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alliancebernstein NQ from SEC.GOV
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N-Q 1 d671275dnq.htm ALLIANCEBERNSTEIN GROWTH AND INCOME FUND, INC.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-00126
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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