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Bernstein Sanford C Fund Inc – ‘N-Q’ for 6/30/14

On: Wednesday, 8/27/14, at 5:29pm ET · Effective: 8/27/14 · For: 6/30/14 · Accession #: 1193125-14-323858 · File #: 811-05555

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

 8/27/14  Bernstein Sanford C Fund Inc      N-Q         6/30/14    2:8.8M                                   RR Donnelley/FA
          → California Municipal Portfolio ⇒ 4 Classes/Contracts
          → Diversified Municipal Portfolio ⇒ 4 Classes/Contracts
          → Emerging Markets Portfolio ⇒ SNEMX
          → Intermediate Duration Portfolio ⇒ SNIDX
          → International Portfolio ⇒ 5 Classes/Contracts
          → New York Municipal Portfolio ⇒ 4 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   6.03M 
 2: EX-99.CERT  Certifications                                      HTML     15K

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, 2014

Date of reporting period: June 30, 2014

ITEM 1.

SCHEDULE OF INVESTMENTS.

Sanford C. Bernstein Fund, Inc. - Tax-Managed International Portfolio

Portfolio of Investments

June 30, 2014 (unaudited)


Company	Shares		U.S. $ Value
COMMON STOCKS - 95.9%
Financials - 21.6%
Banks - 7.5%
Aozora Bank Ltd.		1,914,000	$	6,292,843
Banca Popolare di Milano Scarl (a)		856,150		766,483
Bank Hapoalim BM		2,341,940		13,527,001
Bank of Georgia Holdings PLC		29,290		1,177,861
Bank of Montreal		107,900		7,946,003
Bank of Queensland Ltd.		58,845		676,255
Chiba Bank Ltd. (The)		155,000		1,094,751
Danske Bank A/S		1,260,550		35,633,847
DGB Financial Group, Inc.		64,470		965,466
Hang Seng Bank Ltd.		1,152,200		18,859,411
KBC Groep NV (a)		369,750		20,114,811
Liberbank SA (a)		799,210		764,622
Lloyds Banking Group PLC (a)		26,607,745		33,820,361
Mitsubishi UFJ Financial Group, Inc.		4,723,900		28,998,672
Resona Holdings, Inc.		3,347,900		19,509,331
Royal Bank of Scotland Group PLC (a)		10,985		61,739
Seven Bank Ltd.		1,943,000		7,945,234
Societe Generale SA		675,700		35,435,508
SpareBank 1 SR Bank ASA		155,540		1,515,119
Sumitomo Mitsui Financial Group, Inc.		268,100		11,248,641
Toronto-Dominion Bank (The)		237,470		12,224,570
UniCredit SpA		4,829,730		40,383,169
Unione di Banche Italiane SCpA		55,560		480,098
Westpac Banking Corp.		131,671		4,211,643

				303,653,439

Capital Markets - 2.2%
3i Group PLC		163,740		1,125,302
Daiwa Securities Group, Inc.		2,917,000		25,273,681
Deutsche Bank AG (REG)		666,025		23,407,432
GAM Holding AG (a)		61,190		1,164,638
UBS AG (REG) (a)		2,169,217		39,771,507

				90,742,560

Consumer Finance - 0.1%
Aeon Thana Sinsap Thailand PCL		189,600		592,956
Credito Real SAB de CV		261,610		585,792
International Personal Finance PLC		84,910		852,781

				2,031,529

Diversified Financial Services - 1.6%
Cerved Information Solutions SpA (a)		1,824,690		12,342,830
Chailease Holding Co., Ltd.		369,600		929,612
Challenger Ltd./Australia		361,450		2,535,449
IG Group Holdings PLC		1,079,221		10,842,101
ORIX Corp.		2,407,800		39,923,226

				66,573,218

Insurance - 5.8%
Admiral Group PLC		2,192,556		58,095,438
AIA Group Ltd.		7,606,200		38,267,267
Anadolu Hayat Emeklilik AS		287,471		647,103
BB Seguridade Participacoes SA		343,800		5,047,691


Company	Shares		U.S. $ Value
Direct Line Insurance Group PLC		248,990	$	1,149,054
Gjensidige Forsikring ASA		547,490		9,818,287
Lancashire Holdings Ltd.		1,504,010		16,833,714
Muenchener Rueckversicherungs AG		142,360		31,525,379
Prudential PLC		1,631,300		37,375,452
Storebrand ASA (a)		112,700		634,043
Suncorp Group Ltd.		626,810		8,004,277
Topdanmark A/S (a)		435,130		13,241,651
Tryg A/S		125,140		12,643,786

				233,283,142

Real Estate Investment Trusts (REITs) - 0.1%
Allied Properties Real Estate Investment Trust		22,170		734,464
Concentradora Fibra Hotelera Mexicana SA de CV		379,280		686,729
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		538,400		677,584
Granite Real Estate Investment Trust (Toronto)		40,610		1,503,299
Vastned Retail NV		19,650		1,000,991

				4,603,067

Real Estate Management & Development - 4.3%
Aeon Mall Co., Ltd.		481,000		12,682,474
CIFI Holdings Group Co., Ltd.		4,634,000		854,967
Country Garden Holdings Co., Ltd.		26,016,000		10,267,546
Countrywide PLC		117,835		1,037,555
Daito Trust Construction Co., Ltd.		368,300		43,308,045
GAGFAH SA (a)		60,200		1,094,960
Global Logistic Properties Ltd.		21,417,000		46,415,752
Hang Lung Group Ltd.		696,200		3,768,841
Hang Lung Properties Ltd.		6,200,000		19,119,759
KWG Property Holding Ltd.		1,281,000		735,458
Lend Lease Group		2,107,220		26,050,434
Mitsubishi Estate Co., Ltd.		309,000		7,634,000
Quintain Estates & Development PLC (a)		664,420		1,006,323
UOL Group Ltd.		216,752		1,134,572
Wing Tai Holdings Ltd.		479,000		757,185

				175,867,871

				876,754,826

Consumer Discretionary - 18.9%
Auto Components - 2.0%
Cie Generale des Etablissements Michelin-Class B		206,519		24,658,827
Halla Visteon Climate Control Corp.		25,330		1,147,196
Linamar Corp.		21,010		1,239,473
Plastic Omnium SA		369,860		11,601,004
Sumitomo Rubber Industries Ltd.		70,700		1,021,863
TS Tech Co., Ltd.		44,800		1,305,291
Valeo SA		314,660		42,219,372

				83,193,026

Automobiles - 3.5%
Great Wall Motor Co., Ltd.-Class H		2,822,500		10,495,879
Honda Motor Co., Ltd.		913,900		31,890,308
Nissan Motor Co., Ltd.		1,745,800		16,531,770
Toyota Motor Corp.		967,800		57,944,715


Company	Shares		U.S. $ Value
Volkswagen AG (Preference Shares)		92,480	$	24,222,052

				141,084,724

Distributors - 0.2%
Inchcape PLC		775,180		8,409,140

Diversified Consumer Services - 1.6%
Estacio Participacoes SA		2,686,400		35,563,340
G8 Education Ltd.		190,960		828,224
Kroton Educacional SA		933,600		26,180,519
TAL Education Group (ADR) (a)		55,300		1,520,750

				64,092,833

Hotels, Restaurants & Leisure - 3.5%
Flight Centre Travel Group Ltd.		22,490		942,417
Galaxy Entertainment Group Ltd.		503,000		4,007,247
Jollibee Foods Corp.		185,170		746,721
Melco Crown Entertainment Ltd. (ADR)		698,468		24,942,292
Melco International Development Ltd.		78,000		236,308
Merlin Entertainments PLC (a)(b)		1,900,074		11,647,898
Sodexo		436,338		46,949,617
Tatts Group Ltd.		2,007,260		6,188,614
Whitbread PLC		307,093		23,167,258
William Hill PLC		2,479,025		13,918,601
Yum! Brands, Inc.		98,470		7,995,764

				140,742,737

Household Durables - 0.1%
Berkeley Group Holdings PLC		24,740		1,022,555
Nexity SA		17,950		825,029
Rinnai Corp.		9,800		946,093
Taylor Wimpey PLC		512,170		998,243
Techtronic Industries Co.		250,000		801,423

				4,593,343

Internet & Catalog Retail - 0.3%
Just Eat PLC (a)		2,477,341		10,811,288
Qunar Cayman Islands Ltd. (ADR) (a)		31,825		908,604
Stabilus SA (a)		15,558		530,459

				12,250,351

Leisure Products - 0.0%
Merida Industry Co., Ltd.		132,000		875,315

Media - 2.4%
British Sky Broadcasting Group PLC		403,300		6,239,476
Cineplex, Inc.		109,860		4,267,557
Havas SA		161,550		1,327,076
Liberty Global PLC-Series C (a)		694,740		29,394,449
Mediaset Espana Comunicacion SA (a)		70,610		824,010
Metropole Television SA		54,060		1,098,152
Reed Elsevier PLC		969,490		15,579,603
SKY Perfect JSAT Holdings, Inc.		1,043,700		6,120,095
Thomson Reuters Corp.		425,460		15,490,484
Wolters Kluwer NV		520,290		15,411,740

				95,752,642


Company	Shares		U.S. $ Value
Multiline Retail - 0.8%
Canadian Tire Corp., Ltd.-Class A		59,010	$	5,661,266
Debenhams PLC		1,171,330		1,371,721
Dollarama, Inc.		16,010		1,318,100
Harvey Norman Holdings Ltd.		518,400		1,515,307
Next PLC		213,300		23,612,971

				33,479,365

Specialty Retail - 1.7%
Fielmann AG		18,900		2,724,948
JUMBO SA (a)		79,969		1,309,639
Matas A/S (a)		74,750		2,120,759
Mr. Price Group Ltd.		126,530		2,151,309
Shimamura Co., Ltd.		127,200		12,520,750
Sports Direct International PLC (a)		2,525,281		30,515,406
United Arrows Ltd.		17,700		713,594
WH Smith PLC		57,020		1,043,398
World Duty Free SpA (a)		74,950		912,641
Yamada Denki Co., Ltd.		4,212,300		15,015,769

				69,028,213

Textiles, Apparel & Luxury Goods - 2.8%
Brunello Cucinelli SpA		29,790		676,278
Cie Financiere Richemont SA		457,699		47,961,921
Eclat Textile Co., Ltd.		140,040		1,696,720
Hugo Boss AG		117,002		17,470,666
Li & Fung Ltd.		21,696,000		32,192,081
Samsonite International SA		4,709,300		15,523,735

				115,521,401

				769,023,090

Industrials - 13.4%
Aerospace & Defense - 2.3%
Airbus Group NV		736,023		49,348,871
BAE Systems PLC		531,490		3,936,603
FACC AG (a)		40,060		521,115
MTU Aero Engines AG		15,970		1,466,649
QinetiQ Group PLC		1,266,680		4,480,849
Saab AB-Class B		49,060		1,506,804
Safran SA		391,970		25,660,203
Senior PLC		321,380		1,556,585
Zodiac Aerospace		96,740		3,275,364

				91,753,043

Air Freight & Logistics - 0.0%
CTT-Correios de Portugal SA		51,460		511,570

Airlines - 0.3%
Air New Zealand Ltd.		470,830		857,289
Qantas Airways Ltd. (a)		10,322,822		12,279,609
Turk Hava Yollari		217,550		667,080

				13,803,978

Building Products - 0.0%
Kingspan Group PLC		87,120		1,464,468


Company	Shares		U.S. $ Value
Commercial Services & Supplies - 1.7%
Babcock International Group PLC		2,199,366	$	43,716,576
Edenred		703,852		21,343,567
Loomis AB-Class B		37,810		1,161,532
Rentokil Initial PLC		793,680		1,512,090

				67,733,765

Construction & Engineering - 0.1%
China State Construction International Holdings Ltd.		646,000		1,134,642
Grana y Montero SAA		121,680		434,804
Grana y Montero SAA (ADR)		10,591		191,061
Sino-Thai Engineering & Construction PCL		1,186,190		833,312

				2,593,819

Electrical Equipment - 0.7%
Sumitomo Electric Industries Ltd.		1,969,500		27,725,560

Industrial Conglomerates - 0.4%
Hutchison Whampoa Ltd.		1,307,000		17,858,404

Machinery - 0.4%
DMG MORI SEIKI AG		23,730		824,763
IHI Corp.		297,000		1,384,442
JTEKT Corp.		73,500		1,240,156
KION Group AG		19,810		857,768
Krones AG		12,160		1,204,659
KUKA AG		42,170		2,550,065
Melrose Industries PLC		204,538		910,174
Morgan Advanced Materials PLC		279,430		1,550,856
Nabtesco Corp.		61,800		1,367,695
Nachi-Fujikoshi Corp.		173,000		1,219,624
Pfeiffer Vacuum Technology AG		7,330		807,488
Vesuvius PLC		136,240		1,068,236

				14,985,926

Marine - 1.3%
AP Moeller - Maersk A/S-Class B		12,727		31,642,932
Nippon Yusen KK		7,139,000		20,593,005
Pacific Basin Shipping Ltd.		1,522,000		946,383

				53,182,320

Metals & Mining - 0.0%
NV Bekaert SA		27,870		1,041,463

Professional Services - 4.9%
Applus Services SA (a)		934,032		19,312,451
Bureau Veritas SA		1,786,107		49,606,357
Capita PLC		3,217,597		63,036,828
Intertek Group PLC		1,134,630		53,347,459
SGS SA		4,068		9,734,411
Teleperformance		86,070		5,272,806

				200,310,312

Road & Rail - 0.9%
Central Japan Railway Co.		155,200		22,154,507
East Japan Railway Co.		54,600		4,302,048
Localiza Rent a Car SA		34,545		569,731
National Express Group PLC		216,072		967,674


Company	Shares		U.S. $ Value
Nippon Express Co., Ltd.		1,452,000	$	7,042,576

				35,036,536

Trading Companies & Distributors - 0.4%
Barloworld Ltd.		84,690		806,275
Mitsubishi Corp.		716,300		14,909,359
Ramirent Oyj		69,210		773,651
Rexel SA		45,160		1,056,186

				17,545,471

				545,546,635

Consumer Staples - 10.4%
Beverages - 2.3%
Anheuser-Busch InBev NV		101,280		11,637,099
Asahi Group Holdings Ltd.		261,300		8,205,581
Britvic PLC		614,090		7,645,090
Carlsberg A/S-Class B		104,030		11,204,422
Cott Corp.		179,070		1,265,346
Diageo PLC		1,219,680		38,845,673
SABMiller PLC (London)		221,540		12,839,345

				91,642,556

Food & Staples Retailing - 2.4%
Alimentation Couche Tard, Inc.-Class B		399,720		10,949,642
Axfood AB		41,710		2,265,426
Clicks Group Ltd.		107,350		640,971
Eurocash SA		33,190		439,940
FamilyMart Co., Ltd.		26,400		1,138,178
Jean Coutu Group PJC, Inc. (The)-Class A		198,240		4,209,848
Jeronimo Martins SGPS SA		1,027,937		16,900,858
Koninklijke Ahold NV		1,367,474		25,641,622
Lenta Ltd. (GDR) (a)(b)		298,880		3,855,552
MARR SpA		58,680		1,095,806
Metro, Inc.		16,280		1,006,505
Olam International Ltd.		8,355,273		17,291,234
Sugi Holdings Co., Ltd.		90,400		4,124,922
Tsuruha Holdings, Inc.		113,000		6,235,722

				95,796,226

Food Products - 0.2%
Calbee, Inc.		38,200		1,052,775
Mayora Indah Tbk PT		303,500		753,217
Unilever PLC		115,200		5,221,955
Wei Chuan Foods Corp.		506,000		764,233

				7,792,180

Household Products - 1.4%
Henkel AG & Co. KGaA		289,047		29,068,206
LG Household & Health Care Ltd.		31,780		14,305,909
Pigeon Corp.		20,300		1,070,819
Reckitt Benckiser Group PLC		134,050		11,688,510

				56,133,444

Personal Products - 0.2%
Cosmax, Inc. (a)		8,030		755,541


Company	Shares		U.S. $ Value
Kao Corp.		207,100	$	8,156,375

				8,911,916

Tobacco - 3.9%
British American Tobacco PLC		1,129,690		67,219,092
Imperial Tobacco Group PLC		554,650		24,952,610
Japan Tobacco, Inc.		1,857,200		67,717,430

				159,889,132

				420,165,454

Health Care - 8.3%
Biotechnology - 1.1%
Actelion Ltd. (REG)		270,440		34,229,495
Basilea Pharmaceutica (a)		12,700		1,479,846
CSL Ltd.		113,150		7,102,758
Grifols SA (ADR)		29,856		1,315,157
Medy-Tox, Inc.		8,180		1,111,211
Taiwan Liposome Co., Ltd. (a)		106,000		1,096,416

				46,334,883

Health Care Equipment & Supplies - 0.1%
Draegerwerk AG & Co. KGaA (Preference Shares)		9,350		1,004,944
Ginko International Co., Ltd.		67,000		1,160,334
Sorin SpA (a)		347,720		1,020,427

				3,185,705

Health Care Providers & Services - 0.8%
Alfresa Holdings Corp.		75,900		4,893,481
Shanghai Pharmaceuticals Holding Co., Ltd.-Class H		488,700		1,016,443
Sonic Healthcare Ltd.		951,320		15,561,850
Suzuken Co., Ltd./Aichi Japan		232,100		8,645,942

				30,117,716

Life Sciences Tools & Services - 1.4%
Eurofins Scientific SE		184,024		56,604,065
Horizon Discovery Group PLC (a)		192,580		589,951

				57,194,016

Pharmaceuticals - 4.9%
Almirall SA (a)		32,960		534,567
Astellas Pharma, Inc.		999,000		13,137,413
AstraZeneca PLC		58,080		4,321,014
GlaxoSmithKline PLC		1,906,430		50,759,041
Kalbe Farma Tbk PT		9,525,000		1,333,380
Novartis AG		641,170		58,063,298
Novo Nordisk A/S-Class B		250,075		11,541,700
Richter Gedeon Nyrt		53,680		1,029,599
Roche Holding AG		196,930		58,676,634

				199,396,646

				336,228,966


Company	Shares		U.S. $ Value
Materials - 6.6%
Chemicals - 4.7%
Air Water, Inc.		45,000	$	720,315
Arkema SA		207,160		20,128,981
Chr Hansen Holding A/S		199,230		8,390,160
Denki Kagaku Kogyo KK		3,022,000		11,611,074
EMS-Chemie Holding AG (REG)		19,790		7,897,112
Essentra PLC		3,235,558		42,248,325
Fuchs Petrolub SE (Preference Shares)		25,680		1,158,718
Givaudan SA (a)		9,250		15,409,819
Green Seal Holding Ltd. (a)		114,000		818,049
Hyosung Corp.		23,850		1,593,930
IMCD Group NV (a)		117,957		3,666,471
JSR Corp.		1,352,400		23,218,029
Kansai Paint Co., Ltd.		94,000		1,571,143
Koninklijke DSM NV		386,143		28,100,529
Lanxess AG		14,540		980,709
Nippon Shokubai Co., Ltd.		1,171,000		15,739,921
Potash Corp. of Saskatchewan, Inc.		205,490		7,800,400

				191,053,685

Construction Materials - 0.1%
Buzzi Unicem SpA		56,530		950,566
Cementos Pacasmayo SAA		287,930		486,657
Cemex Latam Holdings SA (a)		78,840		772,653
China National Building Material Co., Ltd.-Class H		690,000		608,438
CSR Ltd.		219,890		723,856

				3,542,170

Containers & Packaging - 0.0%
Smurfit Kappa Group PLC		42,080		963,126

Metals & Mining - 1.4%
BlueScope Steel Ltd. (a)		193,246		989,761
Dowa Holdings Co., Ltd.		1,467,000		13,835,870
Mitsubishi Materials Corp.		347,000		1,217,354
MMC Norilsk Nickel OJSC (ADR)		640,870		12,695,635
Rio Tinto PLC		475,260		25,661,301
Ternium SA (Sponsored ADR)		22,830		637,642

				55,037,563

Paper & Forest Products - 0.4%
Mondi PLC		993,250		18,032,345

				268,628,889

Telecommunication Services - 6.3%
Diversified Telecommunication Services - 4.8%
Bezeq The Israeli Telecommunication Corp., Ltd.		5,197,097		9,726,824
Deutsche Telekom AG		600,950		10,540,070
Hellenic Telecommunications Organization SA (a)		63,740		941,419
Nippon Telegraph & Telephone Corp.		434,700		27,093,907
Orange SA		2,314,970		36,628,176
Singapore Telecommunications Ltd.		2,576,000		7,957,551
Swisscom AG		34,910		20,278,392
TDC A/S		582,170		6,022,197
Telenor ASA		913,940		20,808,993
Telstra Corp., Ltd.		3,851,220		18,920,128


Company	Shares		U.S. $ Value
TELUS Corp.		167,180	$	6,230,963
Vivendi SA		788,752		19,301,983
Ziggo NV		252,780		11,690,189

				196,140,792

Wireless Telecommunication Services - 1.5%
China Mobile Ltd.		1,161,500		11,281,345
StarHub Ltd.		1,056,000		3,534,428
Vodafone Group PLC		13,499,863		45,120,299

				59,936,072

				256,076,864

Information Technology - 5.6%
Communications Equipment - 0.0%
Pace PLC		176,520		1,072,120

Electronic Equipment, Instruments & Components - 0.0%
Ju Teng International Holdings Ltd.		1,002,000		719,221
Largan Precision Co., Ltd.		4,000		319,113

				1,038,334

Internet Software & Services - 0.8%
Baidu, Inc. (Sponsored ADR) (a)		22,350		4,175,203
Telecity Group PLC		2,289,120		29,524,284

				33,699,487

IT Services - 1.5%
Alten SA		27,570		1,309,949
Amadeus IT Holding SA-Class A		509,740		21,013,155
Computacenter PLC		89,993		922,544
DH Corp.		106,300		3,093,215
Fujitsu Ltd.		2,356,000		17,653,133
Itochu Techno-Solutions Corp.		32,600		1,417,096
Obic Co., Ltd.		391,400		12,908,384
Wirecard AG		22,430		967,357

				59,284,833

Semiconductors & Semiconductor Equipment - 1.5%
Advanced Semiconductor Engineering, Inc.		3,608,000		4,675,258
ASM International NV		22,920		949,968
Hermes Microvision, Inc.		25,000		992,737
Kinsus Interconnect Technology Corp.		293,000		1,316,850
Novatek Microelectronics Corp.		2,772,000		13,633,355
Samsung Electronics Co., Ltd.		5,170		6,751,754
Samsung Electronics Co., Ltd. (GDR) (b)		4,200		2,193,463
Samsung Electronics Co., Ltd. (GDR) (London) (b)		10,190		6,578,139
Sumco Corp.		1,423,000		13,043,046
Tokyo Electron Ltd.		165,600		11,286,354

				61,420,924

Software - 0.8%
Capcom Co., Ltd.		62,600		1,061,393
Constellation Software, Inc./Canada		15,330		3,907,171
Dassault Systemes		29,840		3,836,856
GameLoft SE (a)		98,810		912,118
Open Text Corp.		80,750		3,874,608


Company	Shares		U.S. $ Value
Oracle Corp. Japan		194,200	$	8,494,835
SAP AG		121,981		9,399,209
SDL PLC (a)		138,130		809,064
UBISOFT Entertainment (a)		63,570		1,170,233

				33,465,487

Technology Hardware, Storage & Peripherals - 1.0%
Asustek Computer, Inc.		1,180,000		13,187,600
Casetek Holdings Ltd.		181,000		1,063,807
Catcher Technology Co., Ltd.		2,539,000		23,694,748

				37,946,155

				227,927,340

Energy - 3.2%
Energy Equipment & Services - 0.5%
Aker Solutions ASA		981,470		17,034,474
Deep Sea Supply PLC (a)		299,654		485,651
Deep Sea Supply PLC (a)		30,746		48,622
Pason Systems, Inc.		138,750		3,900,942

				21,469,689

Oil, Gas & Consumable Fuels - 2.7%
Africa Oil Corp. (a)		66,950		465,282
BG Group PLC		1,474,424		31,112,346
Gaztransport Et Technigaz SA		17,051		1,111,595
Gran Tierra Energy, Inc. (a)		78,660		639,129
JX Holdings, Inc.		8,785,600		47,013,709
KrisEnergy Ltd. (a)		919,000		596,948
Ophir Energy PLC (a)		117,860		444,357
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		114,219		4,716,112
Statoil ASA		775,380		23,834,292

				109,933,770

				131,403,459

Utilities - 1.2%
Electric Utilities - 0.7%
EDP - Energias de Portugal SA		3,167,650		15,894,026
Power Assets Holdings Ltd.		1,446,000		12,684,767

				28,578,793

Gas Utilities - 0.0%
ENN Energy Holdings Ltd.		118,000		847,324

Independent Power Producers & Energy Traders - 0.5%
APR Energy PLC		1,420,187		15,762,754
Electric Power Development Co., Ltd.		37,000		1,200,674
Huadian Fuxin Energy Corp., Ltd.-Class H		2,288,000		1,195,953

				18,159,381

Water Utilities - 0.0%
Pennon Group PLC		78,390		1,053,659

				48,639,157


Company	Shares		U.S. $ Value
Funds and Investment Trusts - 0.4%
Funds and Investment Trusts - 0.4%
B&M European Value Retail SA (a)		3,459,291	$	16,280,632

Total Common Stocks (cost $3,202,678,109)				3,896,675,312

WARRANTS - 1.8%
Financials - 1.0%
Banks - 0.0%
FBN Holdings PLC, Merrill Lynch Intl & Co., expiring 1/20/16 (a)		7,126,540		682,466

Consumer Finance - 0.3%
Muthoot Finance Ltd., Merrill Lynch Intl & Co., expiring 5/22/18 (a)		2,081,596		6,565,980
Shriram Transport Finance Co., Ltd., Merrill Lynch Intl & Co., expiring 1/22/15 (a)(b)		356,450		5,360,849

				11,926,829

Real Estate Management & Development - 0.1%
Emaar Properties PJSC, Merrill Lynch Intl & Co., expiring 10/01/15 (a)		2,717,076		6,221,746

Thrifts & Mortgage Finance - 0.6%
Housing Development Finance Corp., Deutsche Bank AG London, expiring 10/30/17 (a)(b)		1,395,910		23,030,364

				41,861,405

Information Technology - 0.5%
IT Services - 0.2%
Tata Consultancy Services Ltd., Merrill Lynch Intl & Co., expiring 12/14/15 (a)		95,710		3,856,533
Tata Consultancy Services Ltd., Merrill Lynch Intl & Co., expiring 1/08/19 (a)		105,358		4,235,639

				8,092,172

Semiconductors & Semiconductor Equipment - 0.3%
SK Hynix, Inc. Citigroup Global Markets, expiring 1/20/15 (a)(b)		213,020		10,224,539

				18,316,711

Health Care - 0.2%
Pharmaceuticals - 0.2%
Lupin Ltd., Merrill Lynch Intl & Co., expiring 12/19/18 (a)		7,230		126,442
Lupin Ltd., Merrill Lynch Intl & Co., expiring 10/20/14 (a)(b)		47,390		827,638
Sun Pharmaceutical Industries Ltd., Merrill Lynch Intl & Co., expiring 7/27/18 (a)		541,600		6,201,183

				7,155,263


Company	Shares		U.S. $ Value
Consumer Discretionary - 0.1%
Auto Components - 0.0%
Motherson, JPMorgan Chase Bank, NA, expiring 10/26/18 (a)		168,770	$	910,675

Automobiles - 0.1%
Tata Motors Ltd., Merrill Lynch Intl & Co., expiring 8/31/18 (a)		954,760		4,686,743

				5,597,418

Industrials - 0.0%
Transportation Infrastructure - 0.0%
Adani Ports and Special Economic Zone Ltd., Merrill Lynch Intl & Co., expiring 11/07/18 (a)		254,270		1,033,045

Utilities - 0.0%
Multi-Utilities - 0.0%
Qatar Electricity & Water Co., Credit Suisse International, expiring 8/24/15 (a)(b)		14,990		711,888

Total Warrants (cost $56,358,325)				74,675,730


	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.4%
Repurchase Agreements - 0.4%
State Street Bank & Trust Co. 0.00%, dated 6/30/14 due 7/01/14 in the amount of $14,672,990 (collateralized by $15,080,000 U.S Treasury Note, 1.25% due 11/30/18, value $14,966,900 (cost $14,672,990)	$	14,673		14,672,990

Total Investments - 98.1% (cost $3,273,709,424) (c)				3,986,024,032
Other assets less liabilities - 1.9%				76,623,235

Net Assets - 100.0%			$	4,062,647,267

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, N.A.	USD	64,913	NOK	389,632		7/15/14	$	(1,422,015	)
Barclays Bank PLC	CHF	109,799	USD	124,278		7/15/14		449,833
Barclays Bank PLC	USD	16,207	JPY	1,654,649		7/15/14		127,967
BNP Paribas SA	USD	119,794	AUD	129,803		7/15/14		2,490,360
BNP Paribas SA	USD	222,132	GBP	131,357		7/15/14		2,649,302
BNP Paribas SA	USD	15,052	SEK	100,483		7/15/14		(15,011	)
Credit Suisse International	GBP	186,622	USD	311,138		7/15/14		(8,214,908	)
Credit Suisse International	NOK	368,230	USD	59,828		7/15/14		(175,340	)
Credit Suisse International	RUB	474,095	USD	13,051		7/15/14		(863,663	)
Credit Suisse International	USD	74,144	NOK	445,340		7/15/14		(1,574,846	)
Credit Suisse International	USD	13,577	RUB	474,095		7/15/14		338,179
Credit Suisse International	USD	56,854	NZD	65,526		10/15/14		(49,602	)
Goldman Sachs Capital Markets LP	BRL	118,771	USD	53,926		7/02/14		170,844


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Goldman Sachs Capital Markets LP	BRL	46,243	USD	20,480		7/02/14	$	(449,542	)
Goldman Sachs Capital Markets LP	USD	53,694	BRL	118,771		7/02/14		60,754
Goldman Sachs Capital Markets LP	USD	20,996	BRL	46,243		7/02/14		(66,517	)
Goldman Sachs Capital Markets LP	CAD	40,501	USD	36,947		7/15/14		(996,683	)
Goldman Sachs Capital Markets LP	BRL	118,771	USD	53,203		8/04/14		(48,901	)
Goldman Sachs Capital Markets LP	JPY	42,541,267	USD	419,070		10/15/14		(1,188,584	)
HSBC Bank USA	HKD	108,609	USD	14,010		7/15/14		(847	)
Morgan Stanley & Co., Inc.	USD	204,209	CHF	182,603		7/15/14		1,725,080
Morgan Stanley & Co., Inc.	USD	46,529	NZD	54,546		7/15/14		1,172,781
Morgan Stanley & Co., Inc.	USD	169,508	SEK	1,102,598		7/15/14		(4,512,384	)
Northern Trust Co.	USD	185,534	EUR	134,453		7/15/14		(1,418,849	)
Royal Bank of Scotland PLC	BRL	72,528	USD	32,072		7/02/14		(753,358	)
Royal Bank of Scotland PLC	USD	32,930	BRL	72,528		7/02/14		(104,326	)
Royal Bank of Scotland PLC	CHF	9,502	USD	10,601		7/15/14		(115,184	)
Royal Bank of Scotland PLC	JPY	4,267,413	USD	41,960		7/15/14		(168,514	)
Standard Chartered Bank	HKD	1,212,561	USD	156,402		7/15/14		(22,774	)
Standard Chartered Bank	JPY	7,772,957	USD	75,789		7/15/14		(946,482	)
Standard Chartered Bank	USD	59,777	JPY	6,118,308		7/15/14		624,003
State Street Bank & Trust Co.	CHF	116,322	USD	131,459		7/15/14		274,488
State Street Bank & Trust Co.	USD	101,826	EUR	73,835		7/15/14		(718,617	)
UBS AG	CAD	46,369	USD	42,690		7/15/14		(752,038	)
UBS AG	USD	66,383	EUR	48,045		7/15/14		(591,950	)
UBS AG	USD	75,293	EUR	55,369		10/15/14		553,532

							$	(14,533,812	)

(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, 2014, the aggregate market value of these securities amounted to $64,430,330 or 1.6% of net assets.

(c)

As of June 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $785,695,926 and gross unrealized depreciation of investments was $(73,381,318), resulting in net unrealized appreciation of $712,314,608.

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
JPY	-	Japanese Yen


NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
RUB	-	Russian Ruble
SEK	-	Swedish Krona
USD	-	United States Dollar

Glossary:


ADR	-	American Depositary Receipt
GDR	-	Global Depositary Receipt
OJSC	-	Open Joint Stock Company
PJSC	-	Public Joint Stock Company
REG	-	Registered Shares

Sanford C. Bernstein Fund, Inc. - Tax-Managed International Portfolio

COUNTRY BREAKDOWN*

June 30, 2014 (unaudited)


	24.5%			United Kingdom
	19.7%			Japan
	11.6%			France
	7.4%			Switzerland
	4.8%			Hong Kong
	4.1%			Germany
	3.3%			Denmark
	2.7%			Australia
	2.2%			Netherlands
	2.1%			Canada
	2.0%			Singapore
	1.9%			Norway
	1.7%			Brazil
	1.7%			Taiwan
	10.3%			Other

	100.0%			Total Investments

All data are as of June 30, 2014. 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, Belgium, China, Colombia, Finland, Georgia, Greece, Hungary, India, Indonesia, Ireland, Israel, Italy, Mexico, New Zealand, Nigeria, Peru, Philippines, Poland, Portugal, Qatar, Russia, South Africa, South Korea, Spain, Sweden, Thailand, Turkey, United Arab Emirates and United States.

Sanford C. Bernstein Fund, Inc. - Tax-Managed International Portfolio

June 30, 2014 (unaudited)

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

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

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

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

Options and warrants 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 or a warrant depends upon the contractual terms of, and specific risks inherent in, the option or warrant as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options will be classified as Level 2. For options or warrants 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 and warrants 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.

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2014:


Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	71,282,376		$	805,472,450		$	– 0	–	$	876,754,826
Consumer Discretionary		186,119,510			582,903,580			– 0	–		769,023,090
Industrials		24,147,774			521,398,861			– 0	–		545,546,635
Consumer Staples		24,948,831			395,216,623			– 0	–		420,165,454
Health Care		2,921,551			333,307,415			– 0	–		336,228,966
Materials		26,059,458			242,569,431			– 0	–		268,628,889
Telecommunication Services		6,230,963			249,845,901			– 0	–		256,076,864
Information Technology		16,781,805			211,145,535			– 0	–		227,927,340
Energy		6,144,645			125,258,814			– 0	–		131,403,459
Utilities		– 0	–		48,639,157			– 0	–		48,639,157
Funds and Investment Trusts		16,280,632			– 0	–		– 0	–		16,280,632
Warrants		– 0	–		74,675,730			– 0	–		74,675,730
Short-Term Investments		– 0	–		14,672,990			– 0	–		14,672,990

Total Investments in Securities		380,917,545			3,605,106,487	+		– 0	–		3,986,024,032
*Other Financial Instruments:**
Assets:
Forward Currency Exchange Contracts		– 0	–		10,637,123			– 0	–		10,637,123
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(25,170,935	)		– 0	–		(25,170,935	)

Total (a)^	$	380,917,545		$	3,590,572,675		$	– 0	–	$	3,971,490,220

+	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.

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

(a)

An amount of $115,083,286 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 and 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.


	Warrants			Corporates - Non- Investment Grades			Total
Balance as of 9/30/13	$	54,991,794		$	3,521,519		$	58,513,313
Accrued discounts/(premiums)		– 0	–		3,164			3,164
Realized gain (loss)		(659,476	)		(22,069	)		(681,545	)
Change in unrealized appreciation/depreciation		565,088			1,143			566,231
Purchases		– 0	–		– 0	–		– 0	–
Sales		(2,346,372	)		(3,503,757	)		(5,850,129	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		(52,551,034	)					(52,551,034	)+

Balance as of 6/30/14	$	– 0	–	$	– 0	–	$	– 0	–

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14	$	– 0	–	$	– 0	–	$	– 0	–

+	An amount of $52,551,034 was transferred out of Level 3 into Level 2 as these securities were priced by third party vendor during the reporting period.

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing 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, 2014 (unaudited)


Company	Shares		U.S. $ Value
COMMON STOCKS - 96.5%
Financials - 21.8%
Banks - 7.6%
Aozora Bank Ltd.		788,000	$	2,590,784
Banca Popolare di Milano Scarl (a)		352,340		315,439
Bank Hapoalim BM		962,660		5,560,306
Bank of Georgia Holdings PLC		12,730		511,921
Bank of Montreal		44,080		3,246,152
Bank of Queensland Ltd.		24,268		278,891
Chiba Bank Ltd. (The)		64,000		452,026
Danske Bank A/S		517,330		14,624,139
DGB Financial Group, Inc.		26,590		398,197
Hang Seng Bank Ltd.		482,600		7,899,281
KBC Groep NV (a)		150,650		8,195,527
Liberbank SA (a)		347,380		332,346
Lloyds Banking Group PLC (a)		10,951,402		13,920,021
Mitsubishi UFJ Financial Group, Inc.		1,941,400		11,917,700
Resona Holdings, Inc.		1,371,100		7,989,858
Seven Bank Ltd.		803,000		3,283,594
Societe Generale SA		276,129		14,480,940
SpareBank 1 SR Bank ASA		63,890		622,354
Sumitomo Mitsui Financial Group, Inc.		112,400		4,715,954
Toronto-Dominion Bank (The)		97,050		4,995,976
UniCredit SpA		2,133,960		17,842,833
Unione di Banche Italiane SCpA		23,370		201,942
Westpac Banking Corp.		53,500		1,711,257

				126,087,438

Capital Markets - 2.2%
3i Group PLC		71,170		489,115
Daiwa Securities Group, Inc.		1,200,000		10,397,126
Deutsche Bank AG (REG)		255,580		8,982,353
GAM Holding AG (a)		26,590		506,091
UBS AG (REG) (a)		890,823		16,332,794

				36,707,479

Consumer Finance - 0.1%
Aeon Thana Sinsap Thailand PCL		82,800		258,949
Credito Real SAB de CV		113,620		254,416
International Personal Finance PLC		36,910		370,700

				884,065

Diversified Financial Services - 1.7%
Cerved Information Solutions SpA (a)		744,194		5,033,984
Chailease Holding Co., Ltd.		160,100		402,681
Challenger Ltd./Australia		152,780		1,071,700
IG Group Holdings PLC		492,669		4,949,465
ORIX Corp.		987,700		16,376,846

				27,834,676

Insurance - 5.9%
Admiral Group PLC		899,126		23,823,847
AIA Group Ltd.		3,128,200		15,738,169
Anadolu Hayat Emeklilik AS		124,925		281,209
BB Seguridade Participacoes SA		144,000		2,114,216
Direct Line Insurance Group PLC		102,680		473,854


Company	Shares		U.S. $ Value
Gjensidige Forsikring ASA		237,170	$	4,253,234
Lancashire Holdings Ltd.		651,040		7,286,801
Muenchener Rueckversicherungs AG		58,330		12,917,079
Prudential PLC		746,910		17,112,793
Storebrand ASA (a)		46,670		262,562
Suncorp Group Ltd.		262,406		3,350,888
Topdanmark A/S (a)		155,040		4,718,097
Tryg A/S		57,900		5,850,050

				98,182,799

Real Estate Investment Trusts (REITs) - 0.1%
Allied Properties Real Estate Investment Trust		9,170		303,790
Concentradora Fibra Hotelera Mexicana SA de CV		164,820		298,426
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		233,980		294,467
Granite Real Estate Investment Trust (Toronto)		16,790		621,531
Vastned Retail NV		8,110		413,132

				1,931,346

Real Estate Management & Development - 4.2%
Aeon Mall Co., Ltd.		200,700		5,291,835
CIFI Holdings Group Co., Ltd.		1,912,000		352,761
Country Garden Holdings Co., Ltd.		10,406,000		4,106,860
Countrywide PLC		51,208		450,894
Daito Trust Construction Co., Ltd.		151,600		17,826,499
GAGFAH SA (a)		26,160		475,816
Global Logistic Properties Ltd.		8,647,833		18,741,919
Hang Lung Group Ltd.		291,800		1,579,644
Hang Lung Properties Ltd.		2,518,000		7,765,089
KWG Property Holding Ltd.		528,500		303,427
Lend Lease Group		728,050		9,000,493
Mitsubishi Estate Co., Ltd.		127,000		3,137,599
Quintain Estates & Development PLC (a)		288,730		437,307
UOL Group Ltd.		89,797		470,036
Wing Tai Holdings Ltd.		198,000		312,991

				70,253,170

				361,880,973

Consumer Discretionary - 19.0%
Auto Components - 2.1%
Cie Generale des Etablissements Michelin-Class B		84,894		10,136,532
Halla Visteon Climate Control Corp.		11,010		498,643
Linamar Corp.		9,130		538,619
Plastic Omnium SA		150,526		4,721,389
Sumitomo Rubber Industries Ltd.		29,200		422,042
TS Tech Co., Ltd.		19,400		565,238
Valeo SA		128,332		17,218,891

				34,101,354

Automobiles - 3.4%
Great Wall Motor Co., Ltd.-Class H		778,000		2,893,107
Honda Motor Co., Ltd.		375,800		13,113,445
Nissan Motor Co., Ltd.		718,100		6,800,014
Toyota Motor Corp.		397,600		23,805,351
Volkswagen AG (Preference Shares)		37,920		9,931,879

				56,543,796


Company	Shares		U.S. $ Value
Distributors - 0.2%
Inchcape PLC		321,520	$	3,487,844

Diversified Consumer Services - 1.6%
Estacio Participacoes SA		1,047,700		13,869,756
G8 Education Ltd.		83,000		359,984
Kroton Educacional SA		427,900		11,999,404
TAL Education Group (ADR) (a)		23,900		657,250

				26,886,394

Hotels, Restaurants & Leisure - 3.5%
Flight Centre Travel Group Ltd.		9,780		409,820
Galaxy Entertainment Group Ltd.		204,000		1,625,206
Jollibee Foods Corp.		80,470		324,505
Melco Crown Entertainment Ltd. (ADR)		286,650		10,236,272
Melco International Development Ltd.		33,000		99,976
Merlin Entertainments PLC (a)(b)		794,871		4,872,745
Sodexo		178,240		19,178,480
Tatts Group Ltd.		903,670		2,786,119
Whitbread PLC		129,134		9,741,937
William Hill PLC		858,593		4,820,610
Yum! Brands, Inc.		40,500		3,288,600

				57,384,270

Household Durables - 0.1%
Berkeley Group Holdings PLC		10,750		444,320
Nexity SA		7,800		358,508
Rinnai Corp.		4,300		415,122
Taylor Wimpey PLC		225,880		440,251
Techtronic Industries Co.		108,000		346,215

				2,004,416

Internet & Catalog Retail - 0.3%
Just Eat PLC (a)		1,018,312		4,443,984
Qunar Cayman Islands Ltd. (ADR) (a)		13,843		395,218
Stabilus SA (a)		6,392		217,939

				5,057,141

Leisure Products - 0.0%
Merida Industry Co., Ltd.		57,000		377,977

Media - 2.3%
British Sky Broadcasting Group PLC		166,360		2,573,765
Cineplex, Inc.		49,130		1,908,475
Havas SA		70,220		576,833
Liberty Global PLC-Series C (a)		260,540		11,023,447
Mediaset Espana Comunicacion SA (a)		30,680		358,032
Metropole Television SA		23,490		477,166
Reed Elsevier PLC		409,100		6,574,194
SKY Perfect JSAT Holdings, Inc.		437,500		2,565,432
Thomson Reuters Corp.		174,730		6,361,708
Wolters Kluwer NV		213,100		6,312,329

				38,731,381

Multiline Retail - 0.8%
Canadian Tire Corp., Ltd.-Class A		26,860		2,576,879


Company	Shares		U.S. $ Value
Debenhams PLC		484,240	$	567,084
Dollarama, Inc.		6,980		574,662
Harvey Norman Holdings Ltd.		213,800		624,947
Next PLC		78,750		8,717,869

				13,061,441

Specialty Retail - 1.8%
Fielmann AG		7,700		1,110,164
JUMBO SA (a)		34,755		569,177
Matas A/S (a)		31,860		903,911
Mr. Price Group Ltd.		53,570		910,817
Shimamura Co., Ltd.		57,600		5,669,773
Sports Direct International PLC (a)		1,031,071		12,459,426
United Arrows Ltd.		7,700		310,433
WH Smith PLC		22,390		409,710
World Duty Free SpA (a)		30,780		374,798
Yamada Denki Co., Ltd.		1,732,900		6,177,344

				28,895,553

Textiles, Apparel & Luxury Goods - 2.9%
Brunello Cucinelli SpA		12,950		293,985
Cie Financiere Richemont SA		187,725		19,671,556
Eclat Textile Co., Ltd.		60,900		737,862
Hugo Boss AG		50,404		7,526,294
Li & Fung Ltd.		8,658,000		12,846,563
Samsonite International SA		2,009,900		6,625,434

				47,701,694

				314,233,261

Industrials - 13.3%
Aerospace & Defense - 2.1%
Airbus Group NV		302,257		20,265,728
FACC AG (a)		16,450		213,987
MTU Aero Engines AG		6,590		605,211
QinetiQ Group PLC		566,560		2,004,192
Saab AB-Class B		20,230		621,334
Safran SA		129,640		8,486,845
Senior PLC		132,030		639,480
Zodiac Aerospace		39,050		1,322,131

				34,158,908

Air Freight & Logistics - 0.0%
CTT-Correios de Portugal SA		21,140		210,155

Airlines - 0.3%
Air New Zealand Ltd.		194,200		353,600
Qantas Airways Ltd. (a)		3,754,840		4,466,605
Turk Hava Yollari (a)		89,730		275,142

				5,095,347

Building Products - 0.0%
Kingspan Group PLC		37,870		636,586

Commercial Services & Supplies - 1.7%
Babcock International Group PLC		904,149		17,971,679
Edenred		290,262		8,801,888


Company	Shares		U.S. $ Value
Loomis AB-Class B		16,470	$	505,962
Rentokil Initial PLC		325,990		621,064

				27,900,593

Construction & Engineering - 0.1%
China State Construction International Holdings Ltd.		280,000		491,795
Grana y Montero SAA		53,020		189,459
Grana y Montero SAA (ADR)		4,615		83,255
Sino-Thai Engineering & Construction PCL		509,140		357,676

				1,122,185

Electrical Equipment - 0.7%
Sumitomo Electric Industries Ltd.		808,300		11,378,812

Industrial Conglomerates - 0.4%
Hutchison Whampoa Ltd.		437,000		5,971,020

Machinery - 0.6%
DMG MORI SEIKI AG		9,750		338,872
IHI Corp.		128,000		596,662
JTEKT Corp.		203,600		3,435,316
KION Group AG		8,610		372,811
Krones AG		5,290		524,066
KUKA AG		17,680		1,069,129
Melrose Industries PLC		88,896		395,578
Morgan Advanced Materials PLC		115,520		641,144
Nabtesco Corp.		27,000		597,537
Nachi-Fujikoshi Corp.		75,000		528,739
Pfeiffer Vacuum Technology AG		3,190		351,417
Vesuvius PLC		55,950		438,695

				9,289,966

Marine - 1.3%
AP Moeller-Maersk A/S-Class B		5,189		12,901,326
Nippon Yusen KK		2,918,000		8,417,200
Pacific Basin Shipping Ltd.		628,000		390,491

				21,709,017

Metals & Mining - 0.0%
NV Bekaert SA		11,450		427,870

Professional Services - 4.9%
Applus Services SA (a)		385,070		7,961,875
Bureau Veritas SA		734,930		20,411,543
Capita PLC		1,321,542		25,890,693
Intertek Group PLC		458,296		21,547,929
SGS SA		1,672		4,000,967
Teleperformance		35,260		2,160,092

				81,973,099

Road & Rail - 0.7%
Central Japan Railway Co.		63,700		9,093,055
East Japan Railway Co.		24,800		1,954,043
Localiza Rent a Car SA		15,540		256,292
National Express Group PLC		93,905		420,552
Nippon Express Co., Ltd.		85,000		412,272

				12,136,214


Company	Shares		U.S. $ Value
Trading Companies & Distributors - 0.5%
Barloworld Ltd.		36,800	$	350,347
Mitsubishi Corp.		384,100		7,994,814
Ramirent Oyj		28,440		317,911
Rexel SA		19,630		459,100

				9,122,172

				221,131,944

Consumer Staples - 10.7%
Beverages - 2.5%
Anheuser-Busch InBev NV		41,670		4,787,894
Asahi Group Holdings Ltd.		107,500		3,375,813
Britvic PLC		362,450		4,512,307
Carlsberg A/S-Class B		62,980		6,783,183
Cott Corp.		74,050		523,253
Diageo PLC		501,110		15,959,887
SABMiller PLC (London)		90,950		5,271,005

				41,213,342

Food & Staples Retailing - 2.4%
Alimentation Couche Tard, Inc.-Class B		165,330		4,528,931
Axfood AB		19,190		1,042,281
Clicks Group Ltd.		46,650		278,540
Eurocash SA		14,240		188,754
FamilyMart Co., Ltd.		11,400		491,486
Jean Coutu Group PJC, Inc. (The)-Class A		88,660		1,882,794
Jeronimo Martins SGPS SA		434,741		7,147,808
Koninklijke Ahold NV		549,645		10,306,441
Lenta Ltd. (GDR) (a)(b)		121,760		1,570,704
MARR SpA		25,360		473,579
Metro, Inc.		6,730		416,080
Olam International Ltd.		3,426,746		7,091,649
Sugi Holdings Co., Ltd.		37,900		1,729,364
Tsuruha Holdings, Inc.		36,600		2,019,712

				39,168,123

Food Products - 0.2%
Calbee, Inc.		16,500		454,733
Mayora Indah Tbk PT		130,667		324,285
Unilever PLC		46,977		2,129,442
Wei Chuan Foods Corp.		219,000		330,765

				3,239,225

Household Products - 1.4%
Henkel AG & Co. KGaA		118,402		11,907,177
LG Household & Health Care Ltd.		13,320		5,996,058
Pigeon Corp.		8,800		464,197
Reckitt Benckiser Group PLC		55,220		4,814,916

				23,182,348

Personal Products - 0.2%
Cosmax, Inc. (a)		3,490		328,373
Kao Corp.		85,200		3,355,496

				3,683,869


Company	Shares		U.S. $ Value
Tobacco - 4.0%
British American Tobacco PLC		460,214	$	27,383,767
Imperial Tobacco Group PLC		261,160		11,749,073
Japan Tobacco, Inc.		750,800		27,375,752

				66,508,592

				176,995,499

Health Care - 8.6%
Biotechnology - 1.2%
Actelion Ltd. (REG) (a)		117,080		14,818,774
Basilea Pharmaceutica (a)		5,220		608,251
CSL Ltd.		46,350		2,909,526
Grifols SA (ADR)		12,091		532,609
Medy-Tox, Inc.		3,560		483,608
Taiwan Liposome Co., Ltd. (a)		46,000		475,803

				19,828,571

Health Care Equipment & Supplies - 0.1%
Draegerwerk AG & Co. KGaA (Preference Shares)		4,060		436,372
Ginko International Co., Ltd.		29,000		502,234
Sorin SpA (a)		142,820		419,123

				1,357,729

Health Care Providers & Services - 0.8%
Alfresa Holdings Corp.		31,100		2,005,102
Shanghai Pharmaceuticals Holding Co., Ltd.-Class H		201,500		419,098
Sonic Healthcare Ltd.		390,680		6,390,808
Suzuken Co., Ltd./Aichi Japan		103,800		3,866,647

				12,681,655

Life Sciences Tools & Services - 1.4%
Eurofins Scientific SE		75,570		23,244,627
Horizon Discovery Group PLC (a)		83,728		256,493

				23,501,120

Pharmaceuticals - 5.1%
Almirall SA (a)		13,540		219,601
Astellas Pharma, Inc.		669,500		8,804,302
AstraZeneca PLC		22,970		1,708,914
GlaxoSmithKline PLC		781,990		20,820,624
Kalbe Farma Tbk PT		4,139,500		579,478
Novartis AG		257,890		23,354,093
Novo Nordisk A/S-Class B		102,197		4,716,693
Orion Oyj-Class B		6,020		224,382
Richter Gedeon Nyrt		22,140		424,652
Roche Holding AG		81,000		24,134,501

				84,987,240

				142,356,315

Materials - 6.4%
Chemicals - 4.4%
Air Water, Inc.		18,000		288,126
Arkema SA		84,181		8,179,561
Chr Hansen Holding A/S		81,550		3,434,310


Company	Shares		U.S. $ Value
Denki Kagaku Kogyo KK		1,498,000	$	5,755,588
EMS-Chemie Holding AG (REG)		6,290		2,509,997
Essentra PLC		1,331,748		17,389,310
Fuchs Petrolub SE (Preference Shares)		11,140		502,653
Givaudan SA (a)		3,810		6,347,180
Green Seal Holding Ltd. (a)		49,000		351,617
Hyosung Corp.		9,800		654,948
IMCD Group NV (a)		48,111		1,495,440
JSR Corp.		563,600		9,675,896
Kansai Paint Co., Ltd.		41,000		685,286
Koninklijke DSM NV		158,675		11,547,151
Lanxess AG		6,310		425,603
Nippon Shokubai Co., Ltd.		51,000		685,513
Potash Corp. of Saskatchewan, Inc.		83,940		3,186,362

				73,114,541

Construction Materials - 0.1%
Buzzi Unicem SpA		23,310		391,963
Cementos Pacasmayo SAA		125,130		211,494
Cemex Latam Holdings SA (a)		34,260		335,757
China National Building Material Co., Ltd.-Class H		284,000		250,430
CSR Ltd.		90,350		297,423

				1,487,067

Containers & Packaging - 0.0%
Smurfit Kappa Group PLC		17,280		395,504

Metals & Mining - 1.4%
BlueScope Steel Ltd. (a)		79,373		406,530
Dowa Holdings Co., Ltd.		604,139		5,697,879
Mitsubishi Materials Corp.		143,000		501,676
MMC Norilsk Nickel OJSC (ADR)		262,790		5,205,870
Rio Tinto PLC		194,110		10,480,821
Ternium SA (Sponsored ADR)		9,420		263,101

				22,555,877

Paper & Forest Products - 0.5%
Mondi PLC		451,350		8,194,210

				105,747,199

Telecommunication Services - 6.1%
Diversified Telecommunication Services - 4.7%
Bezeq The Israeli Telecommunication Corp., Ltd.		2,188,668		4,096,285
Deutsche Telekom AG		251,940		4,418,779
Hellenic Telecommunications Organization SA (a)		26,180		386,670
Nippon Telegraph & Telephone Corp.		178,500		11,125,518
Orange SA		952,100		15,064,423
Singapore Telecommunications Ltd.		1,080,000		3,336,240
Swisscom AG		12,820		7,446,834
TDC A/S		233,050		2,410,761
Telenor ASA		402,700		9,168,853
Telstra Corp., Ltd.		1,585,650		7,789,921
TELUS Corp.		68,760		2,562,753
Vivendi SA (a)		287,375		7,032,511
Ziggo NV		67,510		3,122,101

				77,961,649


Company	Shares		U.S. $ Value
Wireless Telecommunication Services - 1.4%
China Mobile Ltd.		477,000	$	4,632,976
StarHub Ltd.		443,000		1,482,719
Vodafone Group PLC		5,122,797		17,121,813

				23,237,508

				101,199,157

Information Technology - 5.7%
Communications Equipment - 0.0%
Pace PLC		72,790		442,101

Electronic Equipment, Instruments & Components - 0.0%
Ju Teng International Holdings Ltd.		430,000		308,648
Largan Precision Co., Ltd.		2,000		159,556

				468,204

Internet Software & Services - 0.8%
Baidu, Inc. (Sponsored ADR) (a)		9,080		1,696,235
Telecity Group PLC		958,036		12,356,419

				14,052,654

IT Services - 1.5%
Alten SA		11,970		568,738
Amadeus IT Holding SA-Class A		208,800		8,607,421
Computacenter PLC		39,115		400,979
DH Corp.		43,540		1,266,967
Fujitsu Ltd.		967,000		7,245,577
Itochu Techno-Solutions Corp.		14,200		617,263
Obic Co., Ltd.		162,500		5,359,255
Wirecard AG		9,750		420,496

				24,486,696

Semiconductors & Semiconductor Equipment - 1.6%
Advanced Semiconductor Engineering, Inc.		1,471,000		1,906,127
ASM International NV		9,450		391,675
Hermes Microvision, Inc.		11,000		436,804
Kinsus Interconnect Technology Corp.		120,000		539,324
Novatek Microelectronics Corp.		1,140,000		5,606,791
Samsung Electronics Co., Ltd. (GDR) (London) (b)		11,020		7,113,944
Sumco Corp.		581,800		5,332,708
Tokyo Electron Ltd.		67,600		4,607,232

				25,934,605

Software - 0.9%
Capcom Co., Ltd.		25,700		435,748
Constellation Software, Inc./Canada		6,380		1,626,077
Dassault Systemes		12,700		1,632,978
GameLoft SE (a)		42,700		394,165
Open Text Corp.		32,570		1,562,798
Oracle Corp. Japan		83,400		3,648,142
SAP AG		51,381		3,959,147
SDL PLC (a)		60,020		351,553
UBISOFT Entertainment (a)		26,110		480,648

				14,091,256


Company	Shares		U.S. $ Value
Technology Hardware, Storage & Peripherals - 0.9%
Asustek Computer, Inc.		479,000	$	5,353,271
Casetek Holdings Ltd.		74,000		434,927
Catcher Technology Co., Ltd.		1,033,000		9,640,281

				15,428,479

				94,903,995

Energy - 3.3%
Energy Equipment & Services - 0.5%
Aker Solutions ASA		364,587		6,327,802
Deep Sea Supply PLC (a)		125,596		203,554
Deep Sea Supply PLC (a)		12,630		19,973
Pason Systems, Inc.		50,280		1,413,617

				7,964,946

Oil, Gas & Consumable Fuels - 2.8%
Africa Oil Corp. (a)		29,200		202,931
BG Group PLC		602,286		12,709,051
Gaztransport Et Technigaz SA		7,404		482,685
Gran Tierra Energy, Inc. (a)		33,990		276,176
JX Holdings, Inc.		3,608,000		19,307,214
KrisEnergy Ltd. (a)		395,000		256,577
Ophir Energy PLC (a)		51,216		193,095
Royal Dutch Shell PLC (Euronext Amsterdam)-Class A		47,878		1,976,887
Statoil ASA		339,930		10,449,059

				45,853,675

				53,818,621

Utilities - 1.2%
Electric Utilities - 0.7%
EDP - Energias de Portugal SA		1,300,850		6,527,155
Power Assets Holdings Ltd.		526,500		4,618,624

				11,145,779

Gas Utilities - 0.0%
ENN Energy Holdings Ltd.		52,000		373,397

Independent Power Producers & Energy Traders - 0.5%
APR Energy PLC		602,804		6,690,563
Electric Power Development Co., Ltd.		14,800		480,270
Huadian Fuxin Energy Corp., Ltd.-Class H		996,000		520,616

				7,691,449

Water Utilities - 0.0%
Pennon Group PLC		32,210		432,943

				19,643,568

Funds and Investment Trusts - 0.4%
B&M European Value Retail SA (a)		1,408,220		6,627,576

Total Common Stocks (cost $1,339,304,544)				1,598,538,108


Company	Shares		U.S. $ Value
WARRANTS - 1.9%
Financials - 1.1%
Banks - 0.0%
FBN Holdings PLC, Merrill Lynch Intl & Co., expiring 1/20/16 (a)		3,107,760	$	297,611

Thrifts & Mortgage Finance - 0.6%
Housing Development Finance Corp., Deutsche Bank AG, expiring 1/30/17 (a)(b)		586,810		9,681,461

Consumer Finance - 0.3%
Shriram Transport Finance Co., Ltd., Merrill Lynch Intl & Co., expiring 1/22/15 (a)(b)		147,020		2,211,115
Muthoot Finance Ltd., Merrill Lynch Intl & Co., expiring 5/22/18 (a)		883,608		2,787,166

				4,998,281

Real Estate Management & Development - 0.2%
Emaar Properties PJSC, Merrill Lynch Intl & Co., expiring 10/01/15 (a)		1,095,601		2,508,782

				17,486,135

Information Technology - 0.5%
IT Services - 0.2%
Tata Consultancy Services Ltd., Merrill Lynch Intl & Co., expiring 12/14/15 (a)		34,950		1,408,274
Tata Consultancy Services Ltd., Merrill Lynch Intl & Co., expiring 1/08/19 (a)		49,965		2,008,710

				3,416,984

Semiconductors & Semiconductor Equipment - 0.3%
SK Hynix, Inc., Citigroup Global Markets, expiring 1/20/15 (a)(b)		84,310		4,046,713

				7,463,697

Health Care - 0.2%
Pharmaceuticals - 0.2%
Lupin Ltd., Merrill Lynch Intl & Co., expiring 12/19/18 (a)		3,090		54,040
Lupin Ltd., Merrill Lynch Intl & Co., expiring 10/20/14 (a)(b)		20,650		360,640
Sun Pharmaceutical Industries Ltd., Merrill Lynch Intl & Co., expiring 7/27/18 (a)		222,800		2,551,003

				2,965,683

Consumer Discretionary - 0.1%
Auto Components - 0.0%
Motherson, JPMorgan Chase Bank, NA, expiring 10/26/18 (a)		73,340		395,739

Automobiles - 0.1%
Tata Motors Ltd., Merrill Lynch Intl & Co., expiring 8/31/18 (a)		392,640		1,927,398

				2,323,137


Company	Shares		U.S. $ Value
Industrials - 0.0%
Transportation Infrastructure - 0.0%
Adani Ports and Special Economic Zone Ltd., Merrill Lynch Intl & Co., expiring 11/07/18 (a)		110,500	$	448,938

Utilities - 0.0%
Multi-Utilities - 0.0%
Qatar Electricity & Water Co., Credit Suisse International, expiring 8/24/15 (a)(b)		6,506		308,975

Total Warrants (cost $23,563,723)				30,996,565


	Principal Amount (000)
SHORT-TERM INVESTMENTS - 0.3%
Repurchase Agreements - 0.3%
State Street Bank & Trust Co. 0.00%, dated 6/30/14 due 7/1/14 in the amount of $5,340,409 (collateralized by $5,490,000 U.S. Treasury Note, 1.25%, due 11/30/2018, value $5,448,825) (cost $5,340,409)	$	5,340		5,340,409

Total Investments - 98.7% (cost $1,368,208,676) (c)				1,634,875,082
Other assets less liabilities - 1.3%				21,968,292

Net Assets - 100.0%			$	1,656,843,374

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	USD	69,989	SEK	469,108		9/17/14	$	165,532
BNP Paribas SA	USD	51,864	GBP	30,501		9/17/14		302,270
Citibank, NA	USD	54,462	AUD	58,558		9/17/14		455,618
Credit Suisse International	CHF	91,912	USD	102,247		9/17/14		(1,465,255	)
Credit Suisse International	GBP	55,076	USD	92,225		9/17/14		(1,972,810	)
Credit Suisse International	NOK	123,651	USD	20,041		9/17/14		(58,924	)
Credit Suisse International	USD	24,325	NZD	27,960		9/17/14		(20,260	)
Deutsche Bank AG	USD	138,694	EUR	102,390		9/17/14		1,548,678
Goldman Sachs Bank USA	BRL	45,199	USD	20,522		7/02/14		65,016
Goldman Sachs Bank USA	USD	20,434	BRL	45,199		7/02/14		23,120
Goldman Sachs Bank USA	BRL	45,199	USD	20,247		8/04/14		(18,610	)
Goldman Sachs Bank USA	JPY	17,422,531	USD	171,596		9/17/14		(479,415	)
HSBC Bank USA	CAD	19,648	USD	17,973		9/17/14		(405,507	)
HSBC Bank USA	HKD	538,840	USD	69,521		9/17/14		24,716
Morgan Stanley & Co., Inc.	USD	79,066	CHF	70,661		9/17/14		666,811
Royal Bank of Scotland PLC	BRL	45,199	USD	19,987		7/02/14		(469,488	)
Royal Bank of Scotland PLC	USD	20,522	BRL	45,199		7/02/14		(65,016	)
Royal Bank of Scotland PLC	JPY	2,151,462	USD	21,163		9/17/14		(85,882	)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Royal Bank of Scotland PLC	USD	21,571	NZD	25,549		9/17/14	$	638,173
UBS AG	CAD	16,427	USD	15,100		9/17/14		(265,753	)
UBS AG	USD	38,908	EUR	28,615		9/17/14		285,929
UBS AG	USD	51,199	NOK	307,207		9/17/14		(1,260,977	)

							$	(2,392,034	)

(a)

Non-income producing security.

