios turnover rate of 129%.

Market Review and Investment Strategy

During the 12-month period ended September 30, 2022, fixed-income government bond market yields increased
rapidly, and bond prices fell in all developed markets. Most major central banks aggressively tightened monetary policy by raising short-term interest rates and ending bond purchases to combat high and persistent inflation. Developed-market
government bonds fell the most in the UK and eurozone, and by the least in Japan. In credit risk sectors, securitized assets generally outperformed corporate bonds. Investment-grade corporate bonds trailed

(Portfolio Manager Commentary continued on next page)

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Sanford C. Bernstein Fund II, Inc.

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Portfolio Manager Commentary (continued)

treasuries,
underperforming in the US against US Treasuries, while outperforming in the eurozone relative to eurozone treasuries. High-yield corporate bonds trailed in the US versus US Treasuries while eurozone high yield outperformed eurozone treasuries.
Investment-grade emerging-market corporate bonds slightly trailed developed-market corporates.

Longer-maturity emerging-market sovereign bonds
underperformed developed-market treasuries. Emerging-market local-currency bonds lagged as the US dollar advanced against almost all developed- and emerging-market currencies. Brent crude oil prices ended the period higher, even as prices fell
sharply in the final quarter on global growth concerns and reduced demand.

2022 Annual Report
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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 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
CMBS. The Lipper Core Bond Funds Average is the equal-weighted average returns of the portfolios in the relevant Lipper Inc. category; the average portfolios in a category may differ in composition from the Portfolio. The Lipper Core Bond Funds
Average contains portfolios that invest primarily in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of five to ten years. An investor cannot invest directly in an index or average, and their
results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

The share price of the Portfolio will fluctuate and you may lose money. There is no guarantee that the Portfolio will achieve its investment objective.

Cybersecurity Risk: As the use of the internet and other technologies has become more prevalent in the course of business, the Portfolio has 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 Portfolio or its service providers or the issuers of securities in which the Portfolio invests 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 Portfolio does not control the cybersecurity defenses or plans of its service
providers, financial intermediaries and companies in which it invests 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.

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. The Portfolio may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal and monetary policy
initiatives and resulting market reaction to those initiatives.

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. 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

(Disclosures and Risks continued on next page)

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Sanford C. Bernstein Fund II, Inc.

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Disclosures and Risks (continued)

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 could adversely affect economies and markets.

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 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, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, and adverse market, economic, political and regulatory
factors and social instability, 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, 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. 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 Portfolio 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. 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 Portfolio. Certain derivatives have the potential for unlimited loss, regardless of the
size of the initial investment. Assets required to be set aside or posted to cover or secure 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 Portfolio 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 Portfolio. Use of derivatives may have
different tax consequences for the Portfolio 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.

(Disclosures and Risks continued on next page)

2022 Annual Report
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Disclosures and Risks (continued)

Mortgage-Related
Securities Risk: Mortgage-related securities represent interests in pools of mortgages, including consumer loans or receivables held in trust. Mortgage-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, 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 Portfolio 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 Portfolio. 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 Portfolio 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 Portfolio is subject to management risk because it is an actively managed investment portfolio. The Adviser will apply its
investment techniques and risk analyses in making investment decisions for the Portfolio, 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 Portfolio 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 Portfolio. 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 on effect the value or
performance of the Portfolio.

Illiquid Investments Risk: Illiquid investments risk exists when particular investments are difficult or impossible
to purchase or sell, possibly preventing the Portfolio from purchasing or selling these securities at an advantageous price. 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.

Redemption Risk: The Portfolio may experience heavy redemptions that could cause the Portfolio to liquidate its 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-US) currency exchange rates may negatively affect the value of the Portfolios investments or reduce the returns of the Portfolio. 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).

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 Portfolio.

Market Risk: The Portfolio is subject to market risk, which is the risk that stock or bond prices in general or in particular

(Disclosures and Risks continued on next page)

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Sanford C. Bernstein Fund II, Inc.

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Disclosures and Risks (continued)

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); policy and legislative changes; cybersecurity events; and
other factors.

Economies and financial markets throughout the world are becoming increasingly interconnected. Economic, financial or political events,
trading and tariff arrangements, sanctions, regional and global conflicts, 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. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolios investments
may be negatively affected.

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.

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 Portfolio 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 visiting www.Bernstein.com or by calling 212.756.4097. The investment return and principal value of an investment in the Portfolio 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 Portfolio 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
InformationProspectuses, SAIs and Shareholder Reports, or call Bernsteins 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.

2022 Annual Report
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Historical Performance (Unaudited)

Intermediate Duration Institutional Portfolio vs. Its
Benchmark and Lipper Average

   TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS

THROUGH SEPTEMBER 30, 2022    PAST SIX
MONTHS PAST 12
MONTHS PAST
FIVE YEARS PAST
10 YEARS SINCE
INCEPTION INCEPTION DATE

Intermediate Duration Institutional Portfolio¹
   -9.61 % -15.13 % -0.28 % 1.16 % 3.55 % 5/17/2002

Bloomberg US Aggregate Bond Index
   -9.22 % -14.60 % -0.27 % 0.89 % 3.35 %

Lipper Core Bond Funds Average
   -9.67 % -15.18 % -0.34 % 0.83 %

1 There are no sales charges associated with an investment in the Portfolio. Total returns and average annual returns are therefore the same.

The current prospectus table shows the total annual operating expense ratio for the Portfolio as 0.52%, gross of any fee waivers or expense reimbursements. Contractual
fee waivers and/or expense reimbursements reduced the total annual operating expense ratio to 0.45%. These waivers/reimbursements may not be terminated before January 28, 2023, and may be extended by the Adviser for additional one-year terms. 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 ratio
shown above may differ from the expense ratio in the Financial Highlights section since they are based on different time periods.

Growth of a $25,000 Investment in the Portfolio

The chart illustrates the total value of an assumed $25,000 minimum investment as compared to the performance of the Portfolios
benchmark and Lipper Average for the 10-year period ended September 30, 2022.

Portfolio
SummarySeptember 30, 2022 (Unaudited)

Security Type Breakdown¹

1 All data are as of September 30, 2022. The Portfolios 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 0.3% in GovernmentsSovereign Bonds and Quasi-Sovereigns.

See Disclosures, Risks and Note About Historical Performance on pages 4-7.

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Sanford C. Bernstein Fund II, Inc.

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Expense ExampleSeptember 30, 2022 (Unaudited)

As a shareholder of the Fund, you incur various types of costs including management
fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund 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 ExpensesThe 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 PurposesThe second line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Funds actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Funds 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 Fund 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
APRIL 1, 2022    ENDING
ACCOUNT VALUE
SEPTEMBER 30, 2022    EXPENSES
PAID DURING
PERIOD*    ANNUALIZED
EXPENSE
RATIO*

SCB Intermediate Duration Institutional Portfolio


Actual
   $ 1,000    $ 903.90    $ 2.15    0.45 %

Hypothetical**
   $ 1,000    $ 1,022.81    $ 2.28    0.45 %

* Expenses are equal to the classes annualized expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

2022 Annual Report
9

Table of Contents

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Intermediate Duration Institutional Portfolio

September 30, 2022

   Principal Amount (000) U.S. $ Value

GOVERNMENTSTREASURIES40.5%

United States40.5%

U.S. Treasury Bonds
1.75%, 08/15/2041
U.S.$ 8,149 $ 5,568,990

1.875%, 02/15/2051
4,063 2,689,330

2.00%, 11/15/2041
6,894 4,931,364

2.00%, 08/15/2051
9,349 6,383,887

2.25%, 08/15/2046
2,377 1,712,854

2.25%, 08/15/2049
15,570 11,395,294

2.25%, 02/15/2052
1,672 1,214,072

2.375%, 02/15/2042
1,736 1,329,939

2.375%, 11/15/2049
4,905 3,694,078

2.50%, 02/15/2046
932 708,029

2.50%, 05/15/2046
5,327 4,040,272

2.75%, 08/15/2042
190 154,286

2.875%, 05/15/2043
165 135,970

2.875%, 08/15/2045
51 41,963

2.875%, 11/15/2046
387 316,252

2.875%, 05/15/2052
2,950 2,473,768

3.00%, 05/15/2042
843 716,945

3.00%, 11/15/2044
200 166,843

3.00%, 05/15/2045
129 107,298

3.00%, 11/15/2045
363 303,242

3.00%, 05/15/2047(a)
1,447 1,212,315

3.00%, 02/15/2048
5,490 4,625,325

3.125%, 02/15/2043
280 240,625

3.125%, 08/15/2044
50 42,727

3.25%, 05/15/2042
7,885 6,995,473

3.375%, 05/15/2044
646 575,794

3.50%, 02/15/2039
8,105 7,709,881

3.625%, 08/15/2043
1,943 1,811,613

3.625%, 02/15/2044
38 35,316

3.75%, 11/15/2043
295 280,158

4.375%, 02/15/2038
899 955,711

4.375%, 11/15/2039
10,740 11,327,344

4.50%, 02/15/2036
1,074 1,159,872

4.75%, 02/15/2037
1,525 1,688,937

5.375%, 02/15/2031
3,646 4,024,732

U.S. Treasury Notes
0.125%, 03/31/2023(b)
67,065 65,828,293

1.375%, 11/15/2031
14,097 11,449,326

1.50%, 02/15/2030(b)
10,851 9,209,786

1.625%, 11/15/2022
165 164,665

1.625%, 04/30/2023
5,514 5,437,321

1.625%, 05/15/2026
43,357 39,637,417

1.625%, 05/15/2031
3,253 2,730,403

1.75%, 11/15/2029
1,386 1,204,087

2.125%, 12/31/2022
11,453 11,415,420

2.625%, 02/15/2029
8,921 8,221,259

2.75%, 11/15/2023
160 157,250

2.75%, 07/31/2027
15,239 14,358,090

   Principal Amount (000) U.S. $ Value

2.75%, 08/15/2032
U.S.$ 4,508 $ 4,119,707

2.875%, 05/15/2032
2,657 2,455,557

3.00%, 07/31/2024
20,003 19,562,309

Total GovernmentsTreasuries
(cost $325,451,051)

286,721,389

CORPORATESINVESTMENT GRADE23.2%

Industrial12.5%

Basic0.8%

Anglo American Capital PLC
3.875%, 03/16/2029(c)
403 345,270

Braskem Netherlands Finance BV
4.50%, 01/31/2030(c)
500 401,900

Celanese US Holdings LLC
5.90%, 07/05/2024
1,494 1,473,995

Freeport Indonesia PT
4.763%, 04/14/2027(c)
324 293,220

Inversiones CMPC SA
3.85%, 01/13/2030(c)
200 161,413

Inversiones CMPC SA/Cayman Islands Branch
4.375%, 05/15/2023(c)
322 318,848

LYB International Finance BV
4.00%, 07/15/2023
187 185,201

LyondellBasell Industries NV
5.75%, 04/15/2024
568 572,396

Suzano Austria GmbH
3.75%, 01/15/2031
343 267,540

WRKCo., Inc.
4.00%, 03/15/2028
1,732 1,598,775

5,618,558

Capital Goods1.0%

CNH Industrial Capital LLC
3.95%, 05/23/2025
1,191 1,148,672

Flowserve Corp.
2.80%, 01/15/2032
1,227 878,716

Parker-Hannifin Corp.
3.25%, 06/14/2029
743 655,185

4.50%, 09/15/2029
934 884,050

Raytheon Technologies Corp.
4.125%, 11/16/2028
2,242 2,097,839

Westinghouse Air Brake Technologies Corp.
3.20%, 06/15/2025
270 252,296

4.40%, 03/15/2024
1,145 1,124,413

7,041,171

CommunicationsMedia1.3%

Charter Communications Operating LLC/Charter Communications Operating Capital
5.125%, 07/01/2049
467 344,599

Discovery Communications LLC
5.20%, 09/20/2047
509 376,467

10
Sanford C. Bernstein Fund II, Inc.

Table of Contents

   Principal Amount (000) U.S. $ Value

Fox Corp.
4.709%, 01/25/2029
U.S.$ 700 $ 658,070

Interpublic Group of Cos., Inc. (The)
4.65%, 10/01/2028
519 480,895

Prosus NV
3.257%, 01/19/2027(c)
489 409,537

3.68%, 01/21/2030(c)
639 483,787

4.027%, 08/03/2050(c)
485 272,813

Tencent Holdings Ltd.
1.81%, 01/26/2026(c)
1,256 1,124,355

3.24%, 06/03/2050(c)
1,022 610,198

Time Warner Cable LLC
4.50%, 09/15/2042
505 350,117

Warnermedia Holdings, Inc.
4.279%, 03/15/2032(c)
1,826 1,503,455

Weibo Corp.
3.375%, 07/08/2030
3,313 2,441,888

9,056,181

Consumer CyclicalAutomotive0.3%

General Motors Co.
6.125%, 10/01/2025
278 278,623

General Motors Financial Co., Inc.
4.30%, 04/06/2029
171 149,001

Harley-Davidson Financial Services, Inc.
3.05%, 02/14/2027(c)
930 797,884

3.35%, 06/08/2025(c)
890 835,550

2,061,058

Consumer CyclicalOther0.4%

Las Vegas Sands Corp.
3.90%, 08/08/2029
2,303 1,908,473

MDC Holdings, Inc.
6.00%, 01/15/2043
968 737,529

2,646,002

Consumer CyclicalRetailers0.4%

Lowes Cos., Inc.
5.80%, 09/15/2062
1,126 1,035,334

Ross Stores, Inc.
4.70%, 04/15/2027
1,925 1,879,859

2,915,193

Consumer Non-Cyclical1.1%

Altria Group, Inc.
3.40%, 05/06/2030
1,745 1,415,841

BAT Capital Corp.
2.259%, 03/25/2028
2,706 2,155,302

4.906%, 04/02/2030
917 807,840

Cigna Corp.
4.375%, 10/15/2028
740 698,834

CVS Health Corp.
4.30%, 03/25/2028
87 82,286

Ochsner LSU Health System of North Louisiana
Series 2021
2.51%, 05/15/2031
1,480 1,131,860

   Principal Amount (000) U.S. $ Value

Takeda Pharmaceutical Co., Ltd.
4.40%, 11/26/2023
U.S.$ 1,378 $ 1,378,000

7,669,963

Energy3.4%

BP Capital Markets America, Inc.
2.939%, 06/04/2051
2,985 1,895,326

Conocophillips Co.
3.758%, 03/15/2042(c)
85 68,265

Continental Resources, Inc./OK
2.875%, 04/01/2032(c)
1,353 988,461

5.75%, 01/15/2031(c)
1,006 909,193

Devon Energy Corp.
5.60%, 07/15/2041
1,190 1,068,180

Enbridge Energy Partners LP
7.375%, 10/15/2045
1,713 1,853,363

Energy Transfer LP
3.60%, 02/01/2023
100 99,540

6.25%, 04/15/2049
882 787,811

EQT Corp.
5.70%, 04/01/2028
451 442,891

Marathon Oil Corp.
6.80%, 03/15/2032
1,800 1,800,648

Marathon Petroleum Corp.
5.125%, 12/15/2026
2,794 2,750,162

6.50%, 03/01/2041
415 410,916

MPLX LP
5.20%, 03/01/2047
2,687 2,214,222

Oleoducto Central SA
4.00%, 07/14/2027(c)
491 380,003

ONEOK Partners LP
6.125%, 02/01/2041
73 64,798

ONEOK, Inc.
4.00%, 07/13/2027
1,720 1,580,198

4.35%, 03/15/2029
1,012 903,382

6.35%, 01/15/2031
263 258,061

Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/2029
1,059 883,407

4.50%, 12/15/2026
683 646,364

Suncor Energy, Inc.
6.80%, 05/15/2038
1,377 1,394,268

Tengizchevroil Finance Co. International Ltd.
3.25%, 08/15/2030(c)
415 294,987

TransCanada PipeLines Ltd.
6.10%, 06/01/2040
1,356 1,309,557

6.20%, 10/15/2037
829 821,523

Transcontinental Gas Pipe Line Co., LLC
3.25%, 05/15/2030
449 379,185

24,204,711

Other Industrial0.1%

Alfa SAB de CV
5.25%, 03/25/2024(c)
915 907,227

2022 Annual Report
11

Table of Contents

Schedule of Investments (continued)

