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Bernstein Sanford C Fund Inc – ‘N-Q’ for 6/30/15

On: Friday, 8/28/15, at 12:22pm ET · Effective: 8/28/15 · For: 6/30/15 · Accession #: 1193125-15-306250 · File #: 811-05555

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 8/28/15  Bernstein Sanford C Fund Inc      N-Q         6/30/15    2:9.6M                                   RR Donnelley/FA
          → California Municipal Portfolio ⇒ 5 Classes/Contracts
          → Diversified Municipal Portfolio ⇒ 5 Classes/Contracts
          → Emerging Markets Portfolio ⇒ SNEMX
          → Intermediate Duration Portfolio ⇒ SNIDX
          → International Portfolio ⇒ 5 Classes/Contracts
          → New York Municipal Portfolio ⇒ 5 Classes/Contracts
          → Overlay A Portfolio ⇒ Class 1 (SAOOX) — Class 2 (SAOTX)
          → Overlay B Portfolio ⇒ Class 1 (SBOOX) — Class 2 (SBOTX)
          → Short Duration California Municipal Portfolio ⇒ SDCMX
          → Short Duration Diversified Municipal Portfolio ⇒ SDDMX
          → Short Duration New York Municipal Portfolio ⇒ SDNYX
          → Short Duration Plus Portfolio ⇒ 5 Classes/Contracts
          → Tax-Aware Overlay A Portfolio ⇒ Class 1 (SATOX) — Class 2 (SATTX)
          → Tax-Aware Overlay B Portfolio ⇒ Class 1 (SBTOX) — Class 2 (SBTTX)
          → Tax-Aware Overlay C Portfolio ⇒ Class 1 (SCTOX) — Class 2 (SCTTX)
          → Tax-Aware Overlay N Portfolio ⇒ Class 1 (SNTOX) — Class 2 (SNTTX)
          → Tax-Managed International Portfolio ⇒ 4 Classes/Contracts
          → U.S. Government Short Duration Portfolio ⇒ SNGSX

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Sanford C. Bernstein Fund, Inc.                     HTML   6.57M 
 2: EX-99.CERT  Certifications                                      HTML     12K

N-Q — Sanford C. Bernstein Fund, Inc.

This is an HTML Document rendered as filed. [ Alternative Formats ]

Sanford C. Bernstein Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05555

SANFORD C. BERNSTEIN FUND, INC.

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: September 30, 2015

Date of reporting period: June 30, 2015

ITEM 1.

SCHEDULE OF INVESTMENTS.

Sanford C. Bernstein Fund, Inc.

Tax-Managed International Portfolio

Portfolio of Investments

June 30, 2015 (unaudited)


Company	Shares		U.S. $ Value
COMMON STOCKS - 97.1%
Consumer Discretionary - 21.4%
Auto Components - 4.1%
Aisin Seiki Co., Ltd.		559,400	$	23,785,261
Continental AG		89,750		21,250,764
Halla Visteon Climate Control Corp.		34,840		1,203,405
Hankook Tire Co., Ltd.		203,740		7,662,355
Linamar Corp.		17,020		1,105,414
Magna International, Inc. (New York)-Class A		299,520		16,800,077
Nexen Tire Corp.		67,870		759,969
Nokian Renkaat Oyj		494,040		15,478,470
Plastic Omnium SA		407,940		10,435,956
SAF-Holland SA		65,950		1,017,713
Sumitomo Electric Industries Ltd.		1,971,900		30,519,768
Sumitomo Rubber Industries Ltd.		60,500		937,164
Valeo SA		153,880		24,341,195

				155,297,511

Automobiles - 3.4%
Honda Motor Co., Ltd.		1,106,600		35,765,126
Peugeot SA (a)		1,201,430		24,775,674
Toyota Motor Corp.		1,050,000		70,263,134

				130,803,934

Distributors - 0.0%
Inchcape PLC		106,130		1,350,981

Diversified Consumer Services - 1.1%
Estacio Participacoes SA		1,811,800		10,489,338
G8 Education Ltd.		203,470		511,359
GAEC Educacao SA		86,600		605,818
Kroton Educacional SA		3,267,200		12,494,615
TAL Education Group (ADR) (a)		514,023		18,145,012

				42,246,142

Hotels, Restaurants & Leisure - 2.8%
Ardent Leisure Group		659,940		1,103,649
Betfair Group PLC		142,690		5,395,667
Domino’s Pizza Group PLC		64,630		789,043
Jollibee Foods Corp.		335,490		1,467,649
Melco International Development Ltd.		5,403,000		7,642,034
Merlin Entertainments PLC (b)		3,929,874		26,357,095
Mitchells & Butlers PLC (a)		107,970		773,706
Oriental Land Co., Ltd./Japan		59,600		3,801,832
Sodexo SA		432,778		41,199,483
Tabcorp Holdings Ltd.		1,609,314		5,641,040
Tatts Group Ltd.		1,232,613		3,534,214
Yum! Brands, Inc.		98,470		8,870,178

				106,575,590

Household Durables - 0.1%
Auto Trader Group PLC (a)(b)		165,411		795,952
Berkeley Group Holdings PLC		22,100		1,161,330
Rinnai Corp.		11,200		881,945
Techtronic Industries Co., Ltd.		200,500		658,141

				3,497,368


Company	Shares		U.S. $ Value
Internet & Catalog Retail - 0.0%
Ikyu Corp. (a)		34,900	$	745,304
Qunar Cayman Islands Ltd. (ADR) (a)		21,435		918,490

				1,663,794

Leisure Products - 0.0%
Amer Sports Oyj		42,200		1,124,619

Media - 3.6%
Cineplex, Inc.		91,350		3,438,973
CTS Eventim AG & Co. KGaA		242,041		8,825,094
Liberty Global PLC-Class A (a)		57,684		3,118,974
Liberty Global PLC-Series C (a)		718,625		36,383,984
Loen Entertainment, Inc.		13,450		970,561
Mediaset Espana Comunicacion SA		46,750		613,766
Metropole Television SA		46,990		915,137
Naspers Ltd.-Class N		24,200		3,763,205
Reed Elsevier PLC		889,920		14,461,803
Sky PLC		403,300		6,568,804
Thomson Reuters Corp.		335,570		12,777,990
TV Asahi Holdings Corp.		99,900		1,677,079
Vivendi SA		1,024,702		25,982,934
Wolters Kluwer NV		357,760		10,648,277
WPP PLC		401,530		9,012,812

				139,159,393

Multiline Retail - 1.7%
B&M European Value Retail SA		6,606,891		35,596,713
Dollarama, Inc.		34,180		2,071,598
Don Quijote Holdings Co., Ltd.		46,200		1,965,762
Harvey Norman Holdings Ltd.		307,840		1,068,949
Next PLC		97,860		11,453,715
Poundland Group PLC		2,790,990		14,177,813

				66,334,550

Specialty Retail - 1.8%
Ace Hardware Indonesia Tbk PT		12,383,000		598,434
AutoCanada, Inc.		23,970		792,603
Card Factory PLC		108,730		551,820
L’Occitane International SA		309,250		881,685
Luk Fook Holdings International Ltd.		260,000		765,638
Mr. Price Group Ltd.		69,120		1,422,693
Shimamura Co., Ltd.		11,100		1,165,379
Sports Direct International PLC (a)		3,224,621		36,357,242
WH Smith PLC		269,810		6,470,525
Yamada Denki Co., Ltd.		4,845,500		19,383,354

				68,389,373

Textiles, Apparel & Luxury Goods - 2.8%
Brunello Cucinelli SpA		32,580		610,206
Cie Financiere Richemont SA		531,576		43,205,329
Eclat Textile Co., Ltd.		164,561		2,700,160
Global Brands Group Holding Ltd. (a)		28,400,000		5,895,196
HUGO BOSS AG		163,452		18,273,293
Nan Liu Enterprise Co., Ltd.		205,188		1,229,939
Pacific Textiles Holdings Ltd.		3,187,000		5,098,180
Samsonite International SA		7,181,900		24,703,520
Yue Yuen Industrial Holdings Ltd.		1,464,000		4,878,071

				106,593,894

				823,037,149


Company	Shares		U.S. $ Value
Financials - 18.9%
Banks - 7.5%
Australia & New Zealand Banking Group Ltd.		387,740	$	9,622,605
Banca Popolare dell’Emilia Romagna SC		92,010		820,941
Banca Popolare di Milano Scarl		765,840		807,677
Banco Macro SA (ADR)		9,490		432,744
Bank Hapoalim BM		3,499,650		18,834,946
Bank of Georgia Holdings PLC		24,150		739,632
Bank of Montreal		46,060		2,729,304
Bank of Queensland Ltd.		2,758,184		27,139,023
BOC Hong Kong Holdings Ltd.		3,340,000		13,944,284
Chiba Bank Ltd. (The)		172,000		1,309,744
Danske Bank A/S		1,141,100		33,544,898
DBS Group Holdings Ltd.		792,500		12,159,837
DGB Financial Group, Inc.		67,000		701,667
FinecoBank Banca Fineco SpA		741,063		5,488,942
Hang Seng Bank Ltd.		186,000		3,632,757
ING Groep NV		2,204,850		36,612,338
Liberbank SA (a)		1,513,510		1,102,180
Mitsubishi UFJ Financial Group, Inc.		7,708,100		55,455,628
Resona Holdings, Inc.		1,723,100		9,398,005
Seven Bank Ltd.		5,611,800		25,978,199
SpareBank 1 SR-Bank ASA		155,920		1,038,068
Toronto-Dominion Bank (The)		84,610		3,593,046
UniCredit SpA		3,055,700		20,536,964

				285,623,429

Capital Markets - 2.1%
3i Group PLC		232,050		1,882,896
GAM Holding AG (a)		65,210		1,369,959
Partners Group Holding AG		46,080		13,772,740
UBS Group AG (a)		3,034,117		64,373,273

				81,398,868

Consumer Finance - 0.1%
Aeon Thana Sinsap Thailand PCL		166,000		463,220
Aeon Thana Sinsap Thailand PCL (NVDR)		43,000		119,936
Credito Real SAB de CV SOFOM ER		286,197		640,040
Gentera SAB de CV		303,900		540,417
International Personal Finance PLC		121,630		874,361

				2,637,974

Diversified Financial Services - 1.1%
Chailease Holding Co., Ltd.		331,960		800,438
Challenger Ltd./Australia		2,811,140		14,571,807
ORIX Corp.		1,880,000		27,917,006

				43,289,251

Insurance - 6.5%
Admiral Group PLC		1,902,920		41,465,185
AIA Group Ltd.		9,341,400		60,839,510
Anadolu Hayat Emeklilik AS		493,489		1,034,815
Assicurazioni Generali SpA		1,574,065		28,370,585


Company	Shares		U.S. $ Value
Direct Line Insurance Group PLC		2,323,594	$	12,259,880
Euler Hermes Group		69,367		6,974,101
Intact Financial Corp.		48,740		3,386,825
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		26,220		4,648,655
NN Group NV		572,140		16,112,757
Prudential PLC		2,242,220		54,036,457
Sampo Oyj-Class A		76,950		3,626,418
Topdanmark A/S (a)		245,220		6,573,698
Tryg A/S		530,850		11,068,209

				250,397,095

Real Estate Investment Trusts (REITs) - 0.1%
Allied Properties Real Estate Investment Trust		22,170		629,067
Concentradora Fibra Hotelera Mexicana SA de CV		413,130		455,251
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		505,280		520,305
Granite Real Estate Investment Trust (Toronto)		40,610		1,396,802
Vastned Retail NV		23,670		1,045,412

				4,046,837

Real Estate Management & Development - 1.5%
Aeon Mall Co., Ltd.		53,000		992,465
Altus Group Ltd./Canada		41,130		586,160
Ayala Land, Inc.		8,757,800		7,239,892
CA Immobilien Anlagen AG (a)		56,500		985,778
CIFI Holdings Group Co., Ltd.		2,514,000		661,617
Corp. Inmobiliaria Vesta SAB de CV		562,320		915,883
Countrywide PLC		101,795		908,506
Daito Trust Construction Co., Ltd.		38,900		4,025,966
Global Logistic Properties Ltd.		20,317,000		38,140,448
Huaku Development Co., Ltd.		308,000		668,584
Lend Lease Group		76,000		878,731
Nexity SA		24,460		959,877
Quintain Estates & Development PLC (a)		703,920		1,172,396

				58,136,303

Thrifts & Mortgage Finance - 0.0%
Paragon Group of Cos. PLC (The)		189,030		1,229,174

				726,758,931

Industrials - 15.8%
Aerospace & Defense - 2.8%
Airbus Group SE		595,043		38,759,491
Saab AB-Class B		45,100		1,101,999
Safran SA		269,530		18,317,087
Senior PLC		169,580		764,211
Zodiac Aerospace		1,470,606		47,903,163

				106,845,951

Air Freight & Logistics - 0.4%
bpost SA		413,780		11,378,984
Oesterreichische Post AG		101,995		4,692,205

				16,071,189

Airlines - 1.8%
Air Canada (a)		76,630		810,474


Company	Shares		U.S. $ Value
International Consolidated Airlines Group SA (a)		3,769,150	$	29,290,437
Japan Airlines Co., Ltd.		222,300		7,747,020
Qantas Airways Ltd. (a)		8,517,782		20,698,075
Ryanair Holdings PLC (Sponsored ADR)		130,280		9,295,478

				67,841,484

Building Products - 0.4%
Assa Abloy AB		526,440		9,910,651
China Lesso Group Holdings Ltd.		580,000		470,922
DIRTT Environmental Solutions (a)		140,377		726,049
Kingspan Group PLC		101,650		2,454,502

				13,562,124

Commercial Services & Supplies - 2.6%
APR Energy PLC		1,420,187		2,504,824
Babcock International Group PLC		2,900,386		49,139,594
Berendsen PLC		310,510		4,970,607
Kaba Holding AG (a)		1,860		1,107,107
Loomis AB-Class B		34,680		972,491
Park24 Co., Ltd.		492,200		8,426,207
Regus PLC		7,544,345		30,911,655
Rentokil Initial PLC		774,320		1,798,314

				99,830,799

Construction & Engineering - 0.1%
China State Construction International Holdings Ltd.		824,000		1,473,873
UGL Ltd.		272,580		444,755

				1,918,628

Electrical Equipment - 0.0%
TKH Group NV		42,450		1,783,237

Machinery - 1.1%
Bodycote PLC		94,790		1,003,326
Hoshizaki Electric Co., Ltd. (a)		37,600		2,211,611
IHI Corp.		237,000		1,103,513
JTEKT Corp.		1,497,800		28,324,024
Krones AG		17,170		1,794,141
KUKA AG		27,890		2,323,074
LISI		35,150		987,903
Melrose Industries PLC		203,569		791,218
Morgan Advanced Materials PLC		257,400		1,320,091
Nabtesco Corp.		49,600		1,244,152
Nachi-Fujikoshi Corp.		127,000		748,097
Pfeiffer Vacuum Technology AG		8,060		718,268
Vesuvius PLC		165,400		1,102,387

				43,671,805

Marine - 0.7%
Nippon Yusen KK		9,405,000		26,184,033

Professional Services - 3.6%
Bureau Veritas SA		1,786,107		41,173,259
Capita PLC		2,413,946		46,904,460
Teleperformance		722,560		51,047,431

				139,125,150


Company	Shares		U.S. $ Value
Road & Rail - 1.2%
Central Japan Railway Co.		253,800	$	45,799,362
National Express Group PLC		231,622		1,119,210

				46,918,572

Trading Companies & Distributors - 1.1%
Brenntag AG		502,700		28,845,619
Bunzl PLC		391,830		10,688,899
Diploma PLC		108,370		1,375,833
Ramirent Oyj		69,990		511,082
Rexel SA		92,570		1,493,767

				42,915,200

				606,668,172

Health Care - 9.1%
Biotechnology - 0.5%
Basilea Pharmaceutica (REG) (a)		10,580		1,328,586
CSL Ltd.		216,740		14,449,270
Medy-Tox, Inc.		4,140		2,065,761
Taiwan Liposome Co., Ltd. (a)		106,000		636,861

				18,480,478

Health Care Equipment & Supplies - 0.6%
Cochlear Ltd.		61,430		3,796,278
Essilor International SA		61,360		7,350,953
Ginko International Co., Ltd.		116,000		1,457,983
Sartorius AG (Preference Shares)		44,816		8,331,346
Sorin SpA (a)		496,250		1,388,643

				22,325,203

Health Care Providers & Services - 0.5%
Shanghai Pharmaceuticals Holding Co., Ltd.-Class H		232,300		646,396
Sonic Healthcare Ltd.		1,001,150		16,485,611

				17,132,007

Health Care Technology - 0.0%
M3, Inc.		49,800		1,001,051
NNIT A/S (a)(b)		25,531		579,912

				1,580,963

Life Sciences Tools & Services - 1.6%
Eurofins Scientific SE		204,603		62,292,358
Horizon Discovery Group PLC (a)		192,580		518,944

				62,811,302

Pharmaceuticals - 5.9%
Astellas Pharma, Inc.		809,600		11,533,431
China Traditional Chinese Medicine Co., Ltd. (a)		1,466,000		1,196,679
GlaxoSmithKline PLC		2,390,040		49,693,556
Novartis AG (REG)		246,350		24,231,098
Novo Nordisk A/S-Class B		640,925		35,170,672
Ouro Fino Saude Animal Participacoes SA		71,200		732,817
Recordati SpA		417,473		8,755,838


Company	Shares		U.S. $ Value
Roche Holding AG		256,159	$	71,824,786
Sanofi		36,750		3,635,672
Shionogi & Co., Ltd.		376,000		14,571,210
Teva Pharmaceutical Industries Ltd.		97,270		5,756,238

				227,101,997

				349,431,950

Information Technology - 8.0%
Communications Equipment - 0.2%
BYD Electronic International Co., Ltd. (a)		810,000		1,095,305
VTech Holdings Ltd.		374,000		4,940,883

				6,036,188

Electronic Equipment, Instruments & Components - 0.1%
Ju Teng International Holdings Ltd.		1,434,250		693,853
PAX Global Technology Ltd. (a)		1,392,000		1,993,917
Samsung Electro-Mechanics Co., Ltd.		15,760		720,871
Tongda Group Holdings Ltd.		4,037,600		779,833

				4,188,474

Internet Software & Services - 0.9%
Baidu, Inc. (Sponsored ADR) (a)		123,360		24,558,509
Tencent Holdings Ltd.		564,100		11,287,325

				35,845,834

IT Services - 0.9%
Alten SA		39,070		1,818,603
Amadeus IT Holding SA-Class A		266,180		10,625,959
CGI Group, Inc.-Class A (a)		172,020		6,727,924
Computacenter PLC		85,040		1,036,884
Obic Co., Ltd.		316,700		14,119,343
Optimal Payments PLC (a)		171,670		631,134
Wirecard AG		16,707		639,438

				35,599,285

Semiconductors & Semiconductor Equipment - 3.3%
Advanced Semiconductor Engineering, Inc.		5,534,000		7,498,047
ASM International NV		44,060		2,038,276
Hermes Microvision, Inc.		26,000		1,688,368
Hua Hong Semiconductor Ltd. (a)(b)		588,000		778,280
Infineon Technologies AG		1,530,160		18,988,659
Novatek Microelectronics Corp.		3,247,000		15,661,500
Sanken Electric Co., Ltd.		192,000		1,186,321
SCREEN Holdings Co., Ltd.		3,967,000		24,965,158
Siltronic AG (a)		28,469		1,110,853
Sumco Corp.		1,853,000		23,175,481
Tokyo Electron Ltd.		462,900		29,420,559

				126,511,502

Software - 2.0%
Capcom Co., Ltd.		51,800		1,002,796
Constellation Software, Inc./Canada		13,810		5,482,647
Dassault Systemes		453,840		32,946,130
NICE-Systems Ltd.		151,399		9,615,625
Oracle Corp. Japan		333,200		13,929,659


Company	Shares		U.S. $ Value
Sage Group PLC (The)		435,950	$	3,509,190
SAP SE		71,121		4,983,895
SDL PLC		146,980		960,050
UBISOFT Entertainment (a)		111,630		1,995,797

				74,425,789

Technology Hardware, Storage & Peripherals - 0.6%
Catcher Technology Co., Ltd.		964,000		12,051,927
Samsung Electronics Co., Ltd.		8,940		10,143,191

				22,195,118

				304,802,190

Consumer Staples - 7.9%
Beverages - 0.6%
Anheuser-Busch InBev NV		91,310		10,988,276
Cott Corp.		110,920		1,084,334
Heineken NV		130,920		9,953,503

				22,026,113

Food & Staples Retailing - 1.8%
Alimentation Couche-Tard, Inc.-Class B		136,150		5,824,255
Booker Group PLC		623,250		1,647,930
Clicks Group Ltd.		117,880		871,814
Delhaize Group SA		340,600		27,703,472
Koninklijke Ahold NV		179,194		3,363,945
Lawson, Inc.		87,000		5,953,510
Lenta Ltd. (GDR) (a)(b)		298,880		2,229,174
MARR SpA		62,460		1,107,785
Metro, Inc.		72,780		1,953,231
Olam International Ltd.		8,355,273		11,659,497
Sugi Holdings Co., Ltd.		90,400		4,612,128
Tsuruha Holdings, Inc.		21,200		1,649,044

				68,575,785

Food Products - 0.7%
Calbee, Inc.		40,800		1,718,823
Glanbia PLC		76,185		1,496,104
Mayora Indah Tbk PT		436,200		850,143
Nestle SA (REG)		192,650		13,899,813
Unilever PLC		165,673		7,113,855

				25,078,738

Household Products - 0.7%
Henkel AG & Co. KGaA		109,337		10,425,923
Pigeon Corp.		77,100		2,428,106
Reckitt Benckiser Group PLC		185,027		15,955,664

				28,809,693

Personal Products - 0.7%
Cosmax, Inc.		9,890		1,785,267
Kao Corp.		254,100		11,817,417
L’Oreal SA		80,600		14,421,022

				28,023,706

Tobacco - 3.4%
British American Tobacco PLC		1,315,030		70,804,502


Company	Shares		U.S. $ Value
Imperial Tobacco Group PLC		790,980	$	38,095,327
Japan Tobacco, Inc.		577,000		20,511,930

				129,411,759

				301,925,794

Telecommunication Services - 6.2%
Diversified Telecommunication Services - 3.6%
Bezeq The Israeli Telecommunication Corp., Ltd.		9,261,719		15,772,450
BT Group PLC		4,071,820		28,833,950
Com Hem Holding AB		132,730		1,231,071
Nippon Telegraph & Telephone Corp.		1,234,000		44,690,220
Proximus		169,810		6,009,050
Singapore Telecommunications Ltd.		3,142,700		9,887,262
Telefonica Brasil SA (Preference Shares)		956,303		13,398,269
Telenor ASA		611,300		13,402,660
Telstra Corp., Ltd.		1,202,740		5,692,024

				138,916,956

Wireless Telecommunication Services - 2.6%
China Mobile Ltd.		1,161,500		14,882,578
SK Telecom Co., Ltd.		36,110		8,079,833
SoftBank Corp.		462,000		27,213,177
Sunrise Communications Group AG (a)(b)		126,852		10,578,794
Vodafone Group PLC		10,747,392		39,205,329

				99,959,711

				238,876,667

Materials - 4.8%
Chemicals - 3.9%
Arkema SA		236,754		17,114,366
Chr Hansen Holding A/S		22,700		1,106,898
Croda International PLC		175,610		7,593,220
Denki Kagaku Kogyo KK		313,000		1,390,825
Essentra PLC		4,278,778		66,727,500
Fuchs Petrolub SE (Preference Shares)		16,870		713,311
Fufeng Group Ltd.		819,800		608,270
Givaudan SA (REG) (a)		4,140		7,167,606
Hyosung Corp.		9,160		1,179,510
JSR Corp.		1,464,000		25,844,425
Kansai Paint Co., Ltd.		100,000		1,549,320
Koninklijke DSM NV		316,323		18,365,770
Lanxess AG		17,050		1,005,985
Teijin Ltd.		350,000		1,358,160

				151,725,166

Construction Materials - 0.1%
Cementos Pacasmayo SAA		310,590		498,195
Cemex Latam Holdings SA (a)		139,660		684,036
West China Cement Ltd.		4,836,000		940,623

				2,122,854

Containers & Packaging - 0.1%
Amcor Ltd./Australia		345,300		3,648,955
Smurfit Kappa Group PLC		50,520		1,392,427

				5,041,382


Company	Shares		U.S. $ Value
Metals & Mining - 0.1%
Dowa Holdings Co., Ltd.		150,000	$	1,417,535
Western Areas Ltd.		306,010		761,229

				2,178,764

Paper & Forest Products - 0.6%
Mondi PLC		977,450		21,043,770
Sappi Ltd. (a)		108,583		385,119

				21,428,889

				182,497,055

Energy - 3.5%
Energy Equipment & Services - 0.0%
Aker Solutions ASA (b)		166,810		935,463

Oil, Gas & Consumable Fuels - 3.5%
BG Group PLC		2,270,914		37,821,617
Gaztransport Et Technigaz SA		12,781		808,482
JX Holdings, Inc.		10,097,500		43,533,837
Petroleo Brasileiro SA (Sponsored ADR) (a)		1,426,130		11,637,221
Royal Dutch Shell PLC-Class B		221,875		6,316,894
TOTAL SA		709,890		34,820,774

				134,938,825

				135,874,288

Utilities - 1.5%
Electric Utilities - 1.3%
EDP-Energias de Portugal SA		8,808,650		33,560,903
Electricite de France SA		726,280		16,245,874
Elia System Operator SA/NV		23,426		949,334

				50,756,111

Independent Power and Renewable Electricity Producers - 0.1%
Electric Power Development Co., Ltd.		34,700		1,225,809
Huadian Fuxin Energy Corp., Ltd.-Class H		2,446,000		1,172,148
Huadian Power International Corp., Ltd.-Class H		664,000		738,795

				3,136,752

Water Utilities - 0.1%
Cia de Saneamento Basico do Estado de Sao Paulo		230,600		1,223,795
CT Environmental Group Ltd.		910,000		1,206,995
Pennon Group PLC		104,200		1,327,385

				3,758,175

				57,651,038

Total Common Stocks (cost $3,346,807,802)				3,727,523,234

WARRANTS - 1.4%
Financials - 0.8%
Banks - 0.1%
Bank of Baroda, JPMorgan Chase Bank, expiring 5/05/16 (a)(b)		264,850		600,988
Yes Bank Ltd., Merrill Lynch Intl & Co., expiring 6/25/18 (a)		94,040		1,248,757

				1,849,745


Company	Shares		U.S. $ Value
Thrifts & Mortgage Finance - 0.7%
Housing Development Finance Corp., Ltd., Deutsche Bank AG, expiring 1/30/17 (a)(b)		1,290,390	$	26,325,517
LIC Housing Finance Ltd., JPMorgan Chase Bank, expiring 3/06/17 (a)(b)		117,660		835,407

				27,160,924

				29,010,669

Information Technology - 0.4%
IT Services - 0.4%
HCL Technologies Ltd., Merrill Lynch Intl & Co., expiring 11/29/18 (a)		413,020		5,980,070
Tata Consultancy Services Ltd., Merrill Lynch Intl & Co., expiring 12/14/15 (a)		95,710		3,843,901
Tata Consultancy Services Ltd., Merrill Lynch Intl & Co., expiring 1/08/19 (a)		144,663		5,816,323

				15,640,294

Health Care - 0.2%
Pharmaceuticals - 0.2%
Aurobindo Pharma Ltd., Merrill Lynch Intl & Co., expiring 10/03/18 (a)		49,650		1,139,140
Sun Pharmaceutical Industries Ltd., Merrill Lynch Intl & Co., expiring 7/27/18 (a)		429,080		5,910,782

				7,049,922

Consumer Discretionary - 0.0%
Auto Components - 0.0%
Motherson Sumi Systems Ltd., JPMorgan Chase Bank, expiring 11/05/18 (a)		109,450		891,822

Total Warrants (cost $40,300,964)				52,592,707

RIGHTS - 0.0%
Health Care - 0.0%
Health Care Equipment & Supplies - 0.0%
Sorin SpA, expiring 7/15/22 (a) (cost $0)		496,250		1


Company	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 0.5%
Repurchase Agreements - 0.5%
State Street Bank & Trust Co.
0.00%, dated 6/30/15 due 7/01/15 in the amount of $21,464,329 (collateralized by $21,760,000 U.S. Treasury Notes, 2.00%, 5/31/21, value $21,896,000)
(cost $21,464,329)	$	21,464	$	21,464,329

Total Investments - 99.0% (cost $3,408,573,095) (c)				3,801,580,271
Other assets less liabilities - 1.0%				37,559,576

Net Assets - 100.0%			$	3,839,139,847

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	HKD	1,090,910	USD	140,721		7/15/15	$	(11,682	)
Barclays Bank PLC	TWD	1,055,659	USD	34,197		7/15/15		19,486
Barclays Bank PLC	USD	52,810	CHF	49,727		7/15/15		401,678
BNP Paribas SA	AUD	35,497	USD	28,040		7/15/15		671,906
BNP Paribas SA	AUD	15,670	USD	11,891		7/15/15		(190,056	)
BNP Paribas SA	GBP	34,562	USD	54,842		7/15/15		540,986
BNP Paribas SA	GBP	67,758	USD	101,556		7/15/15		(4,898,885	)
BNP Paribas SA	KRW	9,152,061	USD	8,345		7/15/15		173,541
BNP Paribas SA	USD	8,978	CAD	11,215		7/15/15		(62	)
BNP Paribas SA	USD	134,276	GBP	87,591		7/15/15		3,338,932
Citibank	CAD	38,733	USD	31,011		7/15/15		4,738
Citibank	ILS	89,863	USD	22,843		7/15/15		(969,623	)
Credit Suisse International	CHF	49,727	USD	53,378		7/15/15		166,191
Credit Suisse International	USD	53,102	EUR	48,976		7/15/15		1,508,537
Credit Suisse International	USD	11,395	NOK	86,272		7/15/15		(395,110	)
Credit Suisse International	CHF	25,107	USD	27,046		10/14/15		79,902
Credit Suisse International	USD	56,059	SEK	462,784		10/14/15		(109,809	)
Deutsche Bank AG	ILS	31,536	USD	8,136		7/15/15		(220,529	)
Deutsche Bank AG	USD	130,816	GBP	86,011		7/15/15		4,316,539
Deutsche Bank AG	USD	44,356	JPY	5,301,269		7/15/15		(1,032,704	)
Goldman Sachs Bank USA	USD	16,655	CAD	20,243		7/15/15		(450,155	)
HSBC Bank USA	AUD	25,986	USD	20,233		7/15/15		197,996
HSBC Bank USA	USD	8,278	HKD	64,182		7/15/15		1,402
Morgan Stanley & Co., Inc.	BRL	144,397	USD	46,541		7/02/15		97,300
Morgan Stanley & Co., Inc.	USD	46,289	BRL	144,397		7/02/15		154,836
Morgan Stanley & Co., Inc.	GBP	71,282	USD	105,923		7/15/15		(6,068,692	)
Morgan Stanley & Co., Inc.	NZD	42,269	USD	29,083		7/15/15		472,193
Morgan Stanley & Co., Inc.	USD	21,490	JPY	2,575,017		7/15/15		(446,860	)
Morgan Stanley & Co., Inc.	USD	62,337	SEK	537,589		7/15/15		2,528,035
Morgan Stanley & Co., Inc.	BRL	144,397	USD	45,772		8/04/15		(136,477	)
Morgan Stanley & Co., Inc.	ILS	35,124	USD	9,276		10/14/15		(36,508	)
Morgan Stanley & Co., Inc.	USD	16,966	AUD	22,311		10/14/15		151,857
Northern Trust Co.	NOK	86,272	USD	10,694		7/15/15		(306,176	)
Royal Bank of Scotland PLC	CAD	78,475	USD	62,686		7/15/15		(133,900	)
Royal Bank of Scotland PLC	JPY	19,060,757	USD	152,967		7/15/15		(2,800,876	)
Royal Bank of Scotland PLC	NZD	38,536	USD	28,196		7/15/15		2,111,803


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Royal Bank of Scotland PLC	USD	15,317	CAD	18,780		7/15/15	$	(283,788	)
Royal Bank of Scotland PLC	USD	19,573	JPY	2,346,073		7/15/15		(400,025	)
Standard Chartered Bank	HKD	57,513	USD	7,420		7/15/15		677
Standard Chartered Bank	USD	171,307	AUD	225,338		7/15/15		2,426,320
Standard Chartered Bank	USD	75,963	NZD	101,921		7/15/15		(6,975,593	)
State Street Bank & Trust Co.	EUR	10,905	USD	11,885		7/15/15		(274,201	)
State Street Bank & Trust Co.	USD	76,793	EUR	70,308		7/15/15		1,603,272
State Street Bank & Trust Co.	USD	8,572	HKD	66,457		7/15/15		1,732
State Street Bank & Trust Co.	USD	7,500	HKD	58,131		7/15/15		(1,000	)
UBS AG	BRL	144,397	USD	45,386		7/02/15		(1,056,891	)
UBS AG	USD	46,541	BRL	144,397		7/02/15		(97,300	)
UBS AG	EUR	48,308	USD	54,241		7/15/15		375,076
UBS AG	EUR	14,970	USD	16,657		7/15/15		(35,687	)
UBS AG	NZD	21,116	USD	15,779		7/15/15		1,485,738
UBS AG	USD	72,008	JPY	8,838,398		7/15/15		220,885
UBS AG	USD	77,819	JPY	9,538,770		10/14/15		242,094

							$	(4,038,937	)

(a)

Non-income producing security.

(b)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2015, the aggregate market value of these securities amounted to $70,016,582 or 1.8% of net assets.

(c)

As of June 30, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $533,318,920 and gross unrealized depreciation of investments was $(140,311,744), resulting in net unrealized appreciation of $393,007,176.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.

Currency Abbreviations:


AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
ILS	-	Israeli Shekel
JPY	-	Japanese Yen
KRW	-	South Korean Won
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
SEK	-	Swedish Krona
TWD	-	New Taiwan Dollar
USD	-	United States Dollar

Glossary:


ADR	-	American Depositary Receipt
GDR	-	Global Depositary Receipt
NVDR	-	Non Voting Depositary Receipt
REG	-	Registered Shares

Country Breakdown*

June 30, 2015 (unaudited)


	23.3%			United Kingdom
	20.4%			Japan
	14.0%			France
	6.7%			Switzerland
	3.6%			Germany
	3.5%			Australia
	2.8%			Hong Kong
	2.8%			Netherlands
	2.3%			Denmark
	2.3%			China
	1.9%			Singapore
	1.8%			Italy
	1.6%			Canada
	1.5%			Belgium
	11.5%			Other

	100.0%			Total Investments

All data are as of June 30, 2015. The Portfolio’s country breakdown is expressed as a percentage of long-term investments and may vary over time. “Other” country weightings represent 1.4% or less in the following countries: Argentina, Austria, Brazil, Colombia, Finland, Georgia, India, Indonesia, Ireland, Israel, Luxembourg, Mexico, Norway, Peru, Philippines, Portugal, Russia, South Africa, South Korea, Spain, Sweden, Taiwan, Thailand, Turkey and United States.

Sanford C. Bernstein Fund, Inc.

Tax-Managed International Portfolio

June 30, 2015 (unaudited)

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

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2015:


Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Consumer Discretionary	$	194,543,618		$	628,493,531		$	– 0	–	$	823,037,149
Financials		32,379,902			694,379,029			– 0	–		726,758,931
Industrials		73,867,395			532,800,777			– 0	–		606,668,172
Health Care		11,551,662			337,880,288			– 0	–		349,431,950
Information Technology		40,388,950			264,413,240			– 0	–		304,802,190
Consumer Staples		8,861,820			293,063,974			– 0	–		301,925,794
Telecommunication Services		13,398,269			225,478,398			– 0	–		238,876,667
Materials		1,567,350			180,929,705			– 0	–		182,497,055
Energy		12,445,703			123,428,585			– 0	–		135,874,288
Utilities		1,223,795			56,427,243			– 0	–		57,651,038
Warrants		– 0	–		52,592,707			– 0	–		52,592,707
Rights		– 0	–		– 0	–		1			1
Short-Term Investments		21,464,329			– 0	–		– 0	–		21,464,329

Total Investments in Securities		411,692,793			3,389,887,477	+		1			3,801,580,271
*Other Financial Instruments :**
Assets:
Forward Currency Exchange Contracts		– 0	–		23,293,652			– 0	–		23,293,652
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(27,332,589	)		– 0	–		(27,332,589	)

Total(a)^	$	411,692,793		$	3,385,848,540		$	1		$	3,797,541,334

*	Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument.

+	A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

(a)

An amount of $42,826,225 was transferred from Level 1 to Level 2 due to the above mentioned foreign equity fair valuation using third party vendor modeling tools during the reporting period.

^	There were de minimis transfers under 1% of net assets from Level 2 to Level 1 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


	Rights			Total
Balance as of 9/30/14	$	– 0	–	$	– 0	–
Accrued discounts/(premiums)		– 0	–		– 0	–
Realized gain (loss)	$	–0	–		– 0	–
Change in unrealized appreciation/depreciation		1			1
Purchases		– 0	–		– 0	–
Sales		– 0	–		– 0	–
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 6/30/15	$	1		$	1

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/15	$	1		$	1

The Adviser established the Valuation Committee (the “Committee”) to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

Sanford C. Bernstein Fund, Inc.

International Portfolio

Portfolio of Investments

June 30, 2015 (unaudited)


Company	Shares		U.S. $ Value
COMMON STOCKS - 97.7%
Consumer Discretionary - 21.7%
Auto Components - 4.3%
Aisin Seiki Co., Ltd.		247,900	$	10,540,519
Continental AG		44,360		10,503,442
Halla Visteon Climate Control Corp.		15,130		522,604
Hankook Tire Co., Ltd.		84,560		3,180,175
Linamar Corp.		7,370		478,666
Magna International, Inc. (New York)-Class A		167,790		9,411,341
Nexen Tire Corp.		27,100		303,450
Nokian Renkaat Oyj		204,010		6,391,714
Plastic Omnium SA		168,806		4,318,410
SAF-Holland SA		27,490		424,214
Sumitomo Electric Industries Ltd.		742,800		11,496,569
Sumitomo Rubber Industries Ltd.		25,200		390,356
Valeo SA		63,622		10,063,916

				68,025,376

Automobiles - 3.4%
Honda Motor Co., Ltd.		448,400		14,492,213
Peugeot SA (a)		510,450		10,526,408
Toyota Motor Corp.		435,600		29,149,163

				54,167,784

Distributors - 0.0%
Inchcape PLC		46,140		587,339

Diversified Consumer Services - 1.1%
Estacio Participacoes SA		742,800		4,300,409
G8 Education Ltd.		88,640		222,769
GAEC Educacao SA		37,600		263,034
Kroton Educacional SA		1,339,600		5,122,976
TAL Education Group (ADR) (a)		214,301		7,564,825

				17,474,013

Hotels, Restaurants & Leisure - 2.8%
Ardent Leisure Group		274,510		459,076
Betfair Group PLC		59,390		2,245,768
Domino’s Pizza Group PLC		26,900		328,412
Jollibee Foods Corp.		146,030		638,829
Melco International Development Ltd.		2,219,000		3,138,566
Merlin Entertainments PLC (b)		1,630,711		10,936,942
Mitchells & Butlers PLC (a)		44,910		321,822
Oriental Land Co., Ltd./Japan		24,700		1,575,592
Sodexo SA		178,410		16,984,227
Tabcorp Holdings Ltd.		669,930		2,348,269
Tatts Group Ltd.		513,115		1,471,231
Yum! Brands, Inc.		40,500		3,648,240

				44,096,974

Household Durables - 0.1%
Auto Trader Group PLC (a)(b)		71,915		346,053
Berkeley Group Holdings PLC		9,630		506,046
Rinnai Corp.		4,900		385,851
Techtronic Industries Co., Ltd.		87,500		287,218

				1,525,168


Company	Shares		U.S. $ Value
Internet & Catalog Retail - 0.0%
Ikyu Corp.		15,200	$	324,603
Qunar Cayman Islands Ltd. (ADR) (a)		9,323		399,490

				724,093

Leisure Products - 0.0%
Amer Sports Oyj		17,540		467,436

Media - 3.6%
Cineplex, Inc.		38,040		1,432,058
CTS Eventim AG & Co. KGaA		100,070		3,648,668
Liberty Global PLC-Class A (a)		26,215		1,417,445
Liberty Global PLC-Series C (a)		297,237		15,049,109
Loen Entertainment, Inc.		5,840		421,418
Mediaset Espana Comunicacion SA		20,400		267,825
Metropole Television SA		20,410		397,488
Naspers Ltd.-Class N		9,870		1,534,828
Reed Elsevier PLC		370,450		6,020,063
Sky PLC		166,360		2,709,611
Thomson Reuters Corp.		108,730		4,140,271
TV Asahi Holdings Corp.		41,500		696,685
Vivendi SA		426,585		10,816,735
Wolters Kluwer NV		148,930		4,432,715
WPP PLC		167,150		3,751,878

				56,736,797

Multiline Retail - 1.7%
B&M European Value Retail SA		2,704,550		14,571,617
Dollarama, Inc.		14,830		898,824
Don Quijote Holdings Co., Ltd.		20,000		850,979
Harvey Norman Holdings Ltd.		128,250		445,338
Next PLC		40,000		4,681,674
Poundland Group PLC		1,140,710		5,794,637

				27,243,069

Specialty Retail - 1.8%
Ace Hardware Indonesia Tbk PT		5,374,000		259,710
AutoCanada, Inc.		9,970		329,673
Card Factory PLC		45,330		230,056
L’Occitane International SA		123,250		351,391
Luk Fook Holdings International Ltd.		108,000		318,034
Mr. Price Group Ltd.		30,110		619,752
Shimamura Co., Ltd.		4,600		482,950
Sports Direct International PLC (a)		1,343,611		15,149,064
WH Smith PLC		111,820		2,681,643
Yamada Denki Co., Ltd.		2,011,100		8,044,962

				28,467,235

Textiles, Apparel & Luxury Goods - 2.9%
Brunello Cucinelli SpA		14,160		265,209
Cie Financiere Richemont SA		217,607		17,686,619
Eclat Textile Co., Ltd.		71,336		1,170,500
Global Brands Group Holding Ltd. (a)		11,628,000		2,413,709
HUGO BOSS AG		72,824		8,141,438
Nan Liu Enterprise Co., Ltd.		89,230		534,863
Pacific Textiles Holdings Ltd.		1,320,000		2,111,578
Samsonite International SA		3,181,900		10,944,754
Yue Yuen Industrial Holdings Ltd.		646,000		2,152,482

				45,421,152

				344,936,436


Company	Shares		U.S. $ Value
Financials - 19.0%
Banks - 7.3%
Australia & New Zealand Banking Group Ltd.		171,440	$	4,254,654
Banca Popolare dell’Emilia Romagna SC		38,350		342,170
Banca Popolare di Milano Scarl		319,250		336,690
Banco Macro SA (ADR) (a)		3,950		180,120
Bank Hapoalim BM		1,455,206		7,831,848
Bank of Georgia Holdings PLC		10,500		321,579
Bank of Queensland Ltd.		1,143,572		11,252,123
BOC Hong Kong Holdings Ltd.		1,472,000		6,145,505
Chiba Bank Ltd. (The)		72,000		548,265
Danske Bank A/S		475,010		13,963,861
DBS Group Holdings Ltd.		214,900		3,297,349
DGB Financial Group, Inc.		28,390		297,318
FinecoBank Banca Fineco SpA		308,637		2,286,028
Hang Seng Bank Ltd.		77,400		1,511,696
ING Groep NV		907,910		15,076,176
Liberbank SA (a)		649,000		472,620
Mitsubishi UFJ Financial Group, Inc.		3,188,000		22,935,943
Resona Holdings, Inc.		717,300		3,912,245
Seven Bank Ltd.		2,330,600		10,788,836
SpareBank 1 SR-Bank ASA		64,850		431,751
Toronto-Dominion Bank (The)		35,220		1,495,652
UniCredit SpA		1,272,020		8,549,082

				116,231,511

Capital Markets - 2.2%
3i Group PLC		101,000		819,532
GAM Holding AG (a)		28,350		595,589
Partners Group Holding AG		20,520		6,133,173
UBS Group AG (a)		1,274,393		27,038,130

				34,586,424

Consumer Finance - 0.1%
Aeon Thana Sinsap Thailand PCL		72,200		201,473
Aeon Thana Sinsap Thailand PCL (NVDR)		18,300		51,042
Credito Real SAB de CV SOFOM ER		124,522		278,476
Gentera SAB de CV		126,410		224,791
International Personal Finance PLC		52,940		380,570

				1,136,352

Diversified Financial Services - 1.1%
Chailease Holding Co., Ltd.		146,010		352,066
Challenger Ltd./Australia		1,126,470		5,839,163
ORIX Corp.		779,400		11,573,678

				17,764,907

Insurance - 6.6%
Admiral Group PLC		789,252		17,198,032
AIA Group Ltd.		3,887,200		25,316,906
Anadolu Hayat Emeklilik AS		214,791		450,403
Assicurazioni Generali SpA		652,738		11,764,799


Company	Shares		U.S. $ Value
Direct Line Insurance Group PLC		949,465	$	5,009,622
Euler Hermes Group		28,869		2,902,466
Intact Financial Corp.		20,160		1,400,870
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		10,670		1,891,729
NN Group NV		237,990		6,702,337
Prudential PLC		933,390		22,494,264
Sampo Oyj-Class A		32,150		1,515,131
Topdanmark A/S (a)		105,330		2,823,618
Tryg A/S		222,950		4,648,502

				104,118,679

Real Estate Investment Trusts (REITs) - 0.1%
Allied Properties Real Estate Investment Trust		9,170		260,196
Concentradora Fibra Hotelera Mexicana SA de CV		179,770		198,099
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		210,170		216,419
Granite Real Estate Investment Trust (Toronto)		16,790		577,501
Vastned Retail NV		9,840		434,594

				1,686,809

Real Estate Management & Development - 1.6%
Aeon Mall Co., Ltd.		21,200		396,986
Altus Group Ltd./Canada		17,870		254,673
Ayala Land, Inc.		3,861,400		3,192,140
CA Immobilien Anlagen AG (a)		23,540		410,712
CIFI Holdings Group Co., Ltd.		1,048,000		275,805
Corp. Inmobiliaria Vesta SAB de CV		244,480		398,199
Countrywide PLC		44,518		397,317
Daito Trust Construction Co., Ltd.		16,200		1,676,623
Global Logistic Properties Ltd.		8,647,833		16,234,298
Huaku Development Co., Ltd.		128,000		277,853
Lend Lease Group		31,660		366,061
Nexity SA		10,620		416,757
Quintain Estates & Development PLC (a)		306,300		510,150

				24,807,574

Thrifts & Mortgage Finance - 0.0%
Paragon Group of Cos. PLC (The)		78,820		512,530

				300,844,786

Industrials - 16.1%
Aerospace & Defense - 2.8%
Airbus Group SE		246,507		16,056,799
Saab AB-Class B		18,800		459,370
Safran SA		118,900		8,080,368
Senior PLC		70,540		317,888
Zodiac Aerospace		610,770		19,895,074

				44,809,499

Air Freight & Logistics - 0.4%
bpost SA		171,360		4,712,414
Oesterreichische Post AG		41,686		1,917,734

				6,630,148

Airlines - 1.9%
Air Canada (a)		31,930		337,706


Company	Shares		U.S. $ Value
International Consolidated Airlines Group SA (a)		1,906,570	$	14,816,144
Japan Airlines Co., Ltd.		92,600		3,227,054
Qantas Airways Ltd. (a)		3,451,820		8,387,868
Ryanair Holdings PLC (Sponsored ADR)		54,240		3,870,024

				30,638,796

Building Products - 0.4%
Assa Abloy AB		218,070		4,105,341
China Lesso Group Holdings Ltd.		243,000		197,300
DIRTT Environmental Solutions (a)		61,032		315,666
Kingspan Group PLC		44,230		1,068,004

				5,686,311

Commercial Services & Supplies - 2.6%
APR Energy PLC		602,804		1,063,182
Babcock International Group PLC		1,204,799		20,412,226
Berendsen PLC		126,810		2,029,959
Kaba Holding AG (a)		810		482,127
Loomis AB-Class B		15,080		422,871
Park24 Co., Ltd.		204,900		3,507,781
Regus PLC		3,129,139		12,821,109
Rentokil Initial PLC		322,880		749,870

				41,489,125

Construction & Engineering - 0.1%
China State Construction International Holdings Ltd.		358,000		640,348
UGL Ltd.		113,390		185,012

				825,360

Electrical Equipment - 0.0%
TKH Group NV		17,690		743,120

Machinery - 1.1%
Bodycote PLC		39,450		417,567
Hoshizaki Electric Co., Ltd.		15,600		917,583
IHI Corp.		107,000		498,210
JTEKT Corp.		612,300		11,578,849
Krones AG		7,460		779,516
KUKA AG		11,940		994,532
LISI		14,650		411,743
Melrose Industries PLC		88,686		344,699
Morgan Advanced Materials PLC		107,280		550,192
Nabtesco Corp.		22,200		556,859
Nachi-Fujikoshi Corp.		56,000		329,870
Pfeiffer Vacuum Technology AG		3,510		312,794
Vesuvius PLC		68,790		458,484

				18,150,898

Marine - 0.7%
Nippon Yusen KK		3,855,000		10,732,530

Professional Services - 3.7%
Bureau Veritas SA		783,920		18,070,889
Capita PLC		956,476		18,584,919
Teleperformance		300,597		21,236,582

				57,892,390


Company	Shares		U.S. $ Value
Road & Rail - 1.2%
Central Japan Railway Co.		104,800	$	18,911,635
National Express Group PLC		100,595		486,081

				19,397,716

Trading Companies & Distributors - 1.2%
Brenntag AG		222,200		12,750,142
Bunzl PLC		161,690		4,410,811
Diploma PLC		47,060		597,460
Ramirent Oyj		29,110		212,568
Rexel SA		39,440		636,428

				18,607,409

				255,603,302

Health Care - 9.2%
Biotechnology - 0.5%
Basilea Pharmaceutica (REG) (a)		4,410		553,786
CSL Ltd.		89,930		5,995,307
Medy-Tox, Inc.		1,800		898,157
Taiwan Liposome Co., Ltd. (a)		46,000		276,374

				7,723,624

Health Care Equipment & Supplies - 0.6%
Cochlear Ltd.		25,440		1,572,152
Essilor International SA		27,290		3,269,354
Ginko International Co., Ltd.		50,000		628,441
Sartorius AG (Preference Shares)		18,535		3,445,678
Sorin SpA (a)		203,720		570,064

				9,485,689

Health Care Providers & Services - 0.5%
Shanghai Pharmaceuticals Holding Co., Ltd.-Class H		96,700		269,076
Sonic Healthcare Ltd.		413,120		6,802,713

				7,071,789

Health Care Technology - 0.0%
M3, Inc.		21,700		436,201
NNIT A/S (a)(b)		11,107		252,285

				688,486

Life Sciences Tools & Services - 1.7%
Eurofins Scientific SE		86,063		26,202,290
Horizon Discovery Group PLC (a)		83,728		225,621

				26,427,911

Pharmaceuticals - 5.9%
Astellas Pharma, Inc.		323,700		4,611,378
China Traditional Chinese Medicine Co., Ltd. (a)		634,000		517,527
GlaxoSmithKline PLC		993,479		20,656,351
Novartis AG (REG)		101,890		10,021,947
Novo Nordisk A/S-Class B		266,707		14,635,510
Ouro Fino Saude Animal Participacoes SA		31,000		319,063
Recordati SpA		176,811		3,708,332


Company	Shares		U.S. $ Value
Roche Holding AG		105,300	$	29,525,217
Sanofi		15,300		1,513,627
Shionogi & Co., Ltd.		156,500		6,064,879
Teva Pharmaceutical Industries Ltd.		40,230		2,380,728

				93,954,559

				145,352,058

Consumer Staples - 8.1%
Beverages - 0.6%
Anheuser-Busch InBev NV		37,760		4,544,051
Cott Corp.		46,230		451,936
Heineken NV		54,150		4,116,882

				9,112,869

Food & Staples Retailing - 1.7%
Alimentation Couche-Tard, Inc.-Class B		56,688		2,425,012
Booker Group PLC		270,460		715,121
Clicks Group Ltd.		51,180		378,516
Delhaize Group SA		140,850		11,456,353
Koninklijke Ahold NV		74,595		1,400,345
Lawson, Inc.		21,800		1,491,799
Lenta Ltd. (GDR) (a)(b)		121,760		908,138
MARR SpA		27,200		482,417
Metro, Inc.		30,330		813,980
Olam International Ltd.		3,426,746		4,781,907
Sugi Holdings Co., Ltd.		37,900		1,933,625
Tsuruha Holdings, Inc.		9,200		715,623

				27,502,836

Food Products - 0.8%
Calbee, Inc.		17,800		749,878
Glanbia PLC		33,116		650,325
Mayora Indah Tbk PT		179,567		349,972
Nestle SA (REG)		78,690		5,677,531
Unilever PLC		116,770		5,014,002

				12,441,708

Household Products - 0.7%
Henkel AG & Co. KGaA		45,440		4,332,970
Pigeon Corp.		33,600		1,058,163
Reckitt Benckiser Group PLC		76,523		6,598,903

				11,990,036

Personal Products - 0.8%
Cosmax, Inc.		4,310		778,008
Kao Corp.		105,100		4,887,881
L’Oreal SA		35,910		6,425,048

				12,090,937

Tobacco - 3.5%
British American Tobacco PLC		542,644		29,217,309
Imperial Tobacco Group PLC		326,220		15,711,469


Company	Shares		U.S. $ Value
Japan Tobacco, Inc.		278,600	$	9,904,027

				54,832,805

				127,971,191

Information Technology - 7.9%
Communications Equipment - 0.2%
BYD Electronic International Co., Ltd. (a)		337,000		455,701
VTech Holdings Ltd.		166,000		2,193,012

				2,648,713

Electronic Equipment, Instruments & Components - 0.1%
Ju Teng International Holdings Ltd.		595,750		288,208
PAX Global Technology Ltd. (a)		605,000		866,609
Samsung Electro-Mechanics Co., Ltd.		6,580		300,973
Tongda Group Holdings Ltd.		1,759,600		339,854

				1,795,644

Internet Software & Services - 0.9%
Baidu, Inc. (Sponsored ADR) (a)		51,150		10,182,942
Tencent Holdings Ltd.		233,900		4,680,208

				14,863,150

IT Services - 0.9%
Alten SA		16,970		789,908
Amadeus IT Holding SA-Class A		110,830		4,424,356
CGI Group, Inc.-Class A (a)		71,610		2,800,759
Computacenter PLC		36,932		450,308
Obic Co., Ltd.		131,300		5,853,709
Optimal Payments PLC (a)		74,660		274,483
Wirecard AG		7,259		277,829

				14,871,352

Semiconductors & Semiconductor Equipment - 3.3%
Advanced Semiconductor Engineering, Inc.		2,464,000		3,338,487
ASM International NV		18,330		847,971
Hermes Microvision, Inc.		11,000		714,310
Hua Hong Semiconductor Ltd. (a)(b)		245,000		324,284
Infineon Technologies AG		567,610		7,043,807
Novatek Microelectronics Corp.		1,338,000		6,453,676
Sanken Electric Co., Ltd.		83,000		512,837
SCREEN Holdings Co., Ltd.		1,647,000		10,364,914
Siltronic AG (a)		11,842		462,072
Sumco Corp.		767,600		9,600,377
Tokyo Electron Ltd.		192,700		12,247,444

				51,910,179

Software - 1.9%
Capcom Co., Ltd.		21,600		418,154
Constellation Software, Inc./Canada		5,750		2,282,782
Dassault Systemes		187,680		13,624,471
NICE-Systems Ltd.		63,013		4,002,070
Oracle Corp. Japan		128,700		5,380,393
Sage Group PLC (The)		181,460		1,460,666
SAP SE		31,471		2,205,371
SDL PLC		63,890		417,320


Company	Shares		U.S. $ Value
UBISOFT Entertainment (a)		45,370	$	811,156

				30,602,383

Technology Hardware, Storage & Peripherals - 0.6%
Catcher Technology Co., Ltd.		401,000		5,013,301
Samsung Electronics Co., Ltd.		900		1,021,127
Samsung Electronics Co., Ltd. (GDR) (London) (b)		5,210		2,972,305

				9,006,733

				125,698,154

Telecommunication Services - 6.1%
Diversified Telecommunication Services - 3.5%
Bezeq The Israeli Telecommunication Corp., Ltd.		3,837,979		6,535,972
BT Group PLC		1,317,740		9,331,368
Com Hem Holding AB		55,100		511,052
Nippon Telegraph & Telephone Corp.		513,800		18,607,646
Proximus		70,110		2,480,976
Singapore Telecommunications Ltd.		1,284,000		4,046,769
Telefonica Brasil SA (Preference Shares)		404,800		5,671,444
Telenor ASA		253,160		5,550,495
Telstra Corp., Ltd.		500,690		2,369,539

				55,105,261

Wireless Telecommunication Services - 2.6%
China Mobile Ltd.		477,000		6,111,915
SK Telecom Co., Ltd.		13,780		3,083,359
SoftBank Corp.		191,500		11,279,921
Sunrise Communications Group AG (a)(b)		63,013		5,254,955
Vodafone Group PLC		4,436,379		16,183,433

				41,913,583

				97,018,844

Materials - 4.8%
Chemicals - 4.0%
Arkema SA		97,032		7,014,205
Chr Hansen Holding A/S		9,860		480,794
Croda International PLC		72,730		3,144,780
Denki Kagaku Kogyo KK		130,000		577,659
Essentra PLC		1,779,838		27,756,556
Fuchs Petrolub SE (Preference Shares)		7,330		309,933
Fufeng Group Ltd.		343,400		254,794
Givaudan SA (REG) (a)		1,630		2,822,029
Hyosung Corp.		3,930		506,056
JSR Corp.		638,400		11,269,864
Kansai Paint Co., Ltd.		44,000		681,701
Koninklijke DSM NV		134,935		7,834,350
Lanxess AG		7,410		437,205
Teijin Ltd.		146,000		566,547

				63,656,473

Construction Materials - 0.1%
Cementos Pacasmayo SAA		134,730		216,110
Cemex Latam Holdings SA (a)		60,770		297,644
West China Cement Ltd.		2,012,000		391,343

				905,097


Company	Shares		U.S. $ Value
Containers & Packaging - 0.1%
Amcor Ltd./Australia		143,740	$	1,518,971
Smurfit Kappa Group PLC		20,750		571,910

				2,090,881

Metals & Mining - 0.1%
Dowa Holdings Co., Ltd.		63,000		595,364
Western Areas Ltd.		127,540		317,268

				912,632

Paper & Forest Products - 0.5%
Mondi PLC		372,480		8,019,217
Sappi Ltd. (a)		49,649		176,093

				8,195,310

				75,760,393

Energy - 3.4%
Energy Equipment & Services - 0.0%
Aker Solutions ASA (b)		69,550		390,033

Oil, Gas & Consumable Fuels - 3.4%
BG Group PLC		841,726		14,018,778
Gaztransport Et Technigaz SA		5,554		351,327
JX Holdings, Inc.		4,166,800		17,964,525
Petroleo Brasileiro SA (Sponsored ADR) (a)		590,490		4,818,398
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		97,888		2,783,921
Total SA		284,100		13,935,373

				53,872,322

				54,262,355

Utilities - 1.4%
Electric Utilities - 1.2%
EDP - Energias de Portugal SA		3,498,080		13,327,664
Electricite de France SA		248,590		5,560,612
Elia System Operator SA/NV		10,087		408,774

				19,297,050

Independent Power and Renewable Electricity Producers - 0.1%
Electric Power Development Co., Ltd.		14,800		522,823
Huadian Fuxin Energy Corp., Ltd.-Class H		1,062,000		508,921
Huadian Power International Corp., Ltd.-Class H		276,000		307,090

				1,338,834

Water Utilities - 0.1%
Cia de Saneamento Basico do Estado de Sao Paulo		96,100		510,003
CT Environmental Group Ltd.		396,000		525,241
Pennon Group PLC		43,420		553,120

				1,588,364

				22,224,248

Total Common Stocks (cost $1,412,883,657)				1,549,671,767


Company	Shares		U.S. $ Value
WARRANTS – 1.3%
Financials – 0.7%
Banks – 0.1%
Bank of Baroda, JPMorgan Chase Bank, expiring 5/05/16 (a)(b)		110,350	$	250,402
Yes Bank Ltd., Merrill Lynch Intl & Co., expiring 6/25/18 (a)		40,880		542,845

				793,247

Thrifts & Mortgage Finance – 0.6%
Housing Development Finance Corp., Ltd., Deutsche Bank AG, expiring 1/30/17 (a)(b)		507,480		10,353,206
LIC Housing Finance Ltd., JPMorgan Chase Bank, expiring 3/06/17 (a)(b)		48,940		347,483

				10,700,689

				11,493,936

Information Technology – 0.4%
IT Services – 0.4%
HCL Technologies Ltd., Merrill Lynch Intl & Co., expiring 11/29/18 (a)		170,340		2,466,334
Tata Consultancy Services Ltd., Merrill Lynch Intl & Co., expiring 12/14/15 (a)		34,950		1,403,661
Tata Consultancy Services Ltd., Merrill Lynch Intl & Co., expiring 1/08/19 (a)		51,128		2,055,653

				5,925,648

Health Care – 0.2%
Pharmaceuticals – 0.2%
Aurobindo Pharma Ltd., Merrill Lynch Intl & Co., expiring 10/03/18 (a)		21,560		494,660
Sun Pharmaceutical Industries Ltd., Merrill Lynch Intl & Co., expiring 7/27/18 (a)		177,880		2,450,382

				2,945,042

Consumer Discretionary – 0.0%
Auto Components – 0.0%
Motherson Sumi Systems Ltd., JPMorgan Chase Bank, expiring 11/05/18 (a)		47,630		388,099

Total Warrants (cost $15,831,276)				20,752,725

RIGHTS – 0.0%
Health Care – 0.0%
Health Care Equipment & Supplies – 0.0%
Sorin SpA, expiring 7/15/22 (a) (cost $0)		203,720		0	^


	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 0.2%
Repurchase Agreements - 0.2%
State Street Bank & Trust Co.
0.00%, dated 06/30/15 due 07/01/15 in the amount of $3,595,540 (collateralized by $3,645,000 U.S. Treasury Notes, 2.00% due 5/31/21, Value $3,667,781)
(cost $3,595,540)	$	3,596	$	3,595,540

Total Investments - 99.2% (cost $1,432,310,473) (c)				1,574,020,032
Other assets less liabilities - 0.8%				12,328,104

Net Assets - 100.0%			$	1,586,348,136

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date	Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	USD	21,575	CHF	20,261	9/17/15	$	160,794
Barclays Bank PLC	USD	23,963	EUR	21,162	9/17/15		(345,162	)
BNP Paribas SA	CAD	7,397	USD	5,971	9/17/15		54,291
BNP Paribas SA	GBP	15,150	USD	24,007	9/17/15		215,663
BNP Paribas SA	GBP	9,460	USD	14,820	9/17/15		(35,464	)
BNP Paribas SA	HKD	395,062	USD	50,955	9/17/15		(6,388	)
BNP Paribas SA	NZD	13,953	USD	9,467	9/17/15		73,704
Citibank	CAD	5,828	USD	4,662	9/17/15		471
Credit Suisse International	CHF	31,881	USD	34,304	9/17/15		102,505
Credit Suisse International	USD	24,697	SEK	204,006	9/17/15		(48,489	)
Deutsche Bank AG	USD	37,482	GBP	24,610	9/17/15		1,164,656
Goldman Sachs Bank USA	KRW	4,382,844	USD	3,935	9/17/15		28,347
HSBC Bank USA	ILS	50,061	USD	13,091	9/17/15		(178,383	)
Morgan Stanley & Co., Inc.	BRL	59,302	USD	19,114	7/02/15		39,960
Morgan Stanley & Co., Inc.	USD	19,010	BRL	59,302	7/02/15		63,589
Morgan Stanley & Co., Inc.	BRL	59,302	USD	18,798	8/04/15		(56,050	)
Morgan Stanley & Co., Inc.	ILS	15,096	USD	3,986	9/17/15		(15,606	)
Morgan Stanley & Co., Inc.	USD	7,327	AUD	9,621	9/17/15		65,580
Morgan Stanley & Co., Inc.	USD	10,514	CAD	12,984	9/17/15		(129,508	)
Royal Bank of Scotland PLC	JPY	3,460,030	USD	27,789	9/17/15		(510,544	)
Royal Bank of Scotland PLC	TWD	444,264	USD	14,408	9/17/15		8,872
Royal Bank of Scotland PLC	USD	47,839	AUD	62,051	9/17/15		(162,718	)
Royal Bank of Scotland PLC	USD	26,581	SEK	219,294	9/17/15		(84,855	)
Standard Chartered Bank	CAD	28,534	USD	23,210	9/17/15		387,540
Standard Chartered Bank	USD	9,975	NZD	13,953	9/17/15		(581,192	)
UBS AG	BRL	59,302	USD	18,640	7/02/15		(434,052	)
UBS AG	USD	19,114	BRL	59,302	7/02/15		(39,960	)
UBS AG	EUR	7,417	USD	8,260	9/17/15		(17,614	)
UBS AG	USD	60,510	JPY	7,421,365	9/17/15		190,537

						$	(89,476	)

^	Less than $0.50.

(a)

Non-income producing security.

(b)

(c)

As of June 30, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $197,091,660 and gross unrealized depreciation of investments was $(55,382,101), resulting in net unrealized appreciation of $141,709,559.

Currency Abbreviations:


AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
ILS	-	Israeli Shekel
JPY	-	Japanese Yen
KRW	-	South Korean Won
NZD	-	New Zealand Dollar
SEK	-	Swedish Krona
TWD	-	New Taiwan Dollar
USD	-	United States Dollar

Glossary:


ADR	-	American Depositary Receipt
GDR	-	Global Depositary Receipt
NVDR	-	Non Voting Depositary Receipt
REG	-	Registered Shares

Country Breakdown*

June 30, 2015 (unaudited)


	23.2%			United Kingdom
	20.3%			Japan
	14.0%			France
	6.7%			Switzerland
	3.7%			Germany
	3.4%			Australia
	2.9%			Hong Kong
	2.8%			Netherlands
	2.3%			Denmark
	2.3%			China
	1.8%			Singapore
	1.8%			Italy
	1.7%			Canada
	1.5%			Belguim
	11.6%			Other

	100.0%			Total Investments

All data are as of June 30, 2015. The Portfolio’s country breakdown is expressed as a percentage of long-term investments and may vary over time. “Other” country weightings represent 1.5% or less in the following countries: Argentina, Austria, Brazil, Colombia, Finland, Georgia, India, Indonesia, Ireland, Isle of Man, Israel, Luxembourg, Mexico, Norway, Peru, Philippines, Portugal, Russia, South Africa, South Korea, Spain, Sweden, Taiwan, Thailand, Turkey and United States.

Sanford C. Bernstein Fund, Inc.

International Portfolio

June 30, 2015 (unaudited)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Consumer Discretionary

81,757,929

263,178,507

– 0

–

344,936,436

Financials

12,342,026

288,502,760

– 0

–

300,844,786

Industrials

30,782,416

224,820,886

– 0

–

255,603,302

Health Care

4,812,711

140,539,347

– 0

–

145,352,058

Consumer Staples

3,690,928

124,280,263

– 0

–

127,971,191

Information Technology

19,763,660

105,934,494

– 0

–

125,698,154

Telecommunication Services

5,671,444

91,347,400

– 0

–

97,018,844

Materials

689,847

75,070,546

– 0

–

75,760,393

Energy

5,169,725

49,092,630

– 0

–

54,262,355

Utilities

510,003

21,714,245

– 0

–

22,224,248

Warrants

– 0

–

20,752,725

– 0

–

20,752,725

Rights

– 0

–

– 0

–

– 0

–^

– 0

–

Short-Term Investments

3,595,540

– 0

–

– 0

–

3,595,540

Total Investments in Securities

168,786,229

1,405,233,803

– 0

–

1,574,020,032

Other Financial Instruments* :

Assets:

Forward Currency Exchange Contracts

– 0

–

2,556,509

– 0

–

2,556,509

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(2,645,985

)

– 0

–

(2,645,985

)

Total(a)(b)

168,786,229

1,405,144,327

– 0

–

1,573,930,556

^	Less than $0.50.

