avatar Alliancebernstein National Municipal Income Fund, Inc. Finance, Insurance, And Real Estate
  • Location: New York 
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    SANFORD C. BERNSTEIN FUND, INC. Overlay Portfolios Overlay A Portfolio Tax-Aware Overlay A Portfolio Overlay B Portfolio Tax-Aware Overlay B Portfolio Tax-Aware Overlay C Portfolio Tax-Aware Overlay N Portfolio SEMI-ANNUAL REPORT MARCH 31, 2013


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    Table of Contents Portfolio Manager Commentary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Disclosures and Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Historical Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Fund Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Portfolio Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Statements of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122 Before investing in any portfolio of the Sanford C. Bernstein Fund, Inc., a prospective investor should consider carefully the portfolio’s investment objectives and policies, charges, expenses and risks. These and other matters of importance to prospective investors are contained in the portfolios’ prospectus, an additional copy of which may be obtained by visiting our website at www.bernstein.com and clicking on “Investments”, then “Stocks” or “Bonds”, then “Prospectuses, SAIs and Shareholder Reports” or by calling your financial advisor or by calling Bernstein’s mutual fund shareholder help line at 212.756.4097. Please read the prospectus carefully before investing. For performance information current to the most recent month-end, please call (collect) (212) 486-5800. This shareholder report must be preceded or accompanied by the Sanford C. Bernstein Fund, Inc. prospectus for individuals who are not shareholders of the Fund. The Fund will file its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the Commission’s website at www.sec.gov. The Fund’s Form N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Investment Products Offered: Š Are Not FDIC Insured Š May Lose Value Š Are Not Bank Guaranteed


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    Portfolio Manager Commentary (Unaudited) To Our Shareholders—May 17, 2013 On the following pages, you will find the 2013 Semi-Annual Report for the Overlay Portfolios* (the “Portfolios”) of the Sanford C. Bernstein Fund, Inc. The Semi-Annual Report covers the six-month period ended March 31, 2013 and includes financial statements as well as notes to the financial statements, information about the recent performance of the Portfolios and a listing of each Portfolio’s holdings as of the period end. Global equity and bond markets advanced during the 12-month period ended March 31, 2013, driven largely by improved investor sentiment and a greater willingness on the part of investors to take risk. The determination to address the European sovereign debt crisis shown by European Union leaders, the U.S. Government compromise surrounding the fiscal cliff, and continued monetary easing by the U.S. Federal Reserve, the European Central Bank and Bank of Japan all contributed to investors’ increased confidence. Despite some setbacks along the way, the U.S. stock market has recovered to its pre-2008 financial crisis high, and, in our view, the global stock market is not far behind. Taking a long-term view, we continue to believe that stocks are reasonably valued and the opportunity to deliver outperformance with active management remains large. Meanwhile, bond yields have crept up but remain near historic lows, depressing returns for municipal and taxable bonds recently. We believe that bond yields are likely to rise slowly and are positioning your Portfolios accordingly. Should you have any questions about your investments in the Portfolios, please contact your Financial Advisor, call 212.756.4097 or visit www.bernstein.com. As always, we are firmly dedicated to your investment success. Thank you for your continued interest in the Portfolios. Sincerely, Dianne F. Lob President Sanford C. Bernstein Fund, Inc. This performance discussion is intended as a general market commentary and does not pertain specifically to the performance of the Portfolios. * Please note that information for the International, Tax-Managed International, Emerging Markets, New York Municipal, California Municipal, Diversified Municipal, Short Duration New York Municipal, Short Duration Diversified Municipal, Short Duration California Municipal, U.S. Government Short Duration, Short Duration Plus and Intermediate Duration Portfolios of Sanford C. Bernstein Fund, Inc. may be found in a separate report. The Portfolios are intended to be used as part of a broader investment program administered directly by Sanford C. Bernstein & Co. LLC (“Bernstein”). The performance and objectives of the Portfolios should be evaluated only in the context of the investor’s complete investment program. The Portfolios are NOT designed to be used as a stand-alone investment. Investment Objectives and Policies grade securities (“high yield”), currencies and commodities. By The investment objective of the Overlay A and Tax-Aware adjusting investment exposure among the various asset classes Overlay A Portfolios is to moderate the volatility of an equity- in the Portfolios, AllianceBernstein L.P. (the “Adviser”) will oriented asset allocation over the long term, as part of a Private seek to moderate the volatility of diversified client portfolios Client’s overall asset allocation managed by Bernstein. The managed by Bernstein that reflect a significant allocation to investment objective of the Overlay B, Tax-Aware Overlay B, equity securities, in the case of the Overlay A and Tax-Aware Tax-Aware Overlay C and Tax-Aware Overlay N Portfolios is Overlay A Portfolios, and a significant allocation to taxable or to moderate the volatility of a fixed-income-oriented asset municipal fixed-income securities in the case of the Overlay B, allocation over the long term, as part of a Private Client’s Tax-Aware Overlay B, Tax-Aware Overlay C and Tax-Aware overall asset allocation managed by Bernstein. Overlay N Portfolios. The Portfolios may invest in a diversified portfolio of securities The Adviser will alter asset class exposures as market and and other financial instruments, including derivative instruments economic conditions change. The Adviser will employ risk/ that provide investment exposure to a variety of asset classes. return tools and fundamental research insights to determine These asset classes may include: equity securities and fixed- how to adjust the Portfolios’ exposures to various asset classes. income instruments of issuers located within and outside the These dynamic adjustments to the Portfolios’ asset class United States, real estate related securities, below-investment exposures will be implemented principally through the use of 2013 Semi-Annual Report 1


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    Portfolio Manager Commentary (continued) derivatives. The Portfolios’ use of derivatives to alter The Tax-Aware Overlay A and Tax-Aware Overlay B investment exposure of an investor’s Bernstein account may Portfolios seek to minimize the impact of federal income taxes create significant leveraged exposure to certain asset classes on shareholders’ returns over time. The Tax-Aware Overlay C within the Portfolios. Portfolio seeks to minimize the impact of federal and state The Adviser also may use exchange traded funds (“ETFs”), income taxes on shareholders’ returns over time for California exchange traded notes, structured investments and commodity residents. The Tax-Aware Overlay N Portfolio seeks to linked notes in seeking to carry out the Portfolios’ investment minimize the impact of federal, state and local income taxes on strategies. The Portfolios may enter into foreign currency shareholders’ returns over time for New York residents. In the transactions for hedging and non-hedging purposes on a spot case of the Tax-Aware Portfolios, the Adviser will employ tax (i.e., cash) basis or through the use of derivatives. An management strategies in an attempt to reduce the impact of appropriate hedge of currency exposure resulting from the taxes on shareholders in the Portfolios. Portfolios’ securities positions may not be available or cost Exposure to certain asset classes may also be achieved through effective, or the Adviser may determine not to hedge the investment in the AllianceBernstein Pooling Portfolios— positions, possibly even under market conditions where doing Multi-Asset Real Return Portfolio. The Adviser may use other so could benefit the Portfolios. AllianceBernstein Mutual Funds in the future, in addition to or The Overlay A and Overlay B Portfolios are managed without instead of that in the preceding sentence. regard to potential tax consequences to the shareholder. 2 Sanford C. Bernstein Fund, Inc.


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    Disclosures and Risks (Unaudited) Benchmark Disclosure Benchmark for Overlay B is 18.9% S&P 500, 6.75% MSCI None of the following indices or averages reflects fees and EAFE, 1.35% MSCI EM, 3% FTSE EPRA/NAREIT expenses associated with the active management of a Developed RE, 70% Barclays U.S. Aggregate Bond. The mutual fund portfolio. The Standard & Poor’s (“S&P”) 500® Composite Benchmark for Tax-Aware Overlays B, C and N is Index includes 500 U.S. stocks and is a common representation 21% S&P 500, 7.5% MSCI EAFE, 1.5% MSCI EM, 70% BC of the performance of the overall U.S. stock market. The 1–10 Year Municipal Bond. The S&P 500 Index, MSCI EAFE Morgan Stanley Capital International (“MSCI”) Europe, Index and MSCI EM Index represent the allocation to global Australasia, Far East (“EAFE”) Index (free float-adjusted, stocks, the FTSE EPRA/ NAREIT Developed RE Index market capitalization weighted) represents the equity market represents the allocation to real estate, the Barclays 1–10 Year performance of developed markets, excluding the U.S. and Municipal Bond Index, the Barclays 5-Year GO Municipal Canada. The MSCI Emerging Markets (“EM”) Index (free Bond Index and the Barclays U.S. Aggregate Bond Index float–adjusted, market capitalization weighted) represents the represent the allocation to bonds. equity market performance of emerging markets. The MSCI MSCI makes no express or implied warranties or EAFE Index and the MSCI EM Index values are calculated representations, and shall have no liability whatsoever with using net returns. Net returns approximate the minimum respect to any MSCI data contained herein. The MSCI data may possible dividend reinvestment—the dividend reinvested after not be further redistributed or used as a basis for other indices, deduction of withholding tax, applying the rate to non-resident any securities or financial products. This report is not approved, individuals who do not benefit from double taxation treaties. reviewed or produced by MSCI. Investors cannot invest directly The Financial Times Stock Exchange® (“FTSE”) European in indices, and their results are not indicative of the performance Public Real Estate Association/National Association of Real for any specific investment, including the Portfolios. Estate Investment Trusts (“EPRA/NAREIT”) Developed Real Estate (“RE”) Index is a free-float adjusted index designed to A Word About Risk track the performance of listed real estate companies and real All Overlay Portfolios: estate investment trusts (“REITs”) worldwide. The Barclays The share price of the Portfolios will fluctuate and you may Global Aggregate Bond Index (U.S. dollar hedged) represents lose money. There is no guarantee that the Portfolios will the performance of the global investment-grade developed achieve their investment objective. fixed income markets. The Barclays U.S. Aggregate Bond Index represents the performance of securities within the U.S. The Portfolios are intended to be used as part of a broader investment-grade fixed rate bond market, with index investment program administered directly by Bernstein. The components for government and corporate securities, mortgage performance and objectives of the Portfolios should be pass-through securities, asset-backed securities, and evaluated only in the context of the Private Client’s complete commercial mortgage-backed securities. The Barclays 5-Year investment program. Changes in value of the Portfolios may be General Obligation (“GO”) Municipal Bond Index represents particularly pronounced because the Portfolios are managed in the performance of long-term, investment-grade tax-exempt such a fashion as to affect the investor’s assets subject to that bonds with maturities ranging from four to six years. The broader investment program. The Portfolios are NOT designed Barclays 1–10 Year Municipal Bond Index represents the to be used as a stand-alone investment. performance of the long-term tax-exempt bond market Market Risk: The Portfolios are subject to market risk, which consisting of investment-grade bonds. is the risk that stock and bond prices in general may decline The blended benchmark for each Portfolio is a customized over short or extended periods. The value of the Portfolios’ benchmark and uses index returns to represent performance of securities will fluctuate as the stock or bond market fluctuates. the asset classes. The Composite Benchmark for Overlay A is Equity and debt markets around the world have experienced 47.6% S&P 500, 17% MSCI EAFE, 3.4% MSCI EM, 12% unprecedented volatility, including notably the recent European FTSE EPRA/NAREIT Developed RE, 20% Barclays U.S. sovereign debt crisis, and these market conditions may Aggregate Bond. The Composite Benchmark for Tax-Aware continue or get worse. This financial environment has caused a Overlay A is 56% S&P 500, 20% MSCI EAFE, 4% MSCI EM, significant decline in the value and liquidity of many 20% Barclays 1–10 Year Municipal Bond. The Composite investments, and could make identifying investment risks and opportunities especially difficult. In addition, legislation Disclosures & Risks continued on next page 2013 Semi-Annual Report 3


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    Disclosures and Risks (continued) recently enacted in the U.S. is changing many aspects of investment by attempting to enhance return or value without financial regulation. The impact of the legislation on the increasing the investment amount. Leverage can magnify the markets, and the practical implications for market participants, effects of changes in the value of the Portfolios’ investments may not be fully known for some time. and make them more volatile. The use of leverage may cause the Portfolios to liquidate portfolio positions when it may not Management Risk: The Portfolios are subject to management be advantageous to do so. risk because they are actively managed investment portfolios. The Adviser will apply its investment techniques and risk Liquidity Risk: Liquidity risk exists when particular analyses in making investment decisions for the Portfolios, but its investments are difficult to purchase or sell, possibly decisions may not produce the desired results. The Portfolios do preventing the Portfolios from selling out of these illiquid not seek to control risk relative to, or to outperform, a particular investments at an advantageous price. Illiquid securities may securities market benchmark. In some cases, derivative and other also be difficult to value. investment techniques may be unavailable or the Adviser may Foreign (Non-U.S.) Securities Risk: Investments in foreign determine not to use them, possibly even under market conditions securities entail significant risks in addition to those where their use could benefit the Portfolios. customarily associated with investing in U.S. securities. These Allocation Risk: The allocation of investments among different risks include risks related to adverse market, economic, global asset classes may have a significant effect on the political and regulatory factors and social instability, all of Portfolios’ net asset value (“NAV”) when one of these asset which could disrupt the financial markets in which the classes is performing more poorly than others. As both the direct Portfolios invest and adversely affect the value of the investments and derivative positions will be periodically Portfolios’ assets. rebalanced to reflect the Adviser’s view of market and economic Emerging Markets Securities Risk: The risks of investing in conditions, there will be transaction costs which may be, over foreign (non-U.S.) securities are heightened with respect to time, significant. In addition, there is a risk that certain asset issuers in emerging-market countries, because the markets are allocation decisions may not achieve the desired results and, as a less developed and less liquid and there may be a greater result, the Portfolios may incur significant losses. amount of economic, political and social instability. Derivatives Risk: The Portfolios intend to use derivatives as Foreign Currency Risk: This is the risk that changes in direct investments to earn income, enhance return and broaden foreign (non-U.S.) currency exchange rates may negatively portfolio diversification, which entail greater risk than if used affect the value of the Portfolios’ investments or reduce the solely for hedging purposes. In addition to other risks such as returns of the Portfolios. For example, the value of the the credit risk of the counterparty, derivatives involve the risk Portfolios’ investments in foreign securities and foreign that changes in the value of the derivative may not correlate currency positions may decrease if the U.S. dollar is strong (i.e., perfectly with relevant assets, rates or indices. Derivatives may gaining value relative to other currencies) and other currencies be illiquid and difficult to price or unwind, and small changes are weak (i.e., losing value relative to the U.S. dollar). may produce disproportionate losses for the Portfolios. Assets required to be set aside or posted to cover or secure derivatives Actions by a Few Major Investors: In certain countries, positions may themselves go down in value, and these volatility may be heightened by actions of a few major collateral and other requirements may limit investment investors. For example, substantial increases or decreases in flexibility. Some derivatives involve leverage, which can make cash flows of mutual funds investing in these markets could the Portfolios more volatile and can compound other risks. significantly affect local stock prices and, therefore, share Recent legislation calls for new regulation of the derivatives prices of the Portfolios. markets. The extent and impact of the regulation are not yet Interest Rate Risk: This is the risk that changes in interest rates fully known and may not be for some time. The regulation may will affect the value of the Portfolios’ investments in fixed-income make derivatives more costly, may limit their availability, or debt securities such as bonds and notes. Increases in interest rates may otherwise adversely affect their value or performance. may cause the value of the Portfolios’ investments to decline. Leverage Risk: Leverage creates exposure to gains and losses Credit Risk: This is the risk that the issuer or the guarantor of in a greater amount than the dollar amount made in an a debt security, or the counterparty to a derivative contract, will Disclosures & Risks continued on next page 4 Sanford C. Bernstein Fund, Inc.


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    Disclosures and Risks (continued) be unable or unwilling to make timely principal and/or interest general. REITs are dependent upon management skills, are not payments, or to otherwise honor its obligations. diversified, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. Commodity Risk: The value of commodity-linked derivatives, exchange traded notes and exchange traded funds Prepayment and Extension Risk: Prepayment risk is the risk may be affected by changes in overall market movements, that a loan, bond or other security might be called or otherwise commodity index volatility, changes in interest rates, or factors converted, prepaid or redeemed before maturity. If this affecting a particular industry or commodity, such as drought, happens, particularly during a time of declining interest rates or floods, weather, livestock disease, embargoes, tariffs and credit spreads, the Portfolios may not be able to invest the international economic, political and regulatory developments. proceeds in securities providing as much income, resulting in a lower yield to the Portfolios. Conversely, extension risk is the Inflation Risk: This is the risk that the value of assets or risk that as interest rates rise or spreads widen, payments of income from investments will be less in the future as inflation securities may occur more slowly than anticipated by the decreases the value of money. As inflation increases, the value market. When this happens, the values of these securities may of the Portfolios’ assets can decline as can the value of the go down because their interest rates are lower than current Portfolios’ distributions. market rates and they remain outstanding longer than Inflation-Protected Securities Risk: The terms of inflation- anticipated. protected securities provide for the coupon and/or maturity Investment in Other Investment Companies Risk: As with value to be adjusted based on changes in inflation. Decreases in other investments, investments in other investment companies, the inflation rate or in investors’ expectations about inflation including ETFs, are subject to acquire market and selection could cause these securities to underperform non-inflation- risk. In addition, if the Portfolios acquire shares of investment adjusted securities on a total-return basis. companies, shareholders bear both their proportionate share of Mortgage-Related Securities Risk: In the case of investments expenses in the Portfolios (including management and advisory in mortgage-related securities, a loss could be incurred if the fees) and, indirectly, the expenses of the investment collateral backing these securities is insufficient. companies. Lower-rated Securities Risk: Lower-rated securities, or junk Duration Risk: Duration is a measure that relates the expected bonds/high yield securities, are subject to greater risk of loss of price volatility of a fixed-income security to changes in interest principal and interest and greater market risk than higher-rated rates. The duration of a fixed-income security may be shorter securities. The capacity of issuers of lower-rated securities to than or equal to full maturity of a fixed-income security. Fixed pay interest and repay principal is more likely to weaken than income securities with longer durations have more risk and will is that of issuers of higher-rated securities in times of decrease in price as interest rates rise. For example, a fixed deteriorating economic conditions or rising interest rates. income security with a duration of three years will decrease in Real Estate Related Securities Risk: Investing in real estate- value by approximately 3% if interest rates increase by 1%. related securities includes, among others, the following risks: Overlay A and Overlay B Portfolios Only possible declines in the value of real estate; risks related to general and local economic conditions, including increases in Subordination Risk: The Portfolios may invest in securities the rate of inflation; possible lack of availability of mortgage that are subordinated to more senior securities of an issuer, or funds; overbuilding; extended vacancies of properties; increases which represent interests in pools of such subordinated in competition, property taxes and operating expenses; changes securities. Subordinated securities will be disproportionately in zoning laws; costs resulting from the clean-up of, and liability affected by a default or even a perceived decline in to third parties for damages resulting from, environmental creditworthiness of the issuer. Subordinated securities are more problems; casualty or condemnation losses; uninsured damages likely to suffer a credit loss than non-subordinated securities of from floods, earthquakes or other natural disasters; limitations the same issuer, any loss incurred by the subordinated on and variations in rents; and changes in interest rates. securities is likely to be proportionately greater, and any Investing in REITs involves certain unique risks in addition to recovery of interest or principal may take more time. As a those risks associated with investing in the real estate industry in result, even a perceived decline in creditworthiness of the issuer is likely to have a greater impact on them. Disclosures & Risks continued on next page 2013 Semi-Annual Report 5


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    Disclosures and Risks (continued) Tax-Aware Overlay A, Tax-Aware Overlay B, Tax- to meet the redemptions, which would negatively affect the Aware Overlay C and Tax-Aware Overlay N Portfolios Portfolios’ yield. Municipal Market Risk: This is the risk that special factors These risks are more fully discussed in the Portfolios’ may adversely affect the value of municipal securities and have prospectus. a significant effect on the yield or value of the Portfolios’ investments in municipal securities. These factors include An Important Note About Historical economic conditions, political or legislative changes, Performance uncertainties related to the tax status of municipal securities, or Except as noted, returns do not reflect the deduction of taxes the rights of investors in these securities. The Portfolios’ that a shareholder would pay on portfolio distributions or investments in certain municipal securities with principal and the redemption of portfolio shares. All fees and expenses interest payments that are made from the revenues of a specific related to the operation of the Portfolios have been deducted. project or facility, and not general tax revenues, are subject to the risk that factors affecting the project or facility, such as The performance shown on page 7 represents past local business or economic conditions, could have a significant performance and does not guarantee future results. effect on the project’s ability to make payments of principal Performance information is as of the dates shown. Current and interest on these securities. performance may be lower or higher than the performance information shown. You may obtain performance Tax Risk: There is no guarantee that all of the Portfolios’ information current to the most recent month-end by income will remain exempt from federal or state income taxes. calling 212.756.4097. The investment return and principal From time to time, the U.S. Government and the U.S. value of an investment in the Portfolios will fluctuate, so Congress consider changes in federal tax law that could limit that shares, when redeemed, may be worth more or less or eliminate the federal tax exemption for municipal bond than their original cost. Performance assumes reinvestment income, which would in effect reduce the income received by of distributions and does not account for taxes. shareholders from the Portfolios by increasing taxes on that income. In such event, the Portfolios’ net asset value could also Investors should consider the investment objectives, risks, decline as yields on municipal bonds, which are typically lower charges and expenses of the Portfolios carefully before than those on taxable bonds, would be expected to increase to investing. For copies of our prospectus or summary approximately the yield of comparable taxable bonds. Actions prospectus, which contain this and other information, visit or anticipated actions affecting the tax exempt status of our website at www.bernstein.com click on “Investments”, municipal bonds could also result in significant shareholder then “Stocks” or “Bonds”, then “Prospectuses, SAIs and redemptions of the Portfolios’ shares as investors anticipate Shareholder Reports” or by calling Bernstein’s mutual adverse effects on the Portfolios or seek higher yields to offset fund shareholder help line at 212.756.4097 or contact your the potential loss of the tax deduction. As a result, the Bernstein Advisor. Please read the prospectus and/or Portfolios would be required to maintain higher levels of cash summary prospectus carefully before investing. 6 Sanford C. Bernstein Fund, Inc.