   Principal Amount (000) U.S. $ Value

Services0.3%

Expedia Group, Inc.
6.25%, 05/01/2025(c)
U.S.$ 49 $ 49,299

Global Payments, Inc.
2.90%, 11/15/2031
275 210,724

3.20%, 08/15/2029
845 704,874

5.40%, 08/15/2032
944 875,145

S&P Global, Inc.
4.25%, 05/01/2029(c)
411 386,459

4.75%, 08/01/2028(c)
83 81,138

2,307,639

Technology3.1%

Apple, Inc.
4.10%, 08/08/2062
1,148 941,222

Baidu, Inc.
3.425%, 04/07/2030
203 175,079

Broadcom, Inc.
3.137%, 11/15/2035(c)
323 226,465

3.187%, 11/15/2036(c)
1,539 1,053,800

4.00%, 04/15/2029(c)
169 148,979

4.15%, 11/15/2030
371 320,663

4.15%, 04/15/2032(c)
601 505,669

4.926%, 05/15/2037(c)
1,079 892,624

Entegris Escrow Corp.
4.75%, 04/15/2029(c)
1,270 1,126,630

Fiserv, Inc.
3.50%, 07/01/2029
2,539 2,212,485

HP, Inc.
5.50%, 01/15/2033
1,907 1,691,337

Infor, Inc.
1.75%, 07/15/2025(c)
649 584,347

Intel Corp.
5.05%, 08/05/2062
1,536 1,333,371

International Business Machines Corp.
4.90%, 07/27/2052
1,499 1,313,829

Kyndryl Holdings, Inc.
2.05%, 10/15/2026
2,545 2,044,115

NXP BV/NXP Funding LLC
5.55%, 12/01/2028
1,300 1,272,375

NXP BV/NXP Funding LLC/NXP USA, Inc.
3.40%, 05/01/2030
875 732,620

Oracle Corp.
2.875%, 03/25/2031
1,479 1,165,082

3.60%, 04/01/2040
840 569,629

3.65%, 03/25/2041
455 308,854

5.375%, 07/15/2040
270 224,834

SK Hynix, Inc.
2.375%, 01/19/2031(c)
532 391,785

TSMC Arizona Corp.
3.875%, 04/22/2027
685 652,606

Western Digital Corp.
3.10%, 02/01/2032
1,444 985,905

Workday, Inc.
3.70%, 04/01/2029
242 217,040

   Principal Amount (000) U.S. $ Value

3.80%, 04/01/2032
U.S.$ 643 $ 559,359

21,650,704

TransportationAirlines0.1%

Delta Air Lines, Inc./SkyMiles IP Ltd.
4.50%, 10/20/2025(c)
819 795,740

TransportationRailroads0.1%

Lima Metro Line 2 Finance Ltd.
4.35%, 04/05/2036(c)
245 214,484

5.875%, 07/05/2034(c)
398 376,536

591,020

TransportationServices0.1%

Ashtead Capital, Inc.
5.50%, 08/11/2032(c)
351 325,307

ENA Master Trust
4.00%, 05/19/2048(c)
380 279,537

604,844

88,070,011

Financial Institutions10.3%

Banking7.1%

ABN AMRO Bank NV
4.75%, 07/28/2025(c)
269 258,399

Banco de Credito del Peru S.A.
3.125%, 07/01/2030(c)
1,447 1,268,657

Banco Santander SA
3.80%, 02/23/2028
200 173,754

4.175%, 03/24/2028
800 723,832

Bank of America Corp.
2.299%, 07/21/2032
924 691,401

2.687%, 04/22/2032
2,071 1,613,806

4.376%, 04/27/2028
1,652 1,548,634

Bank of Ireland Group PLC
6.253%, 09/16/2026(c)
571 558,992

Barclays PLC
5.304%, 08/09/2026
1,052 1,011,182

BNP Paribas SA
2.591%, 01/20/2028(c)
751 642,383

7.75%, 08/16/2029(c)(d)
1,517 1,405,409

Capital One Financial Corp.
3.273%, 03/01/2030
1,186 994,924

4.927%, 05/10/2028
1,205 1,146,991

Citigroup, Inc.
3.98%, 03/20/2030
941 835,392

4.075%, 04/23/2029
1,397 1,265,165

5.95%, 01/30/2023(d)
481 475,483

Series W
4.00%, 12/10/2025(d)
788 664,914

Series Y
4.15%, 11/15/2026(d)
139 111,003

Credit Suisse Group AG
3.091%, 05/14/2032(c)
1,865 1,311,300

4.194%, 04/01/2031(c)
799 632,337

6.373%, 07/15/2026(c)
1,346 1,301,084

12
Sanford C. Bernstein Fund II, Inc.

Table of Contents

   Principal Amount (000) U.S. $ Value

Danske Bank A/S
3.875%, 09/12/2023(c)
U.S.$ 1,744 $ 1,713,829

Deutsche Bank AG/New York NY
2.129%, 11/24/2026
958 814,463

3.961%, 11/26/2025
385 359,274

6.119%, 07/14/2026
914 888,161

Discover Bank
4.682%, 08/09/2028
386 370,799

Federation des Caisses Desjardins du Quebec
4.55%, 08/23/2027(c)
1,523 1,438,671

Goldman Sachs Group, Inc. (The)
2.383%, 07/21/2032
739 558,233

2.615%, 04/22/2032
1,862 1,443,478

Series V
4.125%, 11/10/2026(d)
764 607,113

HSBC Holdings PLC
4.762%, 03/29/2033
715 590,254

5.402%, 08/11/2033
581 514,342

6.375%, 03/30/2025(d)
2,746 2,464,810

JPMorgan Chase & Co.
2.58%, 04/22/2032
2,363 1,828,726

4.851%, 07/25/2028
1,570 1,506,384

Series I
6.276% (LIBOR 3 Month + 3.47%), 01/30/2023(d)(e)
605 602,277

Series V
5.597% (LIBOR 3 Month + 3.32%), 10/01/2022(d)(e)
27 27,000

Lloyds Banking Group PLC
4.05%, 08/16/2023
250 247,167

Mizuho Financial Group, Inc.
5.414%, 09/13/2028
1,480 1,447,100

Morgan Stanley
3.772%, 01/24/2029
1,502 1,353,497

4.21%, 04/20/2028
1,110 1,038,250

Nationwide Building Society
2.972%, 02/16/2028(c)
1,238 1,065,769

Santander Holdings USA, Inc.
4.26%, 06/09/2025
1,584 1,522,446

Santander UK Group Holdings PLC
3.373%, 01/05/2024
1,150 1,142,996

Societe Generale SA
2.797%, 01/19/2028(c)
2,339 1,972,409

Standard Chartered PLC
3.971%, 03/30/2026(c)
885 831,847

4.316% (LIBOR 3 Month + 1.51%), 01/30/2027(c)(d)(e)
400 302,740

7.75%, 04/02/2023(c)(d)
200 196,002

Swedbank AB
Series NC5
5.625%, 09/17/2024(c)
600 555,114

UBS Group AG
7.00%, 01/31/2024(c)(d)
256 243,195

7.00%, 02/19/2025(c)
200 189,900

UniCredit SpA
2.569%, 09/22/2026(c)
459 393,101

   Principal Amount (000) U.S. $ Value

US Bancorp
Series J
5.30%, 04/15/2027(d)
U.S.$ 723 $ 617,334

Wells Fargo & Co.
3.35%, 03/02/2033
2,052 1,667,763

3.584%, 05/22/2028
559 505,627

Series BB
3.90%, 03/15/2026(d)
635 537,788

50,192,901

Brokerage0.4%

Charles Schwab Corp. (The)
Series I
4.00%, 06/01/2026(d)
1,949 1,606,873

Nomura Holdings, Inc.
2.999%, 01/22/2032
1,881 1,423,522

3,030,395

Finance1.3%

Air Lease Corp.
2.10%, 09/01/2028
702 547,195

2.875%, 01/15/2026
175 156,898

3.625%, 04/01/2027
76 67,330

Aircastle Ltd.
2.85%, 01/26/2028(c)
2,065 1,581,687

4.125%, 05/01/2024
359 345,677

4.25%, 06/15/2026
128 114,787

5.25%, 08/11/2025(c)
906 853,443

Aviation Capital Group LLC
1.95%, 01/30/2026(c)
1,131 949,689

1.95%, 09/20/2026(c)
390 315,873

3.50%, 11/01/2027(c)
318 264,163

4.125%, 08/01/2025(c)
10 9,162

4.375%, 01/30/2024(c)
312 301,579

4.875%, 10/01/2025(c)
350 326,921

5.50%, 12/15/2024(c)
879 850,696

CDBL Funding 1
3.50%, 10/24/2027(c)
1,460 1,333,155

Synchrony Financial
2.875%, 10/28/2031
1,255 891,577

3.95%, 12/01/2027
164 142,939

4.50%, 07/23/2025
193 184,041

4.875%, 06/13/2025
221 213,462

9,450,274

Insurance0.7%

Elevance Health, Inc.
3.30%, 01/15/2023
33 32,900

Guardian Life Insurance Co. of America (The)
4.85%, 01/24/2077(c)
868 711,456

Massachusetts Mutual Life Insurance Co.
3.729%, 10/15/2070(c)
11 7,340

MetLife Capital Trust IV
7.875%, 12/15/2037(c)
970 1,039,074

MetLife, Inc.
10.75%, 08/01/2039
25 32,614

2022 Annual Report
13

Table of Contents

Schedule of Investments (continued)

   Principal Amount (000) U.S. $ Value

Nationwide Mutual Insurance Co.
9.375%, 08/15/2039(c)
U.S.$ 377 $ 483,680

Prudential Financial, Inc.
5.20%, 03/15/2044
462 441,584

5.375%, 05/15/2045
139 132,036

5.625%, 06/15/2043
289 284,159

Swiss Re Finance Luxembourg SA
5.00%, 04/02/2049(c)
1,400 1,232,504

Voya Financial, Inc.
5.65%, 05/15/2053
742 728,763

5,126,110

REITs0.8%

American Tower Corp.
3.65%, 03/15/2027
845 774,468

4.05%, 03/15/2032
415 357,290

Digital Realty Trust LP
3.60%, 07/01/2029
1,584 1,387,473

GLP Capital LP/GLP Financing II, Inc.
3.25%, 01/15/2032
1,181 886,104

Host Hotels & Resorts LP
Series J
2.90%, 12/15/2031
480 352,277

Vornado Realty LP
3.40%, 06/01/2031
2,003 1,530,673

5,288,285

73,087,965

Utility0.4%

Electric0.3%

AES Panama Generation Holdings SRL
4.375%, 05/31/2030(c)
487 383,512

Chile Electricity Pec SpA
Zero Coupon, 01/25/2028(c)
1,040 734,500

Duke Energy Carolinas NC Storm Funding LLC
Series A-2
2.617%,
07/01/2041
920 675,216

Engie Energia Chile SA
3.40%, 01/28/2030(c)
981 740,655

2,533,883

Other Utility0.1%

American Water Capital Corp.
3.45%, 06/01/2029
438 390,000

2,923,883

Total CorporatesInvestment Grade
(cost $196,414,197)

164,081,859

MORTGAGE PASS-THROUGHS 17.2%

Agency Fixed Rate 30-Year16.7%

Federal Home Loan Mortgage Corp.
Series 2019
3.50%, 10/01/2049
492 448,362

   Principal Amount (000) U.S. $ Value

3.50%, 11/01/2049
U.S.$ 651 $ 592,368

Series 2020
3.50%, 01/01/2050
1,439 1,313,152

Series 2022
2.00%, 03/01/2052
6,545 5,318,942

2.50%, 04/01/2052
7,637 6,435,846

3.00%, 03/01/2052
4,200 3,672,742

Federal Home Loan Mortgage Corp. Gold
Series 2005
5.50%, 01/01/2035
19 19,154

Series 2007
5.50%, 07/01/2035
147 149,823

Series 2016
4.00%, 02/01/2046
1,041 1,005,774

Series 2017
4.00%, 07/01/2044
673 648,676

Series 2018
4.50%, 03/01/2048
329 318,285

4.50%, 10/01/2048
669 647,841

4.50%, 11/01/2048
999 967,017

5.00%, 11/01/2048
369 365,458

Federal National Mortgage Association
Series 2003
5.50%, 04/01/2033
117 119,530

5.50%, 07/01/2033
221 225,537

Series 2004
5.50%, 02/01/2034
2 2,351

5.50%, 04/01/2034
54 54,743

5.50%, 05/01/2034
45 45,887

5.50%, 11/01/2034
206 210,374

Series 2005
5.50%, 02/01/2035
322 328,641

Series 2006
5.50%, 04/01/2036
62 63,870

Series 2007
5.50%, 05/01/2036
3 3,058

5.50%, 09/01/2036
2 1,889

5.50%, 08/01/2037
79 81,049

Series 2008
5.50%, 08/01/2037
0 ** 456

Series 2009
5.00%, 12/01/2039
11 11,513

Series 2010
4.00%, 12/01/2040
435 419,505

5.00%, 06/01/2040
11 10,613

Series 2012
3.50%, 02/01/2042
376 352,959

3.50%, 11/01/2042
3,906 3,602,953

3.50%, 01/01/2043
661 609,925

Series 2013
3.50%, 04/01/2043
2,263 2,087,470

4.00%, 10/01/2043
1,484 1,405,670

Series 2015
3.00%, 05/01/2045
539 479,676

3.00%, 08/01/2045
830 738,398

14
Sanford C. Bernstein Fund II, Inc.

Table of Contents

   Principal Amount (000) U.S. $ Value

Series 2018
4.50%, 09/01/2048
U.S.$ 1,441 $ 1,394,106

Series 2019
3.50%, 08/01/2049
1,916 1,744,994

3.50%, 09/01/2049
682 621,671

3.50%, 11/01/2049
1,307 1,189,644

Series 2020
3.50%, 01/01/2050
1,341 1,221,917

Series 2021
2.00%, 07/01/2051
6,779 5,498,308

2.50%, 01/01/2052
2,154 1,817,768

Series 2022
2.50%, 03/01/2052
4,715 3,970,415

2.50%, 04/01/2052
5,001 4,211,488

2.50%, 05/01/2052
6,370 5,364,484

3.00%, 02/01/2052
5,145 4,500,178

3.00%, 03/01/2052
6,535 5,714,324

Government National Mortgage Association
Series 2016
3.00%, 04/20/2046
179 160,672

3.00%, 05/20/2046
518 465,282

Series 2022
3.00%, 10/01/2052, TBA
1,480 1,306,541

4.00%, 10/01/2052, TBA
3,275 3,055,173

4.50%, 10/01/2052, TBA
7,442 7,114,132

Uniform Mortgage-Backed Security
Series 2022
2.00%, 10/01/2052, TBA
13,171 10,657,398

2.50%, 10/01/2052, TBA
18,727 15,714,586

3.00%, 10/01/2052, TBA
5,384 4,680,934

4.00%, 10/01/2052, TBA
5,776 5,353,393

118,516,915

Agency Fixed Rate 15-Year0.5%

Federal National Mortgage Association
Series 2016
2.50%, 10/01/2031
48 44,049

2.50%, 11/01/2031
2,631 2,411,923

2.50%, 12/01/2031
13 11,576

Series 2017
2.50%, 01/01/2032
709 649,376

2.50%, 02/01/2032
631 577,573

3,694,497

Other Agency Fixed Rate Programs0.0%

Federal National Mortgage Association
Series 2005
5.50%, 03/01/2025
20 20,018

Agency ARMs0.0%

Federal Home Loan Mortgage Corp. Gold
Series 2006
2.595% (LIBOR 12 Month + 2.18%),
12/01/2036(e)
0 ** 125

Series 2007
2.60% (LIBOR 12 Month + 2.10%), 03/01/2037(e)
0 ** 370

   Principal Amount (000) U.S. $ Value

Federal National Mortgage Association
Series 2007
1.835% (LIBOR 12 Month + 1.46%),
02/01/2037(e)
U.S.$ 1 $ 1,006

2.52% (LIBOR 12 Month + 1.80%), 03/01/2037(e)
0 ** 456

1,957

Total Mortgage Pass-Throughs
(cost $132,994,550)

122,233,387

COLLATERALIZED MORTGAGE OBLIGATIONS7.7%

Risk Share Floating Rate6.6%

Bellemeade Re Ltd.
Series 2019-1A, Class M1B
4.834% (LIBOR
1 Month + 1.75%), 03/25/2029(c)(e)
226 225,775

Series 2019-3A, Class M1B
4.684% (LIBOR 1 Month + 1.60%),
07/25/2029(c)(e)
227 227,010

Series 2019-3A, Class M1C
5.034% (LIBOR 1 Month + 1.95%),
07/25/2029(c)(e)
300 296,394

Series 2020-3A, Class M1B
5.934% (LIBOR 1 Month + 2.85%),
10/25/2030(c)(e)
88 88,164

Series 2021-1A, Class M1C
5.231% (SOFR + 2.95%), 03/25/2031(c)(e)
1,036 1,002,192

Series 2021-2A, Class M1B
3.781% (SOFR + 1.50%), 06/25/2031(c)(e)
1,892 1,828,527

Series 2021-3A, Class A2
3.281% (SOFR + 1.00%), 09/25/2031(c)(e)
1,894 1,780,284

Series 2022-1, Class M1B
4.431% (SOFR + 2.15%), 01/26/2032(c)(e)
1,000 977,873

Connecticut Avenue Securities Trust
Series 2022-R06,
Class 1M1
5.031% (SOFR + 2.75%), 05/25/2042(c)(e)
1,550 1,548,233

Series 2022-R07, Class 1M1
5.255% (SOFR + 2.95%), 06/25/2042(c)(e)
2,096 2,095,698

Connecticut Avenue Securities Trust
Series 2021-R03,
Class 1M1
3.131% (SOFR + 0.85%), 12/25/2041(c)(e)
2,037 1,991,603

Series 2022-R01, Class 1M2
4.181% (SOFR + 1.90%), 12/25/2041(c)(e)
2,306 2,099,693

Series 2022-R02, Class 2M1
3.481% (SOFR + 1.20%), 01/25/2042(c)(e)
1,913 1,873,130

2022 Annual Report
15

Table of Contents

Schedule of Investments (continued)

   Principal Amount (000) U.S. $ Value

Series 2022-R03, Class 1M2
5.781% (SOFR + 3.50%), 03/25/2042(c)(e)
U.S.$ 1,545 $ 1,467,295

Series 2022-R05, Class 2M2
5.281% (SOFR + 3.00%), 04/25/2042(c)(e)
1,206 1,112,946

Eagle Re Ltd.
Series 2018-1, Class M2
6.084% (LIBOR 1
Month + 3.00%), 11/25/2028(c)(e)
217 215,466

Series 2020-1, Class M1A
3.984% (LIBOR 1 Month + 0.90%), 01/25/2030(c)(e)
17 17,426

Series 2021-2, Class M1B
4.331% (SOFR + 2.05%), 04/25/2034(c)(e)
650 631,957

Federal Home Loan Mortgage Corp.
Structured Agency Credit Risk Debt Notes
Series 2022-DNA4,
Class M1B
5.631% (SOFR + 3.35%), 05/25/2042(c)(e)
1,358 1,289,921

Federal Home Loan Mortgage Corp.
Structured Agency Credit Risk Debt Notes
Series 2015-DNA1,
Class M3
6.384% (LIBOR 1 Month + 3.30%), 10/25/2027(e)
315 318,124

Series 2020-DNA5, Class M2
5.081% (SOFR + 2.80%), 10/25/2050(c)(e)
655 655,367

Series 2021-DNA3, Class M2
4.381% (SOFR + 2.10%), 10/25/2033(c)(e)
779 741,627

Series 2021-DNA5, Class M2
3.931% (SOFR + 1.65%), 01/25/2034(c)(e)
652 636,217

Series 2021-DNA6, Class M2
3.781% (SOFR + 1.50%), 10/25/2041(c)(e)
2,513 2,280,811

Series 2021-DNA7, Class M2
4.081% (SOFR + 1.80%), 11/25/2041(c)(e)
2,412 2,161,331

Series 2021-HQA4, Class M2
4.631% (SOFR + 2.35%), 12/25/2041(c)(e)
1,530 1,300,513

Series 2022-DNA1, Class M1A
3.281% (SOFR + 1.00%), 01/25/2042(c)(e)
952 924,270

Series 2022-DNA1, Class M1B
4.131% (SOFR + 1.85%), 01/25/2042(c)(e)
1,223 1,110,088

Series 2022-DNA2, Class M1B
4.681% (SOFR + 2.40%), 02/25/2042(c)(e)
1,717 1,594,535

Series 2022-DNA3, Class M1B
5.181% (SOFR + 2.90%), 04/25/2042(c)(e)
711 671,287

   Principal Amount (000) U.S. $ Value

Series 2022-DNA5, Class M1B
6.781% (SOFR + 4.50%), 06/25/2042(c)(e)
U.S.$ 2,274 $ 2,278,701

Series 2022-DNA6, Class M1A
4.435% (SOFR + 2.15%), 09/25/2042(c)(e)
803 798,280

Series 2022-DNA7, Class M1A
4.876% (SOFR + 2.50%), 09/25/2042(c)(e)
2,142 2,142,998

Series 2022-HQA1, Class M1B
5.781% (SOFR + 3.50%), 03/25/2042(c)(e)
399 381,778

Federal National Mortgage Association Connecticut Avenue Securities
Series
2015-C04, Class 1M2
8.784% (LIBOR 1 Month + 5.70%), 04/25/2028(e)
123 126,982

Series 2021-R02, Class 2M2
4.281% (SOFR + 2.00%), 11/25/2041(c)(e)
1,071 957,119

Home Re Ltd.
Series 2021-2, Class M1B
3.881% (SOFR +
1.60%), 01/25/2034(c)(e)
1,162 1,136,169

JPMorgan Madison Avenue Securities Trust
Series 2014-CH1,
Class M2
7.334% (LIBOR 1 Month + 4.25%), 11/25/2024(e)(f)
47 45,203

Oaktown Re VII Ltd.
Series 2021-2, Class M1A
3.881%
(SOFR + 1.60%), 04/25/2034(c)(e)
1,767 1,734,777

PMT Credit Risk Transfer Trust
Series 2019-2R,
Class A

5.863% (LIBOR 1 Month + 2.75%), 05/27/2023(c)(e)
749 718,827

Series 2019-3R, Class A
5.813% (LIBOR 1 Month + 2.70%), 10/27/2022(c)(e)
63 60,637

Series 2020-1R, Class A
5.463% (LIBOR 1 Month + 2.35%), 02/27/2023(e)(f)
245 232,759

Radnor Re Ltd.
Series 2019-1, Class M1B
5.034% (LIBOR 1
Month + 1.95%), 02/25/2029(c)(e)
909 897,949

Series 2019-2, Class M1B
4.834% (LIBOR 1 Month + 1.75%), 06/25/2029(c)(e)
230 229,221

Series 2020-1, Class M1A
4.034% (LIBOR 1 Month + 0.95%), 01/25/2030(c)(e)
270 268,877

Traingle Re Ltd.
Series 2021-3, Class M1A
4.181% (SOFR +
1.90%), 02/25/2034(c)(e)
1,225 1,215,981

16
Sanford C. Bernstein Fund II, Inc.

Table of Contents

   Principal Amount (000) U.S. $ Value

Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1,
Class 1M2
8.334% (LIBOR 1 Month + 5.25%), 11/25/2025(e)(f)
U.S.$ 187 $ 172,259

Series 2015-WF1, Class 2M2
8.584% (LIBOR 1 Month + 5.50%),
11/25/2025(e)(f)
48 44,698

46,606,972

Agency Fixed Rate0.6%

Federal Home Loan Mortgage Corp. REMICs
Series 4973, Class BI
4.50%, 05/25/2050(g)
5,454 1,108,447

Series 5015, Class BI
4.00%, 09/25/2050(g)
3,260 618,417

Series 5034, Class BI
4.50%, 11/25/2050(g)
4,400 969,783

Federal National Mortgage Association Grantor Trust
Series
2004-T5, Class AB4
2.984%, 05/28/2035
291 261,614

Federal National Mortgage Association REMICs
Series 2020-89,
Class KI
4.00%, 12/25/2050(g)
7,042 1,331,400

4,289,661

Agency Floating Rate0.3%

Federal Home Loan Mortgage Corp. REMICs
Series 4416, Class BS
3.282% (6.10% LIBOR 1 Month),
12/15/2044(e)(h)
1,387 131,884

Series 4693, Class SL
3.332% (6.15% LIBOR 1 Month), 06/15/2047(e)(h)
1,513 163,856

Series 4954, Class SL
2.966% (6.05% LIBOR 1 Month), 02/25/2050(e)(h)
2,144 214,517

Series 4981, Class HS
3.016% (6.10% LIBOR 1 Month), 06/25/2050(e)(h)
4,662 458,827

Federal National Mortgage Association REMICs
Series 2011-131,
Class ST
3.456% (6.54% LIBOR 1 Month), 12/25/2041(e)(h)
814 95,005