*	Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument.

+	A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

(a)

An amount of $17,582,449 was transferred from Level 1 to Level 2 due to the above mentioned foreign equity fair valuation using third party vendor modeling tools during the reporting period.

(b)

An amount of $16,387,378 was transferred from Level 2 to Level 1 as the above mentioned foreign equity fair valuation by the third party vendor was not applied during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


	Rights			Total
Balance as of 9/30/14	$	– 0	–	$	– 0	–
Accrued discounts/(premiums)		– 0	–		– 0	–
Realized gain (loss)		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		– 0	–		– 0	–
Purchases		– 0	–		– 0	–
Sales		– 0	–		– 0	–
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 6/30/15	$	– 0	–^	$	– 0	–

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/15	$	– 0	–	$	– 0	–

^	Less than $0.50.

Sanford C. Bernstein Fund, Inc.

Emerging Markets Portfolio

Portfolio of Investments

June 30, 2015 (unaudited)


Company	Shares		U.S. $ Value
COMMON STOCKS - 96.8%
Financials - 30.4%
Banks - 18.6%
Axis Bank Ltd.		952,870	$	8,338,896
Banco Bradesco SA (Preference Shares)		222,000		2,034,994
Banco Davivienda SA (Preference Shares)		385,677		3,958,600
Banco do Brasil SA		829,700		6,479,404
Banco Macro SA (ADR) (a)		62,450		2,847,720
Bangkok Bank PCL (NVDR)		996,700		5,241,838
Bank Mandiri Persero Tbk PT		8,722,500		6,556,967
Bank of Baroda		2,360,260		5,342,831
Bank of China Ltd.-Class H		42,195,000		27,438,091
Bank of Communications Co., Ltd.-Class H		10,978,000		11,426,763
China CITIC Bank Corp. Ltd.-Class H (a)		6,073,000		4,835,334
China Construction Bank Corp.-Class H		40,389,400		36,893,446
China Development Financial Holding Corp.		4,406,000		1,669,490
China Merchants Bank Co., Ltd.-Class H		4,329,500		12,631,367
Credicorp Ltd.		61,330		8,519,964
DGB Financial Group, Inc.		755,948		7,916,776
First Gulf Bank PJSC		399,665		1,649,226
HDFC Bank Ltd.		733,237		12,260,116
ICICI Bank Ltd.		631,150		3,062,820
ICICI Bank Ltd. (Sponsored ADR)		364,300		3,796,006
Industrial & Commercial Bank of China Ltd.-Class H		15,487,000		12,269,385
Itausa-Investimentos Itau SA (Preference Shares)		2,153,030		6,170,113
Kasikornbank PCL (NVDR)		578,700		3,228,565
KB Financial Group, Inc.		575,097		18,994,240
Komercni banka AS		40,499		8,977,741
Punjab National Bank		1,486,355		3,247,900
Shinhan Financial Group Co., Ltd.		432,080		16,082,855
State Bank of India		453,200		1,869,238

				243,740,686

Capital Markets - 0.1%
Haitong Securities Co., Ltd.-Class H		556,800		1,472,156

Consumer Finance - 0.4%
Muthoot Finance Ltd.		455,321		1,435,391
Shriram Transport Finance Co., Ltd.		286,687		3,831,072

				5,266,463

Diversified Financial Services - 0.9%
Cielo SA		237,840		3,352,143
Power Finance Corp. Ltd.		1,044,580		4,188,666
Premium Leisure Corp.		158,838,000		4,150,445

				11,691,254

Insurance - 3.5%
AIA Group Ltd.		3,689,400		24,028,656
BB Seguridade Participacoes SA		1,035,500		11,357,161
New China Life Insurance Co., Ltd.-Class H		764,000		4,567,948
Ping An Insurance Group Co. of China Ltd.-Class H		406,500		5,470,211

				45,423,976


Company	Shares		U.S. $ Value
Real Estate Investment Trusts (REITs) - 0.2%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		3,131,660	$	3,224,783

Real Estate Management & Development - 5.0%
Ayala Land, Inc.		11,915,300		9,850,132
China Overseas Land & Investment Ltd.		1,892,000		6,684,411
China Resources Land Ltd.		1,462,000		4,731,542
CIFI Holdings Group Co., Ltd.		23,948,000		6,302,471
Emaar Properties PJSC		456,281		970,028
Global Logistic Properties Ltd.		7,175,000		13,469,396
Grupo GICSA SA de CV (a)		4,356,000		4,498,036
Huaku Development Co., Ltd.		627,000		1,361,047
Kaisa Group Holdings Ltd. (a)(b)(c)		4,618,000		929,373
KWG Property Holding Ltd.		12,212,300		10,259,611
Sunac China Holdings Ltd.		6,605,000		7,222,996

				66,279,043

Thrifts & Mortgage Finance - 1.7%
Housing Development Finance Corp., Ltd.		942,142		19,186,976
LIC Housing Finance Ltd.		401,195		2,838,172

				22,025,148

				399,123,509

Information Technology - 20.1%
Communications Equipment - 0.9%
BYD Electronic International Co., Ltd. (a)		9,354,000		12,648,744

Electronic Equipment, Instruments & Components - 1.4%
Delta Electronics, Inc.		750,000		3,836,900
Ju Teng International Holdings Ltd.		4,620,000		2,235,037
Largan Precision Co., Ltd.		85,000		9,702,812
Samsung Electro-Mechanics Co., Ltd.		50,200		2,296,176

				18,070,925

Internet Software & Services - 4.2%
Alibaba Group Holding Ltd. (ADR) (a)		37,880		3,116,387
Baidu, Inc. (Sponsored ADR) (a)		105,326		20,968,300
Just Dial Ltd.		206,288		4,098,711
Tencent Holdings Ltd.		1,338,400		26,780,636

				54,964,034

IT Services - 2.1%
HCL Technologies Ltd.		1,022,368		14,771,998
QIWI PLC (Sponsored ADR)		40,223		1,128,255
Tata Consultancy Services Ltd.		291,607		11,699,998

				27,600,251

Semiconductors & Semiconductor Equipment - 5.9%
Advanced Semiconductor Engineering, Inc.		9,093,794		12,321,232
Advanced Semiconductor Engineering, Inc. (ADR)		991,200		6,541,920
Hua Hong Semiconductor Ltd. (a)(d)		3,390,000		4,487,025
Kinsus Interconnect Technology Corp.		2,442,000		6,691,512
Novatek Microelectronics Corp.		1,188,000		5,730,170
SK Hynix, Inc.		171,560		6,502,384
Taiwan Semiconductor Manufacturing Co., Ltd.		7,715,120		35,093,127

				77,367,370


Company	Shares		U.S. $ Value
Technology Hardware, Storage & Peripherals - 5.6%
Asustek Computer, Inc.		946,000	$	9,213,064
Casetek Holdings Ltd.		740,000		4,577,562
Catcher Technology Co., Ltd.		1,443,000		18,040,384
Lenovo Group Ltd.		3,098,000		4,283,184
Samsung Electronics Co., Ltd.		33,241		37,714,746

				73,828,940

				264,480,264

Consumer Discretionary - 14.7%
Auto Components - 0.2%
Hankook Tire Co., Ltd.		80,010		3,009,056

Automobiles - 1.8%
Chongqing Changan Automobile Co., Ltd.-Class B		1,384,027		3,534,468
Great Wall Motor Co., Ltd.-Class H (b)(c)		733,000		3,593,346
Kia Motors Corp.		127,030		5,153,600
Tata Motors Ltd.		675,894		4,575,018
Tata Motors Ltd.-Class A		1,494,765		6,109,543

				22,965,975

Diversified Consumer Services - 3.3%
Estacio Participacoes SA		1,748,100		10,120,549
Kroton Educacional SA		2,578,900		9,862,379
New Oriental Education & Technology Group, Inc. (Sponsored ADR) (a)		312,233		7,655,953
TAL Education Group (ADR) (a)		449,909		15,881,788

				43,520,669

Hotels, Restaurants & Leisure - 1.8%
Melco International Development Ltd.		4,030,000		5,700,055
NagaCorp Ltd.		3,566,000		2,639,147
Yum! Brands, Inc.		175,920		15,846,874

				24,186,076

Household Durables - 1.1%
Even Construtora e Incorporadora SA		1,486,700		1,577,984
Hanssem Co., Ltd.		12,433		3,130,525
Skyworth Digital Holdings Ltd.		10,948,000		9,746,472

				14,454,981

Internet & Catalog Retail - 1.2%
JD.com, Inc. (ADR) (a)		172,326		5,876,317
Vipshop Holdings Ltd. (ADR) (a)		459,080		10,214,530

				16,090,847

Media - 0.8%
Naspers Ltd.-Class N		32,080		4,988,579
Smiles SA		241,600		4,094,401
Surya Citra Media Tbk PT		6,626,000		1,426,006

				10,508,986


Company	Shares		U.S. $ Value
Multiline Retail - 0.5%
Matahari Department Store Tbk PT		4,803,000	$	5,952,825

Specialty Retail - 0.5%
Foschini Group Ltd. (The)		337,642		4,413,716
Luk Fook Holdings International Ltd.		896,000		2,638,506

				7,052,222

Textiles, Apparel & Luxury Goods - 3.5%
Cie Financiere Richemont SA (Johannesburg)		1,566,743		12,777,647
Eclat Textile Co., Ltd.		1,277,440		20,960,569
Titan Co., Ltd.		992,144		5,678,931
Yue Yuen Industrial Holdings Ltd.		1,788,000		5,957,644

				45,374,791

				193,116,428

Consumer Staples - 7.7%
Food & Staples Retailing - 4.4%
7-Eleven Malaysia Holdings Bhd		4,717,509		2,000,534
Bizim Toptan Satis Magazalari AS		109,634		525,392
CP ALL PCL		11,996,200		16,426,825
Lenta Ltd. (GDR) (a)(d)		1,690,014		12,604,843
Magnit PJSC (Sponsored GDR) (d)		232,990		12,964,409
Olam International Ltd.		3,731,181		5,206,735
X5 Retail Group NV (GDR) (a)(d)		467,136		7,776,548

				57,505,286

Food Products - 1.3%
Gruma SAB de CV-Class B		223,875		2,887,905
JBS SA		992,800		5,224,087
MHP SA (GDR) (d)		178,090		1,797,106
Universal Robina Corp.		372,150		1,600,174
WH Group Ltd. (a)(d)		7,455,000		5,083,561

				16,592,833

Tobacco - 2.0%
British American Tobacco PLC		386,810		20,826,817
ITC Ltd.		1,102,503		5,463,337

				26,290,154

				100,388,273

Telecommunication Services - 5.8%
Diversified Telecommunication Services - 1.5%
China Telecom Corp., Ltd.-Class H		17,776,000		10,411,399
Telefonica Brasil SA (Preference Shares)		645,268		9,040,518

				19,451,917

Wireless Telecommunication Services - 4.3%
China Mobile Ltd.		1,855,000		23,768,560
SK Telecom Co., Ltd.		62,680		14,025,033
Tower Bersama Infrastructure Tbk PT (a)		20,899,000		14,460,399
Turkcell Iletisim Hizmetleri AS		993,160		4,569,085

				56,823,077

				76,274,994


Company	Shares		U.S. $ Value
Industrials - 5.2%
Airlines - 1.1%
Air Arabia PJSC		4,170,300	$	1,828,978
China Eastern Airlines Corp., Ltd.-Class H (a)		4,398,000		3,674,306
China Southern Airlines Co., Ltd.-Class H (a)		3,372,000		3,950,034
Turk Hava Yollari AO (a)		1,510,867		4,959,412

				14,412,730

Commercial Services & Supplies - 0.1%
APR Energy PLC		487,664		860,107

Construction & Engineering - 1.9%
China Machinery Engineering Corp.-Class H		319,000		343,486
China Railway Group Ltd.-Class H		5,971,000		6,467,921
Daelim Industrial Co., Ltd.		152,000		11,157,830
Hyundai Engineering & Construction Co., Ltd.		76,180		2,798,644
IRB Infrastructure Developers Ltd.		1,271,850		4,629,728

				25,397,609

Industrial Conglomerates - 0.7%
Bidvest Group Ltd. (The)		180,488		4,566,929
SM Investments Corp.		264,037		5,239,542

				9,806,471

Professional Services - 0.4%
51job, Inc. (ADR) (a)		143,046		4,754,849

Road & Rail - 1.0%
CAR, Inc. (a)		5,599,000		11,870,248
Globaltrans Investment PLC (Sponsored GDR) (a)(d)		358,272		1,701,792

				13,572,040

				68,803,806

Energy - 3.8%
Oil, Gas & Consumable Fuels - 3.8%
Gazprom OAO (Sponsored ADR)		906,562		4,777,582
KazMunaiGas Exploration Production JSC (GDR) (d)		220,704		2,188,018
Lukoil OAO (London) (Sponsored ADR)		386,910		17,376,128
Petroleo Brasileiro SA (Sponsored ADR) (a)		1,528,469		12,472,307
Petronet LNG Ltd.		2,050,208		6,007,923
Tatneft OAO (Sponsored ADR)		203,037		6,493,123

				49,315,081

Materials - 3.4%
Chemicals - 1.3%
Fufeng Group Ltd.		1,288,000		955,662
Hyosung Corp.		97,540		12,559,978
LG Chem Ltd.		14,720		3,670,964

				17,186,604


Company	Shares		U.S. $ Value
Construction Materials - 0.5%
Cemex Latam Holdings SA (a)		400,385	$	1,961,033
Grasim Industries Ltd. (GDR) (d)		45,488		2,439,430
West China Cement Ltd.		13,990,400		2,721,193

				7,121,656

Metals & Mining - 0.8%
KGHM Polska Miedz SA		37,840		1,071,832
Koza Altin Isletmeleri AS		359,630		3,804,956
MMC Norilsk Nickel PJSC (ADR)		151,260		2,551,756
Novolipetsk Steel OJSC (GDR) (d)		222,555		2,959,982
Real Gold Mining Ltd. (a)(b)(c)		1,788,000		23

				10,388,549

Paper & Forest Products - 0.8%
China Forestry Holdings Co., Ltd. (a)(b)(c)		6,430,000		83
Nine Dragons Paper Holdings Ltd.		5,364,000		4,665,283
Sappi Ltd. (a)		1,454,728		5,159,585

				9,824,951

				44,521,760

Health Care - 3.2%
Health Care Providers & Services - 0.7%
Bangkok Dusit Medical Services PCL-Class F		459,000		267,718
Shanghai Pharmaceuticals Holding Co., Ltd.-Class H		3,119,700		8,680,848

				8,948,566

Pharmaceuticals - 2.5%
Aspen Pharmacare Holdings Ltd. (a)		556,660		16,461,792
Lupin Ltd.		131,097		3,865,045
Sun Pharmaceutical Industries Ltd.		954,453		13,120,731

				33,447,568

				42,396,134

Utilities - 2.5%
Electric Utilities - 0.2%
Light SA		463,700		2,524,988

Independent Power and Renewable Electricity Producers - 1.8%
Datang International Power Generation Co., Ltd.-Class H		13,698,000		6,998,780
Huadian Power International Corp., Ltd.-Class H		10,200,000		11,348,958
NTPC Ltd.		2,566,850		5,540,180

				23,887,918

Water Utilities - 0.5%
Cia de Saneamento Basico do Estado de Sao Paulo		861,200		4,570,390


Company	Shares		U.S. $ Value
Cia de Saneamento de Minas Gerais-COPASA		522,600	$	2,304,476

				6,874,866

				33,287,772

Total Common Stocks (cost $1,223,880,277)				1,271,708,021

WARRANTS - 0.3%
Financials - 0.3%
Banks - 0.3%
Commercial Bank of Qatar QSC (The), Deutsche Bank AG, expiring 5/26/17 (a)		276,856		4,174,511

Information Technology - 0.0%
Electronic Equipment, Instruments & Components - 0.0%
Ju Teng International Holdings Ltd., expiring 10/14/16 (a)		577,500		35,388

Total Warrants (cost $4,715,801)				4,209,899


	Principal Amount (000)
SHORT-TERM INVESTMENTS - 1.2%
Repurchase Agreements - 1.2%
State Street Bank & Trust Co.
0.00%, dated 06/30/15 due 07/01/15 in the amount of $15,389,284 (collateralized by $15,600,000 U.S. Treasury Notes, 2.00% due 5/31/21, Value $15,697,500)
(cost $15,389,284)	$	15,389		15,389,284

Total Investments - 98.3% (cost $1,243,985,362) (e)				1,291,307,204
Other assets less liabilities - 1.7%				21,760,194

Net Assets - 100.0%			$	1,313,067,398

(a)

Non-income producing security.

(b)

Fair valued by the Adviser.

(c)

Illiquid security.

(d)

(e)

As of June 30, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $177,184,766 and gross unrealized depreciation of investments was $(129,862,924), resulting in net unrealized appreciation of $47,321,842.


Glossary:

ADR	-	American Depositary Receipt
GDR	-	Global Depositary Receipt
JSC	-	Joint Stock Company
NVDR	-	Non Voting Depositary Receipt
OJSC	-	Open Joint Stock Company
PJSC	-	Public Joint Stock Company

Country Breakdown*

June 30, 2015 (unaudited)


	29.4%			China
	12.3%			India
	11.4%			South Korea
	10.6%			Taiwan
	7.2%			Brazil
	5.4%			Russia
	4.3%			Hong Kong
	2.8%			South Africa
	2.2%			Indonesia
	2.0%			Thailand
	1.7%			United Kingdom
	1.6%			Philippines
	1.5%			Singapore
	7.6%			Other

	100.0%			Total Investments

All data are as of June 30, 2015. The Portfolio’s country breakdown is expressed as a percentage of long-term investments and may vary over time. “Other” country weightings represent 1.3% or less in the following countries: Argentina, Colombia, Cyprus, Czech Republic, Kazakhstan, Malaysia, Mexico, Peru, Poland, Qatar, Switzerland, Turkey, Ukraine, United Arab Emirates and United States.

Sanford C. Bernstein Fund, Inc.

Emerging Markets Portfolio

June 30, 2015 (unaudited)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2015:


Investments in Securities:	Level 1		Level 2			Level 3			Total
Assets:
Common Stock:
Financials	$	78,320,475	$	319,873,661		$	929,373		$	399,123,509
Information Technology		69,047,631		195,432,633			– 0	–		264,480,264
Consumer Discretionary		81,130,775		108,392,307			3,593,346			193,116,428
Consumer Staples		24,293,015		76,095,258			– 0	–		100,388,273
Telecommunication Services		23,500,917		52,774,077			– 0	–		76,274,994
Industrials		7,316,748		61,487,058			– 0	–		68,803,806
Energy		41,119,140		8,195,941			– 0	–		49,315,081
Materials		13,454,082		31,067,572			106			44,521,760
Health Care		13,120,731		29,275,403			– 0	–		42,396,134
Utilities		9,399,854		23,887,918			– 0	–		33,287,772
Warrants		35,388		4,174,511			– 0	–		4,209,899
Short-Term Investments		15,389,284		– 0	–		– 0	–		15,389,284

Total Investments in Securities		376,128,040		910,656,339	+		4,522,825			1,291,307,204

Total (a)(b)	$	376,128,040	$	910,656,339		$	4,522,825		$	1,291,307,204

+	A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

(a)

An amount of $34,201,996 was transferred from Level 1 to Level 2 due to the above mentioned foreign equity fair valuation using third party vendor modeling tools during the reporting period.

(b)

An amount of $98,830,118 was transferred from Level 2 to Level 1 as the above mentioned foreign equity fair valuation by the third party vendor was not applied during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


	Common Stocks			Corporates - Investment Grade			Total
Balance as of 9/30/14	$	4,509,098		$	256		$	4,509,354
Accrued discounts/(premiums)		– 0	–		– 0	–		– 0	–
Realized gain (loss)		(8,038	)		26,064			18,026
Change in unrealized appreciation/depreciation		1,312,084			(256	)		1,311,828
Purchases		3,622,625			– 0	–		3,622,625
Sales		(8,717,689	)		(26,064	)		(8,743,753	)
Transfers in to Level 3		3,804,745			– 0	–		3,804,745
Transfers out of Level 3		– 0	–		– 0	–		– 0	–

Balance as of 6/30/15	$	4,522,825		$	– 0	–	$	4,522,825	+

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/15	$	(300,407	)	$	– 0	–	$	(300,407	)

+	There were de minimis transfers under 1% of net assets during the reporting period.

Sanford C. Bernstein Fund, Inc.

Intermediate Duration Portfolio

Portfolio of Investments

June 30, 2015 (unaudited)


	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE - 23.4%
Industrial - 14.8%
Basic - 1.4%
Barrick Gold Corp.
4.10%, 5/01/23	U.S.$	2,203	$	2,146,546
Dow Chemical Co. (The)
7.375%, 11/01/29		700		882,423
8.55%, 5/15/19		3,226		3,933,246
Eastman Chemical Co.
3.80%, 3/15/25		3,020		3,014,664
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc.
6.50%, 11/15/20		1,212		1,281,690
Glencore Funding LLC
4.125%, 5/30/23 (a)		2,622		2,536,562
International Paper Co.
3.65%, 6/15/24		1,209		1,191,600
3.80%, 1/15/26		2,920		2,860,981
4.75%, 2/15/22		3,182		3,444,432
5.15%, 5/15/46		1,014		974,112
LyondellBasell Industries NV
5.75%, 4/15/24		6,074		6,919,343
Minsur SA
6.25%, 2/07/24 (a)		7,730		8,470,325
Mosaic Co. (The)
5.625%, 11/15/43		408		434,688
Sociedad Quimica y Minera de Chile SA
3.625%, 4/03/23 (a)		4,581		3,962,565
Teck Resources Ltd.
4.50%, 1/15/21		5,784		5,552,316
Vale Overseas Ltd.
6.875%, 11/21/36		1,825		1,764,428

				49,369,921

Capital Goods - 0.7%
Odebrecht Finance Ltd.
5.25%, 6/27/29 (a)		4,673		3,505,685
Owens Corning
6.50%, 12/01/16 (b)		480		510,471
Republic Services, Inc.
3.80%, 5/15/18		8		8,416
5.25%, 11/15/21		4,903		5,494,625
5.50%, 9/15/19		6,718		7,503,697
Yamana Gold, Inc.
4.95%, 7/15/24		7,731		7,446,746

				24,469,640

Communications - Media - 2.5%
21st Century Fox America, Inc.
6.15%, 2/15/41		5,925		6,880,436
6.55%, 3/15/33		3,525		4,306,655
CBS Corp.
3.50%, 1/15/25		9,055		8,663,552
Cox Communications, Inc.
2.95%, 6/30/23 (a)		2,401		2,212,836


	Principal Amount (000)		U.S. $ Value
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
1.75%, 1/15/18	U.S.$	15	$	14,946
3.80%, 3/15/22		3,001		3,018,262
4.45%, 4/01/24		4,224		4,322,461
4.60%, 2/15/21		3,225		3,435,741
5.00%, 3/01/21		4,920		5,327,676
Discovery Communications LLC
3.45%, 3/15/25		4,849		4,550,030
NBCUniversal Enterprise, Inc.
5.25%, 3/19/21 (a)(c)		5,187		5,517,671
Time Warner Cable, Inc.
4.00%, 9/01/21		12		12,320
4.125%, 2/15/21		9,385		9,689,496
4.50%, 9/15/42		2,370		1,933,214
8.75%, 2/14/19		10		11,877
Time Warner, Inc.
3.55%, 6/01/24		8,072		7,872,000
3.60%, 7/15/25		6,420		6,244,612
4.70%, 1/15/21		5,650		6,105,452
Viacom, Inc.
3.875%, 4/01/24		2,790		2,731,823
5.25%, 4/01/44		1,878		1,760,710
5.625%, 9/15/19		2,220		2,469,417

				87,081,187

Communications - Telecommunications - 1.9%
America Movil SAB de CV
3.125%, 7/16/22		7,159		7,063,356
American Tower Corp.
5.05%, 9/01/20		10,745		11,676,183
AT&T, Inc.
1.40%, 12/01/17		16		15,895
3.40%, 5/15/25		16,815		16,036,600
5.80%, 2/15/19		50		55,902
Deutsche Telekom International Finance BV
4.875%, 3/06/42 (a)		10,518		10,519,809
Rogers Communications, Inc.
4.00%, 6/06/22	CAD	1,130		965,069
Telefonica Emisiones SAU
5.462%, 2/16/21	U.S.$	4,705		5,202,540
Verizon Communications, Inc.
6.55%, 9/15/43		12,928		15,122,580

				66,657,934

Consumer Cyclical - Automotive - 0.9%
Ford Motor Credit Co. LLC
2.597%, 11/04/19		4,755		4,719,447
3.664%, 9/08/24		6,294		6,210,485
5.00%, 5/15/18		11,532		12,397,915
5.875%, 8/02/21		4,933		5,615,998
General Motors Co.
3.50%, 10/02/18		3,880		4,006,139

				32,949,984


	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Other - 0.0%
Host Hotels & Resorts LP Series D
3.75%, 10/15/23	U.S.$	202	$	198,163

Consumer Cyclical - Restaurants - 0.0%
McDonald’s Corp.
5.00%, 2/01/19		25		27,490

Consumer Cyclical - Retailers - 0.3%
Macy’s Retail Holdings, Inc.
3.875%, 1/15/22		36		37,328
Walgreens Boots Alliance, Inc.
3.80%, 11/18/24		9,065		8,878,061

				8,915,389

Consumer Non-Cyclical - 2.9%
AbbVie, Inc.
3.60%, 5/14/25		6,990		6,908,881
Actavis Funding SCS
3.80%, 3/15/25		7,992		7,850,717
3.85%, 6/15/24		2,531		2,500,496
Altria Group, Inc.
2.625%, 1/14/20		9,075		9,039,726
AstraZeneca PLC
6.45%, 9/15/37		2,470		3,144,127
Baxalta, Inc.
5.25%, 6/23/45 (a)		3,510		3,529,151
Bayer US Finance LLC
3.375%, 10/08/24 (a)		2,702		2,687,771
Becton Dickinson and Co.
3.734%, 12/15/24		3,952		3,938,705
Bunge Ltd. Finance Corp.
5.10%, 7/15/15		5,363		5,367,832
8.50%, 6/15/19		62		74,950
Grupo Bimbo SAB de CV
3.875%, 6/27/24 (a)		6,479		6,457,425
HJ Heinz Co.
2.80%, 7/02/20 (a)		3,495		3,497,719
3.50%, 7/15/22 (a)		4,451		4,461,442
Kroger Co. (The)
3.40%, 4/15/22		8,097		8,156,311
Laboratory Corp. of America Holdings
3.60%, 2/01/25		2,765		2,644,474
Medtronic, Inc.
3.50%, 3/15/25 (a)		9,065		9,034,061
Perrigo Finance PLC
3.50%, 12/15/21		492		492,955
3.90%, 12/15/24		3,115		3,075,820
Reynolds American, Inc.
3.25%, 11/01/22		5,431		5,230,900
5.85%, 8/15/45		2,103		2,205,826
Thermo Fisher Scientific, Inc.
4.15%, 2/01/24		3,518		3,584,666
Tyson Foods, Inc.
2.65%, 8/15/19		1,788		1,799,799
3.95%, 8/15/24		5,908		5,951,353

				101,635,107


	Principal Amount (000)		U.S. $ Value
Energy - 3.4%
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43 (d)	U.S.$	3,212	$	2,545,683
Encana Corp.
3.90%, 11/15/21		3,815		3,892,662
Energy Transfer Partners LP
6.70%, 7/01/18		3,915		4,370,201
7.50%, 7/01/38		7,035		8,040,302
EnLink Midstream Partners LP
5.05%, 4/01/45		5,872		5,325,117
Enterprise Products Operating LLC
3.35%, 3/15/23		5		4,883
3.70%, 2/15/26		7,714		7,469,181
5.20%, 9/01/20		2,133		2,374,084
Kinder Morgan Energy Partners LP
3.95%, 9/01/22		12,863		12,578,844
4.15%, 3/01/22		3,287		3,292,263
National Oilwell Varco, Inc.
2.60%, 12/01/22		14		13,359
Noble Energy, Inc.
3.90%, 11/15/24		4,729		4,662,614
8.25%, 3/01/19		10,609		12,640,114
Noble Holding International Ltd.
4.90%, 8/01/20		382		392,738
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24		6,155		5,940,831
Regency Energy Partners LP/Regency Energy Finance Corp.
4.50%, 11/01/23		1,196		1,154,140
Reliance Holding USA, Inc.
5.40%, 2/14/22 (a)		6,968		7,519,322
Sunoco Logistics Partners Operations LP
5.30%, 4/01/44		3,870		3,523,585
TransCanada PipeLines Ltd.
6.35%, 5/15/67		12,800		12,160,000
Valero Energy Corp.
6.125%, 2/01/20		6,995		7,989,164
Weatherford International Ltd./Bermuda
9.625%, 3/01/19		6,870		8,021,233
Williams Partners LP
4.125%, 11/15/20		4,549		4,718,337

				118,628,657

Other Industrial - 0.1%
Hutchison Whampoa International 14 Ltd.
1.625%, 10/31/17 (a)		2,724		2,715,828

Technology - 0.7%
Hewlett-Packard Co.
4.65%, 12/09/21		2,366		2,511,317
KLA-Tencor Corp.
4.65%, 11/01/24		6,404		6,400,504


	Principal Amount (000)		U.S. $ Value
Motorola Solutions, Inc.
7.50%, 5/15/25	U.S.$	985	$	1,189,142
Seagate HDD Cayman
4.75%, 1/01/25 (a)		3,629		3,606,689
Tencent Holdings Ltd.
3.375%, 5/02/19 (a)		5,733		5,886,192
Total System Services, Inc.
2.375%, 6/01/18		2,940		2,931,706
3.75%, 6/01/23		3,042		2,988,497

				25,514,047

				518,163,347

Financial Institutions - 7.3%
Banking - 4.1%
American Express Co.
2.65%, 12/02/22		17		16,353
Bank of America Corp.
3.30%, 1/11/23		2,739		2,697,468
5.625%, 7/01/20		2,100		2,366,822
Series 1
3.75%, 7/12/16		25		25,628
Series B
5.30%, 9/30/15		30		30,318
Series L
5.65%, 5/01/18		5,700		6,261,496
Barclays Bank PLC
6.625%, 3/30/22 (a)	EUR	1,961		2,706,634
Barclays PLC
4.375%, 9/11/24	U.S.$	1,784		1,710,974
Bear Stearns Cos., LLC (The)
5.30%, 10/30/15		5		5,071
BPCE SA
5.70%, 10/22/23 (a)		1,991		2,098,745
Citigroup, Inc.
3.875%, 3/26/25		6,580		6,302,113
Compass Bank
5.50%, 4/01/20		14,784		16,085,776
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands
3.95%, 11/09/22		1,581		1,580,788
Countrywide Financial Corp.
6.25%, 5/15/16		5,826		6,054,758
Credit Suisse Group Funding Guernsey Ltd.
3.75%, 3/26/25 (a)		10,795		10,392,055
Goldman Sachs Group, Inc. (The)
3.625%, 2/07/16		12		12,194
3.85%, 7/08/24		10,315		10,306,057
5.15%, 5/22/45		1,172		1,128,062
5.25%, 7/27/21		6		6,663
5.625%, 1/15/17		10		10,589
Series D
6.00%, 6/15/20		12,435		14,209,798
JPMorgan Chase & Co.
6.125%, 6/27/17		50		54,071


	Principal Amount (000)		U.S. $ Value
Mizuho Financial Group Cayman 3 Ltd.
4.60%, 3/27/24 (a)	U.S.$	9,248	$	9,507,554
Morgan Stanley
3.75%, 2/25/23		8		8,089
5.625%, 9/23/19		3,033		3,398,762
7.25%, 4/01/32		15		19,826
Series G
5.50%, 7/24/20		3,953		4,433,187
Murray Street Investment Trust I
4.647%, 3/09/17		1,107		1,162,822
Nationwide Building Society
6.25%, 2/25/20 (a)		13,470		15,706,438
Nordea Bank AB
6.125%, 9/23/24 (a)(c)		498		490,997
PNC Funding Corp.
5.125%, 2/08/20		5		5,606
Rabobank Capital Funding Trust III
5.254%, 10/21/16 (a)(c)		3,880		4,004,160
Santander UK PLC
5.00%, 11/07/23 (a)		5,085		5,203,399
Standard Chartered PLC
Series E
4.00%, 7/12/22 (a)		6,689		6,848,131
UBS AG/Stamford CT
7.625%, 8/17/22		5,982		7,010,898

				141,862,302

Finance - 0.2%
Aviation Capital Group Corp.
7.125%, 10/15/20 (a)		4,965		5,780,665
General Electric Capital Corp.
Series G
5.625%, 5/01/18		20		22,137
HSBC Finance Corp.
6.676%, 1/15/21		110		127,259

				5,930,061

Insurance - 2.0%
Allied World Assurance Co. Holdings Ltd.
7.50%, 8/01/16		3,185		3,381,451
American International Group, Inc.
4.875%, 6/01/22		6,703		7,352,635
6.40%, 12/15/20		5,975		7,103,349
Coventry Health Care, Inc.
5.95%, 3/15/17		2,515		2,709,123
Dai-ichi Life Insurance Co., Ltd. (The)
5.10%, 10/28/24 (a)(c)		3,683		3,885,565
Guardian Life Insurance Co. of America (The)
7.375%, 9/30/39 (a)		4,804		6,384,775
Hartford Financial Services Group, Inc. (The)
5.125%, 4/15/22		3,400		3,770,692
5.50%, 3/30/20		6,904		7,742,035
6.10%, 10/01/41		5		5,957


	Principal Amount (000)		U.S. $ Value
Lincoln National Corp.
8.75%, 7/01/19	U.S.$	3,071	$	3,765,190
MetLife Capital Trust IV
7.875%, 12/15/37 (a)		5,200		6,531,200
MetLife, Inc.
4.75%, 2/08/21		1,570		1,734,106
7.717%, 2/15/19		2,169		2,587,114
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (a)		2,673		4,000,741
Prudential Financial, Inc.
4.50%, 11/15/20		8		8,751
5.625%, 6/15/43		8,035		8,328,277
XLIT Ltd.
5.50%, 3/31/45		1,600		1,504,573
6.25%, 5/15/27		5		5,846

				70,801,380

REITS - 1.0%
HCP, Inc.
5.375%, 2/01/21		12,835		14,160,008
Health Care REIT, Inc.
5.25%, 1/15/22		12,820		14,023,311
Trust F/1401
5.25%, 12/15/24 (a)		5,937		6,174,480

				34,357,799

				252,951,542

Utility - 1.3%
Electric - 0.9%
Berkshire Hathaway Energy Co.
6.125%, 4/01/36		6,760		7,963,699
CMS Energy Corp.
5.05%, 3/15/22		1,476		1,624,283
Constellation Energy Group, Inc.
5.15%, 12/01/20		2,362		2,613,716
Duke Energy Carolinas LLC
3.90%, 6/15/21		4		4,268
Entergy Corp.
4.00%, 7/15/22		6,096		6,142,872
Exelon Corp.
5.10%, 6/15/45		3,355		3,368,413
Exelon Generation Co. LLC
4.25%, 6/15/22		3,830		3,920,373
TECO Finance, Inc.
4.00%, 3/15/16		2,925		2,987,276
5.15%, 3/15/20		3,625		4,040,556

				32,665,456

Natural Gas - 0.4%
Talent Yield Investments Ltd.
4.50%, 4/25/22 (a)		12,130		12,506,030

				45,171,486

Total Corporates - Investment Grade (cost $790,083,475)				816,286,375


	Principal Amount (000)			U.S. $ Value
MORTGAGE PASS-THROUGHS - 21.0%
Agency Fixed Rate 30-Year - 19.5%
Federal National Mortgage Association
Series 2012
3.50%, 5/01/42	U.S.$	9		$	9,699
3.00%, 5/01/38-9/01/43		57,525			57,466,188
4.50%, 5/01/44		320			346,940
3.50%, 12/01/41-6/01/45		110,100			114,057,556
Government National Mortgage Association
3.50%, 7/01/45, TBA		50,944			52,874,299
3.00%, 7/01/45, TBA		52,078			52,578,438
Federal National Mortgage Association
3.00%, 8/01/45, TBA		47,854			47,536,221
5.50%, 11/01/33-9/01/36		3,155			3,556,460
Federal Home Loan Mortgage Corp. Gold
Series 2007
4.50%, 3/01/37		86			93,640
5.50%, 7/01/35		2,412			2,708,947
Federal National Mortgage Association
Series 2003
5.50%, 4/01/33-7/01/33		7,985			8,993,167
4.00%, 12/01/41		117			124,376
3.50%, 8/01/45, TBA		79,639			81,847,740
4.50%, 8/25/45, TBA		101,361			109,430,288
Federal Home Loan Mortgage Corp. Gold
5.00% , 8/01/33		4			4,842
Federal National Mortgage Association
6.50%, 8/01/31-8/01/34		10			11,312
4.00%, 8/01/45, TBA		127,032			134,276,787
Series 2004
5.50%, 4/01/34-11/01/34		6,903			7,781,052
Series 2005
5.50%, 2/01/35		6,499			7,328,052
Series 2006
5.50%, 4/01/36		1,274			1,434,364
Government National Mortgage Association
Series 1996
8.50% , 11/15/26		0	**		487

					682,460,855

Agency Fixed Rate 15-Year - 1.5%
Federal National Mortgage Association
3.50%, 8/01/30, TBA		8,676			9,134,879
2.50%, 8/01/30, TBA		23,605			23,835,517
3.00%, 8/01/30, TBA		18,976			19,611,992
Federal Home Loan Mortgage Corp. Gold
6.00% , 7/01/17		1			1,493

					52,583,881

Agency ARMs - 0.0%
Federal Home Loan Mortgage Corp.
Series 2006
2.665%, 12/01/36 (b)		2			1,736
Series 2007
2.795%, 3/01/37 (b)		2			2,508

					4,244

Total Mortgage Pass-Throughs (cost $730,775,154)					735,048,980


	Principal Amount (000)		U.S. $ Value
ASSET-BACKED SECURITIES - 14.8%
Autos - Fixed Rate - 8.5%
Ally Master Owner Trust
Series 2012-4, Class A
1.72%, 7/15/19	U.S.$	11,565	$	11,643,561
AmeriCredit Automobile Receivables Trust
Series 2013-3, Class A3
0.92%, 4/09/18		10,997		11,004,863
Series 2013-4, Class A3
0.96%, 4/09/18		4,928		4,931,172
Series 2013-5, Class A2A
0.65%, 3/08/17		247		247,019
Series 2014-1, Class A3
0.90%, 2/08/19		6,050		6,044,352
ARI Fleet Lease Trust
Series 2013-A, Class A2
0.70%, 12/15/15 (a)		965		964,937
Series 2014-A, Class A2
0.81%, 11/15/22 (a)		3,063		3,059,532
Avis Budget Rental Car Funding AESOP LLC
Series 2013-2A, Class A
2.97%, 2/20/20 (a)		16,846		17,329,964
Series 2014-1A, Class A
2.46%, 7/20/20 (a)		6,834		6,895,356
Bank of The West Auto Trust
Series 2015-1, Class A3
1.31%, 10/15/19 (a)		11,267		11,264,702
California Republic Auto Receivables Trust
Series 2014-2, Class A4
1.57%, 12/16/19		3,937		3,949,413
Series 2015-2, Class A3
1.31%, 8/15/19		5,333		5,331,493
Capital Auto Receivables Asset Trust
Series 2013-3, Class A2
1.04%, 11/21/16		4,997		4,999,262
Series 2014-1, Class B
2.22%, 1/22/19		1,960		1,979,766
CPS Auto Receivables Trust
Series 2013-B, Class A
1.82%, 9/15/20 (a)		3,956		3,957,194
Series 2014-B, Class A
1.11%, 11/15/18 (a)		4,074		4,063,671
Drive Auto Receivables Trust
Series 2015-BA, Class A2A
0.93%, 12/15/17 (a)		5,915		5,918,874
Enterprise Fleet Financing LLC
Series 2014-1, Class A2


	Principal Amount (000)		U.S. $ Value
0.87%, 9/20/19 (a)	U.S.$	2,313	$	2,311,449
Series 2014-2, Class A2
1.05%, 3/20/20 (a)		6,881		6,878,052
Series 2015-1, Class A2
1.30%, 9/20/20 (a)		12,706		12,719,329
Exeter Automobile Receivables Trust
Series 2013-1A, Class A
1.29%, 10/16/17 (a)		547		547,519
Series 2014-1A, Class A
1.29%, 5/15/18 (a)		1,606		1,608,568
Series 2014-2A, Class A
1.06%, 8/15/18 (a)		1,714		1,710,253
Fifth Third Auto Trust
Series 2014-3, Class A4
1.47%, 5/17/21		8,250		8,259,454
Flagship Credit Auto Trust
Series 2013-1, Class A
1.32%, 4/16/18 (a)		1,005		1,005,605
Ford Auto Securitization Trust
Series 2013-R1A, Class A2
1.676%, 9/15/16 (a)	CAD	1,120		897,335
Ford Credit Auto Lease Trust
Series 2014-B, Class A3
0.89%, 9/15/17	U.S.$	6,000		6,004,124
Ford Credit Auto Owner Trust
Series 2012-B, Class A4
1.00%, 9/15/17		8,095		8,108,252
Series 2012-D, Class B
1.01%, 5/15/18		3,805		3,794,035
Series 2014-2, Class A
2.31%, 4/15/26 (a)		14,327		14,495,837
Ford Credit Floorplan Master Owner Trust
Series 2015-2, Class A1
1.98%, 1/15/22		9,202		9,118,416
GM Financial Automobile Leasing Trust
Series 2015-1, Class A2
1.10%, 12/20/17		12,888		12,898,898
Series 2015-2, Class A3
1.68%, 12/20/18		11,785		11,784,743
GMF Floorplan Owner Revolving Trust
Series 2015-1, Class A1
1.65%, 5/15/20 (a)		5,130		5,129,124
Harley-Davidson Motorcycle Trust
Series 2012-1, Class A3
0.68%, 4/15/17		381		381,190
Series 2014-1, Class A3
1.10%, 9/15/19		9,130		9,126,421
Series 2015-1, Class A3
1.41%, 6/15/20		5,832		5,847,192
Hertz Vehicle Financing LLC
Series 2013-1A, Class A1
1.12%, 8/25/17 (a)		7,345		7,347,725
Series 2013-1A, Class A2
1.83%, 8/25/19 (a)		21,065		20,934,755


	Principal Amount (000)		U.S. $ Value
Hyundai Auto Lease Securitization Trust
Series 2015-B, Class A3
1.40%, 11/15/18 (a)	U.S.$	5,547	$	5,537,653
Hyundai Auto Receivables Trust
Series 2012-B, Class C
1.95%, 10/15/18		3,525		3,557,211
Mercedes Benz Auto Lease Trust
Series 2014-A, Class A2A
0.48%, 6/15/16		3,715		3,715,320
Nissan Auto Lease Trust
Series 2015-A, Class A3
1.40%, 6/15/18		10,620		10,617,876
Santander Drive Auto Receivables Trust
Series 2013-4, Class A3
1.11%, 12/15/17		4,935		4,939,095
Series 2015-3, Class A2A
1.02%, 9/17/18		6,044		6,044,036
TCF Auto Receivables Owner Trust
Series 2015-1A, Class A2
1.02%, 8/15/18 (a)		8,140		8,142,727

				297,047,325

Credit Cards - Fixed Rate - 2.1%
American Express Credit Account Master Trust
Series 2014-2, Class A
1.26%, 1/15/20		4,458		4,465,811
Barclays Dryrock Issuance Trust
Series 2014-3, Class A
2.41%, 7/15/22		11,514		11,674,993
Series 2015-2, Class A
1.56%, 3/15/21		8,187		8,186,797
Citibank Credit Card Issuance Trust
Series 2012-A1, Class A1
0.55%, 10/10/17		14,150		14,151,958
Discover Card Execution Note Trust
Series 2015-A2, Class A
1.90%, 10/17/22		10,835		10,743,906
Synchrony Credit Card Master Note Trust
Series 2012-2, Class A
2.22%, 1/15/22		12,000		12,149,784
World Financial Network Credit Card Master Trust
Series 2012-B, Class A
1.76%, 5/17/21		7,890		7,962,572
Series 2013-A, Class A
1.61%, 12/15/21		4,353		4,351,475

				73,687,296

Autos - Floating Rate - 1.6%
BMW Floorplan Master Owner Trust
Series 2012-1A, Class A
0.586%, 9/15/17 (a)(b)		9,336		9,339,680
GE Dealer Floorplan Master Note Trust
Series 2014-1, Class A
0.567%, 7/20/19 (b)		6,227		6,193,524
Series 2015-1, Class A
0.687%, 1/20/20 (b)		10,924		10,924,327


	Principal Amount (000)		U.S. $ Value
Hertz Fleet Lease Funding LP
Series 2013-3, Class A
0.735%, 12/10/27 (a)(b)	U.S.$	9,257	$	9,268,820
Series 2014-1, Class A
0.585%, 4/10/28 (a)(b)		7,036		7,036,326
Navistar Financial Dealer Note Master Trust
Series 2014-1, Class A
0.937%, 10/25/19 (a)(b)		4,874		4,874,145
NCF Dealer Floorplan Master Trust
Series 2014-1A, Class A
1.687%, 10/20/20 (a)(b)		9,708		9,708,287

				57,345,109

Credit Cards - Floating Rate - 1.3%
Cabela’s Credit Card Master Note Trust
Series 2012-1A, Class A2
0.716%, 2/18/20 (a)(b)		7,700		7,717,017
Series 2014-1, Class A
0.536%, 3/16/20 (b)		1,880		1,880,658
Discover Card Execution Note Trust
Series 2015-A1, Class A1
0.536%, 8/17/20 (b)		11,732		11,735,508
First National Master Note Trust
Series 2013-2, Class A
0.716%, 10/15/19 (b)		8,650		8,663,579
World Financial Network Credit Card Master Trust
Series 2014-A, Class A
0.566%, 12/15/19 (b)		8,125		8,139,869
Series 2015-A, Class A
0.666%, 2/15/22 (b)		6,720		6,716,808

				44,853,439

Other ABS - Fixed Rate - 1.1%
CIT Equipment Collateral
Series 2014-VT1, Class A2
0.86%, 5/22/17 (a)		8,966		8,964,631
CNH Capital Canada Receivables Trust
Series 2014-1A, Class A1
1.388%, 3/15/17 (a)	CAD	188		150,486
CNH Equipment Trust
Series 2014-B, Class A4
1.61%, 5/17/21	U.S.$	6,051		6,074,481
Series 2015-A, Class A4
1.85%, 4/15/21		6,392		6,407,621
Dell Equipment Finance Trust
Series 2015-1, Class A3
1.30%, 3/23/20 (a)		3,460		3,457,986
Macquarie Equipment Funding Trust
Series 2014-A, Class A2
0.80%, 11/21/16 (a)		5,414		5,425,526


	Principal Amount (000)		U.S. $ Value
SBA Tower Trust
Series 2014-1A, Class C
2.898%, 10/15/44 (a)	U.S.$	7,996	$	8,036,036

				38,516,767

Home Equity Loans - Floating Rate - 0.2%
Asset Backed Funding Certificates
Series 2003-WF1, Class A2
1.312%, 12/25/32 (b)		1,154		1,107,108
GSAA Trust
Series 2006-5, Class 2A3
0.457%, 3/25/36 (b)		7,947		5,405,859
Residential Asset Securities Corp. Trust
Series 2003-KS3, Class A2
0.787%, 5/25/33 (b)		151		140,814
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates
Series 2004-1, Class 1A
0.487%, 4/25/34 (b)		7		7,006

				6,660,787

Total Asset-Backed Securities (cost $517,720,480)				518,110,723

GOVERNMENTS - TREASURIES - 14.1%
Brazil - 0.4%
Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/17	BRL	47,825		14,591,180

Italy - 0.4%
Italy Buoni Poliennali Del Tesoro
4.50%, 3/01/24	EUR	9,561		12,518,020

United States - 13.3%
U.S. Treasury Bonds
2.50%, 2/15/45	U.S.$	8,838		7,777,971
3.00%, 11/15/44-5/15/45		34,443		33,740,022
3.125%, 8/15/44		14,806		14,830,297
3.375%, 5/15/44		5,710		5,997,207
3.625%, 8/15/43-2/15/44		20,148		22,160,151
3.75%, 11/15/43		10,205		11,479,033
4.50%, 2/15/36		23,360		29,371,556
4.75%, 2/15/37		5		6,479
8.125%, 8/15/19-8/15/21		986		1,315,278
U.S. Treasury Notes
1.375%, 3/31/20-4/30/20		44,145		43,662,340
1.50%, 10/31/19		18,940		18,950,360
1.75%, 9/30/19 (e)		7,981		8,076,918
1.75%, 5/15/23		56,586		54,733,714
2.00%, 11/15/21		9,093		9,109,340
2.125%, 8/15/21		630		637,087
2.375%, 8/15/24 (e)		6,426		6,460,341
2.50%, 8/15/23		87,287		89,169,082
2.75%, 11/15/23-2/15/24		102,550		106,496,628

				463,973,804

Total Governments - Treasuries (cost $478,428,215)				491,083,004


	Principal Amount (000)		U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES - 10.0%
Non-Agency Fixed Rate CMBS - 8.6%
Banc of America Commercial Mortgage Trust
Series 2007-4, Class A1A
5.774%, 2/10/51	U.S.$	15,974	$	17,091,984
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW13, Class AJ
5.611%, 9/11/41		5,707		5,796,745
BHMS Mortgage Trust
Series 2014-ATLS, Class AFX
3.601%, 7/05/33 (a)		9,720		9,772,974
CGRBS Commercial Mortgage Trust
Series 2013-VN05, Class A
3.369%, 3/13/35 (a)		11,325		11,463,120
Citigroup Commercial Mortgage Trust
Series 2006-C4, Class A1A
5.969%, 3/15/49		2,799		2,865,797
Series 2015-GC27, Class A5
3.137%, 2/10/48		7,490		7,356,031
COBALT CMBS Commercial Mortgage Trust
Series 2007-C3, Class A4
5.959%, 5/15/46		3,907		4,169,662
Commercial Mortgage Trust
Series 2006-C8, Class A1A
5.292%, 12/10/46		11,892		12,512,543
Series 2007-GG9, Class A4
5.444%, 3/10/39		18,505		19,454,650
Series 2007-GG9, Class AM
5.475%, 3/10/39		7,256		7,577,244
Series 2013-SFS, Class A1
1.873%, 4/12/35 (a)		4,694		4,608,427
Credit Suisse Commercial Mortgage Trust
Series 2007-C3, Class AM
5.89%, 6/15/39		4,535		4,734,629
DBUBS 2011-LC1 Mortgage Trust
Series 2011-LC1A, Class E
5.735%, 11/10/46 (a)		3,668		3,910,489
Extended Stay America Trust
Series 2013-ESH7, Class A17
2.295%, 12/05/31 (a)		7,662		7,597,968
GS Mortgage Securities Corp. II
Series 2013-KING, Class A
2.706%, 12/10/27 (a)		12,401		12,592,037
GS Mortgage Securities Trust
Series 2006-GG6, Class AJ
5.708%, 4/10/38		5,000		5,078,560
Series 2007-GG10, Class A4
5.989%, 8/10/45		5,586		5,961,144


	Principal Amount (000)		U.S. $ Value
Series 2013-G1, Class A1
2.059%, 4/10/31 (a)	U.S.$	802	$	789,404
Series 2013-G1, Class A2
3.557%, 4/10/31 (a)		6,804		6,798,167
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2007-CB19, Class AM
5.885%, 2/12/49		4,080		4,324,123
Series 2007-LD12, Class A4
5.882%, 2/15/51		13,115		14,003,878
Series 2007-LD12, Class AM
6.208%, 2/15/51		3,522		3,783,321
Series 2007-LDPX, Class A1A
5.439%, 1/15/49		17,919		18,933,343
Series 2007-LDPX, Class A3
5.42%, 1/15/49		47		48,806
Series 2008-C2, Class A1A
5.998%, 2/12/51		7,744		8,409,056
Series 2010-C2, Class A1
2.749%, 11/15/43 (a)		4,205		4,221,113
Series 2011-C5, Class D
5.50%, 8/15/46 (a)		2,901		3,018,063
LB-UBS Commercial Mortgage Trust
Series 2007-C1, Class AM
5.455%, 2/15/40		2,995		3,160,468
LSTAR Commercial Mortgage Trust
Series 2014-2, Class A2
2.767%, 1/20/41 (a)		6,067		6,154,243
Series 2015-3, Class A2
2.729%, 4/20/48 (a)		7,000		7,050,600
Merrill Lynch Mortgage Trust
Series 2006-C2, Class A1A
5.739%, 8/12/43		6,650		6,888,481
ML-CFC Commercial Mortgage Trust
Series 2006-4, Class A1A
5.166%, 12/12/49		11,609		12,119,108
Series 2007-9, Class A4
5.70%, 9/12/49		21,260		22,648,980
UBS-Barclays Commercial Mortgage Trust
Series 2012-C3, Class A4
3.091%, 8/10/49		4,728		4,765,705
Series 2012-C4, Class A5
2.85%, 12/10/45		9,467		9,373,761
Wachovia Bank Commercial Mortgage Trust
Series 2006-C26, Class A1A
6.009%, 6/15/45		4,298		4,443,927
WF-RBS Commercial Mortgage Trust
Series 2013-C14, Class A5
3.337%, 6/15/46		9,893		10,073,543
Series 2014-C20, Class A2
3.036%, 5/15/47		6,029		6,251,644

				299,803,738


	Principal Amount (000)		U.S. $ Value
Non-Agency Floating Rate CMBS - 1.4%
Carefree Portfolio Trust
Series 2014-CARE, Class A
1.506%, 11/15/19 (a)(b)	U.S.$	5,133	$	5,143,056
Commercial Mortgage Trust
Series 2014-KYO, Class A
1.088%, 6/11/27 (a)(b)		7,535		7,531,297
Series 2014-SAVA, Class A
1.336%, 6/15/34 (a)(b)		6,317		6,315,424
H/2 Asset Funding NRE
Series 2015-1A
1.436%, 9/24/21 (a)(b)		7,110		7,110,000
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2014-INN, Class A
1.106%, 6/15/29 (a)(b)		9,634		9,608,113
PFP III Ltd.
Series 2014-1, Class A
1.356%, 6/14/31 (a)(b)		3,139		3,135,203
Resource Capital Corp., Ltd.
Series 2014-CRE2, Class A
1.236%, 4/15/32 (a)(b)		3,974		3,959,655
Starwood Retail Property Trust
Series 2014-STAR, Class A
1.402%, 11/15/27 (a)(b)		6,321		6,302,954

				49,105,702

Total Commercial Mortgage-Backed Securities (cost $355,477,694)				348,909,440

COLLATERALIZED MORTGAGE OBLIGATIONS - 3.9%
Non-Agency Fixed Rate - 1.7%
Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 7/25/35		1,090		1,036,519
Series 2005-57CB, Class 4A3
5.50%, 12/25/35		3,582		3,292,986
Series 2006-23CB, Class 1A7
6.00%, 8/25/36		1,540		1,516,926
Series 2006-24CB, Class A16
5.75%, 6/25/36		5,693		5,095,324
Series 2006-28CB, Class A14
6.25%, 10/25/36		3,565		3,028,172
Series 2006-J1, Class 1A13
5.50%, 2/25/36		2,016		1,815,370
Series 2007-2CB, Class 2A4
5.75%, 3/25/37		2,257		2,009,431
Chase Mortgage Finance Trust
Series 2007-S5, Class 1A17
6.00%, 7/25/37		1,346		1,164,649
CHL Mortgage Pass-Through Trust
2007-2 Series 2007-2, Class A16
6.00%, 3/25/37		4,091		3,922,002


	Principal Amount (000)		U.S. $ Value
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
2.614%, 5/25/35	U.S.$	3,654	$	3,549,825
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2006-10, Class 1A8
6.00%, 5/25/36		3,418		3,168,944
Series 2006-13, Class 1A18
6.25%, 9/25/36		4,221		3,857,068
Series 2006-13, Class 1A19
6.25%, 9/25/36		1,965		1,796,483
Series 2007-HYB2, Class 3A1
2.585%, 2/25/47		6,591		5,795,517
CSMC Series 2010-6R
Series 2010-6R, Class 3A2
5.875%, 1/26/38 (a)		4,456		3,739,789
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36		5,159		4,323,239
JPMorgan Mortgage Trust
Series 2007-S3, Class 1A8
6.00%, 8/25/37		2,460		2,205,797
RBSSP Resecuritization Trust
Series 2009-7, Class 10A3
6.00%, 8/26/37 (a)		5,603		4,692,167
Wells Fargo Mortgage Backed Securities Trust
Series 2007-8, Class 2A5
5.75%, 7/25/37		2,089		2,038,581

				58,048,789

GSE Risk Share Floating Rate - 1.6%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2013-DN2, Class M2
4.437%, 11/25/23 (b)		8,185		8,283,200
Series 2014-DN2, Class M3
3.787%, 4/25/24 (b)		2,406		2,325,180
Series 2014-DN3, Class M3
4.187%, 8/25/24 (b)		9,650		9,526,621
Series 2014-DN4, Class M3
4.737%, 10/25/24 (b)		2,500		2,557,660
Series 2015-DNA1, Class M3
3.487%, 10/25/27 (b)		675		658,413
Series 2015-DNA2, Class M2
2.787%, 12/25/27 (b)		11,345		11,368,912
Series 2015-HQ1, Class M2
2.387%, 3/25/25 (b)		2,155		2,119,510
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C03, Class 1M1
1.387%, 7/25/24 (b)		2,969		2,966,591
Series 2014-C04, Class 1M2
5.087%, 11/25/24 (b)		5,280		5,431,424


	Principal Amount (000)		U.S. $ Value
Series 2014-C04, Class 2M2
5.187%, 11/25/24 (b)	U.S.$	4,465	$	4,609,219
Series 2015-C01, Class 1M2
4.487%, 2/25/25 (b)		4,205		4,168,003
Series 2015-C02, Class 2M2
4.185%, 5/25/25 (b)		4,020		3,905,804

				57,920,537

Non-Agency Floating Rate - 0.5%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
0.377%, 12/25/36 (b)		8,588		5,421,835
HomeBanc Mortgage Trust
Series 2005-1, Class A1
0.437%, 3/25/35 (b)		4,029		3,581,999
IndyMac Index Mortgage Loan Trust
Series 2006-AR15, Class A1
0.307%, 7/25/36 (b)		6,270		5,031,387
RBSSP Resecuritization Trust
Series 2010-9, Class 7A6
7.042%, 5/26/37 (a)(f)		4,666		3,803,404

				17,838,625

Agency Fixed Rate - 0.1%
Federal National Mortgage Association Grantor Trust
Series 2004-T5, Class AB4
0.725%, 5/28/35		1,605		1,457,769
Federal National Mortgage Association REMICS
Series 2014-4, Class PI
5.50%, 2/25/44 (g)		11,968		2,873,733

				4,331,502

Total Collateralized Mortgage Obligations (cost $138,791,498)				138,139,453

INFLATION-LINKED SECURITIES - 3.4%
United States - 3.4%
U.S. Treasury Inflation Index
0.125%, 4/15/19 (TIPS)
(cost $120,662,526)		118,387		119,922,031

CORPORATES - NON-INVESTMENT GRADE - 3.0%
Financial Institutions - 1.6%
Banking - 1.4%
Bank of America Corp.
Series Z
6.50%, 10/23/24 (c)		2,288		2,368,080
Bank of Ireland
1.787%, 9/22/15 (b)(h)	CAD	5,285		4,104,444
Barclays Bank PLC
6.86%, 6/15/32 (a)(c)	U.S.$	1,250		1,403,125


	Principal Amount (000)		U.S. $ Value
7.625%, 11/21/22	U.S.$	3,784	$	4,309,219
7.75%, 4/10/23		3,832		4,152,930
Citigroup, Inc.
Series P
5.95%, 5/15/25 (c)		3,620		3,484,250
Credit Agricole SA
7.875%, 1/23/24 (a)(c)(d)		1,382		1,414,823
Credit Suisse Group AG
7.50%, 12/11/23 (a)(c)		1,557		1,627,065
HBOS Capital Funding LP
4.939%, 5/23/16 (c)	EUR	3,542		3,929,053
Intesa Sanpaolo SpA
5.017%, 6/26/24 (a)	U.S.$	7,068		6,866,873
LBG Capital No.1 PLC
8.00%, 6/15/20 (a)(c)		2,354		2,695,330
Lloyds Banking Group PLC
7.50%, 6/27/24 (c)		3,734		3,846,020
Royal Bank of Scotland PLC (The)
9.50%, 3/16/22 (a)		2,894		3,192,484
Societe Generale SA
5.922%, 4/05/17 (a)(c)		1,160		1,187,550
UniCredit Luxembourg Finance SA
6.00%, 10/31/17 (a)		5,567		5,878,000

				50,459,246

Finance - 0.2%
AerCap Aviation Solutions BV
6.375%, 5/30/17		2,700		2,858,625
International Lease Finance Corp.
5.875%, 4/01/19		2,682		2,859,549
Navient Corp.
7.25%, 1/25/22		875		923,125

				6,641,299

				57,100,545

Industrial - 1.2%
Basic - 0.0%
Novelis, Inc.
8.375%, 12/15/17		809		838,326

Communications - Media - 0.1%
CSC Holdings LLC
8.625%, 2/15/19		1,342		1,521,493

Communications - Telecommunications - 0.4%
Numericable-SFR SAS
5.375%, 5/15/22 (a)	EUR	712		805,679
Sprint Capital Corp.
6.90%, 5/01/19	U.S.$	10,125		10,327,500
Sprint Corp.
7.875%, 9/15/23		4,280		4,174,284

				15,307,463


	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Automotive - 0.1%
Goodyear Tire & Rubber Co. (The)
8.25%, 8/15/20	U.S.$	1,726	$	1,804,533

Consumer Cyclical - Other - 0.2%
KB Home
4.75%, 5/15/19		3,146		3,122,405
MCE Finance Ltd.
5.00%, 2/15/21 (a)		2,225		2,119,312

				5,241,717

Consumer Non-Cyclical - 0.0%
CHS/Community Health Systems, Inc.
5.125%, 8/15/18		1,438		1,473,950

Energy - 0.3%
ONEOK, Inc.
4.25%, 2/01/22		7,942		7,667,755
SM Energy Co.
6.50%, 1/01/23		359		367,975
Transocean, Inc.
6.50%, 11/15/20		3,700		3,427,125

				11,462,855

Technology - 0.1%
Advanced Micro Devices, Inc.
6.75%, 3/01/19		2,824		2,562,780

				40,213,117

Utility - 0.2%
Electric - 0.2%
AES Corp./VA
7.375%, 7/01/21		3,427		3,761,132
NRG Energy, Inc.
Series WI
6.25%, 5/01/24		2,593		2,573,553

				6,334,685

Total Corporates - Non-Investment Grade (cost $101,771,319)				103,648,347

AGENCIES - 2.1%
Agency Debentures - 2.1%
Residual Funding Corp. Principal Strip Zero Coupon, 7/15/20 (cost $67,226,725)		81,666		73,912,303


	Principal Amount (000)		U.S. $ Value
QUASI-SOVEREIGNS - 0.9%
Quasi-Sovereign Bonds - 0.9%
Chile - 0.1%
Empresa de Transporte de Pasajeros Metro SA
4.75%, 2/04/24 (a)	U.S.$	2,510	$	2,637,945

Malaysia - 0.4%
Petronas Capital Ltd.
5.25%, 8/12/19 (a)		12,990		14,396,804

Mexico - 0.1%
Petroleos Mexicanos
3.50%, 7/18/18		2,884		2,972,539

United Arab Emirates - 0.3%
IPIC GMTN Ltd.
3.75%, 3/01/17 (a)		12,650		13,108,562

Total Quasi-Sovereigns (cost $31,040,533)				33,115,850

GOVERNMENTS - SOVEREIGN AGENCIES - 0.6%
Brazil - 0.1%
Petrobras Global Finance BV
5.75%, 1/20/20		7,084		7,019,110

Morocco - 0.1%
OCP SA
5.625%, 4/25/24 (a)		2,079		2,167,607

Colombia - 0.1%
Ecopetrol SA
5.875%, 5/28/45		2,685		2,372,869

Canada - 0.1%
NOVA Chemicals Corp.
5.25%, 8/01/23 (a)		3,570		3,623,550

Israel - 0.2%
Israel Electric Corp., Ltd.
5.00%, 11/12/24 (a)		7,000		7,091,000

Total Governments - Sovereign Agencies (cost $22,707,978)				22,274,136

LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.4%
United States - 0.4%
State of California (State of California)
Series 2010
5.75%, 3/01/17		10		10,774
7.625%, 3/01/40		8,520		12,478,648

Total Local Governments - Municipal Bonds (cost $8,666,505)				12,489,422


Company	Shares		U.S. $ Value
PREFERRED STOCKS - 0.2%
Financial Institutions - 0.2%
Insurance - 0.2%
Allstate Corp. (The)
5.10%, 1/15/53
(cost $8,197,028)		306,775	$	7,690,849


	Principal Amount (000)
EMERGING MARKETS - CORPORATE BONDS - 0.2%
Industrial - 0.2%
Communications - Telecommunications - 0.1%
Comcel Trust via Comunicaciones Celulares SA
6.875%, 2/06/24 (a)	U.S.$	1,912		2,012,380

Consumer Non-Cyclical - 0.1%
Marfrig Overseas Ltd.
9.50%, 5/04/20 (a)		4,230		4,321,791

Total Emerging Markets - Corporate Bonds (cost $6,104,015)				6,334,171


	Shares
COMMON STOCKS - 0.2%
Mt. Logan Re Ltd. (Preference Shares) (i)(j) (cost $5,400,000)		5,400		5,496,666


	Principal Amount (000)
GOVERNMENTS - SOVEREIGN BONDS - 0.1%
Mexico - 0.1%
Mexico Government International Bond
5.95%, 3/19/19	U.S.$	1,812		2,032,158

Poland - 0.0%
Poland Government International Bond
3.875%, 7/16/15		3		3,002

Total Governments - Sovereign Bonds (cost $2,064,565)				2,035,160


	Shares
SHORT-TERM INVESTMENTS - 1.3%
Commercial Paper - 1.0%
Banque et Caisse d’Espargne de l’Etat Zero Coupon, 9/01/15 (cost $33,943,454)		33,961		33,943,454


	Principal Amount (000)		U.S. $ Value
Certificates of Deposit - 0.3%
Royal Bank of Canada/New York
0.285%, 9/10/15 (b)
(cost $9,756,332)	U.S.$	9,755	$	9,756,332

Total Short-Term Investments (cost $43,699,786)				43,699,786

Total Investments - 99.6% (cost $3,428,817,496) (k)			$	3,478,196,696
Other assets less liabilities - 0.4% (l)				14,599,607

Net Assets - 100.0%			$	3,492,796,303

FUTURES


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2015		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Canadian Bond Futures		315		September 2015	$	35,026,476	$	35,308,247	$	281,771
U.S. T-Note 2 Yr (CBT) Futures		1,437		September 2015		314,324,425		314,613,188		288,763
U.S. T-Note 5 Yr (CBT) Futures		268		September 2015		31,951,032		31,961,094		10,062
U.S. Ultra Bond Futures		721		September 2015		113,023,478		111,079,062		(1,944,416	)
Sold Contracts
Euro-BOBL Futures		469		September 2015		67,761,368		67,752,776		8,592
Euro-BUND Futures		72		September 2015		12,183,158		12,200,914		(17,756	)
U.S. T-Note 10 Yr (CBT) Futures		226		September 2015		28,602,781		28,514,844		87,937

									$	(1,285,047	)

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA	JPY	11,560,000	USD	96,967		7/15/15	$	2,496,821
Barclays Bank PLC	USD	20,158	GBP	12,914		7/10/15		133,012
Barclays Bank PLC	USD	10,706	IDR	142,981,289		7/10/15		(9,035	)
Barclays Bank PLC	KRW	9,708,816	USD	8,685		8/07/15		22,755
Barclays Bank PLC	KRW	9,708,816	USD	8,660		8/07/15		(2,421	)
BNP Paribas SA	CAD	28,668	USD	23,248		7/23/15		301,471
Credit Suisse International	BRL	47,415	USD	15,282		7/02/15		31,950
Credit Suisse International	USD	15,295	BRL	47,415		7/02/15		(44,767	)
Credit Suisse International	EUR	30,183	USD	33,911		7/30/15		249,386
Credit Suisse International	BRL	47,415	USD	15,124		8/04/15		49,632
Royal Bank of Scotland PLC	IDR	141,237,355	USD	10,458		7/10/15		(108,538	)
Standard Chartered Bank	USD	9,009	SGD	12,238		7/24/15		73,944
Standard Chartered Bank	AUD	33,150	USD	25,333		8/07/15		(193,463	)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		BRL	47,415		USD	14,908		7/02/15	$	(341,890	)
State Street Bank & Trust Co.		GBP	24,279		USD	37,213		7/10/15		(933,725	)
State Street Bank & Trust Co.		SGD	12,253		USD	9,082		7/24/15		(12,727	)
State Street Bank & Trust Co.		EUR	11,424		USD	12,732		7/30/15		(8,814	)

									$	1,703,591

CENTRALLY CLEARED CREDIT DEFAULT SWAPS


Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2015			Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Morgan Stanley & Co., LLC/(INTRCONX):
CDX-NAIG Series 22, 5 Year Index, 6/20/19*		(1.00	)%		0.61	%	$	117,960	$	(1,789,492	)	$	(464,401	)

CENTRALLY CLEARED INTEREST RATE SWAPS


					Rate Type
Clearing Broker/(Exchange)	Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co., LLC/(CME Group)	CAD	171,370		3/10/17	0.973%	3 Month CDOR	$	(200,955	)
Morgan Stanley & Co., LLC/(CME Group)	AUD	226,950		3/11/17	2.140%	3 Month BBSW		23
Morgan Stanley & Co., LLC/(CME Group)	CAD	157,100		6/05/17	1.504%	3 Month CDOR		(383,185	)
Morgan Stanley & Co., LLC/(CME Group)	NZD	309,490		6/09/17	3.366%	3 Month BKBM		(994,006	)
Morgan Stanley & Co., LLC/(CME Group)	AUD	197,580		6/09/17	2.218%	3 Month BBSW		(191,838	)
Morgan Stanley & Co., LLC/(CME Group)	GBP	57,160		6/05/20	6 Month LIBOR	1.651%		(91,583	)
Morgan Stanley & Co., LLC/(CME Group)	$	23,630		6/25/21	2.243%	3 Month LIBOR		(381,053	)
Morgan Stanley & Co., LLC/(CME Group)		61,000		11/04/23	2.691%	3 Month LIBOR		(2,086,446	)
Morgan Stanley & Co., LLC/(CME Group)		24,440		1/14/24	2.980%	3 Month LIBOR		(1,603,898	)
Morgan Stanley & Co., LLC/(CME Group)		21,540		2/14/24	2.889%	3 Month LIBOR		(1,189,515	)
Morgan Stanley & Co., LLC/(CME Group)		30,260		4/28/24	2.817%	3 Month LIBOR		(1,295,283	)


					Rate Type
Clearing Broker/(Exchange)	Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co., LLC/(CME Group)	$	17,210		5/29/24	3 Month LIBOR	2.628%	$	423,245
Morgan Stanley & Co., LLC/(CME Group)	AUD	34,700		3/11/25	6 Month BBSW	2.973%		(752,393	)
Morgan Stanley & Co., LLC/(CME Group)	NZD	72,140		6/09/25	3 Month BKBM	4.068%		674,189
Morgan Stanley & Co., LLC/(CME Group)	AUD	21,430		6/09/25	6 Month BBSW	3.384%		63,840
Morgan Stanley & Co., LLC/(CME Group)		15,620		6/09/25	2.483%	3 Month LIBOR		(75,290	)
Morgan Stanley & Co., LLC/(CME Group)	$	11,720		6/09/25	2.488%	3 Month LIBOR		(61,303	)
Morgan Stanley & Co., LLC/(CME Group)		10,500		9/26/43	3 Month LIBOR	3.656%		1,648,430
Morgan Stanley & Co., LLC/(CME Group)	GBP	5,300		6/05/45	2.396%	6 Month LIBOR		(133,796	)

							$	(6,630,817	)

CREDIT DEFAULT SWAPS


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2015			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank:
Advanced Micro Devices, Inc., 7.75%, 8/01/20, 3/20/2019*		(5.00	)%		6.29	%	$	2,830	$	126,883		$	188,390		$	(61,507	)
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/2019*		(5.00	)		3.55			4,718		(242,661	)		(230,343	)		(12,318	)
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/2019*		(5.00	)		3.55			5,407		(278,098	)		(273,721	)		(4,377	)
Sale Contracts
Credit Suisse International:
Anadarko Petroleum Corp., 5.95%, 9/15/16, 9/20/17*		1.00			0.39			12,540		173,913			(196,249	)		370,162


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2015			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Kohl’s Corp.,
6.25%, 12/15/17, 6/20/19*		1.00	%		0.61	%	$	4,066	$	58,255		$	(43,695	)	$	101,950
Kohl’s Corp.,
6.25%,12/15/17, 6/20/19*		1.00			0.61			1,644		23,550			(17,657	)		41,207
Kohl’s Corp.,
6.25%, 12/15/17, 6/20/19*		1.00			0.61			2,385		34,166			(22,993	)		57,159
Kohl’s Corp.,
6.25%, 12/15/17, 6/20/19*		1.00			0.61			1,656		23,726			(17,796	)		41,522

									$	(80,266	)	$	(614,064	)	$	533,798

*	Termination Date.