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    Historical Performance (Unaudited) Overlay Portfolios vs. Their Benchmarks PAST SIX PAST 12 SINCE INCEPTION THROUGH MARCH 31, 2013 CLASS MONTHS MONTHS INCEPTION DATE Overlay A Portfolio 1 9.18% 4.07% 7.81% 2/8/2010 2 9.29 4.18 8.00 Composite Benchmark 7.18 10.63 12.42 S&P 500 Index 10.19 13.96 15.85 Tax-Aware Overlay A Portfolio 1 9.96 3.31 6.68 2/8/2010 Return after taxes on Distributions* 9.90 3.26 6.40 Return after taxes on Distributions and sale of shares* 5.74 1.97 5.30 2 10.06 3.43 6.90 Return after taxes on Distributions* 9.97 3.34 6.59 Return after taxes on Distributions and sale of shares* 5.85 2.09 5.48 Composite Benchmark 7.63 10.17 11.56 S&P 500 Index 10.19 13.96 15.85 Overlay B Portfolio 1 3.75 3.65 6.42 2/8/2010 2 3.89 3.89 6.57 Composite Benchmark 3.06 6.68 8.19 Barclays Global Aggregate Bond Index (U.S. dollar hedged) 1.47 5.05 4.83 Tax-Aware Overlay B Portfolio 1 3.95 3.19 5.87 2/8/2010 Return after taxes on Distributions* 3.83 3.08 5.57 Return after taxes on Distributions and sale of shares* 2.82 2.40 4.68 2 3.97 3.31 6.01 Return after taxes on Distributions* 3.85 3.20 5.71 Return after taxes on Distributions and sale of shares* 2.89 2.51 4.82 Composite Benchmark 3.65 6.40 7.33 Barclays 5-Year GO Municipal Bond Index 0.35 2.87 3.83 Tax-Aware Overlay C Portfolio 1 3.73 2.88 5.79 2/8/2010 Return after taxes on Distributions* 3.62 2.77 5.44 Return after taxes on Distributions and sale of shares* 2.61 2.13 4.57 2 3.85 3.10 5.93 Return after taxes on Distributions* 3.73 2.98 5.58 Return after taxes on Distributions and sale of shares* 2.73 2.30 4.71 Composite Benchmark 3.65 6.40 7.33 Barclays 5-Year GO Municipal Bond Index 0.35 2.87 3.83 Tax-Aware Overlay N Portfolio 1 3.64 2.80 5.60 2/8/2010 Return after taxes on Distributions* 3.51 2.67 5.23 Return after taxes on Distributions and sale of shares* 2.58 2.10 4.42 2 3.75 2.91 5.76 Return after taxes on Distributions* 3.62 2.77 5.39 Return after taxes on Distributions and sale of shares* 2.69 2.20 4.57 Composite Benchmark 3.65 6.40 7.33 Barclays 5-Year GO Municipal Bond Index 0.35 2.87 3.83 Past performance is no guarantee of future results and an investment in the portfolios described could lose value. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions. The current prospectus fee table shows the total operating expense ratios for Class 1 and Class 2 shares as 1.16% and 0.96% for Overlay A; 1.14% and 0.94% for Tax-Aware Overlay A; 0.87% and 0.72% for Overlay B; 0.84% and 0.69% for Tax-Aware Overlay B; 0.89% and 0.74% for Tax-Aware Overlay C; and 0.89% and 0.74% for Tax-Aware Overlay N, gross of any fee waivers or expense reimbursements. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods. The Bernstein Portfolios do not have sales charges. Total Returns (NAV returns) and Average Annual Returns (SEC returns) are therefore the same. The Composite Benchmark for Overlay A is 47.6% S&P 500, 17% MSCI EAFE, 3.4% MSCI EM, 12% FTSE EPRA/NAREIT Developed RE, 20% Barclays U.S. Aggregate Bond. The Composite Benchmark for Tax Aware Overlay A is 56% S&P 500, 20% MSCI EAFE, 4% MSCI EM, 20% Barclays 1-10 Year Municipal. The Composite Benchmark for Overlay B is 18.9% S&P 500, 6.75% MSCI EAFE, 1.35% MSCI EM, 3% FTSE EPRA/NAREIT Developed RE, 70% Barclays U.S. Aggregate Bond. The Composite Benchmark for Tax Aware Overlay B, C, N is 21% S&P 500, 7.5% MSCI EAFE, 1.5% MSCI EM, 70% Barclays 1-10 Year Municipal. * After-tax returns are an estimate, which is based on the highest historical individual federal marginal income-tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown, and are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. See Disclosures, Risks and Note about Historical Performance on pages 3–6. (Historical Performance continued on next page) 2013 Semi-Annual Report 7


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    Historical Performance (continued from previous page) Overlay A Class I Shares Tax-Aware Overlay B Class I Shares Growth of $25,000 Growth of $25,000 S&P 500 Index Composite Benchmark $39,700 $31,219 Composite Benchmark Tax-Aware Overlay $36,119 B Class I Shares $29,905 $28,129 $31,658 Overlay A Class I Shares $25,000 Barclays 5-Year GO $25,000 Municipal Bond Index 2/8/2010 2010 2011 2012 2013 2/8/2010 2010 2011 2012 2013 Tax Aware Overlay A Class I Shares Tax-Aware Overlay C Class I Shares Growth of $25,000 Growth of $25,000 S&P 500 Index Composite Benchmark $39,700 $31,219 Composite Benchmark Tax-Aware Overlay $35,261 C Class I Shares $29,833 $28,129 $30,628 Tax Aware Overlay $25,000 Barclays 5-Year GO $25,000 A Class I Shares Municipal Bond Index 2/8/2010 2010 2011 2012 2013 2/8/2010 2010 2011 2012 2013 Overlay B Class I Shares Tax-Aware Overlay N Class I Shares Growth of $25,000 Growth of $25,000 Composite Benchmark Composite Benchmark $32,016 Overlay B Class I Shares $30,390 Tax-Aware Overlay $31,219 $28,988 N Class I Shares $29,663 $28,129 $25,000 $25,000 Barclays 5-Year GO Barclays Global Aggregate Bond Index (U.S. dollar hedged) Municipal Bond Index 2/8/2010 2010 2011 2012 2013 2/8/2010 2010 2011 2012 2013 Past performance is no guarantee of future results and an investment in the portfolios described could lose value. The Composite Benchmark for Overlay A is 47.6% S&P 500, MSCI EAFE 17%, MSCI EM 3.4%, 12% FTSE EPRA/NAREIT Developed RE, 20% Barclays U.S. Aggregate Bond. The Composite Benchmark for Tax Aware Overlay A is 56% S&P 500, 20% MSCI EAFE, 4% MSCI EM, 20% Barclays 1-10 Year Municipal. The Composite Benchmark for Overlay B is 18.9% S&P 500, 6.75% MSCI EAFE, 1.35% MSCI EM, 3% FTSE EPRA/NAREIT Developed RE, 70% Barclays U.S. Aggregate Bond. The Composite Benchmark for Tax Aware Overlay B, C, N is 21% S&P 500, 7.5% MSCI EAFE, 1.5% MSCI EM, 70% Barclays 1-10 Year Municipal. Each chart shows the growth of $25,000 since inception to the period ended March 31, 2013. See Disclosures, Risks and Note about Historical Performance on pages 3–6. 8 Sanford C. Bernstein Fund, Inc.


  • Page 11

    Fund Expenses—March 31, 2013 (Unaudited) Fund Expenses—As a shareholder of the Fund, you incur various ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below. Actual Expenses—The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Hypothetical Example for Comparison Purposes—The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. BEGINNING ENDING EXPENSES ANNUALIZED ACCOUNT VALUE ACCOUNT VALUE PAID DURING EXPENSE OCTOBER 1, 2012 MARCH 31, 2013 PERIOD* RATIO* Overlay A Class 1 Actual $1,000 $1,091.80 $6.00 1.15% Hypothetical** $1,000 $1,019.20 $5.79 1.15% Class 2 Actual $1,000 $1,092.90 $4.96 0.95% Hypothetical** $1,000 $1,020.19 $4.78 0.95% Tax-Aware Overlay A Class 1 Actual $1,000 $1,099.60 $5.92 1.13% Hypothetical** $1,000 $1,019.30 $5.69 1.13% Class 2 Actual $1,000 $1,100.60 $4.87 0.93% Hypothetical** $1,000 $1,020.29 $4.68 0.93% Overlay B Class 1 Actual $1,000 $1,037.50 $4.37 0.86% Hypothetical** $1,000 $1,020.64 $4.33 0.86% Class 2 Actual $1,000 $1,038.90 $3.61 0.71% Hypothetical** $1,000 $1,021.39 $3.58 0.71% Tax-Aware Overlay B Class 1 Actual $1,000 $1,039.50 $4.32 0.85% Hypothetical** $1,000 $1,020.69 $4.28 0.85% Class 2 Actual $1,000 $1,039.70 $3.36 0.66% Hypothetical** $1,000 $1,021.64 $3.33 0.66% Tax-Aware Overlay C Class 1 Actual $1,000 $1,037.30 $4.47 0.88% Hypothetical** $1,000 $1,020.54 $4.43 0.88% Class 2 Actual $1,000 $1,038.50 $3.71 0.73% Hypothetical** $1,000 $1,021.29 $3.68 0.73% Tax-Aware Overlay N Class 1 Actual $1,000 $1,036.40 $4.52 0.89% Hypothetical** $1,000 $1,020.49 $4.48 0.89% Class 2 Actual $1,000 $1,037.50 $3.76 0.74% Hypothetical** $1,000 $1,021.24 $3.73 0.74% * Expenses are equal to the Classes’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one- half year period), respectively. ** Assumes 5% return before expenses. 2013 Semi-Annual Report 9


  • Page 12

    Portfolio Summary—March 31, 2013 (Unaudited) OVERLAY A TAX AWARE OVERLAY A PORTFOLIO BREAKDOWN* PORTFOLIO PORTFOLIO Global Equity US 51.3% 58.9% Developed International 17.7% 19.5% Emerging Markets 6.6% 6.1% Global Credit Investment Grade 15.9% 0.0% High Yield 3.3% 3.0% Real Asset 12.8% 7.4% Global Bond US 1.1% 10.3% Developed International 12.9% 0.0% OVERLAY B TAX AWARE OVERLAY B PORTFOLIO BREAKDOWN* PORTFOLIO PORTFOLIO Global Equity US 20.6% 22.6% Developed International 7.7% 8.1% Emerging Markets 2.8% 2.6% Global Credit Investment Grade 6.5% 0.0% High Yield 3.0% 2.6% Real Asset 3.3% 2.5% Global Bond US 16.4% 65.1% Developed International 49.5% 0.0% TAX AWARE OVERLAY C TAX AWARE OVERLAY N PORTFOLIO BREAKDOWN* PORTFOLIO PORTFOLIO Global Equity US 22.6% 22.4% Developed International 8.0% 8.2% Emerging Markets 2.6% 2.6% Global Credit High Yield 2.4% 2.6% Real Asset 2.3% 2.4% Global Bond US 65.4% 64.4% * All data are as of March 31, 2013. The Fund’s portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Fund’s total net assets, based on the Adviser’s internal classification. The percentages will vary over time, and the total of the percentages is in excess of 100% in light of the leveraging effect of the derivative transactions. 10 Sanford C. Bernstein Fund, Inc.


  • Page 13

    Schedule of Investments Sanford C. Bernstein Fund, Inc. Company Shares U.S. $ Value Schedule of Investments Sberbank of Russia (Sponsored ADR) 108,601 $ 1,384,662 Overlay A Portfolio Seven Bank Ltd. 228,300 735,100 March 31, 2013 (Unaudited) Signature Bank/New York NY(a) 2,940 231,554 Societe Generale SA(a) 57,781 1,902,323 Company Shares U.S. $ Value State Bank of India (Sponsored GDR)(b) 2,150 179,203 COMMON STOCKS–60.3% Sumitomo Mitsui Financial Group, Inc. 33,800 1,386,639 Susquehanna Bancshares, Inc. 17,110 212,677 Financials–10.2% SVB Financial Group(a) 2,940 208,564 Turkiye Halk Bankasi AS 28,310 302,780 Capital Markets–1.1% Unione di Banche Italiane SCPA 165,620 613,507 Affiliated Managers Group, Inc.(a) 21,920 $ 3,366,254 US Bancorp 208,100 7,060,833 Credit Suisse Group AG(a) 65,710 1,728,220 Webster Financial Corp. 4,770 115,720 Credit Suisse/Nassau 56,710 115,524 Wells Fargo & Co. 352,800 13,050,072 Deutsche Bank AG (REG) 16,160 631,796 Westpac Banking Corp. 16,950 545,479 E*Trade Financial Corp.(a) 13,910 148,976 Zions Bancorporation 12,200 304,878 Goldman Sachs Group, Inc. (The) 39,400 5,797,710 Lazard Ltd.–Class A 7,010 239,251 56,051,186 Legg Mason, Inc. 6,000 192,900 Consumer Finance–0.4% Macquarie Group Ltd. 47,020 1,829,161 AEON Financial Service Co., Ltd. 24,200 686,472 Stifel Financial Corp.(a) 5,330 184,791 Discover Financial Services 132,300 5,932,332 UBS AG(a) 176,541 2,714,707 6,618,804 16,949,290 Diversified Financial Services–2.4% Commercial Banks–3.6% Bank of America Corp. 813,100 9,903,558 Associated Banc-Corp 13,950 211,901 BM&FBovespa SA 7,100 47,925 Banco do Brasil SA 144,400 1,961,539 Citigroup, Inc. 238,300 10,542,392 Banco Santander Brasil SA/Brazil (ADR) 25,900 188,034 IG Group Holdings PLC 186,839 1,519,541 Bangkok Bank PCL (NVDR) 49,400 375,906 ING Groep NV(a) 252,470 1,816,633 Bank Mandiri Persero Tbk PT 384,000 396,603 IntercontinentalExchange, Inc.(a) 52,500 8,561,175 Barclays PLC 169,950 756,152 JPMorgan Chase & Co.(c) 90,400 4,290,384 CapitalSource, Inc. 20,580 197,980 ORIX Corp. 67,000 855,453 China Construction Bank Corp.–Class H 682,000 559,048 CIT Group, Inc.(a) 200,600 8,722,088 37,537,061 Comerica, Inc. 6,860 246,617 Insurance–2.6% Credicorp Ltd. 2,610 433,391 Admiral Group PLC 106,980 2,170,645 First Niagara Financial Group, Inc. 25,260 223,804 Aegon NV 209,236 1,263,380 First Republic Bank/CA 3,280 126,674 AIA Group Ltd. 611,000 2,678,499 Grupo Financiero Banorte SAB de CV–Class O 47,720 382,527 Allianz SE 1,410 192,214 Grupo Financiero Santander Mexico SAB de Aspen Insurance Holdings Ltd. 7,590 292,822 CV (ADR)(a) 16,960 261,693 Berkshire Hathaway, Inc.(a) 46,100 4,803,620 Hang Seng Bank Ltd. 38,500 617,600 Chubb Corp. (The) 47,800 4,183,934 HDFC Bank Ltd. (ADR) 7,270 272,043 Everest Re Group Ltd. 62,000 8,051,320 HSBC Holdings PLC 329,224 3,512,680 Fidelity National Financial, Inc.–Class A 180,190 4,546,194 Huntington Bancshares, Inc./OH 37,000 273,430 Gjensidige Forsikring ASA 39,960 661,240 Iberiabank Corp. 4,010 200,580 Insurance Australia Group Ltd. 40,347 240,697 Industrial & Commercial Bank of China Ltd.– Lancashire Holdings Ltd. 86,648 1,070,641 Class H 798,000 561,231 PartnerRe Ltd. 46,300 4,310,993 Itausa–Investimentos Itau SA (Preference Platinum Underwriters Holdings Ltd. 4,720 263,423 Shares) 71,800 374,856 Prudential PLC 151,900 2,467,088 KB Financial Group, Inc. 6,260 209,123 Reinsurance Group of America, Inc.–Class A 2,940 175,430 KB Financial Group, Inc. (ADR) 38,140 1,260,145 Suncorp Group Ltd. 65,961 814,065 Komercni Banka AS 570 108,748 Topdanmark A/S(a) 20,200 484,540 Lloyds Banking Group PLC(a) 879,830 655,576 Torchmark Corp. 4,140 247,572 Mitsubishi UFJ Financial Group, Inc. 355,900 2,147,228 Unum Group 8,400 237,300 National Australia Bank Ltd. 53,900 1,739,146 Validus Holdings Ltd. 6,390 238,794 Popular, Inc.(a) 9,820 271,130 39,394,411 Resona Holdings, Inc. 107,900 569,722 2013 Semi-Annual Report 11


  • Page 14

    Schedule of Investments (continued) Company Shares U.S. $ Value Company Shares U.S. $ Value Real Estate Investment Trusts (REITs)–0.0% IT Services–2.6% Plum Creek Timber Co., Inc. 4,660 $ 243,252 Cognizant Technology Solutions Corp.–Class A(a) 104,000 $ 7,967,440 Real Estate Management & Development–0.1% Convergys Corp. 10,110 172,173 Daiwa House Industry Co., Ltd. 25,000 488,963 Sonda SA 83,500 291,852 LPS Brasil Consultoria de Imoveis SA 4,400 78,147 Amdocs Ltd. 94,250 3,416,563 Otsuka Corp. 3,700 403,166 567,110 Fidelity National Information Services, Inc. 123,200 4,881,184 157,361,114 Visa, Inc.–Class A 46,100 7,829,624 International Business Machines Corp. 48,800 10,409,040 Fiserv, Inc.(a) 55,800 4,900,914 Information Technology–10.1% MAXIMUS, Inc. 2,360 188,729 Communications Equipment–0.7% 40,460,685 Aruba Networks, Inc.(a) 10,330 255,564 Semiconductors & Semiconductor Equipment–1.2% JDS Uniphase Corp.(a) 16,900 225,953 Sumco Corp. 61,000 694,138 F5 Networks, Inc.(a) 41,900 3,732,452 Lam Research Corp.(a) 5,320 220,567 Ciena Corp.(a) 11,640 186,357 Advanced Semiconductor Engineering, Inc. 458,000 374,856 Palo Alto Networks, Inc.(a) 1,120 63,392 Applied Materials, Inc. 477,770 6,440,340 Harris Corp. 3,060 141,800 Cavium, Inc.(a) 5,750 223,157 Cisco Systems, Inc. 312,400 6,532,284 Samsung Electronics Co., Ltd. (GDR)(b) 6,120 2,405,190 11,137,802 Tokyo Electron Ltd. 18,000 767,957 Computers & Peripherals–1.8% Amkor Technology, Inc.(a) 18,170 72,680 Lite-On Technology Corp. 85,000 138,265 Taiwan Semiconductor Manufacturing Co., Ltd. 193,000 646,406 Wistron Corp. 270,000 296,311 Entegris, Inc.(a) 23,520 231,907 Fujitsu Ltd. 233,000 973,368 Fairchild Semiconductor International, Inc.(a) 16,020 226,523 Hewlett-Packard Co.(c) 470,700 11,221,488 MKS Instruments, Inc. 5,580 151,776 Apple, Inc. 33,200 14,695,316 Teradyne, Inc.(a) 9,340 151,495 King Yuan Electronics Co., Ltd. 59,000 40,082 27,324,748 Samsung Electronics Co., Ltd. Electronic Equipment, Instruments & Components–0.3% (Preference Shares) 90 70,471 AU Optronics Corp. (Sponsored ADR)(a) 34,090 146,587 Veeco Instruments, Inc.(a) 4,410 169,035 Anixter International, Inc. 2,630 183,890 Samsung Electronics Co., Ltd. (GDR) Arrow Electronics, Inc.(a) 5,900 239,658 (London)(b) 1,640 1,104,586 Avnet, Inc.(a) 6,830 247,246 Micron Technology, Inc.(a) 476,003 4,750,510 Ju Teng International Holdings Ltd. 98,000 61,830 Cree, Inc.(a) 4,065 222,396 Ingram Micro, Inc.–Class A(a) 8,000 157,440 MEMC Electronic Materials, Inc.(a) 31,370 138,028 Insight Enterprises, Inc.(a) 10,660 219,809 TTM Technologies, Inc.(a) 17,490 132,924 19,102,100 Vishay Intertechnology, Inc.(a) 22,010 299,556 Software–1.9% Flextronics International Ltd.(a) 17,560 118,706 Citrix Systems, Inc.(a) 104,400 7,533,504 LG Display Co., Ltd.(a) 1,250 36,553 Intuit, Inc. 120,100 7,884,565 Innolux Corp.(a) 196,000 121,428 SAP AG 14,380 1,156,544 Hon Hai Precision Industry Co., Ltd. 170,000 473,113 Nintendo Co., Ltd. 3,300 356,722 Jabil Circuit, Inc. 11,310 209,009 TIBCO Software, Inc.(a) 67,500 1,364,850 LG Display Co., Ltd. (ADR)(a) 114,720 1,673,764 Aspen Technology, Inc.(a) 6,710 216,666 4,321,513 Cadence Design Systems, Inc.(a) 21,940 305,624 Fortinet, Inc.(a) 7,570 179,258 Internet Software & Services–1.6% Aveva Group PLC 3,010 103,792 Mail.ru Group Ltd. (GDR)(b) 2,770 76,729 ServiceNow, Inc.(a) 6,748 244,277 CoStar Group, Inc.(a) 2,700 295,542 SolarWinds, Inc.(a) 4,030 238,173 eBay, Inc.(a) 125,300 6,793,766 Oracle Corp. Japan 11,300 509,803 Google, Inc.–Class A(a) 15,300 12,148,659 Microsoft Corp. 161,800 4,629,098 Tencent Holdings Ltd. 9,000 287,862 Workday, Inc.(a) 575 35,437 LinkedIn Corp.(a) 18,400 3,239,504 ANSYS, Inc.(a) 66,680 5,429,086 Baidu, Inc. (Sponsored ADR)(a) 14,770 1,295,329 30,187,399 24,137,391 156,671,638 12 Sanford C. Bernstein Fund, Inc.