Series 2016-106, Class ES
2.916% (6.00% LIBOR 1 Month),
01/25/2047(e)(h)
1,390 142,281

Series 2017-73, Class SA
3.066% (6.15% LIBOR 1 Month),
09/25/2047(e)(h)
1,787 209,237

Series 2017-97, Class LS
3.116% (6.20% LIBOR 1 Month),
12/25/2047(e)(h)
1,426 157,158

   Principal Amount (000) U.S. $ Value

Series 2017-97, Class SW
3.116% (6.20% LIBOR 1 Month),
12/25/2047(e)(h)
U.S.$ 1,286 $ 136,283

Government National Mortgage Association
Series 2017-43,
Class ST
3.086% (6.10% LIBOR 1 Month), 03/20/2047(e)(h)
1,799 194,802

Series 2017-65, Class ST
3.136% (6.15% LIBOR 1 Month),
04/20/2047(e)(h)
1,605 181,083

Series 2017-134, Class SE
3.186% (6.20% LIBOR 1 Month),
09/20/2047(e)(h)
893 84,828

2,169,761

Non-Agency Floating Rate0.1%

Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
3.464% (LIBOR 1 Month + 0.38%), 12/25/2036(e)
863 319,872

HomeBanc Mortgage Trust
Series 2005-1, Class A1
3.584%
(LIBOR 1 Month + 0.50%), 03/25/2035(e)
154 129,816

JPMorgan Chase Bank, NA
Series 2019-CL1, Class M3
5.184%
(LIBOR 1 Month + 2.10%), 04/25/2047(c)(e)
198 193,447

643,135

Non-Agency Fixed Rate0.1%

Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 07/25/2035
64 46,030

Series 2006-24CB, Class A16
5.75%, 08/25/2036
379 218,877

Series 2006-28CB, Class A14
6.25%, 10/25/2036
290 164,907

Series 2006-J1, Class 1A13
5.50%, 02/25/2036
168 121,962

CHL Mortgage Pass-Through Trust
Series 2006-13, Class 1A19

6.25%, 09/25/2036
74 35,213

586,989

Total Collateralized Mortgage Obligations
(cost $56,788,872)

54,296,518

ASSET-BACKED SECURITIES5.2%

Other ABSFixed Rate2.7%

AB Issuer LLC
Series 2021-1, Class A2
3.734%,
07/30/2051(c)
2,090 1,714,489

Affirm Asset Securitization Trust
Series 2021-Z1,
Class A
1.07%, 08/15/2025(c)
427 414,290

2022 Annual Report
17

Table of Contents

Schedule of Investments (continued)

   Principal Amount (000) U.S. $ Value

Series 2021-Z2, Class A
1.17%, 11/16/2026(c)
U.S.$ 450 $ 433,812

Series 2022-X1, Class A
1.75%, 02/15/2027(c)
1,168 1,138,828

Atalaya Equipment Leasing Trust
Series 2021-1A, Class B

2.08%, 02/15/2027(c)
509 474,682

BHG Securitization Trust
Series 2022-A, Class A
1.71%,
02/20/2035(c)
267 249,801

Cajun Global LLC
Series 2021-1, Class A2
3.931%,
11/20/2051(c)
440 374,068

College Ave Student Loans LLC
Series 2021-C, Class B

2.72%, 07/26/2055(c)
637 539,331

Conns Receivables Funding LLC
Series 2021-A, Class A

1.05%, 05/15/2026(c)
507 504,304

Dext ABS LLC
Series 2021-1, Class B
1.76%,
02/15/2028(c)
186 168,830

Diamond Infrastructure Funding LLC
Series 2021-1A, Class B

2.355%, 04/15/2049(c)
935 761,904

Diamond Issuer
Series 2021-1A, Class A
2.305%,
11/20/2051(c)
1,941 1,639,607

Dominos Pizza Master Issuer LLC
Series 2021-1A,
Class A2I
2.662%, 04/25/2051(c)
1,055 868,487

FREED ABS Trust
Series 2021-2, Class C
1.94%,
06/19/2028(c)
1,760 1,696,120

GCI Funding I LLC
Series 2021-1, Class A
2.38%,
06/18/2046(c)
658 561,473

Hardees Funding LLC
Series 2018-1A, Class A23
5.71%,
06/20/2048^(c) 782
716,083

Series 2020-1A, Class A2
3.981%, 12/20/2050(c)
481 412,890

MVW LLC
Series 2021-2A, Class B
1.83%,
05/20/2039(c)
881 785,410

Neighborly Issuer
Series 2022-1A, Class A2
3.695%,
01/30/2052(c)
2,003 1,611,333

Neighborly Issuer LLC
Series 2021-1A, Class A2
3.584%,
04/30/2051(c)
769 635,816

Nelnet Student Loan Trust
Series 2021-BA, Class B
2.68%,
04/20/2062(c)
620 493,140

Series 2021-CA, Class B
2.53%, 04/20/2062(c)
907 707,037

Series 2021-DA, Class B
2.90%, 04/20/2062(c)
798 643,202

   Principal Amount (000) U.S. $ Value

Upstart Securitization Trust
Series 2020-3,
Class A
1.702%, 11/20/2030(c)
U.S.$ 30 $ 30,301

Series 2021-3, Class B
1.66%, 07/20/2031(c)
1,360 1,252,550

18,827,788

AutosFixed Rate2.1%

ACM Auto Trust
Series 2022-1A, Class A
3.23%,
04/20/2029(c)
1,183 1,179,400

Avis Budget Rental Car Funding AESOP LLC
Series 2017-2A,
Class D
4.56%, 03/20/2024(c)
1,527 1,520,328

Series 2018-1A, Class A
3.70%, 09/20/2024(c)
1,700 1,685,575

Series 2018-2A, Class A
4.00%, 03/20/2025(c)
1,680 1,650,582

Carvana Auto Receivables Trust
Series 2021-N3,
Class C
1.02%, 06/12/2028
905 869,739

Series 2021-N4, Class D
2.30%, 09/11/2028
793 728,339

Series 2021-P4, Class D

2.61%, 09/11/2028
989 811,717

CPS Auto Receivables Trust
Series 2021-C, Class D
1.69%,
06/15/2027(c)
1,350 1,220,354

Series 2022-A, Class C
2.17%, 04/16/2029(c)
1,373 1,271,462

FHF Trust
Series 2021-2A, Class A
0.83%,
12/15/2026(c)
588 558,311

Ford Credit Auto Owner Trust
Series 2021-1, Class D

2.31%, 10/17/2033(c)
1,390 1,197,950

LAD Auto Receivables Trust
Series 2021-1A, Class A

1.30%, 08/17/2026(c)
853 822,486

Santander Bank Auto Credit-Linked Notes
Series 2022-A,
Class B
5.281%, 05/15/2032(c)
1,469 1,441,254

14,957,497

Credit CardsFixed Rate0.4%

Brex Commercial Charge Card Master Trust
Series 2021-1,
Class A
2.09%, 07/15/2024(c)
1,021 1,001,445

Series 2022-1, Class A
4.63%, 07/15/2025(c)
1,888 1,828,513

Mission Lane Credit Card Master Trust
Series 2021-A, Class B

2.24%, 09/15/2026(c)
400 385,932

3,215,890

18
Sanford C. Bernstein Fund II, Inc.

Table of Contents

   Principal Amount (000) U.S. $ Value

Home Equity LoansFloating Rate0.0%

Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates
Series
2004-1, Class 1A
3.684% (LIBOR 1 Month + 0.60%), 04/25/2034(e)
U.S.$ 40 $ 37,370

Total Asset-Backed Securities
(cost $40,870,267) 37,038,545

COMMERCIAL MORTGAGE-BACKED SECURITIES3.5%

Non-Agency Floating Rate CMBS2.0%

AREIT Trust
Series 2022-CRE6, Class A
3.534% (SOFR + 1.25%), 01/16/2037(c)(e)
3,069 2,950,847

Ashford Hospitality Trust
Series 2018-KEYS, Class A
3.818% (LIBOR 1 Month + 1.00%),
06/15/2035(c)(e)
792 767,063

BAMLL Commercial Mortgage Securities Trust
Series 2017-SCH,
Class AF
3.818% (LIBOR 1 Month + 1.00%), 11/15/2033(c)(e)
2,435 2,293,579

BBCMS Mortgage Trust
Series 2020-BID, Class A
4.958%
(LIBOR 1 Month + 2.14%), 10/15/2037(c)(e)
1,998 1,967,874

BFLD Trust
Series 2021-FPM, Class A
4.418% (LIBOR 1
Month + 1.60%), 06/15/2038(c)(e)
2,976 2,869,955

BX Commercial Mortgage Trust
Series 2019-IMC,
Class D
4.718% (LIBOR 1 Month + 1.90%), 04/15/2034(c)(e)
207 195,972

Series 2019-IMC, Class E
4.968% (LIBOR 1 Month + 2.15%), 04/15/2034(c)(e)
839 791,598

CLNY Trust
Series 2019-IKPR, Class D
4.843% (LIBOR 1 Month + 2.02%), 11/15/2038(c)(e)
1,450 1,351,907

Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk
Series
2021-MN1, Class M1
4.281% (SOFR + 2.00%), 01/25/2051(c)(e)
189 181,942

Natixis Commercial Mortgage Securities Trust
Series 2019-MILE, Class A
4.318% (LIBOR 1 Month +
1.50%), 07/15/2036(c)(e)
666 655,295

14,026,032

   Principal Amount (000) U.S. $ Value

Non-Agency Fixed Rate CMBS1.5%

BAMLL Commercial Mortgage Securities Trust
Series 2013-WBRK, Class D
3.652%,
03/10/2037(c)
U.S.$ 740 $ 628,011

Banc of America Commercial Mortgage Trust
Series 2015-UBS7, Class AS
3.989%,
09/15/2048
211 197,750

Citigroup Commercial Mortgage Trust
Series 2013-GC11, Class B
3.732%, 04/10/2046
1,140 1,122,519

Commercial Mortgage Trust
Series 2012-CR3, Class E
4.894%,
10/15/2045(c)
889 532,599

Series 2013-SFS, Class A1
1.873%, 04/12/2035(c)
86 84,690

Series 2015-LC21, Class XA
0.807%, 07/10/2048(g)
2,095 29,563

GS Mortgage Securities Trust
Series 2011-GC5,
Class D
5.302%, 08/10/2044(c)
28 11,704

Series 2013-G1, Class A2
3.557%, 04/10/2031(c)
798 791,854

GSF
Series 2021-1, Class A1
1.433%,
08/15/2026(f)(i)
1,184 1,096,778

Series 2021-1, Class A2
2.435%, 08/15/2026(f)(i)
1,801 1,697,612

Series 2021-1, Class AS
2.638%, 08/15/2026(f)(i)
59 54,422

HFX Funding Issuer
Series 2017-1A, Class A3
3.647%,
03/15/2035(f)
1,690 1,551,525

JPMBB Commercial Mortgage Securities Trust
Series 2013-C14,
Class D
4.699%, 08/15/2046(c)
472 264,198

Series 2014-C22, Class XA
0.957%, 09/15/2047(g)
5,187 58,816

JPMorgan Chase Commercial Mortgage Securities Trust
Series
2012-C6, Class E
5.129%, 05/15/2045(c)
712 551,841

LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ
5.452%, 09/15/2039
147 65,093

LSTAR Commercial Mortgage Trust
Series 2016-4, Class A2

2.579%, 03/10/2049(c)
321 318,187

Morgan Stanley Bank of America Merrill Lynch Trust
Series
2014-C19, Class D
3.25%, 12/15/2047(c)
603 516,812

Series 2015-C25, Class XA
1.195%, 10/15/2048(g)
1,946 42,487

2022 Annual Report
19

Table of Contents

Schedule of Investments (continued)

   Principal Amount (000) U.S. $ Value

Wells Fargo Commercial Mortgage Trust
Series 2016-NXS6, Class C
4.531%, 11/15/2049
U.S.$ 1,030 $ 917,863

WF-RBS Commercial Mortgage Trust
Series 2014-C24, Class AS
3.931%, 11/15/2047
356 339,343

10,873,667

Total Commercial Mortgage-Backed Securities
(cost $27,029,085)

24,899,699

COLLATERALIZED LOAN OBLIGATIONS2.9%

CLOFloating Rate2.9%

Balboa Bay Loan Funding Ltd.
Series 2021-1A, Class A

3.91% (LIBOR 3 Month + 1.20%), 07/20/2034(c)(e)
1,472 1,409,977

Dryden 78 CLO Ltd.
Series 2020-78A, Class C
4.69% (LIBOR
3 Month + 1.95%), 04/17/2033(c)(e)
1,260 1,153,084

Elevation CLO Ltd.
Series 2020-11A, Class C
4.712%
(LIBOR 3 Month + 2.20%), 04/15/2033(c)(e)
1,080 959,644

Elmwood CLO IX Ltd.
Series 2021-2A, Class A
3.84% (LIBOR
3 Month + 1.13%), 07/20/2034(c)(e)
1,500 1,435,399

Flatiron CLO 21 Ltd.
Series 2021-1A, Class A1
3.848%
(LIBOR 3 Month + 1.11%), 07/19/2034(c)(e)
1,130 1,078,863

Goldentree Loan Management US CLO 7 Ltd.
Series 2020-7A,
Class AR
3.78% (LIBOR 3 Month + 1.07%), 04/20/2034(c)(e)
1,491 1,415,039

Neuberger Berman Loan Advisers CLO 43 Ltd.
Series 2021-43A,
Class A
3.87% (LIBOR 3 Month + 1.13%), 07/17/2035(c)(e)
1,729 1,656,764

New Mountain CLO 3 Ltd.
Series CLO-3A, Class D
6.06%
(LIBOR 3 Month + 3.35%), 10/20/2034(c)(e)
250 225,170

OCP CLO Ltd.
Series 2020-18A, Class AR
3.80% (LIBOR 3
Month + 1.09%), 07/20/2032(c)(e)
1,954 1,888,318

Pikes Peak CLO 8
Series 2021-8A, Class A
3.88% (LIBOR 3
Month + 1.17%), 07/20/2034(c)(e)
1,907 1,824,979

   Principal Amount (000) U.S. $ Value

Rad CLO 7 Ltd.
Series 2020-7A, Class C
4.74% (LIBOR 3
Month + 2.00%), 04/17/2033(c)(e)
U.S.$ 570 $ 524,104

Rad CLO 11 Ltd.
Series 2021-11A, Class D
5.412% (LIBOR 3
Month + 2.90%), 04/15/2034(c)(e)
950 833,700

Regatta XX Funding Ltd.
Series 2021-2A, Class A
3.672%
(LIBOR 3 Month + 1.16%), 10/15/2034(c)(e)
2,924 2,770,161

Rockford Tower CLO Ltd.
Series 2021-1A, Class D
5.71%
(LIBOR 3 Month + 3.00%), 07/20/2034(c)(e)
1,883 1,606,267

Series 2021-2A, Class A1
3.87% (LIBOR 3 Month + 1.16%), 07/20/2034(c)(e)
1,310 1,244,401

Voya CLO Ltd.
Series 2019-1A, Class DR
5.362% (LIBOR 3
Month +
2.85%), 04/15/2031(c)(e)
480 410,316

Total Collateralized Loan Obligations
(cost $21,888,018)

20,436,186

CORPORATESNON-INVESTMENT GRADE2.1%

Industrial1.5%

Capital Goods0.0%

TK Elevator Midco GmbH
4.375%, 07/15/2027(c)
EUR 331 272,626

CommunicationsMedia0.5%

Altice Financing SA
3.00%, 01/15/2028(c)
540 398,339

CCO Holdings LLC/CCO Holdings Capital Corp.
4.50%, 08/15/2030(c)
U.S.$ 348 275,282

4.50%, 06/01/2033(c)
1,243 921,958

4.75%, 02/01/2032(c)
260 202,893

DISH DBS Corp.
5.75%, 12/01/2028(c)
996 750,924

Summer BC Holdco B SARL
5.75%, 10/31/2026(c)
EUR 540 451,775

VZ Vendor Financing II BV
2.875%, 01/15/2029(c)
540 376,878

3,378,049

CommunicationsTelecommunications0.1%

Altice France SA/France
3.375%, 01/15/2028(c)
259 192,903

Lorca Telecom Bondco SA
4.00%, 09/18/2027(c)
540 460,502

653,405

20
Sanford C. Bernstein Fund II, Inc.

Table of Contents

   Principal Amount (000) U.S. $ Value

Consumer CyclicalAutomotive0.2%

Adient Global Holdings Ltd.
3.50%, 08/15/2024(c)
EUR 540 $ 488,805

Ford Motor Co.
6.10%, 08/19/2032
U.S.$ 759 669,081

ZF Finance GmbH
3.75%, 09/21/2028(c)
EUR 400 305,023

1,462,909

Consumer CyclicalEntertainment0.3%

Carnival Corp.
4.00%, 08/01/2028(c)
U.S.$ 1,545 1,247,062

Royal Caribbean Cruises Ltd.
8.25%, 01/15/2029(c)
993 965,961

2,213,023

Consumer CyclicalOther0.0%

NH Hotel Group SA
4.00%, 07/02/2026(c)
EUR 190 162,097

Consumer Non-Cyclical0.2%

Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
3.50%, 03/15/2029(c)
U.S.$ 959 774,393

IQVIA, Inc.
2.25%, 03/15/2029(c)
EUR 310 232,917

Nobel Bidco BV
3.125%, 06/15/2028(c)
540 355,111

Organon & Co./Organon Foreign Debt Co-Issuer BV
2.875%,
04/30/2028(c)
320 250,717

1,613,138

Services0.1%

APCOA Parking Holdings GmbH
4.625%, 01/15/2027(c)
540 419,741

Technology0.1%

Playtech PLC
4.25%, 03/07/2026(c)
310 275,272

TransportationAirlines0.0%

Deutsche Lufthansa AG
3.00%, 05/29/2026(c)
200 164,448

10,614,708

Financial Institutions0.5%

Banking0.5%

Credit Suisse Group AG
6.375%, 08/21/2026(c)(d)
U.S.$ 355 259,903

7.50%, 07/17/2023(c)(d)
1,617 1,390,604

7.50%, 07/17/2023(c)
749 644,133

7.50%, 12/11/2023(c)(d)
553 508,732

Intesa Sanpaolo SpA
5.017%, 06/26/2024(c)
757 706,591

3,509,963

   Principal Amount (000) U.S. $ Value

Utility0.1%

Electric0.1%

Vistra Corp.
7.00%, 12/15/2026(c)(d)
U.S.$ 648 $ 566,579

Total CorporatesNon-Investment Grade
(cost $18,744,939)

14,691,250

LOCAL GOVERNMENTSUS MUNICIPAL BONDS0.9%

United States0.9%

Port Authority of New York & New Jersey
Series
2020-A
1.086%, 07/01/2023
1,000 974,841

State Board of Administration Finance Corp.
Series
2020-A
1.705%, 07/01/2027
1,634 1,397,363

State of California
Series 2010
7.625%, 03/01/2040
2,040 2,530,643

Tobacco Settlement Finance Authority/WV
Series 2020
3.00%, 06/01/2035
540 512,295

University of California
Series 2021-B
3.071%,
05/15/2051
2,070 1,380,215

Total Local GovernmentsUS Municipal Bonds
(cost $7,355,107)

6,795,357

EMERGING MARKETSCORPORATE BONDS0.5%

Industrial0.5%

Basic0.0%

CSN Resources SA
4.625%, 06/10/2031(c)
293 199,299

Volcan Cia Minera SAA
4.375%, 02/11/2026(c)
189 154,779

354,078

Capital Goods0.2%

Embraer Netherlands Finance BV
5.40%, 02/01/2027
1,025 934,236

6.95%, 01/17/2028(c)
537 504,042

Odebrecht Holdco Finance Ltd.
Zero Coupon, 09/10/2058(c)
417 833

1,439,111

CommunicationsMedia0.1%

Globo Comunicacao e Participacoes SA
4.875%, 01/22/2030(c)

645 485,362

Consumer CyclicalOther0.1%

Wynn Macau Ltd.
5.625%, 08/26/2028(c)
730 489,100

2022 Annual Report
21

Table of Contents

Schedule of Investments (continued)

   Principal Amount (000) U.S. $ Value

Consumer Non-Cyclical0.1%

Natura & Co. Luxembourg Holdings SARL
6.00%, 04/19/2029(c)
U.S.$ 564 $ 459,801

3,227,452

Utility0.0%

Electric0.0%

Terraform Global Operating LP
6.125%, 03/01/2026(f)
117 110,187

Financial Institutions0.0%

Other Finance0.0%

OEC Finance Ltd.
5.25%, 12/27/2033(c)(j)
381 8,404

Total Emerging MarketsCorporate Bonds
(cost $4,827,207)