INFLATION (CPI) SWAPS

Rate Type

Swap Counterparty

Notional
Amount
(000)

Termination
Date

Payments
made by
the
Fund

Payments
received
by the
Fund

Unrealized
Appreciation/
(Depreciation)

Barclays Bank PLC

54,050

3/04/16

CPI

1.170

116,631

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

INTEREST RATE SWAPS


						Rate Type
Swap Counterparty	Notional Amount (000)			Termination Date		Payments made by the Fund	Payments received by the Fund	Unrealized Appreciation/ (Depreciation)
Citibank		BRL	257,152		1/02/17	CDI	13.190%	$	(798,712	)
Citibank			76,592		1/04/21	12.305%	CDI		171,371
JPMorgan Chase Bank			50,590		1/30/17	1.059%	3 Month LIBOR		(455,638	)
JPMorgan Chase Bank			56,630		2/07/22	2.043%	3 Month LIBOR		(322,672	)

								$	(1,405,651	)

REVERSE REPURCHASE AGREEMENTS

Broker

Interest Rate

Maturity

U.S. $
Value at
June 30, 2015

Barclays Bank†

(1.25

)%*

– 0

–

2,709,908

Barclays Bank†

(0.50

)%*

– 0

–

1,367,862

4,077,770

†	The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on June 30, 2015

*	Interest payment due from counterparty.

**	Principal amount less than 500.

(a)

(b)

Floating Rate Security. Stated interest rate was in effect at June 30, 2015.

(c)

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

(d)

Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

(e)

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

(f)

Variable rate coupon, rate shown as of June 30, 2015.

(g)

IO - Interest Only

(h)

Illiquid security.

(i)

The security is subject to a 12 month lock-up period, after which semi-annual redemptions are permitted.

(j)

Restricted and illiquid security.

Restricted Securities

Acquisition
Date

Cost

Market
Value

Percentage of
Net Assets

Mt. Logan Re Ltd. (Preference Shares

12/30/14

5,400,000

5,496,666

0.16

(k)

As of June 30, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $82,782,173 and gross unrealized depreciation of investments was $(33,402,973), resulting in net unrealized appreciation of $49,379,200.

(l)

An amount of U.S.$ 4,666,661 has been segregated to collateralize margin requirements for the open futures contracts at June 30, 2015.

Currency Abbreviations:


AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
EUR	-	Euro
GBP	-	Great British Pound
IDR	-	Indonesian Rupiah
JPY	-	Japanese Yen
KRW	-	South Korean Won
NZD	-	New Zealand Dollar
SGD	-	Singapore Dollar
USD	-	United States Dollar

Glossary:


ABS	-	Asset-Backed Securities
ARMs	-	Adjustable Rate Mortgages
BA	-	Banker’s Acceptance
BBSW	-	Bank Bill Swap Reference Rate (Australia)
BKBM	-	Bank Bill Benchmark (New Zealand)
CBT	-	Chicago Board of Trade
CDI	-	Brazil CETIP Interbank Deposit Rate
CDOR	-	Canadian Dealer Offered Rate
CDX-NAIG	-	North American Investment Grade Credit Default Swap Index
CMBS	-	Commercial Mortgage-Backed Securities
CME	-	Chicago Mercantile Exchange
CPI	-	Consumer Price Index


GMTN	-	Global Medium Term Note
GSE	-	Government-Sponsored Enterprise
INTRCONX	-	Inter-Continental Exchange
LIBOR	-	London Interbank Offered Rates
REIT	-	Real Estate Investment Trust
TBA	-	To Be Announced
TIPS	-	Treasury Inflation Protected Security

Sanford C. Bernstein Fund, Inc.

Intermediate Duration Portfolio

June 30, 2015 (unaudited)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates - Investment Grade

– 0

–

816,286,375

– 0

–

816,286,375

Mortgage Pass - Throughs

– 0

–

735,048,980

– 0

–

735,048,980

Asset-Backed Securities

– 0

–

472,933,169

45,177,554

518,110,723

Governments - Treasuries

– 0

–

491,083,004

– 0

–

491,083,004

Commercial Mortgage-Backed Securities

– 0

–

286,045,598

62,863,842

348,909,440

Collateralized Mortgage Obligations

– 0

–

4,331,502

133,807,951

138,139,453

Inflation-Linked Securities

– 0

–

119,922,031

– 0

–

119,922,031

Corporates - Non-Investment Grade

– 0

–

103,648,347

– 0

–

103,648,347

Agencies

– 0

–

73,912,303

– 0

–

73,912,303

Quasi-Sovereigns

– 0

–

33,115,850

– 0

–

33,115,850

Governments - Sovereign Agencies

– 0

–

22,274,136

– 0

–

22,274,136

Local Governments - Municipal Bonds

– 0

–

12,489,422

– 0

–

12,489,422

Preferred Stocks

7,690,849

– 0

–

– 0

–

7,690,849

Emerging Markets - Corporate Bonds

– 0

–

6,334,171

– 0

–

6,334,171

Common Stocks

– 0

–

– 0

–

5,496,666

Governments - Sovereign Bonds

– 0

–

2,035,160

– 0

–

2,035,160

Short-Term Investments:

Commercial Paper

– 0

–

33,943,454

– 0

–

33,943,454

Certificates of Deposit

– 0

–

9,756,332

– 0

–

9,756,332

Total Investments in Securities

7,690,849

3,223,159,834

247,346,013

3,478,196,696

Other Financial Instruments* :

Assets:

Futures

677,125

– 0

–

– 0

–

677,125

Forward Currency Exchange Contracts

– 0

–

3,358,971

– 0

–

3,358,971

Centrally Cleared Interest Rate Swaps

– 0

–

2,809,727

– 0

–

2,809,727

Credit Default Swaps

– 0

–

612,000

– 0

–

612,000

Inflation (CPI) Swaps

– 0

–

116,631

– 0

–

116,631

Interest Rate Swaps

– 0

–

171,371

– 0

–

171,371

Liabilities:

Futures

(1,962,172

)

– 0

–

– 0

–

(1,962,172

)

Forward Currency Exchange Contracts

– 0

–

(1,655,380

)

– 0

–

(1,655,380

)

Centrally Cleared Credit Default Swaps

– 0

–

(464,401

)

– 0

–

(464,401

)

Centrally Cleared Interest Rate Swaps

– 0

–

(9,440,544

)

– 0

–

(9,440,544

)

Credit Default Swaps

– 0

–

(78,202

)

– 0

–

(78,202

)

Interest Rate Swaps

– 0

–

(1,577,022

)

– 0

–

(1,577,022

)

Total**

6,405,802

3,217,012,985

247,346,013

3,470,764,800

*	Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument.

**	There were no transfers between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


	Asset-Backed Securities			Commercial Mortgage-Backed Securities			Collateralized Mortgage Obligations
Balance as of 9/30/14	$	69,037,976		$	29,697,557		$	91,373,884
Accrued discounts/(premiums)		86,697			(73,936	)		337,469
Realized gain (loss)		(325,124	)		(8,410	)		(71,429	)
Change in unrealized appreciation/depreciation		36,647			(975,119	)		(875,001	)
Purchases/Payups		26,812,769			34,304,185			65,209,081
Sales/Paydowns		(38,011,354	)		(80,435	)		(22,166,053	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		(12,460,057	)		– 0	–		– 0	–

Balance as of 6/30/15	$	45,177,554		$	62,863,842		$	133,807,951

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/15	$	82,132		$	(975,119	)	$	(800,426	)



	Common Stock			Total
Balance as of 9/30/14	$	– 0	–	$	190,109,417
Accrued discounts/(premiums)		– 0	–		350,230
Realized gain (loss)		– 0	–		(404,963	)
Change in unrealized appreciation/depreciation		96,666			(1,716,807	)
Purchases/Payups		5,400,000			131,726,035
Sales/Paydowns		– 0	–		(60,257,842	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		(12,460,057	)

Balance as of 6/30/15	$	5,496,666		$	247,346,013	+

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/15	$	96,666		$	(1,596,747	)

+	There were de minimis transfers under 1% of net assets during the reporting period.

As of June 30, 2015, all Level 3 securities were priced by third party vendors or using prior transaction prices, which approximates fair value.

Sanford C. Bernstein Fund, Inc.

AB Short Duration Plus Portfolio

Portfolio of Investments

June 30, 2015 (unaudited)


	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE - 22.7%
Financial Institutions - 15.6%
Banking - 14.4%
Abbey National Treasury Services PLC/London
4.00%, 4/27/16	U.S.$	1,615	$	1,652,567
ABN AMRO Bank NV
2.50%, 10/30/18 (a)		1,498		1,521,695
American Express Credit Corp.
1.30%, 7/29/16		1,745		1,750,549
Australia & New Zealand Banking Group Ltd./New York NY
0.90%, 2/12/16		1,970		1,973,887
Bank of America Corp.
1.25%, 1/11/16		2,030		2,034,969
Bank of America NA
1.65%, 3/26/18		860		858,719
Bank of New York Mellon Corp. (The)
0.70%, 3/04/16		1,945		1,944,934
Barclays PLC
2.00%, 3/16/18		880		877,453
BNP Paribas SA
2.375%, 9/14/17		1,496		1,518,407
Citigroup, Inc.
0.798%, 5/01/17 (b)		898		895,038
0.982%, 11/24/17 (b)		992		991,455
1.25%, 1/15/16		2,025		2,030,457
Credit Agricole SA/London
3.00%, 10/01/17 (a)		1,400		1,444,699
Credit Suisse/New York NY
Series G
1.375%, 5/26/17		1,196		1,195,113
Danske Bank A/S
3.875%, 4/14/16 (a)		618		631,751
Fifth Third Bancorp
3.625%, 1/25/16		1,515		1,537,330
Goldman Sachs Group, Inc. (The)
1.437%, 4/23/20 (b)		876		884,554
3.625%, 2/07/16		1,875		1,905,373
HSBC USA, Inc.
1.70%, 3/05/18		884		881,568
ING Bank NV
1.375%, 3/07/16 (a)		1,910		1,917,239
JPMorgan Chase & Co.
0.793%, 3/01/18 (b)		896		892,668
Series G
1.10%, 10/15/15		2,190		2,191,984
Lloyds Bank PLC
1.75%, 3/16/18		1,539		1,539,151
Mizuho Bank Ltd.
0.731%, 9/25/17 (a)(b)		1,935		1,931,353
Morgan Stanley
1.75%, 2/25/16		1,164		1,168,737
1.875%, 1/05/18		859		861,279
5.625%, 9/23/19		888		995,087


	Principal Amount (000)		U.S. $ Value
PNC Funding Corp.
2.70%, 9/19/16	U.S.$	1,890	$	1,922,809
Royal Bank of Canada
0.85%, 3/08/16		1,925		1,929,643
UBS AG/Stamford CT
1.80%, 3/26/18		1,372		1,369,958
US Bank NA/Cincinnati OH
0.759%, 10/28/19 (b)		714		715,491
Wells Fargo & Co.
2.125%, 4/22/19		1,427		1,432,604

				45,398,521

Insurance - 1.2%
New York Life Global Funding
0.80%, 2/12/16 (a)		1,970		1,972,886
Prudential Financial, Inc.
4.75%, 9/17/15		1,580		1,592,225

				3,565,111

				48,963,632

Industrial - 7.1%
Basic - 0.5%
Monsanto Co.
0.476%, 11/07/16 (b)		1,590		1,584,623

Communications - Media - 0.7%
NBCUniversal Enterprise, Inc.
0.812%, 4/15/16 (a)(b)		2,120		2,126,080

Communications - Telecommunications - 1.3%
America Movil SAB de CV
5.00%, 3/30/20		744		823,571
AT&T, Inc.
0.90%, 2/12/16		1,405		1,405,066
1.40%, 12/01/17		2,035		2,021,640

				4,250,277

Consumer Cyclical - Automotive - 1.8%
Daimler Finance North America LLC
1.25%, 1/11/16 (a)		2,890		2,898,485
Ford Motor Credit Co. LLC
1.461%, 3/27/17		1,027		1,022,408
Volkswagen International Finance NV
1.125%, 11/18/16 (a)		1,595		1,597,271

				5,518,164

Consumer Non-Cyclical - 2.1%
AbbVie, Inc.
1.75%, 11/06/17		2,000		2,005,242
Gilead Sciences, Inc.
3.05%, 12/01/16		1,880		1,934,052
McKesson Corp.
0.95%, 12/04/15		828		829,162


	Principal Amount (000)		U.S. $ Value
PepsiCo, Inc.
0.70%, 2/26/16	U.S.$	1,910	$	1,911,163

				6,679,619

Technology - 0.7%
Cisco Systems, Inc.
0.563%, 3/03/17 (b)		1,515		1,517,128
QUALCOMM, Inc.
1.40%, 5/18/18		804		801,504

				2,318,632

				22,477,395

Total Corporates - Investment Grade (cost $71,449,108)				71,441,027

ASSET-BACKED SECURITIES - 21.2%
Autos - Fixed Rate - 9.3%
Ally Master Owner Trust
Series 2015-3, Class A
1.63%, 5/15/20		1,099		1,100,407
AmeriCredit Automobile Receivables Trust
Series 2011-1, Class D
4.26%, 2/08/17		1,415		1,416,128
ARI Fleet Lease Trust
Series 2013-A, Class A2
0.70%, 12/15/15 (a)		110		110,161
Series 2014-A, Class A2
0.81%, 11/15/22 (a)		347		346,173
Avis Budget Rental Car Funding AESOP LLC
Series 2012-3A, Class A
2.10%, 3/20/19 (a)		1,095		1,102,536
Series 2013-2A, Class A
2.97%, 2/20/20 (a)		1,839		1,891,832
Bank of America Auto Trust
Series 2012-1, Class C
2.09%, 7/17/17		1,825		1,841,217
Bank of The West Auto Trust
Series 2015-1, Class A3
1.31%, 10/15/19 (a)		1,131		1,130,769
California Republic Auto Receivables Trust
Series 2015-2, Class A3
1.31%, 8/15/19		502		501,858
Drive Auto Receivables Trust
Series 2015-AA, Class A2
1.01%, 11/15/17 (a)		705		705,009
Enterprise Fleet Financing LLC
Series 2014-1, Class A2
0.87%, 9/20/19 (a)		339		338,519
Series 2014-2, Class A2
1.05%, 3/20/20 (a)		1,299		1,297,987
Series 2015-1, Class A2
1.30%, 9/20/20 (a)		1,239		1,240,300


	Principal Amount (000)		U.S. $ Value
Fifth Third Auto Trust
Series 2014-3, Class A4
1.47%, 5/17/21	U.S.$	838	$	838,960
Ford Credit Auto Owner Trust
Series 2014-2, Class A
2.31%, 4/15/26 (a)		1,274		1,289,013
GM Financial Automobile Leasing Trust
Series 2015-1, Class A2
1.10%, 12/20/17		1,200		1,200,942
Series 2015-2, Class A3
1.68%, 12/20/18		1,020		1,019,978
GMF Floorplan Owner Revolving Trust
Series 2015-1, Class A1
1.65%, 5/15/20 (a)		469		468,726
Harley-Davidson Motorcycle Trust
Series 2014-1, Class A3
1.10%, 9/15/19		1,720		1,719,326
Series 2015-1, Class A3
1.41%, 6/15/20		492		493,282
Hertz Vehicle Financing LLC
Series 2013-1A, Class A2
1.83%, 8/25/19 (a)		940		934,188
Hyundai Auto Lease Securitization Trust
Series 2015-A, Class A2
1.00%, 10/16/17 (a)		850		850,669
Series 2015-B, Class A3
1.40%, 11/15/18 (a)		496		495,164
Hyundai Auto Receivables Trust
Series 2015-A, Class A2
0.68%, 10/16/17		961		961,600
Mercedes Benz Auto Lease Trust
Series 2014-A, Class A2A
0.48%, 6/15/16		416		415,674
Nissan Auto Lease Trust
Series 2015-A, Class A3
1.40%, 6/15/18		941		940,812
Santander Drive Auto Receivables Trust
Series 2013-4, Class A3
1.11%, 12/15/17		566		566,484
Series 2015-3, Class A2A
1.02%, 9/17/18		544		544,003
TCF Auto Receivables Owner Trust
Series 2015-1A, Class A2
1.02%, 8/15/18 (a)		714		714,239
Volkswagen Auto Loan Enhanced Trust
Series 2014-1, Class A3
0.91%, 10/22/18		1,338		1,337,644
World Omni Auto Receivables Trust
Series 2013-B, Class A3
0.83%, 8/15/18		1,345		1,345,535

				29,159,135

Credit Cards - Floating Rate - 4.4%
Cabela’s Credit Card Master Note Trust
Series 2010-2A, Class A2
0.886%, 9/17/18 (a)(b)		3,155		3,158,035


	Principal Amount (000)		U.S. $ Value
Series 2014-1, Class A
0.536%, 3/16/20 (b)	U.S.$	1,200	$	1,200,420
Chase Issuance Trust
Series 2012-A6, Class A
0.316%, 8/15/17 (b)		2,570		2,569,794
Series 2013-A6, Class A6
0.606%, 7/15/20 (b)		2,388		2,393,092
Discover Card Execution Note Trust
Series 2014-A1, Class A1
0.616%, 7/15/21 (b)		895		896,744
Series 2015-A1, Class A1
0.536%, 8/17/20 (b)		1,003		1,003,300
First National Master Note Trust
Series 2013-2, Class A
0.716%, 10/15/19 (b)		912		913,432
World Financial Network Credit Card Master Trust
Series 2014-A, Class A
0.566%, 12/15/19 (b)		965		966,766
Series 2015-A, Class A
0.666%, 2/15/22 (b)		647		646,693

				13,748,276

Credit Cards - Fixed Rate - 2.8%
American Express Credit Account Master Trust
Series 2014-2, Class A
1.26%, 1/15/20		773		774,354
Barclays Dryrock Issuance Trust
Series 2014-3, Class A
2.41%, 7/15/22		1,260		1,277,618
Series 2015-2, Class A
1.56%, 3/15/21		641		640,984
Citibank Credit Card Issuance Trust
Series 2005-A9, Class A9
5.10%, 11/20/17		2,655		2,702,578
Discover Card Execution Note Trust
Series 2015-A2, Class A
1.90%, 10/17/22		814		807,157
Synchrony Credit Card Master Note Trust
Series 2012-2, Class A
2.22%, 1/15/22		1,193		1,207,891
World Financial Network Credit Card Master Trust
Series 2012-B, Class A
1.76%, 5/17/21		965		973,876
Series 2013-A, Class A
1.61%, 12/15/21		610		609,786

				8,994,244

Autos - Floating Rate - 2.6%
BMW Floorplan Master Owner Trust
Series 2012-1A, Class A
0.586%, 9/15/17 (a)(b)		1,544		1,544,609


	Principal Amount (000)		U.S. $ Value
Ford Credit Floorplan Master Owner Trust A
Series 2015-2, Class A2
0.756%, 1/15/22 (b)	U.S.$	1,003	$	1,003,906
GE Dealer Floorplan Master Note Trust
Series 2014-1, Class A
0.567%, 7/20/19 (b)		615		611,694
Series 2015-1, Class A
0.687%, 1/20/20 (b)		1,055		1,055,031
Hertz Fleet Lease Funding LP
Series 2013-3, Class A
0.735%, 12/10/27 (a)(b)		889		889,962
Series 2014-1, Class A
0.585%, 4/10/28 (a)(b)		1,383		1,382,704
Navistar Financial Dealer Note Master Trust
Series 2014-1, Class A
0.937%, 10/25/19 (a)(b)		776		776,023
NCF Dealer Floorplan Master Trust
Series 2014-1A, Class A
1.687%, 10/20/20 (a)(b)		957		957,028

				8,220,957

Other ABS - Fixed Rate - 2.1%
CIT Equipment Collateral
Series 2014-VT1, Class A2
0.86%, 5/22/17 (a)		1,014		1,013,845
CNH Equipment Trust
Series 2013-A, Class A3
0.69%, 6/15/18		1,320		1,321,325
Series 2013-D, Class A4
1.37%, 10/15/20		2,365		2,365,026
Series 2015-A, Class A4
1.85%, 4/15/21		655		656,077
Dell Equipment Finance Trust
Series 2014-1, Class A3
0.94%, 6/22/20 (a)		806		806,773
Macquarie Equipment Funding Trust
Series 2014-A, Class A2
0.80%, 11/21/16 (a)		597		598,271

				6,761,317

Home Equity Loans - Fixed Rate - 0.0%
Nationstar NIM Ltd.
Series 2007-A, Class A
9.79%, 3/25/37 (c)(d)		13		0

Total Asset-Backed Securities (cost $66,915,168)				66,883,929


	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES - 18.0%
New Zealand - 1.0%
New Zealand Government Bond
Series 1217
6.00%, 12/15/17 (a)	NZD	4,545	$	3,307,575

United States - 17.0%
U.S. Treasury Notes
0.375%, 4/30/16-10/31/16	U.S.$	11,278		11,275,115
0.50%, 11/30/16		5,287		5,290,304
1.25%, 4/30/19		3,500		3,492,069
1.375%, 6/30/18		32,985		33,343,184

				53,400,672

Total Governments - Treasuries (cost $57,123,167)				56,708,247

COMMERCIAL MORTGAGE-BACKED SECURITIES - 17.9%
Non-Agency Fixed Rate CMBS - 16.0%
Banc of America Commercial Mortgage Trust
Series 2007-4, Class A1A
5.774%, 2/10/51		1,783		1,908,028
Citigroup Commercial Mortgage Trust
Series 2006-C4, Class A1A
5.969%, 3/15/49		307		314,710
Series 2013-GC11, Class XA
2.025%, 4/10/46 (e)		14,725		1,169,584
Series 2015-GC29, Class A2
2.674%, 4/10/48		1,025		1,040,885
COMM 2015-LC21 Mortgage Trust
Series 2015-LC21, Class A2
2.976%, 7/10/48		820		845,146
Commercial Mortgage Pass Through Certificates
Series 2012-CR3, Class A1
0.666%, 10/15/45		1,301		1,297,218
Series 2012-CR4, Class A1
0.704%, 10/15/45		1,044		1,042,052
Series 2013-CR6, Class A1
0.719%, 3/10/46		1,571		1,557,859
Series 2013-LC6, Class A1
0.724%, 1/10/46		796		792,638
Series 2014-CR16, Class A2
3.042%, 4/10/47		1,281		1,327,390
Series 2014-CR19, Class A2
2.965%, 8/10/47		1,560		1,611,845
Series 2015-DC1, Class A2
2.87%, 2/10/48		1,097		1,126,576
Commercial Mortgage Trust
Series 2006-C8, Class A1A
5.292%, 12/10/46		1,084		1,140,580
Series 2013-LC6, Class XA
1.90%, 1/10/46 (e)		1,974		154,768
GS Mortgage Securities Corp. II
Series 2013-GC10, Class A1
0.696%, 2/10/46		893		891,092


	Principal Amount (000)		U.S. $ Value
Series 2015-GC30, Class A2
2.726%, 5/10/50	U.S.$	1,007	$	1,024,197
GS Mortgage Securities Trust
Series 2007-GG10, Class A4
5.989%, 8/10/45		505		538,534
Series 2012-GCJ7, Class XA
2.724%, 5/10/45 (e)		11,369		1,161,952
Series 2013-G1, Class A1
2.059%, 4/10/31 (a)		1,097		1,080,030
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2012-LC9, Class A1
0.67%, 12/15/47		190		189,492
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2007-LDPX, Class A1A
5.439%, 1/15/49		2,480		2,620,547
Series 2010-C2, Class A1
2.749%, 11/15/43 (a)		524		525,645
Series 2013-C10, Class A1
0.73%, 12/15/47		768		765,645
Series 2013-C16, Class A2
3.07%, 12/15/46		2,201		2,281,360
JPMBB Commercial Mortgage Securities Trust
Series 2013-C15, Class A2
2.977%, 11/15/45		2,245		2,320,476
Series 2015-C28, Class A2
2.773%, 10/15/48		1,250		1,272,599
Series 2015-C29, Class A2
2.921%, 5/15/48		600		614,769
LSTAR Commercial Mortgage Trust
Series 2014-2, Class A2
2.767%, 1/20/41 (a)		636		645,612
Merrill Lynch Mortgage Trust
Series 2006-C2, Class A1A
5.739%, 8/12/43		735		761,146
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C7, Class A1
0.738%, 2/15/46		1,450		1,448,058
Series 2013-C8, Class A1
0.777%, 12/15/48		1,577		1,568,212
Series 2014-C17, Class A2
3.119%, 8/15/47		1,092		1,132,440
Series 2015-C23, Class A2
2.982%, 7/15/50		930		958,096
UBS-Barclays Commercial Mortgage Trust
Series 2012-C4, Class A1
0.673%, 12/10/45		1,079		1,073,942
Series 2013-C5, Class A1
0.779%, 3/10/46		1,605		1,595,382
Wachovia Bank Commercial Mortgage Trust
Series 2006-C23, Class A5
5.416%, 1/15/45		1,638		1,659,495
Series 2006-C26, Class A1A
6.009%, 6/15/45		402		415,164


	Principal Amount (000)		U.S. $ Value
Wells Fargo Commercial Mortgage Trust
Series 2012-LC5, Class A1
0.687%, 10/15/45	U.S.$	1,442	$	1,439,788
Series 2015-NXS1, Class A2
2.632%, 5/15/48		557		566,664
WF-RBS Commercial Mortgage Trust
Series 2012-C10, Class A1
0.734%, 12/15/45		1,825		1,819,287
Series 2012-C10, Class XA
1.926%, 12/15/45 (a)(e)		1,694		155,515
Series 2012-C6, Class XA
2.577%, 4/15/45 (a)(e)		1,119		109,528
Series 2012-C9, Class A1
0.673%, 11/15/45		1,555		1,549,369
Series 2013-C11, Class A1
0.799%, 3/15/45		860		856,860
Series 2013-C12, Class A1
0.735%, 3/15/48		1,137		1,132,772
Series 2014-C24, Class A2
2.863%, 11/15/47		900		925,491

				50,428,438

Non-Agency Floating Rate CMBS - 1.0%
Carefree Portfolio Trust
Series 2014-CARE, Class A
1.506%, 11/15/19 (a)(b)		597		598,170
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2014-INN, Class A
1.106%, 6/15/29 (a)(b)		1,087		1,084,079
PFP III Ltd.
Series 2014-1, Class A
1.356%, 6/14/31 (a)(b)		322		321,933
Resource Capital Corp., Ltd.
Series 2014-CRE2, Class A
1.236%, 4/15/32 (a)(b)		431		429,498
Starwood Retail Property Trust
Series 2014-STAR, Class A
1.402%, 11/15/27 (a)(b)		622		620,205

				3,053,885

Agency CMBS - 0.9%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates
Series K033, Class A1
2.871%, 2/25/23		2,165		2,246,552
Government National Mortgage Association
Series 2006-51, Class IO
0.449%, 8/16/46 (e)		2,358		67,493


	Principal Amount (000)		U.S. $ Value
NCUA Guaranteed Notes Trust
Series 2010-C1, Class A1
1.60%, 10/29/20	U.S.$	410	$	409,640

				2,723,685

Total Commercial Mortgage-Backed Securities (cost $56,694,336)				56,206,008

COLLATERALIZED MORTGAGE OBLIGATIONS - 8.6%
Agency Floating Rate - 3.5%
Federal Home Loan Mortgage Corp.
Series 4248, Class QF
0.686%, 6/15/39 (b)		1,455		1,468,170
Series 4286, Class VF
0.636%, 12/15/43 (b)		1,671		1,677,185
Federal National Mortgage Association
Series 2013-57, Class FN
0.537%, 6/25/43 (b)		1,601		1,604,725
Series 2014-49, Class AF
0.50%, 8/25/44 (b)		2,612		2,626,564
NCUA Guaranteed Notes Trust
Series 2010-R3, Class 1A
0.744%, 12/08/20 (b)		3,436		3,460,866

				10,837,510

Agency Fixed Rate - 3.1%
Federal Home Loan Mortgage Corp.
Series 3948, Class DA
3.00%, 12/15/24		3,036		3,139,913
Series 4029, Class NE
2.50%, 3/15/41		2,852		2,883,861
Federal National Mortgage Association
Series 2010-9, Class EA
3.50%, 1/25/24		1,130		1,168,084
Series 2011-39, Class DA
3.50%, 7/25/24		781		794,846
Series 2014-54, Class LA
3.00%, 2/25/44		1,748		1,788,761

				9,775,465

GSE Risk Share Floating Rate - 1.8%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2014-DN2, Class M1
1.037%, 4/25/24 (b)		792		790,001
Series 2014-HQ1, Class M1
1.837%, 8/25/24 (b)		1,038		1,040,762
Series 2014-HQ2, Class M1
1.637%, 9/25/24 (b)		421		420,676
Series 2014-HQ3, Class M1
1.837%, 10/25/24 (b)		725		726,184
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C02, Class 1M1
1.137%, 5/25/24 (b)		1,357		1,346,043


	Principal Amount (000)		U.S. $ Value
Series 2014-C04, Class 2M1
2.287%, 11/25/24 (b)	U.S.$	971	$	978,233
Series 2015-C01, Class 1M1
1.687%, 2/25/25 (b)		448		448,048

				5,749,947

Non-Agency Floating Rate - 0.2%
Mortgage Equity Conversion Asset Trust
Series 2007-FF2, Class A
0.69%, 2/25/42 (a)(b)		887		759,230

Total Collateralized Mortgage Obligations (cost $27,121,246)				27,122,152

AGENCIES - 4.5%
Agency Callables - 4.5%
Federal Home Loan Banks
2.00% , 5/18/20		2,355		2,353,519
Federal Home Loan Mortgage Corp.
Series 0002
1.25%, 5/25/18		3,234		3,230,441
1.95%, 5/28/20		2,355		2,350,578
1.58%, 2/27/19		3,231		3,226,412
Series 0000
1.00%, 6/29/17		3,101		3,102,160

Total Agencies (cost $14,276,072)				14,263,110

MORTGAGE PASS-THROUGHS - 3.2%
Agency Fixed Rate 30-Year - 1.6%
Federal National Mortgage Association
Series 2010
5.00% , 2/01/40		2,997		3,378,425
Government National Mortgage Association
5.00%, 10/15/39		1,405		1,581,247
Series 2002
7.50%, 3/15/32		135		162,400

				5,122,072

Other Agency Fixed Rate Programs - 0.8%
Federal National Mortgage Association
3.00% , 5/01/35		2,365		2,407,660

Agency Fixed Rate 15-Year - 0.8%
Federal National Mortgage Association
6.00% , 12/01/21		14		14,638
Federal Home Loan Mortgage Corp. Gold
5.00% , 7/01/25		769		833,997
Federal National Mortgage Association
Series 2001
6.00%, 11/01/16-12/01/16		53		53,961
Series 2002
8.00%, 8/01/16		7		7,638
6.00%, 2/01/17		54		55,645


	Principal Amount (000)		U.S. $ Value
Federal Home Loan Mortgage Corp. Gold
6.50% , 3/01/26	U.S.$	1,281	$	1,409,476

				2,375,355

Agency ARMs - 0.0%
Federal National Mortgage Association
Series 2007
1.79% , 1/01/37 (b)		8		8,417

Total Mortgage Pass-Throughs (cost $9,765,738)				9,913,504

INFLATION-LINKED SECURITIES - 2.3%
United States - 2.3%
U.S. Treasury Inflation Index
0.125%, 4/15/19 (TIPS)
(cost $7,136,352)		7,009		7,099,960

COVERED BONDS - 0.6%
DNB Boligkreditt AS
1.45% , 3/21/18 (a)
(cost $1,862,341)		1,865		1,865,914

Total Investments - 99.0% (cost $312,343,528) (f)				311,503,851
Other assets less liabilities - 1.0% (g)				3,298,103

Net Assets - 100.0%			$	314,801,954

FUTURES


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2015		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		430		September 2015	$	93,990,070	$	94,143,125	$	153,055
Sold Contracts
U.S. T-Note 5 Yr (CBT) Futures		217		September 2015		25,828,460		25,878,945		(50,485	)
U.S. T-Note 10 Yr (CBT) Futures		83		September 2015		10,504,561		10,472,266		32,295

									$	134,865

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty

Contracts to
Deliver
(000)

In Exchange
For
(000)

Settlement
Date

Unrealized
Appreciation/
(Depreciation)

HSBC Bank USA

NZD4,940

USD3,377

8/14/15

41,757

Counterparty

Contracts to
Deliver
(000)

In Exchange
For
(000)

Settlement
Date

Unrealized
Appreciation/
(Depreciation)

State Street Bank & Trust Co.

CAD44

USD36

7/23/15

440

42,197

(a)

(b)

Floating Rate Security. Stated interest rate was in effect at June 30, 2015.

(c)

Fair valued by the Adviser.

(d)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security, which represents 0.00% of net assets as of June 30, 2015, is considered illiquid and restricted.

Restricted Securities

Acquisition
Date

Cost

Market
Value

Percentage of
Net Assets

Nationstar NIM Ltd. Series 2007-A, Class A

9.79%, 3/25/37

4/04/07

13,205

–0

–

0.00

(e)

IO - Interest Only

(f)

As of June 30, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,001,652 and gross unrealized depreciation of investments was $(1,841,329), resulting in net unrealized depreciation of $(839,677).

(g)

An amount of U.S. $87,050 has been segregated to collateralize margin requirements for the open futures contracts at June 30, 2015.

Currency Abbreviations:


CAD	-	Canadian Dollar
NZD	-	New Zealand Dollar
USD	-	United States Dollar

Glossary:


ABS	-	Asset-Backed Securities
ARMs	-	Adjustable Rate Mortgages
CBT	-	Chicago Board of Trade
CMBS	-	Commercial Mortgage-Backed Securities
GSE	-	Government-Sponsored Enterprise
NCUA	-	National Credit Union Administration
TIPS	-	Treasury Inflation Protected Security

Sanford C. Bernstein Fund, Inc.

Short Duration Plus Portfolio

June 30, 2015 (unaudited)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates - Investment Grade

– 0

–

71,441,027

– 0

–

71,441,027

Asset-Backed Securities

– 0

–

60,122,612

6,761,317^

66,883,929

Governments - Treasuries

– 0

–

56,708,247

– 0

–

56,708,247

Commercial Mortgage-Backed Securities

– 0

–

55,667,474

538,534

56,206,008

Collateralized Mortgage Obligations

– 0

–

20,612,975

6,509,177

27,122,152

Agencies

– 0

–

14,263,110

– 0

–

14,263,110

Mortgage Pass-Throughs

– 0

–

9,913,504

– 0

–

9,913,504

Inflation-Linked Securities

– 0

–

7,099,960

– 0

–

7,099,960

Covered Bonds

– 0

–

1,865,914

– 0

–

1,865,914

Total Investments in Securities

– 0

–

297,694,823

13,809,028

311,503,851

Other Financial Instruments* :

Assets:

Futures

185,350

– 0

–

– 0

–

185,350

Forward Currency Exchange Contracts

– 0

–

42,197

– 0

–

42,197

Liabilities:

Futures

(50,485

)

– 0

–

– 0

–

(50,485

)

Total+

134,865

297,737,020

13,809,028

311,680,913

^	The Portfolio held securities with zero market value at period end.

*	Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument.

+	There were no transfers between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


	Asset-Backed Securities^			Commercial Mortgage-Backed Securities			Collateralized Mortgage Obligations
Balance as of 9/30/14	$	10,033,010		$	535,951		$	2,741,190
Accrued discounts/(premiums)		1,602			(254	)		2,143
Realized gain (loss)		(31,973	)		(27	)		4,451
Change in unrealized appreciation/depreciation		39,245			(457	)		40,857
Purchases/Payups		1,668,368			544,135			5,421,210
Sales/Paydowns		(3,717,435	)		(540,814	)		(1,700,674	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		(1,231,500	)		– 0	–		– 0	–

Balance as of 6/30/15	$	6,761,317		$	538,534		$	6,509,177

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/15	$	15,444		$	(4,967	)	$	40,857


	Total
Balance as of 9/30/14	$	13,310,151
Accrued discounts/(premiums)		3,491
Realized gain (loss)		(27,549	)
Change in unrealized appreciation/depreciation		79,645
Purchases/Payups		7,633,713
Sales/Paydowns		(5,958,923	)
Transfers in to Level 3		– 0	–
Transfers out of Level 3		(1,231,500	)

Balance as of 6/30/15	$	13,809,028	+

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/15	$	51,334

^	The Portfolio held securities with zero market value at period end.

+	There were de minimis transfers under 1% of net assets during the reporting period.

The following presents information about significant unobservable inputs related to the Portfolio’s Level 3 investments at June 30, 2015. Securities priced by third party vendors or using prior transaction prices, are excluded from the following table.

Quantitative Information about Level 3 Fair Value Measurements

Fair Value at
6/30/15

Valuation Technique

Unobservable Input

Range/
Weighted Average

Asset-Backed Securities

Qualitative Assessment

0.00 / N/A

Sanford C. Bernstein Fund, Inc.

U.S. Government Short Duration Portfolio

Portfolio of Investments

June 30, 2015 (unaudited)


	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES - 52.5%
United States - 52.5%
U.S. Treasury Notes
0.375%, 5/31/16	$	2,386	$	2,387,677
0.50%, 6/15/16-4/30/17		11,719		11,717,479
0.625%, 8/15/16-4/30/18		4,890		4,888,582
0.75%, 2/28/18		672		669,323
1.25%, 4/30/19		906		903,947

Total Governments - Treasuries (cost $20,547,344)				20,567,008

COLLATERALIZED MORTGAGE OBLIGATIONS - 29.1%
Agency Floating Rate - 16.3%
Federal Home Loan Mortgage Corp.
Series 3349, Class FE
0.676%, 7/15/37 (a)		377		379,327
Series 4248, Class QF
0.686%, 6/15/39 (a)		300		302,716
Series 4286, Class VF
0.636%, 12/15/43 (a)		188		188,872
Series 4350, Class KF
0.53%, 1/15/39 (a)		426		427,941
Federal National Mortgage Association
Series 2005-71, Class FE
0.537%, 8/25/35 (a)		581		584,313
Series 2006-39, Class DF
0.587%, 5/25/36 (a)		346		348,541
Series 2006-42, Class PF
0.597%, 6/25/36 (a)		367		370,047
Series 2010-113, Class FA
0.587%, 10/25/40 (a)		262		263,782
Series 2013-121, Class FA
0.587%, 12/25/43 (a)		161		161,375
Series 2013-57, Class FN
0.537%, 6/25/43 (a)		183		183,747
Series 2014-49, Class AF
0.50%, 8/25/44 (a)		304		305,715
FHLMC Structured Pass Through Securities
Series T-72, Class A1
0.373%, 3/25/36 (a)		81		79,930
NCUA Guaranteed Notes Trust
Series 2010-R1, Class 1A
0.635%, 10/07/20 (a)		2,003		2,012,763
Series 2010-R3, Class 1A
0.744%, 12/08/20 (a)		758		763,331

				6,372,400

Agency Fixed Rate - 12.8%
Federal Home Loan Mortgage Corp.
Series 3372, Class BD
4.50%, 10/15/22		425		449,933


	Principal Amount (000)		U.S. $ Value
Series 3852, Class CA
3.00%, 10/15/39	$	325	$	334,212
Series 3948, Class DA
3.00%, 12/15/24		549		568,056
Series 4029, Class NE
2.50%, 3/15/41		395		399,224
Series 4054, Class HD
2.00%, 5/15/26		396		401,892
Series 4058, Class C
3.50%, 8/15/30		385		405,502
Series 4368, Class HG
3.00%, 2/15/32		380		395,307
Series 4461, Class EA
2.00%, 7/15/37		741		747,435
Federal National Mortgage Association
Series 2011-98, Class AE
2.50%, 11/25/37		369		378,792
Series 2013-130, Class PD
3.50%, 5/25/43		364		381,145
Series 2014-15, Class PA
3.50%, 4/25/44		375		394,259
Series 2014-54, Class LA
3.00%, 2/25/44		177		180,683

				5,036,440

Total Collateralized Mortgage Obligations (cost $11,366,631)				11,408,840

MORTGAGE PASS-THROUGHS - 9.0%
Agency Fixed Rate 30-Year - 4.9%
Federal National Mortgage Association
5.00%, 8/01/33-5/01/39		1,187		1,325,061
Series 2010
5.00%, 2/01/40		362		408,132
Government National Mortgage Association
5.00% , 10/15/39		169		190,081

				1,923,274

Agency Fixed Rate 15-Year - 3.4%
Federal Home Loan Mortgage Corp. Gold
3.50% , 2/01/29		401		426,134
5.00%, 7/01/25		473		512,860
6.50%, 3/01/26		267		294,287
Federal National Mortgage Association
5.50% , 9/01/19		55		57,644
Series 2001
6.00%, 11/01/16		23		23,916
Series 2002
8.00%, 8/01/16		3		2,892

				1,317,733


	Principal Amount (000)		U.S. $ Value
Other Agency Fixed Rate Programs – 0.7%
Federal National Mortgage Association
3.00% , 5/01/35	$	283	$	288,312

Total Mortgage Pass-Throughs (cost $3,489,543)				3,529,319

COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.1%
Agency CMBS - 4.1%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates
Series K017, Class A1
1.891%, 12/25/20		148		149,451
Series K025, Class A1
1.875%, 4/25/22		468		469,164
Series K032, Class A1
3.016%, 2/25/23		245		255,546
Series K033, Class A1
2.871%, 2/25/23		249		258,842
Series K034, Class A1
2.669%, 2/25/23		214		220,058
Series K035, Class A1
2.615%, 3/25/23		224		226,581
Series K703, Class A1
1.873%, 1/25/18		36		35,689

Total Commercial Mortgage-Backed Securities (cost $1,593,518)				1,615,331

AGENCIES - 2.5%
Agency Callables - 2.5%
Federal Home Loan Banks
2.00% , 5/18/20		275		274,827
Federal Home Loan Mortgage Corp.
1.95%, 5/28/20		290		289,456
1.58%, 2/27/19		387		386,450

Total Agencies (cost $952,283)				950,733

INFLATION-LINKED SECURITIES - 2.0%
United States - 2.0%
U.S. Treasury Inflation Index
0.125%, 4/15/19 (TIPS)
(cost $791,426)		777		787,112

ASSET-BACKED SECURITIES - 0.3%
Autos - Floating Rate - 0.3%
Navistar Financial Dealer Note Master Trust
Series 2014-1, Class A 0.937%,
10/25/19 (a)(b)
(cost $111,000)		111		111,003


	U.S. $ Value
Total Investments - 99.5% (cost $38,851,745) (c)	$	38,969,346
Other assets less liabilities - 0.5% (d)		206,520

Net Assets - 100.0%	$	39,175,866

FUTURES


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2015		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		42		September 2015	$	9,180,812	$	9,195,375	$	14,563
Sold Contracts
U.S. T-Note 10 Yr (CBT) Futures		27		September 2015		3,407,459		3,406,640		819

									$	15,382

(a)

Floating Rate Security. Stated interest rate was in effect at June 30, 2015.

(b)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2015, the market value of this security amounted to $111,003 or 0.3% of net assets.

(c)

As of June 30, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $140,482 and gross unrealized depreciation of investments was $(22,881), resulting in net unrealized appreciation of $117,601.

(d)

An amount of U.S. $29,898 has been segregated to collateralize margin requirements for the open futures contracts at June 30, 2015.

Glossary:


CBT	-	Chicago Board of Trade
CMBS	-	Commercial Mortgage-Backed Securities
FHLMC	-	Federal Home Loan Mortgage Corporation
NCUA	-	National Credit Union Administration
TIPS	-	Treasury Inflation Protected Security

Sanford C. Bernstein Fund, Inc.

U.S. Government Short Duration Portfolio

June 30, 2015 (unaudited)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Governments - Treasuries

– 0

–

20,567,008

– 0

–

20,567,008

Collateralized Mortgage Obligations

– 0

–

11,408,840

– 0

–

11,408,840

Mortgage Pass-Throughs

– 0

–

3,529,319

– 0

–

3,529,319

Commercial Mortgage-Backed Securities

– 0

–

1,615,331

– 0

–

1,615,331

Agencies

– 0

–

950,733

– 0

–

950,733

Inflation-Linked Securities

– 0

–

787,112

– 0

–

787,112

Asset-Backed Securities

– 0

–

111,003

– 0

–

111,003

Total Investments in Securities

– 0

–

38,969,346

– 0

–

38,969,346

Other Financial Instruments* :

Assets:

Futures

15,382

– 0

–

– 0

–

15,382

Liabilities:

– 0

–

– 0

–

– 0

–

– 0

–

Total^

15,382

38,969,346

—

38,984,728

*	Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument.

^	There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

Sanford C. Bernstein Fund, Inc.

Short Duration California Municipal Portfolio

Portfolio of Investments

June 30, 2015 (unaudited)


	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 91.1%
Long-Term Municipal Bonds - 91.1%
California - 75.9%
Abag Finance Authority for Nonprofit Corps. (Odd Fellows Home of California)
Series 2012A
4.00%, 4/01/16	$	1,080	$	1,108,458
Bay Area Toll Authority
Series 2007F
5.00%, 4/01/17 (Pre-refunded/ETM)		1,305		1,403,541
City of Los Angeles CA Solid Waste Resources Revenue
Series 2015A
5.50%, 2/01/18		420		469,186
City of Los Angeles CA Wastewater System Revenue
Series 2013B
4.00%, 6/01/16		1,000		1,033,050
East Bay Municipal Utility District Water System Revenue
Series 2013A
5.00%, 6/01/16		1,245		1,296,207
Los Angeles County Sanitation Districts Financing Authority
Series 2013A
5.00%, 10/01/16		1,525		1,610,629
Los Angeles Unified School District/CA
Series 2014A
5.00%, 7/01/17		1,315		1,426,604
NATL Series 2002
5.75%, 7/01/16		725		763,432
Metropolitan Water District of Southern California
Series 2012E-2
3.00%, 7/01/35		1,000		1,000,000
Orange County Sanitation District COP
AGM Series 2007B
5.00%, 2/01/17 (Pre-refunded/ETM)		1,025		1,096,678
Sacramento City Unified School District/CA
Series 2013A
4.00%, 8/01/15		1,040		1,043,131
Sacramento Municipal Utility District
Series 2013C
5.00%, 8/15/16		1,595		1,677,876
San Francisco Unified School District
Series 2014B
5.00%, 6/15/17		1,085		1,175,912
San Jose Unified School District
Series 2015
5.00%, 8/01/20		1,095		1,289,012
Southern California Public Power Authority (Los Angeles Department of Water & Power PWR)
Series 2012A
5.00%, 7/01/16		1,155		1,207,356
State of California
Series 2013B
5.00%, 9/01/15		1,815		1,829,048

				19,430,120


	Principal Amount (000)		U.S. $ Value
Florida - 0.4%
Durbin Crossing Community Development District
Series 20061
5.25%, 11/01/15 (a)(b)	$	105	$	37,800
Lake Ashton II Community Development District
Series 2006B
5.00%, 11/01/11 (a)(b)		190		62,700

				100,500

Illinois - 2.0%
State of Illinois
Series 2012
5.00%, 8/01/15		510		511,673
Town of Cortland IL Special Service Areas No 9 & 10
Series 2007
5.125%, 3/01/14 (a)(b)		110		5,500

				517,173

Louisiana - 0.3%
Coves of the Highland County Community Development District
Series 2006
5.60%, 11/01/13 (a)(b)(c)		200		0
Isabella Lakes Community Development District
Series 2007
6.00%, 8/01/22 (a)(b)		200		50,000
Orange Grove Community Development District
Series 2006
5.30%, 11/01/21 (a)(b)		130		26,000

				76,000

New Jersey - 7.8%
New Jersey Economic Development Authority (New Jersey Cigarette Tax)
Series 2012
5.00%, 6/15/16		820		848,298
New Jersey Transit Corp.
Series 2014A
5.00%, 9/15/17		1,080		1,158,268

				2,006,566

New York - 0.7%
New York State Energy Research & Development Authority (Niagara Mohawk Holdings, Inc.)
AMBAC Series 1987A
0.46%, 3/01/27 (d)		180		172,834

Puerto Rico - 4.0%
Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth (Universidad Interamericana DE Puerto Rico, Inc.)


	Principal Amount (000)		U.S. $ Value
Series 2012
5.00%, 10/01/15	$	1,015	$	1,020,511

Total Municipal Obligations (cost $24,004,884)			$	23,323,704

CORPORATES - INVESTMENT GRADE - 5.5%
Financial Institutions - 5.5%
Banking - 5.5%
Capital One Bank USA NA
1.20%, 2/13/17		500		497,471
JPMorgan Chase & Co.
1.35%, 2/15/17		440		440,384
Morgan Stanley
Series G
5.45%, 1/09/17		445		471,567

Total Corporates - Investment Grade (cost $1,413,337)				1,409,422

SHORT-TERM INVESTMENTS - 2.3%
Time Deposit - 2.3%
State Street Time Deposit
0.01%, 7/01/15
(cost $584,006)		584		584,006

Total Investments - 98.9% (cost $26,002,227) (e)				25,317,132
Other assets less liabilities - 1.1%				292,609

Net Assets - 100.0%			$	25,609,741

(a)

Security is in default and is non-income producing.

(b)

Illiquid security.

(c)

Fair valued by the Adviser.

(d)

An auction rate security whose interest rate resets at each auction date. Auctions are typically held every week or month. The rate shown is as of June 30, 2015 and the aggregate market value of this security amounted to $172,834 or 0.67% of net assets.

(e)

As of June 30, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $34,425 and gross unrealized depreciation of investments was $(719,520), resulting in net unrealized depreciation of $(685,095).

As of June 30, 2015, the Fund’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 8.7% and 4.7%, respectively

Glossary:


AGM	-	Assured Guaranty Municipal
AMBAC	-	Ambac Assurance Corporation
COP	-	Certificate of Participation
ETM	-	Escrowed to Maturity
NATL	-	National Interstate Corporation

Sanford C. Bernstein Fund, Inc.

Short Duration California Municipal Portfolio

June 30, 2015 (unaudited)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

23,141,704

182,000

23,323,704

Corporates - Investment Grade

– 0

–

1,409,422

– 0

–

1,409,422

Short-Term Investments

– 0

–

584,006

– 0

–

584,006

Total Investments in Securities

– 0

–

25,135,132

182,000

25,317,132

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total+

– 0

–

25,135,132

182,000

25,317,132

^	The Portfolio held securities with zero market value at period end.

*	Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument.

+	There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


	Long-Term Municipal Bonds^			Total
Balance as of 9/30/14	$	200,994		$	200,994
Accrued discounts/(premiums)		– 0	–		– 0	–
Realized gain (loss)		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		22,077			22,077
Purchases		– 0	–		– 0	–
Sales		(41,071	)		(41,071	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 6/30/15	$	182,000		$	182,000

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/15	$	22,077		$	22,077

^	The Portfolio held securities with zero market value at period end.

Sanford C. Bernstein Fund, Inc.

Short Duration New York Municipal Portfolio

Portfolio of Investment

June 30, 2015 (unaudited)


	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 97.4%
Long-Term Municipal Bonds - 97.4%
New York - 89.1%
City of New York NY
Series 2012A
5.00%, 8/01/16	$	2,855	$	2,994,695
Series 2013E
5.00%, 8/01/17		1,175		1,275,322
County of Westchester NY
Series 2013B
5.00%, 7/01/16		2,610		2,729,355
Erie County Fiscal Stability Authority (Erie County Fiscal Stability Authority Sales Tax)
Series 2011C
5.00%, 12/01/16		1,000		1,062,530
Long Island Power Authority
NATL Series 2006D
1.521%, 9/01/15 (a)		2,050		2,054,469
Metropolitan Transportation Authority
Series 2012H
5.00%, 11/15/17		1,350		1,477,197
AGM Series 2002B-1
0.373%, 11/01/22 (b)		2,575		2,479,877
Metropolitan Transportation Authority (Metropolitan Transportation Authority Service Contract)
Series 2002A
5.75%, 1/01/17		3,600		3,878,928
Nassau County Interim Finance Authority
Series 2012A
5.00%, 11/15/16		1,335		1,416,782
Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group)
Series 2014
3.00%, 7/01/15-7/01/16		1,385		1,393,112
New York City Transitional Finance Authority Future Tax Secured Revenue
Series 2009B
5.00%, 11/01/15 (Pre-refunded/ETM)		1,000		1,015,450
5.00%, 11/01/15		845		858,055
Series 2015C
5.00%, 11/01/18		3,680		4,133,670
New York Local Government Assistance Corp.
Series 2009A
5.00%, 4/01/17		1,000		1,075,690
New York State Dormitory Authority (State of New York Pers Income Tax)
Series 2011B
5.00%, 3/15/17		3,700		3,972,283
New York State Energy Research & Development Authority (New York State Electric & Gas Corp.)
NATL Series 2010C
0.513%, 4/01/34 (b)		2,325		2,182,740
New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority)


	Principal Amount (000)		U.S. $ Value
Series 2012D
5.00%, 6/15/20	$	1,000	$	1,167,650
Series 2014
5.00%, 6/15/18		1,005		1,121,550
New York State Thruway Authority
Series 2012I
5.00%, 1/01/16 (Pre-refunded/ETM)		245		250,662
New York State Thruway Authority (New York State Thruway Authority Ded Tax)
Series 2008B
5.25%, 4/01/18		2,710		3,020,837
New York State Thruway Authority (New York State Thruway Authority Gen Toll Road)
Series 2012I
5.00%, 1/01/16		835		854,088
New York State Urban Development Corp. (State of New York Pers Income Tax)
Series 2010A
5.00%, 3/15/17		1,000		1,073,590
Port Authority of New York & New Jersey
Series 2013180
4.00%, 6/01/16		1,580		1,631,792
Sales Tax Asset Receivable Corp.
Series 2014A
3.00%, 10/15/16		2,470		2,549,658
Schenectady County Capital Resource Corp. (Ellis Hospital)
Series 2012
1.75%, 2/15/18		450		446,301
Tobacco Settlement Financing Corp/NY (Tobacco Settlement Financing Corp/NY State Lease)
Series 2013B
5.00%, 6/01/20		3,950		4,119,811
Town of Hempstead NY
Series 2012
4.00%, 8/15/15		1,315		1,321,089
Triborough Bridge & Tunnel Authority
Series 2012A
5.00%, 11/15/16		1,000		1,059,570
Utility Debt Securitization Authority
Series 2013T
5.00%, 6/15/18		2,170		2,263,722

				54,880,475

Colorado - 2.2%
Denver Urban Renewal Authority (Stapleton Development Corp.)
Series 2013A
5.00%, 12/01/15		1,355		1,379,837

Florida - 0.6%
Durbin Crossing Community Development District
Series 20061
5.25%, 11/01/15 (c)(d)		135		48,600
New River Community Development District
Series 2006B


	Principal Amount (000)		U.S. $ Value
5.00%, 5/01/13 (c)(e)(f)	$	65	$	1
Overoaks Community Development District
Series 2004B
5.125%, 5/01/09 (c)(e)		45		22,500
Series 2010A-1
6.125%, 5/01/35 (c)		20		20,018
Series 2010A-2
6.125%, 5/01/35 (c)		50		50,036
Series 2010B
5.125%, 5/01/17 (c)		65		65,461
Parkway Center Community Development District
Series 2004B
7.00%, 5/01/23		130		129,908

				336,524

Illinois - 1.7%
State of Illinois
Series 2012
5.00%, 8/01/15		1,000		1,003,280
Town of Cortland IL Special Service Areas No 9 & 10
Series 2007
5.125%, 3/01/14 (c)(d)		153		7,650

				1,010,930

Louisiana - 0.2%
Coves of the Highland County Community Development District
Series 2006
5.60%, 11/01/13 (c)(d)(f)		270		0
Isabella Lakes Community Development District
Series 2007
6.00%, 8/01/22 (c)(d)		255		63,750
Juban Parc Community Development District
Series 2006
5.15%, 10/01/14 (c)(d)		115		23,000
Whispering Spring Community Development District
Series 2006
5.20%, 10/01/21 (c)(d)		120		21,600

				108,350

Michigan - 0.5%
Michigan Finance Authority (Detroit City School District State Aid)
Series 2015B
4.75%, 6/01/16 (g)		300		303,960

New Jersey - 3.1%
New Jersey Transit Corp.
Series 2014A
5.00%, 9/15/17		1,800		1,930,446

Total Municipal Obligations (cost $60,791,062)				59,950,522


	Principal Amount (000)		U.S. $ Value
CORPORATES-INVESTMENT GRADE - 2.1%
Financial Institutions - 2.1%
Banking - 2.1%
JPMorgan Chase & Co.
0.793%, 3/01/18 (h)	$	843	$	839,865
Morgan Stanley
5.375%, 10/15/15		455		460,956

Total Corporates-Investment Grade (cost $1,302,943)				1,300,821

Total Investments - 99.5% (cost $62,094,005) (i)				61,251,343
Other assets less liabilities - 0.5%				320,718

Net Assets - 100.0%			$	61,572,061

(a)

Variable rate coupon, rate shown as of June 30, 2015.

(b)

An auction rate security whose interest rate resets at each auction date. Auctions are typically held every week or month. The rate shown is as of June 30, 2015 and the aggregate market value of these securities amounted to $4,662,617 or 7.57% of net assets.

(c)

Illiquid security.

(d)

Security is in default and is non-income producing.

(e)

Non-income producing security.

(f)

Fair valued by the Adviser.

(g)

(h)

Floating Rate Security. Stated interest rate was in effect at June 30, 2015.

(i)

As of June 30, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $240,655 and gross unrealized depreciation of investments was $(1,083,317), resulting in net unrealized depreciation of $(842,662).

Glossary:


AGM	-	Assured Guaranty Municipal
ETM	-	Escrowed to Maturity
NATL	-	National Interstate Corporation

Sanford C. Bernstein Fund, Inc.

Short Duration New York Municipal Portfolio

June 30, 2015 (unaudited)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

58,231,886

1,718,636

59,950,522

Corporates - Investment Grade

– 0

–

1,300,821

– 0

–

1,300,821

Total Investments in Securities

– 0

–

59,532,707

1,718,636

61,251,343

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total+

– 0

–

59,532,707

1,718,636

61,251,343

^	The Portfolio held securities with zero market value at period end.

*	Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument.

+	There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


	Long-Term Municipal Bonds^			Total
Balance as of 9/30/14	$	827,562		$	827,562
Accrued discounts/(premiums)		(32,515	)		(32,515	)
Realized gain (loss)		422			422
Change in unrealized appreciation/depreciation		26,386			26,386
Purchases		969,587			969,587
Sales		(72,806	)		(72,806	)


Transfers in to Level 3		– 0	–
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 6/30/15	$	1,718,636		$	1,718,636

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/15	$	26,374		$	26,374

^	The Portfolio held securities with zero market value at period end.

Quantitative Information about Level 3 Fair Value Measurements

Fair Value at
6/30/15

Valuation Technique

Unobservable Input

Range/
Weighted Average

Long-Term Municipal Bonds

Qualitative Assessment

0.00 / N/A

Sanford C. Bernstein Fund, Inc.