(b)

(c)

As of June 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $292,890,374 and gross unrealized depreciation of investments was $(26,223,968), resulting in net unrealized appreciation of $266,666,406.

Currency Abbreviations:


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

Glossary:


ADR	-	American Depositary Receipt
GDR	-	Global Depositary Receipt
OJSC	-	Open Joint Stock Company
PJSC	-	Public Joint Stock Company
REG	-	Registered Shares

International Portfolio

Country Breakdown*

June 30, 2014 (unaudited)


	24.5%			United Kingdom
	19.8%			Japan
	11.4%			France
	7.3%			Switzerland
	4.6%			Hong Kong
	4.1%			Germany
	3.5%			Denmark
	2.6%			Australia
	2.1%			Canada
	2.1%			Netherlands
	1.9%			Singapore
	1.9%			Norway
	1.7%			Brazil
	12.5%			Other

	100.0%			Total Investments

All data are as of June 30, 2014. The Portfolio’s country breakdown is expressed as a percentage of long-term investments and may vary over time. “Other” country weightings represent 1.7% or less in the following countries: Argentina, Austria, Belgium, China, Colombia, Finland, Georgia, Greece, Hungary, India, Indonesia, Ireland, Israel, Italy, Mexico, New Zealand, Nigeria, Peru, Philippines, Poland, Portugal, Qatar, Russia, South Africa, South Korea, Spain, Sweden, Taiwan, Thailand, Turkey, United Arab Emirates and United States.

Sanford C. Bernstein Fund, Inc. - International Portfolio

June 30, 2014 (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 and warrants 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 or a warrant depends upon the contractual terms of, and specific risks inherent in, the option or warrant 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 or warrants 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 and warrants 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, 2014:


Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	29,919,081		$	331,961,892		$	– 0	–	$	361,880,973
Consumer Discretionary		76,585,066			237,648,195			– 0	–		314,233,261
Industrials		10,015,267			211,116,677			– 0	–		221,131,944
Consumer Staples		10,570,956			166,424,543			– 0	–		176,995,499
Health Care		1,208,200			141,148,115			– 0	–		142,356,315
Materials		10,698,024			95,049,175			– 0	–		105,747,199
Telecommunication Services		2,562,753			98,636,404			– 0	–		101,199,157
Information Technology		6,904,609			87,999,386			– 0	–		94,903,995
Energy		2,385,546			51,433,075			– 0	–		53,818,621
Utilities		– 0	–		19,643,568			– 0	–		19,643,568
Funds and Investment Trusts		6,627,576			– 0	–		– 0	–		6,627,576
Warrants		– 0	–		30,996,565			– 0	–		30,996,565
Short-Term Investments		– 0	–		5,340,409			– 0	–		5,340,409

Total Investments in Securities		157,477,078			1,477,398,004	+		– 0	–		1,634,875,082
*Other Financial Instruments:**
Assets:
Forward Currency Exchange Contracts		– 0	–		4,175,863			– 0	–		4,175,863
Liabilities:
Forward Currency Exchange Contracts		– 0	–		(6,567,897	)		– 0	–		(6,567,897	)

Total (a)**	$	157,477,078		$	1,475,005,970		$	–0	–	$	1,632,483,048

*	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 $49,773,104 was transferred from Level 1 to Level 2 due to the above mentioned foreign equity fair valuation using third party vendor modeling tools.

**	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.

Warrants

Corporates - Non-
Investment Grades

Total

Balance as of 9/30/13

23,055,999

1,525,585

24,581,584

Accrued discounts/(premiums)

– 0

–

1,371

Realized gain (loss)

(286,914

)

(9,561

)

(296,475

)

Change in unrealized appreciation/depreciation

245,866

495

246,361

Purchases

– 0

–

– 0

–

– 0

–

Sales

(1,021,676

)

(1,517,890

)

(2,539,566

)

Transfers in to Level 3

– 0

–

– 0

–

– 0

–

Transfers out of Level 3

(21,993,275

)

– 0

–

(21,993,275

Balance as of 6/30/14

– 0

–

– 0

–

– 0

–

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14

– 0

–

– 0

–

– 0

–

+	An amount of $21,993,275 was transferred out of Level 3 into Level 2 as these securities were priced by third party vendor during the reporting period.

Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio

Portfolio of Investments

June 30, 2014 (unaudited)


Company	Shares		U.S. $ Value
COMMON STOCKS - 97.5%
Financials - 28.9%
Banks - 18.0%
Abu Dhabi Commercial Bank PJSC		1,964,200	$	3,775,662
Axis Bank Ltd.		101,130		3,225,368
Banco Bradesco SA (Preference Shares)		516,700		7,495,015
Banco do Brasil SA		2,282,500		25,671,023
Bangkok Bank PCL (NVDR)		1,130,600		6,724,040
Bank Mandiri Persero Tbk PT		7,483,500		6,129,257
Bank Muscat SAOG		621,700		1,097,741
Bank of Baroda		472,052		6,885,373
China Construction Bank Corp.-Class H		29,716,400		22,473,058
China Merchants Bank Co., Ltd.-Class H		3,296,000		6,506,313
Credicorp Ltd.		68,350		10,626,374
DGB Financial Group, Inc.		447,710		6,704,648
First Gulf Bank PJSC		1,430,037		6,194,166
Grupo Financiero Banorte SAB de CV-Class O		1,865,739		13,342,835
Grupo Financiero Santander Mexico SAB de CV (ADR)-Class B		419,337		5,568,795
HDFC Bank Ltd.		916,590		12,525,055
ICICI Bank Ltd.		126,230		2,972,282
ICICI Bank Ltd. (Sponsored ADR)		72,860		3,635,714
Industrial & Commercial Bank of China Ltd.-Class H		36,777,000		23,255,374
Itausa - Investimentos Itau SA (Preference Shares)		391,000		1,537,809
Kasikornbank PCL (NVDR)		1,784,000		11,212,851
KB Financial Group, Inc.		262,747		9,130,951
Komercni Banka AS		58,289		13,405,477
Punjab National Bank		297,271		4,907,745
Sberbank of Russia (Sponsored ADR)		1,418,303		14,424,142
Shinhan Financial Group Co., Ltd.		106,890		4,931,507
State Bank of India		95,630		4,267,740
Union Bank of India		1,297,824		5,196,394

				243,822,709

Capital Markets - 0.1%
China Cinda Asset Management Co., Ltd.-Class H (a)		1,534,931		762,389

Consumer Finance - 1.0%
Muthoot Finance Ltd.		1,843,751		5,804,770
Shriram Transport Finance Co., Ltd.		561,191		8,408,154

				14,212,924

Insurance - 2.4%
AIA Group Ltd.		2,815,400		14,164,453
BB Seguridade Participacoes SA		1,231,600		18,082,419

				32,246,872

Real Estate Management & Development - 6.0%
Ayala Land, Inc.		7,207,500		5,039,019
BR Malls Participacoes SA		436,358		3,712,845
China Overseas Land & Investment Ltd.		3,132,000		7,596,816
CIFI Holdings Group Co., Ltd.		13,848,000		2,554,936
Country Garden Holdings Co., Ltd.		17,469,000		6,894,363
Emaar Properties PJSC		3,225,321		7,390,226
Global Logistic Properties Ltd.		8,546,000		18,521,222
Greentown China Holdings Ltd.		2,052,000		2,047,131


Company	Shares		U.S. $ Value
Hang Lung Properties Ltd.		2,727,000	$	8,409,610
Huaku Development Co., Ltd. (a)		627,000		1,501,065
KWG Property Holding Ltd.		12,647,800		7,261,460
LPN Development PCL		2,766,600		1,730,457
Pruksa Real Estate PCL		4,115,700		3,709,266
Shimao Property Holdings Ltd.		1,863,000		3,432,259
Supalai PCL		2,651,400		1,789,113

				81,589,788

Thrifts & Mortgage Finance - 1.4%
Housing Development Finance Corp.		1,165,525		19,135,213

				391,769,895

Information Technology - 19.4%
Communications Equipment - 0.6%
BYD Electronic International Co., Ltd.		8,929,500		7,663,224

Electronic Equipment, Instruments & Components - 1.5%
Innolux Corp. (a)		4,149,000		1,945,496
Ju Teng International Holdings Ltd.		4,620,000		3,316,170
LG Display Co., Ltd. (a)		253,490		7,980,037
Unimicron Technology Corp.		648,000		627,394
Yageo Corp.		9,099,100		6,484,642

				20,353,739

Internet Software & Services - 0.8%
Baidu, Inc. (Sponsored ADR) (a)		54,436		10,169,189

IT Services - 2.0%
HCL Technologies Ltd.		605,809		15,146,034
QIWI PLC (Sponsored ADR)		18,570		748,928
Tata Consultancy Services Ltd.		286,950		11,522,550

				27,417,512

Semiconductors & Semiconductor Equipment - 11.8%
Advanced Semiconductor Engineering, Inc.		11,319,794		14,668,226
Advanced Semiconductor Engineering, Inc. (ADR)		1,018,930		6,623,045
King Yuan Electronics Co., Ltd.		7,188,000		6,757,747
Kinsus Interconnect Technology Corp.		1,485,000		6,674,136
Novatek Microelectronics Corp.		635,000		3,123,081
Samsung Electronics Co., Ltd.		43,981		57,436,927
Samsung Electronics Co., Ltd. (Preference Shares)		4,146		4,344,575
SK Hynix, Inc. (a)		545,830		26,209,588
Taiwan Semiconductor Manufacturing Co., Ltd.		8,044,120		34,039,041

				159,876,366

Technology Hardware, Storage & Peripherals - 2.7%
Asustek Computer, Inc.		708,000		7,912,560
Casetek Holdings Ltd.		803,000		4,719,541
Catcher Technology Co., Ltd.		1,243,000		11,600,068
Inventec Corp.		8,453,000		8,099,929
Lite-On Technology Corp.		2,912,375		4,864,026

				37,196,124

				262,676,154


Company	Shares		U.S. $ Value
Consumer Discretionary - 15.0%
Auto Components - 0.7%
Hyundai Mobis		33,212	$	9,327,352

Automobiles - 3.8%
Great Wall Motor Co., Ltd.-Class H		411,000		1,528,364
Hyundai Motor Co.		71,510		16,212,799
Hyundai Motor Co. (Preference Shares)		36,279		5,432,853
Kia Motors Corp.		198,690		11,115,790
Tata Motors Ltd.		640,630		4,603,268
Tata Motors Ltd.-Class A		2,648,900		13,004,478

				51,897,552

Diversified Consumer Services - 2.7%
Estacio Participacoes SA		1,465,500		19,400,713
Kroton Educacional SA		616,800		17,296,641

				36,697,354

Hotels, Restaurants & Leisure - 3.0%
Ajisen China Holdings Ltd.		4,165,000		3,234,097
Galaxy Entertainment Group Ltd.		229,000		1,824,373
Melco Crown Entertainment Ltd. (ADR)		126,590		4,520,529
Melco International Development Ltd.		2,117,000		6,413,637
MGM China Holdings Ltd.		1,134,000		3,940,162
Yum! Brands, Inc.		258,470		20,987,764

				40,920,562

Household Durables - 1.1%
Even Construtora e Incorporadora SA		1,486,700		4,407,280
Rossi Residencial SA (a)		2,161,595		1,692,491
Skyworth Digital Holdings Ltd.		7,616,000		3,636,059
Steinhoff International Holdings Ltd.		821,880		4,581,916

				14,317,746

Internet & Catalog Retail - 0.4%
JD.com, Inc. (ADR) (a)		172,326		4,913,014

Media - 0.1%
Naspers Ltd.-Class N		13,170		1,550,674

Specialty Retail - 0.9%
Chow Tai Fook Jewellery Group Ltd.		4,359,771		6,675,387
Mr. Price Group Ltd.		123,110		2,093,161
Zhongsheng Group Holdings Ltd.		3,042,500		3,926,130

				12,694,678

Textiles, Apparel & Luxury Goods - 2.3%
Cie Financiere Richemont SA (Johannesburg)		1,847,343		19,431,169
Pacific Textiles Holdings Ltd.		1,827,000		2,293,651
Shenzhou International Group Holdings Ltd.		970,000		3,321,741
Yue Yuen Industrial Holdings Ltd.		1,788,000		6,051,704

				31,098,265

				203,417,197

Consumer Staples - 8.3%
Beverages - 0.5%
SABMiller PLC (Johannesburg)		121,620		7,052,184


Company	Shares		U.S. $ Value
Food & Staples Retailing - 4.1%
7-Eleven Malaysia Holdings Bhd (a)		4,680,109	$	2,434,065
Bizim Toptan Satis Magazalari AS		109,634		975,868
Jeronimo Martins SGPS SA		547,235		8,997,381
Lenta Ltd. (GDR) (a)(b)		1,041,234		12,807,178
Lenta Ltd. (GDR) (a)(b)		166,610		2,149,269
Magnit OJSC (Sponsored GDR) (b)		204,198		12,038,535
Olam International Ltd.		3,731,181		7,721,677
Wal-Mart de Mexico SAB de CV		2,959,240		7,933,277

				55,057,250

Food Products - 0.8%
Gruma SAB de CV-Class B (a)		262,075		3,136,577
JBS SA		942,500		3,241,910
MHP SA (GDR) (b)		352,970		5,294,550

				11,673,037

Household Products - 1.3%
Kimberly-Clark de Mexico SAB de CV-Class A		775,939		2,177,665
LG Household & Health Care Ltd.		32,375		14,573,751
LG Household & Health Care Ltd. (Preference Shares)		2,020		448,201

				17,199,617

Tobacco - 1.6%
British American Tobacco PLC		306,610		18,243,984
Gudang Garam Tbk PT		833,500		3,762,450

				22,006,434

				112,988,522

Energy - 7.2%
Oil, Gas & Consumable Fuels - 7.2%
China Petroleum & Chemical Corp.-Class H		18,283,100		17,406,042
Gazprom OAO (Sponsored ADR)		2,547,612		22,202,439
KazMunaiGas Exploration Production JSC (GDR) (b)		220,704		3,515,140
LUKOIL OAO (London) (Sponsored ADR)		421,000		25,184,220
NovaTek OAO (Sponsored GDR) (b)		103,070		12,808,023
Petroleo Brasileiro SA (Sponsored ADR)		810,976		12,683,665
PTT PCL		399,400		3,913,394

				97,712,923

Industrials - 5.7%
Airlines - 0.4%
Air Arabia PJSC		4,170,300		1,407,315
Turk Hava Yollari		1,510,867		4,632,817

				6,040,132

Commercial Services & Supplies - 0.8%
Edenred		345,112		10,465,156

Construction & Engineering - 0.7%
IRB Infrastructure Developers Ltd.		1,137,850		4,349,403


Company	Shares		U.S. $ Value
Larsen & Toubro Ltd.		179,490	$	5,086,669

				9,436,072

Electrical Equipment - 0.3%
Amara Raja Batteries Ltd.		603,264		4,710,093

Industrial Conglomerates - 1.7%
Alliance Global Group, Inc.		15,849,300		10,560,251
Bidvest Group Ltd.		256,978		6,829,568
SM Investments Corp.		264,037		4,935,653

				22,325,472

Professional Services - 0.4%
51job, Inc. (ADR) (a)		79,248		5,227,198

Road & Rail - 0.9%
Globaltrans Investment PLC (Sponsored GDR) (b)		358,272		4,102,215
Localiza Rent a Car SA		453,462		7,478,685

				11,580,900

Transportation Infrastructure - 0.5%
Jiangsu Expressway Co., Ltd.-Class H		6,136,000		7,301,024

				77,086,047

Materials - 4.6%
Chemicals - 1.0%
Hyosung Corp.		99,830		6,671,785
UPL Ltd.		1,191,620		6,782,143

				13,453,928

Construction Materials - 0.8%
China National Building Material Co., Ltd.-Class H		6,534,000		5,761,646
Grasim Industries Ltd.		13,134		747,162
Grasim Industries Ltd. (GDR) (b)		65,566		3,746,947
West China Cement Ltd.		13,990,400		1,298,239

				11,553,994

Metals & Mining - 1.5%
KGHM Polska Miedz SA		37,840		1,551,368
Korea Zinc Co., Ltd.		5,550		2,176,218
MMC Norilsk Nickel OJSC (ADR)		246,970		4,892,476
Real Gold Mining Ltd. (a)(c)(d)		1,788,000		23
Sberbank of Russia (GDR) (b)		170,202		1,451,823
Ternium SA (Sponsored ADR)		151,490		4,231,116
Vale SA (Sponsored ADR) (Local Preference Shares)		372,120		4,428,228
Vale SA (Sponsored ADR)-Class B		88,810		1,174,956

				19,906,208

Paper & Forest Products - 1.3%
China Forestry Holdings Co., Ltd. (a)(c)(d)		6,430,000		83
Nine Dragons Paper Holdings Ltd.		5,364,000		3,659,580


Company	Shares		U.S. $ Value
Sappi Ltd. (a)		3,946,874	$	14,252,845

				17,912,508

				62,826,638

Telecommunication Services - 3.2%
Diversified Telecommunication Services - 0.4%
Telekomunikasi Indonesia Persero Tbk PT		23,082,500		4,801,219

Wireless Telecommunication Services - 2.8%
China Mobile Ltd.		1,774,000		17,230,397
SK Telecom Co., Ltd.		28,460		6,652,652
Tower Bersama Infrastructure Tbk PT		5,518,500		3,747,273
Turkcell Iletisim Hizmetleri AS (a)		1,677,910		10,502,179

				38,132,501

				42,933,720

Health Care - 2.7%
Health Care Providers & Services - 0.5%
Bangkok Dusit Medical Services PCL-Class F		459,000		236,183
Shanghai Pharmaceuticals Holding Co., Ltd.-Class H		3,119,700		6,488,641

				6,724,824

Pharmaceuticals - 2.2%
Glenmark Pharmaceuticals Ltd.		385,936		3,658,424
Lupin Ltd.		209,917		3,664,927
Richter Gedeon Nyrt		411,440		7,891,545
Sun Pharmaceutical Industries Ltd.		1,243,915		14,225,783

				29,440,679

				36,165,503

Utilities - 2.5%
Electric Utilities - 0.3%
Light SA		463,700		4,524,721

Independent Power Producers & Energy Traders - 1.3%
APR Energy PLC		487,664		5,412,617
China Resources Power Holdings Co., Ltd.		1,788,000		5,084,167
NTPC Ltd.		2,566,850		6,653,633

				17,150,417

Water Utilities - 0.9%
Cia de Saneamento Basico do Estado de Sao Paulo		491,700		5,240,794
Cia de Saneamento de Minas Gerais-COPASA		345,400		6,331,161

				11,571,955

				33,247,093

Total Common Stocks (cost $1,160,483,226)				1,320,823,692


Company	Shares		U.S. $ Value
WARRANTS - 0.9%
Financials - 0.6%
Banks - 0.4%
Commercial Bank of Qatar QSC (The), Deutsche Bank AG, expiring 5/26/17 (a)		348,648	$	5,927,792

Real Estate Management & Development - 0.2%
Emaar Properties PJSC, Merrill Lynch Intl & Co., expiring 10/01/15 (a)		1,213,850		2,779,556

				8,707,348

Industrials - 0.3%
Industrial Conglomerates - 0.3%
John Keells Holdings PLC, Deutsche Bank AG, expiring 7/05/19 (a)		2,360,440		3,983,582

Total Warrants (cost $11,294,338)				12,690,930


	Principal Amount (000)
CORPORATES - INVESTMENT GRADES - 0.0%
Financial Institutions - 0.0%
Banking - 0.0%
Bank Muscat SAOG 4.50%, 3/20/17 (cost $0)		OMR 92		257

SHORT-TERM INVESTMENTS - 0.7%
Repurchase Agreements - 0.7%
State Street Bank & Trust Co. 0.00%, dated 6/30/14 due 7/1/14 in the amount of $9,000,129 (collateralized by $9,250,000 U.S. Treasury Note, 1.25%, due 11/30/2018, value $9,180,625) (cost $9,000,129)		$ 9,000		9,000,129

Total Investments - 99.1% (cost $1,180,777,693) (e)				1,342,515,008
Other assets less liabilities - 0.9%				12,509,924

Net Assets - 100.0%			$	1,355,024,932

(a)

Non-income producing security.

(b)

(c)

Fair valued by the Adviser.

(d)

Illiquid security.

(e)

As of June 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $237,805,706 and gross unrealized depreciation of investments was $(76,068,391), resulting in net unrealized appreciation of $161,737,315.

Currency Abbreviations:


OMR		-		Oman Rial

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

Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio

COUNTRY BREAKDOWN*

June 30, 2014 (unaudited)


	14.2%			South Korea
	14.2%			China
	13.1%			India
	10.8%			Brazil
	9.0%			Taiwan
	8.2%			Russia
	4.4%			Hong Kong
	2.4%			Mexico
	2.3%			United Kingdom
	2.2%			Thailand
	2.2%			South Africa
	2.0%			Singapore
	1.6%			United Arab Emirates
	1.5%			Philippines
	11.9%			Other

	100.0%			Total Investments

All data are as of June 30, 2014. 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, Cyprus, Czech Republic, France, Hungary, Indonesia, Kazakhstan, Malaysia, Oman, Peru, Poland, Portugal, Qatar, Sri Lanka, Switzerland, Turkey, Ukraine and United Arab Emirates.

Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio

June 30, 2014 (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 and warrants 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 or a warrant depends upon the contractual terms of, and specific risks inherent in, the option or warrant 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 or warrants 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 and warrants 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, 2014:


Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	107,872,633		$	283,897,262		$	– 0	–	$	391,769,895
Information Technology		17,541,162			245,134,992			– 0	–		262,676,154
Consumer Discretionary		75,512,083			127,905,114			– 0	–		203,417,197
Consumer Staples		30,385,486			82,603,036			– 0	–		112,988,522
Energy		65,502,872			32,210,051			– 0	–		97,712,923
Industrials		16,808,098			60,277,949			– 0	–		77,086,047
Materials		14,726,776			48,099,756			106			62,826,638
Telecommunication Services		3,747,273			39,186,447			– 0	–		42,933,720
Health Care		6,488,641			29,676,862			– 0	–		36,165,503
Utilities		16,096,676			17,150,417			– 0	–		33,247,093
Warrants		– 0	–		12,690,930			– 0	–		12,690,930
Corporates - Investment Grades		– 0	–		– 0	–		257			257

Short-Term Investments

– 0

–

9,000,129

– 0

–

9,000,129

Total Investments in Securities

354,681,700

987,832,945

363

1,342,515,008

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total (a)**

354,681,700

987,832,945

363

1,342,515,008

*	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 $16,412,370 was transferred from Level 1 to Level 2 due to the above mentioned foreign equity fair valuation using third party vendor modeling tools.

**	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.

Common Stocks -
Materials

Warrants

Corporates -
Investment
Grades

Balance as of 9/30/13

106

10,126,291

– 0

–

Accrued discounts/(premiums)

– 0

–

– 0

–

634

Realized gain (loss)

– 0

–

– 0

–

(4,423

)

Change in unrealized appreciation/depreciation

– 0

–

– 0

–

487

Purchases

– 0

–

– 0

–

– 0

–

Sales

– 0

–

– 0

–

(702,152

)

Transfers in to Level 3

– 0

–

– 0

–

705,711

Transfers out of Level 3

– 0

–

(10,126,291

)

– 0

–

Balance as of 6/30/14

106

– 0

–

257

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14

– 0

–

– 0

–

257

Corporates - Non-
Investment
Grades

Total

Balance as of 9/30/13

705,711

10,832,108

Accrued discounts/(premiums)

– 0

–

634

Realized gain (loss)

– 0

–

(4,423

)

Change in unrealized appreciation/depreciation

– 0

–

487

Purchases

– 0

–

– 0

–

Sales

– 0

–

(702,152

)

Transfers in to Level 3

– 0

–

705,711

Transfers out of Level 3

(705,711

)

(10,832,002

Balance as of 6/30/14

– 0

–

363

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14

– 0

–

257

+	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, 2014 (unaudited)


	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADES - 22.5%
Industrial - 12.6%
Basic - 1.9%
Barrick North America Finance LLC 4.40%, 5/30/21	U.S.$	4,097	$	4,286,584
Basell Finance Co. BV 8.10%, 3/15/27 (a)		3,560		4,782,575
Cia Minera Milpo SAA 4.625%, 3/28/23 (a)		5,011		4,961,908
Dow Chemical Co. (The)
4.375%, 11/15/42		2,674		2,552,689
7.375%, 11/01/29		700		932,587
8.55%, 5/15/19		3,226		4,146,278
Gerdau Trade, Inc.
4.75%, 4/15/23 (a)(b)		10,000		9,900,597
5.75%, 1/30/21 (a)		193		206,027
Glencore Funding LLC 4.125%, 5/30/23 (a)		3,382		3,396,681
International Paper Co.
3.65%, 6/15/24		1,794		1,798,234
4.75%, 2/15/22		3,860		4,256,295
LyondellBasell Industries NV 5.75%, 4/15/24		6,074		7,166,658
Minsur SA 6.25%, 2/07/24 (a)		7,730		8,386,166
Rio Tinto Finance USA PLC
2.875%, 8/21/22		5,160		5,038,451
3.50%, 3/22/22		2,202		2,259,547
Sociedad Quimica y Minera de Chile SA 3.625%, 4/03/23 (a)(b)		4,581		4,257,511
Vale SA 5.625%, 9/11/42		1,028		1,007,132
Yamana Gold, Inc. 4.95%, 7/15/24 (a)		6,551		6,594,073

				75,929,993

Capital Goods - 0.8%
Embraer SA 5.15%, 6/15/22		3,276		3,529,890
Odebrecht Finance Ltd. 5.25%, 6/27/29 (a)		4,673		4,651,972
Owens Corning 6.50%, 12/01/16 (c)		8,371		9,335,791
Republic Services, Inc.
3.80%, 5/15/18		8		8,571
5.25%, 11/15/21		4,903		5,586,782
5.50%, 9/15/19		6,718		7,709,510
United Technologies Corp. 4.875%, 5/01/15		5		5,191

				30,827,707

Communications - Media - 0.7%
21st Century Fox America, Inc.
6.15%, 2/15/41		5,925		7,180,881
6.55%, 3/15/33		3,525		4,390,912


	Principal Amount (000)		U.S. $ Value
CBS Corp. 8.875%, 5/15/19	U.S.$	10	$	12,964
NBCUniversal Enterprise, Inc. 5.25%, 3/19/21 (a)(d)		5,187		5,420,415
Time Warner Cable, Inc.
4.00%, 9/01/21		12		12,819
4.125%, 2/15/21		9,385		10,133,435
8.75%, 2/14/19		10		12,825

				27,164,251

Communications - Telecommunications - 1.9%
American Tower Corp. 5.05%, 9/01/20		10,745		11,972,788
AT&T, Inc.
1.40%, 12/01/17		16		15,933
4.30%, 12/15/42		2,827		2,676,081
5.35%, 9/01/40		2,103		2,287,475
5.80%, 2/15/19		50		58,175
Deutsche Telekom International Finance BV 4.875%, 3/06/42 (a)		10,746		11,240,294
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
1.75%, 1/15/18		15		15,021
3.80%, 3/15/22		3,001		3,098,881
4.45%, 4/01/24		4,224		4,478,809
4.60%, 2/15/21		3,225		3,521,158
5.20%, 3/15/20		1,156		1,302,242
Globo Comunicacao e Participacoes SA 5.307%, 5/11/22 (a)(e)		3,075		3,259,500
Rogers Communications, Inc. 4.00%, 6/06/22	CAD	1,130		1,101,979
Telefonica Emisiones SAU 5.462%, 2/16/21	U.S.$	4,705		5,342,382
Verizon Communications, Inc.
5.15%, 9/15/23		8,226		9,205,659
6.55%, 9/15/43		12,928		16,269,125

				75,845,502

Consumer Cyclical - Automotive - 0.7%
Ford Motor Credit Co. LLC
5.00%, 5/15/18		11,532		12,828,785
5.875%, 8/02/21		4,933		5,791,653
Harley-Davidson Funding Corp. 5.75%, 12/15/14 (a)		9,394		9,614,411

				28,234,849

Consumer Cyclical - Entertainment - 0.3%
Time Warner, Inc.
4.70%, 1/15/21		5,650		6,256,239
7.625%, 4/15/31		5		6,870
Viacom, Inc.
5.25%, 4/01/44		3,368		3,558,070
5.625%, 9/15/19		2,220		2,559,949

				12,381,128


	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Restaurants - 0.0%
McDonald’s Corp. 5.00%, 2/01/19	U.S.$	25	$	28,373

Consumer Cyclical - Retailers - 0.1%
Dollar General Corp. 4.125%, 7/15/17		2,031		2,174,033
Macy’s Retail Holdings, Inc. 3.875%, 1/15/22		36		37,578

				2,211,611

Consumer Non-Cyclical - 0.8%
Actavis Funding SCS 3.85%, 6/15/24 (a)		2,531		2,558,466
Bunge Ltd. Finance Corp.
5.10%, 7/15/15		5,363		5,585,967
8.50%, 6/15/19		5		6,283
Grupo Bimbo SAB de CV 3.875%, 6/27/24 (a)		6,479		6,466,172
Kroger Co. (The) 3.40%, 4/15/22		8,097		8,206,755
Reynolds American, Inc. 3.25%, 11/01/22		5,431		5,239,622
Thermo Fisher Scientific, Inc. 4.15%, 2/01/24		3,518		3,678,952

				31,742,217

Energy - 3.6%
DCP Midstream LLC 5.35%, 3/15/20 (a)		3,019		3,341,538
Diamond Offshore Drilling, Inc. 4.875%, 11/01/43		3,212		3,241,801
Encana Corp. 3.90%, 11/15/21		3,815		4,031,009
Energy Transfer Partners LP
6.70%, 7/01/18		3,915		4,584,027
7.50%, 7/01/38		8,376		10,889,554
Enterprise Products Operating LLC
3.35%, 3/15/23		5		5,009
5.20%, 9/01/20		2,133		2,435,195
Hess Corp. 7.875%, 10/01/29		765		1,054,157
Kinder Morgan Energy Partners LP
3.95%, 9/01/22		12,863		13,156,238
4.15%, 3/01/22		3,287		3,414,565
Nabors Industries, Inc. 5.10%, 9/15/23		5,655		6,174,174
National Oilwell Varco, Inc. 2.60%, 12/01/22		14		13,499
Noble Energy, Inc. 8.25%, 3/01/19		10,609		13,374,416
Noble Holding International Ltd.
3.95%, 3/15/22		2,750		2,816,715
4.90%, 8/01/20		975		1,075,554
Reliance Holding USA, Inc. 5.40%, 2/14/22 (a)		6,968		7,497,986


	Principal Amount (000)		U.S. $ Value
Rio Oil Finance Trust
Series 2014-1
6.25%, 7/06/24 (a)	U.S.$	5,184	$	5,430,240
Sunoco Logistics Partners Operations LP
5.30%, 4/01/44		3,870		4,071,851
TransCanada PipeLines Ltd.
6.35%, 5/15/67		12,800		13,328,000
Transocean, Inc.
6.375%, 12/15/21		21		24,294
6.50%, 11/15/20		8,310		9,611,005
Valero Energy Corp.
6.125%, 2/01/20		6,995		8,266,131
Weatherford International Ltd./Bermuda
9.625%, 3/01/19		6,870		9,015,467
Williams Partners LP
3.35%, 8/15/22		13		12,894
5.25%, 3/15/20		10,223		11,531,564

				138,396,883

Services - 0.1%
Omnicom Group, Inc.
3.625%, 5/01/22		3,557		3,659,338

Technology - 0.8%
Baidu, Inc.
2.25%, 11/28/17		765		773,599
2.75%, 6/09/19		998		1,001,887
3.25%, 8/06/18		5,453		5,633,849
Hewlett-Packard Co.
4.65%, 12/09/21		2,366		2,581,334
Motorola Solutions, Inc.
7.50%, 5/15/25		985		1,252,720
Seagate HDD Cayman
4.75%, 1/01/25 (a)		3,629		3,601,783
Telefonaktiebolaget LM Ericsson
4.125%, 5/15/22		2,401		2,495,621
Tencent Holdings Ltd.
3.375%, 5/02/19 (a)		6,326		6,467,519
Total System Services, Inc.
2.375%, 6/01/18		2,940		2,941,646
3.75%, 6/01/23		3,042		2,961,776

				29,711,734

Transportation - Airlines - 0.3%
Southwest Airlines Co.
5.25%, 10/01/14		6,475		6,543,447
5.75%, 12/15/16		4,235		4,678,235

				11,221,682

Transportation - Services - 0.6%
Asciano Finance Ltd.
3.125%, 9/23/15 (a)		6,813		6,953,109
5.00%, 4/07/18 (a)		6,572		7,156,073
Ryder System, Inc.
5.85%, 11/01/16		3,664		4,035,215
7.20%, 9/01/15		3,547		3,806,190

				21,950,587

				489,305,855


	Principal Amount (000)		U.S. $ Value
Financial Institutions - 8.8%
Banking - 5.3%
American Express Co.
2.65%, 12/02/22	U.S.$	17	$	16,578
Bank of America Corp.
3.30%, 1/11/23		2,739		2,699,712
4.875%, 4/01/44		5,732		5,915,051
5.625%, 7/01/20		2,100		2,415,911
Series 1
3.75%, 7/12/16		25		26,299
Series B
5.30%, 9/30/15		30		31,670
Series L
5.65%, 5/01/18		5,700		6,461,161
Barclays Bank PLC
6.625%, 3/30/22 (a)	EUR	3,510		5,989,234
6.86%, 6/15/32 (a)(d)	U.S.$	1,250		1,412,500
Bear Stearns Cos. LLC (The)
5.30%, 10/30/15		5		5,300
BNP Paribas SA
5.186%, 6/29/15 (a)(d)		2,654		2,703,762
BPCE SA
5.70%, 10/22/23 (a)		7,627		8,398,166
Citigroup, Inc.
3.875%, 10/25/23		2,768		2,835,152
Compass Bank
5.50%, 4/01/20		14,784		16,097,189
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands
3.95%, 11/09/22		1,581		1,607,289
Countrywide Financial Corp.
6.25%, 5/15/16		5,826		6,357,442
Credit Suisse AG
6.50%, 8/08/23 (a)		8,241		9,350,547
Danske Bank A/S
5.684%, 2/15/17 (d)	GBP	4,665		8,402,823
Goldman Sachs Group, Inc. (The)
3.625%, 2/07/16	U.S.$	12		12,507
4.00%, 3/03/24		9,472		9,642,108
5.25%, 7/27/21		6		6,738
5.625%, 1/15/17		10		11,005
Series D
6.00%, 6/15/20		12,435		14,494,298
Intesa Sanpaolo SpA
5.017%, 6/26/24 (a)		7,068		7,151,508
JPMorgan Chase & Co.
3.625%, 5/13/24		9,736		9,775,032
6.125%, 6/27/17		50		56,306
Macquarie Bank Ltd.
5.00%, 2/22/17 (a)		2,532		2,759,374


	Principal Amount (000)		U.S. $ Value
Macquarie Group Ltd.
4.875%, 8/10/17 (a)	U.S.$	6,132	$	6,689,552
Mizuho Financial Group Cayman 3 Ltd.
4.60%, 3/27/24 (a)		9,696		10,219,904
Morgan Stanley
3.75%, 2/25/23		8		8,138
5.625%, 9/23/19		3,033		3,488,584
7.25%, 4/01/32		15		20,115
Series G
5.50%, 7/24/20		3,953		4,545,064
Murray Street Investment Trust I
4.647%, 3/09/17		1,107		1,196,426
National Capital Trust II Delaware
5.486%, 3/23/15 (a)(d)		3,116		3,178,320
Nationwide Building Society
6.25%, 2/25/20 (a)		13,470		15,904,635
PNC Funding Corp.
5.125%, 2/08/20		5		5,711
Rabobank Capital Funding Trust III
5.254%, 10/21/16 (a)(d)		3,880		4,074,000
Royal Bank of Scotland PLC (The)
9.50%, 3/16/22 (a)		2,894		3,393,215
Skandinaviska Enskilda Banken AB
5.471%, 3/23/15 (a)(d)		1,268		1,287,020
Standard Chartered PLC
4.00%, 7/12/22 (a)		6,689		6,915,958
Turkiye Garanti Bankasi AS
4.75%, 10/17/19 (a)		2,425		2,458,226
UBS AG/Stamford CT
7.625%, 8/17/22		5,982		7,202,759
Unicredit Luxembourg Finance SA
6.00%, 10/31/17 (a)		5,567		6,135,741
Wells Fargo Bank NA
Series BKN1
6.18%, 2/15/36		4,549		5,505,609

				206,863,639

Finance - 0.0%
General Electric Capital Corp.
Series G
5.625%, 5/01/18		20		22,917
HSBC Finance Corp.
6.676%, 1/15/21		110		131,549

				154,466

Insurance - 2.3%
Allied World Assurance Co., Holdings Ltd.
7.50%, 8/01/16		3,185		3,580,252
American International Group, Inc.
4.875%, 6/01/22		6,703		7,464,213
6.40%, 12/15/20		5,975		7,213,295
Coventry Health Care, Inc.
5.95%, 3/15/17		2,515		2,827,700
6.125%, 1/15/15		965		993,681
6.30%, 8/15/14		7,810		7,865,834


	Principal Amount (000)		U.S. $ Value
Guardian Life Insurance Co. of America (The)
7.375%, 9/30/39 (a)	U.S.$	4,804	$	6,663,724
Hartford Financial Services Group, Inc. (The)
4.00%, 3/30/15		2,705		2,777,129
5.125%, 4/15/22		3,400		3,866,184
5.50%, 3/30/20		6,904		7,900,399
6.10%, 10/01/41		5		6,217
Humana, Inc.
6.45%, 6/01/16		1,111		1,223,711
Lincoln National Corp.
8.75%, 7/01/19		3,071		3,981,717
MetLife Capital Trust IV
7.875%, 12/15/37 (a)		5,200		6,461,000
MetLife, Inc.
4.75%, 2/08/21		1,570		1,754,615
7.717%, 2/15/19		2,169		2,698,327
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (a)		4,260		6,630,111
Prudential Financial, Inc.
4.50%, 11/15/20		8		8,818
5.625%, 6/15/43		8,035		8,594,879
XLIT Ltd.
5.25%, 9/15/14		7,525		7,599,226
6.25%, 5/15/27		5		5,960

				90,116,992

Other Finance - 0.3%
ORIX Corp.
4.71%, 4/27/15		9,573		9,869,859

REITS - 0.9%
ERP Operating LP
5.25%, 9/15/14		5		5,047
HCP, Inc.
5.375%, 2/01/21		12,835		14,599,222
Health Care REIT, Inc.
5.25%, 1/15/22		12,820		14,378,963
Trust F/1401
5.25%, 12/15/24 (a)		5,937		6,233,850

				35,217,082

				342,222,038

Utility - 0.8%
Electric - 0.5%
Berkshire Hathaway Energy Co.
6.125%, 4/01/36		6,760		8,381,305
CMS Energy Corp.
5.05%, 3/15/22		1,476		1,677,594
Constellation Energy Group, Inc.
5.15%, 12/01/20		2,362		2,662,158
Duke Energy Carolinas LLC
3.90%, 6/15/21		4		4,343
TECO Finance, Inc.
4.00%, 3/15/16		2,925		3,078,644
5.15%, 3/15/20		3,625		4,094,492

				19,898,536


	Principal Amount (000)		U.S. $ Value
Natural Gas - 0.3%
Talent Yield Investments Ltd.
4.50%, 4/25/22 (a)	U.S.$	12,130	$	12,544,361

				32,442,897

Non Corporate Sectors - 0.3%
Agencies - Not Government Guaranteed - 0.3%
CNOOC Finance 2013 Ltd.
3.00%, 5/09/23		8,893		8,396,922
CNOOC Nexen Finance 2014 ULC
4.25%, 4/30/24		958		982,270
OCP SA
5.625%, 4/25/24 (a)		2,079		2,180,351

				11,559,543

Total Corporates - Investment Grades (cost $808,698,219)				875,530,333

MORTGAGE PASS-THROUGHS - 19.7%
Agency Fixed Rate 30-Year - 18.5%
Federal Home Loan Mortgage Corp. Gold
4.50%, 5/01/39-4/01/41		40,989		44,388,653
5.00%, 8/01/33		5		5,748
Series 2007
4.50%, 1/01/37-3/01/37		598		647,579
5.50%, 7/01/35		3,264		3,665,356
Series 2014
4.50%, 4/01/44		1,380		1,494,956
Federal National Mortgage Association
3.00%, 5/01/38-9/01/43		62,476		61,799,348
3.50%, 7/01/44, TBA		203,194		209,162,824
4.00%, 12/01/41-5/01/44		25,205		26,906,987
4.00%, 7/01/44, TBA		191,805		203,553,056
4.50%, 4/01/44		66,241		71,905,841
5.00%, 7/25/44, TBA		29,120		32,336,851
5.50%, 11/01/33-9/01/36		4,026		4,530,047
6.50%, 8/01/31-8/01/34		14		15,913
Series 2003
5.50%, 4/01/33-7/01/33		10,304		11,586,650
Series 2004
5.50%, 4/01/34-11/01/34		8,966		10,086,423
Series 2005
5.50%, 2/01/35		8,383		9,422,790
Series 2006
5.50%, 4/01/36		1,717		1,921,995
Series 2007
4.50%, 9/01/35		8,368		9,090,623
Series 2012
3.50%, 5/01/42		11		11,057
Series 2014
4.00%, 3/01/44		10,394		11,093,374
4.50%, 2/01/44		8,810		9,560,600


	Principal Amount (000)		U.S. $ Value
Government National Mortgage Association
Series 1996
8.50%, 11/15/26	U.S.$	0	$	499

				723,187,170

Agency Fixed Rate 15-Year - 1.2%
Federal Home Loan Mortgage Corp. Gold
6.00%, 7/01/17		3		3,259
Federal National Mortgage Association
2.50%, 7/01/29, TBA		38,542		39,150,235
3.00%, 7/01/29, TBA		7,435		7,723,106

				46,876,600

Agency ARMs - 0.0%
Federal Home Loan Mortgage Corp.
Series 2006
2.686%, 12/01/36 (c)		2		1,948
Series 2007
2.795%, 3/01/37 (c)		2		2,461

				4,409

Total Mortgage Pass-Throughs (cost $756,465,947)				770,068,179

GOVERNMENTS - TREASURIES - 16.4%
Brazil - 0.5%
Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/17	BRL	43,164		18,895,008

United States - 15.9%
U.S. Treasury Bonds
3.375%, 5/15/44	U.S.$	3,938		3,964,460
3.625%, 8/15/43-2/15/44		20,148		21,273,597
3.75%, 11/15/43 (f)		10,205		11,021,400
4.50%, 2/15/36		31,370		38,099,838
4.625%, 2/15/40		90,608		112,679,938
4.75%, 2/15/37		5		6,285
5.375%, 2/15/31		35		45,954
8.125%, 8/15/19-8/15/21		986		1,357,553
U.S. Treasury Notes
0.875%, 11/30/16		59,635		60,003,067
1.00%, 8/31/16		27,705		27,990,694
1.50%, 5/31/19 (b)		40,053		39,852,735
1.75%, 5/15/23		56,586		53,597,580
2.00%, 11/15/21		9,093		8,979,338
2.125%, 8/15/21		630		629,606
2.50%, 8/15/23-5/15/24		113,052		113,534,084
2.625%, 7/31/14		15		15,032
2.75%, 11/15/23-2/15/24		124,705		127,587,676

				620,638,837

Total Governments - Treasuries (cost $617,461,589)				639,533,845


	Principal Amount (000)		U.S. $ Value
ASSET-BACKED SECURITIES - 15.7%
Autos - Fixed Rate - 9.4%
Ally Master Owner Trust
Series 2012-4, Class A
1.72%, 7/15/19	U.S.$	11,565	$	11,660,157
Series 2014-1, Class A2
1.29%, 1/15/19		13,416		13,447,202
AmeriCredit Automobile Receivables Trust
Series 2012-4, Class A2
0.49%, 4/08/16		945		944,655
Series 2013-1, Class A2
0.49%, 6/08/16		2,282		2,282,180
Series 2013-3, Class A3
0.92%, 4/09/18		15,000		15,012,411
Series 2013-4, Class A3
0.96%, 4/09/18		5,735		5,746,680
Series 2013-5, Class A2A
0.65%, 3/08/17		3,372		3,373,773
Series 2014-1, Class A3
0.90%, 2/08/19		6,050		6,050,114
ARI Fleet Lease Trust
Series 2013-A, Class A2
0.70%, 12/15/15 (a)		7,487		7,490,932
Series 2014-A, Class A2
0.81%, 11/15/22 (a)		4,136		4,133,888
Avis Budget Rental Car Funding AESOP LLC
Series 2013-2A, Class A
2.97%, 2/20/20 (a)		16,846		17,403,722
Series 2014-1A, Class A
2.46%, 7/20/20 (a)		6,834		6,879,398
Bank of America Auto Trust
Series 2012-1, Class A4
1.03%, 12/15/16		7,960		8,000,604
California Republic Auto Receivables
Trust 2014-2
Series 2014-2, Class A4
1.57%, 12/16/19		3,937		3,941,941
Capital Auto Receivables Asset Trust
Series 2013-1, Class A2
0.62%, 7/20/16		8,551		8,551,812
Series 2013-3, Class A2
1.04%, 11/21/16		11,960		12,017,946
Series 2014-1, Class B
2.22%, 1/22/19		1,960		1,981,437
CarMax Auto Owner Trust
Series 2012-1, Class A3
0.89%, 9/15/16		3,181		3,188,151
CPS Auto Receivables Trust 2013-B
Series 2013-B, Class A
1.82%, 9/15/20 (a)		6,231		6,256,990
CPS Auto Receivables Trust 2014-B
Series 2014-B, Class A
1.11%, 11/15/18 (a)		6,501		6,484,878
Enterprise Fleet Financing LLC
Series 2014-1, Class A2
0.87%, 9/20/19 (a)		3,059		3,061,397


	Principal Amount (000)		U.S. $ Value
Exeter Automobile Receivables Trust
Series 2012-2A, Class A
1.30%, 6/15/17 (a)	U.S.$	2,960	$	2,964,038
Series 2013-1A, Class A
1.29%, 10/16/17 (a)		2,809		2,814,066
Series 2014-1A, Class A
1.29%, 5/15/18 (a)		4,250		4,261,111
Series 2014-2A, Class A
1.06%, 8/15/18 (a)		3,885		3,878,550
Fifth Third Auto Trust
Series 2013-A, Class A3
0.61%, 9/15/17		8,787		8,795,396
Flagship Credit Auto Trust
Series 2013-1, Class A
1.32%, 4/16/18 (a)		2,663		2,666,756
Ford Auto Securitization Trust
Series 2013-R1A, Class A2
1.676%, 9/15/16 (a)	CAD	5,799		5,443,714
Series 2013-R4A, Class A1
1.487%, 8/15/15 (a)		1,910		1,790,649
Series 2014-R2A, Class A1
1.353%, 3/15/16 (a)		10,780		10,102,159
Ford Credit Auto Owner Trust
Series 2012-B, Class A4
1.00%, 9/15/17	U.S.$	8,095		8,144,460
Series 2012-D, Class B
1.01%, 5/15/18		3,805		3,793,196
Ford Credit Floorplan Master Owner Trust
Series 2012-4, Class A1
0.74%, 9/15/16		8,352		8,357,476
Series 2013-1, Class A1
0.85%, 1/15/18		7,511		7,538,057
Series 2014-1, Class A1
1.20%, 2/15/19		9,394		9,398,558
GM Financial Automobile Leasing Trust
Series 2014-1A, Class A2
0.61%, 7/20/16 (a)		9,380		9,378,373
Harley-Davidson Motorcycle Trust
Series 2012-1, Class A3
0.68%, 4/15/17		5,377		5,383,987
Series 2014-1, Class A3
1.10%, 9/15/19		9,130		9,144,763
Hertz Vehicle Financing LLC
Series 2013-1A, Class A1
1.12%, 8/25/17 (a)		7,345		7,356,370
Series 2013-1A, Class A2
1.83%, 8/25/19 (a)		21,065		21,050,547
Hyundai Auto Receivables Trust
Series 2012-B, Class C
1.95%, 10/15/18		3,525		3,599,913
M&T Bank Auto Receivables Trust
Series 2013-1A, Class A3
1.06%, 11/15/17, TBA (a)		10,040		10,068,346
Mercedes-Benz Auto Lease Trust
Series 2013-A, Class A3
0.59%, 2/15/16		7,452		7,460,823


	Principal Amount (000)		U.S. $ Value
Series 2014-A, Class A2A
0.48%, 6/15/16	U.S.$	10,967	$	10,967,239
Mercedes-Benz Master Owner Trust
Series 2012-AA, Class A
0.79%, 11/15/17 (a)		19,143		19,188,350
Nissan Auto Lease Trust
Series 2012-B, Class A2A
0.45%, 6/15/15		445		444,806
Santander Drive Auto Receivables Trust
Series 2013-3, Class C
1.81%, 4/15/19		10,790		10,874,514
Series 2013-4, Class A3
1.11%, 12/15/17		12,250		12,304,718
Series 2013-5, Class A2A
0.64%, 4/17/17		3,758		3,761,071
SMART Trust/Australia
Series 2012-4US, Class A2A
0.67%, 6/14/15		898		898,396
Volkswagen Auto Loan Enhanced Trust
Series 2014-1, Class A3
0.91%, 10/22/18		7,206		7,209,824

				366,950,494

Credit Cards - Fixed Rate - 2.3%
American Express Credit Account Master Trust
Series 2012-5, Class A
0.59%, 5/15/18		13,910		13,928,346
Series 2014-2, Class A
1.26%, 1/15/20		4,458		4,457,911
Cabela’s Master Credit Card Trust
Series 2013-1A, Class A
2.71%, 2/17/26 (a)		11,045		10,727,471
Chase Issuance Trust
Series 2013-A1, Class A1
1.30%, 2/18/20		14,845		14,737,145
Series 2014-A2, Class A2
2.77%, 3/15/23		9,655		9,769,000
Citibank Credit Card Issuance Trust
Series 2012-A1, Class A1
0.55%, 10/10/17		14,150		14,162,071
Discover Card Master Trust
Series 2012-A3, Class A3
0.86%, 11/15/17		8,266		8,300,601
World Financial Network Credit Card Master Trust
Series 2012-B, Class A
1.76%, 5/17/21		7,890		7,971,346
Series 2013-A, Class A
1.61%, 12/15/21		4,353		4,345,135

				88,399,026

Credit Cards - Floating Rate - 1.3%
Barclays Dryrock Issuance Trust
Series 2014-1, Class A
0.512%, 12/16/19 (c)		11,414		11,458,124
Series 2014-2, Class A
0.491%, 3/16/20 (c)		10,300		10,300,199


	Principal Amount (000)		U.S. $ Value
Cabela’s Master Credit Card Trust
Series 2014-1, Class A
0.502%, 3/16/20 (c)	U.S.$	1,880	$	1,881,042
First National Master Note Trust
Series 2013-2, Class A
0.682%, 10/15/19 (c)		8,650		8,695,604
Gracechurch Card Funding PLC
Series 2012-1A, Class A1
0.852%, 2/15/17 (a)(c)		12,465		12,506,820
World Financial Network Credit Card Master Trust
Series 2014-A, Class A
0.532%, 12/15/19 (c)		8,125		8,139,787

				52,981,576

Autos - Floating Rate - 1.2%
BMW Floorplan Master Owner Trust
Series 2012-1A, Class A
0.552%, 9/15/17 (a)(c)		9,336		9,363,381
GE Dealer Floorplan Master Note Trust
Series 2012-3, Class A
0.643%, 6/20/17 (c)		19,000		19,048,203
Hertz Fleet Lease Funding LP
Series 2013-3, Class A
0.704%, 12/10/27 (a)(c)		9,343		9,367,256
Series 2014-1, Class A
0.554%, 4/10/28 (a)(c)		7,735		7,735,155

				45,513,995

Other ABS - Fixed Rate - 1.1%
CIT Equipment Collateral
Series 2012-VT1, Class A3
1.10%, 8/22/16 (a)		1,331		1,332,227
Series 2013-VT1, Class A3
1.13%, 7/20/20 (a)		9,581		9,645,246
CNH Capital Canada Receivables Trust
Series 2014-1A, Class A
1 1.388%, 3/15/17 (a)	CAD	7,700		7,215,744
CNH Equipment Trust
Series 2012-A, Class A3
0.94%, 5/15/17	U.S.$	3,175		3,182,404
Series 2013-C, Class A2
0.63%, 1/17/17		6,453		6,457,089
Series 2013-D, Class A2
0.49%, 3/15/17		9,498		9,500,579
Series 2014-B, Class A4
1.61%, 5/17/21		6,051		6,051,812
GE Equipment Midticket LLC
Series 2011-1, Class A3
1.00%, 8/24/15		340		339,739

				43,724,840


	Principal Amount (000)		U.S. $ Value
Autos-Fixed Rate ABS - 0.2%
Santander Drive Auto Receivables Trust
Series 2012-3, Class D
3.64%, 5/15/18	U.S.$	7,279	$	7,601,045

Home Equity Loans - Floating Rate - 0.2%
Asset Backed Funding Certificates
Series 2003-WF1, Class A2
1.277%, 12/25/32 (c)		1,398		1,341,193
GSAA Trust
Series 2006-5, Class 2A3
0.422%, 3/25/36 (c)		8,591		6,036,584
Residential Asset Securities Corp. Trust
Series 2003-KS3, Class A2
0.752%, 5/25/33 (c)		163		148,018
Wells Fargo Home Equity Trust
Series 2004-1, Class 1A
0.452%, 4/25/34 (c)		9		8,861

				7,534,656

Home Equity Loans - Fixed Rate - 0.0%
Citifinancial Mortgage Securities, Inc.
Series 2003-1, Class AFPT
3.86%, 1/25/33		1,317		1,343,719

Total Asset-Backed Securities (cost $612,471,872)				614,049,351

COMMERCIAL MORTGAGE-BACKED SECURITIES - 9.3%
Non-Agency Fixed Rate CMBS - 8.0%
Banc of America Commercial Mortgage Trust
Series 2007-4, Class A1A
5.774%, 2/10/51		16,156		18,031,433
Bear Stearns Commercial Mortgage
Securities Trust
Series 2006-PW12, Class A4
5.898%, 9/11/38		18,895		20,345,191
CGRBS Commercial Mortgage Trust
Series 2013-VN05, Class A
3.369%, 3/13/23 (a)		11,325		11,434,366
Citigroup Commercial Mortgage Trust
Series 2006-C4, Class A1A
5.975%, 3/15/49		3,214		3,434,250
COBALT CMBS Commercial Mortgage Trust
Series 2007-C3, Class A4
5.965%, 5/15/46		4,075		4,518,559
Commercial Mortgage Pass-Through Certificates
Series 2007-GG9, Class A4
5.444%, 3/10/39		20,412		22,273,321
Series 2013-SFS, Class A1
1.873%, 4/12/35 (a)		5,218		5,090,334
Credit Suisse Commercial Mortgage Trust
Series 2006-C3, Class AJ
5.982%, 6/15/38		4,255		4,413,197


	Principal Amount (000)		U.S. $ Value
Credit Suisse First Boston Mortgage
Securities Corp.
Series 2005-C1, Class A4
5.014%, 2/15/38	U.S.$	11,379	$	11,467,999
Extended Stay America Trust
Series 2013-ESH7, Class A17
2.295%, 12/05/31 (a)		7,662		7,450,534
Greenwich Capital Commercial Funding Corp.
Series 2005-GG3, Class A4
4.799%, 8/10/42		5,840		5,891,386
Series 2007-GG9, Class AM
5.475%, 3/10/39		7,256		7,815,574
GS Mortgage Securities Corp. II
Series 2013-KING, Class A
2.706%, 12/10/27 (a)		12,881		13,058,388
GS Mortgage Securities Trust
Series 2006-GG6, Class AJ
5.753%, 4/10/38		5,000		5,207,965
Series 2013-G1, Class A1
2.059%, 4/10/31 (a)		895		872,098
Series 2013-G1, Class A2
3.557%, 4/10/31 (a)(g)		6,804		6,660,361
JP Morgan Chase Commercial Mortgage
Securities Trust
Series 2007-CB19, Class AM
5.892%, 2/12/49		4,080		4,442,892
Series 2007-LD12, Class A4
5.882%, 2/15/51		13,115		14,547,840
Series 2007-LD12, Class AM
6.218%, 2/15/51		3,522		3,951,056
Series 2007-LDPX, Class A1A
5.439%, 1/15/49		18,033		19,822,772
Series 2007-LDPX, Class A3
5.42%, 1/15/49		47		51,771
Series 2008-C2, Class A1A
5.998%, 2/12/51		7,844		8,750,534
Series 2010-C2, Class A1
2.749%, 11/15/43 (a)		7,581		7,756,062
LSTAR Commercial Mortgage Trust
Series 2014-2, Class A2
2.767%, 1/20/41 (a)		6,067		6,138,681
Merrill Lynch Mortgage Trust
Series 2006-C2, Class A1A
5.739%, 8/12/43		7,145		7,752,394
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-4, Class A1A
5.166%, 12/12/49		26,777		28,914,624
Series 2007-9, Class A4
5.70%, 9/12/49		21,260		23,617,840
Motel 6 Trust
Series 2012-MTL6, Class A2
1.948%, 10/05/25 (a)		9,011		9,021,236
UBS-Barclays Commercial Mortgage Trust
Series 2012-C3, Class A4


	Principal Amount (000)		U.S. $ Value
3.091%, 8/10/49	U.S.$	4,728	$	4,739,839
Series 2012-C4, Class A5
2.85%, 12/10/45		9,467		9,296,871
WF-RBS Commercial Mortgage Trust
Series 2013-C14, Class A5
3.337%, 6/15/46		9,893		9,998,425
Series 2014-C20, Class A2
3.036%, 5/15/47		6,029		6,267,946

				313,035,739

Non-Agency Floating Rate CMBS - 1.1%
Commercial Mortgage Pass Through Certificates
Series 2014-KYO, Class A
1.054%, 6/11/27 (a)(c)		7,535		7,535,434
Extended Stay America Trust
Series 2013-ESFL, Class A2FL
0.851%, 12/05/31 (a)(c)		6,130		6,126,867
GS Mortgage Securities Corp. II
Series 2013-KYO, Class A
1.001%, 11/08/29 (a)(c)		12,460		12,553,196
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2014-INN, Class A
1.071%, 6/15/29 (a)(c)		9,634		9,633,997
PFP III 2014-1 Ltd.
Series 2014-1, Class A
1.322%, 6/14/31 (a)(c)		8,403		8,421,770

				44,271,264

Non-Agency ARMs - 0.2%
Commercial Mortgage Trust
1.00%, 6/15/16 (c)		6,317		6,317,363

Total Commercial Mortgage-Backed Securities (cost $363,287,259)				363,624,366

AGENCIES - 4.9%
Agency Debentures - 4.9%
Federal National Mortgage Association
6.25%, 5/15/29		9,730		13,066,943
6.625%, 11/15/30		74,395		105,651,241
Residual Funding Corp. Principal Strip
Zero Coupon, 7/15/20		81,666		71,571,102

Total Agencies (cost $166,484,605)				190,289,286

CORPORATES - NON-INVESTMENT GRADES - 2.6%
Financial Institutions - 1.3%
Banking - 1.1%
ABN AMRO Bank NV
4.31%, 3/10/16 (d)	EUR	2,695		3,764,070
Bank of America Corp.
Series U
5.20%, 6/01/23 (d)	U.S.$	4,575		4,380,562


	Principal Amount (000)		U.S. $ Value
Barclays Bank PLC
7.625%, 11/21/22	U.S.$	3,784	$	4,319,436
7.75%, 4/10/23		3,832		4,265,016
Citigroup, Inc.
5.95%, 1/30/23 (d)		6,502		6,567,020
Credit Agricole SA
7.875%, 1/23/24 (a)(b)(d)		1,382		1,516,745
Credit Suisse Group AG
7.50%, 12/11/23 (a)(d)		1,557		1,724,378
HBOS Capital Funding LP
4.939%, 5/23/16 (d)	EUR	3,542		4,811,261
LBG Capital No.1 PLC
8.00%, 6/15/20 (a)(d)	U.S.$	2,354		2,603,524
Lloyds Banking Group PLC
7.50%, 6/27/24 (d)		3,734		3,972,976
Societe Generale SA
4.196%, 1/26/15 (d)	EUR	2,100		2,888,470
5.922%, 4/05/17 (a)(b)(d)	U.S.$	1,160		1,238,300

				42,051,758

Finance - 0.2%
Aviation Capital Group Corp.
7.125%, 10/15/20 (a)		4,965		5,728,210
SLM Corp.
7.25%, 1/25/22		875		967,969

				6,696,179

				48,747,937

Industrial - 0.9%
Basic - 0.1%
NOVA Chemicals Corp.
5.25%, 8/01/23 (a)		3,570		3,900,225

Communications - Telecommunications - 0.5%
Sirius XM Radio, Inc.
4.625%, 5/15/23 (a)		4,465		4,275,238
Sprint Corp.
7.875%, 9/15/23 (a)		4,280		4,761,500
T-Mobile USA, Inc.
6.625%, 4/01/23		4,030		4,372,550
Telecom Italia Capital SA
7.175%, 6/18/19		5,770		6,671,562

				20,080,850

Consumer Cyclical - Automotive - 0.0%
Dana Holding Corp.
6.00%, 9/15/23		1,544		1,636,640

Consumer Cyclical - Other - 0.1%
MCE Finance Ltd.
5.00%, 2/15/21 (a)		2,225		2,247,250

Energy - 0.2%
Cimarex Energy Co.