  • Page 15

    Company Shares U.S. $ Value Company Shares U.S. $ Value Consumer Discretionary–9.5% Household Durables–0.3% Meritage Homes Corp.(a) 5,470 $ 256,324 Auto Components–0.4% Newell Rubbermaid, Inc. 4,640 121,104 Cie Generale des Etablissements Michelin– PulteGroup, Inc.(a) 198,050 4,008,532 Class B 18,130 $ 1,518,944 Sony Corp. 28,600 497,665 Dana Holding Corp. 13,780 245,697 GKN PLC 215,710 869,278 4,883,625 Lear Corp. 4,240 232,649 Internet & Catalog Retail–0.4% Nokian Renkaat Oyj 10,570 471,564 Amazon.com, Inc.(a) 23,500 6,262,515 TRW Automotive Holdings Corp.(a) 4,640 255,200 Ctrip.com International Ltd. (ADR)(a) 2,520 53,877 Valeo SA 34,410 1,864,466 NetFlix, Inc.(a) 765 144,899 Xingda International Holdings Ltd. 81,000 26,892 Shutterfly, Inc.(a) 2,070 91,432 5,484,690 6,552,723 Automobiles–1.3% Media–2.7% Ford Motor Co. 581,600 7,648,040 British Sky Broadcasting Group PLC 83,210 1,118,415 Harley-Davidson, Inc. 81,300 4,333,290 Cineplex, Inc. 6,580 223,339 Honda Motor Co., Ltd. 42,100 1,621,290 Comcast Corp.–Class A 127,800 5,368,878 Hyundai Motor Co. (GDR)(b) 4,040 141,440 Gannett Co., Inc. 5,560 121,597 Kia Motors Corp. 8,080 409,963 Kabel Deutschland Holding AG 5,710 527,165 Mazda Motor Corp.(a) 258,000 758,896 Liberty Media Corp.(a) 25,400 2,835,402 Nissan Motor Co., Ltd. 100,000 970,043 Naspers Ltd. 13,170 820,570 Tata Motors Ltd. (Sponsored ADR) 5,580 136,208 National CineMedia, Inc. 12,440 196,303 Toyota Motor Corp. 42,400 2,186,388 Pandora Media, Inc.(a) 10,850 153,636 Volkswagen AG (Preference Shares) 9,900 1,971,805 Reed Elsevier PLC 79,460 945,383 20,177,363 Regal Entertainment Group–Class A 15,040 250,717 Distributors–0.2% Television Broadcasts Ltd. 46,000 348,661 Dah Chong Hong Holdings Ltd. 229,000 217,098 Thomson Reuters Corp. 21,240 689,147 Li & Fung Ltd. 1,212,000 1,675,448 Time Warner Cable, Inc.–Class A(c) 56,100 5,388,966 LKQ Corp.(a) 13,130 285,709 Time Warner, Inc. 119,000 6,856,780 Viacom, Inc.–Class B 99,405 6,120,366 2,178,255 Walt Disney Co. (The)(c) 140,800 7,997,440 Diversified Consumer Services–0.1% Wolters Kluwer NV 46,640 1,019,173 Anhanguera Educacional Participacoes SA 36,200 584,001 40,981,938 Estacio Participacoes SA 52,000 1,129,679 K12, Inc.(a) 10,580 255,084 Multiline Retail–0.6% Don Quijote Co., Ltd. 10,400 461,300 1,968,764 El Puerto de Liverpool SAB de CV 17,650 216,705 Hotels, Restaurants & Leisure–1.5% Golden Eagle Retail Group Ltd. 135,000 244,326 Ajisen China Holdings Ltd. 126,000 100,114 Macy’s, Inc. 177,800 7,439,152 Chipotle Mexican Grill, Inc.–Class A(a) 8,900 2,900,243 Myer Holdings Ltd. 155,690 479,751 McDonald’s Corp. 43,900 4,376,391 Next PLC 10,600 704,225 Melco Crown Entertainment Ltd. (ADR)(a) 51,440 1,200,610 SACI Falabella 19,220 232,116 MGM China Holdings Ltd. 58,000 125,116 MGM Resorts International(a) 19,140 251,691 9,777,575 Norwegian Cruise Line Holdings Ltd.(a) 8,118 240,699 Specialty Retail–1.7% Panera Bread Co.–Class A(a) 1,590 262,732 Belle International Holdings Ltd. 507,000 849,752 Royal Caribbean Cruises Ltd. 6,170 204,967 CarMax, Inc.(a) 5,660 236,022 Sands China Ltd. 418,800 2,179,200 Chow Tai Fook Jewellery Group Ltd. 111,348 151,894 Sodexo 30,380 2,831,797 Dick’s Sporting Goods, Inc. 4,675 221,128 Starbucks Corp. 118,500 6,749,760 Five Below, Inc.(a) 4,184 158,532 Tatts Group Ltd. 196,520 649,898 Francesca’s Holdings Corp.(a) 9,800 280,868 Whitbread PLC 15,155 592,759 GameStop Corp.–Class A 79,030 2,210,469 William Hill PLC 89,330 502,706 Home Depot, Inc. (The) 114,400 7,982,832 Yum! Brands, Inc. 3,900 280,566 Indomobil Sukses Internasional Tbk PT 296,000 168,087 23,449,249 Lumber Liquidators Holdings, Inc.(a) 4,010 281,582 Men’s Wearhouse, Inc. (The) 8,770 293,093 Mr. Price Group Ltd. 14,680 186,724 2013 Semi-Annual Report 13


  • Page 16

    Schedule of Investments (continued) Company Shares U.S. $ Value Company Shares U.S. $ Value Nitori Holdings Co., Ltd. 10,750 $ 829,972 Odontoprev SA 15,100 $ 69,120 Office Depot, Inc.(a) 52,680 207,032 Patterson Cos., Inc. 54,000 2,054,160 PetSmart, Inc. 56,900 3,533,490 Shanghai Pharmaceuticals Holding Co., Ltd.– Shimamura Co., Ltd. 3,400 397,521 Class H 37,000 81,140 TJX Cos., Inc. 138,500 6,474,875 Sonic Healthcare Ltd. 33,254 483,873 Suzuken Co., Ltd./Aichi Japan 13,900 504,608 Tractor Supply Co. 2,040 212,425 UnitedHealth Group, Inc. 52,000 2,974,920 Ulta Salon Cosmetics & Fragrance, Inc. 845 68,589 Universal Health Services, Inc.–Class B 4,910 313,602 Vitamin Shoppe, Inc.(a) 3,263 159,398 WellCare Health Plans, Inc.(a) 2,072 120,093 Yamada Denki Co., Ltd. 32,040 1,470,013 WellPoint, Inc.(c) 177,500 11,755,825 Zhongsheng Group Holdings Ltd. 159,000 193,082 21,293,785 26,567,380 Life Sciences Tools & Services–0.1% Textiles, Apparel & Luxury Goods–0.3% Eurofins Scientific 7,455 1,567,406 Alpargatas SA (Preference Shares) 9,900 66,629 ICON PLC(a) 6,445 208,109 Cie Financiere Richemont SA 47,900 377,565 1,775,515 Cie Financiere Richemont SA 24,580 1,935,224 Pharmaceuticals–3.1% Daphne International Holdings Ltd. 112,000 141,176 Akorn, Inc.(a) 12,469 172,446 Jones Group, Inc. (The) 22,760 289,507 Aspen Pharmacare Holdings Ltd.(a) 8,950 186,027 LVMH Moet Hennessy Louis Vuitton SA 4,370 750,809 AstraZeneca PLC 37,290 1,870,493 PVH Corp. 1,514 161,710 AstraZeneca PLC (Sponsored ADR) 66,800 3,338,664 Samsonite International SA 155,900 390,829 GlaxoSmithKline PLC 97,120 2,274,263 Shenzhou International Group Holdings Ltd. 51,000 143,895 Jazz Pharmaceuticals PLC(a) 3,030 169,407 Tumi Holdings, Inc.(a) 2,420 50,675 Johnson & Johnson 124,000 10,109,720 Merck & Co., Inc. 96,700 4,277,041 4,308,019 Novartis AG 16,550 1,179,550 146,329,581 Orion Oyj 26,130 687,562 Pfizer, Inc.(c) 643,200 18,562,752 Pharmstandard OJSC (GDR)(a)(b) 7,700 159,005 Health Care–7.4% Richter Gedeon Nyrt 1,240 173,599 Roche Holding AG 14,210 3,312,678 Biotechnology–1.2% Sanofi 7,500 764,890 Actelion Ltd.(a) 24,500 1,332,205 Ariad Pharmaceuticals, Inc.(a) 4,830 87,375 47,238,097 Biogen Idec, Inc.(a) 60,000 11,574,600 114,587,532 BioMarin Pharmaceutical, Inc.(a) 3,110 193,628 Celgene Corp.(a) 28,700 3,326,617 Cubist Pharmaceuticals, Inc.(a) 2,945 137,885 Consumer Staples–7.2% Onyx Pharmaceuticals, Inc.(a) 3,420 303,901 Beverages–0.2% Vertex Pharmaceuticals, Inc.(a) 40,200 2,210,196 Anheuser-Busch InBev NV 12,400 1,232,776 Asahi Group Holdings Ltd. 38,900 930,200 19,166,407 Cia Cervecerias Unidas SA 13,500 224,310 Health Care Equipment & Supplies–1.6% Heineken Holding NV 9,450 606,355 Align Technology, Inc.(a) 970 32,505 2,993,641 Becton Dickinson and Co. 62,000 5,927,820 Food & Staples Retailing–2.2% Cochlear Ltd. 4,360 309,733 Bizim Toptan Satis Magazalari AS 3,460 59,160 Coloplast A/S 9,050 487,653 Brazil Pharma SA 14,400 101,546 HeartWare International, Inc.(a) 1,940 171,554 Jeronimo Martins SGPS SA 104,200 2,029,579 IDEXX Laboratories, Inc.(a) 60,000 5,543,400 Koninklijke Ahold NV 87,340 1,338,947 Intuitive Surgical, Inc.(a) 11,200 5,501,328 Kroger Co. (The) 432,000 14,316,480 Medtronic, Inc. 145,300 6,823,288 Lawson, Inc. 4,600 353,196 Sirona Dental Systems, Inc.(a) 3,350 246,996 Magnit OJSC (Sponsored GDR)(b) 9,750 440,212 Volcano Corp.(a) 3,120 69,451 Olam International Ltd. 1,434,038 1,996,392 Safeway, Inc. 144,800 3,815,480 25,113,728 Shoppers Drug Mart Corp. 10,010 428,345 Health Care Providers & Services–1.4% Shoprite Holdings Ltd. 4,840 96,277 Sugi Holdings Co., Ltd. 12,900 460,240 Acadia Healthcare Co., Inc.(a) 8,064 237,001 Tsuruha Holdings, Inc. 2,400 234,427 Catamaran Corp.(a) 5,400 286,362 Wal-Mart Stores, Inc. 97,200 7,273,476 Health Net, Inc./CA(a) 66,740 1,910,099 WM Morrison Supermarkets PLC 184,650 776,139 LifePoint Hospitals, Inc.(a) 5,330 258,292 Mednax, Inc.(a) 2,730 244,690 33,719,896 14 Sanford C. Bernstein Fund, Inc.


  • Page 17

    Company Shares U.S. $ Value Company Shares U.S. $ Value Food Products–2.3% Commercial Services & Supplies–0.3% AVI Ltd. 50,860 $ 297,075 Aggreko PLC 12,831 $ 348,238 Campbell Soup Co. 115,670 5,246,791 Avery Dennison Corp. 4,040 174,003 ConAgra Foods, Inc. 228,700 8,189,747 Edenred 18,238 597,721 Dole Food Co., Inc.(a) 14,360 156,524 Steelcase, Inc. 15,390 226,695 Green Mountain Coffee Roasters, Inc.(a) 5,190 294,584 Stericycle, Inc.(a) 29,817 3,165,969 Gruma SAB de CV(a) 13,700 60,583 4,512,626 JM Smucker Co. (The) 78,900 7,823,724 Kraft Foods Group, Inc. 121,600 6,266,048 Construction & Engineering–0.1% MHP SA (GDR)(a)(b) 12,360 219,390 COMSYS Holdings Corp. 69,300 842,548 NongShim Co., Ltd. 390 108,039 Granite Construction, Inc. 3,870 123,221 Tyson Foods, Inc.–Class A 124,180 3,082,148 Tutor Perini Corp.(a) 11,180 215,774 Unilever PLC 74,458 3,149,359 1,181,543 34,894,012 Electrical Equipment–0.7% Household Products–0.2% AMETEK, Inc. 38,814 1,682,975 Henkel AG & Co. KGaA 22,670 1,791,850 Eaton Corp. PLC 108,100 6,621,125 Kimberly-Clark de Mexico SAB de CV 72,420 252,707 EnerSys, Inc.(a) 5,120 233,370 Reckitt Benckiser Group PLC 14,534 1,043,506 General Cable Corp.(a) 7,410 271,428 Sumitomo Electric Industries Ltd. 127,800 1,572,460 3,088,063 10,381,358 Tobacco–2.3% Altria Group, Inc. 302,700 10,409,853 Industrial Conglomerates–1.0% British American Tobacco PLC 98,410 5,276,991 Bidvest Group Ltd. 7,780 205,081 Gudang Garam Tbk PT 29,000 146,411 Carlisle Cos., Inc. 3,550 240,654 Imperial Tobacco Group PLC 34,510 1,206,996 Danaher Corp.(c) 126,500 7,861,975 Japan Tobacco, Inc. 92,600 2,962,041 General Electric Co.(c) 283,400 6,552,208 Lorillard, Inc. 25,266 1,019,483 SM Investments Corp. 1,990 54,467 Philip Morris International, Inc. 124,100 11,505,311 14,914,385 Reynolds American, Inc. 79,500 3,536,955 Industrial Warehouse Distribution–0.2% 36,064,041 Global Logistic Properties Ltd. 1,473,000 3,128,161 110,759,653 Machinery–0.5% Actuant Corp.–Class A 5,970 182,801 Chart Industries, Inc.(a) 2,680 214,427 Industrials–5.8% FANUC Corp. 5,600 862,235 Aerospace & Defense–0.9% IDEX Corp. 4,310 230,240 European Aeronautic Defence and Space Co. Illinois Tool Works, Inc. 74,200 4,521,748 NV 27,100 1,381,244 Joy Global, Inc. 3,690 219,629 Hexcel Corp.(a) 10,300 298,803 Kennametal, Inc. 4,650 181,536 Precision Castparts Corp. 57,300 10,865,226 Komatsu Ltd. 31,100 743,827 QinetiQ Group PLC 75,900 239,582 Lincoln Electric Holdings, Inc. 5,460 295,823 Safran SA 17,300 772,119 Middleby Corp.(a) 1,660 252,569 TransDigm Group, Inc. 1,710 261,493 Terex Corp.(a) 7,900 271,918 Timken Co. 5,120 289,689 13,818,467 Valmont Industries, Inc. 1,890 297,240 Air Freight & Logistics–0.0% Expeditors International of Washington, Inc. 5,060 180,693 8,563,682 Airlines–0.3% Marine–0.0% Delta Air Lines, Inc.(a) 168,400 2,780,284 Kirby Corp.(a) 4,230 324,864 Japan Airlines Co., Ltd. 17,600 819,844 Professional Services–0.7% Qantas Airways Ltd.(a) 458,000 853,967 Advisory Board Co. (The)(a) 4,460 234,239 Turk Hava Yollari(a) 64,990 265,935 Bureau Veritas SA 18,403 2,291,063 Capita PLC 236,823 3,237,222 4,720,030 Intertek Group PLC 66,025 3,411,672 Building Products–0.1% Qualicorp SA(a) 4,800 48,244 Asahi Glass Co., Ltd. 119,000 828,877 Robert Half International, Inc. 8,880 333,266 Simpson Manufacturing Co., Inc. 2,090 63,975 SGS SA 638 1,565,898 892,852 11,121,604 2013 Semi-Annual Report 15


  • Page 18

    Schedule of Investments (continued) Company Shares U.S. $ Value Company Shares U.S. $ Value Road & Rail–0.7% LUKOIL OAO (London) (Sponsored ADR) 10,890 $ 702,405 Con-way, Inc. 7,070 $ 248,935 Marathon Petroleum Corp. 69,900 6,263,040 Genesee & Wyoming, Inc.–Class A(a) 3,377 314,433 Noble Energy, Inc.(c) 62,900 7,275,014 Globaltrans Investment PLC (Sponsored NovaTek OAO (Sponsored GDR)(b) 3,660 394,548 GDR)(b) 10,908 172,128 Petroleo Brasileiro SA (Sponsored ADR) 118,790 2,156,039 Localiza Rent a Car SA 13,600 242,959 PTT PCL 21,400 236,763 Tokyu Corp. 79,000 584,406 Royal Dutch Shell PLC–Class B 10,770 358,157 Union Pacific Corp. 62,900 8,957,589 SM Energy Co. 2,660 157,525 10,520,450 Statoil ASA 46,460 1,134,225 Stone Energy Corp.(a) 5,620 122,235 Trading Companies & Distributors–0.3% Teekay Corp. 3,140 112,914 Aircastle Ltd. 15,290 209,167 Ultrapar Participacoes SA 8,300 209,887 Mitsubishi Corp. 52,200 983,128 Valero Energy Corp. 171,300 7,792,437 MSC Industrial Direct Co., Inc.–Class A 2,116 181,510 United Rentals, Inc.(a) 5,990 329,270 64,147,967 WW Grainger, Inc. 13,600 3,059,728 88,073,163 4,762,803 Transportation Infrastructure–0.0% Materials–2.2% Jiangsu Expressway Co., Ltd. 190,000 191,242 Chemicals–1.5% 89,214,760 Chemtura Corp.(a) 9,730 210,265 EMS-Chemie Holding AG 2,450 737,738 Energy–5.7% Filtrona PLC 120,952 1,341,082 Huntsman Corp. 9,100 169,169 Energy Equipment & Services–1.6% Koninklijke DSM NV 23,817 1,387,885 Aker Solutions ASA 2,823 52,989 LyondellBasell Industries NV 102,600 6,493,554 AMEC PLC 22,486 361,354 Monsanto Co. 76,624 8,093,793 Bristow Group, Inc. 3,590 236,725 Nippon Shokubai Co., Ltd. 43,000 379,393 Diamond Offshore Drilling, Inc. 80,600 5,606,536 PolyOne Corp. 7,890 192,595 FMC Technologies, Inc.(a) 2,850 155,011 Sherwin-Williams Co. (The) 24,100 4,070,249 Helix Energy Solutions Group, Inc.(a) 10,020 229,258 Teijin Ltd. 162,000 375,871 Helmerich & Payne, Inc. 3,510 213,057 National Oilwell Varco, Inc. 73,700 5,214,275 23,451,594 Oceaneering International, Inc. 3,620 240,404 Construction Materials–0.1% Oil States International, Inc.(a) 2,550 208,003 China National Building Material Co., Schlumberger Ltd.(c) 118,400 8,866,976 Ltd–Class H 148,000 187,339 Seadrill Ltd. 33,829 1,232,842 China Shanshui Cement Group Ltd. 48,000 27,637 Technip SA 12,750 1,307,766 Grasim Industries Ltd. (GDR)(b) 1,831 94,777 Semen Indonesia Persero Tbk PT 61,000 111,427 23,925,196 West China Cement Ltd. 424,000 70,219 Oil, Gas & Consumable Fuels–4.1% Afren PLC(a) 62,800 135,736 491,399 Banpu PCL 10,600 136,459 Metals & Mining–0.6% BP PLC 314,580 2,212,127 Anglo American PLC 39,760 1,026,730 Cabot Oil & Gas Corp. 2,310 156,179 Antofagasta PLC 9,310 139,753 Chevron Corp. 41,500 4,931,030 BHP Billiton PLC 58,295 1,697,649 China Petroleum & Chemical Corp.–Class H 436,000 511,300 Cliffs Natural Resources, Inc. 3,920 74,519 Cimarex Energy Co. 3,880 292,707 Commercial Metals Co. 15,550 246,467 Concho Resources, Inc.(a) 1,510 147,119 Dowa Holdings Co., Ltd. 37,861 297,402 Ecopetrol SA (Sponsored ADR) 5,410 294,953 KGHM Polska Miedz SA 11,570 560,735 ENI SpA 42,370 948,597 Korea Zinc Co., Ltd. 270 86,494 EOG Resources, Inc. 24,700 3,163,329 Koza Altin Isletmeleri AS 13,270 310,363 Exxon Mobil Corp. 172,100 15,507,931 MMC Norilsk Nickel OJSC (ADR) 69,850 1,179,767 Gazprom OAO (Sponsored ADR) 161,870 1,375,895 Reliance Steel & Aluminum Co. 3,250 231,303 KazMunaiGas Exploration Production JSC Rio Tinto PLC 27,950 1,316,457 (GDR)(b) 7,360 139,840 Steel Dynamics, Inc. 16,590 263,283 Kinder Morgan, Inc./DE 188,200 7,279,576 Vale SA (Sponsored ADR) 115,110 1,902,768 16 Sanford C. Bernstein Fund, Inc.


  • Page 19

    Company Shares U.S. $ Value Company Shares U.S. $ Value Vale SA (Sponsored ADR–Class B 12,990 $ 224,597 Water Utilities–0.0% Cia de Saneamento Basico do Estado de Sao 9,558,287 Paulo(a) 3,500 $ 166,967 33,501,280 Cia de Saneamento de Minas Gerais-COPASA 8,700 212,468 379,435 Telecommunication Services–1.2% 7,551,345 Diversified Telecommunication Services–1.0% AT&T, Inc. 86,600 3,177,354 Equity:Other–0.4% Nippon Telegraph & Telephone Corp. 42,700 1,864,263 Diversified/Specialty–0.4% Swisscom AG 2,740 1,268,970 BioMed Realty Trust, Inc. 11,070 239,112 TalkTalk Telecom Group PLC 56,200 232,611 Country Garden Holdings Co., Ltd.(a) 482,000 239,193 TDC A/S 103,060 793,242 Evergrande Real Estate Group Ltd. 1,754,000 708,532 Telenor ASA 54,760 1,205,710 Hang Lung Properties Ltd. 843,000 3,161,514 Telstra Corp., Ltd. 185,286 871,234 LPN Development PCL 81,700 70,443 tw telecom, Inc.(a) 3,240 81,616 Mexico Real Estate Management SA de CV(a) 228,350 508,412 Verizon Communications, Inc. 111,900 5,499,885 Mitsubishi Estate Co., Ltd. 18,000 509,893 Vivendi SA 37,954 785,193 Supalai PCL 80,200 56,963 Telecity Group PLC 77,440 1,065,385 15,780,078 6,559,447 Wireless Telecommunication Services–0.2% America Movil SAB de CV Series L (ADR) 6,199 129,931 China Mobile Ltd. 14,000 148,399 Residential–0.1% Rogers Communications, Inc. 6,340 323,850 Multi-Family–0.1% SK Telecom Co., Ltd. 890 144,634 Brookfield Incorporacoes SA 93,500 116,138 StarHub Ltd. 139,000 488,640 Camden Property Trust 1,880 129,118 Turkcell Iletisim Hizmetleri AS(a) 7,550 50,598 China Overseas Land & Investment Ltd. 86,000 238,404 Vodafone Group PLC 809,830 2,298,039 KWG Property Holding Ltd. 118,000 74,294 Mid-America Apartment Communities, Inc. 1,910 131,905 3,584,091 NVR, Inc.(a) 220 237,624 19,364,169 Rossi Residencial SA 44,400 67,674 Shimao Property Holdings Ltd. 58,000 112,129 Stockland 205,050 782,546 Utilities–0.5% 1,889,832 Electric Utilities–0.3% Single Family–0.0% CLP Holdings Ltd. 85,500 749,525 Fortune Brands Home & Security, Inc.(a) 8,140 304,680 EDP–Energias de Portugal SA 275,280 848,319 Realogy Holdings Corp.(a) 2,804 136,947 Electricite de France SA 77,400 1,484,722 441,627 Light SA 14,900 147,470 NV Energy, Inc. 11,330 226,940 2,331,459 PNM Resources, Inc. 9,460 220,323 Power Assets Holdings Ltd. 109,000 1,028,756 Retail–0.0% 4,706,055 Regional Mall–0.0% BR Malls Participacoes SA 11,200 139,449 Gas Utilities–0.0% Glimcher Realty Trust 10,070 116,812 Atmos Energy Corp. 4,790 204,485 UGI Corp. 5,720 219,591 256,261 Shopping Center/Other Retail–0.0% 424,076 American Realty Capital Properties, Inc. 12,400 182,032 Independent Power Producers & Energy Traders–0.1% 438,293 APR Energy PLC 78,889 1,011,302 Huaneng Power International, Inc.–Class H 206,000 218,837 Lodging–0.0% 1,230,139 Lodging–0.0% Multi-Utilities–0.1% Orient-Express Hotels Ltd.–Class A(a) 15,485 152,682 National Grid PLC 69,850 811,640 RLJ Lodging Trust 12,390 281,996 434,678 2013 Semi-Annual Report 17


  • Page 20

    Schedule of Investments (continued) Company Shares U.S. $ Value Company Shares U.S. $ Value Office–0.0% DGB Financial Group, Inc., JPMorgan Chase Bank, NA, Office–0.0% expiring 6/26/17(a) 10,670 $ 160,263 Dundee International Real Estate Investment First Gulf Bank PJSC, Trust 20,346 $ 213,104 Merrill Lynch Intl & Co., Total Common Stocks expiring 8/21/12 36,480 137,563 (cost $815,448,971) 933,391,216 Punjab National Bank, Merrill Lynch Intl & Co., INVESTMENT COMPANIES–23.6% expiring 7/07/15(a) 13,430 177,386 Union Bank of India, Funds and Investment Trusts–23.6% Merrill Lynch Intl & Co., iShares MSCI Emerging Markets Index Fund 2,455,497 105,046,162 expiring 7/07/15(a) 47,470 190,397 Multi-Asset Real Return Portfolio 22,755,970 197,749,383 SPDR S&P 500 ETF Trust 394,419 61,746,294 1,140,136 Total Investment Companies Consumer Finance–0.1% (cost $368,199,512) 364,541,839 Muthoot Finance Ltd., Merrill Lynch Intl & Co., expiring 2/21/17(a) 85,790 289,790 Contracts Shriram Transport Finance Co., Ltd. Merrill Lynch Intl & Co., OPTIONS PURCHASED—PUTS–0.7% expiring 1/22/15(a)(b) 63,842 815,696 Options on Funds and Investment Trusts–0.5% 1,105,486 iShares MSCI EAFE Index Expiration: Jun 2013, Real Estate Management & Development–0.0% Exercise Price: $ 57.00(a)(d) 28,678 2,939,495 Emaar Properties PJSC, iShares MSCI Emerging Markets Index Merril Lynch International, Expiration: Jun 2013, expiring 10/01/15(a) 68,950 97,806 Exercise Price: $ 42.50(a)(d) 39,002 4,719,242 Thrifts & Mortgage Finance–0.1% 7,658,737 Housing Development Finance Corp., Deutsche Bank AG London, Option on Equity Indices–0.2% expiring 1/30/17(a)(b) 113,230 1,714,551 S&P 500 Index Expiration: Jun 2013, Exercise Price: $ 1,475.00(a)(d) 2,245 3,356,275 4,057,979 Total Options Purchased–Puts Information Technology–0.2% (cost $11,356,826) 11,015,012 IT Services–0.1% Tata Consultancy Services Ltd., Shares Merrill Lynch Intl & Co., expiring 12/14/15(a) 49,824 1,444,463 WARRANTS–0.6% Semiconductors & Semiconductor Equipment–0.1% Financials–0.3% SK Hynix, Inc., Commercial Banks–0.1% Citigroup Global Markets, Bank Muscat SAOG, expiring 1/20/15(a)(b) 52,120 1,370,026 Citigroup Global Markets, 2,814,489 expiring 10/28/13(a) 26,000 41,288 Bank of Baroda, JPMorgan Chase Bank, NA, Materials–0.1% expiring 9/29/14(a)(b) 8,460 104,735 Chemicals–0.1% Bank of India, OCI Co., Ltd. JPMorgan Chase Bank, NA, Macquarie Bank Ltd., expiring 9/29/14(a)(b) 19,330 107,282 expiring 1/30/15(a) 3,510 502,825 Canara Bank, United Phosphorus Ltd., Deutsche Bank AG London, Merrill Lynch Intl & Co., expiring 1/17/17(a) 7,060 49,738 expiring 2/07/17(a) 32,610 70,437 Commercial Bank of Qatar QSC/The, Deutsche Bank AG London, 573,262 expiring 5/26/17(a) 9,490 171,484 18 Sanford C. Bernstein Fund, Inc.