Short Duration Diversified Municipal Portfolio

Portfolio of Investments

June 30, 2015 (unaudited)


	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 95.6%
Long-Term Municipal Bonds - 95.6%
Alabama - 2.7%
Alabama Public School & College Authority
Series 2013A
5.00%, 6/01/16	$	4,180	$	4,348,412
County of Jefferson AL Sewer Revenue
Series 2013D
5.00%, 10/01/16		750		779,468

				5,127,880

Arizona - 2.8%
City of Phoenix Civic Improvement Corp.
Series 2009A
5.00%, 7/01/17		2,300		2,491,383
Salt River Project Agricultural Improvement & Power District
Series 2009B
4.00%, 1/01/16		2,890		2,943,465

				5,434,848

Arkansas - 0.0%
City of Little Rock AR
Series 2013
1.25%, 4/01/33		50		49,963

Colorado - 0.0%
Todd Creek Village Metropolitan District No 1
Series 2004
4.75%, 12/01/29 (a)(b)		85		52,555

Florida - 9.5%
Citizens Property Insurance Corp.
Series 2009A-1
6.00%, 6/01/16		3,500		3,670,205
Series 2010A-1
5.00%, 6/01/16		4,695		4,881,110
Florida State Board of Education (State of Florida)
Series 2015C
5.00%, 6/01/17		2,010		2,173,473
Heritage Plantation Community Development District
Series 2006B
5.10%, 11/01/13 (a)(b)		150		49,500
Miami Beach Health Facilities Authority (Mount Sinai Medical Center of Florida, Inc.)
Series 2012
3.00%, 11/15/15		815		822,457
Overoaks Community Development District
Series 2004B
5.125%, 5/01/09 (a)(c)		55		27,500
Series 2010A-1
6.125%, 5/01/35 (a)		30		30,027
Series 2010A-2
6.125%, 5/01/35 (a)		60		60,043


	Principal Amount (000)		U.S. $ Value
Series 2010B
5.125%, 5/01/17 (a)	$	70	$	70,497
Parkway Center Community Development District
Series 2004B
7.00%, 5/01/23		105		104,925
State of Florida Lottery Revenue
Series 2012A
5.00%, 7/01/16-7/01/17		6,100		6,485,447

				18,375,184

Georgia - 5.7%
Municipal Electric Authority of Georgia
Series 2012B
5.00%, 1/01/18		2,450		2,690,663
State of Georgia
Series 2012A
5.00%, 7/01/16		8,000		8,368,320

				11,058,983

Illinois - 3.0%
State of Illinois
Series 2012
5.00%, 8/01/15		2,730		2,738,954
State of Illinois (State of Illinois Sales Tax)
Series 2013
4.00%, 6/15/16		3,010		3,107,103
Town of Cortland IL Special Service Areas No 9 & 10
Series 2007
5.125%, 3/01/14 (a)(b)		182		9,100

				5,855,157

Louisiana - 0.1%
Isabella Lakes Community Development District
Series 2007
6.00%, 8/01/22 (a)(b)		515		128,750
Whispering Spring Community Development District
Series 2006
5.20%, 10/01/21 (a)(b)		670		120,600

				249,350

Maryland - 2.3%
State of Maryland Department of Transportation
Series 2015B
5.00%, 2/15/18		4,000		4,416,360

Massachusetts - 5.7%
Massachusetts Clean Water Trust (The)
Series 2014
5.00%, 8/01/17		7,700		8,374,058
Massachusetts School Building Authority
Series 2012B
5.00%, 8/15/17		2,400		2,612,424

				10,986,482


	Principal Amount (000)		U.S. $ Value
Michigan - 4.3%
City of Detroit MI Sewage Disposal System Revenue
AGM Series 2006D
0.784%, 7/01/32 (d)	$	1,530	$	1,337,511
Michigan Finance Authority (City of Detroit MI Water Supply System Revenue)
Series 2014D4
5.00%, 7/01/16		3,260		3,382,054
Michigan Finance Authority (Detroit City School District State Aid)
Series 2015B
4.75%, 6/01/16 (e)		1,000		1,013,200
Rochester Community School District
Series 2015
5.00%, 5/01/16		2,585		2,679,327

				8,412,092

Minnesota - 5.1%
Elk River Independent School District No 728
Series 2012A
5.00%, 2/01/17		4,460		4,762,432
State of Minnesota (State of Minnesota Lease)
Series 2012B
4.00%, 3/01/16		5,000		5,121,550

				9,883,982

Missouri - 2.7%
City of St Louis MO Airport Revenue (Lambert-St Louis Intl Airport)
NATL Series 2005
5.50%, 7/01/16		5,040		5,277,838

Nevada - 2.8%
State of Nevada (State of Nevada Unemployment)
Series 2013
5.00%, 6/01/16		5,285		5,498,461

New Jersey - 3.5%
Morris-Union Jointure Commission COP
AGM Series 2013
4.00%, 8/01/15		750		751,695
New Jersey Economic Development Authority
Series 2011G
5.00%, 9/01/20		1,910		2,075,826
New Jersey Economic Development Authority (New Jersey Cigarette Tax)
Series 2012
5.00%, 6/15/16		1,625		1,681,079
New Jersey Transit Corp.
Series 2014A
5.00%, 9/15/17		2,100		2,252,187

				6,760,787


	Principal Amount (000)		U.S. $ Value
New Mexico - 6.2%
State of New Mexico Severance Tax Permanent Fund
Series 2013A
5.00%, 7/01/16	$	11,440	$	11,959,719

New York - 5.5%
City of New York NY
Series 2012F
5.00%, 8/01/15		1,835		1,842,432
Series 2013J
5.00%, 8/01/16		2,400		2,517,432
Metropolitan Transportation Authority
AGM Series 2002B-1
0.373%, 11/01/22 (f)		6,575		6,332,113

				10,691,977

Ohio - 3.3%
County of Hamilton OH Sewer System Revenue
Series 2015A
5.00%, 12/01/16		5,000		5,308,300
State of Ohio Major New State Infrastructure Project (State of Ohio Fed Hwy Grant)
Series 20121-GARVEE
5.00%, 12/15/17		1,000		1,099,050

				6,407,350

Oklahoma - 0.3%
Comanche County Memorial Hospital
Series 2015
5.00%, 7/01/16		600		621,558

Oregon - 2.2%
Portland Community College District
Series 2013
5.00%, 6/15/16		4,105		4,285,497

Pennsylvania - 1.7%
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Unemployment)
Series 2012A
5.00%, 7/01/18		2,970		3,313,985
Philadelphia Authority for Industrial Development (LLPCS Foundation)
Series 2005A
4.60%, 7/01/15 (a)(b)		65		40,300

				3,354,285

South Carolina - 3.4%
State of South Carolina
Series 2011
5.00%, 3/01/17		6,135		6,577,211

Texas - 13.6%
Austin Community College District Public Facility Corp.
Series 2015
3.00%, 8/01/17		1,100		1,146,563


	Principal Amount (000)		U.S. $ Value
Grand Parkway Transportation Corp.
Series 2014A
3.00%, 12/15/16	$	11,040	$	11,387,429
Tarrant Regional Water District
Series 2012A
5.00%, 3/01/17		6,115		6,553,629
Series 2015
5.00%, 3/01/18		2,760		3,051,345
Texas Public Finance Authority (Texas Public Finance Authority State Lease)
Series 2015D
4.00%, 2/01/18		1,290		1,386,892
Texas Transportation Commission State Highway Fund
Series 2015
4.00%, 10/01/18 (g)		2,500		2,718,675

				26,244,533

Virginia - 1.9%
County of Fairfax VA
Series 2011A
5.00%, 4/01/17		1,385		1,489,831
Greater Richmond Convention Center Authority
Series 2015
5.00%, 6/15/16		2,000		2,085,220

				3,575,051

Washington - 0.6%
Energy Northwest (Bonneville Power Administration)
Series 2010A
5.00%, 7/01/17		1,000		1,084,250

West Virginia - 1.3%
State of West Virginia
Series 2015A
5.00%, 6/01/18		2,180		2,429,523

Wisconsin - 5.4%
State of Wisconsin
Series 20141
5.00%, 5/01/16		10,000		10,384,300

Total Municipal Obligations (cost $186,340,539)				185,055,176

CORPORATES - INVESTMENT GRADE - 3.2%
Financial Institutions - 3.2%
Banking - 3.2%
Capital One Bank USA NA
1.20%, 2/13/17		1,850		1,840,645
Citigroup, Inc.
4.587%, 12/15/15		750		762,730
Morgan Stanley
5.375%, 10/15/15		1,300		1,317,018
JPMorgan Chase & Co.
3.15%, 7/05/16		2,213		2,257,813

Total Corporates - Investment Grade (cost $6,190,563)			$	6,178,206


	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 0.7%
Time Deposit - 0.7%
State Street Time Deposit
0.01%, 7/01/15
(cost $1,287,318)	$	1,287	$	1,287,318

Total Investments - 99.5% (cost $193,818,420)(h)				192,520,700
Other assets less liabilities - 0.5%				1,003,461

Net Assets - 100.0%			$	193,524,161

(a)

Illiquid security.

(b)

Security is in default and is non-income producing.

(c)

Non-income producing security.

(d)

Floating Rate Security. Stated interest rate was in effect at June 30, 2015.

(e)

(f)

(g)

When-Issued or delayed delivery security.

(h)

As of June 30, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $462,427 and gross unrealized depreciation of investments was $(1,760,147), resulting in net unrealized depreciation of $(1,297,720).

Glossary:


AGM	-	Assured Guaranty Municipal
NATL	-	National Interstate Corporation

Sanford C. Bernstein Fund, Inc.

Short Duration Diversified Municipal Portfolio

June 30, 2015 (unaudited)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

184,361,379

693,797

185,055,176

Corporates - Investment Grade

– 0

–

6,178,206

– 0

–

6,178,206

Short-Term Investments

– 0

–

1,287,318

– 0

–

1,287,318

Total Investments in Securities

– 0

–

191,826,903

693,797

192,520,700

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total+

– 0

–

191,826,903

693,797

192,520,700

*	Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument.

+	There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


	Long-Term Municipal Bonds			Total
Balance as of 9/30/14	$	1,841,093		$	1,841,093
Accrued discounts/(premiums)		(452	)		(452	)
Realized gain (loss)		944			944
Change in unrealized appreciation/depreciation		(17,788	)		(17,788	)
Purchases		– 0	–		– 0	–
Sales		(1,130,000	)		(1,130,000	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 6/30/15	$	693,797		$	693,797

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/15	$	(16,884	)	$	(16,884	)

Sanford C. Bernstein Fund, Inc.

California Municipal Portfolio

Portfolio of Investments

June 30, 2015 (unaudited)


	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 95.5%
Long-Term Municipal Bonds - 95.5%
California - 83.9%
Abag Finance Authority for Nonprofit Corps. (Odd Fellows Home of California)
Series 2012A
5.00%, 4/01/20-4/01/22	$	2,000	$	2,321,180
Anaheim Public Financing Authority (City of Anaheim CA Lease)
Series 2014A
5.00%, 5/01/21-5/01/24		4,050		4,754,798
Bay Area Toll Authority
Series 2006F
5.00%, 4/01/16 (Pre-refunded/ETM)		5,250		5,431,650
5.00%, 4/01/16		3,630		3,755,053
Series 2007F
5.00%, 4/01/16		3,570		3,692,986
Series 2009F-1
5.00%, 4/01/19 (Pre-refunded/ETM)		14,975		17,071,350
Series 2012
5.00%, 4/01/24-4/01/25		13,845		16,168,624
Series 2014A
1.00%, 4/01/47		15,455		15,498,583
Bay Area Water Supply & Conservation Agency
Series 2013A
5.00%, 10/01/25		4,710		5,580,691
California Econ Recovery
Series 2009A
5.00%, 7/01/18 (Pre-refunded/ETM)		8,245		9,231,020
5.00%, 7/01/18		2,375		2,660,523
5.00%, 7/01/19 (Pre-refunded/ETM)		22,500		25,875,000
California Educational Facilities Authority (University of the Pacific)
Series 2015
5.00%, 11/01/28 (a)		1,545		1,767,279
California Infrastructure & Economic Development Bank (Broad Collection (The))
Series 2011A
5.00%, 6/01/21		20,650		24,461,577
California Pollution Control Financing Authority (Poseidon Resources Channelside LP)
Series 2012
5.00%, 7/01/27 (b)		4,000		4,397,600
California Special Districts Association Finance Corp. COP
AGM Series 1996Z
5.50%, 8/01/17 (Pre-refunded/ETM)		185		187,351
California State Public Works Board
Series 2009E
5.00%, 4/01/19 (Pre-refunded/ETM)		10,825		12,383,151
Series 2011G
5.00%, 12/01/21 (Pre-refunded/ETM)		1,545		1,856,163
NATL Series 2007C
5.00%, 9/01/16 (Pre-refunded/ETM)		1,575		1,660,113
California State Public Works Board (California State Public Works Board Lease)
Series 2014A


	Principal Amount (000)		U.S. $ Value
5.00%, 9/01/30	$	11,220	$	12,830,182
Series 2014B
5.00%, 10/01/29		4,445		5,114,728
AMBAC Series 1993A
5.00%, 12/01/19		2,340		2,565,248
California State University
Series 2010A
5.00%, 11/01/24		1,490		1,722,544
Series 2011A
5.25%, 11/01/26		5,500		6,470,255
Series 2012A
5.00%, 11/01/26		10,930		12,826,792
Series 2014A
5.00%, 11/01/28		16,650		19,576,071
California Statewide Communities Development Authority (Kaiser Credit Group)
Series 2012C
5.00%, 11/01/29		2,630		2,829,591
Series 2012E-1
5.00%, 4/01/44		1,000		1,075,890
City of Industry CA
Series 2009
5.00%, 7/01/17		3,655		3,959,133
City of Long Beach CA Harbor Revenue
Series 2010A
5.00%, 5/15/22-5/15/25		16,895		19,503,561
Series 2010B
5.00%, 5/15/21		6,500		7,542,145
Series 2015A
4.00%, 5/15/18		2,070		2,231,150
City of Los Angeles CA Wastewater System Revenue
Series 2012C
5.00%, 6/01/23		2,765		3,293,364
City of Los Angeles Department of Airports (Los Angeles Intl Airport)
Series 2008A
5.50%, 5/15/16-5/15/17		10,670		11,475,640
Series 2009A
5.25%, 5/15/23-5/15/24		15,955		18,265,477
Series 2010A
5.00%, 5/15/23-5/15/25		25,915		30,126,676
Series 2010D
5.00%, 5/15/23		5,000		5,822,050
City of Riverside CA Electric Revenue
Series 2013A
5.00%, 10/01/15		2,425		2,452,524
City of Riverside CA Sewer Revenue
Series 2015A
5.00%, 8/01/27-8/01/30		5,320		6,132,258
City of San Francisco CA Public Utilities Commission Wastewater Revenue
Series 2013B
5.00%, 10/01/25		4,000		4,721,840
City of San Francisco CA Public Utilities Commission Water Revenue
Series 2009A
5.00%, 11/01/28		2,000		2,273,700


	Principal Amount (000)		U.S. $ Value
Series 2011A
5.00%, 11/01/25	$	11,320	$	13,385,221
City of San Jose CA Airport Revenue
Series 2014A
5.00%, 3/01/25		3,600		4,097,916
Contra Costa Water District
Series 2012Q
5.00%, 10/01/20		5,315		6,251,237
Series 2013R
5.00%, 10/01/16		1,570		1,658,156
Cotati-Rohnert Park Unified School District
AGM Series 2015B
5.00%, 8/01/21		3,000		3,536,370
NATL Series 2005
5.00%, 8/01/20		2,020		2,026,848
Fremont Unified School District/Alameda County CA
Series 2014A
4.00%, 8/01/16		1,225		1,272,150
Grossmont-Cuyamaca Community College District
AGC Series 2008
5.25%, 8/01/17		1,150		1,256,812
Lake Elsinore Public Financing Authority
Series 2015
5.00%, 9/01/21-9/01/23		1,675		1,869,248
Long Beach Bond Finance Authority (Aquarium of the Pacific)
Series 2012
5.00%, 11/01/23		4,025		4,614,743
Long Beach Unified School District
Series 2009A
5.00%, 8/01/15-8/01/18		17,695		19,097,325
Series 2010A
5.00%, 8/01/25		1,000		1,153,840
Los Angeles Community College District/CA
Series 2015A
5.00%, 8/01/25		5,000		6,044,750
Series 2015C
5.00%, 8/01/20		1,615		1,898,546
Los Angeles County Metropolitan Transportation Authority
Series 2010A
5.00%, 7/01/21		2,000		2,296,700
Series 2014
5.00%, 7/01/23		2,220		2,696,523
Los Angeles Department of Water & Power PWR
Series 2008A-2
4.00%, 7/01/16		10,050		10,413,810
Series 2012C
4.00%, 1/01/16		1,000		1,009,160
5.00%, 1/01/16		8,150		8,243,888
Series 2013A
5.00%, 7/01/21		1,505		1,783,711
Series 2014B
5.00%, 7/01/27		2,190		2,569,724
Series 2014C
5.00%, 7/01/26		11,725		13,998,126
Los Angeles Department of Water & Power WTR
Series 2012C


	Principal Amount (000)		U.S. $ Value
5.00%, 7/01/23	$	1,540	$	1,839,823
Los Angeles Unified School District/CA
Series 2014C
5.00%, 7/01/27		10,365		12,219,609
Series 2015A
5.00%, 7/01/19		11,585		13,288,574
FGIC Series 2005A-1
5.00%, 7/01/20-7/01/22		13,485		13,485,000
NATL Series 2005A-2
5.00%, 7/01/20		11,000		11,000,000
Mammoth Unified School District/CA
NATL Series 1998
Zero Coupon, 8/01/21-8/01/22		2,100		1,773,861
Metropolitan Water District of Southern California
Series 1993
5.75%, 8/10/18		7,600		8,190,900
Series 1993A
5.75%, 7/01/21		1,775		2,099,062
5.75%, 7/01/21 (Pre-refunded/ETM)		710		876,190
Series 2014A
5.00%, 3/01/17-3/01/20		11,585		13,067,108
Natomas Unified School District
Series 2014
5.00%, 8/01/22-8/01/23		4,950		5,922,851
Northern California Power Agency
Series 2012A
5.00%, 7/01/25-7/01/27		3,980		4,581,146
Orange County Sanitation District COP
Series 2009A
5.00%, 2/01/18-2/01/20		11,045		12,405,736
Peralta Community College District
Series 2014A
5.00%, 8/01/28		1,820		2,114,967
Pittsburg Successor Agency Redevelopment Agency
Series 1983
9.60%, 6/01/16 (Pre-refunded/ETM)		1,000		1,079,940
Port of Los Angeles
Series 2011B
5.00%, 8/01/23		2,500		2,950,100
Series 2014A
5.00%, 8/01/26-8/01/27		2,565		2,953,582
Port of Oakland
Series 2012P
5.00%, 5/01/22-5/01/25		16,945		19,481,905
NATL Series 2007C
5.00%, 11/01/18		1,900		2,075,636
Riverside County Public Financing Authority
Series 2015
5.00%, 11/01/28		3,395		3,864,291
Romoland School District
Series 2015
5.00%, 9/01/23 (a)		955		1,075,273
Sacramento City Financing Authority (Sacramento City Financing Authority Lease)
Series 1993B
5.40%, 11/01/20		2,000		2,204,460
Sacramento City Unified School District/CA


	Principal Amount (000)		U.S. $ Value
Series 2011
5.00%, 7/01/24	$	4,945	$	5,687,640
Sacramento County Sanitation Districts Financing Authority
AMBAC Series 2001
5.50%, 12/01/21		1,175		1,438,376
Sacramento Municipal Utility District
Series 2012Y
5.00%, 8/15/25		4,555		5,419,630
Series 2013C
5.00%, 8/15/16		5,155		5,422,854
Sacramento Regional Transit District
Series 2012
5.00%, 3/01/24		1,000		1,142,480
San Diego County Water Authority COP
AGM Series 2008A
5.00%, 5/01/19-5/01/24		7,655		8,468,654
San Diego Public Facilities Financing Authority Sewer Revenue
Series 2009B
5.00%, 5/15/18-5/15/21		35,520		40,004,251
San Francisco City & County Airports Comm-San Francisco International Airport (San Francisco Intl Airport)
Series 2009C-2
5.00%, 5/01/16		11,520		11,964,672
Series 2011
5.25%, 5/01/18		4,655		5,165,048
Series 2011C
5.00%, 5/01/21		3,900		4,502,511
Series 2011S
5.00%, 5/01/25		3,000		3,508,200
AGC Series 2008-34E
5.00%, 5/01/16		1,345		1,395,222
San Francisco City & County Redevelopment Agency (Mission Bay South Public Imp)
Series 2013A
5.00%, 8/01/19-8/01/24		3,855		4,360,569
Santa Fe Springs Community Development Commission
NATL Series 2002
5.375%, 9/01/17		560		560,582
Santa Rosa City Schools
Series 2013
4.00%, 8/01/16		1,740		1,804,484
5.00%, 8/01/17		4,255		4,622,887
South Placer Wastewater Authority/CA
Series 2011C
5.00%, 11/01/19-11/01/20		5,520		6,369,275
Southern California Public Power Authority (Los Angeles Department of Water & Power PWR)
Series 2010
5.00%, 7/01/22-7/01/25		12,235		14,108,293
Series 2014A
5.00%, 7/01/30		1,000		1,158,220
Southwestern Community College District
Series 2015
5.00%, 8/01/20-8/01/25		14,850		17,881,794


	Principal Amount (000)		U.S. $ Value
State of California
Series 2013
5.00%, 10/01/20-9/01/28	$	29,390	$	34,310,385
Series 2014
5.00%, 12/01/22-5/01/29		18,665		22,040,752
Series 2015
5.00%, 3/01/21		17,455		20,526,033
State of California Department of Water Resources
Series 2014A
5.00%, 12/01/27		9,410		11,204,154
State of California Department of Water Resources Power Supply Revenue
Series 2008H
5.00%, 5/01/17		1,455		1,570,105
Series 2008K
5.00%, 5/01/18		23,145		25,760,154
Series 2010L
5.00%, 5/01/17-5/01/20		19,425		21,972,996
Series 2015O
5.00%, 5/01/22		8,110		9,704,994
AGM Series 2008H
5.00%, 5/01/17		21,050		22,715,265
Sweetwater Union High School District
Series 2014
5.00%, 8/01/28-8/01/29		7,980		9,129,519
University of California
Series 2009Q
5.25%, 5/15/17 (Pre-refunded/ETM)		3,355		3,671,410
5.25%, 5/15/22		155		169,223
Series 2010U
5.00%, 5/15/24		4,215		4,854,500
Series 2012G
5.00%, 5/15/25		10,000		11,752,300
Series 2014A
5.00%, 5/15/28		1,000		1,177,510
Series 2015A
5.00%, 5/15/20		2,500		2,926,375
Series 2015I
5.00%, 5/15/21		2,900		3,426,089
Vacaville Unified School District
Series 2015C
5.00%, 8/01/20-8/01/22		2,390		2,801,545
West Contra Costa Unified School District
Series 2013A
4.00%, 8/01/15		4,535		4,548,968
Series 2013B
4.00%, 8/01/15		4,000		4,012,320

				954,550,568

Colorado - 0.3%
City & County of Denver CO. Airport System Revenue (Denver Intl Airport)
Series 2011A
5.75%, 11/15/20		1,700		2,015,707


	Principal Amount (000)		U.S. $ Value
Denver Urban Renewal Authority (Stapleton Development Corp.)
Series 2013A
5.00%, 12/01/20	$	1,625	$	1,856,449

				3,872,156

Florida - 3.0%
Citizens Property Insurance Corp.
Series 2009A-1
6.00%, 6/01/16		13,160		13,799,971
County of Miami-Dade FL Aviation Revenue
Series 2009A
5.75%, 10/01/21		1,055		1,230,299
Miami-Dade County Expressway Authority
Series 2013A
5.00%, 7/01/21		1,280		1,494,054
New River Community Development District
Series 2006B
5.00%, 5/01/13 (c)(d)(e)		405		4
State Board of Administration Finance Corp. (Florida Hurricane Catastrophe Fund)
Series 2010A
5.00%, 7/01/15 (Pre-refunded/ETM)		4,000		4,000,000
5.00%, 7/01/16 (Pre-refunded/ETM)		13,080		13,667,554
Sterling Hill Community Development District
Series 2003B
5.50%, 11/01/10 (c)(d)(f)		155		61,628

				34,253,510

Guam - 0.1%
Guam Government Waterworks Authority
Series 2005
5.50%, 7/01/15 (Pre-refunded/ETM)		995		995,000

Illinois - 2.3%
State of Illinois
Series 2012
5.00%, 8/01/18-8/01/23		12,445		13,397,461
Series 2013
5.00%, 7/01/20		3,465		3,756,961
Series 2014
5.00%, 5/01/28		4,735		4,936,995
Village of Bolingbrook IL (Village of Bolingbrook IL Sales Tax)
Series 2005
6.00%, 1/01/26		4,450		4,322,063

				26,413,480

Louisiana - 0.0%
Coves of the Highland County Community Development District
Series 2006
5.60%, 11/01/13 (c)(d)(f)		3,200		0


	Principal Amount (000)		U.S. $ Value
Massachusetts - 0.6%
Commonwealth of Massachusetts
Series 2000G
0.12%, 12/01/30	$	1,100	$	1,012,000
NATL Series 2000E
0.12%, 12/01/30 (g)		6,075		5,700,756

				6,712,756

New Jersey - 2.5%
New Jersey Transportation Trust Fund Authority
Series 2013A
5.00%, 12/15/19-6/15/20		25,930		28,182,451

North Carolina - 0.2%
North Carolina Eastern Municipal Power Agency
Series 2009B
5.00%, 1/01/16		2,375		2,427,060

Ohio - 0.0%
Columbiana County Port Authority (ELS Transportation LLC)
Series 2004A
7.00%, 8/01/21 (d)(f)		310		124,000

Puerto Rico - 1.0%
Commonwealth of Puerto Rico
NATL Series 2001A
5.50%, 7/01/19		5,470		5,487,613
Government Development Bank for Puerto Rico
NATL Series 1985
4.75%, 12/01/15		5,555		5,555,000

				11,042,613

Texas - 1.3%
City of Houston TX Airport System Revenue
Series 2011A
5.00%, 7/01/19		10,290		11,517,391
Dallas/Fort Worth International Airport
Series 2009A
5.00%, 11/01/21		1,180		1,245,231
North Texas Tollway Authority
Series 2015A
5.00%, 1/01/23		1,915		2,218,757

				14,981,379

Washington - 0.3%
Washington State Housing Finance Commission (Rockwood Retirement Communities)
Series 2014B-3
5.125%, 1/01/20 (b)		2,925		2,928,890

Total Municipal Obligations (cost $1,047,696,366)				1,086,483,863

CORPORATES - INVESTMENT GRADE - 2.0%
Financial Institutions - 1.9%
Banking - 1.9%
Bank of America NA
1.125%, 11/14/16		10,000		10,002,690
JPMorgan Chase & Co.
3.15%, 7/05/16		5,410		5,519,553


	Principal Amount (000)		U.S. $ Value
Morgan Stanley
1.75%, 2/25/16	$	5,788	$	5,811,557

				21,333,800

Industrial - 0.1%
Consumer Non-Cyclical - 0.1%
Becton Dickinson and Co.
0.736%, 6/15/16 (h)		1,765		1,765,815

Total Corporates - Investment Grade (cost $23,076,889)				23,099,615

SHORT-TERM INVESTMENTS - 1.8%
Time Deposit - 1.8%
State Street Time Deposit
0.01%, 7/01/15
(cost $19,930,562)		19,931		19,930,562

Total Investments - 99.3% (cost $1,090,703,817) (i)				1,129,514,040
Other assets less liabilities - 0.7%				7,944,809

Net Assets - 100.0%			$	1,137,458,849

(a)

When-Issued or delayed delivery security.

(b)

(c)

Fair valued by the Adviser.

(d)

Illiquid security.

(e)

Non-income producing security.

(f)

Security is in default and is non-income producing.

(g)

(h)

Floating Rate Security. Stated interest rate was in effect at June 30, 2015.

(i)

As of June 30, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $45,293,261 and gross unrealized depreciation of investments was $(6,483,038), resulting in net unrealized appreciation of $38,810,223.

Glossary:


AGC	-	Assured Guaranty Corporation
AGM	-	Assured Guaranty Municipal
AMBAC	-	Ambac Assurance Corporation
COP	-	Certificate of Participation
ETM	-	Escrowed to Maturity
FGIC	-	Financial Guaranty Insurance Company
NATL	-	National Interstate Corporation

Sanford C. Bernstein Fund, Inc.

California Municipal Portfolio

June 30, 2015 (unaudited)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

1,068,070,778

18,413,085

1,086,483,863

Corporates - Investment Grade

– 0

–

23,099,615

– 0

–

23,099,615

Short-Term Investments

– 0

–

19,930,562

– 0

–

19,930,562

Total Investments in Securities

– 0

–

1,111,100,955

18,413,085

1,129,514,040

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total+

– 0

–

1,111,100,955

18,413,085

1,129,514,040

*	Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument.

^	The Portfolio held securities with zero market value at period end.

+	There were no transfers between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


	Long-Term Municipal Bonds^			Total
Balance as of 9/30/14	$	7,114,861		$	7,114,861
Accrued discounts/(premiums)		(35,514	)		(35,514	)
Realized gain (loss)		2,432			2,432
Change in unrealized appreciation/depreciation		492,264			492,264
Purchases		6,469,988			6,469,988
Sales		(26,432	)		(26,432	)
Transfers in to Level 3		4,395,486			4,395,486
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 6/30/15	$	18,413,085		$	18,413,085	+

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/15	$	492,190		$	492,190

^	The Portfolio held securities with zero market value at period end.

+	There were de minimis transfers under 1% of net assets during the reporting period.

Quantitative Information about Level 3 Fair Value Measurements

Fair Value at
6/30/15

Valuation Technique

Unobservable Input

Range/
Weighted Average

Long-Term Municipal Bonds

61,628

Market Approach

The Value of Remaining Undeveloped Lots

39.76/N/A

– 0

–

Qualitative Assessment

0.00/N/A

Sanford C. Bernstein Fund, Inc.

New York Municipal Portfolio

Portfolio of Investments

June 30, 2015 (unaudited)


	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 98.0%
Long-Term Municipal Bonds - 98.0%
New York - 82.4%
Albany County Airport Authority
AGM Series 2010A
5.00%, 12/15/16-12/15/22	$	13,090	$	14,236,806
Battery Park City Authority
Series 2013A
5.00%, 11/01/22		4,325		5,207,516
Buffalo & Erie County Industrial Land Development Corp. (Catholic Health System Obligated Group)
Series 2015
5.00%, 7/01/22		1,000		1,145,540
Build NYC Resource Corp. (Metropolitan College of New York)
Series 2014
5.00%, 11/01/23-11/01/25		3,335		3,594,558
5.25%, 11/01/29		1,900		2,041,816
City of New York NY
Series 2004G
5.25%, 8/01/15		5		5,019
Series 2007A-1
5.00%, 8/01/18		4,570		4,978,969
Series 2007C
5.00%, 1/01/16		4,410		4,512,577
Series 2007E
5.00%, 8/01/16		5,500		5,769,115
Series 2008A-1
5.00%, 8/15/16		4,400		4,623,080
Series 2008B-1
5.25%, 9/01/16		10,000		10,551,200
Series 2011A
5.00%, 8/01/26		14,275		16,429,097
Series 2011D-1
5.00%, 10/01/24		2,860		3,344,141
Series 2011E-3
5.00%, 8/01/23		6,855		7,986,418
Series 2012I
5.00%, 8/01/16		12,545		13,158,827
Series 2013B
5.00%, 8/01/20		10,000		11,580,400
Series 2013D
5.00%, 8/01/19		7,165		8,172,614
Series 2013F
5.00%, 3/01/17		2,675		2,865,514
Series 2013I
5.00%, 8/01/20		18,775		21,742,201
City of Yonkers NY
Series 2011A
5.00%, 10/01/15-10/01/17		5,880		6,184,840
County of Albany NY
Series 2012B
5.00%, 11/01/15		1,085		1,101,622
County of Monroe NY
Series 2015
5.00%, 6/01/17-6/01/22		16,315		18,262,721


	Principal Amount (000)		U.S. $ Value
BAM Series 2015
5.00%, 6/01/21-6/01/22	$	5,860	$	6,781,789
County of Nassau NY
Series 2011A
5.00%, 4/01/21-4/01/22		5,915		6,811,818
Series 2013A
5.00%, 4/01/18-4/01/20		8,660		9,743,489
Series 2014A
5.00%, 4/01/25		10,190		11,805,013
Erie County Fiscal Stability Authority (Erie County Fiscal Stability Authority Sales Tax)
Series 2011C
5.00%, 12/01/23		5,925		6,992,033
Erie County Industrial Development Agency (The)
AGM Series 2008A
5.00%, 5/01/16 (Pre-refunded/ETM)		1,280		1,329,843
Erie County Industrial Development Agency (The) (Buffalo City School District)
Series 2011B
5.00%, 5/01/22		5,800		6,747,778
Housing Development Corp/NY
Series 2013A
5.00%, 7/01/25		2,000		2,348,860
Jefferson County Industrial Development Agency (ReEnergy Black River LLC/Old)
Series 2014
4.75%, 1/01/20		1,450		1,449,406
5.25%, 1/01/24		1,250		1,239,038
Long Island Power Authority
NATL Series 2006F
5.00%, 5/01/16		11,885		12,287,783
Metropolitan Transportation Authority
Series 2006B
5.00%, 11/15/16-11/15/17		6,645		7,046,702
Series 2010D
5.25%, 11/15/24		10,755		12,582,059
Series 2010G
5.00%, 11/15/21		9,305		10,803,756
5.25%, 11/15/22-11/15/26		33,880		39,623,580
Series 2011C
5.00%, 11/15/24		2,890		3,352,747
Series 2011D
5.00%, 11/15/22-11/15/25		11,775		13,693,661
AGM Series 2002B
0.378%, 11/01/22 (a)		15,325		14,758,772
Metropolitan Transportation Authority (Metropolitan Transportation Authority Ded Tax)
Series 2012A
5.00%, 11/15/24		14,130		16,719,605
NATL Series 2004A
5.25%, 11/15/15-11/15/16		13,150		13,846,713
Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group)
Series 2014
5.00%, 7/01/24		4,550		5,316,766
New York City Municipal Water Finance Authority
5.00%, 6/15/18-6/15/21		6,905		7,710,364


	Principal Amount (000)		U.S. $ Value
Series 2006BB
5.00%, 6/15/16 (Pre-refunded/ETM)	$	18,985	$	19,814,265
Series 2008AA
5.00%, 6/15/18 (Pre-refunded/ETM)		14,580		16,284,419
Series 2010FF
5.00%, 6/15/25		24,730		28,735,023
Series 2011HH
5.00%, 6/15/26		9,055		10,553,059
Series 2014D
5.00%, 6/15/22-6/15/29		14,350		16,896,234
Series 2015F
5.00%, 6/15/27-6/15/28		7,830		9,239,210
Series 2015G
5.00%, 6/15/28		11,465		13,444,776
New York City Transitional Finance Authority Building Aid Revenue
Series 2011S-1A
5.00%, 7/15/25		4,420		5,158,184
Series 2012S
5.00%, 7/15/25		7,390		8,661,745
New York City Transitional Finance Authority Future Tax Secured Revenue
Series 2007B
5.00%, 11/01/15 (Pre-refunded/ETM)		3,755		3,813,015
5.00%, 11/01/15		1,905		1,934,432
Series 2011A
5.00%, 11/01/20		1,160		1,357,745
Series 2011A-1
5.00%, 11/01/23		15,315		18,029,277
Series 2011B
5.00%, 2/01/20-2/01/24		15,135		17,537,313
Series 2011C
5.00%, 11/01/20		9,480		11,096,056
Series 2012B
5.00%, 11/01/16 (Pre-refunded/ETM)		670		709,597
5.00%, 11/01/16-11/01/24		13,660		15,801,074
Series 2012D
5.00%, 11/01/20-11/01/23		34,790		41,153,840
Series 2012E
5.00%, 11/01/15-2/01/26		14,225		16,160,996
Series 2014A
5.00%, 8/01/27-8/01/29		6,655		7,719,231
Series 2014C
5.00%, 11/01/26		6,345		7,499,663
Series 2014D-1
5.00%, 2/01/28-2/01/29		9,535		11,038,346
Series 2015C
5.00%, 11/01/26		20,000		23,867,600
New York City Trust for Cultural Resources (Lincoln Center for the Performing Arts, Inc.)
Series 2008C
5.75%, 12/01/16		23,025		24,641,815
New York City Trust for Cultural Resources (Whitney Museum of American Art)
Series 2011
5.00%, 7/01/21		4,745		5,491,816
New York Liberty Development Corp. (National Sports Museum)
Series 2006A
6.125%, 2/15/19 (b)(c)		1,980		20


	Principal Amount (000)		U.S. $ Value
New York Local Government Assistance Corp.
Series 2008A
5.00%, 4/01/19-4/01/20	$	16,145	$	17,886,956
New York Power Authority (The)
NATL Series 2007C
5.00%, 11/15/16		6,245		6,625,820
New York State Dormitory Authority
Series 2007
4.00%, 8/15/15 (Pre-refunded/ETM)		2,675		2,686,262
AGM Series 2007A
5.00%, 2/15/16 (Pre-refunded/ETM)		70		72,024
NATL Series 1998
5.20%, 2/15/16 (Pre-refunded/ETM)		1,000		1,029,820
New York State Dormitory Authority (Ithaca College)
Series 2009
5.00%, 7/01/17		12,195		12,210,000
New York State Dormitory Authority (Mount Sinai Hospital)
Series 2010A
5.00%, 7/01/18		1,360		1,506,064
New York State Dormitory Authority (Mount Sinai School of Medicine)
Series 2010A
5.00%, 7/01/19		4,390		4,969,612
New York State Dormitory Authority (New York State Dormitory Authority Lease)
Series 2008D
5.00%, 2/15/16		10,215		10,507,149
Series 2009A
5.00%, 7/01/22		6,050		6,886,473
AGM Series 2007A
5.00%, 2/15/16		3,760		3,868,691
New York State Dormitory Authority (New York University)
Series 2015A
5.00%, 7/01/23		2,040		2,446,327
NATL Series 1998A
6.00%, 7/01/18		1,000		1,146,100
New York State Dormitory Authority (St John’s University/NY)
Series 2015A
5.00%, 7/01/24		1,130		1,336,146
New York State Dormitory Authority (State of New York Pers Income Tax)
Series 2008A
5.00%, 3/15/20		4,750		5,242,575
Series 2008C
5.00%, 3/15/16-3/15/18		35,690		38,727,977
Series 2009D
5.00%, 6/15/20		2,230		2,544,162
Series 2009G
5.00%, 3/15/18		7,840		8,686,171
Series 2012A
5.00%, 12/15/21		5,905		7,002,031
Series 2012B
5.00%, 3/15/22		3,905		4,603,058


	Principal Amount (000)		U.S. $ Value
Series 2012D
5.00%, 2/15/22-2/15/25	$	22,135	$	25,996,657
Series 2014A
5.00%, 2/15/28-2/15/29		13,825		15,896,343
Series 2014C
5.00%, 3/15/28-3/15/29		14,485		16,764,246
Series 2015A
5.00%, 3/15/23		7,210		8,574,997
New York State Dormitory Authority (State University of New York Dormitory Fees)
Series 2015A
5.00%, 7/01/18-7/01/19		3,820		4,303,141
New York State Dormitory Authority (State University of New York)
Series 2011A
5.00%, 7/01/24		3,125		3,622,750
New York State Energy Research & Development Authority (New York State Electric & Gas Corp.)
NATL Series 2010C
0.513%, 4/01/34(a)		20,500		19,245,666
New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority)
Series 2004
5.00%, 6/15/25		6,845		6,867,109
Series 2007B
5.00%, 6/15/16		1,610		1,680,937
Series 2009A
5.25%, 6/15/24		7,300		8,447,049
New York State Thruway Authority (New York State Thruway Authority Ded Tax)
Series 2008B
5.00%, 4/01/17		21,620		23,228,960
Series 2012A
5.00%, 4/01/21-4/01/25		26,175		30,574,589
AMBAC Series 2005B
5.50%, 4/01/20		9,080		10,734,285
NATL Series 2005B
5.00%, 4/01/16		10,335		10,450,752
New York State Thruway Authority (New York State Thruway Authority Gen Toll Road)
Series 2012I
5.00%, 1/01/25		5,155		5,955,572
Series 2013A
5.00%, 5/01/19		25,000		28,245,750
Series 2014
5.00%, 1/01/26-1/01/28		4,305		5,002,886
Series 2014J
5.00%, 1/01/26-1/01/27		33,860		39,299,159
New York State Thruway Authority (State of New York Pers Income Tax)
Series 2007A
5.00%, 3/15/16		9,410		9,717,331
Series 2010A
5.00%, 3/15/25		5,425		6,313,778


	Principal Amount (000)		U.S. $ Value
New York State Urban Development Corp.
AMBAC Series 2005A-1
5.00%, 12/15/15 (Pre-refunded/ETM)	$	6,265	$	6,399,698
New York State Urban Development Corp. (New York State Urban Development Corp. Lease)
Series 2008B
5.00%, 1/01/19		3,525		3,937,672
New York State Urban Development Corp. (State of New York Pers Income Tax)
Series 2007B
5.00%, 3/15/16		2,085		2,153,096
Series 2013C
5.00%, 3/15/20		9,915		11,452,023
Port Authority of New York & New Jersey
Series 2011
5.00%, 9/15/24		2,000		2,277,320
Series 2011O
5.00%, 10/15/21		5,215		6,046,427
Series 2013-178
5.00%, 12/01/23		10,480		12,212,449
Series 2014
5.00%, 9/01/27		7,500		8,582,700
Series 20141
5.00%, 10/15/23		3,455		4,023,900
Series 2014186
5.00%, 10/15/21-10/15/22		12,575		14,580,432
XLCA Series 2006
5.00%, 10/01/17		6,425		6,632,271
Sales Tax Asset Receivable Corp.
Series 2014A
5.00%, 10/15/25-10/15/26		13,040		15,777,927
Schenectady County Capital Resource Corp. (Ellis Hospital)
Series 2012
1.75%, 2/15/18		1,250		1,239,725
Suffolk County Economic Development Corp. (Catholic Health Services of Long Island Obligated Group)
Series 2011
5.00%, 7/01/16-7/01/17		2,900		3,084,444
Tompkins County Industrial Development Agency (Ithaca College)
Series 2007
5.00%, 7/01/16		2,710		2,718,780
Triborough Bridge & Tunnel Authority
Series 1992Y
5.50%, 1/01/17 (Pre-refunded/ETM)		4,250		4,396,030
Series 2008A
5.00%, 5/15/18 (Pre-refunded/ETM)		2,150		2,393,015
Series 2008C
5.00%, 11/15/16		5,000		5,297,850
Series 2008D
5.00%, 11/15/15-11/15/16		22,595		23,602,835
Series 2011A
5.00%, 1/01/27		7,000		8,010,240
Series 2012B
5.00%, 11/15/19-11/15/23		28,235		33,438,986
Series 2013A
5.00%, 11/15/28		5,000		5,695,250


	Principal Amount (000)		U.S. $ Value
Series 2013B
5.00%, 11/15/22	$	7,525	$	8,988,462
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute)
Series 2010B
5.00%, 9/01/16-9/01/21		16,590		17,909,926
Ulster County Industrial Development Agency (Kingston Regional Senior Living Corp.)
Series 2007A
5.25%, 9/15/16		665		671,756
Utility Debt Securitization Authority
Series 2013T
5.00%, 6/15/26-12/15/29		34,825		40,661,212

				1,390,214,718

Alabama - 0.7%
Alabama Public School & College Authority
Series 2009B
5.00%, 5/01/18		11,055		12,251,814

California - 1.6%
California Econ Recovery
Series 2009A
5.00%, 7/01/18 (Pre-refunded/ETM)		16,365		18,322,090
5.25%, 7/01/19 (Pre-refunded/ETM)		5,000		5,798,600
Golden State Tobacco Securitization Corp.
Series 2013A
5.00%, 6/01/19		1,225		1,383,932
San Francisco City & County Airports Comm-San Francisco International Airport (San Francisco Intl Airport)
Series 2009E
5.00%, 5/01/21		1,280		1,452,301

				26,956,923

Colorado - 0.1%
Todd Creek Village Metropolitan District No 1
Series 2004
5.60%, 12/01/14 (b)		2,765		1,714,300

District of Columbia - 0.4%
Metropolitan Washington Airports Authority
Series 2010B
5.00%, 10/01/19-10/01/21		5,795		6,571,661

Florida - 5.2%
Citizens Property Insurance Corp.
Series 2009A-1
6.00%, 6/01/16		32,755		34,347,876
Series 2010A-1
5.00%, 6/01/16		7,230		7,516,597
County of Lee FL Airport Revenue (Southwest Florida Intl Airport)
AGM Series 2010A
5.00%, 10/01/16-10/01/17		4,805		5,092,741
County of Miami-Dade FL Aviation Revenue
Series 2009A
5.75%, 10/01/20		1,680		1,959,905
Durbin Crossing Community Development District


	Principal Amount (000)		U.S. $ Value
Series 20061
5.25%, 11/01/15 (b)(c)	$	2,060	$	741,600
Florida State Hurricane Catastrophe Fund Finance Corp.
Series 2010A
5.00%, 7/01/15 (Pre-refunded/ETM)		13,660		13,660,000
Heritage Plantation Community Development District
Series 2006B
5.10%, 11/01/13 (b)(c)		955		315,150
Overoaks Community Development District
Series 2004B
5.125%, 5/01/09 (b)(d)		185		92,500
Series 2010A-1
6.125%, 5/01/35 (b)		75		75,067
Series 2010A-2
6.125%, 5/01/35 (b)		185		185,133
Series 2010B
5.125%, 5/01/17 (b)		240		241,704
Parkway Center Community Development District
Series 2004B
7.00%, 5/01/23		1,010		1,009,283
Polk County School District (Polk County School District Sales Tax)
AGM Series 2007
5.00%, 10/01/16		2,690		2,832,785
State of Florida Lottery Revenue
Series 2010C
5.00%, 7/01/18		16,355		18,233,862
Sterling Hill Community Development District
Series 2003B
5.50%, 11/01/10 (b)(c)(e)		160		63,616
Volusia County School Board COP
Series 2014B
5.00%, 8/01/26		1,000		1,156,040

				87,523,859

Georgia - 0.4%
Main Street Natural Gas, Inc. (JPMorgan Chase & Co.)
Series 2007A
5.00%, 3/15/17		6,975		7,401,661

Guam - 0.1%
Guam Department of Education COP
Series 2010A
6.00%, 12/01/20		1,625		1,720,680

Illinois - 1.5%
State of Illinois
Series 2012
5.00%, 8/01/15-8/01/25		24,765		25,441,612
Town of Cortland IL (Town of Cortland IL Spl Tax)
Series 2006
5.50%, 3/01/17 (b)(c)		1,307		339,820


	Principal Amount (000)		U.S. $ Value
Town of Cortland IL Special Service Areas No 9 & 10
Series 2007
5.125%, 3/01/14 (b)(c)	$	2,545	$	127,250

				25,908,682

Indiana - 0.7%
Indiana Bond Bank (JPMorgan Chase & Co.)
Series 2007A
5.25%, 10/15/18-10/15/21		10,745		12,259,708

Louisiana - 0.1%
Isabella Lakes Community Development District
Series 2007
6.00%, 8/01/22 (b)(c)		1,515		378,750
Juban Parc Community Development District
Series 2006
5.15%, 10/01/14 (b)(c)		1,155		231,000
Whispering Spring Community Development District
Series 2006
5.20%, 10/01/21 (b)(c)		1,500		270,000

				879,750

Michigan - 0.2%
City of Detroit MI Sewage Disposal System Revenue
Series 2012A
5.00%, 7/01/22		2,985		3,346,752

Nevada - 0.5%
County of Clark Department of Aviation (McCarran Intl Airport)
AGM Series 2009C
5.00%, 7/01/23		7,400		8,267,576

New Jersey - 0.3%
New Jersey Economic Development Authority
Series 2013
5.00%, 3/01/21		2,500		2,717,425
New Jersey Transportation Trust Fund Authority
Series 2011A
5.00%, 6/15/21		2,195		2,383,682

				5,101,107

Ohio - 0.0%
Columbiana County Port Authority (ELS Transportation LLC)
Series 2004A
7.00%, 8/01/21 (b)(c)		200		80,000

Pennsylvania - 1.1%
Philadelphia Parking Authority (The) (Philadelphia Airport Parking)
Series 2009
5.00%, 9/01/16-9/01/21		14,925		16,699,788
5.25%, 9/01/23		2,345		2,700,197

				19,399,985


	Principal Amount (000)		U.S. $ Value
Puerto Rico - 0.7%
Government Development Bank for Puerto Rico
NATL Series 1985
4.75%, 12/01/15	$	7,460	$	7,460,000
Puerto Rico Electric Power Authority
NATL Series 2002KK
5.50%, 7/01/16		3,695		3,755,229

				11,215,229

Tennessee - 1.2%
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The))
Series 2006A
5.25%, 9/01/21		17,375		19,733,482

Texas - 0.0%
Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.)
Series 2007
5.25%, 11/15/16		10		10,132

Washington - 0.8%
Port of Seattle WA
Series 2010C
5.00%, 2/01/21		11,085		12,747,307

Total Municipal Obligations (cost $1,606,882,698)				1,653,305,326

CORPORATES - INVESTMENT GRADE - 0.4%
Financial Institutions - 0.2%
Finance - 0.2%
General Electric Capital Corp.
1.625%, 7/02/15		4,304		4,304,000

Industrial - 0.2%
Consumer Non-Cyclical - 0.2%
Becton Dickinson and Co.
0.736%, 6/15/16(f)		2,683		2,684,239

Total Corporates - Investment Grade (cost $6,986,997)				6,988,239

SHORT-TERM INVESTMENTS - 0.6%
Time Deposit - 0.6%
State Street Time Deposit
0.01%, 7/01/15
(cost $9,799,624)		9,800		9,799,624


	U.S. $ Value
Total Investments - 99.0% (cost $1,623,669,319) (g)	$	1,670,093,189
Other assets less liabilities - 1.0%		17,262,153

Net Assets - 100.0%	$	1,687,355,342

(a)

An auction rate security whose interest rate resets at each auction date. Auctions are typically held every week or month. The rate shown is as of June 30, 2015 and the aggregate market value of these securities amounted to $34,004,438 or 2.02% of net assets.

(b)

Illiquid security.

(c)

Security is in default and is non-income producing.

(d)

Non-income producing security.

(e)

Fair valued by the Adviser.

(f)

Floating Rate Security. Stated interest rate was in effect at June 30, 2015.

(g)

As of June 30, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $61,627,151 and gross unrealized depreciation of investments was $(15,203,281), resulting in net unrealized appreciation of $46,423,870.

Glossary:


AGM	-	Assured Guaranty Municipal
AMBAC	-	Ambac Assurance Corporation
BAM	-	Build American Mutual
COP	-	Certificate of Participation
ETM	-	Escrowed to Maturity
NATL	-	National Interstate Corporation
XLCA	-	XL Capital Assurance Inc.

Sanford C. Bernstein Fund, Inc.

New York Municipal Portfolio

June 30, 2015 (unaudited)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

1,638,115,545

15,189,781

1,653,305,326

Corporates - Investment Grade

– 0

–

6,988,239

– 0

–

6,988,239

Short-Term Investments

– 0

–

9,799,624

– 0

–

9,799,624

Total Investments in Securities

– 0

–

1,654,903,408

15,189,781

1,670,093,189

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total+

– 0

–

1,654,903,408

15,189,781

1,670,093,189

*	Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument.

+	There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


	Long-Term Municipal Bonds			Total
Balance as of 9/30/14	$	8,796,688		$	8,796,688
Accrued discounts/(premiums)	$	(37,985	)		(37,985	)
Realized gain (loss)	$	15,458			15,458
Change in unrealized appreciation/depreciation	$	804,277			804,277
Purchases		7,400,801			7,400,801
Sales	$	(1,789,458	)		(1,789,458	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 6/30/15	$	15,189,781		$	15,189,781

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/15	$	771,393		$	771,393

Sanford C. Bernstein Fund, Inc.

Diversified Municipal Portfolio

Portfolio of Investments

June 30, 2015 (unaudited)


	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 96.7%
Long-Term Municipal Bonds - 95.2%
Alabama - 2.1%
Alabama Federal Aid Highway Finance Authority
Series 2015
5.00%, 9/01/24-9/01/25	$	8,610	$	10,455,803
Alabama Federal Aid Highway Finance Authority (State of Alabama Fed Hwy Grant)
Series 2012
5.00%, 9/01/24		18,230		20,965,594
Alabama Public School & College Authority
Series 2009A
5.00%, 5/01/17		34,415		37,079,065
Series 2009B
5.00%, 5/01/16-5/01/17		33,390		35,171,420
Series 2014B
5.00%, 1/01/24		3,200		3,827,200
Birmingham Airport Authority (Birmingham-Shuttlesworth Intl Airport)
AGM Series 2010
6.00%, 7/01/21-7/01/22		10,070		11,910,969
Birmingham Water Works Board
Series 2010A
5.00%, 1/01/21-1/01/22		13,295		15,425,752

				134,835,803

Arizona - 2.1%
Arizona Board of Regents COP (University of Arizona COP)
Series 2012C
5.00%, 6/01/25		2,365		2,702,225
Arizona Department of Transportation State Highway Fund Revenue
Series 2006
5.00%, 7/01/15		8,480		8,480,000
Series 2011A
5.00%, 7/01/24-7/01/25		17,210		20,080,082
Arizona Health Facilities Authority (Scottsdale Healthcare Hospitals Obligated Group)
Series 2014A
5.00%, 12/01/23-12/01/24		2,770		3,239,594
Arizona School Facilities Board COP
NATL Series 2005A-1
5.00%, 9/01/15		1,765		1,778,520
Arizona Transportation Board (Arizona Transportation Board Fed Hwy Grant)
Series 2009A
5.00%, 7/01/15		16,810		16,810,000
City of Glendale AZ (City of Glendale AZ Excise Tax)
Series 2015A
5.00%, 7/01/23-7/01/26		33,315		39,185,515
City of Phoenix Civic Improvement Corp. (City of Phoenix Civic Improvement-Airport)
Series 2010A
5.00%, 7/01/20-7/01/21		7,225		8,263,368
Series 2010C
5.00%, 7/01/23-7/01/25		19,665		22,199,375


	Principal Amount (000)		U.S. $ Value
County of Maricopa AZ COP
Series 2015
5.00%, 7/01/18	$	3,290	$	3,653,578
Industrial Development Authority of the County of Pima (The) (Global Water Resources LLC)
Series 2006
5.45%, 12/01/17		1,100		1,111,099
Maricopa County Unified School District No 69 Paradise Valley
NATL Series 2004
5.20%, 7/01/16		7,510		7,867,476
Salt Verde Financial Corp. (Citigroup, Inc.)
Series 2007
5.25%, 12/01/21		1,430		1,626,840

				136,997,672

California - 8.1%
California Econ Recovery
Series 2009A
5.00%, 7/01/19 (Pre-refunded/ETM)		22,440		25,806,000
5.25%, 7/01/19 (Pre-refunded/ETM)		2,735		3,171,834
California State Public Works Board (California State Public Works Board Lease)
Series 2014B
5.00%, 10/01/28		1,225		1,422,384
City of Los Angeles Department of Airports (Los Angeles Intl Airport)
Series 2010D
5.00%, 5/15/22-5/15/23		24,415		28,429,070
Fremont Unified School District/Alameda County CA
AGM Series 2005B
5.00%, 8/01/15 (Pre-refunded/ETM)		1,000		1,003,390
Fresno Unified School District
NATL Series 2002A
6.00%, 2/01/20		3,255		3,836,278
Sacramento City Financing Authority (Sacramento City Financing Authority Lease)
Series 1993B
5.40%, 11/01/20		1,000		1,102,230
San Francisco City & County Airports Comm-San Francisco International Airport (San Francisco Intl Airport)
Series 2009E
5.25%, 5/01/22-5/01/23		10,380		11,859,266
Series 2011C
5.00%, 5/01/22		5,880		6,702,083
NATL Series 2006-32F
5.25%, 5/01/18		3,700		4,134,935
State of California
Series 2006
5.00%, 3/01/16-10/01/16		10,110		10,519,598
Series 2008
5.00%, 4/01/18		5,000		5,548,450
Series 2009
5.25%, 10/01/20		5,085		5,885,074


	Principal Amount (000)		U.S. $ Value
Series 2013
5.00%, 11/01/24-11/01/25	$	43,465	$	51,956,985
Series 2014
5.00%, 5/01/25-5/01/29		130,465		153,495,347
State of California Department of Water Resources Power Supply Revenue
Series 2010L
5.00%, 5/01/17-5/01/19		183,675		207,313,242

				522,186,166

Colorado - 1.1%
City & County of Broomfield CO COP
Series 2010
5.00%, 12/01/16-12/01/20		13,735		15,243,491
City & County of Denver CO Airport System Revenue (Denver Intl Airport)
Series 2010A
5.00%, 11/15/21-11/15/23		19,685		22,653,160
Series 2011A
5.50%, 11/15/19		2,290		2,640,462
Series 2012A
5.00%, 11/15/22-11/15/24		6,630		7,533,521
Metro Wastewater Reclamation District
Series 2012A
5.00%, 4/01/23		3,435		4,086,070
PV Water & Sanitation Metropolitan District
Series 2006
Zero Coupon, 12/15/17 (a)(b)		13,168		4,608,800
Regional Transportation District (Denver Transit Partners LLC)
Series 2010
5.00%, 1/15/21		2,800		3,078,600
5.25%, 1/15/24-7/15/24		7,745		8,442,747
Todd Creek Village Metropolitan District No 1
Series 2004
4.75%, 12/01/09 (a)(b)		1,852		1,148,330

				69,435,181

Connecticut - 0.3%
State of Connecticut
Series 2013A
5.00%, 10/15/21		3,370		3,939,496
Series 2014A
5.00%, 3/01/28		6,360		7,244,803
State of Connecticut Special Tax Revenue
Series 2012
5.00%, 1/01/22-1/01/24		8,575		10,057,080

				21,241,379

Delaware - 0.1%
Delaware River & Bay Authority
Series 2014C
5.00%, 1/01/26-1/01/27		5,470		6,373,141

District of Columbia - 1.6%
District of Columbia
Series 2013A
5.00%, 6/01/25-6/01/27		59,115		69,274,570


	Principal Amount (000)		U.S. $ Value
District of Columbia (District of Columbia Pers Income Tax)
Series 2012C
5.00%, 12/01/26	$	5,545	$	6,480,497
District of Columbia Water & Sewer Authority
AGM Series 1998
6.00%, 10/01/16		1,635		1,745,444
Metropolitan Washington Airports Authority
Series 2008A
5.50%, 10/01/18		6,910		7,782,111
Series 2010F-1
5.00%, 10/01/20		11,905		13,877,897
NATL Series 2005A
5.25%, 10/01/15		1,715		1,735,048

				100,895,567

Florida - 6.5%
Brevard County School District COP
Series 2013A
5.00%, 7/01/21-7/01/22		15,275		17,828,098
Citizens Property Insurance Corp.
Series 2011A
5.00%, 6/01/20		6,530		7,463,398
Series 2011A-1
5.00%, 6/01/19		15,975		17,963,728
Series 2012A
5.00%, 6/01/22		27,105		31,227,670
Series 2012A-1
5.00%, 6/01/20-6/01/21		20,785		23,798,156
Series 2015A
5.00%, 6/01/22		1,795		2,049,818
NATL Series 2007A
5.00%, 3/01/16 (Pre-refunded/ETM)		75,725		78,033,855
City of Tampa FL Water & Wastewater System Revenue
Series 2011
5.00%, 10/01/26		3,895		4,564,317
Collier County School Board COP
Series 2015
5.00%, 2/15/18-2/15/19		12,210		13,616,668
AGM Series 2005
5.00%, 2/15/16		5,000		5,142,400
County of Broward FL Airport System Revenue (Fort Lauderdale Hollywood Intl Airport)
Series 2012Q
5.00%, 10/01/23		5,000		5,833,350
County of Lee FL Airport Revenue (Southwest Florida Intl Airport)
Series 2011A
5.50%, 10/01/23-10/01/24		13,095		15,256,980
5.625%, 10/01/25		2,550		2,986,152
County of Miami-Dade FL
Series 2015A
5.00%, 11/01/20-11/01/21		7,205		8,434,402
Series 2015B
5.00%, 7/01/22		3,715		4,377,273
County of Miami-Dade FL Aviation Revenue


	Principal Amount (000)		U.S. $ Value
Series 2015A
5.00%, 10/01/22-10/01/24 (c)	$	4,975	$	5,762,617
Durbin Crossing Community Development District
Series 20061
5.25%, 11/01/15 (a)(b)		985		354,600
Florida Department of Environmental Protection
Series 2011B
5.00%, 7/01/20		7,645		8,783,035
Series 2012A
5.00%, 7/01/22		10,225		11,904,047
AMBAC Series 2007A
5.00%, 7/01/15		4,825		4,825,000
NATL Series 2007B
5.00%, 7/01/15		6,095		6,095,000
Florida Municipal Power Agency
Series 2015B
5.00%, 10/01/24-10/01/28		3,765		4,377,136
Florida State Board of Education (State of Florida)
Series 2014A
5.00%, 6/01/22		3,545		4,222,414
Series 2015A
5.00%, 6/01/18		7,655		8,526,522
Series 2015B
5.00%, 6/01/17		11,470		12,402,855
Heritage Plantation Community Development District
Series 2006B
5.10%, 11/01/13 (a)(b)		3,545		1,169,850
JEA Electric System Revenue
Series 2009G
5.00%, 10/01/19		2,695		3,085,452
JEA Water & Sewer System Revenue
Series 2014A
5.00%, 10/01/25		3,060		3,625,274
Lake Ashton II Community Development District
Series 2006B
5.00%, 11/01/11 (a)(b)		6,810		2,247,300
Live Oak No 2 Community Development District
Series 2010
7.36%, 11/01/20		35		36,870
Martin County Industrial Development Authority (Indiantown Cogeneration LP)
Series 2013
4.20%, 12/15/25		11,765		11,911,474
Orange County School Board COP
Series 2014A
5.00%, 8/01/28-8/01/29		46,355		52,872,564
Overoaks Community Development District
Series 2004B
5.125%, 5/01/09 (b)(d)		510		255,000
Series 2010A-1
6.125%, 5/01/35 (b)		220		220,196
Series 2010A-2
6.125%, 5/01/35 (b)		505		505,364
Series 2010B
5.125%, 5/01/17 (b)		635		639,509


	Principal Amount (000)		U.S. $ Value
Parkway Center Community Development District
Series 2004B
7.00%, 5/01/23	$	2,190	$	2,188,445
Reedy Creek Improvement District
Series 2013A
5.00%, 6/01/21		1,820		2,124,741
Sarasota County School Board COP
Series 2010B
5.00%, 7/01/18		2,350		2,610,427
South Broward Hospital District
Series 2015
5.00%, 5/01/27		3,300		3,788,004
St Lucie County School Board (St Lucie County School Board Sales Tax)
AGM Series 2015
5.00%, 10/01/22		3,150		3,677,278
State of Florida
Series 2009B
5.00%, 7/01/17		3,245		3,518,391
Series 2012B
5.00%, 7/01/18-7/01/19		10,935		12,280,997
Tampa Bay Water
Series 2011A
5.00%, 10/01/23		2,050		2,412,768
Tampa Sports Authority (Tampa Sports Authority Sales Tax)
Series 2015
5.00%, 1/01/21		3,490		4,092,828

				419,092,223

Georgia - 3.1%
Athens-Clarke County Unified Government
Series 2013
4.00%, 12/01/16		1,410		1,478,893
City of Atlanta Department of Aviation (Hartsfield Jackson Atlanta Intl Airport)
Series 2010B
5.00%, 1/01/20-1/01/22		22,650		25,719,125
Series 2010C
5.00%, 1/01/18-1/01/19		9,260		10,290,892
5.25%, 1/01/20		6,500		7,526,155
5.50%, 1/01/21		7,500		8,891,775
5.75%, 1/01/22-1/01/23		20,000		23,874,410
5.875%, 1/01/24		2,925		3,507,777
Series 2014A
5.00%, 1/01/28		12,250		13,965,122
City of Atlanta GA
Series 2015
5.00%, 12/01/18		2,520		2,838,326
Main Street Natural Gas, Inc. (JPMorgan Chase & Co.)
Series 2007A
5.00%, 3/15/16-3/15/18		16,860		17,543,989
Municipal Electric Authority of Georgia
Series 2010B
5.00%, 1/01/16-1/01/20		43,950		49,563,452
State of Georgia
Series 2009I


	Principal Amount (000)		U.S. $ Value
5.00%, 7/01/18	$	14,580	$	16,314,437
Series 2014A
5.00%, 2/01/17		17,595		18,822,603

				200,336,956

Hawaii - 0.4%
City & County Honolulu HI Wastewater System Revenue
Series 2009A
5.00%, 7/01/21-7/01/22		6,900		7,872,794
Series 2010A
5.00%, 7/01/24		16,500		18,981,600

				26,854,394

Idaho - 0.1%
Idaho Housing & Finance Association (State of Idaho Fed Hwy Grant)
Series 2015A
5.00%, 7/15/21-7/15/23 (c)		6,915		7,989,648

Illinois - 4.7%
City of Chicago IL (Asphalt Operating Services of Chicago LLC)
Series 2010
6.125%, 12/01/18		4,280		4,413,664
City of Chicago IL (City of Chicago IL Sales Tax)
AGM Series 2005
5.00%, 1/01/16		5,000		5,015,550
County of Du Page IL
Series 1993
5.60%, 1/01/21		6,830		7,655,625
Illinois Finance Authority (Adventist Health System/Sunbelt Obligated Group)
NATL Series 1997B
Zero Coupon, 1/01/19 (e)		5,730		6,012,260
Illinois Municipal Electric Agency
Series 2015A
5.00%, 2/01/27-2/01/29		42,820		48,991,277
Illinois State Toll Highway Authority
Series 2014A
5.00%, 12/01/20-12/01/22		33,375		39,129,714
Series 2014D
5.00%, 1/01/23		1,065		1,248,926
Metropolitan Pier & Exposition Authority
Series 2012B
5.00%, 12/15/20-12/15/26		17,100		19,212,045
Metropolitan Water Reclamation District of Greater Chicago
Series 2015D
5.00%, 12/01/20		8,240		9,550,160
Regional Transportation Authority (Regional Transportation Authority Sales Tax)
NATL Series 1994C
7.75%, 6/01/20		870		1,003,223
NATL Series 2001B
5.50%, 6/01/17		1,025		1,115,169


	Principal Amount (000)		U.S. $ Value
NATL Series 2006A
5.00%, 7/01/16	$	5,285	$	5,511,145
State of Illinois
Series 2010
5.00%, 1/01/17-1/01/19		34,160		35,986,690
Series 2012
5.00%, 8/01/21-8/01/25		15,385		16,307,635
Series 2013
5.00%, 7/01/19-7/01/20		12,290		13,243,723
5.50%, 7/01/24		5,405		5,946,797
Series 2013A
5.00%, 4/01/23		4,390		4,733,869
Series 2014
5.00%, 5/01/22-5/01/27		46,045		48,895,611
State of Illinois (State of Illinois Ded Tax)
AMBAC Series 1991
6.25%, 12/15/20		2,280		2,566,163
Town of Cortland IL (Town of Cortland IL Spl Tax)
Series 2006
5.50%, 3/01/17 (a)(b)		5,078		1,320,280
Village of Matteson IL
Series 2010
8.00%, 12/01/29 (f)		19,775		16,095,466
Will & Kendall Counties Community Consolidated School District 22 Plainfield
NATL Series 2007A
5.00%, 1/01/16		7,415		7,572,050

				301,527,042

Indiana - 0.2%
County of Jasper IN (Northern Indiana Public Service Co.)
NATL Series 1988B
5.60%, 11/01/16		6,560		6,953,534
Indiana Finance Authority (I-69 Development Partners LLC)
Series 2014
5.25%, 9/01/25-9/01/28		2,940		3,277,121

				10,230,655

Iowa - 0.2%
Iowa Finance Authority (Iowa Finance Authority SRF)
Series 2015
5.00%, 8/01/17-8/01/18		10,770		11,890,616

Kentucky - 0.2%
Kentucky Asset Liability Commission (Commonwealth of Kentucky Fed Hwy Grant)
NATL Series 2007
5.00%, 9/01/16		5,000		5,248,750
Kentucky Turnpike Authority
Series 2012A
5.00%, 7/01/26		8,490		9,913,858

				15,162,608


	Principal Amount (000)		U.S. $ Value
Louisiana - 1.1%
City of Baton Rouge/Parish of East Baton Rouge LA
Series 2015
5.00%, 8/01/27-8/01/28	$	8,985	$	10,418,215
City of New Orleans LA
NATL Series 2005
5.25%, 12/01/20		5,845		5,957,049
Coves of the Highland County Community Development District
Series 2006
5.60%, 11/01/13 (a)(b)(g)		4,025		0
Lakeshore Villages Master Community Development District
Series 2007
5.25%, 7/01/17 (a)(b)		9,814		3,434,900
Louisiana Agricultural Finance Authority
Series 2007
5.25%, 9/15/17		17,625		18,346,920
Louisiana Local Government Environmental Facilities & Community Development Auth
Series 2010
5.00%, 10/01/21-10/01/25		8,415		9,657,366
Series 2010A
5.00%, 10/01/23		7,720		8,857,388
Louisiana Office Facilities Corp. (Louisiana Office Facilities Corp. State Lease)
Series 2009
5.00%, 3/01/16-3/01/18		9,360		9,953,805
Orange Grove Community Development District
Series 2006
5.30%, 11/01/21(a)(b)		1,695		339,000
St Tammany Parish Finance Authority (Christwood)
Series 2015
5.25%, 11/15/29		1,200		1,242,084
State of Louisiana Gasoline & Fuels Tax Revenue
Series 2015B
5.00%, 5/01/25		3,250		3,928,275

				72,135,002

Maine - 0.0%
Maine Municipal Bond Bank
Series 2014A
5.00%, 9/01/25		1,000		1,159,000

Maryland - 1.8%
County of Anne Arundel MD
Series 2013
5.00%, 4/01/20		4,415		5,138,574
State of Maryland
Series 20142-C
5.00%, 8/01/21		59,585		70,878,145
Series 2014B
5.00%, 8/01/17-8/01/20		32,380		36,767,270
Washington Suburban Sanitary Commission
Series 2014
5.00%, 6/01/17		5,000		5,407,650