	Principal Amount (000)		U.S. $ Value
4.375%, 6/01/24	U.S.$	2,780	$	2,832,125
5.875%, 5/01/22		3,528		3,898,440
SM Energy Co.
6.50%, 1/01/23		359		388,617

				7,119,182

Technology - 0.0%
Numericable Group SA
5.375%, 5/15/22 (a)	EUR	712		1,034,657

				36,018,804

Utility - 0.3%
Natural Gas - 0.3%
Access Midstream Partners LP/ACMP Finance Corp.
4.875%, 3/15/24	U.S.$	3,719		3,928,194
ONEOK, Inc.
4.25%, 2/01/22		7,942		7,943,803
Regency Energy Partners LP/Regency Energy Finance Corp.
4.50%, 11/01/23		1,196		1,184,040

				13,056,037

Non Corporate Sectors - 0.1%
Agencies - Government Guaranteed - 0.1%
Bank of Ireland
Series MPLE
2.062%, 9/22/15 (c)	CAD	5,285		4,767,174

Total Corporates - Non-Investment Grades (cost $91,271,624)				102,589,952

QUASI-SOVEREIGNS - 2.2%
Quasi-Sovereign Bonds - 2.2%
Chile - 0.1%
Empresa de Transporte de Pasajeros
Metro SA
4.75%, 2/04/24 (a)	U.S.$	2,510		2,650,868

China - 0.3%
Sinopec Group Overseas Development
2013 Ltd.
4.375%, 10/17/23 (a)		9,780		10,140,796

Indonesia - 0.2%
Perusahaan Listrik Negara PT
5.50%, 11/22/21 (a)		7,987		8,386,350

Kazakhstan - 0.2%
KazMunayGas National Co. JSC
7.00%, 5/05/20 (a)		7,742		8,806,525

Malaysia - 0.4%
Petronas Capital Ltd.
5.25%, 8/12/19 (a)		12,990		14,757,354


	Principal Amount (000)		U.S. $ Value
Mexico - 0.3%
Petroleos Mexicanos
3.50%, 7/18/18	U.S.$	5,565	$	5,848,815
4.875%, 1/18/24		6,590		7,067,775

				12,916,590

South Korea - 0.3%
Korea National Oil Corp.
3.125%, 4/03/17 (a)		12,315		12,817,181

United Arab Emirates - 0.4%
IPIC GMTN Ltd.
3.75%, 3/01/17 (a)		12,650		13,440,625

Total Quasi-Sovereigns (cost $78,001,324)				83,916,289

INFLATION-LINKED SECURITIES - 2.1%
United States - 2.1%
U.S. Treasury Inflation Index
0.125%, 4/15/19 (TIPS) (cost $80,486,644)		78,449		80,777,619

COLLATERALIZED MORTGAGE OBLIGATIONS - 2.0%
Non-Agency Fixed Rate - 0.8%
Alternative Loan Trust
Series 2006-J1, Class 1A13
5.50%, 2/25/36		2,384		2,162,919
CHL Mortgage Pass-Through Trust
Series 2006-13, Class 1A18
6.25%, 9/25/36		5,434		5,063,428
Citigroup Mortgage Loan Trust, Inc.
Series 2005-2, Class 1A4
2.53%, 5/25/35		4,335		4,274,012
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2007-HYB2, Class 3A1
2.646%, 2/25/47		7,356		6,133,282
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA3, Class A9
6.00%, 7/25/36		6,093		5,172,030
GE Equipment Small Ticket LLC
Series 2014-1A, Class A2
0.59%, 8/24/16 (a)		8,540		8,540,655

				31,346,326

GSE Risk Share Floating Rate - 0.6%
Fannie Mae Connecticut Avenue Securities
Series 2014-C01, Class M2
4.552%, 1/25/24 (c)		4,593		5,236,822
Structured Agency Credit Risk Debt Notes
Series 2013-DN2, Class M2
4.402%, 11/25/23 (c)		8,185		9,088,442
Series 2014-DN1, Class M3
4.652%, 2/25/24 (c)		6,840		7,838,875

				22,164,139


	Principal Amount (000)		U.S. $ Value
Non-Agency Floating Rate - 0.6%
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
0.342%, 12/25/36 (c)	U.S.$	9,233	$	5,719,414
HomeBanc Mortgage Trust
Series 2005-1, Class A1
0.402%, 3/25/35 (c)		4,704		4,039,050
IndyMac Index Mortgage Loan Trust
Series 2006-AR15, Class A1
0.272%, 7/25/36 (c)		6,849		5,339,236
Series 2006-AR27, Class 2A2
0.352%, 10/25/36 (c)		7,185		6,196,237

				21,293,937

Agency Fixed Rate - 0.0%
Fannie Mae Grantor Trust
Series 2004-T5, Class AB4
0.667%, 5/28/35		1,605		1,440,988

Total Collateralized Mortgage Obligations (cost $74,417,540)				76,245,390

GOVERNMENTS - SOVEREIGN BONDS - 0.6%
Indonesia - 0.1%
Indonesia Government International Bond
3.375%, 4/15/23 (a)		1,637		1,518,318

Poland - 0.0%
Poland Government International Bond
3.875%, 7/16/15		3		3,102

Qatar - 0.3%
Qatar Government International Bond
4.50%, 1/20/22 (a)		11,649		12,799,921

Turkey - 0.2%
Turkey Government International Bond
4.875%, 4/16/43		8,674		8,145,406

Total Governments - Sovereign Bonds (cost $21,752,080)				22,466,747


	Shares
PREFERRED STOCKS - 0.5%
Financial Institutions - 0.5%
Banking - 0.3%
Morgan Stanley
7.125%		315,000		8,779,050


Company	Shares		U.S. $ Value
State Street Corp.
Series D
5.90%		90,975	$	2,383,545

				11,162,595

Insurance - 0.2%
Allstate Corp. (The)
5.10%		372,800		9,368,464

Total Preferred Stocks (cost $20,110,591)				20,531,059


	Principal Amount (000)
LOCAL GOVERNMENTS - MUNICIPAL BONDS - 0.3%
United States - 0.3%
California GO
5.75%, 3/01/17	U.S.$	10		11,246
7.625%, 3/01/40		8,520		12,569,045

Total Local Governments - Municipal Bonds (cost $8,668,449)				12,580,291

EMERGING MARKETS - CORPORATE BONDS - 0.2%
Industrial - 0.2%
Communications - Telecommunications - 0.0%
Comcel Trust
6.875%, 2/06/24 (a)		1,912		2,064,960

Consumer Non-Cyclical - 0.1%
Marfrig Overseas Ltd.
9.50%, 5/04/20 (a)		4,230		4,547,250

Energy - 0.1%
Pacific Rubiales Energy Corp.
5.125%, 3/28/23 (a)		2,548		2,523,514

Total Emerging Markets - Corporate Bonds (cost $8,648,339)				9,135,724

GOVERNMENTS - SOVEREIGN AGENCIES - 0.1%
Colombia - 0.1%
Ecopetrol SA
5.875%, 5/28/45		2,685		2,776,990

United Kingdom - 0.0%
Royal Bank of Scotland Group PLC
5.00%, 10/01/14		5		5,047

Total Governments - Sovereign Agencies (cost $2,672,179)				2,782,037


Company	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS - 2.9%
Governments - Treasuries - 2.9%
Japan Treasury Discount Bill Series 448 Zero Coupon 7/28/14 (cost $112,862,168)		JPY 11,510,000	$	113,614,175

Total Investments - 102.0% (cost $3,823,760,429) (h)				3,977,734,643
Other assets less liabilities - (2.0)% (i)				(78,356,921	)

Net Assets - 100.0%			$	3,899,377,722

FUTURES


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2014		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. Long Bond (CBT) Futures		52		September 2014	$	7,081,022	$	7,133,750	$	52,728
U.S. T-Note 10 Yr (CBT) Futures		383		September 2014		47,875,339		47,940,828		65,489
Sold Contracts
U.S. T-Note 2 Yr (CBT) Futures		69		September 2014		15,159,404		15,151,969		7,435
U.S. T-Note 5 Yr (CBT) Futures		150		September 2014		17,829,836		17,919,141		(89,305	)

									$	36,347

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA	CAD	29,837	USD	27,251		7/11/14	$	(705,137	)
BNP Paribas SA	GBP	4,410	USD	7,481		8/21/14		(63,428	)
Deutsche Bank AG	AUD	1,084	USD	997		7/18/14		(24,131	)
Goldman Sachs Bank USA	BRL	100,391	USD	45,581		7/02/14		144,406
Goldman Sachs Bank USA	USD	44,999	BRL	100,391		7/02/14		437,843
Goldman Sachs Bank USA	BRL	40,824	USD	18,287		8/04/14		(16,809	)
HSBC Bank USA	USD	2,838	CAD	3,098		7/11/14		64,094
HSBC Bank USA	JPY	11,510,000	USD	112,786		7/28/14		(853,110	)
Royal Bank of Scotland PLC	CAD	7,974	USD	7,329		7/11/14		(142,062	)
Royal Bank of Scotland PLC	USD	273	MXN	3,549		7/24/14		(195	)
State Street Bank & Trust Co.	EUR	13,566	USD	18,476		7/11/14		(100,614	)
UBS AG	BRL	100,392	USD	44,138		7/02/14		(1,298,470	)
UBS AG	USD	45,581	BRL	100,392		7/02/14		(144,406	)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
UBS AG		USD 2,417		CAD 2,578		7/11/14	$	(1,139	)

							$	(2,703,158	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS


Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2014			Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Morgan Stanley & Co., LLC/(INTRCONX):
CDX-NAIG Series 22, 5 Year Index, 06/20/19*		(1.00	)%		0.59	%	$	117,960	$	(2,376,675	)	$	(625,728	)

*	Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS


					Rate Type
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)	AUD	86,690		1/13/17		3 Month BBR	3.170%	$	828,244
Morgan Stanley & Co., LLC/(CME Group)	NZD	112,430		4/29/17		3 Month BKBM	4.274%		115,188
Morgan Stanley & Co., LLC/(CME Group)	$	23,630		6/25/21		2.243%	3 Month LIBOR		(139,232	)
Morgan Stanley & Co., LLC/(CME Group)		61,000		11/04/23		2.691%	3 Month LIBOR		(1,272,728	)
Morgan Stanley & Co., LLC/(CME Group)		24,440		1/14/24		2.980%	3 Month LIBOR		(1,547,501	)
Morgan Stanley & Co., LLC/(CME Group)		21,540		2/14/24		2.889%	3 Month LIBOR		(1,062,539	)
Morgan Stanley & Co., LLC/(CME Group)		30,260		4/28/24		2.817%	3 Month LIBOR		(875,375	)
Morgan Stanley & Co., LLC/(CME Group)		17,210		5/29/24		3 Month LIBOR	2.628		108,847
Morgan Stanley & Co., LLC/(CME Group)		10,500		9/26/43		3 Month LIBOR	3.656%		932,209

								$	(2,912,887	)

CREDIT DEFAULT SWAPS


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2014			Notional Amount (000)		Market Value		Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Credit Suisse International:
Anadarko Petroleum Corp.,
5.95%, 9/15/16, 9/20/17*		1.00	%		0.20	%	$	12,540	$	328,714	$	(284,464	)	$	613,178


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2014			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	%		1.14	%	$	4,066	$	(30,926	)	$	(56,050	)	$	25,124
Kohl’s Corp., 6.25%, 12/15/17, 6/20/19*		1.00			1.14			2,385		(18,138	)		(28,781	)		10,643
Kohl’s Corp., 6.25%, 12/15/17, 6/20/19*		1.00			1.14			1,644		(12,502	)		(22,613	)		10,111
Kohl’s Corp., 6.25%, 12/15/17, 6/20/19*		1.00			1.14			1,656		(12,595	)		(22,276	)		9,681

									$	254,553		$	(414,184	)	$	668,737

*	Termination date

INTEREST RATE SWAPS


					Rate Type
Broker/(Exchange)	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund		Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank, NA	$	50,590		1/30/17		1.059	%		3 Month LIBOR	$	(718,991	)
JPMorgan Chase Bank, NA		56,630		2/07/22		2.043	%		3 Month LIBOR		84,588

										$	(634,403	)

REVERSE REPURCHASE AGREEMENTS


Broker	Interest Rate			Maturity		U.S. $ Value at June 30, 2014
Barclays Bank+		(0.50	)%*		– 0 –	$	1,421,362
Barclays Bank+		(0.25	)%*		– 0 –		2,287,539
Credit Suisse Securities (USA) LLC+		(1.00	)%*		– 0 –		1,081,237
HSBC+		(1.35	)%*		– 0 –		39,729,778
JPMorgan Chase+		(0.50	)%*		– 0 –		464,357

						$	44,984,273

+	The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on June 30, 2014

*	Interest payment due from counterparty.

(a)

(b)

Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements. The market value of the collateral amounted to $45,255,430.

(c)

Floating Rate Security. Stated interest rate was in effect at June 30, 2014.

(d)

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

(e)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at June 30, 2014.

(f)

Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding. The aggregate market value of these securities amounted to $603,720.

(g)

Variable rate coupon, rate shown as of June 30, 2014.

(h)

As of June 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $162,848,682 and gross unrealized depreciation of investments was $(8,874,468), resulting in net unrealized appreciation of $153,974,214.

(i)

An amount of U.S. $513,734 has been segregated to collateralize margin requirements for the open futures contracts at June 30, 2014.

Currency Abbreviations:


AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
EUR	-	Euro
GBP	-	Great British Pound
JPY	-	Japanese Yen
MXN	-	Mexican Peso
NZD	-	New Zealand Dollar
USD	-	United States Dollar

Glossary:


ABS	-	Asset-Backed Securities
ARMs	-	Adjustable Rate Mortgages
BBR	-	Bank of England Base Rate
BKBM	-	Bank Bill Benchmark (New Zealand)
CBT	-	Chicago Board of Trade
CDX-NAIG	-	North American Investment Grade Credit Default Swap Index
CMBS	-	Commercial Mortgage-Backed Securities
CME	-	Chicago Mercantile Exchange
GO	-	General Obligation
GSE	-	Government-Sponsored Enterprise
INTRCONX	-	Inter-Continental Exchange
JSC	-	Joint Stock Company
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, 2014 (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)

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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates - Investment Grades

– 0

–

875,530,333

– 0

–

875,530,333

Mortgage Pass-Throughs

– 0

–

770,068,179

– 0

–

770,068,179

Governments - Treasuries

– 0

–

639,533,845

– 0

–

639,533,845

Asset-Backed Securities

– 0

–

550,938,111

63,111,240

614,049,351

Commercial Mortgage-Backed Securities

– 0

–

315,190,351

48,434,015

363,624,366

Agencies

– 0

–

190,289,286

– 0

–

190,289,286

Corporates - Non-Investment Grades

– 0

–

102,589,952

– 0

–

102,589,952

Quasi-Sovereigns

– 0

–

83,916,289

– 0

–

83,916,289

Inflation-Linked Securities

– 0

–

80,777,619

– 0

–

80,777,619

Collateralized Mortgage Obligations

– 0

–

1,440,988

74,804,402

76,245,390

Governments - Sovereign Bonds

– 0

–

22,466,747

– 0

–

22,466,747

Preferred Stocks

20,531,059

– 0

–

– 0

–

20,531,059

Local Governments - Municipal Bonds

– 0

–

12,580,291

– 0

–

12,580,291

Emerging Markets - Corporate Bonds

– 0

–

9,135,724

– 0

–

9,135,724

Governments - Sovereign Agencies

– 0

–

2,782,037

– 0

–

2,782,037

Short-Term Investments

– 0

–

113,614,175

– 0

–

113,614,175

Total Investments in Securities

20,531,059

3,770,853,927

186,349,657

3,977,734,643

Other Financial Instruments*:

Assets:

Futures

125,652

– 0

–

– 0

–

125,652

Forward Currency Exchange Contracts

– 0

–

646,343

– 0

–

646,343

Centrally Cleared Interest Rate Swaps

– 0

–

1,984,488

– 0

–

1,984,488

Credit Default Swaps

– 0

–

668,737

– 0

–

668,737

Interest Rate Swaps

– 0

–

84,588

– 0

–

84,588

Liabilities:

Futures

(89,305

)

– 0

–

– 0

–

(89,305

)

Forward Currency Exchange Contracts

– 0

–

(3,349,501

)

– 0

–

(3,349,501

)

Centrally Cleared Credit Default Swaps

– 0

–

(625,728

)

– 0

–

(625,728

)

Centrally Cleared Interest Rate Swaps

– 0

–

(4,897,375

)

– 0

–

(4,897,375

)

Interest Rate Swaps

– 0

–

(718,991

)

– 0

–

(718,991

)

Total+

20,567,406

3,764,646,488

186,349,657

3,971,563,551

*	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.


	Asset-Backed Securities			Commercial Mortgage-Backed Securities			Collateralized Mortgage Obligations
Balance as of 9/30/13	$	39,126,805		$	36,169,887		$	38,185,365
Accrued discounts/(premiums)		94,451			(36,103	)		276,916
Realized gain (loss)		193,296			162,788			129,365
Change in unrealized appreciation/depreciation		662,229			516,538			3,876,967
Purchases		42,962,873			23,581,750			35,538,519
Sales		(19,928,414	)		(11,960,845	)		(3,202,730	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–

Balance as of 6/30/14	$	63,111,240		$	48,434,015		$	74,804,402

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14	$	622,472		$	772,489		$	3,876,967


	Local Governments- Municipal Bonds			Bank Loans^			Total
Balance as of 9/30/13	$	4,249,199		$	1,665,000		$	119,396,256
Accrued discounts/(premiums)		(2,794	)		– 0	–		332,470
Realized gain (loss)		173,859			(91,236	)		568,072
Change in unrealized appreciation/depreciation		(67,253	)		394,161			5,382,642

Purchases

– 0

–

– 0

–

102,083,142

Sales

(4,353,011

)

(1,967,925

)

(41,412,925

)

Transfers in to Level 3

– 0

–

– 0

–

– 0

–

Transfers out of Level 3

– 0

–

– 0

–

– 0

–

Balance as of 6/30/14

– 0

–

– 0

–

186,349,657

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14

– 0

–

– 0

–

5,271,928

^	The Portfolio held securities with zero market value that were sold during the reporting period.

The following presents information about significant unobservable inputs related to the Portfolio with material categories of Level 3 investments at June 30, 2014:

Quantitative Information about Level 3 Fair Value Measurements

Fair Value at
6/30/14

Valuation Technique

Unobservable Input

Range/Weighted Average

Asset-Backed Securities

63,111,240

Third Party Vendor

Evaluated Quotes

70.27 – $102.04/$96.50

Commercial Mortgage-Backed Securities

34,581,218

13,852,797

Third Party Vendor

Qualitative Assessment

Evaluated Quotes

Transaction Price

103.72 – $112.18/$108.30

100.00/$100.00

Collateralized Mortgage Obligations

74,804,402

Third Party Vendor

Evaluated Quotes

61.94 – $114.60/ $94.25

Sanford C. Bernstein Fund, Inc. - Short Duration Plus Portfolio

Portfolio of Investments

June 30, 2014 (unaudited)


	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES - 33.9%
Australia - 2.3%
Australia Government Bond
Series 130
4.75%, 6/15/16	AUD	9,345	$	9,181,963

New Zealand - 1.1%
New Zealand Government Bond
Series 1217
6.00%, 12/15/17	NZD	4,545		4,234,692

United States - 30.5%
U.S. Treasury Notes
0.25%, 5/31/15-9/30/15	U.S.$	40,226		40,273,359
0.375%, 4/30/16-5/31/16		66,240		66,195,902
1.375%, 6/30/18		12,915		12,944,265

				119,413,526

Total Governments - Treasuries (cost $132,144,858)				132,830,181

ASSET-BACKED SECURITIES - 18.2%
Autos - Fixed Rate - 8.2%
Ally Master Owner Trust
Series 2014-1, Class A2
1.29%, 1/15/19		1,499		1,502,486
AmeriCredit Automobile Receivables Trust
Series 2011-1, Class D
4.26%, 2/08/17		1,700		1,750,473
Series 2011-3, Class D
4.04%, 7/10/17		1,445		1,495,842
ARI Fleet Lease Trust
Series 2013-A, Class A2
0.70%, 12/15/15 (a)		855		855,195
Series 2014-A, Class A2
0.81%, 11/15/22 (a)		468		467,731
Avis Budget Rental Car Funding AESOP LLC
Series 2012-3A, Class A 2.
10%, 3/20/19 (a)		1,095		1,107,028
Series 2013-2A, Class A 2.
97%, 2/20/20 (a)		1,839		1,899,884
Bank of America Auto Trust
Series 2012-1, Class A4
1.03%, 12/15/16		990		995,050
Series 2012-1, Class C
2.09%, 7/17/17		1,825		1,863,675
Enterprise Fleet Financing LLC
Series 2014-1, Class A2
0.87%, 9/20/19 (a)		448		448,351
Fifth Third Auto Trust
Series 2013-A, Class A3
0.61%, 9/15/17		1,044		1,044,998
Ford Auto Securitization Trust
Series 2013-R4A, Class A1
1.487%, 8/15/15 (a)	CAD	440		412,159
Series 2014-R2A, Class A1
1.353%, 3/15/16 (a)		1,118		1,047,631


	Principal Amount (000)		U.S. $ Value
Ford Credit Floorplan Master Owner Trust
Series 2013-1, Class A1
0.85%, 1/15/18	U.S.$	985	$	988,548
Series 2014-1, Class A1
1.20%, 2/15/19		1,053		1,053,511
GM Financial Automobile Leasing Trust
Series 2014-1A, Class A2
0.61%, 7/20/16 (a)		1,290		1,289,776
Harley-Davidson Motorcycle Trust
Series 2014-1, Class A3
1.10%, 9/15/19		1,720		1,722,781
Hertz Vehicle Financing LLC
Series 2013-1A, Class A2
1.83%, 8/25/19 (a)		940		939,355
M&T Bank Auto Receivables Trust
Series 2013-1A, Class A3
1.06%, 11/15/17 (a)		1,952		1,957,511
Mercedes-Benz Auto Lease Trust
Series 2014-A, Class A2A
0.48%, 6/15/16		1,227		1,227,027
Mercedes-Benz Master Owner Trust
Series 2012-AA, Class A
0.79%, 11/15/17 (a)		2,350		2,355,567
Santander Drive Auto Receivables Trust
Series 2013-4, Class A3
1.11%, 12/15/17		1,405		1,411,276
Series 2013-5, Class A2A
0.64%, 4/17/17		608		608,513
Series 2014-2, Class A3
0.80%, 4/16/18		1,060		1,060,861
Volkswagen Auto Loan Enhanced Trust
Series 2014-1, Class A3
0.91%, 10/22/18		1,102		1,102,585
World Omni Auto Receivables Trust
Series 2013-B, Class A3
0.83%, 8/15/18		1,352		1,355,695

				31,963,509

Credit Cards - Floating Rate - 3.7%
Barclays Dryrock Issuance Trust
Series 2014-1, Class A
0.512%, 12/16/19 (b)		1,260		1,264,871
Series 2014-2, Class A
0.491%, 3/16/20 (b)		1,005		1,005,019
Cabela’s Master Credit Card Trust
Series 2010-2A, Class A2
0.852%, 9/17/18 (a)(b)		3,155		3,171,223
Series 2014-1, Class A
0.502%, 3/16/20 (b)		1,200		1,200,665
Chase Issuance Trust
Series 2012-A6, Class A
0.282%, 8/15/17 (b)		2,570		2,570,000
Series 2013-A6, Class A6
0.572%, 7/15/20 (b)		2,388		2,396,712


	Principal Amount (000)		U.S. $ Value
Discover Card Execution Note Trust
Series 2014-A1, Class A1
0.582%, 7/15/21 (b)	U.S.$	895	$	897,646
First National Master Note Trust
Series 2013-2, Class A
0.682%, 10/15/19 (b)		912		916,808
World Financial Network Credit Card Master Trust
Series 2014-A, Class A
0.532%, 12/15/19 (b)		965		966,756

				14,389,700

Credit Cards - Fixed Rate - 2.3%
American Express Credit Account Master Trust
Series 2014-2, Class A
1.26%, 1/15/20		773		772,984
Chase Issuance Trust
Series 2013-A1, Class A1
1.30%, 2/18/20		3,015		2,993,095
Citibank Credit Card Issuance Trust
Series 2005-A9, Class A9
5.10%, 11/20/17		2,655		2,821,129
Discover Card Master Trust
Series 2012-A3, Class A3
0.86%, 11/15/17		951		954,981
World Financial Network Credit Card Master Trust
Series 2012-B, Class A
1.76%, 5/17/21		965		974,949
Series 2013-A, Class A
1.61%, 12/15/21		610		608,898

				9,126,036

Autos - Floating Rate - 2.0%
BMW Floorplan Master Owner Trust
Series 2012-1A, Class A
0.552%, 9/15/17 (a)(b)		1,544		1,548,529
GE Dealer Floorplan Master Note Trust
Series 2012-3, Class A
0.643%, 6/20/17 (b)		2,340		2,345,937
Hertz Fleet Lease Funding LP
Series 2013-3, Class A
0.704%, 12/10/27 (a)(b)		1,055		1,057,739
Series 2014-1, Class A
0.554%, 4/10/28 (a)(b)		1,520		1,520,030
Nissan Master Owner Trust Receivables
Series 2012-A, Class A
0.622%, 5/15/17 (b)		1,212		1,215,002

				7,687,237

Other ABS - Fixed Rate - 1.7%
CIT Equipment Collateral
Series 2013-VT1, Class A3
1.13%, 7/20/20 (a)		1,103		1,110,001


	Principal Amount (000)		U.S. $ Value
CNH Capital Canada Receivables Trust
Series 2013-2A, Class A1
1.439%, 8/15/16 (a)	CAD	807	$	756,710
CNH Equipment Trust
Series 2013-A, Class A3
0.69%, 6/15/18	U.S.	$2,585		2,589,935
Series 2013-D, Class A4
1.37%, 10/15/20		2,365		2,357,841

				6,814,487

Autos - Fixed Rate ABS - 0.2%
Santander Drive Auto Receivables Trust
Series 2012-3, Class D
3.64%, 5/15/18		729		761,253

Home Equity Loans - Fixed Rate - 0.1%
Citifinancial Mortgage Securities, Inc.
Series 2003-1, Class AFPT
3.86%, 1/25/33		521		531,541
Nationstar NIM Ltd.
Series 2007-A, Class A
9.79%, 3/25/37 (c)(d)		13		0

				531,541

Total Asset-Backed Securities
(cost $71,143,108)				71,273,763

COMMERCIAL MORTGAGE-BACKED SECURITIES - 17.5%
Non-Agency Fixed Rate CMBS - 16.1%
Banc of America Commercial Mortgage Trust
Series 2007-4, Class A1A
5.774%, 2/10/51		1,804		2,012,901
Citigroup Commercial Mortgage Trust
Series 2006-C4, Class A1A
5.975%, 3/15/49		353		377,135
Commercial Mortgage Pass Through Certificates
Series 2010-C1, Class A1
3.156%, 7/10/46 (a)		4,066		4,153,084
Series 2012-CR3, Class A1
0.666%, 10/15/45		1,842		1,839,142
Series 2012-CR4, Class A1
0.704%, 10/15/45		1,851		1,847,760
Series 2012-CR5, Class A1
0.673%, 12/10/45		1,338		1,334,201
Series 2013-CR12, Class A2
2.904%, 10/10/46		2,275		2,365,222
Series 2013-CR6, Class A1
0.719%, 3/10/46		2,077		2,068,840
Series 2013-CR9, Class A2
3.055%, 7/10/45		1,619		1,693,026
Series 2013-LC6, Class A1
0.724%, 1/10/46		1,048		1,039,629
Series 2014-LC15, Class A2
2.84%, 4/10/47		1,716		1,771,377
GS Mortgage Securities Corp. II
Series 2012-GCJ9, Class A1


	Principal Amount (000)		U.S. $ Value
0.662%, 11/10/45	U.S.$	1,991	$	1,981,518
Series 2013-GC10, Class A1
0.696%, 2/10/46		1,235		1,229,836
GS Mortgage Securities Trust
Series 2013-G1, Class A1
2.059%, 4/10/31 (a)		1,224		1,193,168
JP Morgan Chase Commercial Mortgage
Securities Corp.
Series 2012-LC9, Class A1
0.67%, 12/15/47		614		609,847
JP Morgan Chase Commercial Mortgage
Securities Trust
Series 2010-C2, Class A1
2.749%, 11/15/43 (a)		944		965,844
Series 2012-C6, Class A1
1.031%, 5/15/45		1,013		1,015,460
Series 2012-CBX, Class XA
2.163%, 6/15/45 (e)		7,447		698,358
Series 2013-C10, Class A1
0.73%, 12/15/47		1,155		1,146,495
Series 2013-C16, Class A2
3.07%, 12/15/46		2,201		2,300,778
Series 2013-LC11, Class A2
1.855%, 4/15/46		2,455		2,463,460
JPMBB Commercial Mortgage Securities
Trust
Series 2013-C15, Class A2
2.977%, 11/15/45		2,245		2,337,246
JPMorgan Chase Commercial Mortgage
Securities Trust
Series 2007-LDPX, Class A1A
5.439%, 1/15/49		2,496		2,743,652
LSTAR Commercial Mortgage Trust
Series 2014-2, Class A2
2.767%, 1/20/41 (a)		636		643,980
Merrill Lynch Mortgage Trust
Series 2006-C2, Class A1A
5.739%, 8/12/43		789		856,604
Morgan Stanley Bank of America Merrill Lynch
Trust
Series 2013-C7, Class A1
0.738%, 2/15/46		2,110		2,102,305
Series 2013-C8, Class A1
0.777%, 12/15/48		2,080		2,072,316
UBS-Barclays Commercial Mortgage Trust
Series 2012-C4, Class A1
0.673%, 12/10/45		1,498		1,487,667
Series 2013-C5, Class A1
0.779%, 3/10/46		2,134		2,126,483
Wells Fargo Commercial Mortgage Trust
Series 2012-LC5, Class A1
0.687%, 10/15/45		2,146		2,142,731
WF-RBS Commercial Mortgage Trust
Series 2012-C10, Class A1
0.734%, 12/15/45		2,583		2,578,920
Series 2012-C9, Class A1
0.673%, 11/15/45		2,215		2,208,424
Series 2013-C11, Class A1


	Principal Amount (000)		U.S. $ Value
0.799%, 3/15/45	U.S.$	1,107	$	1,100,028
Series 2013-C12, Class A1
0.735%, 3/15/48		1,478		1,473,727
Series 2013-C16, Class A2
3.223%, 9/15/46		2,050		2,156,609
Series 2013-C17, Class A2
2.921%, 12/15/46		2,285		2,370,854
Series 2014-C20, Class A2
3.036%, 5/15/47		655		680,501

				63,189,128

Agency CMBS - 1.0%
Federal Home Loan Mortgage Corp.
Multifamily Structured Pass Through Certificates
Series K033, Class A1
2.871%, 2/25/23		2,255		2,343,533
Government National Mortgage Association
Series 2006-51, Class IO
0.421%, 8/16/46 (e)		3,144		89,817
NCUA Guaranteed Notes Trust
Series 2010-C1, Class A1
1.60%, 10/29/20		1,336		1,343,348

				3,776,698

Non-Agency Floating Rate CMBS - 0.4%
COMM Mortgage Trust
Series 2007-FL14, Class C
0.452%, 6/15/22 (a)(b)		551		544,583
PFP III 2014-1 Ltd.
Series 2014-1, Class A
1.322%, 6/14/31 (a)(b)		863		864,773

				1,409,356

Total Commercial Mortgage-Backed Securities (cost $68,652,002)				68,375,182

CORPORATES - INVESTMENT GRADES - 16.6%
Financial Institutions - 8.9%
Banking - 7.8%
Abbey National Treasury Services
PLC/London
4.00%, 4/27/16		1,615		1,702,872
American Express Credit Corp.
1.30%, 7/29/16		1,745		1,759,515
Australia & New Zealand Banking Group Ltd./New York NY
0.90%, 2/12/16		1,970		1,980,284
Bank of America Corp.
1.25%, 1/11/16		2,030		2,045,225
Bank of New York Mellon Corp. (The)
0.70%, 3/04/16		1,945		1,948,203
BB&T Corp.
2.05%, 6/19/18		1,720		1,738,930


	Principal Amount (000)		U.S. $ Value
Citigroup, Inc.
1.25%, 1/15/16	U.S.$	2,025	$	2,037,197
Fifth Third Bancorp
3.625%, 1/25/16		1,515		1,581,634
Goldman Sachs Group, Inc. (The)
3.625%, 2/07/16		1,875		1,954,269
ING Bank NV
1.375%, 3/07/16 (a)		1,910		1,932,639
JPMorgan Chase & Co.
Series G
1.10%, 10/15/15		2,190		2,199,102
KeyBank NA/Cleveland OH
1.65%, 2/01/18		1,122		1,122,966
Manufacturers & Traders Trust Co.
1.45%, 3/07/18		1,925		1,904,842
Mizuho Bank Ltd.
1.30%, 4/16/17 (a)		1,505		1,502,357
Morgan Stanley
1.75%, 2/25/16		1,164		1,180,531
PNC Funding Corp.
2.70%, 9/19/16		1,890		1,962,669
Royal Bank of Canada
0.85%, 3/08/16		1,925		1,935,395

				30,488,630


Insurance - 1.1%
AIA Group Ltd.
2.25%, 3/11/19 (a)		665		665,447
New York Life Global Funding
0.80%, 2/12/16 (a)		1,970		1,977,537
Prudential Financial, Inc.
4.75%, 9/17/15		1,580		1,658,233

				4,301,217

				34,789,847


Industrial - 7.7%
Basic - 0.4%
Monsanto Co.
0.423%, 11/07/16 (b)		1,590		1,590,380

Capital Goods - 0.4%
Caterpillar Financial Services Corp.
1.00%, 3/03/17		1,520		1,520,731

Communications - Media - 0.5%
NBCUniversal Enterprise, Inc.
0.764%, 4/15/16 (a)(b)		2,120		2,131,414

Communications - Telecommunications - 2.1%
AT&T, Inc.
0.90%, 2/12/16		1,405		1,408,718
1.40%, 12/01/17		2,035		2,026,463
Verizon Communications, Inc.
1.25%, 11/03/14		2,645		2,653,022


	Principal Amount (000)		U.S. $ Value
Vodafone Group PLC
1.25%, 9/26/17		U.S.$2,015	$	2,002,848

				8,091,051

Consumer Cyclical - Automotive - 1.1%
Daimler Finance North America LLC
1.25%, 1/11/16 (a)		2,890		2,915,195
Volkswagen International Finance NV
1.125%, 11/18/16 (a)		1,595		1,600,629

				4,515,824

Consumer Non-Cyclical - 1.7%
AbbVie, Inc.
1.75%, 11/06/17		2,000		2,010,908
Gilead Sciences, Inc.
3.05%, 12/01/16		1,880		1,970,097
McKesson Corp.
0.95%, 12/04/15		828		831,341
PepsiCo, Inc.
0.70%, 2/26/16		1,910		1,914,559

				6,726,905

Energy - 1.1%
BP Capital Markets PLC
0.70%, 11/06/15		2,210		2,216,376
TransCanada PipeLines Ltd.
0.75%, 1/15/16		2,055		2,060,195

				4,276,571

Technology - 0.4%
Cisco Systems, Inc.
0.507%, 3/03/17 (b)		1,515		1,521,018

				30,373,894

Total Corporates - Investment Grades (cost $64,886,549)				65,163,741


COLLATERALIZED MORTGAGE OBLIGATIONS - 5.3%
Agency Floating Rate - 2.5%
Federal Home Loan Mortgage Corp.
Series 4248, Class QF
0.652%, 6/15/39 (b)		1,754		1,756,516
Series 4286, Class VF
0.602%, 12/15/43 (b)		2,078		2,067,776
Federal National Mortgage Association
Series 2013-57, Class FN
0.502%, 6/25/43 (b)		2,051		2,043,847
NCUA Guaranteed Notes
Series 2010-R3, Class 1A
0.712%, 12/08/20 (b)		3,864		3,887,827

				9,755,966


	Principal Amount (000)		U.S. $ Value
Agency Fixed Rate - 1.9%
Federal Home Loan Mortgage Corp.
Series 3948, Class DA
3.00%, 12/15/24	U.S.$	3,956	$	4,163,616
Federal National Mortgage Association
Series 2010-9, Class EA
3.50%, 1/25/24		1,660		1,732,487
Series 2011-39, Class DA
3.50%, 7/25/24		1,374		1,432,259

				7,328,362

Non-Agency Fixed Rate - 0.7%
GE Equipment Small Ticket LLC
Series 2014-1A, Class A2
0.59%, 8/24/16 (a)		966		966,337
JP Morgan Mortgage Trust
Series 2013-1, Class 1A2
3.00%, 3/25/43 (a)		1,824		1,777,449

				2,743,786

Non-Agency Floating Rate - 0.2%
Mortgage Equity Conversion Asset Trust
Series 2007-FF2, Class A
0.57%, 2/25/42 (a)(b)		972		777,829

Total Collateralized Mortgage Obligations (cost $20,742,240)				20,605,943

MORTGAGE PASS-THROUGHS - 2.5%
Agency Fixed Rate 30-Year - 1.6%
Federal National Mortgage Association
Series 2010
5.00%, 2/01/40		3,543		3,993,648
Government National Mortgage Association
5.00%, 10/15/39		1,758		1,950,702
Series 2002
7.50%, 3/15/32		156		188,171

				6,132,521

Agency Fixed Rate 15-Year - 0.9%
Federal Home Loan Mortgage Corp. Gold
5.00%, 7/01/25		1,061		1,146,923
6.50%, 3/01/26		1,955		2,069,475
Federal National Mortgage Association
6.00%, 12/01/21		30		32,267
Series 2000
7.50%, 3/01/15		4		3,684
Series 2001
6.00%, 11/01/16-12/01/16		119		122,750
Series 2002
6.00%, 2/01/17		123		127,320
8.00%, 8/01/16		23		23,672

				3,526,091


	Principal Amount (000)		U.S. $ Value
Agency ARMs - 0.0%
Federal National Mortgage Association
Series 2007
1.783%, 1/01/37 (b)	U.S.$	9	$	9,500

Total Mortgage Pass-Throughs (cost $9,601,139)				9,668,112

INFLATION-LINKED SECURITIES - 2.1%
United States - 2.1%
U.S. Treasury Inflation Index
0.125%, 4/15/19 (TIPS)
(cost $8,102,014)		7,897		8,131,304

GOVERNMENTS - SOVEREIGN AGENCIES - 0.9%
Netherlands - 0.9%
Achmea Bank NV		3,415		3,418,657

0.573%, 11/03/14 (a)(b)
(cost $3,414,892)
COVERED BONDS - 0.5%
DNB Boligkreditt AS
1.45%, 3/21/18 (a)
(cost $1,861,652)		1,865		1,856,190

Total Investments - 97.5% (cost $380,548,454) (f)				381,323,073
Other assets less liabilities - 2.5% (g)				9,739,920

Net Assets - 100.0%			$	391,062,993

FUTURES


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2014		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr
(CBT) Futures		344		September 2014	$	75,578,416	$	75,540,250	$	(38,166	)
Sold Contracts
U.S. T-Note 5 Yr
(CBT) Futures		207		September 2014		24,755,758		24,728,414		27,344
U.S. T-Note 10 Yr
(CBT) Futures		83		September 2014		10,363,319		10,389,266		(25,947	)

									$	(36,769	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty

Contracts to
Deliver
(000)

In Exchange
For
(000)

Settlement
Date

Unrealized
Appreciation/
(Depreciation)

BNP Paribas SA

USD208

AUD 222

7/18/14

1,091


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Citibank, NA	USD	319	CAD	341		7/11/14	$	1,307
Deutsche Bank AG	AUD	9,775	USD	8,989		7/18/14		(217,603	)
Northern Trust Co.	CAD	3,076	USD	2,811		7/11/14		(71,731	)
State Street Bank & Trust Co.	NZD	4,941	USD	4,269		8/07/14		(43,242	)
State Street Bank & Trust Co.	USD	119	NZD	136		8/07/14		(77	)
UBS AG	USD	362	CAD	395		7/11/14		8,217

							$	(322,038	)

(a)

(b)

Floating Rate Security. Stated interest rate was in effect at June 30, 2014.

(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, 2014, 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

0.00

(e)

IO - Interest Only

(f)

As of June 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,762,655 and gross unrealized depreciation of investments was $(988,036), resulting in net unrealized appreciation of $774,619.

(g)

An amount of U.S. $188,183 has been segregated to collateralize margin requirements for the open futures contracts at June 30, 2014.

Currency Abbreviations:


AUD	-	Australian Dollar
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
NCUA	-	National Credit Union Administration
TIPS	-	Treasury Inflation Protected Security

Sanford C. Bernstein Fund, Inc.

Short Duration Plus Portfolio

June 30, 2014 (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. The U.S. GAAP disclosure requirements establish 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. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Governments - Treasuries

– 0

–

132,830,181

– 0

–

132,830,181

Asset-Backed Securities

– 0

–

63,154,751

8,119,012

71,273,763

Commercial Mortgage-Backed Securities

– 0

–

67,830,599

544,583

68,375,182

Corporates - Investment Grades

– 0

–

65,163,741

– 0

–

65,163,741

Collateralized Mortgage Obligations

– 0

–

17,084,328

3,521,615

20,605,943

Mortgage Pass-Throughs

– 0

–

9,668,112

– 0

–

9,668,112

Inflation-Linked Securities

– 0

–

8,131,304

– 0

–

8,131,304

Governments - Sovereign Agencies

– 0

–

3,418,657

– 0

–

3,418,657

Covered Bonds

– 0

–

1,856,190

– 0

–

1,856,190

Total Investments in Securities

– 0

–

369,137,863

12,185,210

381,323,073

Other Financial Instruments* :

Assets:

Futures

27,344

– 0

–

– 0

–

27,344

Forward Currency Exchange Contracts

– 0

–

10,615

– 0

–

10,615

Liabilities:

Futures

(64,113

)

– 0

–

– 0

–

(64,113

)

Forward Currency Exchange Contracts

– 0

–

(332,653

)

– 0

–

(332,653

)

Total+

$ (36,769)

368,815,825

12,185,210

380,964,266

^	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.


	Asset-Backed Securities^			Commercial Mortgage-Backed Securities			Collateralized Mortgage Obligations
Balance as of 9/30/13	$	7,626,080		$	2,871,907		$	2,796,210
Accrued discounts/(premiums)		2,444			(8	)		(968	)
Realized gain (loss)		(30,249	)		(78	)		31,363
Change in unrealized appreciation/depreciation		(2,210	)		86,149			78,329
Purchases		5,777,539			– 0	–		4,576,244
Sales		(5,254,592	)		(2,413,387	)		(3,959,563	)
Transfers in to Level 3					– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–

Balance as of 6/30/14	$	8,119,012		$	544,583		$	3,521,615

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14	$	(12,404	)	$	60,797		$	78,717


	Total
Balance as of 9/30/13	$	13,294,197
Accrued discounts/(premiums)		1,468
Realized gain (loss)		1,036
Change in unrealized appreciation/depreciation		162,268
Purchases		10,353,783
Sales		(11,627,542	)
Transfers in to Level 3		– 0	–
Transfers out of Level 3		– 0	–

Balance as of 6/30/14	$	12,185,210

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14	$	127,110

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

The following presents information about significant unobservable inputs related to the Portfolio with material categories of Level 3 investments at June 30, 2014:

Quantitative Information about Level 3 Fair Value Measurements

Fair Value
at 6/30/14

Valuation Technique

Unobservable Input

Range/ Weighted Average

Asset-Backed Securities

8,119,012

Third Party Vendor

Evaluated Quotes

93.73 – $102.04/$99.61

– 0

–

Qualitative Assessment

0.00/N/A

Commercial Mortgage-Backed Securities

544,583

Third Party Vendor

Evaluated Quotes

98.86/N/A

Collateralized Mortgage Obligations

3,521,615

Third Party Vendor

Evaluated Quotes

80.00 – $100.01/$94.28

Stanford C. Bernstein Fund, Inc.

U.S. Government Short Duration Portfolio

Portfolio of Investments

June 30, 2014 (unaudited)


	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES - 70.8%
United States - 70.8%
U.S. Treasury Notes
0.125%, 4/30/15	$	3,374	$	3,374,658
0.25%, 9/30/14-5/31/15		12,324		12,336,841
0.375%, 4/30/16-5/31/16		8,140		8,134,094
0.50%, 6/15/16		2,385		2,387,981
0.625%, 7/15/16-4/30/18		5,720		5,710,496
0.75%, 2/28/18		1,610		1,584,718
1.375%, 6/30/18		243		243,551

Total Governments - Treasuries
(cost $33,774,268)				33,772,339

COLLATERALIZED MORTGAGE OBLIGATIONS - 13.3%
Agency Floating Rate - 11.7%
Federal Home Loan Mortgage Corp.
Series 4248, Class QF
0.652%, 6/15/39 (a)		362		362,168
Series 4286, Class VF
0.602%, 12/15/43 (a)		234		232,858
Federal National Mortgage Association
Series 2006-39, Class DF
0.552%, 5/25/36 (a)		455		455,723
Series 2006-42, Class PF
0.562%, 6/25/36 (a)		460		461,041
Series 2010-113, Class FA
0.552%, 10/25/40 (a)		336		336,518
Series 2013-121, Class FA
0.552%, 12/25/43 (a)		210		210,927
Series 2013-57, Class FN
0.502%, 6/25/43 (a)		235		234,028
FHLMC Structured Pass Through
Securities
Series T-72, Class A1
0.355%, 3/25/36 (a)		104		102,109
NCUA Guaranteed Notes
Series 2010-R1, Class 1A
0.602%, 10/07/20 (a)		2,332		2,344,311
Series 2010-R3, Class 1A
0.712%, 12/08/20 (a)		852		857,502

				5,597,185

Agency Fixed Rate - 1.6%
Federal Home Loan Mortgage Corp.
Series 3948, Class DA
3.00%, 12/15/24		716		753,258

Total Collateralized Mortgage Obligations
(cost $6,319,144)				6,350,443

MORTGAGE PASS-THROUGHS - 6.8%
Agency Fixed Rate 15-Year - 3.7%
Federal Home Loan Mortgage Corp. Gold
3.50%, 2/01/29		449		476,658
5.00%, 7/01/25		653		705,291


	Principal Amount (000)		U.S. $ Value
6.50%, 3/01/26	$	408	$	432,089
Federal National Mortgage Association
5.50%, 9/01/19		98		103,603
Series 2000
7.50%, 3/01/15		1		1,316
Series 2001
6.00%, 11/01/16		54		56,277
Series 2002
8.00%, 8/01/16		9		8,965

				1,784,199

Agency Fixed Rate 30-Year - 3.1%
Federal National Mortgage Association
5.00%, 5/01/39		668		755,950
Series 2010
5.00%, 2/01/40		428		482,454
Government National Mortgage Association
5.00%, 10/15/39		211		234,492

				1,472,896

Total Mortgage Pass-Throughs (cost $3,221,377)				3,257,095

COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.8%
Agency CMBS - 3.8%
Federal Home Loan Mortgage Corp.
Series K017, Class A1
1.891%, 12/25/20		170		171,757
Series K703, Class A1
1.873%, 1/25/18		108		110,101
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates
Series K025, Class A1
1.875%, 4/25/22		494		492,924
Series K032, Class A1
3.016%, 2/25/23		260		272,877
Series K033, Class A1
2.871%, 2/25/23		260		270,016
Series K034, Class A1
2.669%, 2/25/23		221		227,240
Series K035, Class A1
2.615%, 3/25/23		252		258,052

Total Commercial Mortgage-Backed Securities (cost $1,776,604)				1,802,967

INFLATION-LINKED SECURITIES - 2.1%
United States - 2.1%
U.S. Treasury Inflation Index 0.125%, 4/15/19 (TIPS) (cost $990,182)		965		993,757


	U.S. $ Value
Total Investments - 96.8% (cost $46,081,575) (b)	$	46,176,601
Other assets less liabilities - 3.2% (c)		1,512,760

Net Assets - 100.0%	$	47,689,361

FUTURES


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2014		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		52		September 2014	$	11,424,100	$	11,418,875	$	(5,225	)
Sold Contracts
U.S. T-Note 5 Yr (CBT) Futures		3		September 2014		357,839		358,383		(544	)
U.S. T-Note 10 Yr (CBT) Futures		16		September 2014		1,999,849		2,002,750		(2,901	)

									$	(8,670	)

(a)

Floating Rate Security. Stated interest rate was in effect at June 30, 2014.

(b)

As of June 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $134,447 and gross unrealized depreciation of investments was $(39,421), resulting in net unrealized appreciation of $95,026.

(c)

An amount of U.S. $8,797 has been segregated to collateralize margin requirements for the open futures contracts at June 30, 2014.

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

Stanford C. Bernstein Fund, Inc.—U.S. Government Short Duration Portfolio

June 30, 2014 (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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Governments - Treasuries

– 0

–

33,772,339

– 0

–

33,772,339

Collateralized Mortgage Obligations

– 0

–

6,350,443

– 0

–

6,350,443

Mortgage Pass-Throughs

– 0

–

3,257,095

– 0

–

3,257,095

Commercial Mortgage-Backed Securities

– 0

–

1,802,967

– 0

–

1,802,967

Inflation-Linked Securities

– 0

–

993,757

– 0

–

993,757

Total Investments in Securities

– 0

–

46,176,601

– 0

–

46,176,601

Other Financial Instruments** :

Liabilities:

Futures

(8,670

)

– 0

–

– 0

–

(8,670

)

Total^

(8,670

)

46,176,601

– 0

–

46,167,931

**	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, 2014 (unaudited)


	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 92.9%
Long-Term Municipal Bonds - 92.9%
California - 80.0%
Bay Area Toll Auth CA
Series 2007F
5.00%, 4/01/17 (Pre-refunded/ETM)	$	1,305	$	1,465,241
California Dept Wtr Res Pwr
Series 2010M
5.00%, 5/01/15		1,430		1,487,600
California GO
Series 2013B
5.00%, 9/01/15		1,815		1,916,858
California Pub Wks Brd
Series 2012F
4.00%, 10/01/15 (Pre-refunded/ETM)		1,055		1,106,568
California Statewide CDA (Odd Fellows Home)
Series 2012A
4.00%, 4/01/16		1,080		1,143,040
California Statewide CDA (The Terraces at San Joaquin Gardens)
4.00%, 10/01/18		315		315,000
Contra Costa CA Trnsp Auth (Contra Costa CA Trnsp Sales Tax)
Series 2012B
4.00%, 3/01/16		1,620		1,720,910
East Bay Mud CA Wtr Sys
Series 2013A
5.00%, 6/01/16		2,000		2,179,400
Irvine CA Pub Fac Auth Assmt
Series 2012A
3.00%, 9/02/14		1,000		1,000,750
Los Angeles CA USD GO
NATL
5.75%, 7/01/16		725		803,663
Series 2014A
5.00%, 7/01/17 (a)		1,315		1,485,621
Los Angeles CA Wstwtr Sys
Series 2013B
4.00%, 6/01/16		3,160		3,382,622
Los Angeles Cnty CA Santn Dist
Series 2013A
5.00%, 10/01/16		1,825		2,017,154
Met Wtr Dist Southern CA Wtr
2012E-2
3.00%, 7/01/35		1,000		1,027,800
Riverside CA Elec
Series 2013A
4.00%, 10/01/16		2,285		2,461,128
Sacramento CA Mun Util Dist
Series 2013C
5.00%, 8/15/16		2,300		2,527,907
Sacramento CA USD GO
4.00%, 8/01/15		1,040		1,081,600
San Francisco CA Bay Area Rapid Transit (San Francisco City/Cnty CA Sales Tax)
Series 2012A
3.00%, 7/01/15		1,000		1,028,510
San Francisco City/Cnty CA GO
5.00%, 6/15/15		2,475		2,589,642


	Principal Amount (000)		U.S. $ Value
Southern CA Pub Pwr Auth
5.00%, 7/01/15	$	1,000	$	1,048,490
Southern CA Pub Pwr Auth (Los Angeles CA Dept W&P Pwr)
Series 2012A
5.00%, 7/01/16		2,255		2,467,962
Univ of California
NATL Series 2005E
5.00%, 5/15/15		1,000		1,042,170

				35,299,636

Florida - 0.3%
Durbin Crossing CDD FL
Series 20061
5.25%, 11/01/15 (b)(c)(d)		105		56,795
Lake Ashton II CDD FL
Series 2006B
5.00%, 11/01/11 (c)(d)		190		62,700

				119,495

Illinois - 1.2%
Cortland IL SSA #10
5.125%, 3/01/14 (c)(d)		110		5,500
Illinois GO
5.00%, 8/01/15		510		535,148

				540,648

Louisiana - 0.2%
Coves of The Highland CDD LA
5.60%, 11/01/13 (b)(c)(d)		200		0
Isabella Lakes CDD LA
6.00%, 8/01/22 (c)(d)		200		50,000
Orange Grove CDD LA
5.30%, 11/01/21 (c)(d)		130		26,000

				76,000

New Jersey - 2.0%
New Jersey EDA (New Jersey Cigarette Tax)
5.00%, 6/15/16		820		887,002

New York - 1.1%
Nassau Cnty NY GO
Series 2014A
2.00%, 2/02/15 (a)		500		504,705

Puerto Rico - 4.6%
Puerto Rico GO
NATL
6.00%, 7/01/14		1,000		1,000,000
Puerto Rico IND Tour Ed Med Envrn Auth (Inter American Univ of Puerto Rico)
5.00%, 10/01/15		1,015		1,043,085

				2,043,085


	Principal Amount (000)		U.S. $ Value
Texas - 3.5%
Grand Parkway Trnsp Corp. TX
Series 2014A
3.00%, 12/15/16	$	1,450	$	1,536,333

Total Municipal Obligations (cost $41,505,564)				41,006,904


CORPORATES - INVESTMENT GRADES - 5.5%
Financial Institutions - 5.5%
Banking - 5.5%
Bank of America Corp.
1.50%, 10/09/15		860		867,919
Capital One Bank USA NA
1.20%, 2/13/17		500		499,978
JPMorgan Chase & Co.
1.35%, 2/15/17		540		541,918
Morgan Stanley
Series G
5.45%, 1/09/17		445		490,210

Total Corporates - Investment Grades (cost $2,393,888)				2,400,025


SHORT-TERM INVESTMENTS - 0.5%
Time Deposit - 0.5%
State Street Time Deposit 0.01%, 7/01/14 (cost $221,841)		222		221,841

Total Investments - 98.9% (cost $44,121,293) (e)				43,628,770
Other assets less liabilities - 1.1%				501,395

Net Assets - 100.0%			$	44,130,165

(a)

When-Issued or delayed delivery security.

(b)

Fair valued by the Adviser.

(c)

Illiquid security.

(d)

Security is in default and is non-income producing.

(e)

As of June 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $236,787 and gross unrealized depreciation of investments was $(729,310), resulting in net unrealized depreciation of $(492,523).

As of June 30, 2014, the Fund held 6.4% of net assets in insured bonds (of this amount 0.0% represents the Fund’s holding in pre-refunded or escrowed to maturity bonds).