  • Page 21

    Company Shares U.S. $ Value Principal Amount (000) U.S. $ Value Consumer Discretionary–0.0% CORPORATES—NON-INVESTMENT GRADES–0.0% Auto Components–0.0% Industrial–0.0% Apollo Tyres Ltd., Merrill Lynch Intl & Co., Consumer Non-Cyclical–00.0% expiring 12/30/15(a) 38,320 $ 58,833 Olam International Ltd. 6.75%, 1/29/18(b) Automobiles–0.0% (cost $563,442) $ 592 $ 559,499 Kia Motors Corp., Citigroup Global Markets, expiring 1/20/15(a)(b) 8,320 419,453 Shares 478,286 RIGHTS–0.0% Consumer Discretionary–0.0% Industrials–0.0% Hotels ,Restaurants & Leisure–0.0% Construction & Engineering–0.0% William Hill PLC, expiring Larsen & Toubro Ltd., 4/04/13(a) Deutsche Bank AG London, (cost $0) 19,851 37,402 expiring 1/24/17(a)(b) 11,040 278,058 Samsung Engineering Co., Ltd., Macquarie Bank Ltd., SHORT-TERM INVESTMENTS–15.0% expiring 3/02/15(a) 670 77,025 Investment Companies–13.0% 355,083 AllianceBernstein Fixed- Income Shares, Inc.– Industrial Conglomerates–0.0% Government STIF Portfolio, John Keells Holdings PLC, 0.12%(e) Deutsche Bank AG London, (cost $201,334,113) 201,334,113 201,334,113 expiring 7/05/19(a) 56,840 110,742 465,825 Principal Amount (000) Consumer Staples–0.0% U.S. Treasury Bills–2.0% Zero Coupon, 5/09/13(f) $ 11,720 11,719,134 Food & Staples Retailing–0.0% Zero Coupon, 6/20/13–9/19/13 18,720 18,713,075 Olam International Ltd. , Total U.S. Treasury Bills expiring 1/29/18(a) 306,509 105,745 (cost $30,432,209) 30,432,209 Tobacco–0.0% KT&G Corp., Total Short-Term Investments Macquarie Bank Ltd., (cost $231,766,322) 231,766,322 expiring 1/30/15(a) 2,780 188,513 Total Investments—100.2% 294,258 (cost $1,435,841,859) 1,550,276,245(g) Health Care–0.0% Other assets less liabilities—(0.2)% (3,044,484) Pharmaceuticals–0.0% Sun Pharmaceutical Industries Ltd., Net Assets—100.0% $ 1,547,231,761 Merrill Lynch Intl & Co., expiring 2/02/15(a) 18,640 280,856 Total Warrants (cost $8,506,786) 8,964,955 2013 Semi-Annual Report 19


  • Page 22

    Schedule of Investments (continued) FUTURES CONTRACTS (see Note 3) Number of Expiration Original Value at Unrealized Appreciation/ Type Contracts Month Value March 31, 2013 (Depreciation) Purchased Contracts 10 Yr Canada Govt Bond Futures 35 June 2013 $ 4,573,972 $ 4,651,967 $ 77,995 10 Yr Japan Govt Bond Futures 62 June 2013 95,521,548 95,804,111 282,563 Australian T-Bond 10 Yr Futures 21 June 2013 2,617,795 2,658,706 40,911 Euro Buxl 30 Yr Bond Futures 60 June 2013 10,265,264 10,418,371 153,107 Euro Stoxx 50 Index Futures 1,367 June 2013 46,311,345 44,753,487 (1,557,858) FTSE 100 Index Futures 458 June 2013 44,801,769 44,197,115 (604,654) German Euro Bobl Futures 144 June 2013 23,263,847 23,390,803 126,956 German Euro Bund Futures 147 June 2013 27,083,498 27,414,981 331,483 Hang Seng Index Futures 2 April 2013 288,254 287,483 (771) Russell 2000 Mini Index Futures 151 June 2013 13,785,518 14,328,390 542,872 S&P 500 E Mini Index Futures 1,324 June 2013 100,914,802 103,450,740 2,535,938 S&P Mid Cap 400 E Mini Index Futures 136 June 2013 15,099,468 15,653,600 554,132 TOPIX Index Futures 569 June 2013 60,114,640 62,772,242 2,657,602 U.S. T-Note 5 Yr Futures 90 June 2013 11,141,167 11,164,922 23,755 UK Long Gilt Bond Futures 121 June 2013 21,248,808 21,838,109 589,301 Ultra Long U.S. T-Bond Futures 16 June 2013 2,486,527 2,521,500 34,973 Sold Contracts S&P TSE 60 Index Futures 62 June 2013 8,956,835 8,897,337 59,498 $ 5,847,803 FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) Contracts to In Exchange Deliver For Settlement Unrealized Appreciation/ Counterparty (000) (000) Date (Depreciation) Bank of America, NA CHF 3,497 USD 3,818 5/15/13 $ 132,489 Barclays Bank PLC Wholesale GBP 3,218 USD 5,023 5/15/13 134,941 Barclays Bank PLC Wholesale JPY 792,302 USD 8,490 5/15/13 71,351 Barclays Bank PLC Wholesale NOK 22,256 USD 3,877 5/15/13 72,491 Barclays Bank PLC Wholesale USD 2,687 EUR 2,060 5/15/13 (45,262) Barclays Bank PLC Wholesale USD 20,801 JPY 1,945,165 5/15/13 (131,599) Barclays Bank PLC Wholesale USD 11,422 NOK 63,326 5/15/13 (598,080) BNP Paribas SA AUD 11,835 USD 12,177 5/15/13 (106,437) BNP Paribas SA JPY 248,374 USD 2,599 5/15/13 (40,338) BNP Paribas SA USD 1,715 AUD 1,670 5/15/13 17,836 BNP Paribas SA USD 1,865 CHF 1,765 5/15/13 (4,491) BNP Paribas SA USD 26,915 JPY 2,561,117 5/15/13 299,456 Citibank, NA GBP 11,967 USD 18,781 5/15/13 601,560 Citibank, NA USD 3,470 CHF 3,195 5/15/13 (102,351) Citibank, NA USD 8,621 GBP 5,493 5/15/13 (276,123) Citibank, NA USD 1,842 JPY 174,385 5/15/13 10,635 Credit Suisse London Branch (GFX) GBP 7,782 USD 11,787 5/15/13 (34,299) Credit Suisse London Branch (GFX) NOK 42,924 USD 7,354 5/15/13 16,934 Credit Suisse London Branch (GFX) SEK 13,626 USD 2,150 5/15/13 60,596 Credit Suisse London Branch (GFX) USD 9,460 CHF 8,936 5/15/13 (42,226) Credit Suisse London Branch (GFX) USD 26,918 GBP 17,747 5/15/13 41,655 20 Sanford C. Bernstein Fund, Inc.


  • Page 23

    Contracts to In Exchange Deliver For Settlement Unrealized Appreciation/ Counterparty (000) (000) Date (Depreciation) Credit Suisse London Branch (GFX) USD 4,367 NOK 25,501 5/15/13 $ (7,890) Credit Suisse London Branch (GFX) USD 11,917 SEK 76,664 5/15/13 (162,707) Deutsche Bank AG London AUD 4,717 USD 4,890 5/15/13 (5,239) Deutsche Bank AG London EUR 5,065 USD 6,879 5/15/13 384,297 Deutsche Bank AG London GBP 4,139 USD 6,498 5/15/13 210,153 Deutsche Bank AG London JPY 896,207 USD 9,745 5/15/13 222,060 Deutsche Bank AG London USD 9,511 AUD 9,202 5/15/13 39,143 Deutsche Bank AG London USD 10,912 EUR 8,161 5/15/13 (447,865) Deutsche Bank AG London USD 10,595 GBP 6,927 5/15/13 (72,387) Deutsche Bank AG London USD 9,190 JPY 842,684 5/15/13 (235,847) Goldman Sachs Capital Markets LP CHF 5,068 USD 5,535 5/15/13 193,459 Goldman Sachs Capital Markets LP USD 3,362 CHF 3,078 5/15/13 (117,495) Goldman Sachs Capital Markets LP USD 30,076 EUR 23,205 5/15/13 (322,389) HSBC BankUSA CAD 938 USD 939 5/15/13 16,321 HSBC BankUSA NOK 23,647 USD 4,275 5/15/13 232,825 HSBC BankUSA USD 4,126 CAD 4,122 5/15/13 (71,722) HSBC BankUSA USD 1,600 HKD 12,400 5/15/13 (2,002) HSBC BankUSA USD 2,504 NZD 3,017 5/15/13 13,169 Morgan Stanley & Co., Inc. USD 4,232 EUR 3,170 5/15/13 (167,196) Royal Bank of Scotland PLC AUD 6,172 USD 6,321 5/15/13 (85,040) Royal Bank of Scotland PLC CHF 5,684 USD 6,197 5/15/13 206,753 Royal Bank of Scotland PLC EUR 24,093 USD 31,860 5/15/13 967,468 Royal Bank of Scotland PLC GBP 11,925 USD 18,851 5/15/13 735,269 Royal Bank of Scotland PLC JPY 2,129,329 USD 23,152 5/15/13 525,723 Royal Bank of Scotland PLC NZD 2,376 USD 1,948 5/15/13 (34,904) Royal Bank of Scotland PLC USD 2,801 EUR 2,165 5/15/13 (25,402) Royal Bank of Scotland PLC USD 19,196 GBP 12,668 5/15/13 48,223 Royal Bank of Scotland PLC USD 4,531 JPY 434,879 5/15/13 90,514 Societe Generale JPY 271,143 USD 2,909 5/15/13 27,457 Standard Chartered Bank HKD 79,313 USD 10,230 5/15/13 10,643 Standard Chartered Bank USD 2,074 HKD 16,097 5/15/13 (212) State Street Bank & Trust Co. EUR 2,324 USD 3,106 5/15/13 126,201 State Street Bank & Trust Co. JPY 28,278 USD 302 5/15/13 1,321 State Street Bank & Trust Co. USD 23,918 EUR 17,826 5/15/13 (1,061,382) State Street Bank & Trust Co. USD 2,626 GBP 1,739 5/15/13 15,419 UBS AG USD 14,140 EUR 10,635 5/15/13 (504,093) Westpac Banking Corp. NZD 5,120 USD 4,313 5/15/13 41,267 Westpac Banking Corp. USD 23,155 AUD 22,493 5/15/13 190,200 Westpac Banking Corp. USD 3,739 NZD 4,479 5/15/13 (1,500) $ 1,051,351 2013 Semi-Annual Report 21


  • Page 24

    Schedule of Investments (continued) CALL OPTIONS WRITTEN (see Note 3) Exercise Expiration Premiums Description Contracts Price Month Received U.S. $ Value S&P 500 Index (d) 2,245 $1,750.00 December 2013 $ 1,321,380 $ (2,166,425) CREDIT DEFAULT SWAP CONTRACTS (see Note 3) Swap Implied Counterparty Fixed Credit Upfront & Rate Spread at Notional Premiums Unrealized Referenced (Pay) March 31, Amount Market Paid Appreciation/ Obligation Receive 2013 (000) Value (Received) (Depreciation) Sale Contracts Bank of America, NA: CDX-NAIG Series 19 5 Year Index, 12/20/17* 1.00% 0.81% $ 36,085 $ 323,773 $ 96,191 $ 227,582 iTraxx Europe Series 18 5 Year Index, 12/20/17* 1.00 1.16 EUR 2,360 (20,894) (10,703) (10,191) iTraxx Europe Series 18 5 Year Index, 12/20/17* 1.00 1.16 18,315 (162,150) (168,211) 6,061 Barclays Bank PLC: CDX-NAIG Series 19 5 Year Index, 12/20/17* 1.00 0.81 $ 71,580 642,252 229,576 412,676 CDX-NAIG Series 19 5 Year Index, 12/20/17* 1.00 0.81 36,085 323,773 80,849 242,924 Deutsche Bank AG: CDX-NAHY Series 19 5 Year Index, 12/20/17* 5.00 3.97 39,420 1,716,412 371,569 1,344,843 Goldman Sachs International: CDX-NAIG Series 19 5 Year Index, 12/20/17* 1.00 0.81 3,150 28,263 28,875 (612) JPMorgan Chase Bank, NA: iTraxx Europe Series 18 5 Year Index, 12/20/17* 1.00 1.16 EUR 18,315 (162,150) (172,254) 10,104 iTraxx XOVER Series18 5 Year Index, 12/20/17* 5.00 4.19 7,700 335,850 152,592 183,258 iTraxx Europe Series 18 5 Year Index, 12/20/17* 1.00 1.16 36,920 (326,867) (329,334) 2,467 $ 2,698,262 $ 279,150 $ 2,419,112 * Termination date TOTAL RETURN SWAP CONTRACTS (See Note 3) Receive/Pay Total # of Rate Notional Unrealized Return on Shares or Paid by Amount Maturity Appreciation/ Reference Index Index Units the Fund (000) Date Counterparty (Depreciation) Receive Total Return on Reference Index Receive MSCI Emerging Markets Index 42,477 0.65% $ 17,725 12/23/13 UBS AG $ (152,896) (a) Non-income producing security. (e) Investment in affiliated money market mutual fund. The rate shown (b) Security is exempt from registration under Rule 144A of the Securities Act represents the 7-day yield as of period end. of 1933. These securities are considered liquid and may be resold in (f) Position, or a portion thereof, has been segregated to collateralize OTC transactions exempt from registration, normally to qualified institutional derivatives outstanding. The aggregate market value of these securities buyers. At March 31, 2013, the aggregate market value of these securities amounted to $708,948. amounted to $10,896,348 or 0.7% of net assets. (g) On March 29, 2013, the Fund and U.S. stock exchanges were closed for (c) Position, or a portion thereof, has been segregated to collateralize margin business due to a U.S. holiday but the foreign markets remained open for requirements for open futures contracts. The market value of the collateral trading. The Fund valued its foreign securities using the closing market amounted to $47,658,464. prices from the respective foreign markets as of March 28, 2013 for (d) One contract relates to 100 shares. financial reporting purposes. 22 Sanford C. Bernstein Fund, Inc.


  • Page 25

    Currency Abbreviations: CDX-NAIG—North American Investment Grade Credit Default Swap Index AUD—Australian Dollar EAFE—Europe, Australia, and Far East CAD—Canadian Dollar FTSE—Financial Times Stock Exchange CHF—Swiss Franc GDR—Global Depositary Receipt EUR—Euro GFX—Global Foreign Exchange GBP—Great British Pound JSC—Joint Stock Company HKD—Hong Kong Dollar MSCI—Morgan Stanley Capital International JPY—Japanese Yen NVDR—Non Voting Depositary Receipt NOK—Norwegian Krone OJSC—Open Joint Stock Company NZD—New Zealand Dollar PJSC—Public Joint Stock Company SEK—Swedish Krona REG—Registered Shares USD—United States Dollar REIT—Real Estate Investment Trust SCPA—Società Consortile per Azioni Glossary: TOPIX—Tokyo Price Index ADR—American Depositary Receipt TSE—Tokyo Stock Exchange CDX-NAHY—North American High Yield Credit Default Swap Index See notes to financial statements. 2013 Semi-Annual Report 23


  • Page 26

    Schedule of Investments Sanford C. Bernstein Fund, Inc. Company Shares U.S. $ Value Schedule of Investments Seven Bank Ltd. 722,600 $ 2,326,691 Tax-Aware Overlay A Portfolio Signature Bank/New York NY(a) 6,890 542,656 March 31, 2013 (Unaudited) Societe Generale SA(a) 146,991 4,839,384 State Bank of India (Sponsored GDR)(c) 5,470 455,925 Company Shares U.S. $ Value Sumitomo Mitsui Financial Group, Inc. 87,400 3,585,570 Susquehanna Bancshares, Inc. 40,070 498,070 COMMON STOCKS–72.9% SVB Financial Group(a) 6,880 488,067 Financials–13.1% Turkiye Halk Bankasi AS 71,880 768,769 Unione di Banche Italiane SCPA 421,020 1,559,586 Capital Markets–1.3% US Bancorp 471,500 15,997,995 Affiliated Managers Group, Inc.(a) 47,650 $ 7,317,611 Webster Financial Corp. 11,160 270,742 Credit Suisse Group AG(a) 167,160 4,396,428 Wells Fargo & Co. 756,800 27,994,032 Credit Suisse/Nassau 143,990 293,322 Westpac Banking Corp. 43,090 1,386,706 Deutsche Bank AG (REG) 41,080 1,606,076 Zions Bancorporation 28,580 714,214 E*Trade Financial Corp.(a) 32,620 349,360 133,779,955 Goldman Sachs Group, Inc. (The) 85,200 12,537,180 Lazard Ltd.–Class A 16,420 560,415 Consumer Finance–0.5% Legg Mason, Inc. 14,140 454,601 AEON Financial Service Co., Ltd. 61,500 1,744,546 Macquarie Group Ltd. 130,710 5,084,849 Discover Financial Services 287,200 12,878,048 Stifel Financial Corp.(a) 12,490 433,028 14,622,594 UBS AG(a) 448,853 6,902,103 Diversified Financial Services–2.9% 39,934,973 Bank of America Corp. 1,865,700 22,724,226 Commercial Banks–4.4% BM&FBovespa SA 18,100 122,174 Associated Banc–Corp 32,390 492,004 Citigroup, Inc. 561,800 24,854,032 Banco do Brasil SA 366,700 4,981,277 IG Group Holdings PLC 475,019 3,863,276 Banco Santander Brasil SA/Brazil (ADR) 65,750 477,345 ING Groep NV(a) 641,900 4,618,754 Bangkok Bank PCL (NVDR) 125,400 954,223 IntercontinentalExchange, Inc.(a) 137,600 22,438,432 Bank Mandiri Persero Tbk PT 975,500 1,007,516 JPMorgan Chase & Co. 193,200 9,169,272 Barclays PLC 432,090 1,922,482 ORIX Corp. 197,100 2,516,565 CapitalSource, Inc. 48,300 464,646 90,306,731 China Construction Bank Corp.–Class H 1,733,000 1,420,573 CIT Group, Inc.(a) 472,800 20,557,344 Insurance–3.0% Comerica, Inc. 16,060 577,357 Admiral Group PLC 271,980 5,518,527 Credicorp Ltd. 6,630 1,100,911 Aegon NV 531,966 3,212,044 First Niagara Financial Group, Inc. 58,290 516,449 AIA Group Ltd. 1,553,800 6,811,541 First Republic Bank/CA 7,680 296,602 Allianz SE 3,590 489,397 Grupo Financiero Banorte SAB de CV–Class O 124,551 998,409 Aspen Insurance Holdings Ltd. 17,800 686,724 Grupo Financiero Santander Mexico SAB de CV Berkshire Hathaway, Inc.(a) 104,500 10,888,900 (ADR)(a) 43,050 664,262 Chubb Corp. (The) 104,200 9,120,626 Hang Seng Bank Ltd. 98,000 1,572,072 Everest Re Group Ltd. 136,500 17,725,890 HDFC Bank Ltd. (ADR) 18,460 690,773 Fidelity National Financial, Inc.–Class A 460,960 11,630,021 HSBC Holdings PLC 837,049 8,930,958 Gjensidige Forsikring ASA 101,610 1,681,395 Huntington Bancshares, Inc./OH 86,700 640,713 Insurance Australia Group Ltd. 102,629 612,250 Iberiabank Corp. 9,380 469,188 Lancashire Holdings Ltd. 220,376 2,723,011 Industrial & Commercial Bank of China PartnerRe Ltd. 111,000 10,335,210 Platinum Underwriters Holdings Ltd. 11,060 617,259 Ltd.–Class H 2,039,000 1,434,022 Prudential PLC 386,250 6,273,290 Itausa–Investimentos Itau SA (Preference Reinsurance Group of America, Inc.–Class A 6,890 411,126 Shares) 182,700 953,846 Suncorp Group Ltd. 167,740 2,070,183 KB Financial Group, Inc. 15,920 531,827 Topdanmark A/S(a) 51,500 1,235,337 KB Financial Group, Inc. (ADR) 96,620 3,192,325 Torchmark Corp. 9,690 579,462 Komercni Banka AS 1,440 274,731 Unum Group 19,670 555,677 Lloyds Banking Group PLC(a) 2,238,270 1,667,773 Validus Holdings Ltd. 15,000 560,550 Mitsubishi UFJ Financial Group, Inc. 904,900 5,459,473 National Australia Bank Ltd. 139,460 4,499,838 93,738,420 Popular, Inc.(a) 23,040 636,134 Real Estate Investment Trusts (REITs)–0.2% Resona Holdings, Inc. 274,300 1,448,330 American Realty Capital Properties, Inc. 29,090 427,041 Sberbank of Russia (Sponsored ADR)(b) 275,933 3,518,145 BioMed Realty Trust, Inc. 25,910 559,656 24 Sanford C. Bernstein Fund, Inc.


