Mutual Fund Portfolio Holdings & Characteristics

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Tax-Managed International

Information as of: 1/31/2017

Total Holdings in the Portfolio: 186

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Top 10 Holdings
%
1   British American Tobacco PLC 3.31
2   Royal Dutch Shell PLC 3.26
3   Roche Holding AG 2.46
4   Nippon Telegraph & Telephone Corp. 1.83
5   Sanofi 1.64
6   TOTAL SA 1.60
7   Mitsubishi UFJ Financial Group, Inc. 1.35
8   Koninklijke Ahold Delhaize NV 1.33
9   BT Group PLC 1.26
10   Japan Airlines Co., Ltd. 1.25

Country Breakdown
%
1   Japan 19.24
2   United Kingdom 17.51
3   France 12.20
4   Netherlands 7.22
5   Switzerland 5.35
6   Australia 4.91
7   Germany 4.89
8   Canada 3.63
9   Hong Kong 3.36
10   Denmark 2.16
11   South Korea 2.12
12   Norway 1.93
13   Israel 1.74
14   China 1.27
15   Sweden 1.09
16   India 0.97
17   Singapore 0.96
18   Finland 0.96
19   Italy 0.71
20   Brazil 0.68
21   Belgium 0.68
22   Austria 0.67
23   Russia 0.63
24   Taiwan 0.60
25   Spain 0.57
26   Ireland 0.48
27   Argentina 0.45
28   South Africa 0.41
29   Portugal 0.38
30   United States 0.34
31   Indonesia 0.12
32   Philippines 0.11
33   Thailand 0.07
34   Short-Term 1.59

Security Type Breakdown
%
1   Common Stocks:Domestic 0.34
2   Common Stocks:Foreign 97.64
3   Warrants:Foreign 0.43
4   Short-Term Investments:Repurchase Agreements 1.59

Industry Breakdown
%
1   Financials:Banks 12.57
2   Financials:Insurance 4.30
3   Financials:Capital Markets 2.89
4   Financials:Diversified Financial Services 0.50
5   Financials:Consumer Finance 0.45
6   Financials:Thrifts & Mortgage Finance 0.43
7   Consumer Discretionary:Media 3.04
8   Consumer Discretionary:Automobiles 2.89
9   Consumer Discretionary:Auto Components 2.55
10   Consumer Discretionary:Hotels, Restaurants & Leisure 1.39
11   Consumer Discretionary:Textiles, Apparel & Luxury Goods 1.14
12   Consumer Discretionary:Household Durables 0.89
13   Consumer Discretionary:Specialty Retail 0.60
14   Consumer Discretionary:Leisure Products 0.45
15   Consumer Discretionary:Diversified Consumer Services 0.07
16   Information Technology:Software 4.10
17   Information Technology:Semiconductors & Semiconductor Equipment 2.77
18   Information Technology:Internet Software & Services 1.76
19   Information Technology:Electronic Equipment, Instruments & Components 1.60
20   Information Technology:Technology Hardware, Storage & Peripherals 1.12
21   Information Technology:IT Services 0.87
22   Information Technology:Communications Equipment 0.61
23   Industrials:Airlines 2.62
24   Industrials:Professional Services 2.19
25   Industrials:Aerospace & Defense 1.99
26   Industrials:Machinery 1.24
27   Industrials:Road & Rail 1.22
28   Industrials:Commercial Services & Supplies 1.16
29   Industrials:Trading Companies & Distributors 0.67
30   Consumer Staples:Tobacco 4.46
31   Consumer Staples:Food & Staples Retailing 1.69
32   Consumer Staples:Household Products 1.55
33   Consumer Staples:Personal Products 1.08
34   Consumer Staples:Food Products 1.01
35   Consumer Staples:Beverages 0.17
36   Health Care:Pharmaceuticals 6.46
37   Health Care:Health Care Equipment & Supplies 1.13
38   Health Care:Life Sciences Tools & Services 0.94
39   Health Care:Health Care Providers & Services 0.34
40   Health Care:Biotechnology 0.07
41   Energy:Oil, Gas & Consumable Fuels 6.73
42   Energy:Energy Equipment & Services 0.43
43   Telecommunication Services:Diversified Telecommunication Services 5.01
44   Telecommunication Services:Wireless Telecommunication Services 1.48
45   Materials:Chemicals 2.84
46   Materials:Metals & Mining 2.20
47   Materials:Containers & Packaging 0.44
48   Materials:Construction Materials 0.44
49   Real Estate:Real Estate Management & Development 1.19
50   Utilities:Electric Utilities 0.37
51   Utilities:Water Utilities 0.30
52   Short-Term Investments 1.59
Footnotes

The Fund's/Portfolio's top 10 holdings, sector weightings, subsector weightings, country breakdown, quality breakdown, maturity breakdown, security type breakdown, and/or currency breakdown are expressed as a percentage of the Fund's/Portfolio's total investments and may vary over time.


Risks: Because each Fund pursues its own unique investment objectives, each Fund has its own set of risks. While the equity Funds invest principally in common stocks and other equity securities and the fixed income Funds invest principally in bonds and other fixed income securities, in order to achieve their investment objectives, the Funds may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. For Funds that can invest in foreign securities, which may include emerging markets securities, risks may be magnified due to changes in foreign exchange rates and the possibility of substantial volatility due to political and economic uncertainties in foreign countries. Funds that invest substantially all of their assets in foreign securities include risks not associated with funds that invest primarily in US issues. Because those Funds will invest in foreign currency denominated securities fluctuations may be magnified by changes in foreign exchange rates. These risks are fully discussed in each Fund's prospectus.


Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.bernstein.com or contact your Bernstein Advisor. Please read the prospectus and/or summary prospectus carefully before investing.