Glossary:


CDA	-	Community Development Authority
CDD	-	Community Development District
EDA	-	Economic Development Agency
ETM	-	Escrowed to Maturity
GO	-	General Obligation
NATL	-	National Interstate Corporation
SSA	-	Special Services Area
USD	-	Unified School District

Sanford C. Bernstein Fund, Inc. - Short Duration California Municipal Portfolio

June 30, 2014 (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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

40,490,909

515,995

41,006,904

Corporates - Investment Grades

– 0

–

2,400,025

– 0

–

2,400,025

Short-Term Investments

– 0

–

221,841

– 0

–

221,841

Total Investments in Securities

– 0

–

43,112,775

515,995

43,628,770

Other Financial Instruments*:

– 0

–

– 0

–

– 0

–

– 0

–

Total+

– 0

–

43,112,775

515,995

43,628,770

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

*	Other financial instruments are derivative instruments, such as futures, forwards and swap contracts, 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 9/30/13	$	757,719		$	757,719
Accrued discounts/(premiums)		2			2
Realized gain (loss)		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		(88,726	)		(88,726	)
Purchases		– 0	–		– 0	–


Sales		(153,000	)		(153,000	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 6/30/14	$	515,995		$	515,995

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14	$	(89,195	)	$	(89,195	)

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

The following presents information about significant unobservable inputs related to the Portfolio with material categories of Level 3 investments at June 30, 2014:

Quantitative Information about Level 3 Fair Value Measurements

Fair Value at
6/30/14

Valuation Technique

Unobservable Input

Range/Weighted Average

Long-Term Municipal Bonds

459,200

Third Party Vendor

Lack of External
Credit Rating

5.00 – 100.00/$77.02

56,795

Cash Flow Projection

Underlying’s Current
Interest Rate

54.09/N/A

– 0

–

Qualitative Assessment

0.00/N/A

Sanford C. Bernstein Fund, Inc. - Short Duration New York Municipal Portfolio

June 30, 2014 (unaudited)


	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 95.7%
Long-Term Municipal Bonds - 86.9%
New York - 83.8%
County of Nassau NY
Series 2014A
2.00%, 3/16/15 (a)	$	2,865	$	2,896,744
Hempstead Town NY GO
4.00%, 8/15/15		1,315		1,371,611
Long Island Pwr Auth NY
NATL Series 2006D
2.267%, 9/01/15 (b)		2,050		2,066,830
Metropolitan Trnsp Auth NY
Series 2012D
4.00%, 11/15/15		1,400		1,471,582
Series 2012H
5.00%, 11/15/17		1,350		1,536,989
AGM Series 2002B-1
0.303%, 11/01/22 (b)(c)		2,575		2,482,189
Metropolitan Trnsp Auth NY (New York St Lease MTA Svc Cont)
Series 2002A
5.75%, 1/01/17		3,600		4,051,656
Monroe Cnty NY IDA (New York St Lease Rochester Sch)
Series 2012A
5.00%, 5/01/15		1,500		1,560,285
Nassau Cnty NY Interim Fin Auth (Nassau Cnty NY Sales Tax)
Series 2012A
5.00%, 11/15/16		4,600		5,093,304
Nassau Cnty NY Local Econ Asst Corp. (Catholic Hlth Svcs of Long Island)
3.00%, 7/01/15-7/01/16		1,385		1,427,541
New York City Trnsl Fin Auth Future Tax Secured Revenue
5.00%, 11/01/15 (Pre-refunded/ETM)		315		335,081
New York NY GO
Series 2012A
5.00%, 8/01/16		2,855		3,128,966
Series 2013E
5.00%, 8/01/17		1,175		1,325,118
New York NY Trnsl Fin Auth
5.00%, 11/01/15		1,530		1,628,180
Series 2007C-1
5.00%, 11/01/15		3,040		3,235,077
Series 2012E
5.00%, 2/01/17		4,830		5,376,756
New York St Dormitory Auth (New York St Pers Income Tax)
Series 2009A
5.00%, 3/15/17		3,700		4,138,524
New York St Dormitory Auth (New York Univ)
NATL Series 1998A
5.75%, 7/01/14		2,000		2,000,000
New York St Energy Res & Dev Auth (New York St Elec and Gas Corp.)
NATL Series 2010C


	Principal Amount (000)		U.S. $ Value
0.417%, 4/01/34 (b)(c)	$	2,325	$	2,175,489
New York St Envrn Fac Corp. (New York NY Mun Wtr Fin Auth)
Series 2012A
4.00%, 6/15/15		2,000		2,073,860
New York St Pwr Auth
NATL Series 2007C
5.00%, 11/15/14		1,000		1,017,880
New York St Thruway Auth (New York St Pers Income Tax)
Series 2012A
5.00%, 3/15/18		2,000		2,293,780
New York St Thruway Auth (New York St Thruway Auth Ded Tax)
Series 2008B
5.25%, 4/01/18		2,710		3,126,798
New York St Thruway Auth (New York St Thruway Gen Toll Road)
Series 2012I
5.00%, 1/01/16		1,080		1,154,963
New York St UDC (New York St Pers Income Tax)
Series 2010A
5.00%, 3/15/17		3,610		4,037,857
Onondaga Cnty NY GO
5.00%, 5/01/16		3,605		3,914,273
Port Authority of NY & NJ
3.00%, 10/01/14		3,000		3,020,580
Series 20131
4.00%, 6/01/16		1,580		1,690,379
Schenectady Cnty NY Cap Res (Ellis Hospital)
1.75%, 2/15/18		675		671,942
Tobacco Settlement Fin Corp. NY (New York St Lease Tobacco Asset Sec)
Series 2013B
5.00%, 6/01/20		3,950		4,277,376
Triborough Brdg & Tunl Auth NY
Series 2012A
5.00%, 11/15/16		1,000		1,107,240
Utility Debt Securitization Auth NY
Series 2013T
5.00%, 6/15/18		2,170		2,365,040
Westchester Cnty NY GO
Series 2013B
5.00%, 7/01/16		2,610		2,851,555

				80,905,445

Colorado - 1.5%
Denver CO Urban Renewal Auth (Stapleton)
Series 2013A
5.00%, 12/01/15		1,355		1,437,845

Florida - 0.4%
Dupree Lakes CDD FL
6.83%, 11/01/15		5		4,985
Durbin Crossing CDD FL


	Principal Amount (000)		U.S. $ Value
Series 20061
5.25%, 11/01/15 (d)(e)(f)	$	135	$	73,021
New River CDD FL
Series 2006B
5.00%, 5/01/13 (e)(g)		65		1
Overoaks CDD FL
Series 2004B
5.125%, 5/01/09 (d)(e)(g)		45		0
Series 2010A-1
6.125%, 5/01/35 (e)		20		20,259
Series 2010A-2
6.125%, 5/01/35 (e)		50		50,196
Series 2010B
5.125%, 5/01/17 (e)		70		70,205
Parkway Center CDD FL
Series 2004B
7.00%, 5/01/23		140		138,822

				357,489

Illinois - 1.1%
Cortland IL SSA #10
5.125%, 3/01/14 (e)(f)		153		7,650
Illinois GO
5.00%, 8/01/15		1,000		1,049,310

				1,056,960

Louisiana - 0.1%
Coves of The Highland CDD LA
5.60%, 11/01/13 (d)(e)(f)		270		0
Isabella Lakes CDD LA
6.00%, 8/01/22 (e)(f)		255		63,750
Juban Parc LA CDD (Juban Parc LA CDD)
5.15%, 10/01/14 (e)(f)		115		23,000
Whispering Springs CDD LA
5.20%, 10/01/21 (e)(f)		120		21,600

				108,350

Total Long-Term Municipal Bonds (cost $84,370,645)				83,866,089

Short-Term Municipal Notes - 8.8%
New York - 6.7%
New York St Energy Res & Dev Auth (New York St Elec and Gas Corp.)
0.05%, 6/01/36 (h)		4,000		4,000,000
New York St HFA (New York St Pers Income Tax)
Series 2012A
0.06%, 5/01/45 (h)		2,500		2,500,000

				6,500,000


	Principal Amount (000)		U.S. $ Value
Texas - 2.1%
Lower Neches Valley Auth TX (Exxon Mobil Corp.)
0.02%, 11/01/51 (h)	$	2,000	$	2,000,000

Total Short-Term Municipal Notes (cost $8,500,000)				8,500,000

Total Municipal Obligations (cost $92,870,645)				92,366,089

CORPORATES - INVESTMENT GRADES - 3.5%
Financial Institutions - 2.2%
Banking - 1.3%
Bank of America Corp.
4.50%, 4/01/15		420		432,528
Capital One Financial Corp.
2.125%, 7/15/14		370		370,252
Morgan Stanley
5.375%, 10/15/15		455		481,781

				1,284,561

Finance - 0.9%
General Electric Capital Corp.
2.15%, 1/09/15		803		810,910

				2,095,471

Industrial - 1.3%
Technology - 1.3%
Cisco Systems, Inc.
1.10%, 3/03/17		503		504,563
International Business Machines Corp.
0.55%, 2/06/15		805		806,671

				1,311,234

Total Corporates-Investment Grades (cost $3,386,821)				3,406,705


	Shares
SHORT-TERM INVESTMENTS - 0.8%
Time Deposit - 0.8%
State Street Time Deposit
0.01%, 7/01/14 (cost $737,411)		737		737,411

Total Investments - 100.0% (cost $96,994,877) (i)				96,510,205
Other assets less liabilities - 0.0%				31,900

Net Assets - 100.0%			$	96,542,105

(a)

When-Issued or delayed delivery security.

(b)

Variable rate coupon, rate shown as of June 30, 2014.

(c)

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, 2014 and the aggregate market value of these securities amounted to $4,657,678 or 4.82% of net assets.

(d)

Fair valued by the Adviser.

(e)

Illiquid security.

(f)

Security is in default and is non-income producing.

(g)

Non-income producing security.

(h)

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

(i)

As of June 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $599,331 and gross unrealized depreciation of investments was $(1,084,003), resulting in net unrealized depreciation of $(484,672).

As of June 30, 2014, the Fund held 10.1% of net assets in insured bonds (of this amount 0.0% represents the Fund’s holding in pre-refunded or escrowed to maturity bonds).

Glossary:


AGM	-	Assured Guaranty Municipal
CDD	-	Community Development District
ETM	-	Escrowed to Maturity
GO	-	General Obligation
HFA	-	Housing Finance Authority
IDA	-	Industrial Development Authority/Agency
MTA	-	Metropolitan Transportation Authority
NATL	-	National Interstate Corporation
SSA	-	Special Services Area
UDC	-	Urban Development Corporation

Sanford C. Bernstein Fund, Inc.

Short Duration New York Municipal Portfolio

June 30, 2014 (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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

83,057,519

808,570

83,866,089

Short-Term Municipal Notes

– 0

–

8,500,000

– 0

–

8,500,000

Corporates - Investment Grades

– 0

–

3,406,705

– 0

–

3,406,705

Short-Term Investments

– 0

–

737,411

– 0

–

737,411

Total Investments in Securities

– 0

–

95,701,635

808,570

96,510,205

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total+

– 0

–

95,701,635

808,570

96,510,205

^	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 9/30/13	$	3,334,272		$	3,334,272
Accrued discounts/(premiums)		(3,142	)		(3,142	)
Realized gain (loss)		(37,619	)		(37,619	)
Change in unrealized appreciation/depreciation		(50,903	)		(50,903	)


Purchases		– 0	–		– 0	–
Sales		(2,434,038	)		(2,434,038	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 6/30/14	$	808,570		$	808,570

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14	$	(119,494	)	$	(119,494	)

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

Sanford C. Bernstein Fund, Inc.

Short Duration Diversified Municipal Portfolio

Portfolio of Investments

June 30, 2014 (unaudited)


	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 94.7%
Long-Term Municipal Bonds - 94.7%
Alabama - 1.9%
Alabama Pub Sch & Clg Auth
Series 2013A
5.00%, 6/01/16	$	4,180	$	4,543,158
Jefferson Cnty AL Commn (Jefferson Cnty AL Swr)
Series 2013D
5.00%, 10/01/16		750		800,318

				5,343,476

Arizona - 2.1%
Phoenix AZ Civic Impt Corp. (Phoenix AZ Wastewater)
Series 2009A
5.00%, 7/01/17		2,300		2,596,953
Salt River Proj Agric Impt & Pwr Dist AZ
Series 2009B
4.00%, 1/01/16		2,890		3,051,118

				5,648,071

Arkansas - 0.6%
Little Rock AR GO
1.25%, 4/01/33		1,515		1,515,636

Colorado - 4.5%
Denver CO City & Cnty Arpt (Denver Intl Airport)
Series 2011B
4.00%, 11/15/14		7,675		7,780,685
Denver CO City & Cnty Wtr Commr
Series 2012B
4.00%, 12/15/15		1,935		2,042,276
Mun Subdist No CO Wtr Conserv Dist
AMBAC Series 2007J
5.00%, 12/01/14		2,345		2,387,984
Todd Creek Farms Met Dist #1 CO
4.75%, 12/01/09 (a)(b)		85		42,383

				12,253,328

Connecticut - 1.6%
Connecticut GO
Series 2014C
5.00%, 6/15/17		3,970		4,471,292

Florida - 7.2%
Citizens Ppty Ins Corp. FL
Series 2009A-1
6.00%, 6/01/16		3,500		3,867,080
Series 2010A-1
5.00%, 6/01/16		4,695		5,098,207
Dupree Lakes CDD FL
6.83%, 11/01/15		10		9,969
Florida Brd of Ed GO(Florida GO)


	Principal Amount (000)		U.S. $ Value
Series 2013C
5.00%, 6/01/16	$	2,665	$	2,904,051
Florida Brd of Ed Lottery
Series 2012A
5.00%, 7/01/16-7/01/17		6,100		6,761,942
Heritage Plantation CDD FL
Series 2006B
5.10%, 11/01/13 (a)(b)		150		45,000
Miami Beach FL Hlth Fac Auth (Mt. Sinai Medical Center FL)
3.00%, 11/15/15		815		838,863
Overoaks CDD FL
Series 2004B
5.125%, 5/01/09 (b)(c)(d)		55		0
Series 2010A-1
6.125%, 5/01/35 (b)		30		30,388
Series 2010A-2
6.125%, 5/01/35 (b)		60		60,236
Series 2010B
5.125%, 5/01/17 (b)		80		80,234
Parkway Center CDD FL
Series 2004B
7.00%, 5/01/23		115		114,033

				19,810,003

Georgia - 5.0%
Georgia GO
Series 2012A
5.00%, 7/01/16		10,000		10,933,900
Georgia Mun Elec Auth
Series 2012B
5.00%, 1/01/18		2,450		2,784,817

				13,718,717

Hawaii - 0.8%
Hawaii GO
Series 2013E
5.00%, 8/01/15		2,040		2,146,508

Illinois - 8.2%
Cortland IL SSA #10
5.125%, 3/01/14 (a)(b)		182		9,100
Illinois Finance Auth (Illinois Unemployment)
Series 2012A
5.00%, 6/15/15		11,045		11,556,604
Illinois GO
5.00%, 8/01/15		2,730		2,864,616
Illinois Sales Tax
4.00%, 6/15/16		3,010		3,219,647
Illinois St Toll Highway Auth
AGM Series 2005A
5.00%, 7/01/15 (Pre-refunded/ETM)		4,750		4,977,858

				22,627,825


	Principal Amount (000)		U.S. $ Value
Indiana - 0.5%
Posey Cnty IN (Midwest Fertilizer Corp Proj)
0.30%, 7/01/46 (e)	$	1,455	$	1,455,102

Louisiana - 1.0%
Isabella Lakes CDD LA
6.00%, 8/01/22 (a)(b)		515		128,750
Louisiana GO
Series 2012A
5.00%, 8/01/15		2,325		2,446,388
Whispering Springs CDD LA
5.20%, 10/01/21 (a)(b)		670		120,600

				2,695,738

Maryland - 3.1%
Anne Arundel Cnty MD GO
5.00%, 4/01/15-4/01/16		8,170		8,589,053

Massachusetts - 8.9%
Massachusetts Mun Whsl Elec Co.
Series 2012A
5.00%, 7/01/14		5,355		5,355,000
Massachusetts Sch Bldg Auth
AGM Series 2005A
5.00%, 8/15/15 (Pre-refunded/ETM)		2,530		2,666,266
Massachusetts Sch Bldg Auth (Massachusetts Sch Sales Tax)
Series 2012B
5.00%, 8/15/17		2,400		2,720,784
Massachusetts Wtr Poll Abtment Trst (Massachusetts SRF)
5.00%, 8/01/17		12,035		13,639,506

				24,381,556

Michigan - 3.4%
Detroit MI Swr Disp
AGM
0.756%, 7/01/32 (f)		1,530		1,212,449
Michigan Fin Auth (Michigan Unemployment)
Series 2012A
5.00%, 7/01/15		7,650		8,020,948

				9,233,397

Minnesota - 3.7%
Elk River MN ISD #728 GO
Series 2012A
5.00%, 2/01/17		4,460		4,962,419
Minnesota Lease
Series 2012B
4.00%, 3/01/16		5,000		5,309,750

				10,272,169

Missouri - 3.1%
Springfield MO Pub Util
5.00%, 12/01/14		3,025		3,081,446


	Principal Amount (000)		U.S. $ Value
St. Louis MO Arpt (Lambert- St. Louis Intl Arpt)
NATL
5.50%, 7/01/16	$	5,040	$	5,528,880

				8,610,326

Nevada - 2.1%
Nevada Unemployment
5.00%, 6/01/16		5,285		5,754,784

New Jersey - 1.4%
Morris-Union NJ JT Comm COP
AGM
4.00%, 8/01/15		750		772,500
New Jersey EDA (New Jersey Cigarette Tax)
5.00%, 6/15/16		1,625		1,757,779
Rutgers State Univ NJ
Series 2013J
3.00%, 5/01/15		1,150		1,177,002

				3,707,281

New Mexico - 4.6%
New Mexico Severance Tax
Series 2013A
5.00%, 7/01/16		11,440		12,493,967

New York - 7.2%
Metropolitan Trnsp Auth NY
Series 2012D
4.00%, 11/15/15		8,525		8,960,883
AGM Series 2002B-1
0.303%, 11/01/22 (g)		6,575		6,338,018
New York NY GO
Series 2012F
5.00%, 8/01/15		1,835		1,931,209
Series 2013J
5.00%, 8/01/16		2,400		2,630,304

				19,860,414

Ohio - 0.4%
Ohio Major New Infra Proj (Ohio Fed Hwy Grant)
Series 20121
5.00%, 12/15/17		1,000		1,138,600

Oregon - 2.4%
Multnomah Cnty OR SD #1J GO
Series 2013A
5.00%, 6/15/15		2,000		2,090,280
Portland OR CCD GO
5.00%, 6/15/16		4,105		4,477,323

				6,567,603

Pennsylvania - 0.5%
Delaware Riv Port Auth PA & NJ
4.00%, 1/01/15		1,140		1,156,142


	Principal Amount (000)		U.S. $ Value
Philadelphia PA IDA (Leadership Learning Partners)
Series 2005A
4.60%, 7/01/15 (b)	$	120	$	113,411

				1,269,553

South Carolina - 3.6%
South Carolina GO
5.00%, 3/01/17		6,135		6,865,617
South Carolina Pub Svc Auth
Series 2012C
5.00%, 12/01/14		3,000		3,059,640

				9,925,257

Texas - 8.6%
Grand Parkway Trnsp Corp. TX
Series 2014A
3.00%, 12/15/16		11,040		11,697,322
Tarrant TX Regional Wtr Dist
Series 2012A
5.00%, 3/01/17		6,115		6,832,840
Texas PFA (Texas Workforce Commission)
3.50%, 1/01/19		4,975		5,055,097

				23,585,259

Virginia - 2.8%
Dulles Town CTR CDA VA
3.00%, 3/01/15		1,100		1,105,874
Fairfax Cnty VA GO
Series 2011A
5.00%, 4/01/17		1,385		1,553,042
Virginia Trnsp Brd (Virginia Fed Hwy Grant)
5.00%, 9/15/15		3,000		3,174,360
Virginia Trnsp Brd (Virginia Lease Trnsp Fund)
5.00%, 5/15/15		1,745		1,819,058

				7,652,334

Washington - 1.5%
Seattle WA Wtr Sys
5.00%, 9/01/14		3,990		4,022,519

Wisconsin - 4.0%
Wisconsin GO
Series 20141
5.00%, 5/01/16		10,000		10,857,900

Total Municipal Obligations (cost $259,703,991)				259,607,668

CORPORATES - INVESTMENT GRADES - 5.6%
Financial Institutions - 4.2%
Banking - 3.3%
Bank of America Corp.
4.50%, 4/01/15		1,680		1,730,113
Capital One Bank USA NA


	Principal Amount (000)		U.S. $ Value
1.20%, 2/13/17	$	1,850	$	1,849,920
Capital One Financial Corp.
2.125%, 7/15/14		935		935,638
Citigroup, Inc.
4.587%, 12/15/15		750		790,610
JPMorgan Chase & Co.
3.15%, 7/05/16		2,453		2,556,882
Morgan Stanley
5.375%, 10/15/15		1,300		1,376,515

				9,239,678

Finance - 0.9%
General Electric Capital Corp.
2.15%, 1/09/15		2,370		2,393,344

Industrial - 1.4%
Technology - 1.4%
Cisco Systems, Inc.
1.10%, 3/03/17		1,476		1,480,586
International Business Machines Corp.
0.55%, 2/06/15		2,350		2,354,879

				3,835,465

Total Corporates - Investment Grades (cost $15,411,063)				15,468,487

Total Investments - 100.3% (cost $275,115,054) (h)				275,076,155
Other assets less liabilities - (0.3)%				(791,036	)

Net Assets - 100.0%			$	274,285,119

(a)

Security is in default and is non-income producing.

(b)

Illiquid security.

(c)

Non-income producing security.

(d)

Fair valued by the Adviser.

(e)

Variable rate coupon, rate shown as of June 30, 2014.

(f)

Floating Rate Security. Stated interest rate was in effect at June 30, 2014.

(g)

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, 2014 and the aggregate market value of this security amounted to $6,338,018 or 2.31% of net assets.

(h)

As of June 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,628,295 and gross unrealized depreciation of investments was $(1,667,194), resulting in net unrealized depreciation of $(38,899).

As of June 30, 2014, the Fund held 8.7% of net assets in insured bonds (of this amount 32.0% represents the Fund’s holding in pre-refunded or escrowed to maturity bonds).

Glossary:


AGM	-	Assured Guaranty Municipal
AMBAC	-	Ambac Assurance Corporation
CCD	-	Community College District
CDA	-	Community Development Authority
CDD	-	Community Development District


COP	-	Certificate of Participation
EDA	-	Economic Development Agency
ETM	-	Escrowed to Maturity
GO	-	General Obligation
IDA	-	Industrial Development Authority/Agency
ISD	-	Independent School District
NATL	-	National Interstate Corporation
PFA	-	Public Finance Authority
SD	-	School District
SSA	-	Special Services Area

Sanford C. Bernstein Fund, Inc.

Short Duration Diversified Municipal Portfolio

June 30, 2014 (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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

257,747,690

1,859,978

259,607,668

Corporates - Investment Grades

– 0

–

15,468,487

– 0

–

15,468,487

Total Investments in Securities

– 0

–

273,216,177

1,859,978

275,076,155

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total+

– 0

–

273,216,177

1,859,978

275,076,155

^	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 9/30/13	$	4,207,175		$	4,207,175
Accrued discounts/(premiums)		(11,232	)		(11,232	)
Realized gain (loss)		5,343			5,343
Change in unrealized appreciation/depreciation		(111,308	)		(111,308	)


Purchases		– 0	–		– 0	–
Sales		(2,230,000	)		(2,230,000	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 6/30/14	$	1,859,978		$	1,859,978

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14	$	(88,751	)	$	(88,751	)

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

Sanford C. Bernstein Fund, Inc. - California Municipal Portfolio

Portfolio of Investments

June 30, 2014 (unaudited)


	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 94.6%
Long-Term Municipal Bonds - 93.6%
California - 81.7%
Bay Area Toll Auth CA
5.00%, 4/01/22-4/01/25	$	28,820	$	33,956,710
Series 2006F
5.00%, 4/01/16		3,630		3,926,607
5.00%, 4/01/16 (Pre-refunded/ETM)		5,250		5,688,585
Series 2007F
5.00%, 4/01/16		3,570		3,861,705
Bay Area Wtr Supply & Consv Agy CA
Series 2013A
5.00%, 10/01/25		4,710		5,617,334
California Dept Wtr Res Cen Vy
Series 2013AM
5.00%, 12/01/14		3,000		3,060,780
Series 2014A
5.00%, 12/01/27		5,690		6,865,213
NATL
5.00%, 12/01/14 (Pre-refunded/ETM)		380		387,649
NATL Series 2005AH
5.00%, 12/01/14 (Pre-refunded/ETM)		60		61,220
California Dept Wtr Res Pwr
Series 2008H
5.00%, 5/01/17		1,455		1,638,170
Series 2008K
5.00%, 5/01/18		23,145		26,764,184
Series 2010L
5.00%, 5/01/15-5/01/20		20,205		23,291,560
AGM Series 2008H
5.00%, 5/01/17		21,050		23,699,985
California Econ Recovery (California Econ Rec Spl Tax)
Series 2009A
5.00%, 7/01/18-7/01/20		33,120		38,894,668
NATL Series 2004A
5.00%, 7/01/15		2,310		2,318,847
California GO
4.00%, 12/01/26		21,565		23,009,208
5.00%, 10/01/20-5/01/29		48,055		57,054,243
California Infra & Eco Dev Bk (Broad Collection)
Series 2011A
5.00%, 6/01/21		20,650		25,030,484
California Poll Cntl Fin Auth (Pacific Gas & Electric Co.)
0.02%, 11/01/26 (a)		6,000		6,000,000
California Poll Cntl Fin Auth (Poseidon Resources LP)
5.00%, 7/01/27 (b)		4,000		4,285,520
California Pub Wks Brd
Series 2009E
5.00%, 4/01/19 (Pre-refunded/ETM)		12,775		15,110,781
Series 2011G
5.00%, 12/01/21 (Pre-refunded/ETM)		1,545		1,890,153
NATL Series 2007B
5.00%, 6/01/15 (Pre-refunded/ETM)		3,030		3,166,047
NATL Series 2007C


	Principal Amount (000)		U.S. $ Value
5.00%, 9/01/16 (Pre-refunded/ETM)	$	1,575	$	1,737,225
California Pub Wks Brd (CA Lease Dept Corr St Prisons)
AMBAC Series 1993A
5.00%, 12/01/19		2,630		2,925,007
California Pub Wks Brd (CA Lease State Univ Sys)
NATL Series 2006A
5.00%, 10/01/14		3,740		3,784,132
California Pub Wks Brd (California Pub Wks Brd Lease)
Series 2014A
5.00%, 9/01/30		11,220		12,844,432
Series 2014B
5.00%, 10/01/29		4,445		5,134,775
California Spl Dist Assn Fin Corp. COP
AGM Series 1996Z
5.50%, 8/01/17 (Pre-refunded/ETM)		315		333,988
California State Univ
Series 2010A
5.00%, 11/01/24		1,490		1,691,657
Series 2011A
5.25%, 11/01/26		5,500		6,430,545
Series 2012A
5.00%, 11/01/26		10,930		12,669,510
AMBAC Series 2005B
5.00%, 11/01/14		3,575		3,632,272
California Statewide CDA (Kaiser Permanente)
Series 2012C
5.00%, 11/01/29		2,630		2,950,018
Series 2012E-1
5.00%, 4/01/44		1,000		1,121,080
California Statewide CDA (Odd Fellows Home)
Series 2012A
5.00%, 4/01/20-4/01/22		2,000		2,343,090
California Statewide CDA (The Terraces at San Joaquin Gardens)
4.00%, 10/01/18		1,965		1,965,000
Chaffey CA Cmnty Clg Dist
NATL
5.00%, 6/01/15 (Pre-refunded/ETM)		1,090		1,138,418
Chaffey CCD CA GO
NATL
5.00%, 6/01/25		350		364,168
Coati-Rohnert Pk USD CA GO
NATL
5.00%, 8/01/20		2,020		2,094,841
Contra Costa CA Wtr Dist
Series 2013R
5.00%, 10/01/16		1,570		1,737,927
Contra Costa Cnty CA Wtr Dist (Contra Costa CA Wtr Dist)
Series 2012Q
5.00%, 10/01/20		5,315		6,416,268
Grossmont-Cuyamaca CCD CA GO
AGC
5.25%, 8/01/17		1,150		1,311,311


	Principal Amount (000)		U.S. $ Value
Industry CA GO
5.00%, 7/01/17	$	3,655	$	4,108,330
Long Beach CA Bond Fin Auth (Long Beach CA Lease Aquarium)
5.00%, 11/01/23		4,025		4,553,684
Long Beach CA Harbor
Series 2010A
5.00%, 5/15/22-5/15/25		16,895		19,528,791
Series 2010B
5.00%, 5/15/21		6,500		7,692,750
Long Beach CA USD GO
Series 2009A
5.00%, 8/01/15-8/01/18		17,695		19,855,597
Series 2010A
5.00%, 8/01/25		1,000		1,157,230
Los Angeles CA Dept Arpts (Los Angeles Intl Airport)
5.00%, 5/15/23		5,000		5,856,550
Series 2008A
5.50%, 5/15/15-5/15/17		13,595		15,049,041
Series 2009A
5.25%, 5/15/23-5/15/24		15,955		18,756,622
Series 2010A
5.00%, 5/15/23-5/15/25		25,915		29,929,862
Los Angeles CA Dept W&P Pwr
4.00%, 7/01/16		10,050		10,805,559
Series 2012C
4.00%, 1/01/16		1,000		1,048,620
5.00%, 1/01/16		8,150		8,634,925
Series 2013A
5.00%, 7/01/21		1,505		1,828,996
Series 2014B
5.00%, 7/01/27		2,190		2,591,252
Los Angeles CA Dept W&P Wtr
Series 2012C
5.00%, 7/01/23		1,540		1,864,570
Los Angeles CA Harbor Dept
Series 2011B
5.00%, 8/01/23		2,500		2,942,100
Los Angeles CA USD GO
FGIC Series 2005A-1
5.00%, 7/01/20-7/01/22		13,485		14,107,552
NATL Series 2005A-2
5.00%, 7/01/20		11,000		11,516,340
Los Angeles CA Wstwtr Sys
Series 2012A
5.00%, 6/01/19		4,065		4,791,009
Series 2012C
5.00%, 6/01/23		2,765		3,304,313
Los Angeles Cnty CA Met Trnsp Auth (Los Angeles Cnty CA MTA Sales Tax)
5.00%, 7/01/21		2,000		2,317,760
Los Angeles Cnty CA Santn Dist
Series 2013A
5.00%, 10/01/15		10,770		11,409,415
Los Angeles CA USD GO
Series 2014C


	Principal Amount (000)		U.S. $ Value
5.00%, 7/01/27 (c)	$	10,365	$	12,291,232
Mammoth CA USD GO
NATL
Zero Coupon, 8/01/21-8/01/22		2,100		1,722,076
Met Wtr Dist Southern CA Wtr
5.75%, 8/10/18		7,600		8,565,656
Series 1993A
5.75%, 7/01/21 (Pre-refunded/ETM)		1,615		1,832,686
5.75%, 7/01/21		2,045		2,433,182
Northern CA Pwr Agy (Northern CA Power Agy Hydro #1)
Series 2012A
5.00%, 7/01/25-7/01/27		3,980		4,591,791
Orange Cnty CA Santn COP
Series 2009A
5.00%, 2/01/18-2/01/20		11,045		12,819,046
Pittsburg CA Redev Agy
9.60%, 6/01/16 (Pre-refunded/ETM)		1,000		1,170,330
Port of Oakland CA
Series 2012P
5.00%, 5/01/22-5/01/25		16,945		19,384,782
NATL Series 2007C
5.00%, 11/01/18		1,900		2,124,238
Riverside CA Elec
Series 2013A
5.00%, 10/01/15		2,425		2,567,396
Sacramento CA Fin Auth (Sacramento CA Lease)
Series 1993B
5.40%, 11/01/20		2,000		2,255,540
Sacramento CA Mun Util Dist
Series 2012Y
5.00%, 8/15/25		4,555		5,383,053
Series 2013C
5.00%, 8/15/14-8/15/16		8,060		8,588,094
Sacramento CA USD GO
Series 2011
5.00%, 7/01/24		4,945		5,668,899
Sacramento Cnty CA Santn Dist Fing Auth (Sacramento Regl Cnty Santn Dist CA)
AMBAC
5.50%, 12/01/21		1,175		1,462,440
Sacramento Regl Transit Dist CA
5.00%, 3/01/24		1,000		1,134,570
San Diego CA Pub Fac Fin Auth (San Diego CA Swr)
Series 2009B
5.00%, 5/15/18-5/15/21		35,520		41,384,933
San Diego CA USD GO
NATL Series 2004D
5.50%, 7/01/19		10,140		12,160,395
San Diego Cnty CA COP
AMBAC
5.00%, 2/01/15		2,000		2,055,400
San Diego Cnty CA Wtr Auth
AGM Series 2008A-COPS
5.00%, 5/01/19-5/01/24		7,655		8,778,570


	Principal Amount (000)		U.S. $ Value
San Francisco City/Cnty CA Arpt Commn (San Francisco CA Intl Airport)
5.25%, 5/01/18	$	4,655	$	5,369,496
Series 2009C-2
5.00%, 5/01/15-5/01/16		26,210		27,779,628
Series 2011C
5.00%, 5/01/21		3,900		4,545,645
Series 2011S
5.00%, 5/01/25		3,000		3,409,470
AGC Series 2008-34E
5.00%, 5/01/16		1,345		1,458,330
San Francisco City/Cnty CA GO
5.00%, 6/15/15		2,385		2,495,473
San Francisco City/Cnty CA Pub Util Wtr
Series 2009A
5.00%, 11/01/28		2,000		2,291,940
Series 2011A
5.00%, 11/01/25		11,320		13,403,446
Series 2013B
5.00%, 10/01/25		4,000		4,701,600
San Francisco City/Cnty CA Redev CFD #6 (Mission Bay South Public Imp)
5.00%, 8/01/19-8/01/24		3,855		4,408,527
San Ramon Vly USD CA GO
AGM
5.25%, 8/01/14 (Pre-refunded/ETM)		1,000		1,004,000
Santa Fe Springs CA CDA (Santa Fe Springs CA Tax Alloc)
NATL
5.375%, 9/01/17		560		560,661
Santa Rosa CA HSD GO
4.00%, 8/01/16		1,740		1,863,836
5.00%, 8/01/17		4,255		4,772,323
South Placer CA Wstwtr Auth
Series 2011C
5.00%, 11/01/19-11/01/20		5,520		6,387,118
Southern CA Pub Pwr Auth (Los Angeles CA Dept W&P Pwr)
5.00%, 7/01/22		4,000		4,746,760
Series 2010-1
5.00%, 7/01/25		8,235		9,509,778
Series 2014A
5.00%, 7/01/30		1,000		1,170,660
Univ of California
Series 2009Q
5.25%, 5/15/22		3,510		4,001,154
Series 2010U
5.00%, 5/15/24		4,215		4,931,929
Series 2012G
5.00%, 5/15/25		10,000		11,743,800
Series 2014A
5.00%, 5/15/28		1,000		1,187,540
AGM Series 2007J
5.00%, 5/15/15 (Pre-refunded/ETM)		395		415,710
5.00%, 5/15/16		5,935		6,248,309
West Contra Costa CA USD (West Contra Costa CA USD GO)
Series 2013A
4.00%, 8/01/14-8/01/15		12,285		12,495,924


	Principal Amount (000)		U.S. $ Value
Series 2013B
4.00%, 8/01/15	$	4,000	$	4,164,440

				895,297,991

Colorado - 0.4%
Denver CO City & Cnty Arpt (Denver Intl Airport)
Series 2011A
5.75%, 11/15/20		1,700		2,041,003
Denver CO Urban Renewal Auth (Stapleton)
Series 2013A
5.00%, 12/01/20		1,625		1,880,921

				3,921,924

Florida - 3.7%
Broward Cnty FL Sch Brd COP
Series 2011A
5.00%, 7/01/18		2,000		2,302,300
Citizens Ppty Ins Corp. FL
Series 2009A-1
6.00%, 6/01/16		13,160		14,540,221
Dupree Lakes CDD FL
6.83%, 11/01/15		30		29,908
Florida Hurricane Catastr Fd Fin Corp.
Series 2010A
5.00%, 7/01/15-7/01/16		17,080		18,441,232
Miami Beach FL Hlth Fac Auth (Mt. Sinai Medical Center FL)
6.75%, 11/15/24		2,400		2,450,616
Miami-Dade Cnty FL Aviation (Miami-Dade Intl Airport)
Series 2009A
5.75%, 10/01/21		1,055		1,251,008
Miami-Dade Cnty FL Expressway
Series 2013A
5.00%, 7/01/21		1,280		1,487,744
New River CDD FL
Series 2006B
5.00%, 5/01/13 (d)(e)		405		4
Sterling Hill CDD FL
Series 2003B
5.50%, 11/01/10 (d)(f)(g)		155		70,153

				40,573,186

Guam - 0.1%
Guam Wtrworks Auth
5.50%, 7/01/16		995		1,034,840

Illinois - 1.4%
Bolingbrook IL Sales Tax
6.00%, 1/01/26		4,450		3,910,616
Illinois GO
5.00%, 8/01/18-8/01/23		9,855		11,078,658

				14,989,274


	Principal Amount (000)		U.S. $ Value
Louisiana - 0.0%
Coves of The Highland CDD LA
5.60%, 11/01/13 (d)(f)(g)	$	3,200	$	0

New Jersey - 2.7%
New Jersey Trnsp Trust Fd Auth (New Jersey Trnsp Trust Fund)
Series 2013A
5.00%, 12/15/19-6/15/20		25,930		29,942,238

North Carolina - 0.2%
North Carolina Eastern Mun Pwr Agy
Series 2009B
5.00%, 1/01/16		2,375		2,537,996

Ohio - 0.0%
Columbiana Cnty Port Auth OH (Liberty Waste Trnsp LLC)
Series 2004A
7.00%, 8/01/21 (d)(g)		304		121,600

Puerto Rico - 1.8%
Puerto Rico Elec Pwr Auth
Series 2007TT
5.00%, 7/01/21		3,850		1,707,629
Series 2007V V
5.50%, 7/01/20		3,065		1,359,542
Series 2010DDD
5.00%, 7/01/22		10,190		4,519,469
Puerto Rico GO
NATL Series 2001A
5.50%, 7/01/19		5,470		5,871,389
Puerto Rico Govt Dev Bank
NATL Series 2009
4.75%, 12/01/15		5,555		5,589,385
Puerto Rico Pub Bldgs Auth (Puerto Rico GO)
Series 2009P
6.00%, 7/01/20		1,415		1,182,855

				20,230,269

Texas - 1.2%
Dallas Fort Worth TX Intl Arpt
Series 2009A
5.00%, 11/01/21		1,180		1,300,407
Houston TX Arpt Sys
Series 2011A
5.00%, 7/01/19		10,290		11,909,337

				13,209,744

Washington - 0.4%
Tobacco Settlement Auth WA
5.00%, 6/01/15		1,000		1,042,640
Washington St HFC (Rockwood Retirement Communities)


	Principal Amount (000)		U.S. $ Value
5.125%, 1/01/20 (b)	$	2,925	$	2,932,108

				3,974,748

Total Long-Term Municipal Bonds (cost $986,976,019)				1,025,833,810

Short-Term Municipal Notes - 1.0%
California - 1.0%
California Poll Cntl Fin Auth (Pacific Gas & Electric Co.)
0.02%, 11/01/26 (h)
(cost $11,400,000)		11,400		11,400,000

Total Municipal Obligations (cost $998,376,019)				1,037,233,810

CORPORATES - INVESTMENT GRADES - 3.7%
Financial Institutions - 3.4%
Banking - 3.4%
American Express Credit Corp.
1.75%, 6/12/15		5,914		5,989,007
Bank of America NA
1.125%, 11/14/16		10,000		10,007,100
Capital One Financial Corp.
2.125%, 7/15/14		1,543		1,544,053
2.15%, 3/23/15		2,000		2,024,278
JPMorgan Chase & Co.
1.875%, 3/20/15		6,345		6,409,973
3.15%, 7/05/16		5,410		5,639,108
Morgan Stanley
1.75%, 2/25/16		5,788		5,870,201

				37,483,720

Industrial - 0.3%
Consumer Cyclical - Automotive - 0.3%
Ford Motor Credit Co. LLC
7.00%, 4/15/15		2,475		2,599,047

Total Corporates - Investment Grades (cost $39,782,126)				40,082,767

SHORT-TERM INVESTMENTS - 0.3%
Time Deposit - 0.3%
State Street Time Deposit
0.01%, 7/01/14
(cost $2,979,819)		2,980		2,979,819

Total Investments - 98.6% (cost $1,041,137,964) (i)				1,080,296,396
Other assets less liabilities - 1.4%				15,756,063

Net Assets - 100.0%			$	1,096,052,459

(a)

Variable rate coupon, rate shown as of June 30, 2014.

(b)

(c)

When-Issued or delayed delivery security.

(d)

Illiquid security.

(e)

Non-income producing security.

(f)

Fair valued by the Adviser.

(g)

Security is in default and is non-income producing.

(h)

(i)

As of June 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $54,890,367 and gross unrealized depreciation of investments was $(15,731,935), resulting in net unrealized appreciation of $39,158,432.

As of June 30, 2014, the Fund held 11.1% of net assets in insured bonds (of this amount 6.8% represents the Fund’s holding in pre-refunded or escrowed to maturity bonds).

Glossary:


AGC	-	Assured Guaranty Corporation
AGM	-	Assured Guaranty Municipal
AMBAC	-	Ambac Assurance Corporation
CCD	-	Community College District
CDA	-	Community Development Authority
CDD	-	Community Development District
CFD	-	Community Facilities District
COP	-	Certificate of Participation
ETM	-	Escrowed to Maturity
FGIC	-	Financial Guaranty Insurance Company
GO	-	General Obligation
HFC	-	Housing Finance Corporation
HSD	-	High School District
MTA	-	Metropolitan Transportation Authority
NATL	-	National Interstate Corporation
USD	-	Unified School District

Sanford C. Bernstein Fund, Inc. - California Municipal Portfolio

June 30, 2014 (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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

1,016,804,421

9,029,389

1,025,833,810

Short-Term Municipal Notes

– 0

–

11,400,000

– 0

–

11,400,000

Corporates - Investment Grades

– 0

–

40,082,767

– 0

–

40,082,767

Short-Term Investments

– 0

–

2,979,819

– 0

–

2,979,819

Total Investments in Securities

– 0

–

1,071,267,007

9,029,389

1,080,296,396

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total+

– 0

–

1,071,267,007

9,029,389

1,080,296,396

^	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 9/30/13	$	9,545,624		$	9,545,624
Accrued discounts/(premiums)		106,281			106,281
Realized gain (loss)		(1,056,812	)		(1,056,812	)
Change in unrealized appreciation/depreciation		1,565,733			1,565,733
Purchases		2,925,000			2,925,000


Sales		(4,056,437	)		(4,056,437	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 6/30/14	$	9,029,389		$	9,029,389

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14	$	918,113		$	918,113

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

Sanford C. Bernstein Fund, Inc. - New York Municipal Portfolio

Portfolio of Investments

June 30, 2014 (unaudited)


	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 96.5%
Long-Term Municipal Bonds - 96.5%
New York - 79.4%
Albany Cnty NY Arpt Auth
AGM Series 2010A
5.00%, 12/15/16-12/15/22	$	13,090	$	14,624,123
Albany Cnty NY GO
Series 2012B
5.00%, 11/01/15		1,085		1,154,017
Battery Park City Auth NY
Series 2013A
5.00%, 11/01/22		4,210		5,145,420
Erie Cnty NY Fiscal Stability Auth (Erie Cnty NY Sales Tax)
Series 2011C
5.00%, 12/01/23		5,925		6,903,869
Erie Cnty NY IDA
(Buffalo NY SD)
5.00%, 5/01/22		5,800		6,780,084
AGM Series 2008A
5.00%, 5/01/16		1,280		1,387,110
Long Island Pwr Auth NY
Series 20102
5.00%, 5/01/15 (Pre-refunded/ETM)		6,450		6,710,322
NATL Series 2006F
5.00%, 5/01/15-5/01/16		24,690		26,076,777
Metropolitan Trnsp Auth NY
Series 2006B
5.00%, 11/15/16-11/15/17		6,645		7,342,868
Series 2010D
5.25%, 11/15/24		10,755		12,369,433
Series 2010G
5.00%, 11/15/21		9,305		10,886,943
5.25%, 11/15/22-11/15/26		33,880		39,028,598
Series 2011C
5.00%, 11/15/24		2,890		3,327,084
Series 2011D
5.00%, 11/15/22-11/15/25		11,775		13,669,154
AGM Series 2002B
0.303%, 11/01/22 (a)(b)		15,325		14,772,457
AMBAC Series 1997B
5.00%, 7/01/20 (Pre-refunded/ETM)		535		536,707
Metropolitan Trnsp Auth NY (Metro Trnsp Auth NY Ded Tax)
Series 2012A
5.00%, 11/15/24		14,130		16,758,180
NATL Series 2004A
5.25%, 11/15/15-11/15/16		13,150		14,491,640
Nassau Cnty NY GO
Series 2011A
5.00%, 4/01/21-4/01/22		5,915		6,811,559
Series 2012A
5.00%, 4/01/15		5,680		5,877,494
Series 2013A
5.00%, 4/01/18-4/01/20		8,660		9,913,998
New York City Transitional Finance Authority
Future Tax Secured Revenue
Series 2011A


	Principal Amount (000)		U.S. $ Value
5.00%, 11/01/15	$	9,280	$	9,872,899
New York GO
Series 2005J
5.00%, 3/01/15 (Pre-refunded/ETM)		540		557,226
5.00%, 3/01/16		4,020		4,148,761
New York NY GO
Series 2002C
5.50%, 8/01/14		5		5,023
Series 2004G
5.25%, 8/01/15		5		5,020
Series 2005F
5.25%, 9/01/14 (Pre-refunded/ETM)		245		247,004
Series 2007A-1
5.00%, 8/01/18		4,570		5,152,355
Series 2007C
5.00%, 1/01/16		4,410		4,722,272
Series 2007E
5.00%, 8/01/16		5,500		6,027,780
Series 2008A-1
5.00%, 8/15/16		4,400		4,830,100
Series 2008B-1
5.25%, 9/01/16		10,000		11,047,100
Series 2011A
5.00%, 8/01/26		14,275		16,436,663
Series 2011D-1
5.00%, 10/01/24		2,860		3,337,162
Series 2011E-3
5.00%, 8/01/23		6,855		8,013,564
Series 2012I
5.00%, 8/01/16		12,545		13,748,818
Series 2013B
5.00%, 8/01/20		10,000		11,821,700
Series 2013D
5.00%, 8/01/19		7,165		8,386,632
Series 2013F
5.00%, 3/01/17		2,675		2,976,954
Series 2013I
5.00%, 8/01/20		18,775		22,195,242
NATL Series 2004I
5.00%, 8/01/14 (Pre-refunded/ETM)		10		10,038
5.00%, 8/01/16		2,340		2,348,752
New York NY Mun Wtr Fin Auth
5.00%, 6/15/26		9,055		10,403,652
Series 2006BB
5.00%, 6/15/16 (Pre-refunded/ETM)		2,210		2,412,259
5.00%, 6/15/20		16,775		18,272,336
Series 2008AA
5.00%, 6/15/18 (Pre-refunded/ETM)		11,675		13,523,503
5.00%, 6/15/21-6/15/22		9,810		11,234,468
Series 2010FF
5.00%, 6/15/25		24,730		28,601,481
Series 2014D
5.00%, 6/15/22		11,350		13,647,013
New York NY TFA Bldg Aid
Series 2011S-1A
5.00%, 7/15/25		4,420		5,100,857
Series 2012S
5.00%, 7/15/25		7,390		8,615,853


	Principal Amount (000)		U.S. $ Value
New York NY Tmsl Fin Auth (New York NY Trnsl Fin Auth)
5.00%, 2/01/29	$	2,425	$	2,806,404
New York NY Trnsl Fin Auth
5.00%, 11/01/15-2/01/28		15,065		16,744,997
5.25%, 8/01/14 (Pre-refunded/ETM)		1,300		1,305,135
Series 2007B
5.00%, 11/01/15 (Pre-refunded/ETM)		1,145		1,217,994
Series 2011A
5.00%, 11/01/20		1,130		1,346,813
Series 2011A-1
5.00%, 11/01/23		15,315		18,156,392
Series 2011B
5.00%, 2/01/20-2/01/24		15,135		17,766,702
Series 2011C
5.00%, 11/01/20		9,480		11,298,928
Series 2012B
5.00%, 11/01/16-11/01/24		14,330		16,730,128
Series 2012D
5.00%, 11/01/20-11/01/23		34,790		41,669,271
Series 2012E
5.00%, 11/01/15-2/01/26		14,225		16,387,990
Series 2013H
3.00%, 11/01/14		2,260		2,281,470
Series 2014C
5.00%, 11/01/26		6,345		7,512,861
New York NY Trst for Cult Res (Lincoln Center Performing Arts)
Series 2008C
5.75%, 12/01/16		23,025		25,835,431
New York NY Trst for Cult Res (Whitney Museum of American Art)
5.00%, 7/01/21		4,745		5,458,174
New York St Dormitory Auth
4.00%, 8/15/14 (Pre-refunded/ETM)		2,150		2,159,718
4.00%, 8/15/15 (Pre-refunded/ETM)		2,675		2,790,159
NATL
5.20%, 2/15/16 (Pre-refunded/ETM)		1,000		1,079,470
New York St Dormitory Auth (Ithaca College)
5.00%, 7/01/17		12,195		12,698,775
New York St Dormitory Auth (Montefiore Medical Center)
5.00%, 8/01/14		1,075		1,079,042
New York St Dormitory Auth (Mount Sinai Hospital)
Series 2010A
5.00%, 7/01/18		1,360		1,555,826
New York St Dormitory Auth (Mt Sinai School of Medicine)
5.00%, 7/01/19		4,390		5,021,984
New York St Dormitory Auth (New York St Lease Mental Hlth)
5.00%, 2/15/15-2/15/16		18,175		19,184,568
New York St Dormitory Auth (New York St Lease Svc Contract)
Series 2009A
5.00%, 7/01/22		6,050		6,986,419


	Principal Amount (000)		U.S. $ Value
New York St Dormitory Auth (New York St Pers Income Tax)
Series 2008A
5.00%, 3/15/20	$	4,750	$	5,401,225
Series 2008C
5.00%, 3/15/16-3/15/18		35,690		40,208,981
Series 2009D
5.00%, 6/15/20		2,230		2,612,623
Series 2009G
5.00%, 3/15/18		7,840		8,991,618
Series 2012A
5.00%, 12/15/21		5,875		7,075,732
Series 2012B
5.00%, 3/15/22		3,905		4,687,718
Series 2012D
5.00%, 2/15/22-2/15/25		22,135		26,162,618
Series 2014A
5.00%, 2/15/28-2/15/29		13,825		16,024,237
AMBAC Series 2005D
5.00%, 3/15/15		1,760		1,820,069
New York St Dormitory Auth (New York Univ)
NATL Series 1998A
6.00%, 7/01/18		1,000		1,182,370
New York St Dormitory Auth (State Univ of New York)
Series 2011A
5.00%, 7/01/24		3,125		3,630,000
New York St Dormitory Auth (Wyckoff Heights Medical Ctr)
NATL
5.20%, 2/15/16		5,820		5,842,349
New York St Energy Res & Dev Auth (New York St Elec and Gas Corp.)
NATL Series 2010C
0.417%, 4/01/34 (a)(b)		17,725		16,585,176
New York St Envrn Fac Corp.
5.00%, 6/15/25		6,845		6,869,300
NATL Series 2004A
5.00%, 12/15/23 (Pre-refunded/ETM)		1,060		1,083,511
New York St Envrn Fac Corp. (New York NY Mun Wtr Fin Auth)
5.00%, 6/15/16		1,610		1,757,669
Series 2009A
5.25%, 6/15/24		7,300		8,566,915
New York St Liberty Dev Corp. (National Sports Museum Proj)
6.125%, 2/15/19 (c)(d)		1,980		20
New York St Loc Gov Asst Corp.
Series 2008A
5.00%, 4/01/19-4/01/20		16,145		18,489,963
New York St Pwr Auth
NATL Series 2007C
5.00%, 11/15/16		6,245		6,914,714
New York St Thruway Auth
AGM Series 2005A
5.00%, 3/15/18 (Pre-refunded/ETM)		895		925,869
NATL Series 2005A


	Principal Amount (000)		U.S. $ Value
5.00%, 4/01/24 (Pre-refunded/ETM)	$	1,060	$	1,098,478
New York St Thruway Auth (New York St Pers Income Tax)
Series 2007A
5.00%, 3/15/16		9,410		10,162,706
Series 2010A
5.00%, 3/15/25		5,425		6,321,210
AGM Series 2005A
5.00%, 3/15/18		1,035		1,068,989
AMBAC Series 2004A
5.00%, 3/15/15		10,170		10,517,102
New York St Thruway Auth (New York St Thruway Auth Ded Tax)
Series 2008B
5.00%, 4/01/17		21,620		24,161,215
Series 2012A
5.00%, 4/01/21-4/01/25		26,070		30,364,962
AMBAC Series 2005B
5.50%, 4/01/20		9,020		10,954,159
NATL Series 2005B
5.00%, 4/01/16		10,335		10,947,245
New York St Thruway Auth (New York St Thruway Gen Toll Road)
Series 2012I
5.00%, 1/01/25		5,155		5,883,247
Series 2013A
5.00%, 5/01/19		25,000		29,047,000
Series 2014J
5.00%, 1/01/26-1/01/27		23,860		27,758,509
New York St UDC (New York St Lease Svc Contract)
Series 2008B
5.00%, 1/01/19		3,525		4,037,006
New York St UDC (New York St Pers Income Tax)
Series 2007B
5.00%, 3/15/16		2,085		2,251,779
Series 2013C
5.00%, 3/15/20		9,915		11,726,470
AMBAC Series 2005A-1
5.00%, 12/15/20		6,265		6,676,485
New York State Dormitory Authority
Series 2010E
5.00%, 2/15/19		1,305		1,523,209
AGM
5.00%, 2/15/16 (Pre-refunded/ETM)		70		75,396
5.00%, 2/15/16		3,760		4,043,504
New York State Dormitory Authority (State of New York Pers Income Tax)
Series 2014C
5.00%, 3/15/28-3/15/29 (e)		14,485		16,878,986
Port Authority of NY & NJ
5.00%, 9/15/24		2,000		2,244,940
Series 20131
5.00%, 12/01/23		10,480		12,290,420
NATL
5.00%, 12/01/19		15,290		15,737,691
XLCA


	Principal Amount (000)		U.S. $ Value
5.00%, 10/01/17-10/01/19	$	10,255	$	11,032,374
Schenectady Cnty NY Cap Res (Ellis Hospital)
1.75%, 2/15/18		1,880		1,871,484
Suffolk Cnty NY EDA (Catholic Hlth Svcs of Long Island)
5.00%, 7/01/16-7/01/17		2,900		3,202,456
Tompkins Cnty NY IDA (Ithaca College)
5.00%, 7/01/16		2,710		2,836,665
Triborough Brdg & Tunl Auth NY
Series 1992Y
5.50%, 1/01/17 (Pre-refunded/ETM)		5,555		5,930,740
Series 2008A
5.00%, 11/15/19 (Pre-refunded/ETM)		2,150		2,494,000
Series 2008C
5.00%, 11/15/16		5,000		5,536,200
Series 2008D
5.00%, 11/15/15-11/15/16		22,595		24,653,005
Series 2011A
5.00%, 1/01/27		7,000		8,044,820
Series 2012B
5.00%, 11/15/19-11/15/23		28,160		33,698,589
Series 2013A
5.00%, 11/15/28		5,000		5,748,100
Series 2013B
5.00%, 11/15/22		7,525		9,025,109
Troy Res Corp. (Rensselaer Polytechnic Institute.)
5.00%, 9/01/16-9/01/21		7,490		8,227,763
Series 2010B
5.00%, 9/01/17-9/01/18		9,100		10,258,356
Ulster Cnty NY IDA (Kingston Regl Sr Lvg Corp.)
Series 2007A
5.25%, 9/15/16		975		936,263
Utility Debt Securitization Auth NY
Series 2013T
5.00%, 6/15/26-12/15/29		34,805		41,008,788
Yonkers NY GO
Series 2011A
5.00%, 10/01/14-10/01/17		6,880		7,374,786
NATL Series 2005A
5.00%, 8/01/14		5,355		5,374,760

				1,329,202,618

Alabama - 0.8%
Alabama Pub Sch & Clg Auth
Series 2009B
5.00%, 5/01/18		11,055		12,720,436

California - 2.5%
California Econ Recovery (California Econ Rec Spl Tax)
Series 2009A
5.00%, 7/01/18-7/01/20		27,975		32,620,947
5.25%, 7/01/21		5,000		5,909,550
Golden St Tobacco Sec CA (California Tobacco Sec/St App)


	Principal Amount (000)		U.S. $ Value
Series 2013A
5.00%, 6/01/19	$	1,225	$	1,435,492
San Francisco City/Cnty CA Arpt Commn (San Francisco CA Intl Airport)
Series 2009E
5.00%, 5/01/21		1,280		1,486,566

				41,452,555

Colorado - 0.1%
Todd Creek Farms Met Dist #1 CO
5.60%, 12/01/14 (c)		2,765		1,382,500

District of Columbia - 0.4%
Metro Washington Arpt Auth VA
Series 2010B
5.00%, 10/01/19-10/01/21		5,795		6,744,133

Florida - 5.7%
Citizens Ppty Ins Corp. FL
Series 2009A-1
6.00%, 6/01/16		32,755		36,190,345
Series 2010A-1
5.00%, 6/01/16		7,230		7,850,912
Dupree Lakes CDD FL
6.83%, 11/01/15		45		44,862
Durbin Crossing CDD FL
Series 20061
5.25%, 11/01/15 (c)(d)(f)		2,060		1,114,254
Florida Brd of Ed Lottery
Series 2010C
5.00%, 7/01/18		16,355		18,875,633
Florida Hurricane Catastr Fd Fin Corp.
Series 2010A
5.00%, 7/01/15		13,660		14,315,270
Heritage Plantation CDD FL
Series 2006B
5.10%, 11/01/13 (c)(d)		955		286,500
Lee Cnty FL Port Auth Arpt (Southwest Florida Intl Airport)
AGM Series 2010A
5.00%, 10/01/16-10/01/17		4,805		5,305,687
Miami Beach FL Hlth Fac Auth (Mt. Sinai Medical Center FL)
6.75%, 11/15/24		3,300		3,369,597
Miami-Dade Cnty FL Aviation (Miami-Dade Intl Airport)
Series 2009A
5.75%, 10/01/20		1,680		2,000,426
Overoaks CDD FL
Series 2004B
5.125%, 5/01/09 (c)(f)(g)		185		0
Series 2010A-1
6.125%, 5/01/35 (c)		75		75,970
Series 2010A-2
6.125%, 5/01/35 (c)		190		190,747
Series 2010B
5.125%, 5/01/17 (c)		285		285,835


	Principal Amount (000)		U.S. $ Value
Parkway Center CDD FL
Series 2004B
7.00%, 5/01/23	$	1,125	$	1,115,539
Polk Cnty FL SD Sales Tax
AGM
5.00%, 10/01/16		2,690		2,938,260
Sterling Hill CDD FL
Series 2003B
5.50%, 11/01/10 (c)(d)(f)		160		72,416
Volusia Cnty FL Sch Brd Lease
5.00%, 8/01/26		1,000		1,149,340

				95,181,593

Georgia - 0.4%
Main Street Nat Gas, Inc. (JPMorgan Chase)
Series 2007A
5.00%, 3/15/17		6,975		7,562,365

Guam - 0.1%
Guam COP
Series 2010A
6.00%, 12/01/20		1,625		1,768,796

Illinois - 1.0%
Bolingbrook IL Sales Tax
5.75%, 1/01/15		420		416,203
Cortland IL Spl Tax (Sheaffer Sys Proj Assmt)
5.50%, 3/01/17(c)(d)		1,307		379,030
Cortland IL SSA #10
5.125%, 3/01/14 (c)(d)		2,545		127,250
Illinois Finance Auth (Park Place of Elmhurst)
6.25%, 8/15/15		750		535,598
Illinois GO
5.00%, 8/01/15		15,000		15,739,650

				17,197,731

Indiana - 0.7%
Indiana Bond Bank Gas (JPMorgan Chase)
Series 2007A
5.25%, 10/15/18-10/15/21		10,745		12,487,831

Louisiana - 0.1%
Isabella Lakes CDD LA
6.00%, 8/01/22 (c)(d)		1,515		378,750
Juban Parc LA CDD (Juban Parc LA CDD)
5.15%, 10/01/14 (c)(d)		1,155		231,000
Whispering Springs CDD LA
5.20%, 10/01/21 (c)(d)		1,500		270,000

				879,750

Michigan - 0.2%
Detroit MI Swr Disp


	Principal Amount (000)		U.S. $ Value
Series 2012A
5.00%, 7/01/22	$	2,985	$	2,988,880

Nevada - 0.5%
Clark Cnty NV Arpt (McCarran Airport)
AGM Series 2009C
5.00%, 7/01/23		7,400		8,345,054

New Jersey - 0.1%
New Jersey Trnsp Trust Fd Auth (New Jersey Trnsp Trust Fund)
Series 2011A
5.00%, 6/15/21		2,195		2,544,576

North Carolina - 0.1%
North Carolina Eastern Mun Pwr Agy
Series 2009B
5.00%, 1/01/15		1,475		1,509,294

Ohio - 0.0%
Columbiana Cnty Port Auth OH (Liberty Waste Trnsp LLC)
Series 2004A
7.00%, 8/01/21 (c)(d)		170		68,000

Pennsylvania - 1.2%
Philadelphia PA Parking Auth (Philadelphia Airport Parking)
5.00%, 9/01/16-9/01/21		14,925		16,748,318
5.25%, 9/01/23		2,345		2,662,278

				19,410,596

Puerto Rico - 1.2%
Puerto Rico Elec Pwr Auth
Series 2008WW
5.50%, 7/01/19		3,010		1,335,206
Series 2010AAA
5.25%, 7/01/21		8,575		3,803,355
Series 2010ZZ
5.25%, 7/01/22		7,900		3,503,808
NATL Series 2002KK
5.50%, 7/01/16		3,695		3,799,532
Puerto Rico Govt Dev Bank
NATL Series 2009
4.75%, 12/01/15		7,460		7,506,177
Puerto Rico Hwy & Trnsp Auth (Puerto Rico Hwy & Trnsp Spl Tax)
AMBAC Series 2007N
2.632%, 7/01/28 (a)		1,090		729,461

				20,677,539

Tennessee - 1.2%
Tennessee Energy Acq Corp. Gas (Goldman Sachs Group, Inc. (The))
Series 2006A
5.25%, 9/01/21		17,375		19,864,664


	Principal Amount (000)		U.S. $ Value
Texas - 0.0%
Tarrant Cnty TX Cult Ed Fac Fin Corp. (Buckingham Senior Living)
5.25%, 11/15/16	$	10	$	10,302

Washington - 0.8%
Port of Seattle WA
Series 2010C
5.00%, 2/01/21		11,085		12,741,542

Total Municipal Obligations (cost $1,565,700,855)				1,614,740,755

CORPORATES - INVESTMENT GRADES - 0.6%
Financial Institutions - 0.3%
Banking - 0.1%
Capital One Financial Corp.
2.15%, 3/23/15		1,500		1,518,208

Finance - 0.2%
General Electric Capital Corp.
1.625%, 7/02/15		4,304		4,358,743

Industrial - 0.3%
Consumer Cyclical - Automotive - 0.3%
Ford Motor Credit Co. LLC
7.00%, 4/15/15		4,040		4,242,485

Total Corporates - Investment Grades (cost $9,979,347)				10,119,436

	Shares
SHORT-TERM INVESTMENTS - 2.8%
Time Deposit - 2.8%
State Street Time Deposit
0.01%, 7/01/14
(cost $47,260,144)		47,260		47,260,144

Total Investments - 99.9% (cost $1,622,940,346) (h)				1,672,120,335
Other assets less liabilities - 0.1%				1,060,533

Net Assets - 100.0%			$	1,673,180,868

(a)

Variable rate coupon, rate shown as of June 30, 2014.

(b)

(c)

Illiquid security.

(d)

Security is in default and is non-income producing.

(e)

When-Issued or delayed delivery security.

(f)

Fair valued by the Adviser.

(g)

Non-income producing security.

(h)

As of June 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $76,874,044 and gross unrealized depreciation of investments was $(27,694,055), resulting in net unrealized appreciation of $49,179,989.

As of June 30, 2014, the Fund held 12.9% of net assets in insured bonds (of this amount 2.2% represents the Fund’s holding in pre-refunded or escrowed to maturity bonds).

Glossary:


AGM	-	Assured Guaranty Municipal
AMBAC	-	Ambac Assurance Corporation
CDD	-	Community Development District
COP	-	Certificate of Participation
EDA	-	Economic Development Agency
ETM	-	Escrowed to Maturity
GO	-	General Obligation
IDA	-	Industrial Development Authority/Agency
NATL	-	National Interstate Corporation
SD	-	School District
SSA	-	Special Services Area
TFA	-	Transitional Finance Authority
UDC	-	Urban Development Corporation
XLCA	-	XL Capital Assurance Inc.

Sanford C. Bernstein Fund, Inc. - New York Municipal Portfolio

June 30, 2014 (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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

1,603,759,880

10,980,875

1,614,740,755

Corporates - Investment Grades

– 0

–

10,119,436

– 0

–

10,119,436

Short-Term Investments

– 0

–

47,260,144

– 0

–

47,260,144

Total Investments in Securities

– 0

–

1,661,139,460

10,980,875

1,672,120,335

Other Financial Instruments*

– 0

–

– 0

–

– 0

–

– 0

–

Total+

– 0

–

1,661,139,460

10,980,875

1,672,120,335

^	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 9/30/13	$	16,877,887		$	16,877,887
Accrued discounts/(premiums)		(525	)		(525	)
Realized gain (loss)		(287,773	)		(287,773	)
Change in unrealized appreciation/depreciation		(1,520,920	)		(1,520,920	)
Purchases		– 0	–		– 0	–
Sales		(3,831,514	)		(3,831,514	)


Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		(256,280	)		(256,280	)

Balance as of 6/30/14	$	10,980,875		$	10,980,875	+

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14	$	(1,508,320	)	$	(1,508,320	)

^	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.