  • Page 27

    Company Shares U.S. $ Value Company Shares U.S. $ Value Camden Property Trust 4,410 $ 302,879 Jabil Circuit, Inc. 26,540 $ 490,459 Glimcher Realty Trust 23,590 273,644 Ju Teng International Holdings Ltd. 246,000 155,207 Mexico Real Estate Management SA de CV(a) 581,150 1,293,907 LG Display Co., Ltd.(a) 2,120 61,994 Mid-America Apartment Communities, Inc. 4,470 308,698 LG Display Co., Ltd. (ADR)(a) 296,561 4,326,825 Plum Creek Timber Co., Inc. 10,920 570,024 TTM Technologies, Inc.(a) 41,000 311,600 RLJ Lodging Trust 29,160 663,682 Vishay Intertechnology, Inc.(a) 51,740 704,181 Stockland 560,980 2,140,906 10,643,128 6,540,437 Internet Software & Services–1.9% Real Estate Management & Development–0.8% Baidu, Inc. (Sponsored ADR)(a) (b) 37,566 3,294,538 BR Malls Participacoes SA 28,600 356,093 CoStar Group, Inc.(a) 6,330 692,882 China Overseas Land & Investment Ltd. 216,000 598,783 eBay, Inc.(a) 280,600 15,214,132 Country Garden Holdings Co., Ltd.(a) 1,224,000 607,412 Google, Inc.–Class A(a) 33,600 26,679,408 Daiwa House Industry Co., Ltd. 63,000 1,232,187 LinkedIn Corp.(a) 53,700 9,454,422 Evergrande Real Estate Group Ltd. 4,623,000 1,867,471 Mail.ru Group Ltd. (GDR)(c) 7,040 195,008 Global Logistic Properties Ltd. 3,753,000 7,970,121 Telecity Group PLC 193,673 2,664,466 Hang Lung Properties Ltd. 2,142,000 8,033,170 Tencent Holdings Ltd. 22,800 729,249 KWG Property Holding Ltd. 300,000 188,883 58,924,105 LPN Development PCL 207,400 178,824 LPS Brasil Consultoria de Imoveis SA 11,100 197,144 IT Services–3.1% Mitsubishi Estate Co., Ltd. 47,000 1,331,387 Amdocs Ltd. 213,140 7,726,325 Realogy Holdings Corp.(a) 6,570 320,879 Cognizant Technology Solutions Corp.–Class A(a) 265,500 20,339,955 Shimao Property Holdings Ltd. 147,500 285,155 Convergys Corp. 23,700 403,611 Supalai PCL 203,700 144,680 Fidelity National Information Services, Inc. 277,100 10,978,702 Fiserv, Inc.(a) 116,200 10,205,846 23,312,189 International Business Machines Corp. 112,700 24,038,910 402,235,299 MAXIMUS, Inc. 5,520 441,434 Sonda SA 212,010 741,023 Visa, Inc.–Class A 117,700 19,990,168 Information Technology–12.1% 94,865,974 Communications Equipment–0.8% Aruba Networks, Inc.(a) 24,170 597,966 Semiconductors & Semiconductor Equipment–1.5% Ciena Corp.(a) 26,776 428,684 Advanced Semiconductor Engineering, Inc. 1,165,000 953,508 Cisco Systems, Inc. 718,500 15,023,835 Amkor Technology, Inc.(a) 34,095 136,380 F5 Networks, Inc.(a) 96,500 8,596,220 Applied Materials, Inc. 1,121,400 15,116,472 Harris Corp. 7,170 332,258 Cavium, Inc.(a) 13,650 529,756 JDS Uniphase Corp.(a) 39,550 528,783 Cree, Inc.(a) 9,509 520,237 Palo Alto Networks, Inc.(a) 2,630 148,858 Entegris, Inc.(a) 55,150 543,779 Fairchild Semiconductor International, Inc.(a) 37,490 530,109 25,656,604 King Yuan Electronics Co., Ltd.(a) 149,000 101,224 Computers & Peripherals–2.2% Lam Research Corp.(a) 13,170 546,028 Apple, Inc.(d) 80,600 35,675,978 MEMC Electronic Materials, Inc.(a) 73,580 323,752 Fujitsu Ltd. 604,000 2,523,238 Micron Technology, Inc.(a) 1,220,370 12,179,293 Hewlett-Packard Co. 1,127,400 26,877,216 MKS Instruments, Inc. 13,110 356,592 Lite-On Technology Corp.(a) 216,000 351,356 Samsung Electronics Co., Ltd. (GDR)(c) 15,570 6,117,347 Wistron Corp.(a) 687,000 753,946 Samsung Electronics Co., Ltd. (GDR) (London)(c) 4,160 2,801,877 Sumco Corp. 157,400 1,791,104 66,181,734 Taiwan Semiconductor Manufacturing Co., Ltd.(a) 481,000 1,610,992 Electronic Equipment, Instruments & Components–0.4% Teradyne, Inc.(a) 21,880 354,894 Anixter International, Inc. 6,150 430,008 Tokyo Electron Ltd. 46,500 1,983,889 Arrow Electronics, Inc.(a) 13,840 562,181 Veeco Instruments, Inc.(a) 10,324 395,719 AU Optronics Corp. (Sponsored ADR)(a) 80,040 344,172 Avnet, Inc.(a) 16,030 580,286 46,892,952 Flextronics International Ltd.(a) 41,190 278,444 Software–2.2% Hon Hai Precision Industry Co., Ltd. 437,000 1,216,178 ANSYS, Inc.(a) 150,340 12,240,683 Ingram Micro, Inc.–Class A(a) 18,190 357,979 Aspen Technology, Inc.(a) 15,722 507,663 Innolux Corp.(a) 498,000 308,526 Aveva Group PLC 7,754 267,376 Insight Enterprises, Inc.(a) 24,980 515,088 Cadence Design Systems, Inc.(a) 51,350 715,306 2013 Semi-Annual Report 25


  • Page 28

    Schedule of Investments (continued) Company Shares U.S. $ Value Company Shares U.S. $ Value Citrix Systems, Inc.(a) 215,400 $ 15,543,264 MGM China Holdings Ltd. 147,200 $ 317,535 Fortinet, Inc.(a) 17,710 419,373 MGM Resorts International(a) 206,010 2,709,032 Intuit, Inc. 276,500 18,152,225 Norwegian Cruise Line Holdings Ltd.(a) 18,989 563,024 Microsoft Corp. 366,700 10,491,287 Orient-Express Hotels Ltd.–Class A(a) 36,242 357,346 Nintendo Co., Ltd. 8,600 929,639 Panera Bread Co.–Class A(a) 3,720 614,693 Oracle Corp. Japan 28,800 1,299,322 Royal Caribbean Cruises Ltd. 14,460 480,361 SAP AG 36,560 2,940,420 Sands China Ltd. 1,064,000 5,536,460 ServiceNow, Inc.(a) 15,809 572,286 Sodexo 77,250 7,200,669 SolarWinds, Inc.(a) 9,433 557,490 Starbucks Corp. 271,700 15,476,032 TIBCO Software, Inc.(a) 177,600 3,591,072 Tatts Group Ltd. 499,650 1,652,358 Workday, Inc.(a) 1,356 83,570 Whitbread PLC 38,539 1,507,380 William Hill PLC 227,120 1,278,121 68,310,976 Yum! Brands, Inc. 9,910 712,925 371,475,473 58,817,742 Household Durables–0.4% Consumer Discretionary–11.6% Brookfield Incorporacoes SA 237,500 295,002 Auto Components–0.4% Meritage Homes Corp.(a) 12,820 600,745 Cie Generale des Etablissements Michelin– MRV Engenharia e Participacoes SA 19,400 80,548 Class B 46,090 3,861,452 Newell Rubbermaid, Inc. 11,030 287,883 Dana Holding Corp. 32,330 576,444 NVR, Inc.(a) 510 550,856 GKN PLC 557,650 2,247,242 PulteGroup, Inc.(a) 459,180 9,293,803 Lear Corp. 9,950 545,957 Rossi Residencial SA 112,600 171,623 Nokian Renkaat Oyj 26,880 1,199,209 Sony Corp. 77,900 1,355,527 TRW Automotive Holdings Corp.(a) 10,880 598,400 Valeo SA 87,050 4,716,703 12,635,987 Xingda International Holdings Ltd. 206,000 68,392 Internet & Catalog Retail–0.5% Amazon.com, Inc.(a) 52,000 13,857,480 13,813,799 Ctrip.com International Ltd. (ADR)(a) 6,400 136,832 Automobiles–1.5% NetFlix, Inc.(a) 1,790 339,044 Ford Motor Co. 1,330,500 17,496,075 Shutterfly, Inc.(a) 4,579 202,254 Harley-Davidson, Inc. 191,900 10,228,270 Honda Motor Co., Ltd. 107,200 4,128,321 14,535,610 Hyundai Motor Co. (GDR)(c) 10,260 359,202 Media–3.3% Mazda Motor Corp.(a) 663,000 1,950,187 British Sky Broadcasting Group PLC 211,560 2,843,552 Nissan Motor Co., Ltd. 254,400 2,467,788 Cineplex, Inc. 16,740 568,189 Tata Motors Ltd. (Sponsored ADR) 14,170 345,890 Comcast Corp.–Class A 362,100 15,211,821 Toyota Motor Corp. 107,900 5,563,946 Gannett Co., Inc. 13,050 285,403 Volkswagen AG (Preference Shares) 25,166 5,012,369 Kabel Deutschland Holding AG 6,750 623,181 Liberty Media Corp.(a) 65,700 7,334,091 47,552,048 Naspers Ltd. 33,725 2,101,271 Distributors–0.2% National CineMedia, Inc. 29,120 459,514 Dah Chong Hong Holdings Ltd. 579,000 548,908 Pandora Media, Inc.(a) 25,400 359,664 Li & Fung Ltd. 3,084,000 4,263,269 Reed Elsevier PLC 148,190 1,763,104 LKQ Corp.(a) 30,730 668,685 Regal Entertainment Group–Class A 35,240 587,451 5,480,862 Starz–Liberty Capital(a) 65,700 1,455,255 Television Broadcasts Ltd. 116,000 879,232 Diversified Consumer Services–0.2% Thomson Reuters Corp. 54,010 1,752,394 Anhanguera Educacional Participacoes SA 92,100 1,485,814 Time Warner Cable, Inc.–Class A 121,200 11,642,472 Estacio Participacoes SA 132,400 2,876,338 Time Warner, Inc. 280,000 16,133,600 K12, Inc.(a) 24,770 597,205 Viacom, Inc.–Class B 221,400 13,631,598 4,959,357 Walt Disney Co. (The) 361,500 20,533,200 Hotels, Restaurants & Leisure–1.9% Wolters Kluwer NV 118,580 2,591,198 Ajisen China Holdings Ltd. 319,000 253,463 100,756,190 Chipotle Mexican Grill, Inc.–Class A(a) 20,050 6,533,694 Multiline Retail–0.7% McDonald’s Corp. 105,700 10,537,233 Don Quijote Co., Ltd. 26,400 1,170,992 Melco Crown Entertainment Ltd. (ADR)(a) 132,280 3,087,416 El Puerto de Liverpool SAB de CV 44,810 550,173 26 Sanford C. Bernstein Fund, Inc.


  • Page 29

    Company Shares U.S. $ Value Company Shares U.S. $ Value Golden Eagle Retail Group Ltd. 314,000 $ 568,283 Onyx Pharmaceuticals, Inc.(a) 8,000 $ 710,880 Macy’s, Inc. 350,000 14,644,000 Vertex Pharmaceuticals, Inc.(a) 80,000 4,398,400 Myer Holdings Ltd. 395,880 1,219,885 50,407,647 Next PLC 26,960 1,791,123 SACI Falabella(a) 48,800 589,348 Health Care Equipment & Supplies–2.0% Align Technology, Inc.(a) 2,280 76,403 20,533,804 Becton Dickinson and Co. 167,800 16,043,358 Specialty Retail–2.1% Cochlear Ltd. 11,100 788,540 Belle International Holdings Ltd. 1,291,000 2,163,767 Coloplast A/S 23,010 1,239,879 CarMax, Inc.(a) 13,250 552,525 HeartWare International, Inc.(a) 4,535 401,030 IDEXX Laboratories, Inc.(a) 128,500 11,872,115 Chow Tai Fook Jewellery Group Ltd. 282,930 385,955 Intuitive Surgical, Inc.(a) 28,200 13,851,558 Dick’s Sporting Goods, Inc. 10,950 517,935 Medtronic, Inc. 338,500 15,895,960 Five Below, Inc.(a) 9,786 370,792 Sirona Dental Systems, Inc.(a) 7,830 577,306 Francesca’s Holdings Corp.(a) 22,940 657,460 Volcano Corp.(a) 7,315 162,832 GameStop Corp.–Class A 167,300 4,679,381 Home Depot, Inc. (The) 310,000 21,631,800 60,908,981 Indomobil Sukses Internasional Tbk PT 752,500 427,317 Health Care Providers & Services–1.8% Lumber Liquidators Holdings, Inc.(a) 9,400 660,068 Acadia Healthcare Co., Inc.(a) 18,661 548,447 Men’s Wearhouse, Inc. (The) 20,590 688,118 Catamaran Corp.(a) 12,640 670,299 Mr. Price Group Ltd. 37,320 474,696 Health Net, Inc./CA(a) 164,880 4,718,866 Nitori Holdings Co., Ltd. 27,300 2,107,742 LifePoint Hospitals, Inc.(a) 12,510 606,235 Office Depot, Inc.(a) 123,570 485,630 McKesson Corp.(d) 54,400 5,873,024 PetSmart, Inc. 131,400 8,159,940 Mednax, Inc.(a) 6,400 573,632 Shimamura Co., Ltd. 9,300 1,087,335 Odontoprev SA 38,400 175,776 TJX Cos., Inc. 312,400 14,604,700 Patterson Cos., Inc. 103,000 3,918,120 Tractor Supply Co. 4,770 496,700 Shanghai Pharmaceuticals Holding Co., Ltd.– Class H 65,600 143,860 Ulta Salon Cosmetics & Fragrance, Inc. 1,985 161,123 Sonic Healthcare Ltd. 84,577 1,230,665 Vitamin Shoppe, Inc.(a) 7,642 373,312 Suzuken Co., Ltd./Aichi Japan 35,400 1,285,116 Yamada Denki Co., Ltd. 81,450 3,736,972 UnitedHealth Group, Inc. 127,000 7,265,670 Zhongsheng Group Holdings Ltd. 404,000 490,598 Universal Health Services, Inc.–Class B 11,520 735,782 64,913,866 WellCare Health Plans, Inc.(a) 4,878 282,729 WellPoint, Inc.(d) 416,000 27,551,680 Textiles, Apparel & Luxury Goods–0.4% Alpargatas SA (Preference Shares) 25,000 168,254 55,579,901 Cie Financiere Richemont SA 62,510 4,921,516 Life Sciences Tools & Services–0.2% Cie Financiere Richemont SA 121,700 959,284 Eurofins Scientific 18,960 3,986,320 Daphne International Holdings Ltd. 282,000 355,461 ICON PLC(a) 15,095 487,417 Jones Group, Inc. (The) 53,400 679,248 4,473,737 LVMH Moet Hennessy Louis Vuitton SA 11,100 1,907,090 PVH Corp. 3,537 377,787 Pharmaceuticals–3.5% Samsonite International SA 396,400 993,743 Akorn, Inc.(a) 29,193 403,739 Shenzhou International Group Holdings Ltd. 129,000 363,970 Aspen Pharmacare Holdings Ltd.(a) 22,760 473,070 Tumi Holdings, Inc.(a) 5,727 119,923 AstraZeneca PLC 95,030 4,766,773 AstraZeneca PLC (Sponsored ADR) 144,600 7,227,108 10,846,276 GlaxoSmithKline PLC 246,940 5,782,602 354,845,541 Jazz Pharmaceuticals PLC(a) 7,080 395,843 Johnson & Johnson 290,600 23,692,618 Merck & Co., Inc. 176,300 7,797,749 Health Care–9.1% Novartis AG 42,750 3,046,874 Orion Oyj 66,430 1,747,982 Biotechnology–1.6% Pfizer, Inc.(d) 1,397,500 40,331,850 Actelion Ltd.(a) 63,290 3,441,439 Pharmstandard OJSC (GDR)(a)(c) 19,560 403,914 Amgen, Inc. 109,800 11,255,598 Richter Gedeon Nyrt 3,150 440,998 Ariad Pharmaceuticals, Inc.(a) 11,478 207,637 Roche Holding AG 40,760 9,502,093 Biogen Idec, Inc.(a)(d) 125,292 24,170,080 Sanofi 19,060 1,943,840 BioMarin Pharmaceutical, Inc.(a) 7,280 453,253 Celgene Corp.(a) 47,000 5,447,770 107,957,053 Cubist Pharmaceuticals, Inc.(a) 6,890 322,590 279,327,319 2013 Semi-Annual Report 27


  • Page 30

    Schedule of Investments (continued) Company Shares U.S. $ Value Company Shares U.S. $ Value Consumer Staples–8.5% Reynolds American, Inc. 182,500 $ 8,119,425 Beverages–0.3% 83,901,037 Anheuser–Busch InBev NV 31,540 $ 3,135,624 261,000,871 Asahi Group Holdings Ltd. 90,400 2,161,699 Cia Cervecerias Unidas SA 34,280 569,582 Constellation Brands, Inc.–Class A(a) 5,190 247,252 Industrials–6.8% Heineken Holding NV 24,030 1,541,875 Aerospace & Defense–1.1% 7,656,032 European Aeronautic Defence and Space Co. NV 75,018 3,823,548 Food & Staples Retailing–2.6% Hexcel Corp.(a) 24,120 699,721 Bizim Toptan Satis Magazalari AS 10,622 181,619 Precision Castparts Corp. 129,100 24,479,942 Brazil Pharma SA 36,600 258,097 QinetiQ Group PLC 192,970 609,119 Jeronimo Martins SGPS SA 264,970 5,161,012 Safran SA 65,490 2,922,895 Koninklijke Ahold NV 216,890 3,324,986 TransDigm Group, Inc. 4,010 613,209 Kroger Co. (The) 1,021,100 33,839,254 Lawson, Inc. 11,800 906,023 33,148,434 Magnit OJSC (Sponsored GDR)(c) 24,760 1,117,914 Air Freight & Logistics–0.0% Olam International Ltd. 3,683,183 5,127,531 Expeditors International of Washington, Inc. 11,840 422,806 Safeway, Inc. 318,600 8,395,110 Airlines–0.4% Shoppers Drug Mart Corp. 25,440 1,088,622 Delta Air Lines, Inc.(a) 380,100 6,275,451 Shoprite Holdings Ltd. 12,300 244,671 Japan Airlines Co., Ltd. 44,700 2,082,217 Sugi Holdings Co., Ltd. 32,700 1,166,655 Qantas Airways Ltd.(a) 1,165,190 2,172,564 Tsuruha Holdings, Inc. 8,900 869,332 Turk Hava Yollari(a) 165,250 676,192 Wal-Mart Stores, Inc. 214,100 16,021,103 WM Morrison Supermarkets PLC 485,980 2,042,719 11,206,424 79,744,648 Building Products–0.1% Asahi Glass Co., Ltd. 302,000 2,103,538 Food Products– 2.5% Fortune Brands Home & Security, Inc.(a) 19,080 714,165 AVI Ltd. 129,130 754,252 Simpson Manufacturing Co., Inc. 4,894 149,805 Campbell Soup Co. 229,200 10,396,512 ConAgra Foods, Inc. 508,300 18,202,223 2,967,508 Dole Food Co., Inc.(a) 33,650 366,785 Commercial Services & Supplies–0.3% Green Mountain Coffee Roasters, Inc.(a) 12,140 689,066 Aggreko PLC 32,621 885,347 Gruma SAB de CV(a) 28,350 125,368 Avery Dennison Corp. 9,440 406,581 JM Smucker Co. (The) 153,700 15,240,892 Edenred 46,392 1,520,424 Kraft Foods Group, Inc. 274,700 14,155,291 Steelcase, Inc. 36,110 531,900 MHP SA (GDR)(a) (c) 31,150 552,913 Stericycle, Inc.(a) 60,187 6,390,656 NongShim Co., Ltd. 990 274,252 9,734,908 Tyson Foods, Inc.–Class A(d) 343,590 8,527,904 Unilever PLC 189,291 8,006,464 Construction & Engineering–0.1% COMSYS Holdings Corp. 176,100 2,141,021 77,291,922 Granite Construction, Inc. 9,080 289,107 Household Products–0.4% Tutor Perini Corp.(a) 26,210 505,853 Henkel AG & Co. KGaA 57,650 4,556,689 2,935,981 Kimberly–Clark de Mexico SAB de CV 184,130 642,516 Procter & Gamble Co. (The) 59,100 4,554,246 Electrical Equipment–0.9% Reckitt Benckiser Group PLC 36,962 2,653,781 AMETEK, Inc. 106,931 4,636,528 Eaton Corp. PLC 270,000 16,537,500 12,407,232 EnerSys, Inc.(a) 11,990 546,504 Tobacco–2.7% General Cable Corp.(a) 17,400 637,362 Altria Group, Inc.(d) 673,900 23,175,421 Sumitomo Electric Industries Ltd. 330,200 4,062,804 British American Tobacco PLC 250,229 13,417,905 26,420,698 Gudang Garam Tbk PT 74,000 373,600 Imperial Tobacco Group PLC 89,220 3,120,492 Industrial Conglomerates–1.2% Japan Tobacco, Inc. 235,500 7,533,053 Bidvest Group Ltd. 19,770 521,137 Lorillard, Inc. 55,500 2,239,425 Carlisle Cos., Inc. 8,300 562,657 Philip Morris International, Inc. 279,600 25,921,716 Danaher Corp. 317,600 19,738,840 28 Sanford C. Bernstein Fund, Inc.


  • Page 31

    Company Shares U.S. $ Value Company Shares U.S. $ Value General Electric Co.(d) 595,300 $ 13,763,336 Diamond Offshore Drilling, Inc. 192,000 $ 13,355,520 SM Investments Corp. 5,050 138,220 FMC Technologies, Inc.(a) 6,675 363,053 Helix Energy Solutions Group, Inc.(a) 23,510 537,909 34,724,190 Helmerich & Payne, Inc. 8,230 499,561 Machinery–0.7% National Oilwell Varco, Inc. 155,500 11,001,625 Actuant Corp.–Class A 13,970 427,761 Oceaneering International, Inc. 8,480 563,157 Chart Industries, Inc.(a) 6,280 502,463 Oil States International, Inc.(a) 5,980 487,789 FANUC Corp. 14,300 2,201,778 Schlumberger Ltd.(d) 270,500 20,257,745 IDEX Corp. 10,080 538,474 Seadrill Ltd. 81,214 2,959,710 Illinois Tool Works, Inc. 174,500 10,634,030 Technip SA 32,410 3,324,290 Joy Global, Inc. 8,640 514,253 Kennametal, Inc. 10,890 425,146 54,824,273 Komatsu Ltd. 79,100 1,891,855 Oil, Gas & Consumable Fuels–4.9% Lincoln Electric Holdings, Inc. 12,790 692,962 Afren PLC(a) 159,630 345,025 Middleby Corp.(a) 3,890 591,863 Banpu PCL 27,000 347,584 Terex Corp.(a) 18,490 636,426 BP PLC 799,920 5,625,038 Timken Co. 11,990 678,394 Cabot Oil & Gas Corp. 5,400 365,094 Valmont Industries, Inc. 4,430 696,706 Chevron Corp. 99,700 11,846,354 China Petroleum & Chemical Corp.–Class H 1,108,000 1,299,358 20,432,111 Cimarex Energy Co. 9,220 695,557 Marine–0.0% Concho Resources, Inc.(a) 3,530 343,928 Kirby Corp.(a) 9,900 760,320 Ecopetrol SA (Sponsored ADR) 13,740 749,105 Professional Services–0.9% ENI SpA 106,770 2,390,409 Advisory Board Co. (The)(a) 10,450 548,834 EOG Resources, Inc. 44,100 5,647,887 Bureau Veritas SA 46,791 5,825,198 Exxon Mobil Corp. 401,700 36,197,187 Capita PLC 602,330 8,233,474 Gazprom OAO (Sponsored ADR) 411,520 3,497,920 Intertek Group PLC 167,870 8,674,249 KazMunaiGas Exploration Production JSC Qualicorp SA(a) 12,300 123,624 (GDR)(c) 18,690 355,110 Robert Half International, Inc. 20,780 779,873 Kinder Morgan, Inc./DE 434,900 16,821,932 SGS SA 1,623 3,983,468 LUKOIL OAO (London) (Sponsored ADR) 27,650 1,783,425 Marathon Petroleum Corp. 161,600 14,479,360 28,168,720 Noble Energy, Inc.(d) 156,500 18,100,790 Road & Rail–0.8% NovaTek OAO (Sponsored GDR)(c) 9,300 1,002,171 Con-way, Inc. 16,570 583,430 Petroleo Brasileiro SA (Sponsored ADR) 301,820 5,478,033 Genesee & Wyoming, Inc.–Class A(a) 7,907 736,221 PTT PCL 54,300 600,758 Globaltrans Investment PLC (Sponsored GDR)(c) 27,734 437,642 Royal Dutch Shell PLC–Class B 27,380 910,523 Localiza Rent a Car SA 34,500 616,331 SM Energy Co. 6,230 368,941 Tokyu Corp. 203,000 1,501,701 Statoil ASA 118,120 2,883,655 Union Pacific Corp. 149,500 21,290,295 Stone Energy Corp.(a) 12,980 282,315 Teekay Corp. 7,380 265,385 25,165,620 Ultrapar Participacoes SA 21,000 531,040 Trading Companies & Distributors–0.3% Valero Energy Corp. 390,900 17,782,041 Aircastle Ltd. 35,910 491,249 Mitsubishi Corp. 132,800 2,501,137 150,995,925 MSC Industrial Direct Co., Inc.–Class A 4,960 425,469 205,820,198 United Rentals, Inc.(a) 14,020 770,679 WW Grainger, Inc. 25,000 5,624,500 Materials–2.8% 9,813,034 Chemicals–2.0% Transportation Infrastructure–0.0% Chemtura Corp.(a) 22,940 495,733 Jiangsu Expressway Co., Ltd. 482,000 485,150 EMS-Chemie Holding AG 6,230 1,875,962 206,385,904 Filtrona PLC 307,517 3,409,663 Huntsman Corp. 21,310 396,153 Koninklijke DSM NV 60,581 3,530,229 Energy–6.7% LyondellBasell Industries NV 237,600 15,037,704 Energy Equipment & Services–1.8% Monsanto Co. 155,060 16,378,988 AMEC PLC 57,168 918,699 Nippon Shokubai Co., Ltd. 111,000 979,362 Bristow Group, Inc. 8,420 555,215 PolyOne Corp. 18,470 450,853 2013 Semi-Annual Report 29