3,346,043

      Shares

COMMON STOCKS0.3%

Financials0.3%

Insurance0.3%

Mt Logan Re Ltd. (Preference Shares)(i)(k)(l)
2,267 1,938,502

Mt Logan Re Ltd. (Special Investment)(i)(k)(l)
359 300,791

Total Common Stocks
(cost $2,266,850) 2,239,293

   Principal Amount (000)

AGENCIES0.3%

Agency Debentures0.3%

Federal Home Loan Banks
2.50%, 02/13/2024
U.S.$ 1,465 1,429,327

Federal National Mortgage Association
6.25%, 05/15/2029
355 399,952

6.625%, 11/15/2030
260 303,645

Total Agencies
(cost $2,229,266) 2,132,924

EMERGING MARKETSSOVEREIGNS0.3%

Dominican Republic0.2%

Dominican Republic International Bond
4.875%, 09/23/2032(c)
1,919 1,431,814

   Principal Amount (000) U.S. $ Value

Egypt0.1%

Egypt Government International Bond
5.875%, 02/16/2031(c)
U.S.$ 1,070 $ 616,454

Total Emerging MarketsSovereigns
(cost $2,950,147)

2,048,268

QUASI-SOVEREIGNS0.3%

Quasi-Sovereign Bonds0.3%

Indonesia0.1%

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
5.45%, 05/21/2028(c)
447 426,139

Mexico0.2%

Comision Federal de Electricidad
3.348%, 02/09/2031(c)
1,685 1,212,463

4.688%, 05/15/2029(c)
478 398,323

1,610,786

Total Quasi-Sovereigns
(cost $2,608,839)

2,036,925

GOVERNMENTSSOVEREIGN BONDS0.1%

Colombia0.1%

Colombia Government International Bond
3.125%, 04/15/2031
(cost $693,944)
696 482,980

SHORT-TERM INVESTMENTS2.0%

U.S. Treasury Bills1.0%

U.S. Treasury Bill
Zero Coupon, 03/23/2023
(cost $7,318,679)
7,454 7,323,429

      Shares

Investment Companies1.0%

AB Fixed Income Shares, Inc.Government Money Market PortfolioClass AB, 2.58%(m)(n)(o)

(cost $7,113,855)
7,113,855 7,113,855

Total Short-Term Investments
(cost $14,432,534) 14,437,284

Total Investments107.0%
(cost $857,544,873) 757,917,907

Other assets less liabilities(7.0)%

(49,427,619 )

Net Assets100.0% $ 708,490,288

22
Sanford C. Bernstein Fund II, Inc.

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
   2    December 2022    $ 236,969    $ (7,300 )

U.S. Long Bond (CBT) Futures
   45    December 2022    5,688,281    13,279

U.S. T-Note 2 Yr (CBT) Futures
   215    December 2022      44,158,985    (693,985 )

U.S. T-Note 5 Yr (CBT) Futures
   519    December 2022    55,796,555    (1,767,122 )

U.S. Ultra Bond (CBT) Futures
   35    December 2022    4,795,000    (460,521 )

Sold Contracts

10 Yr Japan Bond (OSE) Futures
   22    December 2022    22,542,666    61,078

Long Gilt Futures
   186    December 2022    20,020,187    (248,469 )



   $   (3,103,040 )



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    4,671    USD    4,512    12/08/2022    $ (86,838 )

State Street Bank & Trust Co.
   JPY    445    USD    3    12/02/2022    50



   $   (86,788)



CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)

Description Fixed
Rate
(Pay)
Receive Payment
Frequency
Implied
Credit
Spread at
September 30,

2022

Notional
Amount
(000)
Market
Value
Upfront
Premiums

Paid/

(Received)
Unrealized
Appreciation/
(Depreciation)

Buy Contracts

CDX-NAHY Series 39,
5 Year Index, 12/20/2027*
5.00% Quarterly 6.06% USD    14,453 $   572,115 $   569,942 $   2,173

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)

Rate Type

Payment
Frequency Paid/
Received

Market
Value
Upfront
Premiums
Paid/
(Received)
Unrealized
Appreciation/
(Depreciation)

Notional Amount
(000) Termination
Date Payments made
by the Fund Payments received
by the Fund

USD 4,950 12/13/2029 1.764% 3 Month LIBOR    Semi-Annual/Quarterly $   639,975 $    $   639,975

2022 Annual Report
23

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
September 30,
2022
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 5 $ (1,127 ) $ (758 ) $ (369 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 7 (1,609 ) (865 ) (744 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 18 (4,025 ) (1,709 ) (2,316 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 25 (5,635 ) (2,836 ) (2,799 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 30 (6,762 ) (3,832 ) (2,930 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 35 (7,889 ) (4,907 ) (2,982 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 32 (7,083 ) (3,921 ) (3,162 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 31 (6,923 ) (3,666 ) (3,257 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 36 (8,049 ) (4,403 ) (3,646 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 36 (8,050 ) (4,263 ) (3,787 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 52 (11,590 ) (5,538 ) (6,052 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 73 (16,420 ) (7,846 ) (8,574 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 83 (18,674 ) (9,399 ) (9,275 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 365 (81,941 ) (42,418 ) (39,523 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 457   (102,386 )   (33,845 )   (68,541 )

Credit Suisse International

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 4 (805 ) (420 ) (385 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 118 (26,563 ) (13,755 ) (12,808 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 180 (40,407 ) (13,677 ) (26,730 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 172 (38,636 ) (11,149 ) (27,487 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 233 (52,159 ) (18,030 ) (34,129 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 279 (62,461 ) (15,526 ) (46,935 )

Goldman Sachs International

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 20 (4,507 ) (2,857 ) (1,650 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 22 (4,990 ) (2,671 ) (2,319 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 32 (7,244 ) (3,544 ) (3,700 )

24
Sanford C. Bernstein Fund II, Inc.

Table of Contents

Swap Counterparty & Referenced Obligation Fixed
Rate
(Pay)
Receive Payment
Frequency Implied
Credit
Spread at
September 30,
2022
Notional
Amount
(000)
Market
Value Upfront
Premiums
Paid/
(Received) Unrealized
Appreciation/
(Depreciation)

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 %
Monthly 7.50 %
USD 32 $ (7,244 ) $ (2,986 ) $ (4,258 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 32 (7,245 ) (2,760 ) (4,485 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 231 (51,836 ) (35,362 ) (16,474 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 200 (44,754 ) (23,538 ) (21,216 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 192 (43,143 ) (15,560 ) (27,583 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 438 (98,201 ) (46,883 ) (51,318 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 438 (98,200 ) (46,864 ) (51,336 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 682 (152,935 ) (48,799 ) (104,136 )

JPMorgan Securities, LLC

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 40 (9,015 ) (3,671 ) (5,344 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 42 (9,499 ) (3,869 ) (5,630 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 99 (22,216 ) (11,833 ) (10,383 )

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 243 (54,413 ) (28,098 ) (26,315 )

Morgan Stanley Capital Services LLC

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*
3.00 Monthly 7.50 USD 265 (59,403 ) (17,484 ) (41,919 )

$   (1,184,039 ) $   (499,542 ) $   (684,497 )

** Principal amount less than 500.

(a) Position, or a portion thereof, has been segregated to collateralize margin requirements for open centrally cleared swaps.

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

(c) 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
September 30, 2022, the aggregate market value of these securities amounted to $185,968,262 or 26.2% of net assets.

(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 September 30, 2022.

(f) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.71% of net assets as of September 30, 2022, 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
Series 2021-1, Class A1
1.433%, 08/15/2026
   02/25/2021    $  1,153,847    $   1,096,778    0.15 %

GSF
Series 2021-1, Class A2
2.435%, 08/15/2026
   02/25/2021    1,847,082    1,697,612    0.24 %

GSF
Series 2021-1, Class AS
2.638%, 08/15/2026
   02/25/2021    60,278    54,422    0.01 %

2022 Annual Report
25

Table of Contents

Schedule of Investments (continued)

144A/Restricted & Illiquid Securities    Acquisition
Date    Cost    Market
Value    Percentage of
Net Assets

HFX Funding Issuer
Series 2017-1A, Class A3
3.647%,
03/15/2035
   11/19/2020    $
  1,800,250    $   1,551,525    0.22 %

JPMorgan Madison Avenue Securities Trust
Series 2014-CH1,
Class M2
7.334%, 11/25/2024
   11/06/2015    47,007    45,203    0.01 %

PMT Credit Risk Transfer Trust
Series 2020-1R, Class A

5.463%, 02/27/2023
   02/11/2020    245,340    232,759    0.03 %

Terraform Global Operating LP
6.125%, 03/01/2026
   02/08/2018    117,000    110,187    0.02 %

Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1,
Class 1M2
8.334%, 11/25/2025
   09/28/2015    187,930    172,259    0.02 %

Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1,
Class 2M2
8.584%, 11/25/2025
   09/28/2015    47,525    44,698    0.01 %

(g) IOInterest Only.

(h) Inverse interest only security.

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

(j) 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 September 30, 2022.

(k) Fair valued by the Adviser.

(l) Non-income producing security.

(m) Affiliated investments.

(n) To obtain a copy of the funds shareholder report, please go to the Securities and Exchange Commissions website at www.sec.gov, or call AB at (800) 227-4618.

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

Currency
Abbreviations:

EUREuro

JPYJapanese
Yen

USDUnited States Dollar

Glossary:

ABSAsset-Backed Securities

ARMsAdjustable
Rate Mortgages

CBTChicago Board of Trade

CDX-CMBX.NANorth American Commercial Mortgage-Backed Index

CDX-NAHYNorth American High Yield Credit Default Swap Index

CLOCollateralized Loan Obligations

CMBSCommercial Mortgage-Backed Securities

LIBORLondon Interbank Offered Rate

OSEOsaka Securities Exchange

REITReal
Estate Investment Trust

REMICsReal Estate Mortgage Investment Conduits

SOFRSecured Overnight Financing Rate

TBATo
Be Announced

See notes to financial statements.

26
Sanford C. Bernstein Fund II, Inc.

Table of Contents

Statement of Assets and LiabilitiesSeptember 30, 2022

      INTERMEDIATE
DURATION
INSTITUTIONAL
PORTFOLIO

ASSETS

Investments in securities, at value


Unaffiliated issuers (cost $850,431,018)
   $ 750,804,052

Affiliated issuers (cost $7,113,855)
   7,113,855

Cash collateral due from broker
   3,282,541

Receivables:


Unaffiliated interest and dividends
   4,413,845

Affiliated dividends
   14,777

Foreign withholding tax reclaims
   4,090

Variation margin on centrally cleared swaps
   79,723

Unrealized appreciation of forward currency exchange contracts
   50



Total assets
   765,712,933



LIABILITIES

Due to custodian
   97,069

Payables:


Dividends to shareholders
   348,331

Investment securities purchased
   51,484,230

Capital shares redeemed
   2,644,212

Variation margin on futures
   857,774

Advisory fee
   240,668

Administrative fee
   29,654

Foreign capital gains taxes
   25,391

Transfer Agent fee
   2,974

Accrued expenses and other liabilities
   221,465

Market value on credit default swaps (net premiums received $499,542)
   1,184,039

Unrealized depreciation of forward currency exchange contracts
   86,838



Total liabilities
   57,222,645



NET ASSETS
   $ 708,490,288



SHARES OF CAPITAL STOCK OUTSTANDING
   55,708,418



NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
   $ 12.72



NET ASSETS CONSIST OF:

Capital stock, at par*
   $ 55,708

Additional paid-in capital
   845,895,251

Accumulated loss
   (137,460,671 )



   $ 708,490,288



* The Sanford C. Bernstein Fund II, Inc., has authorized 18 billion shares of common stock with par value of $.001 per
share.

See Notes to Financial Statements.

2022 Annual Report
27

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Statement of Operationsfor the year ended September 30, 2022

      INTERMEDIATE
DURATION
INSTITUTIONAL
PORTFOLIO

INVESTMENT INCOME

Income:


Interest
   $ 19,523,023

DividendsAffiliated issuers
   57,238



Total income
   19,580,261



Expenses:


Advisory fee (see Note 2A)
   3,839,602

Custody and accounting fees
   121,994

Transfer Agent fee
   18,423

Auditing and tax fees
   117,378

Administrative
   108,481

Registration fees
   36,072

Legal fees
   30,641

Directors fees and expenses
   28,058

Printing fees
   22,033

Miscellaneous
   52,587



Total expenses
   4,375,269

Less: expenses waived and reimbursed by the Adviser (see Note 2A and 2C)
   (541,397 )



Net expenses
   3,833,872



Net investment income
   15,746,389



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

Net realized gain (loss) on:


Investment transactions (a)
   (21,255,892 )

Forward currency exchange contracts
   788,239

Futures
   (14,309,913 )

Swaps
   (1,030,826 )

Foreign currency transactions
   1,212,653



Net realized loss on investment and foreign currency transactions
   (34,595,739 )



Net change in unrealized appreciation/depreciation of:


Investments (b)
   (118,381,802 )

Forward currency exchange contracts
   (76,595 )

Futures
   (2,368,025 )

Swaps
   4,526,361

Foreign currency denominated assets and liabilities and other assets
   (19,083 )



Net change in unrealized appreciation/depreciation of investments and foreign currency
denominated assets and liabilities
   (116,319,144 )



Net realized and unrealized loss on investment and foreign currency transactions
   (150,914,883 )



Net decrease in net assets resulting from operations
   $ (135,168,494 )



(a) Net of foreign realized capital gains taxes of $12,992.

(b) Net of increase in accrued foreign capital gains taxes on unrealized gains of $2,236..

See Notes to Financial Statements.

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Sanford C. Bernstein Fund II, Inc.

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Statement of Changes in Net Assets

   INTERMEDIATE DURATION
INSTITUTIONAL PORTFOLIO




YEAR

ENDED

9/30/22

YEAR

ENDED

9/30/21

INCREASE (DECREASE) IN NET ASSETS FROM

Operations:


Net investment income
   $ 15,746,389 $ 18,481,261

Net realized gain (loss) on investment and foreign currency transactions
   (34,595,739 ) 13,587,357

Net change in unrealized appreciation/depreciation of investments and foreign currency denominated
assets and liabilities and other assets and liabilities
   (116,319,144 ) (31,654,804 )



Net increase (decrease) in net assets resulting from operations
   (135,168,494 ) 413,814



Distributions to shareholders
   (29,599,918 ) (32,340,013 )



Capital-share transactions:


Net proceeds from sales of shares
   80,941,080 263,341,628

Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and
distributions
   26,986,366 29,479,217



Total proceeds from shares sold
   107,927,446 292,820,845

Cost of shares redeemed
   (251,653,718 ) (149,417,820 )



Net increase (decrease) in net assets from capital-share transactions
   (143,726,272 ) 143,403,025



Net increase (decrease) in net assets
   (308,494,684 ) 111,476,826

NET ASSETS:

Beginning of period
   1,016,984,972 905,508,146



End of period
   $ 708,490,288 $ 1,016,984,972



See Notes to Financial Statements.

2022 Annual Report
29

Table of Contents

Financial Highlights

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

INTERMEDIATE DURATION

INSTITUTIONAL PORTFOLIO

   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
$ 15.50 $ 16.04 $ 15.46 $ 14.55 $ 15.08

Income from investment operations

Investment income, net (a)(b)
0.26 0.30 0.40 0.44 0.36

Net realized and unrealized gain (loss) on investment and foreign currency transactions
(2.55 ) (0.29 ) 0.65 0.95 (0.51 )

Contributions from affiliates
0 0 0 0.00 (c) 0.00 (c)

Total from investment operations
(2.29 ) 0.01 1.05 1.39 (0.15 )

Less: Dividends and Distributions

Dividends from net investment income
(0.27 ) (0.33 ) (0.44 ) (0.48 ) (0.38 )

Dividends from net realized gain on investment transactions
(0.22 ) (0.22 ) (0.03 ) 0 0

Total dividends and distributions
(0.49 ) (0.55 ) (0.47 ) (0.48 ) (0.38 )

Net asset value, end of period
$ 12.72 $ 15.50 $ 16.04 $ 15.46 $ 14.55

Total return (d)
(15.13)% 0.02% 6.96% 9.70% (0.98)%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000 omitted)
$708,490 $1,016,985 $905,508 $886,574 $734,175

Average net assets (000 omitted)
$853,245 $963,532 $879,658 $816,533 $702,953

Ratio to average net assets of:

Expenses, net of waivers/reimbursements
0.45% 0.45% 0.45% 0.45% 0.45%

Expenses, before waivers/reimbursements
0.51% 0.52% 0.52% 0.52% 0.55%

Net investment income (b)
1.85% 1.92% 2.55% 2.98% 2.47%

Portfolio turnover rate (e)
129% 118% 86% 70% 189%

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

See Notes to Financial Statements.

30
Sanford C. Bernstein Fund II, Inc.

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Notes to Financial Statements

NOTE 1.
Organization and Significant Accounting Policies

Sanford C. Bernstein Fund II, 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, currently comprises one portfolio, the Intermediate Duration Institutional Portfolio (the Portfolio). 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. The 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 Portfolio.

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 Boards oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a
national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (NASDAQ)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If
there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded;
securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed 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 issuers financial statements or other
available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its 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 Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2022 Annual Report
31

Table of Contents

Notes to Financial Statements (continued)

B. Fair Value Measurements

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 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 Portfolio. 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 1quoted prices in active markets for identical investments

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

Level 3significant 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 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.

32
Sanford C. Bernstein Fund II, Inc.

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The following table
summarizes the valuation of the Portfolios investments by the above fair value hierarchy levels as of September 30, 2022:

INVESTMENTS IN SECURITIES: LEVEL 1    LEVEL 2    LEVEL 3    TOTAL

Assets:

GovernmentsTreasuries
$ 0    $ 286,721,389    $ 0    $ 286,721,389

CorporatesInvestment Grade
0    164,081,859    0    164,081,859

Mortgage Pass-Throughs
0    122,233,387    0    122,233,387

Collateralized Mortgage Obligations
0    54,296,518    0    54,296,518

Asset-Backed Securities
0    37,038,545    0    37,038,545

Commercial Mortgage-Backed Securities
0    22,050,887    2,848,812    24,899,699

Collateralized Loan Obligations
0    20,436,186    0    20,436,186

CorporatesNon-Investment Grade
0    14,691,250    0    14,691,250

Local GovernmentsUS Municipal Bonds
0    6,795,357    0    6,795,357

Emerging MarketsCorporate Bonds
0    3,346,043    0    3,346,043

Common Stocks
0    0    2,239,293    2,239,293

Agencies
0    2,132,924    0    2,132,924

Emerging MarketsSovereigns
0    2,048,268    0    2,048,268

Quasi-Sovereigns
0    2,036,925    0    2,036,925

GovernmentsSovereign Bonds
0    482,980    0    482,980

Short-Term Investments:


U.S. Treasury Bills
0    7,323,429    0    7,323,429

Investment Companies
7,113,855    0    0    7,113,855

Total Investments in Securities
7,113,855    745,715,947    5,088,105    757,917,907

Other Financial Instruments (a):


Assets:

Futures
74,357    0    0    74,357 (b)

Forward Currency Exchange Contracts
0    50    0    50

Centrally Cleared Credit Default Swaps
0    572,115    0    572,115 (b)

Centrally Cleared Interest Rate Swaps
0    639,975    0    639,975 (b)

Liabilities:

Futures
(3,177,397 )    0    0    (3,177,397 )(b)

Forward Currency Exchange Contracts
0    (86,838 )    0    (86,838 )

Credit Default Swaps
0    (1,184,039 )    0    (1,184,039 )

Total
$ 4,010,815    $ 745,657,210    $ 5,088,105    $ 754,756,130

(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, options written and swaptions written 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 Portfolio 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.

2022 Annual Report
33

Table of Contents

Notes to Financial Statements (continued)

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 Portfolio does 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 Portfolio does isolate the effect of changes in foreign exchange rates from changes in market prices of debt securities sold during the year, as required by the Internal Revenue
Code.

The 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.

The 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, the Portfolio will not be subject to federal and state income taxes to the extent that all of its income is distributed. The
Portfolio may be subject to taxes imposed by countries in which it invests. 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 managements 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.

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 Portfolio 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 Portfolio amortizes premiums and accretes 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

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

G. Distribution of Income and Gains

Net investment income of the Portfolio is
declared and recorded as a dividend to shareholders daily and is payable to shareholders monthly.