Sanford C. Bernstein Fund, Inc. - Diversified Municipal Portfolio

Portfolio of Investments

June 30, 2014 (unaudited)


	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 89.8%
Long-Term Municipal Bonds - 89.8%
Alabama - 2.1%
Alabama Fed Hwy Fin Auth (Alabama Federal Highway Grant)
5.00%, 9/01/24	$	18,230	$	21,122,919
Alabama Pub Sch & Clg Auth
Series 2009A
5.00%, 5/01/17		34,415		38,623,266
Series 2009B
5.00%, 5/01/16-5/01/17		33,390		36,711,726
Birmingham AL Arpt Auth (Birmingham-Shuttlesworth Intl Arpt)
AGM
6.00%, 7/01/21-7/01/22		10,070		12,204,093
Birmingham AL Wtrwks Brd
Series 2010A
5.00%, 1/01/21-1/01/22		13,295		15,541,650

				124,203,654

Arizona - 1.6%
Arizona Brd of Regents (Univ of Arizona COP)
Series 2012C
5.00%, 6/01/25		2,365		2,717,385
Arizona School Fac Brd COP
NATL Series 2005A-1
5.00%, 9/01/15		1,765		1,859,163
Arizona Trans Brd Fed Hwy Grant
Series 2009A
5.00%, 7/01/15		16,810		17,612,845
Arizona Trnsp Brd Hwy
5.00%, 7/01/15		8,480		8,885,938
Series 2011A
5.00%, 7/01/24-7/01/25		17,210		20,199,440
Phoenix AZ Civic Impt Corp.
AMBAC
5.00%, 7/01/14 (Pre-refunded/ETM)		5,000		5,000,000
Phoenix AZ Civic Impt Corp. (Phoenix AZ Civic Impt Airport)
Series 2010A
5.00%, 7/01/20-7/01/21		7,225		8,434,111
Series 2010C
5.00%, 7/01/23-7/01/25		19,665		22,231,001
Phoenix AZ Civic Impt Corp. (Phoenix AZ Wastewater)
NATL
5.00%, 7/01/14		5,000		5,000,000
Pima Cnty AZ IDA (Global Water Resources)
5.45%, 12/01/17		1,460		1,497,245
Salt Verde Fin Corp. Gas (Citigroup, Inc.)
Series 2007
5.25%, 12/01/21		1,430		1,636,220

				95,073,348


	Principal Amount (000)		U.S. $ Value
California - 9.5%
California Dept Wtr Res Pwr
Series 2010L
5.00%, 5/01/17-5/01/19	$	200,935	$	234,810,230
California Econ Recovery (California Econ Rec Spl Tax)
Series 2009A
5.00%, 7/01/19-7/01/20		22,440		26,552,562
5.25%, 7/01/21		2,735		3,232,524
California GO
5.00%, 8/01/14-5/01/29		194,115		225,323,694
Series 2008
5.00%, 4/01/18		5,000		5,751,100
Series 2009
5.25%, 10/01/20		5,085		6,088,576
California Pub Wks Brd (California Pub Wks Brd Lease)
Series 2014B
5.00%, 10/01/28		1,225		1,429,060
Fremont CA USD GO
AGM Series 2005B
5.00%, 8/01/15 (Pre-refunded/ETM)		1,000		1,052,540
Fresno CA USD GO
NATL Series 2002A
6.00%, 2/01/20		3,255		3,910,882
Los Angeles CA Dept Arpts (Los Angeles Intl Airport)
5.00%, 5/15/22-5/15/23		24,415		28,656,451
Sacramento CA Fin Auth (Sacramento CA Lease)
Series 1993B
5.40%, 11/01/20		1,000		1,127,770
San Francisco City/Cnty CA Arpt Commn (San Francisco CA Intl Airport)
Series 2009E
5.25%, 5/01/22-5/01/23		10,380		12,133,514
Series 2011C
5.00%, 5/01/22		5,795		6,663,670
NATL Series 2006-32F
5.25%, 5/01/18		3,700		4,301,176
Vernon CA Elec Sys
Series 2009A
5.25%, 8/01/14		12,160		12,208,154

				573,241,903

Colorado - 1.3%
Broomfield CO COP
5.00%, 12/01/16-12/01/20		13,735		15,742,180
Colorado Met Wstwtr Reclaim Dist
Series 2012A
5.00%, 4/01/23		3,435		4,138,007
Denver CO City & Cnty Arpt (Denver Intl Airport)
Series 2010A
5.00%, 11/15/21-11/15/23		19,685		22,618,874
Series 2011A
5.50%, 11/15/19		2,290		2,712,528
Series 2011B


	Principal Amount (000)		U.S. $ Value
4.00%, 11/15/14	$	6,640	$	6,731,433
Series 2012A
5.00%, 11/15/22-11/15/24		6,605		7,510,116
PV Wtr & San Met Dist CO
Zero Coupon, 12/15/17 (a)(b)		13,168		5,521,079
Regional Trnsp Dist CO (Denver Transit Partners)
5.00%, 1/15/21		2,800		3,095,540
5.25%, 1/15/24-7/15/24		7,745		8,432,369
Todd Creek Farms Met Dist #1 CO
4.75%, 12/01/09 (a)(b)		1,852		926,072

				77,428,198

Connecticut - 0.4%
Connecticut GO
Series 2013A
5.00%, 10/15/21		3,370		4,031,767
Series 2014A
5.00%, 3/01/28		6,360		7,448,832
Connecticut Spl Tax Obl (Connecticut Trnsp Prog Spl Tax)
5.00%, 1/01/22-1/01/24		8,575		10,180,962

				21,661,561

District of Columbia - 1.8%
District of Columbia GO
Series 2013A
5.00%, 6/01/25-6/01/27		59,115		69,549,573
District of Columbia Pers Income Tax
Series 2012C
5.00%, 12/01/26		5,545		6,521,585
District of Columbia Wtr & Swr Auth
AGM
6.00%, 10/01/16		1,635		1,833,080
Metro Washington Arpt Auth VA
Series 2008A
5.50%, 10/01/14-10/01/18		11,050		12,269,759
Series 2010F-1
5.00%, 10/01/20		11,905		14,068,019
NATL Series 2005A
5.25%, 10/01/15		1,715		1,820,352

				106,062,368

Florida - 6.4%
Broward Cnty FL Arpt Sys (Fort Lauderdale Hollywood Intl Arpt FL)
Series 2012Q
5.00%, 10/01/23		5,000		5,792,650
Broward Cnty FL Sch Brd COP
Series 2013A
5.00%, 7/01/21-7/01/22		15,275		17,874,596
NATL Series 2007A
5.00%, 7/01/14		2,800		2,800,000
Citizens Ppty Ins Corp. FL
Series 2011A
5.00%, 6/01/20		6,530		7,616,918
Series 2012A


	Principal Amount (000)		U.S. $ Value
5.00%, 6/01/22	$	27,105	$	31,771,126
Series 2012A-1
5.00%, 6/01/20-6/01/21		20,785		24,296,244
NATL Series 2007A
5.00%, 3/01/15-3/01/16		88,440		94,558,743
Collier Cnty FL Sch Brd COP
AGM
5.00%, 2/15/16		5,000		5,380,400
Dupree Lakes CDD FL
6.83%, 11/01/15		25		24,924
Durbin Crossing CDD FL
Series 20061
5.25%, 11/01/15 (a)(b)(c)		985		532,787
Florida Brd of Ed GO (Florida GO)
Series 2005A
5.00%, 1/01/16		5,000		5,171,300
Series 2013A
5.00%, 6/01/15		11,765		12,287,601
Series 2014A
5.00%, 6/01/22		3,545		4,267,755
Florida Dept Envrn Protn FL Forever (Florida Documentary Stamp Tax)
Series 2011B
5.00%, 7/01/20		7,645		9,062,689
Series 2012A
5.00%, 7/01/22		10,225		12,280,123
AMBAC Series 2007A
5.00%, 7/01/14-7/01/15		11,020		11,246,486
NATL Series 2007B
5.00%, 7/01/15		6,095		6,381,099
Florida GO
5.00%, 7/01/18-7/01/19		10,935		12,685,223
Series 2009B
5.00%, 7/01/17		3,245		3,662,924
Heritage Plantation CDD FL
Series 2006B
5.10%, 11/01/13 (a)(b)		3,545		1,063,500
Jacksonville FL Elec Auth
Series 2009G
5.00%, 10/01/19		2,695		3,161,531
JEA Wtr & Swr Sys
Series 2014A
5.00%, 10/01/25 (d)		3,060		3,636,259
Lake Ashton II CDD FL
Series 2006B
5.00%, 11/01/11 (a)(b)		6,810		2,247,300
Lee Cnty FL Port Auth Arpt (Southwest Florida Intl Airport)
Series 2011A
5.50%, 10/01/23-10/01/24		13,095		15,137,068
5.625%, 10/01/25		2,550		2,961,825
Live Oak CDD FL
Series 2010
7.36%, 11/01/20		135		143,433
Martin Cnty FL IDA (Indiantown Cogen LP Proj)
4.20%, 12/15/25		11,765		11,795,471


	Principal Amount (000)		U.S. $ Value
Miami Beach FL Hlth Fac Auth (Mt. Sinai Medical Center FL)
6.75%, 11/15/24	$	6,990	$	7,137,419
Miami-Dade Cnty FL SD GO
NATL Series 1997
5.00%, 2/15/15		2,455		2,528,355
Orange Cnty FL Sch Brd COP
Series 2014A
5.00%, 8/01/28-8/01/29		46,355		52,852,059
Overoaks CDD FL
Series 2004B
5.125%, 5/01/09 (a)(c)(e)		510		0
Series 2010A-1
6.125%, 5/01/35 (a)		230		232,974
Series 2010A-2
6.125%, 5/01/35 (a)		515		517,024
Series 2010B
5.125%, 5/01/17 (a)		755		757,212
Parkway Center CDD FL
Series 2004B
7.00%, 5/01/23		2,430		2,409,564
Reedy Creek FL ID GO
Series 2013A
5.00%, 6/01/21		1,820		2,168,166
Sarasota County FL Sch Brd COP
Series 2010B
5.00%, 7/01/18		2,350		2,694,299
Tampa Bay Reg Wtr Supply Auth FL
Series 2011A
5.00%, 10/01/23		2,050		2,418,836
Tampa FL Wtr & Swr Sys
5.00%, 10/01/26		3,895		4,561,785
Villages of Westport CDD FL
Series 2005A
5.125%, 5/01/15 (a)(b)(c)		865		280,606

				386,398,274

Georgia - 2.7%
Athens-Clarke Cnty GA
4.00%, 12/01/16		1,410		1,530,259
Atlanta GA Arpt (Hartsfield Jackson Atlanta Intl Arpt)
5.00%, 1/01/28		12,250		14,075,617
Series 2010C
5.00%, 1/01/18-1/01/19		9,260		10,662,303
5.25%, 1/01/20		6,500		7,735,585
5.50%, 1/01/21		7,500		9,121,875
5.75%, 1/01/22-1/01/23		20,000		24,541,640
5.875%, 1/01/24		2,925		3,586,109
Atlanta GA Arpt PFC (Hartsfield Jackson Atlanta Intl Arpt)
Series 2010B
5.00%, 1/01/20-1/01/22		22,650		26,393,957
Georgia Mun Elec Auth
Series 2010B
5.00%, 1/01/16-1/01/20		43,950		50,842,408


	Principal Amount (000)		U.S. $ Value
Main Street Nat Gas, Inc. (JPMorgan Chase)
Series 2007A
5.00%, 3/15/16-3/15/18	$	16,860	$	17,935,266

				166,425,019

Guam - 0.0%
Guam GO
Series 2009A
5.75%, 11/15/14		890		902,958

Hawaii - 0.4%
Honolulu HI Wstwtr Sys
Series 2009A
5.00%, 7/01/21-7/01/22		6,900		7,986,634
Series 2010A
5.00%, 7/01/24		16,500		18,941,505

				26,928,139

Illinois - 3.3%
Bolingbrook IL Sales Tax
5.75%, 1/01/15		840		832,406
Chicago IL Recovery Zone (BP PLC)
6.125%, 12/01/18		5,200		5,489,120
Chicago IL Sales Tax
AGM
5.00%, 1/01/16		5,000		5,242,450
Chicago IL Wstwtr Trnsmn
NATL Series 2004B
5.25%, 1/01/15		4,225		4,326,104
Cortland IL Spl Tax (Sheaffer Sys Proj Assmt)
5.50%, 3/01/17 (a)(b)		5,078		1,472,620
Du Page Cnty IL GO
5.60%, 1/01/21		7,770		8,940,395
Illinois Civic Ctr Spl Tax
AMBAC
6.25%, 12/15/20		2,580		2,856,937
Illinois Dev Fin Auth (Adventist Health Sys/Sunbelt)
NATL Series 1997B
2.10%, 1/01/19 (f)		5,730		6,047,156
Illinois GO
5.00%, 7/01/19-5/01/22		19,690		22,169,026
Series 2006A
5.00%, 6/01/15		4,875		5,081,944
Series 2010
5.00%, 1/01/17-1/01/19		34,160		37,664,604
AGM
5.00%, 9/01/14 (Pre-refunded/ETM)		5,550		5,593,346
AMBAC
5.00%, 11/01/14		2,230		2,264,454
Illinois Toll Highway Auth
Series 2014A
5.00%, 12/01/20-12/01/22		33,375		39,831,631
Matteson IL GO
8.00%, 12/01/29 (g)		19,775		17,028,846


	Principal Amount (000)		U.S. $ Value
Metro Pier & Expo Auth IL Spl Tax
Series 2012B
5.00%, 12/15/20-12/15/26	$	17,100	$	19,674,757
Regional Trnsp Auth IL Sales Tax
NATL Series 1994C
7.75%, 6/01/20		1,005		1,219,668
NATL Series 2001B
5.50%, 6/01/17		1,025		1,165,251
NATL Series 2006A
5.00%, 7/01/16		5,285		5,747,543
Will & Kendall Cnty CSD #22 IL GO
NATL Series 2007A
5.00%, 1/01/16		7,415		7,911,212

				200,559,470

Indiana - 0.1%
Jasper Cnty IN PCR (No. Indiana Pub Serv Co.)
NATL
5.60%, 11/01/16		6,560		7,120,880

Kansas - 0.0%
Wyandotte Cnty/Kansas City KS Uni Govt (Wyandotte Cnty/Kansas City KS Util Sys)
AMBAC Series 2004
5.65%, 9/01/14		2,765		2,789,470

Kentucky - 0.3%
Kentucky Asset Liability Comm (Kentucky Fed Hwy Grant)
NATL Series 2007
5.00%, 9/01/16		5,000		5,483,000
Kentucky Turnpike Auth (Kentucky Turnpike Auth Spl Tax)
Series 2012A
5.00%, 7/01/26		8,490		9,845,938

				15,328,938

Louisiana - 1.2%
Coves of The Highland CDD LA
5.60%, 11/01/13 (a)(b)(c)		4,025		0
Lafayette LA Util
5.00%, 11/01/21-11/01/22		7,720		9,110,705
Lakeshore Vlgs Master CDD LA
5.25%, 7/01/17 (a)(b)		9,814		3,434,900
Louisiana Agric Fin Auth (Louisiana Agric Fin Auth Lease)
5.25%, 9/15/17		21,920		22,888,864
Louisiana Loc Govt Envrn Fac & CDA (Lctcs Fac Corp. Proj)
5.00%, 10/01/21-10/01/25		16,135		18,394,891
Louisiana St Office Facs Corp. (Louisiana Lease St off Bldg)
5.00%, 3/01/16		2,785		2,989,140
Louisiana St Office Facs Corp. (Louisiana Lease St Off Bldg)
5.00%, 3/01/17		5,000		5,542,000
Series 2009
5.00%, 3/01/18		1,575		1,784,475


	Principal Amount (000)		U.S. $ Value
New Orleans LA GO
NATL
5.25%, 12/01/20	$	5,845	$	6,193,011
Orange Grove CDD LA
5.30%, 11/01/21 (a)(b)		1,695		339,000

				70,676,986

Maryland - 0.1%
Anne Arundel Cnty MD GO
5.00%, 4/01/20		4,415		5,267,713

Massachusetts - 2.3%
Massachusetts GO
Series 2013B
5.00%, 8/01/17-8/01/20		69,345		80,198,921
AGM Series 2006C
2.833%, 11/01/19 (f)		1,815		1,881,229
Massachusetts Hlth & Ed Facs Auth (Caregroup, Inc.)
Series 2008E-2
5.00%, 7/01/14-7/01/17		19,480		20,186,518
Massachusetts Hlth & Ed Facs Auth (Harvard Univ)
Series 1991N
6.25%, 4/01/20		2,820		3,565,185
Massachusetts Sch Bldg Auth (Massachusetts Sch Sales Tax)
Series 2012A
5.00%, 8/15/22-8/15/23		10,680		12,873,674
Massachusetts Spl Obl (Massachusetts Gas Tax)
5.00%, 6/15/20		1,040		1,240,564
Massachusetts Wtr Poll Abatmnt
Series 1993B
5.25%, 8/01/14		20		20,086
Univ of Massachusetts Bldg Auth (Univ of Massachusetts Lease)
AMBAC Series 20052
5.00%, 11/01/15 (Pre-refunded/ETM)		18,795		19,998,444

				139,964,621

Michigan - 3.1%
Detroit MI Swr Disp
Series 2012A
5.00%, 7/01/19-7/01/20		20,980		21,066,323
Michigan Bldg Auth (Michigan Lease Fac Prog)
Series 2009I
5.00%, 10/15/14-10/15/15		13,645		14,125,145
Michigan Finance Auth (Michigan Unemployment)
Series 2012A
5.00%, 7/01/16		93,985		102,722,785
Series 2012B
5.00%, 7/01/22		10,105		11,004,143
Michigan Finance Authority (Public Lighting Authority)
5.00%, 7/01/27 (d)		4,990		5,471,036


	Principal Amount (000)		U.S. $ Value
Michigan Trunk Line Spl Tax
5.00%, 11/01/19-11/01/20	$	10,000	$	11,735,150
Series 2009
5.00%, 11/01/23		1,510		1,758,576
Wayne Cnty MI Arpt Auth (Detroit Metro Wayne Cnty Arpt)
Series 2010C
5.00%, 12/01/17		5,000		5,615,250
Wayne State Univ MI
Series 2009A
5.00%, 11/15/21-11/15/23		14,100		16,012,273

				189,510,681

Minnesota - 0.1%
Southern MN Muni Pwr Agy
AMBAC Series 2002A
5.25%, 1/01/16		6,820		7,317,655

Missouri - 0.2%
Jackson Cnty MO Pub Bldg Corp.
5.00%, 12/01/14 (Pre-refunded/ETM)		1,955		1,993,944
Springfield MO Pub Util
5.00%, 12/01/18-12/01/19		7,290		8,340,541

				10,334,485

Nevada - 3.0%
Clark Cnty NV Arpt (McCarran Airport)
AGM Series 2009C
5.00%, 7/01/24		9,175		10,319,031
Clark Cnty NV Arpt PFC (McCarran Airport)
Series 2008A
5.00%, 7/01/14		2,055		2,055,000
5.25%, 7/01/17		16,695		18,942,147
Clark Cnty NV GO
AMBAC
5.00%, 11/01/15 (Pre-refunded/ETM)		1,085		1,154,472
5.00%, 11/01/16		16,010		17,647,663
AMBAC Series 1992A
6.50%, 6/01/17		1,760		2,038,133
Clark Cnty NV Motor Vehicle Fuel Tax
5.00%, 7/01/19		8,390		9,806,735
AMBAC
5.00%, 7/01/14-7/01/16		26,560		27,309,684
Clark Cnty NV SD GO
Series 2008A
5.00%, 6/15/21		5,000		5,656,350
Series 2013B
5.00%, 6/15/17		6,780		7,614,889
AGM Series 2005C
5.00%, 12/15/15 (Pre-refunded/ETM)		22,380		23,944,810
NATL Series 2005A
5.00%, 6/15/17		27,880		29,320,281
Nevada GO
5.00%, 4/01/21		15,215		18,197,749
Series 2008C
5.00%, 6/01/15		4,555		4,756,923

				178,763,867


	Principal Amount (000)		U.S. $ Value
New Jersey - 3.5%
Garden St Presv Trust NJ
AGM Series 2005A
5.80%, 11/01/15 (Pre-refunded/ETM)	$	2,325	$	2,498,538
New Jersey EDA (New Jersey Lease Sch Fac)
Series 2008W
5.00%, 3/01/15 (Pre-refunded/ETM)		2,325		2,399,470
New Jersey EDA (New Jersey Lease Trnsp Proj)
Series 2008A
5.00%, 5/01/15-5/01/16		55,310		58,721,351
Series 2014P
5.00%, 6/15/26		10,350		11,700,572
New Jersey EDA (NYNJ Link LLC)
5.00%, 1/01/22		1,075		1,227,639
5.50%, 1/01/26-1/01/27		2,000		2,293,790
New Jersey EDA (Rutgers NJ St Univ)
5.00%, 6/15/25-6/15/26		4,500		5,287,585
New Jersey Trnsp Trust Fd Auth (New Jersey Trnsp Trust Fund)
NATL Series 2004B
5.25%, 12/15/14		14,605		14,937,264
New Jersey Turnpike Auth (New Jersey Turnpike)
Series 2012B
5.00%, 1/01/26-1/01/27		12,700		14,620,381
Series 2014A
5.00%, 1/01/28-1/01/29		70,880		81,594,502
AGM Series 2005D-3
5.25%, 1/01/26		14,770		17,789,283

				213,070,375

New Mexico - 0.1%
New Mexico Severance Tax
Series 2010A
5.00%, 7/01/16		5,160		5,635,391

New York - 16.7%
Metropolitan Trnsp Auth NY
Series 2012D
5.00%, 11/15/16-11/15/28		25,550		28,399,220
Series 2012E
5.00%, 11/15/24		6,055		7,032,459
Series 2012F
5.00%, 11/15/22-11/15/26		55,610		64,258,172
Series 2012H
5.00%, 11/15/26		6,065		6,913,130
Series 2013B


	Principal Amount (000)		U.S. $ Value
5.00%, 11/15/26	$	9,505	$	10,971,431
Series 2014A
5.00%, 11/15/26-11/15/27		8,230		9,467,967
Series 2014C
5.00%, 11/15/27 (d)		5,000		5,798,100
AGC Series 2003B
5.25%, 11/15/20		8,415		10,053,148
Metropolitan Trnsp Auth NY (Metro Trnsp Auth NY Ded Tax)
Series 2012A
5.00%, 11/15/27		4,505		5,246,838
New York NY GO
Series 2005J
5.00%, 3/01/15 (Pre-refunded/ETM)		1,490		1,537,531
5.00%, 3/01/17		865		892,005
Series 2007C
5.00%, 1/01/15-1/01/16		15,370		16,225,400
Series 2007D
5.00%, 2/01/15 (Pre-refunded/ETM)		6,025		6,194,785
5.00%, 2/01/15		2,775		2,853,533
Series 2007E
5.00%, 8/01/14-8/01/16		36,490		37,072,411
Series 2008B
5.00%, 9/01/15		10,000		10,563,600
Series 2008C
5.25%, 8/01/16		17,165		18,900,896
Series 2009C
5.00%, 8/01/17-8/01/22		18,190		21,037,596
Series 2010B
5.00%, 8/01/16-8/01/19		23,020		26,338,842
Series 2012A
5.00%, 10/01/16		10,090		11,128,362
Series 2012B
5.00%, 8/01/16		18,615		20,401,295
Series 2013B
5.00%, 8/01/19		34,575		40,470,037
Series 2013I
5.00%, 8/01/19		7,260		8,497,830
Series 2013J
5.00%, 8/01/16-8/01/20		19,535		22,663,460
New York NY Trnsl Fin Auth
Series 2011A
5.00%, 11/01/22-11/01/25		34,430		40,709,958
Series 2011C
5.00%, 11/01/19-11/01/25		23,420		27,651,015
Series 2012A
5.00%, 8/01/25		12,345		14,451,674
Series 2012B
5.00%, 11/01/23-11/01/26		55,535		65,556,789
Series 2012E
5.00%, 11/01/21-11/01/22		22,135		26,666,452
New York St Dormitory Auth (New York St Lease Cuny)
Series 2008A
5.00%, 7/01/15-7/01/16		24,900		26,729,889
Series 2008B
5.00%, 7/01/15		8,870		9,296,381


	Principal Amount (000)		U.S. $ Value
New York St Dormitory Auth (New York St Lease Svc Contract)
Series 2009A
5.00%, 7/01/19-7/01/24	$	25,150	$	28,838,761
New York St Dormitory Auth (New York St Pers Income Tax)
Series 2009G
5.00%, 3/15/19-3/15/21		13,865		16,107,041
Series 2011E
5.00%, 8/15/21		3,880		4,654,176
Series 2012A
5.00%, 12/15/22		20,745		25,094,812
Series 2012B
5.00%, 3/15/21-3/15/22		54,800		65,574,823
Series 2013A
5.00%, 2/15/20		4,635		5,470,042
New York St Dormitory Auth (New York Univ)
NATL Series 1998A
6.00%, 7/01/18		2,865		3,387,490
New York St Thruway Auth
AGM Series 2005A
5.00%, 3/15/15 (Pre-refunded/ETM)		3,650		3,775,889
New York St Thruway Auth (New York St Lease Thruway Svc Contract)
5.00%, 4/01/17		37,425		41,769,668
Series 2009
5.00%, 4/01/18		10,000		11,426,700
New York St Thruway Auth (New York St Pers Income Tax)
AGM Series 2005A
5.00%, 3/15/18		4,210		4,348,256
New York St Thruway Auth (New York St Thruway Auth Ded Tax)
Series 2012A
5.00%, 4/01/23		17,940		21,093,134
NATL Series 2005B
5.00%, 4/01/16		44,040		46,648,930
New York St Thruway Auth (New York St Thruway Gen Toll Road)
Series 2013A
5.00%, 5/01/19		3,055		3,549,543
New York St UDC (New York St Pers Income Tax)
Series 2013C
5.00%, 3/15/16-3/15/26		71,295		83,021,079
Series 2013D
5.00%, 3/15/23		32,000		38,664,000
New York State Dormitory Auth (State of New York Pers Income Tax)
Series 2014C
5.00%, 3/15/27 (d)		2,015		2,364,885
Port Authority of NY & NJ
Series 20131
5.00%, 12/01/28		3,335		3,773,052

				1,013,542,487


	Principal Amount (000)		U.S. $ Value
North Carolina - 1.6%
North Carolina Eastern Mun Pwr Agy
Series 1988A
6.00%, 1/01/22 (Pre-refunded/ETM)	$	1,720	$	2,211,817
Series 2008A
5.00%, 1/01/15		4,410		4,512,533
Series 2009B
5.00%, 1/01/17		1,020		1,122,928
Series 2012B
5.00%, 1/01/21		13,255		15,385,211
North Carolina Infra Fin Corp. COP
AGM Series 2006A
5.00%, 2/01/15		10,000		10,282,400
North Carolina Mun Pwr Agy #1
Series 2008A
5.25%, 1/01/15-1/01/16		47,955		50,104,664
Series 2008C
5.25%, 1/01/15-1/01/17		12,720		13,630,741

				97,250,294

Ohio - 3.4%
Cincinnati OH Wtr
Series 2007A
5.00%, 12/01/15		5,780		6,169,861
Cleveland OH Arpt Sys
AMBAC Series 2006A
5.00%, 1/01/23		3,145		3,421,603
Columbiana Cnty Port Auth OH (Liberty Waste Trnsp LLC)
Series 2004A
7.00%, 8/01/21 (a)(b)		502		200,800
Columbus OH GO
Series 20131
5.00%, 7/01/16-7/01/20		9,165		10,486,657
Cuyahoga Cnty OH Econ Dev (Cuyahoga Cnty OH Lease)
Series 2010F
5.00%, 12/01/19-12/01/24		93,725		107,680,423
Ohio GO
Series 2011A
5.00%, 8/01/20-8/01/21		57,430		68,821,134
Univ of Cincinnati OH
Series 2010F
5.00%, 6/01/20-6/01/21		6,795		8,057,039
Univ of Toledo OH
5.00%, 6/01/21		2,610		2,989,572

				207,827,089

Oklahoma - 0.1%
Mcgee Creek Auth OK Wtr
NATL
6.00%, 1/01/23		3,680		4,136,982

Oregon - 0.6%
Oregon Dept of Admin Svc COP
Series 2009D
5.00%, 11/01/21-11/01/23		18,535		21,499,274


	Principal Amount (000)		U.S. $ Value
Port of Portland OR (Portland Intl Arpt)
Series 2010 20C
5.00%, 7/01/23	$	1,405	$	1,607,826
Portland OR Swr Sys
Series 2013A
5.00%, 8/01/22		8,685		10,482,708

				33,589,808

Pennsylvania - 4.3%
Allegheny Cnty PA Arpt Auth (Pittsburgh Intl Airport)
NATL
5.00%, 1/01/18		1,585		1,777,197
Allegheny Cnty PA Hosp Dev Auth (Upmc Health Sys)
Series 2008B
5.00%, 6/15/18		8,200		8,230,094
Allegheny Cnty PA Redev Auth (Pittsburgh Mills Spl Tax)
5.10%, 7/01/14		120		120,000
Central Bucks PA SD GO
NATL
5.00%, 5/15/16 (Pre-refunded/ETM)		2,045		2,225,778
5.00%, 5/15/16		2,955		3,208,687
Pennsylvania Econ Dev Fin Auth (Pennsylvania Unemployment)
Series 2012A
3.00%, 1/01/15		2,900		2,942,282
5.00%, 1/01/16-7/01/19		28,850		32,857,254
Pennsylvania GO
Series 2010A
5.00%, 2/15/17		4,220		4,710,702
Series 2014
5.00%, 6/15/17-7/01/17		25,140		28,362,654
Pennsylvania Turnpike Comm
Series 2009B
5.00%, 6/01/15-6/01/20		54,525		60,926,153
Philadelphia PA Arpt (Philadelphia Intl Airport)
Series 2010A
5.00%, 6/15/21		6,225		7,106,211
Series 2010D
5.00%, 6/15/19-6/15/20		18,065		20,623,083
Series 2011A
5.00%, 6/15/16-6/15/19		12,650		14,245,074
Philadelphia PA GO
Series 2013A
5.00%, 7/15/19-7/15/21		4,495		5,219,868
Philadelphia PA Parking Auth (Philadelphia Airport Parking)
5.00%, 9/01/14-9/01/20		38,650		43,220,380
Series 2009
5.125%, 9/01/22		9,080		10,288,729
Southeastern PA Trnsp Auth
5.00%, 3/01/23-3/01/24		12,245		13,757,372

				259,821,518


	Principal Amount (000)		U.S. $ Value
Puerto Rico - 0.9%
Puerto Rico Elec Pwr Auth
Series 2010DDD
5.00%, 7/01/21	$	23,970	$	10,631,654
Series 2010ZZ
5.00%, 7/01/17		5,835		2,588,698
5.25%, 7/01/18		2,205		978,182
Puerto Rico Sales Tax Fin Corp.
Series 2009A
5.375%, 8/01/19 (Pre-refunded/ETM)		10,315		12,390,687
5.375%, 8/01/20		28,985		28,490,806

				55,080,027

Rhode Island - 0.4%
Rhode Island Depositors Corp.
Series 1993A
6.375%, 8/01/22 (Pre-refunded/ETM)		5,780		7,556,830
AGM Series 1993A
5.50%, 8/01/20 (Pre-refunded/ETM)		1,500		1,793,910
5.75%, 8/01/19 (Pre-refunded/ETM)		4,940		5,746,653
Rhode Island Higher Ed Svgs Tr (Rhode Island Dot Fed Hwy Grant)
AGC Series 2009A
5.25%, 6/15/17		7,955		8,913,100

				24,010,493

South Carolina - 0.2%
Greenville Cnty SD SC Lease
5.00%, 12/01/14-12/01/15		11,850		12,326,842
Newberry Inv IN Children SC (Newberry Cnty SC SD Lease)
5.25%, 12/01/23-12/01/25		2,315		2,441,074

				14,767,916

Tennessee - 0.0%
Tennessee Energy Acq Corp. Gas (Goldman Sachs Group, Inc. (The))
Series 2006A
5.25%, 9/01/21		2,115		2,418,058

Texas - 10.6%
Bell Cnty TX Hlth Fac Dev Corp.
6.50%, 7/01/19 (Pre-refunded/ETM)		1,000		1,171,740
Brownsville TX Indep Sch Dist
Series 2013A
5.00%, 2/15/19		4,000		4,678,640
Camino Real Regl Mob Auth TX
5.00%, 8/15/14-2/15/21		50,230		52,791,656
Clear Creek TX ISD GO
Series 2004A
5.00%, 2/15/16		1,280		1,378,035
Conroe TX Indep Sch Dist
Series 2005A
5.00%, 2/15/15 (Pre-refunded/ETM)		1,575		1,622,565
5.00%, 2/15/16		4,685		4,825,878
Dallas Fort Worth TX Intl Arpt
Series 2009A
5.00%, 11/01/14-11/01/15		8,915		9,353,155


	Principal Amount (000)		U.S. $ Value
Series 2012F
5.00%, 11/01/21-11/01/25	$	17,905	$	20,212,904
Dallas TX ISD GO
5.00%, 2/15/22		5,165		6,127,756
Garland TX GO
Series 2010
5.00%, 2/15/24		3,800		4,400,514
Grand Parkway Trnsp Corp. TX
Series 2014A
3.00%, 12/15/16		168,095		178,103,376
Harris Cnty TX Fld Ctl Dist GO
Series 2004A
5.25%, 10/01/14 (Pre-refunded/ETM)		7,175		7,265,262
Harris Cnty TX GO
5.25%, 10/01/14 (Pre-refunded/ETM)		14,000		14,175,205
Series 2010A
5.00%, 10/01/23-10/01/25		17,725		20,885,981
Houston TX Arpt Sys
Series 2009A
5.00%, 7/01/21		2,090		2,367,364
Houston TX Util Sys
Series 2014C
5.00%, 5/15/23-5/15/28		24,850		29,636,482
Lower Colorado River Auth TX
AGM Series 1999A
5.875%, 5/15/16		2,325		2,334,905
North Texas Tollway Auth TX (Texas St Hwy Fund Third Tier)
Series 2011D
5.00%, 9/01/24		5,000		5,800,550
5.25%, 9/01/25-9/01/26		35,940		42,241,214
Retama TX Dev Corp.
8.75%, 12/15/14 (Pre-refunded/ETM)		3,860		4,002,048
8.75%, 12/15/15 (Pre-refunded/ETM)		1,200		1,340,604
SA Energy Acq Pub Fac Corp. Gas (Goldman Sachs Group, Inc. (The))
5.25%, 8/01/15		1,880		1,955,896
San Antonio TX Elec & Gas
5.00%, 2/01/21		5,040		5,703,012
Series 2009D
5.00%, 2/01/20		47,315		54,773,737
San Antonio TX Wtr
Series 2011A
5.00%, 5/15/23-5/15/26		21,200		24,588,926
Series 2013E
5.00%, 5/15/25		3,000		3,545,940
Spring TX ISD GO
5.00%, 8/15/20-8/15/21		8,365		9,948,189
Tarrant Cnty TX Cult Ed Fac Fin Corp. (Buckingham Senior Living)
5.25%, 11/15/16		1,160		1,195,020
Texas A & M Univ
Series 2009D
5.00%, 5/15/18		2,000		2,311,740
Texas GO
5.00%, 10/01/22-10/01/25		47,335		56,518,022
Texas PFA (Texas Lease Bldg & Procur)
AMBAC
5.00%, 2/01/15		5,000		5,018,950


	Principal Amount (000)		U.S. $ Value
Texas PFA (Texas Workforce Commission)
4.00%, 7/01/17-1/01/18	$	28,250	$	30,389,780
Texas Trnsp Comm (Texas St Hwy Fund First Tier)
5.00%, 4/01/16		9,870		10,685,558
Series 2007
5.00%, 4/01/24		8,380		9,314,035
Series 2014A
4.75%, 4/01/17		5,295		5,896,830
Univ of Texas
Series 2007D
5.00%, 8/15/14		5,850		5,885,042

				642,446,511

Virginia - 0.1%
Fairfax Cnty VA GO
Series 2012A
5.00%, 4/01/17		6,760		7,580,191

Washington - 7.0%
Central Puget Sound WA RTA
AMBAC Series 2005A
5.00%, 5/01/15 (Pre-refunded/ETM)		1,015		1,055,712
Chelan Cnty WA PUD #1
Series 2011A
5.00%, 7/01/20		3,110		3,625,016
Series 2011B
5.00%, 7/01/21		5,000		5,815,000
5.25%, 7/01/22		3,670		4,303,662
Cowlitz Cnty WA Spl Swr (Cowlitz Cnty WA Special Swr)
NATL
5.50%, 11/01/19		1,435		1,566,460
Energy N W WA Elec Rev
AMBAC
5.00%, 7/01/15 (Pre-refunded/ETM)		5,040		5,281,769
Energy Northwest WA (Bonneville Power Admin)
Series 2006A
5.00%, 7/01/14		7,380		7,380,000
Series 2007A
5.00%, 7/01/16		5,450		5,957,831
Series 2007C
5.00%, 7/01/14-7/01/17		18,475		18,813,914
Series 2012A
5.00%, 7/01/18-7/01/21		92,585		108,254,791
Everett SD #2 GO
5.00%, 12/01/21		3,600		4,321,188
Grant Cnty WA PUD #2
Series 2011I
5.00%, 1/01/20-1/01/23		13,725		16,131,134
King Cnty WA Swr
Series 2011B
5.00%, 1/01/23		4,415		5,138,972
Port of Seattle WA
5.00%, 6/01/22		1,995		2,297,023
Series 2010C
5.00%, 2/01/17		2,590		2,852,963


	Principal Amount (000)		U.S. $ Value
Seattle WA GO
5.00%, 5/01/16-5/01/17	$	9,675	$	10,641,970
State of Washington
Series 2014R
5.00%, 7/01/17 (d)		5,180		5,845,475
Tacoma WA Elec Sys
AGM
5.00%, 1/01/15 (Pre-refunded/ETM)		4,450		4,556,622
5.00%, 1/01/15		16,495		16,890,220
Washington Fed Hwy Grant
5.00%, 9/01/19-9/01/23		42,720		50,210,477
Washington St GO
5.00%, 7/01/22-7/01/23		27,815		33,441,466
Series 2007C
5.00%, 7/01/14		27,730		27,730,000
Series 2008C
5.00%, 1/01/17		3,225		3,582,620
Series 2009R
5.00%, 1/01/17		5,810		6,454,271
Series 2010R
5.00%, 7/01/20		6,370		7,583,166
Series 2012R
5.00%, 7/01/23-7/01/24		22,715		27,147,248
Series 2014
4.00%, 7/01/17 (d)		17,610		19,351,101
AGM
5.00%, 7/01/15		5,405		5,666,494
AGM Series 2007A
5.00%, 7/01/14		6,260		6,260,000
AMBAC Series 2007C
5.00%, 1/01/16		7,770		8,325,011

				426,481,576

Wisconsin - 0.4%
Wisconsin GO
Series 20141
5.00%, 5/01/16		3,030		3,289,944
Wisconsin Trnsp Auth (Wisconsin Trnsp Auth Spl Tax)
AGM Series 2005A
5.25%, 7/01/14-7/01/16		12,610		13,536,558
NATL Series 2007I
5.00%, 7/01/16-7/01/17		8,885		9,764,874

				26,591,376

Total Municipal Obligations (cost $5,245,076,348)				5,440,210,280

CORPORATES - INVESTMENT GRADES - 5.3%
Financial Institutions - 3.7%
Banking - 3.2%
Bank of America Corp.
1.50%, 10/09/15		33,318		33,624,792
4.50%, 4/01/15		18,940		19,504,961
Bear Stearns Cos. LLC (The)
5.70%, 11/15/14		1,571		1,601,213


	Principal Amount (000)		U.S. $ Value
Capital One Bank USA NA
1.20%, 2/13/17	$	4,905	$	4,904,789
Capital One Financial Corp.
2.125%, 7/15/14		12,993		13,001,861
Citigroup, Inc.
2.65%, 3/02/15		8,048		8,162,515
4.587%, 12/15/15		14,497		15,281,955
6.01%, 1/15/15		15,000		15,452,190
JPMorgan Chase & Co.
1.35%, 2/15/17		41,328		41,474,797
1.875%, 3/20/15		1,875		1,894,200
3.15%, 7/05/16		3,950		4,117,279
Morgan Stanley
5.375%, 10/15/15		25,375		26,868,522
Series G
5.45%, 1/09/17		8,860		9,760,132

				195,649,206

Finance - 0.5%
General Electric Capital Corp.
2.15%, 1/09/15		27,608		27,879,939

				223,529,145

Industrial - 1.6%
Capital Goods - 0.2%
Caterpillar, Inc.
0.95%, 6/26/15		13,617		13,699,437

Communications - Telecommunications - 0.4%
Verizon Communications, Inc.
2.50%, 9/15/16		21,530		22,191,897

Consumer Cyclical - Automotive - 0.2%
Ford Motor Credit Co. LLC
7.00%, 4/15/15		12,630		13,263,015

Consumer Non-Cyclical - 0.1%
Actavis, Inc.
1.875%, 10/01/17		2,807		2,832,036

Technology – 0.7%
Cisco Systems, Inc.
1.10%, 3/03/17		29,031		29,121,199
International Business Machines Corp.
0.55%, 2/06/15		14,866		14,896,862

				44,018,061

				96,004,446

Total Corporates - Investment Grades (cost $317,062,412)				319,533,591

GOVERNMENTS - TREASURIES - 0.8%
United States - 0.8%
U.S. Treasury Notes
0.75%, 1/15/17 (cost $50,053,707)		50,000		50,082,050


	Shares		U.S. $ Value

SHORT-TERM INVESTMENTS - 3.5%
Time Deposit - 3.5%
State Street Time Deposit
0.01%, 7/01/14 (cost $212,170,343)		212,170	$	212,170,343

Total Investments - 99.4% (cost $5,824,362,810) (h)				6,021,996,264
Other assets less liabilities - 0.6%				36,279,483

Net Assets - 100.0%			$	6,058,275,747

(a)

Illiquid security.

(b)

Security is in default and is non-income producing.

(c)

Fair valued by the Adviser.

(d)

When-Issued or delayed delivery security.

(e)

Non-income producing security.

(f)

Variable rate coupon, rate shown as of June 30, 2014.

(g)

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.

(h)

As of June 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $253,129,266 and gross unrealized depreciation of investments was $(55,495,812), resulting in net unrealized appreciation of $197,633,454.

As of June 30, 2014, the Fund held 9.7% of net assets in insured bonds (of this amount 14.2% represents the Fund’s holding in pre-refunded or escrowed to maturity bonds).

Glossary:


AGC	-	Assured Guaranty Corporation
AGM	-	Assured Guaranty Municipal
AMBAC	-	Ambac Assurance Corporation
CDA	-	Community Development Authority
CDD	-	Community Development District
COP	-	Certificate of Participation
CSD	-	Central/Community School District
EDA	-	Economic Development Agency
ETM	-	Escrowed to Maturity
GO	-	General Obligation
ID	-	Improvement District
IDA	-	Industrial Development Authority/Agency
ISD	-	Independent School District
NATL	-	National Interstate Corporation
PCR	-	Pollution Control Revenue Bond
PFA	-	Public Finance Authority
PFC	-	Passenger Facility Charge
PUD	-	Public Utility District
RTA	-	Regional Transportation Authority
SD	-	School District
UDC	-	Urban Development Corporation
USD	-	Unified School District

Sanford C. Bernstein Fund, Inc. - Diversified Municipal Portfolio

June 30, 2014 (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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

5,407,267,566

32,942,714

5,440,210,280

Corporates - Investment Grades

– 0

–

319,533,591

– 0

–

319,533,591

Governments - Treasuries

– 0

–

50,082,050

– 0

–

50,082,050

Short-Term Investments

– 0

–

212,170,343

– 0

–

212,170,343

Total Investments in Securities

– 0

–

5,989,053,550

32,942,714

6,021,996,264

Other Financial Instruments*:

– 0

–

– 0

–

– 0

–

– 0

–

Total+

– 0

–

5,989,053,550

32,942,714

6,021,996,264

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

*	Other financial instruments are derivative instruments, such as futures, forwards and swap contracts, 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 9/30/13	$	68,088,102		$	68,088,102
Accrued discounts/(premiums)		14,168			14,168
Realized gain (loss)		(1,472,641	)		(1,472,641	)


Change in unrealized appreciation/depreciation		1,126,688			1,126,688
Purchases		– 0	–		– 0	–
Sales		(11,983,338	)		(11,983,338	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		(22,830,265	)		(22,830,265	)

Balance as of 6/30/14	$	32,942,714		$	32,942,714	+

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14	$	710,561		$	710,561

^	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.

Sanford C. Bernstein Fund, Inc. - Overlay A Portfolio

Portfolio of Investments

June 30, 2014 (unaudited)


Company	Shares		U.S. $ Value
COMMON STOCKS - 62.0%
Financials - 13.0%
Banks - 4.4%
Aozora Bank Ltd.		122,000	$	401,111
Associated Banc-Corp		13,060		236,125
Axis Bank Ltd.		3,330		106,205
Banco Bradesco SA (Preference Shares)		17,000		246,594
Banco do Brasil SA		75,100		844,641
Bangkok Bank PCL (NVDR)		37,500		223,024
Bank Hapoalim BM		130,200		752,033
Bank Mandiri Persero Tbk PT		245,000		200,664
Bank of America Corp.		813,100		12,497,347
Bank of Montreal		6,920		509,605
China Construction Bank Corp. - Class H		977,000		738,857
China Merchants Bank Co., Ltd. - Class H		109,000		215,166
Citigroup, Inc.		158,400		7,460,640
Comerica, Inc.		6,860		344,098
Credicorp Ltd.		2,240		348,253
Danske Bank A/S		80,160		2,266,002
DGB Financial Group, Inc.		14,800		221,636
First Niagara Financial Group, Inc.		22,950		200,583
First Republic Bank/CA		4,960		272,750
Grupo Financiero Banorte SAB de CV - Class O		61,674		441,062
Grupo Financiero Santander Mexico SAB de CV (ADR) - Class B		14,020		186,186
Hang Seng Bank Ltd.		69,300		1,134,315
HDFC Bank Ltd. (ADR)		9,400		440,108
Huntington Bancshares, Inc./OH		34,560		329,702
Iberiabank Corp.		3,360		232,478
ICICI Bank Ltd.		4,180		98,425
ICICI Bank Ltd. (Sponsored ADR)		2,410		120,259
Industrial & Commercial Bank of China Ltd. - Class H		1,209,000		764,493
Itausa - Investimentos Itau SA (Preference Shares)		12,900		50,736
JPMorgan Chase & Co. (a)		108,800		6,269,056
Kasikornbank PCL (NVDR)		58,400		367,057
KB Financial Group, Inc.		8,630		299,909
KBC Groep NV (b)		23,290		1,267,002
Komercni Banka AS		1,910		439,267
Lloyds Banking Group PLC (b)		1,680,313		2,135,799
Mitsubishi UFJ Financial Group, Inc.		299,100		1,836,089
PacWest Bancorp		4,627		199,748
Popular, Inc. (b)		9,820		335,648
Resona Holdings, Inc.		211,000		1,229,567
Sberbank of Russia (Sponsored ADR)		53,401		543,088
Seven Bank Ltd.		127,000		519,323
Shinhan Financial Group Co., Ltd.		3,510		161,938
Signature Bank/New York NY (b)		2,270		286,429
Societe Generale SA		43,163		2,263,583
State Bank of India		3,150		140,577
Sumitomo Mitsui Financial Group, Inc.		18,600		780,398
Susquehanna Bancshares, Inc.		16,880		178,253
SVB Financial Group (b)		2,630		306,711
Toronto-Dominion Bank (The)		14,980		771,146
UniCredit SpA		341,790		2,857,833
US Bancorp/MN		165,300		7,160,796
Webster Financial Corp.		6,840		215,734
Wells Fargo & Co.		385,200		20,246,112


Company	Shares		U.S. $ Value
Westpac Banking Corp.		7,530	$	240,855
Zions Bancorporation		10,990		323,875

				83,258,891

Capital Markets - 0.8%
Affiliated Managers Group, Inc. (b)		21,470		4,409,938
China Cinda Asset Management Co., Ltd. - Class H (b)		51,000		25,331
Daiwa Securities Group, Inc.		185,000		1,602,890
Deutsche Bank AG (REG)		42,905		1,507,895
E*Trade Financial Corp. (b)		11,720		249,167
Goldman Sachs Group, Inc. (The)		20,600		3,449,264
Lazard Ltd. - Class A		6,833		352,310
Stifel Financial Corp. (b)		4,920		232,962
UBS AG (REG) (b)		138,111		2,532,196

				14,361,953

Consumer Finance - 1.5%
American Express Co. (a)		165,100		15,663,037
Capital One Financial Corp.		120,200		9,928,520
Muthoot Finance Ltd.		68,427		215,432
Shriram Transport Finance Co., Ltd.		18,510		277,330
SLM Corp.		417,300		3,467,763

				29,552,082

Diversified Financial Services - 0.7%
Berkshire Hathaway, Inc. - Class B (b)		36,900		4,670,064
Cerved Information Solutions SpA (b)		117,054		791,794
IG Group Holdings PLC		68,075		683,897
Intercontinental Exchange, Inc.		25,600		4,835,840
ORIX Corp.		153,700		2,548,467

				13,530,062

Insurance - 4.3%
Admiral Group PLC		138,675		3,674,426
AIA Group Ltd.		576,000		2,897,892
American Financial Group, Inc./OH		6,110		363,912
American International Group, Inc.		243,500		13,290,230
Aon PLC		88,000		7,927,920
Aspen Insurance Holdings Ltd.		8,410		381,982
Assurant, Inc.		103,290		6,770,659
BB Seguridade Participacoes SA		61,100		897,073
Chubb Corp. (The)		60,200		5,548,634
CNO Financial Group, Inc.		16,060		285,868
Everest Re Group Ltd.		31,000		4,975,190
Genworth Financial, Inc. - Class A (b)		251,430		4,374,882
Gjensidige Forsikring ASA		33,470		600,227
Insurance Australia Group Ltd.		58,480		322,105
Lancashire Holdings Ltd.		86,648		969,812
Lincoln National Corp.		222,900		11,465,976
Muenchener Rueckversicherungs AG		9,000		1,993,035
PartnerRe Ltd.		96,390		10,526,752
Prudential PLC		111,250		2,548,899
Suncorp Group Ltd.		52,321		668,132
Topdanmark A/S (b)		26,840		816,781
Tryg A/S		7,910		799,204


Company	Shares		U.S. $ Value
Unum Group		8,400	$	291,984
Validus Holdings Ltd.		8,670		331,541

				82,723,116

Real Estate Investment Trusts (REITs) - 0.5%
American Tower Corp.		88,200		7,936,236
BioMed Realty Trust, Inc.		9,400		205,202
Camden Property Trust		3,060		217,719
DDR Corp.		17,170		302,707
DiamondRock Hospitality Co.		23,440		300,501
LTC Properties, Inc.		7,550		294,752
Medical Properties Trust, Inc.		22,570		298,827
Mid-America Apartment Communities, Inc.		3,420		249,831
Parkway Properties, Inc./MD		11,990		247,593
STAG Industrial, Inc.		7,620		182,956

				10,236,324

Real Estate Management & Development - 0.7%
Aeon Mall Co., Ltd.		26,500		698,723
Ayala Land, Inc.		238,400		166,674
BR Malls Participacoes SA		14,600		124,227
China Overseas Land & Investment Ltd.		104,000		252,257
CIFI Holdings Group Co., Ltd.		476,000		87,821
Country Garden Holdings Co., Ltd.		2,162,000		853,261
Daito Trust Construction Co., Ltd.		23,300		2,739,825
Global Logistic Properties Ltd.		1,631,000		3,534,767
Greentown China Holdings Ltd.		67,500		67,340
Hang Lung Group Ltd.		42,000		227,365
Hang Lung Properties Ltd.		486,000		1,498,742
Huaku Development Co., Ltd. (b)		21,000		50,275
KWG Property Holding Ltd.		418,000		239,986
Lend Lease Group		125,070		1,546,173
LPN Development PCL		81,700		51,102
Mitsubishi Estate Co., Ltd.		20,000		494,110
Pruksa Real Estate PCL		138,000		124,372
Shimao Property Holdings Ltd.		58,000		106,855
Supalai PCL		80,200		54,117

				12,917,992

Thrifts & Mortgage Finance - 0.1%
Essent Group Ltd. (b)		1,600		32,144
Housing Development Finance Corp.		121,350		1,992,285

				2,024,429

				248,604,849

Information Technology - 10.3%
Communications Equipment - 0.4%
Brocade Communications Systems, Inc.		410,600		3,777,520
BYD Electronic International Co., Ltd.		295,500		253,596
F5 Networks, Inc. (b)		31,890		3,553,822
Harris Corp.		4,090		309,817
Palo Alto Networks, Inc. (b)		2,720		228,072

				8,122,827

Electronic Equipment, Instruments & Components - 0.5%
Amphenol Corp. - Class A		68,400		6,589,656


Company	Shares		U.S. $ Value
Anixter International, Inc.		2,310	$	231,162
Arrow Electronics, Inc. (b)		6,300		380,583
Avnet, Inc.		8,120		359,797
CDW Corp./DE		10,630		338,885
Innolux Corp. (b)		137,000		64,240
Insight Enterprises, Inc. (b)		8,330		256,064
Jabil Circuit, Inc.		16,170		337,953
Ju Teng International Holdings Ltd.		152,000		109,104
LG Display Co., Ltd. (b)		5,950		187,310
LG Display Co., Ltd. (ADR) (b)		4,660		73,488
TTM Technologies, Inc. (b)		20,690		169,658
Unimicron Technology Corp.		116,000		112,311
Vishay Intertechnology, Inc.		23,670		366,648
Yageo Corp.		281,000		200,260
Zebra Technologies Corp. - Class A (b)		2,690		221,441

				9,998,560

Internet Software & Services - 1.8%
Baidu, Inc. (Sponsored ADR) (b)		3,240		605,264
CoStar Group, Inc. (b)		2,406		380,557
Cvent, Inc. (b)		5,726		166,569
eBay, Inc. (b)		157,700		7,894,462
Facebook, Inc. - Class A (b)		66,600		4,481,514
Google, Inc. - Class A (b)		13,700		8,009,979
Google, Inc. - Class C (b)		16,600		9,549,648
Pandora Media, Inc. (b)		8,840		260,780
Telecity Group PLC		135,794		1,751,425
Yelp, Inc. (b)		3,022		231,727
Zillow, Inc. - Class A (b)		1,720		245,840

				33,577,765

IT Services - 2.4%
Amadeus IT Holding SA - Class A		32,260		1,329,863
Amdocs Ltd.		162,880		7,546,230
Booz Allen Hamilton Holding Corp.		101,240		2,150,338
Cognizant Technology Solutions Corp. - Class A (b)		108,300		5,296,953
Convergys Corp.		8,080		173,235
DH Corp.		6,700		194,963
Fidelity National Information Services, Inc.		116,730		6,389,800
Fujitsu Ltd.		150,000		1,123,926
Genpact Ltd. (b)		14,120		247,524
HCL Technologies Ltd.		33,480		837,045
Obic Co., Ltd.		28,900		953,123
QIWI PLC (Sponsored ADR)		610		24,601
Tata Consultancy Services Ltd.		22,570		906,304
Visa, Inc. - Class A		60,100		12,663,671
Xerox Corp.		541,800		6,739,992

				46,577,568

Semiconductors & Semiconductor Equipment - 1.1%
Advanced Semiconductor Engineering, Inc.		610,000		790,440
Advanced Semiconductor Engineering, Inc. (ADR)		32,000		208,000
Cavium, Inc. (b)		4,540		225,456
Entegris, Inc. (b)		18,120		249,059


Company	Shares		U.S. $ Value
Intersil Corp. - Class A		23,590	$	352,671
King Yuan Electronics Co., Ltd.		231,000		217,173
Kinsus Interconnect Technology Corp.		50,000		224,718
Lam Research Corp.		5,550		375,069
Linear Technology Corp.		212,500		10,002,375
Novatek Microelectronics Corp.		180,000		885,283
Samsung Electronics Co., Ltd.		330		430,963
Samsung Electronics Co., Ltd. (GDR) (c)		3,740		1,953,227
Samsung Electronics Co., Ltd. (GDR) (London) (c)		1,510		974,778
Samsung Electronics Co., Ltd. (Preference Shares)		90		94,311
SK Hynix, Inc. (b)		18,100		869,123
Sumco Corp.		81,000		742,436
Taiwan Semiconductor Manufacturing Co., Ltd.		265,000		1,121,359
Teradyne, Inc.		29,342		575,103
Tokyo Electron Ltd.		10,600		722,436

				21,013,980

Software - 1.9%
ANSYS, Inc. (b)		66,800		5,064,776
Aspen Technology, Inc. (b)		5,810		269,584
Concur Technologies, Inc. (b)		2,490		232,417
Constellation Software, Inc.		960		244,676
Dassault Systemes		1,750		225,017
Electronic Arts, Inc. (b)		281,270		10,089,155
Guidewire Software, Inc. (b)		5,081		206,593
Informatica Corp. (b)		7,750		276,287
Microsoft Corp.		265,700		11,079,690
NetSuite, Inc. (b)		27,520		2,390,938
Open Text Corp.		5,030		241,353
Oracle Corp. Japan		11,300		494,293
SAP AG		7,177		553,021
ServiceNow, Inc. (b)		54,758		3,392,806
SolarWinds, Inc. (b)		6,860		265,208
Tableau Software, Inc. - Class A (b)		3,549		253,150
Ultimate Software Group, Inc. (The) (b)		2,014		278,274

				35,557,238

Technology Hardware, Storage & Peripherals - 2.2%
Apple, Inc.		248,600		23,102,398
Asustek Computer, Inc.		94,000		1,050,537
Casetek Holdings Ltd.		25,000		146,935
Catcher Technology Co., Ltd.		197,000		1,838,466
Hewlett-Packard Co. (a)		442,800		14,913,504
Inventec Corp.		278,000		266,388
Lite-On Technology Corp.		85,423		142,667
NCR Corp. (b)		7,020		246,332

				41,707,227

				196,555,165

Consumer Discretionary - 9.2%
Auto Components - 0.3%
Cie Generale des Etablissements Michelin - Class B		13,074		1,561,065


Company	Shares		U.S. $ Value
Dana Holding Corp.		15,190	$	370,940
Hyundai Mobis		1,100		308,927
Lear Corp.		4,380		391,221
Plastic Omnium SA		20,020		627,946
Tenneco, Inc. (b)		5,710		375,147
TRW Automotive Holdings Corp. (b)		4,020		359,870
Valeo SA		19,360		2,597,620

				6,592,736

Automobiles - 1.2%
Ford Motor Co.		701,800		12,099,032
Great Wall Motor Co., Ltd. - Class H		191,500		712,121
Honda Motor Co., Ltd.		58,100		2,027,385
Hyundai Motor Co.		2,360		535,061
Hyundai Motor Co. (Preference Shares)		1,200		179,702
Kia Motors Corp.		6,540		365,883
Nissan Motor Co., Ltd.		111,000		1,051,109
Tata Motors Ltd.		89,230		438,064
Tata Motors Ltd. (Sponsored ADR)		10,030		391,772
Thor Industries, Inc.		3,990		226,911
Toyota Motor Corp.		61,600		3,688,153
Volkswagen AG (Preference Shares)		5,820		1,524,355

				23,239,548

Distributors - 0.0%
Inchcape PLC		41,720		452,578
LKQ Corp. (b)		14,140		377,396

				829,974

Diversified Consumer Services - 0.3%
Bright Horizons Family Solutions, Inc. (b)		5,303		227,711
Estacio Participacoes SA		218,200		2,888,594
Grand Canyon Education, Inc. (b)		7,840		360,405
Kroton Educacional SA		78,600		2,204,144

				5,680,854

Hotels, Restaurants & Leisure - 1.1%
Ajisen China Holdings Ltd.		126,000		97,838
Bloomin’ Brands, Inc. (b)		10,880		244,038
Buffalo Wild Wings, Inc. (b)		1,910		316,506
DineEquity, Inc.		2,700		214,623
Galaxy Entertainment Group Ltd.		40,000		318,668
McDonald’s Corp.		35,400		3,566,196
Melco Crown Entertainment Ltd. (ADR)		48,730		1,740,148
Melco International Development Ltd.		74,000		224,190
Merlin Entertainments PLC (b)(c)		102,778		630,053
MGM China Holdings Ltd.		37,600		130,644
Norwegian Cruise Line Holdings Ltd. (b)		5,518		174,921
Sodexo		27,850		2,996,637
Starbucks Corp.		87,500		6,770,750
Tatts Group Ltd.		128,580		396,427
Whitbread PLC		18,455		1,392,255
William Hill PLC		138,298		776,481
Yum! Brands, Inc.		14,750		1,197,700

				21,188,075


Company	Shares		U.S. $ Value
Household Durables - 0.1%
Even Construtora e Incorporadora SA		49,600	$	147,038
Helen of Troy Ltd. (b)		4,000		242,520
Meritage Homes Corp. (b)		7,640		322,484
PulteGroup, Inc.		13,480		271,757
Rossi Residencial SA (b)		44,400		34,764
Skyworth Digital Holdings Ltd.		242,000		115,537
Steinhoff International Holdings Ltd.		27,010		150,579
Tempur Sealy International, Inc. (b)		2,996		178,861

				1,463,540

Internet & Catalog Retail - 0.5%
HomeAway, Inc. (b)		6,805		236,950
JD.com, Inc. (ADR) (b)		5,689		162,194
Just Eat PLC (b)		156,306		682,130
Priceline Group, Inc. (The) (b)		6,600		7,939,800
zulily, Inc. - Class A (b)		5,480		224,406

				9,245,480

Leisure Products - 0.4%
Hasbro, Inc.		43,200		2,291,760
Polaris Industries, Inc.		40,520		5,277,325