  • Page 32

    Schedule of Investments (continued) Company Shares U.S. $ Value Company Shares U.S. $ Value Sherwin-Williams Co. (The) 105,425 $ 17,805,228 Utilities–0.6% Teijin Ltd. 427,000 990,722 Electric Utilities–0.4% 61,350,597 CLP Holdings Ltd. 217,500 $ 1,906,685 EDP–Energias de Portugal SA 699,890 2,156,822 Construction Materials–0.0% Electricite de France SA 196,780 3,774,723 China National Building Material Co., Light SA 37,800 374,119 Ltd.–Class H 374,000 473,410 NV Energy, Inc. 26,550 531,797 China Shanshui Cement Group Ltd. 213,000 122,637 PNM Resources, Inc. 22,180 516,572 Grasim Industries Ltd. (GDR)(c) 4,654 240,903 Power Assets Holdings Ltd. 277,000 2,614,362 Semen Indonesia Persero Tbk PT 154,500 282,220 West China Cement Ltd. 1,078,000 178,530 11,875,080 1,297,700 Gas Utilities–0.0% Atmos Energy Corp. 11,260 480,689 Metals & Mining–0.8% UGI Corp. 13,410 514,810 Anglo American PLC 101,080 2,610,207 Antofagasta PLC 23,630 354,710 995,499 BHP Billiton PLC 148,291 4,318,486 Independent Power Producers & Energy Traders–0.1% Cliffs Natural Resources, Inc. 9,200 174,892 APR Energy PLC 200,563 2,571,078 Commercial Metals Co. 36,470 578,049 Huaneng Power International, Inc.–Class H 522,000 554,528 Dowa Holdings Co., Ltd. 119,000 934,757 3,125,606 KGHM Polska Miedz SA 29,430 1,426,312 Korea Zinc Co., Ltd. 690 221,040 Multi-Utilities–0.1% Koza Altin Isletmeleri AS 33,700 788,186 National Grid PLC 181,900 2,113,634 MMC Norilsk Nickel OJSC (ADR) 177,510 2,998,144 Reliance Steel & Aluminum Co. 7,610 541,604 Water Utilities–0.0% Rio Tinto PLC 71,100 3,348,842 Cia de Saneamento Basico do Estado de Sao Steel Dynamics, Inc. 38,910 617,502 Paulo(a) 8,800 419,805 Vale SA (Sponsored ADR) 266,770 4,409,708 Cia de Saneamento de Minas Gerais- Vale SA (Sponsored ADR)–Class B 30,080 520,083 COPASA 22,200 542,160 23,842,522 961,965 86,490,819 19,071,784 Total Common Stocks Telecommunication Services–1.6% (cost $1,910,022,806) 2,236,061,527 Diversified Telecommunication Services–1.3% AT&T, Inc.(d) 247,100 9,066,099 INVESTMENT COMPANIES–11.8% Nippon Telegraph & Telephone Corp. 108,500 4,737,063 Funds and Investment Trusts–11.8% Swisscom AG 6,960 3,223,369 AllianceBernstein Pooling Portfolios–Multi- TalkTalk Telecom Group PLC 142,890 591,419 Asset Real Return Portfolio 25,961,978 225,609,586 TDC A/S 258,013 1,985,898 iShares MSCI Emerging Markets Index Fund 3,169,461 135,589,541 Telenor ASA 139,230 3,065,577 Telstra Corp., Ltd. 471,287 2,216,041 Total Investment Companies tw telecom, Inc.(a) 7,590 191,192 (cost $363,175,123) 361,199,127 Verizon Communications, Inc. 256,000 12,582,400 Vivendi SA 110,771 2,291,634 WARRANTS–0.7% 39,950,692 Financials–0.3% Wireless Telecommunication Services–0.3% America Movil SAB de CV Series L (ADR) 15,748 330,078 Commercial Banks–0.1% China Mobile Ltd. 36,000 381,598 Bank Muscat SAOG, Rogers Communications, Inc. 16,110 822,905 Citigroup Global Markets, SK Telecom Co., Ltd. 2,270 368,898 expiring 10/28/13(a) 66,000 104,808 StarHub Ltd. 354,000 1,244,449 Bank of Baroda, Turkcell Iletisim Hizmetleri AS(a) 19,190 128,607 JPMorgan Chase Bank, NA, Vodafone Group PLC 2,178,220 6,181,092 expiring 9/29/14(a)(c) 21,510 266,294 Bank of India, 9,457,627 JPMorgan Chase Bank, NA, 49,408,319 expiring 9/29/14(a)(c) 49,150 272,783 30 Sanford C. Bernstein Fund, Inc.


  • Page 33

    Company Shares U.S. $ Value Company Shares U.S. $ Value Canara Bank, United Phosphorus Ltd., Deutsche Bank AG London, Merrill Lynch Intl & Co., expiring 1/17/17(a) 17,920 $ 126,246 expiring 2/07/17(a) 82,800 $ 178,848 Commercial Bank of Qatar QSC/The, 1,493,928 Deutsche Bank AG London, expiring 5/26/17(a) 24,090 435,306 DGB Financial Group, Inc., Consumer Discretionary–0.1% JPMorgan Chase Bank, NA, Auto Components–0.0% expiring 6/26/17(a) 27,100 407,042 Apollo Tyres Ltd., First Gulf Bank PJSC, Merrill Lynch Intl & Co., Merrill Lynch Intl & Co., expiring 12/30/15(a) 97,280 149,354 expiring 8/21/12(a) 92,770 349,826 Punjab National Bank, Automobiles–0.1% Merrill Lynch Intl & Co., Kia Motors Corp., expiring 7/07/15(a) 34,100 450,400 Citigroup Global Markets, Union Bank of India, expiring 1/20/15(a)(c) 21,120 1,064,765 Merrill Lynch Intl & Co., 1,214,119 expiring 7/21/15(a) 120,680 484,036 2,896,741 Industrials–0.0% Thrifts & Mortgage Finance–0.1% Construction & Engineering–0.0% Housing Development Finance Corp., Larsen & Toubro Ltd., Deutsche Bank AG London, Deutsche Bank AG London, expiring 1/30/17(a)(c) 287,980 4,360,651 expiring 1/24/17(a)(c) 28,070 706,982 Consumer Finance–0.1% Samsung Engineering Co., Ltd., Muthoot Finance Ltd., Macquarie Bank Ltd., Merrill Lynch Intl & Co., expiring 3/02/15(a) 1,710 196,587 expiring 2/21/17(a) 218,100 736,720 Shriram Transport Finance Co., Ltd. 903,569 Merrill Lynch Intl & Co., Industrial Conglomerates–0.0% expiring 1/22/15(a)(c) 162,306 2,073,751 John Keells Holdings PLC, 2,810,471 Deutsche Bank AG London, expiring 7/05/19(a) 144,480 281,491 Real Estate Management & Development–0.0% Emaar Properties PJSC, 1,185,060 Merril Lynch International, expiring 10/01/15(a) 175,310 248,677 Consumer Staples–0.0% 10,316,540 Food & Staples Retailing–0.0% Olam International Ltd. , Information Technology–0.2% expiring 1/29/18(a) 769,529 265,487 IT Services–0.1% Tobacco–0.0% Tata Consultancy Services Ltd., KT&G Corp., Merrill Lynch Intl & Co., Macquarie Bank Ltd., expiring 12/14/15(a) 125,062 3,625,710 expiring 1/30/15(a) 7,070 479,419 Semiconductors & Semiconductor Equipment–0.1% 744,906 SK Hynix, Inc., Citigroup Global Markets, Health Care–0.0% expiring 1/20/15(a)(c) 134,600 3,538,095 Pharmaceuticals–0.0% 7,163,805 Sun Pharmaceutical Industries Ltd., Merrill Lynch Intl & Co., Materials–0.1% expiring 2/02/15(a) 47,370 713,743 Chemicals–0.1% Total Warrants OCI Co., Ltd., (cost $22,306,627) 22,832,101 Macquarie Bank Ltd., expiring 1/30/15(a) 9,180 1,315,080 2013 Semi-Annual Report 31


  • Page 34

    Schedule of Investments (continued) Company Contracts U.S. $ Value Company Shares U.S. $ Value OPTIONS PURCHASED—PUTS–0.7% RIGHTS–0.0% Options on Funds and Investment Trusts–0.5% Consumer Discretionary–0.0% iShares MSCI EAFE Index Hotels, Restaurants & Leisure–0.0% Expiration: Jun 2013, William Hill PLC , Exercise Price: $ 57.00 (a)(e) 56,375 $ 5,778,437 expiring 4/04/13(a) iShares MSCI Emerging Markets (cost $0) 50,471 $ 95,093 Index Expiration: Jun 2013, Exercise Price: $ 42.50 (a)(e) 76,278 9,229,638 SHORT-TERM INVESTMENTS–13.8% 15,008,075 Investment Companies–11.9% AllianceBernstein Fixed-Income Options on Equity Indices–0.2% Shares, Inc.–Government STIF S&P 500 Index Portfolio, Expiration: Jun 2013, 0.12%(f) Exercise Price: $ 1,475.00 (a)(e) 4,348 6,500,260 (cost $364,779,121) 364,779,121 364,779,121 Total Options Purchased—Puts (cost $22,141,607) 21,508,335 Principal Amount (000) U.S. Treasury Bills–1.9% Principal Amount (000) Zero Coupon, 4/18/13-6/27/13 $ 30,830 30,827,752 Zero Coupon, 8/08/13(b) 26,330 26,319,810 CORPORATES—NON-INVESTMENT GRADES–0.0% Total U.S. Treasury Bills Consumer Staples–0.0% (cost $57,147,562) 57,147,562 Olam International Ltd. Total Short-Term Investments 6.75%, 1/29/18(c) (cost $421,926,683) 421,926,683 (cost $1,414,588) $ 1,487 1,404,690 Total Investments—99.9% (cost $2,740,987,434) 3,065,027,556 Other assets less liabilities—0.1% 1,667,510 Net Assets—100.0% $ 3,066,695,066 FUTURES CONTRACTS (see Note 3) Number of Expiration Original Value at Unrealized Appreciation/ Type Contracts Month Value March 31, 2013 (Depreciation) Purchased Contracts 30 Yr US Treasury Bond Futures 167 June 2013 $ 23,842,124 $ 24,126,281 $ 284,157 Euro Stoxx 50 Index Futures 2,474 June 2013 83,768,087 80,994,973 (2,773,114) FTSE 100 Index Futures 745 June 2013 72,866,484 71,892,686 (973,798) MSCI Emerging Market Mini Futures 1,167 June 2013 61,233,581 59,948,790 (1,284,791) Russell 2000 Mini Index Futures 76 June 2013 6,938,406 7,211,640 273,234 S&P 500 E Mini Index Futures 3,976 June 2013 304,946,718 310,664,760 5,718,042 S&P Mid Cap 400 E Mini Index Futures 260 June 2013 28,919,377 29,926,000 1,006,623 TOPIX Index Futures 918 June 2013 96,889,095 101,274,021 4,384,926 U.S. T-Note 10 Yr Futures 1,238 June 2013 162,459,642 163,396,656 937,014 U.S. T-Note 5 Yr Futures 80 June 2013 9,900,759 9,924,375 23,616 Sold Contracts ASX SPI 200 Index Futures 52 June 2013 6,860,624 6,722,812 137,812 Hang Seng Index Futures 17 April 2013 2,449,856 2,443,604 6,252 S&P TSE 60 Index Futures 62 June 2013 8,911,602 8,897,337 14,265 $ 7,754,238 32 Sanford C. Bernstein Fund, Inc.


  • Page 35

    FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) Contracts to In Exchange Deliver For Settlement Unrealized Appreciation/ Counterparty (000) (000) Date (Depreciation) Bank of America, NA CHF 11,214 USD 12,244 5/15/13 $ 424,858 Barclays Bank PLC Wholesale CHF 1,212 USD 1,285 5/15/13 7,957 Barclays Bank PLC Wholesale GBP 7,652 USD 11,945 5/15/13 320,873 Barclays Bank PLC Wholesale JPY 2,468,175 USD 26,449 5/15/13 222,273 Barclays Bank PLC Wholesale NOK 56,602 USD 9,859 5/15/13 184,360 Barclays Bank PLC Wholesale USD 6,614 EUR 5,071 5/15/13 (111,421) Barclays Bank PLC Wholesale USD 30,908 JPY 2,888,823 5/15/13 (210,626) Barclays Bank PLC Wholesale USD 26,969 NOK 149,520 5/15/13 (1,412,135) BNP Paribas SA AUD 30,343 USD 31,219 5/15/13 (272,888) BNP Paribas SA JPY 680,449 USD 7,120 5/15/13 (110,510) BNP Paribas SA USD 3,384 AUD 3,294 5/15/13 35,181 BNP Paribas SA USD 4,292 CHF 4,062 5/15/13 (10,335) BNP Paribas SA USD 51,237 JPY 4,872,616 5/15/13 539,765 Citibank, NA GBP 32,223 USD 50,570 5/15/13 1,619,792 Citibank, NA USD 10,395 CHF 9,572 5/15/13 (306,637) Citibank, NA USD 5,654 JPY 535,175 5/15/13 32,639 Credit Suisse International GBP 19,525 USD 29,575 5/15/13 (86,055) Credit Suisse International NOK 111,041 USD 19,024 5/15/13 43,808 Credit Suisse International SEK 34,651 USD 5,467 5/15/13 154,096 Credit Suisse International USD 17,753 CHF 16,769 5/15/13 (79,240) Credit Suisse International USD 53,956 GBP 35,546 5/15/13 42,548 Credit Suisse International USD 11,160 NOK 65,171 5/15/13 (20,163) Credit Suisse International USD 30,301 SEK 194,936 5/15/13 (413,719) Deutsche Bank AG London AUD 12,015 USD 12,461 5/15/13 (9,479) Deutsche Bank AG London EUR 10,661 USD 14,479 5/15/13 808,883 Deutsche Bank AG London GBP 8,745 USD 13,752 5/15/13 467,475 Deutsche Bank AG London JPY 2,003,681 USD 21,817 5/15/13 525,994 Deutsche Bank AG London NOK 18,121 USD 3,297 5/15/13 199,329 Deutsche Bank AG London USD 22,860 AUD 22,116 5/15/13 93,452 Deutsche Bank AG London USD 24,271 EUR 18,178 5/15/13 (963,223) Deutsche Bank AG London USD 25,707 GBP 16,803 5/15/13 (180,963) Deutsche Bank AG London USD 20,417 JPY 1,869,930 5/15/13 (546,750) Deutsche Bank AG London USD 6,509 NOK 36,242 5/15/13 (314,195) Goldman Sachs Capital Markets LP CHF 12,104 USD 13,219 5/15/13 462,041 Goldman Sachs Capital Markets LP USD 4,659 AUD 4,507 5/15/13 19,148 Goldman Sachs Capital Markets LP USD 2,828 CHF 2,589 5/15/13 (98,829) Goldman Sachs Capital Markets LP USD 57,848 EUR 44,632 5/15/13 (620,077) HSBC BankUSA CAD 5,436 USD 5,441 5/15/13 94,586 HSBC BankUSA NOK 65,169 USD 11,781 5/15/13 641,644 HSBC BankUSA USD 6,996 NZD 8,429 5/15/13 36,793 Morgan Stanley & Co., Inc. USD 10,355 EUR 7,757 5/15/13 (409,128) Royal Bank of Scotland PLC AUD 11,773 USD 12,057 5/15/13 (162,214) Royal Bank of Scotland PLC CHF 13,050 USD 14,229 5/15/13 474,687 Royal Bank of Scotland PLC EUR 85,334 USD 111,965 5/15/13 2,548,519 Royal Bank of Scotland PLC GBP 22,518 USD 35,605 5/15/13 1,397,458 Royal Bank of Scotland PLC JPY 4,366,519 USD 47,557 5/15/13 1,157,822 2013 Semi-Annual Report 33


  • Page 36

    Schedule of Investments (continued) Contracts to In Exchange Deliver For Settlement Unrealized Appreciation/ Counterparty (000) (000) Date (Depreciation) Royal Bank of Scotland PLC NZD 5,682 USD 4,657 5/15/13 $ (83,469) Royal Bank of Scotland PLC USD 3,010 CHF 2,842 5/15/13 (14,666) Royal Bank of Scotland PLC USD 49,021 GBP 32,353 5/15/13 126,588 Royal Bank of Scotland PLC USD 9,209 JPY 883,943 5/15/13 183,981 Societe Generale JPY 707,261 USD 7,587 5/15/13 71,620 Standard Chartered Bank HKD176,272 USD 22,737 5/15/13 23,654 Standard Chartered Bank USD 6,302 HKD 48,901 5/15/13 (645) State Street Bank & Trust Co. EUR 6,941 USD 9,276 5/15/13 376,293 State Street Bank & Trust Co. USD 2,857 CAD 2,943 5/15/13 37,445 State Street Bank & Trust Co. USD 58,310 EUR 43,438 5/15/13 (2,613,287) State Street Bank & Trust Co. USD 4,890 GBP 3,238 5/15/13 28,711 UBS AG USD 81,587 EUR 61,091 5/15/13 (3,254,768) Westpac Banking Corp. AUD 6,107 USD 6,260 5/15/13 (77,824) Westpac Banking Corp. NZD 13,994 USD 11,789 5/15/13 112,792 Westpac Banking Corp. USD 45,464 AUD 44,169 5/15/13 377,812 Westpac Banking Corp. USD 9,388 NZD 11,247 5/15/13 (3,767) $ 1,507,864 PUT OPTIONS WRITTEN (see Note 3) Exercise Expiration Premiums Description Contracts Price Month Received U.S. $ Value S&P 500 Index(e) 4,348 $1,750.00 December 2013 $ 2,559,267 $ (4,195,820) CREDIT DEFAULT SWAP CONTRACTS (see Note 3) Swap Implied Counterparty Fixed Credit Upfront & Rate Spread at Notional Premiums Unrealized Referenced (Pay) March 31, Amount Market Paid Appreciation/ Obligation Receive 2013 (000) Value (Received) (Depreciation) Sale Contracts Barclays Bank PLC: ITRAXX-XOVER Series 18 5 Year Index, 12/20/17* 5.00% 4.19% EUR 12,780 $ 557,426 $ 311,376 $ 246,050 BNP Paribas: CDX-NAHY Series 19 5 Year Index, 12/20/17* 5.00 3.97 $ 52,228 2,274,094 739,253 1,534,841 Deutsche Bank AG: CDX-NAHY Series 19 5 Year Index, 12/20/17* 5.00 3.97 20,872 908,802 381,105 527,697 $ 3,740,322 $ 1,431,734 $ 2,308,588 * Termination date (d) Position, or a portion thereof, has been segregated to collateralize margin (a) Non-income producing security. requirements for open futures contracts. The market value of the collateral (b) Position, or a portion thereof, has been segregated to collateralize OTC amounted to $85,706,001. derivatives outstanding. The aggregate market value of these securities (e) One contract relates to 100 shares. amounted to $4,005,987. (f) Investment in affiliated money market mutual fund. The rate shown (c) Security is exempt from registration under Rule 144A of the Securities Act represents the 7-day yield as of period end. of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional Currency Abbreviations: buyers. At March 31, 2013, the aggregate market value of these securities amounted to $27,727,937 or 0.9% of net assets. AUD—Australian Dollar CAD—Canadian Dollar 34 Sanford C. Bernstein Fund, Inc.


  • Page 37

    CHF—Swiss Franc EAFE—Europe, Australia, and Far East EUR—Euro FTSE—Financial Times Stock Exchange GBP—Great British Pound GDR—Global Depositary Receipt HKD—Hong Kong Dollar JSC—Joint Stock Company JPY—Japanese Yen MSCI—Morgan Stanley Capital International NOK—Norwegian Krone NVDR—Non Voting Depositary Receipt NZD—New Zealand Dollar OJSC—Open Joint Stock Company SEK—Swedish Krona PJSC—Public Joint Stock Company USD—United States Dollar REG—Registered Shares REIT—Real Estate Investment Trust Glossary: SCPA—Società Consortile per Azioni ADR—American Depositary Receipt TOPIX—Tokyo Price Index ASX—Australian Stock Exchange TSE—Tokyo Stock Exchange CDX-NAHY—North American High Yield Credit Default Swap Index See notes to financial statements. 2013 Semi-Annual Report 35


  • Page 38

    Schedule of Investments Sanford C. Bernstein Fund, Inc. Principal Amount (000) U.S. $ Value Schedule of Investments Netherlands–1.4% Overlay B Portfolio Netherlands Government Bond March 31, 2013 (Unaudited) 2.25%, 7/15/22(a) EUR 8,198 $ 11,114,750 3.75%, 1/15/23(a) EUR 2,604 3,963,816 Principal Amount (000) U.S. $ Value 15,078,566 GOVERNMENTS—TREASURIES–47.4% New Zealand–0.3% Australia–0.8% New Zealand Government Bond Australia Government Bond Series 423 Series 132 5.50%, 4/15/23 NZD 3,545 3,460,905 5.50%, 1/21/18 AUD 7,040 $ 8,135,233 Norway–0.6% Austria–3.2% Norway Government Bond Austria Government Bond Series 474 1.95%, 6/18/19(a) EUR 25,155 33,991,150 3.75%, 5/25/21 NOK 34,980 6,790,279 Belgium–0.7% United Kingdom–4.8% Belgium Government Bond United Kingdom Gilt Series 67 2.00%, 1/22/16 GBP 1,351 2,150,427 3.00%, 9/28/19 4,885 6,910,568 3.75%, 9/07/19 12,592 22,356,998 Denmark–1.9% 4.25%, 12/07/46 3,775 6,997,653 Denmark Government Bond 4.50%, 12/07/42 3,995 7,702,115 3.00%, 11/15/21 DKK 98,467 19,593,078 5.00%, 3/07/25 5,640 11,237,186 Finland–2.1% 50,444,379 Finland Government Bond United States–16.6% 3.375%, 4/15/20 EUR 15,300 22,614,629 U.S. Treasury Bonds Germany–4.9% 6.125%, 11/15/27 U.S.$ 6,236 9,101,635 Bundesrepublik Deutschland U.S. Treasury Notes 3.00%, 7/04/20 12,784 19,014,045 1.50%, 6/30/16 28,515 29,515,249 Series 2007 1.50%, 3/31/19 39,303 40,454,460 4.25%, 7/04/39 9,473 17,173,806 1.625%, 8/15/22 4,425 4,367,957 Series 2008 2.00%, 2/15/23 7,950 8,050,615 4.25%, 7/04/18 9,972 15,369,818 2.375%, 6/30/18 20,039 21,635,868 3.75%, 11/15/18 29,493 34,138,148 51,557,669 4.50%, 5/15/17 24,434 28,328,169 Japan–9.4% 175,592,101 Japan Government Ten Year Bond Series 288 Total Governments—Treasuries 1.70%, 9/20/17 JPY 4,783,300 54,415,053 (cost $502,129,807) 500,886,072 Series 327 0.80%, 12/20/22 1,415,300 15,449,570 Shares Japan Government Thirty Year Bond Series 36 INVESTMENT COMPANIES–8.9% 2.00%, 3/20/42 378,950 4,398,380 Japan Government Twenty Year Bond Funds and Investment Trusts–8.9% Series 112 AllianceBernstein Pooling Portfolios– 2.10%, 6/20/29 585,300 7,114,819 Multi-Asset Series 128 Real Return Portfolio 4,047,147 35,169,706 1.90%, 6/20/31 410,950 4,797,697 iShares MSCI Emerging Markets Index Series 76 Fund 1,036,626 44,346,861 1.90%, 3/20/25 1,071,400 12,958,704 SPDR S&P 500 ETF Trust 91,800 14,371,290 99,134,223 Total Investment Companies (cost $94,708,946) 93,887,857 Mexico–0.7% Mexican Bonos Series M 10 7.75%, 12/14/17 MXN 82,870 7,583,292 36 Sanford C. Bernstein Fund, Inc.


