UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-00126

ALLIANCEBERNSTEIN GROWTH AND INCOME FUND, INC.

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2014

Date of reporting period: January 31, 2014

 

 

 


ITEM 1. SCHEDULE OF INVESTMENTS.


AllianceBernstein Growth & Income Fund

Portfolio of Investments

January 31, 2014 (unaudited)

 

Company

   Shares        U.S. $ Value  

COMMON STOCKS - 91.9%

       

Financials - 23.7%

       

Capital Markets - 4.7%

       

BlackRock, Inc.-Class A

     73,024         $ 21,941,521   

Goldman Sachs Group, Inc. (The)

     117,490           19,282,459   

State Street Corp.

     515,350           34,502,683   
       

 

 

 
          75,726,663   
       

 

 

 

Commercial Banks - 2.7%

       

Wells Fargo & Co.

     976,410           44,270,429   
       

 

 

 

Consumer Finance - 0.6%

       

Capital One Financial Corp.

     131,320           9,272,505   
       

 

 

 

Diversified Financial Services - 8.2%

       

Berkshire Hathaway, Inc.-Class B (a)

     635,630           70,936,308   

IntercontinentalExchange Group, Inc.

     113,397           23,676,160   

JPMorgan Chase & Co.

     704,370           38,993,923   
       

 

 

 
          133,606,391   
       

 

 

 

Insurance - 7.5%

       

ACE Ltd.

     288,250           27,040,732   

Aflac, Inc.

     93,120           5,846,074   

Allstate Corp. (The)

     283,160           14,497,792   

AON PLC

     381,650           30,707,559   

Brown & Brown, Inc.

     318,050           10,015,395   

Hartford Financial Services Group, Inc.

     437,400           14,543,550   

MetLife, Inc.

     117,638           5,770,144   

Travelers Cos., Inc. (The)

     153,180           12,450,470   
       

 

 

 
          120,871,716   
       

 

 

 
          383,747,704   
       

 

 

 

Health Care - 16.9%

       

Biotechnology - 0.8%

       

Amgen, Inc.

     105,198           12,513,302   
       

 

 

 

Health Care Equipment & Supplies - 2.0%

       

Abbott Laboratories

     698,400           25,603,344   

Zimmer Holdings, Inc.

     70,780           6,651,196   
       

 

 

 
          32,254,540   
       

 

 

 

Health Care Providers & Services - 5.9%

       

CIGNA Corp.

     82,980           7,162,004   

Express Scripts Holding Co. (a)

     92,800           6,931,232   

Humana, Inc.

     100,220           9,751,406   

McKesson Corp.

     94,180           16,425,934   

UnitedHealth Group, Inc.

     757,220           54,731,861   
       

 

 

 
          95,002,437   
       

 

 

 

Pharmaceuticals - 8.2%

       

Merck & Co., Inc.

     818,710           43,367,069   

Pfizer, Inc.

     1,779,620           54,100,448   

Roche Holding AG (Sponsored ADR)

     523,830           35,934,738   
       

 

 

 
          133,402,255   
       

 

 

 
          273,172,534   
       

 

 

 


Company

   Shares        U.S. $ Value  

Consumer Discretionary - 13.2%

       

Auto Components - 0.4%

       

Gentex Corp./MI

     191,600           6,205,924   
       

 

 

 

Internet & Catalog Retail - 2.7%

       

Liberty Interactive Corp.-Class A (a)

     1,621,513           43,310,612   
       

 

 

 

Leisure Equipment & Products - 0.3%

       

Mattel, Inc.

     136,110           5,150,403   
       

 

 

 

Media - 9.0%

       

Comcast Corp.-Class A

     1,101,700           59,987,565   

Scripps Networks Interactive, Inc.-Class A

     350,200           25,396,504   

Time Warner Cable, Inc.-Class A

     89,542           11,933,262   

Time Warner, Inc.

     424,960           26,700,237   

Viacom, Inc.-Class B

     278,220           22,841,862   
       

 

 

 
          146,859,430   
       

 

 

 

Multiline Retail - 0.8%

       

Macy’s, Inc.

     244,800           13,023,360   
       

 

 

 
          214,549,729   
       

 

 

 

Information Technology - 10.3%

       

Communications Equipment - 0.7%

       

Cisco Systems, Inc.

     501,570           10,989,399   
       

 

 

 

Computers & Peripherals - 3.3%

       

Apple, Inc.

     78,681           39,387,709   

NetApp, Inc.

     348,460           14,753,796   
       

 

 

 
          54,141,505   
       

 

 

 

Electronic Equipment, Instruments & Components - 2.8%

       

Avnet, Inc.

     293,080           12,036,796   

FLIR Systems, Inc.

     189,700           6,017,284   

TE Connectivity Ltd.

     476,520           26,928,145   
       

 

 

 
          44,982,225   
       

 

 

 

IT Services - 1.6%

       

Amdocs Ltd.

     283,304           12,255,731   

International Business Machines Corp.

     52,350           9,249,198   

NeuStar, Inc.-Class A (a)

     127,970           4,336,903   
       

 

 

 
          25,841,832   
       

 

 

 

Semiconductors & Semiconductor Equipment - 1.0%

       

Maxim Integrated Products, Inc.

     222,420           6,730,429   

NVIDIA Corp.

     588,280           9,235,996   
       

 

 

 
          15,966,425   
       

 

 

 

Software - 0.9%

       

Microsoft Corp.