Distributions of net realized gains,
less any available loss carryforwards, if any, for the Portfolio 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

34
Sanford C. Bernstein Fund II, Inc.

Table of Contents

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 differencespermanent differencesarise because treatment of elements of income and gains is
different between book and tax accounting. Permanent differences are reclassified in the year they arise.

During the current fiscal year,
there were no permanent differences that resulted in adjustments to distributable earnings or additional paid-in capital.

NOTE 2.
Investment Management and Transactions with Affiliated Persons

Under the advisory agreement between the Fund and Adviser, the
Portfolio pays the Adviser an advisory fee at an annual rate of 0.45% of the first $2.5 billion, 0.40% of the next $2.5 billion, 0.35% of the next $5 billion and 0.30% in excess of $8 billion of the average daily net assets of
the Portfolio. Pursuant to an Expense Limitation Agreement, during the reporting period, the Adviser waived a portion of its advisory fee or reimbursed the Portfolio for a portion of its expenses to the extent necessary to limit the Portfolios
expenses to 0.45%. This waiver extends through January 28, 2023 and may be extended by the Adviser for additional one-year terms. For the year ended September 30, 2022, the aggregate amount of such
fee waiver was $532,011.

B. Distribution Arrangements

Under the Distribution Agreement between the Fund, on
behalf of the Portfolio, and Sanford C. Bernstein & Co., LLC (the Distributor), the Distributor agrees to act as agent to sell shares of the Portfolio. 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.

C. Investments and other transactions with Affiliated Issuers

The Portfolio may
invest in AB Government Money Market Portfolio (the Government Money Market Portfolio) which has a contractual annual advisory fee rate of .20% of the portfolios 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 Portfolio in Government Money Market
Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolios pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the
Portfolio as an acquired fund fee and expense. For the year ended September 30, 2022, such waiver amounted to $9,386.

A summary of
the Portfolios transactions in AB mutual funds for the year ended September 30, 2022 is as follows:

PORTFOLIO MARKET VALUE
9/30/21
(000)    PURCHASES
AT COST
(000)    SALES
PROCEEDS
(000)    MARKET VALUE
9/30/22
(000)    DIVIDEND
INCOME
(000)

Government Money Market Portfolio
$ 3,938    $ 436,738    $ 433,562    $ 7,114    $ 57

NOTE 3.
Investment Security Transactions

A. Purchases and Sales

For the year ended September 30, 2022, the Portfolio
had purchases and sales transactions, excluding transactions in short-term instruments, as follows:

      PURCHASES      SALES

Investment securities (excluding U.S. government securities)
   $ 141,694,951      $ 229,573,956

U.S. government securities
   968,535,101      953,633,809

2022 Annual Report
35

Table of Contents

Notes to Financial Statements (continued)

The
cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost
   $ 858,034,816



Gross unrealized appreciation
   $ 6,041,807

Gross unrealized depreciation
   (104,863,911 )



Net unrealized appreciation
   $ (98,822,104 )



B. Derivative Financial Instruments

The 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 Portfolio, as well as the methods in which they may be used are:

The 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 Portfolio bears 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 Portfolio 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 the Portfolio enters into
futures, the 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 Portfolio agrees 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 Portfolio 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 Portfolio
records 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 Portfolio 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 Portfolio to unlimited risk of loss. The 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 days settlement price, which could effectively prevent liquidation of unfavorable positions.

During the year ended
September 30, 2022, the Portfolio held futures for hedging and non-hedging purposes.

Forward Currency Exchange Contracts

The Portfolio may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates
on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign
currencies, as described below under Currency Transactions.

A forward currency exchange contract is a commitment to purchase
or sell a foreign currency at a future date at a negotiated forward rate. 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

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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.

During the year ended September 30, 2022, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

The Portfolio may enter into swaps to hedge its exposure to interest rates, credit risk, or currencies. The Portfolio 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 Portfolio in accordance with the terms of the respective swaps to provide value and recourse to the
Portfolio or its 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 Portfolio, and/or the termination
value at the end of the contract. Therefore, the Portfolio considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Portfolio and the
counterparty and by the posting of collateral by the counterparty to the Portfolio 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 Portfolio accrues 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 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 Portfolio enters into a centrally cleared swap, the Portfolio deposits and maintains 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 Portfolio agrees 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 Portfolio 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 Portfolio records 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 Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio
holds 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 Portfolio may enter into interest rate swaps.
Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolio 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.

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Notes to Financial Statements (continued)

In
addition, the 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 year ended September 30, 2022, the 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 year ended September 30, 2022, the Portfolio held inflation (CPI) swaps for hedging and
non-hedging purposes.

Credit Default Swaps:

The Portfolio may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce
its risk exposure to defaults by corporate and sovereign issuers held by the Portfolio, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Portfolio 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 Portfolio receives/(pays) 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 Portfolio 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 Portfolio for the same reference obligation 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 the Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the 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 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 reflect upfront payments required to be made to enter into the agreement. Widening credit spreads
typically represent a deterioration of the referenced obligations 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 year ended September 30, 2022,
the Portfolio held credit default swaps for hedging and non-hedging purposes.

The 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, the Portfolio typically may offset with the OTC

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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 the Portfolios net liability, held by the defaulting party, may be delayed or denied.

The Portfolios ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net
assets of the Portfolio decline below specific levels (net asset contingent features). If these levels are triggered, the Portfolios 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 table below for additional details.

During the year ended September 30, 2022, the Portfolio had entered into the following derivatives:

      ASSET DERIVATIVES LIABILITY DERIVATIVES

DERIVATIVE TYPE    STATEMENT OF ASSETS
AND LIABILITIES
LOCATION FAIR VALUE STATEMENT OF ASSETS
AND LIABILITIES LOCATION FAIR VALUE

Interest rate contracts

Receivable/Payable for variation margin on futures
$ 74,357 *
Receivable/Payable for variation margin on futures
$ 3,177,397 *

Credit contracts

Receivable/Payable for variation margin on centrally cleared swaps
2,173 *

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps
639,975 *

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts
50
Unrealized depreciation on forward currency exchange contracts
86,838

Credit contracts

Market value on credit default swaps
1,184,039

Total
   $ 716,555 $ 4,448,274

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

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

Interest rate contracts

Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of
futures
$ (14,309,913 ) $ (2,368,025 )

Foreign currency contracts

Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized
appreciation/depreciation of forward currency exchange contracts
788,239 (76,595 )

Interest rate contracts

Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of
swaps
(346,909 ) 1,110,557

Credit contracts

Net realized gain (loss) on swaps; Net change in unrealized
appreciation/depreciation of swaps
(683,917 ) 3,415,804

Total
   $ (14,552,500 ) $ 2,081,741

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Notes to Financial Statements (continued)

The
following table represents the average monthly volume of the Portfolios derivative transactions during the year ended September 30, 2022:

Futures:

Average notional amount of buy contracts
$ 132,267,061

Average notional amount of sale contracts
$ 37,348,064 (a)

Forward Currency Exchange Contracts:

Average principal amount of buy contracts
$ 18,521,010 (b)

Average principal amount of sale contracts
$ 48,246,765

Centrally Cleared Interest Rate Swaps:

Average notional amount
$ 19,454,917

Centrally Cleared Inflation Swaps:

Average notional amount
$ 26,681,667 (a)

Credit Default Swaps:

Average notional amount of buy contracts
$ 20,718,000 (a)

Average notional amount of sale contracts
$ 11,531,860

Centrally Cleared Credit Default Swaps:

Average notional amount of buy contracts
$ 15,965,636 (c)

(a)
Positions were open for five months during the year.

(b)
Positions were open for ten months during the year.

(c)
Positions were open for nine months during the year.

For financial reporting purposes, the Portfolio does 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 table presents 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 Portfolio
as of September 30, 2022. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

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

State Street Bank & Trust Co.
$ 50 $ 0 $ 0 $ 0 $ 50

Total
$ 50 $ 0 $ 0 $ 0 $ 50 ^

COUNTERPARTY DERIVATIVE
LIABILITIES SUBJECT
TO A MA DERIVATIVES
AVAILABLE FOR
OFFSET CASH
COLLATERAL
PLEDGED* SECURITY
COLLATERAL
PLEDGED* NET AMOUNT OF
DERIVATIVE
LIABILITIES

Bank of America, NA
$ 86,838 $ 0 $ 0 $ 0 $ 86,838

Citigroup Global Markets, Inc.
288,163 0 0 (279,239 ) 8,924

Credit Suisse International
221,031 0 0 (216,238 ) 4,793

Goldman Sachs International
520,299 0 0 (520,299 ) 0

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COUNTERPARTY DERIVATIVE
LIABILITIES SUBJECT
TO A MA DERIVATIVES
AVAILABLE FOR
OFFSET CASH
COLLATERAL
PLEDGED* SECURITY
COLLATERAL
PLEDGED* NET AMOUNT OF
DERIVATIVE
LIABILITIES

JPMorgan Securities, LLC
$ 95,143 $ 0 $ 0 $ (94,721 ) $ 422

Morgan Stanley Capital Services LLC
59,403 0 0 (59,403 ) 0

Total
$ 1,270,877 $ 0 $ 0 $ (1,169,900 ) $ 100,977 ^

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

The Portfolio may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Portfolio of securities for
delivery in the current month and the Portfolio simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on
the securities. The Portfolio is 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 Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the year ended
September 30, 2022, the Portfolio earned drop income of $837,394 which is included in interest income in the accompanying statement of operations.

NOTE 4.
Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended September 30, 2022 and September 30, 2021 were as follows:

      2022      2021

Distributions paid from:


Ordinary income
   $ 18,465,674      $ 23,987,974

Net long-term capital gains
   11,134,244      8,352,039





Total taxable distributions paid
   $ 29,599,918      $ 32,340,013





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Notes to Financial Statements (continued)

As of
September 30, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income
   $ 851,550

Accumulated capital and other losses
   (39,099,204 )(a)

Unrealized appreciation/(depreciation)
   (98,839,295 )(b)



Total accumulated earnings/(deficit)
   $ (137,086,949 )(c)



(a)
As of September 30, 2022, the Fund had a net capital loss carryforward of $39,094,453. As of September 30,
2022, the cumulative deferred loss on straddles was $4,751.

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

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

For tax purposes, net realized capital
losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of
September 30, 2022, the Fund had a net short-term capital loss carryforward of $18,550,042 and a net long-term capital loss carryforward of $20,544,411, which may be carried forward for an indefinite period.

During the current fiscal year, there were no permanent differences that resulted in adjustments to accumulated loss or additional paid-in
capital.

NOTE 5.
Risks Involved in Investing in the Portfolio

Interest-Rate RiskChanges 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. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal and monetary policy
initiatives and resulting market reaction to those initiatives.

Credit RiskThis 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. 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 RiskThe 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 RiskThis 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

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Portfolios
distributions. This risk is significantly greater for fixed-income securities with longer maturities. Rates of inflation have recently risen, which could adversely affect economies and markets.

Inflation-Protected Securities RiskThe 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
RiskInvestments 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, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, and adverse market,
economic, political and regulatory factors and social instability, 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 RiskThe 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, 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. 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 RiskThe Portfolio 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. 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 Portfolio. Certain derivatives have the potential
for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted to cover or secure 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 Portfolio 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 Fund. Use of derivatives may have different tax consequences for the Portfolio 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 Securities RiskMortgage-related securities
represent interests in pools of mortgages, including consumer loans or receivables held in trust. Mortgage-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, 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 RiskPrepayment 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 Portfolio will not benefit from the rise in market price that normally accompanies a decline in

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Notes to Financial Statements (continued)

interest rates, and may not be able to invest the proceeds in securities providing as much income, resulting in a lower yield to the
Portfolio. 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
RiskThe Portfolio 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 RiskThe Portfolio is subject to management risk because it is an actively managed investment portfolio. The Adviser
will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, 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 Portfolio 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 Portfolio. 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 Portfolio.

Illiquid Investments RiskIlliquid investments risk exists when particular investments are
difficult or impossible to purchase or sell, possibly preventing the Portfolio from purchasing or selling these securities at an advantageous price. 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.

Redemption RiskThe Portfolio may experience heavy redemptions that could cause
the Portfolio to liquidate its 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
RiskThis 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 Portfolio. For
example, the value of the Portfolios investments in foreign securities and foreign currency positions may decrease if the U.S. Dollar is strong (i.e., gaining value relative to other currencies) and other currencies are weak
(i.e., losing value relative to the U.S. Dollar).

Actions by a Few Major InvestorsIn 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
Portfolio.

Market RiskThe Portfolio is 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); policy and legislative changes;
cybersecurity events; and other factors.

Economies and financial markets throughout the world are becoming increasingly interconnected.
Economic, financial or political events, trading and tariff arrangements, sanctions, regional and global conflicts, 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. As a result, whether or not the Portfolio 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.

44
Sanford C. Bernstein Fund II, Inc.

Table of Contents

Lower-rated Securities
RiskLower-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.

LIBOR Transition and Associated RiskA Portfolio 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. The FCA and LIBORs administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different
currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will 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 funding 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.

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 a Portfolios performance and/or net asset value. 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 a 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 RiskAs 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

2022 Annual Report
45

Table of Contents

Notes to Financial Statements (continued)

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 RiskIn the ordinary course of
business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolios maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these
indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

NOTE 6.
Capital-Share Transactions

Share transactions for the years ended September 30, 2022 and September 30, 2021, were as follows:

INTERMEDIATE DURATION
INSTITUTIONAL PORTFOLIO

SHARES AMOUNT

   YEAR
ENDED
9/30/22 YEAR
ENDED
9/30/21    YEAR
ENDED
9/30/22 YEAR
ENDED
9/30/21

Shares sold
5,662,668 16,874,217 $ 80,941,080 $ 263,341,628

Shares issued to shareholders on reinvestment of dividends and distributions
1,839,167 1,871,569 26,986,366 29,479,217

Shares redeemed
(17,400,799 ) (9,590,115 ) (251,653,718 ) (149,417,820 )

Net increase (decrease)
(9,898,964 ) 9,155,671 $ (143,726,272 ) $ 143,403,025

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a
$325 million revolving credit facility (the Facility) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the
Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended September 30, 2022.

NOTE 8.
Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU
2020-04, Reference Rate Reform (Topic 848)Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional
guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through
December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

NOTE 9.
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.

46
Sanford C. Bernstein Fund II, Inc.

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Intermediate Duration Institutional
Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Intermediate Duration Institutional Portfolio (the Portfolio) (the only
series constituting Sanford C. Bernstein Fund II, Inc. (the Fund)), including the schedule of investments, as of September 30, 2022, and the related statement of operations for the year then ended, the statements of changes in net
assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the financial statements). In our opinion, the
financial statements present fairly, in all material respects, the financial position of the Portfolio (the only series constituting Sanford C. Bernstein Fund II, Inc.) at September 30, 2022, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the
responsibility of the Funds management. Our responsibility is to express an opinion on the Portfolios financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Funds internal control over financial
reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial
reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the
financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits
also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

November 23, 2022

2022 Annual Report
47

Table of Contents

2022 Federal Tax Information (Unaudited)

For
Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended September 30, 2022. For foreign shareholders, 91.40% of ordinary income dividends paid may
be considered to be qualifying to be taxed as interest-related dividends. The Portfolio designates $11,134,244 of dividends paid as long-term capital gain dividends.

Shareholders should not use the above information to prepare their tax returns. The information necessary to complete your income tax returns
will be included with your Form 1099-DIV which will be sent to you separately in January 2023.

48 Sanford C. Bernstein Fund II, Inc.

Table of Contents

Sanford C. Bernstein Fund II, Inc.

BOARD OF
DIRECTORS

Marshall C. Turner, Jr.*

Chairman

Jorge A.
Bermudez*

Director

Michael J. Downey*

Director

Onur
Erzan

Chief Executive Officer

Nancy P. Jacklin*

Director

Jeanette W. Loeb*

Director

Carol C.
McMullen*

Director

Garry L. Moody*

Director

OFFICERS

Michael Canter**

Vice President

Janaki Rao**

Vice
President

Emilie D. Wrapp

Secretary

Michael
B. Reyes

Senior Vice President

Joseph J. Mantineo

Treasurer and Chief Financial Officer

Stephen M. Woetzel

Controller

Vincent S. Noto

Chief Compliance Officer

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

Ernst & Young LLP

One Manhattan West

New York,
NY 10001

LEGAL COUNSEL

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York,
NY 10019

CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company

State Street Corporation CCB/5

1 Iron Street

Boston, MA
02210

DISTRIBUTOR

Sanford C.
Bernstein & Co, LLC

1345 Avenue of the Americas

New York, NY 10105

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 and Nominating Committee, and the Independent Directors Committee.

** The day-to-day management of, and investment decisions for, Sanford C. Bernstein Fund II, Inc.s portfolio are made by the U.S. Investment Grade: Core Fixed-Income Team. Messrs. Canter and Rao are the investment
professionals with the most significant responsibility for the day-to-day management of the Funds portfolio.

2022 Annual Report
49

Table of Contents

Sanford C. Bernstein Fund II, Inc.
(continued)

DIRECTORS
INFORMATION



Name, Address*, Age,

(Year First Elected**)

Principal Occupation(s)

During Past Five (5) Years

and Other
Information***

Portfolios in
AB Fund
Complex

Overseen

By Director
   Other Public Company
Directorships Currently
Held By Director

INTERESTED DIRECTOR


Onur Erzan,⁺

46
1345 Avenue of the Americas
New York, NY 10105

(2021)
   Senior Vice President of AllianceBernstein L.P. (the Adviser), Head of Global Client Group and Head of Private Wealth. He oversees ABs entire private wealth management business and third-party institutional and
retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He
is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in 2021, he spent over 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he
co-led McKinseys Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally.    75    None

DISINTERESTED DIRECTORS


Marshall C. Turner,
Jr.,

Chairman of the
Board

81
(2005)
   Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent
computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior
service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational foundation. He has served as a director of one
AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.    75    None

50
Sanford C. Bernstein Fund II, Inc.

Table of Contents

DIRECTORS
INFORMATION (continued)



Name, Address*, Age,

(Year First Elected**)

Principal Occupation(s)

During Past Five (5) Years

and Other
Information***

Portfolios in
AB Fund
Complex

Overseen

By Director
   Other Public Company
Directorships Currently
Held By Director

Jorge A.
Bermudez,

71
(2020)
   Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroups Commercial Business Group in
North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013)
and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas
from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.    75    Moodys Corporation since April 2011

Michael J.
Downey,

78

(2005)
   Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund
Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.    75    None

2022 Annual Report
51

Table of Contents

Sanford C. Bernstein Fund II, Inc.
(continued)

DIRECTORS
INFORMATION (continued)



Name, Address*, Age,

(Year First Elected**)

Principal Occupation(s)

During Past Five (5) Years

and Other
Information***

Portfolios in
AB Fund
Complex

Overseen

By Director
   Other Public Company
Directorships Currently
Held By Director

Nancy P.
Jacklin,

74
(2006)
   Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the
stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel
(International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations.
She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.    75    None

Jeanette W.
Loeb,

70

(2020)
   Chief Executive Officer of PetCareRx
(e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge
funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020.    75    Apollo Investment Corp. (business development company) since August 2011

52
Sanford C. Bernstein Fund II, Inc.

Table of Contents

DIRECTORS
INFORMATION (continued)



Name, Address*, Age,

(Year First Elected**)

Principal Occupation(s)

During Past Five (5) Years

and Other
Information***

Portfolios in

AB Fund
Complex

Overseen

By Director

Other Public Company
Directorships Currently

Held By Director

Carol C.
McMullen,

67
(2016)
   Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of
Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group
(consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head
of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a
director or trustee of the AB Funds since June 2016.    75    None

2022 Annual Report
53

Table of Contents

Sanford C. Bernstein Fund II, Inc.
(continued)

DIRECTORS
INFORMATION (continued)



Name, Address*, Age,

(Year First Elected**)

Principal Occupation(s)

During Past Five (5) Years

and Other
Information***

Portfolios in

AB Fund
Complex

Overseen

By Director

Other Public Company
Directorships Currently

Held By Director

Garry L.
Moody,

70

(2008)
   Private Investor since prior to 2017. Formerly, Partner Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner;
President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the
National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institutes Board of Governors and the Independent Directors Councils Governing Council,
where he serves as Chairman of its Governance Committee. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.    75    None

* The address for each of the Funds disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance DepartmentMutual Fund
Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Funds Directors.

*** The information above includes each Directors principal occupation during the last five years and other information relating to the experience,
attributes, and skills relevant to each Directors qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

+ Mr. Erzan is an interested person, of the Fund, as defined in the Investment Company Act of 1940, due to his position as a Senior Vice President
of the Adviser.