				118,191,639


	Principal Amount (000)		U.S. $ Value
Massachusetts - 2.4%
City of Cambridge MA
Series 2015
5.00%, 2/15/18	$	2,330	$	2,572,530
Commonwealth of Massachusetts
Series 2013A
5.00%, 4/01/18		2,060		2,285,364
Series 2013B
5.00%, 8/01/17-8/01/20		69,345		77,628,312
Series 2014C
5.00%, 8/01/20		1,045		1,224,562
AGM Series 2006C
0.68%, 11/01/19 (e)		1,815		1,859,014
NATL Series 2000E
0.12%, 12/01/30 (h)		7,750		7,272,569
NATL Series 2000F
0.12%, 12/01/30 (h)		6,700		6,287,260
Commonwealth of Massachusetts (Commonwealth of Massachusetts Fuel Tax)
Series 2013
5.00%, 6/15/20		1,040		1,215,978
Series 2014
5.00%, 6/15/20		7,170		8,383,236
Massachusetts Health & Educational Facilities Authority (CareGroup, Inc.)
Series 2008E-2
5.00%, 7/01/15-7/01/17		8,515		8,840,694
Massachusetts Health & Educational Facilities Authority (President and Fellows of Harvard College)
Series 1991N
6.25%, 4/01/20		2,820		3,448,916
Massachusetts School Building Authority
Series 2012A
5.00%, 8/15/22-8/15/23		10,680		12,745,008
University of Massachusetts Building Authority
AMBAC Series 20052
5.00%, 11/01/15 (Pre-refunded/ETM)		18,795		19,088,390

				152,851,833

Michigan - 5.0%
City of Detroit MI Sewage Disposal System Revenue
Series 2012A
5.00%, 7/01/19-7/01/20		20,980		23,193,863
Michigan Finance Authority (City of Detroit MI Sewage Disposal System Revenue)
AGM Series 2014C
5.00%, 7/01/25-7/01/27		39,940		45,310,977
Michigan Finance Authority (City of Detroit MI Water Supply System Revenue)
AGM Series 2014D2


	Principal Amount (000)		U.S. $ Value
5.00%, 7/01/24-7/01/27	$	54,305	$	61,622,044
Michigan Finance Authority (Detroit City School District)
Series 2014E
2.85%, 8/20/15		1,400		1,402,366
Michigan Finance Authority (Public Lighting Authority)
Series 2014B
5.00%, 7/01/27		4,990		5,550,626
Michigan Finance Authority (State of Michigan Unemployment)
Series 2012A
5.00%, 7/01/16		94,115		98,409,467
Series 2012B
5.00%, 7/01/22		10,105		10,560,938
Michigan Finance Authority (Trinity Health Credit Group)
Series 2015
5.00%, 12/01/23-12/01/25		13,075		15,451,189
5.50%, 12/01/26-12/01/27		7,220		8,736,443
Michigan State Building Authority (Michigan State Building Authority Lease)
Series 2009I
5.00%, 10/15/15		6,290		6,373,091
State of Michigan Trunk Line Revenue
Series 2009
5.00%, 11/01/19-11/01/23		11,510		13,201,217
Walled Lake Consolidated School District
Series 2015
4.00%, 5/01/17		6,070		6,397,416
5.00%, 5/01/20		4,635		5,318,941
Wayne County Airport Authority (Detroit Metropolitan Wayne County Airport)
Series 2010C
5.00%, 12/01/17		5,000		5,446,150
Wayne State University
Series 2009A
5.00%, 11/15/21-11/15/23		14,100		16,069,629

				323,044,357

Minnesota - 0.9%
Southern Minnesota Municipal Power Agency
AMBAC Series 2002A
5.25%, 1/01/16		6,820		6,982,179
State of Minnesota
Series 2014A
5.00%, 8/01/17		13,830		15,034,593
Series 2014B
4.00%, 8/01/17		14,400		15,359,184
Series 2014E
3.00%, 8/01/16		7,365		7,569,158
4.00%, 8/01/17		12,610		13,449,952

				58,395,066

Missouri - 0.2%
City of Springfield MO Public Utility Revenue
Series 2012
5.00%, 12/01/18-12/01/19		7,290		8,214,995


	Principal Amount (000)		U.S. $ Value
Missouri Joint Municipal Electric Utility Commission
Series 2014
5.00%, 1/01/25	$	2,630	$	3,097,088

				11,312,083

Nevada - 3.7%
Clark County School District
Series 2008A
5.00%, 6/15/21		5,000		5,520,000
Series 2013B
5.00%, 6/15/17		6,780		7,320,637
Series 2015A
5.00%, 6/15/18		70,485		78,052,270
Series 2015B
5.00%, 6/15/22		17,785		20,874,254
AGM Series 2005C
5.00%, 12/15/15 (Pre-refunded/ETM)		22,380		22,856,023
County of Clark Department of Aviation (McCarran Intl Airport)
AGM Series 2009C
5.00%, 7/01/24		9,175		10,231,960
County of Clark NV
Series 2015A
5.00%, 7/01/18		8,955		9,958,587
AMBAC Series 1992A
6.50%, 6/01/17		1,760		1,950,819
AMBAC Series 2006
5.00%, 11/01/15 (Pre-refunded/ETM)		1,085		1,101,937
5.00%, 11/01/16		16,010		16,949,627
County of Clark NV (County of Clark NV Fuel Tax)
Series 2011
5.00%, 7/01/19		8,390		9,556,965
AMBAC Series 2007
5.00%, 7/01/15-7/01/16		14,320		14,385,885
County of Clark NV (McCarran Intl Airport)
Series 2008A
5.25%, 7/01/17		16,695		18,117,915
Las Vegas Valley Water District
Series 2015B
4.00%, 12/01/18		4,240		4,639,111
State of Nevada
Series 2014A
5.00%, 4/01/21		15,215		17,829,546

				239,345,536

New Jersey - 4.4%
Garden State Preservation Trust
AGM Series 2005A
5.80%, 11/01/15 (Pre-refunded/ETM)		2,325		2,367,245
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease)
Series 2008A
5.00%, 5/01/16		30,310		31,238,395
Series 2011E


	Principal Amount (000)		U.S. $ Value
5.00%, 9/01/20	$	6,360	$	6,912,175
5.50%, 9/01/21		1,360		1,507,166
Series 2011G
5.00%, 9/01/20		2,895		3,146,344
Series 2013
5.00%, 3/01/20		15,490		16,776,444
Series 2014P
5.00%, 6/15/20		1,425		1,547,465
Series 2014U
5.00%, 6/15/20-6/15/21		14,200		15,446,851
AMBAC Series 2005K
5.25%, 12/15/20		2,340		2,575,334
New Jersey Economic Development Authority (College Avenue Redevelopment Associates LLC)
Series 2013
5.00%, 6/15/25-6/15/26		4,500		5,279,795
New Jersey Economic Development Authority (NYNJ Link Borrower LLC)
Series 2013
5.00%, 1/01/22		1,075		1,213,019
5.50%, 1/01/26-1/01/27		2,000		2,295,450
New Jersey State Turnpike Authority
Series 2012B
5.00%, 1/01/26-1/01/27		12,700		14,451,976
Series 2014A
5.00%, 1/01/27-1/01/29		75,920		86,456,247
Series 2014C
5.00%, 1/01/24		14,720		17,456,301
AGM Series 2005D-3
5.25%, 1/01/26		14,770		17,671,271
New Jersey Transit Corp.
Series 2014A
5.00%, 9/15/19-9/15/21		43,890		49,334,836
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease)
Series 2006A
5.25%, 12/15/20		3,730		4,107,066
Series 2011B
5.00%, 6/15/20		1,310		1,421,953
Series 2013A
5.00%, 6/15/20		3,960		4,302,223

				285,507,556

New Mexico - 0.1%
State of New Mexico Severance Tax Permanent Fund
Series 2010A
5.00%, 7/01/16		5,160		5,394,419

New York - 14.6%
City of New York NY
Series 2007C
5.00%, 1/01/16		10,370		10,611,206
Series 2007E
5.00%, 8/01/16		4,715		4,945,705
Series 2008B
5.00%, 9/01/15		10,000		10,080,800
Series 2008C


	Principal Amount (000)		U.S. $ Value
5.25%, 8/01/16	$	17,165	$	18,050,542
Series 2009C
5.00%, 8/01/17-8/01/22		18,190		20,584,695
Series 2010B
5.00%, 8/01/16-8/01/19		23,020		25,495,032
Series 2012A
5.00%, 10/01/16		10,090		10,649,995
Series 2012B
5.00%, 8/01/16		18,615		19,525,832
Series 2013B
5.00%, 8/01/19		34,575		39,437,282
Series 2013I
5.00%, 8/01/19		7,260		8,280,974
Series 2013J
5.00%, 8/01/16-8/01/20		19,535		22,038,196
Series 2014A
5.00%, 8/01/27		1,130		1,316,066
Metropolitan Transportation Authority
Series 2012D
5.00%, 11/15/16-11/15/28		25,550		27,670,875
Series 2012E
5.00%, 11/15/24		6,055		7,097,550
Series 2012F
5.00%, 11/15/22-11/15/26		55,610		64,898,096
Series 2012H
5.00%, 11/15/26		6,065		6,998,828
Series 2013B
5.00%, 11/15/26		9,505		10,961,546
Series 2014A
5.00%, 11/15/26-11/15/27		8,245		9,479,416
Series 2014C
5.00%, 11/15/27		5,000		5,766,400
AGC Series 2003B
5.25%, 11/15/20		8,415		9,957,554
Metropolitan Transportation Authority (Metropolitan Transportation Authority Ded Tax)
Series 2012A
5.00%, 11/15/27		4,505		5,237,828
New York City Transitional Finance Authority Future Tax Secured Revenue
Series 2011A
5.00%, 11/01/22-11/01/25		34,430		40,483,867
Series 2011C
5.00%, 11/01/19-11/01/25		23,420		27,341,036
Series 2012A
5.00%, 8/01/25		12,345		14,455,378
Series 2012B
5.00%, 11/01/23-11/01/26		55,535		65,370,634
Series 2012E
5.00%, 11/01/21		8,545		10,103,950
Series 2015C
5.00%, 11/01/18		2,090		2,347,655
New York State Dormitory Authority (City University of New York State Lease)
Series 2008A
5.00%, 7/01/15-7/01/16		24,900		25,581,484
Series 2008B
5.00%, 7/01/15		8,870		8,870,000


	Principal Amount (000)		U.S. $ Value
New York State Dormitory Authority (New York State Dormitory Authority Lease)
Series 2009A
5.00%, 7/01/19-7/01/24	$	25,150	$	28,626,540
New York State Dormitory Authority (New York University)
NATL Series 1998A
6.00%, 7/01/18		2,865		3,283,577
New York State Dormitory Authority (State of New York Pers Income Tax)
Series 2009G
5.00%, 3/15/19-3/15/21		13,865		15,770,220
Series 2011E
5.00%, 8/15/21		3,880		4,597,567
Series 2012A
5.00%, 12/15/22		20,745		24,618,091
Series 2012B
5.00%, 3/15/21-3/15/22		54,800		64,450,868
Series 2013A
5.00%, 2/15/20		4,635		5,370,343
Series 2014C
5.00%, 3/15/27		2,015		2,351,445
Series 2014E
5.00%, 2/15/17-2/15/27		9,580		10,834,887
New York State Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.)
AMBAC Series 2001B
0.125%, 10/01/36 (h)		11,425		10,403,571
XLCA Series 2004A
0.14%, 1/01/39 (h)		10,000		9,014,670
New York State Thruway Authority (New York State Thruway Authority Ded Tax)
Series 2012A
5.00%, 4/01/23		17,940		21,166,868
NATL Series 2005B
5.00%, 4/01/16		44,040		44,533,248
New York State Thruway Authority (New York State Thruway Authority Gen Toll Road)
Series 2013A
5.00%, 5/01/19		3,055		3,451,631
New York State Thruway Authority (New York State Thruway Authority Service Contract)
Series 2009
5.00%, 4/01/17-4/01/18		47,425		51,286,968
New York State Urban Development Corp. (State of New York Pers Income Tax)
Series 2013C
5.00%, 3/15/25-3/15/26		63,625		74,425,993
Series 2013D
5.00%, 3/15/23		32,000		38,107,840
Port Authority of New York & New Jersey
Series 2013-178
5.00%, 12/01/28		3,335		3,776,754

				949,709,503


	Principal Amount (000)		U.S. $ Value
North Carolina - 0.7%
North Carolina Eastern Municipal Power Agency
Series 1988A
6.00%, 1/01/22 (Pre-refunded/ETM)	$	1,720	$	2,150,808
Series 2009B
5.00%, 1/01/17		1,020		1,083,005
Series 2012B
5.00%, 1/01/21		13,270		15,306,282
North Carolina Municipal Power Agency No 1
Series 2008A
5.25%, 1/01/16		20,000		20,463,600
Series 2008C
5.25%, 1/01/17		6,670		7,106,552

				46,110,247

Ohio - 3.2%
City of Cincinnati OH Water System Revenue
Series 2007A
5.00%, 12/01/15		5,780		5,892,594
City of Cleveland OH Airport System Revenue
AMBAC Series 2006A
5.00%, 1/01/23		3,145		3,298,099
City of Columbus OH
Series 20131
5.00%, 7/01/16-7/01/20		9,165		10,143,929
Columbiana County Port Authority (ELS Transportation LLC)
Series 2004A
7.00%, 8/01/21 (a)(b)		500		200,000
County of Cuyahoga OH (County of Cuyahoga OH Lease)
Series 2010F
5.00%, 12/01/19-12/01/24		93,725		107,966,267
Hamilton County Convention Facilities Authority
Series 2014
5.00%, 12/01/22-12/01/23		3,440		3,948,595
State of Ohio
Series 2011A
5.00%, 8/01/20-8/01/21		57,430		67,461,773
University of Cincinnati
Series 2010F
5.00%, 6/01/20-6/01/21		6,795		7,873,023
University of Toledo
Series 2010
5.00%, 6/01/21		2,610		2,962,141

				209,746,421

Oklahoma - 0.2%
Comanche County Memorial Hospital
Series 2015
5.00%, 7/01/16-7/01/28		10,670		11,448,175
McGee Creek Authority
NATL Series 1992
6.00%, 1/01/23		3,360		3,710,112

				15,158,287

Oregon - 0.5%
City of Portland OR Sewer System Revenue


	Principal Amount (000)		U.S. $ Value
Series 2013A
5.00%, 8/01/22	$	8,685	$	10,350,436
Hospital Facilities Authority of Multnomah County Oregon (Mirabella at South Waterfront)
Series 2014A
5.00%, 10/01/24		1,000		1,108,290
Port of Portland OR (Portland Intl Airport)
Series 2010 20C
5.00%, 7/01/23		1,405		1,585,556
State of Oregon Department of Administrative Services COP
Series 2009D
5.00%, 11/01/21-11/01/23		18,535		21,169,208

				34,213,490

Pennsylvania - 4.6%
Allegheny County Airport Authority (Pittsburgh International Airport)
NATL Series 2001B
5.00%, 1/01/18		1,585		1,730,043
Central Bucks School District
NATL Series 2007
5.00%, 5/15/16 (Pre-refunded/ETM)		2,045		2,127,863
5.00%, 5/15/16		2,955		3,069,004
City of Philadelphia PA
Series 2013A
5.00%, 7/15/19-7/15/21		4,495		5,133,161
City of Philadelphia PA Airport Revenue (Philadelphia Intl Airport)
Series 2010A
5.00%, 6/15/21		6,225		7,074,339
Series 2010D
5.00%, 6/15/19-6/15/20		18,065		20,456,887
Series 2011A
5.00%, 6/15/16-6/15/19		6,300		6,900,077
Commonwealth of Pennsylvania
Series 2010A
5.00%, 2/15/17		4,220		4,502,656
Series 2014
5.00%, 6/15/17-7/01/17		25,140		27,111,939
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Unemployment)
Series 2012A
5.00%, 1/01/16-7/01/19		28,850		31,709,020
Pennsylvania Economic Development Financing Authority (FirstEnergy Nuclear Generation LLC)
Series 2005A
3.75%, 12/01/40 (c)		13,705		13,705,000
Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP)
Series 2015
5.00%, 6/30/26-12/31/28		51,190		56,395,567
Pennsylvania Turnpike Commission


	Principal Amount (000)		U.S. $ Value
Series 2009B
5.00%, 6/01/16-6/01/20	$	50,265	$	54,927,471
Philadelphia Parking Authority (The) (Philadelphia Airport Parking)
Series 2009
5.00%, 9/01/15-9/01/20		35,680		39,248,451
5.125%, 9/01/22		9,080		10,404,954
Southeastern Pennsylvania Transportation Authority
Series 2010
5.00%, 3/01/23-3/01/24		12,245		13,906,770

				298,403,202

Puerto Rico - 0.2%
Puerto Rico Sales Tax Financing Corp.
Series 2009A
5.375%, 8/01/19 (Pre-refunded/ETM)		10,315		11,993,560

Rhode Island - 0.6%
Rhode Island Commerce Corp. (State of Rhode Island DOT Fed Hwy Grant)
AGC Series 2009A
5.25%, 6/15/17		7,955		8,622,743
Rhode Island Depositors Economic Protection Corp.
Series 1993A
6.375%, 8/01/22 (Pre-refunded/ETM)		5,780		7,356,148
AGM Series 1993A
5.50%, 8/01/20 (Pre-refunded/ETM)		1,500		1,749,030
5.75%, 8/01/19 (Pre-refunded/ETM)		4,940		5,542,927
Tobacco Settlement Financing Corp./RI
Series 2015A
5.00%, 6/01/21-6/01/23		14,635		16,659,209

				39,930,057

South Carolina - 1.0%
Beaufort County School District/SC
Series 2015A
5.00%, 3/01/18		3,210		3,547,949
Greenville County School District (Greenville County School District Lease)
Series 2006
5.00%, 12/01/15		5,000		5,097,000
Newberry Investing IN Children’s Education
Series 2005
5.25%, 12/01/15 (Pre-refunded/ETM)		2,315		2,362,226
SCAGO Educational Facilities Corp. for Pickens School District
Series 2015
5.00%, 12/01/22-12/01/27		7,000		8,108,210
South Carolina State Public Service Authority
Series 2015A
5.00%, 12/01/24		4,490		5,342,426
Series 2015B
5.00%, 12/01/22-12/01/23		32,645		38,583,202

				63,041,013


	Principal Amount (000)		U.S. $ Value
Tennessee - 0.0%
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The))
Series 2006A
5.25%, 9/01/21	$	2,115	$	2,402,090

Texas - 11.1%
Aldine Independent School District
Series 2013
5.00%, 2/15/17		4,945		5,287,738
Austin Independent School District
Series 2014B
5.00%, 8/01/20-8/01/21		6,700		7,855,661
Bell County Health Facility Development Corp.
Series 1989
6.50%, 7/31/15 (Pre-refunded/ETM)		1,000		1,121,790
Brownsville Independent School District
Series 2013A
5.00%, 2/15/19		4,000		4,533,640
Bryan Independent School District
Series 2015B
4.00%, 2/15/18		1,315		1,417,728
Camino Real Regional Mobility Authority
Series 2008
5.00%, 8/15/15-2/15/21		34,860		35,784,675
Central Texas Turnpike System
Series 2015A
5.00%, 8/15/42		19,480		22,287,847
Series 2015C
5.00%, 8/15/23-8/15/25		4,860		5,528,018
City of Garland TX
Series 2010
5.00%, 2/15/24		3,800		4,358,942
City of Houston TX (City of Houston TX Hotel Occupancy Tax)
Series 2015
5.00%, 9/01/23-9/01/25		3,800		4,419,086
City of Houston TX Airport System Revenue
Series 2009A
5.00%, 7/01/21		2,090		2,307,339
City of Houston TX Airport System Revenue (United Airlines, Inc.)
Series 2015B
5.00%, 7/15/20		6,400		6,884,608
City of Houston TX Combined Utility System Revenue
Series 2014C
5.00%, 5/15/23-5/15/28		24,850		29,220,539
City of San Antonio TX
Series 2014
5.00%, 2/01/21		3,905		4,580,175
City of San Antonio TX Water System Revenue
Series 2011A
5.00%, 5/15/23-5/15/26		21,200		24,515,160
Series 2013E
5.00%, 5/15/25		3,000		3,539,040
City of Waco TX
Series 2015
5.00%, 2/01/21		5,505		6,437,657


	Principal Amount (000)		U.S. $ Value
City Public Service Board of San Antonio TX
Series 2008
5.00%, 2/01/21	$	5,040	$	5,535,230
Series 2009D
5.00%, 2/01/20		47,315		53,277,636
Clear Creek Independent School District
Series 2004A
5.00%, 2/15/16		1,280		1,317,248
County of Harris TX
Series 2010A
5.00%, 10/01/23-10/01/25		17,725		20,679,260
Series 2014A
5.00%, 10/01/17		4,820		5,268,838
Dallas Independent School District
Series 2011
5.00%, 2/15/22		5,165		6,060,921
Dallas/Fort Worth International Airport
Series 2009A
5.00%, 11/01/15		6,415		6,511,802
Series 2012F
5.00%, 11/01/21-11/01/25		17,905		20,300,878
Series 2014A
5.25%, 11/01/28		11,550		13,095,506
El Paso Independent School District
Series 2015
5.00%, 8/15/22		3,725		4,440,200
Grand Parkway Transportation Corp.
Series 2014A
3.00%, 12/15/16		168,095		173,384,950
Houston Independent School District
Series 2014
5.00%, 2/15/17-2/15/18		29,205		31,803,921
Lower Colorado River Authority
AGM Series 1999A
5.875%, 5/15/16		2,325		2,382,776
North Texas Tollway Authority
Series 2014A
5.00%, 1/01/21-1/01/24		16,695		19,484,864
North Texas Tollway Authority (North Texas Tollway Authority Special Projects System)
Series 2011D
5.00%, 9/01/24		5,000		5,848,400
5.25%, 9/01/25-9/01/26		35,940		42,453,374
Retama Development Corp.
Series 1993
8.75%, 12/15/15 (Pre-refunded/ETM)		1,200		1,243,176
SA Energy Acquisition Public Facility Corp. (Goldman Sachs Group, Inc. (The))
Series 2007
5.25%, 8/01/15		1,880		1,886,749
Spring Independent School District
Series 2011
5.00%, 8/15/20-8/15/21		8,365		9,755,519
State of Texas
Series 2011
5.00%, 10/01/22-10/01/25		47,335		55,627,364
Series 2014
4.00%, 10/01/17		5,400		5,778,432


	Principal Amount (000)		U.S. $ Value
Series 2014A
5.00%, 10/01/21-10/01/22	$	12,120	$	14,407,392
Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.)
Series 2007
5.25%, 11/15/16		1,160		1,175,335
Texas A&M University
Series 2009D
5.00%, 5/15/18		2,000		2,223,660
Texas Public Finance Authority (State of Texas Unemployment)
Series 2014B
4.00%, 7/01/17-1/01/18		28,250		29,342,163
Texas Transportation Commission State Highway Fund
Series 2007
5.00%, 4/01/16-4/01/24		18,250		19,172,160

				722,537,397

Utah - 0.1%
Utah Transit Authority (Utah Transit Authority Sales Tax)
Series 2015A
5.00%, 6/15/26-6/15/28		5,455		6,341,924

Virginia - 1.0%
County of Fairfax VA
Series 2012A
5.00%, 4/01/17		6,760		7,271,664
Series 2015C
3.00%, 10/01/16 (c)		13,490		13,861,785
4.00%, 10/01/17 (c)		25,985		27,893,598
5.00%, 10/01/18 (c)		13,855		15,613,754

				64,640,801

Washington - 6.2%
Chelan County Public Utility District No 1
Series 2011A
5.00%, 7/01/20		3,110		3,549,070
Series 2011B
5.00%, 7/01/21		5,000		5,766,050
5.25%, 7/01/22		3,670		4,269,972
City of Seattle WA
Series 2014
5.00%, 5/01/16-5/01/17		9,675		10,193,251
County of Cowlitz WA (County of Cowlitz WA Spl Swr)
NATL Series 2002
5.50%, 11/01/19		1,435		1,539,152
County of King WA
Series 2015
5.00%, 7/01/21-7/01/23		4,770		5,705,419
County of King WA Sewer Revenue
Series 2011B
5.00%, 1/01/23		4,415		5,132,349
Energy Northwest
AMBAC Series 2005A


	Principal Amount (000)		U.S. $ Value
5.00%, 7/01/15 (Pre-refunded/ETM)	$	2,315	$	2,315,000
Energy Northwest (Bonneville Power Administration)
Series 2007A
5.00%, 7/01/16		5,450		5,698,684
Series 2007C
5.00%, 7/01/17		2,625		2,846,156
Series 2012A
5.00%, 7/01/18-7/01/21		92,585		104,907,768
Franklin County School District No 1 Pasco
Series 2015
5.00%, 12/01/23		4,750		5,724,748
Grant County Public Utility District No 2
Series 2011I
5.00%, 1/01/20-1/01/23		13,725		15,911,996
Port of Seattle WA
Series 2010B
5.00%, 6/01/22		1,995		2,271,148
Series 2010C
5.00%, 2/01/17		2,590		2,757,210
Snohomish County School District No 2 Everett
Series 2014
5.00%, 12/01/21		3,600		4,257,828
State of Washington
Series 2008C
5.00%, 1/01/17		3,225		3,435,109
Series 2009R
5.00%, 1/01/17		6,810		7,253,672
Series 2010R
5.00%, 7/01/20		6,370		7,433,917
Series 2012
5.00%, 7/01/22-7/01/23		27,935		33,143,662
Series 2012R
5.00%, 7/01/23-7/01/24		22,715		26,893,936
Series 2012R-2012D
5.00%, 7/01/17		5,000		5,421,250
Series 2012R-2013A
5.00%, 7/01/17		3,545		3,843,666
Series 2014
4.00%, 7/01/17		17,610		18,746,902
Series 2014R
5.00%, 7/01/17		5,180		5,616,415
Series 2015B
5.00%, 2/01/22		4,480		5,288,371
AGM Series 2006
5.00%, 7/01/15		5,405		5,405,000
AMBAC Series 2007C
5.00%, 1/01/16		7,770		7,951,507
State of Washington (State of Washington Fed Hwy Grant)
Series 2012F-1
5.00%, 9/01/21-9/01/23		36,660		42,894,875
Series 2013C
5.00%, 9/01/19		6,060		6,905,491
State of Washington COP
Series 2015
5.00%, 7/01/18		3,565		3,962,319
Washington Health Care Facilities Authority (MultiCare Health System)
Series 2015B
5.00%, 8/15/28-8/15/30		31,550		35,937,928

				402,979,821


	Principal Amount (000)		U.S. $ Value
Wisconsin - 0.8%
State of Wisconsin
Series 20141
5.00%, 5/01/16	$	3,030	$	3,146,443
Series 20142
5.00%, 5/01/17		23,330		25,157,905
Series 2014B
5.00%, 5/01/17		3,610		3,892,844
Wisconsin Department of Transportation
AGM Series 2005A
5.25%, 7/01/16		9,690		10,155,992
NATL Series 2007I
5.00%, 7/01/16-7/01/17		8,885		9,367,663
WPPI Energy
Series 2014A
5.00%, 7/01/29		1,000		1,138,770

				52,859,617

Total Long-Term Municipal Bonds (cost $6,008,139,422)				6,172,452,972

Short-Term Municipal Notes - 1.5%
Alaska - 0.2%
City of Valdez AK (Exxon Mobil Corp.)
Series 1993B
0.01%, 12/01/33 (i)		5,700		5,700,000
Series 1993C
0.01%, 12/01/33 (i)		5,475		5,475,000

				11,175,000

Connecticut - 0.1%
Connecticut State Health & Educational Facility Authority (Yale University)
Series 2001V-1
0.01%, 7/01/36 (i)		8,260		8,260,000

Louisiana - 0.1%
City of Baton Rouge/Parish of East Baton Rouge LA (Exxon Mobil Corp.)
Series 1989
0.01%, 11/01/19 (i)		7,800		7,800,000

Mississippi - 0.3%
County of Jackson MS (Chevron Corp.)
Series 1993
0.01%, 6/01/23 (i)		12,500		12,500,000
Mississippi Business Finance Corp. (Chevron USA, Inc.)
Series 2007E
0.02%, 12/01/30 (i)		7,000		7,000,000

				19,500,000


	Principal Amount (000)		U.S. $ Value
Texas - 0.8%
Gulf Coast Industrial Development Authority (Exxon Mobil Corp.)
Series 2012
0.01%, 11/01/41 (i)	$	33,800	$	33,800,000
Lower Neches Valley Authority Industrial Development Corp. (Exxon Capital Ventures, Inc.)
Series 2012
0.01%, 5/01/46 (i)		19,300		19,300,000

				53,100,000

Total Short-Term Municipal Notes (cost $99,835,000)				99,835,000

Total Municipal Obligations (cost $6,107,974,422)				6,272,287,972

CORPORATES - INVESTMENT GRADE - 2.5%
Financial Institutions - 2.1%
Banking - 2.1%
Bank of America Corp.
1.50%, 10/09/15		33,318		33,394,465
Capital One Bank USA NA
1.20%, 2/13/17		4,905		4,880,195
Citigroup, Inc.
4.587%, 12/15/15		14,497		14,743,072
JPMorgan Chase & Co.
0.793%, 3/01/18 (j)		2,000		1,992,562
1.35%, 2/15/17		41,328		41,364,079
3.15%, 7/05/16		3,950		4,029,988
Morgan Stanley
5.375%, 10/15/15		25,375		25,707,184
Series G
5.45%, 1/09/17		8,860		9,388,942

				135,500,487

Industrial - 0.4%
Communications - Telecommunications - 0.2%
Verizon Communications, Inc.
2.50%, 9/15/16		14,764		15,003,561

Consumer Non-Cyclical - 0.2%
Becton Dickinson and Co.
0.736%, 6/15/16 (j)		10,000		10,004,620

				25,008,181

Total Corporates - Investment Grade (cost $160,133,133)				160,508,668


	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 1.3%
Time Deposit - 1.3%
State Street Time Deposit
0.01%, 7/01/15
(cost $83,076,320)	$	83,076	$	83,076,320

Total Investments - 100.5% (cost $6,351,183,875) (k)				6,515,872,960
Other assets less liabilities - (0.5)%				(33,875,689	)

Net Assets - 100.0%			$	6,481,997,271

(a)

Security is in default and is non-income producing.

(b)

Illiquid security.

(c)

When-Issued or delayed delivery security.

(d)

Non-income producing security.

(e)

Variable rate coupon, rate shown as of June 30, 2015.

(f)

Indicates a security that has a zero coupon that remains in effect until a predetermined date at which time the stated coupon rate becomes effective until final maturity.

(g)

Fair valued by the Adviser.

(h)

An auction rate security whose interest rate resets at each auction date. Auctions are typically held every week or month. The rate shown is as of June 30, 2015 and the aggregate market value of these securities amounted to $32,978,070 or 0.51% of net assets.

(i)

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

(j)

Floating Rate Security. Stated interest rate was in effect at June 30, 2015.

(k)

As of June 30, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $209,517,179 and gross unrealized depreciation of investments was $(44,828,094), resulting in net unrealized appreciation of $164,689,085.

Glossary:


AGC	-	Assured Guaranty Corporation
AGM	-	Assured Guaranty Municipal
AMBAC	-	Ambac Assurance Corporation
COP	-	Certificate of Participation
DOT	-	Department of Transportation
ETM	-	Escrowed to Maturity
NATL	-	National Interstate Corporation
SRF	-	State Revolving Fund
XLCA	-	XL Capital Assurance Inc.

Sanford C. Bernstein Fund, Inc.

Diversified Municipal Portfolio

June 30, 2015 (unaudited)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

6,128,638,590

43,814,382

6,172,452,972

Short-Term Municipal Notes

– 0

–

99,835,000

– 0

–

99,835,000

Corporates - Investment Grade

– 0

–

160,508,668

– 0

–

160,508,668

Short-Term Investments

– 0

–

83,076,320

– 0

–

83,076,320

Total Investments in Securities

– 0

–

6,472,058,578

43,814,382

6,515,872,960

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total+

– 0

–

6,472,058,578

43,814,382

6,515,872,960

^	The Portfolio held securities with zero market value at period end.

*	Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument.

+	There were no transfers between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


	Long-Term Municipal Bonds^			Total
Balance as of 9/30/14	$	33,238,346		$	33,238,346
Accrued discounts/(premiums)		1,038,053			1,038,053
Realized gain (loss)		(292,154	)		(292,154	)
Change in unrealized appreciation/depreciation		(1,808,514	)		(1,808,514	)
Purchases		1,253,256			1,253,256
Sales		(7,125,763	)		(7,125,763	)
Transfers in to Level 3		17,511,158			17,511,158
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 6/30/15	$	43,814,382		$	43,814,382	+

Net change in unrealized appreciation/depreciationfrom Investments held as of 6/30/15	$	(2,405,241	)	$	(2,405,241	)

^	The Fund held securities with zero market value at period end.

+	There were de minimis transfers under 1% of net assets during the reporting period.

Sanford C. Bernstein Fund, Inc.

Overlay A Portfolio

Portfolio of Investments

June 30, 2015 (unaudited)


Company	Shares		U.S. $ Value
COMMON STOCKS - 63.0%
Information Technology - 12.9%
Communications Equipment - 0.5%
Brocade Communications Systems, Inc.		414,460	$	4,923,785
BYD Electronic International Co., Ltd. (a)		412,500		557,794
F5 Networks, Inc. (a)		20,500		2,467,175
Finisar Corp. (a)		18,260		326,306
Palo Alto Networks, Inc. (a)		2,849		497,720
Polycom, Inc. (a)		19,210		219,762
VTech Holdings Ltd.		31,000		409,539

				9,402,081

Electronic Equipment, Instruments & Components - 0.5%
Amphenol Corp.-Class A		125,850		7,295,524
Arrow Electronics, Inc. (a)		6,650		371,070
Avnet, Inc.		10,870		446,866
CDW Corp./DE		11,100		380,508
Celestica, Inc. (a)		15,990		186,124
Delta Electronics, Inc.		43,000		219,982
Insight Enterprises, Inc. (a)		6,080		181,853
Ju Teng International Holdings Ltd.		198,000		95,787
Keysight Technologies, Inc. (a)		9,720		303,167
Largan Precision Co., Ltd.		3,000		342,452
Samsung Electro-Mechanics Co., Ltd.		2,180		99,714
TTM Technologies, Inc. (a)		24,750		247,253
Vishay Intertechnology, Inc.		32,650		381,352
Zebra Technologies Corp.-Class A (a)		4,622		513,273

				11,064,925

Internet Software & Services - 2.2%
Alibaba Group Holding Ltd. (Sponsored ADR) (a)		1,881		154,750
Baidu, Inc. (Sponsored ADR) (a)		15,090		3,004,117
CoStar Group, Inc. (a)		2,950		593,717
eBay, Inc. (a)		146,836		8,845,401
Facebook, Inc.-Class A (a)		144,205		12,367,742
Google, Inc.-Class A (a)		11,100		5,994,444
Google, Inc.-Class C (a)		18,249		9,498,787
GrubHub, Inc. (a)		6,868		233,993
HomeAway, Inc. (a)		9,432		293,524
Just Dial Ltd.		8,398		166,859
Pandora Media, Inc. (a)		13,650		212,121
Tencent Holdings Ltd.		106,300		2,127,003

				43,492,458

IT Services - 2.0%
Amadeus IT Holding SA-Class A		22,620		902,995
Amdocs Ltd.		128,816		7,032,065
Booz Allen Hamilton Holding Corp.		16,560		417,975
CGI Group, Inc.-Class A (a)		14,560		569,460
Fiserv, Inc. (a)		68,400		5,665,572
Genpact Ltd. (a)		13,340		284,542


Company	Shares		U.S. $ Value
HCL Technologies Ltd.		72,030	$	1,040,748
Obic Co., Ltd.		26,700		1,190,358
QIWI PLC (Sponsored ADR)		2,488		69,788
Tata Consultancy Services Ltd.		33,780		1,355,338
Vantiv, Inc.-Class A (a)		11,677		445,945
VeriFone Systems, Inc. (a)		8,974		304,757
Visa, Inc.-Class A		219,200		14,719,280
Xerox Corp.		541,800		5,764,752

				39,763,575

Semiconductors & Semiconductor Equipment - 1.6%
Advanced Micro Devices, Inc. (a)		43,270		103,848
Advanced Semiconductor Engineering, Inc.		856,000		1,159,799
Advanced Semiconductor Engineering, Inc. (ADR)		47,410		312,906
Applied Materials, Inc.		477,519		9,177,915
Cavium, Inc. (a)		4,663		320,861
Fairchild Semiconductor International, Inc. (a)		25,890		449,968
Hua Hong Semiconductor Ltd. (a)(b)		149,000		197,217
Infineon Technologies AG		109,240		1,355,624
Intel Corp.		287,649		8,748,844
Intersil Corp.-Class A		14,121		176,654
Kinsus Interconnect Technology Corp.		106,000		290,459
Lam Research Corp.		4,100		333,535
Mellanox Technologies Ltd. (a)		5,330		258,985
Novatek Microelectronics Corp.		306,000		1,475,953
ON Semiconductor Corp. (a)		38,278		447,470
SCREEN Holdings Co., Ltd.		317,000		1,994,947
SK Hynix, Inc.		7,550		286,156
Sumco Corp.		143,100		1,789,753
Taiwan Semiconductor Manufacturing Co., Ltd.		340,000		1,546,530
Tokyo Electron Ltd.		39,200		2,491,436

				32,918,860

Software - 3.2%
ANSYS, Inc. (a)		105,800		9,653,192
Aspen Technology, Inc. (a)		6,893		313,976
Barracuda Networks, Inc. (a)		10,688		423,459
Cadence Design Systems, Inc. (a)		27,227		535,283
Constellation Software, Inc./Canada		1,170		464,497
Dassault Systemes		38,070		2,763,659
Electronic Arts, Inc. (a)		221,546		14,732,809
Guidewire Software, Inc. (a)		6,820		360,983
Microsoft Corp. (c)		460,690		20,339,463
Mobileye NV (a)		76,210		4,052,086
NetSuite, Inc. (a)		3,823		350,760
NICE-Systems Ltd.		12,863		816,952
Oracle Corp.		70,306		2,833,332
Oracle Corp. Japan		28,000		1,170,560
Sage Group PLC (The)		37,170		299,201
SAP SE		6,087		426,554
ServiceNow, Inc. (a)		45,637		3,391,285
SolarWinds, Inc. (a)		11,184		515,918
Tableau Software, Inc.-Class A (a)		3,959		456,473
Take-Two Interactive Software, Inc. (a)		10,154		279,946


Company	Shares		U.S. $ Value
Ultimate Software Group, Inc. (The) (a)		2,542	$	417,752

				64,598,140

Technology Hardware, Storage & Peripherals - 2.9%
Apple, Inc. (c)		285,047		35,752,020
Asustek Computer, Inc.		40,000		389,559
Casetek Holdings Ltd.		36,000		222,692
Catcher Technology Co., Ltd.		143,000		1,787,786
EMC Corp./MA		212,400		5,605,236
Hewlett-Packard Co.		420,000		12,604,200
Lenovo Group Ltd.		136,000		188,029
NCR Corp. (a)		15,520		467,152
Samsung Electronics Co., Ltd.		1,130		1,282,081
Samsung Electronics Co., Ltd. (GDR) (b)		1,640		726,573
Samsung Electronics Co., Ltd. (GDR) (London) (b)		740		422,170
Samsung Electronics Co., Ltd. (Preference Shares)		60		53,323

				59,500,821

				260,740,860

Consumer Discretionary - 11.6%
Auto Components - 0.7%
Aisin Seiki Co., Ltd.		48,300		2,053,679
Continental AG		9,020		2,135,731
Dana Holding Corp.		18,370		378,055
Hankook Tire Co., Ltd.		22,922		862,062
Lear Corp.		3,540		397,400
Magna International, Inc. (New York)-Class A		34,130		1,914,352
Nokian Renkaat Oyj		38,580		1,208,727
Plastic Omnium SA		30,360		776,672
Sumitomo Electric Industries Ltd.		165,200		2,556,857
Tenneco, Inc. (a)		6,540		375,658
Valeo SA		12,190		1,928,250

				14,587,443

Automobiles - 1.2%
Chongqing Changan Automobile Co., Ltd.-Class B		60,800		155,269
Ford Motor Co.		756,800		11,359,568
Great Wall Motor Co., Ltd.-Class H (d)(e)		32,000		156,872
Honda Motor Co., Ltd.		94,800		3,063,920
Kia Motors Corp.		5,560		225,569
Peugeot SA (a)		101,230		2,087,547
Tata Motors Ltd. (Sponsored ADR)		8,082		278,587
Tata Motors Ltd.-Class A		45,757		187,022
Thor Industries, Inc.		3,390		190,789
Toyota Motor Corp.		88,500		5,922,178

				23,627,321

Diversified Consumer Services - 0.3%
Bright Horizons Family Solutions, Inc. (a)		8,449		488,352
Estacio Participacoes SA		228,400		1,322,312
Grand Canyon Education, Inc. (a)		10,192		432,141
Kroton Educacional SA		390,800		1,494,520


Company	Shares		U.S. $ Value
New Oriental Education & Technology Group, Inc. (ADR) (a)		14,841	$	363,901
TAL Education Group (Sponsored ADR) (a)		59,856		2,112,917

				6,214,143

Hotels, Restaurants & Leisure - 1.3%
Betfair Group PLC		12,130		458,683
Bloomin’ Brands, Inc.		18,940		404,369
Buffalo Wild Wings, Inc. (a)		1,380		216,232
Habit Restaurants, Inc. (The) (a)		9,828		307,518
Melco International Development Ltd.		636,000		899,562
Merlin Entertainments PLC (b)		307,288		2,060,936
NagaCorp Ltd.		162,000		119,894
Norwegian Cruise Line Holdings Ltd. (a)		7,554		423,326
Oriental Land Co., Ltd./Japan		5,000		318,946
Sodexo SA		36,270		3,452,822
Starbucks Corp.		301,186		16,148,087
Tabcorp Holdings Ltd.		136,728		479,265
Tatts Group Ltd.		104,724		300,270
Wyndham Worldwide Corp.		4,956		405,946
Yum! Brands, Inc.		13,940		1,255,715

				27,251,571

Household Durables - 0.1%
Even Construtora e Incorporadora SA		65,100		69,097
Hanssem Co., Ltd.		549		138,233
Helen of Troy Ltd. (a)		3,040		296,370
Meritage Homes Corp. (a)		8,680		408,741
PulteGroup, Inc.		11,600		233,740
Skyworth Digital Holdings Ltd.		480,000		427,321
Tempur Sealy International, Inc. (a)		7,203		474,678

				2,048,180

Internet & Catalog Retail - 0.5%
JD.com, Inc. (ADR) (a)		7,379		251,624
Priceline Group, Inc. (The) (a)		7,286		8,388,882
Vipshop Holdings Ltd. (ADR) (a)		20,180		449,005

				9,089,511

Media - 2.5%
AMC Networks, Inc.-Class A (a)		5,949		486,926
Cineplex, Inc.		7,760		292,134
Comcast Corp.-Class A		197,519		11,878,793
CTS Eventim AG & Co. KGaA		20,335		741,438
Liberty Global PLC-Class A (a)		5,043		272,675
Liberty Global PLC-Series C (a)		60,542		3,065,241
Naspers Ltd.-Class N		3,450		536,490
Reed Elsevier PLC		75,300		1,223,676
Sky PLC		35,090		571,533
Smiles SA		10,600		179,638
Surya Citra Media Tbk PT		369,500		79,521
Thomson Reuters Corp.		22,190		844,961
Time Warner, Inc.		118,489		10,357,123
Vivendi SA		86,864		2,202,574
Walt Disney Co. (The) (c)		141,435		16,143,391


Company	Shares		U.S. $ Value
Wolters Kluwer NV		30,400	$	904,818
WPP PLC		34,110		765,639

				50,546,571

Multiline Retail - 1.4%
B&M European Value Retail SA		564,572		3,041,810
Big Lots, Inc.		10,450		470,145
Dillard’s, Inc.-Class A		2,780		292,428
Dollar General Corp.		155,538		12,091,524
Kohl’s Corp.		146,547		9,175,308
Matahari Department Store Tbk PT		199,500		247,260
Next PLC		8,970		1,049,865
Poundland Group PLC		236,250		1,200,115

				27,568,455

Specialty Retail - 2.5%
AutoZone, Inc. (a)		9,900		6,602,310
Caleres, Inc.		9,760		310,173
Children’s Place, Inc. (The)		6,920		452,637
Five Below, Inc. (a)		10,670		421,785
Foschini Group Ltd. (The)		14,772		193,102
GameStop Corp.-Class A		161,840		6,952,646
Home Depot, Inc. (The)		131,300		14,591,369
L Brands, Inc.		40,512		3,473,094
L’Occitane International SA		20,250		57,734
Lithia Motors, Inc.-Class A		1,829		206,970
Luk Fook Holdings International Ltd.		39,000		114,846
Office Depot, Inc. (a)		599,811		5,194,363
Pier 1 Imports, Inc.		19,160		241,991
Ross Stores, Inc.		109,312		5,313,656
Select Comfort Corp. (a)		13,488		405,584
Sports Direct International PLC (a)		266,885		3,009,099
Tractor Supply Co.		5,653		508,431
Ulta Salon Cosmetics & Fragrance, Inc. (a)		3,866		597,104
WH Smith PLC		18,870		452,536
Yamada Denki Co., Ltd.		373,500		1,494,104

				50,593,534

Textiles, Apparel & Luxury Goods - 1.1%
Cie Financiere Richemont SA		45,689		3,713,502
Cie Financiere Richemont SA (Johannesburg)		68,649		559,870
Crocs, Inc. (a)		25,920		381,283
Eclat Textile Co., Ltd.		55,880		916,894
Global Brands Group Holding Ltd. (a)		1,828,000		379,451
HUGO BOSS AG		14,081		1,574,201
NIKE, Inc.-Class B		109,300		11,806,586
Pacific Textiles Holdings Ltd.		268,000		428,714
Samsonite International SA		620,900		2,135,705
Titan Co., Ltd.		39,905		228,412
Under Armour, Inc.-Class A (a)		4,153		346,526
Yue Yuen Industrial Holdings Ltd.		206,000		686,395

				23,157,539

				234,684,268


Company	Shares		U.S. $ Value
Financials - 9.5%
Banks - 4.0%
Associated Banc-Corp		15,630	$	316,820
Australia & New Zealand Banking Group Ltd.		33,500		831,375
Axis Bank Ltd.		41,910		366,769
Banco Bradesco SA (Preference Shares)		9,720		89,100
Banco Davivienda SA (Preference Shares)		16,960		174,078
Banco do Brasil SA		36,400		284,260
Banco Macro SA (ADR)		2,730		124,488
Bangkok Bank PCL (NVDR)		42,600		224,042
Bank Hapoalim BM		266,940		1,436,658
Bank Mandiri Persero Tbk PT		385,000		289,416
Bank of America Corp.		699,700		11,908,894
Bank of Baroda		103,280		233,791
Bank of China Ltd.-Class H		1,853,000		1,204,948
Bank of Communications Co., Ltd.-Class H		480,000		499,622
Bank of Queensland Ltd.		222,486		2,189,141
BOC Hong Kong Holdings Ltd.		286,000		1,194,031
China CITIC Bank Corp. Ltd.-Class H (a)		266,000		211,790
China Construction Bank Corp.-Class H		1,775,000		1,621,363
China Development Financial Holding Corp.		196,000		74,267
China Merchants Bank Co., Ltd.-Class H		189,500		552,868
Comerica, Inc.		7,950		407,994
Credicorp Ltd.		2,760		383,419
Danske Bank A/S		96,560		2,838,573
DBS Group Holdings Ltd.		43,700		670,517
DGB Financial Group, Inc.		33,284		348,572
FinecoBank Banca Fineco SpA		62,741		464,713
First Niagara Financial Group, Inc.		26,120		246,573
First Republic Bank/CA		6,144		387,256
Hang Seng Bank Ltd.		15,700		306,636
HDFC Bank Ltd. (ADR)		9,000		544,770
Huntington Bancshares, Inc./OH		38,960		440,638
Iberiabank Corp.		5,147		351,180
ICICI Bank Ltd.		36,100		175,185
ICICI Bank Ltd. (Sponsored ADR)		12,050		125,561
Industrial & Commercial Bank of China Ltd.-Class H		681,000		539,514
ING Groep NV		184,180		3,058,376
Itausa - Investimentos Itau SA (Preference Shares)		95,040		272,364
Kasikornbank PCL (NVDR)		25,500		142,264
KB Financial Group, Inc.		25,330		836,596
Komercni banka AS		1,770		392,370
Mitsubishi UFJ Financial Group, Inc.		644,100		4,633,953
Punjab National Bank		14,900		32,559
Resona Holdings, Inc.		145,800		795,212
Seven Bank Ltd.		474,200		2,195,171
Shinhan Financial Group Co., Ltd.		19,030		708,333
Signature Bank/New York NY (a)		3,409		499,043
State Bank of India		19,900		82,078
Susquehanna Bancshares, Inc.		23,000		324,760
SVB Financial Group (a)		3,159		454,833
Synovus Financial Corp.		9,210		283,852
Texas Capital Bancshares, Inc. (a)		3,750		233,400
Toronto-Dominion Bank (The)		7,190		305,330
UniCredit SpA		258,560		1,737,748
US Bancorp/MN		245,004		10,633,174
Webster Financial Corp.		7,770		307,303
Wells Fargo & Co.		354,100		19,914,584


Company	Shares		U.S. $ Value
Zions Bancorporation		16,240	$	515,376

				80,417,501

Capital Markets – 0.5%
Affiliated Managers Group, Inc. (a)		1,575		344,295
E*TRADE Financial Corp. (a)		10,860		325,257
Goldman Sachs Group, Inc. (The)		11,837		2,471,447
Haitong Securities Co., Ltd.-Class H		24,400		64,513
Lazard Ltd.-Class A		8,821		496,093
Partners Group Holding AG		3,990		1,192,561
Stifel Financial Corp. (a)		6,181		356,891
UBS Group AG		260,041		5,517,154

				10,768,211

Consumer Finance – 1.0%
Capital One Financial Corp.		120,200		10,573,994
Discover Financial Services		169,598		9,772,237
Muthoot Finance Ltd.		20,075		63,286
Shriram Transport Finance Co., Ltd.		12,600		168,377
SLM Corp. (a)		31,030		306,266

				20,884,160

Diversified Financial Services – 0.2%
Challenger Ltd./Australia		216,950		1,124,581
Cielo SA		10,020		141,223
ORIX Corp.		158,400		2,352,156
Power Finance Corp. Ltd.		45,340		181,809
Premium Leisure Corp.		6,897,800		180,240

				3,980,009

Insurance – 3.2%
Admiral Group PLC		162,520		3,541,358
AIA Group Ltd.		953,000		6,206,784
Allstate Corp. (The)		240,109		15,575,871
American Financial Group, Inc./OH		7,380		479,995
American International Group, Inc.		199,958		12,361,404
Aon PLC		98,000		9,768,640
Aspen Insurance Holdings Ltd.		9,530		456,487
Assicurazioni Generali SpA		132,571		2,389,429
BB Seguridade Participacoes SA		49,000		537,422
CNO Financial Group, Inc.		27,490		504,442
Direct Line Insurance Group PLC		197,294		1,040,975
Euler Hermes Group		5,897		592,880
First American Financial Corp.		11,150		414,892
Hanover Insurance Group, Inc. (The)		6,090		450,843
Intact Financial Corp.		4,080		283,509
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		2,170		384,728
New China Life Insurance Co., Ltd.-Class H		33,400		199,698
NN Group NV		45,050		1,268,710
Ping An Insurance Group Co. of China Ltd.-Class H		18,000		242,223
Prudential PLC		189,730		4,572,405
Sampo Oyj-Class A		6,560		309,153
StanCorp Financial Group, Inc.		5,540		418,879
Topdanmark A/S (a)		20,910		560,542
Tryg A/S		44,850		935,121


Company	Shares		U.S. $ Value
Validus Holdings Ltd.		9,670	$	425,383

				63,921,773

Real Estate Investment Trusts (REITs) - 0.1%
DDR Corp.		15,970		246,896
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		137,700		141,795
Gramercy Property Trust, Inc.		8,960		209,395
LTC Properties, Inc.		9,150		380,640
Mid-America Apartment Communities, Inc.		3,420		249,010
RLJ Lodging Trust		7,590		226,030
STAG Industrial, Inc.		9,100		182,000

				1,635,766

Real Estate Management & Development - 0.3%
Ayala Land, Inc.		1,297,000		1,072,203
China Overseas Land & Investment Ltd.		84,000		296,771
China Resources Land Ltd.		64,000		207,126
CIFI Holdings Group Co., Ltd.		1,054,000		277,385
Daito Trust Construction Co., Ltd.		3,300		341,535
Global Logistic Properties Ltd.		2,041,000		3,831,503
Grupo GICSA SA de CV (a)		191,800		198,054
Huaku Development Co., Ltd.		21,000		45,585
Kaisa Group Holdings Ltd. (a)(d)(e)		204,000		41,055
KWG Property Holding Ltd.		525,000		441,055
Sunac China Holdings Ltd.		290,000		317,134

				7,069,406

Thrifts & Mortgage Finance - 0.2%
Essent Group Ltd. (a)		14,819		405,300
Housing Development Finance Corp., Ltd.		149,520		3,045,015
LIC Housing Finance Ltd.		19,440		137,524

				3,587,839

				192,264,665

Health Care - 8.5%
Biotechnology - 1.6%
Achillion Pharmaceuticals, Inc. (a)		11,580		102,599
Agios Pharmaceuticals, Inc. (a)		955		106,139
Alder Biopharmaceuticals, Inc. (a)		4,251		225,176
Biogen, Inc. (a)		30,100		12,158,594
CSL Ltd.		18,280		1,218,661
Dyax Corp. (a)		7,490		198,485
Gilead Sciences, Inc.		140,900		16,496,572
Isis Pharmaceuticals, Inc. (a)		2,830		162,867
KYTHERA Biopharmaceuticals, Inc. (a)		2,348		176,828
Medivation, Inc. (a)		3,261		372,406
PTC Therapeutics, Inc. (a)		2,264		108,966
Puma Biotechnology, Inc. (a)		1,211		141,384
Receptos, Inc. (a)		1,719		326,696
Sage Therapeutics, Inc. (a)		2,198		160,454
TESARO, Inc. (a)		3,090		181,661

				32,137,488


Company	Shares		U.S. $ Value
Health Care Equipment & Supplies - 0.9%
Align Technology, Inc. (a)		6,971	$	437,151
Cochlear Ltd.		5,160		318,880
DBV Technologies SA (Sponsored ADR) (a)		4,618		137,524
DexCom, Inc. (a)		7,376		589,932
Essilor International SA		5,280		632,546
HeartWare International, Inc. (a)		3,586		260,666
Intuitive Surgical, Inc. (a)		16,059		7,780,586
Medtronic PLC		95,555		7,080,626
Nevro Corp. (a)		4,164		223,815
Sartorius AG (Preference Shares)		3,803		706,982
Sirona Dental Systems, Inc. (a)		4,245		426,283

				18,594,991

Health Care Providers & Services - 2.2%
Acadia Healthcare Co., Inc. (a)		8,390		657,189
Aetna, Inc.		97,663		12,448,126
Anthem, Inc.		88,426		14,514,244
Bangkok Dusit Medical Services PCL-Class F		43,000		25,080
Envision Healthcare Holdings, Inc. (a)		9,556		377,271
LifePoint Health, Inc. (a)		5,100		443,445
McKesson Corp.		33,693		7,574,523
Molina Healthcare, Inc. (a)		4,240		298,072
Premier, Inc.-Class A (a)		9,766		375,600
Shanghai Pharmaceuticals Holding Co., Ltd.-Class H		136,300		379,267
Sonic Healthcare Ltd.		83,900		1,381,554
UnitedHealth Group, Inc.		38,053		4,642,466
WellCare Health Plans, Inc. (a)		5,060		429,240

				43,546,077

Life Sciences Tools & Services - 0.6%
Eurofins Scientific SE		17,233		5,246,669
ICON PLC (a)		4,952		333,270
Quintiles Transnational Holdings, Inc. (a)		102,100		7,413,481

				12,993,420

Pharmaceuticals - 3.2%
Akorn, Inc. (a)		2,712		118,406
Allergan PLC (a)		32,600		9,892,796
Aspen Pharmacare Holdings Ltd. (a)		24,510		724,820
Astellas Pharma, Inc.		65,800		937,376
GlaxoSmithKline PLC		201,521		4,190,012
GW Pharmaceuticals PLC (ADR) (a)		1,429		175,538
Jazz Pharmaceuticals PLC (a)		1,672		294,389
Johnson & Johnson		129,900		12,660,054
Lupin Ltd.		5,776		170,290
Merck & Co., Inc.		75,616		4,304,819
Novartis AG (REG)		19,710		1,938,684
Novo Nordisk A/S-Class B		54,661		2,999,515
Pfizer, Inc.		448,402		15,034,919
Recordati SpA		36,080		756,721
Roche Holding AG		21,475		6,021,406
Sanofi		3,120		308,661


Company	Shares		U.S. $ Value
Shionogi & Co., Ltd.		31,900	$	1,236,228
Sun Pharmaceutical Industries Ltd.		76,450		1,050,947
Tetraphase Pharmaceuticals, Inc. (a)		3,213		152,425
Teva Pharmaceutical Industries Ltd.		8,350		494,136

				63,462,142

				170,734,118

Industrials - 6.5%
Aerospace & Defense - 2.3%
Airbus Group SE		50,000		3,256,865
Hexcel Corp.		12,141		603,893
L-3 Communications Holdings, Inc.		74,204		8,413,249
Northrop Grumman Corp.		70,625		11,203,244
Raytheon Co.		96,700		9,252,256
Safran SA		23,280		1,582,094
Spirit AeroSystems Holdings, Inc.-Class A (a)		7,460		411,121
TransDigm Group, Inc. (a)		2,187		491,353
United Technologies Corp.		56,142		6,227,832
Zodiac Aerospace		124,289		4,048,560

				45,490,467

Air Freight & Logistics - 0.1%
bpost SA		34,420		946,553
Expeditors International of Washington, Inc.		8,078		372,436
Oesterreichische Post AG		8,718		401,065

				1,720,054

Airlines - 0.7%
China Eastern Airlines Corp., Ltd.-Class H (a)		194,000		162,077
China Southern Airlines Co., Ltd.-Class H		148,000		173,370
Delta Air Lines, Inc.		170,292		6,995,595
International Consolidated Airlines Group SA (a)		389,160		3,024,201
Japan Airlines Co., Ltd.		18,800		655,169
Qantas Airways Ltd. (a)		685,840		1,666,580
Ryanair Holdings PLC (Sponsored ADR)		11,070		789,845
Turk Hava Yollari AO (a)		63,615		208,816

				13,675,653

Building Products - 0.0%
Assa Abloy AB		44,220		832,477

Commercial Services & Supplies - 0.4%
APR Energy PLC		137,724		242,907
Babcock International Group PLC		245,253		4,155,183
Berendsen PLC		20,020		320,478
Park24 Co., Ltd.		41,800		715,594
Regus PLC		636,261		2,606,970

				8,041,132

Construction & Engineering - 0.1%
AECOM (a)		12,762		422,167
China Machinery Engineering Corp.-Class H		16,000		17,228
China Railway Group Ltd.-Class H		261,000		282,721
Daelim Industrial Co., Ltd.		6,730		494,028
EMCOR Group, Inc.		8,280		395,536
Granite Construction, Inc.		10,430		370,369


Company	Shares		U.S. $ Value
Hyundai Engineering & Construction Co., Ltd.		3,360	$	123,437
IRB Infrastructure Developers Ltd.		54,180		197,223
Tutor Perini Corp. (a)		12,970		279,893

				2,582,602

Electrical Equipment - 0.1%
AMETEK, Inc.		7,096		388,719
General Cable Corp.		10,700		211,111
Regal Beloit Corp.		5,750		417,392

				1,017,222

Industrial Conglomerates - 0.6%
Bidvest Group Ltd. (The)		8,550		216,343
Carlisle Cos., Inc.		5,229		523,527
Danaher Corp. (c)		126,456		10,823,369
SM Investments Corp.		11,133		220,923

				11,784,162

Machinery - 0.7%
Hoshizaki Electric Co., Ltd.		3,200		188,222
IDEX Corp.		6,518		512,185
ITT Corp.		217,446		9,097,941
JTEKT Corp.		108,800		2,057,454
Lincoln Electric Holdings, Inc.		6,692		407,476
Middleby Corp. (The) (a)		6,306		707,722
Oshkosh Corp.		7,780		329,716
Terex Corp.		11,820		274,815
Valmont Industries, Inc.		2,485		295,392
Wabtec Corp./DE		2,314		218,071

				14,088,994

Marine - 0.1%
Kirby Corp. (a)		5,126		392,959
Nippon Yusen KK		924,000		2,572,466

				2,965,425

Professional Services - 0.6%
51job, Inc. (ADR) (a)		7,442		247,372
Bureau Veritas SA		159,612		3,679,369
Capita PLC		205,046		3,984,170
Robert Half International, Inc.		11,088		615,384
Teleperformance		59,701		4,217,757

				12,744,052

Road & Rail - 0.6%
CAR, Inc. (a)		246,000		521,536
Central Japan Railway Co.		21,300		3,843,682
Con-way, Inc.		6,340		243,266
Genesee & Wyoming, Inc.-Class A (a)		5,041		384,023
Globaltrans Investment PLC (Sponsored GDR) (a)(b)		18,928		89,902
Ryder System, Inc.		3,990		348,606
Union Pacific Corp.		67,700		6,456,549

				11,887,564


Company	Shares		U.S. $ Value
Trading Companies & Distributors - 0.2%
Brenntag AG		43,130	$	2,474,859
Bunzl PLC		32,830		895,584
MRC Global, Inc. (a)		15,040		232,218
United Rentals, Inc. (a)		4,880		427,585
Watsco, Inc.		2,600		321,724
WESCO International, Inc. (a)		5,700		391,248

				4,743,218

				131,573,022

Consumer Staples - 5.8%
Beverages - 1.6%
Anheuser-Busch InBev NV		7,650		920,603
Dr Pepper Snapple Group, Inc.		129,500		9,440,550
Heineken NV		10,970		834,020
Monster Beverage Corp. (a)		56,881		7,623,192
PepsiCo, Inc.		133,308		12,442,969

				31,261,334

Food & Staples Retailing - 2.0%
7-Eleven Malaysia Holdings Bhd		169,524		71,889
Alimentation Couche-Tard, Inc.-Class B		11,569		494,901
Bizim Toptan Satis Magazalari AS		3,460		16,581
Costco Wholesale Corp.		62,100		8,387,226
CP ALL PCL		530,100		725,885
CVS Health Corp.		157,681		16,537,583
Delhaize Group SA		27,790		2,260,363
Diplomat Pharmacy, Inc. (a)		8,797		393,666
Koninklijke Ahold NV		15,169		284,762
Kroger Co. (The)		101,020		7,324,960
Lawson, Inc.		4,400		301,097
Lenta Ltd. (GDR) (a)(b)		93,614		698,214
Magnit PJSC (Sponsored GDR) (b)		10,200		567,688
Olam International Ltd.		867,038		1,209,922
Sprouts Farmers Market, Inc. (a)		7,421		200,219
Sugi Holdings Co., Ltd.		5,400		275,503
X5 Retail Group NV (GDR) (a)(b)		20,600		342,887

				40,093,346

Food Products - 0.5%
Dean Foods Co.		25,005		404,331
Gruma SAB de CV-Class B		9,800		126,416
Ingredion, Inc.		5,520		440,551
JBS SA		42,400		223,108
Mead Johnson Nutrition Co.-Class A		78,300		7,064,226
MHP SA (GDR) (b)		5,900		59,590
Nestle SA (REG)		16,590		1,196,979
Unilever PLC		13,973		599,988
Universal Robina Corp.		16,370		70,388
WH Group Ltd. (a)(b)		328,000		223,663

				10,409,240

Household Products - 0.3%
Henkel AG & Co. KGaA		9,233		880,420
Kimberly-Clark Corp.		36,138		3,829,544


Company	Shares		U.S. $ Value
Reckitt Benckiser Group PLC		15,509	$	1,337,407

				6,047,371

Personal Products - 0.5%
Estee Lauder Cos., Inc. (The)-Class A		91,900		7,964,054
Kao Corp.		21,300		990,598
L’Oreal SA		6,950		1,243,500

				10,198,152

Tobacco - 0.9%
Altria Group, Inc.		125,244		6,125,684
British American Tobacco PLC		127,120		6,844,458
Imperial Tobacco Group PLC		66,230		3,189,782
ITC Ltd.		48,490		240,287
Japan Tobacco, Inc.		56,700		2,015,644

				18,415,855

				116,425,298

Materials - 3.4%
Chemicals - 2.4%
A. Schulman, Inc.		8,580		375,117
Arkema SA		19,798		1,431,149
CF Industries Holdings, Inc.		165,260		10,622,913
Croda International PLC		14,760		638,209
Essentra PLC		366,532		5,716,063
Fufeng Group Ltd.		53,600		39,770
Givaudan SA (REG) (a)		350		605,957
Huntsman Corp.		12,980		286,469
Hyosung Corp.		4,300		553,700
JSR Corp.		121,300		2,141,345
Koninklijke DSM NV		26,947		1,564,548
LG Chem Ltd.		650		162,101
LyondellBasell Industries NV-Class A		108,288		11,209,974
PolyOne Corp.		12,874		504,274
Sherwin-Williams Co. (The)		43,396		11,934,768

				47,786,357

Construction Materials - 0.0%
Cemex Latam Holdings SA (a)		17,592		86,163
Grasim Industries Ltd. (GDR) (b)		2,307		122,434
Martin Marietta Materials, Inc.		1,672		236,605
West China Cement Ltd.		592,000		115,146

				560,348

Containers & Packaging - 0.9%
Amcor Ltd./Australia		29,220		308,782
Avery Dennison Corp.		4,940		301,044
Ball Corp.		144,886		10,163,753
Graphic Packaging Holding Co.		17,690		246,422
Sealed Air Corp.		118,430		6,084,933

				17,104,934

Metals & Mining - 0.0%
KGHM Polska Miedz SA		1,620		45,887
Koza Altin Isletmeleri AS		16,730		177,007
MMC Norilsk Nickel PJSC (ADR)		6,520		109,992


Company	Shares		U.S. $ Value
Novolipetsk Steel OJSC (GDR) (b)		9,930	$	132,069
Steel Dynamics, Inc.		12,870		266,602

				731,557

Paper & Forest Products - 0.1%
Mondi PLC		74,510		1,604,145
Nine Dragons Paper Holdings Ltd.		261,000		227,002
Sappi Ltd. (a)		56,041		198,764

				2,029,911

				68,213,107

Energy - 2.5%
Energy Equipment & Services - 0.4%
FMC Technologies, Inc. (a)		4,029		167,163
Oceaneering International, Inc.		5,281		246,042
Schlumberger Ltd. (c)		85,100		7,334,769
Superior Energy Services, Inc.		7,055		148,437

				7,896,411

Oil, Gas & Consumable Fuels - 2.1%
BG Group PLC		190,468		3,172,206
Bill Barrett Corp. (a)		17,540		150,669
Concho Resources, Inc. (a)		1,181		134,469
Gazprom OAO (Sponsored ADR)		39,860		210,062
Hess Corp.		182,706		12,219,377
JX Holdings, Inc.		846,200		3,648,263
KazMunaiGas Exploration Production JSC (GDR) (b)		10,250		101,515
Laredo Petroleum, Inc. (a)		14,748		185,530
Lukoil OAO (London) (Sponsored ADR)		17,040		765,266
Murphy Oil Corp.		74,643		3,102,910
Petroleo Brasileiro SA (Sponsored ADR) (a)		186,963		1,525,618
Petronet LNG Ltd.		90,460		265,084
Rosetta Resources, Inc. (a)		18,860		436,420
Royal Dutch Shell PLC-Class B		18,649		530,946
SM Energy Co.		85,404		3,938,833
Tatneft OAO (Sponsored ADR)		8,890		284,302
TOTAL SA		60,280		2,956,791
Valero Energy Corp.		150,862		9,443,961

				43,072,222

				50,968,633

Telecommunication Services - 1.2%
Diversified Telecommunication Services - 0.6%
Bezeq The Israeli Telecommunication Corp., Ltd.		707,421		1,204,718
BT Group PLC		345,790		2,448,657
China Telecom Corp., Ltd.-Class H		780,000		456,846
Nippon Telegraph & Telephone Corp.		104,400		3,780,923
Proximus		14,190		502,140
Singapore Telecommunications Ltd.		261,000		819,308
Telefonica Brasil SA (Preference Shares)		109,648		1,536,222
Telenor ASA		51,380		1,126,498
Telstra Corp., Ltd.		102,180		483,572