				7,569,085

Media - 2.4%
AMC Networks, Inc. - Class A (b)		3,170		194,923
British Sky Broadcasting Group PLC		24,680		381,826
Cineplex, Inc.		10,230		397,389
Comcast Corp. - Class A		217,100		11,653,928
Gannett Co., Inc.		27,490		860,712
Liberty Global PLC - Series C (b)		42,040		1,778,712
Naspers Ltd. - Class N		434		51,100
Reed Elsevier PLC		63,150		1,014,814
SKY Perfect JSAT Holdings, Inc.		61,600		361,213
Thomson Reuters Corp.		26,970		981,945
Time Warner, Inc.		135,900		9,546,975
Twenty-First Century Fox, Inc. - Class A		138,200		4,857,730
Viacom, Inc. - Class B		51,800		4,492,614
Walt Disney Co. (The) (a)		90,300		7,742,322
Wolters Kluwer NV		33,020		978,100

				45,294,303

Multiline Retail - 0.1%
Canadian Tire Corp., Ltd. - Class A		5,010		480,647
Next PLC		11,400		1,262,015

				1,742,662

Specialty Retail - 2.1%
AutoZone, Inc. (b)		6,000		3,217,440
Brown Shoe Co., Inc.		5,900		168,799
Cabela’s, Inc. (b)		5,200		324,480
Children’s Place, Inc. (The)		5,840		289,839
Chow Tai Fook Jewellery Group Ltd.		142,947		218,871
Dick’s Sporting Goods, Inc.		4,645		216,271
Fielmann AG		1,210		174,454


Company	Shares		U.S. $ Value
Five Below, Inc. (b)		8,774	$	350,170
GameStop Corp. - Class A		173,630		7,026,806
Home Depot, Inc. (The)		140,400		11,366,784
Lumber Liquidators Holdings, Inc. (b)		190		14,431
Mr. Price Group Ltd.		4,040		68,690
Office Depot, Inc. (b)		784,310		4,462,724
Shimamura Co., Ltd.		7,300		718,565
Sports Direct International PLC (b)		158,685		1,917,544
TJX Cos., Inc. (The)		139,700		7,425,055
Tractor Supply Co.		4,650		280,860
Ulta Salon Cosmetics & Fragrance, Inc. (b)		2,720		248,635
Yamada Denki Co., Ltd.		249,500		889,404
Zhongsheng Group Holdings Ltd.		159,000		205,178

				39,585,000

Textiles, Apparel & Luxury Goods - 0.7%
Cie Financiere Richemont SA		28,870		3,025,265
Cie Financiere Richemont SA (Johannesburg)		60,849		640,037
Hugo Boss AG		7,301		1,090,181
Li & Fung Ltd.		1,368,000		2,029,810
NIKE, Inc. - Class B		68,900		5,343,195
Samsonite International SA		275,600		908,488
Shenzhou International Group Holdings Ltd.		32,000		109,583
Under Armour, Inc. - Class A (b)		4,910		292,096
Yue Yuen Industrial Holdings Ltd.		56,500		191,231

				13,629,886

				176,061,143

Health Care - 7.7%
Biotechnology - 1.9%
Actelion Ltd. (REG) (b)		18,040		2,283,316
Arrowhead Research Corp. (b)		4,930		70,548
Biogen Idec, Inc. (b)		32,300		10,184,513
CSL Ltd.		7,130		447,571
Cubist Pharmaceuticals, Inc. (b)		4,155		290,102
Gilead Sciences, Inc. (b)		157,600		13,066,616
Grifols SA (ADR)		1,737		76,515
Intercept Pharmaceuticals, Inc. (b)		87		20,587
Isis Pharmaceuticals, Inc. (b)		1,336		46,025
NPS Pharmaceuticals, Inc. (b)		5,690		188,055
Pharmacyclics, Inc. (b)		1,490		133,668
Puma Biotechnology, Inc. (b)		267		17,622
Quintiles Transnational Holdings, Inc. (b)		105,479		5,620,976
Synageva BioPharma Corp. (b)		1,044		109,411
TESARO, Inc. (b)		3,145		97,841
Theravance, Inc. (b)		3,920		116,738
Vertex Pharmaceuticals, Inc. (b)		32,300		3,058,164

				35,828,268

Health Care Equipment & Supplies - 1.3%
Align Technology, Inc. (b)		3,990		223,600
Becton Dickinson and Co.		62,000		7,334,600
HeartWare International, Inc. (b)		2,380		210,630


Company	Shares		U.S. $ Value
Insulet Corp. (b)		4,240	$	168,201
Intuitive Surgical, Inc. (b)		15,900		6,547,620
Medtronic, Inc.		146,600		9,347,216
Sirona Dental Systems, Inc. (b)		3,390		279,539

				24,111,406

Health Care Providers & Services - 0.7%
Acadia Healthcare Co., Inc. (b)		7,314		332,787
Aetna, Inc.		124,500		10,094,460
Alfresa Holdings Corp.		4,800		309,469
Bangkok Dusit Medical Services PCL - Class F		43,000		22,126
Envision Healthcare Holdings, Inc. (b)		6,352		228,100
Health Net, Inc./CA (b)		4,660		193,576
LifePoint Hospitals, Inc. (b)		4,950		307,395
Mednax, Inc. (b)		4,210		244,812
Molina Healthcare, Inc. (b)		6,500		290,095
Premier, Inc. - Class A (b)		6,222		180,438
Shanghai Pharmaceuticals Holding Co., Ltd. - Class H		103,100		214,437
Sonic Healthcare Ltd.		60,570		990,814
Suzuken Co., Ltd./Aichi Japan		13,900		517,788

				13,926,297

Life Sciences Tools & Services - 0.2%
Eurofins Scientific SE		11,514		3,541,599
ICON PLC (b)		3,955		186,320

				3,727,919

Pharmaceuticals - 3.6%
Actavis PLC (b)		30,700		6,847,635
Akorn, Inc. (b)		11,142		370,472
Allergan, Inc./United States		61,100		10,339,342
Astellas Pharma, Inc.		136,100		1,789,792
AstraZeneca PLC		3,690		274,527
GlaxoSmithKline PLC		121,580		3,237,089
Glenmark Pharmaceuticals Ltd.		14,764		139,953
GW Pharmaceuticals PLC (ADR) (b)		529		56,756
Jazz Pharmaceuticals PLC (b)		1,870		274,909
Johnson & Johnson		133,000		13,914,460
Lupin Ltd.		6,936		121,095
Merck & Co., Inc.		60,500		3,499,925
Novartis AG		40,120		3,633,201
Novo Nordisk A/S - Class B		15,961		736,647
Pfizer, Inc.		631,700		18,748,856
Richter Gedeon Nyrt		13,620		261,236
Roche Holding AG		12,590		3,751,276
Sun Pharmaceutical Industries Ltd.		75,340		861,611

				68,858,782

				146,452,672

Industrials - 6.3%
Aerospace & Defense - 2.0%
Airbus Group NV		46,860		3,141,869
BAE Systems PLC		33,500		248,125


Company	Shares		U.S. $ Value
Boeing Co. (The)		61,000	$	7,761,030
Hexcel Corp. (b)		9,780		400,002
Lockheed Martin Corp.		28,500		4,580,805
Precision Castparts Corp.		19,500		4,921,800
QinetiQ Group PLC		75,900		268,494
Raytheon Co.		91,900		8,477,775
Safran SA		25,060		1,640,546
Spirit Aerosystems Holdings, Inc. - Class A (b)		5,820		196,134
TransDigm Group, Inc.		1,712		286,349
United Technologies Corp.		43,000		4,964,350
Zodiac Aerospace		5,950		201,452

				37,088,731

Air Freight & Logistics - 0.0%
Expeditors International of Washington, Inc.		5,910		260,986

Airlines - 0.2%
Copa Holdings SA - Class A		25,600		3,649,792
Qantas Airways Ltd. (b)		632,590		752,503
Turk Hava Yollari (b)		49,685		152,351

				4,554,646

Commercial Services & Supplies - 0.2%
Babcock International Group PLC		139,553		2,773,881
Edenred		55,600		1,686,011

				4,459,892

Construction & Engineering - 0.1%
AECOM Technology Corp. (b)		7,590		244,398
Granite Construction, Inc.		4,890		175,942
IRB Infrastructure Developers Ltd.		37,440		143,113
Larsen & Toubro Ltd.		5,930		168,054
Tutor Perini Corp. (b)		8,540		271,060
URS Corp.		4,880		223,748

				1,226,315

Electrical Equipment - 0.1%
Amara Raja Batteries Ltd.		19,902		155,388
AMETEK, Inc.		5,944		310,752
General Cable Corp.		9,730		249,672
Sumitomo Electric Industries Ltd.		124,900		1,758,275

				2,474,087

Industrial Conglomerates - 0.8%
Alliance Global Group, Inc.		523,500		348,803
Bidvest Group Ltd.		7,780		206,765
Carlisle Cos., Inc.		4,140		358,607
Danaher Corp. (a)		161,900		12,746,387
Hutchison Whampoa Ltd.		77,000		1,052,102
SM Investments Corp.		8,683		162,312

				14,874,976

Machinery - 1.0%
Actuant Corp. - Class A		6,370		220,211
Chart Industries, Inc. (b)		2,905		240,360
Dover Corp.		97,800		8,894,910


Company	Shares		U.S. $ Value
IDEX Corp.		5,350	$	431,959
ITT Corp.		24,950		1,200,095
JTEKT Corp.		70,400		1,187,850
Kennametal, Inc.		5,470		253,152
Lincoln Electric Holdings, Inc.		5,340		373,159
Middleby Corp. (The) (b)		4,540		375,549
Parker Hannifin Corp.		42,255		5,312,721
Terex Corp.		6,770		278,247
Valmont Industries, Inc.		2,328		353,739

				19,121,952

Marine - 0.2%
AP Moeller - Maersk A/S - Class B		807		2,006,431
Kirby Corp. (b)		3,490		408,819
Nippon Yusen KK		421,000		1,214,407

				3,629,657

Professional Services - 0.7%
51job, Inc. (ADR) (b)		2,596		171,232
Applus Services SA (b)		56,360		1,165,324
Bureau Veritas SA		113,492		3,152,064
Capita PLC		204,903		4,014,311
Intertek Group PLC		69,905		3,286,758
Robert Half International, Inc.		8,570		409,132
SGS SA		268		641,303
Teleperformance		3,860		236,471
WageWorks, Inc. (b)		3,204		154,465

				13,231,060

Road & Rail - 0.9%
Central Japan Railway Co.		9,900		1,413,206
Con-way, Inc.		6,090		306,997
East Japan Railway Co.		3,300		260,014
Genesee & Wyoming, Inc. - Class A (b)		3,564		374,220
Globaltrans Investment PLC (Sponsored GDR) (c)		10,908		124,897
Localiza Rent a Car SA		15,180		250,355
Ryder System, Inc.		3,770		332,099
Union Pacific Corp. (a)		133,700		13,336,575

				16,398,363

Trading Companies & Distributors - 0.1%
Mitsubishi Corp.		52,200		1,086,512
MSC Industrial Direct Co., Inc. - Class A		2,440		233,362
United Rentals, Inc. (b)		3,330		348,751
WESCO International, Inc. (b)		2,690		232,362

				1,900,987

Transportation Infrastructure - 0.0%
Jiangsu Expressway Co., Ltd. - Class H		190,000		226,075

				119,447,727

Consumer Staples - 5.8%
Beverages - 0.9%
Anheuser-Busch InBev NV		6,440		739,958
Asahi Group Holdings Ltd.		16,600		521,288


Company	Shares		U.S. $ Value
Britvic PLC		55,150	$	686,588
Carlsberg A/S - Class B		8,620		928,406
Diageo PLC		77,690		2,474,354
Monster Beverage Corp. (b)		113,400		8,054,802
PepsiCo, Inc.		34,300		3,064,362
SABMiller PLC (Johannesburg)		4,020		233,101
SABMiller PLC (London)		14,310		829,336

				17,532,195

Food & Staples Retailing - 1.8%
7-Eleven Malaysia Holdings Bhd (b)		133,224		69,288
Alimentation Couche Tard, Inc. - Class B		25,050		686,202
Axfood AB		2,270		123,292
Bizim Toptan Satis Magazalari AS		3,460		30,798
Costco Wholesale Corp.		62,100		7,151,436
CVS Caremark Corp.		146,200		11,019,094
Jean Coutu Group PJC, Inc. (The) - Class A		12,600		267,575
Jeronimo Martins SGPS SA		79,269		1,303,304
Koninklijke Ahold NV		85,189		1,597,386
Kroger Co. (The)		176,600		8,729,338
Lenta Ltd. (GDR) (b)(c)		34,204		420,709
Lenta Ltd. (GDR) (b)(c)		25,040		323,016
Magnit OJSC (Sponsored GDR) (c)		6,750		398,250
Olam International Ltd.		656,038		1,357,670
Sprouts Farmers Market, Inc. (b)		8,823		288,689
Sugi Holdings Co., Ltd.		5,400		246,400
Tsuruha Holdings, Inc.		4,800		264,880
Wal-Mart de Mexico SAB de CV		97,310		260,874

				34,538,201

Food Products - 1.3%
Dean Foods Co.		20,945		368,423
Gruma SAB de CV - Class B (b)		13,700		163,965
Hershey Co. (The)		82,500		8,033,025
JBS SA		31,500		108,350
Keurig Green Mountain, Inc.		2,606		324,734
Mead Johnson Nutrition Co. - Class A		128,700		11,990,979
MHP SA (GDR) (c)		11,680		175,200
Mondelez International, Inc. - Class A		80,300		3,020,083
Unilever PLC		7,388		334,894

				24,519,653

Household Products - 0.2%
Henkel AG & Co. KGaA		18,474		1,857,850
Kimberly-Clark de Mexico SAB de CV - Class A		26,036		73,070
LG Household & Health Care Ltd.		2,902		1,306,348
LG Household & Health Care Ltd. (Preference Shares)		70		15,532
Reckitt Benckiser Group PLC		8,520		742,903

				3,995,703

Personal Products - 0.3%
Estee Lauder Cos., Inc. (The) - Class A		63,700		4,730,362
Kao Corp.		13,100		515,927

				5,246,289


Company	Shares		U.S. $ Value
Tobacco - 1.3%
Altria Group, Inc.		106,500	$	4,466,610
British American Tobacco PLC		82,620		4,916,076
Gudang Garam Tbk PT		29,000		130,907
Imperial Tobacco Group PLC		35,380		1,591,676
Japan Tobacco, Inc.		117,000		4,266,067
Lorillard, Inc.		50,500		3,078,985
Philip Morris International, Inc.		80,600		6,795,386

				25,245,707

				111,077,748

Energy - 4.3%
Energy Equipment & Services - 1.1%
Aker Solutions ASA		51,910		900,954
FMC Technologies, Inc. (b)		2,913		177,897
Halliburton Co.		130,500		9,266,805
Oceaneering International, Inc.		4,239		331,193
Pason Systems, Inc.		8,630		242,631
Schlumberger Ltd. (a)		82,700		9,754,465
Superior Energy Services, Inc.		7,440		268,882

				20,942,827

Oil, Gas & Consumable Fuels - 3.2%
BG Group PLC		94,548		1,995,091
Bill Barrett Corp. (b)		12,520		335,286
China Petroleum & Chemical Corp. - Class H		600,800		571,979
Cimarex Energy Co.		1,180		169,283
Concho Resources, Inc. (b)		1,350		195,075
EOG Resources, Inc.		56,700		6,625,962
Gazprom OAO (Sponsored ADR)		86,420		753,150
Hess Corp.		204,200		20,193,338
JX Holdings, Inc.		559,400		2,993,474
KazMunaiGas Exploration Production JSC (GDR) (c)		7,360		117,539
LUKOIL OAO (London) (Sponsored ADR)		13,860		829,105
NovaTek OAO (Sponsored GDR) (c)		3,410		424,204
Oasis Petroleum, Inc. (b)		4,750		265,478
Occidental Petroleum Corp.		144,300		14,809,509
Petroleo Brasileiro SA (Sponsored ADR)		26,859		420,075
PTT PCL		13,100		128,356
Rosetta Resources, Inc. (b)		6,710		368,043
Royal Dutch Shell PLC - Class B		6,440		279,883
SM Energy Co.		720		60,552
Statoil ASA		46,460		1,428,127
Stone Energy Corp. (b)		6,950		325,191
Valero Energy Corp.		154,300		7,730,430

				61,019,130

				81,961,957

Materials - 3.1%
Chemicals - 2.3%
A Schulman, Inc.		4,680		181,116
Arkema SA		12,500		1,214,579
Chr Hansen Holding A/S		11,370		478,824
Denki Kagaku Kogyo KK		163,000		626,276


Company	Shares		U.S. $ Value
Dow Chemical Co. (The)		149,000	$	7,667,540
EMS-Chemie Holding AG (REG)		1,140		454,912
Essentra PLC		204,642		2,672,115
Givaudan SA (b)		590		982,896
Huntsman Corp.		12,030		338,043
Hyosung Corp.		2,820		188,465
IMCD Group NV (b)		7,560		234,988
JSR Corp.		81,700		1,402,627
Koninklijke DSM NV		24,367		1,773,244
LyondellBasell Industries NV - Class A		78,300		7,645,995
Monsanto Co.		66,200		8,257,788
PolyOne Corp.		9,601		404,586
Potash Corp. of Saskatchewan, Inc.		13,120		498,035
Sherwin-Williams Co. (The)		39,700		8,214,327
UPL Ltd.		7,000		39,841

				43,276,197

Construction Materials - 0.0%
China National Building Material Co., Ltd. - Class H		216,000		190,468
Grasim Industries Ltd.		269		15,303
Grasim Industries Ltd. (GDR) (c)		2,327		133,097
West China Cement Ltd.		424,000		39,345

				378,213

Containers & Packaging - 0.5%
Avery Dennison Corp.		5,400		276,750
Ball Corp.		134,800		8,449,264
Graphic Packaging Holding Co. (b)		22,980		268,866

				8,994,880

Metals & Mining - 0.2%
Commercial Metals Co.		9,530		164,965
Dowa Holdings Co., Ltd.		81,861		772,064
KGHM Polska Miedz SA		1,240		50,838
Korea Zinc Co., Ltd.		180		70,580
MMC Norilsk Nickel OJSC (ADR)		48,450		959,794
Rio Tinto PLC		30,000		1,619,827
Steel Dynamics, Inc.		17,530		314,664
Ternium SA (Sponsored ADR)		4,970		138,812
Vale SA (Sponsored ADR) (Local Preference Shares)		12,280		146,132
Vale SA (Sponsored ADR) - Class B		2,940		38,896

				4,276,572

Paper & Forest Products - 0.1%
Mondi PLC		56,520		1,026,114
Nine Dragons Paper Holdings Ltd.		177,000		120,758
Sappi Ltd. (b)		130,140		469,958

				1,616,830

				58,542,692

Telecommunication Services - 1.3%
Diversified Telecommunication Services - 1.1%
Bezeq The Israeli Telecommunication Corp., Ltd.		268,918		503,304
Deutsche Telekom AG		36,160		634,211


Company	Shares		U.S. $ Value
Nippon Telegraph & Telephone Corp.		27,400	$	1,707,783
Orange SA		147,160		2,328,411
Singapore Telecommunications Ltd.		155,000		478,812
Swisscom AG		1,980		1,150,135
TDC A/S		36,940		382,122
Telekomunikasi Indonesia Persero Tbk PT		772,500		160,682
Telenor ASA		61,120		1,391,608
Telstra Corp., Ltd.		245,590		1,206,525
TELUS Corp.		10,480		390,600
Verizon Communications, Inc.		168,900		8,264,277
Vivendi SA (b)		44,414		1,086,879
Ziggo NV		16,070		743,181

				20,428,530

Wireless Telecommunication Services - 0.2%
China Mobile Ltd.		133,500		1,296,651
SK Telecom Co., Ltd.		940		219,729
StarHub Ltd.		64,000		214,208
Tower Bersama Infrastructure Tbk PT		182,000		123,585
Turkcell Iletisim Hizmetleri AS (b)		54,880		343,498
Vodafone Group PLC		861,739		2,880,171

				5,077,842

				25,506,372

Utilities - 0.9%
Electric Utilities - 0.3%
American Electric Power Co., Inc.		56,900		3,173,313
EDP - Energias de Portugal SA		201,670		1,011,901
Light SA		14,900		145,392
PNM Resources, Inc.		11,990		351,667
Power Assets Holdings Ltd.		81,000		710,558
Westar Energy, Inc.		8,980		342,946

				5,735,777

Gas Utilities - 0.1%
Atmos Energy Corp.		5,510		294,234
Southwest Gas Corp.		5,270		278,203
UGI Corp.		7,040		355,520

				927,957

Independent Power Producers & Energy Traders - 0.1%
APR Energy PLC		99,344		1,102,626
China Resources Power Holdings Co., Ltd.		58,000		164,923
NTPC Ltd.		84,690		219,528

				1,487,077

Multi-Utilities - 0.4%
DTE Energy Co.		102,300		7,966,101

Water Utilities - 0.0%
Cia de Saneamento Basico do Estado de Sao Paulo		16,300		173,734
Cia de Saneamento de Minas Gerais-COPASA		11,400		208,961

				382,695

				16,499,607


Company	Shares		U.S. $ Value
Funds and Investment Trusts - 0.1%
Funds and Investment Trusts - 0.1%
B&M European Value Retail SA (b)		220,582	$	1,038,136

Total Common Stocks (cost $949,480,374)				1,181,748,068

INVESTMENT COMPANIES - 13.8%
Funds and Investment Trusts - 13.8%
AllianceBernstein Pooling Portfolios-Multi-Asset Real Return Portfolio +		25,041,882		228,882,798
iShares MSCI EAFE ETF		502,769		34,374,317
SPDR S&P 500 ETF Trust		4,328		847,076

Total Investment Companies (cost $249,225,442)				264,104,191

WARRANTS - 0.2%
Financials - 0.1%
Banks - 0.1%
Abu Dhabi Commercial Bank PJSC, Deutsche Bank AG London, expiring 2/11/19 (b)		53,900		103,612
Bank of Baroda, JPMorgan Chase Bank, NA, expiring 9/29/14 (b) (c)		15,540		227,012
BankMuscat SAOG, Citigroup Global Markets, expiring 2/04/16 (b)		26,000		45,923
Commercial Bank of Qatar QSC (The), Deutsche Bank AG London, expiring 5/26/17 (b)		11,388		193,621
First Gulf Bank PJSC, Merrill Lynch Intl & Co., expiring 8/21/15 (b)		47,004		204,771
Punjab National Bank, Merrill Lynch Intl & Co., expiring 8/08/18 (b)		9,760		161,326
Union Bank of India, Merrill Lynch Intl & Co., expiring 8/20/18 (b)		42,545		170,549

				1,106,814

Consumer Finance - 0.0%
Muthoot Finance Ltd., Merrill Lynch Intl & Co., expiring 5/22/18 (b)		114,873		362,344
Shriram Transport Finance Co., Ltd., Merrill Lynch Intl & Co., expiring 1/22/15 (b)(c)		22,372		336,465

				698,809

Real Estate Management & Development - 0.0%
Emaar Properties PJSC, Merrill Lynch Intl & Co., expiring 10/01/15 (b)		313,723		718,384

				2,524,007

Information Technology - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
SK Hynix, Inc., Citigroup Global Markets, expiring 1/20/15 (b)(c)		13,430		644,613


Company	Shares		U.S. $ Value
Materials - 0.0%
Chemicals - 0.0%
UPL Ltd., Merrill Lynch Intl & Co., expiring 2/07/17 (b)		32,610	$	185,303

Industrials - 0.0%
Airlines - 0.0%
Air Arabia PJSC, Deutsche Bank AG London, expiring 7/31/17 (b)		138,460		46,748

Industrial Conglomerates - 0.0%
John Keells Holdings PLC, Deutsche Bank AG London, expiring 7/05/19 (b)		77,730		131,180

				177,928

Total Warrants (cost $2,374,648)				3,531,851

SHORT-TERM INVESTMENTS - 23.3%
Investment Companies - 23.2%
AllianceBernstein Fixed-Income Shares, Inc. - Government STIF Portfolio, 0.07% (d)(e) (cost $442,206,304)		442,206,304		442,206,304


	Principal Amount (000)
U.S. Treasury Bills - 0.1%
U.S. Treasury Bill Zero Coupon, 7/31/14 (cost $999,992)	$	1,000		999,992

Total Short-Term Investments (cost $443,206,296)				443,206,296

Total Investments - 99.3% (cost $1,644,286,760) (f)			$	1,892,590,406
Other assets less liabilities - 0.7%				12,962,783

Net Assets - 100.0%			$	1,905,553,189

FUTURES


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2014		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Australia Bond Futures		23		September 2014	$	2,562,732	$	2,612,785	$	50,053
10 Yr Canada Bond Futures		29		September 2014		3,664,161		3,695,628		31,467
10 Yr Japan Bond Futures		45		September 2014		64,472,827		64,698,189		225,362
Euro BUXL 30 Yr Bond Futures		68		September 2014		12,255,624		12,538,518		282,894
Euro STOXX 50 Futures		3,071		September 2014		137,308,662		135,909,517		(1,399,145	)


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2014		Unrealized Appreciation/ (Depreciation)
Euro-BOBL Futures		127		September 2014	$	22,139,660	$	22,281,953	$	142,293
Euro-BUND Futures		111		September 2014		22,023,311		22,344,393		321,082
FTSE 100 Index Futures		85		September 2014		9,752,414		9,762,424		10,010
Long GILT Futures		111		September 2014		20,862,323		20,880,995		18,672
SPI 200 Futures		46		September 2014		5,805,948		5,805,835		(113	)
TOPIX Index Futures		727		September 2014		88,712,013		90,601,402		1,889,389
Sold Contracts
Hang Seng Index Futures		32		July 2014		4,695,710		4,769,612		(73,902	)
U.S. Long Bond (CBT) Futures		300		September 2014		40,748,529		41,156,250		(407,721	)
U.S. T-Note 5 Yr (CBT) Futures		487		September 2014		58,249,064		58,177,477		71,587
U.S. T-Note 10 Yr (CBT) Futures		554		September 2014		69,162,195		69,345,219		(183,024	)
U.S. Ultra Bond (CBT) Futures		197		September 2014		29,029,794		29,537,687		(507,893	)

									$	471,011

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		CHF	1,262		USD	1,431		8/14/14	$	7,129
Barclays Bank PLC		HKD	5,283		USD	682		8/14/14		198
Barclays Bank PLC		JPY	3,734,252		USD	36,767		8/14/14		(106,066	)
BNP Paribas SA		AUD	3,120		USD	2,912		8/14/14		(20,895	)
BNP Paribas SA		USD	10,605		AUD	11,542		8/14/14		244,754
BNP Paribas SA		USD	14,957		GBP	8,858		8/14/14		197,535
BNP Paribas SA		USD	2,961		NZD	3,466		8/14/14		62,149
BNP Paribas SA		USD	3,668		NZD	4,201		8/14/14		(3,818	)
BNP Paribas SA		USD	11,394		SEK	74,943		8/14/14		(182,585	)
Citibank, NA		GBP	517		USD	869		8/14/14		(15,080	)
Citibank, NA		USD	3,021		EUR	2,189		8/14/14		(22,733	)
Credit Suisse International		CHF	13,198		USD	14,910		8/14/14		22,440
Credit Suisse International		NOK	24,389		USD	3,958		8/14/14		(11,587	)
Credit Suisse International		RUB	29,838		USD	828		8/14/14		(42,262	)
Credit Suisse International		USD	7,199		GBP	4,293		8/14/14		145,979
Credit Suisse International		USD	5,336		NOK	32,101		8/14/14		(110,594	)
Credit Suisse International		USD	849		RUB	29,838		8/14/14		21,552
Goldman Sachs Bank USA		BRL	1,830		USD	810		7/02/14		(17,790	)
Goldman Sachs Bank USA		BRL	7,412		USD	3,365		7/02/14		10,662
Goldman Sachs Bank USA		USD	3,351		BRL	7,412		7/02/14		3,791
Goldman Sachs Bank USA		USD	831		BRL	1,830		7/02/14		(2,632	)
Goldman Sachs Bank USA		BRL	7,412		USD	3,320		8/04/14		(3,052	)
Goldman Sachs Bank USA		JPY	2,859,412		USD	28,157		8/14/14		(78,074	)
HSBC Bank USA		HKD	3,947		USD	509		8/14/14		127
HSBC Bank USA		USD	2,635		AUD	2,833		8/14/14		28,628
Morgan Stanley & Co., Inc.		USD	13,263		CHF	11,857		8/14/14		111,897
Royal Bank of Canada		CAD	3,119		USD	2,855		8/14/14		(64,824	)
Royal Bank of Scotland PLC		BRL	5,582		USD	2,468		7/02/14		(57,981	)
Royal Bank of Scotland PLC		USD	2,534		BRL	5,582		7/02/14		(8,029	)
Royal Bank of Scotland PLC		CHF	348		USD	388		8/14/14		(4,191	)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Royal Bank of Scotland PLC		JPY	1,242,983		USD	12,135		8/14/14	$	(138,471	)
Royal Bank of Scotland PLC		USD	2,561		JPY	261,916		8/14/14		24,857
Standard Chartered Bank		HKD	74,111		USD	9,562		8/14/14		4,333
State Street Bank & Trust Co.		CAD	99		USD	91		8/14/14		(1,841	)
State Street Bank & Trust Co.		GBP	11,533		USD	19,426		8/14/14		(304,954	)
State Street Bank & Trust Co.		USD	3,050		CHF	2,675		8/14/14		(32,285	)
State Street Bank & Trust Co.		USD	28,249		EUR	20,473		8/14/14		(210,705	)
State Street Bank & Trust Co.		USD	3,917		NOK	23,236		8/14/14		(134,892	)
UBS AG		CAD	2,627		USD	2,417		8/14/14		(42,563	)
UBS AG		USD	5,369		EUR	3,886		8/14/14		(47,091	)
UBS AG		USD	5,435		EUR	3,998		8/14/14		39,868

									$	(739,096	)

TOTAL RETURN SWAPS


Receive/Pay Total Return on Reference Index	Index	# of Shares or Units		Rate Paid by the Fund			Notional Amount (000)		Maturity Date		Counterparty	Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Index
Receive	MSCI AC Far East Ex Japan Index		90,715		0.38	%	$	33,247		11/17/14	Bank of America, NA	$	335,615
Receive	SPDR S&P 500 ETF Trust		596,025		0.42	%		115,802		6/15/15	Bank of America, NA		836,133
Receive	SPDR S&P 500 ETF Trust		28,516		0.42	%		5,540		6/15/15	Bank of America, NA		40,000
Receive	Russell 2000 Total Return Index		7,531		1.00	%		39,602		8/25/14	Goldman Sachs International		2,496,284
Receive	Standard and Poor’s Midcap 400 Index		20,262		1.00	%		38,750		8/25/14	Goldman Sachs International		1,892,710
Receive	Standard and Poor’s Midcap 400 Index		3,549		0.35	%		6,999		9/10/14	Goldman Sachs International		117,976
Receive	Russell 2000 Total Return Index		1,616		1.00	%		8,807		9/10/14	UBS AG		228,182

												$	5,946,900

+	To obtain a copy of the fund’s financial statements, please go to the Securities Exchange Commission’s website at www.sec.gov, or call AllianceBernstein at (800) 227-4618.

(a)

Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts. The market value of the collateral amounted to $326,508.

(b)

Non-income producing security.

(c)

(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 AllianceBernstein 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)

As of June 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $257,556,093 and gross unrealized depreciation of investments was $(9,252,447), resulting in net unrealized appreciation of $248,303,646.

Currency Abbreviations:


AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
JPY	-	Japanese Yen
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
RUB	-	Russian Ruble
SEK	-	Swedish Krona
USD	-	United States Dollar

Glossary:


AC	-	All Country
ADR	-	American Depositary Receipt
CBT	-	Chicago Board of Trade
EAFE	-	Europe, Australia, and Far East
ETF	-	Exchange Traded Fund
FTSE	-	Financial Times Stock Exchange
GDR	-	Global Depositary Receipt
JSC	-	Joint Stock Company
MSCI	-	Morgan Stanley Capital International
NVDR	-	Non Voting Depositary Receipt
OJSC	-	Open Joint Stock Company
PJSC	-	Public Joint Stock Company
REG	-	Registered Shares
SPDR	-	Standard & Poor’s Depository Receipt
SPI	-	Share Price Index
TOPIX	-	Tokyo Price Index

Sanford C. Bernstein Fund, Inc. - Overlay A Portfolio

Portfolio Summary

June 30, 2014 (unaudited)

COUNTRY BREAKDOWN *


	80.2%			United States
	4.2%			United Kingdom
	3.3%			Japan
	2.0%			France
	1.3%			Switzerland
	0.9%			Hong Kong
	0.7%			India
	0.6%			Germany
	0.6%			South Korea
	0.6%			Brazil
	0.6%			China
	0.6%			Denmark
	0.5%			Taiwan
	3.9%			Other

	100.0%			Total Investments

All data are as of June 30, 2014. The Portfolio’s country breakdown is expressed as a percentage of long-term investments and may vary over time. “Other” country weightings represent 0.5% or less in the following countries: Argentina, Australia, Belgium, Canada, Cyprus, Czech Republic, Hungary, Indonesia, Ireland, Israel, Italy, Kazakhstan, Malaysia, Mexico, Netherlands, Norway, Oman, Panama, Peru, Philippines, Poland, Portugal, Puerto Rico, Qatar, Russia, Singapore, South Africa, Spain, Sri Lanka, Sweden, Thailand, Turkey, Ukraine and United Arab Emirates.

Sanford C. Bernstein Fund, Inc. - Overlay A Portfolio

June 30, 2014 (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 and warrants 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 or a warrant depends upon the contractual terms of, and specific risks inherent in, the option or warrant 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 or warrants 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 and warrants 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, 2014:


Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	189,043,759		$	59,561,090		$	– 0	–	$	248,604,849
Information Technology		174,983,087			21,572,078			– 0	–		196,555,165
Consumer Discretionary		137,537,375			38,523,768			– 0	–		176,061,143
Health Care		123,533,562			22,919,110			– 0	–		146,452,672
Industrials		85,862,281			33,585,446			– 0	–		119,447,727
Consumer Staples		83,780,922			27,296,826			– 0	–		111,077,748
Energy		73,664,093			8,297,864			– 0	–		81,961,957
Materials		44,200,561			14,342,131			– 0	–		58,542,692
Telecommunication Services		8,778,462			16,727,910			– 0	–		25,506,372
Utilities		13,290,071			3,209,536			– 0	–		16,499,607
Funds and Investment Trusts		1,038,136			– 0	–		– 0	–		1,038,136
Investment Companies		264,104,191			– 0	–		– 0	–		264,104,191
Warrants		– 0	–		3,531,851			– 0	–		3,531,851
Short-Term Investments:
Investment Companies		442,206,304			– 0	–		– 0	–		442,206,304
U.S. Treasury Bills		– 0	–		999,992			– 0	–		999,992

Total Investments in Securities		1,642,022,804			250,567,602			– 0	–		1,892,590,406
*Other Financial Instruments :**
Assets:
Futures		1,143,410			1,899,399			– 0	–		3,042,809	#
Forward Currency Exchange Contracts		– 0	–		925,899			– 0	–		925,899
Total Return Swaps		– 0	–		5,946,900			– 0	–		5,946,900
Liabilities:
Futures		(1,098,638	)		(1,473,160	)		– 0	–		(2,571,798	)#
Forward Currency Exchange Contracts		– 0	–		(1,664,995	)		– 0	–		(1,664,995	)

Total ^	$	1,642,067,576		$	256,201,645		$	– 0	–	$	1,898,269,221

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

#	Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative appreciation/(depreciation) of exchange traded derivatives in the portfolio of investments.

^	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.

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


	Warrants			Corporates - Non- Investment Grades			Total
Balance as of 9/30/13	$	5,922,181		$	224,648		$	6,146,829
Accrued discounts/(premiums)		– 0	–		202			202
Realized gain (loss)		70,328			(1,408	)		68,920
Change in unrealized appreciation/depreciation		292,211			73			292,284
Purchases		192,857			– 0	–		192,857
Sales		(3,683,330	)		(223,515	)		(3,906,845	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		(2,794,247	)		– 0	–		(2,794,247	)

Balance as of 6/30/14 +	$	– 0	–	$	– 0	–	$	– 0	–

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14	$	– 0	–	$	– 0	–	$	– 0	–

+	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, 2014 (unaudited)


	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES - 46.8%
Australia - 1.2%
Australia Government Bond
Series 128
5.75%, 7/15/22	AUD	9,610	$	10,556,481
Series 137
2.75%, 4/21/24		3,815		3,360,396

				13,916,877

Austria - 1.6%
Austria Government Bond
3.90%, 7/15/20 (a)	EUR	11,295		18,341,453

Belgium - 1.0%
Belgium Government Bond
Series 68
2.25%, 6/22/23 (a)		6,115		8,903,132
Series 71
3.75%, 6/22/45 (a)		1,240		2,029,725

				10,932,857

Canada - 2.8%
Canadian Government Bond
1.25%, 2/01/16	CAD	8,225		7,730,983
1.75%, 3/01/19		18,535		17,538,812
2.75%, 6/01/22		5,345		5,286,143

				30,555,938

Denmark - 1.1%
Denmark Government Bond
4.00%, 11/15/17	DKK	57,360		11,874,743

Finland - 0.4%
Finland Government Bond
3.375%, 4/15/20 (a)	EUR	2,500		3,946,241

France - 2.9%
France Government Bond OAT
1.75%, 11/25/24		6,100		8,389,484
3.50%, 4/25/20		11,510		18,252,404
4.50%, 4/25/41		1,780		3,317,459
French Treasury Note BTAN
2.50%, 7/25/16		1,195		1,716,758

				31,676,105

Germany - 2.4%
Bundesobligation
Series 158
1.75%, 10/09/15		14,090		19,714,424
Bundesrepublik Deutschland
2.50%, 7/04/44		2,603		3,821,203
3.00%, 7/04/20		2,274		3,572,450

				27,108,077


	Principal Amount (000)		U.S. $ Value
Ireland - 0.4%
Ireland Government Bond
5.40%, 3/13/25	EUR	2,510	$	4,354,951

Italy - 3.6%
Italy Buoni Poliennali Del Tesoro
3.50%, 11/01/17		959		1,420,575
3.75%, 3/01/21		2,600		3,957,141
4.00%, 9/01/20		271		418,994
4.25%, 9/01/19		7,460		11,637,620
4.50%, 2/01/20 (a)		2,650		4,188,183
4.50%, 3/01/24		2,425		3,819,334
5.00%, 9/01/40 (a)		3,490		5,650,856
5.50%, 11/01/22		5,370		9,018,556

				40,111,259

Japan - 5.7%
Japan Government Ten Year Bond
Series 301
1.50%, 6/20/19	JPY	872,100		9,173,325
Series 332
0.60%, 12/20/23		624,700		6,205,863
Japan Government Thirty Year Bond
Series 30
2.30%, 3/20/39		91,800		1,039,667
Series 36
2.00%, 3/20/42		628,950		6,699,055
Japan Government Twenty Year Bond
Series 112
2.10%, 6/20/29		585,300		6,670,594
Series 128
1.90%, 6/20/31		410,950		4,513,988
Series 143
1.60%, 3/20/33		286,350		2,954,661
Series 144
1.50%, 3/20/33		965,100		9,800,807
Series 76
1.90%, 3/20/25		1,427,600		15,963,583

				63,021,543

Mexico - 0.5%
Mexican Bonos
Series M
7.75%, 11/13/42	MXN	67,238		5,868,942

Netherlands - 0.9%
Netherlands Government Bond
2.25%, 7/15/22 (a)	EUR	658		978,215
2.50%, 1/15/33 (a)		3,155		4,573,164
3.75%, 1/15/23 (a)		2,604		4,297,424

				9,848,803

New Zealand - 2.7%
New Zealand Government Bond
Series 1217
6.00%, 12/15/17	NZD	5,975		5,567,060
Series 319
5.00%, 3/15/19		23,280		21,160,004
Series 423
5.50%, 4/15/23	NZD	3,545		3,344,465

				30,071,529


	Principal Amount (000)		U.S. $ Value
Poland - 0.4%
Poland Government Bond
Series 1021
5.75%, 10/25/21	PLN	10,500	$	4,006,520

Singapore - 0.3%
Singapore Government Bond
3.375%, 9/01/33	SGD	4,255		3,602,363

South Africa - 0.5%
South Africa Government Bond
Series R203
8.25%, 9/15/17	ZAR	40,075		3,866,833
Series R213
7.00%, 2/28/31		25,640		2,030,659

				5,897,492

Spain - 1.4%
Spain Government Bond
4.00%, 4/30/20	EUR	2,947		4,578,677
4.85%, 10/31/20		4,865		7,923,961
5.15%, 10/31/44 (a)		2,140		3,532,831

				16,035,469

Sweden - 0.3%
Sweden Government Bond
Series 1054
3.50%, 6/01/22	SEK	17,150		2,946,164

United Kingdom - 6.0%
United Kingdom Gilt
1.75%, 9/07/22 (a)	GBP	2,940		4,735,612
2.25%, 9/07/23 (a)		10,573		17,476,879
3.75%, 9/07/19 (a)		8,687		16,129,579
4.25%, 6/07/32-12/07/46 (a)		9,562		18,834,733
4.50%, 12/07/42 (a)		420		864,242
5.00%, 3/07/18 (a)		4,375		8,385,934

				66,426,979

United States - 10.7%
U.S. Treasury Bonds
2.875%, 5/15/43	U.S.$	2,165		1,978,269
3.125%, 11/15/41		7,885		7,641,054
3.625%, 8/15/43		6,620		6,992,375
U.S. Treasury Notes
0.25%, 5/31/15-7/31/15		52,915		52,973,911
0.625%, 8/15/16		14,491		14,526,097
2.00%, 2/15/23		2,823		2,740,958
2.625%, 11/15/20		4,340		4,508,175


	Principal Amount (000)		U.S. $ Value
4.50%, 5/15/17	U.S.$	24,434	$	26,982,393

				118,343,232

Total Governments - Treasuries (cost $503,907,594)				518,887,537


	Shares
INVESTMENT COMPANIES - 21.6%
Funds and Investment Trusts - 21.6%
AllianceBernstein Pooling Portfolios-Multi-Asset Real Return Portfolio		3,843,914		35,133,370
iShares MSCI EAFE ETF		70,313		4,807,300
SPDR S&P 500 ETF Trust		1,018,001		199,243,155

Total Investment Companies (cost $228,300,365)				239,183,825


	Principal Amount (000)
CORPORATES - INVESTMENT GRADES - 4.7%
Industrial - 2.4%
Basic - 0.1%
Air Products & Chemicals, Inc.
2.75%, 2/03/23	U.S.$	1,400		1,354,454
EI du Pont de Nemours & Co.
3.25%, 1/15/15		250		254,033

				1,608,487

Capital Goods - 0.1%
General Dynamics Corp.
3.875%, 7/15/21		1,525		1,635,810

Communications - Media - 0.2%
NBCUniversal Enterprise, Inc.
1.974%, 4/15/19 (a)		1,850		1,834,438

Communications - Telecommunications - 0.5%
AT&T, Inc.
3.00%, 2/15/22		1,775		1,767,059
Verizon Communications, Inc.
4.60%, 4/01/21		1,354		1,493,508
Vodafone Group PLC
2.50%, 9/26/22		1,930		1,811,994

				5,072,561

Consumer Cyclical - Automotive - 0.3%
Nissan Motor Acceptance Corp.
2.35%, 3/04/19 (a)		1,840		1,837,950
Toyota Motor Credit Corp.
3.30%, 1/12/22		1,785		1,845,659

				3,683,609

Consumer Non-Cyclical - 0.2%
Baxter International, Inc.
4.25%, 3/15/20		257		279,622


	Principal Amount (000)		U.S. $ Value
Novartis Capital Corp.
2.90%, 4/24/15	U.S.$	255	$	260,425
Philip Morris International, Inc.
2.50%, 8/22/22		1,940		1,879,142

				2,419,189

Energy - 0.5%
BP Capital Markets PLC
3.245%, 5/06/22		1,885		1,908,310
ConocoPhillips
4.60%, 1/15/15		235		240,247
Occidental Petroleum Corp.
1.50%, 2/15/18		1,712		1,708,410
Schlumberger Norge AS
4.20%, 1/15/21 (a)		745		815,442
Schlumberger Oilfield UK PLC
4.20%, 1/15/21 (a)		506		553,844

				5,226,253

Technology - 0.5%
Baidu, Inc.
2.75%, 6/09/19		538		540,095
3.25%, 8/06/18		229		236,595
EMC Corp./MA
3.375%, 6/01/23		1,835		1,856,914
Hewlett-Packard Co.
2.75%, 1/14/19		147		150,728
3.75%, 12/01/20		853		891,597
Oracle Corp.
5.75%, 4/15/18		230		264,305
Tencent Holdings Ltd.
3.375%, 5/02/19 (a)		1,164		1,190,040

				5,130,274

				26,610,621

Financial Institutions - 2.1%
Banking - 2.0%
BNP Paribas SA
2.375%, 9/14/17		1,935		1,981,442
Branch Banking & Trust Co.
2.85%, 4/01/21		1,845		1,862,185
Citigroup, Inc.
4.50%, 1/14/22		2,440		2,652,285
Fifth Third Bancorp
2.30%, 3/01/19		786		790,097
Goldman Sachs Group, Inc. (The)
5.75%, 1/24/22		1,830		2,117,647
HSBC Holdings PLC
4.00%, 3/30/22		1,850		1,968,206
Lloyds Bank PLC
2.30%, 11/27/18		1,879		1,907,779
4.20%, 3/28/17		405		438,056
Mizuho Bank Ltd.
2.45%, 4/16/19 (a)		1,855		1,867,931


	Principal Amount (000)		U.S. $ Value
Murray Street Investment Trust I
4.647%, 3/09/17	U.S.$	182	$	196,702
Nordea Bank AB
3.125%, 3/20/17 (a)		1,821		1,918,230
Standard Chartered Bank Hong Kong Ltd.
5.875%, 6/24/20 (a)		1,311		1,473,127
Sumitomo Mitsui Banking Corp.
3.00%, 1/18/23		934		915,602
Wells Fargo & Co.
4.125%, 8/15/23		1,815		1,885,431

				21,974,720

Insurance - 0.1%
Reliance Standard Life Global Funding II
2.50%, 4/24/19 (a)		1,860		1,841,256

				23,815,976

Non Corporate Sectors - 0.1%
Agencies - Not Government Guaranteed - 0.1%
CNOOC Nexen Finance 2014 ULC
4.25%, 4/30/24		1,159		1,188,362

Utility - 0.1%
Electric - 0.1%
Southern California Edison Co.
3.875%, 6/01/21		632		682,412

Total Corporates - Investment Grades (cost $50,953,137)				52,297,371

GOVERNMENTS - SOVEREIGN AGENCIES - 4.2%
Canada - 0.2%
Canada Housing Trust No 1
4.10%, 12/15/18 (a)	CAD	2,340		2,412,324

France - 0.3%
Dexia Credit Local SA/New York, NY
1.25%, 10/18/16 (a)	U.S.$	2,730		2,749,712

Germany - 1.0%
Kreditanstalt fuer Wiederaufbau
2.05%, 2/16/26		828,000		9,480,770
Landwirtschaftliche Rentenbank
3.75%, 2/11/16 (a)	EUR	1,201		1,741,162

				11,221,932

Japan - 2.3%
Development Bank of Japan, Inc.
2.30%, 3/19/26	JPY	840,000		9,698,743
Japan Finance Organization for Municipalities
1.90%, 6/22/18		1,500,000		15,856,009

				25,554,752


	Principal Amount (000)		U.S. $ Value
Qatar - 0.0%
Ooredoo International Finance Ltd.
3.875%, 1/31/28 (a)	U.S.$	480	$	449,386

United Arab Emirates - 0.2%
Abu Dhabi National Energy Co.
3.875%, 5/06/24 (a)		1,860		1,842,374

United Kingdom - 0.2%
Network Rail Infrastructure Finance PLC
4.40%, 3/06/16	CAD	2,760		2,710,472

Total Governments - Sovereign Agencies (cost $53,701,249)				46,940,952

INFLATION - LINKED SECURITIES - 4.0%
Mexico - 0.4%
Mexican Udibonos
Series S
5.00%, 6/16/16	MXN	44,512		3,765,315

United Kingdom - 0.9%
United Kingdom Gilt Inflation Linked
Series 8MO
7.58%, 7/26/16 (a)(b)	GBP	1,755		10,063,850

United States - 2.7%
U.S. Treasury Inflation Index
0.125%, 4/15/19	U.S.$	29,309		30,179,366

Total Inflation-Linked Securities (cost $43,474,625)				44,008,531

AGENCIES - 1.7%
Agency Debentures - 1.6%
Federal Home Loan Mortgage Corp.
1.75%, 5/30/19		7,500		7,528,155
Residual Funding Corp. Principal Strip
Zero Coupon, 7/15/20		11,270		9,876,893

				17,405,048

Agency Subordinated - 0.1%
Federal National Mortgage Association Zero Coupon, 10/09/19		1,530		1,344,512

Total Agencies (cost $17,785,709)				18,749,560

COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.6%
Non-Agency Fixed Rate CMBS - 1.2%
Citigroup Commercial Mortgage Trust
Series 2006-C4, Class A1A
5.975%, 3/15/49		1,637		1,749,431
Commercial Mortgage Loan Trust
Series 2008-LS1, Class A1A
6.213%, 12/10/49		2,569		2,893,537
Commercial Mortgage Pass-Through Certificates
Series 2013-CR6, Class A2
2.122%, 3/10/46		3,670		3,725,167


	Principal Amount (000)		U.S. $ Value
GS Mortgage Securities Trust
Series 2013-G1, Class A2
3.557%, 4/10/31 (a)	U.S.$	1,094	$	1,070,553
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-4, Class A1A
5.166%, 12/12/49		2,091		2,257,772
UBS-Barclays Commercial Mortgage Trust
Series 2012-C3, Class A4
3.091%, 8/10/49		574		575,232
Series 2012-C4, Class A5
2.85%, 12/10/45		1,150		1,129,605

				13,401,297

Non-Agency Floating Rate CMBS - 0.3%
Commercial Mortgage Pass Through Certificates
Series 2014-KYO, Class A
1.054%, 6/11/27 (a)(c)		1,406		1,406,172
Commercial Mortgage Pass Through Certificates
Series 2014-SAVA, Class A
1.305%, 6/15/34 (c)		1,192		1,191,623
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2014-INN, Class A
1.071%, 6/15/29 (a)(c)		1,876		1,876,000

				4,473,795

Total Commercial Mortgage-Backed Securities (cost $18,219,509)				17,875,092

QUASI-SOVEREIGNS - 1.0%
Quasi-Sovereign Bonds - 1.0%
Chile - 0.2%
Empresa de Transporte de Pasajeros Metro SA
4.75%, 2/04/24 (a)		1,803		1,904,189

China - 0.3%
CNOOC Curtis Funding No 1 Pty Ltd.
4.50%, 10/03/23 (a)		497		520,263
Sinopec Group Overseas Development 2013 Ltd.
4.375%, 10/17/23 (a)		1,800		1,866,404
State Grid Overseas Investment 2014 Ltd.
4.125%, 5/07/24 (a)		1,651		1,694,172

				4,080,839

South Korea - 0.3%
Korea Development Bank (The)
3.25%, 3/09/16		1,229		1,275,231
Korea National Oil Corp.
3.125%, 4/03/17 (a)		1,850		1,925,439

				3,200,670


	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	$	1,861,563

Total Quasi-Sovereigns (cost $10,654,150)				11,047,261

COLLATERALIZED MORTGAGE OBLIGATIONS - 0.9%
Non-Agency Fixed Rate - 0.5%
JP Morgan Mortgage Trust
Series 2013-1, Class 1A2
3.00%, 3/25/43 (a)		2,763		2,692,094
Sequoia Mortgage Trust
Series 2013-6, Class A1
2.50%, 5/25/43		3,516		3,256,308

				5,948,402

GSE Risk Share Floating Rate - 0.4%
Federal Home Loan Mortgage Corp.
Series 2014-DN2, Class M1
1.002%, 4/25/24 (c)		1,717		1,718,716
Structured Agency Credit Risk Debt Notes
Series 2014-DN1, Class M1
1.152%, 2/25/24 (c)		1,939		1,945,772

				3,664,488

Total Collateralized Mortgage Obligations (cost $9,973,021)				9,612,890

COVERED BONDS - 0.6%
Australia - 0.3%
National Australia Bank Ltd.
2.00%, 2/22/19 (a)		3,645		3,642,556

Canada - 0.2%
Bank of Nova Scotia
1.75%, 3/22/17 (a)		1,800		1,835,807

Spain - 0.1%
CaixaBank SA
3.00%, 3/22/18	EUR	500		736,295

Total Covered Bonds (cost $6,168,726)				6,214,658

LOCAL GOVERNMENTS - PROVINCIAL BONDS - 0.6%
Canada - 0.6%
Province of British Columbia
3.25%, 12/18/21	CAD	3,237		3,195,197
Province of Manitoba Canada
3.85%, 12/01/21		2,950		3,006,039

Total Local Governments - Provincial Bonds (cost $6,317,842)				6,201,236


Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS - 11.6%
Investment Companies - 11.2%
AllianceBernstein Fixed-Income Shares, Inc. - Government STIF Portfolio, 0.07% (d)(e) (cost $124,661,885)		124,661,885	$	124,661,885

U.S. Treasury Bills - 0.4%
U.S. Treasury Bill Zero Coupon, 7/17/14 (cost $4,999,931)		5,000		4,999,931

Total Short-Term Investments (cost $129,661,816)				129,661,816

Total Investments - 99.3% (cost $1,079,117,743) (f)				1,100,680,729
Other assets less liabilities - 0.7% (g)				8,176,320

Net Assets - 100.0%			$	1,108,857,049

FUTURES



Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2014		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro BUXL 30 Yr Bond Futures		14		September 2014	$	2,523,616	$	2,581,459	$	57,843
Euro STOXX 50 Futures		1,107		September 2014		49,495,254		48,991,154		(504,100	)
FTSE 100 Index Futures		86		September 2014		9,867,148		9,877,275		10,127
Long GILT Futures		12		September 2014		2,253,523		2,257,405		3,882
Russell 2000 Mini Futures		37		September 2014		4,327,647		4,404,110		76,463
SPI 200 Futures		29		September 2014		3,660,272		3,660,201		(71	)
TOPIX Index Futures		214		September 2014		26,113,302		26,669,464		556,162
Sold Contracts
10 Yr Japan Bond Futures		82		September 2014		117,489,224		117,894,477		(405,253	)
Hang Seng Index Futures		25		July 2014		3,668,524		3,726,259		(57,735	)
U.S. Long Bond (CBT) Futures		190		September 2014		25,872,445		26,065,625		(193,180	)
U.S. T-Note 2 Yr (CBT) Futures		3		September 2014		659,105		658,781		324
U.S. T-Note 5 Yr (CBT) Futures		184		September 2014		21,969,055		21,980,813		(11,758	)
U.S. T-Note 10 Yr (CBT) Futures		359		September 2014		44,871,679		44,936,703		(65,024	)

									$	(532,320	)

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		JPY	9,904,006		USD	97,604		7/11/14	$	(166,490	)
Barclays Bank PLC		JPY	175,651		USD	1,714		8/14/14		(20,787	)
BNP Paribas SA		DKK	65,543		USD	12,032		7/15/14		(5,941	)
BNP Paribas SA		USD	18,318		AUD	19,891		7/18/14		416,825
BNP Paribas SA		AUD	1,413		USD	1,319		8/14/14		(9,463	)
BNP Paribas SA		USD	4,834		AUD	5,258		8/14/14		108,804
BNP Paribas SA		ZAR	64,339		USD	5,990		8/14/14		(16,599	)
Citibank, NA		PLN	11,653		USD	3,805		7/10/14		(30,458	)
Citibank, NA		EUR	120,947		USD	164,636		7/11/14		(982,409	)
Citibank, NA		NZD	34,424		USD	29,729		8/07/14		(311,891	)
Credit Suisse International		USD	9,231		GBP	5,498		8/14/14		175,023
Deutsche Bank AG		CAD	25,805		USD	23,577		7/11/14		(601,254	)
Deutsche Bank AG		EUR	1,795		USD	2,444		7/11/14		(13,311	)
Deutsche Bank AG		SEK	18,434		USD	2,797		7/15/14		38,347
Goldman Sachs Bank USA		CAD	18,761		USD	17,274		7/11/14		(303,365	)
Goldman Sachs Bank USA		MXN	125,357		USD	9,607		7/24/14		(41,181	)
Goldman Sachs Bank USA		GBP	45,308		USD	76,840		8/21/14		(669,438	)
Royal Bank of Scotland PLC		AUD	34,288		USD	31,523		7/18/14		(771,851	)
Royal Bank of Scotland PLC		JPY	158,637		USD	1,547		8/14/14		(19,503	)
Standard Chartered Bank		SGD	4,486		USD	3,572		7/18/14		(26,270	)
State Street Bank & Trust Co.		EUR	2,379		USD	3,237		7/11/14		(20,940	)
State Street Bank & Trust Co.		JPY	160,392		USD	1,583		7/11/14		(145	)
State Street Bank & Trust Co.		USD	90		SEK	600		7/15/14		31
State Street Bank & Trust Co.		CAD	29		USD	27		8/14/14		(539	)
State Street Bank & Trust Co.		USD	4,085		CHF	3,583		8/14/14		(43,244	)
State Street Bank & Trust Co.		USD	12,469		EUR	8,995		8/14/14		(150,648	)
UBS AG		USD	3,087		EUR	2,263		7/11/14		12,894

									$	(3,453,803	)

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./(CME Group)	$	37,150		11/04/18		3 Month LIBOR		1.453	%	$	(3,728	)
Citigroup Global Markets, Inc./(CME Group)		21,060		11/01/23		3 Month LIBOR		2.617	%		234,288


					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./(CME Group)	$	5,770		11/05/23		3 Month LIBOR		2.76	%	$	133,483
Citigroup Global Markets, Inc./(CME Group)		6,450		11/04/43		3 Month LIBOR		3.58	%		385,149

										$	749,192

TOTAL RETURN SWAPS


Receive/Pay Total Return on Reference Index	Index	# of Shares or Units		Rate Paid by the Fund			Notional Amount (000)		Maturity Date		Counterparty	Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Index
Receive	MSCI AC Far East Ex Japan Index		23,866		0.43	%		8,747		10/15/14	Bank of America, NA	$	88,150
Receive	MSCI AC Far East Ex Japan Index		35,575		0.38	%		13,038		11/17/14	Bank of America, NA		131,616
Receive	SPDR S&P 500 ETF Trust		2,275		0.42	%		442		6/15/15	Bank of America, NA		3,191
Receive	SPDR S&P 500 ETF Trust		131,577		0.42	%		25,564		6/15/15	Bank of America, NA		184,583
Receive	MSCI Daily TR Gross EAFE		4,408		0.20	%		23,528		5/06/15	Citibank, NA		117,246
Receive	Russell 2000 Total Return Index		1,787		1.00	%		9,397		8/25/14	Goldman Sachs International		592,333
Receive	Standard and Poor’s Midcap 400 Index		4,878		0.35	%		9,329		8/25/14	Goldman Sachs International		452,127
Receive	Standard and Poor’s Midcap 400 Index		680		0.35	%		1,341		9/10/14	Goldman Sachs International		22,605
Receive	Standard and Poor’s Midcap 400 Index		2,960		0.37	%		5,809		3/16/15	Goldman Sachs International		127,966
Receive	Russell 2000 Total Return Index		332		1.00	%		1,809		9/10/14	UBS AG		46,879

												$	1,766,696

(a)

(b)

Variable rate coupon, rate shown as of June 30, 2014.

(c)

Floating Rate Security. Stated interest rate was in effect at June 30, 2014.

(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 AllianceBernstein 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)

As of June 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $34,542,070 and gross unrealized depreciation of investments was $(12,979,084), resulting in net unrealized appreciation of $21,562,986.

(g)

Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts. The market value of the collateral amounted to $7,721,531.

Currency Abbreviations:


AUD	-	Australian Dollar
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
DKK	-	Danish Krone
EUR	-	Euro
GBP	-	Great British Pound
JPY	-	Japanese Yen
MXN	-	Mexican Peso
NZD	-	New Zealand Dollar
PLN	-	Polish Zloty
SEK	-	Swedish Krona
SGD	-	Singapore Dollar
USD	-	United States Dollar
ZAR	-	South African Rand

Glossary:


AC	-	All Country
ARMs	-	Adjustable Rate Mortgages
BTAN	-	Bon à Taux Annuel Normalisé
CBT	-	Chicago Board of Trade
CMBS	-	Commercial Mortgage-Backed Securities
CME	-	Chicago Mercantile Exchange
EAFE	-	Europe, Australia, and Far East
ETF	-	Exchange Traded Fund
FTSE	-	Financial Times Stock Exchange
GSE	-	Government-Sponsored Enterprise
LIBOR	-	London Interbank Offered Rates
MSCI	-	Morgan Stanley Capital International
OAT	-	Obligations Assimilables du Trésor
SPDR	-	Standard & Poor’s Depository Receipt
SPI	-	Share Price Index
TOPIX	-	Tokyo Price Index

Sanford C. Bernstein Fund, Inc. - Overlay B Portfolio

Portfolio Summary

June 30, 2014 (unaudited)

COUNTRY BREAKDOWN *


	47.7%			United States
	9.8%			Japan
	9.1%			United Kingdom
	4.2%			Canada
	4.1%			Italy
	4.0%			Germany
	3.8%			France
	3.1%			New Zealand
	1.9%			Austria
	1.8%			Australia
	1.7%			Spain
	1.2%			Denmark
	1.1%			Belgium
	6.5%			Other

	100.0%			Total Investments

All data are as of June 30, 2014. The Portfolio’s country breakdown is expressed as a percentage of long-term investments and may vary over time. “Other” country weightings represent 1.0% or less in the following countries: Chile, China, Finland, Ireland, Mexico, Netherlands, Poland, Qatar, Singapore, South Africa, South Korea, Sweden, Switzerland and United Arab Emirates.