54
Sanford C. Bernstein Fund II, Inc.

Table of Contents

OFFICERS
INFORMATION


Name, Address* and Age
Principal Position(s)

Held with Fund

Principal Occupation

During Past Five (5) Years

Onur Erzan

46
   President and Chief Executive Officer    See biography above.

Michael Canter

53
   Vice President    Senior Vice President of the Adviser, with which he has been associated since prior to 2017. He is also Director and Chief Investment
OfficerSecuritized Assets.

Janaki Rao

52
   Vice President    Senior Vice President of the Adviser, with which he has been associated since prior to 2017. He is also Director of US Multi-Sector
Fixed-Income Portfolios.

Emilie D. Wrapp

66
   Secretary    Senior Vice President, Assistant General Counsel and Assistant Secretary of AllianceBernstein Investments, Inc. (ABI),
with which she has been associated since prior to 2017.

Michael B. Reyes

46
   Senior Vice President    Vice President of the Adviser, with which he has been associated since prior to 2017.

Joseph J. Mantineo

63
   Treasurer and Chief Financial Officer    Senior Vice President of AllianceBernstein Investor Services, Inc. (ABIS), with which he has been associated since prior
to 2017.

Stephen M. Woetzel

51
   Controller    Senior Vice President of ABIS, with which he has been associated since prior to 2017.

Vincent S. Noto

57
   Chief Compliance Officer    Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser, since prior to 2017.

* The address for the Funds Officers is 1345 Avenue of the Americas, New York, NY 10105.

The Adviser, ABI and ABIS are affiliates of the Fund.

The
Funds Statement of Additional Information (SAI) has additional information about the Funds Directors and Officers and is available without charge upon request. Contact your financial representative or AB at (800) 227-4618, or
visit www.abfunds.com, for a free prospectus or SAI.

2022 Annual Report
55

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 Portfolio 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 2022,
which covered the period January 1, 2021 through December 31, 2021 (the Program Reporting Period).

The LRMPs
principal objectives include supporting the Portfolios compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Portfolio classifies the liquidity of its 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 Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Portfolio is 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 Portfolios
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 significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March
2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that
impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

56
Sanford C. Bernstein Fund II, Inc.

Table of Contents

Information
Regarding the Review and Approval of the Funds Advisory Agreement

The disinterested directors (the directors)
of Sanford C. Bernstein II, Inc. (the Company) unanimously approved the continuance of the Companys Advisory Agreement with the Adviser in respect of Bernstein Intermediate Duration Institutional Portfolio (the Fund) at
a meeting held by video conference on November 2-4, 2021 (the Meeting).

Prior to
approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with
experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors
also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and
quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Advisers integrity and
competence they have gained from that experience, the Advisers initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including
the Advisers willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at
each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their
deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and
different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the
Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material
factors and conclusions that formed the basis for the directors determinations included the following:

Nature, Extent and
Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the
Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the
Funds investment strategies and from time to time proposes changes intended to improve the Funds relative or absolute performance for the directors consideration. They also noted the professional experience and qualifications of
the Funds portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical,
accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent
requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed
by an independent consultant at the request of the directors. The quality of administrative and other services, including the Advisers role in coordinating the activities of the Funds other service providers, also was considered. The
directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for
calendar years 2019 and 2020 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used
by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the

2022 Annual Report
57

Table of Contents

profitability information reflected all revenues and expenses of the Advisers relationship with the Fund. The directors recognized that it is difficult to make comparisons of the
profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the
profitability of the Advisers relationship with the Fund before taxes and distribution expenses. The directors concluded that the Advisers level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund
advised by the Adviser in which the Fund invests. The directors noted that shares of the Fund are distributed exclusively through a subsidiary of the Adviser, and that such subsidiary receives fees from its clients in connection with its services.
The directors recognized that the Advisers profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance
information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information
prepared by an independent service provider (the 15(c) service provider), showing the performance of the Fund against a group of similar funds (peer group) and a larger group of similar funds (peer universe), each
selected by the 15(c) service provider, and information prepared by the Adviser showing the Funds performance against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended July 31, 2021 and (in the case of comparisons with the broad-based securities market index) for
the period from inception. Based on their review, the directors concluded that the Funds investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider
concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees
payable by other funds. The directors compared the Funds contractual effective advisory fee rate with a peer group median and noted that it was above the median. The directors also took into account the impact on the advisory fee rate of the
administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Advisers fee
schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Advisers Form ADV and in a report from the Funds Senior Analyst
and noted the differences between the Funds fee schedule, on the one hand, and the Advisers institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are
lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the
Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services
it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory
restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the
greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require

58
Sanford C. Bernstein Fund II, Inc.

Table of Contents

substantial investment to
launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by
the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place
significant weight on them in their deliberations.

In connection with their review of the Funds advisory fee, the directors also
considered the total expense ratio of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The expense ratio of the Fund was based on the Funds latest fiscal year and the directors considered the
Advisers expense cap for the Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Funds category were lowered by waivers or reimbursements by those funds investment advisers, which
in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Advisers services because the Adviser is responsible for coordinating services provided to the Fund by others.
Based on their review, the directors concluded that the Funds expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the Funds fee rate on assets above
specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of
its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser
across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a funds
adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a funds operations. The directors observed that in the mutual fund industry as
a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at
all. Having taken these factors into account, the directors concluded that the Funds shareholders would benefit from a sharing of economies of scale in the event the Funds net assets exceed a breakpoint in the future.

2022 Annual Report
59

Table of Contents

Distributor

SANFORD C. BERNSTEIN FUND II, INC.

1345 AVENUE OF THE AMERICAS, NEW YORK, NY 10105

(212) 756-4097

SCBII-2038-0922

Table of Contents

ITEM 2. CODE OF ETHICS.

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer.
A copy of the registrants code of ethics is filed herewith as Exhibit 12(a)(1).

(b) During the period covered by this report, no material amendments
were made to the provisions of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, no implicit or explicit waivers to
the provisions of the code of ethics adopted in 2(a) above were granted.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrants Board of Directors has determined that independent directors Garry L. Moody, Marshall C. Turner, Jr. and Jorge A. Bermudez qualify as
audit committee financial experts.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) – (c) The following table sets forth the aggregate fees billed by the independent registered public accounting firm Ernst & Young LLP, for the
Funds last two fiscal years, for professional services rendered for: (i) the audit of the Funds annual financial statements included in the Funds annual report to stockholders; (ii) assurance and related services that are
reasonably related to the performance of the audit of the Funds financial statements and are not reported under (i), which include advice and education related to accounting and auditing issues, quarterly press release review (for those Funds
that issue quarterly press releases), and preferred stock maintenance testing (for those Funds that issue preferred stock); and (iii) tax compliance, tax advice and tax return preparation.

      Audit Fees    Audit-Related
Fees    Tax Fees

Bernstein Intermediate Duration Institutional Portfolio
   2021    $ 92,510    $       $ 30,110

   2022    $ 97,136    $       $ 18,939

(d) Not applicable.

(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the
Funds Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Funds independent
registered public accounting firm. The Funds Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the
Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.

(e) (2)
All of the amounts for Audit Fees, Audit-Related Fees and Tax Fees in the table under Item 4 (a)(c) are for services pre-approved by the Funds Audit Committee.

Table of Contents

(f) Not applicable.

(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Funds Adviser and
entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund:

      All Fees for
Non-Audit Services
Provided to
the
Portfolio, the Adviser
and Service Affiliates    Total Amount of
Foregoing Column Pre-
approved by the Audit
Committee
(Portion
Comprised of
Audit Related Fees)
(Portion Comprised of
Tax Fees)

Bernstein Intermediate Duration Institutional Portfolio
   2021    $ 1,105,250    $ 30,110

         $

         $ (30,110 )

   2022    $ 1,951,397    $ 18,939

         $

         $ (18,939 )

(h) The Audit Committee of the Fund has considered whether the provision of any
non-audit services not pre-approved by the Audit Committee provided by the Funds independent registered public accounting firm to the Adviser and Service
Affiliates is compatible with maintaining the auditors independence.

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.

Table of Contents

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 Funds Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrants principal executive officer and principal financial officer have concluded that the registrants 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 registrants internal controls over financial
reporting that occurred during the period that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.

Table of Contents

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 II, Inc.

By:
/s/ Onur Erzan

Onur Erzan

President

Date: November 29, 2022

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/ Onur Erzan

Onur Erzan

President

Date: November 29, 2022

By:
/s/ Joseph J. Mantineo

Joseph J. Mantineo

Treasurer and Chief Financial Officer

Date: November 29, 2022

ATTACHMENTS / EXHIBITS

CODE OF ETHICS

CERTIFICATIONS PURSUANT TO SECTION 302

CERTIFICATIONS PURSUANT TO SECTION 906

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	TOTAL RETURNS						AVERAGE ANNUAL TOTAL RETURNS
THROUGH SEPTEMBER 30, 2022	PAST SIX MONTHS			PAST 12 MONTHS			PAST FIVE YEARS			PAST 10 YEARS			SINCE INCEPTION			INCEPTION DATE
Intermediate Duration Institutional Portfolio¹		-9.61	%		-15.13	%		-0.28	%		1.16	%		3.55	%		5/17/2002
Bloomberg US Aggregate Bond Index		-9.22	%		-14.60	%		-0.27	%		0.89	%		3.35	%
Lipper Core Bond Funds Average		-9.67	%		-15.18	%		-0.34	%		0.83	%


	BEGINNING ACCOUNT VALUE APRIL 1, 2022		ENDING ACCOUNT VALUE SEPTEMBER 30, 2022		EXPENSES PAID DURING PERIOD*		ANNUALIZED EXPENSE RATIO*
SCB Intermediate Duration Institutional Portfolio
Actual	$	1,000	$	903.90	$	2.15		0.45	%
Hypothetical**	$	1,000	$	1,022.81	$	2.28		0.45	%



	Principal Amount (000)		U.S. $ Value

GOVERNMENTSTREASURIES40.5%
United States40.5%
U.S. Treasury Bonds 1.75%, 08/15/2041	U.S.$	8,149	$	5,568,990
1.875%, 02/15/2051		4,063		2,689,330
2.00%, 11/15/2041		6,894		4,931,364
2.00%, 08/15/2051		9,349		6,383,887
2.25%, 08/15/2046		2,377		1,712,854
2.25%, 08/15/2049		15,570		11,395,294
2.25%, 02/15/2052		1,672		1,214,072
2.375%, 02/15/2042		1,736		1,329,939
2.375%, 11/15/2049		4,905		3,694,078
2.50%, 02/15/2046		932		708,029
2.50%, 05/15/2046		5,327		4,040,272
2.75%, 08/15/2042		190		154,286
2.875%, 05/15/2043		165		135,970
2.875%, 08/15/2045		51		41,963
2.875%, 11/15/2046		387		316,252
2.875%, 05/15/2052		2,950		2,473,768
3.00%, 05/15/2042		843		716,945
3.00%, 11/15/2044		200		166,843
3.00%, 05/15/2045		129		107,298
3.00%, 11/15/2045		363		303,242
3.00%, 05/15/2047(a)		1,447		1,212,315
3.00%, 02/15/2048		5,490		4,625,325
3.125%, 02/15/2043		280		240,625
3.125%, 08/15/2044		50		42,727
3.25%, 05/15/2042		7,885		6,995,473
3.375%, 05/15/2044		646		575,794
3.50%, 02/15/2039		8,105		7,709,881
3.625%, 08/15/2043		1,943		1,811,613
3.625%, 02/15/2044		38		35,316
3.75%, 11/15/2043		295		280,158
4.375%, 02/15/2038		899		955,711
4.375%, 11/15/2039		10,740		11,327,344
4.50%, 02/15/2036		1,074		1,159,872
4.75%, 02/15/2037		1,525		1,688,937
5.375%, 02/15/2031		3,646		4,024,732
U.S. Treasury Notes 0.125%, 03/31/2023(b)		67,065		65,828,293
1.375%, 11/15/2031		14,097		11,449,326
1.50%, 02/15/2030(b)		10,851		9,209,786
1.625%, 11/15/2022		165		164,665
1.625%, 04/30/2023		5,514		5,437,321
1.625%, 05/15/2026		43,357		39,637,417
1.625%, 05/15/2031		3,253		2,730,403
1.75%, 11/15/2029		1,386		1,204,087
2.125%, 12/31/2022		11,453		11,415,420
2.625%, 02/15/2029		8,921		8,221,259
2.75%, 11/15/2023		160		157,250
2.75%, 07/31/2027		15,239		14,358,090



	Principal Amount (000)		U.S. $ Value
2.75%, 08/15/2032	U.S.$	4,508	$	4,119,707
2.875%, 05/15/2032		2,657		2,455,557
3.00%, 07/31/2024		20,003		19,562,309

Total GovernmentsTreasuries (cost $325,451,051)				286,721,389



CORPORATESINVESTMENT GRADE23.2%

Industrial12.5%
Basic0.8%
Anglo American Capital PLC 3.875%, 03/16/2029(c)		403		345,270
Braskem Netherlands Finance BV 4.50%, 01/31/2030(c)		500		401,900
Celanese US Holdings LLC 5.90%, 07/05/2024		1,494		1,473,995
Freeport Indonesia PT 4.763%, 04/14/2027(c)		324		293,220
Inversiones CMPC SA 3.85%, 01/13/2030(c)		200		161,413
Inversiones CMPC SA/Cayman Islands Branch 4.375%, 05/15/2023(c)		322		318,848
LYB International Finance BV 4.00%, 07/15/2023		187		185,201
LyondellBasell Industries NV 5.75%, 04/15/2024		568		572,396
Suzano Austria GmbH 3.75%, 01/15/2031		343		267,540
WRKCo., Inc. 4.00%, 03/15/2028		1,732		1,598,775

				5,618,558

Capital Goods1.0%

CNH Industrial Capital LLC 3.95%, 05/23/2025		1,191		1,148,672
Flowserve Corp. 2.80%, 01/15/2032		1,227		878,716
Parker-Hannifin Corp. 3.25%, 06/14/2029		743		655,185

4.50%, 09/15/2029		934		884,050

Raytheon Technologies Corp. 4.125%, 11/16/2028		2,242		2,097,839
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025		270		252,296

4.40%, 03/15/2024		1,145		1,124,413

				7,041,171

CommunicationsMedia1.3%
Charter Communications Operating LLC/Charter Communications Operating Capital 5.125%, 07/01/2049		467		344,599
Discovery Communications LLC 5.20%, 09/20/2047		509		376,467



	Principal Amount (000)		U.S. $ Value
Fox Corp. 4.709%, 01/25/2029	U.S.$	700	$	658,070
Interpublic Group of Cos., Inc. (The) 4.65%, 10/01/2028		519		480,895
Prosus NV 3.257%, 01/19/2027(c)		489		409,537
3.68%, 01/21/2030(c)		639		483,787
4.027%, 08/03/2050(c)		485		272,813
Tencent Holdings Ltd. 1.81%, 01/26/2026(c)		1,256		1,124,355
3.24%, 06/03/2050(c)		1,022		610,198
Time Warner Cable LLC 4.50%, 09/15/2042		505		350,117
Warnermedia Holdings, Inc. 4.279%, 03/15/2032(c)		1,826		1,503,455
Weibo Corp. 3.375%, 07/08/2030		3,313		2,441,888

				9,056,181

Consumer CyclicalAutomotive0.3%
General Motors Co. 6.125%, 10/01/2025		278		278,623
General Motors Financial Co., Inc. 4.30%, 04/06/2029		171		149,001
Harley-Davidson Financial Services, Inc. 3.05%, 02/14/2027(c)		930		797,884
3.35%, 06/08/2025(c)		890		835,550

				2,061,058

Consumer CyclicalOther0.4%
Las Vegas Sands Corp. 3.90%, 08/08/2029		2,303		1,908,473
MDC Holdings, Inc. 6.00%, 01/15/2043		968		737,529

				2,646,002

Consumer CyclicalRetailers0.4%
Lowes Cos., Inc. 5.80%, 09/15/2062		1,126		1,035,334
Ross Stores, Inc. 4.70%, 04/15/2027		1,925		1,879,859

				2,915,193

Consumer Non-Cyclical1.1%
Altria Group, Inc. 3.40%, 05/06/2030		1,745		1,415,841
BAT Capital Corp. 2.259%, 03/25/2028		2,706		2,155,302
4.906%, 04/02/2030		917		807,840
Cigna Corp. 4.375%, 10/15/2028		740		698,834
CVS Health Corp. 4.30%, 03/25/2028		87		82,286
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031		1,480		1,131,860



	Principal Amount (000)		U.S. $ Value
Takeda Pharmaceutical Co., Ltd. 4.40%, 11/26/2023	U.S.$	1,378	$	1,378,000

				7,669,963

Energy3.4%
BP Capital Markets America, Inc. 2.939%, 06/04/2051		2,985		1,895,326
Conocophillips Co. 3.758%, 03/15/2042(c)		85		68,265
Continental Resources, Inc./OK 2.875%, 04/01/2032(c)		1,353		988,461
5.75%, 01/15/2031(c)		1,006		909,193
Devon Energy Corp. 5.60%, 07/15/2041		1,190		1,068,180
Enbridge Energy Partners LP 7.375%, 10/15/2045		1,713		1,853,363
Energy Transfer LP 3.60%, 02/01/2023		100		99,540
6.25%, 04/15/2049		882		787,811
EQT Corp. 5.70%, 04/01/2028		451		442,891
Marathon Oil Corp. 6.80%, 03/15/2032		1,800		1,800,648
Marathon Petroleum Corp. 5.125%, 12/15/2026		2,794		2,750,162
6.50%, 03/01/2041		415		410,916
MPLX LP 5.20%, 03/01/2047		2,687		2,214,222
Oleoducto Central SA 4.00%, 07/14/2027(c)		491		380,003
ONEOK Partners LP 6.125%, 02/01/2041		73		64,798
ONEOK, Inc. 4.00%, 07/13/2027		1,720		1,580,198
4.35%, 03/15/2029		1,012		903,382
6.35%, 01/15/2031		263		258,061
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029		1,059		883,407
4.50%, 12/15/2026		683		646,364
Suncor Energy, Inc. 6.80%, 05/15/2038		1,377		1,394,268
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030(c)		415		294,987
TransCanada PipeLines Ltd. 6.10%, 06/01/2040		1,356		1,309,557
6.20%, 10/15/2037		829		821,523
Transcontinental Gas Pipe Line Co., LLC 3.25%, 05/15/2030		449		379,185

				24,204,711

Other Industrial0.1%
Alfa SAB de CV 5.25%, 03/25/2024(c)		915		907,227



	Principal Amount (000)		U.S. $ Value
Services0.3%
Expedia Group, Inc. 6.25%, 05/01/2025(c)	U.S.$	49	$	49,299
Global Payments, Inc. 2.90%, 11/15/2031		275		210,724
3.20%, 08/15/2029		845		704,874
5.40%, 08/15/2032		944		875,145
S&P Global, Inc. 4.25%, 05/01/2029(c)		411		386,459
4.75%, 08/01/2028(c)		83		81,138

				2,307,639

Technology3.1%
Apple, Inc. 4.10%, 08/08/2062		1,148		941,222
Baidu, Inc. 3.425%, 04/07/2030		203		175,079
Broadcom, Inc. 3.137%, 11/15/2035(c)		323		226,465
3.187%, 11/15/2036(c)		1,539		1,053,800
4.00%, 04/15/2029(c)		169		148,979
4.15%, 11/15/2030		371		320,663
4.15%, 04/15/2032(c)		601		505,669
4.926%, 05/15/2037(c)		1,079		892,624
Entegris Escrow Corp. 4.75%, 04/15/2029(c)		1,270		1,126,630
Fiserv, Inc. 3.50%, 07/01/2029		2,539		2,212,485
HP, Inc. 5.50%, 01/15/2033		1,907		1,691,337
Infor, Inc. 1.75%, 07/15/2025(c)		649		584,347
Intel Corp. 5.05%, 08/05/2062		1,536		1,333,371
International Business Machines Corp. 4.90%, 07/27/2052		1,499		1,313,829
Kyndryl Holdings, Inc. 2.05%, 10/15/2026		2,545		2,044,115
NXP BV/NXP Funding LLC 5.55%, 12/01/2028		1,300		1,272,375
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.40%, 05/01/2030		875		732,620
Oracle Corp. 2.875%, 03/25/2031		1,479		1,165,082
3.60%, 04/01/2040		840		569,629
3.65%, 03/25/2041		455		308,854
5.375%, 07/15/2040		270		224,834
SK Hynix, Inc. 2.375%, 01/19/2031(c)		532		391,785
TSMC Arizona Corp. 3.875%, 04/22/2027		685		652,606
Western Digital Corp. 3.10%, 02/01/2032		1,444		985,905
Workday, Inc. 3.70%, 04/01/2029		242		217,040