  • Page 39

    Principal Amount (000) U.S. $ Value Principal Amount (000) U.S. $ Value CORPORATES—INVESTMENT GRADES–7.8% Novartis Capital Corp. 2.90%, 4/24/15 U.S.$ 255 $ 267,430 Industrial–4.3% Pepsico, Inc. Basic–0.2% 4.00%, 3/05/42 1,785 1,751,908 Air Products & Chemicals, Inc. Philip Morris International, Inc. 2.75%, 2/03/23 U.S.$ 1,400 $ 1,431,672 2.50%, 8/22/22 1,940 1,914,499 EI du Pont de Nemours & Co. Roche Holdings, Inc. 3.25%, 1/15/15 250 262,208 5.50%, 3/04/15(a) GBP 10 16,551 1,693,880 7,524,207 Capital Goods–0.5% Energy–1.0% Caterpillar Financial Services Corp. BP Capital Markets PLC 2.85%, 6/01/22 1,751 1,793,784 3.245%, 5/06/22 U.S.$ 1,885 1,947,444 General Dynamics Corp. ConocoPhillips 3.875%, 7/15/21 1,525 1,685,050 4.60%, 1/15/15 235 251,752 John Deere Capital Corp. ConocoPhillips Co. 2.80%, 1/27/23 1,870 1,897,470 1.05%, 12/15/17 1,550 1,544,687 National Oilwell Varco, Inc. 5,376,304 2.60%, 12/01/22 1,512 1,501,857 Communications—Media–0.2% Occidental Petroleum Corp. NBC Universal Enterprise, Inc. 1.50%, 2/15/18 1,712 1,732,208 1.974%, 4/15/19(a) 1,850 1,855,119 Schlumberger Finance BV Communications—Telecommunications–0.5% 5.25%, 9/05/13 EUR 185 241,973 AT&T, Inc. Schlumberger Norge AS 3.00%, 2/15/22 1,775 1,795,833 4.20%, 1/15/21(a) U.S.$ 745 840,852 Verizon Communications, Inc. Schlumberger Oilfield UK PLC 4.60%, 4/01/21 1,354 1,514,219 4.20%, 1/15/21(a) 506 571,102 5.25%, 4/15/13 230 230,375 Shell International Finance BV Vodafone Group PLC 1.125%, 8/21/17 1,940 1,947,459 2.50%, 9/26/22 1,930 1,860,331 3.25%, 9/22/15 250 266,814 5,400,758 10,846,148 Consumer Cyclical—Automotive–0.4% Technology–0.3% American Honda Finance Corp. Microsoft Corp. 6.25%, 7/16/13(a) EUR 1,550 2,019,839 2.125%, 11/15/22 1,835 1,793,573 Toyota Motor Credit Corp. Oracle Corp. 3.30%, 1/12/22 U.S.$ 1,785 1,892,650 1.20%, 10/15/17 1,535 1,536,688 5.75%, 4/15/18 230 277,528 3,912,489 3,607,789 Consumer Cyclical—Entertainment–0.2% Walt Disney Co. (The) 45,475,256 2.75%, 8/16/21 1,625 1,672,976 Consumer Cyclical—Restaurants–0.2% Financial Institutions–2.8% McDonald’s Corp. Banking–2.2% 1.875%, 5/29/19 1,905 1,940,637 BB&T Corp. Consumer Cyclical—Retailers–0.1% 1.60%, 8/15/17 1,945 1,963,938 Wal-Mart Stores, Inc. BNP Paribas SA 4.25%, 4/15/21 1,435 1,644,949 2.375%, 9/14/17 1,935 1,963,653 Consumer Non-Cyclical–0.7% Citigroup, Inc. Baxter International, Inc. 4.50%, 1/14/22 2,440 2,712,824 2.40%, 8/15/22 1,630 1,595,175 Goldman Sachs Group, Inc. (The) 4.25%, 3/15/20 257 292,408 5.75%, 1/24/22 1,830 2,127,785 GlaxoSmithKline Capital, Inc. HSBC Holdings PLC 4.375%, 4/15/14 235 244,632 4.00%, 3/30/22 1,850 1,990,467 Kimberly-Clark Corp. JPMorgan Chase & Co. 3.875%, 3/01/21 1,285 1,441,604 4.50%, 1/24/22 2,420 2,652,129 2013 Semi-Annual Report 37


  • Page 40

    Schedule of Investments (continued) Principal Amount (000) U.S. $ Value Principal Amount (000) U.S. $ Value Lloyds TSB Bank PLC GOVERNMENTS—SOVEREIGN AGENCIES–7.0% 4.20%, 3/28/17 U.S.$ 2,180 $ 2,392,376 Australia–0.9% Murray Street Investment Trust I Suncorp-Metway Ltd. 4.647%, 3/09/17 182 199,017 4.00%, 1/16/14 GBP 6,256 $ 9,770,030 Nordea Bank AB Canada–0.7% 3.125%, 3/20/17(a) 1,821 1,925,525 Canada Housing Trust No 1 PNC Funding Corp. 3.35%, 12/15/20(a) CAD 4,155 4,478,532 3.30%, 3/08/22 1,810 1,866,251 4.10%, 12/15/18(a) 2,340 2,596,609 Sumitomo Mitsui Banking Corp. 7,075,141 3.00%, 1/18/23 934 934,053 Svenska Handelsbanken AB Germany–1.1% Kreditanstalt fuer Wiederaufbau 2.875%, 4/04/17 1,850 1,953,269 2.05%, 2/16/26 828,000 10,167,727 Vesey Street Investment Trust I Landwirtschaftliche Rentenbank 4.404%, 9/01/16 474 515,244 3.75%, 2/11/16 EUR 1,201 1,685,628 23,196,531 11,853,355 Finance–0.3% Japan–2.6% General Electric Capital Corp. Development Bank of Japan, Inc. 2.30%, 4/27/17 2,600 2,690,610 2.30%, 3/19/26 JPY 840,000 10,672,895 Insurance–0.3% Japan Finance Organization for Berkshire Hathaway, Inc. Municipalities 3.40%, 1/31/22 1,800 1,897,004 1.90%, 6/22/18 1,500,000 17,434,498 UnitedHealth Group, Inc. 28,107,393 4.375%, 3/15/42 1,800 1,813,140 Netherlands–1.3% 3,710,144 Fortis Bank Nederland NV 3.375%, 5/19/14 EUR 1,419 1,883,523 29,597,285 ING Bank NV 3.375%, 3/03/14 2,665 3,514,073 Utility–0.4% LeasePlan Corp. NV 3.25%, 5/22/14 463 613,719 Electric–0.3% NIBC Bank NV Carolina Power & Light Co. 3.50%, 4/07/14 3,481 4,609,042 2.80%, 5/15/22 1,900 1,946,339 SNS Bank NV Southern California Edison Co. 3.50%, 3/10/14 2,068 2,730,446 3.875%, 6/01/21 632 710,221 13,350,803 Series 13-A South Korea–0.1% 3.90%, 3/15/43 1,105 1,091,484 Korea Development Bank (The) 3,748,044 3.25%, 3/09/16 U.S.$ 1,229 1,297,167 Natural Gas–0.1% United Kingdom–0.3% GDF Suez Network Rail Infrastructure 1.625%, 10/10/17(a) 677 680,500 Finance PLC 4.40%, 3/06/16 CAD 2,760 2,908,917 Total Governments—Sovereign Agencies 4,428,544 (cost $78,160,401) 74,362,806 Non Corporate Sectors–0.3% AGENCIES–2.1% Agencies—Not Government Guaranteed–0.3% Agency Debentures–2.1% Qtel International Finance Ltd. Federal Home Loan Mortgage Corp. 3.875%, 1/31/28(a) 480 472,699 1.75%, 5/30/19 U.S.$ 7,500 7,713,870 Temasek Financial I Ltd. Residual Funding Corp. Principal Strip 2.375%, 1/23/23(a) 2,330 2,243,806 Zero Coupon, 7/15/20 16,539 14,712,185 2,716,505 Total Agencies Total Corporates—Investment Grades (cost $19,997,548) 22,426,055 (cost $79,303,245) 82,217,590 38 Sanford C. Bernstein Fund, Inc.


  • Page 41

    Principal Amount (000) U.S. $ Value Principal Amount (000) U.S. $ Value COMMERCIAL MORTGAGE-BACKED SECURITIES–0.7% INFLATION-LINKED SECURITIES–0.3% Non-Agency Fixed Rate CMBS–0.7% Germany–0.3% Commercial Mortgage Pass Through Bundesrepublik Deutschland Certificates Bundesobligation Inflation Linked Series 2013-CR6, Class A2 Bond 2.122%, 3/10/46 U.S.$ 3,670 $ 3,780,721 2.25%, 4/15/13 GS Mortgage Securities Trust (cost $2,854,390) EUR 2,241 $ 2,877,688 3.557%, 4/10/31(a) 1,094 1,111,616 WF-RBS Commercial Mortgage Trust QUASI-SOVEREIGNS–0.2% Series 2012-C10, Class A3 2.875%, 12/15/45 2,151 2,165,853 Quasi-Sovereign Bonds–0.2% Total Commercial Mortgage-Backed Securities South Korea–0.2% (cost $7,110,126) 7,058,190 Korea National Oil Corp. 3.125%, 4/03/17(a) (cost $1,848,312) U.S.$ 1,850 1,947,491 LOCAL GOVERNMENTS—PROVINCIAL BONDS–0.7% Canada–0.7% COVERED BONDS–0.2% Province of British Columbia 3.25%, 12/18/21 CAD 3,237 3,386,670 Canada–0.2% Province of Manitoba Canada Bank of Nova Scotia 3.85%, 12/01/21 2,950 3,205,956 1.75%, 3/22/17(a) Province of Ontario Canada (cost $1,798,413) 1,800 1,857,780 4.25%, 12/11/13 EUR 350 461,210 Total Local Governments—Provincial Bonds Shares (cost $6,793,943) 7,053,836 COMMON STOCKS–0.0% MORTGAGE PASS-THROUGHS–0.5% Office–0.0% Office–0.0% Agency Fixed Rate 30-Year–0.5% Dundee International Real Estate Federal National Mortgage Association Investment Trust 6.00%, 5/01/41 (cost $45,060) 4,260 44,619 (cost $5,919,226) U.S.$ 5,345 5,858,700 SHORT-TERM INVESTMENTS–21.6% Contracts Investment Companies–19.6% OPTIONS PURCHASED—PUTS–0.3% AllianceBernstein Fixed-Income Shares, Inc.–Government STIF Option on Equity Indices–0.1% Portfolio, 0.12%(d) S&P 500 Index Expiration: Jun 2013, (cost $207,212,185) 207,212,185 207,212,185 Exercise Price: $ 1,475.00(b)(c) 589 880,555 Options on Funds and Investment Trusts–0.2% Principal Amount (000) iShares MSCI EAFE Index Expiration: Jun 2013, Exercise U.S. Treasury Bill–2.0% Price: $ 57.00(b)(c) 7,524 771,210 Zero Coupon, 4/18/13–5/09/13 U.S.$ 10,850 10,849,232 iShares MSCI Emerging Markets Index Zero Coupon, 8/08/13(e) 10,050 10,046,111 Expiration: Jun 2013, Exercise Total U.S. Treasury Bills Price: $ 42.50(b)(c) 10,233 1,238,193 (cost $20,895,343) 20,895,343 2,009,403 Total Short-Term Investments (cost $228,107,528) 228,107,528 Total Options Purchased—Puts (cost $2,979,623) 2,889,958 Total Investments—97.7% (cost $1,031,756,568) 1,031,476,170(f) Other assets less liabilities—2.3% 24,375,718 Net Assets—100.0% $ 1,055,851,888 2013 Semi-Annual Report 39


  • Page 42

    Schedule of Investments (continued) FUTURES CONTRACTS (see Note 3) Number of Expiration Original Value at Unrealized Appreciation/ Type Contracts Month Value March 31, 2013 (Depreciation) Purchased Contracts 10 Yr Japan Govt Bond Futures 5 June 2013 $ 7,716,294 $ 7,726,138 $ 9,844 ASX SPI 200 Index Futures 15 June 2013 1,979,137 1,939,273 (39,864) Euro Stoxx 50 Index Futures 736 June 2013 24,951,634 24,095,513 (856,121) FTSE 100 Index Futures 222 June 2013 21,745,076 21,423,056 (322,020) Hang Seng Index Futures 9 April 2013 1,297,145 1,293,673 (3,472) Russell 2000 Mini Index Futures 88 June 2013 8,064,917 8,350,320 285,403 S&P 500 E Mini Index Futures 2,729 June 2013 207,566,297 213,230,415 5,664,118 S&P Mid Cap 400 E Mini Index Futures 109 June 2013 12,110,225 12,545,900 435,675 S&P TSE 60 Index Futures 32 June 2013 4,617,869 4,592,174 (25,695) TOPIX Index Futures 205 June 2013 21,597,765 22,615,658 1,017,893 Sold Contracts 10 Yr Australian T-Bond Futures 1 June 2013 124,554 126,605 (2,051) 10 Yr Canada Govt Bond Futures 2 June 2013 260,723 265,827 (5,104) German Euro Bobl Futures 31 June 2013 5,003,627 5,035,520 (31,893) German Euro Bond Futures 9 June 2013 1,277,151 1,278,492 (1,341) U.S. T-Bond 30 Yr Futures 121 June 2013 17,244,107 17,480,719 (236,612) U.S. T-Note 10 Yr (CBT) Futures 191 June 2013 24,972,929 25,209,016 (236,087) U.S. T-Note 2 Yr Futures 3 June 2013 661,354 661,359 (5) U.S. T-Note 5 Yr Futures 12 June 2013 1,487,042 1,488,656 (1,614) UK Long Gilt Bond Futures 5 June 2013 874,131 902,401 (28,270) $ 5,622,784 FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) Contracts to In Exchange Deliver For Settlement Unrealized Appreciation/ Counterparty (000) (000) Date (Depreciation) Barclays Bank PLC Wholesale USD 7,721 GBP 5,105 4/11/13 $ 36,160 Barclays Bank PLC Wholesale AUD 7,890 USD 8,051 4/26/13 (149,508) Barclays Bank PLC Wholesale USD 1,142 EUR 876 5/15/13 (19,248) Barclays Bank PLC Wholesale USD 7,737 JPY 722,010 5/15/13 (65,021) BNP Paribas SA USD 4,834 JPY 461,142 5/15/13 66,309 Citibank NA GBP 4,528 USD 6,797 4/11/13 (82,418) Citibank NA NOK 40,638 USD 7,121 4/18/13 167,479 Citibank NA USD 7,773 GBP 4,953 5/15/13 (248,978) Credit Suisse London Branch (GFX) USD 2,326 CHF 2,197 5/15/13 (10,382) Credit Suisse London Branch (GFX) USD 3,905 GBP 2,587 5/15/13 25,236 Deutsche Bank AG London EUR 1,633 USD 2,141 4/11/13 47,137 Deutsche Bank AG London GBP 778 USD 1,177 4/11/13 (5,386) Deutsche Bank AG London GBP 676 USD 1,047 5/15/13 19,607 Deutsche Bank AG London USD 4,332 GBP 2,880 5/15/13 43,338 Deutsche Bank AG London USD 1,053 JPY 97,642 5/15/13 (14,974) Goldman Sachs Capital Markets LP EUR 117,823 USD154,045 4/11/13 3,005,145 Goldman Sachs Capital Markets LP USD 1,284 AUD 1,242 5/15/13 5,277 Goldman Sachs Capital Markets LP USD 4,138 CHF 3,789 5/15/13 (144,636) Goldman Sachs Capital Markets LP USD 6,552 EUR 5,055 5/15/13 (70,230) 40 Sanford C. Bernstein Fund, Inc.


  • Page 43

    Contracts to In Exchange Deliver For Settlement Unrealized Appreciation/ Counterparty (000) (000) Date (Depreciation) HSBC Bank USA USD 7,773 EUR 6,072 4/11/13 $ 10,580 HSBC Bank USA USD 5,021 CAD 5,017 5/15/13 (87,295) JPMorgan Chase Bank, NA EUR 5,839 USD 7,619 4/11/13 133,576 JPMorgan Chase Bank, NA GBP 39,301 USD 59,500 4/11/13 (213,524) Royal Bank of Scotland PLC GBP 835 USD 1,266 4/11/13 (2,600) Royal Bank of Scotland PLC DKK 111,846 USD 19,543 4/18/13 309,468 Royal Bank of Scotland PLC CAD 16,981 USD 16,529 4/19/13 (180,703) Royal Bank of Scotland PLC NZD 4,038 USD 3,334 4/26/13 (38,998) Royal Bank of Scotland PLC AUD 1,431 USD 1,465 5/15/13 (19,717) Royal Bank of Scotland PLC CHF 2,207 USD 2,406 5/15/13 80,279 Royal Bank of Scotland PLC EUR 3,676 USD 4,914 5/15/13 200,500 Royal Bank of Scotland PLC GBP 2,977 USD 4,701 5/15/13 178,897 Royal Bank of Scotland PLC JPY 514,331 USD 5,543 5/15/13 77,323 Royal Bank of Scotland PLC USD 1,090 CHF 1,029 5/15/13 (5,310) Royal Bank of Scotland PLC USD 3,444 EUR 2,662 5/15/13 (31,233) Royal Bank of Scotland PLC USD 3,566 JPY 342,284 5/15/13 71,242 Standard Chartered Bank JPY 317,769 USD 3,389 4/12/13 12,756 State Street Bank & Trust Co. JPY 718,744 USD 7,724 4/12/13 87,953 State Street Bank & Trust Co. EUR 1,179 USD 1,576 5/15/13 63,917 State Street Bank & Trust Co. USD 1,193 GBP 790 5/15/13 7,005 UBS AG JPY 11,913,164 USD 127,419 4/12/13 856,257 UBS AG MXN 91,419 USD 7,110 4/12/13 (284,809) UBS AG USD 9,692 EUR 7,234 5/15/13 (416,918) Westpac Banking Corp. USD 5,099 AUD 4,953 5/15/13 41,907 $ 3,455,460 CALL OPTIONS WRITTEN (see Note 3) Exercise Expiration Premiums Description Contracts Price Month Received U.S. $ Value S&P 500 Index(c) 589 $ 1,750.00 December 2013 $ 346,611 $ (568,385) CREDIT DEFAULT SWAP CONTRACTS (see Note 3) Swap Implied Counterparty Fixed Credit Upfront & Rate Spread at Notional Premiums Unrealized Referenced (Pay) March 31, Amount Market Paid Appreciation/ Obligation Receive 2013 (000) Value (Received) (Depreciation) Sale Contracts Bank of America, NA: iTraxx XOVER-Series18 5 Year Index, 12/20/17* 5.00% 4.19% EUR 2,715 $ 118,419 $ 48,953 $ 69,466 iTraxx-EUROPE-Series 18 5 Year Index, 12/20/17* 1.00 1.16 470 (4,161) (1,112) (3,049) iTraxx-EUROPE-Series 18 5 Year Index, 12/20/17* 1.00 1.16 6,685 (59,185) (61,398) 2,213 iTraxx-EUROPE-Series 18 5 Year Index, 12/20/17* 1.00 1.16 940 (8,322) (4,263) (4,059) Citibank, NA: iTraxx-EUROPE-Series 18 5 Year Index, 12/20/17* 1.00 1.16 6,400 (56,662) (58,780) 2,118 Deutsche Bank AG: CDX-NAHY-Series 19 5 Year Index, 12/20/17* 5.00 3.97 $ 17,190 748,481 162,031 586,450 2013 Semi-Annual Report 41


  • Page 44

    Schedule of Investments (continued) Swap Implied Counterparty Fixed Credit Upfront & Rate Spread at Notional Premiums Unrealized Referenced (Pay) March 31, Amount Market Paid Appreciation/ Obligation Receive 2013 (000) Value (Received) (Depreciation) JPMorgan Chase Bank, NA: iTraxx Europe Series 18 5 Year Index, 12/20/17* 1.00% 1.16% EUR 26,570 $ (235,235) $ (237,010) $ 1,775 iTraxx-EUROPE-Series 18 5 Year Index, 12/20/17* 1.00 1.16 13,085 (115,847) (123,066) 7,219 Morgan Stanley Capital Services LLC: CDX-NAHY-Series 19 5 Year Index, 12/20/17* 5.00 3.97 $ 4,720 205,517 44,418 161,099 iTraxx XOVER-Series18 5 Year Index, 12/20/17* 5.00 4.19 EUR 3,555 155,058 64,957 90,101 $ 748,063 $ (165,270) $ 913,333 * Termination date TOTAL RETURN SWAP CONTRACTS (See Note 3) Receive/Pay Total # of Rate Paid/ Notional Unrealized Return on Shares or Received by Amount Maturity Appreciation/ Reference Index Index Units the Fund (000) Date Counterparty (Depreciation) Receive Total Return on Reference Index Receive MSCI AC World Daily TR Net Deutsche Ex USA USD 139,757 0.33% $ 25,335 5/15/13 Bank AG $ (445,478) (a) Security is exempt from registration under Rule 144A of the Securities Act EUR—Euro of 1933. These securities are considered liquid and may be resold in GBP—Great British Pound transactions exempt from registration, normally to qualified institutional JPY—Japanese Yen buyers. At March 31, 2013, the aggregate market value of these securities MXN—Mexican Peso amounted to $71,687,737 or 6.8% of net assets. NOK—Norwegian Krone (b) Non-income producing security. NZD—New Zealand Dollar (c) One contract relates to 100 shares. USD—United States Dollar (d) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end. Glossary: (e) Position, or a portion thereof, has been segregated to collateralize OTC AC—All Country derivatives outstanding. The aggregate market value of these securities ASX—Australian Stock Exchange amounted to $361,860. CBT—Chicago Board of Trade (f) On March 29, 2013, the Fund and U.S. stock exchanges were closed for CDX-NAHY—North American High Yield Credit Default Swap Index business due to a U.S. holiday but the foreign markets remained open for CMBS—Commercial Mortgage-Backed Securities trading. The Fund valued its foreign securities using the closing market EAFE—Europe, Australia, and Far East prices from the respective foreign markets as of March 28, 2013 for FTSE—Financial Times Stock Exchange financial reporting purposes. GFX—Global Foreign Exchange MSCI—Morgan Stanley Capital International Currency Abbreviations: TOPIX—Tokyo Price Index AUD—Australian Dollar TSE—Tokyo Stock Exchange CAD—Canadian Dollar CHF—Swiss Franc See notes to financial statements. DKK—Danish Krone 42 Sanford C. Bernstein Fund, Inc.