     379,510           14,364,453   
       

 

 

 
          166,285,839   
       

 

 

 

Energy - 9.6%

       

Energy Equipment & Services - 2.5%

       

National Oilwell Varco, Inc.

     193,699           14,529,362   

Schlumberger Ltd.

     218,150           19,103,395   

Transocean Ltd.

     168,360           7,286,621   
       

 

 

 
          40,919,378   
       

 

 

 


Company

   Shares        U.S. $ Value  

Oil, Gas & Consumable Fuels - 7.1%

       

Anadarko Petroleum Corp.

     131,580           10,617,190   

Chevron Corp.

     212,090           23,675,607   

ConocoPhillips

     187,110           12,152,795   

Exxon Mobil Corp.

     412,680           38,032,589   

HollyFrontier Corp.

     205,250           9,503,075   

Marathon Oil Corp.

     274,410           8,997,904   

Occidental Petroleum Corp.

     142,720           12,497,990   
       

 

 

 
          115,477,150   
       

 

 

 
          156,396,528   
       

 

 

 

Industrials - 8.5%

       

Aerospace & Defense - 3.9%

       

Boeing Co. (The)

     283,320           35,488,663   

Raytheon Co.

     287,890           27,369,702   
       

 

 

 
          62,858,365   
       

 

 

 

Airlines - 1.1%

       

Copa Holdings SA-Class A

     86,090           11,251,963   

Delta Air Lines, Inc.

     196,290           6,008,437   
       

 

 

 
          17,260,400   
       

 

 

 

Industrial Conglomerates - 1.5%

       

General Electric Co.

     988,250           24,834,722   
       

 

 

 

Machinery - 2.0%

       

Actuant Corp.-Class A

     503,900           17,243,458   

Dover Corp.

     101,890           8,819,599   

Parker Hannifin Corp.

     59,160           6,706,969   
       

 

 

 
          32,770,026   
       

 

 

 
          137,723,513   
       

 

 

 

Telecommunication Services - 3.9%

       

Diversified Telecommunication Services - 3.9%

       

AT&T, Inc.

     813,550           27,107,486   

Verizon Communications, Inc.

     752,580           36,138,892   
       

 

 

 
          63,246,378   
       

 

 

 

Consumer Staples - 3.7%

       

Food & Staples Retailing - 2.6%

       

CVS Caremark Corp.

     622,554           42,159,357   
       

 

 

 

Household Products - 1.1%

       

Energizer Holdings, Inc.

     194,310           18,362,295   
       

 

 

 
          60,521,652   
       

 

 

 

Utilities - 1.2%

       

Electric Utilities - 1.2%

       

Great Plains Energy, Inc.

     798,840           19,715,371   
       

 

 

 

Materials - 0.9%

       

Paper & Forest Products - 0.9%

       

Domtar Corp.

     137,670           14,787,135   
       

 

 

 

Total Common Stocks
(cost $1,171,564,322)

          1,490,146,383   
       

 

 

 


Company

   Shares        U.S. $ Value  

SHORT-TERM INVESTMENTS - 8.6%

       

Investment Companies - 8.6%

       

AllianceBernstein Fixed-Income Shares, Inc.-Government STIF Portfolio, 0.07% (b)
(cost $139,441,545)

     139,441,545           139,441,545   
       

 

 

 

Total Investments - 100.5%
(cost $1,311,005,867) (c)

          1,629,587,928   

Other assets less liabilities - (0.5)%

          (7,883,116
       

 

 

 

Net Assets - 100.0%

        $ 1,621,704,812   
       

 

 

 

 

(a) Non-income producing security.
(b) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.
(c) As of January 31, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $333,700,532 and gross unrealized depreciation of investments was $(15,118,471), resulting in net unrealized appreciation of $318,582,061.

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

Glossary:

 

ADR    -    American Depositary Receipt


AllianceBernstein Growth & Income Fund

January 31, 2014 (unaudited)

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

 

   

Level 1—quoted prices in active markets for identical investments

   

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

   

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

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2014:

 

Investments in Securities:

   Level 1     Level 2     Level 3     Total  

Assets:

        

Common Stocks*

   $ 1,490,146,383      $ – 0  –    $ – 0  –    $ 1,490,146,383   

Short-Term Investments

     139,441,545        – 0  –      – 0  –      139,441,545   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments in Securities

     1,629,587,928        – 0  –      – 0  –      1,629,587,928   

Other Financial Instruments**

     – 0  –      – 0  –      – 0  –      – 0  – 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total^

   $     1,629,587,928      $             – 0  –    $             – 0  –    $     1,629,587,928   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

* See Portfolio of Investments for sector classifications.
** Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the instrument.
^ There were no transfers between Level 1 and Level 2 during the reporting period.

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

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

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


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


ITEM 2. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

ITEM 3. EXHIBITS.

The following exhibits are attached to this Form N-Q:

 

EXHIBIT NO.

 

DESCRIPTION OF EXHIBIT

3 (a) (1)   Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
3 (a) (2)   Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AllianceBernstein Growth and Income Fund, Inc.

 

By:   /s/    Robert M. Keith
  Robert M. Keith
  President
Date:   March 17, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:   /s/    Robert M. Keith
  Robert M. Keith
  President
Date:   March 17, 2014
By:   /s/    Joseph J. Mantineo
  Joseph J. Mantineo
  Treasurer and Chief Financial Officer
Date:   March 17, 2014
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