	Principal Amount (000)		U.S. $ Value
3.80%, 04/01/2032	U.S.$	643	$	559,359

				21,650,704

TransportationAirlines0.1%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(c)		819		795,740

TransportationRailroads0.1%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036(c)		245		214,484
5.875%, 07/05/2034(c)		398		376,536

				591,020

TransportationServices0.1%
Ashtead Capital, Inc. 5.50%, 08/11/2032(c)		351		325,307
ENA Master Trust 4.00%, 05/19/2048(c)		380		279,537

				604,844

				88,070,011



Financial Institutions10.3%
Banking7.1%
ABN AMRO Bank NV 4.75%, 07/28/2025(c)		269		258,399
Banco de Credito del Peru S.A. 3.125%, 07/01/2030(c)		1,447		1,268,657
Banco Santander SA 3.80%, 02/23/2028		200		173,754
4.175%, 03/24/2028		800		723,832
Bank of America Corp. 2.299%, 07/21/2032		924		691,401
2.687%, 04/22/2032		2,071		1,613,806
4.376%, 04/27/2028		1,652		1,548,634
Bank of Ireland Group PLC 6.253%, 09/16/2026(c)		571		558,992
Barclays PLC 5.304%, 08/09/2026		1,052		1,011,182
BNP Paribas SA 2.591%, 01/20/2028(c)		751		642,383
7.75%, 08/16/2029(c)(d)		1,517		1,405,409
Capital One Financial Corp. 3.273%, 03/01/2030		1,186		994,924
4.927%, 05/10/2028		1,205		1,146,991
Citigroup, Inc. 3.98%, 03/20/2030		941		835,392
4.075%, 04/23/2029		1,397		1,265,165
5.95%, 01/30/2023(d)		481		475,483
Series W 4.00%, 12/10/2025(d)		788		664,914
Series Y 4.15%, 11/15/2026(d)		139		111,003
Credit Suisse Group AG 3.091%, 05/14/2032(c)		1,865		1,311,300
4.194%, 04/01/2031(c)		799		632,337
6.373%, 07/15/2026(c)		1,346		1,301,084



	Principal Amount (000)		U.S. $ Value
Danske Bank A/S 3.875%, 09/12/2023(c)	U.S.$	1,744	$	1,713,829
Deutsche Bank AG/New York NY 2.129%, 11/24/2026		958		814,463
3.961%, 11/26/2025		385		359,274
6.119%, 07/14/2026		914		888,161
Discover Bank 4.682%, 08/09/2028		386		370,799
Federation des Caisses Desjardins du Quebec 4.55%, 08/23/2027(c)		1,523		1,438,671
Goldman Sachs Group, Inc. (The) 2.383%, 07/21/2032		739		558,233
2.615%, 04/22/2032		1,862		1,443,478
Series V 4.125%, 11/10/2026(d)		764		607,113
HSBC Holdings PLC 4.762%, 03/29/2033		715		590,254
5.402%, 08/11/2033		581		514,342
6.375%, 03/30/2025(d)		2,746		2,464,810
JPMorgan Chase & Co. 2.58%, 04/22/2032		2,363		1,828,726
4.851%, 07/25/2028		1,570		1,506,384
Series I 6.276% (LIBOR 3 Month + 3.47%), 01/30/2023(d)(e)		605		602,277
Series V 5.597% (LIBOR 3 Month + 3.32%), 10/01/2022(d)(e)		27		27,000
Lloyds Banking Group PLC 4.05%, 08/16/2023		250		247,167
Mizuho Financial Group, Inc. 5.414%, 09/13/2028		1,480		1,447,100
Morgan Stanley 3.772%, 01/24/2029		1,502		1,353,497
4.21%, 04/20/2028		1,110		1,038,250
Nationwide Building Society 2.972%, 02/16/2028(c)		1,238		1,065,769
Santander Holdings USA, Inc. 4.26%, 06/09/2025		1,584		1,522,446
Santander UK Group Holdings PLC 3.373%, 01/05/2024		1,150		1,142,996
Societe Generale SA 2.797%, 01/19/2028(c)		2,339		1,972,409
Standard Chartered PLC 3.971%, 03/30/2026(c)		885		831,847
4.316% (LIBOR 3 Month + 1.51%), 01/30/2027(c)(d)(e)		400		302,740
7.75%, 04/02/2023(c)(d)		200		196,002
Swedbank AB Series NC5 5.625%, 09/17/2024(c)		600		555,114
UBS Group AG 7.00%, 01/31/2024(c)(d)		256		243,195
7.00%, 02/19/2025(c)		200		189,900
UniCredit SpA 2.569%, 09/22/2026(c)		459		393,101



	Principal Amount (000)		U.S. $ Value
US Bancorp Series J 5.30%, 04/15/2027(d)	U.S.$	723	$	617,334
Wells Fargo & Co. 3.35%, 03/02/2033		2,052		1,667,763
3.584%, 05/22/2028		559		505,627
Series BB 3.90%, 03/15/2026(d)		635		537,788

				50,192,901

Brokerage0.4%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026(d)		1,949		1,606,873
Nomura Holdings, Inc. 2.999%, 01/22/2032		1,881		1,423,522

				3,030,395

Finance1.3%
Air Lease Corp. 2.10%, 09/01/2028		702		547,195
2.875%, 01/15/2026		175		156,898
3.625%, 04/01/2027		76		67,330
Aircastle Ltd. 2.85%, 01/26/2028(c)		2,065		1,581,687
4.125%, 05/01/2024		359		345,677
4.25%, 06/15/2026		128		114,787
5.25%, 08/11/2025(c)		906		853,443
Aviation Capital Group LLC 1.95%, 01/30/2026(c)		1,131		949,689
1.95%, 09/20/2026(c)		390		315,873
3.50%, 11/01/2027(c)		318		264,163
4.125%, 08/01/2025(c)		10		9,162
4.375%, 01/30/2024(c)		312		301,579
4.875%, 10/01/2025(c)		350		326,921
5.50%, 12/15/2024(c)		879		850,696
CDBL Funding 1 3.50%, 10/24/2027(c)		1,460		1,333,155
Synchrony Financial 2.875%, 10/28/2031		1,255		891,577
3.95%, 12/01/2027		164		142,939
4.50%, 07/23/2025		193		184,041
4.875%, 06/13/2025		221		213,462

				9,450,274

Insurance0.7%
Elevance Health, Inc. 3.30%, 01/15/2023		33		32,900
Guardian Life Insurance Co. of America (The) 4.85%, 01/24/2077(c)		868		711,456
Massachusetts Mutual Life Insurance Co. 3.729%, 10/15/2070(c)		11		7,340
MetLife Capital Trust IV 7.875%, 12/15/2037(c)		970		1,039,074
MetLife, Inc. 10.75%, 08/01/2039		25		32,614



	Principal Amount (000)		U.S. $ Value
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039(c)	U.S.$	377	$	483,680
Prudential Financial, Inc. 5.20%, 03/15/2044		462		441,584
5.375%, 05/15/2045		139		132,036
5.625%, 06/15/2043		289		284,159
Swiss Re Finance Luxembourg SA 5.00%, 04/02/2049(c)		1,400		1,232,504
Voya Financial, Inc. 5.65%, 05/15/2053		742		728,763

				5,126,110

REITs0.8%
American Tower Corp. 3.65%, 03/15/2027		845		774,468
4.05%, 03/15/2032		415		357,290
Digital Realty Trust LP 3.60%, 07/01/2029		1,584		1,387,473
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032		1,181		886,104
Host Hotels & Resorts LP Series J 2.90%, 12/15/2031		480		352,277
Vornado Realty LP 3.40%, 06/01/2031		2,003		1,530,673

				5,288,285

				73,087,965



Utility0.4%
Electric0.3%
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(c)		487		383,512
Chile Electricity Pec SpA Zero Coupon, 01/25/2028(c)		1,040		734,500
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2041		920		675,216
Engie Energia Chile SA 3.40%, 01/28/2030(c)		981		740,655

				2,533,883

Other Utility0.1%
American Water Capital Corp. 3.45%, 06/01/2029		438		390,000

				2,923,883

Total CorporatesInvestment Grade (cost $196,414,197)				164,081,859



MORTGAGE PASS-THROUGHS 17.2%
Agency Fixed Rate 30-Year16.7%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 10/01/2049		492		448,362



	Principal Amount (000)			U.S. $ Value
3.50%, 11/01/2049	U.S.$	651		$	592,368
Series 2020 3.50%, 01/01/2050		1,439			1,313,152
Series 2022 2.00%, 03/01/2052		6,545			5,318,942
2.50%, 04/01/2052		7,637			6,435,846
3.00%, 03/01/2052		4,200			3,672,742
Federal Home Loan Mortgage Corp. Gold Series 2005 5.50%, 01/01/2035		19			19,154
Series 2007 5.50%, 07/01/2035		147			149,823
Series 2016 4.00%, 02/01/2046		1,041			1,005,774
Series 2017 4.00%, 07/01/2044		673			648,676
Series 2018 4.50%, 03/01/2048		329			318,285
4.50%, 10/01/2048		669			647,841
4.50%, 11/01/2048		999			967,017
5.00%, 11/01/2048		369			365,458
Federal National Mortgage Association Series 2003 5.50%, 04/01/2033		117			119,530
5.50%, 07/01/2033		221			225,537
Series 2004 5.50%, 02/01/2034		2			2,351
5.50%, 04/01/2034		54			54,743
5.50%, 05/01/2034		45			45,887
5.50%, 11/01/2034		206			210,374
Series 2005 5.50%, 02/01/2035		322			328,641
Series 2006 5.50%, 04/01/2036		62			63,870
Series 2007 5.50%, 05/01/2036		3			3,058
5.50%, 09/01/2036		2			1,889
5.50%, 08/01/2037		79			81,049
Series 2008 5.50%, 08/01/2037		0	**		456
Series 2009 5.00%, 12/01/2039		11			11,513
Series 2010 4.00%, 12/01/2040		435			419,505
5.00%, 06/01/2040		11			10,613
Series 2012 3.50%, 02/01/2042		376			352,959
3.50%, 11/01/2042		3,906			3,602,953
3.50%, 01/01/2043		661			609,925
Series 2013 3.50%, 04/01/2043		2,263			2,087,470
4.00%, 10/01/2043		1,484			1,405,670
Series 2015 3.00%, 05/01/2045		539			479,676
3.00%, 08/01/2045		830			738,398



	Principal Amount (000)			U.S. $ Value
Series 2018 4.50%, 09/01/2048	U.S.$	1,441		$	1,394,106
Series 2019 3.50%, 08/01/2049		1,916			1,744,994
3.50%, 09/01/2049		682			621,671
3.50%, 11/01/2049		1,307			1,189,644
Series 2020 3.50%, 01/01/2050		1,341			1,221,917
Series 2021 2.00%, 07/01/2051		6,779			5,498,308
2.50%, 01/01/2052		2,154			1,817,768
Series 2022 2.50%, 03/01/2052		4,715			3,970,415
2.50%, 04/01/2052		5,001			4,211,488
2.50%, 05/01/2052		6,370			5,364,484
3.00%, 02/01/2052		5,145			4,500,178
3.00%, 03/01/2052		6,535			5,714,324
Government National Mortgage Association Series 2016 3.00%, 04/20/2046		179			160,672
3.00%, 05/20/2046		518			465,282
Series 2022 3.00%, 10/01/2052, TBA		1,480			1,306,541
4.00%, 10/01/2052, TBA		3,275			3,055,173
4.50%, 10/01/2052, TBA		7,442			7,114,132
Uniform Mortgage-Backed Security Series 2022 2.00%, 10/01/2052, TBA		13,171			10,657,398
2.50%, 10/01/2052, TBA		18,727			15,714,586
3.00%, 10/01/2052, TBA		5,384			4,680,934
4.00%, 10/01/2052, TBA		5,776			5,353,393

					118,516,915

Agency Fixed Rate 15-Year0.5%
Federal National Mortgage Association Series 2016 2.50%, 10/01/2031		48			44,049
2.50%, 11/01/2031		2,631			2,411,923
2.50%, 12/01/2031		13			11,576
Series 2017 2.50%, 01/01/2032		709			649,376
2.50%, 02/01/2032		631			577,573

					3,694,497

Other Agency Fixed Rate Programs0.0%
Federal National Mortgage Association Series 2005 5.50%, 03/01/2025		20			20,018

Agency ARMs0.0%
Federal Home Loan Mortgage Corp. Gold Series 2006 2.595% (LIBOR 12 Month + 2.18%), 12/01/2036(e)		0	**		125
Series 2007 2.60% (LIBOR 12 Month + 2.10%), 03/01/2037(e)		0	**		370



	Principal Amount (000)		U.S. $ Value
Series 2022-R03, Class 1M2 5.781% (SOFR + 3.50%), 03/25/2042(c)(e)	U.S.$	1,545	$	1,467,295
Series 2022-R05, Class 2M2 5.281% (SOFR + 3.00%), 04/25/2042(c)(e)		1,206		1,112,946
Eagle Re Ltd. Series 2018-1, Class M2 6.084% (LIBOR 1 Month + 3.00%), 11/25/2028(c)(e)		217		215,466
Series 2020-1, Class M1A 3.984% (LIBOR 1 Month + 0.90%), 01/25/2030(c)(e)		17		17,426
Series 2021-2, Class M1B 4.331% (SOFR + 2.05%), 04/25/2034(c)(e)		650		631,957
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2022-DNA4, Class M1B 5.631% (SOFR + 3.35%), 05/25/2042(c)(e)		1,358		1,289,921
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-DNA1, Class M3 6.384% (LIBOR 1 Month + 3.30%), 10/25/2027(e)		315		318,124
Series 2020-DNA5, Class M2 5.081% (SOFR + 2.80%), 10/25/2050(c)(e)		655		655,367
Series 2021-DNA3, Class M2 4.381% (SOFR + 2.10%), 10/25/2033(c)(e)		779		741,627
Series 2021-DNA5, Class M2 3.931% (SOFR + 1.65%), 01/25/2034(c)(e)		652		636,217
Series 2021-DNA6, Class M2 3.781% (SOFR + 1.50%), 10/25/2041(c)(e)		2,513		2,280,811
Series 2021-DNA7, Class M2 4.081% (SOFR + 1.80%), 11/25/2041(c)(e)		2,412		2,161,331
Series 2021-HQA4, Class M2 4.631% (SOFR + 2.35%), 12/25/2041(c)(e)		1,530		1,300,513
Series 2022-DNA1, Class M1A 3.281% (SOFR + 1.00%), 01/25/2042(c)(e)		952		924,270
Series 2022-DNA1, Class M1B 4.131% (SOFR + 1.85%), 01/25/2042(c)(e)		1,223		1,110,088
Series 2022-DNA2, Class M1B 4.681% (SOFR + 2.40%), 02/25/2042(c)(e)		1,717		1,594,535
Series 2022-DNA3, Class M1B 5.181% (SOFR + 2.90%), 04/25/2042(c)(e)		711		671,287



	Principal Amount (000)		U.S. $ Value
Series 2022-DNA5, Class M1B 6.781% (SOFR + 4.50%), 06/25/2042(c)(e)	U.S.$	2,274	$	2,278,701
Series 2022-DNA6, Class M1A 4.435% (SOFR + 2.15%), 09/25/2042(c)(e)		803		798,280
Series 2022-DNA7, Class M1A 4.876% (SOFR + 2.50%), 09/25/2042(c)(e)		2,142		2,142,998
Series 2022-HQA1, Class M1B 5.781% (SOFR + 3.50%), 03/25/2042(c)(e)		399		381,778
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C04, Class 1M2 8.784% (LIBOR 1 Month + 5.70%), 04/25/2028(e)		123		126,982
Series 2021-R02, Class 2M2 4.281% (SOFR + 2.00%), 11/25/2041(c)(e)		1,071		957,119
Home Re Ltd. Series 2021-2, Class M1B 3.881% (SOFR + 1.60%), 01/25/2034(c)(e)		1,162		1,136,169
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 7.334% (LIBOR 1 Month + 4.25%), 11/25/2024(e)(f)		47		45,203
Oaktown Re VII Ltd. Series 2021-2, Class M1A 3.881% (SOFR + 1.60%), 04/25/2034(c)(e)		1,767		1,734,777
PMT Credit Risk Transfer Trust Series 2019-2R, Class A
5.863% (LIBOR 1 Month + 2.75%), 05/27/2023(c)(e)		749		718,827
Series 2019-3R, Class A 5.813% (LIBOR 1 Month + 2.70%), 10/27/2022(c)(e)		63		60,637
Series 2020-1R, Class A 5.463% (LIBOR 1 Month + 2.35%), 02/27/2023(e)(f)		245		232,759
Radnor Re Ltd. Series 2019-1, Class M1B 5.034% (LIBOR 1 Month + 1.95%), 02/25/2029(c)(e)		909		897,949
Series 2019-2, Class M1B 4.834% (LIBOR 1 Month + 1.75%), 06/25/2029(c)(e)		230		229,221
Series 2020-1, Class M1A 4.034% (LIBOR 1 Month + 0.95%), 01/25/2030(c)(e)		270		268,877
Traingle Re Ltd. Series 2021-3, Class M1A 4.181% (SOFR + 1.90%), 02/25/2034(c)(e)		1,225		1,215,981



	Principal Amount (000)		U.S. $ Value
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 8.334% (LIBOR 1 Month + 5.25%), 11/25/2025(e)(f)	U.S.$	187	$	172,259
Series 2015-WF1, Class 2M2 8.584% (LIBOR 1 Month + 5.50%), 11/25/2025(e)(f)		48		44,698

				46,606,972

Agency Fixed Rate0.6%
Federal Home Loan Mortgage Corp. REMICs Series 4973, Class BI 4.50%, 05/25/2050(g)		5,454		1,108,447
Series 5015, Class BI 4.00%, 09/25/2050(g)		3,260		618,417
Series 5034, Class BI 4.50%, 11/25/2050(g)		4,400		969,783
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 2.984%, 05/28/2035		291		261,614
Federal National Mortgage Association REMICs Series 2020-89, Class KI 4.00%, 12/25/2050(g)		7,042		1,331,400

				4,289,661

Agency Floating Rate0.3%
Federal Home Loan Mortgage Corp. REMICs Series 4416, Class BS 3.282% (6.10% LIBOR 1 Month), 12/15/2044(e)(h)		1,387		131,884
Series 4693, Class SL 3.332% (6.15% LIBOR 1 Month), 06/15/2047(e)(h)		1,513		163,856
Series 4954, Class SL 2.966% (6.05% LIBOR 1 Month), 02/25/2050(e)(h)		2,144		214,517
Series 4981, Class HS 3.016% (6.10% LIBOR 1 Month), 06/25/2050(e)(h)		4,662		458,827
Federal National Mortgage Association REMICs Series 2011-131, Class ST 3.456% (6.54% LIBOR 1 Month), 12/25/2041(e)(h)		814		95,005
Series 2016-106, Class ES 2.916% (6.00% LIBOR 1 Month), 01/25/2047(e)(h)		1,390		142,281
Series 2017-73, Class SA 3.066% (6.15% LIBOR 1 Month), 09/25/2047(e)(h)		1,787		209,237
Series 2017-97, Class LS 3.116% (6.20% LIBOR 1 Month), 12/25/2047(e)(h)		1,426		157,158



	Principal Amount (000)		U.S. $ Value
Series 2017-97, Class SW 3.116% (6.20% LIBOR 1 Month), 12/25/2047(e)(h)	U.S.$	1,286	$	136,283
Government National Mortgage Association Series 2017-43, Class ST 3.086% (6.10% LIBOR 1 Month), 03/20/2047(e)(h)		1,799		194,802
Series 2017-65, Class ST 3.136% (6.15% LIBOR 1 Month), 04/20/2047(e)(h)		1,605		181,083
Series 2017-134, Class SE 3.186% (6.20% LIBOR 1 Month), 09/20/2047(e)(h)		893		84,828

				2,169,761

Non-Agency Floating Rate0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 3.464% (LIBOR 1 Month + 0.38%), 12/25/2036(e)		863		319,872
HomeBanc Mortgage Trust Series 2005-1, Class A1 3.584% (LIBOR 1 Month + 0.50%), 03/25/2035(e)		154		129,816
JPMorgan Chase Bank, NA Series 2019-CL1, Class M3 5.184% (LIBOR 1 Month + 2.10%), 04/25/2047(c)(e)		198		193,447