Sanford C. Bernstein Fund, Inc. - Overlay B Portfolio

June 30, 2014 (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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Governments - Treasuries

– 0

–

518,887,537

– 0

–

518,887,537

Investment Companies

239,183,825

– 0

–

– 0

–

239,183,825

Corporates - Investment Grades

– 0

–

52,297,371

– 0

–

52,297,371

Governments - Sovereign Agencies

– 0

–

46,940,952

– 0

–

46,940,952

Inflation-Linked Securities

– 0

–

44,008,531

– 0

–

44,008,531

Agencies

– 0

–

18,749,560

– 0

–

18,749,560

Commercial Mortgage-Backed Securities

– 0

–

12,383,760

5,491,332

17,875,092

Collateralized Mortgage Obligations

– 0

–

– 0

–

9,612,890

Quasi-Sovereigns

– 0

–

11,047,261

– 0

–

11,047,261

Covered Bonds

– 0

–

6,214,658

– 0

–

6,214,658

Local Governments - Provincial Bonds

– 0

–

6,201,236

– 0

–

6,201,236

Short-Term Investments:

Investment Companies

124,661,885

– 0

–

– 0

–

124,661,885

U.S. Treasury Bills

– 0

–

4,999,931

– 0

–

4,999,931

Total Investments in Securities

363,845,710

721,730,797

15,104,222

1,100,680,729

Other Financial Instruments* :

Assets:

Futures

138,512

566,289

– 0

–

704,801

Forward Currency Exchange Contracts

– 0

–

751,924

– 0

–

751,924

Centrally Cleared Interest Rate Swaps

– 0

–

752,920

– 0

–

752,920

Total Return Swaps

– 0

–

1,766,696

– 0

–

1,766,696

Liabilities:

Futures

(675,215

)

(561,906

)

– 0

–

(1,237,121

)

Forward Currency Exchange Contracts

– 0

–

(4,205,727

)

– 0

–

(4,205,727

)

Centrally Cleared Interest Rate Swaps

– 0

–

(3,728

)

– 0

–

(3,728

)

Total ^

363,309,007

720,797,265

15,104,222

1,099,210,494

*	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.


	Commercial Mortgage- Backed Securities			Collateralized Mortgage Obligations			Total
Balance as of 9/30/13	$	– 0	–	$	6,084,587		$	6,084,587
Accrued discounts/(premiums)		(3,460	)		(1,042	)		(4,502	)
Realized gain (loss)		(2,771	)		(3,324	)		(6,095	)
Change in unrealized appreciation/depreciation		(26,970	)		202,481			175,511
Purchases		5,544,730			3,735,000			9,279,730
Sales		(20,197	)		(404,812	)		(425,009	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–

Balance as of 6/30/14	$	5,491,332		$	9,612,890		$	15,104,222

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14	$	(26,970	)	$	202,481		$	175,511

The following presents information about significant unobservable inputs related to the Portfolio with material categories of Level 3 investments at June 30, 2014:

Quantitative Information about Level 3 Fair Value Measurements

Fair Value at
6/30/14

Valuation Technique

Unobservable Input

Range/Weighted Average

Commercial Mortgage-Backed Securities

2,893,537

2,597,795

Third Party Vendor

Qualitative Assessment

Evaluated Quotes

Transaction Price

$
$

112.61/N/A
100.00/$100.00

Collateralized Mortgage Obligations

9,612,890

Third Party Vendor

Evaluated Quotes

92.63 – $100.36/$96.87

Sanford C. Bernstein Fund, Inc. - Tax-Aware Overlay A Portfolio

Portfolio of Investments

June 30, 2014 (unaudited)


Company	Shares		U.S. $ Value
COMMON STOCKS - 72.2%
Financials - 14.9%
Banks - 5.1%
Aozora Bank Ltd.		313,000	$	1,029,080
Associated Banc-Corp		30,800		556,864
Axis Bank Ltd.		8,470		270,136
Banco Bradesco SA (Preference Shares)		43,200		626,639
Banco do Brasil SA		190,800		2,145,906
Bangkok Bank PCL (NVDR)		95,200		566,185
Bank Hapoalim BM		331,910		1,917,106
Bank Mandiri Persero Tbk PT		623,000		510,259
Bank of America Corp.		1,865,700		28,675,809
Bank of Montreal		17,640		1,299,050
China Construction Bank Corp. - Class H		2,481,000		1,876,259
China Merchants Bank Co., Ltd. - Class H		277,000		546,799
Citigroup, Inc.		384,000		18,086,400
Comerica, Inc.		16,060		805,570
Credicorp Ltd.		5,690		884,624
Danske Bank A/S		178,150		5,036,032
DGB Financial Group, Inc.		37,600		563,076
First Niagara Financial Group, Inc.		53,890		470,999
First Republic Bank/CA		11,600		637,884
Grupo Financiero Banorte SAB de CV - Class O		156,754		1,121,026
Grupo Financiero Santander Mexico SAB de CV (ADR) - Class B		35,640		473,299
Hang Seng Bank Ltd.		176,600		2,890,620
HDFC Bank Ltd. (ADR)		23,900		1,118,998
Huntington Bancshares, Inc./OH		81,430		776,842
Iberiabank Corp.		7,860		543,833
ICICI Bank Ltd.		10,630		250,300
ICICI Bank Ltd. (Sponsored ADR)		6,120		305,388
Industrial & Commercial Bank of China Ltd. - Class H		3,070,000		1,941,268
Itausa - Investimentos Itau SA (Preference Shares)		32,800		129,003
JPMorgan Chase & Co.		222,600		12,826,212
Kasikornbank PCL (NVDR)		148,500		933,357
KB Financial Group, Inc.		21,930		762,109
KBC Groep NV (a)		59,390		3,230,882
Komercni Banka AS		4,852		1,115,877
Lloyds Banking Group PLC (a)		4,284,298		5,445,651
Mitsubishi UFJ Financial Group, Inc.		762,500		4,680,770
PacWest Bancorp		10,905		470,769
Popular, Inc. (a)		23,040		787,507
Resona Holdings, Inc.		537,900		3,134,523
Sberbank of Russia (Sponsored ADR)		135,658		1,379,642
Seven Bank Ltd.		323,900		1,324,478
Shinhan Financial Group Co., Ltd.		8,910		411,074
Signature Bank/New York NY (a)		5,317		670,899
Societe Generale SA		110,065		5,772,102
State Bank of India		8,000		357,021
Sumitomo Mitsui Financial Group, Inc.		47,600		1,997,148
Susquehanna Bancshares, Inc.		39,730		419,549
SVB Financial Group (a)		6,150		717,213
Toronto-Dominion Bank (The)		38,150		1,963,900
UniCredit SpA		870,970		7,282,504
US Bancorp/MN		408,600		17,700,552
Webster Financial Corp.		15,140		477,516
Wells Fargo & Co.		892,400		46,904,544


Company	Shares		U.S. $ Value
Westpac Banking Corp.		19,170	$	613,174
Zions Bancorporation		25,820		760,915

				198,195,142

Capital Markets - 0.9%
Affiliated Managers Group, Inc. (a)		46,599		9,571,435
China Cinda Asset Management Co., Ltd. - Class H (a)		128,800		63,974
Daiwa Securities Group, Inc.		472,000		4,089,536
Deutsche Bank AG (REG)		109,350		3,843,103
E*Trade Financial Corp. (a)		27,470		584,012
Goldman Sachs Group, Inc. (The)		49,200		8,238,048
Lazard Ltd. - Class A		15,984		824,135
Stifel Financial Corp. (a)		11,520		545,472
UBS AG (REG) (a)		352,103		6,455,632

				34,215,347

Consumer Finance - 1.7%
American Express Co.		381,300		36,173,931
Capital One Financial Corp.		286,100		23,631,860
Muthoot Finance Ltd.		161,907		509,740
Shriram Transport Finance Co., Ltd.		47,020		704,486
SLM Corp.		859,700		7,144,107

				68,164,124

Diversified Financial Services - 0.8%
Berkshire Hathaway, Inc. - Class B (a)		74,100		9,378,096
Cerved Information Solutions SpA (a)		298,501		2,019,163
IG Group Holdings PLC		173,601		1,744,035
Intercontinental Exchange, Inc.		70,100		13,241,890
ORIX Corp.		391,800		6,496,354

				32,879,538

Insurance - 4.9%
Admiral Group PLC		353,600		9,369,223
AIA Group Ltd.		1,467,400		7,382,581
American Financial Group, Inc./OH		14,390		857,068
American International Group, Inc.		550,600		30,051,748
Aon PLC		209,600		18,882,864
Aspen Insurance Holdings Ltd.		19,730		896,137
Assurant, Inc.		233,710		15,319,691
BB Seguridade Participacoes SA		155,300		2,280,123
Chubb Corp. (The)		122,100		11,253,957
CNO Financial Group, Inc.		37,730		671,594
Everest Re Group Ltd.		71,200		11,426,888
Genworth Financial, Inc. - Class A (a)		583,250		10,148,550
Gjensidige Forsikring ASA		89,080		1,597,496
Insurance Australia Group Ltd.		149,600		823,989
Lancashire Holdings Ltd.		220,376		2,466,571
Lincoln National Corp.		504,500		25,951,480
Muenchener Rueckversicherungs AG		23,050		5,104,383
PartnerRe Ltd.		225,730		24,651,973
Prudential PLC		283,260		6,489,898
Suncorp Group Ltd.		108,111		1,380,563
Topdanmark A/S^(a)		68,420		2,082,122
Tryg A/S		20,170		2,037,919


Company	Shares		U.S. $ Value
Unum Group		19,670	$	683,729
Validus Holdings Ltd.		20,350		778,184

				192,588,731

Real Estate Investment Trusts (REITs) - 0.6%
American Tower Corp.		202,900		18,256,942
BioMed Realty Trust, Inc.		22,110		482,661
Camden Property Trust		7,190		511,569
DDR Corp.		40,280		710,136
DiamondRock Hospitality Co.		55,090		706,254
LTC Properties, Inc.		17,891		698,465
Medical Properties Trust, Inc.		53,010		701,852
Mid-America Apartment Communities, Inc.		8,040		587,322
Parkway Properties, Inc./MD		29,728		613,883
STAG Industrial, Inc.		17,890		429,539

				23,698,623

Real Estate Management & Development - 0.8%
Aeon Mall Co., Ltd.		67,400		1,777,128
Ayala Land, Inc.		605,400		423,257
BR Malls Participacoes SA		37,000		314,822
China Overseas Land & Investment Ltd.		262,000		635,494
CIFI Holdings Group Co., Ltd.		1,208,000		222,874
Country Garden Holdings Co., Ltd.		5,508,000		2,173,802
Daito Trust Construction Co., Ltd.		59,300		6,973,030
Global Logistic Properties Ltd.		4,150,000		8,994,041
Greentown China Holdings Ltd.		172,000		171,592
Hang Lung Group Ltd.		107,000		579,239
Hang Lung Properties Ltd.		1,239,000		3,820,868
Huaku Development Co., Ltd.		55,000		131,672
KWG Property Holding Ltd.		1,061,500		609,437
Lend Lease Group		318,840		3,941,648
LPN Development PCL		207,400		129,725
Mitsubishi Estate Co., Ltd.		50,000		1,235,275
Pruksa Real Estate PCL		350,600		315,978
Shimao Property Holdings Ltd.		147,500		271,744
Supalai PCL		203,700		137,453

				32,859,079

Thrifts & Mortgage Finance - 0.1%
Essent Group Ltd. (a)		3,760		75,538
Housing Development Finance Corp.		308,870		5,070,928

				5,146,466

				587,747,050

Information Technology - 11.9%
Communications Equipment - 0.4%
Brocade Communications Systems, Inc.		912,350		8,393,620
BYD Electronic International Co., Ltd.		750,500		644,073
F5 Networks, Inc. (a)		72,600		8,090,544
Harris Corp.		9,620		728,715
Palo Alto Networks, Inc. (a)		6,370		534,125

				18,391,077

Electronic Equipment, Instruments & Components - 0.6%
Amphenol Corp. - Class A		153,600		14,797,824
Anixter International, Inc.		5,430		543,380


Company	Shares		U.S. $ Value
Arrow Electronics, Inc. (a)		14,800	$	894,068
Avnet, Inc.		19,090		845,878
CDW Corp./DE		24,960		795,725
Innolux Corp. (a)		349,000		163,649
Insight Enterprises, Inc. (a)		19,600		602,504
Jabil Circuit, Inc.		37,990		793,991
Ju Teng International Holdings Ltd.		388,000		278,501
LG Display Co., Ltd. (a)		14,070		442,933
LG Display Co., Ltd. (ADR) (a)		14,120		222,672
TTM Technologies, Inc. (a)		48,660		399,012
Unimicron Technology Corp.		141,000		136,516
Vishay Intertechnology, Inc.		55,600		861,244
Yageo Corp.		715,000		509,558
Zebra Technologies Corp. - Class A (a)		6,300		518,616

				22,806,071

Internet Software & Services - 2.0%
Baidu, Inc. (Sponsored ADR) (a)		8,250		1,541,182
CoStar Group, Inc. (a)		5,632		890,813
Cvent, Inc. (a)		13,396		389,690
eBay, Inc. (a)		356,000		17,821,360
Facebook, Inc. - Class A (a)		151,600		10,201,164
Google, Inc. - Class A (a)		33,600		19,644,912
Google, Inc. - Class C (a)		37,500		21,573,000
Pandora Media, Inc. (a)		20,640		608,880
Telecity Group PLC		346,121		4,464,150
Yelp, Inc. (a)		7,076		542,588
Zillow, Inc. - Class A (a)		4,000		571,720

				78,249,459

IT Services - 2.9%
Amadeus IT Holding SA - Class A		82,230		3,389,790
Amdocs Ltd.		426,139		19,743,019
Booz Allen Hamilton Holding Corp.		236,240		5,017,738
Cognizant Technology Solutions Corp. - Class A (a)		260,800		12,755,728
Convergys Corp.		18,990		407,146
DH Corp.		17,080		497,010
Fidelity National Information Services, Inc.		290,500		15,901,970
Fujitsu Ltd.		383,000		2,869,758
Genpact Ltd. (a)		33,160		581,295
HCL Technologies Ltd.		85,175		2,129,489
Obic Co., Ltd.		73,600		2,427,330
QIWI PLC (Sponsored ADR)		1,550		62,511
Tata Consultancy Services Ltd.		57,010		2,289,251
Visa, Inc. - Class A		138,200		29,120,122
Xerox Corp.		1,273,100		15,837,364

				113,029,521

Semiconductors & Semiconductor Equipment - 1.3%
Advanced Semiconductor Engineering, Inc.		1,554,000		2,013,678
Advanced Semiconductor Engineering, Inc. (ADR)		81,310		528,515
Cavium, Inc. (a)		10,640		528,382
Entegris, Inc. (a)		42,550		584,850
Intersil Corp. - Class A		55,210		825,390


Company	Shares		U.S. $ Value
King Yuan Electronics Co., Ltd.		587,000	$	551,864
Kinsus Interconnect Technology Corp.		124,000		557,302
Lam Research Corp.		13,170		890,029
Linear Technology Corp.		502,500		23,652,675
Novatek Microelectronics Corp.		461,000		2,267,307
Samsung Electronics Co., Ltd.		840		1,096,997
Samsung Electronics Co., Ltd. (GDR) (b)		9,939		5,190,674
Samsung Electronics Co., Ltd. (GDR) (London) (b)		3,860		2,491,817
SK Hynix, Inc. (a)		45,990		2,208,341
Sumco Corp.		206,500		1,892,754
Taiwan Semiconductor Manufacturing Co., Ltd.		674,000		2,852,060
Teradyne, Inc.		68,830		1,349,068
Tokyo Electron Ltd.		30,600		2,085,522

				51,567,225

Software - 2.2%
ANSYS, Inc. (a)		147,900		11,213,778
Aspen Technology, Inc. (a)		13,602		631,133
Concur Technologies, Inc. (a)		5,830		544,172
Constellation Software, Inc./Canada		2,440		621,885
Dassault Systemes		4,460		573,471
Electronic Arts, Inc. (a)		662,720		23,771,766
Guidewire Software, Inc. (a)		11,897		483,732
Informatica Corp. (a)		18,150		647,048
Microsoft Corp.		619,700		25,841,490
NetSuite, Inc. (a)		55,390		4,812,283
Open Text Corp.		12,800		614,179
Oracle Corp.		90,800		3,680,124
Oracle Corp. Japan		28,800		1,259,790
SAP AG		18,277		1,408,329
ServiceNow, Inc. (a)		120,499		7,466,118
SolarWinds, Inc. (a)		16,050		620,493
Tableau Software, Inc. - Class A (a)		8,307		592,538
Ultimate Software Group, Inc. (The) (a)		4,716		651,610

				85,433,939

Technology Hardware, Storage & Peripherals - 2.5%
Apple, Inc. (c)		604,900		56,213,357
Asustek Computer, Inc.		250,000		2,793,983
Casetek Holdings Ltd.		67,000		393,785
Catcher Technology Co., Ltd.		504,000		4,703,487
Hewlett-Packard Co.		1,027,700		34,612,936
Inventec Corp.		707,000		677,469
Lite-On Technology Corp.		217,075		362,542
NCR Corp. (a)		16,490		578,634

				100,336,193

				469,813,485

Consumer Discretionary - 10.9%
Auto Components - 0.4%
Cie Generale des Etablissements Michelin - Class B		36,898		4,405,703
Dana Holding Corp.		35,670		871,061
Hyundai Mobis		2,791		783,832


Company	Shares		U.S. $ Value
Lear Corp.		9,950	$	888,734
Plastic Omnium SA		51,050		1,601,231
Tenneco, Inc. (a)		13,430		882,351
TRW Automotive Holdings Corp. (a)		9,450		845,964
Valeo SA		49,380		6,625,541

				16,904,417

Automobiles - 1.4%
Ford Motor Co.		1,654,800		28,528,752
Great Wall Motor Co., Ltd. - Class H		487,500		1,812,840
Honda Motor Co., Ltd.		148,200		5,171,401
Hyundai Motor Co.		5,970		1,353,523
Hyundai Motor Co. (Preference Shares)		3,059		458,091
Kia Motors Corp.		16,790		939,323
Nissan Motor Co., Ltd.		282,900		2,678,908
Tata Motors Ltd.		227,270		1,115,757
Tata Motors Ltd. (Sponsored ADR)		25,520		996,811
Thor Industries, Inc.		9,380		533,441
Toyota Motor Corp.		157,100		9,405,988
Volkswagen AG (Preference Shares)		14,836		3,885,795

				56,880,630

Distributors - 0.1%
Inchcape PLC		106,380		1,154,008
LKQ Corp. (a)		33,121		884,000

				2,038,008

Diversified Consumer Services - 0.4%
Bright Horizons Family Solutions, Inc. (a)		12,428		533,658
Estacio Participacoes SA		556,000		7,360,489
Grand Canyon Education, Inc. (a)		18,340		843,090
Kroton Educacional SA		200,400		5,619,726

				14,356,963

Hotels, Restaurants & Leisure - 1.3%
Ajisen China Holdings Ltd.		319,000		247,701
Bloomin’ Brands, Inc. (a)		25,560		573,311
Buffalo Wild Wings, Inc. (a)		4,480		742,381
DineEquity, Inc.		6,340		503,967
Galaxy Entertainment Group Ltd.		101,000		804,636
McDonald’s Corp.		71,100		7,162,614
Melco Crown Entertainment Ltd. (ADR)		124,192		4,434,896
Melco International Development Ltd.		191,000		578,652
Merlin Entertainments PLC (a)(b)		262,926		1,611,798
MGM China Holdings Ltd.		96,400		334,948
Norwegian Cruise Line Holdings Ltd. (a)		12,919		409,532
Sodexo		71,030		7,642,771
Starbucks Corp.		204,300		15,808,734
Tatts Group Ltd.		324,000		998,929
Whitbread PLC		47,029		3,547,892
William Hill PLC		352,500		1,979,128
Yum! Brands, Inc.		37,540		3,048,248

				50,430,138


Company	Shares		U.S. $ Value
Household Durables - 0.1%
Even Construtora e Incorporadora SA		126,100	$	373,820
Helen of Troy Ltd. (a)		9,400		569,922
Meritage Homes Corp. (a)		17,950		757,669
PulteGroup, Inc.		32,460		654,394
Rossi Residencial SA (a)		112,600		88,164
Skyworth Digital Holdings Ltd.		616,000		294,093
Steinhoff International Holdings Ltd.		68,410		381,380
Tempur Sealy International, Inc. (a)		7,038		420,169

				3,539,611

Internet & Catalog Retail - 0.6%
HomeAway, Inc. (a)		15,916		554,195
JD.com, Inc. (ADR) (a)		14,447		411,884
Just Eat PLC (a)		398,606		1,739,544
Priceline Group, Inc. (The) (a)		15,800		19,007,400
zulily, Inc. - Class A (a)		12,830		525,389

				22,238,412

Leisure Products - 0.4%
Hasbro, Inc.		89,500		4,747,975
Polaris Industries, Inc.		92,324		12,024,278

				16,772,253

Media - 3.0%
AMC Networks, Inc. - Class A (a)		7,410		455,641
British Sky Broadcasting Group PLC		62,930		973,593
CBS Corp. - Class B		58,900		3,660,046
Cineplex, Inc.		24,670		958,316
Comcast Corp. - Class A		459,500		24,665,960
Gannett Co., Inc.		433,310		13,566,936
Liberty Global PLC - Series C (a)		107,200		4,535,632
Naspers Ltd. - Class N		1,095		128,928
Reed Elsevier PLC		161,720		2,598,824
SKY Perfect JSAT Holdings, Inc.		156,800		919,451
Thomson Reuters Corp.		68,760		2,503,469
Time Warner, Inc.		280,000		19,670,000
Twenty-First Century Fox, Inc. - Class A		301,400		10,594,210
Viacom, Inc. - Class B		119,300		10,346,889
Walt Disney Co. (The)		226,000		19,377,240
Wolters Kluwer NV		83,850		2,483,758

				117,438,893

Multiline Retail - 0.1%
Canadian Tire Corp., Ltd. - Class A		12,760		1,224,161
Next PLC		28,750		3,182,714

				4,406,875

Specialty Retail - 2.3%
AutoZone, Inc. (a)		13,300		7,131,992
Brown Shoe Co., Inc.		13,850		396,248
Cabela’s, Inc. (a)		12,170		759,408
Children’s Place, Inc. (The)		13,720		680,924
Chow Tai Fook Jewellery Group Ltd.		363,543		556,633
Dick’s Sporting Goods, Inc.		10,870		506,107
Fielmann AG		3,090		445,507
Five Below, Inc. (a)		20,556		820,390


Company	Shares		U.S. $ Value
GameStop Corp. - Class A		404,510	$	16,370,520
Home Depot, Inc. (The)		310,000		25,097,600
Lumber Liquidators Holdings, Inc. (a)		440		33,418
Mr. Price Group Ltd.		10,270		174,614
Office Depot, Inc. (a)		1,827,840		10,400,410
Shimamura Co., Ltd.		18,700		1,840,708
Sports Direct International PLC (a)		404,687		4,890,223
TJX Cos., Inc. (The)		344,300		18,299,545
Tractor Supply Co.		10,870		656,548
Ulta Salon Cosmetics & Fragrance, Inc. (a)		6,360		581,368
Yamada Denki Co., Ltd.		636,000		2,267,177
Zhongsheng Group Holdings Ltd.		404,000		521,333

				92,430,673

Textiles, Apparel & Luxury Goods - 0.8%
Cie Financiere Richemont SA		73,600		7,712,487
Cie Financiere Richemont SA (Johannesburg)		154,530		1,625,415
Hugo Boss AG		17,953		2,680,731
Li & Fung Ltd.		3,490,000		5,178,391
NIKE, Inc. - Class B		155,100		12,028,005
Samsonite International SA		701,800		2,313,413
Shenzhou International Group Holdings Ltd.		81,000		277,382
Under Armour, Inc. - Class A (a)		11,450		681,160
Yue Yuen Industrial Holdings Ltd.		143,000		484,001

				32,980,985

				430,417,858

Health Care - 9.0%
Biotechnology - 2.2%
Actelion Ltd. (REG) (a)		43,720		5,533,625
Arrowhead Research Corp. (a)		11,550		165,281
Biogen Idec, Inc. (a)(c)		73,600		23,206,816
Celgene Corp. (a)		42,642		3,662,095
CSL Ltd.		18,180		1,141,212
Cubist Pharmaceuticals, Inc. (a)		9,730		679,349
Gilead Sciences, Inc. (a)		359,700		29,822,727
Grifols SA (ADR)		4,841		213,246
Intercept Pharmaceuticals, Inc. (a)		200		47,326
Isis Pharmaceuticals, Inc. (a)		3,133		107,932
NPS Pharmaceuticals, Inc. (a)		13,330		440,557
Pharmacyclics, Inc. (a)		3,480		312,191
Puma Biotechnology, Inc. (a)		625		41,250
Quintiles Transnational Holdings, Inc. (a)		240,818		12,833,191
Synageva BioPharma Corp. (a)		2,459		257,703
TESARO, Inc. (a)		7,358		228,907
Theravance, Inc. (a)		9,150		272,487
Vertex Pharmaceuticals, Inc. (a)		56,577		5,356,710

				84,322,605

Health Care Equipment & Supplies - 1.5%
Align Technology, Inc. (a)		9,330		522,853
Becton Dickinson and Co.		167,800		19,850,740
HeartWare International, Inc. (a)		5,571		493,033


Company	Shares		U.S. $ Value
Insulet Corp. (a)		9,910	$	393,130
Intuitive Surgical, Inc. (a)		36,300		14,948,340
Medtronic, Inc.		338,500		21,582,760
Sirona Dental Systems, Inc. (a)		7,930		653,908

				58,444,764

Health Care Providers & Services - 0.9%
Acadia Healthcare Co., Inc. (a)		17,129		779,370
Aetna, Inc.		269,400		21,842,952
Alfresa Holdings Corp.		12,200		786,567
Envision Healthcare Holdings, Inc. (a)		14,863		533,730
Health Net, Inc./CA (a)		65,940		2,739,148
LifePoint Hospitals, Inc. (a)		11,620		721,602
Mednax, Inc. (a)		9,850		572,778
Molina Healthcare, Inc. (a)		15,280		681,946
Premier, Inc. - Class A (a)		14,180		411,220
Shanghai Pharmaceuticals Holding Co., Ltd. - Class H		261,800		544,516
Sonic Healthcare Ltd.		154,420		2,526,028
Suzuken Co., Ltd./Aichi Japan		35,400		1,318,683

				33,458,540

Life Sciences Tools & Services - 0.2%
Eurofins Scientific SE		29,257		8,999,180
ICON PLC (a)		9,255		436,003

				9,435,183

Pharmaceuticals - 4.2%
Actavis PLC (a)		69,700		15,546,585
Akorn, Inc. (a)		26,076		867,027
Allergan, Inc./United States		148,100		25,061,482
Astellas Pharma, Inc.		309,100		4,064,839
AstraZeneca PLC		9,400		699,338
GlaxoSmithKline PLC		290,962		7,746,915
Glenmark Pharmaceuticals Ltd.		32,071		304,012
GW Pharmaceuticals PLC (ADR) (a)		1,224		131,323
Jazz Pharmaceuticals PLC (a)		4,380		643,904
Johnson & Johnson (c)		320,900		33,572,558
Lupin Ltd.		17,618		307,591
Merck & Co., Inc.		176,300		10,198,955
Novartis AG		103,670		9,388,184
Novo Nordisk A/S - Class B		40,695		1,878,195
Pfizer, Inc.		1,470,200		43,635,536
Richter Gedeon Nyrt		34,620		664,022
Roche Holding AG		32,130		9,573,352
Sun Pharmaceutical Industries Ltd.		191,690		2,192,225

				166,476,043

				352,137,135

Industrials - 7.4%
Aerospace & Defense - 2.3%
Airbus Group NV		119,218		7,993,329
BAE Systems PLC		165,760		1,227,740
Boeing Co. (The)		164,100		20,878,443


Company	Shares		U.S. $ Value
Hexcel Corp. (a)		22,906	$	936,855
Lockheed Martin Corp.		69,800		11,218,954
Precision Castparts Corp.		43,600		11,004,640
QinetiQ Group PLC		192,970		682,627
Raytheon Co.		211,200		19,483,200
Safran SA		63,890		4,182,540
Spirit Aerosystems Holdings, Inc. - Class A (a)		13,680		461,016
TransDigm Group, Inc.		3,997		668,538
United Technologies Corp.		96,000		11,083,200
Zodiac Aerospace		15,630		529,191

				90,350,273

Air Freight & Logistics - 0.0%
Expeditors International of Washington, Inc.		13,840		611,174

Airlines - 0.2%
Copa Holdings SA - Class A		43,300		6,173,281
Qantas Airways Ltd. (a)		1,587,003		1,887,834
Turk Hava Yollari (a)		126,042		386,487

				8,447,602

Commercial Services & Supplies - 0.3%
Babcock International Group PLC		355,775		7,071,704
Edenred		142,507		4,321,374

				11,393,078

Construction & Engineering - 0.1%
AECOM Technology Corp. (a)		17,820		573,804
Granite Construction, Inc.		11,480		413,050
IRB Infrastructure Developers Ltd.		95,140		363,670
Larsen & Toubro Ltd.		15,050		426,511
Tutor Perini Corp. (a)		20,060		636,704
URS Corp.		11,460		525,441

				2,939,180

Electrical Equipment - 0.2%
Amara Raja Batteries Ltd.		50,553		394,702
AMETEK, Inc.		13,902		726,796
General Cable Corp.		22,860		586,588
Sumitomo Electric Industries Ltd.		320,200		4,507,603

				6,215,689

Industrial Conglomerates - 0.8%
Alliance Global Group, Inc.		1,330,400		886,434
Bidvest Group Ltd.		19,770		525,417
Carlisle Cos., Inc.		9,710		841,080
Danaher Corp.		332,100		26,146,233
Hutchison Whampoa Ltd.		195,000		2,664,414
SM Investments Corp.		22,068		412,518

				31,476,096

Machinery - 1.2%
Actuant Corp. - Class A		14,900		515,093
Chart Industries, Inc. (a)		6,790		561,805
Dover Corp.		211,400		19,226,830
IDEX Corp.		12,529		1,011,591


Company	Shares		U.S. $ Value
ITT Corp.		69,086	$	3,323,037
JTEKT Corp.		179,100		3,021,931
Kennametal, Inc.		12,800		592,384
Lincoln Electric Holdings, Inc.		12,499		873,430
Middleby Corp. (The) (a)		10,630		879,314
Parker Hannifin Corp.		134,000		16,847,820
Terex Corp.		15,890		653,079
Valmont Industries, Inc.		5,453		828,583

				48,334,897

Marine - 0.2%
AP Moeller - Maersk A/S - Class B		2,057		5,114,285
Kirby Corp. (a)		8,161		955,980
Nippon Yusen KK		1,076,000		3,103,806

				9,174,071

Professional Services - 0.9%
51job, Inc. (ADR) (a)		6,603		435,534
Applus Services SA (a)		143,665		2,970,480
Bureau Veritas SA		289,374		8,036,915
Capita PLC		522,360		10,233,698
Intertek Group PLC		178,180		8,377,577
Robert Half International, Inc.		20,010		955,277
SGS SA		666		1,593,687
Teleperformance		9,850		603,429
WageWorks, Inc. (a)		7,508		361,961

				33,568,558

Road & Rail - 1.1%
Central Japan Railway Co.		25,200		3,597,253
Con-way, Inc.		14,310		721,367
East Japan Railway Co.		8,600		677,612
Genesee & Wyoming, Inc. - Class A (a)		8,334		875,070
Globaltrans Investment PLC (Sponsored GDR) (b)		30,501		349,236
Localiza Rent a Car SA		38,525		635,370
Nippon Express Co., Ltd.		214,000		1,037,955
Ryder System, Inc.		8,850		779,597
Union Pacific Corp.		329,000		32,817,750

				41,491,210

Trading Companies & Distributors - 0.1%
Mitsubishi Corp.		132,800		2,764,153
MSC Industrial Direct Co., Inc. - Class A		5,720		547,061
United Rentals, Inc. (a)		7,789		815,742
WESCO International, Inc. (a)		6,320		545,922

				4,672,878

Transportation Infrastructure - 0.0%
Jiangsu Expressway Co., Ltd. - Class H		482,000		573,516

				289,248,222

Consumer Staples - 6.9%
Beverages - 1.1%
Anheuser-Busch InBev NV		16,410		1,885,513
Asahi Group Holdings Ltd.		42,900		1,347,185


Company	Shares		U.S. $ Value
Britvic PLC		142,870	$	1,778,655
Carlsberg A/S - Class B		21,970		2,366,251
Diageo PLC		198,020		6,306,753
Monster Beverage Corp. (a)		266,400		18,922,392
PepsiCo, Inc.		94,200		8,415,828
SABMiller PLC (Johannesburg)		10,270		595,510
SABMiller PLC (London)		36,240		2,100,288

				43,718,375

Food & Staples Retailing - 2.2%
7-Eleven Malaysia Holdings Bhd (a)		369,470		192,157
Alimentation Couche Tard, Inc. - Class B		63,900		1,750,431
Axfood AB		6,970		378,567
Bizim Toptan Satis Magazalari AS		10,622		94,548
Costco Wholesale Corp. (c)		144,500		16,640,620
CVS Caremark Corp.		348,200		26,243,834
Jean Coutu Group PJC, Inc. (The) - Class A		32,090		681,467
Jeronimo Martins SGPS SA		200,939		3,303,744
Koninklijke Ahold NV		214,695		4,025,764
Kroger Co. (The)		455,200		22,500,536
Lenta Ltd. (GDR) (a)(b)		63,790		822,891
Lenta Ltd. (GDR) (a)(b)		86,909		1,068,981
Magnit OJSC (Sponsored GDR) (b)		17,151		1,011,909
Olam International Ltd.		1,670,183		3,456,443
Sprouts Farmers Market, Inc. (a)		21,183		693,108
Sugi Holdings Co., Ltd.		13,900		634,252
Tsuruha Holdings, Inc.		17,800		982,264
Wal-Mart de Mexico SAB de CV		247,270		662,894

				85,144,410

Food Products - 1.4%
Dean Foods Co.		49,190		865,252
Gruma SAB de CV - Class B (a)		28,350		339,300
Hershey Co. (The)		194,500		18,938,465
JBS SA		80,200		275,863
Keurig Green Mountain, Inc.		6,076		757,130
Mead Johnson Nutrition Co. - Class A		299,800		27,932,366
MHP SA (GDR) (b)		29,700		445,500
Mondelez International, Inc. - Class A		169,300		6,367,373
Unilever PLC		18,851		854,506

				56,775,755

Household Products - 0.2%
Henkel AG & Co. KGaA		47,098		4,736,442
Kimberly-Clark de Mexico SAB de CV - Class A		66,190		185,762
LG Household & Health Care Ltd.		7,489		3,371,206
LG Household & Health Care Ltd. (Preference Shares)		170		37,720
Reckitt Benckiser Group PLC		21,730		1,894,751

				10,225,881

Personal Products - 0.3%
Estee Lauder Cos., Inc. (The) - Class A		128,000		9,505,280
Kao Corp.		33,500		1,319,356

				10,824,636


Company	Shares		U.S. $ Value
Tobacco - 1.7%
Altria Group, Inc.		270,600	$	11,348,964
British American Tobacco PLC		210,639		12,533,494
Gudang Garam Tbk PT		74,000		334,039
Imperial Tobacco Group PLC		90,180		4,057,020
Japan Tobacco, Inc.		298,300		10,876,647
Lorillard, Inc.		184,800		11,267,256
Philip Morris International, Inc.		184,900		15,588,919

				66,006,339

				272,695,396

Energy - 5.0%
Energy Equipment & Services - 1.2%
Aker Solutions ASA		132,390		2,297,772
FMC Technologies, Inc. (a)		6,843		417,902
Halliburton Co.		297,200		21,104,172
Oceaneering International, Inc.		9,920		775,049
Pason Systems, Inc.		22,000		618,528
Schlumberger Ltd. (c)		184,900		21,808,955
Superior Energy Services, Inc.		17,400		628,836

				47,651,214

Oil, Gas & Consumable Fuels - 3.8%
BG Group PLC		241,036		5,086,187
Bill Barrett Corp. (a)		29,400		787,332
China Petroleum & Chemical Corp. - Class H		1,526,400		1,453,177
Cimarex Energy Co.		2,760		395,950
Concho Resources, Inc. (a)		3,160		456,620
ENI SpA		100,030		2,735,788
EOG Resources, Inc.		128,500		15,016,510
Gazprom OAO (Sponsored ADR)		219,740		1,915,034
Hess Corp.		468,400		46,320,076
JX Holdings, Inc.		1,426,100		7,631,380
KazMunaiGas Exploration Production JSC (GDR) (b)		18,690		298,479
LUKOIL OAO (London) (Sponsored ADR)		35,210		2,106,262
NovaTek OAO (Sponsored GDR) (b)		8,650		1,074,483
Oasis Petroleum, Inc. (a)		11,130		622,056
Occidental Petroleum Corp.		338,200		34,709,466
Petroleo Brasileiro SA (Sponsored ADR)		68,175		1,066,257
PTT PCL		33,400		327,259
Rosetta Resources, Inc. (a)		15,760		864,436
Royal Dutch Shell PLC - Class B		16,410		713,180
SM Energy Co.		1,679		141,204
Statoil ASA		118,120		3,630,873
Stone Energy Corp. (a)		16,330		764,081
Valero Energy Corp.		371,000		18,587,100

				146,703,190

				194,354,404

Materials - 3.5%
Chemicals - 2.6%
A Schulman, Inc.		10,990		425,313
Arkema SA		31,850		3,094,748
Chr Hansen Holding A/S		29,000		1,221,275


Company	Shares		U.S. $ Value
Denki Kagaku Kogyo KK		416,000	$	1,598,348
Dow Chemical Co. (The)		322,200		16,580,412
EMS-Chemie Holding AG (REG)		3,030		1,209,108
Essentra PLC		521,856		6,814,139
Givaudan SA (a)		1,500		2,498,890
Huntsman Corp.		28,270		794,387
Hyosung Corp.		7,120		475,840
IMCD Group NV (a)		19,288		599,531
JSR Corp.		208,200		3,574,382
Koninklijke DSM NV		62,121		4,520,690
LyondellBasell Industries NV - Class A		189,400		18,494,910
Monsanto Co.		154,400		19,259,856
Nippon Shokubai Co., Ltd.		158,000		2,123,747
PolyOne Corp.		22,466		946,717
Potash Corp. of Saskatchewan, Inc.		33,450		1,269,762
Sherwin-Williams Co. (The)		86,900		17,980,479
UPL Ltd.		17,780		101,195

				103,583,729

Construction Materials - 0.0%
China National Building Material Co., Ltd. - Class H		548,000		483,224
Grasim Industries Ltd.		565		32,142
Grasim Industries Ltd. (GDR) (b)		6,029		344,843
West China Cement Ltd.		1,078,000		100,033

				960,242

Containers & Packaging - 0.5%
Avery Dennison Corp.		12,690		650,362
Ball Corp.		290,400		18,202,272
Graphic Packaging Holding Co. (a)		53,970		631,449

				19,484,083

Metals & Mining - 0.3%
Commercial Metals Co.		22,380		387,398
Dowa Holdings Co., Ltd.		204,000		1,924,006
KGHM Polska Miedz SA		2,910		119,305
Korea Zinc Co., Ltd.		470		184,292
MMC Norilsk Nickel OJSC (ADR)		123,440		2,445,347
Rio Tinto PLC		76,980		4,156,476
Steel Dynamics, Inc.		41,180		739,181
Ternium SA (Sponsored ADR)		12,800		357,504
Vale SA (Sponsored ADR) (Local Preference Shares)		31,190		371,161
Vale SA (Sponsored ADR) - Class B		7,470		98,828

				10,783,498

Paper & Forest Products - 0.1%
Mondi PLC		144,100		2,616,120
Nine Dragons Paper Holdings Ltd.		445,000		303,601
Sappi Ltd. (a)		330,655		1,194,052

				4,113,773

				138,925,325


Company	Shares		U.S. $ Value
Telecommunication Services - 1.6%
Diversified Telecommunication Services - 1.3%
Bezeq The Israeli Telecommunication Corp., Ltd.		685,043	$	1,282,118
Deutsche Telekom AG		92,180		1,616,746
Nippon Telegraph & Telephone Corp.		69,900		4,356,715
Orange SA		375,180		5,936,215
Singapore Telecommunications Ltd.		395,000		1,220,199
Swisscom AG		5,040		2,927,617
TDC A/S		91,700		948,581
Telekomunikasi Indonesia Persero Tbk PT		1,965,000		408,725
Telenor ASA		155,430		3,538,900
Telstra Corp., Ltd.		623,940		3,065,269
TELUS Corp.		26,730		996,253
Verizon Communications, Inc.		413,300		20,222,769
Vivendi SA (a)		115,337		2,822,475
Ziggo NV		41,250		1,907,668

				51,250,250

Wireless Telecommunication Services - 0.3%
China Mobile Ltd.		340,000		3,302,331
SK Telecom Co., Ltd.		2,380		556,336
StarHub Ltd.		162,000		542,213
Tower Bersama Infrastructure Tbk PT		462,500		314,055
Turkcell Iletisim Hizmetleri AS (a)		139,460		872,892
Vodafone Group PLC		2,197,382		7,344,262

				12,932,089

				64,182,339

Utilities - 1.0%
Electric Utilities - 0.4%
American Electric Power Co., Inc.		130,900		7,300,293
EDP - Energias de Portugal SA		514,170		2,579,904
Light SA		37,800		368,847
PNM Resources, Inc.		28,210		827,399
Power Assets Holdings Ltd.		206,000		1,807,097
Westar Energy, Inc.		21,090		805,427

				13,688,967

Gas Utilities - 0.1%
Atmos Energy Corp.		12,950		691,530
Southwest Gas Corp.		12,370		653,012
UGI Corp.		15,840		799,920

				2,144,462

Independent Power Producers & Energy Traders - 0.1%
APR Energy PLC		251,821		2,794,979
China Resources Power Holdings Co., Ltd.		150,000		426,524
NTPC Ltd.		215,110		557,595

				3,779,098

Multi-Utilities - 0.4%
DTE Energy Co.		213,500		16,625,245


Company	Shares		U.S. $ Value
Water Utilities - 0.0%
Cia de Saneamento Basico do Estado de Sao Paulo		41,400	$	441,263
Cia de Saneamento de Minas Gerais-COPASA		29,000		531,567

				972,830

				37,210,602

Funds and Investment Trusts - 0.1%
Funds and Investment Trusts - 0.1%
B&M European Value Retail SA (a)		564,790		2,658,099

Total Common Stocks (cost $2,251,367,412)				2,839,389,915

INVESTMENT COMPANIES - 3.6%
Funds and Investment Trusts - 3.6%
iShares MSCI EAFE ETF		969,107		66,257,845
SPDR S&P 500 ETF Trust		387,780		75,896,302

Total Investment Companies (cost $145,009,275)				142,154,147

WARRANTS - 0.2%
Financials - 0.2%
Banks - 0.1%
Abu Dhabi Commercial Bank PJSC, Deutsche Bank AG, expiring 2/11/19 (a)		137,540		264,392
Bank Muscat SAOG, Citigroup Global Markets, expiring 2/04/16 (a)		66,000		116,575
Bank of Baroda, JPMorgan Chase Bank, expiring 9/29/14 (a)(b)		39,470		576,586
Commercial Bank of Qatar QSC (The), Deutsche Bank AG, expiring 5/26/17 (a)		28,908		491,500
First Gulf Bank PJSC, Merrill Lynch Intl & Co., expiring 8/21/15 (a)		119,411		520,210
Punjab National Bank, Merrill Lynch Intl & Co., expiring 8/08/18 (a)		24,770		409,430
Union Bank of India, Merrill Lynch Intl & Co., expiring 8/20/18 (a)		107,971		432,819

				2,811,512

Consumer Finance - 0.0%
Muthoot Finance Ltd., Merrill Lynch Intl & Co., expiring 5/22/18 (a)		296,382		934,878
Shriram Transport Finance Co., Ltd., Merrill Lynch Intl & Co., expiring 1/22/15 (a)(b)		57,026		857,646

				1,792,524

Real Estate Management & Development - 0.1%
Emaar Properties PJSC, Merrill Lynch Intl & Co., expiring 10/01/15 (a)		799,111		1,829,859

				6,433,895


Company	Shares		U.S. $ Value
Information Technology - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
SK Hynix, Inc., Citigroup Global Markets, expiring 1/20/15 (a)(b)		34,230	$	1,642,972

Materials - 0.0%
Chemicals - 0.0%
UPL Ltd., Merrill Lynch Intl & Co., expiring 2/07/17 (a)		82,800		470,503

Industrials - 0.0%
Industrial Conglomerates - 0.0%
John Keells Holdings PLC, Deutsche Bank AG, expiring 7/05/19 (a)		197,430		333,192

Airlines - 0.0%
Air Arabia PJSC, Deutsche Bank AG, expiring 7/31/17 (a)		351,990		118,841

				452,033

Total Warrants (cost $6,162,376)				8,999,403

SHORT-TERM INVESTMENTS - 23.2%
Investment Companies - 22.6%
AllianceBernstein Fixed-Income Shares, Inc. - Government STIF Portfolio, 0.07% (d)(e) (cost $888,597,722)		888,597,722		888,597,722


	Principal Amount (000)
U.S. Treasury Bills - 0.6%
U.S. Treasury Bill Zero Coupon, 9/25/14 (cost $24,998,447)	$	25,000		24,998,447

Total Short-Term Investments (cost $913,596,168)				913,596,168

Total Investments - 99.2% (cost $3,316,135,232) (f)				3,904,139,634
Other assets less liabilities - 0.8%				31,208,014

Net Assets - 100.0%			$	3,935,347,648

FUTURES


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2014		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Futures		6,860		September 2014	$	306,720,573	$	303,594,687	$	(3,125,886	)
FTSE 100 Index Futures		129		September 2014		14,800,722		14,815,913		15,191


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2014		Unrealized Appreciation/ (Depreciation)
SPI 200 Futures		87		September 2014		10,980,815	$	10,980,602	$	(213	)
TOPIX Index Futures		1,441		September 2014		175,837,703		179,582,696		3,744,993
Sold Contracts
Hang Seng Index Futures		86		July 2014		12,619,721		12,818,332		(198,611	)
U.S. Long Bond (CBT) Futures		109		September 2014		14,810,960		14,953,438		(142,478	)
U.S. T-Note 5 Yr (CBT) Futures		315		September 2014		37,525,999		37,630,195		(104,196	)
U.S. T-Note 10 Yr (CBT) Futures		981		September 2014		122,140,962		122,793,609		(652,647	)
U.S. Ultra Bond (CBT) Futures		26		September 2014		3,831,713		3,898,375		(66,662	)

									$	(530,509	)

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		CHF	3,006		USD	3,408		8/14/14	$	16,981
Barclays Bank PLC		HKD	16,252		USD	2,097		8/14/14		609
Barclays Bank PLC		JPY	7,695,949		USD	75,760		8/14/14		(232,046	)
Barclays Bank PLC		USD	6,454		GBP	3,843		8/14/14		120,512
Barclays Bank PLC		USD	3,594		JPY	366,062		8/14/14		20,118
BNP Paribas SA		USD	17,848		AUD	19,429		8/14/14		416,966
BNP Paribas SA		USD	37,273		GBP	22,072		8/14/14		488,509
BNP Paribas SA		USD	6,904		NZD	8,083		8/14/14		144,937
BNP Paribas SA		USD	9,355		NZD	10,716		8/14/14		(9,740	)
BNP Paribas SA		USD	29,654		SEK	195,119		8/14/14		(465,962	)
Credit Suisse International		CHF	33,794		USD	38,179		8/14/14		57,458
Credit Suisse International		NOK	61,825		USD	10,034		8/14/14		(29,374	)
Credit Suisse International		RUB	76,073		USD	2,111		8/14/14		(107,749	)
Credit Suisse International		USD	15,417		GBP	9,194		8/14/14		312,631
Credit Suisse International		USD	13,019		NOK	78,313		8/14/14		(272,078	)
Credit Suisse International		USD	2,164		RUB	76,073		8/14/14		54,948
Goldman Sachs Bank USA		BRL	18,902		USD	8,582		7/02/14		27,189
Goldman Sachs Bank USA		BRL	7,685		USD	3,403		7/02/14		(74,708	)
Goldman Sachs Bank USA		USD	8,545		BRL	18,902		7/02/14		9,669
Goldman Sachs Bank USA		USD	3,489		BRL	7,685		7/02/14		(11,054	)
Goldman Sachs Bank USA		BRL	18,902		USD	8,467		8/04/14		(7,782	)
Goldman Sachs Bank USA		JPY	7,388,811		USD	72,757		8/14/14		(201,744	)
HSBC Bank USA		HKD	14,852		USD	1,916		8/14/14		478
HSBC Bank USA		USD	8,544		AUD	9,188		8/14/14		92,847
Morgan Stanley & Co., Inc.		USD	34,080		CHF	30,466		8/14/14		287,515
Royal Bank of Canada		CAD	6,328		USD	5,793		8/14/14		(131,519	)
Royal Bank of Scotland PLC		BRL	11,217		USD	4,960		7/02/14		(116,513	)
Royal Bank of Scotland PLC		USD	5,093		BRL	11,217		7/02/14		(16,135	)
Royal Bank of Scotland PLC		CHF	942		USD	1,051		8/14/14		(11,344	)
Royal Bank of Scotland PLC		JPY	3,212,846		USD	31,383		8/14/14		(341,715	)
Royal Bank of Scotland PLC		USD	4,968		JPY	508,025		8/14/14		48,214
Standard Chartered Bank		HKD	181,015		USD	23,356		8/14/14		10,583
State Street Bank & Trust Co.		GBP	32,342		USD	54,485		8/14/14		(846,667	)
State Street Bank & Trust Co.		USD	7,273		CHF	6,379		8/14/14		(76,989	)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		USD	3,960		EUR	2,895		8/14/14	$	4,725
State Street Bank & Trust Co.		USD	72,131		EUR	52,274		8/14/14		(540,368	)
State Street Bank & Trust Co.		USD	10,173		NOK	60,349		8/14/14		(350,344	)
UBS AG		CAD	8,573		USD	7,887		8/14/14		(138,903	)
UBS AG		USD	14,113		EUR	10,381		8/14/14		103,519
UBS AG		USD	11,176		EUR	8,089		8/14/14		(98,022	)

									$	(1,862,348	)

TOTAL RETURN SWAPS


Receive/Pay Total Return on Reference Index	Index	# of Shares or Units		Rate Paid by the Fund			Notional Amount (000)		Maturity Date		Counterparty	Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Index
Receive	MSCI AC Far East Ex Japan Index		200,630		0.40	%	$	69,931		11/17/14	Bank of America, NA	$	4,132,588
Receive	SPDR S&P 500 ETF Trust		1,191,734		0.42	%		222,437		6/15/15	Bank of America, NA		10,686,738
Receive	Russell 2000 Total Return Index		15,803		1.00	%		83,100		8/25/14	Goldman Sachs International		5,238,186
Receive	Standard and Poor’s Midcap 400 Index		40,989		1.00	%		78,389		8/25/14	Goldman Sachs International		3,828,856
Receive	Standard and Poor’s Midcap 400 Index		8,752		0.35	%		17,260		9/10/14	Goldman Sachs International		290,935
Receive	Russell 2000 Total Return Index		3,524		1.00	%		19,206		9/10/14	UBS AG		497,594

												$	24,674,897

(a)

Non-income producing security.

(b)

(c)

Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts. The market value of the collateral amounted to $55,789,608.

(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 AllianceBernstein 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)

As of June 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $622,005,966 and gross unrealized depreciation of investments was $(34,001,564), resulting in net unrealized appreciation of $588,004,402.

Currency Abbreviations:


AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
HKD	-	Hong Kong Dollar
JPY	-	Japanese Yen
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
RUB	-	Russian Ruble
SEK	-	Swedish Krona
USD	-	United States Dollar

Glossary:


AC	-	All Country
ADR	-	American Depositary Receipt
CBT	-	Chicago Board of Trade
EAFE	-	Europe, Australia, and Far East
ETF	-	Exchange Traded Fund
FTSE	-	Financial Times Stock Exchange
GDR	-	Global Depositary Receipt
JSC	-	Joint Stock Company
MSCI	-	Morgan Stanley Capital International
NVDR	-	Non Voting Depositary Receipt
OJSC	-	Open Joint Stock Company
PJSC	-	Public Joint Stock Company
REG	-	Registered Shares
SPDR	-	Standard & Poor’s Depository Receipt
SPI	-	Share Price Index
TOPIX	-	Tokyo Price Index

Sanford C. Bernstein Fund, Inc. - Tax-Aware Overlay A Portfolio

COUNTRY BREAKDOWN *

June 30, 2014 (unaudited)


	75.5%			United States
	5.2%			United Kingdom
	4.2%			Japan
	2.5%			France
	1.6%			Switzerland
	1.2%			Hong Kong
	0.8%			India
	0.8%			Germany
	0.8%			South Korea
	0.8%			Brazil
	0.7%			China
	0.7%			Denmark
	0.6%			Taiwan
	0.6%			Australia
	4.0%			Other

	100.0%			Total Investments

All data are as of June 30, 2014. The Portfolio’s country breakdown is expressed as a percentage of long-term investments and may vary over time. “Other” country weightings represent 0.5% or less in the following countries: Argentina, Belgium, Canada, Cyprus, Czech Republic, Hungary, Indonesia, Ireland, Israel, Italy, Kazakhstan, Malaysia, Mexico, Netherlands, Norway, Oman, Panama, Peru, Philippines, Poland, Portugal, Puerto Rico, Qatar, Russia, Singapore, South Africa, Spain, Sri Lanka, Sweden, Thailand, Turkey, Ukraine and United Arab Emirates.