				12,358,884


Company	Shares		U.S. $ Value
Wireless Telecommunication Services - 0.6%
China Mobile Ltd.		178,500	$	2,287,163
SK Telecom Co., Ltd.		6,220		1,391,763
SoftBank Corp.		38,900		2,291,326
Sunrise Communications Group AG (a)(b)		11,738		978,888
Tower Bersama Infrastructure Tbk PT		915,500		633,451
Turkcell Iletisim Hizmetleri AS		45,770		210,568
Vodafone Group PLC		901,996		3,290,384

				11,083,543

				23,442,427

Utilities - 1.1%
Electric Utilities - 0.9%
American Electric Power Co., Inc.		135,884		7,197,775
Edison International		107,117		5,953,563
EDP - Energias de Portugal SA		713,920		2,720,031
Electricite de France SA		60,880		1,361,801
Elia System Operator SA/NV		1,818		73,674
Light SA		20,300		110,540
PNM Resources, Inc.		15,460		380,316
Westar Energy, Inc.		9,380		320,984

				18,118,684

Gas Utilities - 0.1%
Southwest Gas Corp.		6,900		367,149
UGI Corp.		65,322		2,250,343

				2,617,492

Independent Power and Renewable Electricity Producers - 0.1%
Datang International Power Generation Co., Ltd.-Class H		600,000		306,561
Huadian Power International Corp., Ltd.-Class H		444,000		494,013
NTPC Ltd.		111,040		239,664

				1,040,238

Water Utilities - 0.0%
Cia de Saneamento Basico do Estado de Sao Paulo		38,300		203,258
Cia de Saneamento de Minas Gerais-COPASA		23,000		101,422

				304,680

				22,081,094

Total Common Stocks (cost $1,049,107,281)				1,271,127,492

INVESTMENT COMPANIES - 9.8%
Funds and Investment Trusts - 9.8%
AB Pooling Portfolio-Multi-Asset Real Return Portfolio (f)		19,411,772		136,270,638
iShares Core MSCI Emerging Markets ETF		1,277,935		61,391,997

Total Investment Companies (cost $223,594,391)				197,662,635


Company	Contracts		U.S. $ Value
OPTIONS PURCHASED - CALLS - 0.2%
Options on Equity Indices - 0.2%
S&P 500 Index Expiration: Aug 2015, Exercise Price: $ 2,190.00 (a)(g)		321,831	$	838,984
S&P 500 Index Expiration: Sep 2015, Exercise Price: $ 2,135.00 (a)(g)		215,600		4,021,839

Total Options Purchased - Calls (premiums paid $12,482,073)				4,860,823


	Shares
WARRANTS - 0.0%
Financials - 0.0%
Banks - 0.0%
Commercial Bank of Qatar QSC (The), Deutsche Bank AG, expiring 5/26/17 (a)		12,087		182,251
First Gulf Bank PJSC, Merrill Lynch Intl & Co., expiring 8/21/15 (a)		17,601		72,842
Punjab National Bank, Merrill Lynch Intl & Co., expiring 8/08/18 (a)		48,800		106,857

				361,950

Real Estate Management & Development - 0.0%
Emaar Properties PJSC, Merrill Lynch Intl & Co., expiring 10/01/15 (a)		20,067		43,054

				405,004

Industrials - 0.0%
Airlines - 0.0%
Air Arabia PJSC, Deutsche Bank AG, expiring 7/31/17 (a)		138,460		61,072

Information Technology - 0.0%
Electronic Equipment, Instruments & Components - 0.0%
Ju Teng International Holdings Ltd., expiring 10/14/16 (a)		24,750		1,517

Total Warrants (cost $387,903)				467,593

SHORT-TERM INVESTMENTS - 27.6%
Investment Companies - 27.4%
AB Fixed Income Shares, Inc.-Government STIF Portfolio, 0.10% (f)(h) (cost $552,679,949)		552,679,949		552,679,949


	Principal Amount (000)
U.S. Treasury Bills - 0.2%
U.S. Treasury Bill Zero Coupon, 9/03/15 (cost $3,999,943)	$	4,000		3,999,943


	Principal Amount (000)	U.S. $ Value
Total Short-Term Investments (cost $556,679,892)		$	556,679,892

Total Investments - 100.6% (cost $1,842,251,540) (i)			2,030,798,435
Other assets less liabilities - (0.6)%			(12,236,212	)

Net Assets - 100.0%		$	2,018,562,223

FUTURES


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2015		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures		27		September 2015	$	2,590,576	$	2,609,428	$	18,852
10 Yr Canadian Bond Futures		56		September 2015		6,239,905		6,277,022		37,117
Hang Seng Index Futures		15		July 2015		2,637,818		2,535,364		(102,454	)
Long GILT Futures		89		September 2015		16,209,137		16,183,827		(25,310	)
Russell 2000 Mini Futures		8		September 2015		996,482		1,000,320		3,838
S&P Mid 400 E Mini Futures		42		September 2015		6,360,839		6,292,020		(68,819	)
SPI 200 Futures		46		September 2015		4,894,344		4,788,665		(105,679	)
TOPIX Index Futures		1,083		September 2015		146,906,157		144,284,961		(2,621,196	)
U.S. Long Bond (CBT) Futures		39		September 2015		5,859,714		5,882,906		23,192
U.S. T-Note 5 Yr (CBT) Futures		164		September 2015		19,530,336		19,558,281		27,945
U.S. T-Note 10 Yr (CBT) Futures		1,679		September 2015		211,986,805		211,842,578		(144,227	)
U.S. Ultra Bond Futures		263		September 2015		40,948,420		40,518,437		(429,983	)
Sold Contracts
10 Yr Japan Bond (OSE) Futures		10		September 2015		11,986,382		12,008,825		(22,443	)
Euro BUXL 30 Yr Bond Futures		105		September 2015		18,023,096		17,399,680		623,416
EURO STOXX 50 Futures		835		September 2015		31,842,084		31,985,703		(143,619	)
Euro-BOBL Futures		262		September 2015		37,825,590		37,849,098		(23,508	)
Euro-BUND Futures		249		September 2015		42,232,752		42,194,827		37,925
S&P Mid 400 E Mini Futures		1,887		September 2015		196,671,291		193,832,640		2,838,651

									$	(76,302	)

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	USD	786	CAD	969		8/13/15	$	(10,858	)
Barclays Bank PLC	USD	4,323	CHF	4,066		8/13/15		32,838
BNP Paribas SA	AUD	3,009	USD	2,373		8/13/15		56,785
BNP Paribas SA	AUD	1,081	USD	819		8/13/15		(13,118	)
BNP Paribas SA	GBP	1,983	USD	3,107		8/13/15		(7,439	)
BNP Paribas SA	NZD	2,836	USD	1,930		8/13/15		15,052
BNP Paribas SA	USD	4,739	GBP	3,060		8/13/15		67,414
Brown Brothers Harriman & Co.	USD	4,170	AUD	5,392		8/13/15		(19,803	)
Brown Brothers Harriman & Co.	USD	925	HKD	7,175		8/13/15		205
Citibank	CAD	1,028	USD	823		8/13/15		97
Citibank	GBP	2,749	USD	4,326		8/13/15		8,293
Credit Suisse International	CHF	7,700	USD	8,303		8/13/15		53,967
Credit Suisse International	USD	4,134	EUR	3,646		8/13/15		(67,476	)
Credit Suisse International	USD	5,071	SEK	41,918		8/13/15		(9,829	)
Deutsche Bank AG	EUR	2,166	USD	2,365		8/13/15		(51,403	)
Deutsche Bank AG	ILS	2,538	USD	655		8/13/15		(17,505	)
Deutsche Bank AG	USD	10,666	GBP	7,001		8/13/15		331,468
Goldman Sachs Bank USA	TWD	80,732	USD	2,617		8/13/15		2,063
HSBC Bank USA	AUD	47,643	USD	37,902		8/13/15		1,226,695
HSBC Bank USA	CAD	5,763	USD	4,814		8/13/15		202,141
HSBC Bank USA	GBP	2,172	USD	3,450		8/13/15		38,329
HSBC Bank USA	HKD	92,571	USD	11,941		8/13/15		(322	)
HSBC Bank USA	USD	13,298	AUD	16,716		8/13/15		(430,398	)
HSBC Bank USA	USD	5,032	NZD	6,735		8/13/15		(484,376	)
Morgan Stanley & Co., Inc.	BRL	12,186	USD	3,928		7/02/15		8,211
Morgan Stanley & Co., Inc.	USD	3,906	BRL	12,186		7/02/15		13,067
Morgan Stanley & Co., Inc.	BRL	12,186	USD	3,863		8/04/15		(11,518	)
Morgan Stanley & Co., Inc.	ILS	3,102	USD	819		8/13/15		(3,205	)
Morgan Stanley & Co., Inc.	NZD	628	USD	445		8/13/15		21,254
Morgan Stanley & Co., Inc.	USD	754	AUD	988		8/13/15		6,752
Morgan Stanley & Co., Inc.	USD	2,906	JPY	348,115		8/13/15		(60,520	)
Royal Bank of Scotland PLC	ILS	7,541	USD	1,949		8/13/15		(49,766	)
Royal Bank of Scotland PLC	JPY	1,670,359	USD	13,409		8/13/15		(245,635	)
Royal Bank of Scotland PLC	KRW	984,180	USD	910		8/13/15		32,376
Royal Bank of Scotland PLC	NZD	3,271	USD	2,387		8/13/15		178,463
Standard Chartered Bank	EUR	81,195	USD	92,208		8/13/15		1,637,065
Standard Chartered Bank	GBP	2,534	USD	4,009		8/13/15		28,938
Standard Chartered Bank	GBP	18,499	USD	28,188		8/13/15		(869,841	)
Standard Chartered Bank	HKD	4,849	USD	626		8/13/15		76
Standard Chartered Bank	USD	8,286	EUR	7,296		8/13/15		(147,103	)
Standard Chartered Bank	USD	23,179	JPY	2,767,791		8/13/15		(552,197	)
Standard Chartered Bank	USD	5,541	SEK	45,269		8/13/15		(75,679	)
State Street Bank & Trust Co.	CAD	99	USD	83		8/13/15		3,379
State Street Bank & Trust Co.	GBP	1,983	USD	3,052		8/13/15		(63,183	)
State Street Bank & Trust Co.	JPY	554,892	USD	4,526		8/13/15		(10,598	)
State Street Bank & Trust Co.	USD	6,874	CHF	6,256		8/13/15		(171,674	)
State Street Bank & Trust Co.	USD	4,238	EUR	3,737		8/13/15		(69,292	)
State Street Bank & Trust Co.	USD	788	HKD	6,109		8/13/15		133
State Street Bank & Trust Co.	USD	1,017	HKD	7,882		8/13/15		(163	)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	USD	2,653	JPY	316,164		8/13/15	$	(68,000	)
UBS AG	BRL	12,186	USD	3,830		7/02/15		(89,193	)
UBS AG	USD	3,928	BRL	12,186		7/02/15		(8,211	)
UBS AG	AUD	11,327	USD	8,688		8/13/15		(31,629	)
UBS AG	EUR	9,541	USD	10,679		8/13/15		36,419
UBS AG	EUR	1,242	USD	1,382		8/13/15		(2,925	)
UBS AG	USD	12,367	JPY	1,517,403		8/13/15		37,867

							$	396,488

(a)

Non-income producing security.

(b)

(c)

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

(d)

Illiquid security.

(e)

Fair valued by the Adviser.

(f)

To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(g)

One contract relates to 1 share.

(h)

Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(i)

As of June 30, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $251,497,504 and gross unrealized depreciation of investments was $(62,950,609), resulting in net unrealized appreciation of $188,546,895.

Currency Abbreviations:


AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
ILS	-	Israeli Shekel
JPY	-	Japanese Yen
KRW	-	South Korean Won
NZD	-	New Zealand Dollar
SEK	-	Swedish Krona
TWD	-	New Taiwan Dollar
USD	-	United States Dollar

Glossary:


ADR	-	American Depositary Receipt
CBT	-	Chicago Board of Trade
ETF	-	Exchange Traded Fund
GDR	-	Global Depositary Receipt
JSC	-	Joint Stock Company
MSCI	-	Morgan Stanley Capital International


NVDR	-	Non Voting Depositary Receipt
OJSC	-	Open Joint Stock Company
OSE	-	Osaka Securities Exchange
PJSC	-	Public Joint Stock Company
REG	-	Registered Shares
SPI	-	Share Price Index
TOPIX	-	Tokyo Price Index

Country Breakdown*

June 30, 2015 (unaudited)


	75.9%			United States
	5.0%			United Kingdom
	4.2%			Japan
	3.0%			France
	1.5%			China
	1.5%			Switzerland
	0.7%			Hong Kong
	0.7%			India
	0.7%			Germany
	0.7%			Australia
	0.6%			Taiwan
	0.6%			South Korea
	0.6%			Netherlands
	0.6%			Brazil
	3.7%			Other

	100.0%			Total Investments

All data are as of June 30, 2015. The Portfolio’s country breakdown is expressed as a percentage of long-term investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investments purposes (see “Portfolio of Investments” section of the report for additional details).“Other” country weightings represent 0.4% or less in the following countries: Argentina, Austria, Belgium, Canada, Colombia, Cyprus, Czech Republic, Denmark, Finland, Indonesia, Ireland, Israel, Italy, Kazakhstan, Luxembourg, Malaysia, Mexico, Norway, Peru, Philippines, Poland, Portugal, Qatar, Russia, Singapore, South Africa, Spain, Sweden, Thailand, Turkey, Ukraine and United Arab Emirates.

Sanford C. Bernstein Fund, Inc.

Overlay A Portfolio

June 30, 2015 (unaudited)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2015:


Investments in Securities:	Level 1		Level 2		Level 3			Total
Assets:
Common Stocks:
Information Technology	$	232,373,397	$	28,367,463	$	– 0	–	$	260,740,860
Consumer Discretionary		179,668,488		54,858,908		156,872			234,684,268
Financials		120,132,211		72,091,399		41,055			192,264,665
Health Care		141,753,612		28,980,506		– 0	–		170,734,118
Industrials		85,410,701		46,162,321		– 0	–		131,573,022
Consumer Staples		89,855,342		26,569,956		– 0	–		116,425,298
Materials		52,855,483		15,357,624		– 0	–		68,213,107
Energy		40,366,692		10,601,941		– 0	–		50,968,633
Telecommunication Services		2,169,673		21,272,754		– 0	–		23,442,427


Investments in Securities:	Level 1			Level 2			Level 3			Total
Utilities	$	16,885,350		$	5,195,744		$	– 0	–	$	22,081,094
Investment Companies		197,662,635			– 0	–		– 0	–		197,662,635
Options Purchased - Calls		– 0	–		4,860,823			– 0	–		4,860,823
Warrants		1,517			466,076			– 0	–		467,593
Short-Term Investments:
Investment Companies		552,679,949			– 0	–		– 0	–		552,679,949
U.S. Treasury Bills		– 0	–		3,999,943			– 0	–		3,999,943

Total Investments in Securities		1,711,815,050			318,785,458			197,927			2,030,798,435
*Other Financial Instruments :**
Assets:
Futures		3,610,936			– 0	–		– 0	–		3,610,936
Forward Currency Exchange Contracts		– 0	–		4,039,347			– 0	–		4,039,347
Liabilities:
Futures		(714,289	)		(2,972,949	)		– 0	–		(3,687,238	)
Forward Currency Exchange Contracts		– 0	–		(3,642,859	)		– 0	–		(3,642,859	)

Total^	$	1,714,711,697		$	316,208,997		$	197,927		$	2,031,118,621

*	Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument.

^	There were de minimus transfers under 1% of net assets between level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


	Common Stocks			Total
Balance as of 9/30/14	$	139,248		$	139,248
Accrued discounts/(premiums)		– 0	–		– 0	–
Realized gain (loss)		590,145			590,145
Change in unrealized appreciation/depreciation		19,155			19,155
Purchases		484,419			484,419
Sales		(1,853,593	)		(1,853,593	)
Transfers in to Level 3		818,553			818,553
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 6/30/15	$	197,927		$	197,927	+

Net change in unrealized appreciation/depreciationfrom investments held as of 6/30/15	$	24,813		$	24,813

+	There were de minimus transfers under 1% of net assets during the reporting period.

Sanford C. Bernstein Fund, Inc.

Overlay B Portfolio

Portfolio of Investments

June 30, 2015 (unaudited)


	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES - 22.5%
Australia - 0.8%
Australia Government Bond
Series 122
5.25%, 3/15/19 (a)	AUD	8,380	$	7,183,174
Series 139
3.25%, 4/21/25 (a)		1,850		1,455,317
Series 144
3.75%, 4/21/37 (a)		1,405		1,102,347

				9,740,838

Belgium - 0.1%
Belgium Government Bond
Series 71
3.75%, 6/22/45 (a)	EUR	510		768,875
Series 74
0.80%, 6/22/25 (a)		770		824,719

				1,593,594

Brazil - 0.6%
Brazil Notas do Tesouro Nacional
Serie B
6.00%, 8/15/50	BRL	4,098		3,486,554
Series B
6.00%, 5/15/55		672		569,267
Series NTNF
10.00%, 1/01/17		9,535		2,909,084

				6,964,905

France - 0.2%
France Government Bond OAT
0.50%, 5/25/25	EUR	740		772,064
3.25%, 10/25/21		220		286,268
4.50%, 4/25/41		735		1,214,933
French Treasury Note BTAN
2.50%, 7/25/16		495		567,523

				2,840,788

Germany - 0.4%
Bundesrepublik Deutschland
0.50%, 2/15/25		3,810		4,140,793
Series 00
5.50%, 1/04/31		154		273,428

				4,414,221

Ireland - 0.6%
Ireland Government Bond
2.40%, 5/15/30 (a)		715		824,923
3.40%, 3/18/24 (a)		1,245		1,601,599
5.40%, 3/13/25		2,994		4,445,094

				6,871,616


	Principal Amount (000)		U.S. $ Value
Italy - 1.2%
Italy Buoni Poliennali Del Tesoro
1.35%, 4/15/22	EUR	2,411	$	2,618,554
3.75%, 3/01/21-5/01/21		2,322		2,910,990
4.00%, 9/01/20		111		140,500
4.50%, 5/01/23-3/01/24		2,782		3,654,673
4.75%, 5/01/17		1,800		2,164,727
5.00%, 8/01/34 (a)		465		661,504
6.00%, 5/01/31		1,517		2,340,320

				14,491,268

Japan - 1.5%
Japan Government Five Year Bond
Series 100
0.30%, 9/20/16	JPY	143,350		1,175,600
Japan Government Thirty Year Bond
Series 30
2.30%, 3/20/39		37,900		370,073
Series 36
2.00%, 3/20/42		199,900		1,851,959
Japan Government Twenty Year Bond
Series 112
2.10%, 6/20/29		241,750		2,330,116
Series 128
1.90%, 6/20/31		169,750		1,592,854
Series 143
1.60%, 3/20/33		176,850		1,575,328
Series 144
1.50%, 3/20/33		114,300		1,003,737
Series 150
1.40%, 9/20/34		515,900		4,392,912
Japan Government Two Year Bond
Series 349
0.10%, 2/15/17		384,300		3,145,256

				17,437,835

Mexico - 0.2%
Mexican Bonos
Series M
7.75%, 11/13/42	MXN	27,773		1,969,265

Netherlands - 0.8%
Netherlands Government Bond
0.25%, 7/15/25	EUR	3,057		3,151,861
2.50%, 1/15/33 (a)		1,675		2,160,487
2.75%, 1/15/47		245		341,114
3.25%, 7/15/21 (a)		2,479		3,231,310

				8,884,772

New Zealand - 0.1%
New Zealand Government Bond
Series 423
5.50%, 4/15/23 (a)	NZD	1,465		1,142,294

Poland - 0.1%
Poland Government Bond
Series 1021
5.75%, 10/25/21	PLN	4,335		1,336,471


	Principal Amount (000)		U.S. $ Value
Singapore - 0.0%
Singapore Government Bond
3.375%, 9/01/33	SGD	341	$	264,230

South Africa - 0.5%
South Africa Government Bond
Series R186
10.50%, 12/21/26	ZAR	35,125		3,360,636
Series R203
8.25%, 9/15/17		16,505		1,384,461
Series R213
7.00%, 2/28/31		10,430		729,997

				5,475,094

Spain - 0.6%
Spain Government Bond
1.95%, 7/30/30 (a)	EUR	2,438		2,436,690
4.20%, 1/31/37 (a)		1,125		1,452,747
4.40%, 10/31/23 (a)		1,510		1,978,055
5.85%, 1/31/22 (a)		785		1,099,022

				6,966,514

Sweden - 0.1%
Sweden Government Bond
Series 1054
3.50%, 6/01/22	SEK	7,085		1,019,219

United Kingdom - 2.2%
United Kingdom Gilt
1.25%, 7/22/18 (a)	GBP	2,010		3,179,644
1.75%, 7/22/19-9/07/22 (a)		5,555		8,838,897
2.25%, 9/07/23 (a)		1,420		2,283,384
3.25%, 1/22/44 (a)		890		1,542,432
3.75%, 9/07/19-9/07/20 (a)		2,856		4,959,917
4.25%, 6/07/32-12/07/46 (a)		2,495		4,912,038
4.50%, 12/07/42 (a)		175		371,678

				26,087,990

United States - 12.5%
U.S. Treasury Bonds
2.50%, 2/15/45	U.S.$	475		418,390
2.875%, 5/15/43		880		838,613
3.00%, 11/15/44-5/15/45		4,121		4,032,271
3.125%, 11/15/41-8/15/44		10,313		10,346,706
3.625%, 8/15/43		3,468		3,815,561
4.50%, 2/15/36		4,291		5,394,760
U.S. Treasury Notes
0.25%, 7/31/15		3,259		3,259,254
0.50%, 9/30/16 (b)		35,460		35,506,891
0.625%, 8/15/16		4,550		4,562,795
0.875%, 4/30/17		3,680		3,698,687
1.00%, 3/15/18		5,245		5,257,294
1.125%, 12/31/19		14,191		13,941,551


	Principal Amount (000)		U.S. $ Value
1.375%, 3/31/20-4/30/20	U.S.$	5,878	$	5,816,331
1.50%, 6/30/16-2/28/19		9,129		9,231,351
1.75%, 9/30/19		13,202		13,360,732
2.375%, 8/15/24		10,008		10,062,154
2.50%, 5/15/24		4,555		4,632,932
2.75%, 2/15/24		1,086		1,127,592
4.50%, 5/15/17		10,094		10,824,240

				146,128,105

Total Governments - Treasuries (cost $269,421,270)				263,629,019


	Shares
INVESTMENT COMPANIES - 17.2%
Funds and Investment Trusts - 17.2%
AB Pooling Portfolios-Multi-Asset Real Return Portfolio (c)		5,306,530		37,251,842
iShares Core MSCI Emerging Markets ETF		519,170		24,940,927
SPDR S&P 500 ETF Trust		672,952		138,527,169

Total Investment Companies (cost $206,908,081)				200,719,938


	Principal Amount (000)
CORPORATES - INVESTMENT GRADE - 12.8%
Industrial - 8.0%
Basic - 0.6%
Air Products & Chemicals, Inc.
2.75%, 2/03/23	U.S.$	580		562,122
Barrick Gold Corp.
4.10%, 5/01/23		243		236,773
Braskem Finance Ltd.
6.45%, 2/03/24		770		727,650
Eastman Chemical Co.
3.80%, 3/15/25		365		364,355
Freeport-McMoran Oil & Gas LLC / FCX Oil & Gas, Inc.
6.50%, 11/15/20		155		163,913
Glencore Funding LLC
2.125%, 4/16/18 (a)		549		544,872
4.125%, 5/30/23 (a)		265		256,365
International Paper Co.
3.65%, 6/15/24		870		857,479
3.80%, 1/15/26		263		257,684
5.15%, 5/15/46		197		189,250
LyondellBasell Industries NV
5.00%, 4/15/19		610		660,792
5.75%, 4/15/24		685		780,334
Mosaic Co. (The)
5.625%, 11/15/43		80		85,232


	Principal Amount (000)		U.S. $ Value
Teck Resources Ltd.
4.50%, 1/15/21	U.S.$	1,116	$	1,071,297

				6,758,118

Capital Goods - 0.3%
Caterpillar Financial Services Corp.
2.625%, 3/01/23		330		322,332
General Dynamics Corp.
3.875%, 7/15/21		630		672,947
Odebrecht Finance Ltd.
5.25%, 6/27/29 (a)		615		461,373
Republic Services, Inc.
5.25%, 11/15/21		555		621,970
Yamana Gold, Inc.
4.95%, 7/15/24		1,470		1,415,951

				3,494,573

Communications - Media - 1.3%
21st Century Fox America, Inc.
3.00%, 9/15/22		230		224,721
6.15%, 3/01/37		830		959,724
CBS Corp.
3.50%, 1/15/25		956		914,672
5.75%, 4/15/20		1,340		1,510,470
Cox Communications, Inc.
2.95%, 6/30/23 (a)		492		453,442
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
3.80%, 3/15/22		157		157,903
3.95%, 1/15/25		320		313,732
4.45%, 4/01/24		1,480		1,514,499
5.00%, 3/01/21		1,325		1,434,790
Discovery Communications LLC
3.45%, 3/15/25		538		504,829
4.875%, 4/01/43		255		231,314
NBCUniversal Enterprise, Inc.
1.974%, 4/15/19 (a)		1,850		1,836,793
Time Warner Cable, Inc.
4.50%, 9/15/42		769		627,276
Time Warner, Inc.
3.55%, 6/01/24		1,813		1,768,080
3.60%, 7/15/25		1,385		1,347,163
Viacom, Inc.
3.875%, 4/01/24		1,683		1,647,906

				15,447,314

Communications - Telecommunications - 0.9%
American Tower Corp.
2.80%, 6/01/20		384		377,596
3.50%, 1/31/23		665		638,773
5.05%, 9/01/20		995		1,081,229
AT&T, Inc.
3.40%, 5/15/25		970		925,097
5.80%, 2/15/19		280		313,053
6.45%, 6/15/34		220		248,065
British Telecommunications PLC
9.625%, 12/15/30		505		749,508


	Principal Amount (000)		U.S. $ Value
Deutsche Telekom International Finance BV
4.875%, 3/06/42 (a)	U.S.$	975	$	975,167
Verizon Communications, Inc.
3.50%, 11/01/24		1,121		1,090,351
3.85%, 11/01/42		850		701,500
4.60%, 4/01/21		1,354		1,455,011
6.55%, 9/15/43		1,165		1,362,763
Vodafone Group PLC
2.50%, 9/26/22		795		729,217

				10,647,330

Consumer Cyclical - Automotive - 0.5%
Ford Motor Credit Co. LLC
2.597%, 11/04/19		937		929,995
5.875%, 8/02/21		2,265		2,578,600
General Motors Co.
3.50%, 10/02/18		580		598,856
Nissan Motor Acceptance Corp.
2.35%, 3/04/19 (a)		760		765,819
Toyota Motor Credit Corp.
3.30%, 1/12/22		735		761,073

				5,634,343

Consumer Cyclical - Other - 0.0%
Host Hotels & Resorts LP
Series D
3.75%, 10/15/23		25		24,525
Wyndham Worldwide Corp.
2.95%, 3/01/17		440		446,642

				471,167

Consumer Cyclical - Retailers - 0.2%
Wal-Mart Stores, Inc.
2.55%, 4/11/23		830		801,400
Walgreens Boots Alliance, Inc.
3.30%, 11/18/21		676		671,310
3.80%, 11/18/24		1,060		1,038,141

				2,510,851

Consumer Non-Cyclical - 1.9%
AbbVie, Inc.
2.50%, 5/14/20		485		480,024
3.60%, 5/14/25		1,491		1,473,697
Actavis Funding SCS
3.00%, 3/12/20		1,745		1,748,958
3.80%, 3/15/25		1,390		1,365,428
Altria Group, Inc.
2.625%, 1/14/20		1,860		1,852,770
AstraZeneca PLC
6.45%, 9/15/37		220		280,044
Baxalta, Inc.
3.60%, 6/23/22 (a)		220		219,864
5.25%, 6/23/45 (a)		635		638,465
Baxter International, Inc.
4.25%, 3/15/20		107		114,499


	Principal Amount (000)		U.S. $ Value
Bayer US Finance LLC
3.375%, 10/08/24 (a)	U.S.$	251	$	249,678
Becton Dickinson and Co.
2.675%, 12/15/19		249		249,188
3.734%, 12/15/24		638		635,854
Bunge Ltd. Finance Corp.
8.50%, 6/15/19		9		10,880
Grupo Bimbo SAB de CV
3.875%, 6/27/24 (a)		680		677,736
HJ Heinz Co.
2.80%, 7/02/20 (a)		900		900,701
3.50%, 7/15/22 (a)		949		951,227
Kroger Co. (The)
3.40%, 4/15/22		1,185		1,193,680
Laboratory Corp. of America Holdings
3.20%, 2/01/22		245		241,544
3.60%, 2/01/25		588		562,369
Medtronic, Inc.
3.50%, 3/15/25 (a)		1,065		1,061,365
Perrigo Finance PLC
3.50%, 12/15/21		727		728,410
3.90%, 12/15/24		280		276,478
Philip Morris International, Inc.
2.50%, 8/22/22		1,940		1,868,270
Reynolds American, Inc.
3.25%, 11/01/22		860		828,314
4.00%, 6/12/22		385		393,264
4.45%, 6/12/25		635		646,951
5.85%, 8/15/45		449		470,954
RJ Reynolds Tobacco Co./NC
3.75%, 5/20/23		315		306,157
Thermo Fisher Scientific, Inc.
4.15%, 2/01/24		415		422,864
Tyson Foods, Inc.
2.65%, 8/15/19		160		161,056
3.95%, 8/15/24		760		765,577
Zimmer Biomet Holdings, Inc.
3.55%, 4/01/25		810		782,611

				22,558,877

Energy - 1.5%
Anadarko Petroleum Corp.
6.375%, 9/15/17		572		627,715
BP Capital Markets PLC
3.245%, 5/06/22		780		781,985
Devon Energy Corp.
5.00%, 6/15/45		475		468,927
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43		380		301,170
Energy Transfer Partners LP
3.60%, 2/01/23		55		52,085
4.15%, 10/01/20		310		318,606
7.50%, 7/01/38		475		542,878
EnLink Midstream Partners LP
4.15%, 6/01/25		805		783,788
5.05%, 4/01/45		636		576,766
Enterprise Products Operating LLC
3.70%, 2/15/26		936		906,294


	Principal Amount (000)		U.S. $ Value
4.90%, 5/15/46	U.S.$	325	$	306,106
Kinder Morgan Energy Partners LP
3.95%, 9/01/22		1,780		1,740,678
Kinder Morgan, Inc./DE
5.00%, 2/15/21 (a)		299		316,319
5.05%, 2/15/46		325		281,812
Noble Energy, Inc.
3.90%, 11/15/24		972		958,354
8.25%, 3/01/19		1,530		1,822,922
ONEOK Partners LP
3.80%, 3/15/20		236		240,988
Plains All American Pipeline LP / PAA Finance Corp.
3.60%, 11/01/24		1,327		1,280,825
Regency Energy Partners LP / Regency Energy Finance Corp.
4.50%, 11/01/23		195		188,175
Reliance Holding USA, Inc.
5.40%, 2/14/22 (a)		1,465		1,580,914
Schlumberger Norge AS
4.20%, 1/15/21 (a)		310		333,096
Schlumberger Oilfield UK PLC
4.20%, 1/15/21 (a)		211		226,720
Spectra Energy Partners LP
3.50%, 3/15/25		795		761,345
Sunoco Logistics Partners Operations LP
5.30%, 4/01/44		670		610,027
Williams Partners LP
3.90%, 1/15/25		290		273,381
4.125%, 11/15/20		875		907,573
4.50%, 11/15/23		245		246,132

				17,435,581

Other Industrial - 0.0%
Hutchison Whampoa International 14 Ltd.
1.625%, 10/31/17 (a)		587		585,239

Technology - 0.7%
EMC Corp./MA
3.375%, 6/01/23		760		761,202
Hewlett-Packard Co.
2.75%, 1/14/19		147		148,595
3.75%, 12/01/20		1,978		2,038,341
4.375%, 9/15/21		72		74,758
4.65%, 12/09/21		180		191,055
KLA-Tencor Corp.
4.65%, 11/01/24		1,245		1,244,320
Oracle Corp.
5.75%, 4/15/18		95		105,695
QUALCOMM, Inc.
3.00%, 5/20/22		800		794,578
Seagate HDD Cayman
4.75%, 6/01/23		420		426,581
4.75%, 1/01/25 (a)		401		398,535
Tencent Holdings Ltd.
3.375%, 5/02/19 (a)		1,316		1,351,165


	Principal Amount (000)		U.S. $ Value
Total System Services, Inc.
2.375%, 6/01/18	U.S.$	195	$	194,450

				7,729,275

Transportation - Services - 0.1%
Penske Truck Leasing Co. LP / PTL Finance Corp.
3.375%, 2/01/22 (a)		815		794,685

				94,067,353

Financial Institutions - 4.4%
Banking - 2.9%
ABN AMRO Bank NV
2.50%, 10/30/18 (a)		2,840		2,884,923
Bank of America Corp.
0.825%, 3/28/18 (d)	EUR	250		276,527
4.00%, 1/22/25-1/22/25	U.S.$	1,230		1,237,551
4.20%, 8/26/24		320		319,229
4.875%, 4/01/44		460		467,233
BNP Paribas SA
2.375%, 9/14/17		799		810,967
BPCE SA
5.15%, 7/21/24 (a)		560		568,939
5.70%, 10/22/23 (a)		880		927,622
Citigroup, Inc.
3.875%, 3/26/25		200		191,554
Compass Bank
2.75%, 9/29/19		325		324,009
5.50%, 4/01/20		549		597,341
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands
3.95%, 11/09/22		1,070		1,069,857
Countrywide Financial Corp.
6.25%, 5/15/16		1,420		1,475,756
Credit Suisse Group Funding Guernsey Ltd.
2.75%, 3/26/20 (a)		390		385,107
3.75%, 3/26/25 (a)		1,215		1,169,648
Fifth Third Bancorp
2.30%, 3/01/19		786		786,753
Goldman Sachs Group, Inc. (The)
5.15%, 5/22/45		312		300,303
5.75%, 1/24/22		2,870		3,264,536
Series G
7.50%, 2/15/19		400		469,844
HSBC Holdings PLC
4.00%, 3/30/22		1,850		1,936,902
ING Bank NV
3.75%, 3/07/17 (a)		705		732,519
ING Groep NV
5.775%, 12/08/15 (e)		190		190,990
JPMorgan Chase & Co.
Series X
6.10%, 10/01/24 (e)		430		431,505
Lloyds Bank PLC
2.30%, 11/27/18		774		782,182
4.20%, 3/28/17		165		173,162
6.50%, 9/14/20 (a)		405		466,805


	Principal Amount (000)		U.S. $ Value
Mizuho Bank Ltd.
2.45%, 4/16/19 (a)	U.S.$	765	$	769,717
Mizuho Financial Group Cayman 3 Ltd.
4.60%, 3/27/24 (a)		1,160		1,192,556
Morgan Stanley
5.625%, 9/23/19		1,129		1,265,151
Series G
3.70%, 10/23/24		1,075		1,070,647
Murray Street Investment Trust I
4.647%, 3/09/17		182		191,178
Nationwide Building Society
6.25%, 2/25/20 (a)		345		402,280
Nordea Bank AB
3.125%, 3/20/17 (a)		751		775,136
Rabobank Capital Funding Trust III
5.254%, 10/21/16 (a)(e)		435		448,920
Rabobank Capital Funding Trust IV
5.556%, 12/31/19 (a)(e)	GBP	100		166,943
Santander Bank NA
1.206%, 1/12/18 (d)	U.S.$	275		274,725
Santander UK PLC
5.00%, 11/07/23 (a)		610		624,203
Societe Generale SA
5.75%, 4/20/16 (a)		449		463,092
Standard Chartered PLC
Series E
4.00%, 7/12/22 (a)		315		322,494
State Street Corp.
3.70%, 11/20/23		310		320,226
Sumitomo Mitsui Banking Corp.
3.00%, 1/18/23		384		375,039
UBS AG/Stamford CT
7.50%, 7/15/25		343		433,203
7.625%, 8/17/22		280		328,160
Wells Fargo & Co.
4.125%, 8/15/23		1,815		1,884,484

				33,549,918

Brokerage - 0.1%
Nomura Holdings, Inc.
2.00%, 9/13/16		645		649,700

Finance - 0.1%
Aviation Capital Group Corp.
7.125%, 10/15/20 (a)		575		669,463
General Electric Capital Corp.
4.65%, 10/17/21		290		317,740
Series G
5.625%, 5/01/18		560		619,821

				1,607,024

Insurance - 0.9%
American International Group, Inc.
3.375%, 8/15/20		465		481,307
4.875%, 6/01/22		650		712,996


	Principal Amount (000)		U.S. $ Value
Aquarius & Investments PLC for Swiss Reinsurance Co., Ltd.
6.375%, 9/01/24 (a)	U.S.$	380	$	392,923
Dai-ichi Life Insurance Co., Ltd. (The)
5.10%, 10/28/24 (a)(e)		1,008		1,063,440
Guardian Life Insurance Co. of America (The)
7.375%, 9/30/39 (a)		374		497,066
Hartford Financial Services Group, Inc. (The)
5.125%, 4/15/22		1,615		1,791,078
Lincoln National Corp.
8.75%, 7/01/19		100		122,605
Massachusetts Mutual Life Insurance Co.
8.875%, 6/01/39 (a)		180		269,790
MetLife, Inc.
4.75%, 2/08/21		1,545		1,706,493
Metlife, Inc.
Series C
5.25%, 6/15/20 (e)		1,221		1,210,316
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (a)		495		740,879
Prudential Financial, Inc.
5.625%, 6/15/43		1,015		1,052,047
Reliance Standard Life Global Funding II
2.50%, 4/24/19 (a)		770		772,002

				10,812,942

REITS - 0.4%
Brixmor Operating Partnership LP
3.85%, 2/01/25		416		399,802
HCP, Inc.
5.375%, 2/01/21		2,280		2,515,373
Health Care REIT, Inc.
5.25%, 1/15/22		1,225		1,339,981
Trust F/1401
5.25%, 12/15/24 (a)		665		691,600

				4,946,756

				51,566,340

Utility - 0.4%
Electric - 0.4%
Berkshire Hathaway Energy Co.
6.125%, 4/01/36		345		406,432
EDP Finance BV
4.125%, 1/15/20 (a)		252		254,446
Entergy Corp.
4.00%, 7/15/22		1,296		1,305,966
Exelon Corp.
2.85%, 6/15/20		540		543,134
3.95%, 6/15/25		625		628,687
5.10%, 6/15/45		305		306,219
Monongahela Power Co.
4.10%, 4/15/24 (a)		305		316,982
Southern California Edison Co.
3.875%, 6/01/21		262		280,653


	Principal Amount (000)		U.S. $ Value
Trans-Allegheny Interstate Line Co.
3.85%, 6/01/25 (a)	U.S.$	365	$	362,516

				4,405,035

Total Corporates - Investment Grade (cost $152,180,821)				150,038,728

INFLATION-LINKED SECURITIES - 10.3%
United States - 10.3%
U.S. Treasury Inflation Index
0.125%, 4/15/17-7/15/24		81,071		81,396,875
0.25%, 1/15/25		9,720		9,533,858
0.375%, 7/15/23		6,732		6,756,186
0.625%, 7/15/21-1/15/24		10,887		11,177,677
1.125%, 1/15/21		2,244		2,373,696
1.25%, 7/15/20		5,844		6,253,000
2.125%, 1/15/19		1,037		1,129,023
2.50%, 7/15/16		2,137		2,216,073

Total Inflation-Linked Securities (cost $121,671,320)				120,836,388

MORTGAGE PASS-THROUGHS - 7.0%
Agency Fixed Rate 30-Year - 6.6%
Federal National Mortgage Association
3.00%, 8/01/45		13,297		13,208,700
3.50%, 5/01/42-8/01/45		17,285		17,838,631
4.00%, 8/01/45		17,216		18,197,849
4.50%, 8/25/45		7,874		8,500,845
5.50%, 8/01/37-9/01/41		2,816		3,165,933
Series 2013
3.00%, 5/01/43		2,176		2,179,143
Government National Mortgage Association
3.00%, 7/01/45		6,574		6,637,172
3.50%, 7/01/45		7,648		7,937,787

				77,666,060

Agency Fixed Rate 15-Year - 0.4%
Federal National Mortgage Association
2.50%, 8/01/30		2,127		2,147,771
3.00%, 8/01/30		1,710		1,767,312
3.50%, 8/01/30		782		823,361

				4,738,444

Total Mortgage Pass-Throughs (cost $82,366,248)				82,404,504

ASSET-BACKED SECURITIES - 4.3%
Autos - Fixed Rate - 2.3%
Amot 2015-3 A
Series 2015-3, Class A
1.63%, 5/15/20		1,391		1,392,781
Avis Budget Rental Car Funding AESOP LLC
Series 2013-2A, Class A
2.97%, 2/20/20 (a)		1,335		1,373,352
Bank of The West Auto Trust 2015-1
Series 2015-1, Class A3


	Principal Amount (000)		U.S. $ Value
1.31%, 10/15/19 (a)	U.S.$	1,334	$	1,333,728
Crart 2015-2 A3
Series 2015-2, Class A3
1.31%, 8/15/19		678		677,808
Drive Auto Receivables Trust
Series 2015-AA, Class A2
1.01%, 11/15/17 (a)		1,351		1,351,018
Drive Auto Receivables Trust 2015-B
Series 2015-BA, Class A2A
0.93%, 12/15/17 (a)		638		638,418
Enterprise Fleet Financing LLC
Series 2015-1, Class A2
1.30%, 9/20/20 (a)		1,989		1,991,087
Fifth Third Auto Trust
Series 2014-3, Class A4
1.47%, 5/17/21		961		962,101
Ford Credit Auto Owner Trust
Series 2014-2, Class A
2.31%, 4/15/26 (a)		408		412,808
Ford Credit Auto Owner Trust/Ford Credit
Series 2014-1, Class A
2.26%, 11/15/25 (a)		1,500		1,518,554
Ford Credit Floorplan Master Owner Trust A
Series 2015-2, Class A1
1.98%, 1/15/22		816		808,588
GM Financial Automobile Leasing Trust
Series 2015-1, Class A2
1.10%, 12/20/17		1,383		1,384,101
GM Financial Automobile Leasing Trust 2015-2
Series 2015-2, Class A3
1.68%, 12/20/18		1,269		1,268,973
GMF Floorplan Owner Revolving Trust
Series 2015-1, Class A1
1.65%, 5/15/20 (a)		651		650,703
Harley-Davidson Motorcycle Trust
Series 2014-1, Class A2A
0.49%, 4/15/18		841		840,920
Series 2015-1, Class A3
1.41%, 6/15/20		544		545,417
Series 2015-2, Class A3
1.30%, 3/16/20		1,114		1,113,969
Hertz Vehicle Financing LLC
Series 2013-1A, Class B2
2.48%, 8/25/19 (a)		493		482,955
Hyundai Auto Lease Securitization Trust
Series 2015-A, Class A2
1.00%, 10/16/17 (a)		1,368		1,369,077
Hyundai Auto Lease Securitization Trust 2015-B
Series 2015-B, Class A3
1.40%, 11/15/18 (a)		694		692,831
Hyundai Auto Receivables Trust
Series 2015-A, Class A2
0.68%, 10/16/17		1,045		1,045,652
Nissan Auto Lease Trust 2015-A
Series 2015-A, Class A3
1.40%, 6/15/18		1,116		1,115,776


	Principal Amount (000)		U.S. $ Value
Porsche Innovative Lease Owner Trust 2015-1
Series 2015-1, Class A4
1.43%, 5/21/21 (a)	U.S.$	220	$	219,952
Santander Drive Auto Receivables Trust 2015-3
Series 2015-3, Class A2A
1.02%, 9/17/18		735		735,004
TCF Auto Receivables Owner Trust
Series 2015-1A, Class A2
1.02%, 8/15/18 (a)		988		988,331
Volkswagen Auto Loan Enhanced Trust
Series 2014-1, Class A3
0.91%, 10/22/18		1,275		1,274,660

				26,188,564

Other ABS - Fixed Rate - 0.7%
CIT Equipment Collateral
Series 2014-VT1, Class A2
0.86%, 5/22/17 (a)		1,060		1,059,838
CNH Equipment Trust
Series 2014-B, Class A4
1.61%, 5/17/21		1,481		1,486,670
Series 2015-A, Class A4
1.85%, 4/15/21		1,143		1,145,224
Dell Equipment Finance Trust 2015-1
Series 2015-1, Class A3
1.30%, 3/23/20 (a)		472		471,725
SBA Tower Trust
Series 2014-1A, Class C
2.898%, 10/15/44 (a)		934		938,677
Series 2014-2A, Class C
3.869%, 10/15/49 (a)		774		779,329
Volvo Financial Equipment LLC
Series 2015-1A, Class A3
1.51%, 6/17/19 (a)		1,979		1,984,184

				7,865,647

Credit Cards - Fixed Rate - 0.6%
Barclays Dryrock Issuance Trust
Series 2015-2, Class A
1.56%, 3/15/21		828		827,979
Discover Card Execution Note Trust
Series 2015-A2, Class A
1.90%, 10/17/22		1,257		1,246,432
Drock
Series 2015-1, Class A
2.20%, 12/15/22		1,983		1,990,674
Synchrony Credit Card Master Note Trust
Series 2012-2, Class A
2.22%, 1/15/22		1,664		1,684,770
World Financial Network Credit Card Master Trust
Series 2013-A, Class A
1.61%, 12/15/21		1,456		1,455,490

				7,205,345


	Principal Amount (000)		U.S. $ Value
Credit Cards - Floating Rate - 0.4%
American Express Issuance Trust II
Series 2013-1, Class A
0.454%, 2/15/19 (d)	U.S.$	2,023	$	2,023,287
Discover Card Execution Note Trust
Series 2015-A1, Class A1
0.536%, 8/17/20 (d)		1,720		1,720,514
World Financial Network Credit Card Master Trust
Series 2015-A, Class A
0.666%, 2/15/22 (d)		1,132		1,131,463

				4,875,264

Autos - Floating Rate - 0.3%
Ford Credit Floorplan Master Owner Trust A
Series 2015-2, Class A2
0.756%, 1/15/22 (d)		210		210,190
GE Dealer Floorplan Master Note Trust
Series 2015-1, Class A
0.687%, 1/20/20 (d)		1,296		1,296,039
Hertz Fleet Lease Funding LP
Series 2014-1, Class A
0.585%, 4/10/28 (a)(d)		1,362		1,361,781
Navmt
Series 2014-1, Class A
0.937%, 10/25/19 (a)(d)		747		747,023
NCF Dealer Floorplan Master Trust
Series 2014-1A, Class A
1.687%, 10/20/20 (a)(d)		113		113,003

				3,728,036

Total Asset-Backed Securities (cost $49,815,015)				49,862,856

COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.5%
Non-Agency Fixed Rate CMBS - 2.8%
Banc of America Commercial Mortgage Trust
Series 2007-3, Class AJ
5.749%, 6/10/49		640		663,497
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW13, Class A4
5.54%, 9/11/41		383		395,133
Series 2006-PW13, Class AJ
5.611%, 9/11/41		1,297		1,317,347
BHMS 2014-ATLS Mortgage Trust
Series 2014-ATLS, Class AFX
3.601%, 7/05/33 (a)		1,895		1,905,328
CD 2006-CD3 Mortgage Trust
Series 2006-CD3, Class A5
5.617%, 10/15/48		555		575,338
CGRBS Commercial Mortgage Trust 2013-VN05
Series 2013-VN05, Class A
3.369%, 3/13/35 (a)		1,120		1,133,660
Citigroup Commercial Mortgage Trust
Series 2006-C4, Class A1A


	Principal Amount (000)		U.S. $ Value
5.969%, 3/15/49	U.S.$	1,426	$	1,459,857
Series 2015-GC27, Class A5
3.137%, 2/10/48		838		823,503
COMM 2006-C8 Mortgage Trust
Series 2006-C8, Class A1A
5.292%, 12/10/46		1,425		1,499,298
COMM 2013-CCRE6 Mortgage Trust
Series 2013-CR6, Class A2
2.122%, 3/10/46		3,670		3,717,724
Commercial Mortgage Loan Trust
Series 2008-LS1, Class A1A
6.239%, 12/10/49		2,541		2,739,489
Commercial Mortgage Trust
Series 2006-C8, Class A4
5.306%, 12/10/46		762		792,065
Credit Suisse Commercial Mortgage Trust
Series 2007-C3, Class AM
5.89%, 6/15/39		988		1,031,226
DBUBS 2011-LC1 Mortgage Trust
Series 2011-LC1A, Class E
5.735%, 11/10/46 (a)		439		467,651
GS Mortgage Securities Trust
Series 2007-GG10, Class A4
5.989%, 8/10/45		829		884,628
Series 2011-GC5, Class D
5.475%, 8/10/44 (a)		755		780,154
Series 2013-G1, Class A2
3.557%, 4/10/31 (a)		158		157,876
GS Mortgage Securities Trust 2007-GG10
Series 2007-GG10, Class A4
5.989%, 8/10/45		171		182,230
GS Mortgage Securities Trust 2013-G1
Series 2013-G1, Class A2
3.557%, 4/10/31 (a)		936		934,827
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2005-CB13, Class A4
5.421%, 1/12/43		435		435,818
Series 2007-LD12, Class AM
6.208%, 2/15/51		600		644,531
Series 2007-LDPX, Class A1A
5.439%, 1/15/49		242		255,256
Series 2007-LDPX, Class A3
5.42%, 1/15/49		1,481		1,549,096
Series 2011-C5, Class D
5.50%, 8/15/46 (a)		336		349,410
LB-UBS Commercial Mortgage Trust
Series 2007-C1, Class AM
5.455%, 2/15/40		360		379,889
LSTAR Commercial Mortgage Trust 2015-3
Series 2015-3, Class A2
2.729%, 4/20/48 (a)		857		863,195
Merrill Lynch Mortgage Trust
Series 2007-C1, Class A4
6.029%, 6/12/50		1,270		1,342,216
Merrill Lynch/Countrywide Commercial Mortgage Trust


	Principal Amount (000)		U.S. $ Value
Series 2006-4, Class A1A
5.166%, 12/12/49	U.S.$	906	$	946,310
Series 2007-9, Class A4
5.70%, 9/12/49		1,145		1,219,807
UBS-Barclays Commercial Mortgage Trust
Series 2012-C3, Class A4
3.091%, 8/10/49		330		332,637
Series 2012-C4, Class A5
2.85%, 12/10/45		2,519		2,493,824
Wachovia Bank Commercial Mortgage Trust
Series 2006-C26, Class A1A
6.009%, 6/15/45		510		527,588

				32,800,408

Non-Agency Floating Rate CMBS - 0.7%
Carefree Portfolio Trust
Series 2014-CARE, Class A
1.506%, 11/15/19 (a)(d)		1,017		1,018,992
COMM 2014-KYO Mortgage Trust
Series 2014-KYO, Class A
1.088%, 6/11/27 (a)(d)		1,406		1,405,401
COMM 2014-SAVA Mortgage Trust
Series 2014-SAVA, Class A
1.336%, 6/15/34 (a)(d)		1,542		1,541,849
H2 2015-1a Afl
Series 2015-1A
1.436%, 9/24/21 (a)(d)		838		838,300
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2014-INN, Class A
1.106%, 6/15/29 (a)(d)		1,876		1,870,960
Resource Capital Corp., Ltd.
Series 2014-CRE2, Class A
1.236%, 4/15/32 (a)(d)		784		780,769
Starwood Retail Property Trust
Series 2014-STAR, Class A
1.402%, 11/15/27 (a)(d)		662		660,449

				8,116,720

Total Commercial Mortgage-Backed Securities (cost $41,761,172)				40,917,128

COLLATERALIZED MORTGAGE OBLIGATIONS - 1.9%
GSE Risk Share Floating Rate - 1.3%
Federal Home Loan Mortgage Corp.
Series 2014-DN4, Class M3
4.737%, 10/25/24 (d)		1,250		1,278,830
Series 2014-HQ3, Class M3
4.937%, 10/25/24 (d)		700		716,531
Series 2015-DNA1, Class M3
3.487%, 10/25/27 (d)		520		507,612
Series 2015-DNA2, Class M2
2.787%, 12/25/27 (d)		2,911		2,916,835
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes


	Principal Amount (000)		U.S. $ Value
Series 2014-DN1, Class M1
1.187%, 2/25/24 (d)	U.S.$	730	$	727,697
Series 2014-DN2, Class M1
1.037%, 4/25/24 (d)		569		568,011
Series 2014-DN2, Class M3
3.787%, 4/25/24 (d)		440		425,220
Series 2014-HQ1, Class M1
1.837%, 8/25/24 (d)		540		541,890
Series 2014-HQ1, Class M2
2.687%, 8/25/24 (d)		550		555,175
Series 2014-HQ2, Class M1
1.637%, 9/25/24 (d)		1,019		1,019,183
Series 2015-DNA1, Class M2
2.037%, 10/25/27 (d)		360		352,142
Federal National Mortgage Association
Series 2014-C04, Class 2M2
5.187%, 11/25/24 (d)		240		247,751
Series 2015-C01, Class 2M2
4.737%, 2/25/25 (d)		458		462,453
Series 2015-C02, Class 2M2
4.185%, 5/25/25 (d)		1,165		1,131,906
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C02, Class 1M1
1.137%, 5/25/24 (d)		521		517,097
Series 2014-C04, Class 1M2
5.087%, 11/25/24 (d)		1,396		1,436,036
Series 2015-C01, Class 1M2
4.487%, 2/25/25 (d)		975		966,421
Structured Agency Credit Risk Debt Notes
Series 2015-HQ1, Class M2
2.387%, 3/25/25 (d)		1,286		1,264,624

				15,635,414

Non-Agency Fixed Rate - 0.5%
Alternative Loan Trust
Series 2005-57CB, Class 4A3
5.50%, 12/25/35		2,141		1,968,265
Series 2006-23CB, Class 1A7
6.00%, 8/25/36		406		400,300
Series 2006-9T1, Class A1
5.75%, 5/25/36		465		410,957
Series 2007-2CB, Class 2A4
5.75%, 3/25/37		358		318,804
CSMC Series 2010-6R
Series 2010-6R, Class 3A2
5.875%, 1/26/38 (a)		506		425,052
JP Morgan Mortgage Trust
Series 2006-A1, Class 2A2
2.74%, 2/25/36		952		858,750
RBSSP Resecuritization Trust 2009-7
Series 2009-7, Class 10A3
6.00%, 8/26/37 (a)		711		595,254
Sequoia Mortgage Trust


	Principal Amount (000)		U.S. $ Value
Series 2013-6, Class A1
2.50%, 5/25/43	U.S.$	1,299	$	1,213,936

				6,191,318

Non-Agency Floating Rate - 0.1%
RBSSP Resecuritization Trust 2010-9
Series 2010-9, Class 7A6
7.042%, 5/26/37 (a)(f)		621		506,540

Agency Fixed Rate - 0.0%
Federal National Mortgage Association
Series 2010-117, Class DI
4.50%, 5/25/25 (g)		3,005		318,123

Total Collateralized Mortgage Obligations (cost $22,771,011)				22,651,395

CORPORATES - NON-INVESTMENT GRADE - 1.2%
Financial Institutions - 0.6%
Banking - 0.6%
Bank of America Corp.
Series Z
6.50%, 10/23/24 (e)		275		284,625
Barclays Bank PLC
6.86%, 6/15/32 (a)(e)		205		230,113
7.75%, 4/10/23		1,035		1,121,681
BNP Paribas SA
5.019%, 4/13/17 (a)(e)	EUR	150		174,594
Citigroup, Inc.
Series P
5.95%, 5/15/25 (e)	U.S.$	980		943,249
Credit Suisse Group AG
7.50%, 12/11/23 (a)(e)		780		815,100
Intesa Sanpaolo SpA
5.017%, 6/26/24 (a)		1,190		1,156,137
Lloyds Banking Group PLC
7.50%, 6/27/24 (e)		355		365,650
Royal Bank of Scotland PLC (The)
9.50%, 3/16/22 (a)		1,265		1,395,471
Societe Generale SA
5.922%, 4/05/17 (a)(e)		330		337,838

				6,824,458

Finance - 0.0%
AerCap Aviation Solutions BV
6.375%, 5/30/17		451		477,496

				7,301,954

Industrial - 0.5%
Capital Goods - 0.1%
Berry Plastics Corp.
5.125%, 7/15/23		277		270,075
Sealed Air Corp.


	Principal Amount (000)		U.S. $ Value
4.50%, 9/15/23 (a)	EUR	173	$	194,798

				464,873

Communications - Media - 0.1%
CSC Holdings LLC
8.625%, 2/15/19	U.S.$	450		510,187
Intelsat Jackson Holdings SA
5.50%, 8/01/23		390		345,345

				855,532

Communications - Telecommunications - 0.2%
Numericable-SFR SAS
5.375%, 5/15/22 (a)	EUR	105		118,815
Sprint Capital Corp.
6.90%, 5/01/19	U.S.$	1,230		1,254,600
Sprint Corp.
7.875%, 9/15/23		495		482,774

				1,856,189

Consumer Cyclical - Other - 0.0%
KB Home
4.75%, 5/15/19		265		263,012
MCE Finance Ltd.
5.00%, 2/15/21 (a)		200		190,500

				453,512

Energy - 0.1%
ONEOK, Inc.
4.25%, 2/01/22		595		574,454
Southern Star Central Corp.
5.125%, 7/15/22 (a)		482		489,230
Transocean, Inc.
6.50%, 11/15/20		450		416,813

				1,480,497

Technology - 0.0%
Advanced Micro Devices, Inc.
6.75%, 3/01/19		345		313,087

Transportation - Services - 0.0%
Hertz Corp. (The)
6.75%, 4/15/19		440		454,036

				5,877,726

Utility - 0.1%
Electric - 0.1%
AES Corp./VA
7.375%, 7/01/21		385		422,537
NRG Energy, Inc.
6.25%, 5/01/24		330		327,526

				750,063

Total Corporates - Non-Investment Grade (cost $14,280,361)				13,929,743


	Principal Amount (000)		U.S. $ Value
COVERED BONDS - 0.6%
Australia - 0.1%
National Australia Bank Ltd.
2.00%, 2/22/19 (a)	U.S.$	1,506	$	1,522,319

Canada - 0.1%
Bank of Nova Scotia (The)
1.75%, 3/22/17 (a)		743		752,191

France - 0.1%
BNP Paribas Home Loan SFH
3.75%, 1/11/21 (a)	EUR	1,000		1,313,257

Norway - 0.1%
DNB Boligkreditt AS
Series E
3.875%, 6/16/21		573		759,080

Spain - 0.0%
CaixaBank SA
Series 27
0.091%, 1/09/18 (d)		200		220,814

Switzerland - 0.1%
Credit Suisse AG/Guernsey
Series E
1.75%, 1/15/21 (a)		660		780,040
UBS AG/London
Series E
1.375%, 4/16/21 (a)		670		777,990

				1,558,030

United Kingdom - 0.1%
Abbey National Treasury Services PLC/London
Series E
1.625%, 11/26/20 (a)		664		780,380

Total Covered Bonds (cost $7,046,095)				6,906,071

QUASI-SOVEREIGNS - 0.5%
Quasi-Sovereign Bonds - 0.5%
Chile - 0.1%
Empresa de Transporte de Pasajeros Metro SA
4.75%, 2/04/24 (a)	U.S.$	1,503		1,579,614

China - 0.1%
State Grid Overseas Investment 2014 Ltd.
4.125%, 5/07/24 (a)		951		996,073

Mexico - 0.1%
Petroleos Mexicanos
4.50%, 1/23/26 (a)		1,300		1,270,620

South Korea - 0.0%
Korea Development Bank (The)
3.25%, 3/09/16		509		516,330


	Principal Amount (000)		U.S. $ Value
United Arab Emirates - 0.2%
MDC-GMTN B.V.
3.25%, 4/28/22 (a)	U.S.$	1,850	$	1,879,359

Total Quasi-Sovereigns (cost $6,097,978)				6,241,996

AGENCIES - 0.5%
Agency Debentures - 0.5%
Residual Funding Corp. Principal Strip Zero Coupon, 7/15/20 (cost $5,342,510)		6,490		5,873,813

GOVERNMENTS - SOVEREIGN AGENCIES - 0.4%
Brazil - 0.1%
Petrobras Global Finance BV
5.75%, 1/20/20		858		850,141

Canada - 0.0%
NOVA Chemicals Corp.
5.25%, 8/01/23 (a)		295		299,425

France - 0.1%
Dexia Credit Local SA/New York, NY
1.25%, 10/18/16 (a)		399		401,232
1.50%, 10/07/17 (a)		735		736,773

				1,138,005

Germany - 0.0%
Landwirtschaftliche Rentenbank
3.75%, 2/11/16 (a)	EUR	496		565,932

Israel - 0.1%
Israel Electric Corp. Ltd.
5.00%, 11/12/24 (a)		776		786,088

Qatar - 0.0%
Ooredoo International Finance Ltd.
3.875%, 1/31/28 (a)	U.S.$	200		190,000

United Kingdom - 0.1%
Network Rail Infrastructure Finance PLC
4.40%, 3/06/16	CAD	1,140		932,345

Total Governments - Sovereign Agencies (cost $5,127,530)				4,761,936

LOCAL GOVERNMENTS - PROVINCIAL BONDS - 0.2%
Canada - 0.2%
Province of British Columbia Canada
3.25%, 12/18/21		1,337		1,170,276
Province of Manitoba Canada
3.85%, 12/01/21		1,220		1,098,967

Total Local Governments - Provincial Bonds (cost $2,611,121)				2,269,243


	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - SOVEREIGN BONDS - 0.1%
Indonesia - 0.1%
Indonesia Government International Bond 4.125%, 1/15/25 (a)
(cost $1,326,288)	U.S.$	1,305	$	1,280,531


	Contracts
OPTIONS PURCHASED - CALLS - 0.1%
Option on Equity Indices - 0.1%
S&P 500 Index Expiration: Sep 2015, Exercise Price: $ 2,135.00 (h)(i)		56,500		1,053,961
S&P 500 Index Expiration: Aug 2015, Exercise Price: $ 2,190.00 (h)(i)		39,293		102,433

Total Options Purchased - Calls (premiums paid $2,424,182)				1,156,394


	Shares
SHORT-TERM INVESTMENTS - 22.1%
Investment Companies - 19.4%
AB Fixed Income Shares, Inc. - Government STIF Portfolio,
0.10% (c)(j)
(cost $226,708,810)		226,708,810		226,708,810


	Principal Amount (000)
U.S. TREASURY BILLS - 2.3%
U.S. Treasury Bill
Zero Coupon, 7/16/15 (b)	U.S.$	500		499,997
Zero Coupon, 8/06/15-8/20/15		26,480		26,479,631

Total U.S. Treasury Bills (cost $26,979,628)				26,979,628

Commercial Paper - 0.3%
Banque Caisse Depargne Letat C Zero Coupon, 9/01/15 (cost $2,968,466)		2,970		2,968,466

Certificates of Deposit - 0.1%
Royal Bank Of Canada/new York
0.285%, 9/10/15 (d)
(cost $886,121)		886		886,121

Total Short-Term Investments (cost $257,543,025)				257,543,025


	U.S. $ Value
Total Investments - 105.2% (cost $1,248,694,028) (k)	$	1,231,022,708
Other assets less liabilities - (5.2)%		(60,318,731	)

Net Assets - 100.0%	$	1,170,703,977

FUTURES


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2015		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Canadian Bond Futures		38		September 2015	$	4,225,878	$	4,259,408	$	33,530
10 Yr Japan Bond (OSE) Futures		4		September 2015		4,794,727		4,803,530		8,803
Euro STOXX 50 Futures		255		September 2015		9,822,829		9,768,089		(54,740	)
FTSE 100 Index Futures		79		September 2015		8,267,447		8,060,921		(206,526	)
Hang Seng Index Futures		13		July 2015		2,286,109		2,197,315		(88,794	)
Long GILT Futures		16		September 2015		2,925,708		2,909,452		(16,256	)
Russell 2000 E Mini Futures		10		September 2015		1,245,602		1,250,400		4,798
S&P Mid 400 E Mini Futures		10		September 2015		1,508,591		1,498,100		(10,491	)
SPI 200 Futures		40		September 2015		4,255,951		4,164,056		(91,895	)
TOPIX Index Futures		300		September 2015		40,620,149		39,968,133		(652,016	)
U.S. Long Bond (CBT) Futures		3		September 2015		453,591		452,531		(1,060	)
U.S. T-Note 2 Yr (CBT) Futures		37		September 2015		8,100,741		8,100,688		(53	)
U.S. T-Note 5 Yr (CBT) Futures		106		September 2015		12,623,266		12,641,328		18,062
U.S. T-Note 10 Yr (CBT) Futures		333		September 2015		41,924,165		42,015,234		91,069
U.S. Ultra Bond Futures		101		September 2015		15,738,353		15,560,313		(178,040	)
Sold Contracts
10 Yr Japan Bond (OSE) Futures		103		September 2015		123,446,354		123,690,893		(244,539	)
Euro BUXL 30 Yr Bond Futures		51		September 2015		8,558,810		8,451,273		107,537
Euro-BOBL Futures		188		September 2015		27,106,645		27,158,895		(52,250	)
Euro-BUND Futures		142		September 2015		23,969,866		24,062,913		(93,047	)
S&P Mid 400 E Mini Futures		52		September 2015		5,400,927		5,341,440		59,487
U.S. Long Bond (CBT) Futures		7		September 2015		1,058,263		1,055,906		2,357
U.S. T-Note 2 Yr (CBT) Futures		31		September 2015		6,774,424		6,787,063		(12,639	)
U.S. T-Note 5 Yr (CBT) Futures		107		September 2015		12,743,256		12,760,586		(17,330	)
U.S. T-Note 10 Yr (CBT) Futures		317		September 2015		40,080,828		39,996,484		84,344

									$	(1,309,689	)

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA	JPY	950,000	USD	7,969		7/15/15	$	205,189
Barclays Bank PLC	USD	2,381	GBP	1,525		7/10/15		15,710
Barclays Bank PLC	USD	3,224	IDR	43,056,017		7/10/15		(2,721	)
Barclays Bank PLC	USD	3,429	MXN	52,609		7/16/15		(84,790	)
Barclays Bank PLC	KRW	1,181,268	USD	1057		8/07/15		2769
Barclays Bank PLC	KRW	8,305,906	USD	7,408		8/07/15		(2,071	)
Barclays Bank PLC	USD	1,545	JPY	189,325		8/13/15		2,675
Barclays Bank PLC	TWD	49,491	USD	1,596		8/14/15		(7,454	)
BNP Paribas SA	USD	1,625	GBP	1,043		7/10/15		12,905
BNP Paribas SA	CAD	12,527	USD	10,158		7/23/15		131,729
BNP Paribas SA	JPY	2,227,654	USD	17,944		7/24/15		(262,318	)
BNP Paribas SA	USD	1,640	SGD	2,228		7/24/15		13,222
BNP Paribas SA	USD	2,171	AUD	2,826		8/07/15		4,943
Credit Suisse International	BRL	5,497	USD	1,772		7/02/15		3,704
Credit Suisse International	USD	1,773	BRL	5,496		7/02/15		(5,190	)
Credit Suisse International	USD	1,629	GBP	1,043		7/10/15		9,157
Credit Suisse International	MXN	48,610	USD	3,160		7/16/15		70,181
Credit Suisse International	BRL	5,497	USD	1,753		8/04/15		5,754
Deutsche Bank AG	USD	356	GBP	232		7/10/15		8,398
Goldman Sachs Bank USA	BRL	8,057	USD	2,612		7/02/15		20,535
Goldman Sachs Bank USA	USD	2,596	BRL	8,057		7/02/15		(4,572	)
HSBC Bank USA	BRL	4,450	USD	1,434		7/02/15		2,999
HSBC Bank USA	USD	1,397	BRL	4,450		7/02/15		34,406
HSBC Bank USA	ZAR	70,959	USD	5,848		7/15/15		28,423
HSBC Bank USA	MXN	36,209	USD	2,358		7/16/15		56,657
HSBC Bank USA	USD	1,556	BRL	4,941		8/04/15		15,321
HSBC Bank USA	AUD	6,302	USD	5,013		8/13/15		162,262
HSBC Bank USA	NZD	6,098	USD	4,168		8/14/15		51,539
Morgan Stanley & Co., Inc.	BRL	16,775	USD	5,407		7/02/15		11,304
Morgan Stanley & Co., Inc.	USD	5,378	BRL	16,775		7/02/15		17,988
Morgan Stanley & Co., Inc.	EUR	46,768	USD	52,544		7/30/15		386,137
Morgan Stanley & Co., Inc.	BRL	16,775	USD	5,318		8/04/15		(15,855	)
Morgan Stanley & Co., Inc.	CHF	976	USD	1,050		8/13/15		4,338
Royal Bank of Scotland PLC	IDR	16,947,516	USD	1,255		7/10/15		(13,024	)
Royal Bank of Scotland PLC	SEK	8,248	USD	987		7/29/15		(8,843	)
Standard Chartered Bank	BRL	10,381	USD	3,346		7/02/15		6,995
Standard Chartered Bank	USD	3,330	BRL	10,381		7/02/15		8,890
Standard Chartered Bank	USD	802	SGD	1,089		7/24/15		6,583
Standard Chartered Bank	AUD	25,735	USD	19,666		8/07/15		(150,189	)
Standard Chartered Bank	EUR	5,519	USD	6,268		8/13/15		111,275
Standard Chartered Bank	USD	2,558	GBP	1,679		8/13/15		78,948
Standard Chartered Bank	USD	11,789	JPY	1,407,730		8/13/15		(280,854	)
State Street Bank & Trust Co.	BRL	36,222	USD	11,389		7/02/15		(261,185	)
State Street Bank & Trust Co.	GBP	22,118	USD	33,904		7/10/15		(846,749	)
State Street Bank & Trust Co.	USD	152	ZAR	1,844		7/15/15		(982	)
State Street Bank & Trust Co.	USD	70	MXN	1,088		7/16/15		(1,130	)
State Street Bank & Trust Co.	PLN	5,182	USD	1,383		7/23/15		5,492
State Street Bank & Trust Co.	SGD	4,062	USD	3,011		7/24/15		(4,219	)
State Street Bank & Trust Co.	USD	277	SGD	376		7/24/15		2,267
State Street Bank & Trust Co.	EUR	1,187	USD	1,348		7/30/15		24,659
State Street Bank & Trust Co.	EUR	2,626	USD	2,927		7/30/15		(2,027	)
State Street Bank & Trust Co.	CAD	29	USD	24		8/13/15		990


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		USD	5,420		CHF	4,933		8/13/15	$	(135,369	)
UBS AG		EUR	2,734		USD	3,060		8/13/15		10,436

									$	(554,762	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS


Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2015			Notional Amount (000)		Market Value		Unrealized Appreciation/ (Depreciation)
SALE CONTRACTS
Citigroup Global Markets, Inc. /(INTRCONX):
CDX-NAHY Series 23, 5 Year Index, 12/20/19*		5.00	%		3.06	%	$	589	$	45,689	$	8,921
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			144		9,110		(98	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			144		9,110		(194	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			210		13,320		(143	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			192		12,189		(231	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			232		14,702		(268	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			194		12,314		(327	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			204		12,252		(406	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			193		12,314		(515	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			144		9,110		(509	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			194		12,943		(391	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			144		9,110		(642	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			92		9,173		(1,154	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			101		6,408		(950	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			144		9,110		(900	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			144		9,110		(921	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			145		5,843		(850	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			144		9,110		(1,229	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			144		9,110		(1,312	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			152		9,676		(1,371	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			144		9,110		(1,391	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			204		12,943		(1,405	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			145		9,173		(1,498	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			144		9,110		(1,643	)
CDX-NAHY Series 24, 5 Year Index, 6/20/20*		5.00			3.53			144		9,110		(1,650	)

									$	289,149	$	(11,077	)

*	Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS


					Rate Type
Clearing Broker/(Exchange)	Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Unrealized Appreciation/ (Depreciation)
Citigroup Global Markets, Inc./(LCH Group)	CAD	20,560		3/10/17	0.973%	3 Month CDOR	$	(24,109	)
Citigroup Global Markets, Inc./(LCH Group)	AUD	27,240		3/11/17	2.140%	3 Month BBSW		3
Citigroup Global Markets, Inc./(LCH Group)	CAD	19,060		6/05/17	1.050%	3 Month CDOR		(45,353	)
Citigroup Global Markets, Inc./(LCH Group)	NZD	37,540		6/09/17	3.368%	3 Month BKBM		(121,308	)
Citigroup Global Markets, Inc./(LCH Group)	AUD	23,970		6/09/17	2.199%	3 Month BBSW		(16,564	)
Citigroup Global Markets, Inc./(LCH Group)	$	1,600		4/01/20	1.562%	3 Month LIBOR		6,045
Citigroup Global Markets, Inc./(LCH Group)	GBP	6,930		6/05/20	6 Month LIBOR	1.649%		(11,900	)
Citigroup Global Markets, Inc./(LCH Group)	$	3,650		7/02/20	3 Month LIBOR	1.778%		1,237
Citigroup Global Markets, Inc./(LCH Group)		2,650		11/12/24	2.463%	3 Month LIBOR		(22,788	)
Citigroup Global Markets, Inc./(LCH Group)	AUD	4,140		3/11/25	6 Month BBSW	2.973%		(89,704	)
Citigroup Global Markets, Inc./(LCH Group)	$	610		4/21/25	1.972%	3 Month LIBOR		23,273
Citigroup Global Markets, Inc./(LCH Group)	NZD	8,750		6/09/25	3 Month BKBM	4.063%		79,297
Citigroup Global Markets, Inc./(LCH Group)	AUD	2,600		6/09/25	6 Month BBSW	3.370%		5,326
Citigroup Global Markets, Inc./(LCH Group)	$	1,900		6/09/25	2.472%	3 Month LIBOR		(7,165	)
Citigroup Global Markets, Inc./(LCH Group)		1,430		6/09/25	2.470%	3 Month LIBOR		(5,197	)
Citigroup Global Markets, Inc./(LCH Group)	GBP	650		6/05/45	2.392%	6 Month LIBOR		(15,492	)

							$	(244,399	)

CREDIT DEFAULT SWAPS


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2015			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank
Advanced Micro Devices, Inc., 7.75%, 8/01/20, 3/20/19*		(5.00	)%		6.29	%		343	$	15,378		$	22,833		$	(7,455	)
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00	)		3.55			657		(33,792	)		(33,260	)		(532	)
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00	)		3.55			573		(29,471	)		(27,975	)		(1,496	)
Sale Contracts
Barclays Bank PLC:
Kohl’s Corp., 6.25%, 12/15/17, 12/20/19*		1.00			0.75			750		7,744			(7,178	)		14,922

									$	(40,141	)	$	(45,580	)	$	5,439

*	Termination date

INFLATION (CPI) SWAPS


					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund			Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	$	2,200		1/15/16		CPI	#		0.970	%	$	25,391
Barclays Bank PLC		4,810		3/04/16		CPI	#		1.170	%		10,379
Barclays Bank PLC		2,850		7/15/16		1.433	%		CPI	#		(41,852	)
Citibank		2,200		1/15/16		0.945	%		CPI	#		(24,768	)
JPMorgan Chase Bank		4,010		1/15/20		1.795	%		CPI	#		1,272

											$	(29,578	)

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

INTEREST RATE SWAPS


					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund			Unrealized Appreciation/ (Depreciation)
Citibank	BRL	38,200		1/02/17		CDI			13.190	%	$	(96,370	)
Citibank		17,800		1/04/21		12.305	%		CDI			20,653

											$	(75,717	)

TOTAL RETURN SWAPS


Counterparty & Referenced Obligation	# of Shares or Units		Rate Paid/ Received	Notional Amount (000)			Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation
Citibank
Standard and Poor’s Midcap 400 Index		2,960	LIBOR Plus 0.07%		USD	6,425		2/3/16	$	(110,714	)
MSCI Daily TR Net EAFE		4,408	LIBOR Plus 0.27%		USD	22,947		5/16/16		(302,385	)
Goldman Sachs International
Russell 2000 Total Return Index		846	LIBOR Minus 0.55%		USD	4,986		3/15/16		51,726
Standard and Poor’s Midcap 400 Index		195	LIBOR Plus 0.07%		USD	423		3/15/16		(7,294	)

									$	(368,667	)

(a)

(b)

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

(c)

To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(d)

Floating Rate Security. Stated interest rate was in effect at June 30, 2015.