				643,135

Non-Agency Fixed Rate0.1%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 07/25/2035		64		46,030
Series 2006-24CB, Class A16 5.75%, 08/25/2036		379		218,877
Series 2006-28CB, Class A14 6.25%, 10/25/2036		290		164,907
Series 2006-J1, Class 1A13 5.50%, 02/25/2036		168		121,962
CHL Mortgage Pass-Through Trust Series 2006-13, Class 1A19 6.25%, 09/25/2036		74		35,213

				586,989

Total Collateralized Mortgage Obligations (cost $56,788,872)				54,296,518



ASSET-BACKED SECURITIES5.2%
Other ABSFixed Rate2.7%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051(c)		2,090		1,714,489
Affirm Asset Securitization Trust Series 2021-Z1, Class A 1.07%, 08/15/2025(c)		427		414,290



	Principal Amount (000)		U.S. $ Value
Series 2021-Z2, Class A 1.17%, 11/16/2026(c)	U.S.$	450	$	433,812
Series 2022-X1, Class A 1.75%, 02/15/2027(c)		1,168		1,138,828
Atalaya Equipment Leasing Trust Series 2021-1A, Class B 2.08%, 02/15/2027(c)		509		474,682
BHG Securitization Trust Series 2022-A, Class A 1.71%, 02/20/2035(c)		267		249,801
Cajun Global LLC Series 2021-1, Class A2 3.931%, 11/20/2051(c)		440		374,068
College Ave Student Loans LLC Series 2021-C, Class B 2.72%, 07/26/2055(c)		637		539,331
Conns Receivables Funding LLC Series 2021-A, Class A 1.05%, 05/15/2026(c)		507		504,304
Dext ABS LLC Series 2021-1, Class B 1.76%, 02/15/2028(c)		186		168,830
Diamond Infrastructure Funding LLC Series 2021-1A, Class B 2.355%, 04/15/2049(c)		935		761,904
Diamond Issuer Series 2021-1A, Class A 2.305%, 11/20/2051(c)		1,941		1,639,607
Dominos Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.662%, 04/25/2051(c)		1,055		868,487
FREED ABS Trust Series 2021-2, Class C 1.94%, 06/19/2028(c)		1,760		1,696,120
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046(c)		658		561,473
Hardees Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048^(c) 782				716,083
Series 2020-1A, Class A2 3.981%, 12/20/2050(c)		481		412,890
MVW LLC Series 2021-2A, Class B 1.83%, 05/20/2039(c)		881		785,410
Neighborly Issuer Series 2022-1A, Class A2 3.695%, 01/30/2052(c)		2,003		1,611,333
Neighborly Issuer LLC Series 2021-1A, Class A2 3.584%, 04/30/2051(c)		769		635,816
Nelnet Student Loan Trust Series 2021-BA, Class B 2.68%, 04/20/2062(c)		620		493,140
Series 2021-CA, Class B 2.53%, 04/20/2062(c)		907		707,037
Series 2021-DA, Class B 2.90%, 04/20/2062(c)		798		643,202



	Principal Amount (000)		U.S. $ Value
Upstart Securitization Trust Series 2020-3, Class A 1.702%, 11/20/2030(c)	U.S.$	30	$	30,301
Series 2021-3, Class B 1.66%, 07/20/2031(c)		1,360		1,252,550

				18,827,788

AutosFixed Rate2.1%
ACM Auto Trust Series 2022-1A, Class A 3.23%, 04/20/2029(c)		1,183		1,179,400
Avis Budget Rental Car Funding AESOP LLC Series 2017-2A, Class D 4.56%, 03/20/2024(c)		1,527		1,520,328
Series 2018-1A, Class A 3.70%, 09/20/2024(c)		1,700		1,685,575
Series 2018-2A, Class A 4.00%, 03/20/2025(c)		1,680		1,650,582
Carvana Auto Receivables Trust Series 2021-N3, Class C 1.02%, 06/12/2028		905		869,739
Series 2021-N4, Class D 2.30%, 09/11/2028		793		728,339
Series 2021-P4, Class D
2.61%, 09/11/2028		989		811,717
CPS Auto Receivables Trust Series 2021-C, Class D 1.69%, 06/15/2027(c)		1,350		1,220,354
Series 2022-A, Class C 2.17%, 04/16/2029(c)		1,373		1,271,462
FHF Trust Series 2021-2A, Class A 0.83%, 12/15/2026(c)		588		558,311
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033(c)		1,390		1,197,950
LAD Auto Receivables Trust Series 2021-1A, Class A 1.30%, 08/17/2026(c)		853		822,486
Santander Bank Auto Credit-Linked Notes Series 2022-A, Class B 5.281%, 05/15/2032(c)		1,469		1,441,254

				14,957,497

Credit CardsFixed Rate0.4%
Brex Commercial Charge Card Master Trust Series 2021-1, Class A 2.09%, 07/15/2024(c)		1,021		1,001,445
Series 2022-1, Class A 4.63%, 07/15/2025(c)		1,888		1,828,513
Mission Lane Credit Card Master Trust Series 2021-A, Class B 2.24%, 09/15/2026(c)		400		385,932

				3,215,890



	Principal Amount (000)		U.S. $ Value
Home Equity LoansFloating Rate0.0%
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates Series 2004-1, Class 1A 3.684% (LIBOR 1 Month + 0.60%), 04/25/2034(e)	U.S.$	40	$	37,370

Total Asset-Backed Securities (cost $40,870,267)				37,038,545



COMMERCIAL MORTGAGE-BACKED SECURITIES3.5%
Non-Agency Floating Rate CMBS2.0%
AREIT Trust Series 2022-CRE6, Class A 3.534% (SOFR + 1.25%), 01/16/2037(c)(e)		3,069		2,950,847
Ashford Hospitality Trust Series 2018-KEYS, Class A 3.818% (LIBOR 1 Month + 1.00%), 06/15/2035(c)(e)		792		767,063
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 3.818% (LIBOR 1 Month + 1.00%), 11/15/2033(c)(e)		2,435		2,293,579
BBCMS Mortgage Trust Series 2020-BID, Class A 4.958% (LIBOR 1 Month + 2.14%), 10/15/2037(c)(e)		1,998		1,967,874
BFLD Trust Series 2021-FPM, Class A 4.418% (LIBOR 1 Month + 1.60%), 06/15/2038(c)(e)		2,976		2,869,955
BX Commercial Mortgage Trust Series 2019-IMC, Class D 4.718% (LIBOR 1 Month + 1.90%), 04/15/2034(c)(e)		207		195,972
Series 2019-IMC, Class E 4.968% (LIBOR 1 Month + 2.15%), 04/15/2034(c)(e)		839		791,598
CLNY Trust Series 2019-IKPR, Class D 4.843% (LIBOR 1 Month + 2.02%), 11/15/2038(c)(e)		1,450		1,351,907
Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk Series 2021-MN1, Class M1 4.281% (SOFR + 2.00%), 01/25/2051(c)(e)		189		181,942
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 4.318% (LIBOR 1 Month + 1.50%), 07/15/2036(c)(e)		666		655,295

				14,026,032



	Principal Amount (000)		U.S. $ Value
Non-Agency Fixed Rate CMBS1.5%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.652%, 03/10/2037(c)	U.S.$	740	$	628,011
Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS 3.989%, 09/15/2048		211		197,750
Citigroup Commercial Mortgage Trust Series 2013-GC11, Class B 3.732%, 04/10/2046		1,140		1,122,519
Commercial Mortgage Trust Series 2012-CR3, Class E 4.894%, 10/15/2045(c)		889		532,599
Series 2013-SFS, Class A1 1.873%, 04/12/2035(c)		86		84,690
Series 2015-LC21, Class XA 0.807%, 07/10/2048(g)		2,095		29,563
GS Mortgage Securities Trust Series 2011-GC5, Class D 5.302%, 08/10/2044(c)		28		11,704
Series 2013-G1, Class A2 3.557%, 04/10/2031(c)		798		791,854
GSF Series 2021-1, Class A1 1.433%, 08/15/2026(f)(i)		1,184		1,096,778
Series 2021-1, Class A2 2.435%, 08/15/2026(f)(i)		1,801		1,697,612
Series 2021-1, Class AS 2.638%, 08/15/2026(f)(i)		59		54,422
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035(f)		1,690		1,551,525
JPMBB Commercial Mortgage Securities Trust Series 2013-C14, Class D 4.699%, 08/15/2046(c)		472		264,198
Series 2014-C22, Class XA 0.957%, 09/15/2047(g)		5,187		58,816
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C6, Class E 5.129%, 05/15/2045(c)		712		551,841
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039		147		65,093
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(c)		321		318,187
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19, Class D 3.25%, 12/15/2047(c)		603		516,812
Series 2015-C25, Class XA 1.195%, 10/15/2048(g)		1,946		42,487



	Principal Amount (000)		U.S. $ Value
Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class C 4.531%, 11/15/2049	U.S.$	1,030	$	917,863
WF-RBS Commercial Mortgage Trust Series 2014-C24, Class AS 3.931%, 11/15/2047		356		339,343

				10,873,667

Total Commercial Mortgage-Backed Securities (cost $27,029,085)				24,899,699



COLLATERALIZED LOAN OBLIGATIONS2.9%
CLOFloating Rate2.9%
Balboa Bay Loan Funding Ltd. Series 2021-1A, Class A 3.91% (LIBOR 3 Month + 1.20%), 07/20/2034(c)(e)		1,472		1,409,977
Dryden 78 CLO Ltd. Series 2020-78A, Class C 4.69% (LIBOR 3 Month + 1.95%), 04/17/2033(c)(e)		1,260		1,153,084
Elevation CLO Ltd. Series 2020-11A, Class C 4.712% (LIBOR 3 Month + 2.20%), 04/15/2033(c)(e)		1,080		959,644
Elmwood CLO IX Ltd. Series 2021-2A, Class A 3.84% (LIBOR 3 Month + 1.13%), 07/20/2034(c)(e)		1,500		1,435,399
Flatiron CLO 21 Ltd. Series 2021-1A, Class A1 3.848% (LIBOR 3 Month + 1.11%), 07/19/2034(c)(e)		1,130		1,078,863
Goldentree Loan Management US CLO 7 Ltd. Series 2020-7A, Class AR 3.78% (LIBOR 3 Month + 1.07%), 04/20/2034(c)(e)		1,491		1,415,039
Neuberger Berman Loan Advisers CLO 43 Ltd. Series 2021-43A, Class A 3.87% (LIBOR 3 Month + 1.13%), 07/17/2035(c)(e)		1,729		1,656,764
New Mountain CLO 3 Ltd. Series CLO-3A, Class D 6.06% (LIBOR 3 Month + 3.35%), 10/20/2034(c)(e)		250		225,170
OCP CLO Ltd. Series 2020-18A, Class AR 3.80% (LIBOR 3 Month + 1.09%), 07/20/2032(c)(e)		1,954		1,888,318
Pikes Peak CLO 8 Series 2021-8A, Class A 3.88% (LIBOR 3 Month + 1.17%), 07/20/2034(c)(e)		1,907		1,824,979



	Principal Amount (000)			U.S. $ Value
Rad CLO 7 Ltd. Series 2020-7A, Class C 4.74% (LIBOR 3 Month + 2.00%), 04/17/2033(c)(e)		U.S.$	570	$	524,104
Rad CLO 11 Ltd. Series 2021-11A, Class D 5.412% (LIBOR 3 Month + 2.90%), 04/15/2034(c)(e)			950		833,700
Regatta XX Funding Ltd. Series 2021-2A, Class A 3.672% (LIBOR 3 Month + 1.16%), 10/15/2034(c)(e)			2,924		2,770,161
Rockford Tower CLO Ltd. Series 2021-1A, Class D 5.71% (LIBOR 3 Month + 3.00%), 07/20/2034(c)(e)			1,883		1,606,267
Series 2021-2A, Class A1 3.87% (LIBOR 3 Month + 1.16%), 07/20/2034(c)(e)			1,310		1,244,401
Voya CLO Ltd. Series 2019-1A, Class DR 5.362% (LIBOR 3 Month + 2.85%), 04/15/2031(c)(e)			480		410,316

Total Collateralized Loan Obligations (cost $21,888,018)					20,436,186



CORPORATESNON-INVESTMENT GRADE2.1%

Industrial1.5%
Capital Goods0.0%
TK Elevator Midco GmbH 4.375%, 07/15/2027(c)		EUR	331		272,626

CommunicationsMedia0.5%
Altice Financing SA 3.00%, 01/15/2028(c)			540		398,339
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030(c)		U.S.$	348		275,282
4.50%, 06/01/2033(c)			1,243		921,958
4.75%, 02/01/2032(c)			260		202,893
DISH DBS Corp. 5.75%, 12/01/2028(c)			996		750,924
Summer BC Holdco B SARL 5.75%, 10/31/2026(c)		EUR	540		451,775
VZ Vendor Financing II BV 2.875%, 01/15/2029(c)			540		376,878

					3,378,049

CommunicationsTelecommunications0.1%
Altice France SA/France 3.375%, 01/15/2028(c)			259		192,903
Lorca Telecom Bondco SA 4.00%, 09/18/2027(c)			540		460,502

					653,405



	Principal Amount (000)			U.S. $ Value
Consumer CyclicalAutomotive0.2%
Adient Global Holdings Ltd. 3.50%, 08/15/2024(c)		EUR	540	$	488,805
Ford Motor Co. 6.10%, 08/19/2032		U.S.$	759		669,081
ZF Finance GmbH 3.75%, 09/21/2028(c)		EUR	400		305,023

					1,462,909

Consumer CyclicalEntertainment0.3%
Carnival Corp. 4.00%, 08/01/2028(c)		U.S.$	1,545		1,247,062
Royal Caribbean Cruises Ltd. 8.25%, 01/15/2029(c)			993		965,961

					2,213,023

Consumer CyclicalOther0.0%
NH Hotel Group SA 4.00%, 07/02/2026(c)		EUR	190		162,097

Consumer Non-Cyclical0.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/2029(c)		U.S.$	959		774,393
IQVIA, Inc. 2.25%, 03/15/2029(c)		EUR	310		232,917
Nobel Bidco BV 3.125%, 06/15/2028(c)			540		355,111
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028(c)			320		250,717

					1,613,138

Services0.1%
APCOA Parking Holdings GmbH 4.625%, 01/15/2027(c)			540		419,741

Technology0.1%
Playtech PLC 4.25%, 03/07/2026(c)			310		275,272

TransportationAirlines0.0%
Deutsche Lufthansa AG 3.00%, 05/29/2026(c)			200		164,448

					10,614,708



Financial Institutions0.5%
Banking0.5%
Credit Suisse Group AG 6.375%, 08/21/2026(c)(d)		U.S.$	355		259,903
7.50%, 07/17/2023(c)(d)			1,617		1,390,604
7.50%, 07/17/2023(c)			749		644,133
7.50%, 12/11/2023(c)(d)			553		508,732
Intesa Sanpaolo SpA 5.017%, 06/26/2024(c)			757		706,591

					3,509,963



	Principal Amount (000)			U.S. $ Value

Utility0.1%
Electric0.1%
Vistra Corp. 7.00%, 12/15/2026(c)(d)		U.S.$	648	$	566,579

Total CorporatesNon-Investment Grade (cost $18,744,939)					14,691,250



LOCAL GOVERNMENTSUS MUNICIPAL BONDS0.9%
United States0.9%
Port Authority of New York & New Jersey Series 2020-A 1.086%, 07/01/2023			1,000		974,841
State Board of Administration Finance Corp. Series 2020-A 1.705%, 07/01/2027			1,634		1,397,363
State of California Series 2010 7.625%, 03/01/2040			2,040		2,530,643
Tobacco Settlement Finance Authority/WV Series 2020 3.00%, 06/01/2035			540		512,295
University of California Series 2021-B 3.071%, 05/15/2051			2,070		1,380,215

Total Local GovernmentsUS Municipal Bonds (cost $7,355,107)					6,795,357



EMERGING MARKETSCORPORATE BONDS0.5%

Industrial0.5%
Basic0.0%
CSN Resources SA 4.625%, 06/10/2031(c)			293		199,299
Volcan Cia Minera SAA 4.375%, 02/11/2026(c)			189		154,779

					354,078

Capital Goods0.2%
Embraer Netherlands Finance BV 5.40%, 02/01/2027			1,025		934,236
6.95%, 01/17/2028(c)			537		504,042
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(c)			417		833

					1,439,111

CommunicationsMedia0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(c)			645		485,362

Consumer CyclicalOther0.1%
Wynn Macau Ltd. 5.625%, 08/26/2028(c)			730		489,100



	Principal Amount (000)				U.S. $ Value
Consumer Non-Cyclical0.1%
Natura & Co. Luxembourg Holdings SARL 6.00%, 04/19/2029(c)		U.S.$		564	$	459,801

						3,227,452



Utility0.0%
Electric0.0%
Terraform Global Operating LP 6.125%, 03/01/2026(f)				117		110,187



Financial Institutions0.0%
Other Finance0.0%
OEC Finance Ltd. 5.25%, 12/27/2033(c)(j)				381		8,404

Total Emerging MarketsCorporate Bonds (cost $4,827,207)						3,346,043



			Shares

COMMON STOCKS0.3%

Financials0.3%
Insurance0.3%
Mt Logan Re Ltd. (Preference Shares)(i)(k)(l)				2,267		1,938,502
Mt Logan Re Ltd. (Special Investment)(i)(k)(l)				359		300,791

Total Common Stocks (cost $2,266,850)						2,239,293



	Principal Amount (000)

AGENCIES0.3%
Agency Debentures0.3%
Federal Home Loan Banks 2.50%, 02/13/2024		U.S.$		1,465		1,429,327
Federal National Mortgage Association 6.25%, 05/15/2029				355		399,952
6.625%, 11/15/2030				260		303,645

Total Agencies (cost $2,229,266)						2,132,924



EMERGING MARKETSSOVEREIGNS0.3%
Dominican Republic0.2%
Dominican Republic International Bond 4.875%, 09/23/2032(c)				1,919		1,431,814



	Principal Amount (000)			U.S. $ Value
Egypt0.1%
Egypt Government International Bond 5.875%, 02/16/2031(c)	U.S.$		1,070	$	616,454

Total Emerging MarketsSovereigns (cost $2,950,147)					2,048,268



QUASI-SOVEREIGNS0.3%

Quasi-Sovereign Bonds0.3%
Indonesia0.1%
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.45%, 05/21/2028(c)			447		426,139

Mexico0.2%
Comision Federal de Electricidad 3.348%, 02/09/2031(c)			1,685		1,212,463
4.688%, 05/15/2029(c)			478		398,323

					1,610,786

Total Quasi-Sovereigns (cost $2,608,839)					2,036,925



GOVERNMENTSSOVEREIGN BONDS0.1%
Colombia0.1%
Colombia Government International Bond 3.125%, 04/15/2031 (cost $693,944)			696		482,980



SHORT-TERM INVESTMENTS2.0%
U.S. Treasury Bills1.0%
U.S. Treasury Bill Zero Coupon, 03/23/2023 (cost $7,318,679)			7,454		7,323,429



		Shares
Investment Companies1.0%
AB Fixed Income Shares, Inc.Government Money Market PortfolioClass AB, 2.58%(m)(n)(o) (cost $7,113,855)			7,113,855		7,113,855

Total Short-Term Investments (cost $14,432,534)					14,437,284

Total Investments107.0% (cost $857,544,873)					757,917,907

Other assets less liabilities(7.0)%					(49,427,619	)

Net Assets100.0%				$	708,490,288



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		2	December 2022	$	236,969	$	(7,300	)

U.S. Long Bond (CBT) Futures		45	December 2022		5,688,281		13,279

U.S. T-Note 2 Yr (CBT) Futures		215	December 2022		44,158,985		(693,985	)

U.S. T-Note 5 Yr (CBT) Futures		519	December 2022		55,796,555		(1,767,122	)

U.S. Ultra Bond (CBT) Futures		35	December 2022		4,795,000		(460,521	)

Sold Contracts

10 Yr Japan Bond (OSE) Futures		22	December 2022		22,542,666		61,078

Long Gilt Futures		186	December 2022		20,020,187		(248,469	)

						$	(3,103,040	)



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	4,671	USD	4,512		12/08/2022	$	(86,838	)

State Street Bank & Trust Co.	JPY	445	USD	3		12/02/2022		50

							$	(86,788)



CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)
Description	Fixed Rate (Pay) Receive		Payment Frequency		Implied Credit Spread at September 30, 2022		Notional Amount (000)			Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 39, 5 Year Index, 12/20/2027*		5.00%		Quarterly		6.06%		USD	14,453	$	572,115	$	569,942	$	2,173