  • Page 45

    Schedule of Investments Sanford C. Bernstein Fund, Inc. Principal Amount (000) U.S. $ Value Schedule of Investments NPFGC-RE Tax-Aware Overlay B Portfolio Series 2006 32F March 31, 2013 (Unaudited) 5.25%, 5/01/18 $ 680 $ 818,244 53,768,740 Principal Amount (000) U.S. $ Value Colorado–1.8% MUNICIPAL OBLIGATIONS–68.5% Denver CO City & Cnty Arpt (Denver Intl Airport) Long-Term Municipal Bonds–66.1% 5.25%, 11/15/18 13,135 15,700,265 Alabama–0.5% 5.50%, 11/15/19 4,375 5,371,188 Alabama Pub Sch & Clg Auth Series 2010 A Series 2010A 5.00%, 11/15/23 300 357,675 5.00%, 5/01/19 $ 3,255 $ 3,973,606 Denver CO Urban Renewal Auth Birmingham AL Wtrwks Brd (Stapleton) Series 2010A Series 2010B-1 5.00%, 1/01/24 3,650 4,260,755 5.00%, 12/01/20 2,875 3,137,258 Plaza Met District #1 Co. 8,234,361 5.00%, 12/01/19 1,000 1,126,980 Arizona–3.8% Regional Trnsp Dist CO Maricopa Cnty AZ CCD GO (Denver Transit Partners) 4.00%, 7/01/16 8,440 9,326,116 5.00%, 7/15/20 2,000 2,329,520 Phoenix AZ Civic Impt Corp. 5.125%, 1/15/23 2,000 2,270,520 (Phoenix AZ Civic Impt Airport) 30,293,406 5.00%, 7/01/24 5,305 6,224,675 Pima Cnty AZ Swr District of Columbia–0.7% Series 2011B Metro Washington Arpt Auth VA 5.00%, 7/01/23–7/01/24 6,585 7,799,252 Series 2010B AGM 5.00%, 10/01/17–10/01/18 9,895 11,726,673 5.00%, 7/01/18–7/01/19 10,035 12,026,011 Florida–8.8% Salt River Proj Agric Impt & Pwr Broward Cnty FL Half-cent Sales Tax Dist AZ Series 2010A Series 2011A 5.00%, 10/01/18–10/01/20 8,235 9,989,325 5.00%, 12/01/24 23,120 28,117,619 Broward Cnty FL Sch Brd COP 5.00%, 7/01/20 7,250 8,661,285 63,493,673 Citizens Ppty Ins Corp. FL California–3.2% 5.25%, 6/01/17 2,855 3,321,650 California Dept Wtr Res Pwr Series 2010A Series 2010 5.00%, 6/01/13–6/01/16 16,485 17,230,037 5.00%, 5/01/13 15,815 15,874,464 Series 2012A Series 2010L 5.00%, 6/01/22 7,660 9,094,871 5.00%, 5/01/17 7,675 8,982,513 NPFGC Series A California Econ Recovery 5.00%, 3/01/15 80 86,774 (California Econ Rec Spl Tax) Florida Brd of Ed GO 5.25%, 7/01/13 8,470 8,574,266 (Florida GO) Series 2009A Series 2013A 5.25%, 7/01/21 7,255 8,827,304 5.00%, 6/01/16 22,515 25,665,524 California Statewide CDA Florida Brd of Ed Lottery (California General Fund Obl) 5.00%, 7/01/13 12,825 12,974,027 4.00%, 6/15/13 4,125 4,156,144 Series 2010 C Series 2009 5.00%, 7/01/16 300 341,721 5.00%, 6/15/13 4,410 4,452,115 Series 2010D San Francisco City/Cnty CA Arpt 5.00%, 7/01/16 2,170 2,471,782 Commn Florida Hurricane Catastr Fd Fin Corp. (San Francisco CA Intl Airport) Series 2010A Series 2009C-2 5.00%, 7/01/16 5,430 6,173,910 5.00%, 5/01/25 1,025 1,200,142 Florida St (Florida GO) Series C Series 2011B 5.00%, 5/01/19 730 883,548 5.00%, 6/01/13 2,665 2,685,707 2013 Semi-Annual Report 43


  • Page 46

    Schedule of Investments (continued) Principal Amount (000) U.S. $ Value Principal Amount (000) U.S. $ Value Greater Orlando Aviation FL NPFGC Series 2005B (Greater Orlando Intl Airport) 5.25%, 1/01/18 $ 2,450 $ 2,885,169 Series 2010 B Chicago IL Transit Auth Fed Hwy Grant 5.00%, 10/01/13 $ 1,535 $ 1,570,459 (Chicago Il Fed Hwy Grant) Jacksonville FL Sales Tax AGC 5.00%, 10/01/21 2,500 3,001,050 5.00%, 6/01/21 4,685 5,307,496 Jacksonville FL Spl Rev Appropriation Illinois Finance Auth 5.00%, 10/01/18–10/01/19 15,170 18,182,624 (Greenfields of Geneva) Lee Cnty FL Port Auth Arpt Series 2010C (Southwest Florida Intl Airport) 6.25%, 2/15/16 335 335,228 Series 2011A Illinois Finance Auth 5.625%, 10/01/26 2,470 2,869,127 (Illinois Institute of Technology) AGM Series 2010A 5.00%, 4/01/20 1,730 1,778,855 5.50%, 10/01/19 1,615 1,928,342 Illinois Finance Auth AGM Series A (Illinois Unemployment) 5.50%, 10/01/18 5,810 6,869,744 Series 2012A Martin Cnty FL IDA 5.00%, 6/15/14–6/15/16 18,680 20,818,933 (Indiantown Cogen LP Proj) Series 2012B 4.20%, 12/15/25 2,235 2,239,023 5.00%, 6/15/19 6,105 6,693,949 Miami-Dade Cnty FL Sch Brd COP Illinois Finance Auth Series 2011A (Park Place of Elmhurst) 5.00%, 5/01/31 6,675 6,989,259 6.25%, 8/15/15 1,880 1,884,268 Seminole Tribe of FL Illinois Finance Auth (Seminole Tribe of FL Gaming) (The Admiral at The Lake) 5.125%, 10/01/17(a) 1,775 1,857,058 6.00%, 5/15/17 1,150 1,152,565 Tampa FL Solid Wst Sys Illinois GO AGM 5.00%, 8/01/18 9,425 10,826,403 4.00%, 10/01/13 1,070 1,086,328 Series 2010 5.00%, 1/01/18 160 182,006 145,289,627 AMBAC Georgia–0.8% 5.00%, 11/01/15 6,905 7,589,355 Georgia Mun Elec Auth NPFGC Series 2011A 5.375%, 4/01/16 3,540 3,966,747 5.00%, 1/01/20–1/01/21 8,880 10,754,239 Illinois Sales Tax Richmond Cnty GA Brd of ED GO 5.00%, 6/15/13–6/15/18 14,755 16,706,893 5.00%, 10/01/15 1,615 1,795,783 105,187,940 12,550,022 Kentucky–0.1% Hawaii–1.2% Kentucky Prop & Bldg Comm Honolulu HI City & Cnty GO (Kentucky Lease Prop & Bldg) Series 2011A 4.00%, 11/01/13 1,830 1,869,382 5.00%, 8/01/24 5,800 7,009,822 Louisiana–0.7% Series 2011B Orleans Parish LA Par SD GO 5.00%, 8/01/24–8/01/25 10,205 12,271,115 AGM 19,280,937 5.00%, 9/01/17–9/01/19 9,705 11,252,805 Illinois–6.3% Massachusetts–2.5% Chicago IL GO Massachusetts Dev Fin Agy Series 2009 C (Emerson College) 5.00%, 1/01/23 1,785 2,017,246 Series 2010A NPFGC Series 2007C 5.00%, 1/01/17–1/01/18 4,615 5,175,432 5.00%, 1/01/19 3,915 4,491,758 Massachusetts DOT Met Hwy Sys Chicago IL O’Hare Intl Arpt Series 2010B (O’Hare Intl Arpt) 5.00%, 1/01/18–1/01/20 7,985 9,340,240 Series 2010D Massachusetts GO 5.25%, 1/01/19 2,285 2,711,952 Series 2011A Series 2011A 5.00%, 4/01/25 8,750 10,473,312 5.00%, 1/01/18–1/01/19 6,670 7,884,358 Massachusetts Port Auth Series 2011B Series 2010E 5.00%, 1/01/18–1/01/21 6,700 7,954,759 5.00%, 7/01/13 2,000 2,021,640 44 Sanford C. Bernstein Fund, Inc.


  • Page 47

    Principal Amount (000) U.S. $ Value Principal Amount (000) U.S. $ Value Massachusetts Spl Obl NPFGC-RE (Massachusetts Fed Hwy Grant) Series 2005 A 5.00%, 6/15/13 $ 14,090 $ 14,225,968 5.00%, 6/15/18 $ 210 $ 230,332 NPFGC-RE 41,236,592 Series 2005B Michigan–2.5% 5.00%, 6/15/20 6,875 7,508,944 Detroit MI Wtr Supply Sys 13,817,554 Series 2011C 5.25%, 7/01/24–7/01/25 9,390 10,355,080 New Jersey–1.9% Michigan Finance Auth New Jersey EDA (Michigan Unemployment) (New Jersey Lease Sch Fac) Series 2012B 5.00%, 3/01/17 1,510 1,740,456 5.00%, 7/01/22 17,180 19,397,594 Series 2010DD-1 Wayne Cnty MI Arpt Auth 5.00%, 12/15/17 4,685 5,543,245 (Detroit Metro Wayne Cnty Arpt) Series 2011EE 5.00%, 9/01/18 4,940 5,897,718 Series 2010A 5.25%, 9/01/19 2,630 3,200,158 4.00%, 12/01/13 7,590 7,764,039 AMBAC Series 2010C Series 2005 K 5.00%, 12/01/13 3,410 3,512,982 5.50%, 12/15/19 1,880 2,321,142 41,029,695 New Jersey Turnpike Auth Minnesota–0.7% (New Jersey Turnpike) AGM Minneapolis MN GO Series 2005D-3 2.00%, 12/01/14 3,095 3,183,672 5.25%, 1/01/26 11,070 13,455,142 Minnesota Lease 32,157,861 Series 2012A New Mexico–0.4% 5.00%, 3/01/19–3/01/20 7,230 8,826,798 New Mexico Fin Auth 12,010,470 (New Mexico Fed Hwy Grant) 5.00%, 6/15/22 5,030 6,325,829 Mississippi–1.3% Mississippi Dev Bank New York–5.9% (Mississippi Lease Dept of Generic Municipal Bond Corrections) 5.00%, 12/15/21 (Pre-refunded/ETM) 5 6,334 5.00%, 8/01/22–8/01/23 18,635 21,598,939 Metropolitan Trnsp Auth NY 5.00%, 11/15/22 2,615 3,185,671 Missouri–1.6% Series 2012D Bi-State Dev Agy MO 5.00%, 11/15/20 14,435 17,536,937 (St. Louis MO City & Cnty Sales Tax) Series 2012F Series 2010B 5.00%, 11/15/23 11,220 13,476,679 4.00%, 10/15/13 18,620 18,969,683 New York NY GO St. Louis MO Arpt 5.00%, 8/01/13–8/01/17 19,115 20,418,660 (Lambert- St. Louis Intl Arpt) NPFGC Series 2013H 5.50%, 7/01/16 5,980 6,793,699 5.00%, 8/01/25 2,510 3,060,092 25,763,382 New York NY Trnsl Fin Auth Series 2012B Nebraska–0.5% 5.00%, 11/01/22 8,495 10,630,558 Omaha NE Pub Pwr Dist Elec New York St Dormitory Auth Series 2011B (New York St Pers Income Tax) 5.00%, 2/01/24 6,420 7,705,926 Series 2012 Nevada–0.8% 5.00%, 12/15/21 6,005 7,496,582 Clark Cnty NV Arpt Series 2012A (McCarran Airport) 5.00%, 12/15/22 16,955 21,249,193 Series 2010 D New York St Thruway Auth 5.00%, 7/01/21–7/01/22 1,010 1,170,068 (New York St Thruway Auth Clark Cnty NV SD GO Ded Tax) NPFGC Series 2007B Series 2006C 5.00%, 4/01/15 1,240 1,353,720 5.00%, 6/15/21 4,285 4,908,210 98,414,426 2013 Semi-Annual Report 45


  • Page 48

    Schedule of Investments (continued) Principal Amount (000) U.S. $ Value Principal Amount (000) U.S. $ Value Ohio – 0.8% 5.25%, 7/01/19 $ 4,000 $ 4,335,680 Cleveland OH COP Series W Series 2010A 5.50%, 7/01/17 3,240 3,544,171 5.00%, 11/15/17 $ 3,000 $ 3,466,620 Puerto Rico GO Columbus OH GO 5.25%, 7/01/14 1,760 1,830,787 4.00%, 6/01/13 4,875 4,905,127 FGIC Series 2002A Ohio Major New Infra Proj 5.50%, 7/01/18 2,450 2,658,324 (Ohio Fed Hwy Grant) NPFGC Series 20121 6.00%, 7/01/14 6,210 6,516,712 4.00%, 12/15/15–12/15/16 3,930 4,362,485 XLCA 5.50%, 7/01/17 1,010 1,092,285 12,734,232 Puerto Rico Hwy & Trnsp Auth Oregon–0.4% 5.50%, 7/01/17 (Pre-refunded/ETM) 825 992,236 Oregon Dept of Admin Svc Puerto Rico Hwy & Trnsp Auth (Oregon Lottery) (Puerto Rico Hwy & Trnsp Spl Tax) Series 2011A NPFGC Series 2003AA 5.25%, 4/01/26 5,930 7,210,465 5.50%, 7/01/17 555 601,359 Pennsylvania–5.0% Puerto Rico Infra Fin Auth Delaware Riv Port Auth PA & NJ Series 2011C 5.00%, 1/01/21 2,655 3,097,243 3.00%, 12/15/26 6,200 6,236,580 Montgomery Cnty PA IDA Puerto Rico Pub Bldgs Auth (New Regional Medical Ctr) (Puerto Rico GO) 5.00%, 2/01/16–8/01/18 6,345 7,225,013 Series 2012U Pennsylvania Econ Dev Fin Auth 5.00%, 7/01/20 2,760 2,870,262 (Pennsylvania Unemployment) 44,895,005 5.00%, 7/01/22–7/01/23 8,415 9,351,810 Tennessee–0.2% Series 2012A Memphis Shelby Cnty Arpt Auth TN 5.00%, 7/01/16 2,740 3,127,710 (Memphis Intl Airport) Pennsylvania GO 4.00%, 7/01/13 1,575 1,589,222 Series 2009 5.00%, 7/01/15 2,250 2,465,055 5.00%, 4/15/16 5,190 5,880,426 Series 2010A 4,054,277 5.00%, 7/15/15 5,990 6,615,656 Texas–4.7% NPFGC-RE Austin TX Wtr & Wstwtr Sys 5.00%, 7/01/13 16,560 16,754,580 5.00%, 11/15/25–11/15/26 11,990 14,300,841 Pennsylvania Intergov Coop Auth Fort Bend TX ISD GO Series 2010 Series 2010 5.00%, 6/15/16–6/15/17 7,000 8,113,700 5.00%, 8/15/21 5,205 6,329,176 Pennsylvania Pub Sch Bldg Auth Hurst-Euless-Bedford TX ISD GO (Philadelphia PA SD Lease) 5.00%, 8/15/20–8/15/24 10,525 12,931,464 5.00%, 4/01/26 1,110 1,243,888 Red River TX Hlth Facs Dev Corp. Pennsylvania Turnpike Comm (MRC Crestview Proj) Series 2011E 6.00%, 11/15/16 1,825 1,850,714 5.00%, 12/01/25–12/01/26 13,665 15,910,218 San Antonio TX Elec & Gas Philadelphia PA GO Series 2012 5.25%, 8/01/17 2,285 2,601,518 2.00%, 12/01/27 1,765 1,823,015 Philadelphia PA Wtr & Wstwtr San Antonio TX GO AGM Series 2010A Series 2010 5.00%, 6/15/19 2,500 2,988,325 5.00%, 2/01/23 650 772,031 Texas PFA 82,910,087 (Texas Workforce Commission) Puerto Rico–2.7% Series 2010B Puerto Rico Elec Pwr Auth 5.00%, 1/01/20 27,580 27,896,343 Series 2010AAA Univ of Texas 5.25%, 7/01/21 8,775 9,356,080 Series 2010A Series 2010ZZ 5.00%, 8/15/22 9,755 11,762,676 5.00%, 7/01/17 4,525 4,860,529 77,666,260 46 Sanford C. Bernstein Fund, Inc.


  • Page 49

    Principal Amount (000) U.S. $ Value Principal Amount (000) U.S. $ Value Virginia–1.0% Short-Term Municipal Notes–2.4% Virginia College Bldg Auth 5.00%, 9/01/16 $ 2,835 $ 3,245,168 Alabama–0.1% Virginia College Bldg Auth Mobile AL IDB (Virginia Lease 21st Century (Exxon Mobil Corp.) College Prog) 0.13%, 7/15/32(b) $ 1,200 $ 1,200,000 5.00%, 2/01/22 3,020 3,749,753 Illinois–0.1% Virginia Resources Auth Chicago IL Brd of ED GO (Virginia Pooled Fing Prog Series 2010A Infrastructure) 0.15%, 3/01/35(b) 1,300 1,300,000 Series 2012A Kansas–0.0% 5.00%, 11/01/15–11/01/16 6,565 7,384,499 Wichita KS Hosp Fac Virginia Trnsp Brd (Christi Hlth System) (Virginia Lease Trnsp Fund) Series 2009 B-2 5.00%, 5/15/15 1,770 1,936,698 0.14%, 11/15/39(b) 100 100,000 16,316,118 Kentucky–0.1% Washington–5.2% Christian Cnty KY Assoc Cntys Lsng Trst Chelan Cnty WA PUD #1 (Kentucky Cntys Assn Lease Prog) Series 2011A 0.14%, 8/01/37(b) 1,025 1,025,000 5.25%, 7/01/22 7,835 9,283,456 Kentucky Econ Dev Fin Auth Series 2011B (Baptist Healthcare Sys) 5.50%, 7/01/23 5,540 6,584,789 0.14%, 8/15/38(b) 1,200 1,200,000 Clark Cnty WA PUD #1 2,225,000 5.00%, 1/01/21 11,835 13,966,128 Mississippi–1.0% Energy Northwest WA Mississippi Business Fin Corp. (Bonneville Power Admin) (Chevron USA, Inc.) Series 2007C Series 2009E 5.00%, 7/01/13 2,130 2,155,134 0.14%, 12/01/30(b) 2,200 2,200,000 Series 2011A Series 2010I 5.00%, 7/01/22–7/01/23 14,690 17,799,283 0.13%, 11/01/35(b) 15,000 15,000,000 Series 2012A 5.00%, 7/01/13 3,750 3,794,250 17,200,000 Port of Seattle WA South Dakota–0.1% 5.00%, 2/01/20 4,430 5,308,513 South Dakota Hlth & Edl Facs Auth Series 2010C (Regional Health) 5.00%, 2/01/22 5,490 6,511,579 Series 2008 Port of Seattle WA PFC 0.17%, 9/01/27(b) 795 795,000 (Port of Seattle WA) Texas–0.9% Series 2010B Lower Neches Valley Auth TX 5.00%, 12/01/13 4,370 4,506,737 (Exxon Mobil Corp.) Snohomish Cnty WA PUD #1 0.12%, 11/01/38(b) 15,000 15,000,000 5.00%, 12/01/26 6,065 7,170,468 Series 2010A Wyoming–0.1% 5.00%, 12/01/19 5,415 6,604,351 Lincoln Cnty WY PCR Washington St GO (Exxon Mobil Corp.) Series 2010R-2011C 0.12%, 8/01/15(b) 1,300 1,300,000 5.00%, 7/01/13 3,325 3,364,235 Total Short-Term Municipal Notes 87,048,923 (cost $39,120,000) 39,120,000 Wisconsin–0.1% Total Municipal Obligations Milwaukee Cnty WI Arpt (cost $1,081,102,396) 1,135,993,607 (Milwaukee General Mitchell Intl Arpt) Series 2010B 5.00%, 12/01/13 1,000 1,030,000 Total Long-Term Municipal Bonds (cost $1,041,982,396) 1,096,873,607 2013 Semi-Annual Report 47


  • Page 50

    Schedule of Investments (continued) Company Shares U.S. $ Value Company Contracts U.S. $ Value INVESTMENT COMPANIES–5.8% OPTIONS PURCHASED—PUTS–0.3% Funds and Investment Trusts–5.8% Options on Funds and Investment Trusts – 0.2% iShares MSCI Emerging Markets Index AllianceBernstein Pooling Expiration: Jun 2013, Portfolios–Multi-Asset Exercise Price: $ 42.50(c)(d) 16,333 $ 1,976,293 Real Return Portfolio 4,692,049 $ 40,773,904 iShares MSCI EAFE Index iShares MSCI Emerging Markets Index Expiration: Jun 2013, Fund 823,693 35,237,586 Exercise Price: $ 57.00(c)(d) 12,071 1,237,278 SPDR S&P 500 ETF Trust 134,398 21,040,007 3,213,571 Total Investment Companies (cost $97,217,230) 97,051,497 Options on Equity Indices–0.1% S&P 500 Index Expiration: Jun 2013, Principal Amount (000) Exercise Price: $ 1,475.00(c)(d) 931 1,391,845 CORPORATES—INVESTMENT GRADES–2.8% Total Options Purchased—Puts (cost $4,741,005) 4,605,416 Financial Institutions–1.7% Banking–1.7% Shares Bank of America Corp. 7.375%, 5/15/14 $ 5,665 6,062,570 SHORT-TERM INVESTMENTS–19.7% Capital One Financial Corp. Investment Companies–17.8% 2.125%, 7/15/14 2,790 2,833,638 AllianceBernstein Fixed-Income Shares, Citigroup, Inc. Inc.–Government STIF 2.65%, 3/02/15 5,500 5,651,893 Portfolio, 0.12%(e) Goldman Sachs Group, Inc. (The) (cost $296,111,765) 296,111,765 296,111,765 5.50%, 11/15/14 2,627 2,813,173 6.00%, 5/01/14 3,700 3,900,015 JPMorgan Chase & Co. Principal Amount (000) 1.875%, 3/20/15 6,360 6,480,935 U.S. Treasury Bills–1.9% 27,742,224 U.S. Treasury Bill Zero Coupon, Industrial–1.1% 4/18/13–5/09/13 $ 16,875 16,873,813 Zero Coupon, 8/08/13(f) 15,475 15,469,011 Communications—Telecommunications–0.4% Cellco Partnership/Verizon Wireless Total U.S. Treasury Bills Capital LLC (cost $32,342,824) 32,342,824 5.55%, 2/01/14 1,234 1,282,563 Total Short-Term Investments AT&T, Inc. (cost $328,454,589) 328,454,589 5.10%, 9/15/14 5,377 5,718,025 Total Investments—97.1% 7,000,588 (cost $1,556,520,080) 1,611,797,701 Consumer Cyclical—Automotive–0.3% Other assets less liabilities—2.9% 47,426,348 Daimler Finance North America LLC 6.50%, 11/15/13 2,766 2,868,107 Net Assets—100.0% $ 1,659,224,049 Ford Motor Credit Co. LLC 7.00%, 4/15/15 2,310 2,548,949 5,417,056 Technology–0.4% Hewlett-Packard Co. 5,286 6.125%, 3/01/14 5,532,724 17,950,368 Total Corporates—Investment Grades (cost $45,004,860) 45,692,592 48 Sanford C. Bernstein Fund, Inc.

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