(e)

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

(f)

Variable rate coupon, rate shown as of June 30, 2015.

(g)

IO - Interest Only

(h)

One contract relates to 1 share.

(i)

Non-income producing security.

(j)

Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(k)

As of June 30, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $4,731,847 and gross unrealized depreciation of investments was $(22,403,167) resulting in net unrealized depreciation of $(17,671,320).

Currency Abbreviations:


AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
IDR	-	Indonesian Rupiah
JPY	-	Japanese Yen


KRW	-	South Korean Won
MXN	-	Mexican Peso
NZD	-	New Zealand Dollar
PLN	-	Polish Zloty
SEK	-	Swedish Krona
SGD	-	Singapore Dollar
TWD	-	New Taiwan Dollar
USD	-	United States Dollar
ZAR	-	South African Rand

Glossary:


ABS	-	Asset-Backed Securities
BBSW	-	Bank Bill Swap Reference Rate (Australia)
BKBM	-	Bank Bill Benchmark (New Zealand)
BTAN	-	Bon à Taux Annuel Normalisé
CBT	-	Chicago Board of Trade
CDI	-	Brazil CETIP Interbank Deposit Rate
CDOR	-	Canadian Dealer Offered Rate
CDX-NAHY	-	North American High Yield Credit Default Swap Index
CMBS	-	Commercial Mortgage-Backed Securities
CPI	-	Consumer Price Index
EAFE	-	Europe, Australia, and Far East
ETF	-	Exchange Traded Fund
FTSE	-	Financial Times Stock Exchange
GMTN	-	Global Medium Term Note
GSE	-	Government-Sponsored Enterprise
INTRCONX	-	Inter-Continental Exchange
LCH	-	London Clearing House
LIBOR	-	London Interbank Offered Rates
MSCI	-	Morgan Stanley Capital International
OAT	-	Obligations Assimilables du Trésor
OSE	-	Osaka Securities Exchange
REIT	-	Real Estate Investment Trust
SPDR	-	Standard & Poor’s Depository Receipt
SPI	-	Share Price Index
TOPIX	-	Tokyo Price Index

Sanford C. Bernstein Fund, Inc.

Overlay B Portfolio

June 30, 2015 (unaudited)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Governments - Treasuries

– 0

–

263,629,019

– 0

–

263,629,019

Investment Companies

200,719,938

– 0

–

– 0

–

200,719,938

Corporates - Investment Grade

– 0

–

150,038,728

– 0

–

150,038,728

Inflation-Linked Securities

– 0

–

120,836,388

– 0

–

120,836,388

Mortgage Pass-Throughs

– 0

–

82,404,504

– 0

–

82,404,504

Asset-Backed Securities

– 0

–

41,997,209

7,865,647

49,862,856

Commercial Mortgage-Backed Securities

– 0

–

29,296,560

11,620,568

40,917,128

Collateralized Mortgage Obligations

– 0

–

318,123

22,333,272

22,651,395

Corporates - Non-Investment Grade

– 0

–

13,929,743

– 0

–

13,929,743

Covered Bonds

– 0

–

6,906,071

– 0

–

6,906,071

Quasi-Sovereigns

– 0

–

6,241,996

– 0

–

6,241,996

Agencies

– 0

–

5,873,813

– 0

–

5,873,813

Governments - Sovereign Agencies

– 0

–

4,761,936

– 0

–

4,761,936

Investments in Securities:

Level 1

Level 2

Level 3

Total

Local Governments - Provincial Bonds

– 0

–

2,269,243

– 0

–

2,269,243

Governments - Sovereign Bonds

– 0

–

1,280,531

– 0

–

1,280,531

Options Purchased - Calls

– 0

–

1,156,394

– 0

–

1,156,394

Short-Term Investments:

Investment Companies

226,708,810

– 0

–

– 0

–

226,708,810

U.S. Treasury Bills

– 0

–

26,979,628

– 0

–

26,979,628

Commercial Paper

– 0

–

2,968,466

– 0

–

2,968,466

Certificates of Deposit

– 0

–

886,121

– 0

–

886,121

Total Investments in Securities

427,428,748

761,774,473

41,819,487

1,231,022,708

Other Financial Instruments* :

Assets:

Futures

409,987

– 0

–

– 0

–

409,987

Forward Currency Exchange Contracts

– 0

–

1,534,780

– 0

–

1,534,780

Centrally Cleared Credit Default Swaps

– 0

–

8,921

– 0

–

8,921

Centrally Cleared Interest Rate Swaps

– 0

–

115,181

– 0

–

115,181

Credit Default Swaps

– 0

–

14,922

– 0

–

14,922

Inflation (CPI) Swaps

– 0

–

37,042

– 0

–

37,042

Interest Rate Swaps

– 0

–

20,653

– 0

–

20,653

Total Return Swaps

– 0

–

51,726

– 0

–

51,726

Liabilities:

Futures

(625,705

)

(1,093,971

)

– 0

–

(1,719,676

)

Forward Currency Exchange Contracts

– 0

–

(2,089,542

)

– 0

–

(2,089,542

)

Centrally Cleared Credit Default Swaps

– 0

–

(19,998

)

– 0

–

(19,998

)

Centrally Cleared Interest Rate Swaps

– 0

–

(359,580

)

– 0

–

(359,580

)

Credit Default Swaps

– 0

–

(9,483

)

– 0

–

(9,483

)

Inflation (CPI) Swaps

– 0

–

(66,620

)

– 0

–

(66,620

)

Interest Rate Swaps

– 0

–

(96,370

)

– 0

–

(96,370

)

Total Return Swaps

– 0

–

(420,393

)

– 0

–

(420,393

)

Total^

427,213,030

759,401,741

41,819,487

1,228,434,258

*	Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument.

^	There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


Overlay B Portfolio	Asset- Backed Securities			Commercial Mortgage- Backed Securities			Collateralized Mortgage Obligations
Balance as of 9/30/14	$	– 0	–	$	2,832,949		$	11,188,339
Accrued discounts/(premiums)		(428	)		(17,108	)		17,074
Realized gain (loss)		– 0	–		(2,999	)		(73,866	)
Change in unrealized appreciation/depreciation		19,451			(261,342	)		162,894
Purchases/Payups		7,846,624			9,091,685			20,252,064
Sales/Paydowns		– 0	–		(22,617	)		(9,213,233	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–

Balance as of 6/30/15	$	7,865,647		$	11,620,568		$	22,333,272

Net change in unrealized appreciation/depreciation from investments held as of 6/30/15	$	19,451		$	(261,342	)	$	161,457


	Total
Balance as of 9/30/14	$	14,021,288
Accrued discounts/(premiums)		(462	)
Realized gain (loss)		(76,865	)
Change in unrealized appreciation/depreciation		(78,997	)
Purchases/Payups		37,190,373
Sales/Paydowns		(9,235,850	)
Transfers in to Level 3		– 0	–
Transfers out of Level 3		– 0	–

Balance as of 6/30/15	$	41,819,487

Net change in unrealized appreciation/depreciation from investments held as of 6/30/15	$	(80,434	)

As of June 30, 2015 all Level 3 securities were priced by third party vendors or at cost, which approximates fair value.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

Sanford C. Bernstein Fund, Inc.

Tax-Aware Overlay A Portfolio

Portfolio of Investments

June 30, 2015 (unaudited)


Company	Shares		U.S. $ Value
COMMON STOCKS - 66.4%
Information Technology - 13.8%
Communications Equipment - 0.5%
Brocade Communications Systems, Inc.		808,845	$	9,609,078
BYD Electronic International Co., Ltd. (a)		863,000		1,166,973
F5 Networks, Inc. (a)		45,300		5,451,855
Finisar Corp. (a)		42,230		754,650
Palo Alto Networks, Inc. (a)		6,506		1,136,598
Polycom, Inc. (a)		44,420		508,165
VTech Holdings Ltd.		65,000		858,710

				19,486,029

Electronic Equipment, Instruments & Components - 0.6%
Amphenol Corp.-Class A		272,028		15,769,463
Arrow Electronics, Inc. (a)		15,340		855,972
Avnet, Inc.		25,060		1,030,217
CDW Corp./DE		25,680		880,310
Celestica, Inc. (a)		36,870		429,167
Delta Electronics, Inc.		97,000		496,239
Insight Enterprises, Inc. (a)		14,062		420,595
Ju Teng International Holdings Ltd.		420,000		203,185
Keysight Technologies, Inc. (a)		22,400		698,656
Largan Precision Co., Ltd.		7,000		799,055
Samsung Electro-Mechanics Co., Ltd.		4,500		205,833
TTM Technologies, Inc. (a)		57,060		570,029
Vishay Intertechnology, Inc.		75,270		879,154
Zebra Technologies Corp.-Class A (a)		10,545		1,171,022

				24,408,897

Internet Software & Services - 2.3%
Alibaba Group Holding Ltd. (Sponsored ADR) (a)		3,909		321,593
Baidu, Inc. (Sponsored ADR) (a)		31,330		6,237,176
CoStar Group, Inc. (a)		6,730		1,354,480
eBay, Inc. (a)		318,443		19,183,006
Facebook, Inc.-Class A (a)		325,591		27,924,312
Google, Inc.-Class A (a)		33,600		18,145,344
Google, Inc.-Class C (a)		34,193		17,797,798
GrubHub, Inc. (a)		15,680		534,218
HomeAway, Inc. (a)		21,530		670,014
Just Dial Ltd.		17,544		348,580
Pandora Media, Inc. (a)		31,148		484,040
Tencent Holdings Ltd.		221,900		4,440,095

				97,440,656

IT Services - 2.2%
Amadeus IT Holding SA-Class A		47,100		1,880,241
Amdocs Ltd.		292,192		15,950,761
Booz Allen Hamilton Holding Corp.		43,300		1,092,892
CGI Group, Inc.-Class A (a)		30,330		1,186,245
Fidelity National Information Services, Inc.		71,800		4,437,240
Fiserv, Inc. (a)		156,600		12,971,178
Genpact Ltd. (a)		30,760		656,111
HCL Technologies Ltd.		162,980		2,354,867


Company	Shares		U.S. $ Value
Obic Co., Ltd.		55,600	$	2,478,798
QIWI PLC (Sponsored ADR)		3,333		93,491
Tata Consultancy Services Ltd.		70,510		2,829,037
Vantiv, Inc.-Class A (a)		26,635		1,017,191
VeriFone Systems, Inc. (a)		20,473		695,263
Visa, Inc.-Class A		460,000		30,889,000
Xerox Corp.		1,273,100		13,545,784

				92,078,099

Semiconductors & Semiconductor Equipment - 1.7%
Advanced Micro Devices, Inc. (a)		99,770		239,448
Advanced Semiconductor Engineering, Inc.		1,766,000		2,392,763
Advanced Semiconductor Engineering, Inc. (ADR)		103,780		684,948
Applied Materials, Inc.		1,078,294		20,724,811
Cavium, Inc. (a)		10,637		731,932
Fairchild Semiconductor International, Inc. (a)		59,680		1,037,238
Hua Hong Semiconductor Ltd. (a)(b)		312,000		412,965
Infineon Technologies AG		227,740		2,826,160
Intel Corp.		639,655		19,455,107
Intersil Corp.-Class A		32,201		402,834
Kinsus Interconnect Technology Corp.		224,000		613,799
Lam Research Corp.		9,460		769,571
Mellanox Technologies Ltd. (a)		12,154		590,563
Novatek Microelectronics Corp.		634,000		3,058,020
ON Semiconductor Corp. (a)		87,335		1,020,946
SCREEN Holdings Co., Ltd.		661,000		4,159,811
SK Hynix, Inc.		15,780		598,086
Sumco Corp.		298,300		3,730,840
Taiwan Semiconductor Manufacturing Co., Ltd.		721,000		3,279,553
Tokyo Electron Ltd.		81,800		5,198,967

				71,928,362

Software - 3.4%
ANSYS, Inc. (a)		250,300		22,837,372
Aspen Technology, Inc. (a)		15,717		715,909
Barracuda Networks, Inc. (a)		24,379		965,896
Cadence Design Systems, Inc. (a)		62,113		1,221,142
Constellation Software, Inc./Canada		2,440		968,694
Dassault Systemes		79,340		5,759,620
Electronic Arts, Inc. (a)		504,005		33,516,333
Guidewire Software, Inc. (a)		15,547		822,903
Microsoft Corp.		1,021,836		45,114,059
Mobileye NV (a)		163,497		8,693,136
NetSuite, Inc. (a)		7,725		708,769
NICE-Systems Ltd.		26,967		1,712,723
Oracle Corp.		154,500		6,226,350
Oracle Corp. Japan		58,300		2,437,272
Sage Group PLC (The)		77,160		621,101
SAP SE		12,707		890,459
ServiceNow, Inc. (a)		95,556		7,100,767
SolarWinds, Inc. (a)		25,511		1,176,822
Tableau Software, Inc.-Class A (a)		9,038		1,042,081
Take-Two Interactive Software, Inc. (a)		25,207		694,957
Ultimate Software Group, Inc. (The) (a)		5,801		953,336

				144,179,701


Company	Shares		U.S. $ Value
Technology Hardware, Storage & Peripherals - 3.1%
Apple, Inc. (c)		634,805	$	79,620,417
Asustek Computer, Inc.		80,000		779,117
Casetek Holdings Ltd.		70,000		433,013
Catcher Technology Co., Ltd.		299,000		3,738,098
EMC Corp./MA		512,556		13,526,353
Hewlett-Packard Co.		945,200		28,365,452
Lenovo Group Ltd.		286,000		395,413
NCR Corp. (a)		35,780		1,076,978
Samsung Electronics Co., Ltd.		2,890		3,278,951
Samsung Electronics Co., Ltd. (GDR) (b)		4,289		1,900,167

				133,113,959

				582,635,703

Consumer Discretionary - 12.1%
Auto Components - 0.7%
Aisin Seiki Co., Ltd.		100,800		4,285,939
Continental AG		18,780		4,446,678
Dana Holding Corp.		42,480		874,239
Hankook Tire Co., Ltd.		47,340		1,780,386
Lear Corp.		8,170		917,164
Magna International, Inc. (New York)-Class A		71,110		3,988,560
Nokian Renkaat Oyj		80,700		2,528,363
Plastic Omnium SA		72,270		1,848,817
Sumitomo Electric Industries Ltd.		344,300		5,328,848
Tenneco, Inc. (a)		15,120		868,493
Valeo SA		25,403		4,018,322

				30,885,809

Automobiles - 1.2%
Ford Motor Co.		1,777,712		26,683,457
Great Wall Motor Co., Ltd.-Class H (d)(e)		90,000		441,202
Honda Motor Co., Ltd.		197,800		6,392,863
Kia Motors Corp.		11,400		462,498
Peugeot SA (a)		211,000		4,351,204
Tata Motors Ltd. (Sponsored ADR)		22,624		779,849
Tata Motors Ltd.-Class A		54,598		223,158
Thor Industries, Inc.		7,850		441,798
Toyota Motor Corp.		184,500		12,346,236

				52,122,265

Diversified Consumer Services - 0.3%
Bright Horizons Family Solutions, Inc. (a)		19,287		1,114,789
Estacio Participacoes SA		457,000		2,645,781
Grand Canyon Education, Inc. (a)		23,263		986,351
Kroton Educacional SA		774,100		2,960,358
New Oriental Education & Technology Group, Inc. (Sponsored ADR) (a)		30,812		755,510
TAL Education Group (ADR) (a)		124,859		4,407,523

				12,870,312


Company	Shares		U.S. $ Value
Hotels, Restaurants & Leisure - 1.4%
Betfair Group PLC		25,260	$	955,179
Bloomin’ Brands, Inc.		43,660		932,141
Buffalo Wild Wings, Inc. (a)		3,163		495,610
Habit Restaurants, Inc. (The) (a)		22,173		693,793
Melco International Development Ltd.		1,277,000		1,806,196
Merlin Entertainments PLC (b)		640,486		4,295,647
NagaCorp Ltd.		322,000		238,308
Norwegian Cruise Line Holdings Ltd. (a)		17,245		966,410
Oriental Land Co., Ltd./Japan		10,400		663,407
Sodexo SA		75,590		7,195,996
Starbucks Corp.		664,400		35,621,806
Tabcorp Holdings Ltd.		284,791		998,262
Tatts Group Ltd.		218,126		625,423
Wyndham Worldwide Corp.		11,302		925,747
Yum! Brands, Inc.		32,010		2,883,461

				59,297,386

Household Durables - 0.1%
Even Construtora e Incorporadora SA		135,000		143,289
Hanssem Co., Ltd.		1,146		288,553
Helen of Troy Ltd. (a)		7,000		682,430
Meritage Homes Corp. (a)		20,020		942,742
PulteGroup, Inc.		26,750		539,013
Skyworth Digital Holdings Ltd.		1,002,000		892,032
Tempur Sealy International, Inc. (a)		16,427		1,082,539

				4,570,598

Internet & Catalog Retail - 0.5%
JD.com, Inc. (ADR) (a)		15,347		523,333
Priceline Group, Inc. (The) (a)		16,148		18,592,323
Vipshop Holdings Ltd. (ADR) (a)		42,150		937,837

				20,053,493

Media - 2.6%
AMC Networks, Inc.-Class A (a)		13,562		1,110,050
Cineplex, Inc.		16,170		608,738
Comcast Corp.-Class A		426,438		25,645,981
CTS Eventim AG & Co. KGaA		42,387		1,545,479
Liberty Global PLC-Class A (a)		9,413		508,961
Liberty Global PLC-Series C (a)		130,423		6,603,316
Naspers Ltd.-Class N		7,230		1,124,296
Reed Elsevier PLC		156,920		2,550,056
Sky PLC		62,930		1,024,981
Smiles SA		22,200		376,224
Surya Citra Media Tbk PT		558,500		120,197
Thomson Reuters Corp.		45,810		1,744,374
Time Warner, Inc.		264,283		23,100,977
Vivendi SA		180,977		4,588,957
Walt Disney Co. (The)		317,499		36,239,336
Wolters Kluwer NV		63,310		1,884,343
WPP PLC		71,050		1,594,801

				110,371,067


Company	Shares		U.S. $ Value
Multiline Retail - 1.4%
B&M European Value Retail SA		1,150,950	$	6,201,107
Big Lots, Inc.		24,080		1,083,359
Dillard’s, Inc.-Class A		6,410		674,268
Dollar General Corp.		343,889		26,733,931
Kohl’s Corp.		315,344		19,743,688
Matahari Department Store Tbk PT		461,000		571,362
Next PLC		16,110		1,885,544
Poundland Group PLC		458,090		2,327,029

				59,220,288

Specialty Retail - 2.7%
AutoZone, Inc. (a)		21,400		14,271,660
Caleres, Inc.		22,500		715,050
Children’s Place, Inc. (The)		15,940		1,042,635
Five Below, Inc. (a)		24,349		962,516
Foschini Group Ltd. (The)		30,868		403,512
GameStop Corp.-Class A		355,462		15,270,647
Home Depot, Inc. (The)		310,000		34,450,300
L Brands, Inc.		78,873		6,761,782
L’Occitane International SA		47,000		133,999
Lithia Motors, Inc.-Class A		4,176		472,556
Luk Fook Holdings International Ltd.		82,000		241,470
Office Depot, Inc. (a)		1,300,164		11,259,421
Pier 1 Imports, Inc.		44,170		557,867
Ross Stores, Inc.		230,834		11,220,841
Select Comfort Corp. (a)		30,783		925,645
Sports Direct International PLC (a)		556,167		6,270,721
Tractor Supply Co.		12,892		1,159,507
Ulta Salon Cosmetics & Fragrance, Inc. (a)		8,543		1,319,466
WH Smith PLC		39,310		942,724
Yamada Denki Co., Ltd.		778,500		3,114,218

				111,496,537

Textiles, Apparel & Luxury Goods - 1.2%
Cie Financiere Richemont SA		94,925		7,715,295
Cie Financiere Richemont SA (Johannesburg)		143,330		1,168,935
Crocs, Inc. (a)		59,940		881,717
Eclat Textile Co., Ltd.		117,240		1,923,705
Global Brands Group Holding Ltd. (a)		4,664,000		968,141
HUGO BOSS AG		29,373		3,283,786
NIKE, Inc.-Class B		244,700		26,432,494
Pacific Textiles Holdings Ltd.		558,000		892,621
Samsonite International SA		1,294,600		4,453,025
Titan Co., Ltd.		83,427		477,528
Under Armour, Inc.-Class A (a)		9,469		790,093
Yue Yuen Industrial Holdings Ltd.		430,000		1,432,767

				50,420,107

				511,307,862

Financials - 9.8%
Banks - 4.2%
Associated Banc-Corp		36,060		730,936
Australia & New Zealand Banking Group Ltd.		69,850		1,733,478
Axis Bank Ltd.		87,610		766,705
Banco Bradesco SA (Preference Shares)		20,040		183,699


Company	Shares		U.S. $ Value
Banco Davivienda SA (Preference Shares)		35,414	$	363,490
Banco do Brasil SA		76,100		594,290
Banco Macro SA (ADR)		5,720		260,832
Bangkok Bank PCL (NVDR)		95,200		500,675
Bank Hapoalim BM		560,626		3,017,262
Bank Mandiri Persero Tbk PT		804,500		604,767
Bank of America Corp.		1,567,823		26,684,347
Bank of Baroda		208,230		471,362
Bank of China Ltd.-Class H		3,865,000		2,513,289
Bank of Communications Co., Ltd.-Class H		963,000		1,002,366
Bank of Queensland Ltd.		464,174		4,567,219
BOC Hong Kong Holdings Ltd.		683,000		2,851,481
China CITIC Bank Corp. Ltd.-Class H (a)		556,000		442,688
China Construction Bank Corp.-Class H		3,709,000		3,387,963
China Development Financial Holding Corp.		407,000		154,218
China Merchants Bank Co., Ltd.-Class H		396,500		1,156,793
Comerica, Inc.		18,380		943,262
Credicorp Ltd.		5,710		793,233
Danske Bank A/S		201,220		5,915,261
DBS Group Holdings Ltd.		138,800		2,129,698
DGB Financial Group, Inc.		69,606		728,959
FinecoBank Banca Fineco SpA		128,173		949,358
First Niagara Financial Group, Inc.		60,230		568,571
First Republic Bank/CA		14,025		883,996
Hang Seng Bank Ltd.		32,800		640,615
HDFC Bank Ltd. (ADR)		18,810		1,138,569
Huntington Bancshares, Inc./OH		89,840		1,016,090
IBERIABANK Corp.		11,751		801,771
ICICI Bank Ltd.		63,600		308,636
ICICI Bank Ltd. (Sponsored ADR)		30,600		318,852
Industrial & Commercial Bank of China Ltd.-Class H		1,424,000		1,128,146
ING Groep NV		382,730		6,355,371
Itausa-Investimentos Itau SA (Preference Shares)		198,440		568,686
Kasikornbank PCL (NVDR)		53,400		297,918
KB Financial Group, Inc.		52,980		1,749,818
Komercni banka AS		3,702		820,652
Mitsubishi UFJ Financial Group, Inc.		1,346,500		9,687,342
Punjab National Bank		7,800		17,044
Resona Holdings, Inc.		303,800		1,656,964
Seven Bank Ltd.		988,200		4,574,585
Shinhan Financial Group Co., Ltd.		39,780		1,480,689
Signature Bank/New York NY (a)		7,792		1,140,671
State Bank of India		41,600		171,581
Susquehanna Bancshares, Inc.		53,040		748,925
SVB Financial Group (a)		7,215		1,038,816
Synovus Financial Corp.		21,230		654,309
Texas Capital Bancshares, Inc. (a)		8,670		539,621
Toronto-Dominion Bank (The)		14,980		636,140
UniCredit SpA		538,830		3,621,407
US Bancorp/MN		560,800		24,338,720
Webster Financial Corp.		17,910		708,341
Wells Fargo & Co.		809,254		45,512,445
Zions Bancorporation		37,450		1,188,476

				177,761,398

Capital Markets - 0.5%
Affiliated Managers Group, Inc. (a)		3,595		785,867


Company	Shares		U.S. $ Value
E*TRADE Financial Corp. (a)		25,130	$	752,643
Goldman Sachs Group, Inc. (The)		22,400		4,676,896
Haitong Securities Co., Ltd.-Class H		50,800		134,313
Lazard Ltd.-Class A		20,114		1,131,211
Partners Group Holding AG		8,320		2,486,745
Stifel Financial Corp. (a)		14,111		814,769
UBS Group AG (a)		542,153		11,502,577

				22,285,021

Consumer Finance - 1.1%
Capital One Financial Corp.		286,100		25,168,217
Discover Financial Services		355,271		20,470,715
Muthoot Finance Ltd.		41,982		132,347
Shriram Transport Finance Co., Ltd.		26,350		352,122
SLM Corp. (a)		85,270		841,615

				46,965,016

Diversified Financial Services - 0.2%
Challenger Ltd./Australia		452,400		2,345,058
Cielo SA		25,200		355,172
ORIX Corp.		330,100		4,901,810
Power Finance Corp. Ltd. (a)		95,370		382,425
Premium Leisure Corp.		13,435,000		351,057

				8,335,522

Insurance - 3.2%
Admiral Group PLC		346,347		7,547,003
AIA Group Ltd.		1,987,200		12,942,415
Allstate Corp. (The)		494,725		32,092,811
American Financial Group, Inc./OH		17,010		1,106,330
American International Group, Inc.		447,495		27,664,141
Aon PLC		208,132		20,746,598
Aspen Insurance Holdings Ltd.		21,970		1,052,363
Assicurazioni Generali SpA		276,326		4,980,436
BB Seguridade Participacoes SA		97,300		1,067,167
CNO Financial Group, Inc.		63,380		1,163,023
Direct Line Insurance Group PLC		348,783		1,840,266
Euler Hermes Group		12,274		1,234,018
First American Financial Corp.		25,790		959,646
Hanover Insurance Group, Inc. (The)		14,040		1,039,381
Intact Financial Corp.		8,510		591,339
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		4,610		817,326
New China Life Insurance Co., Ltd.-Class H		69,800		417,333
NN Group NV		93,880		2,643,873
Ping An Insurance Group Co. of China Ltd.-Class H		37,000		497,904
Prudential PLC		395,380		9,528,474
Sampo Oyj-Class A		13,610		641,398
StanCorp Financial Group, Inc.		12,810		968,564
Topdanmark A/S (a)		43,620		1,169,337
Tryg A/S		92,900		1,936,963
Validus Holdings Ltd.		22,370		984,056

				135,632,165

Real Estate Investment Trusts (REITs) - 0.1%
DDR Corp.		36,830		569,392


Company	Shares		U.S. $ Value
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		287,970	$	296,533
Gramercy Property Trust, Inc.		20,710		483,993
LTC Properties, Inc.		21,091		877,385
Mid-America Apartment Communities, Inc.		7,880		573,743
RLJ Lodging Trust		12,000		357,360
STAG Industrial, Inc.		20,970		419,400

				3,577,806

Real Estate Management & Development - 0.3%
Ayala Land, Inc.		2,702,400		2,234,018
China Overseas Land & Investment Ltd.		174,000		614,740
China Resources Land Ltd.		134,000		433,671
CIFI Holdings Group Co., Ltd.		2,206,000		580,560
Daito Trust Construction Co., Ltd.		6,900		714,117
Global Logistic Properties Ltd.		4,373,000		8,209,292
Grupo GICSA SA de CV (a)		401,100		414,179
Huaku Development Co., Ltd.		55,000		119,390
Kaisa Group Holdings Ltd. (a)(d)(e)		422,000		84,927
KWG Property Holding Ltd.		1,100,000		924,115
Sunac China Holdings Ltd.		607,000		663,794

				14,992,803

Thrifts & Mortgage Finance - 0.2%
Essent Group Ltd. (a)		34,173		934,631
Housing Development Finance Corp., Ltd.		296,080		6,029,749
LIC Housing Finance Ltd.		35,043		247,905

				7,212,285

				416,762,016

Health Care - 9.3%
Biotechnology - 1.7%
Achillion Pharmaceuticals, Inc. (a)		26,407		233,966
Agios Pharmaceuticals, Inc. (a)		2,178		242,063
Alder Biopharmaceuticals, Inc. (a)		9,709		514,286
Biogen, Inc. (a)(c)		65,352		26,398,287
CSL Ltd.		38,090		2,539,322
Dyax Corp. (a)		17,100		453,150
Gilead Sciences, Inc.		322,600		37,770,008
Isis Pharmaceuticals, Inc. (a)		6,459		371,715
KYTHERA Biopharmaceuticals, Inc. (a)		5,367		404,189
Medivation, Inc. (a)		7,434		848,963
PTC Therapeutics, Inc. (a)		5,172		248,928
Puma Biotechnology, Inc. (a)		2,757		321,880
Receptos, Inc. (a)		3,922		745,376
Sage Therapeutics, Inc. (a)		5,021		366,533
TESARO, Inc. (a)		7,053		414,646

				71,873,312

Health Care Equipment & Supplies - 1.0%
Align Technology, Inc. (a)		15,913		997,904
Cochlear Ltd.		10,760		664,951
DBV Technologies SA (Sponsored ADR) (a)		10,539		313,851
DexCom, Inc. (a)		16,826		1,345,744


Company	Shares		U.S. $ Value
Essilor International SA		11,000	$	1,317,805
HeartWare International, Inc. (a)		8,190		595,331
Intuitive Surgical, Inc. (a)		36,300		17,587,350
Medtronic PLC		206,060		15,269,046
Nevro Corp. (a)		9,394		504,928
Sartorius AG (Preference Shares)		7,850		1,459,324
Sirona Dental Systems, Inc. (a)		9,681		972,166

				41,028,400

Health Care Providers & Services - 2.6%
Acadia Healthcare Co., Inc. (a)		19,149		1,499,941
Aetna, Inc.		199,446		25,421,387
Anthem, Inc.		241,831		39,694,140
Envision Healthcare Holdings, Inc. (a)		21,813		861,177
LifePoint Health, Inc. (a)		11,750		1,021,663
McKesson Corp.		75,808		17,042,396
Molina Healthcare, Inc. (a)		9,780		687,534
Premier, Inc.-Class A (a)		22,272		856,581
Shanghai Pharmaceuticals Holding Co., Ltd.-Class H		281,200		782,465
Sonic Healthcare Ltd.		174,830		2,878,869
UnitedHealth Group, Inc.		138,207		16,861,254
WellCare Health Plans, Inc. (a)		11,660		989,118

				108,596,525

Life Sciences Tools & Services - 0.7%
Eurofins Scientific SE		35,977		10,953,369
ICON PLC (a)		11,305		760,826
Quintiles Transnational Holdings, Inc. (a)		232,900		16,910,869

				28,625,064

Pharmaceuticals - 3.3%
Akorn, Inc. (a)		6,166		269,208
Allergan PLC (a)		75,635		22,952,197
Aspen Pharmacare Holdings Ltd. (a)		51,190		1,513,813
Astellas Pharma, Inc.		140,600		2,002,965
GlaxoSmithKline PLC		420,034		8,733,320
GW Pharmaceuticals PLC (ADR) (a)		3,251		399,353
Jazz Pharmaceuticals PLC (a)(c)		3,825		673,468
Johnson & Johnson		290,600		28,321,876
Lupin Ltd.		12,078		356,088
Merck & Co., Inc.		190,872		10,866,343
Novartis AG (REG)		43,030		4,232,450
Novo Nordisk A/S-Class B		113,925		6,251,619
Pfizer, Inc.		1,010,745		33,890,280
Recordati SpA		75,140		1,575,943
Roche Holding AG		44,748		12,546,955
Sanofi		6,500		643,044
Shionogi & Co., Ltd.		66,400		2,573,214
Sun Pharmaceutical Industries Ltd.		175,630		2,414,360
Tetraphase Pharmaceuticals, Inc. (a)		7,333		347,877
Teva Pharmaceutical Industries Ltd.		17,000		1,006,025

				141,570,398

				391,693,699


Company	Shares		U.S. $ Value
Industrials - 6.8%
Aerospace & Defense - 2.3%
Airbus Group SE		104,178	$	6,785,873
Hexcel Corp.		27,742		1,379,887
L-3 Communications Holdings, Inc.		160,098		18,151,911
Northrop Grumman Corp.		153,909		24,414,585
Raytheon Co.		223,274		21,362,856
Safran SA		48,560		3,300,107
Spirit AeroSystems Holdings, Inc.-Class A (a)		17,270		951,750
TransDigm Group, Inc. (a)		5,060		1,136,830
United Technologies Corp.		118,708		13,168,278
Zodiac Aerospace		259,025		8,437,418

				99,089,495

Air Freight & Logistics - 0.1%
bpost SA		71,720		1,972,306
Expeditors International of Washington, Inc.		18,428		849,623
Oesterreichische Post AG		18,185		836,587

				3,658,516

Airlines - 0.7%
China Eastern Airlines Corp., Ltd.-Class H (a)		406,000		339,192
China Southern Airlines Co., Ltd.-Class H		310,000		363,141
Delta Air Lines, Inc.		378,885		15,564,596
International Consolidated Airlines Group SA (a)		810,540		6,298,786
Japan Airlines Co., Ltd.		39,300		1,369,581
Qantas Airways Ltd. (a)		1,377,363		3,346,970
Ryanair Holdings PLC (Sponsored ADR)		23,050		1,644,618
Turk Hava Yollari AO (a)		133,272		437,465

				29,364,349

Building Products - 0.0%
Assa Abloy AB		92,190		1,735,550

Commercial Services & Supplies - 0.4%
APR Energy PLC		259,501		457,689
Babcock International Group PLC		511,075		8,658,854
Berendsen PLC		51,080		817,683
Park24 Co., Ltd.		87,100		1,491,106
Regus PLC		1,325,886		5,432,590

				16,857,922

Construction & Engineering - 0.1%
AECOM (a)		29,515		976,356
China Machinery Engineering Corp.-Class H		24,000		25,842
China Railway Group Ltd.-Class H		545,000		590,356
Daelim Industrial Co., Ltd.		13,980		1,026,227
EMCOR Group, Inc.		19,140		914,318
Granite Construction, Inc.		24,140		857,211
Hyundai Engineering & Construction Co., Ltd.		7,020		257,896
IRB Infrastructure Developers Ltd.		112,750		410,427
Tutor Perini Corp. (a)		29,910		645,458

				5,704,091


Company	Shares		U.S. $ Value
Electrical Equipment - 0.1%
AMETEK, Inc.		16,189	$	886,833
General Cable Corp.		24,670		486,739
Regal Beloit Corp.		13,300		965,447

				2,339,019

Industrial Conglomerates - 0.7%
Bidvest Group Ltd. (The)		17,770		449,638
Carlisle Cos., Inc.		11,948		1,196,234
Danaher Corp.		301,100		25,771,149
SM Investments Corp.		26,268		521,262

				27,938,283

Machinery - 0.8%
Hoshizaki Electric Co., Ltd.		6,600		388,208
IDEX Corp.		14,864		1,168,013
ITT Corp.		529,769		22,165,535
JTEKT Corp.		233,100		4,408,018
Lincoln Electric Holdings, Inc.		15,344		934,296
Middleby Corp. (The) (a)		14,392		1,615,214
Oshkosh Corp.		17,940		760,297
Terex Corp.		27,330		635,423
Valmont Industries, Inc.		5,233		622,047
Wabtec Corp./DE		5,277		497,305

				33,194,356

Marine - 0.2%
Kirby Corp. (a)		11,399		873,847
Nippon Yusen KK		1,925,000		5,359,305

				6,233,152

Professional Services - 0.6%
51job, Inc. (ADR) (a)		13,426		446,280
Bureau Veritas SA		332,564		7,666,250
Capita PLC		427,059		8,298,020
Robert Half International, Inc.		25,300		1,404,150
Teleperformance		124,444		8,791,722

				26,606,422

Road & Rail - 0.6%
CAR, Inc. (a)		515,000		1,091,834
Central Japan Railway Co.		44,300		7,994,136
Con-way, Inc.		14,620		560,970
Genesee & Wyoming, Inc.-Class A (a)		11,496		875,765
Globaltrans Investment PLC (Sponsored GDR) (a)(b)		39,391		187,100
Ryder System, Inc.		9,190		802,930
Union Pacific Corp.		154,245		14,710,346

				26,223,081

Trading Companies & Distributors - 0.2%
Brenntag AG		90,250		5,178,669


Company	Shares		U.S. $ Value
Bunzl PLC		68,420	$	1,866,458
MRC Global, Inc. (a)		34,790		537,158
United Rentals, Inc. (a)		11,143		976,350
Watsco, Inc.		5,940		735,016
WESCO International, Inc. (a)		13,130		901,243

				10,194,894

				289,139,130

Consumer Staples - 6.1%
Beverages - 1.6%
Anheuser-Busch InBev NV		15,950		1,919,428
Dr Pepper Snapple Group, Inc.		270,069		19,688,030
Heineken NV		22,870		1,738,746
Monster Beverage Corp. (a)		135,875		18,209,967
PepsiCo, Inc.		290,226		27,089,695

				68,645,866

Food & Staples Retailing - 2.2%
7-Eleven Malaysia Holdings Bhd		369,470		156,680
Alimentation Couche-Tard, Inc.-Class B		24,100		1,030,955
Bizim Toptan Satis Magazalari AS		10,622		50,903
Costco Wholesale Corp. (c)		144,500		19,516,170
CP ALL PCL		1,103,900		1,511,610
CVS Health Corp.		348,443		36,544,702
Delhaize Group SA		57,920		4,711,054
Diplomat Pharmacy, Inc. (a)		19,783		885,289
Koninklijke Ahold NV		31,595		593,122
Kroger Co. (The)		289,152		20,966,412
Lawson, Inc.		15,600		1,067,526
Lenta Ltd. (GDR) (a)(b)		204,541		1,525,553
Magnit PJSC (Sponsored GDR) (b)		21,318		1,186,560
Olam International Ltd.		1,713,183		2,390,688
Sprouts Farmers Market, Inc. (a)		16,939		457,014
Sugi Holdings Co., Ltd.		13,900		709,166
X5 Retail Group NV (GDR) (a)(b)		43,084		717,198

				94,020,602

Food Products - 0.5%
Dean Foods Co.		57,830		935,111
Gruma SAB de CV-Class B		20,480		264,185
Ingredion, Inc.		12,770		1,019,174
JBS SA		90,900		478,313
Mead Johnson Nutrition Co.-Class A		154,293		13,920,314
MHP SA (GDR) (b)		15,000		151,500
Nestle SA (REG)		31,720		2,288,617
Unilever PLC		29,114		1,250,130
Universal Robina Corp.		34,190		147,010
WH Group Ltd. (a)(b)		685,500		467,442

				20,921,796

Household Products - 0.4%
Henkel AG & Co. KGaA		19,243		1,834,933
Kimberly-Clark Corp.		86,876		9,206,250
Reckitt Benckiser Group PLC		32,322		2,787,263

				13,828,446


Company	Shares		U.S. $ Value
Personal Products - 0.5%
Estee Lauder Cos., Inc. (The)-Class A		188,300	$	16,318,078
Kao Corp.		44,400		2,064,909
L’Oreal SA		14,480		2,590,774

				20,973,761

Tobacco - 0.9%
Altria Group, Inc.		255,583		12,500,564
British American Tobacco PLC		267,299		14,392,047
Imperial Tobacco Group PLC		138,190		6,655,533
ITC Ltd.		101,370		502,328
Japan Tobacco, Inc.		118,100		4,198,369

				38,248,841

				256,639,312

Materials - 3.5%
Chemicals - 2.5%
A. Schulman, Inc.		19,780		864,782
Arkema SA		41,260		2,982,584
CF Industries Holdings, Inc.		359,330		23,097,732
Croda International PLC		30,750		1,329,603
Essentra PLC		765,816		11,942,893
Fufeng Group Ltd.		118,000		87,553
Givaudan SA (REG) (a)		720		1,246,540
Huntsman Corp.		29,920		660,334
Hyosung Corp.		8,980		1,156,332
JSR Corp.		250,700		4,425,681
Koninklijke DSM NV		53,101		3,083,054
LG Chem Ltd.		1,350		336,671
LyondellBasell Industries NV-Class A		250,406		25,922,029
PolyOne Corp.		29,375		1,150,619
Sherwin-Williams Co. (The)		95,126		26,161,553

				104,447,960

Construction Materials - 0.0%
Cemex Latam Holdings SA (a)		36,748		179,987
Grasim Industries Ltd. (GDR) (b)		4,820		256,101
Martin Marietta Materials, Inc.		3,809		539,012
West China Cement Ltd.		1,204,000		234,183

				1,209,283

Containers & Packaging - 0.9%
Amcor Ltd./Australia		60,890		643,454
Avery Dennison Corp.		11,390		694,107
Ball Corp.		323,055		22,662,308
Graphic Packaging Holding Co.		40,790		568,205
Sealed Air Corp.		251,600		12,927,208

				37,495,282

Metals & Mining - 0.0%
KGHM Polska Miedz SA		3,370		95,457
Koza Altin Isletmeleri AS		34,970		369,989
MMC Norilsk Nickel PJSC (ADR)		13,560		228,757


Company	Shares		U.S. $ Value
Novolipetsk Steel OJSC (GDR) (b)		20,486	$	272,464
Steel Dynamics, Inc.		29,680		614,821

				1,581,488

Paper & Forest Products - 0.1%
Mondi PLC		144,100		3,102,366
Nine Dragons Paper Holdings Ltd.		536,000		466,180
Sappi Ltd. (a)		131,522		466,478

				4,035,024

				148,769,037

Energy - 2.7%
Energy Equipment & Services - 0.4%
FMC Technologies, Inc. (a)		9,173		380,588
Oceaneering International, Inc.		12,039		560,897
Schlumberger Ltd. (c)		182,300		15,712,437
Superior Energy Services, Inc.		16,087		338,470

				16,992,392

Oil, Gas & Consumable Fuels - 2.3%
BG Group PLC		397,176		6,614,887
Bill Barrett Corp. (a)		40,430		347,294
Concho Resources, Inc. (a)		2,694		306,739
Gazprom OAO (Sponsored ADR)		83,360		439,307
Hess Corp.		411,675		27,532,824
JX Holdings, Inc.		1,763,300		7,602,200
KazMunaiGas Exploration Production JSC (GDR) (b)		21,330		211,203
Laredo Petroleum, Inc. (a)		33,662		423,468
LUKOIL OAO (London) (Sponsored ADR)		35,630		1,600,143
Murphy Oil Corp.		144,591		6,010,648
Petroleo Brasileiro SA (Sponsored ADR) (a)		385,632		3,146,758
Petronet LNG Ltd.		188,102		551,214
Rosetta Resources, Inc. (a)		43,610		1,009,135
Royal Dutch Shell PLC-Class B		38,860		1,106,364
SM Energy Co.		173,582		8,005,601
Tatneft OAO (Sponsored ADR)		18,580		594,188
TOTAL SA		125,460		6,153,931
Valero Energy Corp.		408,531		25,574,041

				97,229,945

				114,222,337

Telecommunication Services - 1.2%
Diversified Telecommunication Services - 0.6%
Bezeq The Israeli Telecommunication Corp., Ltd.		1,474,039		2,510,247
BT Group PLC		720,250		5,100,337
China Telecom Corp., Ltd.-Class H		1,630,000		954,691
Nippon Telegraph & Telephone Corp.		225,200		8,155,784
Proximus		29,560		1,046,037
Singapore Telecommunications Ltd.		596,000		1,872,181
Telefonica Brasil SA (Preference Shares)		226,400		3,171,974
Telenor ASA		107,050		2,347,055
Telstra Corp., Ltd.		212,840		1,007,275

				26,165,581


Company	Shares		U.S. $ Value
Wireless Telecommunication Services - 0.6%
China Mobile Ltd.		359,000	$	4,599,953
SK Telecom Co., Ltd.		12,670		2,834,990
SoftBank Corp.		81,100		4,777,032
Sunrise Communications Group AG (a)(b)		24,472		2,040,837
Tower Bersama Infrastructure Tbk PT (a)		1,913,500		1,323,985
Turkcell Iletisim Hizmetleri AS		95,740		440,457
Vodafone Group PLC		1,879,636		6,856,710

				22,873,964

				49,039,545

Utilities - 1.1%
Electric Utilities - 0.9%
American Electric Power Co., Inc.		306,828		16,252,679
Edison International		225,578		12,537,625
EDP - Energias de Portugal SA		1,533,790		5,843,731
Electricite de France SA		126,860		2,837,682
Elia System Operator SA/NV		4,055		164,328
Light SA		42,400		230,881
PNM Resources, Inc.		35,640		876,744
Power Assets Holdings Ltd.		68,000		619,106
Westar Energy, Inc.		21,630		740,179

				40,102,955

Gas Utilities - 0.1%
Southwest Gas Corp.		15,910		846,571
UGI Corp.		148,063		5,100,770

				5,947,341

Independent Power and Renewable Electricity Producers - 0.1%
Datang International Power Generation Co., Ltd.-Class H		1,254,000		640,712
Huadian Power International Corp., Ltd.-Class H		926,000		1,030,307
NTPC Ltd. (a)		232,440		501,689

				2,172,708

Water Utilities - 0.0%
Cia de Saneamento Basico do Estado de Sao Paulo		79,900		424,029
Cia de Saneamento de Minas Gerais-COPASA		48,000		211,663

				635,692

				48,858,696

Total Common Stocks (cost $2,270,165,205)				2,809,067,337

INVESTMENT COMPANIES - 9.4%
Funds and Investment Trusts - 9.4%
iShares Core MSCI Emerging Markets ETF		2,671,877		128,356,971
AB Pooling Portfolio - Multi-Asset Real Return Portfolio (f)		38,196,638		268,140,401

Total Investment Companies (cost $430,306,438)				396,497,372


Company	Contracts		U.S. $ Value
OPTIONS PURCHASED - CALLS - 0.3%
Options on Equity Indices - 0.3%
S&P 500 Index Expiration: Aug 2015, Exercise Price: $ 2,190.00 (a)(g)		657,804	$	1,714,834
S&P 500 Index Expiration: Sep 2015, Exercise Price: $ 2,135.00 (a)(g)		449,600		8,386,915

Total Options Purchased - Calls (premiums paid $25,778,913)				10,101,749


	Shares
WARRANTS - 0.0%
Financials - 0.0%
Banks - 0.0%
Commercial Bank of Qatar QSC (The), Deutsche Bank AG, expiring 5/26/17 (a)		25,276		381,118
First Gulf Bank PJSC, Merrill Lynch Intl & Co., expiring 8/21/15 (a)		36,762		152,141
Punjab National Bank, Merrill Lynch Intl & Co., expiring 8/08/18 (a)		123,850		271,194

				804,453

Real Estate Management & Development - 0.0%
Emaar Properties PJSC, Merrill Lynch Intl & Co., expiring 10/01/15 (a)		41,946		89,995

				894,448

Industrials - 0.0%
Airlines - 0.0%
Air Arabia PJSC, Deutsche Bank AG, expiring 7/31/17 (a)		351,990		155,256

Information Technology - 0.0%
Electronic Equipment, Instruments & Components - 0.0%
Ju Teng International Holdings Ltd., expiring 10/14/16 (a)		52,500		3,217

Total Warrants (cost $862,459)				1,052,921

SHORT-TERM INVESTMENTS - 22.7%
Investment Companies - 22.7%
AB Fixed Income Shares, Inc. - Government STIF Portfolio, 0.10% (f)(h) (cost $959,244,472)		959,244,472		959,244,472


	Principal Amount (000)
U.S. Treasury Bills - 0.0%
U.S. Treasury Bill, Zero Coupon, 7/16/15 (cost $1,499,990)	$	1,500		1,499,990


	U.S. $ Value
Total Investments - 98.8% (cost $3,687,857,477) (i)	$	4,177,463,841
Other assets less liabilities - 1.2%		51,910,008

Net Assets - 100.0%	$	4,229,373,849

FUTURES


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2015		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Hang Seng Index Futures		32		July 2015	$	5,627,345	$	5,408,777	$	(218,568	)
S&P Mid 400 E Mini Futures		19		September 2015		2,866,322		2,846,390		(19,932	)
SPI 200 Futures		98		September 2015		10,427,080		10,201,938		(225,142	)
TOPIX Index Futures		2,250		September 2015		305,174,928		299,761,000		(5,413,928	)
U.S. Long Bond (CBT) Futures		39		September 2015		5,896,675		5,882,906		(13,769	)
U.S. T-Note 5 Yr (CBT) Futures		404		September 2015		48,110,856		48,180,157		69,301
U.S. T-Note 10 Yr (CBT) Futures		3,001		September 2015		378,823,934		378,641,797		(182,137	)
U.S. Ultra Bond Futures		55		September 2015		8,444,894		8,473,438		28,544
Sold Contracts
Euro STOXX 50 Futures		1,571		September 2015		59,908,879		60,179,090		(270,211	)
Russell 2000 E Mini Futures		12		September 2015		1,514,530		1,500,480		14,050
S&P 500 E Mini Futures		5,096		September 2015		529,285,115		523,461,120		5,823,995

									$	(407,797	)

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	USD	9,072	CHF	8,533		8/13/15	$	68,915
BNP Paribas SA	AUD	6,271	USD	4,946		8/13/15		118,345
BNP Paribas SA	AUD	2,339	USD	1,772		8/13/15		(28,385	)
BNP Paribas SA	CAD	2,192	USD	1,770		8/13/15		16,156
BNP Paribas SA	GBP	1,502	USD	2,361		8/13/15		1,323
BNP Paribas SA	GBP	1,813	USD	2,841		8/13/15		(6,801	)
BNP Paribas SA	NZD	5,913	USD	4,024		8/13/15		31,384
BNP Paribas SA	USD	9,875	GBP	6,376		8/13/15		140,467
Brown Brothers Harriman & Co.	USD	8,814	AUD	11,395		8/13/15		(41,850	)
Citibank	CAD	907	USD	726		8/13/15		86
Citibank	GBP	3,858	USD	6,072		8/13/15		11,639
Credit Suisse International	CHF	13,226	USD	14,213		8/13/15		43,730
Credit Suisse International	USD	11,698	EUR	10,316		8/13/15		(190,917	)
Credit Suisse International	USD	10,561	SEK	87,303		8/13/15		(20,470	)
Deutsche Bank AG	EUR	4,331	USD	4,728		8/13/15		(102,783	)
Deutsche Bank AG	ILS	5,542	USD	1,430		8/13/15		(38,224	)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	USD	22,552	GBP	14,803		8/13/15	$	700,861
Goldman Sachs Bank USA	TWD	182,388	USD	5,912		8/13/15		4,660
HSBC Bank USA	AUD	98,623	USD	78,458		8/13/15		2,539,310
HSBC Bank USA	CAD	11,759	USD	9,822		8/13/15		412,455
HSBC Bank USA	GBP	3,540	USD	5,623		8/13/15		62,470
HSBC Bank USA	HKD	193,269	USD	24,931		8/13/15		(672	)
HSBC Bank USA	USD	28,112	AUD	35,337		8/13/15		(909,845	)
HSBC Bank USA	USD	10,486	NZD	14,036		8/13/15		(1,009,459	)
JPMorgan Chase Bank	CAD	4,921	USD	4,019		8/13/15		81,425
JPMorgan Chase Bank	USD	3,543	CAD	4,353		8/13/15		(59,310	)
Morgan Stanley & Co., Inc.	BRL	24,542	USD	7,910		7/02/15		16,537
Morgan Stanley & Co., Inc.	USD	7,867	BRL	24,542		7/02/15		26,316
Morgan Stanley & Co., Inc.	BRL	24,542	USD	7,780		8/04/15		(23,196	)
Morgan Stanley & Co., Inc.	CHF	5,647	USD	6,075		8/13/15		25,098
Morgan Stanley & Co., Inc.	ILS	6,460	USD	1,705		8/13/15		(6,674	)
Morgan Stanley & Co., Inc.	NZD	1,308	USD	927		8/13/15		44,268
Morgan Stanley & Co., Inc.	USD	1,374	AUD	1,801		8/13/15		12,308
Morgan Stanley & Co., Inc.	USD	5,797	JPY	694,387		8/13/15		(120,719	)
Royal Bank of Scotland PLC	ILS	15,461	USD	3,995		8/13/15		(102,033	)
Royal Bank of Scotland PLC	JPY	3,627,607	USD	29,122		8/13/15		(533,459	)
Royal Bank of Scotland PLC	KRW	1,512,514	USD	1,399		8/13/15		49,757
Royal Bank of Scotland PLC	NZD	6,815	USD	4,973		8/13/15		371,821
Royal Bank of Scotland PLC	USD	2,388	CAD	2,929		8/13/15		(44,098	)
Royal Bank of Scotland PLC	USD	1,924	HKD	14,920		8/13/15		301
Standard Chartered Bank	EUR	171,414	USD	194,664		8/13/15		3,456,073
Standard Chartered Bank	GBP	44,711	USD	68,129		8/13/15		(2,102,356	)
Standard Chartered Bank	HKD	11,623	USD	1,500		8/13/15		181
Standard Chartered Bank	USD	16,472	EUR	14,505		8/13/15		(292,452	)
Standard Chartered Bank	USD	47,861	JPY	5,715,102		8/13/15		(1,140,210	)
Standard Chartered Bank	USD	11,451	SEK	93,552		8/13/15		(156,396	)
State Street Bank & Trust Co.	EUR	3,706	USD	4,244		8/13/15		109,739
State Street Bank & Trust Co.	GBP	4,538	USD	7,207		8/13/15		78,679
State Street Bank & Trust Co.	GBP	2,737	USD	4,212		8/13/15		(87,207	)
State Street Bank & Trust Co.	USD	14,166	CHF	12,893		8/13/15		(353,802	)
State Street Bank & Trust Co.	USD	4,146	EUR	3,693		8/13/15		(26,483	)
State Street Bank & Trust Co.	USD	1,313	HKD	10,183		8/13/15		222
State Street Bank & Trust Co.	USD	1,655	HKD	12,830		8/13/15		(266	)
UBS AG	BRL	24,542	USD	7,714		7/02/15		(179,631	)
UBS AG	USD	7,910	BRL	24,542		7/02/15		(16,537	)
UBS AG	AUD	25,247	USD	19,364		8/13/15		(70,499	)
UBS AG	EUR	22,253	USD	24,908		8/13/15		84,943
UBS AG	EUR	2,646	USD	2,945		8/13/15		(6,232	)
UBS AG	JPY	1,048,462	USD	8,452		8/13/15		(118,694	)
UBS AG	USD	25,689	JPY	3,152,043		8/13/15		78,659

							$	798,468

(a)

Non-income producing security.

(b)

(c)

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

(d)

Illiquid security.

(e)

Fair valued by the Adviser.

(f)

To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(g)

One contract relates to 1 share.

(h)

Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(i)

As of June 30, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $602,317,884 and gross unrealized depreciation of investments was $(112,711,520), resulting in net unrealized appreciation of $489,606,364.

Currency Abbreviations:


AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
ILS	-	Israeli Shekel
JPY	-	Japanese Yen
KRW	-	South Korean Won
NZD	-	New Zealand Dollar
SEK	-	Swedish Krona
TWD	-	New Taiwan Dollar
USD	-	United States Dollar

Glossary:

ADR	-	American Depositary Receipt
CBT	-	Chicago Board of Trade
ETF	-	Exchange Traded Fund
MSCI	-	Morgan Stanley Capital International
NVDR	-	Non Voting Depositary Receipt
OJSC	-	Open Joint Stock Company
PJSC	-	Public Joint Stock Company
REG	-	Registered Shares
SPI	-	Share Price Index
TOPIX	-	Tokyo Price Index

Sanford C. Bernstein Fund, Inc.

Tax-Aware Overlay A Portfolio

June 30, 2015 (unaudited)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2015:


Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stock:
Information Technology	$	522,505,826		$	60,129,877		$	– 0	–	$	582,635,703
Consumer Discretionary		397,153,981			113,712,679			441,202			511,307,862
Financials		265,281,926			151,395,163			84,927			416,762,016
Health Care		331,121,482			60,572,217			– 0	–		391,693,699
Industrials		192,777,742			96,361,388			– 0	–		289,139,130
Consumer Staples		201,033,787			55,605,525			– 0	–		256,639,312
Materials		117,197,572			31,571,465			– 0	–		148,769,037
Energy		92,167,569			22,054,768			– 0	–		114,222,337
Telecommunication Services		4,495,959			44,543,586			– 0	–		49,039,545
Utilities		37,221,141			11,637,555			– 0	–		48,858,696
Investment Companies		396,497,372			– 0	–		– 0	–		396,497,372
Options Purchased - Calls		– 0	–		10,101,749			– 0	–		10,101,749
Warrants		3,217			1,049,704			– 0	–		1,052,921
Short-Term Investments:
Investment Companies		959,244,472			– 0	–		– 0	–		959,244,472
U.S. Treasury Bills		– 0	–		1,499,990			– 0	–		1,499,990

Total Investments in Securities		3,516,702,046			660,235,666			526,129			4,177,463,841
*Other Financial Instruments :**
Assets:
Futures		5,935,890			– 0	–		– 0	–		5,935,890
Forward Currency Exchange Contracts		– 0	–		8,588,128			– 0	–		8,588,128
Liabilities:
Futures		(215,838	)		(6,127,849	)		– 0	–		(6,343,687	)
Forward Currency Exchange Contracts		– 0	–		(7,789,660	)		– 0	–		(7,789,660	)

Total+	$	3,522,422,098		$	654,906,285		$	526,129		$	4,177,854,512

*	Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument.

+	There were de minimis transfers under 1% of net assets between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


	Common Stocks			Total
Balance as of 9/30/14	$	354,313		$	354,313
Accrued discounts/(premiums)		– 0	–		– 0	–
Realized gain (loss)		741,445			741,445
Change in unrealized appreciation/depreciation		56,388			56,388
Purchases		361,470			361,470
Sales		(3,070,085	)		(3,070,085	)
Transfers in to Level 3		2,082,598			2,082,598
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 6/30/15	$	526,129		$	526,129	+

Net change in unrealized appreciation/depreciation from investments held as of 6/30/15	$	73,258		$	73,258

+	There were de minimis transfers under 1% of net assets during the reporting period.

Sanford C. Bernstein Fund, Inc.