Sanford C. Bernstein Fund, Inc. - Tax-Aware Overlay A Portfolio

June 30, 2014 (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, 2014:


Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	437,096,537		$	150,650,513		$	– 0	–	$	587,747,050
Information Technology		414,687,315			55,126,170			– 0	–		469,813,485
Consumer Discretionary		331,934,097			98,483,761			– 0	–		430,417,858
Health Care		295,013,167			57,123,968			– 0	–		352,137,135
Industrials		202,048,310			87,199,912			– 0	–		289,248,222
Consumer Staples		202,771,784			69,923,612			– 0	–		272,695,396
Energy		169,641,287			24,713,117			– 0	–		194,354,404
Materials		100,234,869			38,690,456			– 0	–		138,925,325
Telecommunication Services		21,533,077			42,649,262			– 0	–		64,182,339
Utilities		29,044,504			8,166,099			– 0	–		37,210,603
Funds and Investment Trusts		2,658,099			– 0	–		– 0	–		2,658,099
Investment Companies		142,154,147			– 0	–		– 0	–		142,154,147
Warrants		– 0	–		8,999,403			– 0	–		8,999,403
Short-Term Investments:
Investment Companies		888,597,721			– 0	–		– 0	–		888,597,721
U.S. Treasury Bills		– 0	–		24,998,447			– 0	–		24,998,447

Total Investments in Securities		3,237,414,914			666,724,720			– 0	–		3,904,139,634
*Other Financial Instruments :**
Assets:
Futures		– 0	–		3,760,184			– 0	–		3,760,184
Forward Currency Exchange Contracts		– 0	–		2,218,408			– 0	–		2,218,408
Total Return Swaps		– 0	–		24,674,897			– 0	–		24,674,897
Liabilities:
Futures		(965,983	)		(3,324,710	)		– 0	–		(4,290,693	)
Forward Currency Exchange Contracts		– 0	–		(4,080,756	)		– 0	–		(4,080,756	)

Total^	$	3,236,448,931		$	689,972,743		$	–0	–	$	3,926,421,674

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


	Warrants			Corporates - Non- Investment Grades			Total
Balance as of 9/30/13	$	15,109,056		$	567,260		$	15,676,316
Accrued discounts/(premiums)		– 0	–		510			510
Realized gain (loss)		34,145			(3,555	)		30,590
Change in unrealized appreciation/depreciation		889,842			184			890,026
Purchases		490,275			– 0	–		490,275
Sales		(9,371,480	)		(564,399	)		(9,935,879	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		(7,151,838	)					(7,151,838	)

Balance as of 6/30/14	$	– 0	–	$	– 0	–	$	– 0	– +

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14	$	– 0	–	$	– 0	–	$	– 0	–

+	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, 2014 (unaudited)


	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 65.9%
Long-Term Municipal Bonds - 65.4%
Alabama - 0.5%
Alabama Pub Sch & Clg Auth
Series 2010A
5.00%, 5/01/19	$	3,255	$	3,810,075
Birmingham AL Wtrwks Brd
Series 2010A
5.00%, 1/01/24		3,650		4,200,968

				8,011,043

Arizona - 3.6%
Maricopa Cnty AZ CCD GO
4.00%, 7/01/16		8,440		9,051,731
Phoenix AZ Civic Impt Corp. (Phoenix AZ Civic Impt Airport)
Series 2010C
5.00%, 7/01/24		5,305		5,998,045
Pima Cnty AZ Swr
Series 2011B
5.00%, 7/01/23-7/01/24		6,585		7,612,971
AGM
5.00%, 7/01/18-7/01/19		10,035		11,628,920
Pima Cnty Regional Trnsp Auth
5.00%, 6/01/22 (a)		1,685		2,029,903
Salt River Proj Agric Impt & Pwr Dist AZ
Series 2011A
5.00%, 12/01/24		23,120		27,628,862

				63,950,432

California - 1.1%
California Dept Wtr Res Pwr
Series 2010L
5.00%, 5/01/17		7,675		8,641,206
California Econ Recovery (California Econ Rec Spl Tax)
Series 2009A
5.25%, 7/01/21		7,255		8,574,757
San Francisco City/Cnty CA Arpt Commn (San Francisco CA Intl Airport)
Series 2009C-2
5.00%, 5/01/25		1,025		1,161,264
Series 2010C
5.00%, 5/01/19		730		858,604
NATL Series 2006-32F
5.25%, 5/01/18		680		790,486

				20,026,317

Colorado - 1.7%
Denver CO City & Cnty Arpt (Denver Intl Airport)
Series 2010A
5.00%, 11/15/23		300		342,366
Series 2011A
5.25%, 11/15/18		13,135		15,281,784
5.50%, 11/15/19		4,375		5,182,231


	Principal Amount (000)		U.S. $ Value
Denver CO Urban Renewal Auth (Stapleton)
Series 2010B-1
5.00%, 12/01/20	$	2,875	$	2,996,814
Plaza Met District #1 Co.
5.00%, 12/01/19		1,000		1,095,000
Regional Trnsp Dist CO (Denver Transit Partners)
5.00%, 7/15/20		2,000		2,255,700
5.125%, 1/15/23		2,000		2,175,360

				29,329,255

Connecticut - 0.4%
Connecticut GO
Series 2014C
5.00%, 6/15/22		5,620		6,743,775

District of Columbia - 0.6%
Metro Washington Arpt Auth VA
Series 2010B
5.00%, 10/01/17-10/01/18		9,895		11,310,065

Florida - 7.1%
Broward Cnty FL Half-cent Sales Tax
Series 2010A
5.00%, 10/01/18-10/01/20		8,235		9,551,965
Broward Cnty FL Sch Brd COP
Series 2011 A
5.00%, 7/01/20		7,250		8,558,190
Citizens Ppty Ins Corp. FL
5.25%, 6/01/17		2,855		3,216,300
Series 2010A-1
5.00%, 6/01/16		5,375		5,836,605
Series 2012A
5.00%, 6/01/22		7,660		8,978,669
Series 2012A-1
5.00%, 6/01/21		10,490		12,326,694
NATL Series 2007A
5.00%, 3/01/15		80		82,498
Florida Brd of Ed GO (Florida GO)
Series 2013A
5.00%, 6/01/16		22,515		24,534,595
Florida Brd of Ed Lottery
Series 2010C
5.00%, 7/01/16		300		327,639
Series 2010D
5.00%, 7/01/16		2,170		2,369,922
Florida Hurricane Catastr Fd Fin Corp.
Series 2010A
5.00%, 7/01/16		5,430		5,915,442
Jacksonville FL Sales Tax
5.00%, 10/01/21		2,500		2,997,800
Jacksonville FL Spl Rev Appropriation
Series 2010A-1
5.00%, 10/01/18-10/01/19		15,170		17,681,380


	Principal Amount (000)		U.S. $ Value
Lee Cnty FL Port Auth Arpt (Southwest Florida Intl Airport)
Series 2011A
5.625%, 10/01/26	$	2,470	$	2,865,472
AGM Series 2010A
5.50%, 10/01/18-10/01/19		7,425		8,686,936
Martin Cnty FL IDA (Indiantown Cogen LP Proj)
4.20%, 12/15/25		2,640		2,646,838
Orange Cnty FL Sales Tax
4.00%, 10/01/15		4,910		5,144,305
5.00%, 10/01/16		2,650		2,918,313

				124,639,563

Georgia - 0.7%
Georgia Mun Elec Auth
Series 2011A
5.00%, 1/01/20-1/01/21		8,880		10,434,407
Richmond Cnty GA Brd of ED GO
5.00%, 10/01/15		1,615		1,710,883

				12,145,290

Hawaii - 1.0%
Honolulu HI City & Cnty GO
Series 2011A
5.00%, 8/01/24		5,800		6,710,716
Series 2011B
5.00%, 8/01/24-8/01/25		10,205		11,790,015

				18,500,731

Illinois - 5.3%
Chicago IL GO
Series 2009C
5.00%, 1/01/23		1,785		1,913,092
Chicago IL O’Hare Intl Arpt (O’Hare Intl Arpt)
Series 2010D
5.25%, 1/01/19		2,285		2,636,707
Series 2011A
5.00%, 1/01/18-1/01/19		6,670		7,633,079
Series 2011B
5.00%, 1/01/18-1/01/21		6,700		7,748,774
NATL Series 2005B
5.25%, 1/01/18		2,450		2,797,606
Chicago IL Transit Auth Fed Hwy Grant (Chicago IL Fed Hwy Grant)
AGC
5.00%, 6/01/21		4,685		5,073,340
Illinois Finance Auth (Illinois Institute of Technology)
5.00%, 4/01/20		1,730		1,792,193
Illinois Finance Auth (Illinois Unemployment)
Series 2012A
5.00%, 6/15/15-6/15/16		26,705		28,702,876
Series 2012B
5.00%, 6/15/19		6,105		6,373,376
Illinois Finance Auth (Park Place of Elmhurst)
6.25%, 8/15/15		945		674,853


	Principal Amount (000)		U.S. $ Value
Illinois GO
5.00%, 7/01/21	$	1,345	$	1,515,398
Series 2010
5.00%, 1/01/18		160		178,243
AMBAC
5.00%, 11/01/15		6,905		7,322,338
NATL Series 2001
5.375%, 4/01/16		3,540		3,827,696
Illinois Sales Tax
4.00%, 6/15/16		3,300		3,529,845
5.00%, 6/15/18		9,655		11,046,092

				92,765,508

Louisiana - 1.0%
Louisiana Gas & Fuels Tax
NATL Series 2005A
5.00%, 5/01/35 (Pre-refunded/ETM)		6,760		7,031,144
Orleans Parish LA Par SD GO
AGM
5.00%, 9/01/17-9/01/19		9,705		10,851,294

				17,882,438

Maryland - 0.4%
Anne Arundel Cnty MD GO
5.00%, 4/01/16		4,315		4,670,729
Washington Subn San Dist MD GO
5.00%, 6/01/17		1,705		1,921,160

				6,591,889

Massachusetts - 4.0%
Massachusetts Bay Trnsp Auth (Massachusetts Bay Trnsp Auth Sales Tax)
Series 2004B
5.25%, 7/01/21		5,030		6,150,885
Massachusetts Dev Fin Agy (Emerson College)
Series 2010A
5.00%, 1/01/17-1/01/18		4,615		5,012,429
Massachusetts DOT Met Hwy Sys
Series 2010B
5.00%, 1/01/18-1/01/20		7,985		9,183,836
Massachusetts GO
Series 2011A
5.00%, 4/01/25		8,750		10,265,588
Series 2013B
5.00%, 8/01/17		32,490		36,810,845
Massachusetts Wtr Poll Abatmnt (Massachusetts SRF)
Series 2004A
5.25%, 2/01/16		2,695		2,906,153

				70,329,736

Michigan - 1.6%
Detroit MI Wtr Supply Sys
Series 2011C
5.25%, 7/01/24-7/01/25		9,390		9,374,633


	Principal Amount (000)		U.S. $ Value
Michigan Finance Auth (Michigan Unemployment)
Series 2012B
5.00%, 7/01/22	$	17,180	$	18,708,677

				28,083,310

Minnesota - 0.4%
Minneapolis MN GO
2.00%, 12/01/14		3,095		3,119,048
Minneapolis MN Spl SD #1 COP
Series 2013D
5.00%, 2/01/16		2,910		3,123,681

				6,242,729

Mississippi - 1.2%
Mississippi Dev Bank (Mississippi Lease Dept of Corrections)
Series 2010C
5.00%, 8/01/22-8/01/23		11,105		12,568,599
Series 2010D
5.00%, 8/01/23		7,530		8,494,668

				21,063,267

Missouri - 0.4%
St. Louis MO Arpt (Lambert- St. Louis Intl Arpt)
NATL
5.50%, 7/01/16		5,980		6,560,060

Nebraska - 0.4%
Omaha NE Pub Pwr Dist Elec
Series 2011C
5.00%, 2/01/24		6,420		7,434,232

Nevada - 1.0%
Clark Cnty NV Arpt (McCarran Airport)
Series 2010D
5.00%, 7/01/21-7/01/22		1,010		1,165,193
Clark Cnty NV SD GO
NATL Series 2005A
5.00%, 6/15/18		210		220,662
NATL Series 2005B
5.00%, 6/15/20		6,875		7,218,613
NATL Series 2006C
5.00%, 6/15/21		4,285		4,726,612
Nevada Unemployment
4.00%, 6/01/15		4,645		4,806,460

				18,137,540

New Jersey - 2.2%
New Jersey EDA
5.00%, 3/01/17		460		507,168
5.00%, 3/01/17 (Pre-refunded/ETM)		1,0500		1,175,045
New Jersey EDA (New Jersey Lease Sch Fac)
Series 2010DD-1
5.00%, 12/15/17		4,685		5,269,641
Series 2011EE
5.00%, 9/01/18		4,940		5,619,843


	Principal Amount (000)		U.S. $ Value
5.25%, 9/01/19	$	2,630	$	3,054,088
AMBAC Series 2005K
5.50%, 12/15/19		1,880		2,213,888
New Jersey Trnsp Trust Fd Auth (New Jersey Trnsp Trust Fund)
Series 2013A
5.00%, 6/15/18		7,500		8,499,975
New Jersey Turnpike Auth (New Jersey Turnpike)
AGM Series 2005D-3
5.25%, 1/01/26		11,070		13,332,929

				39,672,577

New Mexico - 0.3%
New Mexico Severance Tax
Series 2013A
5.00%, 7/01/15		4,535		4,754,403

New York - 9.2%
Metropolitan Trnsp Auth NY
Series 2012D
5.00%, 11/15/20-11/15/26		17,500		20,571,225
Series 2012F
5.00%, 11/15/22-11/15/23		13,835		16,264,253
New York NY GO
Series 2010B
5.00%, 8/01/17		6,250		7,048,500
Series 2013B
5.00%, 8/01/19		3,860		4,518,130
Series 2013H
5.00%, 8/01/25		2,510		2,930,174
Series 2014J
5.00%, 8/01/22-8/01/28 (a)		11,090		12,880,588
New York NY Trnsl Fin Auth
Series 2012B
5.00%, 11/01/22		8,495		10,252,615
Series 2014B
5.00%, 2/01/27-11/01/29		20,280		23,691,262
Series 2014C
5.00%, 11/01/28		10,665		12,458,533
New York St Dormitory Auth (New York St Pers Income Tax)
5.00%, 12/15/21 (Pre-refunded/ETM)		5		6,076
Series 2012A
5.00%, 12/15/21-12/15/22		16,005		19,329,102
Series 2014C
5.00%, 3/15/27-3/15/29 (a)		26,340		30,732,897
New York St Thruway Auth (New York St Thruway Auth Ded Tax)
Series 2007B
5.00%, 4/01/15		1,240		1,285,111

				161,968,466

Ohio - 0.4%
Cleveland OH COP
Series 2010A
5.00%, 11/15/17		3,000		3,317,370


	Principal Amount (000)		U.S. $ Value
Ohio Major New Infra Proj (Ohio Fed Hwy Grant)
Series 20121
4.00%, 12/15/15-12/15/16	$	3,930	$	4,228,555

				7,545,925

Oregon - 0.4%
Oregon Dept of Admin Svc (Oregon Lottery)
Series 2011A
5.25%, 4/01/26		5,930		7,041,341

Pennsylvania - 5.1%
Allegheny Cnty PA Sani Auth (Allegheny Cnty PA Swr)
5.00%, 12/01/24-12/01/25		7,470		8,647,068
Delaware Riv Port Auth PA & NJ
5.00%, 1/01/21		2,655		2,984,565
Montgomery Cnty PA IDA (New Regional Medical Ctr)
5.00%, 2/01/16-8/01/18		6,320		6,997,523
Pennsylvania Econ Dev Fin Auth (Pennsylvania Unemployment)
5.00%, 7/01/22-7/01/23		8,415		9,014,950
Series 2012A
5.00%, 7/01/16		18,710		20,441,610
Pennsylvania GO
Series 20092
5.00%, 4/15/16		5,190		5,626,427
Series 2010A
5.00%, 7/15/15		5,990		6,290,518
Pennsylvania Intergov Coop Auth
Series 2010
5.00%, 6/15/16-6/15/17		7,000		7,850,790
Pennsylvania Pub Sch Bldg Auth (Philadelphia PA SD Lease)
5.00%, 4/01/26		1,110		1,233,166
Pennsylvania Turnpike Comm
Series 2011E
5.00%, 12/01/25-12/01/26		13,665		15,490,167
Philadelphia PA GO
5.25%, 8/01/17		2,285		2,571,173
Philadelphia PA Wtr & Wstwtr
AGM Series 2010A
5.00%, 6/15/19		2,500		2,921,125

				90,069,082

Puerto Rico - 1.1%
Puerto Rico Elec Pwr Auth
Series 2008W
5.50%, 7/01/17		3,240		1,437,426
Series 2010AAA
5.25%, 7/01/21		8,775		3,892,063
Series 2010ZZ
5.00%, 7/01/17		4,350		1,929,878
5.25%, 7/01/19		4,000		1,774,360


	Principal Amount (000)		U.S. $ Value
Puerto Rico GO
NATL
6.00%, 7/01/14	$	6,210	$	6,210,000
Puerto Rico Hwy & Trnsp Auth
NATL Series 2003AA
5.50%, 7/01/17 (Pre-refunded/ETM)		825		945,318
Puerto Rico Hwy & Trnsp Auth (Puerto Rico Hwy & Trnsp Spl Tax)
NATL Series 2003AA
5.50%, 7/01/17		555		590,032
Puerto Rico Pub Bldgs Auth (Puerto Rico GO)
Series 2012U
5.00%, 7/01/20		2,760		2,229,362

				19,008,439

Texas - 5.2%
Austin TX Wtr & Wstwtr Sys
5.00%, 11/15/25-11/15/26		11,990		14,026,025
Fort Bend TX ISD GO
Series 2010
5.00%, 8/15/21		5,205		6,192,076
Hurst-Euless-Bedford TX ISD GO
5.00%, 8/15/20-8/15/24		10,525		12,425,715
San Antonio TX Elec & Gas
Series 2012B
2.00%, 12/01/27		1,765		1,805,683
San Antonio TX GO
Series 2010
5.00%, 2/01/23		650		743,561
Texas A & M Univ
Series 2005B
5.00%, 5/15/15		2,985		3,111,415
Series 2013B
4.00%, 5/15/15		12,105		12,512,817
5.00%, 5/15/16		11,065		12,038,831
Texas PFA (Texas Workforce Commission)
4.00%, 1/01/18		16,210		17,388,305
Univ of Texas
Series 2010A
5.00%, 8/15/22		9,755		11,489,537

				91,733,965

Virginia - 1.0%
Arlington Cnty VA GO
Series 2013A
4.00%, 8/01/15		4,600		4,791,682
Virginia College Bldg Auth
Series 20122
5.00%, 9/01/16		2,835		3,108,861
Virginia College Bldg Auth (Virginia Lease 21st Century College Prog)
5.00%, 2/01/22		3,020		3,628,198
Virginia Resources Auth (Virginia Pooled Fing Prog Infrastructure)
Series 2012A
5.00%, 11/01/15-11/01/16		6,565		7,051,446

				18,580,187


	Principal Amount (000)		U.S. $ Value
Washington - 4.4%
Chelan Cnty WA PUD #1
Series 2011A
5.25%, 7/01/22	$	7,835	$	9,187,791
Series 2011B
5.50%, 7/01/23		5,540		6,538,142
Clark Cnty WA PUD #1
5.00%, 1/01/21		11,835		13,574,153
Energy Northwest WA (Bonneville Power Admin)
Series 2006A
5.00%, 7/01/16		1,860		2,033,315
Series 2011A
5.00%, 7/01/22-7/01/23		14,690		17,347,001
FYI Properties (Washington St Lease Dept Info Svc Proj)
5.00%, 6/01/15		2,220		2,306,958
Port of Seattle WA
Series 2010C
5.00%, 2/01/20-2/01/22		9,920		11,352,151
Seattle WA Drainage & Wstwtr
5.00%, 5/01/21 (a)		1,825		2,184,324
Snohomish Cnty WA PUD #1
5.00%, 12/01/26		6,065		6,960,679
Series 2010A
5.00%, 12/01/19		5,415		6,402,588

				77,887,102

Wisconsin - 3.7%
Milwaukee WI GO
Series 2013N
5.00%, 5/15/15		16,815		17,519,549
Wisconsin GO
Series 20141
5.00%, 5/01/16		43,560		47,297,012

				64,816,561

Total Long-Term Municipal Bonds (cost $1,119,315,947)				1,152,825,228

Short-Term Municipal Notes - 0.5%
Alabama - 0.1%
Mobile AL IDB (Exxon Mobil Corp.)
0.03%, 7/15/32 (b)		1,200		1,200,000

Kentucky - 0.1%
Kentucky Econ Dev Fin Auth (Baptist Healthcare Sys)
0.03%, 8/15/38 (b)		1,200		1,200,000

Mississippi - 0.2%
Mississippi Business Fin Corp. (Chevron USA, Inc.)
Series 2007E
0.04%, 12/01/30 (b)		2,700		2,700,000
Series 2009E


	Principal Amount (000)		U.S. $ Value
0.04%, 12/01/30 (b)	$	2,200	$	2,200,000

				4,900,000

South Dakota - 0.0%
South Dakota Hlth & Edl Facs Auth (Regional Health)
Series 2008
0.04%, 9/01/27 (b)		795		795,000

Wyoming - 0.1%
Lincoln Cnty WY PCR (Exxon Mobil Corp.)
0.02%, 8/01/15 (b)		1,300		1,300,000

Total Short-Term Municipal Notes (cost $9,395,000)				9,395,000

Total Municipal Obligations (cost $1,128,710,947)				1,162,220,228


	Shares
INVESTMENT COMPANIES - 20.6%
Funds and Investment Trusts - 20.6%
iShares MSCI EAFE ETF		120,898		8,265,796
SPDR S&P 500 ETF Trust		1,816,797		355,583,509

Total Investment Companies (cost $350,123,063)				363,849,305


	Principal Amount (000)
CORPORATES - INVESTMENT GRADES - 2.7%
Financial Institutions - 2.1%
Banking - 2.1%
Bank of America Corp.
1.50%, 10/09/15	$	6,000		6,055,248
Capital One Financial Corp.
2.125%, 7/15/14		2,790		2,791,903
Citigroup, Inc.
2.65%, 3/02/15		5,500		5,578,260
Goldman Sachs Group, Inc. (The)
5.50%, 11/15/14		2,627		2,676,151
JPMorgan Chase & Co.
1.35%, 2/15/17		6,035		6,056,436
1.875%, 3/20/15		6,360		6,425,126
Morgan Stanley
5.375%, 10/15/15		5,500		5,823,719
Series G
5.45%, 1/09/17		1,425		1,569,773

				36,976,616

Industrial - 0.6%
Communications - Telecommunications - 0.3%
AT&T, Inc.
5.10%, 9/15/14		5,377		5,423,812


	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Automotive - 0.1%
Ford Motor Credit Co. LLC
7.00%, 4/15/15	$	2,310	$	2,425,777

Technology - 0.2%
Cisco Systems, Inc.
1.10%, 3/03/17		2,500		2,507,768

				10,357,357

Total Corporates - Investment Grades (cost $47,000,768)				47,333,973


	Shares
SHORT-TERM INVESTMENTS - 10.7%
Investment Companies - 9.8%
AllianceBernstein Fixed-Income Shares, Inc. - Government STIF Portfolio, 0.07% (c) (cost $173,307,890)		173,307,890		173,307,890


	Principal Amount (000)
U.S. Treasury Bills - 0.9%
U.S. Treasury Bill
Zero Coupon, 9/25/14 (cost $15,499,037)	$	15,500		15,499,037

Total Short-Term Investments (cost $188,806,927)				188,806,927

Total Investments - 99.9% (cost $1,714,641,705) (d)				1,762,210,433
Other assets less liabilities - 0.1% (e)				1,476,757

Net Assets - 100.0%			$	1,763,687,190

FUTURES


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2014		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Futures		1,712		September 2014	$	76,545,506	$	75,765,904	$	(779,602	)
FTSE 100 Index Futures		119		September 2014		13,653,379		13,667,393		14,014
Russell 2000 Mini Futures		67		September 2014		7,836,550		7,975,010		138,460
SPI 200 Futures		43		September 2014		5,427,299		5,427,194		(105	)
TOPIX Index Futures		331		September 2014		40,390,201		41,250,432		860,231


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2014		Unrealized Appreciation/ (Depreciation)
Sold Contracts
Hang Seng Index Futures		49		July 2014		7,190,306		7,303,468		(113,162	)
U.S. Long Bond (CBT) Futures		235		September 2014		32,000,130		32,239,063		(238,933	)
U.S. T-Note 5 Yr (CBT) Futures		293		September 2014	$	35,045,125	$	35,002,055	$	43,070
U.S. T-Note 10 Yr (CBT) Futures		873		September 2014		109,116,923		109,275,047		(158,124	)
U.S. Ultra Bond (CBT) Futures		28		September 2014		4,125,632		4,198,250		(72,618	)

									$	(306,769	)

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	2,105		EUR	1,516		8/14/14	$	(28,613	)
Barclays Bank PLC		EUR	1,849		USD	2,531		8/14/14		(826	)
Barclays Bank PLC		JPY	475,472		USD	4,653		8/14/14		(41,451	)
BNP Paribas SA		AUD	2,269		USD	2,118		8/14/14		(15,196	)
BNP Paribas SA		USD	7,246		AUD	7,881		8/14/14		163,083
Credit Suisse International		USD	13,434		GBP	8,005		8/14/14		260,633
Royal Bank of Scotland PLC		JPY	393,062		USD	3,833		8/14/14		(48,323	)
Royal Bank of Scotland PLC		USD	1,761		JPY	179,972		8/14/14		16,546
State Street Bank & Trust Co.		USD	6,202		CHF	5,440		8/14/14		(65,656	)
State Street Bank & Trust Co.		USD	16,660		EUR	12,018		8/14/14		(201,277	)

									$	38,920

CENTRALLY CLEARED INTEREST RATE SWAPS


					Rate Type
Clearing Broker/(Exchange)	otional Amount (000)		Termination Date		Payments made by the Fund		Payments received by the Fund			Unrealized Appreciation/ (Depreciation)
Citigroup Global Markets, Inc./(CME Group)	$	58,670		11/04/18		3 Month LIBOR		1.453	%	$	(5,887	)
Citigroup Global Markets, Inc./(CME Group)		21,510		11/05/23		3 Month LIBOR		2.76	%		497,612
Citigroup Global Markets, Inc./(CME Group)		7,520		11/04/43		3 Month LIBOR		3.58	%		449,042

										$	940,767

TOTAL RETURN SWAPS


Receive/Pay Total Return on Reference Index	Index	# of Shares or Units		Rate Paid/ by the Fund			Notional Amount (000)		Maturity Date		Counterparty	Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Index
Receive	MSCI AC Far East Ex Japan Index		46,619		0.46	%	$	16,252		10/15/14	Bank of America, NA	$	953,132
Receive	MSCI AC Far East Ex Japan Index		59,732		0.40	%		20,820		11/17/14	Bank of America, NA		1,230,363
Receive	SPDR S&P 500 ETF Trust		203,438		0.42	%		37,972		6/15/15	Bank of America, NA		1,824,307
Receive	MSCI Daily TR Net EAFE Index		10,654		0.20	%		55,703		5/06/15	Citibank, NA		1,431,231
Receive	Russell 2000 Total Return Index		2,890		1.00	%		15,197		8/25/14	Goldman Sachs International		957,942
Receive	Standard and Poor’s Midcap 400 Index		7,739		0.35	%		14,800		8/25/14	Goldman Sachs International		717,304
Receive	Standard and Poor’s Midcap 400 Index		1,065		0.35	%		2,100		9/10/14	Goldman Sachs International		35,403
Receive	Standard and Poor’s Midcap 400 Index		5,286		0.37	%		10,430		3/16/15	Goldman Sachs International		170,670
Receive	Russell 2000 Total Return Index		495		1.00	%		2,698		9/10/14	UBS AG		69,895

												$	7,390,247

(a)

When-Issued or delayed delivery security.

(b)

(c)

Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(d)

As of June 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $62,671,490 and gross unrealized depreciation of investments was $(15,102,762), resulting in net unrealized appreciation of $47,568,728.

(e)

An amount of U.S. 11,785,739 has been segregated to collateralize margin requirements for the open futures contracts at June 30, 2014.

As of June 30, 2014, the Fund held 5.8% of net assets in insured bonds (of this amount 0.9% represents the Fund’s holding in

pre-refunded or escrowed to maturity bonds).

Currency Abbreviation:


AUD	-	Australian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
JPY	-	Japanese Yen
USD	-	United States Dollar

Glossary:


AC	-	All Country
AGC	-	Assured Guaranty Corporation
AGM	-	Assured Guaranty Municipal
AMBAC	-	Ambac Assurance Corporation
CBT	-	Chicago Board of Trade
CCD	-	Community College District
CME	-	Chicago Mercantile Exchange
COP	-	Certificate of Participation
DOT	-	Department of Transportation
EAFE	-	Europe, Australia, and Far East
EDA	-	Economic Development Agency
ETF	-	Exchange Traded Fund
ETM	-	Escrowed to Maturity
FTSE	-	Financial Times Stock Exchange
GO	-	General Obligation
IDA	-	Industrial Development Authority/Agency
IDB	-	Industrial Development Board
ISD	-	Independent School District
LIBOR	-	London Interbank Offered Rates
MSCI	-	Morgan Stanley Capital International
NATL	-	National Interstate Corporation
PCR	-	Pollution Control Revenue Bond
PFA	-	Public Finance Authority
PUD	-	Public Utility District
SD	-	School District
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, 2014 (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, 2014:


Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Local Governments - Municipal Bonds	$	– 0	–	$	1,151,049,299		$	1,775,929		$	1,152,825,228
Short-Term Municipal Notes		– 0	–		9,395,000			– 0	–		9,395,000
Investment Companies		363,849,305			– 0	–		– 0	–		363,849,305
Corporates - Investment Grades		– 0	–		47,333,973			– 0	–		47,333,973
Short-Term Investments:
Investment Companies		173,307,890			– 0	–		– 0	–		173,307,890
U.S Treasury Bills		– 0	–		15,499,037			– 0	–		15,499,037

Total Investments in Securities		537,157,195			1,223,277,309			1,775,929			1,762,210,433
*Other Financial Instruments :**
Assets:
Futures		181,530			874,245			– 0	–		1,055,775
Forward Currency Exchange Contracts					440,262						440,262
Centrally Cleared Interest Rate Swaps					946,654						946,654
Total Return Swaps		– 0	–		7,390,247			– 0	–		7,390,247
Liabilities:
Futures		(469,675	)		(892,869	)		– 0	–		(1,362,544	)
Forward Currency Exchange Contracts					(401,342	)					(401,342	)
Centrally Cleared Interest Rate Swaps					(5,887	)					(5,887	)

Total^	$	536,869,050		$	1,231,628,619		$	1,775,929		$	1,770,273,598

*	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 9/30/13	$	5,733,123		$	5,733,123
Accrued discounts/(premiums)		(8,754	)		(8,754	)
Realized gain (loss)		1,922			1,922
Change in unrealized appreciation/depreciation		(240,825	)		(240,825	)
Purchases		– 0	–		– 0	–
Sales		(720,000	)		(720,000	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		(2,989,537	)		(2,989,537	)

Balance as of 6/30/14	$	1,775,929		$	1,775,929	+

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14	$	(240,184	)	$	(240,184	)

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

Sanford C. Bernstein Fund, Inc. - Tax-Aware Overlay C Portfolio

Portfolio of Investments

June 30, 2014 (unaudited)


	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 60.1%
Long-Term Municipal Bonds - 58.6%
California - 50.2%
California Dept Wtr Res Pwr
Series 2010L
5.00%, 5/01/17	$	12,020	$	13,533,198
Series 2010M
5.00%, 5/01/15		1,815		1,888,108
California Econ Recovery (California Econ Rec Spl Tax)
Series 2009A
5.00%, 7/01/17-7/01/20		14,660		17,226,322
California GO
5.00%, 2/01/15-2/01/21		11,860		13,626,994
Series 2011A
5.00%, 10/01/20		1,500		1,794,015
Series 2013B
5.00%, 9/01/15		1,705		1,800,685
NATL
5.00%, 11/01/23		3,200		3,638,144
California Infra & Eco Dev Bk (Broad Collection)
Series 2011A
5.00%, 6/01/21		3,000		3,636,390
California Pub Wks Brd
Series 2010C-1
5.00%, 3/01/21 (Pre-refunded/ETM)		1,500		1,798,305
Series 2011G
5.00%, 12/01/23 (Pre-refunded/ETM)		3,215		3,933,231
California Pub Wks Brd (California Pub Wks Brd Lease)
5.00%, 6/01/19		3,975		4,645,662
Series 2014A
5.00%, 9/01/30		4,375		5,008,412
California State Univ
Series 2011A
5.25%, 11/01/26		2,035		2,379,302
California Statewide CDA (Odd Fellows Home)
Series 2012A
5.00%, 4/01/21		1,000		1,173,210
California Statewide CDA (The Terraces at San Joaquin Gardens)
4.00%, 10/01/18		1,525		1,525,000
Chino Basin CA Reg Fin Auth (Inland Empire Utilities Agency)
Series 2010A
5.00%, 8/01/20-8/01/21		7,430		8,674,833
East Bay MUD CA Wtr Sys
Series 2012B
5.00%, 6/01/16		2,985		3,252,754
Livermore-Amador Vy Wtr CA
5.00%, 8/01/14		2,910		2,921,756


	Principal Amount (000)		U.S. $ Value
Long Beach CA Bond Fin Auth (Long Beach CA Lease Aquarium)
5.00%, 11/01/22	$	1,460	$	1,662,064
Long Beach CA Harbor
Series 2010B
5.00%, 5/15/22		2,000		2,334,140
NATL Series 1998A
6.00%, 5/15/18		3,305		3,919,135
Los Angeles CA CCD GO
3.00%, 8/01/15		2,990		3,082,062
Series 2013F
5.00%, 8/01/15		2,135		2,246,703
Los Angeles CA Dept Arpts (Los Angeles Intl Airport)
Series 2010A
5.00%, 5/15/25		1,500		1,721,925
Series 2010D
5.25%, 5/15/28		4,145		4,777,941
Los Angeles CA Dept W&P Pwr
4.00%, 7/01/16		6,570		7,063,933
Series 2012C
4.00%, 1/01/16		7,585		7,953,783
Los Angeles CA Dept W&P Wtr
Series 2013B
5.00%, 7/01/18-7/01/19		2,000		2,354,350
Los Angeles CA Harbor Dept
Series 2011A
5.00%, 8/01/19		1,500		1,758,945
Los Angeles CA USD COP
Series 2010B
5.00%, 12/01/16		635		703,072
AMBAC Series 2007A
5.00%, 10/01/16		105		115,557
Los Angeles CA USD GO
Series 2010K
5.00%, 7/01/18		6,360		7,353,750
Series 2010KRY
5.25%, 7/01/25		160		190,333
Series 2014C
5.00%, 7/01/27 (a)		6,815		8,081,500
Los Angeles CA Wstwtr Sys
NATL Series 2005A
4.75%, 6/01/35 (Pre-refunded/ETM)		1,655		1,724,758
Los Angeles Cnty CA Met Trnsp Auth (Los Angeles Cnty CA MTA Sales Tax)
5.00%, 7/01/20		5,500		6,638,170
Series 2013A
5.00%, 7/01/16		6,805		7,443,377
Series 2013C
5.00%, 7/01/19		1,240		1,467,106
Los Angeles Cnty CA Santn Dist
Series 2013A
5.00%, 10/01/16		4,000		4,421,160
Palm Springs CA USD GO
Series 2013C
3.00%, 8/01/15		1,500		1,546,185
Port of Oakland CA
Series 2012P
5.00%, 5/01/24-5/01/25		6,405		7,297,690


	Principal Amount (000)		U.S. $ Value
Sacramento CA USD GO
5.00%, 7/01/25	$	2,380	$	2,695,969
Sacramento Cnty Santn Dist Fin Auth
Series 2014A
5.00%, 12/01/29 (a)		2,000		2,335,100
San Diego CA Pub Fac Fin Auth (San Diego CA Swr)
Series 2009B
5.00%, 5/15/21-5/15/22		7,310		8,584,392
San Diego Cnty CA Wtr Auth
Series 2011A
5.00%, 5/01/24-5/01/25		4,860		5,697,030
San Francisco CA Bay Area Rapid Transit (San Francisco City/Cnty CA Sales Tax)
5.00%, 7/01/27		2,000		2,257,740
San Francisco City & Cnty CA Pub Util Wtr
Series 2011A
5.00%, 11/01/24		5,385		6,424,251
San Francisco City/Cnty CA Arpt Commn (San Francisco CA Intl Airport)
Series 2009C-2
5.00%, 5/01/25		500		566,470
Series 2011G
5.00%, 5/01/24		2,470		2,835,264
Series 20122
5.00%, 5/01/27		1,270		1,445,984
NATL Series 2006-32F
5.25%, 5/01/18		675		784,674
San Francisco City/Cnty CA GO
5.00%, 6/15/15		2,015		2,108,335
Santa Rosa CA HSD GO
4.00%, 8/01/15		2,500		2,600,000
South Placer CA Wstwtr Auth
Series 2011C
5.25%, 11/01/22-11/01/24		8,675		10,009,406
Southern CA Pub Pwr Auth (Los Angeles CA Dept W&P Pwr)
5.00%, 7/01/23		5,190		6,126,484
Univ of California
Series 2010U
5.00%, 5/15/18		2,555		2,956,416
Series 2012G
5.00%, 5/15/23		7,400		8,835,970
Series 2013A
5.00%, 5/15/48		6,000		7,287,180
Upper Santa Clara Vy CA Jt Pwr
Series 2011A
5.00%, 8/01/25		1,790		2,093,799
Vista CA USD GO
5.00%, 8/01/23-8/01/25		4,240		5,024,127

				258,982,551

Colorado - 0.4%
Plaza Met Dist #1 CO
5.00%, 12/01/22		690		743,958


	Principal Amount (000)		U.S. $ Value
Regional Trnsp Dist CO (Denver Transit Partners)
5.00%, 7/15/22	$	1,150	$	1,254,834

				1,998,792

Florida - 0.9%
Citizens Ppty Ins Corp. FL
Series 2010A-1
5.00%, 6/01/16		580		629,810
Series 2011A-1
5.00%, 6/01/19		2,035		2,356,347
Florida Brd of Ed Lottery
Series 2010C
5.00%, 7/01/17		150		169,176
Florida Hurricane Catastr Fd Fin Corp.
Series 2010A
5.00%, 7/01/16		1,500		1,634,100

				4,789,433

Illinois - 1.8%
Chicago IL O’Hare Intl Arpt (O’Hare Intl Arpt)
Series 2011B
5.00%, 1/01/19		4,390		5,080,239
Illinois Finance Auth (Illinois Institute of Technology)
5.00%, 4/01/18		550		574,750
Illinois Finance Auth (Park Place of Elmhurst)
6.25%, 8/15/15		230		164,250
Illinois GO
5.00%, 8/01/15-8/01/23		2,870		3,143,604
Series 2010
5.00%, 1/01/18		160		178,243

				9,141,086

Michigan - 0.5%
Michigan Finance Authority (Public Lighting Authority)
5.00%, 7/01/25 (a)		2,175		2,430,628

New Jersey - 1.7%
New Jersey EDA (New Jersey Cigarette Tax)
5.00%, 6/15/16		2,700		2,920,617
New Jersey Trnsp Trust Fd Auth (New Jersey Trnsp Trust Fund)
Series 2013A
5.00%, 12/15/19		5,000		5,773,600

				8,694,217

New York - 0.6%
Nassau Cnty NY GO
Series 2014A
2.00%, 2/02/15 (a)		2,870		2,897,007


	Principal Amount (000)		U.S. $ Value
Puerto Rico - 1.4%
Puerto Rico Elec Pwr Auth
Series 2007V V
5.50%, 7/01/20	$	1,150	$	510,106
Series 2010AAA
5.25%, 7/01/21		2,400		1,064,496
Series 2010ZZ
5.25%, 7/01/22		1,215		538,877
Puerto Rico GO
NATL
6.00%, 7/01/14		1,000		1,000,000
6.50%, 7/01/15		2,860		2,967,078
Puerto Rico IND Tour Ed Med Envrn Auth (Inter American Univ of Puerto Rico)
5.00%, 10/01/19		1,000		1,040,110

				7,120,667

Texas - 0.6%
Spring Branch TX ISD GO
3.00%, 6/15/41		3,020		3,101,087

Washington - 0.5%
Port of Seattle WA
Series 2010C
5.00%, 2/01/18		2,405		2,713,273

Total Long-Term Municipal Bonds (cost $293,573,458)				301,868,741

Short-Term Municipal Notes - 1.5%
California - 1.5%
California Hlth Facs Fin Auth (St. Joseph Health Sys)
Series 2011B
0.04%, 7/01/41 (b)		5,955		5,955,000
California Mun Fin Auth (Chevron USA, Inc.)
Series 2010B
0.01%, 11/01/35 (b)		1,850		1,850,000

Total Short-Term Municipal Notes (cost $7,805,000)				7,805,000

Total Municipal Obligations (cost $301,378,458)				309,673,741


	Shares
INVESTMENT COMPANIES - 20.4%
Funds and Investment Trusts - 20.4%
iShares MSCI EAFE ETF		34,717		2,373,601
SPDR S&P 500 ETF Trust		525,453		102,841,661

Total Investment Companies (cost $101,217,519)				105,215,262


	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADES - 1.8%
Financial Institutions - 1.5%
Banking - 1.5%
Bank of America Corp.
1.50%, 10/09/15	$	3,000	$	3,027,624
JPMorgan Chase & Co.
3.15%, 7/05/16		3,115		3,246,917
Morgan Stanley
1.75%, 2/25/16		1,559		1,581,141

				7,855,682

Industrial - 0.3%
Consumer Cyclical - Automotive - 0.1%
Ford Motor Credit Co. LLC
7.00%, 4/15/15		677		710,932

Consumer Cyclical - Entertainment - 0.2%
Viacom, Inc.
1.25%, 2/27/15		760		764,249

				1,475,181

Total Corporates - Investment Grades (cost $9,276,490)				9,330,863


	Shares
SHORT-TERM INVESTMENTS - 16.7%
Investment Companies - 15.9%
AllianceBernstein Fixed-Income Shares, Inc. - Government STIF Portfolio, 0.07% (c)(d) (cost $81,724,110)		81,724,110		81,724,110


	Principal Amount (000)
U.S. Treasury Bills - 0.8%
U.S. Treasury Bill
Zero Coupon, 9/25/14 (cost $4,099,745)	$	4,100		4,099,745

Total Short-Term Investments (cost $85,823,855)				85,823,855

Total Investments - 99.0% (cost $497,696,322) (e)				510,043,721
Other assets less liabilities - 1.0% (f)				5,231,575

Net Assets - 100.0%+			$	515,275,296

FUTURES


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2014		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Futures		515		September 2014	$	23,026,247	$	22,791,729	$	(234,518	)
FTSE 100 Index Futures		38		September 2014		4,359,903		4,364,378		4,475
Russell 2000 Mini Futures		20		September 2014		2,339,269		2,380,600		41,331
SPI 200 Futures		14		September 2014		1,767,028		1,766,993		(35	)
TOPIX Index Futures		99		September 2014		12,080,453		12,337,743		257,290
Sold Contracts
Hang Seng Index Futures		14		July 2014		2,054,373		2,086,705		(32,332	)
U.S. Long Bond (CBT) Futures		43		September 2014		5,855,344		5,899,062		(43,718	)
U.S. T-Note 5 Yr (CBT) Futures		59		September 2014		7,056,868		7,048,195		8,673
U.S. T-Note 10 Yr (CBT) Futures		137		September 2014		17,123,733		17,148,547		(24,814	)
U.S. Ultra Bond (CBT) Futures		8		September 2014		1,178,746		1,199,500		(20,754	)

									$	(44,402	)

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		EUR	372		USD$	509		8/14/14	$	(166	)
Barclays Bank PLC		JPY	99,243		USD	968		8/14/14		(11,745	)
BNP Paribas SA		AUD	700		USD	653		8/14/14		(4,688	)
BNP Paribas SA		USD	2,291		AUD	2,492		8/14/14		51,567
Credit Suisse International		USD	4,315		GBP	2,569		8/14/14		79,795
Royal Bank of Scotland PLC		JPY	116,063		USD	1,132		8/14/14		(14,269	)
Royal Bank of Scotland PLC		USD	532		JPY	54,382		8/14/14		5,000
State Street Bank & Trust Co.		JPY	4,885		USD	48		8/14/14		(58	)
State Street Bank & Trust Co.		USD	1,978		CHF	1,735		8/14/14		(20,940	)
State Street Bank & Trust Co.		USD	5,752		EUR	4,149		8/14/14		(69,487	)

									$	15,009

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./(CME Group)	$	14,980		11/04/18		3 Month LIBOR		1.453	%	$	(1,503	)
Citigroup Global Markets, Inc./(CME Group)	$	6,980		11/01/23		3 Month LIBOR		2.617	%	$	77,651

										$	76,148

TOTAL RETURN SWAPS


Receive/Pay Total Return on Reference Index	Index	# of Shares or Units		Rate Paid by the Fund			Notional Amount (000)		Maturity Date		Counterparty	Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Index
Receive	MSCI AC Far East Ex Japan Index		13,740		0.46	%	$	4,790		10/15/14	Bank of America, NA	$	280,916
Receive	MSCI AC Far East Ex Japan Index		16,497		0.40	%		5,750		11/17/14	Bank of America, NA		339,806
Receive	MSCI AC Far East Ex Japan Index		939		0.35	%		336		12/15/14	Bank of America, NA		10,478
Receive	SPDR S&P 500 ETF Trust		60,762		0.42	%		11,341		6/15/15	Bank of America, NA		544,876
Receive	MSCI Daily TR Gross EAFE		2,738		0.20	%		14,315		5/06/15	Citibank, NA		367,816
Receive	Russell 2000 Total Return Index		818		1.00	%		4,301		8/28/14	Goldman Sachs International		271,141
Receive	Standard and Poor’s Midcap 400 Index		2,191		1.00	%		4,190		8/25/14	Goldman Sachs International		204,665
Receive	Standard and Poor’s Midcap 400 Index		330		0.35	%		651		9/10/14	Goldman Sachs International		10,970
Receive	Standard and Poor’s Midcap 400 Index		1,584		0.37	%		3,125		3/16/15	Goldman Sachs International		51,143
Receive	Russell 2000 Total Return Index		154		1.00	%		839		9/10/14	UBS AG		21,745

												$	2,103,556

+	The fund’s portfolio breakdown excludes derivative exposure and is expressed as approximate percentages of the fund’s total net assets, based on the Adviser’s internal classification.

(a)

When-Issued or delayed delivery security.

(b)

(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 AllianceBernstein at (800) 227-4618.

(d)

Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(e)

As of June 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $15,542,258 and gross unrealized depreciation of investments was $(3,194,859) resulting in net unrealized appreciation of $12,347,399.

(f)

An amount of U.S. $3,298,970 has been segregated to collateralize margin requirements for the open futures contracts at June 30, 2014.

As of June 30, 2014, the Fund held 2.7% of net assets in insured bonds (of this amount 12.2% represents the Fund’s holding in pre-refunded or escrowed to maturity bonds).

Currency Abbreviation:


AUD	-	Australian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
JPY	-	Japanese Yen
USD	-	United States Dollar

Glossary:


AC	-	All Country
AMBAC	-	Ambac Assurance Corporation
CBT	-	Chicago Board of Trade
CCD	-	Community College District
CDA	-	Community Development Authority
CME	-	Chicago Mercantile Exchange
COP	-	Certificate of Participation
EAFE	-	Europe, Australia, and Far East
EDA	-	Economic Development Agency
ETF	-	Exchange Traded Fund
ETM	-	Escrowed to Maturity
FTSE	-	Financial Times Stock Exchange
GO	-	General Obligation
HSD	-	High School District
ISD	-	Independent School District
LIBOR	-	London Interbank Offered Rates
MSCI	-	Morgan Stanley Capital International
MTA	-	Metropolitan Transportation Authority
NATL	-	National Interstate Corporation
SPDR	-	Standard & Poor’s Depository Receipt
SPI	-	Share Price Index
TOPIX	-	Tokyo Price Index
USD	-	Unified School District

Sanford C. Bernstein Fund, Inc. - Tax-Aware Overlay C Portfolio

June 30, 2014 (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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

299,435,533

2,433,208

301,868,741

Short-Term Municipal Notes

– 0

–

7,805,000

– 0

–

7,805,000

Investment Companies

105,215,262

– 0

–

– 0

–

105,215,262

Corporates - Investment Grades

– 0

–

9,330,863

– 0

–

9,330,863

Short-Term Investments:

Investment Companies

81,724,110

– 0

–

– 0

–

81,724,110

U.S. Treasury Bills

– 0

–

4,099,745

– 0

–

4,099,745

Total Investments in Securities

186,939,372

320,671,141

2,433,208

510,043,721

Other Financial Instruments* :

Assets:

Futures

50,004

261,765

– 0

–

311,769

Forward Currency Exchange Contracts

– 0

–

136,362

– 0

–

136,362

Centrally Cleared Interest Rate Swaps

– 0

–

77,651

– 0

–

77,651

Total Return Swaps

– 0

–

2,103,556

– 0

–

2,103,556

Liabilities:

Futures

(89,286

)

(266,885

)

– 0

–

(356,171

)

Forward Currency Exchange Contracts

– 0

–

(121,353

)

– 0

–

(121,353

)

Centrally Cleared Interest Rate Swaps

– 0

–

(1,503

)

– 0

–

(1,503

)

Total^

186,900,090

322,860,734

2,433,208

512,194,032

*	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.


	Local-Term Municipal Bonds			Total
Balance as of 9/30/13	$	4,919,738		$	4,919,738
Accrued discounts/(premiums)		(3,918	)		(3,918	)
Realized gain (loss)		473			473
Change in unrealized appreciation/depreciation		(22,624	)		(22,624	)
Purchases		– 0	–		– 0	–
Sales		(180,000	)		(180,000	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		(2,280,461	)		(2,280,461	)

Balance as of 6/30/14	$	2,433,208		$	2,433,208	+

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14	$	(22,462	)	$	(22,462	)

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

Sanford C. Bernstein Fund, Inc. - Tax-Aware Overlay N Portfolio

Portfolio of Investments

June 30, 2014 (unaudited)


	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 61.7%
Long-Term Municipal Bonds - 61.7%
New York - 49.2%
Albany Cnty NY Arpt Auth
AGM Series 2010A
5.00%, 12/15/22-12/15/23	$	3,555	$	4,018,451
Brookhaven NY GO
3.00%, 3/15/15		1,425		1,453,700
Central Islip NY UFSD GO
4.00%, 7/15/15		700		727,664
5.00%, 7/15/19		750		880,380
Hempstead NY Local Dev Corp. (Hofstra Univ)
5.00%, 7/01/21		700		815,073
Hempstead Town NY GO
4.00%, 8/15/15		2,570		2,680,639
Long Island Pwr Auth NY
Series 20102
5.00%, 5/01/15 (Pre-refunded/ETM)		2,780		2,892,201
NATL Series 2006A
5.00%, 12/01/19 (Pre-refunded/ETM)		1,335		1,454,750
Metropolitan Trnsp Auth NY
Series 2010B
5.00%, 11/15/15		130		138,419
Series 2011B-1
5.00%, 11/15/15		1,400		1,490,664
Series 2011C
5.00%, 11/15/25		6,505		7,432,808
Series 2012F
5.00%, 11/15/25		1,000		1,151,770
AMBAC Series 2005A
5.50%, 11/15/16		1,730		1,933,690
Metropolitan Trnsp Auth NY (Metro Trnsp Auth NY Ded Tax)
Series 2012A
5.00%, 11/15/23-11/15/26		9,840		11,605,891
Nassau Cnty NY GO
Series 2011A
5.00%, 4/01/20		2,050		2,372,465
Nassau Cnty NY Interim Fin Auth (Nassau Cnty NY Sales Tax)
Series 2012A
5.00%, 11/15/16		9,035		10,003,913
Nassau Health Care Corp.
2.25%, 1/15/15		3,955		3,971,453
New York NY GO
Series 2004G
5.00%, 8/01/14		1,000		1,004,090
Series 2010B
5.00%, 8/01/16-8/01/19		5,875		6,533,804
Series 2010H-2
5.00%, 6/01/19		1,220		1,423,947
Series 2012I
5.00%, 8/01/16		2,430		2,663,183
Series 2014J
5.00%, 8/01/27 (a)		1,085		1,264,285
AMBAC Series 2011H4
5.00%, 8/01/15		2,860		3,009,950


	Principal Amount (000)		U.S. $ Value
New York NY Mun Wtr Fin Auth
Series 2010FF
5.00%, 6/15/25	$	500	$	578,275
Series 2011GG
5.00%, 6/15/26		8,070		9,299,626
New York NY Tmsl Fin Auth
Series 2011B
5.00%, 2/01/21		4,110		4,885,886
New York NY Trnsl Fin Auth
Series 2009B
5.00%, 11/01/18		4,525		5,268,774
Series 2010I-2
5.00%, 11/01/19		2,000		2,361,600
Series 2012F-1
5.00%, 5/01/15		2,500		2,600,900
Series 2012S
5.00%, 5/01/19		1,000		1,172,060
Series 2014B
5.00%, 11/01/26		4,000		4,736,240
Series 2014C
5.00%, 11/01/17		3,340		3,809,203
New York St Dormitory Auth (Fordham Univ)
Series 2011B
5.00%, 7/01/41		5,000		5,420,900
New York St Dormitory Auth (Mount Sinai Hospital)
Series 2010A
5.00%, 7/01/18		645		737,874
New York St Dormitory Auth (New York Dorm Facs)
Series 2013A
5.00%, 7/01/21		1,000		1,182,020
New York St Dormitory Auth (New York St Lease Svc Contract)
Series 2009A
5.00%, 7/01/24		3,440		3,917,678
New York St Dormitory Auth (New York St Pers Income Tax)
Series 2008A
5.00%, 3/15/18		4,635		5,315,835
Series 2012A
5.00%, 12/15/21-12/15/22		3,965		4,785,251
Series 2014A
5.00%, 2/15/28		2,035		2,370,897
New York St Dormitory Auth (State Univ of New York)
Series 2012A
5.00%, 7/01/26		1,965		2,259,062
New York St Loc Gov Asst Corp.
Series 2007A
5.00%, 4/01/16		1,030		1,114,913
Series 2010B
5.00%, 4/01/20		4,045		4,813,954
Series 2012A
5.00%, 4/01/16		3,735		4,042,913


	Principal Amount (000)		U.S. $ Value
New York St Thruway Auth (New York St Pers Income Tax)
Series 2010A
5.00%, 3/15/25	$	4,500	$	5,243,400
New York St Thruway Auth (New York St Thruway Auth Ded Tax)
Series 2011A
5.00%, 4/01/23		1,590		1,847,024
Series 2012A
5.00%, 4/01/20		1,975		2,326,649
AMBAC Series 2005B
5.50%, 4/01/20		2,400		2,914,632
New York St UDC (New York St Pers Income Tax)
Series 2011A
5.00%, 3/15/15		3,000		3,102,390
Series 2013C
5.00%, 3/15/20		1,970		2,329,919
New York St Dormitory Auth (New York St Pers Income Tax)
Series 2014C
5.00%, 3/15/29 (a)		3,000		3,476,970
Onondaga Cnty NY GO
4.00%, 5/01/15		2,005		2,069,180
Port Authority of NY & NJ
Series 2012175
4.00%, 12/01/14		2,175		2,209,670
Series 20131
5.00%, 6/01/21-12/01/23		5,015		5,934,841
XLCA
5.00%, 10/01/19		1,000		1,069,890
Schenectady Cnty NY Cap Res (Ellis Hospital)
1.75%, 2/15/18		1,340		1,333,930
Tobacco Settlement Fin Corp. NY (New York St Lease Tobacco Asset Sec)
Series 2013B
5.00%, 6/01/20		9,650		10,449,792
Triborough Brdg & Tunl Auth NY
Series 2008C
5.00%, 11/15/16		5,000		5,536,200
Troy Res Corp. (Rensselaer Polytechnic Institute)
Series 2010B
5.00%, 9/01/19-9/01/20		1,540		1,785,504

				193,227,042

Alabama - 0.3%
Jefferson Cnty AL Commn (Jefferson Cnty AL Swr)
Series 2013D
5.00%, 10/01/22		1,000		1,124,090

Arizona - 0.7%
Phoenix AZ Civic Impt Corp. (Phoenix AZ Civic Impt Airport)
Series 2010A
5.00%, 7/01/22		2,575		2,942,092


	Principal Amount (000)		U.S. $ Value
Colorado - 1.4%
Denver CO City & Cnty Arpt (Denver Intl Airport)
Series 2011A
5.75%, 11/15/20	$	3,150	$	3,781,859
Plaza Met Dist #1 CO
5.00%, 12/01/22		600		646,920
Regional Trnsp Dist CO (Denver Transit Partners)
5.375%, 7/15/25		1,100		1,196,943

				5,625,722

District of Columbia - 0.6%
Metro Washington Arpt Auth VA
Series 2010B
5.00%, 10/01/21		2,100		2,443,917

Florida - 3.2%
Broward Cnty FL Sch Brd COP
Series 2011A
5.00%, 7/01/18		3,500		4,029,025
Citizens Ppty Ins Corp. FL
Series 2010A-1
5.00%, 6/01/16		1,155		1,254,191
Series 2012A-1
5.00%, 6/01/21		2,840		3,337,256
Florida Brd of Ed Lottery
Series 2010C
5.00%, 7/01/18		170		196,200
Florida Hurricane Catastr Fd Fin Corp.
Series 2010A
5.00%, 7/01/16		1,885		2,053,519
Lee Cnty FL Port Auth Arpt (Southwest Florida Intl Airport)
AGM Series 2010A
5.00%, 10/01/17		1,710		1,926,623

				12,796,814

Idaho - 0.2%
Idaho Hlth Fac Auth (The Terraces at Boise)
Series 2014
5.25%, 10/01/20		660		663,604

Illinois - 2.1%
Illinois Finance Auth (Illinois Institute of Technology)
5.00%, 4/01/18		475		496,375
Illinois GO
5.00%, 8/01/15		2,320		2,434,399
Series 2010
5.00%, 1/01/18		160		178,243
Illinois Sales Tax
4.00%, 6/15/16		2,915		3,118,030
Series 2010
5.00%, 6/15/20		1,685		1,980,650

				8,207,697


	Principal Amount (000)		U.S. $ Value
New Jersey - 0.8%
New Jersey Turnpike Auth (New Jersey Turnpike)
AGM Series 2005D-3
5.25%, 1/01/26	$	2,555	$	3,077,293

Pennsylvania - 1.2%
Philadelphia PA Parking Auth (Philadelphia Airport Parking)
5.25%, 9/01/23		200		227,060
Pittsburgh-Allegheny PA Sprts-Exhib Auth (Pittsburgh-Allegheny Cnty PA Hotel Tax)
AGM
5.00%, 2/01/24		4,000		4,373,920

				4,600,980

Puerto Rico - 1.3%
Puerto Rico Elec Pwr Auth
Series 2003NN
5.50%, 7/01/20		1,660		736,326
Series 2008WW
5.50%, 7/01/18		1,350		598,887
Series 2010ZZ
5.25%, 7/01/22		705		312,682
Puerto Rico GO
NATL Series 2001A
5.50%, 7/01/16		1,945		2,027,701
Puerto Rico Pub Bldgs Auth (Puerto Rico GO)
5.75%, 7/01/20		1,715		1,421,306

				5,096,902

Washington - 0.7%
Port of Seattle WA
Series 2010C
5.00%, 2/01/21		2,300		2,643,712

Total Municipal Obligations (cost $236,892,236)				242,449,865


	Shares
INVESTMENT COMPANIES - 20.5%
Funds and Investment Trusts - 20.5%
iShares MSCI EAFE ETF		26,507		1,812,283
SPDR S&P 500 ETF Trust		403,247		78,923,503

Total Investment Companies (cost $77,677,325)				80,735,786


	Principal Amount (000)
GOVERNMENTS - TREASURIES - 3.3%
U.S. Treasury - 3.3%
U.S. Treasury Notes
0.75%, 1/15/17 (cost $13,116,868)	$	13,100		13,121,497


	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADES - 2.3%
Financial Institutions - 2.0%
Banking - 2.0%
Bank of America Corp.
1.50%, 10/09/15	$	2,626	$	2,650,180
Capital One Financial Corp.
2.125%, 7/15/14		620		620,423
Citigroup, Inc.
2.65%, 3/02/15		1,212		1,229,245
Goldman Sachs Group, Inc. (The)
5.50%, 11/15/14		584		594,927
JPMorgan Chase & Co.
1.35%, 2/15/17		2,645		2,654,395

				7,749,170

Industrial - 0.3%
Consumer Cyclical - Entertainment - 0.1%
Viacom, Inc.
1.25%, 2/27/15		640		643,579

Consumer Non-Cyclical - 0.2%
Actavis, Inc.
1.875%, 10/01/17		665		670,931

				1,314,510

Total Corporates - Investment Grades (cost $8,997,117)				9,063,680


	Shares
SHORT-TERM INVESTMENTS - 11.1%
Investment Companies - 10.3%
AllianceBernstein Fixed-Income Shares, Inc. - Government STIF Portfolio, 0.07% (b)(c) (cost $40,469,733)		40,469,733		40,469,733


	Principal Amount (000)
U.S. Treasury Bills - 0.8%
U.S. Treasury Bill
Zero Coupon, 9/25/14 (cost $2,999,814)	$	3,000		2,999,814

Total Short-Term Investments (cost $43,469,547)				43,469,547



	U.S. $ Value
Total Investments - 98.9% (cost $380,153,093) (d)	$	388,840,375

Other assets less liabilities - 1.1% (e)		4,248,299

Net Assets - 100.0%	$	393,088,674

FUTURES


Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2014		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Futures		379		September 2014	$	16,945,530	$	16,772,943	$	(172,587	)
FTSE 100 Index Futures		26		September 2014		2,983,091		2,986,153		3,062
Russell 2000 Mini Futures		15		September 2014		1,754,452		1,785,450		30,998
SPI 200 Futures		9		September 2014		1,135,946		1,135,924		(22	)
TOPIX Index Futures		73		September 2014		8,907,809		9,097,527		189,718
Sold Contracts
Hang Seng Index Futures		11		July 2014		1,614,150		1,639,554		(25,404	)
U.S. Long Bond (CBT) Futures		48		September 2014		6,536,204		6,585,000		(48,796	)
U.S. T-Note 5 Yr (CBT) Futures		69		September 2014		8,252,948		8,242,805		10,143
U.S. T-Note 10 Yr (CBT) Futures		180		September 2014		22,498,335		22,530,937		(32,602	)
U.S. Ultra Bond (CBT) Futures		6		September 2014		884,062		899,625		(15,563	)

									$	(61,053	)

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		JPY	108,432		USD	1,061		8/14/14	$	(9,233	)
BNP Paribas SA		USD	1,159		AUD	1,261		8/14/14		26,094
Citibank, NA		EUR	320		USD	436		8/14/14		(1,829	)
Credit Suisse International		USD	2,782		GBP	1,659		8/14/14		56,412
Royal Bank of Scotland PLC		JPY	90,141		USD	879		8/14/14		(11,082	)
Royal Bank of Scotland PLC		USD	399		JPY	40,744		8/14/14		3,746
State Street Bank & Trust Co.		USD	1,345		CHF	1,180		8/14/14		(14,241	)
State Street Bank & Trust Co.		USD	3,976		EUR	2,868		8/14/14		(48,033	)
State Street Bank & Trust Co.		USD	203		GBP	120		8/14/14		2,011

									$	3,845

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./(CME Group)	$	11,110		11/04/18		3 Month LIBOR		1.453	%	$	(1,115	)
Citigroup Global Markets, Inc./(CME Group)		5,470		11/01/23		3 Month LIBOR		2.617	%		60,852
Citigroup Global Markets, Inc./(CME Group)		1,670		11/04/43		3 Month LIBOR		3.58	%		99,721

										$	159,458

TOTAL RETURN SWAPS


Receive/Pay Total Return on Reference Index	Index	# of Shares or Units		Rate Paid by the Fund			Notional Amount (000)		Maturity Date		Counterparty	Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Index
Receive	MSCI AC Far East Ex Japan Index		10,614		0.46	%	$	3,700		10/15/14	Bank of America, NA	$	217,005
Receive	MSCI AC Far East Ex Japan Index		12,767		0.40	%		4,450		11/17/14	Bank of America, NA		262,975
Receive	MSCI AC Far East Ex Japan Index		377		0.35	%		135		12/15/14	Bank of America, NA		4,207
Receive	SPDR S&P 500 ETF Trust		45,949		0.42	%		8,576		6/15/15	Bank of America, NA		412,042
Receive	MSCI Daily TR Net EAFE Index		2,412		0.20	%		12,611		5/6/15	Citibank, NA		324,022
Receive	Russell 2000 Total Return Index		647		1.00	%		3,402		8/25/14	Goldman Sachs International		214,460
Receive	Standard and Poor’s Midcap 400 Index		1,773		1.00	%		3,391		8/25/14	Goldman Sachs International		165,619
Receive	Standard and Poor’s Midcap 400 Index		228		0.35	%		450		9/10/14	Goldman Sachs International		7,579
Receive	Standard and Poor’s Midcap 400 Index		1,156		0.37	%		2,281		3/16/15	Goldman Sachs International		37,324
Receive	Russell 2000 Total Return Index		108		1.00	%		589		9/10/14	UBS AG		15,250

												$	1,660,483

(a)

When-Issued or delayed delivery security.

(b)

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 AllianceBernstein at (800) 227-4618.

(c)

Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(d)

As of June 30, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $11,718,229 and gross unrealized depreciation of investments was $(3,030,947), resulting in net unrealized appreciation of $8,687,282.

(e)

An amount of U.S.$2,582,051 has been segregated to collateralize margin requirements for the open futures contracts at June 30, 2014.

As of June 30, 2014, the Fund held 6.6% of net assets in insured bonds (of this amount 5.6% represents the Fund’s holding in pre-refunded or escrowed to maturity bonds).

Currency Abbreviation:


AUD	-	Australian Dollar
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	Great British Pound
JPY	-	Japanese Yen
USD	-	United States Dollar

Glossary:


AC	-	All Country
AGM	-	Assured Guaranty Municipal
AMBAC	-	Ambac Assurance Corporation
CBT	-	Chicago Board of Trade
CME	-	Chicago Mercantile Exchange
COP	-	Certificate of Participation
EAFE	-	Europe, Australia, and Far East
ETF	-	Exchange Traded Fund
ETM	-	Escrowed to Maturity
FTSE	-	Financial Times Stock Exchange
GO	-	General Obligation
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
UDC	-	Urban Development Corporation
UFSD	-	Union Free School District
XLCA	-	XL Capital Assurance Inc.

Sanford C. Bernstein Fund, Inc. - Tax-Aware Overlay N Portfolio

June 30, 2014 (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, 2014:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

237,167,888

5,281,977

242,449,865

Investment Companies

80,735,786

– 0

–

– 0

–

80,735,786

Governments - Treasuries

– 0

–

13,121,497

– 0

–

13,121,497

Corporates - Investment Grades

– 0

–

9,063,680

– 0

–

9,063,680

Short-Term Investments:

Investment Companies

40,469,733

– 0

–

– 0

–

40,469,733

U.S. Treasury Bills

– 0

–

2,999,814

– 0

–

2,999,814

Total Investments in Securities

121,205,519

262,352,879

5,281,977

388,840,375

Other Financial Instruments* :

Assets:

Futures

41,141

192,780

– 0

–

233,921

Forward Currency Exchange Contracts

– 0

–

88,263

– 0

–

88,263

Centrally Cleared Interest Rate Swaps

– 0

–

160,573

– 0

–

160,573

Total Return Swaps

– 0

–

1,660,483

– 0

–

1,660,483

Liabilities:

Futures

(96,961

)

(198,013

)

– 0

–

(294,974

)

Forward Currency Exchange Contracts

– 0

–

(84,418

)

– 0

–

(84,418

)

Centrally Cleared Interest Rate Swaps

– 0

–

(1,115

)

– 0

–

(1,115

)

Total+

121,149,699

264,171,432

5,281,977

390,603,108

*	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 9/30/13	$	700,147		$	700,147
Accrued discounts/(premiums)		(19,488	)		(19,488	)
Realized gain (loss)		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		35,271			35,271
Purchases		4,646,047			4,646,047
Sales		(80,000	)		(80,000	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 6/30/14	$	5,281,977		$	5,281,977

Net change in unrealized appreciation/depreciation from Investments held as of 6/30/14	$	35,408		$	35,408

The following presents information about significant unobservable inputs related to the Portfolio with material categories of Level 3 investments at June 30, 2014:

Quantitative Information about Level 3 Fair Value Measurements

Fair Value at
6/30/14

Valuation Technique

Unobservable Input

Range/ Weighted Average

Long-Term Municipal Bonds

5,281,977

Third Party Vendor

Lack of External Credit Rating

100.42 – 107.82/$101.34

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/ *Dianne F. Lob*
		Dianne F. Lob
		President

Date:		August 22, 2014

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/ *Dianne F. Lob*
		Dianne F. Lob
		President

Date:		August 22, 2014

By:		/s/ *Joseph J. Mantineo*
		Joseph J. Mantineo
		Treasurer and Chief Financial Officer

Date:		August 22, 2014

Dates Referenced Herein and Documents Incorporated by Reference

This ‘N-Q’ Filing	Date	Other Filings

	9/30/14
Filed on / Effective on:	8/27/14
	8/22/14
For Period End:	6/30/14	N-PX
		List all Filings

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Filing Submission 0001193125-14-323858 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Bernstein Sanford C Fund Inc – ‘N-Q’ for 6/30/14

On: Wednesday, 8/27/14, at 5:29pm ET · Effective: 8/27/14 · For: 6/30/14 · Accession #: 1193125-14-323858 · 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 and Documents Incorporated by Reference

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