February 28, 2014 

Sanford C. Bernstein & Co., LLC (“Bernstein”) is a member of the Securities Investor Protection Corporation (SIPC), which protects your Bernstein account up to $500,000 (including $250,000 for cash balances you maintain at Bernstein). Bernstein has also maintained a private insurance policy that provides additional protection for your account. Effective February 28, 2014, this policy provides the following coverage: per client securities coverage is increased from $24,500,000 to $49,500,000; per client cash coverage is increased from $250,000 to $1,500,000; and the maximum amount payable to all Sanford C. Bernstein & Co., LLC clients in aggregate is $1 billion. Additional information regarding SIPC protection, the excess SIPC insurance policy, and other protections afforded your Bernstein account is available from your Bernstein Advisor.