Tax-Aware Overlay B Portfolio

Portfolio of Investments

June 30, 2015 (unaudited)


	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 67.7%
Long-Term Municipal Bonds - 67.7%
Alabama - 0.4%
Alabama Public School & College Authority
Series 2010A
5.00%, 5/01/19	$	3,255	$	3,700,968
Birmingham Water Works Board
Series 2010A
5.00%, 1/01/24		3,650		4,195,784

				7,896,752

Arizona - 4.5%
City of Phoenix Civic Improvement Corp.
Series 2014B
5.00%, 7/01/22		8,275		9,850,395
City of Phoenix Civic Improvement Corp. (City of Phoenix Civic Improvement-Airport)
Series 2010C
5.00%, 7/01/24		5,305		5,994,809
County of Pima AZ Sewer System Revenue
Series 2011B
5.00%, 7/01/23-7/01/24		6,585		7,631,367
AGM Series 2010
5.00%, 7/01/18-7/01/19		10,035		11,311,472
Maricopa County Community College District
Series 2012
4.00%, 7/01/16		8,440		8,743,840
Pima County Regional Transportation Authority (Pima County Regional Transportation Authority Excise Tax)
Series 2014
5.00%, 6/01/22		1,685		2,004,594
Salt River Project Agricultural Improvement & Power District
Series 2011A
5.00%, 12/01/24		23,120		27,192,588
Scottsdale Municipal Property Corp. (Scottsdale Municipal Property Corp. Excise Tax)
Series 2015
5.00%, 7/01/20		6,105		7,099,138

				79,828,203

California - 2.1%
California Econ Recovery
Series 2009A
5.25%, 7/01/19 (Pre-refunded/ETM)		7,255		8,413,768
San Francisco City & County Airports Comm-San Francisco International Airport (San Francisco Intl Airport)
Series 2009C-2
5.00%, 5/01/25		1,025		1,159,706
Series 2010C
5.00%, 5/01/19		730		832,952
NATL Series 2006-32F
5.25%, 5/01/18		680		759,934
State of California
Series 2014
5.00%, 10/01/29		50		58,188


	Principal Amount (000)		U.S. $ Value
Series 2015
5.00%, 3/01/26	$	2,085	$	2,491,992
State of California Department of Water Resources Power Supply Revenue
Series 2010L
5.00%, 5/01/17		7,675		8,282,169
Series 2015O
5.00%, 5/01/22		12,400		14,838,708

				36,837,417

Colorado - 1.6%
City & County of Denver CO Airport System Revenue (Denver Intl Airport)
Series 2010A
5.00%, 11/15/23		300		345,180
Series 2011A
5.25%, 11/15/18		13,135		14,728,275
5.50%, 11/15/19		4,375		5,044,550
Denver Urban Renewal Authority (Stapleton Development Corp.)
Series 2010B-1
5.00%, 12/01/20		2,875		2,928,993
Plaza Metropolitan District No 1
Series 2013
5.00%, 12/01/19		1,000		1,092,240
Regional Transportation District (Denver Transit Partners LLC)
Series 2010
5.00%, 7/15/20		2,000		2,236,720
5.125%, 1/15/23		2,000		2,175,440

				28,551,398

Connecticut - 0.4%
State of Connecticut
Series 2014C
5.00%, 6/15/22		5,620		6,580,458

District of Columbia - 0.6%
Metropolitan Washington Airports Authority
Series 2010B
5.00%, 10/01/17-10/01/18		9,895		10,921,228

Florida - 7.2%
Broward County School Board/FL COP
Series 2011A
5.00%, 7/01/20		7,250		8,329,235
Citizens Property Insurance Corp.
Series 2010A-1
5.00%, 6/01/16		5,375		5,588,065
5.25%, 6/01/17		2,855		3,079,717
Series 2012A
5.00%, 6/01/22		7,660		8,825,086
Series 2012A-1
5.00%, 6/01/21		10,490		12,063,500
City of Jacksonville FL (City of Jacksonville FL Lease)
Series 2010A-1
5.00%, 10/01/18-10/01/19		15,170		17,082,355


	Principal Amount (000)		U.S. $ Value
City of Jacksonville FL (City of Jacksonville FL Sales Tax)
Series 2011
5.00%, 10/01/21	$	2,500	$	2,947,225
County of Broward FL Half-Cent Sales Tax Revenue
Series 2010A
5.00%, 10/01/18-10/01/20		8,235		9,423,919
County of Lee FL Airport Revenue (Southwest Florida Intl Airport)
Series 2011A
5.625%, 10/01/26		2,470		2,889,406
AGM Series 2010A
5.50%, 10/01/18-10/01/19		7,425		8,387,288
County of Orange FL (County of Orange FL Public Svc Tax)
Series 2013
4.00%, 10/01/15		4,910		4,954,485
5.00%, 10/01/16		2,650		2,796,757
County of Seminole FL Water & Sewer Revenue
Series 2015B
5.00%, 10/01/19 (a)		2,420		2,781,137
Florida State Board of Education (State of Florida)
Series 2013A
5.00%, 6/01/16		22,515		23,464,007
Florida State Hurricane Catastrophe Fund Finance Corp.
Series 2010A
5.00%, 7/01/16 (Pre-refunded/ETM)		5,430		5,673,916
Martin County Industrial Development Authority (Indiantown Cogeneration LP)
Series 2013
4.20%, 12/15/25		2,640		2,672,868
School District of Broward County/FL
Series 2015
5.00%, 7/01/21		2,210		2,580,926
St Lucie County School Board (St Lucie County School Board Sales Tax)
AGM Series 2015
5.00%, 10/01/23		1,565		1,834,196
State of Florida Lottery Revenue
Series 2010C
5.00%, 7/01/16		300		313,689
Series 2010D
5.00%, 7/01/16		2,170		2,269,017

				127,956,794

Georgia - 0.7%
Municipal Electric Authority of Georgia
Series 2011A
5.00%, 1/01/20-1/01/21		8,880		10,232,226
Richmond County Board of Education
Series 2012
5.00%, 10/01/15		1,615		1,633,395

				11,865,621


	Principal Amount (000)		U.S. $ Value
Hawaii - 1.0%
City & County of Honolulu HI
Series 2011A
5.00%, 8/01/24	$	5,800	$	6,800,616
Series 2011B
5.00%, 8/01/24-8/01/25		10,205		11,957,810

				18,758,426

Illinois - 3.5%
Chicago O’Hare International Airport
Series 2010D
5.25%, 1/01/19		2,285		2,519,258
Chicago Transit Authority (City of Chicago IL Fed Hwy Grant)
AGC Series 2008A
5.00%, 6/01/21		4,685		4,964,039
Illinois Finance Authority (Illinois Institute of Technology)
Series 2006A
5.00%, 4/01/20		1,730		1,764,358
State of Illinois
Series 2010
5.00%, 1/01/18		160		169,306
Series 2012
5.00%, 8/01/21		1,665		1,808,040
Series 2013
5.00%, 7/01/21		1,345		1,459,903
Series 2013A
5.00%, 4/01/20		1,670		1,807,925
Series 2014
5.00%, 5/01/28		5,180		5,400,979
AMBAC Series 2004
5.00%, 11/01/15		6,905		6,998,356
NATL Series 2001
5.375%, 4/01/16		3,540		3,653,776
State of Illinois (State of Illinois Sales Tax)
Series 2010
5.00%, 6/15/18		9,655		10,656,127
Series 2013
4.00%, 6/15/16		3,300		3,406,458
State of Illinois Unemployment Compensation Trust Fund
Series 2012A
5.00%, 6/15/16		17,305		17,995,469

				62,603,994

Kansas - 0.2%
State of Kansas Department of Transportation
Series 2012C
5.00%, 9/01/20		2,745		3,224,112

Louisiana - 0.7%
Louisiana Local Government Environmental Facilities & Community Development Auth (St James Place of Baton Rouge)
Series 2015A
6.00%, 11/15/30		1,550		1,546,776


	Principal Amount (000)		U.S. $ Value
Orleans Parish Parishwide School District
AGM Series 2010
5.00%, 9/01/17-9/01/19	$	9,705	$	10,762,936

				12,309,712

Maryland - 0.1%
Washington Suburban Sanitary Commission
Series 2014
5.00%, 6/01/17		1,705		1,844,009

Massachusetts - 4.6%
Commonwealth of Massachusetts
Series 2011A
5.00%, 4/01/25		8,750		10,206,962
Series 2013B
5.00%, 8/01/17		32,490		35,327,027
NATL Series 2000F
0.12%, 12/01/30 (b)		1,975		1,853,334
NATL Series 2000G
0.135%, 12/01/30 (b)		5,600		5,255,314
Massachusetts Bay Transportation Authority (Massachusetts Bay Transportation Authority Sales Tax)
Series 2004B
5.25%, 7/01/21		5,030		6,039,068
Massachusetts Clean Water Trust (The) (Massachusetts Water Pollution Abatement Trust (The) SRF)
Series 2004A
5.25%, 2/01/16		2,695		2,772,266
Massachusetts Department of Transportation
Series 2010B
5.00%, 1/01/18-1/01/20		7,985		8,924,174
Massachusetts Development Finance Agency (Emerson College)
Series 2010A
5.00%, 1/01/17-1/01/18		4,615		4,902,869
Massachusetts School Building Authority (Massachusetts School Building Authority Sales Tax)
Series 2012A
5.00%, 8/15/21		5,385		6,380,902

				81,661,916

Michigan - 2.4%
City of Detroit MI Water Supply System Revenue
Series 2011C
5.25%, 7/01/24-7/01/25		9,390		10,321,432
Michigan Finance Authority (City of Detroit MI Sewage Disposal System Revenue)
AGM Series 2014C
5.00%, 7/01/24		10,115		11,672,204
Michigan Finance Authority (State of Michigan Unemployment)
Series 2012B
5.00%, 7/01/22		17,180		17,955,162


	Principal Amount (000)		U.S. $ Value
Walled Lake Consolidated School District
Series 2015
5.00%, 5/01/22	$	2,000	$	2,332,100

				42,280,898

Minnesota - 0.2%
Minneapolis Special School District No 1 COP
Series 2013D
5.00%, 2/01/16		2,910		2,985,369

Mississippi - 1.2%
Mississippi Development Bank (Mississippi Development Bank State Lease)
Series 2010C
5.00%, 8/01/22-8/01/23		11,105		12,817,343
Series 2010D
5.00%, 8/01/23		7,530		8,688,415

				21,505,758

Missouri - 0.3%
City of St Louis MO Airport Revenue (Lambert-St Louis Intl Airport)
NATL Series 2005
5.50%, 7/01/16		5,980		6,262,196

Nebraska - 0.4%
Omaha Public Power District
Series 2011C
5.00%, 2/01/24		6,420		7,430,251

Nevada - 0.4%
Clark County School District
NATL Series 2006C
5.00%, 6/15/21		4,285		4,608,603
County of Clark Department of Aviation (McCarran Intl Airport)
Series 2010D
5.00%, 7/01/21-7/01/22		1,010		1,139,330
County of Clark NV
Series 2015
5.00%, 11/01/21		2,000		2,350,580

				8,098,513

New Jersey - 3.5%
New Jersey Economic Development Authority
Series 2008W
5.00%, 3/01/17 (Pre-refunded/ETM)		1,050		1,125,674
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease)
Series 2008W
5.00%, 3/01/17		460		480,323
Series 2010DD-1
5.00%, 12/15/17		4,685		4,981,326
Series 2011EE
5.00%, 9/01/18		4,940		5,305,807
5.25%, 9/01/19		3,380		3,700,999
AMBAC Series 2005K
5.50%, 12/15/19		1,880		2,086,443
New Jersey State Turnpike Authority


	Principal Amount (000)		U.S. $ Value
Series 2014C
5.00%, 1/01/21-1/01/23	$	16,670	$	19,461,571
AGM Series 2005D-3
5.25%, 1/01/26		11,070		13,244,480
New Jersey Transit Corp.
Series 2014A
5.00%, 9/15/19		4,265		4,751,423
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease)
Series 2013A
5.00%, 6/15/18		7,500		8,032,875

				63,170,921

New York - 9.0%
City of New York NY
Series 2010B
5.00%, 8/01/17		6,250		6,783,625
Series 2013B
5.00%, 8/01/19		3,860		4,402,832
Series 2013H
5.00%, 8/01/25		2,510		2,953,893
Series 2014J
5.00%, 8/01/22-8/01/28		11,090		12,838,643
Metropolitan Transportation Authority
Series 2012D
5.00%, 11/15/20-11/15/26		17,500		20,384,823
Series 2012F
5.00%, 11/15/22-11/15/23		13,835		16,288,499
New York City Transitional Finance Authority Future Tax Secured Revenue
Series 2012B
5.00%, 11/01/22		8,495		10,094,693
Series 2014B
5.00%, 2/01/27-11/01/29		20,280		23,549,462
Series 2014C
5.00%, 11/01/28		10,665		12,378,439
New York State Dormitory Authority
Series 2012A
5.00%, 12/15/21 (Pre-refunded/ETM)		5		5,956
New York State Dormitory Authority (State of New York Pers Income Tax)
Series 2012A
5.00%, 12/15/21-12/15/22		16,005		18,987,609
Series 2014C
5.00%, 3/15/27-3/15/29		26,340		30,522,410
New York State Energy Research & Development Authority (Niagara Mohawk Holdings, Inc.)
AMBAC Series 1987A
0.46%, 3/01/27 (b)		2,080		1,997,191

				161,188,075

North Carolina - 0.3%
State of North Carolina (State of North Carolina Fed Hwy Grant)
Series 2015


	Principal Amount (000)		U.S. $ Value
5.00%, 3/01/23-3/01/26	$	5,350	$	6,214,896

Ohio - 0.7%
City of Cleveland OH COP
Series 2010A
5.00%, 11/15/17		3,000		3,229,290
County of Hamilton OH Sewer System Revenue
Series 2015A
5.00%, 12/01/20-12/01/21		4,025		4,748,786
State of Ohio Major New State Infrastrucure Project (State of Ohio Fed Hwy Grant)
Series 20121-GARVEE
4.00%, 12/15/16		2,825		2,962,238
Series 2014
5.00%, 12/15/21		1,105		1,305,149

				12,245,463

Oklahoma - 0.2%
Comanche County Memorial Hospital
Series 2015
5.00%, 7/01/26-7/01/29		3,000		3,158,300

Oregon - 0.4%
Oregon State Lottery
Series 2011A
5.25%, 4/01/21 (Pre-refunded/ETM)		5,105		6,075,971
5.25%, 4/01/26		825		972,048

				7,048,019

Pennsylvania - 5.1%
Allegheny County Sanitary Authority
BAM Series 2013
5.00%, 12/01/24-12/01/25		7,470		8,729,274
City of Philadelphia PA
Series 2011
5.25%, 8/01/17		2,285		2,480,939
City of Philadelphia PA Water & Wastewater Revenue
AGM Series 2010A
5.00%, 6/15/19		2,500		2,850,150
Commonwealth of Pennsylvania
Series 20092
5.00%, 4/15/16		5,190		5,379,487
Series 2010A
5.00%, 7/15/15		5,990		6,001,321
Delaware River Port Authority
Series 2012
5.00%, 1/01/21		2,655		2,963,006
Montgomery County Industrial Development Authority/PA
Series 2010
5.00%, 2/01/16 (Pre-refunded/ETM)		1,995		2,049,005
5.00%, 2/01/17 (Pre-refunded/ETM)		2,335		2,491,422
5.00%, 8/01/18 (Pre-refunded/ETM)		1,990		2,228,084
Moon Industrial Development Authority (Baptist Home Society Obligated Group)
Series 2015
5.125%, 7/01/25		2,535		2,525,190


	Principal Amount (000)		U.S. $ Value
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Unemployment)
Series 2012A
5.00%, 7/01/16	$	18,710	$	19,567,666
Series 2012B
5.00%, 7/01/22-7/01/23		5,470		5,686,940
Pennsylvania Economic Development Financing Authority (FirstEnergy Nuclear Generation LLC)
Series 2005A
1.00%, 12/01/40 (a)		4,570		4,570,000
Pennsylvania Intergovernmental Cooperation Authority
Series 2010
5.00%, 6/15/16-6/15/17		7,000		7,534,490
Pennsylvania Turnpike Commission
Series 2011E
5.00%, 12/01/25-12/01/26		13,665		15,746,090
State Public School Building Authority (School District of Philadelphia (The))
Series 2012
5.00%, 4/01/26		1,110		1,213,963

				92,017,027

Puerto Rico - 0.1%
Puerto Rico Highways & Transportation Authority
NATL Series 2003AA
5.50%, 7/01/17		555		567,543
5.50%, 7/01/17 (Pre-refunded/ETM)		825		902,113

				1,469,656

Texas - 6.9%
Austin Community College District Public Facility Corp.
Series 2015
5.00%, 8/01/20-8/01/22		2,000		2,306,340
City of Austin TX Water & Wastewater System Revenue
Series 2011
5.00%, 11/15/25-11/15/26		11,990		14,022,107
City of Corpus Christi TX Utility System Revenue
Series 2015
5.00%, 7/15/24 (a)		1,290		1,519,439
Series 2015C
5.00%, 7/15/22-7/15/26 (a)		3,030		3,534,282
City of Houston TX Airport System Revenue (United Airlines, Inc.)
Series 2015B
5.00%, 7/15/20		2,900		3,119,588
City of San Antonio TX
Series 2010
5.00%, 2/01/23		650		745,765
Series 2014
5.00%, 2/01/21		2,000		2,345,800
City Public Service Board of San Antonio TX
Series 2012B


	Principal Amount (000)		U.S. $ Value
2.00%, 12/01/27	$	1,765	$	1,776,067
County of Fort Bend TX
Series 2015A
5.00%, 3/01/21		2,000		2,334,280
Series 2015B
5.00%, 3/01/21-3/01/22		5,625		6,591,946
Fort Bend Independent School District
Series 2010
5.00%, 8/15/21		5,205		6,080,793
Harris County-Houston Sports Authority
Series 2014A
5.00%, 11/15/20		1,860		2,148,281
Hurst-Euless-Bedford Independent School District
Series 2011
5.00%, 8/15/20-8/15/24		10,525		12,250,991
State of Texas
Series 2014
5.00%, 4/01/22		1,790		2,126,789
Texas A&M University
Series 2013B
5.00%, 5/15/16		11,065		11,512,358
Texas Public Finance Authority (State of Texas Unemployment)
Series 2014B
4.00%, 1/01/18		16,210		16,787,076
Texas Transportation Commission State Highway Fund
Series 2015
5.00%, 10/01/22 (a)		20,035		23,827,826
University of Texas System (The)
Series 2010A
5.00%, 8/15/22		9,755		11,260,196

				124,289,924

Virginia - 1.1%
County of Arlington VA
Series 2013A
4.00%, 8/01/15		4,600		4,614,444
Greater Richmond Convention Center Authority (Greater Richmond Convention Center Authority Hotel Occupancy Tax)
Series 2015
5.00%, 6/15/20-6/15/23		5,815		6,788,545
Virginia College Building Authority (Virginia College Building Authority State Lease)
Series 2012-12B
5.00%, 9/01/16		2,835		2,984,490
Series 2012B
5.00%, 2/01/22		3,020		3,569,006
Virginia Resources Authority
5.00%, 11/01/16		1,515		1,605,396

				19,561,881

Washington - 5.3%
Chelan County Public Utility District No 1
Series 2011A
5.25%, 7/01/22		7,835		9,115,866
Series 2011B


	Principal Amount (000)		U.S. $ Value
5.50%, 7/01/23	$	5,540	$	6,512,547
City of Seattle WA Drainage & Wastewater Revenue
Series 2014
5.00%, 5/01/21		1,825		2,149,558
Clark County Public Utility District No 1
Series 2010
5.00%, 1/01/21		11,835		13,361,952
Energy Northwest (Bonneville Power Administration)
Series 2006A
5.00%, 7/01/16		1,860		1,944,872
Series 2011A
5.00%, 7/01/22-7/01/23		14,690		17,327,139
Franklin County School District No 1 Pasco
Series 2015
5.00%, 12/01/25		8,615		10,377,543
Port of Seattle WA
Series 2010C
5.00%, 2/01/20-2/01/22		9,920		11,347,958
Snohomish County Public Utility District No 1
Series 2010
5.00%, 12/01/19		5,415		6,236,943
Series 2012
5.00%, 12/01/26		6,065		6,995,189
State of Washington
Series 2013R
5.00%, 7/01/21		3,880		4,579,176
Series 2015R
5.00%, 7/01/23		3,735		4,478,937

				94,427,680

Wisconsin - 2.6%
State of Wisconsin
Series 20141
5.00%, 5/01/16		43,560		45,234,011
Series 20143
5.00%, 11/01/21		1,205		1,432,745

				46,666,756

Total Long-Term Municipal Bonds (cost $1,170,138,913)				1,210,861,623

Short-Term Municipal Notes - 0.0%
Wyoming - 0.0%
County of Lincoln WY (Exxon Mobil Corp.)
Series 1985
0.01%, 8/01/15 (c)
(cost $20,000)		20		20,000

Total Municipal Obligations (cost $1,170,158,914)				1,210,881,623


Company	Contracts		U.S. $ Value
OPTIONS PURCHASED - CALLS - 0.1%
Options on Equity Indices - 0.1%
S&P 500 Index Expiration: Aug 2015, Exercise Price: $ 2,190.00 (d)(e)		67,534	$	176,055
S&P 500 Index Expiration: Sep 2015, Exercise Price: $ 2,135.00 (d)(e)		78,900		1,471,814

Total Options Purchased - Calls (premiums paid $3,623,337)				1,647,869

	Shares
INVESTMENT COMPANIES - 15.4%
Funds and Investment Trusts - 15.4%
iShares Core MSCI Emerging Markets ETF		852,912		40,973,893
SPDR S&P 500 ETF Trust		1,137,305		234,114,234

Total Investment Companies (cost $258,702,089)				275,088,127

	Principal Amount (000)
CORPORATES - INVESTMENT GRADE - 1.2%
Financial Institutions - 1.1%
Banking - 1.1%
Bank of America Corp.
1.50%, 10/09/15	$	6,000		6,013,770
Generic Municipal Bond
5.375%, 10/15/15		5,500		5,572,000
JPMorgan Chase & Co.
1.35%, 2/15/17		6,035		6,040,269
Morgan Stanley
Series G
5.45%, 1/09/17		1,425		1,510,072

				19,136,111

Industrial - 0.1%
Consumer Non-Cyclical - 0.1%
Becton Dickinson and Co.
0.736%, 6/15/16 (f)		1,935		1,935,894

Total Corporates - Investment Grade (cost $21,045,928)				21,072,005

	Shares
SHORT-TERM INVESTMENTS - 17.2%
Investment Companies - 16.2%
AB Fixed Income Shares, Inc. - Government STIF Portfolio, 0.10% (g)(h) (cost $290,895,345)		290,895,345		290,895,345


	Principal Amount (000)		U.S. $ Value
U.S. Treasury Bills - 1.0%
U.S. Treasury Bill
Zero Coupon, 9/03/15 (i)(j) (cost $17,499,717)	$	17,500	$	17,499,717

Total Short-Term Investments (cost $308,395,062)				308,395,062

Total Investments - 101.6% (cost $1,761,925,330) (k)				1,817,084,686
Other assets less liabilities - (1.6)%				(28,769,309	)

Net Assets - 100.0%			$	1,788,315,377

FUTURES


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2015		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
EURO STOXX 50 Futures		311		September 2015	$	11,980,002	$	11,913,238	$	(66,764	)
FTSE 100 Index Futures		104		September 2015		10,883,300		10,611,845		(271,455	)
Han Seng Index Futures		21		July 2015		3,692,945		3,549,509		(143,436	)
Russell 2000 Mini Futures		19		September 2015		2,366,644		2,375,760		9,116
S&P 500 E Mini Index Futures		113		September 2015		11,609,884		11,607,360		(2,524	)
S&P Mid 400 E Mini Futures		20		September 2015		3,017,181		2,996,200		(20,981	)
SPI 200 Futures		57		September 2015		6,064,730		5,933,780		(130,950	)
TOPIX Index Futures		448		September 2015		60,687,242		59,685,746		(1,001,496	)
Sold Contracts
U.S. Long Bond (CBT) Futures		27		September 2015		4,081,874		4,072,781		9,093
U.S. T-Note 5 Yr (CBT) Futures		351		September 2015		41,798,645		41,859,492		(60,847	)
U.S. T-Note 10 Yr (CBT) Futures		306		September 2015		38,545,985		38,608,594		(62,609	)
U.S. Ultra Bond (CBT) Futures		15		September 2015		2,301,072		2,310,939		(9,867	)

									$	(1,752,720	)

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	USD	1,906	JPY	233,537		8/13/15	$	3,299
Brown Brothers Harriman & Co.	USD	1,700	AUD	2,198		8/13/15		(8,072	)
Credit Suisse International	USD	7,636	EUR	6,734		8/13/15		(124,626	)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Goldman Sachs Bank USA		USD	2,531		JPY	302,805		8/13/15	$	(55,813	)
HSBC Bank USA		AUD	10,943		USD	8,706		8/13/15		281,757
Standard Chartered Bank		EUR	16,304		USD	18,515		8/13/15		328,724
Standard Chartered Bank		USD	2,240		GBP	1,470		8/13/15		69,121
Standard Chartered Bank		USD	14,864		JPY	1,774,983		8/13/15		(354,124	)
State Street Bank & Trust Co.		USD	8,384		CHF	7,631		8/13/15		(209,406	)
UBS AG		AUD	3,889		USD	2,983		8/13/15		(10,859	)
UBS AG		EUR	4,171		USD	4,669		8/13/15		15,921

									$	(64,078	)

INFLATION (CPI) SWAPS


					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund			Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	$	45,000		10/23/17		1.658	%		CPI	#	$	(806,599	)
Barclays Bank PLC		28,000		10/23/19		1.873	%		CPI	#		(591,282	)
Barclays Bank PLC		12,000		10/23/26		2.310	%		CPI	#		(424,464	)
Barclays Bank PLC		10,000		10/23/29		2.388	%		CPI	#		(433,820	)
Citibank		34,000		10/23/21		2.039	%		CPI	#		(877,519	)
Goldman Sachs International		22,000		10/23/24		2.245	%		CPI	#		(743,356	)

											$	(3,877,040	)

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

TOTAL RETURN SWAPS


Counterparty & Referenced Obligation	# of Shares or Units		Rate Paid/ Received	Notional Amount (000)			Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return On Reference Obligation
Citibank
MSCI Daily TR Net EAFE Index		10,654	LIBOR Plus 0.27%		USD	56,453		5/16/16	$	(1,753,654	)
Goldman Sachs International
Russell 2000 Total Return Index		1,517	LIBOR Minus 0.55%			8,879		3/15/16		158,969
Standard and Poor’s Midcap 400 Index		370	LIBOR Plus 0.07%			791		3/15/16		(2,127	)
Standard and Poor’s Midcap 400 Index		5,286	LIBOR Plus 0.09%			11,283		4/15/16		(13,978	)

									$	(1,610,790	)

(a)

When-Issued or delayed delivery security.

(b)

An auction rate security whose interest rate resets at each auction date. Auctions are typically held every week or month. The rate shown is as of June 30, 2015 and the aggregate market value of these securities amounted to $9,105,839 or 0.51% of net assets.

(c)

(d)

One contract relates to 1 share.

(e)

Non-income producing security.

(f)

Floating Rate Security. Stated interest rate was in effect at June 30, 2015.

(g)

To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(h)

Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(i)

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

(j)

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

(k)

As of June 30, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $59,977,306 and gross unrealized depreciation of investments was $(4,817,950), resulting in net unrealized appreciation of $55,159,356.

Currency Abbreviation:


AUD	-	Australian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
JPY	-	Japanese Yen
USD	-	United States Dollar
Glossary:
AGC	-	Assured Guaranty Corporation
AGM	-	Assured Guaranty Municipal
AMBAC	-	Ambac Assurance Corporation
BAM	-	Build American Mutual
CBT	-	Chicago Board of Trade
COP	-	Certificate of Participation
CPI	-	Consumer Price Index
EAFE	-	Europe, Australia, and Far East
ETF	-	Exchange Traded Fund
ETM	-	Escrowed to Maturity
FTSE	-	Financial Times Stock Exchange
LIBOR	-	London Interbank Offered Rates
MSCI	-	Morgan Stanley Capital International
NATL	-	National Interstate Corporation
SPDR	-	Standard & Poor’s Depository Receipt
SPI	-	Share Price Index
SRF	-	State Revolving Fund
TOPIX	-	Tokyo Price Index

Sanford C. Bernstein Fund, Inc.

Tax-Aware Overlay B Portfolio

June 30, 2015 (unaudited)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

1,199,615,490

11,246,133

1,210,861,623

Short-Term Municipal Notes

– 0

–

20,000

– 0

–

20,000

Options Purchased - Calls

– 0

–

1,647,869

– 0

–

1,647,869

Investment Companies

275,088,127

– 0

–

– 0

–

275,088,127

Corporates - Investment Grade

– 0

–

21,072,005

– 0

–

21,072,005

Short-Term Investments:

Investment Companies

290,895,345

– 0

–

– 0

–

290,895,345

U.S. Treasury Bills

– 0

–

17,499,717

– 0

–

17,499,717

Total Investments in Securities

565,983,472

1,239,855,081

11,246,133

1,817,084,686


Investments in Securities:	Level 1			Level 2			Level 3			Total
*Other Financial Instruments :**
Assets:
Futures	$	18,209		$	– 0	–	$	– 0	–	$	18,209
Forward Currency Exchange Contracts		– 0	–		698,822			– 0	–		698,822
Total Return Swaps		– 0	–		158,969			– 0	–		158,969
Liabilities:
Futures		(156,828	)		(1,614,101	)		– 0	–		(1,770,929	)
Forward Currency Exchange Contracts		– 0	–		(762,900	)		– 0	–		(762,900	)
Inflation (CPI) Swaps		– 0	–		(3,877,040	)		– 0	–		(3,877,040	)
Total Return Swaps		– 0	–		(1,769,759	)		– 0	–		(1,769,759	)

Total+	$	565,844,853		$	1,232,689,072		$	11,246,133		$	1,809,780,058

*	Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument.

+	There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


	Long-Term Municpal Bonds			Total
Balance as of 9/30/14	$	1,535,738		$	1,535,738
Accrued discounts/(premiums)		(29,481	)		(29,481	)
Realized gain (loss)		1,374			1,374
Change in unrealized appreciation/depreciation		683,458			683,458
Purchases		9,530,044			9,530,044
Sales		(475,000	)		(475,000	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 6/30/15	$	11,246,133		$	11,246,133

Net change in unrealized appreciation/depreciation from investments held as of 6/30/15	$	642,706		$	642,706

Sanford C. Bernstein Fund, Inc.

Tax-Aware Overlay C Portfolio

Portfolio of Investments

June 30, 2015 (unaudited)


	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 65.8%
Long-Term Municipal Bonds - 65.8%
California - 56.7%
Abag Finance Authority for Nonprofit Corps. (Odd Fellows Home of California)
Series 2012A
5.00%, 4/01/21	$	1,000	$	1,164,140
Anaheim Public Financing Authority
Series 2015B
5.00%, 10/01/26 (a)		1,000		1,174,400
Anaheim Union High School District
Series 2015
5.00%, 8/01/19		1,275		1,458,664
Bay Area Toll Authority
Series 2014A
1.00%, 4/01/47		13,160		13,197,111
California Econ Recovery
Series 2009A
5.00%, 7/01/17		2,115		2,294,500
5.00%, 7/01/19 (Pre-refunded/ETM)		6,530		7,509,500
5.00%, 7/01/19 (Pre-refunded/ETM)		6,015		6,917,250
California Educational Facilities Authority (University of the Pacific)
Series 2015
5.00%, 11/01/27 (a)		2,000		2,306,500
California Infrastructure & Economic Development Bank (Broad Collection (The))
Series 2011A
5.00%, 6/01/21		3,000		3,553,740
California State Public Works Board
Series 2010C-1
5.00%, 3/01/20 (Pre-refunded/ETM)		1,500		1,751,235
Series 2011G
5.00%, 12/01/21 (Pre-refunded/ETM)		3,215		3,862,501
California State Public Works Board (California State Public Works Board Lease)
Series 2013E
5.00%, 6/01/19		3,975		4,534,481
Series 2014A
5.00%, 9/01/30		4,375		5,002,856
California State University
Series 2011A
5.25%, 11/01/26		2,035		2,393,994
Chino Basin Regional Financing Authority (Inland Empire Utilities Agency)
Series 2010A
5.00%, 8/01/20-8/01/21		7,430		8,642,808
City & County of San Francisco CA
Series 2015R
5.00%, 6/15/21		1,075		1,276,670
City of Long Beach CA Harbor Revenue
Series 2010B
5.00%, 5/15/22		2,000		2,315,580
Series 2015A
5.00%, 5/15/21		3,000		3,486,120
NATL Series 1998A
6.00%, 5/15/18		3,305		3,747,374


	Principal Amount (000)		U.S. $ Value
City of Los Angeles Department of Airports (Los Angeles Intl Airport)
Series 2010A
5.00%, 5/15/25	$	1,500	$	1,737,450
Series 2010D
5.25%, 5/15/28		4,145		4,838,832
City of Oakland CA
Series 2015A
5.00%, 1/15/22		1,380		1,620,079
City of San Francisco CA Public Utilities Commission Water Revenue
Series 2011A
5.00%, 11/01/24		5,385		6,392,156
City of San Jose CA Airport Revenue
Series 2014A
5.00%, 3/01/24		1,955		2,247,742
Series 2014B
5.00%, 3/01/26		2,360		2,734,815
Corona-Norca Unified School District
Series 2015
5.00%, 8/01/18 (a)		1,000		1,118,140
County of San Diego CA COP
Series 2014A
5.00%, 10/15/27-10/15/28		2,550		2,988,119
East Bay Municipal Utility District Water System Revenue
Series 2012B
5.00%, 6/01/16		2,985		3,111,385
Long Beach Bond Finance Authority (Aquarium of the Pacific)
Series 2012
5.00%, 11/01/22		1,460		1,679,453
Los Angeles Community College District/CA
Series 2013
3.00%, 8/01/15		2,990		2,996,937
Series 2015A
5.00%, 8/01/25		1,950		2,357,452
Los Angeles County Metropolitan Transportation Authority
Series 2013A
5.00%, 7/01/16-7/01/20		12,305		13,560,956
Series 2013C
5.00%, 7/01/19		1,240		1,424,438
Series 2014
5.00%, 7/01/23		2,145		2,605,424
Los Angeles County Sanitation Districts Financing Authority
Series 2013A
5.00%, 10/01/16		4,000		4,224,600
Los Angeles Department of Water & Power PWR
Series 2012C
4.00%, 1/01/16		7,585		7,654,479
Los Angeles Department of Water & Power WTR
Series 2013B
5.00%, 7/01/18-7/01/19		2,000		2,264,650
Los Angeles Unified School District/CA
Series 2010K
5.00%, 7/01/18		6,360		7,100,622


	Principal Amount (000)		U.S. $ Value
Series 2010KRY
5.25%, 7/01/25	$	160	$	187,797
Series 2014C
5.00%, 7/01/27		6,815		8,034,408
Los Angeles Unified School District/CA COP
Series 2010B
5.00%, 12/01/16		635		672,217
AMBAC Series 2007
5.00%, 10/01/16		105		110,506
Palm Springs Unified School District
Series 2013C
3.00%, 8/01/15		1,500		1,503,420
Peralta Community College District
Series 2014A
5.00%, 8/01/27		5,855		6,854,741
Port of Los Angeles
Series 2011A
5.00%, 8/01/19		1,500		1,706,490
Port of Oakland
Series 2012P
5.00%, 5/01/24-5/01/25		6,405		7,347,478
Romoland School District
Series 2015
5.00%, 9/01/23 (a)		300		337,782
Sacramento City Unified School District/CA
Series 2011
5.00%, 7/01/25		2,380		2,723,125
Sacramento County Sanitation Districts Financing Authority
Series 2014A
5.00%, 12/01/29		2,000		2,330,820
San Diego County Water Authority Financing Corp.
Series 2011A
5.00%, 5/01/24-5/01/25		4,860		5,642,677
San Diego Public Facilities Financing Authority Sewer Revenue
Series 2009B
5.00%, 5/15/21-5/15/22		7,310		8,338,239
San Francisco Bay Area Rapid Transit District
Series 2010
5.00%, 7/01/27		2,000		2,310,100
San Francisco City & County Airports Comm-San Francisco International Airport (San Francisco Intl Airport)
Series 2009C-2
5.00%, 5/01/25		500		565,710
Series 2011
5.00%, 5/01/17		2,225		2,394,701
Series 2011G
5.00%, 5/01/24		2,470		2,891,382
Series 20122
5.00%, 5/01/27		1,270		1,485,240
NATL Series 2006-32F


	Principal Amount (000)		U.S. $ Value
5.25%, 5/01/18	$	675	$	754,346
San Francisco Community College District
Series 2015
5.00%, 6/15/22		5,000		5,893,100
Santa Rosa City Schools
Series 2013
4.00%, 8/01/15		2,500		2,507,525
South Placer Wastewater Authority/CA
Series 2011C
5.25%, 11/01/22-11/01/24		8,675		10,169,132
Southern California Public Power Authority (Los Angeles Department of Water & Power PWR)
Series 2010
5.00%, 7/01/23		5,190		6,051,384
State of California
Series 2008
5.00%, 4/01/17		1,635		1,758,165
Series 2011
5.00%, 10/01/20		1,500		1,758,435
Series 2013
5.00%, 10/01/19-2/01/21		7,185		8,336,471
NATL Series 2007
5.00%, 11/01/23		3,200		3,505,888
State of California Department of Water Resources Power Supply Revenue
Series 2010L
5.00%, 5/01/17		12,020		12,970,902
AGM Series 2008H
5.00%, 5/01/17		1,915		2,066,496
University of California
Series 2010U
5.00%, 5/15/18		2,555		2,844,558
Series 2012G
5.00%, 5/15/23		7,400		8,774,254
Series 2013A
5.00%, 5/15/48		6,000		7,215,720
Series 2015A
5.00%, 5/15/21		4,000		4,750,160
Upper Santa Clara Valley Joint Powers Authority
Series 2011A
5.00%, 8/01/25		1,790		2,053,560
Vista Unified School District
Series 2012
5.00%, 8/01/23-8/01/25		4,240		5,002,347
Walnut Energy Center Authority
Series 2014
5.00%, 1/01/26-1/01/28		2,800		3,290,358

				294,386,787

Colorado – 0.4%
Plaza Metropolitan District No 1
Series 2013
5.00%, 12/01/22		690		751,327
Regional Transportation District (Denver Transit Partners LLC)
Series 2010


	Principal Amount (000)		U.S. $ Value
5.00%, 7/15/22	$	1,150	$	1,252,063

				2,003,390

Florida - 0.9%
Citizens Property Insurance Corp.
Series 2010A-1
5.00%, 6/01/16		580		602,991
Series 2011A-1
5.00%, 6/01/19		2,035		2,288,337
Florida State Hurricane Catastrophe Fund Finance Corp.
Series 2010A
5.00%, 7/01/16 (Pre-refunded/ETM)		1,500		1,567,380
State of Florida Lottery Revenue
Series 2010C
5.00%, 7/01/17		150		162,482

				4,621,190

Illinois - 1.5%
Illinois Finance Authority (Illinois Institute of Technology)
Series 2006A
5.00%, 4/01/18		550		563,084
State of Illinois
Series 2010
5.00%, 1/01/18		160		169,306
Series 2012
5.00%, 8/01/15-8/01/23		2,870		3,022,471
Series 2013A
5.00%, 4/01/20		1,415		1,531,865
Series 2014
5.00%, 5/01/25		2,165		2,296,480

				7,583,206

Massachusetts - 0.3%
Commonwealth of Massachusetts
NATL Series 2000E
0.12%, 12/01/30 (b)		1,925		1,806,412

Michigan - 1.2%
Michigan Finance Authority (City of Detroit MI Water Supply System Revenue)
Series 2014D4
5.00%, 7/01/17		3,370		3,614,392
Michigan Finance Authority (Public Lighting Authority)
Series 2014B
5.00%, 7/01/25		2,175		2,455,075

				6,069,467

New Jersey - 2.7%
New Jersey Economic Development Authority (New Jersey Cigarette Tax)
Series 2012
5.00%, 6/15/16		2,700		2,793,177
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease)


	Principal Amount (000)		U.S. $ Value
Series 2014P
5.00%, 6/15/20	$	1,350	$	1,466,019
New Jersey Transit Corp.
Series 2014A
5.00%, 9/15/16		4,275		4,486,955
New Jersey Transportation Trust Fund Authority
Series 2013A
5.00%, 12/15/19		5,000		5,438,900

				14,185,051

Ohio - 0.3%
Ohio State Water Development Authority (FirstEnergy Nuclear Generation LLC)
Series 2008C
3.95%, 11/01/32		1,445		1,488,437

Puerto Rico - 0.7%
Commonwealth of Puerto Rico
NATL Series 1997
6.50%, 7/01/15		2,860		2,860,000
Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth (Universidad Interamericana DE Puerto Rico, Inc.)
Series 2012
5.00%, 10/01/19		1,000		1,024,280

				3,884,280

Texas - 0.6%
Central Texas Turnpike System
Series 2015A
5.00%, 8/15/42		2,850		3,260,799

Washington - 0.5%
Port of Seattle WA
Series 2010C
5.00%, 2/01/18		2,405		2,633,619

Total Municipal Obligations (cost $331,716,747)				341,922,638


	Shares
INVESTMENT COMPANIES - 15.4%
Funds and Investment Trusts - 15.4%
iShares Core MSCI Emerging Markets ETF		247,466		11,888,267
SPDR S&P 500 ETF Trust		330,678		68,070,066

Total Investment Companies (cost $77,233,563)				79,958,333


	Principal Amount (000)
CORPORATES - INVESTMENT GRADE - 1.5%
Financial Institutions - 1.5%
Banking - 1.5%
Bank of America Corp.
1.50%, 10/09/15	$	3,000		3,006,885
JPMorgan Chase & Co.


	Contracts		U.S. $ Value
3.15%, 7/05/16		3,115	$	3,178,079
Morgan Stanley
1.75%, 2/25/16		1,559		1,565,345

Total Corporates - Investment Grade (cost $7,744,024)				7,750,309

OPTIONS PURCHASED - CALLS - 0.1%
Options on Equity Indices - 0.1%
S&P 500 Index Expiration: Aug 2015, Exercise Price: $ 2,190.00 (c)(d)		18,962		49,432
S&P 500 Index Expiration: Sep 2015, Exercise Price: $ 2,135.00 (c)(d)		24,900		464,489

Total Options Purchased - Calls (premiums paid $871,553)				513,921


	Shares
SHORT-TERM INVESTMENTS - 17.3%
Investment Companies - 16.5%
AB Fixed Income Shares, Inc.-Government STIF Portfolio, 0.10% (e)(f) (cost $85,917,593)		85,917,593		85,917,593


	Principal Amount (000)
U.S. Treasury Bills - 0.8%
U.S. Treasury Bill
Zero Coupon, 9/03/15 (g) (cost $4,099,942)	$	4,100		4,099,942

Total Short-Term Investments (cost $90,017,535)				90,017,535

Total Investments - 100.1% (cost $507,811,157) (h)				520,162,736
Other assets less liabilities - (0.1)% (i)				(717,132	)

Net Assets - 100.0%			$	519,445,604

FUTURES


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2015		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Futures		139		September 2015	$	5,354,406	$	5,324,566	$	(29,840	)
FTSE 100 Index Futures		34		September 2015		3,558,002		3,469,257		(88,745	)
Hang Seng Index Futures		7		July 2015		1,230,982		1,183,170		(47,812	)


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2015		Unrealized Appreciation/ (Depreciation)
Russell 2000 E Mini Futures		6		September 2015	$	747,361	$	750,240	$	2,879
S&P 500 E Mini Index Futures		17		September 2015		1,746,620		1,746,240		(380	)
S&P Mid 400 E Mini Futures		7		September 2015		1,056,013		1,048,670		(7,343	)
SPI 200 Futures		18		September 2015		1,915,178		1,873,825		(41,353	)
TOPIX Index Futures		133		September 2015		18,015,171		17,719,206		(295,965	)
Sold Contracts
U.S. Long Bond (CBT) Futures		4		September 2015		604,721		603,375		1,346
U.S. T-Note 5 Yr (CBT) Futures		85		September 2015		10,122,179		10,136,914		(14,735	)
U.S. T-Note 10 Yr (CBT) Futures		78		September 2015		9,825,447		9,841,406		(15,959	)
U.S. Ultra Bond (CBT) Futures		7		September 2015		1,073,833		1,078,438		(4,605	)

									$	(542,512	)

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	USD	768	EUR	677		8/13/15	$	(12,529	)
HSBC Bank USA	AUD	3,015	USD	2,399		8/13/15		77,629
Morgan Stanley & Co., Inc.	CHF	478	USD	514		8/13/15		2,124
Standard Chartered Bank	EUR	4,256	USD	4,833		8/13/15		85,810
Standard Chartered Bank	USD	997	GBP	654		8/13/15		30,752
Standard Chartered Bank	USD	5,230	JPY	624,462		8/13/15		(124,586	)
State Street Bank & Trust Co.	USD	2,636	CHF	2,399		8/13/15		(65,832	)
State Street Bank & Trust Co.	USD	628	EUR	554		8/13/15		(10,272	)
UBS AG	EUR	1,490	USD	1,668		8/13/15		5,688

							$	(11,216	)

INFLATION (CPI) SWAPS


					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund			Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	$	15,000		10/23/17		1.658	%		CPI	#	$	(268,867	)
Barclays Bank PLC		10,000		10/23/19		1.873	%		CPI	#		(211,172	)
Barclays Bank PLC		5,000		10/23/26		2.310	%		CPI	#		(176,860	)
Barclays Bank PLC		1,000		10/23/29		2.388	%		CPI	#		(43,382	)
Citibank		8,000		10/23/21		2.039	%		CPI	#		(206,475	)
Goldman Sachs International		7,000		10/23/24		2.245	%		CPI	#		(236,522	)

											$	(1,143,278	)

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

TOTAL RETURN SWAPS


Counterparty & Referenced Obligation	# of Shares or Units		Rate Paid/ Received	Notional Amount (000)			Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return On Reference Obligation
Citibank
MSCI Daily TR Net EAFE		2,738	LIBOR Plus 0.27%	USD	$	14,508		5/16/16	$	(450,676	)
Goldman Sachs International
Russell 2000 Total Return Index		425	LIBOR Minus 0.55%	USD		2,488		3/15/16		44,537
Standard and Poor’s Midcap 400 Index		1,584	LIBOR Plus 0.09%	USD		3,381		4/15/16		(4,173	)

									$	(410,312	)

(a)

When-Issued or delayed delivery security.

(b)

(c)

Non-income producing security.

(d)

One contract relates to 1 share.

(e)

To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(f)

Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(g)

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

(h)

As of June 30, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $13,947,139 and gross unrealized depreciation of investments was $(1,595,560), resulting in net unrealized appreciation of $12,351,579.

(i)

An amount of U.S. $2,141,671 has been segregated to collateralize margin requirements for the open futures contracts at June 30, 2015.

Currency Abbreviation:


AUD	-	Australian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
JPY	-	Japanese Yen
USD	-	United States Dollar

Glossary:


AGM	-	Assured Guaranty Municipal
AMBAC	-	Ambac Assurance Corporation
CBT	-	Chicago Board of Trade
COP	-	Certificate of Participation
CPI	-	Consumer Price Index
EAFE	-	Europe, Australia, and Far East
ETF	-	Exchange Traded Fund
ETM	-	Escrowed to Maturity
FTSE	-	Financial Times Stock Exchange


LIBOR	-	London Interbank Offered Rates
MSCI	-	Morgan Stanley Capital International
NATL	-	National Interstate Corporation
SPDR	-	Standard & Poor’s Depository Receipt
SPI	-	Share Price Index
TOPIX	-	Tokyo Price Index

Sanford C. Bernstein Fund, Inc.

Tax-Aware Overlay C Portfolio

June 30, 2015 (unaudited)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

340,833,529

1,089,109

341,922,638

Investment Companies

79,958,333

– 0

–

– 0

–

79,958,333

Corporates - Investment Grade

– 0

–

7,750,309

– 0

–

7,750,309

Options Purchased - Calls

– 0

–

513,921

– 0

–

513,921

Short-Term Investments:

Investment Companies

85,917,593

– 0

–

– 0

–

85,917,593

U.S. Treasury Bills

– 0

–

4,099,942

– 0

–

4,099,942

Total Investments in Securities

165,875,926

353,197,701

1,089,109

520,162,736

Other Financial Instruments* :

Assets:

Futures

4,225

– 0

–

– 0

–

4,225

Forward Currency Exchange Contracts

– 0

–

202,003

– 0

–

202,003

Total Return Swaps

– 0

–

44,537

– 0

–

44,537

Liabilities:

Futures

(43,022

)

(503,715

)

– 0

–

(546,737

)

Forward Currency Exchange Contracts

– 0

–

(213,219

)

– 0

–

(213,219

)

Inflation (CPI) Swaps

– 0

–

(1,143,278

)

– 0

–

(1,143,278

)

Total Return Swaps

– 0

–

(454,849

)

– 0

–

(454,849

)

Total+

165,837,129

351,129,180

1,089,109

518,055,418

*	Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument.

+	There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


	Long-Term Municipal Bonds			Total
Balance as of 9/30/14	$	853,375		$	853,375
Accrued discounts/(premiums)		(4,749	)		(4,749	)
Realized gain (loss)		333			333
Change in unrealized appreciation/depreciation		16,855			16,855
Purchases		338,295			338,295
Sales		(115,000	)		(115,000	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 6/30/15		1,089,109			1,089,109

Net change in unrealized appreciation/depreciationfrom Investments held as of 6/30/15	$	6,989		$	6,989

Sanford C. Bernstein Fund, Inc.

Tax-Aware Overlay N Portfolio

Portfolio of Investments

June 30, 2015 (unaudited)


	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 64.6%
Long-Term Municipal Bonds - 64.6%
New York - 51.3%
Albany County Airport Authority
AGM Series 2010A
5.00%, 12/15/22-12/15/23	$	3,555	$	3,982,136
Build NYC Resource Corp. (Metropolitan College of New York)
Series 2014
5.25%, 11/01/29		1,000		1,074,640
Central Islip Union Free School District
Series 2013
4.00%, 7/15/15		700		700,973
5.00%, 7/15/19		750		859,110
City of New York NY
Series 2010B
5.00%, 8/01/16-8/01/19		5,875		6,279,381
Series 2010H-2
5.00%, 6/01/19		1,220		1,386,225
Series 2012I
5.00%, 8/01/16		2,430		2,548,900
Series 2014A
5.00%, 8/01/28		1,285		1,484,406
Series 2014J
5.00%, 8/01/27		1,085		1,263,656
AMBAC Series 2011H4
5.00%, 8/01/15		2,860		2,871,583
City of Yonkers NY
AGM Series 2015A
5.00%, 3/15/21		2,000		2,304,920
County of Nassau NY
Series 2011A
5.00%, 4/01/20		2,050		2,354,528
Series 2014A
5.00%, 4/01/25		4,775		5,531,790
Hempstead Town Local Development Corp. (Hofstra University)
Series 2013
5.00%, 7/01/21		700		815,773
Jefferson County Industrial Development Agency (ReEnergy Black River LLC/Old)
Series 2014
4.75%, 1/01/20		450		449,816
Long Island Power Authority
NATL Series 2006A
5.00%, 6/01/16 (Pre-refunded/ETM)		1,335		1,390,896
Metropolitan Transportation Authority
Series 2011B-1
5.00%, 11/15/15		1,400		1,423,800
Series 2011C
5.00%, 11/15/25		6,505		7,513,275
Series 2012F
5.00%, 11/15/25		1,000		1,164,130
AMBAC Series 2005A
5.50%, 11/15/16		1,730		1,845,478
Metropolitan Transportation Authority (Metropolitan Transportation Authority Ded Tax)
Series 2012A


	Principal Amount (000)		U.S. $ Value
5.00%, 11/15/23-11/15/26	$	9,840	$	11,594,899
Nassau County Interim Finance Authority
Series 2012A
5.00%, 11/15/16		9,035		9,588,484
Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group)
Series 2014
5.00%, 7/01/20		1,000		1,143,220
New York City Municipal Water Finance Authority
Series 2010FF
5.00%, 6/15/25		500		580,975
Series 2011GG
5.00%, 6/15/26		8,070		9,375,645
Series 2015G
5.00%, 6/15/27		2,885		3,410,445
New York City Transitional Finance Authority Future Tax Secured Revenue
Series 2009B
5.00%, 11/01/18		4,525		5,101,756
Series 2010I-2
5.00%, 11/01/19		2,000		2,305,260
Series 2011B
5.00%, 2/01/21		4,110		4,808,700
Series 2012S
5.00%, 5/01/19 (Pre-refunded/ETM)		1,000		1,142,240
Series 2014B
5.00%, 11/01/26		4,000		4,727,920
Series 2014C
5.00%, 11/01/17 (Pre-refunded/ETM)		2,360		2,584,436
5.00%, 11/01/17		980		1,071,777
Series 2015C
4.00%, 11/01/17		2,885		3,089,806
5.00%, 11/01/28		2,145		2,515,420
New York Local Government Assistance Corp.
Series 2007A
5.00%, 4/01/16		1,030		1,065,803
Series 2010B
5.00%, 4/01/20		4,045		4,711,980
Series 2012A
5.00%, 4/01/16		3,735		3,864,829
New York State Dormitory Authority (Fordham University)
Series 2011B
5.00%, 7/01/41		5,000		5,211,900
New York State Dormitory Authority (Mount Sinai Hospital)
Series 2010A
5.00%, 7/01/18		645		714,273
New York State Dormitory Authority (New York State Dormitory Authority Lease)
Series 2009A
5.00%, 7/01/24		3,440		3,911,314
AGM Series 2015
5.00%, 10/01/22		2,725		3,206,807
New York State Dormitory Authority (State of New York Pers Income Tax)
Series 2008A
5.00%, 3/15/18		4,635		5,135,256


	Principal Amount (000)		U.S. $ Value
Series 2012A
5.00%, 12/15/21-12/15/22	$	3,965	$	4,703,334
Series 2014A
5.00%, 2/15/28		2,035		2,355,065
Series 2014C
5.00%, 3/15/29		3,000		3,448,500
New York State Dormitory Authority (State University of New York Dormitory Fees)
Series 2013A
5.00%, 7/01/21		1,000		1,172,770
Series 2015A
5.00%, 7/01/18		3,440		3,813,722
New York State Dormitory Authority (State University of New York)
Series 2012A
5.00%, 7/01/26		1,965		2,274,016
New York State Energy Research & Development Authority (New York State Electric & Gas Corp.)
NATL Series 2010C
0.513%, 4/01/34 (a)		3,225		3,027,672
New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority)
Series 2012D
5.00%, 6/15/20		1,745		2,037,549
New York State Thruway Authority (New York State Thruway Authority Ded Tax)
Series 2011A
5.00%, 4/01/23		1,590		1,848,168
Series 2012A
5.00%, 4/01/20		1,975		2,292,778
AMBAC Series 2005B
5.50%, 4/01/20		2,400		2,837,256
New York State Thruway Authority (State of New York Pers Income Tax)
Series 2010A
5.00%, 3/15/25		4,500		5,237,235
New York State Urban Development Corp. (State of New York Pers Income Tax)
Series 2013C
5.00%, 3/15/20		1,970		2,275,389
Port Authority of New York & New Jersey
Series 2013-178
5.00%, 12/01/23		2,515		2,930,755
Series 20131-80
5.00%, 6/01/21		2,500		2,947,600
Series 2014
5.00%, 9/01/28		3,615		4,109,171
Sales Tax Asset Receivable Corp.
Series 2014A
5.00%, 10/15/25		3,750		4,563,263
Schenectady County Capital Resource Corp. (Ellis Hospital)
Series 2012
1.75%, 2/15/18		890		882,684


	Principal Amount (000)		U.S. $ Value
Tobacco Settlement Financing Corp/NY (Tobacco Settlement Financing Corp/NY State Lease)
Series 2013B
5.00%, 6/01/20	$	9,650	$	10,064,853
Town of Hempstead NY
Series 2012
4.00%, 8/15/15		2,570		2,581,899
Triborough Bridge & Tunnel Authority
Series 2008C
5.00%, 11/15/16		5,000		5,297,850
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute)
Series 2010B
5.00%, 9/01/19-9/01/20		1,540		1,764,611

				210,574,701

Alabama - 0.3%
County of Jefferson AL Sewer Revenue
Series 2013D
5.00%, 10/01/22		1,000		1,099,800

Arizona - 0.7%
City of Phoenix Civic Improvement Corp. (City of Phoenix Civic Improvement-Airport)
Series 2010A
5.00%, 7/01/22		2,575		2,912,402

Colorado - 1.3%
City & County of Denver CO. Airport System Revenue (Denver Intl Airport)
Series 2011A
5.75%, 11/15/20		3,150		3,734,987
Plaza Metropolitan District No 1
Series 2013
5.00%, 12/01/22		600		653,328
Regional Transportation District (Denver Transit Partners LLC)
Series 2010
5.375%, 7/15/25		1,100		1,197,449

				5,585,764

District of Columbia - 0.6%
Metropolitan Washington Airports Authority
Series 2010B
5.00%, 10/01/21		2,100		2,398,179

Florida - 3.0%
Broward County School Board/FL COP
Series 2011A
5.00%, 7/01/18		3,500		3,882,445
Citizens Property Insurance Corp.
Series 2010A-1
5.00%, 6/01/16		1,155		1,200,784
Series 2012A-1
5.00%, 6/01/21		2,840		3,266,000


	Principal Amount (000)		U.S. $ Value
County of Lee FL Airport Revenue (Southwest Florida Intl Airport)
AGM Series 2010A
5.00%, 10/01/17	$	1,710	$	1,855,299
Florida State Hurricane Catastrophe Fund Finance Corp.
Series 2010A
5.00%, 7/01/16 (Pre-refunded/ETM)		1,885		1,969,674
State of Florida Lottery Revenue
Series 2010C
5.00%, 7/01/18		170		189,530

				12,363,732

Idaho - 0.2%
Idaho Health Facilities Authority (The Terraces at Boise)
Series 2014
5.25%, 10/01/20		660		662,033

Illinois - 2.2%
Illinois Finance Authority (Illinois Institute of Technology)
Series 2006A
5.00%, 4/01/18		475		486,300
State of Illinois
Series 2010
5.00%, 1/01/18		160		169,306
Series 2012
5.00%, 8/01/15		2,320		2,327,610
Series 2014
5.00%, 5/01/22		1,000		1,078,290
State of Illinois (State of Illinois Sales Tax)
Series 2010
5.00%, 6/15/20		1,685		1,931,111
Series 2013
4.00%, 6/15/16		2,915		3,009,038

				9,001,655

Michigan - 1.4%
Michigan Finance Authority (City of Detroit MI Sewage Disposal System Revenue)
AGM Series 2014C
5.00%, 7/01/26		5,055		5,726,961

New Jersey - 1.4%
New Jersey State Turnpike Authority
AGM Series 2005D-3
5.25%, 1/01/26		2,555		3,056,878
New Jersey Transit Corp.
Series 2014A
5.00%, 9/15/21		2,410		2,735,784

				5,792,662

Pennsylvania - 1.1%
Philadelphia Parking Authority (The) (Philadelphia Airport Parking)
Series 2009
5.25%, 9/01/23		200		230,294


	Principal Amount (000)		U.S. $ Value
Sports & Exhibition Authority of Pittsburgh and Allegheny County
AGM Series 2010
5.00%, 2/01/24	$	4,000	$	4,497,640

				4,727,934

Puerto Rico - 0.5%
Commonwealth of Puerto Rico
NATL Series 2001A
5.50%, 7/01/16		1,945		1,953,791

Washington - 0.6%
Port of Seattle WA
Series 2010C
5.00%, 2/01/21		2,300		2,644,908

Total Municipal Obligations (cost $257,912,182)				265,444,522


	Contracts
OPTIONS PURCHASED - CALLS - 0.1%
Options on Equity Indices - 0.1%
S&P 500 Index Expiration: Aug 2015, Exercise Price: $ 2,190.00 (b)(c)		14,941		38,950
S&P 500 Index Expiration: Sep 2015, Exercise Price: $ 2,135.00 (b)(c)		19,800		369,352

Total Options Purchased - Calls (premiums paid $871,553)				408,302


	Shares
INVESTMENT COMPANIES - 15.4%
Funds and Investment Trusts - 15.4%
iShares Core MSCI Emerging Markets ETF		196,444		9,437,170
SPDR S&P 500 ETF Trust		261,728		53,876,709

Total Investment Companies (cost $61,075,459)				63,313,879


	Principal Amount (000)
CORPORATES - INVESTMENT GRADE - 1.3%
Financial Institutions - 1.3%
Banking - 1.3%
Bank of America Corp.
1.50%, 10/09/15	$	2,626		2,632,027
JPMorgan Chase & Co.
1.35%, 2/15/17		2,645		2,647,309

Total Corporates - Investment Grade (cost $5,270,918)				5,279,336


Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS - 18.1%
Investment Companies - 17.4%
AB Fixed Income Shares, Inc.-Government STIF Portfolio, 0.10% (d)(e)
(cost $71,231,796)		71,231,796	$	71,231,796


	Principal Amount (000)
U.S. Treasury Bills - 0.7%
U.S. Treasury Bill
Zero Coupon, 9/03/15 (f) (cost $2,999,957)	$	3,000		2,999,957

Total Short-Term Investments (cost $74,231,753)				74,231,753

Total Investments - 99.5% (cost $399,361,865) (g)				408,677,792
Other assets less liabilities - 0.5% (h)				2,062,167

Net Assets - 100.0%			$	410,739,959

FUTURES


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2015		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Futures		95		September 2015	$	3,659,486	$	3,639,092	$	(20,394	)
FTSE 100 Index Futures		23		September 2015		2,406,884		2,346,850		(60,034	)
Hang Seng Index Futures		5		July 2015		879,272		845,121		(34,151	)
Russell 2000 Mini Futures		5		September 2015		622,801		625,200		2,399
S&P 500 E Mini Index Futures		15		September 2015		1,541,135		1,540,800		(335	)
S&P Mid 400 E Mini Futures		5		September 2015		754,295		749,050		(5,245	)
SPI 200 Futures		13		September 2015		1,383,184		1,353,318		(29,866	)
TOPIX Index Futures		103		September 2015		13,947,039		13,722,392		(224,647	)
Sold Contracts
U.S. Long Bond (CBT) Futures		4		September 2015		604,721		603,375		1,346
U.S. T-Note 5 Yr (CBT) Futures		67		September 2015		7,978,659		7,990,273		(11,614	)
U.S. T-Note 10 Yr (CBT) Futures		43		September 2015		5,416,593		5,425,391		(8,798	)
U.S. Ultra Bond (CBT) Futures		3		September 2015		460,214		462,188		(1,974	)

									$	(393,313	)

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	USD	589	EUR	519		8/13/15	$	(9,605	)
HSBC Bank USA	AUD	2,465	USD	1,961		8/13/15		63,468
Standard Chartered Bank	EUR	3,685	USD	4,185		8/13/15		74,297
Standard Chartered Bank	USD	492	GBP	323		8/13/15		15,188
Standard Chartered Bank	USD	3,769	JPY	450,038		8/13/15		(89,786	)
State Street Bank & Trust Co.	USD	1,910	CHF	1,738		8/13/15		(47,693	)
State Street Bank & Trust Co.	USD	548	EUR	483		8/13/15		(8,956	)
UBS AG	AUD	517	USD	397		8/13/15		(1,444	)
UBS AG	EUR	1,170	USD	1,310		8/13/15		4,466

							$	(65	)

INFLATION (CPI) SWAPS


					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund			Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	$	10,000		10/23/17		1.658	%		CPI	#	$	(179,244	)
Barclays Bank PLC		6,000		10/23/19		1.873	%		CPI	#		(126,704	)
Barclays Bank PLC		4,000		10/23/26		2.310	%		CPI	#		(141,488	)
Barclays Bank PLC		1,000		10/23/29		2.388	%		CPI	#		(43,382	)
Citibank		5,000		10/23/21		2.039	%		CPI	#		(129,047	)
Goldman Sachs International		7,000		10/23/24		2.245	%		CPI	#		(236,522	)

											$	(856,387	)

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

TOTAL RETURN SWAPS


Counterparty & Referenced Obligation	# of Shares or Units		Rate Paid/ Received	Notional Amount (000)		Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation
Citibank
MSCI Daily TR Net EAFE Index		2,412	LIBOR Plus 0.27%	$	12,781		5/16/16	$	(397,016	)
Goldman Sachs International
Russell 2000 Total Return Index		335	LIBOR Minus 0.55%		1,961		3/15/16		35,105
Standard and Poor’s Midcap 400 Index		93	LIBOR Plus 0.07%		199		3/15/16		(535	)
Standard and Poor’s Midcap 400 Index		1,156	LIBOR Plus 0.09%		2,467		4/15/16		(3,057	)

								$	(365,503	)

(a)

(b)

Non-income producing security.

(c)

One contract relates to 1 share.

(d)

To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(e)

Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(f)

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

(g)

As of June 30, 2015, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $10,770,313 and gross unrealized depreciation of investments was $(1,454,386), resulting in net unrealized appreciation of $9,315,927.

(h)

An amount of U.S.$1,550,960 has been segregated to collateralize margin requirements for the open futures contracts at June 30, 2015.

Currency Abbreviation:


AUD	-	Australian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
JPY	-	Japanese Yen
USD	-	United States Dollar
Glossary:
AGM	-	Assured Guaranty Municipal
AMBAC	-	Ambac Assurance Corporation
CBT	-	Chicago Board of Trade
COP	-	Certificate of Participation
CPI	-	Consumer Price Index
EAFE	-	Europe, Australia, and Far East
ETF	-	Exchange Traded Fund
ETM	-	Escrowed to Maturity
FTSE	-	Financial Times Stock Exchange
LIBOR	-	London Interbank Offered Rates
MSCI	-	Morgan Stanley Capital International
NATL	-	National Interstate Corporation
SPDR	-	Standard & Poor’s Depository Receipt
SPI	-	Share Price Index
TOPIX	-	Tokyo Price Index

Sanford C. Bernstein Fund, Inc.

Tax-Aware Overlay N Portfolio

June 30, 2015 (unaudited)

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2015:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

261,094,909

4,349,613

265,444,522

Options Purchased - Calls

– 0

–

408,302

– 0

–

408,302

Investment Companies

63,313,879

– 0

–

– 0

–

63,313,879

Corporates - Investment Grade

– 0

–

5,279,336

– 0

–

5,279,336

Short-Term Investments:

Investment Companies

71,231,796

– 0

–

– 0

–

71,231,796

U.S. Treasury Bills

– 0

–

2,999,957

– 0

–

2,999,957

Total Investments in Securities

134,545,675

269,782,504

4,349,613

408,677,792

Other Financial Instruments* :

Assets:

Futures

3,745

– 0

–

– 0

–

3,745

Forward Currency Exchange Contracts

– 0

–

157,419

– 0

–

157,419

Total Return Swaps

– 0

–

35,105

– 0

–

35,105

Liabilities:

Futures

(27,966

)

(369,092

)

– 0

–

(397,058

)

Forward Currency Exchange Contracts

– 0

–

(157,484

)

– 0

–

(157,484

)

Inflation (CPI) Swaps

– 0

–

(856,387

)

– 0

–

(856,387

)

Total Return Swaps

– 0

–

(400,608

)

– 0

–

(400,608

)

Total+

134,521,454

268,191,457

4,349,613

407,062,524

*	Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument.

+	There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.


	Long-Term Municipal Bonds			Total
Balance as of 9/30/14	$	5,280,423		$	5,280,423
Accrued discounts/(premiums)		(38,078	)		(38,078	)
Realized gain (loss)		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		(6,942	)		(6,942	)
Purchases		3,069,210			3,069,210
Sales		(3,955,000	)		(3,955,000	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 6/30/15	$	4,349,613		$	4,349,613

Net change in unrealized appreciation/depreciation investments held as of 6/30/15	$	(6,662	)	$	(6,662	)

As of June 30, 2015, all Level 3 securities were priced by third party vendors or using prior transaction prices, which approximates fair value.

ITEM 2.

CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3.

EXHIBITS.

The following exhibits are attached to this Form N-Q:


EXHIBIT NO.		DESCRIPTION OF EXHIBIT

3 (a) (1)		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

3 (a) (2)		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Sanford C. Bernstein Fund, Inc.


By:		/s/ *Seth J. Masters*
		Seth J. Masters
		President

Date:		August 21, 2015

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/ *Seth J. Masters*
		Seth J. Masters
		President

Date:		August 21, 2015


By:		/s/ *Joseph J. Mantineo*
		Joseph J. Mantineo
		Treasurer and Chief Financial Officer

Date:		August 21, 2015

Dates Referenced Herein

This ‘N-Q’ Filing	Date	Other Filings

	9/30/15	None on these Dates
Filed on / Effective on:	8/28/15
	8/21/15
For Period End:	6/30/15
		List all Filings

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Filing Submission 0001193125-15-306250 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Bernstein Sanford C Fund Inc – ‘N-Q’ for 6/30/15

On: Friday, 8/28/15, at 12:22pm ET · Effective: 8/28/15 · For: 6/30/15 · Accession #: 1193125-15-306250 · File #: 811-05555

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Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-QFiling Table of Contents

N-Q — Sanford C. Bernstein Fund, Inc.

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Dates Referenced Herein

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-Q
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